EUROPE Friday August 10 2012

World Business Newspaper

Premier vows Kenya will be first
African country to host Olympics
By William Wallis
and Roger Blitz in London
Kenya will bid to become the
first African nation to host the
Olympic Games in 2024, Raila
Odinga, the countrys prime
minister, has said.
In an interview with the
Financial Times in London, Mr
Odinga said Africas time to
host the games had come. The
sub-Saharan regions trillion-
dollar economy was set to boom
during the next decade, he said.
For Kenya, east Africas leading
economy, hosting the Olympics
would bring a psychological
boost as well as enormous ben-
efits in terms of investment in
infrastructure.
Kenya had the confidence as
far back as 1968 to consider bid-
ding for the Olympics, he said.
But in 2004, when the idea was
raised again, local newspapers
scoffed, illustrating the drift
Kenya experienced after the
heady days of independence in
1963.
That is the spirit we need to
recapture. We need to bring
back that confidence and say we
can do it. It is necessary to take
a look back at where we are
coming from and where we
want to go, because we have
been drifting for too long, he
said, alluding to the decades of
stagnation and misrule under
the autocratic Daniel arap Moi.
A Kenyan bid would be wel-
comed by the International
Olympic Committee but early
indications are that it would
face stiff competition. The IOC
is expecting a strong pitch from
US cities, including New York
and San Francisco, now that a
longstanding disagreement over
the division of television and
sponsorship revenues has been
settled.
Other countries thinking
about bidding for 2024 include
Argentina, Morocco and Egypt.
A new bid from Doha, ejected
from the 2020 race over schedul-
ing concerns, is also expected.
The IOC said it was not aware
of Kenyas interest but added:
The [IOC] president has made
it absolutely clear that we
would love a good bid from
Africa.
With five medals already in
the bag at the London Olympics,
Kenya is poised to rival South
Africa as the most successful
African country at the London
games.
Asked how he would sell the
project, likely to cost as much
as $15bn, to Kenyans, Mr
Odinga pointed to the renais-
sance that cities such as Tokyo,
Seoul, Atlanta and Mexico City
had received when they hosted
the games.
Odinga interview, Page 5
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THE FINANCIAL TIMES
LIMITED 2012 No: 38,002

Printed in London, Liverpool, Dublin,

Frankfurt, Brussels, Stockholm, Milan,
Madrid, New York, Chicago, San Francisco,
Dallas, Orlando, Washington DC,
Johannesburg, Tokyo, Hong Kong,
Singapore, Seoul, Abu Dhabi, Sydney
ExUrenco executive
leads stake move
A former executive of
nuclear group Urenco has
launched an attempt to form
a consortium bid to buy a 66
per cent stake in the
company for as much as
7bn. Page 13
Corn tops returns
Corn tops the list of best
performing investments in
the five years since the
financial crisis began. Page
13; Halt biofuel production,
Page 9; Lex, Page 12
UK boxing gold
Britain won its 24th gold
medal of the London
Olympics when Nicola
Adams beat Ren Cancan of
China in boxing. Page 2;
Medal stokes immigration
debate, Page 3; Letters, Page
8; www.ft.com/olympics; Video
at www.ft.com/olympicsdaily
Belgium shuts reactor
Belgium has shut one of its
seven nuclear power plants
after anomalies were
discovered. Page 5
Syrian rebels fears
A growing number of
fighters joining Syrias rebel
movement are from other
Arab and Muslim states,
including Iraqis from al-
Qaeda. Page 4
ECB urges courage
Policy makers in troubled
eurozone countries must be
courageous in tackling
vested interests and
getting their economies back
on track, the European
Central Bank said. Page 4;
Markets, Page 23
Zoellick backlash
The appointment of Robert
Zoellick to head US
Republican candidate Mitt
Romneys transition team on
national security prompted
elements of the rightwing
blogosphere in the US to
erupt in venom. Page 6; Philip
Stephens, Page 9;
www.ft.com/theworld
China growth slows
Chinas economy made a
sluggish start to the second
half of the year. Page 6
News Briefing
Barclays bound
Barclays has moved swiftly to
settle the governance vacuum
at the bank following the mass
resignations that accompanied
its indictment by regulators
over the Libor lending rate
scandal, appointing City of
London grandee Sir David
Walker (above) as its next
chairman. Sir David will join the
board in September and
succeed outgoing chairman,
Marcus Agius, in November.
Report, Page 13
By Javier Blas in London and
Gregory Meyer in New York
The UN has called for an imme-
diate suspension of government-
mandated US ethanol produc-
tion, adding to pressure on
Barack Obama to address the
food-versus-fuel debate in the
run-up to presidential elections.
Arguments for and against
ethanol made from corn pit
farming states such as Iowa
which benefit from higher corn
prices and some of which are
swing states against livestock-
rearing states such as Texas
that see ethanol driving up their
input costs.
The UN intervention will be
seized on by state governors,
lawmakers and the meat and
livestock industry, which have
expressed alarm at surging
prices for corn. Group of 20
countries, including France,
India and China, have already
expressed concern about the US
ethanol policy.
The US is set to divert about
40 per cent of its corn into etha-
nol due to the Congress-enacted
mandate in spite of huge dam-
age to the crop because of the
worst drought in at least half a
century, Jos Graziano da Silva,
director-general of the UNs
Food and Agriculture Organisa-
tion, warned.
An immediate, temporary
suspension of that [ethanol]
mandate would give some res-
pite to the market and allow
more of the crop to be chan-
nelled towards food and feed
uses, he writes in todays
Financial Times.
However, some analysts say
such a suspension could have a
lower-than-expected impact on
food prices. Even disregarding
the mandate, US refiners need
billions of gallons of ethanol to
meet environmental specifica-
tions for their petrol. Moreover,
ethanol is now a huge compo-
nent of global energy supplies,
and the suspension of the man-
date could push up oil prices.
Tom Vilsack, US agriculture
secretary, raised doubts about
the impact of waiving the etha-
nol mandate, arguing that the
US biofuel industry had reduced
petrol prices and created jobs. In
addition, high corn prices were
already curbing ethanol produc-
tion, he said. Adjusting the
mandate may not do what
some people think it will do, he
told the Financial Times.
Amid worries about a food
shortage later this year, Mr
Graziano da Silva said the situa-
tion was precarious, but it
was not yet a crisis. He added
that risks are high and the
wrong responses to the current
situation could create a crisis.
Corn, soyabean and wheat
prices have surged between
50 and 30 per cent since June
after the US endured the hottest
July since temperature records
began 117 years ago. The US
Midwest farm-belt has also seen
little rain for months.
Corn prices surged within
striking distance yesterday of
their all-time record. As the US
exports nearly half the worlds
corn, changes in US supply have
a big impact on global markets.
Jos Graziano da Silva, Page 9
Lex, Page 12
Cargill missteps, Page 14
www.ft.com/foodprices
UN urges
US to slash
its ethanol
production
Worldwide food supply precarious
TOMORROW IN
FT WEEKEND
Monet across
the pond
A New York
tribute features
interpretations
that the French
artist would have
loved, writes
Robin Lane Fox
House & Home
The folly of lab research
on the deadly H5N1 virus
Peter Hale, Page 9
End of the line
The growing threat of extinction. Analysis, Page 7
Chinese prosecutors signal trial of
Gu Kailai will produce guilty verdict
By Kathrin Hille in Hefei
Chinese prosecutors have
accused Gu Kailai, wife of
fallen politician Bo Xilai, of
being the main perpetrator in
the alleged murder of UK busi-
nessman Neil Heywood, signal-
ling that the countrys most
anticipated trial in decades will
produce a guilty verdict.
The trial was wrapped up in
less than eight hours yesterday
in Hefei, capital of central
Anhui province. Criminal law-
yers said they expected the
decision within six weeks.
The case is widely seen as
part of the Communist partys
efforts to resolve a power strug-
gle triggered by Mr Bos bid for
a post on the politburo standing
committee as the country pre-
pares for a new generation of
leaders later this year.
The growing challenges fac-
ing the party, such as social
unrest and economic imbal-
ances, have raised questions
over Chinas future direction
and prompted fierce infighting
between different factions.
The details given by the Hefei
court suggest that Mr Bo, the
top Communist official in the
south-western city of Chong-
qing until his purge, will not be
implicated in the case.
Following the closed-door
hearing, Tang Yigan, the
courts vice-president, said the
prosecution had accused Ms Gu
of planning the murder and
arranging for Zhang Xiaojun, a
Bo family aide, to summon Hey-
wood to Chongqing where he
was killed.
Bo-Gu Kailai is the main
perpetrator and Zhang Xiaojun
is the accomplice, said Mr
Tang, using a combination of
Ms Gu and Mr Bos surnames.
According to the prosecution,
Ms Gu visited Heywood in his
hotel room and drank alcohol
and tea with him.
When Heywood who was
drunk needed water after vom-
iting, Bo-Gu Kailai took the
opportunity to pour poison
which she had asked Zhang
Xiaojun to bring along into
his mouth, causing his death,
Mr Tang said, recounting the
prosecutions argument.
Mr Tang said the defendants
did not dispute the charges, but
added that the defence had
argued that [Heywood] bears a
certain responsibility for the
motive of the case and Gus
ability to control her behav-
iour was weaker than that of a
normal person at the time of
committing the crime.
Ms Gus trial was the most
anticipated in China since the
Gang of Four took the stand
three decades ago. Two UK con-
sular officials granted rare
access to the proceedings
declined to comment as they
entered the court. According to
the court, relatives of Heywood
attended with their lawyer.
Court officials said four
former police officers in Chong-
qing would be tried today for
subverting the law to cover up
Ms Gus alleged crime.
Scripted political drama, Page 3
When Heywood
needed water, BoGu
Kailai took the
opportunity to pour
poison into his mouth
Prosecution argument
Chinese TV showed Gu Kailai escorted into court for her trial, the most anticipated since the Gang of Four appeared three decades ago AFP
AUGUST 10 2012 Section:FrontBack Time: 9/8/2012 - 20:26 User: robertss Page Name: 1FRONT EUR, Part,Page,Edition: EUR, 1, 1
2

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OLYMPICS
Aicha Mckenzie will not deny that
there are beautiful girls frolicking
around in the sand at Horse Guards
Parade, writes Vanessa Kortekaas.
But the choreographer behind the
dance troupe that has entertained
crowds at the beach volleyball venue
insists they perform a valuable role.
The former rhythmic gymnast, who
narrowly missed out on qualifying for
the 1996 Atlanta games, is responsible
for about 300 Olympic dancers who
also appear at the gymnastics,
taekwondo and boxing venues.
But she admits the beach volleyball
routine is her baby. She says the
routines are similar to those she has
created for music videos and the MTV
Europe music awards, but that they
are fitting with the tone of the sport,
which features blasts of pop music in
between points.
Mckenzie says the dancers are
among the best in the industry, some
having worked with Madonna and
Shakira. It means the content Im
able to achieve is a whole lot higher
than girls just standing around shaking
their hips, she adds.
The 35yearold Londoner shrugs
off suggestions that the dancers
devalue the sport or are
somehow out of keeping with
the Olympic spirit.
The first people who come to
praise us are all the players,
especially the female players, she
notes.
Mckenzie says many sports have
come and gone from the Olympics
because they fail to spark interest
and argues that the added
entertainment value brought by her
dancers can help prevent beach
volleyball going the same way.
The majority of people who
come to beach volleyball have never
seen it before, she says.
Maybe theres going to be
people who come to watch the
volleyball, the athletes with their
swimwear on and the pretty
dancers, and then they start
watching the game and they are
fans for life.
Those unfamiliar with handball should
watch Croatias semifinal against
France today because it might be a
last opportunity to see the player
widely regarded as the worlds
best on an international stage,
writes Charles Morris.
Ivano Balic won Olympic gold with
Croatia in 2004, has twice been
named world player of the year,
and in 2010 fans voted him the best
ever in an International Handball
Federation poll. Now 33, this is likely
to be his last Olympics, so catch the
imperious strolling style, defence
slicing passes and goalscoring
brilliance of the longhaired maestro
while you can.
At 33, Ivano
Balic is likely to
be contesting his
last Olympics,
so catch him
while you can
Medal monitor
Performance versus expectation
Day in the life
The choreographer
This daily snapshot ranks countries in terms of how many medals they
have won compared with economists predictions. The forecasts are
based on four economic models that account for population size, GDP
per capita, past performance and hostnation advantage. Full table and
details of how the benchmark was developed: www.ft.com/medals
Todays highlights
Athletics The long and the
short of womens track
events feature Tirunesh
Dibaba of Ethiopia seeking to
repeat her distance double at
Beijing 2008 by adding the
5,000m gold to her 10,000m
victory a week ago, and the
expected further fierce
competition between
Having a ball:
dancers at the
beach volleyball
in London Reuters
Number of medals greater/less than projected
China
Japan
Great Britain
Hungary
Iran
Kenya
Bulgaria
Turkey
Cuba
Ukraine
Sources: IOC; Goldman Sachs; PwC; Daniel Johnson; Emily Williams As at 18:35 BST
78
31
51
15
8
5
0
1
7
10
0 -10 -5 +5 +15 +10
Medals
Top five
Bottom five
Jamaican and US sprinters
in the 4x100m final.
Cycling Highrisk racing is
guaranteed in the mens and
womens BMX finals. Great
Britains Shanaze Reade
hopes to make up for
crashing in the final when
a hot favourite in Beijing.
Hockey The medals are
decided in the womens
tournament, with Great
Britain and New Zealand
playing for bronze, and the
Netherlands and Argentina
contesting gold.
Synchronised swimming
Balletic agility, stamina and
lots of waterproof makeup
are combined in the team
freeroutine event.
Olympics on FT.com
Military minders add to G4ss
woes, Weymouth assesses its
Olympic gains, and the sport
of pinbadge collecting
www.ft.com/2012
Britain won its 24th (gulp) gold
medal of the London Olympics last
night a historic one too since the
little Yorkshire terrier of a flyweight,
Nicola Adams, won the first ever
womens boxing gold medal by
beating Ren Cancan of China in
thunderous style.
But for once in these jingoistic
Olympics, the British win was
merely the hors doeuvre, even for
the spectators in the hall. Cant get
Olympics tickets? Most of Ireland
managed it.
They had come to see their new
national heroine, Katie Taylor,
become the lightweight champion,
and they got what they wanted. It
was deafening an hour before the
start; when victory was declared the
very building shook. And, bejaazus,
every one of the Irish contingent
knew the words of their national
anthem, fortissimo. One heck of a
hooley lay ahead.
Even her opponent, Sofya Ochigava
of Russia, said in advance the result
was pre-ordained: When you are
boxing against her you begin with
minus 10 points.
But the southpaw Ochigava proved
she could get her retaliation in first
in the ring. After two of the four
rounds, she was ahead on points and
a frisson of worry ran through the
ranks of Erin.
However, Taylor got her act
together in the third and by the end
she was clearly dominant. Then the
choruses of Ol, which Ireland
wrested from Spain in their great
footballing days of the early 1990s,
rang out followed by what might
have been The Fields of Athenry
though, in such an echo-chamber, it
might have been Baa Baa Black
Sheep.
Irelands Olympic history is almost
as fraught and turbulent as its actual
history. This was only its ninth
Olympic gold in 90 years since the
foundation of the Free State: one of
those, in show jumping, was taken
away because the horse had somehow
taken an illegal substance; three of
them, in swimming, became tainted
because the swimmer, Michelle
Smith, was later found to have done
so too.
But Taylors personality and multi-
talents have wiped away a lot of
tears; they have also silenced (if not
eradicated) the doubts that exist
about the whole idea of womens
boxing, both within the fight fancy,
where it offends against the
traditional moral code, and outside
it, where many people would ban
mens boxing if they could.
Some in the game think she could
fight respectably against men of her
own weight. She is a good enough
footballer to be coveted by Arsenal
(the womens team, I think, not the
mens, but who can be sure?). I
asked Michael Ring, the aptly named
Irish sports minister, if she might be
the next president of Ireland. She
can have anything she wants, that
girl, he replied.
Adams win was more routine in
every respect but she is
extraordinary herself. In stature and
personality, she reminds one of
another of the new stars of these
Olympics: the equally elfin and
bubbly US gymnast Gabby Douglas,
who plies a very different trade.
Her gloves seem almost bigger than
her body and it is hard to imagine
how her tiny arms generate so much
power. But Adams was utterly
determined: I just wasnt going to
let her win today. The Irish helped
out by supporting her, but they
definitely drew the line at joining in
the British national anthem.
Letters, Page 8
Women boxers land knockout
By Roger Blitz
Speaking through tears,
Agnes Tar-Molnar knew
exactly what crossed her
mind when watching
daughter Eva Risztov dive
into the Serpentine at the
start of the Hungarians
gold medal-winning 10km
open-water swim.
I just hoped she would
stay alive, she said, clutch-
ing the roses presented to
her daughter on the podium.
The two-hour race was
clearly an ordeal for the
mother as well as the
daughter. I felt only pain, I
was not able to enjoy it,
said Ms Tar-Molnar.
She had arrived from
Budapest only on Wednes-
day, her trip paid for by the
mayor of Debrecen. Her
daughter, who is 26, had no
idea she was coming.
The parents agony is
easy to comprehend. Bra-
zils Poliana Okimoto was
hauled out of the lake in
Hyde Park two-thirds of the
way round suffering from
hypothermia, and fainted.
South Africas Jessica
Roux also quit. She got
light-headed and nauseous,
said coach Cedric Finch.
Risztov, leading from the
start, had set off at an
absurdly rapid pace, then
fight off a late surge from
American Hayley Anderson.
This is the toughest way
to win but I decided to fol-
low this tactic because this
is the only way to win
clearly, said Risztov.
More remarkable is the
fact that she had also com-
peted in the Aquatics Cen-
tre the only one of the
25-strong field to do so in
three swimming events. I
dont think it helped my
preparation, she said.
The hazards of competing
in an open lake include not
just fish, reeds and jostling
to take liquid at feeding sta-
tions but also the under-
water argy-bargy. Britains
Keri-Anne Payne, world
champion and pre-race
favourite, said: It was a lit-
tle bit violent, none of it
intentional. It took a lot of
energy out of me. Crest-
fallen, she just missed a
medal by finishing fourth.
For the thousands of
watching spectators, open-
water swimming looked like
an event of endurance
rather than time. But despite
the physical demands, most
of the women emerged from
the Serpentine looking as
fit as they had entered it.
Like most of her rivals,
for the 24-year-old Payne
the taking-part paled into
insignificance compared to
the winning. I trained for
this for the last 12 years of
my life, she said. I gave it
everything I had.
Ms Tar-Molnar believes
her daughter has already
given too much. I dont
want her to continue. The
maximum she should swim
is 50 metres, she said.
Openwater swim is agony to watch as well as do
This was
only
Irelands
ninth
Olympic
gold in
90 years
Matthew Engel
Riding
high
Thrills and
spills on
BMX track
10km race
The Tour de France it isnt.
BMX races have eight
riders who almost never sit
down, moguls, Uturns, and
are over in 40 seconds,
writes Ben Fenton. But
there are almost as many
thrills and spills crammed
into the 370m course as in
a stage of the Tour. Born
in California in the 1960s,
BMX stands for Bicycle
Motocross and became
popular worldwide in the
1980s. It appeared in the
Olympics for the first time
in Beijing. Britains Shanaze
Reade, who crashed out
and broke her arm in 2008,
is among the contenders in
todays London finals.
Picture: Charlie Bibby
The top sports official of a
European country sits in a
Caff Nero in London,
wearing his national teams
shirt. For now, European
nations are still Olympic
powerhouses. But the
official foresees change.
Like most of Europe, his
country is in crisis. He
looks enviously at resource-
rich Argentina, which has
created a levy on mobile-
phone subscriptions to
fund elite sport. The
Olympic future may belong
to emerging economies.
Western Europe and the
US still occupy five of the
top nine places in Londons
medals table. But at the Rio
Olympics of 2016, more
developing countries should
start following China into
the elite. Stefan Szymanski,
a sports economist at the
University of Michigan,
says: It entirely reflects
whats going on in the
global economy. Their GDP
is going up, so they are
going to devote more
resources to sport, so they
are going to do better.
Only in running where
poor Kenya, Ethiopia and
Jamaica excel does
money seem almost
irrelevant to success.
Otherwise, the basic
Olympic formula is that
talent times resources
equals medals. The British
former Olympic athlete
who anonymously wrote
The Secret Olympian notes
that in Atlanta in 1996,
underfunded British
athletes finished 36th in
the medals table.
Then National Lottery
money and other funds
poured into UK sport. That
bought better equipment
and coaches. Overnight,
Britains best athletes
became professionals, he
writes, recalling how he
went from training 18
hours a week to 32. My
performance leapt, he
adds. Britains third place
at these games is a story of
talent multiplied by money.
The economic crisis has
still barely affected
European or US athletes. It
can take years for a crisis
to reduce funding from
government and sponsors,
and even longer for
reduced funds to reduce
medals. After all, todays
Olympians have been years
in the making. Italy, for
instance, has not obviously
suffered yet from this
years cut to the Italian
Olympic committees
budget; the country is
ninth in the medals table.
Probably only Greece
62nd in the table is
already feeling the athletic
effects of crisis. It sent its
smallest team in 20 years
to these games.
But by 2016, Europes
spending cuts will have
bitten. Britain has already
slashed funding for school
sport. Across the west,
athletes will lose resources.
Meanwhile new countries
are rising. India, which
had never won an
individual gold medal
before Beijing, is putting
unprecedented public and
private funds into sport. It
has just four medals in
London so far, but should
improve in Rio.
The dispersion of
medals across the world
must increase, Szymanski
says. With many Olympic
events, its quite easy
breaking down those tasks
into simple components
and then building athletes
who win gold medals. China
is the classic example.
Furthermore, says the
World Economic Forum, as
countries develop they
tend to allot relatively
more resources to women.
Londons Olympics are the
first where every national
team includes women. Ever
more countries encourage
girls in sport. Brazils
judoka Sarah Menezes
grew up hiding her judo
from her parents. They
used to say judo was not a
girls sport, she recalls. In
London she became only
the second Brazilian
woman to win an
individual Olympic gold.
More will surely follow in
Rio, where the medals
table should look more like
the new world order.
Talent times money equals medals
Simon Kuper
At the Rio Olympics
of 2016, more
developing nations
should follow China
into the elite
Athlete to watch
Handball player Ivano Balic
AUGUST 10 2012 Section:World Time: 9/8/2012 - 19:34 User: summersj Page Name: WORLD1 USA, Part,Page,Edition: EUR, 2, 1
FINANCIAL TIMES FRIDAY AUGUST 10 2012

3
WORLD NEWS
The Gang of Four Mao
Zedongs wife Jiang Qing
and three other Communist
party members got six
weeks in court for their
trial over their role in
Chinas Cultural Revolu-
tion.
But for Gu Kailai, the
wife of the fallen Chinese
political star Bo Xilai, it
was all over in less than a
day. When the court hear-
ing in Ms Gus murder trial
wrapped up in the eastern
Chinese city of Hefei yester-
day afternoon, court
officials went to great
lengths to demonstrate pro-
fessional and fair proceed-
ings.
But official propaganda
could not conceal that Ms
Gus trial was part of a
much larger, carefully
scripted political drama in
which her husbands for-
tunes have played a key
part.
The most powerful politi-
cians in Chinas Communist
party are right now discuss-
ing the line-up of the next
leadership committee which
Mr Bo fought an aggressive
campaign to win a position
on, forging alliances with
some senior civil and mili-
tary officials in what was
seen as a challenge to sen-
ior leaders.
His play for power started
to fall apart when Wang
Lijun, his former Chong-
qing police chief, fled to a
US consulate in February
offering compromising
information about Mr Bo
and his wife.
A month later, Mr Bo was
removed from his Chong-
qing post, and two months
later, both he and his wife
were detained Ms Gu as a
suspect in the alleged mur-
der of Neil Heywood, a Brit-
ish consultant whom the
family had retained as a
fixer, and Mr Bo for an
internal party investigation
into severe discipline vio-
lations often code for
corruption.
The timing raised suspi-
cion that the murder trial
might be used to hurt Mr
Bos reputation to justify
his purge while keeping the
damage to the party to a
minimum.
The ceremony is over,
now they can start their
meeting, Zhang Jun, an
assistant professor at the
National University of Sin-
gapore, wrote on his Chi-
nese microblog after the
announcement on the court
proceedings.
Liang Xiaojun, a criminal
defence lawyer at Dao
Heng, a Beijing law firm,
said: On the surface, they
make it look like a fair,
open trial, but many things
are questionable for exam-
ple how the defendants
lawyers were chosen.
The party is keeping very
close tabs on how public
opinion reacts to the han-
dling of Ms Gus case.
Yesterday afternoon, Sina
Weibo, Chinas leading
Twitter equivalent which
has become the single most
important channel for
breaking through official
censorship and propaganda,
temporarily broke down.
Although this was
described as a technical
problem, censors erased
critical comments about the
trial very quickly.
In Hefei yesterday a court
official was at pains to
describe the rigorous legal
process: After adjourning,
this court will examine the
evidence seriously and com-
prehensively, fully consider
the arguments of the prose-
cution and the defence, and
announce a verdict based
on the facts and the law
another day after consulta-
tions among the judges and
discussion in the jury, said
Tang Yigan, the courts
vice-president.
He described the prosecu-
tion presenting ample evi-
dence and testimony in dif-
ferent forms, apparently
responding to earlier criti-
cism that such proceedings
in Chinese criminal trials
are often superficial.
He also claimed that the
trial had been open, saying
that 141 people, including
media, delegates of the
National Peoples Congress
and the Political Consulta-
tive Conference and people
from all walks of life had
attended.
A short video by CCTV,
the main state broadcaster,
showed a wood-panelled
courtroom with dark brown
walls, dark wooden seats
and very high ceilings.
But the foreign press was
kept at arms length, with
security forces blocking off
the courthouses surround-
ings.
Attention will now focus
on the next twist in the
Heywood murder story:
four former Chongqing
police officers will be tried
tomorrow on charges of
subverting the law in
order to cover up Ms Gus
crime.
How could they possibly
get away with that without
Bo Xilai knowing? I dont
buy that, said Yin Li, a
worker who was among
some bystanders outside
the courthouse yesterday.
Additional reporting by
Zhao Tianqi in Beijing
Gus trial part of larger, scripted political drama
Chinese hearing
Official propaganda
cannot conceal that
Bo Xilais fortunes
play a key role in
murder case, writes
Kathrin Hille
Police officers stand guard at the Hefei court yesterday as the murder trial is heard AP
They make it look
like a fair, open
trial, but many
things are
questionable
When Feng Tianwei
scooped bronze in the
womens table tennis in
London last week, it was
Singapores first individual
Olympic medal in 52 years.
Yet amid the outpouring
of pride in the city-state of
5.2m, a jarring note of
resentment has surfaced.
Comments on social
media sites were quick to
point out that Ms Feng was
born in mainland China
and did not get Singapore
citizenship until 2008. Mean-
while, 77 per cent of
respondents in an online
poll by Yahoo Singapore
said they were not proud
of a foreign import win-
ning an Olympic medal.
Honestly, I cannot bring
myself to feel proud for a
foreigner to win a medal for
us, although they carry
our Singapore flag, one
person wrote on Yahoos
Facebook page.
As Singapore yesterday
marked 47 years since its
founding under the slogan
Loving Singapore, our
home the reaction to Ms
Feng has highlighted
mounting friction over
immigration. Much of it is
focused on the wave of
mainland Chinese immi-
grants that has landed in
Singapore over the past two
years.
Paradoxically, most of
Singapores Chinese popula-
tion its largest ethnic
group are descendants of
immigrants from the Chi-
nese provinces of Fujian
and Guangdong.
Immigration has led to
overcrowding on public
transport and competition
for lower-paid jobs, escalat-
ing housing costs and wid-
ening income disparities. Of
the 5.2m population, 1.5m
people are immigrants.
Resentment at the arrival
of wealthy mainland Chi-
nese, too, flared recently
after a young Chinese
businessman crashed his
Ferrari at high speed into a
taxi two months ago, killing
himself, a local taxi driver
and a Japanese passenger.
This is all causing a head-
ache for the government,
which is trying to balance a
falling birth rate with the
need to maintain a degree
of population buoyancy to
keep Singapores economic
miracle on track.
The government projects
the economy will expand
1.5-2.5 per cent this year,
compared with 1.7 per cent
last year. But Singapore is
increasingly dependent for
growth on lower-income
immigrant workers to help
build infrastructure and for-
eigners working in areas,
such as commodity trading.
Immigration is the big
thing now, says Eugene
Tan, a law professor at Sin-
gapore Management Univer-
sity. It impacts everything:
property prices, rental,
the cost of living and the
sense of belonging and
what it means to be a
Singaporean.
In his national day
speech, Lee Hsien Loong,
prime minister, said a feel-
ing of belonging and
identity for Singaporeans
had become harder to nur-
ture when we have new
immigrants and foreign
workers.
Alarm bells were rung
earlier this year by his
father, the 88-year-old
founder of modern Singa-
pore, Lee Kuan Yew, who
warned that increasing the
birth rate was the countrys
biggest challenge.
The governments
response has been a mix-
ture of tightening up on the
inflow of foreign workers,
information campaigning
and, last week, the creation
of a ministry of culture,
community and youth
which the prime minister
said would focus on deep-
ening the sense of identity
and belonging to the
nation.
Mr Lees office has also
reminded would-be parents
of their entitlement to a
baby bonus of S$4,000
($3,200) for each of their
first, second and third child.
With Singapores rela-
tively open economy
unlikely to escape the glo-
bal slowdown, the ruling
party knows the stakes are
high.
Mr Lee has warned that
while per capita gross
domestic product is impres-
sive, Singapore is beyond
the phase of effortless [eco-
nomic] growth.
Today Singapore is a
success story, but the world
is not standing still, said
Mr Lee. The next two dec-
ades will be very different.
Olympic medal
stokes debate
on Singapore
immigration
Ethnic tension
Divided reaction to
Chinaborn player
highlights growing
hostility towards
foreign workers,
finds Jeremy Grant
Loving the Lion City
Source: Singapore Statistics
Population
(m)
0
3.5
4.0
4.5
5.0
5.5
18
20
22
24
26
28
2005 07 09 11
Non-residents
(as % of total)
1.5m
Number of immigrants in
the citystate of 5.2m
AUGUST 10 2012 Section:World Time: 9/8/2012 - 17:18 User: hayesa Page Name: WORLD2 USA, Part,Page,Edition: USA, 3, 1
4

FINANCIAL TIMES FRIDAY AUGUST 10 2012
Antonio Barahona has been
firing off letters to politi-
cians, businessmen, and
even the King of Spain.
None has replied.
Each missive contains the
story of how in 2009 the
former telecoms worker
from Madrid went to his
local savings bank, or caja,
where he was recommended
an enticing new product
offering 7 per cent interest
a year on his life savings
68,000 earned working
night shifts.
Like thousands of other
Spaniards, Mr Barahona, 74,
is hanging on a decision by
officials in Brussels to learn
whether he will ever see
some, or any, of his money
again. Thinking he had
bought a secure, fixed-term
deposit, Mr Barahona had,
in fact, joined investors in
some 30bn of risky debt
and preference shares sold
by small banks during
Spains property bubble.
A condition of a 100bn
bank rescue agreed by
Madrid with the EU in July
is that these products will
be forced to bear losses,
meaning clients who
bought them from the four
nationalised savings banks
Bankia, Nova Caixa Gali-
cia, CataloniaCaixa, and
Banco de Valencia could
lose all their money.
I am Spanish, and the
Spanish government has a
duty to protect me, Mr
Barahona says. That is my
money and the fraudsters
who took it from me should
end up in jail.
The fate of these small
savers directly links Spains
bank rescue to the lives of
ordinary Spaniards.
It has also accelerated a
collapse in trust for institu-
tions traditionally at the
heart of communities across
Spain.
The caja model now all
but swept away in national-
isations and mergers over
the past three years
focused on foundations,
controlled by regional gov-
ernments, which gathered
savings in their areas, lend-
ing them back to local busi-
nesses and homebuyers.
Part of the proceeds was
also invested in charitable
work a benevolence now
seen as cruelly perverted
against elderly and vulnera-
ble victims of the crash.
Juana Lopez, 66, bought a
similar product in 2007 from
her savings bank in Cor-
doba. She says her sister
Isabel, 74, who is illiterate,
used her fingerprint to sign
off on an investment of
14,000 with the same
lender. The bank returned
their money but only after
a legal battle.
People who bought these
products were often old,
had little understanding of
what they were buying, and
were sold them by people
they trusted who they
would see in the bar or at
church, says Noemi Mar-
tinez, a lawyer in Galicia
representing savers.
The remaining national-
ised cajas, which are wait-
ing to receive the first
30bn tranche of the Euro-
pean rescue aid, are fight-
ing to regain their clients
trust and convince EU
authorities that they still
have a right to exist.
Joaqun Almunia, the EUs
competition commissioner,
said in June one of the
nationalised cajas from
Galicia, Valencia or Catalo-
nia could be liquidated
potentially wiping out its
savers altogether.
Nova Caixa Galicia,
whose former managers
were implicated in large
pay-offs and one of the most
aggressive selling cam-
paigns of risky savings
products, now has a new
board after it was national-
ised. Csar Gonzlez-Bueno,
new chief executive, says
the banks survival is cru-
cial to its home region but
also makes economic sense
for Madrid and Brussels.
Nova Galicia is systemic
for Galicia . . . it is unthink-
able that it would be liqui-
dated, he says.
We have professionalised
the bank, changed the
board and management
team and reduced costs
massively so the best eco-
nomic decision is to invest
the money, recapitalise the
bank, and recover it with a
public listing.
Nova Galicia last month
became the first national-
ised saving bank to beg its
customers forgiveness,
pledging never again to sell
products such as preference
shares and to be profitable
by helping Galician savers
and borrowers. The new
bank chiefs see the desire of
the European authorities to
inflict losses on savers as
merely damaging the value
of the businesses in which
Brussels will soon be a
shareholder.
The value in a caja is
the loyalty of its client base
if you destroy that by
forcing a full haircut on the
preference shareholders
then you hurt the bank, and
they hurt their own invest-
ment, says one senior
executive at another nation-
alised caja.
Other bankers argue,
however, that, when mis-
selling did not occur, inves-
tors who received high
returns, should not be pro-
tected before taxpayers, and
must face losses.
Nationalised lenders bat-
tling to stay alive hope that
they can regain customers
trust. For many, however, it
is too late.
I will never bank with
them again, says Mr Bara-
hona. I would rather keep
my money under a brick.
The 29-year-old Syrian rebel
is full of enthusiasm as he
prepares to return to the
battlefront after nursing his
leg wound his second this
year in Lebanon.
A jovial man with a long
beard, he discusses the war
with one eye on the televi-
sion to keep track of the
archery at the Olympics,
though he says his favour-
ite sport is rifle shooting.
He is tracking the rebels
progress in Aleppo but it is
the battle for Damascus he
plans to join. We have
optimism, we have persist-
ence and we have high
morale, says the man who
calls himself Abu Berri.
Syrias rebels are also
driven by religion in their
17-month campaign to bring
down Bashar al-Assad, pres-
ident, first through peaceful
protests and now military
struggle. Abu Berri says he
became a Salafi, the ultra-
conservative Sunni sect,
after spending nine years in
conservative Saudi Arabia.
Many of his peers, he
says, are becoming Salafi
even if they have little
understanding of this brand
of puritanical Islam. They
grow beards to defy the
regime. Were even willing
to say were al-Qaeda to
annoy the regime, he says.
Syrian activists often play
down the religious aspect of
the revolution, saying that
in a conservative society it
is only natural that people
who are suffering should
seek refuge in religion. But
as the regime brutality has
intensified, the rebels have
become radicalised. In this
overwhelmingly Sunni Mus-
lim struggle against a
minority Alawite regime,
Salafis and other Islamists
say they are fighting a jihad
against the Assads.
To the alarm of western
governments cheering for
the rebels, a fractured
movement has also been
joined by a still limited but
apparently growing number
of fighters from other Arab
and Muslim states, includ-
ing Iraqis from al-Qaeda.
Reports of the black flag
of al-Qaeda flying in parts
of Syria, along with the kid-
nap of two western journal-
ists near the Turkish border
by an Islamist gang which
seems to have included for-
eigners, have led to fears
that Syria is becoming a
magnet for global jihadis.
A spokesman for the Free
Syrian Army says four or
five groups of foreign fight-
ers are in the northern pro-
vince of Idlib, most of which
is out of regime control.
Some are accepted because
they bring funds and mili-
tary expertise.
Analysts say distinctions
have to be made between
Syrian Islamist fighters and
non-Syrians, and even with-
in the range of foreigners.
Syrian Salafis who took up
arms, they note, should not
be assumed to be al-Qaeda-
type jihadis, whose extrem-
ist belief is that all those
not with them are infidels.
An activist who works with
the FSA in Idlib says rebels
are suspicious of the Nusra
Front, which has claimed a
series of suicide bomb
attacks. But he says the FSA
is co-operating with groups
like Ahrar al-Sham, one of
the main Salafi coalitions in
Damascus, as well as with
Liwaa al-Tawhid, an Islam-
ist coalition of groups fight-
ing in Aleppo.
Regime propaganda has
depicted Ahrar al-Sham as
an al-Qaeda affiliate, and
some opposition figures
have been critical of its sec-
tarian language. In a state-
ment, Ahrar al-Sham says
only security forces and
pro-government militia are
legitimate targets.
Thomas Pierret, an expert
in Syrian Islam at the Uni-
versity of Edinburgh, says
that a distinction has to be
made between Syrian Salafi
groups and radicals with a
global jihadi agenda. The
political identity Ahrar al-
Sham display is nationalist
Salafi, he says. Every
video released by Ahrar al-
Sham has the colours of the
Syrian flag. Thats a very
different brand from the
global jihadi one.
While some of the fight-
ers from Iraq openly admit
they are part of al-Qaeda,
other Arabs joining Syrians
do not necessary espouse an
extremist ideology.
The fractured nature of
Syrias rebel movement
makes an assessment of its
future intentions difficult,
and heightens the risk of
rival militia infighting long
after the regime is gone.
Salafi groups appear to
have received funding early
on in the conflict, some say
because many wealthy Syr-
ian live in the Gulf. The
banned Muslim Brother-
hood has been trying to win
over rebel groups.
But Paul Salem, director
of the Carnegie Middle East
Center in Beirut, says the
risk of a post-Assad Syria
turning into a land of
extremists should not be
exaggerated. The Syrian
people in the majority will
not become the Taliban [of
Afghanistan], he says.
There are worries but al-
Qaeda is a fringe element.
The Salafis and the Muslim
Brotherhood will be big
players but could be part of
parliament. We might not
like them but they are not
crazed individuals, and they
are not al-Qaeda.
Editorial Comment, Page 8
By James Wilson
in Frankfurt and
Giulia Segreti in Rome
Policy makers in troubled
eurozone countries must be
courageous in tackling
vested interests and get-
ting their economies back
on track, the European Cen-
tral Bank has said, adding
to official pressure for fur-
ther reforms.
Deep cuts to labour costs
were particularly urgent if
peripheral countries such
as Greece and Spain were to
boost their competitiveness,
the central bank said, in a
message that will fan public
anger in some countries at
the perceived price to be
paid by wage-earners for
restoring economic health.
The ECB said there was
still a substantial need for
rebalancing in Greece, Por-
tugal, Spain, Ireland and
Cyprus, despite measures
already implemented to cut
fiscal and current account
deficits and improve com-
petitiveness. All five coun-
tries have received, or ask-
ed for, international finan-
cial help from the EU after
the sovereign debt crisis.
In an analysis published
in its monthly bulletin, the
ECB said adjustment proc-
esses had started in the five
countries, but a big effort
was needed if they were to
become more competitive,
cut unemployment and
make budgets sustainable.
Much of the ECBs analy-
sis of required reforms
focuses on the need to bring
down labour costs, boost
productivity and improve
the business climate.
The bank said it expected
a strong decline in wages
in Greece and Spain, which
have the highest levels of
youth unemployment in the
eurozone, with more than
40 per cent of under-25-year-
olds in the labour force out
of work.
A Spanish labour market
reform approved in Febru-
ary was far-reaching and
comprehensive but was
too late, the ECB implied.
The bank said there were
still excess profit margins
in some parts of these econ-
omies, particularly in
domestic services. Several
peripheral countries have
been urged to stimulate job
creation by opening up
some professional sectors.
Countries with high
unemployment also needed
to abolish wage indexation,
relax job protection and cut
minimum wages.
All five countries had cur-
rent account positions that
were better than in 2008,
the ECB noted, with Ireland
having reached a balanced
position in 2010. But the
central bank said a large
current account deficit
would persist for Greece in
2013 and would be too high
in Portugal and Cyprus.
Overall ratios of debt to
gross domestic product
were expected to rise in all
programme countries next
year, the ECB said.
The bulletin also noted a
sharp deterioration in mar-
kets assessments of busi-
nesses credit risk, particu-
larly in Italy, provoking
criticism from Codacons, an
Italian consumers associa-
tion, that the ECB had not
solved this situation.
Coldiretti, the Italian agri-
cultural association, esti-
mates that 60 per cent of
companies in the sector risk
being starved of credit as
they face interest rates that
are 30 per cent higher than
the average of other sectors.
Angelino Alfano, secre-
tary of Silvio Berlusconis
People of Liberty party, said
Italians should not be asked
to make more sacrifices and
the ECB should change
track.
The party will not be a
European doormat, on its
knees at the German
boundary, Mr Alfano said.
In the fields around Belciu-
gatele, a village east of
Bucharest, the sunflowers
are shrivelled and drooping,
the maize plants brown and
stunted.
Walking along the village
lane as the temperature
heads for 39C, Mihai Gurlui,
the village mayor, says
weeks of extreme heat are
punishing a local economy
that relies, like much of
Romania, on the land.
Earlier crops like wheat
and barley are OK, he
says. But later crops will
suffer. We could lose 50 per
cent.
That would be a severe
blow for a community of
2,300, most of whom are
subsistence smallholders
who sell any surplus. Roma-
nias government this week
granted financial aid to
550,000 drought-hit farms,
though it insists there will
be plenty of food to feed its
population this year.
The heatwave is far from
just a Romanian phenome-
non. Even as the US Mid-
west is ravaged by drought,
unusually hot and dry
weather has affected much
of Europes prime agricul-
tural land, from eastern
Italy across the Balkans
and Black Sea, and into
Russia as far as western
Siberia and in Kazakhstan.
It has caused power short-
ages, more than 300 wild-
fires in Bulgaria, and an
algae epidemic in the Sea of
Azov, a part of the Black
Sea in south-east Ukraine,
which witnesses said
turned blood red.
Cities have seen tempera-
tures close to records since
June or early July.
Budapest, the Hungarian
capital, this week hit 37.7C,
topping the previous record
of 35.8C set in 1939. Kiev,
Ukraines capital, reached
37.4C, its second-highest
temperature at any time for
112 years, a fraction below
the 2010 record.
Also this week, Podgor-
ica, capital of Montenegro,
hit 43.5C the highest since
records began 50 years ago.
The government advised
citizens to stay indoors
between 10am and 6pm.
In the Balkans and
Ukraine, the heatwave fol-
lows one of the harshest
winters in memory, with
temperatures dropping
below minus 30C, heavy
snowfalls and parts of the
Black Sea freezing over.
Most unsettling, perhaps,
are warnings that such
extremes will keep recur-
ring. Mykola Kulbida, direc-
tor of Ukraines national
meteorological centre, says
summer temperatures this
year have been 10C-12C
above seasonal norms.
Squarely blaming global
warming, he suggests this
will become the new norm.
We will not see anything
different for the next 10
years, he predicts.
The heat is changing con-
sumption patterns and cre-
ating problems for power
producers. Hidroelectrica,
Romanias hydroelectric
generator, said it was cut-
ting output by more than a
quarter because of falling
water flows in the Danube
and other rivers.
Hungarys electrical grid
company, Mavir, said dem-
and, partly depressed by the
economic downturn, had
not yet exceeded the hot
summer of 2007. But inc-
reased use of air condition-
ing has in the past decade
narrowed the gap between
peak winter and summer
demand from about 20 per
cent to only 1.5 per cent.
But the biggest impact is
on farming. Romanias agri-
culture ministry says 47 per
cent of the maize crop by
area is affected to various
degrees by drought, making
it the worst-hit crop.
Hungarys farmers say
the drought has cut yields
of maize, also one of the
countrys most important
crops, by nearly 40 per cent,
causing losses of up to
Ft200bn ($890m).
The heatwave, coupled
with spring frosts, had
seriously damaged Hun-
garian arable farming,
says Peter Toth, director of
Budapest-based agro-consul-
tancy Agra Europa.
High crop prices are
causing a serious problem
for animal husbandry as
well. Especially pork and
poultry production are los-
ing competitiveness, he
adds. In Ukraine, wheat
production is set to fall by
almost a third, though the
corn harvest should dip
only slightly with increased
acreage making up for
lower yields. Estimates put
corn exports at 12.7m
tonnes for the coming mar-
keting year, compared with
14m in the previous period.
That may still be enough
to make Ukraine the third-
biggest global corn exporter
after the US and Argentina,
according to Konstantin
Fastovets, agro-analyst at
Troika Dialog investment
bank in Kiev.
But at the meteorological
centre, Mr Kulbida says
farmers across the region
will have to adapt their
crops to the new climate.
Adaptation of the agri-
cultural sector is still [hap-
pening only] in the minds,
not deeds, he says.
Reporting by Kester Eddy
in Budapest, Jakub Parusin-
ski in Kiev and Neil Buckley
in Belciugatele
Biofuel drives crisis, Page 9
Small savers await fate in Spain
Bailout conditions
Brussels to decide
whether thousands
who put money in
local banks will get
it back, reports
Miles Johnson
ECB calls for courageous action to tackle vested interests
Syrian rebels
seek refuge in
religion from
Assad brutality
We have optimism,
we have
persistence and we
have high morale
Abu Berri
Syrian rebel fighter
High temperatures scorch Balkans economies
Agricultural yields
Many countries are
suffering from the
damaging effects
of drought and a
sustained heatwave,
write FT reporters
Hot topic
550,000
Number of droughthit
farms across Romania
300
Number of wildfires that
have struck Bulgaria
43.5C
Temperature in Podgorica,
Montenegro, this week
the highest for 50 years
47%
Percentage loss of maize
crop in Romania due to heat
Too hot to handle:
Hungarians cool off in an
outdoor pool in Budapest
this week as temperatures
hit 37.7C, topping the record
of 35.8C set in 1939 Reuters
WORLD NEWS
We will not
see anything
different for the
next 10 years
Mykola Kulbida, Ukraines
meteorological director
Civil war
West alarmed by
influx of fighters
from other Arab
states, write Roula
Khalaf and Abigail
FieldingSmith
The party will not
be a doormat, on
its knees at the
German boundary
Angelino Alfano
I will never bank
with them again.
I would rather
keep my money
under a brick
Ft200bn
Losses caused to Hungarian
farmers from drop in yields
Exminister held
Michel Samaha, a former
Lebanese government
minister with ties to
Bashar alAssad, Syrian
president, was detained
near Beirut yesterday over
what Najib Mikati, the
Lebanese prime minister,
described as security
related matters, writes
Reuters in Beirut.
There were no official
details of what he was
being questioned about.
In full: www.ft.com/syria
AUGUST 10 2012 Section:World Time: 9/8/2012 - 19:17 User: hayesa Page Name: WORLD3 USA, Part,Page,Edition: USA, 4, 1
FINANCIAL TIMES FRIDAY AUGUST 10 2012

5
WORLD NEWS
African troops plan to
launch an attack on a
Somali Islamist base in the
port of Kismayu next
month in an attempt to
hasten an end to the
insurgency that has
troubled the region for
more than 20 years, says
Raila Odinga, Kenyas
prime minister.
The offensive would have
started this month, Mr
Odinga said in an
interview with the
Financial Times. However,
commanders of the African
Union peacekeeping force,
which will be involved in
the attack alongside
Kenyan troops, delayed the
plan for reasons that are
unclear.
Kenya invaded Somalia
last year after a series of
kidnappings and killings,
carried out by Somali al-
Shabaab militants, which
threatened the lucrative
tourism industry.
Simultaneous offensives
by Ethiopian and AU
forces have been successful
in driving al-Shabaab from
Mogadishu and other parts
of Somalia.
But the port of Kismayu
remains under the
militants control.
Our troops are ready to
move. Its going to happen
because unless we capture
Kismayu we cannot say we
have hurt al-Shabaab. Its
their main supply base,
said Mr Odinga. They are
weakened already, but as
usual, a besieged enemy is
like a wounded buffalo. It
is more dangerous.
Kenya which borders
Somalia, has absorbed up
to a million refugees from
its war-torn neighbour in a
tide that Mr Odinga said
had severe economic and
security repercussions for
east Africas biggest
economy. Last week, a
grenade attack in Nairobi
killed one person the
latest in a series of
assaults blamed by Kenya
on Somali Islamists linked
to al-Qaeda.
Mr Odinga is leading
opinion polls in advance of
presidential elections due
next March, when his old
rival and coalition partner
Mwai Kibaki stands down
as president. Should Mr
Odinga win, he said he
would ensure that Kenya
played a leading role in
reinforcing regional
stability and encouraging
economic integration.
We will work to bring
this region together. There
are a lot of common
problems and common
interests.
In the past week,
Sudan and South
Sudan have agreed
on a formula for
sharing oil revenues, in the
first breakthrough for
months in resolving that
long-running conflict.
Mr Odinga said the
recent discovery of oil in a
part of northern Kenya
bordering South Sudan had
reinforced the case for a
pipeline transporting oil
from Juba to a port at
Lamu, Kenya.
South Sudan shut down
oil production in January
after it failed to agree
transit fees for oil exported
through pipelines in
Sudan, from which it
seceded last year. The
southern government has
since been in talks with
Kenya and other
parties, including
Chinese, Malaysian,
Japanese and Indian
oil companies, about
alternative routes.
Mr Odinga said a
pipeline and refinery from
South Sudan through
Kenya would cost $4bn to
$5bn and take about 18
months to build. No start
date has been mooted.
He added that Britains
Tullow Oil, which
announced the Kenyan oil
find earlier this year, had
expressed optimism to him
on the extent of the
discovery.
The prime minister, who
has faced down recent
allegations of nepotism and
corruption in a tell-all
account published by a
former aide, is seeking to
initiate a string of big
projects, including the
construction of a port at
Lamu, and railway line
from Douala, Cameroon, to
link west and east Africa.
The government has also
faced criticism over claims
that it spent $3,000 apiece
on chairs for its newly
refurbished parliament. Mr
Odinga said the chairs
could not have cost that
much as they were made
in jails, adding the story
had been sensationalised.
The development of
regional transport links
would bolster intra-African
trade and help open up the
continents isolated interior
at a time of rapid
economic and demographic
expansion.
We have been talking
about intra-African trade,
but until now its been a
pipe dream because of the
infrastructure
constraints. . . But sub-
Saharan Africa has a
trillion-dollar economy and
that is expected to double
in the next 10 years.
Troops set
to strike
at Somali
militants
Interview
Raila Odinga
Kenyas prime minister
AlShabaabs base
in Kismayu is the
target, the favourite
for the presidency
tells William Wallis
and Orla Ryan
We will . . . bring
this region together.
There are common
problems and
common interests
Tea in Kismayu is written in Kiswahili on a Kenyan soldiers helmet. The port faces an assault, says Raila Odinga, below AP
By James FontanellaKhan
in Brussels
Belgium has temporarily
shut down one of its seven
nuclear power plants after
the countrys atomic energy
regulator discovered sev-
eral anomalies, including
possible cracks, in the tank
containing the reactors
core.
The suspected fractures
at the Doel 3 reactor, 25km
north of Antwerp, which
provides a sixth of Bel-
giums nuclear-generated
power, do not pose any
health and safety threat,
said AFCN, the countrys
nuclear watchdog, but the
plant will remain shut at
least until the end of this
month.
According to preliminary
analysis, the steel tank, pro-
duced by Rotterdam Dry-
docks, a Dutch company
that went bankrupt in the
mid-1980s, has been dam-
aged by radiation, which
created fractures inside it.
Several other nuclear
sites around the world
including the US, Germany
and Spain use tanks pro-
duced by the same com-
pany, according a nuclear
energy expert who asked
not to be named.
Karina De Beule, AFCN
spokesperson, said the regu-
lator had been in touch
with its counterparts
around the world, but had
been unable to determine
how many reactors abroad
use tanks similar to the one
at Doel.
We are talking with all
regulators as we would in
any emergency situation . . .
it is essential to co-ordinate
efforts, Ms De Beule said.
At present, we can guaran-
tee that there are no risks
to workers, citizens and the
environment.
The premature closure of
Doel 3 could lead to a
severe energy shortage dur-
ing the winter, according to
Elia, Belgiums grid opera-
tor. The sudden closure of
the plant could seriously
affect energy security in the
country during peak hours
of the winter period . . .
thats around 6pm on a cold
winters day, said Lise
Mulpas, a manager at Elia.
The Doel 3 station, oper-
ated by Electrabel, a subsid-
iary of Frances GDF Suez,
is scheduled to be decom-
missioned in 2022 as Bel-
gium which relies on
nuclear power for about 50
per cent of its energy needs
plans to close all its
atomic power stations by
2025.
But unless GDF can prove
that the reactor can
function safely, it may be
decommissioned earlier, as
replacing or repairing the
tank would not be economi-
cally viable, AFCN said.
The incident at Doel 3 is
likely to reignite a debate
over the risks of nuclear
energy nearly 18 months
after a magnitude 9 earth-
quake devastated the north-
east of Japan and triggered
a severe crisis at the Fuku-
shima nuclear plant.
The European Commis-
sion, the EUs executive
arm, has asked member
states to carry out stress
tests in response to rising
public demand to verify the
state of Europes ageing
nuclear facilities after the
Fukushima disaster. The
final results are expected by
the end of this year.
Belgium shuts
nuclear plant
over crack alert
We are talking
with all regulators
as we would in
any emergency
situation
The prolonged absence of
Meles Zenawi, Ethiopias
usually hyperactive prime
minister, has sparked a cov-
ert succession struggle at
home and prompted fears
farther afield for a future
without one of east Africa
diplomatic and security
linchpins.
Government officials say
Mr Meles, who has not been
seen in public since mid-
June, is recovering from a
serious illness, but they
deny opposition rumours
that he is dead or dying at a
hospital in Brussels.
An African Union official
said Mr Meles had been in
regular contact with Thabo
Mbeki, South Africas
former president and AU
envoy to Sudan, during
recent negotiations between
Sudan and South Sudan. He
has told AU officials he will
be back next month to play
a more hands-on role in the
next leg of negotiations.
His absence has neverthe-
less launched a covert suc-
cession struggle that threat-
ens to fracture the regime
and expose ethnic faultlines
at home at a time when the
Horn of Africa is struggling
to stave off fresh conflicts
and overcome terrorist
threats.
We are very concerned
about developments in Ethi-
opia, knowing how fragile
the politics are there and
the fact there is no clear
successor, Raila Odinga,
neighbouring Kenyas
prime minister, told the
Financial Times. He admit-
ted that he and other
regional leaders were in the
dark on Mr Meless state of
health.
While Ethiopia is a small
contributor to regional
blocs such as the AU in
financial terms, the Ethio-
pian premiers vision and
diplomacy has ensured the
country has remained cen-
tral to security affairs in a
region threatened by terror-
ism and conflict. He has
also become the voice of
Africa on wider issues such
as climate change and
development.
The competence vacuum
[without Mr Meles] will be
serious, says Mehari Tad-
dele Maru at the Institute
for Security Studies in
Addis Ababa.
Ethiopia plays an impor-
tant role of balancing, says
Mr Mehari, pointing to Ethi-
opias pouring cold water
on Ugandas backing for
South Sudan this year, a
provocation that threatened
regional havoc after South
Sudan had invaded Sudans
Heglig oilfield.
Mr Meless government
has twice sent troops into
Somalia to fight Islamist
militants with US support
and regularly brokers deals
between fractious neigh-
bours.
Imagine if that influence
is not maintained . . . Will
there even be consensus on
Somalia at the AU without
him? If it was not for Ethio-
pia, the Sudan/South Sudan
border conflict that erupted
on Heglig could have
turned into regional war.
The Ethiopian leaders
adroit diplomatic abilities,
honed in the 21 years since
he led a Tigrayan guerrilla
army to power in Addis
Ababa, have furthered his
pan-African role and he
remains able to muster int-
ernational support despite
grave misgivings over his
human rights record.
He presents a determined
front welcomed by the west
even though the regime has
long suppressed dissent,
closed newspapers and in
2005 shot dead dozens of
protesters after elections
marred by fraud returned
him to power.
Ethiopia avoids becom-
ing a pariah like Burma
[Myanmar] because its so
important to the west in the
fight against Islamic terror
in Somalia, says a senior
western diplomat who
knows Mr Meles. It is a
dictatorship which will
keep the people essentially
close to the poverty line but
charms people like Tony
Blair and Bill Clinton.
Mr Meles announced his
intention to retire from
office several years ago and
had been preparing to step
down before the next elec-
tions, according to regime
insiders. But they say his
continued stay has been
motivated partly by a desire
to outlive his rival, Issaias
Afewerki, president of
neighbouring Eritrea.
Even government-associ-
ated officials now acknowl-
edge Mr Meles may have to
step down sooner, saying
the deputy prime minister,
Hailemariam Desalegne,
who is also foreign affairs
minister and a technocrat
groomed by Mr Meles,
would take over.
The country is led by a
notional coalition, the Ethi-
opian Peoples Revolution-
ary Democratic Front, in
which Mr Meless Tigrayan
Peoples Liberation Front,
the guerrilla group from
Ethiopias north with whom
he came to power, holds
sway. There will be no
power vacuum, no political
problem in the absence of
the party, insists Abel
Abate, a researcher at a
state think-tank in Addis
Ababa. Due to the federal
system of government, no
group or person will take
over power. There is no
strong man just like Meles
in the front.
But while regime stal-
warts insist the party is
stronger than Mr Meles
himself, critics stress he
has constructed an almost
exclusive hold on power, fir-
ing senior military figures
and stacking the military
and intelligence echelons
with young officers loyal to
him alone. Succession is
likely to bring strife to Ethi-
opias elite.
Other possible contenders
for leadership include the
minister of health, Tewo-
dros Adhanom, who is pop-
ular in the west, Ethiopian
diplomat and senior TPLF
cadre Berhane Gebre Kris-
tos and Azeb Mesfin, Mr
Meless wife.
The TPLF leadership is
campaigning against each
other right now, says
Hailu Shawel, an opposition
leader previously impris-
oned by Mr Meless regime.
When somebody has
moved the country from a
party base to an individual
person, how can you over-
come that? Everybody
wants to be that dictator.
Meless absence deepens fears for
stability in Ethiopia and beyond
Horn of Africa
The prime minister
plays a diplomatic
balancing act in a
fractious region, say
Katrina Manson
and William Wallis
Meles Zenawi: he has not appeared in public since June AP
His regime keeps
Ethiopians close
to the poverty line
but charms people
like Tony Blair
More at
FT.com/africa
Retailers wake up
to Africas promise
From Lagos to Nairobi,
fashionable shopping malls
are springing up in Africa
Shoprite: setting store
by logistics
Lex on the South African
food retailer
Dambisa Moyo
Africa can remind the
world of the capitalist way
AUGUST 10 2012 Section:World Time: 9/8/2012 - 18:49 User: hayesa Page Name: WORLD4 USA, Part,Page,Edition: USA, 5, 1
6

FINANCIAL TIMES FRIDAY AUGUST 10 2012
WORLD NEWS
Chinas economy made a
sluggish start to the second
half of the year as indus-
trial output and retail sales
lowed in July, putting pres-
sure on the government to
step up its policy stimulus.
Analysts said a fall in
inflation to a 30-month low
of 1.8 per cent gave Beijing
more room to use fiscal and
monetary tools to prop up
growth.
With Europe on the brink
of recession and the US
struggling, China, the
worlds second-biggest econ-
omy, stands as the brightest
spot on a bleak global map.
But it has also been fac-
ing trouble. Chinese growth
slowed to an annualised
7.6 per cent in the second
quarter, its slowest pace
since the height of the glo-
bal financial crisis in 2009.
This has prompted Wen
Jiabao, the premier, to
declare that the govern-
ments priority is to support
growth. However, it has
shied away from deploying
anything near the scale of
the mammoth stimulus
launched when the finan-
cial crisis stuck.
Data published yesterday
indicated that Beijing may
need to do more. Industrial
production growth dipped
to 9.2 per cent from 9.5 per
cent in June, defying expec-
tations of a rebound. Retail
sales growth fell to 13.1 per
cent from 13.7 per cent and
investment only managed
to hold steady at a 20.4 per
cent year-to-date pace.
Weak industrial produc-
tion growth is likely to trig-
ger stronger policy easing,
Zhang Zhiwei, an economist
with Nomura, wrote in a
note to clients. The possi-
bility of an interest-rate cut
has increased.
The silver lining for
China was its weak infla-
tion reading. Along with
the deceleration in con-
sumer prices, factory-gate
prices fell 2.9 per cent.
Lower inflation offers
room for monetary policy
easing, said Liu Ligang, an
economist with ANZ.
Simon Rabinovitch
Stimulus pressure builds
as Chinese growth slows
Economic data
The Bank of Japan held off
from further easing at its
monetary policy meeting
yesterday, citing evidence
of moderate improvement
in overseas economies and
firm demand at home.
The central bank said it
would aim to keep the total
assets it holds under its
asset-purchasing pro-
gramme at Y70tn ($892bn),
while leaving its key policy
rate unchanged at zero to
0.1 per cent.
In holding fire on further
stimulus, the BoJ has fallen
in with the US Federal
Reserve, the European Cen-
tral Bank and the Bank of
England, all of which left
key policy settings on hold
this month. The Bank of
Korea also left interest rates
on hold after yesterdays
monthly policy meeting.
The decision to stand pat
was widely expected, said
Naomi Fink, head of strat-
egy at Jefferies in Japan.
Overseas demand is not
great, but not so horrible to
undermine market func-
tions, while domestic
demand is not weak enough
to merit standalone action.
Government data on Mon-
day are expected to show
that the economy grew at
an annualised rate of 2.3
per cent between April and
June, about double the
developed world average,
assisted by efforts to recon-
struct the tsunami-affected
areas of north-eastern
Japan. While more recent
indicators are mixed, with
industrial production rela-
tively weak, the BoJ said it
expected the economy to
return to a moderate
recovery path.
Ben McLannahan, Tokyo
Bank of Japan holds f ire
on more monetary easing
Policy settings
Britain has appointed a sen-
ior judge to hold an inquest
into the death of Alexander
Litvinenko, the former Rus-
sian agent turned Kremlin
critic whose death from pol-
onium poisoning in London
in 2006 soured relations bet-
ween London and Moscow.
Britains Judicial Office
said yesterday it had
selected Robert Owen, an
experienced judge, for the
task and that he would hold
a hearing in September to
decide how the inquest
would be conducted and
whether it would be heard
before a jury. Litvinenkos
wife Marina, who lives in
Britain, told Reuters she
felt relieved the decision
had finally been made. I
am just happy, she said.
The decision to appoint a
judge comes a week after
President Vladimir Putin of
Russia made his first visit
to London in nine years to
watch judo with the prime
minister, David Cameron,
and risks souring slowly
improving relations.
Ties between Britain and
Russia plunged to a post-
cold war low after Litvin-
enkos killing with tit-for-
tat diplomatic expulsions.
Russia has since refused
to extradite Andrei Lugo-
voy, the former KGB body-
guard Britain wants to pros-
ecute for Litvinenkos mur-
der by poisoning with radio-
active polonium.
The Judicial Office, which
is independent of govern-
ment ministers, said the
timing of the inquest
announcement was uncon-
nected to Mr Putins visit or
to any other political
consideration.
Reuters, London
UK appoints judge to
run Litvinenko inquest
Poisoning case
Benigno Noynoy Aquino,
the president of the Philip-
pines, outlined long-term
infrastructure plans to
tackle widespread flooding
in Manila as the capital
began to return to normal
yesterday after torrential
rain brought the metropolis
of 12m to a standstill.
Overflowing rivers and
mudslides have killed 49
people in Manila and the
surrounding provinces since
Tuesday, the governments
disaster management
agency said yesterday.
The deaths come after 53
people died in the combined
effects of the south-west
monsoon and tropical storm
Saola that struck the Philip-
pines late last month.
Visiting people displaced
by the floods at an emer-
gency evacuation centre,
Mr Aquino said the govern-
ment was considering build-
ing dams and embankments
along rivers in the metropo-
lis to store and divert
excess water away from
built-up areas during heavy
rains. He said more detailed
plans would be released
next week
The devastation caused
by this weeks floods, less
than three years after
typhoons killed almost 1,000
people across the Philip-
pines, has put pressure on
the government to act
swiftly to find a more stra-
tegic solution to the fre-
quent flooding.
A World Bank-funded
study has proposed several
flood-control projects cost-
ing more than $7bn but the
recommendations are still
under review by the presi-
dents office.
Although the Philippines
has come a long way in
strengthening utility infra-
structures . . . it has contin-
ued to struggle with other
essential infrastructure . . .
necessary for the country to
function in spite of bad
weather, said Lauro Vives,
chief analyst at XMG
Global, an outsourcing
research and consultancy
company.
Roel Landingin, Manila
Philippines leader outlines
schemes to tackle f looding
New infrastructure
$892bn
Total assets held under BoJ
assetpurchasing programme
2.3%
Expected annualised growth
rate of economy Alexander Litvinenko: his
death soured RussiaUK ties
By Robin Harding
in Washington
US house prices are still in
the doldrums but the Wash-
ington DC suburb of
Bethesda and some others
like it around the country
is dotted with yellow boards
advising of development
plans or zoning requests.
Each board shows that
somebody wants to build a
new apartment block,
reflecting one part of the
housing market that has
sprung back to life.
Construction has been
deeply troubled for the past
five years, continuing to
lose jobs even in 2012, but
the rise in apartment build-
ing offers hope. It suggests
that the fundamentals of
the US economy have
improved, even though it is
currently mired in another
slowdown.
Permits for the construc-
tion of new apartments are
up 110 per cent relative to
2009 compared with a 26 per
cent rise in overall con-
struction permits. One in
three construction permits
issued this year is to build
an apartment, whereas a
decade ago the figure was
less than one in five.
The surge in apartment
construction reflects a com-
bination of factors that
have come together to cre-
ate almost perfect condi-
tions for the sector,
although construction still
remains well below pre-
recession levels.
To start with, there was
much more over-construc-
tion of houses during the
boom than there was of
apartments, except for in a
few pockets such as retire-
ment condominiums in
Florida. Unlike houses in
the desert, there was no
excess of apartments built
in prime markets such as
New York City.
Yet when the credit
crunch hit, construction of
apartments was hit at least
as badly as houses, because
their developers relied on
bank finance. Permits
issued for apartment con-
struction fell by about 75
per cent from 2008 to 2009.
That fall in supply has
been matched by a rise in
demand, which has boomed
as families forced out of
their homes by foreclosure
have turned to the rental
market for a place to live.
As a result, rental vacan-
cies have fallen and rents
have surged.
According to Reis, the
real estate research com-
pany, the average US
vacancy rate fell to 4.7 per
cent in the second quar-
ter of 2012. Asking rents
rose by 1 per cent over the
first quarter, the fastest
rate of increase since 2007.
Finally, credit conditions
are starting to ease, making
it possible for developers to
get new projects started.
According to the US Fed-
eral Reserves latest survey
of bank loan officers, one in
three banks reported
increased demand for com-
mercial real estate loans in
recent months.
The rental boom is good
news for companies that
own apartments. 2012 will
be another very good year
for Equity Residential,
said David Neithercut, chief
executive of the Chicago-
based real estate invest-
ment trust, as he reported
second-quarter results
recently. Longer term, we
expect fundamentals to
remain favourable and for
continued operating per-
formance above historical
levels.
So far, the pick-up in con-
struction is concentrated in
a few cities such as Wash-
ington DC, San Francisco
and Seattle. But there are
reports of a tightening
rental market in some sec-
ondary cities.
Given the lack of con-
struction over the past five
years, the rise in rents is
unlikely to reverse and so
the pace of apartment build-
ing is set to increase. That
should provide a prop even
for a weak labour market.
By Richard McGregor and
Geoff Dyer in Washington
After the gaffes and mis-
steps of Mitt Romneys
recent international tour,
the appointment of Robert
Zoellick to head the Repub-
lican candidates transition
team on national security
might have been expected
to calm some nerves.
After all, the former
World Bank president has a
reputation abroad as a
sober, experienced main-
stream Republican with a
career that bridges both
generations of US presiden-
tial leadership.
Instead, the news of Mr
Zoellicks role in the cam-
paign prompted elements of
the rightwing blogosphere
in the US to erupt in venom.
Mr Zoellick was described
variously as pro-China to
the point of mania, unsup-
portive of Israel, weak on
the Soviet Union before its
collapse and anathema to
foreign policy hawks.
The rapid outpourings of
personal attacks are a fea-
ture of the internet age and
have been driving the 2012
presidential election like no
campaign before it.
But the outburst also
underlines the faultlines
running through the Repub-
lican foreign policy estab-
lishment. At one level it is
part of the argument
between the neoconserva-
tives who played such an
important role under
George W. Bush and the
more realist officials who
were prominent in his
fathers administration.
In particular, there are
long-simmering arguments
on the right about policy
towards China, which have
become harder to ignore as
Beijing has aggressively
modernised its military.
The sharp comments also
reflect some of the personal
animosities from the
George W. Bush presidency,
whose first term was
marked with gung-ho confi-
dence about American
power but which was much
more cautious in the second
term, when Mr Zoellick was
deputy secretary of state.
In a campaign dominated
by the economy, Mr Rom-
ney has skated over some of
these fissures by keeping
his policy pronouncements
to a minimum on many
issues, such as his approach
to the war in Afghanistan.
That has allowed him to
adopt tough rhetoric about
the Obama administration
being weak on foreign pol-
icy, without taking too
many positions that might
prompt blowback from sec-
tions of his party.
Mr Romney has tried to
straddle these divisions
with the appointment of
many foreign policy advis-
ers whose diverse views
reveal little about what the
candidate thinks.
The advisers tell you
nothing about policy and
only about politics, and
how Romney wants to have
all factions of party repre-
sented, said Douglas Paal,
who served in Ronald Rea-
gan and George H.W.
Bushs administrations.
On China, for instance,
his advisers include Aaron
Friedberg, whose writing
has drawn attention to the
risks to the US from Chinas
military build-up, and Evan
Feigenbaum, executive dir-
ector of the Paulson Insti-
tute, a think-tank set up to
foster engagement between
the US and China. James
Mann of the John Hopkins
School for Advanced Inter-
national Studies, says Mr
Friedberg is a thoughtful
hawk, while Mr Feigen-
baum is more in the Kiss-
inger-Scowcroft mould.
One reason Mr Zoellicks
appointment has caused
angst is that it has re-awak-
ened fears on the right of
the party that Mr Romney
will adopt a more moderate
agenda if he wins the
November election. After
all, Mr Zoellick has been
mentioned as a credible
candidate for secretary of
State or Treasury secretary
in a Romney administration.
It gives a more reliable
indicator of what Romney
is thinking, which is not in
line with all his rhetoric,
said Mr Mann. Romney cam-
paign officials have stressed
that Mr Zoellicks role will
be in guiding possible per-
sonnel rather than policy.
Mr Zoellick has also
become something of a
lightning rod for critics of
the US approach to China.
As deputy secretary of
state, he put forward the
idea that China should
become a responsible
stakeholder a formula-
tion designed to express the
idea that Washington
should provide inducements
for China to become a lead-
ing member of the existing
international system.
Although the underlying
approach has been a key
part of US policy, the res-
ponsible stakeholder lan-
guage was controversial. As
China has taken a tougher
line on dissidents and has
appeared less welcoming to
foreign business as well as
boosting its military, the
idea has been attacked by
human rights lobbies and
business groups for being
too soft on Beijing.
Mr Romneys campaign
pitch reflects many of these
concerns, with criticism of
Chinese currency policy and
a commitment to raise the
rate of naval shipbuilding.
Philip Stephens, Page 9
Blog: The rise of Zoellick
www.ft.com/theworld
US right wing attacks Zoellick
Venom at role in
Romneys team
Outburst displays
Republican fissures
Demand for
apartments
helps revive
housing sector
If all elections come down
to whom voters would
rather have a beer with,
President Barack Obama
has a definitive lead, and
not just because Mitt Rom-
ney, his Republican chal-
lenger and a devout Mor-
mon, is teetotal.
Recent polls have repeat-
edly shown that a majority
of voters like Mr Obama as
a person, while more people
have an unfavourable than
favourable view of Mr Rom-
ney. In a close presidential
election like this one is
shaping up to be, personal
popularity could make a dif-
ference.
Personality can trans-
form a mediocre presidency
into one of Mount Rush-
more-like status, said
Douglas Brinkley, a presi-
dential historian at Rice
University in Texas.
John F. Kennedy is the
perfect example he had a
short presidency and it was
Lyndon Johnson who
passed all the legislation,
but JFKs personality was
so kinetic that hes the one
everyone wants to talk
about, Mr Brinkley said.
The same could be said of
Ronald Reagan, still revered
in the Republican party
today and credited with
ending the cold war, even
though the Berlin Wall fell
and the Soviet Union col-
lapsed while George H.W.
Bush was president.
A new Washington Post-
ABC News poll found Mr
Romneys favourability rat-
ings have flatlined at 40 per
cent, while a growing
number of voters say they
hold an unfavourable opin-
ion of him, up from 45 per
cent in May to 49 per cent.
Mr Obamas numbers
were better, with 53 per
cent of voters reporting
they hold favourable opin-
ions, while only 43 per cent
said they held an unfavour-
able view of him. This fol-
lows a Pew Research Center
poll in which more voters
said they had an unfavoura-
ble than favourable view of
Mr Romney, by a 52 to 37
per cent margin.
Mr Obamas image
remained more positive but
his personal ratings are still
lower than most candidates
in recent elections. History
suggests favourability rat-
ings matter. Since 1988,
only three presidential can-
didates have not been rated
favourably by a majority of
voters Michael Dukakis in
1988, Mr Bush Snr in 1992
and Bob Dole in 1996. None
of them won.
Voters want to feel com-
fortable with the person
theyre voting for there
has to be a likeability fac-
tor, says Nathan Gonzalez
of the non-partisan Rothen-
berg Political Report. The
president is a polarising fig-
ure but Romney is not as
well liked, and I think that
gives Democrats hope in
this election.
Even as they both push
their economic platforms
and focus on job creation
the top concern to voters
both men have been work-
ing on their public image.
Mr Romneys campaign
this week started organis-
ing an official press pool to
document his outings, part
of an effort to portray him
as a regular guy and dispel
his image as an out-of-touch
multimillionaire. His first
outing: to a supermarket,
where he bought a caffeine-
free drink, Greek yoghurt,
and two ears of sweetcorn.
It is not Mr Romneys
wealth estimated at $250m
that turns off voters, says
Bill Schneider, a veteran
analyst at left-leaning Third
Way think-tank. People
dont resent someone for
being rich. In fact, people
admire the rich and hope to
be one of them one day, he
said. What people resent is
the fact that someone is out
of touch with the concerns
of ordinary Americans.
If that is so, it is Mr Rom-
neys plan to preserve tax
cuts for the wealthy and
the perception that he looks
out to protect other wealthy
people that could be dam-
aging, Mr Schneider said.
Mr Romneys campaign is
expected to step up efforts
to humanise their candidate
after the Republican con-
vention, where he will be
officially nominated, at the
end of this month.
This is likely to involve
more use of his best assets
his personable wife and
their five telegenic sons as
well as more normal
events such as grocery
shopping, say campaigners.
But Brent Littlefield, a
Republican strategist who
has been looking at these
numbers for two decades,
said favourability ratings
did not really matter. Its
helpful to have both great
job approval and favourabil-
ity, but you can have a 96
per cent favourability rat-
ing and a 4 per cent
approval rating and still
lose, he said.
Interactive graphic:
www.ft.com/uscandidates
Romney fails
to master the
personal touch
Opinions of Obama and Romney
Source: Thomson Reuters Datastream
Per cent
Obama Romney
0
20
40
60
80
100
Undecided
voters
Democrat
supporters
Republican
supporters
Undecided
voters
Democrat
supporters
Republican
supporters
Favourable
Unfavourable
0
20
40
60
80
100
Build-to-rent
Source: US Census Bureau
Rented units
(as % of total new starts)
2007 08 09 10 11 12
10
15
20
25
30
35
Voter preferences
Polls show Obama
consistently wins
the popularity
stakes in the race
to be US president,
writes Anna Fifield
Mitt Romney attempts to dispel his image as an outoftouch multimillionaire in Wolfeboro, New Hampshire, this week AP
The rapid
outpourings of
personal attacks
are a feature of
the internet age
Trade deficit lowest for 18 months
The US trade deficit
narrowed to $42.9bn in
June, the smallest in 18
months, as lower oil prices
curbed imports, while other
data showed the labour
market continued to
improve, writes Anjli Raval
in New York.
The gap between imports
and exports declined 10.7
per cent from a downwardly
revised $48bn in May, the
commerce department said
yesterday. The figure, the
smallest headline deficit
since December 2010, came
in far below economists
estimates of $47.5bn.
The drop in the deficit
came largely because the
cost of importing crude oil
fell to $26.4bn, the least
since February. Exports
increased 0.9 per cent to a
record $185bn.
Meanwhile, the number
who claimed unemployment
insurance fell unexpectedly
by 6,000 last week to a
seasonally adjusted
361,000.
More: www.ft.com/us
AUGUST 10 2012 Section:World Time: 9/8/2012 - 19:24 User: dawkinsj Page Name: WORLD5 USA, Part,Page,Edition: USA, 6, 1
FINANCIAL TIMES FRIDAY AUGUST 10 2012

7
fish-finding gear have left nearly a
third of marine stocks over-exploited,
and 57 per cent fully exploited, mean-
ing they are at or very close to sus-
tainable production levels.
Efforts to cut fleet capacity have
taken hold in Europe and elsewhere.
They even worked for a time in China
but have faded since 2008. In many
countries, politicians remain under-
standably reluctant to adopt a policy
that cuts jobs and induces costly com-
pensation payments.
This is bad news for the worlds
poorest people, who rely on fish for
nearly a quarter of their animal pro-
tein, though rising fish farm produc-
tion helps.
Nor is it good for big-bodied sea
creatures such as the shark, ray and
skate species that reproduce relatively
infrequently. It is hard for their num-
bers to recover once they start falling.
And fall they have, some by as
much as 90 per cent since the 1960s.
ANALYSIS
ened plants and animals kept by the
venerable International Union for
Conservation of Nature.
Another 486 fish are endangered;
1,141 are vulnerable and 60 are
extinct, mostly thanks to the same
species that killed off the totoaba: us.
The human impact on fish has been
worrying scientists and environmen-
tal campaigners for decades.
But it has also become an increas-
ingly disturbing economic issue for
authorities overseeing the fate of the
90m tonnes of marine and freshwater
fish the worlds 4.36m fishing boats
catch each year, with their estimated
value of $100bn.
This was evident a few weeks ago,
when the UNs Food and Agriculture
Organisation published its latest State
of World Fisheries and Aquaculture
report, a comprehensive assessment it
has done since 1994.
For the most part, the organisation
said pretty much what it has said
since 1994: too many countries have
too many fishing boats doing too good
a job.
This year it added that the many
troubling analyses of global fisher-
ies suggested an over-stressed sys-
tem in imminent danger of collapse.
I think probably were using
stronger language now because we
have been saying a lot of the same
things very gently for quite a while,
and maybe having less impact than is
required, said Richard Grainger,
chief of the statistics and information
service in the FAOs fisheries and
aquaculture department.
The collapse mentioned in the
report refers primarily to economic
rather than biological extinction, he
added, meaning stocks could decline
to the point it no longer pays to fish
for them. But both prospects are dis-
concerting.
Boats powered by bigger engines
and laden with more sophisticated
Some species, such as the bluefin
tuna prized by sushi lovers, face a
vicious circle: over-fishing makes
them rarer, which forces up prices
(one fish sold for a reported record
$736,000 in Tokyo this year), which in
turn spurs more fishing and the ille-
gal catches that plague many fish
stocks.
Then there is global warming. One
fish, the Galpagos damsel, may have
achieved the distinction of becoming
the first fish species to become
extinct because of climate change,
says American IUCN researcher Beth
Polidoro.
It is not as if nothing is being done.
Supermarkets and restaurants are
increasingly buying fish meeting sus-
tainable standards set by certification
bodies such as the Marine Steward-
ship Council.
Many countries have introduced
marine reserves off their coasts that
allow species to recover.
But not much more than 1 per cent
of the worlds seas are protected, com-
pared with nearly 15 per cent of the
land areas. And some scientists fear
the extinction threat is even higher
for freshwater creatures unable to
swim off to another ocean to avoid the
impact of a new dam or factory waste
dumped in a river.
There are still lots of fish in the sea
and the rivers. Just not as many of
the ones we know best, from the bask-
ing shark to the beluga sturgeon. And
if current trends continue, many more
seem likely to share their decline.
The end of the line
T
here is a photo from the
1930s, published in National
Geographic magazine, that
shows a scene almost unim-
aginable today.
A man stands in the sea, water up
to his knees, surrounded by a frenzied
shoal of huge, thrashing totoaba fish
on a spawning run off the coast of
Mexico.
They were so thick in the water
that you could wade in and pull them
out with bare hands or a pitchfork,
says the prominent marine conserva-
tion biologist, Callum Roberts.
Not any more. Commercial fishers
started netting the creatures, which
could grow as long as 2m and weigh
more than 330lbs. Dams such as the
Hoover were built along the Colorado
River, curbing vital freshwater flows
to breeding grounds.
Today, the totoaba is one of 414 spe-
cies rated critically endangered on the
Red List, the compendium of threat-
Environment With 4m boats pursuing catches worth $100bn a year, many of the worlds
bestknown fish are under threat and the industry risks economic collapse. By Pilita Clark
Aquaculture
production
Capture
production
195560 70 80 90 2000
Non-fully exploited
Fully exploited
Overexploited
1974 80 90 2000 09
Aquaculture supplies a rising proportion
of global sh needs (tonnes, m)
Of the
10,359
sh species
evaluated by the
IUCN
Net losses
0
50
100
150
The world
has 4.4m
shing boats
(2010 )
Global sh stock exploitation,
% of stocks
0
20
40
60
Sources: International Union for Conservation of Nature; FAO; Thomson Reuters Datastream
3,183,000
484,000 356,000
120,000
Asia
Africa
Latin America/
Caribbean
North
America
113,000 81,000 21,000
Europe Middle East
Pacic
Oceania
Key
Inland Marine
in 2002 742
are on the Red List as
threatened species
in 2012
2,041
are on the Red List
as threatened species
Atlantic goliath grouper
Critically endangered Numbers of this
slowmoving giant, which can weigh up
to 800 pounds, have fallen an
estimated 80 per cent in 40 years.
Despite fishing bans in the US and
Brazil, researchers say
their recovery is not
assured
Vaquita
Critically endangered Since the
apparent extinction of Chinas Baiji
dolphin, this Gulf of California
porpoise is now regarded as the
worlds most critically endangered
cetacean species. Its biggest threat:
getting caught up in gillnets
Beluga sturgeon
Critically endangered Its caviar is
considered among the worlds finest but
overfishing and loss of breeding
grounds has seen its numbers fall by as
much as 90 per cent in 30 years,
despite trade quotas and other
restrictions
Whale shark
Vulnerable The worlds largest living
fish is harmless, docile, slow and
valuable. Its massive fins have fetched
more than $10,000 in Asia, and it is
still hunted in some regions even
though it is classed as threatened
and protected in many
countries
Blue marlin
Vulnerable One of the worlds most
prized bluewater game fish, the marlin
is often an incidental catch of
longliners. Its declining numbers have
led some anglers to release it after it is
caught but conservation groups say it
needs more protection
Whitetip shark
Vulnerable This once abundant shark
is perceived as lethally dangerous to
humans. Often caught as bycatch, its
fins are also sought for shark fin soup
and it is deemed critically endangered
in some areas because
of the sharp decline
in its numbers
Galpagos damsel
Critically endangered This fish lived
around the Galpagos Islands, but has
not been seen since seas there warmed
in 198283 during an intense El Nio
period an event some scientists say
is happening more often in that part of
the world because of climate change.
That could make the damsel the first
fish species to become extinct because
of global warming
Wide sawfish
Critically endangered Once common
in many parts of the world, the
distinctive toothstudded saw on this
fish has made it vulnerable to getting
tangled in nets. It now seems to be
extinct in regions such as the
Mediterranean
Common skate
Critically endangered As its name
implies, this fish was once abundant
across northwestern Europe but it
has disappeared from many areas,
because of commercial fishing,
researchers say
Blue whale
Endangered The largest animal in the
world was nearly wiped out by whaling
but has been protected worldwide
since 1966. Its population is believed
to be increasing but it is not clear by
how much
Scalloped hammerhead
Endangered The hammerheads
curious appearance makes it one of
the worlds best known sharks. But
the high value of its fins and its
tendency to get caught up in fishing
gear has seen numbers plummet
as much as 90 per cent in some
areas over three decades
Basking shark
Vulnerable The worlds second biggest
shark, after the whale shark, this
huge, filterfeeding creature has been
heavily protected for years but is still
deemed under threat because it is so
slow to mature and reportedly still
hunted illegally
Baiji
Critically endangered This freshwater
dolphin, nicknamed goddess of the
Yangtze, thrived until ship traffic,
overfishing and pollution made it
what appears to be the first cetacean
humans have driven to extinction.
There have been no documented
sightings since 2002
European eel
Critically
endangered
Numbers of this
popular freshwater
treat have fallen
by an estimated
90 per cent since
the early 1980s. It
is not known
precisely why, but
overfishing is
considered a
prime suspect
Southern bluefin tuna
Critically
endangered
Prized by sushi
lovers and known
as the Porsche
of the sea
because it can
reach speeds of
up to 70km/hour,
bluefin numbers
have plummeted
since the 1950s,
prompting
widespread calls
for more
protection
On the web
Science To read more news
and analysis on science and the
environment, go to
www.ft.com/science
Prominent species threatened by man
AUGUST 10 2012 Section:Features Time: 9/8/2012 - 18:38 User: mcadamd Page Name: BIG PAGE, Part,Page,Edition: USA, 7, 1
8

