THURSDAY 21 JANUARY 2016 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.

00

Digital deficit Super-algos Davos divide

Europe’s problem is in scale-ups, The next Warren Buffett may be an The big trust gap facing the global
not start-ups — JOHN GAPPER, PAGE 13 investment machine — BIG READ, PAGE 11 elite — MICHAEL SKAPINKER, PAGE 14

Stock exchanges across the world Briefing

i Barclays poised to unveil 1,000 job cuts

plunge into bear market territory

Barclays is preparing to announce more than 1,000
job cuts across its investment bank, hitting its Asian
operations particularly hard, as new chief executive
Jes Staley makes his first big strategic move. The cut
mirrors moves by several European rivals.— PAGE 17

i Government stopped steel rescue

3 Equities dragged down by global growth worries 3 Footsie sinks 3.5% as investors flee
MICHAEL MACKENZIE — LONDON
ROBIN WIGGLESWORTH — NEW YORK
LEO LEWIS — TOKYO
The global equity rout accelerated yes-
terday, sending the FTSE All-World
index into bear market territory as oil
prices slid to new lows and investors fled
for the safety of high-rated government
bonds.
Fear rippled through global markets,
taking the UK, French and Japanese
stocks to more than 20 per cent below
their 2015 highs — the common defini-
tion of a bear market — and compound-
ing equities’ worst start to a year on
record.
The US S&P 500, Dow Jones Industrial
Average and the Nasdaq were down
about 3 per cent in midday trading to
more than 10 per cent below their prior
peaks, meaning they have entered a
market “correction”.
Equities have been dragged down by
rising concerns over China, global eco-
nomic growth prospects, sliding com-
modity prices and questions over
whether central banks remain willing to
act as a backstop.
Investors rushed for safer govern-
ment debt, squeezing the yields of
10-year US Treasuries, UK Gilts, Ger-
man Bunds and Japanese bonds to just
1.96 per cent, 1.62 per cent, 0.48 per cent
and 0.21 per cent respectively. The price
of gold also rose sharply.
With the German and Chinese indices
already in bear territory, the FTSE All-
World index, reflecting more than
$40tn of value from listed companies,
fell 3.3 per cent to its lowest level since
June 2013.
Higher-risk emerging markets suf-
S&P 500
M10%
year to date year to date
Getty Images
at least 1991 and crude oil prices fell fur-
ther below the $30 a barrel mark. Brent
was down 4.9 per cent at $27.35 with
WTI off more than 7 per cent at $26.41.
Fears over China’s economic slow-
down, capital outflows and currency
Inside The rouble fell to a record low while
Bearing estimates showed the flow of capital out
of China was worse than thought
Nikkei CAC 40
M14% M11%
year to date
depreciation fuelled the sell-off at the
start of January but those concerns have
snowballed into a wider reappraisal of
the global economy and the ability and
willingness of central banks to support
markets.
Stephen Jen, a hedge fund manager,
said a reassessment of central banks’
stance towards markets had been the
main driver of this year’s rout.
“Central banks were never ‘omnis-
FTSE 100
M9%
year to date
rates once more this year, against the
Fed’s plans to raise four times in 2016.
Tad Rivelle, chief investment officer
of TWC, said the Fed had “systemati-
cally suppressed rates and volatility”
and warned that payback was due.
“The Fed has ignored Mr Market for a
very long time and he has felt neglected
and marginalised. Don’t be too sur-
prised if his anger upends the best laid
plans of mice and Fed,” he said.
Ministers blocked troubled steelmaker Sheffield
Forgemasters, which has announced it will cut up to
100 jobs, from reaching a rescue deal with Chinese
investors on national security grounds.— PAGE 2
i Pressure rises on Merkel over refugees
German president Joachim Gauck has
said that refugee quotas might be
necessary in remarks that could aid
conservatives in pushing Angela
Merkel for border controls.— PAGE 6;
EDITORIAL COMMENT, PAGE 12
i Arab nations urged to step up Isis fight
US defence secretary Ashton Carter has called on
Arab countries to contribute more to the military
campaign against Isis as he insisted the US-led
coalition was building “momentum”.— PAGE 7
i Ex-KPMG partner quits amid tax charge
Patrick McCoy, the former head of UK investment
advice at KPMG, has left the firm after being
charged with tax cheating offences relating to a film
finance scheme. He denies wrongdoing.— PAGE 3
i Final Oxford male stronghold relents
St Benet’s Hall, which was founded by the monks of
Ampleforth Abbey, North Yorkshire, and is the final
single-sex bastion at Oxford university, has said it
will admit female undergraduates.— PAGE 2
i 2015 was hottest year on record
Scientists have said that global warming and a
powerful El Niño effect combined to make 2015 the
hottest year since modern records began in the
1800s. This year could be even warmer.— PAGE 5
Datawatch
Share of employees with Casual workers
temporary contracts in were the first hit
the eurozone in the financial
crisis, with a fall of
Rolling-4 quarter average (%)
17 more than

fered a “Black Wednesday”, according
to Société Générale analyst Bernd Berg,
with JPMorgan’s emerging market cur-
rency index sliding to a record low and
emerging market stocks diving to their
lowest levels since May 2009.
Natural resource prices suffered
another bruising day. The Bloomberg
Commodity Index fell to its lowest since
down C Reports page 6 cient’ and the equity market sell-off In Tokyo, brokers who deal with 16
1 percentage point
in their share of
A steady stream of negative after years of aggressive monetary stim- Europe and US-based funds said that
15 employment in the
developments only reinforces sentiment ulus will expose this truth,” he said. the selling in Japan had been more eurozone in the
weighing down on the oil price The turmoil has sharply muted driven by crude price fears than China. 14 two years to the
C Daniel Yergin page 13 expectations for when and how aggres- The yen damped sentiment further, 13 third quarter of
Energy stocks were the worst hit on sively the US Federal Reserve will now hitting its strongest level in a year 2009. Temporary
Wall Street as the sector fell 4.9 per cent, be able to raise rates this year. Futures against the dollar to touch Y115.98. 1997 2000 05 10 15 employment is on
with basic materials not far behind indicate that investors think the central Additional reporting by Jennifer Hughes Source: Eurostat the rise again
C Global Overview page 31 bank may only be able to lift interest in Hong Kong

Law firms prepare for bonanza as

Uber swerves round
Johnson’s plans for curbs
Plans by London mayor Boris Johnson
to curb the rapid growth of Uber in the
capital have collapsed after Transport
for London dropped proposals to
tighten regulation of private-hire cabs.
The ride-hailing company lobbied hard
against moves to impose a five-minute
wait on the start of Uber journeys and
a ban on the display of available cars
on its app. Black cab drivers have
protested that competition from lightly
regulated Uber is unfair.
Report i PAGE 4
companies wake up to threat of Brexit
LINDSAY FORTADO
LEGAL CORRESPONDENT
The largest law firms in London have
assembled dedicated teams to advise
on the consequences of Britain’s poten-
tial exit from Europe, as companies
begin to make contingency plans.
Firms including Clifford Chance, Her-
bert Smith Freehills, Hogan Lovells,
Norton Rose Fulbright and Freshfields
Bruckhaus Deringer said they had
teams that could advise companies on
the implications of Brexit for tax,
employment, financial regulation, intel-
lectual property and company law.
Susan Bright, managing partner of
Hogan Lovells’ London office, said the
firm had already held nine client meet-
ings about Brexit and had a team of
about 40 specialists compiling advice in
their “constitutional change task force”.
“We’re talking clients through the
possible implications, but no one knows
what could happen,” she said. “There’s
impact on contracts, cross-border insol-
vencies and mergers and acquisitions.”
If Britain decides to leave Europe, law
firms anticipate a vast amount of work,
especially in rewriting corporate con-
tracts. That could be amplified by a
rushed run-up to a referendum, which
could occur as early as June.
Firms have been waiting in the wings
for months, drafting briefing docu-
ments and holding seminars, but it is
only since the start of the year that cli-
ents have started to call. Most firms
have a group of five to 10 partners lead-
ing their units, supported by associates
and managers. “You know people are
starting to take something seriously
when they start spending money on it,
and we’re starting to see that,” said
Simon Gleeson, a Clifford Chance finan-
cial regulation partner who is leading
the firm’s Brexit group advising clients.
“In the beginning, it was a tougher
sale, but now that they’re talking about
dates for the referendum it’s becoming
part of the board’s agenda,” said Gavin
Williams, a mergers and acquisitions
partner at Herbert Smith Freehills.
Among the top concerns are whether
companies, especially banks, will have
the same access to European clients and
markets, and whether EU nationals will
be able to remain on staff.
Mr Williams said the complexity of a
Brexit means there were legal issues in
nearly every sector. “What happens if
you unplug our legal system from the
EU? It’s an enormous regulatory bur-
den, a massive rulemaking job, for gov-
ernment, for parliament, for lawyers.”
Cameron calls on business page 3

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2 ★ FINANCIAL TIMES Thursday 21 January 2016

NATIONAL

Sheffield Forgemasters

Trident security fears scupper steel deal with China

Decision shows limits to
‘access all areas’ policy
in ties with Beijing
JIM PICKARD AND GEORGE PARKER
Ministers blocked Sheffield Forgemas-
ters, the troubled steelmaker, from
reaching a rescue deal with Chinese
investors on national security grounds.
The company, which announced on
Tuesday it was shedding up to 100 jobs,
had been in talks with an unnamed Chi-
nese state-owned group when it was
informed before Christmas that the gov-
ernment would oppose the deal.
The Ministry of Defence, in particular,
was against it because Sheffield Forge-
masters makes parts for the submarines Sheffield Forgemasters revealed it any talks with potential investors have Anna Soubry, business minister, said Forgemasters’ accounts for the 18
that carry the Trident nuclear missiles: was laying off workers as it recorded its reached a conclusion, all details of those yesterday the government was monitor- months to the end of 2014 showed a loss
its pressure cylinders surround the first loss for more than a decade, blam- discussions will remain confidential.” ing the situation closely and would offer of £9.4m on turnover of £122m. That
reactors on the vessels. ing a slowdown in the oil and gas sector, One person familiar with the talks help to the ailing company. represented the first loss since Mr Hon-
The revelation illustrates the limits to and the global collapse in steel prices. said any agreement with the Chinese “We will do whatever we can to sup- eyman led a management buyout of the
the UK’s “access all areas” policy The announcement is the latest bad had been more likely to be a “technol- port the company. We won’t let it go group in 2005.
towards China, even as George Osborne news for the British steel industry, ogy transfer deal” than an equity sale. under,” she said. The company employs about 700
has enthusiastically pursued Chinese which is shedding thousands of jobs Sheffield Forgemasters, whose his- Angela Eagle, shadow business secre- people, having shed 80 last year.
investment into British infrastructure. amid a global supply glut. tory goes back to 1805, is one of the best- tary, said the new job losses were devas- During prime minister’s questions
For instance, the chancellor has wel- The group told the Financial Times it known industrial groups in Britain. tating. yesterday David Cameron was pressed
comed a multibillion-pound investment was still seeking external investment “There is also a loss to the wider econ- over the job losses.
into a proposed nuclear power station at but could not comment further. omy due the high-quality and specialist Harry Harpham, a Labour Sheffield
Hinkley Point. “Seeking external investment to
‘Seeking external nature of the steel produced at the plant MP, accused the prime minister of
Mr Osborne has also raised hopes of restructure the business has always investment has always which is of strategic importance to our “crocodile tears”, saying: “Can he tell me
Chinese involvement in an array of been fundamental to securing Forge- national security,” she said. when he is actually going to do some-
projects including the High Speed 2 rail masters’ future and is part of a long-
been fundamental to “The government must take faster thing?”
link, saying there is a “powerful free term strategy,” said Graham Honey- Forgemasters’ future’ and more decisive action to assist espe- Mr Cameron replied that 35,000 steel
trade doctrine” underpinning relations man, chief executive. cially on relief for business rates and jobs were lost while Labour was in
between the UK and Beijing. “This process will continue and until high energy costs.” power between 1997 and 2010.

FCA

Financial regulator denies

Treasury interferes amid
concern over bank review
CAROLINE BINHAM
The chairman of the financial watch-
dog has strongly denied any political
interference in its operations.
John Griffith-Jones told the Treasury
committee at a packed special hearing
yesterday that, in his opinion, the Treas-
ury neither interfered with the Finan-
cial Conduct Authority nor compro-
mised its independence.
“The simple answer is no to both,” he
responded to opening questions from
the committee’s chairman, the Conserv-
ative MP Andrew Tyrie.
Mr Griffith-Jones added that a deci-
sion by George Osborne, the chancellor,
not to renew the contract of the FCA’s
chief executive, Martin Wheatley, had
not compromised the agency’s inde-
pendence. People “are mistaken in
believing it affects the independence,”
he said. “But morale is a different thing.”
The special hearing was called to scru-
tinise a decision by the FCA to drop a
review into the culture of British banks.
There are concerns that the regulator,
which is also trying to find a new chief
executive in the wake of Mr Wheatley’s
departure, has softened its stance
towards the City of London since the
Conservative party won last year’s gen-
eral election.
Mr Tyrie and Mr Griffith-Jones
sparred over whether the FCA had
implemented changes in the wake of an
earlier imbroglio, when a botched press
briefing including market-sensitive
information led to shares in the UK’s
major insurers plummeting in 2014.
Some observers suspect the regulator
has softened its stance on the City
That led to an independent review con-
ducted by Simon Davis, of the law firm
Clifford Chance, several key departures,
and Mr Wheatley losing his bonus.
“We have learnt lessons from Davis,
that’s for sure,” Mr Griffith-Jones said,
referring to the independent inquiry. “It
may be that [the culture review] was
another decision with which people are
disagreeing, but it’s not another Davis.”
But Simon Morris, a financial services
partner with CMS, the law firm, said the
FCA had still not learnt how to take
important decisions.
“An effective regulator needs to com-
mand respect, especially when light is
shone on its innermost workings,” he
said. “One of the new chief executive’s
first jobs will be to make sure that when
the FCA takes a decision, it only does so
once, and gets it right first time.”
Tracey McDermott, the acting chief
executive, revealed the FCA is investi-
gating six leaks of internal information,
and there had been 15 investigations last
year.
She told the committee she had origi-
nally asked her team last summer to
consider whether pursuing the culture
review was the most efficient way of No limits It has taken nearly 140 years, but from
this October, women will finally have
women in church and society, and
therefore I was not willing to come here
St Benet’s began life as home for
the monks of Ampleforth and other
driving change among banks. This was
while she was still the head of supervi-
sion.
Oxford’s last access to every corner of Oxford
university.
St Benet’s Hall, founded by the
to oversee a patriarchal institution.
That had to change.”
St Benet’s is one of six “permanent
monasteries reading for degrees,
forming part of an almost
750-year history of Benedictine
That role is now occupied by Megan
Butler, a Bank of England official who
male bastion monks of Ampleforth Abbey, North
Yorkshire, for Benedictines to study at
private halls” (PPH) of Oxford, each
founded by a different Christian group.
students at the UK’s oldest
university.
was parachuted into the FCA on second-
ment after Mr Wheatley stepped down
in September and Ms McDermott took
finally falls Oxford, has said it will open its doors to
female undergraduates.
It has also embarked on a campaign
The halls differ from colleges because
they are partly run by their religious
order rather than by the fellows of a
Students in the 200-year-old
building that houses St Benet’s
— originally two private homes
up his role on an acting basis. to raise £6m to house female students college. converted into a convent by
This is significant because it is Ms But- and wants to buy a building from the St Benet’s, which is home to 47 Ursuline nuns in the 19th century
ler’s name that appears on documents Society of the Sacred Heart, a Roman undergraduates, is the last to admit — were relaxed about the change.
presented to the FCA board over why Catholic religious congregation for women. St Hilda’s was the last college Steven Spisto, studying history, is
the culture review was being dropped; women. to switch to coeducation, accepting the president of the joint common
the FCA maintains that no external The switch to coeducation coincides male students in 2008. room. For him, the lack of hierarchy
body, including the Treasury and the with the appointment of Professor Women were first permitted to study at the hall — there is no high table, a
BoE, was involved in the decision to Louise Richardson as Oxford’s first at Oxford in 1879 but it was 1920 common feature at Oxford and
shelve the review. female vice-chancellor. before they were allowed to usually reserved for fellows of the
“The idea that Megan Butler came in But it has been driven by Werner matriculate or graduate. college and their guests — was a “big
and killed the review is just nonsense,” Jeanrond, who took over St Benet’s Hall St Benet’s and the other religious selling point”.
Ms McDermott told the committee. as its first lay master in 2012. halls have also faced other pressures. The hall’s Benedictine history
Earlier this month, Mr Osborne “There were things that had to Greyfriars, which became a PPH in meant he was “a bit apprehensive at
revealed Ms McDermott — the leading change and had to be reformed,” 1957 — the original church and friary first”, Mr Spisto said.
internal candidate for the top job on a Balcony appearance: Professor Jeanrond said. “I said at were founded by the Franciscans in “But then I didn’t think about it
permanent basis — was no longer inter- postgraduate students, including interview that I wasn’t interested if it 1227 — closed its doors in 2008 owing any further, actually. I think it put
ested in the role. The Treasury will women who ‘live out’, at would be a male-only place. I have to “a shortage of friars”, according to my parents at ease.”
decide on the FCA’s new chief in the St Benet’s Hall, Oxford, in October fought all my life for the position of reports. Hugo Greenhalgh
coming weeks, according to insiders.

