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INTERNATIONAL
key ruling on
leave a clear run for Ms Kovesi, who
needs the backing of member states and
the newly elected parliament.
Ms Kovesi won plaudits at home and
Climate cost
MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription Green reforms challenge Germany’s will to stay in the black
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
GUY CHAZAN — BERLIN private “climate foundation” that would at all. For months, economists have their charging points, and a reduction in
Trump vs the Valley A Five Star plan? Dear Don...
make interest-free loans to companies been arguing it is too restrictive, and VAT on train tickets.
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
Italy’s populists are trying to woo
the poor — BIG READ, PAGE 11
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12
For years, a commitment to balanced
HMRC warns Lloyd’s of Brussels Insurance market and households to help reduce their should be loosened to allow the huge Olaf Scholz, finance minister, has
budgets has lain at the heart of German
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80 SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Briefing
to tap new talent pool with EU base
customs risks THE END
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border
emissions. Endowed with €5bn in state investment needed to modernise crum- insisted the entire package, which could
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE TECHNOLOGY IS
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17
being swamped
economic policy.
i Report outlines longer NHS waiting times
A report on how the health service can survive CHANGING AN
ROAD
more austerity has said patients will wait longer for
non-urgent operations and for A&E treatment while AMERICAN WAY OF LIFE Censors and sensitivity
by Brexit surge
some surgical procedures will be scrapped.— PAGE 4
funds and a yearly government grant of bling infrastructure. cost €8bn to €10bn a year until 2023,
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017
bumping up against an even more press- teed return of 2 per cent. would come from the existing energy
Setting up a digital customs system CDS, indicating it would be delivered on
has been at the heart of Whitehall’s time. But last month, it wrote to the i HSBC woos transgender customers
Brexit planning because of the fivefold committee saying the programme had TheRALPH
bank hasATKINSunveiled
— ZURICHa range of gender-neutral it followed “a strategy offull client tax
increase in declarations expected at been relegated to “amber/red,” which DUNCAN
titles such asROBINSON — BRUSSELS
“Mx”, in addition to Mr, Mrs, Misscompliance”
or but was still trying to
British ports when the UK leaves the EU. means there are “major risks or issues Ms, in a move to embrace diversity and cater togather the information about the probes.
FINANCIAL TIMES
About 53 per cent of British imports apparent in a number ofkey areas”. Credit
needs Suisse hascustomers.
of transgender been targeted by
— PAGE 20 HM Revenue & Customs said it had
come from the EU, and do not require HMRC said last night: “[CDS] is on sweeping tax investigations in the UK, launched a criminal investigation into
checks because they arrive through the track to be delivered by January 2019, France and the Netherlands, setting suspected tax evasion and money laun-
single market and customs union. But and it will be able to support frictionless back Switzerland’s attempts to clean up dering by “a global financial institution
Datawatch
Some estimates
while Australia’s revenue department and Nice, and the while French officials said their
probe;
likely to throw a sharper spotlight on change, but some MPs believe it was sels over “five or six” other business written in Brussels bourg thought to be more likely Norway Brussels suicide
said it was investigating a Swiss
Nice bank. investigation had revealed “several
lenge of climate change. such a scheme when investors are will- money earmarked for green schemes
whether Whitehall can implement a caused by Mrs May’s unexpected deci- cities in its decision to set up an will be reinsured back to the homes for the industry. But Paris bombings — have
host of regulatory regimes — in areas sion to leave the EU customs union. EU base to help deal with the syndicates at its City of London Mr Nelson said the city won on The inquiries threaten to undermine thousand” bank accounts opened in
bucked the trend
efforts by the country’s banking sector Switzerland and not declared to French
western Europe
tax authorities.
fatalities from
The Swiss attorney-general’s office
Sources: Jane’s Terrorism and Insurgency Centre terror incidents in
said it was “astonished at the way this
down on evaders, which resulted in operation has been organised with the
essential to Brexit could force London to JPMorgan eye options page 18 ket, said he expected other groups after the UK leaves the Insurers set to follow page 18
billions of dollars in fines. deliberate exclusion of Switzerland”. It
banker loses job over WhatsApp boast How high earners can evade
C/ Infanta Maria Teresa 4, bajo 2, 28016, Madrid. ISSN of meeting
Credit Suisse, whose shares fell 1.2 per Additional reporting by Laura Noonan in
Subscriptions & Customer service cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
subject ofinvestigations in the Nether-
lands, France and the UK. The bank said in Paris
Houlder in London, and Michael Stothard
Austen’s descendants insist the Rice portrait depicts her as a girl — see magazine Bridgeman Art Library
a pension headache — FT MONEY
will adopt sweeping measures designed Germany: government bonds maturing They also noted that some proposals
LAURA NOONAN — DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to
JENNIFER THOMPSON — LONDON
wall bid goes over the top nications over Facebook’s popular Mr Niehaus had turned over his device saging apps as the same as everything
carbon reduction
ALEX BARKER — BRUSSELS ambitious trade and airline access deals. mise. If Britain wants to prolong its
attempt to tack funds to pay for a wall problem new media pose for companies last year to “impress” people. Jefferies. In one instance the banker GEORGE PARKER — LONDON Gibraltar yesterday hit back at the status within the single market after
on the US-Mexico border on to that need to monitor and archive their Several banks have banned the use of boasted how he might be able to pay off STEFAN WAGSTYL — BERLIN clause, saying the territory had “shame- Brexit, the guidelines state it would
Advertising
stopgap spending plans. They fear
that his planned $33bn increase in
defence and border spending could
force a federal shutdown for the first
time since 2013, as Democrats refuse
staff’s communication.
Several large investment banks have
banned employees from sending client
information over messaging services
including WhatsApp, which uses an
new media from work-issued devices,
but the situation has become trickier as
banks move towards a “bring your own
device” policy. Goldman Sachs has
clamped down on its staff’s phone bills
his mortgage if a deal was successful.
Mr Niehaus was suspended from Jef-
feries and resigned before the comple-
tion of a disciplinary process.
Jefferies declined to comment while
Living wage rise to pile
pressure on care services
in Chief: Lionel Barber.
The EU yesterday took a tough opening
stance in Brexit negotiations, rejecting
Britain’s plea for early trade talks and
explicitly giving Spain a veto over any
arrangements that apply to Gibraltar.
fully been singled out for unfavourable
treatment by the council at the behest of
Spain”. Madrid defended the draft
clause, pointing out that it only reflected
“the traditional Spanish position”.
require “existing regulatory, budgetary,
supervisory and enforcement instru-
ments and structures to apply”.
Mr Tusk wants talks on future trade
to begin only once “sufficient progress”
Qatar: Dar Al Sharq, PO Box 3488, Doha-Qatar. Tel: +97 bon reduction goals. Some estimates Germany’s finance ministry has given goals at €40bn road tolls for trucks — would generate
to accept the proposals. encryption system that cannot be as iPhone-loving staff spurn their work- Facebook did not respond to a request Senior EU diplomats noted that has been made on Britain’s exit bill and
have put the final price tag at €40bn. the idea of the civic bonds short shrift. revenue for the treasury and cut the bill.
www.ft.com/subscribenow new living wage and the increase is The decision to add the clause giving British officials admitted that the EU’s after Brexit with a trade deal.
STOCK MARKETS CURRENCIES INTEREST RATES
Tel: 0800 298 4708 expected to cost councils’ care services Spain the right to veto any EU-UK trade insistence on a continuing role for the Reports & analysis page 3
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£360m in the coming financial year. deals covering Gibraltar could make the European Court of Justice in any transi- Jonathan Powell, Tim Harford &
For the latest news go to
World Markets
Henry Mance page 12
Boetie, 75008 Paris, Tel. +33 (0)1 5376 8256; Fax: +33 (01)
But evidence is mounting of the con- But Philipp Steinberg, head of economic ways around it,” said Christian Oden- Money would also flow from emissions
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Executive appointments
© THE FINANCIAL TIMES LTD 2017
No: 39,436 ★
Printed in London, Liverpool, Glasgow, Dublin,
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3481.58 0.40 ¥ per £
7369.52 -0.63 € index
0.855 0.859 € per £
111.430 111.295 ¥ per €
139.338 139.035 £ index
88.767 89.046 $ index
1.169 1.164 Ger Gov 10 yr
119.180 119.476 Jpn Gov 10 yr
77.226 76.705 US Gov 30 yr
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tortions the government will have to go policy at the economics ministry, dahl, chief economist at the Centre for trading and the auctioning of emissions
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34204, Bagcilar- Istanbul, Tel. +90 212 440 24 24. through to square its hawkish stance on defended the 2 per cent figure, saying European Reform. allowances to energy companies.
Published by: The Financial Times Limited, Sweden: Responsible Publisher - Christer Norlander deficit spending with the huge cost of there was a “political argument” for Mr Altmaier’s climate foundation is Yet Mr Scholz has also made clear that
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Friday 20 September 2019 ★ FINANCIAL TIMES 3
INTERNATIONAL
Trade tensions
US money market pressure eased for third day Muted take-up by banks for ECB cheap loans
ADAM SAMSON — LONDON deliver as substantial a policy easing as “They should walk in on Monday and MARTIN ARNOLD — FRANKFURT council meeting — lowering the poten- a carry trade by earning 0.5 per cent on
JOE RENNISON — NEW YORK
some investors had anticipated. say they are doing a $100bn, 10-day The European Central Bank’s offer of tial interest rate to minus 0.5 per cent money borrowed at negative interest
The Federal Reserve intervened in US Several strategists at major banks that operation, then we aren’t going to be cheap money for eurozone banks has and extending the maturity from two to rates from the ECB and depositing the
money markets for the third day in a act as trading counterparties for the Fed talking about this after quarter end,” turned out to be a damp squib, after the three years. money back at the central bank for free.
row yesterday as calls grew for the cen- said the central bank should pump said one banker. region’s lenders took up only €3.4bn of That may have left banks without Marco Valli, chief European econo-
tral bank to open a more permanent more regular bursts of funding into the In particular, some bankers have the loans on offer — a fraction of the enough time to apply for the new loans, mist at UniCredit, said the low demand
facility to ease pressure on a pivotal system. This is particularly important highlighted the end of September, demand seen in previous auctions. some analysts said. for loans yesterday “should not be con-
part of the financial system. before the end of financial quarters and which is typically a more strained time Frederik Ducrozet, a strategist at sidered a signal that there is no demand
years, analysts said, because of the risk for the repo market as banks pull back Analysts said the unexpectedly low for these loans — we expect many more
The New York Fed injected $75bn in of further bouts of cash outflows spark- and reduce the size of their balance take-up in the first auction of the ECB’s banks will apply for them next time”.
overnight cash into the short-term lend- ing renewed market dislocations. sheets ahead of an important regulatory latest targeted longer-term refinancing
‘Most banks were likely Eurozone lenders are due to repay
ing market, and its auction was oversub- Bankers and investors have called for reporting date on the last day of the July operation (TLTRO) reflected last- to wait for the next €32bn of loans from the previous
scribed for the second straight day, with the Fed to launch a “term” repo facility to September quarter. minute changes to their terms and the TLTRO scheme next week.
banks demanding almost $84bn. through which it could lend cash for as Bankers and investors said earlier in tactical advantages that banks may see
operation in December’ “The result will be a net withdrawal of
It activated its repo operation on long as two weeks, to ensure players in the week that no one in the market was in waiting until the next round. Frederik Ducrozet, Pictet TLTRO liquidity on the date of settle-
Tuesday for the first time since 2008 the market have the money they need willing to lend cash until after the end of The TLTRO is the ECB’s third pro- ment,” said Mr Ducrozet. “We’re not
after technical factors sent a vital meas- until after the end of the quarter has the quarter. gramme of cheap funding to banks, Pictet Wealth Management, said the sure this was the plan.”
ure of overnight funding costs surging. passed. “Right now there is so much uncer- which aims to stimulate more lending. take-up was “shockingly weak”, but Some ECB officials believe the low
On Wednesday it ran the operation tainty,” said Scott Skyrm, a repo trader Lenders qualify for the loans at negative added “most banks were likely to wait take-up may also be because the bank-
again as markets remained strained. at Curvature Securities. “No one wants rates from the central bank if they meet for the next operation in December”. ing system is already flush with liquid-
The central bank’s policy rate to be the first one to buy something at certain overall lending targets. It was A delay in applying may suit some ity. After the last TLTRO auction, euro-
climbed above policymakers’ target on 2.5 per cent and then they could come in relaunched by the ECB as part of a wider banks because the ECB recently intro- zone banks held €761bn of cheap loans.
Tuesday and receded back to the very the next day and rates are at 5 per cent.” package of monetary easing announced duced a so-called tiering system that Jack Allen-Reynolds, senior Europe
upper end of the targeted range on Banks are also concerned about the last week, which included cutting the will exempt part of lenders’ excess res- economist at Capital Economics, esti-
Wednesday, according to figures pub- possibility that more cash could ebb central bank’s deposit rate further into erves from the negative interest charged mated that banks had capacity to add an
lished yesterday — a sign of how tense from the repo market over the coming negative territory and restarting its on deposits held at the central bank. extra €430bn of the cheap loans before
markets remain, even amid the Fed’s week as the US Treasury continues to bond-buying programme. Lenders with spare capacity to take hitting a cap of 30 per cent of their eligi-
interventions. build its own cash reserves. At the previous TLTRO auction in advantage of this exemption, many in ble lending book. He added that he
Yesterday’s third repo auction came a JPMorgan analysts warned this week March 2017, 474 banks bid for €233.5bn Italy and other southern European doubted there would be a big impact on
day after the Federal Open Market Com- the ructions of the past few days may be of loans. This time only 28 lenders bid countries, are likely to wait until the lending growth or borrowing costs and
mittee cut interest rates by 25 basis “a prequel to what could come at year- for €3.4bn of loans. tiering system is introduced at the end said they would not “significantly affect
points, in a move that some analysts The New York Fed injected $75bn end when US banks significantly reduce The ECB sweetened the terms of the of October, according to analysts. economic growth”.
dubbed a “hawkish cut” as it did not into the short-term lending market their footprint in the money markets”. new TLTRO at last week’s governing This would allow them to benefit from Editorial Comment page 8
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4 ★ FINANCIAL TIMES Friday 20 September 2019
INTERNATIONAL
GLOBAL INSIGHT
Canada
WASHINGTON
T
Justin Trudeau, who is battling for re- “responsibility” for his actions but racist in 2001 as it is in 2019”. in 2017 after the ethics commissioner he phrase “new cold war” should never have
election, issued the apology aboard his would be “asking Canadians to forgive” Jagmeet Singh, leader of the New found him in breach of the same rules been coined. Nothing in the original stand-off
campaign plane after Time magazine him. Democratic party and Canada’s first when he failed to properly clear a Barba- between the Soviet Union and the US could
published the yearbook image. “It was something that I didn’t think non-white federal party chief, said the dos vacation with the Aga Khan, the bil- prepare the global economy for what Donald
“I dressed up in an Aladdin costume was racist at the time but now I recog- photo was “troubling” and “insulting”. lionaire religious leader. Trump is demanding of his country’s trading
and put make-up on,” said Mr Trudeau, nise it is something that is racist.” “What does that say about what he He came under further criticism partners. Moscow and Washington existed in separate
47, who attended the gala when he was Yesterday Global News in Canada thinks about people who, because of the more recently for what he said was orbits. Now the rest of the world is being asked to make a
29 and teaching at the private West published what it said was a third colour of their skin, face challenges and being “more enthusiastic about cos- choice between China and the US, two intimately entwined
Point Grey Academy in Vancouver. instance of Mr Trudeau appearing to barriers and obstacles?” he said. tumes than is sometimes appropriate”. economies. Nor does the label “trade war” begin to capture
“I shouldn’t have done that. I should wear racist make-up, in an undated There was a “pattern of behaviour” in This may have been a reference to a the dimensions of what this implies.
have known better. And I’m sorry,” said video reportedly shot in the 1990s. which Mr Trudeau in public “seems family trip to India last year when he The US’s partners are being pressured to eject Huawei,
the leader of the Liberal party. Mr Trudeau was elected in 2015 after really nice, really warm” but behind appeared in a series of local outfits that China’s leading telecoms equipment supplier, from their
The image came to light with a little a campaign that emphasised tolerance, closed doors it was a different story. were mocked by Indian commentators. 5G networks. But Mr Trump’s all-or-nothing ultimatum is
by no means confined to Huawei. Almost every Chinese
product is under suspicion of concealing the so-called
Manchurian chip — backdoor technology that can lie dor-
mant until activated. Israel, for example, is being asked to
Trade war. Manufacturing dump a Chinese construction group that is deepening the
port of Haifa. It is also under pressure to cut ties with
Car seat maker falls victim to US tariffs another Chinese contractor building a metro in Tel Aviv.
Barring commodities such as soyabean or pork, the
internet of things makes almost every product a potential
dual-use technology in a future US-China conflict. They
used to say ploughshares could be converted into swords,
and vice versa. How about refrigerators? Or children’s
White House anti-Beijing stance toys? Once you start down the road of excluding anything
with Chinese-embedded chips, it is hard to know where to
has hit Britax, which relies on stop. The line between legitimate national security con-
imports to remain competitive cerns and outright paranoia is perilously thin.
That line was obliterated at a conference in Paris this
JAMES POLITI — WASHINGTON week with the mislead-
ingly dull title “interna-
As Donald Trump launched his trade tional co-operation on
The line between
war with China in early 2018, Britax, artificial intelligence”. In legitimate security
one of America’s best-known child car reality, the gathering —
seat brands, stepped up production in co-hosted by the Wash-
concerns and
the US, convinced that the White House ington-based Atlantic outright paranoia
was committed to encouraging US man- Council — was the first
ufacturing. effort to stimulate talks
is perilously thin
Such confidence did not last. After between the US and
being battered by tariffs on some of the China on the future of AI, which covers pretty much the
imported parts for its US-assembled car future of everything, including warfare.
seats, the company is now pleading for a A White House official, whom I cannot name under the
reprieve and warning that as a last gathering’s “Chatham House rule”, opened by declaring
resort it might be forced to close its US that the US would not co-operate with China on AI while it
operations, possibly shifting them to remained authoritarian. Companies around the world had
China. to choose between two AI systems, said the official. One,
“We’re being significantly penalised,” led by the US, was based on trust and openness. The other,
said Robert McCutcheon, president of China, was closed and “malicious”. The latter exported
the Americas for Britax, whose US man- “authoritarian software” to every continent.
ufacturing hub is in Fort Mill, a fast- A Chinese official responded by saying that the US killed
growing town in South Carolina. innocent civilians in Iraq and Afghanistan. “Nobody is per-
“If you back up and think about it, our fect in human rights,” he said. The exchange almost ended
incentive now would be to move our the conference before it began. It offered a troubling fore-
production back overseas . . . and that’s taste of how much could go wrong between the world’s two
not something we want to do.” great powers. The French co-hosts could only make for-
Britax, and its roughly 300 jobs in lorn pleas for dialogue.
Fort Mill, near the border with North It is an open question whether Mr Trump will agree to a
Carolina, have fallen into a bizarre and Unseated: tive, for an exemption from the tariffs for tariff relief, but those deadlines have China would be a very real safety risk,” ceasefire with China in their trade war over the coming
ironic trap when it comes to Mr Trump’s import tariffs for the company in a letter on Septem- slipped as the US administration strug- Ms Trofe said. weeks. Worries about his re-election prospects in 2020
trade war with Beijing. Beginning in have affected ber 10. gles to keep up with the demand. Britax, which was founded in the UK suggest Mr Trump might go for some kind of truce. Such a
September 2018, the company faced a Britax’s If no long-term deal was reached with “We unfortunately don’t have any in the 1930s, established its US division deal could even include a brief reprieve for Huawei. Quite
10 per cent tariff on the textiles it uses to manufacturing Beijing, he said, exclusions would be real insight into how the USTR or the in the 1970s and is now owned by Nordic how he would sell that one to the increasingly hawkish
cover its car seats, which moved up to hub in Fort Mill, necessary to “prevent further harm”. current administration is making deci- Capital, a Swedish private equity firm. It bipartisan voices back home is another matter. Democrats
25 per cent after talks between the two South Carolina, The letter revealed the unease with sions on what should be excluded versus is awaiting with trepidation a decision would be sure to attack him for folding too cheaply. Mr
countries broke down in May. above. US trade which many in Mr Trump’s own party, not,” said Lisa Trofe, managing director on its tariff-exemption request, mirror- Trump’s short-term actions are unpredictable.
Starting this month, it was hit by representative even in deeply Republican regions, are of the Juvenile Products Manufacturers ing a broader trend of US manufacturers But his larger China strategy is unchanging. It is hard to
another layer of levies, worth 15 per Robert struggling to contain the fallout from Association, which represents child dependent on Chinese imports that are overstate its radicalism. Over the past 40 years, the US has
cent, on metal products such as har- Lighthizer, the trade war, even if they continue to safety companies in the US. grappling with huge uncertainty about taken a “win-win” approach to China. The more it could be
nesses and buckles, also used in Britax below — Logan Cyrus support the US president. For example, high chairs were exclu- their future. bound into the global economy, the freer its political sys-
car seats. In a business with relatively “The tariffs have affected just about ded from the tariffs, but cribs were not. “We’re just very cautious now about tem would become. Reality has belied that theory. China is
low profit margins, that was damaging every industry we talk to,” Mr Norman Mr Trump has repeatedly encouraged making further investments now considerably less free today than it was in 2001 when it
enough. But the pain for Britax was said. While many businesses agreed US companies to cut their ties with Chi- because we’re just trying to sort out joined the World Trade Organization. Its social credit sys-
compounded by the fact its main com- with the concept of confronting China’s nese suppliers to avoid tariffs, but that is where this is going to go,” Mr McCutch- tem, which ranks citizens based on their behaviour, offers
petitors have been importing finished unfair trade practices, “their ox is get- easier for some manufacturers than eon said. “It just changes on a weekly an Orwellian vision of how people can be controlled by
car seats directly from China, tariff- ting gored”. He added: “I feel strongly others. Britax has explored the idea, but basis.” authoritarian software. Yet its economy is about three
free, due to an exemption allowed by that when companies don’t have an it would be expensive and time- Disappointment with the policies and times larger than it was then.
the office of the US trade representative alternative to make the product — don’t consuming, lasting up to two years, decisions on trade coming out of Wash- Mr Trump is thus turning that strategy on its head. We
for some, but not all, safety products. have an alternate source — they ought to because of the extra certifications and ington is palpable. Mr McCutcheon said have moved from a “win-win” US vision of globalisation to
“This administration’s focus is to pro- get some relief.” crash-testing needed to change parts. it is “hard for us to believe” the “win-lose”. In fact, what Mr Trump is pursuing is closer to
tect American manufacturing jobs, but The USTR did not respond to a “It has taken decades to build the rela- “branches of government” want Britax “lose-lose” — everybody loses if globalisation goes into
Britax is a prime example of a company request for comment on the tionships, to build the level of trust, to to head towards the most “draconian reverse. Under Mr Trump’s plan, the US ultimately wins
being punished for doing the right Britax case and Mr Nor- ensure that all of the entities in China option” of shutting US production. because it would lose more slowly than China. The Paris AI
thing,” said Ralph Norman, a man’s letter. Mr Light- who are the supply-chain production Mr Norman said he is doing what he gathering was supposed to be about the implications of
Republican in the US House of hizer has until the partners really have what they are doing can to help, but realises there may not machine learning. A century after the first world war, what
Representatives from the area, middle of next week down to a science. We’re hearing all of be a quick fix. “I think the president’s it highlighted was the urgent need for human learning.
as he appealed to Robert Light- to respond to the our members say that trying to move doing the right thing, it’s just going to
hizer, the US Trade Representa- company’s petition manufacturing or production outside hurt for a while.” edward.luce@ft.com
Cross-border relations
North Korean defectors claim Seoul is silencing their criticism in push for rapprochement
EDWARD WHITE AND KANG BUSEONG weapons has also included efforts to flurry of summitry between Mr Moon and media executives to use the formal Reporters with two state-backed such as loudspeaker broadcasting and
SEOUL
silence critics and shift public focus and Mr Kim, he was “permanently title of “chairman” when talking pub- news organisations said there were no distributing leaflets along the border.
Joo Yang once hid in a bunker for stor- from problems such as human rights struck from the list” of guest contribu- licly about Mr Kim. For North Koreans editorial directives to reject critics of the Activists have floated balloons with
ing kimchi, Korean fermented cabbage, abuses in North Korea. tors with most state-backed media. who fled, the request is offensive. Kim regime or promote Mr Moon’s pol- leaflets and radios into North Korea for
to evade detection before fleeing across Seoul said South Korea “guaranteed “I used to be on [state-linked televi- “He’s a murderer. He’s not a ‘Mr Kim’,” icy of engagement. years. Ms Scholte said enforcement of
the North Korean border to China. press freedom” and officials had not sion news] almost every day, but sud- said Yeonmi Park, a defector and now a The complaints come as hopes rise the new policy was “very disturbing and
made any requests to media, universi- denly since March [2018], they stopped US author and human rights activist. that Donald Trump, US president, will continues to be a problem”.
Years later, as she built a life in Seoul, ties or other public institutions related calling me,” he said. “The [presidential] restart talks with Mr Kim, even though Another North Korean defector said
speaking about her experiences and to North Korean issues. Critics, how- Blue House might have put pressure on some experts warn that overtures to he worked with Seoul on radio broad-
helping other defectors share their sto- ever, dispute this. Suzanne Scholte, those broadcasters, or they became too him have yielded little. Human rights casts targeting North Korean soldiers
ries helped to support herself and shed chair of North Korea Freedom Coalition, loyal to the government.” groups say Mr Moon’s government has near the border area for three years but
light on life in the communist country. a US non-government organisation, said Ms Yang, who had run a consultancy also cracked down on groups trying to his role was discontinued in 2018. Los-
But multiple defectors and human the change in approach was “definitely helping other escapers find paid speak- counter Pyongyang’s propagandists by ing the work was galling, he adds, as he
rights activists have said that paid coming from the government”. ing work, is one of several defectors to sending factual information and cul- was inspired to defect in 2009 after lis-
speaking opportunities for North She added: “It is having a chilling allege that officials requested that North tural content into North Korea. tening to similar broadcasts for years.
Korean escapers have disappeared over effect, not only on our awareness and Koreans not speak publicly about South Korean officials said the gov- Thae Yong-ho, a former envoy to the
the past two years while President Moon understanding of North Korea, but it is human rights and focus on “good ernment had asked groups to stop dis- UK, who in 2016 became the highest-
Jae-in has sought rapprochement with also really painful and economically things” about their former home coun- tributing information but insisted that ranking North Korean diplomat to
dictator Kim Jong Un. devastating to the defectors.” try. Last December a contract with a the move was in accord with the 2018 defect, said disseminating information
The allegations raise questions over Ahn Chan-il, a Seoul-based defector state-linked organisation was cut short. Panmunjom Declaration. The pact, to younger North Koreans was “very
whether Mr Moon’s policy of engage- and commentator on North Korea, Several North Koreans and academics North Korea leader Kim Jong Un, signed by Mr Kim and Mr Moon, inc- important” in spurring people to reject
ment with Mr Kim to abandon nuclear believes that from early 2018, ahead of a say they have been directed by officials left, with South Korea’s Moon Jae-in luded a pledge to “stop all hostile acts” the state’s ideological control.