FINANCIAL TIMES FRIDAY AUGUST 10 2012
Without fear and without favour
Friday August 10 2012
To contribute please email: letters.editor@ft.com or fax: +44 (0) 20 7873 5938 Include daytime telephone number and full address For corrections email: corrections@ft.com
LETTERS
Aid requests carry
increased stigma
From Dr Nicholas Spiro.
Sir, Lorenzo Bini Smaghi claims
that the latest bond-buying initiative
from the European Central Bank
should help reduce the stigma
attached to an adjustment
programme (The ECB has thrown
a lifeline to the periphery, August
8). This is not how the Spanish and
Italian governments see things. By
insisting that Madrid and Rome must
first jump through more
conditionality hoops particularly if
bond-buying occurs at government
debt auctions before the ECB
intervenes, Mario Draghi, president
of the ECB, has ended up increasing
the stigma associated with any
request for external aid.
The political ramifications of the
ECBs latest policy announcements
are already clear. Spain, which has
been wary of conditionality creep
ever since it requested funds to bail
out its banks, is deeply suspicious of
Mr Draghi's offer. Italy, for its part,
wants to steer clear of external
assistance altogether. Indeed, why
would Rome want to subject itself to
a potentially more intrusive policy
surveillance regime just to gain
access to funds to bring down its
spreads that have been driven up
mostly because of developments in
Spain?
Politics aside, the bigger worry for
the markets is that the fiscal
backstop for Spain and Italy will
remain grudging, intermittent and,
most importantly, ineffective in
enticing foreign investors back into
Spanish and Italian bond markets.
Nicholas Spiro,
Managing Director,
Spiro Sovereign Strategy,
London EC2, UK
You had to be quick
Corrections
A report on August 6 said Hermes
Fund Managers estimated the Bank
of England may have to take its
total gilt purchases to 450bn. The
correct total should have been
825bn.
A graphic published on July 31
incorrectly stated that the
Lansdowne Developed Markets fund
is run by Pete Davies, Paul Ruddock
and Steven Heinz. The fund is, in
fact, run by Peter Davies and Stuart
Roden. Mr Ruddock is chief
executive of the firm.
At the forefront of South Africas transformation
From Mr Bill Schroder.
Sir, With reference to Simon
Kupers article Proof that privilege
does trump talent (August 4): I was
the headmaster of Pretoria Boys
High School, to which he refers in
his article, from 1990 to 2009 and had
the privilege of having Oscar
Pistorius, John Smit (the recently
retired Springbok rugby captain),
Justin Reid-Ross (in the South
African Hockey team at the
Olympics) and Chiliboy Ralepelle
(currently in the Springbok rugby
squad) among the 1,500 boys in the
school, and so I feel obliged to
comment on an article that has
upset and angered a large group of
people both locally and in the UK.
There is no doubt that
opportunities and good facilities do
make a difference and it is also true
that for many years, under
apartheid, black people were denied
those opportunities and facilities.
However, since the release of Nelson
Mandela in 1990 and the opening up
of public (state) schools, the
opportunity to embrace
transformation and redress the
wrongs of the past has been actively
and sincerely pursued by many
schools. Understandably, there is no
quick fix and bringing previously
disadvantaged members of our
society into an equal opportunity
structure is an ongoing process.
Pretoria Boys High, which Mr
Kuper refers to as a historically
white school . . . with its lavish
playing fields (and all the innuendo
that goes with those comments), has
always been at the forefront of
change. As early as the 1920s, the
then headmaster (Oxford-educated)
advocated a place in the sun for all
boys and during the 1980s with the
tyranny of apartheid at its worst, the
school admitted its first black boy;
and after a referendum held by the
governing body, the parents gave
them a mandate to defy policy and
open the school to all races. In the
early 1990s, in order to assist boys
from disadvantaged communities to
cope at Pretoria Boys High, we
established and financed our own
bridging school, developed our own
curriculum, employed additional
teachers and guaranteed these boys
mainstream education after a year.
This programme produced top
academics, top sportsmen and
musicians, team captains, house
prefects and school prefects as well
as scores of ordinary decent young
men on whom a school really should
be judged. The school continues to
produce top young men, regardless
of colour, who will make a difference
in this country and beyond. It has
outreach programmes of an
academic, sporting and social nature,
continuing to try to bridge the vast
gap that still exists between the
educational haves and have-nots.
We are proud of Oscar Pistorius as
we are of every one of the tens of
thousands of men who have passed
through the school over the past 111
years. I hope this response will in
some way correct the
misrepresentation of Mr Kupers
original article and take cognisance
of the fact that, as a result of the
efforts of many schools and
dedicated teachers, the rainbow
nation is developing in many areas,
not only sport.
Bill Schroder,
Pretoria, South Africa
Former Headmaster,
Pretoria Boys High School
Fracking should not be expected to lead to seismic activity
From Mr Caldwell Bailey.
Sir, In response to Prof Donka
Angelovas concerns about fracking
in Bulgaria (Letters, August 7): I
believe she assumes analogous
causality where it may not really
exist. Although drilling has been
linked to seismic activity in
Lancashire, as she points out, to say
this indicates an expected causal link
between any future fracking and
seismic activity in Bulgaria is going
too far. Similar assumptions were
made after small seismic activity in
US regions where fracking took
place. Studies have since shown that
the tremors were the product of
wastewater injection wells located
far away from drilling pads.
Additionally, Prof Angelova seems
to indicate by her comments
regarding the wheat producing
region of Dobruja, Bulgaria, that any
future drilling in that area (where
Chevron holds rights to considerable
acreage) would devastate the
landscape and all but eliminate a
quarter of [Bulgarias] fertile land.
In fact, shale drilling has less surface
impact and requires fewer drilling
pads than traditional hydrocarbon
exploration. Today in the US,
fracking operations coexist with
farmland in many regions and have
in fact kept some family farms viable
as a result of lease and royalty
payments made to the farm owners.
Shale operations have helped rather
than hurt agricultural sustainability.
If the shale revolution is ever to
migrate successfully to Bulgaria or
the rest of Europe, objective truth
about risks (which are real and need
to be addressed) must set the tone
for discussion. Jumping to
conclusions about potential calamity
and drawing speculative links will
neither serve to educate stakeholders
properly nor lay the groundwork for
development of a potentially
transformative worldwide resource.
Caldwell Bailey,
Independent Energy Consultant,
Washington, DC, US
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Notebook
In old New York,
we do it our way
Frank Sinatra wasnt kidding. When
he paid tribute to New York as a
proving ground, he was dealing in
the realm of cold, hard facts.
It sounded nice when Sinatra sang
about it because he put this Empire
State of affairs in such a positive
light. His New York, New York is
a place where little town blues melt
away, brand new starts are made
and success has global ramifications.
If I can make it there, Sinatra said,
Ill make it anywhere.
But locals know there are darker
corollaries to this formulation of the
songwriters John Kander and Fred
Ebb. Life in New York can be
humbling. Sometimes the city
doesnt sleep because it cant.
Just ask the people at Standard
Chartered. This week, the UKs fifth-
biggest bank lost billions of dollars
in market value because of an only-
in-New York experience otherwise
known as meeting Benjamin Lawsky.
Mr Lawsky is superintendent of
the state Department of Financial
Services, an entity recently created
by combining the old New York
banking and insurance departments.
As a result, Mr Lawsky is the man
who can issue a licence to a bank to
operate in New York and hes the
man who can take it away.
StanChart suffered this week
because Mr Lawskys inclination is
to take its licence back. In a 27-page
order on Monday, he accused the
bank of hiding $250bn in transactions
linked to Iran in order to evade US
sanctions. The bank, which has
denied the allegations, is set to
appear at a hearing next week to
explain why it should be allowed to
do business in New York.
Many people in the UK have
reacted with surprise to Mr Lawskys
action. Questions have been raised in
particular about how it is possible
for a solitary state regulator to take
such a significant step. But anyone
who is shocked by this development
has failed to keep up with our local
financial history. For better or
worse, officials in New York have
been staging interventions of this
sort in global finance for decades.
Their ability to do so points to a
big difference between New York and
London as financial centres. Power is
relatively decentralised in the US
and that puts local officials in New
York in an interesting position.
Because trillions of dollars in
financial transactions take place
every day on the island of
Manhattan, regulators and
prosecutors from the city and the
state have the ability to take on the
most powerful actors in the business
world, should they care to do so.
This has given rise to a New York
breed of political operative who uses
local office to play a role on the
global stage - a strategy that owes
much to Robert Morgenthau, the
Manhattan district attorney from
1975 until his retirement in 2009.
Mr Morgenthau was a county
prosecutor, but he once brought
down a global bank. It was called
the Bank of Credit and Commerce
International and Mr Morgenthau
thought it was helping drug dealers
launder money. Reckoning that the
wire transfer and the bank book are
as much the tools of the drug trade
as the scale and the gun, he began
an investigation that proved to be a
substantial factor in the decision of
the Bank of England to close BCCI
in 1991, according to a Senate
subcommittee report on the matter.
Eliot Spitzer, a one-time assistant
district attorney in Mr Morgenthaus
office, picked up the interventionist
baton when he was elected New
York state attorney-general, winning
a reputation as the sheriff of Wall
Street. Mr Spitzers successor as
attorney-general, Andrew Cuomo,
demonstrated a taste for public
battles with big bankers, too, and
now his appointee, Mr Lawsky, is
getting into StanCharts face.
The argument has been made that
this kind of regulation isnt good for
business. Such criticisms were
levelled most forcefully a few years
back, when New York was being
encouraged to emulate Londons
light-touch regulatory regime.
But the New York activists are
unlikely to give in. Londons light-
touch theology has failed to survive
the financial crisis. And local
politicians who have cast themselves
as anti-Wall Street crusaders have
done well. Both Mr Spitzer and Mr
Cuomo were elected governor after
serving as state attorney-general.
The lesson for global bankers is
that New York will probably never
be as clubby a financial centre as
London. It helps to know the right
people here, but you never know
enough of them. There is always the
possibility that some Lawsky will
appear to shake things up.
Its not for everyone. But thats life
in a town like this. To paraphrase
Sinatra: we do it our way.
gary.silverman@ft.com
Frank Sinatra: so good
they named him once
Gary Silverman
French economy
hit by summer chill
France needs a budget for business to restore growth
Franois Hollande, the French
president, wants his ministers to
stay in France for their summer
holidays. Perhaps he is hoping to
boost the domestic economy,
which is set to slip into recession
for the second time in three years.
The clouds are gathering, with
the Bank of France this week
reporting not only that the econ-
omy is shrinking, but also that the
trade deficit is close to record
highs and industrial confidence is
at its lowest for three years. Mr
Hollande may not want ministers
too far away in case the picture
gets even worse. And there is
every chance it will. Frances top
European trading partners are all
showing signs of abrupt slowdown.
Since coming to office in May,
Mr Hollande has sought to differ-
entiate his government from that
of Nicolas Sarkozy, his frenetic
and autocratic centre-right prede-
cessor. The Socialist president has
spoken of bringing fairness and
justice to the programme of public
spending cuts that are necessary
to restore Frances stretched
finances. So far that has translated
into a crowd-pleasing assault on
the wealthy and big companies
rather than tackling the countrys
bloated public sector, which
weighs so heavily on French com-
petitiveness.
Mr Hollande also says he wants
to help business be more competi-
tive. Instead, he has done the oppo-
site by taxing dividends and mak-
ing it marginally harder for com-
panies to shed staff. Such initia-
tives are damaging to job creation
and confidence.
They may have some use as
political cover for painful cuts nec-
essary to restore French public
finances. But Mr Hollande remains
vague about how his government
will fill the 33bn budget shortfall
next year if he is to keep his prom-
ise to bring the deficit down to
3 per cent. More worryingly, there
is talk that tough decisions might
be further delayed to allow
Frances social partners to hold
another consultation exercise.
Markets have so far given the
new president the benefit of the
doubt. But time is running out for
Mr Hollande to show his true col-
ours. The government will present
its plans for the 2013 budget to
parliament this autumn. After the
populist measures of the first three
months, this has to be the budget
that business and the French econ-
omy needs. That means easing the
burden of Frances costly social
welfare system, largely financed
by inflated labour charges.
Only by reversing years of
declining competitiveness will Mr
Hollande prove he truly is differ-
ent from his predecessors.
Turkeys nightmare
Syrias fracture exposes the faultlines in Turkish society
Turkey is watching its deepest
fears become reality on its south-
ern border. As Kurdish forces take
control of towns across north-east
Syria, Ankara faces the possibility
of an autonomous Kurdish area
emerging, in loose federation with
adjacent Iraqi Kurdistan.
To the Turkish establishment,
this is an existential threat: an
embryonic Kurdish state is bound
to embolden Turkeys 13m-plus
Kurdish population in demands for
regional autonomy, and could try
to claim chunks of Turkish terri-
tory. Worse, a powerful element in
a new coalition of Syrias Kurdish
groups is the PYD an ally of the
rebel Kurdistan Workers Party
(PKK), which has waged a 27-year
struggle against the Turkish state.
The PKK is now exploiting the sit-
uation, launching massed attacks,
not the usual scattered raids, on
army posts in Turkeys south-east.
Syrias fracture is therefore
exposing the faultlines in Turkeys
society and the limits of its influ-
ence in the region. The west
should pay more attention to this
side effect of the Assad regimes
disintegration. It needs Turkey
more than ever as a stable ally
amid the chaos and looks to the
ruling AK Party as an example of
a mildly Islamist government
steering a secular democracy.
There is little Turkey can do to
stop the Syrian quagmire deepen-
ing. Prime minister Recep Tayyip
Erdogan has implicitly threatened
cross-border strikes if the PKK sets
up bases inside Syria. But there is
no appetite for sustained military
intervention. Nor has a policy of
befriending the Iraqi Kurds suc-
ceeded: it was Masoud Barzani, the
KRGs president, who brokered the
new coalition of Syrias Kurds.
However, Ankara can and must
do more to prevent an escalation
of ethnic and sectarian tensions.
At home, it must redouble efforts
to address the grievances of Turk-
ish Kurds. Mr Erdogan must
ensure that a rewrite of Turkeys
constitution enshrines cultural
rights for all citizens and
addresses the crucial question of
regional devolution.
And in its foreign policy, Turkey
must avoid being seen as a cheer-
leader for Sunnis across the
region. Its rivalry with Iran is
already heating up. Arms sales to
Bahrain have not gone unnoticed,
and Turkish Alevis are uneasy at
what they see as partisan support
for the largely Sunni Syrian upris-
ing. Ankara could act to alleviate
these fears for example, by pres-
suring Syrian rebels to abstain
from revenge attacks. If Turkey is
to be a force for stability, Mr
Erdogan must show he can rise
above sectarian divisions.
The limits of shame
Howard Flights battle for due process deserves support
The streak of financial scandals
has encouraged the popular view
that shaming bankers is the most
effective way to induce better
behaviour. This is a tempting but
dangerous argument which, if fol-
lowed to its logical conclusion,
risks doing lasting damage to the
City of London.
The Financial Services bill cur-
rently making its way through par-
liament contains many useful pro-
visions covering the new system of
post-crisis regulation. The FT con-
tinues to have reservations about
the concentration of power in the
hands of the Bank of England. But
overall, the bill addresses many of
the weaknesses exposed during the
banking crisis.
One clause in the bill, however,
deserves special scrutiny. Last
year, parliament gave the soon-to-
be-wound-up Financial Services
Authority the power to make its
cases public as soon as a decision
has been taken. Previously, the
FSA had not been allowed to
release any information until the
conclusion of the appeal.
Now the government wants to go
even further. The bill includes a
provision that would give regula-
tors the right to inform the public
of so-called warning notices.
These are issued when the regula-
tor is laying out its accusation
against an individual or an institu-
tion, but before it has reached a
decision. Supporters of the clause
argue that this would bring finan-
cial regulators in line with what
other public bodies, such as the
Crown Prosecution Service, are
allowed to do. They also claim that
those under investigation have the
opportunity to rebut the accusa-
tions before the issuance of a
warning notice.
Critics, notably Howard Flight, a
former deputy chairman of the
Conservative party, point out that
releasing this type of information
before any decision has been taken
can inflict substantial reputational
damage on potentially innocent
parties. As the Standard Chartered
case shows, the impact on share
prices of announcements by a reg-
ulator can be devastating.
Furthermore, the governments
proposal risks forcing institutions
into plea bargaining, regardless of
the strength of the case against
them. Not only would it deprive
those under investigation of the
right to due process, it could also
lead to bursts of costly litigation.
Shaming banks and bankers
should only occur when evidence
of wrongdoing has been found.
Bankers have been guilty of excess
but they should not be condemned
as a class. Lord Flights amend-
ments striking down the relevant
clauses deserves support.
Gold an unrealistic
path to living large
From Mr Mihail Nedev.
Sir, Peter Taskers suggestion
(Insight, August 8) that one should
cash out of gold, buy a nice house,
hire some workers, send your kids to
college and eat big breakfasts is
surely an appealing thought, and
could be the right thing to do, taking
into account ones personal needs
and circumstances. The only trouble
with it is that, like most people,
Mr Tasker has probably missed
making the sixfold return on gold
over the past 13 years from the
$251.95 an ounce low registered on
August 31 1999 (please correct me if I
am wrong about his personal
investment acumen).
Moreover, the numbers clearly
show that gold represents only about
3 to 4 per cent of all global assets,
leading us to very much doubt that
many people can use it to cover the
expenditures suggested by Mr
Tasker. Perhaps selling out of ones
Treasuries, gilts, bunds and JGBs,
which represent a substantial
proportion of investors portfolios
these days, is a more viable option
for living large. Then again, if
enough people did that, inflation
would rise, increasing the appeal of
gold, among other hard assets.
Mihail Nedev,
Prana Capital,
Singapore
Medicare: seniors
are one step ahead
From Mr G.V. Wieg.
Sir, Steven Rattner (When Right
Thinking is just plain wrong,
August 2) needs to get out more
into the society of seniors. He is
apparently unaware that seniors
already can pay for their Medicare
by having premiums taken from
their monthly Supplemental Security
Income payments. Most do so; the
programmes called Senior
Advantage. Its not mandatory, but
most seniors opt for that method,
adjust their family budget downward,
and survive.
G.V. Wieg,
Granite Bay, CA, US
Ides of August
fall next Monday
From Mr Stephen Collins.
Sir, Frank Partnoy (Who are the
true villains of the StanChart
tragedy?, August 9) might call
August 15 the Ides of August, but
the Romans wouldnt have.
The Ides are always eight days
after the Nones, which are usually
on the 5th of the month. However:
In March, July, October, May
The Nones fall on the 7th day
And the Ides on the 15th.
Hence the Ides of March are on the
15th, but not the Ides of August,
which remain on the 13th.
Stephen Collins,
Pinner, Middx, UK
Rich will always decide their own tax
From Emeritus Prof Michael B.
Abbott.
Sir, Your esteemed Gideon
Rachmans article The backlash
against the rich has now gone
global (August 7) shocked me to the
core, for how is it remotely possible
to embark upon the programme that
he is projecting? It is common
knowledge that the rich have never
paid more taxes than they
themselves decided, that they do not
do so today and that they never will.
The global machinery of tax
avoidance has now become so
sophisticated and so effective that it
is now childs play just so long, of
course, that one is sufficiently rich
to avoid paying tax while staying
within the law. We may recall that
popular adage that British justice
is the best that money can buy,
and this has provided the foundation
for the City of London to attain to
the world centre of finance that it
has become. No government
department could afford the
hundreds of millions required to
track all the tax-avoiding routes
that the advisers to the seriously
rich can manufacture on a
customised basis. The 24 per cent
of total income accruing to the
1 per cent of population in the US,
for example, is far too low an
estimate under these circumstances.
The present crisis is the child of
this monstrosity as the poor are
further impoverished to make the
rich ever richer, and even the middle
class, where I belong, is now feeling
the pinch. Only a financial disaster
surpassing the 1930s showdown can
possibly change the present
situation.
Michael B. Abbott,
Co-Director,
European Institute for Industrial
Leadership,
Brussels, Belgium
Another answer to
Kays conundrum
From Mr Robert Simons.
Sir, There is another explanation
of John Kays conundrum about
probability (When storytelling leads
to an unhappy ending, August 8). It
is that, regardless of the question
actually asked, we think that the
question concerns conditional
probabilities.
Which is the more likely: that
Linda is single and outspoken given
that Linda is a bank manager; or
that Linda is single and outspoken
given that she is a bank manager
who is an active feminist?
Here our intuition is correct: the
latter probability is higher.
Robert Simons,
Eudoxus Systems,
Leighton Buzzard, Beds, UK
AUGUST 10 2012 Section:Features Time: 9/8/2012 - 18:50 User: mcadamd Page Name: LEADER USA, Part,Page,Edition: USA, 8, 1
FINANCIAL TIMES FRIDAY AUGUST 10 2012

9
COMMENT
The dangerous folly of resuming avian f lu research
humans could kill hundreds of
millions more.
This is why it is so important to
maintain the moratorium on H5N1
research that involves dangerous
experiments to see what it would
take for the virus to become
airborne and therefore as
transmissible from one person to
another as the seasonal flu.
When the public learnt such
experiments were taking place in
December, there was such an uproar
that researchers were forced to
announce a temporary moratorium
until the ethics and safety of such
research could be reassessed by the
international scientific community.
Most scientists believe that
research of this kind pushes the
limits of legitimate and responsible
scientific inquiry. Advancing our
understanding of how viruses are
transmitted is important work. The
more we know, the better we may be
able to block transmission. However,
it is a fallacy to consider every and
any experiment fair game. Creating
an agent more deadly than exists in
nature falls into this category. In the
nightmare scenario whereby a
mutated H5N1 virus escapes from
the lab and causes a pandemic,
everyone involved and the life
sciences in general will be blamed.
If it becomes legitimate to
mutate a deadly virus we will see an
explosion in this type of research.
There are many more avian than
human influenza viruses. If this
controversial work is allowed to
continue and more labs are going to
be involved, the risk of an accidental
release of a mutated H5N1 virus
increases exponentially.
Accidents do happen. We need look
no further than the re-emergence
of the H1N1 virus in 1977, after a 20-
year hiatus. A group of US scientists
investigating the 1977 outbreak
concluded that it leaked out of a
Russian lab that was working on a
live-attenuated H1N1 virus vaccine.
Historical data are not
encouraging, either. Between 1978
and 1999 there were more than 1,200
incidents in which people were
infected from BSL-4 labs. Since 1999,
lab workers have been killed by
numerous microbes, including Ebola
and the Sars respiratory virus.
Scientists have a moral
responsibility to speak up and
question the fundamental wisdom,
the ethics and the social advisability
of conducting such research. This
includes questioning the scientific
rationale for research of dual-use
concern, even if that means taking
on the powers that be or making
themselves unpopular.
The moratorium on H5N1 research
at the centre of the controversy
should remain in place indefinitely
until the international scientific
community has had time to discuss
whether this is responsible science.
The more we know, the
better we can block
transmission. But it is a
fallacy to consider every
experiment fair game
StanChart is a reminder of bankings insatiable greed
king pins and corrupt regimes.
Until now Standard Chartered,
whose strength has been built on the
growth of emerging markets, has
been regarded as having a culture
untainted by the excesses that have
tarnished other global institutions.
Yet the picture that emerges with
brutal clarity from emails and other
internal documents uncovered by Mr
Lawskys investigators is of an
organisation that cynically
manipulated business to avoid the
reach of US sanctions in the
interests of maximising profit. In
moral terms it thus appears no
better than HSBC, which was
recently shown to have failed to stop
money laundering in Mexico and
elsewhere, or indeed all the other
global banks, including many from
the US, which have been involved in
ever more egregious scandals.
The cumulative effect on public
opinion should be a matter of deep
concern. Regardless of the outcome
of legal process, the Standard
Chartered story is symbolic in that
the investigators findings appear to
provide definitive confirmation that
global banking is about grabbing a
fast buck regardless of the interests
of clients, regulators or reputation.
The cultural motto of these
institutions, in short, is let the devil
take the hindmost.
At one level, the worry is about
the challenge to the legitimacy of
capitalism. It is hard for people to
tolerate historically high levels of
inequality in difficult times when
they can no longer perceive any
moral link between effort and reward
at the top. If those at the top are
also perceived to be devoid of moral
principle in their pursuit of profit, the
challenge is dangerously multiplied.
At another level, this all re-
emphasises a fundamental problem
in a financial crisis that started
exactly five years ago. While finance
is global, financial regulation is
primarily national. Yet there is a
growing risk that the regulatory
response to scandals could, as a
byproduct, lead to the fragmentation
of the global financial system. If
Standard Chartered and others were
to lose banking licences in New
York, for example, financial
deglobalisation would unquestionably
accelerate.
It is easy to underestimate how
far the shift to a home country bias
in finance has gone already. To take
just one example, Morgan Stanley
estimates that the eurozone banks
contribution to big ticket trade
finance in Asia fell from 18 per cent
to 3 per cent in the 18 months to
June this year.
In effect, regulators are increasing
firewalls and seeking to trap more
capital and liquidity at home,
especially in the eurozone, which
lacks a lender of last resort facility
for cross-border institutions.
Eurozone banks have also been
reorganising business on a country
by country basis to reduce the risk
that their liabilities might be
redenominated in another currency if
the eurozone fragments.
While the European Central Bank
has managed to ease funding
pressures since December, a trend
for banks to match assets and
liabilities on a country basis remains
intact.
There is a natural, populist
temptation to rejoice in the notion
that over-mighty financial
institutions are being cut down to
size and deprived of their global
laisser passer. Yet there are costs.
Mark Carney, governor of the Bank
of Canada and chairman of the
Financial Stability Board, which co-
ordinates global financial regulation,
warned the G20 summit in June that
when mutual confidence is lost,
retreat from an open and integrated
financial world into a nationally
segmented system could rapidly
reduce both financial capacity and
systemic resilience, at high cost to
jobs and growth.
The one risk that can be
overestimated in all this is of a
battle to bolster New Yorks financial
business at Londons expense. In the
1950s and 1960s tough regulation and
restrictive taxes in the US drove
financial business to London.
Excessive zeal in US regulation and
law enforcement today could have
much the same effect.
Yet competition between financial
centres is a trivial issue when
compared with the wider global
threat to jobs and growth. The
stakes in this unfolding saga are
uncomfortably high.
john.plender@ft.com
John Plender
F
ew pathogens known to man
are as dangerous as the H5N1
avian influenza virus. Of the
600 reported cases of people infected,
almost 60 per cent have died. The
virus is considered so dangerous in
the UK and Canada that research
can only be performed in the highest
biosafety level laboratory, a so-called
BSL-4 lab. If the virus were to
become readily transmissible from
one person to another (it is readily
transmissible between birds but not
humans) it could cause a catastrophic
global pandemic that would decimate
the worlds population.
The 1918 Spanish flu pandemic was
caused by a virus that killed less
than 2 per cent of its victims, yet
went on to kill 50m worldwide. A
highly pathogenic H5N1 virus that
was as easily transmitted between
elections, his reaction was that it
was all a plot cooked up by Hillary
Clinton, the US secretary of state. To
many westerners Nato looks pretty
much an enfeebled alliance, a relic of
the cold war. In the Kremlin, Natos
plans for missile defence are proof
positive of its aggressive intentions
towards Russia.
Mr Putin has made two big
strategic decisions since returning in
May for a third term as president.
Both have diminished Russia. The
first has been to continue to back
Bashar al-Assad in the face of the
Syrian presidents escalating
slaughter of his own people; the
second to crack down on internal
dissent against the corruption and
lawlessness of his own regime.
The civil war in Syria is unlikely
to have a happy outcome. Western
governments are discovering that
non-intervention carries costs. But
what seems absolutely clear is that
the present regime will fall. Russia
will have lost its most important
regional ally and, by stubbornly
thwarting efforts by the Arab League
and UN to engineer a political
solution, will have surrendered any
claim of influence in the Arab world.
So much for his policy of standing
up to the west at the UN.
Mr Putins response to the popular
protests that have marked his return
to the Kremlin has been an array of
measures to stifle dissent. NGOs that
accept overseas support are now
obliged to describe themselves as
foreign agents; new measures have
been introduced to censor internet
websites; and, in an echo of the
treatment of Mikhail Khodorkovsky,
a prominent internet blogger
and campaigner against state
corruption, has been accused, of all
things, of stealing large quantities of
lumber.
There has been as much an air of
paranoia as a demonstration of
power about the clampdown. Most
Russians would probably deprecate
the actions of the three members of
Mitt Romney and Vladimir Putin
share a hankering for the past. The
Republican candidate for the White
House says Russia remains
Americas principal geopolitical foe.
This flatters a Russian president who
wants to sustain the hollow pretence
that the international order is still
shaped by superpower rivalry
between Moscow and Washington.
If Mr Romney wins the presidency
he will discover soon enough that
the world is not quite as he
described it on his recent visit to
Europe and Israel. The unipolar
moment, if it ever existed, has
passed. George W. Bush discovered
that during his second term when he
swapped wars for diplomacy.
Mr Putins regime is unpleasant
and destructive mostly towards its
own people. It has a wholly negative
approach to global order. But for the
US the relationship with China is the
consequential one. The facts of
geopolitical life, as Barack Obama
has understood, demand a Pacific
president.
As for playing the tough guy, a
President Romney would find that
the US military has had enough of
fighting wars of choice. It would
much prefer its commander-in-chief
to devote his energies to sorting out
the countrys fiscal mess. Debts and
deficits are the biggest threat to
Americas national security.
Mr Putin will not be budged from
his nostalgia. Casting the west as the
enemy is vital to his pretence that
Russia has held on to superpower
status. When Russians protested in
their tens of thousands about the
rigging of last Decembers Duma
the punk rock band Pussy Riot in
choosing a Moscow cathedral to
lampoon Mr Putin. But their trial for
hooliganism incited by racial
hatred has said more about the
mindset of the Russian president
than about the alleged transgression.
Like many autocrats, including
those who have been toppled in the
Middle East, Mr Putin
underestimates the importance of
legitimacy. When he elbowed aside
the more liberal-leaning Dmitry
Medvedev to return to the
presidency, Mr Putin imagined 12
trouble-free years in the Kremlin.
That hope has dissolved. Neither
supporters of Mr Medvedev nor
opposition leaders have the strength
to overturn him, but the protests
have undermined him, especially
among a Muscovite middle class
increasingly frustrated by the
regimes corruption.
Mr Putin still has revenues from
oil and gas, but the economic tides
are increasingly running against
him. As anyone living in London can
tell you, capital flight continues
apace.
The absence of the rule of law
leaves foreign investors increasingly
wary, demanding ever higher risk
premiums for projects in Russia. The
countrys infrastructure is rotting
and its population falling fast. It has
forgotten how to build space rockets
and how to win Olympic medals.
The west should not take comfort
in any of this. Its interest lies in a
Russia prosperous and confident
enough to see a role for itself on the
international stage beyond propping
up nasty dictators such as Mr Assad.
There are plenty of people in Russia
who see the benefits of political
liberalisation at home and
engagement abroad.
The sensible approach for the west
is to be as robust as necessary when
necessary and to engage where
possible. To demonise Mr Putin, as
Mr Romney suggests, is to lend
credibility to the Russian presidents
warped conspiracy theories and his
efforts to snuff out opposition at
home. There are areas where the US
and Russia can and should co-
operate. Iran is one, Afghanistan
another. Efforts to further reduce the
US and Russian nuclear arsenals are
vital to the broader goal of
sustaining an international non-
proliferation regime.
Co-operation does not assume
support for the Kremlins repression
or ignoring the nature of the regime.
Rather it is to acknowledge that
change belongs to Russians.
Mr Putin will not let go of the past,
but he will discover sooner or later
there is no future in it.
philip.stephens@ft.com
There is a risk that the
regulatory response to
scandals could lead to
the fragmentation of the
global financial system
We are of the opinion that this is
irresponsible research that should
never have been undertaken and
should not be resumed.
If it is considered vitally
important, internationally agreed
guidelines for such research should
be put in place and a consensus
developed as to the conditions
under which the research could be
allowed to resume. In the meantime,
there needs to be a wider, truly
international discussion with experts
from all fields of the life sciences, as
well as public involvement, on the
scientific, social and ethical
advisability of pursuing biomedical
research that aims to create
potentially deadly agents and on
the consequences of succeeding.
Peter Hale is the founder of the
Foundation for Vaccine Research,
Washington, DC. Simon Wain-Hobson
is a professor in the Department of
Molecular Retrovirology, Institut
Pasteur, Paris. Robert May is a
professor in the, Department of
Zoology, Oxford university
I
s Standard Chartered a rogue
institution that conspired with
the government of Iran and hid
from regulators $250bn-worth of
transactions for reasons of pure
greed, as the New York State
Department of Financial Services
asserts? Is the DFSs interpretation
of the law in relation to alleged
breaches of the US sanctions regime
wrong? And is Benjamin Lawsky,
superintendent of this new US
financial watchdog, motivated by a
desire to undermine Londons
competitive edge in international
finance relative to New York?
None of these questions can be
answered with any certainty at this
stage. Note, too, that Peter Sands,
chief executive of Standard
Chartered, is offering a robust
defence, pointing to factual
inaccuracies in these accusations.
What can be said, though, is that the
potential damage from this saga
extends far beyond a single
financial institution although not
necessarily in Mr Lawskys
hyperventilating sense of leaving the
US financial system vulnerable to
terrorists, weapons dealers, drug
There is no
need for Mitt
to bait the old
Russian bear
To co
operate
does not
assume
support for
the
Kremlins
repression
Philip Stephens
Peter Hale,
Simon WainHobson,
Robert May
T
he worst drought for 50 years
is inflicting huge damage on
the US maize crop, with serious
consequences for the overall
international food supply.
The situation reminds us that even
the most advanced agricultural
systems are subject to the vagaries
of the weather, leading to volatility
in supplies and prices not just on
domestic markets but also
internationally. Climate change and
extreme weather events will further
complicate the picture.
US maize production had been
expected to increase to record levels
this year. That view will prove
optimistic. Much of the reduced crop
will be claimed by biofuel production
in line with US federal mandates,
leaving even less for food and feed
markets. The August US Department
of Agriculture estimates, announced
today, will give a more precise idea
for just how much the maize crop is
reduced. Few people are expecting
good news.
Maize prices have already gone
higher than their 2008 and 2011
peaks, increasing by 23 per cent
during July alone. Wheat prices have
followed maize prices upwards.
Repercussions are already being felt
in the US livestock sector.
Unsurprisingly, the media has
started talking about the possibility
of a food crisis. Whether that
happens depends not only on how
long the drought lasts and how
much damage it does to crops but on
how far its impact spreads to other
markets, whether there are further
supply shocks and how countries
react to the price movements.
In 2007-08 governments tended to
react in a disorganised and erratic
manner, which often accentuated
global price rises, as was the case
with the imposition of export
restraints. Often the measures were
not even effective in meeting the
objective of stabilising domestic
prices, as they often led to panic
buying and hoarding.
Given all this, governments should
be cautious, especially considering
that high prices are not necessarily
negative. Attractive producer prices
will be needed in the coming months
to entice producers to embark on a
much needed increase of crop
cultivation, especially in the
southern hemisphere.
Some governments will be called to
take a number of steps to alleviate
the impact of the situation on the
poorest consumers, for example
through the targeted distribution of
food at subsidised prices, increased
reliance on non-commodities crops
such as roots, tubers, and beans, and
assisting small producers to get
better seeds and other basic inputs.
Over the longer term, strategies to
increase local production and self-
sufficiency should be implemented.
Fortunately rice supplies in 2012
are plentiful and rice prices stable,
but they could also be driven higher
by increasing prices of other cereals.
Rice market stocks were also not
problematic in 2007-08 but prices
nevertheless increased dramatically.
A lack of transparency and unco-
ordinated unilateral actions by
importing and exporting countries
and media coverage all contributed
to creating panic.
With world prices of cereals rising,
the competition between the food,
feed and fuel sectors for crops such
as maize, sugar and oilseeds is likely
to intensify. One way to alleviate
some of the tension would be to
lower or temporarily suspend the
mandates on biofuels. At the
moment, the renewable energy
production in the US is reported to
have reached 15.2bn gallons in 2012,
for which it used the equivalent of
some 121.9m tonnes or about 40 per
cent of US maize production. An
immediate, temporary suspension of
that mandate would give some
respite to the market and allow more
of the crop to be channelled towards
food and feed uses.
The US drought leaves global
markets highly vulnerable to any
further supply side shocks. While the
current situation is precarious and
could deteriorate further if
unfavourable weather conditions
persist, it is not a crisis yet.
Countries and the UN are better
equipped than in 2007-08 to face high
food prices, with the introduction of
its Agricultural Market Information
System, which and promote co-
ordination of policy responses.
However, risks are high and the
wrong responses to the current
situation could create it. It is vitally
important that any unilateral policy
reactions from countries, whether
importers or exporters, do not
further destabilise the situation.
The writer is the director-general of
the Food and Agricultural
Organization of the UN
Jos Graziano da Silva
The US must
halt biofuel
production
to prevent a
food crisis
Biofuel production has
reached 15.2bn gallons,
which meant using the
equivalent of 121.9m
tonnes of maize
COMMENT
ON FT.COM
The British
economy has
begun to head
down a perilous
path, writes
Gavyn Davies
www.ft.com/
comment
AUGUST 10 2012 Section:Features Time: 9/8/2012 - 18:35 User: mcadamd Page Name: COMMENT USA, Part,Page,Edition: USA, 9, 1
10

FINANCIAL TIMES FRIDAY AUGUST 10 2012

While less ambitious than

the Sony SmartWatch,
almost everything about the
Mutewatch is unusual and
stylish and cool. Its hidden
touchscreen is built into a
rubbery wristband and is
activated by a tap of the
finger or a flick of the wrist.
The LED screen displays the
time in glowing numbers.
The three basic functions
clock, alarm and timer
are accessed by brushing a
finger across the hidden
screen. You swipe the
screen or tap each digit to
set alarms and timers. True
to its name, the Mutewatch
vibrates silently when an
alarm or timer is triggered.
The builtin battery lasts
about four days before you
pop out the USB connector
in the wristband and plug it
into a PC to recharge.
Already available in Europe,
MuteWatch is now on sale
in the US at $259 (199).
The problem
I keep having to remind my daughter that her private
information isnt safe if she uses a public WiFi hotspot.
What can she do to to protect her data?
Anon, New York
The Answer
Persuade her to install a personal VPN (virtual private
network) service and keep her security software up to
date. My favourite VPNs include AnchorFrees Hotspot
Shield, WiTopia, PersonalVPN and Anonymizer Universal.
All are affordable, easy to use and will not noticably
slow your daughters internet connection.
Send your technology and gadget questions to
chris.nuttall@ft.com
?
Ask the tech expert
Sony
SmartWatch
Paul Taylor
Personal
technology
Mutewatch

At 1.42in (36mm) square

and just 0.3in thick, Sonys
SmartWatch looks good
even before you slip it on
your wrist. The face is
dominated by a 1.3in colour
touchscreen, the metallic
sides are rounded at the
corners and feature a single
on/off button.
In fact, the tiny size,
minimalist design and way
it attaches to a rubbery
wristband or clips on to
clothing remind me of
Apples iPod Nano.
But although this $150
(110 in the UK) device
functions as a digital
timepiece, it is also a
Bluetooth wireless remote
or second screen for
certain Android
smartphones, optimally
Sonys Xperia handset.
Setup involves pairing it
with a handset as with any
other Bluetooth accessory.
You probably also need to
download and install Sonys
SmartWatch and LiveWire
applications from Google
Play. LiveWire is also used
to download and install new
applications and widgets
that can then be accessed
from the SmartWatch.
Among the 130
Smartwatch apps already
available are messaging,
social media, information
and entertainment apps.
Using these apps you
can, for example, set the
SmartWatch to notify you
(with a vibration and a
screen alert) when an email
arrives, someone writes on
your Facebook wall or
sends you a tweet. Other
apps send a message if a
call comes in while you are
busy, or answer a call if
you have a headset
connected.
The SmartWatch can be
used to answer or initiate
calls remotely on your
smartphone, or play music
and adjust volume on your
Android handset.
Navigating, opening and
closing apps is achieved
through a mix of finger
swipes and pinches. Its
easy, unless the
touchscreen is misbehaving
as it sometimes did in
my tests on an Xperia, a
Samsung Galaxy and a
Motorola Droid smartphone
or your fingers are big.
There are other
drawbacks: the screen is
hard to read in bright
sunlight, and the
SmartWatch needs
recharging nearly every four
days, which involves
connecting it to a computer
with a USB cable. In
addition, while the basic
watch functions continue if
you move out of Bluetooth
range with your smartphone
(about 10ft) the other apps
no longer work, effectively
tethering the smartwatch to
the handset. Still, Sony
deserves credit for a stylish
and innovative product
that, despite some rough
edges, should appeal to
anyone interested in
exploring the crossover
between wristwatch and
wearable gadget.
Bright young things grow up
To make the transition
from a youthful spark to
business leader requires
an ability to assess what
you want out of a job,
writes Rhymer Rigby
Selfawareness:
Michael Acton
Smith, founder of
online gaming
company Mind
Candy, above,
and Mary
Defraites of
professional
services firm PwC
have both been
clear on their
strengths and
weaknesses and
what they want
out of their
careers
W
ere a fast-growing busi-
ness, says Michael
Acton Smith, founder and
chief executive of online
games and entertainment company
Mind Candy. Suddenly weve got to
the point where we have 130-140
employees. Were a company with
processes and bureaucracy, and there
are people in the office I dont actu-
ally know.
Mr Acton Smith adds: Obviously, I
have more responsibility than I once
had and I do have to find a balance
between having fun and having a seri-
ous role.
In person, he seems as though he is
straddling this line rather well. In his
late thirties, he looks more like the
singer of an indie band than the head
of a business. In fact, he is speaking
while having a beer at Silicon Drinka-
bout, a weekly get-together for Lon-
dons tech entrepreneurs.
This event is usually held in a
Shoreditch pub, but this week it is in
the altogether more adult setting of
the Durbar Court at the Foreign and
Commonwealth Office. The guests
range from government officials in
suits to bearded, checked-shirt tech
guys and one of the stars of the
structured reality TV show Made in
Chelsea. The responsibility has
increased. But I dont think Ive really
changed that much, says Mr Acton
Smith.
Mary Defraites, 33, a senior man-
ager at the professional services firm
PwC, faces similar issues. Speaking in
her office in London, she says: Ive
been at PwC for 12 years and Ive
always taken personal responsibility
for my career. But you do get to a
point where you understand your
strengths, youve created networks,
and you start to develop self-aware-
ness. You start to look at yourself and
ask what you want out of a career.
She adds: My short-term plans are
to become a director so I need to iden-
tify how I get there. After that, I want
to become a partner, but this jump is
more difficult and a lot of things
could happen.
Although these two thirtysome-
things are in very different careers
one is an entrepreneur whose com-
pany makes Moshi Monsters, the chil-
drens online game and community
site, while the other works in the HR
practice of a vast professional services
firm they both face the same ques-
tion about their working life. How do
you make the transition from bright
young thing, whether it is graduate
fast tracker or wild-haired entrepre-
neur, to business leader? At what
point do you need to grow up at work
and how much growing up should
you do?
Jo Owen, an adviser on leadership,
says: The point at which you need to
grow up is between about two and
eight years in. Although it wont
accelerate your career, you can proba-
bly mess around till the end of your
twenties.
Executive coach Camilla Arnold
agrees. You do see a real growing-up
stage. This tends to be the 28-32-35
stage, when you realise that its all
getting a bit more serious. Its also the
stage where you might do an MBA.
However, there is also another
dimension, which is the terms on
which you want to scale the corporate
heights. Some people succeed by fol-
lowing the textbook, while others get
ahead by not following it. A great
example of the latter is [mayor of Lon-
don] Boris Johnson.
I
n some organisations behaviour
that might be considered odd,
eccentric or even outrageous to
outsiders may be tolerated; the
conventional way to get ahead may be
by being unconventional, he points
out.
Whatever the case, Mr Owen says:
At some point you will need to sign
up or sign out. The former means
conforming to corporate norms and
taking your cues from those several
levels above you.
If youre playing the percentage
game, then you need to be the com-
pany stereotype. Or you can play a
high-risk game. The further you devi-
ate from the norm, the higher your
[potential losses or gains] become.
He adds: If youre going to take
significant risks, you had better be
exceptionally good. Organisations will
tolerate idiosyncrasies from high per-
formers but not middle performers. If
you are brilliant, you can often do
more or less what you want.
Of course, the other way to succeed
without having to bend too much to
corporate norms is to found your own
company.
As Mind Candys Mr Acton Smith
puts it: Its the sort of business
where you can remain fun and
quirky.
You need to realise
people will be looking
to you for leadership
and to start thinking
like a leader
A different set of
rules apply
The need to
step up a
gear at work
will often
affect your
life outside
work. Ian
Pearman,
chief
executive of
advertising
agency AMV
BBDO, says:
You do need a stability in your
life, and a general professionalism
is a factor thats taken into
account [by your colleagues].
If someone is living their wild
years, it may be difficult to be
promoted to senior management.
As soon as you have the word
managing or director in your
title, a different set of rules apply.
Usually, he says, people do realise
this, via a kind of process of
osmosis.
However, he adds: In
companies that are very sociable,
there is an amplification of the
problem.
The first rule is that there are
certain places you shouldnt be at
certain times. If it gets to 10
oclock you have to blow the
whistle on yourself and go home.
You dont want to put yourself in
an environment where those who
work under you want to have
more fun. You need to dissociate
yourself from that.
There is a further complication
in industries where the senior
people tend to be young.
In advertising, a lot of the
management tier tend to be in
their thirties and even occasionally
in their twenties, rather than in
their forties so you cant do it
on age. As a lot of the social
activity involves going out after
work and invariably alcohol, many
senior managers put firebreaks in
their lives.
For some, this means moving
out of the city. If you live out in
the country, and have an hour
commute, you have to go home
earlier.
The new Sony SmartWatchs combination of the
features of a wristwatch with the capabilities of a
smartphone puts it at the forefront of the trend
towards wearable technology. But smartwatches are
not the only innovation as watchmakers turn to
startling designs and materials to attract customers.
Watches that keep
wearers moving
with the times
MORE ON FT.COM
For more new on the latest
personal technology, go to:
www.ft.com/personaltech
Sprout eco
friendly watch

Sprouts ecofriendly
watches use organic
materials such as corn resin
(for the case, bezel and
bracelet strap), cotton or
fish skin instead of leather
for straps, and bamboo or
mother of pearl for the dial.
As timepieces, Sprout
watches are basic, but they
look good and, at $65
(40), the ST/3100DGBK,
already available in Europe
and recently on sale in the
US, is very affordable.
Minutes after American
swimmer Rebecca Soni
broke the world record to
win a gold medal in the
200 metre breaststroke on
August 2, a bicycle courier
delivered footage of the
event from US broadcaster
NBCs London operations
to a production company
across the city working on
behalf of AT&T, a sponsor
of the US Olympic team.
The production company
edited the footage into a
television commercial that
had been prepared in
advance so that it would
feature a girl watching
Sonis actual race on her
mobile phone.
The finished spot was
then returned by two
couriers one by bicycle,
another by taxi back to
Other sponsors are using
their advertising time to
tell stories that are often
as compelling as the games
themselves.
General Electric is
running a series of spots
that resemble mini-
documentaries to tell real
stories about the impact of
its technologies. One spot
shows a premature baby
five minutes after she is
born at Homerton hospital
in east London, where GE
donated high-tech
incubators.
It is a challenge to
stand out, says Linda
Boff, global executive
director of digital and
advertising at GE. What
separates us is not about a
product per se but . . . the
impact they have in real
lives.
Whatever the motivation,
Olympic sponsors, like all
advertisers, are no longer
able to rely on slapping a
logo next to the Olympic
rings to reap rewards.
As AT&Ts Ms Lee puts
it: This is not business
as usual.
The last word
Advertisements
build on social
media and real
time footage,
says Emily Steel
AT&T, the US Olympic
Committee and NBC for
approval. The result: US
audiences saw the
30-second commercial
featuring footage from the
event immediately
following the US broadcast
of the race that night.
Getting the footage into
the commercial makes it
more real and tangible,
says Esther Lee, AT&Ts
senior vice-president of
brand marketing and
advertising.
The Soni advertisement
is one of the more
innovative examples of
how advertisers have tried
to make the most of their
Olympic tie-ins by
deploying the latest
technologies and
storytelling techniques.
Much of this effort has
been driven by the power
of social media. Because so
much online conversation
relates to events happening
in real time, the companies
have been forced to speed
up turnround times and
almost act like the news
media to incorporate
advert, meanwhile, it
negotiated to execute a
same-day turnround. Soni
won the gold medal at
about 9pm in London, or
about 4pm in New York.
NBC quickly alerted AT&T
that it planned to televise
the race at 9:30pm eastern
time.
AT&T had pre-produced
the bulk of the spot, but
the time delay gave the
marketer about five hours
to tweak the commercial.
Visa has also tried to tap
into the success of US
athletes while the public
Olympic sponsors go for gold on television and the web
events of the day into their
campaigns. It is the age
adage about what makes
news, says Ms Lee. It is
the things that make
people think wow. We
have to keep doing things
that surprise people.
NBCs time-delayed
broadcast has also helped.
AT&T, for example,
negotiated with the
broadcaster to have five
advertisement that would
include actual footage and
most of those were
processed in a 24-hour
period. With the Soni
has been basking in a
golden glow. The company
has been an Olympics
sponsor for 26 years and
pioneered so-called real-
time TV advertising during
the Beijing games in 2008
with a spot congratulating
swimmer Michael Phelps
that featured footage of his
gold medal races.
For London, the
company celebrated
Phelpss crowning as the
most decorated Olympian
of all time with a TV spot
that not only used footage
from his competitions but
also incorporated video and
photo cheers from fans
in the US who shared them
via Facebook.
It is certainly a
complicated process, but it
is well worth it because we
know it is important to
stand out, says Kevin
Burke, the companys chief
marketing officer of core
products. This real-time
communication increases
consumer engagement, is
hyper relevant and can
help stir social
conversation.
BUSINESS LIFE
an M&A, it can get very serious. Its
very important for the clients that the
deal is done at the pace they want to
make sure it keeps to their agenda as
much as possible.
Becoming responsible officially or
unofficially for the development of
colleagues is also a sign.
So, how do you do make the transi-
tion? You need to ask yourself, Am I
going to let my career happen as part
of a conveyor belt or am I going to
drive the changes? Very successful
people tend to have long-term vision,
Ms Arnold says. You need to really
think about where youre going and
try to crystallise it. Do gap analysis
ask Where am I now, and how do I
get to where I want to be? What have
the people who got there done? And
what can I do this month, this week,
this year?
She adds that you need to make
sure you are noticed and to go the
extra mile to make sure that happens.
But be strategic. Business skills are
usually taken as given. You need to
develop emotional intelligence and
self-awareness. You need to realise
people will be looking to you for lead-
ership and to start thinking like a
leader.
Mr Owen says there are some gen-
eral basics that anyone heading for
success at work needs. Five things
come through consistently as being
expected from business leaders. These
are: hard work, reliability, positive
attitude, being proactive and loyalty.
If you have these, it may not matter
that your dress sense is a bit dodgy,
your behaviour is a bit gauche and
your jokes are awful.
An AT&T ad featured a girl watching footage of a race
The first step maybe ascertaining
whether you are right for a senior
management role, either at your com-
pany or elsewhere. Ian Pearman, who
at 37 is CEO of advertising agency
AMV BBDO, says: Here, you tend to
be destined for senior management if
your influence over the business is
significantly more than your opera-
tional control.
He adds: We also talk about man-
gers having an emotional footprint
in the business. Those destined for
great things, he says, have large emo-
tional footprints, by which he means
the respect and loyalty you can com-
mand. Finally, he says, Theres the
persons symbolism: are they destined
to be symbolic of the direction a com-
pany is going in?
Of course, what constitutes this
transition varies by industry. At a
professional services firm, Ms
Defraites says, you begin to take more
responsibility, perhaps by represent-
ing the organisation. One difference
is that you start spending a lot of time
with clients. When youre working on
AUGUST 10 2012 Section:Features Time: 9/8/2012 - 18:36 User: whiteg Page Name: BizLife, Part,Page,Edition: USA, 10, 1
FINANCIAL TIMES FRIDAY AUGUST 10 2012

11
ARTS
THEATRE
Bring It On
St James Theatre, New York

Brendan Lemon
quite wriggle out of them smoothly.
This structural dip is especially
unfortunate given that Campbell is
supposed to seem sufficiently likeable
to deserve a love interest, Randall.
Musically, Bring It On employs a
variety of pop genres: 1980s disco,
power ballad, even a hint of reggae. If
the individual songs are not much
more than serviceable, the score itself
is propulsive. The enormously talented
cast, directed and choreographed by
Andy Blankenbuehler, has everything
it needs to put on a first-rate
acrobatic display.
If Taylor Louderman and Adrienne
Warren bring poise to roles of
Campbell and Danielle, it is the
character actors who score most of
the laughs. Ryann Redmond, as
Campbells plump sidekick, Bridget,
had my audience purring. Only
Gregory Haney, as a terrific
transgender singer/dancer called La
Cienega, was able to upstage her.
www.bringitonmusical.com
Bring It On, a percolating musical by
Jeff Whitty, Tom Kitt, Lin-Manuel
Miranda and Amanda Green, takes
place at Truman High School, the
kind of institution whose students
used to be called All-American:
white. As the countrys demographics
have shifted, no longer should the
designation apply. And yet the rival
high school, Jackson, to which the
shows peppy main character,
Campbell, is suspiciously redistricted,
and which has a predominantly non-
white population, is portrayed as
somehow less-than.
If the productions peppiness and
must-win boosterism hark back to the
racially exclusive beach-blanket
movies of a half-century ago, the
story is set squarely amid the
conventions of 21st-century reality
TV: a competition full of diversity. In
Bring It On, the two schools
cheerleading teams vie for regional
and national recognition, and students
learn life lessons such as: success is
about not only winning but accepting.
Of course that sounds deadly, and
it is no accident that Bring It On, the
mildly charming 2000 movie on which
the Broadway show is based,
spawned three sequels that shot
straight to video. Whitty, whose work
on Avenue Q showed him to be equal
to his surname, makes some canny
alterations from the originals
screenplay. Campbell, for instance,
did not change schools in the movie.
Whats more, her interaction with
Danielle, the leader of Jacksons
dance crew, provides the evening
with sharper dialogue than that
found in the film.
Some of Campbells promises to the
Jackson squad members turn out to
be grievous deceptions, and the
productions second act does not
must ask himself that every day. The
Chinese artist/activist has toured the
world scattering the seeds of
articulate dissent, not least in that
Tate Modern show the porcelain
sunflower seeds that won
additional, weirdly appropriate
publicity by kicking up a health-and-
safety dust storm. Even abroad Ai
can attract fascinated notoriety:
never mind at home, where he has
been attacked for attacking his own
Birds Nest Olympics, has
witnessed the vindictive demolition
of his studio, has endured his
governments incessant snooping
and sniping.
Alison Klaymans documentary
begins with a hilarious moment
trouv. Ais cat rises on its rear paws
to turn a doorknob and open a door.
After that it is 90 minutes of much
the same, scenes from the life of a
man who does, over and over, what
he shouldnt even be able to do. (Ai
sagely observes: The difference
between cats and humans is the cat
doesnt shut the door behind it.
Humans have sense as well as
invention and impudence.)
Ai tries to lead an unmolested life.
But artists deal in truth and in
China truth-speaking is a crime. In a
thunderclap denouement Klayman
cannot have dreamt of when starting
out, her film ends with Ais
infamous 81-day detention, from
which he comes back taciturn and
apparently chastened. That didnt
last long. Ai Weiwei returned to
being an example to us all. We must
take his wayward humanity he is
shown unblushingly raising a son
sired outside his marriage with his
courageous defiance, seen most
spectacularly in the Munich-
premiered installation featuring 9,000
small rucksacks replicating those of
the schoolchildren killed in the
Sichuan earthquake. The
government, back in 2008, repudiated
charges of responsibility for poorly
built schools. The artist repudiated
the repudiation. Art had, as art
always should have, the last word.
The Dinosaur Project is rip-roaring
fun, especially if you have children
allergic to the simperings and
sermonisings of Brave. A boy (Matt
Kane) stows away on his zoologist
dads trip to a lost world,
somewhere in the Congo. Cue
pterosaurs, plesiosaurs and other
sights for sore eyes. Feature
debutant Sid Bennetts motion-
capture movie also does
emotion capture. You will
jump, gasp, grimace, just like
the characters. The creatures
are often very creepy. The
Cloverfield-style dependency on
found footage means everyone
on screen must have a camera,
but even that is carried off with
dash and nonchalance.
Where do artists belong in the world
today? Should they root themselves
in their own countries as painters,
writers, film-makers, citizens? Or
should they claim freedom of entry
to all parts of the globe and the
authority to mouth off about them?
The question is cued by four new
films. Fish-out-of-water storytelling
has long been the stuff of movie
plots, from The Third Man to ET to
Avatar. But should it be the stuff of
movie-making? This week we find an
American director in Albania, a
Brazilian director all over the place
(Fernando Meirelles in Vienna,
London and Colorado in 360) and
an American documentarist
zigzagging China.
Last but first-placed, since it will
put most popcorn in mouths and
pops a few of the primal questions
about diselemented directors, is
Brave. Pitching camp in ancient
Scotland, Disney-Pixar preaches to us
about Celtic history and legend.
Nothing wrong with that, you might
riposte: D-P is in the fantasy
animation biz. But amid D-Ps usual
virtues here (voluptuous landscape-
painting, hi-fi pixelling of faces and
costumes) its occasional vices are
more than usually maddening. Item:
cockamamie folklore from a land too
distant for Hollywood digimators to
strain themselves over authenticity.
Item: lunatic Scottishness of
manner, with every female character
doing Jean Brodie vocals while the
males sport mad hair, mad skirts
and och-aye accents (led by Billy
Connollys king).
In a plot flirting wistfully with
female empowerment, a princess
(voiced by Kelly Macdonald) deploys
a witch to extract her from a forced
Celts, kilts
and a pixel
porridge
Ready, aim,
misfire: Disney
Pixar comes over
all Celtic with
Brave; below, Ai
Weiwei: Never
Sorry profiles the
artist under fire
AFP/Getty
marriage. There is also a long-
winded chase-about involving the girl
and her mother (Emma Thompson),
who has turned into a bear. Extra
work for the witch (Julie Walters)
who like the audience is a largely
innocent bystander until swept up in
the Celtic fever of spells,
transformations and gale-force clan
feuding underscored with noisy,
guttural oaths. Disney-Pixar does the
case for Scottish independence no
favours, though sensible sceptics,
viewing this cod-Caledonian
mishmash, will deem the damage the
film-makers do more self-inflicted.
More feud for thought in The
Forgiveness of Blood. California-born
Joshua Marston goes to the Albanian
countryside. Helped by an indigenous
co-screenwriter, Andamion Murataj,
the indie director who made a good
case for deracinated art in the
delicately crafted, Colombia-set
Maria Full of Grace wrestles a little
authenticity into or out of the
plot about territorially warring
families involved in a Kanun: an
ages-old code of law by which the
victim of a supposed crime can kill
his offender or his offenders sons.
The siege story is set up. When
itinerant bread-seller Mark (Refet
Abazi), suspected of murdering a
land-greedy neighbour, flees his
home, the home becomes a fortress.
It immures teenage son Nik (Tristan
Halilaj) and liberates on-a- tight-leash
daughter Rudina (Sindi Lacej), who
becomes all at once hurrah for
backdoor feminism the familys
breadwinner, bread vendor and
multi-purpose go-between. The plot
comes to a quiet boil. Then
unfortunately it falls off the stove.
Marston loosens his grip when it
should tighten. The characters spill
into inconsequence; the film, without
an action consummation, bubbles
meekly away, though we grimly
admire the patterning of this
countrysides floor, its patch-quilt
territorialism as quietly, dourly
change-resistant as old kitchen
linoleum.
If Marston almost wins his wager
with wanderlust, Brazils Fernando
Meirelles loses his in 360. Meirelles
made City of God, that Rio-set
masterpiece grounded in an almost
face-grinding reality. We never
doubted the director knew all his
characters and their stamping
grounds. He seems to know no one
in this roundelay of stories strewn
across Europe and the American
Midwest, in which screenwriter Peter
Morgan of The Queen (but also of
Hereafter) essays a modern La Ronde.
Jude Laws businessman trysts
with a hooker in Vienna, but
reckons without the anti-tryst
machinations of a conference rival.
Anthony Hopkins pursues a missing
daughter across the Atlantic. Paroled
sex offender Ben Foster encounters
the temptations of freedom. Rachel
Weisz loves and leaves a Latin
toyboy . . . Morgans dramatis
personae connect only in the way a
houses wiring connects after a visit
by a duff electrician. Every time
Meirelles tries to flick a switch a
sudden plot cataclysm, a climactic
coming-together of characters the
whole thing blows. The cabling and
connections are both faulty; not just
the links between the humans but
the humans themselves. They are
stranded away from home without
the DNA-stranding they need to
survive: the back-stories, the
depth of detail, the quirks and
contrarinesses that bring screen
characters to life.
Where do artists belong in
the world? we started by
asking. The subject of Ai
Weiwei: Never Sorry
WEEKEND
ARTS
The Harry Smith
archive is a portal
to a whole other
world. Richard
Clayton tells the
the remarkable
story of the LP
that redefined folk
in tomorrows Life
& Arts section
FILM
Nigel Andrews
Brave
Andrews, Brenda Chapman,
Steve Purcell
The Forgiveness of Blood

Joshua Marston
360
Fernando Meirelles
Ai Weiwei: Never Sorry

Alison Klayman
The Dinosaur Project

Sid Bennett
Train a comin:
Furry Lewis
scored a hit
with the
railroad blues
Kassie Jones
Getty
Weird Americas lasting appeal
Richard Clayton takes a
look at the 60yearold
Anthology of American
Folk and its enduring
influence on the genre
miner for much of his life, has two
numbers on the Anthology, the other
being the lovelorn Sugar Baby.
Having been rediscovered, he cut
three LPs for Folkways in the 1960s.
Old Joe Clark by The New Lost
City Ramblers
This ballad about a murdered man is
believed to originate in Kentucky.
Its a frantic blur of fiddle, guitar
and banjo, and judging from the
antique croon of the vocals in this
version, youd think its a vintage
78rpm record. Wrong. Its by those
purists of the 1950s folk revival Tom
Paley, John Cohen and the late Mike
Seeger, a trio of insidious crusaders
for old-timey music, as Sing Out!
magazine once raved in
complimentary fashion, one hopes.
Waggoner Lad by Rapunzel &
Sedayne
The enduring influence of the
Anthology of American Folk Music
is also felt in Britain. After all, many
of its songs exist in earlier forms in
the traditional music of the British
Isles. The Lancashire-based duo
Rapunzel & Sedayne (aka Rachel
McCarron and Sean Breadin)
continue to explore this material,
presenting it in a way that is both
ancient and modern. Their gorgeous,
courtly take on The Waggoner
Lad, a ballad played by artists from
Cisco Houston to Bert Jansch, and
by Buell Kazee on the Anthology, is
available to hear at soundcloud.com/
rapunzel-and-sedayne. The pair are
also fascinated by the Max Hunter
archive, recordings from the Ozark
Mountains that are freely available
at www.maxhunter.missouristate.edu.
Do investigate.
Its a good time to be a fan of the
old, weird America. That is rock
writer Greil Marcuss unforgettable
coinage for the sound of the blues
singers, banjoists and string bands,
recorded in the 1920s and 1930s,
who impressed Bob Dylan and the
1960s Greenwich Village scene as
well as more recent roots musicians.
Sixty years after Harry Smiths
magisterial Anthology of American
Folk Music, this material is
increasingly accessible online
at the very least to sample,
sometimes to buy. Here are two
tracks from back then and two
under the influence.
Kassie Jones by Furry Lewis
The pioneering Folkways label,
which originally released the
Anthology of American Folk Music, is
now owned by the Smithsonian
Institution, the national museum of
the US, which only adds to its
historical cachet. Its website
www.folkways.si.edu is a gateway
to a vast archive. Tasters of all the
tracks on the Anthology are there,
but you cant, alas, download them.
One artist easily downloaded
elsewhere is bluesman Furry Lewis.
Kassie Jones, the tale of a railroad
disaster, is his signature track.
Country Blues by Dock Boggs
The authentic snarl of a surly
mountain man comes across on this
song about a gambler down on his
luck. Dock Boggs, a Virginia coal
The Loaddown
AUGUST 10 2012 Section:Features Time: 9/8/2012 - 17:36 User: abrahamr Page Name: ART USA, Part,Page,Edition: USA, 11, 1
12

LEX ON THE WEB
For Lex notes on todays breaking stories
go to www.ft.com/lex
For email, go to www.ft.com/nbe
CROSSWORD
No. 14,079 Set by BRADMAN
1 2 3 4 5 6 7
8
9 10
11 12
13 14 15 16
17
18 19 20
21
22 23 24
25 26
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P A R O D S T S T U B E R
U E E W A Y O
T U L P R O A R N G L Y
U O L V L L U A
P C T O R A L S A M Y L
A M C O N F
N T R A T E W H O O P E E
E E T P U R
C U S H O N N E U T R O N
E C A O R S
S T A R S H O R T C R U S T
S A U T H A
A U T O G R A P H A L B U M
R C T E S L E
Y A H O O L A R G E N E S S
JOTTER PAD
ACROSS
1 Wise caveman managed to protect
children? Thats the modern theory
(4,9)
9 Communicate reason for lateness of
election result? (7)
10 Match must take place after 6
crucially (7)
11 Mark left drowned by food (5)
12 Big noise, always someone to make
a dodgy deal? (9)
13 Something that wont sell now
times up? (8)
15 Virtue good, this sailor implies? (6)
18 What theres no such thing as
losing heart in Paris? (6)
19 Worker, one needing to limit
disadvantage (8)
22 Mini tours around clubs? (5,4)
24 Degree about to be collected by the
female chemist (5)
25 No area for what could be storable
food? (7)
26 Material to muck up a road (7)
27 A measure of fatness shown by
various sexy bondmaids (4,4,5)
DOWN
1 Stuffed stuff (7)
2 Hesitate to leave, keeping unft to
work? (9)
3 One sitting by computer needing
inspiration with nothing fltering in
(5)
4 A hundred had a meal feature
of wedding thats provided at
reception? (8)
5 What lawyer offers commercial
immorality? (6)
6 Astir and experiencing more of a
chill factor? (2,3,4)
7 Setter wants you to do this with only
fve in (5)
8 Henry with new wife, endlessly
cross (6)
14 Material thought highly of or torn
apart? (9)
16 What CEO will want shareholders to
do to offer rigid support (9)
17 Dogs in row keeping mob apart? (8)
18 Nearest and dearest friend abroad
gets into futter (6)
20 Show ending prematurely with
nothing wrong? Thats a mystery (7)
21 What often comes with status given
to odd enough people (6)
23 Get hold of old boy to become a
governor (5)
24 Beautiful woman will want
independence after a time (5)
SOLUTION 14,078
Six weeks of woe
Interactive: the summer
of scandal that has
shaken UK banks, from
RBSs technical glitch to
StanCharts Iranian
transactions allegations
www.ft.com/bankwoe
Surprises of the
lost halfdecade
Video: Five years after
the credit crunch began,
investment editor James
Mackintosh analyses the
consequences, some of
which are unexpected
www.ft.com/shortview
Most read
1
2
3
4
5
StanChart seeks advice over
countersuit
Gu Kailai declared main perpetrator
HP in $8bn writedown on services
arm
Who are the true villains of the
StanChart tragedy?
Rise and fall of medal empires
TODAY ON FT.COM
THE LEX COLUMN
Friday August 10 2012
Overloaded vehicles
Source: Barclays
Number of cars per 100 people in India Indian Car industry production capacity (000)
Maruti
Hyundai
Tata
GM
Mahindra
Tata Fiat
Ford
Nissan
Toyota
VW
Honda
0 500 1000 1500 2000
2012
2013 estimates
0
5
10
15
2005 2012 2020
estimates
Passenger cars
Motorbikes and mopeds
Indy cars
Driving on Indias roads is a hair-
raising experience: no hard
shoulders, cows and lots of potholes.
Not dissimilar to the countrys auto
market, in fact. India is supposed to
have potential. Only one person in
100 drives a car; in the US it is more
than 100. There is a rising middle
class and strong, albeit faltering
economic growth. Yet yesterday,
Tata Motors, the second-biggest
passenger carmaker, disappointed
with a 12 per cent year-on-year rise
in after-tax income of Rs22bn for its
first quarter ending in June.
There was good reason for
investors to feel disheartened.
Challenges at home dragged Tatas
domestic car revenues down by a
tenth, while net profit halved. The
problem is that, in spite of the
potential India should be able to
offer, the car market is sputtering.
About 90 per cent of commercial
vehicle sales and 70 per cent of car
sales are done on credit. As a result,
the 8 per cent repo rate leaves
interest payments totting up to a
fifth of running costs. Stubbornly
high inflation rates leave little room
to cut interest rates in the near
term. And then there is the price of
fuel up by half from a year earlier.
Added to these problems are
bottlenecks and competition. In
infrastructure boom times, car
demand in countries such as China
was growing at twice the rate of
nominal gross domestic profit. Yet
to date, India has only achieved
rates of about 1 times, according to
Barclays. Tata Motors Indian
earnings margin before interest, tax,
depreciation and amortisation of
about 7 per cent is still below the
likes of Volkswagen, which is 10 per
cent globally. And Indian carmakers
could do without further cost
pressures. Maruti Suzukis Manesar
car plant has been closed for nearly
a month because of labour disputes;
the plant accounts for half of
Maruti Suzukis net profit.
Tata Motors was right to look
overseas to buoy growth. But even
its UK Jaguar Land Rover unit,
bought in 2008, is coming under
pressure. While volumes are up,
margins were down 0.5 percentage
points from the past year. Moo.
Nestl
Latte, schmatte. In these days of
freshly ground and roasted, consider
the enduring appeal of instant coffee.
Nescaf has helped Nestl to another
strong first half. The Swiss food
giants powdered and liquid
beverages unit is its largest product
segment, with sales of SFr10bn in
the six months to June almost a
quarter of group revenue and the
highest profit margin by some
distance, nearly 24 per cent. Nestls
secret is in its hardworking brands:
it has 29 of them with sales of more
than SFr1bn, making some of the
plainest food and drinks imaginable,
a good deal of it instant or frozen.
Given its scale and geographical
spread, which is about as ideal as a
global conglomerate can get, Nestl
has little trouble outperforming the
likes of Danone. It has a slight edge
in core operating margins, at 15 per
cent against 14 per cent. And its
return on equity is superior 17 per
cent against 14 per cent. Its shares
are about a quarter ahead over a
five-year horizon. But it tends to
trade places with Unilever for the
premium rating among Europes
biggest food companies.
This is partly because Nestl
reports in Swiss francs, even though
its biggest single market is the US.
Currency effects can be overstated
there is such a thing as hedging. The
main reason for the tentativeness of
Nestls premium rating is that it is
not yet the finished article. Its $12bn
purchase of Pfizers nutrition
business in April will help it get
there by bulking up its already
substantial baby foods business.
The other strategic question for
Nestl, however, is what to do with
its 30 per cent stake in LOral. The
stake is worth about 18bn, or a bit
over 10 per cent of its own market
capitalisation. Nestl styles itself
the worlds leading nutrition, health
and wellness company. If that is the
case, the stake in the luxury goods
group looks a bit incongruous
alongside the instant coffee.
Japanese cameras
Sell more, make less money. As a
motto it is hardly Olympian in
aspiration. Yet Japans world-beating
camera makers, so prominent in
London now, could easily adopt it.
Canon (white lenses) and Nikon
(black ones) are locked in their
perennial battle track, pool and
courtside to settle which camera
news photographers prefer. Both
companies have just reported strong
sales growth but weaker profits,
because of the yen. That is a
favourite excuse. The bigger danger
is their own fierce competition.
Camera sales are slipping as
partygoers leave cameras at home in
favour of Facebook-friendly phones.
But shipments by Japanese
manufacturers of high-quality digital
models with interchangeable lenses
rose nearly three-10ths year on year
in June in volume terms and more
than four-10ths in value.
It does not take a zoom lens to
spot the margin difference. Nikon
squeezes a 1 per cent operating
margin from compact cameras,
according to Nomura, while those
with interchangeable lenses offer
between 13 and 15 per cent. Nikon
has about a third of this market and
Canon four-10ths.
The sales jump helps explain why
Nikons imaging product sales rose
14 per cent yet operating profits
dropped 38 per cent in the three
months to June. Nikon was the
second-worst faller in the Nikkei 225
yesterday as it lowered its full-year
forecast, blaming the yen. Yet the
two risk becoming their own worst
enemies. Canon is pushing hard into
compact cameras while some of
Nikons operating costs were the
result of heavy marketing: it had a
new model out ahead of the
Olympics, as did Canon. Both have
other divisions, but losing their
moneymaking edge in their
undisputed market-leading field risks
damaging market perceptions. Sales
numbers are surprisingly good, but
watch for margin damage.
Corn
You dont only eat corn when you
eat corn. It is an important input for
milk, meat, packaged foods, soda,
even gasoline. And a drought has
severely compromised this years US
crop, threatening to send prices to
new highs. Corn prices have surged
from $6 a bushel in June to more
than $8 now.
That is a big deal for a lot of
companies. Most of them hedge their
exposure. Ethanol companies (which
absorb 40 per cent of the total crop)
can buy corn futures and sell them
on ethanol or gasoline or contract
for corn and ethanol in advance,
locking in a certain amount of profit.
They can also idle plants, as Valero
has. Meat producers (another third
or more of the harvest) can lock in
feed prices too. Chicken producer
Sanderson Farms typically buys feed
only a few months in advance, in
case prices go against it But as there
is no futures market in chicken, it is
harder to guarantee a margin.
The stakes are high. Sanderson
estimates that every 10 cent jump in
the price of corn raises the cost of
producing a pound of chicken by
about a third of a penny. So, a $2
increase, like the one that just took
place, adds about 7 cents to the cost
per pound. Doesnt sound like much?
Well, Sandersons gross profit per
pound in the second quarter, which
ended in April, was about 8 cents (a
10 per cent margin). If corn prices
stay high after the hedges roll off,
and consumers resist price increases,
its going to hurt. Sandersons shares
have dropped by a fourth during the
past three months. Fellow protein
makers Smithfield, Tyson and JBS
are beaten up as well.
Droughts end. People like meat.
Are protein stocks starting to look
tasty? Whatever the hedge, these
companies will have to pass on
Swiss Re
Thats more like it. Some may detect
ghoulish satisfaction in Swiss Re
chief executive Michel Lis mention
in yesterdays results of another
successful renewal round in July.
Investors who recall the reinsurers
self-inflicted investment accident in
the financial crisis (and expensive
rescue by Berkshire Hathaway)
should welcome its return to a more
normal reinsurance cycle of
catastrophe followed by robust price
rises. Last years catastrophe losses
earthquakes in Japan and New
Zealand, floods in Thailand were
the worst for claims since 2005.
Such disasters are not as bad for
reinsurers as investors invariably
fear. The likes of Swiss Re rarely
cover all the losses, especially in
undeveloped economies. But they
bump up premiums anyway. This
mechanistic response should, equally
ghoulishly, incline investors to buy
shares before disaster dust settles.
Swiss Res shares fell about a fifth
after the New Zealand earthquake.
They again fell a fifth after the
Fukushima disaster in Japan before
reaching a low of SFr34 a year ago
as the Thai floods struck. Since then,
the Swiss reinsurers shares have
risen by three quarters to SFr61.
German reinsurers Hannover Re and
Munich Re display similar trends.
Both expect to increase premiums.
Investment income helps too. Swiss
Res rose 4.5 per cent in the second
quarter, not too shabby given low
interest rates.
But a $1bn loss on the sale of its
Admin Re closed-book business in
the US cut net profit to $83m and
return on equity to just 1 per cent.
Exclude the loss and it was 14.5 per
cent. It is just as well that
underlying performance in its
property and casualty unit was solid.
But capital strength, boosted by the
Admin Re exit, spells sub-10 per
cent annual returns on equity,
hence shares that trade at 0.9 times
tangible book value. Reason enough
to trade reinsurers proactively.
higher corn prices as the drought is
so bad. The question is whether
short-term price spikes will have an
effect on consumers appetite for
meat long after the rains..
AUGUST 10 2012 Section:FrontBack Time: 9/8/2012 - 19:24 User: mulliganm Page Name: 1BACK USA, Part,Page,Edition: EUR, 12, 1

13
Companies and sectors in this issue
Companies
Acer......................................... 15,15
Advanced Micro Devices.........24
Aegon.......................................... 24
Amazon........................................15
Amec........................................... 24
Amrica Mvil............................23
Apple............................................ 15
Areva............................................13
BP.................................................14
Bank of Korea........................... 23
Bank of Tokyo Mitsubishi ....... 14
Barclays............................ 13,16,24
Berkshire Hathaway..................12
Cameco........................................13
Canon...........................................12
Cargill...........................................14
Carlyle Group.............................16
Commerzbank...................... 14,24
Danone.........................................12
Dell................................................15
Deutsche Bank...........................14
Deutsche Telekom....................24
E Trade Financial......................24
Electrabel ...................................... 5
Eon................................................13
ExxonMobil..................................14
Facebook.....................................15
Fujifilm, ........................................ 15
GDF Suez......................................5
GM................................................14
Gazprom......................................14
Glencore......................................24
Goldman Sachs.................... 16,16
Google..........................................15
HTC.............................................. 15
Hannover Re...............................12
HewlettPackard.........................15
Intel...............................................15
JBS ..............................................12
JPMorgan...............................14,16
Kohls...........................................24
LOral..........................................12
Maruti Suzuki .............................12
Micron Technology...................24
Microsoft..................................... 15
Monster Beverage.................... 24
Mosaic..........................................14
Munich Re...................................12
Nestl......................................12,15
News Corp................................. 24
Nikon............................................12
Nissan.......................................... 14
Nokia........................................... 24
Northern Trust...........................16
Nvidia...........................................24
Ocado..........................................24
Oki Electric..................................15
Olympus...................................... 15
Petrobras.....................................14
Pfizer............................................12
Procter & Gamble.................... 23
RWE ............................................ 13
Renaissance Capital..................14
Rosneft ........................................ 14
Rosneftegaz................................14
Royal Bank of Scotland..... 14,24
Sanderson Farms......................12
Seagate Technology.................24
Smithfield.................................... 12
Socit Gnrale....................... 16
Sony............................................. 15
Standard Chartered............ 16,24
State Street................................16
Subsea 7.....................................24
Swiss Re......................................12
TCW..............................................16
TNKBP........................................14
Tata Motors................................12
Toyota..........................................14
Transneft.....................................14
Tyson........................................... 12
UBS.............................................. 14
Unilever ...................................... 12
Urenco......................................... 13
Valero...........................................12
Volkswagen........................... 12,23
Wells Fargo.................................16
Western Digital..........................24
Windstream Corporation.........24
Yukos........................................... 14
Zarubezhneft.............................. 14
Sectors
Automobiles................................14
Banks...................................... 14,16
Electricity...................................... 5
Food Producers.................... 12,15
Investment Comp......................16
Media............................................15
Oil & Gas.................................... 14
Software...................................... 15
Technology HW & Equ........12,15
FINANCIAL TIMES
THE FINANCIAL TIMES LIMITED 2012 Week 32
News Briefing
Chinese equities
Shanghai Composite
Source: Thomson Reuters Datastream
2100
2200
2300
2400
2500
Jan 2 2012
2199.4
Aug 9 2012
2174.1
Hopes for monetary stimulus
in China lift stocks, Page 24
JPMorgan ratios revised
Regulators have forced
the US bank to cut 50
basis points off its reported
capital levels. Page 14
Cargill admits missteps
Cargill suffered its weakest
fiscal year in nearly a
decade. Page 14
Nestl profits up 8.9%
Price increases and growth
in emerging markets boost
food company. Page 15
Custody banks scrutiny
StanChart case could lead
to new obstacles for banks
in clearing system. Page 16
China car sales rise
Sales in China up 11% year
on year in July. Page 14
The hardware shift
Microsoft, Amazon and
Google find making their
own devices is key for
mobile ambitions. Page 15
Carlyle strikes TCW deal
US private equity group
says it will acquire asset
manager TCW. Page 16
FSA in Libor proposals
UK regulator to announce
proposals designed to
restore trust following the
Libor scandal. Page 16
Inside Business
State groups will lead
Russias new era of
consolidation. Page 14
News Corp hits high
Groups shares hit highest
level in five years despite
$2.8bn writedown. Page 24
Sterling outlook worry
Many investors say UKs
sluggish growth make the
pound unattractive. Page 22
Corporate debt boost
Procter & Gamble and
Volkswagen issues deliver
a shot in the arm. Page 23
Insight
School bond schemes
ignore lessons of
subprime crisis. Page 22
Markets & Investing
Companies
Friday August 10 2012
Draghis toolkit The options for ECB president to save the eurozone Page 23
Summers here, and investors
are dancing in the street. The
equity rally has seen US shares
gain more than 10 per cent
since their low at the start of
June, US economic data has
been better than expected and
eurozone worries have receded.
The past five years have
conditioned many to assume
the rally cannot last, as
economic gloom snuffs out
hope time and again. Look
back before the crisis and
history is almost as negative
on summer rallies.
From the second world war
until 2000 there were only four
summer rallies, and one ended
with a bang on Black Monday
in October 1987. Theres a
reason no one says Buy in
May and stay.
Perhaps this time is different.
But history is not kind. Rallies
that lasted beyond the summer
2009, 1995, 1958 or 1935-36
started earlier. Rallies that
start in the summer typically
end in the summer.
There is still plenty of scope
for good news. The eurozone
crisis may have been put on
the backburner during the
holidays, but it is clearly not
resolved; just look at the
two-year bond yields of
Switzerland, Denmark,
Germany and Finland, which
are all negative. Investors are
still so scared they are willing
to pay to keep their money
safe. Further action from
European governments which
have not even been able to
activate the European Stability
Mechanism they agreed in
December 2010 could give
equities a further boost.
Yet, this is a gamble. The
effect of the latest European
Central Bank plan on Spanish
two-year bonds is already
wearing off, with yields back
above 4 per cent yesterday.
Concerns about the US fiscal
cliff seem sure to get worse as
Novembers presidential
election ups the partisan
rhetoric before the automatic
tax rises and spending cuts due
in January.
Betting on the rally
continuing once the autumn
rains start shows a touching
faith in politicians and policy
makers.
www.ft.com/shortview
Barclays names new chairman
By Patrick Jenkins in London
Barclays has moved swiftly to
settle the governance vacuum at
the bank following the mass res-
ignations that accompanied its
indictment by regulators over
the Libor lending rate scandal,
naming City grandee Sir David
Walker as its next chairman.
Sir David, who will join the
board in September and succeed
the outgoing chairman, Marcus
Agius, in November, is a
respected financier and corpo-
rate governance expert who has
been outspoken in his criticism
of high banker pay.
Barclays has a crucial role to
play in ensuring that this coun-
try has a successful, well-
governed banking industry, Sir
David said. My immediate pri-
ority, and critical to Barclays
ongoing success, will be the
appointment of a new chief
executive and I will be fully
engaged in that process.
Bob Diamond resigned as
chief executive with immediate
effect last month within days of
the bank paying 290m to US
and UK regulators to settle
charges it manipulated Libor
rates over a four-year period. Mr
Agius also resigned but has
stayed on to help find a replace-
ment for Mr Diamond. Aside
from the task of finding a new
chief executive, Sir David is
expected to waste little time in
clearing out the Barclays board,
widely criticised for allowing a
culture to persist in which Mr
Diamonds strategies went
unchallenged. Its clear the
whole board needs to be shot,
said one close associate.
Sir David will also prioritise
the banks much criticised pay
structure as part of an overhaul
of the banks culture. The new
chairman is not friendly
towards short-term bonuses and
believes in much longer defer-
ral, one person close to him
said. An independent review of
the banks culture, commis-
sioned from veteran lawyer
Anthony Salz last month, will
be key to the new chairmans
work to reform the bank.
People who have worked with
Sir David praised his balance of
experience as a governance
expert and regulator, on the one
hand, with his knowledge of
banking. He was formerly chair-
man of the predecessor organi-
sation of the Financial Services
Authority and later chairman of
Morgan Stanley International,
where he has remained an
adviser. Most recently, he co-led
the independent review of the
report that the FSA produced
into the failure of Royal Bank of
Scotland. Barclays is very for-
tunate to have recruited David
who is such a multi-faceted indi-
vidual. His experience as
banker, regulator and trusted
adviser are unique in the City
today, said Huw van Steenis, a
long-time colleague and banks
analyst at Morgan Stanley.
Sir David will be paid a salary
of 750,000, on a par with Mr
Agius, with 100,000 of the total
funded in Barclays shares.
Libor reform, Page 16
Sir David Walker to
succeed Marcus Agius
Appointing a new
chief will be priority
The Short View
James Mackintosh
By Robin Wigglesworth
in London
The best performing invest-
ments in the five years since the
financial crisis begun in earnest
have been precious metals, oil,
the bonds of the worlds most
creditworthy governments and
most of all corn.
BNP Paribass move to halt
withdrawals from three money
market funds on August 8 2007,
heralded the onset of the credit
crunch. The subsequent half
decade has seen an investor exo-
dus from riskier assets and
money gushing into real
assets and safer bonds.
The main beneficiaries have
been gold and silver which
have returned 143 per cent and
121 per cent over five years,
according to Deutsche Bank
but also the government bonds
of the UK, Germany and the US.
The latter three have returned
54 per cent, 40 per cent and
38 per cent respectively.
However, prices for corn
which investors have been tak-
ing an increasing exposure to
through the futures market
have gained 144 per cent,
boosted by a recent US drought.
The last five years have been
a rude awakening for many
investors, said Navtej Nandra,
head of international, Morgan
Stanley Investment Manage-
ment. Alternatives are defi-
nitely gaining traction, he
added. There are far more dis-
cussions of gold, silver, even
farming and infrastructure
these days, not just developed
world bonds and equities.
However, corporate bonds
both investment grade and junk
have also been winners. Aside
from a spike in corporate
defaults in 2008-09, surprisingly
few non-financial companies
have been tripped up by the cri-
sis and resulting economic
downturn.
As a result, money has gushed
into corporate bonds, even as
central bank interest rates have
fallen. US investment grade
non-financial corporate bonds
have returned almost 55 per
cent during the past half dec-
ade. Even US and European
junk bonds have returned about
40 per cent, according to Deut-
sche Bank. In contrast, many
stock markets have performed
poorly over the past half decade,
and in some cases abysmally.
Londons FTSE 100 has
returned more than 15 per cent,
partly due to its exposure to
energy companies and emerging
markets, but only in local cur-
rency terms, and the British
pound has weakened markedly.
The S&P 500 has returned just
under 8 per cent, and the Hang
Seng 5.5 per cent. Many other
markets have yet to recover.
Investors in Europes Stoxx 600
have lost almost 13 per cent
since the credit crunch started,
led by the continents banks.
Worst is Athens stock market,
where investors have lost more
than 85 per cent of their money.
Jos Graziano da Silva, Page 9
Lex, Page 12
Corn and
oil among
top assets
in the crisis
Source: Deutsche Bank *
Selected. Local currency terms
-100 -50 0
0 50 100 150
Corn
Gold
Brent
US IG Non-Fin
Gilts
Bunds
US high-yield debt
EU high-yield debt
US Treasuries
EU Sovereigns
FTSE 100
S&P 500
Hang Seng
Dax
Ibex 35
Nikkei 225
Shanghai Composite
FTSE MIB
Stoxx 600 Banks
Greece Athex
FT Graphic Photos; Bloomberg
Winners and losers
Global returns
Over five years (%)*
The new chairman is
not friendly towards
shortterm bonuses
and believes in much
longer deferral
Former Urenco executive seeks
consortium to buy 7bn stake
By Jim Pickard, Anousha Sakoui
and Rebecca Bream in London
An attempt to put together a
consortium bid to buy a 66 per
cent stake in the government-
controlled nuclear group Urenco
for as much as 7bn has been
launched by a former executive
of the business.
The British government and
two German utilities RWE and
Eon have kicked off the process
to sell down their stakes in Ure-
nco, which enriches uranium for
power plant fuel.
However, any deal would have
to be agreed by all shareholders
including the Dutch govern-
ment, which holds a 33 per cent
stake but wants to retain its
holding, according to people
close to the process. The UK
holds a third of the equity while
RWE and Eon hold the balance.
The attempt to build a consor-
tium to buy the 66 per cent
stake is being led by Patrick
Upson, a former chief executive
of a joint venture between
Areva and Urenco called Enrich-
ment Technology Company that
provides enrichment plant
design services and gas centri-
fuge technology.
This work is likely to last
until at least the end of 2012,
with a possible sale slated for
2013 or 2014. Urenco is a partic-
ularly sensitive asset, said one
of the people familiar with the
matter. The commitment to the
process of selling is greater than
before.
Mr Upson was previously
executive director at Urenco
where he was responsible for
group operations and technol-
ogy. While no consortium has
yet been formed, the stakes are
expected to interest infrastruc-
ture funds and strategic buyers
such as Areva, the French
nuclear group, as well as
Cameco, the Canadian uranium
trading company.
The UK Department of Energy
& Climate Change said no final
decision has been made on the
future of Britains share of Ure-
nco. An adviser is expected to
be appointed to consider options
for its stake. Several bankers
have been vying for the role,
including Rothschild, Morgan
Stanley and JPMorgan.
AUGUST 10 2012 Section:2Front Time: 9/8/2012 - 20:06 User: crawcourk Page Name: 2FRONT EUR, Part,Page,Edition: EUR, 13, 1
14

