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fighting with the FT modern age
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skies June 30.indd 5 06/07/2018 17:45

Pompeo sizes
up ‘hard work’
in Pyongyang FT WEEKEND
MAGAZINE MONEY
Mike Pompeo, the US secretary of state,
centre, arrives with his delegation for
talks in Pyongyang with Kim Yong Chol, Music Moneyball
a North Korean senior ruling party offi- How data became
cial and former intelligence chief.
Mr Pompeo said he was hoping during the top talent scout
two days of talks to “fill in” details of the
dismantling of North Korea’s nuclear LIFE & ARTS
programme and the recovery of the
remains of US troops missing from the
Korean war.
The issues were the focus of last
month’s summit between President
Donald Trump and Kim Jong Un, the
North Korean leader. “There’s much
hard work ahead but peace is worth the
effort,” Mr Pompeo said.
Andrew Harnik/Reuters

China takes on ‘trade bully’ Trump The real Downton Abbeys

3 US tariffs on $34bn of imports 3 Beijing counters with levies 3 Economic war escalates HOUSE & HOME

SHAWN DONNAN — WASHINGTON
LUCY HORNBY — BEIJING
Beijing accused Donald Trump of “trade
bullying” as it imposed retaliatory tar-
iffs against new US duties on $34bn of
Chinese imports yesterday in the big-
gest escalation so far of a trade war
between the two largest economies.
The consequences of a dispute that
could threaten global supply chains
have alarmed governments and multi-
national corporations. But Mr Trump
has further raised the stakes, threaten-
ing levies on all $500bn of goods
imported from China in a blunt outline
of his plans to escalate the fight.
“This act is typical trade bullying,”
China’s ministry of commerce said, add-
ing that it “seriously jeopardises the glo-
bal industrial chain [and] hinders the
pace of global economic recovery”.
Ahead of the implementation yester-
day of tariffs on 818 product categories
of imports from China, ranging from
electric cars to industrial lathes, Mr
Trump reiterated his plans to continue
to squeeze China.
A further $16bn in imports would be
targeted in the coming weeks and, if
China continued to retaliate, a further
$200bn would follow. “And then after
the $200bn we have $300bn in abey-
ance, OK?” he said on Thursday. The
$500bn threat would cover almost all
US imports from China, which reached would have expected to see lay-offs.”
$505.5bn in 2017.
In retaliation, China is targeting US
The US added 213,000 jobs in June,
including 36,000 jobs in the manufac-
Jancis Robinson
farm and energy exports, including turing sector at the heart of Mr Trump’s Napa Valley
soyabeans, a top export of states that trade efforts. It also saw 600,000 people
supported Mr Trump, and crude oil. rejoin the labour force. goes green
US officials pointed to robust US jobs The president But business groups insist they are LIFE &
numbers published yesterday as a sign says the US beginning to feel the pain of Mr Trump’s
that the economy could weather any will retaliate aggressive trade policies, which have
ARTS
short-term consequences of a trade war. with ever wider been raising input costs for businesses
“There isn’t clear evidence in the data tariffs: ‘And and are likely to lead to lay-offs. “We are
that the anxiety over trade is being then after not yet seeing the full impact. But it will
harmful to the industries that we would the $200bn we come,” said Kip Eideberg of the Associa-
most watch,” Kevin Hassett, who chairs have $300bn in tion of Equipment Manufacturers.
Mr Trump’s council of economic advis- abeyance, OK?’ Ketchup joins list of targets page 2
ers, told Bloomberg Television. “If they US jobs growth tops forecast page 4
were really concerned about it, we Long View page 18

skies June 30.indd 8 06/07/2018 18:42

Biogen shares soar after clinical trial

raises hope for Alzheimer’s treatment
DAVID CROW — NEW YORK ments. The hypothesis has taken a hit in expensive losing streaks. The drugs
recent years after a string of high-profile approved so far can only ameliorate
Biogen has offered a rare glimmer of failures from companies including symptoms rather than slow the disease.
hope in the usually fruitless field of Merck & Co, Eli Lilly and AstraZeneca. But the sector continues to plough bil-
Alzheimer’s treatment, saying it Big Pharma has tested several drugs lions of dollars into finding a medicine
Merkel’s truce with rival intended to take an experimental drug that target the beta amyloid plaques but to arrest the illness, tempted by the eco-
masks unresolved conflict into the final stages of testing following all of them have ended up flunking the nomics of a product that could help the
promising results from a clinical trial. final, or Phase III, round of trials. roughly 44m sufferers worldwide.
Germany’s odd couple i PAGE 3 “Our next step is to talk to regulatory Biogen and Eisai said patients taking
The decision sent shares in Biogen up 18 authorities to determine the best path the highest dose of their medicine, code-
per cent at the open in New York yester- forward, but our goal is to deliver poten- named BAN-2401, lost their cognitive
Austria €4.70 Malta €4.30 day, adding about $10bn to its market tially the first therapy to alter the course abilities more slowly than those taking a
Bahrain Din2.20 Morocco Dh55
Belgium €4.70 Netherlands €4.70 valuation, after the US biotech company of Alzheimer’s,” said Alfred Sandrock, placebo, according to a final analysis
Bulgaria
Croatia
Lev8.75
Kn31
Norway
Oman
NKr42
OR2.20
and its partner, Japan’s Eisai, said the Biogen’s chief medical officer. conducted after 18 months.
Cyprus €4.30 Pakistan Rupee400 medicine had performed favourably in Asked whether the companies plan- The drug also cleared the sticky
Czech Rep Kc130 Poland Zl 25
Denmark DKr45 Portugal €4.30 a mid-stage “Phase II” study. ned Phase III trials, Dr Sandrock said: plaque-like substance known as beta
Egypt
Finland
E£40
€5.70
Qatar
Romania
QR20
Ron19
The results offered some validation of “Depending on how those discussions amyloid from patients’ brains, they
France €4.70 Russia €5.00 the “amyloid hypothesis”, the most go, this is the drug to do that; we’d like to said. “These are promising results but
Germany €4.70 Serbia RSD520
Gibraltar £3.80 Slovak Rep €4.50 common explanation for what causes move it forward as rapidly as possible.” stay tuned, since this is just Phase II,”
Greece
Hungary
€4.30
Ft1390
Slovenia
South Africa
€4.10
R90
Alzheimer’s, which holds that the It has been 15 years since a new drug said Eric Siemers, a neuroscience res-
India Rup250 Spain €4.30 build-up of sticky plaques in the brain for Alzheimer’s was launched, reflecting earcher who worked at Eli Lilly. “The
Italy €4.30 Sweden SKr53
Latvia €7.59 Switzerland SFr7.00 causes memory loss and other impair- one of the industry’s longest and most amyloid hypothesis wins a round.”
Lebanon LBP9000 Tunisia Din9.00
Lithuania €5.00 Turkey TL17
Luxembourg €4.70 UAE Dh23.00
Macedonia Den240
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2 ★
WORLD|
WEEK IN REVIEW|
Young challenger fights to succeed
Rajoy at head of Spain’s largest party
A contest to succeed Mariano Rajoy, Spain’s recently
ousted prime minister, as leader of the conservative
People’s party has narrowed to a generational battle
after a first round of voting by party members.
Soraya Sáenz de Santamaría, a former deputy
prime minister, polled just under 37 per cent of the
ballot on Thursday, but was only 1,500 votes ahead of
Pablo Casado, 37, a younger challenger seen as part of
a new generation vying for the leadership of Spain’s
largest party. Regional delegates will choose one of
the two candidates in a run-off vote at a party con-
gress in two weeks.
The new head of the party, known as the PP, will
lead the opposition to Spain’s new minority Socialist
government aahead of regional elections next year.
Former Malaysia premier Najib
charged in 1MDB corruption trial
Najib Razak, the former prime minister of Malaysia,
was charged with criminal breach of trust and abuse
of power in the most high-profile corruption trial in
the country’s history.
Mr Najib pleaded not guilty to the charges that are
linked to SRC International, a former subsidiary of
1MDB, the state investment fund from which $4.5bn
has allegedly gone missing.
This week’s court proceedings mark the most sig-
nificant milestone yet in the escalating 1MDB probe,
an investigation launched by Prime Minister
Mahathir Mohamad immediately after he ousted
Mr Najib, his former protégé, in elections in May.
If he is found guilty the former prime minister
could be jailed for 20 years.
President-elect López Obrador
seeks reconciliation with rivals
Andrés Manuel López Obrador has called for reconciliation
with the rivals he crushed in an election landslide that
swept away Mexico’s political establishment.
The president-elect, pictured, faces a five-month
transition period strewn with hazards, including the risk
that US President Donald Trump could impose tariffs on
Mexico’s car sector or derail the Nafta trade deal.
Zimbabwean opposition leader
threatens to pull out of election
Zimbabwe’s main opposition leader has threatened to
boycott this month’s election after claiming that ballot
papers were rigged to favour President Emmerson
Mnangagwa. Nelson Chamisa demanded a halt to
printing the papers, saying “we will not have an elec-
tionwithoutaballotpaperthathasbeenagreedupon”.
The poll, due on July 30, will be the first election
without Robert Mugabe, who ruled Zimbabwe for 37
yearsbeforehewasoustedbythemilitarylastyear.
Mr Mnangagwa has promised that the presidential
and parliamentary elections will be free and fair. His
rulingZanu-PFhasahistoryofriggingvotesandintimi-
dating the opposition but this year he has invited inter-
nationalobservers,includingateamfromtheEU.
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FTWeekend 7 July/8 July 2018
INTERNATIONAL
Tariffs dispute
Ketchup joins EU list of trade targets
Brussels sketches out levies fish, raisins and adhesive bandages. Davidson to announce it was moving Kraft Heinz the right retaliatory targets is unclear.
The EU is bracing itself for a decision some production outside the US to avoid Kraft Heinz, the maker of Heinz Tomato
on US household staples to by the US in the coming weeks on the EU tariffs. Bourbon makers have also said all the Ketchup, already has substantial manu-
counter possible car duties whether imported cars and car parts complained that the new EU import ketchup it facturing operations in Europe. A
constitute a national security threat. taxes will hit their sales in Europe. spokesman told the Financial Times
JIM BRUNSDEN — BRUSSELS The investigation follows repeated Brussels estimates that up to $58bn- sold in that all the ketchup it sold in Europe was
SHAWN DONNAN — WASHINGTON complaints from Mr Trump that the US worth of EU products could be hit by Mr Europe made in Europe.
car industry is treated unfairly and his Trump’s new tariffs on cars and parts. The preparations come even as the EU
Targeting iconic US products such as threats to impose a 20 per cent tariff on This means that, if the EU were to apply was made steps up efforts to dissuade Mr Trump
Harley-Davidson motorbikes and bour- car imports. The EU charges a 10 per the same procedures it used in the case in Europe from imposing the car tariffs, which it is
bon in the fight against President Donald cent tariff on imported passenger vehi- of steel and aluminium, it would then feared would lead to all-out trade war.
Trump’s first round of transatlantic tar- cles; higher than the 2.5 per cent duty target as much as €10bn-worth of US An EU commission official declined to
iffs was just a start — the EU is now eye- applied by the US, although the US also products with equivalent duties. comment on the list, saying “there’s no
ing humble staples such as ketchup. has a 25 per cent tariff on light trucks. European officials said that opting for US decision. We are not going to specu-
European officials said tomato Such treatment, Mr Trump argues, an €18bn list would give the EU more late on any possible scenarios that might
ketchup is one of dozens of products set has led to a $151bn trade deficit in 2017 flexibility when setting the level of addi- materialise or not.”
to be included on an €18bn retaliation with the EU. tional tariffs applied to US products. It Jean-Claude Juncker, the European
list being drawn up by the European Mr Trump earlier this year applied would also provide some room for Commission president, is preparing to
Commission as it prepares for a decision tariffs to steel and aluminium imports manoeuvre as the commission prepares travel to Washington later this month
by Mr Trump to hit EU cars and car parts from the EU, prompting the EU to retali- to consult with national governments on with a proposal for talks among car
with punitive duties. Other items likely ate against €2.8bn worth of US goods. the precise contents of the list. exporters on lowering tariffs.
to be included on the list include frozen Those tariffs prompted Harley- Whether the EU is now considering AdditionalreportingbyGuyChazaninBerlin
Collateral damage. Southern discomfort
Tit-for-tat levy hits whiskey and rye
Kentucky bourbon distillers
stuck in middle as Europe
retaliates against Trump tariffs
DEMETRI SEVASTOPULO
LAWRENCEBURG, KENTUCKY
Standing beside his Harley-Davidson at
the Wild Turkey distillery in Kentucky,
Larry Sewell is in heaven after a few
glasses of the bourbon whiskey that has
been his drink of choice for 40 years.
“This stuff is nectar for the gods and I
should know because I’ve drunk
enough,” said Mr Sewell, who rode from
Alabama with his brother to visit distill-
eries on the Kentucky Bourbon Trail.
While spirits at Wild Turkey are high,
the mood across the state’s signature
industry is less upbeat. Throughout
Kentucky, distillers are worried about
the impact of duties that Europe, Mex-
ico and Canada have put on US whiskey
in retaliation for the Trump administra-
tion’s steel and aluminium tariffs.
“There is concern for sure in the bour-
bon industry,” said Andy Barr, a Repub-
Pedro Pardo/AFP/Getty Images
lican congressman whose district boasts
several big distilleries. “It’s extremely
important because it is a source of Frustration: decade ago. “Distilleries are frustrated the growing demand from Europe and that emerges, the main concern in the
jobs . . . it’s a way for us to export Ken- Amir Peay has because we feel kind of powerless. This Asia. area is focused on whiskey.
tucky to the world.” spent a decade is a fight we didn’t pick.” “We’ve just scratched the surface on Mr Gregory said the last time distillers
The EU and Mexico have imposed reviving James E Amir Peay feels that frustration. In converting Scotch drinkers and others stood up was in 2009 when the threat of
25 per cent tariffs on US whiskey and Pepper whiskey 2008, he relaunched the James E Pepper to bourbon overseas,” he said. taxes sparked a “Bourbon Tea Party” in
Canada 10 per cent. While the duties but now feels brand, which had been produced since Given the stakes, Mr Peay is surprised which protesters poured whiskey on the
apply to all US whiskey, they are like a victim in the American Revolution until it went the big producers have not been more steps of the state capitol building in
designed to hurt Kentucky, which is the trade battle bust in the 1950s. Over the past decade, vocal in criticising the Trump adminis- Frankfort. “If it continues to esca-
Demetri Sevastopulo
home to Mitch McConnell, the Republi- he has built a business selling his “1776” tration. “It probably has to do with peo- late . . . we might not be pouring bour-
can Senate majority leader. bourbon and rye, and planned to make a ple not wanting to be perceived as taking bon on the capitol steps or the White
The tariffs are aimed at an industryy big push in Italy and Britain this year.
b political sides during a very contentious House, but you’ll see us continue to ele-
that is growing rapidly. Overr “Our business now is essentially col- time in politics in America,” he said. vate our message,” he said.
the past two decades, USS laateral damage,” said Mr Peay, who says Al Cross, a political columnist and Mr Barr, who has lobbied everyone
whiskey exports have risen n hee will have to raise prices in Europe University of Kentucky journalism pro- from Steven Mnuchin, Treasury secre-
from $290m to $1.13bn, froom €35 to €45 for a 700ml bottle. fessor, said their caution came from pro- tary, to Mike Pence, vice-president,
according to the Distilled d SSome of the big distillers have also ducing in a state with a big evangelical hopes there is an element of the “Art of
Spirits Council. Eric Gregory, waarned about higher prices. Campari, population where there used to be many the Deal” in Mr Trump’s actions. But he
head of the Kentucky Distill-- wh hich owns Wild Turkey, said the tar- “dry” counties prohibiting alcohol sales. also knows that while Mr Mnuchin and
ers Association, said the tariffss ifffs would not hurt growth plans but Lexington Mayor Jim Gray said the Larry Kudlow, White House economic
would hurt the industry, which h woould “result in price increases”. distillers were also hoping that perhaps adviser, are less keen on tariffs, hardlin-
has been enjoying a renais-- Brown-Forman, which makes Jack
Br Mr Trump would do an about face — ers such as Robert Lighthizer, US trade
sance, driven partly by growingg Daaniel’s, said European consumers though he felt this was overly optimistic. representative, and Peter Navarro, the
demand in Europe. woould pay about 10 per cent more. Mr Gray and Mr Barr both stress that hawk whose views most closely align
“We are riding the amberr Th he large distillers have, however, while the threat to bourbon is immedi- with Mr Trump, are harder to sway.
wave . . . and then somethingg plaayed down the impact of the tariffs. ate, they are also concerned that Mr Asked whether Mr Navarro and Mr
like this comes along. It’s kind d But Mr Gregory said the long-term
B Trump is considering introducing auto Lighthizer were bourbon drinkers, he
of a downer,” said Mr Gregory,, daamage could be significant, espe- industry-related tariffs, particularly said with a smile: “I hope they are . . . I
adding that the industry pro-- ciaally since many have made big since the Lexington area boasts the larg- invite them to Kentucky so they can
vided 17,500 jobs against 4,000 a investtments in recent years to service est Toyota plant in the world. But until have a glass of bourbon with me.”
White House
Trump isolated further after Pruitt step downs from cabinet
WOR
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AMERICAN
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Warning: this article may be
FEBRUARY 4 2017
FT WEEKEND
W EEKEND MAGAZINE
MAG
G AZINE
upsetting — LIFE & ARTS
edit Suisse Art of persuasion
persu
uasion Mystery deepens
How To Spend It Donald Trump’s top remaining cabinet
gulfed in
over
v disputed painting of Jane Austen
locations around DC in search of a par- ally tweeted this week. “Drain it.” the White House’s announcement that
members and aides.
tax probee
Chic
C hic new lodgings
ticular type of body lotion. Yet his departure brings even more Bill Shine, the former co-president of
Right in the middle: Scott Pruitt, until In his office at the EPA, Mr Pruitt attention to the unprecedented turno- Fox News, would be stepping in to fill the
(Deposito Legal) M-32596-1995; Publishing Director,
Lionel Barber; Publishing Company, The Financial Times Thursday the head of the Environmen- installed a $40,000-plus soundproof ver in this administration, leaving the role of White House communications
Limited, registered office as above. Local Representative tal Protection Agency, a big red “X” booth to make secure phone calls. He US president with fewer White House director, a job that has been open since
office; C/ Infanta Maria Teresa 4, bajo 2, 28016, Madrid.
ISSN 1135-8262. emblazoned across his chest. was accused of using his EPA position confidantes and allies. Mr Trump’s longtime aide Hope Hicks
UAE: Al Nisr Publishing LLC, P.O.Box 6519. Dubai. Editor
in Chief: Lionel Barber.
In the months leading up to his resig- and staff to help his wife attempt to Mr Pruitt is the seventh cabinet offi- left in March.
Qatar: Dar Al Sharq, PO Box 3488, Doha-Qatar. Tel: +97 nation, Mr Pruitt, a former Oklahoma become a franchisee of Chick-fil-A, the cial to leave his job in the 17 months Mr Trump’s chief of staff John Kelly
44557825 attorney-general, had survived a near- fast-food chain. Mr Pruitt responded since Mr Trump took office. Barack and press secretary Sarah Huckabee
France: Publishing Director, Jonathan Slade, 46 Rue La
Boetie, 75008 Paris, Tel. +33 (0)1 5376 8256; Fax: +33 (01) daily deluge of allegations that he used that he and his wife loved Chick-fil-A Obama and George W Bush each had Sanders have batted away reports of
5376 8253; Commission Paritaire N° 0909 C 85347; ISSN
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ethics investigations into Mr Pruitt’s He was attacked over his close rela- and secretary of the interior Ryan Zinke
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Mr Pruitt had previously come under cials and advisers have prompted even across his chest on the Post’s cover tion . . . it is only a matter of time.”
7 July/8 July 2018 ★ FTWeekend 3

INTERNATIONAL

Germany’s odd couple endure fiery political marriage

Migration dispute that has divided Merkel and Seehofer is latest sign of long-running feud between CDU-CSU leaders
GUY CHAZAN — BERLIN
It was one of the most humiliating
moments in Angela Merkel’s 13 years as
German chancellor — the time when a
man who was nominally her ally sub-
jected her to an intense and public 10-
minute tongue-lashing.
In November 2015, Angela Merkel
was forced to share a stage in silence
with Horst Seehofer, the Bavarian prime
minister, as he savagely attacked her
refugee policy.
The occasion was the annual confer-
ence of Bavaria’s Christian Social Union,
sister party of Ms Merkel’s Christian
Democratic Union. But there was little
sign that the parties were so close. Mr
Seehofer was furious that Ms Merkel
had refused to cap the number of
migrants coming into Germany — and
he made his anger clear. “We will con-
tinue to demand this,” Mr Seehofer said.
“We want to control [immigration], we
want to regulate it, but we also want to
restrict it — in the national interest.”
Mr Seehofer “made Merkel stand
there next to him like a little girl while
he delivered his lecture,” said Peter Sie-
benmorgen, an author and expert on
the CSU. But the dressing-down
reflected antagonism with much deeper
roots, he said. “There is a lack of empa-
thy between them that really has no
precedent in postwar German politics.”
The Merkel-Seehofer psychodrama
has rumbled on at low intensity for
years. As Ms Merkel came to dominate
German and then European politics, it
was little more than background noise.
But that all changed last month, when
she rejected Mr Seehofer’s proposal that
refugees registered in other EU coun-
tries be turned away at the German bor-
der. The chancellor said such unilateral
moves would undermine the Schengen
passport-free travel zone and harm
European unity. Suddenly, the feud
between two of Germany’s most famous
“frenemies” risked becoming a full-
scale war. As the two dug in, fears grew
for the future of the CDU-CSU alliance, a
union that has dominated German poli-
tics for almost 70 years.
A protestant pastor’s daughter from
East Germany and the Catholic son of a
Bavarian lorry driver, Ms Merkel and
Mr Seehofer have known each other for
decades, serving as ministers under
Helmut Kohl in the 1990s. But theirs has
always been a somewhat stormy rela-
tionship. They “are as different as it is
possible to be,” said Mr Siebenmorgen.
“They can talk for hours but they just do
not get through to each other.”
The two fell out badly in 2004, a year
before Ms Merkel became chancellor,
over reforms to Germany’s health sys-
tem. After failing to get his proposal
through, Mr Seehofer resigned as dep-
uty leader of the CDU-CSU parliamen-
tary group. The skirmish left deep scars.
In October 2015, as head of the Ger-
man state that bore the brunt of the
migrant influx, Mr Seehofer threatened
to challenge Ms Merkel’s decision on
opening the border in Germany’s consti-
tutional court, though he never followed
through. In February 2016 he declared
the border regime a “reign of injustice”.
He also needled the chancellor by
courting European leaders seen as her
foes, inviting Viktor Orban of Hungary
to CSU conferences and visiting
Vladimir Putin in Moscow.
Angela Merkel Yet through it all, he and Ms Merkel
listens grim remained on outwardly cordial terms.
faced as Horst In a 2016 interview, Mr Seehofer even
Seehofer, showed off the toy figure of the chancel-
Bavaria’s prime lor that is part of the enormous model
minister, train set he keeps in his Bavarian holi-
launches a day home. “When we’re getting on well,
savage attack on she’s the head of the whole operation,”
her immigration he told one interviewer in 2016. “When
policy at the we’re not, I put her on the window sill.”
CSU party Though their antipathy runs deep,
congress in neither has any interest in a complete
November 2015 break. Ms Merkel’s CDU does not field
Sven Hoppe/dpa
candidates in Bavaria and cannot rule
without its alliance with the CSU, which
dominates the state. On the other hand,
the union with the CDU gives the CSU a
national platform to project Bavarian
interests. It is a relationship so essential
to German politics that both sides are
stuck with each other, however badly
they get on. “They’re like an old married
couple who are constantly bickering but
can’t live without each other,” said
Werner Patzelt, professor of politics at
TU Dresden.
Mr Seehofer and Ms Merkel called a
truce ahead of last year’s Bundestag
elections, with the Bavarian leader call-
ing the chancellor the “biggest trump
card” in the CDU-CSU’s campaign.
But his tone changed again after
the results. The CSU had slumped to
38.5 per cent in Bavaria, almost 11 per-
centage points less than in 2013, while
the anti-immigration Alternative for
Germany emerged as Germany’s largest
opposition party.
“Seehofer believed that Merkel’s
migration policy, and her refusal to cor-
rect it, was to blame for the CSU’s dismal
performance,” said Mr Patzelt. “He felt
himself to be the victim of Merkel’s per-
ceived stubbornness and her unwilling-
ness to admit her mistakes.”
After months of negotiations, Ms
Merkel managed to form a coalition
government between the CDU, CSU and
left-of-centre Social Democrats, and
Mr Seehofer was named interior minis-
ter. Things got off to an inauspicious
start when, in his first newspaper inter-
view in the job, he declared that Islam
“does not belong to Germany”. Ms Mer-
kel quickly contradicted him.
But the dispute over tightening bor-
der controls eclipsed their previous
spats. Mr Seehofer was enraged when
Ms Merkel obliquely threatened to fire
him if he went through with the policy
over her objections.
Speaking to the Süddeutsche Zeitung,
he said he would not let himself “be
sacked by a chancellor who I made
‘They can
talk for
hours but
they just do
not get
through to
each other’
Peter
Siebenmorgen
chancellor in the first place”. “The per-
son who I helped into the saddle is kick-
ing me out,” he added.
Yet in a television interview in late
June, Mr Seehofer denied that he and
the chancellor did not like each other.
“We have experienced some very, very
heartfelt moments together, a lot of
humorous moments too,” he said.
The peace deal hastily negotiated
between the CDU and CSU this week has
resolved their dispute over asylum pol-
icy — for now. But many see it as merely
a temporary truce in a long war. “The
two will be watching each other like cats
and dogs,” said Mr Patzelt. “This conflict
can burst out again at any time.”
Asylum conflict
Cutting ‘transit centre’
talk resolves deadlock
The parties in Germany’s coalition
government have reached a deal to
resolve their month-long conflict
over asylum policy, agreeing to
ditch all references to “transit
centres” for refugees on the
German-Austrian border.
The two-page agreement calls
instead for “transit procedures” on
the border for refugees who have
already applied for asylum in
another EU state.
They will be sent back to those
states within 48 hours of their
arrival in Germany — but only after
Berlin has negotiated bilateral deals
with those countries allowing for
their deportation, in particular Italy
and Greece.
It was agreed the refugees would
undergo the transit procedure in
police premises near the border or
be sent to Munich airport, where
fast-track facilities for checking
refugees arriving in Germany
already exist. No new “camps”
would be built and the migrants
would be held in these conditions
for no more than 48 hours.
The deal finally resolves a
conflict that at one point had
threatened to blow up Germany’s
government less than four months
after it took office. It shifts the onus
on to Horst Seehofer, Bavaria’s
prime minister, who must now
negotiate bilateral deals with other
EU countries allowing for
repatriations. That could prove a
Sisyphean task.
The peace deal between the CDU
and CSU envisages any refugees
other EU countries refused to take
back would be deported to Austria,
on the basis of a new treaty with
Vienna. But Austria’s chancellor
Sebastian Kurz has made it clear he
is not interested in such a treaty.

Supreme Court

Poland’s ‘accidental heroine’ buys time for EU

JAMES SHOTTER AND EVON HUBER
WARSAW
As the clock ticked towards the intro-
duction of a law to force her premature
retirement as Poland’s Supreme Court
president, Malgorzata Gersdorf seized
the moment to deplore what was hap-
pening in the country she served.
Her forced departure — and that of up to
two dozen colleagues — was a “purge”,
Mrs Gersdorf said — a word that seemed
to hark back to Poland’s days as a Soviet
satellite. An era of judicial independ-
ence in the country was ending, she
warned in a blistering attack heard far
beyond the Warsaw University lecture
hall where it was delivered.
The following day, despite govern-
ment claims the new law meant she was
retired, Ms Gersdorf turned up to work.
Supporters at the Supreme Court in
Warsaw greeted her with the national
anthem and chants of “constitution!”
The show of defiance seemed to
cement Ms Gersdorf’s position as a face
of the resistance to changes to Poland’s
judicial system, which have been
pushed through by the ruling Law and
Justice party, headed by Jaroslaw Kac-
zynski. Critics at home and in Brussels
fear that the rule of law — a cornerstone
of membership of the EU, which Poland
joined in 2004 — is being undermined.
Yet even as she defied the govern-
ment, Ms Gersdorf also announced to
widespread surprise that she would go
on holiday from next week. The move
averted an immediate showdown over
who now heads Poland’s top court. But it
also suggested an ambivalence about
her role at the heart of the dispute over
the rule of law.
“It is not her natural role to be
the leader of the battle,” said Marcin
Matczak, a lawyer and colleague of
Ms Gersdorf in the legal faculty of
Malgorzata
Gersdorf: face
of resistance
to changes to
Poland’s judicial
system
Warsaw university. Poland’s media has
dubbed her the “accidental heroine”.
Born into a legal family, Ms Gersdorf
grew up in Warsaw just a few streets
away from Mr Kaczynski and his twin
Lech, who were three years her senior.
Her relations with Lech Kaczynski —
a fellow labour law specialist who served
as Poland’s president until his death in
the Smolensk air crash in 2010 — were
cordial. He appointed her to the
Supreme Court in 2008. But her
relations with Jaroslaw were less
friendly and when Law and Justice
began its drive to shake up the judiciary,
Ms Gersdorf, by then the Supreme
Court’s first female head, found
herself firmly in the party’s cross-hairs.
Law and Justice’s crusade for judicial
reform began in 2016 with the neutering
of the constitutional tribunal. When its
head Andrzej Rzeplinski, an outspoken
critic of the government’s plans, left
office, Ms Gersdorf became the judici-
ary’s most high-profile defender.
Yet while she frequently spoke up
against the government’s reforms, sup-
porters and opponents said she has not
been among the court’s hardliners in the
stand-off with the government.
One lawyer said: “There were some
errors . . . but I want to make a very
clear distinction between the small
things and the big things. On the big
decisions, I think she behaved in an
intelligent way, a very brave way.”
Ms Gersdorf’s most decisive move
could prove to be her decision to go on
holiday. People who know her say she is
tired, and that the break is well-
deserved after so long in Law and Jus-
tice’s sights. Others suggest that by
avoiding an immediate showdown, she
has created time during which the EU’s
top court could yet intervene.
This week, the European Commission
launched an infringement procedure
against Warsaw over the supreme court
changes. This could yet see Poland
taken to the European Court of Justice,
which could block Poland’s law before
new Supreme Court judges are installed,
and the changes become irreversible.
4 ★
Employment
US labour market draws 600,000 new jobseekers
Inflation fears recede as
rise in supply of workers
weighs on wage growth
JOE RENNISON AND PETER WELLS
NEW YORK
Participation in the US labour market
surged in June as workers who had been
sidelined from employment started
looking for a job again.
The labour force grew by 601,000,
with the percentage of the US popula-
tion in work or looking for work rising
0.2 per cent to 62.9 per cent. The rise in
Thailand
Former Navy Seal dies in cave rescue effort
JOHN REED — BANGKOK
EDWARD WHITE — TAIPEI
AGENCIES — CHIANG RAI
A diver died yesterday while taking
part in an attempt to rescue a boys’
football team trapped in a flooded
cave, marking the first fatality in a per-
ilous mission being followed closely in
Thailand and around the world.
Thai media identified the man as
Samarn Kunan, 37, a former Thai Navy
Seal who worked as a security officer for
the Airports Authority of Thailand at
Bangkok’s Suvarnabhumi Airport.
Apakorn Yukongkaew, Thailand’s
Navy Seal commander, told reporters
gathered at the cave site that Mr Samarn
lost consciousness at 1am yesterday as
he was returning used oxygen tanks to
part of the cave complex, which
stretches 10km under a mountain near
the northern city of Chiang Rai. His
diving partner tried in vain to resusci-
tate him.
“Samarn took three oxygen tanks to
the area where the boys are stranded,”
Mr Apakorn told Thailand’s The Nation
newspaper. “Though it does not look
like a long distance, a one-way trek
through the tough conditions takes
about 5-6 hours. This means we use alto-
gether 12 hours on one return trip.”
Thailand’s King Maha Vajiralong-
korn, who has been taking an active role
in the rescue effort, is to sponsor the
man’s funeral.
The death highlighted the dangers
inherent in the effort to rescue the 12
boys, aged 11 to 16, and their coach. The
group were trapped inside the Tham
Luang cave complex after entering on
June 23, when heavy rains caused flood-
ing and blocked their exit.
British and Thai divers on Mon-
day found the group alive, perched on a
ledge above water deep inside the cave,
nine days after they entered.
Rescuers are trying to decide how to
extract the boys, many of whom cannot
swim, from the cave, some passages of
which are entirely flooded. A Thai mili-
tary-led team has been pumping oxygen
into the complex and water out of it, but
rescuers are battling against heavy
monsoon rainfall.
Options include waiting until flood
waters recede at the end of the rainy sea-
son in four months’ time, while another
possibility is to train the group to use
scuba gear and dive through the flooded
tunnels to safety. But questions have
been raised over whether the boys are
strong enough to undertake an arduous
trip that has taken trained divers sev-
eral hours.
A further option under discussion
would be to find another way into the
chamber, possibly by drilling from the
surface. Yesterday Elon Musk, the
South Africa
‘Frivolous’ auction of night in Robben Island cell to mark Mandela centenary is scrapped
JOSEPH COTTERILL — JOHANNESBURG
It is the most hallowed four square
metres in South Africa. The cramped
cell on Robben Island where Nelson
Mandela spent 18 of the darkest years
of his 27 year as apartheid’s prisoner.
And until this week, spending the night
the supply of workers helped to push the
unemployment rate back up to 4 per
cent, marking the first increase in the
number in almost a year following
May’s 18-year low of 3.8 per cent. It also
weighed on wage growth, analysts said,
which rose 2.7 per cent from a year ago,
below expectations.
Nonetheless, the numbers have been
taken as a sign of strength in the jobs
market, with companies drawing peo-
ple back into the labour force. The
number of new people in employment
rose above expectations, climbing by
213,000 in June, and with a revision
pushing May’s jobs growth even higher.
Underground mission
How it unfolded
June 23 The 12 boys from the
“Wild Boar” under-16 football team
and their coach are reported
missing after entering a cave in
Thailand’s northern Chiang Rai
province
June 26 Three British cave divers
arrive in Thailand, joining a Thai
military-led effort that will draw in
volunteers from the US, China,
Australia, Laos, Myanmar and other
countries
July 2 Thai and British divers find
the missing party more than two
kilometres into the cave, sheltering
on a muddy outcrop. The rescue
effort shifts to devising a way to
extract the 13 safely
July 6 A Thai diver collapses and
dies while he and a colleague are
returning from placing oxygen
tanks inside the cave. With long
passages of the cave already
underwater and heavy rains
forecast, rescuers look for ways to
reach the group from above
Cave system cross-section
Site considered for
evacuation shaft
Boys found here
Flood water
FT graphic: Graham Parrish Source: FT research
‘Though it does not look a
long distance, a one-way
trek through the tough
conditions takes 5-6 hours’
Apakorn Yukongkaew,
Navy Seal commander
there was on sale to the highest bidder
for a minimum of $250,000 in an abor-
tive charity stunt aimed at corporate
chiefs that has provoked outrage over
tarnishing the memory of the country’s
most revered citizen.
On Thursday, organisers of the “Nel-
son Mandela Legacy SleepOut — Rob-
FTWeekend
INTERNATIONAL
“It’s a testament to the health of the
The US economy added more
economy and the demand for workers,”
said David Lebovitz, global market jobs than expected in June
strategist at JPMorgan Asset Manage- Non-farm payrolls
ment. “People keep coming back into Jobs added Unemployment
the labour force.” (’000)
The numbers steady the Federal 400
Reserve’s hand, with the muted wage
growth tempering fears that runaway 300
inflation would force the central bank
into raising rates more quickly than 200
expected. 100
The US dollar was the main casualty
after the jobs numbers were released, 0 3.5
but was already under pressure from 2015 16 17
worsening trade disputes. The DXY Source: Bureau Labor Statistics
Tham Luang cave system
Plan view
500m
Monk Series
Show cave
Belongings found Main
entrance
at Monk’s Junction
Nang Non Series
Tham Lak
Potential
Bolder Choke
evacuation shaft
‘Pattaya Beach’
Tham Sai Thong
Group found here
Tham Luang cave Entrance
MYANMAR
LAOS
Chiang Rai
province
THAILAND
Bangkok
CAMBODIA
Gulf of
Thailand
400km
maps4news.com/©HERE
2.2km
Base for
rescue party
Monk’s Junction
Entrance
entrepreneur and chief executive of rate of 180,000 litres per hour. But res-
Tesla, tweeted: “SpaceX & Boring Co cuers were struggling to identify and
engineers headed to Thailand tomor- plug every source of water that flows
row to see if we can be helpful to govt. into the cave, and further rains are fore-
There are probably many complexities cast for the area. Thailand has mobilised
that are hard to appreciate without large numbers of troops and police to
being there in person.” the site. The cave drama has been lik-
Thailand’s Bangkok Post newspaper ened to the rescue of 33 Chilean miners
reported that 130m litres of water had who were trapped underground for 89
been pumped out of the cave so far at a days and rescued — all alive — in 2010.
ben Island Edition” offered “sincere places of our struggle — there is not one
apologies” for marketing a “once in a more symbolic of our deprivation and
lifetime opportunity” to sleep in the cell subjugation than Robben Island,” Mr
during this month’s centenary of the Dlamini added.
birth of Mandela, who died in 2013. Mandela’s legacy has been overshad-
The event has been postponed, said owed before, including a feud within his
the CEO Sleepout Initiative, a philan- family, while the public protector, a gov-
thropic group that says it has raised ernment ombudsman, found last year
R38m ($2.1m) since 2015 for homeless that millions of rands were “improperly
charities from events where chief execu- diverted” during his funeral in 2013.
tives sleep rough for a night during the Along with other freedom fighters
South African winter. imprisoned on Robben Island, off Cape
The furore sparked debate over cor-
porate insensitivity to the history of the
struggle against white minority rule —
and about how post-apartheid South
Africa is remembering its heroes, 28
years since Mandela was released.
“It’s deeply exploitative of his mem-
ory . . . it brings a frivolous sense to what
Robben Island represents,” said Victor
Dlamini, a Johannesburg-based commu-
nicationsconsultantandphotographer.
“I wouldn’t mind if the sleepout took
place in a rugby or cricket stadium.
What I find problematic is that of all the
index, which tracks the dollar against a
weighted basket of global peers, was
down 0.5 per cent at 94.022 about an
hour after the release, double its decline
ahead of the data.
rate (%) Wall Street was higher in early trad-
5.5 ing, with the S&P 500 up 0.2 per cent.
The yield on the benchmark US 10-year
5.0 Treasury fell, down 2.4 basis points at
2.82 per cent, while the two-year yield,
4.5 which is more sensitive to Fed policy
4.0 expectations, was down 1.6 bps at 2.55
per cent. Yields fall as bond prices rise.
“The numbers support the view that
18 there is no imminent risk of inflation
getting out of control but the Fed is going
Subway killers
Japan executes cult guru
behind sarin gas attacks
LEO LEWIS AND KANA INAGAKI — TOKYO
Tokyo police have been placed on spe-
cial alert and the chief cabinet secre-
tary pledged “all possible measures”
for public safety after the half-blind
guru who led the Aum Shinrikyo Japa-
nese doomsday cult and master-
minded the Tokyo subway gas attacks
was executed yesterday.
Chizuo Matsumoto, who led the Aum
Supreme Truth cult under the name
Shoko Asahara, was sentenced to death
14 years ago for multiple crimes. They
included ordering the 1995 sarin nerve
gas attacks on the Tokyo Metro under-
ground system that killed 13, injured
thousands and “plunged Japan and the
world into deep fear”. He was 63 at the
time of his death.
Tokyo Metropolitan Police said they
had beefed up security around the
prison in Katsushika ward in the eastern
part of the capital where Asahara had
spent time on death row. When his
death sentence was handed down in
2004, it was estimated by police that
about 1,650 people were still living by
the teachings of the guru, after the cult
changed its name to Aleph.
Asahara, the son of a tatami mat
maker, was convicted of 13 separate
crimes that resulted in the deaths of 27
people. They included the family of a
lawyer who had been acting against the
cult and seven people who died when
the cult released sarin gas in the central
Japanese city of Matsumoto nine
months before the Tokyo gas attacks. As
well as an office in Tokyo, the cult had
headquarters in a village near the foot of
Mount Fuji — a compound that included
a factory for chemical weapons.
“His crimes did not stop at the mur-
der of particular individuals, but
extended into indiscriminate acts of ter-
rorism. These acts plunged Japan and
the world into deep fear,” Shoji Ogawa,
the presiding judge in Asahara’s trial
said in 2004.
The process of bringing Asahara to
justice lasted almost a decade, involved
more than 250 hearings and multiple
changes of defence team. During that
time, Asahara said almost nothing in
court beyond mumbled words and
unintelligible comments.
That behaviour prompted Asahara’s
lawyers to claim that he was not men-
tally fit to stand trial, an appeal rejected
by Japan’s supreme court, which final-
ised the death sentence in 2006.
The Tokyo attacks, which involved
the near simultaneous release of sarin
nerve gas on three commuter lines dur-
ing morning rush hour, were the deadli-
est terror incident to strike postwar
Town, Mandela endured humiliation by
guards and hard labour in a limestone
quarry. The prison, converted into a
museum with former inmates as its
guides, became a symbol of the apart-
heid state’s brutality.
Money raised from the auction of the
cell would have benefited a charity for
reintegrating prisoners into society, the
CEO Sleepout Initiative said.
The group added that Robben Island
representatives had agreed to the auc-
There have been
accusations of
corporate
insensitivity
over the plan to
hold a charity
sleepover in the
Robben Island
prison, which is
now a museum
Schalk van Zuydam/AP
7 July/8 July 2018
to continue with normalising interest
rates,” said Ian Lyngen, head of US rates
strategy at BMO Capital Markets.
James Knightley, chief international
economist at ING, pointed to a jobs sur-
vey from the National Federation of
Independent Business this week indi-
cating the proportion of small busi-
nesses looking to hire workers had been
higher than it now on only three occa-
sions in the past 45 years.
“This suggests that these 600,000
newly available workers can quickly
find work if they have the right skills
and that the unemployment rate will
very swiftly fall back,” he said.
Japan. Despite long cross-examination
during his trial and hours of police inter-
views, Asahara has never revealed the
motivation for the attacks.
Shizue Takahashi, the widow of the
Tokyo Metro stationmaster who died in
the attack, said: “I never wanted to hear
the truth [about the attacks] from Mat-
sumoto himself. I am glad the execution
was finally carried out.”
The police arrested more than 400
cult members following the attacks.
Over time, nearly 200 Aum members
were indicted for crimes ranging from
murder to illegal ownership of firearms.
Japanese media interrupted broad-
casts to report Asahara’s execution by
hanging — the culmination of a series of
trials during the late 1990s and early
2000s, a 17-year manhunt for several
fugitive cult members that ended in
2012 and more than a decade on death
row for the guru. Six other senior mem-
Shoko Asahara, head of the Aum
cult, who was hanged yesterday
bers of the cult were also executed yes-
terday. They had been on death row at a
variety of prisons around Japan and
included Masami Tsuchiya, the chemist
who assembled the sarin gas and had
helped the group to produce other nerve
agents, including VX.
A further six members of the cult,
including several who were on the run
for years after the Tokyo subway attack,
are also due to be executed.
The cult mixed Buddhist and Hindu
meditation techniques with Asahara’s
own doomsday preachings, which drew
on a variety of apocalyptic scripture and
conspiracy theories. At its peak just
before the 1995 attacks, the Aum cult,
which was formed in the late 1980s, had
an estimated 11,400 members, accord-
ing to the ministry of justice.
Japanese media circulated images and
footage that had emerged around the
time of the 1995 attacks showing cult
members performing a variety of cere-
monies and rituals around Asahara.
He was due to be executed in 2012,
but that was postponed after several
members of the cult who had gone on
the run were finally tracked down and
brought to trial.
tionatameetingthisyear.Butamuseum
spokespersonsaidthisweekthattheauc-
tion was “completely impossible . . . our
heritage is not some piece of carrot that
can be dangled to people who have their
own financial interests in mind”.
Commemorations to mark Mandela’s
centenary on July 18 have included
South Africa’s central bank printing a
special series of banknotes that already
bear his image. Barack Obama, the
former US president, will also speak at
the foundation that preserves Mandela’s
legacy on the day.
CEO Sleepout events have raised eye-
brows for temporarily exposing busi-
ness leaders to privations that many cit-
izens cannot escape in a country with
one of the highest rates of inequality
worldwide and where poverty remains
concentrated in the black majority.
The group is going ahead with a sleep-
out next week at the Lilliesleaf farm
near Johannesburg where Mandela and
other ANC activists were arrested in a
police raid in 1963.
7 July/8 July 2018 FTWeekend 5
6 FTWeekend 7 July/8 July 2018
7 July/8 July 2018 ★ FTWeekend 7

FT BIG READ. GLENCORE

One of the world’s biggest mining and trading groups, Glencore faces a US investigation into possible
bribery and corruption. Chief executive Ivan Glasenberg could be forced to rein in its risk-taking culture.
By Neil Hume, David Sheppard and Henry Sanderson

I
n a sleepy Swiss town 30km from reserves of the metal — even more valu-
Zurich sits one of the companies able. Cobalt prices have more than dou-
that keeps the global economy tick- bled to almost $40 a pound in the past
ing, supplying the raw materials two years.

An audacious business
that touch every facet of modern “The boom in cobalt is the game-
life from mobile phones to automobiles changer here,” says Anneke Van
and petroleum. Woudenberg, executive director of
Since its creation 44 years ago Glen- RAID, a non-profit group in London.
core has become the biggest commodity “The money to be made is immense.”
trader in the world. But with that has In June Glencore agreed to pay Mr

model in the dock

come notoriety and this week the atten-
tions of a US Department of Justice
investigation into bribery and corrup-
tion that some believe will force the
Switzerland-based group to change its
business model.
As well as being a major miner, it is the
ultimate middleman, moving millions
of tonnes of commodities across the
globe, linking the suppliers of raw mate-
rials — often in developing countries —
with consumers in wealthy and fast-
growing ones, earning wafer-thin mar-
gins on large volumes along the way.
But what sets Glencore apart from its
peers is its appetite for risk, at times
pushing the limits of what is allowed in
the modern global economy. Glencore’s
billionaire chief executive Ivan Glasen-
berg, who has helped expand the com-
pany’s operations to 50 countries, is pre-
pared to go where others fear to tread.
That includes some of the poorest and
most corrupt countries in the world.
“When the DoJ issues a subpoena like
that they have to believe there’s some-
thing to it,” says one mining lawyer.
“They are looking for transactions that
don’t pass the smell test.”
London-listed Glencore commands a
market capitalisation of about £63bn
and builds mines and strikes oil and gas
deals in some of the most challenging
jurisdictions, backing itself to manage
the political risks and volatility inherent
in developing countries.
This approach to business has made
Mr Glasenberg, a South African-born
accountant famed for his sharp tongue,
and his coterie of key lieutenants fabu-
lously wealthy. But it has also made the
company a target for regulators.
On Tuesday, the DoJ ordered the com-
pany to hand over documents and
records relating to possible corruption
and money laundering in Nigeria, Vene-
zuela and the Democratic Republic of
Congo over more than a decade, realis-
ing the worst fears of bankers, investors
and analysts. “It’s not just the fact that it
could face a substantial fine,” says Ben
Davis at London brokerage Liberum,
“everyone is worried about what else
they have got in the closet.”
If the DoJ decides to go ahead with an
investigation, which analysts and law-
yers say seems likely, Glencore could be
hit with a hefty fine or even criminal
prosecutions, depending on the upshot.
The company could also face intrusive
monitoring by the DoJ, that could
restrict its ability to do business in some
parts of the world.
“These investigations tend to last on
average two-to-four years,” says Mike
Koehler, a legal professor specialising in
the US Foreign Corrupt Practices Act.
“One shouldn’t expect a resolution of
Glencore’s scrutiny any time soon.”
Glencore grew out of Marc Rich & Co,
whose eponymous founder was
regarded as the godfather of modern
commodity trading. Outside the indus-
try he was best known for fleeing the US
to avoid federal indictments related to
tax avoidance and trading with Iran,
before being controversially pardoned
by President Bill Clinton in 2001.
Mr Glasenberg took the strategy of Mr
Rich, refined it and made it more palata-
ble for investors, before supersizing its
operations. It was a plan that trans-
US regulatory
scrutiny: Israeli
businessman
formed Glencore into a behemoth that
would go public in 2011. But it never
fully lost its scrappy edge. If anything,
Dan Gertler, left, Glencore grew more confident.
Glencore chief “When it comes to being faster, more
executive Ivan aggressive and taking chances and
Glasenberg, opportunities this is part of the DNA of
centre, and the company,” says Daniel Ammann,
Joseph Kabila,
the Democratic
Republic of
author of a book on Rich.
Bridge building
Congo’s Sanctions have become a favoured tool
president
FT montage/Chris Tosic
of the US to extend its influence beyond
its borders, especially when dealing
with countries awash with natural
resources. Wary of disrupting the global
economy, Washington has mainly tried
to use sanctions as a way to target indi-
viduals and companies rather than cut-
ting supplies off at source.
In this grey area Glencore sniffed prof-
its in acting, on occasion, as a bridge
between sanctioned companies and
international markets. While Glencore
has always said it operates within the
law, the highly lucrative strategy has
made the company very visible in
Washington.
In the past couple of years, it has been
involved in several deals and announce-
ments that did not go unnoticed in the
US. Possibly the most audacious
involved Glencore and its biggest share-
holder, Qatar Investment Authority,
striking a deal in December 2016 to buy
a 20 per cent stake in Rosneft — which
was under Ukraine-related sanctions —
from the Russian state.
For his dealmaking efforts Mr Glasen-
berg was awarded a Russian Order of
Friendship by President Vladimir Putin
to go alongside access to millions of bar-
rels of Rosneft crude.
‘These investigations tend
to last on average two-to-
four years. One shouldn’t
expect a resolution . . .
any time soon’
Yet it is Glencore’s involvement in the
DRC, a desperately poor but resource-
rich country, which is probably of most
interest to US regulators. In particular
the company’s relationship with Dan
Gertler, an Israeli businessman who was
placed on a US sanctions list in Decem-
ber for his “corrupt and opaque mining
deals in the DRC”.
Washington alleges that Mr Gertler
used his “close friendship” with Joseph
Kabila, the country’s president, to act as
a middleman for mining asset sales in
the DRC. Mr Gertler declined to com-
ment.
Glencore has assets in the DRC that
analysts value at up to $10bn, but denies
that it secured entry to the country’s
vast copper belt through deals with Mr
Gertler. Instead, it says it ended up in
business alongside him when Glencore
independently acquired interests in the
country. In a bid to distance itself from
the billionaire, Glencore last year paid
Mr Gertler’s Fleurette Group $534m to
buy his stakes in Glencore’s two key DRC
mines, Katanga and Mutanda. But Glen-
core did not sever all its ties to the busi-
nessman. Mr Gertler was still due roy-
alty payments as part of rights he had
obtained from Gecamines, the country’s
state-owned mining company.
Glencore stopped those payments
when Mr Gertler was sanctioned by the
US. But in April Mr Gertler obtained an
order from a local DRC court freezing
Glencore’s assets in the country and
seeking almost $3bn in payments.
The move put Glencore in a bind.
Rapid growth in demand for cobalt, a
key material for electric car batteries,
has made its assets in the DRC — which
sits on half of the world’s known
Gertler in euros to avoid falling foul of
US sanctions. It was “the only viable
option” to avoid the seizure of its DRC
assets, Glencore said.
The announcement shocked many
observers: a FTSE 100 company paying
a sanctioned individual millions of
euros was seen as a bold challenge to the
US. Glencore said it had consulted with
the appropriate authorities in the US
and Switzerland about the payment.
But just hours after the deal was
announced, the US Treasury slapped
new sanctions on 14 companies with ties
to Mr Gertler, 17 days later Glencore
revealed news of the DoJ subpoena.
Oil dealings
Glencore’s activities in Venezuela and
Nigeria, two big oil producing countries,
are also under DoJ scrutiny, suggesting a
broader interest in the company’s
operations.
Large-scale physical oil trading often
involves operating in countries where it
is difficult to secure business without
working with agents or well-connected
individuals. And Glencore has grown to
become the world’s second-largest inde-
pendent oil trader, moving up to 6.5m
barrels a day of crude and refined fuels.
It often secures access to the barrels it
needs to power its trading machine
through long-term agreements, provid-
ing financing to cash-strapped countries
and companies in return for a share of
future oil output. These deals are often
negotiated with help from middlemen,
although agents are used less today than
a decade ago.
The company’s presence in Venezuela
and Nigeria is relatively small, with no
large producing fields, refineries or
major storage plants. But the two coun-
tries — both Opec members — are also
major importers of refined fuels, mak-
ing them rich hunting grounds for the
largest physical traders to do business.
Glencore is among a group of trading
companies recently named in a lawsuit
$63bn
Glencore’s market
linked to Venezuela’s state oil company
PDVSA, alleging that the traders bribed
employees to provide inside informa-
value. Its share price tion. Glencore declined to comment.
fell 12% in the hours It is not the first time Glencore has
after the DoJ issued
the subpoena
found itself in a tight corner. In 2015 a
debt crisis brought the company to its
knees. However, the DoJ subpoena
$10bn
In estimated assets
under money laundering statutes and
the FCPA is arguably the biggest chal-
lenge to the way it does business.
held by Glencore in The key question is how Glencore
the Democratic
Republic of Congo responds. Under pressure from the US,
some rivals think it will be forced to dial
back the risk-taking culture to focus on
$40 running its mining operations.
“This will be hugely disruptive,” says a
Per pound of cobalt,
a doubling in price in
former mining executive who has expe-
rienced a US investigation. “Millions of
two years. The DRC
holds half the world’s emails will be read.”
reserves of the metal But others question just how much Mr
Glasenberg, who has been at the helm
since 2002, will be prepared to change.
His first reaction was to launch a $1bn
buyback of Glencore shares in a show of
confidence in its underlying business.
“Will Glencore be sterilised by this?
Given its culture, who they are, their
perception of risk versus others, that
would be a massive sea change,” says
Liberum’s Mr Davis. “Glencore is always
chasing a dollar.”

Obituary Skyscrapers were not enough for Con-

stance Adams. The architect wanted to
go even higher. Her destination was
former lavish spending. Yet Adams
became a powerful advocate of vision-
ary projects and government support.
Martin later brought her to Nasa.
Adams said her greatest source of
pride was her work on the International
woman architect but a woman architect
in space architecture.”
Among Adams’s contributions were
A visionary Mars, but she never saw Nasa make the
commitments that would have taken
She pointed out that at the height of the
US space programme in the late 1960s,
Space Station, which she described as
“possibly the greatest human achieve-
the furniture and interiors which might
make life in space more tolerable — even

with her head her designs to the Red Planet.

Adams, who died last week, was best
know for her designs for the TransHab
in the stars (Transit Habitat), a three-storey, inflat-
able, Kevlar-coated living environment
developed for a manned mission to
Mars. It looked a little like an insulated
water boiler, but its bulbous aesthetic
belied a series of high-tech innovations
including extreme insulation, the abil-
Constance Adams ity to collapse into a small, lightweight
Space architect bundle (it costs $2m to propel every
1964-2018 extra kilogramme into space), and pro-
tection against fast-flying space debris
based on bulletproof vests. The module
housed accommodation for the crew, a
gym, a 12-seater galley and a sick bay.
She later adapted the design to become
a modular potential spaceship.
Adams was particularly engaged with
the ways in which everyday living in a
hostile environment could be made
more comfortable and humane. She was
unlucky, perhaps, to join the space pro-
gramme at a time when the US govern-
ment was increasingly retrenching its
Nasa employed 400,000 people and
suggested that US manufacturing, inno-
vation and the nation’s very idea of itself
was tied up with space exploration. The
US had ceded status to China, Adams
declared. “No nation in the history of
the earth has failed to conduct great
projects and remained significant,” she
said in a 2011 TEDx talk.
Adams was born in Boston in 1964 to
Jeremy duQuesnay Adams, a medieval
scholar at Southern Methodist Univer-
sity in Dallas, and Madeleine de Jean, a
writer and connoisseur of champagne.
She studied architecture at Harvard
and went on to Yale, after which she was
an intern with César Pelli (architect of
London’s Canary Wharf Tower) in New
Haven, Connecticut. She went to work
in Japan with the late Kenzo Tange, a
visionary architect whose work often
seemed to predict forms of extraplane-
tary settlements, and then to Berlin with
the late Josef Paul Kleihues, where she
worked on urban masterplanning. A job
at the US defence contractor Lockheed
ment of all time, in that 15 different
nations invested non-military money;
billions of dollars in co-operatively
building and maintaining and operating
a science platform in space”.
Her designs included work on the
experimental X38 crew return vehicle,
seen as a smaller, cheaper alternative to
the Space Shuttle (the programme was
cancelled in 2002) and on its successor,
the Orbital Space Plane. She was also a
consultant on Spaceport America, the
strange, horseshoe crab-like terminal in
the New Mexico desert designed by Fos-
ter + Partners for Virgin Galactic.
Despite being completed in 2010, the
spaceport is yet to launch its first flight.
Antoinette Nassopoulos-Erickson, an
architect at Foster + Partners who
worked with Adams on the project,
described her as “an absolute fire-
brand”. “You knew she was in the
room . . . she was persistent and not
frightened to let people know what she
thought. That persistence was probably
a consequence of her not only being a
enjoyable. Talking to Wired magazine
last year about a collaboration with Ikea
to make furniture for Mars, she said
“The things we assume are a constant,
such as gravity, change in these environ-
ments. The only thing that remains the
same is the human.’”
On the complexities of designing a
seat for space travel, Adams explained:
“When you’re coming in at 13Gs in the
plus Y [axis], 9Gs in the minus Y and
6Gs right up your butt, sitting is not the
problem.” She used those ideas to
inform a visionary design for a hospital
Constance Adams was a powerful bed, which remains undeveloped.
advocate of ambitious space projects Wry, witty and engaging, Adams
urged the US to reassert itself as a space
power. The question for our age, she
‘The things we assume suggested, is: “What’s our Sputnik
moment?”
are a constant, such as “I can imagine a visitor to our solar
gravity, change. The only system popping in and seeing [the space
station] and going, ‘Oh, there’s company
thing that remains the in the neighbourhood. There’s makers
somewhere in this system.’”
same is the human’ Edwin Heathcote
8 ★
SATURDAY 7 JULY 2018
The case for reforming
the rules of copyright
The EU should hold the line on plans to rewrite internet regulations
When the commercial internet was
born in the 1990s, governments made
many allowances for young companies
navigating this new space. They were
given carve-outs and exemptions,
either explicitly or implicitly, from
laws and regulations that older legacy
businesses faced in areas ranging from
tax, to liability for user misconduct on
their sites, to copyright infringement.
Silicon Valley companies — now the
largest, richest corporate entities in the
world — have thrown millions of dol-
lars and all their lobbying muscle at
protecting these carve-outs, which
amount in effect to billions of dollars in
subsidies.
That is a key reason why the Euro-
pean Parliament this week voted to
reject a draft reform of EU copyright
laws that would have forced internet
groups, such as Facebook and Google,
the owner of YouTube, to use content
filters to avoid breaching copyright, or
to pay publishers for the right to use
their content. The platform compa-
nies, which have increased lobbying in
Washington and Brussels in recent
years, pushed back hard, and Euro-
pean lawmakers will now have to
redraft their plans. They should hold
their line when their final vote is due in
September. While search and social
media are wonderful innovations, the
business model of internet platform
companies has been predicated on the
notion that “information wants to be
free”. This is a clever branding of a con-
cept that is less about consumer wel-
fare than protecting unfair advantages
held by powerful businesses.
It is no accident that over the past 20
years, as companies such as Google and
Facebook have grown, newspaper and
music revenues have fallen. As aca-
demics such as Jonathan Taplin of the
University of Southern California have
noted, YouTube controls 60 per cent of
all streaming audio business, but pays
Eurozone wage growth
remains far from normal
It is still too early to follow accelerating wages with interest rate rises
There is light at the end of the tunnel at
last. Workers in the eurozone are
finally seeing the signs of a five-year-
old recovery in their own pockets, with
wage growth picking up to 2 per cent
year on year, the fastest pace since an
aborted spurt in 2012.
The obvious reaction to this develop-
ment should be to welcome it — and
immediately add “not before time”.
Wage growth has been miserable for
a decade, not just in the eurozone, but
across the rich world. One of the worst
performers — since long before the
Brexit vote — has been the UK, where
average real wages remain lower than a
decade ago. As the new employment
report from the OECD, the Paris-based
club of mostly rich nations, showed this
week, only Greece and Mexico have
done worse. Several eurozone coun-
tries, on the other hand, have done rel-
atively well, with workers in France
and Germany keeping up with those in
Canada. Their wages are all more than
10 per cent higher in real terms than
they were a decade ago, twice the
increase seen in the US.
Even so, being the best of a bad lot is
still not good. The latest wage accelera-
tion in the eurozone leaves pay packets
barely keeping pace with inflation,
which is being driven up by higher oil
prices.
It is to be hoped, then, that the perk-
ier wage growth continues, and
strengthens. The signs are that it may:
workers in many countries are shed-
ding the timidity they adopted during
years of high unemployment and aus-
terity, and are beginning to ask for
meaningful pay deals. Forecasters
think they will get what they want.
Yet curmudgeonly voices might still
grumble this return to normal wage
growth should prompt the European
Central Bank to act faster to “normal-
ise” monetary policy, by raising inter-
est rates and shrinking its balance
only 11 per cent of the revenues that
artists receive. More content than ever
is being consumed. But the vast major-
ity of the profits are channelled not to
creators, but to a handful of companies
that enjoy unfair monopoly power.
That power stems from the network
effects of their platforms and their abil-
ity to benefit from rules set when the
industry was radically different.
The political capital thrown into pro-
tecting these advantages smacks of oli-
gopoly. Consider the technology indus-
try’s successful lobbying efforts in the
US, in 2012, to shoot down the “Stop
Online Piracy Act”. The bill aimed to
crack down on copyright infringement
by restricting access to sites that host
pirated content. The day after the bill
was introduced, Google put a blackout
sign on its search page with a message
to users to “Tell Congress, please don’t
censor the web!” Congressional email
servers were overwhelmed and the bill
was promptly killed. Similar tactics
have been adopted in the EU.
Silicon Valley has been able to con-
vince many consumers that their inter-
ests and those of the platform tech
companies are the same. But the era of
the Teflon tech group is ending. As the
economy shifts from one driven by tan-
gible assets to one driven by intangibles
such as intellectual property and data,
there is strong reason to think that the
platform companies that have
ringfenced these assets enjoy unfair
regulatory advantages. Their efforts to
protect outdated exceptions look
increasingly like rent-seeking.
The rules of the digital economy
need rewriting to reflect the shifts of
the past 20 years. There may be room
for improvement in the EU’s proposals.
But at a time when an increasing por-
tion of global wealth resides in content,
data and intellectual property, the big-
gest companies should respect that IP
and pay a fair price for it.
sheet. That would be a mistake. The
pace of wage growth, while better than
it was, remains far from normal. As the
OECD says, wages are “remarkably
more sluggish than before the crisis” at
comparable levels of employment.
That leaves little reason to think
more robust wage growth will put
much pressure on prices. Wage infla-
tions will not necessarily feed directly
into price inflation: wages could rise
more than prices if productivity
growth picks up, or income shifts from
capital to labour. Both would represent
a desirable reversal of former trends.
The causes of the worldwide produc-
tivity slowdown remain hazy. But some
contributing factors are clear, and in
the process of being reversed. Busi-
nesses and government cut investment
deeply during the crisis. It has only
slowly picked up in a shallow recovery.
That has left a hole of unreplenished
capital in most economies. The good
news, however, is that businesses are
investing again. That should set off a
virtuous cycle in which demand can
feed off itself, increasing the economy’s
capacity in the process.
Productivity potential aside, there is
also plenty of room to restore the with-
ered share of workers in national
income and growth. Before the crisis,
the profit share of national income was
rising in many economies. Most notori-
ously, Germany’s policy in the early
2000s to depress the labour share of
income bears much of the blame for
the financial bubbles in the periphery.
Workers in the eurozone have been
hard done by for a long time, partly due
to global economic forces and partly
through policy mistakes of the single
currency zone’s own making. Even if
wage acceleration sticks, it will only
begin to make up for past stagnation.
Trying to rein it in to forestall chimeri-
cal fears of economies overheating
would only add insult to injury.
FTWeekend
Letters
A mental journey back
to the Middle Ages
A chess game is often described as the
battle between the forces of good
(white) and evil (black). Your chess
puzzle of June 23 was a metaphor for
achieving religious sainthood through
the act of sacrifice.
The solution to the puzzle required
two successive sacrifices of major
forces (white Queen and Bishop) to
defeat the forces of evil allowing the
white Castle to checkmate the black
King.
A marvellous mental journey back to
the Middle Ages. Thank you.
Fred Simons
Montreal, QC, Canada
Warburg’s advice on
taking a business trip
Siegmund Warburg would have
appreciated Michael Skapinker’s
Frequent Flyer column (Life & Arts,
June 23). I never worked for Warburg,
but always enjoyed the anecdotes
(some undoubtedly apocryphal)
attributed to the founder. One is that
he told young bankers before they left
on their first business trip: “Try to find
something cultural to do or visit during
your trip. You will find that you
remember that bit, rather than the
business part.”
John C Mowinckel
London SW5, UK
Rothschilds have had an
eventful family history
Further to “Peace reigns after fight for
Rothschild family name” (June 30):
another notable event in the
Rothschild family saga was the £4m
loan (today’s value £550m) extended,
on a gentleman’s agreement, in 1875 to
Benjamin Disraeli’s government to
enable it to purchase the shares in the
Suez Canal being sold by the Khedive
of Egypt. In such a way are empires
acquired.
Harold Mozley
York, UK
Facebook’s fight
against the fake
news ‘bad guys’
Notebook
by Gillian Tett
Accepting our addictive natures is a challenge
David Crow (“Rehab USA”, June 23)
fails to appreciate that abstinence is
merely the first step in recovery from
addiction.
Accepting that we have an addictive
nature, that may be genetically
determined by defects in
neurotransmission systems in the
mood centres of our brains, is
exceedingly challenging to those of us
who assume that our intellects and
self-will should be sufficient in
protecting us from the ravages that
I want to keep real shops,
particularly bookshops
You say that Amazon makes capitalism
“work as it should” so that “most of us
reap the benefits” of its
“unprecedented market muscle”
(“Amazon’s unparalleled power over
markets”, editorial, June 30). I thought
that one supposed benefit of capitalism
was to give people choice, and I choose
not to shop with Amazon because I
want to keep real shops, in particular
bookshops. These have the
irreplaceable benefit of enabling one to
browse and sniff around.
If Amazon hoovered up bookshops
our entire culture would be poorer. But
one may have to pay a little for such
freedom.
Antony Black
Dundee, UK
Bragging rights at
international meetings
Your Brussels correspondents’ report
on the EU summit, “Hannibal’s siege
cited as festering wounds are laid bare”
(June 30), reminded me of a meeting
at the OECD years ago, where the
French delegate claimed that the
rationality of his position came straight
from Descartes, so no further
discussion would be necessary.
However, my then Dutch Treasury
A couple of years ago, Greg Marra,
product management director at
Facebook, spent most of his time
figuring out how to make the site’s
News Feed more enticing. No longer.
These days, Marra is engaged in a
cyber version of cat-and-mouse,
frantically tracking the “bad guys”
disseminating fake news — then
shutting down their accounts.
“This work is adversarial — people
are trying to penetrate our defences,”
Marra told an audience at the Aspen
Ideas Festival last week. “It sucks that
we have to fight the bad guys . . . and
the bad guys are creative. But we
believe deeply in what we do . . . and
in the fight.”
Should we feel reassured? After all,
it’s become clear that fake news has
been circulated on a variety of social
media platforms. These range from
the “Pope Francis Shocks World,
Endorses Donald Trump for
President” headline — which
originated on the now defunct fake
news site WTOE 5 News and was
shared almost 1m times on Facebook
— to mob violence and the killing of a
woman last week in India after false
rumours of child abduction were
spread via WhatsApp.
This week the Senate Intelligence
Committee supported three US
intelligence agencies’ conclusion that
Russia meddled in the 2016
presidential election. And revelations
this year that data-analytics group
Cambridge Analytica harvested
If you are not satisfied with the FT’s response to your complaint, you can appeal
to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com
affect others. In practice these assets
keep us out of recovery — in my case
until I was 47 — until we accept that we
are no different from other addicts of
any kind. Addiction to pharmaceutical
drugs is difficult to treat unless we
accept this is just another of our
addictive outlets. In the course of 23
years I treated more than 5,000 addicts
of various kinds. Those with
prescription drug addiction were as
difficult to help as those with anorexia.
The last thing addicts need is an
boss, more a historian than an
economist, informed the meeting that
Descartes wrote his major works while
in Amsterdam as French authorities
did not allow anyone to come up
publicly with such critical thoughts as
he had.
The debate was closed by the
Swedish delegate, who said he would
rather not stress that Descartes died in
Stockholm.
Paul Arlman
The Hague, The Netherlands
Please give ‘coruscating’
its correct meaning
Peter Macfarlane (Letters, June 16)
complained about the noun “impact”
being used as a verb. May I make a plea
for the word “coruscating” to be used
correctly?
This beautiful word means to sparkle
or throw off flashes of light, but seems
to be used increasingly to mean
something like “flaying” or “thrillingly
powerful” (perhaps by confusion with
the word “excoriate’ and an
unconscious association with the word
“corrosive”).
In a review a few weeks ago, Ian
Shuttleworth described a Royal Court
play as a “coruscating indictment” of
the US education system. Jo Ellison’s
entertaining Trending column (Life &
Arts, July 30) on Melania Trump’s
millions of Facebook profiles to target
specific voters with fake news have
left the social media company under
investigation from no fewer than four
US regulatory agencies.
Finally, Facebook is starting to fight
back. No, company executives are not
(yet) admitting liability for what
appears on their platform; nor are
they volunteering for stricter
regulation. But they are trying to be a
little more transparent.
According to Mr Marra and
Campbell Brown, global head of news
partnerships at Facebook, one way the
company is fighting “the bad guys” is
by redeploying dozens of engineers.
Some of its best coders are developing
tools to track fake news. The company
is also hiring “news publisher
specialists” and collaborating with
groups such as the Associated Press,
FactCheck.org and PolitiFact to check
facts.
“Once we get [a story] fact-checked,
we can reduce viewing of fake news by
up to 80 per cent,” Mr Marra said.
There are problems. It is not always
easy to determine what is fake or to
remove political posts without
seeming to engage in censorship. It is
also hard to check facts on news fast
enough, before stories go viral. Nor is
it always easy to persuade users to
stop looking at fake news. When
Facebook started attaching “disputed”
flags under some articles last year, it
found they reinforced beliefs, and so
ditched them.
7 July/8 July 2018
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
attempt at a chemical solution. We
need to accept that our problems go
with us. The human spirit flourishes
when supported by the human
spiritual — non-religious — values of
the 12-step programme. For the
Hazelden Betty Ford Foundation to
support continuing use of Suboxone for
opioid addiction is a sad deviation from
the clinical principles I learnt when I
was there in 1984.
Dr Robert Lefever
London SW7, UK
strange fashion sense described
Michael Wolff’s Fire and Fury as a
“coruscating analysis” of the early
Trump administration. I may be
wrong, but I think the word was being
misused. May the FT continue to
coruscate!
Nicholas Hayward
Faulkland, Somerset, UK
Be more imaginative, FT
I thought the Financial Times was a
progressive newspaper. However, in
looking at the summer reading list
(Life & Arts, June 30), I note that “pale,
male and stale” is very much in
evidence. Men were given 14 subjects
and women got six (mostly soft topics).
Many of the men are regular
correspondents and therefore their
suggestions, while possibly interesting,
will reflect their views and interests
with which we are already familiar. I
would have enjoyed recommendations
from new and challenging guests.
Diana Barham
London W13, UK
Correction
c José Alfredo Martínez de Hoz, a former
Argentine economy minister, did not
attend Eton College as incorrectly stated
in a column on June 30.
The collaboration with independent
fact-checking groups has also been
challenging. “Both Facebook and the
news organisations want to improve
the quality of online media,” observes
a report by Mike Ananny for the Tow
Center for Digital Journalism. “[But]
there is an ongoing struggle within the
partnership to define ‘fake news’ in a
way that doesn’t leave most of the
classification power with Facebook.”
Another issue is the source of fake
news itself. Most might assume it
comes largely from political groups or
malevolent governments. Not so, says
Mr Marra: “Ninety per cent of fake
news is driven by financial
incentives”, in other words from
commercial entities that use salacious
stories to create advertising clicks on
websites, such as those selling diet
pills. “The bad guys just want a click,
they want an ad dollar — their
incentives rely on you clicking from
News Feed over to their site, so they
will create sensationalist headlines,”
he says.
Maybe this is less alarming than the
idea that America is being attacked by
an army of Russian bots. Or maybe
not — given the sheer size of the ad-
tech industry and the dominance of
consumer culture in the US. Either
way, one thing is clear: Facebook’s
self-styled fight with the “bad guys” is
likely to become more contentious as
the midterm elections approach.
gillian.tett@ft.com
7 July/8 July 2018
AMERICA
David
Crow
A
s opioid addiction rips
through the US like wild-
fire, politicians are target-
ing the drugmakers that
ignited the flames. Their
attempt to extract billions of dollars
from Big Pharma to tackle the epidemic
is a just and righteous fight — but one in
which victory is far from guaranteed.
States, counties and cities have filed
lawsuits accusing the industry of mask-
ing the risks of opioid painkillers while
using aggressive tactics to boost their
sales. Chief among the targets is Purdue
Pharma, which sells OxyContin, an infa-
mous drug known as “heroin in a pill”
that has made billionaires out of
The manager has turned a
young squad into the
nation’s first World Cup
penalty shootout winners,
writes Murad Ahmed
W W
embley Stadium, Lon-
don, 1996. Gareth
Southgate gathers the
ball, places it on the
spot, then backs away.
England’s central defender is taking a
penalty kick during a shootout against
Germany in the European Champion-
ship semi-final.
He wants the ordeal over quickly. At
the referee’s whistle, he sprints forward,
kicking low and to the left. German
keeper Andreas Köpke palms the ball
away with ease. Southgate has only
taken one penalty previously in a pro-
fessional match. That one was also
saved. This failure is decisive. England
lose the shootout.
The team would not win another in a
major tournament for 22 years — until
this week, when England, now led by
Southgate as its manager, beat Colombia
on penalties in the World Cup. They now
move to the quarter-finals where they
will face Sweden on Saturday.
“We’ve spoken to the players about
writing their own stories,” Southgate
told reporters at the Spartak Stadium in
Moscow after the Colombia match.
“Tonight, they showed they don’t have
to conform to what’s gone before. They
have created their own history.”
Southgate was born in 1970 to middle-
class parents who lived in Crawley, West
Sussex. In a working-class sport, he was
considered a “posh boy” by teammates
in the youth ranks at Crystal Palace, the
London-based Premier League football
club that he joined aged 14.
His coaches from that time have sug-
gested his contemporaries displayed
more flair and talent, but less diligence
and work ethic. After turning profes-
sional, he became a trustworthy, if
unspectacular, centre back at Palace,
Aston Villa and Middlesbrough. He
played for his country 57 times, a disci-
plined defensive player his teammates
could rely on. In 1996, he volunteered to
take a penalty when many of England’s
attacking stars shied away from the
responsibility.
These early experiences may have
served him well during the frequent
ignominies that befall football coaches.
His reputation was damaged as man-
ager of Middlesbrough, leading the side
to relegation to the Championship, the
second tier of English football, in 2009.
He was fired shortly afterwards.
In 2013, he was appointed manager of
England’s under-21s, where he was able
to work under less scrutiny than at a big
club. There, he helped to enact a quiet
revolution. In 2014, he was instrumen-
tal in an ambitious initiative by the
Football Association, the national gov-
erning body for the sport, to transform
the fortunes of the England team.
The FA instituted the “England DNA”
programme, training its youth teams to
play the passing and progressive style of
football expected of the senior squad.
Players of all ages were to be coached on
a set of shared principles.
One of these is “look up, play for-
ward,” says Matt Crocker, the FA’s head
of development team coaching. “There
is a simple consistency across our teams
and the players have more confidence
Lawsuits alone will not stop the US opioid epidemic
Purdue’s owners, the Sackler family.
The Massachusetts attorney-general
opened up a new front in the legal fight
last month when she sued Purdue’s cur-
rent and former executives and direc-
tors — including several Sacklers and a
board member at GlaxoSmithKline, for
their alleged role in fuelling the epi-
demic. The backlash has echoes of the
fight against cigarette makers, which
concluded in 1998 when they agreed to
pay roughly $200bn to US states to off-
set the cost of treating sick smokers.
It is undeniable that the cost of the
opioid addiction epidemic is huge, and it
could even end up outstripping the bill
for tobacco-related illnesses. The sad
fact about smokers who develop lung
cancer is that many die quickly, so their
impact on public finances falls to zero.
This crisis is killing people, too —
42,200 died from overdoses in 2016 —
but many of the 2.6m Americans with
opioid abuse disorders will cycle in and
out of addiction for decades, which will
put long-term strain on public services.
Person in the news | Gareth Southgate
A coach to banish
England’s demons
when they step up to the seniors. I really
think we have more connected squads
than ever before.”
The approach was a response to Eng-
land’s repeated failures at major tourna-
ments. Other nations, such as Spain and
Germany, have used their national
youth systems to develop stylish and
technically-gifted footballers who grad-
uated into world champions. But the FA
blinked when first asked to put the the-
ory into practice. After the 2016 Euro-
pean Championships, when the Eng-
land team plummeted to a historic low,
losing to Iceland, Southgate was over-
looked in favour of Sam Allardyce for
the position of England manager.
Allardyce, an experienced club coach,
was considered a safer, battle-hardened
choice. He lasted just one match in
charge, before being caught in a newspa-
per sting, in which he appeared to
advise undercover journalists on ways
to circumvent the FA’s transfer rules.
Allardyce denied wrongdoing, but
resigned and Southgate was promoted
★ FTWeekend
Opinion
Already, the cracks are starting to
show. Addiction treatment in the US is
provided mainly by a patchwork of
thousands of independent operators
more used to dealing with alcoholism
than opioid abuse. Their inability to
handle the epidemic means that police
are fighting more drug-related crime,
emergency rooms are at breaking point,
and child protection offers are scram-
bling to find homes for displaced kids. A
recent report estimated that the crisis is
costing Ohio up to $8.8bn a year — more
than its annual budget for primary and
secondary education combined.
But if the financial case for restitution
is clear-cut, the legal one is less so. While
there was a direct link between the sale
of cigarettes and lung cancer deaths,
many people suffering from opioid
addiction have since progressed from
prescription painkillers to heroin. Deal-
ers’ tendency to cut the street drug with
fentanyl, a dangerous synthetic opioid
imported from China, is responsible for
a rise in overdoses.
to the top job. Expectations for success
had never been lower. A bitterly disap-
pointed football public had fallen out of
love with the team.
Quietly, Southgate continued the rev-
olution. For this World Cup, he picked
the least experienced squad since 2000,
but one stacked with players who had
Since March, he has had
players simulating the
lonely walk from the
halfway line for a spot kick
played together in England’s youth
ranks once under his guidance. He is
transforming the English footballing
DNA, enacting a fluid and complex 3-5-2
formation, and casting aside the dec-
ades-old reliance on simple but rigid
4-4-2. He encourages attacking play
based around short, diagonal passes,
rather than hoofing long balls forward
Other actors also share some blame,
from the US Food and Drug Administra-
tion, which approved the painkillers, to
the doctors who prescribed pills so lib-
erally and the wholesalers that did not
report suspiciously large orders. Then
there are the academics who authored
studies — paid for by pharma compa-
The legal backlash against
drugmakers echoes the
fight against Big Tobacco,
but a better plan is needed
nies — concluding there is hardly any
risk of addiction. The many links in the
chain will make it more difficult for law-
yers to show the companies are the
prime suspects — the “proximate cause”
of the epidemic.
Even if the lawsuits are successful, it is
not clear that liable drugmakers will be
able to muster anything near the
and relying on bulldog spirit in defence.
He has also broken with other dog-
mas. Past England teams have not sys-
tematically practised penalties before
tournaments, believing it impossible to
replicate the pressure of a shootout in a
real match. Since March, the manager
has had players simulating the lonely
walk from the halfway line before a spot
kick. Players have been advised to slow
down and have faith they can execute a
skill practised hundreds of times before.
On Tuesday night, midfielder Eric
Dier gathered the ball, placed it on the
spot and backed away. As the referee
blew his whistle, he waited a moment,
steadied himself, then shot low and to
the left. Colombian goalkeeper David
Ospina brushed the ball with his fingers
as it flew into the net. England had won
its first ever shootout at a World Cup. On
the sidelines, Southgate screamed with
delight, as a personal and national hoo-
doo vanished into the Moscow night.
murad.ahmed@ft.com
$200bn agreed in the tobacco settle-
ment, which requires cigarette makers
to pay regular instalments. Last year,
British American Tobacco, the largest
company in its sector, handed over
almost $7.5bn. Purdue generated just
$1.8bn of sales from OxyContin in 2017,
according to Symphony Health Solu-
tions. Nor is it certain that all the cash
generated by OxyContin is still held by
Purdue, a private company that does
not have to report its finances. It is likely
that much of the money has been taken
out in dividends over the years by the
Sackler family, which was worth about
$13bn in 2016, according to Forbes.
Larger pharma companies have
deeper pockets, but they reduced their
exposure to opioids when the crisis
started to rage. Johnson & Johnson sold
its painkiller franchise to Depomed, a
much smaller company, for $1bn in
2015. It has also offloaded its opium
poppy processing business, as has GSK.
The states are hoping that the drug-
makers will settle, and that wholesalers
Define ‘robots’ before
raising a tax on them
Tim
Harford
The undercover
economist
hat shall we do when
the robots take our
jobs? Last week’s col-
umn discussed mass
technological unem-
ployment, and readers were quick to
write in with variants on the same com-
mon sense suggestion: tax the robots.
“Give a robot a deemed income equiv-
alent to the wage of the human it is
replacing, with a default of the average
income,” wrote one. A similar sugges-
tion: “If one robot displaced five people
earning a modest £20,000 each, then
that robot could be said to have an eco-
nomic value of £100,000 per annum.”
Both correspondents proposed an
income tax or similar levy on this robot-
generated output.
I’m grateful for all constructive com-
ments, but particularly grateful for
these because I think they are wrong in a
fascinating and instructive way. The
fault is mine: I set a trap every time I talk
about “robots” and “jobs”. That is not
how automation happens.
Consider an idea dreamt up in 1978,
released in October 1979, and so revolu-
tionary that the journalist Steven Levy
could write just five years later: “There
are corporate executives, wholesalers,
retailers, and small business owners
who talk about their business lives in
two time periods: before and after the
electronic spreadsheet.”
Spreadsheet software redefined what
it meant to be an accountant. Spread-
sheets were once a literal thing: two-
page spreads in a paper ledger. Fill them
in, and make sure all the rows and col-
umns add up. The output of several
spreadsheets would then be the input
for some larger, master spreadsheet.
Making an alteration might require
hours of work with a pencil, eraser, and
desk calculator.
Once a computer programmer named
Dan Bricklin came up with the idea of
putting the piece of paper inside a com-
puter, it is easy to see why digital spread-
sheets caught on almost overnight.
But did the spreadsheet steal jobs? Yes
and no. It certainly put a sudden end to a
particular kind of task — the task of cal-
culating, filling in, checking and cor-
recting numbers on paper spreadsheets.
National Public Radio’s Planet Money
programme concluded that in the 35
years after Mr Bricklin’s VisiCalc was
launched, the US lost 400,000 jobs for
book-keepers and accounting clerks.
Meanwhile, 600,000 jobs appeared for
other kinds of accountant. Accountancy
had become cheaper and more power-
ful, so people demanded more of it.
What does a robot accountant look
like? Not C-3PO with a pencil sharpener,
that’s for sure. One might say that
Microsoft Excel is a robot accounting
Top reads at FT.com/comment
3 Regulators’ pursuit of junior staff while
managers go free is a travesty
Executives can influence the outcome when
wrongdoing is suspected, asks Sara George
9
and drugstore chains will throw in some
cash to protect their reputations and
limit their legal bills. But any agreement
will take years to agree, and longer still
for the funds to start flowing through.
Meanwhile, states need to work out
how they are going to pay for this crisis.
First, they should put pressure on
Washington. When President Donald
Trump declared a public health emer-
gency last year instead of a national
emergency, the subtle difference meant
there was no release of federal funds.
I hope the companies and individuals
who have profited from this crisis have
to give back their gains, but let us not
confuse the moral crusade with a prop-
erly thought-out plan. The US needs to
invest tens of billions of dollars in a
national network of treatment centres
where addicts can get help regardless of
their ability to pay. The opioid crisis is
acute, and it is happening now. Its vic-
tims cannot afford to wait.
david.crow@ft.com
clerk. A more plausible answer is that
there is no such thing as a robot account-
ant. One day we may have androids
sophisticated enough to do everything
human accountants do now, but by then
the very concept of an “accountant” will
have changed beyond recognition.
So it is misleading of me to write of
“robots” taking “jobs”. What actually
happens is that specific tasks are auto-
mated, rather than the broad bundle of
tasks that together constitute a human
“job”. Automating tasks means reshap-
ing jobs. The process can create jobs or
destroy them, and will usually do both.
In their recent book, The Future of The
Professions, Daniel and Richard Suss-
kind offer numerous examples of the
spreadsheet dynamic in action: algo-
rithms that scan mammograms and
spot trouble that humans miss; online
tutorials that monitor students and
alert teachers to where the child is
struggling; “document assembly sys-
tems” that quiz clients and then draft
legal contracts.
Another example. If I didn’t have the
use of email, internet search and a
mobile phone, I would need to employ a
personal assistant. But I have had these
tools for a long time, so I have never had
a secretary. Should I have to pay the
never-employed secretary’s tax bill,
because I own a smartphone?
White-collar anxiety about automa-
tion is new, but the problem is old. Mike
Mulligan and His Steam Shovel is a
Depression-era children’s book about
technological obsolescence. (It is won-
Automating tasks
means reshaping jobs.
The process can create
employment or destroy it
derful.) The steam shovel’s name is
Mary Anne; she “could dig as much in a
day as a hundred men could dig in a
week”. So is Mary Anne a “digging
robot” who destroyed 500 jobs? Yes; no;
maybe. After a while the question seems
ridiculous. Nor would many sensible
people argue that Mike Mulligan, Mary
Anne’s owner, be liable for 500 tax bills.
As any tax wonk can tell you, what-
ever we choose to tax — land, capital,
profits, value-added, imports, wealth,
greenhouse gas emissions — inevitably
turns out to be a more ambiguous con-
cept than it might appear, especially
since ambiguity is often tax efficient.
But the category of “robot” is particu-
larly difficult to define, and therefore to
tax. We cannot tax the androids who
march into our workplaces, stand by
while we clear our desks, then sit down
to replace us: they do not exist and it is
hard to see why they ever would.
In a world of mass technological
unemployment we are certainly going
to need to tax something other than
labour income alone. There are several
plausible candidates. “Robots” is not
one of them.
tim.harford@ft.com
3 President Trump’s war on the liberal
world order
His ‘might makes right’ stance breaks with
years of foreign policy, writes Martin Wolf
10 ★ FTWeekend 7 July/8 July 2018

Heavy hitter Federer’s $300m deal China market turmoil Two-year period of
highlights star advantage — ANALYSIS, PAGE 12 relative calm comes to an end — MARKETS, PAGE 13

EchoStar drops bid for

Watchdog blocks Cohen from satellite rival Inmarsat
relaunching fund to UK clients NIC FILDES
LONDON

US satellite company EchoStar has

3 FCA red light on Point72 3 Manager not ‘fit and proper’ 3 Blow to revival plan abandoned a takeover of its British
rival Inmarsat minutes ahead of a
deadline for it to make a formal offer.
EchoStar, controlled by former profes-
sional poker player Charlie Ergen, made
an informal £3.2bn cash-and-shares
offer for Inmarsat that was rejected this
week by the British company. It was its
second offer for the UK business, which
it first approached in May.
EchoStar revealed details of the latest
offer yesterday morning when it called
for an extension to a bid deadline later
in the day but the gambit failed as the
British company maintained that the
offer on the table was too low.
Yesterday afternoon, 27 minutes
before that deadline, the US company
announced it had no intention of mak-
ing a formal offer. It is now barred from
making an offer for Inmarsat for six
months unless the board of the British
company invites it to or a rival party
makes a bid.
Inmarsat shares dropped 8 per cent,
or 42.25p, to 483.75p.
The British company said it had confi-
dence in its prospects as an independent
business. It will issue a strategic update
alongside first-half results on August 2.
Eutelsat, a French rival, also consid-
ered an offer for Inmarsat last month
but pulled out of the race a day after its
interest was revealed. Private equity
buyers could also emerge if Inmarsat’s
share price remains at historic lows.
Any foreign takeover of the UK’s lead-
ing satellite group would have faced
political opposition amid national secu-
rity concerns, reinforcing the need for a
recommended bid.
EchoStar said its offer was equivalent
to 532p a share, which it said amounted
to a 46 per cent premium to Inmarsat’s
share price the day before its first
EchoStar’s Charlie
Ergen would have
retained control of
the combined
group if a takeover
had been agreed
approach in May. The revised offer this
week was to pay half the consideration
in cash and the rest in shares. Inmarsat
investors would have owned 28 per cent
of the combined company but Mr Ergen
would have retained control.
Stockbroker RBC had anticipated
EchoStar would lodge a bid of 650p a
share and described this week’s bid as
a “lowball” offer.
Inmarsat said it had rejected the
improved offer because the board saw it
as being “significantly” below the inher-
ent value of the company.
Lex page 18

Technology

Sonos highlights accelerating

For the second time in a year Steven Cohen has hit a UK roadblock in his effort to rebuild his business after the misconduct that sank SAC — Lucy Nicholson/Reuters
MARTIN ARNOLD AND JOHN GAPPER
LONDON
LINDSAY FORTADO — NEW YORK
Steven Cohen, the US hedge fund man-
ager, has been blocked by the UK
regulator from reopening his multibil-
lion-dollar fund to investors in Britain,
after a two-year ban over insider trading
at his previous firm expired at the start
of this year.
Mr Cohen recently returned to the US
hedge fund business and had hoped to
move back into Europe by managing
outside money again in the UK.
But the Financial Conduct Authority
has refused to allow him to reopen
his fund to clients in Britain, according
to two people familiar with the
application.
The FCA ruled that Mr Cohen was not
“fit and proper” to do so, one person
said.
It is the second time in 12 months that
the 62-year-old’s new fund, Point72, has
hit a British roadblock in his attempt to
rebuild his business after the miscon-
duct that sank SAC Capital, his previous
outfit.
Last year the FCA was wary of giving
its approval before the end of the term
on the US Securities and Exchange Com-
mission ban. While Point72 was not for-
mally denied permission, it was given an
indication from the regulator that it
would not be approved. The application
was withdrawn and resubmitted this
year, only to be rebuffed again.
Point72 and the FCA declined to
comment.
Mr Cohen has been focused on man-
aging much of his personal fortune via
Point72 since SAC Capital was banned
by the SEC from managing clients’
money after admitting to trading on
inside information.
Since the SEC lifted its ban on Mr
Cohen in January, Point72 has raised
$3bn from outside investors, giving it
$12bn of assets including his personal
funds. But it still had to seek authorisa-
tion from the FCA to make a full return
to the UK.
Family offices do not need the FCA’s
approval to operate in the UK. But they
need it if they want to manage anyone
else’s money or to make certain changes
to the way a fund is structured.
Point72 opened the London office for
its family business in 2016 and hired
Will Tovey, former head of Barclays’
equities distribution business in
Europe, to run the British operation.
The fund recently hired senior UK
executives from Credit Suisse and
Och-Ziff after moving into a new
London office in St James’s Square, and
had planned to expand from 50
SAC Capital was banned
by the SEC from managing
clients’ money after it
admitted insider trading
employees in London to as many as 100.
SAC Capital pleaded guilty to insider
trading in 2013 and paid a record $1.8bn
in fines. Mr Cohen was never personally
charged with insider trading but was
barred from supervising funds that
managed outside money as part of the
settlement, and several of his portfolio
managers were convicted and sen-
tenced to prison terms.
Point72 is also battling a lawsuit filed
by its head of talent analytics, who has
accused it of rampant sexism and
underpaying female workers. Douglas
Haynes, its president, who was one of
the named defendants in the case,
stepped down in the wake of the lawsuit.
The fund has said it “emphatically
denies” the allegations and stands by its
record of hiring and developing women.
Lauren Bonner, the claimant, asked for
$13m to settle the suit, according to a
person familiar with the case. The fund
is seeking to compel arbitration.
Lex page 18
growth in pitch to investors
TIM BRADSHAW
Wireless speaker maker Sonos has
unveiled its pitch to investors as it
heads for an initial public offering,
showing accelerating growth in reve-
nues that came close to $1bn last year
while annual losses narrowed.
The Santa Barbara-based company
plans to raise $100m, likely to be a place
holder amount, when it lists on Nasdaq
under the symbol “SONO”, it said in yes-
terday’s S-1 filing. Morgan Stanley, Gold-
man Sachs and Allen & Co are Sonos’
lead underwriters.
As new tech group listings regain
momentum, Sonos’ IPO will provide
a payday for investors in the 16-year-
old company such as KKR and Index
Ventures.
Sonos has not turned an annual profit
since 2014 but it has narrowed its net
losses over the past three years, from
$68.8m in fiscal 2015 to $14.2m in the
year ending September 2017. Revenues
hit $992.5m in fiscal 2017 from 3.9m
products sold.
The pace of revenue growth at the
company has been uneven, fluctuating
between 75 per cent in 2014 and 7 per
cent in 2016.
Sonos is hoping to capitalise on the
growth of music streaming services and
voice-activated virtual assistants.
Patrick Spence, Sonos chief executive,
says this “sonic internet” can also be an
antidote to smartphone addiction.
“Advances in artificial intelligence
and voice technology are transforming
[the internet] from something we tap
and scroll to something we talk and lis-
ten to,” Mr Spence wrote in a letter to
investors. “Together, artificial intelli-
gence, voice assistants and an enormous
wave of sonic content are giving rise to
something greater than the sum of their
parts.”
Growth has accelerated since last
October’s introduction of the Alexa-
powered Sonos One smart speaker, driv-
ing 18 per cent growth to $655.7m in the
six months to March 2018.
The filing reveals that private equity
firm KKR is Sonos’ largest shareholder
with a 25 per cent stake ahead of the
IPO, followed by tech investor Index
Ventures and co-founder John MacFar-
lane, who each own around 13 per cent.