Economic data
MAKE A SMART INVESTMENT
Subscribe to the FT today at ft.com/subscription Joblessness declines but weak growth to keep rates on hold
SARAH O’CONNOR beleaguered steel industry after a bad tistics warned could be volatile, showed an economist at Capital Economics.
EMPLOYMENT CORRESPONDENT week, however, with Tata, Britain’s big- aslightimprovement onOctober. James Knightley, an economist at
Unemployment in Britain has dropped gest producer, announcing 1,050 job Even so, economists said wage pres- ING, agreed. “With Mark Carney sug-
to its lowest rate in almost a decade, but cuts and Sheffield Forgemasters, the last sures were far too weak to prompt the gesting there is little appetite for a rate
British independent steelmaker, shed- BoE to raise rates. In the pre-crisis hike any time soon, and with the pros-
NOVEMBER 7 2015

persistently weak pay growth has bol-

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©Copyright The Financial Times Limited 2016. All
rights reserved. Reproduction of the contents of this
stered the case for the Bank of England
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newspaper in any manner is not permitted without The jobless rate fell from 5.2 to 5.1 per
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climbed to a fresh high of 74 per cent or
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Newspapers support recycling John Hawksworth, chief economist at
The recycled paper content of UK newspapers in
PwC. George Osborne, the chancellor,
2014 was 78.5%
hailed the figures as an “important mile-
stoneontheroadtofullemployment”.
The news will bring little cheer to the
ding up to 100 workers.
The IPPR think-tank has said a fur-
ther 1,700 jobs could now be lost in the
supply chain with maintenance work-
ers, iron suppliers and machinery man-
ufacturers all losing business.
The jobs figures contrast with other
data that suggest Britain’s economy is
slowing. This implies productivity — the
amount of economic output each
worker produces per hour — has weak-
ened again after a slight revival last year.
Also, wage growth has been sluggish,
one key reason the BoE has chosen not
to follow the example of the US Federal
Reserve by raising interest rates. On
Tuesday, Mark Carney, the BoE’s gover-
nor, said the economy was not yet
strong enough for higher rates.
In the quarter to November, average
annual pay growth slowed from 2.4 per
cent to 2 per cent. Excluding bonuses,
pay growth was 1.9 per cent, down from
2 per cent. The figures for November
alone, which the Office for National Sta-
period, nominal wage growth was typi- pect of a Brexit vote set to weigh on
cally twice as fast as it is now. activity, it looks as though November
“There still seems very little inflation- remains the earliest possible opportu-
ary pressure from the labour market . . . nity for a rate rise,” he said.
suggesting that an interest rate hike is Economists are puzzled by the slow-
still some way off,” said Ruth Miller, down in wage growth, since pay usually
accelerates when unemployment is low
Unemployment rate and labour is relatively scarce. Mr Car-
Per cent ney suggested on Tuesday that the aver-
age could have been skewed lower by
7.5 the entry of more young people, who
tend to be paid less, into the labour mar-
7.0 ket. He also said people were working
fewer hours each week as the labour
6.5 market normalised.
Also, the “natural” rate of unemploy-
6.0 ment, the rate that starts to generate in-
flationary pressure, could be lower than
5.5 thought. The BoE has previously estima-
ted the “natural” rate to be about 5.1 per
cent, but that has been reached. And he
5.0 suggested employers might not be under
2014 15 pressure to raise wages as inflation was
close to zero, which means living stand-
Source: Thomson Reuters Datastream
ardswerebeingliftedinanycase.
Thursday 21 January 2016 ★ FINANCIAL TIMES 3

NATIONAL

PM urges business to speak up for Brussels Inspector Prisons

Cameron launches EU referendum campaign with plea to leaders to enter fray because ‘stakes are high’
GEORGE PARKER — POLITICAL EDITOR
David Cameron will today urge business
leaders to speak out and help him keep
Britain in the EU, as he attempts to
launch his referendum campaign with a
barrage of corporate support.
Mr Cameron, speaking at the World
Economic Forum in Davos, will ask
business leaders to overcome their fears
of entering the political domain, declar-
ing: “This is a once in a generation
moment and the stakes are high.”
The prime minister is acutely aware
that business only belatedly entered the
Scottish referendum debate in 2014, but
argues that the voice was influential
when it was finally heard.
Mr Cameron’s aides and pro-EU cam-
paigners have been holding private
talks with business chiefs to urge them
to speak out early in the campaign,
which is expected to start next month.
“The voice of business must be heard
in Britain and across the whole conti-
nent,” Mr Cameron will tell an audience
of global business and financial chiefs at
the Swiss resort.
“If you want a more competitive
Europe, where the single market is com-
pleted, where there are more trade deals
and fewer regulations, join me in mak-
ing that case.
“If you believe, like I do, that Britain is
better off in a reformed European
Union, then when the time comes, help
me make that case for Britain to stay.”
Some business chiefs will recall that
Sajid Javid, the Eurosceptic business
secretary, reprimanded them last year
for speaking out in favour of Britain’s EU
membership before Mr Cameron con-
cluded his negotiations. But the prime
minister is confident that other Euro-
pean leaders will cut him a deal at a
summit in Brussels on February 18-19,
allowing him to sell a package of reforms
to British voters in a referendum.
He is already thinking beyond a deal
in Brussels and is considering how to
launch the campaign that will begin
almost as soon as he returns to London.
Mr Cameron will put his package, cover-
ing areas such as competitiveness, sov-
ereignty and migration, to the cabinet
Pro-Europe drive: David Cameron leaves Downing Street yesterday, ahead of his Davos trip, where he will make his pitch to industry chiefs — Matt Dunham/AP
Resisting change
Plan to scrap Dublin rule
opposed in Downing St
David Cameron is to oppose a plan to
scrap European refugee rules that
allow Britain to return asylum seekers
to the first EU country they entered,
typically along the Mediterranean.
The contentious proposal by
Brussels to spread the burden of the
refugee crisis more evenly across
Europe comes at a highly awkward
moment for Mr Cameron, as he tries to
conclude his EU renegotiation.
Downing Street wants to douse
public concern on immigration ahead
of a proposed in-out referendum that
could take place in June this year and
does not want to be dragged into
another dispute on the issue. The
prime minister’s spokesman said there
was not yet a formal proposal from the
European Commission to scrap the so-
called Dublin rule, which makes the
first country a refugee enters
responsible for an asylum claim.
But Mr Cameron wanted to maintain
“the principle of returns” that allows
Britain to deport asylum seekers back
to countries such as Italy or Greece.
Justine Greening, international
development secretary, said the UK
was “strongly against” any attempt to
scrap the “first country of entry” rule.
The European Commission has
concluded that the first-country rule is
“outdated” and “unfair”, as it places the
greatest burden on southern Europe. It
would be scrapped in a proposal to be
unveiled in March. George Parker
for approval: he wants the deal to form
the basis of his campaign to keep Britain
in the EU.
Ministers expect Mr Cameron to con-
vene the cabinet over the weekend of
February 20-21 or the following Monday
at the latest. Some ministers will reject
the deal and campaign for a Brexit.
Pro-European campaigners expect
the Brussels deal to pave the way for a
June referendum and have pencilled in
June 23 as the most likely date. A Sep-
tember poll is the other option.
Even so, the Britain Stronger in
Europe campaign — the main Remain
group — has been urging business lead-
ers to launch an opening salvo in sup-
port of Mr Cameron.
“We’ve been told to keep our powder
dry until after Cameron does the deal
but then to speak out early and loud,”
said one business figure.
The reluctance of some business lead-
ers to speak out so far reflects their fear
that if they do so either way, they could
upset many customers and employees.
Donations to either campaign would
require shareholder approval and many
chief executives are expected to con-
clude they have little to gain from enter-
ing the debate.
Corporate Britain took a similar view
in the Scottish referendum until the last
few weeks, when polls suggested there
was a serious risk of the UK splitting up.
Brexit polls put both sides neck and
neck, although some in recent days have
put the Leave campaign ahead, high-
lightinguncertaintyoverthefinalresult.
Carolyn Fairbairn, the new director-
general of the CBI employers’ organisa-
tion, has said “most of our members
want to be in a reformed EU because of
the benefits of the single market”, but
she would listen to those members who
wanted to leave.
makes threat
over meddling
KATE ALLEN
POLITICAL CORRESPONDENT
The chief inspector of prisons threat-
ened to suspend his team’s work in a
row with the justice ministry over
political interference with his budget,
newly released correspondence shows.
The letter from Nick Hardwick, the pris-
ons inspector, to Richard Heaton, the
ministry’s most senior civil servant,
accused the department of trying to con-
trol the details of his spending and assert
controloverthestaffheemployed.
“I am a Crown appointee, not a civil
servant,” Mr Hardwick wrote to Mr
Heaton, the department’s permanent
secretary, in December. The letter was
published by the Commons justice com-
mittee yesterday as part of an evidence
session on the prisons inspectorate’s
relationship with the ministry.
“I fully accept that I must deliver my
responsibilities within the budget you
set,” he wrote. “However, I do not accept
that officials responsible for the services
we inspect should exercise day-to-day
controloverhowIinspectthoseservices.
“I do not agree that you should choose
the personnel I deploy or how I organise
those inspections.”
If the ministry chose to assert control
over him in that way, Mr Hardwick
warned, “I will reluctantly have to sus-
pend the inspection programme for the
remainder of my term in office.”
Budget cuts meant the inspectorate
had reduced the number of inspections
it carried out annually from 108 to 75,
saving £300,000 a year, Mr Hardwick
said in his letter to Mr Heaton.
Mr Heaton backed down, replying
“we have acknowledged your views on
independence for the inspectorate”,
adding: “I would like to clarify that you
do not need to submit a weekly applica-
tion to retain your associate staff.”
Speaking before the justice commit-
tee yesterday, Mr Heaton said the dis-
pute arose through “quite a significant
misunderstanding” over certain areas
of spending. “We value the role of the
inspectorate and its independence.”

Tax relief

Pension reform will ‘encourage saving’

JIM PICKARD AND JOSEPHINE CUMBO
Imminent changes to pension tax relief
will “encourage saving”, a Treasury
minister insisted amid growing concern
about themovesfromsomeTory MPs.
David Gauke, financial secretary to the
Treasury, said there would be an
announcement in next month’s Budget.
“We need to ensure it is effective in
terms of encouraging saving, and it is
going in the right place,” he said.
The Financial Times reported on Sat-
urday that the government was likely to
announce a new flat rate of pension tax
relief with big implications for savers
and the exchequer.
At the moment, basic rate taxpayers
receive 20 per cent tax relief, higher-
rate taxpayers 40 per cent and top-rate
taxpayers 45 per cent. That could be
replaced with a flat rate of anything
between 20 per cent and 33 per cent.
The new flat rate system would raise
billions of pounds for the exchequer,
depending on the rate at which it is set. It
would hit millions of high earners but
could incentivise workers on the lowest
income tax rate to save more towards
their pensions — playing to the Tory nar-
rative about it being the party of “work-
ing people”. Meanwhile, ministers have
not yet publicly ruled out an even more
radical ideaof a“PensionIsa”.
Mark Garnier, a Tory MP and member
of the Treasury select committee, has
called it “bad politics, symbolically” to
increase the tax for higher-rate taxpay-
ers. “I am not sure the politics of ham-
mering the rich works,” he said.
Mark Field, MP for the Cities of Lon-
don and Westminster, said many Tory
MPs would be “concerned” about the
changes. “There will be a strong lobby
against this,” he said.
But he accepted the political logic for
the changes, describing them as a “pain-
less” way of raising money compared-
with cuts to tax credits. “The attraction
for George Osborne is that there is a very
large sum of money to be raised.”
Other Tories back Mr Osborne, argu-
ing that the existing system of relief is
enjoyed disproportionately by the well-
off. Julian Knight, a Tory MP and former
financial journalist, said that a flat rate of
25p to 28p would give a boost to “normal
working people” tosaveforpensions.
“It would be encouraging people to
make the right choice in life,” he said. “It
‘The attraction for George
Osborne is that there
is a very large sum of
money to be raised’
would encourage a savings culture and
also fewer people would depend on
means-tested benefits in old age.”
The industry is relaxed about the idea
of a flat rate of tax relief, seeing it as a
more palatable option than the so-
called Pension Isa, which would have
flipped the current system that sees
contributions tax-free when made, but
income taxed when taken at retirement.
The Pension Isa model would have
enabled the Treasury to make the big-
gest savings on its £21bn annual pension
tax relief bill, as it would have scrapped
upfront tax breaks for savers on contri-
butions. However, while “superficially
attractive” due to its short-term poten-
tial for savings for the exchequer, a
switch to a Pension Isa carried a number
of risks for savers and the industry,
opponentsofthemodelargued.
“Our forensic analysis of the options
concludes that introducing Pension Isas
risks dissuading people from saving for
their retirement,” said the Association
of British Insurers, the trade body for
pension providers.
“While there is no ‘silver bullet’ solu-
tion to replacing the current complex
pensions tax relief system, it is clear
that no change is not an option, and a
savers’ bonus, based on a single-rate of
relief, meets the government’s reform
principles.”