FINANCIAL TIMES FRIDAY AUGUST 10 2012
Contracts & Tenders
Public Notice
Business For Sale
COMPANIES
COMPANIES ROUNDUP
By Tracy Alloway
in New York
JPMorgan has been forced
by regulators to shave 50
basis points off its reported
capital levels and has sus-
tained four weeks worth of
trading losses in the second
quarter, following the $5bn
trading loss reported by the
bank earlier this year.
The bank said yesterday
in a special regulatory fil-
ing that the Federal
Reserve Bank of New York
and the Office of the Comp-
troller had on Wednesday
determined that the bank
should amend its reported
regulatory capital ratios.
The regulatory directive
will add to the long list of
problems stemming from
the $5bn trading loss
incurred by the banks chief
investment office earlier
this year.
JPMorgan started an
internal investigation into
the trade which suggested
that marks on the CIOs so-
called synthetic credit
portfolio could be inflated,
leading to the restatement
of first-quarter results and a
$500m drop in first-quarter
net profit.
Wednesdays determina-
tion relates to an adjust-
ment to the firms regula-
tory capital ratios to reflect
regulatory guidance regard-
ing a limited number of
market risk models used for
certain positions held by
the firm during the first
quarter, including the CIO
synthetic credit portfolio,
JPMorgan said in the
amended filing.
The banks reported
Basel I tier one common
equity ratio a key meas-
ure of JPMorgans ability to
absorb losses has now
been revised to 9.8 per cent,
down from the 10.3 per cent
originally reported, the
investment bank said.
In a separate filing,
JPMorgan said that it lost
money on 28 days in the
second quarter after the
CIO positions were discov-
ered and were in the proc-
ess of being unwound. That
compares with losses on
just one trading day in the
first quarter.
On three of the 28 trading
loss days in the second
quarter, losses exceeded the
banks so-called Value at
Risk or VAR measure.
Such VAR models are
meant to pull together the
thousands of trading posi-
tions taken on by a big
bank and estimate the size
of possible trading losses on
one day within a certain
probability.
However, JPMorgan
found that instead of help-
ing to predict the $5bn trad-
ing loss announced by the
bank, a newly implemented
VAR model helped disguise
the riskiness of JPMorgans
portfolio in the first quar-
ter.
The bank has since
reverted to an older VAR
model, but its risk manage-
ment methods remains
under scrutiny
The bank also said in yes-
terdays filing that it has
received a number of
requests for documents
related to the trading loss
from US politicians and reg-
ulators including the OCC,
the Federal Reserve, the
Department of Justice and
the UKs Financial Services
Authority.
JPMorgan declined to
comment.
JPMorgan
forced to revise
capital ratios
BANKS
Regulators demand
50 basis points cut
Directive follows
$5bn trading loss
Commerzbank is weighing
options for its underper-
forming retail bank as Ger-
manys second-largest bank
by assets continued to
struggle under the burden
of its legacy assets and the
turbulence caused by the
financial crisis.
Profits in retail banking
in Germany were not satis-
fying, Commerzbank said,
after operating profits from
the division fell 35 per cent
to 126m in the first six
months of the year.
Commerzbank reported
second-quarter net income
of 275m, compared with
just 24m in the same
period last year. However,
in the first six months
group net income fell from
1bn to 644m, with operat-
ing profits down by one-
third at Commerzbanks
core operations, which
include its retail, corporate
and investment banking
arms as well as its business
in central Europe.
Net income in the second
half of the year was set to
be lower than in the first
six months, the bank said.
Retail banking was one of
the parts of Commerzbank
that was supposed to have
been decisively strength-
ened when the bank took
over rival Dresdner Bank in
2008, substantially bolster-
ing its market position in
Germany.
But low interest rates and
lacklustre revenues from
fees charged to customers
who have avoided many
financial products during
the crisis have sent plans
for the retail bank off
course.
Operating profits for the
first six months at the
banks slimmed-down
investment bank fell from
521m to 75m.
Stephan Engels, chief
financial officer, said he
expected operating profits
to continue to be under
pressure in the second half
of the year.
James Wilson
Commerzbank ponders fate
of struggling retail arm
BANKS
Passenger vehicle sales in
China have continued to
resist the mainland eco-
nomic slowdown, rising
11 per cent year on year in
July traditionally a weak
month for the automobile
industry.
Deliveries of passenger
vehicles for the first seven
months of the year rose
7.5 per cent to 8.74m units,
the China Association of
Automobile Manufacturers
said yesterday.
The market has
remained resilient in the
face of tremendous eco-
nomic uncertainties and
elimination of [tax] incen-
tives, said Bill Russo, head
of Synergistics auto consul-
tancy in Beijing and former
head of Chrysler in China.
This comes from the fun-
damental drivers of demand
which include continued
GDP growth and urbanisa-
tion which increases the
number of middle class con-
sumers that can afford to
buy cars.
Chinas car market
which grew 45 per cent in
2009 and 32 per cent in 2010
has slowed dramatically
since the end of tax incen-
tives introduced as part of
the governments 2008 eco-
nomic stimulus package.
Rao Da, head of the China
Passenger Car Association,
earlier this week said he did
not expect Beijing to intro-
duce a new round of auto
subsidies to counteract the
current slowdown. The
Chinese market is adjusting
from a period of hyper-
growth to a future that will
have a more stable and sus-
tainable growth rate in line
with overall GDP growth,
said Mr Russo. Chinas
second-quarter growth of
7.6 per cent was its slowest
since early 2009.
In contrast, Indian
vehicle sales showed signs
of a marked slowdown in
the face of weakening eco-
nomic conditions.
Figures from the Society
of Indian Auto Manufactur-
ers yesterday showed sales
of passenger cars in Asias
second-largest emerging
market rose 7 per cent in
July from the month before,
below analysts predictions.
Patti Waldmeir and
James Crabtree
See Lex
China car sales rise 11% to
defy broader slowdown
CARS
Bank of Tokyo Mitsubishi
has become the latest
lender to face questions in
the widening interbank
lending rate-rigging scandal
that has shaken the global
banking industry.
Japans biggest bank by
revenues yesterday said one
of its employees in London
was being questioned by UK
regulators over attempted
manipulation of the London
interbank offered rate,
which is the subject of an
international probe.
The BTMU employee,
who was in charge of the
banks Libor submission,
has been instructed to
remain at home while the
bank conducts its own
investigation into the mat-
ter, a representative said in
Tokyo.
BTMU is the only one of
the four Japanese lenders
that submit Libor rates to
become embroiled in the
scandal. Last month, BTMU
said two employees had
been instructed to stay at
home after questions were
raised about alleged involve-
ment in the attempted rig-
ging of Libor while the two
worked at Rabobank.
The Libor scandal has
already prompted the resig-
nation of Bob Diamond as
chief executive of Barclays,
after the UK bank paid
290m last month to settle
its case with UK and US
regulators. The chief execu-
tive of Royal Bank of Scot-
land, Stephen Hester, indi-
cated last month that the
bank expected to be fined
for its role in the scandal.
Deutsche Bank and UBS,
both of which are also
caught up in the scandal
involving Libor and related
benchmark lending rates,
raised their estimates for
litigation risk by a com-
bined 580m.
UBS was also one of the
first to be sanctioned over
its involvement in rate
manipulation when the Jap-
anese financial regulator
last year found that it and
Citigroup had attempted to
rig both Libor and the
Tokyo interbank offered
rate. Analysts were puzzled
by the possibility that
BTMU could have been
involved in the Libor scan-
dal because Japanese banks
have little apparent incen-
tive to manipulate the rate.
Toyoki Sameshima, bank-
ing analyst at BNP Paribas,
said there would have been
little point in lowering the
rate, since during the finan-
cial crisis Japans lenders
did not face the same con-
cerns about their strength
as European banks.
Mr Sameshima said it was
difficult to imagine a BTMU
trader deciding to manipu-
late the rate, but that he or
she could have been
approached by staff at other
banks seeking co-operation.
Michiyo Nakamoto
www.ft.com/indepth/
liborscandal
Libor spotlight falls on
Bank of Tokyo Mitsubishi
BANKS
Cargill has suffered its
weakest fiscal year in nearly
a decade after losing money
in cotton and sugar and
acknowledging missteps
inside a trading operation
renowned for global acuity,
writes Gregory Meyer in
New York.
The privately held
company earned $1.17bn in
the 12 months ended May
31, the smallest net profit
since 2003 and 56 per cent
lower than the record
$2.69bn reported in 2011.
Fourthquarter profit was
$73m, down 82 per cent
from the same period last
year and the least since
1991. Macroeconomic
uncertainties including fears
over the eurozone economy
apparently tripped up the
company, which has about
139,000 employees in 65
countries.
Cargills global market
analysis of supply and
demand and our trading
expertise are longstanding
strengths, said Greg Page,
chief executive. Even so, we
did not trade as well in this
years markets, which were
driven as much by the
economic and political
environment as by the
fundamentals.
Sergio Rial, chief financial
officer, said: Markets were
a lot tougher to read than in
previous years.
Results excluded previous
contributions from Mosaic,
the fertiliser company in
which Cargill had a 64 per
cent stake until splitting it
off in May 2011. Cargill
encountered problems in
both specialised businesses
and global markets.
As surging cattle markets
outpaced wholesale meat
prices, profit margins were
squeezed at Cargills US
slaughterhouses. Hedge
funds managed by the
company dragged down its
financial division, while a
warm US winter slowed
sales of highway salt.
As owner of one of the
biggest international cotton
merchants, Cargill lost
money trading the fibre as
global demand collapsed.
Cargill also lost money in
sugar and replaced its head
of the business last year.
The company has entered
its new fiscal year as corn
and soyabean prices have
surged to records on fears
that the worst US drought in
half a century will
dramatically reduce crops.
Cargill will be exposed to
any shortfall, as it owns an
extensive network of grain
storage and milling
operations across North
America.
Cargills annual revenues
totalled $133.9bn, up 12 per
cent from $119.5bn in 2011.
Fourthquarter revenues of
$34bn were 2 per cent
lower than the same quarter
a year ago.
Grim harvest: Markets were a lot tougher to read than in previous years, the company said Bloomberg
Cargill admits missteps as profits take a cut
JPMorgans trading loss has
produced a list of problems
State groups will lead Russias new era of consolidation
Russias oil industry has been through two
great evolutions since the collapse of
communism. Now it is entering its third.
First, in the 1990s, former state-owned
oil assets were parcelled into vertically
integrated groups and sold off at bargain
prices to investors or former managers,
creating some of Russias first oligarchs.
The following decade saw a twofold
process. First, partly under pressure from
new president Vladimir Putin, private oil
company owners brought in foreign
technology that boosted production and
profits. Then, mostly in Mr Putins second
term, state-controlled groups started
taking back some of these revitalised assets.
Rosneft, the state oil group, acquired much
of Mikhail Khodorkovskys former Yukos.
Gazprom, the natural gas monopoly,
bought Roman Abramovichs Sibneft.
Now, notes Moscow investment bank
Renaissance Capital, in a recent report,
Russian oil is at a new crossroads. Output
from onshore fields, some producing for
almost 50 years, is declining. To maintain
output and the oil sectors crucial
contribution to budget revenues it must
set about the expensive and challenging
development of offshore fields, many of
them in the hard-to-access Arctic region.
Yet despite the past decades partial
reconsolidation, Russias industry remains
fragmented among seven operators. They
lack, individually, the expertise and capital
needed for the push into frontier territory.
Meanwhile, says Renaissance, a five-year
derating of Russian oil companies by
investors, thanks to an unpredictable
regulatory environment, has reduced the
sectors average 2012 price/earnings ratio
to less than 5 times. That is roughly
where it was before the last consolidation
wave. It represents a value gap of $300bn
compared with a rating similar to global
peers of, say, 8 times earnings a huge
potential opportunity for strategic buyers.
Theoretically, one way forward would be
for Russia to allow foreign majors to merge
with or buy into Russias producers,
providing capital and knowhow and
stimulating competition. Far more likely,
given Mr Putins belief that Moscow should
control strategic sectors, is that Russias
state giants will lead the new consolidation.
This is where Igor Sechin, former deputy
prime minister in charge of energy, and
long-time Putin confidant, seems to come
in. Since Mr Putins presidential return,
Mr Sechin has not only been made chief
executive of Rosneft, but intriguingly he
has also been named chairman of
Rosneftegaz, holding company of the
states Rosneft stake and 11 per cent of
Gazprom. And he has become executive
secretary of a Kremlin energy strategy
commission, chaired by Mr Putin himself.
Chris Weafer, chief strategist at Troika
Dialog, another investment bank, believes
Mr Putin aims ultimately to create a vast
energy holding company, on the scale of
Brazils Petrobras. The Russian president
has given this task to his trusted lieutenant
Mr Sechin and to Rosneftegaz. Putin sees
energy as the basis of Russias geopolitical
bargaining power, and that has to stay
under Kremlin control, says Mr Weafer.
The speculation is that Rosneftegaz
could become an umbrella for stakes in oil
producers; Zarubezhneft, the overseas
exploration and production company;
Transneft, the oil pipeline monopoly; and
even some strategic electricity assets.
Mr Sechin may not have things all his
own way. He famously failed to deliver a
planned alliance between Rosneft and BP
last year after a legal challenge from BPs
partners in TNK-BP. He has clashed with
government liberals who are pushing an
ambitious privatisation programme
including some assets Rosneftegaz is
thought to be targeting. Assuming he is
doing Mr Putins bidding, however, it
would be foolish to bet against Mr Sechin.
So what role will international oil
groups play in the new consolidation? The
model is almost certainly the kind of
alliance ExxonMobil formed with Rosneft
last year, and which the latter had earlier
sought with BP. Indeed, a Rosneft-BP
venture is still possible now the UK group
is trying to sell its TNK-BP stake.
Russia will need foreign partners,
particularly to develop its Arctic waters, a
challenge some see as comparable in
technical difficulty to space exploration.
But it will be through minority stakes, or
asset and share swaps, mainly with state-
controlled operators.
That will probably suit oil majors,
desperate for access to such resources. For
Russia, however, it is a suboptimal economic
model. State control can mean greater
inefficiency and corruption and increase
the danger that projects such as pipelines
will be pursued for political reasons. But
the lesson of the past decade is that in Mr
Putins view of Russia, oil, and the world,
the politics come first.
Neil Buckley is the FTs eastern Europe
Editor
neil.buckley@ft.com
www.ft.com/insidebusiness
Neil
Buckley
INSIDE BUSINESS
on Europe
Demand has helped to keep
Chinas car market resilient
AUGUST 10 2012 Section:Companies Time: 9/8/2012 - 19:12 User: vickersj Page Name: CONEWS1, Part,Page,Edition: USA, 14, 1
FINANCIAL TIMES FRIDAY AUGUST 10 2012

15
Nexus 7, a $199, seven-inch device
that has been much praised by
reviewers for its wealth of features,
appealing design and low price.
By moving into hardware, the inter-
net companies are muscling in on the
domain of their partners to date, the
device manufacturers which may
become alienated as a result. JT
Wang, chief executive of Acer, the
worlds fourth-biggest PC maker by
shipments, told the Financial Times
in a recent interview that it asked
Microsoft to think twice about the
Surface.
But with consumers increasingly
accessing the web via mobile devices,
the need to follow them into that ter-
ritory outweighs any reservations the
internet companies may have of get-
ting into hardware. Mr Lam says
traditional business models and sup-
ply-chain relationships do not apply
in mobile it is the relationship with
customers that is paramount.
Ms Milanesi says: HTC and Sam-
sung can be as upset as they like, but
where do they go? They have invested
so much in Android and there are
really not a lot of other options out
there if you are a hardware vendor.
Not all internet companies are con-
vinced they need their own hardware.
A Facebook phone has been long
rumoured, but Mark Zuckerberg, the
social networks chief executive, told
analysts last month that he did not
think this made much sense and pre-
ferred deeper integration with exist-
ing smartphone operating systems.
Mr Lam says: Mobile is growing, so
maybe there is a burning fire under
Facebook management to get some-
thing out there, but they have to find
the right relationship with carriers
and find the right business model to
make it attractive to consumers.
Tim Bajarin, an industry consultant
with Creative Strategies, says it
would take some time for Google and
others to be able to weave together
products with Apples design consist-
ency, appealing applications and con-
tent services.
Nevertheless, Google, Microsoft and
Amazon have the potential to adopt
Apples vertical model of combining
software, services and hardware to
gain complete control over the design
and function of future mobile devices,
according to Richard Doherty, direc-
tor of the Envisioneering Group tech-
nology assessment firm.
That would change the playing
field considerably, he says.
sumer devices analyst, says: For
Google, its about access to the mass
market. Google makes its money from
the sheer number of people that are
using search and its other services, so
if thats being limited by the hard-
ware that consumers can use, it limits
its revenue opportunity.
Google has been successful in
expanding the market in smartphones
with its Android operating system,
but less so in tablets where the iPads
market share has been hardly dented.
Hence the motivation for Googles
first tablet released last month, the
by showcasing it on both tablets using
Arm-based chips and those with Intel
ones in its two versions of the Surface
due later this year.
Wayne Lam, wireless analyst with
the IHS research firm, says: For
Amazon, hardware is greasing the
wheels of commerce. Their products
[the Kindle devices] are sold at a very
low margin and their design philoso-
phy is getting a product at minimal
cost that can [make money from con-
sumer purchases of apps and content
on it] over its lifetime.
Carolina Milanesi, Gartner con-
profit margins overtook Microsofts
for the first time. Microsoft now
appears to be following Apples lead
with its forthcoming Surface tablet,
which analysts expect to be priced at
a premium level.
Unlike traditional hardware brands,
however, the new entrants generally
see making and selling their own
devices as just a means to an end.
In Microsofts case, analysts say it
has felt the need to convince consum-
ers about the capabilities of Windows
8 perhaps the most important oper-
ating system release in its history
Their brands may look more familiar
on a website or a software package,
but the names and logos of Amazon,
Google and Microsoft are appearing
increasingly on hardware as they
pursue their mobile ambitions.
Not content with providing just the
media, services and software for
todays smartphones, tablets and lap-
tops, all three are defining such
devices themselves with models such
as the Nexus smartphone, Kindle Fire
and Surface tablets.
The imperative is to claim a greater
degree of control and influence over
an exploding category one where,
unlike during the PC era, users expe-
rience of web-based services are
shaped not just by the layout of a
website but also the weight, size and
design of the mobile device they hold
in their hands.
Hardware in the past mattered little
to the leaders of the web because the
PC had become a largely commodi-
tised product. Intense competition
between manufacturers meant low
profit margins for the likes of
Hewlett-Packard, Dell and Acer.
By contrast, Microsoft, together
with Intel, extracted a large chunk of
the industrys profits by ruling over a
horizontal PC world they provided
the software and the chips that
powered the open platform of the web,
where Google and Amazon built their
businesses.
With the rise of the mobile internet,
however, that model is disintegrating
and internet companies are having to
rethink their place in the world,
which in turn has led to a revision in
how they view hardware.
Apple is, so far, the only technology
company to have perfected an alterna-
tive, closed model of designing its
own software and hardware for
mobile devices, though others are
scrambling to catch up.
Apples profitability also challenges
the conventional view that hardware
is a low-margin business. In the first
quarter of this year, Apples operating
COMPANIES
Software titans enter the physical world
FT series
Made for mobile
Making their own devices
is key for the likes of
Amazon, Google and
Microsoft, write Chris
Nuttall and Sarah Mishkin
Moving to hardware
*
Due: Oct 26 2012
Source: FT research
Microsoft Apple Google; Asus Amazon
Surface for Windows RT* iPad 3 Nexus 7 Kindle Fire
iOS Android 4.1 (Jelly Bean)
9.3mm 9.4mm 10.45mm 11.4mm
8GB, 16GB
From $199
10.6 HD display 9.7 Retina display 7 HD display 7 HD display
676g 662g 340g 413g
USB, video port and WiFi Dock connector and WiFi USB, WiFi and NFC USB and WiFi
Windows RT
32GB, 64GB
In line with similarly priced premium
tablets, which start from $500
16GB, 32GB and 64GB
From $629
Android 2.3 (customised)
8GB
From $199
n.a. 10 hours 8 hours 10 hours
Operating system
Screen
Weight
Thickness
Connectivity (including)
Storage
Battery life
Price
Entrants
generally
see making
and selling
their own
devices as
a means to
an end
ON FT.COM
For all the analysis
from our threepart
series on the
shift to mobile
computing, go to
www.ft.com/
madeformobile
Hardware specialists fear that the partnership model will be consigned to history
In early 2010, Google asked
Taiwans HTC to develop the
Nexus One, a flagship phone
meant to show off the then
relatively new Android
mobile operating system.
It was the first of a series
of collaborations between
Google and hardware
makers, from Chromebook
laptops to the latest Nexus 7
tablet, made by Asus, writes
Sarah Mishkin in Taipei.
Whether such partnerships
were a success is a matter
of debate. The Nexus One,
despite good reviews, sold
poorly. Google set up an
online retail store to sell the
Nexus, only to close it a few
months after its launch.
Similarly, subsequent
versions of the Nexus
smartphones were often
overshadowed by
phonemakers own models.
Yet analysts say the first
project, at least, was
mutually beneficial.
Google was a newcomer
to the smartphone, so they
could reach lots of
technology and experience
from HTC, said Joey Yen,
analyst with IDC. For HTC,
making the Google phone
raised its profile.
Even though the Nexus
One did not sell particularly
well, the popularity of HTCs
other Android models helped
it lead the market for more
than a year.
When Android was
launched . . . HTC had time
to be the first mover
alongside Google, so
benefited a lot, says Aaron
Jeng, an analyst with
Nomura in Taipei.
But there are worries
among hardware makers
that instead of such
partnerships, software
makers such as Google or
Microsoft are increasingly
looking to compete with
device makers directly.
Microsofts decision to go
it alone on its Surface tablet
has already prompted sharp
criticism from JT Wang,
chief executive of PC maker
Acer, despite the previously
close relationship between
the two companies.
Google, which has said
that it seeks collaboration
instead of competition with
device makers, raised alarms
with the acquisition of
Motorola Mobility.
I ultimately believe that if
Google really does decide to
get into the hardware
business itself, that will
come through the Motorola
brand, says Tim Bajarin, an
industry consultant with
Creative Strategies.
By James Shotter
in Frankfurt
Price increases and strong
growth in emerging mar-
kets helped Nestl, the
worlds biggest food com-
pany by sales, to increase
profits 8.9 per cent in the
first half of the year, beat-
ing market expectations.
Some analysts had
recently suggested that
share loss in the US might
cause Nestl, which makes
Kit Kat chocolate bars and
Nescaf coffee, to miss its
full-year sales growth tar-
gets of between 5 and 6 per
cent.
Paul Bulcke, chief execu-
tive, reiterated the target,
however, as the Swiss com-
pany reported that net
income in the six months to
June 30 came in at SFr5.1bn
($5.2bn), up from SFr4.7bn
in the same period a year
earlier, and ahead of the
market consensus forecast
of SFR4.9bn. Earnings per
share were SFr1.60.
Sales rose 7.5 per cent to
SFr44.1bn. Organic sales
advanced 6.6 per cent, 2.9
percentage points of which
was due to higher volumes,
and 3.7 percentage points of
which was the result of
price increases.
However, the price rises
were not enough to stop the
groups operating margins
from narrowing slightly to
14.9 per cent, as input costs
also rose.
Andrew Wood, analyst at
Bernstein, described the
results as good, noting
that all Nestls regional
businesses beat expecta-
tions and added that with
commodity prices likely to
ease, he expected a return
to margin growth in the
second half.
Mr Bulcke said Nestl
would continue to target
customers in emerging mar-
kets, which were the com-
panys best-performing
regions during the first
half.
We are continually
opening new routes to
market to reach emerging
consumers, and using new
media to increase both our
direct engagement with
consumers and our return
on brand investment, he
said.
Nestls strongest growth
occurred in Asia, Oceania
and Africa, where revenues
rose 11.6 per cent, thanks to
deeper and wider distri-
bution, as well as the new-
found affinity of Chinese
consumers for its Nescaf
Smoovlatt and Shark
wafer brands.
Sales in the Americas,
Nestls largest market,
improved 5.7 per cent, as
North Americans gobbled
up Pizza Dipping Strips,
while in Latin America,
Nestls chocolate, coffee
and pet food were all enthu-
siastically received. Euro-
pean revenues were up 2.4
per cent, although volumes
were all but flat.
Nestl expects the tough
trading conditions, espe-
cially in developed markets,
to persist during the next
six months.
However, it says it
believes cost pressures will
ease. As a result, the group
expects to improve both
operating margins and
earnings per share.
Shares in the company
rose 2.35 per cent to close at
SFr61.05 in Zurich.
See Lex
Emerging markets help
Nestl beat expectations
FOOD PRODUCERS
By Jonathan Soble in Tokyo
Olympus, the scandal-hit
Japanese camera maker,
sought to reassure investors
over its balance sheet after
acknowledging that false
accounting reports it sub-
mitted last year had put it
in violation of loan agree-
ments with its banks.
We are in talks with our
creditors over the continued
provision of these loans,
and at this stage we believe
that they will continue to
provide support, Olympus
said in a statement yester-
day.
It said it had broken the
conditions of banking cove-
nants covering Y320bn
($4.1bn) of long-term loans,
or about half its interest-
bearing debt.
Olympus said its net loss
for the first quarter to June
widened to Y4.5bn, from
Y1.4bn in the same period
last year, increasing pres-
sure on its finances.
The company has been
reeling since last year when
it emerged that it hid more
than Y100bn of investment
losses dating back to the
1990s. Several former execu-
tives have been arrested
over the fraud.
Olympuss disgrace, and
the punishing effect it has
had on the companys share
price, has made investors
sensitive to reporting prob-
lems at Japanese groups.
Shares in Japans Oki
Electric, the telecommuni-
cations equipment maker,
fell sharply yesterday. The
33 per cent fall followed rev-
elations from executives
that a Spanish sales unit
had overstated revenues by
Y8bn, or just under 2 per
cent of this years projected
sales for Oki as a whole.
Olympuss shares fell as
much as 80 per cent in the
weeks after its accounting
problems became public,
and remain about 40 per
cent below their pre-scandal
price. They closed down
2.2 per cent yesterday.
In addition to negotiating
with its bankers, it is in
talks with several Japanese
technology groups, includ-
ing Sony and Fujifilm, over
a potential alliance.
The ratio of equity to
total assets on Olympuss
balance sheet fell to 2.2 per
cent as of the end of June
from an already weak 4.6
per cent in March. Analysts
say a comfortable level is
about 20 per cent.
Olympus blamed its wid-
ening net loss in the April-
June quarter on declining
sales of digital cameras and
the impact of the yens rise
against the euro, which
reduced the value of Euro-
pean sales in yen terms. It
said if exchange rates had
been stable, sales would
have fallen 1 per cent
instead of 5 per cent.
Sales of surgical endo-
scopes and other medical
equipment rose 1 per cent
in the quarter despite the
exchange rate drag. Reve-
nue from digital cameras
fell 16 per cent. Olympus
stuck by its forecast for a
Y70bn net profit for the full
fiscal year to next March.
See Lex
Olympus in talks
over breached
banking covenants
TECHNOLOGY HARDWARE
Quiet aisles: European sales volumes were flat Bloomberg
We are continually
opening new
routes to market to
reach emerging
consumers
AUGUST 10 2012 Section:Companies Time: 9/8/2012 - 18:50 User: vickersj Page Name: CONEWS2, Part,Page,Edition: EUR, 15, 1
16

FINANCIAL TIMES FRIDAY AUGUST 10 2012
COMPANIES
Legal Notices
Top 10 countries of origin, % of all message traffic 2011
* Society of Worldwide Interbank Financial Telecommunications Source: company
Swift* financial messaging
Payments messages transmitted (bn)
2007 08 09 10 11
0
0.5
1.0
1.5
2.0
UK US
Germany Belgium
France
Netherlands Luxembourg Switzerland Japan Hong Kong
17.8
3.5 3.4 3.0 2.7 2.5
17.7
8.4 7.7
4.5
By Jim Pickard in London
and Richard McGregor
in Washington
George Osborne has spoken
to Tim Geithner, the US
Treasury secretary, three
times in the space of two
days over the New York
regulatory probe into
Standard Chartered in a
sign of the British govern-
ments mounting concern.
The chancellor spoke to
Mr Geithner on Tuesday,
Wednesday and then again
on Wednesday night amid
worries about the potential
damage the investigation
could do to the reputation
of the City of London.
One government source
said the coalition had been
undertaking quiet diplo-
macy rather than mega-
phone diplomacy but that
this did not mean there
were not genuine concerns
from Mr Osborne and other
ministers.
The Treasury thinks
that rules should not be
broken but we were con-
cerned about the way the
allegations came out of the
blue, he said. It is impor-
tant that we receive fair
treatment for British busi-
nesses.
After these conversations,
the US Treasury sent a let-
ter to HM Treasury on
Wednesday night, which
detailed the rules for for-
eign banks dealing with cli-
ents in sanctioned coun-
tries. In particular, the Brit-
ish government asked for
clarity over so-called
U-turn transactions,
which are at the heart of
the New York Department
of Financial Services alle-
gations.
In the letter, seen by the
Financial Times, the US
Treasury said it had held
several foreign banks
including Lloyds, Credit
Suisse, Barclays and ING
Bank to account for pay-
ment message manipulation
or stripping, resulting in
penalties and forfeitures
totalling well over $2bn.
These cases serve as a
powerful deterrent, and we
continue to investigate past
conduct by offenders. We
take sanctions violations by
financial institutions
extremely seriously.
The letter goes on to
detail exemptions to the
rules governing U-turn
transactions, but points out
that these are historical
as all U-turn payments were
completely prohibited from
2008 onwards.
The US Treasury makes it
clear that the letter is an
analysis of . . . regulations
and not a comment on
the . . . order issued by the
New York DFS, adding:
We will continue to co-
ordinate with other federal
and state agencies, includ-
ing DFS, in our investiga-
tion of the bank and will
have no public comment on
that investigation until its
conclusion.
Several MPs have spoken
out at what they see as a
US regulatory witch-hunt
since the New York DFS
accused StanChart for-
merly seen as one of
Britains most staid banks
of facilitating $250bn worth
of breaches of Iranian
sanctions.
For some MPs of both the
Conservative and Labour
parties the new accusations
into Standard Chartered
have been seen as the final
straw. One senior Tory told
the FT the allegations were
pretty contemptible,
while Mark Field, MP for
London and Westminster,
said the many negative sto-
ries represented a poten-
tially calamitous threat to
the City of London.
The DFS is threatening to revoke StanCharts New York licence AP
Osborne lobbies Geithner on StanChart
BANKS
More news at FT.com/companies
One of the biggest
intellectual property
disputes in the wind
turbine industry took a
new turn on Thursday
when Brazilian operator
Desenvix said it was
dropping a case against a
Chinese partner accused of
stealing technology.
Desenvix said it was
withdrawing the lawsuit
after being satisfied that its
partner, Sinovel, the
worlds secondlargest wind
turbine maker by
production, had disproved
claims that it was illegally
using US rival ASMCs
software codes.
The order accusing Stand-
ard Chartered of hiding
60,000 secret transactions
with Iranian companies
highlights the intricacies of
the worlds payment clear-
ing system and creates hur-
dles for the banks that
provide such financial
plumbing.
Big custodian banks such
as BNY Mellon safeguard
investors assets and pro-
vide basic banking services
including clearing pay-
ments and settling transac-
tions. While the custody
business has been tricky for
years, analysts say this
weeks allegations against
StanChart could lead to fur-
ther headaches for the
industry.
StanChart, which has
headquarters in London but
has extensive international
operations, is accused by
the New York state Depart-
ment of Financial Services
of concealing $250bn worth
of payments cleared by the
bank on behalf of a number
of Iranian companies.
Global custodian banks
act on behalf of their clients
as users rather than as
providers of post-trade
processing services, says
Brad Hintz, a banking ana-
lyst at AllianceBernstein.
It is the sub-custodians
[such as StanChart] that
actually perform the opera-
tional plumbing of the glo-
bal custody business.
Sub-custodians function
as a network of payment
processors, able to funnel
money and trades from far-
flung markets to larger cus-
tody banks with headquar-
ters in New York.
Mr Hintz estimates that
BNY Mellon may rely on
StanChart for its businesses
in Bangladesh and Taiwan.
Northern Trust and State
Street, the two other custo-
dian banks, are exposed to
StanChart in markets
including Botswana, Ghana
and Kenya. JPMorgan
Chase, which has its own
large custodian business, is
exposed in countries includ-
ing India, Pakistan, South
Korea and Thailand.
Big custody banks may
now fall under increased
scrutiny from their clients,
says Mr Hintz.
StanChart has a New
York banking licence that
allows it to clear US dollar
payments through the
Clearing House Interbank
Payment System, a New
York-based system known
as Chips.
Chips is one of two pay-
ment transfer systems for
large transactions in the
US, handling about $2tn
worth of dollar payments a
day. Fedwire, run and
owned by the US central
bank, is the other but it can
be more expensive to use
than Chips because banks
must prefund their
planned payments at the
start of every day.
In the event that the NY
DFS banned Standard Char-
tered from operating in
New York it could instead
use Fedwire to clear global
US dollar trades provided
that it is not banned from
operating in the US by the
Department of Justice or
Federal Reserve, says Cor-
mac Leech, an analyst at
Liberum Capital.
StanChart says it clears
about $195bn worth of dol-
lar payments a day mak-
ing it the seventh biggest
clearer of US dollar transac-
tions in the world.
The Society of Worldwide
Interbank Financial Tele-
communications, or Swift,
is the equivalent system for
international payments and
transfers. The DFS says
StanChart camouflaged Ira-
nian payments by altering
Swift codes on wires sent to
the US. For many years the
US allowed its local banks
to process special transac-
tions with Iranian finan-
cials and other companies.
The transactions, known as
U-turns, effectively
allowed non-US countries to
trade with Iran using dol-
lars, and route those trans-
actions through the US,
under strict conditions.
However, according to the
DFS order, StanChart dis-
guised payments that would
not have qualified as U-turn
transactions by removing
and then replacing the
Swift codes. StanChart
provided step-by-step wire
stripping instructions for
any payment messages con-
taining information that
would identify Iranian cli-
ents, the DFS says in its
order. Later the bank set up
an automated process
that would electronically
disguise New York-bound
wire transfers for its Ira-
nian clients, the DFS says.
StanChart says that well
over 99.9 per cent of its
transactions with Iran com-
plied with the U-turn regu-
lations. The total value of
transactions which did not
follow the U-turn was under
$14m, the bank said in a
statement on Monday.
The DFS was able to issue
the order against StanChart
because of the banks New
York presence. The depart-
ment regulates a number of
other financials with New
York state banking licences
including Goldman Sachs
and BNY Mellon.
Now the DFS is threaten-
ing to revoke StanCharts
New York licence, which
would take away its ability
to clear dollar payments
through Chips. That could
prove painful for a bank
which specialises in inter-
national trade finance, as
well as hit larger custody
banks higher up in the
financial system.
Scrutiny for financial plumbing
BANKS
News analysis
The StanChart
case could result
in new obstacles
for custody
banks, writes
Tracy Alloway
By Dan McCrum
in New York and
James Boxell in Paris
Carlyle Group, the US
private equity investor, is
to acquire TCW, a Los
Angeles-based asset man-
ager, from Socit Gnrale
as the French group looks
to concentrate on retail and
investment banking.
The deal represents the
latest move by a European
bank to sell unwanted oper-
ations, and is a sign that
the continents institutions
and the foreign investors
circling them in search of
bargains are starting to
agree on asset prices.
While it decided in 2009
that TCW would become
independent at some point,
SocGen had said last year
that TCW was not for sale.
At the time, French banks
were under intense scrutiny
over the strength of their
capital bases, and a write-
down to the valuation of
the asset manager might
have added to investor
concerns.
However, this month Soc-
Gen wrote down the value
of its stake in the asset
manager by 200m as it
reported a 42 per cent fall in
second-quarter earnings.
Observers have suggested
that TCW, which has about
$130bn in assets under
management, could be
valued at about $700m.
However, TCW employees
own 17 per cent of the
group, a stake that will
increase to more than 40
per cent as part of the deal,
which was agreed for an
undisclosed sum.
SocGen estimated that
the deal would increase its
Basel III pro forma core tier
one ratio by 13 basis points
when it closes in the first
quarter of 2013. But the
French bank said it would
hit its Basel III targets even
without the disposal.
At a valuation of $700m,
the deal would mark a sig-
nificant decline in the value
of TCWs business. SocGen
paid $880m in stock for 51
per cent of the business in
2001, when the group had
$80bn in assets under
management.
It also agreed to buy a
further 19 per cent over
three years at a price deter-
mined by TCW s
profitability.
In September 2009, a Citi-
group banker working on a
deal to acquire Metropoli-
tan West asset management
put a preliminary price on
TCW of $700m-$800m, after
the anticipated payment of
a $700m dividend to Soc-
Gen, according to court
testimony.
That month, Jeffery
Gundlach had offered to
buy 51 per cent of TCW for
$350m, but said at a trial
between TCW and Double-
Line, the asset manager he
started after being fired by
TCW, that he would have
paid more.
Since then TCW has
acquired Met West, which
had $31bn of assets at the
time of the merger, for
$300m.
TCW is to be acquired by
Carlyles funds as a port-
folio company, rather than
a strategic addition to its
own asset management
business.
Carlyle to
buy TCW
from
SocGen
INVESTMENT COMPANIES
Buyout group in LA
asset manager deal
French bank scales
back operations
The total value
of transactions
which did not
follow the Uturn
was under $14m
By Sharlene Goff
The Financial Services
Authority will today fire
the starting shot on a dra-
matic overhaul of key
benchmark borrowing rates
with a package of proposals
designed to restore trust fol-
lowing the recent Libor
scandal.
Martin Wheatley, who
heads conduct regulation
for the City watchdog and
has been asked by the gov-
ernment to review Libor,
will say the existing struc-
ture and governance of the
rate is no longer fit for
purpose and must be fixed.
His suggestions for
reform include scrapping
Libor altogether and replac-
ing it with a borrowing rate
based on actual trades,
which could be overseen by
a new independent body
rather than the British
Bankers Association.
He also considered intro-
ducing criminal sanctions
in respect of potential Libor
manipulation although
the discussion paper makes
clear this would be difficult
for the regulator to do.
The attempted manipula-
tion of Libor and its Euro-
pean equivalent Euribor
have cast a shadow over the
industry at large and the
construction and govern-
ance of the benchmark
themselves, he will say in
a speech at Bloomberg this
morning.
Mr Wheatleys proposals
are the initial step in an
independent review that
was ordered by George
Osborne, chancellor, after
Barclays became the first
bank to be fined for
attempting to rig Libor.
The scandal cost Barclays
290m as well as its chief
executive and chairman.
Other banks are expected to
be penalised later this year.
It is clear that regardless
of the outcome of ongoing
international investiga-
tions, trust in a vital part of
the financial system has
been badly damaged and
timely action is needed to
restore it, Mr Wheatley
will say.
His review focuses on
three key areas strength-
ening the current frame-
work for setting and gov-
erning Libor; tackling
abuse; and assessing
whether changes are also
required for other price-set-
ting mechanisms such as
equity and commodity
benchmarks.
Much debate has centred
on whether the rate setting
process could be taken out
of the banks hands by
basing it on actual trades
rather than the rates at
which institutions expect to
be able to borrow.
Mr Wheatley believes that
change would help over-
come a number of existing
issues with Libor, although
it would be problematic
when low volumes of trans-
actions were taking place.
One option would be to
use a mixture of actual
transaction data and pre-
dicted rates. Perhaps some
sort of hybrid of transaction
data and a hypothetical rate
might prove most effective,
using judgment to fill the
gaps where and when data
is scarce, within a specified
framework, he suggests.
One likely outcome is
that rate setting is made
subject to more formal reg-
ulation. There will be a
period a discussion until
September 7. Mr Wheatley
expects to publish final rec-
ommendations by the end
of next month.
www.ft.com/lombard
FSA unveils
proposals for
Libor reform
BANKS
By Tracy Alloway and
Kara Scannell in New York
The US Securities and
Exchange Commission has
dropped an investigation
into a $1.3bn subprime deal
put together by Goldman
Sachs at the height of the
mortgage boom.
Goldman has not named
the deal but people familiar
with the matter said it was
a mortgage-backed securi-
ties (MBS) programme mar-
keted by the investment
bank in 2006 and known as
Fremont Home Loan Trust
2006-E. The deal bundled
together thousands of sub-
prime mortgages that began
to sour just months after
being sold to investors.
Goldman yesterday said
in a regulatory filing that it
had been notified by the
SEC on Monday that the
investigation into this offer-
ing has been com-
pleted . . . and that the staff
does not intend to recom-
mend any enforcement
action by the SEC against
the bank.
The SEC notification
comes just six months after
the regulator gave Goldman
a Wells notice indicating
that staff planned to recom-
mend charges against the
bank. The commission had
originally said it was exam-
ining whether an array of
big Wall Street banks
including Goldman, JPMor-
gan and Wells Fargo had
mis-sold such MBS to inves-
tors.
The SECs decision to
drop the investigation
comes as authorities are
approaching a statute of
limitations deadline for
mortgage securities issued
before 2007.
Most of the deals were
created in the boom years
of 2006 and 2007, meaning
2012 will be regulators last
chance to file charges alleg-
ing mis-selling unless they
extend the timeframe.
People familiar with the
matter say the SEC is ask-
ing companies and individu-
als to sign tolling agree-
ments to extend the
agencys ability to bring a
case after the five-year stat-
ute of limitations expires.
Lawyers involved in investi-
gations expect to see more
cases by the November elec-
tion, given the presidents
announcement in January
of a residential mortgage-
backed securities taskforce.
Goldman remains
exposed to civil lawsuits
brought by private inves-
tors or counterparties over
pre-crisis MBS. The firm
expects to be the subject of
additional putative share-
holder derivative actions,
purported class actions,
rescission and put back
claims and other litigation,
the bank said.
Goldman declined to
comment further.
The decision not to
charge Goldman follows a
courtroom loss last week
when a jury found a
Citigroup banker not liable
for misleading investors in
the sale of a collateralised
debt obligation.
The SEC and Justice
Department have been criti-
cised for not holding indi-
viduals accountable for the
financial crisis but the loss
shows the difficulty of pin-
ning liability on one person.
SEC abandons
subprime probe
at Goldman
BANKS
$130bn
TCWs total assets
under management
$700m
Estimated valuation for
the LA asset manager
AUGUST 10 2012 Section:Companies Time: 9/8/2012 - 19:37 User: vickersj Page Name: CONEWS3, Part,Page,Edition: USA, 16, 1
FINANCIAL TIMES FRIDAY AUGUST 10 2012