Aerospace & defence. Joint venture

Boeing and Embraer race to protect deal from uncertainties of Brazil election
Tie-up considered at risk
without approval from
outgoing President Temer
JOE LEAHY — SAO PAULO
PEGGY HOLLINGER — LONDON
PATTI WALDMEIR — CHICAGO
Aircraft makers Boeing and Embraer
are racing to win Brazilian government
approval for their proposed $4.75bn
joint venture as Latin America’s largest
country heads for a presidential election
shaping up as the most unpredictable in
decades.
suggests the deal faces significant risks
— especially if it is not formally
approved before the business-friendly
centre-right government of President
Michel Temer leaves office on January 1.
“This is a disaster,” said Paulo
Pimenta, leader of the leftist Workers’
party in Brazil’s lower house of congress.
“It’s yet another action sponsored by a
government . . . that is illegitimate and
at the end of its mandate, which runs
against the sovereignty of the country.”
Mr Temer, who is not standing for re-
election, has been seen as likely to use
the government’s golden share in
Embraer to support the partnership.
The group said it expected to have
jets alongside new potential rivals from
China, Russia and Japan.
Under the deal, Boeing would take an
80 per cent stake valued at $3.8bn in a
joint venture containing Embraer’s
regional commercial jet manufacturing
and services unit. Embraer would retain
20 per cent, with an option to sell it to
Boeing. Both companies would be sub-
ject to a 10-year lock-up period on
shares in the joint venture.
The deal carves out the most politi-
cally sensitive defence business.
Embraer would retain 100 per cent of its
defence and security unit, although the
two companies would create another
venture to “promote and develop new
markets and applications for defence
products”. Those products are led by the
KC-390 jet transport aircraft Embraer is
developing to compete with the C-130
Hercules made by Lockheed Martin.
Analysts said Embraer needed the
deal to maintain its lead in the market
for regional jets with up to 150 seats.
Embraer controlled 28 per cent of this
market compared with 12 per cent for
Boeing, and 16 per cent and 25 per cent
respectively for Airbus and Bombar-
dier, Jefferies said in an analyst note.
The deal would also help Embraer
secure customers worried about geopo-
litical and financial risk in its operations
related to Brazil, said Jim Corridore of
CFRA research. For Boeing, the combi-
nation contained “sound strategic
rationale” by expanding its reach in the
lower end of the commercial aircraft
market aircraft, Jefferies said.
Embraer’s problems if they cannot
secure formal government approval this
year, analysts said.
Leading the early polls is Jair Bol-
sonaro, a far-right candidate, who might
approve the deal given that defence was
ringfenced against foreign meddling.
But Ciro Gomes, the leading candidate
from the centre left, has opposed the
deal. “Embraer, we will take it back,” he
was quoted by the Valor Economico
newspaper as saying in March.
Business Opportunities
Readers are strongly recommended to take appropriate

Analysts praised US-based Boeing’s approval by November. But it did not The price was fair for Boeing, repre- professional advice before entering into obligations.

proposed acquisition of 80 per cent of
Brazilian Embraer’s regional commer-
cial jet and services operation,
announced on Thursday. The deal set
the duo up for a fair fight with Europe’s
Airbus and Canada’s Bombardier in the
growing regional jet segment, they said.
But the praise contrasted starkly with
the reaction from some politicians in
Brazil, where populists from the left and
right are leading in early polls for Octo-
ber’s presidential election. Their lead
put that in the deal documents pub-
lished on Thursday, which said only that
the deal would close by the end of 2019.
“If a more nationalistic candidate
enters, you could have difficulties with
realising the joint venture,” said Sérgio
Lazzarini, a professor at Insper business
school in São Paulo.
The deal is the latest in a series of
moves that are reshaping the global aer-
ospace landscape, as Boeing and Airbus
enter the market for smaller regional
senting about 8.5 times earnings before
interest, tax, depreciation and amorti-
sation, according to Robert Stallard of
Vertical Research Partners. “We don’t
view the Embraer deal as a ‘game-
changer’ for Boeing but it is still a posi-
tive development,” he said.
Other analysts noted the price was
lower than expected for Embraer share-
holders leading to a drop in its stock on
Thursday. But such considerations
The $4.75bn joint venture is awaiting clearance — SeongJoon Cho/Bloomberg might be the least of Boeing and
7 July/8 July 2018 ★ FTWeekend 11

COMPANIES. WEEK IN REVIEW

Dell relishes the At high school in Texas around 1981,

Michael Dell’s economics teacher asked
her class to practise a tax return. The
a computer empire from his college
dorm room.
Dell opened in the UK in 1987. “Of
listen to customer needs and bringing
out an advanced but unpopular
product. Was his confidence dashed? It
Dell will
come back to
investment bankers before hiring
Goldman Sachs, which said he could
defer an IPO with a private placement.

prospect of proving young Mr Dell stated his income as

$18,000, which the teacher suggested
was too high.
the 21 journalists who came to our
press announcement, about 21
predicted that we would fail. ‘It’s a bad
was not. “The more mistakes I made,
the faster I learnt.”
It is almost 20 years since Mr Dell
market with a
valuation
that will
“We especially liked their
recommendation of not going public.”
One of Mr Dell’s most wrong

his critics right She was “dismayed” to find that the

figure was real, Mr Dell wrote in Direct
from Dell, his often triumphalist 1999
business book. “To her surprise, I had
made more money that year than she
had.”
Mr Dell, who is about to bring his
computer company back to the public
market five years after taking it
private, now has a stake worth $35bn.
His success is obvious: he cut out
The Top Line middlemen computer resellers and
offered an often superior product at a
Tom Braithwaite better price. But something in his
personality makes him determined to
Companies prove everyone wrong.
In his book, he notes that his parents
editor pushed him to study rather than build
idea, they said. Go home.’”
Dell decided to start selling through
major retailers such as Walmart, then
reversed course. “Virtually every news
story on the subject said that Dell was
going to severely limit its growth by
getting out of retail. Industry analysts
said it was a mistake.”
Established competitors assumed
they would always win in customer
service. “They were clearly wrong.”
An industry analyst said Dell’s
revenues would never pass $150m. “He
was only off by a few zeroes.”
Mr Dell does admit to errors — at one
point buying too many chips,
overloading inventory, and putting the
company in peril; at another failing to
published this tome, which alongside
the braggadocio contains plenty of
good lessons on management. Some
even have a sprinkling of humility: an
employee interrupts a busy Mr Dell to
complain he has lost a quarter in the
vending machine. “Why are you telling
me?” “Because you’ve got the key.”
There is proof some of the quirkiness
of Dell was baked in early. For instance,
most modern tech companies are
happy to generate negative cash flow
for years; Dell always took great pride
in being profitable.
And there were early signs of his
ambivalence about being public.
Considering an initial public offering in
1987, Dell rejected scores of excitable
be a big
increase
moments (which does not appear in
the book) came in 1997 when he was in
the position of armchair critic. He
recommended that Apple, then an
on 2013 ailing competitor, return cash to
shareholders and wind itself up. Apple
is now the biggest company in the
world with a $911bn equity value.
Dell will come back to the market
with a valuation a fraction of that. But
it will still be a big increase on 2013,
when Mr Dell engineered a buyout.
Critics at the time, such as activist Carl
Icahn, complained he was doing it on
the cheap. For once, Mr Dell will
happily prove his doubters right.
tom.braithwaite@ft.com

JLR point man takes a blunt instrument to hard Brexit
Corporate
person in
the news
Ralf Speth
Chief executive, Jaguar Land Rover
Blunt managers are often described
as “straight-talking”. But Ralf Speth,
Jaguar Land Rover’s chief executive,
takes the accolade to new heights.
This week he warned that a “hard”
Brexit — taking Britain out of the EU
single market and customs union —
would cost the country’s largest
carmaker £1.2bn in tariffs, and
threaten its UK operations.
“We built up this company over
eight years,” he said. “All that will be
undone. It can go down the river so
quickly.”
His warning, backed by the fact
that JLR employs or supports
300,000 jobs in the UK and has
promised £80bn of spending over the
next five years, caused political
ructions.
The frank assessment is typical of
the former BMW executive who was
parachuted into a struggling JLR in
2010 following its acquisition by
India’s Tata Motors from Ford.
“He doesn’t understand
diplomacy,” said one person. Last
year, Mr Speth stormed out of a
meeting with David Davis, the Brexit
secretary, after “giving him both
barrels” on Brexit, declaring he never
wanted to “see that man again”, said
several people at the meeting.
For all his toughness behind closed
doors, Mr Speth has been reluctant to
give full public expression to his
concerns until this week.
‘When he “He hates the limelight,” said one
close friend. It is this natural reticence
says a hard that lends added weight to this week’s
Brexit will intervention.
make it “He does not bluff,” said Vince
Cable, who dealt with Mr Speth when
untenable for he was business secretary in the UK
JLR to invest coalition government. “When he says
in the UK, he a hard Brexit will make it untenable
for JLR to invest in the UK he means
means it’ it,” said the Liberal Democrat leader.
Under Mr Speth, JLR has expanded
internationally, with a joint venture in
China and a vast plant in Slovakia.
“He made the company global, not
just in footprint but in culture and
focus. That will always be his greatest
achievement,” said one former
executive.
Yet the three models that arguably
drove JLR’s success over the past eight
years — the smaller Range Rover
Evoque, and the redesigned Range
Rover and Range Rover Sports vehicles
that contributed a large part of the
company’s profits — were all in the
works before Mr Speth’s arrival.
“He has ridden a wave, but was not
fully responsible for making it,” said
one person.
Ralf Speth’s natural reticence
has lent weight to his intervention
on Brexit — Fabrice Coffrini/AFP/Getty
However, recent model decisions —
the electric I-Pace, and the Jaguar F-
Pace sport utility vehicle — have also
taken brands into the right markets at
the right time.
Mr Speth, a German national who
now has British citizenship, was Tata’s
first choice for the post in 2010.
“The business needed an engineer,”
said Kumar Bhattacharyya, the
industrialist and academic who helped
Tata recruit Mr Speth, and supervised
his doctorate at Warwick University in
2010. “The company has undergone a
revolution under his leadership.”
Mr Speth, who was chief engineer for
BMW’s flagship X5 sport utility
vehicle, is close to Ratan Tata, a
relationship that makes his position at
JLR “bulletproof”, said a person who
knows the company well.
“The business is always top of mind
with him, whatever time of day and
whomever he’s talking to,” said one
industry executive who knows him.
Like many in the industry, Mr Speth,
whose wife lives in Germany, has a
passion for old cars. He owns a Type 1
Land Rover that dates back to 1948, as
well as a late 1950s Jaguar Mark 2. The
decision to halt production of the Land
Rover Defender in 2016 was the
“saddest moment of my life”, he said.
This will surely be eclipsed if he is
forced to follow through on his
warning of closing factories in Britain.
Peter Campbell
Industrials
Wang’s death complicates
HNA retrenchment efforts
LUCY HORNBY AND
DAVID KEOHANE
HNA, the Chinese conglom-
erate, was dealt big blow
when Wang Jian, co-founder
and chairman, fell to his
death while sightseeing in
southern France.
Wang, 57, had been attempt-
ing to take pictures of a cliff-
side church in the hilltop vil-
lage of Bonnieux in Provence
when he lost his balance on a
small wall, tumbling 10
metres and suffering fatal
internal injuries, local
authorities said.
His death on Tuesday
leaves co-founder Chen
Feng, who serves as the more
public face of HNA, and
Adam Tan, chief executive,
to handle the company’s
retrenchment from an inter-
national spending spree that
ended just a year ago when
the political winds in Beijing
turned against such expan-
sion.
Wang was one of the archi-
tects of HNA’s aggressive
Wang Jian was among the
architects of HNA’s
aggressive overseas moves,
which included buying
almost 10 per cent of
Deutsche Bank
overseas acquisitions, which
included buying almost
10 per cent of Deutsche Bank
last year and taking over a
controlling stake in hotel-
ier Hilton Worldwide in
2016. The sprawling multi-
national has since sold the
Hilton stake and pared its
Deutsche Bank holdings.
“Wang Jian was the
number one person in the
actual operations of HNA,”
said Shen Meng, director of
Chanson & Co, an investment
bank. “This will certainly
have some impact on HNA
Group — especially at a time
of deleveraging at the
national level and a stressed
capital chain for the group.”
The airline-to-finance
group said yesterday that Mr
Chen would absorb the
duties of his late colleague,
but left unanswered the
question of what happens to
Mr Wang’s stake.
Mr Wang held 15 per cent
of the group, according to fil-
ings, as did Mr Chen, who is
now sole chairman of the
board.
Hubert Mériaux, a lieuten-
ant-colonel in the gendarme-
rie of the Vaucluse region,
said authorities were treat-
ing the death as an accident.
Mr Mériaux said Wang had
been with friends and busi-
ness associates at the church
in Bonnieux when he lost his
balance, falling backwards,
after he tried to jump on to
the wall to take a photo.

Banks Pharmaceuticals Retail Mining

Danske dented as claims
of money laundering swirl
RICHARD MILNE
NORDIC AND BALTIC
CORRESPONDENT
The pressure on Danske
Bank increased this week
over a money laundering
scandal as investors took
fright at its growing size and
the number of investiga-
tions against Denmark’s
largest lender.
Danish media and Bill Brow-
der, a Kremlin critic and
chief executive of Hermitage
Capital Management,
claimed the amount of suspi-
cious transactions that
flowed through Danske’s
Estonian branch from
2007-15 may have been as
high as DKr53bn ($8.3bn),
more than double previous
Investors stayed calm amid
18 months of news reports
of suspicious transactions
at Danske Bank’s Estonian
branch, but fears of fines hit
the share price this week
estimates. Mr Browder
added he would be filing
Danish and Estonian crimi-
nal complaints to add to
probes by regulators or
judges in Denmark, Estonia
and France.
Investors, who had stayed
sanguine for most of the 18
months of reports on the
alleged money laundering
from Danish newspaper Ber-
lingske, finally reacted, send-
ing the shares down 5 per
cent since Wednesday as
they started to fret that Dan-
ske could be on the receiving
end of big fines.
Danish politicians have
become increasingly vocal
about the damage the affair
is doing to the image of busi-
ness in the country. Rasmus
Jarlov, business minister,
suggested any of Danske’s
profits from money launder-
ing could be confiscated.
Danske has regretted its
slow response to the scandal
and said it cannot comment
much before its internal
investigation is completed in
September. It conceded that
earlier estimates of DKr25bn
in suspicious transactions
were probably too low.
Pfizer risks US backlash
with series of price rises
DAVID CROW
Pfizer has threatened to fuel
the backlash over the soar-
ing cost of prescription med-
icines in the US by raising
the price of hundreds of its
products.
The move came weeks after
President Donald Trump
predicted that the pharma-
ceuticals industry was about
to implement “massive” vol-
untary reductions.
The increases came into
effect on July 1 and in most
cases were about 9 per cent —
above the inflation rate of
roughly 2 per cent. It is the
second time this year that
Pfizer has increased prices,
and some well-known medi-
cines such as Viagra are now
Pfizer has raised the price
of hundreds of its products,
in most cases by about
9 per cent, at a time when
the industry is the focus of
scrutiny in Washington
about 20 per cent more
expensive than they were at
the start of 2018.
The average wholesale
price for a 100mg tablet of
Viagra has gone from $73.85
at the start of this year to
$88.45 as of July 1, an
increase of 19.8 per cent.
Pfizer said the increases
affected less than 10 per cent
of its medicines and pointed
out that it had reduced the
price of five of its drugs. It
said it understood the strain
that “out of pocket” medical
costs put on patients and that
it had several financial assist-
ance schemes. It added that
most customers did not pay
list prices because it offered
discounts and rebates.
Some analysts said the
increases were risky at a time
when the industry was the
focus of intense scrutiny in
Washington.
Mr Trump campaigned on
a pledge to lower drug prices
and accused drugmakers of
“getting away with murder”
shortly after he was elected.
But a plan to lower prices
was dismissed as toothless
when it was unveiled by the
White House in May.
Carrefour and Tesco join
forces to squeeze suppliers
HARRIET AGNEW — PARIS
The two biggest supermar-
ket groups in Europe joined
forces this week when
France’s Carrefour and the
UK’s Tesco announced that
they have teamed up to put
the squeeze on suppliers.
The pair are attempting to
step up their assault on the
German discounters Aldi
and Lidl, which have put tra-
ditional grocers under pres-
sure in recent years by offer-
ing products at deeply dis-
counted prices.
Carrefour and Tesco said
they would combine their
market strength to jointly
purchase own-brand prod-
ucts and others goods as part
of a long-term tie-up that will
France’s Carrefour and
the UK’s Tesco have agreed
to combine their market
strength to jointly
purchase own-brand
products and others goods
run initially for three years.
Such alliances allow super-
markets to increase volumes
on commoditised items such
as canned or packet own-
label goods, in return for
lower prices from suppliers.
The tie-up is the latest
joint venture between food
retailers. In April Carrefour
signed a five-year purchasing
partnership with France’s
Système U in their home
market; and last month the
group’s French rivals Casino
and Auchan announced a
purchasing agreement.
Since Alexandre Bompard
took over as chief executive
of Carrefour a year ago, his
strategy has been to partner
with other organisations to
try to address the retailer’s
main challenges: high costs, a
lagging online strategy, and
securing better access to
China.
He turned to Tesco, whose
chief executive, Dave Lewis,
had already stabilised the
company after scandals over
accounting and treatment of
suppliers, and was looking to
rebuild profitability after a
bruising supermarket price
war in the UK.
Glencore hit by US probe
into bribery and corruption
NEIL HUME
NATURAL RESOURCES EDITOR
Glencore, the miner and
commodity trader, saw
£3bn knocked off its market
value this week after a key
concern of investors was
finally realised.
On Tuesday, the London-
listed company run by bil-
lionaire Ivan Glasenberg
revealed it was facing a wide-
ranging US government
investigation into bribery
and corruption.
Glencore said it has been
ordered by the US Depart-
ment of Justice to hand over
documents related to its
compliance with US money-
laundering laws and the For-
eign Corrupt Practices Act
The US Department of
Justice’s subpoena
covers Glencore’s
operations in Nigeria, the
Democratic Republic of
Congo and Venezuela
(FCPA). The subpoena cov-
ers Glencore’s operations in
Nigeria, the Democratic
Republic of Congo and Vene-
zuela as far back as 2007.
For years, investors have
worried that Glencore’s
appetite for risk and under-
taking business in some of
the most volatile countries
on the planet could come
back to haunt the company,
the world’s biggest commod-
ity trader as well as an
important miner.
If Glencore is found to have
broken any laws, it could face
huge fines or even criminal
prosecutors. The biggest
penalty imposed under
FCPA was a near-$1bn fine
imposed on Swedish tele-
coms group Telia over a brib-
ery scandal in Uzbekistan in
2017 while HSBC had to pay
US authorities $1.9bn in 2012
to settle money laundering
allegations.
However, it will not be a
quick process with DoJ
probes typically taking two
to four years. On Thursday,
Glencore moved to soothe
investor fears by announcing
plans to repurchase $1bn of
its shares.

Companies this c Chief casualty c Second life c Car crash c Recycled cash c Tech issues
week on ft.com ThyssenKrupp CEO steps Crafts marketplace Etsy’s How hard Brexit would hit Mobike to refund $150m America’s growing anxiety
down amid investor criticism shares hit record as it fights Jaguar Land Rover and other to Chinese users as bicycle- over Chinese investment
of Tata merger — NEWS back against Amazon — ANALYSIS global carmakers — VIDEO sharing battle heats up — NEWS in tech — PODCAST
Y ft.com/industry Y ft.com/companies Y ft.com/video Y ft.com/technology Y ft.com/podcast
12
Federer’s $300m deal reveals star advantage
Uniqlo’s 10-year
sponsorship pays out
even if the tennis
champion retires,
putting him in an
elite class of financial
heavy hitters
MURAD AHMED — WIMBLEDON
As Roger Federer stepped on to Centre
Court at the Wimbledon tennis champi-
onships this week, scores of fans in the
crowd wore hats and shirts emblazoned
with the “RF” logo, his personal clothing
line made by Nike.
Yet, as he began the defence of his
Grand Slam title, Federer wore apparel
made by the Japanese clothing brand
Uniqlo, in effect ending his 24-year
association with the US sportswear
maker.
Federer, it emerged, has signed one of
the most lucrative sports sponsorship
deals in history, with Uniqlo paying
roughly $300m over 10 years for the
tie-up. Aged 36, he is unlikely to con-
tinue playing professionally until the
end of the deal, but has obtained a rare
clause that allows him to keep the
money regardless of whether he is
competing.
The sports broadcaster ESPN first
reported the details of Federer’s con-
tract, with one person familiar with the
deal confirming them. Uniqlo, Nike and
representatives for Federer declined to
discuss the negotiations.
Speaking at Wimbledon, Federer said
he was “excited” about wearing the Jap-
anese brand for the first time. “I must
tell you, it's been a long time coming,”
he said. “I felt very good out there.”
Analysts say Federer, who has
enjoyed a stellar career having won
more Grand Slam titles (20) than any
man in history, is one of a select group of
globally renowned athletes. He is in line
to earn just as much, if not more, from
‘It’s all about being a
legend in a particular sport
so their name is never
really going to go away’
corporate endorsements after he sets
down his racket for good.
“There are a small number of athletes
that can do this,” said Nigel Currie,
founder of sports consultancy NC Part-
nership. “It’s all about being a legend in
a particular sport so their name is never
really going to go away. Federer is in that
league. He is a huge legend in the sport
and his name will live on for a very long
time.”
Others in this elite category include
LeBron James, the US basketball star,
who this week signed a four-year con-
tract worth $154m to join the Los Ange-
les Lakers from next season. He already
has a lifetime sponsorship deal with
Nike worth over $1bn, according to
comments attributed to his agent.
With its deal with James, Nike hopes
to replicate the off-court merchandising
success it had with former NBA star
Michael Jordan. Continued sales of the
“Jordan” line of Nike trainers helped
him to gain a personal net worth of
$1.65bn in 2018, up $350m from a year
earlier, according to the Forbes annual
rankings of the world’s richest athletes.
★ FTWeekend
Game, set and match
Net gain: Roger The golfer Tiger Woods has earned
Federer, winner $43.3m this year from endorsements by
of 20 Grand groups including Nike and watchmaker
Slam titles, Rolex, compared with just $1.3m in
offered Nike the prize money from competing in tourna-
chance to match ments. It has been a decade since 42-
his offer from year-old Woods has won a Major title,
Japan’s Uniqlo but his earlier record of 14 Major cham-
and now hopes pionship victories has allowed him to
to gain rights to stay attractive to sponsors long after the
the RF clothing best years of his playing career.
line from the US The sprinter Usain Bolt, who retired
sportswear last year, was still able to earn $30m this
group — Charlie year because of continued sponsorship
Bibby/FT
contracts with groups including the
sportswear maker Puma, the drinks
brand Gatorade and the watchmaker
Hublot.
Mr Currie said corporate groups typi-
cally sponsored athletes so that their
brand was seen by large audiences, in
effect using them as billboards. But a
tiny cadre of superstars, able to stay in
the public consciousness after the end of
their careers, were desired because
companies believed they could generate
sales long after retirement.
“The benefits are much more about
7 July/8 July 2018
COMPANIES
Own goal
Fifa scandals see brands
withdraw their backing
World’s best paid athletes
Annual earnings ($m)
Salary/ The World Cup is a feast of football,
Endorsements Winnings and is also usually a feast of
0 20 40 60 sponsorship with international
Roger Federer 12.2 brands eager to cash in on the
LeBron James
Cristiano
33.5 global attention and excitement the
61 tournament generates.
Ronaldo
Stephen Curry 34.9 Not this year. A long-simmering
corruption scandal that exploded in
Lionel Messi 84 2015 with a series of dawn raids on
Fifa exposed a culture of kickbacks,
Neymar 73 bribes and criminality. The
subsequent charges of several Fifa
Conor officials by US prosecutors caused
85 many western brands to rethink
McGregor
their sponsorship of world football’s
governing body and its events.
The addition in 2015 by Fifa of a
Floyd new sponsorship tier for
Mayweather 275 international brands ended in
failure when only a handful of
companies signed up. Fifa also lost
several big sponsors, including
Matt Ryan 62.3 Sony and Emirates, when their
deals ended at the end of the Brazil
Matthew 57.5 World Cup in 2014. They have been
Stafford
replaced by Qatar Airways, Russian
energy company Gazprom and
Nike shares slip on loss of Federer Dalian Wanda, the Chinese
Share price ($)
property and cinema group, but the
net effect for Fifa has been three
81 fewer sponsors at the Russia World
Cup than it had in Brazil.
Jul 3 Federer announces he This has had a corresponding
is ditching brand for Uniqlo impact on Fifa’s income, with
sponsorship revenues for the
80 organisation’s 2015-18 tournament
cycle £179m lower than in the
previous 2011-14 cycle.
The omens for the next four
79 years are similarly bleak unless Fifa
takes drastic action, according to
Tim Crow, a sports marketing
adviser who has worked for a
number of Fifa sponsors. “It’s a
78 holding pattern at the moment and
there isn’t much Fifa can do to grow
revenues,” he said.
Qatar will host the 2022 World
77 Cup and negative sentiment
around that tournament and the
manner in which it won the vote,
when bribes are alleged to have
changed hands, will weigh on
76 sponsors, he adds. “The bottom line
29 Jun 2018 05 Jul
is Fifa’s image . . . it’s seen as a
body that will do anything for
Sources: Forbes; Thomson Reuters
money.” Matt Garrahan
awareness and exposure,” he said. “This de France victories. Sponsors often $1.65bn world. Nike’s share price fell about 4 per
is about seeing the brand name, but also include morality clauses in their con- Former NBA star
cent this week after Federer ended his
selling millions and millions of shoes, tracts, allowing them to end deals if an Michael Jordan’s association with the US company.
shorts, kit and whatever else.” sports star’s personal conduct proves net worth, buoyed The tennis player offered Nike the
Fast Retailing, the parent company of damaging. Even so, Nike maintained its by continued sales chance to match Uniqlo’s offer, but it
Uniqlo, said Federer was a “perfect relationship with Woods, despite the of his Nike trainers passed, according to a person familiar
ambassador” for the brand, insisting damage to his reputation following rev- with the deal.
that the deal was “more than just sports elations of his extra-marital affairs in $1bn Nike retains the trademark over the
sponsorship”. 2009. Lifetime deal Nike RF logo, but would not say whether it
It said: “We are in the very early stages Corporate groups disproportionately has with basketball intended to keep the brand or how long
of discussing how best to align Roger’s favour sponsorship deals with men. The player LeBron it was assigned to the company.
personal humanitarian interests, world’s best paid female athlete is the James, according to Federer said he intended to continue
strengths and availability with our com- tennis player Serena Williams, who his agent wearing Nike trainers for the time
munity programmes.” earned $19m in endorsements in 2017, being, as Uniqlo does not manufacturer
But long-term deals with athletes can adding to the $8m she earned in prize shoes, but wanted to gain the rights to
come with perils. In 2012, Nike termi- money. But she fell out of Forbes’s the RF clothing line.
nated its contract with Lance Arm- annual list of Top 100 earning athletes, “The RF logo is with Nike at the
strong, with whom it developed the US following a pregnancy that prevented moment, but it will come to me at some
cyclist’s “Live Strong” charitable foun- her from playing. point,” said Federer.
dation into a global brand, after the dis- Simply having a star on the books can “I hope sooner rather than later, that
closure that he had taken performance add to a company’s value. On Thursday, Nike can be nice and helpful in the proc-
enhancing drugs during his seven Tour shares in the football club Juventus rose ess to bring it over to me. It’s also some-
9 per cent on rumours that Cristiano thing that was very important for me,
More on ft.com
Ronaldo, the Real Madrid star, was con- for the fans really.
For the latest news, comment
and analysis on the sports sidering a transfer to the Italian league “They are my initials. They are mine.
industry, go to champions, with investors believing The good thing is, it’s not theirs forever.
ft.com/sport
that the Portuguese player would help In a short period of time, it will come
to market the club to fans around the to me.”
Trading Directory
Trading Directory
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UK: +44 20 7873 4017 | aman.dogra@ft.com
7 July/8 July 2018 ★ FTWeekend 13

MARKETS & INVESTING

Analysis. Equities Equities

Investors pull
China financial turmoil revives $3.9bn from
European and
memories of three years ago EM funds
China equities ALEXANDRA SCAGGS — NEW YORK

Shanghai Composite index Investors pulled cash from funds invest-

Weakness in both stocks and
the renminbi is sparking
comparisons with 2015 rout
GABRIEL WILDAU — SHANGHAI
Turmoil has returned to Chinese finan-
cial markets after more than two years
of relative calm, reviving memories of
2015-16 when an equity market rout
combined with currency depreciation
captured the attention of global inves-
tors and sparked worries about sys-
temic risk.
Market declines this year have not yet
reached the magnitude of 2015 when
the Shanghai Composite index fell by
more than 45 per cent in just over two
months between June and August, while
the renminbi depreciated by 10 per cent
between August 2015 and the end of
2016.
The moves prompted heavy-handed
intervention in both markets. While the
use of foreign exchange reserves to sup-
port the renminbi is generally viewed as
a successful — if costly — effort to stabi-
lise market expectations, the stock
market bailout is widely seen as
a failure.
In August 2015, an internal assess-
ment of the effort concluded that the so-
called “national team” of state-backed
investors should abandon their bailout
efforts. “It’s quite natural to think about
2015 right now but the government
should have learnt some lessons from
that episode, which wasn’t pleasant,”
said Shuang Ding, China economist at
Standard Chartered in Hong Kong.
“Back then, the government panicked
even earlier than the market. They
intervened excessively, creating unreal-
istic expectations among investors. This
time they’ve generally stayed on the
sidelines and to allow market the mar-
ket to react to slowing economic growth
and the prospect of a trade war.”
In some ways, Chinese policymakers
are in a stronger position to weather the
recent storm than they were in 2015-16.
First, equity valuations are more
modest. Though Shanghai stocks rose
steadily after their January 2016 trough,
so-called “A shares” were still only val-
ued at 17 times trailing 12-month earn-
ings when the Shanghai Composite
closed at a two-year high in late January
this year. This was well below the ratio
of 24.6 at the peak of the bubble in June
2015, according to data from Wind Info.
Shanghai’s p/e ratio had fallen to
12.5 by Friday’s close, below its level
of 12.9 when the Shanghai Composite
bottomed out in January 2016, leading
some analysts to detect a buying
opportunity.
“This kind of decline has a bit of an
irrational element,” said Lin Longpeng,
chief markets strategist at Guotai Junan
Securities in Shenzhen. “Valuations are
at historical low points. If people set
their sights towards the longer term,
there is real investment value at this
level.”
On the renminbi, there is so far little
sign of rampant capital flight of the type
that occurred in 2015-16, which
prompted authorities to crack down on
foreign dealmaking and other outflow
channels.
Instead, the recent declines appear
largely driven by pessimism about
a slowing economy on top of worries
about the impact of a trade war on
China’s trade surplus.
Adding to these pressures are Federal
Reserve rate rises, which are occurring
just as monetary easing is pushing ren-
minbi interest rates down. The result is
a narrowing gap between dollar and ren-
minbi interest rates, following years in
which higher yields available on Chi-
nese assets provided a baseline of sup-
port for the renminbi.
Traders saw signs last week when the
People’s Bank of China intervened mod-
estly to curb the renminbi’s decline but
the PBoC now has less ammunition for
large-scale intervention. Dollar selling
in 2015-16 reduced the stock pile from
its all-time high of $4tn in mid-2016 to
$3.12tn at the end of May. June forex
reserves data are expected on Saturday.
“If there is more pressure on the
exchange rate, I would not rule out mar-
ket intervention through selling US
dollars, but they definitely don’t want
FX reserves to drop below $3tn,” said
Mr Ding.
There is also less space to tighten capi-
tal controls further, especially because
doing so would jeopardise policymak-
ers’ efforts to draw more foreign invest-
ment into its domestic capital markets.
Jan 2018 Jul
Renminbi
Against the dollar
Jan 2018
Source: Thomson Reuters Datastream
Shanghai’s stock That campaign has received a boost
valuations are from moves to include Chinese stocks
falling — Prasit and bonds in global indices, but any
Rodphan/Dreamstime
move to restrict outward flows would be
seen as an embarrassing backslide.
The wild card is the property market.
Many worry that it is in an even more
severe bubble than in 2015. An index of
Shanghai-listed property shares has
fallen 16 per cent over the past two
weeks compared with a 5 per cent drop
in the Shanghai Composite.
News that China Development Bank,
the country’s main policy lender, was
pulling back from a subsidy programme
for homebuyers that has spurred break-
neck sales and price growth in smaller
cities since 2016 sparked the recent
decline of developer shares, highlight-
ing the market’s nervous mood.
While few project an outright collapse
of the property market, even a 10 per
cent price decline would ripple through
China’s economy where property
underpins manufacturing demand,
debt collateral and local government
budgets.
Many “The property bubble is very palpa-
ble,” said Hao Hong, head of research at
worry the Bocom International in Hong Kong.
property “Across third- and fourth-tier cities,
prices have doubled since the beginning
market is of 2016. Now we’re probably in a much
in a more larger bubble than in 2015, which
restrains the government’s policy
severe choices. Monetary policy cannot be too
bubble relaxed because it will inflate the bubble
further.”
than 2015 Additional reporting by Yizhen Jia
3,600
ing in European and emerging market
equities for another consecutive week,
the longest streak of withdrawals from
3,400 both markets since 2016.
Exchange traded and mutual funds
investing in western European equities
3,200 lost $2.9bn in the week ended July 4,
according to EPFR data. So far, they
3,000 have experienced 17 weeks of outflows
totalling $45bn worth of cash.
That run is the market’s longest string
2,800 of outflows since 2016, when investors
made 38 straight weeks of net with-
2,600
drawals from western European equity
funds — totalling nearly $1tn — in an
exodus fuelled in part by the UK’s deci-
sion to leave the eurozone.
This time around, investors have
been pulling cash as uncertainty grows
6.2 about the fate of the eurozone in the
wake of Italian political upheaval.
“This is continued fallout from the
6.3 Italy situation,” said James Sarni, a man-
aging principal at Payden & Rygel, an
6.4
independent investment advisory
group. The Italian stock market has
dropped 11 per cent since its peak in
6.5 early May, weeks before the political
turmoil boiled over.
Elsewhere, emerging market equity
6.6
‘We’ve been telling people
6.7 not to be too quick to
Jul run from the emerging
market bond market’
mutual funds and ETFs lost $1bn in the
week ending July 4, according to EPFR.
They have lost a net $13.3bn of cash in
seven straight weeks of withdrawals, the
longest streak since 2016. In fact, during
the eight-week span of outflows two
years ago, investors pulled a smaller
amount of cash, totalling just $8.4bn.
Emerging markets have been dented
by the rise in the dollar as economic
growth in the US heats up, and as the
Federal Reserve looks set to continue on
its path of rate increases.
Global investors, particularly those
based in the US, have sought to avoid
exposure to some emerging markets as
their currencies are expected to con-
tinue to decline. The threat of trade
wars has fuelled further concern and
prompted outflows, said Mr Sarni.
Countries including Argentina and
Turkey have been among the hardest
hit by the rising dollar and the Fed’s
financial tightening this year, with their
major equity indices down more than 35
per cent and 25 per cent, respectively.
But Mr Sarni of Payden & Rygel thinks
some of the concern about emerging
markets may be overblown.
“We’ve been telling people not to be
FastFT too quick to run from the emerging mar-
Our global ket bond market,” said Mr Sarni. “We’re
team gives you now getting to yields and spreads where
market-moving they make sense for an investor with a
news and views, slightly longer time horizon. Maybe you
24 hours a day avoid some of the countries like Argen-
ft.com/fastft tina, but . . . one can really make a
strong case for the emerging world.”

Capital markets Currencies

Calls for Fed to rethink monetary policy
framework as it unwinds balance sheet
JOE RENNISON — NEW YORK
The Federal Reserve needs to reassess
the technical implementation of mone-
tary policy “before too long”, several
officials said at the central bank’s most
recent meeting.
The debate over how to ensure the Fed’s
target interest rate stays within policy-
makers’ desired range has intensified as
the central bank has begun to unwind its
balance sheet.
At its meeting last month, the Fed
took the unusual decision to raise the
amount it pays on excess reserves
deposited by banks at the central bank
by less than it raised its target range for
the fed funds rate.
The interest on excess reserves
(IOER) acts as a ceiling for the fed funds
rate and policymakers deemed it neces-
sary to lower the ceiling in response to
the effective fed funds rate rising close
to the top of the target range.
But the move could be just the start of
a broader re-evaluation of the way the
Fed transmits monetary policy deci-
sions into markets as it reduces the size
of its balance sheet.
“A few participants suggested that,
before too long, the committee might
want to further discuss how it can
implement monetary policy most effec-
tively and efficiently when the quantity
of reserve balances reaches a level
appreciably below that seen recently,”
said the minutes, released on Thursday.
The Fed minutes pointed to pressure
in the government repo market as one of
the reasons for the effective fed funds
rate moving higher within its target
range. The US Treasury has been selling
more short-term debt into the market as
the Fed has withdrawn as a buyer.
Analysts said the June decision to
The Fed’s meeting minutes pointed
to pressure in the repo market
limit the IOER increase has relieved the
concern for the time being. It has helped
push the effective rate to 9bp below the
upper bound at 1.91 per cent — roughly
the same place within the target range
that it has averaged since the end of 2016
— compared with just 5bp below the
upper bound before the June meeting.
But some investors had hoped that
the minutes would show more discus-
sion of the Fed’s views on the subject,
since the technical difficulty of trans-
mitting monetary policy could grow as
the balance sheet shrinks, causing rip-
ples across money markets.
“Balance sheet reduction has entered
a new phase,” said Louis Crandall, chief
economist at Wrightson Icap. “The
events of the past couple of weeks will
have raised the profile of this question
and should ensure it gets a fuller hearing
when the Fed meets in August.”
Seth Carpenter, chief US economist at
UBS and a former official at the US
Treasury, said: “They are not stopping
the unwind of the balance sheet any-
time soon but they are going to have to
rekindle the conversation over the mon-
etary policy framework in the next few
months in preparation for when they do
stop.”
Switzerland’s crypto ambitions get boost
from digital platform launch by exchange
RALPH ATKINS — ZURICH
PHILIP STAFFORD — LONDON
Switzerland’s stock exchange is seeking
a global lead in the trading of digital
assets, announcing plans for market
infrastructure to boost the country’s
credentials as a “crypto nation”.
The platform being built by the Six
exchange is designed to be used for
cryptocurrencies such as bitcoin and
will be based mainly on blockchain dis-
tributed ledger technology.
As well as trading, the Six digital
exchange will offer integrated post-
transaction services such as deal settle-
ment and asset custody.
Jos Dijsselhof, Six’s chief executive,
said: “For us, it is abundantly clear that
much of what is going on in the digital
space is here to stay and will define the
future of our industry. The financial
industry now needs to bridge the gap
between traditional financial services
and digital communities.”
Digital currency systems were devel-
oped as an alternative to the global
monetary system and potentially dis-
ruptive ways of conducting financial
transactions. But many industry execu-
tives accept they will have to be “profes-
sionalised” to turn them from niche
interests into trading and payments sys-
tem used by millions.
Six, which is regulated by Finma, the
Swiss financial supervisor, and the Swiss
central bank, said it expected its digital
exchange would “enjoy the same stand-
ard of oversight and regulation”. The
first services would be rolled out in the
first half of 2019, it said yesterday.
‘The financial industry
needs to bridge the gap
between financial services
and digital communities’
Despite scepticism among regulators
globally, Switzerland has sought to steal
a lead in the emerging financial prod-
ucts. This year, Johann Schneider-Am-
mann, economics minister, said Swit-
zerland wanted to become the “crypto
nation”. Crypto start-ups have been
attracted to Switzerland by its regula-
tory and tax environment with the tiny
canton of Zug, close to Zurich, promot-
ing itself as the heart of “crypto valley”.
As well as the Six initiative, Swiss poli-
ticians and officials are working on
plans to remove obstacles that prevent
conventional banks from providing
services to crypto companies. Finma
this year set out guidelines to help local
initial coin offerings where start-ups sell
digital tokens to investors.
Cryptocurrency exchanges are begin-
ning to copy the safeguards commonly
used by their securities and derivatives
counterparts after a steady stream of
hacks, asset thefts and technical issues.
Trading venues were initially targeted
at the retail market but are now court-
ing institutional investors such as hedge
funds, wealthy investors and proprie-
tary traders. The latter are keen to
invest in digital assets but require a
higher standard of protection.
Coinbase, a crypto exchange, has
begun offering custody services to inves-
tors concerned about their assets’ safety.
Huobi, one of the world’s largest crypto
exchanges, has a default fund to protect
users against some specific shocks.
Traditional exchanges are also look-
ing to target institutional investors
wanting to trade cryptocurrencies. US
exchange Nasdaq will supply surveil-
lance technology to Gemini, the crypto-
currencies trade venue run by internet
entrepreneurs the Winklevoss twins.
14 ★ FTWeekend 7 July/8 July 2018

MARKETS & INVESTING

Changing world threatens The day in the markets

a once-timeless skill in
commodities investing What you need to know
3 Non-farm payrolls data point to Euro rises against the dollar as bloc’s economic data improve
robust US economy
Against the dollar ($ per €)
3 Chinese stocks suffer as trade

Gregory Meyer concerns in the spotlight

3 Euro strengthens on improved
industrial production data
1.175

On Wall Street US equities bounced after June jobs data

pointed to a robust labour market, in 1.170
contrast to a slide in Chinese markets
where trade war concerns have spooked

O
ne of commodities mar-
kets’ more time-honoured
tasks involves scanning
weekly data on fund man-
agers’ futures positions.
Analysts calculate the funds’ net bullish
or bearishness and try to guess where
prices might go next.
It can be tedious but interest in the
data is apparently surging. The volume
of news stories on commodity trader
positioning has quintupled in the past
couple of years, according to the Global
Commodities Applied Research Digest.
The question is whether the attention
is worth it. Veteran position watchers
say, “absolutely”. But the evolution of
new breeds of commodities speculators
suggests it may get harder and harder to
find a signal in the statistics.
The data appear in commitments of
traders reports published by futures
regulators and exchanges. The most
closely watched category of trader is
called “managed money”, which encom-
passes hedge funds and asset managers.
Managed money tends to grab head-
lines when its net positions reach new
extremes. Such was the case in January
when the group’s net length in US crude
oil futures — the difference between long
bullish and short bearish positions — hit
a record of nearly half a billion barrels.
The impressive figure was good fod-
der for pundits who warned of a sudden
fall when skittish speculators inevitably
bailed out. West Texas Intermediate
indeed took a tumble in February.
Looked at differently, the record posi-
tion might not have been that signifi-
cant. It came amid a broad increase in
open interest for US crude futures. As a
percentage of open interest, the funds’
net bullish position reached 19 per cent
— less than in June 2014, just before oil’s
collapse below $100 a barrel.
The utility of commitments of traders
data as a forecasting tool has long been
debated. In agricultural futures, for
example, scholars Dwight Sanders,
Scott Irwin and Robert Merrin found
“very little evidence” that trader posi-
tions were of use in forecasting returns.
The author of the GCARD article was
Mark Keenan, a strategist at Société
Générale. He acknowledged that “posi-
tioning data often invokes strong opin-
ions about its validity and usefulness”.
He is, nevertheless, a believer — hav-
ing just published a book that explains
Evolution of new breeds of
speculators suggests it
may get harder to find a
signal in the statistics
positioning analysis across more than 25
commodity markets.
One use of positioning data he
describes as “dry powder analysis”, or
assessing the likelihood of positions get-
ting bigger. It cross-references historical
long and short positions for trader cate-
gories with the number of individual
traders within each category. Looking at
money managers’ dry powder is “impor-
tant in understanding price direction,
identifying price risks and discovering
trading opportunities”, he writes.
Another analytical tool from Mr
Keenan compares speculative position-
ing and price data to define when com-
modities prices have become vulnera-
ble to a pullback from extremes.
But there is a danger in extrapolating
historical patterns from hedge fund posi- investors.
tions and applying them to a rapidly The CSI 300 index of major stocks in 1.165
changing world of commodities trading. Shanghai and Shenzhen this week
The commodities fund industry has touched its lowest levels since May last
been transformed in the past several year, as long-anticipated US tariffs worth
years. Many specialists famed for stak- $34bn on Chinese imports came into 1.160
ing out strong views on the supply and force yesterday. 02 Jul 2018 06
demand dynamics of wheat, natural gas Some investors are worried the Source: Bloomberg
and similar markets have gone dark. escalating trade dispute could spill over
Passive investors who wagered bil- into currencies. “As the US imports more
lions on the promise of rising commodi- Chinese goods and services than the
ties indices gave up after years of losses. Chinese import from the US, China is On Wall Street, the S&P 500 rose 1.5 supported by the announcement of
Instead, markets have absorbed unable to match the US in the value of per cent this week, led by biotechnology healthy German industrial production
inflows from a type of speculator the US imports it applies tariffs too,” said Tom stocks, but the S&P’s carmakers — set to data yesterday, which showed a 2.6 per
Commodity Futures Trading Commis- Milson, executive director at GWM be affected by tit-for-tat tariffs tussle — cent rise for May, its biggest increase
sion classifies, with annoying vagueness, Investment Management. fell 2.4 per cent. since November, and a rebound from
as “other reportables”. Many are thought “Markets are concerned that . . . China Helping the S&P was yesterday’s US April’s 1.3 per cent slide.
to be proprietary trading firms that use may use its currency to hurt the US as it employment data for June, which showed Sterling was up 0.7 per cent against the
algorithms to pick futures contracts. cannot implement a like-for-like 213,000 jobs created versus the 195,000 dollar on the week as Brexit talks at
Inside the managed money category, retaliation.” forecast by analysts. But average Chequers are due to come to a head.
tens of billions of dollars of commodities The renminbi fell sharply against the earnings narrowly missed expectations, “So far, markets have shrugged off the
allocations have flowed into strategies dollar in June, drawing comparisons with rising 2.7 per cent year-on-year rather worst of the Brexit-related uncertainty
known as “risk premia” investing. sell-offs in August 2015 and January than the 2.8 per cent predicted. but as companies warn more vociferously
Such funds generally steer clear of 2016. It had lost as much as 4 per cent at David Riley, chief investment strategist about the impact of Brexit on their
outright bullish or bearish convictions the start of this week before the People’s at BlueBay, said the jobs report investment plans, so the government will
and allocate money based on “factors” Bank of China intervened to calm “underscores the strength of the US have to make more progress than it has
such as volatility and the pattern of markets. economy, with impressive jobs growth hitherto,” said Peter Dixon,
prices for future delivery. Reacting to increased US levies on including in manufacturing”. Commerzbank’s senior economist. “It is
HFR, a hedge fund research group, aluminium and steel imports, Russia The yield on 10-year Treasuries edged not clear that Theresa May has sufficient
has identified a total of 249 commodity imposed tariffs of 25 to 40 per cent on 1 basis point lower to 2.83 per cent. authority to force her government to take
risk premia strategies offered by banks. select US imports yesterday. Moscow Meanwhile, the euro strengthened a position that minimises the risk of
A new paper by university scholars estimates that Washington’s metal tariffs about 0.3 per cent against the dollar over conflict with the EU27.”
Fousseni Chabi-Yo, Hitesh Doshi and equate to a $537.6m loss to Russian the week to $1.1745. In London, the FTSE 100 gained nearly
Virgilio Zurita has isolated “entropy” as exporters. The single market currency was 1 per cent over the week. Chloe Cornish
another profitable risk premium, call-
ing it “a summary measure of all distri-
butional moments of an asset’s return”. Markets update
If entropy and 249 other risk premia
strategies take hold in commodity fund
management, orderly tales of bulls and US Eurozone Japan UK China Brazil
bears based on weekly position data will Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa
look less and less credible.
Level 2759.17 1498.22 21788.14 7617.70 2747.23 74597.13
% change on day 0.82 0.20 1.12 0.19 0.51 0.06
gregory.meyer@ft.com
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $
Level 94.282 1.176 110.445 1.328 6.648 3.929
% change on day -0.198 0.513 -0.104 0.454 0.197 0.187
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond
Yield 2.828 0.289 0.025 1.265 3.537 11.247
Basis point change on day 0.000 -0.600 -0.520 0.400 3.400 -2.000
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 336.58 77.22 73.82 1255.50 15.95 3078.80
% change on day 0.80 -0.49 1.00 -0.01 -0.59 -0.42
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.

Main equity markets

S&P 500 index Eurofirst 300 index FTSE 100 index
2800 1560 8000

2760 7840
1520
2720 7680
1480 7520
2680
| | | | | | | |
2640 | | | | | | | | | | | | | | | | | | | |
1440 | | | | | | | | | | | | | | | | | | | | 7360 | | | | | | | | | | | |

May 2018 Jul May 2018 Jul May 2018 Jul

Biggest movers
% US Eurozone UK
Biogen 15.53 Rwe 2.84 Itv 4.28
Advanced Micro Devices 5.03 Colruyt 2.59 Severn Trent 2.12
Ups

Gilead Sciences 3.21 Deutsche Bank 2.51 National Grid 2.03

The Charles Schwab 3.06 Thyssenkrupp 2.42 Vodafone 1.79
Dish Network 2.98 Adp 2.29 Just Eat 1.76
%
Gap -2.28 Seadrill -17.58 Associated British Foods -4.30
Cboe Global Markets -1.50 Norsk Hydro -1.96 Direct Line Insurance -3.70
Downs

Newmont Mining -1.20 Michelin -1.56 Rightmove -2.68

Qorvo -1.07 Renault -1.38 Fresnillo -2.26
Expeditors Int Of Washington -0.95 Schindler -1.34 Admiral -2.04
Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.

Wall Street Eurozone London

Defence company Raytheon and ThyssenKrupp slipped 1.5 per cent after ITV led the FTSE 100 gainers after
Caterpillar, which builds construction and the chief executive resigned abruptly on Société Générale put a one-in-four
mining machinery, were among the worst Thursday, just days after signing a chance on the broadcaster being bought.
performers on the S&P 500 index, both milestone agreement to merge the Sector consolidation was “at fever
falling 1.2 per cent towards US mid- conglomerate’s steelmaking business pitch” and Liberty International, ITV’s 9.9
session yesterday. with India rival Tata Steel Europe. per cent shareholder, was in a strong
Such industrial stocks are seen as The German group’s supervisory board position to join in, having reduced debt
among the losers from the trade disputes yesterday formally agreed to end substantially, said the broker. It upgraded
between the US and the rest of the world, Heinrich Hiesinger’s tenure and asked ITV from “sell” to “buy”, citing a reset of
with the sub-index underperforming the Guido Kerkhoff, the finance chief, Oliver advertising expectations to more realistic
broader market. Burkhard, human resources director, and levels and the chances of outperformance
Among materials, Newmont Mining led Donatus Kaufmann, the legal head, to around a strategy day this month.
the fallers, down 1.3 per cent. Steel guide the company without a chief Direct Line and Esure weakened after
company Nucor was off 0.3 per cent. executive. Barclays downgraded them. A tougher
Shares in Biogen soared 15 per cent JPMorgan has quashed a report that it outlook for motor insurance margins
after scoring a rare success in the had expressed an interest in taking a would likely be a feature during interim
notoriously difficult field of Alzheimer’s stake in Deutsche Bank that had sent the results season, with the weaker
research, announcing that one of their German bank’s shares rising in early profitability putting dividends at risk,
experimental drugs had succeeded in a trading yesterday. Barclays said. Fellow insurer Just Group
mid-stage clinical trial. Shares in Deutsche climbed as much as slipped on a JPMorgan Cazenove
In a Phase II study of the medicine, 5 per cent in the morning following a downgrade to “underweight”, which
code-named BAN2401, the cognitive German media report that the US bank highlighted increased regulatory
abilities of patients on a very high dose of and Industrial and Commercial Bank of pressures on bulk annuity providers.
the drug declined more slowly than those China were interested in investing. Rightmove retreated after UBS added
taking a placebo, said Biogen, which is “We are denying it — it is not true,” a the property portal to its “sell” list. A
developing the drug with Japanese London-based spokesman for JPMorgan valuation of 27 times 2019 earnings
pharmaceuticals group Eisai. told the Financial Times. overestimated growth, which was likely to
The jump in Biogen’s shares was At the close of trading, Deutsche Bank be clipped by a slow UK housing market
enough to reverse its previous drop for was up 2.9 per cent. Patrick McGee and and online estate agents squeezing
the year. Joe Rennison Laura Noonan commission rates, UBS said. Bryce Elder
7 July/8 July 2018 ★ FTWeekend 15

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-0.104% -0.79% -0.01%

0.82% 1.14% 0.49% 0.19% 0.20% 1.12% 0.47% 0.80% 0.513% 0.454% 0.113%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jun 07 - - Index All World Jun 07 - Jul 06 Index All World Jun 07 - Jul 06 Index All World Jun 07 - Jul 06 Index All World Jun 07 - Jul 06 Index All World Jun 07 - Jul 06 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,772.35 2,759.15 16,335.42 22,823.26 2,453.76
16,183.93 7,704.40 12,811.05
7,617.70
12,496.17 21,788.14 2,272.87
Day 0.82% Month 0.36% Year 13.41% Day 0.42% Month 0.94% Year 8.34% Day 0.19% Month -1.34% Year 3.70% Day 0.26% Month 1.55% Year NaN% Day 1.12% Month -3.33% Year 8.50% Day 0.68% Month -6.81% Year -4.84%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
49,170.64 3,467.81
7,689.24 7,672.91 1,509.18 9,905.00 31,093.45
1,498.22 9,829.00
45,476.57 3,191.82
28,315.62
Day 1.14% Month 0.44% Year 24.73% Day 1.25% Month 8.83% Year -1.69% Day 0.20% Month -1.00% Year 0.05% Day 0.39% Month 2.26% Year -5.88% Day 0.47% Month -8.93% Year 10.95% Day -1.99% Month -7.95% Year -1.75%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
74,597.13 3,109.50 35,657.86
25,146.39 73,851.46 35,463.08
5,448.36 21,767.60 21,925.51
5,375.77
24,476.43
2,747.23
Day 0.49% Month -1.31% Year 13.95% Day 0.06% Month -1.98% Year 19.43% Day 0.18% Month -1.56% Year 3.78% Day 0.05% Month 0.54% Year 3.99% Day 0.51% Month -11.78% Year -14.34% Day 0.23% Month 2.16% Year 14.12%

Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 27825.65 27813.17 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 24142.68 24110.66 Philippines Manila Comp 7186.71 7233.57 Taiwan Weighted Pr 10608.57 10611.81 Cross-Border DJ Global Titans ($) 306.63 304.44
Australia All Ordinaries 6355.70 6302.90 Czech Republic
PX 1077.56 1076.02 FTSE Italia Mid Cap 41179.67 40890.34 Poland Wig 56504.61 56719.88 Thailand Bangkok SET 1614.76 1601.42 Euro Stoxx 50 (Eur) 3446.66 3440.92
S&P/ASX 200 6272.30 6215.50 Denmark OMXC Copenahgen 20 970.20 965.72 FTSE MIB 21925.51 21914.29 Portugal PSI 20 5599.76 5569.36 Turkey BIST 100 116840.94 116315.98 Euronext 100 ID 1053.74 1050.12
S&P/ASX 200 Res 4441.30 4384.80 Egypt EGX 30 16125.34 16309.65 Japan 2nd Section 7249.49 7115.92 PSI General 3270.13 3255.75 UAE Abu Dhabi General Index 4603.20 4593.90 FTSE 4Good Global ($) 6659.96 6604.60
Austria ATX 3268.94 3261.67 Estonia OMX Tallinn 1254.75 1259.09 Nikkei 225 21788.14 21546.99 Romania BET Index 7836.98 7814.50 UK FT 30 3288.60 3279.90 FTSE All World ($) 336.58 333.90
Belgium BEL 20 3770.67 3747.22 Finland OMX Helsinki General 9951.96 9932.80 S&P Topix 150 1365.95 1353.55 Russia Micex Index 2285.53 2285.76 FTSE 100 7617.70 7603.22 FTSE E300 1498.22 1495.24
BEL Mid 7277.19 7311.95 France CAC 40 5375.77 5366.32 Topix 1691.54 1676.20 RTX 1170.95 1171.64 FTSE 4Good UK 6836.73 6819.55 FTSE Eurotop 100 2881.93 2876.80
Brazil Bovespa 74597.13 74553.06 SBF 120 4300.18 4289.04 Jordan Amman SE 2057.31 2057.31 Saudi-Arabia TADAWUL All Share Index 8177.61 8247.39 FTSE All Share 4187.17 4180.73 FTSE Global 100 ($) 1717.41 1701.54
Canada S&P/TSX 60 967.12 962.48 Germany M-DAX 25957.68 25811.75 Kenya NSE 20 3276.27 3280.46 Singapore FTSE Straits Times 3191.82 3256.71 FTSE techMARK 100 4742.11 4730.22 FTSE Gold Min ($) 1457.20 1448.23
S&P/TSX Comp 16335.42 16266.61 TecDAX 2763.09 2743.05 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 330.34 328.46 USA DJ Composite 8237.52 8200.14 FTSE Latibex Top (Eur) 4047.50 3976.60
S&P/TSX Div Met & Min 936.84 935.97 XETRA Dax 12496.17 12464.29 Latvia OMX Riga 1038.19 1037.79 Slovenia SBI TOP 880.11 877.94 DJ Industrial 24476.43 24356.74 FTSE Multinationals ($) 1960.30 1943.48
Chile IGPA Gen 26842.44 26710.33 Greece Athens Gen 747.04 748.57 Lithuania OMX Vilnius 707.78 707.78 South Africa FTSE/JSE All Share 57313.88 57414.00 DJ Transport 10459.84 10426.62 FTSE World ($) 596.75 591.91
China FTSE A200 8831.21 8756.53 FTSE/ASE 20 1964.56 1966.23 Luxembourg LuxX 1621.95 1609.73 FTSE/JSE Res 20 41223.16 41289.73 DJ Utilities 727.67 723.53 FTSEurofirst 100 (Eur) 4267.55 4257.79
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 28315.62 28182.09 Malaysia FTSE Bursa KLCI 1663.86 1690.65 FTSE/JSE Top 40 51122.67 51193.98 Nasdaq 100 7188.78 7101.05 FTSEurofirst 80 (Eur) 4831.13 4818.24
Shanghai A 2877.01 2862.25 HS China Enterprise 10622.62 10608.06 Mexico IPC 49170.64 48562.65 South Korea Kospi 2272.87 2257.55 Nasdaq Cmp 7672.91 7586.43 MSCI ACWI Fr ($) 505.84 502.94
Shanghai B 286.69 286.52 HSCC Red Chip 4230.00 4215.66 Morocco MASI 11714.66 11715.64 Kospi 200 293.11 291.63 NYSE Comp 12667.14 12585.21 MSCI All World ($) 2096.19 2082.17
Shanghai Comp 2747.23 2733.17 Hungary Bux 35775.73 36335.09 Netherlands AEX 553.62 552.43 Spain IBEX 35 9905.00 9866.20 S&P 500 2759.17 2736.61 MSCI Europe (Eur) 1582.83 1573.48
Shenzhen A 1605.85 1598.17 India BSE Sensex 35657.86 35574.55 AEX All Share 817.19 815.49 Sri Lanka CSE All Share 6108.71 6117.86 Wilshire 5000 28853.79 28621.51 MSCI Pacific ($) 2709.03 2721.19
Shenzhen B 1042.50 1044.52 Nifty 500 9194.50 9166.60 New Zealand NZX 50 9084.04 9062.85 Sweden OMX Stockholm 30 1518.99 1526.60 Venezuela IBC 122449.02 104411.37 S&P Euro (Eur) 1619.94 1615.20
Colombia COLCAP 1566.95 1570.90 Indonesia Jakarta Comp 5885.10 5994.60 Nigeria SE All Share 37499.07 37605.12 OMX Stockholm AS 563.72 564.26 Vietnam VNI 917.51 899.40 S&P Europe 350 (Eur) 1543.90 1540.64
Croatia CROBEX 1803.60 1796.30 Ireland ISEQ Overall 7001.49 6969.09 Norway Oslo All Share 1003.39 1011.67 Switzerland SMI Index 8697.42 8674.04 S&P Global 1200 ($) 2347.46 2329.36
Israel Tel Aviv 125 1366.32 1368.60 Pakistan KSE 100 40284.14 40238.81 Stoxx 50 (Eur) 3069.80 3067.39
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Jul 06 %Chg %Chg Jul 06 %Chg %Chg Jul 06 %Chg %Chg Jul 06 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Biogen 24.1 345.22 46.41 Vodafone 183.4 191.00 3.36 Deutsche Bank Ag Na O.n. 362.7 9.76 0.24 Toyota Motor 510.6 7162.00 76.00 Bt 231.55 6.3 -15.8 Syncona 265.50 5.6 31.8 Carclo 110.00 36.1 -12.0 Fixed Line Telecommunication 2671.63 6.3 -
Amazon.com 20.9 1711.82 12.09 Glencore 175.7 328.95 2.85 Bayer Ag Na O.n. 296.0 93.75 -0.50 Softbank . 440.1 8293.00 104.00 Just Eat 820.40 5.3 5.6 Integrafin Holdings 384.00 6.7 - Vp 1165.00 13.1 32.8 Gas Water & Multiutilities 5281.60 3.8 1.9
Netflix 19.0 405.04 6.65 Sky 170.2 1456.00 9.50 Daimler Ag Na O.n. 255.9 58.04 -0.46 Eisai Co., 416.9 9206.00 1500.00 National Grid 876.50 4.5 1.7 3i Infrastructure 229.80 2.8 -13.4 Puretech Health 149.00 4.6 0.0 Electricity 8271.95 3.4 7.0
Facebook 17.1 201.81 3.36 Hsbc Holdings 168.5 702.30 -2.60 Total 254.4 53.31 -0.41 Fast Retailing Co., 386.2 47760.00 260.00 Severn Trent 2068.00 4.5 -3.3 Quilter 26.90 -99.0 - Jtc 400.00 4.2 - Automobiles & Parts 10433.53 3.2 39.0
Apple 14.6 187.40 2.00 Bp 164.0 579.10 -3.40 Allianz Se Na O.n. 243.8 179.62 -0.46 Sony 345.5 5450.00 106.00 Marks And Spencer 307.30 4.1 -2.8 Charter Court Fin Services 349.10 4.7 25.8 Int Biotechnology Trust 634.00 3.9 2.6 Mobile Telecommunications 4235.32 3.2 -18.1
Micron Technology 9.4 52.92 0.08 Rio Tinto 132.0 4071.00 33.50 Siemens Ag Na 233.1 115.08 0.38 Tokyo Electron 306.2 18115.00 295.00 Vodafone 191.00 3.9 -18.3 Contourglobal 248.00 5.1 -5.0 Sdl 448.00 3.7 6.2 Tobacco 43924.59 2.0 -
Nvidia 8.9 246.88 4.15 Bhp Billiton 108.3 1664.20 5.20 Sap Se O.n. 217.2 99.45 0.28 Mitsubishi Ufj Fin,. 284.4 618.60 3.00 Itv 180.40 3.7 7.5 Pershing Square Holdings Ltd 1110.00 0.7 8.8 4imprint 1780.00 3.5 -5.6 Beverages 21945.26 0.7 0.7
Microsoft 7.3 101.09 1.33 Lloyds Banking 107.4 62.49 0.12 Sanofi 195.0 72.50 0.06 Fanuc 279.8 21300.00 405.00 Centrica 163.10 3.5 15.5 Cls Holdings 230.00 0.7 -4.8 Communisis 55.20 3.4 -15.1 Food & Drug Retailers 4251.56 0.7 30.1
Advanced Micro Devices 6.5 16.28 0.78 Shire 104.7 4286.00 18.00 Asml Holding 182.0 167.05 0.10 Tokai Carbon Co., 276.7 2008.00 98.00 Sse 1400.00 3.3 7.7 Alliance Trust 749.00 0.1 0.4 F&c Capital & ome Investment Trust 339.00 3.0 2.0 Aerospace & Defense 5544.96 0.3 13.5
At&t 6.2 32.66 0.06 Anglo American 101.1 1701.20 -20.40 Bay.motoren Werke Ag St 176.7 80.20 -0.46 Takeda Pharmaceutical 251.8 4623.00 87.00 Reckitt Benckiser 6407.00 2.7 -5.8 Pantheon Int 2030.00 0.0 8.6 Sqn Asset Finance ome Fund 91.60 2.9 2.2 Life Insurance 8399.86 0.1 -6.3
United Utilities 783.40 2.6 -4.1 Rit Capital Partners 2060.00 -0.2 5.3 Anglo-eastern Plantations 710.00 2.9 -2.7 Pharmaceuticals & Biotech. 13950.22 0.1 8.6
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Imperial Brands 2890.50 2.4 -8.4 Scottish Investment Trust 872.00 -0.6 0.0 Ecofin Global Utilities And Infrastructure Trust 125.00 2.9 -5.7 General Financial 10851.16 0.1 -2.1
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Biogen 345.22 46.41 15.53 Itv 180.40 7.40 4.28 Rwe Ag St O.n. 22.06 0.61 2.84 Eisai Co., 9206.00 1500.00 19.47 Glencore 328.95 -9.1 -16.6 Playtech 529.00 -29.7 -39.3 Premier Oil 118.70 -7.8 55.4 Software & Computer Services 1785.44 -5.8 -25.4
Advanced Micro Devices 16.28 0.78 5.03 Pennon 812.40 29.20 3.73 Colruyt 51.10 1.29 2.59 Tdk 11220.00 550.00 5.15 Associated British Foods 2492.00 -9.0 -10.3 Sophos 459.60 -28.1 -21.0 Hollywood Bowl 213.00 -6.6 2.4 Food Producers 7455.97 -4.8 -10.3
Gilead Sciences 75.15 2.34 3.21 Equiniti 242.00 8.00 3.42 Deutsche Bank Ag Na O.n. 9.76 0.24 2.51 Tokai Carbon Co., 2008.00 98.00 5.13 Barratt Developments 483.00 -6.3 -26.1 Inmarsat 483.80 -12.0 -1.6 De La Rue 506.00 -9.0 -20.1 Health Care Equip.& Services 7589.55 -4.5 0.1
The Charles Schwab 51.00 1.52 3.06 Charter Court Fin Services 349.10 10.10 2.98 Thyssenkrupp Ag O.n. 22.01 0.52 2.42 Sojitz 402.00 15.00 3.88 Berkeley Holdings (the) 3577.00 -5.5 -15.3 Convatec 189.65 -10.7 -6.9 Foxtons 53.30 -5.8 -35.7 Mining 18120.46 -4.1 -3.3
Dish Network 34.55 1.00 2.98 Dechra Pharmaceuticals 2916.00 84.00 2.97 Adp 200.60 4.50 2.29 Mitsubishi Motors 866.00 32.00 3.84 Smith & Nephew 1322.50 -5.4 4.7 Premier Oil 118.70 -7.8 55.4 Enquest 33.40 -5.6 12.8 Oil Equipment & Services 12915.03 -4.0 0.2
Micro Focus Int 1260.50 -4.8 -49.3 Cairn Energy 232.40 -7.0 10.5 Hilton Food 950.00 -4.4 11.8 Nonlife Insurance 3103.11 -3.1 -3.8
Downs Downs Downs Downs
Antofagasta 944.00 -4.6 -5.7 Hastings Holdings 235.00 -7.7 -25.6 Morgan Sindall 1392.00 -3.2 -3.1 Industrial Engineering 12872.84 -2.4 3.1
Gap 30.88 -0.72 -2.28 Inmarsat 483.80 -42.20 -8.02 Seadrill 0.21 -0.04 -17.58 Jgc 1989.00 -48.00 -2.36
Rsa Insurance 649.00 -4.5 4.8 Tullow Oil 228.80 -6.6 11.6 Mothercare 28.60 -4.1 -56.5 Forestry & Paper 22695.12 -2.0 8.8
Cboe Global Markets 101.40 -1.54 -1.50 Sophos 459.60 -27.00 -5.55 Assa Abloy Ab Ser. B 16.83 -1.22 -6.77 Showa Shell Sekiyu K.k. 1546.00 -36.00 -2.28
Rightmove 5076.00 -4.4 12.6 Ferrexpo 172.60 -5.8 -43.0 Cambian 146.00 -4.1 -24.9 Electronic & Electrical Equip. 6825.79 -1.6 3.6
Newmont Mining 37.97 -0.46 -1.20 Convatec 189.65 -9.65 -4.84 Norsk Hydro 4.99 -0.10 -1.96 Toho Co.,ltd 3465.00 -65.00 -1.84
Burberry 2070.00 -4.2 16.1 Petrofac 548.60 -6.1 7.1 Biffa 239.00 -4.0 -6.8 Industrial Transportation 3351.77 -1.4 0.4
Qorvo 80.95 -0.88 -1.07 Associated British Foods 2492.00 -112.00 -4.30 Sandvik Ab 14.54 -0.24 -1.62 Chiyoda 884.00 -15.00 -1.67
Next 5800.00 -4.1 28.9 Ibstock 279.00 -6.8 5.7 Headlam 469.00 -3.9 -17.4 Support Services 8462.88 -1.2 5.5
Expeditors Int Of Washington 71.63 -0.69 -0.95 Just 129.10 -5.30 -3.94 Svenska Cellulosa Ab Sca Ser. B 9.22 -0.15 -1.56 Nippon Express Co., 7490.00 -120.00 -1.58
Direct Line Insurance 330.20 -3.7 -11.2 Aveva 2486.00 -7.4 -9.1 Forterra 291.50 -4.9 -1.7 Banks 4232.74 -1.1 -8.5
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Jul 6 Currency Mid Change Mid Change Mid Change Jul 6 Currency Mid Change Mid Change Mid Change Jul 6 Currency Mid Change Mid Change Mid Change Jul 6 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 28.1800 0.0397 33.1327 0.2001 37.4077 0.1950 Indonesia Indonesian Rupiah 14370.0000 -15.0000 16895.5735 60.7551 19075.5602 52.7976 Poland Polish Zloty 3.7084 -0.0180 4.3602 -0.0009 4.9227 -0.0051 ..Three Month 0.7538 -0.0029 0.8855 0.0007 - -
Australia Australian Dollar 1.3467 -0.0073 1.5834 -0.0012 1.7877 -0.0028 Israel Israeli Shekel 3.6228 -0.0146 4.2595 0.0026 4.8090 -0.0011 Romania Romanian Leu 3.9640 -0.0196 4.6606 -0.0014 5.2620 -0.0059 ..One Year 0.7556 -0.0029 0.8845 0.0007 - -
Bahrain Bahrainin Dinar 0.3797 - 0.4464 0.0021 0.5040 0.0019 Japan Japanese Yen 110.4450 -0.1150 129.8559 0.4672 146.6110 0.4063 Russia Russian Ruble 62.9863 -0.1387 74.0562 0.1809 83.6116 0.1350 United States United States Dollar - - 1.1758 0.0054 1.3275 0.0051
Bolivia Bolivian Boliviano 6.9100 - 8.1244 0.0377 9.1727 0.0349 ..One Month 110.4448 -0.1155 129.8559 0.4673 146.6109 0.4061 Saudi Arabia Saudi Riyal 3.7503 -0.0001 4.4094 0.0203 4.9783 0.0188 ..One Month - - 1.1755 -0.1467 1.3276 0.0051
Brazil Brazilian Real 3.9287 0.0074 4.6191 0.0300 5.2151 0.0296 ..Three Month 110.4443 -0.1164 129.8559 0.4673 146.6106 0.4056 Singapore Singapore Dollar 1.3582 -0.0065 1.5969 -0.0002 1.8030 -0.0017 ..Three Month - - 1.1749 -0.1467 1.3280 0.0051
Canada Canadian Dollar 1.3097 -0.0037 1.5399 0.0028 1.7386 0.0017 ..One Year 110.4418 -0.1213 129.8560 0.4675 146.6109 0.4044 South Africa South African Rand 13.5138 -0.0776 15.8888 -0.0171 17.9389 -0.0342 ..One Year - - 1.1721 -0.1467 1.3297 0.0051
Chile Chilean Peso 657.3100 1.8700 772.8331 5.7701 872.5509 5.7960 Kenya Kenyan Shilling 100.8500 0.1500 118.5745 0.7251 133.8741 0.7082 South Korea South Korean Won 1115.9500 -2.6000 1312.0797 3.0379 1481.3759 2.2037 Venezuela Venezuelan Bolivar Fuerte 57563.3500 -57148.6500 67680.1839-66567.5457 76412.8790 -75282.4397
China Chinese Yuan 6.6475 0.0131 7.8158 0.0516 8.8243 0.0509 Kuwait Kuwaiti Dinar 0.3025 -0.0002 0.3556 0.0015 0.4015 0.0013 Sweden Swedish Krona 8.7254 -0.0364 10.2590 0.0049 11.5827 -0.0040 Vietnam Vietnamese Dong 23036.5000 -5.0000 27085.2237 119.6344 30580.0111 109.8566
Colombia Colombian Peso 2867.2050 -19.1100 3371.1202 -6.7412 3806.0918 -10.7764 Malaysia Malaysian Ringgit 4.0400 -0.0030 4.7500 0.0185 5.3629 0.0165 Switzerland Swiss Franc 0.9891 -0.0029 1.1630 0.0021 1.3131 0.0012 European Union Euro 0.8505 -0.0040 - - 1.1290 -0.0009
Costa Rica Costa Rican Colon 567.6950 0.4500 667.4682 3.6200 753.5908 3.4652 Mexico Mexican Peson 19.0642 -0.1691 22.4147 -0.0940 25.3068 -0.1272 Taiwan New Taiwan Dollar 30.4725 -0.0580 35.8281 0.0982 40.4509 0.0774 ..One Month 0.8503 -0.0040 - - 1.1290 -0.0009
Czech Republic Czech Koruna 22.0498 -0.1330 25.9250 -0.0355 29.2701 -0.0644 New Zealand New Zealand Dollar 1.4646 -0.0096 1.7220 -0.0033 1.9441 -0.0053 Thailand Thai Baht 33.1750 -0.0650 39.0055 0.1047 44.0384 0.0818 ..Three Month 0.8497 -0.0040 - - 1.1288 -0.0009
Denmark Danish Krone 6.3392 -0.0276 7.4533 0.0022 8.4149 -0.0045 Nigeria Nigerian Naira 359.5000 -1.7500 422.6826 -0.0892 477.2208 -0.4967 Tunisia Tunisian Dinar 2.6091 -0.0065 3.0677 0.0066 3.4635 0.0045 ..One Year 0.8469 -0.0040 - - 1.1278 -0.0009
Egypt Egyptian Pound 17.8915 0.0270 21.0360 0.1291 23.7502 0.1262 Norway Norwegian Krone 8.0276 -0.0218 9.4385 0.0182 10.6563 0.0118 Turkey Turkish Lira 4.5803 -0.0242 5.3854 -0.0034 6.0802 -0.0089
Hong Kong Hong Kong Dollar 7.8488 0.0014 9.2283 0.0445 10.4190 0.0416 Pakistan Pakistani Rupee 121.4500 - 142.7950 0.6618 161.2197 0.6140 United Arab Emirates UAE Dirham 3.6732 -0.0001 4.3187 0.0199 4.8759 0.0184
Hungary Hungarian Forint 274.6290 -1.6250 322.8954 -0.4053 364.5582 -0.7605 Peru Peruvian Nuevo Sol 3.2870 -0.0040 3.8647 0.0132 4.3634 0.0113 United Kingdom Pound Sterling 0.7533 -0.0029 0.8857 0.0007 - -
India Indian Rupee 68.9005 -0.0533 81.0099 0.3131 91.4625 0.2779 Philippines Philippine Peso 53.4075 -0.0095 62.7939 0.2799 70.8962 0.2574 ..One Month 0.7535 -0.0029 0.8856 0.0007 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Jul 06 Jul 05 Jul 04 Jul 03 Jul 02 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 3288.60 3279.90 3279.90 3281.30 3265.20 0.00 3384.10 2974.50 Automobiles & Parts 40.13 Electronic & Elec Eq 3.41 General Retailers -1.89 FTSE 100 Price Change FTSE 100 Price Change
Jul 06 chge% Index Jul 05 Jul 04 ago yield% Cover ratio adj Return FT 30 Div Yield 1.89 1.90 1.90 1.90 1.92 0.00 3.93 2.74 Tech Hardware & Eq 35.53 Utilities 3.14 Financial Services -2.13 3I Group PLC 903.80 3.40 London Stock Exchange Group PLC 4497 38.00
FTSE 100 (100) 7617.70 0.19 6705.65 7603.22 7573.09 7350.92 3.85 1.95 13.30 172.48 6613.02 P/E Ratio net 23.57 23.45 23.44 23.43 23.23 0.00 19.44 14.26 Food & Drug Retailer 30.02 Personal Goods 2.46 Mining -3.29 Admiral Group PLC 1870 -39.00 Marks And Spencer Group PLC 307.30 -1.70
FTSE 250 (250) 20618.34 -0.01 18149.75 20621.09 20652.51 19395.14 2.73 2.43 15.08 293.14 15381.69 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Industrial Metals & 19.57 Gas Water & Multi 2.10 Nonlife Insurance -3.76 Anglo American PLC 1701.2 -20.40 Melrose Industries PLC 208.10 -1.30
FTSE 250 ex Inv Co (198) 22138.98 -0.02 19488.33 22142.84 22176.25 20750.68 2.82 2.02 17.49 321.79 16859.21 FT 30 hourly changes Aerospace & Defense 13.60 Equity Invest Instr 1.19 Real Est Invest & Se -4.32 Antofagasta PLC 944.00 -8.80 Micro Focus International PLC 1260.5 4.50
FTSE 350 (350) 4241.22 0.16 3733.43 4234.58 4221.65 4074.57 3.67 2.01 13.56 89.93 7379.36 8 9 10 11 12 13 14 15 16 High Low Chemicals 11.77 Industrial Transport 0.87 Financials -4.89 Ashtead Group PLC 2255 24.00 Mondi PLC 2016 6.00
FTSE 350 ex Investment Trusts (297) 4202.34 0.16 3699.20 4195.66 4182.17 4040.01 3.72 1.95 13.82 90.34 3768.39 3279.9 3292 3292 3287.9 3282.9 3278.5 3276.9 3277.1 3281.4 3295.4 3273.8 Media 9.23 Beverages 0.85 Leisure Goods -5.18 Associated British Foods PLC 2492 -112.00 Morrison (Wm) Supermarkets PLC 254.00 0.50
FTSE 350 Higher Yield (105) 3876.12 0.14 3412.04 3870.72 3855.56 3787.08 5.12 1.67 11.69 105.44 7153.93 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Forestry & Paper 9.11 Oil Equipment & Serv 0.73 Life Insurance -6.32 Astrazeneca PLC 5201 18.00 National Grid PLC 876.50 17.40
FTSE 350 Lower Yield (245) 4209.79 0.18 3705.76 4202.39 4193.64 3972.07 2.03 2.98 16.56 61.96 4725.81 Pharmace & Biotech 8.73 NON FINANCIALS Index 0.67 Banks -8.34 Aviva PLC 496.10 -3.20 Next PLC 5800 -40.00
FTSE SmallCap (287) 5888.00 0.09 5183.04 5882.66 5893.30 5588.79 3.16 2.51 12.59 99.66 8692.11 Oil & Gas Producers 7.90 FTSE SmallCap Index -0.40 Consumer Goods -9.09
FTSE SmallCap ex Inv Co (157) 5101.88 0.32 4491.04 5085.53 5091.30 4931.37 3.23 1.58 19.63 90.34 7924.15 FX: EFFECTIVE INDICES Oil & Gas 7.75 FTSE 250 Index -0.52 Food Producers -9.48
Bae Systems PLC 642.00 1.80 Nmc Health PLC 3464 -14.00
Barclays PLC 186.50 -0.10 Ocado Group PLC 1014 -9.00
FTSE All-Share (637) 4187.17 0.15 3685.85 4180.73 4168.71 4020.82 3.65 2.03 13.52 88.13 7363.79 Health Care 7.65 Health Care Eq & Srv -0.56 Household Goods & Ho -12.15
Jul 05 Jul 04 Mnth Ago Jul 06 Jul 05 Mnth Ago Barratt Developments PLC 483.00 -4.30 Paddy Power Betfair PLC 8285 65.00
FTSE All-Share ex Inv Co (454) 4123.77 0.16 3630.04 4117.07 4104.22 3965.08 3.71 1.94 13.91 88.35 3757.56 Electricity 6.87 FTSE All{HY-}Share Index -0.82 Fixed Line Telecomms -14.43 Berkeley Group Holdings (The) PLC 3577 -35.00 Pearson PLC 886.20 -5.60
FTSE All-Share ex Multinationals (570) 1252.71 0.17 913.96 1250.64 1251.60 1213.53 3.43 1.92 15.17 25.16 2321.88 Australia - - 93.40 Sweden - - 73.95 Consumer Services 5.42 FTSE 100 Index -0.91 Telecommunications -17.10 Bhp Billiton PLC 1664.2 5.20 Persimmon PLC 2470 -5.00
FTSE Fledgling (104) 11256.76 0.09 9909.01 11247.01 11261.86 10022.01 2.98 1.77 18.98 160.37 21691.68 Canada - - 90.23 Switzerland - - 152.77 Support Services 5.31 Real Est Invest & Tr -1.00 Mobile Telecomms -18.12 BP PLC 579.10 -3.40 Prudential PLC 1762 -
FTSE Fledgling ex Inv Co (52) 16670.01 0.08 14674.15 16655.97 16690.08 14154.69 3.52 -0.95 -29.79 252.11 31439.36 Denmark - - 110.28 UK 78.28 78.44 78.51 Industrials 5.25 Basic Materials -1.11 Tobacco -19.40 British American Tobacco PLC 3903.5 3.50 Randgold Resources LD 5716 -100.00
FTSE All-Small (391) 4110.27 0.09 3618.16 4106.56 4113.88 3888.94 3.15 2.47 12.82 69.01 7788.14 Japan - - 138.15 USA - - 100.01 Industrial Eng 3.52 Travel & Leisure -1.37 Technology -21.84 British Land Company PLC 664.20 -0.40 Reckitt Benckiser Group PLC 6407 45.00
FTSE All-Small ex Inv Co (209) 3845.50 0.31 3385.09 3833.53 3838.02 3698.95 3.24 1.47 20.98 67.72 7566.95 New Zealand - - 114.91 Euro - - 93.97 Construct & Material -1.53 Software & Comp Serv -24.49 Bt Group PLC 231.55 2.10 Relx PLC 1655.5 20.50
FTSE AIM All-Share (808) 1086.98 0.34 956.84 1083.32 1080.32 959.02 1.25 1.24 64.84 7.57 1212.69 Norway - - 88.12
Bunzl PLC 2263 -7.00 Rentokil Initial PLC 345.30 0.30
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Burberry Group PLC 2070 32.00 Rightmove PLC 5076 -140.00
Oil & Gas (15) 10133.67 -0.11 8920.38 10144.57 10078.12 7843.68 4.83 0.85 24.39 239.80 9908.88 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Carnival PLC 4302 39.00 Rio Tinto PLC 4071 33.50
Oil & Gas Producers (10) 9775.62 -0.09 8605.21 9784.90 9717.95 7538.10 4.85 0.86 24.06 231.51 9900.52 Centrica PLC 163.10 1.10 Rolls-Royce Holdings PLC 985.60 -
Oil Equipment Services & Distribution (5)13682.24 -0.74 12044.09 13784.46 13896.27 12557.78 3.58 0.36 78.24 312.40 11038.33 FTSE GLOBAL EQUITY INDEX SERIES Coca-Cola Hbc AG 2567 31.00 Royal Bank Of Scotland Group PLC 248.30 -1.40
Basic Materials (29) 6247.48 0.28 5499.48 6229.97 6121.84 5202.37 3.87 2.19 11.79 152.71 6653.97 Compass Group PLC 1591 7.00 Royal Dutch Shell PLC 2618 1.00
Chemicals (8) 16830.85 0.53 14815.73 16741.96 16520.76 13502.24 1.85 2.15 25.12 221.53 15423.16 Jul 5 No of US $ Day Mth YTD Total
YTD Gr Div Jul 5 No of US $ Day Mth YTD Total YTD Gr Div Crh PLC 2696 -1.00 Royal Dutch Shell PLC 2698.5 8.00
Forestry & Paper (1) 24764.54 0.30 21799.53 24690.84 24629.42 23507.06 2.75 3.12 11.68 463.33 27781.33 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Croda International PLC 4858 39.00 Royal Mail PLC 491.00 -7.00
Industrial Metals & Mining (2) 4957.85 0.39 4364.26 4938.49 4801.21 2736.54 5.60 2.56 6.99 262.97 4856.61 FTSE Global All Cap 7865 574.49 0.5 -2.0 -1.3 837.26
0.1 2.4 Oil & Gas Producers 110 396.97 0.1 0.1 5.5 677.50 7.4 3.4 Dcc PLC 6860 55.00 Rsa Insurance Group PLC 649.00 -9.40
Mining (18) 17313.26 0.25 15240.38 17270.79 16953.20 14489.08 4.15 2.15 11.19 443.89 9667.68 FTSE Global Large Cap 1447 503.31 0.6 -1.9 -1.6 753.47
-0.1 2.5 Oil Equipment & Services 28 304.42 0.2 0.2 -3.3 455.46 -1.6 3.6 Diageo PLC 2747 7.50 Sage Group PLC 613.60 1.80
FTSE Global Mid Cap 1734 772.84 0.5 -2.2 -1.6 1065.70
-0.3 2.1 Basic Materials 257 514.07 0.8 0.8 -5.7 807.31 -4.1 2.9 Direct Line Insurance Group PLC 330.20 -12.70 Sainsbury (J) PLC 325.90 -0.60
Industrials (106) 5785.68 0.25 5092.97 5771.36 5741.98 5393.90 2.31 2.29 18.95 72.32 6115.05
Construction & Materials (15) 6761.80 0.03 5952.23 6759.74 6702.63 7025.01 2.39 0.70 59.81 109.56 7371.19 FTSE Global Small Cap 4684 837.10 0.4 -2.1 1.2 1114.88
2.3 1.8 Chemicals 120 760.74 0.8 0.8 -5.6 1198.23 -4.0 2.6 Easyjet PLC 1616 -7.00 Schroders PLC 3215 17.00
Aerospace & Defense (9) 5768.32 0.35 5077.69 5748.26 5729.61 5492.79 2.15 5.63 8.25 66.37 6324.40 FTSE All-World 3181 333.90 0.6 -2.0 -1.6 514.36
-0.2 2.4 Forestry & Paper 16 321.96 0.5 0.5 4.5 563.96 6.7 2.8 Evraz PLC 510.00 5.20 Scottish Mortgage Investment Trust PLC 531.00 3.50
General Industrials (8) 5461.45 0.66 4807.56 5425.66 5399.83 5030.48 2.75 1.42 25.62 62.49 6389.09 FTSE World 2603 591.91 0.6 -1.6 -1.2 1224.08
0.2 2.4 Industrial Metals & Mining 67 431.73 0.9 0.9 -11.5 673.25 -10.3 3.0 Experian PLC 1898.5 8.50 Segro PLC 677.60 6.20
Electronic & Electrical Equipment (10) 8345.04 0.29 7345.91 8320.93 8286.44 7333.31 1.64 2.28 26.84 60.33 7740.18 FTSE Global All Cap ex UNITED KINGDOM In 7544 596.85 0.5 -2.0 -1.1 855.82
0.2 2.3 Mining 54 632.88 0.9 0.9 -3.6 997.31 -1.5 3.5 Ferguson PLC 6051 20.00 Severn Trent PLC 2068 43.00
Industrial Engineering (11) 14235.50 -0.09 12531.11 14248.81 14204.05 12427.09 2.06 1.79 27.21 189.56 17765.36 FTSE Global All Cap ex USA 5997 496.38 0.2 -3.8 -5.9 779.36
-4.1 2.9 Industrials 574 396.42 0.3 0.3 -4.5 582.81 -3.3 2.1 Fresnillo PLC 1123.5 -26.00 Shire PLC 4286 18.00
Industrial Transportation (6) 5323.95 -0.13 4686.52 5330.67 5347.45 4841.43 3.96 1.36 18.53 64.21 4935.32 FTSE Global All Cap ex JAPAN 6536 588.82 0.7 -1.6 -0.9 866.45
0.5 2.4 Construction & Materials 118 512.44 0.4 0.4 -7.9 788.10 -6.5 2.2 Glaxosmithkline PLC 1547.8 7.40 Sky PLC 1456 9.50
Support Services (47) 8299.90 0.28 7306.17 8276.47 8227.65 7571.77 2.23 1.99 22.57 104.49 8832.65 FTSE Global All Cap ex Eurozone 7192 594.83 0.4 -2.1 -1.0 849.43
0.3 2.3 Aerospace & Defense 28 805.14 0.0 0.0 4.7 1170.62 5.8 1.9 Glencore PLC 328.95 2.85 Smith & Nephew PLC 1322.5 3.50
FTSE Developed 2138 539.89 0.6 -1.4 -0.7 793.45
0.7 2.4 General Industrials 60 215.96 0.4 0.4 -10.0 344.14 -8.7 2.5 Gvc Holdings PLC 1050 9.00 Smith (Ds) PLC 512.80 5.00
Consumer Goods (42) 20328.37 0.06 17894.49 20317.03 20385.32 22015.78 3.57 4.55 6.17 421.20 15616.56
FTSE Developed All Cap 5706 570.03 0.6 -1.4 -0.4 827.09
1.0 2.3 Electronic & Electrical Equipment 76 437.48 -0.3 -0.3 -5.1 586.93 -4.3 1.7 Halma PLC 1340 9.00 Smiths Group PLC 1696.5 17.00
Automobiles & Parts (1) 10486.99 -1.53 9231.40 10649.58 10486.99 7696.40 0.44 0.00 0.00 181.68 10395.38
FTSE Developed Large Cap 918 497.50 0.7 -1.4 -0.8 742.89
0.7 2.5 Industrial Engineering 108 746.30 0.2 0.2 -13.6 1083.37 -12.4 2.3 Hargreaves Lansdown PLC 2000 7.50 Smurfit Kappa Group PLC 3094 14.00
Beverages (5) 21995.53 0.33 19362.05 21923.65 21788.54 18228.21 2.32 1.92 22.53 217.84 15912.01
FTSE Developed Europe Large Cap 243 367.59 0.9 -0.7 -4.8 638.95
-2.2 3.5 Industrial Transportation 105 682.09 0.3 0.3 -4.9 1005.35 -3.6 2.2 HSBC Holdings PLC 702.30 -2.60 Sse PLC 1400 1.50
Food Producers (12) 7598.86 -1.94 6689.07 7749.49 7925.51 8387.44 2.26 2.47 17.86 80.20 6699.48
FTSE Developed Europe Mid Cap 318 617.16 0.9 -2.5 -3.3 953.30
-1.2 2.8 Support Services 79 404.29 0.6 0.6 5.5 567.10 6.6 1.6 Imperial Brands PLC 2890.5 -22.00 St. James's Place PLC 1171 4.00
Household Goods & Home Construction (15)13703.96 0.31 12063.21 13661.79 13738.41 15490.78 4.71 1.99 10.69 405.78 10160.57
FTSE Dev Europe Small Cap 720 876.90 0.6 -3.4 -3.4 1309.08
-1.5 2.6 Consumer Goods 439 474.64 0.5 0.5 -6.9 720.93 -5.4 2.6 Informa PLC 827.00 2.00 Standard Chartered PLC 694.30 1.50
Leisure Goods (2) 9465.85 1.19 8332.52 9354.08 9330.29 6027.43 4.90 1.22 16.73 229.96 9089.61
FTSE North America Large Cap 281 585.95 0.8 -0.5 2.2 814.11
3.2 2.0 Automobiles & Parts 107 402.35 1.1 1.1 -10.6 592.86 -9.0 2.9 Intercontinental Hotels Group PLC 4653 9.00 Standard Life Aberdeen PLC 316.70 -3.40
Personal Goods (5) 32419.01 0.33 28537.55 32312.04 32420.12 31389.78 2.90 3.19 10.83 494.46 22577.81
FTSE North America Mid Cap 399 857.77 0.7 0.0 2.2 1106.06
3.1 1.7 Beverages 45 642.52 0.9 0.9 -4.6 988.90 -3.3 2.6 International Consolidated Airlines Group S.A. 669.40 -0.20 Taylor Wimpey PLC 172.90 1.40
Tobacco (2) 43924.67 -0.11 38665.66 43973.30 44199.53 57333.45 4.18 7.99 3.00 1154.85 29839.43
FTSE North America Small Cap 1400 908.19 0.9 0.3 5.6 1135.75
6.4 1.5 Food Producers 109 594.99 0.8 0.8 -6.0 927.26 -4.3 2.5 Intertek Group PLC 5626 4.00 Tesco PLC 260.10 0.60
Health Care (22) 10242.09 0.33 9015.83 10208.34 10214.27 10364.16 3.34 1.01 29.77 200.92 8204.14
FTSE North America 680 390.99 0.8 -0.4 2.2 555.71
3.2 2.0 Household Goods & Home Construction 47 408.39 0.8 0.8 -13.3 615.54 -11.9 3.0 Itv PLC 180.40 7.40 Tui AG 1664 5.50
Health Care Equipment & Services (10) 7698.13 -0.68 6776.45 7750.78 7710.28 8150.18 1.61 2.82 22.01 84.02 6791.65
FTSE Developed ex North America 1458 261.91 0.3 -3.0 -5.1 442.84
-3.2 3.1 Leisure Goods 34 232.14 -0.4 -0.4 -3.0 310.38 -2.3 1.6 Johnson Matthey PLC 3568 8.00 Unilever PLC 4209 4.00
Pharmaceuticals & Biotechnology (12)13867.07 0.45 12206.80 13804.46 13822.24 13953.40 3.55 0.91 31.08 286.36 9931.77
FTSE Japan Large Cap 193 373.68 -0.8 -5.6 -5.5 494.24
-4.4 2.2 Personal Goods 84 790.88 -0.2 -0.2 4.8 1129.53 5.9 1.9 Just Eat PLC 820.40 14.20 United Utilities Group PLC 783.40 8.40
Consumer Services (91) 5460.61 0.29 4806.83 5444.62 5443.32 4934.66 2.54 2.18 18.06 92.56 5288.11 FTSE Japan Mid Cap 316 620.00 -1.2 -7.0 -6.3 783.78
-5.4 1.7 Tobacco 13 1133.19 0.6 0.6 -19.5 2447.92 -17.5 4.7
Food & Drug Retailers (6) 4432.09 -0.01 3901.45 4432.42 4420.30 2978.21 1.47 1.97 34.46 44.80 5286.40 Kingfisher PLC 292.20 -0.30 Vodafone Group PLC 191.00 3.36
FTSE Global wi JAPAN Small Cap 820 687.81 -1.8 -8.2 -7.6 900.21
-6.7 1.8 Health Care 193 513.87 0.7 0.7 2.1 755.63 3.5 2.0 Land Securities Group PLC 949.70 7.00 Whitbread PLC 3985 1.00
General Retailers (26) 2435.55 -0.32 2143.95 2443.43 2438.40 2410.06 3.31 1.87 16.18 46.33 2893.14
FTSE Japan 509 158.89 -0.9 -5.9 -5.7 235.60
-4.6 2.1 Health Care Equipment & Services 73 964.90 0.7 0.7 9.7 1136.67 10.4 1.0 Legal & General Group PLC 262.60 -0.60 Wpp PLC 1190 20.00
Media (21) 8381.83 0.72 7378.29 8322.06 8337.70 7658.23 2.55 2.51 15.68 143.60 5336.77
FTSE Asia Pacific Large Cap ex Japan 532 693.09 -0.2 -7.1 -7.0 1120.73
-5.6 2.9 Pharmaceuticals & Biotechnology 120 349.09 0.8 0.8 -1.1 539.14 0.5 2.5 Lloyds Banking Group PLC 62.49 0.12
Travel & Leisure (38) 9838.45 0.31 8660.51 9807.57 9805.17 9336.63 2.64 2.13 17.78 182.44 9622.24
FTSE Asia Pacific Mid Cap ex Japan 460 868.79 -0.6 -9.7 -10.9 1343.18
-9.7 3.2 Consumer Services 396 492.10 0.3 0.3 3.9 667.72 4.8 1.5
Telecommunications (6) 2804.82 1.21 2469.01 2771.43 2769.48 3317.04 6.75 1.15 12.84 92.76 3376.02 FTSE Asia Pacific Small Cap ex Japan 1499 575.10 -1.0 -8.1 -6.7 872.07
-5.7 2.6 Food & Drug Retailers 59 277.35 0.6 0.6 -5.2 395.71 -3.9 2.3
Fixed Line Telecommunications (4) 2740.93 0.87 2412.76 2717.32 2706.54 3387.16 6.46 1.25 12.40 3.92 2606.88
Mobile Telecommunications (2) 4228.90 1.34 3722.59 4173.00 4175.52 4911.94 6.87 1.12 13.03 193.51 4632.73
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
992 544.35
2159 735.57
-0.3
-0.2
-7.4
-7.1
-7.4 934.68
-6.0
-8.8 1129.20
-7.4
2.9 General Retailers
2.8 Media
129 792.45
78 331.43
0.3
0.5
0.3
0.5
14.5 1043.06
-3.4 451.34
15.2
-2.4
1.1
1.7
UK STOCK MARKET TRADING DATA
Utilities (8) 7565.21 1.40 6659.45 7460.40 7431.00 8251.39 5.63 1.87 9.48 253.19 9185.66 FTSE Emerging Large Cap 529 701.79 -0.1 -6.8 -8.4 1085.64
-6.9 2.8 Travel & Leisure 130 461.56 0.0 0.0 -3.6 634.90 -2.6 1.8 Jul 06 Jul 05 Jul 04 Jul 03 Jul 02 Yr Ago
Electricity (3) 8253.16 0.11 7265.03 8243.79 8155.66 8688.96 6.19 0.89 18.07 170.77 12574.39 FTSE Emerging Mid Cap 514 868.66 -0.5 -8.1 -12.4 1324.66
-10.9 3.3 Telecommunication 92 150.76 0.6 0.6 -9.3 294.44 -7.1 4.7 - - - - - -
Gas Water & Multiutilities (5) 6980.18 1.81 6144.45 6856.23 6843.65 7689.75 5.46 2.21 8.27 261.91 8509.81 FTSE Emerging Small Cap 1116 770.32 -1.1 -8.0 -8.1 1129.74
-7.1 2.7 Fixed Line Telecommuniations 39 122.71 0.5 0.5 -9.1 264.61 -6.8 5.4 Order Book Turnover (m) 177.53 73.92 177.40 140.43 86.82 86.82
Financials (303) 5149.74 -0.09 4533.17 5154.21 5142.31 5181.60 3.62 1.95 14.20 115.08 4965.34 FTSE Emerging Europe 126 356.34 1.7 -1.0 -8.6 581.99
-6.4 4.7 Mobile Telecommunications 53 164.86 0.6 0.6 -9.5 287.90 -7.5 3.8 Order Book Bargains 896287.00 708847.00 1125653.00 1054921.00 994651.00 994651.00
Banks (11) 4180.14 -0.14 3679.66 4186.00 4161.90 4423.41 4.12 1.23 19.66 108.03 3233.06 FTSE Latin America All Cap 242 815.08 0.8 -1.3 -12.1 1292.59
-10.6 3.0 Utilities 169 273.41 0.6 0.6 -0.9 551.42 1.2 3.6 Order Book Shares Traded (m) 1557.00 1276.00 2023.00 1733.00 1891.00 1891.00
Nonlife Insurance (10) 3546.11 -1.62 3121.54 3604.55 3604.60 3578.91 3.42 1.62 18.02 77.64 6475.26 FTSE Middle East and Africa All Cap 241 697.68 0.4 -4.8 -11.1 1121.50
-9.5 3.2 Electricity 111 299.67 0.5 0.5 -0.9 595.97 1.0 3.6 Total Equity Turnover (£m) 4390.69 4515.57 5294.76 4105.86 3745.51 3745.51
Life Insurance/Assurance (7) 8519.02 -0.22 7499.06 8537.62 8510.30 8649.42 4.00 1.62 15.43 227.67 8701.91 FTSE Global wi UNITED KINGDOM All Cap In 321 357.60 0.4 -2.2 -3.3 623.29
-1.1 3.7 Gas Water & Multiutilities 58 287.88 0.9 0.9 -1.0 598.94 1.6 3.8 Total Mkt Bargains 1017181.00 796045.00 1240596.00 1179129.00 1115714.00 1115714.00
Real Estate Investment & Services (20) 2765.46 0.00 2434.36 2765.45 2763.51 2721.95 2.70 2.88 12.85 34.59 7579.42 FTSE Global wi USA All Cap 1868 678.41 0.9 -0.4 3.0 913.34
4.0 1.8 Financials 716 242.10 0.4 0.4 -6.3 408.01 -4.5 3.1 Total Shares Traded (m) 4433.00 4405.00 6011.00 6222.00 6127.00 6127.00
Real Estate Investment Trusts (36) 2833.66 0.36 2494.39 2823.50 2832.92 2669.51 3.88 2.13 12.08 68.07 3697.96 FTSE Europe All Cap 1482 435.60 0.9 -1.3 -4.5 729.54
-2.1 3.3 Banks 243 210.29 0.4 0.4 -9.3 382.43 -7.3 3.6 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (36) 9277.09 0.38 8166.36 9241.94 9231.58 8980.03 3.19 2.23 14.04 170.09 11006.55 FTSE Eurozone All Cap 673 430.68 1.4 -1.2 -4.1 725.82
-1.6 3.1 Nonlife Insurance 74 258.02 0.6 0.6 -5.2 384.05 -3.5 2.4 (c) Market closed.
Equity Investment Instruments (183) 10221.97 -0.02 8998.12 10224.16 10247.07 9544.73 2.46 4.74 8.59 135.07 5738.36 FTSE RAFI All World 3000 3192 6825.74 0.5 -1.9 -3.6 9291.98
-1.9 3.1 Life Insurance 55 224.03 0.0 0.0 -11.2 369.73 -9.4 3.3
Non Financials (334) 4967.24 0.24 4372.52 4955.46 4940.25 4690.99 3.66 2.05 13.31 102.33 7651.45 FTSE RAFI US 1000 1045 11514.26 0.7 -0.3 -0.2 15453.53
1.0 2.4 Financial Services 155 309.73 0.3 0.3 0.8 434.58 1.8 1.9
Technology (15) 1799.46 -0.41 1584.01 1806.86 1842.42 1987.87 3.00 0.85 39.00 28.53 2368.68 FTSE EDHEC-Risk Efficient All-World 3181 400.35 0.4 -1.8 -1.3 570.06
0.0 2.3 Technology 198 287.82 1.2 1.2 7.3 357.84 8.1 1.4 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 2006.00 -0.49 1765.83 2015.80 2057.80 2254.13 3.04 0.86 38.34 33.43 2791.61 FTSE EDHEC-Risk Efficient Developed Europe 561 331.12 0.8 -1.5 -2.2 520.36
0.0 2.8 Software & Computer Services 99 506.97 1.2 1.2 9.5 596.74 10.0 0.8 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (2) 2531.61 1.54 2228.51 2493.33 2468.26 1998.12 2.20 0.66 68.82 14.60 3006.78 Oil & Gas 147 407.28 0.1 0.4 4.1 680.02
5.9 3.4 Technology Hardware & Equipment 99 211.16 1.1 1.1 4.6 275.16 5.9 2.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Alternative Energy 9 90.31 -1.1 -1.1 -6.2 124.58 -4.7 2.0 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment & Services 111 343.71 0.0 0.0 -6.7 589.05 -5.0 2.8 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 7629.78 7615.68 7609.64 7596.09 7586.97 7572.12 7577.20 7583.39 7600.04 7629.78 7570.01 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
FTSE 250 20646.30 20651.90 20671.50 20645.30 20623.87 20598.20 20581.08 20579.44 20591.05 20681.19 20567.33 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
(US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 5884.65 5890.18 5890.60 5891.18 5884.26 5880.83 5883.51 5882.91 5885.56 5891.93 5875.77
FTSE All-Share 4193.33 4187.43 4185.40 4178.59 4173.68 4166.20 4167.96 4170.63 4178.43 4193.38 4165.14 WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Time of FTSE 100 Day's high:07:03:00 Day's Low11:58:15 FTSE 100 2010/11 High: 7877.45(22/05/2018) Low: 6888.69(26/03/2018) www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE All-Share Day's high:07:05:00 Day's Low13:15:00 FTSE 100 2010/11 High: 4324.41(22/05/2018) Low: 3810.81(26/03/2018) Group companies and is used by FTSE International Limited under licence.
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Avocet Mining Pre 0.000 0.000 18.511L 4.411L 1.211L 0.173 0.00000 0.00000 - 0.000 0.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Invesco Income Growth Trust Pre 7.110L 26.284 12.100L 44.900 4.10000 4.00000 Jul 27 6.400 6.200 07/05 200.00 AIM YCA Yellow Cake PLC 204.00 -4.00 204.00 193.00 15540.0
There are currently no rights offers by any companies listed on the LSE. Purplebricks Group Pre 93.697 46.706 26.179L 6.060L 10.000L 1.000L 0.00000 0.00000 - 0.000 0.000 06/29 145.00 AIM KGH Knights Group Holdings PLC 172.50 -3.45 177.98 166.00 12312.9
Superdry Pre 872.000 752.000 65.300 84.800 62.200 81.200 21.90000 20.20000 Sep 21 31.200 28.000 06/29 56.00 AIM RAI RA International Group PLC 71.00 0.50 78.00 56.00 12323.9
06/28 146.00 AIM MIND Mind Gym PLC 177.50 -0.85 190.00 170.00 17636.8
06/25 7.00 QLT Quilter PLC 149.50 2.04 160.00 141.16 284386.5
06/21 79.00 AIM INX i-nexus Global PLC 91.50 0.00 94.00 85.00 2705.8
06/20 100.00 AIM ANX Anexo Group PLC 113.00 -2.00 120.00 101.50 12430.0
06/20 130.00 AIM TGP Tekmar Group PLC 157.50 2.50 160.00 1.45 7875.0
06/14 269.00 AIM AQX Aquis Exchange PLC 447.50 -2.50 475.00 295.00 12149.4
06/01 200.00 AIM CDM Codemasters Group Holdings PLC 224.00 0.00 280.00 220.00 31360.0
05/30 15.00 AIM MNO Maestrano Group PLC 13.90 -0.10 15.45 13.50 1112.6