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Friday 20 September 2019 FINANCIAL TIMES 5
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6 ★ FINANCIAL TIMES Friday 20 September 2019
ARTS
Cultural subtleties
with global appeal
Lulu Wang was told her Chinese-American family drama ‘The
Farewell’ would be ‘niche’ — now it’s a hit. Rebecca Liu meets her
‘I didn’t know a niche,” she recalls. But when nudged to
W
hen Lulu Wang’s father herself in six years earlier — even down whether to make changes that might help broaden
first read her script for to the sham marriage. She had emi- laugh or cry’: its appeal, such as softening characters
The Farewell, a film grated to Miami from Beijing with her Lulu Wang, to make them nicer, she held firm.
based on a real-life saga parents when she was six years old, and photographed For Wang, it was not about making
involving a sham wed- the experience felt like a clash between for the FT by the film with the broadest appeal but
ding in their family, he was uncertain. her American values and those of her Amara Eno. the one that was truest to her story. “If
“He was like, ‘Yeah, it’s really accurate,’” extended family. She remembers think- Above: somebody made a suggestion that was
Wang remembers. But that accuracy ing: “This is so crazy. This is a story I Awkwafina, not accurate to my experience or to my
created doubts: “You didn’t dramatise need to tell.” It was the ever-changing centre, in family, I could immediately identify it.”
it more. Why would anybody want to cocktail of conflicting emotions that ‘The Farewell’ The success of The Farewell has reaf-
see this?” made the experience feel exceptional: “I firmed her instincts. “It’s been really
I am speaking to Wang in a brightly lit didn’t know whether to laugh or to cry. I magical to see it resonate with so many
conference room in London on the first felt empathy for all the family members, people because it has enabled me to
day of her month-long European press but I also saw the absurdity of the situa- trust my gut,” she says. It has touched
tour. After wide releases in the US and tion.” Yet when it came time to revisit audiences in the Chinese diaspora, but
Australia, and contrary to her father’s this experience as a film-maker, Wang also many others with no Asian back-
fears, the film has attracted sizeable felt it was important not to approach it ground. People from all over the world
audiences. It is currently the highest have come to Wang with their own expe-
earning movie per theatre in North riences of immigration. “It makes you
America this year, surpassing Marvel’s
‘I like stories that wonder: what other myths are we inad-
Avengers: Endgame, and won the Audi- explore a question vertently believing in, and [how are
ence Award at Sundance London in they] shaping our culture?”
June. Though Wang, who is 36, has been rather than ones that Wang notes that specificity in story-
working as a writer and film-maker in
Los Angeles for more than a decade,
provide answers’ telling is something that is now discour-
aged, for fear of alienating audiences.
receiving acclaim for her debut feature Colleagues in the industry have been
Posthumous (2014) and short film Touch like a strict recreation of her life. The their choices. As a conduit between two explained to her,” Wang observes. “[It’s] cautioned by executives against being
(2015), The Farewell has catapulted her result is a mix of fiction and non-fiction. cultures who tries to do justice to both, an immersive experience.” On a meta- too specific about the race, sexual orien-
into the mainstream. The Farewell defies easy categorisa- Wang suggests, Billi could be a stand-in level, this also offers the audience a les- tation and political beliefs of their char-
The Farewell begins with Billi (actress tion. Much like Wang’s own swings for every immigrant caught between son on the relativity of their beliefs. acters. But The Farewell celebrates spe-
and rapper Awkwafina in her first lead- between sadness and laughter, the film two worlds. Someone might not explain things to cificity. It tests, rather than shies away
ing dramatic role), a down-on-her-luck delivers moving scenes of love and grief Hollywood films about non- you because they don’t see their lives as from, the audience’s ability to sit with
millennial writer in New York, discover- but is also dotted with light humour American cultures can sometimes feel worthy of explanation, Wang points out: different points of view, and empathise
ing that her beloved grandmother — Nai about the lengths people go for their more like sociological explainers of a “They don’t know what’s different.” with characters they may at first
Nai, in Mandarin — has been diagnosed loved ones. Rather than making any broad community rather than narrow The Farewell almost didn’t get made. find unrelatable.
with late-stage cancer and only has a judgment on whether her family’s deci- stories centred around specific charac- Early potential investors struggled to see I ask Wang whether she was con-
few months to live. Her parents are pre- sion was right or wrong, Wang is more ters. Cultural differences are explained the film’s appeal to either American or cerned that audiences would struggle to
paring to fly back to their hometown, interested in showing why they did what from the outset, and the audience is gen- Chinese audiences; Wang eventually move from confusion to compassion. “If
the Chinese city of Changchun, to say they did. “I like stories that explore a tly guided through anything that might found producers after sharing her story you write from a place of empathy,” she
their goodbyes. Billi wants to join them, question rather than ones that provide seem unfamiliar. The Farewell strays on NPR’s radio show This American Life in replies, “if you’re creating these charac-
but there’s a catch: no one plans to tell answers,” she says. from this approach. Local customs, such 2016. Did she ever feel the need to make ters with no distance, then the audience
Nai Nai about her terminal illness. In Wang’s films we are often invited to as drinking games and wedding celebra- the film more Hollywood-friendly? is actually not distanced from the char-
Instead, the family is arranging a fake see the different emotions and perspec- tions, are shown as they are, leaving “People told me throughout that to acters.” We learn, she adds, to love these
wedding between Billi’s cousin and his tives simultaneously circulating in a room for viewers to understand them make such a specific film — not about characters regardless of who we are, and
girlfriend that will double as a send-off scene. In The Farewell Billi goes from for themselves — or not. Asians, not about Americans, but specif- ultimately: “We see ourselves in them.”
for the beloved matriarch. finding the entire scheme ridiculous to “I wanted the audience to experience ically the Asian-American experience,
It is a situation that Wang found having compassion for her family and it the way that Billi does; things aren’t that it would be limiting and it would be ‘The Farewell’ is in UK cinemas from today
S
tatistics can tell a story. But these characters and aware of what this
drama can get under the skin shabby place means to them. For Ber-
of that story. Alexander Zel- nard (Alan Williams), a chronically
din’s Faith, Hope and Charity lonely old man, it is company; for Beth
(at the National’s Dorfman and her 16-year-old son (brilliantly
Theatre) does precisely that. A quietly played by Susan Lynch and Bobby Stall-
devastating, gently funny and beauti- wood), it is a haven; for Mason, a well-
fully delivered piece of theatre, it shows meaning, awkward ex-offender (excel-
us what it means to be one of those sta- lent Nick Holder) who arrives to lead
tistics. It’s one of several new shows in the choir, it is a new start. Its loss will hit
London that build on the empathy cen- them hard. Empathy: Alan Williams in
tral to drama to lend a voice to those Some might object that the National ‘Faith, Hope and Charity’
who are rarely heard. Theatre staging such work amounts to a
The statistics behind Faith, Hope and sort of “poverty porn”: a chance for picture of a rapidly changing country.
Charity are stark. In 2018, the Joseph wealthy people to wring their hands. I’d We see ministers embracing a new ethos
Rowntree Foundation found that one- argue the contrary: one of the many of economic prosperity; we see medical
fifth of the UK population were living roles of the National is as a publicforum experts pressured into meeting targets;
in poverty. In the past five years the to highlight and discuss matters of we see poor farmers thrilled at a chance
use of food banks has risen by 73 per national import. And, crucially, these to buy the trappings of western life —
cent. Government cuts to welfare pay- characters have dignity: they are not trainers, blenders, karaoke machines —
ments and local councils have hit the just victims, but ordinary, messy people and we see a huge tragedy unfolding.
poorest hardest. pulling together a rough community of In the late 1980s, local governments
A columnist can describe the impact support. This is a deeply moving and established for-profit blood plasma col-
of that; a dramatist can show you. In compassionate play about basic human lection centres in rural China. Success
Faith, Hope and Charity, as in the two ear- kindness and the significance to us all of bred rapid growth — and with it unsafe
lier parts of his austerity trilogy (Beyond the fabric of society. AAAAE practices. Again, Ya-Chu Cowhig peers
Caring, about zero-hours contracts, and In Faith, Hope and Charity we never behind statistics to unpick the queasy
Love, about homelessness), Zeldin see the figures of authority making mix of pressure, fear and greed that led
invites you into the world of one small the decisions or those implementing to contaminated blood being traded and
group of people living within this them — we only see the people living the spread of HIV. At the heart of her
threadbare system. The result is often with those decisions. Frances Ya-Chu play is Yin Yin, based on the real-life
surprisingly funny — one of the hall- Cowhig, in The King of Hell’s Palace (at whistleblower Dr Wang Shuping (who
marks of Zeldin’s plays — but ultimately the Hampstead Theatre), takes a very now lives in the US), an expert in infec-
enraging and moving. different approach. tious diseases who tries to alert the
We are in a church-hall-become- In unpacking the true story of the authorities to the unfolding disaster.
community centre where volunteer spread of HIV in 1990s China, she cre- It’s great to see such an ambitious play
Hazel (a superb, understated perform- ates an epic drama and a panoramic opening Roxana Silbert’s inaugural sea-
ance from Cecilia Noble) cooks a free son as artistic director here. That very
weekly lunch from food bank dona- ambition, however, holds the play back
tions, followed by a choir session for to some extent. In covering so much
anyone willing to sing. The very fabric of ground, it often sketches in characters
Natasha Jenkins’ set tells its own story: and relies on chunks of exposition-
the utilitarian furniture; the tired decor; heavy dialogue to move the story along.
the abandoned instruments that speak A versatile cast double up impressively
of a bygone era. (neatly emphasising the fact that the
Zeldin embraces the audience in this separate worlds depicted are in fact
world, leaving the houselights on intertwined), but it’s hard for them to
throughout and sending characters to find any real subtlety in their charac-
sit alongside the spectators from time to ters. Even so, this is a gripping and
time. Former prime minister David sobering story, pinned down in Michael
Cameron famously said of austerity, Boyd’s fluid production by a perform-
“We’re all in this together”: a statement ance of quiet integrity from Celeste Den
that this show disproves while at the as Yin Yin. AAAEE
same time making it briefly the case.
There is a rough story arc: the hall’s ‘Faith, Hope and Charity’ to October 12
chequered life (itself a mini social his- nationaltheatre.org.uk. ‘The King
tory) is about to take a new turn — with Ambitious: Tuyen Do in ‘The King of Hell’s Palace’ to October 12
the council unable to pay for repairs, it of Hell’s Palace’ hampsteadtheatre.com
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Friday 20 September 2019 ★ FINANCIAL TIMES 7
Its content-driven subscriber model has served it well despite accumulating high levels of debt. But with
a string of wealthy rivals entering the market, the streaming service is beginning to look vulnerable.
By Anna Nicolaou and Fan Fei
O
n a sunny midsummer
weekend in Los Angeles,
Netflix turned the Santa
Monica pier — one of the
city’s busiest tourist desti-
Letters
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
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
Opinion
Repo markets mystery reminds us we are flying blind Something
is seriously
FINANCE
night borrowing rates in the repurchase
or repo market, where traders do short-
cided with Monday’s $54bn settlement
of Treasury coupons, creating more
machine mesh. That is partly because
“money markets have been and are now
presumed to be sufficient to absorb
unexpected market shocks.
awry in the
Gillian
Tett
term deals to swap Treasuries for cash,
suddenly rose to 10 per cent, up from
their normal levels of 2-2.5 per cent.
demand for cash. The resulting squeeze
may have been exacerbated by an addi-
tional dash for funding among players
changing quickly in response to regula-
tory, technology and business model
incentives”, as Mr Potter put it.
This calculation was always a guess,
not scientific projection, since the Fed
has never before unleashed QE — or
world of work
Repo rates declined after the New hit by the unexpected surge in oil prices A decade of extraordinary monetary tried to unwind it. And, as Lorie Logan
York branch of the Fed pumped $75bn due to the drone strike in Saudi Arabia. policy experiments has left the system of the New York Fed said in 2017, you
into the markets for three days running. The other bit of good news is that Fed badly distorted. Thus the Fed is now like only truly know that a reserve buffer has EMPLOYMENT
But conditions remain jittery. After all, officials seem ready to offset these tem- a pilot flying a plane with an engine that run out when rates spike.
W
hat the heck happened? the last time we experienced this scale of porary problems by employing “flexi- has been stealthily remodelled. Neither The best guess now is that $300bn is
That is a question many gyrations in repo rates was the 2008 the passengers nor the pilot knows how not big enough. “The Fed is learning as it
Diane
market participants financial crisis. the engine’s shifting cogs might affect goes,” explains BMO Capital Markets. Coyle
are asking about events
this week at the US
So should investors worry? Yes — and
no. One piece of good news about this
The more QE reshapes the controls during a wave of turbu-
lence, because there is little historical
Although Fed officials will probably
introduce new tools to create additional
Federal Reserve. week’s events is that the movements global finance, the greater precedent. safety buffers, JPMorgan fears that “this
the risk that the machine
T
But the confusion is not due to the were not sparked by the same issues in Take the matter of bank reserves. sort of volatility will only persist” given he California Senate passed
issue that was supposed to grab head- the 2008 panic, namely a fear of finan- Quantitative easing earlier this decade all the structural changes under way. a law last week requiring
lines — namely Wednesday’s announce- cial collapse. Instead, the trigger unexpectedly misfires caused an explosion in the level of This is unnerving. But the bigger platforms such as Uber and
ment on interest rates. That storyline is appears to be due to “temporary mis- reserves that private banks place on point that investors need to understand Lyft to treat their drivers as
clear (ish): although the Fed cut its core matches in the demand for funding and bility when needed”, as Simon Potter, deposit with the Fed, hitting a peak of is this: the more that QE (and its partial employees. Efforts in legis-
policy rate by 25 basis points, officials availability of cash”, as JPMorgan then a senior official at the New York $2.9tn in 2014. Since the Fed started reversal) reshapes global finance, the latures and courts in other states and
also signalled their reluctance to cut explained to its clients in a note. Fed, noted last year. This nimble and rolling back QE a couple of years ago, greater the risk that the cogs in the countries are under way to achieve the
rates again too soon while growth is More specifically, American compa- creative approach is another contrast to those reserves have shrunk to $1.3tn as machine unexpectedly misfire. That is same result.
strong. That is sensible, predictable and nies typically need around $100bn of 2008 — and very welcome. of this summer. Until recently, Fed offi- no reason to panic. But central bank In the UK, a report by Robert Skidel-
readily understandable. cash to pay tax bills on September 15, But here is the bad news: the fact that cials thought that was enough cash to pilots — like investors — are learning on sky, commissioned by Labour’s shadow
Instead the development that is sow- which prompts big withdrawals from a “temporary” cash squeeze created so keep the system running smoothly. the job. Better hope they stay com- chancellor, John McDonnell, recom-
ing shock and confusion is related to the the money market funds that are an much drama shows that neither the Fed Although $1tn in reserves are tied up by pletely alert. mended a government job guarantee
normally arcane matter of financial increasingly crucial pillar of the repo nor investors completely understand regulatory and liquidity requirements, and a 35-hour week in the public sector
plumbing. At the start of the week, over- markets. This year, this outflow coin- how the cogs of the modern financial the remaining $300bn “buffer” was gillian.tett@ft.com as a lever for improving conditions in
private sector employment.
It is widely recognised that something
is fundamentally awry with the world of
work. Some people are well-paid — too
Johnson’s lies
well-paid, even — and have intrinsically
rewarding work, yet have to work long
hours with never-off email. Others have
too-long hours in badly paid casualised
work, not just on digital platforms and
in their warehouses but also in shops
into a morass
insecurity posed by automation.
Technology, deregulation, the decline
of unions, and the profound reshaping
of business all lie behind this unsatisfac-
tory state of affairs. And it seems inevi-
table that policymakers will respond,
given that the provision of some mini-
mum economic security is at the core of
between mendacity and integrity. Such the modern state.
POLITICS is the dark morass into which Mr John- One challenge for policy is the
son’s government has fallen in pursuit of absence of the statistics that would paint
Philip his obsession to meet the Brexit dead-
line. When MPs were sent home from
Stephens Westminster for five weeks until mid-
October, the official story was that the
Technology, the decline of
government needed time to draw up a unions and the reshaping
new legislative programme. Three sen- of business all lie behind
W
hat will she be thinking ior Scottish judges concluded that this
when he next tips up was deliberate subterfuge: Mr Johnson’s this state of affairs
at Buckingham Palace? real objective was to frustrate the efforts
Queen Elizabeth II is of MPs to block his path to a no-deal Court to argue that the prorogation was mendacious, and borderline racist, Dry constitutional debates about the a detailed portrait of the modern labour
Britain’s longest reign- Brexit. The suspension, the court ruled, an abuse of power. Mr Cameron, who claim that just about the entire popula- respective authority of the government, market. In the UK, the number of peo-
ing monarch. As titular head of state, was therefore unlawful. bears much of the responsibility for the tion of Turkey would soon be heading parliament and the judiciary matter. ple on zero-hours contracts and the
she has granted regular weekly “audi- The High Court in London took a dif- present mess, due to his reckless deci- for Britain if it voted to remain in the EU. And the frantic back-stabbing among number describing themselves as
ences” to her prime ministers for 67 ferent tack. It declined to comment one sion to call the EU referendum in 2016, Mr Gove has since been given the job of senior Tories speaks volumes about the agency workers have both increased
years. There have been 14 in all — the way or the other on whether Mr Johnson has used the publication of his memoirs overseeing Brexit preparations. Con- truly sorry condition of British Conserv- substantially during the past decade,
first, Winston Churchill, the latest, Boris had told the truth. Instead, the English to launch a series of broadsides against temptuous in 2016 of the views of atism. Neither should obscure the big- although they amount together to about
Johnson. The Queen has not divulged a judges said they were being asked to Mr Johnson’s habitual lying. “experts” worried about the costs of ger picture of the damage being inflicted 6 per cent of the workforce in employ-
word from these private encounters. determine matters beyond their compe- The present prime minister and Brexit, he is as dismissive now of advice on the nation’s democracy. ment. Self-employment accounts for a
Now she hears that, just two months in tence. It was not for the court to decide his fellow Brexiter Michael Gove, Mr from his officials about the serious risks The lying reveals a profound disdain further 15 per cent of the total.
office, Mr Johnson has been lying to her. on a matter that they deemed to be Cameron charges, quite simply “left of a no-deal departure from the EU. for the traditions, institutions and laws However, it is not clear that all those
It is a fair guess that one or two others essentially political. the truth at home” during the 2016 At this point, some may be tempted to that sustain Britain’s parliamentary working via digital platforms or with
among the 14 may have occasionally It has been left to the UK Supreme referendum campaign. Back then the shrug. Put lying to the Queen to one side ecosystem. Whitehall officials say rules agencies would record themselves in the
shaded the truth. I wonder if Anthony Court to make a definitive ruling. The three politicians were pals. Mr Cameron and fear and loathing among politicians of proper behaviour are simply torn up. categories captured by the statistics.
Eden was entirely honest about the Suez prime minister’s desperate hope is that now says Mr Johnson never even in the same party is hardly new. As for “We can do as we please”, runs the Nor do we know how many people have
debacle? Mr Johnson, though, has put a majority of the 11 chief justices take believed in Brexit. He embraced the Mr Johnson’s lies, well, no one trusts pol- refrain in Downing Street. second jobs, or are working more or
himself in a class of his own. He stands the non-justiciable path set out by the Eurosceptic cause purely to advance his iticians. What matters is that the gov- Mr Johnson’s public refusal to say he fewer hours than they would like, or
charged by three senior judges with pre- English court. The damage has been consuming personal ambition by win- ernment gets on with Brexit, even if it will uphold the law in all circumstances how this affects younger people.
meditated deception in persuading the done. You will not find a soul in the long ning favour among Tory Brexiters. Mr means crashing out of the EU. underpins this contempt. If the govern- It is probably safe to say at least one-
Queen to suspend parliament so he can corridors of Whitehall who believes Gove, Mr Cameron adds, promoted the As for shutting down parliament, ment can cheat, it will; Mr Gove’s pref- quarter of the workforce is not in a tradi-
force through Britain’s departure from that the prime minister they are sworn well, MPs were obstructing what Brexit- erence for “listening to the people” over tional full-time and/or permanent job
the EU on October 31. to serve is telling the truth. ers have solemnly declared to be “the reasoned argument speaks to the same with an employer, and the proportion
This prime minister, of course, is no Two former Conservative prime min- There is not a soul in the will of the people”. This, of course, is tilt towards demagogy. Strip democracy could be higher among younger age
stranger to mendacity. But lying to Her isters — John Major and David Cameron just another falsehood. Of those who of trust, self-restraint and shared truths groups. The challenge is that so much
Majesty? Deceiving someone so widely — have joined those accusing Mr John- long corridors of Whitehall voted in the 2016 referendum, some and what remains is a majoritarianism government social policy — and so
respected around the world for her pro- son of seeking to suppress parliamen- who believes the prime 52 per cent backed Leave. Of those elig- of the mob. much collective organisation through
bity and commitment to public service? tary debate. Sir John is among those who ible to vote, the proportion was 37 per unions — is delivered through the tradi-
It is hard to think of a sharper collision made submissions to the Supreme minister is telling the truth cent — scarcely the will of the people. philip.stephens@ft.com tional “job”. Although it has been clear
for more than 20 years that the social
means of giving people enough eco-
nomic security need to change, what we
have had instead is states and busi-
Reasons for moderate optimism about Greece nesses trying to pass the responsibility
to each other — with individual workers
caught in the middle.
Many governments have also been
increasing their reliance on conven-
highest level since 2000. Elections in party did not win a single seat in the July quality of Greek democracy depends on conditions are now improving. Domes- tional employment contracts for social
EUROPE July produced a comfortable parliamen- elections. So far from being an awkward more than regular free parliamentary tic private depositors, who withdrew policy delivery, such as limits on hours
tary majority for New Democracy, a partner for its EU and Nato allies, elections. No less important is the inde- their money in a panic when Syriza’s worked, health coverage, welfare bene-
Tony conservative party committed under Greece is rightly regarded as a pole of pendence of public institutions, such as early recklessness threatened to tip fits and so on. While unionisation has
Barber prime minister Kyriakos Mitsotakis to a
well-designed programme of economic
stability in the turbulent Balkans and
eastern Mediterranean.
the judiciary and central bank, which
came under pressure when Syriza held
Greece out of Europe’s currency union,
have returned some €12.3bn to the
declined in many countries, unions for
the most part have remained focused on
reform, fiscal responsibility and admin- It is important not to paint everything power. Likewise, Mr Mitsotakis must banks since the start of 2018. the status of the “job” in their campaign-
istrative modernisation. in rosy colours. Greece’s return to two- not relax in his efforts to overhaul the Mr Mitsotakis’s government has ing — hence the drive in California and
New Democracy’s victory repre- party politics is a positive development public sector, an area of concern to the made a promising start by announcing elsewhere to have non-standard jobs
T
en years ago Greece sented the delayed revenge of the Greek insofar as it avoids the kind of political foreign creditors and investors whose corporate tax cuts and other measures legally deemed to be standard jobs.
plunged into a debt crisis bourgeoisie against the Syriza party, support will be essential to drive for- aimed at improving the investment cli- Lord Skidelsky is right to argue that a
that threatened to sweep which came to power in January 2015 as ward Greece’s economic recovery. mate. These include going ahead with public sector job and conditions guaran-
away much of the political,
social and economic
the most radical leftist government seen
in a European democracy since the sec-
Victory for conservatives It is unfortunate that this recovery is
beginning just when the global economy
the long-delayed €8bn Hellinikon
project to redevelop the area around the
tee can shape private sector practice by
improving workers’ labour market
progress achieved after democracy ond world war. However, even critics of represents the delayed is running into headwinds. Even before former Athens international airport. options. However, the real need is for
replaced military dictatorship in 1974.
The economy shrank by a quarter,
Alexis Tsipras, Mr Mitsotakis’s prede-
cessor, ought to acknowledge that some
revenge of the bourgeoisie these clouds appeared on the horizon,
however, Greece was not rebounding
Provided that Mr Mitsotakis sticks to
his reform plans, Greece’s eurozone
some institutional innovation. This
could come from unions, seeking to
unemployment soared and Greece of the credit for Greece’s recovery goes against the radical left from the debt crisis with the vigour of creditors should offer a helping hand by enhance the bargaining power of gig
came close to crashing out of the euro- to the Syriza leader, who eventually other stricken eurozone economies lowering the targets for primary fiscal workers. It could involve new forms of
zone. The crisis tore at the fabric of soci- swallowed the medicine prescribed by fragmentation visible elsewhere in the such as Ireland, Portugal and Spain. One surpluses required of the government collective action, such as the sharing of
ety and demolished one of the two polit- Greece’s creditors. EU. However, Greece’s old two-party reason is that the Syriza government since the country left its third bailout salary information among Microsoft
ical parties that had alternated in power The most impressive aspect of system, which pitted New Democracy made too little progress in attracting programme last year. It is in everyone’s employees in a private Facebook group.
since the return of civilian rule. Greece’s return to stability is the resil- against the Pasok socialist party, was foreign direct investment and complet- interest that Greece should put itself on Change will come: the world of work is
Today, on the face of things, the emer- ience of its democracy. Many outsiders notorious for clientelism and corrup- ing the privatisation of state assets. a sustainable path of higher long-term not working for too many people. But it
gency is over and the outlook is bright. claimed, at the height of the crisis, that tion. It is vital that these deeper currents A second factor is the fragility of growth. A mutually reinforcing mix of will not take the shape of a return to the
The authorities have lifted capital con- Greece was at risk of succumbing to of Greek public life do not reproduce Greece’s banks. By the middle of this Greek reform and creditor assistance is past.
trols, imposed four years ago. Greece’s rightwing extremism and even becom- themselves in a system now dominated year, they were burdened with about the best way to get there.
10-year bond yield touched an all-time ing unmoored from the western alliance by New Democracy and Syriza. €85bn in non-performing loans. To The writer is Bennett Professor of Public
low in July. Consumer confidence is at its system. Yet the far-right Golden Dawn As in other European countries, the some extent, however, liquidity tony.barber@ft.com Policy at the University of Cambridge
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10 ★ FINANCIAL TIMES Friday 20 September 2019
Twitter: @FTLex Jobs that could relocate from London to Europe Estimates of job losses
Number (’000)* Number (’000)
Quick returns China Inc’s global Reality bites Silicon Valley can no longer
spending spree goes into reverse — PAGE 13 play by its own rules — RICHARD WATERS, PAGE 12
COMPANIES
INSIDE BUSINESS
Oil & gas
TECHNOLOGY
T
the Middle East. Emirates, Oman and Bahrain between Dhabi National Oil Company. are wise “maximum pressure” strategy against ech exceptionalism — the idea that technology
“We cannot risk a war,” said Claudio 2019 and 2022 in an effort to deliver an Iran-aligned Houthi rebels, who are Iran. groups operate in their own rarefied universe,
Descalzi, following attacks last weekend additional 400,000 barrels a day of pro- fighting a Saudi-led coalition in a four- they will Colonel Turki al-Malki, a Saudi beyond the constraints faced by normal busi-
on Saudi Arabia’s Abqaiq crude process- duction. year war in Yemen, claimed responsibil- also do the defence ministry spokesman, said on nesses — was good while it lasted. It helped
ing facility and a large oilfield. “We can- Speaking to reporters and analysts in ity for the weekend attacks. Saudi offi- Wednesday that the strikes were many of today’s tech leaders keep regulators
not risk a big conflict that can involve Abu Dhabi, Mr Descalzi said a new set of cials say the attack did not emanate diplomatic launched from the north and involved at bay. Why should they be subject to rules designed for
more countries. It’s not just a question of geopolitical risks were emerging, target- from Yemen, adding the Houthis were work’ 18 Iranian drones and seven cruise mis- more prosaic businesses founded in less enlightened
energy security, it’s a question of human ing hydrocarbon-rich countries that are “covering up” for Iran. siles. He said investigators were still times? It supported higher valuations. Who would not
lives.” home to some of the world’s most Iran has denied any involvement. But Claudio working to determine the exact launch want the halo effect that comes from being associated with
Washington and Riyadh have blamed important energy infrastructure. the assault is being viewed as part of the Descalzi, ENI point. a fast-growing sector where stock is often sold at a multiple
of a company’s revenue, rather than earnings?