17
Fund Bid Offer D+/- Yield
ACP Partners Investment Managers (Ireland) Limited (IRL)
www.acpi.com
FSA Recognised
ACPI India Fixed Income UCITS Fund GBP 83.37 - -0.22 0.00
Emerg Mkts Fixed Income Fund USD $ 113.22 - -0.02 0.00
Global Equity Fund USD $ 93.10 - -0.73 0.00
Global Fixed Income Fund USD $ 110.14 - 0.11 0.00
Global Fixed Income Fund EUR 135.36 - 0.13 0.00
ACPI FM Limited (JER)
Regulated
Global Credit Fund USD $ 12.17 12.17 0.02 0.00
Multi Strategy Fund USD $ 184.16 - -0.93 0.00
Equity Alpha Fund USD $ 10.98 10.99 0.00 0.00
Focused Equity Fund USD $ 10.06 10.07 -0.05 0.00
Multi-Asset Fund USD $ 10.50 10.50 0.02 0.00
Hedge Equity Fund USD $ 115.92 - -0.09 -
International Bond Fund USD $ 18.11 18.11 0.00 0.00
Select Unit Trust - Balanced Fund USD $ 11.50 11.51 0.08 0.00
ACPI
Other International Funds
Global Credit Fund USD $ 11.11 - 0.00 0.00
Global Credit Fund EUR 11.11 - 0.00 0.00
India Fixed Income Fund USD $ 9.29 - -0.02 0.00
Select Fund USD $ 142.67 - -1.13 0.00
Strategic Opportunities Fund USD $ 122.10 - 0.50 0.00
Absolute Return Fund Trust
Other International
Euro Class 835.72 - 8.51 -
ACTIVE TRADING FUND (IRL)
Regulated
Active Trading Fund USD $ 938.03 - -1.54 0.00
Active Trading Fund EUR 936.30 - -1.53 0.00
Active Trading Fund GBP 939.00 - -1.60 0.00
Alceda Fund Management S.A.
Managed on the Alceda UCITS Platform
www.alceda.lu
FSA Recognised
AC Risk Parity 7 Fund (EUR A) 124.29 130.50 -0.02 0.00
AC Risk Parity 7 Fund (GBP A) 125.11 131.37 -0.02 0.00
AC Risk Parity 7 Fund (USD A) $ 123.46 129.63 -0.02 0.00
AC Risk Parity 12 Fund (EUR A) 146.16 153.47 -0.14 0.00
AC Risk Parity 12 Fund (GBP A) 109.62 115.10 -0.11 0.00
AC Risk Parity 12 Fund (USD A) $ 156.58 164.41 -0.15 0.00
AC Spectrum Fund (EUR A) 97.79 102.68 0.14 0.00
AC Spectrum Fund (GBP A) 97.13 101.99 0.14 0.00
AC Spectrum Fund (USD A) $ 96.10 100.91 0.15 0.00
Alger SICAV (LUX)
Regulated
American Asset Growth A $ 31.41 33.41 0.03 0.00
American Asset Growth I $ 33.27 33.27 0.03 0.00
American Century Sicav (LUX)
JPM customer service: +352-46-268-5633
FSA Recognised
ACI Conc Gbl Grwth Eq A Acc $ 10.86 - 0.01 -
ACI Conc Gbl Grwth Eq I Acc $ 10.93 - 0.02 -
ACI Gbl Grwth Equity Acc F $ 11.17 - 0.03 0.00
ACI Gbl Grwth Equity I Acc F $ 11.38 - 0.03 0.00
ACI US AllCap Grwth Eq A Acc $ 10.96 - 0.02 -
ACI US AllCap Grwth Eq I Acc $ 11.03 - 0.02 -
Amundi Funds (LUX)
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332
www.amundi-funds.com
FSA Recognised
Absolute Var 2 EUR 97.08 - -0.01 0.00
Bd. Euro Corporate AE Class - R - EUR 16.37 - 0.05 0.00
Bd. Global AU Class - R - USD $ 23.77 - 0.03 0.00
Eq. Emerging Europe AE Class - R - EUR 29.47 - 0.15 0.00
Eq. Emerging World AU Class - R - USD $ 88.54 - 0.43 0.00
Eq. Greater China AU Class - R - USD $ 459.44 - 0.28 0.00
Eq. Latin America AU Class - R - USD $ 589.14 - 6.82 0.00
Antares Investment Management Ltd
Other International
AEF Ltd Usd (Est) $ 428.54 - -3.58 -
AEF Ltd Eur (Est) 429.16 - -3.72 -
Arisaig Partners
Other International Funds
Arisaig Africa Consumer Fund Limited $ 16.69 - 0.05 0.00
Arisaig Asia Consumer Fund Limited $ 44.43 - 0.11 0.00
Arisaig Latin America Consumer Fund $ 27.15 - -0.12 0.00
ARN INVESTMENT SICAV (LUX)
12, rue Eugne Ruppert, L-2453 Luxembourg
Regulated
ARN Newly Indus.Ec.Fd A -C $ 86.37 - 0.23 0.00
Artemis Investment Management LLP (CYM)
Regulated
Artemis Gbl Hedge Fd Ltd GBP 49.47 - 0.54 0.00
Artemis Gbl Hedge Fd Ltd EUR 46.82 - 0.51 -
Artemis Gbl Hedge Fd Ltd USD $ 50.09 - 0.55 -
Artemis UK Hedge Fd Ltd EUR 149.68 - -4.80 -
Artemis UK Hedge Fd Ltd GBP 164.17 - -5.25 -
Artemis UK Hedge Fd Ltd USD $ 155.88 - -5.30 0.00
Artisan Partners Global Funds PLC (IRL)
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
Tel: 44 (0) 207 766 7130
FSA Recognised
Artisan Global Funds plc
Artisan Emerging Markets Fund AUDA$ 9.53 - 0.04 -
Artisan Emerging Markets Fund Class I EUR 8.32 - 0.07 0.00
Artisan Emerging Markets Fund Class I USD $ 7.60 - 0.05 0.00
Artisan Global Equity Fund Class I USD Acc $ 9.98 - -0.02 -
Artisan Global Value Fund Class I USD Acc $ 10.88 - 0.03 0.00
Artisan Value Fund Class I USD Acc $ 11.16 - 0.00 0.00
Ashburton Fund Managers Limited (JER)
17 Hilary Street, St Helier, Jersey JE4 8SJ 01534 512000
FSA Recognised
Ashburton Global Funds PCC
Sterling Asset Mgt. Fund PC 2.3611 2.4792 0.0000 0.71
Sterling Asset Mgt. Fund PC - Class I 103.4872 108.6616 0.0032 0.00
Euro Asset Mgt. Fund PC 1.2240 1.2852 0.0022 1.62
Global Euro Asset Management Fund PC I 97.6076 102.4880 0.1804 0.00
Sterling Total Return Bond Fund PC 6.1204 6.3346 -0.0068 2.15
Dollar Total Return Bond Fund PC $ 1.0150 1.0505 -0.0008 2.22
Sterling Intl. Eq. Fund PC 51.6395 54.2215 0.0060 0.00
Dollar Intl. Eq. Fund PC $ 9.4783 9.9522 0.0355 0.00
Americas Eq. Fund PC $ 1.9530 2.0507 0.0045 0.00
Americas Eq. - Feeder PC 1.1973 1.2572 -0.0017 0.00
European Eq. Fund PC 4.4310 4.6526 0.0089 0.00
European Eq. - Feeder PC 1.1143 1.1700 -0.0066 0.00
European Eq - Feeder PC - Class I 97.4061 102.2764 -0.5663 0.00
Japan Eq. Fund PC $ 2.1242 2.2304 -0.0017 0.00
Japan Eq. - Feeder PC 1.0301 1.0816 -0.0047 0.00
Chindia Eq. - Feeder PC 1.0009 1.0509 -0.0057 0.00
Chindia Eq - Feeder PC - Class I 68.5635 71.9917 -0.3738 0.00
Ashburton Fund Managers Limited (JER)
Regulated
Ashburton Replica Portfolio Ltd
Asset Management Fund 35.1668 36.9251 -0.0086 0.00
$ Asset Management Fund $ 30.8076 32.3480 0.0235 0.00
Euro Asset Management Fund 1.4566 1.5294 0.0029 0.00
Multi Asset Cautious Fund GBP 1.0785 1.1324 -0.0016 0.50
Multi Asset Cautious Fund GBP - Class I 100.4572 105.4801 -0.1435 0.46
Multi Asset Balanced Fund EUR 0.9781 1.0270 0.0011 0.09
Multi Asset Balanced Fund GBP 1.1342 1.1909 -0.0013 0.17
Multi Asset Balanced Fund USD $ 1.1048 1.1600 -0.0001 0.38
Multi Asset Balanced Fund GBP - Class I 101.4227 106.4938 -0.1100 0.36
Multi Asset Balanced Fund USD - Class I $ 96.9447 101.7919 -0.0074 0.52
Multi Asset Balanced Fund EUR - Class I 99.0980 104.0529 0.1126 0.48
Multi Asset Aggressive Fund GBP 1.0356 1.0874 -0.0010 0.15
Ashburton Emerging Markets Funds Limited
Chindia Eq Fund $ 0.8055 0.8458 -0.0015 0.00
Chindia Eq - Class I $ 106.3453 111.6626 -0.1881 0.00
Ashburton Money Market Fds Limited
Money Market 1.3197 1.3197 0.0001 0.25
$ Money Market $ 1.1712 1.1712 -0.0002 0.01
EUR Money Market 1.1825 1.1825 0.0003 0.01
Ashmore Management Company Ltd (GSY)
Regulated
Emerging Mkts Liquid Inv P'folio $ 10.26 - 0.21 17.65
Fund Bid Offer D+/- Yield
Local Currency Debt Pflo $ 28.37 - 0.22 0.00
Russian Debt Portfolio $ 71.49 - 2.18 0.00
Ashmore Asian Recovery $ 29.99 - 0.80 0.00
Multi-Strategy $ 17.51 - 0.36 0.00
Emerging Mkts Global Inv Pfolio $ 8.13 - 0.00 0.00
Emerging Mkts Corporate High Yield $ 122.87 - 2.90 0.00
Turkish Debt Fund Ltd $ 96.37 - 4.10 0.00
Ashmore Sicav (LUX)
2 rue Albert Borschette L-1246 Luxembourg
FSA Recognised
EM Equity Select USD F $ 106.87 - 0.33 0.00
EM Mkts Corp.Debt USD F $ 112.01 - 0.06 4.31
EM Mkts Debt NOK F NKr 111.15 - -0.14 11.75
EM Mkts Debt GBP F 116.51 - -0.16 4.07
EM Mkts Inv.Grade Corp. Debt USD F $ 117.89 - 0.07 0.00
EM Mkts Loc.Ccy Bd USD F $ 114.56 - -0.13 4.03
EM Mkts Loc.Ccy Money Mkt USD F $ 100.65 - -0.11 0.00
EM Mkts Sov.Debt USD F $ 115.60 - -0.19 0.00
EM Mkts Sov.Inv.Grade Debt USD F $ 120.03 - -0.15 0.00
Emerging Markets Debt Inst USD $ 179.08 - -0.18 9.39
Emerging Markets Debt Inst EUR 106.19 - -0.09 25.90
Emerging Markets Debt Retail USD $ 101.42 - -0.13 5.66
Emerging Markets Debt Retail EUR 156.77 - -0.19 16.06
Local Currency GBP F 105.18 - -0.09 0.30
Local Currency Inst EUR F 99.41 - -0.06 1.80
Local Currency Inst USD F $ 84.67 - -0.05 1.08
Local Currency Retail EUR F 98.82 - -0.08 0.37
Local Currency Retail USD F $ 109.19 - -0.09 0.56
Aspect Capital Ltd (UK)
Other International Funds
Aspect Diversified USD $ 357.44 - 11.86 0.00
Aspect Diversified EUR 213.94 - 7.28 -
Aspect Diversified GBP 108.36 - 3.66 -
Aspect Diversified CHF SFr 103.18 - 3.47 0.00
Aspect Diversified Trends USD $ 102.71 - 0.19 0.00
Aspect Diversified Trends EUR 102.59 - 0.18 0.00
Aspect Diversified Trends GBP 105.35 - 0.20 0.00
Atlantas Sicav (LUX)
Regulated
American Dynamic $ 2169.91 - 6.90 0.00
American One $ 2025.76 - 19.16 0.00
Bond Global 1177.60 - -5.02 0.00
Eurocroissance 593.96 - 2.32 0.00
Far East $ 570.32 - 8.86 0.00
Atlantis Investment Mgmt (Ireland) Ltd (IRL)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 00 353 1 542 2000
FSA Recognised
Atlantis Asian Fund USD F $ 5.84 - 0.10 0.00
Atlantis Asian Fund GBP 8.18 - 0.13 0.00
Atlantis Asian Fund EUR 9.03 - 0.18 0.00
Atlantis China Fd F $ 5.82 - 0.05 0.00
Atlantis Japan Opps Fund USD H $ 1.26 - 0.00 0.00
Atlantis Japan Opportunities Fund GBP 11.35 - 0.04 0.00
Atlantis Japan Opportunities Fund EUR 12.90 - 0.08 0.00
Atlantis New China Fortune Fund $ 0.92 - 0.01 0.00
Atlantis China Healthcare Fund H $ 1.19 - 0.01 0.00
BLME Asset Management (LUX)
BLME Sharia'a Umbrella Fund SICAV SIF
Regulated
$ Income Fund - Share Class A Acc $ 1106.86 - 1.66 0.00
$ Income Fund - Share Class B Acc $ 1122.22 - 1.72 0.00
$ Income Fund - Share Class G Acc 1041.62 1041.62 1.50 0.00
$ High Yield Fund - Share Class A Acc $ 1096.18 1096.18 6.18 0.00
BNP Paribas Investment Partners (LUX)
10, Harewood Avenue, London NW1 6AA
Investors Services (44) 020 7595 6762
FSA Recognised
BNP Paribas Insticash
BNP Paribas Insticash EUR F 116.60 - 0.00 0.00
BNP Paribas Insticash GBP F 128.39 - 0.00 0.00
BNP Paribas L1
BNPP L1 Bd Asia ex-Japan F $ 143.98 - 0.00 0.00
BNPP L1 Bd Best Selection Wrld Emerging F $ 227.12 - -0.49 0.00
BNPP L1 Bd Best Selection Wrld Emerging Inc 140.44 - -0.38 8.59
BNPP L1 Bd Currencies World F 1558.61 - 6.36 0.00
BNPP L1 Bd Europe Emerging F 585.92 - 1.26 0.00
BNPP L11 Bd World F 326.19 - 1.75 0.00
BNPP L1 Bd World Emerging F $ 1039.55 - -1.69 0.00
BNPP L1 Bd World Emerging Inc 148.61 - -0.57 0.00
BNPP L1 Bd World Emerging Corporate Inc $ 108.39 - 0.03 0.00
BNPP L1 Bd World Emerging Local F $ 167.09 - -0.34 0.00
BNPP L1 Bd World Emerging Local Inc 105.18 - -0.27 6.45
BNPP L1 Bd World High Yield F 85.56 - 0.00 0.00
BNPP L1 Dyn World Inc 87.78 - 0.29 0.00
BNPP L1 Eq Asia Emerging F $ 85.66 - 0.83 0.00
BNPP L1 Eq Best Sel Asia ex-Japan F 403.99 - 5.46 0.00
BNPP L1 Eq Best Sel Euro F 319.75 - -1.18 0.00
BNPP L1 Eq Best Sel Europe F 149.51 - 0.16 0.00
BNPP L1 Eq Best Sel Europe Inc 94.73 - -0.43 4.14
BNPP L1 Eq Best Sel Europe ex-UK F 104.66 - -0.17 0.00
BNPP L1 Eq Best Sel Europe ex-UK Inc 95.21 - -0.70 2.63
BNPP L1 Eq Best Sel USA F $ 311.77 - 0.19 0.00
BNPP L1 Eq China F $ 273.52 - 2.26 0.00
BNPP L1 Eq Euro F 228.88 - -0.65 0.00
BNPP L1 Eq Europe F 418.99 - 0.76 0.00
BNPP L1 Eq Europe Emerging F 1167.22 - 4.01 0.00
BNPP L1 Eq Europe Growth F 32.81 - 0.04 0.00
BNPP L1 Eq High Div Pacific F 59.60 - 0.53 0.00
BNPP L1 Eq India F $ 87.61 - -0.55 0.00
BNPP L1 Eq India Inc 165.63 - 1.12 1.36
BNPP L1 Eq Indonesia F $ 223.03 - 1.56 0.00
BNPP L1 Eq Pacific ex-Japan F 160.17 - 2.05 0.00
BNPP L1 Eq Russia F 101.50 - 0.19 0.00
BNPP L1 Eq Russia Inc 111.54 - -0.41 2.12
BNPP L1 Eq Turkey F 239.12 - 0.34 0.00
BNPP L1 Eq USA Growth F $ 165.08 - 0.01 0.00
BNPP L1 Eq USA Small Caps F $ 112.61 - 0.07 0.00
BNPP L1 Eq World Emerging F $ 553.46 - 5.93 0.00
BNPP L1 Eq World Energy F 624.19 - 2.12 0.00
BNPP L1 Eq World Health Care F 488.41 - 3.73 0.00
BNPP L1 Eq World Materials F 80.93 - 0.78 0.00
BNPP L1 Eq World Utilities F 109.13 - 0.59 0.00
BNPP L1 Green Future F 67.88 - 0.06 0.00
BNPP L1 Green Future Inc 67.38 - -0.32 2.93
BNPP L1 Green Tigers F 132.46 - 1.59 0.00
BNPP L1 Opportunities USA F $ 88.18 - 0.27 0.00
BNPP L1 Opportunities USA Inc 119.52 - 0.30 2.59
BNPP L1 Opportunities-H USA Inc 37.65 - 0.11 2.58
BNPP L1 Opportunities World F 98.19 - 0.58 0.00
BNPP L1 Real Est Securities Eur F 164.43 - 0.57 0.00
BNPP L1 Real Est Securities Eur Inc 94.83 - -0.20 3.66
BNPP L1 Real Est Securities Wrld Inc 158.07 - 2.31 0.00
BNPP L1 V350 F 105.83 - 0.07 0.00
BNPP L1 V350-H-Inc 96.14 - 0.05 8.61
BNPP L1 Wrld Commodities F $ 91.00 - 0.24 0.00
BNPP L1 World Volatility Inc 96.16 - 0.07 -
Parvest
Bond Euro 186.36 - 0.33 0.00
Bond Euro Medium Term 166.92 - 0.15 0.00
Bond USA High Yield $ 198.88 - -0.04 0.00
Bond USD Inc $ 126.24 - -0.13 3.08
Bond World Corporate Inc $ 105.06 - 0.06 3.63
Bond World Emerging $ 394.62 - -0.66 0.00
Bond World Inflation-Ld 138.01 - 0.01 0.00
Commod Arbitrage F $ 99.40 - 0.11 0.00
Equity Australia A$ 632.27 - 3.84 0.00
Equity Brazil Inc $ 112.10 - 1.39 4.46
Equity BRIC $ 124.72 - 0.13 0.00
Equity Japan Inc 1906.00 - 2.00 2.81
Equity Japan Small Cap Inc 2926.00 - 11.00 1.74
Equity Latin America Inc $ 543.31 - 5.15 3.35
Equity Russia Opp.Inc $ 70.10 - -0.27 2.04
Equity South Korea Inc $ 82.87 - 0.30 1.53
Equity USA Inc $ 60.04 - -0.26 2.13
Equity USA Mid Cap $ 131.84 - 0.77 0.00
Equity USA Value Inc $ 73.88 - 0.53 2.18
Flexible Bond Europe Corp. 115.51 - 0.08 0.00
Flexible Bond Wrld Inc $ 19.16 - 0.03 2.92
Multi-Strat. FX 102.51 - 0.00 0.00
Real Estate Securities Europe 67.28 - 0.24 0.00
Step 80 Wrld Emerging EUR F 93.88 - -0.01 0.00
Step 90 EURO F 1116.84 - 0.06 0.00
Wrld Agriculture F 110.35 - 0.95 0.00
Wrld Agriculture USD F $ 89.63 - 0.78 0.00
BNP Paribas
Other International Funds
Campbell FME Large $ 3286.76 3286.76 -28.00 0.00
Fund Bid Offer D+/- Yield
BNP GLF USD $ 1222.55 - 0.01 0.00
BNY Mellon Global Funds (IRL)
160 Queen Victoria Street EC4V 4LA +44 (0) 131 305 3131
FSA Recognised
Asian Eqty A USD F $ 3.02 - 0.02 0.00
BNY Mellon Absolute Return Equity 1.03 - 0.00 0.00
BNY Mellon Asian Equity Fund $ 3.44 - 0.02 0.00
BNY Mellon Brazil Equity $ 1.23 - 0.02 0.00
BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund $ 0.96 - 0.00 0.00
BNY Mellon Emerging Markets Corporate Debt Fund $ 104.26 - 0.22 -
BNY Mellon Euroland Bond Fund 1.64 - 0.00 0.00
BNY Mellon Global Equity Higher Income $ 1.12 - 0.00 -
BNY Mellon Global Property Secs 1.24 - 0.00 0.00
BNY Mellon Global Bond Fund $ 2.40 - 0.00 0.00
BNY Mellon Global Equity Fund $ 1.56 - 0.00 0.00
BNY Mellon Global High Yield Bond 1.50 - 0.00 0.00
BNY Mellon Global Opportunities Fund $ 1.86 - 0.01 0.00
BNY Mellon Global Real Return EUR Fund 1.18 - 0.00 0.00
BNY Mellon Global Real Return $ 1.24 - 0.00 0.00
BNY Mellon Long-Term Global Equity GBP 1.39 - 0.01 0.00
BNY Mellon UK Equity Sterling 1.64 - 0.01 0.00
BNY Mellon US Equity Fund $ 1.12 - 0.00 0.00
Emerging Mkts Debt C USD F $ 1.99 - 0.00 0.00
Emerging Mkts Debt LC - C USD F $ 1.65 - 0.00 0.00
Evolution Global Alpha C EUR F 100.26 - 0.41 0.00
Global Dynamic Bond Fund C USD F $ 1.09 - 0.00 0.00
Bank of America Cap Mgmt (Ireland) Ltd (IRL)
Regulated
Global Liquidity USD $ 1.00 - 0.00 0.32
Global Liquidity EUR 1.00 - 0.00 0.13
Barclays Investment Funds (CI) Ltd (JER)
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FSA Recognised
Bond Funds
Sterling Bond F 0.45 - 0.00 3.44
Baring International Fd Mgrs (Ireland) (IRL)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004
FSA Recognised
ASEAN Frontiers A GBP Inc 108.91 - 0.53 0.62
Asia Growth A GBP Inc H 36.10 - 0.39 0.00
Australia A GBP Inc 73.28 - 0.26 2.09
Dynamic Emerging Markets A GBP Acc F 10.00 - 0.03 -
Eastern Europe A GBP Inc 60.21 - 0.33 0.23
Emerging Mkt Debt LC A GBP Hedged Inc 11.34 - 0.04 4.32
Emerging Opportunities A GBP Inc H 20.77 - 0.25 0.00
Europa A USD Inc H $ 37.41 - 0.22 1.19
Glb Aggregate Bond A USD Inc H $ 11.33 - 0.00 1.86
Glb Emerging Markets A GBP Inc H 20.07 - 0.24 0.31
Glb Select A GBP Inc H 8.39 - 0.04 0.00
Glb Resources A GBP Inc H 14.43 - 0.04 0.00
High Yield Bond A GBP Hedged Inc H 7.04 - 0.01 6.95
Hong Kong China A GBP Inc 480.48 - 4.86 0.00
India Fund - Class A GBP Inc 9.58 - -0.02 -
International Bond A GBP Inc F 17.95 - 0.00 2.32
Latin America A USD Inc H $ 45.11 - 0.30 1.49
MENA A GBP Inc F * 9.31 - 0.03 1.38
Baring Global Mining Fund - Class A GBP Inc 7.51 - 0.04 -
Baring International Fd Mgrs (Ireland) (IRL)
Regulated
China A-Share A GBP Inc 5.70 - 0.14 0.00
Barings (Luxembourg) (LUX)
FSA Recognised
Russia A GBP Inc F 36.15 - 0.00 0.00
Bedlam Funds Plc (IRL)
20 Abchurch Lane, London, EC4N 7BB
Dealing: 00 3531 542 2907 Enquiries: 00 4420 7648 4300
FSA Recognised
Bedlam Global A 170.62 170.62 -0.56 0.00
Bedlam Global B 178.33 178.33 -0.56 0.00
Bedlam Emerging Markets A 222.79 222.79 -0.64 0.00
Bedlam Emerging Markets B 223.88 223.88 -0.62 0.00
Bedlam Europe A 122.85 122.85 -1.10 0.00
Bedlam Europe B 128.44 128.44 -1.15 0.22
Bedlam Japan A 80.92 80.92 0.74 0.00
Bedlam Japan B 80.60 80.60 0.74 0.00
Bedlam UK A 125.01 125.01 -0.11 0.41
Bedlam UK B 127.28 127.28 -0.09 1.67
Bedlam Global Income Fund 88.88 88.88 -0.24 4.32
Blackmore Capital Management Limited (GSY)
Regulated
Branded Comm Opps Fd Class A 1.04 - 0.00 0.00
Branded Comm Opps Fd Class B 1.21 - 0.00 0.00
Branded Comm Opps Fd Class C 1.24 - 0.00 0.00
Branded Comm Opps Fd Class D $ 1.01 - 0.01 -
Branded Comm Opps Fd Class E 1.01 - 0.00 -
BlackRock (JER)
Regulated
BlackRock UK Property 34.21 - -0.10 4.16
BLK Intl Gold & General $ 9.31 9.81 -0.02 0.00
Blairmore Funds PLC
Other International Funds
Smith & Williamson Investment Management
Administrators - BNP Paribas
Blairmore Global Equity fund $ 10.74 - 0.01 0.00
Blakeney Management Ltd (LUX)
Regulated
Blakeney Investors Initial Ser.A $ 26.80 - 0.75 0.00
Blakeney Investors-S08/08 $ 7.56 - 0.21 0.00
Blakeney Investors-S11/08 $ 11.48 - 0.32 0.00
Blakeney Investors-S10/09 $ 9.94 - 0.28 0.00
Blakeney Investors-S04/10 $ 9.32 - 0.26 0.00
Blakeney Investors-S09/10 $ 9.60 - 0.27 0.00
Blakeney Investors-S11/10 $ 9.20 - 0.26 0.00
Blakeney Investors-S06/12 $ 10.24 - 0.00 -
BlueBay Asset Management LLP (LUX)
Regulated
BlueBay Em Mkt Abs Ret Bd IN 102.96 - 0.62 0.00
BlueBay Em Mkt Bd B - USD $ 280.34 - -0.23 0.00
BlueBay Em Mkt Corp Bd B $ 157.65 - 0.74 0.00
BlueBay Em Mkt Sel Bd B - USD $ 164.94 - -0.24 0.00
BlueBay Emg Mkt Loc Ccy Bd B - USD $ 171.82 - -0.26 0.00
BlueBay Gbl Convert Bd I - USD $ 159.21 - 0.10 0.00
BlueBay Gbl High Yield Bd B $ 113.28 - 0.67 0.00
BlueBay High Yield B - EUR 278.65 - 2.52 0.00
BlueBay High Yield Corp Bd B 119.35 - 0.94 0.00
BlueBay Inv Grd B - EUR 149.32 - 0.29 0.00
BlueBay Inv Grd B Euro Gov Bd Fund 115.85 - 0.22 0.00
BlueBay Inv Grd I Euro Agg Bd Fund 115.80 - 0.21 0.00
BlueBay Inv Grd Libor Fd B 119.46 - 0.06 0.00
BlueBay Struct.Fds: High Inc Loan Fd 168.99 - 1.05 0.00
BlueBay Struct.Fds: High Yield Enh Fd 185.45 - 1.12 0.00
BlueBay Asset Management LLP (CYM)
Regulated
BlueBay Distressed Opp Fd Lim A 112.41 - 0.91 0.00
Bluebay Macro Fd A $ 121.57 - 2.69 0.00
Bonfield Asset Management Limited
Other International Funds
The Longbow New Europe Fund $ 53.24 53.24 2.15 0.00
BONHOTE
Other International Funds
Bonhte Alternative - Multi-Arbitrage (USD) Classe (EUR) 7017.00 - -38.00 2.01
Bonhte Alternative - Multi-Performance (USD) Classe (EUR) 8877.00 - -134.00 0.00
Braemar Group PCC Limited (GSY)
Regulated
Ground Rents Class B 1.01 - 0.00 0.00
UK Agricultural Class A 1.10 - 0.00 0.00
UK Agricultural Class B 1.18 - 0.00 0.00
Student Accom Class A 1.43 - 0.00 0.00
Student Accom Class B 1.11 - 0.00 0.00
CG Portfolio Fund Plc (IRL)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 00 353 1 542 2000
FSA Recognised
Real Return Cls A 198.61 198.61 0.34 1.39
CG Dollar Fund 143.19 143.19 0.02 1.05
Capital Value Fund Cls V 119.79 119.79 0.22 0.17
CG Portfolio Fund Ltd (CYM)
Regulated
NAV 24630.37 - 90.32 0.73
CP Global Asset Mgmnt P/ Ltd. (CYM)
186A, Telok Ayer Street, Singapore 068632, Tel 65 6222 5366
Regulated
CP Multi-Strategy Currency Fund (USD) $ 110.94 - 14.80 -
Fund Bid Offer D+/- Yield
CACEIS (Switzerland) SA
Tel: +41 22 360 94 00 www.caceis.ch
Other International Funds
Dynamic Ratchet Bond Fund-Japan 4924.00 - 65.00 0.00
Capital International funds services (LUX)
6, route de Trves, L-2633 Senningerberg,Luxembourg
Capital International is part of
The Capital Group Companies
www.capitalinternational.com
FSA Recognised
Growth Funds
Cap Int All Ctry Eq B SFr 16.60 - 0.11 0.00
Cap Int All Ctry Eq B 13.82 - 0.09 0.00
Cap Int All Ctry Eq B $ 16.99 - 0.05 0.00
Cap Int All Ctry Eq BD 10.88 - 0.05 0.01
Cap Int Emerg Asia Eq B SFr 7.89 - 0.04 0.00
Cap Int Emerg Asia Eq B 6.57 - 0.04 0.00
Cap Int Emerg Asia Eq B $ 8.12 - 0.01 0.00
Cap Int Emerg Asia Eq Bd 5.18 - 0.00 0.00
Cap Int Global Equity B $ 15.88 - 0.04 0.00
Cap Int Global Equity BD 9.89 - 0.03 0.11
Cap Int Global Equity B SFr 15.51 - 0.09 0.00
Cap Int Global Equity B 12.91 - 0.07 0.00
Cap Int European Eq BD 7.74 - 0.03 1.04
Cap Int European Eq B 10.60 - 0.06 0.00
Cap Int European Eq B SFr 12.74 - 0.07 0.00
Cap Int European Eq B $ 13.04 - 0.03 0.00
Cap Int Japan Equity B 6.94 - 0.06 0.00
Cap Int Japan Equity B $ 8.53 - 0.04 0.00
Cap Int Japan Equity B SFr 8.33 - 0.07 0.00
Cap Int Japan Equity BD 5.45 - 0.04 0.00
Cap Int AsiaP ex Jp Eq B SFr 14.91 - 0.12 0.00
Cap Int AsiaP ex Jp Eq B 12.42 - 0.11 0.00
Cap Int AsiaP ex Jp Eq B $ 15.27 - 0.08 0.00
Cap Int Asia Pex Jp Eq BD 9.37 - 0.06 0.30
Cap Int Em Mkts Fund BD 50.32 - 0.05 0.90
Cap Int Em Mkts Fund B SFr 79.81 - 0.51 0.00
Cap Int Em Mkts Fund B 66.45 - 0.45 0.00
Cap Int Em Mkts Fund B $ 82.11 - 0.13 0.00
Growth and Income Funds
Cap Int Glb Growth Inc BD 8.97 - 0.04 0.61
Cap Int Glb Growth Inc B 11.93 - 0.08 0.00
Cap Int Glb Growth Inc B SFr 14.32 - 0.09 0.00
Cap Int Glb Growth Inc B $ 14.67 - 0.04 0.00
Cap Int Eur Growth Inc B 16.41 - 0.07 0.00
Cap Int Eur Growth Inc B SFr 19.71 - 0.09 0.00
Cap Int Eur Growth Inc B $ 20.18 - 0.02 0.00
Cap Int Eur Growth Inc BD 12.02 - 0.03 1.48
Cap Int US Growth Inc B 14.13 - 0.11 0.00
Cap Int US Growth Inc B SFr 16.98 - 0.13 0.00
Cap Int US Growth Inc B $ 17.38 - 0.07 0.00
Cap Int US Growth Inc BD 11.05 - 0.07 0.18
Objective Based Funds
Cap Int Em Mk Tot Opp B SFr 11.24 - 0.06 0.00
Cap Int Em Mk Tot Opp B 9.36 - 0.05 0.00
Cap Int Em Mk Tot Opp B $ 11.56 - 0.00 0.00
Cap Int Em Mk Tot Opp Bd 7.13 - 0.00 2.08
Cap Int Gbl Abs Inc Grow B $ 10.67 - -0.01 0.00
Income Funds
Cap Int Em Mkts Debt B SFr 13.55 - 0.06 0.00
Cap Int Em Mkts Debt B 11.28 - 0.05 0.00
Cap Int Em Mkts Debt B $ 13.94 - -0.01 0.00
Cap Int Em Mkts Debt Bd 8.33 - -0.01 3.75
Cap Int Em Mk LocCur Dbt B $ 11.18 - 0.00 0.00
Cap Int Em Mk US$ Debt B $ 10.87 - -0.02 0.00
Cap Int Euro Bond B SFr 16.52 - -0.01 0.00
Cap Int Euro Bond B 8.78 - -0.02 1.63
Cap Int Euro Bond B $ 16.91 - -0.07 0.00
Cap Int Euro Bond BD 13.75 - -0.01 0.00
Cap Int Glb H Inc Opp B SFr 31.34 - 0.13 0.00
Cap Int Glb H Inc Opp B 26.09 - 0.11 0.00
Cap Int Glb H Inc Opp B $ 32.09 - 0.02 0.00
Cap Int Glb H Inc Opp BD 13.17 - 0.03 4.87
Cap Int Global Bond B SFr 19.41 - 0.01 0.00
Cap Int Global Bond B 16.16 - 0.01 0.00
Cap Int Global Bond B $ 19.87 - -0.06 0.00
Cap Int Global Bond BD 10.64 - -0.01 1.14
Luxembourg Capital International is part of The Capital Group Companies
CATCo Reinsurance Opportunities Fund Ltd. (UK)
9 Par-La-Ville Road, S E Pearman Building, 2nd Floor, Hamilton, Bermuda
Authorised Funds
CATCo Re Opps Fund Ords $ 0.9800 - 0.0121 5.27
CATCo Reinsurance Fund Ltd. (BMU)
Regulated
CATCo Re Fund Ltd Series A $ 1012.1217 - 0.0000 -
CATCo Re Fund Ltd Series B $ 1018.6854 - 0.0000 -
Cedar Rock Capital Limited (IRL)
Regulated
Cedar Rock Capital Fd Plc $ 265.97 - 6.40 0.00
Cedar Rock Capital Fd Plc 266.49 - 4.38 0.00
Cedar Rock Capital Fd Plc 224.82 - 4.13 0.00
The Charlemagne Fund (CYM)
Regulated
NAV EUR 240.10 - 12.87 -
NAV USD $ 238.01 - 12.97 -
Charlemagne Capital (IOM) Ltd
Other International Funds
OCCO Eastern European $ 344.39 - 1.32 0.00
Charlemagne New Frontiers R $ 12.45 - 0.19 0.00
Magna Umbrella Fund PLC
Magna Africa R 9.59 - 0.04 0.00
Magna Eastern European R 8.68 - 0.04 0.00
Magna Emerging Mkts Div Fd R Acc 11.21 - 0.07 0.00
Magna Emerging Mkts Div Fd R Dist 10.42 - 0.07 5.70
Magna Global Emerging Markets R 8.52 - 0.05 0.00
Magna Latin American R 10.21 - 0.12 0.00
Magna Mena R * 11.85 - 0.03 0.00
Magna New Frontiers R 8.52 - 0.08 0.00
Magna Turkey R 10.62 - 0.06 0.00
Magna Undervalued Ass Fd R 9.43 - 0.04 0.00
Charles Schwab Worldwide Funds Plc (IRL)
Regulated
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01
Chartered Asset Management PTE Ltd
Other International Funds
CAM-GTF Limited $ 365435.61 365435.61 -1331.71 0.00
CAM GTi Limited $ 1009.64 - 10.13 0.00
Raffles-Asia Investment Company $ 2.37 2.37 0.00 2.20
Cheyne Capital Management (UK) LLP (IRL)
Cheyneinvestor.Relations@cheynecapital.com
Regulated
Cheyne Convertibles Absolute Return Fund 1118.41 - 1.41 0.00
Cheyne Convertibles Absolute Return Fund $ 1115.57 - 1.39 0.00
Cheyne Convertibles Absolute Return Fund 1093.20 - 1.35 0.00
Cheyne Capital Management (UK) LLP
Other International Funds
Cheyne European Event Driven Fund 124.33 - -0.25 0.00
Cheyne High Income Credit Fund EUR Inst 120.58 - 6.49 -
Cheyne Real Estate Debt Fund Class A1 141.01 - 1.24 -
Cheyne Long/Short Credit Fund $ 170.35 - 6.25 0.00
City Financial Asian Absolute Growth Fund(CYM)
Regulated
Asian Absolute Growth Class A $ 98.50 - -0.15 0.00
Asian Absolute Growth Class C $ 102.19 - -0.10 0.00
City of London Inv Mgmt Co Ltd (IRL)
2nd Floor, Guild House, Guild Street, Dublin 1 00 353 1 448 5033
FSA Recognised
The Em.Mkt Value & Growth GBP-Inst 10.89 - -0.01 0.00
The Em.Mkt Value & Growth GBP-Ret 10.72 - -0.01 0.00
The Emerging World USD - Retail A $ 59.65 - 0.09 0.00
The Emerging World USD - Instl $ 63.13 - 0.10 0.00
The Natural Resources USD Retail A F $ 5.82 - 0.02 0.00
The Natural Resources USD - Instl $ 5.96 - 0.02 0.00
CMI Asset Mgmt (Luxembourg) SA (LUX)
23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311
FSA Recognised
CMI Global Network Fund (u)
Regional Equity Sub Funds
CMI Continental Euro Equity 21.92 - 0.08 1.20
CMI Pacific Basin Enhanced Equity $ 41.22 - 0.36 2.05
Single Country Equity Sub Funds
CMI German Equity F 45.46 - -0.10 1.50
CMI Japan Enhanced Equity F 2185.28 - 18.72 1.52
Fund Bid Offer D+/- Yield
CMI UK Equity 10.56 - 0.06 1.90
CMI US Enhanced Equity F $ 52.63 - 0.06 0.58
Index Tracking Sub Funds
Euro Equity Index Tracking 14.22 - -0.02 3.72
Japan Index Tracking 407.93 - 3.57 1.69
UK Eqty Index Tracking 13.48 - 0.08 2.94
US Eqty Index Tracking $ 39.45 - 0.03 0.77
Managed Sub Funds
Global Bond 1.65 - 0.00 1.43
Global Network Mgd Global Mxd 1.98 - 0.00 0.81
Global Equity 2.00 - 0.00 0.58
Bond Sub Funds
CMI Euro Bond F 42.34 - 0.07 3.22
CMI Japanese Bond 1705.64 - 0.64 0.50
CMI UK Bond 8.28 - -0.01 2.50
CMI US Bond $ 13.84 - -0.02 1.86
Currency Reserve Sub Funds
CMI Euro Currency Reserve 25.62 - 0.00 0.80
CMI Stlg Currency Reserve 5.03 - 0.00 0.72
CMI US Dllr Currency Reserve $ 9.96 - 0.00 0.00
CMI Access 80% Gu F 5.58 - 0.00 0.00
CMI Fund Managers (IoM) (IOM)
Clerical Medical Hse, Victoria Road, Douglas, IoM IM99 1LT 01624 625599
FSA Recognised
CMI High Income PLC 0.5105 0.5428 0.0000 1.92
CMI Sterling Roll Up PLC 3.0592 3.2519 0.0001 0.00
Maximum Permitted Charge 8.5%
Cohen & Steers SICAV (LUX)
Regulated
European Real Estate Securities 14.06 - -0.29 2.27
Europ.RealEstate Sec. IX 17.47 - 0.07 0.00
Gbl RealEstate Sec. I $ 8.77 - -0.13 2.64
Gbl RealEstate Sec. IX $ 9.95 - -0.05 0.00
Comgest SA (LUX)
17 square Edouard VII - 75009 Paris, www.comgest.com
FSA Recognised
Comgest Asia F $ 3112.69 - -2.81 0.00
Comgest Europe F SFr 4336.97 - -7.50 0.00
Comgest Far East Limited (LUX)
Regulated
Comgest Panda $ 2127.74 - 0.46 0.00
Comgest Far East Limited (KYG)
Other International Funds
C.F.E. ONYX FUND $ 40.10 - 1.00 0.00
Comgest SA (FRA)
17 square Edouard VII - 75009 Paris
FSA Recognised
Comgest Magellan 1650.06 - 11.64 0.00
Comgest AM International Ltd (IRL)
46 St Stephen's Green, Dublin 2, Ireland
FSA Recognised
Comgest Gth Asia ex Jap DIS F $ 5.52 - 0.00 127.69
Comgest Gth Emerging Mkt DIS F $ 28.60 - 0.07 0.18
Comgest Gth Europe DIS F 13.51 - -0.02 0.00
Comgest Gth GEM PC DIS F 10.22 - 0.05 0.26
Coupland Cardiff Funds Plc (IRL)
31/32 St James's Street, London, SW1A 1HD
FSA Recognised
CC Asia Alpha Fd - Cls A Euro 13.26 13.26 0.04 0.00
CC Asia Alpha Fd - Cls B USD $ 12.90 12.90 0.04 0.00
CC Asia Alpha Fd - Cls C GBP 12.72 12.72 0.04 0.00
CC Japan Alpha Fd - Cls A Euro 4.60 4.60 0.12 0.00
CC Japan Alpha Fd - Cls B GBP 4.95 4.95 0.14 0.00
CC Japan Alpha Fd - Cls C JPY 473.68 473.68 13.34 0.00
CC Asian Evolution Fd. Cls A USD $ 13.56 13.56 0.20 0.00
CC Asian Evolution Fd. Cls B GBP 12.78 12.78 0.19 0.00
CC Asian Evolution Fund - Cls C USD Acc $ 14.89 14.89 0.23 0.00
Coutts (IRL)
RBS Asset Management (Dublin) Limited
Guild Hse, P.O. Box 4935, Guild St, IFSC Dublin 1 00 353 1 642 8400
FSA Recognised
Coutts Investment Programmes
Cont EUR Spec Equity Ser 1 F 83.94 - 0.17 -
Cont EUR Spec Equity Ser 2 F 86.91 - 0.17 0.55
Cont EUR Spec Equity Ser 5 F 87.03 - 0.17 0.78
UK Equity Index Programme Ser 1 F 22.96 - 0.09 2.82
UK Equity Index Programme Ser 2 F 23.27 - 0.10 3.18
UK Equity Index Programme Ser 5 F 23.47 - 0.10 3.40
UK Specialist Eqty Pro Ser 1 F 16.32 - 0.07 0.16
UK Specialist Eqty Pro Ser 2 F 16.60 - 0.07 1.01
UK Specialist Eqty Pro Ser 5 F 16.63 - 0.07 1.23
US Equity Index Programme Ser 1 F $ 47.87 - 0.04 0.55
US Equity Index Programme Ser 2 F $ 48.79 - 0.04 0.88
US Equity Index Programme Ser 5 F $ 48.95 - 0.04 1.09
Contl Eurp Eqty Index Prog Ser 1 F 264.38 - -0.40 2.24
Contl Eurp Eqty Index Prog Ser 2 F 269.53 - -0.40 2.52
Contl Eurp Eqty Index Prog Ser 5 F 270.15 - -0.40 2.76
US Sovereign Bond Index Prog Ser 1 F $ 24.57 - -0.03 1.54
US Sovereign Bond Index Prog Ser 2 F $ 24.66 - -0.02 1.73
US Sovereign Bond Index Prog Ser 5 F $ 24.98 - -0.03 1.98
Continental Eurp Sovereign Bond Index Prog Ser 1 F 118.89 - 0.28 3.02
Continental Eurp Sovereign Bond Index Prog Ser 2 F 119.34 - 0.28 3.17
Japan Specialist Equity Programme Series 1 F 2998.00 - 21.00 -
Japan Specialist Equity Programme Series 2 F 3223.00 - 22.00 0.77
Japan Specialist Equity Programme Series 5 F 3232.00 - 23.00 1.02
Swiss Equity Pro Ser 1 F SFr 216.99 - 0.22 0.33
Swiss Equity Pro Ser 2 F SFr 221.80 - 0.22 0.18
Swiss Equity Pro Ser 5 F SFr 222.10 - 0.23 0.43
Pac Basin Eqty Pro Ser 1 F $ 49.40 - 0.48 1.22
Pac Basin Eqty Pro Ser 2 F $ 50.56 - 0.49 1.47
Pac Basin Eqty Pro Ser 5 F $ 50.87 - 0.49 1.72
UK Sovereign Bond Index Prog Ser 1 F 14.75 - 0.02 2.91
UK Sovereign Bond Index Prog Ser 2 F 14.81 - 0.02 3.09
UK Sovereign Bond Index Prog Ser 5 F 14.92 - 0.02 3.35
Swiss Franc Pro Ser 1 F SFr 105.28 - 0.06 1.58
Swiss Franc Pro Ser 2 F SFr 106.49 - 0.05 1.76
Coutts Equator Emerging Markets 1 F $ 32.84 - 0.31 1.24
Coutts Equator Emerging Markets 2 F $ 32.92 - 0.31 1.36
Coutts Equator Emerging Markets 5 F $ 32.98 - 0.31 1.61
Global Investment Grade Programme USD S1 F $ 110.24 - -0.05 2.96
Global Investment Grade Programme EUR S1 F 108.36 - -0.02 2.96
Global Investment Grade Programme GBP S1 F 114.06 - -0.05 2.96
Global Investment Grade Programme CHF S1 FSFr 100.67 - -0.02 2.96
Global Investment Grade Programme USD S2 F $ 111.31 - -0.04 3.11
Global Investment Grade Programme EUR S2 F 109.66 - -0.03 3.11
Global Investment Grade Programme GBP S2 F 112.97 - -0.05 3.11
Global Investment Grade Programme CHF S2 FSFr 101.34 - -0.03 3.11
Global Investment Grade Programme GBP S5 F 113.48 - -0.05 3.36
UK Specialist Equity Income Ser 1 F 8.41 - 0.03 2.85
UK Specialist Equity Income Ser 2 F 8.45 - 0.02 4.14
UK Specialist Equity Income Ser 5 F 8.45 - 0.02 4.37
Absolute Rtn Multi Asset Prog Ser 1 GBP F 9.72 - 0.00 -
Absolute Rtn Multi Asset Prog SER 2 GBP F 9.85 - 0.00 -
Absolute Rtn Multi Asset Prog SER 2 USD F $ 9.81 - 0.01 -
Absolute Rtn Multi Asset Prog SER 2 EUR F 9.83 - 0.00 -
Absolute Rtn Multi Asset Prog SER 5 GBP F 9.90 - 0.00 -
Absolute Rtn Multi Asset Prog SER 5 USD F $ 9.92 - 0.00 -
Absolute Rtn Multi Asset Prog SER 5 EUR F 9.99 - 0.00 -
Absolute Rtn Multi Asset Prog SER 9 GBP F 9.94 - 0.00 -
Absolute Rtn Multi Asset Prog SER 9 USD F $ 9.87 - -0.01 -
Absolute Rtn Mutli Asset Prog Ser 9 EUR F 9.65 - 0.00 -
** 30 day average yield
Coutts (IRL)
Regulated
Coutts Liquidity Fund Plc
Dollar Ser 1 $ 1.00 - 0.00 0.05
Dollar Ser 3 $ 68.97 - 0.00 0.05
Dollar Ser 4 $ 67.38 - 0.00 0.01
Dollar Ser 5 $ 1.00 - 0.00 0.20
Sterling Ser 1 1.00 - 0.00 0.30
Sterling Ser 3 60.26 - 0.00 0.30
Sterling Ser 4 58.76 - 0.00 0.20
Sterling Ser 5 1.00 - 0.00 0.45
Euro Ser 1 1.00 - 0.00 0.02
Euro Ser 3 73.69 - 0.00 0.02
Euro Ser 4 71.87 - 0.00 0.01
Euro Ser 5 1.00 - 0.00 0.07
Crdit Andorrn Asset Management (LUX)
www.creditandorra.com
FSA Recognised
Crediinvest SICAV Money Market Eur I 11.23 - 0.00 0.00
Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00
Crediinvest SICAV Fixed Income Eur 10.32 - 0.00 0.00
Crediinvest SICAV Fixed Income Usd $ 10.41 - 0.00 0.00
Crediinvest SICAV Spanish Value 184.37 - -1.34 0.00
Crediinvest SICAV International Value 162.82 - -0.09 0.00
Fund Bid Offer D+/- Yield
Crediinvest SICAV Big Cap Value 13.75 - -0.07 0.00
Crediinvest SICAV US Multistrategy $ 12.64 - 0.05 0.00
Crediinvest SICAV Sustainability 12.22 - 0.05 0.00
Daiwa Europe Fund Mgrs Ireland Ltd (IRL)
Regulated
Monthly Dividend High Yield $ 7.05 - 0.00 0.00
Daiwa Gaika MMF
AU$ Portfolio A$ 0.01 - 0.00 -
US$ Portfolio $ 0.01 - 0.00 -
Euro Portfolio 0.01 - 0.00 -
Canadian Dllr Pfolio C$ 0.01 - 0.00 -
New Zealand Dllr Pfolio NZ$ 0.01 - 0.00 -
Daiwa Bond Series
Monthly Dividend AUD Bd A$ 10.29 - -0.02 0.00
Monthly Dividend EUR Bd 9.96 - 0.02 0.00
Monthly Dividend CAD Bd C$ 10.48 - 0.01 0.00
Mthly Div US Preferred Secs $ 7.37 - 0.01 0.00
Daiwa Equity Fund Series
New Major Economies $ 10.83 - 0.01 0.00
Global CB $ 9.94 - 0.01 0.00
Dantrust Management (Guernsey) Ltd (GSY)
Regulated
Dantrust II Limited kr 373.30 374.50 0.30 0.00
DAVIS Funds SICAV (LUX)
Regulated
Davis Value A $ 28.37 - 0.17 0.00
Davis Value B $ 24.98 - 0.15 0.00
Davis Global A $ 20.80 - -0.04 0.00
Davis Global B $ 18.41 - -0.03 0.00
Deutsche Investment Funds Ltd (IRL)
Regulated
Deutsche Americas Bond Fund $ 67.30 - 0.00 0.00
CABEI Central America Fund $ 1973.77 - 2.11 0.00
Dodge & Cox Worldwide Funds (IRL)
111 Buckingham Palace Road Victoria, London SW1W 0SR
www.dodgeandcox.worldwide.com 020 7340 8695
FSA Recognised
Dodge & Cox Worldwide Funds plc-Global Stock Fund
USD Accumulating Share Class $ 11.07 - 0.04 0.00
GBP Accumulating Share Class 11.63 - 0.02 0.00
EUR Accumulating Share Class 13.45 - 0.09 0.00
Dodge & Cox Worldwide Funds plc-International Stock Fund
USD Accumulating Share Class $ 10.53 - 0.04 0.00
EUR Accumulating Share Class 10.02 - 0.06 0.00
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
USD Accumulating Share Class $ 11.43 - 0.03 0.00
GBP Accumulating Share Class 11.36 - 0.01 0.00
EUR Accumulating Share Class 12.01 - 0.07 0.00
Dominion Fund Management Limited
PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port
Guernsey - Channel Islands United Kingdom GY1 3PU
+44(0)1481 734343 investorservices@dominion-funds.com www.dominion-funds.com
Other International Funds
Dominion CHIC Fd DC Class 11.71 - 0.02 0.00
Dominion CHIC Fd IC Class 11.72 - 0.02 0.00
Dominion CHIC Fd DC Class 10.08 - 0.04 0.00
Dominion CHIC Fund GBP I Class 102.46 - 0.16 -
Dominion CHIC Fd IC Class 10.11 - 0.04 0.00
Dominion CHIC Fd US$ DC Class $ 9.20 - 0.01 0.00
Dominion CHIC Fd US$ IC Class $ 9.22 - 0.01 0.00
Dominion CHIC Fund GBP R Class 100.66 - 0.15 -
DX EVOLUTION PCC LIIMITED - DXE () FUND 98.86 98.86 -0.18 -
DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 99.75 99.75 -0.54 -
Dragon Capital Management
1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Fund information, dealing and administration: funds@dragoncapital.com
Other International Funds
Vietnam Enterprise Investments (VEIL) $ 2.37 - 0.03 0.00
Vietnam Growth Fund (VGF) $ 14.80 - -0.43 0.00
Edinburgh Partners Limited (IRL)
12 Charlotte Square, Edinburgh, EH2 4DJ +353 1 673 7627
Dealing - Fax only - +353 1 607 1978
FSA Recognised
Edinburgh Partners Opportunities Fund PLC
European Opportunities I EUR F 1.78 - 0.00 2.15
European Opportunities I GBP F 1.40 - -0.01 2.27
European Opportunities I USD F $ 2.20 - -0.02 2.27
European Opportunities A EUR F 1.75 - 0.00 1.62
Global Opportunities I USD F $ 1.30 - 0.00 2.16
Global Opportunities I GBP F 0.83 - 0.00 2.16
Global Opportunities I EUR F 1.05 - 0.01 2.04
Global Opportunities A GBP F 0.79 - 0.00 1.62
Pan European Opportunities Fund Class I - EUR 1.14 - 0.00 -
EFG Hermes
DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Other International Funds
The EFG-Hermes Egypt Fund $ 25.90 - -0.30 0.00
MENA Fixed Income Fund Ltd (Class A: Sub Class 1) $ 1032.40 - 11.55 0.00
Middle East & Developing Africa Fund (Final) $ 19.24 - 0.28 0.00
Saudi Arabia Equity Fund SR 7.75 - 0.02 0.00
Egerton Capital European Fund Plc (IRL)
Regulated
Egerton Capital Equity Fund Plc 171.96 - 2.66 0.00
Egerton European Dollar Fund Ltd
Other International Funds
European Dollar USD NAV A (Est) $ 114.07 - 1.06 0.00
Egerton European Dollar USD NAV B1 (Est) $ 114.66 - 1.06 0.00
European Dollar USD NAV C1 (Est) $ 119.23 - 1.12 0.00
Egerton European Equity Fund Ltd
Other International Funds
NAV A (Est) 56.33 - 0.43 -
NAV B1 (Est) 56.67 - 0.51 0.00
NAV C1 (Est) 58.81 - 0.52 0.00
Ennismore Smaller Cos Plc (IRL)
5 Kensington Church St, London W8 4LD 020 7368 4220
FSA Recognised
Ennismore European Smlr Cos NAV 63.68 - -0.06 0.00
Ennismore European Smlr Cos NAV 80.71 - 0.39 0.00
Ennismore European Smlr Cos Hedge Fd
Other International Funds
NAV 296.61 - -3.43 0.00
Equinox Fund Mgmt (Guernsey) Limited (GSY)
Regulated
Equinox Russian Opportunities Fund Limited $ 155.15 - 13.80 0.00
Ermitage Group Funds
Other International Funds
European Absolute Fd EUR 29.74 - 0.01 -
European Absolute B EUR 99.25 - 0.04 -
Euronova Asset Management UK LLP (CYM)
Regulated
Smaller Cos Cls One Shares 22.04 - 0.01 0.71
Smaller Cos Cls Two Shares 15.81 - 0.00 0.59
Smaller Cos Cls Three Shares 7.83 - 0.01 -
Smaller Cos Cls Four Shares 10.57 - 0.01 0.93
Eurobank EFG Fund Management Company (Lux) S.A. (LUX)
Regulated
(LF) Absolute Return 1.17 - 0.00 0.00
(LF) Absolute Return II 10.36 - 0.02 0.00
(LF) Balanced - Active Fund (RON)RON 13.48 - -0.04 0.00
(LF) Balanced - Polish Fund (PLN) Zty 6.79 - 0.02 0.00
(LF) Eq Dynamic Polish (PLN) Zty 5.42 - 0.02 0.00
(LF) Eq Flexi Style Greece 0.76 - -0.01 0.00
(LF) Turkish Equities 12.19 - 0.05 0.00
(LF) Eq Emerging Europe 0.94 - 0.00 0.00
(LF) Global Equities 0.80 - 0.00 0.00
(LF) Greek Equities 0.16 - 0.00 0.00
(LF) Greek Government Bond 6.02 - -0.48 0.00
(LF) Cash Fund 1.10 - 0.00 0.00
(LF) Cash Fund (PLN) Zty 11.02 - 0.00 0.00
(LF) Cash Fund (RON) RON 14.15 - 0.00 0.00
(LF) Income Plus $ $ 1.17 - 0.00 0.00
(LF) Money Mkt Fund - Res 10.04 - 0.00 -
(LF) FOF Balanced Blend 1.10 - 0.00 0.00
(LF) FOF BRIC 0.82 - 0.01 0.00
(LF) FOF Equity Blend 0.89 - 0.01 0.00
(LF) FOF Real Estate 12.69 - -0.04 -
Fund Bid Offer D+/- Yield
(LF) FOF New Frontiers - - - -
Federated International Funds Plc (u) (IRL)
c/o BNYM, Guild House, Guild Street IFSC, Dublin 1, Ireland
FSA Recognised
Federated High Income Advantage
USD Institutional Service Series $ 34.14 - 0.03 0.00
EUR Institutional Series H 214.19 - 0.23 0.00
Federated US Bond Fund
Euro Shares- Instl Series F 142.80 - -0.08 0.00
Federated Short-Term US Treasury Securities
Institutional Serv Series $ 1.00 - 0.00 0.00
Institutional Series H $ 1.00 - 0.00 0.00
Federated Short-Term US Govt Securities Fund
Institutional Serv Series $ 1.00 - -9.17 0.00
Investment Series $ 1.00 - 0.00 0.01
Investment Gth Series $ 168.92 - 0.00 0.00
Institutional Series H H $ 1.00 - 0.00 0.01
Federated Short-Term US Prime Fund
Institutional Service Series $ 1.00 - 0.00 0.00
Institutional Series $ 1.00 - 0.00 0.15
Investment - Dividend Ser H $ 1.00 - 0.00 0.00
Institutional Services - Dividend Ser H $ 1.00 - 0.00 0.00
Institutional Shares Accumulating F $ 107.53 - 0.00 0.00
Federated Short-Term Euro Fund
Institutional Series H 1.00 - 0.00 0.24
Institutional Service Series H 1.00 - 0.00 0.11
Institutional Series Accumulating H 119.86 - 0.00 0.00
Institutional Service Series Accumulating H 114.71 - 0.00 0.00
Federated Short Term Sterling Liquidity Fund
Institutional Series H 1.00 - 0.00 -
Institutional Service Dividend Series H 1.00 - 0.00 -
Federated Strategic Value Equity Fund
Class A Shares F $ 8.37 - 0.02 2.80
Class C Shares F $ 8.36 - 0.02 2.80
FIL Fund Management (LUX)
2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Phone: 800 22 089, 800 22 088
Regulated
China Consumer A-GBP 10.10 - -0.01 0.00
China Focus A-GBP 3.06 - -0.01 0.00
China Opportunities A-GBP 0.95 - 0.00 0.02
Global Financial Services A-GBP 0.29 - 0.00 0.00
Global Health Care A-GBP 0.30 - 0.00 0.00
Global Industrials A-GBP 0.59 - 0.00 0.00
Global Inflation-Linked Bd A-GBP-Hdg 1.24 - 0.00 1.03
Global Real Asset Securities 1.31 - 0.00 0.00
Global Technology A-GBP 0.15 - 0.00 0.00
Global Telecomms A-GBP 0.24 - 0.00 1.76
India Focus A-GBP 3.01 - -0.01 0.00
Latin America A-GBP 2.15 - 0.00 0.24
Findlay Park Funds Plc (IRL)
Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 1603 6460
FSA Recognised
American Fund USD Class $ 52.53 - 0.13 0.00
American Fund GBP Hedged 28.60 - 0.22 0.00
Latin American Fund USD Class $ 18.18 - 0.20 0.00
Fitzwilliam Asset Mgmt (Guernsey) Ltd (GSY)
Regulated
Total Return Fund PCC Ltd
Fitzwilliam Opprtunity Dollar $ 114.30 - -1.27 0.00
Fitzwilliam Opprtunity Sterling 127.42 - -1.44 0.00
The TRF Commodity Plus Dollar Fund $ 120.58 - -1.31 0.00
The TRF Commodity Plus Sterling Fund 118.18 - -1.31 0.00
Foord Asset Mgt (Guernsey) Ltd (GSY)
Regulated
Foord International Trust $ 29.36 - 0.32 0.00
Fiduciary International Ireland Limited (IRL)
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Other International Funds
Franklin Templeton Emerging Market Debt Opportunities Fund Plc
Frk Templeton Emg Mkts Debt Opp CHFSFr 19.38 - 0.53 5.94
Frk Templeton Emg Mkts Debt Opp GBP 10.93 - 0.23 5.85
Frk Templeton Emg Mkts Debt Opp EUR 13.62 - 0.37 5.86
Frk Templeton Emg Mkts Debt Opp USD $ 18.77 - 0.41 6.03
Franklin Templeton Investment Funds (LUX)
26 Bld Royal L-2449 Luxembourg 00 352 466667 212
www.franklintempleton.co.uk UK freephone 0 800 305 306
FSA Recognised
Class A Dis
Frk Gbl R.Estate (USD) A Dis $ 8.40 - -0.04 0.82
Frk High Yield $ 6.96 - -0.03 6.30
Frk High Yield (Euro) 6.00 - 0.00 6.38
Frk Income $ 11.58 - -0.04 4.31
Frk US Government $ 9.83 - -0.02 2.44
Frk US Liquid Reserve Inc $ 9.71 - 0.00 0.00
Frk US Total Return $ 11.12 - -0.02 2.01
Frk US Low Duration Fd $ 9.73 - -0.01 0.46
Tem Asian Bond $ 13.87 - -0.04 2.41
Tem Asian Growth $ 29.58 - 0.12 0.16
Tem Emerging Markets $ 32.87 - 0.06 0.41
Tem Emg Mkts Bd $ 19.67 - 0.01 5.39
Tem Emg Mkts Balanced AQdis $ 8.93 - 0.04 2.09
Tem Euro Gov. Bond 9.66 - 0.02 1.61
Tem Euro Liquid Reserve 4.40 - 0.00 0.70
Tem Europ Corp Bond Fd F 10.23 - 0.04 2.88
Tem European Total Return 8.78 - 0.01 2.90
Tem Global $ 23.58 - 0.05 1.00
Tem Global (Euro) 12.02 - 0.06 0.76
Tem Global Aggregate Bond Fd F $ 9.84 - -0.01 1.57
Tem Global Balanced $ 18.59 - 0.02 1.56
Tem Global Bond $ 20.36 - -0.01 2.57
Tem Global Bond (Euro) 10.35 - 0.00 2.41
Tem Global Equity Income $ 8.41 - -0.01 2.90
Tem Global High Yield Fd F $ 9.88 - -0.04 5.37
Tem Global Income $ 11.86 - 0.03 2.22
Tem Global Smaller Cos $ 25.39 - 0.10 0.34
Tem Global Total Return $ 17.42 - -0.04 4.04
Tem Latin America $ 71.68 - 0.57 0.76
Class A Acc
Frk Asia Flex Cap Fd $ 12.27 - -0.03 0.00
Frk Biotech Discovery $ 13.93 - -0.12 0.00
Frk Euroland Core Fund 12.74 - -0.02 0.00
Frk European Growth 10.88 - -0.05 0.00
Frk European Sml Mid Cap Gth 19.47 - -0.03 0.00
Frk Global Conver.Securities $ 9.55 - 0.00 -
Frk Global Growth $ 11.17 - -0.09 0.00
Frk Global Sml Mid Cap Gth $ 20.29 - -0.04 0.00
Frk Gold and Precious Mtls Fd F $ 7.87 - 0.00 0.00
Frk India $ 20.98 - -0.14 0.00
Frk MENA Fund $ 4.42 - 0.01 0.00
Frk Mutual Beacon $ 50.18 - 0.11 0.00
Frk Mutual Euroland Fd 11.81 - -0.01 0.00
Frk Mutual European EUR 17.35 - 0.01 0.00
Frk Mutual Gbl Disc $ 13.42 - 0.00 0.00
Frk Natural Resources Fd F $ 8.83 - 0.02 0.00
Frk Real Return Fd F $ 10.54 - -0.01 0.00
Frk Strategic Income Fd $ 13.62 - -0.01 0.00
Frk Technology $ 7.25 - -0.03 0.00
Frk Tem Global Gth & Val $ 18.63 - -0.07 0.00
Frk Tem Japan 426.71 - -0.16 0.00
Frk Templeton Gbl Equity Strategies Fd $ 9.33 - 0.01 0.00
Frk Templeton Gbl Fundamental Strat Fd $ 10.59 - 0.01 0.00
Frk U.S. Focus Fund $ 9.75 - 0.03 0.00
Frk US Equity $ 16.79 - 0.02 0.00
Frk US Opportunities $ 7.64 - -0.02 0.00
Frk US Sml Mid Cap Gth F $ 12.90 - -0.03 0.00
Frk Wrld Perspective Fd $ 14.10 - -0.02 0.00
Tem Africa $ 10.20 - 0.09 -
Tem Asian Sml Comp Fd $ 27.49 - 0.04 0.00
Tem BRIC $ 14.74 - 0.11 0.00
Tem China $ 21.36 - 0.04 0.00
Tem Eastern Europe 21.77 - 0.08 0.00
Tem Emerging Mkts Sml Comp Fd $ 7.44 - 0.06 0.00
Tem Euro S-Term Money Mkt Fd 1013.00 - 0.00 0.00
Tem Euroland 12.40 - -0.01 0.00
Tem European EUR 14.30 - 0.01 0.00
Tem Frontier Mkts Fund $ 15.05 - 0.10 0.00
Tem Growth (Euro) 10.74 - 0.04 0.00
Tem Korea $ 5.22 - 0.02 0.00
Tem Thailand $ 17.35 - 0.09 0.00
Frontier Capital (Bermuda) Limited
Other International
Commercial Property-GBP Class (Susp) 98.43 - 0.00 0.00
Global Real Estate-GBP C Class (Susp) 96.28 - 0.00 -
GAM Limited (IRL)
FSA Recognised
GAM Fund Management Ltd
Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
GAM Star Fund Plc
GAM Star Absolute Euro USD Inc F $ 9.76 - -0.02 0.00
GAM Star Asia-Pacific Eqty USD Acc F $ 9.83 - 0.02 0.00
GAM Star Asian Eqty USD Ord Acc F $ 12.09 - 0.00 0.00
GAM Star Cap.Appr.US Eqty USD Inc F $ 10.91 - -0.03 0.00
GAM Star Cat Bond USD Acc $ 10.42 - 0.02 -
Fund Bid Offer D+/- Yield
GAM Star China Equity USD Acc F $ 15.88 - 0.00 0.89
GAM Star Composite Abs Rtn EUR Ac F 10.63 - 0.06 0.00
GAM Star Cont European Eqty GBP Acc F 2.34 - -0.02 0.41
GAM Star Cred Opportunities EUR Acc 10.07 - 0.01 0.00
GAM Star Cred Opportunities GBP Acc 9.39 - 0.04 6.95
GAM Star Cred Opportunities USD Acc $ 9.78 - 0.06 0.00
GAM Star Discretionary FX USD Acc F $ 9.76 - 0.03 0.00
GAM Star Dynamic Gbl Bd USD Acc H $ 10.81 - 0.00 0.00
GAM Star Emerging Asia USD Class ACCU $ 11.63 - -0.06 -
GAM Star Emerg. Market Rates USD Acc F $ 11.11 - -0.04 0.00
GAM Star Emerg Market Tot.Ret.USD Acc F $ 12.36 - -0.02 0.00
GAM Star European Eqty USD Acc F $ 16.40 - -0.09 0.00
GAM Star GAMCO US Equity Acc F $ 9.80 - 0.03 0.00
GAM Star GEO USD Acc F $ 7.31 - -0.02 0.00
GAM Star Global Conv Bond USD Acc F $ 10.15 - 0.00 0.00
GAM Star Global Eq Inflation Fcs USD II Acc F $ 132.93 - -0.29 0.00
GAM Star Global Rates USD Acc F $ 11.13 - 0.05 0.00
GAM Star Global Selector USD Acc F $ 11.92 - 0.00 0.00
GAM Star Japan Eqty USD Acc F $ 9.63 - 0.03 0.00
GAM Star Keynes Quant Strat USD Acc F $ 10.65 - 0.03 0.00
GAM Star North of South EM Equity Acc F $ 10.32 - 0.05 -
GAM Star Technology USD Acc F $ 11.31 - -0.05 0.00
GAM Star Trading Acc F $ 9.37 - -0.03 0.00
GAM Star US All Cap Eqty USD Acc F $ 9.47 - 0.01 0.00
GAM Star Worldwide Eqty USD Acc F $ 2497.31 - 0.64 0.00
GAM Limited
Other International Funds
GAM Absolute Return Bond USD $ 110.16 - 0.09 0.00
GAM Asia Equity Inc $ 585.58 - 0.14 0.10
GAM Asia Eqty Hdg Inc USD Open $ 209.61 - 1.14 0.00
GAM Capital Appreciation Eqty USD $ 293.65 - -0.91 0.00
GAM Composite Abs Rtn Access Acc 98.76 - 0.00 0.00
GAM Composite Abs Rtn GBP Listed 145.60 - 0.73 0.00
GAM Composite Abs Rtn GBP Open 216.43 - 1.09 0.00
GAM Diversity Inc USD Open $ 662.13 - 0.53 0.00
GAM Diversity II Inc USD Open $ 202.06 - 0.15 0.00
GAM Diversity III USD Open $ 117.12 - 0.09 0.00
GAM Euro Special Bd EUR Open 131.63 - 0.17 0.00
GAM Eurp Eqty Hedge USD Open $ 227.78 - -0.55 0.00
GAM GAMCO Equity $ 1047.26 - 3.03 0.00
GAM Global Diversified USD Inc $ 253.95 - 4.34 0.58
GAM Interest Trend Inc $ 314.77 - 2.66 0.00
GAM Japan Equity Inc $ 958.33 - 3.11 0.00
GAM Multi-Diversified EUR 102.51 - 0.07 0.00
GAM Multi-Emg Mkts USD Open $ 616.82 - 2.00 0.00
GAM Multi-Europe II USD Open $ 116.15 - 0.36 0.00
GAM Multi-Europe USD Open $ 480.94 - 1.50 0.00
GAM Asia-Pacific Equity Inc $ 1172.22 - 1.86 0.50
GAM Selection Hedge Inc $ 3018.51 - 7.89 0.00
GAM Singapore/Malaysia Equity $ 2652.85 - -14.13 1.06
GAM Sterling Special Bond Inc 255.14 - 1.07 3.29
GAM Trading Inc USD Op $ 1008.24 - -2.14 0.00
GAM Trading II GBP 1.25 XL 106.29 - -0.29 0.00
GAM Trading II Inc USD Op $ 327.77 - -0.69 0.00
GAM Trading III Inc USD Op $ 168.23 - -0.36 0.00
GAM Trading IV Inc USD Op $ 160.01 - -0.34 0.00
GAM Trading V Inc USD Op $ 133.81 - -0.29 0.00
GAM US Dollar Special Bond Inc $ 651.51 - 3.64 0.00
GAM Worldwide $ 2188.90 - 0.53 0.51
GAMut Investments Inc. T Class $ 116.42 - -0.17 0.00
GLC Ltd
Other International Funds
GLC Diversified USD (Final) $ 65.71 - -4.79 0.00
GYS Investment Management Ltd (GSY)
Regulated
Taurus Emerging Fund Ltd $ 194.36 198.33 5.34 0.00
Generali International Limited
PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
International Insurances
Global Multi-Strategy Managed $ 3.78 4.08 0.07 0.00
UK Multi-Strategy Managed 3.72 4.01 0.07 0.00
EU Multi-Strategy Managed 2.20 2.38 0.05 0.00
Global Bond USD $ 3.49 3.76 0.02 0.00
Genesis Asset Managers LLP
Other International Funds
Emerging Mkts NAV 5.32 - 0.09 0.00
Griffin Umbrella Fund (IRL)
Regulated
European Opportunities Fund A 130.15 - 0.01 0.00
European Opportunities Fund B 98.22 - 0.00 0.00
Renaissance Eastern European Allocation Fund 394.67 - -0.04 0.00
Renaissance Eastern European Fund A 491.66 - 1.57 0.00
Renaissance Eastern European Fund B 106.23 - 0.44 0.00
Renaissance Ottoman Fund 127.59 - 0.33 0.00
HPB Assurance Ltd
PO Box 179, IOMA House,, Hope Steet, Douglas,, Isle of Man, IM99 1PU 01624 681343
International Insurances
Holiday Property Bond Ser 1 0.58 - -0.01 0.00
Holiday Property Bond Ser 2 0.63 - 0.00 0.00
HSBC Fd Administration (Jersey) Ltd (JER)
HSBC House, St. Helier, Jersey JE1 1HS 01534 606520
FSA Recognised
Intl Sterling Income 1.0481xd 1.0801 -0.0015 0.03
Hamilton Lane Private Equity Fund PLC (IRL)
Regulated
NAV $ 108.05 - -1.98 -
Hamon Investment Group
Other International Funds
Asian iTech $ 5.01 - -0.48 0.00
Asian Market Leaders - USD $ 23.34 - 0.14 0.00
Asian Market Leaders - GBP 11.64 - 0.00 0.00
Greater China - USD $ 8.29 - 0.08 0.00
Greater China - GBP 3.34 - 0.02 0.00
Oriental Long Short $ 79.90 - 1.95 0.00
Selected Asian P'folio $ 46.92 46.93 0.09 0.00
Haussmann Hldgs NV Curacao
Other International Funds
Haussman $ 2086.11 - 10.03 -
Haussmann Holdings NV Cls C 1843.66 - 6.98 0.16
Heartwood Wealth Management Limited (IRL)
Regulated
Heartwood Caut Multi Asset B Acc 123.89 - 0.02 0.00
Heritage Wealth SIF
Other International Funds
Heritage Wealth SIF - Bal. EUR 99.70 - -0.30 0.00
Heritage Wealth SIF - Bal. USD $ 97.80 - -0.13 0.00
Heritam Sicav
Other International Funds
Eastern European Heritage EUR 197.29 - 6.60 0.00
Energy Fund $ 94.58 - -1.00 0.00
European Opportunities Fd EUR 108.02 - 2.40 0.00
USA Growth $ 112.89 - -0.56 0.00
Hermes Investment Funds Plc (IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ 020 7680 3720
FSA Recognised
Global Emerging Markets Fund 1.85 1.85 0.01 0.00
Global Equites Selection Fund F 1.31 1.31 0.00 0.00
Japan Equity Fund F 1.10 1.10 0.01 0.00
Pan European Small Cap Companies Fund 1.81 1.81 0.00 0.00
Quant Global Equity Fund 1.69 1.69 0.01 0.00
Sourcecap European Alpha Fund F 1.23 1.23 0.01 0.00
Sourcecap Europe Ex-UK Cls Z GBP Acc 1.15 1.15 0.00 -
UK Smaller Companies Fund 1.91 1.91 0.00 0.00
UK Small and Mid Cap Companies Fund 2.57 2.57 0.01 0.00
Global Investment Grade Z GBP Acc 1.11 1.11 -0.01 0.00
Global High Yield Bond Fund Cls Z GBP Acc 1.14 1.14 -0.01 0.00
IKANO Funds (LUX)
Regulated
All seasons Fd 11.38 - 0.01 0.00
European Equity 10.18 - 0.04 0.00
Global Equity 8.07 - 0.03 0.00
IT Asset Management
Other International Funds
IT Funds Info Tech UK Dist 531.43 - -1.15 0.00
Impax Asset Management (IRL)
Norfolk House, 31 St James's Square, London, SW1Y 4JR
FSA Recognised
Env Mkts (Ire) Stl A 1.60 - 0.00 0.00
Env Mkts (Ire) Stl B 1.54 - 0.00 0.00
Env Mkts (Ire) Euro A 1.39 - 0.00 0.00
Env Mkts (Ire) Euro B 1.09 - 0.00 0.00
Env Mkts (Ire) USD A $ 1.31 - 0.00 0.00
Env Mkts (Ire) USD B $ 1.16 - 0.00 0.00
Asian Env Mkts (Ire) Stl A 0.72 - 0.00 0.00
Asian Env Mkts (Ire) Stl B 0.72 - 0.00 0.00
Asian Env Mkts (Ire) USD A $ 0.83 - 0.00 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL)
www.invil.mu
Other International Funds
NAV 4.52 - 0.01 0.00
Intrinsic Value Investors (IVI) LLP (IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FSA Recognised
IVI European Fund EUR 12.14 - -0.01 0.00
IVI European Fund GBP 13.28 - -0.06 0.00
Full fund performance data at
www.ft.com/funds
MARKETS | MANAGED FUNDS SERVICE
AUGUST 10 2012 Section:Stats Time: 9/8/2012 - 19:09 User: watsonl Page Name: UT4 EUR, Part,Page,Edition: EUR, 17, 1
18

FINANCIAL TIMES FRIDAY AUGUST 10 2012
Fund Bid Offer D+/- Yield
Invesco (LUX)
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FSA Recognised
Invesco Management SA
Invesco Asia Balanced A dist $ 15.66 - 0.02 4.47
Invesco Asia Consumer Demand Fund A income $ 11.09 - 0.11 0.35
Invesco Asia Infrastructure (A) $ 13.05 - 0.11 0.86
Invesco Asia Opportunities Equity A $ 85.19 - 1.00 0.00
Invesco Absolute Return Bond Fund A 2.88 - 0.00 0.00
Invesco Balanced Risk Allocation Fund A 14.04 - 0.04 0.00
Invesco Capital Shield 90 (EUR) A 11.44 - 0.02 0.00
Invesco Emerging Europe Equity Fund A $ 10.18 - 0.01 0.00
Invesco Emerging Local Currencies Debt A Inc $ 10.80 - 0.02 5.46
Invesco Emerging Mkt Quant.Eq. A $ 11.07 - 0.11 0.00
Invesco Energy A $ 24.02 - 0.00 0.00
Invesco Euro Corporate Bond Fund (A) 14.42 - 0.04 0.00
Invesco Euro Inflation Linked Bond A 15.12 - 0.04 0.00
Invesco Euro Reserve A 322.59 - 0.00 0.00
Invesco European Bond A 5.78 - 0.01 0.00
Invesco European Growth Equity A 16.78 - 0.10 0.00
Invesco Global Absolute Return Fund A Class 10.78 - 0.04 0.00
Invesco Global Bond A Inc $ 5.53 - 0.00 2.00
Invesco Global Equity Income Fund A $ 43.91 - 0.12 0.00
Invesco Global Inc Real Estate Sec A dist $ 8.78 - 0.00 2.99
Invesco Global Inv Grd Corp Bond A Dist $ 11.00 - 0.00 3.06
Invesco Global Leisure A $ 20.65 - -0.02 0.00
Invesco Global Smaller Comp Eq Fd A $ 35.04 - 0.04 0.00
Invesco Global Structured Equity A $ 31.00 - 0.02 1.04
Invesco Global Total Ret.(EUR) Bond Fund A 11.69 - 0.01 0.00
Invesco Gold & Precious Metals A $ 8.87 - -0.01 -
Invesco Greater China Equity A $ 31.45 - 0.28 0.00
Invesco India Equity A $ 33.21 - -0.03 0.00
Invesco Japanese Equity Adv Fd A 1786.00 - 16.00 0.00
Invesco Japanese Value Eq Fd A 602.00 - 5.00 0.00
Invesco Latin American Equity A $ 9.70 - 0.08 0.00
Invesco Nippon Small/Mid Cap Equity A 485.00 - -2.00 0.00
Invesco Pan European Equity A EUR Cap NAV 11.84 - 0.04 0.00
Invesco Pan European High Income Fd A 11.12 - 0.02 4.77
Invesco Pan European Small Cap Equity A 12.58 - 0.02 0.00
Invesco Pan European Structured Equity A 10.93 - 0.07 0.00
Invesco UK Investment Grade Bond A 0.95 - 0.00 3.26
Invesco US Structured Equity A $ 14.95 - 0.04 0.00
Invesco US Value Eq Fd A $ 22.15 - 0.06 0.00
Invesco USD Reserve A $ 87.02 - 0.00 0.00
Invesco Global Asset Management Ltd (IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FSA Recognised
Invesco Stlg Bd A QD F 2.44 - 0.00 5.07
Invesco Asian Equity A $ 5.43 - 0.04 0.38
Invesco ASEAN Equity A $ 98.47 - 0.46 0.34
Invesco Bond A $ 29.89 - -0.03 1.91
Invesco Continental Eurp Small Cap Eqty A $ 115.45 - 0.03 0.52
Invesco Emerging Markets Equity A $ 34.32 - 0.23 0.00
Invesco Emerging Markets Bond A $ 22.67 - 0.03 4.90
Invesco Continental European Equity A 4.85 - 0.00 1.29
Invesco Gilt A 14.55 - -0.01 2.61
Invesco Global Small Cap Equity A NAV $ 83.47 - 0.15 0.00
Invesco Global High Income A NAV $ 13.29 - 0.02 5.72
Invesco Gbl R/Est Secs A GBP F F 6.37 - -0.01 1.06
Invesco Global Health Care A $ 74.85 - 0.01 0.00
Invesco Global Select Equity A $ 10.44 - 0.02 0.00
Invesco Jap Eqty Core A $ 1.22 - 0.01 0.31
Invesco Japanese Equity A $ 14.24 - 0.11 0.00
Invesco Korean Equity A $ 21.89 - 0.35 0.00
Invesco PRC Equity A $ 40.76 - 0.45 0.00
Invesco Pacific Equity A $ 36.36 - 0.33 0.39
Invesco Global Technology A $ 11.17 - -0.03 0.00
Invesco UK Eqty A 5.51 - 0.02 1.91
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 82.29 - 0.20 0.00
Invest AD - UAE Total Return Fund *AED 67.66 - -0.24 0.00
Invest AD - Emerging Africa Fund $ 95.61 - -0.47 0.00
Invest AD - GCC Focus Fund * $ 97.26 - -0.37 0.00
Investec Asset Management Ireland Ltd (IRL)
JP Morgan Admin Svs Ire Ltd, JP Morgan Hse, IFSC Dub 1 00 353 1 612 3363
FSA Recognised
Investec Liquidity Funds Plc
Euro Liquidity A Acc EUR * 11.90 - 0.00 -
Euro Liquidity I Inc EUR * 1.00 - 0.00 0.18
Short Dated Bd A Acc GBP * 13.03 - 0.00 -
Short Dated Bd I Acc GBP * 13.92 - 0.00 -
Sterling Liquidity A Acc GBP * 13.16 - 0.00 -
Sterling Liquidity I Inc GBP * 1.00 - 0.00 0.44
US$ Liquidity A Acc USD * $ 11.96 - 0.00 -
US$ Liquidity I Inc USD * $ 1.00 - 0.00 0.25
Investec Global Strategy Fund (LUX)
49 Avenue JF Kennedy
L-1855 Luxembourg Enquiries 020 7597 1800
FSA Recognised
Investec Global Strategy Fund
Africa Opps A Acc USD $ 18.16 - 0.03 0.45
American Equity A Acc USD $ 15.36 - 0.01 -
American Equity A Inc USD $ 71.81 - 0.02 -
Asia Pacific Eq. A Acc USD $ 23.73 - 0.01 0.84
Asia Pacific Eq. A Inc USD $ 23.49 - 0.01 0.89
Asian Equity A Acc USD $ 18.10 - -0.03 0.46
Asian Equity A Inc USD $ 26.54 - -0.05 0.41
Continental European Equity A Inc USD $ 322.63 - -2.28 0.91
Continental European Equity A Acc USD $ 13.49 - -0.10 0.88
EAFE A Inc USD $ 14.41 - 0.00 0.42
Emrg Mkts Blended Debt A Acc USD $ 21.96 - -0.02 5.44
Emrg Mkts Blended Debt A Inc USD $ 20.14 - -0.02 5.51
Emrg Mkts Corp Debt A Acc USD $ 21.47 - 0.01 3.54
Emrg Mkts Curr A Acc USD $ 19.64 - -0.01 2.43
Emrg Mkts Curr Alpha A Acc USD $ 19.44 - 0.00 -
Emrg Mkts Equity A Acc USD $ 16.52 - 0.06 -
Emrg Mkts Hard Curr Debt A Inc USD $ 22.54 - -0.02 3.25
Emrg Mkts Local Curr Debt A Acc USD $ 27.38 - -0.02 6.48
Emrg Mkts Local Curr Debt A Inc USD $ 19.84 - -0.01 6.60
Emrg Mkts Local Curr Dyn Debt A Acc USD $ 20.91 - -0.02 6.05
Emrg Mkts Local Curr Dyn Debt A Inc USD $ 19.20 - -0.01 6.10
Emerging Markets Multi-Asset A Acc USD $ 20.80 - -0.01 -
Emerging Markets Multi-Asset A Inc USD $ 20.64 - -0.01 -
Enhanced Gbl Energy A Acc USD $ 16.46 - -0.01 -
Enhanced Nat Resources A Acc USD $ 19.36 - 0.02 -
Euro Money A Acc EUR 69.06 - 0.00 0.20
Euro Money A Inc EUR 26.12 - 0.00 0.20
Global Bond A Acc USD $ 99.38 - -0.09 1.49
Global Bond A Inc USD $ 45.29 - -0.04 1.52
Global Contrarian Equity A Acc USD $ 21.33 21.33 -0.03 -
Global Dynamic A Acc USD $ 95.69 - -0.31 -
Global Dynamic A Inc USD $ 94.97 - -0.31 -
Global Energy A Acc USD $ 17.34 - -0.01 0.27
Global Energy A Inc USD $ 304.56 - -0.14 0.18
Global Energy Long Short A Acc USD $ 16.92 - 0.00 -
Global Equity A Acc USD $ 222.41 - -0.25 -
Global Equity A Inc USD $ 220.55 - -0.24 -
Global Franchise A Acc USD $ 31.34 - 0.02 0.69
Global Franchise A Inc USD $ 30.99 - 0.02 0.71
Global Gold A Acc USD $ 20.13 - -0.02 -
Global Gold A Inc USD $ 72.54 - -0.08 -
Global Natural Resources A Acc USD $ 10.22 - 0.03 -
Global Natural Resources A Inc USD $ 10.22 - 0.03 -
Global Opp Equity A Inc USD $ 24.14 - 0.02 0.21
Global Strat Equity A Acc USD $ 15.45 - -0.06 -
Global Strat Equity A Inc USD $ 84.04 - -0.33 -
Global Strategic Inc A Acc USD $ 25.84 - -0.01 4.11
Global Strategic Inc A Inc USD $ 20.86 - -0.01 4.15
Global Strat Managed A Acc USD $ 93.30 - 0.01 0.16
Global Strat Managed A Inc USD $ 40.85 - 0.01 0.17
High Income Bond A Acc GBP Hdg 66.40 - 0.02 6.71
High Income Bond A Inc GBP Hdg 16.78 - 0.01 6.94
Inv Grade Corp Bond A Acc USD $ 20.67 - 0.01 4.27
Inv Grade Corp Bond A Inc USD $ 29.68 - 0.02 4.32
Latin Amer.Corp.Debt A Acc USD $ 24.24 - 0.04 6.21
Latin Amer.Corp.Debt A Inc USD $ 19.71 - 0.03 6.27
Latin Amer.Eq. A Acc USD $ 19.43 - 0.14 0.79
Latin Amer.Sm Cos A Acc USD $ 22.39 - 0.10 -
Managed Currency A Acc USD $ 128.47 - -0.04 -
Managed Currency A Inc USD $ 34.66 - -0.01 -
Multi-Asset Protector Fund A Acc USD $ 18.82 - 0.02 -
Sterling Money A Acc GBP 56.44 - 0.00 0.18
Fund Bid Offer D+/- Yield
Sterling Money A Inc GBP 9.96 - 0.00 0.18
UK Equity A Acc GBP 10.59 - 0.07 1.41
UK Equity A Inc GBP 59.11 - 0.43 1.44
US Dollar Money A Acc USD $ 65.60 - 0.00 0.04
US Dollar Money A Inc USD $ 20.06 - 0.00 0.04
Investec Asset Mgmt (Guernsey) Ltd (GSY)
Regulated
Investec Expert Investment Funds PCC Limited
Global Commodities & Resources A USD $ 28.78 - 0.20 -
Investec Professional Funds PCC Ltd
Global Diversified Growth I USD $ 20.57 - -0.01 -
Global Diversified Growth A USD $ 28.46 - -0.01 -
Investec Premier Funds PCC Ltd
Africa A USD $ 18.62 19.60 0.16 -
Pan Africa A USD $ 24.98 26.29 0.09 -
J O Hambro Capital Mgmt Ltd (IRL)
14 Ryder Street, London SW1Y 6QB, United Kingdom
Phone: 0845 450 1972
FSA Recognised
Asia ex Japan EUR Retail 1.30 - 0.01 -
Asia ex Japan GBP Retail 1.18 - 0.01 -
Asia ex Japan USD Retail $ 1.19 - 0.01 -
Asia ex Japan SMC EUR Retail 1.21 - 0.02 -
Asia ex Japan SMC GBP Retail 1.10 - 0.01 -
Asia ex Japan SMC USD Retail $ 1.11 - 0.01 -
All Europe Dynamic Growth EUR Retail 0.99 - 0.01 0.00
All Europe Dynamic Growth GBP Retail 0.92 - 0.00 0.00
Continental European Ret GBP 2.11 - 0.00 2.24
Continental European Ret EURO H 1.97 - 0.00 0.34
Emerging Markets Retl Inc NAV 0.97 - 0.01 0.00
Emerging Mkts EUR Retl Inc NAV 1.06 - 0.01 1.34
Emerging Markets USD Retail $ 1.15 - 0.01 0.00
European Select Values Ret GBP H 2.70 - 0.00 0.32
European Select Values Ret EURO H 1.36 - 0.00 0.30
European Retail GBP H 1.88 - 0.00 1.35
European Retail EURO H 0.68 - 0.00 116.68
Global Emerging Markets Opportunities GBP Retail 0.86 - 0.00 0.00
Global Emerging Markets Opportunities USD Retail $ 0.84 - 0.00 0.00
Global Emerging Markets Opportunities EUR Retail 0.99 - 0.01 0.00
Global Opportunities Fund Euro Retail 1.08 - 0.00 -
Global Opportunities Fund Sterling Retail 1.05 - 0.00 -
Global Opportunities Fund USD Retail $ 1.06 - 0.00 -
Global Select Retail EUR 1.37 - 0.01 0.00
Global Select Retail GBP 1.35 - 0.01 0.00
Japan Hedged Retail GBP 0.85 - 0.01 1.61
Japan Ret GBP 1.31 - 0.01 1.01
Japan Ret EURO 1.11 - 0.01 0.58
Japan Ret JPY 157.15 - 1.35 0.01
UK Growth Retail GBP 1.73 - 0.00 1.72
JPMorgan Asset Mgmt (1200)F (UK)
Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)
Diversified Real Ret Acc 50.36 - 0.00 -
Diversified Real Ret Inc 50.30 - 0.00 -
JPMorgan Asset Management (Europe) S.a.r.l (LUX)
6 Route de Trves L-2633 Senningerberg Luxembourg
Tel (352) 34 10 1 (Other funds)
Fax (352) 34 10 8000 (Others funds)
www.jpmorgan.com/assetmanagement
FSA Recognised
Equity US
JF America Eq A (dist)-USD (1) F $ 49.77 - -0.30 -
JF US Smaller Co.A (dist)-USD (1) $ 16.23 - 0.04 -
JPM Brazil Equity A (acc)-EUR (1) F 64.77 - -0.47 -
JPM Brazil Equity A (dist)-USD (1) F $ 8.94 - -0.13 -
JF US Value A (dist)-USD (1) $ 13.98 - -0.04 -
JPM Am Eq A (acc)-USD (1) F $ 12.23 - -0.07 -
JPM Am Eq A (dist)-USD (1) $ 92.75 - -0.58 -
JPM Am Eq A (acc)-EUR Hdg (1) F 7.51 - -0.04 -
JPM Am L Cap A (acc)-EUR (1) F 12.26 - 0.06 -
JPM Am L Cap A (acc)-USD (1) F $ 12.82 - -0.03 -
JPM Am L Cap A (dist)-USD (1) F $ 11.39 - -0.03 -
JPM US Aggr Bd Aacc-EUR (hdg) (1) 78.89 - -0.05 -
JPM US Smaller Co.A (acc)-USD (1) F $ 10.89 - 0.02 -
JPM US Smaller Co.A (dist)-USD (1) $ 110.73 - 0.26 -
JPM H US STEEP A (acc)-EUR (1) F 9.86 - 0.10 -
JPM US Value A (acc)-EUR Hdg (1) F 7.71 - -0.02 -
JPM H US STEEP A (inc)-EUR (1) F 9.72 - 0.10 -
JPM H US STEEP A (acc)-USD (1) F $ 12.17 - 0.04 -
JPM US Dyn A (acc)-EUR (1) 7.26 - 0.05 -
JPM US Dyn A (acc)-USD (1) F $ 10.73 - 0.00 -
JPM US Dyn A (dist)-USD (1) $ 14.78 - -0.01 -
JPM US Growth A (acc)-EUR Hdg (1) F 7.51 - -0.02 -
JPM US Growth A (acc)-USD (1) F $ 13.02 - -0.02 -
JPM US Growth A (dist)-GBP (1) F 6.40 - -0.01 -
JPM US Growth A (dist)-USD (1) F $ 6.97 - -0.01 -
JPM US Select 130/30 A (acc)-EUR Hdg (1) F 7.26 - 0.00 -
JPM US Select 130/30 A (acc)-USD (1) F $ 10.31 - -0.01 -
JPM US Select 130/30 A (dist)-GBP (1) F 6.98 - 0.00 -
JPM US Select 130/30 A (dist)-USD (1) F $ 10.49 - -0.01 -
JPM US Sm Cap Grth A (acc)-EUR (1) F 73.92 - 0.53 -
JPM US Sm Cap Grth A (dist)-GBP (1) F 9.62 - 0.01 -
JPM US Sm Cap Grth A (acc)-USD (1) F $ 14.36 - 0.00 -
JPM US Sm Cap Grth A (dist)-USD (1) $ 98.84 - 0.01 -
JPM US Value A (dist)-GBP (1) F 14.63 - -0.02 -
JPM US Value A (acc)-USD (1) F $ 12.81 - -0.03 -
JPM US Value A (dist)-USD (1) F $ 16.00 - -0.05 -
JPM US Dyn 130/30 A (acc)-EUR Hdg (1) 7.16 - -0.02 -
JPM US DYN 130/30 A (acc)-USD (1) F $ 10.18 - -0.03 -
JPM US DYN 130/30 A (dist)-GBP (1) F 8.22 - -0.02 -
JPM US DYN 130/30 A (dist)-USD (1) F $ 126.19 - -0.35 -
Equity Asia
JF ASEAN Equity A (acc)-SGD (1) F S$ 15.91 - 0.06 -
JF Asia Al+ A (acc)-USD (1) $ 19.26 - 0.01 -
JF Asia P ExJapEq A (dist)-GBP (1) F 16.87 - 0.06 -
JF Asia P ExJapEq A (acc)-USD (1) F $ 17.12 - 0.04 -
JF Asia P ExJapEq A (dist)-USD (1) $ 43.53 - 0.10 -
JF Asia P ExJapEq A (acc)-SGD (1) F S$ 12.02 - 0.06 -
JF China A (acc)-USD (1) F $ 23.96 - -0.03 -
JF China A (acc)-SGD (1) F S$ 9.96 - 0.01 -
JF China A (dist)-HKD (1) F HK$ 9.08 - -0.01 -
JF China A (dist)-USD (1) $ 38.82 - -0.06 -
JF Greater China A (acc)-SGD (1) F S$ 12.36 - 0.01 -
JF Greater China A (acc)-USD (1) F $ 19.71 - -0.05 -
JF Greater China A (dist)-HKD (1) FHK$ 10.48 - -0.02 -
JF Greater China A (dist)-USD (1) F $ 24.59 - -0.06 -
JF Hong Kong A (acc)-USD (1) F $ 15.86 - -0.05 -
JF Hong Kong A (dist)-HKD (1) F HK$ 9.52 - -0.03 -
JF Hong Kong A (dist)-USD (1) F $ 41.60 - -0.13 -
JF India A (acc)-SGD (1) F S$ 11.90 - 0.03 -
JF India A (acc)-USD (1) F $ 21.61 - -0.02 -
JF India A (dist)-GBP 66.49 - 0.03 -
JF India A (dist)-USD (1) $ 63.57 - -0.05 -
JF Korea Eq A (acc)-USD (1) F $ 9.72 - 0.07 -
JF Korea Eq A (acc)-EUR (1) F 7.88 - 0.12 -
JF Korea Eq A (dist)-USD (1) F $ 10.13 - 0.08 -
JF Singapore A (acc)-SGD (1) F S$ 15.99 - -0.01 -
JF Japan Eq A (acc)-EUR (1) F 4.93 - 0.05 -
JF Japan Eq A (dist)-GBP (1) F 5.98 - 0.03 -
JF Japan Eq A (acc)-JPY (1) 427.00 - 0.00 -
JF Japan Eq A (acc)-USD (1) F $ 7.28 - 0.03 -
JF Japan Eq A (dist)-USD (1) $ 18.39 - 0.05 -
JF Japan Sm Cap A (acc)-USD (1) F $ 6.58 - 0.00 -
JF Japan Sm Cap A (dist)-USD (1) $ 6.28 - 0.01 -
JF Pacific Eq A (acc)-EUR (1) F 9.17 - 0.09 -
JF Pacific Eq A (dist)-GBP (1) F 12.24 - 0.04 -
JF Pacific Eq A (acc)-USD (1) $ 12.70 - 0.02 -
JF Pacific Eq A (dist)-USD (1) $ 59.72 - 0.11 -
JF Singapore A (acc)-USD (1) F $ 26.17 - -0.10 -
JF Singapore A (dist)-USD (1) F $ 33.87 - -0.13 -
JF Taiwan A (acc)-EUR (1) F 14.68 - 0.16 -
JF Taiwan A (acc)-USD (1) F $ 14.36 - 0.05 -
JF Taiwan A (dist) HKD (1) F HK$ 11.01 - 0.04 -
JF Taiwan A (dist)-USD (1) F $ 12.42 - 0.05 -
JPM Japan Dyn A (acc)-JPY (1) F 367.00 - 0.00 -
JPM Japan Dyn A (dist)-JPY (1) F 364.00 - 0.00 -
JPM Japan 50 Eq A (acc)-EUR (hdg) (2) F 71.32 - 0.28 -
Equity Emerging Markets
JPM Brazil Equity A (acc)-USD (1) F $ 9.24 - -0.14 -
JPM Brazil Equity A (acc)-SGD (1) F S$ 11.01 - -0.13 -
JF Eastern Europe Eq A (dist)-EUR (1) F 29.77 - 0.13 -
JF Latin Am Eq A (dist)-USD (1) F $ 39.56 - -0.39 -
JPM Eastern Europe Eq A (acc)-EUR (1) F 18.30 - 0.08 -
JPM Eastern Europe Eq A (acc)-USD (1) F $ 113.98 - -0.35 -
JPM Eastern Europe Eq A (dist)-EUR (1) 44.50 - 0.19 -
JPM Em Eur MEA Eq A (acc)-EUR (1) F 17.05 - 0.05 -
JPM Em Eur MEA Eq A (acc)-USD (1) F $ 19.60 - -0.08 -
JPM Em Eur MEA Eq A (dist)-USD (1) F $ 55.35 - -0.24 -
JPM Em Eur MEA Afr Eq A (acc)-SGD (1) F S$ 12.79 - -0.02 -
JPM Em MEA Eq A (acc)-SGD (1) F * S$ 11.72 - -0.01 -
JPM Em Mkt Alpha Pl A (dist)-GBP (1) F 6.66 - -0.01 -
JPM Em Mkt Alpha Pl A (acc)-USD (1) F $ 14.09 - -0.02 -
JPM Em Mkt Alpha Pl A (dist)-USD (1) F $ 13.64 - -0.03 -
JPM Em Mkt Corp Bd A (acc)-EUR Hdg (1) F 97.00 - 0.27 -
JPM Em Mkt Corp Bd A (acc)-USD (1) F $ 123.75 - 0.35 -
Fund Bid Offer D+/- Yield
JPM Em Mkt Debt A (acc)-USD (1) F $ 17.30 - -0.04 -
JPM Em Mkt Eq A (dist)-GBP (1) F 31.51 - -0.08 -
JPM Em Mkt Eq A (acc)-EUR (1) F 13.60 - 0.05 -
JPM Em Mkt Eq A (acc)-USD (1) F $ 21.05 - -0.08 -
JPM Em Mkt Eq A (dist)-USD (1) $ 29.42 - -0.11 -
JPM Em Mkt Infra Eq A (acc)-EUR (1) F 15.26 - 0.00 -
JPM Em Mkt Infra Eq A (acc)-USD (1) F $ 7.52 - -0.05 -
JPM Em Mkts Ccy Alpha A (acc)-EUR (1) F 9.74 - -0.01 -
JPM Em Mkts Lcl Cur Dbt A (dist)-EUR(1) F 110.94 - 0.35 -
JPM Em Mkts Loc Ccy Debt A (div)-EUR 107.42 - -1.28 -
JPM Em Mkts Loc Ccy Debt A (dist)-GBP (1) F 87.01 - -0.25 -
JPM Em Mkts Loc Ccy Debt A (mth)-USD (1) F $ 15.18 - -0.15 -
JPM Em Mkts Eq A (acc)-SGD (1) F S$ 13.08 - -0.01 -
JPM Em Mkt Sm Cap A (acc)-EUR (1) F 7.68 - 0.00 -
JPM Em Mkt Sm Cap A (dist)-GBP (1) F 5.54 - -0.04 -
JPM Em Mkt Sm Cap A (acc)-USD (1) F $ 9.45 - -0.07 -
JPM Europe Conv Eq A (dist)-EUR (1) F 19.75 - -0.04 -
JPM Latin Am Eq A (acc)-USD (1) F $ 29.32 - -0.29 -
JPM Latin Am Eq A (dist)-USD (1) $ 54.69 - -0.54 -
JPM Latin Am Eq A (acc)-SGD (1) F S$ 12.45 - -0.08 -
JPM Russia A (acc)-USD (1) F $ 11.99 - 0.01 -
JPM Russia A (dist)-USD (1) F $ 11.77 - 0.01 -
Equity Europe
JF Euroland Eq A (dist)-USD (1) F $ 6.51 - -0.07 -
JF Europe Dynamic A (dist)-EUR (1) 13.71 - -0.01 -
JF Europe Eq A (dist)-USD (1) F $ 32.47 - -0.18 -
JF Europe Sm Cap A (dist)-EUR (1) F 10.09 - -0.02 -
JF Germany Eq A (dist)-EUR (1) F 20.00 - -0.09 -
JPM Euroland Eq A (acc)-EUR (1) F 9.33 - -0.04 -
JPM Euroland Eq A (dist)-EUR (1) 29.44 - -0.13 -
JPM Euroland Eq A (inc)-EUR (1) F 5.22 - -0.03 -
JPM Europe Conv Eq A (acc)-EUR (1) F 13.91 - -0.03 -
JPM Europe Dyn A (dist)-EUR (1) F 11.99 - -0.01 -
JPM Europe Dyn A (acc)-EUR (1) F 13.07 - -0.02 -
JPM Europe Dyn A (dist)-GBP (1) F 14.39 - -0.10 -
JPM Europe Dyn Mega Cap A (acc)-EUR (1) 9.24 - 0.04 -
JPM Europe Dyn Mega Cap A (acc)-USD (1) F $ 8.74 - -0.02 -
JPM Europe Dyn Mega Cap A (inc)-EUR (1) F 7.38 - 0.03 -
JPM Europe Dyn Mega Cap A (dist)-EUR (1) F 7.11 - 0.02 -
JPM Europe Dyn Sm Cap A (dist)-EUR (1) F 10.93 - -0.02 -
JPM Europe Dyn Sm Cap A (acc)-EUR (1) 18.04 - -0.03 -
JPM Europe Eq A (acc)-EUR (1) F 10.35 - 0.02 -
JPM Europe Eq A (dist)-EUR (1) 32.17 - 0.05 -
JPM Europe Eq A (cap)-USD (1) F $ 12.24 - -0.07 -
JPM Europe Focus A (acc)-EUR (1) F 8.99 - 0.00 -
JPM Europe Focus A (acc)-USD (1) F $ 10.26 - -0.07 -
JPM Europe Focus A (dist)-EUR (1) F 7.83 - 0.00 -
JPM Europe Micro Cap A (acc)-EUR (1) F 10.51 - -0.03 -
JPM Europe Micro Cap A (dist)-EUR (1) F 10.45 - -0.03 -
JPM Europe 130/30 A (acc)-EUR (1) F 8.73 - 0.02 -
JPM Europe 130/30 A (acc)-USD (1) F $ 11.76 - -0.07 -
JPM Europe Sel 130/30 A (acc)-EUR (1) F 7.64 - 0.02 -
JPM Europe Sel 130/30 A (acc)-USD (1) F $ 10.58 - -0.05 -
JPM Europe Sel 130/30 A (dist)-EUR (1) F 10.30 - 0.03 -
JPM Europe Sel 130/30 A (dist)-GBP (1) F 5.54 - -0.02 -
JPM Europe Sm Cap A (acc)-EUR (1) F 12.24 - -0.02 -
JPM Europe Sm Cap A (dist)-EUR (1) 33.94 - -0.05 -
JPM Europe Sm Cap A (dist)-GBP (1) F 13.27 - -0.10 -
JPM Europe Strat Grth A (acc)-EUR (1) F 12.94 - -0.01 -
JPM Europe Strat Grth A (dist)-EUR (1) F 8.09 - 0.00 -
JPM Europe Strat Grth A (dist)-GBP (1) F 11.66 - -0.07 -
JPM Europe Strat Val A (dist)-EUR (1) F 10.65 - 0.03 -
JPM Europe Strat Val A (acc)-EUR (1) F 9.44 - 0.03 -
JPM Europe Strat Val A (dist)-GBP (1) F 12.84 - -0.04 -
JPM Europe 130/30 A (dist)-EUR (1) F 8.09 - 0.01 -
JPM Europe 130/30 A (dist)-GBP (1) F 6.42 - -0.03 -
JPM Germany Eq A (dist)-EUR (1) F 7.91 - -0.04 -
JPM Germany Eq A (acc)-EUR (1) F 15.39 - -0.07 -
JPM Global Dyn A (acc)-SGD (1) F S$ 13.68 - 0.00 -
JPM Global Div A (div) - USD (1) $ 107.36 - -1.54 -
JPM High Eur STEEP A (dist)-GBP (1) F 9.25 - -0.03 -
JPM High Eur STEEP A (acc)-EUR (1) F 11.18 - 0.03 -
JPM High Eur STEEP A (acc)-USD (1) F $ 13.84 - -0.06 -
JPM High Eur STEEP A (inc)-EUR (1) F 10.63 - 0.03 -
JPM H US STEEP A (dist)-GBP (1) F 12.02 - 0.05 -
JPM UK Eq A (acc)-GBP (1) F 11.40 - 0.03 -
JPM UK Eq A (dist)-GBP (1) 7.30 - 0.02 -
Equity Global
JF Gbl Dyn A (dist)-USD (1) F $ 12.89 - -0.04 -
JF Gbl Eq (USD) A (dist)-USD (1) F $ 36.28 - -0.15 -
JPM Gbl Dyn A (dist)-GBP (1) F 12.69 - -0.02 -
JPM Gbl Dyn A (acc)-USD (1) F $ 11.88 - -0.03 -
JPM Gbl Dyn A (dist)-USD (1) F $ 13.98 - -0.03 -
JPM Gbl Dyn A (acc)-EUR (1) F 7.20 - 0.03 -
JPM Gbl Dyn A (acc)-CHF (hdg) (1) FSFr 115.54 - -0.13 -
JPM Gbl Dyn A (acc)-EUR Hdg (1) F 5.24 - -0.01 -
JPM Gbl Dyn A (acc)-SGD (Hdg) (1) F S$ 11.33 - -0.01 -
JPM Gbl Dyn A (inc)-EUR (1) F 7.34 - 0.03 -
JPM Gbl Eq (USD) A (acc)-EUR (1) F 77.53 - 0.25 -
JPM Gbl Eq (USD) A (acc)-USD (1) F $ 10.79 - -0.05 -
JPM Gbl Eq (USD) A (acc)-EUR Hdg (1) F 6.08 - -0.01 -
JPM Gbl Eq (USD) A (dist)-USD (1) $ 20.97 - -0.09 -
JPM Gbl Eq (USD) A (dist)-EUR Hdg (1) F 5.79 - 0.00 -
JPM Gbl Focus A (acc)-EUR (1) F 16.28 - 0.04 -
JPM Gbl Focus A (dist)-EUR (1) 21.92 - 0.05 -
JPM Gbl Real Estate Sec (USD) A (acc)-EUR Hdg (1) F 5.95 - -0.04 -
JPM Gbl Real Estate Sec (USD) A (acc)-USD (1) F $ 9.03 - -0.06 -
JPM Gbl Real Estate Sec (USD) A (inc)-EUR Hdg (1) F 5.49 - -0.04 -
JPM Gbl Sel Eq A (acc)-USD (2) F $ 152.36 - -0.48 -
JPM Gbl Sel Eq A (dist)-USD (2) F $ 103.38 - -0.32 -
JPM Gbl Soc Resp A (acc)-USD (1) F $ 9.61 - -0.01 -
JPM Gbl Soc Resp A (dist)-USD (1) F $ 5.75 - -0.01 -
Equity Sector
JF Europe Tech A (dist)-EUR (1) F 5.20 - -0.01 -
JF Pacific Tech A (acc)-EUR (1) F 12.32 - 0.10 -
JF Pacific Tech A (acc)-USD (1) F $ 14.36 - 0.01 -
JF Pacific Tech A (dist)-USD (1) F $ 9.32 - 0.00 -
JF Pacific Tech A (dist)-GBP (1) F 11.18 - 0.02 -
JF US Tech A (dist)-USD (1) F $ 2.10 - 0.00 -
JPM Europe Tech A (acc)-EUR (1) F 14.90 - -0.04 -
JPM Europe Tech A (dist)-EUR (1) F 9.61 - -0.03 -
JPM Europe Tech A (dist)-GBP (1) F 7.24 - -0.06 -
JPM Gbl Cons Trends A (acc)-EUR (1) F 13.45 - 0.06 -
JPM Gbl Cons Trends A (acc)-USD (1) F $ 16.28 - -0.04 -
JPM Gbl Corp Bond A (div)-EUR Hdg (1) 76.89 - -0.75 -
JPM Gbl Focus A (acc)-CHF (hdg) (1) FSFr 135.70 - -0.42 -
JPM Gbl Focus A (acc)-EUR Hgd (1) F 8.36 - -0.02 -
JPM Gbl Nat Resources Fd (1) F S$ 16.16 - 0.19 -
JPM Gbl Natural Res A (dist)-EUR (1) F 15.26 - 0.24 -
JPM Gbl Natural Res A (acc)-EUR (1) F 17.71 - 0.28 -
JPM Gbl Natural Res A (acc)-USD (1) F $ 13.39 - 0.12 -
JPM H US STEEP A (acc)-EUR Hdg (1) F 13.09 - 0.04 -
JPM US Tech A (acc)-EUR (1) F 109.96 - 0.62 -
JPM US Tech A (dist)-GBP (1) F 1.88 - 0.00 -
JPM US Tech A (acc)-SGD (1) S$ 13.40 - 0.02 -
JPM US Tech A (acc)-USD (1) F $ 14.35 - -0.02 -
JPM US Tech A (dist)-USD (1) F $ 7.25 - -0.01 -
Equity Africa
JPM Africa Eq A (acc)-EUR (1) F 18.08 - 0.08 -
JPM Africa Eq A (acc)-USD (1) F $ 10.44 - -0.03 -
JPM Africa Eq A (dist)-GBP (1) F 7.35 - -0.01 -
JPM Africa Eq A (inc)-EUR (1) F 72.85 - 0.32 -
Bonds Broad Market
JPM Agg Bd A (acc)-USD (1) F $ 11.83 - 0.00 -
JPM Euro Agg Bd A (acc)-EUR (1) F 11.40 - 0.02 -
JPM Gbl Agg Bd A (acc)-USD (1) F $ 12.49 - -0.01 -
JPM Gbl Agg Bd A (dist)-USD (1) $ 13.55 - -0.02 -
JPM Gbl Cath Eth Balanced A (acc)-EUR (1) F 104.98 - 0.35 -
JPM Gbl Conv (EUR) A (acc)-CHF Hdg (1) FSFr 20.92 - 0.03 -
JPM Gbl Conv (EUR) A (dist)-GBP Hdg (1) F 11.49 - 0.02 -
JPM Gbl Div A (acc)-EUR (1) F 86.71 - 0.15 -
JPM Gbl Div A (div)-EUR Hdg (1) 77.15 - -1.10 -
Bonds Extended Market
JPM EU Gov Bd A (acc)-EUR (1) F 12.06 - 0.00 -
JPM Gbl Conv (EUR) A (acc)-EUR (1) F 11.79 - 0.02 -
JPM Gbl Conv (EUR) A (dist)-EUR (1) F 10.21 - 0.01 -
(1) JPMorgan Funds
(2) JPMorgan Investment Funds
Jefferies Umbrella Fund (LUX)
11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626
FSA Recognised
Europe Convertible Bd A (Dis) - D - EUR F 11.93 - 0.01 1.52
Europe Convertible Bd B (Cap) 13.23 - 0.02 0.00
Global Convertible A (Dis) F $ 17.26 - -0.02 0.76
Global Convertible B (Cap) F $ 20.19 - -0.01 0.00
Global Convertible A Hdg GBP(Dis) F 11.20 - 0.00 0.72
Global Convertible B Hdg GBP (Cap) F 12.99 - -0.01 0.00
Global Convertible Hdg A (Cap) F $ 16.61 - 0.00 0.79
Global Convertible B Hdg (Dis) F $ 19.44 - -0.01 0.00
Global Convertible A Hdg EUR(Dis) F 13.79 - 0.00 0.73
Global Convertible B Hdg EUR (Cap) F 14.73 - 0.00 0.00
Global Convertible A Hdg CHF (Dis) FSFr 20.07 - 0.00 0.60
Global Convertible B Hdg CHF (Cap) FSFr 21.85 - 0.00 0.00
Jubilee Financial Products LLP
Other International Funds
Jubilee Emerging Europe Momentum Fund 99.81 - - -
Fund Bid Offer D+/- Yield
Swiss & Global Asset Management (LUX)
funds@swissglobal-am.com, www.jbfundnet.com
Regulated
JB BF ABS-EUR/A 74.97 - 0.00 3.35
JB BF Absolute Ret Def-EUR/A 105.96 - 0.09 2.79
JB BF Absolute Ret Def-GBP/A 105.61 - 0.08 2.66
JB BF Absolute Ret EM-CHF SFr 100.80 - -0.01 0.00
JB BF Absolute Ret EM-EUR/A 104.42 - -0.02 3.03
JB BF Absolute Ret EM-USD/A $ 102.57 - -0.01 2.79
JB BF Absolute Ret Pl-EUR/A 106.13 - 0.19 3.46
JB BF Absolute Ret Pl-GBP/A 112.02 - 0.20 3.23
JB BF Absolute Ret Pl-USD/A $ 112.18 - 0.20 2.82
JB BF Absolute Return GBP/A 108.60 - 0.15 2.59
JB BF Absolute Return-GBP/B 123.69 - 0.17 0.00
JB BF Absolute Return-EUR/A 103.39 - 0.15 2.82
JB BF Absolute Return-USD/A $ 105.53 - 0.14 2.71
JB BF Cred Opportunities-EUR/B 151.88 - 0.06 0.00
JB BF Credit Opportunities-USD $ 106.51 - 0.05 0.00
JB BF Dollar-USD/A $ 115.82 - -0.11 3.90
JB BF Dollar Med Term-USD/A $ 122.19 - -0.05 2.61
JB BF EM Infl Linked-CHF/A SFr 101.10 - -0.07 1.05
JB BF EM Infl Linked-EUR/A 102.10 - -0.07 1.04
JB BF EM Infl Linked-GBP/A 100.61 - -0.07 0.15
JB BF EM Infl Linked-USD/A $ 102.38 - -0.08 1.62
JB BF Emerging-EUR/A 139.61 - -0.10 4.31
JB BF Emerging-USD/A $ 160.26 - -0.17 4.67
JB BF Euro Government-EUR/A 107.01 - 0.26 4.13
JB BF Euro-EUR/A 122.79 - 0.28 4.25
JB BF Global Convert-EUR/A 65.95 - -0.06 1.37
JB BF Global High Yield-EUR/A 107.08 - 0.02 6.74
JB BF Global High Yield GBP/A 101.27 - 0.00 1.59
JB BF Global High Yield-USD/A $ 116.50 - 0.02 5.98
JB BF Inflation Linked-CHF/B SFr 106.86 - 0.12 0.00
JB BF Local Emerging-CHF/A SFr 102.22 - -0.15 1.48
JB BF Local Emerging-EUR/A 103.02 - -0.14 4.94
JB BF Local Emerging-GBP/A 115.09 - -0.16 3.72
JB BF Local Emerging-USD/A $ 138.16 - -0.19 4.60
JB BF Swiss Franc-CHF/B SFr 187.81 - 0.10 0.00
JB BF Total Return-CHF SFr 103.86 - 0.06 0.00
JB BF Total Return-EUR/A 46.00 - 0.03 3.71
JB Commodity-EUR/A 75.19 - -0.03 1.41
JB Commodity-EUR/B 86.75 - -0.03 0.00
JB Commodity-USD/A $ 85.32 - -0.03 1.30
JB Commodity-USD/B $ 98.46 - -0.04 0.00
JB EF Abs Ret Europe-EUR/A 110.01 - -0.11 0.09
JB EF Abs Ret Europe-EUR/B 110.00 - -0.11 0.00
JB EF Asia-USD/A $ 115.75 - 1.79 0.53
JB EF Biotech-USD/A $ 143.64 - -0.87 0.07
JB EF Black Sea-EUR/A 31.16 - 0.23 0.65
JB EF Black Sea-USD/A $ 28.81 - 0.07 0.35
JB EF Central Europe-EUR/A 194.02 - 0.49 0.39
JB EF Chindonesia-USD/A $ 84.34 - 0.58 0.12
JB EF Chindonesia-USD/B $ 84.42 - 0.57 0.00
JB EF Energy Transition-EUR/B 120.94 - -0.04 0.00
JB EF Energy Transition-USD/B $ 117.71 - -0.64 0.00
JB EF Euro Large Cap-EUR 100.37 - -0.39 0.00
JB EF Euroland Value-EUR/A 102.12 - -0.36 1.65
JB EF Europe Sel.Fd-EUR/A 57.00 - 0.18 0.55
JB EF Europe S&Mid Cap-EUR/A 107.39 - -0.11 0.28
JB EF Europe-EUR/A 169.61 - -0.12 1.18
JB EF Global-EUR/A 67.86 - 0.31 0.59
JB EF German Value-EUR/A 157.50 - -0.32 1.66
JB EF Gl Emerging Mkts-EUR/A 74.18 - 0.70 0.55
JB EF Health Opport - USD/A $ 120.12 - -0.06 0.08
JB EF Health Opport-USD/B $ 120.17 - -0.06 0.00
JB EF Japan-JPY/A 7355.00 - 61.00 0.26
JB EF Luxury Brands-EUR/A 163.17 - 0.52 0.38
JB EF Luxury Brands-USD/A $ 136.41 - -0.26 0.30
JB EF Luxury Brands-GBP/B 96.42 - -0.23 0.00
JB EF Special Val. EUR/A 104.73 - 0.53 1.52
JB EF Swiss S&Mid Cap-CHF/B SFr 372.51 - 0.33 0.00
JB EF US Leading-USD/A $ 294.40 - 0.41 0.28
JB EF US Value-USD/A $ 122.03 - -0.04 0.42
JB Ms Africa Opp.-EUR/B 100.06 - -0.17 -
JB Ms Global Sel. EUR/B 99.43 - 0.19 0.00
JB Strategy Balanced-CHF/B SFr 133.59 - 0.32 0.00
JB Strategy Balanced-EUR 133.54 - 0.35 0.00
JB Strategy Balanced-USD/B $ 114.09 - 0.01 0.00
JB Strategy Inc-CHF/B SFr 113.35 - 0.18 0.00
JB Strategy Inc-EUR/B 144.84 - 0.30 0.00
JB Strategy Inc-USD/B $ 135.11 - -0.02 0.00
JB Strategy Growth-CHF/B SFr 80.92 - 0.22 0.00
JB Strategy Growth-EUR 95.65 - 0.29 0.00
Kairos Investment Management Ltd (CYM)
Regulated
Kairos Multi Strategy E1 (Est) 1618.31 - -7.42 0.00
Kairos Multi Strategy E2 (Est) 1210.52 - -5.66 0.00
Kairos Multi Strategy E3 (Est) 1176.47 - -5.62 0.00
Kairos Multi Strategy D1 (Est) $ 1729.37 - -7.45 0.00
Kairos Multi Strategy D2 (Est) $ 1272.89 - -5.61 0.00
Kames Capital ICVC (UK)
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds
Ethical Cautious Managed A Acc 1.19 - 0.00 2.14
Ethical Cautious Managed A Inc 1.04 - 0.00 2.18
Ethical Corporate Bond A Acc 1.68 - 0.00 4.01
Ethical Corporate Bond A Inc 1.04 - 0.00 4.01
Ethical Equity A Acc 1.11 - 0.01 1.21
High Yield Bond A Acc 1.00 - 0.00 6.21
High Yield Bond A Inc 0.53 - 0.00 6.21
Inflation Linked A Acc 1.24 - 0.00 -
Investment Grade Bond A Acc 1.32 - 0.00 3.85
Investment Grade Bond A Inc 1.05 - 0.00 3.85
Sterling Corporate Bond A Acc 0.59 - 0.00 4.48
Sterling Corporate Bond A Inc 0.28 - 0.00 4.47
Strategic Assets A Acc 0.97 - 0.00 1.44
Strategic Bond A Acc 1.60 - 0.00 4.16
Strategic Bond A Inc 1.12 - 0.00 4.16
UK Equity Absolute Return A Acc 1.08 - 0.00 -
UK Equity A Acc 1.74 - 0.01 0.79
UK Equity Income A Acc 1.51 - 0.01 4.12
UK Equity Income A Inc 1.33 - 0.01 4.27
UK Opportunities A Acc 1.17 - 0.01 0.80
UK Smaller Companies A Acc 1.58 - 0.01 0.35
Kames Capital VCIC (IRL)
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
FSA Recognised
Absolute Return Bond B GBP Acc 10.27 - 0.00 -
High Yield Global Bond A GBP Inc 5.09 - 0.00 5.97
High Yield Global Bond B GBP Inc 10.56 - 0.00 6.47
Investment Grade Global Bd A GBP Inc 5.24 - 0.01 2.76
Strategic Global Bond A GBP Inc 10.43 - 0.01 2.95
Strategic Global Bond B GBP Inc 5.91 - 0.00 3.45
Key Asset Management
Other International Funds
Key Hedge (Est) $ 408.37 - -1.03 0.00
Key Europe Inc (Est) 168.64 - -0.35 0.00
Key Recovery (Est) $ 172.06 - 0.01 0.00
Key Global Inc (Est) $ 558.53 - 1.27 0.00
Key Trading $ 99.44 - 0.74 0.00
Kleinwort Benson (Channel Islands) Investment Management Limited (JER)
Regulated
Kleinwort Benson Global Funds Limited
Sterling Currency 54.04 - 0.00 0.00
Euro Currency 33.59 - 0.00 0.00
US Dollar Currency $ 59.15 - 0.00 0.00
Sterling Income Bond 4.51 - -0.01 2.79
Euro Income Bond 11.75 - -0.04 2.48
International Bond 73.45 - 0.46 0.00
Bond & Equity 4.63 - -0.04 4.28
International Equity 56.47 - 1.22 0.00
All Weather Sterling 1.27 - 0.01 0.00
All Weather Euro 1.17 - 0.00 0.00
All Weather US Dollar $ 1.13 - 0.00 0.00
Sterling Conservative Strategy 10.49 - 0.05 0.00
Euro Conservative Strategy 10.21 - -0.01 0.00
US Dollar Conservative Strategy $ 10.01 - 0.02 0.00
Sterling Dynamic Strategy 11.52 - 0.14 0.00
Euro Dynamic Strategy 9.87 - -0.01 0.00
US Dollar Dynamic Strategy $ 10.25 - 0.06 0.00
Sterling Progressive Strategy 11.69 - 0.12 0.00
Euro Progressive Strategy 9.98 - 0.01 0.00
Fund Bid Offer D+/- Yield
US Dollar Progressive Strategy $ 10.32 - 0.06 0.00
Trojan 10.86 - 0.03 0.00
Kleinwort Benson (CI) Fd Svcs Ltd (GSY)
Regulated
Kleinwort Benson Elite PCC Ltd Range
Elite Multi-Asset Growth Fund A Income Shares 1.08 1.08 0.02 0.00
Elite Multi-Asset Growth Fund A Reinvest Shares 1.08 1.08 0.02 0.00
Elite Multi-Asset Growth Fund C Shares 1.01 1.01 -0.09 0.00
Elite Multi-Asset Conservative Fund A Income Shares 1.05 1.05 0.00 0.00
Elite Multi-Asset Conservative Fund A Reinvest Shares 1.05 1.05 0.00 1.47
Elite Multi-Asset Conservative Fund B Shares 1.03 1.03 0.00 1.51
Elite Multi Asset Balanced Fund C Inst Shares 1.31 1.31 0.02 -
Elite Multi-Asset Balanced Fund A Income Shares 1.29 1.29 0.02 0.00
Elite Multi-Asset Balanced Fund A Reinvest Shares 1.29 1.29 0.02 0.00
Elite Multi-Asset Balanced Fund B Shares 1.25 1.25 0.02 0.00
Elite Multi Asset Conservative Fund C Inst Shares 1.07 1.07 0.00 -
Elite Multi-Asset Balanced USD Fund A Income Shares $ 1.05 1.05 0.01 0.00
Elite Multi-Asset Balanced USD Fund B Shares (Susp) $ 1.03 1.03 0.14 -
Elite Sterling Income Fund 11.64 11.69 -0.07 3.50
Legg Mason Dublin Funds (IRL)
Rochestown, Drinagh, Wexford, Ireland
FSA Recognised
Legg Mason Global Funds PLC
Equity Funds
BFM Asia Pacific Equity A dis(A) $ 185.37 - -0.26 0.68
BMF Emerging Markets Eq Pr dis(A) $ 82.27 - 0.14 0.82
BFM European Equity A dis(A) 117.97 - 0.54 1.87
BFM Intl Large Cap A dis(A) $ 63.46 - 0.03 1.78
BW Global Opp.Fixed Inc A dis (M) $ 117.28 - 0.00 2.02
CBA US Aggressive Growth A dis(A) $ 106.33 - -0.14 0.00
CBA US Appreciation A dis(A) $ 108.85 - 0.12 0.00
CBA US Fundamental Value A dis(A) $ 86.61 - 0.36 0.08
CBA US Large Cap Growth A dis(A) $ 110.66 - 0.12 0.00
LM Batterymarch Gbl Equity Fd $ 96.89 - -0.13 0.28
GC Global Equity A dis(A) $ 85.39 - 0.14 0.22
LM CM Growth A dis(A) $ 84.18 - -0.03 0.00
LM CM Opportunity A dis(A) $ 164.93 - 1.20 0.00
LM CM Value A dis(A) $ 112.01 - 0.10 0.00
LM Permal Gl Absolute A dis(A) $ 99.63 - -0.04 0.00
LMHK China Fund A dis $ 90.19 - -0.06 0.43
PCM US Equity A cap $ 96.18 - -0.02 -
Royce Europ. Smaller Companies A acc 116.77 - 0.10 0.93
Royce Global Smaller Companies A dis $ 112.18 - -0.02 0.00
Royce Smaller Companies A dis(A) $ 176.81 - 0.28 0.00
Royce US Small Cap Opp A dis(A) $ 289.11 - 0.31 0.00
Fixed Income Funds
BW Global Fixed Inc A dis(S) $ 132.76 - 0.10 1.84
WA Asian Opportunities A dis(D) $ 121.88 - -0.05 2.45
WA Brazil Equity A dis(A) $ 70.63 - 1.12 3.13
WA Div Strategic Income A dis(D) $ 93.76 - 0.07 3.29
WA Emerging Markets Bd A dis(D) $ 126.14 - -0.12 4.45
WA Euro Core Plus Bd A dis(D) 92.02 - 0.16 1.60
WA Euro High Yield A dis (D) 95.91 - 0.04 7.60
WA Gl Blue Chip Bd A dis(M) $ 108.64 - 0.02 1.78
WA Gl Core Plus Bd A dis(D) $ 106.41 - -0.13 2.05
WA Gl Credit Abs Ret Fd A dis $ 102.38 - -0.09 0.00
WA Gl Credit Cl.A dis (D) $ 106.10 - 0.11 2.08
WA Global High Yield A dis(D) $ 84.34 - 0.01 6.89
WA Global Inf-Linked A dis(D) $ 108.25 - 0.09 3.05
WA Gl Multi Strategy A dis(D) $ 125.97 - 0.05 3.72
WA Inflation Mgmt A dis(A) $ 119.33 - -0.26 1.45
WA UK Core Plus Bond A dis (D) 109.29 - 0.21 2.09
WA UK Infl-Linked Plus A dis (D) 117.70 - 0.80 1.45
WA UK Long Duration A dis (D) 113.69 - 0.31 1.95
WA US Adjustable Rate A cap $ 98.76 - 0.00 0.00
WA US Core Bond A dis(D) $ 100.41 - -0.04 1.95
WA US Core Plus Bond A dis(D) $ 111.04 - -0.03 1.70
WA US High Yield A dis(D) $ 83.81 - 0.03 6.77
WA US Short Term Govt A dis(D) $ 101.73 - -0.04 1.06
Money Market Funds
WA US Money Market A dis(D) $ 1.00 - 0.00 0.03
Legg Mason Luxembourg Funds (LUX)
145 Rue du Kiem, L-8030 Strassen
FSA Recognised
Other classes available: Class C, Class I
Equity Funds
LM Emerg. Markets Eq A Ord $ 290.51 - 0.62 0.00
LM Eurold Eq.A Euro Cap 96.16 - -0.30 0.00
Money Funds
LM Eurold Cash A Euro Cap 135.76 - 0.00 0.00
Asset Allocation Funds
LM M-Man.Bal A Cap Euro 125.75 - 0.14 0.00
LM M-Man.Bal A Cap USD $ 118.74 - -0.15 0.00
LM M-Man Cons A Cap Euro 121.82 - 0.12 0.00
LM M-Man Cons A Cap USD $ 124.00 - -0.09 0.00
LM M-Man Perf A Cap Euro 128.02 - 0.11 0.00
LM M-Man Perf A Cap USD $ 117.18 - -0.16 0.00
Legg Mason UK Funds (1200)F (UK)
PO Box 10649, Chelmsford, CM99 2BD
Dealing & Enquiries: 0844 620 0013
www.leggmason.co.uk
Authorised Inv Funds
Equity Funds
US Equity Income A Inc 113.10 - 0.10 -
Liongate Capital Management (CYM)
www.liongate.com
Regulated
Liongate Multi-Strategy Fund
Class A1 $ 1739.32 - -18.27 -
Class B1 1689.96 - -17.68 0.00
Class C1 1759.52 - -17.98 -
Class D1 118584.61 - -1303.43 0.00
Class E1 SFr 1565.85 - -16.62 0.00
Class F1 SKr 950.56 - -8.86 0.00
Liongate Commodities Fund
Class A $ 1055.52 - 11.35 -
Class B 1022.99 - 10.51 0.00
Class C 984.25 - 10.56 0.00
Lloyd George Management
Other International Funds
LG Antenna Fd Ltd $ 58.90 - -0.16 0.00
LG Asian Plus Ltd $ 57.06 - 0.15 0.00
LG Asian Smaller Cos $ 97.90 - -0.52 0.00
LG India Fd Ltd $ 49.17 - -0.21 0.00
Lloyds TSB Offshore Fd Mgrs (1000)F (JER)
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
FSA Recognised
Lloydstrust Gilt 12.7500 - -0.0300 2.79
Lloyds TSB Offshore Funds Ltd
Capital Growth 1.8230 - 0.0030 1.10
Euro High Income 1.5910 - 0.0050 4.50
European 6.2090 - -0.0260 0.91
High Income 0.8586 - -0.0003 5.68
International 3.4150 - -0.0110 0.27
North American 11.2900 - -0.0500 0.00
Sterling Bond 1.4120 - 0.0000 4.13
UK 6.2100 - 0.0260 1.60
Lloyds TSB Offshore Gilt Fund Ltd
Lloyds TSB Gilt Fund Quarterly Share 1.3150 - -0.0030 2.53
Monthly Share 1.2690 - -0.0020 2.53
Lloyds TSB Money Fund Ltd
Australian Dollar A$ 166.2470 - 0.0110 -
Euro 53.0390 - -0.0010 -
New Zealand Dollar NZ$ 200.6730 - 0.0070 -
Sterling Class 52.3900 - 0.0000 -
US Dollar Class $ 60.8420 - -0.0010 -
Lloyds TSB Offshore Multi Strategy Fund Ltd
Conservative Strategy 1.0600 - 0.0000 2.89
Growth Strategy 1.2530 - 0.0010 1.37
Aggressive Strategy 1.3290 - 0.0020 0.38
Global USD Growth Strategy $ 1.0300 - 0.0010 -
Dealing Daily
Lombard Odier Darier Hentsch (LUX)
Queensberry House 3 Old Burlington Street London W1S 3AB
FSA Recognised
Lombard Odier Funds
1798 Europe Eq. L/S CHF C A SFr 10.55 - -0.07 0.00
1798 Europe Eq. L/S EUR C A 10.62 - -0.07 0.00
1798 Europe Eq. L/S USD C A $ 10.59 - -0.07 0.00
1798 Optimum Trend (EUR) P A 11.77 - 0.02 0.00
1798 Optimum Trend (USD) P A $ 11.32 - 0.02 0.00
All Roads (CHF) PA SFr 16.35 - 0.03 -
All Roads (USD) PA $ 10.21 - 0.02 -
All Roads (GBP) PA 10.35 - 0.02 -
All Roads (EUR) PA 10.39 - 0.02 -
Alpha Japan (EUR) P A F 6.13 - 0.04 0.00
Alpha Japan (CHF) P A F SFr 7.75 - 0.05 0.00
Alpha Japan (JPY) P A F 709.00 - 5.00 0.00
Alpha Japan (USD) P A F $ 8.69 - 0.06 0.00
Fund Bid Offer D+/- Yield
Alternative Beta P A F SFr 115.98 - 0.10 0.00
Alternative Beta P A F 77.34 - 0.07 0.00
Alternative Beta P A F $ 114.68 - 0.10 0.00
BBB-BB Bond CHF F SFr 13.99 - 0.03 0.00
BBB-BB Bond EUR P 10.90 - 0.02 0.00
BBB-BB Bond GBP F 9.53 - 0.02 0.00
BBB-BB Bond USD F $ 15.44 - 0.03 0.00
Clean Tech P A F 5.63 - 0.00 0.00
Commodities (CHF) P A SFr 8.42 - 0.03 0.00
Commodities (EUR) P A 8.49 - 0.03 0.00
Commodities (USD) P A $ 8.55 - 0.03 0.00
Convertible Bd P A 14.26 - -0.01 0.00
Convertible Bd Asia P A F SFr 12.97 - 0.00 0.00
Convertible Bd Asia P A F 13.69 - 0.00 0.00
Convertible Bd Asia P A F $ 13.65 - 0.00 0.00
Emerging Consumer (CHF) P A SFr 11.17 - -0.01 -
Emerging Consumer (EUR) P A 11.32 - -0.01 -
Emerging Consumer (USD) P A $ 11.00 - -0.04 -
Emerging Eq.Risk Par.(EUR) 8.42 - 0.05 0.00
Emerging Eq. Risk Par.(USD) $ 7.27 - 0.00 0.00
Emerging Market Bd P A $ 22.80 - -0.03 0.00
Emerging Loc.Curr.&Bds. P Dyn.Hdg FSFr 9.50 - 0.02 0.00
Emerging Loc.Curr.&Bds. P A F SFr 10.60 - 0.04 0.00
Emerging Loc.Curr.&Bds. P A F 12.71 - 0.05 0.00
Emerging Loc.Curr.&Bds. P A F $ 10.91 - -0.01 0.00
Euro Credit Bd PA F 11.50 - 0.03 0.00
Euro Government Bd PA F 11.08 - 0.04 0.00
Euro Inflation-Linked Bd PA F 11.45 - 0.05 0.00
Euro Resp.Corp.Bd. PA 16.71 - 0.04 0.00
Europe High Conviction PA 7.55 - -0.01 0.00
Eurozone Small&Mid Caps F 34.18 - -0.14 0.00
Generation Global (CHF) P A F SFr 8.66 - 0.04 0.00
Generation Global (EUR) P A F 11.89 - 0.06 0.00
Generation Global (USD) P A F $ 10.00 - 0.00 0.00
Global Energy (USD) P A F $ 9.77 - 0.00 0.00
Golden Age (CHF) P A F SFr 14.07 - -0.01 0.00
Golden Age (EUR) P A 9.52 - -0.01 0.00
Golden Age (USD) P A F $ 13.15 - -0.01 0.00
Government Bd (USD) P A $ 20.26 - -0.01 0.00
Invst.Gde A-BBB (CHF) P A SFr 12.68 - 0.00 0.00
Japan Small & Mid Caps P A 1566.00 - 1.00 0.00
Money Market (EUR) P A 112.31 - 0.00 0.00
Money Market (GBP) P A F 10.21 - 0.00 0.00
Money Market (USD) P A F $ 10.28 - 0.00 0.00
Neuberger B.US Core(USD)P A $ 9.68 - -0.01 0.00
Sands US Growth (USD) PA $ 11.02 - -0.08 -
Selective Gbl P A 171.02 - 2.10 0.00
Tactical Alpha (CHF)P A SFr 9.97 - -0.01 0.00
Tactical Alpha (EUR)P A 10.16 - -0.01 0.00
Tactical Alpha (USD)P A $ 14.52 - -0.01 0.00
Technology P A 10.18 - -0.03 0.00
Technology P A $ 15.36 - -0.07 0.00
Total Return Bond (EUR) P A 12.18 - 0.03 0.00
Total Return Bond (USD) P A $ 17.81 - 0.04 0.00
William Blair Gbl Gth P A F $ 9.99 - -0.02 0.00
William Blair Gbl Gth P A F 10.84 - 0.04 0.00
Wld Gold Expertise P A F SFr 25.86 - -0.08 0.00
Wld Gold Expertise P A 20.21 - -0.06 0.00
Wld Gold Expertise P A $ 25.83 - -0.09 0.00
Lombard Odier Funds II
Balanced (EUR) P A F 108.93 - 0.40 0.00
Conservative (EUR) P A F 106.17 - 0.28 0.00
LO Selection
Balanced (CHF) P A F SFr 101.34 - 0.30 0.00
Balanced (EUR) P A F 110.22 - 0.43 0.00
Conservative (CHF) P A F SFr 101.59 - 0.16 0.00
Conservative (EUR) P A F 107.00 - 0.28 0.00
Conservative (USD) P A F $ 100.98 - 0.01 0.00
Global Allocation (GBP) P A F 8.58 - 0.01 0.00
Growth (CHF) P A F SFr 101.20 - 0.33 0.00
Growth (EUR) P A F 112.93 - 0.46 0.00
M & G Securities Ltd (UK)
Property & Other UK Unit Trusts
M&G Property Portfolio A Acc 0.80 0.84 0.00 3.04
M & G (Guernsey) Ltd (GSY)
Regulated
The M&G Offshore Fund Range
American Fund 111.46 116.11 0.07 -
Corporate Bond 1255.97 1294.81 0.33 3.73
Global Basics 2274.96 2369.75 20.70 0.09
Global Leaders 2637.78 2747.69 -0.36 1.49
High Yield Corporate Bond 947.75 977.06 2.36 6.23
Macro Episode Fund Limited 93.51 97.40 0.25 -
Optimal Income Fund 129.84 135.25 0.17 3.26
Recovery Fund Limited 'A' Participating Shares 103.47 107.79 0.39 0.85
Recovery Fund Limited 'I' Participating Shares 103.46 107.77 0.39 1.62
Strategic Corporate Bond Fund 126.50 131.77 0.05 3.20
UK Growth 1199.57 1249.56 7.90 1.98
UK Select Fund 920.23 958.58 4.21 1.92
Other International Funds
M&G Property Fund - Retail 6.50 6.84 0.00 4.29
M&G Property Fund A Inc 6.50 6.50 0.00 4.82
MFS Meridian Funds SICAV (LUX)
Regulated
Absolute Return A1 18.38 - 0.06 0.00
Asia ex-Japan A1 $ 21.75 - 0.04 0.00
China Equity Fd A1 $ 8.57 - -0.03 0.00
Continental European Eqty A1 11.68 - -0.04 0.00
Emer Mkts Debt Lo Curr Fd A1 $ 14.33 - 0.01 0.00
Emerging Markets Debt A1 $ 32.30 - -0.03 0.00
Emerging Markets Eq.A1 $ 12.44 - 0.03 0.00
European Concentrated A1 12.56 - -0.07 -
European Core Eq A1 20.12 - 0.00 0.00
European Res.A1 21.19 - 0.02 0.00
European Smaller Companies A1 29.55 - -0.06 0.00
European Value A1 23.12 - -0.02 0.00
Global Bond A1 $ 11.37 - 0.01 0.00
Global Conc.A1 $ 24.63 - 0.06 0.00
Global Energy Fund A1 $ 14.57 - 0.00 0.00
Global Equity A1 $ 32.18 - 0.07 0.00
Global Equity A1 16.55 - 0.09 0.00
Global Multi-Asset A1 $ 15.09 - 0.02 0.00
Global Res.A1 $ 19.95 - 0.02 0.00
Global Total Return A1 13.32 - 0.03 0.00
High Yield A1 $ 22.35 - 0.02 0.00
High Yield Fund A1 13.17 - 0.05 -
Inflation-Adjusted Bond A1 $ 15.18 - -0.05 0.00
Japan Equity A1 $ 7.84 - -0.01 0.00
Latin American Equity Fd A1 $ 20.77 - 0.20 0.00
Limited Maturity A1 $ 13.92 - 0.00 0.00
Prudent Wealth Fd A1 $ 11.68 - -0.04 0.00
Research Bond A1 $ 15.76 - -0.01 0.00
UK Equity A1 6.52 - 0.01 0.00
US Conc.Growth A1 $ 10.77 - 0.00 0.00
US Government Bond A1 $ 16.81 - -0.01 0.00
Value A1 $ 14.95 - 0.03 0.00
MMIP Investment Management Limited (GSY)
Regulated
Multi-Manager Investment Programmes PCC Limited
European Equity Fd Cl A Initial Ser 1583.74 1589.87 51.52 0.00
Japanese Equity Fd Cl A Initial Ser 175289.00 176331.00 11021.00 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 865.97 868.54 15.22 0.00
Pacific Basin Fd Cl A Initial Ser $ 2156.41 2187.00 42.26 0.00
UK Equity Fd Cl A Series 01 1409.19 1425.67 64.08 0.00
Diversified Absolute Rtn Fd USD Cl AF2 $ 1480.36 - 9.24 0.00
Diversified Absolute Return Stlg Cell AF2 1493.49 - 9.63 0.00
MAM Funds (IRL)
Regulated
Miton Global Diversified Income A 102.88 - 0.02 -
Man Investments
Other International Funds
Man AHL Alpha USD Shares $ 802.35 - -2.89 0.00
Man AHL Diversified Plc $ 92.97 - -0.43 0.00
Mangart Global Fund Ltd (CYM)
Regulated
B Shares EUR Nav (Final) 136.02 - 1.89 0.00
B Shares USD Nav (Final) $ 136.02 - 1.89 0.00
Manulife Global Fund (LUX)
31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
www.manulife.com.hk
FSA Recognised
American Growth Fund A $ 19.55 - 0.05 0.00
Asia Total Return Fund (Class AA) F $ 1.00 - 0.00 2.70
Asia Value Dividend Equity Fund AA F $ 1.27 - 0.01 1.32
American Growth Fund AA F $ 1.12 - 0.00 0.00
Asian Equity Fund A $ 2.51 - 0.02 0.54
Asian Equity Fund AA F $ 0.81 - 0.01 0.19
Asian Small Cap Equity Fund AA F $ 1.52 - 0.01 0.27
China Value Fund A $ 6.31 - 0.07 0.35
China Value Fund AA F $ 1.98 - 0.02 0.05
Dragon Growth Fund A $ 1.42 - 0.02 0.59
Dragon Growth Fund AA F HK$ 6.87 - 0.08 0.04
Emerging Eastern Europe Fund AA F $ 1.90 - 0.00 0.05
Emerging Eastern Europe Fund A $ 4.44 - -0.01 0.18
Emerging Markets Infrastructure Fund Class AA $ 0.99 - 0.01 -
European Growth Fund A $ 8.37 - 0.02 1.17
European Growth Fund AA F $ 0.60 - 0.00 0.76
Global Contrarian Fund AA F $ 0.83 - 0.00 0.00
Fund Bid Offer D+/- Yield
Global Property Fund AA F $ 0.87 - 0.00 0.39
Global Resources Fund AA F $ 0.98 - 0.00 0.00
Healthcare Fund AA F $ 1.13 - 0.00 0.00
India Equity Fund AA F $ 0.93 - 0.00 0.00
International Growth Fund A $ 3.30 - 0.01 0.00
International Growth Fund AA F $ 0.76 - 0.00 0.00
Japanese Growth Fund A $ 2.53 - 0.00 0.00
Japanese Growth Fund AA F $ 0.65 - 0.00 0.04
Latin America Equity Fund AA F $ 1.15 - 0.01 0.74
Russia Equity Fund AA F $ 0.62 - 0.00 0.00
Strategic Income AA F $ 1.15 - 0.00 3.84
Taiwan Equity Fund AA F $ 1.25 - 0.02 0.64
Turkey Equity Fund AA F $ 0.90 - 0.00 0.26
US Bond Fund AA F $ 1.26 - 0.00 3.41
U.S. Special Opportunities Fund AA F $ 0.89 - 0.01 5.55
US Small Cap Equity Fund AA F $ 0.90 - 0.00 0.00
US Treasury Inflation-Protected Securities Fund AA F $ 1.39 - 0.00 0.75
Marlborough International Management Limited(GSY)
Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
FSA Recognised
Marlborough North American Fund Ltd 21.01 21.22 0.28 0.00
Marlborough Tiger Fund Ltd F 24.93 25.18 1.08 0.00
Marwyn Investment Management LLP (CYM)
Regulated
Marwyn Value Investors 302.42 - 5.33 -
Meditor Group Limited (BMU)
Regulated
European Hedge Fd (B) (Est) $ 572.23 - -2.39 0.00
European Hedge Fd (C) (Est) $ 290.70 - -1.21 0.00
Melchior Hedge Funds (CYM)
Regulated
Melchior European Fund Ltd EUR Class 150.01 - -2.08 -
Meridian Fund Managers Ltd
Other International Funds
Global Gold & Resources Fund $ 421.31 - -0.03 -
Global Energy & Resources Fund $ 94.39 - 0.00 -
Metage Capital
Other International Funds
MGS $ 197.90 - -0.74 -
MEMO $ 440.01 - 4.04 0.00
MEMV (Est) $ 100.65 - 1.11 -
Mirabaud Gestion AM (FRA)
Regulated
Mirabaud Euro Actions 127.38 - -0.29 0.00
Mirabaud France Actions 139.61 - -0.48 0.00
MitonOptimal Offshore (GSY)
www.MitonOptimal.com
Regulated
Core Diversified Fund (USD) $ 105.53 - -0.56 0.00
Core Diversified Fund (EUR) 89.36 - -0.51 0.00
Core Diversified Fund (GBP) 97.25 - -0.53 0.00
Core Diversified USD E Class $ 97.55 - -0.59 -
Core Diversified GBP E Class 97.34 - -0.60 -
Core Diversified SGD E Class S$ 97.21 - -0.61 -
Global Real Estate Fund $ 93.58 - -1.22 0.00
International Diversified $ 97.68 - -0.20 0.00
International Beta Equity $ 96.87 - -1.51 0.00
International Equity $ 92.24 - -0.81 0.00
Managed Flexible US$ Fund $ 100.32 - 0.40 0.00
Offshore Global (GBP) 90.47 - -0.25 0.00
Offshore Global (USD) $ 84.32 - -0.25 0.00
Offshore Special Situations (GBP) 134.22 - 0.33 0.00
Offshore Special Situations (USD) $ 123.96 - 0.27 0.00
Offshore Special Situations (EUR) 104.14 - 0.21 0.00
Offshore Special Situations (YEN) 11050.83 - 20.31 0.00
Rhodium USD $ 92.20 - -0.25 0.00
Rhodium GBP 90.66 - -0.25 0.00
Rhodium AUD A$ 94.13 - -0.23 0.00
Rhodium SGD S$ 89.78 - -0.26 0.00
Rhodium THB THB 918.29 - -2.52 0.00
Special Situations USD E Class $ 100.72 - 0.18 -
Special Situations GBP E Class 101.05 - 0.21 -
Special Situations SGD E Class S$ 100.45 - 0.16 -
Morant Wright Management Ltd (CYM)
Regulated
MW Japan Fd Ltd A $ 17.13 - -0.44 0.00
MW Japan Fd Ltd B $ 17.56 - -0.45 0.00
Morgan Stanley Investment Funds (LUX)
6b Route de Trves L-2633 Senningerberg Luxembourg (352) 34 64 61
www.morganstanleyinvestmentfunds.com
FSA Recognised
US Advantage A F $ 35.31 - 0.13 0.00
Absolute Return Currency A F 24.97 - -0.02 0.00
Asian Equity A F $ 40.08 - 0.42 0.00
Asian Property A F $ 16.38 - 0.03 0.00
Asian Property AX F 9.93 - 0.03 1.28
Diversified Alpha Plus A F 28.60 - 0.14 0.00
Emerg Europ, Mid-East & Africa Eq A F 58.98 - 0.26 0.00
Emerging Markets Debt A F $ 78.93 - -0.07 0.00
Emerging Markets Domestic Debt AX F 16.30 - 0.05 4.29
Emerging Markets Equity A F $ 35.73 - 0.28 0.00
Euro Bond A F 13.50 - 0.01 0.00
Euro Corporate Bond AX F 21.29 - 0.01 3.96
Euro Liquidity A F 12.88 - 0.00 0.00
Euro Strategic Bond A F 36.84 - 0.05 0.00
European Currencies High Yield Bd A F 17.14 - 0.02 0.00
European Equity Alpha A F 31.81 - 0.22 0.00
European Property A F 21.26 - 0.09 0.00
Eurozone Equity Alpha A F 7.48 - 0.04 0.00
Global Brands A F $ 74.12 - 0.46 0.00
Global Convertible Bond A F $ 35.08 - 0.04 0.00
Global Property A F $ 22.09 - 0.02 0.00
Indian Equity A F $ 22.61 - -0.05 0.00
Latin American Equity A F $ 63.29 - 0.32 0.00
Short Maturity Euro Bond A F 19.78 - 0.01 0.00
US Growth A F $ 39.05 - 0.07 0.00
US Growth AH F 27.27 - 0.05 0.00
US Growth AX F 25.01 - 0.08 0.00
US Property A F $ 53.38 - 0.07 0.00
Morgens Waterfall Vintiadis.co Inc
Other International Funds
Phaeton Intl (BVI) Ltd (Est) $ 390.13 - -1.39 0.00
Natixis International Funds (Lux) I SICAV (LUX)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
FSA Recognised
Absolute Asia AM Pac Rim Eq Fd IA $ 88.91 88.91 0.55 0.00
ASG Laser Fund I/A (USD) H $ 1130.46 1130.46 2.74 0.00
Harris Associates Global Value Fund H 166.76 166.76 1.26 0.00
Harris Associates US Large Cap Value Fund $ 152.18 152.18 -0.15 0.00
Loomis Sayles Emerging Debt & Currencies Fund IA $ 156.69 156.69 -0.20 0.00
Loomis Sayles Global Credit Fund I/A (USD) H $ 137.67 137.67 -0.08 0.00
Loomis Sayles US Large Cap Value $ 101.60 101.60 -0.23 0.00
Vaughan Nelson US Small Cap Val Fund IA $ 187.51 187.51 0.26 0.00
Natixis International Funds (Dublin) I plc (IRL)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Regulated
Loomis Sayles Global Opportunist Bond Fund H-S/D GBP 10.65 10.65 0.01 5.88
Loomis Sayles Multisector Inc Fd I USD $ 13.10 13.10 0.02 5.87
Loomis Sayles Inst High Inc Fd I USD $ 8.09 8.09 0.02 10.65
Loomis Sayles Global Opportunist Bond Fd I USD $ 13.95 13.95 0.00 6.37
Natwest (IRL)
Guild Hse PO Box 4935 Guild St, IFSC, Dublin 1
00353 1 642 8400
FSA Recognised
Series 10
Absolute Rtn Multi Asset Prog SER 10 GBP F 9.85 - 0.01 -
Nemesis Fund Plc (IRL)
Regulated
Nemesis Credit Opportunities Advisor EUR Acc 109.68 - 0.21 0.00
Nemesis European Value EUR Advisor Acc 169.23 - -0.19 0.00
Nemesis Global Value Fund 95.00 - -0.07 0.00
Nemesis Inflation Advisor EUR Acc 104.94 - 0.63 0.00
Nemesis USA Value USD Advisor Acc $ 100.13 - -0.06 0.00
Nevsky Capital LLP (IRL)
51 Berkeley Square, London W1J 5BB +44 (0)20 7360 8888
FSA Recognised
Traditional Funds Plc
Eastern European $ 75.81 - -0.19 0.00
Nevsky Capital LLP
Other International Funds
Nevsky Fund Plc EUR Acc 1170.02 - 8.78 0.00
Nevsky Fund Plc GBP Acc 1175.92 - 8.63 0.00
Fund Bid Offer D+/- Yield
Nevsky Fund Plc USD Acc $ 1185.65 - 8.53 0.00
New Capital Fund Management Ltd (IRL)
Leconfield House, Curzon Street, London, W1J 5JB
FSA Recognised
New Capital UCITS Funds
Asia Pacific Equity Fund USD Class A $ 98.67 - -0.08 2.61
Asia Pacific Equity Fund EUR Class B 96.61 - -0.08 2.89
Asia Pacific Equity Fund GBP Class C 97.67 - -0.08 2.73
Asia Pacific Equity Fund CNY USD Hedged Class F $ 101.25 - -0.10 2.56
Asia Pacific Equity Inc D Class D SFr - - - -
Asia Pacific Equity Inc SGD Class DS$ 110.03 - -0.09 -
Asia Pacific Equity Inc USD I Class D $ 110.09 - -0.08 -
Dynamic European Equity EUR Cls D 115.37 - -0.22 -
Dynamic European Equity GBP Cls D 122.85 - -0.25 -
Dynamic European Equity USD Cls D $ 115.52 - -0.22 -
Global Fixed Income USD $ 122.03 - 0.04 0.00
Global Fixed Income USD CNY Hedged $ 108.52 - 0.01 -
Total Return Bond USD Cls $ 148.98 - 0.07 0.00
Total Return Bond EUR Cls 141.16 - 0.06 0.00
Total Return Bond GBP Cls 157.52 - 0.06 0.00
Total Return Bond Fund Canadian Dollar Class C$ 103.57 - 0.05 0.00
Total Return Bond Fund CHF SFr 107.57 - 0.05 0.00
Total Return Bond Fund INR Hdg R $ 106.50 - -0.29 -
Total Return Bond Fund USD $ 112.26 - -0.01 -
Total Return Bond Fund USD I $ 108.66 - 0.05 -
Total Return Bond GBP Distributor Class 110.62 - 0.05 4.42
US Growth Class A USD $ 114.44 - -0.61 0.00
US Growth Class B EUR 110.80 - -0.59 0.00
US Growth Class C GBP 113.02 - -0.61 0.00
US Growth Class D CHF SFr 113.16 - -0.60 0.00
US Growth Class I USD $ 103.13 - -0.54 -
Wealthy Nations Bond USD Cls A $ 112.56 - -0.03 4.89
Wealthy Nations Bond EUR Cls B 109.86 - -0.03 5.31
Wealthy Nations Bond GBP Cls C 111.83 - -0.03 5.02
Wealthy Nations Bond CHF Cls DSFr 109.06 - -0.04 -
Wealthy Nations Bond EUR Cls D 109.34 - -0.03 -
Wealthy Nations Bond GBP Cls D 112.49 - -0.03 4.79
Wealthy Nations Bond CHF Cls ESFr 108.71 - -0.03 5.24
Wealthy Nations Bond INR Hdg Cls D $ 106.44 - -0.30 -
Wealthy Nations Bond INR Hdg I Cls D $ 106.90 - -0.31 -
Wealthy Nations Bond NOK Cls DNKr 110.67 - -0.03 -
Wealthy Nations Bond USD Cls D $ 109.84 - -0.03 -
Wealthy Nations Bond USD CNY Hedged Class F $ 110.90 - -0.04 4.38
Wealthy Nations Bond SGD Class GS$ 158.68 - -0.04 4.77
Wealthy Nations Bond Class H S$ 104.97 - -0.03 5.09
Wealthy Nations Bond Class I $ 108.33 - -0.05 4.42
New Capital Alternative Strategies
All Weather Fd USD Cls $ 109.64 - -0.15 -
All Weather Fd EUR Cls 100.24 - -0.19 0.00
All Weather Fd GBP Cls 106.86 - -0.18 0.00
Tactical Opps USD Cls $ 88.72 - -0.38 0.00
Tactical Opps EUR Cls 73.77 - -0.34 0.00
Tactical Opps GBP Cls 81.95 - -0.34 0.00
NewSmith Investment Funds Plc (IRL)
Regulated
NewSmith UK Equity 1.87 - 0.04 0.00
Newton Fund Mgrs (CI) Ltd (1200)F (JER)
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FSA Recognised
Newton Offshore Strategy Fund Ltd
UK Equity 1.6353 - 0.0081 2.00
Global Equity 1.4532 - 0.0075 1.86
Global Balanced 1.1736 - 0.0031 2.13
Global Balanced (Accumulation) 1.2870 - 0.0034 2.09
Bridge 1.3551 - 0.0059 2.00
Sterling Fixed Interest Class 0.8500 - -0.0001 3.93
Global Fixed Interest Class 1.0309 - 0.0004 4.68
Diversified Assets 1.1195 - 0.0005 2.93
Special Situations 1.0420 - 0.0029 3.34
Nordea 1, SICAV (LUX)
E-Mail: nordeafunds@nordea.lu, Phone: +352 43 39 50 0
FSA Recognised
Emerging Consumer Fund F 15.74 - 0.15 0.00
European Alpha Fund F 8.04 - 0.04 0.00
European Value Fund 37.85 - 0.25 0.00
Far Eastern Equity Fund $ 17.28 - 0.24 0.00
Latin American Equity Fund 11.77 - 0.10 0.00
Nordic Equity Fund 55.07 - 0.72 0.00
North American Growth Fund H $ 8.32 - 0.03 0.00
North American Value Fund $ 30.92 - 0.14 0.00
European High Yield Bond Fund F 21.87 - 0.05 0.00
Global Stable Equity Fund F 10.12 - 0.03 0.00
Heracles Long/Short MI Fund - AP - EUR F 51.32 - 0.08 0.00
Northwest Investment Management (HK) Ltd
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Other International Funds
Northwest $ class $ 1782.24 - 30.87 0.00
Northwest China Opps $ class $ 2342.46 - 17.37 0.00
Northwest China Opps class 2293.30 - 17.15 0.00
Northwest Warrant $ class $ 450.65 - 56.88 0.00
Oasis Crescent Management Company Ltd
Other International Funds
Oasis Crescent Equity Fund R 7.00 - 0.04 0.53
Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Regulated
Oasis Global Investment (Ireland) Plc
Oasis Global Equity $ 20.24 - 0.03 1.00
Oasis Crescent Global Investment Fund (Ireland) plc
Oasis Crescent Global Equity Fund $ 20.50 - 0.03 0.88
OasisCresGl Income Class A $ 10.87 - 0.01 2.57
OasisCresGl LowBal D ($) Dist $ 10.60 - 0.01 0.00
OasisCresGl Med Eq Bal A ($) Dist $ 10.10 - 0.02 -
Oasis Crescent Gbl Property Eqty $ 7.89 - 0.00 3.34
Odey Asset Management LLP (CYM)
Regulated
OEI MAC Inc A 271.98 - -9.13 0.00
OEI Mac Inc B 151.17 - -5.90 0.00
OEI MAC Inc USD $ 1499.29 - -50.88 0.00
Odey European Inc EUR 608.30 - -18.75 0.00
Odey European Inc A GBP 230.36 - -7.00 0.00
Odey European Inc B GBP 130.74 - -3.97 0.00
Odey European Inc USD $ 283.15 - -8.75 0.00
Giano Capital EUR Inc 4076.79 - 92.62 0.00
Odey Asset Management LLP (IRL)
FSA Recognised
Odey OEAF EUR A Class 95.50 - 0.12 0.00
Odey OEAF GBP D Class 107.80 - -0.48 -
Odey Pan European 219.38 - 0.62 0.00
Odey Pan European GBP D 138.98 - -0.40 0.00
Odey Allegra STG A 89.44 - 0.00 0.00
Odey Allegra USD $ 104.76 - 0.07 0.00
Odey Allegra European EUR 152.59 - 0.19 0.00
Odey Allegra European EUR I F 149.45 - 0.19 0.00
Odey Allegra European USD $ 144.98 - -0.56 0.00
Odey Allegra European GBP 172.63 - -0.76 0.00
Odey Allegra European GBP I 160.68 - 0.52 -
Odey Allegra International GBP Class 132.86 - 0.01 0.00
Odey Allegra International GBP D Inc F 120.37 - 0.01 0.00
Odey Allegra International Euro Class 107.76 - 0.61 0.00
Odey Allegra International Euro I Class 99.34 - 0.57 0.00
Odey Investments Plc (IRL)
Regulated
Odey Giano European Fund EUR 105.42 - -0.30 -
Odey Odyssey Fund GBP I 101.57 - 0.26 -
Odey Giano European Fund GBP 105.21 - -0.29 -
Odey Odyssey Fund GBP R 99.77 - 0.31 -
Odey Giano European Fund USD $ 106.15 - -0.29 -
Odey Odyssey Fund USD $ 101.83 - 0.26 -
Odey Odyssey Fund EUR 90.01 - 0.31 -
Odey Wealth Management (CI) Ltd (IRL)
FSA Recognised
ODEY OPPORTUNITY CHF SFr 102.45 - 0.25 0.00
Full fund performance data at
www.ft.com/funds MANAGED FUNDS SERVICE
AUGUST 10 2012 Section:Stats Time: 9/8/2012 - 19:09 User: watsonl Page Name: UT5 EUR, Part,Page,Edition: EUR, 18, 1
FINANCIAL TIMES FRIDAY AUGUST 10 2012