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
16 ★ FTWeekend 7 July/8 July 2018

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T 32.66 0.06 39.80 31.17 5.74 6.97 200534.36 Lockheed 300.66 1.47 363.00 281.50 2.40 39.87 85847.29
ANZ 28.99 0.56 30.80 26.08 5.40 12.24 62304.47 Nokia 4.89 0.04 5.64 3.81 0.35 -20.59 32391.19 AstellasPh 1721 -1.00 1786 1331.5 2.06 21.62 30850.44 AtlasCpcoB 215.35 0.75 339.70 213.85 3.11 15.55 9630.87 AutomData 133.98 0.27 141.52 100.51 1.70 35.40 59021.18 Lowes 95.99 0.47 108.98 70.76 1.65 21.75 78342.62
BHPBilltn 33.15 0.28 34.63 24.06 3.29 28.47 79057.51 SampoA 41.81 -0.28 48.92 40.80 5.45 10.80 27241.09 Bridgestne 4092 47.00 5605 4026 3.60 10.86 28215.02 Ericsson 67.08 0.48 71.20 43.75 1.47 -8.60 23620.15 Avago Tech 246.73 1.33 285.68 221.98 2.16 10.07 106508.58 Lyondell 108.64 0.81 121.95 82.54 3.22 8.57 42594.41
CmwBkAu 75.67 1.21 85.12 67.22 5.86 13.19 98883.44 France (€) Canon 3480 -6.00 4472 3463 4.24 15.72 42025.42 H&M 140.04 2.52 227.70 117.10 7.06 15.12 23443.2 BakerHu 57.68 3.17 68.59 43.09 0.27-105.75 24541.87 Marathon Ptl 70.56 0.96 83.33 49.30 2.17 11.10 32590.17
CSL 198.22 0.13 199.89 119.01 0.91 43.22 66588.12 Airbus Grpe 98.50 0.76 106.50 68.42 1.36 28.11 89903.94 CntJpRwy 22215 40.00 24390 17525 0.62 11.22 41435.01 Investor 355.90 -1.10 419.90 348.00 3.05 15.09 18578.62 BankAm 28.10 0.18 33.05 22.75 1.46 17.16 287295.04 Marsh&M 84.66 1.28 86.54 76.68 1.26 28.67 42952.55
NatAusBk 27.96 0.44 32.98 25.90 6.92 12.72 56533.22 AirLiquide 109.25 1.10 113.10 91.64 2.39 20.88 55004.02 Denso 5206 44.00 7218 4730 2.45 12.91 37429.68 Nordea Bk 85.26 -0.66 114.40 82.92 8.10 11.35 39573.78 Baxter 74.39 0.59 75.62 58.81 0.81 52.06 39834.8 MasterCard♦ 199.86 1.24 204.00 121.07 0.45 52.02 205894.82
Telstra 2.80 0.04 4.42 2.60 16.35 8.47 24727.83 AXA 21.13 0.01 27.69 20.66 5.50 8.48 60201.68 EastJpRwy 10285 5.00 11615 9470 1.34 13.97 35913.5 SEB 84.74 -0.46 109.00 79.16 6.69 11.73 21074.84 BB & T 51.34 0.54 56.31 43.03 2.46 16.85 40028.56 McDonald's 159.73 2.41 178.70 146.84 2.31 25.50 125416.39
Wesfarmers 50.37 0.77 50.47 40.01 6.54 36.64 42408.19 BNP Parib 53.86 -0.28 69.17 51.61 4.96 9.40 79144.71 Fanuc 21300 405.00 33450 20800 2.60 23.09 39350.52 SvnskaHn 98.80 0.12 127.40 92.84 5.49 12.31 21615.13 BectonDick 244.09 1.91 248.39 191.53 1.15-573.20 65221.3 McKesson 137.63 1.59 178.86 131.43 0.89 484.78 27769.4
Westpc 29.78 0.25 33.68 27.24 6.17 12.89 75701.31 ChristianDior 351.70 2.50 383.80 230.30 0.85 28.30 74641.98 FastRetail 47760 260.00 53420 30000 0.78 38.77 45869.69 Swedbank 191.90 -1.10 226.30 177.15 6.68 11.31 24896.36 BerkshHat 285200 1565 326350252254.15 - 12.47 213237.48 Medtronic♦ 86.92 1.01 88.82 76.41 2.04 39.73 117490.42
Woolworths 30.65 -0.01 31.10 24.45 4.05 25.37 29890.16 Cred Agr 11.51 -0.03 15.09 11.11 4.97 10.73 38604.42 Fuji Hvy Ind 3173 38.00 4173 3082 4.46 11.23 22097.83 Telia Co 41.57 0.31 44.02 35.42 2.37 22.55 20629.48 Biogen 345.22 46.41 370.57 249.17 - 26.06 72844.16 Merck♦ 62.39 0.75 66.41 52.83 2.88 113.66 167834.61
Belgium (€) Danone 65.76 0.21 72.13 62.52 2.59 16.78 52966.69 Hitachi 758.80 6.30 944.20 694.40 1.94 15.72 33207.78 Volvo 141.85 -0.35 171.30 131.60 2.95 13.26 26798.85 BkNYMeln 53.46 0.26 58.99 49.39 1.61 14.16 54030.75 Metlife 43.86 0.30 55.91 43.09 3.45 9.54 44585.04
AnBshInBv 88.80 1.62 107.40 78.61 3.70 26.84 176785.86 EDF 12.31 0.05 12.55 8.50 4.48 12.53 43569.11 HondaMtr 3228 44.00 4151 3000 3.04 5.56 52943.02 BlackRock 495.67 3.69 594.52 408.62 1.98 16.52 79391.31 Microsoft 101.09 1.33 102.69 68.70 1.52 72.18 776694.44
Switzerland (SFr)
KBC Grp 66.12 -0.14 78.80 64.62 4.19 11.39 32542.06 Engie SA 13.59 0.06 15.16 12.17 6.27 30.12 38897.78 JapanTob 3039 38.00 3903 2784.5 4.53 14.07 55031.92 Boeing 334.48 1.30 374.48 201.26 1.69 23.50 194861.68 Mnstr Bvrg 58.30 0.66 70.22 47.61 - 41.35 32804.35
ABB 22.20 0.26 27.24 20.97 6.67 24.69 48624
Esslr Intl 121.10 1.10 122.15 100.60 1.24 33.85 31202.01 KDDI 3082 20.00 3260 2551.5 2.87 13.32 70656.32 BrisMySq♦ 56.49 0.54 70.05 49.96 2.65 104.72 92326.9 MondelezInt♦ 42.45 0.59 46.54 37.42 1.90 21.16 62609.26
Brazil (R$) CredSuisse 15.38 0.43 18.81 13.27 4.29 -38.36 39712.55
Hermes Intl 525.20 5.80 614.60 415.70 0.72 45.10 65189.6 Keyence 59160 2140 72400 48860 0.17 34.66 65137.25 CapOne 93.24 0.58 106.50 76.98 1.62 20.27 45352.69 Monsanto 127.95 0.02 127.97 114.19 1.64 23.62 56462.29
Ambev♦ 18.14 -0.26 24.56 17.79 3.33 33.79 72594.81 Nestle 75.20 1.48 86.40 72.92 3.05 32.53 232687.75
LOreal 205.80 -0.90 214.40 170.30 1.61 30.29 135973.27 MitsbCp 3109 98.00 3318 2358 3.48 8.98 44760.28 CardinalHlth♦ 50.17 0.13 78.78 48.28 3.49 9.89 15587.07 MorganStly 47.16 0.46 59.38 43.84 1.91 14.12 83481.76
Bradesco 25.08 0.08 36.80 22.33 1.58 8.89 21449.35 Novartis 74.64 1.20 88.30 72.68 3.74 23.37 192321.09
LVMH 287.60 4.35 313.70 211.90 1.46 28.19 171014.95 MitsubEst 1909.5 -3.00 2218 1682 1.34 22.40 24049.87 Carnival 57.49 0.60 72.70 56.45 3.12 14.70 30504.85 MylanNV 36.81 0.53 47.82 29.39 - 28.81 18974.46
Cielo♦ 15.88 -0.12 28.25 14.37 7.02 9.49 10981.64 Richemont 87.24 1.08 99.02 76.95 2.08 35.10 46003.92
Orange 14.86 0.04 15.24 13.32 4.38 24.31 46475.6 MitsubishiEle 1411.5 9.50 2179 1399 2.78 11.34 27441.49 Caterpillar 135.38 -0.43 173.24 105.11 2.17 38.88 80951.93 Netflix 405.04 6.65 423.21 146.65 - 287.27 176067.87
ItauHldFin 37.14 0.25 45.81 32.10 2.62 8.97 31249.23 Roche 219.85 4.35 255.00 206.35 3.72 21.97 156034.36
PernodRic 137.95 0.75 147.75 112.10 1.47 22.45 43050.03 MitsuiFud 2657 7.00 3082 2274.5 1.48 17.15 23850.92 CBS 58.04 1.14 68.75 47.54 1.17 17.78 19819.55 NextEraE 169.81 1.27 170.07 139.38 2.26 10.35 80054.63
Petrobras 19.99 -0.10 31.80 12.47 - 134.45 37869.14 Swiss Re 86.72 1.50 98.80 81.65 5.46 86.70 30613.7
Renault 74.45 -1.04 100.80 71.40 4.24 3.98 25885.96 MitUFJFin 618.60 3.00 894.40 607.60 2.82 33.73 77853.78 Celgene 82.20 1.81 147.17 74.13 - 24.20 59580.72 Nike 76.91 0.36 81.00 50.35 0.95 73.92 98651.97
Vale 50.18 0.48 56.75 28.32 4.16 14.36 36147.37 Swisscom 447.70 12.50 530.60 432.90 4.81 15.02 23428.36
Safran 102.85 -0.15 105.35 78.94 0.81 10.80 53652.53 Mizuho Fin 185.30 0.20 220.70 183.90 3.98 8.28 42602.52 CharlesSch 51.00 1.52 60.22 38.06 0.63 30.45 68801.69 NorfolkS 154.00 0.92 158.58 111.44 1.57 8.54 43511.45
Canada (C$) Syngent 463.00 -6.70 471.20 360.50 - -457.15 42748.26
Sanofi 72.50 0.06 86.47 62.88 4.09 24.19 106468.68 Murata Mfg 18980 990.00 19080 13680 1.35 80.47 38712.95 Charter Comms 302.33 6.15 408.83 250.10 - 9.34 71792.32 Northrop 308.93 0.68 360.88 259.00 1.26 27.23 53872.5
BCE♦ 54.29 0.64 62.90 52.90 5.15 18.16 37223.24 UBS 15.48 0.40 19.77 14.82 - 47.95 60257.51
Sant Gbn 38.01 -0.23 51.40 37.44 3.32 13.48 24694.96 NipponTT 4966 -49.00 5905 4545 2.62 11.91 94261.36 Chevron Corp 124.24 0.26 133.88 102.55 3.32 24.59 237417.67 NXP 107.76 1.08 125.93 90.83 - 40.82 37285.27
BkMontrl 102.08 0.39 105.55 88.63 3.53 14.50 49933.26 Zurich Fin 297.40 4.90 321.80 275.10 3.69 15.39 45470.15
Schneider 69.54 0.30 78.56 64.88 2.94 17.45 47130.36 Nissan Mt 1051.5 9.50 1197 1035.5 4.95 5.60 40183.66 Chubb♦ 129.98 1.73 157.50 123.96 2.07 16.79 60544.96 Occid Pet♦ 84.65 0.46 87.67 57.84 3.43 36.22 64822.45
BkNvaS♦ 75.04 0.14 85.50 73.91 4.15 11.11 70617.66 Nomura 528.90 1.80 756.50 524.70 3.72 8.70 17448.33 Taiwan (NT$) Cigna 172.09 0.11 227.13 163.02 0.02 17.85 41864.02 Oracle 46.05 0.64 53.48 42.57 1.65 51.30 183351.7
SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81
Brookfield 54.08 0.61 57.04 46.71 1.31 19.31 40958.48 Nppn Stl 2102.5 32.50 3132 2063.5 3.27 9.68 18090.91 Chunghwa Telecom 112.00 - 115.00 101.50 4.36 23.07 28512.11 Cisco♦ 42.73 0.17 46.37 30.36 2.71-158.34 200954.17 Pepsico 109.91 0.36 122.51 95.94 2.77 34.06 155835.76
SocGen 36.72 -0.09 50.48 35.05 5.93 12.04 34880.71
CanadPcR♦ 237.73 0.90 257.95 189.57 0.91 15.53 25875.1 NTTDCMo 2808.5 4.50 2907.5 2501.5 3.08 15.06 96179.89 Formosa PetChem♦ 116.00 -3.00 129.00 101.50 5.12 14.72 36262.57 Citigroup 67.10 0.54 80.70 64.38 1.58 -27.06 171100.54 Perrigo 76.71 1.48 95.93 63.68 0.83 89.08 10621.43
Total 53.31 -0.41 54.95 42.23 4.42 20.70 166997.27
CanImp♦ 115.48 0.49 124.37 103.84 4.43 10.66 39230.18 Panasonic 1410 3.50 1800 1402.5 2.09 14.18 31317.01 HonHaiPrc 80.50 -0.70 122.50 79.50 5.53 10.61 45777.85 CME Grp 161.05 0.75 174.36 119.30 1.57 13.59 54839.07 Pfizer 37.16 0.29 39.43 32.32 3.31 10.91 217340.81
UnibailR 190.00 0.35 236.45 177.35 5.43 8.02 22215.04
CanNatRs 47.33 0.76 48.73 35.90 2.36 21.59 44251.11 Seven & I 4566 -55.00 5067 4234 1.97 22.38 36647.14 MediaTek 285.00 3.50 374.50 246.00 2.82 18.33 14770.47 Coca-Cola 44.89 0.23 48.62 41.45 3.16 153.02 191018.74 Phillips66 111.60 1.45 122.38 80.73 2.37 11.91 51987.45
Vinci 84.76 0.26 88.80 72.77 2.55 17.22 59426.6
CanNatRy 107.19 1.19 110.35 90.84 1.52 15.75 60250.66 ShnEtsuCh 10070 111.00 13175 9478 1.37 16.42 38987.72 TaiwanSem♦ 217.00 2.50 266.00 205.50 3.19 16.40 184654.65 Cognizant 80.45 0.56 85.10 66.37 0.76 34.14 47135.57 PhilMorris♦ 82.99 0.96 121.69 76.21 4.85 22.72 129005.77
Vivendi 20.86 0.10 24.87 18.40 1.92 21.31 31891.09
Enbridge 46.31 0.21 53.00 37.36 5.19 35.16 60273.45 Softbank 8293 104.00 10550 7540 0.52 9.29 82645.45 Thailand (THB) ColgtPlm 65.95 -0.01 77.91 61.28 2.30 29.53 57529.55 PNCFin 136.21 0.63 163.59 119.77 1.95 13.29 63950.43
GtWesLif 32.05 -0.15 36.65 32.02 4.47 14.42 24192.82 Germany (€)
Sony 5450 106.00 5750 4039 0.50 14.60 62592.26 PTT Explor 46.25 - 59.50 36.50 4.34 10.37 39820.24 Comcast♦ 33.48 0.36 44.00 30.43 1.87 7.25 153746.71 PPG Inds 102.94 0.13 122.07 100.36 1.61 20.33 25665.29
ImpOil 43.59 0.19 44.08 33.43 1.41 55.98 27041.48 Allianz 179.62 -0.46 206.85 170.12 4.24 11.77 90784.8
SumitomoF 4208 13.00 5333 3973 3.97 7.85 53890.87 United Arab Emirates (Dhs) ConocPhil 69.40 0.47 71.71 42.27 1.47-174.62 81202.59 Praxair 164.97 3.09 166.95 127.36 1.83 38.23 47368.92
Manulife 23.46 -0.06 27.77 23.11 3.42 24.65 35523.27 BASF 82.31 0.23 98.80 78.97 3.65 12.43 88886.78
Takeda Ph 4623 87.00 6693 4203 3.83 19.80 33264.19 Emirtestele 16.60 -0.10 18.85 15.75 6.82 17.61 39302.02 Corning 28.25 0.29 35.10 26.11 2.16 -20.59 23459.35 Priceline 1905.64 -1.38 2067.99 1612.41 - 38.29 92937.2
Potash♦ 25.78 -0.05 26.41 20.68 6.36 43.67 16841.05 Bayer 93.75 -0.50 118.04 87.40 2.81 23.68 102792.11
TokioMarine 5245 -82.00 5579 4192 3.00 13.95 35523.45 United Kingdom (p) Costco 209.44 0.30 212.46 150.00 0.99 30.74 91848.14 ProctGmbl 79.34 0.13 94.67 70.73 3.29 22.30 199508.32
RylBkC 100.14 0.55 108.52 90.13 3.57 13.02 110256.42 BMW 80.20 -0.46 97.50 76.50 4.32 6.17 56765.29
Toyota 7162 76.00 7806 6045 3.02 8.75 211594.82 CrownCstl 111.54 0.54 114.97 93.14 3.39 132.44 46269.35 Prudntl 94.77 0.43 127.14 92.05 3.15 5.59 39803.4
Suncor En 53.82 0.02 54.50 36.09 2.36 23.82 67143.16 Continental 198.50 -1.30 257.40 186.55 2.12 13.50 46678.72 AscBrFd 2492 -112.00 3387 2386 1.65 18.88 26188.76
Mexico (Mex$) CSX 64.85 0.49 67.69 47.99 1.20 10.74 56766.68 PublStor 232.69 -0.02 234.90 180.48 3.25 36.38 40541.44
ThmReut 53.74 0.23 61.11 46.69 3.18 21.90 29200.27 Daimler 58.04 -0.46 76.48 54.78 6.22 6.13 73006.36 AstraZen 5201 18.00 5523 4260 3.77 32.93 87436.94
AmerMvl 16.93 0.28 18.44 14.54 1.75 107.04 39872.46 CVS 65.75 0.66 84.00 60.14 2.88 10.67 66844.5 Qualcomm 57.80 0.42 69.28 48.56 3.73 -19.77 85709.17
TntoDom 75.89 0.22 77.47 63.13 3.20 13.64 106944.35 Deut Bank 9.76 0.24 17.13 8.76 1.93 -11.88 23719.34 Aviva 496.10 -3.20 554.60 482.20 4.89 14.34 26429.23
FEMSA UBD 181.50 2.04 189.49 158.17 1.41 19.07 20575.47 Danaher♦ 99.40 0.54 104.82 78.97 0.55 29.10 69438.13 Raytheon 194.22 0.59 229.75 163.63 1.55 27.70 55789.7
TrnCan♦ 56.31 0.05 65.18 50.28 4.38 16.64 38307.85 Deut Tlkm 13.84 0.05 16.08 12.72 4.29 17.69 77452.36 Barclays 186.50 -0.10 220.10 177.30 1.61 54.85 42244.93
WalMrtMex 53.52 0.52 53.78 41.01 1.18 29.18 49020.44 Deere♦ 139.47 -0.23 175.26 112.87 1.66 25.89 45227.93 Regen Pharm 366.75 5.80 526.12 281.89 - 31.41 38857.1
ValeantPh 29.95 -0.16 36.02 14.01 - -9.15 7987.71 DeutsPost 27.59 -0.07 41.36 27.23 3.77 13.15 39858.02 BP 579.10 -3.40 593.30 4.80 4.89 36.84 153212.93
Delphi 43.22 -0.48 60.39 31.83 0.37 14.48 3837.32 ReynoldsAm 65.40 -1.49 - - - - -
E.ON 9.93 0.12 10.81 7.88 2.09 5.17 25700.89 Netherlands (€) BrAmTob 3903.5 3.50 5529 3553 5.59 2.13 118850.16
China (HK$) Delta 49.42 0.16 60.79 44.59 2.14 10.55 34666.99 S&P Global 206.78 1.97 208.98 145.97 0.79 35.36 51963.81
Fresenius Med 84.20 1.54 93.82 76.42 1.13 20.91 30502.45 Altice 3.28 0.12 21.54 2.33 - -4.39 4511.64 BSkyB 1456 9.50 1470.5 893.42 - 30.78 33224.79
AgricBkCh 3.56 -0.01 5.02 3.40 5.62 5.11 13942.21 Devon Energy 44.41 0.42 45.20 28.79 0.51 63.42 23244.19 Salesforce 140.96 1.19 142.12 87.19 - 232.16 103450.54
Fresenius SE 69.18 0.68 76.76 58.96 0.89 21.71 45124.47 ASML Hld 167.05 0.10 188.85 114.20 0.71 32.96 83944.06 BT 231.55 2.10 317.94 201.25 6.65 11.35 30497.25
Bk China♦ 3.67 -0.01 4.96 3.57 5.38 5.45 39100.1 DiscFinServ 70.62 0.04 81.93 57.50 1.81 12.84 24336.77 Schlmbrg♦ 66.94 0.51 80.35 61.02 2.83 -78.60 92708.53
HenkelKgaA 95.55 0.35 110.65 93.75 - 17.06 29186.26 Heineken 87.62 0.44 91.42 79.60 1.56 25.79 59339.4 Compass♦ 1591 7.00 1673 1396.5 2.13 22.25 34733.47
BkofComm♦ 5.47 -0.02 7.13 5.42 5.86 5.04 24400.47 Disney♦ 104.65 0.15 113.19 96.20 1.46 14.75 155588.44 Sempra Energy♦ 117.50 0.20 122.98 100.49 2.71 210.45 31036.2
Linde 182.00 0.60 199.40 157.50 2.01 23.13 39744.44 ING 12.57 0.04 16.69 12.06 5.26 8.90 57513.52 Diageo 2747 7.50 2817.5 2234 2.26 21.58 90617.83
BOE Tech 1.49 -0.02 1.78 1.22 1.32 15.60 37.77 DominRes 69.83 0.09 85.30 61.53 4.22 16.45 45567.7 Shrwin-Will 412.85 2.99 435.15 326.68 0.78 22.72 38620.34
MuenchRkv 183.40 -0.70 200.30 166.60 4.64 42.30 32245.4 Unilever 47.86 -0.12 52.31 42.13 2.92 22.21 96480.15 GlaxoSmh♦ 1547.8 7.40 1636.5 1236.4 5.17 74.41 101044.13
Ch Coms Cons♦ 7.17 -0.20 11.08 7.07 3.14 4.94 4044.57 DowChem 66.65 1.75 - - - - 81542.6 SimonProp 172.96 0.46 173.45 145.78 4.02 27.24 53563.96
SAP 99.45 0.28 105.28 82.05 1.24 28.62 143647.12 Norway (Kr) Glencore 328.95 2.85 416.90 293.10 1.57 11.12 62988.08
Ch Evrbrght♦ 3.24 - 4.76 3.20 3.56 4.82 5233.78 DukeEner 81.21 0.60 91.80 71.96 4.11 20.29 56932.24 SouthCpr 45.63 0.22 58.09 34.52 1.68 42.30 35273.29
Siemens 115.08 0.38 125.95 99.78 3.18 14.32 115009.64 DNB 157.90 -0.85 164.30 138.90 3.48 12.77 32037.89 HSBC 702.30 -2.60 798.60 650.60 5.14 20.96 186986.09
Ch Rail Cons 7.75 -0.13 11.14 7.64 2.41 5.85 2050.16 Eaton 75.90 0.06 89.85 69.82 3.07 11.76 33191.07 Starbucks 49.05 0.44 61.94 47.37 2.12 16.94 67689
Volkswgn 145.10 -1.00 191.80 128.05 1.36 6.53 50342.77 Statoil 220.80 4.00 220.80 135.80 3.14 19.37 90838.96 Imperial Brands 2890.5 -22.00 3529 2298 5.91 22.55 36595.03
Ch Rail Gp 5.81 -0.05 6.89 5.25 1.76 7.10 3114.48 eBay 37.41 0.38 46.99 33.95 - -26.18 37184.72 StateSt♦ 93.21 0.78 114.27 89.25 1.66 17.25 34059.68
Hong Kong (HK$) Telenor 174.80 0.65 191.70 135.00 4.32 20.28 32040.82 LlydsBkg 62.49 0.12 72.68 60.50 1.60 13.19 59784.4
ChConstBk 7.15 0.03 9.39 5.91 4.59 6.18 219010.56 Ecolab♦ 141.86 1.12 150.46 125.74 1.04 29.34 40929.51 Stryker♦ 173.32 1.99 179.84 137.70 0.98 68.60 64771.58
AIA 67.65 0.65 75.00 54.95 1.30 17.23 104086.05 Natl Grid♦ 876.50 17.40 981.77 733.00 5.09 8.19 39117.57
China Vanke 25.55 -0.10 42.85 21.40 3.63 8.46 4280.51 Qatar (QR) Emerson 69.36 0.18 74.45 57.47 2.63 26.46 43703.05 Sychrony Fin 33.89 0.29 40.59 28.33 1.62 13.57 25578.7
BOC Hold♦ 36.10 -0.10 42.15 35.60 3.19 13.60 48628.44 Prudential 1762 - 1992.5 1712.5 2.56 18.95 60516.03
ChinaCitic 4.71 0.03 6.82 4.63 5.38 4.64 8930.64 QatarNtBk 155.00 1.00 165.00 115.01 3.65 11.75 39320.14 EOG Res 124.02 0.80 128.03 81.99 0.51 23.79 71790.37 Target 76.73 0.18 79.59 50.04 3.09 14.63 40907.44
Ch OSLnd&Inv 24.70 - 32.20 23.10 3.07 6.74 34478.73 RBS 248.30 -1.40 304.20 239.60 - 23.21 39440.86
ChinaLife♦ 19.16 -0.08 28.20 18.88 1.46 14.34 18164.8 Russia (RUB) EquityResTP♦ 64.72 0.37 70.46 54.97 3.00 37.79 23830.79 TE Connect 91.45 0.19 108.23 77.15 1.66 26.19 32020.21
ChngKng 61.15 0.15 75.30 59.30 2.53 7.69 28807.03 ReckittB 6407 45.00 8000 5255 2.52 13.50 59892.75
ChinaMBank♦ 27.05 - 39.50 22.80 3.22 7.93 15821.9 Gzprm neft 144.89 -0.66 151.65 115.07 5.75 4.11 54457.13 Exelon 43.06 0.14 43.13 35.50 2.92 12.96 41564.52 Tesla Mtrs 310.76 1.60 389.61 244.59 - -23.49 52764.81
Citic Ltd 10.56 -0.10 12.80 10.44 3.17 7.10 39138.62 RELX 1655.5 20.50 1784 1399 2.26 20.31 45491.57
ChinaMob 69.60 0.45 89.60 67.85 4.18 10.55 181567.16 Lukoil 4376.5 -85.50 4462 2752 7.70 6.44 59099.99 ExpScripts 80.40 0.44 85.07 55.80 - 10.70 45162.37 TexasInstr 112.31 0.80 120.75 77.31 1.89 29.75 109942.3
Citic Secs♦ 15.02 0.06 22.95 14.44 2.75 13.12 4359.95 RioTinto 4071 33.50 4541 3255.5 4.22 11.31 72480.43
ChinaPcIns♦ 28.65 - 42.40 28.05 2.88 13.41 10130.46 MmcNrlskNckl 11708 142.00 11970 8240 6.00 14.03 29414.94 ExxonMb 82.51 0.20 89.30 72.16 3.53 18.28 349333.68 TheTrvelers 123.75 1.15 150.55 113.76 2.20 17.25 33444.84
CK Hutchison 84.10 0.30 108.90 80.60 3.19 9.38 41334.84 RollsRoyce 985.60 - 1010.5 800.20 0.47 4.31 24333.08
ChMinsheng♦ 5.47 0.01 7.79 5.39 5.13 4.06 5798.58 Novatek 902.00 -1.70 909.90 590.20 1.60 20.42 43481.63 Facebook 201.81 3.36 203.55 149.02 - 35.31 484062.72 ThrmoFshr♦ 207.71 0.36 226.44 170.07 0.28 38.99 83566.57
CNOOC♦ 12.58 0.02 14.64 8.48 3.47 19.34 71560.05 RylDShlA 2618 1.00 2755 2022.04 5.13 20.07 293932.18
ChMrchSecs RMB 13.01 - 22.35 12.68 1.45 18.39 9597.18 Rosneft 403.15 -2.90 408.05 281.65 2.61 17.92 67834.7 Fedex♦ 227.70 -0.88 274.66 203.13 0.80 14.42 60844.9 TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69
HangSeng 195.00 -0.50 204.20 161.20 3.23 19.22 47498.59 Shire 4286 18.00 4432 2940.5 0.58 12.35 51974.96
Chna Utd Coms RMB 4.77 0.05 9.29 4.63 - 97.57 15209.83 Sberbank♦ 226.42 1.88 285.00 148.90 2.75 5.96 77599.68 FordMtr 11.08 0.03 13.48 10.14 5.13 6.06 43348.68 TJX Cos 95.50 0.43 96.82 66.44 1.26 22.78 59706.86
HK Exc&Clr 228.80 1.40 306.00 198.30 1.98 38.58 36343.98 StandCh 694.30 1.50 864.20 676.80 - 40.31 30384.89
ChShenEgy♦ 17.76 0.18 25.75 16.86 3.05 6.73 7690.14 Surgutneftegas 28.55 0.13 30.92 25.86 2.18 3.18 16190.66 Franklin♦ 31.82 0.10 47.65 31.28 2.56 28.02 17189.43 T-MobileUS 60.97 0.91 66.52 54.60 - 12.44 51632.19
MTR♦ 42.90 0.25 46.80 40.55 2.46 15.44 32846.33 Tesco 260.10 0.60 262.50 167.12 0.38 21.53 33720.32
ChShpbldng RMB 3.98 0.06 6.83 3.81 - 82.91 10993.5 GenDyn♦ 189.69 0.99 230.00 184.21 1.26 20.60 56344.27 UnionPac 143.27 1.02 148.33 101.06 1.72 11.04 110353.13
SandsCh 39.35 0.40 49.35 33.80 5.01 25.74 40509.78 Saudi Arabia (SR) Vodafone♦ 191.00 3.36 239.65 180.24 6.88 13.77 67629.83
ChStConEng RMB 5.07 -0.02 7.83 4.93 3.03 6.57 31746.5 GenElectric♦ 13.70 0.27 27.05 12.61 4.98 -22.27 118945.7 UPS B 105.98 -0.31 135.53 101.45 3.04 19.21 73079.52
SHK Props 119.50 0.80 139.60 114.90 3.38 6.49 44107.38 AlRajhiBnk 84.60 -1.20 92.40 61.70 3.50 16.01 36656.57 WPP♦ 1190 20.00 1616 1074 5.02 8.36 20000.43
ChUncHK 9.41 0.02 13.24 9.20 - 60.05 36684.09 GenMills 45.18 0.34 60.69 41.01 4.33 12.44 26808.36 USBancorp♦ 50.23 0.30 58.50 48.49 2.22 14.54 82500.76
Tencent 386.60 1.00 476.60 267.00 0.16 38.93 468130.04 Natnlcombnk 46.25 -0.75 49.95 30.43 2.96 15.00 36996.54 United States of America ($)
CNNC Intl RMB 5.57 - 8.11 5.46 1.97 19.34 13042.43 GenMotors 39.32 -0.15 46.76 34.50 3.66 -53.96 55419.25 UtdHlthcre 251.29 0.79 256.73 183.86 1.13 23.38 241484.98
SaudiBasic 123.60 -0.80 131.40 94.90 3.19 19.32 98870.76 21stC Fox A 49.10 0.36 50.15 24.81 0.69 23.80 51748.99
CSR♦ 5.92 -0.01 8.82 5.83 4.19 13.55 3296.88 India (Rs) GileadSci 75.15 2.34 89.54 64.27 2.68 30.20 97714.6 UtdTech 125.43 0.48 139.24 109.10 2.08 23.71 100351.46
SaudiTelec 88.40 -0.80 93.40 65.10 3.20 18.42 47142.26 3M 197.65 0.31 259.77 191.44 2.34 30.94 117343.28
Daqin RMB 8.23 0.01 10.48 7.84 3.04 8.49 18405.98 Bhartiartl 362.25 - 564.80 351.60 1.06 131.76 21016.65 GoldmSchs 222.42 1.68 275.31 214.64 1.28 21.74 84012.06 ValeroEngy 108.15 0.62 126.98 64.22 2.54 11.94 46615.23
Gree Elec Apl 0.05 - 0.19 0.04 - -0.99 85.09 HDFC Bk 2115.15 - 2160 1651.35 0.55 32.17 79944.05 Singapore (S$) AbbottLb 62.23 0.90 64.60 47.83 1.63 313.13 109092.11 Halliburton 44.80 0.35 57.86 38.18 1.52-112.72 39243.74 Verizon 51.52 0.24 54.77 42.80 4.31 7.13 212855.06
GuosenSec RMB 8.91 0.09 14.70 8.41 2.24 18.96 10990.87 Hind Unilevr 1678.3 - 1697.65 1086.4 1.07 69.75 52726.82 DBS 25.35 -0.68 31.28 20.01 2.44 12.03 47853.13 Abbvie 96.49 2.01 125.86 69.38 2.58 25.62 153118 HCA Hold 104.86 1.38 108.85 71.18 0.32 14.99 36627.51 VertexPharm 172.72 3.23 178.25 127.67 - 212.24 44014.91
HaitongSecs♦ 7.37 -0.02 13.58 7.22 3.50 8.92 3201.55 HsngDevFin 1916.85 - 1986.05 1617 0.96 19.39 46839.65 JardnMt US$ 63.60 0.15 68.11 59.73 2.33 6.46 46831.01 Accenture 164.58 -0.22 165.58 123.07 1.61 26.44 110930.18 Hew-Pack 23.06 0.31 24.75 17.17 2.27 9.17 37138.42 VF Cp 81.68 0.40 85.15 55.51 2.04 44.72 32402.36
Hngzh HikVDT RMB 32.50 -0.93 44.59 28.02 1.23 30.69 38658.12 ICICI Bk 270.05 - 365.70 255.00 0.88 17.83 25207.15 JardnStr US$ 36.23 -0.79 46.48 35.30 0.80 13.38 40137.31 Adobe 247.13 2.95 258.91 140.97 - 57.08 121010.33 HiltonWwde 80.68 0.99 88.11 60.54 0.70 20.20 24237.64 Viacom 29.76 0.35 36.77 22.13 2.54 5.90 10502.73
Hunng Pwr♦ 5.32 0.06 6.06 4.55 6.45 44.99 3185.97 Infosys 1284.25 - 1357.9 860.00 2.26 17.59 40710.38 OCBC 11.24 -0.26 14.04 10.57 3.14 11.09 34645.55 AEP 71.46 0.33 78.07 62.71 3.20 20.98 35195.73 HomeDep 194.70 0.29 207.61 144.25 1.83 26.24 224594.94 Visa Inc 133.85 0.56 136.69 93.50 0.52 35.81 239078.02
IM Baotou Stl RMB 1.49 - 3.17 1.45 - 28.14 7100.13 ITC♦ 272.65 - 339.95 250.00 1.74 29.65 48294.35 SingTel 3.23 0.07 4.00 3.02 5.40 9.40 38831.5 Aetna 185.84 0.85 194.40 149.69 1.02 18.78 60788.26 Honywell 145.96 1.04 165.13 133.49 1.83 66.48 109021.88 Walgreen 63.20 0.82 83.89 59.07 2.53 14.84 62720.43
In&CmBkCh♦ 5.53 - 7.64 4.83 4.97 5.86 61151.61 L&T 1266.3 - 1470 1113.05 2.21 24.13 25759.94 UOB 26.26 -0.83 30.37 22.95 2.61 11.45 32348.21 Aflac 42.96 -0.08 46.19 38.31 2.02 7.63 33258.22 HumanaInc♦ 308.05 1.89 309.19 229.84 0.52 25.33 42412.99 WalMartSto 84.53 -0.04 109.98 73.13 2.34 29.24 249447.86
IndstrlBk RMB 14.09 0.04 19.98 13.73 4.33 5.20 40383.14 OilNatGas 155.45 - 212.85 151.80 3.89 9.03 28953.7 South Africa (R) AirProd♦ 157.19 1.40 175.17 141.88 2.38 31.82 34455.05 IBM 142.74 1.31 171.13 137.45 3.98 24.73 131030.7 WellsFargo 56.00 0.76 66.31 49.27 2.62 14.68 272873.63
Kweichow RMB 714.12 11.73 803.50 441.20 0.95 30.45 134949.39 RelianceIn 977.55 - 1036 719.00 0.56 16.06 89899.35 Firstrand 64.22 -1.37 77.25 47.47 4.25 13.22 26657.41 Alexion 131.03 2.95 149.34 102.10 - 59.43 29154.26 IllinoisTool♦ 140.02 -0.86 179.07 135.07 2.02 28.35 47433.54 Williams Cos 27.63 0.21 33.67 24.00 4.25 12.42 22866.89
Midea 1.47 - 1.90 1.46 3.35 13.65 40.27 SBI NewA 257.20 - 351.30 232.35 1.01 -48.18 33314.77 MTN Grp 109.52 -0.63 140.00 102.01 6.85 42.42 15270.76 Allegran 174.95 2.75 256.80 142.81 1.53 -36.04 59319.18 Illumina 286.11 5.62 293.15 167.98 - 78.53 42058.18 Yum!Brnds 78.31 0.57 88.07 72.61 1.52 19.38 25311.13
New Ch Life Ins 31.25 - 57.85 30.25 1.79 13.37 4117.27 SunPhrmInds 558.10 - 608.95 432.70 0.63 61.35 19434.75 Naspers N 3437.21 48.35 4142.99 2465 0.17 32.38 111571.77 Allstate 92.35 0.41 105.36 85.59 1.61 10.61 32459.99 Intcntl Exch 73.34 0.64 76.69 63.22 1.08 18.54 42480.64 Venezuela (VEF)
PetroChina♦■ 5.66 -0.03 6.74 4.72 1.02 31.96 15214.84 Tata Cons 1912.95 - 1920.85 1162.75 1.27 28.52 106296.37 Alphabet 1153.53 12.24 1201.49 918.60 - 51.65 344508.88 Intel 51.11 0.36 57.60 33.23 2.07 23.38 238172.6
South Korea (KRW) Bco de Vnzla 78000 3000 80000 700.00 - - -
PingAnIns♦■ 69.70 0.25 98.85 53.85 1.76 11.49 66136.57 Altria♦ 58.40 0.77 74.67 53.91 4.26 11.04 110530.67 Intuit 206.97 1.91 216.63 131.00 0.70 47.09 53106.08
Indonesia (Rp) HyundMobis 205500 5500 283000 197000 1.69 15.43 17925.68 Bco Provncl 16000000300000016000000 20000 - - -
PngAnBnk RMB 8.66 0.06 15.24 8.45 1.82 6.56 22368.54 Amazon 1711.82 12.09 1763.1 931.75 - 227.83 830623.45 John&John 125.52 0.52 148.32 118.62 2.53 288.35 336663.46
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26 KoreaElePwr 31500 -150.00 45700 30600 2.48 131.93 18120.76 Mrcntl Srvcs 5445568-26554432.0032000000 49500 - - -
Pwr Cons Corp RMB 5.34 -0.02 8.90 5.10 1.60 11.12 8952.41 AmerAir 38.12 0.13 59.08 36.76 0.99 11.13 17845.98 JohnsonCn♦ 34.68 0.46 44.37 32.89 2.78 16.43 32120.77
Israel (ILS) SK Hynix 85300 -900.00 97700 61400 1.16 5.12 55646.4
SaicMtr RMB 33.72 0.39 37.66 28.43 4.89 10.99 58352.08 AmerExpr♦ 98.79 0.26 103.24 83.33 1.31 30.00 84995.18 JPMrgnCh♦ 104.30 0.58 119.33 88.08 1.98 15.68 355118.23
TevaPha 90.17 -0.94 118.50 38.20 1.94 -1.66 25170.36 SmsungEl 44900-1050.00 57520 44220 2.35 6.83 258280.12 Closing prices and highs & lows are in traded currency (with variations for that
ShenwanHong 0.15 - 0.30 0.14 - 12.34 172.79 AmerIntGrp 54.47 0.55 67.30 49.57 2.22 -8.57 48896.81 Kimb-Clark 107.01 0.24 127.94 97.10 3.46 22.22 37381.7
Italy (€) Spain (€) AmerTower♦ 146.22 0.55 155.28 130.37 1.70 58.75 64579.47 country indicated by stock), market capitalisation is in USD. Highs & lows are
ShgPdgBk RMB 9.37 0.11 14.02 9.17 1.64 5.18 39613.66 KinderM 17.92 0.34 21.25 14.69 2.64 378.77 39532.8 based on intraday trading over a rolling 52 week period.
Enel 4.89 0.03 5.59 4.55 3.95 12.99 58392.83 BBVA 6.37 0.06 7.93 5.78 3.73 12.87 49931.54 Amgen 191.20 3.84 201.23 163.31 2.36 64.14 126518.19
Sinopec Corp 6.88 0.07 8.35 5.40 4.60 13.34 22364.06 Kraft Heinz 64.34 0.39 90.38 54.11 3.64 7.53 78441.42 ♦ ex-dividend
ENI 16.18 -0.04 16.89 12.94 4.89 17.58 69135.51 BcoSantdr 4.76 0.04 6.09 4.45 4.45 11.93 90250.31 Anadarko 73.72 1.14 75.50 39.96 0.51-1558.21 37972.31
Sinopec Oil RMB 1.85 0.01 3.52 1.82 - -2.84 3351.47 Kroger 29.09 0.49 31.45 19.69 1.64 7.29 23175.3 ■ ex-capital redistribution
Generali 14.54 -0.06 17.13 13.86 5.51 9.87 26699.77 CaixaBnk 3.86 -0.03 4.51 3.50 3.38 13.74 27118.05 Anthem 242.03 1.98 267.95 179.40 1.09 16.38 61765.88
Denmark (kr) Iberdrola 6.97 0.03 7.03 5.71 4.50 14.67 52732.09 L Brands 36.43 0.84 63.10 30.70 6.35 11.59 10098.54 # price at time of suspension
IntSPaolo 2.56 0.00 3.35 2.40 3.79 5.67 47764.76 Aon Cp 140.13 1.91 152.78 130.87 0.97 50.37 34263.54 LasVegasSd 72.11 -0.11 81.45 59.16 3.86 15.97 56905.27
DanskeBk 190.50 -1.70 259.50 189.05 5.20 8.77 26924.62 Inditex 29.64 0.05 34.77 23.00 1.79 27.56 108613.05
Luxottica 55.82 0.48 55.86 45.32 1.65 25.67 31837 Apple 187.40 2.00 194.20 142.90 1.27 19.08 921096.86 LibertyGbl 28.90 0.37 39.73 27.11 - -8.96 6270.53
MollerMrsk 7662 -70.00 14260 7586 - -79.83 12159.9 Repsol♦ 17.16 -0.10 17.48 13.28 4.70 13.00 31403.07
Unicred 14.69 0.00 18.34 13.53 - 10.40 38513.9 ArcherDan 46.77 0.43 46.89 38.59 2.62 17.04 26150.25 Lilly (E) 87.58 1.02 89.09 73.69 2.29 86.50 95062
NovoB 306.40 2.00 354.80 260.20 2.54 19.68 92442.94 Telefonica 7.71 0.05 9.87 7.16 5.14 14.42 47066.88

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
Biogen 345.22 298.81 46.41 15.53 54.98 18.9 13.34 ChStConEng 5.07 5.09 -0.02 -0.39 -2.66 -34.4 -14.48 Jul 06 date Coupon S* M* F* price yield yield yield US Jul 06 date Coupon S* M* F* price yield yield yield US
Sberbank 226.42 224.54 1.88 0.84 17.92 8.6 3.90 Tesla Mtrs 310.76 309.16 1.60 0.52 -32.19 -9.4 -2.68 High Yield US$ US$
E.ON 9.93 9.81 0.12 1.19 0.78 8.5 8.49 Glencore 328.95 326.10 2.85 0.87 -33.05 -9.1 -99.18 Qwest Capital Funding, Inc. 08/21 7.63 B+ WR BB 103.50 6.35 - - - Barclays plc 01/28 4.34 BBB Baa3 A 94.75 5.04 - - 2.20
Telstra 2.80 2.76 0.04 1.45 0.18 6.9 1.08 Hngzh HikVDT 32.50 33.43 -0.93 -2.78 -3.23 -9.0 -18.83 High Yield Euro Barclays plc 01/28 4.34 BBB Baa3 A 94.75 5.04 - - 2.20
Novatek 902.00 903.70 -1.70 -0.19 57.00 6.7 6.81 AscBrFd 2492.00 2604.00 -112.00 -4.30 -246.00 -9.0 -99.07 Astaldi S.p.A 12/20 7.13 CCC - B 84.19 15.21 -0.83 -0.99 12.74 General Electric Company 01/29 5.00 A A2 A 104.11 4.50 - - 1.66
BT 231.55 229.45 2.10 0.92 13.75 6.3 -98.87 BkofComm 5.47 5.49 -0.02 -0.36 -0.46 -7.8 -12.90 Westpac Banking Corporation 11/31 4.32 BBB Baa1 A+ 96.44 4.84 - - -
Regen Pharm 366.75 360.95 5.80 1.61 21.76 6.3 16.50 MollerMrsk 7662.00 7732.00 -70.00 -0.91 -556.00 -6.8 -22.33 Emerging US$ MetLife, Inc. 12/32 6.50 A- A3 A- 122.18 4.41 - - -
GileadSci 75.15 72.81 2.34 3.21 4.31 6.1 4.53 CNOOC 12.58 12.56 0.02 0.16 -0.90 -6.7 -7.50 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Comcast Corp. 01/33 4.25 A- A3 A- 97.75 4.46 - - -
Telefonica 7.71 7.66 0.05 0.61 0.43 5.9 2.16 Keyence 59160.00 57020.00 2140.00 3.75 -4060.00 -6.4 -12.03 Turkey 09/22 6.25 - Ba2 BB+ 100.20 6.19 0.01 0.02 3.47
Mexico 09/22 8.00 BBB+ A3 BBB+ 119.75 2.98 - - 0.26 Euro
Deut Bank 9.76 9.52 0.24 2.51 0.54 5.8 5.84 FastRetail 47760.00 47500.00 260.00 0.55 -3180.00 -6.2 1.72 Barclays plc 08/29 2.29 BBB Baa3 A 89.66 3.43 0.01 0.02 0.59
Softbank 8293.00 8189.00 104.00 1.27 451.00 5.8 3.66 Altice 3.28 3.17 0.12 3.73 -0.21 -5.9 1.05 Brazil 01/23 2.63 BB- Ba2 BB- 90.85 4.92 - - 2.20
Colombia 03/23 2.63 BBB- Baa2 BBB 94.95 3.81 - - 1.09 AT&T Inc. 12/29 2.60 BBB Baa2 A- 103.41 2.25 0.02 0.01 -0.59
Sanofi 72.50 72.44 0.06 0.08 3.85 5.6 10.60 LasVegasSd 72.11 72.22 -0.11 -0.16 -4.25 -5.6 -8.66 AT&T Inc. 12/29 2.60 BBB Baa2 A- 103.41 2.25 0.02 0.01 -0.59
Alexion 131.03 128.08 2.95 2.30 6.88 5.5 8.66 AtlasCpcoB 215.35 214.60 0.75 0.35 -12.50 -5.5 -32.46 Poland 03/23 3.00 BBB+ A2 A- 97.67 3.54 0.00 -0.01 0.82
Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07 Electricite de France (EDF) 04/30 4.63 A- A3 A- 127.76 1.97 0.02 0.00 -0.87
MmcNrlskNckl 11708.00 11566.00 142.00 1.23 593.00 5.3 0.55 Bridgestne 4092.00 4045.00 47.00 1.16 -236.00 -5.5 -7.05
Peru 08/27 4.13 BBB+ A3 BBB+ 102.63 3.78 - - 0.94 Yen
Walgreen 63.20 62.38 0.82 1.31 3.19 5.3 0.11 BOC Hold 36.10 36.20 -0.10 -0.28 -2.05 -5.4 -9.41
Russia 06/28 12.75 BBB- Ba1 BBB- 163.90 4.66 -0.02 -0.08 1.82 Poland 11/27 2.50 - A2 A- 109.64 1.40 -0.01 -0.01 -1.45
Daimler 58.04 58.50 -0.46 -0.79 2.91 5.3 5.28 Seven & I 4566.00 4621.00 -55.00 -1.19 -251.00 -5.2 -5.95
Perrigo 76.71 75.23 1.48 1.97 3.80 5.2 4.78 Midea 1.47 1.47 0.00 0.00 -0.08 -5.2 -8.13 Brazil 02/47 5.63 BB- Ba2 BB- 86.00 6.73 - - - £ Sterling
Iberdrola 6.97 6.94 0.03 0.43 0.34 5.2 14.72 HaitongSecs 7.37 7.39 -0.02 -0.27 -0.39 -5.0 -25.78 Emerging Euro Cooperatieve Rabobank U.A. 05/29 4.63 BBB+ Baa1 A 110.95 3.40 0.03 0.01 0.56
NovoB 306.40 304.40 2.00 0.66 14.90 5.1 3.99 Delphi 43.22 43.70 -0.48 -1.10 -2.24 -4.9 -16.27 Mexico 02/20 5.50 BBB+ A3 BBB+ 108.78 0.07 -0.03 -0.03 -2.40 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 131.06 3.09 0.03 0.02 0.25
LibertyGbl 28.90 28.53 0.37 1.30 1.36 4.9 -0.24 Ch Coms Cons 7.17 7.37 -0.20 -2.71 -0.37 -4.9 -15.65 Brazil 04/21 2.88 BB- Ba2 BB- 103.63 1.51 0.00 -0.05 - Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 BBB+ A3 BBB+ 107.85 1.06 -0.03 -0.03 -1.66 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 112.25 1.63 0.00 -0.01 -1.22
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Jul 06 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Jul 06 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 1.50-1.75 14-06-2018 1.00 1.50-1.75 1.00-1.25 Index change change change 1 month 1 year VIX 13.52 -1.45 14.97 50.30 8.56 Jul 06 Price £ Yield Day Week Month Year High Low £m
US Prime 5.00 14-06-2018 5.00 4.75 4.5 Markit IBoxx VXD 15.02 -0.99 16.01 40.09 3.93 - - - - - - - - -
US Discount 2.25 22-03-2018 0.75 2 1.50 ABF Pan-Asia unhedged 186.63 -0.13 0.09 -1.99 -2.45 2.69 VXN 19.10 -1.25 20.35 38.11 11.67 Tr 1.25pc '18 100.03 0.50 4.17 11.11 6.38 56.25 103.11 100.00 34.84
Euro Repo 0.00 16-03-2016 0.05 0.00 0.00 Corporates( £) 340.74 0.19 0.13 -1.71 -0.34 0.41 VDAX - - - - - Tr 4.5pc '19 102.62 0.53 3.92 3.92 0.00 55.88 106.99 102.62 36.35
UK Repo 0.50 02-11-2017 0.25 0.50 0.25 Corporates($) - - - - - - † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.75pc '20 106.71 0.68 3.03 4.62 3.03 94.29 111.85 106.71 33.31
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 225.15 0.08 0.06 -0.62 -0.05 0.91 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 1.5pc '21 101.87 0.75 2.74 2.74 -6.25 53.06 104.33 101.42 32.46
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 234.33 -0.11 0.09 0.63 0.65 1.75 Tr 4pc '22 111.47 0.82 2.50 2.50 -5.75 41.38 116.70 111.14 37.95
Gilts( £) 325.38 0.25 0.27 0.63 0.44 2.37 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 125.10 1.08 0.00 -1.82 -10.00 6.93 131.77 123.75 35.08
INTEREST RATES: MARKET Global Inflation-Lkd 265.36 -0.13 0.28 -1.28 0.45 4.06 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 99.48 1.31 0.77 -1.50 -10.27 -5.76 102.18 96.41 23.45
Over Change One Three Six One Markit iBoxx £ Non-Gilts 336.46 0.17 0.12 -1.18 -0.15 0.67 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 133.88 1.54 0.00 -1.28 -9.41 -8.33 138.95 129.40 35.44
Jul 06 (Libor: Jul 05) night Day Week Month month month month year Overall ($) - - - - - - Australia 11/20 1.75 99.38 2.02 0.00 -0.04 -0.02 0.06 Tr 4.25pc '36 140.02 1.63 0.00 -1.81 -9.44 -11.89 144.09 134.34 29.76
US$ Libor 1.92813 0.000 -0.006 0.010 2.09713 2.33863 2.52025 2.78400 Overall( £) 325.64 0.23 0.23 0.09 0.27 1.86 11/28 2.75 101.35 2.60 -0.03 -0.04 -0.05 -0.09 Tr 4.5pc '42 155.44 1.71 0.00 -1.72 -9.04 -12.31 159.30 147.31 26.64
Euro Libor -0.43971 -0.001 -0.001 0.003 -0.39757 -0.35686 -0.31314 -0.23714 Overall(€) 230.05 -0.05 0.07 0.30 0.46 1.47 Austria 10/19 0.25 101.02 -0.54 0.01 0.02 0.00 -0.07 Tr 3.75pc '52 154.63 1.65 0.00 -1.20 -8.33 -11.76 159.09 144.61 23.59
£ Libor 0.46300 0.000 -0.004 0.009 0.52494 0.70650 0.82700 0.99638 Treasuries ($) - - - - - - 07/27 6.25 151.78 0.40 0.01 -0.04 0.00 -0.17 Tr 4pc '60 173.51 1.58 0.00 -1.25 -8.14 -12.22 179.15 162.07 23.61
Swiss Fr Libor 0.002 -0.77440 -0.72660 -0.64700 -0.51840 FTSE Belgium 12/20 1.80 105.47 -0.45 0.01 0.01 0.01 -0.13 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.001 -0.07017 -0.04183 0.01083 0.11717 Sterling Corporate (£) 112.59 0.15 - - 0.05 -3.33 03/28 5.50 146.86 0.54 0.01 -0.06 -0.01 -0.21
Euro Euribor
Sterling CDs
0.000
0.000
-0.37200
0.53000
-0.32100
0.72000
-0.26900
0.84500
-0.18100 Euro Corporate (€) 105.61 0.11 - - 0.33 -0.68 Canada 02/20 1.25 99.02 1.89 0.01 0.12 0.00 - GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 477.21 -4.15 - - -1.11 -37.43 06/28 2.00 98.59 2.16 0.01 0.09 -0.01 -
US$ CDs 0.000 2.03000 2.21000 2.40000 Eurozone Govt Bond 110.79 0.06 - - 1.31 0.12 Denmark 11/20 0.25 101.90 -0.55 0.02 0.02 0.01 -0.24 Price Indices Day's Total Return Return
Euro CDs 0.000 -0.44500 -0.40500 -0.34500 11/27 0.50 101.53 0.33 0.02 -0.01 0.01 -0.31 Fixed Coupon Jul 06 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series 1 Up to 5 Years 93.00 -0.04 2416.58 0.10 -0.18 0.78
Short 7 Days One Three Six One Index change change change high low Finland 09/20 0.38 102.09 -0.57 0.01 0.01 0.00 -0.19
09/27 0.50 100.36 0.46 0.01 -0.06 -0.02 - 2 5 - 10 Years 180.41 -0.06 3478.18 0.74 0.63 1.15
Jul 06 term notice month month month year Markit iTraxx 3 10 - 15 Years 210.52 -0.01 4267.10 1.45 2.59 1.47
Euro -0.50 -0.35 -0.50 -0.35 -0.50 -0.35 -0.48 -0.33 -0.41 -0.26 -0.38 -0.18 Crossover 5Y 305.45 -6.67 -13.49 4.86 329.08 267.17 France 11/20 0.25 101.87 -0.53 0.01 -0.02 -0.01 -0.20
4 5 - 15 Years 187.25 -0.04 3673.54 0.98 1.38 1.30
Sterling 0.45 0.55 0.48 0.58 0.67 0.77 0.77 0.92 0.95 1.10 Europe 5Y 69.48 -2.17 -3.86 -0.26 76.53 52.58 05/23 1.75 109.43 -0.17 0.01 -0.04 -0.01 -0.26
5 Over 15 Years 340.02 0.01 5278.08 2.77 6.39 1.65
Swiss Franc - - - - - - - - - - - - Japan 5Y 56.72 -0.47 1.95 5.67 57.34 49.41 05/28 0.75 101.54 0.59 0.01 -0.07 -0.02 -
7 All stocks 179.37 -0.02 3612.53 1.48 2.96 1.54
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 83.28 -2.27 -6.59 0.98 94.14 55.32 Germany 10/20 0.25 102.05 -0.64 0.01 0.01 0.01 -0.17
US Dollar 1.97 2.07 2.03 2.13 2.17 2.27 2.34 2.44 2.51 2.61 2.76 2.86 08/23 2.00 111.71 -0.27 0.01 0.00 0.00 -0.22 Day's Month Year's Total Return Return
Markit CDX 08/27 0.50 102.31 0.24 0.01 -0.02 0.00 -
Japanese Yen -0.40 -0.10 -0.50 -0.20 -0.15 0.15 -0.10 0.20 -0.05 0.25 0.00 0.30 Index Linked Jul 06 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 179.03 -7.90 -10.43 2.17 193.42 132.91 08/48 1.25 106.18 1.01 0.02 -0.06 -0.01 -
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 1 Up to 5 Years 308.90 -0.03 0.26 -1.57 2463.93 0.26 -0.03
Nth Amer High Yld 5Y 353.75 -5.02 -6.33 9.17 370.10 330.66 Greece - - - - - - -
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 2 Over 5 years 711.61 0.12 2.52 4.36 5326.42 2.56 4.89
Nth Amer Inv Grade 5Y 66.12 -1.25 -1.87 -0.58 69.04 59.27 01/28 3.75 98.35 3.96 0.01 -0.08 0.00 -
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. 3 5-15 years 476.17 -0.03 0.86 0.52 3720.89 1.02 1.52
Ireland 10/20 5.00 112.60 -0.47 0.00 0.02 0.03 -0.20 4 Over 15 years 914.93 0.17 3.09 5.66 6689.24 3.09 6.02
05/30 2.40 115.53 1.00 0.01 -0.05 0.00 -0.28 5 All stocks 642.77 0.10 2.32 3.86 4886.81 2.35 4.47
Italy 06/20 0.35 99.37 0.68 -0.01 -0.22 -0.04 0.45
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 08/22 0.90 97.58 1.52 -0.01 -0.20 -0.05 - Yield Indices Jul 06 Jul 05 Yr ago Jul 06 Jul 05 Yr ago
08/27 2.05 95.74 2.58 -0.01 -0.18 -0.05 0.42 5 Yrs 0.93 0.91 0.63 20 Yrs 1.73 1.73 1.96
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
03/48 3.45 101.65 3.36 -0.02 -0.19 -0.07 - 10 Yrs 1.37 1.37 1.35 45 Yrs 1.56 1.56 1.78
Crude Oil† Jul 72.45 -0.58 Corn♦ Sep 352.50 10.00 Jul 05 Jul 05 Prev return stock Market stocks
Japan 11/19 0.10 100.32 -0.13 0.00 0.00 0.00 - 15 Yrs 1.64 1.64 1.79
Brent Crude Oil‡ 77.22 -0.38 Wheat♦ Sep 504.00 -2.00 Can 4.25%' 21 113.48 0.267 0.235 0.00 5.18 78388.98 8
09/22 0.10 100.91 -0.12 0.00 -0.01 -0.01 -
RBOB Gasoline† Jul 2.10 -0.03 Soybeans♦ Aug 841.75 7.75 Fr 2.25%' 20 108.87 -1.944 -1.970 -0.02 20.31 261904.92 16
09/27 0.10 100.86 0.01 0.00 -0.01 0.00 - inflation 0% inflation 5%
Heating Oil† Jul 1.62 0.00 Soybeans Meal♦ Aug 328.60 0.80 Swe 0.25%' 22 115.76 -2.204 -2.193 0.03 32.78 233451.64 7
09/47 0.80 102.76 0.70 -0.01 -0.02 -0.01 - Real yield Jul 06 Dur yrs Previous Yr ago Jul 06 Dur yrs Previous Yr ago
Natural Gas† Jul 2.85 0.02 Cocoa (ICE Liffe)X Sep 1876.00 -16.00 UK 2.5%' 20 361.24 -2.140 -2.132 0.08 6.58 664022.14 29
Netherlands 01/20 0.25 101.41 -0.66 0.01 0.04 0.01 -0.14 Up to 5 yrs -1.84 2.74 -1.85 -2.19 -2.27 2.76 -2.29 -2.93
Ethanol♦ - - Cocoa (ICE US)♥ Jul 2385.00 0.00 UK 2.5%' 24 361.62 -1.837 -1.836 0.19 6.82 664022.14 29
07/27 0.75 103.52 0.35 0.01 -0.02 0.00 -0.31 Over 5 yrs -1.59 24.31 -1.58 -1.47 -1.61 24.38 -1.61 -1.49
Uranium† Jul 18.10 0.00 Coffee(Robusta)X Jul 1705.00 5.00 UK 2%' 35 268.90 -1.620 -1.603 0.25 9.08 664022.14 29
Carbon Emissions‡ - - Coffee (Arabica)♥ Jul 106.20 -5.80 New Zealand - - - - - - - 5-15 yrs -1.66 9.00 -1.67 -1.71 -1.77 9.02 -1.77 -1.83
US 0.625%' 21 100.40 0.491 0.490 0.10 35.84 1301833.09 39
White SugarX 341.40 -1.50 04/20 3.00 102.08 1.81 0.01 -0.05 -0.01 -0.49 Over 15 yrs -1.58 29.45 -1.57 -1.44 -1.59 29.48 -1.59 -1.46
Diesel† - - US 3.625%' 28 127.24 0.733 0.490 0.33 16.78 1301833.09 39
Sugar 11♥ 11.36 -0.13 Norway - - - - - - - All stocks -1.59 22.42 -1.58 -1.47 -1.62 22.51 -1.61 -1.50
Unleaded (95R) - - Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Base Metals (♠ LME 3 Months) Cotton♥ Oct 82.75 0.00 - - - - - - - See FTSE website for more details www.ftse.com/products/indices/gilts
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium 2083.50 3.50 Orange Juice♥ 159.90 0.00 Portugal - - - - - - - ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Aluminium Alloy 1740.00 -5.00 Palm Oil♣ - - 06/20 4.80 109.51 -0.09 -0.02 -0.04 0.01 -0.33 Gilt Closing Prices information contained herein is proprietary to
Copper 6276.00 -48.00 Live Cattle♣ Aug 106.55 0.00 BONDS: TEN YEAR GOVT SPREADS Spain 01/21 0.05 100.32 -0.08 0.02 -0.03 -0.01 -0.09 Tradeweb; may not be copied or re-distributed; is not warranted to be
Lead 2328.00 -38.50 Feeder Cattle♣ Aug 152.95 0.30 10/27 1.45 101.87 1.24 0.01 -0.06 -0.02 -0.44 accurate, complete or timely; and does not constitute investment advice.
Nickel 13995.00 -200.00 Lean Hogs♣ Jul 83.20 0.00 Spread Spread Spread Spread Sweden 12/20 5.00 113.44 -0.54 -0.02 0.03 0.01 -0.18 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Tin 19375.00 -85.00 Bid vs vs Bid vs vs 11/26 1.00 105.46 0.34 0.03 0.01 0.02 -0.28
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 07/20 2.25 106.01 -0.72 0.01 0.05 0.05 -0.04 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Zinc 2737.00 42.00
Precious Metals (PM London Fix) Jul 05 Month Year 04/28 4.00 140.06 -0.09 0.01 -0.05 -0.02 -0.13 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 2.60 2.36 -0.24 Italy 2.58 2.34 -0.26
Gold 1255.50 -0.15 S&P GSCI Spt 480.34 1.69 29.81 United Kingdom 01/21 1.50 101.91 0.74 0.04 0.02 0.00 0.28 Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria 0.40 0.16 -2.44 Japan 0.01 -0.24 -2.83
Silver (US cents) 1595.00 -9.50 DJ UBS Spot 85.87 -4.31 4.26 Belgium 0.54 0.30 -2.30 Netherlands 0.35 0.11 -2.49 07/23 0.75 98.66 1.02 0.04 0.02 -0.01 - Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Platinum 845.50 11.50 TR/CC CRB TR 202.50 -0.71 - Canada 2.16 1.92 -0.68 Norway - - - 07/27 1.25 99.35 1.33 0.04 0.02 -0.01 0.01 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Palladium 947.00 -1.00 M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Denmark 0.33 0.09 -2.51 Portugal - - - 07/47 1.50 94.69 1.73 0.03 0.01 -0.01 -0.13
Bulk Commodities UBS Bberg CMCI TR 15.27 -4.82 12.99 Finland 0.46 0.22 -2.38 Spain 1.24 0.99 -1.60 United States 11/19 1.75 99.01 2.47 - - - - Data provided by Morningstar | www.morningstar.co.uk
Iron Ore (Platts) 62.65 0.15 LEBA EUA Carbon 14.04 27.29 178.57 France 0.59 0.35 -2.25 Switzerland -0.09 -0.33 -2.93 10/22 2.00 97.09 2.72 - - - -
Iron Ore (The Steel Index) 76.55 -1.30 LEBA CER Carbon 0.25 13.64 25.00 Germany 0.24 0.00 -2.60 United Kingdom 1.33 1.08 -1.51 11/27 2.25 95.14 2.84 - - - -
GlobalCOAL RB Index 108.00 -0.25 LEBA UK Power 1300.00 -47.15 -20.73 Greece 3.96 3.72 1.12 United States 2.84 2.60 0.00 11/47 2.75 95.75 2.97 - - - -
Baltic Dry Index 1622.00 10.00 Ireland 1.00 0.76 -1.84 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
unless otherwise stated.
7 July/8 July 2018 ★ FTWeekend 17