But when this self-image collides with the real world, the
results can be jarring.
Financials Technology The proponents of exceptionalism have been taking a
beating. Exhibit A has been California’s law tightening
after imposing workers who usually spend less time in the spotlight than
Uber drivers. Many cleaners, janitors and construction
workers may find themselves reclassified as employees,
non-competes with benefits that come with that (such as minimum pay
guarantees and the right to unionise). It poses a challenge
to the gig economy, which has prided itself on creating a
flexible style of working that places it outside old rules.
LINDSAY FORTADO — NEW YORK It is not a foregone conclusion that drivers summoned
by ride-hailing apps, along with other gig economy work-
The hedge fund DE Shaw has avoided
ers, will end up on the corporate payroll. Uber argues that,
an exodus of investment staff after
even with California’s stricter test, it will be able to treat its
making staff sign new non-compete
drivers as independent contractors.
employment contracts under threat of
What it comes down to is whether Uber is a tech group or
being fired, but a number of more jun-
another operator of a taxi-like service. According to Cali-
ior staff will be leaving, according to an
fornia’s law, companies can only treat workers as contrac-
internal memo seen by the Financial
tors if the work they do falls outside the organisation’s
Times.
usual business. If Uber is a service for supplying rides, the
One of the most senior employees who work of driving would seem to be closely tied to its core
declined to sign the non-compete was mission. But if it is a tech group, operating at one remove
Matthew Karchmer, a member of the from the service — one that runs an online platform, sell-
firm’s long-short equity group, accord- ing tech services to drivers and riders in a two-sided mar-
ing to a person familiar with the matter. ket — then driving may not
Several quantitative investment spe- be as central. This is likely to
cialists also departed, the person said. be a hard case for Uber to
Rules were felt
Mr Karchmer did not respond to a make. It is so closely associ- to be designed
message on LinkedIn. ated with its core service that
In a firmwide email, DE Shaw’s execu- its name has even become a
for more prosaic,
tive committee said 98 per cent of the verb for taking a ride. less enlightened
hundreds of staff members asked had It points to a bigger issue.
signed. “As a result, the firm is now in a The collision of tech excep-
legacy businesses
stronger position competitively,” the tionalism with the real world
committee wrote. has become more evident as “tech” groups intrude deeper
The demand for employees to sign the into the provision of services beyond the digital universe.
agreements came in the wake of the Students take part in a climate protest in Sydney. Further action is expected today as the activism moves into workplaces — Mick Tsikas/AAP/dpa Can they hold themselves to a different standard or expect
messy departure of one of its former investors to give them the benefit of the doubt?
senior partners, Daniel Michalow, who WeWork, poster child for much that is wrong with tech,
left 18 months ago after making an
insensitive comment. He was subject to
a non-solicitation agreement which
Staff climate protests spur green promises is caught up in this. The valuation it once hoped to get
when selling its shares on Wall Street reflects its self-image
as a tech group. But seen as a real estate concern, that
ended on September 15, leaving him becomes harder to justify. Any tech lustre WeWork man-
free to hire DE Shaw employees if he aged to attract to its brand has well and truly faded.
decides to launch his own firm, though CAMILLA HODGSON — LONDON who want to take the day off to join dem- Amazon Bezos’sannouncement was a “huge win” Similar questions face other “tech” groups as they move
KIRAN STACEY — WASHINGTON
he has not taken any steps to do so. onstrations. Tech companies in particu- but also “not enough”, in a statement on beyond the virtual world. What is the difference between a
The fact that the deadline for signing
LESLIE HOOK — NEW YORK
lar have faced a rising tide of climate said it Twitter. “Today, we celebrate. Tomor- tech group that enables a physical service and a more tra-
non-competes coincided with that date Companies are racing to burnish their activism, with Google, Microsoft, Face- would be row, we’ll be in the streets,” they said. ditional concern that has geared up its tech capabilities to
did not go unnoticed by employees at green credentials ahead of widespread book and Amazon all expecting Google also announced yesterday it compete with the digital competition? A clear dividing line
DE Shaw, though the hedge fund said employee walkouts today, as a youth- employee protests today. fuelled by had made the “biggest corporate pur- based on business model has been one test. But as that line
they were not linked. led global climate protest movement Mr Bezos praised the intent of the pro- 100% chase of renewable energy in history”, is challenged by regulations such as California’s employ-
The non-compete terms ranged from spills over into the workplace. testers but refused to sign up to more which would lift its renewable energy ment law, the distinction becomes harder to sustain.
three to 12 months in the US, and up to specific demands by Amazon’s employ- renewable portfolio by more than 40 per cent. For ride-hailing, delivery and other gig economy groups,
nine months in London and Hong Kong, Jeff Bezos, Amazon chief executive, fac- ees, who have called for the company to energy by The organisers of employee walkouts this is far from the end of the story. California governor
during which time a person leaving the ing the prospect of a large protest out- cut its carbon emissions to zero by 2030, are demanding businesses ramp up Gavin Newsom has said he wants to find a compromise.
firm will be unable to work for a com- side the company’s Seattle headquar- to stop working with oil and gas busi- 2030 efforts to counter global warming, and Uber supports a form of worker classification that stops
petitor. Staff were told that those who ters, announced new climate targets nesses on fossil fuel extraction, and to make commitments such as ceasing any short of full employee status but offers things such as mini-
did not sign the agreements would have yesterday, saying the company would stop donating to groups and individuals funding of climate-denying lobbyists mum pay — for the time workers are actively engaged in
their contracts terminated but be aim for net zero emissions by 2040, and who deny man-made climate change. and politicians. handling Uber rides — and the right to join a union.
allowed to keep the deferred compensa- be fuelled by 100 per cent renewable Mr Bezos defended in particular At next week’s UN summit in New Along with Lyft and DoorDash, it has threatened to put
tion they would normally forfeit. energy by 2030. Amazon’s work with oil and gas compa- York, more than 60 global leaders are the issue directly to California voters. And though workers
All of the firm’s managing directors, Other companies have gone further, nies, saying: “We’re going to work hard expected to outline new climate pledges. might welcome the benefits that come with employee sta-
the most senior level of investment staff with brands including Patagonia and for energy companies . . . To ask oil and As part of the Paris climate agreement, tus, many will not find it so attractive if it locks them into
outside of the executive committee, Ben & Jerry’s planning to shut all of their energy companies to do this transition signatories committed to limiting global working set shifts or limits other freedoms.
signed the agreements, but four senior stores today, so that employees could with bad tools is not a good idea.” warming to “well below” 2 degrees Cel- It leaves room for further debate and rule-setting. Gig
vice-presidents, the level just below MD, attend the climate protest. But he praised those who are planning sius — a promise that was made to avoid economy companies have a case in pushing for employ-
did not, according to another person. The protests, in which thousands of to go on strike tomorrow over climate the most extreme effects of climate ment rules that are better suited to the new types of mar-
The committee said that taking into employees around the world will take to change. “I think it’s totally understanda- changebutwhichwillrequiresubstantial ketplace they enable.
account other departures, attrition this the streets alongside millions of youth ble,” he said. “People are passionate changesfromcountriesworldwide. But it should not obscure the fact that the world has
year is at its historical average. protesters ahead of next week’s UN cli- about this issue, and by the way, they More than 100 advertising agencies, changed: their ability to operate in tech’s version of alter-
DE Shaw employs 1,300 people, hun- mate change summit, create a dilemma should be passionate about this issue.” including Saatchi and Saatchi and native reality is coming to an end.
dreds of whom were the subject of the for companies, which must decide The group of Amazon employees Ogilvy, have also told employees they
mid-September non-compete deadline. whether or not to grant leave to workers organising the protests said that Mr are free to strike. richard.waters@ft.com
Media Financials
WPP recruits ex-Unilever marketing chief MUFG to slash Asia investment banking jobs
PATRICIA NILSSON — LONDON Consumer goods groups such as Uni- tisers’ potential customers. Consultan- STEPHEN MORRIS — LONDON markets team will lose a few members, graphic changes that are shrinking cus-
lever used to be the bread and butter of cies such as Accenture have also been but will remain largely intact. tomer numbers.
WPP has hired Unilever’s former mar- Japan’s largest lender, Mitsubishi UFJ
WPP but the ad group has been forced to moving into turf that WPP and its peers Cuts to MUFG’s 2,000-strong banking “We constantly review our business in
keting chief as a non-executive direc- Financial Group, is preparing to cut
restructure and shrink in size as many used to have to themselves. and brokerage operation in London are all markets in which we have a presence
tor, strengthening its board as it battles half its Asian investment banking
big brands, Unilever included, slash In an attempt to adapt, WPP has also being discussed, but the scale has to ensure we remain competitive and
to adapt to an era of digital advertising. workforce outside its home country as
marketing budgets in the face of eco- disposed of more than 40 of its busi- not been finalised. In June, 500 direc- relevant to clients,” the bank said. “And
it struggles with dwindling profits and
Keith Weed, who will join WPP in No- nomic uncertainty. nesses for about £3.6bn since its tors and managing directors were as a general point, we don’t comment on
a falling share price.
vember, oversaw campaigns for brands Marketing executives also face founder Martin Sorrell left in April offered voluntary redundancy, with the speculation or rumour.”
such as Dove soap, Knorr condiments increasing options on where to direct 2018, including the $3.1bn sale of major- Top executives in Tokyo have decided to intention of ultimately losing about 50. Net operating profit in the global mar-
and Lipton tea until May this year, when their budgets. ity stake in market research business make redundant as many as 90 of the Big drops in profit at the bank’s inter- kets division plunged 26 per cent to
he retired after 35 years at the Anglo- Google and Facebook are attracting a Kantar to US private equity group Bain 180 MUFG Securities staff in Hong Kong national trading businesses amid vola- ¥251bn ($2.3bn) last year, largely
Dutch consumer goods group. growing portion of advertising spend Capital. and Singapore, with employees to be tile markets and slowing growth in because of a big fall in Europe, and the
“Keith is one of the world’s most influ- and can offer deep knowledge of adver- Mr Weed said he was delighted to join notified next month, according to peo- Europe and China prompted the top- bank said it “struggled in customer busi-
ential and successful marketers,” said WPP at “such an important and ple familiar with the decision. level debate about MUFG’s staff num- ness due to sluggish markets.”
Roberto Quarta, WPP chairman. “He dynamic time for the industry”. All investment banking divisions will bers, the people said. Still, MUFG is expanding in some
has a deep understanding of our busi- Keith Weed retired “I have worked with WPP for many be affected, with trading operations to MUFG’s shares have fallen 20 per cent other countries and products to offset
from Unilever in
ness, the ways in which technology is May this year after years [and] I look forward to contribut- be closed almost entirely and sales and in the past year, largely on dwindling its problems in Japan, completing a
transforming marketing, the sectors in a 35-year career at ing to WPP’s future, leveraging my back-office staff heavily cut and their hopes of an upturn in Japan’s banking $6.3bn acquisition of the aviation
which we operate and our fast-moving the consumer understanding of building brands in a responsibilities transferred to London, industry, which is under pressure from finance business of Germany’s DZ Bank
consumer goods clients in particular.” goods company rapidly changing world,” he said. the people said. The Asian debt capital ultra-low interest rates and demo- in March.
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Friday 20 September 2019 ★ FINANCIAL TIMES 13
COMPANIES
ulative buyers. It is the first time in a Chinese global acquisitions fall while divestments are rising swooped in with global assets moved
decade that Chinese companies are net from one Chinese owner to another.
Deal value ($bn) Divestments by value ($bn)
sellers of global assets. Chinese energy group CEFC, which
“There is definitely an ongoing focus 2015 16 17 18 19* 40 attempted but failed to buy a $9bn stake
to de-lever,” said Colin Banfield, joint Rest of total in Rosneft in 2017, bought a stake in
head of global cross-border M&A at Citi. US Czech airlines group Travel Services in
“But we haven’t seen this [affecting] 15.88 30 2015. Following the detention of its
corporations that have financed their 10.21 Total divestments 39.98 chairman, some of CEFC’s assets were
deals responsibly and where those divided up among state-owned compa-
deals have been strategic in nature and Total acquisitions 35.35 20 nies, including Travel Services, which
101.68 217.39 was bought by state conglomerate Citic.
An investment banker who has
‘Companies that expanded 10
worked directly with some of the com-
and acquired aggressively panies now selling off assets said: “The
government is still guiding many of
have found liquidity much 2015 16 17 18 19*
0
these transactions and cleaning up
more difficult to get’ * Year to date
Source: Dealogic
some of the mess that’s been made over
the past few years.”
Financials
COMPANIES
E-cigarette makers feel the heat in Asia tech sector for loans.
But despite operating for a year and a
half and being the only company
licensed in China to provide personal
credit scores, Baihang’s coverage of
users has been patchy.
Ban by New Delhi stubs out The lack of co-operation highlights
hopes for lucrative market as the struggle between the state and
China’s big tech companies over control
western health fears go global of user data.
Tencent’s Tencent Credit and Ali-
baba’s Sesame Credit, part of its Ant
STEPHANIE FINDLAY — NEW DELHI
Financial payments affiliate, were
Vaping companies are facing darkening forced to abandon their own attempts at
prospects in Asia as countries ban building credit-scoring schemes after
e-cigarettes, cutting off an important the PBoC revoked their permissions to
growth market for manufacturers as a
backlash grows.
There are more than 300m smokers
‘If it had been the [PBoC]
in China, who make up a third of asking for data, rather than
the total, while India has more than
266m tobacco users. Both countries
this lower-level body,
represent potentially fertile soil for maybe they’d have given it’
e-cigarette profits.
But on Wednesday, India’s cabinet do so in February last year. Instead, the
was the latest to announce a ban, as well PBoC set up Baihang and made the fin-
as up to three years in jail for those who tech groups shareholders in the new
manufacture, import or sell the prod- company to try to break their oligopoly
ucts, citing an alarming rise of vaping on credit data. However, the new share-
among young people. holding scheme has not smoothed the
New Delhi’s action comes in the same path to co-operation.
week that China, the largest producer In particular, since Tencent and Ses-
and consumer of tobacco, halted online ame hold the most customer data of any
sales of vaping products made by US of their peers, they have the least to gain
vape maker Juul Labs. from pooling such data with Baihang.
Juul, in which Altria owns a 35 per “We’d like to get personal information
cent stake, is also facing a regulatory and credit data from Tencent and Ali-
crackdown in its domestic market. baba,” said one Baihang employee, who
The moves follow the recommenda- asked to stay anonymous.
tion this month from the US Centers for “Names, ID and phone numbers, his-
Disease Control and Prevention that tories of borrowings and paybacks.”
consumers should avoid using e-ciga- A former employee of Tencent, who
rettes following a spike in unexplained was familiar with the talks between
lung illnesses among users. Baihang and its member companies,
“This decision is taken keeping in ‘This rette manufacturers are, is planning to As smokers quit traditional ciga- A saleswoman jaya Swasembada, a distributor of Apple also confirmed that Tencent and Ali-
mind the impact that e-cigarettes ban the use of e-cigarettes in public rettes, Big Tobacco has invested in alter- exhales as she and Samsung smartphones. Vaping is baba were not sharing their loan trans-
are having on the youth of today,” decision is from October. natives. Philip Morris International has chats to a catching on in the capital Jakarta, with action data.
said Nirmala Sitharaman, India’s taken Several other Chinese cities have launched IQOS, a device that heats a customer at a so-called vaping bars mushrooming in “If it had been the [PBoC] itself asking
finance minister. expanded their bans on smoking in pub- tobacco plug instead of vaporising it. It Beijing vape urban areas that often lack public for data, rather than this arm’s length
“The data that we have largely is keeping in lic to include e-cigarettes. No data were is popular in Japan, where the liquid nic- shop. China is spaces for entertainment. lower-level body, then perhaps they
of course derived from the US’s mind the available on e-cigarette usage. otine used in e-cigarettes cannot be sold among Asian However, last year the Indonesian would have given it,” the former
experience.” While India’s vaping market is still over the counter. countries government imposed a 57 per cent employee added.
Beijing was already gearing up to reg- impact on small, e-cigarette companies were look- Some Asian countries have banned regulating the import duty on e-cigarettes and Sesame Credit declined to comment.
ulate the sector, fearing that e-cigarettes the youth ing to it and the rest of Asia as a lucrative e-cigarettes. Cambodia and Thailand products as it vaping liquids. Baihang and Tencent did not respond to
would create a new generation of nico- alternative to the US, where the nascent outlawed the use and import of also tries to India’s e-cigarette ban sparked requests for comment.
tine addicts at a time when the govern- of today’ industry is under pressure after the out- e-cigarettes in 2014. Vaping is not reduce the immediate criticism. Tencent Credit and Sesame Credit are
ment was trying to cut the proportion of break of a lung illness linked to vaping. illegal in Vietnam or the Philippines, yet number of “The winner will be combustible among eight fintech companies, includ-
the population older than 15 who
Nirmala Shares of Godfrey Phillips India, one the latter country is pushing through tobacco smokers cigarettes. From a public health point ing Ping An Bank’s Qianhai Credit and
Sitharaman,
smoke, from more than 26.6 per cent to India’s finance of India’s top tobacco companies, rose legislation that would increase taxes on from 300m of view this is not good news,” said Kaola Credit, that each own an 8 per
20 per cent by 2030. minister 9 per cent following the announcement, the product. Thomas Peter/Reuters
Derek Yach, president of the Founda- cent share of Baihang. The National Int-
“The National Health Commission is while Golden Tobacco and ITC also Other countries, including South tion for a Smoke-Free World, a non- ernet Finance Association, an industry
planning to legislate to regulate e-ciga- recorded gains. Korea and chain-smoking Indonesia, profit organisation. body, holds the remaining 36 per cent.
rettes,” said health official Mao Qunan E-cigarettes heat a liquid — which can where 65 per cent of men smoke, could “For India it’s a relative distraction By April this year, more than 700
at a July briefing. contain nicotine and comes in a variety prove promising markets as smokers from the bigger problem of those who financial institutions and companies,
China, which has a domestic e-ciga- of flavours — that creates vapour and is switch to vaping. use tobacco products.” mostly online microlenders, had con-
rette industry, banned the sale of e-ciga- inhaled. They have been promoted as a Juul products started selling in Indo- Additional reporting by Xinning Liu in Bei- nected to Baihang’s credit database,
rettes to under-18s in August last year. safer alternative to smoking in coun- nesia in July, after the company part- jing, John Reed in Bangkok, Stefania Palma according to state media.
Shenzhen, where 85 per cent of e-ciga- tries such as the UK. nered with a subsidiary of retailer Era- in Singapore and Leo Lewis in Tokyo See Lex
Legal Notices
COMPANIES
Transport
MARKET DATA
S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
3,018.53 16,880.66 12,457.70 22,044.45
7,356.42 2,080.35
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
43,097.20 1,539.38
8,216.81 9,136.00
26,270.04 26,468.95 3,158.80
7,948.56 1,478.69 3,122.57
39,700.05 8,701.50
Day 0.48% Month 4.08% Year 3.29% Day 0.06% Month 8.98% Year -13.07% Day 0.64% Month 4.59% Year 3.60% Day NaN% Month NaN% Year NaN% Day -1.07% Month 2.93% Year -2.20% Day -0.25% Month 1.51% Year 0.73%
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
27,240.28 5,659.08 22,128.24 2,999.28
105,117.33
101,201.90 20,847.07 37,402.49
2,880.33
25,962.44 5,344.64 36,093.47
Day 0.34% Month 5.24% Year 3.79% Day 0.56% Month 5.81% Year 34.65% Day 0.68% Month 6.76% Year 5.51% Day 0.82% Month 8.97% Year 4.32% Day 0.46% Month 6.21% Year 11.09% Day -1.29% Month -3.26% Year -3.21%
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 30030.73 30071.10 Cyprus
CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 24089.12 23899.57 Philippines Manila Comp 7911.32 7915.29 Taiwan Weighted Pr 10894.70 10929.45 Cross-Border DJ Global Titans ($) 337.39 335.63
Australia All Ordinaries 6825.20 6791.20 Czech Republic
PX 1053.36 1050.02 FTSE Italia Mid Cap 37965.61 37743.55 Poland Wig 58053.03 58297.28 Thailand Bangkok SET 1640.66 1654.14 Euro Stoxx 50 (Eur) 3552.65 3528.04
S&P/ASX 200 6717.50 6681.60 OMXC Copenahgen 20
Denmark 1036.41 1031.74 FTSE MIB 22128.24 21947.70 Portugal PSI 20 5039.92 4991.74 Turkey BIST 100 116840.94 116315.98 Euronext 100 ID 1094.16 1088.56
S&P/ASX 200 Res 4777.30 4795.00 Egypt
EGX 30 14742.07 14745.10 Japan 2nd Section 6508.72 6491.04 PSI General 3234.45 3210.35 UAE Abu Dhabi General Index 5124.72 5156.06 FTSE 4Good Global ($) 7263.71 7242.38
Austria ATX 3069.00 3039.89 Estonia
OMX Tallinn 1232.17 1233.77 Nikkei 225 22044.45 21960.71 Romania BET Index 9358.82 9313.44 UK FT 30 3060.20 3041.90 FTSE All World ($) 347.85 347.15
Belgium BEL 20 3705.62 3680.08 Finland
OMX Helsinki General 9465.58 9415.41 S&P Topix 150 1340.96 1335.71 Russia Micex Index 2794.77 2818.60 FTSE 100 7356.42 7314.05 FTSE E300 1539.38 1529.66
BEL Mid 8043.27 8019.02 France
CAC 40 5659.08 5620.64 Topix 1615.66 1606.62 RTX 1378.06 1382.16 FTSE 4Good UK 6757.24 6717.82 FTSE Eurotop 100 2993.67 2973.24
Brazil Bovespa 105117.33 104531.93 SBF 120 4464.70 4434.36 Jordan Amman SE 1817.11 1816.13 Saudi-Arabia TADAWUL All Share Index 7926.82 7821.23 FTSE All Share 4044.88 4024.85 FTSE Global 100 ($) 1847.10 1840.43
Canada S&P/TSX 60 1010.58 1005.77 Germany M-DAX 26092.42 25947.86 Kenya NSE 20 2431.64 2431.36 Singapore FTSE Straits Times 3158.80 3166.84 FTSE techMARK 100 5398.71 5380.98 FTSE Gold Min ($) 1824.74 1839.04
S&P/TSX Comp 16880.66 16800.29 TecDAX 2893.96 2895.31 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 336.52 336.05 USA DJ Composite 9027.46 9009.24 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 694.31 723.46 XETRA Dax 12457.70 12389.62 Latvia OMX Riga 1027.68 1034.52 Slovenia SBI TOP 861.90 859.42 DJ Industrial 27240.28 27147.08 FTSE Multinationals ($) 2065.90 2065.59
Chile S&P/CLX IGPA Gen 25502.12 25479.55 Greece Athens Gen 873.93 872.58 Lithuania OMX Vilnius 689.12 691.57 South Africa FTSE/JSE All Share 56123.83 56220.41 DJ Transport 10555.48 10576.34 FTSE World ($) 619.90 618.39
China FTSE A200 10495.12 10466.55 FTSE/ASE 20 2167.71 2160.23 Luxembourg LuxX 1340.00 1341.00 FTSE/JSE Res 20 43758.63 43812.74 DJ Utilities 858.84 856.20 FTSEurofirst 100 (Eur) 4242.08 4212.39
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 26468.95 26754.12 Malaysia FTSE Bursa KLCI 1596.28 1599.49 FTSE/JSE Top 40 50077.78 50134.23 Nasdaq 100 7928.00 7888.56 FTSEurofirst 80 (Eur) 4886.84 4855.85
Shanghai A 3142.12 3127.84 HS China Enterprise 10385.35 10478.50 Mexico IPC 43097.20 43070.34 South Korea Kospi 2080.35 2070.73 Nasdaq Cmp 8216.81 8177.39 MSCI ACWI Fr ($) 526.31 526.32
Shanghai B 272.39 271.63 HSCC Red Chip 4263.82 4308.58 Morocco MASI 11553.51 11602.27 Kospi 200 274.92 273.06 NYSE Comp 13168.82 13119.31 MSCI All World ($) 2201.02 2201.77
Shanghai Comp 2999.28 2985.66 Hungary Bux 40922.30 40930.24 Netherlands AEX 579.08 576.68 Spain IBEX 35 9136.00 9031.70 S&P 500 3018.53 3006.73 MSCI Europe (Eur) 1606.10 1605.27
Shenzhen A 1749.60 1731.77 India BSE Sensex 36093.47 36563.88 AEX All Share 841.19 837.41 Sri Lanka CSE All Share 5811.04 5807.51 Wilshire 5000 30879.40 30762.58 MSCI Pacific ($) 2700.16 2712.20
Shenzhen B 946.56 944.03 Nifty 500 8766.45 8877.70 New Zealand NZX 50 10801.05 10774.85 Sweden OMX Stockholm 30 1664.64 1655.11 Venezuela IBC 50330.50 53618.39 S&P Euro (Eur) 1617.20 1607.26
Colombia COLCAP 1597.36 1597.94 Indonesia Jakarta Comp 6244.47 6276.63 Nigeria SE All Share 27681.61 27407.04 OMX Stockholm AS 630.41 627.73 Vietnam VNI 997.10 995.15 S&P Europe 350 (Eur) 1582.23 1571.88
Croatia CROBEX 1897.16 1893.77 Ireland ISEQ Overall 6105.33 6071.86 Norway Oslo All Share 1005.28 1004.96 Switzerland SMI Index 10064.46 10018.84 S&P Global 1200 ($) 2457.63 2446.72
Israel Tel Aviv 125 1522.94 1522.94 Pakistan KSE 100 32184.03 31555.47 Stoxx 50 (Eur) 3220.91 3197.11
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.