19
Fund Bid Offer D+/- Yield
ODEY OPPORTUNITY CHF I SFr 102.60 - 0.24 0.00
ODEY OPPORTUNITY EUR 119.72 - 0.29 0.00
ODEY OPPORTUNITY EUR I 178.99 - 0.43 0.00
ODEY OPPORTUNITY GBP I R 197.33 - 0.48 0.00
ODEY OPPORTUNITY GBP R 127.14 - 0.31 0.00
ODEY OPPORTUNITY NOK NKr 107.97 - 0.25 0.00
ODEY OPPORTUNITY NOK I NKr 110.37 - 0.30 0.00
ODEY OPPORTUNITY USD $ 126.41 - 0.28 0.00
ODEY OPPORTUNITY USD I $ 187.97 - 0.43 0.00
Omnia Fund Ltd
Other International Funds
Estimated NAV $ 397.18 - 10.90 -
Optima Fund Management
Other International Funds
Optima Fd NAV (Est) $ 74.50 - -0.28 0.00
Optima Discretionary Macro Fund Limited $ 81.67 - -0.52 0.00
The Dorset Energy Fd Ltd NAV $ 42.43 - 1.15 0.00
Platinum Fd Ltd (Est) $ 66.12 - 0.58 0.00
Platinum Fd Ltd EUR (Est) 13.15 - 0.11 0.00
Platinum Japan Fd Ltd (Est) $ 31.78 - 0.49 0.00
Optima Emerging Markets Fd Ltd $ 13.99 - -0.01 0.00
Optima Partners Global Fd $ 11.81 - 0.02 0.00
Optima Partners Focus Fund A $ 11.25 - -0.08 0.00
Cuttyhunk II Limited Unrestricted USD Acc NAV $ 1181.22 - -9.38 -
Orbis Investment Management Ltd (BMU)
Regulated
Orbis Global Equity $ 114.23 - -1.50 0.00
Orbis Optimal (US$) $ 71.18 - -0.16 0.00
Orbis Optimal (Euro) 24.09 - -0.04 0.00
Orbis Optimal (Yen) 951.00 - -2.00 0.00
Orbis Leveraged (US$) $ 110.10 - -0.55 0.00
Orbis Leveraged (Euro) 36.13 - -0.19 0.00
Orbis Leveraged (Yen) 864.00 - -4.00 0.00
Orbis Japan Equity (US$) $ 22.06 - -0.09 0.00
*Orbis Prices as of August 2nd
Orbis Sicav (LUX)
Regulated
Orbis Japan Equity (Yen) 2116.00 - -8.00 0.00
Orbis Japan Equity (Euro) 14.35 - -0.05 0.00
Orbis Asia ex-Japan - Investor Shares $ 16.46 - -0.03 0.00
Orbis Global Equity - Investor Shares 92.31 - -0.26 0.00
Orbit Asset Management
Other International Funds
Orbit Global Strategy $ 142.23 - -0.53 0.00
Orbit Euro Strategies 124.54 - -0.12 0.00
Oryx International Growth Fund Ltd
Other International Funds
NAV (Fully Diluted) 2.93 - -0.08 0.00
PFPC International Ltd
Other International Funds
Intl Dollar Reserve A $ 1.00 - 0.00 0.05
Intl Dollar Reserve B $ 1.00 - 0.00 0.02
Intl Dollar Reserve Bear $ 1.00 - 0.00 0.02
Permal Investment Mgmt Svcs Ltd
www.permal.com
Other International Funds
Offshore Fund Class A US $ Shares
Investment Holdings N.V. $ 4521.65 - -10.98 -
Macro Holdings Ltd $ 4054.41 - 47.58 -
Fixed Income Holdings N.V. $ 423.60 - 1.13 -
LUX Advantage Multi-Strategy Fund $ 1357.73 - 5.19 -
LUX Natural Resources $ 1295.36 - 7.14 -
Strategic Allocation A $ 1250.32 - 4.73 -
Pictet Funds (Europe) SA (LUX)
15, Avenue J.F. Kennedy L-1855 Luxembourg
Tel: 0041 58 323 3000
FSA Recognised
Pictet-Absl Rtn Glo Cons-I EUR F 107.51 - 0.12 0.00
Pictet-Absl Rtn Glo Cons-P EUR F 105.28 - 0.11 0.00
Pictet-Absl Rtn Glo Cons-Pdy EUR F 102.43 - 0.12 0.61
Pictet-Absl Rtn Glo Div-I EUR F 123.73 - 0.18 0.00
Pictet-Absl Rtn Glo Div-P EUR F 119.06 - 0.17 0.00
Pictet-Absl Rtn Glo Div-Pdy EUR F 115.43 - 0.16 0.29
Pictet-Absl Rtn Glo Div-R EUR F 115.33 - 0.16 0.00
Pictet-AbsRetGloDiv-HI CHF F SFr 179.25 - 0.25 0.00
Pictet-AbsRetGloDiv-HI GBP F 104.13 - 0.15 0.00
Pictet-AbsRetGloDiv-HI JPY F 13733.00 - 19.00 0.00
Pictet-AbsRetGloDiv-HI USD F $ 156.48 - 0.22 0.00
Pictet-AbsRetGloDiv-HP CHF F SFr 172.46 - 0.24 0.00
Pictet-AbsRetGloDiv-HPdy GBP F 97.24 - 0.14 0.23
Pictet-AbsRetGloDiv-HP USD F $ 150.56 - 0.21 0.00
Pictet-Agriculture-I EUR F 149.80 - 1.16 0.00
Pictet-Agriculture-I USD F $ 184.43 - 0.84 0.00
Pictet-Agriculture-P EUR F 145.85 - 1.13 0.00
Pictet-Agriculture-P dy EUR F 145.85 - 1.13 0.00
Pictet-Agriculture-P dy GBP F 114.77 - 0.54 0.00
Pictet-Agriculture-P dy USD F $ 179.57 - 0.83 0.00
Pictet-Agriculture-R EUR F 142.62 - 1.10 0.00
Pictet-Agriculture-R USD F $ 175.59 - 0.80 0.00
Pictet-Agriculture-P USD F $ 179.57 - 0.83 0.00
Pictet-Asian Equities Ex Japan-I USD F $ 174.10 - 2.14 0.00
Pictet-Asian Equities Ex Japan-P USD F $ 162.14 - 1.99 0.00
Pictet-Asian Equities Ex Japan-P dy USD F $ 158.83 - 1.95 0.16
Pictet-Asian Equities Ex Japan-HI EUR F 114.05 - 1.40 0.00
Pictet-Asian Local Currency Debt-I EUR F 126.68 - 0.44 0.00
Pictet-Asian Local Currency Debt-I USD F $ 155.97 - 0.05 0.00
Pictet-Asian Local Currency Debt-P EUR F 121.72 - 0.42 0.00
Pictet-Asn Lcl Ccy Dbt-Pdy USD F $ 131.53 - 0.04 2.74
Pictet-Asn Lcl Ccy Dbt-Pdy GBP F 85.34 - 0.03 2.71
Pictet-Biotech-P USD $ 351.36 - -3.71 0.00
Pictet-Biotech-P dy GBP F 224.28 - -2.50 0.00
Pictet-Biotech-HP EUR F 261.66 - -2.77 0.00
Pictet-Biotech-I USD F $ 383.57 - -4.03 0.00
Pictet-Biotech-P dy USD F $ 351.22 - -3.70 0.00
Pictet-CHF Liquidity-P F SFr 124.36 - 0.00 0.00
Pictet-Clean Energy-I EUR F 51.80 - 0.06 0.00
Pictet-Clean Energy-I USD F $ 63.78 - -0.12 0.00
Pictet-Clean Energy-P EUR F 49.59 - 0.06 0.00
Pictet-Clean Energy-P USD F $ 61.05 - -0.12 0.00
Pictet-Clean Energy-P dy USD F $ 61.05 - -0.12 0.00
Pictet-Clean Energy-P dy GBP F 39.02 - -0.07 0.00
Pictet-Convertible Bonds-I EUR F 94.83 - 0.21 0.00
Pictet-Convertible Bonds-P EUR F 92.78 - 0.21 0.00
Pictet-Convertible Bonds-P dy EUR F 92.58 - 0.20 0.50
Pictet-Convertible Bonds-R EUR F 90.72 - 0.20 0.00
Pictet-Digital Communication-I EUR F 128.72 - -0.30 0.00
Pictet-Digital Communication-I USD F $ 158.48 - -0.87 0.00
Pictet-Digital Communication-P EUR F 117.46 - -0.28 0.00
Pictet-Digital Communication-P USD $ 144.62 - -0.80 0.00
Pictet-Digital Communication-P dy USD F $ 139.48 - -0.77 0.00
Pictet-Digital Communication-P dy GBP F 90.21 - -0.49 0.00
Pictet-Digital Communication-R EUR F 108.58 - -0.25 0.00
Pictet-Eastern Europe-I EUR F 363.98 - 1.27 0.00
Pictet-Eastern Europe-P EUR F 350.80 - 1.22 0.00
Pictet-Eastern Europe-P dy EUR F 350.49 - 1.22 0.00
Pictet-Eastern Europe-P dy GBP F 276.56 - -0.62 0.00
Pictet-Em Lcl Ccy Dbt-HI EUR F 132.48 - 1.12 0.00
Pictet-Em Lcl Ccy Dbt-HP EUR F 127.35 - 1.08 0.00
Pictet-Em Lcl Ccy Dbt-I EUR F 162.43 - 2.20 0.00
Pictet-Em Lcl Ccy Dbt-I USD F $ 200.71 - 1.70 0.00
Pictet-Em Lcl Ccy Dbt-P EUR F 156.07 - 2.11 0.00
Pictet-Em Lcl Ccy Dbt-P USD F $ 192.86 - 1.63 0.00
Pictet-Em Lcl Ccy Dbt-Pdy USD F $ 146.71 - 1.24 5.43
Pictet-Em Lcl Ccy Dbt-Pdy GBP F 96.43 - 0.75 5.34
Pictet-Emerging Markets-I USD F $ 514.03 - 5.65 0.00
Pictet-Emerging Markets-P USD $ 484.55 - 5.32 0.00
Pictet-Emerging Markets-P EUR F 393.55 - 5.55 0.00
Pictet-Emerging Markets-P dy USD F $ 479.57 - 5.27 0.00
Pictet-Emerging Markets Index-I USD F $ 237.38 - 0.63 0.00
Pictet-Emerging Markets Index-IS USD F $ 236.47 - 0.62 0.00
Pictet-Emerging Markets Index-P dy USD F $ 214.38 - 0.56 1.75
Pictet-Emerging Markets Index-R USD F $ 225.16 - 0.60 0.00
Pictet-Emerging Markets Index-P USD $ 232.23 - 0.61 0.00
Pictet-Emerging Markets Index-R dy GBP F 140.49 - 0.29 1.44
Pictet-EUR Bonds-HI CHF F SFr 616.77 - 3.40 0.00
Pictet-EUR Bonds-HP CHF F SFr 592.97 - 3.26 0.00
Pictet-EUR Bonds-I F 458.22 - 2.53 0.00
Pictet-EUR Bonds-P F 440.60 - 2.43 0.00
Pictet-EUR Bonds-P dy F 301.82 - 1.66 3.32
Pictet-EUR Corporate Bonds-HI USD F $ 198.06 - 1.16 0.00
Pictet-EUR Corporate Bonds-HI CHF FSFr 233.32 - 1.37 0.00
Pictet-EUR Corporate Bonds-HP USD F $ 189.38 - 1.11 0.00
Pictet-EUR Corporate Bonds-HP CHF FSFr 223.13 - 1.31 0.00
Pictet-EUR Corporate Bonds-I F 173.48 - 1.01 0.00
Pictet-EUR Corporate Bonds-P F 165.82 - 0.97 0.00
Pictet-EUR Corporate Bonds-P dy F 103.92 - 0.61 3.69
Pictet-EUR Government Bonds-P dy F 104.13 - 0.17 3.37
Fund Bid Offer D+/- Yield
Pictet-EUR High Yield-HI CHF F SFr 258.82 - -0.27 0.00
Pictet-EUR High Yield-HP CHF F SFr 245.43 - -0.26 0.00
Pictet-EUR High Yield-I F 191.13 - -0.20 0.00
Pictet-EUR High Yield-P F 181.23 - -0.19 0.00
Pictet-EUR High Yield-P dy F 87.79 - -0.10 6.10
Pictet-EUR Inflation Linked Bonds-P dy F 108.81 - 0.09 1.33
Pictet-EUR Short Mid-Term Bonds-HI CHF FSFr 113.08 - -0.02 0.00
Pictet-EUR Short Mid-Term Bonds-HP CHF FSFr 110.96 - -0.02 0.00
Pictet-EUR Short Mid-Term Bonds-P F 127.29 - -0.03 0.00
Pictet-EUR Short Mid-Term Bonds-I F 129.54 - -0.02 0.00
Pictet-EUR Short Mid-Term Bonds-P dy F 90.83 - -0.01 3.37
Pictet-EUR Sov.Sht.Mon.Mkt EUR I 103.44 - -0.01 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR P 102.97 - -0.01 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR Pdy 100.28 - 0.00 0.17
Pictet-European Sust Eq-P EUR F 152.24 - 0.29 0.00
Pictet-Europe Index-I EUR F 117.97 - 0.39 0.00
Pictet-Europe Index-IS EUR F 118.50 - 0.39 0.00
Pictet-Europe Index-P EUR 116.68 - 0.39 0.00
Pictet-Europe Index-P dy EUR F 99.84 - 0.33 2.60
Pictet-Europe Index-R dy GBP F 83.33 - -0.20 2.60
Pictet-Euroland Index-P dy EUR F 73.17 - -0.23 3.44
Pictet-Euroland Index-R dy GBP F 61.20 - -0.54 3.38
Pictet-European Equity Selection-I EUR F 498.04 - 0.06 0.00
Pictet-European Equity Selection-P EUR F 474.58 - 0.05 0.00
Pictet-Eu Equities Sel-Pdyistr F 442.24 - 0.05 0.63
Pictet-Europe Index-R EUR F 113.84 - 0.38 0.00
Pictet-European Sust Eq-I EUR F 158.70 - 0.31 0.00
Pictet-European Sust Eq-Pdy EUR F 136.49 - 0.27 1.67
Pictet-Generics-I USD F $ 152.30 - -0.02 0.00
Pictet-Generics-P USD F $ 142.95 - -0.02 0.00
Pictet-Generics-P dy GBP F 91.34 - 0.00 0.00
Pictet-Generics-P dy USD F $ 142.91 - -0.02 0.00
Pictet-World Government Bonds-P USD $ 186.34 - 0.07 0.00
Pictet-World Government Bonds-P dy USD $ 143.58 - 0.06 2.43
Pictet-Global Emerging Debt-P USD F $ 313.40 - -0.37 0.00
Pictet-Global Emerging Debt-P dy USD F $ 183.88 - -0.22 4.83
Pictet-Global Emerging Currencies-I EUR F 86.10 - 0.33 0.00
Pictet-Global Emerging Currencies-I USD F $ 106.86 - -0.13 0.00
Pictet-Global Emerging Currencies-HI EUR F 67.31 - -0.08 0.00
Pictet-Global Emerging Currencies-HP EUR F 65.96 - -0.08 0.00
Pictet-Global Emerging Currencies-P EUR F 84.37 - 0.33 0.00
Pictet-Global Emerging Currencies-P USD F $ 104.69 - -0.13 0.00
Pictet-Global Em Ccy-Pdy USD F $ 96.82 - -0.12 2.80
Pictet-Global Emerging Debt-HP EUR F 223.95 - -0.27 0.00
Pictet-Global Emerging Debt-HP CHF FSFr 362.21 - -0.46 0.00
Pictet-Global Emerging Debt-HI EUR F 234.77 - -0.28 0.00
Pictet-Global Emerging Debt-HI CHF FSFr 382.34 - -0.47 0.00
Pictet-Global Emerging Debt-I USD F $ 330.72 - -0.39 0.00
Pictet-Global Megatrend Selection-I USD F $ 155.02 - -0.41 0.00
Pictet-Global Megatrend Selection-I EUR F 125.91 - 0.06 0.00
Pictet-Global Megatrend Selection-P USD F $ 150.21 - -0.40 0.00
Pictet-Global Megatrend Selection-P CHF FSFr 146.48 - 0.00 0.00
Pictet-Global Megatrend Selection-P EUR F 122.02 - 0.06 0.00
Pictet-Glo Megatrend Sel-Pdy EUR F 122.00 - 0.06 0.00
Pictet-Glo Megatrend Sel-Pdy GBP F 96.01 - -0.24 0.00
Pictet-Glo Megatrend Sel-Pdy USD F $ 150.21 - -0.40 0.00
Pictet-Global Megatrend Selection-R EUR F 117.93 - 0.05 0.00
Pictet-Global Megatrend Selection-R USD F $ 145.20 - -0.39 0.00
Pictet-Greater China-I USD F $ 370.15 - 4.83 0.00
Pictet-Greater China-P USD F $ 346.29 - 4.52 0.00
Pictet-Greater China-P dy USD F $ 336.17 - 4.38 0.27
Pictet-Greater China-P dy GBP F 214.13 - 2.82 0.26
Pictet-High Dividend Sel I EUR F 115.94 - 0.59 0.00
Pictet-High Dividend Sel P CHF F SFr 136.75 - 0.65 0.00
Pictet-High Dividend Sel P EUR F 113.85 - 0.58 0.00
Pictet-High Dividend Sel P USD F $ 140.68 - 0.00 0.00
Pictet-High Dividend Sel Pdm GBP F 82.84 - -0.04 4.03
Pictet-High Dividend Sel Pdm USD F $ 128.83 - 0.00 4.10
Pictet-High Dividend Sel Pdy EUR F 107.52 - 0.55 3.74
Pictet-High Dividend Sel R EUR F 112.22 - 0.56 0.00
Pictet-High Dividend Sel Rdm EUR F 102.69 - 0.52 3.88
Pictet-Indian Equities-I USD F $ 293.18 - -1.26 0.00
Pictet-Indian Equities-P USD F $ 274.64 - -1.18 0.00
Pictet-Indian Equities-P dy USD F $ 274.64 - -1.18 0.00
Pictet-Indian Equities-P dy GBP F 175.53 - -0.74 0.00
Pictet-Japan Index-I JPY F 7611.63 - 66.39 0.00
Pictet-Japan Index-IS JPY F 7713.59 - 67.33 0.00
Pictet-Japan Index-P JPY F 7527.12 - 65.63 0.00
Pictet-Japan Index-P dy JPY F 7003.76 - 61.07 1.81
Pictet-Japan Index-R dy GBP F 58.37 - 0.35 1.54
Pictet-Japanese Equities Opp-P JPY F 4183.49 - 25.78 0.00
Pictet-Japanese Equities Opp-I JPY F 4391.73 - 27.14 0.00
Pictet-Japanese Equities Opp-P dy JPY F 4149.36 - 25.57 0.00
Pictet-Japanese Equity Selection-I JPY F 6952.65 - 50.20 0.00
Pictet-Japanese Equity Selection-P JPY F 6633.75 - 47.79 0.00
Pictet-Japanese Eq Sel-Pdy GBP F 53.44 - 0.24 0.38
Pictet-Japanese Eq Sel-Pdy JPY F 6544.98 - 47.15 0.39
Pictet-LATAM Lc Ccy Dbt-Pdy GBP F 74.59 - 0.32 6.56
Pictet-LATAM Lc Ccy Dbt-I EUR F 124.32 - 1.24 0.00
Pictet-LATAM Lc Ccy Dbt-I USD F $ 152.32 - 0.75 0.00
Pictet-LATAM Lc Ccy Dbt-P EUR F 120.66 - 1.20 0.00
Pictet-LATAM Lc Ccy Dbt-P USD F $ 147.83 - 0.73 0.00
Pictet-LATAM Lc Ccy Dbt-Pdy USD F $ 113.04 - 0.56 6.59
Pictet-LATAM Lc Ccy Dbt-R EUR F 117.54 - 1.17 0.00
Pictet-LATAM Lc Ccy Dbt-R USD F $ 144.04 - 0.70 0.00
Pictet-MENA-HP EUR F * 28.54 - 0.03 0.00
Pictet-MENA-I USD F * $ 47.40 - 0.04 0.00
Pictet-MENA-P USD F * $ 45.77 - 0.04 0.00
Pictet-MENA-P EUR F * 37.03 - 0.21 0.00
Pictet-MENA-Pdy USD F * $ 44.78 - 0.04 1.46
Pictet-Pacific Ex Japan Index-P USD F $ 314.68 - 0.26 0.00
Pictet-Pacific Ex Japan Index-I USD F $ 318.28 - 0.27 0.00
Pictet-Pacific Ex Japan Index-IS USD F $ 319.38 - 1.84 0.00
Pictet-Pacific Ex Japan Index-P dy USD F $ 258.04 - 0.21 3.61
Pictet-Pacific Ex Japan Index-R USD F $ 308.22 - 1.78 0.00
Pictet-Pacific Ex Japan Index-R dy GBP F 181.10 - 0.92 3.30
Pictet-Premium Brands-I EUR F 111.38 - 0.11 0.00
Pictet-Premium Brands-I USD F $ 137.13 - -0.30 0.00
Pictet-Premium Brands-P EUR 101.69 - 0.10 0.00
Pictet-Premium Brands-P USD F $ 125.20 - -0.27 0.00
Pictet-Premium Brands-P dy EUR F 101.63 - 0.10 0.00
Pictet-Premium Brands-P dy GBP F 79.97 - -0.17 0.00
Pictet-Russian Equities-P USD F $ 63.16 - -0.04 0.00
Pictet-Russian Equities-P dy GBP F 40.31 - -0.05 0.00
Pictet-Russian Equities-I EUR F 53.11 - 0.23 0.00
Pictet-Russian Equities-I USD F $ 65.63 - -0.04 0.00
Pictet-Russian Equities-P EUR F 51.11 - 0.22 0.00
Pictet-Russian Equities-P dy USD F $ 63.12 - -0.04 0.00
Pictet-Security-I EUR F 106.60 - -0.27 0.00
Pictet-Security-I USD F $ 131.25 - -0.73 0.00
Pictet-Security-P EUR F 101.58 - -0.24 0.00
Pictet-Security-P USD F $ 125.06 - -0.70 0.00
Pictet-Security-P dy USD F $ 125.06 - -0.70 0.00
Pictet-Security-P dy GBP F 79.93 - -0.44 0.00
Pictet-Security-R EUR F 97.55 - -0.23 0.00
Pictet-Security-R USD F $ 120.10 - -0.67 0.00
Pictet-Small Cap Europe-I EUR F 623.66 - -0.63 0.00
Pictet-Small Cap Europe-P EUR F 585.47 - -0.60 0.00
Pictet-Small Cap Europe-P dy EUR F 577.74 - -0.59 0.12
Pictet-ST.MoneyMkt-I 140.17 - -0.01 0.00
Pictet-ST.MoneyMkt-ICHF SFr 125.35 - 0.00 0.00
Pictet-ST.MoneyMkt-P 137.84 - 0.00 0.00
Pictet-ST.MoneyMkt-PCHF SFr 92.23 - 0.00 1.03
Pictet-ST.MoneyMkt-IUSD $ 134.01 - -0.01 0.00
Pictet-ST.MoneyMkt-PUSD $ 131.94 - 0.00 0.00
Pictet-ST.MoneyMkt-Pdy $ 84.66 - 0.00 0.58
Pictet-ST.MoneyMkt-Pdy 96.26 - 0.00 1.18
Pictet-Timber-HP EUR F 73.80 - 0.11 0.00
Pictet-Timber-I USD F $ 115.69 - 0.16 0.00
Pictet-Timber-I EUR F 93.97 - 0.43 0.00
Pictet-Timber-P USD F $ 112.02 - 0.16 0.00
Pictet-Timber-P EUR F 90.98 - 0.41 0.00
Pictet-Timber-P dy USD F $ 107.05 - 0.15 0.87
Pictet-Timber-P dy GBP F 68.43 - 0.11 0.87
Pictet-US Equity Growth Selection-I USD F $ 127.68 - -0.18 0.00
Pictet-US Equity Growth Selection-P USD F $ 122.85 - -0.17 0.00
Pictet-US Eq Gr Sel-Pdy USD F $ 122.84 - -0.18 0.00
Pictet-US Equity Growth Selection-R USD F $ 119.15 - -0.17 0.00
Pictet-US High Yield-HI CHF F SFr 131.14 - 0.01 0.00
Pictet-US High Yield-HI EUR F 88.24 - 0.01 0.00
Pictet-US High Yield-HP CHF F SFr 129.03 - 0.01 0.00
Pictet-US High Yield-HP EUR F 86.82 - 0.00 0.00
Pictet-US High Yield-I USD F $ 131.69 - 0.01 0.00
Pictet-US High Yield-P USD F $ 129.56 - 0.01 0.00
Pictet-US High Yield-P dy USD F $ 116.54 - 0.01 5.49
Pictet-US High Yield-R USD F $ 127.79 - 0.01 0.00
Pictet-USA Index-P USD $ 117.26 - 0.09 0.00
Pictet-USA Index-I USD F $ 118.64 - 0.09 0.00
Pictet-USA Index-IS USD F $ 119.85 - 0.10 0.00
Pictet-USA Index-P dy USD F $ 110.93 - 0.09 0.86
Pictet-USA Index-R USD F $ 114.55 - 0.09 0.00
Pictet-USA Index-R dy GBP F 71.71 - 0.01 0.64
Pictet-USD Government Bonds-I F $ 613.17 - -1.01 0.00
Pictet-USD Government Bonds-P F $ 592.10 - -0.98 0.00
Pictet-USD Government Bonds-P dy F $ 398.64 - -0.66 2.88
Pictet-USD Short Mid-Term Bonds-I F $ 127.37 - -0.03 0.00
Pictet-USD Short Mid-Term Bonds-P F $ 125.26 - -0.03 0.00
Pictet-USD Short Mid-Term Bonds-P dy F $ 98.39 - -0.03 1.73
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.25 - 0.00 0.00
Pictet-USD Sov.ST.Mon.Mkt-P $ 101.87 - 0.00 0.00
Pictet-USD Sov.ST.Mon.Mkt-Pdy $ 100.34 - 0.00 0.02
Pictet-Water-HP USD F $ 224.94 - -0.36 0.00
Pictet-Water-HR USD F $ 208.83 - -0.33 0.00
Fund Bid Offer D+/- Yield
Pictet-Water-I EUR F 189.23 - -0.30 0.00
Pictet-Water-I USD F $ 232.98 - -1.11 0.00
Pictet-Water-P EUR 172.97 - -0.27 0.00
Pictet-Water-P USD F $ 212.96 - -1.01 0.00
Pictet-Water-P dy EUR F 170.64 - -0.27 0.14
Pictet-Water-P dy GBP F 134.83 - -0.62 0.15
Pictet-Water-R USD F $ 197.71 - -0.94 0.00
Pictet-Water-R EUR 160.58 - -0.26 0.00
Pictet-World Government Bonds-I EUR F 155.98 - 0.85 0.00
Pictet-World Government Bonds-I USD F $ 192.13 - 0.07 0.00
Pimco Fds: Global Investors Series Plc (IRL)
PIMCO Europe Ltd, Nations House, 103 Wigmore St, London, W1U 1QS
http://gisnav.pimco-funds.com
Dealing: +353 1 241 7100
PIMCO Funds: +44 (0)20 7872 1316
FSA Recognised
CommoditiesPLUS111sp Strategy - Inst Acc $ 10.40 - 0.02 0.00
Diversified Income - Inst Acc $ 17.66 - -0.02 0.00
Emerging Local Bond - Inst Acc $ 14.27 - -0.03 0.00
Emerging Markets Bond - Inst Acc $ 38.03 - -0.04 0.00
Emerging Markets Corp.Bd Fund Inst Acc F $ 12.70 - 0.01 0.00
Emerging Markets Curr.Fd- Inst Acc $ 13.41 - -0.02 0.00
EuriborPLUS - Inv. Acc 11.54 - 0.00 0.00
Euro Bond - Inst Acc 18.54 - 0.04 0.00
Euro Credit - Inst Acc 12.70 - 0.02 0.00
Euro Income Bond - Inst Acc F 10.81 - 0.02 0.00
Euro Liquidity - Inst Dist 1.00 - 0.00 0.40
Euro Long Average Duration - Inst Acc 16.67 - 0.08 0.00
Euro Real Return - Inst Acc 12.42 - 0.01 0.00
Euro Ultra Long Duration - Inst Acc 21.46 - 0.32 0.00
FX Strategies - Inst Acc 10.88 - 0.00 0.00
Global Advantage - Inst Acc $ 12.72 - -0.02 0.00
Global Bond - Inst Acc $ 24.43 - 0.01 0.00
Global Bond Ex-US - Inst Acc $ 16.50 - 0.00 0.00
Global High Yield Bond - Inst Acc $ 17.04 - 0.00 0.00
Global Investment Grade Credit - Inst Income $ 12.09 - 0.00 3.84
Global Multi-Asset - Inst Acc $ 13.94 - 0.02 0.00
Global Real Return - Inst Acc $ 17.34 - -0.01 0.00
High Yield Bond - Inst Acc $ 23.81 - 0.00 0.00
Low Average Duration - Inst Acc $ 14.27 - 0.00 0.00
PIMCO EqS Pathfinder.Eur.Fd Inst Acc F 11.16 - 0.01 0.00
PIMCO EqS Pathfinder.Fd Inst Acc F $ 11.21 - -0.01 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.66 - -0.01 0.00
StocksPLUS{TM} - Inst Acc $ 14.68 - 0.01 0.00
Total Return Bond - Inst Acc $ 25.77 - 0.00 0.00
UK Corporate Bond - Inst Acc 14.22 - 0.02 0.00
UK Long Term Corp. Bnd Inst-Inst Acc 15.35 - 0.05 0.00
UK Sterling Inflation-Linked - Inst Acc 18.31 - 0.04 0.00
UK Sterling Long Average Duration - Inst Acc 18.36 - 0.06 0.00
UK Sterling Low Average Duration - Inst Acc 13.67 - 0.00 0.00
UK Total Return Bond - Inst Acc 13.66 - 0.03 0.00
Unconstrained Bond - Inst Acc $ 11.93 - -0.01 0.00
US Government Money Market - Inst Inc $ 1.00 - 0.00 0.05
Pioneer Alternative Inv Mgmt Ltd (IRL)
Regulated
Pioneer Long Short Europ Eqty EUR 1580.10 - 11.40 -
Pioneer Long Short Europ Eqty USD $ 1609.75 - 11.56 -
Pioneer Alternative Inv Mgt (BMU)
Other International Funds
Pioneer Horizon Fund $ 114.45 - -0.90 0.00
Pioneer AssetMaster $ 843.25 - -15.76 0.00
Pioneer Div Fund I EUR 100.49 - -0.54 -
Pioneer Div Fund I USD $ 100.71 - -0.53 -
The Meteor Opps I $ 131.64 - 0.00 0.00
The Meteor Opps I 132.40 - 0.00 0.00
Platinum Capital Management Ltd
Other International Funds
Platinum Global Dividend Fund - A (Est) $ 59.89 - - -
Platinum All Star Fund - A (Est) $ 97.30 - - -
Platinum Dynasty (Est) $ 97.16 - - -
Platinum Essential Resources $ 9.46 - 0.01 -
Platinum Low Volatility Fund SICAV (Est) $ 9.52 - - -
Platinum Nordic SKr 512.03 - - -
Platinum Maverick Enhanced (Est) $ 68.19 - - -
Platinum Gold Advantage (Est) 11.43 - - -
Platinum Global Dividend UCITS Fund $ 74.29 - 0.08 0.00
Polar Capital Funds Plc (IRL)
Regulated
Asian Financials Fund Cls A USD $ 237.00 237.00 1.13 0.67
European Market Neutral Fund Cls I Euro 9.30 9.30 -0.03 -
Financials Income Fund Cls B2 GBP Acc 1.12 1.12 0.00 0.00
Financial Opps I USD $ 8.95 - 0.03 0.00
GEM Growth I USD $ 9.51 - 0.00 0.00
GEM Income I USD $ 10.43 - 0.01 0.00
Global Insurance I GBP 2.37 - 0.00 0.00
Global Technology I USD $ 15.00 - 0.00 0.00
Healthcare Opps I USD $ 16.79 - 0.05 0.00
Japan I JPY 1031.36 - 7.32 0.00
North American I USD $ 11.27 11.27 0.00 -
UK ARF I GBP 9.53 - 0.04 0.00
Polar Capital LLP (CYM)
Regulated
ALVA Convertible A USD $ 108.44 - 1.37 0.00
European Market Neutral Fund A EUR 99.07 - -0.99 0.00
European Conviction A EUR 151.75 - 5.65 0.00
European Forager A EUR 147.23 - 0.75 0.00
Policy Selection Limited
Other International Funds
Assured USD A $ 119.89 - 1.06 0.00
Assured USD B $ 105.89 - 0.83 0.00
Assured USD C $ 114.16 - 0.97 0.00
Assured USD D $ 107.55 - 0.89 0.00
Assured F USD $ 72.93 - 0.45 0.00
Assured GBP B 99.19 - 5.77 0.00
Assured GBP C 94.01 - 5.55 0.00
Assured EUR D 84.53 - 6.22 0.00
Assured EUR B 77.59 - 5.60 0.00
Assured CHF E SFr 57.83 - 4.27 0.00
Polunin Capital Partners Ltd
Other International Funds
Developing Countries 'A' $ 31.46 - 0.80 0.00
Emerging Markets Active $ 26.07 - 0.44 -
Luxcellence Em Mkts Tech $ 692.42 - 15.58 0.00
Em Mkts Strategy Developing $ 684.15 - 1.66 0.00
Em Mkts Strategy Small Cap $ 959.01 - 9.95 0.00
Polunin Discovery Funds - Frontier Markets Fund $ 1042.38 - 9.39 -
Private Fund Mgrs (Guernsey) Ltd (GSY)
Regulated
Monument Growth 351.15 355.19 4.89 0.90
Prosperity Capital Management Ltd (CYM)
Regulated
RPF A Shares $ 206.51 - -2.72 0.00
RPF D $ 12.33 - -0.16 0.00
PQF A Shares $ 501.71 501.71 -7.26 0.00
PQF B Shares $ 455.91 459.35 -6.59 0.00
PCF $ 383.61 383.61 -10.70 0.00
CAPF $ 8.16 - 0.02 0.00
Prusik Investment Management LLP (IRL)
Enquiries - 0207 493 1331
Regulated
Prusik Asian Equity Income B Dist $ 111.96 - 0.50 6.08
Prusik Asia A $ 156.05 - 0.61 0.00
Prusik Asian Smaller Cos A $ 137.14 - 0.41 0.00
Purisima Investment Fds (CI) Ltd (JER)
Regulated
PCG B 122.48 - 0.81 -
PCG C 121.00 - 0.81 -
Putnam Investments (Ireland) Ltd (IRL)
Regulated
Putnam New Flag Euro High Yield Plc - E 946.27 - 0.88 5.83
Putnam New Flag Euro High Yield Plc - M 861.39 - 0.78 5.18
R & H Fund Services (Jersey) Ltd (JER)
Regulated
Camber International Equity Growth Limited 12.47 - 0.16 0.45
BDP Limited
Bond Fund GBP 9.70 - 0.04 5.83
Income Fund Sterling 2.98 - 0.03 8.84
The Discretionary Pfolio 11.21 - 0.13 1.32
RBC Offshore Fund Managers Limited (GSY)
Regulated
ARC Fund Ltd Class B $ 163.3776 - -1.4318 0.00
RBC Regent Strategy Fund Limited (JER)
Regulated
Asia Pacific Equity Class B $ 143.79 - 0.53 1.27
Canadian Equity Class B C$ 144.95 - -1.03 0.16
European Equity Class B 140.33 - -0.35 0.68
Intl Ex North America Equity Class B $ 106.86 - 0.06 2.64
Fund Bid Offer D+/- Yield
UK Bond Class B 107.33 - 0.00 2.18
UK Equity Class B 154.71 - 0.12 1.16
US Dollar Capital Growth Class $ 12.37 - 0.01 0.04
US Equity Class $ 121.67 - 0.33 0.00
.
For RMF Investment Management Funds see Man Investments
Robeco Asset Management (LUX)
Coolsingel 120, 3011 AG Rotterdam, The Netherlands.
tel (31)10 2242381 www.robeco.com
FSA Recognised
Asia-Pacific Equities (EUR) 94.27 - 1.07 0.00
Chinese Equities (EUR) 52.69 - 0.67 0.00
Em Stars Equities (EUR) 153.74 - 2.46 0.00
Emerging Markets Equities (EUR) 140.75 - 1.99 0.00
Flex-o-Rente (EUR) 109.06 - 0.08 0.00
Glob.Consumer Trends Equities (EUR) 90.02 - 0.43 0.00
High Yield Bonds (EUR) 107.52 - 1.30 0.00
Lux -O- Rente (EUR) 127.81 - -0.03 0.00
Natural Ress Equities (EUR) 87.39 - 0.34 0.00
New World Financials (EUR) 32.05 - 0.31 0.00
SAM Sust. Agrib.Eq. D 112.66 - 1.05 0.00
US Premium Equities (EUR) 116.64 - 0.05 0.00
US Premium Equities (USD) $ 129.58 - 0.09 0.00
Royal Bank of Scotland (IRL)
RBS Asset Management (Dublin) Limited
Guild Hse, PO Box 4935 Guild St, IFSC Dublin 1 00 353 1 642 8400
FSA Recognised
RBSG Investment Programmes
RBSG Cont Eur Spec Equity Ser 3 86.83 - 0.17 0.55
RBSG UK Equity Index Programme Ser 3 23.55 - 0.10 3.18
RBSG UK Specialist Eqty Ser 3 16.60 - 0.07 1.00
RBSG UK Sovereign Bond Index Prog Ser 3 14.88 - 0.02 3.09
RBSG Contl Eurp Eqty Index Prog Ser 3 269.61 - -0.41 2.53
RBSG Japan Specialist Equity Prog Ser 3 3226.00 - 22.00 0.77
RBSG US Equity Index Programme Ser 3 $ 48.88 - 0.04 0.88
RBSG Pacific Basin Eqty Ser 3 $ 50.92 - 0.49 1.47
RBSG Emerging Markets Ser 3 $ 32.93 - 0.32 1.36
RBSG Global Investment Grade Bond GBP Series 6 123.13 - -0.06 3.08
RBSG Global Investment Grade Programme GBP S3 113.44 - -0.05 3.11
RBSG UK Sovereign Bond Index Programme Series 6 11.54 - 0.01 3.06
Absolute Rtn Multi Asset Prog SER 3 GBP 9.84 - 0.00 -
** 30 day average yield
Royal London Asset Mgmt (Ireland) Ltd (IRL)
PO Box 9428, Dublin 1, Ireland 08456 040404
FSA Recognised
Royal London Asset Management Bond Funds PLC
Sterling Extra Yield Bond A 1.00 - 0.00 8.21
Sterling Extra Yld Bd B 0.98 - 0.00 7.90
Russell Investment Company Plc (IRL)
Russell Investment Group 10 Regent St Ldn SW1Y 4PE 020 7024 6000
FSA Recognised
Cont Eur Eq B 21.15 - -0.04 0.00
Cont Eur Eq F F 1141.11 - -2.30 0.00
Cont Eur Eq SH I F 83.81 - -0.27 0.00
Cont Eur Eq A 24.28 - -0.05 0.00
Emerg Mkts Eq B $ 20.18 - 0.05 0.00
Global Bond B $ 20.65 - 0.01 0.00
Japan Equity B 764.17 - 1.88 0.00
Pacific Basin B $ 21.15 - 0.06 0.00
UK Index Linked I 18.16 - 0.03 0.00
US Bond B F $ 16.94 - 0.00 0.00
US Equity B $ 10.58 - 0.02 0.00
US Equity EH A F 111.71 - 0.17 0.00
World Equity II B F $ 9.20 - 0.00 0.00
RIC - OMIGSA
Acadian Emerging Markets Eq Ucits A 20.37 - 0.05 0.00
Acadian European Eq Ucits I 8.50 - 0.01 1.94
Acadian Gbl Eq Ucits A 10.16 - 0.08 0.00
Emerg Markets EQ Ucits B $ 9.51 - 0.03 0.00
Global Aggreg.Bd Fd $ 18.07 - 0.01 0.33
Global Bond B F $ 18.55 - 0.00 0.21
Global Credit Fund A F $ 12.62 - 0.00 0.37
Global Currency Fd A $ 11.77 - -0.02 0.15
US Growth Equity A F $ 15.54 - -0.06 0.03
Value Global Equity F $ 19.91 - 0.00 0.00
Russell Investment Company II PLC (IRL)
Russell Investment Group, 10 Regent St, Ldn SW1Y 4PE 020 7024 6000
FSA Recognised
Euro Fixed Inc I ACC F 19.22 - -0.07 0.00
Pan European Eq I F 14.24 - -0.06 0.00
UK Equity Plus B F 119.37 - 0.50 0.00
US Growth I Acc F 11.08 - -0.02 0.00
US Quant B F $ 13.70 - 0.03 0.00
World Equity B $ 15.69 - 0.00 0.00
World Equity I F 18.01 - -0.01 0.00
World Equity SH-B F 107.83 - 0.04 0.00
Russell Multi-Manager Fds Plc (IRL)
Regulated
GBL 35 Multi MNGR A $ 135.85 - 0.02 0.00
GBL 35 Multi MNGR B $ 132.71 - 0.02 0.00
GBL 50 Multi MNGR A $ 136.60 - 0.01 0.00
GBL 50 Multi MNGR B $ 131.84 - 0.01 0.00
GBL 70 Multi MNGR A $ 134.03 - 0.00 0.00
GBL 70 Multi MNGR B $ 128.40 - 0.00 0.00
GBL 90 Multi MNGR A $ 119.56 - 0.00 0.00
GBL 90 Multi MNGR B $ 122.76 - 0.00 0.00
GBL Defensive A $ 111.26 - 0.05 0.00
SVG Investment Managers Limited
Other International
SVG UK Focus Fd Cls I 16.93 16.93 0.07 2.66
SVG UK Focus Fd Cls A 16.48 16.48 0.07 2.17
SVG European Focus Fd Cls A 4.90 4.90 -0.06 1.85
SVG European Focus Fd Cls R 4.90 4.90 -0.06 1.06
SW Mitchell Capital LLP (CYM)
Regulated
S W Mitchell Class A Shares Euro 228.89 - 12.03 0.00
S W Mitchell Class B Shares USD $ 227.45 - 12.26 0.00
Sabre Fund Management Limited
46-48 Grosvenor Gardens, London SW1W 0EB
Other International Funds
Sabre Style Arbitrage Fund Limited - USD $ 182.31 - -0.92 -
Sabre Style Arbitrage Fund Limited - Euro 178.91 - -0.99 -
SAM (LUX)
Tel. +41 44 653 10 10 www.sam-group.com
Regulated
SAM Smart Energy Fund GBP/A 13.39 - -0.03 0.76
SAM Smart Materials Fund GBP/A 102.06 - 0.18 0.46
SAM Sust. Climate Fund GBP/A 59.03 - -0.29 0.61
SAM Sust. Global Active Fd EUR/B 120.34 - 0.78 0.00
SAM Sust. Healthy Liv Fd EUR/B 110.70 - 0.64 0.00
SAM Sust. Water Fund GBP/A 119.29 - -0.52 0.59
Schroder Property Managers (Jersey) Ltd
Other International Funds
Indirect Real Estate SIRE 102.93 107.19 -0.06 3.29
Schroder Inv Mgmt (Guernsey) Ltd (GSY)
PO Box 255, St Peter Port, Guernsey 01481 745 001
FSA Recognised
Offshore Cash 1.7872000 1.7872000 0.0000100 0.00
Offshore Cash B F 1.7992000 1.7992000 0.0000200 0.00
Schroder Inv Mgmt (Guernsey) Ltd (GSY)
Regulated
Emerging Markets $ 36.205 36.524 0.044 0.00
Institutional Developing Markets Fund A $ 27.915 28.178 0.036 0.00
Institutional Developing Markets Fund B $ 27.805 28.066 0.036 0.00
SEB Asset Management S.A. (LUX)
www.seb.se +352 26 68 2595
Regulated
SEB Ethical Europe Fund 2.18 2.20 0.01 0.00
SEB Europe Fund 3.21 3.24 0.02 0.00
SEB European Equity Small Cap 136.18 137.54 0.14 0.95
SEB Asset Selection Fund EUR 13.58 14.26 -0.03 0.00
SEB Russia Fund 10.00 10.10 0.04 0.00
SEB Eastern Europe ex Russia 2.60 2.63 -0.01 0.00
SEB Eastern Europe Small Cap Fund 2.54 2.56 0.01 0.00
SEB Key Hedge Fund 100.32 - -0.38 0.00
SEB Key Europe Equity L/S 92.93 - 0.59 0.00
SEB Key Select C 9.69 9.78 -0.02 0.00
SEB Key Select I 9.90 9.90 -0.02 0.00
SEB Nordic Fund 6.78 6.85 0.07 0.00
Fund Bid Offer D+/- Yield
SIA (SIA Funds AG) (LUX)
Regulated
LTIF Alpha 141.43 - 0.53 0.00
LTIF Classic 247.02 - 0.95 0.00
LTIF Em.Mkt Value 82.65 - 0.51 0.00
LTIF Natural Resources 97.98 - 0.56 0.00
SIA (SIA Funds AG) (CH)
Other International Fds
LTIF Stability Growth SFr 188.00 - 2.90 0.00
LTIF Stability Inc Plus SFr 188.00 - 2.90 -
SKAGEN Funds (NOR)
PO Box 160, 4001 Stavanger, Norway
Tel (47) 51 21 38 58 www.skagenfunds.com
FSA Recognised
SKAGEN Global 112.72 - 1.42 0.00
SKAGEN Kon-Tiki 71.82 - 0.77 0.00
SKAGEN Vekst 174.13 - 1.33 0.00
SKAGEN Tellus 15.24 - 0.06 0.00
Sloane Robinson LLP (CYM)
Regulated
S.R. Global Fund Inc.
B-Asia $ 566.62 - 5.24 0.00
C-International $ 359.06 - 5.22 -
G1 Emerging Mkts $ 1018.67 - 9.38 0.00
H - Japan $ 75.65 - 0.38 0.00
SR Phoenicia Inc
Phoenicia A $ 369.16 - 9.92 -
Smith & Williamson Investment Fds (IRL)
12/13 Exchange Place, IFSC, Dublin 1 00 353 1 612 6476
FSA Recognised
MM Cautious Growth Fund F 15.03 - 0.02 0.00
Medium Dated Corporate Bond Fund Class A 0.99 - 0.00 -
Medium Dated Corporate Bond Fund Class B 0.99 - 0.00 -
Cash Fund F 1.00 - 0.00 0.67
Short Dated Corporate Bond F 1.07 - 0.00 3.62
Boulder Investment F 1.63 - 0.03 0.00
Enterprise A F 154.27 - 0.04 0.00
Smith & Williamson Investment Mgmt Ltd (BMU)
Regulated
Bermuda Capital Co Ltd $ 276.51 - 7.40 0.00
Mid Ocean World Inv $ 419.09 - 11.22 0.00
Pancurri Investment Ltd (Est) $ 1040.39 - -3.20 0.00
Spinnaker Capital Group
Other International Funds
Global Emg Markets Ser K1 (Est) $ 94.88 - 0.72 0.00
Global Opportunity Ser K1 (Est) $ 90.87 - 0.88 0.00
State Street Global Advisors Ltd Fds (IRL)
20 Churchill Place, London E14 5HJ
Marketing: +44(0)20 3395 6000, Dealing: 00353 1 242 5401
FSA Recognised
State Street Global Advisors Liquidity Plc
USD Liquidity $ 1.00 - 0.00 0.29
GBP Liquidity 1.00 - 0.00 0.64
EUR Liquidity 1.00 - 0.00 0.23
State Street Global Advisors Fixed Income plc
Abs. Ret. Global Bd II Cls B $ 10.51 - 0.01 0.00
Abs. Ret. Global Bd II Cls I F $ 9.84 - 0.01 0.00
World Brd Inv. Grd. Bd SGD S$ 12.31 - 0.00 0.00
World Brd Inv. Grd. Bd Cls B F $ 12.26 - -0.01 0.00
EMU Govt Bd Cls B 14.34 - 0.02 0.00
EMU Govt Bd Cls I 14.21 - 0.02 0.00
EMU Govt Long Bd II Cls I 13.28 - 0.06 0.00
Euro Brd Inv. Grd Bd Cls B 11.84 - 0.00 -
Euro Brd Inv. Grade Bd Cls I 12.52 - -0.01 0.00
Euro Corp Bd Cls B 13.52 - 0.00 -
Euro Inflation Link Bd Cls I 11.56 - 0.01 0.00
Euro Corp Bd Cls I 14.93 - 0.04 0.00
Gbl. Inflation Link Bd Cls I F $ 12.45 - -0.02 0.00
UK Govt Bd Cls B 18.08 - 0.03 0.00
UK Govt Bd Cls I 17.95 - 0.03 0.00
US Corp Bd Cls I $ 16.44 - -0.02 0.00
US Govt Bd Cls B $ 16.16 - -0.02 0.00
US Govt Bd Cls I $ 16.04 - -0.02 0.00
World Brd Inv. Grd. Bd Cls I $ 16.78 - -0.01 0.00
World Govt Bd Index Cls B $ 16.19 - 0.00 0.00
World Govt Bd Index Cls I $ 16.05 - 0.00 0.00
Stenham Asset Management Inc
Other International Funds
Stenham Universal USD $ 377.81 - 1.51 0.00
Stenham Universal EUR 118.89 - 0.44 0.00
Stenham Universal GBP 129.93 - 0.52 0.00
Stenham Universal II USD $ 141.74 - -1.26 0.00
Stenham Universal II GBP 139.31 - 0.56 -
Stenham Universal II EUR 123.46 - 0.46 0.00
Stenham Growth USD $ 168.48 - 1.34 -
Stenham Trading Port. $ 4741.44 - 37.63 -
Stenham Quadrant USD A $ 371.57 - 2.58 -
Stenham Quadrant USD A $ 371.57 - 2.58 -
Stenham Asia EUR 88.14 - -0.03 -
Stenham Asia GBP 90.18 - 0.00 -
Stenham Asia USD $ 112.82 - 0.00 -
Stenham Gold USD $ 270.02 - 3.10 -
Stenham Multi Strategy EUR 99.30 - 0.37 -
Stenham Multi Strategy GBP 102.74 - 0.41 -
Stenham Multi Strategy USD $ 103.61 - 0.41 -
Stenham Global Resources EUR 100.98 - 0.57 -
Stenham Global Resources GBP 105.85 - 0.63 -
Stenham Global Resources USD $ 107.30 - 0.64 -
Stenham Managed Fund EUR 93.53 - 0.48 -
Stenham Managed Fund GBP 97.29 - 0.53 -
Stenham Managed Fund USD $ 97.64 - 0.53 -
Stratton Street Capital (CI) Limited (GSY)
Regulated
Wonda Bond & Currency Fund (USD) $ 118.85 - 0.87 0.00
Wonda Bond & Currency Fund (JPY) 10550.50 - -715.25 0.00
Fine Wine Geared Fund 0.47 - -0.04 0.00
Japanese Synthetic Warrant 93.66 - 3.28 0.00
Japan Synthetic Warrant Fund USD Class $ 1.56 - 0.06 0.00
Asia Synthetic Warrant Fund $ 4.09 - -0.05 0.00
Renminbi Bond Fund CHF Cls A SFr 112.29 - 0.09 -
Renminbi Bond Fund CHF Cls B SFr 112.17 - 0.10 -
Renminbi Bond Fund CNH Cls A CNH 112.49 - 0.11 -
Renminbi Bond Fund CNH Cls B CNH 112.35 - 0.11 -
Renminbi Bond Fund Euro Cls B 112.37 - 0.11 -
Renminbi Bond Fund GBP Cls B 112.40 - 0.12 -
Renminbi Bond Fund SGD Cls B S$ 112.20 - 0.11 -
Renminbi Bond Fund USD Cls B $ 112.33 - 0.11 -
Renminbi Bond Fund YEN Cls B 11232.25 - 11.00 -
Renminbi Bond Fund USD Class $ 155.30 - 0.14 3.77
Renminbi Bond Fund GBP Class 150.16 - 0.15 3.80
Renminbi Bond Fund SGD Class S$ 149.02 - 0.14 3.91
Renminbi Bond Fund YEN Class 16534.00 - 17.00 0.00
Renminbi Bond Fund EUR Class 103.68 - 0.10 3.90
Poland Geared Growth 0.72 - -0.07 0.00
E. I. Sturdza Strategic Management Limited(GSY)
Regulated
Nippon Growth Fund Limited 50733.00 - 1489.00 0.00
Strat Blue Star Resources Fd EUR 998.65 - 26.41 0.00
Strat Blue Star Resources Fd USD $ 1224.61 - 34.05 0.00
Strat Evarich Japan Fd Ltd JPY 53052.00 - -652.00 0.00
Strat Evarich Japan Fd Ltd USD $ 531.31 - -6.49 0.00
Strat Fd Ltd Gbl Opps Fd USD $ 2861.67 - 16.00 0.00
Strat Fd Ltd Gbl Opps Fd EUR 2126.62 - 12.30 0.00
Strat Global Innovation fd Ltd EUR 1189.08 - -10.63 0.00
Strat Global Innovation fd Ltd USD $ 1217.67 - -10.97 0.00
E.I. Sturdza Funds PLC (IRL)
Regulated
Strategic China Panda Fund USD $ 1711.38 - 0.15 0.00
Strategic China Panda Fund Hedged EURO 1681.93 - 0.30 0.00
Strategic China Panda Fund Hedged Sterling 1622.98 - 0.07 0.00
Strategic US Momentum and Value Fund $ 544.35 - -1.45 -
Nippon Growth (UCITS) Fund JPY Class A shares 50766.00 - -173.00 0.00
Nippon Growth (UCITS) Fund JPY Class C Dis shares 41443.00 - -141.00 0.00
Nippon Growth (UCITS) Fund JPY Class B Acc shares 42801.00 - -145.00 0.00
Strategic Euro Bond Fund Distributing Class Shares 1063.05 - 1.63 0.72
Strategic Euro Bond Fund Accumulating Class Shares 1121.49 - 1.72 0.00
Strategic Emerging Europe Fund Hedged Euro Class 969.44 - 32.74 0.00
Strategic Emerging Europe Fund USD Class $ 977.28 - 32.45 0.00
Strategic Europe Value Euro Class 114.00 - 0.08 0.00
TT International (CYM)
Regulated
TT European Long/Short Feeder SP Class A 102.92 - -0.46 -
TT European Long/Short Feeder SP Class B $ 102.44 - -0.47 0.00
TT European Long/Short Feeder SP Class C 103.51 - 2.71 -
TT Equity Macro Fund Europe Feeder SP Class A 93.70 - -0.53 0.00
TT Equity Macro Fund Europe Feeder SP Class B $ 84.98 - 0.00 0.00
TT Equity Macro Fund EUR Feeder SP Class C 86.01 - 0.00 0.00
TT Financials Long/Short Fd A $ 145.98 - -4.35 -
TT Financials Long/Short Fd B 145.38 - -4.28 0.00
TT Financials Long Short Fund Ltd Class F 92.58 - -2.77 0.00
TT International Fund Feeder Segregated Portfolio Class A 88.24 - -1.38 0.00
TT International Fund Feeder Segregated Portfolio Class B $ 90.47 - -1.50 0.00
TT Mid-Cap Eurp Long/Short Fd Ltd A 288.37 - 0.74 0.00
TT Mid-Cap Eurp Long/Short Fd Ltd B $ 232.12 - 0.58 0.00
TT Mid -Cap Europe Long / Short Fund Ltd Class C 109.80 - 0.30 0.00
TT International (IRL)
Regulated
TT European Eqty Fd Class A 11.94 - 0.01 7.94
Fund Bid Offer D+/- Yield
TT UK Equity Fd 17.31 - 0.04 2.81
TT Europe Ex-UK Equity Fd 18.15 - -0.14 1.22
Eurozone Equity Fund 7.98 - 0.00 1.08
TT International Asia Pacific Equity Fund - Class A $ 11.22 - 0.02 1.57
TT International Emerging Markets Equity Fund $ 8.41 - 0.03 0.94
Tarchon Capital Management (CYM)
Regulated
Tarchon Multistrategy (A2) 129.95 - -0.80 0.00
Tarchon MS (2x) (A4X) 123.89 - -1.43 0.00
Tarchon MS (2x) (A4W) 105.68 - -1.14 0.00
Tarchon Asia 94.38 - -2.04 0.00
Tarchon Equity EUR 146.11 - -0.77 0.00
The Hartford International Funds (IRL)
Regulated
Gbl Govt Bond (Ex Japan) Index (GBP) 1514.72 - -3.43 0.00
UK Corporate Bond 1300.54 - 1.26 0.00
Gilt 1472.81 - -1.50 0.00
Global Eq (Ex Japan) Index Fund 0.93 - 0.00 0.00
Global Eq (ex Japan) Class HJ4 0.97 - 0.00 0.00
Global Eq (ex Japan) Class JP5 0.72 - 0.00 0.00
Global Eq Ex Japan Index Fund (Hedge) 0.66 - 0.00 0.00
Gbl Govt Bond (Ex Japan) Index 0.83 - 0.00 0.00
Gbl Govt Bond (ex Japan) Class JP4 0.82 - 0.00 0.00
Japan Equity Index Fund 0.49 - 0.00 0.00
Japan Equity Class JP3 0.59 - 0.00 0.00
The National Investor (TNI)
www.tni.ae
Other International Funds
UAE Blue Chip Fund AED 4.86 - 0.12 0.00
TNI Funds Ltd (BMU)
MENA Special Sits Fund $ 994.12 - -6.02 0.00
TNI Funds Plc (Ireland)
MENA UCITS Fund $ 1000.28 - 14.92 0.00
The Nile Growth Company (LUX)
Regulated
Nile Growth Fd A dis $ 25.42 - 0.45 0.00
Traditional Funds (IRL)
State Street International (Ireland) Limited. No. 78 Sir John Rogerson?s Quay, Dublin 2, Ireland
Phone:+353 1 242 5529 Fax:+353 1 438 9528 Email:TRCInvestorServices@statestreet.com
FSA Recognised
BSI Bond Opportunity Fund Eur Acc 10.17 - 0.00 0.00
BSI Bond Opportuinty Fund USD Acc $ 10.15 - 0.00 0.00
BSI Bond Opportunity Fund CHF AccSFr 9.89 - -0.01 0.00
Credit Select A EUR Dis 10.24 - 0.00 1.57
Credit Select A EUR Acc 10.90 - -0.01 0.00
European Absolute Return Fund Class A Old Euro Acc 19.83 - 0.07 0.00
European Absolute Return Cls A New Euro Acc 10.80 - 0.04 0.00
High Income USD Dis $ 9.52 - -0.01 8.12
High Income Cls A New USD Dis $ 7.23 - -0.01 8.18
High Income Cls A New USD Acc $ 10.77 - -0.01 0.00
Global Bd () GBP Dis 13.62 - -0.02 0.25
Global Bd () GBP Acc 15.81 - -0.03 0.00
Global Bd () Acc 14.61 - 0.03 0.00
Global Bd () Dis 12.85 - 0.02 0.24
Global Bd ($) Acc $ 12.00 - 0.00 0.00
Global Bd ($) Dis $ 10.52 - 0.00 0.13
Global Credit A EUR Dis 9.80 - 0.00 2.08
Global Credit A EUR Acc 10.67 - 0.00 0.00
Real Estate Securities Cls A GBP Acc 11.59 - 0.00 0.00
Real Estate Securities Cls A GBP Dist 11.20 - -0.01 1.72
Water & Agriculture Abs Rtn USD Acc $ 11.99 - -0.03 0.00
Water & Agriculture Abs Rtn USD Dis $ 10.60 - -0.02 0.00
Emerging Asia B USD Acc $ 8.07 - 0.01 0.00
Emerging Asia B USD Dis $ 8.06 - 0.01 0.00
Global Emerging Markets USD Acc $ 13.54 - 0.02 0.00
Global Emerging Markets USD Dist $ 43.14 - 0.07 0.24
Global High Yield A Euro Acc 10.70 - -0.01 0.00
Global High Yield A Euro Dis 10.45 - -0.01 0.47
Global Emerging Mkt Abs Rtn A USD Acc $ 8.70 - -0.02 0.00
Global Emerging Mkt Abs Rtn B USD Acc $ 8.78 - -0.02 0.00
Thames River Capital
Northern Trust International Fund Administration Services (Ireland) Ltd,
Georges Court 54-62 Townsend Street, Dublin 2, Ireland
Phone +353 (0)1 434 5059
Fax +353 (0)1 670 1185
thameshedge@ntrs.com
Other International Funds
Hillside Apex Cls A $ 1219.13 - -56.05 0.00
Hillside Apex Cls B 627.79 - -28.17 0.00
Hillside Apex Cls C 581.71 - -26.10 0.00
Hillside Apex Cls D 361.42 - -16.18 0.00
Warrior Cls A (Final) $ 2370.96 - 14.24 -
Warrior Cls B (Final) 1708.17 - 10.02 -
Warrior Cls C (Final) 1891.90 - 11.38 -
Warrior Cls F (Final) $ 987.04 - 5.92 -
Warrior Cls G (Final) 971.59 - 5.67 -
Warrior Cls H (Final) 979.34 - 5.89 -
Warrior Cls I (Final) NKr 9988.78 - 69.82 0.00
Warrior II Class A (Final) $ 1178.85 - 6.61 0.00
Warrior II Class B (Final) 1150.94 - 6.31 0.00
Warrior II Class C (Final) 1178.82 - 6.56 0.00
Warrior II Class D (Final) NKr 101818.15 - 662.66 0.00
Warrior II Class F (Final) $ 926.28 - 5.12 -
Warrior II Class G (Final) 910.25 - 4.96 -
Warrior II Class H (Final) 917.26 - 5.31 -
Warrior II Class I (Final) NKr 95309.27 - 609.16 0.00
Sentinel Cls A (Final) $ 1705.88 - -41.02 0.00
Sentinel Cls B (Final) 1077.54 - -25.54 0.00
Sentinel Cls C (Final) 1380.58 - -32.21 0.00
Longstone Cls A 1296.74 - -3.13 0.00
Longstone Cls B $ 1277.48 - -2.86 0.00
Longstone Cls C 1309.29 - -2.78 0.00
Property Growth & Inc Cls A GBP Inc 10.90 - 0.02 4.74
Property Growth & Inc Cls A GBP Acc 14.44 - 0.02 0.00
Property Growth & Inc Cls B EUR Inc 10.45 - 0.02 4.74
Property Growth & Inc Cls B EUR Acc 13.86 - 0.02 0.00
Property Growth & Inc Cls C NOK IncNKr 74.71 - 0.08 4.70
Property Growth & Inc Cls D Aus AccA$ 21.87 - 0.03 0.00
Property Growth & Inc Cls D Aus IncA$ 16.49 - 0.12 4.31
Africa Focus Class A USD (Final) $ 1017.65 - -4.69 0.00
Isis Cls A $ 7835.66 - 9.56 0.00
Isis Cls B 2666.03 - 3.46 0.00
Isis Cls C 913.94 - 1.14 0.00
Isis Cls D NKr 11357.45 - 16.87 0.00
Tilney Asset Management Intl Ltd (GSY)
Other International Funds
The Glanmore Property Fund
NAV (Susp) 2.49 - -0.07 10.83
B Share NAV (Susp) 2.49 - -0.07 10.83
The Glanmore Property Dollar Fund
NAV (Susp) $ 1.16 - -0.08 0.00
B Share NAV (Susp) $ 1.11 - -0.11 0.00
The Glanmore Property Euro Fund Limited
NAV (Susp) 1.04 - -0.05 0.00
B Share NAV (Susp) 0.75 - -0.10 0.00
Tilney Asset Management Intl Ltd
Other International Funds
The Glanmore Property Accumulation Fund Limited
NAV 0.42 - -0.01 0.00
B Share NAV 1.03 - -0.03 0.00
Toscafund (CYM)
Regulated
Tosca $ 184.04 - 0.26 0.00
Tosca Mid Cap GBP 119.96 - 4.20 0.00
Tosca Opportunity B USD $ 168.14 - -14.42 0.00
TreeTop Asset Management S.A. (LUX)
Regulated
TreeTop Convertible Sicav
International A 214.07 - 1.39 0.00
International B $ 275.51 - 1.62 0.00
International C 94.62 - 0.56 3.22
Pacific A 249.34 - 2.21 0.00
Pacific B $ 314.59 - 2.80 0.00
TreeTop Global Sicav
Global Opp.A 99.83 - 0.05 0.00
Global Opp.B $ 102.73 - -0.08 0.00
Global Opp.C 128.79 - -0.17 0.00
Sequoia Equity A 92.05 - 0.87 0.00
Sequoia Equity B $ 95.26 - 0.69 0.00
Sequoia Equity C 110.62 - 0.74 0.00
Sequoia Pacific Equity A 59.51 - 0.83 0.00
Sequoia Pacific Equity B $ 64.24 - 0.87 0.00
Sequoia Pacific Equity C 80.72 - 1.05 0.00
Fund Bid Offer D+/- Yield
UBS AG (LUX)
291, Route d'Arion P 91, L-2010 Luxembourg
www.ubs.com/funds
FSA Recognised
UBS (CH) Equity Fund - Gold (USD) P $ 473.73 - -1.15 0.00
UBS (CH) Equity Fund - Energy (USD) P $ 300.45 - -2.19 0.15
UBS Global Emerging Market Value Focus P USD $ 107.01 - 0.47 0.00
UBS (Lux) Bond Fund - Convert Europe P-acc 127.01 - 0.22 0.00
UBS (Lux) Bond Fund - Euro High Yield P-acc 142.90 - 1.66 0.00
UBS (Lux) Bond Fund - Full Cycle Asian Bond (USD) P-acc $ 118.55 - 0.74 0.00
UBS (Lux) Bond SICAV - Asian Local Currency Bond (USD) P-acc $ 102.13 - -0.01 0.00
UBS (Lux) Bond SICAV - Convert Global (EUR) P-acc 10.25 - 0.00 0.00
UBS (Lux) Bond SICAV - Short Duration High Yield (USD) P-acc $ 106.32 - -0.01 0.00
UBS (Lux) Bond SICAV - USD High Yield P-acc $ 220.47 - 0.02 0.00
UBS (Lux) Emerging Economies Fund - Global Bonds (USD) P-acc $ 1814.76 - -0.42 0.00
UBS (Lux) Emerging Economies Fund - Global Short Term (USD) P-acc $ 2894.42 - -2.22 0.00
UBS (Lux) Equity Fund - Asian Consumption (USD) P-acc $ 100.70 - 1.02 0.00
UBS (Lux) Equity Fund - Greater China (USD) P-acc $ 175.37 - 1.32 0.00
UBS (Lux) Equity Fund - Health Care (USD) P-acc $ 130.58 - 0.29 0.00
UBS (Lux) Equity SICAV - Russia (USD) P-acc $ 107.70 - 0.53 0.00
UBS (Lux) Equity SICAV - USA Growth (USD) P-acc $ 16.83 - -0.10 0.00
UBS (Lux) Key Selection SICAV - Global Allocation Focus Europe (EUR) P-acc 9.43 - 0.00 0.00
UBS (Lux) SICAV 1 - All Rounder (USD) P-acc $ 138.32 - 0.12 0.00
Pls contact your adviser for funds in other currencies or for add.
UOB Global Strategies Funds Plc (IRL)
Regulated
UOB Asian Equity $ 192.97 - 0.04 0.00
UOB Greater China $ 205.15 - 0.20 0.00
UOB Paradigm Fund Class A (Eur) 139.94 - 0.56 0.00
UOB Paradigm Fund Class B (USD) $ 175.50 - 0.64 0.00
UOB Paradigm Fund Class C $ 113.08 - 0.42 0.00
UOB Paradigm Fund Class D $ 110.56 - 0.41 0.00
UOB US Equity Fund $ 149.58 - 0.51 0.00
UOB Global Opportunities Fund $ 103.91 - 0.26 0.00
UOB Strategic Allocation Fund USD $ 101.08 - 0.03 0.00
Unicapital Investments (LUX)
Regulated
Investments II 71.93 - -19.64 0.00
Investments III 149.07 - -29.12 0.00
Investments IV - European Private Eq. 440.65 462.68 -30.22 -
Investments IV - Global Private Eq. 675.99 709.79 -40.17 -
Value Partners Hong Kong Limited (IRL)
www.valuepartners.com.hk / vpl@vp.com.hk
Regulated
VP Absolute Greater China Classic Fund $ 9.81 - 0.09 -
Veritas Asset Management (UK) Limited (IRL)
HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Veritas Funds Plc
www.veritas-asset.com
+353 1 635 6799
FSA Recognised
Institutional
Veritas Asian Fund A USD H $ 233.07 - 1.60 0.73
Veritas Asian Fund A GBP H 278.94 - 2.03 0.70
Veritas Asian Fund A EUR H 220.35 - 2.23 0.55
Veritas China Fund A USD $ 99.48 - 0.71 0.22
Veritas China Fund A GBP 100.32 - 0.71 0.14
Veritas China Fund A EUR 98.83 - 0.70 0.30
Veritas Global Equity Income Fund D USD $ 125.00 - -0.19 -
Veritas Global Equity Income Fund D EUR 196.45 - 0.36 -
Veritas Global Equity Income Fund D GBP 155.50 - -0.17 -
Veritas Global Focus Fund D USD $ 19.57 - 0.01 -
Veritas Global Focus Fund D EUR 16.05 - 0.07 -
Veritas Global Focus Fund D GBP 21.19 - 0.02 -
Veritas Global Focus Fund A GBP 20.72 - 0.02 1.86
Veritas Global Focus Fund A EUR 9.43 - 0.04 67.67
Veritas Global Focus Fund A USD $ 19.07 - 0.02 1.86
Veritas Global Focus Fund C GBP 21.17 - 0.03 0.00
Veritas Global Focus Fund C EUR 16.03 - 0.07 0.00
Veritas Global Focus Fund C USD $ 19.56 - 0.02 0.00
Veritas Global Equity Income Fund A GBP 153.01 - -0.17 4.42
Veritas Global Equity Income Fund A EUR 196.32 - 0.36 4.02
Veritas Global Equity Income Fund A USD $ 123.45 - -0.18 4.43
Veritas Global Equity Income Fund C GBP 155.50 - -0.17 -
Veritas Global Equity Income Fund C EUR 199.63 - 0.36 -
Veritas Global Equity Income Fund C USD $ 124.93 - -0.19 -
Veritas Global Real Return Fund A USD $ 17.61 - 0.02 1.41
Veritas Global Real Return Fund A GBP 9.61 - 0.01 1.93
Veritas Global Real Return Fund A EUR 9.84 - -0.01 1.87
Retail
Veritas Asian Fund B USD $ 164.09 - 1.12 0.18
Veritas Asian Fund B GBP 203.75 - 1.48 0.21
Veritas Asian Fund B EUR 160.85 - 1.62 0.07
Veritas China Fund B USD $ 104.58 - 0.74 0.00
Veritas China Fund B GBP 97.68 - 0.69 0.00
Veritas China Fund B EUR 99.61 - 0.71 0.00
Veritas Global Focus Fund B USD $ 13.76 - 0.01 1.13
Veritas Global Focus Fund B GBP 15.79 - 0.02 1.13
Veritas Global Focus Fund B EUR 11.28 - 0.05 2.32
Veritas Global Equity Income Fund B GBP 143.23 - -0.16 4.41
Veritas Global Equity Income Fund B EUR 183.25 - 0.32 4.04
Veritas Global Equity Income Fund B USD $ 124.60 - -0.19 4.44
Veritas Global Real Return Fund B USD $ 17.09 - 0.02 1.27
Veritas Global Real Return Fund B GBP 9.48 - 0.01 1.63
Veritas Global Real Return Fund B EUR 11.18 - 0.01 1.51
Veritas Asset Management (UK) Limited
www.veritas-asset.com
Other International Funds
Real Return Asian Fund USD (Est) 218.80 - -0.72 0.00
Real Return Asian Fund GBP (Est) 230.87 - -0.72 0.00
Real Return Asian Fund EUR (Est) $ 226.81 - -0.74 0.00
Victory Capital Ltd
Other International Funds
Victory Capital Ltd A GBP (Est) 140.20 - -0.20 -
Waverton Investment Funds Plc (1600)F (IRL)
waverton.investments@citi.com
FSA Recognised
Asia Pacific B USD $ 16.74 - 0.11 1.46
European Fund B Eur H 8.11 - 0.03 0.96
Global Bond Fund Cls A $ 9.60 - 0.02 4.97
Global Equity Fund B GBP H 5.49 - 0.00 0.00
JOHIM Equity Fund GBP 10.72 - 0.04 0.00
JOHIM Sterling Bond Fund A GBP 10.04 - 0.01 5.16
UK Abs. Fund GBP 9.98 - 0.00 0.00
UK Fund B GBP H 10.31 - 0.04 2.36
WA Fixed Income Fund Plc (IRL)
Regulated
European Multi-Sector 109.31 - 0.28 0.00
Williams de Bro Assetmaster Fund Plc (IRL)
Comore Plaza, Colmore Circus, Birmingham, B4 6AT 0044 121 2320726
FSA Recognised
Assetmaster Growth Fund 1.58 - 0.01 0.00
Assetmaster Cautious Fund 1.33 - 0.00 0.00
Assetmaster Balanced Fund 1.30 - 0.00 0.00
Assetmaster Intl Growth Fund 1.55 - 0.01 0.00
Multi Strategy Fund H 1.71 - 0.00 0.00
Chameleon Capital H 1.07 - 0.02 0.00
Winton Capital Management
Other International Funds
Winton Futures USD Cls B (Est) $ 851.90 - 36.06 0.00
Winton Futures EUR Cls C (Est) 240.03 - 10.25 0.00
Winton Futures GBP Cls D (Est) 259.79 - 10.93 0.00
Winton Futures GBP Cls F (Est) 100.21 - 4.24 -
Winton Evolution USD Cls F (Est) $ 1414.82 - 57.03 0.00
Winton Evolution EUR Cls H (Est) 1116.51 - 46.24 0.00
Winton Evolution GBP Cls G (Est) 1122.26 - 45.34 0.00
Winton Futures JPY Cls E (Est) 16687.00 - 686.43 0.00
World Trust Fund (LUX)
Regulated
Shares NAV 2.11 - -0.01 0.00
Xanthos Asset Management Ltd
Other International Funds
Xanthos Capital USD $ 979.87 - 4.08 0.00
Xanthos Equities USD $ 996.11 - -24.69 0.00
Xanthos Investment Partners USD $ 2819.96 - 97.11 0.00
Yuki International Limited (IRL)
Tel +44-207-269-0203 www.yukifunds.com
Regulated
Yuki Mizuho Umbrella Fund
Yuki Mizuho General Japan III 3346.00 - -20.00 0.00
Yuki Mizuho Japan Dynamic Growth 3309.00 - -25.00 0.00
Yuki Mizuho Japan General 6801.00 - 43.00 0.00
Yuki Mizuho Japan Excellent 100 5363.00 - -31.00 0.00
Fund Bid Offer D+/- Yield
Yuki Mizuho Japan Growth 4764.00 - -55.00 0.00
Yuki Mizuho Japan Income 6353.00 - 48.00 0.00
Yuki Mizuho Japan Large Cap 4007.00 - 36.00 0.00
Yuki Mizuho Japan Low Price 9076.00 - -135.00 0.00
Yuki Mizuho Japan Pure Gwth 5481.00 - -76.00 0.00
Yuki Mizuho Japan Small Cap 5733.00 - -22.00 0.00
Yuki Mizuho Japan Value Select 4118.00 - 1.00 0.00
YMR Umbrella Fund
YMR N Growth 7606.00 - 47.00 0.00
Yuki Chugoku Umbrella Fund
Yuki Chugoku Japan General 6058.00 - 52.00 0.00
Yuki Chugoku Japan Low Price 5549.00 - 26.00 0.00
Yuki 77 Umbrella Fund
Yuki 77 General 4610.00 - -26.00 0.00
Yuki Hokuyo Umbrella Fund
Yuki Hokuyo Japan General 3594.00 - -21.00 0.00
Yuki Hokuyo Japan Income 4219.00 - 25.00 0.00
Yuki Hokuyo Japan Small Cap Fund 4258.00 - -15.00 0.00
Yuki Asia Umbrella Fund
Yuki Japan Rebounding Growth Fund 8292.00 - -36.00 0.00
Zadig Gestion (Memnon Fund) (LUX)
FSA Recognised
Memnon European Fund I GBP 94.90 - 0.14 0.00
Zebedee Capital Partners LLP (CYM)
Regulated
Zebedee Focus Fund Limited Class A EURO Shares 166.23 - 5.09 0.00
Zebedee Focus Fund Limited Class B USD Shares $ 193.06 - 5.75 0.00
Zebedee Focus Fund Limited Class A USD $ 166.78 - 4.97 0.00
Data Provided by Morningstar
www.morningstar.co.uk
Data as shown is for information purposes only. No
offer is made by Morningstar or this publication.
Full fund performance data at
www.ft.com/funds
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AUGUST 10 2012 Section:Stats Time: 9/8/2012 - 19:10 User: watsonl Page Name: UT6 EUR, Part,Page,Edition: EUR, 19, 1
20