Investment advice

KPMG partner quits after film scheme charges

VANESSA HOULDER
Patrick McCoy, the former head of
investment advisory for KPMG in the
UK, has left the professional services
firm after being charged with offences
relating to a film tax scheme.
Mr McCoy is among 10 people charged
with tax cheating offences who are
required to appear in court next month.
The Crown Prosecution Service said
the group had been told to appear at Bir-
mingham magistrates’ court to answer
charges of conspiracy to cheat UK tax
authorities. All deny wrongdoing.
KPMG said in a statement it was
aware that charges had been made
against one of its former partners fol-
lowing an investigation by HM Revenue
& Customs, which related to his per-
sonal tax affairs.
It said: “The individual concerned is
no longer a partner of the firm. It should
be stressed that the matter does not
relate to client work conducted by the
partner or KPMG or to KPMG’s own
affairs.
“We have been and remain fully avail-
able to co-operate with the authorities
as necessary, but we cannot comment
further on a matter which is the subject
of legal proceedings.”
The people who are to appear before
magistrates next month include Rich-
ard Hughes, who co-founded Zeus Capi-
tal, a corporate finance boutique. At
issue is whether a £134m film invest-
ment scheme sold by Zeus Partners, a
separate business that sold film
schemes generating tax relief to wealthy
investors in 2008, was abusive.
Many of the more than 150 investors
borrowed several times their outlay to
finance the making of films by Seven
Arts Entertainment, a US production
company. Many of the films were unsuc-
cessful and investors were able to claim
tax relief on borrowed money against
the losses.
According to Companies House, Mr
McCoy resigned as a member of the
KPMG partnership on January 13. Mr
McCoy’s involvement was first reported
by Financial News.
The charges facing Mr McCoy come
less than two months after four senior
partners in KPMG’s Northern Irish busi-
ness were arrested in a separate probe in
November “in connection with sus-
pected tax evasion” after an HMRC raid
on the firm’s Belfast office.
Jon D’Arcy, Eamonn Donaghy, Arthur
O’Brien and Paul Hollway were arrested
and placed on “administrative leave” by
KPMG pending the outcome of HMRC’s
investigation.
4 ★
App service
Uber hails decision to drop London curbs
Black-cab drivers claim
Silicon Valley company
had ear of prime minister
TANYA POWLEY AND CONOR SULLIVAN
Uber won a victory after Transport for
London abandoned proposals aimed at
tightening regulation of private-hire
vehicles.
The decision followed a fierce lobby-
ing campaign by Uber during a three-
month consultation that pitched the
popular taxi app against the capital’s
black-cab drivers.
The shelved proposals included forc-
ing customers to wait for five minutes
between requesting a car and beginning
a journey, and a ban on being able to see
available vehicles on a smartphone app.
Uber said the decision was a victory
for common sense and that it was
pleased TfL dropped its “bonkers”
Capital requirements
Smaller banks
told help on
way over
lending rules
EMMA DUNKLEY
The Bank of England is working on a
range of solutions to help challenger
banks deal with hefty capital require-
ments in order to extend lending and
properly compete with the largest high
street institutions.
Andrew Bailey, chief executive of the
Prudential Regulation Authority, part of
the BoE, said the way smaller banks
were forced to hold more capital against
certain loans than big established banks
was an issue the regulator was “very
focused” on addressing.
He told the FT: “It certainly is an
issue, no doubt about that . . . it comes
back to how banks think about the cost
of individual lending.”
New or smaller challenger banks tend
to use a standardised approach to calcu-
late the amount of capital that must be
held to make certain loans, from mort-
gages to credit cards. But this approach
tends to require more capital to be set
aside than the internal advanced model
used by the large banks, making it
harder to offer competitive rates.
The issue is particularly pronounced
when lending to safer borrowers, such
as low loan-to-value mortgages, which
often require challengers to stump up 10
times more capital than high street
banks.
One reason why smaller, newer banks
cannot use the internal model is
because they do not have sufficient data
on the robustness of their lending.
Mr Bailey said the PRA was working
on ways to help challengers. “There are
intermediate positions between pure
standardised and pure advanced mod-
els,” he said.
For example, one approach, called
slotting, involves creating risk “buck-
ets” for certain asset classes into which
banks slot their loans. The approach
does not require the same large over-
heads of internal models. Mr Bailey said
it was “an intermediate approach that
we’re interested in and thinking of the
scope to use more extensively”.
The PRA will also publish its
approach on moving from the standard-
ised method to the advanced model
later this year. “We feel one or two
myths have grown over what is required
to move,” said Martin Stewart, a direc-
tor at the PRA. The publication will set
out clearly for banks how to make the
transition and the data required.
However, UK regulators await further
clarity from Basel following the launch
of a consultation paper last year with
proposals for new risk-weights for
banks using the standardised approach.
Challengers fear this could boost the
amount of capital they must hold to
lend. The paper calls for lenders using
the standard method to set aside more
capital against buy-to-let mortgages and
loans to established housebuilders —
both important types of business for
some challengers.
“We’ve been very clear it’s a green
paper, it’s not over and the position
we’ve adopted is we do not wish to see
the revisions to the standardised
approach lead to an increase in capital
requirements in the system,” Mr Bailey
said. The PRA was “doing quite a large
amount of work looking at underwriting
standards, and I think that’s the best
way into it”, noting that understanding
changes in this respect was a good start.
“What I would focus on is: are we get-
ting concentrations of lending or lend-
ers at the racier end of the market,
because we’ve had a history of those and
it’s not ended well.”
ideas. Boris Johnson, mayor of London,
admitted yesterday that some proposals
had not found “widespread support”.
The plans, announced in September,
followed a sharp rise in the number of
minicabs in the capital, sparking anger
among black-cab drivers, who claimed
the lack of regulation skewed the mar-
ket against them.
In an angry response to Uber’s victory,
Steve McNamara, general secretary of
the Licensed Taxi Drivers Association,
claimed that the Silicon Valley company
had triumphed because of its influence
over the prime minister.
He pointed to Rachel Whetstone,
Uber’s global head of PR and lobbying,
who is married to Steve Hilton, David
Cameron’s former strategy director, as a
key figure. The couple are close family
friends of the Camerons.
“The reason that these proposals have
been diluted is simply as a result of the
pressure that Uber’s lobbyists and its
War midpoint
Syria concert
to mark 1916
The Syrian National Orchestra for
Arabic Music with a flag-waving
Damon Albarn in 2010 — Mark Allan
Obituary
Arbiter of taste
who held court
to writers and
politicians
George Weidenfeld
Publisher
1919-2016
FINANCIAL TIMES
NATIONAL
influence in central government has
brought on TfL,” he said.
He described the decision as an “abso-
lute disgrace” and said the black-cab
industry would go to court and proceed
with judicial review cases against TfL.
Uber denied Ms Whetstone had
directly lobbied Mr Cameron. It pointed
to the strong response from its users as
well as support from business and con-
sumer groups.
Downing Street declined to say if Ms
Whetstone discussed Uber with Mr
Cameron.
The LTDA has also hired a lobbying
agency, Bellenden, a political strategy
company whose website says it can
“help you understand the mechanics of
how decisions are made, who influences
them, and how to engage effectively”.
TfL’s original plans delighted black-
cab drivers but drew criticism from the
business secretary, Sajid Javid, and the
head of the competition watchdog, as
A Syrian orchestra torn apart by the
conflict there is to be reunited as part
of Britain’s artistic programme of
commemoration of the first world war.
The Syrian National Orchestra for
Arabic Music will perform in June at
London’s Southbank Centre with Blur
and Gorillaz frontman Damon Albarn,
who brought the 40-strong ensemble
on tour with Gorillaz in 2010.
“We’re so used to seeing Syria
through the prism of news, this concert
will give a completely different
perspective,” Mr Albarn told the BBC.
The reunion is one of a slew of
cultural projects taking place in 2016 to
mark the midpoint of the 1914-18
conflict, when the British army fought
the deadliest battle in its history at the
Somme, the battle of Jutland left the
Royal Navy in control of the North Sea
and the Easter Rising led to the
foundation of an independent Ireland.
Organisers said the first phase of the
programme in 2014 had drawn a total
audience of 20m — one-third of the UK
population — capturing the public
imagination with works such as “Blood
Swept Lands and Seas of Red”, an
installation of ceramic poppies at the
George Weidenfeld, who has died aged
96, was among the most colourful, culti-
vated and influential publishers of the
past half century. He was a member of
that extraordinary generation of Jewish
émigrés who revitalised London pub-
lishing after the second world war.
If Robert Maxwell was their rogue
elephant, Weidenfeld was more akin to
a sleek Renaissance cardinal, holding
court to writers, politicians and gran-
dees, while exercising influence via a
quiet word in the ear and an unstoppa-
ble flow of ideas for books.
Never quite accepted by his fellow
practitioners in London, who saw them-
selves as gentlemanly tradesmen, he
was closer to the European and Ameri-
can model of the publisher as a public
figure, as well as an arbiter of taste.
Arthur George Weidenfeld was born
in Vienna on September 13 1919, the
son of a failed academic. He read law at
Vienna university, where he fought a
duel with a Nazi student, and moved to
England after the Anschluss in 1938.
During the war he worked for the BBC’s
monitoring unit at Evesham, where he
entertained his colleagues with imita-
tions of Hitler. He supplemented his
earnings with freelance journalism
well as the thousands of Londoners who
use the app. Uber was swift to enlist sup-
port from its users, with more than
200,000 people signing a petition
against TfL’s plans.
Mr Johnson said that, despite Uber’s
victory, more needed to be done to curb
the congestion and pollution caused by
the increasing number of minicabs
flooding on to London’s streets. The
number of private-hire drivers in the
capital has risen from 59,000 in 2009-10
to more than 95,000.
The mayor is struggling to persuade
the government to restrict their num-
bers. Yesterday, he announced plans to
look at imposing the congestion charge
on private-hire cars.
David Leam of business group Lon-
don First said: “The principle of using
pricing to manage congestion is more
attractive than a crude cap on cabs, but
we would like to see this applied in a
more sophisticated way than simply
Tower of London. The poignant
sculpture has toured in a smaller
format to Northumberland, Liverpool
and Yorkshire Sculpture Park, and a
new stop for 2016 has been added at St
Magnus Cathedral, Orkney, as part of
the Battle of Jutland remembrance.
Playwrights, poets, filmmakers and
choreographers are among those
creating works for the second phase of
the programme, for which the
organisers have raised £4m in funding
and are targeting a further £4m in
donations and sponsorship.
Vivienne Westwood, the fashion
designer, will make clothes as part of
“Fashion and Freedom”, an exhibition
at Manchester Art Gallery focusing on
the entrance of women into the
workplace during the first world war.
The experience of hundreds of
wounded Indian troops who were
nursed back to health in the gaudy
surroundings of Brighton’s Royal
Pavilion will form the subject matter of
Dr Blighty, an “immersive installation”
incorporating a walk-through
exhibition with video projections and
re-enactments by actors.
“In Parenthesis” by composer Iain
and co-wrote The Goebbels Experiment.
Weidenfeld began publishing in 1945
when, with André Deutsch and Gerald
Barry, he founded a cultural magazine
called Contact. To get around paper
restrictions, they diversified into book
publishing with Harold Wilson’s New
Deal for Coal; so inaugurating a friend-
ship that led to his publication of the
Wilson memoirs, a secret mission to
Washington to ascertain from George
HW Bush of the CIA whether there was
any foundation for the prime minister’s
paranoia about rightwing conspiracies,
and a life peerage in 1976.
An exclusive order for a line of chil-
dren’s classics put the publisher on a
sound financial basis. It came from
Marks and Spencer, the daughter of
whose chairman, Lord Sieff, was the
first of his four wives. Weidenfeld is sur-
vived by Annabelle Whitestone, whom
he wed in 1992, and Laura, a daughter
by that first marriage to Jane Sieff.
Further funds were provided by Nigel
Nicolson and the company that bears
their names came into being in 1948. An
early employee was Sonia Orwell, who
brought in Saul Bellow and Mary McCa-
rthy — so setting a pattern whereby liter-
ary novelists such as Margaret Drabble
removing the congestion charge exemp-
tion for some vehicles.”
TfL is to proceed with other propos-
als, such as imposing a minimum Eng-
lish-language requirement on drivers,
fare estimates to be given before jour-
neys start, as well as the provision of
driver and vehicle details to customers.
There will be a further four-week con-
sultation, with the results being put to
its board in March.
Taxi drivers who had seen Mr John-
son’s announcement at City Hall yester-
day were dejected.
Uber responded to the congestion-
charge proposal with an open letter to
Mr Johnson, warning that services that
help reduce private car use and increase
carpooling over time should be “encour-
aged not penalised”. It claimed that only
about 4,000 Uber cars are on the road in
London simultaneously.
Smart machines page 9
Lombard page 22
Bell — an opera based on a David
Jones poem about the Somme — has
been commissioned for Welsh
National Opera. The organisers
expect Memorial Ground, a large-
scale choral work by US composer
David Lang, to be performed by
community choirs across the UK.
Darker themes, such as the
treatment of conscientious objectors
under conscription or the injustices
suffered by those accused of
cowardice or desertion, will be
tackled in “The 306: Dawn”, a play
co-produced by the National
Theatre of Scotland. The titular
figure refers to the number of
soldiers who received posthumous
pardons after being executed for
military offences.
Discussing the Syrian concert,
the organisers said it was in 1916
that the Sykes-Picot agreement
dividing the Ottoman Empire
between Britain and France defined
the borders of the Middle East —
“lines in the sand that still have
profound implications today”, said
Peter Luff, chair of the Heritage
Lottery Fund. James Pickford
complemented Weidenfeld’s own pen-
chant for historians, politicians, eminent
Israelis and accounts of life in Nazi Ger-
many, of which Albert Speer’s Inside the
Third Reich was the most famous exam-
ple. With a life-long interest in Israeli
affairs, in 1949 he took a year off to be
ChaimWeizmann’schefdecabinet.
In 1953 his company enjoyed an annus
mirabilis as publication of Isaiah Berlin’s
The Hedgehog and the Fox, Rose
Macaulay’s Pleasure of Ruins, Cyril Con-
nolly’s The Golden Horizon and Hugh
Trevor-Roper’s Hitler’s Table Talk put it
irrevocably on the literary map.
But he continued to be regarded with
suspicion in the trade. Literary agents
disliked him because he approached
their authors directly with ideas for
books — and was more than their match
when it came to selling serial, translation
and foreign rights at the Frankfurt Book
FairoronhisfrequenttripstoNewYork.
Although Connolly was among those
tempted on to his list, their connection
proved shortlived after Connolly’s wife,
Barbara Skelton, became infatuated
with her husband’s new publisher.
Connolly discovered the lovers in
flagrante and his woes were the talk of
literary London. Weidenfeld’s marriage
Thursday 21 January 2016
Export boom
Carmakers
bypass lower
sales in Russia
and China
ANDY SHARMAN AND CHRIS TIGHE
Britain’s carmakers shrugged off steep
declines in Russia and China last year
to ship more vehicles overseas than
ever, accelerating the revival of a
domestic industry once left for dead.
Figures released today showed that fac-
tories from Nissan in Sunderland to
Rolls-Royce in Goodwood built 1.59m
vehicles in 2015, the highest number
since 2005, according to the Society of
Motor Manufacturers and Traders.
Factories were driven by a 3 per cent
rise in exports to 1.2m, the highest total
on record. The UK’s carmakers, now
almost exclusively foreign-owned busi-
nesses, export nearly four out of every
five cars they produce. But the figures
will raise fears over the increasing reli-
ance on Europe ahead of a poll on mem-
bership of the EU. The bloc accounted
for 57.5 per cent of all British car exports
last year, versus 53 per cent in 2014.
Buyers on the continent, where sales
are finally in solid recovery, played an
important role last year in helping the
UK’s carmakers offset sharply falling
exports to China, down by more than a
third in 2015, and Russia, which fell by
almost 70 per cent.
“Europe is our biggest trading partner
and the UK’s membership of the EU is
vital for the automotive sector to secure
future growth and jobs,” said Mike
Hawes, chief executive of the SMMT.
Toyota recently pledged its commit-
ment to the UK, with president and
chief executive Akio Toyoda saying that
the company would still be making cars
at its Burnaston plant regardless of Brit-
ain’s membership of the EU.
While few other carmakers have been
as forthright, investment has continued
to flow into the UK, with Nissan recently
starting production of its upmarket
Infiniti Q30 in Sunderland — a £250m
investment — and pledging a further
£100m for the next-generation Juke car.
Indian-owned Jaguar Land Rover,
which dislodged Nissan as the UK’s big-
gest car producer last year, set aside
almost £1bn to expand its UK sites last
year, while Honda also pledged to make
its Swindon plant the sole producer of
theCivic,oneofitsmostpopularmodels.
“Achieving these hard-fought for [pro-
duction] results is down to vital invest-
ment in the sector, world-class engineer-
ing and a committed and skilled UK
workforce; one of the most productive in
theworld,”saidMrHawes.
Overall car production in the UK is
still some way short of the record 1.9m
achieved in 1972. That preceded the col-
lapse of British Leyland and a steep fall
in the 1980s, when production dipped
below 1m units. “It seemed as if the car
industry was heading to oblivion,” said
Garel Rhys, a motor industry expert.
After a revival of sorts powered by the
arrival of Japanese carmakers, fears
about the industry resurfaced in 2005,
with the collapse of MG Rover. PSA Peu-
geot Citroën closed its Ryton factory in
Coventry two years later in favour of a
plant in eastern Europe, as the financial
crisis began to bite.
But the UK has since built a reputation
as a producer with a bias towards high-
margin, medium and large premium
cars and specialist products such as the
electric Nissan Leaf and the Toyota
Auris, Europe’s first mass-produced
hybrid. That has fostered a thriving
industry of mass-market and premium
names, such as Nissan, JLR and BMW’s
Mini, which account for three-quarters
of output, along with luxury brands and
nicheproducers,suchasAstonMartin.
Lex page 16
to Skelton proved a wretched, short-
lived affair: she refused to “gush” at his
parties, her cat urinated in the grate and
they quickly went their separate ways.
Skelton’s subsequent account was both
waspish and wounding; Weidenfeld’s
autobiography, Remembering My Good
Friends, maintains a rueful dignity.
In 1959, Weidenfeld risked prosecu-
tion for obscenity by publishing Vlad-
imir Nabokov’s Lolita and, over the next
decades, his company came to com-
mand one of the most stylish and excit-
ing lists in London. Bestsellers included
Mary Queen of Scots by Antonia Fraser,
who had earlier worked for the pub-
lisher, The Double Helix by James D
Watson and Harold Evans’ Good Times,
Bad Times. Yet selling books in the shops
was never Weidenfeld’s forte. The com-
pany lurched from one crisis to another
until, in 1991, it was bought by Anthony
Cheetham’s Orion Group.
Mr Cheetham made full use of Wei-
denfeld’s expertise and connections.
The two-volume diaries of Victor Klem-
perer — a Jewish academic who some-
how survived in Nazi Germany — were a
notable product of these years and an
appropriate memorial to its founder.
Jeremy Lewis
Thursday 21 January 2016
India
Student suicide
threatens Modi
reform drive
momentum
Prime minister’s BJP under
pressure after campus
tensions lead to death
AMY KAZMIN — NEW DELHI
The suicide of a PhD student from the
lowest rung of Hinduism’s caste ladder
is posing an unexpected political prob-
lem for India’s Prime Minister Narendra
Modi at a vital stage in his reform drive.
Rohith Vemula hanged himself on
Sunday, two weeks after he and four
other low-caste students were expelled
from their student hostel and banned
from other public areas of the Hydera-
bad university campus as punishment
for an alleged scuffle in August with the
local head of the student wing of Mr
Modi’s ruling Bharatiya Janata party.
Mr Vemula had not received his
monthly student grant since the dispute
between the local Ambedkar Students’
Association, which acts for students
from castes once considered “untoucha-
ble” and now called Dalits, and the cam-
pus president of the Akhil Bharatiya
Vidyarthi Parishad,theBJPstudent arm.
Opposition politicians are accusing
Mr Modi’s labour minister, Bandaru
Dattatreya, of helping to drive Mr Vem-
ula to his death by demanding that the
university take tough action against the
Dalit students involved in the dispute.
The issue has unfolded at as sensitive
time for Mr Modi, who is seeking to push
through reforms, including a tax over-
haul, to speedup economic growth.
“It’s a huge political problem,” said
Pratap Bhanu Mehta, president of New
Delhi’s Centre for Policy Research. “It’s
very clear that the BJP leaders were at
least involved in these disputes between
these different student groups. And BJP
leaders were clearly naming dissenting
groups on campus as ‘anti-national’.”
Campus tensions between rival politi-
cal groups erupted after India’s execu-
tion last July of a Muslim convicted of
helping to plan the 1993 terror attacks in
Mumbai. The ASA protested against
Climate warning
Global warming and El Niño
make 2015 hottest year
PILITA CLARK
ENVIRONMENT CORRESPONDENT
Global warming and a powerful El Niño
weather event combined to make 2015
the planet’s hottest year since modern
records began in the 1800s, according
to scientists, who warned this year
could be even warmer.
Heatwaves around the world, including
one in India that led to more than 2,000
deaths and another in Iraq that saw the
mercury top 50C, helped push tempera-
tures 1C above pre-industrial levels for
the first time, US and UK researchers
said.
Temperatures in 2015 also shattered
the previous record set in 2014 by 0.13C,
according to Nasa.
“Only once before, in 1998, has the
new record been greater than the old
record by this much,” the administra-
tion added.
Last year was especially striking
because global heat records were bro-
ken or tied in every month except Janu-
ary and April, researchers said.
“That’s the first time we’ve seen that,”
said Thomas Karl, director of the US
National Oceanic and Atmospheric
Administration’s national centres for
environmental information.
Stormy weather: scientists warn the
globe is entering uncharted territory
★ FINANCIAL TIMES 5
INTERNATIONAL
Pakistan
Taliban gunmen
kill university
students and staff
Pakistani security forces, pictured
left, have retaken control of a
university in the north of the country
after an attack by Taliban militants
left at least 20 people dead, write
Farhan Bokhari in Islamabad and Amy
Kazmin in New Delhi.
Intelligence officials said both staff
and students were believed to have
been killed in the attack on Bacha
Khan University in the city of
Charsadda. About 60 people have
capital punishment, drawing the ire of been injured.
the ABVP, allegedly leading to “manhan- The army said it had killed an
dling” of the ABVPcampuspresident. unspecified number of attackers.
In a letter to Smirti Irani, the minister Initial reports suggested at least 10
of human resource development, Mr militants were involved in the attack
Dattatreya later complained the univer- and witnesses described gunmen
sity had become “a den of castes, firing indiscriminately while
extremist, and antinational politics”, explosions from hand grenades were
while the administration was a “mute also heard. The exact death toll
spectator”. remains unconfirmed. A Taliban
Ms Irani’s ministry, which oversees leader, Khalifa Umar Mansoor,
universities, then sent five letters to the claimed responsibility for the attack,
Hyderabad administration, asking but the main Pakistani Taliban faction
them to respond to the “VIP” com- later disowned the group behind the
plaint. The university has since denied attack, calling it “un-Islamic”.
acting under government pressure in
punishing the students Fayaz Aziz/Reuters
Ms Irani yesterday accused parties of
trying to score political points by
fomenting caste rivalries. “This is not a
Dalit versus non-Dalit issue, as being
‘A malicious attempt is
being made by some to
show it as a caste battle,
which it is not’
projected by some to ignite passions,”
she said.
“A malicious attempt is being made by
some to show it as a caste battle, which it
is not.”
But some analysts said Mr Vemula’s
suicide is a big setback for the BJP, which
has traditionally drawn most of its sup-
porters from upper caste Hindus, but
has been working to broaden its appeal.
“The stakeholders of power politics
must take serious note of [the] Rohith
Vemula episode or be ready to face
wrath, revenge, revolt, reactions,”
tweeted Sanjay Paswan, a member of
the BJP’s national executive, and a Dalit.
The perception of central government
pressure on the university to act against
Dalit students protesting against its pol-
icies is also likely to reinforce fears that
the BJP plans to quell university politics,
which has been a training ground for
many of India’s political leaders.
Man-made climate change is the main
culprit for warming that was leading the
world into “uncharted territory”, said
Peter Stott, head of climate monitoring
and attribution at the UK Met Office’s
Hadley Centre for climate research,
which released separate findings con-
firming the US analysis.
The current El Niño, a naturally
recurring phenomenon that warms the
Pacific Ocean, was probably only
responsible for about 10 per cent of
2015’s record-breaking temperatures,
he added.
The bulk was due to underlying global
warming caused largely by rising emis-
sions of carbon dioxide, the main man-
made greenhouse gas produced by
burning fossil fuels, such as coal and oil.
Mr Karl added: “We would have likely
had a record [year] even without El
Niño, but it pushed itwayover thetop.”
The scientists’ analysis comes only a
month after nearly 200 governments
struck a new climate agreement in Paris
that aims to stop global temperatures
from rising more than 2C from pre-
industrial levels, and ideally limit
warming to 1.5C.
Temperatures had already risen by
0.8C since the industrial revolution and
although last year’s 1C rise may not be
repeated every year from now on, scien-
tists said 2016 could turn out to be
another exceptionally warm year as the
El Niño event continues.
“If you were going to be betting, you
would bet its going to be warmer than
2015,” said Mr Karl.
This raises the risk of heavy rains and
flooding, scientists pointed out, because
warmer temperatures would lead to
more water vapour in the world’s
atmosphere.
Last year saw a series of disastrous
floods hit countries worldwide, includ-
ing the UK, which in December experi-
enced its wettest month since records
began in 1910.
The findings of the US and UK scien-
tists are based on thousands of global
temperature measurements taken daily
on land and at sea.
6 ★
Migration crisis
German president warns on refugee quotas
Austria announces plan
to impose EU’s first cap
on asylum seekers
GIDEON RACHMAN — DAVOS
STEFAN WAGSTYL — BERLIN
Germany’s president warned yesterday
that refugee quotas might be “morally
and politically necessary” as neighbour-
ing Austria unveiled plans for the EU’s
first cap on asylum seekers.
The twin developments showed how
European governments are hardening
their response to the migrant crisis in
the face of public anxiety that the situa-
tion has spiralled out of their control.
Joachim Gauck’s remarks will pile fur-
ther pressure on Chancellor Angela
Merkel, who is already facing a rebellion
from fellow conservatives angered by
her decision to open the country to mass
immigration.
IMF stresses benefits of newcomers
Lagarde says arrivals can
improve economies without
harming locals’ prospects
CHRIS GILES — DAVOS
An influx of refugees into Europe need
not harm its economy, provided there is
an EU agreement on distributing
migrants more evenly across the conti-
nent, an International Monetary Fund
report has found.
The report touts the potential eco-
nomic benefits of migration at a time
when EU leaders are facing a growing
backlash from citizens concerned about
coping with so many newcomers and
the strain they place on public services.
Yet the IMF’s conclusion is likely to
add to the rancorous fight among mem-
ber states over plans to share the burden
of refugees more evenly. A proposal
from Brussels to do just that has proved
politically toxic in many nations.
While EU leaders agreed — under
heavy pressure from Brussels and Berlin
— to relocate some 160,000 refugees
already in Europe, they have only man-
aged to move 322 so far.
Introducing the report at the World
Economic Forum in Davos, Christine
Lagarde, IMF chief, challenged their
resistance, saying there was an “upside
potential” from migration and if policies
were adopted to integrate entrants into
labour markets quickly, they could ben-
efit the economy without harming the
prospectsof hostnationnationals.
“The current surge in refugees is a
challenge with an upside potential. With
appropriate policies, this rich source of
human capital can be harnessed with
benefits foreveryone,”shesaid.
Her remarks will lend support to
Angela Merkel, the German chancellor,
who is facing growing unrest for opening
the country to mass immigration. Ms
Merkel will travel today to Bavaria,
where opposition to migration is partic-
ularly strong, a day after 44 MPs from
her political bloc signed a letter calling
for the chancellor to change her policy.
Meanwhile, officials in neighbouring
Austria were expected to debate moves
yesterdaytoreducemigrantinflows.
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“Even today, we are also discussing
limits in terms of the number of people
we can absorb,” he said in a speech at the
World Economic Forum in Davos, Swit-
zerland. “If democrats do not want to
talk about limitations, then populists
and xenophobes will.”
Mr Gauck added: “Politicians have to
reconcile citizens’ desire to see their
society continue to function and the
humanitarian urge to help those in need
of protection.”
Later, in a question-and-answer ses-
sion, the president — a non-party figure
who rarely intervenes in current politi-
cal debates — said he thought it
“extremely likely” that some kind of
limitation on refugee numbers “will
have to be introduced” during the year.
As he spoke, Austria, another front-
line state in the migration crisis, said it
planned to limit to 127,500 the number
of asylum seekers it would accept over
the next four years.
Migrants queue to register in Berlin.
Germany’s Angela Merkel faces
growing unrest for opening the
country to mass immigration
Tobias Schwarz/AFP/Getty
Fiscal cost of asylum seekers
% of GDP
1.0
0.8
0.6
0.4
Sweden
Denmark 0.2
Germany
UK* 0 caleffectsofpopulationageing.”
2014 2015 2016
* 2014 and 2015 data only
Source: IMF estimates
FINANCIAL TIMES
INTERNATIONAL
The decision, announced by Werner
Faymann, chancellor, followed increas-
ing concern in Vienna at the pace of
inflows, which reached 90,000 in 2015
and threatened to overwhelm Austrian
authorities. “We cannot in Austria take
in all asylum seekers,” Mr Faymann said
Intervention:
Joachim Gauck, a
former Lutheran
pastor, rarely
speaks out on
political debates
in Vienna. This year, the number admit-
ted would be limited to 37,500.
However, it was unclear how controls
would be tightened in practice and the
government admitted it was uncertain
whether such limits were legally possi-
ble. Mr Faymann said they would have
to conform with European law and Aus-
tria’s constitution. A total of 127,500 asy-
Europe. Integration
In the short term, the IMF paper said
that additional spending on migrants
increased growth of gross domestic
product “modestly” through increases
in public spending to support migrants’
needs in housing, food, health and edu-
cation. The IMF estimated that the fiscal
Migrants add to
forecast GDP growth
2017 (%)
Impact from refugee inflow
Current estimate
3
2 refugees gain employment, the more
1
0
Sweden Austria Germany
Global finance
Capital flight from China worse than forecast last year, says IIF
SHAWN DONNAN — WASHINGTON
The flow of capital out of China and
other emerging markets was signifi-
cantly worse than previously thought
in 2015, according to new estimates.
In a report released yesterday the Wash-
ington-based Institute of International
Finance said outflows increased as over-
seas investors pulled out of emerging
markets and Chinese companies moved
to pay off overseas loans in the final
three months of the year amid a weak-
ening renminbi.
Emerging markets saw an estimated
$735bn in net capital outflows last year
with all but $59bn of that coming from
China. In October, the global finance
industry group had predicted 2015
would see net outflows from emerging
markets of $540bn, the first since 1988.
The latest grim data come amid grow-
ing concerns about faltering growth in
China and other big emerging econo-
mies that have led some to start declar-
ing the end of a charmed era for emerg-
ing markets. They also highlight the
continuing opacity of many of those
markets and the difficulty of measuring
the extent of capital flight out of places
lum seekers would be equivalent to
1.5 per cent of the population.
The European Commission said Brus-
sels had not taken a stance on whether
refugee caps would be legal, since no
country had yet implemented such a
policy. But the commission cautioned
any quota could run counter to Geneva
Convention commitments, which are
embedded in EU law and require all asy-
lum seekers to be granted a hearing.
“We don’t practise pushbacks, we do
not turn away people without first
assessing their asylum applications on
an individual basis, and this is the proc-
ess that’s carried out across the EU,” said
the commission.
Mr Gauck’s words carry added weight
because of his moral stature as a former
Lutheran pastor in communist East
Germany. He has previously signalled
that the concerns of native Germans
should be taken into consideration in
framing refugee policy but his speech
cost of migration across Europe would
range in 2016 from almost 1 per cent of
national income in Sweden to almost
nothinginSpain,theUKandCyprus.
When calculating the effects on
growth, the fund thought that EU GDP
would increase marginally by 0.09 per
cent in 2016 and 0.13 per cent in 2017,
but with significantly larger effects in
Sweden, Germany and Austria.
Austrian GDP is estimated to be 0.5
per cent higher than otherwise in 2017.
In the medium term, the effects of
migration were potentially more benefi-
cial, the IMF paper noted, but depended
on the speed of migrants’ integration.
The paper concluded: “The sooner the
they will help the public finances by pay-
ing income tax and social security. Their
successful labour market integration
will also counter some of the adverse fis-
Examining previous episodes of
migration, the IMF paper said immi-
grants often integrated slowly into
like China that impose strict controls on
the movement of money.
The discrepancy revealed yesterday,
the IIF said, came in large part because
of accelerating capital flight from China
in the final three months of last year via
channels used to circumvent capital
controls. Over-invoicing for exports,
cash transactions and other such flows
recorded as “errors and omissions”
accounted for $216bn of the $676bn in
China’s net outflows in 2015, said the IIF.
“This is a really unprecedented event
that we are seeing outflows for emerging
markets on this scale,” said Charles Col-
lyns, managing director and chief econ-
omist at the IIF.
Some of the outflows from China had
been productive, Mr Collyns said. Chi-
nese companies had been sending
money offshore to pay off dollar-de-
nominated and other overseas debt over
the past year in anticipation of a weak-
ening of the renminbi. That had left
many Chinese companies with healthier
balance sheets than they had a year ago.
But there was still a risk that Chinese
outflows could accelerate rather than
slowdown this year with any such move
likely to impact markets and economies
went much further in challenging Ms
Merkel’s approach.
Coping with the crisis, he said, “could
mean that policymakers have to
develop and implement strategies to
limit the number of people coming to
our country — not as a knee-jerk defen-
sive reaction but as an element of
responsible governance. A limitation
strategy may even be both morally and
politically necessary in order to pre-
serve the state’s ability to function.”
A day earlier, 41 MPs in Ms Merkel’s
CDU party signed a letter urging her to
take control of Germany’s borders and
reimpose effective checks. They were
joined by three MPs in the CSU, the
CDU’s Bavarian sister party, who have
bloc-wide posts, making 44 altogether.
Steffen Seibert, Ms Merkel’s spokes-
man, declined to comment on Mr
Gauck’s speech.
Editorial Comment page 12
A different lesson from history page 13
hosts’ labour markets, with higher
unemployment rates. In Germany,
migrants tend to earn 20 per cent less
than domestic employees with similar
characteristics, but there is a gradual
but not full catch-up in wage levels.
The IMF recommended: countries
allow migrants to swiftly access labour
markets, particularly in low-paid jobs
without high minimum wages, wage
subsidies to employers taking on
migrants, low barriers to self-employ-
ment and moving to those places with
thehighestdemandforlabour.
If this was achieved, “quick labour
market integration can unlock the
potential economic benefits of the refu-
geeinflow”.
Recognising that refugees might be
different from previous waves of eco-
nomic migrants, Ms Lagarde even so
tried to reassure host populations.
“Native workers are often concerned
that refugees will lower wages . . . [but]
past experience suggests these effects
tend to be limited and temporary”.
around the world. Already, this year’s
experience, he said, was that “storms in
China tend to be amplified around the
global financial system”.
Despite the turmoil in Chinese and
global markets over the past fortnight,
the IIF said that its daily data indicated
that the capital flows out of China had
been far less this month than those seen
during the market upheaval in August
last year. But that had followed what it
called an “exceptional streak” of six
straight months of outflows in the sec-
ond half of 2015. The IIF had previously
Latest grim data come amid fears
about faltering growth in China
Thursday 21 January 2016
Oil price slump
Russia
recession
fears mount
after rouble
tumbles
JACK FARCHY — MOSCOW
The rouble fell to a record low of more
than 81 per US dollar yesterday, sur-
passing the level reached in December
2014.
The tumble in oil prices to a 13-year low
has piled more pressure on the Russian
currency over the past month and
prompted predictions of a second year
of recession for the economy in 2016.
With Brent crude falling back to $28 a
barrel, the rouble fell 4 per cent to a low
of Rbs81.9 per dollar yesterday.
The Russian currency has dropped
12 per cent against the dollar since the
start of 2016.
The International Monetary Fund
this week lowered its forecast for the
Russian economy in 2016 to a 1 per cent
gross domestic product contraction on
the back of low oil prices. Oil and gas
account for about half of Russian gov-
ernment revenues.
Herman Gref, chief executive of Sber-
bank, the country’s largest bank, said
last week that Russia had found itself “in
the ranks of countries that are losing —
downshifter-countries”.
Yesterday’s fall took the rouble
beyond the previous low of Rbs79.9125
it hit in December 2014 amid a currency
rout that forced the Russian central
bank into an emergency 6.5 percentage
point interest rate rise and imperilled
the country’s banking sector. Russian
Other energy-dependent
countries in the region are
also grappling with the
plunge in oil prices
stock markets also slid, with the Micex
equity index falling 1.7 per cent and
shares in Sberbank and VTB, the coun-
try’s two largest banks, down more than
3 per cent.
Sergei Glazyev, an economic adviser
to Vladimir Putin, president, called on
the central bank to intervene to support
the rouble.
Mr Glazyev has in the past said Russia
should consider imposing capital
controls in response to its economic
difficulties.
Other energy-dependent countries in
the region are also grappling with the
plunge in oil prices.
Azerbaijan on Tuesday imposed capi-
tal controls in the form of a 20 per cent
tax on taking foreign currency out of the
country following a one-third plunge in
the value of its currency in a month.
Saudi Arabia moved to damp specula-
tion on its currency by barring domestic
banks from dealing in forward contracts
on the riyal.
Bankers said the Saudi Arabian Mon-
etary Agency had told lenders to refrain
from engaging in trades on riyal forward
options, which have come under intense
pressure as traders bet that the king-
dom’s fiscal strains will trigger a depar-
ture from decades of pegging the riyal to
the US dollar.
In Kazakhstan, the tenge this week hit
a record low of 377.7 to the dollar —
down 50 per cent in six months — while
Turkmenistan has restricted currency
exchange operations as it attempts to
maintain a peg to the dollar.
Oil prices at mercy of geopolitics page 13
forecast a return to modest net inflows
into emerging markets in 2016, but in
the report released yesterday it said it
expected net outflows of $448bn this
year as slowing growth in emerging
economies continued to weigh on inves-
tor sentiment.
“Premature ageing of emerging mar-
kets may continue to weigh on growth
prospects, and market volatility in early
2016 has weighed on risk appetite,” said
Hung Tran, executive managing direc-
tor at the IIF. “EM equity and debt mar-
kets are now trading at very steep dis-
counts to mature economies, which
could be viewed as attractive by some
investors for strategic re-entry. How-
ever, poor fundamentals will subject
markets to continued high volatility.”
Separately, the UN warned that flows
of foreign direct investment were likely
to decline in 2016 because of the fragile
state of the global economy and deceler-
ating developing economies.
New figures released by the UN Con-
ference on Trade and Development
showed a surge in FDI around the world
in 2015 to an estimated $1.7tn. But that
was due largely to an increase in merg-
ers and acquisitions.
Thursday 21 January 2016 ★ FINANCIAL TIMES 7