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
Sep 19 Currency Mid Change Mid Change Mid Change Sep 19 Currency Mid Change Mid Change Mid Change Sep 19 Currency Mid Change Mid Change Mid Change Sep 19 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 56.6275 0.1050 62.6099 0.0988 70.7251 0.1655 Indonesia Indonesian Rupiah 14060.0000 - 15545.3785 -4.3027 17560.3109 8.5375 Poland Polish Zloty 3.9274 0.0022 4.3423 0.0012 4.9051 0.0051 ..Three Month 0.8011 -0.0004 0.8850 -0.0007 - -
Australia Australian Dollar 1.4705 0.0088 1.6258 0.0093 1.8366 0.0119 Israel Israeli Shekel 3.5128 -0.0159 3.8839 -0.0186 4.3873 -0.0177 Romania Romanian Leu 4.2947 0.0101 4.7485 0.0098 5.3639 0.0152 ..One Year 0.8021 -0.0004 0.8840 -0.0007 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4168 -0.0001 0.4709 0.0002 Japan Japanese Yen 108.0450 -0.1800 119.4593 -0.2321 134.9432 -0.1590 Russia Russian Ruble 63.8688 -0.3063 70.6161 -0.3583 79.7691 -0.3435 United States United States Dollar - - 1.1056 -0.0003 1.2490 0.0006
Bolivia Bolivian Boliviano 6.9100 - 7.6400 -0.0021 8.6303 0.0042 ..One Month 108.0447 -0.1805 119.4593 -0.2321 134.9431 -0.1593 Saudi Arabia Saudi Riyal 3.7509 -0.0002 4.1472 -0.0014 4.6847 0.0020 ..One Month - - 1.1054 -0.1427 1.2491 0.0006
Brazil Brazilian Real 4.1390 0.0371 4.5762 0.0398 5.1694 0.0488 ..Three Month 108.0443 -0.1814 119.4594 -0.2320 134.9428 -0.1598 Singapore Singapore Dollar 1.3783 0.0042 1.5239 0.0042 1.7214 0.0061 ..Three Month - - 1.1049 -0.1427 1.2494 0.0006
Canada Canadian Dollar 1.3272 0.0007 1.4674 0.0003 1.6575 0.0016 ..One Year 108.0424 -0.1851 119.4594 -0.2318 134.9431 -0.1608 South Africa South African Rand 14.6825 0.0450 16.2336 0.0453 18.3378 0.0651 ..One Year - - 1.1028 -0.1427 1.2504 0.0006
Chile Chilean Peso 716.5750 -0.1400 792.2771 -0.3738 894.9693 0.2610 Kenya Kenyan Shilling 103.8500 -0.1500 114.8212 -0.1976 129.7039 -0.1241 South Korea South Korean Won 1193.5500 2.1500 1319.6418 2.0128 1490.6891 3.4096 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 7.0987 0.0108 7.8486 0.0098 8.8659 0.0178 Kuwait Kuwaiti Dinar 0.3038 -0.0002 0.3359 -0.0003 0.3794 -0.0001 Sweden Swedish Krona 9.6920 -0.0097 10.7158 -0.0136 12.1048 -0.0062 Vietnam Vietnamese Dong 23212.0000 0.5000 25664.2551 -6.5223 28990.8012 14.7847
Colombia Colombian Peso 3377.3100 -4.0500 3734.1048 -5.5116 4218.1065 -3.0019 Malaysia Malaysian Ringgit 4.1915 0.0075 4.6343 0.0070 5.2350 0.0119 Switzerland Swiss Franc 0.9928 -0.0026 1.0977 -0.0031 1.2400 -0.0026 European Union Euro 0.9045 0.0003 - - 1.1296 0.0009
Costa Rica Costa Rican Colon 578.4150 0.6650 639.5213 0.5586 722.4137 1.1818 Mexico Mexican Peso 19.3989 0.0373 21.4483 0.0353 24.2283 0.0583 Taiwan New Taiwan Dollar 30.9985 0.0190 34.2733 0.0115 38.7157 0.0426 ..One Month 0.9042 0.0003 - - 1.1295 0.0009
Czech Republic Czech Koruna 23.4179 -0.0014 25.8919 -0.0087 29.2479 0.0126 New Zealand New Zealand Dollar 1.5855 0.0059 1.7530 0.0060 1.9803 0.0083 Thailand Thai Baht 30.5275 -0.0050 33.7526 -0.0149 38.1274 0.0123 ..Three Month 0.9037 0.0002 - - 1.1293 0.0009
Denmark Danish Krone 6.7537 0.0015 7.4671 -0.0005 8.4350 0.0059 Nigeria Nigerian Naira 362.2500 - 400.5197 -0.1107 452.4336 0.2203 Tunisia Tunisian Dinar 2.8599 0.0010 3.1620 0.0002 3.5718 0.0030 ..One Year 0.9016 0.0002 - - 1.1284 0.0009
Egypt Egyptian Pound 16.3080 -0.0190 18.0308 -0.0260 20.3679 -0.0138 Norway Norwegian Krone 8.9671 0.0383 9.9145 0.0397 11.1996 0.0533 Turkey Turkish Lira 5.7040 0.0354 6.3066 0.0374 7.1240 0.0476
Hong Kong Hong Kong Dollar 7.8322 0.0040 8.6596 0.0020 9.7821 0.0098 Pakistan Pakistani Rupee 156.1000 -0.1500 172.5911 -0.2136 194.9617 -0.0923 United Arab Emirates UAE Dirham 3.6732 - 4.0612 -0.0011 4.5876 0.0022
Hungary Hungarian Forint 300.8909 -0.0675 332.6783 -0.1667 375.7989 0.0986 Peru Peruvian Nuevo Sol 3.3539 0.0116 3.7082 0.0118 4.1889 0.0165 United Kingdom Pound Sterling 0.8007 -0.0004 0.8853 -0.0007 - -
India Indian Rupee 71.3250 0.0831 78.8601 0.0701 89.0816 0.1471 Philippines Philippine Peso 52.1900 -0.0150 57.7036 -0.0325 65.1829 0.0130 ..One Month 0.8008 -0.0004 0.8852 -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 Sep 19 Sep 18 Sep 17 Sep 16 Sep 13 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 3060.20 3041.90 3045.70 3045.70 3062.90 0.00 3135.80 2704.70 Leisure Goods 45.03 Health Care 14.59 Life Insurance 8.94 FTSE 100 Price Change FTSE 100 Price Change
Sep 19 chge% Index Sep 18 Sep 17 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Tech Hardware & Eq 41.85 Consumer Goods 14.45 Financials 8.27 3I Group PLC 1121.5 8.00 Land Securities Group PLC 840.00 -1.00
FTSE 100 (100) 7356.42 0.58 6475.18 7314.05 7320.40 7367.32 4.47 1.47 15.16 266.69 6750.08 P/E Ratio net - - - - - 0.00 19.44 14.26 Financial Services 28.89 Food Producers 14.24 Mobile Telecomms 7.57 Admiral Group PLC 2145 16.00 Legal & General Group PLC 246.70 2.60
FTSE 250 (250) 20089.46 0.17 17682.92 20054.43 20040.54 20551.26 3.12 1.52 21.09 459.35 15538.27 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Construct & Material 27.77 Pharmace & Biotech 13.40 Electricity 6.56 Anglo American PLC 1883.4 -29.00 Lloyds Banking Group PLC 54.06 1.07
FTSE 250 ex Inv Co (191) 21186.40 0.15 18648.45 21154.85 21132.37 21952.67 3.30 1.42 21.27 512.86 16756.03 FT 30 hourly changes Electronic & Elec Eq 24.46 Equity Invest Instr 12.73 FTSE SmallCap Index 6.47 Antofagasta PLC 923.20 -10.20 London Stock Exchange Group PLC 7246 -10.00
FTSE 350 (350) 4102.00 0.51 3610.62 4081.11 4083.60 4122.49 4.25 1.48 15.91 139.58 7520.27 8 9 10 11 12 13 14 15 16 High Low Health Care Eq & Srv 23.62 Mining 11.97 Nonlife Insurance 5.72 Ashtead Group PLC 2297 32.00 Marks And Spencer Group PLC 198.85 -3.05
FTSE 350 ex Investment Trusts (290) 4052.48 0.52 3567.03 4031.57 4033.94 4078.30 4.33 1.46 15.83 140.63 3832.62 3041.9 3052.1 3049.3 2905.1 3050 3054.2 3054.9 3052.3 3056.8 3062 3031.2 Food & Drug Retailer 23.25 Household Goods & Ho 11.97 Real Est Invest & Se 4.61 Associated British Foods PLC 2286 -27.00 Melrose Industries PLC 207.60 3.30
FTSE 350 Higher Yield (109) 3560.02 0.53 3133.56 3541.28 3542.50 3710.28 6.09 1.33 12.37 165.47 7057.78 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Industrials 21.36 Industrial Transport 11.78 Forestry & Paper 3.58 Astrazeneca PLC 7127 180.00 Micro Focus International PLC 1179 5.80
FTSE 350 Lower Yield (241) 4313.63 0.49 3796.89 4292.42 4296.20 4162.26 2.35 1.89 22.54 90.39 4994.71 Support Services 21.09 Tobacco 11.09 Chemicals 3.30 Auto Trader Group PLC 518.00 -6.20 Mondi PLC 1623.5 9.50
FTSE SmallCap (276) 5507.28 0.10 4847.55 5501.63 5505.70 5807.69 3.74 0.89 29.89 136.51 8465.53 Personal Goods 19.58 Technology 11.09 Utilities 1.41
FTSE SmallCap ex Inv Co (153) 4439.37 0.48 3907.58 4417.96 4434.12 4948.84 4.21 1.21 19.56 114.26 7183.38 FX: EFFECTIVE INDICES Aerospace & Defense 18.68 NON FINANCIALS Index 11.02 Banks 0.22
Aveva Group PLC 3778 54.00 Morrison (Wm) Supermarkets PLC 198.55 -1.55
Aviva PLC 388.60 0.60 National Grid PLC 851.20 4.60
FTSE All-Share (626) 4044.88 0.50 3560.34 4024.85 4027.31 4072.14 4.23 1.46 16.17 136.30 7492.19 Industrial Eng 18.66 Industrial Metals & 10.93 Gas Water & Multi -0.05
Sep 18 Sep 17 Mnth Ago Sep 19 Sep 18 Mnth Ago Bae Systems PLC 585.20 -3.00 Next PLC 5820 -350.00
FTSE All-Share ex Inv Co (443) 3968.33 0.52 3492.96 3947.89 3950.44 4002.01 4.32 1.46 15.89 137.00 3812.57 Media 17.29 Basic Materials 10.72 Oil & Gas Producers -0.19 Barclays PLC 150.48 2.48 Nmc Health PLC 2917 -4.00
FTSE All-Share ex Multinationals (558) 1171.76 0.45 854.84 1166.52 1168.13 1220.23 3.91 1.42 18.01 36.16 2277.04 Australia - - - Sweden - - - General Retailers 17.01 FTSE All{HY-}Share Index 10.29 Oil & Gas -0.43 Barratt Developments PLC 631.60 -0.60 Ocado Group PLC 1295 -49.00
FTSE Fledgling (102) 9264.85 -0.03 8155.00 9267.40 9257.07 11062.23 5.42 -0.34 -53.71 192.94 18445.06 Canada - - - Switzerland - - - Beverages 16.65 Software & Comp Serv 9.55 Telecommunications -3.44 Berkeley Group Holdings (The) PLC 4132 33.00 Pearson PLC 862.80 1.40
FTSE Fledgling ex Inv Co (46) 10706.38 0.36 9423.85 10668.39 10643.32 16483.38 14.64 -0.37 -18.40 265.02 20947.02 Denmark - - - UK 77.20 77.25 74.83 FTSE 250 Index 15.39 FTSE 100 Index 9.50 Oil Equipment & Serv -13.46 Bhp Group PLC 1792.6 -3.00 Persimmon PLC 2030 8.00
FTSE All-Small (378) 3819.53 0.10 3361.99 3815.91 3818.32 4053.40 3.84 0.79 32.86 93.81 7532.55 Japan - - - USA - - - Consumer Services 14.79 Real Est Invest & Tr 9.50 Fixed Line Telecomms -25.41 BP PLC 516.90 1.80 Phoenix Group Holdings PLC 689.10 2.00
FTSE All-Small ex Inv Co (199) 3309.70 0.48 2913.23 3293.87 3305.32 3733.05 4.52 1.06 20.85 85.04 6783.83 New Zealand - - - Euro - - - Travel & Leisure 9.47 Automobiles & Parts -29.65 British American Tobacco PLC 2961.5 0.50 Prudential PLC 1469.5 2.50
FTSE AIM All-Share (761) 885.76 0.14 779.66 884.50 884.49 1094.89 1.74 1.30 44.01 9.24 1004.07 Norway - - -
British Land Company PLC 558.40 -3.60 Reckitt Benckiser Group PLC 6301 14.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Bt Group PLC 177.32 3.48 Relx PLC 1900 20.00
Oil & Gas (13) 8957.76 0.31 7884.70 8930.20 8933.52 9743.36 5.87 1.35 12.64 398.08 9393.73 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bunzl PLC 2099 - Rentokil Initial PLC 453.20 4.50
Oil & Gas Producers (9) 8678.05 0.31 7638.50 8651.50 8651.94 9356.61 5.87 1.35 12.58 384.09 9427.49 Burberry Group PLC 2132 12.00 Rightmove PLC 544.00 1.80
Oil Equipment Services & Distribution (4) 9527.04 0.42 8385.78 9487.58 9684.05 16159.45 5.70 0.98 17.95 532.50 8177.90 FTSE GLOBAL EQUITY INDEX SERIES Carnival PLC 3687 -7.00 Rio Tinto PLC 4249.5 -14.00
Basic Materials (25) 6177.67 -0.25 5437.64 6192.97 6200.52 6039.07 5.48 2.45 7.44 330.22 7096.06 Centrica PLC 73.58 0.80 Rolls-Royce Holdings PLC 809.80 6.80
Chemicals (8) 13839.33 0.96 12181.50 13708.18 13746.54 17533.32 2.43 2.38 17.32 291.81 13018.32 Sep 17 No of US $ Day Mth YTD Gr Div Sep 17
YTD Total No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2681 10.00 Royal Bank Of Scotland Group PLC 208.00 3.50
Forestry & Paper (1) 19943.07 0.59 17554.06 19826.37 19961.50 26078.93 4.44 2.44 9.24 885.56 23554.27 Regions & countries stocks indices % % % Yield Sectors
% retn stocks indices % % % retn % Yield Compass Group PLC 2027 24.00 Royal Dutch Shell PLC 2347.5 8.50
Industrial Metals & Mining (2) 4913.65 -2.61 4325.04 5045.39 5014.92 5180.01 14.32 1.48 4.73 538.98 5784.13 FTSE Global All Cap 8881 592.61 0.1 4.6 15.4 889.27
17.6 2.4 Oil & Gas Producers 107 345.54 -0.9 -0.9 5.2 619.91 8.6 4.3 Crh PLC 2756 26.00 Royal Dutch Shell PLC 2343 5.50
Mining (14) 17670.69 -0.38 15553.89 17737.29 17753.26 16470.62 5.69 2.51 7.00 997.71 10696.57 FTSE Global Large Cap 1773 526.81 0.1 4.5 15.3 813.33
17.7 2.5 Oil Equipment & Services 34 256.93 -0.9 -0.9 15.3 406.27 19.4 4.7 Croda International PLC 4890 96.00 Rsa Insurance Group PLC 540.20 9.00
FTSE Global Mid Cap 2150 777.65 0.1 5.0 15.5 1100.41
17.5 2.2 Basic Materials 354 479.31 -0.3 -0.3 7.1 784.71 10.1 3.5 Dcc PLC 7108 46.00 Sage Group PLC 685.20 0.20
Industrials (105) 5658.63 0.43 4980.77 5634.23 5645.75 5719.79 2.51 1.00 39.75 99.66 6159.56
Construction & Materials (15) 6513.20 0.88 5732.98 6456.58 6456.56 6606.57 2.60 0.32 119.26 156.31 7352.24 FTSE Global Small Cap 4958 811.92 0.0 4.5 15.9 1106.93
17.6 2.0 Chemicals 163 710.86 -0.3 -0.3 7.5 1156.19 9.8 2.9 Diageo PLC 3263.5 -6.00 Sainsbury (J) PLC 214.90 0.70
Aerospace & Defense (10) 5383.38 0.06 4738.50 5380.41 5396.60 5752.63 2.53 -0.26 -153.07 85.56 6055.30 FTSE All-World 3923 347.14 0.1 4.6 15.3 551.02
17.6 2.5 Forestry & Paper 20 243.61 -1.6 -1.6 -1.7 446.80 1.7 4.2 Direct Line Insurance Group PLC 305.40 6.80 Schroders PLC 3122 11.00
General Industrials (6) 4771.95 -0.51 4200.31 4796.64 4823.34 5541.24 3.30 1.06 28.63 70.73 5772.81 FTSE World 2595 618.46 0.2 4.6 15.9 1317.59
18.2 2.5 Industrial Metals & Mining 94 345.65 -0.8 -0.8 -3.4 564.42 -1.0 4.7 Evraz PLC 490.70 -12.30 Scottish Mortgage Investment Trust PLC 520.50 5.00
Electronic & Electrical Equipment (10) 9364.98 0.00 8243.13 9364.59 9314.57 8186.22 1.52 2.02 32.54 89.36 8862.67 FTSE Global All Cap ex UNITED KINGDOM In 8570 620.17 0.1 4.5 15.9 914.41
18.0 2.3 Mining 77 671.30 0.1 0.1 14.7 1123.28 19.3 4.0 Experian PLC 2535 44.00 Segro PLC 783.20 3.80
Industrial Engineering (12) 13636.82 0.25 12003.25 13602.73 13731.48 14232.61 2.43 1.55 26.52 276.24 17497.36 FTSE Global All Cap ex USA 7064 481.94 0.0 5.2 10.0 784.92
12.8 3.1 Industrials 749 421.39 0.1 0.1 20.2 634.55 22.1 2.0 Ferguson PLC 6050 -16.00 Severn Trent PLC 2087 -15.00
Industrial Transportation (6) 3780.29 0.84 3327.44 3748.74 3794.92 5072.81 5.87 0.86 19.86 162.26 3780.54 FTSE Global All Cap ex JAPAN 7544 609.72 0.1 4.4 15.9 924.23
18.2 2.4 Construction & Materials 146 511.83 -0.1 -0.1 16.0 808.23 18.3 2.4 Flutter Entertainment PLC 7562 126.00 Smith & Nephew PLC 1912.5 2.50
Support Services (46) 8588.82 0.65 7559.96 8533.60 8540.35 8179.54 2.28 1.64 26.73 133.97 9382.58 FTSE Global All Cap ex Eurozone 8213 619.76 0.1 4.5 15.8 910.77
17.9 2.3 Aerospace & Defense 35 916.16 0.6 0.6 29.7 1362.90 31.7 1.8 Fresnillo PLC 716.60 -20.20 Smith (Ds) PLC 358.70 1.40
FTSE Developed 2173 564.34 0.2 4.6 16.3 853.77
18.6 2.4 General Industrials 65 209.32 0.0 0.0 10.5 343.17 12.6 2.3 Glaxosmithkline PLC 1657.8 10.80 Smiths Group PLC 1640.5 -13.00
Consumer Goods (42) 19880.08 0.05 17498.62 19870.34 19896.16 19722.37 4.16 1.64 14.66 582.71 16042.70
FTSE Developed All Cap 5691 591.09 0.2 4.6 16.4 882.13
18.5 2.4 Electronic & Electrical Equipment 133 453.69 -0.1 -0.1 20.9 621.55 22.7 1.8 Glencore PLC 254.30 1.30 Smurfit Kappa Group PLC 2482 -24.00
Automobiles & Parts (2) 4790.93 3.63 4217.02 4623.03 4563.75 10885.33 2.17 2.89 15.90 108.61 4897.96
FTSE Developed Large Cap 907 524.48 0.3 4.4 16.4 806.96
18.6 2.5 Industrial Engineering 151 755.09 -0.5 -0.5 14.4 1126.81 16.6 2.5 Halma PLC 2004 -15.00 Spirax-Sarco Engineering PLC 8145 80.00
Beverages (5) 25976.32 -0.10 22864.58 26003.22 26050.00 21343.66 2.13 1.73 27.26 534.17 19452.74
FTSE Developed Europe Large Cap 237 356.06 0.5 4.5 11.1 644.86
14.8 3.6 Industrial Transportation 129 724.78 -0.3 -0.3 17.7 1097.41 19.8 2.3 Hargreaves Lansdown PLC 2045 37.00 Sse PLC 1236 8.00
Food Producers (11) 7351.99 -0.72 6471.29 7405.40 7397.45 7172.16 2.47 1.95 20.80 109.88 6664.13
FTSE Developed Europe Mid Cap 347 574.25 0.1 6.5 10.7 917.32
13.7 3.1 Support Services 90 476.96 0.6 0.6 29.0 680.76 30.3 1.4 Hiscox LTD 1657 17.00 St. James's Place PLC 986.00 6.60
Household Goods & Home Construction (15)13774.60 0.13 12124.52 13757.30 13825.49 14565.64 4.46 1.89 11.84 518.80 10763.02
FTSE Dev Europe Small Cap 735 791.37 0.3 6.4 10.6 1218.41
13.4 3.0 Consumer Goods 549 486.50 0.4 0.4 14.9 762.21 17.2 2.7 HSBC Holdings PLC 616.00 6.40 Standard Chartered PLC 690.60 10.40
Leisure Goods (2) 13558.40 0.90 11934.22 13437.62 13164.91 11734.86 3.30 1.41 21.41 290.69 13715.01
FTSE North America Large Cap 267 646.30 0.3 4.0 19.9 920.97
21.7 2.0 Automobiles & Parts 136 357.88 -0.4 -0.4 5.7 546.91 8.4 3.4 Imperial Brands PLC 2184 28.00 Standard Life Aberdeen PLC 275.20 5.90
Personal Goods (5) 36553.54 -0.08 32174.74 36583.68 36775.64 32202.01 2.75 2.60 14.03 757.63 26413.91
FTSE North America Mid Cap 407 898.94 0.2 4.2 21.1 1183.76
22.6 1.7 Beverages 64 713.13 0.8 0.8 19.3 1128.21 21.4 2.3 Informa PLC 843.00 -4.00 Taylor Wimpey PLC 160.70 0.15
Tobacco (2) 33294.38 0.32 29306.00 33189.63 33053.81 39567.70 7.23 1.20 11.52 1331.31 24349.51
FTSE North America Small Cap 1348 911.05 0.0 4.1 20.7 1160.56
22.0 1.6 Food Producers 130 665.02 0.6 0.6 18.9 1065.44 21.3 2.2 Intercontinental Hotels Group PLC 5017 2.00 Tesco PLC 236.50 1.00
Health Care (18) 12191.45 1.39 10731.02 12024.16 11975.09 10385.45 3.50 0.88 32.35 354.27 10212.43
FTSE North America 674 427.39 0.3 4.0 20.0 622.54
21.8 2.0 Household Goods & Home Construction 60 481.06 0.8 0.8 20.1 750.24 22.8 2.6 International Consolidated Airlines Group S.A. 466.90 16.90 Tui AG 844.60 -8.40
Health Care Equipment & Services (9) 8718.90 0.24 7674.45 8697.75 8713.10 7691.82 1.57 2.48 25.67 99.76 7843.62
FTSE Developed ex North America 1499 253.74 0.2 5.5 10.2 445.01
13.1 3.3 Leisure Goods 44 222.46 -0.5 -0.5 20.2 301.65 21.3 1.2 Intertek Group PLC 5482 70.00 Unilever PLC 4920 -9.00
Pharmaceuticals & Biotechnology (9) 16567.99 1.56 14583.29 16314.19 16233.96 14085.91 3.77 0.79 33.58 522.53 12448.11
FTSE Japan Large Cap 189 375.82 0.0 6.9 2.4 Personal Goods
11.1 509.29
12.6 102 849.71 0.6 0.6 18.6 1241.94 20.2 1.8 Itv PLC 126.45 1.15 United Utilities Group PLC 800.20 -3.20
Consumer Services (88) 5346.35 0.15 4705.90 5338.48 5332.31 5243.35 2.93 1.78 19.16 125.26 5355.70 FTSE Japan Mid Cap 323 588.33 0.3 7.8 6.3 759.39
7.6 2.2 Tobacco 13 877.08 0.1 0.1 -1.7 2021.20 1.9 6.8
Food & Drug Retailers (6) 4113.30 -0.39 3620.56 4129.29 4128.39 4142.61 2.38 2.04 20.59 70.91 5027.92 Jd Sports Fashion PLC 692.00 -20.40 Vodafone Group PLC 160.40 4.20
FTSE Global wi JAPAN Small Cap 825 631.02 0.3 5.4 6.8 843.78
8.3 2.2 Health Care 277 541.70 0.4 0.4 6.7 815.54 8.5 2.1 Johnson Matthey PLC 3160 35.00 Whitbread PLC 4437 31.00
General Retailers (25) 2047.92 -1.76 1802.60 2084.52 2095.51 2261.05 3.41 1.89 15.49 46.37 2525.61
FTSE Japan 512 157.98 0.1 7.1 2.4 Health Care Equipment & Services
10.2 239.85
11.6 92 1046.35 0.1 0.1 12.5 1247.19 13.3 1.0 Just Eat PLC 665.00 -13.60 Wpp PLC 1010 4.50
Media (19) 9102.45 0.46 8012.06 9060.52 9053.20 8016.62 2.86 1.87 18.65 218.99 5993.89
FTSE Asia Pacific Large Cap ex Japan 899 670.02 -0.6 4.5 7.3 1126.29
10.0 3.0 Pharmaceuticals & Biotechnology 185 362.79 0.6 0.6 4.0 576.97 6.2 2.6 Kingfisher PLC 194.90 -0.25
Travel & Leisure (38) 9548.39 0.75 8404.58 9476.87 9438.13 9707.68 3.02 1.59 20.84 241.50 9679.20
FTSE Asia Pacific Mid Cap ex Japan 827 816.63 -0.7 5.5 1.9 1317.63
4.4 3.2 Consumer Services 455 533.11 0.5 0.5 19.2 736.75 20.6 1.5
Telecommunications (5) 2349.29 2.30 2067.87 2296.39 2306.06 2561.99 5.73 0.34 51.59 73.67 3032.54 FTSE Asia Pacific Small Cap ex Japan 1753 517.86 -0.5 4.4 3.7 816.92
6.2 3.1 Food & Drug Retailers 65 278.52 0.1 0.1 6.2 409.63 8.4 2.5
Fixed Line Telecommunications (3) 2165.63 1.78 1906.20 2127.73 2129.80 2693.20 8.22 1.40 8.67 123.49 2314.73
Mobile Telecommunications (2) 3615.11 2.49 3182.05 3527.27 3546.21 3746.15 4.85 -0.30 -68.58 81.43 4181.26
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
1726 524.86
3190 724.57
-0.6
-0.8
4.6
4.4
6.8 937.24
9.4 3.0 General Retailers
7.0 1156.61
9.8 3.0 Media
152 853.05
90 372.16
0.6
0.5
0.6
0.5
23.0 1138.04
20.2 517.26
24.1
21.6
1.0
1.7
UK STOCK MARKET TRADING DATA
Utilities (8) 6701.09 0.33 5898.35 6679.21 6634.86 6674.17 6.65 0.58 26.01 342.99 8800.64 FTSE Emerging Large Cap 866 693.07 -0.8 4.5 7.1 1113.76
9.8 2.9 Travel & Leisure 148 508.92 0.5 0.5 16.5 716.06 18.2 1.8 Sep 19 Sep 18 Sep 17 Sep 16 Sep 13 Yr Ago
Electricity (3) 7245.15 0.43 6377.24 7214.38 7144.54 6865.23 7.66 0.32 40.87 554.55 12547.15 FTSE Emerging Mid Cap 884 890.40 -0.8 4.1 6.6 1416.24
9.5 3.5 Telecommunication 92 156.81 -0.1 -0.1 9.5 323.37 13.1 4.2 - - - - - -
Gas Water & Multiutilities (5) 6199.03 0.30 5456.44 6180.64 6145.30 6265.97 6.34 0.67 23.42 269.37 8048.15 FTSE Emerging Small Cap 1440 710.84 -0.6 3.0 7.0 1088.53
10.0 3.3 Fixed Line Telecommuniations 39 131.30 0.1 0.1 11.0 301.81 15.3 4.9 Order Book Turnover (m) 269.03 102.80 102.80 73.57 73.57 73.57
Financials (305) 4803.79 0.80 4228.33 4765.88 4778.75 5056.92 4.36 1.59 14.43 179.76 4886.23 FTSE Emerging Europe 81 396.59 -1.0 9.2 21.5 699.87
27.7 6.2 Mobile Telecommunications 53 164.92 -0.4 -0.4 7.5 300.30 10.1 3.4 Order Book Bargains 763711.00 870869.00 870869.00 876751.00 876751.00 876751.00
Banks (10) 3585.78 1.35 3156.23 3537.87 3556.25 3994.55 5.61 1.71 10.40 175.01 2962.09 FTSE Latin America All Cap 234 911.53 0.5 4.3 8.3 1504.88
11.0 3.0 Utilities 189 306.72 0.8 0.8 14.2 645.92 17.4 3.4 Order Book Shares Traded (m) 1341.00 1626.00 1626.00 1700.00 1700.00 1700.00
Nonlife Insurance (8) 3723.21 1.23 3277.20 3677.80 3691.28 3757.23 3.83 1.53 17.03 137.57 7150.16 FTSE Middle East and Africa All Cap 335 655.56 -1.7 4.4 3.6 Electricity
3.0 1093.83
5.8 130 344.52 0.7 0.7 15.1 715.14 18.2 3.3 Total Equity Turnover (£m) 7036.45 5287.83 5287.83 5586.81 5586.81 5586.81
Life Insurance/Assurance (7) 7189.34 0.39 6328.12 7161.15 7175.56 8402.56 5.20 1.78 10.77 370.82 7825.31 FTSE Global wi UNITED KINGDOM All Cap In 311 324.48 0.5 6.4 7.5 596.43
11.3 4.4 Gas Water & Multiutilities 59 308.17 1.0 1.0 12.3 670.16 15.7 3.8 Total Mkt Bargains 896194.00 1038536.00 1038536.00 1007741.00 1007741.00 1007741.00
Real Estate Investment & Services (18) 2484.04 0.65 2186.48 2468.03 2463.35 2600.39 2.20 1.96 23.20 38.14 7004.13 FTSE Global wi USA All Cap 1817 736.05 0.2 4.0 1.9 Financials
20.1 1014.07
21.8 841 247.91 -0.1 -0.1 13.4 434.23 16.5 3.3 Total Shares Traded (m) 3418.00 3339.00 3339.00 3902.00 3902.00 3902.00
Real Estate Investment Trusts (40) 2649.21 0.20 2331.85 2644.00 2625.02 2698.72 4.38 0.28 80.13 88.75 3639.36 FTSE Europe All Cap 1474 418.09 0.3 5.1 11.3 728.79
14.9 3.6 Banks 277 197.53 -0.6 -0.6 7.3 377.06 11.0 4.3 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (39) 10189.51 0.92 8968.89 10097.09 10168.77 9422.61 3.24 1.73 17.82 263.76 12632.62 FTSE Eurozone All Cap 668 404.14 0.4 5.4 11.5 705.01
14.9 3.3 Nonlife Insurance 73 294.26 0.4 0.4 14.9 449.82 17.3 2.2 (c) Market closed.