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence ICG♦ 1068 12.00 1226 834.00 2.67 12.03 611.1 TedBaker 2136 6.00 3244 2098 2.59 18.06 52.5 AnGoldA R 117.06 0.36 145.79 100.21 1.10 -19.15 938.1 Town Ctr 282.00 -6.00 318.75 266.00 4.08 9.04 5.0 MearsGp 340.00 -6.00 512.85 300.00 3.49 16.92 90.2
Avon Rubber 1405 15.00 1480 885.00 0.88 19.09 53.4 Investec 552.00 2.40 649.40 451.20 4.26 11.08 1332.0 Antofagasta 944.00 -8.80 1171.5 805.10 1.98 16.78 3943.3 TritaxBBOX 156.00 -0.50 158.00 139.36 4.07 7.99 2682.8 MenziesJ 622.00 4.00 750.00 600.50 3.07 41.19 67.7
Jupiter 441.30 -0.20 638.80 435.40 3.85 13.09 1205.9
Industrial Engineering Barrick C$ 17.69 - 22.70 14.26 0.84 18.09 128.7 Wkspace♦ 1068 16.00 1176 843.36 1.97 8.59 125.9 MITIE♦ 173.40 16.10 290.50 146.80 0.77 -22.82 2722.5
BAE Sys 642.00 1.80 659.80 534.00 3.35 24.04 6295.7
Liontrust♦ 656.00 16.00 658.00 437.00 2.29 40.59 16.2 Bodycote 981.50 7.00 1077 765.50 1.64 19.25 293.3 BHP Billito 1664.2 5.20 1803.6 1229 3.70 25.55 6119.2
Chemring 221.50 - 233.50 162.00 1.04 201.36 177.6
Castings 412.50 4.50 489.00 400.00 3.39 18.37 12.5
Real Estate Inv & Services PageGroup 571.50 6.00 584.00 418.20 2.12 21.65 861.4
Meggitt 542.40 9.00 542.40 415.50 2.83 12.24 2638.7 LSE Gp 4497 38.00 4620 3612 1.01 29.96 669.8 BisichMg♦■ 95.00 -5.00 108.50 68.00 4.21 13.53 1.2 Cap&Count 289.70 1.70 320.70 251.90 0.52 -362.135710.5 Renewi♦ 76.70 0.50 109.00 68.10 3.98 -12.78 606.7
Man 175.35 0.20 219.20 148.60 4.04 15.50 6713.6 Goodwin 1915 - 2240 1510 2.21 21.68 1.9 EVRAZ 510.00 5.20 572.00 214.00 4.32 14.37 1763.2 Rentokil 345.30 0.30 356.40 257.40 1.02 9.36 3776.3
RollsRoyceX 985.60 - 1010.5 800.20 0.47 4.31 3922.1 CLS 230.00 - 255.00 179.18 2.63 5.94 37.8
NB GFRIF 93.80 -0.10 95.55 91.00 3.48 28.83 4815.1 Hill&Sm 1471 -15.00 1523 1130 1.86 21.73 41.5 Fresnillo 1123.5 -26.00 1673 1105.5 2.11 19.97 923.8 Ricardo 980.00 20.00 1085 576.50 1.97 21.54 20.2
Senior 296.80 - 327.60 231.50 2.25 20.76 312.7 Daejan 5760 -90.00 6645 5500 1.61 6.43 2.5
NEX Group♦ 1012 -1.00 1045 556.00 3.01 34.90 781.7 IMI 1078 -2.00 1453 1004 3.61 20.15 880.4 GemDmnd 119.00 -2.00 125.00 66.00 - 41.28 41.1 RbrtWlts 738.00 -14.00 794.00 430.00 1.21 18.97 26.0
UltraElc 1637 -6.00 2167 1138 2.94 24.77 125.4 Grainger 301.20 -0.80 323.20 248.70 1.61 15.41 393.4
Paragon♦ 513.50 3.00 558.50 400.09 3.06 11.41 877.7 MelroseInd 208.10 -1.30 248.80 194.70 1.59 -173.42 19368.5 GlencoreX 328.95 2.85 416.90 293.10 1.57 11.12 51413.7 RPS 259.00 2.50 307.50 225.50 3.81 -34.44 85.7
Harworth Gr 126.00 - 128.00 91.25 0.62 7.97 6.7
Automobiles & Parts Providnt 597.20 5.60 1763.4 312.14 11.20 -9.00 394.5 Renold 30.00 0.85 55.00 22.00 - -30.00 47.7 Harmony R 22.96 0.48 29.08 19.00 3.59 -28.22 1055.6 Helical♦ 344.00 -2.50 399.00 285.00 2.53 15.57 30.5 SIG 133.00 -5.30 184.90 129.20 2.32 -13.17 3263.7
FordMtr $X 11.08 0.03 13.48 10.14 5.11 6.09 13144.9 RathbnBr 2648 16.00 2842 2254 2.19 28.81 38.8 RHIM 4558 -28.00 5350 3200 - -114.11 79.1 Lonmin 42.86 0.42 109.50 39.70 - -0.19 203.0 St Ives 100.80 1.70 110.00 51.75 1.93 -2.58 84.8
Rotork 337.50 3.50 359.80 221.30 1.54 52.73 2962.6 HK Land $ 7.13 0.03 7.85 6.72 2.53 3.07 1131.2
Record♦■ 43.55 - 53.42 39.20 5.34 14.61 42.4 Petra 57.40 1.45 73.45 36.12 - -4.87 4207.7 Lon&Assc 27.00 - 31.00 16.71 0.61 3.00 8.6 Vp♦ 1165 42.50 1165 680.00 1.96 19.11 6.5
Banks Severfd 86.20 1.20 89.40 58.23 2.67 13.99 96.1
S&U 2400 -40.00 2790 1863.9 3.96 11.86 0.3 Petropvlsk 7.73 -0.12 8.75 6.25 - 8.15 1025.4 MacauPrp 198.00 -1.50 206.00 150.00 - 8.35 204.2
ANZ A$X 28.99 0.56 30.80 26.08 5.40 12.22 6067.7
Schroder 3215 17.00 3784 3069 3.05 15.24 326.6 Tex♦ 125.50 - 140.70 100.00 6.77 10.91 1.5 PolymtIntl 675.00 - 983.50 577.80 3.48 11.27 1405.6
Tech - Hardware
BcoSant 420.45 3.05 558.70 386.92 4.48 11.90 1528.0 Trifast 244.00 1.00 277.00 191.37 1.48 20.00 44.6 Mntview♦ 11100 - 12500 10300 2.70 12.85 0.1 SpirentCM 117.80 2.00 131.00 89.50 2.44 33.83 98.0
..N/V 2525 5.00 2730 2200 3.88 11.97 59.4 RndgldRs 5716 -100.00 8255 5540 2.59 28.74 457.8 Palace Cap♦ 356.00 6.00 397.00 208.00 6.67 9.94 11.4
BnkGeorgia 1799 -42.80 3884 1786.6 4.32 5.59 56.3 Vitec 1320 10.00 1420 929.46 2.10 56.65 7.0
Strd Life A 316.70 -3.40 448.60 313.30 6.43 10.70 8977.5 Rio TintoX 4071 33.50 4541 3255.5 4.22 11.31 3096.7 Raven Prope 45.00 -0.65 52.63 41.40 - 7.33 128.9 Tech - Software & Services
BankIre Grp € 6.70 -0.04 8.25 6.18 - 11.29 217.9 Weir 1899 -20.00 2333 1710.66 2.32 25.98 1607.8
TP ICAP 408.10 -7.40 560.60 401.40 1.37 26.33 1368.2 Sirius Min 33.24 -0.16 35.08 21.00 - -18.26 7857.9 RavenR CNV 119.50 - 125.01 113.00 - - 0.4 Computcnt 1430 10.00 1480 829.50 1.57 21.50 143.7
BkNvaS C$X♦ 74.82 -0.08 85.50 73.91 4.15 11.09 88.6
WlkrCrip 36.00 0.50 50.00 34.13 5.19 14.57 124.1 Industrial General Troy Res A$ 0.15 0.01 0.18 0.08 - -0.85 1210.0 RavenR Prf 148.00 - 156.00 120.00 - 165.73 47.5 MicroFoc 1260.5 4.50 2749 782.20 5.71 24.50 1182.8
BarclaysX 186.50 -0.10 220.10 177.30 1.61 54.85 25264.1
Coats Group 74.60 -0.90 90.00 71.65 1.27 17.80 1297.9 VedantaRs 827.80 3.80 981.80 624.60 4.99 -100.06 2162.4
RavenR Wrt 21.00 - 27.55 19.00 - - 0.6 NCC Grp 202.40 0.60 239.25 160.25 2.30 -9.68 175.4
CanImp C$X♦ 114.93 -0.06 124.37 103.84 4.45 10.62 26.7 Food & Beverages
HSBCX 702.30 -2.60 798.60 650.60 5.14 20.96 23604.9 AngloEst♦ 710.00 -10.00 886.00 680.00 0.41 10.52 0.0 JardnMt $X 63.60 0.15 68.11 59.73 2.32 6.48 103.9 Oil & Gas Safestre 525.00 - 585.00 383.80 2.67 10.61 234.5 RM 237.00 1.00 244.00 153.50 2.78 13.31 14.3
LlydsBkgX 62.49 0.12 72.68 60.50 1.60 13.19 153686.7 AscBrFdX 2492 -112.00 3387 2386 1.65 18.88 1865.7 Jard Str $X 36.23 -0.79 46.48 35.30 0.80 13.43 210.1 BPX 579.10 -3.40 593.30 4.80 4.89 36.84 27767.6 Savills 860.00 -10.00 1046 850.00 1.72 14.96 132.9 Sage 613.60 1.80 825.20 536.20 2.51 25.85 1726.1
PermTSB € 1.97 0.01 2.90 1.64 - 30.69 35.6 Barr(AG) 682.00 -6.00 704.00 580.00 2.14 21.15 129.5 Macfrlne 110.00 -1.00 114.00 58.00 1.82 21.07 67.6 CairnEng 232.40 0.20 270.40 166.00 - 7.06 3301.9 SchroderRE 62.00 -0.20 65.10 57.80 4.00 9.54 380.8 SDL 448.00 6.00 667.00 333.00 1.38 26.67 1.2
RylBkC C$X 99.69 0.10 108.52 90.13 3.58 12.98 50.0 Britvic♦ 770.50 -2.00 836.50 658.00 3.44 19.17 1597.6 RPC 725.40 5.20 1032 642.40 3.54 11.83 2063.8 ExxonMb $X 82.51 0.20 89.30 72.16 3.52 18.35 2499.3 SiriusRE 62.60 0.40 68.60 51.60 4.11 0.43 5326.5 TriadGp 70.00 - 75.95 50.40 1.43 6.99 9.5
RBSX 248.30 -1.40 304.20 239.60 - 23.21 17795.7 CarrsGroup 150.25 -1.00 154.00 118.00 2.66 14.88 1.8 Smith DS 512.80 5.00 583.00 458.00 3.02 20.68 5667.5 GeoPark $ 19.86 -0.34 21.88 7.45 - -123.92 156.5 Smart(J) 111.50 - 113.00 105.00 2.80 12.70 20.0
Smiths 1696.5 17.00 1810 1354 2.55 18.35 677.0 StModwen 402.40 3.80 431.20 326.37 1.56 17.12 295.5 Telecommunications
STB 1835 45.00 2120 1490 4.14 17.25 1.8 Coca-Cola H♦ 2567 31.00 2711 2176 1.52 24.93 610.5 GulfKeyst 240.00 -8.50 261.50 86.25 - 53.05 1341.5
SmurfKap 3094 14.00 3254 2139.4 2.32 19.83 207.1 U+I 237.00 1.50 253.00 176.00 2.49 7.36 115.1 BTX 231.55 2.10 317.94 201.25 6.65 11.35 25706.9
StandChX 694.30 1.50 864.20 676.80 - 40.31 5289.7 Cranswk 3380 20.00 3502 2703 1.36 24.65 19.3 HellenPet €♦ 6.95 0.12 8.88 6.60 4.99 6.50 99.5
Vesuvius 577.00 3.00 656.50 514.50 2.93 43.06 675.5 UNITE Gp 834.00 -8.50 873.00 630.50 2.31 8.91 822.1 Inmarsat 483.80 -42.20 807.50 334.30 8.13 12.81 14559.5
..7.375%Pf 126.00 -1.75 143.25 123.00 5.85 - 8.4 Dairy Cr♦ 476.60 0.80 628.00 474.00 4.74 4.51 406.3 Hunting 733.00 -15.50 934.50 376.50 - -60.46 1532.5
Urban&C♦ 327.00 2.00 348.00 237.00 0.98 10.65 315.2 KCOM Gp♦ 97.60 1.10 111.25 85.30 6.15 18.31 160.8
..8.25%Pf 136.25 -1.25 158.90 134.00 6.06 - 7.1 Devro 205.50 0.50 247.00 185.20 4.28 22.10 1834.9 Industrial Transportation ImpOil C$X 42.78 -0.62 44.08 33.43 1.44 55.00 32.9 TalkTalk♦ 112.50 -0.90 220.00 88.60 6.67 -13.89 3685.2
TntoDom C$X 75.53 -0.14 77.47 63.13 3.22 13.59 213.0 DiageoX 2747 7.50 2817.5 2234 2.26 21.58 3116.8 OphirEgy 52.30 1.30 85.00 46.10 - -4.48 875.6 Retailers
BBA Aviat 342.00 5.60 370.40 290.00 1.91 33.87 1550.6 TelePlus 1140 14.00 1292 1008 4.30 29.53 59.5
VirginMoney 397.90 6.10 402.90 256.20 1.36 10.61 3857.3 Grncore 187.30 0.40 241.50 120.00 2.92 374.60 1956.7 PremOil 118.70 -0.40 132.50 45.46 - -3.05 5211.5 AA 123.55 -2.75 255.70 69.92 7.53 6.79 8293.2
Braemar♦ 261.50 1.00 322.00 236.00 3.82 -32.65 46.1 Vodafone GpX♦ 191.00 3.36 239.65 180.24 6.88 13.77 72044.5
Westpc A$X 29.78 0.25 33.68 27.24 6.18 12.87 6371.2 HiltonFd 950.00 -6.00 1000.00 670.50 1.84 28.96 652.7 RylDShlAX 2618 1.00 2755 2022.04 5.13 20.07 3337.9 AO World 146.20 -3.80 180.20 98.00 - -49.90 290.7
Clarkson 2350 20.00 3475 1970 2.81 22.60 40.5
Kerry € 93.00 1.00 94.92 73.77 0.63 27.83 23.9 ..B 2698.5 8.00 2844.5 2038.9 4.98 20.69 3271.5 AshleyL 4.68 0.17 11.35 3.80 10.70 27.50 969.4 Tobacco
Basic Resource (Ex Mining) Eurotunnl € 11.85 0.07 12.49 9.15 2.20 59.05 443.4
Nestle SFrX 75.20 1.48 86.40 72.92 3.05 32.53 5105.4 Fisher J 1740 -32.00 1868 1340 1.55 21.89 15.3 Schlmbrg $X♦ 66.94 0.51 80.35 61.02 2.82 -78.90 1538.2 Caffyns♦ 425.00 10.00 510.00 371.00 5.29 11.15 1.0 BrAmTobX 3903.5 3.50 5529 3553 5.59 2.13 2462.8
Ferrexpo 172.60 -4.90 326.60 166.25 2.83 3.49 2447.5
PremFds 40.75 0.45 45.15 35.80 - 47.66 535.2 OceanWil 1020 - 1220 1001.5 4.54 6.23 0.6 SEPLAT 139.75 - 155.50 93.50 - 3.77 11.7 Dairy Fm $ 9.05 0.18 9.05 7.35 2.25 31.11 729.5 Imperial BrX 2890.5 -22.00 3529 2298 5.91 22.55 1778.7
Mondi 2016 6.00 2146 1684 2.49 16.40 789.7
PureCircle 385.50 4.50 517.00 333.00 - 234.92 9.8 RoyalMail 491.00 -7.00 632.60 367.80 4.75 19.11 3535.6 Soco Int 97.00 -0.10 129.80 87.60 4.88 -2.75 227.7 Debenhams 15.08 0.19 51.44 13.90 22.71 -16.76 4949.7 Travel & Leisure
Chemicals REA 339.00 -4.00 360.00 282.00 - -6.84 104.3 TrnCan C$X♦ 56.13 -0.13 65.18 50.28 4.39 16.60 67.9 Dignity 999.50 0.50 2620 735.50 2.44 8.65 243.7
StckSpirit 230.50 6.00 320.00 155.50 3.02 43.28 194.1 Insurance 888 Hldg 260.20 -2.00 326.60 238.00 2.59 103.54 454.7
Carclo 110.00 1.50 173.75 62.40 - 9.48 121.8 Pharmaceuticals & Biotech DixonsCar 183.85 -3.85 292.90 145.72 - 8.67 4750.2
Tate&Lyl♦ 665.00 4.00 713.50 522.60 4.24 11.85 1765.0 Admiral 1870 -39.00 2184 1766 2.83 15.98 866.6 AirPrtnr♦ 111.75 1.50 153.00 65.00 4.74 16.93 15.4
Croda 4858 39.00 5004 3612 1.57 27.14 227.8 Dunelm 484.00 -11.00 760.00 469.00 5.37 13.26 1466.7
TongtHu R 84.23 -0.07 123.77 75.00 3.85 12.60 255.4 AvivaX 496.10 -3.20 554.60 482.20 4.89 14.34 15298.6 AstraZenecaX 5201 18.00 5523 4260 3.77 32.93 1367.5 Carnival 4302 39.00 5435 4215 3.14 14.60 975.7
Elemntis 247.00 4.20 321.80 238.00 2.57 13.92 1863.7 Findel 283.00 -1.00 290.00 150.00 - 12.48 5.3
Unilever 4209 4.00 4557.5 3678.5 2.96 22.05 2168.3 Beazley 565.00 -3.00 621.50 440.70 1.78 31.32 1802.4 BTG 496.00 -1.00 784.00 482.40 - 127.18 1019.4 Cineworld 271.40 1.80 673.00 96.27 3.23 37.65 5968.6
Johnsn Mtth♦ 3568 8.00 3873 2677.68 2.14 23.02 538.9 Halfords 353.00 0.80 391.00 305.40 5.01 12.84 424.5
..NV € 47.80 0.10 52.29 42.10 2.18 22.17 4.2 Chesnar 376.50 -1.00 424.50 334.75 5.23 7.22 93.2 CathayIn 5.88 - 14.00 5.00 - -4.34 25.0 CompassX♦ 1591 7.00 1673 1396.5 2.13 22.25 2281.7
Victrex 2940 16.00 3110 1841 1.83 21.89 167.3 Inchcape 780.50 1.50 885.00 660.50 3.16 12.21 553.2
Direct Line 330.20 -12.70 411.30 327.30 5.00 10.48 11760.3 Dechra 2916 84.00 2958 1636 0.74 63.45 563.8 Dalata Hote 620.00 -5.50 630.00 412.75 - 18.93 269.0
Health Care Equip & Services JDSportsF♦ 449.20 0.50 456.80 300.08 0.35 18.85 1044.0
Construction & Materials Eccles prf 154.50 - 160.94 110.00 5.58 - 145.1 Genus 2718 2.00 2782 1652 0.87 25.24 161.0
Kingfisher 292.20 -0.30 366.00 277.30 3.59 13.28 4753.1
easyJet 1616 -7.00 1808.5 1135.25 2.53 14.43 1161.6
Alumasc 135.00 - 184.50 118.40 5.30 8.08 13.8 Bioquell 370.00 - 382.50 169.00 - 34.26 8.0 Hansard 60.90 - 94.00 57.00 14.61 12.43 10.8 GlaxoSmhX♦ 1547.8 7.40 1636.5 1236.4 5.17 74.41 5270.9 EI Group 149.60 1.60 156.00 114.20 - 9.01 375.4
ConstMed 1158 -26.00 1294 1020 1.75 29.02 3.6 HikmaPhm 1469 16.00 1536.5 814.20 1.66 -5.66 774.6 Marks&Sp♦ 307.30 -1.70 355.30 262.10 6.09 192.06 7428.5 FirstGrp 87.00 0.75 122.30 76.15 - -3.54 2041.3
Boot(H) 290.00 - 350.00 282.00 2.52 9.12 60.4 Hiscox 1503 -9.00 1550 1208 1.90 167.00 267.7 Morrison (W 254.00 0.50 257.70 203.30 2.17 19.49 4907.2
CRH 2696 -1.00 2894 2326 2.15 14.28 1681.0 ConvaTec 189.65 -9.65 316.70 181.98 0.53 32.07 11571.8 JardineL 1306 -4.00 1468 1128 2.51 23.88 59.1 Oxfd Bio 938.70 7.10 1062.6 366.00 - -64.74 42.9 Fuller A♦ 954.00 2.00 1093 896.00 2.00 14.79 0.8
GNStre kr 293.50 -0.80 297.70 182.20 0.39 36.46 376.2 RichterG $ 18.40 -0.10 27.00 18.00 2.15 330.27 0.0 MossBros 45.50 1.00 101.25 39.00 13.21 8.57 19.6 Go-Ahead 1559 -11.00 2004 1310 6.55 7.23 82.7
GalfrdT 847.00 -2.50 1427 772.50 10.20 17.63 209.4 Lancashire 559.00 -1.50 773.50 542.50 1.93 -26.14 397.6 Next♦ 5800 -40.00 6210 3565 2.72 13.95 692.7
KierGp 936.00 6.00 1309 904.00 7.21 301.94 816.0 Mediclinic♦ 532.00 -2.80 771.50 495.40 1.48 -7.98 1326.4 Leg&Gen 262.60 -0.60 287.60 248.80 5.58 8.64 11558.3 ShireX 4286 18.00 4432 2940.5 0.58 12.35 2398.5 GreeneKg 554.00 -1.80 702.50 454.00 5.99 9.84 1235.3
NMC Health♦ 3464 -14.00 3858 2063 0.29 51.89 346.4 VecturGp 79.15 -0.20 127.20 68.00 - -6.28 497.2 Ocado 1014 -9.00 1143 235.80 - 6337.50 1709.0 IntCon Htel 4653 9.00 5050 3656 1.56 20.62 483.0
Kingsp € 41.44 -0.74 44.00 27.72 0.84 26.26 139.8 Old Mut 157.82 0.96 161.18 148.00 - 19.98 28283.1 Photo-Me 110.00 2.00 194.00 101.00 6.39 11.19 444.9
LowBonr 47.00 -0.50 88.75 46.40 6.49 -8.45 411.9 Smith & Nep 1322.5 3.50 1442 1173 1.71 20.40 1765.0 PhoenixGrp 658.50 -1.50 695.00 491.79 6.69 -104.61 1838.0 Intl Cons A 669.40 -0.20 773.19 569.00 3.27 5.94 9840.2
UDGHlthC 837.50 -5.50 963.00 739.50 1.13 70.10 931.4 Real Estate Saga 125.10 -3.40 213.90 108.00 7.03 9.70 2850.0 IrishCtl € 5.21 0.10 6.00 5.04 2.27 11.86 1.8
Marshlls 407.00 6.00 486.60 360.20 2.26 19.05 609.0 PrudntlX 1762 - 1992.5 1712.5 2.56 18.95 4974.1 Sainsbury (♦ 325.90 -0.60 329.50 223.60 2.98 25.66 5306.2
MorgSdl 1392 8.00 1554 1078 2.73 12.35 31.7 RSA Ins 649.00 -9.40 683.40 591.40 2.71 24.87 3277.5
REITs JPJ GROUP 964.00 13.00 968.00 649.96 - -11.90 145.4
House, Leisure & Pers Goods Assura♦ 57.20 -0.20 67.02 55.30 4.39 15.46 3133.3 TescoX 260.10 0.60 262.50 167.12 0.38 21.53 13295.6 MandarO $ 2.36 0.06 2.86 1.89 1.61 55.49 65.9
Norcros♦ 222.50 -2.50 234.00 138.21 3.33 15.78 44.0 SagicFin 77.50 -5.00 98.00 70.00 4.60 4.92 3.0
BarrttDev 483.00 -4.30 705.50 481.60 5.05 7.80 7433.4 BigYellw♦ 931.50 18.00 997.50 721.86 3.16 11.04 144.9 Marstons 100.60 1.05 123.00 95.40 7.46 14.58 5709.2
Tyman 330.00 -1.50 387.00 280.00 3.33 18.87 250.2
Bellway 2897 - 3805 2880 4.21 7.31 530.9 StJmsPl 1171 4.00 1279.5 1051 3.08 42.74 1081.0 Support Services
BritLand♦ 664.20 -0.40 703.00 589.00 4.50 13.69 2509.6 Aggreko 648.60 1.60 994.50 636.80 4.18 15.63 1408.0 Merlin Ents 408.00 4.00 492.50 317.10 1.79 19.90 4086.6
Electronic & Electrical Equip Berkeley 3577 -35.00 4338 2650 3.83 6.50 1108.2 Media Cap&Reg 51.10 -0.30 59.50 50.00 6.85 16.33 90.0 Natl Exp 405.80 -0.40 425.00 336.28 3.12 16.63 489.5
BovisHme 1098.5 0.50 1311.5 902.50 4.10 16.20 730.1 AshtdGp 2255 24.00 2441 1523 1.25 11.39 1334.0
Dialight 490.00 -8.00 1064 472.00 - 102.08 8.1 4imprint 1780 45.00 2080 1537 2.27 23.41 3.2 Civitas SH 105.50 0.50 113.50 95.60 - - 582.0 Babcock♦ 772.20 -9.20 912.50 604.00 3.69 11.61 2501.0 Paddy Pwr B 8285 65.00 9180 6572.5 2.15 32.44 317.2
Discoverie ♦ 427.00 -3.00 456.00 285.25 2.04 27.03 63.1 Burberry Gp♦ 2070 32.00 2186 1481.5 1.90 30.26 2357.8 Centaur 46.60 - 57.00 42.00 6.44 -58.25 0.9 Countrywd 55.00 -0.40 174.50 36.25 - -0.61 1508.7 PPHE Htl 1480 - 1490 830.00 1.49 25.96 6.3
Cairn Homes € 1.74 0.00 2.00 1.41 - 288.24 301.5 Bunzl 2263 -7.00 2363.57 1918.5 1.90 24.20 702.9
Halma 1340 9.00 1470 1064 1.05 32.93 1020.6 DlyMailA 724.50 -32.00 777.50 500.00 3.13 -27.97 1260.4 DrwntLdn 3096 9.00 3241 2596 1.80 11.01 326.3 Capita 155.30 0.05 691.00 120.00 12.45 -3.18 4848.6 Restaurt 277.80 0.80 362.80 229.20 6.26 16.98 401.6
Morgan Ad 317.40 -1.20 366.80 281.30 3.47 8.46 187.0 CtrySide 334.20 -2.20 387.00 295.00 2.51 11.85 695.5 HaynesPb 238.00 - 247.94 170.10 3.15 21.06 0.4 GREAT PORTL♦ 709.00 1.20 805.04 658.20 1.70 38.96 968.0 Stagech 159.10 4.20 193.40 124.30 7.48 24.86 2594.2
CrestNic 383.80 -0.60 591.50 381.80 8.60 5.94 2285.1 Comnsis 55.20 -1.30 73.00 46.00 4.53 9.84 44.6
OxfordIn 1010 6.00 1174 676.00 1.29 -39.30 28.3 Informa 827.00 2.00 846.60 651.00 2.38 21.94 5829.0 Green Reit € 1.53 0.01 1.64 1.37 3.29 7.61 17.1 DCC♦ 6860 55.00 7760 6445 1.68 26.54 211.0 ThomasCook 104.60 -3.30 150.00 90.75 0.57 65.38 4629.8
Renishaw 5455 55.00 5820 3564 0.95 28.88 83.1 GamesWk♦ 3030 30.00 3100 1247.8 3.63 19.25 197.5 ITE Grp♦ 78.50 -3.50 88.00 44.09 3.16 -28.80 1417.8 Hammersn 547.60 3.00 596.00 430.40 4.49 11.19 4822.9 TUI 1664 5.50 1816 913.76 3.42 13.46 719.7
Gleeson 764.00 4.00 830.00 605.00 3.14 14.70 33.4 DeLaRue♦ 506.00 -21.00 704.50 446.00 4.94 5.45 125.8
Spectris 2550 -6.00 2957 2220.5 2.08 13.00 426.5 ITV 180.40 7.40 183.90 141.00 4.06 17.69 28996.6 Hansteen 108.40 0.60 147.90 95.85 5.54 11.18 899.1 Diploma 1297 - 1326 1003.2 1.77 29.48 69.2 Whitbrd 3985 1.00 4573 3499.9 2.44 16.67 607.6
TT Elect 245.00 -2.00 265.00 180.00 2.31 25.79 10.0 Headlam 469.00 -4.00 635.00 408.50 4.99 12.06 46.0 Pearson 886.20 -5.60 929.80 563.00 4.40 17.76 3172.0 HIBERNIA €♦ 1.46 -0.01 1.57 1.36 1.73 9.60 1013.8 Willim H 298.00 -2.50 345.00 239.10 4.25 -30.72 2471.7
McBride 129.40 5.00 235.00 108.80 3.32 -86.27 123.9 Elctrcmp♦ 741.40 7.20 779.20 562.40 1.69 22.07 1178.5
XP Power♦ 3570 10.00 3750 2400 2.10 24.45 4.0 RELX NV € 18.60 0.18 19.65 15.86 2.26 20.19 1922.5 INTU 188.65 1.75 280.70 177.80 7.42 12.58 4560.5 Essentra 472.80 5.20 574.50 405.20 4.38 315.20 304.3
McCarthy&S 98.60 0.15 182.00 96.05 5.48 8.22 1886.7 RELX PLCX 1655.5 20.50 1784 1399 2.26 20.31 3453.3 LandSecs 949.70 7.00 1103.25 900.20 4.43 41.20 1322.9 Utilities
Financial General Persimn 2470 -5.00 2913 2312 5.47 10.16 1159.6 Experian♦ 1898.5 8.50 1923.5 1428 1.57 29.20 2189.8 Centrica 163.10 1.10 213.00 123.10 7.36 27.18 20572.5
SkyX 1456 9.50 1470.5 893.42 - 30.78 2538.3 LondonMtrc♦ 183.70 -0.20 197.40 162.90 4.16 6.83 1232.4 Ferguson 6051 20.00 6312.22 4672.94 1.75 17.06 326.4
3i♦ 903.80 3.40 1038 845.20 2.93 5.99 1551.1 Philips € 37.03 0.33 37.30 29.25 2.17 42.92 1606.6 McKaySec♦ 262.00 -2.50 289.00 192.25 3.47 5.71 17.2 Drax 335.00 1.60 363.20 218.00 1.58 -9.05 1112.7
STV Grp 435.00 7.00 446.00 295.40 3.68 14.70 38.5 G4S 267.90 1.80 342.60 233.80 3.51 17.17 3299.4
BrewDlph 348.20 -1.00 399.40 330.20 3.85 21.76 203.2 PZCusns 229.00 3.60 367.80 199.70 3.62 14.50 685.6 MucklGp♦ 549.00 -5.00 574.00 471.00 4.03 6.90 1.5 Natl GridX♦ 876.50 17.40 981.77 733.00 5.09 8.19 8259.3
ThmReut C$X 53.43 -0.08 61.11 46.69 3.20 21.79 19.0 Hays 185.50 1.30 206.20 161.80 1.74 17.89 2860.7
CtyLonInv 400.00 -12.50 459.00 390.00 6.25 10.20 18.1 ReckittBX 6407 45.00 8000 5255 2.52 13.50 1279.1 PrimyHth 116.60 0.60 117.00 103.95 4.50 7.93 1002.5 Pennon♦ 812.40 29.20 831.50 577.40 4.53 17.00 2711.5
WPPX♦ 1190 20.00 1616 1074 5.02 8.36 3625.8 Homesve♦ 923.00 10.50 936.50 682.50 1.72 31.08 719.6
CloseBrs 1504 12.00 1627 1315 3.99 11.45 179.7 Redrow 520.50 3.00 673.50 514.50 3.27 6.63 887.5 RDI REIT 35.60 - 40.25 31.25 7.30 8.28 1304.9 Severn Tren♦ 2068 43.00 2309 1664 4.04 20.29 1419.6
DBAG € 34.90 0.10 52.30 33.20 3.45 5.97 26.0 Superdry Pl 1255 12.00 2102 1086 2.23 15.93 627.7 Mining HowdenJny 537.80 2.80 540.60 398.30 2.05 18.05 1488.3 SSE 1400 1.50 1489.31 1176.5 6.59 17.24 2706.8
SEGRO 677.60 6.20 682.40 477.30 2.43 6.92 1863.4 Intertek 5626 4.00 5870 4142 1.18 31.91 352.2
Hargr Lans 2000 7.50 2096 1251.36 1.45 42.37 706.6 TaylorWm■ 172.90 1.40 211.90 171.05 2.65 10.23 17240.6 AngloAmer 1701.2 -20.40 1948 1033 2.07 9.39 5661.7 Shaftbry 935.00 6.00 1055 916.50 1.71 8.28 487.6 UtdUtils♦ 783.40 8.40 940.13 648.60 5.00 15.09 3305.7
Indvardn SKr 176.85 2.60 220.80 168.60 2.93 11.67 981.1 AngloPacif 140.00 - 168.00 104.25 5.36 23.81 68.9 MngCnslt 2.45 -0.35 2.70 0.89 - -0.73 553.7

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence BP Marsh 279.00 2.00 294.00 204.36 1.34 4.04 3.1 Churchll 1087.5 - 1270 780.00 2.04 18.78 7.1 Oil & Gas PnthrSec 375.00 - 400.00 295.00 3.73 3.12 0.5 Tech - Hardware
Cohort 367.50 1.50 431.50 310.00 1.93 24.70 166.5 Gresham Hou 437.00 - 451.92 321.00 - -26.12 2.6 Mulberry 671.00 9.00 1145.7 590.00 0.75 69.90 0.4 AmeriRes 15.00 -0.06 22.50 13.14 - 19.71 1800.0 SIR 385.00 2.00 392.00 334.00 3.53 6.59 43.7 AminoTech 202.00 -2.00 220.90 175.00 3.06 13.32 116.4
Leeds 28.50 - 41.00 27.00 - 11.40 12.4 Portmern 1200 15.00 1320 880.00 2.72 18.52 12.5 BorSthnPet 4.00 0.03 6.00 1.49 - -21.62 796.7 SumGermny € 1.16 - 1.29 1.05 1.74 5.33 4.2 IQE 104.00 1.70 181.50 74.25 - 53.33 3106.6
Banks MattioliWds 817.50 10.00 872.00 701.21 1.72 27.16 7.3 TelfordHms♦ 391.50 0.50 474.50 361.75 4.21 7.93 320.3 ClontarfEn 0.21 - 0.60 0.17 - -0.44 211.2
Caribbean I 17.00 -0.50 30.00 10.15 - 2.07 5.0 Miton 56.50 - 58.00 34.75 1.77 18.46 240.7 WalkerGb 109.50 2.00 245.39 104.00 3.42 6.60 238.5
Retailers Tech - Software & Services
Egdon Res 10.63 0.83 12.50 5.42 - -15.18 270.4
Numis 427.50 -11.00 449.00 230.25 2.81 12.99 178.7 ASOS 6214 -26.00 7770 5403 - 78.16 226.5 Eckoh 37.75 - 55.00 36.10 1.27 31.46 69.7
Basic Resource (Ex Mining) Industrial Engineering PetrelRes 1.85 -0.20 4.08 1.50 - -0.47 500.0
Park Grp 72.50 1.50 90.00 70.00 4.00 14.71 83.8 Phoenix Glo 21.15 1.15 71.00 16.50 - -1.51 658.6 Support Services Elecosoft 84.50 1.50 92.90 38.90 0.53 34.17 94.2
CropperJ♦ 1445 - 1975 1350 0.82 33.60 16.0 600 Grp 16.75 - 17.44 13.15 - 6.32 22.0 Ingenta 134.00 - 185.60 110.00 0.75 23.18 10.1
PolarCap♦ 690.00 8.00 738.00 402.38 3.70 19.88 32.9 Rockhop 41.00 0.30 44.95 17.75 - -41.37 1154.7 Alpha FX 535.00 -15.00 610.00 348.33 0.28 38.49 3.2
MS Intl♦ 230.00 -1.00 238.00 172.00 3.59 11.22 3.0 Iomart 376.00 -2.50 422.50 299.00 1.60 32.44 67.0
Chemicals Share 27.00 - 29.00 22.00 0.93 135.00 4.4 Sound Energ 39.70 0.36 58.90 34.10 - -25.78 2261.4 Begbies 70.10 - 77.00 47.00 3.14 - 7.0
ShoreCap 270.00 -10.00 305.00 200.00 3.70 21.09 15.2 Pres Tech 121.50 -0.50 207.44 106.08 - -7.15 22.9 Oxford Metr 74.00 -1.00 83.00 55.11 1.62 40.44 19.7
Scapa 416.40 -5.40 510.00 397.00 0.48 28.14 242.0 UnJackOil 0.10 0.00 0.17 0.08 - -5.15 16226.4 Christie 158.50 - 164.00 88.50 1.58 16.81 0.0
STM Group 57.00 - 63.75 32.05 2.81 8.95 20.4 Media RhythmOne 175.00 3.50 420.00 157.00 - -9.57 94.9
Empres 71.00 -0.50 157.00 69.00 1.62 8.99 17.4
Construction & Materials Pharmaceuticals & Biotech SciSys♦ 186.50 6.00 192.00 92.00 1.08 16.50 459.6
Food & Beverages Cello Hlth 126.00 - 138.40 106.67 2.74 31.27 24.4 Gattaca 122.50 4.50 324.75 114.50 18.78 -4.21 75.1
Abbey 1350 - 1390 1182 1.04 6.18 0.2 Abcam 1403 22.00 1426 940.50 0.73 52.47 576.0 WANdisco 1045 -57.50 1268 495.00 - -39.27 89.4
Camellia♦ 11475 -100.00 13700 10000 1.15 42.82 0.7 M&Csaatc 355.00 -5.00 430.00 290.00 2.41 107.25 35.9 HarvyNah 128.00 2.75 128.00 76.00 3.26 27.23 166.4
AccsysTch 79.60 -0.10 82.25 72.00 - -12.91 249.0 AllcePharm♦ 99.80 1.80 102.50 48.85 1.25 16.55 1871.0
Aukett 2.23 - 3.20 1.00 - -3.48 11.0 FinsbryFd 114.50 - 132.00 98.75 2.62 143.13 33.0 MissionMk 48.00 0.50 52.00 37.00 3.23 9.32 40.8
e-Thera 7.65 - 12.25 6.70 - -3.83 2.7
Impellam♦ 450.00 - 727.00 430.00 4.56 7.36 3.3 Travel & Leisure
Nichols 1415 -30.00 1950 1386 2.15 22.53 8.2 YouGov 497.00 -1.00 504.00 253.00 0.40 101.43 44.5 JhnsnSrv 143.20 5.20 151.75 125.20 1.82 20.75 1003.0 Celtic 131.00 - 134.00 98.00 - 28.73 0.1
HtchChMd 4560 - 5920 3351.21 - -143.45 7.8
Electronic & Electrical Equip Mining Mereo Bio 312.00 - 352.00 285.00 - -5.57 0.5
LonSec 2100 - 2275 2000 3.81 17.99 0.0 ..6%CvPf 120.50 - 142.00 81.21 - - 2.5
CeresPow 16.03 - 16.45 9.71 - -18.21 761.3 Health Care Equip & Services NewmkSec 0.78 - 1.47 0.65 - -0.75 218.0 ..Cv Pf 252.00 - 275.00 174.20 - - 0.8
AMC 3.89 -0.04 11.63 3.00 - -26.30 615.9 Reneuron 78.00 - 220.00 1.95 - -1.30 6.6
ElektronT 38.00 - 42.00 9.98 - 37.44 294.2 Advnc Med 335.00 14.00 351.00 275.25 0.29 35.68 676.9 NWF 196.00 8.50 215.00 85.00 3.06 15.93 88.0 Dart 794.00 -8.00 888.00 484.75 0.66 10.16 340.3
BotswanaD 0.98 - 2.65 0.90 - -10.83 8.8 Sareum 0.80 - 1.15 0.70 - 32.00 1267.9
LPA 105.00 0.50 184.00 99.50 2.43 7.82 13.1 AVO 53.00 -1.00 64.80 9.53 - -3.02 272.9 Petards 22.70 0.20 31.14 17.20 - 9.78 25.0 gamingrealm 9.13 -0.03 13.50 5.50 - -4.24 84.4
CentAsiaM 251.00 0.50 345.50 203.00 6.34 11.99 784.6 Vernalis 6.53 0.01 19.25 2.80 - -0.72 143.7
ThorpeFW 325.00 -1.50 402.80 290.00 1.51 25.98 5.6 CareTech 384.00 9.00 445.00 365.00 2.58 14.91 36.9 RedhallGp 7.75 - 10.00 6.97 - -8.01 31.9 GoalsSocc 85.50 - 111.98 63.75 - 9.29 1.2
Connema 3.03 - 5.60 1.61 - -12.60 37.4
Zytronic♦ 442.50 12.50 635.00 380.00 4.29 16.45 20.1 Tristel 317.50 -2.50 385.00 197.00 1.27 39.10 12.9 Real Estate Renew 410.00 10.00 464.75 355.00 2.20 29.45 87.2 IDE Group H 9.50 - 34.60 9.00 - -1.67 2.0
GrekaDrill# 1.44 - 3.45 1.23 - -2.14 20.0 Restore 512.00 13.00 601.00 368.50 0.85 76.42 310.3
House, Leisure & Pers Goods InlandHms 65.30 -0.30 74.00 51.00 2.60 8.41 221.5 MinoanGp 5.70 0.25 10.00 4.52 - -3.88 249.1
Financial General HighldGld 137.50 -2.00 181.00 133.75 7.34 9.25 1062.9
Lok'nStor 412.50 -11.00 450.00 345.00 2.42 39.36 15.0 SafeCharge 335.00 1.50 355.00 217.00 3.90 28.72 17.7 PeelHtls 69.50 1.00 137.22 64.00 - 46.33 11.6
Arbuthnot 1610 - 1650 1225 1.99 36.67 1.7 Airea 52.50 -1.00 74.40 28.51 2.86 15.26 32.2 Stratex 0.44 0.01 1.49 0.41 - -0.43 358.9
LXB Retail 22.50 0.25 34.25 18.00 - -2.87 11.6

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) Edin Inv♦ 684.00 - 758.50 608.00 3.82 750.4 -8.8 JPM Asn 339.00 -4.00 381.00 329.00
379.0 4.37 -10.6 PolarHealth 204.00 2.00 215.00 175.50 1.30 219.4 -7.0 Conventional - Property ICs 52 Week Dis(-)
Price +/-Chg High Low Yld NAV or Pm Edin WWd 898.00 4.00 942.00 612.50 - 873.9 2.8 JPM Brazil 53.50 - 74.50 52.11
62.0 1.50 -13.7 PolarTech 1262 4.00 1334 949.63 - 1286.8 -1.9 Price +/-Chg High Low Yld NAV or Pm Guide to FT Share Service
3i Infra♦ 229.80 -0.40 272.33 197.00 4.24 207.8 10.6 EP Global 310.00 -1.00 331.00 288.00 1.39 330.6 -6.2 JPM China 287.00 1.50 345.00 245.00
334.6 0.56 -14.2 RIT Cap 2060 -10.00 2090 1828 1.55 1892.3 8.9 Direct Property
AbnAsianIn 198.00 - 225.00 196.50 4.80 220.0 -10.0 Euro Ast 117.50 -0.80 136.00 115.00 6.17 - - JPMElct MC 100.50 - 103.00 98.00
102.2 0.35 -1.7 Ruffer Inv 232.00 -2.00 242.00 220.00 0.78 227.3 2.1
AEW UK REIT 97.20 - 103.50 95.00 8.23 94.4 3.0
AbnAsian 1020 -5.00 1090 988.00 1.18 1195.3 -14.7 EuroInvT♦ 896.00 -8.00 974.00 854.00 2.40 1010.7 -11.3 ..MG 827.50 - 855.00 740.50
846.2 1.36 -2.2 Schroder To 355.00 2.00 383.00 307.04 1.27 343.7 3.3
CustdnREIT 121.40 0.40 122.00 111.00 5.29 105.7 14.9 For queries about the London Share Service pages e-mail
Abrdn Div I♦ 121.50 - 125.00 115.00 3.23 121.5 0.0 F&C Cp&I 339.00 4.50 350.00 305.00 3.16 330.5 2.6 ..MI 113.50 - 120.99 104.00
116.7 4.05 -2.7 SchdrAsiaP 442.00 -2.00 486.00 407.30 1.27 494.4 -10.6
F&CComPrp 151.60 -0.20 155.00 133.90 3.96 141.4 7.2 ft.reader.enquiries@morningstar.com.
AbnEmgMkts 579.00 - 658.00 568.50 2.63 658.5 -12.1 F&CGblSmlr 1415 -10.00 1445 1255 0.89 1430.3 -1.1 JPM Emrg 844.00 4.00 935.00 608.75
962.9 1.30 -12.3 Schdr Inc♦ 291.00 -2.00 310.00 263.30 3.99 320.2 -9.1
F&CUKRealE 101.00 - 109.00 99.00 4.95 105.6 -4.4
AbnJapInv♦ 590.00 - 680.50 548.14 1.02 657.1 -10.2 F&CMgdG 209.00 - 214.00 187.00 - 209.0 0.0 JPM EurGth 295.00 -0.50 339.00 288.00
334.3 2.32 -11.8 SchdrJap 205.00 - 237.00 190.00 1.71 222.6 -7.9 All data is as of close of the previous business day. Company classifications
Longbow♦ 103.50 0.50 106.00 100.50 5.80 99.1 4.4
AbnLatAmIn 62.40 - 79.92 59.40 5.61 72.2 -13.6 F&CMgdI♦■ 134.00 - 146.00 127.00 4.10 132.9 0.8 JPM EurInc♦ 155.00 -0.50 178.00 147.50
173.1 3.74 -10.5 SchdrOrient 241.00 2.50 271.00 237.00 3.86 244.3 -1.4 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
SLIPropInc 94.10 0.10 97.00 87.90 5.06 88.2 6.7
AbnNewDn 223.00 -1.00 248.00 219.00 1.79 258.7 -13.8 F&C UK HIT ♦ 101.00 - 108.00 94.50 4.83 110.2 -8.3 JPM EuSm♦ 398.00 -1.00 448.00 367.00
445.4 1.18 -10.6 SchdrUKMd 556.00 -4.00 584.00 487.85 2.36 648.2 -14.2 100 constituent stocks are shown in bold.
UKComPrp 87.80 -0.90 92.20 84.60 4.19 92.5 -5.1
AbnNewIndia 452.00 -0.50 547.00 408.00 - 530.5 -14.8 F&C UK HIT ♦ 103.50 -0.50 108.00 95.00 4.71 110.3 -6.2 JPM Clavr 764.00 - 790.00 658.72
777.0 3.21 -1.7 ScotAmer 367.00 - 383.00 341.00 3.00 352.8 4.0 Closing prices are shown in pence unless otherwise indicated. Highs & lows
AbnNewThai 524.00 - 596.00 511.45 1.97 615.7 -14.9 F&C UK HIT ♦ 406.00 -4.00 427.00 351.50 - 440.9 -7.9 JPMGIConv 94.20 -0.50 102.75 94.00
97.3 4.78 -3.2 Scottish In♦ 872.00 5.00 897.00 715.50 2.87 952.1 -8.4 Property Securities are based on intra-day trading over a rolling 52 week period. Price/earnings
FidAsian 405.00 -0.50 416.00 352.00 1.23 399.1 1.5 JPM GEI♦ 120.50 0.50 143.00 118.00
128.5 4.07 -6.2 ScottMort 531.00 3.50 554.50 391.04 0.56 508.5 4.4 TR Prop♦ 420.00 3.00 430.50 338.20 2.63 412.9 1.7
AbnSmlInCo 296.00 - 304.00 225.00 2.38 343.0 -13.7 ratios (PER) are based on latest annual reports and accounts and are updated
Abf Sml 1378 -28.00 1444 1240 2.02 1555.2 -11.4 FidChiSpS♦ 234.50 -0.50 269.50 204.60 1.07 266.8 -12.1 JPM Gl Gr&I 320.00 4.00 341.00 300.00
308.9 3.28 3.6 ScottOrtll 990.00 3.00 1095 936.00 1.16 1135.5 -12.8 VCTs 52 Week Dis(-) with interim figures. PER is calculated using the company’s diluted earnings
Abf Spl Inc 102.25 -1.75 109.38 89.00 - 104.9 -2.5 Fid Euro 223.00 -0.50 235.00 199.50 1.87 251.8 -11.4 JPM I&C Uni 388.00 - 394.00 347.20
- - - Seneca I&G 172.00 - 179.89 167.00 3.67 169.3 1.6 Price +/-Chg High Low Yld NAV or Pm from continuing operations. Yields are based on closing price and on dividends
Alliance 749.00 2.00 774.00 686.00 1.75 791.9 -5.4 Fid Jap 154.50 - 164.50 120.00 - 167.6 -7.8 JPM Ind 688.00 4.00 785.00 644.00
795.8 - -13.5 Shires Inc♦ 274.50 -0.50 368.10 239.00 4.64 276.6 -0.8 AlbionVCT 71.50 2.00 72.50 64.50 6.99 72.1 -0.8 paid in the last financial year and updated with interim figures. Yields are
AllianzTech 1415 - 1530 958.00 - 1402.5 0.9 Fid Spec 269.00 -1.00 281.00 234.20 1.71 269.5 -0.2 JPM JpSm 425.00 -3.00 468.00 354.00
462.2 - -8.0 StdLf Eqt 475.00 -4.00 514.00 435.00 3.73 485.2 -2.1 ArtemisVCT 73.00 - 82.00 62.00 5.48 68.8 6.1 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
Art Alpha 352.00 0.50 358.00 278.00 1.22 418.8 -16.0 FinsG&I 814.00 5.00 823.00 708.65 1.79 805.7 1.0 JPM Jap 450.00 -3.00 473.00 364.39
484.6 1.11 -7.1 StrategicEq 218.00 -1.00 242.00 215.00 0.36 261.6 -16.7 Baronsmead 89.50 - 91.59 84.50 5.03 93.5 -4.3 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
Aurora Inv 219.00 3.00 222.00 193.01 0.91 214.7 2.0 FstPacfic H HK$ 3.64 -0.07 6.34 3.50 3.64 - - JPM Mid 1260 5.00 1295 1007
1308.5 1.83 -3.7 Temp Bar 1316 2.00 1358 1170 3.13 1405.1 -6.3 BSC VCT 72.50 - 76.00 69.00 7.93 75.5 -4.0 capital changes where appropriate.
Axiom 103.50 0.50 109.00 92.81 5.94 96.6 7.1 For & Col♦ 688.00 - 705.00 585.00 1.51 688.4 -0.1 JPM Mlti-As♦ 96.50 - 103.56 91.00
100.0 - -3.5 TempEmerg♦ 696.00 4.00 830.00 671.00 1.19 793.7 -12.3 ..VCT2 55.00 - 57.43 53.00 5.45 59.2 -7.1 Trading volumes are end of day aggregated totals, rounded to the nearest
BG Japan 817.00 3.00 886.00 658.61 - 780.1 4.7 Geiger 21.45 - 28.00 17.00 - 18.9 13.5 JPMRussian 516.00 -13.00 561.70 446.00
619.4 4.07 -16.7 Tetragon $ 12.55 - 14.02 12.05 5.41 21.1 -40.5 Inc&GthVCT 69.00 - 87.00 67.00 8.70 76.7 -10.0 1,000 shares.
BG Shin 190.80 4.80 998.00 181.00 - - - GenEmer 688.00 -6.00 751.00 650.00 1.53 783.0 -12.1 JPM Smlr 1185 -22.50 1290 895.50
1434.2 1.94 -17.4 TRIG 107.20 -0.20 112.00 101.00 5.94 100.6 6.6 KingsAYVCT 20.40 - 22.80 19.00 4.90 21.5 -5.1 Net asset value per share (NAV) and split analytics are provided only as a
Baillie Gif♦ 194.00 -0.25 200.00 163.52 2.94 204.7 -5.2 GRIT 9.75 -0.10 15.20 8.25 - 17.3 -43.6 JPM US Sml 306.00 - 325.00 251.75
319.2 - -4.1 TREurGth 1006 4.00 1279 978.00 1.14 1124.2 -10.5 Nthn 2 VCT♦ 60.00 - 69.50 59.00 9.17 63.4 -5.4 guide. Discounts and premiums are calculated using the latest cum fair net
Bankers 867.00 2.00 926.00 778.00 2.12 883.9 -1.9 GoldenPros 28.90 -0.25 38.50 28.09 - 38.8 -25.5 KeystoneInv 1745 -2.50 1845 1633.8
1996.6 3.15 -12.6 TroyInc&G♦ 77.00 -1.10 81.09 72.60 3.42 78.2 -1.5 Nthn 3 VCT♦ 86.00 - 94.25 85.00 6.40 90.5 -5.0 asset value estimate and closing price. Discounts, premiums, gross redemption
BH Global 1460 -2.50 1465 1255 - 1539.0 -5.1 Gulf Invest $ 1.04 - 1.08 0.82 2.83 1.2 -13.3 Law Deb 596.00 - 652.00 550.00
678.2 2.85 -12.1 Utilico Eme 199.98 2.48 233.00 196.50 4.35 228.9 -12.6 NthnVent 65.50 - 74.90 62.75 4.58 68.7 -4.7 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
..USD $ 14.40 - 14.50 12.45 - 15.4 -6.5 Hansa 1020 -25.00 1090 895.00 1.57 1391.4 -26.7 Lazard Worl 375.00 -1.00 396.00 337.50
384.9 2.56 -2.6 Utilico Eme 199.98 2.48 233.00 196.50 4.35 228.9 -12.6 ProVenGI♦ 68.50 - 83.00 60.50 3.65 71.7 -4.5 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BH Macro 2090 -5.00 2145 1876 - 2333.0 -10.4 ..A 982.50 - 1036 885.00 1.63 1391.4 -29.4 LinTrain £ 967.00 5.00 1080 753.78
809.2 1.60 19.5 UIL Inv 174.00 -0.50 180.00 151.00 4.31 283.4 -38.6 ProVenVCT♦ 102.00 - 105.00 84.00 2.45 107.5 -5.1 in pence.
..EUR € 18.57 -0.10 20.85 18.10 - - - Hend Alt 283.00 -2.00 305.00 265.00 1.68 343.5 -17.6 Lowland♦ 1530 -2.50 1590 1440
1628.7 3.27 -6.1 VEIL 402.00 6.00 502.00 365.00 - 476.5 -15.6 UnicornAIM 145.00 - 147.00 132.00 4.48 165.7 -12.5
..USD $ 21.40 -0.10 21.80 18.90 - 23.7 -9.7 Hen Div Inc 87.40 -0.70 97.67 86.40 5.84 84.8 3.1 Majedie 284.00 -2.50 311.00 269.05
326.3 3.43 -13.0 Witan 1086 - 1335.37 991.00 1.89 1090.8 -0.4
Ordinary Income Shares 52 Week HR X FT Global 500 company
BiotechGth 798.00 26.00 883.50 650.00 - 832.4 -4.1 HenEuroF 1210 -5.00 1430 1175 2.44 1336.7 -9.5 Man&Lon 511.00 - 542.00 350.00
517.8 0.70 -1.3 WitanPac 319.00 -4.00 354.00 308.00 1.50 366.0 -12.8
Price +/-Chg High Low Yld WO GRY 0%
♦ trading ex-dividend
BlckRCom♦ 81.20 0.10 86.00 66.50 4.93 86.1 -5.7 HenEuro 1100 -20.00 1235 1030 2.27 1208.7 -9.0 Marwyn Val♦ 145.50 - 172.75 122.00
205.5 - -29.2 WwideHlth♦ 2710 60.00 2730 2320 0.83 2653.0 2.1
■ trading ex-capital distribution
BlckREmEur 330.00 0.50 396.53 217.25 1.61 350.3 -5.8 HenFarEs 355.00 1.50 390.75 346.75 5.92 347.6 2.1 MercantIT♦ 215.45 -0.40 227.00 189.90
- 2.17 - JPM I&C 99.50 - 103.99 83.50 7.64 - -
Conventional - Private Equity 52 Week Dis(-) # price at time of suspension from trading
BlckRFrnt 147.50 0.50 169.50 141.00 3.26 143.9 2.5 HenHigh♦ 180.75 -0.50 196.50 165.00 5.20 187.1 -3.4 MrchTst 520.00 2.00 542.00 450.00
548.8 4.73 -5.2 Rghts&Icp 2205 20.00 2280 1951 1.37 - -
Price +/-Chg High Low Yld NAV or Pm
BlckRGtEur 340.00 -4.50 360.00 308.00 1.60 359.4 -5.4 HenInt Inc 158.50 -1.25 172.00 154.00 3.15 160.9 -1.5 Mid Wynd 497.00 -1.00 525.00 440.44
490.5 1.01 1.3 Zero Dividend Preference Shares 52 Week HR The prices listed are indicative and believed accurate at the time of publication.
Hen Opp 1107.5 12.50 1125 896.99 1.81 1314.9 -15.8 Miton Globa 281.50 - 298.00 245.00
278.1 - 1.2 Altamir € 16.54 -0.06 17.50 12.70 3.94 21.1 -21.6
BlckR I&G 206.00 - 214.00 185.00 3.20 213.4 -3.5 Price +/-Chg High Low SP WO TAV 0% No offer is made by Morningstar or the FT. The FT does not warrant nor
HenSmlr 966.00 -7.00 986.00 762.00 1.86 1030.0 -6.2 MitonUKMic 67.90 0.20 69.00 58.50
71.5 0.53 -5.0 BGUSGROWTH 122.40 -2.40 127.60 99.60 - 117.6 4.1
BlckRckLat 393.00 -5.50 501.50 370.00 2.80 461.4 -14.8 Abf Spl Inc 107.00 - 110.00 101.00 - - - guarantee that the information is reliable or complete. The FT does not accept
Herald 1290 -10.00 1380 990.00 - 1505.5 -14.3 Monks 835.00 - 863.00 670.50
797.3 0.15 4.7 Electra 900.00 - 1884 818.00 - 1084.0 -17.0
BlckRckNrAm 170.00 -1.00 175.50 144.00 3.38 171.6 -0.9 JPM I&C 189.50 - 191.00 186.00 - - - responsibility and will not be liable for any loss arising from the reliance on
HICL Infra 145.40 -0.70 164.20 133.00 5.36 148.0 -1.8 MontanSm 895.00 -10.00 935.00 760.00
997.7 0.92 -10.3 F&C PvtEq♦ 342.50 -2.00 389.00 308.00 5.99 344.1 -0.5
BlckRSmlr 1510 -32.50 1550 1175 1.52 1622.9 -7.0 JZ Capital 434.00 - 438.00 413.50 -17.4 -19.7 483.7 or use of the information.
Highbridge 226.00 - 228.00 210.00 - 223.6 1.1 Mur Inc 778.00 -3.00 818.00 710.00
855.3 4.34 -9.0 HVPE 1288 -6.00 1300 1174 - 1599.9 -19.5
BlckRThrmt 558.00 -7.00 578.00 424.50 1.48 610.4 -8.6 UIL Limited 107.50 - 108.70 100.00 -9.8 -12.8 138.4
Impax Env. 267.00 -3.00 275.00 232.00 0.73 275.4 -3.1 Mur Int♦ 1138 4.00 1314 1110
1112.8 4.31 2.3 HgCapital 1930 - 1945 1590 3.21 1997.7 -3.4
BlckRWld 377.00 0.50 425.00 333.00 4.77 432.4 -12.8 UILFn18 159.50 - 160.00 154.25 - - 160.5 The London Share Service is a paid-for-print listing service and may not be
Ind IT 782.00 -4.00 810.00 478.20 0.26 656.7 19.1 NewCtyEgy 16.50 - 17.25 9.00
- - - ICG Ent Tr 860.00 - 888.00 725.00 2.33 974.5 -11.7
Brit Emp 742.00 2.00 760.00 679.98 1.62 817.5 -9.2 UILFn20 142.50 0.50 145.00 139.50 -49.2 -62.2 154.9 fully representative of all LSE-listed companies. This service is available to all
IntBiotech 634.00 14.00 650.00 518.00 3.94 652.7 -2.9 NewCityHY 62.40 0.40 64.51 56.60
57.7 7.05 8.1 IndiaCap 90.00 - 120.00 86.90 - 107.5 -16.3
Brunner♦ 776.00 -6.00 818.00 702.00 2.11 852.6 -9.0 UIL Finance 124.50 - 127.85 118.00 -22.6 -29.9 147.0 listed companies, subject to the Editor’s discretion. For new sales enquiries
Intl PP 144.60 - 166.80 138.20 4.66 141.0 2.6 New Star IT 110.00 - 119.90 98.50
157.2 0.73 -30.0 JZ Capital 450.00 - 558.10 438.00 - 741.0 -39.3
Caledonia I♦ 2770 25.00 2915 2515 2.00 3308.8 -16.3 please email stella.sorrentino@ft.com or call 020 7873 4012.
Mithras 246.00 - 267.20 215.80 0.41 258.5 -4.8
CanGen C$ 24.78 -0.32 25.93 20.25 2.98 35.7 -30.6 Inv AsiaTr
Inv IncGro♦
277.00
285.00
-1.50
0.50
312.00
305.26
267.65
260.00
1.55
3.77
313.1
331.6
-11.5
-14.1
NorthAmer
NthAtSml
1330
2940
-5.00
-5.00
1385
2980
1155
1398.3
2370
3742.0
2.82
-
-4.9
-21.4 NB PE Ptnr 1050 -15.00 1085 886.00 - 1303.0 -19.4 Investment Companies - AIM
City Merch 193.00 1.00 201.00 177.00 5.18 187.7 2.8
CityNatRs 114.75 - 130.00 105.77 4.88 140.2 -18.2 IP EnInc♦ 75.00 -0.30 84.15 70.00 6.67 72.0 4.2 Oryx Int 812.50 - 825.00 685.02
954.5 - -14.9 Nthn Invs
Pantheon
224.00 -
2030 -
312.50 200.00 13.39
2050 1720 -
232.1
2381.6
-3.5
-14.8
52 Week Dis(-) Data provided by Morningstar
City Lon 428.50 -1.50 497.69 392.00 3.96 424.3 1.0 IPST BalR 139.50 - 144.00 130.25 - 139.1 0.3 PacAsset 261.00 -3.00 272.00 234.00
269.8 1.00 -3.3 Price +/-Chg High Low Yld NAV or Pm
IPST Gbl Eq 204.00 - 214.00 194.00 3.19 207.1 -1.5 PacHorzn 352.00 -1.00 395.00 264.50
344.0 - 2.3 PantheonR 1895 - 1911.25 1460 - - -
DiverseInc♦ 105.00 0.25 111.00 96.80 2.86 104.8 0.2 AbnFrntrMkt 55.75 -0.25 68.35 55.01 2.7 59.5 -6.3
IPST Mngd 102.00 - 103.00 101.00 - 103.5 -1.4 PerpInc&Gr 358.00 - 398.90 329.50
406.6 3.85 -12.0 PrincssPE €♦ 10.05 0.03 10.95 9.36 5.59 - -
Dun Inc 255.00 -1.00 270.00 234.00 4.59 288.3 -11.6 CrysAmber 224.00 3.00 234.00 165.00 2.2 255.3 -12.3
IPST UK Eq 186.00 0.50 194.00 167.00 3.41 189.8 -2.0 PerAsset♦ 39800 - 41240 38700
39128. 1.41 1.7 Riverstone 1266 -10.00 1385 1160 - 1530.7 -17.3
Dun Sml♦ 298.00 -2.50 318.00 225.50 2.14 331.5 -10.1 Infra India 2.55 -0.15 4.50 2.00 - 33.7 -92.4
IP UKSmall 510.00 -3.00 530.00 472.00 3.39 546.2 -6.6 9 StdLfPv 326.00 -3.50 356.00 315.00 4.63 388.1 -16.0
EcofinGloba 125.00 -1.25 137.93 109.00 5.12 143.2 -12.7
EdinDragn 355.00 -1.00 394.00 341.55 0.93 405.6 -12.5 JLaingInf 118.60 -0.20 139.30 109.00 5.87 122.7 -3.3 PolarFins 134.00 -1.25 147.50 128.99 2.76 143.5 -6.6
..CULS# 110.00 -4.50 117.95 104.24 - - - JPM Amer 420.50 2.00 428.00 282.25 1.19 436.8 -3.7 ..Sub# 13.50 -0.75 16.40 2.30 - - -
www.morningstar.co.uk
18 ★ FTWeekend 7 July/8 July 2018

MANAGED FUNDS SERVICE

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

Ashmore SICAV Emerging Market Frontier Equity Fund $ 171.38 - 0.11 0.73 Candriam Qt-Eqts USA Cap $ 3082.34 - 25.85 0.00 Multi Asset Open Defen N-GACC-GBP £ 1.23 - 0.00 1.03

Ashmore SICAV Emerging Market Total Return Fund $ 83.76 - 0.40 5.51 Multi Asset Open Growth N-ACC-GBP £ 1.34 - 0.00 1.20
Abbey Life Assurance Company Limited (UK) Ennismore European Smlr Cos Hedge Fd Genesis Asset Managers LLP
1 Wythall Green Way, Wythall, Birmingham, B47 6WG Ashmore SICAV Global Small Cap Equity Fund $ 157.89 - -0.62 0.62 Other International Funds Multi Asset Open Strat N-ACC-GBP £ 1.30 - 0.00 1.28 Other International Funds
additional fund prices can be found @ www.abbeylife.co.uk Candriam Investors Group (BE)
NAV € 537.01 - 5.41 0.00 Emerging Mkts NAV £ 7.84 - 0.00 0.00
Insurances EM Mkts Corp.Debt USD F $ 91.97 - -0.03 6.27 FCA Recognised Multi Asset Strategic N-ACC-GBP £ 1.32 - 0.01 1.20
Life Funds Candriam Sust Euro Bonds Cap € 365.16 - -0.02 0.00
EM Mkts Loc.Ccy Bd USD F $ 79.66 - 0.43 5.98 Open World Fund N-ACC-GBP £ 1.64 - 0.00 0.35
Prop. Acc. Ser 2 1621.20 1706.50 0.20 -
Candriam Sust North America Cap $ 47.29 - 0.39 0.00
EM Short Duration Fund Acc USD $ 133.77 - 0.22 0.00 Dodge & Cox Worldwide Funds (IRL) Special Situations Fund W-ACC-GBP £ 37.75 - -0.12 1.57 Kames Capital ICVC (UK)
Selective Acc. Ser 2 1906.50 2006.80 1.90 - 6 Duke Street,St.James,London SW1Y 6BN Equinox Fund Mgmt (Guernsey) Limited (GSY) Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
Candriam Sust World Cap € 29.46 - 0.07 0.00 Regulated
www.dodgeandcox.worldwide.com 020 3713 7664 Sterling Core Plus Bond GMACC £ 12.39 - 0.05 2.36 0800 358 3009 www.kamescapital.com
American Ser. 4 2484.30 2615.10 14.90 - FCA Recognised Equinox Russian Opportunities Fund Limited $ 179.75 - -3.30 0.00 Authorised Funds
Dodge & Cox Worldwide Funds plc - Global Bond Fund Sterling Core Plus Red Dur £ 11.37 - 0.02 1.90
Custodian Ser. 4 571.40 601.50 1.20 - Diversified Monthly Inc B Acc 134.15 - 0.11 5.12
EUR Accumulating Class € 12.56 - -0.01 0.00
Strategic Bond Fund Y-ACC-GBP £ 1.19 - 0.00 2.17
Equity Ser. 4 705.50 742.60 1.00 - Candriam Investors Group Diversified Monthly Inc B Inc 106.77 - 0.09 5.24
Other International Funds EUR Accumulating Class (H) € 10.01 - 0.02 0.00
Strategic Bond Fund Y-GACC-GBP £ 1.22 - 0.00 3.03
Global Investment House
Euronova Asset Management UK LLP (CYM) Diversified Growth B Acc £ 1.63 - 0.00 2.74
European Ser 4 764.90 805.20 2.50 - Candriam Eqts L Emerging Mkts Cap € 807.34 - -4.31 0.00 Global GCC Islamic Fund $ 106.09 - 0.03 0.00
EUR Distributing Class € 10.82 - -0.01 3.74 Regulated
Strategic Bond Fund Y-GINC-GBP £ 1.24 - -0.01 2.70
Fixed Int. Ser. 4 954.40 1004.60 2.40 - Smaller Cos Cls One Shares € 45.64 - -0.29 0.00 Ethical Cautious Managed B Acc £ 1.36 - 0.00 2.02
Candriam Eqts L Europe Cap € 1046.13 - 3.49 0.00 Global GCC Large Cap Fund $ 163.42 - 0.32 0.00
EUR Distributing Class (H) € 8.62 - 0.02 3.87
Aspect Capital Ltd (UK) Strategic Bond Fund Y-INC-GBP £ 1.21 - 0.01 2.16
Intl Ser. 4 606.50 638.50 2.60 - Smaller Cos Cls Two Shares € 30.72 - -0.18 0.00 Ethical Cautious Managed B Inc £ 1.23 - 0.00 2.04
Other International Funds Candriam Eqts L Japan Cap ¥ 23242.00 - 118.00 0.00 Global Saudi Equity Fund SR 261.77 - 1.86 0.00
GBP Distributing Class £ 11.64 - -0.02 3.76
Target 2020 A-ACC-GBP £ 0.66 - 0.00 0.45
Aspect Diversified USD $ 393.27 - -1.21 0.00 Smaller Cos Cls Three Shares € 15.47 - -0.09 0.00 Ethical Corporate Bond B Acc £ 1.89 - 0.01 3.10
Japan Ser 4 492.40 518.40 2.60 - Candriam Bonds Credit Opportunities € 195.92 - 0.23 0.00
GBP Distributing Class (H) £ 8.91 - 0.02 3.45
Target 2025 A-ACC-GBP £ 1.64 - 0.01 0.51
Aspect Diversified EUR € 224.74 - -0.75 0.00 Smaller Cos Cls Four Shares € 19.86 - -0.12 0.00 Ethical Corporate Bond B Inc £ 1.02 - 0.00 3.10
Man. Ser. 4 2057.10 2165.40 4.80 -
Asset Management
Candriam Bds Euro Conv. Classic Cap € 3388.27 - 18.49 0.00
USD Accumulating Class $ 10.59 - 0.03 0.00
Target 2030 A-ACC-GBP £ 1.85 - 0.01 0.57 HPB Assurance Ltd
Aspect Diversified GBP £ 118.10 - -0.38 0.00 Ethical Equity B Acc £ 2.31 - -0.01 1.99
Money Ser. 4 525.70 553.40 0.00 - Candriam Bds Euro Corp ExFin Cap € 170.04 - 0.13 0.00 Dodge & Cox Worldwide Funds plc-Global Stock Fund Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
UK Invest Grade Long Credit GACC £ 116.30 - 0.50 2.59 International Insurances
Aspect Diversified CHF SFr 105.81 - -0.36 0.00 USD Accumulating Share Class $ 21.44 - 0.16 0.00 High Yield Bond B Acc £ 2.70 - 0.00 4.37
Prop. Ser. 4 1151.70 1212.30 0.10 - Candriam Bds Euro Gov.Cl.Cap € 2315.99 - -3.38 0.00
UK Opportunities Fund W-ACC-GBP 249.50 - -1.40 1.26 Holiday Property Bond Ser 1 £ 0.53 - 0.00 0.00
Aspect Diversified Trends USD $ 115.84 - -1.76 0.00 GBP Accumulating Share Class £ 26.68 - 0.09 0.00 High Yield Bond B Inc £ 0.96 - 0.00 4.37
Custodian Ser 5 545.10 573.80 1.10 - Candriam Bds Euro High Yield Cap € 1107.34 - 3.15 0.00
UK Opportunities Fund W-INC-GBP 139.10 - -0.80 1.31 Holiday Property Bond Ser 2 £ 0.65 - 0.00 0.00
Aspect Diversified Trends EUR € 110.66 - -1.68 0.00 GBP Distributing Share class £ 19.01 - 0.07 0.79 Investment Grade Bond B Acc 177.87 - 0.39 2.20
International Ser 5 578.60 609.10 2.50 - Candriam Bds Euro High Yield R Cap € 124.24 - 0.36 0.00
UK Select Fund W-ACC-GBP £ 3.06 - -0.01 1.62
Aspect Diversified Trends GBP £ 117.74 - -1.83 0.00 EUR Accumulating Share Class € 27.54 - 0.11 0.00 Investment Grade Bond B Inc £ 1.23 - 0.00 2.70
Managed Ser 5 1962.50 2065.80 4.60 - Candriam Bds Euro Long Term Cap € 8490.09 - 29.38 0.00
UK Smaller Companies W-ACC-GBP £ 2.64 - -0.01 1.30
Money Ser 5 514.70 541.80 0.00 - GBP Distributing Class (H) £ 11.43 - 0.08 0.62 Eurobank Fund Management Company (Luxembourg) S.A. Haussmann Sterling Corporate Bond B Acc £ 0.82 - 0.00 3.10
Candriam Bds Euro Sh.Term Cap € 2085.18 - -0.59 0.00
Regulated WealthBuilder Fund N-ACC-GBP £ 1.58 - 0.00 1.24 Other International Funds
Dodge & Cox Worldwide Funds plc-International Stock Fund Sterling Corporate Bond B Inc £ 0.33 - 0.00 3.10
Property Ser 5 1098.70 1156.60 0.00 - Candriam Bds International Cap € 980.49 - 0.43 0.00
Atlantas Sicav (LUX) (LF) Absolute Return € 1.37 - 0.00 0.00 Institutional OEIC Funds Haussmann Cls A $ 2978.04 - 19.33 0.00
USD Accumulating Share Class $ 16.65 - 0.16 0.00
Pension Funds Regulated Strategic Bond B Acc £ 1.22 - 0.00 1.97
Candriam Bds USD Cap $ 950.86 - 1.12 0.00 (LF) Eq Emerging Europe € 0.87 - 0.02 0.00 America £ 5.82 - 0.02 0.58 Haussmann Cls C € 2474.90 - 18.35 0.00
American 3060.40 3221.50 22.60 - EUR Accumulating Share Class € 16.76 - 0.10 0.00
American Dynamic $ 4748.44 - 9.94 0.00
Strategic Bond B Inc £ 1.20 - 0.00 1.97
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund (LF) Eq Mena Fund € 12.78 - 0.15 0.00 Emerging Markets £ 4.58 - 0.01 0.73 Haussmann Cls D SFr 1292.62 - 9.47 0.00
Equity 6363.10 6698.00 12.20 - American One $ 4305.19 - -18.09 0.00
USD Accumulating Share Class $ 25.95 - 0.12 0.00 UK Equity B Acc £ 3.19 - 0.00 2.16
(LF) Greek Government Bond € 29.16 - -0.16 0.00 Europe (ex-UK) Fund ACC-GBP £ 5.40 - 0.01 1.09
European 1609.50 1694.20 6.10 - Bond Global € 1412.77 - 2.24 0.00
GBP Accumulating Share Class £ 30.53 - 0.01 0.00 UK Equity Absolute Return B Acc £ 1.13 - 0.00 0.00
(LF) Greek Corporate Bond € 14.85 - -0.02 0.00 Fidelity Pre-Retirement Bond Fund £ 139.20 - 0.30 2.61
Fixed Int. 1793.50 1887.90 6.00 - Eurocroissance € 1042.67 - -4.48 0.00
GBP Distributing Share Class £ 19.05 - 0.01 0.77 UK Equity Income B Acc £ 2.63 - -0.01 4.36
(LF) FOF Dynamic Fixed Inc € 12.06 - -0.04 0.00 Global Focus £ 4.44 - 0.00 0.56
International 1352.00 1423.10 7.40 - Far East $ 927.13 - -21.78 0.00
EUR Accumulating Share Class € 28.79 - 0.04 0.00 UK Equity Income B Inc £ 1.82 - 0.00 4.49
(LF) FOF Real Estate € 16.47 - -0.04 0.00 Index Linked Bond £ 3.27 - 0.01 0.21
Japan 541.60 570.10 3.60 -
GBP Distributing Class (H) £ 11.62 - 0.05 0.57 UK Opportunities B Acc £ 2.13 - 0.00 1.65
Carmignac Gestion (FRA) Index Linked Bond Gross £ 4.00 - 0.02 0.21
Managed 5529.40 5820.50 18.20 - www.carmignac.co.uk
UK Smaller Companies B Acc £ 4.08 - 0.00 1.37
Bank of America Cap Mgmt (Ireland) Ltd (IRL) FCA Recognised Japan £ 3.03 - 0.00 0.40 Hermes Investment Funds Plc (IRL)
Property 3010.50 3169.00 0.20 - Regulated Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
Carmignac Emerg A EUR Acc € 836.53 - 2.79 0.00 Long Bond £ 0.58 - 0.01 2.07
Global Liquidity USD $ 1.00 - 0.00 0.61 FCA Recognised
Security 1479.20 1557.10 -0.10 -
Carmignac Invest A EUR Acc € 1244.88 - 0.24 0.00 Long Bond Gross £ 1.01 - 0.01 2.04 Hermes Abs Return Credit Fund Class F Acc £ 1.21 1.21 -0.01 0.00
Selective 2439.80 2568.20 6.70 - Kames Capital Investment Portfolios ICVC (UK)
Carmignac Patrim A EUR Acc € 641.70 - -2.26 0.00 Hermes Abs Return Credit Fund Class F Acc USD € 1.92 1.92 -0.01 0.00 Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA
Long Bond Fund Gross Inc £ 12.70 - -0.08 2.16
Formerly Hill Samuel Life Assurance Ltd 0800 358 3009 www.kamescapital.com
1 Wythall Green Way, Wythall, Birmingham, B47 6WG Barclays Investment Funds (CI) Ltd (JER) Hermes Asia Ex-Japan Equity Fund Class C Acc GBP £ 2.58 2.58 0.01 0.00 Authorised Funds
FIL Investment Services (UK) Limited (1200)F (UK) Pacific (Ex Japan) £ 5.17 - 0.01 1.38
Managed Ser A (Life) 1944.50 2057.60 3.80 - 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
130, Tonbridge Rd, Tonbridge TN11 9DZ Property Income B Acc 133.04 133.04 0.04 4.36
FCA Recognised Dragon Capital Group Pan European £ 3.52 - 0.00 1.79 Hermes Asia Ex-Japan Equity Fund Class C Acc USD € 4.55 4.55 0.01 0.00
Callfree: Private Clients 0800 414161
Managed Ser A (Pensions) 1327.50 1397.40 3.00 - Bond Funds Carmignac Gestion (FRA) 1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Property Income B Inc 109.46 109.46 0.03 4.47
Broker Dealings: 0800 414 181
www.carmignac.co.uk Fund information, dealing and administration: funds@dragoncapital.com Select Emerging Markets Equities £ 1.84 - 0.00 0.71 Hermes Europe Ex-UK Equity Fund Class F Acc £ 2.14 2.14 0.01 0.00
Formerly Target Life Assurance Ltd Sterling Bond F £ 0.47 - 0.00 1.99 OEIC Funds
Regulated Other International Funds
1 Wythall Green Way, Wythall, Birmingham, B47 6WG Allocator World Fund N-ACC-GBP £ 1.64 - -0.01 0.99 Hermes Europe Ex-UK Equity Fund Class F Acc EUR € 4.07 4.07 -0.01 0.00
Carmignac Eur-Entr A EUR Acc € 364.73 - 2.91 0.00 Vietnam Property Fund (VPF) NAV $ 0.80 - 0.03 0.00 Select Global Equities £ 4.29 - 0.01 0.93
Managed (Life) 1959.70 2062.80 3.80 -
American Fund W-ACC-GBP £ 39.90 - 0.06 0.37 South East Asia £ 5.66 - 0.01 1.49 Hermes European Alpha Equity Fund Class F Acc £ 1.76 1.76 -0.01 0.00
Carmignac Eur-Pat A EUR Acc € 372.30 - -0.22 0.00 Kames Capital VCIC (IRL)
Managed Growth (Life) 656.20 690.70 1.50 - 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
CarmignacSécurité A EUR Acc € 1736.31 - -0.51 0.00
American Special Sits W-ACC-GBP £ 15.12 - 0.03 0.57 Sterling Core Plus Bond Gr Accum £ 2.52
Asset Management
- 0.01 2.45 Hermes European Alpha Equity Fund Class F Dis £ 1.65 1.65 0.00 1.14
FCA Recognised
Managed (Pensions) 7968.30 8387.70 18.50 - DSM Capital Partners Funds
www.dsmsicav.com
(LUX)
Asia Pacific Ops W-Acc £ 1.85 - 0.01 1.06 Sterling Core Plus Bond Inc £ 1.52 - 0.00 2.49 Hermes European Alpha Equity Fund Class F Acc EUR € 3.46 3.46 -0.01 0.00 Absolute Return Bond B GBP Acc Asset Manageme 1106.34 - -2.31 1.27
Managed Growth (Pensions) 834.70 878.70 2.30 - Regulated
Cash Fund Y-Acc-GBP £ 1.00 - 0.00 0.20 UK £ 4.38 - -0.01 2.05 Hermes Global Emerging Markets Fund Class F Acc £ 1.88 1.88 0.00 0.00 Eq Market Neutral B Acc 938.75 - -0.06 0.00
additional fund prices can be found on our website DSM Global Growth I2 € 194.51 - -0.37 0.00
Carmignac Portfolio (LUX)
Hermes Global Emerging Markets Fund Class F Acc USD € 3.89 3.89 0.01 0.00 High Yield Global Bond A GBP Inc 508.87 - 0.70 3.45
Cash Fund Y-Inc-GBP £ 1.00 - 0.00 0.26 UK Aggreg Bond Gr Accum £ 2.09 - 0.01 2.32
Brown Advisory Funds plc (IRL) www.carmignac.co.uk
DSM Global Growth I2 A$ 112.13 - 0.17 -
http://www.brownadvisory.com Tel: 020 3301 8130 FCA Recognised
Asian Dividend Fund W-ACC-GBP £ 1.73 - 0.00 2.29 UK Corporate Bond £ 1.28 - 0.00 2.85 Hermes Global Equity Fund Class F Acc £ 2.29 2.29 0.01 0.00 High Yield Global Bond B GBP Inc 1071.34 - 1.48 4.10
FCA Recognised
Carmignac Cap + A EUR Acc € 1163.02 1163.02 0.14 0.00 DSM Global Growth I1 € 122.20 - 0.19 0.00
Brown Advisory US Equity Growth Fund USD B $ 32.76 - 0.29 0.00 Asian Dividend Fund W-INC-GBP £ 1.51 - 0.00 3.30 UK Corporate Bond - Gross £ 2.59 - 0.00 2.79 Hermes Global Equity Fund Class R Acc USD € 4.89 4.89 0.01 0.00 Investment Grade Global Bd A GBP Inc 557.49 - 1.12 2.10
Carmignac UGlbBd A EUR Acc € 1362.14 1362.14 -2.91 0.00 DSM US Large Cap Growth A $ 154.04 - 1.24 0.00
Brown Advisory American Fund USD B $ 21.77 - 0.19 0.02 China Consumer Fund W-ACC-GBP £ 2.81 - 0.01 0.43 UK Corporate Bond Fund Gross Inc £ 11.77 - 0.02 2.85 Hermes Global ESG Equity Fund Class F Acc £ 1.72 1.72 0.01 0.00 Kames Emerging Market Bond Fund - B Acc USD $ 11.26 - -0.03 0.00
Carmignac Em Pat A EUR Acc € 109.79 109.79 0.18 0.00 DSM US Large Cap Growth I2 € 131.83 - 0.46 0.00
Brown Advisory US Smaller Companies Fund USD B $ 25.23 - 0.20 0.00 Emerging Asia Fund W-ACC-GBP £ 1.46 - 0.00 0.52 UK Gilt Fund Inc £ 1.37 - 0.01 1.61 Hermes Global High Yield Credit Fund Class F Acc £ 1.45 1.45 0.01 0.00 Kames Global Equity Income B GBP Acc 1638.22 - 7.10 0.00
Some Funds have distribution units and/or units denominated in other currencies
The full list can be found at www.carmignac.com Kames Global Equity Income B GBP Inc 1455.44 - -8.32 3.19
Algebris Investments (IRL) Brown Advisory US Small Cap Blend Fund USD B $ 17.19 - 0.15 0.00 Emerging Eur Mid East and Africa W £ 2.08 - -0.01 1.72 UK Gilt Gross £ 2.29 - 0.01 1.59 Hermes Global High Yield Credit Fund Class F Acc EUR € 3.07 3.07 0.00 0.00
Regulated
Brown Advisory US Flexible Equity Fund USD B $ 15.31 - 0.13 0.00 Enhanced Income Fund W-ACC-GBP £ 1.45 - -0.01 6.33 UK Long Corp Bond £ 1.51 - 0.01 3.00 Hermes Global Small Cap Fund Class F Acc £ 1.59 1.59 0.01 0.00 Kames Global Diversified Growth Fund - B Acc EUR € 11.34 - 0.02 0.00
Algebris Financial Credit Fund - Class I EUR € 151.02 - 1.91 0.00
Brown Advisory Global Leaders Fund USD C $ 14.05 - 0.06 0.00 Charles Schwab Worldwide Funds Plc (IRL) Enhanced Income Fund W-INC-GBP £ 0.99 - 0.00 6.85 UK Long Corp Bond - Gross £ 3.00 - 0.01 2.94 Hermes Global Small Cap Fund Class F Acc USD € 2.17 2.17 -0.01 0.00 Kames Global Equity Market Neutral Fund - B Acc GBP £ 10.12 - 0.03 0.00
Algebris Financial Income Fund - Class I EUR € 139.88 - 0.91 0.00
Regulated
Brown Advisory Latin American Fund USD B $ 14.40 - 0.13 0.00 European Fund W-ACC-GBP £ 16.17 - 0.03 1.53 UK Long Corporate Bond - Gross Inc £ 12.23 - 0.04 2.99 Hermes Impact Opportunities Equity Fund F $ 1.97 - 0.01 - Global Sustainable Equity B Acc GBP £ 14.87 - 0.14 0.00
Algebris Financial Equity Fund - Class B EUR € 123.80 - 1.23 0.00 Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.57
Brown Advisory US Sustainable Growth Fund USD C $ 13.31 - 0.14 0.00 European Fund W-INC-GBP £ 17.90 - 0.03 1.55 Retail Share Classes Hermes Impact Opportunities Equity Fund F £ 1.01 - 0.01 - Global Sustainable Equity C Acc GBP £ 14.95 - 0.14 0.00
Algebris Asset Allocation Fund - Class B EUR € 98.18 - -0.05 0.00 E.I. Sturdza Strategic Management Limited (GSY) Emerging Markets - retail £ 1.79 - 0.00 0.19
Brown Advisory US Mid-Cap Growth Fund USD C $ 12.82 - 0.12 0.00 Regulated European Opportunities W-ACC-GBP £ 4.71 - -0.01 0.83 Hermes Multi Asset Inflation Fund Class F GBP Acc £ 1.03 1.03 0.00 0.00 Kames Absolute Return Bond Global Fund - B Acc GBP £ 10.28 - 0.01 0.00
Algebris Macro Credit B EUR Acc € 104.67 - 0.02 0.00 {*}CAR - Net income reinvested
Chartered Asset Management Pte Ltd Strat Evarich Japan Fd Ltd JPY ¥ 80628.00 - -314.00 0.00 Short Dated High Yld Bd B Acc GBP £ 10.04 - 0.01 0.00
Extra Income Fund Y-ACC-GBP £ 1.26 - 0.00 3.56 Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.12 1.12 0.00 0.00
Algebris Core Italy Fund - Class R EUR € 97.19 - 0.66 - Other International Funds
Strat Evarich Japan Fd Ltd USD $ 801.55 - -2.95 0.00 Short Dated High Yld Bd C Acc GBP (Hdg) £ 10.07 - 0.01 0.00
CAM-GTF Limited $ 300408.82 300408.82 -8577.78 0.00 Extra Income Fund Y-GACC-GBP £ 1.31 - 0.00 3.73 Hermes SDG Engagement Equity Fund F $ 2.10 - 0.02 -
Findlay Park Funds Plc (IRL)
Extra Income Fund Y-GINC-GBP £ 1.29 - 0.00 3.61 Hermes SDG Engagement Equity Fund F £ 1.06 - 0.01 - Strategic Global Bond A GBP Inc 1108.10 - 0.89 1.54
CAM GTi Limited $ 653.64 - -11.41 0.00 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
FCA Recognised
The Antares European Fund Limited Extra Income Fund Y-INC-GBP £ 1.25 - 0.00 3.56 Hermes US All Cap Equity Class F Stg £ Acc £ 1.52 1.52 0.02 0.00 Strategic Global Bond B GBP Inc 629.12 - 0.52 2.20
Raffles-Asia Investment Company $ 1.65 1.65 -0.07 1.20 E.I. Sturdza Funds PLC (IRL)
Other International American Fund USD Class $ 111.92 - 0.67 0.00
Regulated Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.02 - 0.00 - Hermes US All Cap Equity Class F Acc USD € 2.18 2.18 0.00 0.00
AEF Ltd Usd (Est) $ 740.94 - -12.43 -
Nippon Growth (UCITS) Fd - B ¥ 87977.00 - -1078.00 0.00 American Fund GBP Hedged £ 59.24 - 0.35 0.00

AEF Ltd Eur (Est) € 723.48 - -15.07 0.00

CCLA Investment Management Ltd (UK) Fidelity Short Dated Corporate Bond Fund Y - Gross Inc £ 9.70 - 0.01 3.99 Hermes US SMID Equity Fund Class F Acc £ 2.53 2.53 0.02 0.00
Senator House 85 Queen Victoria Street London EC4V 4ET Strategic China Panda Fd - USD $ 3310.57 - -3.37 0.00 American Fund GBP Unhedged £ 84.62 - 0.19 0.00 Kleinwort Hambros Bank Limited (UK)
Cheyne Capital Management (UK) LLP
Authorised Inv Funds Fidelity Short Dated Corporate Bond Fund Y - Gross Acc £ 10.32 - 0.01 3.97 Hermes US SMID Equity Fund Class F Acc USD € 4.38 4.38 0.02 0.00 5TH Floor, 8 St James's Square, London, SW1Y 4JU
Other International Funds
Strategic Euro Bond Fd - Acc € 1112.50 - 0.07 0.00 Dealing and enquiries: 033 0024 0785
Diversified Income 1 Units GBP Inc £ 1.55 1.55 0.00 3.11
Cheyne European Event Driven Fund (M) € 144.86 - 4.49 - Global Dividend Fund W-ACC-GBP £ 2.03 - 0.00 2.80 Authorised Inv Funds
Asset Management Unit Trust Manager/ACD - Host Capital
Asset Management
Strategic Europe Value Fd - EUR € 218.76 - -0.15 0.00
Arisaig Partners
Other International Funds
Diversified Income 2 Units GBP Inc £