INTERNATIONAL

Military campaign North Africa

US urges Gulf The jobless

rate has
risen to 15.3

nations to boost per cent,

and is likely
to be higher

fight against Isis among

young
Tunisians

Middle East allies to come
under pressure at meeting
in Brussels next month
GEOFF DYER — PARIS
Ashton Carter, US defence secretary, has
called on Arab countries to contribute
more to the military campaign against
Isis as he insisted the US-led
coalition was building “momentum”.
Speaking on a trip to Paris, Mr Carter
said that the US was looking for a range
of military and non-military assistance
from other countries, from help with
intelligence gathering to trainers and
logistics.
Standing alongside French counter-
part Jean-Yves Le Drian, he said that 26
nations in the coalition had been invited
to a meeting in Brussels next month
when he would “challenge” them to all
step up.
In particular, he said he would
“definitely” cajole the Arab countries to
do more. The US was “very much look-
ing to countries in the Gulf”, he said.
“Every nation must come prepared to
bring further contributions.”
Mr Le Drian said that there could be
no military co-ordination with Russia in
Syria unless Moscow targeted Isis,
instead of rebels fighting the Assad
regime.
Mr Carter’s trip to Paris was part of a
concerted diplomatic push by the US,
often working together with the French,
to win broader international support for
the anti-Isis campaign. Following the
Paris terrorist attack in November, he
wrote letters to 42 countries asking for
assistance, in many cases with specific
requests.
Together with his French counter-
part, he hosted a meeting yesterday of
the seven countries that have been most
willing to take part in the military cam-
paign — including the UK, Germany,
Italy, Australia and the Netherlands. In a
statement issued after the meeting, the
seven nations agreed on “the need to
continue gathering momentum in our
campaign”.
Although the Obama administration
has been criticised at home for what
many politicians view to be an exces-
sively cautious approach to the fight
against Isis, the countries in the coali-
tion insist they have started to make real
progress in Iraq and Syria.
Mr Le Drian said in recent weeks Isis
had suffered a “backslide” in its posi-
tion, including the fall of Ramadi, the
capital of Anbar province, to Iraqi
forces. “Now is the time to step up our
shared effort by implementing a coher-
ent military strategy,” he said. As many
as 3,500 French military were involved
in the Isis campaign, Mr Le Drian said.
American officials have expressed
frustration at the limited participation
of many allies in the Middle East in the
anti-Isis coalition. Countries such as
Saudi Arabia and the United Arab Emir-
ates were active in the early months of
the fight against Isis but have since
shifted most of their military capabili-
ties to Yemen.
Ahead of the meeting in Paris, Mr
Carter said that one of the key capabili-
ties that was required by the coalition
was more trainers who could assist the
Iraqi military to retake territory and
then help them hold on to cities once
they have been recaptured from Isis.
The Italians, in particular, were
involved in training Iraqi police forces to
bring stability to areas that have been
retaken. US officials said that the Iraqis
also needed more training in dealing
with explosive devices. Mr Carter said
the US would contribute more trainers.
Notebook page 12
Tunisia job protests echo spark for Arab spring
HEBA SALEH — CAIRO
Tunisian police fired tear gas to dis-
perse demonstrators in the impover-
ished town of Kasserine, as protests
continued for a second day following
the death of a local who had reportedly
threatened suicide after he was denied
a government post.
There were reports of smaller protests
in several towns in the centre of the
country, while a few hundred demon-
strators held a rally in the capital, Tunis.
The unrest in Kasserine, where a cur-
few was imposed on Tuesday, under-
lines how the economic roots of the pop-
ular discontent that sparked the Arab
spring have not been addressed.
Reda Yahyaoui, a Kasserine resident,
was electrocuted on Saturday after he
climbed a utility pole and threatened
suicide in protest against his exclusion
from a list of applicants for government
jobs — reminiscent of the events in 2011
which set off the revolution when
Mohamed Bouazizi, a fruit seller, set
himself on fire after being humiliated by
a policewoman — leading to protests
that morphed into the revolution that
overthrew the country’s dictator and set
off a chain reaction of Arab uprisings.
The demonstrators in Kasserine, who
rallied through the night despite the
curfew, were reported to have burnt the
local office of the ruling Nidaa Tounes
party. During yesterday’s protest they
chanted the slogan “work, freedom, dig-
nity” to highlight their demands.
In a region where revolutions have
foundered or degenerated into civil war,
Tunisia is hailed as a successful example
of a democratic transition among the
Arab countries that rose against auto-
cratic rulers five years ago. Last year, a
quartet of Tunisian civil society groups
received the Nobel Peace Prize for medi-
ating between Islamist and secular
groupstokeepthe processontrack.
Political compromise in Tunisia may
have saved it from the conflicts of its
neighbours. But observers warned that it
still faced potentially destabilising eco-
nomic problems, partly from the pre-
revolution era and of late the result of
repeated terrorist attacks that have hurt
the keytourismsector.
The jobless rate has risen to 15.3 per
cent, and the figure is believed to be
higher among young Tunisians. Officials
said in September that they expected
growth for 2015 to be only 0.5 per cent.
Olfa Lamloum, Tunisia country direc-
tor at International Alert, a non-profit
group, said there was “mounting anger”
among young Tunisians because of what
they perceive as the blocked path to eco-
Kasserine
has the
highest
illiteracy
rate among
adults in
Tunisia, at
37 per cent
Work call:
protesters in
Kasserine
yesterday
Nacer Talel/Anadolu
Agency/Getty
nomic and social improvement. Inland
provinces such as Kasserine have been
more deprived of state investment than
the coastal areas which have benefited
from tourism and an investment regime
favouringexport-basedindustries.
Kasserine, Ms Lamloum said, has the
highest illiteracy rate among adults in
the country, at 37 per cent. Some 20 per
cent of adults, she added, work in “bor-
der trade” — a euphemism for smug-
gling across the frontier with Algeria.
“There is not just the sense that the
young are blocked, but also the percep-
tion that there has been no halt to nepo-
tism and bribery [by] local authorities.”
Hussein Dimassi, a former finance
minister, said that the economic woes
afflicting Europe, Tunisia’s biggest eco-
nomic partner, had discouraged private
investment. “The state has a responsi-
bility to address this,” he said.
8 ★ FINANCIAL TIMES Thursday 21 January 2016