FINANCIAL TIMES FRIDAY AUGUST 10 2012
American and British Stocks
52 week Vol
Stock Price Chng High Low Yld P/e 000s
UK
(Aug 9/Pence)
3i 215.20 -2 236 166.10 3.8 - 2240
AberAsM 271.40 +2 287.80 164.80 3.5 16.7 3330
ABG 408.20 -2 624 301.40 3 12 631
Admiral 1.17k +5 1.51k 772.16 6.4 14.3 335
Aegis 236.90 -.1 238.30 112.19 1.4 28.1 4151
Aggreko 2.26k +30 2.35k 1.52k 1 21.4 525
Alliance 367.60 +1.1 378.88 308 2.3 38.7 310
AMEC 1.1k -56 1.19k 733 2.8 15.3 4280
Amlin 382 +3.5 389.50 269 6 - 839
AngloAmer@ 2.02k -3 2.96k 1.85k 2.7 9.5 4281
Antofagsta 1.13k +3 1.4k 851.53 2.5 12.1 3070
ARM 581 +6 647.50 442.23 0.6 53.3 4290
AscBrFd 1.3k +15 1.3k 935.50 2 18.7 1550
Ashmore 356.20 +2.8 429.90 300.30 4.1 12.9 729
AstraZen @ 3kxd -16.5 3.12k 2.45k 6.8 8.1 1799
Aviva 316.70 -1.5 396.46 251.10 8.2 54.6 24074
Babcock 894.50 -4 902 559.50 2.5 21.2 904
BAE SYS 313.20 -.2 334.50 241 6.1 7.6 4847
BalfourB 291.10 +1.8 312.50 214.89 4.7 11.8 1637
Barclays @ 178.95xd - 287.45 133.90 3.4 5.6 47549
Berkeley 1.43k -3 1.5k 1.01k - 14.7 234
BG @ 1.31kxd -13 1.55k 1.11k 1.2 11.7 6035
BHP Bltn 1.99k +10 2.24k 1.62k 3.9 7.1 6133
BlckRckWld 574 +5 750.44 532.13 2.4 39 669
Booker Grp 93.15 +1.6 94.15 62.60 2.4 19.6 2296
BP @ 448.90xd -2.05 554 359.90 4.9 0 62439
BrAmTob @ 3.47k +18 3.51k 2.27k 3.8 19.9 3063
BritLand 543xd -6.5 569 443.40 4 18 3637
BSkyB @ 752 +9 775 613.83 3.4 14.3 3211
BT @ 216.30xd -5.4 235.30 157.50 3.8 8.1 29971
Bumi 365.90 -4.1 1.07k 280.60 - - 112
Bunzl 1.17k +20 1.17k 651 2.3 19.9 849
Burberry 1.37k +19 1.61k 1.03k 1.8 22.1 1117
bwin.party 95.80 +2.6 177 91.90 3.3 8 1979
CairnEng 305 +8.5 382.98 245.20 - - 5382
Cap&Count 218.50 -.7 220.20 155 0.7 9.4 391
Capita 731.50 -7.5 775 600 3 17.4 3128
CapShopCn 328.60 -3.4 354.80 283.20 4.1 - 819
Carillion 261.60 +2.6 366.50 232.17 6.5 8.7 1782
Carnival 2.19k -5 2.38k 1.6k 3.2 16.6 584
CatlinGrp 444.70 +3.7 468.65 331.20 5.8 4.3 1025
Centrica @ 324 -5.3329.90 248.40 4.9 14.8 14459
Cobham 222.50 -3.2 242.70 163.60 3.9 14.5 5934
Compass @ 703.50 -1 709 498.20 2.8 17.9 3615
Cookson 603.50 +3.5 755 385.90 3.6 10 1721
CRH 1.25k +14 1.41k 9.03 3.9 18.2 3107
Croda 2.47k +15 2.47k 1.5k 2.3 19.5 455
Daily Mail 474.75 +.25 477.50 336.30 3.6 9.7 510
Diageo @ 1.72k +3 1.76k 1.08k 2.4 26.6 5216
Drax Group 480.60 +3.5 589 390 5.5 3.9 2087
DrwntLdn 2.02k +10 2.03k 1.39k 1.3 34.4 308
easyJet 557 -7 578.50 303.35 8.3 10.6 912
ENRC 427 +1.4 759 355 4.5 4.3 3449
EssarEngy 111.50 -1.3 329.60 99.80 - - 1568
EVRAZ 273.10 -6.9 465.40 206.80 4.4 11.8 2580
Experian 978.50 +1 1.01k 652 2.1 23.6 2022
Ferrexpo 196.80 -.4 391.50 166.94 2.1 3.1 1611
FirstGrp 247.80xd +2.8 371 184.70 9.6 5.4 1641
For & Col 310.80xd -.7 319.10 259 2.6 44 356
Fresnillo 1.58k +16 2.21k 1.26k 4.4 22.7 1617
G4S 263.60 +3.1 293.40 214.20 3.2 16.9 3895
GKN 215.90xd +.2 237 153 3 10 5958
GlaxoSmh @ 1.5kxd -12.5 1.52k 1.16k 4.7 14.6 13222
Glencore @ 344.80 +6.9 484 289.35 2.8 7.8 14401
Halma 401.90xd +2 434.30 257 2.4 18.3 319
Hammersn 464 -5.4 475.80 339.20 3 26.9 1996
Hargr Lans 603.50 +5.5 604.50 387.17 3.2 26.9 198
HikmaPhm 698 -13 780 536.50 1.3 23.1 449
Hiscox 450.60xd +3.6 461 334.60 4 9 366
Hochschild 434.30 -1.6 557.50 364.74 1 13.4 125
HSBC @ 566 +2.7 587.20 456.35 5.1 13.7 62097
Hunting 796 -3.5 977 527 1.9 26.7 380
IAG 151.40 -1.9 219.34 130.97 - - 4549
ICAP 330.90 +3.1 489.30 299.70 6.6 9.2 2955
IG Group 461.30 +5.1 552 379.15 4.9 12.2 1585
ImgnTech 554 +26.5 734 285 - - 532
IMI 899.50 +19 1.03k 625 3.3 14.4 2625
ImpTob @ 2.53kxd +39 2.63k 1.92k 3.9 14.7 1920
Inchcape 387.30xd -2.7 426.60 261.10 2.9 11.1 1513
Informa 391.10 +2.2 453.40 311.90 4.6 36.8 928
Inmarsat 554 -1.5 562.50 361.68 5.4 10.6 1308
InterC Htls 1.67k -14 1.76k 939 2.3 14.7 798
Intertek 2.78k +1 2.94k 1.68k 1.3 26.3 323
Invensys 246.50 +1.5 280.20 166.80 1.8 16.3 2009
Investec 394.40 +1.2 442.20 308.90 4.3 12.6 411
ITV 83.20 +1.95 91.25 30 2.4 11.9 18961
JardineL 780 +15 782 562 3.1 18.6 259
JohnsoM 2.26kxa +38 2.43k 1.48k 7 14.5 586
Kazakhmys 749 -8 1.22k 642 2.7 4.4 2606
Kenmr 38.93 -.58 62.55 30.11 - 61.8 3630
Kingfshr 284.70 - 317 204.10 3.1 10.1 7045
Ladbrokes 165.10 +.4 183 113.30 5 8.3 3563
LandSecs 803.50 -8.5 816.50 608 2.9 17.7 2158
Leg&Gen 130.90 -.7 136.30 86.15 5.1 9.9 19645
LlydsBkg @ 31.60 +.04 38.17 21.64 - - 148048
Logica 104.70 -.1 111.90 57.45 4.2 51.4 3874
Lonmin 746 -13 1.33k 658 1.4 13.7 1375
LSE 1.01kxd +12.5 1.1k 751 2.8 12.3 353
Man 83.85 -1.25 243.90 61.10 14 18.2 15707
Marks&Sp 350.60 +1.8 389.80 296.20 4.8 9.6 4289
Meggitt 406.60 +1.6 415.60 299.60 2.7 16.1 2271
Melrose 238xr +3 253.66 150.70 3.1 16.1 2481
Mlnm&Cth 474xd -.4 515.50 365.65 3.5 8.2 108
Mondi 573 +2.5 624.50 407.20 4.1 12 862
Morrison 283.40 +2 339.70 260.50 3.8 10.6 6496
Natl Grid @ 688.50xd -2 695.36 545.50 5.7 12.2 8683
NewWldRes 296.50 +1 636.50 265.40 6.1 - 227
Next 3.55k +28 3.55k 2.11k 2.5 13.6 691
Old Mutl 169.10 -.3 170.60 100.08 3.4 17.8 8283
Pearson 1.24k -13 1.3k 1k 3.5 19.4 3027
Pennon 735xd +5 797 384.57 3.6 15.6 1893
Persimn 658 +14 750 361.30 1.5 15.7 1295
Petrofac 1.57k -1 1.78k 1.05k 2.2 15.4 1075
Petropvlsk 450.70 -7.4 918 286.60 2.7 5 1032
PolymtIntl 932.50 -2.5 1.2k 747.50 1.5 18.3 212
PremOil 391.60 -7.4 452.70 272 - 8.6 2355
Providnt 1.28k +4 1.32k 908.50 5.5 13.3 153
Prudential @ 804 -.5 811.30 494.50 3.1 13.7 5198
PZ Cusns 316.20 +5.6 377.60 282.49 2.1 22.4 120
RBS @ 226 -2.9 302.50 172.79 - - 9697
ReckittB @ 3.6kxd +21 3.69k 2.96k 3.5 15.3 1441
Reed Els @ 568.50xd +6 671.21 323.90 3.9 20.7 4194
Rentokil 79.80 +.5 90.65 57.55 2.5 15.4 2932
Resolution 217 +3.7 294.80 189.80 9.2 14.2 2391
REXAM 437.40xd +2.3 445.70 295.10 3.4 14.2 3518
Rightmove 1.58k -42 1.7k 986.50 1.3 30.1 258
RioTinto @ 3.22k -2 4.03k 2.64k 3.2 7 5935
RIT Cap 1.19kxd +1 1.38k 1.08k 2.4 - 106
RndgldRs 6.29k +100 7.72k 4.48k 0.4 23.7 563
RollsRyc @ 849 -3 897.50 518.64 1.9 13.1 3934
Rotork 2.32k +4 2.36k 1.43k 1.7 23.3 180
RSA Ins 113.20 +.4 121.20 97 8.2 13.1 11395
RylDShlA @ 2.27kxd +13 2.46k 1.76k 4.2 9.7 2471
RylDShlB 2.35kxd +12.5 2.93k 1.77k 4.5 10 2529
SABMiller @ 2.82kxd -17 2.89k 1.86k 2.3 23.6 2327
Sage 299 +2.5 313.40 225.10 3.5 15.2 5011
Sainsbry 324.70 -.5 327 258 5 11.7 8113
SchrdrsNV 1.11k +3 1.32k 941.50 3.5 10.5 52
Schroders 1.39k -2 1.66k 1.16k 2.8 13.1 417
ScottMort 691 +3.5 720 523.50 1.9 53 96
SEGRO 247.70 -2.8 265.70 193.90 5.4 9.7 2334
Serco 580.50 +1.5 606 454.70 1.4 15.9 1124
SevernTr 1.72k -3 1.79k 1.3k 7.8 19.7 412
Shaftbry 539 -7.5 553.50 424 1.7 - 319
Shire 1.98k +3 2.32k 1.71k 0.5 19.6 1374
SmithNph 667.50 -3.5 686.50 501 2.2 19.6 1515
Smiths 1.06k -18 1.12k 851.50 3.5 16.4 1782
Spectris 1.66k +32 1.93k 1.03k 2.3 14.8 346
Spirax-S 2.01k +5 2.36k 1.59k 2.4 16.7 90
SportsDirect 300.40 -.4 315.99 187.93 - 16.6 125
SSE @ 1.32kxd -7 1.45k 1.18k 6.1 19 1372
St Jms Pl 365 +1 388.40 282.40 2.5 17.1 135
Stagech 281.60 -1.2 294.50 206.96 2.8 10 1003
StandardLf 256 +1.9256.90 162.70 5.4 19.6 6547
StandCh @ 1.36kxd +47.5 1.66k 1.09k 4.1 10.2 20257
TalkTalk 180 +2.1 194.70 116.10 5 12.7 573
Tate&Lyl 671.50 -1.5 729.53 498.90 3.7 12.6 1811
Taylor Wmpy 49.78 +.68 54.80 27.65 1.1 8.8 11664
TelecityG 889 +9 907 424.30 0.3 34.4 928
TemptnEm 562 +8 635.50 491 1 71.2 417
Tesco @ 328.55 +1.5 413.05 294.50 4.5 9.9 37581
TravisPkn 1.07k - 1.13k 675 2 10.6 470
TUI Travel 197.10 +2.1 211.50 134.10 5.8 10.2 2608
Tullow @ 1.36k +4 1.61k 879.50 0.9 27.2 2054
UBM 684.50 +.5 692 406.70 3.9 20.7 962
Unilever 2.3kxd +17 3.04k 1.81k 3.3 20.3 6201
UtdUtils 682 -3 705.50 529 4.7 14.6 2429
Vedanta 990.50 +4.5 1.56k 820.52 3.9 24.3 1111
Vodafone @ 189.90 -1.35 191.70 150.54 4.8 13.1 161531
Weir 1.71k -14 2.24k 1.33k 2 11.9 2046
Whitbrd 2.16k +6 2.17k 1.34k 2.4 14.4 652
WillimH 314.60 +2.1 317.80 133.50 3.2 12.3 4221
Wolseley 2.49k +19 2.59k 1.39k 2 19 844
Wood (J) 820 -6.5 831 460.60 1.2 51.2 1247
WPP 858 +8 884.50 561.50 2.9 12.2 5208
Xstrata @ 925 +12.5 1.29k 648 2.8 8.5 10283
NYSE
(Aug 9 / 4:00pmClose/US$)
3M @ 91.57 -.06 92.33 68.65 2.5 15 357
AbbottLb @ 65.71xd -.19 67.44 46.30 3 21.3 728
Accenture @ 61.50 -.3 65.89 47.40 2.2 15.9 506
ACE @ 73.10 -.2 77.42 56.91 2.2 12.4 170
AdvMicroD 4.37 -.03 8.34 3.89 - - 1564
AEP @ 43.35xd +1 43.96 33.09 4.3 13 1173
AES Corp 11.76 +.04 14.01 9 0.3 20.4 820
Aetna 37.51 -.09 51.14 33.43 1.8 7.4 403
AFLAC @ 45.68 -.1 50.33 31.27 2.9 8.4 522
AgilentTec 40.80 +.14 46.28 28.71 0.5 13.1 397
AGL Res 40.44 -.27 57.72 36.59 4.5 23.3 105
Airgas 83.27 +.07 92.99 58.17 1.6 19.8 109
AirProd @ 83.98xd +.05 92.78 72.26 2.9 15.2 178
Alcoa 8.87xd +.07 12.92 7.97 1.4 - 2018
Allergan @ 85.48 -.09 97.09 69.40 0.2 25.1 178
Allstate @ 38.02 -.22 38.38 22.27 2.3 9.2 516
Altria @ 34.70 -.31 36.29 23.20 4.7 16 1288
Amer Intl @ 32.50 +.12 35.04 19.18 38.2 2.9 957
Ameren Cp 34.41 -.04 34.83 25.56 4.6 70.1 177
AmerExpr @ 56.40xd -1.51 61.42 41.30 1.3 13.2 1189
Amerip Fin 54.31xd -.19 58.68 36.02 2.2 12.7 169
Amertitrad 16.83xd +.42 20.59 13.43 1.4 15.5 1028
AmerTwrA @ 70.24 +.2 75.57 45.77 1.1 61.4 479
AmsrceBrgn 38.68 -.02 42.32 34.35 1.3 15.5 396
Anadarko @ 69.61 -.17 88.68 56.42 0.5 - 777
AOL 34.35 +.2 34.51 10.06 - 3.2 263
Aon Cp 51.44xd +.14 52.61 39.74 1.2 18.1 250
Apache @ 88.34xd +.01 112.08 73.13 0.7 10.6 298
ArcherDan @ 26.47 -.01 33.98 23.69 2.6 14.4 1038
AT&T @ 37.20 -.23 38.25 27.29 4.7 49.5 2411
AutoZone 362.59 -1.23 399.10 266.55 - 16.4 104
AvalnbyCom 139.27 -.43 151.11 107.58 2.7 61.5 67
AvonProds 16.42 +.2 23.94 14.45 5.6 28.7 563
BakerHu @ 48.39xd +.87 64.67 37.09 1.2 11.6 607
Ball 41.75 +.33 43.70 29.69 0.9 15.5 107
BankAm @ 7.69 +.02 10.09 4.92 0.5 8.3 5011
Bard (C R) 97.82 -.12 108.30 81.90 0.8 16.6 65
Baxter @ 58.77 +.02 60.53 47.56 2.5 14.5 259
BB &T @ 31.69 +.1 32.74 18.92 2.3 13.2 330
Beam 60.51xd -.43 64 39.33 1.3 52.5 116
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
MARKET SUMMARY
BectonDick 75.48 -.07 82.18 69.59 2.4 14.3 120
BerkHatA @ 126.84k -145 129k 99k - 17.9
BerkHB 84.55 -.1 86.01 65.35 - 17.5 527
Best Buy 19.10 -.76 28.52 16.97 3.4 - 1336
BkNYMeln @ 22.24 -.33 24.72 17.10 2.3 12.1 965
BlackRock @ 174.61 +.94 207.30 137.03 3.4 14 90
Blackstone 13.93 +.2 17.25 10.51 3.7 - 162
Block 16.12 +.13 17.45 12.54 4.7 13.4 350
Boeing @ 74.24 -.36 77.83 56.01 2.3 12.9 350
BorgWrnr 69.93 +.58 87.40 54.59 0.5 15.8 153
BostonPrp 110.08 -.71 113.80 81.52 2 53.9 149
BostonSci 5.47 +.09 6.90 4.79 - - 1928
BrisMySq @ 31.79 -.31 36.34 25.69 4.2 15.2 1973
Brwn-FmnB 91.50 -.71 97.99 62.14 1.5 25.7 41
Cameron 51.85 -.04 57.65 38.38 - 22.4 371
Campbell 33.13 -.13 34.57 29.69 3.5 14.3 149
CapOne @ 56.48xd -.08 58.69 35.94 0.4 9.5 727
CardinalH 40.18 +.43 46.23 37.55 2.2 13.1 850
Carefsn 24.57 +.17 27.28 22.01 - 15.4 446
Carmax 29.03 +.12 35.17 22.80 - 16.4 172
Carnival @ 33.99 -.11 37.31 28.52 2.9 18.8 262
Caterpillar @ 88.40xd +1.18 116.95 67.55 2.1 9.9 973
CBRE Gp 17.75 -.05 21.15 12.30 - 23.9 354
CBS @ 35.53 -.12 35.90 17.99 1.2 16 550
Centrpnt 21.01 -.1 21.47 17.11 3.8 11.6 343
CenturyLk @ 42.53 +.51 43.43 31.17 6.8 50.2 1227
CharlesSch 12.99xd -.03 15.53 10.56 1.8 19.5 943
ChesapEgy 20.31 +.41 33.86 13.32 1.7 6.7 2674
Chevron @ 112.52 +.38 113.28 86.68 3 8.4 941
ChipMexG 297.08 -.97 442.34 271.60 - 36.1 52
Chubb @ 72.27 -.51 74.40 55.66 2.2 12.2 295
Cigna 43.85 -.02 49.89 38.82 0.1 10 513
Citigroup @ 28.82xd -.04 38.39 21.40 0.1 8.3 1931
ClisNat 44.95 +.66 85.64 36.07 4 4.5 447
Clorox 71.46xd +.07 73.65 63.07 3.4 17.4 127
CMS Egy 23.68xd -.21 24.98 16.96 3.9 18.5 324
CNAFin 26.27xd -.13 31.50 21.25 2.1 10.4 24
CnstelBdA 29.86 +.07 30.09 16.43 - 14.1 258
Coach 55.06 -1.32 79.64 45.70 1.8 15.6 824
Coca Cola @ 79.22 -.34 81.32 63.34 2.5 21 839
CocaCoEnt 29.53 -.22 30.73 23.03 2.1 13.1 480
ColgPalm @ 104.95xd -.32 109.84 78.62 2.3 20.8 352
Comerica 30.62 +.03 34 21.48 1.6 12.9 198
CompSci 30.52 +.99 33.79 22.19 2.6 - 732
ConagraFds 24.73xd +.05 27.34 22.20 3.9 22.3 375
ConocPhil @ 57.05xd -.12 59.67 44.71 4.6 11 1079
ConsEdsn 33.06xd +1.96 46.90 26.42 1.5 12.4 1208
ConsolEd @ 63.57 -.32 65.98 49.21 3.8 17.6 200
CooperInd 73.50 +.05 73.67 41.16 1.7 17.7 179
Corning @ 11.58 -.03 15.74 10.62 2.6 8.1 1580
CoventryHlt 32.53 +.05 36.04 25.78 0.8 9.9 173
Covidien @ 56.51xd -.36 57.50 41.35 1.6 14.6 544
CSX @ 22.62 -.19 23.71 17.69 2.3 12.7 1080
Cummins @ 101.22 +.22 129.51 79.53 1.7 10.1 310
CVS @ 45 -.56 48.68 31.31 1.4 15.9 1091
Danaher @ 52.97 -.31 56.45 39.34 0.2 17.2 268
DardenR 53.11 -.36 55.83 40.71 3.4 14.8 203
Davita 96.25 -.99 100.52 59.14 - 17.6 169
Deere @ 78.63 -.54 89.69 59.92 2.2 10.9 483
DenburyRs 15.68 -.46 21.36 10.20 - 9.8 947
DevonEngy @ 60.40 +.95 76.33 50.74 1.3 10.1 502
DiamOfsh 68.36xd +.78 72.80 51.19 5.1 11.4 314
DiscvrFin 36.51 -.57 37.22 20.53 1 8.5 589
Disney @ 49.95 -.54 50.65 28.20 1.2 16.5 1420
DominRes @ 53.59 -.08 55.62 44.50 3.8 22.5 214
Dover 56.76 +.23 67.20 43.65 2.3 12.5 222
DowChem @ 29.87 -.05 36.08 20.61 3.6 19 909
DrPepper 44.97 -.51 45.85 34.37 2.9 16.1 156
DTE Engy 60.20 -.5 62.54 43.22 4 16.1 119
DukeEner @ 68.07xa +.03 70.35 50.61 4.4 20.2 438
DuPont @ 50.52 +.22 53.98 37.11 3.3 13.7 413
Eaton 45.51xd +.16 53.05 33.10 3.3 10.9 404
Ecolab @ 64.53 +.35 68.96 43.81 1.2 36.2 178
EdsnInt 44.85 +.24 46.84 32.65 2.9 - 299
EdwLifesc 98.27 -2.02 106.50 61.59 - 47 156
EMC @ 26.99 +.19 30 19.84 - 22.3 1320
Emerson @ 50.26 +.28 53.78 39.50 3.2 15.3 572
Entergy 71.24xd -.87 74 57.60 4.7 12.8 335
EntPrdPrt 52.81 -.18 54.97 36.51 4.7 19.3 82
EOG Res @ 109.28 +1.38 119.90 66.82 0.6 21.3 463
EqResPrp @ 60.18 -.65 65.72 48.48 2.6 - 323
EQT 56.83xd +1.04 71 43.70 1.5 22.9 315
EsteeLdrA 55.26 +.89 65.53 40.76 1 25.9 380
Exelon @ 38.59 +.39 45.45 36.27 5.1 15.9 1288
ExxonMob @ 88.08xd -.2 88.50 67.03 2.4 9.2 1926
Fedex @ 88.59 -.72 97.19 64.08 0.6 13.8 254
FidltyNFn 18.70 +.01 19.69 14.04 2.9 11 222
FirstEgy @ 45.87xd -.02 51.13 38.80 4.8 16.8 558
Flowsrve 127.74 +.03129.35 67.07 1.1 16.3 100
Fluor 54.31 +.18 64.65 44.16 1.1 15.3 462
FMC Tech 47.66 +.16 55.17 34.50 - 26.8 165
Ford @ 9.34xd -.01 13.05 8.82 1.6 2.1 3366
ForestLabs 33.45 +.05 36.44 28.47 - 11.6 296
Franklin @ 116.10 -.41 127.71 85.92 2.6 13.6 67
Freeport @ 35.95 +.33 48.96 28.85 3.1 10.8 2069
GAP 34.41 -.23 34.92 15.15 1.4 20.9 579
GenDyn @ 63.39xd -.54 74.49 54.73 3.1 9.2 439
GenElectr @ 21.04 +.03 21.19 14.03 3.1 17 4605
GenMills @ 38.52 +.12 41.06 34.64 3.2 16.4 413
GenMot @ 20.62 +.24 27.67 18.72 3.6 7.3 1593
GenuineP 64.22 -.55 66.50 46.11 2.9 16.7 88
GoldmSchs@ 103.50 +1 128.70 84.28 1.6 15.4 659
Grainger 204.30xd -2.17 221.79 124.35 1.4 21 69
Halliburton @ 35 +.38 47.90 26.29 1 10.3 1708
HarleyDavid 41.66 -.03 54.31 31.50 1.3 14.7 330
Harris 45.58 +.44 45.91 32.68 2.7 41 125
Hartford 17.27 +.2 23.28 14.60 2.3 29.9 823
HCP @ 45.53xd +.03 47.64 29.01 4.3 31.4 286
Heinz @ 55.17 -.1 55.84 48.17 3.5 19.4 376
Helm&Pyn 48.73 +.78 68.60 35.59 0.6 9.8 209
Hershey 71.71 -.06 72.93 53.83 2.1 24.4 125
Hess 49.52 -.51 67.85 39.67 0.8 13.4 673
Hew-Pack @ 19.42 +.01 33.90 17.41 2.6 7.5 2463
Hillshire 25.80 +.64 30.38 21.23 8.9 8.7 910
HlthCare 59.76xd +.68 62.79 41.15 4.9 - 429
HomeDep @ 53.12 +.33 54.27 28.13 2.1 20.1 1214
Honywell @ 58.94 +.01 62 41.22 2.5 22.2 316
HormelFd 28.24xd +.07 30.70 25.88 2 16.2 250
HortonDR 18.47xd +.44 19.35 8.03 0.8 7.3 1192
Hospira 34.35 -.24 47.27 26.92 - - 149
Host H&R 15.20 +.06 17.25 9.78 1.4 - 532
Humana 66.76 -.88 96.45 59.92 1.5 8.9 394
IBM @ 198.23xd -.8 210.69 157.14 1.6 14.4 281
IllinoisTool @ 56.77 -.11 58.26 39.13 2.6 14.3 468
IngersollR 44.74 +.53 45.61 25.86 1.3 17.6 402
Int.Paper 32.68 -.06 36.50 21.56 3.2 12.9 473
Intercont 132.83 +.58 142.75 102.57 - 17.7 35
Interpubl. 10.78 +.42 12.17 6.75 2.2 11.3 1658
IntlFl&Fr 61.07 -.94 63.77 51.21 2.1 18.2 264
IntlGmeT 11.13 -.1 18.17 10.92 2.2 15.1 453
INVESCO 23.58 +.47 26.94 14.52 2.5 15.1 882
IronMount 33.29 -.05 34.77 27.10 3.1 31.7 149
JacobsE 39.60 - 48.15 30.75 - 13.9 68
JMSmckr 76.82xd -.01 81.93 66.44 2.6 19.1 58
John&John@ 68.30 -.05 69.75 59.08 3.5 21.7 1016
JohnsonCn @ 25.89 +.36 35.95 23.37 2.8 10.3 766
JPMrgnCh @ 36.91 -.25 46.49 27.85 3 8.3 2864
JuniperNtw 19.39 +.62 25.60 14.01 - 40.8 1125
Kellogg @ 50.73 +.07 55.30 46.33 3.4 15.5 354
Keycorp 8.31 -.03 8.82 5.59 1.9 9.3 925
Kimb-Clark @ 82.79 -.46 88 61.01 3.5 18.3 361
Kimco Real 19.51 +.09 20.08 13.55 3.8 58.2 267
KindMnE 81.17xd +.62 90.60 63.58 5.9 - 72
KohlsCp 51.35 -.71 56.65 42.14 2.2 11.9 1172
Kroger 22.53 -.18 24.83 20.99 2 20.7 768
L3 Comms 70.39 +.63 71.73 55.91 2.8 7.8 137
LabCpAmer 88.41 -.59 95.30 74.62 - 15.1 147
LasVegasSd@ 39.74 -.27 62.08 34.72 1.3 23 605
Lennar 31.47 +.76 31.90 12.14 0.5 13.2 816
Leucadia 22.19 -.04 30.04 19.58 1.1 52.2 135
Lilly (E) @ 42.69 -.16 44.67 33.75 4.6 11.8 671
Lim.Brands 49.49 -.13 51.84 31.45 8 18.8 344
LincolnNat 23.21 +.51 27.54 13.76 1.2 37.2 630
Lockheed @ 90.53 -.36 92.24 66.39 4.4 10.6 337
Loews 40.44 -.02 41.79 32.91 0.6 18.9 169
Lorilliard @ 123.37 +.24 141.07 97.44 4.6 15.2 121
Lowes @ 26.91 +.49 32.29 18.07 2.2 18.8 1646
LSI 7.65 +.06 9.20 4.76 - 25.3 590
M&TBkCp 86.70 -.06 88 66.41 3.2 15.6 63
Macys 38.08 +.07 42.17 22.67 1.6 12.1 867
MarathonOil@ 27.54 -.04 35.49 19.13 2.4 11.1 732
Marriott 37.24 - 40.44 24.03 1.2 58.1 509
MarshMcL @ 33.80xd -.17 34.67 25.30 2.6 17.8 258
MarthnPet 48.79 -.68 50.79 26.35 2.3 6.9 802
Masco Cp 13.10 +.02 14.68 6.60 2.3 - 447
Mastercard@ 426.04 +1.59 466.96 293.01 0.2 25.5 138
McDonalds @ 87.13 -.4 102.22 82.02 3.2 16.4 1032
McGrawH 48.66 -.42 50 34.96 2.1 17 211
McKesson @ 88.60 +.22 97.21 66.63 0.9 14.6 231
Mdwstvco 27.86xd +.29 29.62 20.27 3.6 21.7 189
MeadJohnN 73.26 +.04 88.72 60.68 1.5 26.8 189
Medtronic @ 39.98 -.42 40.78 30.18 2.5 12.4 1071
Merck @ 44.27 +.21 45.17 29.47 3.8 20.2 1195
MetLife @ 34.63 +.23 39.54 25.61 2.1 5.5 1008
MGMRsts 9.60 -.22 14.94 7.40 - - 984
Mohawk 72.41 +1.15 75.41 39.93 0 24.6 102
MolsonB 44.06 +.1 45.99 37.96 2.9 14.7 180
Monsanto @ 88.65 +.65 89.73 58.90 1.4 22.2 496
Moodys 39.62 -.21 43.04 26.79 1.6 15.7 351
MorganStly@ 14.68xd +.11 21.19 11.59 1.4 12 1384
Mosaic @ 58.64xd +.63 74 44.43 0.8 13.3 387
MotorolaSol 47.70 -.32 52.78 38.36 1.9 23.2 616
MurphyOil 55.01 -.27 65.60 40.41 2.1 13.2 273
Nabors 15.61 +.4 22.73 11.06 - 20.7 1777
NewelRbm 17.25 -.17 19.49 10.88 2 48.6 253
NewmontM@ 47.18 +.26 72.41 42.95 3 - 422
NextEraE @ 69.26 -.54 72.22 49 3.4 13.5 239
Nike @ 95.09 -.81 114.76 76.98 1.5 20.1 391
NiSource 25.23xd -.05 26.15 17.96 3.7 22.9 260
NobleCp 38.17xd +.38 41.71 27.34 1.5 17.9 693
NobleEgy 89.71xd -.18 105.43 65.94 1 24.8 208
Nordstrom 55.04 -.41 57.75 37.28 1.8 17.2 351
NorfolkS @ 73.70xd -1.11 78.49 57.57 2.5 12.6 344
Northrop 68.39 +.54 68.54 49.20 3 8.8 317
NtlOilVarc @ 76.91 +.57 87.72 47.97 0.6 14.1 643
Nucor 40.67xd +.11 45.75 29.83 3.6 22.5 399
NYSE Eurnxt 24.98 +.01 31.25 21.80 4.8 12.4 383
OccidPet @ 90.37 -.77 106.67 66.40 2.3 11.6 355
Omnicom 51.60 +.15 52.19 35.27 2.2 15.1 239
ONEOK 44.60xd -.04 89.62 39.32 2.7 27.6 117
ParkHn 82.01 +.18 91.44 59.32 1.9 11 528
PeabdyEngy 23xd +1.35 50.24 18.78 1.5 6.6 997
Penney 22.10 +.7 43.18 19.06 2.7 - 1473
Pepsico @ 72.12 -.45 72.95 58.50 2.9 19 516
Pzer @ 23.86xd +.03 24.48 16.63 3.6 18.1 3185
PG&E @ 45.32 +.19 47.02 36.85 4 25 484
Phillips66 40.25xd +.43 40.82 28.75 0.5 5.2 476
PhilMorris @ 91.32 -.45 93.14 60.45 3.4 18.1 450
PinnWstCp 53.29xd -.08 54.66 37.28 3.9 15.7 101
PionrNat 99.75 +.32 119.19 58.71 0.1 37.4 218
PlumCreek 40.12 -.21 42.10 33.04 4.2 36.9 125
PNCFin @ 60.69 -.35 67.88 42.70 2.5 12.5 235
PP&L 29.53 +.4 30.27 25 4.8 10 809
PPG Inds 111.28xd +.17 114.59 66.47 2.1 19.2 93
Praxair @ 107.89 -.09 116.92 88.64 2 19.3 145
PrecParts @ 161.40 +1.97 179.45 136.23 0.1 18.3 192
PrinFinGp 26.12 -.01 29.95 20.48 1.4 13.3 282
ProctGmbl @ 66.75xd +.03 67.95 57.56 3.3 21.2 1202
ProgreOh 19.75 +.06 23.41 16.88 2.1 15.5 429
Prologis 33.27 -.17 36.60 21.74 3.4 - 194
Prudential @ 53.68 +.06 65.16 42.45 2.7 7.6 435
PublicSVC 32.54 - 35.48 27.98 4.3 12.4 228
PublStor @ 143.53 -1.56 151.73 102.25 3 45.8 117
QEP Res 28.14 +.21 38.44 23.56 0.3 19.9 352
QuestDg 59.76 -.41 63.98 45.15 1 13.7 160
RalphLrn 148.33 -3.02 182.48 105.11 0.7 20.4 197
RangeRes 66.06 +.94 77.24 51.56 0.2 - 387
Raytheon @ 55.97 +.22 56.92 38.36 3.3 9.7 165
Red Hat 57.82 -.46 62.72 31.77 - 74.8 305
Reg.Financ. 6.96 +.04 7.16 2.83 0.6 22.9 1379
RepSrv 28.77 -.01 31.31 24.72 3.1 15.8 201
ReynoldsAm@ 45.39 -.4 46.91 31.82 5.1 18 268
Rockwell 71.01xd +.72 84.62 50.37 2.5 13.8 308
RockwlColl 50.30xd -.6 61.46 43.83 2.1 12.2 123
RoperInd 103.90 -.24 108.62 64.93 0.5 22.6 32
Safeway 16.28 +.22 23.16 14.73 3.7 8.9 1041
SAIC 11.99 +.06 15.18 10.31 2 - 258
Salesforce @ 137.73 +2.18 164.75 94.09 - - 173
Schlmbrg @ 74.33 +.67 81.32 54.79 1.4 18.6 1673
ScrippsNtwk 59.39 +.61 59.43 35.46 0.8 18.9 144
Sempra 68.83 -.06 72.28 44.79 3.1 18.8 115
SherWil 141.04 +.24142.23 69.47 1.1 28.4 249
SimonProp @ 156.80 -1.68 163.75 99.80 2.6 31 285
SouthCpr @ 33.48 +.13 36.87 22.34 4.9 11.9 281
Southern @ 46.81xd -.12 48.58 35.73 4.1 18.8 337
SpectraEn @ 28.93xd -.08 32.26 22.81 3.9 17.5 440
SprintNext 4.79 +.18 4.96 2.10 0.5 - 9305
Starwood 55.38 +.52 60.80 35.79 0.9 18.7 429
StateSt @ 41.79 +.41 47.15 29.89 2 11.3 374
StJudeMed 38.89 +.35 46.23 32.13 2.3 15.4 403
Stryker @ 52.80 -.19 57.14 43.73 1.5 14.5 205
Suntrust 24.71 +.33 25.18 15.79 0.8 16.6 494
SWAirl. 9.04 -.06 10.05 7.15 0.3 20.4 706
SwestEgy 32.80 +.94 44.36 25.63 - - 913
Sysco @ 28.69 -.2 31.18 25.10 3.7 14.7 418
TargetCp @ 62.68 -.26 63 45.28 2 14.5 386
TE Conn 34.90 +.07 37.68 26.62 2.1 13.8 357
Teradata 75.19 +.75 79.88 43.19 - 33.3 157
Teva 41.16 +.91 46.65 35 2.4 11.6 366
Textron 26.81 +.28 29.18 14.67 0.3 19.4 410
TheTrvelers@ 63.90 +.09 65.27 45.98 2.7 11.5 389
ThrmoFshr @ 56.91 -.39 58.37 43.40 0.7 21.5 303
Tiany 58.54 +.24 80.99 49.73 2 17.1 341
TimeWrnr @ 42.43 +.12 42.54 27.63 2.4 16.6 942
TimeWrnrC@ 88.98 -.37 90 57.19 2.4 16.4 259
TJX @ 44.98xd -.12 45.50 25.08 0.9 24.4 489
Torchmrk 49.78 -.93 51.99 32.78 1.1 9.9 350
TotalSys 23.69 -.01 25 15.81 1.6 18.7 182
TrnsOcean 48.76 +.44 60.09 38.22 4.9 - 474
TycoInt @ 56.53xd +.04 57.74 37.40 1.8 20.3 283
UnionPac @ 121.59 -.41 126.89 77.73 2 15.7 193
UNUMGrp 19.35xd +.23 25 18.28 2.3 26.5 750
UPS B @ 76.03 +.25 81.79 60.75 2.9 18.8 359
USBancorp@ 33.01 -.01 34.10 20.10 1.9 12.2 726
UtdHlthcre @ 51.97 -.76 60.75 41.32 1.4 10.5 994
UtdTech @ 76.97 -.51 87.50 66.88 2.6 13.1 378
ValeroE 28.84 +.08 29.26 16.40 2.2 9.9 930
VarianMedS 56.41 -.21 71.94 49.16 - 15.5 111
Ventas @ 63.65 -.33 68.07 43.26 3.8 48 368
Verizon @ 44.34 +.16 46.41 32.28 4.5 44.2 1051
VF Cp 149.09 -.83 156.09 101.75 1.9 18 86
Visa @ 128.40 -2.75 132.56 76.29 0.7 66.5 631
Vornado 79.94xd -1.66 88.49 68.43 3.5 51.1 366
VulcanMat. 39.85 +.69 48.08 25.06 0.1 - 59
Walgreen @ 36.09 -.15 37.61 28.53 2.6 12.5 776
WalMart @ 73.83xd -.48 75.24 48.31 2.1 15.8 967
WasteMng 34.86 -.03 36.35 27.76 4 17.7 261
WatersCp 78.52 -.75 94.45 70.89 - 16.7 83
Weatherfd 13.07 +.34 18.33 10.85 - 28.6 992
Wellpoint @ 56.80 -.64 74.73 52.52 2 7.8 452
WellsFargo @ 33.79xd -.03 34.80 22.62 2 11.2 1222
WestUnion 17.62 -.04 19.82 14.55 2 9 787
Weyerhsr 23.43 -.09 23.99 14.82 2.6 39.1 478
Whirlpool 71.19 -.48 79.36 45.22 2.8 9.5 141
WilliamsCp @ 31.56 -.07 34.63 17.89 3.6 25.3 653
WiscnsnE 39.31 -.4 41.48 27.01 3 17.2 423
XcelEngy 28.70 -.17 29.92 21.20 3.7 16.6 235
Xerox Cp 7.16 +.03 8.83 6.36 2.4 8 883
XL Grp 23.08 +.3 23.36 17.70 1.9 - 665
Xylem 24.36 +.3 28.83 22.45 1.2 17.1 97
Yum!Brands@ 66.63 +.05 74.43 47.17 1.7 20.8 406
ZimmerHld 60.87 -.22 66.41 47.01 0.6 14.2 140
NASDAQ
(Aug 9 / 4:00pmClose/US$)
ActivBlz 11.64 -.01 14.40 10.40 1.5 16.4 6018
Adobe 32.64 +.13 34.78 22.67 - - 3556
Amazon @ 233.91 -.47 246.71 166.97 - - 1459
Amgen @ 81.92 +.55 84.39 47.66 1.7 17.5 2932
AnalogDev 40.36 +.18 40.82 29.23 2.7 17.5 1411
ApolloGp 28.43 +.21 58.29 25.77 - 6.9 1542
AppldMat 11.87 -.06 13.94 9.70 2.9 11.7 10924
Apple @ 620.22xd +.36 644 353.02 0.4 14.6 6964
Autodesk 35.13 -.19 42.69 22.99 - 27.8 1113
BedBathB 63.58 -.6 75.84 48.75 - 15 1361
Biogen @ 143.03 -2.02 150.29 84.22 - 25.9 1133
BMCSware 41 +.07 45.70 31.62 - 19.4 1436
Broadcom 34.29 +.39 39.66 27.59 1.1 25 7247
CAInc 25.66 +.15 28 18.61 3.1 13.1 2625
Celgene @ 71.20 -.57 80.42 51.70 - 20.7 1813
CH Rob 53.80 -.1 76.76 50.81 2.4 19.8 910
CheckPnt 50.69 -.22 65 43.18 - 18.3 1338
Cisco @ 17.69 +.53 21.30 13.60 1.6 13.1 57355
Citrix 75.52 +2.28 87.99 50.21 - 39.5 2301
CmcstASp 33.80 +.02 34.23 19.11 1.8 - 1858
CME Group @ 53.48xa +.53 60.92 44.45 3.8 11.3 1377
Cognizant @ 64.40 - 78 53.54 - 20.6 2214
ComcastA @ 34.52 +.01 35.16 19.46 1.7 19.8 10415
Costco @ 95.33xd -.3 97.76 70.22 1.1 26.6 757
Dell @ 12.39 +.09 18.36 11.39 0.6 6.4 12300
DirectTV @ 50.48 +.63 50.68 39.82 - 13 3972
EBay @ 44.26 -.69 46.15 26.86 - 15.5 8121
ElectArt 13.13 +.19 26.13 10.77 - 69.8 7173
Expedia 55.94 -.2 59.50 22.44 0.8 22.1 1930
ExpIntWsh 36.40 -.02 47.73 34.83 1.5 21.6 2088
ExpScripts @ 62.48 +1.75 62.80 34.47 - 31.1 9990
Facebook 21.01 +.29 45 19.82 - - 14531
Fifth 3rd 14.31 +.01 14.73 9.13 2.2 9.2 9471
First Solar 21.69 +.28 107.99 11.43 - - 7176
Fiserv 69.98 -.18 72.93 48.75 - 17.1 750
Fossil 86.66 -1.15 139.20 62.77 - 18 1200
Garmin 41.45 +.47 50.67 30.13 4.1 13.8 906
GileadSci @ 56.90 +.08 58.84 34.45 - 17.3 3585
Google @ 642.13 -.1 670.25 480.60 - 19 1003
Hasbro 37.35xd +.31 39.20 31.36 3.5 14.4 1597
Intel @ 26.66xd +.06 29.27 19.16 3.2 11.3 22626
Intuit @ 59.03 -.59 62.33 39.87 1 24.5 1920
IntuitSrg @ 497.51 -3.71 594.89 320 - 35.4 206
KLATenc. 53.04xd +.13 55.43 33.20 2.7 11.9 1317
Kraft Food @ 41.02 -.08 41.50 31.88 2.8 20.3 6828
LibIntCpA 18.90 -.35 19.80 12.44 - 19 10471
LifeTch 47.02 +.32 50.84 35.30 - 19.4 2116
LinearTec 32.99 +.13 34.50 25.79 3 15.5 1512
Marvell 11.95 +.15 16.86 10.27 0.5 13 7039
Mattel 35.43 -.16 35.69 22.70 3.3 15.9 1068
MaximInt 28.43 +.11 30 20.85 3.2 24 1686
MicronT 6.82 -.08 9.16 3.97 - - 19324
Microsoft @ 30.47 +.14 32.95 23.79 2.6 15.2 21190
Netapp 32.21 -.77 46.80 27.79 - 20.4 7863
NewsCorpA@ 23.65 -.08 24.05 13.55 0.8 16.9 29798
NewsCorpB 23.79 -.1 24.20 13.99 0.8 - 6332
NII Hldgs 6.66 +.49 39.49 5.65 - - 8982
NorthnTst 46.13 +.05 48.31 33.20 2.5 17.6 860
Nvidia 14.72 +.49 16.90 11.47 - 17.9 18146
Oracle @ 31.35 +.19 33.81 24.75 0.8 16 13197
PACCAR 40.70 +.16 48.22 31.57 1.9 11.9 1649
Paychex 32.91xd -.01 33.40 25.12 3.9 21.8 1101
Prclne.cm @ 561.38 -.94 774.96 411.26 - 23.4 2370
Qualcomm @ 61.92 +.47 68.87 45.98 1.5 20.9 5741
RschMt 7.81 +.19 33.54 6.56 - 1.8 27888
SeagateT 33.09 +.44 33.42 9.05 3 5.1 13558
Sears Hld 50.61 -1.77 85.90 28.89 - - 501
SiriusXM 2.39 -.09 2.51 1.27 - 4.5 117123
SLMCp 15.99 -.06 16.89 10.92 3 9.8 1704
Staples 13.29 -.05 16.93 11.94 3.2 9.5 4376
Starbucks @ 45.08xd -.21 62 34.01 1.5 25.1 7316
Symantec 17 -.1 18.88 13.06 - 10.9 9467
T.RowePr 61 +.22 66 44.68 2.2 20.7 570
TexasInstr @ 29.49xd +.13 34.24 24.44 2.3 21.5 7123
VertexPhm 51.50 +.69 66.10 26.50 - 27.5 1288
ViacomB @ 49.71 +.61 50.05 35.13 2.1 12.1 4806
WestDigtl 43.05 +1.19 44.43 22.75 - 6.7 3839
WynnRes 101.47xd -1.24 161.33 90.11 6.9 19.8 916
Xilinx 33.72xd - 37.74 26.55 2.4 18.1 2207
Yahoo @ 16 -.18 16.79 11.09 - 18 6381
Other International Stocks
AUSTRALIA
(Aug 9/Aust$)
AMP 4.13 +.02 4.62 3.61 8.2 15.7 6854
ANZ @ 23.82 +.07 24.05 17.63 7.9 11.1 6073
BHP Biltn @ 32.80 +.52 40.27 30.09 4.5 8.3 9193
Brambles 6.35 -.02 7.55 5.76 4.4 20.2 4235
CCAmatil 13.28 -.24 14 10.04 5.7 17 2516
CmwBkAu @ 57.03 -.56 58.05 42.30 8.2 13.3 4884
CSL @ 39.67 -.22 43.20 26.12 2.1 22.7 943
FortescMet 4.52 - 6.28 3.84 2.5 9.8 14949
Leighton 16.56 +.14 26.65 15.21 4.8 - 578
MacQuarie 25.73 +.08 30.17 19.94 5.5 12.2 1294
NatAusBk @ 25.42 -.2 26.56 19.64 10 11.9 6964
NewcrestM@ 24.46 +.06 41.04 20.89 2.1 16.6 1663
NewsCorpA 21.72 -.78 22.56 12.87 0.7 - 202
NewsCorpB 21.88 -.73 22.71 13.32 0.7 19.4 2168
Orica 24.89 -.03 28.27 21.34 4.8 14.6 1161
OriginEgy 12.30 +.03 15.08 11.08 5.8 11.3 2137
QBE InsGrp 14.47 -.07 15.49 9.88 6.4 22.6 2396
RioTinto 56.86 +1.97 74.79 50.22 3.8 23 4629
Santos 11.25 +.09 14.63 10.04 3.8 13.3 2800
Stockland 3.21xd -.03 3.54 2.52 7.5 15.2 11219
Suncorp 8.59 -.05 8.85 6.03 6.7 17.7 4261
Telstra @ 3.88 -.09 4.09 2.69 10.3 14.1 90193
Wesfarm @ 32.61 -.12 33.38 26.04 6.8 19.5 2185
Westeld @ 9.90 -.05 10.15 7.21 5 14.9 6133
WestdRT 3.05 -.01 3.09 2.18 5.8 9.5 8898
Westpac @ 24.01 -.12 24.24 17.84 9.7 12.1 9026
WoodsdPt @ 34.43 +.23 38.70 29.76 4.3 18.4 1979
Woolworth @ 28.50 -.56 29.15 23.21 6.2 18.1 2695
AUSTRIA
(Aug 9/Euro)
Andritz 44.95 +1.25 46.31 25.76 2.4 18.5 128
ErsteGrBnk 15.09 -.11 29.20 10.40 - - 547
Immon 2.69 +.01 2.85 1.92 9.3 9.3 877
OMV 26.35 -.14 29.21 20.81 4.2 7.3 202
Raieisen 27.80 -.2 30.95 14.16 3.8 5.2 85
Strabag 18.14 -.16 24.30 16.73 3.3 13.5 11
TelekAust 7.24 +.14 9.35 6.61 5.2 - 344
Verbund 15.60 -.3 27.24 14.50 3.5 14.6 92
Vienna Ins 33 +.58 35.91 24 3.3 3.4 69
Voestalp 23.33 -.1 29.25 18.10 3.4 14.7 218
BELGIUM/LUX
(Aug 9/Euro)
Ageas 17.53xa +.41 18.08 10.80 4.6 - 1125
AnBshInBv@ 66.44 -.16 68.14 33.85 1.8 18.9 1393
Belgacom 23.79 -.14 24.75 20.66 9.2 10.5 384
Colruyt 38.49 +1.65 38.50 26.74 2.5 17.7 440
Dexia 0.23 - 1.89 0.13 - - 2581
Dlhaiz 30.61 +.36 48.74 25.59 5.7 9.1 372
GBL 55.23 +.48 60.37 47.44 4.7 23.2 121
KBC 18.12 +.29 23.50 7.65 0.1 - 1388
SES 20.37 +.27 20.41 16 4.3 - 2
Solvay 89.10 +1.17 98.98 60.86 3.4 22.4 188
UCB 39.08 +.04 41.49 25.71 2.6 40.8 159
BRAZIL
(Aug 9 / 3:00pmClose/Real)
Ambev @ 77.28 -.87 83.71 43.98 0.4 29.1 774
BcoBrad 27.50xd -.1 28.61 21.13 3.6 - 1053
BcoSantdr 0.15xd - 0.18 0.12 5 - 925
BM&FBovsp 11.84 +.06 12.65 7.55 4 21.5 10971
BncBrasil @ 23.47 -.41 29.79 18 11.3 5.7 4499
Bradesco @ 33.50xd -.3 33.91 25.12 3.2 11.5 4739
BrasilFds 29.60xd -.8 38.67 25.75 3.9 22.7 1427
Cielo @ 61.60 -.59 64.11 31.78 3.1 19.4 1562
Eletrobras 15.10 +.04 19.52 12.62 59.3 - 834
GerdauPf 19.20 -.28 19.80 10.85 1.7 15.7 3965
ItauHldFin @ 33.82xd -.33 38.94 25.15 3.4 11.4 6147
ItuasaPf @ 10.07 -.06 11.49 7.37 3.8 10.2 7713
JBS 5.71 -.21 8.50 3.42 - - 2446
OGX Petro 6.34 +.15 18.41 4.78 - - 27122
PetrobasPf 21 -.18 25.89 17.42 9.3 14.2 22692
Petrobras @ 21.98 -.16 28.26 18.05 8.8 6.2 3706
SiderNacO 11.30 +.08 19.55 9 7.3 5.1 2765
SouzaCruz @ 27xd -.18 31.45 16.15 13.3 24.8 1621
UsinasMin 8.01 -.24 14.24 5.57 13.5 16.7 12507
ValRio @ 38.35 +.42 48.85 34.35 13.5 - 4944
ValRioPrf 37.60 +.33 44.97 33.92 7.1 6.8 11925
CANADA
(Aug 9 / 4:00pmClose/Can $)
Agnico-E 44.95 +.07 72.51 31.50 1.7 - 375
Barrick @ 33.84 +.26 55.36 31.18 2.1 8.1 1412
BCE @ 44.79 +.49 44.99 34.99 4.8 14 1282
BkMontrl @ 57.14xd +.17 61.40 53.15 4.9 10.7 528
BkNvaS @ 52 +.03 57.17 47.54 4.1 11.5 798
Brookeld @ 34.25xd -.49 35 25.91 1.6 11.2 1191
Cameco 20.59 +.02 26.43 17.25 1.9 18.3 595
CanadPcR 83.72 +.08 84.58 46.01 1.5 21.1 320
CanImp @ 73.68 +.25 78.29 67.32 4.9 10.6 625
CanNatRs @ 31.38 +1.81 41.12 25.58 1.2 13.1 4472
CanNatRy @ 89.28 +.5 89.97 63.72 1.6 15 376
CanOilSd 20.68 +.22 25.19 18.17 6.3 11.2 721
CenovusE @ 32.52 +.35 39.64 28.85 2.6 15.4 926
Enbridge @ 39.24 -.01 42.23 28.27 2.8 34.8 1353
Encana 22.59 +.19 26.15 17.25 3.5 - 1200
Goldcorp @ 36.98 +.33 55.93 32.34 1.4 22.2 858
GtWesLif @ 21.81 +.01 25.28 19.15 5.6 10.3 168
HuskyE @ 26.69 +.14 26.99 20.63 4.5 13.2 736
ImpOil @ 44.62 +.16 49.26 34.15 1.1 10.6 460
KinrossG 7.97 +.2 18.17 7.15 1.7 - 6450
Loblaw 33.63 +.25 39.67 31.11 2.5 13.5 138
Manulife @ 10.89 +.06 14.07 10.18 4.8 - 2040
NatBkCan 74.73 -.24 81.27 63.27 4 8.5 223
Nexen 25.30 -.22 26.70 14.20 0.8 26.1 1802
Potash @ 42.73 +.43 59.45 38.31 1 12.4 783
Power Cp 23.61 +.15 27.42 20.90 4.9 10.3 531
PowerFn @ 25.16 +.17 30.15 23.62 5.6 10.8 239
ResMot 7.73 +.17 32.71 6.66 - 1.7 2828
RogCmB @ 39.89 +.29 40.40 34.25 3.8 13.5 487
RylBkC @ 51.17xd -.18 59.13 43.30 4.3 10.7 1195
Suncor En @ 31.89 +.16 37.28 23.97 1.5 11.2 2216
SunLfFin 21.62 -.15 26.79 17.92 6.7 - 968
TalismEnrgy 13.22 -.01 17.34 9.72 1.5 25.4 941
TeckResB @ 29.47 +.87 44.13 26.83 2.7 9 1337
TelusCorp @ 64.99 +.98 65.39 49.47 3.7 17.1 376
ThmReut @ 28.76 -.14 31.62 26.10 4.4 - 219
TntoDom @ 79.05 -.01 85.85 68.13 3.5 12 765
TransCan @ 44.80 -.23 46.29 37 3.9 22.8 735
Weston Ltd 60.31 +.82 71.73 57 2.4 13.4 54
CHINA
(Aug 9/Renminbi)
AgricBkCh 2.53 +.02 2.77 2.43 5.2 6.3 34423
Air China 5.79 +.02 9.71 5.69 2 12.2 10221
AluCorpCh 3.43 +.08 6.03 2.98 - - 16300
AlumCpCh 6.17 -.01 9.86 5.79 - - 8834
AnhuiCC 21.65 +.35 37.20 17.90 2 8 10681
BaoshanStl 4.24 - 5.50 4.08 4.7 11 11601
Bk China 2.76 -.02 3.10 2.67 5.6 6.3 9236
BkofComms 4.41 +.01 5.10 4.15 2.3 5.1 25988
ChCiticBk 3.96 -.01 4.74 3.77 5.1 5.3 6565
ChCoalEgy 7.78 - 10.52 7.37 2.8 10.5 6654
ChConstBk 4.06 +.02 4.95 3.86 5.8 5.8 18852
China Life 18.68 -.05 20.36 14.71 1.2 33 6059
ChinaUncm 3.75 +.03 5.77 3.41 0.9 46.9 38076
ChMinsheng 6.03 +.01 6.85 5.06 5 5.2 36425
ChMrchBk 10.08 +.01 13.10 9.54 4.2 5.6 19474
ChPacIns 21.45 -.03 23.80 17.70 1.6 33.4 10657
ChShBldIn 4.85 +.03 8 4.51 1.4 16.1 21607
ChShenEgy 22.75 +.07 28.87 21.59 4 9.9 6018
ChStCnsEng 3.15 +.02 3.60 2.85 2.5 6.8 29130
ChYgtzPwr @ 6.55 -.01 7.14 6 3.9 14.5 10198
Citic Sec 12.24 +.03 13.99 9.04 3.5 10.4 38694
Daqin Rail 6.06 -.01 8.05 5.90 6.4 7.7 20169
InCBkChina 3.76 -.02 4.48 3.66 5.4 6.2 18648
IndstrlBk @ 12.70 +.05 14.68 11.85 2.9 5 24428
Moutai @ 260.92 +8.12 266.08 170.90 1.5 27.5 3067
Ping An 44.66 +.29 46.85 33.35 0.9 17.8 14239
Saic Motor @ 12.73 +.22 17.10 11.97 2.4 7.2 16997
ShangPort 2.57 - 3.64 2.48 4.6 13.3 3620
ShngPdgBk@ 7.75 +.02 9.75 7.37 3.9 5 32490
ShznVanke 9 +.07 9.95 6.88 1.4 9.5 42220
Sinopec 6.15 +.05 7.93 5.75 4.9 8.5 14703
WulianYnb @ 37.46 +1.41 40.80 29.82 1.3 20 39202
CZECH REP
(Aug 9/Koruna)
Cez 723xd +7 845 662 6.2 10.1 263
KomercBnk 3.7k -3 3.89k 2.71k 4.3 12.1 27
TelCzRep 398 +.5 430.20 364.50 10.1 15.4 110
DENMARK
(Aug 9/Kr)
Carlsberg B 516 -3 524 315.50 1.1 16 344
DanskeBk 97.90 +2.4 100.50 61.15 - 47.3 1201
MoellerMA 39.92k -280 46.2k 30.12k 2.5 -
MoellerMB@ 41.76k -360 48.16k 31.62k 2.4 11.9 4
NovoB @ 938 +12 980.50 507 1.5 30.5 1414
Novozym 153 +2.8 180 135.20 0.7 24.4 726
TDC 39.80xd -2.2 47.45 36.90 5.8 9.4 2314
VestaWind 28.77 +.75 117.60 24.60 - - 1898
WilDemant 570 +3 596.50 351.50 - 27.6 41
DUBAI
(Aug 9/US$)
DPWorld 10.34 +.14 12.30 9.33 2.3 12.6 11
FINLAND
(Aug 9/Euro)
Fortum @ 14.36 - 19.36 12.81 7 8 1358
Kone Corp 51.80 +.5 52.45 33.78 2.7 20.6 246
Metso 31.44 +.54 37.27 19.72 5.4 11.6 592
Neste Oil 8.24 +.13 10.14 6.14 4.3 - 628
Nokia 2.28 +.14 5.19 1.33 8.8 - 39307
OtkmpA 0.80 +.03 2.15 0.63 - - 4602
SampoA 23.09 +.28 23.22 16.85 5.2 11.8 1002
StorEnsR 4.93 +.14 5.95 3.73 6.1 20.5 4399
UPMKym 9.15 +.11 10.98 7.34 6.6 24.1 2561
Wartsila 26.24 +.67 31.33 15.50 3.4 18.5 496
FRANCE
(Aug 9/Euro)
Accor 27.15 +.08 27.76 16.68 2.4 - 525
ADP 64.74 -.02 65.19 49.76 2.7 18.4 25
AirFrn-KLM 4.27 -.06 7.53 3.01 - - 2126
AirLiquide @ 96.28 +.38 96.50 73.55 2.4 19 579
Alcatel 0.94 2.73 0.80 - 1.8 23786
Alstom 28.28 +.04 34.34 21.82 2.8 11.4 883
AXA @ 11.25 +.22 13.25 7.88 6.1 10.1 12996
BNP Parib @ 34.02 +.19 43.44 22.72 3.5 7.1 4948
Bouygues 21.81 -.14 28.69 18.70 7.3 7 798
CapGemini 30.80 +.37 34.50 21.98 3.2 11.3 666
Carrefour 16 +.19 20.51 12.87 3.3 28.1 2251
Casino 70.33 +.39 75.94 51.35 2.1 15.6 148
ChristianD@ 118.50 +1.8 119.70 79.10 2.3 16.6 81
CNP 9.22 +.09 12.90 7.52 8.4 6.7 329
CredAgric 4 +.03 7.64 2.84 - - 15091
Danone @ 50.06 +.09 54.96 41.92 2.8 17.8 1075
DassaultSy 78.99 -1.01 81.92 49.07 0.9 30.5 265
EADS @ 30.62 +.37 31.69 19.05 1.5 16.5 951
EDF @ 16.60 -.17 23.63 14.80 6.9 9.5 1436
Eiage 22.70 +.01 34.19 15.81 5.3 9.6 65
Eramet 87.42 -.57 157.90 75.95 2.6 28.4 28
Essilr @ 68.56 -.27 75.52 46.89 1.2 28.1 442
FranceTele @ 11.34 -.08 13.69 9.45 12.2 8.1 7369
GDF Suez @ 19.43 -.28 24.13 15.62 7.7 12.1 5808
Gecina 77.34 -.71 82.19 52.51 5.7 56 27
Hermes @ 232.35 +1.6 285.49 206.10 0.9 40.9 27
JC Decaux 17.51 -.09 23.48 14.63 2.5 19.5 81
Klepierre 26.39 -.12 27.27 18.57 5.5 32.6 149
Lafarge 38.30 +.15 38.53 22.29 1.3 31.7 600
Lagardere 22.77 +.14 24.26 16.03 5.7 - 222
Legrand 26.25 -.08 28.65 22.19 3.5 14.3 764
LOreal @ 102.50 +2 102.50 68.83 2 24.9 470
LVMH @ 134.15 +3.6 136.80 94.16 2.2 19.5 1043
Michelin 57.87 -.26 58.53 40.20 3.6 6.1 874
Natlxis 2.13 +.04 3.25 1.68 4.7 6.1 4074
PernodRic @ 88.79 +.53 89.08 56.09 1.7 19.8 277
Peugeot 6.57 -.03 19.95 5.70 - - 3213
PPR @ 127.75 +.6 136.90 90.50 2.7 15.9 185
Publicis 41.31 +.11 43.30 29.10 1.7 12.8 825
Renault 37.13 +.11 43.83 22.07 3.1 6.3 1179
Safran 28.58 +.08 29.63 20.18 2.2 - 630
Sano @ 67.71 +.66 68.29 42.85 3.9 13.9 2226
Schneider @ 49.50 +.34 53.47 35 3.4 14 1420
SocGen @ 19.87 +.26 29.24 14.32 - 7.9 5116
Sodexo 62.41 -.23 63.03 46.57 2.3 19.1 107
StGobn @ 26.93 +.42 37.63 23.90 4.6 13.9 2003
STMicro 4.87 +.09 6.46 3.64 6.7 - 2864
SuezEnvir 8.95 -.07 12.42 8.01 7.3 30.9 1082
Technip 86.58 +.58 89.71 52.85 1.8 18.2 278
Thales 26.25 +.18 28.91 21.61 3 10.3 120
Total @ 40 +.11 42.97 29.40 5.7 8.3 4203
UnibailR @ 162.40 -2.4165.35 123.30 4.9 12.4 258
Vallourec 37.19 +.66 65.76 25.69 3.5 15.1 408
VeoliaEnv 8.26 +.01 13.06 7.80 8.5 - 2434
Vinci @ 35.10 +.1 40.85 28.46 5 10.1 1149
Vivendi @ 15.75 -.04 17.06 12.01 6.1 12.3 2369
GERMANY
(Aug 9/Euro)
Adidas 61.24 -.32 64.30 42.42 1.6 16.6 814
Allianz @ 86.56 +.18 94.94 56.16 5.2 11.9 2328
AxelSprg 36.90 -.25 39.87 24.44 4.6 13.7 118
BASF @ 60.99 +.05 68.63 42.19 4.1 10.6 2938
Bayer @ 63 -.12 63.87 35.36 2.6 20.1 2849
Beiersdorf 56.85 +.37 58.35 38.26 1.2 53.6 305
BMW @ 60.17 -.05 73.95 43.49 3.8 8.6 2110
Celesio 14.26 -.05 15.85 9.18 1.8 - 216
Commerzbk 1.23 -.05 2.34 1.12 - - 80470
Daimler @ 41.35 -.22 48.95 29.02 5.3 7.6 3671
Deut Bank @ 25.74 +.19 39.51 20.79 2.9 8.2 5913
Deut Brse 41.19 +.28 52.88 35.65 8 9.7 848
Deut Tlkm @ 9.21 -.19 10.10 7.69 7.6 34.1 24928
DeutPstbk 28.80 - 31.50 19.81 - - 27
DeutsPost @ 15.41 +.02 15.52 8.90 4.5 14.4 3191
E.ON @ 17.86 -.08 18.68 12.50 6.2 - 8290
Fielmann 73.86 -.81 80.85 60 3.4 25 17
FraPort 45 -.2 51.25 37.06 2.8 18.7 144
Fresenius 86.56 +.07 88.71 58.80 1.1 31.9 309
FresMedC @ 58.17 -.03 60.27 42.56 1.2 42.5 461
GEAGrp 22.22 +.07 26.83 15.61 2.5 13.3 360
Hann.Rck 49.50 +.49 49.91 28.58 4.2 7.3 206
HeidCmnt 40.43 +.01 46.68 23.92 0.9 23 549
Henkel 60.86 +.95 60.86 36.52 1.3 21.2 827
Hochtief 41.02 +.46 55.92 35.60 - - 99
Inneon 5.96 +.17 7.99 4.89 2 15.3 8195
K & S 39.85 +.45 49.75 30.14 3.3 15.8 1038
LANXESS 59.03 -.28 64.40 31.34 1.4 9.3 437
Linde @ 124.95 +.05 136.90 94.63 2 17.8 584
Lufthansa 9.89 -.07 12.81 7.88 2.5 - 2591
MAN 76.62 +.24 103 50.78 3 - 194
Merck KG 81.14 +.19 87.45 55.92 1.8 39.2 160
Metro 23.80 +.46 37.35 19.52 5.7 15.8 1609
MTUAero 62.15 - 64.80 40.01 1.9 15.9 64
MuenchRkv@ 119.35 +.75 119.35 77.80 5.2 8.5 912
Porsche 42.89 -2.03 50.95 30.24 1.8 13.1 1290
Puma 231.25 +1.85 277.05 189 0.9 16.1 11
RWE @ 33.16 -.1 37.12 21.22 6 15.9 2115
Salzgitter 31.20 -.04 48.95 27.03 1.4 9.7 152
SAP @ 52.59 +.04 54.44 32.64 1.4 17.6 2810
Siemens @ 73.94 -.11 79.89 62.13 4.1 14.7 3508
SMASolar 26.20 -2.2 78.03 21 5 6 262
Suedzucker 27.25 +.11 28.94 19.16 2.6 10.2 340
ThyssenKr 15.65 +.01 25.84 11.45 2.9 - 3432
Volkswgn @ 134.70 +1.45135.35 82.35 2.2 3.5 83
WackerChm 53.86 -.64 114.85 49.80 4.1 18.8 85
GREECE
(Aug 9/Euro)
Alpha Bk 1.26 -.03 3 0.42 - - 1236
BkPiraeus 0.21 0.85 0.16 - - 1992
Coca Cola 13.90xc -.08 16.69 10.55 6 20.1 126
EFGEbk 0.66 -.03 2.48 0.29 - - 755
HelPetro 5.78 +.18 6.89 3.94 7.8 26.3 23
HelTel 2.08 - 4.77 1.09 - 2.6 4146
NatBkG 1.30 -.02 4.38 0.90 - - 1361
OPAP 5.20 +.07 10.08 3.50 13.8 3.3 311
PublPwrC 2.35 -.08 7 1.13 - - 188
TitanCem 12.92 +.28 15.40 9.32 1.4 - 11
HONG KONG
(Aug 9/H.K.$)
AgricBkCh @ 3.23 +.03 3.98 2.26 5 6.5 79662
AIA @ 26.85xd +.05 29.85 19.84 1.3 24 14715
Bk China @ 3 +.03 3.45 2.20 6.3 5.3 299832
Bk of EAsia 28.80 +.7 32.50 21.85 3.3 13.9 3248
BkofComm@ 5.33 +.08 6.55 4.15 2.3 5.1 21469
BOC HK @ 24.30 +.1 24.45 14.24 4.9 12.6 9308
CathayPcA 12.84 +.48 16.68 11.76 2.7 28.7 12007
ChConstBk @ 5.35 +.03 6.62 4.41 5.4 6.2 193529
ChinaLife @ 21.75 +.4 24.70 17 1.3 27.2 34614
ChinaMob @ 90.15 +1 91.10 68.20 3.7 11.6 9641
ChinaRes 22.85 -.45 33.85 18.88 2.1 19.3 3140
ChinaTele 4.22 - 5.28 3.23 2 16.7 51266
ChMerch 24.30 +.15 29 19 2.8 10.8 1234
ChngKong @ 111.10 +1.7 115.60 79.10 2.8 9.1 7320
ChOvLnd&In 18.08 +.4 19.16 9.99 1.8 9.8 25366
ChResLand 15.54 +.4 16.82 7.28 1.7 10.5 9189
ChResPwr 15.62 - 17.42 10.82 1.9 16.5 4557
ChRongshng 1.19 +.03 4.14 1.02 2.3 3.9 30297
ChShenEgy@ 30.20 -.2 38 24.15 3.6 10.5 13505
ChUncHK @ 12.42 +.16 17.64 9.45 1 46.7 21379
Citic Pac 11.76 +.08 16.18 10.26 3.8 4.6 2536
CKI Hld 47.80 +.6 50 40.35 3.3 13.3 2335
CLP @ 67.45 +.55 75.20 62.10 3.8 17.5 2153
CNOOC @ 16 +.12 18.20 11.20 3.3 8.2 30264
EspritAsia 11.58 +.38 22.50 7.55 2.2 - 21175
GentSingap 1.28 - 1.80 1.22 0.8 16.8 55429
HangLung 27.70 +.5 30.50 20.85 1.9 20 4815
HangSeng @ 112 +2.3 116.70 84.40 4.7 11.9 2612
HendersLd 47.75 +.4 49.65 33.20 2.1 6.4 3453
HKChGas @ 18 - 18.60 15.02 2.7 25.4 5546
HKExch 108.80 -.3 152.40 99.15 3.9 24.8 5045
HSBC 68.40 +.9 72.05 56 5.2 10.3 17012
Hutchison @ 70.10 +1.05 82.40 53.60 3 15 11896
In&CmBkCh@ 4.58 +.02 5.72 3.46 5.4 5.9 178376
Li & Fung 15.98 +.48 20.15 10.82 3.3 24.4 21585
Telmex L 10 - 10.73 9.69 6.9 12.4 89
TlvCPO 61.71 -.3 62.45 46.43 0.6 24.7 2040
Walmex @ 38.18 +.29 45.15 29.26 1.2 30.8 9476
NETHERLANDS
(Aug 9/Euro)
Aegon 4.24 +.23 4.57 2.59 - 11.8 27216
Ahold 10.16 -.03 11.07 7.62 3.9 10.9 2596
Akzo N 44.93 +.15 46.16 29.25 3.2 30.2 717
ArcelorMit @ 13.02 -.05 17.96 10.47 4.7 40.7 7119
ASML Hld @ 47 +.7 48.34 21.22 1 14.7 1469
Boskalis 26.95 +.13 31.36 20.67 4.4 10.9 202
Corio 33.22 -.88 41.22 28.26 8.3 18 1095
DSM 39.63xd +.32 44.72 29.84 3.7 15 1021
Fugro 52.36 -.28 55.92 34.01 2.9 14.4 474
Heineken @ 44.14 +.45 46.30 30.40 1.9 18.1 897
ING @ 5.82 +.14 7.58 4.21 - 4.7 32013
KPN 6.72 +.06 10.28 6.35 10.3 8.2 8148
Philips @ 18.55 +.1 18.65 12.01 3.8 51.5 2699
PostNL 2.84 -.05 5.11 1.87 18.6 0.3 3779
Randstad 25.76 +.12 30.09 19.59 4.9 36.8 466
ReedElsvr 9.99xd +.11 10.01 7.38 4.6 13.1 3852
Robeco 24.48 +.16 24.48 18.30 2.5 59.7 33
RylDShlA 28.91xd +.3 29.18 20.12 5.1 8.7 7043
Unilever @ 28.29xd +.19 28.83 20.96 3.3 19.7 4533
WoltKluw 14.09 +.02 14.67 11.39 4.8 17.8 695
NEW ZEALAND
(Aug 9/NZ $)
AucklndAir 2.50 -.02 2.62 2.08 5.2 31.6
ContactE 4.80 -.2 5.79 4.60 8 23.9
FletchrBld 6.48 +.05 8 5.78 7 16.4
Telc.of NZ 2.67 +.01 2.69 1.78 13.7 6.5
NORWAY
(Aug 9/Kroner)
AkerSol 95.80 +.55 99.90 50.10 4.1 10.6 795
DNB 64.60 +.1 75.30 51.25 3.1 8.2 2412
NorskHyd 25.75 +.07 34.58 22.97 2.9 - 3189
Orkla 42.75 +.17 48.84 36.48 5.8 - 1533
Roy.Carib. 151 -2.4 183.70 111.60 1.6 11.6 186
Seadrill 238 +2.5 245 137.04 7.8 19.9 933
Statoil @ 149.40 +1.7 162.80 108.10 4.4 6.1 3017
Subsea 7 135 +6.5 147.69 94.73 2.6 16.5 4351
Telenor @ 103.50 +.8 106.80 78.80 4.8 66.3 1381
YaraIntl 292.50 +8.3 298.50 200.50 2.4 6.5 1205
POLAND
(Aug 9/Zloty)
BkPekao 155.30 +3.4 164.80 115.10 3.5 13.4 363
BRE Bank 318.20 +10.2318.30 203.30 - 10.8 31
ING Bank 78.70 +2.4 91.10 61.75 - 11.7 40
KGHM 130xd +4.7 176.40 102.40 21.8 2.5 1568
PGNIG 4.29 +.12 4.39 3.25 - 28.6 9289
PKN Orlen 39.80 +1.35 41.68 30.33 - 10.5 887
PKO Bank 34.60 +.8 37.83 27.95 3.7 11 4263
PZU 369.90 +6.4 370 283.10 5.5 13.4 347
Telek.Pol 16.50 +.01 18.56 14.30 9.1 17.9 1994
PORTUGAL
(Aug 9/Euro)
B.EspSanto 0.52 +.01 1.51 0.43 - - 10052
BCPort 0.09 - 0.29 0.07 - - 10393
BncoBPI 0.55xr + 0.90 0.34 - - 483
BRISA 2.73 -.02 2.83 2.19 11.3 - 389
Cimpor 3.66 +.01 5.70 2.93 4.5 12.9 46
EDP 1.97 -.01 2.54 1.63 9.4 6.6 2694
GalpEnerg 11.60 +.26 15.28 8.33 1.7 32.2 1221
JeronimoM 13.66 +.36 16.07 10.66 2 24.8 664
PortTlcm 3.51 +.01 6.07 3 9.3 13 3277
Sonae 0.43 + 0.57 0.37 7.7 8.6 426
RUSSIA
(Aug 9/Rouble)
Bank VTB @ 0.06 - 0.08 0.05 1.47 33394570
GazProm @ 155.04xd -.53 200.80 136.54 5.8 2.7 34753
GMK Noril @ 5.13kxd +14 7.86k 4.68k 3.8 7.7 206
Gzprmneft @ 155.93 +.99 169.39 106.05 4.7 4.3 127
Lukoil @ 1.88k +2 1.94k 1.5k 4 4.7 1073
MTS 246.98 +3.98 249.50 168.25 6 10.2 437
Novatek @ 362 +3.7 442.73 269.66 1.7 9 1130
NovoSteel 60.84xd -.75 93.24 46.59 3.3 8.3 10633
Rosneft @ 202.30 +.17 234.91 171.04 1.7 6.7 6675
RusHydro 0.87xd + 1.30 0.72 0.9 7.8 506543
SbankR @ 93.87 -.07 103.85 60.91 2.2 6.3 110867
Severstal 395.90xd +4.2 474 310.10 3.9 6.9 2736
Surgnfgz @ 28.82xd +.52 33.89 20.41 2.1 4.3 35248
SINGAPORE
(Aug 8/Closed/S$)
Capitalnd 3.06 - 3.17 2.18 2.6 12.1 -
DBS @ 14.75 - 14.99 10.81 3.8 10.8 -
Jard Math @ 53.70 - 56.60 42.06 2.4 9.6 -
Jard Str @ 34.50 - 35.75 23.70 0.7 9.4 -
Keppel 11.23 - 11.67 7.02 3.9 8.3 -
OCBC @ 9.33xd - 9.65 7.68 3.3 12.8 -
SIALtd 10.82xd - 11.98 10.05 1.9 34.9 -
Sing Tech 3.24 - 3.32 2.61 4.8 18 -
SingTel @ 3.43xd - 3.62 2.84 4.6 13.7 -
UOB @ 20.10 - 20.15 14.42 3 5.3 -
WilmarInt @ 3.23 - 6.05 3.18 1.9 11.2 -
SOUTH AFRICA
(Aug 8/Closed/Rand)
Absa 135.94 - 164.50 123.19 5.2 10.1 -
AngGold 280.19 - 391.82 251.99 1.7 64 -
Anglo 257.30 - 350.05 238.62 2.7 - -
AngloPlat 432 - 609.50 400.06 0.5 - -
ArclrMttal 45.42 - 70.65 43.33 - - -
Firstrand @ 28.60 - 29.27 17.10 3.1 11.1 -
GoldFields 109.44 - 145.43 95.51 3 9.9 -
Harmony 81.44 - 116.09 71.59 1.2 17.3 -
Implats 132.83 - 189.50 124.02 4.2 9.9 -
Kumba Iron@ 538.50 - 599.50 415.25 104268.5 0 -
MTN @ 153.52 - 158 126.65 5.2 13 -
Naspers N @ 473.79 - 479.72 319.03 0.7 61.5 -
NedbankGrp 183.33 - 189.86 126.47 3.7 12.1 -
OldMut 21.42 - 21.71 12.12 15.6 66.7 -
SAB Mllr 360xd - 369.99 227.78 2.3 - -
Sanlam 36.90 - 37.22 24.14 3.5 13.8 -
Sasol @ 361.20 - 411.50 300.50 4.3 8.3 -
Stanbank @ 116.97 - 120 87.75 3.6 15.4 -
Telkom 18.16 - 36.34 16.02 8 - -
Vodacom @ 97.22 - 110.89 80.1310143.7 0 -
SOUTH KOREA prices in 000s
(Aug 9/Won)
HyundaiHvy@ 248 +5 370 212.50 1.6 7.7 376
HyundaiMot@ 244 +8 272.50 161.50 0.7 8.1 1232
HyundEng 64.50 +1 87.50 49.60 0.8 11.4 696
HyundMobis@ 311 +6.5 364 261.50 0.6 9.4 441
HyundStl 91.60 +3.1 119 74.20 0.5 12.2 656
IndBkKor 12.25 +.2 16.95 11.05 4.8 5.7 1821
KB Financial 37.35 +1.15 46.45 32.50 1.9 6.3 2971
Kia Motors @ 78 +2.2 84.80 58.10 0.8 17.2 2516
Korea T&G 83.20 +.3 88 63 3.9 12.7 634
KoreaEP 24.35 +.5 28.10 19.60 - - 2037
KoreaExch 8.55 +.16 9.12 6.63 27.7 3.4 1635
KT Corp 32.55 +.45 39.60 27.55 6.2 6.2 1734
LG Chem @ 327.50 +6.5 434 261.50 1.2 12.8 554
LG Corp 61.70 +.9 77.70 50.10 1.6 11 638
LG Display 25.25 +.65 31.45 17.30 - - 2448
LG Elect 67 +1 94.30 52.59 0.3 - 1537
LotteShop 308.50 +9.5 485 273.50 0.5 9.8 92
NHN 263.50 -.5 285.50 168.50 0.2 25.2 433
Posco @ 381 +9 443 341 2.6 9.2 397
ShinhanFin 36.70 +1.15 48.40 33.10 2.1 6.3 2428
Shinsegae 216 +8 351 182.50 0.3 0.6 44
SK Hynix @ 22.90 +.15 30.95 15.50 - - 8170
SK Innov 168 +1 195.50 117 1.7 5.4 520
SKTelecom 143xd +2 167 120 6.6 7.3 347
SmsungCT 68.70 +1.3 82.70 57.10 0.7 25.9 1128
SmsungEl @ 1.34kxd +20 1.42k 672 0.4 13 612
SmsungEM 106.50 +1.5 112.50 59.20 0.7 24.8 646
SmsungEPf 787xd - 826 460 0.7 - 29
SmsungFre 219.50 +6.5 248.50 195 1.7 12.2 175
SmsungSDI 145.50 +3.5 171.50 99.90 1 18 420
WooriFin 11.25 +.2 14 8.47 2.2 4 2967
SPAIN
(Aug 9/Euro)
Abertis 10.42 -.07 12.67 9.20 9.5 6.8 1338
Acciona 34.51 -.16 71.88 29.46 9.1 43.8 69
Acerinox 8.52 +.08 11.39 7.47 6.5 - 186
ACS 13.24 +.09 29.11 10.38 15.1 4.2 419
Banesto 2.13 -.07 4.99 1.90 12.1 - 60
Bankinter 2.75 +.03 5.41 2.06 6.1 12.9 1179
BanPoplr 1.48 -.02 3.68 1.25 27.3 6.7 5706
BBVArg @ 5.66 -.06 7.35 4.31 6.7 12.8 22909
BcoSabdll 1.56 -.01 2.70 1.19 2.7 19.4 3049
BcoSantdr @ 5.31 -.03 6.96 3.98 12.3 14.2 47876
BcoValen 0.24 +.14 1.28 0.09 - - 44946
CaixaBnk 2.61 -.01 4.12 2.01 9 25.6 1820
CorFinAlba 27.76 -.51 36.79 22.10 3.6 5.8 10
DIA 4.09 -.1 4.27 2.42 2.6 19.5 3690
EbroFood 13.70 -.26 15.39 11.67 3.3 12.7 295
Enagas 14.36 -.2 15.64 12.46 6.9 9.1 810
Endesa 13.59 - 19.50 11.30 4.5 6.5 156
FCC 8.22 +.01 20.75 7.10 15.8 14 256
GAMESA 1.31 +.01 4.47 1.01 0.5 - 1290
GasNatur 9.87 -.34 13.98 8.36 7.1 7.7 1584
Grifols 22.34 -.31 25.94 10.24 - 42.6 1037
GrpFerrov 9.05 -.03 9.77 7.25 5 6.3 1222
IAG 1.92 -.03 2.32 1.51 - 15 1403
Iberdrola @ 3.10 -.05 5.49 2.63 1 6.3 19430
Inditex @ 87.50 -1 91.37 52.04 1.8 26.8 986
IndraSis 7.32 -.04 12.64 6.08 9.3 8.7 373
Mapfre 1.83 +.06 2.74 1.29 8.2 6.5 10316
MedsetEsp 4.07 -.04 5.60 3.23 3.4 25.9 326
OHL 17.75 -.12 24.15 14 3.2 6.6 282
RedElectCp 31.88 -.7 39.75 29 6.9 9.3 333
Repsol @ 14.42 -.15 24.23 10.90 7.4 9.6 4768
TechReun 36.83 -1.69 38.66 21.50 3.7 15.3 247
Telefonica @ 10.10 - 15.96 7.90 - 10.6 15019
ZardoyaO 8.84 -.12 10.48 8.09 5.5 17.2 96
SWEDEN
(Aug 9/Kroner)
AlfaLaval 121.30 +1.5 147 101.90 2.7 16.2 916
AssaAbloy 210 +1.2 211.40 128.60 2.1 18.6 585
AstraZen 313.90xd -1.2 329.80 260.70 6.8 7.2 552
AtlasCpcoA@ 159.50 +.5 175.60 112.30 3.1 13.8 1259
ElctxB 156.70 +1 158.60 93.15 4.1 18.9 1575
EricssonB @ 64.90 +.2 74.70 55.90 3.9 13.8 4592
H & M @ 250 +.1 257.30 178.80 3.8 24.3 1863
IndVardenA 98.40 +1.1 109.20 69.80 4.6 - 46
InvestorB 142.80 -.2 152.10 110.20 4.2 - 1026
Kinnevik 141.80 +.5 155.20 113.10 3.9 46 587
NordeaBk @ 64.50 - 66.95 46.80 3.3 10.7 4058
Sandvik 97.10 +.85 108 70.60 3.3 17.9 2799
ScaniaA 120.30 +.3 140 88.10 4.2 - 8
ScaniaB 122.20 +1.4 142.20 89.35 4.1 12.7 975
SEB 49.86 +.07 51.70 30.72 3.5 10.1 5072
SkanskaB 103.90 +.4 125.90 84.35 5.8 14.2 693
SKF B 147.30 +1.8 174.80 118.30 3.7 12.7 1710
SSABA 57.75 +.15 76.60 46.59 3.5 14.3 2586
SvenCellB 116 +1.2 122.90 76.45 3.6 - 1325
SvenskaHn@ 241.70 +.4242.80 147.40 4 11.6 793
Swedbank @ 120 +1 120.50 65.55 4.4 13.2 2084
SwedMatch 285.30 +1.6 294.50 202.40 2.3 20.8 353
Tele2B 115 -1.1 134.18 102.30 11.3 11.9 1059
TeliaSonra @ 45.77 -.06 48.81 40.60 6.2 11 7172
VolvoA 88.70 +1.4 100.50 64.50 3.4 - 180
VolvoB @ 88.50 +1.1 100.40 63.95 3.4 10.2 6531
SWITZERLAND
(Aug 9/Frs)
ABB Ltd @ 17.46 -.06 20.20 14.40 3.7 14.3 4357
Actelion 44.85 -.02 45.19 28.16 1.8 18.5 280
Adecco 44.25 -.57 49.52 31.98 4.1 13.2 663
Baloise 67.95 +.4 76.85 58.30 6.6 49.6 112
CredSuisse@ 17.07 +.02 27.63 15.97 4.4 31.6 5406
GAMHldgs 11.70 +.4 13.80 9.23 4.3 - 722
Givaudan 934.50 +10.5 970 684.50 2.4 25.7 27
Holcim @ 61.15 +.55 63.50 42.11 1.6 73.7 896
JulBaerGp 35.57 -.16 39.23 26.07 2.8 24.5 335
Kuhn&Nag 109.20 +.3 125 90.90 3.5 26.1 87
Logitech 8.45 +.27 10.81 5.80 9.6 35.2 1910
Lonza Grp 44.45 -.06 62.35 32.81 4.8 15.4 149
Nestle @ 61.05 +1.4 61.80 43.50 3.2 20.6 8994
NobelBiocr 9.03 +.06 13.56 7.76 1.7 22.6 492
Novartis @ 57.45 - 58.05 38.91 3.9 17.1 2850
Pargesa 61.30 +.35 70.65 51.05 4.2 35.6 24
Richemont@ 61.05 +1.05 61.20 36.46 0.9 18.4 2133
Roche @ 174.10 +.8 175.50 115.10 3.9 17.8 946
Roche Br 179.90 +2.3 180.80 120.30 3.8 - 13
Schindler 117 +1.3 117.60 79.25 1.7 24.8 12
SchndlerPC 117.30 +1.3 119 78.10 1.7 - 58
SGS SA 1.93k -10 1.98k 1.23k 3.4 27.6 11
Sonova 92 +.05 104.60 57.30 1.3 24.8 95
SwatchGpI @ 404.30 +4.5 439.70 288.50 1.4 20.5 164
SwatchGpN 70.90 +.45 76.50 51.60 1.6 - 81
Swiss Re @ 60.50 -1.4 62.50 34.70 5 5.3 2128
Swisscom @ 391.20 -1.4 396.50 323.10 5.6 31.3 96
SwissLife 98 +.6 116.40 74.35 9.2 5.2 144
Syngent @ 338.10 +1.3 339.90 211.10 2.4 19.6 120
Transocean 47.76 +.61 54.30 36.02 4.8 - 321
UBS @ 10.58 -.02 13.60 9.34 0.9 15.6 7106
ZurichFin @ 226 +1 246.80 144.30 7.5 8.6 299
TAIWAN
(Aug 9/T$)
Acer 26.65 +.55 46.15 25.45 - - 19
Au Optrncs 8.92 +.14 18 8.19 - - 64
CathayFin 29.60 +.6 38.14 26.48 1.6 28.5 27
ChimeiInn 9.30 +.11 17.50 8.48 - - 57
ChinaSteel 26.75xa +.35 31.03 25.20 3.7 31.5 25
Chinatst Fin 18.55xd +.4 22.54 15.45 2.2 11.4 40
ChnghwTl @ 89.80xd +1.2 104.50 87.50 6.1 15.6 12
CompalElc 28xd +.4 35.80 25.50 5 13 18
DeltaElc 100.50xd +1.5 102 63 3.5 20.9 6
FormoC&F 80.50 -.6 93.70 73.30 5 25.4 7
FormPlastic 84.50 -.4 94.50 73.60 4.7 20.3 10
FubonFnH 30.80xd +.32 41.46 26.29 3.1 10.2 45
HonHaiPrc @ 91 +3.7 117 61.50 1.7 11.8 77
HTC 245 +9 851 230.50 16.4 5 15
MediaTek 282xd - 348 221 3.2 24.4 13
Mega Fin 23.70xa +.4 26.18 17.34 3.5 13.8 63
NanYaPlast 60.90 +1.4 72.80 50.20 3.5 44.5 11
Quanta Cmp79.60xd +3.4 86.40 48.10 5 13.6 18
TaiwanMob 105 - 106.50 76.85 6 19.8 8
TaiwanPet @ 88.90 +.6 99.50 76.60 2.3 - 4
TaiwanSem@ 82.30 +1.8 89.80 62.20 3.7 16.2 54
Utd Micro 12.85 +.1 15.75 10.15 3.9 21.8 44
THAILAND
(Aug 9/Baht)
Adv Info @ 206 +3 215 110.50 4.1 24.64251700
Bangkk Bk 196 - 201 123.50 3.1 12.32462000
PTT @ 336 -2 369 236 3.2 8.92942700
PTT Exp @ 152.50xd -.5 187 130.50 3.7 10.43649500
SiamCem 334xd +1 365 236 3.4 19.2 1440300
SiamComBk@ 158.50 +1.5 161 93.75 2.2 15.2 4686000
TURKEY
(Aug 9/Tk Lira)
Akbank 6.72 -.04 7.52 5.28 1.6 12 14018
KOC Hold. 7.02 -.04 7.26 4.97 1.7 8.7 3039
Sabanci 7.92 -.1 8.22 5.10 1.3 9.1 3755
TGaBan 7.12 +.04 7.76 5.44 2 8.8 53436
Trk.Isbank 5.20 - 5.50 3.14 2.3 9.8 38760
TrkHalkBk 15.10 -.05 16.70 9.15 109.1 9 5402
Turkcell 9.70 -.15 10.55 7.18 - 11.1 3532
TurkTelek 7.16 - 8.60 6.24 7.6 10.7 999
YapiKred 3.93 -.08 4.18 2.48 - 8.5 23912
MTR @ 27.70 +.25 28 22.45 2.7 10.9 1766
NewWorld 10.40 +.22 10.96 6.13 0.2 4.9 12908
PetroChina @ 9.81 +.06 11.92 8.59 4.1 10.8 92844
PowerAst 60.95 +.4 64.40 52.55 3.8 13.9 3238
SHK Props @ 101.90 +1.7 122 85.30 3.3 5.4 7530
Sino Land 13.82 +.18 14.16 8.48 3 8.4 7995
Sinopec @ 7.39 +.06 9.67 6.22 5 7.9 79691
Swire Pacic@ 95.90 +1.5 96.35 61.82 6.8 4.5 1629
SwirePac B 18.30 +.24 18.50 12.10 7.1 4.3 780
Tencent @ 239.60 +4 248.80 139.80 0.3 34.4 3090
WharfHld 46.85 -.1 52.20 33.15 2.3 4.6 4011
Wheelock 29.90 +.65 32.50 17.87 1.7 2.7 1497
INDIA
(Aug 9/Rupee)
BharatHvy 230.85 -.6 364 197.80 2.8 8 376
BhrtiAirtel @ 256.85 -17.55 417 254.50 0.4 25.6 3021
CairnInd 319.50 -6.15 400.95 250 - 6.7 765
CoalIndia 352.45 +7 403.85 293.75 0.1 15 280
GAIL 369.20 +2.65 470.65 303.10 2.4 12.3 33
HDFC Bk @ 604.85 +7.35606.85 400.45 0.7 25.8 104
HsngDevFin@ 694.90xd -26.2 725.70 600.85 1.6 17.9 84
ICICI Bk @ 953.05 -4.95 998.50 641 1.7 13.6 311
IndianOil 252.15 -3.9 344.50 239 2 14.5 102
Infosys @ 2.28k -2.9 2.98k 2.1k 2.1 14.7 75
ITC @ 265.85 +3.95266.75 185.20 0.8 34.4 375
JindalS&P 407.90 -3.5 663.40 390.05 0.4 11.1 105
Larsen&T 1.42k +12.6 1.72k 971 1.2 19 242
MMT C 775.70 -19.5 1.01k 438.55 - - 519
NatlThmPr 169.90 +1.8 190.30 138.95 2.4 14.5 95
NMDC 182.15 -2.15 259 136.15 2.5 9.9 20
OilNatGas @ 280 -1.4 303.90 240.10 3.5 8.5 102
RelianceIn @ 780.30 -10.35 902 671 0.8 13.5 388
SBI NewA @ 1.97k -89.15 2.47k 1.58k 1.8 8.2 957
SteelAuthr 85.55xd -1.05 123 73 2.3 10.4 158
Sterlite 109.20xd +3.55 141.90 86.10 1.8 8.4 1291
TAMO 239.35xd -2.1 320.60 137.65 1.7 5.5 3929
TataCnslty @ 1.26k +8.05 1.29k 897.13 2 21.3 42
TataSteel 406.30xd -2.05 520.70 332.35 3 7.5 615
Wipro @ 345.75 -4.35 452.50 310.20 1.7 14.5 58
INDONESIA prices in 000s
(Aug 9/Rupiah)
AdaroEgy 1.54 +.04 2.45 1.18 4.3 9.6 12014
Astra Int @ 7.15 +.1 7.97 5.50 2.8 15.3 51547
Bk Negara 3.78 - 4.48 2.98 1.7 11 37067
BkCentAsia@ 8 +.15 8.50 6.75 1.4 17.2 14511
BkMandiri @ 8.30 +.3 8.45 5.10 1.3 14.8 21652
BkRakyat 7.05 +.1 7.25 5 1.7 9.9 58245
Gudang Grm51.25xd +.6 67 46.90 2 21 1882
Telkom @ 9.15 +.15 9.30 6.60 4.1 15.5 24877
Unilever @ 24.80 +.2 25.50 14 2.2 42.8 2042
IRELAND
(Aug 9/Euro)
Aer Lingus 1.07 - 1.18 0.52 2.8 8.2 50
BkofIrelnd 0.10 0.16 0.07 - - 12959
CRH 15.92 +.25 16.93 10.28 3.9 19.2 2805
Elan Crp 9.11 +.16 12.01 6.09 - 16.3 303
GraftonGrp 2.98 -.02 3.45 2.25 2.5 11 229
Ind News 0.21 -.02 0.35 0.20 - 3 49
Irish Lf 0.02 0.08 0.02 - - 436
Kerry Gp 38.50 +2.2 38.54 23.65 0.8 20.9 564
Ryanair 4.03 -.03 4.52 2.76 - 11.2 831
ITALY
(Aug 9/Euro)
A2A 0.37 0.99 0.29 3.5 - 91622
Acea 4.38 6.19 3.61 6.4 20 27
Atlantia 11.25 +.01 12.44 8.70 6.3 8.3 1215
Autogrill 6.74 +.11 8.86 5.99 4.2 17.3 885
BcaCarige 0.60 +.01 1.58 0.50 11.7 5.5 1355
BcaMilano 0.36 0.65 0.25 8.9 - 21753
BcaPEmilR 3.92 +.07 8.36 2.80 0.8 4.9 1056
BcoPoplre 1.02 +.03 1.70 0.79 - - 18414
BcPSondrio 4.19 -.01 6.85 3.76 2.2 12 307
BuzziUnicm 8.38 +.07 9.49 5.45 0.6 57 730
Campari 5.52 -.04 5.82 4.83 1.3 19.7 1212
CredEmil 2.91 - 4.22 2.30 3.4 9 95
Edison 0.89 1 0.72 4.8 - 916
ENEL @ 2.46 + 3.85 2.02 10.6 6.8 38953
ENI @ 17.90 -.16 18.72 11.83 5.8 9.5 13110
ERG 5.59 +.04 9.60 4.28 7.2 - 236
Exor 18.90 +.16 20.34 13.27 1.8 7.6 245
Fiat 4.22 +.04 5.90 3.25 - 25.1 16389
Fiat Ind 8.34 +.03 8.85 4.77 2.2 13.4 3759
Finmecnca 3.18 +.01 5.74 2.56 - - 3988
Generali @ 10.80 -.01 13.70 8.16 1.9 18.7 4703
IntSanPSvg 0.89 1.39 0.68 - 4.2 4408
IntSPaolo @ 1.12 1.65 0.85 - - 139164
Italcementi 3.49 +.08 6.10 3.08 3.4 - 301
Lottomatica 15.84 -.11 16.39 10.22 4.5 12 413
Luxottca 28.67 -.04 29.58 17.88 1.7 26.4 699
Meddiolan. 3.06 +.03 3.76 2.16 3.6 12 1012
Mediaset 1.42 +.02 2.88 1.14 7.1 15.5 20868
Mediobnca 3.02 +.15 6.53 2.34 5.6 46.7 10898
MontePsS 0.18 + 0.49 0.14 11.4 - 66538
Parmalat 1.75 -.01 1.86 1.27 5.7 13.2 1301
Pirelli&C 8.79 - 9.83 4.80 3.1 8.2 2815
Prysmian 13.45 +.03 14.32 9.07 1.6 25.7 2043
Saipem @ 38.20 -.05 39.87 23.31 1.8 17.5 1027
Saras 0.94 +.03 1.31 0.66 - - 1258
Snam 3.24 -.03 3.82 3.07 7.4 15.1 9652
TelcmItalR 0.61 -.01 0.80 0.51 8.8 7.7 11814
TelecmItal @ 0.73 -.01 0.96 0.60 5.9 - 103861
TERNA 2.76 -.03 3.06 2.36 7.6 16.7 6070
TODS 84.60 -.15 88.30 60.45 3 18 440
UBI Banca 2.38 -.01 4.12 1.82 2.1 - 5022
UniCred @ 2.97 + 7.59 2.20 6.6 - 82588
JAPAN prices in 000s
(Aug 9/Yen)
Aeon 0.96 +.01 1.11 0.90 2.4 10.9 4220
Ajinomoto 1.14 -.01 1.15 0.85 1.4 17.5 2605
AozoraBk 0.21 0.26 0.15 4.3 8.7 6384
Asahi Glass 0.51xd + 0.82 0.42 5.1 12 7494
AstellasPh @ 3.87 +.01 3.92 2.70 3.2 18.5 1929
Bridgestne @ 1.89xd +.02 2.09 1.58 1.5 8.9 2908
Canon @ 2.72xd -.01 4.02 2.31 4.4 14.5 13252
ChubuElec 0.97 +.02 1.58 0.80 6.2 - 4287
Chugai Ph 1.57xd +.01 1.58 1.13 2.5 18 1002
CntJpRwy @ 672 +9 704 596 1.4 7.7 4
DaikinInd 2.07 +.03 2.59 1.84 1.7 11.4 1749
DaiNpPrnt 0.57 + 0.87 0.55 5.6 22.9 3126
DaiSankyo 1.31 +.01 1.63 1.23 4.6 18.6 1769
DaiwaSec 0.29 + 0.36 0.23 2 42.3 8395
Denso @ 2.66 +.03 2.85 2 1.7 13.7 1585
EastJpRwy @ 5.21 +.04 5.50 4.26 2.1 12.8 923
Eisai 3.60 +.06 3.60 2.83 4.2 18.1 1706
Fanuc @ 12.57 +.22 15.63 9.99 1.7 19.3 1225
FastRetail @ 17.61 +.39 19.15 11.95 1.2 23.6 727
FujiFilmH 1.38 +.02 2.14 1.25 2.5 10.9 2416
Fujtsu 0.31 +.01 0.45 0.29 3.2 10.8 15595
Hitachi @ 0.46 0.56 0.36 1.7 10.6 25172
Honda Mt @ 2.56xd +.02 3.30 2.13 2.5 9.5 4263
Hoya 1.78 +.04 1.94 1.54 3.6 12.5 1522
Inpex @ 468 +6.5 611 418.50 1.5 10.2 7
Itochu 0.84 +.01 0.97 0.68 5.2 4.4 5014
JapanTob @ 2.53xa +.05 2.53 1.61 2 15.9 3799
JFE 1.11 +.04 1.91 0.96 1.8 8.5 8107
JX Hldgs 0.41 +.02 0.54 0.35 3.9 10.2 16539
KansaiEP 0.68 +.02 1.46 0.53 8.8 - 17033
Kao Corp 2.22 +.03 2.25 1.95 2.7 19.5 1870
KDDI Cp @ 553 +9 668 473.50 2.9 10.2 10
Keyence 20.43xd +.44 20.43 16.44 0.2 23.9 171
KirinHldgs 0.96xd - 1.09 0.86 2.8 19.3 2847
Komatsu @ 1.70 +.01 2.51 1.45 2.5 10.6 6023
Kubota 0.76 - 0.83 0.56 2 15.1 5762
Kyocera 6.61 +.04 8.03 6 1.8 14.7 1653
Kyushu EP 0.70 +.03 1.34 0.55 7.1 - 4885
Marubeni 0.53 +.01 0.65 0.37 3.7 4.4 11133
MitsubElec @ 0.66 + 0.86 0.57 1.8 11.7 6242
MitsubEst @ 1.41 +.01 1.58 1.12 0.8 39.1 4383
MitsubHvy 0.34 + 0.41 0.29 1.8 22.7 13530
Mitsubishi @ 1.59 +.02 2.04 1.39 4.1 5.3 5552
MitsubTk @ 0.37 0.45 0.32 3.2 7.9 62077
Mitsui @ 1.20 +.02 1.44 1.01 4.6 5.3 6785
MitsuiFud @ 1.53 +.01 1.68 1.09 1.4 24.6 3810
MitsuiSmIns 1.29 +.03 1.85 1.14 4.2 10.2 1458
Mizuho @ 0.13 0.15 0.10 4.6 7.3 128048
Murata Mfg 3.83 +.02 5.16 3.61 2.6 21.6 30
NEC 0.11 + 0.18 0.10 - 14.7 9862
Nintendo 8.60 +.23 13.62 8.06 1.2 60.9 18
NipponStl 0.17 + 0.25 0.14 1.5 - 43659
Nissan Mt @ 0.78 - 0.91 0.61 2.6 8.6 13206
Nitto Denko 3.63 +.03 3.67 2.65 2.8 12.6 997
NKSJ 1.53 +.01 2.05 1.39 5.2 26.4 994
Nomura 0.28 + 0.42 0.22 2.1 26.9 30347
NTT @ 3.76 +.05 4.09 3.27 3.7 8.6 2146
NTT Data 244.90 -.1 294.20 213.30 2.4 18.1 8
NTTDCMo @ 132.80 +1 149.10 123.30 4.2 10.3 44
Orix 7.36 - 8.54 5.48 1.2 8.1 808
Panasonic @ 0.58 +.01 0.84 0.48 1.7 28.3 18786
Resona 0.32 + 0.42 0.28 3.8 5.7 11043
Ricoh 0.63 +.03 0.85 0.49 4 14.2 8698
Rohm 2.78 + 4.31 2.68 2.2 31.5 14
Secom 3.83 +.04 4.19 3.33 2.3 14.2 774
SekisuiHse 0.74 - 0.82 0.64 2.7 12 2907
Seven & I @ 2.55 +.03 2.58 1.97 2.4 14.5 2568
Sharp 0.19 + 0.79 0.18 5.2 - 71008
ShnEtsuCh @ 4.26 +.07 4.88 3.47 2.3 17.5 1340
SMC Cp 13.23 +.21 14.20 9.99 1 15.3 522
Softbank @ 3.19 +.07 3.20 2.05 1.3 11 5512
Sony 0.92 +.01 1.83 0.86 2.7 46.3 14173
SonyFinH 1.28 +.03 1.55 1.02 1.6 15 851
SumitChm 0.22 + 0.37 0.20 4.1 12.2 12500
SumitoEle 0.95 + 1.17 0.75 2 10.3 3032
SumitomMI 0.12 + 0.18 0.10 1.6 - 14979
Sumitomo @ 1.10 +.01 1.28 0.88 4.5 5.3 3703
SumitomoF@ 2.54 +.02 2.93 2 3.9 7.5 4207
Suzuki Mt 1.51 +.02 2.07 1.33 1 10.9 1575
T&D Hld 0.80 +.01 1.06 0.66 2.8 15.2 2589
Takeda Ph @ 3.69 +.01 3.79 3.02 4.9 18.8 1550
TDK 3.38 +.06 4.84 2.40 2.4 10.9 2006
Terumo 3.40 +.04 4.18 2.76 1.1 18.7 689
Tohoku EP 0.57 +.01 1.11 0.46 - - 4708
TokioElPw 0.16 + 0.46 0.12 - - 9858
TokioMrne @ 1.83 +.01 2.35 1.65 2.7 13.4 2754
Tokyo Elcn 3.92 +.13 4.95 3.31 2 50.6 1943
TokyoGas 0.42 + 0.42 0.31 2.2 12.2 7367
Toshiba 0.27 + 0.38 0.24 2.9 8.5 32912
Toyota @ 3.21 +.05 3.64 2.33 1.6 - 7600
Toyota Ind 2.26 +.03 2.61 1.95 2.2 13.4 474
WstJpnRwy 3.43 +.02 3.53 3.04 2.6 13.4 626
Yahoo Jpn @ 29.03 +.56 29.46 21.65 1.2 15.6 95
YokohaBk 0.37 + 0.42 0.34 2.7 9 3965
MALAYSIA
(Aug 9/Ringgit)
AxiataGp 5.98 -.01 6.23 4.43 3.2 21.4 14267
CIMB Grp @ 7.91 +.06 8.41 6.56 2.8 14.3 7168
Digi.com 4.67 -.02 4.79 2.89 4.7 27.3 6111
Genting 9.02 +.15 11.32 8.37 0.9 12.2 14351
Genting Mly 3.38 +.1 4.12 3.01 2.6 14.9 6375
IOI Corp. 5.15 -.02 5.55 3.75 3.1 17.1
KL Kpng 23.74 +.2 26.76 15.30 3.6 17.4 446
MalayBnkng@ 8.95 +.08 9 7.35 7.6 13.2 6526
Maxis 6.63 - 6.92 5.16 4.8 19.4 2204
MISC 4.39 +.06 7.30 3.86 5.7 - 1092
PetChem 6.59 +.03 7.03 5.23 2.4 14.6 2431
PetGas 19.14 +.04 19.30 12.02 2.1 26.8 391
PPB Grp 14.02 +.1 17.98 13.70 1.6 18.6 261
Public Bk 14.44xd +.04 14.46 11.68 3.3 13.8 3862
Public BkF 14.44xd +.06 14.50 11.74 3.3 - 1730
SimeDarby @ 9.81 - 10.26 7 3.3 13.5 6047
TelekmMala 5.87xa +.01 6 3.56 8.5 16.4 4591
Tenaga Nsl 6.94 -.03 7.01 4.89 0.7 13.7 4451
YTL Power 1.79 +.02 2.01 1.53 3.1 9.8 605
MEXICO
(Aug 9 / 3:00pmClose/Peso)
AmerMvl @ 17.08 -.18 18.80 13.48 1.2 16.2 50187
CemxCPO 9.53 +.04 10.63 3.13 9.8 - 21083
FEMSAUBD@ 114.78 +.34 123 74.20 1.6 25.9 1224
GrpElektra 621.72 -4.28 1.48k 407 0.3 64.4 214
GrpMexico @ 39.81 +.23 42.55 30.42 4.1 - 5278
Inbursa 31.97 -.53 36.79 21.40 1 34.6 592
Thursday stock close Days
traded ms price change
Cisco Systems 57.4 17.69 +0.53
News Corp 29.8 23.65 -0.08
RschMt 27.9 7.81 +0.19
Intel 22.6 26.66 +0.06
Microsoft 21.2 30.47 +0.14
NVIDIA 18.1 14.72 +0.49
E TRADE Fin 17.5 8.57 +0.55
SeagateT 13.6 33.09 +0.44
Oracle Corp 13.2 31.35 +0.19
Dell 12.3 12.39 +0.09
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
MBIA 10.09 1.33 +15.18
E TRADE Fin 8.57 0.55 +6.86
KB Home 10.75 0.65 +6.44
CONSOL Energy 33.06 1.96 +6.30
Downs
Dean Foods 16.69 -0.77 -4.41
Integrys En 58.76 -2.39 -3.91
Best BUY 19.10 -0.76 -3.83
Sears Holdings 50.61 -1.77 -3.38
Based on the constituents of the S&P500 and the Nasdaq 100 index
Thursday stock close Days
traded ms price change
Vodafone 161.5 189.90 -1.35
LlydsBkg 99.7 31.60 +0.04
BP 55.4 448.90 -2.05
HSBC 52.6 566.00 +2.70
Barclays 30.9 178.95 -
Tesco 28.9 328.55 +1.50
BT 21.2 216.30 -5.40
Aviva 18.8 316.70 -1.50
Glencore 14.4 344.80 +6.90
StandCh 14.0 1,363.00 +47.50
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
ImgnTech 554.00 26.50 +5.02
Grainger 97.00 4 +4.30
Daejan 3,323.00 132 +4.14
StandCh 1,363.00 47.50 +3.61
Downs
Heritage 164.00 -13 -7.34
AMEC 1,103.00 -56 -4.83
Petra 104.80 -5.20 -4.73
Ocado 73.00 -3 -3.95
Based on the constituents of the FTSE 350 index
Thursday Turnover close Days
Euro/ms price change
Siemens AG 259.3 73.94 -0.11
BcoSantdr 254.2 5.31 -0.03
Unicredit 245.3 2.97 +0.00
Eni 234.7 17.90 -0.16
Deut Tlkm 229.5 9.21 -0.19
RylDtchShA 203.6 28.91 +0.30
Allianz SE 201.5 86.56 +0.18
ING 186.3 5.82 +0.14
Bayer AG 179.5 63.00 -0.12
BASF 179.2 60.99 +0.05
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
Nokia 2.28 +0.14 +6.45
Kerry Gp 38.50 +2.15 +5.92
Aegon NV 4.24 +0.23 +5.60
Mediobanca 3.02 +0.15 +5.30
Downs
Porsche 42.89 -2.03 -4.52
Commerzbank 1.23 -0.05 -4.21
GasNatrl 9.87 -0.34 -3.33
RedElect 31.88 -0.70 -2.15
Based on the constituents of the FTSEurorst 300 Eurozone index
Thursday stock close Days
traded ms price change
Oki Elec Ind 148.6 81 -41
Mizuho Fin 128.0 131 -1
Sharp Corporat 71.0 191 +3
MUFG 62.1 374 -1
Nippon Steel 43.7 166 +3
Toshiba 32.9 271 +4
Mazda Motor 30.6 94 -1
Nomura Hldg 30.3 282 +4
MisuiOsk 25.7 234 -1
Hitachi 25.2 457 -1
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
DOWAHOLDINGS 551 51 +10.20
Toho Zinc 272 21 +8.37
TOKYO DOME 239 11 +4.82
RICOH 630 27 +4.48
Downs
Oki Elec Ind 81 -41 -33.61
NIKON 2086 -184 -8.11
Unitika 39 -1 -2.50
Hitachi Zosen 87 -2 -2.25
Based on the constituents of the Nikkei 225 index
Aug 9
3096
1569
1399
128
159
13
MBIA
Share Price
Jul 9 2012/2012 Aug 9
HeritageO
Share Price
Jul 9 2012/2012 Aug 9
Nokia
Share Price
Jul 9 2012/2012 Aug 9
Oki Electric Ind
Share Price
Jul 9 2012/2012 Aug 9
n AMERICA
ACTIVE STOCKS
n LONDON
ACTIVE STOCKS
n EURO MARKETS
ACTIVE STOCKS
n TOKYO
ACTIVE STOCKS
Aug 8
3073
1515
1432
126
147
17
Aug 7
3088
1922
1046
120
203
13
Issues Traded
Rises
Falls
Unchanged
New Highs
New Lows
Change
on day
1.33
Change
on day
-13.00
Change
on day
0.14
Market data provided by
Market data provided by
Change
on day
-41.00
n MAJOR MARKET VOLUMES
5 day
Aug 9 Aug 8 average
NYSE 446 636 641
NASDAQ 1508 1875 1706
UK 3076 2882 2774
France 150 161 181
Germany 233 161 189
Japan 1510 1708 1378
Volumes are rounded to nearest million.
n MAJOR INDICES-HIGHS & LOWS
Aug 9 Days Days
Open Close high low
DJ Ind 13174.73 13161.97 13200.23 13125.09
Nasdaq Cmp 3009.86 3016.75 3022.69 3007.30
S&P 500 1402.26 1402.51 1405.95 1398.80
FTSE E300 1096.06 1101.01 1102.03 1094.14
FTSE 100 5845.92 5851.51 5860.16 5828.44
FTSE All Sh 3031.41 3035.23 3038.46 3023.45
CAC 40 3454.25 3456.71 3464.29 3421.60
XETRADAX 6979.41 6964.99 6989.15 6891.49
Topix 744.55 751.84 752.23 743.41
Nikkei 8870.81 8978.60 9004.81 8862.17
Hang Seng 20149.20 20269.47 20300.03 20149.20
SMI 6478.02 6505.29 6524.55 6475.99
AEX 333.64 334.66 334.93 332.16
n NYSE RISES AND FALLS
%
Cyprus Popular Bank 3.00
Investec Bank (UK) 0.50
ADVERTISED BASE
For further information on any of these
rates please contact each bank directly.
LENDING RATES
www.ft.com/ir
AUGUST 10 2012 Section:Stats Time: 9/8/2012 - 21:26 User: watsonl Page Name: WSM1 USA, Part,Page,Edition: EUR, 20, 1
FINANCIAL TIMES FRIDAY AUGUST 10 2012