Diversified Income 3 Units GBP Inc £

1.49

1.50
1.49 0.00 3.12

1.50 0.00 -
price updated (D) daily, (W) weekly, (M) monthly

Strategic European Smaller Companies Fd - EUR € 1256.43 - 2.40 0.00

Global Dividend Fund W-INC-GBP £
Asset Management 1.71 - 0.00 3.07 First State Investments (UK) (1200)F
23 St Andrew Square, Edinburgh, EH2 1BB
(UK)
Hermes Property Unit Trust (UK)
HC Kleinwort Hambros Growth A Acc 204.36 - 0.07 1.36
Arisaig Africa Consumer Fund Limited $ 13.55 - 0.07 0.00 Global Enhanced Income W-ACC-GBP £ 1.66 - 0.00 3.78 enquiries@firststate.co.uk Property & Other UK Unit Trusts
Client Services: 0800 587 4141 Dealing Line: 0800 587 3388 HC Kleinwort Hambros Growth A Inc 185.72 - 0.06 1.38
The Public Sector Deposit Fund Strategic Global Bond Fd - USD $ 1053.48 - 0.32 0.00
Property £ 6.53 7.01 0.02 3.76
Arisaig Asia Consumer Fund Limited $ 92.43 - -1.15 0.00 Consistent Unit Tst Mgt Co Ltd (1200)F (UK) Global Enhanced Income W-INC-GBP £ 1.32 - 0.00 4.95 Authorised Funds
The Public Sector Deposit Fund-share class 1 ♦ F * 100.00 - 0.00 0.60 HC Kleinwort Hambros Equity Income A Inc 115.71 - 0.41 3.06
Stuart House, St John's Street, Peterborough, PE1 5DD Strategic Global Quality Fd - USD Inst $ 140.36 - 1.07 0.00
Asia-All Cap Acc GBP £ 1.50 - 0.01 0.56
Arisaig Global Emerging Markets Consumer Fund $ 11.56 - 0.01 0.00 Dealing & Client Services 0345 850 8818 Global Focus Fund W-ACC-GBP £ 22.85 - 0.00 0.33
The Public Sector Deposit Fund-share class 4 ♦ F * 100.00 - 0.00 0.54 HC Kleinwort Hambros Equity Income A Acc 189.99 - 0.67 4.00
Authorised Inv Funds Strategic Quality Emerging Bond Fd - USD $ 1034.71 - -0.29 0.00 Asia Focus Acc GBP £ 1.75 - 0.01 0.80
Arisaig Global Emerging Markets Consumer UCITS € 12.70 - -0.05 0.00 Global High Yield Fund Y-ACC-GBP £ 14.02 - 0.00 3.64
Consistent UT Inc 54.17 55.01 0.18 4.66 INDIA VALUE INVESTMENTS LIMITED (INVIL) HC Kleinwort Hambros Multi Asset Balanced A Acc 158.50 - 0.21 0.81
Strategic US Momentum and Value Fd - USD Class $ 872.53 - 7.31 0.00 Diversified Growth B Acc £ 1.12 - 0.00 1.52
Arisaig Global Emerging Markets Consumer UCITS STG £ 14.27 - 0.00 0.00 Global High Yield Fund Y-GACC-GBP £ 14.69 - -0.01 3.57 www.invil.mu
Consistent UT Acc 139.70 141.90 0.50 4.66 Other International Funds HC Kleinwort Hambros Multi Asset Balanced A Inc 149.80 - 0.21 0.81
Strategic Japan Opportunities Fund ¥ 59481.00 - -1155.00 0.00 Emerging Markets Bond A Accumulation £ 1.28 - 0.00 5.86
Arisaig Latin America Consumer Fund $ 24.64 - 0.48 0.00 CCLA Investment Management Ltd (UK) Global High Yield Fund Y-GINC-GBP £ 10.70 - -0.03 3.59 NAV £ 8.43 - -0.07 0.00
Senator House 85 Queen Victoria Street London EC4V 4ET Practical Investment Inc 239.20 256.10 -0.60 3.20 HC Kleinwort Hambros Fixed Income A Acc 128.54 - 0.09 3.44
Strategic Beta Flex Fund € 1001.60 - -0.50 0.00 Emerging Markets Bond A Income £ 0.99 - 0.01 6.07
Property & Other UK Unit Trusts Global High Yield Fund Y-INC-GBP £ 10.54 - 0.00 3.46
CBF Church of England Funds Practical Investment Acc 1266.00 1356.00 -3.00 3.20 HC Kleinwort Hambros Fixed Income A Inc 108.67 - 0.08 3.44
Global Listed Infrastructure Acc 250.59 - 1.15 3.07
Investment Inc 1673.32 1680.09 2.24 3.22 Global Property Fund W-ACC-GBP £ 1.79 - 0.01 1.92

Global Listed Infrastructure Inc 181.79 - 0.84 3.15 Intrinsic Value Investors (IVI) LLP (IRL)
Investment Acc 3760.25 3775.47 5.02 0.00 Global Property W Inc £ 1.51 - 0.01 2.74 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
Global Property Securities A Accumulation 210.91 - 1.57 2.43 FCA Recognised
Global Equity Inc 190.56 190.85 0.45 3.71 Global Special Sits W-ACC-GBP £ 37.80 - 0.08 0.64
IVI European Fund EUR € 22.76 - 0.09 0.00
Global Property Securities A Income 155.09 - 1.18 2.47
Global Equity Acc 311.21 311.69 0.73 0.00 Index Emerging Markets P-Acc £ 1.50 - 0.00 1.99
IVI European Fund GBP £ 26.95 - 0.20 0.00
Global Resources A Shares 290.34 - 0.24 0.34
Artemis Fund Managers Ltd (1200)F (UK) UK Equity Inc 171.97 172.37 -1.42 3.51 Index Emerging Markets P-Inc-GBP £ 1.25 - 0.00 2.09
57 St. James's Street, London SW1A 1LD 0800 092 2051 EdenTree Investment Management Ltd (UK)
Greater China Growth A Shares 838.04 - 3.02 0.72
Authorised Inv Funds UK Equity Acc 282.67 283.32 -2.33 0.00 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Index Europe ex UK Fund P-Inc-GBP £ 1.33 - 0.00 2.41
Coronation Fund Managers Lazard Fund Managers Ltd (1200)F (UK)
Artemis Capital R ACC 1620.51 1628.94 -11.03 1.56 Authorised Inv Funds Japan Focus Acc GBP £ 1.86 - 0.03 0.06
+44 (0)20 7389 8840 www.coronation.com P.O. Box 364, Darlington, DL1 9RD
Fixed Interest Inc 163.41 164.26 0.15 4.04 Index Europe ex UK P-Acc £ 1.43 - 0.00 2.16 Janus Henderson Investors (UK)
Enquiries: +27 (21) 680 2837/2457 coronationfunds@coronation.co.za Amity UK Cls A Inc 242.40 - 0.40 1.38 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 Dealing: 0870 6066408, Info: 0870 6066459
Artemis European Growth R Acc 343.06 343.82 -0.45 0.86 Other International Funds Authorised Inv Funds
Fixed Interest Acc 553.95 556.83 0.52 0.00 Index Japan Fund P-Inc-GBP £ 1.51 - 0.00 1.80 www.janushenderson.com
Amity UK Cls B Inc 242.20 - 0.40 2.15 Authorised Inv Funds Lazard Investment Funds (OEIC) B Share Class
Artemis European Opps R Acc 106.93 107.20 0.11 0.73 Global Emerging Markets - Class A $ 16.38 - 0.10 0.00
Property Fund Inc 135.46 140.01 -1.76 5.49 Index Japan P-Acc £ 1.60 - 0.00 1.65 Developing Markets Acc 116.63 - -0.04 0.00
Higher Income Cls A Inc 136.50 - 0.00 4.23 Janus Henderson Asia Pacific Capital Growth Fund A Acc 1102.00 - 0.00 0.03
Artemis Global Emg Mkts I GBP Acc 132.15 - 0.22 - All Africa $ 18.43 - 0.04 0.00
Index Pacific ex Japan P-Acc £ 1.56 - 0.00 3.33 Developing Markets Inc 115.12 - -0.04 0.00
Higher Income Cls B Inc 142.40 - -0.10 4.19 Janus Henderson Asian Dividend Income Unit Trust Inc 105.25 110.57 0.47 5.55
Artemis Global Emg Mkts I GBP Dist 122.18 - 0.20 - Africa Frontiers $ 20.68 - -0.03 0.00
Index Pacific ex Japan P-INC-GBP £ 1.21 - 0.01 3.57 Emerging Markets Acc 325.90 - 0.70 1.39
UK Equity Growth Cls A Inc 298.60 - -0.40 0.98 Janus Henderson Cautious Managed Fund A Acc 270.60 - -0.50 3.20
Artemis Global Energy R Acc 35.45 35.56 -0.23 0.36 CCLA Fund Managers Ltd (UK)
Senator House 85 Queen Victoria Street London EC4V 4ET Index UK Fund P-INC-GBP £ 1.19 - -0.01 2.99 Emg Mkts Inc 278.16 - 0.62 1.40
UK Equity Growth Cls B Inc 305.50 - -0.40 1.69 Janus Henderson Cautious Managed Fund A Inc 154.30 - -0.30 3.27
Artemis Global Growth R Acc 259.67 260.16 1.67 0.91 Property & Other UK Unit Trusts Foord Asset Management
Index UK P-Acc £ 1.36 - 0.00 2.61 European Alpha Acc 857.07 - -2.93 0.80
COIF Charity Funds (UK) Amity Balanced For Charities A Inc 110.50 - 0.00 5.00 Website: www.foord.com - Email: info@foord.com Janus Henderson China Opportunities Fund A Acc 1422.00 - 12.00 0.46
Artemis Global Income R Acc 130.89 131.18 1.06 3.39 FCA Recognised - Luxembourg UCITS
Investment Inc 1492.72 1498.77 -5.41 2.53 Index US Fund P-Inc-GBP £ 1.80 - 0.01 1.50 European Alpha Inc 767.66 - -2.62 0.82
Amity European Fund Cls A Inc 261.90 - 0.70 1.11 Janus Henderson Emerging Markets Opportunities Fund A Acc 198.80 - 1.40 0.34
Foord International Fund | R $ 39.47 - 0.14 -
Artemis Global Income R Inc 97.29 97.51 0.78 3.49
Investment Acc 15825.95 15890.01 -57.27 0.00 Index US P-Acc £ 2.02 - 0.01 1.48 European Smaller Cos Acc 645.94 - 2.06 0.63
Amity European Fund Cls B Inc 264.50 - 0.70 1.93 Janus Henderson European Growth Fund A Acc 234.80 - -0.30 0.84
Foord Global Equity Fund (Lux) | R $ 13.01 - 0.02 -
Artemis Global select R Acc 106.29 106.48 0.96 0.00
Ethical Invest Inc 229.12 230.04 -0.80 2.57 Index World Fund P-Inc-GBP £ 1.56 - 0.00 1.86 Global Equity Income Acc 167.88 - 0.22 5.16
Amity Global Equity Inc for Charities A Inc 126.80 - 0.00 3.17 Regulated Janus Henderson European Selected Opportunities Fund A Acc 1663.00 - -3.00 0.78
Artemis High Income R Inc 77.46 78.14 0.02 5.74 CP Global Asset Management Pte. Ltd.
Ethical Invest Acc 325.70 327.02 -1.15 0.00 www.cpglobal.com.sg, Tel: +65 6466 6990 Index World P-Acc £ 1.76 - 0.00 1.76 Foord Global Equity Fund (Sing) | B $ 15.70 - 0.02 0.00 Global Equity Income Inc 99.61 - 0.13 5.34
Amity International Cls A Inc 271.50 - 0.60 1.14 Janus Henderson Fixed Interest Monthly Income Fund Inc 21.32 22.24 0.01 4.82
Artemis Income R Acc 440.25 442.37 -1.94 3.91 International Mutual Funds
Global Equity Inc 177.64 177.91 -0.73 - Japan Fund W-ACC-GBP £ 3.61 - -0.01 0.44 Foord International Trust (Gsy) $ 39.17 - 0.14 0.00 Managed Bal Inc 169.36 - -0.18 1.73
CP Multi-Strategy Fund $ 163.14 - 0.59 - Amity International Cls B Inc 274.10 - 0.60 1.87 Janus Henderson Global Sustainable Equity Fund A Inc 299.10 - 2.30 0.05
Artemis Income R Inc 232.51 233.62 -1.02 4.03
Global Equity Acc 293.36 293.80 -1.22 0.00 Japan Smaller Cos Fund W-ACC-GBP £ 3.38 - 0.00 0.25 UK Income Acc 1472.64 - -7.10 4.01
Amity Sterling Bond Fund A Inc 104.40 - 0.10 4.46 Janus Henderson Global Equity Income Fund A Inc 61.19 - 0.22 3.38
Artemis Monthly Dist R Inc 70.28 70.75 0.21 4.07
Fixed Interest Inc 135.29 135.99 -0.02 2.46 MoneyBuilder Balanced Y-ACC-GBP £ 0.56 - 0.00 3.46 UK Income Inc 641.69 - -3.10 4.13
Amity Sterling Bond Fund B Inc 114.70 - 0.10 4.46 Janus Henderson Global Equity Fund Acc 3191.74 3329.23 15.02 0.00
Artemis Pan-Euro Abs Ret GBP 122.76 - -0.41 - Franklin Templeton International Services Sarl (IRL)
Fixed Interest Acc 855.50 859.96 -0.14 0.00 CP Capital Asset Management Limited MoneyBuilder Balanced Y-INC-GBP £ 0.59 - 0.00 4.16 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland UK Omega Acc 264.17 - -1.13 1.72
www.cpgbl.com, email: fundservices@cpgbl.com Janus Henderson Global Technology Fund A Acc 1818.00 - 24.00 0.00
Artemis Strategic Assets R Acc 88.82 89.29 -0.55 0.00 Other International Funds
Property Inc 116.09 119.98 -1.49 5.51 International Mutual Funds MoneyBuilder Dividend Y-INC-GBP £ 1.31 - -0.01 4.64 UK Omega Inc 239.84 - -1.03 1.75
Franklin Emerging Market Debt Opportunities Fund Plc Janus Henderson Multi-Asset Absolute Return Fund A Acc 140.80 - 0.00 0.82
Artemis Strategic Bond R M Acc 94.60 95.26 0.08 3.41 Local Authorities Property Fd (LAMIT) (UK) CPS Master Private Fund $ 236.87 - 0.00 -
Edinburgh Partners Limited (IRL) MoneyBuilder Growth Fund Y-INC-GBP £ 0.82 - 0.00 2.22 Franklin Emg Mkts Debt Opp CHFSFr 16.68 - -0.27 9.38
UK Smaller Cos Inc 2201.83 - 0.76 0.95
27-31 Melville Street, Edinburgh EH3 7JF Janus Henderson Multi-Manager Active Fund A Acc 225.70 - 0.20 0.00
Property 298.90 324.10 0.51 4.81
Artemis Strategic Bond R M Inc 55.90 56.29 0.05 3.47 CP Global Alpha Fund $ 192.51 - 0.00 -
Tel: +353 1 434 5143 Dealing - Fax +353 1 434 5230 MoneyBuilder Income Fund Y-ACC-GBP £ 12.79 - 0.02 3.20 Franklin Emg Mkts Debt Opp GBP £ 10.46 - -0.16 6.89
FCA Recognised Janus Henderson Multi-Manager Distribution Fund A Inc 134.40 - 0.20 3.14
Artemis Strategic Bond R Q Acc 94.77 95.44 0.08 3.30 Edinburgh Partners Opportunities Fund PLC Franklin Emg Mkts Debt Opp SGD S$ 22.42 - -0.26 5.42
MoneyBuilder Income Fund Y-GACC-GBP £ 14.90 - -0.04 3.24
Janus Henderson Multi-Manager Diversified Fund A Acc 85.36 - 0.12 3.05
Artemis Strategic Bond R Q Inc 55.84 56.23 0.05 3.37 Emerging Opportunities I USD $ $ 1.30 - 0.00 1.47 LF Funds (Banque Libano-Francaise Group) (LUX)
CG Asset Management Limited (IRL) MoneyBuilder Income Fund Y-GINC-GBP £ 1.25 - 0.00 3.30 Franklin Emg Mkts Debt Opp USD $ 17.40 - -0.28 7.06
DAVIS Funds SICAV (LUX) Janus Henderson Multi-Manager Global Select Fund Acc 244.10 - 0.20 0.30 www.eblf.com - lffunds@eblf.com
25 Moorgate, London, EC2R 6AY European Opportunities I EUR € 2.71 - 0.01 1.90 Regulated
Artemis UK Select Fund Class R Acc 553.21 556.59 -3.11 1.13 Regulated
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 MoneyBuilder Income Fund Y-INC-GBP £ 1.21 - 0.00 3.26
Janus Henderson Multi-Manager Income & Growth Fund A Acc 176.20 - 0.20 2.19 Lebanon Income Fund (USD) Class A $ 104.46 - 1.01 1.67
FCA Recognised Davis Value A $ 53.91 - 0.29 0.00
Artemis UK Smaller Cos R Acc 1769.93 1806.35 -7.96 1.17 European Opportunities I GBP £ 2.39 - 0.02 1.67
Multi Asset Adventurous N-ACC-GBP £ 1.46 - 0.00 1.03
Capital Gearing Portfolio Inc £ 32071.62 32071.62 90.67 0.73 Janus Henderson Multi-Manager Income & Growth Fund A Inc 153.30 - 0.20 2.26 LF Total Return Bond Fund - Class A $ 128.37 - 0.40 0.00
Davis Global A $ 41.03 - 0.03 0.00
Artemis UK Special Sits R Acc 615.54 620.04 -0.28 1.47 European Opportunities A EUR € 2.66 - 0.01 0.94
CG Portfolio Fund Plc Multi Asset Alloc Advent N-ACC-GBP £ 1.37 - 0.00 1.23
Janus Henderson Multi-Manager Managed Fund A Acc 280.20 - 0.30 0.03 LF Total Return Bond Fund - Class D $ 118.10 - 0.38 2.92
Artemis US Abs Ret I Acc 111.82 - -0.01 0.00 Global Opportunities I USD $ 1.94 - 0.01 1.38
Absolute Return Cls M Inc £ 118.07 118.07 -0.04 1.25 Multi Asset Alloc Def N-ACC-GBP £ 1.17 - 0.00 1.02
Janus Henderson Multi-Manager Managed Fund A Inc 273.00 - 0.30 0.02
Artemis US Equity I Acc 184.44 - 0.58 0.14 Global Opportunities I GBP £ 1.47 - 0.00 1.13
Capital Value Cls V Inc £ 155.93 155.93 0.47 0.44 Multi Asset Alloc Def N-GACC-GBP £ 1.18 - 0.00 1.02
Janus Henderson Sterling Bond Unit Trust Acc 220.01 229.50 0.45 2.19
Artemis US Ex Alpha I Acc 198.50 - 1.43 0.00 Pan European Opportunities I EUR € 1.89 - 0.01 -
Dollar Fund Cls D Inc £ 151.70 151.70 -0.50 1.64 Multi Asset Alloc Growth N-ACC-GBP £ 1.26 - 0.00 1.12 Fundsmith LLP (1200)F (UK)
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 Janus Henderson Sterling Bond Unit Trust Inc 64.68 67.46 0.13 2.22
Artemis US Extended Alpha I Hedged Acc £ 1.38 - 0.01 0.00 Dollar Hedged GBP Inc £ 97.32 97.32 0.01 1.73 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Multi Asset Alloc Strat N-ACC-GBP £ 1.23 - 0.00 1.01
Authorised Inv Funds Janus Henderson Strategic Bond Fund A Inc 121.20 - 0.00 3.71
Artemis US Select I Acc 191.58 - 0.70 0.07 Real Return Cls A Inc £ 194.43 194.43 -0.44 2.17 Multi Asset Balanced Inc N-GINC-GBP £ 1.11 - -0.01 4.08
Electric & General (1000)F (UK) Fundsmith Equity T Acc 387.94 - 3.45 0.52 Janus Henderson UK & Irish Smaller Companies Fund A Acc 674.40 - -1.60 0.60
Deutsche Asset Management (LUX)
Artemis US Select I Hedged Acc £ 1.43 - 0.01 0.08 Stuart House St.John's Street Peterborough PE1 5DD
Tel: + 44 207 545 9070 www.dws.co.uk Multi Asset Balanced Inc N-INC-GBP £ 1.09 - 0.00 3.88
Orders & Enquiries: 0845 850 0255 Fundsmith Equity T Inc 358.49 - 3.18 0.99 Janus Henderson UK Absolute Return Fund A Acc 158.30 - 0.10 0.00
FCA Recognised Link Asset Services (UK)
Artemis US Select I Inc 170.07 - 0.63 0.07 Authorised Inv Funds 65 Gresham Street, London, EC2V 7NQ
Multi Asset Defensive N-ACC-GBP £ 1.23 - 0.01 1.01
Deutsche Invest I Top Dividend GBP RD £ 131.27 131.27 0.26 2.71 Authorised Corporate Director - Carvetian Capital Management Janus Henderson UK Alpha Fund A Acc 152.90 - -0.40 1.79 Order Desk and Enquiries: 0345 922 0044
Artemis US Smlr Cos I Acc 217.26 - 1.60 0.00 Authorised Inv Funds
Electric&General Net Income A 192.20xd - 1.50 1.27 Multi Asset Defensive N-GACC-GBP £ 1.22 - 0.00 1.02
Deutsche Invest I Top Euroland GBP RD £ 133.82 133.82 1.66 2.11 Janus Henderson UK Equity Income & Growth Fund A Inc 636.70 - -1.90 3.64
GAM LF Heartwood Balanced MA B Acc X 146.70 - -0.04 0.43
Multi Asset Growth Fund N-ACC-GBP £ 1.35 - 0.00 1.04
Deutsche Invest I Multi Opportunities GBP CH RD £ 101.46 101.46 0.13 0.00 funds@gam.com, www.funds.gam.com Janus Henderson UK Index Fund A Acc 643.70 - -2.60 2.44
Regulated LF Heartwood Cautious MA B Acc X 141.02 - 0.14 0.60
Multi Asset Inc & Growth N-INC-GBP £ 1.11 - 0.00 4.13
Deutsche Invest I Global Bonds GBP CH RD £ 102.13 102.13 0.00 0.00 Janus Henderson UK Property PAIF A Acc £ 2.30 2.42 0.00 2.35
Ennismore Smaller Cos Plc (IRL) LAPIS TOP 25 DIV.YLD-D £ 105.06 - 0.89 1.93
LF Heartwood Defensive MA B Acc 115.05 - 0.06 0.15
Candriam Investors Group (LUX) 5 Kensington Church St, London W8 4LD 020 7368 4220 Multi Asset Income Fund N-GINC-GBP £ 1.08 - 0.00 4.12
Janus Henderson UK Property PAIF A Inc £ 1.02 1.08 0.00 2.40
FCA Recognised FCA Recognised
Asset Management LF Heartwood Growth MA B Acc X 177.99 - 0.05 0.04

Asset Management
Multi Asset Income Fund N-INC-GBP £ 1.06 - 0.00 4.20
Candriam Eqts L Australia Cap A$ 1322.47 - 11.90 0.00 Ennismore European Smlr Cos NAV £ 129.21 - 0.14 0.00 Janus Henderson UK Tracker Fund A Acc 289.40 - -1.30 2.53
LF Heartwood Income MA B Inc X 111.44 - 0.16 3.06
Candriam Bds Euro Cap € 1168.19 - -0.38 0.00
Fidelity Asia Fund W-ACC-GBP £ 13.27 - 0.01 0.74 GYS Investment Management Ltd (GSY)
Janus Henderson US Growth Fund A Acc 1089.00 - 11.00 0.00
Ennismore European Smlr Cos NAV € 146.01 - -0.41 0.00 Regulated
Ashmore Investment Management Limited (LUX) LF Heartwood Income Plus MA B Inc X 118.40 - 0.21 3.55
Multi Asset Open Advent N-ACC-GBP £ 1.39 - 0.01 0.62
2 rue Albert Borschette L-1246 Luxembourg Candriam Bds Gbl Infl Sh Dur Cap € 139.21 - -0.02 0.00 Taurus Emerging Fund Ltd $ 169.49 172.95 9.42 0.00
FCA Recognised LF Seneca Diversified Growth A Acc 270.17 - 0.17 2.18
Multi Asset Open Defen N-ACC-GBP £ 1.22 - 0.00 1.04
Candriam Qt-Eqts Europe Cap € 2623.99 - 13.40 0.00
Ashmore SICAV Emerging Market Debt Fund $ 94.33 - 0.58 5.50
 7 July/8 July 2018 ★ FTWeekend 19

MANAGED FUNDS SERVICE

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

LF Seneca Diversified Growth B Acc 162.55 - 0.10 2.81 MFM Hathaway Inc 141.42 148.08 -0.13 1.42 New Capital China Equity Fund - USD Ord Acc. $ 160.87 - -1.08 0.00 LF Ruffer Japanese O Acc X 244.90 - -4.72 0.00 Value Partners Greater China Equity Fund USD A (Acc) Unhedged $ 11.25 - 0.07 0.00

LF Seneca Diversified Growth N Acc 159.93 - 0.10 2.57 MFM Techinvest Special Situations Acc 208.91 208.91 -1.55 0.00 New Capital Global Value Credit Fund - USD Ord Acc. $ 182.28 - 0.26 0.00 LF Ruffer Pacific C Acc 354.77 - -6.78 0.98 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 12.35 - 0.01 0.00
Polar Capital LLP (CYM)
LF Seneca Diversified Income A Inc 91.82 - 0.03 5.02 MFM Techinvest Technology Acc 532.78 532.78 -6.78 0.00 New Capital Global Equity Conviction Fund - USD Ord Acc. $ 128.05 - 0.43 0.00 Regulated LF Ruffer Pacific C Inc 99.75 - -1.91 1.15 Value Partners Health Care Fund USD Class A Unhedged $ 12.43 - 0.01 0.00

European Forager A EUR € 190.42 - 0.55 0.00

LF Seneca Diversified Income B Inc 110.43 - 0.04 5.00 MFM UK Primary Opportunities A Inc 433.36 433.36 -1.59 1.25 New Capital Strategic Portfolio UCITS Fund - USD Inst Acc. $ 120.64 - 0.40 0.00 LF Ruffer Pacific O Acc 348.23 - -6.67 0.67

LF Seneca Diversified Income N Inc 108.79 - 0.04 5.01 New Capital Wealthy Nations Bond Fund - USD Inst Inc. $ 112.38 - 0.36 5.58 LF Ruffer Total Return C Acc 442.91 - -1.81 1.45

Investment Adviser - Morant Wright Management Limited

WA Fixed Income Fund Plc (IRL)
New Capital Swiss Select Equity Fund - CHF Ord Acc.SFr 162.69 - 0.61 0.00 Pictet Asset Management (Europe) SA (LUX) LF Ruffer Total Return C Inc 296.31 - -1.21 1.45 Toscafund Asset Management LLP (UK) Regulated
LF Morant Wright Japan A Acc X 390.04 - 3.69 0.08 Marwyn Asset Management Limited (CYM) 15, Avenue J.F. Kennedy L-1855 Luxembourg Private Fund Mgrs (Guernsey) Ltd (GSY) www.toscafund.com
Regulated European Multi-Sector € 115.42 - 0.14 3.55
Regulated New Capital US Growth Fund - USD Ord Acc. $ 286.72 - 2.89 0.00 Tel: 0041 58 323 3000 LF Ruffer Total Return O Acc 435.11 - -1.79 1.44 Authorised Funds
LF Morant Wright Japan A Inc X 380.63 - 3.60 0.36 FCA Recognised Monument Growth 03/07/2018 £ 529.77 535.58 2.06 3.08
Marwyn Value Investors £ 422.01 - 7.51 0.00 Aptus Global Financials B Acc £ 4.39 - 0.02 4.46
New Capital All Weather Fund - EUR Inst Acc € 99.70 - -0.32 0.00 LF Ruffer Total Return O Inc 290.93 - -1.20 1.46
Pictet-Absl Rtn Fix Inc-HI EUR € 105.93 - 0.12 0.00
LF Morant Wright Japan B Acc X 420.46 - 3.98 0.88
Aptus Global Financials B Inc £ 3.34 - 0.02 4.63
New Capital Dynamic UK Equity Fund - GBP Inst Acc. £ 113.78 - -0.12 0.00
Pictet-Asian Equities Ex Japan-I USD F $ 295.82 - 1.36 0.00
LF Morant Wright Japan B Inc X 386.30 - 3.66 0.90
New Capital US Small Cap Growth Fund - USD Inst Acc $ 148.72 - 1.53 0.00 Prusik Investment Management LLP (IRL)
LF Morant Wright Nippon Yield A Acc X 411.33 - 3.79 2.46 McInroy & Wood Portfolios Limited (UK) Pictet-Asian Local Currency Debt-I USD F $ 162.03 - -0.20 0.00
Enquiries - 0207 493 1331
Easter Alderston, Haddington, EH41 3SF 01620 825867 New Capital Global Alpha Fund - USD Ord Inc $ 104.53 - 0.06 0.32
Pictet-Biotech-I USD F $ 836.60 - 7.02 0.00 Regulated Toscafund Asset Management LLP
LF Morant Wright Nippon Yield A Inc X 335.09 - 3.09 2.51 Authorised Inv Funds
Prusik Asian Equity Income B Dist $ 189.69 - 0.87 3.56 www.toscafund.com
Balanced Fund Personal Class Units 4919.80 - 26.00 1.40 Pictet-CHF Bonds I CHF SFr 505.71 - 1.07 0.00 Other International Funds
LF Morant Wright Nippon Yield B Acc X 432.08 - 3.99 2.46
Prusik Asia A $ 254.88 - 0.64 0.00 Yapi Kredi Asset Management (TUR)
Income Fund Personal Class Units 2623.30xd - 2.00 2.75 Tosca A USD $ 375.70 - -18.36 -
Pictet-China Index I USD $ 154.23 - -0.04 0.00 www.yapikrediportfoy.com.tr Tel: + 90 (212) 385 48 48
LF Morant Wright Nippon Yield B Inc X 352.09 - 3.26 2.50
Prusik Asian Smaller Cos A $ 149.28 - 0.42 0.00 Other International Funds
Emerging Markets Fund Personal Class Units 2044.90 - 3.30 1.73 S W Mitchell Capital LLP (IRL) Tosca Mid Cap GBP £ 309.95 - 5.48 -
Pictet-Clean Energy-I USD F $ 99.13 - 1.17 0.00
Regulated Eurobond Fund TRY 0.117565 - -0.000610 -
Smaller Companies Fund Personal Class Units 5643.60 - 48.60 0.95 SWMC European Fund B EUR € 18056.92 - 105.18 0.00 Tosca Opportunity B USD $ 458.80 - 10.78 -
Pictet-Digital-I USD F $ 420.74 - 3.15 0.00
Koc Affiliate and Equity Fund TRY 0.866658 - 0.748483 -
Lloyds Investment Fund Managers Limited (1000)F (JER) Pictet-Em Lcl Ccy Dbt-I USD F $ 170.96 - 0.95 0.00 SWMC Small Cap European Fund B EUR € 15358.46 - 35.81 0.00 Pegasus Fund Ltd A-1 GBP £ 74.76 - 0.49 0.00
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Purisima Investment Fds (UK) (1200)F (UK) DPM Bonds and Bills Fund (FX) $ 0.991028 - 0.872853 0.00
Other International Funds Northwest Investment Management (HK) Ltd 65 Gresham Street, London, EC2V 7NQ
Pictet-Emerging Europe-I EUR F € 359.44 - 2.57 0.00 Order Desk and Enquiries: 0345 922 0044
Emerging Markets Managed Accounts PLC (IRL) 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9331 9220
Lloydstrust Gilt £ 12.5300xd - 0.0500 1.87 Other International Funds Authorised Inv Funds
emma@milltrust.com, +44(0)20 8123 8369, www.milltrust.com Pictet-Emerging Markets-I USD F $ 616.54 - 1.63 0.00
Lloyds Investment Funds Limited Regulated Authorised Corporate Director - Link Fund Solutions
Northwest China Opps Class T $ $ 3328.59 - -17.86 0.00
Euro High Income € 1.5500xd - 0.0040 2.93 Milltrust ASEAN A $ 105.54 - 1.02 0.00 Pictet-Emerging Markets Index-I USD F $ 288.02 - -0.15 0.00 Global Total Fd PCG A 249.17 - 1.90 0.53
Northwest Feilong Acc USD $ 1736.02 - -33.00 0.00
High Income £ 0.8487xd - 0.0026 4.19 Milltrust India A $ 164.35 - -0.24 0.00 Pictet-Emerging Corporate Bonds I USD $ 121.39 - 0.03 0.00 Global Total Fd PCG B 247.03 - 1.87 0.30
Northwest Fund Class T $ $ 2418.48 - -32.03 0.00
Sterling Bond £ 1.5000xd - 0.0050 2.55 Milltrust Latin America A $ 95.40 - 2.12 0.00 Pictet-Emerging Markets High Dividend I USD $ 117.53 - 0.65 0.00 Global Total Fd PCG INT 243.93 - 1.85 0.06
Northwest Warrant Acc $ $ 1969.35 - -444.40 0.00
Lloyds Gilt Fund Limited Pictet-Emerging Markets Sust Eq I USD $ 102.62 - 0.07 0.00 RobecoSAM (LUX)
Milltrust Keywise China Fund $ 146.67 - -1.77 0.00 Yuki International Limited (IRL)
Lloyds Gilt Fund Quarterly Share £ 1.3200xd - 0.0060 1.42 Tel. +41 44 653 10 10 http://www.robecosam.com/
Tel +44-20-7269-0207 www.yukifunds.com
Milltrust SEDCO MENA Fund (Class A) * $ 107.76 - 0.38 0.00 Pictet-EUR Bonds-I F € 581.86 - 0.06 0.00 Regulated
Regulated
Monthly Share £ 1.2690xd - 0.0060 1.42 Purisima Investment Fds (CI) Ltd (JER)
RobecoSAM Sm.Energy/A £ 17.70 - 0.31 1.19 TreeTop Asset Management S.A. (LUX) Yuki Mizuho Umbrella Fund
Pictet-EUR Corporate Bonds-I F € 209.89 - -0.05 0.00 Regulated Regulated
Lloyds Money Fund Limited
RobecoSAM Sm.Energy/N € 15.87 - 0.22 0.00 TreeTop Convertible Sicav Yuki Mizuho Japan Dynamic Growth ¥ 9827.00 - 217.00 0.00
PCG B X 213.17 - 0.26 0.00
Sterling Class £ 52.5150 - 0.0000 -0.20 Pictet-EUR Government Bonds I EUR € 163.34 - -0.19 0.00
International A € 301.69 - 0.13 0.00 Yuki Japan Low Price ¥ 46309.00 - 1158.00 0.00
Milltrust International Managed Investments ICAV (IRL) PCG C X 209.26 - 0.25 0.00 RobecoSAM Sm.Materials/A £ 201.37 - 1.26 1.30
Lloyds Multi Strategy Fund Limited Pictet-EUR High Yield-I F € 268.33 - -0.08 0.00
mimi@milltrust.com, +44(0)20 8123 8369 www.milltrust.com
International B $ 407.14 - 0.24 0.00 Yuki Japan Value Select ¥ 20296.00 - 472.00 0.00
Conservative Strategy £ 1.2280xd - 0.0020 0.43 Regulated RobecoSAM Sm.Materials/N € 205.11 - 0.48 0.00
Pictet-EUR Short Mid-Term Bonds-I F € 136.66 - -0.10 0.00
MAI - Buy & Lease (Australia) A$ 99.42 - -0.58 - Oasis Crescent Management Company Ltd International C £ 123.45 - 0.07 3.24 Yuki Asia Umbrella Fund
Growth Strategy £ 1.8150xd - 0.0030 0.23 RobecoSAM Sm.Materials/Na € 137.89 - 0.32 1.30
Other International Funds Pictet-EUR Short Term HY I EUR € 126.55 - 0.09 0.00 Yuki Japan Rebounding Growth Fund JPY Class ¥ 38674.00 - 870.00 0.00
MAI - Buy & Lease (New Zealand)NZ$ 98.95 - -0.49 0.00 International D € 256.73 - 0.12 3.11
Aggressive Strategy £ 2.4640xd - 0.0090 0.00 Oasis Crescent Equity Fund R 10.71 - -0.08 0.00 RobecoSAM Gl.Small Cap Eq/A £ 115.03 - 0.82 1.08
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 101.39 - 0.00 0.00 Yuki Japan Rebounding Growth Fund USD Hedged Class $ 1524.68 - 34.40 0.00
TreeTop Global Sicav
British Innovation Fund £ 98.71 - -1.03 -
Global USD Growth Strategy $ 1.6200 - 0.0060 0.00 RobecoSAM Gl.Small Cap Eq/N € 201.93 - 0.66 0.00
Pictet-Euroland Index IS EUR € 156.96 - 1.39 0.00 Global Opp.A € 161.64 - 1.12 0.00
Dealing Daily EICM South Asia Hospitality 1 $ 101.98 - 4.50 -
RobecoSAM Sustainable Gl.Eq/B € 219.39 - 0.44 0.00
Pictet-Europe Index-I EUR F € 192.14 - 0.82 0.00 Global Opp.B $ 168.30 - 1.29 0.00
Milltrust Global Emerging Markets Fund - Class A $ 88.64 - 1.40 - Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Regulated
Pictet-European Equity Selection-I EUR F € 779.32 - -3.65 0.00
Ram Active Investments SA RobecoSAM Sustainable Gl.Eq/N € 192.75 - 0.40 0.00
Global Opp.C £ 232.81 - 1.61 0.00
Oasis Crescent Global Investment Fund (Ireland) plc www.ram-ai.com
Lothbury Property Trust (UK) Other International Funds RobecoSAM S.HealthyLiv/B € 196.97 - 0.19 0.00
Oasis Crescent Global Short Term Income Fund I - Class A Dist $ 0.98 - 0.00 - Pictet-European Sust Eq-I EUR F € 265.17 - 0.52 0.00 Sequoia Equity A € 153.60 - 0.29 0.00
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Property & Other UK Unit Trusts
RAM Systematic Emerg Markets Core Eq $ 100.32 - -0.03 -
RobecoSAM S.HealthyLiv/N € 187.09 - 0.18 0.00
Zadig Gestion (Memnon Fund) (LUX)
Ministry of Justice Common Investment Funds (UK) Oasis Crescent Global Equity Fund $ 30.66 - 0.21 0.71 Pictet-Global Bds Fundamental I USD $ 126.40 - 0.50 0.00 Sequoia Equity B $ 167.79 - 0.48 0.00 FCA Recognised
Lothbury Property Trust GBP £ 1980.44 2134.69 22.97 3.08 Property & Other UK Unit Trusts RAM Systematic Emerg Markets Eq $ 177.63 - -0.41 -
RobecoSAM S.HealthyLiv/Na £ 140.93 - 0.69 1.31 Memnon European Fund I GBP £ 169.96 - 1.99 0.00
Oasis Crescent Variable Balanced Fund £ 10.39 - 0.02 0.00 Pictet-Global Bonds-I EUR € 166.53 - -0.33 0.00 Sequoia Equity C £ 196.85 - 0.37 3.28
The Equity Idx Tracker Fd Inc 1735.00 1735.00 -2.00 2.68
RAM Systematic European Eq € 461.49 - 1.91 -
RobecoSAM S.Water/A £ 234.87 - 1.21 1.44
Money Market
Distribution Units OasisCresGl Income Class A $ 10.46 - 0.01 2.89 Pictet-Global Defensive Equities I USD $ 172.86 - 1.31 0.00
RAM Systematic Global Shareholder Yield Eq $ 131.33 - 0.44 0.00
RobecoSAM S.Water/N € 200.44 - 0.25 0.00
OasisCresGl LowBal D ($) Dist $ 12.18 - 0.06 0.00 Pictet-Global Emerging Debt-I USD F $ 392.00 - 0.90 0.00

M & G Securities (1200)F (UK)
PO Box 9038, Chelmsford, CM99 2XF
www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472
Authorised Inv Funds
Charifund Inc 1608.23 - -4.91 4.70
Charifund Acc 24906.79 - -76.02 4.56
M & G Securities Ltd (UK)
UK Charity Funds
Charibond 123.24 - 0.12 2.27
(Accum Units) 3980.61 - 3.66 2.27
NAACIF 87.28 - -0.16 3.90
(Accum Units) 8678.42 - -15.45 3.80
M&L Capital Management Limited
c/o Capita Financial Administrators (Ireland) Limited
Tel:+353 1 400 5300
FCA Recognised
M&L Global Growth Class A USD Accumulation $ 1.57 - 0.02 0.00
M&L Global Growth Class B GBP Accumulation £ 1.60 - 0.01 0.00
M&L Global Growth Class C USD Income $ 1.48 - 0.01 3.88
M&L Global Growth Class D GBP Income £ 1.51 - 0.01 3.76
M&L Global Growth Class E USD Accumulation $ 1.52 - 0.01 0.00
M&L Global Growth Class F GBP Income £ 1.48 - 0.01 3.82
Majedie Asset Management LTD (UK)
www.majedie.com
Authorised Inv Funds
Global Equity X Acc GBP £ 1.68 - 0.01 0.55
Global Focus X Acc GBP £ 1.63 - 0.00 0.59
UK Equity X Acc 186.65 - -1.11 2.48
UK Focus X Acc 213.65 - -0.63 1.53
UK Income X Inc 165.33 - -1.22 4.42
UK Smaller Companies A Acc 317.34 - -1.92 1.03
OasisCresGl Med Eq Bal A ($) Dist $ 12.81 - 0.07 0.61 Pictet-Global Env.Opport-I EUR € 201.30 - 0.51 0.00
RAM Systematic Long/Short Emerg Markets Eq $ 121.13 - 0.12 - Trusts and
Mirabaud Asset Management (LUX)
www.mirabaud.com, marketing@mirabaud-am.com
Conviction based investment vehicles details available here www.mirabaud-am.com
Oasis Crescent Gbl Property Eqty $ 9.67 - 0.07 1.87 Pictet-Global Megatrend Selection-I USD F $ 298.13 - 2.26 0.00
RAM Systematic Long/Short European Eq € 155.18 - 0.05 -
Bank Accounts Gross
RAM Systematic North American Eq $ 309.31 - 1.98 -
Regulated Pictet-Global Sust.Credit HI EUR € 147.96 - 0.19 0.00 Gross Net AER Int Cr
Mir. - Glb Strat. Bd I USD $ 108.70 - 0.10 0.00 RAM Tactical Convertibles Europe € 146.42 - 0.27 -
Pictet-Greater China-I USD F $ 650.40 - 4.48 0.00 CCLA Investment Management Ltd
Mir. - EqPanEuropeSm&Mid £ 162.91 - 0.34 0.00 RAM Tactical Global Bond Total Return € 142.46 - -0.02 - Senator House 85 Queen Victoria Street, London EC4V 4ET
Pictet-Health-I USD $ 295.33 - 2.73 0.00 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Mirabaud - UK Equity High Alpha £ 123.87 - -0.99 0.00 RAM Tactical II Asia Bond Total Return $ 137.76 - -0.35 -
Rubrics Global UCITS Funds Plc (IRL) Troy Asset Mgt (1200) (UK)
Pictet-High Dividend Sel I EUR F € 170.52 - 0.37 0.00
www.rubricsam.com 65 Gresham Street, London, EC2V 7NQ CCLA Fund Managers Ltd
Regulated Order Desk and Enquiries: 0345 608 0950 Senator House 85 Queen Victoria Street, London EC4V 4ET
Pictet-India Index I USD $ 120.27 - -0.89 0.00
Rubrics Emerging Markets Fixed Income UCITS Fund $ 134.09 - 0.22 0.00 Authorised Inv Funds COIF Charities Deposit Fund 0.50 - 0.50 Qtr
Odey Asset Management LLP (UK) Pictet-Indian Equities-I USD F $ 587.89 - 0.56 0.00 Rathbone Unit Trust Mgmt (1200)F (UK) Authorised Corporate Director - Link Fund Solutions
65 Gresham Street, London, EC2V 7NQ PO Box 9948, Chelmsford, CM99 2AG Rubrics Global Credit UCITS Fund $ 15.86 - 0.01 0.00 Trojan Investment Funds Data Provided by
Order Desk and Enquiries: 0345 300 2106 Pictet-Japan Index-I JPY F ¥ 18233.47 - 166.21 0.00 Order Desk: 0845 300 2101, Enquiries: 0207 399 0399
Rubrics Global Fixed Income UCITS Fund $ 162.54 - -0.01 0.00
Spectrum Fund O Acc 218.15 - -0.25 0.64
Authorised Inv Funds Authorised Inv Funds
Pictet-Japanese Equities Opp-I JPY F ¥ 11396.86 - 97.27 0.00
Authorised Corporate Director - Link Fund Solutions
Blue Chip Income Inc 146.82 151.55 0.52 4.12 Spectrum Fund O Inc 209.59 - -0.24 0.64
Q Rubrics India Fixed Income UCITS Fund $ 10.53 - -0.04 0.00
LF Odey Continental European GBP R Acc 1024.21 - 4.24 0.60 Pictet-Japanese Equity Selection-I JPY F ¥ 16277.94 - 150.55 0.00
Blue Chip Income Acc 246.35 253.83 0.86 3.92 Trojan Ethical Income O Acc 119.49 - 0.25 2.98
Morgan Stanley Investment Funds (LUX) Rubrics India Fixed Income UCITS Fund $ 90.86 - -0.37 0.00
LF Odey Opus GBP R Inc 4549.65 - -14.60 0.00 Pictet-LATAM Lc Ccy Dbt-I USD F $ 129.57 - 0.16 0.00
6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61
Ethical Bond Inc 92.54 94.42 0.18 4.13 Trojan Ethical Income O Inc 112.38 - 0.24 3.07
www.morganstanleyinvestmentfunds.com
LF Odey Absolute Return GBP R 296.62 - 0.05 0.00 Pictet-Multi Asset Global Opportunities-I EUR € 123.06 - 0.19 0.00
FCA Recognised
Ethical Bond Acc 197.06 200.47 0.38 4.02 Trojan Fund O Acc 300.83 - 0.86 0.40 www.morningstar.co.uk
US Advantage A F $ 88.41 - 0.93 0.00 LF Odey Portfolio Fund GBP R Inc 162.10 - 0.36 0.00 Pictet-Nutrition-I EUR € 222.43 - 0.43 0.00 Scottish Friendly Asset Managers Ltd (UK)
Global Opportunities Acc 220.72 227.00 1.57 0.00 Trojan Fund O Inc 247.33 - 0.71 0.40 Data as shown is for information purposes only. No
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 offer is made by Morningstar or this publication.
Asian Equity A F $ 50.54 - 0.07 0.00 Pictet-Pacific Ex Japan Index-I USD F $ 434.89 - 1.67 0.00 Authorised Inv Funds
Income Inc 914.48 944.60 0.43 3.84 Trojan Global Equity O Acc 315.41 - 2.60 0.64
Asian Property A F $ 20.76 - 0.07 0.00 Pictet-Premium Brands-I EUR F € 181.65 - -0.05 0.00 Managed Growth ♦ 287.60 - -0.60 0.00
Trojan Global Equity O Inc 263.87 - 2.18 0.65
Odey Asset Management LLP (CYM) Income Acc 1556.72 1605.03 0.74 3.53
Emerg Europ, Mid-East & Africa Eq A F € 73.54 - -0.67 0.00 Regulated UK Growth ♦ 328.60 - -0.70 0.00
Pictet-Russia Index I USD $ 76.64 - 1.89 0.00
Multi Asset Enhanced Growth Acc 163.54 - 0.23 0.07 Trojan Global Income O Acc 108.22 - 0.67 2.99
OEI Mac Inc GBP A £ 175.99 - 15.51 0.00
Emerging Markets Debt A F $ 83.90 - 0.34 0.00 Pictet-Russian Equities-I USD F $ 75.13 - 1.28 0.00
Emerging Markets Domestic Debt AX F £ 11.25 11.25 0.02 6.11
OEI Mac Inc GBP B £ 105.69 - 10.02 0.00
Multi Asset Strategic Growth inc 174.38 - 0.13 1.40 Trojan Global Income O Inc 103.51 - 0.63 3.05
Guide to Data
Pictet-Security-I USD F $ 265.20 - 2.21 0.00
Multi Asset Strategic Growth acc 192.66 - 0.14 1.38 Slater Investments Ltd Trojan Income O Acc 329.65 - -0.24 3.86
OEI MAC Inc USD $ 939.45 - 82.62 0.00
Emerging Markets Equity A F $ 41.33 41.33 0.19 0.00 Pictet-Select-Callisto I EUR € 103.10 - -0.83 0.00
Trojan Income O Inc 188.66 - -0.14 4.00 The fund prices quoted on these pages are supplied by
Multi Asset Total Return inc 130.09 - 0.14 1.54
Odey European Inc EUR € 408.01 - 35.95 0.00 the operator of the relevant fund. Details of funds
Euro Bond A F € 16.28 16.28 0.02 0.00 Pictet-Small Cap Europe-I EUR F € 1366.32 - 3.52 0.00 published on these pages, including prices, are for the
Multi Asset Total Return acc 149.46 - 0.17 1.53 purpose of information only and should only be used
Odey European Inc GBP A £ 163.88 - 14.57 0.00
Euro Corporate Bond AX F £ 27.24 27.24 0.06 1.28 Pictet-ST Emerg Local Currency Debt-I USD F $ 102.33 - 0.59 0.00 as a guide. The Financial Times Limited makes no
Rathbone UK Opportunities Inc 501.59 519.13 -0.46 2.34 representation as to their accuracy or completeness
Odey European Inc GBP B £ 92.90 - 8.26 0.00 Slater Investments Ltd
Euro Strategic Bond A F € 46.17 46.17 0.06 0.00 Pictet-ST.MoneyMkt-I € 139.18 - -0.01 0.00
(UK) UBS Asset Management (UK) and they should not be relied upon when making an
Rathbone UK Opportunities Acc 640.66 662.12 -0.59 2.28 www.slaterinvestments.com; Tel: 0207 220 9460 5 Broadgate, London, EC2M 2QS investment decision.
Odey European Inc USD $ 196.59 - 17.45 0.00 FCA Recognised
European Currencies High Yield Bd A F € 24.35 24.35 0.03 0.00 Pictet-ST.MoneyMkt JPY I USD ¥ 101046.81 - -1.84 0.00 Client Services 0800 358 3012, Client Dealing 0800 358 3012
The sale of interests in the funds listed on these pages
Strategic Bond I-Class Acc 142.64 143.28 0.07 2.91 www.ubs.com/retailfunds
Giano Capital EUR Inc € 5301.44 - 290.52 0.00 Slater Growth 536.87 569.62 -0.95 0.00 may, in certain jurisdictions, be restricted by law and
European Equity Alpha A F € 44.78 - 0.09 0.00 Pictet-ST.MoneyMkt-ICHF SFr 121.61 - -0.01 0.00 Authorised Inv Funds the funds will not necessarily be available to persons
Strategic Bond I-Class Inc 114.51 115.14 0.07 2.97 OEIC in all jurisdictions in which the publication circulates.
Slater Income A Inc 162.35 162.35 -0.58 0.00
European Property A F € 36.66 36.66 0.12 0.00 Pictet-ST.MoneyMkt-IUSD $ 139.86 - 0.02 0.00 Persons in any doubt should take appropriate
UBS Global Emerging Markets Equity C Acc £ 0.79 - 0.01 1.18 professional advice. Data collated by Morningstar. For
Slater Recovery 249.41 264.63 -0.01 0.00
Eurozone Equity Alpha A F € 13.04 13.04 0.02 0.00 other queries contact reader.enquiries@ft.com +44
Pictet-Timber-I USD F $ 211.09 - 0.54 0.00
Odey Asset Management LLP (IRL) UBS Global Optimal C Acc £ 1.03 - 0.00 0.67 (0)207 873 4211.
FCA Recognised Slater Artorius 210.11 210.11 -0.80 0.23
Global Bond A F $ 41.74 41.74 0.13 0.00 Pictet TR-Agora I EUR € 126.80 - 0.43 0.00 UBS UK Opportunities C Acc £ 0.92 - 0.00 2.80 The fund prices published in this edition along with
Odey Pan European EUR R € 335.29 - -1.84 0.00 additional information are also available on the
Global Brands A F $ 132.97 - 1.12 0.00 Pictet TR-Corto Europe I EUR € 147.24 - -0.05 0.00 Financial Times website, www.ft.com/funds. The
UBS US Equity C Acc £ 1.26 - 0.02 0.25
Odey Allegra International EUR O € 187.81 - -1.97 0.00 funds published on these pages are grouped together
Global Convertible Bond A F $ 45.17 - 0.05 0.00 Pictet TR-Divers Alpha I EUR € 111.18 - -0.14 0.00 by fund management company.
Standard Life Wealth (JER) UBS S&P 500 Index C Acc £ 0.85 - 0.00 1.41
Odey Allegra Developed Markets USD I $ 169.70 - 1.02 0.00 PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
Global Property A F $ 31.10 - 0.25 0.00 Prices are in pence unless otherwise indicated. The
Pictet TR-Kosmos I EUR € 109.38 - -0.08 0.00 FCA Recognised UBS Targeted Return C Acc £ 13.88 - 0.02 1.32
Robeco Asset Management (LUX) change, if shown, is the change on the previously
Odey European Focus Fund € 19.94 - 0.04 0.00
Standard Life Offshore Strategy Fund Limited quoted figure (not all funds update prices daily). Those
Indian Equity A F $ 41.90 - 0.01 0.00 Pictet TR-Mandarin I USD $ 164.56 - -0.35 0.00 Weena 850, 3014 DA Rotterdam, The Netherlands
UBS Sterling Corporate Bond Indexed C Acc £ 0.60 - 0.00 2.86 designated $ with no prefix refer to US dollars. Yield
Odey Odyssey USD I $ 93.35 - -1.06 0.00 www.robeco.com/contact Bridge Fund £ 1.8934 - 0.0048 2.01 percentage figures (in Tuesday to Saturday papers)
Latin American Equity A F $ 48.41 - 0.81 0.00 Pictet-US Equity Selection-I USD $ 247.35 - 1.89 0.00 FCA Recognised allow for buying expenses. Prices of certain older
UBS Multi Asset Income C Inc Net £ 0.49 - 0.00 3.94
Odey Swan Fund EUR I € 47.50 - -1.27 0.00 Global Equity Fund £ 2.4410 - 0.0169 1.09 insurance linked plans might be subject to capital
Asia-Pacific Equities (EUR) € 158.21 - 0.01 0.00
Short Maturity Euro Bond A F € 20.16 20.16 0.00 0.00 Pictet-US High Yield-I USD F $ 164.57 - 0.08 0.00 gains tax on sales.
UBS UK Equity Income C Inc Net £ 0.72 - -0.01 3.83
Odey Absolute Return Focus Fund $ 98.35 - 0.51 0.00 Global Fixed Interest Fund £ 0.9572 - 0.0025 4.85
BP US Premium Equities (EUR) € 225.53 - 1.59 0.00 Guide to pricing of Authorised Investment Funds:
US Dollar Liquidity A F $ 13.22 - 0.00 0.00 Pictet-USA Index-I USD F $ 249.27 - 2.17 0.00
UBS Corporate Bond UK Plus C Inc Net £ 0.53 - 0.00 4.16 (compiled with the assistance of the IMA. The
Income Fund £ 0.5732 - 0.0008 3.15
BP US Premium Equities (USD) $ 264.10 - 1.91 0.00 Investment Management Association, 65 Kingsway,
US Growth A F $ 115.57 - 1.63 0.00 Pictet-USD Government Bonds-I F $ 645.99 - 0.46 0.00
UBS Global Allocation (UK) C Acc £ 0.82 - 0.00 1.73 London WC2B 6TD.
Sterling Fixed Interest Fund £ 0.8518 - 0.0019 3.53 Tel: +44 (0)20 7831 0898.)
Chinese Equities (EUR) € 96.41 - -0.84 0.00
US Growth AH F € 76.53 76.53 1.07 0.00 Odey Wealth Management (CI) Ltd (IRL) Pictet-USD Short Mid-Term Bonds-I F $ 131.61 - -0.03 0.00 UBS Global Enhanced Equity Income C Inc £ 0.44 - 0.01 7.54

Asset Management
www.odey.com/prices UK Equity Fund £ 2.2367 - -0.0041 3.19 OEIC: Open-Ended Investment Company. Similar to a
Em Stars Equities (EUR) € 203.54 - -1.47 0.00
US Growth AX F £ 87.10 87.10 0.92 0.00 unit trust but using a company rather than a trust
set Management
FCA Recognised Pictet-USD Sov.ST.Mon.Mkt-I $ 105.45 - 0.02 0.00 UBS US Growth C Acc £ 1.38 - 0.01 0.00 structure.
Majedie Asset Management LTD
FCA Recognised
(IRL) US Property A F
Asset Management
$ 73.54 - 0.94 0.00 Odey Opportunity EUR I € 241.88 - -0.08 0.00
Pictet-Water-I EUR F Asset Management€ 331.98 - 0.66 0.00
Emerging Markets Equities (EUR) € 179.06 - -0.73 0.00
UBS Emerging Markets Equity Income C Inc £ 0.49 - 0.01 4.21 Different share classes are issued to reflect a different
Glob.Consumer Trends Equities (EUR) € 212.32 - 0.44 0.00 currency, charging structure or type of holder.
US Equity Z Acc GBP £ 1.83 - 0.01 0.00 UBS FTSE RAFI Dev 1000 Index J Acc £ 147.43 - 0.50 2.41
High Yield Bonds (EUR) € 142.50 - 0.25 0.00 Selling price: Also called bid price. The price at which
Tortoise Z Acc GBP £ 1.04 - 0.00 0.00 UBS MSCI World Min Vol Index J Acc £ 154.39 - 0.59 2.18 units in a unit trust are sold by investors.
Morgens Waterfall Vintiadis.co Inc Omnia Fund Ltd
New World Financials (EUR) € 67.64 - 0.00 0.00
Other International Funds Other International Funds Buying price: Also called offer price. The price at
which units in a unit trust are bought by investors.
Phaeton Intl (BVI) Ltd (Est) $ 528.83 - -18.07 0.00 Estimated NAV $ 939.00 - -57.25 0.00 Includes manager’s initial charge.

MMIP Investment Management Limited (GSY) Stenham Asset Management Inc

www.stenhamassetmanagement.com Unicapital Investments (LUX) Single price: Based on a mid-market valuation of the
Regulated Royal London Unit Managers Ltd. (1200) F (UK) Regulated underlying investments. The buying and selling price
Multi-Manager Investment Programmes PCC Limited Other International Funds for shares of an OEIC and units of a single priced unit
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777
Platinum Capital Management Ltd Authorised Inv Funds Stenham Credit Opportunities A Class USD $ 116.82 - -0.45 0.00
Investments IV - European Private Eq. € 126.72 - -1.24 0.00 trust are the same.
UK Equity Fd Cl A Series 01 £ 3004.34 3030.34 62.88 0.00
Other International Funds
Royal London Sustainable Diversified A Inc £ 1.94 - 0.01 1.14 Investments IV - Global Private Eq. € 170.83 - -3.11 0.00 Treatment of manager’s periodic capital charge:
Diversified Absolute Rtn Fd USD Cl AF2 $ 1669.13 - 6.79 0.00 Platinum All Star Fund - A $ 130.59 - - - Stenham Equity UCITS USD $ 188.77 - -1.51 0.00 The letter C denotes that the trust deducts all or part
of the manager’s/operator’s periodic charge from
Royal London Sustainable World A Inc 240.80 - 1.20 0.31
Diversified Absolute Return Stlg Cell AF2 £ 1648.12 - 5.17 0.00 Platinum Global Dividend Fund - A $ 46.34 - - - Stenham Growth USD $ 228.54 - 4.04 - capital, contact the manager/operator for full details
of the effect of this course of action.
Royal London Corporate Bond Mth Income 91.78 93.18 0.17 3.65
Global Equity Fund A Lead Series £ 1476.22 1482.17 56.83 0.00 Platinum Global Growth UCITS Fund $ 10.00 - - - Stenham Healthcare USD $ 219.66 - 7.76 0.00
Natixis International Funds (LUX) I SICAV (LUX) Unicorn Asset Management Ltd (UK) Exit Charges: The letter E denotes that an exit charge
Royal London European Growth Trust 159.50 161.90 0.90 0.00 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287 may be made when you sell units, contact the
FCA Recognised Stenham Managed Fund USD $ 123.95 - 1.91 0.00
Authorised Inv Funds manager/operator for full details.
ASG Managed Futures Fund I/A (USD) $ 97.48 97.48 0.11 0.00 Royal London Sustainable Leaders A Inc 587.10 - 1.30 1.15
Stenham Quadrant USD A $ 443.11 - 6.51 - UK Growth A Inc 637.16 - 3.01 0.68 Time: Some funds give information about the timing of
Optima Fund Management
Marlborough Fd Managers Ltd (1200)F (UK) price quotes. The time shown alongside the fund
Harris Global Equity Fund R/A (USD) $ 319.97 319.97 2.84 0.00 Other International Funds Royal London UK Growth Trust 582.60 591.50 -0.90 1.48
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 Stenham Trading Inc USD $ 127.12 - 1.70 - Mastertrust A Inc X F 522.46 - -0.08 0.23 manager’s/operator’s name is the valuation point for
Cuttyhunk Fund II Limited $ 1631.38 - 61.53 0.00 their unit trusts/OEICs, unless another time is
www.marlboroughfunds.com Loomis Sayles Global Growth Equity Fund I/A (USD) $ 135.96 135.96 1.12 0.00 Royal London UK Income With Growth Trust 223.00 226.40 -0.50 4.24
Stenham Universal USD $ 466.17 - 4.85 - indicated by the symbol alongside the individual unit
Authorised Inv Funds UK Growth B Inc 641.78 - 3.03 1.28
trust/OEIC name.
JENOP Global Healthcare Fund Ltd $ 17.89 - 0.15 0.00
Loomis Sayles U.S. Growth Equity Fund I/A (USD) $ 140.13 140.13 1.66 0.00 Royal London US Growth Trust 231.40 234.90 3.00 0.00
Balanced 198.19 208.88 0.38 0.37 Stenham Universal II USD $ 170.55 - 1.70 0.00 Mastertrust B Inc X F 470.29 - -0.06 0.87 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
OPTIKA Fund Limited - Cl A $ 158.50 - -0.86 0.00 Additional Funds Available
1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Bond Income 50.46 53.28 0.06 3.50 Polar Capital Funds Plc (IRL) Please see www.royallondon.com for details Outstanding British Cos A Acc X F 323.09 - 1.67 0.72 midnight. Daily dealing prices are set on the basis of
Optima Fd NAV $ 100.36 - -0.17 0.00 Regulated the valuation point, a short period of time may elapse
Cautious Inc 92.21 97.16 0.02 1.80 Outstanding British Cos B Acc X F 343.80 - 1.78 1.35 before prices become available. Historic pricing: The
Natixis Investment Funds (UK) Automation & Artificial Intelligence CL I USD Acc $ 10.41 10.41 -0.02 - letter H denotes that the managers/operators will
Optima Discretionary Macro Fund Limited $ 85.62 - -0.12 0.00
Defensive A Inc 113.86 113.86 0.00 0.34 Authorised Funds normally deal on the price set at the most recent
UK Smaller Cos A Inc X F 577.61 - -0.44 1.12
Asian Financials I USD $ 363.48 363.48 0.04 0.00 valuation. The prices shown are the latest available
DNCA European Select Equity Fund £ 1.00 - -0.01 0.85 The Dorset Energy Fd Ltd NAV $ 26.46 - 2.31 0.00
Emerging Markets 309.97 309.97 0.52 1.08 before publication and may not be the current dealing
UK Smaller Cos B Inc X F 567.03 - -0.41 1.76 levels because of an intervening portfolio revaluation
Biotechnology I USD $ 24.79 24.79 0.26 0.00
Harris Global Concentrated Equity Fund £ 1.64 - -0.01 1.33 Platinum Fd Ltd $ 109.37 - -2.22 0.00 or a switch to a forward pricing basis. The
ETF Global Growth A 184.06 184.06 -0.95 0.15 UK Income A Acc X F 309.94 - 0.75 4.04
European Income Acc EUR € 12.31 12.31 0.06 0.00 managers/operators must deal at a forward price on
H2O MultiReturns Fund N/A (GBP) £ 1.62 - -0.01 0.69 Platinum Fd Ltd EUR € 20.00 - -0.41 0.00 request, and may move to forward pricing at any time.
ETF Commodity A 88.20 88.20 -0.94 0.00 Superfund Asset Management GmbH UK Income A Inc X F 248.28 - 0.60 4.15 Forward pricing: The letter F denotes that that
European Ex UK Inc EUR Acc € 11.31 11.31 0.06 0.00 www.superfund.com, +43 (1) 247 00 managers/operators deal at the price to be set at the
Loomis Sayles U.S. Equity Leaders N/A (GBP) £ 2.48 - 0.01 0.12 Platinum Japan Fd Ltd $ 66.17 - -1.63 0.00
European Multi-Cap 484.93 484.93 0.77 0.31 Ruffer LLP (1000)F (UK)
Regulated next valuation.
UK Income B Acc X F 335.63 - 0.81 4.02
Financial Opps I USD $ 13.90 - 0.08 1.94 65 Gresham Street, London, EC2V 7NQ
Optima Partners Global Fd $ 17.21 - -0.05 0.00
Extra Income 84.92 89.86 0.07 3.88 Order Desk and Enquiries: 0345 601 9610 Superfund Green EUR SICAV € 901.28 - 3.54 0.00 Investors can be given no definite price in advance of
UK Income B Inc X F 269.00 - 0.65 4.12 the purchase or sale being carried out. The prices
GEM Income I USD $ 11.47 - 0.04 0.00 Authorised Inv Funds
Optima Partners Focus Fund A $ 17.84 - -0.03 0.00 appearing in the newspaper are the most recent
Far East Growth A Inc 230.32 230.32 0.31 1.32 Authorised Corporate Director - Link Fund Solutions Superfund Red EUR SICAV € 742.31 - -3.21 0.00
New Capital Fund Management Ltd (IRL)
Global Convertible I USD $ 13.28 13.28 0.02 0.00 provided by the managers/operators. Scheme
Regulated Optima STAR Fund (hedged) $ 109.13 - 0.21 0.00 LF Ruffer European C Acc 593.88 - 2.44 0.30 particulars, prospectus, key features and reports: The
Global 245.05 258.29 -0.30 0.00 Superfund Blue EUR € 725.13 - -1.67 0.00
most recent particulars and documents may be
New Capital Euro Value Credit Fund - EUR Inst Acc € 99.70 - 0.07 - Global Insurance I GBP £ 5.92 - 0.01 0.00 obtained free of charge from fund
Optima STAR Long Fund $ 147.84 - 1.66 0.00 LF Ruffer European C Inc 109.55 - 0.45 0.60 Other International Funds
Global Bond Inc 150.41 159.01 0.34 3.26 managers/operators. * Indicates funds which do not
Global Technology I USD $ 43.95 - 0.34 0.00 Superfund Green Gold SICAV $ 940.35 - 10.11 0.00 price on Fridays.
LF Ruffer European O Acc 583.44 - 2.38 0.00
High Yield Fixed Interest 72.79 77.19 0.10 4.47
Healthcare Blue Chip Fund I USD Acc $ 12.21 12.21 0.07 0.00 Superfund Red Silver SICAV $ 376.79 - 0.66 0.00 Charges for this advertising service are based on the
LF Ruffer Equity & General C Acc 454.82 - -3.39 0.04 Value Partners Hong Kong Limited (IRL)
number of lines published and the classification of the
Multi Cap Income A Inc 164.24 164.24 0.17 4.17 Oryx International Growth Fund Ltd www.valuepartners-group.com, fis@vp.com.hk
Healthcare Opps I USD $ 47.27 - 0.45 0.00 fund. Please contact data@ft.com or
Other International Funds LF Ruffer Equity & General C Inc 419.31 - -3.13 0.04 Regulated call +44 (0)20 7873 3132 for further information.
Nano-Cap Growth A Acc 170.4268 186.9000 158.6703 0.00
NAV (Fully Diluted) £ 9.54 - 0.28 0.00 Income Opportunities B2 I GBP Acc £ 2.24 2.24 0.01 0.00 Value Partners Classic Equity Fund USD Z Unhedged $ 14.64 - -0.12 0.00
LF Ruffer Equity & General O Acc 446.85 - -3.35 0.00
Special Situations A Acc 1759.43 1861.83 -1.02 0.30 Thesis Unit Trust Management Limited (UK)
Japan Alpha I JPY ¥ 247.05 247.05 1.62 0.00 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP Value Partners Classic Equity Fund CHF HedgedSFr 14.23 - 0.12 0.00
LF Ruffer Equity & General O Inc 414.60 - -3.11 0.00
UK Multi-Cap Growth A Inc 361.87 382.93 0.68 0.19 Authorised Funds
New Capital UCITS Fund PLC (IRL) Japan I JPY ¥ 2483.65 - 30.74 0.00 Value Partners Classic Equity Fund EUR Hedged € 14.51 - 0.12 0.00
LF Ruffer Gold C Acc 151.90 - 2.03 0.08 TM New Court Fund A 2011 Inc £ 14.94 - 0.00 0.39
UK Micro Cap Growth A 748.43 791.99 0.74 0.09 Leconfield House, Curzon Street, London, W1J 5JB
www.newcapitalfunds.com North American I USD $ 24.69 24.69 0.20 0.00 Value Partners Classic Equity Fund GBP Hedged £ 15.12 - 0.12 0.00
LF Ruffer Gold C Inc 91.94 - 1.23 0.13 TM New Court Fund - A 2014 Acc £ 15.04 - 0.00 0.45
US Multi-Cap Income 472.97 472.97 4.55 0.49 FCA Recognised
UK Absolute Equity I GBP £ 22.10 22.10 0.07 0.00 Value Partners Classic Equity Fund GBP Unhedged £ 18.06 - -0.15 0.00
MFM - Third Party Funds New Capital Asia Value Credit Fund - USD Ord Inc $ 88.28 - -0.11 4.05 LF Ruffer Gold O Acc 149.18 - 1.99 0.00 TM New Court Equity Growth Fund - Inc £ 15.66 - 0.00 0.45
UK Val Opp I GBP Acc £ 12.06 12.06 -0.01 0.00 Value Partners Classic Equity USD Unhedged $ 18.06 - 0.15 0.00
Junior Oils 78.61 83.19 0.38 0.00 New Capital Asia Pacific Equity Income Fund - USD Ord Inc. $ 100.59 - -0.18 2.64 LF Ruffer Japanese C Inc 117.25 - -2.26 0.25
Value Partners Global Emerging Market Bond Fund USD A Acc Unhedged $ 9.98 - 0.01 0.00
Junior Gold C Acc 37.97 37.97 0.26 0.00 New Capital Dynamic European Equity Fund - EUR Ord Inc. € 185.68 - 0.94 2.61 LF Ruffer Japanese C Acc 249.60 - -4.80 0.23
Value Partners Global Emerging Market Equity Fund USD V Unhedged $ 10.09 - 0.05 -
MFM Bowland 259.28 280.30 -1.10 0.91
20
Twitter: @FTLex Email: lex@ft.com
Cenbest/ House of
Fraser: seller’s remorse
The dismal year-to-date performance
of Nanjing Cenbest, former owner of
ailing British department store group
House of Fraser, is remarkable even for
China’s weak market. Shares in the
shopping-to-healthcare conglomerate
have fallen 64 per cent since January.
That makes Cenbest the second-
worst performer in China’s benchmark
CSI 300 index, which is down 16 per
cent this year. The decline in Cenbest’s
shares exceeds even that of ZTE, the
telecommunications group at the heart
of the US-China trade war.
On some metrics, this looks unfair.
Cenbest’s rebalance from retail to
healthcare is positive. It bought US
pharma group Dendreon via a Rmb6bn
($900m) stock swap with parent
Sanpower, according to PwC.
The group runs elderly care centres
as well as an umbilical cord blood
storage business. The share price fall
also makes the stock look cheap. Most
of Cenbest’s loss in value happened in
June, after a trading suspension was
lifted. A month earlier, Cenbest sold
control of House of Fraser to a
company controlled by the brother-in-
law of Yuan Yafei, chairman of
Sanpower. Last year, Cenbest’s UK
revenues made up three-fifths of the
total. If losing control means the loss of
that revenue entirely, the stock move
means the price-to-revenue ratio is
unchanged.
Value seekers may be attracted by
the drop. Mr Yuan himself has said that
he plans to buy as much as Rmb400m
in the next six months if it remains
cheap. Yet the price decline looks
outsized if it is simply connected to
House of Fraser. Cenbest’s market
value drop to Rmb15bn since January
exceeds the enterprise value it paid for
House of Fraser (at 2014 exchange
rates) by nearly four times.
Would-be buyers should be cautious.
Asset trading and internal corporate
relationships are hard to fathom from
the outside. As with many Chinese
stocks, Cenbest’s opaque business
decisions defy numerical analysis.
BCA Marketplace:
changing gear
Second-hand car sales people get a bad
rap. “Would YOU buy a used car from
this man?” ran the 1960 campaign
against Richard Nixon. The image of
shady hustlers who pack gearboxes
with sawdust to make them run quietly
is out of date. But their reputation as
tough negotiators persists. No one
should expect a used car business to
sell itself for less than it is worth.
It is no surprise that car auctioneer
BCA Marketplace slammed the door on
a lowball bid. Private equity
partnership Apax’s initial offer of £2
per share was well above the £1.50 per
share at which the company listed via a
reverse takeover in early 2015. Boss
Avril Palmer-Baunack, who likes to
describe the business as the “Amazon
of cars”, insisted it was worth more.
Investors agree. On Friday, after Apax
announced the withdrawal of its bid,
the share price rose 3 per cent to £2.28.
Apax knows the sector well. It more
than quadrupled its 2007 investment
in used-car classifieds business Auto
Trader. But its offer looked
opportunistic. Interest in BCA was
Steven Cohen/FCA: big data, big dilemmas
Hypothetical returns and fees of a 25% gain on $100m
$m
Net return
Fees
2.9% and 30%* 1.7% and 19%*
Point 72 estimate Industry average
Sources: FT Research; Preqin
Warren Buffett thinks hedge funds
are a big con. He bet one hedgie that
“alternatives” could not beat the S&P
500 index over 10 years. Mr Buffett
won the wager. No matter. The funds
are as popular as ever.
Indeed, Steven Cohen has a newish
fund called Point72. UK investors will
not have the privilege of paying his
fees. The Financial Conduct
Authority has ruled the prominent
New Yorker is not “fit and proper”.
His previous firm, SAC, pleaded
guilty to insider trading in 2013.
This has not stopped him raising
plenty of money — $12bn — in the US,
with potentially enormous fees. His
fund’s selling point, like many these
days, is sifting through big data to
seek an edge. It even has a chief
intelligence officer overseeing
everything from satellite imagery of
piqued after shares fell more than a
fifth in the first quarter to £1.50. This
decline — and the attention of short
sellers — was provoked by a stuttering
car market. Volumes fell by almost 5
per cent in the first quarter compared
with the previous year. There is also
cause to worry about BCA’s policy of
extending credit to dealers. It had a
loan book worth £148.4m in April, up
almost a third over the past year.
Since then, a robust set of full-year
results has settled nerves. BCA’s share
is growing. Motorists like the
convenience of its Webuyanycar.com
purchasing website. Shares have raced
50 per cent ahead of March’s low. They
trade on a hefty 20 times next year’s
earnings, two notches above US peer
KAR Auction Services, which has
higher margins.
For all Apax’s expertise, there is no
need to feel disappointed that it drove
away. The existing management is
already on the right track.
Inmarsat/EchoStar:
back down
What made the US satellite operator
EchoStar think that its British rival
Inmarsat would accept its earthbound
bid? Speculation about an earlier
approach pushed Inmarsat’s share
price above 600p last month.
EchoStar’s mixture of cash and shares
added up to just 532p per share.
This may be well above the three-
month average, but it ignores the speed
with which Inmarsat’s share price has
recovered amid a spate of interest.
Inmarsat trades at 23 times next year’s
earnings, well up from last summer.
★ 7 July/8 July 2018
25
20
15
10
5 reform and a stronger
0 may be enough to shield Wall Street
Flat ETF fee of 0.44%
* Management and performance fees
car parks to voice-recognition
software on analyst calls.
Sounds like hokum. Quant funds
have chased the holy grail of golden
data trails for decades. Only better
returns would prove these methods
work. Yet quants, according to
Preqin, have trailed the broader
universe over three and five years.
But what if applying artificial
intelligence to quant analysis yields
real advantage? Issues of privacy and
privileged access to information
could apply. Cambridge Analytica
and Facebook garnered much grief in
March for breaches of personal data.
Trading on inside information
about companies looks stark when
exposed. The dividing line between
big data and big scams will be fuzzier.
The FCA, like Warren Buffett, is right
to be cautious.
EchoStar’s retreat puts a six-month
freeze on future approaches unless the
Inmarsat board decides to engage, or
Inmarsat receives a firm offer from
another company.
Hopes of a bidding war and the
sparky rejuvenation of Inmarsat’s
share price are likely over. Shares fell
by 8 per cent yesterday. But Inmarsat
is unlikely to return to its recent lows,
when it dropped out of London’s
FTSE 100 index.
Ligado Networks, a US satellite
company that uses Inmarsat’s
spectrum in North America, was
the culprit for this fall from grace.
Uncertainty about cash payments
led Inmarsat to cut its dividend.
Ligado was also responsible for
EchoStar’s offer.
If Ligado regains its licence, it will
be a competitor to EchoStar’s Dish
Network. Buying Inmarsat neutralises
this competition.
Nor is Ligado’s future certain. The
company awaits a crucial US licence
to expand its services. If regained,
Inmarsat shares are likely to jump.
Until then, there is no reason to think
that another bidder will be waiting in
the wings to take EchoStar’s place.
Eutelsat wanted to use Inmarsat’s
marine and aerospace business, but
the combination would have carried
high net debt of 3.6 times ebitda (a
cash earnings measure).
EchoStar’s interest had given
Inmarsat’s share price a confidence
boost. But gravity has taken its toll.
Lex on the web
For notes on today’s breaking
stories go to www.ft.com/lex
Trade friction risks
toppling US equities
from their pedestal
Michael Mackenzie
The Long View
U
S equities stand out from
the global pack, basking
in the afterglow of tax
domestic economy that
from the worst of the escalating trade
protectionism.
That narrative, however, faces a test
as US blue-chip companies begin releas-
ing their latest quarterly earnings. Ana-
lysts forecast a 20.5 per cent rise in sec-
ond-quarter profits for S&P 500 compa-
nies from a year ago. While that is shy of
the first quarter’s record 24.8 per cent
profit growth, don’t rule out the usual
Wall Street game of companies comfort-
ably beating their estimates and deliver-
ing a new peak.
As investors await earnings, the S&P
500 stands 2 per cent higher for the year,
but that looks a lot better when com-
pared with global benchmarks. The
divergence in performance between US
and Europe stands out with the Euro
Stoxx 600 down around 2 per cent, a
loss that doubles in US dollar terms
courtesy of a weaker euro.
One distinguishing factor between
Wall Street and Europe has been the
strong performance of large US technol-
ogy companies, while trade tension and
negative official borrowing rates have
hurt eurozone exporters and financials.
US tax reform has also helped widen
the gap in earnings power between the
two markets. Second-quarter earnings
for companies on the Stoxx 600 are seen
increasing 8.7 per cent from a year ago,
according to Thomson Reuters.
As Nicholas Colas of DataTrek
observes: “Global equity investors are
betting the US will come out on top in
any trade war, or at least be hurt the
least because the domestic economy
here is on firmer footing than the rest of
the world.”
Appearances, however are deceptive.
Both the S&P and the Stoxx 600 are
down about 5 per cent from their late
January peaks.
In the past month, Wall Street has
soured on financials, tech, industrials
and materials in favour of defensive sec-
tors such as utilities and staples. Smaller
more domestically focused companies
seen as being immune to trade friction
have also found buyers with the S&P
600 up more than 8 per cent since May.
Still, a buying opportunity via recent
weakness in tech and materials may
loom, given that these sectors are seen
generating quarterly profit growth of
30.8 and 31.4 per cent, respectively.
The broad US market may require
such a spark as it loiters above an impor-
tant measure of momentum, the 200-
day moving average — a threshold bro-
ken by the Stoxx 600 last month.
During April and May the S&P 500
tested the 200-day MA, as the market
confounded perpetual bulls, reflecting a
concern that US companies and the
economy had reached cycle peaks after
tax reform. Wall Street’s reaction over
the coming weeks could prove a key
moment for the ageing bull market.
Peak profits means investors will
focus on what companies say about
threats to their margins, via rising wages
and higher input costs, notably from oil.
Analysts at Bank of America Merrill
US equities
S&P 500 sectors, % change over
the past 30 days
Utilities
Real estate
Consumer staples
Consumer discretionary
Telecom services
Healthcare
Info technology
Energy
Materials
Industrials
Financials
-10 -5 0 5
Source: Bloomberg
Lynch note “operating margins have
softened” in the labour-intensive con-
sumer discretionary sector and warn
that “profits are likely to decelerate,
and a margin squeeze could be in the
works, unless demand and/or pricing
pick up”.
The other big topic dominating earn-
ings calls will be the C-suite view of ris-
ing trade protectionism and the fallout
from a deeper stand-off between the US
and its major partners. Yesterday, the
Trump administration imposed tariffs
on $34bn of Chinese imports, sparking
retaliation from China. Some fear tit-
for-tat trade measures could ultimately
punch beyond the trillion-dollar mark.
For the multinational S&P 500, trade
protectionism only compounds the pain
of a strengthening dollar clipping for-
eign-based revenues. But what really
worries Wall Street is whether blue-chip
companies signal the uncertainty raised
by trade tension is starting to hurt confi-
dence and weigh on expansion plans.
Analysts at TS Lombard write: “Capex
is likely to remain subdued as long as US
companies are unsure about the global
trade environment.”
And in the midst of the tax reform
windfall, Jack Ablin of Cresset Wealth
Advisors underlines why the bull run
requires a stronger commitment to
capex. “Stock buybacks and dividend
increases are fine but capital expendi-
tures will lead to higher productivity.”
Upbeat news on earnings will proba-
bly find favour, leaving the US market
and expensive tech stocks to continue
their Icarus flight path. But clouds are
gathering in the form of higher corpo-
rate bond risk premia and a flattening
US Treasury yield curve that flag the
risk of a 2019-20 recession — an out-
come that becomes far more likely if a
full-blown trade war erupts.
michael.mackenzie@ft.com
John Authers is away
Saturday 7 July / Sunday 8 July 2018
Africa’s forgotten war victims William Kentridge’s powerful work at Tate Modern — PAGES 16-17
T
he music industry loves to
self-mythologise. It espe-
cially loves to mythologise
about taking young scrap-
pers from the streets and
turning them into stars. It celebrates the
men and women — but usually the men
— with “golden ears” almost as much as
the people making the music.
Take the most famous signing story of
modern times, the one in which Oasis
blagged their way on to the bill at a Glas-
gow club show in May 1993, where they
were seen by Alan McGee of Creation
Records, who signed them and made
them the biggest band in Britain.
Except it wasn’t quite like that. He did
see them at the gig, he did want to sign
them, but he didn’t get to. In fact, Oasis
didn’t sign to any label until October of
that year, when they signed to Sony, who
as part-owners of Creation immediately
licensedthemtoCreationtoreleasetheir
records, in the UK only. But all’s fair in
love and A&R, the branch of the music
business where the word “ears” is used
in the same way as Christians use “God”.
A&R, or “artists and repertoire”, are
the people who look for new talent, con-
vince that talent to sign to the record
label and then nurture it: advising on
songs, on producers, on how to go about
the job of being a pop star. It’s the R&D
arm of the music industry.
When an artist becomes a star and
releases an album of tuneless self-indul-
gence, you’ll hear the whisper, “No one
A&R’d that one”, meaning no one
researched the songs and developed the
album. But the public focus of A&R is on
signings, because without signings there
are no careers to develop.
What the music business doesn’t like
to shout about is how inefficient its R&D
process is. The annual global spend on
A&R is $2.8bn, according to the Interna-
tional Federation of the Phonographic
Industry, and all that buys is the proba-
bility of failure: “Some labels estimate
the ratio of commercial success to fail-
ure as 1 in 4; others consider the chances
to be much lower — less than 1 in 10,”
observes its 2017 report. Or as Mixmag
magazine’s columnist The Secret DJ put
it: “Major labels call themselves a busi-
ness but are insanely unprofitable,
utterly uncertain, totally rudderless and
completely ignorant.”
In the golden age of the music indus-
try, none of that really mattered. So
much money was flowing in that mis-
takes could be ignored. There was no
way to hear most music other than to
buy a record, and when CDs entered the
market in the 1980s — costing little to
produce, but selling for a fortune — the
major labels were more or less printing
their own money.
But then came the internet: first file-
sharing, then streaming slashed sales of
physical music so deeply that the record
business became a safety-first game.
Every label executive has always
wanted hits, but these days the people
who run the big imprints want guaran-
teed hits.
The rise of digital music brought with
it a huge amount of data which, industry
executives realised, could be turned to
their advantage. In his first public
speech as chief executive of Sony Music
Entertainment, in May 2017, Rob
Stringer asserted: “All our business
units must now leverage data and ana-
lytics in innovative ways to dig deeper
than ever for new talent. The modern-
day talent-spotter must have both an
artistic ear and analytical eyes.”
Earlier this year, in the same week as
Warner announced its acquisition of
Sodatone, a company that has devel-
oped a tool for talent-spotting via data,
another data company, Instrumental,
secured $4.2m of funding. The industry
appeared to have reached a tipping
point — what the website Music Ally
called “A&R’s data moment”. Which is
why,whereverthemusicindustry’sgreat
and good gather, the word “moneyball”
has become increasingly prevalent.
In his best-selling book Moneyball
(2003) Michael Lewis told the story of
how Billy Beane, general manager of the
Oakland Athletics, made his low-budget
baseball team competitive with the
sport’s money-laden giants by concen-
trating on scouting players through
data that had previously been ignored —
rather than the traditional measures
of batting averages, runs batted in, bases
stolen and the gut instincts of talent
scouts. This data, known as sabermet-
rics, looked at other factors — such as
the percentage of times a batter ended
up on base, regardless of how many
times they hit the ball — to see which
The new
hitmaker
In a world of Spotify, YouTube and Instagram,
algorithms are the new talent scouts. Michael Hann
reports on music’s ‘Moneyball’ moment
‘You’re leaning players made the biggest actual, as
opposed to perceived, impact on game
on 80m Spotify outcomes.
subscribers to Though the concept of moneyball was
specific to baseball, it didn’t take other
tell you what’s sports, such as football, long to see the
good because merits of applying data analysis to their
players. And, by 2009, someone hit on
you can’t do all the idea of applying it to music too,
of that yourself ’ when a New York company called Next
Big Sound started analysing the new
information that the internet was
throwing up. It attracted industry sup-
porters and investment with its promise
that it could accurately predict album
sales or help route artists’ tours to their
best markets.
What it didn’t promise was the holy
grail: pointing labels towards the artists
they should think about signing. This
was the subject that fascinated Conrad
Withey, who worked at Warner Bros in
the UK from 2006 to 2014. “Within
Warner Bros I was seen as slightly coun-
ter to the normal culture,” says Withey,
a mild-looking man — more Rotary Club
than rock’n’roll animal.
Sitting beneath a giant TV screen in
his office near London Bridge, a long
way from the UK music industry’s cen-
tre of gravity around Kensington High
Street, where the three majors —
Warner, Universal and Sony — have
their head offices, he explains: “I was
rarely chasing the deals everyone else
was chasing — where they think some-
thing is cool, or there’s a chatter about it.
It was much more around what I
thought was a market opportunity.”
During his time at Warner, Withey
saw the world changing, while the labels
stayed the same. “YouTube, Spotify,
Instagram were born and changed the
way talent begins its journey. All the
barriers came down. Suddenly you’ve
got tens of thousands of pieces of music
content being uploaded, all the time. I
was fascinated by how the A&R process
hadn’t changed, but I was being pre-
sented with YouTubers who had hun-
dreds of thousands of fans putting up
cover versions from their bedrooms and
building a fan base you could only
dream of in a label. Then we started to
see the exact same thing on Spotify: any-
one could put their music up there.”
Above left:
Instrumental
founder Conrad
Withey.
Left: Mike Smith
of Warner/
Chappell.
All portraits
for the FT by
Theo Cottle
Follow us on Twitter @FTLifeArts
Home computing’s democratisation “Journalists and radio producers are nessprofessionalsofeverystripe—away
of recording removed the barriers to [also] very useful people to give you to find new talent, and to do so by seeing
making high-quality music. No longer information. If you know you’ve got par- how many people are already enthused.
did you need access to a studio and an ticular DJs or particular writers who Instrumental’s selling point is a dash-
experienced producer, plus the money are going to pick up something, that’s board called Talent AI, which scrapes
to pay for them. But the music industry really good.” data from Spotify playlists with more
had no way to keep abreast of these At Instrumental, Withey offers infor- than 10,000 followers — 8,212 of them at
new creators. “There was such a tidal mation, too. His is based not on golden the point I met Withey in the spring.
wave of stuff coming up every day, it was ears, or the tastes of a trusted cohort. It’s “We took a view that to build momen-
a question of how do you get to what based on facts and figures. But unlike tum on Spotify, you need to be on play-
really matters in that? How do you dis- other music data analysis services, lists,” he says. “If no one knows who you
cover someone you then start track- Instrumental is for discovery, rather are, no one’s going to suddenly start
ing?” asks Withey. than tracking known talent. In the A&R streaming a track you’ve just put up. It
After leaving Warner, he set up a new person’s list of sources, it takes the place happens when you start getting
company, Instrumental, initially with of the writers and DJs and managers and included on playlists.”
the intention of developing talent dis- promoters and booking agents. Those 8,212 playlists cover about
covered on these platforms. In 2016 it It offers subscribers — among them 407,000 artists, of whom plenty are
had a hit by releasing TV talent show major and indie labels, promoters and
contestant Calum Scott’s YouTube-nur- booking agents, lawyers and music busi- Continued on page 2
tured cover of Robyn’s “Dancing on My
Own” — a platinum disc for more than
600,000 UK sales hangs on the wall.
Withey realised, however, that he
didn’t have the resources to promote a
string of Calum Scotts (it can cost more
than £1m to take an artist from signing
to breaking) but, using data, he could
find them. If he could sell that informa-
tion to other people, he would be ahead
of the game. Withey became music’s
Billy Beane, the man convinced of the
potential of musicians the industry’s
traditionalists might scorn. And like
Beane, his beliefs, while acknowledged,
are not wholly admired.
The way A&R people have discovered
talent has barely changed since the
music industry began, and it’s funda-
mentallythesameforindielabels,which
put artistry above sales, as it is for major
labels who have to answer to sharehold-
ers. It’s always been about information.
“We find them by listening to new
music constantly, by people giving us
tips, by going out and seeing things that
sound interesting,” says Geoff Travis,
who founded the Rough Trade label in
1978, and whose signings include The
Smiths, The Strokes and The Libertines.
“It’s by reading about what writers are
interested in. By looking at charts, look-
ing at local scenes, going to places like
South by Southwest (the annual indus-
try meet-up in Austin, Texas), going to
festivals, and actually going to watch
everyone who’s playing rather than
staying in the bar. I go out to see bands
three or four nights a week, but very
rarely do I see something exciting with-
out being told or tipped off.”
“The most useful people to talk to are
concert promoters and booking agents.
They are least inclined to bullshit;
they’ll tell you how many people an act
is drawing,” says Mike Smith, a highly
respected A&R man who signed early
deals with Blur, PJ Harvey, The White
Stripes and Arctic Monkeys, and who is
now managing director of the music
publisher Warner/Chappell (like labels,
publishers also have an A&R function,
signing up songwriters, many of whom
will also be in bands).
2 ★ FTWeekend 7 July/8 July 2018