INTERNATIONAL
GLOBAL INSIGHT
Uncertain outlook
WASHINGTON

Canada slashes 2-year growth forecast Edward

Decision follows premier per cent level seen in the financial crisis.
Mr Trudeau, speaking at the opening
Trudeau’s appeal for
investment drive
ceremony in Switzerland, pushed to
rebrand Canada away from previous
prime minister Stephen Harper’s
IZABELLA KAMINSKA — DAVOS
ANNA NICOLAOU — NEW YORK
“energy superpower” rhetoric, touting
refugees and diversity as the future of
The Bank of Canada cut its growth fore-
casts for the next two years, citing steep
the country’s economy.
“My predecessor wanted you to know
Canada for its resources. Well I want you
falls in the oil price — minutes after to know Canadians for our resourceful-
Prime Minister Justin Trudeau told an ness,” he said.
Luce
has lost a third of its value in the past ‘We have a “We want to be hip, but we don’t want
two and a half years, as the crashing oil to be broke,” she said, in a jab at a New
diverse and
price pulled the world’s fifth biggest oil
producer into recession last year. The
latest price drop makes the high-cost
creative
York Time’s article last weekend pro-
claiming that Canada is “suddenly hip”
and Mr Trudeau created a “Canadian
Palin and Trump
production of Canada’s thick, sticky tar
sands oil “uneconomic”, according to
population
. . . social
Camelot”.
Economists have raised concerns as to
double act annoys
analysts at TD Bank.
Stephen Poloz, the BoC’s governor,
has warned that the fallout from oil will
stability,
whether monetary policy can address
Canada’s oil problem amid high house-
hold debt and a frothy housing market.
the ideological right
drain C$50bn a year from the country’s
financial Many argue fiscal stimulus is needed
economy, or C$1,500 per Canadian. stability’ to reinvigorate non-resources sectors,

audience in Davos “there has never
been a better time to look to Canada” for
investment.
The central bank projects the econ-
omy to grow 1.4 per cent this year, down
from its previous expectation of 2 per
cent, adding that the fallout from oil
makes the outlook “highly uncertain”.
The bank left its key interest rate
unchanged at 0.5 per cent in what was
viewed as a close call, with half of econo-
mists expecting a cut to the record 0.25
“We have a diverse and creative popu-
lation . . . social stability, financial sta-
bility, and a government to invest in the
future.”
Mr Trudeau has not wavered from his
cheerful tone even as the economic pic-
ture darkened since his election win in
October. The renewed sell-off in com-
modities and grim economic data have
sent the Canadian dollar diving to a
13-year low, alarming consumers.
The loonie — or Canadian currency —
White House race. Republican nomination
Mr Trudeau’s opponents have criti-
cised the 44-year-old leader, saying he is
devoting time to promoting his image
abroad rather than dealing with a strug-
gling economy back home.
Rona Ambrose, interim replacement
for Stephen Harper as leader of the Con-
servative party, on Monday requested
that Mr Trudeau meet her to “discuss
the rapidly deteriorating economy”,
adding the new government’s “sense of
urgency has been completely absent”.
T
and after Davos Mr Trudeau will return
home to deliver on one of his key cam-
paign promises: a spending programme
to invest in infrastructure.
Mr Trudeau was praised in October
for breaking away from his opponents
and calling for a budget deficit of $10bn
a year, challenging the austerity policies
of his predecessor. The darker economic
outlook since the election has spurred
several economists to urge even bigger
stimulus.
o chants of “USA, USA”, America’s best known
hockey mom briefly stole the limelight during
the 2008 election before embarking on a
career as a conservative entertainer. Her 2016
comeback, which she kicked off with an
endorsement of Donald Trump on Tuesday, may turn out
the same. Should Mr Trump become the next US presi-
dent, Mrs Palin could be his secretary of energy (as he has
promised). Failing that, she will return to her life in Alaska
as a fading social media star.
Yet her embrace of Mr Trump also has a biblical subtext.
Mrs Palin was John the Baptist to Mr Trump’s Jesus. Years
before Mr Trump trashed conventional wisdom by boost-
ing his poll numbers with gaffes, Mrs Palin had patented
that style of campaigning. The more tongue-tied Mrs Palin
seemed, the more intensely her supporters backed her.
The more the media mocked her, the more her fan base
exulted. Mr Trump has elevated that approach into an art

Trouble brewing for Cruz in Iowa
Blow for senator as tycoon
secures vital support from
‘queen of the Tea Party’
DEMETRI SEVASTOPULO — AMES, IOWA
Since Ted Cruz and Donald Trump took
the gloves off in the Republican presi-
dential battle last week they have traded
blows on everything from whether the
Canada-born senator is eligible to run
for president to whether the New York
tycoon is a conservative or a liberal hid-
ing his colours from the Republican
base.
With polls showing the two men neck
and neck in Iowa, the state that kicks off
the primary election on February 1, Mr
Trump has fired a barrage of
attacks at Mr Cruz on Twitter over the
past week as the senator has gotten
under his skin.
Mr Trump has accused Mr Cruz, who
pitches himself as an anti-establish-
ment conservative, of being a hypocrite,
including for lashing out at Wall Street
despite taking a loan from Goldman
Sachs for a previous campaign.
“I am self-funding my campaign —
putting up my own money, not control-
led. Cruz is spending $millions on ads
paid for by his N.Y. bosses,” Mr Trump
recently tweeted.
Mr Cruz for months refrained from
attacking Mr Trump, hoping the billion-
aire would fade and he would pick up
many of his supporters. But with no sign
of Mr Trump disappearing, Mr Cruz has
gone on the offensive ahead of the Iowa
caucuses by questioning his opponent’s
values and conservative credentials.
Against that backdrop, the two men
are trying to get as many conservative
endorsements as possible. As Mr Trump
campaigned in frigid temperatures
across the state on Tuesday, he won a
prized endorsement that will make it
harder for Mr Cruz to question his con-
servatism and could boost his support
across Iowa and beyond — Sarah Palin.
Hundreds of Trump fans roared their
approval when the former Alaska gov-
ernor and vice-presidential running
mate to John McCain in 2008 took the
stage in a barn in Ames to endorse him.
Seeking votes: “He is going rogue left and right. That
Ted Cruz speaks is why he is doing so well,” she roared,
at the South adding that Mr Trump was far more
Carolina Tea conservative than the Republican estab-
Party Coalition lishment, who criticised her in 2008 and
Convention worry about Mr Trump now. “What the
Scott Olson/Getty Images
heck would the establishment know
about conservatism?”
It was a blow to Mr Cruz, who is count-
ing heavily on the backing of evangeli-
cals, a group among which Mrs Palin
remains a star. While the senator has
been polling well with religious conserv-
atives, a recent poll showed that Mr
Trump enjoys the support of 42 per cent
of evangelicals across the US compared
with 35 per cent for Mr Cruz.
Mrs Palin is a huge figure in the Tea
Party, which helped catapult Mr Cruz to
the Senate in 2012 and is propelling out-
sider candidates in the 2016 race.
After his campaign questioned the
move, Mr Cruz schmoozed the former
Alaska governor on Twitter, underscor-
ing the danger in alienating her fans
across conservative America: “I love
@SarahPalinUSA. Without her support,
I wouldn’t be in the Senate. Regardless
of what she does in 2016, I will always be
a big fan.”
But the endorsement was just one
blow. It came hours after Terry Brans-
tad, the Republican Iowa governor,
urged voters to reject Mr Cruz for his
opposition to ethanol subsidies, a popu-
lar programme in the agricultural state.
Jamie Johnson, an ordained Anglican
minister and former top adviser to Rick
Perry, the ex-Texas governor who
dropped out of the presidential race,
said it was a “bad day for Ted Cruz in
Iowa”.
“Ten to 15 per cent of Iowa’s Republi-
can voters are self-identifying Tea Party
voters,” said Mr Johnson. “Many of them
have been telling me that they have been
on the fence for 30-60 days between
Cruz and Trump. If they are on the fence
and the queen of the Tea Party decides to
make one of them king, then they are
goingtogowithher.”
Earlier at the John Wayne Birthplace
Museum in Winterset where he was
endorsed by the late actor’s daughter,
Mr Trump had gone easy on Mr Cruz.
Although he questioned his tempera-
ment he was relatively restrained.
But after the Palin and Branstad inter-
ventions, Mr Trump was back on full
throttle on social media. “Wow, the
highly respected Governor of Iowa just
stated that ‘Ted Cruz must be defeated’.
Big shocker! People do not like Ted.”
form. In an age when knowledge is a mark of elitism, igno-
rance is power. It is also great marketing.
During the 2008 campaign, Mrs Palin famously could
not think of a single newspaper title she read. She also
failed to recall the name of a founding father. Likewise, she
was pilloried for citing Alaska’s proximity to Russia as evi-
dence of her foreign policy credentials. The more derision
Mrs Palin suffered, the greater her heartland appeal. This
is how Mrs Palin’s “teachers, and teamsters, and cops and
cooks, and stay at home moms,” also felt. Mr Trump has
collected Mrs Palin’s hockey puck and skated on with it.
When he betrayed ignorance of the “nuclear triad” in a
recent debate, experts
were floored. How could
someone auditioning to
The Trump/Palin
be commander-in-chief crowd are cavalier
be unaware of America’s
three nuclear delivery
with facts and play
platforms? Mr Trump’s fast and loose with
admission did him no
harm. His supporters
the US constitution
knew how it felt to be the
butt of liberal sneering.
Mrs Palin’s endorsement also highlights a lesser known
breach — “movement” conservatives who tend to be more
ideological and generally back Ted Cruz in Iowa, and Mr
Trump’s more populist fan base. Glenn Beck, the radio
star, who helped kick off the Tea Party movement in 2009,
has described Mr Trump as an “egomaniac and narcissist
in ways that make Barack Obama seem like Saint Francis”.
Others, such as Richard Viguerie, the father of direct
mail conservatism, who played a role in Barry Goldwater’s
1964 presidential campaign, also deride Mr Trump. He is
seen as ignorant of the Bible and disrespectful towards
women, which alienates evangelicals. He is also viewed as
authoritarian, which offends libertarians. “Unlike Donald
Trump, Ted Cruz holds the constitution in such reverence
that he does not make violating it into a cheap applause
line,” Mr Viguerie wrote.
It is misleading to lump the two groups together. The
Trump/Palin crowd are cavalier with facts and play fast
and loose with the US constitution. Mr Trump’s plan to set
up a Muslim registry offended ideological conservatives,
who tend to be highly informed. Their reverence for Amer-
ica’s founding fathers borders on the scriptural. They are
deeply suspicious of Mr Trump’s sincerity. He has previ-
ously backed abortion, for example, and praised universal
healthcare. Mr Cruz, on the other hand, has shown consist-
ent ideological discipline.
Which of the two will prevail in Iowa? Mrs Palin’s deci-
sion to embrace Mr Trump sets up a gripping showdown
between two very different strands of the Republican base.
Churches have the best get-out-the-vote machine, which
would favour Mr Cruz. But Mr Trump’s celebrity power —
combined with Mrs Palin’s — could upend those calcula-
tions. It is neither a contest between left and right, nor
between establishment and outsider. Mr Trump and Mr
Cruz are both rightwing outsiders. It is a tussle between
those who value strong leadership and those who value
ideology. There is a big difference.
edward.luce@ft.com

Target the best in business Eurozone policy

with FT Special Reports ECB expected to hold back on further stimulus until the spring
Business Education: CLAIRE JONES — FRANKFURT

Financial turmoil in emerging markets

Online learning and tumbling oil prices have added to
the problems facing eurozone mone-
tary policymakers, but officials look
set to wait until the spring before decid-
ing how to react to the year’s shaky
Next issue: 7th March 2016 start.
The China-led stock market rout and
falling crude prices have marred the
opening weeks of 2016 and raised ques-
tions about central bank action around
the world, including the US Federal
To advertise, please contact: Reserve’s decision in December to raise
Gemma Taylor in London rates for the first time in almost a dec-
Tel: +44 (0) 20 7873 3698
ade. In Europe’s single currency area,
the possibility of slower Chinese growth
Email: gemma.taylor@ft.com — and a weaker renminbi — alongside
the oil price fall will suppress an infla-
tion rate that top officials concede has
been too low for too long.
Find out more and get a full list of As the European Central Bank’s gov-
erning council meets in Frankfurt
representatives at www.ft.com/advertising
today, imminent action is unlikely. But
Back issues of printed FT Reports can be obtained from: Historic Newspapers, Signature ECB watchers are increasingly expect-
Online Limited, No 1 Waterside Station Road, Harpenden, Herts, AL5 4US. Tel: 0870 165 ing more stimulus at some point in 2016.
1470, Fax: 01852 469 248, Email: info@back-issue-newspapers.co.uk One possibility is March, when the ECB’s
staff unveil projections for inflation and
growth, but June is more likely.
The ECB is expected to put off acting,
in part because it is only six weeks since
it last unveiled a fresh round of mone-
tary stimulus. “Given the proximity of
last month’s package of measures, more
easing this week looks like a non-
starter,” said Ken Wattret, economist at
BNP Paribas. “But speculation of policy
action as soon as March has been rekin-
dled by the oil price slump and its impli-
cations for the projections.”
The central bank ended 2016 by alter-
ing the dimensions of its quantitative
easing package of asset purchases. The
ECB also cut one of its benchmark inter-
est rates to a fresh record low. At the
time, Mario Draghi, the ECB president,
described those measures as “adequate”
to raise inflation from its current level of
0.2 per cent to his bank’s target of just
under 2 per cent.
Markets were disappointed with the
package. Mr Draghi and the other 24
members of the governing council are
unlikely to want to lose face with inves-
tors by backing more action so soon.
“Going back to the drawing board
immediately after having delivered
another layer of accommodation, even
if it was received as insufficient by the
market, is not going to be an appealing
option for the ECB,” said Gilles Moec,
economist at Bank of America Merrill
Lynch. “Institutions have their pride,
and we suspect that a prejudice to see
the December package as sufficient for
some time will inform the governing
council’s approach to the news flow.”
Analysts are split on whether Mr
Draghi will strengthen his rhetoric at
the press conference after today’s policy
meeting on the ECB’s willingness to act.
Many on the governing council judge
the impact on growth of a fall in oil
Mario Draghi: likely to lose face
by backing more action so soon
prices favourably, viewing lower energy
costs as a boost to consumer spending.
But the effect on price pressures is also a
concern, with the ECB’s staff almost cer-
tain to downgrade its inflation projec-
tions from the current estimate of 1 per
cent for 2016 and 1.6 per cent in 2017.
While ECB officials caution there is no
mechanical link between the projec-
tions and the policy stance, downgrades
would make inaction tougher to justify.
If the ECB acts later in the year, some
analysts view another cut to the deposit
rate, now minus 0.3 per cent, as less con-
troversial than an expansion of QE.
Five members of the council voted
against the December package, with
hawkish policymakers arguing that the
returns from buying more assets dimin-
ish while the risks to financial stability
rise. The ECB’s latest minutes showed a
minority of policymakers, including
some that voted against QE, supported a
bigger rate cut than the 10-basis-point
dip the council eventually delivered.
Further rate cuts “look like a less bit-
ter pill to swallow than more sovereign
debt purchases, at least from the per-
spective of the hawkish wing of the
council”, Mr Wattret said.
Thursday 21 January 2016 ★ FINANCIAL TIMES 9

INTERNATIONAL

Davos debates rise of smart machines Business climate

US companies
‘Fourth Industrial Revolution’ is predicted to have huge effect on global daily life and work in China feel
less welcome
MURAD AHMED — DAVOS

Artificial intelligence will spur eco- CHRISTIAN SHEPHERD — BEIJING

nomic growth and create new wealth.
Machines that “think” like humans will
help solve huge problems, from curing
cancer to climate change.
Yet millions of human workers will
need to retrain, as robots make their
existing jobs redundant.
These are the contrasting messages
provided by the world’s leading technol-
ogists during the World Economic
Forum in Davos this week, as political
and business leaders ponder how best to
respond to the rise of smart machines.
Sebastian Thrun, the inventor of
Google’s self-driving cars and an honor-
ary professor at Delft University of
Technology, in the Netherlands, said
“almost every established industry is
not moving fast enough” to adapt their
businesses to this change.
He suggested self-driving cars would
make millions of taxi drivers redundant
and planes running solely on autopilot
would remove the need for thousands of
human pilots.
One of the central themes of this
year’s conference is the “Fourth Indus-
trial Revolution”, referring to how
technological breakthroughs are
expected to transform industries across
the world. Delegates argued that
advances in robotics and artificial intel-
ligence would have the transformative
effect that steam power, electricity and
ubiquitous computing achieved in pre-
vious centuries.
“[Artificially-intelligent machines]
can look at a brainscan better than most
radiologists, but they can also weld bet-
ter than any human,” said Illah Nourba-
khsh is a professor of robotics at Carne-
gie Mellon University, the institution
joining forces with taxi app group Uber
to build driverless cars. “It’s affecting
white collar and blue collar jobs.
Nobody is inherently safe.”
But Professor Thrun was optimistic
that redundant roles would quickly be
replaced.
“With the advent of new technologies,
we’ve always created new jobs,” he said.
Oh Jun-Ho, right, a professor at the
Korea Advanced Institute of Science
and Technology, demonstrates his
Hubo walking robot at the World
Economic Forum in Davos yesterday
Ruben Sprich/Reuters
‘I feel the right emphasis is
on skills, rather than
worrying too much about
the jobs [which] will be lost’
Satya Nadella, Microsoft
“I don’t know what these jobs will be,
but I’m confident we will find them”
Not all are convinced. According to a
study released by WEF this week,
increased automation and artificial
intelligence in the workforce will lead to
the loss of 7.1m jobs over the next 5 years
in 15 leading economies, while helping
create just 2m new jobs over the same
period.
Across industries, leading executives
are concerned about the effects of job
displacement.
Peter Brabeck-Letmathe, chairman at
Nestlé, warned some countries would
become unstable if businesses could not
replace jobs taken by machines.
“Other industrial revolutions cost a
lot of people their heads,” he said. “I’m
not sure we have the time for the
wonderful markets to fix all these
problems.”
Satya Nadella, chief executive of
Microsoft, said: “This challenge of dis-
placement is a real one, [but] I feel the
right emphasis is on skills, rather than
worrying too much about the jobs
[which] will be lost. We will have to
spend the money to educate our people,
not just children but also people mid-
career so they can find new jobs.”
For workers to adapt, Prof Thrun
argued that the way people approach
their professional lives would require
change.
The robotics pioneer is also the
founder of Udacity, a Silicon Valley
start-up that enrols high-earning
professionals into six-month online
courses, retraining them in order to
switch jobs. Due to growing automation,
he predicted it would become the norm
for workers to change jobs every few
years.
“In the United States, in 2012, figures
from Department of Labour Statistics
show the average tenure [in a job] was
4.6 years and it’s shrinking,” he said.
Erik Brynjolfsson, the Massachusetts
Institute of Technology professor and
co-author of The Second Machine Age,
said: “We’re moving to a world where
there will be vastly more wealth and
vastly less work. That shouldn’t be a bad
a thing, and shame on us if we turn it
into a bad thing.”
FT Big Read page 11
US companies operating in China are
being hurt by the country’s economic
slowdown — but their biggest concern
is “inconsistent regulatory interpreta-
tion and unclear laws”, according to
results of a survey released yesterday.
More than a third of the 500 companies
featured in the American Chamber of
Commerce in China’s annual China
Business Climate Survey reported flat or
negative revenues last year — the high-
est proportion in the past five years.
But despite the decline, it is inconsist-
ent regulatory interpretation and
unclear laws that were cited most fre-
quently as the biggest challenge to doing
business in China, a concern that has not
topped the list before.
The majority — 77 per cent — of those
businesses said they felt less welcome in
China than they had previously.
Business concerns remained the main
reason, said Jim Zimmerman, the cham-
ber’s chairman, but government assert-
iveness in areas such as criminal justice
was also a factor.
“When people read reports about reg-
ulatory investigations or criminal inves-
tigations, that’s always a concern,” he
said.
Companies fear antiterrorism and
national security laws that are being
drafted may have “serious implica-
tions” on their ability to operate in
China, said Lester Ross, a managing
partner at law firm WilmerHale and
vice-chairman of the chamber.
Foreign non-governmental organisa-
tions have been hit especially hard by a
crackdown on civil society activity that
China’s government deems illegal,
including most recently the arrest of a
Swedish human rights activist.
Almost half of companies in the
industry or resources sector had nega-
tive revenues in 2015. They are the most
likely to move their China capacity to
markets with better growth potential, a
decision that a quarter of member com-
panies took in the past three years.