21
MARKET DATA
Rate Current Since Last Mth ago Year ago
US
US
US
Euro
UK
Japan
Switzerland
Fed Funds
Prime
Discount
Repo
Repo
Onight Call
Libor target
Source: ThomsonReuters
0.00-0.25 16-12-2008 1.00 0.00-0.25 0.00-0.25
3.25 16-12-2008 4.00 3.25 3.25
0.75 18-02-2010 0.50 0.75 0.75
0.75 05-07-2012 1.00 1.00 1.50
0.50 05-03-2009 1.00 0.50 0.50
0.00-0.10 05-10-2010 0.10 0.00-0.10 0.00-0.10
0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25
Aug 9
INTEREST RATES - OFFICIAL
Euro 0.13 - 0.03 0.25 - 0.15 0.25 - 0.15 0.34 - 0.24 0.61 - 0.51 0.99 - 0.79
Danish Krone 0.12 - -0.12 -0.05 - -0.35 0.15 - -0.35 0.35 - -0.15 0.40 - 0.20 0.58 - 0.38
Sterling 0.70 - 0.45 0.64 - 0.49 0.80 - 0.52 0.88 - 0.71 1.11 - 0.94 1.29 - 1.12
Swiss Franc 0.51 - 0.01 0.10 - 0.01 0.02 - -0.23 0.05 - -0.20 0.11 - -0.01 0.75 - 0.25
Canadian Dollar 1.35 - 0.85 1.06 - 0.96 1.11 - 1.01 1.31 - 1.21 1.57 - 1.47 2.45 - 1.95
US Dollar 0.25 - 0.15 0.25 - 0.15 0.49 - 0.24 0.69 - 0.44 0.74 - 0.49 1.45 - 1.20
Japanese Yen 0.52 - 0.02 0.10 - 0.04 0.13 - 0.07 0.22 - 0.16 0.32 - 0.20 0.65 - 0.59
Singapore $ 0.13 - 0.02 0.19 - 0.06 0.31 - 0.06 0.31 - 0.06 0.38 - 0.13 0.56 - 0.37
Source: Reuters. Short termrates are call for the US Dollar and Yen, others: two days notice.
Short 7 days One Three Six One
term notice month month month year
Aug 9
Over Change One Three Six One
night Day Week Month month month month year
US$ Libor* 0.15340 -0.003 -0.007 -0.017 0.23925 0.43750 0.72165 1.04650
Euro Libor* 0.02500 - - -0.213 0.09000 0.23107 0.53336 0.85250
Libor* 0.51563 -0.004 -0.006 -0.022 0.55000 0.71150 0.96813 1.44525
Swiss Fr Libor* 0.00600 - -0.001 -0.004 0.01500 0.05200 0.16000 0.36600
Yen Libor* 0.10300 0.004 0.006 0.001 0.14214 0.19500 0.32943 0.54729
Canada Libor* 0.99900 - -0.001 0.004 1.09300 1.28800 1.56700 2.05050
Euro Euribor - - - - 0.14 0.36 0.64 0.91
Sterling CDs - - - - 0.46 0.87 0.88 1.21
US$ CDs - - - - 0.20 0.50 0.80 1.35
Euro CDs - - - - -0.05 0.18 0.50 0.77
US onight repo 0.31 0.060 0.050 -0.010
Fed Funds ef 0.13 -0.010 - -0.040
US 3mBills 0.12 0.010 0.020 0.040
SDR int rate 0.07 - -0.020 -0.050
EONIA 0.123 0.012 0.011 -0.206
EURONIA -0.0166 -0.020 -0.019 -0.193
RONIA 0.4125 -0.024 -0.013 -0.097
SONIA 0.4500 -0.006 -0.005 -0.018
LA7 Day Notice 0.35-0.30
Interbank 0.53-0.35 0.54-0.44 0.56-0.46 0.73-0.63 1.01-0.91 1.50-1.39
Over One One Three Six One
night Week months months months year
*Libor rates come fromBBA(see www.bba.org.uk) and are fxed at 11amUK time. Other data sour-
ces: US $, Euro & CDs: dealers; SDR int rate: IMF; EONIA: ECB; EURONIA, RONIA& SONIA: WMBA.
LA7 days notice: Tradition (UK).
Aug 9
INTEREST RATES - MARKET
Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 =
100. Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk
Australia 111.0 110.6 107.6
Canada 114.1 113.7 111.1
Denmark 103.7 103.8 104.6
Japan 183.9 184.4 182.3
NewZealand 109.7 109.9 108.9
Norway 107.9 108.2 106.0
Sweden 88.5 88.3 84.9
Switzerland 142.6 142.7 143.1
UK 83.8 83.8 83.7
USA 81.4 81.2 82.4
Euro 86.35 86.53 87.05
Mth ago Aug 9 Aug 8 Mth ago Aug 9 Aug 8
FX - EFFECTIVE INDICES
Overall () 1093 254.77 -0.14 -0.63 5.05 0.96 12.42
Overall ($) 3262 214.69 -0.15 -0.61 3.58 -0.61 3.58
Overall () 2276 184.53 0.09 0.36 6.56 1.45 7.65
Global Infation-Lkd 97 238.48 -0.04 0.05 3.67 1.58 3.71
Gilts () 33 261.29 -0.19 -0.83 3.40 0.34 13.53
Corporates () 703 244.86 0.01 -0.02 10.34 2.74 11.14
Corporates ($) 2111 231.02 -0.22 -0.31 7.47 -0.31 7.47
Corporates () 1196 184.44 0.18 0.61 8.98 1.71 8.90
Treasuries ($) 156 209.42 -0.14 -0.85 1.89 -0.85 1.89
Eurozone Sov () 261 183.34 0.05 0.37 6.06 1.47 7.42
ABF Pan-Asia unhedged 541 173.70 0.10 0.33 4.96 1.88 5.49
Days Months Year Return Return
Index change change change 1 month 1 year
Sterling Corporate () 74 110.80 -0.39 1.85 5.35 2.26 10.79
Euro Corporate () 290 105.58 0.09 1.17 4.49 1.53 9.01
Euro Emerging Mkts () 11 93.79 0.06 1.28 3.81 1.75 9.82
Eurozone Govt Bond 237 101.74 0.02 1.31 2.34 1.63 6.35
Emerging Markets 5Y 245.87 1.83 -2.83 -22.57 343.80 231.12
Nth Amer Inv Grade 5Y 102.82 -0.46 -2.69 -8.67 127.34 86.80
Nth Amer High Yld 5Y 548.46 -5.58 -21.25 -39.67 658.30 548.46
Nth Amer HiVol 5Y 191.92 -0.96 -8.57 -21.72 239.06 175.25
Europe 5Y 145.46 -3.76 -21.12 -26.54 183.79 113.80
Crossover 5Y 574.94 -1.82 -70.04 -102.18 752.14 554.75
HiVol 5Y 231.57 -3.23 -23.00 -28.99 274.36 164.40
Japan 5Y 193.72 -3.90 9.50 16.28 218.75 151.17
SovXCEEMEA5Y 236.64 4.42 -12.16 -56.57 358.70 226.81
SovXWestern Europe 5Y 245.47 -3.78 -16.94 -39.29 326.70 245.47
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets
after the index names.
Markit iBoxx
FTSE
Markit iTraxx
Markit CDX
CREDIT INDICES
Aug 9
Aug 9
Aug 9
Aug 8
Aug 8
BOND INDICES
Days Weeks Months Series Series
Index change change change high low
Days Mths Spread
Red Ratings Bid Bid chge chge vs
date Coupon S* M* F* price yield yield yield US Aug 9
High Yield US$
HSBK Europe 05/13 7.75 BB Ba3 BB- 103.45 3.42 - -0.56 3.21
Kazkommerts Int 04/14 7.88 B+ B2 B 98.90 8.59 0.00 -0.54 8.24
Bertin 10/16 10.25 BB B1 - 102.18 9.59 -0.32 -0.56 8.97
High Yield Euro
Royal Carib Crs 01/14 5.63 BB Ba1 - 101.40 4.58 -0.04 -0.06 4.67
Kazkommerts Int 02/17 6.88 B+ B2 B 83.68 11.72 0.07 1.54 11.43
Emerging US$
Bulgaria 01/15 8.25 BBB Baa2 BBB- 113.19 2.59 -0.02 -0.65 2.32
Peru 02/15 9.88 BBB Baa3 BBB 120.50 1.43 0.01 -0.13 1.15
Brazil 03/15 7.88 BBB Baa2 BBB 116.25 1.40 0.02 -0.09 1.01
Mexico 09/16 11.38 BBB Baa1 BBB 140.25 1.24 0.24 -0.21 0.51
Argentina 01/17 11.38 27.81 58.06 0.06 0.68 57.38
Philippines 01/19 9.88 BB+ Ba2 BB+ 144.31 2.39 -0.01 -0.49 1.25
Brazil 01/20 12.75 BBB Baa2 BBB 170.13 2.38 0.03 -0.17 1.24
Colombia 02/20 11.75 BBB- Baa3 BBB- 164.00 2.41 -0.04 -0.49 1.27
Russia 03/30 7.50 BBB Baa1 BBB 122.38 3.49 0.01 -0.41 2.77
Mexico 08/31 8.30 BBB Baa1 BBB 164.25 3.60 0.03 -0.41 1.91
Indonesia 02/37 6.63 BB+ Baa3 BBB- 132.31 4.45 0.04 -0.41 1.69
Emerging Euro
Brazil 02/15 7.38 BBB Baa2 BBB 114.50 1.37 -0.02 -0.18 1.35
Poland 02/16 3.63 A- A2 A- 108.71 1.05 -0.04 -0.71 0.86
Turkey 03/16 5.00 BB Ba1 BB+ 106.00 3.18 0.13 -0.10 2.99
Mexico 02/20 5.50 BBB Baa1 BBB 117.75 2.84 - -0.44 1.74
US $ denominated bonds NY close; all other London close. *S - Standard & Poors, M- Moodys,
F - Fitch. Source: ThomsonReuters
BONDS - HIGH YIELD & EMERGING MARKET