Life
Bill Butcher

Why the World Cup

is bigger than Putin

Simon Kuper
Opening shot

M
y flight back to
Moscow was full
of police officers
who had been
working at the
match I had seen. One of them
had taken my prized window
seat. I didn’t dare challenge
him, so I squeezed in between
him and a policewoman.
The policeman smiled, shook
my hand and said he was
Sergei, 22 years old, from a
provincial city that I won’t
name for fear of getting him
into trouble. I introduced
myself as a British journalist
covering the football.
Armed with a few words of
each other’s languages, and
translation websites on our
mobile phones, we began to
chat. Sergei said he had policed
four World Cup matches so
far, but hadn’t got to watch a
minute of play. Still, he said, it
had been “very exciting”. This
was only his second flight ever.
He was also thrilled to speak
to a foreigner. How many, I
asked, had he met in his life? He
held finger and thumb an inch
apart: almost none. But his unit
had taken a language course
before the World Cup, and now
he was determined to improve
his languages. I asked if he had
been abroad. Sergei typed a
sentence into the translation
website: “Police are not allowed
to go outside Russia.”
When the plane took off, the
policewoman fell asleep with
her head on my shoulder, her
knock-off Louis Vuitton bag
at her feet. It had been a long
World Cup for both our
professions. But as I dozed, I
wondered: was I being seduced
by the Russian security forces?
Is the World Cup a propaganda
masterstroke for Vladimir
Putin? Am I covering the 1936
Berlin Olympics?
Raves by foreigners about
One Summer, a book about 1936,
says: “The Berlin Games were
the greatest sporting event of
modern times.”
Even British diplomat Robert
Vansittart, who had been
warning against Hitler for
years, wondered, while at the
Games, whether he had
misjudged the Nazis. He met
Hitler and several henchmen,
and took a particular shine to
Goebbels: “a limping, eloquent,
slip of a Jacobin . . . My wife
and I liked him and his wife at
once.” That fortnight, the Nazis
seduced important people;
this February at the Winter
Olympics, North Korea did too,
to fateful effect.
Yet the Russian World Cup
isn’t the Berlin Olympics all
over again. First, Putin isn’t as
What first drew me to
Russia was its awesome
heritage of war and
peace and life and fate
evil and ambitious as Hitler.
Second, he’s a much better-
known quantity than Nazism
was in 1936. Hitler at that point
had said disturbing things but
few foreigners took him either
literally or seriously. He hadn’t
lifted a finger against other
countries. Many Jews were still
living in Berlin — though the
Nuremberg Laws of 1935 had
deprived them of most of their
rights. But in a time of weak
information flows, Hitler could
still charm foreigners.
By contrast, we know Putin
from his 18 years in power,
invasions, election meddling
and the destruction of Grozny
and Aleppo. And we also
probably understand
propaganda better now.
lull Germany’s future enemies
into complacency. But wars
today are fought by hackers,
drones and small groups of
mercenaries. Putin’s charm
offensive against football fans
won’t have any impact on
foreign policymakers.
I hope I wouldn’t have
covered the Berlin Games.
Yet I mostly feel comfortable
covering this World Cup, which
(like Russia itself) is bigger
than Putin. I can write about
the genius of French forward
Kylian Mbappé, which uplifts
all of humanity, knowing that
the FT is also covering Russian
elite corruption and Putin’s
cruelty to gay people.
On the flight, Sergei and I
showed each other family
photographs. I told him about
my year at university learning
intensive Russian, almost all
of which I’ve since forgotten.
I began reciting the one Russian
verse I ever memorised, by
Pushkin:
Я вас любил: любовь ещё,
быть может,
(“I loved you: love, still,
perhaps,”)
Sergei then interrupted me
with the next line:
В душе моей угасла не
совсем;
(“Has not been extinguished
in my soul.”)
“Love hasn’t been
extinguished” could be said to
sum up the way I feel about
Russia. Being here during the
World Cup reminds me of what
first drew me to the country:
its awesome heritage of war
and peace and life and fate,
the intense conversations, and
the sense I got travelling here
after the fall of communism
that our former enemies were
rather like us.
When our plane landed,
the police officers applauded,
and Sergei took photographs
I’m sitting on a tyre in a once-beautiful
house in central Athens that smells of urine.
It is midnight and I have been here some
time, watching art-house films projected on
to a flaky wall; many seem to be Polish and
feature magnified folds of flesh rippling to
opera music, or geishas suspended in space.
Eventually, I creep away. Upstairs, Iranian
refugees are cooking rice, and on the roof
I find a woman sitting in “The Weeping
Cave”, an igloo made of polystyrene.
I smile politely at her before wandering
back downstairs.
Before I moved to Athens in April, I had
heard that the city had become a creative
magnet in the wake of the economic crisis.
Freed from commercial expectations,
artists were truly able to experiment. There
is mixed truth in this. The once-beautiful
house is the home of Communitism,
a semi-legal artistic commune established
by squatters in Metaxourgeio, an area of the
city full of neoclassical buildings left to
crumble by owners who cannot afford to
repair them. But just up the road, past
junkies shooting up outside brothels, are
sleek galleries hosting internationally
renowned artists. For now the two worlds
are managing to coexist.
Uncomfortably juxtaposed signs of
wealth and poverty abound in Athens —
disused hotels housing refugee families,
palatial apartments near the Acropolis.
These refugees and millionaires partly
explain the sharp contrasts of Greece’s
political spectrum, which includes the far-
right Golden Dawn party and the governing
leftwing Syriza. I’m part of a third societal
group here: middle-class newcomers from
an ancient regional rival that is even more
troubled.
When I moved to Athens, having been
barred from Turkey as a journalist, I joined
a growing diaspora of Turks appalled by
ATHENS DIARY
ALEV SCOTT
On the morning after the elections, an
elderly Greek lady delivered some painful
home truths in the kitchen of her house.
“You have elected a dictator, my dear,” she
told me, stirring a vat of bubbling tomato
purée. “The ultimate stupidity.” I winced.
She was referring not to me personally, of
course, but to the electorate in the country
that used to be my home — 52 per cent of
the electorate, to be precise. Perhaps the
“ultimate stupidity” on my part was daring
to hope that Erdogan might actually lose.
Despite the blackness of my mood, the view
could not have been sunnier. Below the
sprawling house, silvery olive trees and
purple bougainvillea stretched towards a
white-capped Aegean Sea. But that silvery
morning I felt not only depressed but angry
with myself for holding out hope.
The purge that followed 2016’s attempted
coup meant that some of Turkey’s most
skilled professionals have ended up here —
journalists such as Cengiz Aktar, who was
scathing when I expressed my hope that
Muharrem Ince, a charismatic opposition
presidential candidate, had a chance of
beating Erdogan. “You must be crazy,” he
scoffed. “There’s no way.” Other Turks
I spoke to had the same response. I was
I shut my eyes to the clearer view,
probably because I want so badly to return.
I have seen compelling evidence of
Erdogan’s power for myself in the past two
years, collecting material for a book on the
legacy of the Ottoman Empire. It was in the
Balkans that I fully understood the extent of
Erdogan’s reach beyond Turkey’s borders.
Only a month before the elections, I was in a
roaring crowd of 10,000 of his supporters in
Sarajevo. This was his only rally in Europe,
after Germany and the Netherlands banned
him from campaigning. The stadium was
filled with flags and deafening music with
a military beat; I recognised the refrain —
“Re-cep Tayy-ip Er-do-GAN” — from his
personal pop anthem. “Never forget, you
are Turks!” he told his audience, most of
whom had travelled hundreds of miles,
from Lyon, Amsterdam, Hamburg, and
whose votes would significantly contribute
to his win a month later.
Back in the kitchen of my elderly Greek
host, I had a timely perspective from
someone rather older and wiser than me.
At 84, Roula has lived through plenty of
political drama. When she was seven, Nazi
soldiers occupied her home in Thessaloniki,
five years before Greece was engulfed by
civil war. In 1950, the Communist sculptor
Memos Makris, her future brother-in-law,
was exiled to Hungary and later stripped of
his nationality by the military junta. Roula
herself is a traditional leftist, and at the
mention of the governing Syriza party, she
makes a face that suggests a parboiled toad
has surfaced in her tomato purée: “Tsipras
is a devil!” she hisses, of the prime minister.
“A devil! My dear, these are the worst of
times, for Greece and for Turkey.”
I understand why she hates Tsipras so
much — she is furiously disappointed by
the direction taken by the left, by broken
promises. I am impressed that she still

C
this friendly, efficient, high-
spec World Cup have certain
echoes. Willy Brandt, the future
chancellor of West Germany,
who visited the 1936 Berlin
Games incognito from his
Norwegian exile, wrote:
“Why can’t we admit that even
people who used to vote left
are impressed?” Nicholas
Whitlam, author of Four Weeks
rucially, too, war has
changed. In Hitler’s
day, it required
mobilising entire
nations. If Britain
and France were to fight him,
they would need to put millions
of men in arms. Voters would
only accept that if they believed
that Hitler was a threat. The
friendly Berlin Games helped
through the window. I typed the worsening economic conditions that
into my phone, “I wish you a accompany the political turmoil. Those who
nice life,” and we said goodbye. can afford to spend €250,000 on property
I’m pro-Russian, just not receive a “golden visa” that leads quickly to
pro-Putin. citizenship. According to local media, 30
Turks on average have arrived daily in
Read Simon Kuper’s columns Greece since Turkish president Recep
from the World Cup at Tayyip Erdogan called last month’s snap
ft.com/worldcup2018 elections in April. In a sense, they are
simon.kuper@ft.com; replacing the many middle-class Greeks
@KuperSimon who have left over the past decade.
struck by the difference in their attitude to
that of my friends in Istanbul, who were
excited by the sense of promise that Ince
harnessed. Why would Turks in Turkey
continue to hope, while those outside the
country would not? Perhaps because people
living under Erdogan needed a hero.
Perhaps because it is too exhausting to hope
from afar; if you have left your country,
you have in a sense moved on. Perhaps,
from afar, you get a clearer view.
cares so much about politics; every night,
I hear the news blaring from her television.
Right now, my feelings are reflected in a
post-election tweet from the Turkish
Twittersphere: “From now on, I will have
no expectations from life. I will live with
all the emotion of a piece of broccoli.”
Alev Scott is author of ‘Turkish Awakening’.
Her next book, ‘Ottoman Odyssey: Travels
Through a Lost Empire’, is out in October

The new called Jay Matthes who has developed a

lot of Spotify buzz in the previous week.
“So now you’ve been made aware of
innovation that, as with Billy Beane and
the Oakland Athletics’ use of sabermet-
rics, could give people an edge over their
had never been done before. That was
almost the most exciting thing, along
with having access to the music.”
“It’s very difficult to get people to con-
centrate. And you look at the way the
younger generation are consuming

hitmaker him, who you didn’t know, and that he’s

Continued from page 1
already signed to major labels, and some
already superstars. Withey and his sub-
scribers aren’t interested in them. They
care about the 45 per cent who are not
signed to majors. But that’s still the best
part of 200,000 artists, an unmanage-
able number for anyone trying to iden-
tify an artist they want to work with.
To make it workable, the Talent AI
dashboard enables users to apply a
series of filters to either tracks or artists:
to sort by nationality, genre, number of
playlists they appear on, the number of
playlist subscribers, their industry
standing — are they signed to a major?
To an independent label? Are they
unsigned? Eventually you can apply fil-
ters so far you can narrow down on any
kind of artist you want: if you want
unsigned German folk singers on more
than 10 playlists with at least 20,000
Spotify followers, you can find them.
What A&R people are looking for,
though, is not totals, but evidence of
momentum. No one wants to sign the
artist who has reached maximum popu-
larity. They want the artist on the way
up. “The golden data phrase is, ‘It’s mov-
ing,’” says Briony Turner, co-head of
A&R at Atlantic Records’ London office.
“It’s the direction. Is it going in the right
direction?”
Withey says Instrumental delivers
evidence of momentum by showing
how much an artist or track’s audience
is growing, day on day or week on week
on Spotify. Instagram and YouTube will
be added to the Talent AI dashboard in
the near future. He offers a quick dem-
onstration, whizzing through the dash-
board controls to look for unsigned US-
based country singers, and finds a singer
been building momentum. And the rea-
son he’s building momentum is because
these playlist curators have decided
they liked him. So you’re leaning on the
crowd — you’re leaning on 80m Spotify
subscribers to tell you what’s good
because you can’t do all of that yourself.”
While major labels have begun to
acquire their own data discovery tools,
Instrumental, in which Warner was an
original investor, is selling this analysis
to the whole industry. Withey recalls
moments when he really thought he was
on to something. There was last Decem-
ber, when three US labels he had never
heard of, let alone pitched to, decided to
subscribe to his service, at £500 per
month for two individual users.
There was the news that Warner’s
Mexican division had signed three art-
ists it had discovered through Instru-
mental, which proved to Withey that
Talent AI worked even with styles of
music about which he knew nothing.
He mentions an exercise he did with a
big client, going through their roster and
showing that, on average, Instrumental
had spotted their new signings three
months before the client did. It’s an
Briony Turner of Atlantic Records
competitors. At least until they start
doing the same thing.
When Beane introduced moneyball to
the old-timers of the Oakland As’ coach-
ing and scouting team, the reaction was
hostile. It would never work. Baseball
teams needed great players, and only
the best eyes could find the best players.
There’s not that level of resistance in the
modern music industry.
“We use every last piece of data we
can get our hands on,” says Mike Smith.
Sometimes that means taking an inter-
est in artists who, before data came into
play, might not have entered anyone’s
thinking. “Last week we were watching
a video of Jimothy Lacoste,” Smith says.
“You find it difficult to take the boy seri-
ously, because his raps are not the great-
est, but it’s like watching Flight of the
Conchords. It’s the kind of thing that if
you’d presented and gone, ‘I’m really
excited about this guy,’ you’d have been
laughed out of the room. Instead of
which, our scout’s going, ‘The numbers
this guy’s getting are amazing.’ Because
of the numbers, you’re investing more
emotionally and intellectually than you
normally would, and you suddenly start
to go, ‘Actually, I quite like this guy. This
is quite interesting.’”
Turner says when it comes to assess-
ing what an artist can offer, the data isn’t
even always about the numbers. “The
one I look at most is Instagram, because
that’s the easiest way for an artist to
express themselves in a way other than
the music — how they look, what they’re
into,” she says. “That gives a real snap-
shot into [them] and whether they have
formulated a world for themselves.”
For her this is one of the positives the
internet has brought to the business.
She recalls the impact MySpace, one of
the first social networking sites, had on
music. “What I loved was that it gave the
artist a direct in with their fans, which
However, not everyone is delighted
with the drive to data. “There was a
huge emphasis on what was happening
at Spotify, and that became the driving
force for signings,” says one major label
employee about an imprint they
worked with. “A&Rs were using their
eyes rather than their ears — watching
numbers change rather than listening to
music, and then jumping on acts. They’d
see something bubbling up in Sweden
and then try to push it in the UK. It 100
per cent leads to signings for the short
term: they see something happening
and get it out quickly without having to
invest in the traditional A&R process.”
They add that online heat tends to be
generated by transient teenage audi-
ences who are likely to move on rather
than stick around for a decade: online
presence is a big thing in electronic
dance music, or some branches of urban
music, in which an artist might only be
‘The one I look most at is
Instagram. That gives a
real snapshot into an
artist and whether they
have formulated a world
for themselves’
good for a single song. In short, data
does not measure quality; it does not tell
you whether an artist has 20 good songs
that can be turned into their first two
albums, or whether they can command
a crowd in live performance.
The music industry, of course, has
always had an issue with short-termism:
conflict between the people who sign
the cheques and those who go to bat for
the artists is built into the way it works.
In his newly published autobiography
Siren Song, the legendary record man
Jim Chancellor of Universal
Seymour Stein observes that when he
wanted to sign Madonna, his then boss
at Warner Bros refused to cough up for
even a modest deal to sign her for three
singles with the option to make an
album. In the end, he had to find
another branch of Warner to co-sign his
deal. Without this, Warner would have
lost a future 300m record sales.
Things are getting worse, though, says
the major label employee, because the
desire for a hit now supersedes anything
else. “A&Rs are on short-term contracts
— three years is a fairly standard term,”
they say. “They have to find hits or their
contracts don’t get renewed. That
encourages them to go for short-term
fixes because they don’t have the time to
develop a career: it takes years to
develop an artist for a career.”
The problem is that without career
artists, the music industry just becomes
even more of a lottery. It is being made
harder, not just by short-termism, but
by the fact that music has become less
culturally central. “It’s so much harder
to connect with an audience or grow an
audience, because there’s so much
noise,” says Jim Chancellor, who runs
the Fiction imprint and the Caroline
label services division for Universal.
music: it’s one track from here, it’s one
track from here, and it is all over the
place. When you’re trying to build a
career, you need a bit more there, you
know. You need an album’s worth of
music or you need a mixtape. You need
songs. But to get people to concentrate
on more than one song by the same art-
ist is harder now than it’s ever been.”
In a way, Chancellor points out, the
music industry has always relied on
data. It just didn’t call it data. Back in the
days when radio was king, the US record
labels used to keep abreast of which
records were getting requested on
which stations in which cities, and make
sure stock was targeted accordingly, and
tours routed to take account of that. But
it was an inexact science that largely
gave rise to truisms: hard rock’n’roll did
well in the blue-collar city of Detroit;
alternative rock was popular in Boston,
a city packed full of students.
Today the A&R people I talk to agree
the new data has its uses, but insist it still
takes second place to the evidence of
their eyes and ears. Chancellor — very
much old-school rock’n’roll, with his
wild hair and wilder beard, puts it this
way: “I have to have that live experience
to think, ‘Oh yeah, this is going to work.’”
As for Withey, he is not about to tell
the old-school scouts their days are
done. He says Instrumental can tell A&R
people which artists are hot, but not
which are good. Also, there will be
amazing acts who simply don’t get the
traction on the internet to register on
the Talent AI dashboard.
All of which will come as a relief to the
people running those A&R depart-
ments. As Turner puts it, when asked if
data will become the single most impor-
tant factor in scouting talent: “I hope
not. Otherwise we may as well have
robots.” For now, at least, the golden
ears are safe.
7 July/8 July 2018
Lunch with the FT Jaron Lanier
‘The enemy of the future
is the complacent person’
The dreadlocked virtual reality
pioneer is a scourge of social
media. Over ceviche — but
strictly no octopus — he talks to
John Thornhill about shepherds’
flutes, toxoplasmic metaphors
and trying to tame Big Tech
J
aron Lanier arrives a little late
for our lunch at a Peruvian rest-
aurant in London’s Fitzrovia,
having been distracted by a
Ukrainian shepherd’s flute. As
excuses go, that one is certainly novel.
His polite minder had warned me of
the delay, explaining that Lanier had
been “sucked into the vortex” of Hob-
goblin Music, a shop for rare musical
instruments next door. When Lanier
finally emerges, he says the Ukrainian
flute would be “disturbing if I were a
sheep”, but is still kind of interesting.
“There are a few temptations there but
I’m undecided at the moment.”
Lanier is not the type to remain unde-
cided for long. An imposing bear of a
man with long, tangled brown dread-
locks, Lanier rarely passes unnoticed,
even in an anonymous black T-shirt and
black trousers. He sends the cutlery fly-
ing on the adjacent table as he settles
into his seat but does not seem to notice.
As well as being an obsessive collector
— and player — of several hundred musi-
cal instruments (favourite: the Laotian
khaen), Lanier is a Berkeley-based com-
poser, computer scientist, virtual reality
enthusiast, author, Microsoft-affiliated
researcher and scourge of social media.
To revert to epithetic journalese, he is a
one-man polemical polymath.
In a Silicon Valley culture that myth-
ologises youth and creative destruction,
the 58-year-old Lanier can sometimes
seem like the eccentric uncle in the
room, worrying about the impact of
technology on humanity and deter-
mined to keep society in the loop. He
was one of the early pioneers of virtual
reality, founding VPL Research in the
mid-1980s and developing VR goggles
and gloves. But he never fully bought
into the tech sector’s “magical thinking”
and later sold out to Sun Microsystems.
If you do not believe in the Silicon Valley
myth of the great man, he later wrote, it
is hard to aspire to be one.
In a series of subsequent books and
essays, Lanier has been both evangelist
and heretic, enthusing about techno-
logy’s creative possibilities while warn-
ing of its destructive effects. He was
among the first to raise the alarm about
the harmful fallout of social media on
our lives, a theme developed with pas-
sionate force in his latest book, Ten
Arguments for Deleting Your Social Media
Accounts Right Now. We would all have a
clearer understanding of our world, he
claims, if we relabelled the likes of Face-
book and Google as “behaviour manipu-
lation empires”. His argument is that
“pervasive surveillance and constant,
subtle manipulation is unethical, cruel,
dangerous and inhumane”. In short, this
weaponised form of advertising is polar-
ising society, destroying democratic
debate, and turning us into “assholes”.
I
had read that Lanier considered
music his first love. He tells me how
his mother Lilly taught him
Beethoven piano sonatas as a young
child, even if he insisted on playing
in his own “comically overwrought
style”. That emotional connection has
fuelled a lifelong fascination with per-
forming music, which he describes as a
kind of “instantaneous creation of the
future”. “For the most part, the world of
music is joyous and generous,” he says,
noting that even the Laotians indulge his
idiosyncratic khaen-playing style.
Such passing joy contrasts with
Lanier’s childhood, which reads like one
of JG Ballard’s bleaker novels. His
beloved mother, a piano-playing prod-
igy from Vienna and a Holocaust survi-
vor, was killed in a car crash in the US
when he was nine. He and his father
then moved to the New Mexico desert,
where they lived in a tent for two years
while they designed and built a home in
the form of a geodesic dome. Later,
while studying at university, Lanier paid
for his tuition by breeding goats and
selling their milk and cheese.
According to a New Yorker profile,
Lanier’s girlfriend was so disconcerted
by his disheveled appearance that she
took him to a laundromat on their first
date. You can perhaps see why the New
York Times columnist Maureen Dowd
★ † FTWeekend
has described Lanier as the “most un-
P I S QU usual person I’ve ever met”.
23 Rathbone Place, Lanier’s traumatic early life, nomadic
London W1 intellect and fascination with techno-
logy have given him an unorthodox
Two-course perspective. As an FT columnist who
set lunch x 2 £24.00 writes about the impact of technology, I
Starter of ceviche with sea had long been intrigued to meet the
bass, sweet potato, Inca writer who has done so much to deline-
corn and lime tiger’s milk ate the contours of our shape-shifting
£2 supplement x 2 £4.00
digital world. First, though, I decide we
Main course of had better order some food.
avocado risotto x 1 The light, airy Pisqu seems strangely
Main course of quiet on a Friday lunchtime in the heart
grilled seafood x 1 of London. It is located just off Oxford
Side dish of yucas Street on Rathbone Place, where the
(deep-fried cassava) £3.50 great 19th-century essayist William
Service charge £3.94 Hazlitt once lived. Pisqu is, however,
Total £35.44
well suited to cater to Lanier’s emailed
list of dietary restrictions: “No meat. No
cephalopods. No sugar. No alcohol.”
Lanier has developed an obsession with
the octopus, which he values both for its
intelligence and amazing ability to
morph. We both order the ceviche of sea
bass, sweet potato, coriander, Inca corn
and lime tiger’s milk, a pleasing contrast
of tastes and textures. Given that alco-
hol is off-limits, we stick with tap water.
I am intrigued by how Lanier can be so
productive across so many different
fields. He describes his work style as
“compressed procrastination”, switch-
ing from one activity to another, like
cross-training. “You can get away with
feeling like you’re being lazy all the time
and yet at the end of the day all the
things have gotten done,” he says.
Fortified by the ceviche, Lanier
launches into an unsparing assault on
the Big Tech companies — although he
stresses that the problem is not so much
the technology itself or even the corpo-
rate leadership as the economic incen-
tive system in which we operate. Sadly,
the early libertarian idealism of the
internet has resulted in the creation of
“gargantuan, global data monopsonies”.
Like many internet pioneers, Lanier
wants to revive the technology’s original
promise. “I miss the future,” he says.
Lanier argues that these platform
companies are using their colossal com-
puting power to gain a vast informa-
tional advantage, keeping the economic
rewards for themselves while radiating
risk out to everyone else. “It’s reminis-
cent of a gambling economy where the
only sure position is in the casino.”
He is particularly damning of social
media companies, even if he accepts
that their services have real benefits:
connecting patients suffering rare dis-
eases or helping users find lost pets. The
trouble is, as he puts it, that Facebook,
Google,Twitter,YouTubeandInstagram
all have a “manipulation engine” run-
ning in the background, working to the
advantage of unscrupulous advertisers,
scammersorRussianspies.
“The current incentive structure is
that any time two people have any con-
tact, it’s financed by a third person who
believes they can manipulate the first
two,” he says, sweeping his dreadlocks
off his shoulders like some demure deb-
utante. “There’s never before been a
society in which everybody is under
constant observation, constant surveil-
lance and in which they’re constantly
receiving this stream of experience that
is being dynamically adjusted to find
ways of manipulating them.”
He says his wife Lena, who has been
successfully battling cancer, has found it
hard to track down useful information
about her condition online because the
internet is so crowded with garbage
from hucksters and fakers. “It’s like a
labyrinth of deception.”
He accepts that his campaign will not
persuade many people to delete their
apps. Social media has been designed to
be addictive and its dominant compa-
nies enjoy “preposterously grand net-
work effects” that make it hard to quit.
But he hopes enough people will disen-
tangle themselves for long enough to
ensure there is a small, sheltered island
of alternative public debate.
How he can write so sweepingly about
the effects of social media if he long ago
stopped using it? That, he concedes, is a
“valid,inevitablecriticism”,butcounters
that “those people who are in prison will
know more about prison life than the
reporter writing about prison life. Yet we
need the reporter to be outside or else
there will be no report at all.”
O
ne of his biggest critiques of
social media is that it de-
contextualises and mashes
up meaning. Every state-
ment is chopped up into
algorithmic-friendly shreds and recon-
textualised, often triggering a “cranky
backlash” that renders it meaningless;
the election of Donald Trump was the
natural outcome of this cognitive confu-
sion. Lanier says he has met Trump sev-
eral times over the past three decades
and has always regarded him as a typical
New York conman. But, he argues,
Trump has been reprogrammed by his
interactions with social media. “What
has happened with Trump is that he’s
taking on a personality disorder that’s
associated with social media addiction,
the snowflake personality, where the
person is super-insecure, super-ready to
jumpintoabizarresocialpissingmatch.”
According to Lanier, Trump’s election
has shaken the social media companies
out of their complacency. The subse-
quent scandal surrounding Cambridge
Analytica’s abuse of Facebook data has
further rattled Silicon Valley and left the
sector open to outside thinking. “I’m
still considered a bit of an outlier, and
my ideas might be somewhat radical but
they’re definitely treated as a normal
part of the conversation now.”
Despite growing talk about the need
for state intervention, Lanier does not
have much hope for regulation, fearing
that it might only strengthen the incum-
bents. Somewhat surprisingly, he says
Facebook and Google are more likely to
reform themselves, partly in their own
self-interest and partly under pressure
from their own ethically minded
employees. “The one thing that will kill
them totally is if the good engineers start
leaving. Then the companies will die.”
Lanier has been working with a group
of radical economists to design an alter-
native information economy. He is an
eloquent champion of the Data-as-La-
bour movement, arguing that if people
do use social media then they should at
least be paid for their posts and photo-
graphs. He hints that he is involved in
backroom dialogues with the tech com-
panies to bring about such a restructur-
ing.“Idon’tseehowanysocietycanhope
to survive unless there’s at least some
degree of alignment between society’s
interestsandeconomicincentives.”
In his darker moments, he wonders
whether we might have lost control to
our digital creations. “I’ve started to
think of social media a little bit, you
know, how Richard Dawkins suggested
that we think of the gene as if it had a will
of its own.” Is it a coincidence, he asks,
that social media is trying to undermine
the politicians who are trying to tame it?
J
ust when European govern-
ments are moving to regulate
social media and data privacy,
they are assailed by populist
movements. The test case may
come in Germany, which Lanier
describes as “the centre of resistance to a
lot of the madness” today. He sees evi-
dence of the same destabilising process
at work in Italy, Poland, south-east Asia,
India and Africa. “If somebody wants to
disrupt a particular area, they just make
everybody cranky and paranoid and
cynical in the way that you can using
these tools because that’s what the tools
are precisely optimised to do. And so
we’ve entered a world of insanity. The
Trump election is only one example.
There will be many more until we fix it.”
Lanier speaks in enthusiastic waves of
well-modulated paragraphs but still pol-
ishes off his avocado risotto with gusto.
My grilled fish are delicate, if somewhat
dry, spiced up by the criolla sauce. He
shoots a glance of disapproval when my
fork wanders near a piece of octopus.
Since completing his book, he has
come up with a new metaphor for the
interaction between social media and
politics: toxoplasmosis, a parasitic dis-
3
Life
ease that rewires rodent brains to make
them less fearful of cats. Once the reck-
less mice are devoured, the parasite
reproduces itself in the cats’ guts. He
suggests that Trump — or the Russians —
eat the metaphorical mice only because
the social media parasite is making peo-
ple crazy. As I raise a sceptical eyebrow,
he laughs: “I’m expecting the metaphor
commandos to fire into this restaurant
at any minute and put me under arrest.”
Lanierretainscredibilityamongmany
West Coast technologists because of his
pioneering work on VR. He became fas-
cinated by VR as a “lonely, traumatised
kid” seeking a way to connect with peo-
ple through shared imagination. In his
quixotic book on VR, Dawn of the New
Everything, he described wanting to rep-
licate the trifecta of his childhood sen-
sory delight: the art of Hieronymus
Bosch, the music of Johann Sebastian
Bach, and Mexican chocolates tinged
withcinnamon.
Lanier debates with himself whether
Mexican, Brazilian or Peruvian cuisine is
the finest in Latin America but declares
himself happy with Pisqu. We’ve been
talking so intensely that we don’t find
time for dessert. That’s a shame because
the Amazonian chocolate mousse with
passion fruit sounds pretty tempting.
As a VR pioneer, Lanier has argued for
“post-symbolic communication” in
which symbols such as words fade away
to be replaced with a form of communi-
cation through improvising a shared
He calls the likes of Google
and Facebook ‘behaviour
manipulation empires’, and
fears the weaponised form
of advertising that polarises
us, turning us into ‘assholes’
reality. But he also came to realise that
such a powerful technology could alter
people’s behaviour. “This was a very ter-
rifying realisation. Inherently, VR is the
most purified form of both the best and
the worst of technology’s potential.”
Hard as it is to credit at times, Lanier
calls himself an optimist. But I admire
the personal credo he described during a
prize acceptance speech in 2014 in
which he argued that death and loss
were inevitable and so boring. “It is the
miracles we build, the friendships, the
families, the meaning, that are astonish-
ing, interesting, blazingly amazing. Love
creation,” he declared.
He supports the idea that the world is
broadly healthier, better educated and
happier. But he argues this has only
come about because of the activism of
the discontented. His stark criticisms
serve a higher purpose. “At every incre-
ment of improvement in human history
somebody got pissed off and said, ‘This
can be better, this must be better’. To be
a optimist has to mean being a critic.
The enemy of the future is not the pessi-
mist but the complacent person.”
And with that final rhetorical flour-
ish, the happy but discontented critic
heads back to the music store — to check
out that Ukrainian shepherd’s flute.
John Thornhill is the FT’s innovation editor
4 ★ FTWeekend 7 July/8 July 2018

Style
Why freckles
M
eghan Markle may be
surrendering to royal
protocol with demure
are on point dresses and tan tights,
but there’s one thing she
refuses to cover up: her freckles.
Commonly found in redheads or
those whose parents are respectively
dark and fair, Markle’s freckles are said
to be her favourite feature, something
she asks make-up artists to leave
uncovered wherever possible.
Synonymous with youth, and sported
by beauties including model Adwoa
Aboah, Big Little Lies star Zoë Kravitz,
and the redheaded actor Lily
Newmark, the freckled face offers an
idiosyncratic alternative to those
flawless Instagram selfies where make-
up is applied in thick, opaque layers.
It’s another step away from the cult
of perfection. Case in point: see
Ariana Grande’s natural freckles on the
July cover of British Vogue, a
refreshing change from the singer’s
normal look. Because freckles are all
about imperfection.
Beauty “They’re a bit confusing,” says Dr
Gerald Imber, a New York-based plastic
surgeon. “They are melanin spots,
Kathleen Baird-Murray usually seen in fair-skinned people
whose skin is fair specifically due to the
absence of melanin.” Sun exposure
causes melanin production in all skin
types, protecting the skin from the
sun’s ultraviolet rays by concentrating
and darkening the complexion. But, for
those with freckles, this only happens
in a “spotty” fashion.
“No one really knows the answer as
to why this happens,” says Imber.
Although freckles don’t signify
dangerous skin damage, he adds,
“those individuals with freckles are
more liable to develop skin cancer.
Bottom line . . . enjoy the look, but use
sun protection.” (Sun protection seems
to be the beauty industry’s equivalent
to the school matron dishing out
Paracetamol as a universal cure-all.)
Nevertheless, the new-found
fondness for showing off our freckles
does demand a different approach to
make-up application. That supposed
holy grail of “even” application should
be avoided at all costs.
Today, the colour range of
foundations, tinted moisturisers and
concealers available to buy is better
than ever, whatever your ethnicity. But
if your skin is composed of different
shades and undertones — and
especially if it has freckles — you’re
going to need more than one.
“If you smudge If that’s not enough coverage for the
something all over, rest of the face, Burton will then add a
you lose them,” says brightening under-eye concealer to
make-up artist Celia
Burton, who works
hide blue skin tones — she
recommends Becca’s Eye Brightener
closely with Adwoa (£24) — and a Bobbi Brown concealer
Aboah. To emphasise palette for any blemishes. “That way,
the freckles, Burton you’re not really using anything too
recommends using heavy, you’re just concealing the bits
several shades of that need to be concealed, applying
foundation that she make-up and taking it off so that it’s
applies unevenly, on just where you need it.”
purpose. “I call it ‘dot- And if you don’t have freckles but
to-dot’, putting make- want to see how the other half lives?
up only where it’s Take a tip from make-up artist
needed,” says Burton Charlotte Tilbury, a redhead with
of her technique. freckles, who has long championed
On Aboah, who has Ghanaian and That supposed them in her work. She’s drawn them on
English heritage, she uses Glossier’s Penélope Cruz and Gisele Bündchen for
Skin Tint (£20) in all three shades: the holy grail of various Vogue covers, and even added
Dark goes on Aboah’s forehead and ‘even’ application a smattering of freckles to Kate Moss’s
under her cheekbones, the Light under face for her wedding.
the eyes, and the Medium on her chin should be avoided She recommends using her Lip Cheat
and around her nose. “This product is at all costs Lip Liner in Foxy Brown (£16) to
so light that you almost rub it between achieve the look. “I’ve always loved my
the fingers and then pat only where own freckles and have embraced them
needed so that you can still see the as much as possible,” she says.
freckles”, says Burton. “Quite often, I’ll “Drawing on freckles can instantly add
then take a cotton bud with some a fresh, pretty and innocent twist to a
Bioderma Sensibio H2O Micellar Water modern look. They’re like little kisses
(£10.80) and clear the make-up that’s
on the freckles.”
from the sun.” What could be more
joyous than that?

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SUMMER SNEAKERS

Trend | Want to look like the men

— and women — of the moment?
Make it bright, says Carola Long

A
black suit with a crisp white
shirt is the last word in
sophistication. Or is it?
On catwalks, red carpets,
yachts and even in offices,
colourful tailoring is stealing the lime-
light. Proof of its cultural power came
via the new music video for “Apeshit”,
featuring Jay-Z in a mint green double-
breasted suit, and Beyoncé in a bub-
blegum pink version. The twist on tradi-
tional tailoring suggests that the couple
write their own rules. And real men can
wear pastels.
Colourful tailoring has also been
shaking up power dressing for women.
As well as Beyoncé, see the female mem-
bers of the recent Cannes jury, or the
actress Busy Philipps, whose new book
finds her in a Pepto-Bismol pink suit
and pussy-bow blouse. This is an equal
opportunities trend.
Maybe it’s the fact Ultra Violet is Pan-
tone’s colour of the year — or the endur-
ing Prince effect — but purple suits for
men appeared on the catwalks at Calvin
Klein and Kenzo for SS18, while Dolce &
Gabbana, Ermenegildo Zegna, Paul
Smith, McQueen and Richard James all
offered bright tailoring, from hot pink
to turquoise. And it wasn’t just trouser
suits: vivid shorts and blazers cropped
up at Ami, Thom Browne and Gucci.
Donald Glover is a shining example of
how to wear rock-star bright tailoring.
‘Even in the City, the shades
people are comfortable
wearing are getting
brighter — even electric’
At the Solo: A Star Wars Story premiere in
May, his combination of scarlet suit and
shirt should have made him resemble
an A-list tomato. In fact, he owned his
man-of-the-moment status with a style
statement that made celebrities in more
traditional dress look a little bit boring.
“The red suit was a last-minute
choice,” says Glover’s stylist Ilaria
Urbinati. “We had another one picked
out and at the last minute I thought,
‘this isn’t special enough’. I’m a sucker
for a tonal look, and I love Donald
in a silky shirt, so when I saw the red
Kenzo shirt I knew we had our look.”
He wore a pale lavender suit on the red
carpet in Cannes and a mauve Gucci suit
to the Met Ball, embellished with an Eye
of Providence beaded on the back in
gold. Urbinati says that Glover needs no
coaxing to wear bold shades: “He is
always all in.”
The sorbet-shaded suit is
catching. Harry Styles was an
early adopter of a trend first
trailblazed by showmen such
as Mick Jagger, Elton John and
David Bowie. His world tour
wardrobe has included a glit-
tery blue disco style by Gucci,
a millennial pink suit by
Edward Sexton and a purple
suit by Calvin Klein with
orange-backed trousers. Kar-
amo Brown from Queer Eye has
a penchant for dusty pink suit-
ing, worn with a matching
polo shirt, while the actor Tom
Hiddleston likes cobalt.
Most of the men Urbinati
styles “are into bright tailoring for sure.
Especially when they see my other guys
pulling it off it emboldens them.” But
what about away from the red carpet?
Does wearing a loud purple suit to the
office risk you looking like The Joker?
Apparently men everywhere are
becoming more confident with colour.
Davide Taub, Gieves & Hawkes’ head of
bespoke, reports that “coloured Italian
linens are proving really popular, not
only because they are lightweight but
because they tailor beautifully. Many
customers have ordered them again as
suits to wear for work. The most popu-
lar colours include tobacco, lilacs, moss
green, burnt orange, bright blues and
more. The trend started with clients
from the Middle East and the Mediter-
ranean but now everybody is appreciat-
ing this casual elegance.” One client
commissioned half a dozen pairs of
bespoke brightly coloured cotton draw-
string gym trousers to wear on holiday
on his yacht.
Taub adds: “Even in the City, the
shade of blue that people are feeling
comfortable wearing is getting much
brighter, almost electric. Worn with a
white shirt and plain, very dark tie, it
can look very smart.” When your tailor-
ing zings, a subtle tie — or even better, no
tie — is crucial.
For those feeling less brave about
head-to-toe colour, tone down punchy
separates with neutrals. Think sharp,
streamlined cuts and contemporary
styling: try offsetting a bright jacket,
such as the green workwear jacket by Le
Mont Saint Michel for Mr Porter’s Vive
La France collection (£215), with ankle-
baring navy chinos, a white T-shirt and
white tennis shoes.
Personal shoppers at Selfridges and
Mr Porter both report their customers
are keen to try brights for summer wed-
dings and parties. At Mr Porter, buying
director Fiona Firth says that vibrant
shorts “are very popular with our cus-
tomers”. Sky-blue tailored shorts by
Aspesi (£180) or brick red versions by
Anderson & Sheppard (£225 Mr Porter)
signal a certain joie de vivre.
Designer Paul Smith, known for his
exuberant use of colour, has used
shades of magenta, petrol blue and
scarlet in both his summer and autumn
collections. “It is certainly the case that,
From main: since I have been designing, men have
Donald Glover at become a lot more comfortable with
the ‘Solo: A Star the idea of wearing colour,” he says. “In
Wars Story’ the past people associated [it] with
premiere; Harry peacocking, and being particularly
Styles in New extrovert, but that is changing. In my
York; Tom new collection I have a lot of jewel tones
Hiddleston on in my tailoring which I am expecting to
the red carpet; be popular.”
Cannes jury But will a suit the colour of a Love
members (from Island spray tan still seem so appealing
left) Kristen when summer draws to a close? For
Stewart, Ava Gucci’s AW18 tailoring campaign even
DuVernay, Cate Harry Styles is hanging out in a chip
Blanchett, Léa shop wearing grey heritage tweed
Seydoux and (albeit with embellishment).
Khadja Nin in Asked whether bright tailoring can
May — Getty Images work “in real life”, Urbinati suggests
going a little more muted with “rich col-
ours like royal blue, maroon, deep green
and brown”. But she ends with a caution:
“Maybe not the bright orange.”
Sneakers are now synonymous with everyday
style, the full stop to any outfit — be it on the
catwalk (at the spring/summer 2019 menswear
shows, designers routinely teamed trainers
with tailoring) or in the office. But which trainer
tribe do you belong to?
1 For those who like to keep it neat
and tidy, there are plenty of
minimalist trainers from
which to choose.
Fans of the box-
fresh look should
seek out the zip-up
leather plimsolls from new Swedish label Axel
2 Arigato ( 1, £180, axelarigato.com).
Common Projects sneakers (2,
£315,net-a-porter.com)
are pristine white
and work with
everything, while
Isabel Marant’s “Brycy” sneakers (the men’s
3 version of her bestselling Bryce) feature a
smart and chic gum sole, suede front,
and coloured tab on the heel
(3, £280,
isabelmarant.com).
Just in time for
Wimbledon, Adidas has
unveiled its collaboration with skate brand
4 Palace — a unisex tennis shoe in a
textured fabric, with intricate navy
stitch detailing and pink rubber
sole (4, £144,
palaceskateboards.
com). Match point.
Or perhaps you
want to make more of a statement? The
5 runaway success of the stack-soled Balenciaga
Triple S trainer (5, £615, harrods.com)
has inspired a whole new breed
of directional
footwear. Ami’s all-
white running
shoe is inspired
by Nineties
sportswear and has a raised platform sole
6 (6, £378, 24sevres.com) while the
futuristic Huarache (7, £109.95,
nike.com), still one of Nike’s
most popular styles,
should satisfy those
looking for
something bigger and
brighter. It comes in multiple vivid colourways.
For women, Natacha Ramsay Levi’s first
7 sneaker for Chloe, the Sonnie, conjures a
sort of Back to the Future nostalgia
(8, £440, chloe.com). Available
in both a high- and
low-top version, in
bold colourways
with multiple straps,
it looks surprisingly good
8 with tailored separates.
And what about Fila? The Italian
brand (now South-Korean owned)
has become the focus of a
new wave of fashion
interest via its
collaboration with
Fendi. The first
items from the collection will arrive in store
soon. In the meantime, get ahead on the
9 revival. These “original fitness premium”
design kicks (9, £79, fila.co.uk)
feature the signature navy
sole and red appliqué.
Flora Macdonald
Johnston
7 July/8 July 2018
A The pursuit of perfection
t Couture, fashion’s bespoke
dressmaker to the 0.0001
per cent, it’s the stuff going
on underneath the clothes
that matters. The secret lin-
ings. The finishes. The fit. Nothing is as
simple as it mightfirstappear.
Likewise, the real stories of the week
are those that hide along the seams. “I
wanted to show the true art of the coutu-
rier,” said Maria Grazia Chiuri, whose
Dior show had a calm sobriety in keep-
ing with much on display this week.
“People use the word to describe a bit of
embroidery on a garment at the ready-
to-wear. They don’t understand the true
meaning of couture.”
Her response was to keep things sim-
ple. Her collection was focused on mini-
mal tailoring, navy suiting with volumi-
nous slash sleeves, body-skimming day
dresses in fleshy-coloured buffs and
evening gowns in pristine pleats. “Cou-
ture is about following a set of rules
[prescribed by the Chambre Syndicale
de la Haute Couture]. It’s about fitting
clothes perfectly on the body. And
working directly with the client. These
details can’t be appreciated in a picture
on Instagram; it’s more than that.”
Her collection was, in part, a riposte to
those ready-to-wear designers who use
“couture techniques” as a shorthand to
describe more decorative clothes: her
new menswear stablemate Kim Jones,
for example, who alluded to as much at
his Dior debut last month. In her spare
designs, Chiuri made a clear case for her
skills as a seamstress, staging the show
on a mirrored set against a backdrop of
pure cotton toiles — all prototypes from
the collection. It had a cool formality.
Perhaps too cool. In taking such an aus-
tere approach, the show lacked a little
drama and seemed a little bloodless.
Sometimes sobriety can make things
seem rather wan.
In her second couture show for
Givenchy, and her first since putting the
Duchess of Sussex into a wedding dress
before an audience of billions, Clare
Waight Keller also offered an accom-
plished study in the “purity of the line”.
Her show, however, was a sublime
synthesis of the tailleur and flou
(roughly, tailoring and dressmaking)
that are couture’s twin pillars, and
included looks for men. It was offered as
a homage to the house’s founder, Hubert
de Givenchy, who died in March. Staged
on a mirrored catwalk to the melan-
cholic warbling of Audrey Hepburn’s
“Moon River”, the clothes recalled
Report | A mood of calm sobriety governed many of the week’s collections
— but there were also occasional flashes of sheer magic, says Jo Ellison
many of the actress’s most memorable
Givenchy moments — from the slim
black dresses of Breakfast at Tiffany’s to
the pin-sharp tailoring of her How To
Steal a Million coats. There was even a
gown in Funny Face pink.
Yet this was no greatest hits. Nor was
it a reissue. It was Givenchy with Waight
Keller’s stamp and a collection in which
she was both “closing a chapter” in the
house’s fabled drama and reasserting
its lesser-known stories. “I wanted to
reaffirm Hubert de Givenchy as one of
Paris’s great couturiers,” she said. “The
dark severity of the tailoring, the archi-
tectural silhouettes, the rigour — the
pursuit for perfection.”
She offered bold-shouldered tuxedo
At the show’s end the room
erupted. Backstage the
seamstresses wept and then
chanted Piccioli’s name
jackets and lean silhouettes, punctuated
with striking silver accessories, sequin-
encrusted capes and pale blue feather
embroideries that looked like flowers. It
was stunning. According to Philippe
Fortunato, the brand’s chief executive,
Givenchy is enjoying its most successful
semester yet. With Waight Keller, it may
have found its perfect fit.
At Chanel, on a set recreating the
banks of the Seine, Karl Lagerfeld sent
out his models in slate grey tweeds with
bifurcated sleeves, and skirts zippered
to the hip bone to reveal a shorter mini-
length beneath. An elegant collection in
tone and palette, it shimmered with
saucy, colourful details. The sleeves
★ FTWeekend
PARIS COUTURE WEEK
Above, clockwise from
main: Givenchy AW18
Haute Couture; Maison
Margiela; Valentino;
Chanel; Dior; Giambattista
Valli; Elie Saab; Armani
Privé. Below: Fendi
Couture — Jason Lloyd-Evans
5
laboured minutes. It’s frustrating that focus on a pleat, or a fabric, or a tech-
the Privé collection, which can look so
exquisite on the red carpet (see Cate
nique, Piccioli’s collection was driven by
that same personal instinct. Each outfit
Blanchett at Cannes), has lately failed to had been named by the atelier staff who
capture that same timelessness on the made it, and each was invested with its
catwalk, where so many stagy details own secret narrative.
look increasingly out of sync with the The results were sensational: huge
times. I know Armani can be wonderful, poufs of taffeta, sorbet-rich colours and
revealed elbow-length leather gloves, but here I strained to see it. blow-your-mind brocades. Each look
jacket linings flashed with vivid embroi- No straining at Valentino. Pierpaolo was an essay in pin-sharp perfection,
deries. The huge silverised knits, glint- Piccioli’s ambitions for his couture show and everything was to die for. Looking
ing crystal trims and peekaboo shapes were simple: “I’m going with what I feel inwards had fired the atelier’s skills and
were kind of sexy. in my gut.” Piccioli is always searching it was all quite extraordinary.
Chanel recently revealed annual reve- for the emotional connection: no one At the show’s end the room erupted.
nues of nearly €10bn, the first time it talks more about the couturier’s role as a Backstage the seamstresses wept and
has disclosed its financial details. It may craftsman of dreams. This particular then chanted Piccioli’s name. It was, as
be the grande dame of Paris, but it’s still journey had been sparked by a visit to they say, a proper fashion moment.
got no shortage of sass. Which is also London’s V&A, to look at a Valentino Moreover, it answered a question about
true of its hyperactive creative director dress. One of Piccioli’s atelier staff couture that had seemed to dog the
Lagerfeld, who was overseeing a fourth remarked that her father had been week. The pursuit of perfection may be
couture show with Silvia Venturini dying when she worked on the dress — learnt in the brain, and honed by the
Fendi for the LVMH-owned Fendi. Tra- and seeing it again had reawakened her hands. But the magic only happens
ditionally a fur house, here the story was memory of him. Hence, rather than when it comes from the heart.
all about identifying which pieces were
real, and which were masquerading as
such. A shaved chiffon coat looked
uncannily foxlike, cashmere was tufted
into “mink”, and sequins boiled to cre-
ate an “astrakhan” effect. Meanwhile,
tiny colourful strips of mink intarsia
were stitched together in a Kupka-in-
spired lattice to create super-light “air-
condition furs”. Each look will be availa-
ble in either fur or its alternative equiva-
lent. As the modern client moves
towards more ethical choices, and the
world grows ever hotter, such technical
innovations seemed like a wise move.
At Margiela we saw blue veiled
“nomads” wrapped in swatches of fabric
and strapped with iPhone anklets to
recall John Galliano’s vision of a “neo-
digital native”. You can download an
illuminating podcast about his thinking
process on iTunes, which is well worth
listening to, if only for his magnificent
Kenneth Williams-style drawl. Archi-
tectural ruffles, shocking pink and bows
ruled at Giambattista Valli. They were
also much in evidence at Armani Privé,
a show of some 96 looks that expressed a
bold 1980s extravagance over 30 long,
6 ★ FTWeekend 7 July/8 July 2018

Travel
lure of fine food, with a restaurant that
quickly earned two Michelin stars.
There is a similar plan here, with cook-
ing by chef Jérôme Schilling deployed in
a glass-walled dining room that almost
has its feet in the vines. When the sun
sets amid the elegant green rows abut-
ted with the traditional vine-end red
and pink roses, and with strategically
placed amber-leaf Lalique crystals
handsomely ablaze in the evening light,
you can see that atmospheric seduction
is likely to triumph over all.
While the white-tableclothed vistas
are enjoyed in the dining room, the
kitchen is busy with the fancy bespoke
plates and fussy twists that come with
food tilted directly at the Michelin
inspector: sea bass arrives in “harle-
quin” stripes of sauces, a potent mix of
bergamot and an elderflower vinai-
grette. A full cast of local producer-sup-
pliers is credited on the menu, from the
truffle-hunter to the miller, the cheese-
maker and the vinegar-maker. In the
Bordeaux region, however, and in the
charming village of Bommes just
beyond the château, most people are
employed by the wine trade in some
form; the food producers are outliers.
On the way into dinner I have a quick
leaf through the album-sized wine list,
much of which is stocked by Denz’s per-
sonal collection; Château Lafite vintages
between 1975 and 2012 start at €780
and rise to €2,200 for a bottle. Much of
the list is stored in the château’s own cel-
lars, and there is also a new wine store
across the courtyard where you can buy
gift-boxed Sauternes and Lalique crys-
tals. (If you don’t like Bordeaux and/or

Encircled by 36 hectares of
first-growth greenery, there
is an unmistakable air of
wealth and sanctuary

The vine details

Lalique, and you don’t have semi-un-
thinking riches to discard, you are prob-
ably in the wrong hotel.)
The hotel’s interior designer, Lady
Tina Green, who has decked the place
top to toe in the polished, Gallic-Gatsby
look of modern Lalique, takes us on a
tour of the property before dinner (it
isn’t long before conversation turns to
“le sweetz”: it is “a divine before-lunch

I
Hotel insider A 13th-century
winemaking château is
opening as a high-end Lalique
hotel with gourmet restaurant
— and extremely well-stocked
cellar, writes Natalie Whittle
i / DETAILS
The author was a guest of the hotel
lafauriepeyragueylalique.com
Room rates range from €250 to €800.
Reservations at
info@lafauriepeyraguey.lalique.com
t is an autumnal mist that makes
Sauternes’ famous sweet wine.
Passing under the cooling tree
boughs shading its banks, the Ciron
tributary meets the warmer water
of the wide Garonne river, sending up a
fine brume over the nearby vineyards.
Droplets pierce the grape skins, and the
piercings are then worked on by the bac-
teria, Botrytis cinerea, or noble rot, pro-
ducing a sugary shrivelled grape from
which a gold, sweet wine is made in pre-
cious-small quantities.
But scarcity no longer equals desira-
bility: Sauternes, a tiny appellation in
Bordeaux territory, has rather fallen out
of fashion. Its claims to fame are of a cer-
tain vintage; famous fans including King
Alphonso XII of Spain, who declared
it his favourite wine back in the 19th
century. In French hands, Sauternes
is the classic thing to pour into an
aperitif glass and sip with foie gras
before dinner; elsewhere, it is taken as
an expensive dose at the dessert end of a
luxury meal.
At Château Lafaurie-Peyraguey, a
13th-century redoubt planted among
some of the world’s most prized viticul-
ture, Sauternes made from the prop-
erty’s vines is being served in what is
considered heretical fashion: in a tum-
bler glass, with big ice cubes and strips of
orange peel, as a spritzer before dinner.
Newly fitted out as a luxury hotel, the
château’s wood-beamed drawing room
now has a long lacquered bar doling out
this creation, christened “le sweetz”.
(Another Sauternes château has also
thought hard about sweet white wine’s
marketing problem, conjuring up “le
sojito”, a French answer to the Cuban
cocktail.)
Drinkable though “le sweetz” is, the
château has better charms to bank on.
This, almost improbably, is the first pre-
mier cru wine estate to open its doors as
a hotel: driving up the golden gravel
sweep and under the carriageway
arches, encircled by 36 hectares of first-
growth greenery, there is an unmistaka-
ble air of wealth and sanctuary that
seems ready-made for such a high-end
venture. The backing here comes from
the château’s owner, the Swiss-German
perfume and Lalique magnate, Silvio
Denz, who also owns the neighbouring
châteaux Faugères and Péby Faugères
The architectural stresses of hotel
works aside, which have taken long,
costly months, Lafaurie-Peyraguey’s
greatest chagrins appear to belong in its
deeper past, with the head of at least one
previous owner lost to the guillotine.
Denz seems unfazed by any vulnerabil-
ity entailed in the business of Bordeaux:
Faugères being between the two appel-
lations of Castillon and St-Emilion, he
simply built a new winery — the self-de-
scribed “cathedral of wine”, a concrete
bolt designed by Swiss architect Mario
Botta — so that the wine could be classi-
fied as a St-Emilion first growth. He then
bought Lafaurie-Peyraguey for “a
reasonable price”, he says coolly, the
property in Sauternes being cheaper
than it is in St-Emilion. Old and very
pretty vineyard workers’ cottages just
From top: beyond the château are being slowly
Château acquired one by one to create a future
Lafaurie- spa area. On the crest of the facing slope
Peyraguey; of vines, the proud turrets of the world-
the landscape famous Château d’Yquem look safe for
surrounding now, under the even mightier owner-
the château; ship of LVMH.
the interior Like everyone else at the château,
of the hotel Denz seems most anxious about the ver-
AGI Simoes; Getty
dict on “le sweetz”, and less worried
about spending millions on fitting out a
10-room, three-suite hotel. The other
Lalique hotel, which opened three years
ago at René Lalique’s former home in
Alsace, secures its guests through the
drink”, she notes).
Early in the project, it was decided
that the château’s centuries of age might
not take kindly to the imposition of
showy or flashy luxury; instead, a
“country” version of Lalique was
intended for the furnishings, though
with the brand’s signature high-gloss
lacquers and crystal touches, quite a bit
of glamour has crept into the suppos-
edly rustic vision.
“We’ve kept as much as we could of
the old,” Green says. “But [René] Lal-
ique was not minimalistic.” The colours
that run through all the rooms are
matched to the terroir outside: a vivid
green velvet in the drawing room,
almost as bright as the vines, and a
claret red in the library bar upstairs.
This palette, against the ageing stone
walls and splinted beams, works very
well, and runs throughout the hotel. In
the bedrooms, however, it is the views
from the windows that do most of the
scene-setting: beautiful long sweeps of
vines interrupted only by the gentle
noise of estate machinery. The material
comforts are still ample, with “rustic but
elegant” Belgian linen and wall-to-wall
Spanish marble in the bathrooms. (And
Lalique crystal taps, of course.)
That the river waters, the noble rot,
and the gravelly soils of Sauternes are
what have enabled such riches feels like
an earthy reality that has been allowed a
modest role in this rather fabulous
enterprise. Whether the hotel guests
can adapt to Sauternes before dinner, or
indeed lunch, is another matter.

R
ising from the Danube basin
POSTCARD in western Romania is a city
more evocative of the
FROM... Austro-Hungarian empire
than even Vienna itself:
TIMISOARA Timisoara. Here leathery faced fiddlers
ply their trade as colourful rococo
façades crumble in the sun. It is
Romania’s third city, yet the mornings
are quiet enough to hear a distant
cockerel. The agrarian pace of life
reflects the surrounding expanse of the
Banat region: a flat sea of farmland,
whose earthy air hits you stepping off
the aeroplane. Timisoara served as its
administrative centre: a genteel
microcosm of the imperial capital
hundreds of kilometres to the west.
A new international role is now
being thrust on Timisoara. It has been
named the EU’s Capital of Culture for
2021. Yet the plaudit speaks of more
than mere faded grandeur. The city’s
cultural pulse is earthed to its
revolutionary past. Its epicentre was a
long piazza dominated by a
perpendicular cathedral built in one of
the strangest vernaculars of central
Europe. It was here that the
congregation of pulpit dissident Laszlo
Tokes surrounded his apartment
building to protect him from arrest.
i / DETAI LS When the demonstration swelled, the
protesters were machine-gunned: an
The main airline serving Timisoara for
western Europe is Wizz Air
action that led Nicolae Ceausescu to
lose control of the country.
Now the square is overlooked by a
rooftop restaurant and echoes to the
sound of a series of summer concerts.
One side of the city is encircled by an
18th-century canal, its towpath
connecting a rose garden with a series
of open-air bars. One even has a dance-
floor tucked beneath the arch of one of
the city’s stone bridges.
Timisoara is well-suited to its newly
mandated international role. The tides
of empire swept easily across the open
topography of the Banat, meaning the
city is known differently in seven
languages. It was once a forward post of
the Ottoman Empire before re-seizure
by Austro-Hungary — an event so
violent that much of the city was
Matthew Cook
Timisoara’s cultural pulse is
earthed to its revolutionary
past. Its epicentre — a long
piazza dominated by a
cathedral built in one of the
strangest vernaculars
rebuilt. Only following the first world
war did it finally pass to Romania.
Both the fabric of the city and its
population reflect these changes:
Turkish ruins break the surface, a
complete Habsburg star fort remains
embedded at its centre, and three
beautiful synagogues stand intact.
Serbian language flows in the street
and thousands of Italians arrived
afterthe fall of communism. Combined
withthecenturies-old cultural presence
ofthe“DanubeSchwabians”— Germans
who recolonised the Banat and
neighbouring Transylvania following
the Turkish wars — it doesn’t take long
to find a main European language in
which to communicate.
This makes the city practically
well suited to tourism, with culinary
variety to match. You can be in
Serbia for lunch — grilled mountain
trout and a bell-shaped phial of chilled
plum brandy at the Karadorde
restaurant — and the heart of Tuscany
for dinner. But the one language you
never hear is that of the most recent
overlords: Hungary.
Timisoara’s history and architectural
completeness make the Ceausescu-era
feel more remote than in Bucharest. It
is captured with characteristic irony in
the Communist Consumers Museum,
which recreates a contemporary home,
replete with household items of the
time. Because these were centrally
produced, visitors from other Soviet
satellite states — and even the former
Yugoslavia — bond over toys suddenly
remembered from their childhoods.
Above the museum is a theatre bar of
hipster sensibilities. Other projects
recreate more distant memories. The
Banat Village Museum was built as a
model village for modern Romanians
to act out the bucolic life of their
forebears. Left uninhabited due to
administrative issues, it has become
the incongruous location of an
electronic music festival.
Early tremors of EU renown are
already attracting lesser-known
international events (24-hour running,
anyone?). Yet for now the city retains
an unspoilt local patriotism expressed
in typically eclectic claims to fame. The
tower of its cathedral is the highest in
the Orthodox world — outside Russia.
Its electric street lights — courtesy of
the twilight largesse of the Austro-
Hungarian empire — were the first in
Europe. Some fear its coming
prominence will finally change this
character, while others shrug at the
laying down of another stratum in
Timisoara’s Ozymandian cultural
geology. With an airport served from
around Europe — and the Casa del Sole
courtyard hotel offering a pool and
traditional Balkan grill — now is the
time to visit.
Toby Guise
7 July/8 July 2018 ★ FTWeekend 7

Travel

The safari at the end

Namibia | As two new lodges
open up the country’s remote
north-west to safari-goers,
Horatia Harrod goes in search
of its most elusive beasts
of the world
T
here is something final
about the town of Mowe
Bay. Tracing a line up the
Skeleton Coast, the band of
desert on Namibia’s north-
western seaboard, it marks a full stop:
this is where the road runs out. Turn to
the Atlantic, and you are met by a thun-
dering swell; turn inland, and you reach
a dreamlike sea of sand dunes. For cen-
turies, ships have been wrecked on this
shore, overcome by strong, swirling cur-
rents. The sailors were succeeded by
diamond prospectors, who arrived
overland in the 19th century in search of
new beginnings, only to lose fortunes.
Today, the thousand-strong population
of the town’s barking seal colony vastly
outnumbers the human one.
This is a place where the garden orna-
ments are the bleached bones of whales,
the skulls of elephants, giraffes and
birds. Mowe Bay’s dusty, single-room
museum is a collection of memento
mori: turtle shells, lion foetuses in for-
maldehyde. A few doors down, a mast
and two oars form the skeletal frame of
an abandoned house.
And yet, this is not the end of the
world. Thirty miles north, in one of the
most highly protected parts of this
sparsely populated country, is the Ship-
wreck Lodge. Each of its 10 implausibly the African wild — is not widely known. pellets, droppings and dung. He picks
luxurious cabins looks like a child’s Conservation is on everyone’s minds up a piece of donkey dung and turns it in
drawing of a tugboat, with wooden ribs here. The camp will provide a base for his hand as if it were a kaleidoscope,
and portholes and little black chimney GCF researchers in years to come, and each angle offering a new vista on mam-
stacks emerging from their roofs. Filled its plentiful comforts — hot showers, malian behaviour.
with beachy bric-a-brac — rope and tim- well-lit interiors, incongruous Nes- Mbinga grew up in a village in the
ber shelving, mismatched pegs for presso machine — are all powered by Kalahari, where his mother instilled in
hanging coats — they seem to sail solar energy. The six spacious tents are him a fascination for the natural world.
serenely across the dunes. buried at the base of a craggy cliff-face, “She knew everything about the chame-
It is the only lodge in this restricted hidden from view behind a grassy hill. leon and the hornbill,” he says. “I
section of the Skeleton Coast National Their arching, elegant forms blend remember when I read about them in
Park, and our second stop in a safari unobtrusively into the landscape. my textbooks later, everything was
through the deserts of north-west One morning, during a break from exactly as she had told me.”
Namibia, a place far removed from the what turns out to be a fruitless hunt for a The Skeleton Coast is both hostile and
crowds and racing 4x4s of Kenya and lion, Uararavi mentions that his father fragile, and Mbinga is its respectful cus-
South Africa, more well-established was once a rhino poacher. We are drink- todian. Near the sea, the sand is covered
safari destinations. ing tea in the middle of the riverbed, with a dirty crust of black and red gyp-
We had landed four days earlier in shaded from the 30C heat by the canopy sum; a car crunching over the surface
Sesfontein, a remote town encircled by of a mopane tree, nibbling at an array of will leave tracks that will remain visible
fruit and homemade biscuits laid out on zigzagging path of a rhino; and although for 100 years. Further down the coast,
up rocky passes, through stone canyons Clockwise from a white tablecloth. (Meals, both on the the beast eludes us, it leads us phantas- the ghostly trail of a 19th-century Ger-
and across golden plains, each land- main: the move and in camp, are frequent and mally through mighty, prehistoric land- man oxen wagon can still be seen, head-
Shipwreck Lodge scape seemingly infinite, in search of the Hoanib Valley hearty — designed, I imagine, for some scapes that seem to change their charac- ing into the great nowhere.
Sesfontein desert-adapted lion, elephant, rhino Camp, Namibia; vigorous Bavarian visitor, Germans hav- ter every hour, black rock turning pink The traces left by humans on this
Mowe Hoanib and giraffe who wander through them. a view of a ing long made up the majority of in the sun, dotted with small herds of windswept shoreline are by turns tragic
Bay Valley Camp In this time, we will pass only two other giraffe near the Namibia’s European tourists.) zebra and horned oryx. and futile. We take elevenses in the lee
Ske

vehicles. camp; cabins at “The rhino is so beautiful, so vulnera- Some of these creatures will follow the of the shipwrecked Karimona, a Japa-
leto

In the desert, animals look and the Shipwreck ble,” he says, sipping from his tin cup. “I riverbed all the way down to the sea. nese ship first discovered here in 1971.
n Co

Atlantic
behave differently. They follow crazy Lodge; inside sometimes fail to understand how my One cold morning, we head out cross- Further along the shore, among
NAMIBIA
a st

Ocean
paths — start by tracking a rhino east, the dining area father could poach it, if he knew this. country to reach the coast, the vegeta- bright green sea anemones and fluted
Na
tio

says Uararavi, and you will inevitably at the Shipwreck But at some stages it was because of star- tion slowly thinning out until, at the end snail shells, I find a two-inch piece of
na

find it far to the west. The riverbed may Lodge — Michael Turek vation. In the early 1980s it was so, so of a mighty plain covered with rough electrical wire and bring it dutifully to
l Pa

Windhoek
rk

maps4news.com/©HERE 100 km
orange granite hills. It’s a two-hour
flight from the capital, Windhoek. “The
route we’re going,” says Dewald von
Solms, our young pilot, as he ushers me
and my wife through customs, “you can
see just how much nothingness there is.”
From the windows of his Cessna 210, a
propeller plane fitted out like a classic
car with ageing leather fittings and
mock mahogany ashtrays, vast land-
scapes unscroll 10,000ft below us.
There are tarmacked roads, then dirt
roads — then, the nothingness. We land
in a field of white-gold grass gently going
to seed, as the sun begins to set.
The road to the Hoanib Valley Camp
traverses a dry, grey riverbed, two-and-
a-half hours along what feels like an
endless cattle grid. Our guide is Nico
Uararavi, who grew up in Sesfontein: the
camp is a joint venture between the
local community and safari outfit Natu-
ral Selection, and hires almost exclu-
sively from the closest towns. For the
next three days, Uararavi will drive us
be crowded with animal tracks, but
many of the creatures we encounter
travel alone: a sleeping jackal, a startled
springbok, a solo ostrich, a lone lioness,
lazily making her way along the river-
bank. The first we come across is a soli-
tary giraffe, negotiating a meal from a
thorny ana tree in the cool morning air.
It is hard to ascribe much mystery to a
giraffe, so good-natured and ungainly. “I
often compare them to a long-necked
cow,” says Nat Sullivan, a doughty New
Zealander in khaki shorts and cropped
hair who is volunteering here on behalf
of the Giraffe Conservation Foundation,
tracking the 250 or so giraffes who roam
these river systems. “They’re not intelli-
gent like an elephant or an ape.”
Yet, simple as they seem, their lives
are obscure. We do not know how long
they live in the wild, Sullivan says, or
how they form social groups, or what
they need in terms of sustenance. Dr
Julian Fennessy, the Australian co-
founder of the GCF, spent seven years up
here without ever witnessing a giraffe
drink. Even the fact that the species has
quietly slipped on to the endangered list
— there are fewer than 100,000 left in
dry in this area — these were the years
that starving lions came to Sesfontein
and killed a baby.” A decade later, after a
newly independent Namibia enshrined
environmental protection into its con-
stitution, Uararavi’s father became a
community game guard.
When Uararavi decided to become a
guide, he had never seen rhinos or lions
— “the animals right in my backyard” —
but after 10 years, he is an expert
tracker. For an afternoon, we follow the
tamarisk bushes, we come to the first
sweeping dunes that mark the edge of
the Skeleton Coast.
Sustained by the morning mist that
rolls in from the sea, there is life here.
We see the tracks of black-backed jack-
als, who lick moisture from the rocks,
and tok-tokkie beetles, who balance
acrobatically on their heads, allowing
condensation to drip down their bodies
into their mouths.
In these superficially bleak condi-
tions, a guide of subtlety is required.
Festus Mbinga, scholarly and bespecta-
cled, is a legend in the Namibian tour-
ism industry. He began guiding when, as
he puts it, “the guests were as rare as
diamonds”; after 25 years, there is not a
point of botany, biology or geology with
which he is unfamiliar.
At six o’clock, as the light fades, he
takes us for a walk through the tussocky
dunes that extend from the Shipwreck
Lodge down to the Atlantic shore. “We
must start,” he says, squatting down,
“with the production of sand.” From
first principles, he expounds on the
digestive system of the giraffe, and the
important distinctions between animal
Mbinga as proof of my commitment to a
clean environment. Gently, he tells me
to return it to where I found it. Every-
thing here must remain where it is, and
perhaps this will be a valuable piece of
evidence for the investigators of the
Shipwreck Commission.
At the Shipwreck Lodge, meanwhile,
the aim is to leave no trace. It operates
on sustainable principles — solar power,
water from bore holes. Trucks take a
three-day round trip from Swakop-
mund to bring in supplies and take away
refuse. The lodge is designed so that it
could be swept away without leaving a
mark on the environment. Yet, sur-
rounded by monuments to human falli-
bility, it surely deserves to thrive.
i / D E TA I L S
Horatia Harrod was a guest of the Namibian
Tourist Board and Steppes Travel, who offer a
10-day itinerary to Namibia from £5,995 per
person, based on two people sharing, staying on
a full board basis for 3 nights at Shipwreck
Lodge, 3 nights at Hoanib Valley Camp, 1 night at
Olive Exclusive, inclusive of domestic flights and
transfer (steppestravel.com 01285 601 050)

W
hen I wrote last year
about how complicated
hotel showers were,
several readers asked
why I hadn’t addressed
the more vexing issue: hotel lighting.
When I last wrote about this topic,
some 15 years ago, I thought that hotel
lighting designers were a pack of
jokers. Among hotel school graduates,
it seemed the mathematically inclined
would go into hotel finance, the
“people” people would staff the
concierge desks, the foodies would
gravitate towards catering — and the
ones who claimed the guest in room
602 was a head of state and should be
addressed as “Your Excellency” went
into lighting.
“Flick that switch as you walk into
the room and it turns on the reading
lamps above the bed,” I wrote at the
time. “Or possibly the light above the
curtains, on the other side of the room.
Or all of these together. Or none of
them. The switch next to the dressing
Michael Skapinker
The frequent flyer
table lights up the standing lamp
behind you. The switch near the
standing lamp turns on all the lamps.
The switch next to the bed plunges the
whole room into darkness.”
There has been some progress since
then. There is still a profusion of lights
and switches, an oddity in these
supposedly more energy efficient
times. But in some hotels the switches
are now at least labelled: “desk”,
“floor”, “reading lamp” and so on. It
is quite common to be able to control
all the lights from the bedside and
for each to have a picture or word
saying which light it refers to. The
lighting designers are no longer a
bunch of clowns.
Instead, I think of them as
ruminative, introverted, complex, if
still a little mischievous, with a faint
smile playing around their lips. They
have solved many of the lighting
conundrums, but they couldn’t resist
presenting us with one final mystery,
one last game.
The game is called Last Light. The
way it works is this: at night, when
your meetings are done, your emails
sent and your teeth flossed, you pop
into bed and turn off the various
switches. The room falls dark, except
for one light, which stays on. This isn’t
always the same light. Sometimes it’s
the standing lamp, sometimes the light
at the entrance to the room.
Occasionally the problem is easily
solved. You haven’t shut the wardrobe
door firmly enough, so its interior light
hasn’t gone out. Someone who, as a
reward for chairing a conference,
recently had a night in one of London’s
poshest hotels, said his Last Light
turned out to be on the shaving mirror
in the bathroom. It had to be turned off
manually.
But these are the easy puzzles, the
entry level stuff, the quick crossword to
the cryptic. Many lighting designers
think we need something more
challenging. Their Last Lights are
lights we never knew existed and
never saw the need for. At one hotel I
stayed in recently, the Last Light wasn’t
really a light — more of an ambient
glow around the wall-mounted
television. On another occasion it was
a spotlight near the floor beneath the
bedside table.
The heart of the mystery:
how to turn off the Last
Light? There is no easy
answer. Every switch turns
on one of the lights you
previously turned off
Now, the heart of the mystery: how
to turn off the Last Light? There is no
easy answer. Every switch turns on one
of the lights you previously turned off.
You can’t dim the Last Light with a
discrete flick. Instead, like a Rubik’s
Cube gone wrong, you have to start
from the beginning: all the lights on,
and then, one by one, turned off.
Suddenly, with one final flick of a
switch it is all done. Complete
darkness. A triumph, but an ephemeral
one. Because which, exactly, was the
switch that turned off the Last Light?
Even with the labels, there was too
much switch flipping and too many
switches to remember. The only way to
find out would be to turn on a light,
and who knows what that might lead
to? Better to try to get some sleep.
Tomorrow will be another night,
with another Last Light. Will it be
the same one? Where would be the
fun in that?
michael.skapinker@ft.com; @Skapinker
8 ★ FTWeekend 7 July/8 July 2018

Essay| The story of how Barclays transformed itself from traditional lender to hard-charging
adventurer is both a thrilling and salutary account of the world of modern finance. By John Plender

N
ot so long ago banking was a
relatively simple business
whose main focus was on
deposit-taking and lending.
Then in the 1980s every-
thing changed as a powerful tide of
deregulation swept through the indus-
try courtesy of Ronald Reagan and Mar-
garet Thatcher. The utility-like pruden-
tial ethos of banking metamorphosed
into a culture of gung-ho short-term
profit maximisation. Trading in finan-
cial derivatives — swaps, futures and
options and so on — mushroomed, while
loans were packaged into securities and
shuffled off bank balance sheets, per-
mitting the banks to extend yet more
loans. Bonus-hungry young men (and
the odd woman) on huge trading floors
operated as hired guns, feeling no loy-
alty to their employers. Big interna-
tional banks took on increasing
amounts of risk in relation to dwindling
cushions of capital. This transformation
culminated in the great financial crisis
of 2007-08, which showed that the glo-
bal economy had become hostage to a
bloated and rickety financial sector.
Today, even after the post-crisis
toughening of regulation, it is arguable
that the big banks are so complex and
lacking in transparency as to be unman-
ageable. That argument derives consid-
erable support from Philip Augar’s new
book on Barclays. In The Bank That Lived
a Little, this former banker provides a
brilliantly readable account, based on
exceptional access to most of those
involved, of the transformation of the
old Quaker bank into a hard-charging
capitalist adventurer.
At one level, it is a tale of a running
battle over strategy between those at the
top of Barclays who wanted it to join the
club of pre-eminent global banks and
those who wanted a more domestic
focus — a tension that has afflicted other
big banks across Europe. At another, it is
about the growing prominence of the
City of London in Britain’s social and
economic life. Augar brings forensic
skill to the task of chronicling the
change in ethos in banking, showing
Head rush
John Varley (left),
outgoing group chief
executive of Barclays
Bank, pictured with his
successor Bob Diamond
(centre) and group
chairman Marcus Agius
at the company
headquarters in Canary
Wharf, London in 2010
Camera Press; Bloomberg
The Bank that Lived a
Little: Barclays in the Age
of the Very Free Market
by Philip Augar
Allen Lane £25, 428 pages
how even very talented people strug-
gled to manage the risks and strategic
challenges of the new global financial
marketplace.
There is no question that many of the
top executives at Barclays were excep-
tional people. Consider just three. Lord
Camoys, the architect of Barclays’
response to Big Bang, the deregulation of
the London Stock Exchange in 1986, was
a visionary who saw that the big invest-
ment banks were challenging the tradi-
tional lending business of the old com-
mercial banks.Inthis newworld,instead
of simply lending to clients, Barclays
needed to also be able to raise money —
and lots of it — for them on the capital
markets by selling and trading debt and
equity securities to investors. To do that
it bought in the run-up to Big Bang the
pre-eminent jobbing firm Wedd Dur-
lacher, which made markets in securi-
ties, and the broker De Zoete & Bevan.
Camoys was prevented by illness from
playing a full part in implementing the
vision, but Barclays was second only to
SG Warburg in the strength of its acquisi-
tionsandthecoherenceof itsstrategy.
Martin Taylor, who became chief
executive in 1994, had done a superb job
as chief executive of Courtaulds Tex-
tiles, a business that confronted numer-
ous challenges in a declining sector. At
the much larger Barclays, the former FT
journalist brought formidable intellec-
tual capability and was prepared to
address the uncomfortable reality that
investment banking contributed little to
Barclays’ profits. He was sceptical about
his predecessors’ ambitions to take on
the big Wall Street banks and boldly
decided that the equities and corporate
finance businesses should be sold. Yet
the sale coincided with the Asian finan-
cial crisis of the late 1990s and was
botched. When Taylor later proposed to
sell the residue of the investment bank
after it incurred big losses in Russia, he
failed to carry the board with him and
felt obliged to resign.
The most intriguing of Barclays chief
executives was the American Bob Dia-
mond. A former Morgan Stanley and
CSFB fixed income trader, Diamond
rebuilt the investment bank after Tay-
lor’s departure and turned it into the
UK’s first globally competitive invest-
ment bank. He did so without spending
a cent on acquisitions and by plundering
his previous employers for talent. By the
time he stepped up to the top job in 2011
Barclays Capital, the investment bank,
made up over half of the group’s profits
and earned a remarkable 16 per cent on
equity capital.
The holy grail for elite London bank-
ers had always been to break into Wall
Street and take on the giants of US bank-
ing. None succeeded, although Sieg-
mund Warburg came close to merging
To the extent that the
enlarged group had
common values, they
were built around the
pursuit of bonuses
SG Warburg with US investment bank
Kuhn Loeb in the 1960s. But the deal
foundered because of personality
clashes. Yet where the legendary War-
burg failed, Diamond, with notable sup-
port from the then chief executive John
Varley, succeeded. When Lehman
Brothers collapsed in 2008, Barclays
picked up the equities and corporate
finance businesses — the non-toxic
parts — for a song. It thus became a top-
five universal bank, taking its place
alongside the likes of JPMorgan, Gold-
man Sachs and Morgan Stanley.
Meantime, while Diamond was chair-
man of Barclays’ fund management arm
Barclays Global Investors from 2002 to
2008, profits rose from £110m to
£595m. When BGI was sold to the Black-
Rock fund management group in June
2009, it bagged a profit for Barclays of
£6.3bn, a hugely valuable boost when
the bank’s capital ratios were under
pressure during a financial maelstrom
in which it narrowly escaped a govern-
ment bailout.
There were nonetheless snags: while
Diamond was a brilliant builder of busi-
nesses, he was never sufficiently in con-
trol of the investment bank. The reason
Barclays Capital lost so much money in
Russia was that Diamond put too much
trust in traders who disguised Russian
counterparties as Swiss or American in
order to breach country lending limits
they regarded as unduly restrictive.
To the extent that the enlarged group
had common values, they were built
around the pursuit of bonuses. In the
years after the financial crisis Barclays
was to be plagued by revelations about
traders manipulating the Libor interest
rate — the reference point for every-
thing from credit-card rates to student
loans and mortgages — along with many
other forms of market malpractice. At
the same time the retail bank gulled
hapless customers into buying toxic
derivatives. And as well as being insen-
sitive in his dealings with the Bank of
England and the regulators, Diamond
had a tin ear for public opinion, espe-
cially in relation to pay.
His pay package in 2009, when Bar-
clays was already the beneficiary of state
support through the Bank of England’s
special liquidity and credit guarantee
schemes, was £27m. Although he
declined performance bonuses for 2009,
this figure provoked outrage among pol-
iticians and public. Together with the
Libor scandal, it caused Mervyn King,
Bank of England governor, to apply pres-
sure to the board to fire Diamond.
These vignettes and those of Barclays’
chairmen and other chief executives are
skilfully drawn by Augar. He is damning
on the non-executives before and dur-
ing the period of the financial crisis, sug-
gesting that they completely failed to
offer a constructive challenge to the
executive or to insist on adequate dis-
cussion of strategy. One of the book’s
more powerful anecdotes concerns the
board’s decision to overrule the chair of
the remuneration committee, Alison
Carnwath, on curbing excessive pay.
In discussing the dramatic decline in
standards of behaviour in banking,
Augar makes an illuminating compari-
son with football in the 1960s, when the
abolition of maximum wages for players
and the arrival of big money from televi-
sion made the temptation to pretend to
be fouled or argue with the referee irre-
sistible. Gamesmanship was tolerated
because everyone was doing it.
So, too, in banking after Big Bang.
High rewards, weak regulation and the
demands of short-term shareholders
corrupted the business. What happened
at Barclays was symptomatic of a sys-
tem-wide decline in behavioural stand-
ards. Banking had turned into an ethics-
free zone.
In his brief tenure as chief executive
from 2012 to 2015, Antony Jenkins
made a determined effort to instil better
values across the group. But as long as
performance-based incentives remain
central to banking remuneration,
attempts to improve conduct will surely
be an uphill struggle.
Augar tells a gripping tale and tells it
colourfully. We learn, for example, that
the current chairman of Barclays, John
McFarlane, has his office suite laid out
according to the instructions of his
feng shui adviser, a Mr Wong, to create
an atmosphere of positive energy. And
we are told where and what people
were drinking when vital decisions
were made.
If I have a quibble, it is, oddly enough,
that the book puts too much blame on
bankers. Yes, they were overpaid and
took excessive risks, but they did so in a
monetarily dysfunctional world. Asym-
metric monetary policy, whereby cen-
tral banks put a safety net under falling
markets but no cap when prices rose,
created a global property bubble. In
today’s short-termist capital markets,
bankers are excoriated by investors if
they fail to join the party. By contrast
central bankers have had — so far — an
easy ride. But the quibble is minor.
Philip Augar’s book is both a thriller and
a reminder that business is fascinating
because all human life is there.
John Plender is an FT columnist

Light shed on Lisbon’s darker corners

Nothing about the Portuguese
capital is quite as it seems in
a companionable, intriguing
history. By Miranda Seymour
tiles, was proudly replicated all over
Portugal’s once mighty global empire,
colonies that stretched from Macau
near Hong Kong to Luanda on Africa’s
west coast, and down to Rio de Janeiro in
Brazil. Only Goa, still home to some
splendid Portuguese-style mansions,
escaped that distinctive wave.
Q
Queen of the brocade-collared, two-ton rhino that, Guarded by four ships from Britain’s ber that Salazar presided over Lisbon’s
SSea: A History having drowned en route, was dried out Royal Navy, the demented Queen Maria skilfully executed if amoral wartime
oof Lisbon and stuffed, then packed off to Rome. I, Dom João (the Prince Regent) and Lis- role as “the waiting room of Europe”.
b Barry Hatton
by Lisbon’s day of reckoning came in bon’s wealthiest citizens sailed off to (The 1940s city was home both to a
Hurst £14.99
H 1755. Voltaire used Candide’s Dr Pangloss safety in Brazil, where a new kingdom breathtakingly eminent list of desperate
2290 pages to mock the widespread notion that a was briskly established. A lingering refugees and to a well-housed wasps’
disapproving deity was personally oddity in this mildly pusillanimous tale nest of Nazi agents.) Similarly, when
responsible for the earthquake, tsunami of survival is that while Junot’s reign Queen Elizabeth II visited Lisbon in