Emerging markets. Break from the past

Macri raises hopes for Argentina

President seeks to reverse
country’s fortunes but faces
serious economic challenges
BENEDICT MANDER AND DANIEL POLITI
BUENOS AIRES
As Mauricio Macri becomes the first
Argentine president in more than a dec-
ade to join the global financial elite in
Davos, he is also hoping to break from
the past by turning Argentina into a rare
bright spot in emerging markets.
With a cloud hanging over most
emerging economies after a collapse in
commodity prices, it could hardly be a
tougher moment for the former mayor
of Buenos Aires to engineer a turnround
in Argentina’s fortunes. But many inves-
tors are brimming with optimism for
Latin America’s third-largest economy,
as Mr Macri leads a drive to normalise
relations with the international com-
munity following his election victory in
December.
A planned meeting in Davos between
Mr Macri and the UK’s David Cameron
could pave the way for an agreement
over the long-disputed Falkland Islands
in the south Atlantic, after frequent
clashes between the UK and Cristina
Fernández de Kirchner, Mr Macri’s
predecessor.
Argentina’s new centre-right govern-
ment is expected soon to announce a
$5bn loan from a group of international
banks led by JPMorgan and HSBC to
boost central bank reserves depleted by
the previous leftist administration.
“Macri has hit the ground running,”
says Edward Glossop, an economist at
London-based Capital Economics.
But although the new market-friendly
administration has made a “strong
start”, including a well-received devalu-
ation, Mr Glossop warns that serious
challenges lie ahead.
They include tackling inflation of
about 30 per cent, a fiscal deficit of
almost 8 per cent and a decade-long
legal dispute with “holdout” creditors in
the US that are blocking Argentina’s
Mauricio Macri is
leading a drive to
normalise relations
with the
international
community
access to international capital markets.
In an effort to end the debt saga,
Argentina will make a proposal to the
group of hedge funds led by Paul Singer,
a US billionaire, by next week, say gov-
ernment officials.
The approach is sooner than many
analysts had expected and could open
the door to economic normality for
Argentina.
But gaining support for a deal with the
holdouts, or “vultures” as they are
known in Argentina, in the opposition-
dominated Congress is key. Even so, the
fact that Sergio Massa, an influential
opposition leader, has accepted Mr
Macri’s invitation to accompany him to
Davos is encouraging, say analysts.
On tackling the economic challenges,
Alfonso Prat-Gay, finance minister, last
week announced plans to shave 1 per-
centage point off the primary fiscal defi-
cit and bring inflation down to between
20 and 25 per cent, a target economists
at Bank of America Merrill Lynch
described as “very ambitious”.
The 30 per cent devaluation of the
Argentine peso, shortly after Mr Macri
took power, removed stringent capital
controls put in place by Ms Fernández
de Kirchner in 2011 but fuelled inflation
fears even though economists at Bar-
clays described the move as “perfectly
orchestrated”.
Moreover, measuring inflation — an
important step to regaining investors’
trust — remains difficult until Indec, the
national statistics institute, launches a
new consumer price index, expected in
September, to replace the widely dis-
credited previous measure.
The decision by the country’s central
bank last week to introduce 200 and
500 pesos bills, with a 1,000 peso bill to
follow in 2017, illustrates how steeply
prices have climbed in recent years.
But for Alejo Costa, head of research
at Puente, a local investment bank,
the most challenging issue is the fiscal
deficit. “How to decrease it while deal-
ing with the highest fiscal pressure in
history will be the most complex chal-
lenge,” he says.