Equity Investment Instruments (183) 10650.64 0.13 9374.79 10636.32 10636.46 10375.06 2.56 1.65 23.63 198.49 6168.73 FTSE RAFI All World 3000 3290 6762.68 -0.1 6.2 11.2 9571.05
14.1 3.3 Life Insurance 60 225.53 -0.7 -0.7 12.7 387.86 16.1 3.3
Non Financials (321) 4857.63 0.40 4275.73 4838.49 4837.99 4814.60 4.19 1.42 16.86 157.50 7876.82 FTSE RAFI US 1000 1062 12078.00 0.0 5.4 16.9 16719.61
19.1 2.5 Financial Services 203 343.96 0.3 0.3 24.0 494.17 25.9 1.8
Technology (17) 1986.96 -0.05 1748.94 1988.02 1973.30 1820.54 3.17 0.84 37.45 60.73 2726.53 FTSE EDHEC-Risk Efficient All-World 3923 409.19 0.1 5.0 14.2 599.87
16.3 2.5 Technology 265 317.47 0.2 0.2 25.6 401.47 26.9 1.3 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 2184.09 -0.19 1922.45 2188.19 2171.08 2021.40 3.27 0.79 38.65 68.76 3170.83 FTSE EDHEC-Risk Efficient Developed Europe 584 311.77 0.2 5.6 9.2 507.27
12.3 3.2 Software & Computer Services 135 558.37 0.3 0.3 23.9 663.61 24.6 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 (3) 3589.07 2.12 3159.13 3514.67 3511.90 2795.85 1.61 2.47 25.08 57.83 4385.51 Oil & Gas 152 354.19 -0.9 8.5 6.8 621.92
10.2 4.3 Technology Hardware & Equipment 130 233.80 0.0 0.0 27.7 312.83 29.8 2.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Alternative Energy 11 106.78 0.0 0.0 13.1 149.56 14.7 1.5 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment & Services 145 337.00 -0.1 -0.1 5.7 598.54 8.3 3.2 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 7356.49 7344.47 7366.13 7351.33 7349.95 7361.74 7349.05 7340.13 7342.84 7366.28 7321.41 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 20174.39 20120.69 20120.73 20034.36 20056.84 20062.71 20027.79 20022.21 20045.82 20180.00 20022.21 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 5510.56 5510.44 5506.68 5500.56 5500.33 5501.82 5504.65 5503.40 5508.90 5520.99 5499.06
FTSE All-Share 4047.73 4040.67 4050.16 4040.67 4040.78 4046.22 4039.55 4035.39 4037.49 4050.16 4028.79 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:08:59:45 Day's Low15:35:30 FTSE 100 2010/11 High: 7686.61(29/07/2019) Low: 6692.66(03/01/2019) www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE All-Share Day's high:09:00:00 Day's Low15:45:54 FTSE 100 2010/11 High: 4186.17(29/07/2019) Low: 3657.52(03/01/2019) Group companies and is used by FTSE International Limited under licence.
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.
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
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Friday 20 September 2019 ★ FINANCIAL TIMES 17
MARKET DATA
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
Cielo 8.81 8.96 -0.15 -1.67 1.10 14.3 21.35 HDFC Bk 1101.05 1101.05 0.00 0.00 -1169.80 -51.5 -50.57 Sep 19 date Coupon S* M* F* price yield yield yield US Sep 19 date Coupon S* M* F* price yield yield yield US
MitsuiFud 2740.50 2709.50 31.00 1.14 269.50 10.9 17.39 Fedex 150.62 150.91 -0.29 -0.19 -22.89 -13.2 -4.90 High Yield US$ US$
Altice 4.23 4.18 0.05 1.20 0.34 8.6 1.93 Delphi 15.58 15.79 -0.22 -1.36 -1.57 -9.1 6.85 Qwest Capital Funding, Inc. 08/21 7.63 B+ WR BB 105.64 4.44 0.07 -0.35 2.54 SunTrust Banks Inc. 01/28 6.00 BBB+ Baa1 A- 116.66 3.66 -0.03 0.17 -
CanNatRs 36.15 36.01 0.14 0.39 2.63 7.8 14.16 Altria 40.58 40.84 -0.26 -0.64 -3.88 -8.7 -13.09 High Yield Euro GTE LLC 04/28 6.94 BBB+ Baa2 A- 123.36 3.73 -0.03 0.45 -
Kweichow 1145.00 1148.90 -3.90 -0.34 75.48 7.1 8.51 Corning 27.90 27.90 -0.01 -0.02 -2.36 -7.8 0.02 Aldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98 GTE LLC 04/28 6.94 BBB+ Baa2 A- 123.36 3.73 -0.03 0.45 -
CntJpRwy 22500.00 22110.00 390.00 1.76 1480.00 7.0 6.71 GuosenSec 12.70 12.63 0.07 0.55 -0.90 -6.6 3.17 United Utilities PLC 08/28 6.88 BBB Baa1 A- 124.12 3.67 -0.03 0.29 -
Halliburton 21.11 20.81 0.30 1.44 1.36 6.9 9.21 HK Exc&Clr 230.20 233.20 -3.00 -1.29 -15.80 -6.4 -6.53 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 124.12 3.67 -0.03 0.29 -
CaixaBnk 2.39 2.30 0.09 3.82 0.15 6.6 -14.21 Richemont 75.04 74.10 0.94 1.27 -5.12 -6.4 1.54 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Goldman Sachs Group, Inc. (The) 05/29 5.25 BBB+ A3 A 112.79 3.67 -0.03 0.18 1.90
Lyondell 89.33 88.37 0.96 1.08 5.55 6.6 19.28 ChristianDior 435.20 432.00 3.20 0.74 -27.40 -5.9 -2.42 Brazil 01/22 12.50 BB- Ba2 BB- 116.13 4.96 0.03 -0.82 3.06
Brazil 01/23 2.63 BB- Ba2 BB- 95.75 3.80 -0.01 -0.40 1.29 Euro
ConocPhil 59.98 60.01 -0.03 -0.05 3.63 6.4 11.22 Naspers N 2382.03 2404.84 -22.81 -0.95 -137.95 -5.5 -29.76 Citigroup Inc. 02/30 4.25 BBB Baa2 A- 119.13 0.65 0.01 -0.11 -1.12
Devon Energy 25.90 26.50 -0.61 -2.28 1.34 5.4 11.52 HsngDevFin 1974.60 1974.60 0.00 0.00 -108.15 -5.2 -5.97 Colombia 03/23 2.63 BBB- Baa2 BBB 97.75 3.24 0.10 -0.38 0.99
Poland 03/23 3.00 A- A2 A- 100.62 2.83 0.01 -0.21 0.58 HBOS plc 03/30 4.50 BBB- Baa1 A- 113.93 1.44 0.01 -0.11 -0.33
Roche 283.00 281.55 1.45 0.52 14.00 5.2 3.59 CK Hutchison 69.45 70.60 -1.15 -1.63 -3.70 -5.1 2.65 HBOS plc 03/30 4.50 BBB- Baa1 A- 113.93 1.44 0.01 -0.11 -0.33
RBS 208.00 204.50 3.50 1.71 10.10 5.1 -98.88 AmerAir 28.47 28.60 -0.14 -0.47 -1.48 -4.9 9.16 Turkey 03/23 3.25 - Ba3 BB 88.50 6.59 -0.30 0.91 4.34
Mexico 10/23 4.00 BBB+ A3 BBB 105.60 2.53 0.00 -0.09 0.84 Goldman Sachs Group, Inc. (The) 02/31 3.00 BBB+ A3 A 122.97 0.87 -0.02 0.13 -0.90
Suncor En 42.58 42.35 0.23 0.54 2.02 5.0 11.74 AIA 76.50 78.90 -2.40 -3.04 -3.85 -4.8 0.72
Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07 Yen
Equinor 179.50 179.00 0.50 0.28 8.50 5.0 20.71 BOC Hold 26.95 27.40 -0.45 -1.64 -1.35 -4.8 1.69
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Mexico 06/26 1.09 BBB+ A3 BBB 101.11 0.92 0.01 0.09 -
ImpOil 36.70 36.83 -0.13 -0.35 1.55 4.4 10.78 WalMrtMex 55.44 55.50 -0.06 -0.11 -2.76 -4.7 -1.42
AmerMvl 14.67 14.58 0.09 0.62 0.61 4.3 12.83 Citic Secs 15.44 15.62 -0.18 -1.15 -0.74 -4.6 13.20 Russia 06/28 12.75 BBB- Baa3 BBB 169.71 3.46 -0.04 -0.21 - £ Sterling
EastJpRwy 10550.00 10390.00 160.00 1.54 435.00 4.3 5.09 SBI NewA 274.05 274.05 0.00 0.00 -13.00 -4.5 -5.79 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 138.15 2.21 -0.05 0.16 0.44
MitsubEst 2086.00 2045.00 41.00 2.00 85.50 4.3 5.21 L&T 1300.70 1300.70 0.00 0.00 -61.70 -4.5 -2.59 Brazil 04/21 2.88 BB- Ba2 BB- 104.09 0.19 0.02 0.04 -1.71 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
SmsungEl 49150.00 47700.00 1450.00 3.04 2000.00 4.2 11.96 MylanNV 21.24 21.29 -0.05 -0.23 -1.00 -4.5 10.79 Mexico 02/22 1.88 BBB+ A3 BBB 103.90 0.26 0.02 0.15 -1.64 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Sep 19 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Sep 19 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 2.25-2.50 19-12-2018 2.00-2.25 2.00-2.25 1.25-1.50 Index change change change 1 month 1 year VIX 13.52 -0.43 13.95 36.20 11.03 Sep 19 Price £ Yield Day Week Month Year High Low £m
US Prime 5.50 19-12-2018 5.25 5.25 4.25 Markit IBoxx VXD 13.24 -0.94 14.18 33.17 4.07 - - - - - - - - -
US Discount 3.00 19-12-2018 2.75 2.75 1.75 ABF Pan-Asia unhedged 202.13 0.07 0.50 5.74 1.19 9.35 VXN 17.17 -0.87 18.04 38.70 14.55 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 376.64 0.90 -0.10 11.11 0.73 9.85 VDAX 14.90 -0.79 15.68 - 10.48 - - - - - - - - -
UK Repo 0.75 02-08-2018 0.50 0.50 0.25 Corporates($) 308.62 -0.61 -0.44 12.82 -0.44 12.82 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.75pc '20 101.91 0.63 1.61 6.78 6.78 -22.22 105.73 101.91 33.70
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 239.79 0.10 -0.43 7.24 0.30 6.47 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 1.5pc '21 101.22 0.58 -1.69 1.75 18.37 -34.83 101.77 101.16 32.84
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 258.75 0.41 -0.35 10.04 1.34 11.02 Tr 4pc '22 108.75 0.43 -4.44 -4.44 4.88 -56.12 110.70 108.52 38.39
Gilts( £) 362.23 1.59 0.07 11.37 2.23 11.81 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 124.61 0.44 -2.22 -4.35 12.82 -65.89 126.04 122.06 35.49
INTEREST RATES: MARKET Global Inflation-Lkd 278.29 -0.94 -1.52 7.70 0.48 6.57 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 105.92 0.48 -2.04 -4.00 14.29 -68.42 107.70 96.94 23.73
Over Change One Three Six One Markit iBoxx £ Non-Gilts 368.17 0.79 -0.11 9.81 0.76 8.96 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 142.66 0.73 -1.35 0.00 7.35 -58.29 146.36 128.48 35.86
Sep 19 (Libor: Sep 18) night Day Week Month month month month year Overall ($) 263.30 -0.65 -0.40 10.04 -0.40 10.04 Australia 12/21 2.00 102.50 0.88 0.00 -0.02 0.16 -1.24 Tr 4.25pc '36 151.60 0.88 -1.12 -2.22 3.53 -52.94 155.71 133.08 30.11
US$ Libor 2.18525 0.030 0.093 -0.013 2.04425 2.15588 2.08150 2.06450 Overall( £) 360.54 1.35 0.01 10.88 1.77 10.91 11/28 2.75 114.03 1.13 0.01 -0.01 0.25 -1.54 Tr 4.5pc '42 171.82 1.02 -0.97 -3.77 0.00 -47.69 176.63 145.84 26.95
Euro Libor -0.54486 -0.073 -0.083 0.000 -0.49657 -0.42100 -0.40129 -0.34000 Overall(€) 250.09 0.30 -0.39 8.61 0.97 9.06 Austria 10/23 1.75 109.82 -0.62 -0.02 0.09 0.17 -0.64 Tr 3.75pc '52 176.10 1.02 -0.97 -4.67 -1.92 -46.60 182.25 141.38 23.87
£ Libor 0.66050 -0.001 -0.017 0.000 0.71388 0.77563 0.83425 0.93738 Treasuries ($) 245.77 -0.72 -0.44 8.50 -0.44 8.50 02/47 1.50 130.08 0.35 -0.06 0.00 0.18 -1.11 Tr 4pc '60 201.30 0.96 -1.03 -5.88 -4.95 -48.11 209.19 156.07 23.89
Swiss Fr Libor 0.014 -0.85220 -0.80420 -0.76060 -0.62120 FTSE Belgium 06/21 1.50 103.70 -0.65 -0.01 0.09 0.14 -0.33 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.004 -0.14900 -0.09100 -0.04817 0.03883 Sterling Corporate (£) - - - - - - 06/47 1.60 125.33 0.61 -0.09 -0.03 0.20 -1.12
Euro Euribor
Sterling CDs
0.009
0.000
-0.43800
0.75000
-0.39600
0.80000
-0.36900
0.86500
-0.30600 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 Canada - - - - - - - GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 456.96 -10.78 - - 10.40 25.09 03/22 0.50 97.41 1.58 0.00 0.03 0.28 -0.64
US$ CDs 0.000 2.45000 2.56000 2.65000 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 Denmark 11/20 0.25 101.20 -0.78 -0.02 0.04 0.13 -0.30 Price Indices Day's Total Return Return
Euro CDs - - - - 11/23 1.50 109.53 -0.75 -0.02 0.08 0.13 -0.68 Fixed Coupon Sep 19 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series 1 Up to 5 Years 90.76 0.02 2456.47 -0.12 1.88 0.47
Short 7 Days One Three Six One Index change change change high low Finland - - - - - - -
09/20 0.38 100.98 -0.61 -0.02 0.10 0.16 -0.13 2 5 - 10 Years 185.82 0.08 3703.59 -0.38 7.66 0.47
Sep 19 term notice month month month year Markit iTraxx 3 10 - 15 Years 224.10 0.10 4703.25 -0.52 12.15 0.73
Euro -0.71 -0.41 -0.73 -0.43 -0.73 -0.43 -0.64 -0.34 -0.58 -0.28 -0.53 -0.23 Crossover 5Y 238.57 -6.36 -13.88 -46.32 315.74 234.62 France 11/20 0.25 101.05 -0.63 -0.02 0.07 0.12 -0.22
4 5 - 15 Years 194.48 0.09 3947.63 -0.45 8.93 0.60
Sterling 0.45 0.55 0.70 0.80 0.75 0.85 0.79 0.94 0.89 1.04 Europe 5Y 47.04 -0.96 -1.58 -10.36 73.15 45.37 05/25 0.50 105.92 -0.52 -0.03 0.08 0.17 -0.82
5 Over 15 Years 382.91 0.24 6139.51 0.50 21.81 0.99
Swiss Franc - - - - - - - - - - - - Japan 5Y 55.70 -0.16 -5.27 -7.05 72.09 53.56 05/48 2.00 137.56 0.58 -0.08 -0.01 0.21 -1.10
7 All stocks 190.13 0.14 3965.70 0.11 12.47 0.90
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 56.86 -1.60 -4.99 -12.82 93.48 53.22 Germany - - - - - - -
US Dollar 2.16 2.46 2.00 2.30 1.97 2.27 1.99 2.29 1.99 2.29 1.94 2.24 10/20 0.25 101.02 -0.70 -0.02 0.09 0.15 -0.17 Day's Month Year's Total Return Return
Markit CDX 02/25 0.50 106.82 -0.73 -0.02 0.10 0.16 -0.79
Japanese Yen -1.50 -0.50 -2.30 -0.80 -0.50 -0.20 -0.40 -0.10 -0.25 0.05 -0.15 0.15 Index Linked Sep 19 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 197.66 -3.17 -20.39 20.15 219.14 155.49 08/48 1.25 136.44 -0.01 -0.06 0.01 0.20 -1.14
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 312.96 0.05 -0.23 1.23 2533.07 -0.22 2.71
Nth Amer High Yld 5Y 327.11 -5.67 -13.02 -27.86 374.87 311.41 Greece 02/25 3.00 113.58 1.45 -0.02 -0.20 -0.69 -2.73
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 2 Over 5 years 816.95 0.18 -2.26 19.30 6149.13 -2.22 19.84
Nth Amer Inv Grade 5Y 51.34 -0.87 -2.74 -7.95 70.26 49.61 02/25 3.00 113.58 1.45 -0.02 -0.20 -0.69 -2.73
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. 3 5-15 years 522.63 0.22 -1.12 11.13 4127.78 -1.06 12.15
Ireland 03/22 0.80 103.24 -0.49 -0.01 0.09 0.15 -0.39 4 Over 15 years 1065.00 0.17 -2.61 22.05 7816.16 -2.57 22.41
05/30 2.40 124.33 0.10 -0.05 0.01 0.14 -1.05 5 All stocks 729.18 0.17 -1.99 17.48 5579.76 -1.96 18.13
Italy 11/21 0.35 101.09 -0.17 -0.03 0.08 -0.40 -1.35
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 10/23 0.65 102.18 0.11 -0.03 -0.02 -0.53 -1.73 Yield Indices Sep 19 Sep 18 Yr ago Sep 19 Sep 18 Yr ago
09/28 4.75 134.85 0.72 -0.05 -0.09 -0.48 -1.98 5 Yrs 0.35 0.36 1.13 20 Yrs 1.03 1.04 1.96
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
03/48 3.45 134.60 1.87 -0.05 -0.13 -0.39 -1.56 10 Yrs 0.61 0.62 1.59 45 Yrs 0.96 0.96 1.84
Crude Oil† Oct 59.36 1.29 Corn♦ Dec 370.00 -1.75 Sep 18 Sep 18 Prev return stock Market stocks
Japan 03/22 0.10 100.93 -0.27 -0.02 0.01 0.01 -0.19 15 Yrs 0.89 0.90 1.86
Brent Crude Oil‡ 64.74 1.14 Wheat♦ Dec 489.25 -0.25 Can 4.25%' 21 108.38 0.416 0.421 -0.15 5.18 83057.19 8
12/23 0.60 103.78 -0.28 -0.03 0.02 0.03 -0.24
RBOB Gasoline† Sep 1.71 0.05 Soybeans♦ Nov 887.00 -2.00 Fr 2.25%' 20 - - - - - - -
12/28 1.90 119.67 -0.21 -0.02 0.02 0.06 -0.35 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ Oct 292.40 0.50 Swe 0.25%' 22 114.76 -2.082 -2.097 -0.56 33.18 243015.30 7
09/47 0.80 112.81 0.32 -0.02 0.04 0.15 -0.50 Real yield Sep 19 Dur yrs Previous Yr ago Sep 19 Dur yrs Previous Yr ago
Natural Gas† Sep 2.62 -0.01 Cocoa (ICE Liffe)X Dec 1874.00 41.00 UK 2.5%' 22 116.26 -2.971 -2.934 -0.51 15.74 748474.38 28
Netherlands 07/21 3.25 107.29 -0.72 -0.02 0.09 0.15 -0.30 Up to 5 yrs -2.41 2.89 -2.39 -1.54 -2.96 2.91 -2.94 -2.10
Ethanol♦ - - Cocoa (ICE US)♥ Dec 2419.00 10.00 UK 2.5%' 24 373.07 -2.820 -2.784 -0.72 6.82 748474.38 28
07/25 0.25 105.02 -0.59 -0.03 0.08 0.17 -0.80 Over 5 yrs -2.10 25.30 -2.09 -1.39 -2.13 25.37 -2.12 -1.43
Uranium† Sep 25.15 0.00 Coffee(Robusta)X Nov 1298.00 -21.00 UK 2%' 35 302.84 -2.483 -2.450 -1.85 9.08 748474.38 28
Carbon Emissions‡ - - Coffee (Arabica)♥ Dec 98.90 -1.75 New Zealand - - - - - - - 5-15 yrs -2.63 10.16 -2.61 -1.44 -2.71 10.17 -2.69 -1.57
US 0.625%' 21 100.34 0.435 0.377 -0.11 35.84 1401886.56 40
White SugarX 323.70 2.40 05/21 6.00 107.78 1.23 0.01 0.00 0.08 -0.99 Over 15 yrs -2.05 29.55 -2.04 -1.39 -2.07 29.59 -2.06 -1.41
Diesel† - - US 3.625%' 28 128.12 0.299 0.269 -1.78 16.78 1401886.56 40
Sugar 11♥ 11.03 0.04 Norway - - - - - - - All stocks -2.11 22.31 -2.10 -1.40 -2.14 22.43 -2.14 -1.43
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 1796.50 4.50 Cotton♥ Oct 59.33 -0.17 05/21 3.75 104.20 1.20 -0.01 0.06 0.10 -0.07 See FTSE website for more details www.ftse.com/products/indices/gilts
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium Alloy 1230.00 40.00 Orange Juice♥ Nov 99.10 0.10 Portugal 04/21 3.85 106.88 -0.51 0.00 0.12 0.09 -0.51 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 5788.00 -17.00 Palm Oil♣ - - 10/23 4.95 121.51 -0.26 -0.05 0.02 0.09 -0.95 Gilt Closing Prices information contained herein is proprietary to
Lead 2090.50 9.00 Live Cattle♣ Oct 100.43 0.00 BONDS: TEN YEAR GOVT SPREADS Spain 01/21 0.05 100.70 -0.46 -0.02 0.05 0.05 -0.44 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 17295.00 95.00 Feeder Cattle♣ Oct 138.60 -0.83 10/28 5.15 145.26 0.15 -0.06 -0.02 0.15 -1.35 accurate, complete or timely; and does not constitute investment advice.
Tin 16560.00 -325.00 Lean Hogs♣ Oct 62.78 0.00 Spread Spread Spread Spread Sweden 12/20 5.00 106.78 -0.62 -0.01 -0.02 0.03 -0.17 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2299.00 -22.00 Bid vs vs Bid vs vs 11/23 1.50 108.83 -0.60 -0.04 0.02 0.13 -0.68
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland - - - - - - - All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1503.50 1.40 Sep 18 Month Year 04/21 2.00 104.82 -0.96 -0.03 0.02 0.06 -0.34 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.13 - -0.64 Italy 0.72 - -1.05
Silver (US cents) 1785.00 1.00 S&P GSCI Spt 419.12 5.87 -10.40 United Kingdom 01/21 1.50 101.20 0.60 0.00 0.03 0.06 -0.27 Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria -0.62 - - Japan -0.21 - -1.98
Platinum 939.00 1.00 DJ UBS Spot 79.46 3.53 -3.94 Belgium 0.61 - - Netherlands -0.59 - - 09/25 2.00 109.38 0.41 -0.04 0.01 0.06 -0.87 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 1594.00 -1.00 TR/CC CRB TR 187.50 4.59 -4.46 Canada - - - Norway - - - 12/28 6.00 149.10 0.53 -0.05 0.01 0.10 -0.97 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Denmark -0.75 - - Portugal -0.26 - - 07/47 1.50 110.42 1.07 -0.07 -0.06 0.05 -0.85
Iron Ore 92.00 -4.10 UBS Bberg CMCI TR 14.29 3.48 -3.96 Finland - - - Spain 0.15 - -1.62 United States 11/20 1.75 99.83 1.90 0.00 0.07 0.29 -0.93 Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 61.00 0.50 LEBA EUA Carbon 26.75 0.56 20.50 France 0.58 - - Switzerland - - - 12/23 2.25 102.30 1.69 -0.01 0.07 0.25 -1.27
Baltic Dry Index 2192.00 -74.00 LEBA CER Carbon 0.21 0.00 -22.22 Germany - - - United Kingdom 0.53 - -1.24 11/28 5.25 129.29 1.77 -0.02 0.06 0.25 -1.28
LEBA UK Power 1730.00 113.58 -48.20 Greece 1.45 - - United States 1.77 - 0.00 11/47 2.75 110.76 2.23 -0.05 0.03 0.23 -0.97
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
unless otherwise stated.
UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws
18 ★ FINANCIAL TIMES Friday 20 September 2019
Asset Management
Vietnam Equity (UCITS) Fund A USD $ 23.32 - 0.17 0.00 Hermes Global High Yield Credit Fund Class F Acc £ 1.57 1.57 0.00 0.00 Ram Active Investments SA the funds will not necessarily be available to persons
Algebris Financial Credit Fund - Class I EUR € 162.87 - -0.34 0.00 Authorised Funds
in all jurisdictions in which the publication circulates.