Price Yield Month Break even Value No of
return inflation* Stock Market stks
Can 4.25%21 140.88 -0.12 -0.09 -1.16 2.02 5.2 64.8 6
Fr 2.25%20 117.93 0.00 0.00 0.36 1.62 20.0 174.5 12
Swe 0.25%22 104.58 -0.09 -0.11 -0.26 1.55 14.8 241.9 5
UK 2.5%16 343.52 -1.82 -1.79 0.08 2.24 8.0 353.5 20
UK 2.5%24 334.05 -0.51 -0.46 0.02 2.45 6.8 353.5 20
UK 2%35 200.31 -0.04 0.00 1.00 2.81 9.7 353.5 20
US 0.625%21 112.41 -0.72 -0.76 -0.70 2.16 35.8 895.7 33
US 3.625%31 157.26 -0.02 -0.05 -0.92 2.27 16.8 895.7 33
Representative stocks fromeach major market Source: Merill Lynch Global Bond Indices
* Dif between conventional and IL bond. Local currencies. Total market value. In line with market
convention, for UK Gilts infation factor is applied to price, for other markets it is applied to par
amount.
Aug 8 Aug 8 Aug 7
BONDS - INDEX-LINKED
Spread Spread
Bid vs vs
Yield Bund T-Bonds Aug 9
Spread Spread
Bid vs vs
Yield Bund T-Bonds
Australia 3.26 +1.84 +1.57
Austria 1.96 +0.53 +0.26
Belgium 2.52 +1.10 +0.83
Canada 1.81 +0.38 +0.12
Denmark 1.20 -0.23 -0.50
Finland 1.52 +0.09 -0.18
France 2.11 +0.69 +0.42
Germany 1.42 - -0.27
Greece 24.32 +22.89 +22.62
Ireland 6.13 +4.70 +4.43
Italy 5.87 +4.45 +4.18
Japan 0.81 -0.62 -0.89
Netherlands 1.72 +0.29 +0.02
New Zealand 3.73 +2.31 +2.04
Norway 2.09 +0.67 +0.40
Portugal 9.95 +8.52 +8.26
Spain 6.92 +5.50 +5.23
Sweden 1.48 +0.05 -0.22
Switzerland 0.60 -0.83 -1.09
UK 1.62 +0.20 -0.07
US 1.69 +0.27 -
Yields: annualised basis. Source: ThomsonReu-
ters Selection made by ThomsonReuters.
BONDS - TEN YEAR GOVT SPREADS
Days Mths Spread
Red Ratings Bid Bid chge chge vs
date Coupon S* M* F* price yield yield yield Govts Aug 9
US$
Verizon Global 09/12 7.38 CALL CALL CALL 104.74 1.01 - - 0.89
Abu Dhabi Nt En 10/12 5.62 A- A3 - 100.45 3.27 1.88 1.58 3.14
Bank of America 01/13 4.88 A- Baa2 A 101.46 1.37 -0.01 -0.37 1.23
Goldman Sachs 07/13 4.75 A- A3 A 103.31 1.13 -0.15 -0.96 0.95
Hutchison 03/33 01/14 6.25 A- A3 A- 106.90 1.41 -0.32 -0.43 1.23
Misc Capital 07/14 6.13 BBB Baa2 - 105.61 3.03 0.78 0.60 2.75
BNP Paribas 06/15 4.80 A Baa3 A 103.39 3.54 -0.04 0.21 3.14
GE Capital 01/16 5.00 AA+ A1 - 110.43 1.82 0.04 -0.04 1.42
Erste Euro Lux 02/16 5.00 AAA - - 99.94 5.01 0.02 -0.66 4.54
Credit Suisse USA 03/16 5.38 A+ A1 A 111.38 2.04 0.01 -0.35 1.41
SPI E&G Aust 09/16 5.75 A- A1 A 109.73 3.19 0.04 0.06 2.44
Abu Dhabi Nt En 10/17 6.17 A- A3 - 116.25 2.78 0.04 -0.36 1.99
Swire Pacifc 04/18 6.25 A- A3 A 117.41 2.90 -0.11 -0.12 2.15
ASNA 11/18 6.95 A- Baa2 A 114.37 4.29 0.03 -0.31 3.15
Codelco 01/19 7.50 A A1 A+ 127.67 2.77 0.00 0.00 1.61
Bell South 10/31 6.88 A- WR A 123.53 4.96 0.01 -0.07 3.27
GE Capital 01/39 6.88 AA+ A1 - 132.74 4.70 0.04 -0.12 1.92
Goldman Sachs 02/33 6.13 A- A3 A 107.18 5.54 0.01 -0.36 2.78
Euro
CCCI 10/12 6.13 NR A1 A 99.50 8.93 0.02 -4.19 8.47
Amer Honda Fin 07/13 6.25 A+ A1 - 105.10 0.67 0.14 -0.39 0.68
SNS Bank 02/14 4.63 BBB+ Baa2 BBB+ 100.62 4.18 -0.09 0.51 4.21
JPMorgan Chase 01/15 5.25 A A2 A+ 109.51 1.23 -0.03 -0.31 1.26
Hutchison Fin 06 09/16 4.63 A- A3 A- 111.63 1.67 -0.01 -0.56 1.48
Hypo Alpe Bk 10/16 4.25 - A1 - 102.26 3.66 -0.07 -0.09 3.46
GE Cap Euro Fdg 01/18 5.38 AA+ A1 - 116.53 2.12 -0.05 -0.23 1.59
Unicredit 01/20 4.38 BBB+ Baa2 A- 93.31 5.49 -0.32 -0.35 4.53
ENEL 05/24 5.25 BBB+ Baa1 BBB+ 98.21 5.46 -0.08 -0.50 3.87
Yen
Citi Group 15 09/12 1.11 A- Baa2 A 100.01 1.03 - -0.03 0.93
ACOM 51 06/13 2.07 BB+ WR BBB+ 100.73 1.16 0.01 -0.07 1.05
Deutsche Bahn Fin 12/14 1.65 AA Aa1 AA 103.08 0.30 - -0.06 0.20
Nomura Sec S 3 03/18 2.28 - - - 100.10 2.26 0.01 0.05 2.00
Sterling
Slough Estates 09/15 6.25 - - A- 110.42 2.71 -0.01 -0.27 2.31
ASIF III 12/18 5.00 A+ A2 A 104.08 4.20 -0.03 -0.22 3.25
US $ denominated bonds NY close; all other London close. S* - Standard & Poors, M* - Moodys,
F* - Fitch. Source: ThomsonReuters
BONDS - GLOBAL INVESTMENT GRADE
Red Bid Bid Day chg Wk chg Month Year
Date Coupon Price Yield yield yield chg yld chg yld Aug 9
London close. Source: ThomsonReuters
Yields: Local market standard Annualised yield basis. Yields shown for Italy exclude withholding
tax at 12.5 per cent payable by non residents.
Australia 06/14 6.25 105.82 2.97 -0.06 0.16 0.51 -0.65
07/22 5.75 120.95 3.26 -0.03 0.21 0.30 -1.20
Austria 07/14 4.30 108.05 0.10 -0.02 -0.07 -0.09 -0.92
04/22 3.65 114.80 1.96 -0.04 0.05 -0.15 -0.90
Belgium 03/14 4.00 105.95 0.31 -0.05 -0.05 -0.13 -1.75
09/22 4.25 115.30 2.52 -0.05 -0.13 -0.29 -1.69
Canada 08/14 2.25 102.11 1.16 0.00 0.05 0.18 0.37
06/22 2.75 108.43 1.81 -0.04 0.07 0.12 -0.67
Denmark 11/14 2.00 105.04 -0.23 -0.04 0.04 -0.05 -1.20
11/21 3.00 115.71 1.20 -0.04 0.02 0.06 -1.32
Finland 09/14 3.13 106.53 -0.01 -0.01 0.01 -0.07 -0.82
04/21 3.50 116.00 1.52 -0.05 0.03 -0.03 -1.13
France 04/14 4.00 106.54 0.14 -0.03 0.03 0.08 -0.87
02/17 1.75 104.34 0.77 -0.05 -0.02 -0.26 -1.31
04/22 3.00 107.71 2.11 -0.05 0.01 -0.26 -0.99
04/41 4.50 127.29 3.06 -0.05 -0.01 -0.28 -0.61
Germany 06/14 - 100.10 -0.05 -0.03 0.01 -0.04 -0.77
04/17 0.50 100.54 0.38 -0.06 0.00 0.04 -1.01
07/22 1.75 102.99 1.42 -0.06 0.04 0.10 -0.85
07/44 2.50 105.32 2.26 -0.05 0.02 0.08 -0.79
Greece 02/23 2.00 19.80 24.32 -0.65 -1.86 -1.90 9.16
02/33 2.00 15.60 20.77 -0.81 -2.10 -2.32 -
Ireland 04/16 4.60 99.10 4.87 0.05 -0.18 -0.48 -4.70
10/20 5.00 92.90 6.13 0.09 0.06 -0.14 -3.94
Italy 07/14 4.25 101.62 3.38 0.08 -0.43 -0.74 -0.38
06/17 4.75 99.56 4.91 -0.03 -0.37 -0.49 0.28
09/22 5.50 97.82 5.87 -0.11 -0.05 -0.17 0.52
09/40 5.00 83.23 6.38 -0.13 -0.17 0.02 0.33
Japan 08/14 0.10 100.01 0.09 0.01 - -0.01 -0.05
06/17 0.20 100.02 0.20 0.01 0.01 -0.01 -0.14
06/22 0.80 99.95 0.81 0.02 0.02 0.00 -0.21
06/32 1.50 98.01 1.63 0.02 0.03 0.00 -0.15
Netherlands 01/14 1.00 101.42 0.00 -0.01 0.01 -0.03 -0.76
07/22 2.25 104.83 1.72 -0.06 0.04 -0.02 -0.98
New Zealand 04/15 6.00 108.43 2.70 -0.03 0.07 0.16 -0.26
04/23 5.50 115.43 3.73 0.08 0.20 0.20 -0.77
Norway 05/17 4.25 112.70 1.47 -0.03 0.12 0.04 -0.71
05/23 2.00 99.15 2.09 0.02 0.14 0.13 -0.63
Portugal 06/14 4.38 98.30 5.36 -0.92 -2.36 -2.17 -7.42
10/23 4.95 67.10 9.95 -0.18 -1.16 -0.38 -0.90
Spain 07/14 4.75 100.95 4.23 0.23 -0.86 -0.87 0.74
01/22 5.85 92.69 6.92 0.01 0.17 -0.02 1.69
Sweden 05/14 6.75 109.82 0.98 -0.02 -0.01 0.21 -0.65
06/22 3.50 118.33 1.48 0.02 0.07 0.15 -0.78
Switzerland 01/14 4.25 106.46 -0.36 0.00 0.01 -0.15 -0.42
05/22 2.00 113.29 0.60 -0.01 0.13 0.05 -0.56
UK 03/13 4.50 102.47 0.21 0.06 0.04 -0.06 -0.31
01/17 1.75 105.07 0.59 0.03 0.08 -0.03 -0.61
03/22 4.00 121.01 1.62 0.04 0.11 0.03 -1.03
12/42 4.50 130.72 2.96 -0.01 0.04 -0.06 -0.94
US 07/14 0.13 99.70 0.28 0.01 0.04 0.00 0.02
07/17 0.50 98.88 0.73 0.02 0.08 0.09 -0.36
08/22 1.63 99.39 1.69 0.06 0.15 0.15 -0.65
05/42 3.00 104.97 2.75 0.04 0.14 0.09 -0.91
BONDS - BENCHMARK GOVERNMENT
Gross
No of US $ Day Mth YTD Total YTD Div
stocks index % % % retn % Yield
FTSE Global All-Cap 7327 360.05 0.0 3.4 7.6 453.51 9.6 2.7 Oil & Gas 176 431.07 0.0 7.0 1.4 590.95 3.3 3.0
Oil & Gas Producers 127 393.74 0.1 6.4 0.3 546.76 2.3 3.1
Oil Equipment & Services 40 444.66 -0.7 10.6 8.7 566.74 10.1 2.2
Basic Materials 296 465.14 0.4 2.0 -1.9 621.03 -0.1 2.9
Chemicals 109 510.04 0.0 3.7 8.8 692.11 11.1 2.7
Forestry & Paper 15 151.38 0.2 0.8 -2.7 219.88 -0.2 3.6
Mining 78 927.49 0.7 1.3 -10.1 1205.37 -8.7 3.0
Industrials 513 230.62 -0.1 3.2 7.1 297.16 9.0 2.6
Construction & Materials 111 341.15 0.0 3.0 3.4 461.20 5.8 2.9
Aerospace & Defense 27 304.81 -0.2 2.3 7.2 390.04 8.7 2.5
General Industrial 52 161.51 -0.3 5.3 9.9 220.58 12.1 2.9
Electronic & Electrical Equipment 72 235.33 -0.3 3.0 10.2 283.36 11.7 2.0
Industrial Engineering 105 505.07 0.3 3.1 3.7 642.10 5.5 2.5
Industrial Transportation 89 399.21 -0.4 2.2 7.0 513.33 8.6 2.5
Support Services 57 209.21 0.2 1.9 8.7 259.33 10.5 2.7
Consumer Goods 356 320.85 0.0 2.7 8.8 420.62 10.8 2.5
Automobiles & Parts 87 274.97 -0.1 2.9 8.1 348.52 9.9 2.2
Beverages 46 459.44 -0.3 3.0 16.1 608.33 17.9 2.3
Food Producers 87 426.99 -0.1 1.7 4.1 578.90 6.3 2.7
Leisure Goods 21 115.10 0.7 -4.6 -12.2 140.91 -10.9 2.0
Personal Goods 64 467.24 -0.3 4.7 10.4 594.72 12.0 2.1
Tobacco 13 1012.05 0.1 1.7 15.4 1711.56 18.2 3.6
Health Care 145 269.29 0.0 3.5 10.6 349.71 12.9 2.6
Health Care Equipment & Services 59 354.18 0.9 1.6 10.7 390.22 11.6 1.3
Pharmaceuticals & Biotechnology 86 209.07 -0.3 4.2 10.5 279.59 13.3 3.0
Consumer Services 348 255.52 -0.2 3.4 12.7 312.11 14.3 2.1
Food & Drug Retailers 50 208.79 0.5 3.6 3.3 262.28 5.3 2.7
General Retailers 112 351.18 0.1 4.1 17.1 420.48 18.5 1.8
Media 80 180.69 0.2 6.7 20.1 221.62 21.7 2.0
Travel & Leisure 106 252.41 -1.6 -1.7 4.1 310.79 5.4 2.2
Telecommunication 94 152.39 -0.1 5.1 6.6 233.65 10.9 5.2
Fixed Line Telecommuniations 44 130.59 -0.3 3.8 3.8 215.52 8.8 6.4
Mobile Telecommunications 50 158.79 0.0 6.4 9.8 224.70 13.2 3.9
Utilities 158 231.53 -0.2 0.7 -0.9 370.74 2.3 4.6
Electricity 112 239.78 0.0 -1.0 -4.9 381.74 -1.9 4.6
Gas Water & Multiutilities 46 267.40 -0.4 3.2 5.7 435.78 9.2 4.6
Financials 615 155.82 0.1 3.7 10.7 219.86 13.2 3.3
Banks 235 154.63 0.2 4.4 9.1 229.91 11.9 3.7
Nonlife Insurance 65 138.02 0.1 3.3 8.5 178.04 11.1 2.9
Life Insurance 46 133.07 0.0 4.3 9.7 184.48 11.7 3.0
Technology 170 118.64 0.1 4.0 13.1 133.46 14.3 1.4
Software & Computer Services 66 186.26 0.0 4.1 11.6 205.46 12.5 1.2
Technology Hardware & Equipment 104 96.32 0.2 3.9 14.2 109.62 15.4 1.5
Aug 8
Countries & regions
FTSE Global Large Cap 1235 325.33 0.0 3.8 7.9 416.60 10.1 2.9
FTSE Global Mid Cap 1636 451.60 0.0 3.1 7.1 550.79 8.8 2.3
FTSE Global Small Cap 4456 476.55 0.1 1.3 6.5 567.18 7.9 2.1
FTSE All-World (Large/Mid Cap) 2871 211.96 0.0 3.7 7.8 280.95 9.9 2.8
FTSE World (Large/Mid Cap) 2467 371.42 0.0 3.8 7.9 661.20 9.9 2.8
FTSE Global All Cap ex UK 7003 365.09 0.0 3.3 7.7 454.73 9.6 2.7
FTSE Global All Cap ex USA 5368 387.76 0.0 3.7 4.6 510.91 7.2 3.4
FTSE Japan Large Cap 172 246.50 0.4 -1.9 1.2 286.91 2.5 2.6
FTSE Japan Mid Cap 278 333.22 1.3 -1.6 -3.0 380.12 -2.0 2.1
FTSE Japan Small Cap 740 386.15 1.1 -2.6 0.4 451.97 1.7 2.3
FTSE Japan (Large/Mid Cap) 450 100.38 0.6 -1.9 0.4 131.66 1.6 2.5
FTSE North America Large Cap 275 310.78 0.0 3.4 11.1 378.95 12.7 2.3
FTSE North America Mid Cap 413 457.55 0.1 3.4 9.2 533.29 10.3 1.8
FTSE North America Small Cap 1532 473.99 0.0 1.3 6.9 539.65 7.8 1.6
FTSE All-World North America 688 207.28 0.0 3.4 10.8 259.91 12.2 2.2
FTSE All-World Dev ex North Am 1389 195.12 0.0 4.4 4.8 275.36 7.6 3.5
FTSE Asia Pacifc Large Cap ex Japan 424 564.41 0.3 3.6 8.9 760.24 11.3 3.2
FTSE Asia Pacifc Mid Cap ex Japan 446 677.74 0.0 -0.6 5.8 893.42 8.1 3.3
FTSE Asia Pacifc Small Cap ex Japan 1232 503.39 0.3 -0.7 4.4 654.69 6.4 3.1
FTSE Latin Americas All-Cap 208 1226.54 0.9 4.1 2.6 1638.99 4.7 3.2
FTSE Middle East Africa All-Cap 208 704.97 -0.5 3.7 8.0 950.42 10.2 3.4
FTSE UKAll Cap 324 311.02 0.1 4.4 6.9 437.77 9.7 3.6
FTSE USAAll Cap 1959 344.27 0.1 3.1 11.2 412.05 12.5 2.0
FTSE Europe All Cap 1399 325.39 -0.4 6.2 4.9 448.52 8.3 3.8
FTSE Eurobloc All Cap 671 281.62 -0.9 7.4 1.3 394.51 5.2 4.2
FTSE RAFI All-World 3000 Index 3012 4448.46 0.1 3.7 4.3 5088.84 6.7 3.3
FTSE RAFI US 1000 Index 996 6068.79 0.3 3.2 9.1 7087.79 10.7 2.3
FTSE EDHEC-Risk Efcient All-W 2871 233.46 0.0 2.5 7.2 290.66 9.1 2.6
FTSE EDHEC-Risk Efcient Dev Eur 514 214.58 -0.4 5.1 4.8 286.74 7.8 3.4
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 Afliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010-
0063942-A1, WO 2005/076812, WO 2007/078399A2, 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 Classifcation Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. FTSE International
Limited. 2012. All Rights reserved. FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Gross
No of US $ Day Mth YTD Total YTD Div
stocks index % % % retn % Yield
Countries & regions
FTSE GLOBAL EQUITY INDEX SERIES
FTSE Global All Cap ex Eurobloc 7327 360.05 0.0 3.4 7.6 453.51 9.6 2.7
FTSE Global All Cap ex Eurobloc 6656 371.04 0.1 3.0 8.3 459.98 10.1 2.6
FTSE All-World Developed 2077 328.67 0.0 3.8 8.1 416.54 10.1 2.8
FTSE Developed All-Cap 5690 342.69 0.0 3.5 7.9 430.76 9.8 2.7
FTSE Developed Large Cap 839 308.48 0.0 3.9 8.4 394.78 10.5 2.9
FTSE Developed Europe Large Cap 200 292.73 -0.3 6.5 4.0 413.29 7.7 4.0
FTSE Developed Europe Mid Cap 314 370.32 -0.6 5.5 6.2 488.09 9.0 3.1
FTSE Developed Europe Small Cap 743 476.55 -0.4 4.2 7.6 614.38 10.3 3.2
FTSE All-World Asia Pacifc ex Japan 870 439.66 0.3 3.0 8.4 630.66 10.8 3.2
FTSE All Emerging All-Cap 1637 682.84 0.2 2.3 5.7 884.36 8.3 3.2
FTSE All Emerging Large-Cap 396 661.15 0.2 3.0 4.6 858.56 7.2 3.3
FTSE All Emerging Mid-Cap 398 808.62 0.1 0.8 9.0 1052.21 11.4 2.9
FTSE All Emerging Small-Cap 843 652.00 0.2 -0.5 10.8 823.20 13.1 3.0
FTSE All-World All Emerging Europe 80 454.08 -0.2 6.5 9.3 587.46 13.3 3.7
No of Euro Days Change Yield xd adj Total retn
stocks index chge % points gross % ytd (Euro)
FTSE Dev Eur L Cap 200 273.9 0.4 1.1 4.0 9.97 386.7
FTSE Dev Eur M Cap 314 346.8 0.5 1.7 3.1 10.09 457.0
FTSE Dev Eur S Cap 743 446.2 0.5 2.1 3.2 12.16 575.2
FTSE Dev Europe 514 178.1 0.4 0.7 3.8 6.22 263.4
FTSEurofrst 80 80 3221.0 0.2 7.4 4.6 123.12 4667.1
FTSEurofrst 100 100 3321.7 0.3 11.4 4.3 109.11 4804.4
FTSEurofrst 300 312 1101.0 0.5 5.0 3.9 34.62 1728.8
FTSEurofrst 300 Ezone 166 991.8 0.3 2.5 4.3 36.03 1557.9
Further information is avaliable on http://www.ftse.com. FTSE International Limited (FTSE)
2012. All rights reserved.
FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE
International Limited under licence. `FTSEurofrst and `Eurofrst are registred trade marks of FTSE
and Euronext N.V. All rights in and to the FTSEurofrst indices vest in FTSE and Euronext N.V.
FTSEurofrst 300 Supersectors
Oil & Gas 18 343.2 0.3 1.2 4.2 9.79 478.8
Chemicals 14 760.4 0.4 2.8 2.9 22.38 959.9
Basic Resources 14 562.9 0.8 4.5 2.9 9.39 673.8
Construction & Materials 12 336.9 0.6 2.1 3.8 11.51 437.0
IndustrialGoods&Services 55 476.9 0.4 1.7 3.2 13.81 588.1
Automobiles & Parts 9 511.6 -0.2 -1.2 3.6 18.27 615.6
Food & Beverage 17 642.4 1.1 6.8 2.6 14.30 807.1
Personal&HouseholdGds 19 673.7 1.4 9.5 2.6 14.64 835.2
Health Care 18 415.4 0.3 1.1 3.6 13.64 539.2
Retail 15 326.0 0.5 1.7 3.5 9.22 412.4
Media 10 275.9 0.5 1.4 4.0 9.14 375.8
Travel & Leisure 8 377.6 0.0 0.0 2.4 8.10 486.7
Telecommunications 13 283.9 -0.5 -1.6 7.7 15.20 450.3
Utilities 22 304.5 -0.6 -2.0 6.8 15.87 455.4
Banks 28 131.2 0.6 0.7 4.1 4.19 176.8
Insurance 19 254.0 0.7 1.7 4.7 10.76 348.8
Financial Services 5 279.9 0.5 1.4 4.6 11.94 378.3
Technology 11 222.4 1.1 2.3 2.4 5.05 263.2
Aug 9
EQUITY INDICES - FTSE EUROPEAN
Argentina Merval 2453.20 2458.81
Australia ALL ORDINARIES 4330.06 4332.91
S&P/ASX200 Res 4050.06 3991.45
S&P/ASX200 4308.28 4312.56
Austria ATX 2060.19 2052.97
Belgium BEL 20 2351.98 2340.44
BEL Mid 3539.92 3547.78
Brazil Bovespa 58641.48 58950.98
Canada S&P/TSXMet & Min 869.80 861.53
S&P/TSX60 675.06 671.77
S&P/TSXComp 11843.57 11781.04
Chile IGPAGen 20142.55 20200.61
China Shanghai A 2277.33 2263.60
Shanghai B 218.19 216.67
Shanghai Comp 2174.10 2160.99
Shenzhen A 952.14 937.60
Shenzhen B 581.81 581.39
FTSE A200 6592.11 6536.03
FTSE B35 7524.07 7519.90
Colombia CSE Index 13526.57 13283.02
Croatia CROBEX 1692.96 1687.73
Cyprus CSE M&P Gen 107.56 108.30
Czech Republic PX 924.60 914.80
Denmark OMXC Copenhagen 20 492.22 487.71
Egypt EGX30 4960.98 4994.91
Estonia OMXTallinn 667.90 669.23
Finland OMXHelsinki General 5443.98 5371.33
France CAC 40 3456.71 3438.26
SBF 120 2642.32 2630.04
Germany M-DAX 11064.24 11053.79
XETRADax 6964.99 6966.15
TecDAX 786.37 786.97
Greece Athens Gen 612.29 611.50
FTSE/ASE 20 221.16 221.36
Hong Kong Hang Seng 20269.47 20065.52
HS China Enterprise 9962.17 9867.76
HSCC Red Chip 3945.30 3907.98
Hungary Bux 17889.44 17906.08
India BSE Sens 17560.87 17600.56
S&P CNX500 4190.15 4201.60
Indonesia Jakarta Comp 4131.17 4090.71
Ireland ISEQ Overall 3227.60 3197.38
Aug Aug
9 8
Israel Tel Aviv 100 996.06 998.94
Italy FTSE MIB 14654.11 14665.30
FTSE Italia Mid Cap 15378.24 15263.08
FTSE Italia All-Sh 15580.07 15597.39
Japan Nikkei 225 8978.60 8881.16
Topix 751.84 745.64
S&PTopix 150 633.12 627.11
2nd Section 2229.06 2227.30
Jordan Amman SE 4434.74 4430.71
Kenya NSE 20 3823.49 10.95
Latvia OMXRiga 382.10 381.73
Lithuania OMXVilnius 349.29 350.56
Luxenbourg Luxembourg General 828.40 822.48
Malaysia FTSE Bursa KLCI 1642.52 1635.92
Mexico IPC 40826.26 40851.18
Morocco MASI 9878.38 9852.33
Netherlands AEX 334.66 332.04
AEXAll Share 522.04 518.25
New Zealand NZX50 3583.61 3581.79
Nigeria SE All Share 23178.87 23166.58
Norway Oslo All Share 484.36 479.60
Pakistan KSE 100 14759.59 14744.14
Philippines Manila Comp 5256.61 5308.67
Poland Wig 41976.63 41254.00
Portugal PSI General 2047.15 2026.54
PSI 20 4870.09 4831.24
Romania BET Index 4682.29 4689.00
Russia RTS 1445.98 1444.79
Micex Index 1453.03 1450.96
Singapore FTSE Straits Times (c) 3052.25
Slovakia SAX 196.86 196.84
Slovenia SBI TOP 508.38 509.77
South Africa FTSE/JSE All Share (c) 35494.64
FTSE/JSE Top 40 (c) 31251.68
FTSE/JSE Res 20 (c) 47749.20
South Korea Kospi 1940.59 1903.23
Kospi 200 258.08 252.84
Spain Madrid SE 719.02 722.91
IBEX35 7110.20 7150.20
Sri Lanka CSE All Share 4851.88 4889.87
Sweden OMXStockholm30 1083.67 1079.95
OMXStockholmAS 334.48 332.88
Switzerland SMI Index 6505.29 6458.00
Taiwan Weighted Pr 7433.70 7319.80
Thailand Bangkok SET 1217.70 1214.13
Turkey ISE 100 64501.13 64698.63
UK FTSE 100 5851.51 5845.92
FT30 2038.70 2042.90
FTSE All Share 3035.23 3031.41
FTSE techMARK 100 2367.76 2359.12
FTSE4Good UK (u) 4859.37
USA S&P 500 1400.40 1402.22
FTSE Nasdaq 5000 8016.35 8015.58
Nasdaq Cmp 3011.23 3011.25
Nasdaq 100 2712.51 2714.02
Russell 2000 801.38 800.16
NYSE Comp. 8011.05 8018.24
Wilshire 5000 14588.19 14560.57
DJ Industrial 13143.43 13175.64
DJ composite 4445.67 4452.29
DJ Transport 5045.65 5075.57
DJ Utilities 482.97 483.19
Venezuela IBC 248276.33 248276.33
Vietnam VNI 426.98 423.57
Cross-Border Stoxx 50 2565.23 2556.34
Euro Stoxx 50 2437.04 2432.28
DJ Global Titans $ 192.26 192.42
Euronext 100 ID 658.30 654.26
FTSE Multinatls $ (u) 1165.61
FTSE Global 100 $ 1034.37 1034.43
FTSE4Good Glob $ (u) 4321.71
FTSE E300 1101.01 1096.05
FTSEurofrst 80 3220.99 3213.58
FTSEurofrst 100 3321.72 3310.36
FTSE Latibex Top 5033.30 4987.40
FTSE Eurotop 100 2280.08 2270.22
FTSE Gold Min $ (u) 2763.42
FTSE All World (u) 211.96
FTSE World $ (u) 371.42
MSCI All World $ (u) 1276.09
MSCI ACWI Fr$ (u) 322.42
MSCI Europe (u) 1095.22
MSCI Pacifc $ (u) 1994.34
S&P Global 1200 $ 1433.18 1432.60
S&P Europe 350 1109.38 1104.06
S&P Euro 1022.18 1019.72
Country Index Aug Aug
9 8
Aug Aug
9 8
Country Index Country Index
(c) Closed. (u) Unavaliable. Correction. Subject to ofcial recalculation. For more index coverage please see www.ft.com/worldindices. Afuller version of this table is available on the ft.comresearch data archive.
STOCK MARKET - WORLD MARKETS AT A GLANCE
Week ago
Yield P/E Yield P/E Yield P/E
Argentina 7.6 7.0 7.6 7.1 7.3 6.8
Australia 4.7 13.8 4.7 13.8 4.8 13.7
Austria 3.2 11.6 3.2 11.6 3.0 11.3
Belgium 2.2 17.5 2.2 17.6 2.2 17.3
Brazil 3.8 12.6 3.9 11.5 4.0 11.3
Bulgaria 3.0 10.2 3.0 10.2 3.0 10.1
Canada 3.1 14.7 3.1 14.8 3.1 14.2
S&P/TSX 3.3 13.5 3.3 13.3 3.4 13.0
Chile 2.9 17.5 3.0 17.4 3.0 17.4
China 4.3 7.3 4.3 7.3 4.3 7.3
Colombia 2.3 14.7 2.2 14.9 2.8 14.9
Cyprys 1.3 48.2 1.3 48.7 1.3 49.1
Czech Rep. 5.7 11.9 5.7 11.9 5.8 12.0
Denmark 1.7 19.6 1.7 19.6 1.8 19.3
Finland 5.3 15.7 5.3 15.4 5.5 14.9
France 3.9 13.5 3.8 13.5 4.0 12.6
Germany 3.4 12.3 3.4 12.3 3.5 12.0
DAX30 3.8 12.2 3.8 12.2 4.1 11.1
Greece 2.7 10.1 2.6 10.2 2.7 9.9
Hong Kong 2.9 11.1 3.0 11.1 3.0 10.4
Hang Seng 3.6 10.0 3.7 10.0 3.8 9.4
Hungary 3.5 13.2 3.5 13.1 3.5 13.0
India 1.6 16.8 1.6 16.8 1.6 16.6
Indonesia 2.3 16.3 2.3 16.3 2.3 16.7
Ireland 1.2 16.5 1.2 16.5 1.2 16.5
Israel 4.6 11.1 4.6 11.1 4.6 11.0
Italy 4.7 13.8 4.7 13.8 4.9 12.1
Japan 2.5 13.8 2.5 13.7 2.5 13.2
Topix 2.5 10.9 2.5 10.9 2.4 12.5
Luxemburg 4.0 8.8 4.0 8.8 4.1 8.7
Malaysia 3.1 15.8 3.1 15.7 3.1 15.8
Week ago
Yield P/E Yield P/E Yield P/E
Malta 4.3 18.8 4.3 18.7 4.3 18.7
Mexico 2.1 18.8 2.0 19.0 1.7 19.0
Netherland 2.9 14.4 2.9 14.5 2.9 14.4
AEX 3.6 10.4 3.6 10.3 3.9 9.0
New Zealand 4.3 14.1 4.3 14.2 4.3 13.9
Norway 4.4 10.5 4.4 10.6 4.5 10.3
Pakistan 6.2 10.5 6.3 10.4 6.2 10.4
Peru 5.2 36.8 5.2 36.9 5.2 36.8
Philippines 2.0 20.0 2.0 20.0 2.0 19.9
Poland 4.7 9.0 4.7 8.9 4.8 8.5
Portugal 5.5 14.9 5.5 14.9 5.7 14.2
Romania 6.4 7.5 6.3 7.6 6.3 7.7
Russia 3.8 5.6 3.8 5.6 3.9 5.5
Singapore 3.0 10.7 3.0 10.8 3.0 9.5
Slovenia 4.5 9.6 4.5 9.7 4.5 9.7
South Africa 3.5 14.3 3.5 14.4 3.5 14.3
South Korea 1.4 13.0 1.4 12.9 1.4 12.8
Spain 5.6 11.3 5.5 11.4 5.9 10.3
Ibex 35 6.1 11.5 6.0 11.6 8.7 10.0
Sri Lanka 2.9 12.0 2.9 12.0 2.9 12.1
Sweden 3.9 14.8 3.9 14.8 3.9 14.6
Switzerland 3.3 17.2 3.3 17.2 3.3 16.5
Taiwan 3.6 16.8 3.6 16.8 3.6 16.8
Thailand 3.1 14.6 3.1 14.6 3.2 14.5
Turkey 2.3 10.7 2.3 10.7 2.3 10.7
UK 3.5 11.8 3.5 12.3 3.6 11.4
USA 2.2 15.3 2.2 15.3 2.2 14.9
Dow Jones 2.7 13.9 2.7 13.9 2.8 14.1
S&P 500 2.5 14.9 2.5 14.8 2.6 14.5
Venezuela 13.7 4.7 13.8 4.7 13.7 4.7
Country yields and P/Es relate to a sample of stocks that cover at least 75%of each markets capita-
lisation. Losses are excluded fromthe P/E calculation on country indices. Source: ThomsonReuters
Aug 8 Aug 7 Aug 8 Aug 7
STOCK MARKET - RATIOS
VOLATILITY INDICES
Day Chng Prev. 52 wk high 52 wk low
VIX 15.38 0.06 15.32 47.56 13.66
VXD 14.05 -0.10 14.15 42.64 12.11
VXN 16.63 -0.34 16.97 47.23 15.76
VDAX 19.09 0.13 18.96 31.78 17.73
CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIAIndex Options Volatility, VXN: NASDAQ
Index Options Volatility, Deutsche Borse. VDAX: DAXIndex Options Volatility.
Aug 9
The data and prices listed are indicative and, while believed to be accurate at the time of publication,
the FT does not warrant or guarantee that the information is reliable or complete. The FT does not
accept responsibility and will not be liable for any loss arising from the reliance on or use of the
information.
Euro- Stig. SwFr US $ Yen
Bid Ask Bid Ask Bid Ask Bid Ask Bid Ask
1 year
2 year
3 year
4 year
5 year
6 year
7 year
8 year
9 year
10 year
12 year
15 year
20 year
25 year
30 year
Bid and Ask rates as of close of London business. and Yen quoted on a semi-annual actual/365 basis
against 6 month Libor with the exception of the 1Year GBP rate which is quoted annual actual against
3M Libor. Euro/Swiss Franc quoted on an annual bond 30/360 basis against 6 month Euribor/Libor.
Source: ICAP plc.
0.08 0.14
0.06 0.14
0.09 0.17
0.17 0.25
0.27 0.35
0.41 0.49
0.56 0.64
0.70 0.78
0.82 0.90
0.93 1.01
1.07 1.17
1.21 1.31
1.30 1.40
1.35 1.45
1.37 1.47
0.41 0.44
0.47 0.50
0.56 0.59
0.72 0.75
0.93 0.96
1.14 1.17
1.34 1.37
1.51 1.54
1.66 1.69
1.80 1.83
2.01 2.04
2.23 2.26
2.40 2.43
2.49 2.52
2.55 2.58
0.28 0.34
0.26 0.32
0.27 0.33
0.29 0.35
0.34 0.40
0.41 0.47
0.49 0.55
0.58 0.64
0.68 0.74
0.78 0.84
0.97 1.05
1.22 1.30
1.48 1.56
1.58 1.66
1.62 1.70
0.64 0.67
0.84 0.88
0.87 0.91
0.96 1.01
1.11 1.16
1.29 1.34
1.48 1.53
1.67 1.72
1.85 1.90
2.01 2.06
2.24 2.31
2.48 2.57
2.69 2.82
2.80 2.93
2.85 2.98
0.56 0.60
0.58 0.62
0.69 0.73
0.85 0.89
1.06 1.10
1.26 1.30
1.44 1.48
1.59 1.63
1.73 1.77
1.84 1.88
2.03 2.07
2.20 2.24
2.26 2.30
2.28 2.32
2.29 2.33
Aug 9
INTEREST RATES - SWAPS
Energy Price* Change
Sources: NYMEX, ECX/ICE, u CBOT, @ NYSE Life, NYBOT, CME, LME/London
Metal Exchange. * Latest prices, $ unless otherwise stated. Platts. The Steel Index.
Agricultural & Cattle Futures Price* Change
Precious Metals (PMLondon Fix)
Base Metals ( LME 3 Month)
WTI Crude Oil Sep 93.36 0.01
Brent Crude Oil Sep 113.22 1.08
RBOB Gasoline Sep 3.0008 +0.0204
Heating Oil Sep 3.0450 +0.0291
Natural Gas Sep 2.945 +0.012
Ethanol u Sep 2.626 +0.048
Uranium 49.25 nc
Carbon Emissions Aug 7.10 -0.09
Diesel (French) 979.50 +8.00
Unleaded (95R) 1079.50 -0.50
Aluminium 1903.00 -4.50
AluminiumAlloy 1765.00 -5.00
Copper 7508.00 -17.00
Lead 1900.00 -1.00
Nickel 15505.00 -40.00
Tin 18125.00 +25.00
Zinc 1855.00 +2.00
Gold 1615.00 +1.75
Silver (US Cents) 2802.00 +18.00
Platinum 1411.00 +9.00
Palladium 585.00 nc
Corn u Sep 810.75 nc
Wheat u Sep 913.00 +13.75
Soyabeans u Aug 1694.50 +64.50
Soyabeans Meal u Aug 538.70 +16.80
Cocoa v Sep 1666 -13
Cocoa Sep 2.463 nc
Cofee (Robusta) v Sep 2166 -13
Cofee (Arabica) Sep 166.45 -4.05
White Sugar v Oct 581.50 -7.70
Sugar 11 Oct 20.80 -0.29
Cotton Oct 75.59 +0.09
Orange Juice Sep 114.65 nc
PalmOil Dec 977.50 nc
Live Cattle Aug 121.425 -0.425
Feeder Cattle Aug 139.100 -0.675
Lean Hogs Aug 91.875 +0.300
Bulk Commodities
Iron Ore (Platts) Sep 115.25 -1.50
Iron Ore (TSI) 114.80 -0.10
globalCOAL RB Index 91.12 +0.30
Baltic Dry Index 790 -22
% Chg % Chg
Mnth Year
S&P GSCI Spt 658.72 6.2 2.0
DJ UBS Spt 143.99 2.8 -7.8
R/J CRB TR 304.66 3.8 -6.8
Rogers RICIX TR 3717.27 4.8 -2.9
M Lynch MLCX Spt 560.04 5.4 2.0
UBS Bberg CMCI TR1308.36 3.1 -5.4
LEBA EUA Carbon 7.28 -12.2 -33.1
LEBA CER Carbon 2.99 -27.1 -60.5
LEBA UK Power 40.34 -9.0 -11.7
Aug 8
COMMODITIES
DOLLAR EURO POUND
Closing Days Closing Days Closing Days
Currency Mid Change Mid Change Mid Change
DOLLAR EURO POUND
Closing Days Closing Days Closing Days
Currency Mid Change Mid Change Mid Change
Rates are derived fromWM/Reuters at 4pm(London time). * The closing mid-point rates for the Euro and against the $ are shown in brackets.The other fgures in the dollar column of both the Euro and
Sterling rows are in the reciprocal formin line with market convention. Currency redenominated by 1000. Some values are rounded by the F.T. The exchange rates printed in this table are also available on
the internet at http://www.FT.com/marketsdata
Euro Locking Rates: Austrian Schilling 13.7603, Belgium/Luxembourg Franc 40.3399, Cyprus 0.585274, Finnish Markka 5.94572, French Franc 6.55957, German Mark 1.95583, Greek Drachma
340.75, Irish Punt 0.787564, Italian Lira1936.27, Malta 0.4293, Netherlands Guilder 2.20371, Portuguese Escudo 200.482, Slovenia Tolar 239.64, Spanish Peseta 166.386
Argentina (Peso) 4.5988 0.0025 5.6606 -0.0190 7.1899 -0.0078
Australia (A$) 0.9450 -0.0013 1.1632 -0.0062 1.4774 -0.0045
Bahrain (Dinar) 0.3770 - 0.4641 -0.0018 0.5894 -0.0010
Bolivia (Boliviano) 6.9100 - 8.5056 -0.0331 10.8035 -0.0176
Brazil (R$) 2.0169 -0.0091 2.4826 -0.0210 3.1533 -0.0193
Canada (C$) 0.9918 -0.0032 1.2208 -0.0087 1.5506 -0.0075
Chile (Peso) 474.250 -2.5000 583.754 -5.3656 741.466 -5.1244
China (Yuan) 6.3590 -0.0025 7.8273 -0.0336 9.9420 -0.0201
Colombia (Peso) 1787.90 0.2500 2200.73 -8.2731 2795.29 -4.1677
Costa Rica (Colon) 500.725 -0.0650 616.344 -2.4837 782.860 -1.3784
Czech Rep. (Koruna) 20.3835 0.0505 25.0900 -0.0355 31.8686 0.0270
Denmark (DKr) 6.0471 0.0236 7.4433 0.0000 9.4542 0.0214
Egypt (Egypt ) 6.0838 0.0023 7.4885 -0.0264 9.5117 -0.0120
Hong Kong (HK$) 7.7557 -0.0005 9.5465 -0.0378 12.1256 -0.0206
Hungary (Forint) 224.754 0.4887 276.650 -0.4750 351.392 0.1921
India (Rs) 55.3250 0.0400 68.0996 -0.2161 86.4979 -0.0784
Indonesia (Rupiah) 9471.50 - 11658.5 -44.2287 14808.2 -22.5874
Iran (Rial) 12282.5 23.0000 15118.5 -30.5349 19203.1 4.6976
Israel (Shk) 3.9900 0.0015 4.9113 -0.0173 6.2382 -0.0079
Japan (Y) 78.6750 0.3150 96.8411 0.0117 123.004 0.2926
One Month 78.6557 0.0021 96.8447 0.0026 122.957 0.0026
Three Month 78.6011 0.0044 96.8546 0.0044 122.852 0.0065
One Year 78.2331 -0.0050 96.8259 0.0286 122.208 -0.0028
Kenya (Shilling) 83.8000 -0.3000 103.149 -0.7729 131.017 -0.6834
Kuwait (Dinar) 0.2825 0.0002 0.3478 -0.0011 0.4417 -0.0004
Malaysia (M$) 3.1045 -0.0020 3.8214 -0.0174 4.8538 -0.0110
Mexico (New Peso) 13.1005 -0.0889 16.1254 -0.1728 20.4820 -0.1726
New Zealand (NZ$) 1.2315 0.0045 1.5158 -0.0003 1.9253 0.0039
Nigeria (Naira) 158.750 -1.3000 195.405 -2.3684 248.198 -2.4406
Norway (NKr) 5.9218 0.0339 7.2891 0.0134 9.2584 0.0380
Pakistan (Rupee) 94.0350 -0.0300 115.748 -0.4885 147.019 -0.2868
Peru (New Sol) 2.6165 -0.0008 3.2207 -0.0136 4.0908 -0.0080
Philippines (Peso) 41.7700 -0.0150 51.4147 -0.2190 65.3053 -0.1301
Poland (Zloty) 3.3003 0.0050 4.0624 -0.0098 5.1599 -0.0006
Romania (New Leu) 3.6920 0.0162 4.5445 0.0024 5.7722 0.0161
Russia (Rouble) 31.6628 0.0890 38.9737 -0.0420 49.5032 0.0587
Saudi Arabia (SR) 3.7502 0.0000 4.6161 -0.0180 5.8633 -0.0096
Singapore (S$) 1.2439 0.0002 1.5311 -0.0058 1.9447 -0.0030
South Africa ( R) 8.0796 -0.0747 9.9452 -0.1311 12.6320 -0.1376
South Korea (Won) 1125.55 -2.7000 1385.44 -8.7390 1759.74 -7.0984
Sweden (SKr) 6.6972 0.0041 8.2436 -0.0271 10.4708 -0.0107
Switzerland (SFr) 0.9757 0.0037 1.2010 -0.0002 1.5255 0.0032
Taiwan (T$) 29.9290 -0.0425 36.8396 -0.1962 46.7925 -0.1428
Thailand (Bt) 31.5200 -0.0050 38.7980 -0.1575 49.2800 -0.0882
Tunisia (Dinar) 1.6158 0.0018 1.9889 -0.0055 2.5263 -0.0012
Turkey (Lira) 1.7826 -0.0010 2.1942 -0.0099 2.7869 -0.0062
UAE (Dirham) 3.6730 -0.0001 4.5211 -0.0177 5.7425 -0.0095
UK (0.6396)* () 1.5635 -0.0026 0.7873 -0.0018 - -
One Month 1.5632 - 0.7876 - - -
Three Month 1.5630 0.0000 0.7884 0.0000 - -
One Year 1.5621 0.0001 0.7923 0.0002 - -
Ukraine (Hrywnja) 8.0990 0.0080 9.9691 -0.0290 12.6624 -0.0081
Uruguay (Peso) 20.6800 0.0300 25.4551 -0.0622 32.3322 -0.0057
USA ($) - - 1.2309 -0.0048 1.5635 -0.0026
One Month - - 1.2313 - 1.5632 -
Three Month - - 1.2322 0.0000 1.5630 0.0000
One Year - - 1.2377 0.0004 1.5621 0.0001
Venezuela (Bolivar Fuerte) 4.2947 - 5.2863 -0.0206 6.7145 -0.0110
Vietnam (Dong) 20860.0 -5.0000 25676.6 -106.301 32613.6 -61.0155
Euro (0.8124)* (Euro) 1.2309 -0.0048 - - 1.2702 0.0029
One Month 1.2313 - - - 1.2697 -
Three Month 1.2322 0.0000 - - 1.2685 0.0000
One Year 1.2377 0.0004 - - 1.2622 -0.0004
SDR - 0.6632 0.0013 0.8163 -0.0016 1.0368 0.0003
Aug 9
COMMODITIES www.ft.com/commodities
CURRENCIES www.ft.com/currencydata
INTEREST RATES www.ft.com/bonds&rates
INTEREST RATES www.ft.com/bonds&rates
Global
HFRXGlobal Hedge Fund Index 1132.98 0.1645 0.35 2.13
HFRXEqual Weighted Strategies Index 1117.07 0.1746 0.21 1.66
HFRXAbsolute Return Index 950.40 0.1252 0.51 0.41
HFRXMarket Directional Index 1034.93 0.2989 0.67 1.29
Equity Hedge
HFRXEquity Hedge Index 1024.94 0.1178 0.70 2.45
HFRXEH: Equity Market Neutral Index 932.29 -0.1438 0.03 -5.00
HFRXEH: Fundamental Growth Index 1443.66 0.2192 0.10 2.45
HFRXEH: Fundamental Value Index 957.49 0.0595 0.76 3.63
Event Driven
HFRXEvent Driven Index 1355.81 0.3143 0.45 3.72
HFRXED: Distressed Restructuring Index 976.50 0.2693 -0.02 3.48
HFRXED: Merger Arbitrage Index 1505.56 0.1163 0.00 0.79
HFRXED: Special Situations Index 1090.13 0.1929 0.60 1.67
Macro
HFRXMacro/CTAIndex 1161.84 -0.0986 -0.01 -0.36
HFRXMacro: Systematic Diversifed CTAIndex 1603.93 -0.4850 -0.76 -2.29
Relative Value
HFRXRelative Value Arbitrage Index 1154.64 0.2937 0.18 2.34
HFRXRV: FI-Convertible Arbitrage Index 689.94 0.4884 0.12 5.32
HFRXRV: Multi-Strategy Index 1798.17 0.2673 0.07 1.58
HFRI Monthly Strategy Indices - USD (Jul 2012)
HFRI Fund Weighted Composite Index 10689.87 - 1.05 2.88
HFRI Fund of Funds Composite Index 4895.38 - 0.70 1.75
HFR INDICES
Index Value Dtd % Mtd % Ytd % August 7
Indices calculated by HFR (Hedge Fund Research Inc.) www.hfr.com
Open Sett Change High Low Est. vol. Open int. Aug 8
North American Latest. Contracts shown are among the 25 most traded based on estimates of
average volumes in 2004. CBOT volume, high & low for pit & electronic trading at settlement.
Previous days Open Interest. Osaka contract. Eurex contract.
DJIA Sep 13068.00 13120.00 +1.00 13150.00 13065.00 - 10,982
DJ Euro Stoxx Sep 2437.00 2432.00 -5.00 2440.00 2413.00 890,112 2,741,914
S&P 500 Sep 1398.20 1398.20 +1.20 1398.20 1397.90 1 222,409
Mini S&P 500 Sep 1398.50 1398.25 +1.25 1398.50 1397.75 981 2,802,895
Nasdaq 100 Sep - 2706.75 -3.25 2707.00 - - 9,415
Mini Nasdaq Sep 2707.25 2706.75 -3.25 2707.50 2706.75 49 392,451
CAC 40 Aug 3451.00 3441.00 -13.00 3454.00 3420.50 90,805 291,143
DAX Sep 6958.50 6961.00 -3.50 6972.00 6907.50 107,511 170,352
AEX Aug 333.00 332.25 -0.85 333.00 330.20 24,540 83,515
MIB 30 Sep 14620.00 14661.00 +6.00 14720.00 14470.00 20,759 34,103
IBEX 35 Aug 7186.00 7145.80 -50.10 7237.00 7042.00 9,144 38,054
SMI Sep 6455.00 6448.00 -7.00 6465.00 6424.00 18,001 165,841
FTSE 100 Sep 5791.00 5822.00 +28.00 5832.50 5775.00 69,881 627,654
Hang Seng Aug 20130.00 20050.00 +37.00 20197.00 19945.00 50,626 84,991
Nikkei 225 Sep 8860.00 8870.00 +70.00 8900.00 8820.00 9,381 316,762
Topix Sep 745.50 747.00 +3.50 747.00 742.50 1,501 396,822
KOSPI 200 Sep 252.30 254.05 +2.55 256.55 252.20 294,667 108,077
EQUITY INDEX FUTURES
C$ DKr Euro Y NKr SKr SFr $
Danish Kroner, Norwegian Kroner And Swedish Kroner per 10; Yen per 100Source: FT derived from
WM Reuters.
Canada C$ 1 6.097 0.819 79.33 5.971 6.753 0.984 0.645 1.008
Denmark DKr 1.640 10 1.343 130.1 9.793 11.08 1.614 1.058 1.654
Euro Euro 1.221 7.443 1 96.84 7.289 8.244 1.201 0.787 1.231
Japan Y 1.261 7.686 1.033 100 7.527 8.512 1.240 0.813 1.271
Norway NKr 1.675 10.21 1.372 132.9 10 11.31 1.648 1.080 1.689
Sweden SKr 1.481 9.029 1.213 117.5 8.842 10 1.457 0.955 1.493
Switzerland SFr 1.016 6.198 0.833 80.63 6.069 6.864 1 0.656 1.025
UK 1.551 9.454 1.270 123.0 9.258 10.47 1.525 1 1.563
USA $ 0.992 6.047 0.812 78.68 5.922 6.697 0.976 0.640 1
Aug 9
EXCHANGE CROSS RATES
AUGUST 10 2012 Section:Stats Time: 9/8/2012 - 20:48 User: watsonl Page Name: CURRTAB USA, Part,Page,Edition: EUR, 21, 1
22

FINANCIAL TIMES FRIDAY AUGUST 10 2012
MARKETS & INVESTING
Californian schools could serve up a nasty fiscal shock
A decade ago, San Diego county in
California was at the cutting edge of some
dangerous financial games.
As the housing boom got under way,
bankers and mortgage brokers became
adept at flogging subprime loans to
households across the area using
innovative structures. That episode, of
course, ended in tears, not just in San
Diego but elsewhere in America.
Now, some new financial games have
come to light involving a dangerous
cocktail of innovation and debt. This time,
it is not private households involved but
public sector bodies specifically, schools.
The issue at stake revolves around some
exotic bonds issued by San Diego
educational authorities in recent years.
Once upon a time (think six long decades
ago), US school authorities used to finance
themselves primarily by using taxes. Then
they started to issue a swelling volume of
bonds to supplement those taxes.
But as the fiscal situation in California
has deteriorated, voters have become so
upset they have imposed various fiscal
straitjackets on educational boards. Worse,
property tax revenues, which have been
used to fund schools, have declined as the
housing market has crashed.
That has left schools in a bind. So, local
financial advisers have offered some
innovative solutions. Last year, Poway
Unified, one San Diego educational
district, issued some $105m worth of
capital appreciation bonds to finance
previously planned investment projects.
These are similar to zero-coupon bonds,
meaning the district does not need to start
repaying interest or capital until 2033.
As a result, Poways local authority has
been able to promise to keep local taxes
unchanged while completing previously
promised investments (building projects,
computers and so on).
But, there is a big catch: to compensate
for this payment deferral, these bonds are
paying double-digit interest rates and
cannot be redeemed early. When the bond
is repaid in 2051, the total bill will be
more than 10 times the initial loan.
The Poway local authorities insist this
still makes sense. After all, they argue,
their children cannot wait for new schools
until tax revenues grow again. But the
danger is clear. Though these bonds shield
taxpayers (and politicians) from
expenditure today, they create a headache
later. At best, this is a case of kicking the
can down the road; at worst, a case of the
government dancing with loan sharks.
It is difficult to tell just how many other
capital appreciation bonds exist. As the
Securities and Exchange Commission
pointed out last week, the $2,700bn
municipal bond market is alarmingly
opaque. In the Poway case, the details
came to light because of some excellent
investigative reporting by Joel Thurtell, a
blogger, and Will Carless, a reporter at the
Voice of San Diego, a local news group.
Carless has unearthed similar but
slightly less extreme schemes at other San
Diego school authorities, such as
Oceanside Unified (which borrowed $30m
but will need to repay $280m), Escondido
Union (borrowed $27m, faces $247m
repayments) and San Diego Unified
(borrowed $164m, will repay $1.2bn).
However, the really big unknown is the
degree to which this reflects a bigger,
national pattern. Optimists might argue
California is an extreme example; after all,
its fiscal woes are among Americas worst.
In some regions such as Michigan, state
entities are banned from capital
appreciation bonds, and even where these
bonds are not explicitly banned, there are
corners of America where local officials
are trying to inject a new level of
responsibility into their finances, often
with a zeal that puts Washington to
shame. Rhode Island is a case in point.
Yet, as a report from Dick Ravitch and
Paul Volcker last month pointed out, the
overall picture for local finances is dire.
They estimate, for example, that the level
of underfunding for local public pension
schemes is about $3tn-$4tn.
While some regions are trying to tackle
this, many others are burying their heads
in the sand, hoping that either the
problem remains under wraps until they
leave office, or that a combination of
growth, inflation and Federal bailouts
provides a future fix.
So I, for one, salute the efforts of local
media groups such as the Voice of San
Diego to scrutinise these opaque local
financial structures. I also applaud the
moves the SEC is making (albeit very
belatedly) to force that murky muni bond
world to become more transparent to
investors and taxpayers alike.
The tragedy is that this scrutiny is
probably too late to save San Diego
residents from a nasty future fiscal shock,
not to mention those other US taxpayers
who may discover (as with subprime) that
what starts in California ends up pointing
to a wider pattern, which haunts us all.
gillian.tett@ft.com
Gas jumps above $3 on inventory data
atures for the relevant week
lower than the previous
seven days and the same
week in 2011, the inventory
figure could be an anomaly,
said analysts.
The level of gas invento-
ries is a gauge of demand
but it also affects prices as
the underground storage
By Emiko Terazono
Natural gas prices, which
had fallen back in the past
week on forecasts of cooler
weather, jumped 6 per cent
due to a lower than
expected rise in weekly
inventories.
Nymex September gas ral-
lied above the key $3 per
million British thermal
units level, and was trading
up 4.4 per cent at $3.061 per
mBtu after hitting $3.12.
The US governments
data surprised traders as
the increase of gas in stor-
age at 24 billion cubic feet
had been sharply lower
than the widely forecast
30bn cu ft level.
The data indicated that
the supply and demand sit-
uation was tighter than the
market expected, said
Shiyang Wang, analyst at
Barclays in New York.
But with summer temper-
Natural gas price
Source: Thomson Reuters Datastream
$ per mmBtu
Jan Aug 2012
1.8
2.0
2.2
2.4
2.6
2.8
3.0
3.2
facilities was at a record
high for the time of the
year after topping 3tn cu ft
for the first time ever dur-
ing the month of June, the
agency said.
The $3 per mBtu level is
regarded by analysts as the
level when utilities switch
power generation from nat-
ural gas to coal and
with cooler temperatures
expected over the next
week, many experts fore-
cast lower prices.
Ms Wang at Barclays said
that prices needed to
decline to avoid a situation
where gas inventories reach
storage capacity. The bank
is forecasting an average
$2.70 per mBtu for the third
quarter, with the price aver-
aging $3 per mBtu for the
three months to December,
rising with increased
demand because of colder
temperatures.
www.ft.com/commodities
Twitter: @ft.commodities
Man United IPO enjoys robust demand
person close to the deal.
The IPO in New York
comes after previous
attempts to list at up to
$1bn in Hong Kong and Sin-
gapore failed to attract suf-
ficient demand, while inves-
tors objected to the planned
dual voting share structure.
The US market for IPOs
is deep in terms of liquidity
and certainty of execution,
said Scott Cutler, co-head of
US listings at NYSE Euron-
ext.
He said attracting Man-
chester United to the NYSE
showed that the exchange
occupied a strong position
in the IPO market.
The New York flotation
represents 10 per cent of the
company and the smaller
size is seen helping offset
some of the less attractive
aspects surrounding the
deal, say analysts.
Manchester Uniteds dual
class voting structure will
enable the Glazer family to
retain control through
By Michael Mackenzie
and Joseph Cotterill
in New York
Bankers were expected to
close the book of orders for
the flotation of Manchester
United by midday in New
York yesterday, with the
largest US sports club and
team initial public offering
set to price later in the day.
The English football club
is looking to list on the New
York Stock Exchange today
at between $16 and $20 a
share and raise around
$330m, at the high end of
the price range.
It stands to mark the larg-
est sports team and club
listing on record, surpass-
ing World Wrestling Federa-
tions $190m IPO in 1999,
says Thomson Reuters.
The closing of the
order book at noon rather
than at the conclusion of
business yesterday indi-
cated that demand for the
shares was robust, said a
shares that have 10 times
more voting power than the
publicly traded class A
shares.
Also, the company has
indicated that it may pro-
vide limited financial disclo-
sure for US investors as it
is raising capital as an
emerging growth com-
pany under the recently
passed US legislation,
Jumpstart Our Business
Startups, or Jobs Act.
The law means a com-
pany can be exempted from
attesting to its internal
financial controls and will
not be required to file quar-
terly reports or release
Concerns
grow over
prospects
for sterling
For a countrys currency to
leap when its central bank
cuts growth forecasts to
zero is counter-intuitive.
But that is precisely what
happened on Wednesday
when Sir Mervyn King, gov-
ernor of the Bank of Eng-
land, revised predictions for
gross domestic product
growth this year from 0.8
per cent to 0.
Much of the move in ster-
ling on Wednesday was a
knee-jerk response from
currency traders after Sir
Mervyn cast doubt on the
prospect of another rate cut
in the UK.
But sterling is not popu-
lar because of its yield,
which is paltry. Rather, the
pounds strength is all
about the euro, where it sits
close to a four-year high on
haven demand from inves-
tors worried about the euro-
zone debt crisis. The UKs
triple A rating also helps.
Sterlings performance
against the US dollar, how-
ever, tells a different story.
The pound has fallen nearly
7 per cent against the US
currency from its high in
April this year of $1.63.
In fact, there are growing
questions over how much
longer the UKs poor eco-
nomic fundamentals can be
ignored by the currency
markets. Bond investors
have warned that the UKs
cherished triple A rating
could be at risk if the econ-
omy does not improve. Last
week, Moodys, the rating
agency, maintained the rat-
ing but kept the country on
negative outlook, following
second-quarter GDP growth
that was far weaker than
expected, falling 0.7 per
cent.
Many currency investors
are negative on the pound,
arguing that Britains slug-
gish economic growth and
loose monetary policy make
it an unattractive proposi-
tion.
Sterling has one of the
unlikeliest set of credentials
as a safe haven but never-
theless there is clear sup-
port for it, says Nigel Sil-
lis, head of fixed income
and currency research at
Barings, the asset manager.
We think sterling is still
expensive.
Some of the caution on
sterling is showing through
if not in the euro
exchange rate, then in
cable market parlance
for the exchange rate with
the dollar. The pound has
been range trading at a
lower level against the dol-
lar since the start of June,
moving between $1.54 and
$1.57.
Doubt is also being cast
on the pounds reaction to
events in the eurozone. Mr
Sillis believes the pound
could be vulnerable,
whether the eurozone crisis
improves or worsens.
An upturn in the euro-
zones fortunes could
remove the haven prop sup-
porting the pound. Equally,
a turn for the worse could
only serve to highlight the
UKs close trade links with
Europe: yesterday, data
revealed the UKs trade def-
icit hit a record high,
driven by falling exports
both in and outside the
eurozone.
Matthew Cobon, a cur-
rency manager at Thread-
needle, the asset manager,
is now buying the euro
against the pound in the
belief sterling is overval-
ued. We get the impression
that the safe haven bid is
running a little thin here
and hence a period of ster-
ling weakness may be on
the cards, he says.
On a longer term view,
investors fret about the
effect of the Banks mone-
tary easing on the pound.
Axel Merk, chief invest-
ment officer of Merk Invest-
ments in the US, has had no
sterling in his hard cur-
rency fund since 2009 after
the Bank of England ini-
tially embarked on quanti-
tative easing, or emer-
gency bond-buying.
Other investors have
started to turn to Norway
and, in particular, Sweden
as alternative European
currency havens.
The Swedish krona is at a
12-year high against the
euro amid stronger than
expected economic growth,
while the Norwegian krone
is at its strongest level
against the euro since the
start of 2003 following
strong figures on the coun-
trys manufacturing indus-
try this week.
Harmonic Capital, the
London-based hedge fund,
is among investors shorting
sterling to buy both the
Norwegian and Swedish
currencies due to the diver-
gence in economic funda-
mentals between the north-
ern European nations.
For now, however, the
huge uncertainty over the
eurozone makes many
investors reluctant to bet
heavily against the pound.
Speculators cut their ster-
ling shorts again last week,
even as many were predict-
ing a further round of mon-
etary easing in the UK
before the year is out, data
from the Commodity
Futures Trading Commis-
sion in the US show.
But the combination of
slowing economic growth, a
negative rating outlook and
the prospect of further mon-
etary easing by the Bank
mean the prospects of cable
breaking out of its recent
range look limited.
We feel that the pound
may struggle to make head-
way against the US dollar
from here on, given the
growing number of negative
issues that are now hanging
over the currency, says
Neil Mellor, foreign cur-
rency strategist at BNY
Mellon.
News analysis
Many forex dealers
argue that Britains
sluggish growth
and loose monetary
policy make the
pound unattractive,
writes Alice Ross
capacity is capped at about
4.1tn cu ft.
Gas prices fell to a decade
low in April as storage facil-
ities appeared at risk of
reaching capacity because
of excess supply from shale
gas production and the
warm winter weather.
Prices rebounded on high
electricity demand because
of hotter than normal sum-
mer weather and the rise in
gas in underground storage
during April-June 2012 was
the lowest since 2000, said
the US Energy Information
Administration.
The slow start to the so-
called injection season
when gas is shifted to
underground storage during
the summer months, when
demand is usually lower,
for use in winter reflected
a large increase in natural
gas use by the US electric
sector for power generation,
said the EIA.
But the amount of total
gas in underground storage
information under gener-
ally accepted accounting
principles for five years.
In the Manchester United
prospectus, the company
said it was an emerging
growth company as
defined under the Jobs Act.
Manchester United added:
We have not taken advan-
tage of any of these reduced
reporting burdens in this
prospectus, although we
may choose to do so in
future filings and if we do,
the information that we
provide shareholders may
be different than you might
get from other public com-
panies in which you hold
equity.
The listing of the shares
at a midpoint of $18 a share
is also seen as being high,
as it implies an enterprise
value to earnings before
interest, tax, depreciation
and amortisation of 24
times, a very expensive val-
uation according to Morn-
ingstar.
In the prospectus,
the football club
said it was an
emerging growth
company
COMMODITIES
Gillian
Tett
INSIGHT
By Alice Ross
and Robin Wigglesworth
Swedens finance minister
has hit back at investors
who are increasingly view-
ing the countrys currency
as the latest refuge from
the eurozone crisis, saying
yesterday it was too early
to call the krona a haven.
The Swedish krona has
been the best performing
big currency against the US
dollar and the euro in the
past month as investors
have expressed a preference
for European countries with
stronger growth prospects.
Anders Borg, the Swedish
finance minister, said the
strengthening of the krona
was part of normal market
movements given that
Sweden was a stable coun-
try with a budget surplus.
He added that it was too
early to say whether the
krona had become a haven.
It remains to be seen
how long this [the strength-
ening of the krona] will
last, he said.
The comments, made by
Mr Borg at a press confer-
ence, helped the Swedish
krona hit a 12-year high
against the euro at under
SKr8.23, as investors
responded by cutting any
expectations the country
might act to weaken its cur-
rency.
Figures released at the
end of July showed that the
Swedish economy was
growing much faster than
expected, with second-quar-
ter gross domestic product
figures showing a rise of 1.4
per cent, up from a pre-
dicted gain of 0.3 per cent.
The krona has also bene-
fited from strong demand
from central bank reserve
managers seeking highly
rated assets. The Swiss
National Bank is thought to
have been a key buyer of
the krona in recent weeks
as it seeks to recycle euros
it has bought defending the
Swiss franc.
Foreign currency analysts
said it could be too early to
tell whether the krona was
a true haven currency. The
Swedish krona has tradi-
tionally weakened against
the euro when the euro falls
against the dollar.
Sweden
says its
krona no
haven yet
When the bond is repaid in
2051, the total bill will be more
than 10 times the initial loan
Sterling
Source: Thomson Reuters Datastream
Against the dollar
($ per )
Against the euro
( per )
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2010
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2011
Jan Feb Mar Apr May Jun Jul Aug
2012
1.2
1.4
1.6
1.8
1.00
1.10
1.20
1.30
Pounds transatlantic contrast
May 2010
The pound hits a two-year low against
the dollar on risk aversion at the start of
the eurozone crisis
April 2011
Sterling reaches its strongest level against
the dollar since 2009 as the efect of the
second round of quantitative easing in the
US takes its toll
May 2012
Pound makes rapid gains against the euro
even as it falls against the dollar on
concerns Greece could leave the eurozone
July 2011
Sterling reaches its lowest level against the euro in
more than a year after Greece approves an
austerity package in return for international aid
23 July 2012
Sterling reaches its highest level
against the euro in nearly four years
1.3
1.5
1.05
1.15
1.25 1.7
$$$$$$$

$$$$$$$$
Ben Bernanke US Federal Reserve chairman
Jean-Claude Trichet the then European Central
Bank president
AUGUST 10 2012 Section:Markets Time: 9/8/2012 - 19:19 User: murtaghj Page Name: LSE USA, Part,Page,Edition: EUR, 22, 1
FINANCIAL TIMES FRIDAY AUGUST 10 2012

23
MARKETS & INVESTING
Investors eye
bigger Draghi
toolbox for euro
Investors picking over
Mario Draghis comments
after last weeks European
Central Bank meeting have
been left wondering not
what is on the table to save
the eurozone, but what is
not.
Financial markets have
been cheered by the pros-
pect that the ECB may
consider buying short-term
government debt, albeit on
the condition that ailing
governments such as Spain
and Italy first ask for help
from the eurozones rescue
funds. The impact is
already being seen in lower
sovereign borrowing costs
that are filtering down to
banks and companies.
But in his quest to do
whatever it takes to save
the euro, and given that
financial market fragmen-
tation remains a key con-
cern for the ECB, Mr
Draghi may find it easier to
use more unusual even
emergency measures
aimed at banks and compa-
nies first.
When funding markets
dried up last year, the ECB
took the unprecedented
step of offering banks
access to cheap three-year
loans under its longer-term
refinancing operations
(LTRO). Banks tapped
about 1tn from the LTRO
in December and February
and some investors believe
a third, three-year LTRO is
on the cards, possibly even
before the end of the year.
Alberto Gallo, head of
European macro credit
research at RBS, says the
ECB could even increase
the maturity of existing
LTRO to five years. That
would provide banks with a
closer match to the maturi-
ties on their loans to cus-
tomers.
Huw Pill, chief European
economist of Goldman
Sachs, says: If you want to
help small and medium
sized companies in Spain
and Italy, you need to go
through the banks. When
Spanish banks were having
trouble getting access to
unsecured term funding in
September and October last
year, the ECB stepped in
with the LTRO.
The LTRO addressed
liquidity problems, brought
down funding costs for
banks and galvanised pub-
lic debt markets into action.
But as accessing the ECB
funding required collateral,
it also tied up banks assets.
Some are unconvinced by
the need for another LTRO
given that it has so far not
resulted in banks lending
more to the real economy
and that liquidity is no
longer the main issue for
banks.
Another LTRO would
only help at the margin,
says Alastair Ryan, banking
analyst at UBS: Italian
banks dont need it. And it
would provide no benefit
for Spanish banks other
than allowing them to swap
three-month debt for three-
year debt.
But as long as capital
remains scarce and banks
have to meet strict capital
adequacy ratios, banks are
unlikely to resume lending.
Recapitalising the banks
directly is one solution but,
as seen in Spain, expensive.
Mr Gallo suggests
another option would be for
the European Stability
Mechanism, the successor
bailout fund to the Euro-
pean Financial Stability
Facility, to purchase
directly bank securities, in
addition to sovereign debt,
with support from the ECB.
I t coul d be a
gamechanger, says Mr
Gallo, helping increase
bank capital ratios, with
taxpayers only taking on
debt rather than equity
risk, as in the Spanish bank
recapitalisations.
The ECB could also use
more effectively its pro-
gramme to buy banks cov-
ered bonds, debt backed by
a pool of collateral, usually
mortgages. Analysts,
though, say that seems
unlikely given that some
banks have been buying
back debt and repackaging
it to pledge as collateral
with the ECB.
More likely is that the
ECB makes it easier for
lenders to access the cen-
tral banks facilities by loos-
ening credit criteria for the
third time in five months.
The ECB could reduce the
haircut applied to securi-
ties pledged as collateral in
monetary policy operations
to protect the bank in the
event of a default.
To be really flexible,
those haircuts potentially
could be zero, meaning that
they could, for example,
offer three-year unsecured
funding, says Mr Pill. The
ECB could also accept a
broader range of collateral.
Such measures could be tar-
geted at supporting new
lending, rather than just
refinancing existing loans,
he adds.
The ECB could go further,
bypassing banks and buy-
ing the short-term, publicly
traded debt of large Spanish
and Italian companies, a
number of which now carry
a higher rating than their
sovereign but are strug-
gling to raise debt in public
debt markets.
Mr Pill says measures
directed at banks or corpo-
rates only offer a short-term
palliative to eurozone
woes. To be really effective,
they need to be used in par-
allel with measures directed
at the sovereign.
Philippe Bodereau, head
of European credit research
at Pimco, agrees. If you
look at the various options
LTRO 3, buying covered
bonds, buying unsecured
debt or corporate bonds
these are not top of the list.
It is more important that
the ECB deals with the sov-
ereign issue, he says.
But while the market is
focused on the ECB buying
short-term debt, it is condi-
tional on Spain or Italy first
applying for a full bailout,
which they are reluctant to
do.
Draghi has opened the
box to say he could do any
and all of these [measures]
to ensure the survival of
the eurozone, says Ian Kel-
son, head of global fixed
income at T Rowe Price
International. But in the
short term, he says, it
might be easier for the ECB
to launch another LTRO or
ease collateral rules.
A notable outperformer in
yesterdays session was
South Koreas Kospi index,
which jumped 2 per cent to
close at a threemonth high.
The Bank of Korea kept
rates unchanged but more
easing of policy is expected.
Seouls benchmark is one
of the most sensitive to
global sentiment. It fell 9.2
per cent in the first three
weeks of May as eurozone
worries spooked investors.
The S&P 500 fell 5.9 per
cent. Wall Street has
recovered much of that
ground over the past 10
weeks or so, while the Kospi
has condensed its rally into
an 11session burst as Asian
confidence blossomed.
Seouls latest surge came
on strong volume as stock
options on the Kospi expired
and as foreign investor
buying hit a 13month record,
according to Reuters.
Perhaps those non
domestic traders recognise
the Korean economys
bellwether status.
The chart shows the
percentage change over a
year of Korean exports by
value and the same method
for looking at the Datastream
World equity index.
Korean sales abroad clearly
have a tight correlation to
global stocks. Canny
investors should keep a close
eye on Korean port traffic.
jamie.chisholm@ft.com
Rolling global overview at:
www.ft.com/markets
News analysis
ECB might find it
easier to use more
unusual measures
aimed at banks and
companies, writes
Mary Watkins
...but Spanish banks become more dependent on the ECB
Sources: Goldman Sachs; UBS
Spanish banks gross and net euro system borrowing (bn)
Jan 2011 Jul 2012
0
50
100
150
200
250
300
350
400
450
Gross
Net
Italian and Spanish bank funding benefits from LTRO...
Secured funding rates for European banks (%)
Jul 2010 2011
Jul
2012
0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
Germany
France
Italy
Spain
EM hard currency bonds: new highs
beyondbrics, the FTs emerging markets hub
Few asset classes have
benefited more from this
years market turmoil than
emerging markets hard
currency debt, writes Pan
Kwan Yuk in New York.
With yields on US and UK
bonds hovering near zero
and Germanys twoyear
paper offering negative yield,
investors on the hunt for
better returns have piled into
the asset class with gusto.
In the first seven months
of this year, investors put a
record $18.8bn into funds
dedicated to EM hard
currency bonds, according to
EPFR Global, a data provider.
This shatters the previous
high of $14.79bn received for
the whole of 2010. Expect
the trend to continue as the
hunger for yield gets worse
and worse, says Cameron
Brandt, analyst at EPFR.
Last weeks statement
from the US Federal Reserve
that it would keep interest
rates low for at least another
two years can only provide
further impetus for investors,
says Pablo Goldberg, HSBC
global head of emerging
market research. Equities
continue to be volatile and
returns on socalled safe
assets yield nearly nothing.
Inflows into hard currency
bonds will continue.
EM debt as a whole has
benefited from this dash for
returns but it is investment
grade hard currency
dollardenominated bonds
that have garnered the most
attention. Investment grade,
because investors appetite
for risk is subdued. Hard
currency, because with many
EM currencies such as the
Brazilian real weakening
against the dollar, the upside
to local currency bonds has
diminished, especially when
you factor in inflation.
As Aziz Sunderji, EM
corporate debt strategist at
Barclays, says: The EM
bond market has become a
twotier market as investors
become more riskaverse.
The market is wide open for
big, investmentgrade
multinational companies like
Amrica Mvil, but not for
highyield companies. You
cannot blame them. The
overall blended yield of
JPMorgans EMBI Global
Diversified index of dollar
denominated emerging
market sovereign and
corporate debt hovering at
a near record low of 4.72 per
cent still offers an attractive
alternative to the paltry
returns offered by short
dated twoyear bonds from
the US, the UK and Germany .
In many cases, the risk
profile of an investmentgrade
EM bond is not that different
from an investmentgrade US
bond, except the EM bond
offers better returns, says
Shamaila Khan, head of
emerging markets corporate
debt at AllianceBernstein.
That helps explain why
investment grade issues this
year from the likes of
Petrobras have being
oversubscribed while junk
issuers have had a harder
time. But as more people
jump on the EM hard
currency bandwagon, wont
that drive yield down further?
Yes, says Mr Goldberg, but
he adds: Valuation is a
relative concept. Yields on
EM hard currency bonds are
at record lows. But if you
compare that to the
alternative available, where
else could you invest?
www.ft.com/beyondbrics
By Michael Stothard
Two high-grade European
corporate bond issues this
week have provided a shot
in the arm for the slow
summer debt markets. They
have provided some relief,
too, for investors looking
for lower-risk investments.
Procter & Gamble issued
1bn of ten-year bonds yes-
terday, which priced at 25
basis points above mid-
swaps. It was the com-
panys first euro issuance
since October 2007, when it
issued a similar sum at
50bp over mid-swaps.
The order book on the
issue reached 6bn, mean-
ing that the issue was six
times subscribed.
Bankers said this was
because of the low supply of
high-grade debt in the sum-
mer months and also repre-
sented demand for rela-
tively safe investments
amid recent wider market
turbulence.
Also this week German
car manufacturer Volkswa-
gen issued 250m of three-
year debt at 110bp over gilt
yields. Wells Fargo yester-
day made its first venture
into the euro bond market
since 2008 issuing 1.5bn of
10-year debt at 85bp over
mid-swaps.
The last few months
have seen investors keen to
put their money into high-
quality corporates amid low
sovereign yields and choppy
equity markets, said Jean-
Marc Mercier, head of debt
syndication at HSBC. Amid
worries over the fate of the
eurozone, as well as weaker
economic data from China
and the US, the rate of
investment-grade corporate
bond issues per month in
Europe this year has been
averaging its highest since
2009.
According to data from
Dealogic, there has been an
average of $39bn worth of
issuance in investment
grade European corporates
per month so far in 2012,
compared with an average
of $24bn in 2011 and $23bn
in 2010.
In 2009 the rate hit $48bn
per month, up from $19bn
before the crisis in 2007.
Wells Fargo is rated A2
by Moodys, its sixth-high-
est investment grade, while
the agency rates P&G Aa3,
its fourth-highest invest-
ment grade ranking.
Suki Mann, head of credit
strategy at Socit Gn-
rale, said the flurry of deals
was also partly due to com-
panies looking to capitalise
on a period of desperation
in the corporate bond mar-
kets.
This is a bit of opportun-
istic financing in August
fuelled by unseasonally
high demand against the
usual low supply in
August, he said.
There is so much money
out there that wants to be
invested, he added.
Theres been plenty of
issuance this year but,
quite clearly, not enough.
P&G and VW bond issues lift
European debt market spirits
Petrobras: a favourite of
riskaverse EM investors
Trading post
Jamie Chisholm
South Korean bellwether
Source: Thomson Reuters Datastream
Annual % change
200002 04 06 08 10 12
-60
-40
-20
0
20
40
60
80 South Korea exports
World equities
More news at
FT.com
Not Greece again
FT Alphaville poll reveals
that 28 per cent of
finance professionals are
sick of being asked about
Grexit
www.ft.com/alphaville
Rogue algos
Video: The errant Knight
Capital algorithm reignites
the debate on technology
standards in trading
www.ft.com/tradingroom
Serbias tough choices
With a sharply depreciating
currency and shrinking
economy, Serbia is set to
restart talks with the IMF
www.ft.com/beyondbrics
Hard currency
Podcast with FT currency
correspondent Alice Ross
www.ft.com/podcasts
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Financial markets have welcomed the prospect that the ECB may consider buying shortterm government debt Bloomberg
AUGUST 10 2012 Section:Markets Time: 9/8/2012 - 18:49 User: murtaghj Page Name: ICNCOMMS USA, Part,Page,Edition: EUR, 23, 1
24

MARKETS
Friday August 10 2012
Source: Thomson Reuters Datastream
Asia-Pacific equities
MSCI index
May Aug 2012
105
110
115
120
125
Government bonds
10-year yield (%)
May Aug 2012
1.0
1.2
1.4
1.6
1.8
2.0
US Treasury
German Bund
Regional benchmark
stock indices extended a
threemonth high in Asia
as Chinese data backed
views policy makers
would add stimulus to lift
growth in the worlds
secondlargest economy
Demand for toptier
government debt fell as
global stocks extended
gains. The yield on the
10year Treasury note
is trading at its highest
since midJune
Hopes for monetary stimulus drive gains
By Vivianne Rodrigues
in New York and
Jamie Chisholm in London
Hopes for additional mone-
tary stimulus to struggling
economies helped support
investor sentiment and sent
most global stocks higher
while demand for top-tier
government bonds fell.
Data in the US showed an
unexpected decline in
weekly jobless claims,
which helped offset in part
a string of lacklustre eco-
nomic indicators in Europe
this week.
Paul Dales, a senior US
economist at Capital Eco-
nomics, said the fall in US
initial jobless claims last
week suggests that [US]
labour market conditions
are fairly stable.
Also on the data front, a
report yesterday showed
that the annual rate of fac-
tory output in China slowed
to 9.2 per cent in July,
lower than forecast and the
weakest in more than three
years.
But hopes for fresh stimu-
lus measures from Beijing
were given a boost as
Chinas inflation also
slowed for a fourth month,
which may free the
Peoples Bank of China to
ease monetary policy
aggressively.
The response among
regional stocks in Asia
was positive with the
Shanghai Composite climb-
ing 0.6 per cent and Hong
Kongs Hang Seng adding
1 per cent.
The slightly weaker eco-
nomic data [in China] had a
positive effect on asset
prices given expectations
for further easing, analysts
at Brown Brothers Har-
riman noted.
Stocks also rose in
Europe, where the worlds
largest food company,
Nestl, posted sales growth
that beat estimates.
The FTSE Eurofirst 300
index gained 0.5 per cent
and the FTSE All-World
equity index rose 0.1 per
cent to touch a three-month
high.
On Wall Street, the bench-
mark S&P 500 index
reversed earlier gains and
was slightly lower but still
managed to maintain the
1,400 level.
Global stocks have risen
about 8 per cent since the
start of June and are up
more than 3 per cent in just
the past five sessions.
As demand for equities
remained supported, inves-
tors sold US Treasuries and
German Bunds.
The yield on the 10-year
Treasury note climbed 4
basis points to 1.72 per cent,
a fresh two-month high,
while the yield on equiva-
lent German Bunds rose 5bp
to 1.45 per cent.
The US Treasury con-
cluded the third leg of its
quarterly refunding pro-
gramme with the sale of
$16bn in 30-year bonds. An
auction of US 10-year notes
on Wednesday was met
with tepid demand.
Pressure on the eurozone
peripheral debt sector
also eased, contributing to
the global rally.
Spanish 10-year yields
dipped 2bp to 6.84 per cent
and Italian equivalents fell
8bp to 5.81 per cent.
In spite of the better tone
on markets, the euro
resumed declines and by
midday in New York was
trading 0.6 per cent lower at
$1.2288.
The Australian dollar and
other growth-sensitive cur-
rencies were buoyed, with
the Aussie moving closer to
$1.06 for the first time since
mid-March.
But the Japanese yen fell
as the Bank of Japan left
monetary policy unchanged,
as forecast.
US economic data was
relatively firm in tone while
another factor helping the
greenback today are higher
US Treasury yields, said
Vassili Serebriakov, a cur-
rency strategist at Wells
Fargo.
Higher US yields appear
to be particularly relevant
for the yen, which remains
sensitive to relative US-Ja-
pan rate differentials, he
added
On commodities markets,
copper, which is considered
a gauge of future industrial
activity, rose 0.3 per cent to
$3.43 a pound.
Oil prices also got a boost,
with Brent prices rising for
a fifth session. Brent crude
added 30 cents to $112.44 a
barrel.
Gold also rose, the pre-
cious metal trading 0.2 per
cent higher at $1,613.80 an
ounce.
GLOBAL OVERVIEW
Shares climb aided
by US jobless fall
Selloff for Bunds
and US Treasuries
Source: Thomson Reuters Datastream Markets updated at www.ft.com/markets
FTSE 100 index FTSE Eurofirst 300 index S&P 500 index Nikkei 225 Average
Jul Aug 2012 Jul Aug 2012 Jul Aug 2012 Jul Aug 2012
1320
1340
1360
1380
1400
5500
5600
5700
5800
5900
5400 1000
1020
1040
1060
1080
1100
8400
8600
8800
9000
8200
Change
on day
+0.10%
Change
on day
+0.45%
Change
on day
+1.10%
Latest
Change
on day
-0.18%
Yen falls as risk appetite rises
CURRENCIES
By Alice Ross
The yen hit its weakest
level against the dollar in
nearly three weeks amid a
rise in risk appetite in Asia,
shrugging off a lack of pol-
icy action from the Bank of
Japan at the end of a two-
day meeting.
The US currency rose 0.3
per cent to Y78.57 as the
yen responded to broader
developments in Asia, with
positive job figures in Aus-
tralia and economic data in
China improving risk senti-
ment in the region.
The Bank of Japan was
widely expected to buy no
further government bonds
this month under its mone-
tary easing programme.
However, government
officials have been warning
the yen is too strong. The
currency has neared Y78
against the dollar in recent
weeks amid general con-
cerns over global growth, a
level widely believed to
have prompted verbal inter-
vention from the BoJ at the
start of June.
With the core G10 cen-
tral banks in a policy eas-
ing and balance sheet
expansion mode, we think
the yen is likely to remain
supported versus the dollar
and the euro, said analysts
at Credit Suisse.
Policy response from
Japan remains a risk, but
the BoJ appears to have lit-
tle appetite for major quan-
titative easing at this point
and intervention will be dif-
ficult to justify internation-
ally at these levels.
The Australian dollar hit
a session high in early trad-
ing of $1.0612 against the
US currency, its strongest
level since March, after
employment rose by more
than expected in July.
The Aussie was also
helped by lower inflation
figures in China that
increased expectations of
monetary easing in the
worlds second-largest econ-
omy and helped spur risk
appetite in the region.
By the end of London
trading, the Aussie was flat
at $1.0566 as risk aversion
took hold of the currency
market later in the session.
Sterling fell 0.3 per cent
against the dollar to $1.5603,
having made strong gains
against other big currencies
the previous day after the
Bank of England signalled
that a further rate cut was
unlikely.
The euro hit its lowest
level all week, losing 0.8 per
cent to hit $1.2266 against
the US dollar.
www.ft.com/currencies
News Corp reaches f iveyear peak
as investors shrug off writedown
By Ajay Makan in London
and Martha Poon
in New York
News Corp shares touched
their highest level in five
years as investors took a
$2.8bn writedown of the
companys newspaper busi-
ness in their stride.
After-market traders had
sent the stock down more
than three percentage
points on Wednesday
evening following the
announcement.
But the widely traded
class A shares climbed as
much as 1.4 per cent to
$24.05 in early trading yes-
terday. By midday in New
York, the stock had
retreated but was down just
0.3 per cent to $23.66.
Attention overnight had
focused on the scale of the
writedown in the publish-
ing business, which is to be
demerged from News Corps
entertainment business.
But some analysts
remained upbeat. [It is]
worth noting the company
still hit their 2012 full-year
guidance and also delivered
a robust guidance outlook
for 2013, Jason Bazinet at
Citigroup told clients.
Despite strong data show-
ing an unexpected fall in
unemployment insurance
claimants and a narrowing
trade deficit, broader mar-
kets were generally flat in
the morning.
Just after midday, the
S&P 500 was off 0.1 per cent
to 1,400.74, the Dow Jones
Industrial Average down 0.2
per cent to 13,146.15 and the
technology-heavy Nasdaq
Composite index up frac-
tionally at 3,012.28.
E Trade Financial rose 6.2
per cent to $8.52 after the
online share trading com-
pany announced the exit of
its chief executive.
E Trade has faced pres-
sure from shareholders,
including Chicago-based
hedge fund Citadel, to
explore a sale as shares
have fallen 30 per cent in
the past year amid subdued
US equity trading volumes.
Michael Tarkan, an analyst
at Topeka Capital Markets,
said the departure of Steven
Freiberg, who will be tem-
porarily replaced by chair-
man Frank Petrilli, would
rekindle takeover talk.
But Mr Tarkan warned:
A potential acquirer would
also likely have to provide a
sizeable capital infusion to
mark the companys loan
portfolio to current market
value, potentially putting
off suitors.
Energy drink company
Monster Beverage fell 7.7
per cent to $62.58 as second-
quarter revenue and earn-
ings missed analyst expec-
tations and it said its gross
margin, a measure of profit-
ability, was down on the
same period last year.
However, Mark Astra-
chan, at Stifel Nicolaus,
maintained his buy rec-
ommendation, telling cli-
ents: We believe [the slow-
down in sales] is more a
function of timing than
materially slowing end-
demand.
Windstream Corporation
declined 8.9 per cent to $9.16
as the internet providers
expenses rose sharply, more
than offsetting higher reve-
nues and pushing quarterly
earnings down 2 per cent
compared with the same
period in 2011.
Nomura analysts high-
lighted losses in the con-
sumer business, which
Mike McCormack said
could signal increasing
competition, which may
lead to aggressive pricing or
higher capital spending.
Kohls shares dropped 1.8
per cent to $51.10 after the
department store chain
reported weaker than
expected sales and a 20 per
cent slide in net income. It
also lowered guidance for
the third quarter.
Paul Lejuez, a retail sec-
tor analyst at Nomura, said:
Kohls strategy for the sec-
ond half of 2012 is to bring
in more inventory units as
management is willing to
sacrifice gross margins to
take back market share.
But we think having
more units in the store is a
risky strategy that could
result in more markdowns
than planned.
Seagate Technology and
Western Digital, makers of
hard disc drives, made
gains after Lazard Capital
analysts initiated coverage
on the sector with buy
recommendations on both.
The sector was hit hard
last year when widespread
flooding in Thailand dis-
rupted supply chains, while
the increasing popularity of
solid state drives threaten
to eat into sales.
But Edward Parker at
Lazard told clients that the
sectors two largest compa-
nies by market share could
prosper as smaller rivals
struggle. Despite ongoing
signs of weakening demand
and the receding of peak
margins, we believe consoli-
dation and the aftermath of
the floods in Thailand have
changed the pricing dynam-
ics of the industry.
Western Digital rose 1.6
per cent to $42.53 and Sea-
gate 0.1 per cent to $32.75.
Semiconductor stocks
Advanced Micro Devices
and Micron Technology fell
1.3 per cent and 1.5 per cent
to $4.34 and $6.79 respec-
tively. Rival Nvidia, due to
report results after yester-
days close, was 0.5 per cent
higher at $14.30.
WALL STREET
Key indicators
Source: Thomson Reuters Datastream
News Corp
Share price ($)
2007 08 09 10 11 12
5
10
15
20
25
Days
Indices Close change
S & P 500 1400.40 -1.82
DJ Industrials 13143.43 -32.21
Nasdaq Comp 3011.23 -0.02
Russell 2000 801.38 +1.22
VIX 15.62 +0.30
US 10 yr Treas Bd 1.72 +0.07
US 2 yr Treas Bd 0.28 +0.01
US equities
The benchmark S&P 500
was little changed, but
still maintaining the 1,400
points mark. ETrade
Financial jumped 6 per cent
as the online broker
announced the departure
of its chief executive
UK equities
Gains in shares of British
Sky Broadcasting, the UKs
biggest pay television
provider, helped stocks
extend a fourmonth high.
Standard Chartered rose for
a second day after tumbling
heavily earlier this week
European equities
Nestl reported sales growth
that beat estimates and rose
2.4 per cent. Insulin maker
Novo Nordisk climbed 1.3 per
cent after saying 2012
revenue would jump, and
Spains nationalised lender
Bankia surged 19 per cent
Asian equities
Japanese stocks extended
a threeday rally, with
exporters such as Fanuc
and TDK leading gains.
But camera maker Nikon
fell more than 8 per cent
after cutting its profit
outlook, citing the strong yen
By Alexandra Stevenson
A clutch of companies
reporting forecast-beating
results helped to build
momentum in the markets.
The FTSE Eurofirst 300
inched closer to a year
high, gaining 0.5 per cent to
close at 1,101.01. The
Europe-wide index peaked
in March at 1,106.79.
Better than expected sec-
ond-quarter profits at
Aegon, the Dutch insurer,
sent its shares to the top of
the index. The company
reported net profits of
254m against a consensus
forecast of 166m.
The reported figure was
37 per cent down on last
years, but the insurer
attributed it to a one-off
charge for policies in the
Netherlands. Its shares rose
5.6 per cent to 4.24.
Subsea 7 also surpassed
expectations in its second-
quarter results.
Its shares climbed 5.1 per
cent to a five-month high of
NKr135 after the seabed-to-
surface engineer reported
adjusted earnings before
interest, tax, depreciation
and amortisation of $326m
against a consensus fore-
cast of $294m.
Nestl, the worlds big-
gest food group by sales,
said its first-half profits
rose 8.9 per cent year-on-
year, buoyed by demand
from emerging markets.
The news sent the stock
up 2.4 per cent to SFr61.05.
Meanwhile, phonemaker
Nokia announced it would
divest its Qt software busi-
ness for an undisclosed sum
and sell hundreds of wire-
less patents.
Its shares climbed 6.5 per
cent to 2.29. In Germany,
concern that the financial
crisis was eating into Com-
merzbanks net income
helped to turn sentiment
against the lender.
Stephan Engels, chief
financial officer, warned
that macroeconomic condi-
tions could continue to put
operating profits under
pressure, adding to disap-
pointment surrounding
Commerzbanks first-half
results. Its shares dropped
4.2 per cent to 1.23.
Stronger than expected
earnings in the second
quarter at Deutsche Tele-
kom failed to lift its price.
While ebitda was
unchanged year-on-year at
4.7bn, revenue dipped by
0.7 per cent to 14.4bn.
Its shares declined 2 per
cent to 9.21 while the
wider Xetra Dax index in
Frankfurt fractionally slid
0.02 per cent to 6,964.99.
Spains part-nationalised
lender Bankia climbed 19.3
per cent to 1.51. It has
gained 64 per cent since last
Friday, when the govern-
ment hinted it could ask for
a sovereign bailout.
LONDON
Forecastbeating earnings
f igures help boost sentiment
EUROPE
Bankia
Source: Thomson Reuters Datastream
Share price ()
Jan Aug 2012
0
1
2
3
4
FTSE 100 closes in
on its high for year
$250bn of Iranian sanctions
breaches. It regained a fur-
ther 3.6 per cent to 13.63,
extending the previous ses-
sions 7.1 per cent rise.
Banks made the biggest
contribution at sector level
to the London benchmark
indexs modest overall rise
of 5.59 points, taking it to
5,851.51, up 0.1 per cent, and
close to its high of 5,956.58
set in March.
Resource stocks also ral-
lied, helping the overall
gains for the index stick.
Commodities trader Glen-
core led the pack, up 2 per
cent to 344.8p.
Amec made the biggest
single loss on the index as
analysts voiced concern
about falling margins. It
lost 4.8 per cent to 11.03,
the biggest single fall on
Londons main index.
Ocado, the delivery serv-
ice for Waitrose groceries,
was among the biggest los-
ers on the FTSE 250, down 4
per cent at 73p.
Overall, Londons mid-cap
index rose 0.2 per cent to
11,459.66, a rise of 24 points
taking it to its best close
since late April.
By Michael Hunter
Wide-ranging broker com-
ment on UK banks caught
investors interest as mod-
est gains took the FTSE 100
nearer its year high.
Analysts at Citigroup
took a look across the sec-
tor after the recent run of
second-quarter earnings
news from the big lenders
exceeded expectations.
Citi named Barclays as
its top pick in the sector
and lifted its price target on
the stock from 300p to 330p,
saying upgrades of up to
11 per cent to its earnings
forecasts were mainly
driven by its investment
banking unit, Barclays Cap-
ital. It closed flat at 179p.
Royal Bank of Scotland
fell 1.3 per cent to 226p after
Citi trimmed its target on
the stock from 235p to 230p.
Citi repeated its buy
rating on shares in Stand-
ard Chartered and was san-
guine about the dangers
posed to the UK bank by
allegations from a US regu-
lator that it had funded
Markets update
AUGUST 10 2012 Section:Markets Time: 9/8/2012 - 19:30 User: whiteg Page Name: WSM2 ASI, Part,Page,Edition: EUR, 24, 1