Portugal

Lisbon offers redress to Novo Banco investors

MARTIN ARNOLD — LONDON
PETER WISE — LISBON
Portugal’s central bank has offered to
partly compensate Novo Banco bond-
holders who lost money when their
securities were transferred to a “bad
bank” last month to try to ease ten-
sions with the government and inter-
national investors.
The move is seen as an attempt to repair
reputational damage caused by losses
suffered on almost €2bn of bonds which
provoked threats of lawsuits.
One investor at a meeting with the
central bank last week said the offer was
“better than nothing” but it would not
stop bondholders taking action as it
would only cover part of their losses.
“The offer of compensation seems
clearly aimed at mending some of the
damage done by turning a contested
judgment into a better one,” a senior Lis-
bon-based banker said.
The central bank last month moved
five of 52 senior Novo Banco bond issues
to the “bad bank” it set up to hold the
lender’s toxic assets after a bailout of
Banco Espírito Santo in mid-2014.
Investors who suffered losses on Novo
Banco bonds in the final week of 2015
are threatening to sue the central bank.
They say that it discriminated against
them by only imposing losses on certain
bondholders and not others.
The dispute has cast a cloud over
Europe’s regime for rescuing failing
banks, which came into force this year.
The rules aim to bail in bondholders of
troubled banks rather than using tax-
payer funds to bail them out.
At a meeting with the central bank last
week, investors were told of plans to set
up a fund backed by the country’s bank
resolution vehicle, which is funded by all
Portugal’s banks, to partially cover losses
on the bonds. The “no creditor worse
off” commitment from the central bank
is designed to ensure that investor losses
are no greater than if BES had been liqui-
dated in 2014. The Lisbon authorities
have hired Deloitte to calculate a liquida-
tion value. The resolution fund is the
controllingshareholderinNovoBanco.
10 ★ FINANCIAL TIMES Thursday 21 January 2016
Thursday 21 January 2016
Investment groups are racing to create a thinking, learning and trading computer capable of adapting to
any market conditions. Will these AI-powered machines become the Warren Buffetts of the future ?
N
early three decades ago,
Warren Buffett penned an
annual letter to his adoring
investors mocking an insid-
ious new trend beginning to
make its mark in the money manage-
ment industry: the computer.
“In my opinion, investment success
will not be produced by arcane formu-
las, computer programs or signals
flashed by the price behaviour of stocks
and markets,” he scoffed in his 1987
annual letter. But the chairman of Berk-
shire Hathaway, famous for his long-
term strategic thinking, may have
short-changed one of the great forces
reshaping investment.
Gargantuan strides in computing
power have revolutionised virtually
every facet of modern life, and financial
markets are no exception. The most
successful hedge funds on the planet are
now scooping up computer scientists,
not economists and investment bankers
with MBAs. Even staid mutual funds
stuffed with the savings of baby-boom-
ers and petrostates now eagerly harness
the “quantitative” techniques enabled
by modern computing and complex
mathematical models.
The next frontier of this technological
arms race in finance is artificial intelli-
gence. Advances in AI research have
triggered immense interest in the indus-
try, where some believe a thinking,
learning and trading computer will
make even today’s superfast, ultra-com-
plex investment algorithms look
archaic — and possibly render human
fund managers redundant. Could the
next generation’s Buffett be a super-
algo?
Some of the world’s biggest money
managers are betting on it. AI investing
may sound fantastical, but as sci-fi
writer William Gibson said: “The future
is already here, it is just not evenly dis-
tributed.” Bridgewater, the world’s big-
gest hedge fund group, poached the
head of IBM’s artificial intelligence unit
Watson in 2012, and last year BlackRock
and Two Sigma, another rapidly grow-
ing hedge fund that uses quantitative
models, hired two former top Google
engineers. Headhunters say computer
scientists are now the hottest property
in finance.
The quantitative investment world
plays down the prospect of machines
supplanting human fund managers,
pointing out that the prospect of full
artificial intelligence is still distant, and
arguing that human ingenuity still plays
a vital role. But the confident swagger of
the money management nerds is unmis-
takable. Already there are quasi-AI
trading strategies working their magic
in financial markets, and the future
belongs to them, they predict.
“The challenge facing the investment
world is that the human mind has not
become any better than it was 100 years
ago, and it’s very hard for someone
using traditional methods to juggle all
the information of the global economy
in their head,” David Siegel, co-head of
Two Sigma, one of the leading compu-
ter-powered hedge funds, said at a con-
ference last year. “Eventually the time
will come that no human investment
manager will be able to beat the compu-
ter.” Or, as Agent Smith put it more suc-
cinctly in The Matrix: “Never send a
human to do a machine’s job.”
Machine learning curve
Yin Luo first learned to code when he
was 11, after his father brought back to
China a used Apple II computer from a
business trip to West Germany in 1985.
But there were no games to buy in Yic-
hun, his home town in Heilongjiang
province, so he taught himself to pro-
gram and made a primitive version of
Tanks, where the player shoots down
randomly generated aeroplanes.
It was arduous work. The computer’s
lack of memory meant it crashed when-
ever the program coding grew too com-
plex. He had no floppy discs, so he learnt
how to store the data on cassette tapes.
“I just really wanted something to play
with,” Mr Luo recalls.
But the experience paid off. Today, he
is part of a growing tribe of brainiacs on
Driven by technology Six big shifts in trading
Vannevar Bush invents ‘number
crunching’ machines able to solve
complex mathematical problems
★ FINANCIAL TIMES
FT BIG READ. FINTECH
By Robin Wigglesworth
Search for a
super-algo
Wall Street exploring the bleeding edge
of computer science. Mr Luo is the chief
“quant” (quantitative analyst) at Deut-
sche Bank, where his team has devel-
oped an AI algorithm that autono-
mously scours the financial system for
investment opportunities, scraping
‘The time will unfathomably large data sets to unearth
profitable patterns to proffer clients.
come when no A network of 20 Linux servers is
required to run the hyper-intelligent
human investment “linear adaptive style rotation” model,
manager will be which is based on a “machine learning”
algorithm called AdaBoost.
able to beat the Machine learning is a branch of AI,
itself a diffuse term that is often misused
computer’ or misunderstood. While many people
understand AI to mean sentient com-
puters like the arch-villains SkyNet in
the Terminator films or HAL 9000 in
2001: A Space Odyssey, in practice every-
day tools such as Google’s language
translation service, Netflix’s film rec-
ommendation engine or Apple’s Siri vir-
tual assistant deploy rudimentary
forms of AI.
Quants have long harnessed increas-
ingly powerful computers to crunch
numbers and find statistical signals of
lucrative opportunities, but machine
learning goes a step further. In essence,
‘AI can help you a machine-learning algo is a dynamic
creature that scans through large data
find patterns a sets — such as stock prices, weather pat-
terns, earnings call transcripts, Face-
human would book posts or Google searches — sniffing
never see. That out predictive signals in the noise.
Matthew Dixon, assistant professor of
can give you a finance at the Illinois Institute of Tech-
nology, calls machine learning an “opti-
huge edge’ misation machine that minimises
chaos”. It can learn the difference
between bananas and apples and sort
them out, or even teach a computer how
to play and quickly master a game like
Super Mario from scratch. Machine
learning can also be unleashed on
“unstructured data”, such as jumbled
numbers but also images and videos
Automated stock reports appear in Early forms of program trading are
the back office. Nasdaq’s electronic blamed for the worldwide ‘Black
quotation system debuts in 1971 Monday’ stock market crash
Buy Sell
Fully electronic execution and
communication networks begin to
dominate trading activity
that are usually difficult for a computer
to understand.
The technique is not new, but more
powerful computers mean that it can
now be applied to financial markets.
“It’s a very promising area,” Mr Luo
says. “Artificial intelligence can help you
find patterns a human would never see.
That can give you a huge edge.”
But that is not the only advantage of
machine learning.
When markets undergo what indus-
try participants call a “regime change”
and trusted strategies no longer apply,
one of the classic challenges for quants is
that their models can often prove use-
less — or worse. Algorithmic trading
strategies that print money one day can
blow up the next.
Trading edge
A machine-learning algorithm will
autonomously evolve and search for
new patterns, adjusting to what works
in markets that day, week or year.
That means asset managers can use
them as a tool to enhance their invest-
ment process, perhaps by screening for
patterns undetectable by humans, or
even to develop strategies and trade by
itself.
For Nick Granger, a fund manager at
Man AHL, a quant hedge fund, this is
the crucial edge. “You see it creating
intuitive trading strategies from the bot-
tom up, switching styles according to
what works,” he says. “We have been
successfully using machine learning for
the past few years and are interested in
investing in it more.”
Nonetheless, machine learning has
pitfalls. One of the biggest challenges for
quants is a phenomenon called “overfit-
ting”, when an overly complex or badly
coded algorithm finds specious correla-
tions or false signals in the noise of data.
For example, a blog called “Spurious
Correlations” notes that margarine con-
sumption is closely linked to divorce
Traders deploy high-frequency
technology; it is cited as a factor in
the ‘flash crash’ of May 2010
11
In demand Groups such as BlackRock,
Bridgewater and Two Sigma have hired
top talent in the AI field in recent years
Quant power The latest machine-
learning algorithms can scan huge
data sets for investment opportunities
Man and machine Asset managers are
more likely to adapt AI systems rather
than let them control trading strategies
rates in Maine, and Nick Cage films to
swimming pool drownings.
Even if a model works well in testing it
can collapse when confronted by real
markets. Moreover, new data can itself
be affected by the trading algorithm,
says Osman Ali, a quant at Goldman
Sachs’ asset management arm. “If you
crunch weather data you’re not affect-
ing the weather, but if you trade mar-
kets you are affecting them.”
Nor can even the most advanced AI
trading algos think as creatively as a
human, especially in a crisis. Brad Betts,
a former Nasa computer scientist now
working at BlackRock’s “scientific
active equity” arm, highlights the 2009
emergency plane landing on the Hud-
son river by Chesley Sullenberger as an
example of when man trumps machine.
Indeed, some quants remain sceptical
that machine learning — or AI more
broadly — is a holy grail for investment.
Many see it merely as a new, advanced
gizmo to supplement their existing
toolkit, while others argue it is largely a
case of clever marketing rather than
something genuinely revolutionary.
“People are always desperate to find
new ways to make money in financial
markets, but they don’t always work.
Words are cheap and buzzwords are
worth nothing,” says David Harding, the
head of Winton Capital, a quant hedge
fund. He points out that the human
brain is uniquely adept at pattern recog-
nition, “whether it is a face, a triangle or
love. Investment management is per-
fectly amenable to being addressed by
computers designed to spot patterns,
but I’m not going to rush to use the latest
hot algo to do so.”
Future synthesis?
So will human fund managers go the
way of the dodo? Perhaps not quite, but
the future looks more challenging.
Two Sigma’s David Siegel says manag-
ing money has become harder as mar-
kets and economies have become more
complex. “Fifty years ago a human fund
manager could possibly know all that
was needed to know to invest well. That
isn’t likely any more,” he argues.
Rather than a danger, he sees this as a
clear boon. “One day [the global econ-
omy] could become too complicated to
control and there is no guarantee it will
run smoothly. But algorithms could
help us understand it better. People talk
about how robots will destroy the world,
but I think robots will save it.”
The direction of travel is clear. Invest-
ing is about information management,
rational analysis and speed. That plays
to a machine’s strengths. But human
asset managers will adapt rather than
disappear. Most probably, the future of
investment management will involve a
synthesis of human and artificial intelli-
gence that harnesses the power of both.
For example, while a supercomputer
can now beat chess grandmasters, both
can lose to a human player with the help
of a standard laptop and chess simula-
tion program. Similar combinations are
the future of money management,
argues Robert Frey, a former managing
director at Renaissance Technologies,
one of the most successful hedge funds
of all time. Mr Frey now runs his own
fund-of-funds and teaches quantitative
finance at Stony Brook University.
“We should let the human brain do
what it is good at, and let computers do
what they are good at,” he says. “Marry-
ing the two is a powerful thing.”
Banks and hedge funds race to
develop AI algorithms capable of
spotting investment opportunities
12
THURSDAY 21 JANUARY 2016
A last chance to rescue
Europe’s Schengen pact
The migrant crisis is sounding the death-knell for a borderless EU
The Schengen agreement permitting
passport-free travel across much of the
EU has long been one of the most visi-
ble manifestations of European unity.
It fosters closer trading relationships
among 22 of the bloc’s states and gives a
strong impetus to tourism. For all its
symbolic and economic importance,
however, Schengen appears to be in its
death throes because of the continuing
flow of migrants from the Middle East
and north Africa. If the bloc’s leaders
are to rescue it, they must demonstrate
a degree of collective unity and political
will that has hitherto been lacking.
Schengen is in turmoil because it is
incomplete as a system. Although par-
ticipating states have abolished their
internal borders, they have not imple-
mented a common and robust mecha-
nism to police the EU’s external fron-
tier. This did not matter when migra-
tion flows into the bloc were small. But
the demise of strong Arab dictatorships
in Syria and Libya after 2011 created
huge flows of refugees, leaving EU gov-
ernments scrambling to protect
national frontiers.
In the past few months, Germany,
Austria, Hungary, Denmark, Sweden
and others have erected border con-
trols to stem the tide. EU governments
have also failed to share out those
migrants now on the bloc’s territory
among themselves. With many more
refugees expected to come into the bloc
this summer, Donald Tusk, European
Council president, this week warned
that the bloc now has “no more than
two months” to bring matters under
control or face the “collapse of Schen-
gen” itself.
To its credit, the European Commis-
sion has come up with the necessary
plans. Last December, it called for
enhanced guarding of the bloc’s border
by an EU authority. It now proposes an
overhaul of asylum procedures. Under
existing rules, the first country that a
Europe must not let
China act with impunity
Britain should lead in condemning extraterritorial abductions
In many subtle and not-so-subtle ways
the authoritarian tentacles of the Chi-
nese Communist party are spreading.
While engaging with the Chinese gov-
ernment and avoiding xenophobia, it is
essential that liberal democracies eve-
rywhere stand up for universal values
and the rule of law and hold Beijing to
account for unacceptable behaviour
beyond its borders.
The most flagrant recent example is
in Hong Kong where Lee Bo, a British
citizen and publisher of books on Chi-
nese politics, appears to have been
abducted in the territory last month
and spirited into the care of the state
security apparatus in mainland China.
This would be a violation of the
arrangement guaranteeing the former
British colony a high degree of auton-
omy and should be of concern to the
UK government and public.
Four of Mr Lee’s colleagues had
already been “disappeared” — three of
them while on a visit to mainland
China and one of them, Gui Minhai,
while on a visit to Thailand. Mr Gui, a
Swedish citizen, reappeared on Chi-
nese state television this week confess-
ing to a fatal drunk driving charge he
committed 12 years ago and saying he
had decided to turn himself in.
There is no record of Mr Lee or Mr
Gui passing through either Hong Kong
or Thai immigration, which strongly
suggests China is now operating a pro-
gramme of “extraordinary renditions”
targeting people beyond its borders.
Indeed, Mr Gui’s supporters have asked
why he would travel to Thailand to
turn himself in for a crime he allegedly
committed in China.
The most egregious element of the
case of the missing Hong Kong book-
sellers is the fact that the real reason for
their abduction would not be consid-
ered a crime almost anywhere in the
world, including Hong Kong. If sup-
porters of the men are to be believed,
refugee enters is responsible for han-
dling their asylum application. If asy-
lum is granted, that country must shel-
ter the entrant. The commission pro-
poses scrapping that principle, insist-
ing that those granted asylum are
distributed across EU member states,
according to their economic weight.
The commission’s proposal is justi-
fied. It is unreasonable that Greece and
Italy should be legally required to
shoulder the burden of sheltering hun-
dreds of thousands of refugees because
of geographical happenstance. But
until now proposals to share out the
refugees across the EU have been sty-
mied by some governments who have
resisted selling the idea to their own
voters. This deadlock may well persist.
If so, the EU’s core member states may
have no choice but to set up their own
more limited Schengen area, excluding
those who do not want to abide by com-
mon asylum policies.
The EU will have to act on many
fronts if it is to have any chance of man-
aging the migrant crisis. It needs to
continue pressing for a ceasefire in
Syria to end the mayhem of the civil
war. It has to channel far more
resources towards the three countries
sheltering most refugees — Turkey, Jor-
dan and Lebanon — all of which are
now struggling. EU governments, most
notably Germany, have to boost their
capacity to shelter refugees and help
integrate them into society.
A moment of decision, however, now
looms over Schengen. A system that
has benefited Europe for so long faces
an existential threat. If it is to be pre-
served, participating countries will
have to recognise that enjoying the
benefits of a shared border means
accepting everything that goes with it.
If the price of turning Schengen into a
workable system is to make it smaller,
then, regrettably, that is what may have
to be done.
their sin was to publish a book detailing
Chinese president Xi Jinping’s former
lovers. This does not even constitute a
crime in mainland China, unless the
definition of “national security” can be
extended to protecting the feelings of
party leaders.
Public protestations from western
governments, including the UK, have
mostly been mild. That fits a pattern in
recent years in which most foreign gov-
ernments, tempted by the promise of
China’s enormous market, have gradu-
ally reduced their criticism of the Com-
munist party’s human rights record.
But it is one thing to say the human
rights situation in China is the coun-
try’s own business; quite another to
downplay the abduction from outside
the mainland.
Some may compare these abduc-
tions to Washington’s post-9/11 policy
of extraordinary renditions. Clearly
western democracies are still vulnera-
ble to charges of hypocrisy as a result of
the actions taken by the Bush adminis-
tration last decade. But without excus-
ing the actions of the CIA and US
administration, it must be noted that
the people caught up in those opera-
tions were accused of planning terror-
ist attacks and committing mass mur-
der, not writing exposés of Mr Bush’s
peccadilloes.
Western governments have been
pusillanimous in their dealings with
China over human rights, partly due to
their desire for commercial advantage.
This has allowed Beijing to pursue a
policy of “divide and trade”.
A common EU approach is needed to
persuade China that it cannot act with
impunity. Britain in particular has a
historic responsibility to show leader-
ship. The freedom of the people of
Hong Kong is a matter on which the
government under Margaret Thatcher
made a treaty commitment. London
cannot shrug and look the other way.
★ FINANCIAL TIMES
US is taking the lead again — this time in pursuit of VW
Sir, In your perceptive article on the
VW scandal you state that diesel cars
produce less CO2 than petrol models
(“Noxious omissions”, The Big Read,
January 18). Of course this is only true
if other pollution control devices are
removed, which is the reason that VW
created its defeat devices in the first
place. So the technology used to
minimise emissions of NOx is switched
on during test cycles in the laboratory,
but turned off under real driving
conditions. This results in better
mileage (and therefore less CO2), but
the downside is higher levels of NOx in
the urban environment.
The consequences are not trivial. Air
Tax reform is the only way
to achieve Japan’s two
essentials for the future
Sir, With reference to the letter
(January 18) from Professor Jan
Toporowski and others: Japan’s
workforce is shrinking while that of the
US is growing and the difference
between the two is large. Nonetheless,
Japanese and US business investment
run at similar proportions of gross
domestic product. US investment is no
doubt too low, but it is improbable that
Japanese business will increase
investment by enough to have any
significant impact on the sector’s net
savings surplus.
Compared with published US profits,
those of Japan are heavily understated,
as shown when their respective profits
and cash flows are compared.
Managements respond to incentives
and information. Just as perverse
incentives are depressing US corporate
investment, misinformation is boosting
Japanese corporate savings.
Japan should cut depreciation
allowances and cut the corporate tax
rate to leave tax revenue unchanged.
As Japanese companies, unlike US
ones, are required to publish the same
profits in their accounts as in their tax
returns, the result would be a large rise
in Japanese published profits. As
current dividends, this year’s employee
bonuses and next year’s pay are heavily
dependent on published profits, the
result would be a boost to wages and
dividends which, in turn, should boost
consumption, demand and tax
revenues.
Trying to persuade Japanese
companies to invest even more than
they do is like calling for rivers to flow
uphill. Reducing corporate savings,
however, by tax reform would boost
demand while reducing the budget
deficit. These two essentials for Japan’s
future are unlikely to be achieved by
other policies.
Andrew Smithers
London W8, UK
Sorry, kids, you face
three-letter anxiety
Sir, Lisa Pollack writes that all the best
email usernames have been taken
(Notebook, January 20). But it is not
only email addresses. What about
acronyms? There are usually multiple
interpretations of three-letter
acronyms (TLAs). By way of example,
Wikipedia has 11 references for TLA.
What will our grandchildren do?
Paul Barrett
London SW4, UK
Kerry and Zarif
set an example
to others in the
Middle East
Notebook
by Roula Khalaf
Letters
pollution in the UK causes 1000 deaths
every week, of which 45 per cent are
attributable to NOX. Although VW has
not yet come clean as to the strategic
operation of its defeat devices within
Europe, the concern is that its illegal
technology has resulted in extra
premature deaths among the UK
population.
When questioned on this issue by the
House of Commons Environment
Audit Committee in October 2015,
ministers from the Department for
Environment, Food and Rural Affairs
and the Department for Transport
could not say whether legal action
against VW was being considered by
‘It won’t seem so bad once Dry
January’s over’
A second bite at the
chances missed in 2009
Sir, John Plender’s article “Divergence
favours the bold as the central bank
drumbeat fades” (Insight, January 20)
is well timed. The volatility that he
highlights presents real opportunities
for hedge funds across various
strategies. My prediction is that 2016
will see positive returns and investor
inflows in this asset class. As always it
will be key to select the right managers
and strategies.
Corporate default rates remain
relatively low except in high yield
corporates exposed to the oil price
decline. Corporate leveraged loans as
an asset class remain stable offering
coupon clipping cash returns in the 5 to
6 per cent range without leverage and
direct lending strategies offer close to
double digit returns and at the riskier
end double digit returns.
Private debt as an asset class should
continue to be an important part of any
pension funds allocation strategy
rotating between the different credit
asset classes as the cycle deepens and
shifts. The tectonic shifts that Mr
Plender describes have led to an all-
time low in the Dry Baltic Index, also
described by Gillian Tett
(“Globalisation moves in mysterious
ways”, January 15), with the prices of
five-year-old capesize vessels falling
from about $53m in April 2014 to
about $24m today and Panamax’s
nearly halving in value over the same
period. At spot rates owners cannot
cover opex, although at one year
charters strong operators without
leverage are just in the money. The glut
of tonnage caused by leveraged forced
sellers presents buying opportunities
for the “in the know industry
specialists”. Interestingly Rio Tinto just
They’re the odd couple in curious
diplomatic harmony, two affable men
who struck a relationship that
transcended the stubborn enmity
between their nations.
John Kerry and Javad Zarif, lead
American and Iranian negotiators of
the nuclear agreement that led to the
weekend lifting of sanctions on the
Islamic republic, are on good terms
and call each other by their first
names. Luckily for the rest of the
world, they’ve learnt to negotiate their
way out of tricky situations that not
long ago would have escalated into
full-blown crises.
It was their special relationship that
facilitated last week’s prompt release
of 10 US sailors who had strayed into
Iranian waters. Several telephone
conversations between them also
rescued an exchange of prisoners that
ended the ordeal of four American-
Iranian citizens, a deal that hardliners
in Tehran had tried to scuttle at the
last minute.
Chemistry and a measure of mutual
respect are not enough for major
breakthroughs between two countries
estranged since the 1979 Islamic
revolution. Nor will it be sufficient to
overcome the serious differences that
remain between the US and Iran, not
least over Iran’s interventions in other
countries in the Middle East. A
nuclear deal was in the interest of an
Iran crippled by economic sanctions;
Mr Zarif, who spent 20 years as a
diplomat at the UN, could make little
headway without the backing of the
supreme leader, Ayatollah Ali
any regulatory agency, nor which
agency was primarily responsible.
Several were mentioned, including the
Serious Fraud Office, the Environment
Agency and the Vehicle Type Approval
Authority (VCA). Rory Stewart MP
from Defra stated these were matters
for the individual agencies. Robert
Goodwill MP from the DfT stated that
his agency had insufficient equipment
to carry out the necessary tests and
that his department was certainly not
in a position currently to pursue such a
case.
The contrast with the US is striking.
In America the Department of Justice is
pursuing VW without fear or favour
announced that its iron ore shipments
were up 11 per cent in 2015, and a
recent HSBC report announced that
China’s copper consumption while way
down from its peak in 2011 still grew at
1.8 per cent last year. It may be a
rebalancing of the Chinese economy,
not just a slowdown in growth.
These divergences in markets and
monetary policy throw up volatility
and opportunity for the asset allocators
and risk managers may be thinking
back to those opportunities they
missed in early 2009!
Simon Hood
London SW19, UK
CCS has to be part of
the future energy mix
Sir, Your article “Carbon capture at risk
of running out of steam” (Innovation in
Energy Special Report, January 18) and
the subsequent letter from David
Reiner (January 19) provide a view of
some of the challenges CCS faces, but
does not reflect the full picture.
As the article indicates, CCS is not a
“magic bullet”, but it is an important
part of an evolving energy transition
mix that includes energy efficiency
measures, renewables, nuclear, energy
storage and hydrogen. Current UK
government energy rhetoric promotes
a transition from coal to gas for
electricity generation as the way
forwards in the UK. While unabated
gas is cleaner than unabated coal, it
still gives rise to significant CO2
emissions, which must be mitigated if
the UK is to meet its energy reduction
targets. To avoid locking in carbon
emissions from new gas power plants,
CCS is essential. CCS on industrial
emissions is especially important,
because there are few ways to
decarbonise industry such as steel and
cement, other than CCS.
Dr Reiner is right to identify the risk
that increasing costs will force these
industries overseas, with no emissions
reduction. So the key is to develop UK
policy that supports industry to
implement emissions reduction in the
UK. This requires funding for
industrial CCS in the UK. To date, UK
and international progress on CCS has
been slow. This is because long-term
political vision and commitment are
required for CCS and the nature of the
electoral cycle inhibits politicians from
thinking long term. If we are to meet
the COP21 target of significantly less
than 2C global average temperature
rise, then CCS needs to be part of the
mix.
Sam Gomersall
Pale Blue Dot Energy,
Banchory, Aberdeenshire, UK
Khamenei. But at a time when Mr
Khamenei is still resistant to a
resumption of diplomatic relations
with the US and keen to appease
radicals in his regime, engagement
and personal relationships do matter.
This is an experience from which
Mr Zarif and his Arab counterparts
could draw lessons. While Iran and
the US flirt, the Islamic republic and
its Sunni neighbours have descended
into rancorous, at times self-
indulgent, quarrels.
Consider the war of words of recent
weeks. On January 10 Mr Zarif penned
an opinion piece in the The New York
Times depicting Iran as an island of
moderation and Saudi Arabia as a
malevolent purveyor of extremism.
The article was in response to Riyadh
severing ties with Tehran after
Iranians stormed the Saudi embassy
to vent their fury at the Saudi
execution of a prominent Shia cleric.
Abdullah bin Zayed, foreign
minister of the United Arab Emirates,
the close Saudi ally, fired the first
reaction from the region. He tweeted
that he thought the article had been
written “by the foreign minister of a
Scandinavian country”.
Mr Zarif shot back. “Diplomacy is
the domain of the mature; not
arrogant nouveau-riche,” he tweeted
in a reference to the oil-rich UAE.
Mr bin Zayed returned with this:
“Don’t torch, take over or ransack
embassies and consulates. Don’t take
diplomats hostage.
#DiploMaturity101.”
Adel al-Jubeir, the Saudi foreign
Thursday 21 January 2016
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
under the terms of the Clean Air Act
and VW may incur fines of $30,000 per
vehicle. In Europe there appears to be
no appetite for a legal confrontation,
while the UK doesn’t even think it can
gather the necessary evidence. If one
considers other areas of public life,
such as banking, Libor rigging and Fifa,
it always seems to be the US that takes
the lead, while Europe emerges as a
cosy club for big business. One wonders
how long European consumers will
tolerate this profound lack of corporate
accountability.
Dr Robin Russell-Jones
Stoke Poges, Bucks, UK
Former Chair, Campaign for Lead-Free Air
Carried interest is a capital
gain, not a ‘loophole’
Sir, I am writing in response to your
editorial “A tax break that Wall Street
cannot defend” (January 15).
The current treatment of carried
interest in the US has, in fact, been
successfully defended and for good
reasons. Carried interest payments
arise from the increase in the value of
the shares of the companies in which
private equity invests. This is a capital
gain, pure and simple. To call it
otherwise is simply wrong. It is not
a “loophole”, as you provocatively
call it.
Here in the UK a number of false
and, at best, secondary arguments are
being deployed in an effort to justify
overturning this irrefutable premise.
One such argument is privileged
access, ie, carried interest is only
available to a few. This applies,
however, to all capital investments
private and indeed public (including
rights issues where privileged access is
enshrined), initial public offerings and
all private placements. Indeed we have
laws and regulations that ensure and
enforce privileged access. Gains from
these investments are taxed as capital
not income.
Another argument is that there is no
downside if the investments fail. Well,
if managers do not produce good
returns they tend to go out of business
and, in any case, these incentive
arrangements are the matter of private
contract between managers and their
investors. If there are arguments about
incentives in the financial sector there
are much bigger targets out there than
private equity.
Payments of carried interest
typically arise many years after funds
are established from realised gains
across a whole portfolio and not from
unrealised quarterly or annual pricing
marks. Waiting five to 10 years for
realised gains from a whole portfolio
does not sound like a bonus (income)
to me. Equally when the managers of
the private equity held companies
make gains from the increase in value
they are rightly taxed as capital, often
with the benefit of entrepreneurs’
relief. So now we have the idea of a
differentiation of treatment arising
from the same gain. Now that is
indefensible!
You are right about one thing. This
will be fiercely defended by its
beneficiaries. In the interests of
disclosure, I am one of them.
Rory Brooks
Founder Partner,
MML Capital Partners,
London WC2, UK
minister, soon joined the fray. Asked
by reporters in London last week
about his reaction to Mr Zarif’s article,
he offered one word: laughable. He
then wrote his own opinion piece in
The New York Times. Iran, he said,
“opts to obscure its dangerous
sectarian and expansionist policies, as
well as support for terrorism, by
levelling unsubstantiated charges
against Saudi Arabia”.
There is a direct connection
between the Kerry-Zarif special
relationship and the spiteful
arguments in the Gulf. The more Iran
plays in the big league, the more it
enrages neighbours jealously guarding
their close alliance with the US.
The result is that the level of
mistrust between Shia Iran and Sunni
Arab powers is dangerously high, and
every move and every word are taken
as threats. In Iran, Saudi Arabia is the
new Great Satan; the Islamic republic
is the source of all Arab troubles,
according to Saudis.
And yet, on a personal level, I’m
sure that Mr Zarif and Mr Jubeir
would get along if only they tried. So
far, every attempted meeting has been
stymied by posturing and lack of
goodwill. But if Mr Kerry and Mr
Zarif can help America and Iran
find a modicum of common ground
while they remain officially
enemies, wouldn’t a relationship, or
simply a dialogue, between the
Iranian and Saudi foreign ministers be
worth a try?
roula.khalaf@ft.com
Thursday 21 January 2016
OPINION
Daniel
Yergin
G
eopolitics and geoeconom-
ics are pounding down on
the oil market, and the
price seems to have no
place to hide.
The latest barrage comes this week
from the re-entry of sanctioned Iranian
oil to the world market, triggered by
Tehran’s compliance with the nuclear
agreement. The lifting of sanctions,
originally expected to happen in March
or April, was sped up to bolster support
for President Rouhani in Iran’s upcom-
ing parliamentary elections. As a result,
the returning oil will arrive in an already
glutted market at a time of maximum
seasonal weakness — and when geoeco-
nomic pressures are mounting.
Oil prices are within hailing distance
of where they were at the end of 2003,
before China’s economic take-off ignited
the so-called commodity “supercycle”,
which drove up the prices of oil and
other commodities. But the China of 10
Europe’s tech
start-ups need
to grow faster
BUSINESS
John
Gapper
W
henever US and Euro-
pean policymakers and
technology executives
gather, as for the World
Economic Forum in
Davos this week, they eventually lay
into Europe’s deficit of entrepreneur-
ship. Americans flagellate Europeans
for their weak start-up culture and
Europeans scourge themselves.
They did so at the Digital-Life-Design
conference in Munich, a staging post for
tech types en route to Davos. “It is so
European to start the discussion of tech-
nology with worry rather than opportu-
nity,” tweeted Jeff Jarvis, a US media
professor, as Margrethe Vestager, EU
competition commissioner, discussed
privacy and her inquiry into the tax
affairs of Apple and Amazon.
The European Commission has
jumped into the act itself, declaring in a
“2020 action plan” that “would-be
entrepreneurs in Europe find them-
selves in a tough environment” and that
“Europe needs a thorough, far-reaching
cultural change” to match US enthusi-
asm for creating companies.
This lament is outdated and mislead-
ing. One need only wander around Lon-
don, Berlin, Paris or Amsterdam to
OPINION
Peter
Wilson
G
ermany’s past casts a long
shadow. Last summer,
Greeks protesting against
the stringent terms of the
EU bailout brandished pic-
tures of Angela Merkel sporting a Hitler
moustache and a Nazi armband, with
the swastika replaced by the euro sign.
Such images remain potent but they
hinder real engagement with the ques-
tions of how Germany will use its cur-
rent economic and political influence,
and how far the EU can or should con-
tain that power. For answers we should
look back in time to when Germany was
part of the Holy Roman Empire.
The empire scarcely seems worthy
of discussion today. If it has any reso-
nance at all, it is usually thanks to Vol-
taire’s quip that it was “neither holy,
Oil prices are at the mercy of geopolitics
per cent annual growth is no more. The
question that now haunts the oil market
is whether what we are seeing is China’s
transition from an industrial to a con-
sumer and services-oriented economy,
or whether there are deeper structural
problems that mean slower growth and
more turbulence of the kind recently
seen in the Chinese stock market. The
significance for the global economy is
enormous, and a weaker world econ-
omy means less growth in demand for
oil at a time when world supplies are
swelling.
The stronger dollar is also buffeting
the oil price. A decade ago, when the
price was surging and the dollar (in
which oil prices are denominated) was
weakening, economists talked about
how oil moves “co-negatively” with the
dollar exchange rate — when the dollar
goes down oil prices go up. The opposite
is happening today.
The oil price collapses in 1986 and
1998 ended when oil exporters got
together and reined in production. But
geopolitics is working against a quick
settlement this time. Saudi Arabia and
the other Gulf countries believe that
Iran is seeking to become the dominant
power in the Middle East. The nuclear
observe the enthusiasm of under-30s
for launching a start-up or working in
one, rather than taking a predictable
and supposedly safe job in a corpora-
tion. Whatever transatlantic divide
there was between attitudes to risk-tak-
ing and enterprise has faded.
The problem is the opposite: Europe’s
economies lack big companies not little
ones. The deficit is not in start-ups but
scale-ups: small companies that grow
rapidly. Europe has many clusters of
enterprises but too few expand enough
to be the next Facebook, founded by
Mark Zuckerberg in 2004.
That is, in its way, good news. Solving
the problem does not require European
countries to reform their cultures, a
vague and tricky project, but their
financial and business practices. Per-
haps Americans are by inclination more
super-ambitious than Europeans but
most of the barriers holding back
Europe’s potential Zuckerbergs are
structural and thus soluble.
It still requires wrenching change. I
was surprised this week, listening to
debates at DLD, and to Italian entrepre-
neurs and financiers at a gathering in
Venice, by how openly some admired
London. That was the place, several
said, to which European start-ups must
transfer if they want to get from A to B, C
and D, from early funding rounds to
larger capital raisings.
Italy has a proud tradition of entre-
preneurship. Along with Germany, its
manufacturing sector is filled with
small and medium-sized companies. It
is capable of financing them, given its
A different lesson from German history
Roman nor an empire”. Founded by
Charlemagne on Christmas Day 800,
the empire appeared to go into decline
almost immediately until being swept
away as an obsolete irrelevance by
Napoleon in 1806. In the words of James
Madison, the fourth president of the US,
the empire was “a nerveless body; inca-
pable of regulating its own members;
insecure against external dangers and
agitated with unceasing fermentations
in its own bowels.”
Knowing why the empire has been
interpreted this way can help us
to understand present-day Germany’s
position in Europe, particularly its lead-
ing role within the EU.
The legacy of two world wars has
encouraged those outside Germany to
fear its leadership as potential hegem-
ony but the history of the Holy Roman
Empire reveals a time when Germany
was part of a wider pacific order.
The negative interpretation of the
empire rests on seeing it as a series
of failed attempts to create a German
nation state. In this version of history, a
★ † FINANCIAL TIMES
Comment
agreement not only provides Iran with
billions of dollars that had been sitting
in international banks because of sanc-
tions, but also enhances Iran’s political
position.
The Gulf countries fear this could be
further augmented if it leads to some
kind of US-Iranian detente. The Ayatol-
lah Ali Khamenei, Iran’s supreme
leader, says nothing like that will ever
A counterweight to
pessimism could
come from sanctions
being lifted on Iran
happen. But in the face of a resurgent
Iran, the last thing that the Gulf coun-
tries want to do is cut back their own oil
production in order to surrender space
for additional Iranian exports into Asia
and northwestern Europe.
Today’s weak oil prices are having a
devastating impact on the global energy
industry and are putting enormous
stress on oil-exporting countries, and on
some regions in the US, Canada, Scot-
land and elsewhere. Worldwide,
high domestic savings rate. In practice,
most of these companies remain small.
Italian savers place their money in
banks and savings banks, and the ambi-
tious seek growth elsewhere.
The average British citizen, irritated
by having had to bail out banks in the
2008 crisis and observing investment
bankers being paid large bonuses for
what appears to be gambling, does not
like the City of London. Unlike the “real
economy” outside the capital, finance
and its accompanying professional serv-
ices, law, consultancy and the like, look
facile at best.
You might say the same of Silicon Val-
ley, a cluster of financial and business
skills wrapped around an entrepreneur-
ial sector. It is willing to risk venture
capital at scale, not just put seed and
There are many clusters of
enterprises but too few
expand enough to become
the next Facebook
succession of monarchs tried to create
central institutions capable of imposing
a uniform system of rule, only to be
thwarted by the selfish ambitions
of petty German princes.
In fact, the empire was never simply
“Germany”. It covered what is now
The Holy Roman Empire
had no core because it
never possessed a clear
centre of government
Austria, Switzerland, Belgium, Luxem-
bourg, Netherlands, the Czech Repub-
lic, much of Italy, and parts of France
and Poland.
Historians in these countries found
no use for the empire when they came
to write their national stories in the 19th
century. For them, “empire” meant for-
eign domination.
The imperial aspect of the empire is
perhaps the hardest for us to grasp
projects are being slowed, postponed or
cancelled, which will begin to affect
availability of supplies two or three
years from now. IHS projections show a
$1.8tn reduction between 2015 and
2020. Skilled professionals are leaving
the industry and many will never
return.
This steady stream of negative devel-
opments only reinforces the sentiment
that is weighing down on the oil price.
One can add to this the fear among some
that the global industry could run out of
places to store the surplus.
What could reverse the collapse?
Later this year, or in 2017, the workings
of supply and demand are likely to start
to bring the market back into balance.
But there will be a great deal of wrench-
ing anguish between now and then.
Alternatively, the impact of the price
collapse could be so devastating that
exporting countries that have said they
will not restrain production — including
Russia and even Iran — could change
their position and come to terms with
the Gulf countries, who insist that they
will not cut by themselves.
Then there is American shale oil. US
oil output is down about half a million
barrels from last April — not as much as
angel funding into a cute start-up that a
relative has founded. It eagerly — per-
haps too eagerly — invests hundreds of
millions in later-stage rounds for scale-
ups such as Uber.
Like Silicon Valley, the City offers
more than finance. It is home to execu-
tives with the expertise in business and
product development to take a promis-
ing start-up and help it grow. Some of
them are entrepreneurs — Atomico, the
venture capital group founded by Niklas
Zennström, a co-founder of Skype, has
just partnered with a group of entrepre-
neurs to encourage this.
It is hard to credit that Britons are
more enterprising than Germans or Ital-
ians given the postwar record. Yet Lon-
don has an edge over Berlin, and espe-
cially over Milan, in scale. In the past
five years 19 UK technology companies
have raised capital of at least $100m,
compared with nine in Germany and
none in Italy, according to the Startup
Europe Partnership.
Growing to a certain size and then
slowing, retaining family control of the
company rather than taking outside
today, largely because we tend to con-
ceive empire through the experience of
European colonial power.
We expect empires to have a clear and
stable core inhabited by an imperial
people that imposes its will on periph-
eral regions. But the Holy Roman
Empire had no core, because it never
possessed a clear centre of government
or even an official capital. Instead,
power was always multiple and plural.
The management of daily life was
devolved to more local powers.
The most significant change across
the centuries was not a progressive frag-
mentation of an originally centralised
power, as previous generations of histo-
rians believed.
Rather, it was a gradual thickening
of local power that drew its legitimacy
from its relationship to the empire as
a whole. Imperial charters and laws
sanctioned local rights and liberties.
Additional layers were added over time
in response to circumstances, most
notably during the 16th and 17th centu-
ries, when Protestants acquired the
was expected last year, partly because
new offshore supplies from the Gulf of
Mexico are offsetting the decline in
shale. However, further declines in US
shale would certainly serve to mitigate
the widespread market pessimism.
Ironically, another counterweight to
that pessimism could come from the
fact that sanctions have been lifted on
Iranian oil. The agreement of the
nuclear deal removes a big uncertainty
that has been hanging over the market.
Now the question is exactly how much
additional oil the Iranians will — or can
— bring back to the market. Iran’s
finance minister has described the cur-
rent oil price as representing “an all-out
war” for market share. But if the actual
volumes turn out to be lower than has
been anticipated, or if the Iranians are
slower in bringing them back, then the
market would have further reason to
moderate its bleak outlook.
The direction of the oil price and, to a
considerable degree, the future of highly
volatile global financial markets hang
on the outcome.
The writer, vice-chairman of IHS, is author
of ‘The Quest: Energy, Security, and the
Remaking of the Modern World’
capital to expand rapidly, used to satisfy
many Italian and German companies.
But it is not sufficient in global technol-
ogy — the laggards face being domi-
nated by scaled-up US giants.
Germany is responding. Rocket Inter-
net, the German investment group, has
raised a $420m fund — the size needed
for later-stage funding rounds. Berlin
has a strong start-up scene and has fos-
tered ecommerce scale-ups such as Zal-
ando and Delivery Hero, which has
gained $1.4bn in capital.
The UK also needs to change. A far
lower proportion of its companies scale
from start-ups than in the US and many
are hampered by skill shortages, as
Sherry Coutu, a UK angel investor,
found in a report in 2014. The US has 14
times more capital available to compa-
nies with $1bn valuations than Europe,
according to Atomico.
London, however, shows what is pos-
sible with deep capital markets and
broad expertise. Europe has plenty to
fix but it has made a start.
john.gapper@ft.com
same legal safeguards as Roman Catho-
lics. However, long before this Jews had
received protective rights which gener-
ally functioned better than those
granted by monarchs in Europe’s more
centralised kingdoms.
And it is here that we see most clearly
what the empire can tell us about
Europe’s possible future. Its inhabitants
generally identified with it positively
because it preserved their own auton-
omy and ways of life.
It cannot be a blueprint for today’s EU,
because the social order which under-
pinned that local autonomy was also
riddled with inequalities we would find
abhorrent.
Yet it does suggest an alternative
to the stark choice between the EU as
a single, homogeneous superstate or
fatally weakening Europe’s global
position by fragmenting it into a mosaic
of national states.
The writer is Chichele professor of the his-
tory of war at the University of Oxford and
the author of ‘The Holy Roman Empire’
13
The myth
of the brutal
and blighted
concrete tower
OPINION
John
Grindrod
W
hat would you pay for
an elegant mid-century
apartment, with origi-
nal wood fittings and
views clear across the
city, in a prime location just a short hop
from the centre? In London, for a two-
bed duplex with south-facing balcony,
porter and good transport links, you
would be asked in the region of
£600,000.
Now, what should a nation pay to rid
itself of the notorious concrete towers
mass produced in the decades following
the second world war? In the UK, Prime
Minister David Cameron has vowed to
spend £140m to raze and redevelop
what he calls the worst “sink estates” —
“brutal high-rise towers” that breed
“criminals and drug dealers”. The para-
dox is that the desirable brutalist struc-
tures and the blighted, brutal council
flats are one and the same: postwar
mass public housing.
So why the sudden desire to destroy
these estates, built amid a clamour to
provide decent, affordable homes for
citizens who had sacrificed so much
during the second world war? The mil-
lions who were moved out of the slums
of the UK in the 1960s and 1970s experi-
enced a leap in their living conditions.
They were failed in some cases by poor
design and construction but the worst of
these blocks have long gone.
There are two trends at work here.
The first is the desire by some housing
authorities to refurbish flats in increas-
ingly desirable brutalist blocks such as
Ernö Goldfinger’s Balfron tower, just to
the east of the City, and offer them as
The razing of estates comes
from a longstanding bias
against both modernism
and public housing
mini versions of London’s Barbican
complex — private communities aimed
at more affluent folk.
The second trend is to sweep away
estates altogether and hand the land to
private developers to build private
homes (and, in some cases, where
prompted, pockets of “social” housing).
This is what has happened at the Heyg-
ate in Elephant & Castle — low-rise con-
crete flats connected by walkways set
among mature trees and greens. The
estate has been bulldozed, and gleaming
luxury high-rise flats — within walking
distance of parliament and the West
End — are going up in its place, joining a
crop of new private towers across the
capital.
The middle-class invasion of brutalist
former council flats belies the myth that
postwar estates were a failure. The raz-
ing of other estates comes from a long-
standing bias against both modernism
and public housing that fails to distin-
guish between good and bad. It also
releases valuable inner-city land on
which developers can build at greater
density, with more cramped internal
space standards, erasing green spaces
and established communities.
Mr Cameron draws connections
between the riots that spread around
London in 2011 and postwar estates. Yet
the research on which he bases his pro-
posals is contested by academics. So,
too, was Utopia on Trial, the 1980s work
by Professor Alice Coleman — favourite
housing expert of former prime minis-
ter Margaret Thatcher — who blamed
both poverty and crime on the architec-
ture of estates rather than seeing pov-
erty itself as the main problem.
These estates have one common fac-
tor: they are built on prime land. There
are promises, as at the Heygate, to
rehouse the original tenants on the
same spot. Yet it is clear that developers
would see little return on investment in
rehousing these people at current levels
of rent. The postwar high-rise estates
that remain are visible symbols of a
more generous age where equality was
something the nation believed in and
built for.
They are also an uncomfortable
reminder that, even where a govern-
ment aspires to build a “property-own-
ing democracy”, not everyone can
afford an expensive, cramped private
“starter home” — and perhaps they
should not be punished for that.
The writer is the author of ‘Concretopia:
A Journey Around the Rebuilding of
Postwar Britain’
14 ★ FINANCIAL TIMES Thursday 21 January 2016