Algebris Financial Credit Fund - Class R EUR
Algebris Financial Credit Fund - Class Rd EUR
€ 142.82
€ 102.43
-
-
-0.30
-0.21
0.00
5.79
Hermes Global High Yield Credit Fund Class F Acc EUR € 3.31 3.31 0.00 0.00
Hermes Global Small Cap Fund Class F Acc £ 1.69 1.69 0.01 0.00
Hermes Global Small Cap Fund Class F Acc USD € 2.17 2.17 -0.01 0.00
DNCA European Select Equity Fund
Harris Global Concentrated Equity Fund Asset Management £
£
0.98
1.84
-
-
0.01 1.94
0.01 1.39
www.ram-ai.com
Other International Funds Asset Management
Toscafund Asset Management LLP
www.toscafund.com
(UK) Persons in any doubt should take appropriate
professional advice. Data collated by Morningstar. For
Algebris Financial Income Fund - Class I EUR € 139.77 - -0.54 0.00 H2O MultiReturns Fund N/A (GBP) £ 1.87 - 0.01 0.97 RAM Systematic Emerg Markets Core Eq $ 98.03 - 0.13 - other queries contact reader.enquiries@ft.com +44
Hermes Impact Opportunities Equity Fund F $ 2.08 - 0.00 0.00 Loomis Sayles U.S. Equity Leaders N/A (GBP) £ 2.98 - 0.00 -
Pictet Asset Management (Europe) SA (LUX)
RAM Systematic Emerg Markets Eq $ 172.31 - 0.39 - Authorised Funds
Algebris Financial Income Fund - Class R EUR € 130.92 - -0.50 0.00 (0)207 873 4211.
Algebris Financial Income Fund - Class Rd EUR € 91.22 - -0.34 5.00
Ennismore Smaller Cos Plc (IRL) Hermes Impact Opportunities Equity Fund F £ 1.13 - 0.00 - 15, Avenue J.F. Kennedy L-1855 Luxembourg RAM Systematic European Eq € 444.36 - 0.91 - Aptus Global Financials B Acc £ 3.65 - -0.03 4.92
5 Kensington Church St, London W8 4LD 020 7368 4220 Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.20 1.20 0.00 0.00 Tel: 0041 58 323 3000 RAM Systematic Funds Global Sustainable Income Eq $ 125.55 - -0.13 - Aptus Global Financials B Inc £ 2.64 - -0.03 5.61 The fund prices published in this edition along with
Algebris Financial Equity Fund - Class B EUR € 108.42 - 0.09 0.00
Algebris Macro Credit Fund - Class I EUR € 112.46 - 0.11 0.00 FCA Recognised Hermes SDG Engagement Equity Fund F $ 2.27 - 0.01 0.00 FCA Recognised RAM Systematic Long/Short Emerg Markets Eq $ 114.42 - 0.50 - additional information are also available on the
Algebris Macro Credit Fund - Class R EUR € 111.07 - 0.11 0.00 Ennismore European Smlr Cos NAV £ 140.85 - -0.29 0.00 Hermes SDG Engagement Equity Fund F £ 1.22 - 0.01 0.00 Pictet-Absl Rtn Fix Inc-HI EUR € 110.75 - 0.05 0.00 RAM Systematic Long/Short European Eq € 142.66 - 0.46 - Financial Times website, www.ft.com/funds. The
Algebris Macro Credit Fund - Class Rd EUR € 111.07 - 0.11 0.00 Ennismore European Smlr Cos NAV € 158.99 - -0.47 0.00 Hermes Unconstrained Credit Fund Class F USD Acc $ 2.22 - 0.00 0.00 Pictet-Asian Equities Ex Japan-I USD F $ 297.13 - 0.04 - RAM Systematic North American Eq $ 303.90 - 0.03 - funds published on these pages are grouped together
Algebris Quant Arbitrage Fund - Class EB EUR € 99.00 - 0.39 0.00 Hermes US SMID Equity Fund Class F Acc £ 2.82 2.82 0.00 0.00 Pictet-Asian Local Currency Debt-I USD F $ 176.93 - -0.08 0.00 RAM Tactical Convertibles Europe € 144.46 - 0.42 - by fund management company.
Hermes US SMID Equity Fund Class F Acc USD € 4.82 4.82 -0.01 0.00 Pictet-Biotech-I USD F $ 788.70 - -0.40 0.00 RAM Tactical Global Bond Total Return € 147.80 - 0.44 - Toscafund Asset Management LLP
Pictet-CHF Bonds I CHF SFr 520.52 - 0.74 0.00 RAM Tactical II Asia Bond Total Return $ 149.35 - 0.15 - www.toscafund.com Prices are in pence unless otherwise indicated. The
Pictet-China Index I USD $ 146.50 - 0.11 0.00 Tosca A USD $ 301.17 - -11.25 - change, if shown, is the change on the previously
Ennismore European Smlr Cos Hedge Fd Pictet-Clean Energy-I USD F $ 103.16 - 0.37 0.00 Tosca Mid Cap GBP £ 313.04 - -4.84 - quoted figure (not all funds update prices daily). Those
Pictet-Digital-I USD F $ 436.67 - 3.31 0.00 Tosca Opportunity B USD $ 463.88 - -8.61 - designated $ with no prefix refer to US dollars. Yield
The Antares European Fund Limited Other International Funds
percentage figures (in Tuesday to Saturday papers)
NAV € 585.78 - 6.94 0.00
Intrinsic Value Investors (IVI) LLP (IRL) Pictet-Em Lcl Ccy Dbt-I USD F $ 182.64 - 0.63 0.00 Pegasus Fund Ltd A-1 GBP £ 74.89 - 0.88 0.00
Other International allow for buying expenses. Prices of certain older
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 Pictet-Emerging Europe-I EUR F € 426.24 - -1.51 - Ruffer LLP (1000)F (UK)
insurance linked plans might be subject to capital
AEF Ltd Usd (Est) $ 627.89 - -1.72 -
FCA Recognised Pictet-Emerging Markets-I USD F $ 644.30 - 0.05 0.00 65 Gresham Street, London, EC2V 7NQ
AEF Ltd Eur (Est) € 594.75 - -2.05 0.00 gains tax on sales.
IVI European Fund EUR € 23.91 - -0.09 0.00 New Capital UCITS Fund PLC (IRL) Pictet-Emerging Markets Index-I USD F $ 287.33 - 0.73 0.00 Order Desk and Enquiries: 0345 601 9610
IVI European Fund GBP £ 28.29 - -0.08 0.16 Leconfield House, Curzon Street, London, W1J 5JB Pictet-Emerging Corporate Bonds I USD $ 134.55 - 0.18 0.00 Authorised Inv Funds Guide to pricing of Authorised Investment Funds:
Equinox Fund Mgmt (Guernsey) Limited (GSY) www.newcapitalfunds.com Pictet-Emerging Markets High Dividend I USD $ 128.82 - -0.21 0.00 (compiled with the assistance of the IMA. The
Authorised Corporate Director - Link Fund Solutions
Regulated FCA Recognised Pictet-Emerging Markets Sust Eq I USD $ 106.06 - -0.26 0.00 Investment Management Association, 65 Kingsway,
Pictet-EUR Bonds-I F € 643.06 - 1.87 - LF Ruffer European C Acc 617.46 - 2.12 0.19
Wealthy Nations Bond Fund - USD Inst Inc. $ 122.83 - 0.13 4.09 London WC2B 6TD.
Arisaig Partners Equinox Russian Opportunities Fund Limited $ 176.41 - -8.33 - LF Ruffer European C Inc 112.79 - -0.41 0.27 Tel: +44 (0)20 7831 0898.)
Euro Value Credit Fund - EUR Inst Acc € 103.61 - 0.02 0.00 Pictet-EUR Corporate Bonds-I F € 220.72 - 0.05 0.00
Other International Funds LF Ruffer European O Acc 604.40 - 2.04 0.00
Kames Capital ICVC (UK) Global Value Credit Fund - USD Ord Acc. $ 196.76 - 0.13 0.00 Pictet-EUR Government Bonds I EUR € 179.49 - 0.72 0.00
Arisaig Africa Consumer Fund Limited $ 10.58 - -0.04 0.00 Pictet-EUR High Yield-I F € 288.30 - -0.28 - LF Ruffer Equity & General C Acc 451.56 - -0.30 0.10 OEIC: Open-Ended Investment Company. Similar to a
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Asia Pacific Equity Income Fund - USD Ord Inc. $ 99.29 - 0.33 4.94
Arisaig Asia Consumer Fund Limited $ 93.55 - 0.99 0.00 Pictet-EUR Short Mid-Term Bonds-I F € 137.75 - 0.04 0.00 LF Ruffer Equity & General C Inc 413.80 - -2.37 0.10 unit trust but using a company rather than a trust
0800 358 3009 www.kamescapital.com China Equity Fund - USD Ord Acc. $ 153.22 - 0.95 0.00
Arisaig Global Emerging Markets Consumer Fund $ 11.82 - 0.01 0.00 Pictet-EUR Short Term HY I EUR € 129.35 - -0.05 0.00 LF Ruffer Equity & General O Acc 442.05 - -0.31 0.00 structure.
Euronova Asset Management UK LLP (CYM) Authorised Funds Dynamic European Equity Fund - EUR Ord Inc. € 185.03 - -0.08 2.78
Arisaig Global Emerging Markets Consumer UCITS € 13.80 - 0.00 0.00 Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 100.65 - 0.00 0.00 LF Ruffer Equity & General O Inc 409.26 - -1.17 0.00
Regulated Kames Global Equity GBP B Acc £ 2.36 - 0.00 0.23 Global Equity Conviction Fund - USD Ord Acc. $ 133.84 - 0.24 0.00
Arisaig Global Emerging Markets Consumer UCITS STG £ 15.51 - 0.01 0.00 LF Ruffer Gold C Acc 202.99 - -0.14 0.00 Different share classes are issued to reflect a different
Kames Investment Grd Glbl Bd A Inc GBP H 587.81 - -0.58 2.29 Swiss Select Equity Fund - CHF Ord Acc.SFr 146.97 - -0.18 0.00 Pictet-Euroland Index IS EUR € 162.13 - 0.49 0.00
Smaller Cos Cls One Shares € 45.30 - 0.03 0.00 LF Ruffer Gold C Inc 122.85 - -0.09 - TreeTop Asset Management S.A. (LUX) currency, charging structure or type of holder.
Arisaig Latin America Consumer Fund $ 26.77 - -0.07 0.00 US Growth Fund - USD Ord Acc. $ 296.38 - -0.20 0.00 Pictet-Europe Index-I EUR F € 202.99 - 0.00 0.00
Smaller Cos Cls Two Shares € 30.36 - 0.02 0.00 LF Ruffer Gold O Acc 198.63 - -0.16 0.00 Regulated
US Small Cap Growth Fund - USD Inst Acc $ 137.94 - -0.69 0.00 Pictet-European Equity Selection-I EUR F € 767.39 - 3.61 0.00
Smaller Cos Cls Three Shares € 15.29 - 0.01 0.00 LF Ruffer Japanese C Inc 125.94 - 1.41 - Selling price: Also called bid price. The price at which
Strategic Portfolio UCITS Fund - USD Inst Acc. $ 126.56 - 0.00 0.00 Pictet-European Sust Eq-I EUR F € 291.42 - 1.53 0.00 TreeTop Convertible Sicav
Smaller Cos Cls Four Shares € 19.63 - 0.01 0.00 LF Ruffer Japanese C Acc 270.36 - 3.85 0.49 units in a unit trust are sold by investors.
All Weather Fund - EUR Inst Acc € 97.40 - -0.64 0.00 Pictet-Global Bds Fundamental I USD $ 130.92 - 0.46 0.00 International AH € 261.97 - -1.18 0.00
Pictet-Global Bonds-I EUR € 191.51 - 0.45 0.00 LF Ruffer Pacific & Emerging Markets C Acc 368.48 - 0.23 0.89
Dynamic UK Equity Fund - GBP Inst Acc. £ 116.77 - -0.07 0.00 International BH $ 365.09 - -1.62 - Buying price: Also called offer price. The price at
Artemis Fund Managers Ltd (1200)F (UK) Pictet-Global Defensive Equities I USD $ 194.96 - 0.75 0.00 LF Ruffer Pacific & Emerging Markets C Inc 101.28 - -1.26 0.95
Global Alpha Fund - USD Ord Inc $ 107.85 - 0.08 - International CH £ 108.69 - -0.49 - which units in a unit trust are bought by investors.
57 St. James's Street, London SW1A 1LD 0800 092 2051 Pictet-Global Emerging Debt-I USD F $ 440.55 - 1.59 0.00 LF Ruffer Pacific & Emerging Markets O Acc 360.37 - 0.21 0.57
International DH € 217.03 - -0.98 2.87 Includes manager’s initial charge.
Authorised Inv Funds Pictet-Global Env.Opport-I EUR € 233.08 - 1.09 - LF Ruffer Total Return C Acc 450.80 - 0.26 1.38
FIL Investment Services (UK) Limited (1200)F (UK) LF Ruffer Total Return C Inc 294.49 - -2.60 1.41 TreeTop Global Sicav
Artemis Monthly Dist R Acc £ 0.93 - 0.00 4.26 Pictet-Global Megatrend Selection-I USD F $ 313.91 - 0.99 - Single price: Based on a mid-market valuation of the
130, Tonbridge Rd, Tonbridge TN11 9DZ LF Ruffer Total Return O Acc 441.26 - 0.23 1.39 Global Opp.AH € 118.48 - -0.01 0.00
Artemis US Smllr Cos I Hdg Acc £ 1.07 - 0.00 - Pictet-Global Sust.Credit HI EUR € 158.26 - 0.09 0.00 underlying investments. The buying and selling price
Callfree: Private Clients 0800 414161 LF Ruffer Total Return O Inc 288.09 - -2.56 1.41 Global Opp.B $ 124.90 - 0.10 0.00
Pictet-Greater China-I USD F $ 651.70 - 0.76 0.00 for shares of an OEIC and units of a single priced unit
Broker Dealings: 0800 414 181 Global Opp.C £ 182.65 - 0.14 0.00 trust are the same.
Pictet-Health-I USD $ 318.49 - 1.25 0.00
OEIC Funds Sequoia Equity AH € 127.23 - -0.82 0.00
Pictet-SmartCity-I EUR € 201.96 - 0.50 0.00
Sequoia Equity B $ 139.73 - -0.70 0.00 Treatment of manager’s periodic capital charge:
Fidelity American Fund W-ACC-GBP £ 47.16 - 0.08 0.61 Pictet-India Index I USD $ 118.11 - 1.39 -
Sequoia Equity C £ 173.63 - -0.88 - The letter C denotes that the trust deducts all or part
Fidelity Cash Fund Y-ACC-GBP £ 1.01 - 0.00 0.55 Kames Capital VCIC (IRL) Pictet-Indian Equities-I USD F $ 576.70 - -2.01 -
of the manager’s/operator’s periodic charge from
FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.33 - -0.01 - 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Pictet-Japan Index-I JPY F ¥ 18040.95 - 76.71 0.00
capital, contact the manager/operator for full details
Fidelity Global Enhanced Income Fund W-ACC-GBP £ 1.96 - 0.01 3.47 FCA Recognised Pictet-Japanese Equities Opp-I JPY F ¥ 11332.93 - 82.44 0.00 of the effect of this course of action.
Fidelity Global Focus Fund W-ACC-GBP £ 26.11 - 0.02 0.36 Absolute Return Bond B GBP Acc 1116.68 - -0.91 1.80 Pictet-Japanese Equity Selection-I JPY F ¥ 16473.62 - 84.60 -
Fidelity Global High Yield Fund Y-ACC-GBP £ 14.96 - 0.00 3.22 Eq Market Neutral B Acc 938.75 - -0.06 0.00 Pictet-LATAM Lc Ccy Dbt-I USD F $ 143.80 - 0.35 0.00
Troy Asset Mgt (1200) (UK) Exit Charges: The letter E denotes that an exit charge
Fidelity Japan Fund W-ACC-GBP £ 4.13 - 0.07 0.63 High Yield Global Bond A GBP Inc 517.72 - 0.15 3.39 Pictet-Multi Asset Global Opportunities-I EUR € 126.36 - -0.02 0.00 may be made when you sell units, contact the
65 Gresham Street, London, EC2V 7NQ
Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 3.42 - 0.04 0.44 High Yield Global Bond B GBP Inc 1098.66 - 0.32 4.05 Northwest Investment Management (HK) Ltd Pictet-Nutrition-I EUR € 243.86 - -0.07 0.00 manager/operator for full details.
Order Desk and Enquiries: 0345 608 0950
Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.09 - 0.00 0.58 Kames Emerging Market Bond Fund - B Acc USD $ 11.26 - -0.03 0.00 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9331 9220 Pictet-Pacific Ex Japan Index-I USD F $ 454.85 - -1.72 0.00
Short Dated Corporate Bond Fund Y ACC GBP £ 10.69 - 0.00 3.74 Authorised Inv Funds
Kames Global Equity Income B GBP Acc 1910.78 - 5.13 0.00 Other International Funds Pictet-Premium Brands-I EUR F € 202.74 - 0.25 - Time: Some funds give information about the timing of
Fidelity Special Situations Fund W-ACC-GBP £ 37.25 - 0.17 2.32 Kames Global Equity Income B GBP Inc 1455.44 - -8.32 3.19 Northwest China Opps Class T $ $ 2661.61 - 10.55 0.00 Pictet-Russia Index I USD $ 96.68 - 0.27 0.00 Authorised Corporate Director - Link Fund Solutions price quotes. The time shown alongside the fund
Ashmore Investment Management Limited (LUX) Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 - Kames Global Diversified Growth Fund - B Acc EUR € 11.17 - 0.00 0.00 Northwest Feilong Class T $ $ 1867.40 - 20.51 0.00 Pictet-Russian Equities-I USD F $ 86.45 - -0.19 - manager’s/operator’s name is the valuation point for
2 rue Albert Borschette L-1246 Luxembourg S W Mitchell Capital LLP (IRL) Trojan Investment Funds
their unit trusts/OEICs, unless another time is
Fidelity UK Select Fund W-ACC-GBP £ 3.25 - 0.01 - Kames Global Equity Market Neutral Fund - B Acc GBP £ 9.92 - 0.00 0.00 Northwest Fund Class T $ $ 2379.49 - -6.31 0.00 Pictet-Security-I USD F $ 291.33 - 1.05 - Regulated Trojan Ethical O Acc 107.24 - 0.00 0.00 indicated by the symbol alongside the individual unit
FCA Recognised Institutional OEIC Funds Global Sustainable Equity B Acc GBP £ 16.73 - 0.03 0.00 Northwest Warrant Class A $ $ 1064.73 - -271.47 0.00 Pictet-Select-Callisto I EUR € 98.71 - -1.02 0.00
SWMC European Fund B EUR € 16965.51 - -0.38 0.00 Trojan Ethical O Inc 107.13 - -0.01 0.00 trust/OEIC name.
Ashmore SICAV Emerging Market Debt Fund $ 98.71 - 0.60 5.62 Global Sustainable Equity C Acc GBP £ 16.89 - 0.03 0.00 Pictet-Small Cap Europe-I EUR F € 1350.98 - 4.68 0.00
Europe (ex-UK) Fund ACC-GBP £ 6.03 - 0.02 0.92 SWMC Small Cap European Fund B EUR € 13154.27 - 12.38 0.00
Ashmore SICAV Emerging Market Frontier Equity Fund $ 166.30 - -0.71 0.66 Kames Absolute Return Bond Global Fund - B Acc GBP £ 10.31 - 0.00 0.00 Pictet-ST Emerg Local Currency Debt-I USD F $ 105.70 - 0.22 0.00
Ashmore SICAV Emerging Market Total Return Fund $ 85.07 - 0.32 5.22 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Short Dated High Yld Bd B Acc GBP £ 10.51 - 0.00 0.00 Pictet-ST.MoneyMkt-I € 138.47 - -0.01 0.00
Ashmore SICAV Global Small Cap Equity Fund $ 138.83 - 0.44 0.00 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Short Dated High Yld Bd C Acc GBP (Hdg) £ 10.58 - 0.00 0.00 Pictet-ST.MoneyMkt JPY I USD ¥ 100859.36 - -1.45 0.00
midnight. Daily dealing prices are set on the basis of
EM Active Equity Fund Acc USD $ 128.36 - 0.43 0.00 Strategic Global Bond A GBP Inc 1152.14 - -1.30 1.20 Pictet-ST.MoneyMkt-ICHF SFr 120.45 - 0.00 0.00
EM Equity Fund Acc USD $ 102.07 - -0.06 0.00
WA Fixed Income Fund Plc (IRL) the valuation point, a short period of time may elapse
Findlay Park Funds Plc (IRL) Strategic Global Bond B GBP Inc 654.14 - -0.71 1.85 Pictet-ST.MoneyMkt-IUSD $ 144.10 - 0.02 0.00 before prices become available. Historic pricing: The
Regulated
EM Mkts Corp.Debt USD F $ 91.73 - 0.06 6.44 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Pictet-Timber-I USD F $ 176.89 - -0.18 0.00
European Multi-Sector € 124.66 - 0.46 3.30 letter H denotes that the managers/operators will
EM Mkts Loc.Ccy Bd USD F $ 79.56 - 0.16 5.81 Pictet TR-Agora I EUR € 128.10 - 0.08 0.00 normally deal on the price set at the most recent
FCA Recognised
EM Short Duration Fund Acc USD $ 137.18 - 0.71 0.00 Pictet TR-Corto Europe I EUR € 140.11 - 0.25 0.00 valuation. The prices shown are the latest available
American Fund USD Class $ 129.91 - -0.03 0.16
Pictet TR-Divers Alpha I EUR € 107.85 - 0.12 0.00 before publication and may not be the current dealing
American Fund GBP Hedged £ 67.10 - -0.01 0.17
American Fund GBP Unhedged £ 104.06 - -0.02 0.15 Link Asset Services (UK) Pictet TR-Kosmos I EUR € 109.25 - -0.04 0.00 levels because of an intervening portfolio revaluation
65 Gresham Street, London, EC2V 7NQ Pictet TR-Mandarin I USD $ 155.45 - 0.66 0.00 or a switch to a forward pricing basis. The
Yapi Kredi Asset Management (TUR)
managers/operators must deal at a forward price on
Order Desk and Enquiries: 0345 922 0044 Pictet-US Equity Selection-I USD $ 275.12 - 2.17 0.00
Atlantas Sicav (LUX) www.yapikrediportfoy.com.tr Tel: + 90 (212) 385 48 48 request, and may move to forward pricing at any time.
Authorised Inv Funds Pictet-US High Yield-I USD F $ 175.09 - 0.08 0.00
Regulated Oasis Crescent Management Company Ltd Other International Funds Forward pricing: The letter F denotes that that
Pictet-USA Index-I USD F $ 277.87 - 0.10 -
Investment Adviser - Morant Wright Management Limited Eurobond Fund TRY 0.138265 - -0.000521 - managers/operators deal at the price to be set at the
American Dynamic $ 5087.06 5087.06 83.79 0.00 Other International Funds Pictet-USD Government Bonds-I F $ 706.09 - 1.40 0.00 RobecoSAM (LUX)
Foord Asset Management LF Morant Wright Japan A Acc 397.38 - 4.34 0.83 Koc Affiliate and Equity Fund TRY 0.890242 - 0.751456 - next valuation.
American One $ 4934.04 4934.04 14.19 - Oasis Crescent Equity Fund R 10.34 - -0.03 0.74 Pictet-USD Short Mid-Term Bonds-I F $ 137.47 - 0.00 0.00 Tel. +41 44 653 10 10 http://www.robecosam.com/
Website: www.foord.com - Email: info@foord.com LF Morant Wright Japan A Inc 384.67 - 4.20 0.78 DPM Bonds and Bills Fund (FX) $ 1.038022 - 0.899236 0.00
Bond Global € 1550.20 1550.20 0.30 0.00 Pictet-USD Sov.ST.Mon.Mkt-I $ 108.39 - 0.01 0.00 Regulated
FCA Recognised - Luxembourg UCITS LF Morant Wright Japan B Acc 430.96 - 4.72 1.33 Investors can be given no definite price in advance of
Eurocroissance € 1104.13 1104.13 10.24 - Pictet-Water-I EUR F € 399.43 - 0.47 0.00
LF Morant Wright Japan B Inc 390.42 - 4.27 1.36 RobecoSAM Sm.Energy/A £ 19.80 - 0.08 1.45 the purchase or sale being carried out. The prices
Far East $ 896.07 - 13.05 0.00 Foord International Fund | R $ 40.29 - -0.02 -
LF Morant Wright Nippon Yield A Acc 417.55 - 5.00 2.82 RobecoSAM Sm.Energy/N € 18.22 - 0.06 0.00 appearing in the newspaper are the most recent
Foord Global Equity Fund (Lux) | R $ 13.10 - -0.02 -
LF Morant Wright Nippon Yield A Inc 330.32 - 3.96 2.89 RobecoSAM Sm.Materials/A £ 192.82 - -0.34 1.58 provided by the managers/operators. Scheme
Regulated Oasis Global Mgmt Co (Ireland) Ltd (IRL) RobecoSAM Sm.Materials/N € 201.12 - -0.53 0.00 particulars, prospectus, key features and reports: The
LF Morant Wright Nippon Yield B Acc 441.26 - 5.29 2.81
Foord Global Equity Fund (Sing) | B $ 16.04 - -0.03 0.00 Regulated RobecoSAM Sm.Materials/Na € 133.14 - -0.35 1.60 most recent particulars and documents may be
LF Morant Wright Nippon Yield B Inc 349.19 - 4.19 2.88
Foord International Trust (Gsy) $ 39.98 - -0.03 0.00 Oasis Crescent Global Investment Fund (Ireland) plc RobecoSAM Gl.Small Cap Eq/A £ 119.75 - 0.01 1.36 obtained free of charge from fund
Barclays Investment Funds (CI) Ltd (JER) managers/operators. * Indicates funds which do not
Oasis Crescent Global Short Term Income Fund I - Class A Dist $ 0.99 - 0.01 2.44 RobecoSAM Gl.Small Cap Eq/N € 214.94 - -0.17 0.00
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 price on Fridays.
Oasis Crescent Global Equity Fund $ 30.40 - -0.04 0.61 RobecoSAM S.HealthyLiv/B € 225.50 - -0.05 0.00
FCA Recognised RobecoSAM S.HealthyLiv/N € 216.14 - -0.05 0.00
Oasis Crescent Variable Balanced Fund £ 9.50 - -0.01 0.12 Charges for this advertising service are based on the
Bond Funds RobecoSAM S.HealthyLiv/Na £ 160.75 - 0.11 1.19
Franklin Templeton International Services Sarl (IRL) Lloyds Investment Fund Managers Limited (1000)F (JER) OasisCresGl Income Class A $ 10.86 - 0.00 - number of lines published and the classification of the
Sterling Bond F £ 0.49 - 0.00 2.37 PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 OasisCresGl LowBal D ($) Dist $ 11.98 - -0.02 0.95 RobecoSAM S.Water/A £ 267.51 - 0.02 1.32 fund. Please contact data@ft.com or
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland RobecoSAM S.Water/N € 233.62 - -0.19 0.00
Other International Funds OasisCresGl Med Eq Bal A ($) Dist $ 12.66 - -0.02 0.49 call +44 (0)20 7873 3132 for further information.