L
ight is the quality that first
captures the eyes of visitors to
Lisbon. Barry Hatton grants
some credit for that brilliant
blaze to Lisbon’s geographical
position at the point where one of
Europe’s longest rivers meets the Atlan-
tic with a majestic yawn (20km across).
The rest may be attributed to the city’s
entrancingly pretty streets (charming,
until you try walking on them on a wet
day). A 19th-century homage to Lis-
bon’s Roman past, calçada portuguesa, a
unique design that features black basalt
rippling across a sea of shiny white
Nothing about Lisbon is quite as it
seems. The beautiful pavements were
set in place by chained convicts. The
city’s fabulous wealth derived from the
gold mines in Brazil that Portugal’s
kings ruthlessly plundered throughout
the 18th century until there was nothing
left to steal. The miners were African
tribesmen. Portugal, back in the 1700s,
constituted the biggest slave-trafficking
country in the world. Shiploads of black
captives were auctioned naked on the
Lisbon docks. (Lisbon, until as late as
2018, exhibited no public acknowledg-
ment of its vast slave-exploiting past.)
Hatton opens his companiable
history of a darkly intriguing city in the
1500s, when Lisbon was lavishly ruled
by Manuel I — rudely nicknamed “the
Grocery King” by France’s envious
Francois I. Pope Leo X, so Hatton
reports, was thrilled by Manuel’s osten-
tatious gift of a white elephant from
India — the first to have been seen in
Europe since Hannibal’s day — and only
a little less enraptured by Ganda, a
and six-day firestorm (Hatton com-
pares it to the aerial devastation of Dres-
den in the 1940s) that buried, drowned
or burnt alive one-tenth of Lisbon’s pop-
ulation, while destroying, in just seven
minutes, most of its opulent buildings.
Rebuilt over the grave-pits of its dead
by the terrifyingly efficient Marquis de
Pombal (“head of bronze, heart of
stone”), Lisbon faced its second existen-
tial test in 1807, when Napoleon sent a
ruthless young general to deliver the
city into his hands. Hatton puts it well:
“as Junot barged in the front door, the
royal family slipped out from the back.”
lasted a mere nine months (Hatton
compares his resistance-breeding deci-
sion to demobilise Portugal’s army with
America’s blunders in modern Iraq),
Portugal’s royals remained in Brazil for
a further 13 years.
An obliging forgetfulness — as Hatton
slyly suggests in two striking examples
— has played an intriguing role in Lis-
bon’s phoenix-like capacity for regener-
ation. Today, the city has purposefully
obliterated the name of António Sala-
zar, who was, for three challenging dec-
ades from the 1930s to the late 1960s, its
canny dictator. No one wants to remem-
1957, President Lopes’ dewy-eyed hom-
age to “a 600-year-alliance” tactfully
omitted any mention of the British Ulti-
matum of 1890, that bitter moment in
which Portugal was obliged to surrender
her lucrative African colonies while still
maintaining a smiling public face.
It can’t have been easy, but the smile
paid off. Today, Portugal is regularly
cited as an inspiring example of eco-
nomic resurgence. Hatton’s enjoyable
but by no means exhaustive account
provides a fascinating and sometimes
disquieting backdrop to Lisbon’s
uncanny ability to survive.
7 July/8 July 2018
I
ndia is now one of the world’s eco-
nomic hotspots. Stock images of
starving children, miserable peas-
ants and cheating shop owners
have been augmented with those of
high-tech development and booming
cities. India is now the world’s fastest-
growing economy. It is about to become
the third-largest economy — at least in
terms of purchasing power dollars if not
yet real ones. Foreign investors are rush-
ing in. In The Billionaire Raj, James
Crabtree has written a compelling guide
to what awaits them.
To make India more accessible to the
westerninvestor,Crabtreedrawsananal-
ogy between America’s Gilded Age at the
endofthe19thcentury—thatplutocratic
moment of the Vanderbilts, Goulds,
Rockefellers — with the newest of India’s
billionaires. Did you know that India now
hasmorebillionairesthanRussia?
This sudden enrichment was the
result of the long boom of globalisation
from 1991-2008. India had initiated
reforms to escape from four decades of
conservative socialism, initiated by
Jawaharlal Nehru, which did not trust
private business and put the state in
command. The Indian state is ineffi-
cient as it is, but disastrous in running
business. Its airline Air India has racked
up billions in losses; its banks are mired
in non-performing loans.
In 1991, Manmohan Singh, then
finance minister, bit the bullet and
began to liberalise the economy. Tariffs
were cut, import licensing was
removed, and the rupee was devalued
Crabtree shows both how
deep corruption reaches
into electoral politics — but
also how functional it is
twice within a week. He had little choice
because India had run out of foreign
exchange reserves and had to pawn its
gold to secure a loan from the Interna-
tional Monetary Fund.
The reforms took time to work but,
from 1998 onwards, the economy
secured high single-digit growth rates,
triple the so-called “Hindu growth rate”
of 3 per cent per year that prevailed dur-
ing the first 30 years of independence.
With a decade-long growth spurt from
1998 to 2008 came the vast fortunes
generated in a crony-capitalist relation-
ship between the ruling Congress party
and its private sector clients and finan-
ciers. Crabtree, a former FT Mumbai
correspondent, gives us a detailed treat-
ment of the links between the politi-
cians needing money to finance elec-
tions that were both costly and cheap.
(The 2014 elections cost $5bn — or $6
per voter.)
Crabtree gives entertaining portraits
of some billionaires. The opening chap-
ters cover Mukesh Ambani and his tow-
ering residential extravaganza Antilla,
the most expensive house ever built in
India, which now dominates the Mum-
bai skyline; the fugitive Vijay Mallya, a
drinks tycoon who was once known as
the King of Good Times; the reticent
Gautam Adani, an infrastructure entre-
preneur who owns ports, mines and
refineries. Dhirubhai Ambani, the patri-
arch of the Reliance group, figured out
how to negotiate government regula-
tions and expand his business while
keeping the ruling party on his side.
Mallya went so far as to be voted into a
seat in the Rajya Sabha, the upper house
of parliament, after a reported donation
of 550m rupees ($10m in those days).
Adani prospered in Gujarat with the
Erasmus and Luther: after the Fall out
How a dispute over faith
between two great 16th-
century thinkers is still felt to
this day. By Ulinka Rublack
F
Fatal Discord:
Erasmus,
E scholastic questions absurd. A renewed
Luther, and the
L evangelical faith had to be about how to
FFight for the
Western Mind
W true word.
b Michael Massing
by
Harper $45
H Knight provided such guidance by reject-
11,008 pages
I
n the spring of 1525, two giants of
faith exchanged letters for the last
time. One of them was Desiderius
Erasmus, Europe’s first star scholar.
Not even a decade before, he had
heard about a Wittenberg friar with
strong views. Erasmus soon learnt his
name: Martin Luther. The circulation of
Luther’s 95 theses against the trade in
Papal indulgences catapulted the Augus-
tinian tonotoriety and fame.
Initially, both men had much to agree
on. They approached each other as
scholars passionately interested in
debates about church reforms, and with
respect. Erasmus was about 14 years
older. 1516 saw the publication of
his New Testament, a milestone in
A wealthy industrialist’s Rolls-Royce Phantom passes through a market in Mumbai — New York Times/Redux/Eyevine
The rich and the raj
A vivid portrayal of the rapid rise of India’s new billionaire class draws an
analogy with America’s 19th-century Gilded Age, writes Meghnad Desai
T Billionaire
The
Raj: A Journey
R cal mould, ending the near 70-year
Through India’s
T hegemony of Congress. He has sundered
New Gilded Age
N the crony ties that the top echelon of
b James Crabtree
by
Oneworld £18.99
O ers” of infrastructure projects during
3354 pages
reported blessings of Narendra Modi
while he was chief minister of the state
in India’s north-west, where the politi-
cian enjoyed both a clean reputation
and business-friendly credentials.
Beyond the personalities lies another
part of the puzzle. Corruption has gone
deep in the system. Elections cannot be
financed with just legally declared
donations. The donors want to escape
attention of the tax man, as do the party
leaders. It is a symbiotic relationship.
Not even Prime Minister Modi, as he has
been since 2014, is about to change it,
though he has moved against crony cap-
italism. Armed with an electoral major-
humanist scholarship. It combined an
edition of the New Testament in Greek
with a Latintranslation.
The result was explosive. It equipped
theologians to discuss faith through
closely reading the Bible. Many people in
Europe felt that the Roman Church
never told them what the Bible actually
said. The truth seemed covered up and
live spiritually as a follower of Christ’s
Erasmus’s Handbook of a Christian
ing rituals and rites. Central to the bitter
debate that followed between him and
Luther would be the question of free will.
Could humans decide to better educate
themselves? Or was their nature after
the Fall, as Luther believed through his
reading of Augustine and Paul, so mired
in sin that they utterly depended on
God’s grace, which he had granted to all
believers through the death of his son?
This rendered God omnipotent and
every human an unworthy beggar.
Michael Massing, a former executive
editor of the Columbia Journalism
Review, thinks these theological differ-
ences fatefully divided Christianity in
ways that reverberate now in American
evangelicalism. In his new book Fatal F
Discord, he brilliantly chronicles how the
rift betweenbothmendeepened.
Luther’s vision resulted from his spir-
itual battles, which he often fought phys-
ically as much as mentally, as he con-
★ † FTWeekend
ity, he has set about breaking the politi-
government enjoyed with the “promot-
the Congress years. Back then the
nationalised banks had to lend money
to a favoured few and it was understood
that the money would not be repaid. No
more. Insolvency procedures have been
toughened. Debtors can no longer shield
their assets from creditors. It was this
that sent Mallya abroad.
This book was written before these
drastic changes. But whether he wins or
loses the next elections, Modi has made
revival of crony capitalism difficult.
There are also other concerns.
Crabtree worries over Modi’s dual per-
sona as a development enthusiast as
well as a Hindu nationalist. The fear is
that this may increase intolerance
towards minorities — Muslims and
Christians — and disrupt peaceful eco-
nomic progress.
Crabtree’s vivid portrayal of the cor-
ruption of politics is very informative,
fronted his inability to triumph over sin.
This opened up a chasm between him
and Erasmus, for whom the devil and
apocalypticism remained remote. Even
before their last exchange of letters,
respectthusturned intorevulsion.
In September 1524, Erasmus feared
that Lutherans knew just five words:
“gospel, God’s word, faith, Christ, and
spirit.” They endlessly repeated that the
pope was the Antichrist — an ally of
Satan — and believed that the end of all
times was near. Nothing was less likely to
foster piety in uneducated common folk
than to “have it drummed into their
ears, that the pope is the Antichrist, that
bishops and priests aredemons”.
What had begun as a movement for
Desiderius Erasmus — Alamy
and thought-provoking. He travels the
country to show both how deep cor-
ruption reaches into electoral politics
— but also how functional it is. When
an economy is regulated, riddled with
permits needed to do business, a few
palms may need to be greased. A pay-
ment — or rent, as economists call it —
may be required. But the rewards are
considerable. The corruption market
works. It may be immoral but it is not
inefficient.
It would be better if India became less
corrupt. Crabtree thinks so. That would
require a lot of courage and an ability to
pursue radical reform. The leader who
embarks upon it risks unpopularity — as
Modi is now finding out.
These are matters that cannot be set-
tled in a single book. Crabtree has given
us the most comprehensive and emi-
nently readable tour of economic India,
which, as he shows, cannot be under-
stood without a knowledge of how polit-
ical India works.
Meghnad Desai’s most recent book is ‘The
Raisina Model: Indian Democracy At 70’
reform appeared to be mixed with mis-
guided fantasies and misinterpretation.
Erasmus trusted that reformed papacy
would restore the true gospel. Protes-
tantism was shaping up to be the greater
evil. Common people did not always
need to know the whole truth about eve-
rything. It helped towriteinLatin.
Hence Erasmus’ final letter to Luther
thundered: “So you restrain your pen!”
He charged Luther with unsettling the
“whole world” through a revolution that
was unnecessary and wrong in dividing
theChurch.
Massing provides a perfectly pitched
account of these fascinating parallel lives
in all their tragedy, rivalry and contra-
dictions, based on translated sources
and English secondary literature. He
approaches them mostly in traditional
terms as a story of men and ideas gener-
ated in dialogue with past thinkers. His
default strategy for cultural context is to
evoke muddystreetsand roamingpigs.
While chapters drive the narrative, a
more ambitious analytical framing is
conveyed in the introduction and epi-
logues, but remains messy. Massing
thinks that Erasmus’s ideas have largely
been forgotten — even though he does
mention Europe’s Erasmus programme
for university students and the fact that
apparently 1m babies were born as a
result since 1987. He thinks of Erasmus
as a forerunner of cosmopolitan ideals,
and a temperate, undogmatic man, but
acknowledges his elitism and anti-
Semitic zeal. American evangelicals are
A place where
irony goes quiet
Death sends a chill through David Sedaris’s work,
with powerful results, writes Robert Armstrong
I
n 1933, James Thurber — by
consensus, the greatest of
American humorists after
Mark Twain — wrote that
“writers of light pieces”, far
from being happy types, lead “an
existence of jumpiness and appre-
hension . . . The little wheels of
their invention are set in motion
by the damp hand of melancholy.”
Thurber was describing himself.
He could just as well have been
describing David Sedaris, first
among American comic writers
today, and careful chronicler of
anxieties and compulsions. Of
course, how many of these quirks
belong to Sedaris, and how many
to “Sedaris”, the central character
in his essays, is an open question.
As with Thurber, one suspects that
Sedaris presents versions of him-
self — and his family — in which
the oddest features are exagger-
ated and the mundane omitted.
Both writers’ work has the feel of
an anecdote honed by repeated
performance and a healthy disre-
gard for objectivity.
Did Thurber’s grandfather
believe the civil war was still
on, four decades after it ended?
When police came to the family
home one night, did the old man
shoot at one of them, taking him
for a deserter from the Union
army? I sure hope so, but I’m not
inclined to worry one way or
another. Did Sedaris have a benign
tumour cut out of his side in an
at-home operation by a nurse
he had just met — and then feed
the tumour to a snapping turtle? I
will not rule it out, or waste any
time checking.
Thurber, though, stayed firmly
grounded in the comic register. If
he made a serious point, he made
it obliquely, leaving it lurking
below an amusing surface. It is
near-impossible to imagine him
opening a piece with a sentence
like this: “In late May 2013, a few
weeks shy of her 50th birthday,
my youngest sister, Tiffany, com-
mitted suicide.” It is hard to imag-
ine a Sedaris piece that starts this
way too, but here it is, opening the
second essay in Calypso, Sedaris’s
latest collection.
That sentence lands on a reader
who has been warmed up by a
standard Sedaris bit about the
indignities and compensations of
middle age (“Yes, the washer on
my penis has worn out, leaving me
to dribble urine long after I’ve
zipped my trousers back up. But I
have two guest rooms.”) This is a
carefully orchestrated ambush.
Sedaris has treated serious sub-
jects before, from addiction to the
harder edges of family life. But his
ironic delivery and the cool mini-
malism of his prose has always cre-
ated space between author and
subject. This is true — and this is
one of Sedaris’s great gifts — even
Luther’s heirs because they follow a mes-
sage of “self-reliance, personal responsi-
bility, and getting one’s relationship right
with God and Christ”. Yet this ignores
Luther’s emphasis on continued spirit-
ual struggle, the reality of demons, and
the importance of community, comfort,
song, sex, children and marital life.
Lutherwasathisgreatestwhenhebuilta
9
Books
when the author is the subject. In
Calypso, something has shifted.
The second essay about his sister’s
suicide is bookended by one of the
final pieces, which describes
Sedaris’s final meeting with her.
She stops by the stage door at one
of his readings, bringing him a
present. He refuses to let her in,
and never again admits her to his
life, even as hers descends into
mental illness and self-destruct-
ion. “She was, I told myself, some-
one else’s problem. I couldn’t deal
with her any more.” This is not the
least bit funny, and Sedaris writes
it with merciless plainness. The
gap between the author and char-
acter has closed.
Autobiographical writing on
terrain this bleak is hard to main-
tain; it slumps quickly into confes-
sional reportage, a lesser genre
with a short half-life. Sedaris,
wisely, lets the hard steel show
only for an intermittent page or
two. He describes his mother’s
late-in-life decline into alcohol-
ism: the effect on her was “like
Calypso
by David Sedaris
Little, Brown £16.99/$28
272 pages
you’d taken the lady she was
earlier, and peeled her.” The pages
that follow are a reconsideration
of the comic façade that Sedaris
has built up, in earlier books,
around his sibling and parents.
The humour is still there, but the
final verdict is conclusive. After
the kids had left the house, his
mother “became the living ghost
that haunted it, gaunt now and
rattling ice cubes instead of
chains.” A few pages later, the
theme is still mortality, but the
topic is back on solid Sedarsian
ground: how to manage a book
tour while battling diarrhoea.
There is lots of funny writing in
which mortally serious matters
play a role. This was certainly true
of Thurber. But the hard stuff usu-
ally appeared behind a comic
mask or draped in a nostalgic
cloak. In Calypso, Sedaris allows
tragedy to appear only briefly, but
without costume, playing itself. It
feels like an experiment. I am keen
to see where it leads.
Robert Armstrong is the FT’s
incoming US finance editor
faith on the ideas of perpetual failure
and an acceptance of everyday life. Self-
reliance belongstoadifferentworld.
UlinkaRublackisaprofessorofEarly
ModernEuropeanHistoryatCambridge
universityandeditorofHansHolbein’s‘The
Dance ofDeath’and ‘TheOxfordHandbook
ofthe ProtestantReformations’
10 ★ FTWeekend 7 July/8 July 2018

Books
Grace Russell

I
t begins with a lonely Christmas
Eve. Separated from his brawling
family in the bleak, semi-rural bad-
lands of northern France, Édouard SMALL TALK
Louis meets a tough-looking lad of
Algerian heritage as he strolls home in MEG WOLITZER
the rain across the Place de la Répub-
lique in Paris after dinner with friends.
Édouard’s sexuality, but not only that,
has helped carve the rift that divides Meg Wolitzer was born in Brooklyn although I have an old farm table as
this gifted scholarship student from his in 1959. She is the author of eight a desk, I tend to gravitate toward the
chaotic underclass clan amid the “reek- novels, including The Wife, which sofa, with my laptop on my lap.
ing acres of sugar beet, the rows of brick has been made into a film starring
houses, the loathsome National Front Glenn Close. She lives in New York What music helps you write?
posters, the grim little churches, the with her husband. I don’t listen when I’m writing, but
abandoned petrol stations, the rusted- when I’m thinking about my work I
out, falling-down supermarkets” of Who is your perfect reader? sometimes listen to the music of my
their forsaken backwater. Someone who loves and craves early years; often the playlist is
Édouard is both attracted and fright- the immersive experience a novel Beatles-centric.
ened by this new friend, who calls him- can provide.
self “Reda” and boasts of his indigenous What are you scared of?
Berber roots in Algeria. In his tiny flat, What book changed your life? Death, pain, no longer seeing
they make love for hours. But, after a To the Lighthouse. I couldn’t believe the people I love.
quarrel flares over a missing phone, the freedom with which Virginia
Reda pulls a gun and tries to strangle Woolf wrote. I’d never read anything When were you happiest?
him. Then he rapes Édouard. When his like it. When I was beginning a novel and
it seemed to being going well. Also,
A novelist as much What book do you wish when I was falling in love. These
you’d written? can be very similar feelings.
as a memoirist, Louis Middlemarch by Mary Ann Evans.
can even imagine the When do you feel most free?
When did you know you were When I write a sentence I like.
life of the rapist going to be a writer? Also, when I’m cooking.
I realised I wanted to be a writer
from a very young age, because all I How do you relax?
victim manages to land one blow, how- wanted to do was make up stories in Walking all over New York, listening
ever, Reda crumples into “a pathetic
creature, feverish and dazed” and flees
the flat, whining, “You’re sure you want
me to leave?” The state and its jargons
now take command of Édouard’s ordeal,
in this autobiographical novel — or
On the other side my head. They were not very good.
Onewasabouttwosiblingswhowere
heirs to the Kraft cheese fortune.

Do you have a writing routine?

I like to keep bankers’ hours: waking
to music and looking around.

What is the best piece of advice

“autofiction”, to use the fashionable
French term — that dwells on the power
of official words and the agencies that
wield them “to lock you up inside a story
that’s not your own”. All of this really
happened to Louis.
Police officers, A&E doctors (Édouard
needs emergency antiretrovirals),
psychiatrists, forensic investigators:
all rush to compose their version of
this “history of violence”. To do so,
they “kept forcing me to talk”, over
and over again, in a torturous round
of statements, depositions and
reports. Édouard finds that “All I have
left is language.” Yet why, asks this novel
from a fierce young writer who draws on
the ideas of thinkers such as Foucault
and Bourdieu about the kinship of lan-
guage and control, “should the losers
have to bear witness to history”?
Édouard must reclaim his story, even if
that means denying his anguish: “If I
kept acting like a trauma victim, that’s
what I’d become.”
In 2014, Édouard Louis burst on to the
French literary scene with The End of
Eddy, which channelled into fiction
the miseries of his childhood. The liter-
ary squabbles over that novel’s plunder-
ing of his family background masked
the artistry of its narrative. More than
a misery memoir in creative clothing,
Louis’ sensational debut asked urgent
questions about class and culture,
masculinity, violence and self-harm. Its
voice somehow blended visceral inten-
sity with cerebral restraint. History of
Violence can likewise pack total immer-
sion and cool detachment into a single
page. As translator, Lorin Stein keeps
faith with its rawness — and its refine-
ment. Even in his panic, Édouard must
In his autobiographical novel, Édouard Louis utilises the arts of fiction
to explore the traumatic aftermath of sexual violence, writes Boyd Tonkin
analyse. As his assailant swings
between intimacy and threat, lust
and hate, he detects in Reda not a pre-
meditated plan but the random path-
ways of a “stumbling, accidental, hesi-
tating” crime. Before his friends per-
suade him, he feels reluctant to report
the rape and attempted murder. The
brusque cops, with their “compulsive
racism” about “Arabs”, soon confirm
his doubts.
History
i off Violence
i l No one, not even the victim, can tell
by Édouard Louis this story straight; “in the order that it
translated by Lorin Stein happened”, as the police insist.
Harvill Secker £14.99/Farrar, Although they may share these experi-
Straus & Giroux $25, 208 pages ences, the author (Louis) keeps a dis-
tance from the character (Édouard).
Above all, Louis destabilises this
account by putting large parts of it in the
mouth of Édouard’s sister Clara, whom
Édouard hears — or imagines? — speak-
ing of the attack to her husband.
Through her voice — exasperated, but
affectionate — we meet again the teen-
age Eddy who, as a gay, bullied misfit in
the village, began to go “around in that
mask of his”. For Clara, Eddy’s dandyish
disguise means that a street kid like
Reda will mistake him for a posh boy,
object of desire and resentment, rather
than the fellow-hustler he is.
Clara’s vignettes recall Eddy as a blun-
dering tearaway, the sort who nicks a
PlayStation and treats it as “the heist of
the century”. These interludes show
a parent gave you?
My mother, herself a writer,
encouraged me to keep working on
early, walking the dog, my writing when I was young and
then getting to work.
I try to stop writing
not worry about whether it would
work out professionally.
by the end of what
might be considered How would you earn
a usual work day, your living if you had to
giving myself the give up writing?
evening to I would love to be
that, for all its closeness to real events, decompress. a psychoanalyst.
History of Violence always depends on
the arts of fiction to vary its voices and Where do you Meg Wolitzer’s
change its perspectives. write best? latest novel,
A novelist as much as a memoirist, I finally have my ‘The Female
Louis can even imagine the life of own office in my Persuasion’, is
the rapist. Trying “to construct mean- apartment, and published by Vintage
ing and explanations,” he devises a fam-
ily history for Reda. He invents a
migrant father who follows his dream of
betterment from Algeria to France but The Poem
fetches up as a shift worker barracked in
a squalid hostel, where the “power
structure would force him to lie”. “What By Jeanette Winterson
is power,” asks Louis, “if not this
machine for creating lies, for forcing BRONTESAURUS
others to lie?” Édouard must wrest back Fossil record of a miracle
control of his own experience, so that Bone by Bone
every compulsory recital does not Word for Word
deepen his wounds. Three Women writing the Past into the Future
After all, as he tells Clara, “the only Line by Line
question is how to remember the past Listen to the Wildfell of your heart
without repeating it”. As a fictionalised Do not betray what you love
record of a rape, Louis’ novel addresses The earth opens like a book
the particular harm inflicted by sexual You are come back to me then?
violence and its official aftermath. Yet BRONTISSIMO.
everyone will have memories of some
disruptive shock — a crime, an accident,
an illness, a bereavement — that com- This new, unpublished poem is part of the Brontë Stones project being launched
pelled us to tell our story in the language this weekend, commissioned by Bradford Literature Festival in association with
of others, while our plight became a Provident Financial Group. The project features four new, original works of
case, a file, an incident. After the attack, writing by Jeanette Winterson, Kate Bush, Carol Ann Duffy and Jackie Kay,
Édouard reports, “I couldn’t stop talking engraved on to stones in different locations connecting the Brontë sisters’
about it.” The words that truly heal, birthplace in Thornton and the Brontë family parsonage (now Brontë Parsonage
however, never come to mind. Museum) at Haworth. bradfordlitfest.co.uk

Summer books 2018

FT writers have selected 155
books to add to your reading
list. From a treatise on the state of
democracy to the final instalment of
Rachel Cusk’s trilogy, our critics share
their books of the year so far.
Read all about them at
ft.com/summerbooks2018
Calcutta rising
Nilanjana Roy enjoys a S
Smoke and They share quarters in Premchand nationalist setting up bonfires of foreign
Ashes
A Boral Street, which would have been cloth, and that of the Englishman seeing
taught historical crime b Abir Mukherjee
by unusual for that age. And Mukherjee the inevitable unfold as the colonies slip
novel that investigates the Harville
H Secker ducks the often-romanticised clichés from the grasp of Empire.
££12.99, 352 pages about Raj-era Calcutta, seeing the lines As Wyndham says of CR Das: “We’d
imperial legacy in India of casual, unofficial but stark segrega- arrested him for making a speech seek-
tion. The native population inhabits ing equality, and thrown him in a make-
Black Town, the British live in White shift prison camp, open to the

I
’d never been one to give up on lost
causes, maybe because I was one
myself.” Captain Sam Wyndham of
the Imperial police force, gritty,
flawed and haunted by the past in
the best tradition of messed-up detec-
tives, is fast becoming a favourite with
crime fiction fans.
Smoke and Ashes is the third novel in
Abir Mukherjee’s historical crime
series, set, for the most part, in 1920s
Calcutta. The first two, A Rising Man and
A Necessary Evil, introduced Wyndham
and his junior officer, Sergeant “Surren-
der-not” Banerjee, attempting to solve
dastardly murders and track down
highly intelligent perpetrators against
the background of the rising nationalist
movement in India. Mukherjee, who
grew up in Scotland and lives in London,
won the 2017 CWA Historical Dagger
Award, and his skills have been delight-
fully honed with each novel in this grip-
ping and thoroughly entertaining series.
Smoke and Ashes begins with a satisfy-
ingly blood-curdling murder, set in the
seedy opium dens of Calcutta’s China-
town, in “a row of sagging tenements,
entered via a dank stairwell at the back
of a funeral parlour that reeked of for-
maldehyde and the proximity of death”.
Captain Sam Wyndham is roused from
his opium stupor when the police raid
the place; attempting to evade discov-
ery, he stumbles across the ritually dis-
figured body of an unknown man, possi-
bly Chinese, bleeding to death from
wounds delivered by a long-bladed
Gurkha knife.
This is the first of several similarly
bloody and mysterious murders across
the city, seemingly unconnected. But in
December 1921, just before Christmas,
Calcutta is in ferment as Chittaranjan
Das, Subhas Bose and other nationalists
from the Indian Congress party prepare
to protest against the visit of the Prince
of Wales, as part of Gandhi’s campaign
for Home Rule. “I hated this new breed
of pacifist Indian revolutionary. So often
they acted like we were all just good
friends who happened to disagree about
something . . . It made punching them
in the face morally difficult,” Wyndham
comments. The difficulty of dealing
with protesters who appeal to the
British sense of morality is heightened
by his reluctant admiration for the
tactics deftly employed by Das and
his supporters.
Wyndham has his own devils to
grapple with — the “afeem” addiction is
a symptom of the PTSD that accompa-
nied his years in the army — but so does
Surrender-not, and one of the minor
but distinct pleasures of this series is
the manner in which Mukherjee
handles the delicate matter of a friend-
ship between a British officer and his
Indian subordinate.
Town in South Calcutta, and in the
middle of the city, there’s “a grey, amor-
phous area full of Chinese, Armenians,
Jews, Parsees, Anglo-Indians and any-
one else who didn’t fit in”. If Wyndham
struggles with his postwar descent into
becoming a man his late wife wouldn’t
have recognised, a “whisky-soused
opium fiend”, Surrender-not (really
Surendranath, which the British find
hard to pronounce) grapples with diffi-
cult questions of loyalty.
One of the tasks before Wyndham is
to prevent the Prince of Wales from
The most disturbing
section involves a true
medical experiment
carried out by the British
being greeted by mass unrest, riots or
demonstrations, and Mukherjee sets up
an action-packed denouement that
deftly ties the murder mystery and the
nationalist protests together.
It’s unusual to read a taut historical
crime fiction thriller that also interro-
gates the Imperial legacy. Mukherjee,
never heavy-handed with his research,
is wise to have chosen a protagonist who
is more sympathetic to the “native” side
than most, but whose perspective is
necessarily British — it allows you a view
into both worlds, that of the Indian
elements on one of the coldest nights of
the year, and here he was inviting us
in for a cup of tea. It was hard to dislike
the man, let alone classify him as a
mortal foe.”
Perhaps the most disturbing section
involves a morally abhorrent, and true,
medical experiment carried out by the
British, and this will make many readers
think hard about the grimmer side to
all empires.
The flaws in Smoke and Ashes are
minor. Those familiar with Indian his-
tory of that period will find Suren-
dranath Banerjee’s name a little jarring
— the real Surendranath founded the
Indian National Association in 1876 and
was president of the Indian National
Congress in 1895, so the associations are
more than slightly distracting. A section
where the Prince of Wales makes a
cameo appearance is also less assured
than most of Mukherjee’s work, and he
might have done better to leave Prince
Edward offstage.
But these do not detract from the
many thrills of following Captain Sam
Wyndham and Bannerjee through
1920s Calcutta. “Calcutta was as flawed
and dysfunctional as I was: a city built in
the middle of a fetid Bengal swamp,
populated by misfits all struggling to
survive against the odds,” Wyndham
comments. Soon, Mukherjee will have a
Raj quartet of his own — a wry, gritty,
fascinating one, without the nostalgia
and the sentimentality.
7 July/8 July 2018 ★ FTWeekend 11

Books

Life
particular Dostoevsky, whose Crime and
Punishment ends on a note of redemp-
tion for Raskolnikov, its murderer pro-
tagonist. Where, in the American sys-
tem, is the redemption?
“There is no redemption,” says

sentences
Kushner, “and just bearing witness to
that can hurt.” She mentions a woman
she met through her work with Justice
Now, “a very dear friend” who, now in
her thirties, has been incarcerated since
she was 15. “She and her friend commit-
ted a murder,” says Kushner. “But she
comes from a very complicated back-
ground. There are always chains of
reasons that allow me to see prisoners as
people who are not defined by one thing
Interview | Max Liu talks to novelist Rachel they’ve done.”
Gordon, a teacher at the prison in The
Kushner about why she tackled America’s Mars Room, is reading the diaries of Ted
Kaczynski, the Unabomber. Extracts
from Kaczynski’s diaries are inter-
incarceration crisis in her latest novel spersed throughout the novel, raising
questions about the relationship
between violence and the American
landscape. Gordon thinks: “Maybe guilt

S
ix years ago, Rachel Kushner consecutive life sentences for killing her and innocence were not even a real
decided to change her life. She stalker, which means she will never axis.” The rejection of this axis lies at the
was 44 and had recently fin- be released.
ished writing her second After studying political science, Kush- ‘I would rather live as far
novel, The Flamethrowers ner, now 50 and living in Los Angeles
(2013), which would confirm her status with her husband and son, spent most of away from the publishing
as a major voice in contemporary Amer- her twenties in San Francisco: “I wanted world as possible, because
ican fiction. Life was good for Kushner, to be a writer,” she says, “but I was just
but she was troubled by what she saw, living this kind of bohemian lifestyle I don’t need them’
and didn’t see, in the society around her. and working in clubs. I came out of this
“I wanted to transform who I am by nihilist strain which was looking for dif-
learning everything I possibly could ferent ways to survive.” Today, she heart of Kushner’s empathy for her
about the criminal justice system in Cal- retains a defiant streak: “When you’re characters. Most of her women are vic-
ifornia,” she tells me over coffee in cen- young,” she says, “you want to feel like tims themselves. But even when I ask
tral London. you’re in a community somehow, but why she wrote a chapter from the per-
At the same time, Kushner was think- today I would rather live as far away spective of Romy’s stalker, Kushner
ing about her next book. “I wanted to from the publishing world as possible, sounds understanding:
write a novel that takes place inside an because I don’t need them.” “I know what that experience feels
institution,” she says. “The narrator of Kushner says she doesn’t write “auto- Rachel Kushner photographed for the FT by Gabby Laurent like from the woman’s perspective,” she
The Flamethrowers is surrounded by biographically”, although she does draw says. “It can take away your basic sense
male voices, so I thought my next novel on her life indirectly in her fiction. Her of safety for years. It’s totally corrosive.
would be in an enclosed situation with first novel, Telex from Cuba (2008), was narrator standing at the foot of the and she’s a bit of a polymath, so you did volunteer work for a group called But he believes that he desperately
lots of women speaking.” set in the pre-revolutionary Cuba of her mountain at the end of The Flamethrow- might suppose The Mars Room to be a Justice Now and went on visits to needs to see Romy. And he doesn’t know
The term “mass incarceration” is mother’s childhood. The Flamethrowers’ ers, and the receding island shoreline of sprawling work. It’s not. Instead, it’s a Chowchilla women’s prison. I’ve formed what effect it’s having on her.”
commonly used to describe the unprec- 1970s New York art world setting was her debut, glimmer in my memory like tight and affecting distillation of Kush- long-term relationships with people Does Kushner hope The Mars Room
edented growth in America’s prison informed by Kushner’s memories of vis- scenes I’ve lived. When I finished read- ner’s interests. The pleasure of reading it inside prison. They aren’t research sub- will draw attention to America’s incar-
population during the past three dec- iting the city as a child, then living there ing The Mars Room, I immediately is, in part, down to her prose: “When jects, they’re my friends.” ceration epidemic? “I wasn’t trying to
ades. But Kushner believes the location when she was starting to work as an art reread it because I didn’t want to leave you see lights even higher than stadium Romy says the people she has met in make grand statements in this book,”
of prisons is an obstacle to true con- critic. While writing The Mars Room, she its world. A surprising way to feel, per- lights, you are at prison,” she writes with prison are “clever as hell”. Why then she says. “I tried to think into what a life
sciousness-raising about the issue: thought about people and places she haps, about a novel set in a prison. a deadpan musicality. does the state crush their potential by sentence would feel like and produce
“When people are convicted of crimes knew growing up. Kushner believes The Mars Room, The charisma of Romy’s fellow pris- imposing sentences from which they vitality and humour. Romy has a son, so
in Californian cities,” she says, “they’re “I was thinking about people from my which takes its title from the club where oners is palpable. Conan, a black trans will never be released? that’s one way to think about an inte-
shunted up the valley to prisons several past in San Francisco,” says Kushner. Romy worked as a stripper, is about man who, like many Kushner charac- “That’s one of the most essential ques- grated universe where an individual can
hours’ drive away.” “Romy has experiences that I was more than prison: “It’s my take on con- ters, is into classic cars; Fernandez, who tions,” says Kushner. “Overwhelmingly, make a mark or leave a trace that
This is how Kushner’s new novel, present for. There were people I knew as temporary times,” she says. “In Califor- by mail seduces a dough-faced country it’s poor people who go to prison and, trumps the power of the state to disap-
The Mars Room begins, on “chain night”, a child who were much freer to destroy nia, we live in an economy that, due to boy into marrying her; Betty, the former until our society starts putting pear it. If my novel makes readers think
when 29-year-old Romy Hall and themselves than I was. My life ended up the decline of manufacturing, has what leg model on death row. The Mars Room resources into people’s lives long before about law and justice that’s fine. But I
59 other shackled prisoners are woken differently from theirs and writing this some people call a ‘surplus population’. teems with quick and distinctive voices. they commit an act of harm, I don’t see don’t write to scold.”
at 2am for the six-hour drive from book was a way to reckon with that and That has a complicated relationship Are they based on people Kushner met how it can be otherwise.”
county to state prison. Romy, who has a reconjure an erased place.” with the carceral system.” through her research? The Mars Room features nods to other ‘The Mars Room’ by Rachel Kushner
five-year-old son, has been given two Her writing is richly atmospheric; the Conversation with Kushner is intense, “I don’t call it ‘research’,” she says. “I writers who have tackled criminality, in is published by Jonathan Cape

Diversions
CHESS LEONARD BARDEN BRIDGE PAUL MENDELSON
Dealer: East E/W Game
8 N
Four English students Joseph McPhillips, 20, of — last week, Rameshbabu Most overcalls are made to ♠ 86 North East South West down (ifopponents play
dominated last week’s Bolton, and Andrew Horton, 7 Praggnanandhaa, 12, obstruct opponents’ bidding ♥9 — 1H 2C 2S trumps twice — often the
annual international open at 20, of Didsbury, Manchester. became only the second and to compete; rarely for ♦ 1085432 3C 4S 5C NB best lead against a sacrifice),
6
♣ QJ97 NB 5S
Pula, Croatia, a landmark All four have the potential 5
sub-teen GMinhistory. lead-directional purposes. W E costing North-South just
success with echoes of the to advance further at a 2271 When non-vulnerable, an ♠ KQJ32 ♠ 10975 since, if East-West bid game, 300pts (opposed to 620pts if
4 ♥ 754 ♥ AKQJ10
1970s and 1980s when time when the national White mates in four moves overcall can also mark the ♦ KJ6 ♦ AQ9 she should want her side to West is left to play 4S.
England was No 2 in chess team is ageing. 3
(by Fritz Giegold, Die Welt beginning of the quest to ♣ 42 ♣3 sacrifice. In fact, it is South If East pushes on to 5S
after the former USSR. Forty years ago, England’s 2 1968). Although many find a cheap sacrifice. S who happily sacrifices in 5C, North should lead her
♠ A4
Ravi Haria, 19, of Elstree, talents also developed by 1 readers will shudder at a In a recent duplicate ♥ 8632 since she holds a sixth club singleton heart. Since she is
Hertfordshire, won first mutual support at events. A B C D E F G H four-mover, this has just a event, West was frequently ♦ 7 and, from the bidding, can so weak, it is quite possible
prize on tiebreak on 7/9, Large groups of the best single line of play where permitted to play in 4S. ♣ AK10865 picture North’s heart that South holds A♥ or A♠
level with the UK’s youngest juniors competed in opens to hone their game. The every black reply is forced. However, this is the perfect North-South to compete. shortage. This combined and, with either of these
GM Dan Fernandez, 23, of and the Lloyds Bank technique fell into disuse That may make it sound so-called “favourable With four good trumps and with her diamond singleton, cards, a heart ruff results,
Marple, Cheshire. Half a Masters, while smaller around the millennium, but trivial, but you will do well vulnerability” (non- a singleton heart, North makes it an attractive defeating the contract and
point back, and qualifying as squads went to New York, other nations continued it, to crack it in 15 minutes. vulnerable against should support her partner, distribution. On this deal, 5C providing an even better
international masters, were California, and Switzerland with India a notable success Solution, back page vulnerable opponents) for despite her weak hand will not go more than two result for North-South.

POLYMATH 977 SET BY PEDROCK CROSSWORD 15,904 SET BY MUDD

Polymath 977 Set by Pedrock Crossword 15,904 Set by Mudd
ACROSS DOWN       
1 Polony made using mixed 1 Sweet made on the ACROSS DOWN        

meats (7,7) continent from seeds of   1 Joker perhaps filing an untrue 1 Good to load weapon, that’s
10 Sac which in invertebrates is cacao plants (7,9) report (6) clear (3,5) 
 
supposed to be connected 2 Light to moderate greenish- 4 Son of Judah has to raise hat 2 Vice a shade into seedy town
 
sometimes (2,3,3) (6,3)
to hearing (9) yellow (7) 10 Attractive woman, interim staff 3 Top fact for book (4)
11 Principle relating to the 3 Expression from Latin   member with long hair (9) 5 Surgery faced by Jones,
strength of electric current meaning Glory be to the 11 Time and time again, love unfortunately, old boy (4,3)  
(4,3) Father (6,5) 
providing poetical inspiration 6 Chicken when turkey
12 Using humour based on a 4 --- alcohol, colourless,    (5) expected? Great wit! (4,6) 
contradiction (6) flammable liquid; pentanol 12 German notes proved 7 Well, a good African animal (5)
13 Youngsters undergoing (4) untrustworthy (4) 8 Unclear about recovery   

military training (5,5) 5 Small semicircular moulding   

13 Caught, a boy in gang – for primarily, likely to croak? (6) 
15 Friendly goblin in (8) violent crime (10) 9 Bear, we suspect, in cave (6)
Scandinavian folklore (3) 6 Department in Burgundy  15 A tearjerking intro penned by 14 Printer part jammed at the   
16 Devoted to helping other region in central France French composer, fill up (7) bottom, while easy to fix? (5,5)
people (13) (5-2-5)
 
16 Dog – Cockney sensation? 17 Alert and effective playing 

18 Vigorously, enthusiastically 7 Sexually produced (5) (3-3) soccer, say? (2,3,4)

(8) 8 Shrub or vine of the genus 19 Dirt thus brought back to feed 18 Preliminary race in sport for   

20 Circular opening in a wall in Clianthus (5-3)    wild pigs (6) bird (8)

Chinese architecture (4,4) 9 Monstera deliciosa, tropical 21 Time to raise your arms up? (7) 20 Die to embrace one love (7)

23 Beautiful person a shrew 21 Become angry – then prepare
22 Steed pulling a vehicle (8,5) climber (5,6,5) mistreated, one found in the to stop? (3,3)
 
23 -- naturale, natural law (3) 14 Common open area in a  
kitchen? (10) 22 In bed, is one a creative
24 Village near Bedale in North small built-up area (7,5) 25 Fair bit of game languishing (4) thinker? (6)
Yorkshire (7,3) 17 Village in South 27 Church going after evil from 24 Numbers – or Psalms? (5)  
26 Woman’s large cotton hat Gloucestershire north of Yate 
that moment (5) 26 So the Queen must abdicate?
worn especially during 18th (11) 28 Outsiders in Europe, Britain (4)
century (3,3) 19 Decoration for meritorious vaguely drunk (9)
28 Swing used by acrobats (7) service awarded in the US Solution Polymath 975 29 Silent cuckoo covered by wings
29 Sucking proboscises (9) (3,5) of neighbouring chick (8) Solution 15,903 Solution 15,892
30 Yucca with straight sword- 21 Cricket trophy fought over * 2 $ 7 6 8 & . ( 5 0 ( 6 6 5 6 30 Loud wind, perhaps? Big
$ 3 $ * 6 - 7 $ + 2 7 6 7 8 ) ) % ( 5 ( ) 7
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25 Become coated with a frozen The first correct entry drawn on & ( 1 . $ ( 5
by Peter Bowler, published by A&C Black and 2 1 ( 7 ' 3 ,
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.................................................................................................................................. The 13th edition (2014) retains the much-loved features of The Cham- Crossword 15,892: Chris Aubrey, Twickenham; Donald McInnes, Address.........................................................................................................................
................................................................................................................................... bers Dictionary, including the unique quirky definitions for certain words. Melton Mowbray, Leicestershire; Mrs R Walsh, West Chiltington, ...........................................................................................................................................
.................................................................................................................................. There are more than 1,000 new words and meanings, and there is also a ...........................................................................................................................................
new Word Lover’s Ramble, showing how English words and definitions Pulborough
.................................................................................................................................. ...........................................................................................................................................
have changed over the history of the dictionary. Polymath 975: Mrs L Topliffe, Oxford
12
A world-class line-up
Groundwork| From dance and installation to film
and nocturnal kayaking, a season of contemporary
art comes to Cornwall. Rachel Spence reports
M
idnight on a Cornish
creek, and my world has
shrunk to the lap of water
against hull and oar, the
purr of wind through
trees in midsummer leaf. All I can see is
an arc of star-dusted sky and a pearl-
bright moon flashing its cryptic sema-
phore through a lacy maze of branches.
If I wriggle myself up from my supine
position, a rim of coastline glides past in
a slideshow of velvet-black rooftops and
splashes of lamplight.
If you prowl the global map of con-
temporary art for long enough, you
wash up in some strange outposts — a
building site in Hong Kong, an art fair on
Main image: ‘Passage a Miami beach — but nocturnal kayak-
for Par’, a contemporary ing in the depths of England’s West
dance work by Rosemary Country definitely raised the bar.
Lee, staged on Cornwall’s However, unlike some other mis-
Par Beach as part of the adventures, this one is indisputably
Groundwork festival worth going out of one’s way for. The
handmade wooden vessel is a bona fide
Below: Sean Lynch’s video artwork titled “Ghost” and piloted —
‘What Is An Apparatus?’ expertly so — by its creator, the Kent-
based practitioner Adam Chodzko.
Bottom: Adam Chodzko Behind the construction of “Ghost”,
takes a passenger on which has been adapted to allow the
his kayak ‘Ghost’ passenger to lie down in the front of the
Cornubian Arts and Science Trust
boat while Chodzko paddles, is the art-
ist’s desire to give his guests a “mytho-
logical encounter with another world”.
Chodzko requests silence to give
the experience the quality of a medi-
tation, yet his wordless presence behind
me binds us into a temporary intimacy,
while the croon of his paddle intensifies
my feeling of passivity. That state of
surrender, rare in our performance-
fixated age, probably lay behind one of
the deepest sleeps of my adult life — and
meant that I awoke, just hours later,
feeling buoyant.
Over the next couple of days, neither
high spirits nor the sensation of being
suspended between land and water ever
wavered as I toured the other artworks
that stitch together the current chapter
of Groundwork.
★ FTWeekend
Described by founder and curator
Teresa Gleadowe as “a season of con-
temporary international art in Corn-
wall”, Groundwork unfolds across the
south of the county from May to Sep-
tember in a rolling exhibition pro-
gramme that encompasses events, per-
formances and artworks.
Given Cornwall’s distance from major
metropolises and its reputation as a
worthy but now bygone hub for English
modernism (in the 20th century, a
thriving arts community circled around
painters and sculptors such as Ben
Nicholson, Barbara Hepworth and,
later, Roger Hilton and Patrick Heron),
Gleadowe faced no small challenge to
attract artists of an international con-
temporary calibre.
However, with a career that included
developing and directing the UK’s first
MA in curating at the Royal College of
Art, Gleadowe commands respect inde-
pendent of her identity as the wife of Sir
Nicholas Serota, who resigned as direc-
tor of Tate museums in 2017, after a 29-
year tenure.
With ties to Cornwall that go back to
childhood holidays, for the last three
years Gleadowe has been based in Hel-
ston, a town on the northern side of the
Lizard peninsula.
Here, as well as running international
conventions on contemporary art, in
2012, she established Cast (the Cornu-
A ‘light footprint’ is needed,
given the acute imbalance
of numbers between
tourists and residents
bian Arts and Science Trust), whose
headquarters are in a former school that
Gleadowe bought with private funds. In
part thanks to EU grants that allowed the
creation of artists’ studios, it is steadily
becomingacrucibleofthecounty’ssmall
but vital contemporary scene, with stu-
diosrentedouttoartists,filmscreenings,
talks, readings, workshops and activities
forfamilies.
Groundwork, funded primarily
through a £500,000 grant from Arts
Council England — made before Nicho-
las Serota took up his current role as
chairman — is Cast’s first foray into
heavyweight exhibition-making. Glead-
owe had long wished to create an event
with global reach, which has meant a
scarcity of artists with Cornish roots on
the main programme — a brave but pos-
sibly misguided strategy, given how
fiercely local audiences cleave to their
own. In her defence, Gleadowe points to
“field trips and one-off events” with
Cornish practitioners, such as Septem-
ber’s collaboration between St Ives-
based artist Naomi Frears and DJ Luke
Vibert, who grew up in Cornwall.
Gleadowe is also sensitive to the
need for “a light footprint”, as she
puts it, in a region where the acute
imbalance of numbers between tourists
and residents cranks up tensions from
early June through to the autumn.
Aware that planting a thumping sculp-
ture on a Poldark-pretty headland was
not the way forward, she focused
instead on moving image, sound and
From top: Steve McQueen’s
video ‘Gravesend’ (2007);
Sean Lynch’s video ‘Latoon’;
Manon de Boer’s video
‘Bella, Maia and Nick
(From nothing to something
to something else, Part I)’
Cornubian Arts and Science Trust; Steve Tanner
performance. An ongoing programme
of artist-led field trips and educational
activities for local schools and colleges
should also embed the event further
into the territory.
Gleadowe knew her approach had
paid off when she attracted, in the first
tranche of arrivals, crowd-pullers such
as film-makers Tacita Dean and Steve
McQueen — whose audio-visual special-
ist advised on the design of a state-of-
the-art projection space in Cast’s HQ.
By the time I arrived in late June, the
screening room was hosting “The
Silence of Ani”, a 2015 film by Belgian-
born Francis Alÿs, whose work has
graced both Tate and MoMA.
Shot among the medieval ruins on
Armenia’s mountainous border with
Turkey, it tracks the bittersweet hide-
and-seek play of children calling to each
other with duduks (traditional double-
reed flutes) as they hide behind wind-
blasted old stones. The film is transpar-
ent in its efforts to elegise our difficulties
in reaching out to each other. Yet Alÿs’
lingering, tender cinematography high-
lights our frailties with a visual compas-
sion that transcends cliché.
The whistles’ tentative, abstract hoots
also set the tone for less familiar practi-
tioners. Sound art — too often a syno-
nym for aimless, nerve-rattling noises —
makes a convincing case in Groundwork
for recognition as a serious medium. We
see it at its most condensed in “Forty
Part Motet” (2001), Janet Cardiff’s 40-
speaker installation of a choral work by
7 July/8 July 2018
Thomas Tallis, which is installed in a
former Wesleyan Chapel in Penzance.
The piece lulls listeners into a somno-
lent ecstasy through a melange of male
voices individually recorded to add
gritty, seductive dissonance to the con-
templative 16th-century harmonies.
Equally off-piste was the decision by
Dutch video artist Manon De Boer, in
her film “Bella, Maia and Nick (From
nothing to something to something else,
Part I)” (2018), to leave three teenage
music students from Helston Commu-
nity College to hang out in a seaview stu-
dio in St Ives. The blend of concentra-
tion, boredom and mischief with which
they play, swap and sometimes abandon
their instruments is underscored with a
precious stratum of adolescent vulnera-
bility by the roar of storm-ripped waves
beyond the window.
Human communication is treated
ostensibly with a more forensic
approach by the American research-
based artist Steve Rowell. His
photographic installation “Points of
Presence” (2013) investigates the
telegraph cables that once physically
joined Land’s End in Cornwall to New-
foundland, and whose corpses now
share the seabed with today’s fibre-optic
network. Yet Rowell’s images of salt-
stained, wire-sprouting, obsolete frag-
ments provoke nearly as much pathos
as De Boer’s musicians.
Located in the eccentric, timeless
shrine to telecommunications that is
the Telegraph Museum in Porthcurno,
Rowell’s project encapsulates the syn-
ergy between site and artwork that
stamps Groundwork’s installations.
Nowhere was this truer than on Par
Beach, where choreographer Rosemary
Lee staged “Passage for Par” (2018), a
contemporary dance work made for the
location. A lip of sand wedged between
the fume-wreathed cylinders of a work-
ing china clay factory and the ivy-dark
slopes of Gribbin Head, the lizard-green
shoreline glitters thanks to its natural
quota of quartz and mica.
Here, as the tide turned under a
brûlée-rich sunset, Lee’s performers —
30 women dressed in dark navy, their
arms interlinked — moved across
the reptilian pelt with tiny, impeccable
gestures that married minimalism to
folk dancing. For two hours, the audi-
ence, who ranged from art students to
picnicking families, remained mesmer-
ised by the collective display of inner
and outer unity — not a foot could falter
or all would collapse like dominoes.
Lee’s only injunction to viewers was to
stay at a distance as the troupe’s fluid
calligraphies were best appreciated
from afar.
She could not, however, control two
horse-riders who wished to cavort
among the breakers. Fortunately they
kept their boundaries. Furthermore,
those equine bodies, with their elemen-
tal fusion of softness and strength, made
for a luminous, humbling contrast with
the dancers’ fragile forms.
Groundwork’s willingness to risk
weaving its story out of the transitory,
traceless and unexpected makes it a val-
uable new strand in the fabric of our cul-
tural world.
groundwork.art
7 July/8 July 2018 ★ FTWeekend 13

Arts
perfect playlist fodder ffor those seeking
background music. Raths scoffs at the

Easy does it
post-classical encompasses lush piano
Music | Ólafur Arnalds, a superstar of work, discordant orchestral composi-
tion, burbling electronics and numer-
ous points in between. Its leading lights
contemporary instrumental music, is at the cross between concert halls, clubs and
rock festivals. Some have had conserva-
toire training, some have worked it out
vanguard of a gentle revolution. By Michael Hann for themselves. Artists such as Mica
Levi, Anna Meredith, Hauschka and
Nico Muhly cross boundaries and gen-
into instrumental music for artists as
well as listeners.
Erased Tapes, an independent label
based in east London, was founded by a
German architect called Robert Raths in
2007, and has become the principal pur-
veyor of this type of modern instrumen-
tal music, with Arnalds, Frahm, Lubo-
myr Melnyk and Penguin Cafe Orches-
tra among its artists. “Without Erased
sics Music Group. “It’s also interesting to
us because it comes with a slightly dif-
ferent audience. Classical music comes
with a specific audience, but this comes
with an audience who are really into
electronic or dance music and also like
Ólafur Arnalds or Max Richter.”
Buhr highlights the fact that many
‘It’s a group of students who
notion that streaming has made a signif-
icant difference to his artists’ popularity
— “You might have a huge peak because
it features in Bathtub Hits 2017, 7 but 90
per cent of those people don’t remem-
ber the name” — but it is clear that the
music that engages the largest audience
is the least formally challenging — not
the less comforting work of more exper-
imental composers.
“I think people think it’s quite trendy,
and some of it’s quite easy to listen to,”
says Eleanor Ward of Nonclassical,
which releases what she calls “new clas-
sical experimental electronic music”
and puts on small-scale events in east
London. “I sometimes get bored with all
of the arpeggiated piano music.”
On Spotify Max Richter has more
than 4m monthly listeners and contem-
porary classical is big business. Ward
draws my attention to an article in The
Cusp in which Dominic Murcott, head of
composition at Trinity Laban conserva-
toire in London, observes: “Suddenly
we’ve got stacks of overtly pretty music
being made. It’s a group of students who
at the moment all seem to be erring
much more towards the Spotify playlist
version of contemporary classical. More
will have ended up towards modernism
[more dissonant, experimental writing]
about 10 or 15 years ago.”
This colonisation of the mainstream
shows no sign of slowing. Raths tells me
that earlier this summer he was visited,
for the first time, by the BBC radio play-
listing team. While he says Erased Tapes
had been supported by individual DJs,
this was the first time the BBC as an
institution had looked to support the
label. He outlines what he believes to be
its reasoning: “There are all these plat-
forms online — Boiler Room, NTS — that
are taking over, and if the BBC doesn’t

M
ore than 5,000 people
have filled the Royal
Albert Hall for an evening
concert of instrumental
music. The thing that’s
unusual for an instrumental concert at
the grand old arena is that almost all of
them are young: twentysomethings and
thirtysomethings in T-shirts and jeans.
They are here for Ólafur Arnalds, a 31-
year-old Icelander who is, variously, a
composer, performer and producer.
Sometimes he makes techno music;
sometimes he writes soundtrack scores.
In the UK he is perhaps best known for
writing the music for the television
series Broadchurch, but tonight he is per-
forming music for the self-playing piano
system he calls Stratus, accompanied by
strings and percussion. It’s all rather
lovely: a wash of prettiness.
Arnalds is one of the superstars of
contemporary instrumental music. He,
his German sometime collaborator
Nils Frahm and the British-German
composer Max Richter can all fill big
venues usually associated with pop
concerts, but they are just the tip
of the iceberg. The style of music
that has been variously called neoclas-
sical, new classical, indie classical and
res at will. Tapes we would still be each in our own do something to acknowledge this
For Arnalds, the incentive to start corners like we were at the beginning,” seem to be erring towards movement, then it will lose touch with
writing came from the moving image. “I Arnalds says. What unites these artists, the Spotify playlist version that group of people.”
was trying to make music for films that according to Raths, is “a certain atmos- All of which makes it sound as if
were in my head,” he says. “Or some- phere, a feeling. When everything out of contemporary classical’ around the country there are groups of
times I would watch films and mute the there is so noisy and flashy, and . . . eve- young men and women just waiting to
From above: soundtrack and make my own score for ryone’s trying to sell you something, storm the battlements, driven on not by
Ólafur Arnalds it.” When he began composing, Arnalds then you create an alternative to that.” listeners come to the artists through fanfares, but by mournful piano music
performs in thought he was on his own. “When I was That soothing, softened approach — their work ffor film and TV. “You have in the background. It’s a very gentle sort
Rome; and on doing my first record the only people I one might call it “slow music”, as in these entrance points where people are of revolution.
stage during knew of were another generation: Arvo “slow food” — has caught the eyes of the aware of the music and the sound, so
Yellow Lounge, Pärt and some film composers . . . major labels, too. Last year, Decca Clas- once you can point them to the artist Ólafur Arnalds’ album “re:member” is
Berlin — Getty Images Clint Mansell did film music but he sics set up its own label for this sort of they can say, ‘Oh I know that, I like that, released on August 24 on Mercury KX.
didn’t come from a classical perspec- thing, Mercury KX. “It’s certainly a I’ve heard that before.’” The Erased Tapes box set “1+1=X” is out
tive. He was using strings, he was using growing business,” says Alexander But there is another element at work: now. Nonclassical’s next event iis on JJuly 11
piano, but he had been in an electric Buhr, managing director of Decca Clas- Spotify. This gentle, emotional music is at The Victoria, London
rock band before [Pop Will Eat Itself].
So that was similar to me; I never learnt
classical music.”
The mention of Pärt is important. The
more popular end of modern instru-
mental music draws heavily from the
kind of ethereal classical music that
became increasingly popular in the
1990s and 2000s, first through
Górecki’s Symphony No. 3, then Pärt’s
later work. According to the classical
music database Bachtrack, his music
has been performed in public more than
any other living composer in the past
seven years, and he has provided a route

than he liked to think: when he OK’d
THE LIFE the Weavers’ recording, he retained the
OF A SONG rights only in some African territories.
The next time the song appeared, it
was bigger. A bunch of Brooklyn doo-
THE LION SLEEPS whoppers called The Tokens heard a
live Weavers recording and decided to
TONIGHT give it a go. Their producers decided it
needed English lyrics, which is where
George Weiss came in. They also
big pie. On the single, the little
bracketed list of the songwriters’
names grew, but it did not include
Linda, who had signed his rights away.
The Tokens found themselves with a
worldwide smash — including in South
Africa — at the exact moment that
Linda’s daughters were watching their
father die of kidney failure. In effect,
the song really had been written by a

L
ions sleep in the daytime.
And they don’t do it in the
jungle, however mighty —
they live on the savannahs.
The words of “The Lion
Sleeps Tonight” are not the finest work
of lyricist George Weiss. In 1961, he was
tasked with writing English lyrics for
an African song, a lullaby dreamt up by
some nameless hunter and passed
down through generations from father
to son. Or so it was assumed.
In fact, by the time it reached Weiss,
the song was 22 years old. Its creatoor
was a tall young Zulu migrant work ker
with two remarkable talents: a
euphoric falsetto and a knack for
eternal melodies.
Solomon Linda recorded the
spine-chilling isiZulu-language
“Mbube” in Johannesburg in 1939.
Parts of it he improvised as the
tapes rolled. And for those
moments during and immediately
after the recording, the song
belonged to Linda. Then he was
bought out for 10 shillings by Eric
Gallo, the Italian wide boy who own ned
the studio, and who now owned
“Mbube”. But even when it became a
local hit, Linda could have had no
idea what he’d sold so cheaply.
The song made a bit of money
when Gallo speculatively sent a
bundle of 78s to Decca Records in
the US. They were thrown in a
dumpster, but one was rescued and
found its way to stalwart folkie
Pete Seeger. His 1952 version, the
Weavers’ “Wimoweh”, featured
Count Basie-style honking horns
and made the top 10 — but Seeger
was named and shamed as a
communist and his career
crashed, taking “Wimoweh” with it. t Alan Connor
In the meantime, Gallo had proved
himself to be less of a business whizz
presumed that the process would be
the same as when Weiss adapted an
18th-century French air into Elvis’s
“Can’t Help Falling In Love”. In other
words, they thought that as the
arrangers of a public-domain song,
they were now its owners.
The publishers of the Weavers’
“Wimoweh” were quick to disabuse
them of this, and a deal was hastily
struck as The Tokens’ version climbed
the charts. The pie was cut into many
slices, but everyone was happy: it was a
The warthog and meerkat sing
‘The Lion Sleeps Tonight’ — Alamy
nameless African.
And then it became a standard.
Miriam Makeba performed it at John F
Kennedy’s 1962 birthday. British
versions included Karl Denver’s (with
bagpipe-guitars) and Tight Fit’s daffy
number one. It even hit the movies,
when Ladysmith Black Mambazo’s
“Mbube” was used in the Eddie
Murphy comedy Coming to America.
It was a Disney film, though, that
changed everything. After it was
hummed by a meerkat and a warthog
in T The Lion King, the value of the “The
Lion n Sleeps Tonight” went through the
rooff. As an estimate, $16m in royalties
is prrobably on the low side.
As The Lion King spawned sequels,
A
sou undtrack CDs and live shows, a
wh hite South African journalist called
Riian Malan wrote a quietly furious
esssay for Rolling Stone magazine
ab bout the song — and about Linda’s
caash-strapped daughters.
That article spawned a
doccumentary, A Lion’s Trail, and
Disn ney realised it had been loaned a
prob blematic copyright. When your
bran nd is family values, you don’t want
a reeal-life family telling the world
yyou’re making a fortune out of
their father’s work while they are
th
liiving hand-to-mouth.
Lawyers got involved. We don’t
know who’d have won, because
k
Disney made a settlement in 2006.
D
Nor do we know the terms, but we
N
do know it involved back and future
d
payments and that it was life-
p
cchanging for the family. Sixty-seven
yyears after Linda composed his
masterpiece, his name was attached
m
tto it and it seemed good things do
happen, sometimes and eventually.
h
For podcasts and more in the series,
F
go to ft.com/life-of-a-song
14
Arts
Reviews
OPERA
Pelléas et Mélisande
Glyndebourne, East Sussex
AAAAE
As we were going in a friend
asked wryly if the production
would be set on the moon. “No,” I
replied, thinking back to this
director’s record of homing in on
the venues where he is working,
“it will be set at Glyndebourne
itself.” We were almost both right.
To mark Debussy’s centenary,
Glyndebourne is offering a new
production of his only completed
opera, Pelléas et Mélisande, by
acclaimed Norwegian director
Stefan Herheim. The result is a
performance of festival standard,
acted with an unfailing eye for
detail, and mostly sung and
played with distinction. But what
a confusing, overloaded drama
Herheim has made of it.
His first idea was to set the opera
on a space station. Once that batty
notion had been discarded, he
settled on a reproduction of the
organ room at Glyndebourne, the
birthplace of the festival under the
Christie family. As an analogue of
Debussy’s Allemonde, a fusty
kingdom far from anywhere, this
was not a bad idea, and Herheim’s
portrayal of the stultified way of
life of its aristocratic family is
tellingly played out.
Unfortunately, that is not all.
Layers upon layers of motifs are
built up, creating an over-egged
millefeuille of symbolism. The
pictures from the organ room set
up a painting theme, which soon
John Chest’s Pelléas and Christina Gansch’s Mélisande — Richard Hubert Smith
OPERA
Ariadne auf Naxos
Aix-en-Provence Festival, France
AAAEE
Lise Davidsen’s Ariadne is a
universe of its own. Hers is a
rich, fruity voice that opens
acoustical spaces so inviting that
you want to lose yourself in them
for ever. It is lush, communicative
and astonishing all at once.
Sabine Devieilhe’s Zerbinetta is
her polar opposite, silvery and
lithe where Davidsen is
profound, with breathtaking,
glittering coloratura.
The singing in Aix’s new
Ariadne auf Naxos is exquisite.
That is also thanks to Marc
Albrecht’s presence in the pit,
rolling out a sonic red carpet for
his cast with the Orchestre de
Paris, keeping textures
transparent without losing any
warmth, bringing tenderness
without sentimentality to a
perfectly paced evening.
So it is a shame that Katie
Mitchell’s production falls so far
short of her earlier work for Aix.
Perhaps she is doing too much;
perhaps Ariadne was never going
to be her piece.
To be fair, it is a hellishly
difficult opera to stage well, with
its jumble of characters and a
runs out of control. Even little
Yniold is forever doodling with
his crayons, but after an
unmentionable sexual experience
in the third act he startlingly
turns into his stepmother
Mélisande. Family members blind
each other. A Renaissance Christ
with lamb appears in the organ
loft. Too many mixed metaphors.
What shines out is the
absorbing web of family
relationships. There has rarely
been a Mélisande as hard to
pin down as Christina Gansch,
who is like a moth fluttering in
the light. Unknowable and yet
irresistible, she embodies
everything that Debussy might
have imagined and sings
beautifully. It is a shame that John
Chest’s Pelléas is given a less
interesting persona, and could do
with stronger projection.
Christopher Purves makes a
formidable Golaud, singing in
fine, clear French, and Karen
Cargill is a grave, matriarchal
Geneviève. The role of Arkel was
acted by an indisposed Brindley
Sherratt, while Richard Wiegold
sang from a side box.
In Glyndebourne’s excellent
acoustic, Debussy’s music sounds
richly suggestive, unfolded with a
touch of Wagnerian grandeur by
conductor Robin Ticciati and the
eloquent London Philharmonic
Orchestra. Debussy wanted a play
that would give him “les choses à
demi” so that his music could do
the rest. That is not how it comes
across here, but in his centenary
year Pelléas et Mélisande seems as
much a masterpiece as ever.
Richard Fairman
To August 9, glyndebourne.com
second half that does not really fit
with the first. Strauss is saying
many things about art, politics,
beauty and longing, but post-
partum depression was probably
not high on his inner list of topics.
Mitchell has a heavily pregnant
Ariadne give birth in the middle
of the second act, but display no
interest in the baby; it is hard to
see whether she views this as a
central theme or a subplot, since
there is so much frenetic action
on the stage the whole time.
Chloe Lamford’s sets and Sarah
Blenkinsop’s costumes place the
action some time now in a grand
pair of rooms divided by a flimsy
curtain. The richest man in
Vienna and his wife are cross-
dressers, as is the dance master,
but it is never clear why (maybe
there is no why). The composer
(Angela Brower) is forced to
“conduct” the entire second act
on stage, a tautology so irritating
that it can only have been
introduced for want of any
better ideas.
Mitchell has illustrated this
opera instead of directing it, and
the results are disjunct and
shallow — all the more frustrating
because she has done so much
better in the past. For a more
meaningful experience, you could
close your eyes. But then why do
we need opera in the first place?
Shirley Apthorp
To July 16, festival-aix.com
★ FTWeekend
The master, revisited
Rembrandt | The sweep of humanity meets dazzling virtuosity in a
show of works with a British connection. Jackie Wullschlager reports
I
n 1792, Rembrandt’s magnificent
landscape “The Mill” (1645-48)
arrived in London. Its owner, the
Duc d’Orléans, was about to be guil-
lotined, and his Rembrandt was
among many refugee paintings from the
French Revolution that swelled the
power of England’s art market. For
romantics and revolutionaries, it was a
tragic, stormy composition: a windmill
standing high above the circular scarp of
a ruined bastion, silhouetted against a
steely grey-sapphire sky, its vanes radi-
ant in the last glow of the setting sun.
Constable, who copied “The Mill”,
called it “the first picture in which a sen-
timent has been expressed by chiaro-
scuro only”. The work refined British
taste for Rembrandt, and became a cul-
tural trophy — the Marquess of
Lansdowne bought it for £840 in the
early 19th century — then, with plum-
meting aristocratic fortunes, a victory
for New World money: Philadelphia
steel magnate Peter Widener paid
£100,000 for it in 1911. Disaster dogged
this collector too — one of his two sons
died the following year on the Titanic.
“The Mill” ended up at the National
Gallery in Washington, and revisits the
UK now for the riveting, original show
Rembrandt: Britain’s Discovery of the Mas-
ter. Opening today at the Scottish
National Gallery in Edinburgh, it invites
us to view Rembrandt’s greatness and
variety through myriad layers of histor-
ical context.
Launching the display in a suite of
grandly curving blue-gold galleries is
Rembrandt’s only depiction of British
sitters, a rare double, full-length pair of
portraits, returned from Boston: “Rever-
end Johannes Elison” and his wife
“Maria Bockenolle”, sober, statuesque
but both looking slightly overwhelmed
by the monumentality of the undertak-
ing. They hang opposite the Rijksmu-
seum’s jewel-like small canvas “The
Holy Family at Night”, where intense
concentrated light falls on everyday
domestic objects — spinning wheel, cra-
dle — to suggest divine peace and grace.
Next door is “The Mill”. Restored in
Washington — whereupon its romantic
aura and burnished hues turned out to
be discoloured varnish — it is now a
brighter, more optimistic, egalitarian
picture than the one Constable loved.
The painting’s towering mill, emblem of
the protective Dutch state, shelters its
empathetically drawn citizens: the
woman with a child at the water’s edge,
another washing linen, a worker push-
ing a barrow, a ferryman making the
day’s final journey.
Rembrandt is inexhaustible, and
every one of his paintings in this spar-
kling survey holds revelations: pain-
terly, narrative, social and economic.
At the heart of the exhibition are con-
trasting examples of visual storytelling
and portraiture animated by supreme
mastery of effects of light and shade —
Rembrandt’s unique breadth of human
understanding expressed with dazzling
technical virtuosity. A barbaric, tilting
dinner party of terrified guests is almost
magically illumined by the unknown
hand appearing, writing its warning
message on the wall, in the translucent
“Belshazzar’s Feast”. “Rest on the Flight
into Egypt” is simultaneously turbulent,
tender, threatening. In an elderly “Self-
portrait”, stoic, wrinkled, subtly col-
oured to capture the blotchy texture of
ageing skin, the artist’s direct, unwaver-
ing gaze holds the room.
This “Self-portrait” entered the Duke
of Bridgwater’s famed collection in 1802
and is one of Edinburgh’s most beloved
long-term loans. Here it joins works pre-
served in stately private holdings for
centuries: Chatsworth’s “Man in Orien-
tal Costume”, gold cuffs, leathery hands
and cheeks, white turban, all gleaming
within an enveloping darkness,
acquired from Cardinal Mazzarin’s col-
lection in 1742; Buccleuch’s “Old
Woman Reading”, the strong-willed,
downward-looking face squeezed
between high collar and flaps of a cap —
a magisterial study of introspection.
Together, the span of such paintings
can be enjoyed, first and simply, as a
condensed retrospective of top-quality
pieces: early flamboyance and expan-
sive detail, late gravitas and abbreviated
dash, amplified in each case by impres-
sive groupings of the graphic work
which spread Rembrandt’s reputation,
especially during the 18th-century craze
for etchings.
The nickname “The Hundred Guilder
Print” for the tour de force “Christ
Preaching”, with its diverse techniques
— lightly bitten lines, smoky blacks,
evocative depths of tone — and wealth of
individually wrought characters, indi-
cates how highly etchings were valued
by collectors. Connoisseurs also prized
the spontaneous, rapid drawings, as airy
as if made outdoors: Chatsworth’s pen-
and-ink “A Man Sculling a Boat”; vessels
in a gentle breeze on a waterway along-
side a tree-lined bank in the Louvre’s
From top:
Rembrandt’s
‘The Mill’
(1645-48);
‘A Woman
Bathing in a
Stream’ (1654);
Frank
Auerbach’s
‘Drawing after
Rembrandt’s
“A Woman
Bathing in a
Stream”’ (1988);
Rembrandt’s
‘A Woman in
Bed’ (c1645–46)
National Gallery of Art,
London; National Galleries
of Scotland
7 July/8 July 2018
“The Amsteldijk at Meerhuizen”, once
owned by painter Thomas Lawrence
and also by Edmond de Rothschild.
The range here is the more pleasura-
ble for its selection by chance of British
provenance rather than curatorial dik-
tat, with the thematic line casting a wide
net to catch globally lesser-known and
piquant works. The earliest, a very
youthful, somewhat shy 1629 “Self-
portrait” gifted to an unresponsive
Charles I, was the first Rembrandt
painting to leave the Dutch Republic. “A
Woman in Bed”, her face peering out
tantalisingly as she props herself up to
pull back a curtain, was once bartered
for boat supplies. Elsewhere, “Titus at
his Desk”, returning from Rotterdam —
the Boijmans Museum purchased it
from an English collection in 1940,
when reclaiming Rembrandt was an
issue of Dutch patriotism — is an
immensely affecting portrait of Rem-
brandt’s big-eyed, fat-cheeked son day-
dreaming past his books, loosely
painted with almost expressionist
brushwork, the boy’s desk composed of
Rembrandt is inexhaustible.
Every one of his paintings
holds revelations that are
narrative, social, economic
a few crude slashes of the palette knife.
Every generation discovers its own
Rembrandt. Alongside historic
responses here — Reynolds’s imitative
chiaroscuro portraits, Turner’s “Wind-
mill Lock” after “The Mill”, Whistler’s
etchings — a brief coda of modern works
demonstrates how Rembrandt’s pain-
terly freedom and expressive graphic
force were a model for the British post-
war figurative generation: John Bel-
lany’s cluttered, folkish variation
“Danae”; Frank Auerbach’s large-scale,
dynamic drawing “Tree at Tretire”,
whose thick charcoal strokes resemble
the velvety drypoint lines of Rem-
brandt’s etching “The Three Trees”,
with white-grey steaks implying gusts of
wind, a burst of sun and thunderclouds.
The show concludes with a bold juxta-
position: Auerbach’s lively, scrawled
felt-tip versions, and Leon Kossoff’s fat,
luscious oil rendering, flanking “A
Woman Bathing in a Stream”, Rem-
brandt’s mauve-tinged, wet-on-wet,
erotic depiction of his mistress Hen-
drickje hitching up her shift to wade
through a brook — a painting at Lon-
don’s National Gallery that has engaged
Kossoff, through numerous copies,
since the age of 10.
“A Woman Bathing” is a sensuous,
personal image — but, painted as it was
in 1654, the year the Dutch church pub-
licly rebuked Hendrickje for her liaison
with Rembrandt, it is also defiantly
infused with mythic splendour. Hen-
drickje’s crimson-and-gold brocade
robe, with dabs of pure orange and yel-
low ochre highlights, implies divine con-
text for a compromised woman —
Susanna and the hypocritical Elders,
Bathsheba and David.
Secular or sacred, “the absolute gran-
deur of the absolute ordinary”, as Auer-
bach defines Rembrandt’s achievement,
is the consistent thrill of this exhibition.
‘Rembrandt: Britain’s Discovery of the
Master’ at the Scottish National Gallery
until October 14, nationalgalleries.org
7 July/8 July 2018
Making
waves
in a male
world
Architecture | In Venice, Edwin Heathcote catches up with Chicago’s
‘most interesting contemporary architect’, Jeanne Gang
W
hatever the claims of
other cities, Chicago is
the home of modern
architecture and the
heartland of the sky-
scraper. It rebuilt itself after the fire of
1871 in iron and glass, and then steel, its
towers competing with each other in
height but also in ornament, invention
and beauty. It is where former Bauhaus
director Mies van der Rohe landed after
Germany became too toxic and where
his minimal Modernism morphed into
the slick corporate mid-century style
that now represents the high point of
sophisticated capitalist design.
It can also seem a fiercely male place,
a city of big men and macho mayors,
conscious of its competition with
New York but also its position as the
heart of the “real” America. Yet its most
recognisable and interesting contempo-
rary architect is a woman.
Jeanne Gang exploded on to the city’s
skyline with her Aqua Tower a decade
ago. Sited on the Chicago river, a
waterside then still emerging from its
history of industry, inaccessibility and
fierce pollution, the shimmering 82-
storey tower (the tallest to have been
built by a woman) had apparently
A Banksy holiday crowd-puller
The Art Market | Street art
maestro on show; drawings
fair for London; Old Master
‘Obi-Wan’ joins Sotheby’s;
female collectors on
the rise. By Melanie Gerlis
Expect queues around the block in
London’s Mayfair this week as gallerist
Steve Lazarides and his Lazinc
co-founder Wissam Al Mana open their critic Laurent Boudier and dealing
“greatest hits” show of 23 works by
Banksy, made between 2002 and 2008
(July 12-August 25). Works include
“Girl and Balloon” (2006), an image
that topped a poll of Britain’s favourite
artworks last year, “Show Me the
Monet” (2005) and “Media” (2006),
which shows a film crew delaying
medical attention for a wounded child
and featured in the artist’s landmark
2006 Barely Legal show in Los Angeles.
The London works have come from a
dozen collectors, with many for sale,
from £250,000 to £1.75m for
the haunting “Guantanamo
Bay” (2006) painting. Works
that aren’t officially for sale
are open to offers, according
to Lazarides, but, he says, “it
would take several million
pounds to lever them out of
people’s hands”.
Banksy’s market has
grown steadily these past 16
years but there are still some
surprises. On June 27, his
“Keep it Real” (2002) stencil
painting sold at Sotheby’s for
£340,000 (£418,000 with
fees) against an estimate of
£50,000-£70,000. The work
sold in 2011 for £46,850 Banksy’s ‘Show Me the Monet’ (2005) — Lazinc
almost liquid walls, rippling, reflective
surfaces that dematerialised its huge
mass and looked like a symbol of the
resurrection of the river as a clean,
open, public resource.
The Aqua Tower, a success both com-
mercially and critically, is clever in part
because it’s a conventional glass build-
ing that achieves its effect through sim-
ply extending and making wavy its floor
plates. The undulating balconies rip-
pling out of the glass create that silky
shimmer. I sat down with Gang in Ven-
ice, outside the Biennale of Architecture
in which she has two installations, and
asked her about the tower. Surely, the
look of that building came first?
“Not at all,” she responds. “The idea
was to use those balconies as a social
device. There are no dividers between
different apartments’ balconies, so the
idea was to express a social network on
the elevation.”
It’s a typically smart answer. Direct,
unpretentious, self-deprecating; you
almost don’t notice the very contempo-
rary catchphrases segueing into one
another. Gang looks wholesome. Her
strikingly bright blue eyes and out-
doorsy complexion differentiate her
from the usual resigned, sleep-deprived
(with fees) and such canvases were
selling for about £250 back in the early
2000s, Lazarides says.
Exhibitions by the anonymous artist
are few and far between, and Lazarides
wants to attract the public during the
summer holidays. “Museums and
institutions don’t own work by Banksy.
They are terrified of populism, but
sometimes things are popular because
they’re good,” he says.
Small and specialist art fairs seem to
be the way forward and the renowned
expert Jill Silverman van Coenegrachts
seem to have spotted a gap in the
London market. They are launching a
fair dedicated to modern and
contemporary drawings at the Saatchi
Gallery next year (May 15-19). Called
Draw Art Fair, it will coincide with the
fifth edition of Photo London (May
16-19) and its founders hope to
capitalise on a burgeoning art week in
the city at that time of year.
Boudier has experience already,
having set up and run the Drawing
★ FTWeekend
pallor of the global architect. She is
sharp, but not at all cynical.
Perhaps that openness is what has
driven her to create an oeuvre which is
constantly changing, impossible to pin
down. Every building from her office is
entirely different to the last. There is no
house style. A few minutes’ walk from
where we’re sitting her office has erected
a wall in the 500-year-old Arsenale of
sawn logs embedded in mortar. It’s a ref-
erence to the technique used on the new
Arcus Centre for Social Justice Leader-
ship in Kalamazoo, Michigan.
“That’s a college in quite a socially
conservative area,” she explains, “and
it needed a building for a social
justice programme — human rights,
LGBT issues, immigration. The
building needed to create an identity
and to break down barriers. To create
a place where you could talk about
Clockwise from main: these things.”
the Arcus Centre for It’s a striking structure, but not grand.
Social Justice Leadership With sweeping façades and an open
in Kalamazoo, Michigan; interior with conversation pits facing
the Aqua Tower; the amphitheatre-like steps outside, it
Jeanne Gang at the looks like a place for talking. Its walls
Venice Biennale of are exquisite, with sawn-log sections
Architecture 2018 looking like an eco-version of the sci-fi
Steve Hall; Robert Fiehn
discs on a Paco Rabanne dress.
“We used wood masonry as a way of
fitting in but we also liked the idea of
sequestering carbon inside the depth of
the wall.” It captures more carbon than
its construction releases.
The Writers’ Theatre in Glencoe,
Illinois, is another elegant civic struc-
ture in timber. Simultaneously open
Now contemporary art fair that When dealer Otto Naumann shut up
coincides with the Salon du Dessin in shop and sold his collection at Sotheby’s
Paris in March. “If you like artists, you in January, specialist commentator
like drawings — they take you right Bendor Grosvenor described him as
back to the studio,” he says. Van “the Obi-Wan of the Old Master
Coenegrachts, who has worked at trade”. Now he is joining the auction
galleries including Thaddaeus Ropac house’s Old Masters department this
and Lisson, sees drawings and the new summer as client development
fair as an antidote to today’s high- director, a roving role that will still
octane affairs. “Drawings provide enable him to continue his academic
some quiet genius against the loud work, including a forthcoming book
noise,” she says. on Rembrandt’s sketches.
The fair, which is aiming for 60 George Wachter, Sotheby’s co-
exhibitors, is being financed by a chairman of Old Master paintings, says
French businessman and drawings that hiring from outside the auction
collector who lives in Japan. world brings a new energy to the
business. “[Otto] sends me an email
After more than 21 years of running with an idea every single day,” he says.
the Cheim & Read gallery in New
York’s Chelsea, founders John Cheim
and Howard Read have announced
that they are shutting their public-
facing space and planning to deal
privately from January 2019.
Citing the “personal and intimate”
gallery model exemplified by dealer
Leo Castelli from the 1950s in New
York, Read says: “Now there is also a
global, corporate gallery model
where galleries can represent
60-plus artists, and more galleries
everywhere feel pressure to compete
with each other. This was never our
interest or goal.”
There are some advantages, however.
Cheim says that “in today’s free agency
world, relationships and ideas about
artists and their work triumph over
binding contract representation”, and
the pair plan to develop stand-alone
projects with their artists. They will
still participate in “some select art
fairs”, Read says.
Adam Sheffer, a partner for almost
15 years, has left and has, he says, “a
direction in place”, adding only that he
won’t be opening his own business.
and wrapped in the warm wooden
embrace, it gives a sense of a centre to a
wealthy Chicago suburban setting, an
active, accessible and intriguing place
that is animated all day. It also has a
superb, flexible central theatre space
and even its lobby looks (and works)
like a mini-auditorium. “Glencoe is a bit
conservative and a little sleepy,” says
Gang, “and the director wanted the con-
versation to continue after the show had
ended so we had to make it a real civic
space: we opened up the lobby for
improvisational performance and we
opened up the building to the city.”
These are modest but meticulously
engineered local buildings, places that
As this column went to press,
Christie’s was preparing for its Old
Masters evening auction of 61 items on
July 5. Sotheby’s equivalent sale the
previous evening brought in a total of
£42.63m for 51 lots.
This year’s wealth survey conducted
by US Trust, Bank of America’s private
banking arm, finds a higher proportion
of female art buyers in 2018, especially
online, and a greater interest from
women in beginning collecting.
The survey of 892 individuals with
more than $3m of investible assets
found that 24 per cent (210 people)
own what they defined as an art
collection, while another 21 per cent
15
Arts
bind people together. The combination
comes, she says, from her parents.
“My father was a civil engineer in Illi-
nois,” she tells me. “I always went look-
ing at bridges with my dad and, I think,
developed an appreciation of both
structure and the landscape. My mom
was a community activist and a maker.
I was always artistic as a kid, good at
math and always outdoors, so I just put
them together.”
After graduating, Gang started at
OMA in Rotterdam, the firm founded by
Rem Koolhaas. She doesn’t, I suggest,
have the hallmark of most former
OMA alumni, that particular combina-
tion of slightly cynical wit, arrogance
and a kind of high-octane salesmanship.
“I learnt a lot from Rem,” she says, “but I
don’t talk like him. But, like him, I do
have major ambition.”
What is that ambition? I ask. “To
decrease polarisation in society and
connect people to each other and
the environment. People have to care
about each other before they care about
their environment.”
That word environment pops up
a lot. “When I graduated very few
people were talking about it,” she
says, “but I have a deep passion for it.
Ecology is about the relationships
between living things and the environ-
ment — that’s how we should be talking
about architecture.”
‘People have to care
about each other
before they care about
their environment’
She uses the example of the Chicago
River, along which she has built not only
the Aqua Tower but a couple of striking
and well-used boat houses (including
one on the city’s troubled south side).
“If you give people access to the river-
front,” she says, “they begin to care. We
did a book about the river and it per-
suaded Mayor [Rahm] Emanuel
[Barack Obama’s one-time chief of staff]
to build the boathouses which, in turn,
encouraged people to use the river.”
That river is now a kind of urban park,
unrecognisable from the filthy sewer on
which the city once turned its back.
Gang works out of a former Polish
Credit Union building in Chicago’s gen-
trifying Wicker Park, an austere, roomy
Art Deco pile from 1937. The rooms are
cool but serious and there is a back-
ground hum of urgent activity and a
miniature city of models. Big projects
are coming out of the ground: 11 Hoyt in
Brooklyn is on the way, again with sur-
faces reminiscent of the patterns in
water, while the Vista Tower in Chicago
sees a gentler ripple flowing down its
façade. Meanwhile a theatrical and
boldly organic concrete addition to New
York’s Museum of Natural History is
likely to make different kinds of waves.
Gang talks as much about her staff
(we chat about the equal pay she
instituted in the office), her clients
and the people she hopes will use the
buildings as she does about her architec-
ture, despite my coaxing. “I really like
people!” she says with a broad smile.
And you believe her.
were interested in starting one. There
were more men than women among
current collectors — 64 per cent
against 36 per cent — but a higher
percentage of women among all those
surveyed (16 per cent versus 12 per
cent of men) expressed an interest in
becoming collectors.
Evan Beard, national art executive
director at US Trust, says the growth in
female buying was mostly online and
was less extreme at the higher-priced
end. But here too there was still a jump,
he says. “Men have been by and large
running the show for the past four or
five years, but there is a group of
people building large collections and
they are all women.”
16
The art of war
Africa’s traumatic losses a century ago have received
far too little attention. Now artist William Kentridge
is trying to set that right, says Peter Aspden
D
oes art have the power to
affect people’s view of war
and politics? In the years
during and following the
first world war, art did
its best to reflect the desolation and
sense of waste prompted by the mon-
strous number of lives lost between
1914 and 1918. Art and literature por-
trayed a world that had fallen apart and
lost its moorings to meaning: atonal
music, abstract painting, stream-of-
consciousness writing. Surrealism
turned the world into a strange proces-
sion of dreamlike images. Dada turned
it into a bad joke.
When the war ended, and there was
time to reflect on the scale of its hor-
rors, artists were divided in their
response to what Virginia Woolf later
described as a “chasm in [the] smooth
road” of western civilisation. Some
turned to escapism: listen to the sooth-
ing, elegiac meditations of Ralph
Vaughan Williams’s Pastoral Symphony
of 1922, influenced by the composer’s
wartime experiences as an ambulance
driver in France and Greece.
For others, this was too feeble a reac-
tion; 1922 was also the year of James
Joyce’s Ulysses, and TS Eliot’s The Waste
Land, radical overhauls of the literary
imagination. Eliot’s exhausted lines — “I
had not thought death had undone so
many” — belied the spikiness and
energy that Modernism brought to
western culture.
It was matched in the field of the
visual arts. The postwar period spawned
Futurism and Vorticism, the “only
possible” techniques, as the British
painter Christopher Nevinson wrote,
“to express the crudeness, violence and
brutality of the emotions seen and felt
on the present battlefields of Europe”.
He was wrong: his German counterparts
Otto Dix and Max Beckmann dug
deeper, producing hideous, scarring
images — “Corpse in Barbed Wire”, “The
Night” — that tried manfully to tell it
like it really was.
Others turned to Africa. Western cul-
ture, for them, had gone too far in its
★ FTWeekend
sophistication and its love of ornamen-
tation. It needed to reset itself, to recon-
nect with the purity and simplicity that
could be found in the non-naturalistic
and tribal art of the African continent.
The story is well known: Pablo Picasso
turns the wrong way in a Paris museum
and encounters a display of African
masks. He goes home and refashions a
painting he is working on, “Les Demoi-
selles d’Avignon”. It changes the course
of art history.
What none of those artists, musicians
and writers ever bothered to address,
‘In a world where good
logic has failed, you
have to find an illogic.
To use the absurd’
in their scrambling for sense and mean-
ing during those devastated years, and
in their modish refashioning of their
vocations, was what had happened to
Africa itself.
The cathedral-like space of Tate Mod-
ern’s Turbine Hall is frenetic with build-
ing work. The stage is being set for the
world premiere of a new work by Wil-
liam Kentridge, South Africa’s leading
contemporary artist: The Head & The
Load, a theatrical tour de force about the
role of Africa, and its people, in the first
world war.
Kentridge is better known for the
studied draughtsmanship and visceral
impact of his charcoal drawings and ani-
mated films, which have chronicled the
tumultuous history of his homeland
since he started working in the 1970s.
Now in his sixties, he is broadening his
scope. The Head & The Load is an epic
work, combining dance, shadow thea-
tre, mechanised sculptures and film
projections. It aims to right a historical
wrong, to make people aware of a story
that is as wretched as any he has told.
The spread of Europe’s Great War
into Africa cost hundreds of thousands
From top to bottom:
scenes from
William Kentridge’s work
‘The Head & the Load’
at Tate Modern, London
Stella Olivier; William Kentridge
7 July/8 July 2018
of lives, many of them belonging to the
local carriers, or porters, who were
conscripted by force to join the battle.
Men, women and children were made
to haul the heavy equipment of the
warring colonial powers across huge
distances. More than 100,000 of them
died through illness, exhaustion and
malnutrition.
The war was fired by colonial inter-
ests. Britain wanted to destroy the naval
and communication infrastructure in
German East Africa that could allow
German boats to attack Allied ships in
the Indian Ocean; Germany wanted to
forestall an attack on its African colony
by attacking its neighbours itself. The
attraction of acquiring new territory
proved compelling to both sides. More
than two million Africans were mobi-
lised to those ends, and close to a million
African soldiers, labourers and civilians
diedintheconflict.
The title of Kentridge’s new work is
taken from a Ghanaian proverb: “The
head and the load are the troubles of the
neck.” It works on two levels, he tells me
on a visit to the gallery earlier this week:
“It is the physical load that was carried
all across Africa, but it is also the histori-
cal load of colonialism, which was mag-
nified and exemplified by the war.
“The war became a crucible for heat-
ing up all the paradoxes of colonialism.
Europe was not just a weight on the
shoulders of Africa, it also entered deep
into people’s psychic understanding.”
Many Africans in the incipient middle
classes were keen to join the war, he says.
“They believed and hoped that once
they would be seen taking part, along-
side white soldiers, they would be seen
as equals and given rights afterwards.
“But that was always a false hope.
There was never any chance of that.
They hoped they would be given the
right to run their own countries, but
what they were given instead was a bicy-
cle and a greatcoat. The irony is, even
those were treated as precious objects.
Instead of throwing them back and say-
ing, ‘Damn you, we want our own coun-
try,’ they hung on to them.”
It was a triple humiliation for the
African people: they were compelled to
fight a war that was nothing to do with
them; they suffered in huge numbers;
and they were deceived into thinking
that their help would be rewarded with
some movement, at least, towards self-
governance. The felonies are further
compounded, says Kentridge, by the
Continued on page 17
7 July/8 July 2018 ★ FTWeekend 17

Spectrum

The shame of my very low Uber rating

“How many five-star ratings would I really easy and works well to identify
Tech World Rebecca Rose had never bothered to need to get mine up to a 4.5?” “Quite a
few more,” he said, and drove off.
trends and problems,” a spokesperson
says. It’s also more transparent than one
I have never really thought of myself might think. I learn that if an Uber
check her Uber star rating — because it had never in terms of star ratings, and as far as I driver or rider does give anything less
know, this is the only one I have. I don’t than five, they’re asked to give a reason.
think I have received a grade for any- In the case of serious rider offences —
occurred to her that it would be bad. Really bad thing since university. I checked all the discrimination, abuse, physical contact
official Uber snappy guidelines to being — you won’t just get away with a low rat-
a five-star customer (“drivers shouldn’t ing. “You will hear from us,” Uber tells
feel pressured to break any laws”). I did
My brother who works in a