Other International Funds Oasis Crescent Gbl Property Eqty $ 8.93 - -0.03 1.65
Lloyds Investment Funds Limited
Franklin Emerging Market Debt Opportunities Fund Plc Yuki International Limited (IRL)
Euro High Income € 1.5930 - -0.0010 2.71 Tel +44-20-7269-0207 www.yukifunds.com
Franklin Emg Mkts Debt Opp CHFSFr 16.35 - -0.57 9.25 Platinum Capital Management Ltd
CCLA Investment Management Ltd (UK) High Income £ 0.8752xd - 0.0001 3.80 Regulated
Franklin Emg Mkts Debt Opp GBP £ 10.65 - -0.36 6.69 Other International Funds
Senator House 85 Queen Victoria Street London EC4V 4ET Sterling Bond £ 1.5790 - 0.0000 2.21 Rubrics Global UCITS Funds Plc (IRL)
Franklin Emg Mkts Debt Opp SGD S$ 22.60 - -0.66 5.05 Yuki Mizuho Umbrella Fund
Authorised Inv Funds Lloyds Money Fund Limited Omnia Fund Ltd Platinum All Star Fund - A $ 132.50 - - - www.rubricsam.com
Franklin Emg Mkts Debt Opp USD $ 17.64 - -0.55 6.57 Yuki Mizuho Japan Dynamic Growth ¥ 6328.00 - 85.00 0.00
Platinum Global Growth UCITS Fund $ 10.45 - 0.04 0.00 Regulated
Diversified Income 1 Units GBP Inc £ 1.62 1.62 0.00 - Sterling Class £ 52.3170 - -0.0010 -0.20 Other International Funds
Platinum Global Dividend UCITS Fund $ 57.68 - 0.33 - Yuki Japan Low Price ¥ 38655.00 - 463.00 0.00
Diversified Income 2 Units GBP Inc £ 1.56 1.56 0.00 2.46 Lloyds Multi Strategy Fund Limited Estimated NAV $ 721.14 - -129.60 0.00 Rubrics Emerging Markets Fixed Income UCITS Fund $ 137.39 - 0.21 0.00
Yuki Japan Value Select ¥ 13122.00 - 151.00 0.00
Diversified Income 3 Units GBP Inc £ 1.57 1.57 0.01 2.43 Conservative Strategy £ 1.3040 - 0.0000 0.00 Rubrics Global Credit UCITS Fund $ 16.91 - 0.00 0.00
Yuki Asia Umbrella Fund
Growth Strategy £ 1.8970 - 0.0000 0.00 Rubrics Global Fixed Income UCITS Fund $ 173.07 - 0.21 0.00
GAM Q Rubrics India Fixed Income UCITS Fund $ 11.18 - 0.14 0.00 Yuki Japan Rebounding Growth Fund JPY Class ¥ 27865.00 - 363.00 0.00
Aggressive Strategy £ 2.5640 - 0.0000 0.00
funds@gam.com, www.funds.gam.com Rubrics India Fixed Income UCITS Fund $ 97.38 - 1.20 0.00 Yuki Japan Rebounding Growth Fund USD Hedged Class $ 1130.65 - 14.90 0.00
Global USD Growth Strategy $ 1.6670 - 0.0010 0.00
Regulated Dealing Daily
CG Asset Management Limited (IRL) LAPIS TOP 25 DIV.YLD-D £ 113.21 - -0.14 1.96
25 Moorgate, London, EC2R 6AY
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859
Slater
FCA Recognised
Zadig Gestion (Memnon Fund) (LUX)
FCA Recognised
CG Portfolio Fund Plc MMIP Investment Management Limited (GSY)
Investments
GYS Investment Management Ltd (GSY) Memnon European Fund - Class U2 GBP £ 181.71 - 0.23 0.00
Absolute Return Cls M Inc £ 125.58 125.58 0.08 1.19 Regulated
Capital Gearing Portfolio GBP P £ 33917.57 33917.57 33.75 0.95 Regulated
Multi-Manager Investment Programmes PCC Limited
Capital Gearing Portfolio GBP V £ 164.40 164.40 0.16 1.22 Taurus Emerging Fund Ltd $ 135.67 138.44 -0.42 0.00
UK Equity Fd Cl A Series 01 £ 2619.99 2648.62 -94.29 0.00
Dollar Fund Cls D Inc £ 168.32 168.32 -0.23 1.69 Diversified Absolute Rtn Fd USD Cl AF2 $ 1594.39 - 8.77 0.00
Polar Capital Funds Plc (IRL)
Optima Fund Management Regulated
Dollar Hedged GBP Inc £ 99.87 99.87 -0.14 1.94 Diversified Absolute Return Stlg Cell AF2 £ 1536.22 - 4.25 0.00
Real Return Cls A Inc £ 207.65 207.65 -0.23 2.44 Other International Funds Automation & Artificial Intelligence CL I USD Acc $ 11.35 11.35 0.02 0.00
Global Equity Fund A Lead Series £ 1596.75 1601.91 -46.50 0.00
JENOP Global Healthcare Fund Ltd $ 17.09 - -0.33 0.00 Asian Financials I USD $ 371.62 371.62 -2.13 0.00
Genesis Investment Management LLP OPTIKA Fund Limited - Cl A $ 205.62 - -5.82 0.00 Biotechnology I USD $ 22.91 22.91 -0.01 0.00 Slater Investments Ltd (UK)
Other International Funds Optima Fd NAV $ 100.28 - 0.00 0.00 Emerging Market Stars I USD Acc $ 9.79 - 0.03 0.00 www.slaterinvestments.com; Tel: 0207 220 9460
Emerging Mkts NAV £ 7.21 - -0.16 0.00 Optima Discretionary Macro Fund Limited $ 79.47 - 0.47 0.00 European Ex UK Inc EUR Acc € 12.16 12.16 -0.02 0.00
FCA Recognised
Chartered Asset Management Pte Ltd Marwyn Asset Management Limited (CYM) Platinum Fd Ltd $ 99.22 - 3.01 0.00 Financial Opps I USD $ 13.16 - 0.03 2.50
Slater Growth 549.69 549.69 3.59 0.00
Other International Funds Platinum Japan Fd Ltd $ 63.47 - -0.31 0.00 GEM Income I USD $ 12.24 - 0.01 0.00
Regulated Slater Income A Inc 143.90 143.90 1.36 0.00
Optima Partners Global Fd $ 17.06 - 0.01 0.00 Global Convertible I USD $ 13.24 13.24 0.05 0.00
CAM-GTF Limited $ 288886.65 288886.65 3358.05 0.00 Marwyn Value Investors £ 362.90 - -37.00 0.00 Slater Recovery 256.28 256.28 1.20 0.00
Optima Partners Focus Fund A $ 17.44 - -0.41 0.00 Global Insurance I GBP £ 7.75 - 0.00 0.28
CAM GTi Limited $ 719.89 - 42.44 0.00 Slater Artorius 222.24 222.24 0.77 -
Optima STAR Fund (hedged) $ 98.60 - -0.25 0.00 Global Technology I USD $ 50.05 - 0.32 0.00
Raffles-Asia Investment Company $ 1.41 1.41 -0.01 2.89
Optima STAR Long Fund $ 146.81 - -0.35 - Healthcare Blue Chip Fund I USD Acc $ 13.22 13.22 0.04 0.00
The Optima Lloyd George Asia Fund $ 96.20 - 0.12 - Healthcare Opps I USD $ 47.97 - 0.02 0.00
Milltrust International Managed Investments ICAV (IRL) Income Opportunities B2 I GBP Acc £ 2.33 2.33 0.00 0.00
Japan I JPY ¥ 2180.88 - 13.06 0.00
mimi@milltrust.com, +44(0)20 8123 8369 www.milltrust.com Stenham Asset Management Inc
Cheyne Capital Management (UK) LLP Japan Value I JPY ¥ 115.06 115.06 0.86 0.00
Regulated www.stenhamassetmanagement.com
North American I USD $ 25.56 25.56 -0.05 0.00
Other International Funds MAI - Buy & Lease (Australia) A$ 102.52 - 2.25 0.00 Other International Funds
Oryx International Growth Fund Ltd UK Absolute Equity I GBP £ 20.43 20.43 -0.13 0.00
Cheyne European Event Driven Fund (M) € 144.16 - -0.70 - MAI - Buy & Lease (New Zealand)NZ$ 97.29 - 0.06 0.00 Stenham Credit Opportunities A Class USD $ 110.22 - -6.66 0.00
Other International Funds UK Val Opp I GBP Acc £ 11.57 11.57 0.04 0.00
price updated (D) daily, (W) weekly, (M) monthly British Innovation Fund £ 100.02 - 3.18 0.00 Stenham Equity UCITS USD $ 180.34 - 0.50 0.00
Milltrust Global Emerging Markets Fund - Class A $ 86.75 - 0.48 0.00 NAV (Fully Diluted) £ 9.10 - -0.52 -
Global Investment House Stenham Growth USD $ 217.77 - -1.61 -
Global GCC Islamic Fund $ 112.00 - -1.61 0.00 Stenham Healthcare USD $ 209.27 - -8.32 0.00
Global GCC Large Cap Fund $ 173.65 - -3.26 0.00 Stenham Managed Fund USD $ 118.05 - -2.77 0.00
Global Saudi Equity Fund SR 268.21 - -11.43 0.00 Polar Capital LLP (CYM) Stenham Quadrant USD A $ 437.93 - -5.56 -
Dodge & Cox Worldwide Funds (IRL) Regulated Stenham Trading Inc USD $ 126.03 - -1.61 -
6 Duke Street,St.James,London SW1Y 6BN Mirabaud Asset Management (LUX)
Stenham Universal USD $ 447.27 - -8.50 -
European Forager A EUR € 191.25 - -2.70 0.00
www.dodgeandcox.worldwide.com 020 3713 7664 www.mirabaud.com, marketing@mirabaud-am.com Stenham Universal II USD $ 162.61 - -3.16 0.00
FCA Recognised Conviction based investment vehicles details available here www.mirabaud-am.com
Dodge & Cox Worldwide Funds plc - Global Bond Fund HPB Assurance Ltd Regulated
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Mir. - Glb Strat. Bd I USD $ 114.20 - 0.03 -
EUR Accumulating Class € 14.50 - 0.07 0.00
International Insurances Mir. - DiscEur D Cap GBP £ 140.99 - -0.34 0.00 Private Fund Mgrs (Guernsey) Ltd (GSY)
EUR Accumulating Class (H) € 10.53 - 0.01 0.00
Mirabaud - UK Equity High Alpha £ 123.44 - -0.21 0.00 Regulated
EUR Distributing Class € 11.95 - 0.05 4.14 Holiday Property Bond Ser 1 £ 0.53 - 0.00 0.00
EUR Distributing Class (H) € 8.67 - 0.01 4.39 Holiday Property Bond Ser 2 £ 0.65 - 0.01 0.00 Monument Growth 17/09/19 £ 512.76 517.88 3.60 2.54
GBP Distributing Class £ 12.89 - 0.03 3.74
GBP Distributing Class (H) £ 9.09 - 0.01 4.42
UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws
Friday 20 September 2019 ★ FINANCIAL TIMES 19
Brexit angst
Corporate treasurers pounce triggers record
bets on UK
on ultra-low borrowing costs interest rates
PHILIP STAFFORD
Painful month for quant funds after Green-friendly ETFs defend holding
rout in bonds and momentum stocks shares in groups with coal operations
LAURENCE FLETCHER the year to 5.3 per cent. “Nobody likes ing market interest rate derivatives or BILLY NAUMAN — NEW YORK with holdings that might not align with benchmarks on which the fossil fuel
this but it’s part of the business.” German power, has lost 6.9 per cent, their eco-friendly image. A report from reserve free funds are based, would
Several computer-driven hedge funds Two exchange traded funds explicitly
Hedge fund firm Man Group’s AHL cutting gains for the year to 6 per cent. environmental research group Influ- implement changes in November to
have had a tough time this month after marketed as excluding fossil fuels are
unit, which manages $30bn in assets, is Stockholm-based Lynx Asset Man- enceMap shows a number of other funds address “the more stock-specific
their models were caught out by a holding thousands of shares in mining
among those suffering losses. agement’s main fund has lost 8.8 per branded with terms such as “low car- nuances of companies residing in a low
sharp reversal of long-term price and energy companies with significant
Its $1.6bn AHL Diversified fund was cent this month, according to a letter to bon” or “climate aware” owning compa- carbon industry”.
trends. coal operations — raising questions
down 10 per cent this month, reducing investors seen by the FT, reducing this nies that have fossil fuel reserves. Even after the review, the two funds
about fund managers’ marketing
Many so-called managed futures funds, this year’s gains to 10.9 per cent, said a year’s gains to 19.7 per cent. A version of Adrienne Buller, an analyst at Influ- would stay invested in “metallurgical”
practices and the responsibility of
which collectively have about $300bn in person who had seen the numbers. Its the fund that takes more risk is down enceMap, said: “[Some of these funds] coal, which is used in the steelmaking
regulators to avoid confusion over what
assets, had been betting heavily on a $3.8bn Evolution fund, which bets on 13.2 per cent this month. process, State Street said. “Eliminating
investments should count as green.
continuing rally in government bonds. trends in niche markets such as emerg- A bet on higher bond prices has been all carbon exposure would result in a
But bonds across the world were ham- the biggest as measured by risk for the One of the funds — the SPDR MSCI EAFE
‘Many companies holding heavily concentrated portfolio that may
mered as 10-year US Treasury yields Diversified fund at Aspect Capital, Fossil Fuel Reserves Free ETF — contains fossil fuel reserves are some not be suitable for all investors.”
jumped from a low of 1.46 per cent in which manages $8bn in assets, accord- more than 3,000 shares of RWE, a Ger- Many of the funds named in Influ-
early September to 1.77 per cent on the ing to an investor letter seen by the FT. man energy company that runs seven
of the largest investors in enceMap’s study are not explicitly
back of improving economic data. The fund had been betting on lower coal-fired power plants, including one in renewable technologies’ labelled as excluding fossil fuels. One
Yields rise as prices fall. energy prices ahead of this week’s jump Aberthaw, Wales. such fund is BlackRock’s iShares MSCI
Meanwhile, some managers were in oil, according to the letter. The fund is The other fund — the SPDR MSCI have the carbon intensity of a regular ACWI Low Carbon Target ETF, which is
squeezed by a sell-off of previously pop- down 5.6 per cent this month but still up Emerging Markets Fossil Fuel Reserves market-tracking ETF.” marketed as having less exposure to
ular stocks — a phenomenon dubbed 20.8 per cent for the year. Free ETF — owns nearly 50,000 shares Out of 118 retail funds marketed with carbon than the broad market.
the “momentum crash” — as well as Connecticut-based Graham Capital’s of Vale, a Brazilian mining company a climate-related theme, InfluenceMap Russell Investments, citing another
Monday’s spike in oil prices following Tactical Trend fund, meanwhile, lost 5.2 that produces 22m tonnes of coal ore found 23 products — including funds reason for keeping some fossil fuel
strikes on Saudi oil processing facilities. per cent this month, according to num- and 7,500 shares of Sasol, a South Afri- from BlackRock, Russell Investments, holdings in climate-friendly funds, said:
“It’s been a painful month,” said bers sent to investors, reducing gains can miner that operatessix coal mines. Amundi and others — with exposure to “Many companies that hold fossil fuel
André Honig, executive director at this year to 18.1 per cent. Both funds are managed by State companies that own fossil fuel reserves. reserves are also some of the largest
Transtrend, a Rotterdam-based fund “There can’t be any hiding [places] Street Global Advisors. State Street said InfluenceMap missed investors in renewable technologies.”
whose Diversified Trend Program lost Monday’s crude oil jump caught out with the momentum reversal and yields However, these are not the only funds “important nuances” in its research but MSCI did not respond to a request for
7.1 per cent this month, cutting gains for some funds betting on lower prices rising,” said one hedge fund manager. in the $1tn green investment market noted that MSCI, which provides the comment.
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20 ★ Friday 20 September 2019
V
from the US Federal Reserve’s meeting on Stoxx Europe 600 aluations of US stocks have Although profit margins have There is room for greater efficiencies.
Wednesday that cut interest rates by 25 reached historical remained elevated for a long period of The use of robotics in the US, for exam-
100.0
basis points. extremes, relative to those time, the tide is beginning to turn. ple, lags behind Asian countries, mean-
The central banks of Switzerland and of other markets. It is hard Lower corporate taxes, cheaper costs of ing there is potential for further adop-
Japan left rates unchanged, as did the to see how this situation borrowing and falling labour expenses tion to cut costs. However, even as auto-
99.5
Bank of England. can be maintained but just as difficult to have previously supported margins. mation reduces costs and improves the
The BoE’s “interest rate policy is widely Wed Thu predict when the reckoning will come. It is unlikely we will see further margins of individual companies,
considered to be hostage to the Brexit Companies listed in America have decreases in tax and debt expenses. employee pay could eventually fall
Source: Bloomberg
outcome”, said a Rabobank note. always commanded a premium, so that Most of the key forces keeping a lid on enough to limit consumption and ulti-
The outlier was a hawkish Norges much is not new. Our proprietary price wage costs are also starting to fade. The mately reduce the aggregate profit mar-
Bank, which continued to swim against to earnings multiple for US equities evidence suggests we are at or near peak gins of US companies.
the tide in global monetary policy by Across the Atlantic, a further easing of The yield on 10-year Treasuries fell 2 stands at 26 compared with 15 for margins and should be prepared to see Finally, trade tension could strain
raising interest rates for the fourth time monetary policy and the resumption of basis points to 1.76 per cent. non-US equities. them compress over time. profit margins beyond what is priced
in the past year. The announcement talks between deputy-level US and In Hong Kong, where pro-democracy But the size of the disconnect has The trade war also puts US profit mar- into the market. While exports are not a
triggered a brief rally for the krone Chinese officials this week helped to lift demonstrators continue to protest, the grown. The ratio between those two gins at risk by directly threatening the particularly large share of US GDP,
against the euro before it pared gains. market sentiment. Hang Seng index fell 1.1 per cent. But earnings multiples, at 1.7 today, com- part of the market that has generated American corporations are heavily
Elsewhere in Europe, the continent- The S&P 500 index advanced 0.4 per elsewhere in Asia, Tokyo’s Nikkei 225 pares with a 20-year average of just 1.2. exposed to global supply chains and for-
Much of today’s exuberance has been eign operations while China has plenty
wide Stoxx Europe 600 index rose 0.6 per
cent, propelled by a rally in bank shares.
cent, aided by a 2.6 per cent rise in
Microsoft after the technology group
Average rose 0.4 per cent.
Oil gained as traders weighed the risks driven by three big beliefs — that US
The crunch may not come of tools to manage through a long period
Europe’s lenders advanced 1.9 per cent announced share buybacks and an 11 per surrounding Saudi Arabian production companies’ quality justifies elevated until the next recession of trade conflict.
premiums; that their strong profit mar- The key variables, of course, are the
as investors bought into one of the year’s
most unloved sectors in the region.
cent increase in its quarterly dividend.
The tech-heavy Nasdaq Composite
following last weekend’s drone attack.
Brent crude, the international gins are sustainable for the indefinite
as US equities tend to be degree to which tariffs and other con-
European banks are up just 0.2 per index was up 0.5 per cent by midday in benchmark, rose 1.8 per cent to $64.77 a future; and that they will not suffer defensive in times of stress straints on trade escalate. Fiscal and
cent year to date compared with a 16 per New York while the Dow Jones Industrial barrel while WTI, the US marker, firmed much in a trade war. monetary policy would normally be
cent rise for the region’s stocks overall. Average shifted 0.3 per cent higher. 0.9 per cent to $58.61. Ray Douglas Investors would be well advised to able to take the edge off such pressures
remember that current premiums are most of the expansion — the tech sector but, given low policy rates, large central
exceptional and those three beliefs all and other manufacturers. bank balance sheets and high govern-
Markets update holding true would be exceptional, too. Even without added tariffs and ment debt levels of much of the devel-
While US equities offer higher returns restructuring of supply chains, future oped world, policymakers have less fire-
on equity and returns on invested capi- wage savings from offshoring may be power today than in the past.
tal than their counterparts around the limited. Chinese labour costs, for exam- The US has a heavy number of high-
US Eurozone Japan UK China Brazil globe, that has always been the case. ple, have already increased enough to quality, innovative companies that
Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa Over the past 20 years, the median ratio entice some manufacturers to move deserve premium valuations but it is
Level 3018.53 1539.38 22044.45 7356.42 2999.28 105117.33 of US companies’ return on equity to production to lower cost producers such hard to find strong justification for
% change on day 0.39 0.64 0.38 0.58 0.46 0.56 that of non-US companies has run at 1.4 as Vietnam and Bangladesh. today’s extraordinary valuations.
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ times. Those figures have not increased There are limits, however, on those The crunch may not come until the
Level 98.272 1.106 108.045 1.249 7.099 4.139 in several decades, so why should they companies’ ability to handle the same next recession, particularly as US equi-
% change on day -0.293 0.000 -0.166 0.080 0.152 0.904 be driving up US companies’ valuation types of manufacturing done in China ties tend to be defensive in times of
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond premiums today? without meaningful investment and stress. Given the stage of the economic
Yield 1.781 -0.508 -0.230 0.558 3.115 7.149 One possible reason is that in a lower time to improve. At the same time, poli- cycle, investors should be cautious
Basis point change on day 2.960 0.500 -4.370 -0.600 -0.500 -5.800 global growth environment, growth and ticians and regulators have awakened to about underweighting US equities right
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX) stability are more valued by investors. the role that increased concentration in now but be prepared to act after the next
Such stability is particularly valuable US industries has played in limiting recession hits.
Level 347.85 64.74 58.65 1503.50 17.85 2809.40
when returns for high-quality govern- workers’ bargaining power, suggesting
% change on day 0.20 1.79 0.88 0.09 0.06 -0.17
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.
ment bonds are paltry. These supports that the pendulum may be swinging in Celia Dallas is chief investment strategist at
will not last. the other direction. Cambridge Associates in Washington DC
Main equity markets
S&P 500 index Eurofirst 300 index FTSE 100 index
3040 1560 8000
1520 7680
2960
1480
2880 7360
1440
| | | | | | | |
2800 | | | | | | | | | | | | | | | | | | | |
1400 | | | | | | | | | | | | | | | | | | | | 7040 | | | | | | | | | | | |
Biggest movers
% US Eurozone UK
Alexion Pharmaceuticals 2.92 B. Sabadell 4.21 Int Consolidated Airlines S.a. 3.76
Cigna 2.59 Caixabank 3.82 Vodafone 2.69
Ups
FT SPECIAL REPORT
Revitalised Cities
Tampa & St Petersburg
Friday September 20 2019 www.ft.com/reports | @ftreports
for climate change, is walkable, with art galleries, upscale Downtown on the up
estate agents selling multimillion dollar
says Lindsay Fortado homes and the Salvador Dalí Museum Hockey team owner
clusterednearthepier. triggered regeneration
T
ampa is a city under con- The two cities’ Democratic mayors of rundown areas
struction. This is less appar- both list as priorities improving trans-
Page 2
ent on the drive into the cen- port and education, building affordable
tre from the airport, with housing and preparing the region to face
the streets still lined with rising sea levels and adverse weather Investor appeal
the sprawl of strip malls offering any- patternscausedbyclimatechange. Costs are low and skills
thing from tacos to bail bonds. But once Mr Kriseman became mayor at the are improving but cities
downtown, cranes dot the skyline as sev- start of 2014 and was re-elected in 2017.
eral large developments are under way He says the city’s median income has need to raise profiles
to alter theshapeofthecity. risen rapidly in that time, from $45,483 Page 3
“I’ve been here 59 years, I was born to$50,622.
and raised here, but I’ve never seen any- “I grew up here and I never thought I’d Training for disaster;
thing like this,” says Jane Castor, Tampa’s stay,” he says. “The city started to change
new mayor. “We’re going to rename the a lot mid-2000s, then the crisis stalled taking on cancer
city bird thecranethereare so many.” everything. The last couple of years it’s Why Tampa is at the
Ms Castor won the mayoral election in reallypickedup.” cutting edge of
April with 73 per cent of the vote and 96 Florida was hit particularly hard dur-
of the 103 precincts, becoming the first High ambition: cranes at work behind Tampa’s new Sparkman Wharf waterfront leisure development — Nicole Abbett ing the financial crisis, as global travel emergency medicine
openly gay mayor in a city where she was slowed dramatically, stemming the tide and new treatments
once the first femalepolicechief. shape to attract more middle- and front- population of Tampa, St Petersburg and “Tampa’s been struggling to get resi- of tourists pouring into the state for its Page 4
The Tampa Bay area, which includes office staff from big employers, building Clearwaterroseby51,400to3.14m. dents, but St Pete is the opposite. Our weather, beaches and amusement parks.
the arty, beach city of St Petersburg on its strength in back-office functions, The cities have banded together on struggle is to get offices downtown. We That is still at the forefront of both may-
across the water, has seen one of the while retaining the laid-back lifestyle several initiatives, such as getting a high- think our job is easier. L3 [Technolo- ors’minds,andtheyarekeentodiversify
largest ever net migrations into the and low costs that residentsenjoy. speed ferry service between them run- gies] just fell in our lap. Right after that, the businesses they attract in case of
region in recent years as it undergoes a Census data suggest it is working. The ningmorefrequentlyforcommuters. Dynasty Financial came,” he says of two anotherrecession.
transformation sparked by the new Tampa Bay area is one of top 10 fastest- Mr Kriseman says the cities were not high-tech companies that recently “An ability to weather an economic
developments, and a low cost of living. growing metropolitan areas in the US by always so co-operative, and that St moved to the city — the aviation arm of storm will be helped by the diversifica-
Now Ms Castor and Rick Kriseman, numbers, luring people from cities Petersburg “had a chip on its shoulder”, a government contractor and a plat- tion that’s being created through the
the mayor of St Petersburg, are focusing including New York, San Francisco and and felt inferior to bigger Tampa. That is form for financial advisers. development,” says Ms Castor. “We
their attention on getting the cities in Los Angeles. In the year to July 2018, the nolongerthecase,headds. While Tampa feels more like a Continued on page 2
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2 ★ FINANCIAL TIMES Friday 20 September 2019
area braces for haven’t put all our eggs in one basket. If
the economy takes a downturn, they
shouldn’tmissabeatthere.”
A 2.6 mile pedestrian walkway was
built along the Hillsborough River under
T
he numbers add up to a feet higher than the old one to prepare list. She says she will also seek to
bleak scenario: if the pace of for storm surges and rising sea levels. increase incentives for developers to
global warming continues, “With the limited help we have — vir- build affordable housing.
sea levels in the Tampa Bay tually no help from the state or federal “So many other cities nationwide have
area could rise by as much level — and with limited funds, where do pushed the necessary workforce out into
as eight-and-a-half-feet by 2100, accord- you invest that can help the most?” he the suburbs,” she says. “There’s a joke in
ingto scientists’worst-caseprojections. says. “Every new project we do we’re Key West [a wealthy town on a strip of
Tampa Bay is at acute risk from cli- looking at [sustainability].” islands off Florida’s southern tip]. How
mate change as its terrain is mostly at Both Tampa and St Petersburg are Raising its game: offices and retail space (see story above). people not moving to Florida because do you become a manager? You show up
sea level, with nearly 700 miles of shore- focused on green initiatives, including St Petersburg’s The project is the first in the world to they think they’ll be underwater in 150 your second day. Because no low-level
line facing the bay or the Gulf of Mexico. building a fleet of less polluting public new pier is receive a district-wide WELL designa- years? If you’re retiring you’re thinking workerscanaffordtolivethere.”