H
ave you ever vomited in an
Uber before?” the driver
unexpectedly asked on the
way to Paddington railway
station one morning.
I told him I hadn’t, and he looked at
me suspiciously in the rear-view mirror.
“Or have you been arguing with a driver
after drinking?” Negative, I replied, feel-
ing anxious. Could I have blanked out a
drunk-and-disorderly episode? “Well,
then you must have cancelled a lot of
Ubers. That is the only answer,” he said,
definitively.
“To what?” I inquired.
“Look, you have an Uber rating of
4.2,” he showed me.
“Is that bad?” I asked; 4.2 out of five
sounded pretty good to me.
“That is very, very bad. Very low. Nor-
mally, I don’t pick anyone up below a
4.5.” I suddenly felt a bit nauseous. I had
never bothered to check my Uber star
rating — because it had never occurred
to me that I would have a low one. As far
as I know, I have never cancelled a ride. I
always say hello to the driver, ask if they
are having a good day or night, and
whether they are busy. I even recently
started saying “sir”, just for added
politeness.
“Is it possible that all the drivers who
gave me a bad rating just didn’t like
me?” I asked. “Impossible,” he said,
“you would never get a low rating just
for that. And it’s nothing to do with how
you rate us, as we don’t see that. Nor do
we know how much you tip. You must
have done something bad. But I like you,
and as soon as you get out of my car I’m
going to give you five stars.”
Grateful, I told him I’d do the same.
And then, just to confirm I was now on
the way to social acceptability, I asked:
a poll of my FT colleagues’ ratings.
Apart from the taciturn — by their own
admission — fashion desk, no one was
below a 4.4.
At a dinner that week, I brought up
my low Uber rating with friends who
quickly checked theirs, as if it might be
catching. “I’m a 4.75,” said one; “4.9,”
said another with relief. I called my
brother, who works in a tech start-up.
He laughed and said even his most
degenerate colleague had a higher rat-
ing than me.
Areweenteringanewageofanxietyin
which our social interactions are
increasingly being graded? In an infa-
mous episode of Charlie Brooker’s creep-
ily prescient TV series Black Mirror,
characters give each other a star rating
after every single interaction, with hide-
ous consequences. Suddenly it doesn’t
feel so far-fetched. There are more and
more consumer services that we are
invited to rate — and which, in turn, rate
us back as customers (Ebay, Amazon, to
name a few). In China, a new social
credit system is under way in which peo-
ple’s routine behaviour is rated and
scored, and data accumulated.
A high social credit score can lead to
perks (lower energy bills), whereas a
low one can mean exclusion from, for
example, certain dating sites.
Uber defends its star ratings. “It’s
tech start-up said even his
most degenerate colleague
had a higher rating than me
me. “And we have the ability to close
your account.”
Once, as the customer, you were
always right. Now, it seems, you have to
watch your back. My desire to claw
myself up to an Uber 4.5 has meant hail-
ing more non-essential rides, and being
extra polite. I’m happy to say that I am
now 4.23 and rising. Not yet out of the
doghouse, but at least on the road to
respectability.
Rebecca Rose is the FT’s
deputy books editor

The art
of war
Continued from page 16

western world’s lack of knowledge of

the subject.
“My anger at my own ignorance was a
spur to the project. Like so many peo-
ple, my sense of the first world war
came from Wilfred Owen and All Quiet
on the Western Front. Now, Wilfred
Owen’s poems are remarkable. But
they swallowed all the air around eve-
rything else.” He decries the “construc-
tive amnesia” that smothered the sub-
ject of Africa’s war, and quotes the dis-
paraging remark of a military figure of
the time: “Lest their actions merit rec-
ognition, their deeds must not be
recorded.” The Head & The Load, he
says, is conceived as a beginning of
recording and recognition.
Kentridge, with the help of composers
Philip Miller and Thuthuka Sibisi, aims
to recreate the sense of dislocation that
was felt in the postwar years in The Head
& The Load. Its libretto is a mash-up of
forms and languages: a Zulu translation
of the Dadaist Tristan Tzara, extracts
from the Berlin Conference of 1884-85,
which divided up Africa, turned into a
collage of nonsense. His own art here is a
kind of homage to the confused art of
100 years ago. “In a world where good
logic has failed,” he explains, “you have
to find an illogic. To use the absurd, not
as a joke, but as a way of showing that
logic has gone awry.”
Kentridge was born in Johannesburg
in 1955 to lawyer parents who were
prominent in the anti-apartheid move-
ment (his father represented the family
‘Europe was not just a
weight on the shoulders of
Africa, it also entered deep
into people’s understanding’
of activist Steve Biko, who died in police
custody in 1977, prompting interna-
tional outrage). He says his childhood
was coloured by the “rage and agitation”
around the dinner table, and a growing
anxiety over what his own role should
be in the political struggle.
“I knew the country was going to
change. But I thought, how can you be a
lawyer when all the laws are going to
have to change as well? Well, the coun-
try did change, but you still had to have
lawyers. That was stupidity on my part.”
Finding the formidable footsteps of
his parents too imposing to follow them
into law, he instead took a postgraduate
art degree, designed political posters,
became involved in local theatre groups,
left South Africa to take a theatre course
in Paris, and returned home to immerse
himself in film-making. He says he had
clarified, by this time, only what he was
not going to be. “I was an artist while
waiting to see what would happen when
the world changed. But by the time it did
change, I was still an artist and it was
clear I wasn’t going to be anything else.”
He turned away from the agitprop art
of his earlier years, unhappy to be
preaching to people. “I was designing
posters for trade unions, telling people
this is what they needed to understand.
But that made the assumption that I
knew more than the people looking at
the posters, and that I was instructing
them in some great truths.”
When he returned from Paris, he says
he had less faith in knowing what he
wanted to say to people, but trusted the
process of art-making, hoping that some
kind of meaning would emerge by the
end of it. He began to specialise in print-
making and etching, inspired by the
western masters of the genre — Rem-
brandt, Daumier, Hogarth — but also
the work of fellow South African Dumile
Feni, whose highly charged black-and-
white charcoal drawings proved to him
that you didn’t have to work in oil-on-
canvas to call yourself an artist.
Kentridge’s jerky animated films, cre-
ated by making erasures and additions
to drawings as they are filmed over a rel-
Left: William
Kentridge,
photographed
for the FT by
Laura Pannack
Above and
below:
scenes from
‘The Head & the
Load’— Stella Olivier;
William Kentridge
atively long exposure, addressed the
problems of South Africa in a series
of unforgettable, allusive images. He
created archetypes from the country’s
life, such as the brutish businessman
Soho Eckstein and his liberal counter-
part Felix Teitelbaum, using their
adventures to mirror the debates that
surrounded the country’s future.
In one of these animations, there is a
fantastical scene in which Eckstein uses
a coffee plunger at the breakfast table,
which keeps on travelling under the
table, and becomes a shaft drilling down
into one of the mines that he owns, pass-
ing the tortured faces of the cramped
miners on its way. It is a perfect example
of Kentridge finding meaning in the
image while in the process of drawing it.
“I realised, as I was drawing the cof-
fee pot, that [the plunger] didn’t have
to stop.” The hellish descent into the
mine is also a journey into illogic, mak-
ing its point far more powerfully than a
more obviously political work. When
rational discourse, and sentimentality,
and aesthetic loveliness fail to make
their points — that is when the artist
comes into play, Kentridge believes.
That is ultimately how he or she can
shape the world.
In sharp contrast with many of his fel-
low contemporary artists, Kentridge is
not shy to enter into intellectual or phil-
osophical dialogue — a legacy of those
domestic dinner-table conversations —
and has a sharp ear for soundbites. I ask
him about a memorable description he
gave in his Norton lecture series at
Harvard University in 2012, in which he
talked of the artist’s pen as a “loaded
weapon, full of every thought that has
never been expressed”.
It is a beautiful image, I say, but did it
not give him a sense of dread, that con-
stant responsibility to rummage for the
unsaid? “The Germans have a word for
it,” he replies instantly. “Torschlusspanik.
The panic of closing doors. The fear of
opening one door rather than another,
and hearing it slam behind you, once
you have made your decision; but
maybe that decision is the wrong one, so
you would rather stand paralysed in
front of three doors to avoid making it.
Torschlusspanik.”
It sounded a bit like Brexit, I say jok-
ingly, but he is not entering through that
particular conversational door. We may
not be quite at the build-up to the first
world war, I insist, but many of us in the
western world felt that logic, to use his
own phrase, is beginning to go awry. Did
he have any wise words to help us?
“I don’t. I wish I did.” He pauses for a
moment. “What I see is the destructive-
ness of the forced politics of identity.
Working here, in the theatre, with all
these different people working together,
there is this kind of small-scale utopia of
bastardy. People from different tradi-
tions, with different experiences, mis-
understanding, but making wonderful
things through that misunderstanding.
Mandela and Gandhi learnt from people
outside of their traditions.”
Through the grotesquerie and ulti-
mate tragedy of The Head & the Load,
Kentridge wants, in a centenary year of
remembrance, to remember something
that is barely known in the first place:
the story of those hundreds of thou-
sands of forgotten victims of a war that
they did not even understand. He tells
me another fragment of the story: that
of the Chilembwe uprising of 1915, a
rebellion against British colonial rule in
Nyasaland (modern Malawi), in the
course of which the organising Baptist
minister John Chilembwe wrote a letter
to the authorities spelling out his objec-
tions to Africa’s participation in the war.
The letter captured the imagination of
the young Kentridge. “I remember writ-
ing an undergraduate essay about [the
subject], because it struck me as con-
taining, in those three months of rebel-
lion, the whole history of African resist-
ance over the last 100 years.
“I never thought of addressing it in
theatrical form. But that letter has sat in
a drawer of my studio for 40 years. It is
not a new thought.”
‘The Head & the Load’ by William
Kentridge takes place in Tate Modern’s
Turbine Hall from July 11-15 as part of
14-18 NOW. The performance will be
available to view in full at tate.org.uk
between July 21 and August 20
18
Spectrum
Observations
Chris
Newens
People suffer appalling
injuries during Pamplona’s
bull-running festival. So
why do thousands keep
coming back for more?
I
f Jac survives, we have arranged to
meet in front of the arena. But more
than 1.5m people attend
Pamplona’s festival of San Fermin
every year, so for the first 40
minutes after the bull run on that
morning last July, I assume he is just lost
in the red-and-white crowds.
When I find a bar replaying the run on
its TV screens, I’m even faintly amused
at myself for wanting to “check” on my
friend. The images offer a bird’s-eye
perspectiveonthefrenzyIonlyglimpsed
from behind the barriers of Pamplona’s
woozy morning streets. This is more like
Hemingway’s description in The Sun
Also Rises, the 1926 book that pushed this
local festival into global consciousness:
“Suddenly a crowd came down the street.
They were all running, packed close
together. They passed along and up the
street toward the bull-ring and behind
them came more men running faster, and
then some stragglers who were really
running. Behind them was a little bare
space, and then the bulls galloping, tossing
their heads up and down.”
On the TV, a runner, peeling around
the corner in front of Pamplona’s town
hall, gets hit by a bull. The animal
carries him several metres, then drops
him. He is trampled by the rest of the
herd. A close-up, slowed-down repeat of
the action is immediately replayed.
I see the horn slide into the runner’s
arm like it’s the sleeve of a coat; see his
slim frame bounce from the cobbles;
see, as he drops, the exposed San Fermin
colours of his anatomy — red muscle,
white bone. I see that the runner is Jac,
my friend.
In the taxi to Navarra Hospital, with
my first, hysterical shock fading, I
grapple with the why of what has
happened. Not why in a practical sense:
if someone joins more than 2,000 others
to run a gauntlet of medieval streets
alongside six terrified bulls, why they
get hurt is not a question. I am focused
on the bigger, existential question. Why
did I come to Pamplona? Why did I
invite Jac to come with me? Why did he
insist on running? Why does anyone?
Trying to distract myself from
whether I’ll find my friend alive or
dead, I concentrate on each question
in turn. First, why am I here?
The running of bulls, which happens
every morning except the first of this
eight- to nine-day festival, was once just
a way of getting the animals from the
fields to the town arena. People started
to risk running alongside them in the
mid-19th century, and a tradition,
which takes place in festivals all over
Spain, was born. Getting bulls to the
arena is still the objective of the run, and
all six will be put to death in traditional
Spanish bullfights in the afternoon.
★ FTWeekend
A herd mentality
A century on from Hemingway’s
endorsement, San Fermin has become
ensconced in Europe’s modern party
circuit. Package holidays, mass media
and merchandising all service the
festival, yet violence and cruelty remain
at its 400-year-old core. This is not lost
on animal rights activists. In 2017, Peta
representatives gathered stone-faced
and half-naked in front of the town hall,
and filled the air with red powder: a
cloud of “blood”.
I came to write about San Fermin, to
understand its contradictions. But
when I think of the carefree humour
with which Jac and I walked to the
opening ceremony, seduced by San
Fermin’s joyful anarchy, I realise that
we had forgotten all controversy or
violence. The sun shone, the air
pulsed to europop rhythms, and a
miasma of spilled sangria rose from
the street. We were an odd couple —
me, big-framed and bumblingly
English; him, skinny, long-haired and
tattoo-covered, with a Californian
drawl — talking animatedly about the
day to come.
At the turn into Pamplona’s corso, we
came to a stone diorama depicting a
scene from the bull run. Several runners
were shown sprawled on the floor, one
certain to be pierced on the horns of an
oncoming bull.
“That guy’s totally gonna be me,” Jac
had said, laughing.
“It could be,” I replied, seriously,
uncomfortable about tempting fate.
I see the horn slide into the
runner’s arm like it’s the
sleeve of a coat; see as he
drops, the San Fermin
colours of the anatomy —
red muscle, white bone
“Shit!” Jac was inspecting the sculpted
bull’s horns. “Well, I’ve lived a good life.”
The memory churns at my gut. Jac is
only 22. My second why — Why had I
asked him to come with me? — was, I try
to convince myself, out of my power.
Jordan Capra, who goes by his initials
JAC, is a Kansas native who tells people
he’s from California. He came to Europe
to finish college, just because he could.
When we’d first met at an open-mic
night several months before, I was
drawn to his playful contrarianism and
thirst for new experience, and when I
told him of my trip to San Fermin, he
was quick to suggest accompanying me.
That he would also run with the bulls
was implicit, and nothing I said — that it
wasn’t a game, that its dangers were
real, that I wouldn’t be running —
dissuaded him.
My taxi passes the grassy expanse of
Pamplona’s citadel, where the day’s
party is gathering pace. There’s
drinking, dancing and couples kissing.
I’d rage at the crowd’s indifference to my
friend, but they are quite the opposite.
The sacrificial blood of bull runners
gives San Fermin its power. Everyone
here knows what has happened to Jac.
They have all seen the footage. If he dies,
that’s all the more excuse for them to
embrace life. It’s not for nothing that the
festival website gives each day a
“dangerousness” rating: consulting it, I
find there’s a daily average of one goring
and several tramplings. Since records
beganin1924,therehavebeen15deaths.
Why did Jac run? He had never given
me a real reason. I knew it wasn’t for the
rush, nor to boast about it afterwards —
if anything, he was embarrassed about
taking part in an event with such moral
ambiguity. When I’d asked him directly
that morning, as we embraced
awkwardly before parting ways, he’d
replied, “Because if I stand still, it’s even
more likely I get got.”
The night before, in our campsite,
even I had to admit Jac hardly seemed at
much risk. We were surrounded by
Australians, most following advice from
Stoked Travel, one of the biggest tour
companies to run trips to San Fermin, to
“get frisky in our ‘tentertainment’ and
dance your socks off through the night,
all before heading off to run screaming
from ten-tonne-testosterone-tanked
toros in the morning”.
A large marquee, erected over a sticky
dance floor, had been thumping an
endless barrage of pop since at least
midday. Late into the night, we’d talked
morals with Liam, a man from Ballarat,
Victoria, who piled beer, chicken and
grease into his mouth as we spoke.
“You mean they kill the bulls after
they run them through the streets?” he
asked, spraying chicken. “No, now
you see, that’s barbaric, mate. It
shouldn’t be done.”
“So, you’re not going to run?” I asked.
“Well,” he belched. “I feel I gotta. It’s
not on my bucket list, like, but it’s why I
came here. But now that I think about it,
it’s not right.” He paused. “I still think
I’m gonna do it, though.”
“But why?” I asked.
Liam was too far gone to answer.
The taxi drops me at Navarra
Hospital’s A&E, where a nurse looks
up from her papers.
“I’m looking for Jordan Capra,” I say.
“I’m his . . . friend.”
The nurse sets off and I run after her
through wards that look like a military
field hospital. In almost every bed are
patients dressed in the costume of the
fiesta. Bandaged and bleeding, the
white and red has the aspect of an
army uniform. We come to a large room
with a floor-to-ceiling window at one
end that floods it with light. She points
me towards the end. I walk slowly,
trying to ready myself for what I am
about to see.
He is in the last bed, a bandage
running from the wrist to shoulder of his
left arm. Although it has been freshly
applied, it is weeping blood. But my
friend is alive, conscious and lucid. My
relief is all-encompassing.
“Ah, hey man,” he gives me an opiate
grin. “So, I got hit by a bull.”
Jac is not alone. Three Americans in
their early thirties, with good teeth and
neat-edged beards, have gathered
around his bed. They are aficionados,
bursting with enthusiasm.
“We try to get to the hospital
whenever we hear a US runner’s been
hurt,” one says, pumping my hand.
“As soon as we get out of the street
ourselves.”
Though I’m in a daze, I catch them
speak about the run with a near-
religious passion, reciting the Spanish
names of course turns and bull breeds
like chapter and verse. They are very
friendly, but I sense a jealousy toward
Jac, a belief that only with a wound like
his can someone truly experience San
Fermin. My friend, on his first run, has
managed something they have not in
years of trying. Like monks confronted
by a layman’s visions, they seem to ask
why God has blessed Jac, and not them?
When they leave Jac and me on our
own, I ask him if he can now think of any
good reason that anyone should run
with the bulls at Pamplona. “I’m not
really thinking about that,” he says, his
voice choking slightly. “I don’t know if
people are idiots to get into the street
with bulls, if they should be stopped, or
7 July/8 July 2018
Illustrations by Sergiy Maidukov
if the whole culture should be
banned . . . I’m just glad that I got out
alive. That I’ve still got my arm . . . ”
I never do come up with any satisfying
answers as to why he, or others, are
prepared to do something as dangerous
as run with the bulls. Even the Spanish
runners I spoke to couldn’t offer much
more than an embarrassed shrug. But
then, the world is full of unanswerable
whys. Of people going against their best
‘We try to get to the
hospital when we hear a
US runner’s hurt,’ says
one American. ‘As soon
as we get out of the
streets ourselves’
interests, seduced by fictions that may
not seem like they will deliver real
consequences until the second they do.
A year later, despite further protests,
San Fermin is taking place once again.
Jac is far from the action and has politely
declined invitations from the US
aficionados for him to join them. His
view is once again phlegmatic.
“Hey, I’m glad you got an article out of
it,” he jokes. “Give a bunch of new
people the chance to tell me how they
wish I’d died,” he continues, referencing
the less-than-friendly comments left
under online videos of the incident.
For me, if San Fermin stands for
anything, it is as a crucible of
irrationality — and that can be good or
bad, depending on your perspective.
Thousands are now descending on the
town, and will run with its bulls over the
next week. Some will get hurt, some
may even get killed, and many people
will be left wondering why.
7 July/8 July 2018 ★ FTWeekend 19

Food & Drink

Napa’s leap
into the green

Jancis Robinson
Wine

W
hen John Williams of
Frog’s Leap organised
the first organic wine-
growing conference in
Napa Valley in 1989,
nine people turned up (“and I paid
seven of them”, he claims). This month,
the Napa Valley Grapegrowers will hold
their seventh organic conference and
have had to cap sign-ups at 120.
Napa Valley has apparently gone
green. The proud boast is that there are
now more vineyards certified organic
in Napa than in any other county in
California. The vast majority of organic
vineyards are in Europe — especially
Italy, France and Spain — with Austria
and Alsace being committed not only
to organic viticulture but also to the
next step: biodynamics (involving
treating vineyards holistically, often
introducing animals and other crops).
Yet despite the green credentials now
being touted by California’s wine
producers, there is still much to do,
and no one believes this more than
Williams, who co-founded Frog’s Leap
in 1981. Frog’s Leap went through the
laborious business of third-party
organic certification back in 1988, and
But in terms of how vines are grown,
Napa Green is actually less demanding
than organic practices. In the opinion of
specialist (admittedly fairly fanatical)
organic wine writer Monty Waldin:
“Napa Green is similar to the New
Zealand model and accommodates
those who cannot or will not ditch the
systemics and glyphosate [fertilisers,
pesticides and herbicides]. These
systems are designed to make you feel
good about what you do and have
In the middle of this valley
there was a pasture that
looked more like a flower
garden than a vineyard
always done, while allowing you to stick
some new stickers around your estate
and on your label.”
Napa consultant winemaker David
DeSante, on the other hand, is
encouraged that many of the vine
growers he advises are now looking
for sustainable alternatives to
agrochemicals. One very visible sign
According to DeSante: “We’re forcing
ourselves into a crisis in Napa Valley
because of climate change.” Williams
believes that 2017 was the watershed
vintage for northern California in terms
of awareness of the need to change
practices. The 2017 summer was so
hot and dry that California suffered
widespread wildfires last October.
Water, or rather the lack of it, is a
massive and growing issue, and both
Williams (anti-biodynamics) in Napa
and Haas (pro-biodynamics) in even
drier Paso Robles are convinced that
dry farming is the only sustainable
option both for wine quality and for
long-term survival. Williams puts it in
typically forceful terms: “All of Napa
Valley’s great wines — the Inglenooks of
the 1940s and all the wines that did so
well in the famous 1976 Judgment of
Paris tasting — were made from dry-
farmed vines. Irrigation was only
introduced to the valley in 1976 but
today 95 per cent of our vineyards are
irrigated. It’s horse shit to say it’s
impossible to dry-farm in Napa Valley.”
As any gardener knows, young plants
have to be watered initially. When
establishing Tablas Creek in the 1990s,

Top of
for years its vineyards looked like
complete anomalies. Suddenly, in the
middle of this valley full of luxuriant
neat green rows on bare soil, there was
a wild pasture that looked more like a
flower garden than a vineyard.
of the greening of Napa is that fish,
partly in response to the Fish Friendly
Farming programme, have returned to
the valley’s rivers and streams.
Ecological concerns are being fuelled,
quite literally, by earth, wind and fire.
irrigation lines were put in and, as was
the fashion then, so were densely
planted vines on trellis wires. But more
recent plantings have been of widely
spaced, freestanding bush vines (as in
Spain’s driest wine regions).

the lollipops
Williams embraced the notion of cover
crops, dry farming and alternatives to
agrochemicals many years before his
neighbours — and put up with derision
as a result.
Jason Haas runs Tablas Creek, 250
miles south of Napa Valley in Paso
Robles, a Rhône-focused vine nursery
and winery. Its co-owners are the
Recipe | Homemade ice cream is a summer treat — but what if it’s raining Perrin family of Château de Beaucastel,
who were early adopters of organic
viticulture in Châteauneuf-du-Pape
outside? Sarit Packer and Itamar Srulovich have a no-churn solution back in the 1960s, so Haas has a good
world view (his father was the US
importer of Lafite and Petrus). He
admits that California was late to the
Jancis’s pick of Californians
Bedrock Wine Co, Old Vine
Zinfandel 2016 Sonoma Valley,
£28.50 Berry Bros & Rudd
Bedrock Wine Co, The Whole Shebang!
Cuvee X1 NV North Coast,
£10.95 The Wine Society
DeSante, L’Atelier White 2016 Napa Valley,
£29.95 Berry Bros & Rudd
El Molino, Pagani Ranch Heritage
Pinot Noir 2014 Rutherford,
£63.95 Berry Bros & Rudd
Frog’s Leap Zinfandel 2016 Napa Valley,
£25.50 Berry Bros & Rudd
Haas is thrilled by the results, and the
continued health of the vine even in the
past five years of drought. Dry-farmed
vines have longer productive lives than
heavily irrigated ones — not least
because they develop far deeper roots.
California’s Historic Vineyard Society
is dedicated to preserving the state’s
oldest vines, all dry-farmed, some of
them more than 100 years old and still
producing fascinating wine. The
average lifespan of a Napa Valley vine
is only 17 years today, according to
Williams. The reality, however, is that
the stereotypical Napa Valley recipe of
making high-alcohol, high-priced wines

A
ll week the sun had
been glowing warmly
b u t o n S a t u r d ay
evening it got cloudy
and a summer storm
exploded in thick, almost solid
sheets of rain. From our living room
window, we could see panicked peo-
ple in their shorts and flip-flops run-
ning for cover. The lazy, sunny street
scene of just moments before turned
into something a lot less inviting. We
were at home, preparing a picnic for
the next day, an outing with friends
planned a while earlier — some pas-
tries to bake in the morning, a
White chocolate and basil ice-cream lollipops
Ingredients
To make the lollipops
80g double cream
2 egg yolks
175g white chocolate, chopped
2 egg whites
2 tbs icing sugar
160g double cream
10g basil, finely chopped
Optional serving suggestions
Fresh fruit purées (peaches,
apricots, strawberry, kiwi or
mango all go well with basil)
A couple of shortbread
cookies, crumbled roughly
Coconut flakes or roasted nuts
Method
Heat the first amount of
chicken pie — when thunder table the basket was waiting, full of organic party. Mayacamas Chardonnay 2016 Mt Veeder, from irrigated grapes farmed by third
clapped so loudly it made the whole the promise of a day on the grass. Presenting wines with Haas in the £58 Roberson parties using temporary labour is one of
building shake. It reminded us of the The British sun is a capricious London cellars of their UK importer Ramey, Sidebar Red 2015 Russian the most successful in the world.
futility of such preparations: there mistress. She comes and goes as she Berry Bros & Rudd last week, Williams River Valley, £26.95 Berry Bros & Rudd The likes of Williams may justifiably
would likely be no picnic. But we still pleases and we live in hope that her agreed, but added: “Where we’ve Raen, Royal St Robert Pinot Noir 2016 rant about the iniquity of manipulation
made the food on the off chance — plans and ours will align. But still, we beaten everyone else hollow, though, is Sonoma Coast, £59.95 Z&B, Clos & Cru in the winery and short-termism in the
artichoke salad, boiled eggs, the lit- can be ready. This no-churn ice in what we’re so good at, promoting Trefethen Cabernet Sauvignon 2015 vineyard but real, deep-seated changes
tle pot of salt, the basket, all neatly cream is both rich and sweet with what we’re doing.” Oak Knoll District, are hard to galvanise. So, hats off to the
packed in the hope that maybe, white chocolate, fresh and zingy He’s right. The Napa Valley Vintners £44.95, Cheers Wine Merchants growing number of wine producers
somehow . . . with the flavour of herbs. Make it on Association has developed its own there who are taking a long-term view.
The rain continued all night. a rainy summer day and leave it in certification scheme and lists 214 For stockists, see winesearcher.com
Occasional bolts of lightning woke the freezer. When the sun comes participating wineries (out of 550 For tasting notes, see jancisrobinson.com More columns at ft.com/robinson
us up, bright as daylight, but in the out, head for the garden or balcony members) and 183 vineyards as being
morning the sun was out again, the or open your windows wide, and Napa Green certified. The Napa Green
trees were electric green and clean know there’s a sweet frozen treat certification looks impressively holistic
from the rain, and on the kitchen waiting for you. — individual vineyard and winery plans
are drawn up to improve land and
energy conservation, waste processes,
and engagement with workers and
neighbours. Social issues are important.
At Frog’s Leap, Williams is growing as
cream in a small pot. As soon to four seconds, pull firmly many as 40 other crops commercially,
as it boils, remove from the on the stick — and Bob’s albeit on a small scale, largely in order
heat and add the egg yolks. your uncle (who is now to provide year-round employment for
Mix with energy so it eating an ice-cream lolly). the field workers on his 250 acres.
combines well, then quickly
add the chopped white
chocolate. Rest for a minute,
then continue mixing until
you have a smooth, quite
thick paste and all the white
chocolate has melted.
Whisk the egg whites with
the icing sugar to a soft
meringue; then fold it into the
white chocolate paste. Lightly
whip the second amount of
cream with the chopped basil
until it thickens but is still soft
(this is called a ribbon stage,
where the cream starts to
show a little indentation as
you whisk it but then
dissolves back into the bowl).
Now fold the cream into the
white mix. Carefully transfer
into your moulds.
Insert the stick (if using
one). I find a good alternative
is a thick straw — you can
push it all the way in and then
snip it to the height you
require before placing in the
freezer. Freeze solid for about
four to six hours before
serving. They will keep really
well for up to a month.
When the lollies are ready
to serve, we like to put out a
little set of bowls with sauces
and crumbles to dip. This isn’t
essential but it’s fun and
brings out the child in people.
To pop the lollies out of the
mould, fill a mug with boiling
water and submerge one lolly
at a time in the water for three
20 ★ 7 July/8 July 2018

Forget Airbnb. Hotels

are the non-place to be

Janan Ganesh
Citizen of nowhere

Through the window of an empty
SNAPSHOT wood-panelled office, Washington’s
Capitol Dome can be seen jutting out
from behind a cluster of trees. In
another image from the same series,
‘Office of James a chandelier hangs over two long
P Hoffa’ (2013) meeting tables, drawing the eye
towards a Polish coat of arms
by Noel Bowler mounted on the wall.
Noel Bowler is a documentary
photographer interested in exploring
the drama of social spaces. He
travelled through 14 countries for his
series Union, which sets the still
Three letters that tell you
the size of a personality
interiors of trade union buildings
against portraits of union leaders.
Although Bowler captures his
meeting spaces in moments of quiet,
the whisperings of conversations past
still seem to hang in the air. “Even
the furniture seems dramatic and
overthought,” he said in a recent
interview, “perhaps burdened under
the weight of its own responsibilities.”
Baya Simons
‘Union’ is showing at Impressions Gallery,
Bradford, from July 5 until September 22
A
irbnb was founded in
San Francisco but it was
made for Berlin. A visitor
can pad around a post-
industrial mega-studio for
a relative pittance, such are the strange
economics of the one European capital
that is poorer than its nation’s average.
Yet even there, with Kreuzberg’s
tasteful lodgings agape, I choose a
generic hotel each time.
Why such a 20th-century choice?
Why the smile as I read of recovery in
the hotel sector — or of Airbnb, so
earnest in its “sharing” ethos,
advertising hotel rooms?
Willing the survival of a disrupted
business model has become a quirk
of otherwise hardened globalists. For
some, it is the London taxi that needs
rescue. For others, the bookshop.
For me, the hotel. Some of it is the
wonder that comes from not having
stayed in one until well into adulthood.
Some of it is the hotel’s economic —
almost social — role as employer of
the low-skilled. Even if it is bunk that
Ritz doormen educate their sons at
Harrow with their tips, there are lots
of cooks, receptionists and bellhops
earning a wage in there. Airbnb,
rentier capitalism incarnate, has no
work for them.
Hotels have romance by association
with great art. Consider the (now
defunct) Grand Hotel des Bains, shot
by Luchino Visconti as a kind of lush
prison in Death in Venice. Anita
Brookner’s Booker Prize-winning
Hotel du Lac has the same sad
premise: a person coming to terms
with a disappointing life amid carefree
transients and beautiful surrounds.
With respect, a short-lease apartment
movie has yet to enter the canon. All
of these are respectable arguments for
the hotel over the modish alternative.
But more potent than any of them is
the psychic benefit of hotel life.
Leaders of the sharing economy
assume that corporate impersonality
is a bad thing — that we all want,
for example, a more human form of
travel accommodation. “It’s not just
millennials anymore,” Jeroen
Merchiers, Airbnb’s managing director
in Europe, told Quartz this year. “It’s
pretty much everybody.”
That “pretty much” is doing a lot of
work. For some of us, the impersonal
A hotel is a microcosm of
the urban experience in
that it grants you precious
anonymity. You can check in
as Tina Turner if you want
touch is not a bug. It is a feature.
A hotel is a microcosm of the urban
experience in that it grants you
precious anonymity. You can check in
as Tina Turner if you want. The staff
nod their salutations as they do to a
thousand others each day. The
furniture, art and muzak are chosen
for their non-specificity. Housekeeping
creates the daily impression of
untouched space, as if you yourself are
not staying there. You need not even
check out. Just leave. If there are
outstanding charges, they have your
debit card details.
The French writer Marc Augé
invented the term “non-places” to
describe such venues. The Ballardian
prologue to his 1995 book of that
name follows a man from a cash
machine to a motorway to a car park
to a shopping arcade to a departure
lounge to an airline cabin, where even
the onboard magazine (“the
hippopotamus — lord of the river”)
washes over him in its blandness.
Prolonged exposure to non-places
is bad for us. I know enough
corporate professionals who flit
between Hyatts and Marriotts to
understand the emptiness of that life.
I no longer aspire to live in a hotel like
a Mayfair dowager. But to dip in and
out of non-places feels like escapism in
an intrusive world.
The same anonymity is unavailable
in a rented flat — filled with the
host’s decor and mementos — or
even in a boutique hotel. An
establishment needs scale and a
transactional atmosphere to let you
blend into the mass as just another
customer. Singapore’s Marina Bay
Sands, where you could lose a giraffe,
and probably buy one, is almost
an anti-place.
The sharing economy predates
Airbnb, of course. There was always
a bohemian preference for the rented
home over the hotel. The classified
sections of upmarket journals still
tell of rentable farmhouses in the
Dordogne. What is new is the
aggressive theology of sharing, the
very Californian idea that all of us
all the time want to be plugged in to
some networked oneness. Give me
the plastic card key and the endless
carpeted corridor.
janan.ganesh@ft.com; @JananGanesh

Jo Ellison
Trending

W
hat gives a man his
swagger? Often, the
answer is said to lodge
between his legs.
Despite our native
prudery, we still endow the manhood
with strange talismanic powers. Such
thinking has long licensed the crackling
machismo that underscores the culture
of the workplace. A “ballsy” attitude
charges the world’s financial centres
and conducts the mood in every
conference room.
The mythic mighty male has become
a character to be admired, revered and
sometimes feared across the culture,
found everywhere from Tom Wolfe’s
“Masters of the Universe” to Carrie
Bradshaw’s Mr Big. Its most recent
iteration, “big dick energy”, emerged
on June 8 as part of a Twitter tribute by
@imbobswagett to honour the late chef
and food writer Anthony Bourdain:
“we’re talking about how Anthony
Bourdain had big dick energy which is
what he would have wanted”.
This was a friendly observation that
spoke of Bourdain’s easy charm and
manly charisma. It contained that all-
familiar note of awe. Yet the phrase
only gained full social-media traction
on June 22 when it was used in relation
to Ariana Grande’s fiancé Pete
Davidson, the lanky Saturday Night Live
star with the big grin. It started
trending. Last weekend, seeming every
tweet and Instagram appeared to have
been tagged with the initials #BDE and
the world was riven in two: those who
have it, and those who don’t.
’Twas ever thus, you might say. The
English language is centuries’ rich with
such discussion. “He that is well hang’d
in this world, needs to fear no colours,”
announces the clown to Maria in
Shakespeare’s gender-bending comedy
Twelfth Night, which sounds as good a
summation of BDE as any. Yet unlike
our cocky forefathers, this suggests a
softer masculinity. According to New
York magazine, which provides a
handy primer for those interested, BDE
differs from cockiness because it
doesn’t assume power. Those in its
possession are described as laid back
and “well-adjusted”.
Quite right, too. One imagines that in
the world of #MeToo, it has been
prudent to reconsider the link between
penis size and leadership skills. BDE
might also be the corollary of the “big
swinging dick” attitude that landed cheering to find a phrase, which might
Donald Trump into office and Britain have been the last hurrah for a certain
into Brexit. It’s confident but it’s not breed of alpha, so quickly subverted
aggressive. Instead of machismo, and used to empower.
people with BDE are said to have a It’s rare to see gender stereotypes so
“twinkle in their eye”. Shakespeare eloquently skewered, and in such good
would love that. He had major BDE. humour. As the politics of gender
But what really sets the BDEs apart become so tricksy — we still tiptoe
from all those other braggadocios is in round whether an actor is an actress or
its other applications. Mainly that you the chairman is a she — it’s refreshing
don’t have to be a man to have it. to find other more dangerous language
Hence, as social media has asserted, being so effectively repurposed. As
the music star and fashion plate society becomes more inclusive, our
Rihanna has BDE. Uma Thurman, endearments are becoming broader,
swaggering along the Miu Miu catwalk too. Men can be “girlfriends” or
in Paris in sunglasses and a satin dress “qweens” (they can be queens also, but
last weekend embodied its verve. a queen is quite hostile). My daughter
Oprah Winfrey has it, especially when calls her best female friend “hubby” —
wearing a white ruffled off-the- with no sexual connotation at all. I
shoulder dress by Stella McCartney, as have persisted since the mid-1990s in
calling everybody “dude”, but it has
BDE differs from cockiness thus far failed to catch on.
Some might find the terms pejorative
because it doesn’t assume at first, but in grabbing them back they
power. Those in its have taken on new meaning — just see
how the infamous “pussy” was used to
possession are described as galvanise a movement. Or “queer”,
laid back, ‘well-adjusted’ which, after decades of stigma, is now
being reclaimed as part of the gay
vernacular. Nevertheless, some things
she does on the new issue of Vogue. My still make us stumble. A friend’s child,
favourite #BDE is the one attributed to lastmonth,wasintroducedas “they”, an
a picture of the actress Judi Dench, 83, acknowledgment of the two identities
in which she is tootling a saxophone. they inhabit as they go through gender
In its very short existence (the reassignment. In my naivety, I thought
phrase was born, trended and has been they had a twin. Even Dench can’t
near retired in less than a month), BDE provide all the answers for a world in
has been quickly appropriated. Seized which things are more neutral.
upon by womenfolk and claimed for I regret also, that in all these
their own. There’s also been a spin-off millennia, and with advancement and
subset, “big dyke energy”, which is empowerment, women still need to
similarly arbitrary in its usage. borrow a male appendage to soup up
And, yes, it is all rather silly, but so is their attitude. Surely we can figure that
it telling of the way we handle out? BDE is good. Big double-D energy
gendered language. In an environment would be better.
in which slang is so inflammatory and
where offence is quickly taken, it’s @jellison; jo.ellison@ft.com
Listen to the FT culture podcast
Kombucha, matcha, Recent episodes of
veganism — in this week’s Everything Else have
episode, we chew over featured interviews with
current food fads and what Scottish comedian Fern
they mean with restaurant Brady, and the dancer and
critic Tim Hayward. choreographer Akram Khan.
Plus: Cornelia Parker on Listen and subscribe for free:
making art out of cliché. ft.com/everything-else

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Saturday 7 July / Sunday 8 July 2018

Repulse attraction China’s oligarchs find a seaside spot — HONG KONG PROPERTY PAGE 6
The home of prime property: propertylistings.ft.com Follow us on Twitter @FTProperty
The home of prime property: propertylistings.ft.com Follow us on Twitter @FTProperty

B The real Downton Abbeys

londe, groomed, glamorous,
the woman in dark, full-
length silk at a rain-battered
party on a Friday evening on
the endless lawns of a country
house was ebullient.
She has just secured a B-17 second
world war bomber along with a fleet of
other vintage aircraft for a fly-past at a
charity event at her home, she tells me
Even with healthy revenue from weddings, tours or film productions, big country houses devour cash, so how and why
with a spreading smile. She has just sold
out a series of 300-seat public talks in do owners do it? Much of the task revolves around a sense of history, of community, of belonging, writes Sandy Mitchell
her saloon. And she has just started
work on a book, her fifth, on her home
and her predecessors as chatelaine.
She has not always been so cheerful.
Far from it. “I would wake at 4am every
night and wonder what we would do,”
says Fiona Carnarvon, wife of Geordie,
the 8th Earl of Carnarvon, recalling her
early years at Highclere Castle in Hamp-
shire, her voice and eyes falling.
I sought out Carnarvon because I am
on a mission to learn what it truly takes
to keep the show on the road at a coun-
try house. What effort? What invest-
ment? And, after all, why do it?
If any great house in England speaks
of aristocratic grandeur and serene per-
manence, it is Highclere, best known to
the world as Downton Abbey, with its
cliff-like Bath stone walls, 300 rooms
and 60-odd bedrooms.
When Carnarvon moved here on her
marriage to the earl nearly 20 years ago,
the state rooms were open to the public,
but the bedrooms, galleries and hall-
ways were unfurnished. Every wall
shone with utilitarian gloss cream paint.
“Masses of the rooms were unused. The
house was no longer a home. It had lost
its way,” she remembers. But Carnar-
von, a chartered accountant, was used
to tough performance metrics. For

A storage room at Doddington Hall James Birch at Doddington Hall, Lincolnshire — Christopher Nunn for the FT
Christopher Nunn for the FT

several years after she moved to High-
clere she set herself targets, including to
get four new lampshades made each
week and little by little to soften the
spartan interiors. She worked through a
couple of hundred lampshades every 12
months. She also became foreman of
works, overseeing repairs to roofs and
cottages. Meanwhile, her husband
focused on the farm and finances.
Nowadays, there is scarcely a day
without a film or photo shoot at the
castle, a wedding, a garden tour, a
shooting party, a concert in the park —
or a charity extravaganza such as the
one set for September with the fly-past
when the castle will be converted into
a hospital for the wounded to recreate
its role during the first world war.
The couple employ 180 staff to keep it The Earl and 17th-century home, Doddington Hall, in
all going in summer. “We have poured Countess of Lincolnshire to which he moved 10
money into the castle and grounds Carnarvon at years ago with his wife Claire and their
whenever it has come in. There isn’t an Highclere Castle children after she inherited the estate.
end to it,” says Carnarvon, seemingly in Hampshire “Most owners of country houses are
inexhaustible. Visitors to the castle pro- Highclere Castle
looking after them on the back of other
duce a key revenue stream, paying income streams,” continues Birch. “It is
£16-£23 each (more for private tours). not surprising. They were built by very
Last year some 80,000 came and rich people and weren’t built to break
another 30,000 poured in to events in even.” He is as clear-eyed about the
the park. All this to feed the monster. expense of running a great country
So what does Highclere mean to its house as you would expect him to be as a
owners and why do they so willingly former Gurkha officer, Goldman Sachs
bind themselves to it? “Belonging,” says managing director and current presi-
Carnarvon quite simply. dent of Historic Houses, the country
Now for some sobering figures. house owners’ association.
“The house loses £100,000 to Merely opening Doddington to paying
£200,000 a year.” This is James Birch
speaking about his Grade-I listed Continued on page 12
2 ★ FTWeekend 7 July/8 July 2018

House Home

A second chance
W
hen I’m down and
reaching for a cheery
thought I ponder how
would be a fine I’ll die. I have big plans
for death. It is, after all,
the things they did wrong. We merely
need to re-watch ourselves bellowing
expletives down the phone at a
customer support telephonist in
Swansea. Reviewing two minutes’
spoke to a woman and implicitly Republican tax bill, Lewinsky tweeted
assumed she was a housewife. Or the in response: “Blaming the intern is so
scene in which he used the default 1990s.” By contrast, Clinton is an
pronoun “he” instead of “they”. As a
child I re-watched old cassettes of his
intransigent sourpuss who — a few
weeks ago — insisted he doesn’t owe

thing a once-in-a-lifetime opportunity. At the

moment of passing — before the
stiffness of rigor mortis sets in — I plan
to strike a pose. Wink. Whip out my
tongue. Give a thumbs up. A last laugh
for friends filing past my open casket.
In a perfect world I would have time to
change into John Travolta’s white
polyester suit from Saturday Night Fever,
then replicate his iconic disco pose.
After death, I’ll go to purgatory.
Which isn’t a Dantesque mountain. Or
a fiery holding pit. Or even an airport
security queue. Purgatory is a movie
theatre. Quiet and empty. Red velvet
curtains and free popcorn. It’s nice. You
can smoke in my purgatory. The seats
are threadbare. Every buttock in the
history of mankind has sat on them. As
the projectionist laces up a reel of 35mm
and the curtains roll back, I’ll watch my
Jenny Lee life unfold across the screen. 24 frames
per second. 24 hours a day. From start
to finish. In real time. The final edit.
Metropolitan Life Sinners don’t require massive rocks
to be stacked on their chests to regret
footage of my teenage snark would
have me on my knees faster than you
can say remission and expiation. Some
days in life are romantic comedies,
some are horror films. Most are B
movies. If we really could re-watch our
lives, the temptation would be to
reshoot scenes. Edit remarks. We
rarely get an opportunity to address or
redress our follies, our regrets.
It doesn’t have to be that way. We can
edit our biases, revise our mindset as
we go. Which is exactly what Mister
Rogers did. Mister Rogers was a
children’s television presenter for 38
years. He interpreted the world for
American children through his show,
Mister Rogers’ Neighborhood, tackling
everything from segregation to the
assassination of Bobby Kennedy. He
was unusually conscientious. If he
thought there was a detail in an old
episode that time had rendered
obsolete, he went back and re-filmed it.
Updating the archaic. Re-tuning the
tone-deaf. Like the episode in which he
show throughout the 1990s until the
videotape snapped. Elsewhere on
television OJ Simpson was innocent.
Bill Clinton got a
Lewinsky a personal apology. Instead
he is promoting his trashy summer
thriller, The President is Missing. The
Heroin was sexy. The Lewinsky second chance. third chapter opens with a lengthy
scandal broke. I watched. She got We can only pray description of a tall, leggy, busty
pilloried. He got re-elected. At the redhead who prefers “sexy”. Sexy is
tender age of 13 I formed the spurious that he doesn’t italicised. The prose muses about her
impression that it was perfectly get a second cleavage — “the bounce in her girls” —
admissible for a young woman to be before wandering down her legs to her
beaten like a piñata on the world book deal too “knee-high chocolate leather boots”.
stage. I didn’t — or couldn’t — perceive Clinton got a second chance. We can
at the time the social imbalances only pray he doesn’t get a second book
inherent in Clinton’s behaviour. We are deal too. When he was asked if he owed
all now beginning to. Social mores are Lewinsky an apology, he had the
shifting. Entrenched beliefs being opportunity to reach back 20 years and
excavated. As Monica Lewinsky change the camera angle. Edit his
recently wrote: “He was 27 years my attitude. He didn’t. Instead — like
senior, with enough life experience to Churchill — he seems to think history is
know better. He was, at the time, at the written by the victor. I prefer Mister
pinnacle of his career, while I was in Rogers’ approach. By re-shooting old
my first job out of college.” episodes Fred Rogers acknowledged
Today Lewinsky is an anti-bullying society rewrites history collectively.
campaigner with a delightful sense of That history belongs to the victims, as
humour. When Senator Marco Rubio well as their victors.
publicly blasted a Politico intern for
daring to critique his approach to the Jenny Lee is rewriting history

A
t first blush, Charles Moore
does not come across as the
seafaring type. His woolly
brown socks in open-toed
sandals seem in perfect
harmony with the abundance of broc-
coli, kale and lettuce growing at his Solar panels on the roof of Moore’s home
home in Long Beach, California. As an
organic gardener running a local urban
farming project, he admits that he
would be happy spending the rest of his
days in the vegetable patch.
Yet for the past two decades, Moore
has been associated first and foremost
with another patch, which he discov-
ered in 1997 after sailing in a race
between Los Angeles and Honolulu:
an area the size of France in the
Pacific Ocean that is littered with
plastic waste.
“It rubbed me the wrong way to have
this new synthetic material that nature
can’t digest floating all over the surface
of the ocean,” he says of what has since
been dubbed the Great Pacific Garbage
Patch. “So, I began to be concerned.” Moore holding a portrait of him with his wife A sign in Moore’s office
Working in isolation from the world’s
leading scientific and environmental
organisations, he devised an expedition
to return to the North Pacific Gyre — a
vast and rarely visited oceanic area of
Photographs by Liz Kuball for the FT

high atmospheric pressure — to gauge

the extent of the pollution. His findings

‘It rubbed me the wrong

way to have this synthetic
material that nature can’t
digest floating in the ocean’
At home | Charles Moore has stretched his sea legs beyond his Long
were shocking: the amount of plastic
outweighed the zooplankton (a primary
Beach home after finding the Great Pacific Garbage Patch — plastic
link in the marine food chain) by six to
one. Recalling looking out on one of the waste the size of France floating on the ocean. By A.K. Thomson
remotest places on Earth and seeing
man-made waste, he says, “it was an The dining room
‘Aha!’ moment”.
Moore has been on a mission to com-

Navigating a sea
bat plastic waste ever since. Now 70, his One of the problems, he says, is that rib cage is stuffed with confetti-like
research has won widespread praise, the sun breaks down the plastic detritus pieces of coloured plastic that ended up
even as some academics scoff at his lack into small fragments that are easily killing it. It stands as a tiny but tragic
of scholarly credentials. Moore founded ingested by birds and sea life. Worse, monument to the damage modern life
Algalita, a marine research foundation, plastic absorbs other contaminants has inflicted on nature. “Oh, that’s
in 1994. making it even more toxic to life nothing,” says Moore. “You should see

On average, he spends 100 days a year
at sea captaining a 50-foot research ves-
sel, Alguita. But on this sunlit afternoon,
the 25-tonne, aluminium-hulled cata-
maran is moored on a ribbon of calm
water barely 100 feet from his child-
hood home — and where he lives again
now, with Samala, his wife of 44 years.
The building’s modest, terracotta
façade conceals a rabbit warren of
rooms and corridors that make up the
original house, built in 1939, and the
equally large extension that the family
added some 15 years later.
Childhood memories are everywhere.
On the back patio, he shows me a small
raised pond. “I remember going with
my dad to collect those,” he says, point-
ing to some round stones set in its walls.
“1951 CHARLES” is stamped into the
concrete.
Much of the decor appears to have
changed little over the years; Moore first
moved here with his family at the age of
two. The dining room is small and
grandmotherly, with its fitted beige car-
pet and wooden dresser filled with orna-
mental plates and goblets. Perhaps
unsurprisingly, the living room has a
nautical theme and large windows that
look out on to the street and Alguita
moored beyond.
Moore leads me to the first floor via an
external staircase and into the bedroom
where his mother slept until her death
in late 2000. Moore has left it more or
of plastic trash
Surfboards on back porch
A sign advertising produce for sale
less as it was — pale yellow walls, a
wooden rocking chair and aged vene-
tian blinds. Travel receipts and other
paperwork are spread out over the bed.
Until plastic waste became the
dominant theme in his life, Moore was
a dabbler: mathematics, physics,
car mechanics, landscape gardening
and, for more than 20 years starting
forms. “Every creature in the ocean is
on a plastic diet,” he says matter-of-
factly. “And every time they eat it, it is
subtracting from their nutritional needs
while carrying pollutants with it.”
On a wall downstairs, there is a
framed skeleton of a bird whose fragile
in the 1970s, he ran a cabinet-making,
carpentry and furniture repair business. Favourite thing
At the University of San Diego he
majored in chemistry but was too Moore thinks it’s “ridiculous” to
interested in other things: “Sacrificing pick out a favourite thing. But he
all the other subjects just to know one goes to his garden where, among
subject, that wasn’t me,” he says. “I the avocado, bay, loquat and
didn’t want to learn more and other varietals, he spies a small,
more about less and less. I wanted to heart-shaped fruit
hanging from an
‘Every creature in the upper branch of
his cherimoya
ocean is on a plastic diet . . . tree.
It is subtracting from their “To access
online sites, I
nutritional needs’ need to be
quizzed and
often the question
know everything about everything.” is, ‘what is your
Moore’s office is a tight space with favourite . . .’ ,” he explains.
shelves housing bound volumes of “I was asked on one of these, ‘what
National Geographic going back dec- is your favourite fruit’, and I wanted
ades. His latest work involves studying one I could remember since I love
lanternfish that have eaten plastic. all fruits. So I chose cherimoya. I
I ask him about the consequences of am not sorry; it is a wonderful fruit
having so much plastic floating in the that I grow.”
sea — and what can be done about it.
all the other things I’ve seen.”
Moore and his wife are conscious of
their own plastic footprint. Around the
house, there are no signs of the sort of
throwaway plastic that pollutes the
Great Pacific Garbage Patch.
“We try to eliminate plastic in our
lives where possible and go with things
that are reusable,” he says.
In fact, Moore has become something
of an anti-plastic crusader, travelling the
world to raise awareness of the problem.
Sadly, he sees “no solution in the fore-
seeable future. Humanity has chosen a
different path — a path of expanding
plastic production, especially throwa-
way plastics”.
“Millions of people know about plas-
tic pollution but we need to reach bil-
lions,” he says. “Why? Because everyone
is a contributor to the problem.”
The same year he founded Algalita,
Moore started Long Beach Organic, a
non-profit organisation whose original
mission was to combat ocean pollution
by reducing run-off from the land,
but which today operates a string of
community gardens in the area. Moore
himself is a licensed vendor of organic
produce, selling a long list of fruit
and vegetables that he grows in his
vegetable patch.
As we say our goodbyes, the captain
gives me a lettuce and a handful of all-
spice leaves. “Here,” he says. “Take
these for the journey.”
7 July/8 July 2018
House Home
UK property Holland Park
boasts quiet streets —
despite residents including
Robbie Williams and
Jimmy Page. By Hugo Cox
A
t the end of May, the latest
round of a long-running
planning spat between rock
stars took place at Kensing-
ton town hall in Holland
Park. After four years of objections to
house renovations by his neighbour
Robbie Williams, Jimmy Page, the Led
Zeppelin guitarist, appeared — in a suit
— to oppose Williams’ latest plans for an
underground pool and gym (the digging
could imperil Page’s Grade I-listed
home, Page claims).
Still, rather than fighting among
themselves, most Holland Park locals
who are concerned about the value of
their home would do better to pay close
attention to the falling property market.
The value of prime homes in Holland
Park is down more than 3.8 per cent in
the year to June, according to Savills,
meaning prices are now about 14.9 per
cent lower than their peak in 2014. That
at least is better than the average of
prime central London where prices are
down 17.6 per cent over the same peiod.
However, recent data from LonRes
may show a turn in the tide for London’s
wealthy homeowners. After years of
decline, the number of transactions of
homes priced between £5m and £10m
— of which Holland Park has a particu-
larly large share — seems to be recover-
ing. In 2017, the number of homes sold
across prime central London increased
by 4 per cent on the year before, accord-
ing to LonRes. Volumes in the £5m to
£10m bracket are up by 14 per cent.
This group was the first to feel the
★ FTWeekend
From left: houses in Ilchester Place; Holland Park’s rose garden; Royal Crescent — Julie Falconer
The Park ascending
effects of recent stamp duty changes,
says Tom Bill, head of London research
at Knight Frank. The recent increase in
volumes, he says, owes to the fact that,
unlike the more discretionary market
for homes priced above £10m, buyers in
this segment still move because they
Five-bedroom need to: they are upsizing, they want to
house, Earls be close to schooling or their family cir-
Terrace, £10.2m cumstances — the three Ds: divorce,
debt and death — require it.
A lot of family homes in Holland Park
fall into this bracket. Typically larger
than those found in prime central Lon-
don, houses in Holland Park are often
more expensive too — at £2,000 per sq
foot, they command an 11.1 per cent
premium over the prime central Lon-
don average, according to Savills.
While estate agents may talk up the
prospect of a recovery, as yet there
seems to be little evidence of one
affecting the local market. Some homes
in Holland Park have been on sale
for more than a year and price reduc-
tions are common — some as high as
20-30 per cent, according to Zoopla.
Anyone who does choose to buy in
Holland Park will find much to like.
Chief of the area’s charms is the park
itself which, aside from the Japanese
garden — donated by the Chamber of
Commerce of Kyoto in 1991 — provides
22.5 hectares of gardens, children’s play
and sporting facilities and areas of
woodland. Beside the western edge of
the park, Hamptons International is
selling a two-bedroom third-floor flat
on Addison Road for £875,000. Further
south, on Pembroke Gardens, Knight
Frank is selling a six-bedroom house
with a garden for £7.5m.
The good crop of local prep and pre-
prep schools — Wetherby Kensington
and, for girls, Pembridge Hall in nearby
Notting Hill — makes the area increas-
ingly attractive to buyers from Asia,
says Sami Robertson of Knight Frank’s
Kensington office. Interest from this
group has been slower and more metic-
ulous since prices started to fall in 2014,
he says. However, where once they
3
i / BUYING GUIDE
Average sale prices in Holland Park in the
first quarter were £1,940 per sq ft
according to Land Registry data analysed
by Savills
Central line trains connect Holland Park
tube with Bank in 19 minutes
Two thirds of homes in Holland Park sold
in 2017 went for more than £1m; more than
half of these sold for more than £2m,
according to Land Registry data analysed
by Hamptons International
What you can buy for. . .
£1.1m A two-bedroom garden flat on
Holland Park Avenue
£3.5m A first-floor two-bedroom flat on
Holland Park
£10m A four-bedroom house with a pool
and garden on Earls Terrace
More homes at propertylistings.ft.com
Holland Park house prices
Rebased
110
100
Prime central
London average 90
Prime Holland Park
Prime Notting Hill
80
2013 14 15 16 17 18
Source: Savills prime London index Q2 2018
would have looked exclusively at new- tional, and smart one-bedroom apart-
build homes, they are now considering ments carry guide prices of about £1m.
second-hand homes, too. For wealthy young bankers, these
Perhaps the most prized street in the homes are a few minutes’ walk from
area is Holland Park Avenue, where Holland Park tube, where they can
David and Victoria Beckham and Micro- catch the busy — and, in this weather
soft co-founder Paul Allen have homes. furnace-like — Central line into the City.
Here, first-floor flats boast ceiling Earls Terrace, where Knight Frank is
heights of 3.5m, according to Mark selling a five-bedroom house for
Sommerville of Hamptons Interna- £10.25m, is another popular spot. Its 23
Grade II-listed houses were redeveloped
400m in the late 1990s; each now features a
Holland Park Avenue pool and games room under the garden
as well as private underground parking.
Royal They also back on to the private com-
Crescent Holland Park
munal gardens of Edwardes Square.
Most buyers are drawn to Holland
Holland Kensington
Palace Park for the smart and quiet streets —
Park
though for some these are a little
Ilchester Place too quiet. “Westbourne Grove is too
Earls Terrace edgy for [Holland Park] buyers, but
Edwardes Square
Pembroke
they appreciate the fact that they can
Gardens walk there,” says Sommerville, who
admits things can get a little sleepy.
When the local rock stars are not having
maps4news.com/©HERE a barney, that is.
4 ★ FTWeekend 7 July/8 July 2018

House Home

City stats Manchester versus Birmingham

3 But in recent years, Manchester’s prices have been growing 5 The influx of foreign workers and students keeps both the
Property | Rivals that vie for UK’s ‘second city’ much faster than the average – and have kept growing cities growing
for longer % of total population change, 2016
status both show growth but also differences in House price growth since 2012 (%) Net migration to and from the UK Net migration to and from overseas
Manchester saw 10.5%
price growth in 2017 … 60
housing markets . By Fergus Peace and Liz Faunce 40
40

20

30 0
1 House prices in both Manchester and Birmingham are Birmingham in particular
loses many residents to -20
significantly below the national average Manchester Birmingham
the rest of the UK
Average house price (£’000) -40
20 Manchester Birmingham
300
UK
6 But both are lagging economically
250 Claiming benefits Employment rate, 2017
10 May 2018 (% of population) % of population
200 … while the national Birmingham residents
average price fell claim benefits at 4 80
Birmingham nearly double the
UK
150 national rate
0
3 60
2012 2013 2014 2015 2016 2017
100
Manchester 2 40
50 4 The city of Manchester has far fewer people than the city of
2000 2005 2010 2015 2017 Birmingham, but their broader metropolitan regions have 1 20
similar populations
2 Manchester’s average prices are lower, but its prime areas City and metropolitan county populations (m) 0 0
Manchester National Birmingham Manchester National Birmingham
stand out average average
Year to May 2018 (£’000) Manchester Birmingham
7 The cultural offering is markedly different
Theatre performances and live music gigs, per 100,000 residents (2016)
Manchester
Total 1,431
Spinningfields = 50 gigs
City
Average Birmingham is the most populous
local authority in the UK = 50 theatre
St John’s shows

Birmingham Total 677

Jewellery Quarter
City
Average region

Mailbox area

0 50 100 150 200 250 300 0 0.5 1 1.5 2 2.5 Manchester Birmingham

Sources: Knight Frank, ONS; Centre for Cities; Trinity Mirror Data Unit
7 July/8 July 2018 FTWeekend 5
6 ★
Hong Kong property Away
from the Peak, Island South
is proving popular for the
region’s new band of tech
millionaires. By Hugo Cox
C
hina’s fresh-faced new gen-
eration of billionaires are cut
from a different cloth to the
established tribe of global
super-rich. For a start, more
than nine out of 10 are self-made, com-
pared with a global average of roughly
half, according to research company
Wealth-X. A third are aged under 50,
compared with one in five worldwide,
and many have made their money in
technology: proceedings from stock
exchange listings by Chinese technol-
ogy, media and telecom (TMT) compa-
nies in 2017 doubled from the previous
year, according to consultants PwC.
“These are new faces,” says David Ji,
head of China research at estate agents
Knight Frank. “You won’t find them
wearing suits at the Hong Kong Cham-
ber of Commerce or the local trade asso-
ciation meetings.”
But savvy local agents might be
donning their board shorts and heading
to Repulse Bay. At the epicentre of
the collection of beaches and mountain
lookouts that comprise Island South,
the small beachside town is proving
to be an attraction for the mainland’s
newly minted.
China’s new oligarchs will pay hand-
somely for their seaside spots. Last year,
local agents claimed a world record for
the priciest home per square foot, when
a four-bedroom beachside townhouse
hit the market for USD$87.3m, or
$21,200 per sq ft. This is about nine
times the current average price for
prime central London, according to
estate agents Savills. Put another way,
Repulse Bay, Hong Kong Island, and (right) the beach with tourists from mainland China — Molly Brown / Shutterstock/Kees Metselaar/Alamy
Tech cluster
the same budget in London would buy
six Grade II-listed Queen Anne terraced
houses in Kensington, providing a total
of 36 rooms.
With money no object, these buyers
would have their pick of the finest
homes the world over. Hong Kong owes
its popularity to its cultural and linguis-
tic familiarity; most mainlanders will
Three-storey
townhouse,
Repulse Bay
Road, HK$90m
FTWeekend
know the market, too, says Simon
Smith, head of Savills’ Asia-Pacific
research team in Hong Kong.
In Repulse Bay and the other super-
prime enclaves of Island South — Deep
Water Bay, Stanley and Shek O — mean-
while, they can find a family-friendly,
beachfront lifestyle as well as large
homes on large plots, in an island
whose cramped high-rise living condi-
tions traditionally offer little of any of
these. Adding to the lure are many
of the island’s most prestigious sports
and country clubs — including the
Hong Kong Golf Club and the Aberdeen
Marine Club (handy if you need
somewhere to berth your super-yacht)
— at which to fritter away all that new
leisure time.
New arrivals from the mainland join
the scions, patriarchs and matriarchs of
Hong Kong’s richest and most powerful
dynasties. Local owners along nearby
Deep Water Bay Road to the west and
Shek O to the east — the island’s most
exclusive coastal spot — include the
Kadoorie family. Until his death in 1993,
Lawrence Kadoorie facilitated Hong
Kong’s postwar
t industrial boom, help-
ing the family to a current net worth
of $11bn, according to Forbes. Nearby,
90-year-old Li Ka-shing has a home.
His sprawling CK Hutchison conglom-
erate boasts more than 300,000
employees, helping value his net worth
at $33bn, according to Forbes.
Savills is selling a four-bedroom
apartment on Repulse Bay Road for
HK$98m. For something a little roomier
Knight Frank is selling a four-bedroom
house on the same road in Bellevue
Place for HK$135m. Further south, in
Stanley’s Regalia Bay development,
Savills is selling a four-bedroom town-
house with a roof terrace and sea vi
for HK$90m.
While the Peak may still be H
Kong’s most prestigious location, Island
South has a number of practical bene-
fits, says Smith. The high altitude of The
Peak means that winter months often
see it shrouded in fog. By contrast, the
south-easterly facing homes of Island
South are ideally placed. “In the winter
they are protected from the cold winds
of the north-east monsoon blowing in
from the mainland; during the summer
colder monsoon winds blowing up
from the south.”
H O N G KO N G
T he surge of TMT IPOs shows
Repulse
Bay
m om/©HERE
7 July/8 July 2018
House Home
i / BUYING GUIDE
Of China’s 240 billionaires, 94 per cent are
self-made, according to Wealth-X; the
global average is 55 per cent
Direct flights connect Hong Kong to
New York in 15hrs 30m
Knight Frank estimates average prices in
Island South are HK$42,000 per sq ft;
high-end homes are HK$50,000 per sq ft
What you can buy for . . .
HK$125m A two-bedroom apartment
with ocean views on Repulse Bay Road
HK$250m A four-bedroom house near
the beach on Stanley Gap Road
HK$5bn An eight-bedroom detached
house on Shek O Road
More homes at propertylistings.ft.com
The new arrivals are unencumbered
by Hong Kong’s eye-watering stamp
duty, which now amounts to 23.5 per
cent for foreign buyers purchasing the
priciest homes.
It may be at eye-watering levels
today, but the stamp duty increases
have been steady and gradual, says Ji,
meaning little impact on the buying
habits for those recently enriched by a
company flotation. If you are looking to
park your chunk of the Rmb76bn
($12bn) raised last year from IPOs in
the Chinese TMT sector, according to
PwC estimates, the small matter of an
extra few per cent sales tax is unlikely to
le your feathers.
e sign of slowing, meanwhile.
Those eagerly awaited this year include
Didi Chuxing, China’s biggest ride-
hailing company, and Tencent Music,
currently the country’s leading music
streaming service. Agents in Repulse
Bay will be getting out the beach towels.
7 July/8 July 2018 FTWeekend 7
8 ★
House Home
Hot property
Homes for car lovers
By Fergus Peace
I Ashford Place, Tomball, Texas,
US, $11.995m
Where Just south of the city of
Tomball, in south-eastern Texas.
Houston airport is less than half an
hour by car.
What A 64-acre ranch with a five-
bedroom main home and guest
house. The grounds include two
pools, a covered tennis court,
stables and several lakes.
Why The climate-controlled garage
is designed for collectors, with
space to showcase up to 12 cars.
Who Sotheby’s International
Realty, sothebysrealty.com,
tel +1 713 851 9753
I Le Suqet, Cannes, France,
€2.99m
Where By the old port in Cannes
on France’s Riviera, 16 miles south-
west of Nice Côte d’Azur airport.
What A property encompassing a
three-bedroom apartment and two
separate studios, providing more
than 700 sq metres of living space.
A large terrace faces south
towards the sea.
Why The building is a remodelled
vintage 1940s garage, and the
apartment’s design retains the
unique open layout of the
ground-floor space.
Who Knight Frank, knightfrank.fr,
tel +44 20 7861 1139
FTWeekend
K Le Mirabeau,
i b Monte Carlo,
C l
Monaco, €45m
Where On the Golden Square in
the historic Monte Carlo quarter of
M Gargnano, Brescia, Lombardy,
Italy, €6.9m
Where In the town of Gargnano, on
the western shore of Lake Garda in
northern Italy. Milan-Malpensa and
Venice Marco Polo international
airports are both just over two
hours’ drive.
What A seven-bedroom villa with a
pool, lake view and 750 sq metres
of living space over three floors.
K Hampstead Garden Suburb,
London, UK, £15.75m
Where On a residential road just
north of Hampstead Heath, a few
minutes from Kenwood House.
7 July/8 July 2018
M
Monaco, about a half-hour drive
ffrom Nice Côte d’Azur airport.
W A four-bedroom,
What
ffour-bathroom duplex apartment
oover 10,000 sq feet. A terrace looks
oout on the beach and the building
hhas a pool and gym.
W The apartment sits directly
Why
oover the famous “Mirabeau hairpin”
oof the Monaco Grand Prix circuit,
named for the Mirabeau Hotel.
Who Finlay Brewer,
finlaybrewer.co.uk,
tel +44 20 7371 4166
The 3.5-acre grounds include a
waterfall and lemon garden.
Why The property has an eight-car
garage and private road leading to
its main gate, and is located at the
southern end of the Strada della
Forra — a scenic drive described
by Winston Churchill as the eighth
wonder of the world.
Who Italy Sotheby’s International
Realty, sothebysrealty.com,
tel +39 030 999 0375
Heathrow airport is 20 miles away.
What A seven-bedroom home,
rebuilt behind its original façade in
2014. The house spans three floors,
with an entertainment complex
below ground and a large garden
aat the rear.
W A car lift from the carriage
Why
driveway services a garage and
d
sshowroom, complete with a display
tturntable, for up to eight cars.
W Arlington Residential,
Who
a
arlingtonresidential.com,
ttel +44 20 7722 3322
7 July/8 July 2018
Illustrators descended on
Prince Charles’s Romanian
properties to chart the
area’s fragile flora.
By Carl Wilkinson
W
hen the botanist Sir
Joseph Banks returned
from his voyage with
Captain Cook aboard
the HMS Endeavour in
1771, he brought with him around 1,300
species unknown to Europeans and a
number of sketches, colour studies and
watercolours of plants by the illustrator
Sydney Parkinson. Over the next dec-
ade, Banks commissioned more than
700 copperplate engravings of these
plants, but a complete set of botanical
illustrations — known as a florilegium —
from his voyage was not published in
full and in colour for a further 200 years
with a limited-edition boxed set in 1990.
This month will see the publication of
the first volume of another major com-
pilation: The Transylvania Florilegium.
Seven years in the making, the set of two
volumes — published in a limited edi-
tion of 150 with hand-marbled covers,
goatskin and gold-leaf bindings and a
signed foreword by Prince Charles —
will set you back £12,950.
For Banks, a detailed set of colour
illustrations made sense: there was
no other way of recording these fragile
specimens from a voyage that lasted
almost three years. Yet in the age of
high-resolution photography, what is
the point of plant illustrations?
“They are essentially botanical docu-
ments,” says Mary-Ellen Taylor, who
teaches at the Chelsea School of Botani-
cal Art and who was one of artists who
visited Romania in 2016 for the Transyl-
vania project. “What the artist is able to
★ FTWeekend
Hepatica Transsylvanica, by Kate Nessler; Polygala major, by Junko Iwata; Helleborus pururascens, by Gillian Barlow — Addison Publications/Transylvania Florilegium.
Budding artists
show on one sheet of paper with one
Nigel Frith species is its entire life cycle.”
of Addison She points to her sketches of an aster
Publications, for the florilegium. “Here we have last
showing Prince year’s growth so it’s a perennial and
Charles The comes back each year; here’s the new
Transylvania bud coming up with light-coloured
Florilegium leaves and freshness; then we have it
Addison
Publications/Transylvania
growing taller and then this was the
Florilegium actual flower at its peak. Then the dying
bit and how it disperses its seeds after-
wards and the discolouration of leaves.
As a botanical document this is really
the only way you can show that. You
can’t show that in a photograph — you’re
only getting a nanosecond of its life in a
particular place. So this is where a flori-
legium comes into play.”
This new work is in some ways a com-
panion piece to The Highgrove Florile-
gium, published in 2008, which
recorded plants in Prince Charles’s
Gloucestershire gardens; now, 36 of the
world’s best botanical artists, armed
with a list of wildflowers and led by the
botanist Dr John Akeroyd, have
descended on the prince’s Romanian
Foundation in Viscri and his house in
Zalanpatak to document the plants of
the surrounding area. “It was such a
beautiful, simple place,” says Taylor. “It
was like stepping back into Grimms’
fairy tales, but not twee. Both of the
Prince of Wales’s properties were hum-
ble and cosy with local furniture, garlic
above the door and handicrafts.”
The area remains almost pre-indus-
trial; farming is a horse-and-cart affair
and the hillsides are covered with what
Prince Charles describes in his foreword
as “probably the most unique wild
flower meadows left in Europe”.
Akeroyd, who has worked on Transyl-
vanian flora for more than 15 years,
knew where everything was. “The
first thing we found was wormwood,
which is what absinthe is made of,” says
Taylor. “It’s a spindly little thing. We
took it back in a bag, put it in water and
prayed it stayed together. Then we’d do
our drawings and colour studies as
quickly as possible because wildflowers
begin to fade almost immediately. We
worked from dawn ’til dusk every day
and when we needed the next species
we’d go back out.”
Occasionally, they preserved flower
heads in local moonshine, but if a plant
was uprooted it was carefully returned
after being drawn. Some parts of the
plant were more important to docu-
ment than others — for the wormwood,
Akeroyd wanted Taylor to record
the roots as well as the leaves and flow-
ers, underlining the scientific purpose of
the project.
Florilegia first emerged in the 15th
century to record the medicinal proper-
ties of plants in books called herbals. It
was essential that illustrations were pre-
cise to allow for accurate identification.
In the 16th and 17th centuries these
books evolved into records of the plants
in botanical gardens, commissioned by
large institutions and rich patrons.
“Kew has [illustrations] going back to
the 16th century and there are older
ones elsewhere,” says Christopher Mills,
9
House Home
Portrait of Sir Joseph Banks by
Joshua Reynolds — DeAgostini/Getty Images
the former librarian at the Royal
Botanic Gardens, Kew, in London.
“Some of them are incredibly fresh and
look as they probably did the day they
were painted.”
Not only do florilegia provide snap-
shots of the flora of a specific place at a
specific time, but they also form a very
important record, says Mills. “Most
botanical artists would have recorded
when exactly they did it and paintings
have developed a new use in terms of
the record of when a particular species
could be found in a particular place.
Before the days when a systematic sur-
vey would have been done before min-
ing started so that the land could be
restored afterwards, by going back to
the old records and paintings and some-
times even amateur sketchbooks you
get a reasonably good idea of what used
to grow there.”
Taylor, who has documented the
flora and fauna of the Galápagos islands,
senses an affinity between her work
on The Transylvania Florilegium and
that of artists centuries ago. “Integrity
is what I feel is the connection,” she says.
“One of my heroes was Maria Sibylla
Merian, who was an Austrian German
woman back in the 1700s. She got on
a boat and travelled for three months
to French Guiana and spent years
recording the plants and the metamor-
phosis she saw in the life cycle of
insects. She went against the norms of
her day and there’s an integrity in
that. And there’s great integrity in this
[Transylvania Florilegium] project. It is
not flower painting. We are recording
for posterity everything that is on the
cusp of disappearing.”
Volume I of ‘The Transylvania Florilegium’
is published by Addison Publications.
Volume II is due in May 2019
10 FTWeekend 7 July/8 July 2018

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7 July/8 July 2018 FTWeekend 11
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12
House Home
The real
Downtowns
Continued from page 1
visitors would not keep the roof on.
The Birches had to become entrepre-
neurs, so they set up an award-winning
farm food hall, a chic coffee shop
and a separate café and formal restau-
rant in the stableyard; they opened a
homeware store, country-clothing
emporium, Farrow & Ball paint outlet
and a large bike shop. All this is on top
of hosting weddings and diversifying the
estate. “All of those make money — or
enough to offset the loss,” says Birch. “In
reality, you spend your cash flow on
improving the site as a whole.”
Last year the house and gardens of
Doddington Hall drew 32,000 paying
visitors at £11 per adult; the shops and
cafés pulled in 250,000. “We used to
have a sign by the house pointing to the
shops and cafés. Now we have a sign by
the cafés and shops pointing to the
house,” notes Birch wryly. We take 20
times as much in the cafés and shops as
we do at the house gate, although the
margins are much lower in the former.”
Dressed in their smartest frocks and
suits, the audience at last year’s Edin-
burgh Festival finale were swept along
at the premiere of a symphony per-
formed by a 90-piece orchestra as
screens showed drone footage of the
rocky Scottish isle of Staffa, after which
the music was named. The composer,
Ned Bigham, was there, too. But if his
Rear view of Doddington Hall, Lincolnshire — Christopher Nunn for the FT
Wolterton Hall — Christopher Horwood for the FT
‘People don’t want
complicated lives and
complicated houses. They
don’t want acres and acres’
mind drifted at moments that night — to
rare insects or the price of carrots — he
could have been forgiven.
Bigham lives with his wife and two
teenage daughters at Bignor Park in
West Sussex, a delicious rose-hued
Regency mansion set in 400 acres of
parkland, with nearly 10 acres of gar-
den, an organic farm and views over one
of England’s most perfect stretches of
downland and ancient wood.
“Thankfully it is not on the scale of a
large stately home. Built in the 1820s, it
has seven bedrooms in the main wing
and three more in the west wing which
★ FTWeekend 7 July/8 July 2018
we let out,” explains Bigham — known
more formally as the 5th Viscount Mer-
sey and the only peer of the realm to
have drummed in Neneh Cherry’s band
and written songs for Amy Winehouse.
Soon after he inherited the 1,100-acre
estate from his father and moved to the
house in 2010, he began reviewing the
cost of various enterprises, including
the house’s large walled vegetable gar-
den tended by a brace of gardeners to
feed the house. “We worked out it was
costing us £50 a carrot.”
He cut the carrots then looked at
sources of new revenue. Glamping was
one, woodland burials were another, but
Bigham was put off by the extent of land
the paid-for graves would require. It was
a dull brown insect — the endangered
European field cricket Gryllus campes-
tris breeding quietly on the estate’s
heathland — that sprang to the rescue.
Environmental grants arrived to
enlarge the insect’s habitat, along with
others for planting hedgerow and
restoring meadows and wetland as a
breeding ground for lapwings. (Post-
Brexit, grants are expected to be
weighted still more towards land
management that benefits wildlife,
and away from pure crop production —
news that should keep Bignor’s crickets
feeling chirpy).
Meanwhile, Bigham and his wife Clare
restored the Georgian stables to host
wedding parties for couples marrying in by having commissions with deadlines Peter Sheppard When I ask Bigham to describe in a
the Greek loggia. to produce music,” says Bigham, from and Keith Day in word the allure and significance for him
All revenue helps. However, for a pro- his recording studio, surrounded by the Walpole of Bignor Park, he replies: “Heritage.”
fessional devoted to pursuing a career in drums, keyboards and a mixing desk, in portrait room of While it has never been a secret that
the outside world, the sharpest chal- another converted section of the sta- their home country houses devour cash, awareness
lenge is finding enough time and head bles. “However many leaks there are in Wolterton Hall seems to have grown among wealthy
space to focus on the house and estate the house, or dramas around the place, I Christopher Horwood for
the FT
would-be owners of the mental band-
alongside the “real work”. still have to deliver a piece by a certain width they require to run. “People don’t
“It is quite a juggling act, made easier date or it won’t get performed.” want complicated lives and complicated
7 July/8 July 2018
Sandy Mitchell’s manor house in Berkshire — Leo Goddard for the FT
houses. They don’t want acres and acres
of bedrooms, or to manage a lot of staff
any more,” says Lindsay Cuthill, head of
estate agents Savills’ prime residential
and country house department.
Even so, the finest house with the best
estate remains extraordinarily sought-
after — a trophy conferring status simi-
lar to owning the rarest of paintings or
★ FTWeekend
(Right) Sandy
Mitchell at his
manor home in
Berkshire
Leo Goddard for the FT
(Above) jewels. A leading property-search agent
Wedding tells me there are three would-be buyers
teepees at in the market at the moment each able
Bignor Park to afford up to £100m for the perfect
New Forest Studio/Beautiful
World Tents
rural property in the south of England,
yet who have been unable to secure one
after a year or more of looking.
Wolterton Hall was not what many
would have termed the perfect house in
the perfect place — because it is in north
Norfolk and was uninhabited for dec-
ades. Its 40,000 sq ft of pedimented
splendour, dressed in red brick, was
déshabillé, to put it delicately. Not so
much a trophy as atrophy.
It took Peter Sheppard and his part-
ner Keith Day to see its promise. Suc-
cessful designers and entrepreneurs,
who sold their company Sheppard Day
to Conran, they bought Wolterton Park
in 2016 with its 500 acres, swoop of long
lake and 20 cottages and lodges, then set
about the restoration with practised
skill, having previously restored and
sold five large listed houses.
Their project will surely absorb sev-
eral million pounds, but their attitude to
cost is robust. “If I had really put a price
to the cost of restoring it per square foot,
I would have been mad to take it on,”
says Sheppard.
It helps that their goal was never to
give the house a gilded Belgravia make-
over. “The heating works on an old
ship’s boiler from 1947 and, provided
the oil tanker arrives once a week, we
don’t freeze,” adds Sheppard, who plans
‘If I had really put a price to
the cost of restoring it per
square foot, I would have
been mad to take it on’
to replace the boiler but is resisting
temptation to install a hugely expensive
biomass alternative.
The pair never stop working on the
house, even at weekends. The main
body of the house is already furnished
and richly restored while the estate cot-
tages, refurbished to “five-star” stand-
ard, are available for holidaymakers.
It was a love of projects and old houses
that drew Sheppard and Day to Wolter-
ton — but not just that. They knew a
country house has a strange magnetic
force, one that has blessed, and dogged,
owners of significant houses for centu-
ries. “You become the focus of the com-
munity,” explains Sheppard. “And you
have to take your responsibility seri-
ously as an important part of it. If you
think you are going to get a house like
this and put a fence around it and cut
yourself off . . . ”
For Sheppard and Day this has meant
throwing open their doors to a stream of
charity events, concerts, weddings, par-
ties and much more. Sheppard looks
forward to doing this “until death”.
When he adds his touchstone-word to
those others — belonging and heritage —
it is easy to guess. His is “hospitality”.
They make a powerful blend, and sug-
gest to me that the country house is in
no kind of jeopardy for all the costs and
extravagant demands on owners.
I can tag a last word of my own on to
this list as I too live in a listed country
13
House Home
Money box
How much does it cost to run a
country house?
“A rule of thumb is to double the
cost of wages for the staff,” says
Philip Eddell, director of Savills’
country and London house
consultancy. So, if the wage bill for
a gardener, groundsman and
housekeeper/cook is £100,000 a
year, heating the house, insurance,
maintenance and so on is likely to
add another £100,000.
What does it cost to build a new
country house?
Costs vary, but around £400 per
square foot for good-quality
materials, so a house of 10,000 sq ft
will cost £4m to build. Add 20 per
cent to cover VAT (unless the
house replaces one being knocked
down), plus another 20 per cent for
fees and he total comes to more
than £5.5m, before furnishing.
What does it cost to buy a period
country house of 10,000 sq ft
within an hour of London?
On average, £5m-plus. Just under
half of buyers at this level are from
overseas. The average cost of a
house like this is half as much in the
Midlands and north of England.
house, one that served as a manor when
it was built in 1205, although it is a doll’s
house compared with Wolterton. When
my wife and I stumbled on the place 15
years ago it was a ruin jumping with rats
yet, seen from far enough away, was
break-your-heart lovely.
It took us three years, all our cash and
far too much of our working lives to
rebuild. Now, as I write, I look out over
the trim croquet lawn and ha-ha we
built, and beyond that to the oaks and
beeches we planted in the fields. Black
lambs bleat and butt their mother’s
udders mercilessly for milk — the only
sound. London, 60 miles away, and all
the world’s hectic madness seem unim-
aginably distant.
My own word is “sanctuary”. Nothing
ever will ever feel more precious or
worth investing in than that.
Sandy Mitchell is founder of the RedBook
Agency, helping clients select architects,
interior designers and other professionals
to launch their property projects
14 ★ FTWeekend 7 July/8 July 2018

House Home

Legacy for
the Bronx
Gregory Long’s presidency of New York Botanical
Garden shows how institutions can flourish with
private cash while maintaining their principles

I
have just spent a day with the
person after whom it has been
officially named. After 29 years,
the president and chief executive
of the New York Botanical Garden,
Gregory Long, has just retired. Under
his admired direction the institution
has been transformed, visually,
financially and conceptually. As he
took me around the gardens, he
showed not the slightest sign of
detachment from the place he
manifestly loves. He also gave no hint,
if he even knew, of what would follow.
That evening, at the annual Gala
Conservatory Ball, the deputy mayor of
New York City declared the day
“Gregory Long Day”, to the delight of
the 500 guests present. Thanking her,
Long replied with typical modesty that
it was just as well that the day had only
a few hours to run until midnight.
In 1989, when Long took over, the
New York garden was best known for its
scientific commitments, its herbarium
collections and its fabulous botanical
library. Like Kew, its model, it had not
laid much recent emphasis on its
garden as an ornamental attraction. It
had superb specimen trees, including a
fine avenue of tall tulip trees. It had
collections of maluses and lilacs, but its
rock garden struggled with a
challenging climate. Off the main axis,
the ground plan of its rose garden had
been designed by Beatrix Farrand, but
its contents had never matched her
vision. Crucially, the big glasshouses
needed to be re-glazed. The biggest of
all, the domed Victorian conservatory,
was in urgent need of repair.
Long arrived with no experience of a
public garden. His degree had been in
art history and he had served at the
New York Public Library during its
transformation under the charismatic
Vartan Gregorian. Few believed that
within a decade he and his team would
have repositioned the NYBG as one of
New York’s top cultural institutions.
Admittedly, I am an incurable
gardener, but I rate the garden, up
in the Bronx, as the best way to survive
a bout of mid- Manhattan. It now
draws more than 1m paying visitors a
year, many of them from the Bronx
and its surrounds.
Between 1994 and 1997, the
Victorian glasshouse was entirely
renovated, thanks to a gift by Enid
Haupt, a prominent supporter of
horticulture in America. It was Long
who invited her to help. At her house
on Palm Beach, he recalled to me, she
told the group whom he brought to talk
with her: “Mr Long is going to be
successful, because if not, his career is
ruined.” She went on to give $40m to
restore the conservatory, the New York
landmark which now bears her name.
In the early 1990s more than a fifth
of the New York garden’s income came
from public money. Now less than 6
per cent of its budget comes from New
York City. The gap has had to be filled
by private and corporate funding.
Unlike London, New York has a long
tradition of civic philanthropy, but
even so, the results of the Long years
have been stunning: $1.2bn has been
given to the NYBG, of which $800m
has come from private individuals.
Its 250-acre site includes some of the
last remaining natural forest in the
The Edible Academy is one of Gregory Long’s initiatives at New York Botanical Gardens — Robert Benson Photography
New York area but around it, more
than 50 distinctive gardens now
flourish. They have been artistically
integrated and have not turned the
garden into a theme park. The azalea
garden, the superb native plant garden
and the forest and its underplanting
look wonderfully harmonious, a tribute
to Long’s guiding taste, their donors and
the skills of his director of horticulture,
Todd Forrest, and his teams.
In no way has it been a campaign for
the rich to enjoy and the super-rich to
Robin Lane Fox
On gardens
dominate. In June, Long’s special
project, an Edible Academy, opened to
families and volunteers. This brilliantly
named venture addresses the great
new challenge of urban living and
house prices: the transmission of
gardening skills to the younger
generation. More than 100,000
participants a year are planned to come
to grow their own veg, sow seeds and
watch the most exciting progress
nature can offer. Funded by major
private donors, the venture is already a
storming success.
Philanthropy plays on a subtle
balance between altruism and vanity.
As a veteran of a major university, I
have been intrigued by what can
happen. Items can arrive with minimal
relevance to others’ sense of what they
are doing — “Institutes of the Future”,
ever more “centres” for climate change
and professorships for anything from
“communication” to “strategic
marketing”, with the exception, alas, of
horticulture. “Matching funding” then
obliges the institution to divert money
and energy to try to match a donor’s
half-adequate gift.
Long’s approach is very different. He
stresses the importance of a pre-defined
vision, shared by all staff. Every project
is preceded by research, discussion,
including with donors, and then
documentary publication as a planned
undertaking. The process gets givers to
apply generosity where it is needed. Its
case histories have been widely
Gregory Long — NYBG Marlon Co
studied, not least in papers at the
University of Virginia.
There is also the personal dimension.
My definition of a lousy fundraiser is
someone whose “enthusiasm” is
transparently false and could as well be
promoting a cat refuge. Such people
talk about the need to give in the very
first minute of a meeting and if a gift
arrives, fail to keep the donor informed
or thanked for what happens ever after.
“Never ask until you are almost sure
you will succeed” is a Long principle:
wherever possible, maintain lasting
friendships with those who are willing
to be donors. His manifest, courteous
love for all the garden’s aspects makes
him its best advocate.
The shape of giving, he observes, is
changing. The younger generation are
more globally focused and keen to fund
areas beyond the scope of their home
government. To some of the new rich,
money and its making are too
important for them to wish to be a
generous citizen of somewhere.
Meanwhile, financial sponsors are
consolidating and going global too.
When Long began, there were 10 major
banks in New York to which he could
appeal. Now, mergers have removed
two-thirds of them, leaving survivors
with worldwide interests.
“Britain helped me to see what
gardening could be,” Long observes. He
patronised a cohort of English
gardeners to design some of the early
display beds — Penelope Hobhouse,
Lady Salisbury, Rosemary Verey — and
befriended all of them. His contacts and
travels then enhanced his eye. Before
long, the “Englishwoman” style was
dropped but English style in general,
he tells me, is enjoying a resurgence.
“My most expensive friend,” two of
the garden’s trustees fondly call him.
The idea of a botanical garden in the
Bronx was first floated by a gardening
columnist nearly 140 years ago. In its
native plant garden, we looked
together over the emerging asters,
grasses and scarlet-flowered lobelias,
and this gardening columnist tried a
follow-up: “Suppose I gave you $50m
over the next 10 years: what would you
do with it?” “Not enough,” Long
answered, and I understood why he has
been the garden’s essential spearhead.
Robin Lane Fox was a guest of the NYBG