A 2017 report from Climate Central, a buses and a fast ferry between the cities among projects tion from the International Well Build- about the next 10 to 20 years.” “We have no form of mass transit, and
research group, said St Petersburg and to cut rush-hour traffic on the bridges. being designed ing Institute, which assesses buildings’ Estimates of potential rises in sea one of the worst bus systems in the
Tampa were among the 25 US cities They are also working on improving with climate impactonhealthandwellbeing. level vary widely, but she says Florida’s state,” she adds. “And we’re one of the
most vulnerable to coastal flooding both recycling and building safer streets and change in mind The scheme is designed to encourage cities are at the forefront of thinking topcitiesinstreetfatalities.”
then and also by 2050. sidewalks to encourage bicycles, scoot- walking and cut traffic and has 13 acres about climate change. “In terms of the Her first priority will be to repave the
A drive is under way to attract new ers and walkers to help cut vehicle emis- of public green space and a street grid broader things that Florida can do, there streets, repair and lay sidewalks, and
businesses and residents but local sions. Tampa madeitstramsfree. designed to connect the downtown busi- has to be enhanced co-operation install lights to make them safer at
authorities know they must respond to Pinellas County, which includes St ness district with the waterfront. Infra- between the cities because they have to night. Part of that revamp will include a
the threat if growth is to be sustained. Petersburg, appointed its first sustaina- structure improvements costing $100m solve these issues together,” she adds. push to create “complete streets”, with
Sea levels in the area have risen by bility and resiliency co-ordinator in will include water, sewer and stormwa- Josh Turner, a data analyst at Four lanes for bikes and scooters. Next will
nearly 8in since 1946 and are projected May to develop centralised planning, tersystems. Twenty Seven, says that cities can take come a plan to revamp the bus system,
to rise by between two and eight-and-a- while Mr Kriseman founded an Office of “The urbanisation is contributing to a steps such as elevating roadways, build- and then Ms Castor hopes to explore the
half feet by 2100 in different scenarios, Sustainability and Resiliency to focus on better quality of the bay,” says Mr Ger- ing seawalls and coastal defences, and creation of a commuter rail system. She
according to a report from the Tampa environmental solutions. mann. “You’re building more sustaina- focusing on reducing emissions. also wants to extend a tram line —
Bay Climate Science Advisory Panel in Jane Castor, the mayor of Tampa, is ble infrastructure and removing the fac- In some parts of the US, prices of which currently runs from the Ybor
April. The group, comprising scientists also recruiting a resiliency expert to tories that used to be on the water.” properties on higher ground are rising City neighbourhood into downtown —
in the region, was formed five years ago plan for rising sea levels and worsening He adds that Port Tampa Bay, one of faster than in lower areas because of into the Tampa Heights and Seminole
to develop recommendations for local weather patterns. Florida’s largest, has enacted measures ‘With limited flood risk and insurance costs. Heights neighbourhoods, where she
authorities to prepare for climate In Tampa, business leaders working to reduce pollution. Other regulations “As those things continue to increase, lives with her partner.
change. The area is particularly vulnera- on construction projects to regenerate have curbed agricultural run-off in riv- funds, we would expect that the cost of living One Monday last month, Ms Castor
ble to hurricanesandflooding. the city are focused on ways to also ers flowing to the bay, helping the recov- where do will change . . . and people will be less
St Petersburg mayor Rick Kriseman make it greener, says Roger Germann, ery of seagrass crucial to the ecosystem. inclined to live adjacent to the shore-
has made combating climate change a chief executive of the Florida Aquarium Emilie Mazzacurati, founder of Four you invest line,” Mr Turner says.
prominent theme of his administration. on the Tampa waterfront. Twenty Seven, an adviser on business that can “As we continue along a path of not
He added solar panels to city buildings, Plans include the adjacent 56-acre and climate risk, says few people are reducing emissions and warming the
built a police station to withstand a Cat- Water Street Tampa development thinking now about threats that are dec- help the planet, the seas will continue to rise and
egory Five storm, and made an $87m downtown, part of which is under con- ades away. “Is [climate change] driving most?’ the [action needed] to fix that will
pier now under construction several struction to create new hotels, homes, the market now? No,” she says. “Are become more extensive.” Mayor Castor Mayor Kriseman
Food scene stakes a claim to rival Florida’s finest that will be a prime candidate for her
“complete streets” plan. She was head-
ing from City Hall to a ribbon-cutting
ceremony for a new condominium
building in Seminole Heights, where
in Florida right now because there are so Pierola worked before branching out on moment, though there are questions construction workers and local small-
Visitors guide many influences coming together.” her own to open Edison’s in 2012, is one about whether the Tampa Bay Rays, the business owners were waiting to greet
Besides Sparkman Wharf, that scene of the city’s finer restaurants, while On baseball team that plays in St Peters- her. The quaint neighbourhood, its
Lindsay Fortado on where to is being driven by two new food halls. Swann offers a fun, modern take on burg, will stay in the area for much tree-lined streets filled with newly
sleep, eat, drink and relax Armature Works and the Hall on Frank- American cuisine. longer. Attendance is so low at games restored Craftsman-style houses, was
between business meetings lin offer the gamut of cuisines, mostly The Tampa Bay area is also becoming the team’s owner is considering playing getting its first large apartment build-
from local chefs. known for its proliferation of local brew- half the season in Montreal in the hope ing, at six storeys high.
For business visitors with time eries — there are nearly 100. A good of boosting its fan base. Not everyone in the community was
Chef Jeannie Pierola swears that Tampa between meetings, Armature Works, in online source for finding one that suits The Tampa Bay Lightning hockey happy with the size of the building,
is the best food city in Florida right now. an old streetcar garage on the water- your taste is The Brewery Bay website. team and the Tampa Bay Buccaneers though it sits on the busy thoroughfare
Ms Pierola may be biased, of course. front, is a good bet. St Petersburg also offers good restau- American football team, both of which ratherthaninthequietsidestreets.
Her restaurant, Edison: Food+Drink Diners can escape the heat in the air- rants, many of which are packed along play in Tampa, are better attended. “There’s always someone who’s going
Lab, is currently one of the most conditioned hall, sit outside by the Central Avenue, one of the city’s main Options for where to stay in down- to complain when there’s change,” Ms
acclaimed in town, offering innovative water or wander along the River Walk, thoroughfares. Local favourites include town Tampa will soon increase. The Castor said with a shrug as she strolled in
takesonmodernmainstayssuchasocto- the new path along the Hillsborough Intermezzo Coffee & Cocktails, Ichicoro Water Street Tampa development to greet the crowd waiting for her. “But
pus, pork belly and steak tartare. Many River that connects the area to down- Ane for Japanese fare and The Canopy includes a renovated Marriott Water- thischangeisagoodthing.”
dishes rotate seasonally, such as the town. A downside for those looking to Rooftop Lounge at Birch & Vine. side hotel, which has already reopened,
potato-crustedoysters,alocal favourite. get out a laptop is that electrical sockets If you have time to kill when the and two others now under construction.
She recently opened Edison’s Swiga- Tastemaker: chef Jeannie Pierola near seats are rare. weather is amenable — which it gener- One, a more upmarket JW Marriott, is
majig, a concession housed in a shipping In the trendy Seminole Heights area, ally is — the beaches along the west coast due to be completed in 2020, while a
container at the downtown al fresco food and nominees for the influential annual locals recommend Rooster & the Till, of St Petersburg are worth a visit. Other luxury Edition hotel is also scheduled to
venue Sparkman Wharf, and is in the James Beard Awards for its restaurants, The Refinery and Ichicoro Ramen, attractions in the area are the Salvador open in 2021. The Edition will be
midst of overhauling a greasy spoon on compared with 21 for Tampa (five of while in Ybor City, known for its Cuban Dalí museum in St Petersburg and the Tampa’s first five-star hotel.
the south side of the city to create her which are due to Ms Pierola). But she history and lively bar scene, the classic Florida Aquarium in Tampa, which Le Meridien and Aloft hotels also top
first all-day restaurant, Counter Culture. may have a case. Latin eatery Columbia draws a big offers dolphin cruises several times a the list of places to stay in Tampa for
On the face of it, her claim of Tampa’s “Tampa is this little city that’s been crowd. day. Manatees are often spotted, too. business travel. In St Petersburg, the
culinary state supremacy may seem a coming of age [for] its own cuisine For those looking for something more The cities also host some of the best Vinoy and the Don CeSar are two of the
stretch. Miami has 64 winners, finalists lately,” she says. “It’s the best food scene upscale, Bern’s Steakhouse, where Ms sports team in the country at the city’s most iconic hotels.
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Friday 20 September 2019 ★ FINANCIAL TIMES 3
Investment Operating costs are below rival hubs What the Tampa Bay area offers investors
and workforce is improving, says Courtney Fingar Inward investment projects in Tampa, St Petersburg & Clearwater, Investors attracted by skilled workers
Pharmaceuticals 2.3%
2009–19 Medical devices 2.3% Motives for companies investing in Tampa,
St Petersburg & Clearwater, Jul 2009–Jul 2019 (%)
Other
New York
Transportation 4.0%
Clearwater
0 10 20 30
Tampa
40
City City
T
ampa, St Petersburg and Financial services and business serv-
Atlanta Miami
the surrounding communi- ices jointly account for more than half of (GA) F L O R I D A
ties are below the radar of greenfield inward investment projects in (FL) Industry cluster
many international inves- the Tampa-St Petersburg-Clearwater Miami Atlanta
(FL) Labour availability Tampa
tors, but there are hopes the region in the past decade, at 27 per cent (GA) & quality Bay
St Petersburg
area’s quality of life and increasingly each, according to fDi Markets. This is Charlotte Charlotte General business
skilled workforce can help it compete followed by software and IT services at (NC) (NC) environment
with better established neighbours such 15 per cent and healthcareat7per cent. Tampa Orlando Infrastructure
as Orlando and Miami. The area is trying to raise its interna- (FL) (FL) & accessibility
The area is better at attracting invest- tional profile and has enjoyed a recent Orlando Tampa Living environment US
ment from the US than from overseas. wave of interest from Brazilian compa- (FL) (FL)
US-based companies contributed 306 of nies, according to economic develop- 0 2 4 6 8 0 50 100 150 200
the 345 inbound greenfield investment ment agency Tampa Hillsborough Eco- FT graphic Sources: fDi Markets; fDi Benchmark *Points score based on independent data (see article)
projects tracked by fDi Markets, an FT nomic Development Corporation
data service, since 2009. Tampa soaks (EDC). Cicopal Group, a snack food
up the bulk of investment. manufacturer in Brazil, chose Tampa to announced an investment of $33m in a and Charlotte, and comparable with According to fDi Markets, 43 per cent
Ohio-based insurer Progressive Cor- launch its first products in the US under Tampa maintenance and servicing nearby competitor Orlando. of the companies which declared a rea-
poration is among the more significant the EKOA Brands. Steel manufacturer project, creating 100 jobs. The facility is The study suggests that Tampa is son for investing in Tampa cited a
recent domestic investors in the area. Gerdau has its North American head- expected to be operational in the second weaker on comparative quality, how- skilled local workforce — the key
Earlier this year it announced plans to quarters in HillsboroughCounty. quarter of2020. ever. fDi Benchmark uses independent investment driver.
expand its operations in Tampa to add The cargo port of Tampa Bay, Florida’s CAE USA, a Canadian-owned aero- data on factors such as size of the indus- UK-owned Frank Recruitment group,
1,500 new jobs during 2019. The posi- largest by tonnage, “positions [Tampa] space business, created 100 jobs last year try cluster, labour availability and qual- a tech recruitment firm, opened an
tions include customer service, sales, perfectly for manufacturers and export- and named Tampa its US headquarters. ity, infrastructure and accessibility, and office in Tampa last year, citing the fast-
multi-product sales, claims representa- ers serving the LatAm or Asian mar- The company employs about 600 staff in business and living environment. growing tech labour force and the city’s
tives, bilingual Spanish sales and cus- kets,” says Laura Fontanills, marketing the city. Sweden-based cell and gene Tampa’s overall quality score is 60 — 162 ability to attract millennials.
tomer serviceroles. and communications director at Tampa immunotherapy biotech company Vyc- points lower than New York City, and “It’s a fantastic location,” says James
Law firm Baker & McKenzie, head- Hillsborough EDC. The port’s shipping ellixalsohasopenedanewUSheadquar- below Miami (which scores 92), Atlanta Lloyd-Townshend, chief executive
quartered in Chicago, is investing $3.3m container and cruise business is also tersinTampa(seepage4). (89)Charlotte(74)andOrlando(62). officer. Recruiting from a strong local
in a global support centre in Tampa. Due growing, she says, with the recent deep- While it is less well known, Tampa has Ms Fontanills says employee quality pool of talent will “help us build our
to open in early 2020 with 300 new jobs, ening of the Big Bend Channel, which a cost advantage to exploit in competing has improved, thanks to a thriving inno- presence in the Americas”, he adds.
itwillprovidesupporttothefirmandcli- allows access for biggerships. with larger or more established business vation scene and the growth of the uni- Tampa’s comparatively low profile is
ents in functions such as legal services, Tampa International Airport has hubs. A benchmarking study using versities of South Florida and Tampa, the main hurdle to attracting interna-
finance, IT and knowledge manage- added new direct international routes online location comparison tool fDi and other institutions. She adds: “we Financial and business tional business, says Ms Fontanills: “We
ment. Jamie Lawless, executive director and is often on the shortlist of US hubs Benchmark, an FT service, shows total have a distinct advantage . . . because services account for more feel strongly that if we just get business
for the firm’s Tampa centre, cited “an that are well liked by travellers. It is now operating costs for a headquarters facil- due to our extremely high quality of life, decision makers to Tampa to see our
exceptional pool of talent” as well as the in the second phase of construction of an ity — estimated at $5.4m per year — are and low cost of living and doing business, than half of greenfield assets first-hand, we will be able to
city’s global outlook and a “cultural fit” expansion scheme. lower than for more established we have the ability to attract a skilled inward investment projects make the case for why investment in
thatmeshed withthefirm’s needs. This summer United Airlines regional hubs such as Atlanta, Miami workforcefromelsewhere.” our region is a good idea.”
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4 ★ FINANCIAL TIMES Friday 20 September 2019
A
t least once a month James made $100m in corporate alliances, American Society of Clinical Oncologists has grown from a couple of dozen Moffitt is founding a new company: a
Mulé, senior director at licensing and intellectualproperty. conference in May. It did the same for attendees 14 years ago, when Mr Mulé contract manufacturing organisation
Tampa’s Moffitt Cancer The key to Moffitt’s success with bio- Kite, a leading CAR-T company acquired first started, to more than 500 today. It that specialises in immuno-oncology —
Center, answers the phone tech companies has been a world-class byGileadin2017for nearly$12bn. takes advantage of the large number of using the immune system to fight can-
to a Boston biotech start-up. cell therapy manufacturing unit, which “The cell therapies are very different retired business people in the area with cer. But perhaps its most important
Mr Mulé is kept busy by entrepreneurs cost $4m to build 10 years ago. The treat- from drugs. The patients have a com- Entrepreneurial: the Moffitt centre an entrepreneur-in-residence pro- work for the ecosystem is seeking the
fed up with the chilly, expensive Massa- ment of cancer is being transformed by pletely different toxicity profile, which gramme to advise scientists on forming fuel that biotech runs on: venture capi-
chusetts city and prompted to consider a harnessing the immune system, first has to be managed,” says Mr Mulé. more potent and accelerating the companies. Its previous chief executive, tal. Mr Mulé admits that VC firms in
move by the Moffitt’s ability to run com- with drugs called checkpoint inhibitors, “There’s only a few centres around the expansion of patients’ cells. Dr Dalton, left to lead a spinout cancer Boston and San Francisco traditionally
plex trials for innovative cancer treat- then with complicated cell therapies world that are able to do that.” Doug Calder, president of Vycellix, company M2Gen. like to keep their companies close and
ments with asteadysupplyof patients. such as CAR-T, in which each patient’s This expertise has also attracted says speed could be vital. “A stage four M2Gen is riding the wave of another have not invested as far afield as Tampa.
“We see so many patients here. And I T-cells are modifiedtofightcancer. businesses from other countries. Vycel- melanoma patient that has failed all form of personalised cancer treatment. The Moffitt plans its own tech innova-
think the world recognises that we have A decade ago, the 11,000 sq ft facility lix, a company that was started at the other treatments has about 90 days to The company, in which Moffitt is a tion fund next year to specialise in can-
the ability to put patients on early clini- was a risky bet, pursued with verve by Karolinska Institutet in Stockholm — 220 days survival. That’s it. So to get the shareholder, is creating a large database cerbiotech,withatargetof$100m.
cal trials quickly,” he says, speaking in a Dr Bill Dalton, the Moffitt’s former chief famous for selecting winners of the cells manufactured and get them to of cancer patients to advance precision Mr Mulé is also picking up the phone
large corner office on the expanding executive, and the former Florida Sena- Nobel Prize in medicine — chose Tampa large numbers, while that patient is still medicine by improving the understand- to more venture capitalists. “We’re talk-
campus in the north-east of Tampa. Mr tor Connie Mack III, who had suffered for its headquarters because of its rela- alive, with the disease still growing, is ing of how each cancer differs. It com- ing to VCs on both coasts about setting
Mulé has even had to scale back visits from the skin cancer melanoma, along tionship with the Moffitt. Vycellix is why this is important.” bines clinical data, for example, from up an office here,” he says. “It’s changing
from executives so that the centre can with many members of his family. developing agents to improve the effi- Once the products are perfected, Vyc- medical records, with molecular data, because companies want to have an
get its work done. “It’s really a credit to their vision, and cacy of cell therapies, making them ellix might sell them to a pharma such as a patient’s genome. M2Gen now umbilical cord to the cancer centre.”
Simulation centre
prepares world’s
medics for war
and disaster
room, intensive care unit, and more
Healthcare than 30 operating stations.
Medics can practise obstetrics on
Unit trains doctors and dummies that are programmed to give
nurses to treat extreme birth to plastic babies; or prepare for
cases, says Hannah Kuchler surgery in a war zone, as a subwoofer
bass speaker plays the blast of bombs
and the temperature rises to 50C. On the
She looks like a shop mannequin until bottom floor, it is not unusual to see
her eyes blink. On closer examination, neurosurgeons bent over the heads of
her lungs are breathing, her heart is cadavers, practising techniques.
beating, her stomach gurgling. All her Dr Matthew Turtzo, a surgical resi-
vital signs are being controlled by an dent, is practising suturing on a purpose- Smart dummy: base. The centre used “gynaecologic airline industry, where pilots learn to turn right, but it kept hitting the wall.”
operator behind a one-way mirror. The built machine. He relishes his time at the medics train with associates”, often midwives and doulas, deal with the unexpected using flight The company made adjustments and
dummy may look creepy but she per- centre because he gets careful coaching the help of an who are experts in training physicians simulators. Captain Chesley Sullen- when it came back, it could steer per-
forms a critical role: helping to put new in “two hours of undivided attention” artificial patient and students in breast and pelvic exams. berger credited his experience in a sim- fectly. “You couldn’t do that testing in a
nurses who had recently joined a US from a professor. Mistakes — like the Dr Haru Okuda, executive director of ulator for enabling him to safely land hospital,” Mr Ayres says.
hospital group through their paces. minor one he makes as we talk — are CAMLS, spent a recent weekend train- his plane on the Hudson river in New The future of the centre may be in
Clinicians come to Tampa from more acceptable thaninreallife. ing doctors and nurses from the nearby York in 2009. combining technology with training. Dr
around the country and beyond to “It’s not like when you’re in the oper- MacDill Air Force Base in trauma skills. The centre also helps medical device Okuda says it is working on partnerships
safely practise their skills at the Univer- ating room and you get kicked out,” he The centre has 50 full-time staff, many manufacturerstestaspectsoftheirprod- with companies to develop programmes
sity of Southern Florida’s Center for says. Here, nothing gets hurt but his more part-timers and uses more than ucts without bothering patients Compa- using augmented reality and virtual
Advanced Medical Learning and Simu- pride, his teacher jokes. 200 actors. “I had actors that are nies including Medtronic, Boston Scien- reality to teach everything from surgical
lation (CAMLS), one of the largest any- The centre has an international repu- bruised up and one of them had stab tific, Philips and Olympus have all tri- trainingtoimprovingteamwork.
where in the US. tation and trained critical-care doctors wounds in his chest,” he says. alled their prototypes in the facilities. For Dr Okuda, the ultimate aim is to
Unlike some simulation centres, hid- from Mexico in how to respond to disas- Dr Okuda says he discovered a pas- Others have come from abroad as part of improve how medicine is taught
den in the basements of medical ters following the country’s earthquake. sion for practise when he was training at the process of having devices approved around the world. Closer to home, the
schools or even in hotel conference cen- It has also helped the government of Mount Sinai in New York. As a former Medics can by the US Food and Drug Administra- centre is working closely with Tampa
tres, it is in a gleaming 90,000 sq ft Panama to open a similar facility to violinist, he found it strange that doc- practise tion. Paul Ayres, CAMLS’ director of General Hospital to study how to
building constructed in 2012. It sits train its clinicians and those from other tors were expected to learn procedures sales, marketing and business develop- improve the practice of medicine,
downtown, where it will form part of a Central American countries and is by the simple “see one, do one, teach obstetrics ment, says device makers can discover including training professionals from
broader USF healthcare district cur- working with the US Virgin Islands on a one” method, rather than undergoing on dummies significant problems when they test for different disciplines — such as physi-
rently being built. The Water Street dis- similar project. more intensive simulation. “I under- thefirsttimeinarealisticenvironment. cians and pharmacists — together.
trict will house about 1,800 students CAMLS recently announced a five- stood the idea of . . . deliberate practise that give “One of the examples was a bed that He believes CAMLS has the potential
and faculty. year contract with the US Department makes perfect: you practise and then birth to would follow the doctor, nurse or who- to expand further internationally, par-
On the top floor, students train in a of Veterans Affairs to train 600 clini- you go into your concert and are ready ever, instead of them having to push the ticularly in Latin America but also in
pretend hospital, learning everything cians a year in how to care for women, as to play,” he says. plastic bed, using a lot of different sensors,” he Asia. “Some of the more developing
from breaking bad news to fixing bro- the increase in female former soldiers As well as music, Dr Okuda believes babies says. “When they first came here, they countries could benefit a lot from simu-
ken bones. There is a mock emergency changes the medical needs of its patient medicine should model itself on the wanted it to go down halls, turn left, lation-based training,” he says.
Contributors
Accelerator aims to drive Florida-Israel business links
Entrepreneurs astronauts, who are more vulnerable to looking to slowly grow. They are really and Tel Aviv university that focuses on Courtney Fingar
radiation, but had yet to properly break looking to get enough traction so they technologies to help people “age in Editor in chief, fDi Magazine
Tampa business hub tries into the US. Now, Mr Milstein is prepar- can raise more money and then hope- place”,insteadofinnursinghomes.
ing to move to Tampa. “Tampa is really fully exit,” she says. Tomer Schatzberger, the chief execu- Lindsay Fortado
to attract Israeli start-ups undergoing a revolution,” he says. Israeli companies often fail to under- tive of UC-Care USA, is moving to Tampa Hedge fund correspondent
in big local industries, The start-up was one of the first to use stand just how large and competitive the after participating in the accelerator last
writes Hannah Kuchler Fiba, which aims to bring Israeli compa- US market is, she adds. Fiba uses that to year. The start-up developed a system to Hannah Kuchler
nies to Tampa by giving guidance on the its advantage, explaining how hard it improve the accuracy of prostate cancer US pharmaceuticals and biotechnology
US market, from cultural differences to may be for a start-up to stand out in a detection, and he says Fiba has been correspondent
Oren Milstein, an Israeli entrepreneur, getting products validated. crowded tech economy such as Boston good at forming connections in health-
had just given a presentation on his radi- Thirty companies have been through or San Francisco, and promising a com- care. But he points out the biggest prob- Jerry Andrews
ation protection start-up when he heard Fiba since it started in 2017 and five munity and connections in Tampa. lem is expanding the pool of investors in Commissioning editor
that Jeff Vinik, the investor and owner have opened offices in Tampa. It has “Tampa is really primed for this tech Tampawillingtotakeachanceontech.
of the Tampa Bay Lightning ice hockey received grants from Florida’s depart- innovation moment and they are very “There are a lot of wealthy people and Steven Bird
team, wanted to speak to him. ment for economic opportunity, and the eager to see start-up companies. So [we most of them are in real estate,” he says, Designer
Mr Vinik had been in the audience at Vinik Family Foundation has helped say] we can set up a meeting for you but “they are not yet feeling comforta-
an event organised by the Florida Israel evaluate businesses to be included. much quicker than in San Francisco and ble” with investment in high tech. Esan Swan
Business Accelerator (Fiba) and was Rachel Feinman, Fiba’s executive Safe bet: StemRad anti-radiation wear the Valley,” says Ms Bachur. Ms Feinstein knows finding capital is Picture editor
impressed by how StemRad was director, who joined after years as a cor- Tampa lacks a long history in technol- still a problem but sees signs of change.
expanding its vision from equipment for porate lawyer working with venture cap- Fiba hosts events to showcase Israeli ogy — or a large tech anchor tenant such Investors such as the Rise of the Rest For advertising details, contact:
emergency services and astronauts to a ital and private equity firms, says the start-ups, including inviting entrepre- as Dell in Austin, Texas — so Fiba focuses programme — run by ex-AOL chief exec- David Applefield, +33 628 93 66 34,
much larger market of radiologists. He acceleratorhasadualmission:economic neurs and arranging visits for investors on tech appropriate to industries that utive Steve Case to promote investment david.applefield@ft.com, or
went on toleada$6mfundinground. development and education about and business people from Tampa to are big in Florida: hospitality, health- outside established business hubs — are Larry Kenney, +44 (0)20 7873 4835,
“It was a hit from day one and he Israel, dubbed the “start-upnation”. Israel. Rakefet Bachur, director of mar- care, construction and sport. For exam- starting to look beyond the Bay Area, larry.kenney@ft.com.
joined and became our largest investor,” Based on the ground floor of the Bryan keting and strategic partnerships at ple, ECOncrete, has developed environ- New York and Boston. Fiba is partnered
the chief executive says. “He’s a very Glazer Family Jewish Community Fiba, arrived in Tampa from Israel 15 mentally sensitive concrete which uses with Florida Funders, which invests in All editorial content in this report is
proactive investor, he tries to help in Center in West Tampa, the accelerator years ago to set up the US arm of a medi- additives and designs to encourage seal- seed and series-A funding rounds, and produced by the FT. Our advertisers
every way,shapeandform.” also aims to help build relationships cal device company. Back then they did ife. This will be used in the reconstruc- runsacrowdfundingplatform. have no influence over or prior sight of
StemRad spent years in the research between the communityandothers. wellbybuildingsteadily,shesays. tionoftheseawallinStPetersburg. “New York and Boston have no real the articles.
and development phase, designing “One of the best ways to combat what- “The companies we see now want The accelerator is also making use of advantage over Florida other than capi-
protection for people who encounter ever prejudice it might be, if it’s anti- immediate results. So they’ll hire a con- another Florida asset: its older people. tal investment,” says Mr Schatzberger. All FT Reports are available at:
radiation. It had won a contract with Semitism, or racism . . . is through per- tract person to do their business devel- Fiba is involved in a research partner- “They can catch up — funds just have to ft.com/reports
Nasa to develop equipment for female sonal interactions,” MsFeinmansays. opment here, but they are not really ship with the University of South Florida be the focus.” Follow us on Twitter @ftreports