BUSINESS LIFE

‘
Davos CEO elite Opinion surveys float by and disappear.
Every now and then, one lands with a
bigger than in attitudes to business.
Trust in business generally increased
do not trust the only company they
know really well: the one they work for. The review
misjudges splash because it seems to explain
something important.
The annual Edelman Trust
across the world last year, as memories
of the 2008 financial crisis began to
fade — but there were still big
In Japan, only 40 per cent trust their
company. In France, the figure is 48
per cent; in the UK it is 57 per cent. In
Original insights into how
both its fame Barometer, which looks at reputations
of business, government and other
differences between elite opinion and
the rest and in half of the 28 countries
the US, workers’ trust in their
companies is a more respectable 64 per
innovators make breakthroughs
and legitimacy institutions, has this year come up with
a striking opinion gap between
surveyed the gap reached double
figures.
People do cent, but this is still not great.
Many have noted these divisions
ANDREW HILL, MANAGEMENT EDITOR

“informed people” at the top and the
rest of the population.
The informed public — university
graduates who follow the media and
have incomes in the top 25 per cent —
shows growing trust in institutions
such as government and business.
The rest of the population does not.
The first group is generally content and
The biggest gulf was in the US, where
70 per cent of the elite trusted
business, compared with 51 per cent of
the wider population.
As those business leaders at the very
tip of informed opinion gather in Davos
this week, there are other findings for
them to think about.
While people say they do not trust
not even before. In societies, there is a gap
trust the between those whose skills, education Even hereditary traits are
and parental wealth mean they can malleable. Later-born
company benefit from technology’s march, children are more rebellious
they know porous borders and increased than older siblings. However,
immigration. At the other end are “by adopting the parenting
best: the those who see their jobs disappear and practices that are typically
one they their wage-bargaining power fall. applied primarily to younger
This division appears in many children, we can raise any

the second group isn’t. The two groups
no longer understand, or even know,
each other.
This is why many say they will
support Donald Trump in the US or
Marine Le Pen in France, or voted for
Nigel Farage’s Ukip in previous British
elections, while I (and, I bet, many of
you) do not know anyone who would
dream of doing such a thing.
Edelman says this disparity has
grown in recent years. The gap between
elite and mass opinion is particularly
large in the US, the UK, France, India
and Australia.
The gap isn’t only about trust in
Michael Skapinker institutions. The two groups have
different views of their futures. In the
Businessandsociety US, 63 per cent of the “informed
public” believe they and their families
will be better off in five years’ time.
Only 45 per cent of the rest of the
population believe that.
Nowhere, Edelman says, is this gap
Matthew Garrahan talks
to the U2 singer and other
prominent figures in the
‘cause marketing’ push
against HIV/Aids
businesses, many have no idea who
leads them. In Germany, 80 per cent of
those surveyed could not name a single
chief executive. In the UK, the figure
was 68 per cent. Even in the US, home
of the celebrity CEO, 53 per cent failed
to think of a single name.
The only business leader who
achieved double-digit recognition
across the 10 countries in this part of
the survey was Mark Zuckerberg, head
of Facebook, who was named by 10 per
cent. Only Bill Gates came close with 8
per cent.
Given bosses’ relative invisibility,
perhaps it does not matter that trust in
business is so low. Distrust may be
something people express to opinion
pollsters who ask them, while getting
on with their ordinary lives of working
and spending.
Except there is one other detail in the
Edelman survey that should bother
bosses more. Large numbers of people
’
work for companies too, particularly large
multinationals, where some are better Originals: How
placed to bid up their salaries and hold Non-Conformists
on to their posts because their skills Move the World
mean they can easily get jobs with Adam Grant
competitors. Viking/WH Allen; $27.95/£20
Given that many of the jobs further
down the organisation can be
automated or outsourced, should Adam Grant’s first book Give
business leaders care that those at the and Take, in 2013, revealed
bottom are unhappy? how those who contribute
Their political counterparts at Davos more than they get back can
clearly do need to worry because they rise to the top. It was such a
have elections to win. Business chiefs hit that I warned him he
are under less pressure but they should might find himself typecast
worry too. The discontent that comes in his early thirties as “the
from disparities in income, access to give-and-take guy”. That
decent schools, housing and jobs would not necessarily have
threatens society’s stability and no
business is immune from that.
been a curse. Plenty of
management thinkers have
parlayed their single great
michael.skapinker@ft.com (or not so great) idea into a
Twitter: @Skapinker lucrative career speaking,
Full Davos coverage: ft.com/davos consulting and writing.
But Grant, a professor at
the University of
Pennsylvania’s Wharton
business school. is too
restless and bright for that
easy path. Originals stamps
the same hallmarks — fresh
research, counter-intuitive
insights, lively writing,
practical calls to action — on
a different theme.
The book attacks the
assumption that
nonconformist innovators
are all bold, young risk-
takers, churning out one
fantastic idea after another.
In fact, they are often
cautious late adopters. Their
child to become more
original,” Grant writes.
The sheer quantity of
ideas and examples in
Originals sometimes
threatens to overwhelm its
central thread — the book
lists 30 “actions for impact”
in a final summary — and its
insights are not quite as
striking as those of Give and
Take. But Grant’s optimism
about the potential of
human beings to improve
themselves and their
organisations is refreshing,
and his willingness to
challenge and test the
status quo instructive.
The importance of being
open to diverse opinions
runs through the book but
Grant shows you cannot
merely shout “diversity” to
every question. Research
has proved that a surfeit of
cohesiveness is not the
reason that organisations
succumb to groupthink.
Instead, a commitment to
promote dissent is the vital
element that separates a
strong culture from a
dangerous cult.
Such a commitment is
central to the way Ray Dalio
runs Bridgewater, the hedge
fund group that Grant has
studied. Despite his
admiration for Bridgewater’s
demanding, principles-
based approach, Grant
comes away troubled that

A
n appearance by Bono at
the World Economic masterworks emerge — Dalio will not test his
Forum in Davos, alongside often unrecognised by their intuitions with experiments.
world leaders, chief execu- authors — because of the As the book makes clear,
tives and other members of sheer quantity of average the gut instinct of successful
the global elite, has become as common work they produce along the people is a sometimes fatally
as snow in the mountain resort in recent way. They “procrastinate unreliable guide to their
years. But this week, when the U2 front- strategically . . . testing and success in new and
man arrives in Switzerland, he will be refining different unpredictable domains.
marking a special anniversary. possibilities” before making Grant has a deserved
It is a decade since the star went to the breakthroughs. reputation as an original
WEF to launch Red, the brand cam- For instance, Martin thinker. This book will add to
paign that began with the aim of ending Luther King’s “I have a it. But by championing
the transmission of HIV/Aids from preg- dream” speech borrowed evidence-based
nant women to their unborn children. from earlier variations on management and nudging
Described by Bill Gates as an example of the theme. As King walked leaders towards more
“creative capitalism”, Red’s early part- to the podium he was still scientific ways of answering
ners included Starbucks, Apple and editing the text and its the cultural questions that
Nike, which made products under the signature passage was a so often trouble them, he is
Red brand and donated proceeds to the Dave Kotinsky/Getty Images
spur-of-the-moment starting to build an even

Bono surveys a Red decade

fight against Aids in Africa. The cam- improvisation. more valuable legacy.
paign has over the past 10 years raised
more than $350m.
“Corporate social responsibility is a Guffipedia
phrase that is in common usage now but

of ‘conscious consumerism’
it wasn’t back then,” Bono says, speak-
ing to the Financial Times on the tele- New corporate language crimes
phone from “bubblin’ Dublin”, the day
before flying to Davos. An aim of Red, LUCY KELLAWAY

which he dreamt up with Bobby Shriver,

a US lawyer and nephew of John F
Kennedy, was to engage companies, and
their customers and employees, in the
fight against Aids, encouraging them to
make and market Red-branded prod-
ucts, rather than just write a cheque.
“Red understood early on that corpo-
rate social responsibility was not just for
how companies gave their money but
also for how companies make money.”
Now, the challenge facing Bono and
Red is the next decade. New partners
ing, ‘I want to grapple with this but
when I’m at a pig roast I’m not hearing
about it from my constituents.’” He
laughs. “He meant that we have to be
where people are.”
Money raised from the sale of Red
products is administered by The Global
Fund, a non-profit partnership dedi-
cated to the eradication of HIV/Aids,
malaria and tuberculosis. The fund,
about the money. It’s about engaging the
companies that are partners and the
‘I watch my
people who work for those companies to daughters:
learn about HIV and the opportunity to they think
end the epidemic,” says Mark Dybul,
executive director of The Global Fund. about where
“When a CEO talks to an African head of they spend
state about HIV it has a huge impact —
much more than a global health per- and about
son.” values.
The auction raised $13m for Red,
matched by The Bill & Melinda Gates
Foundation.
Does Sir Jonathan think Red affected
how companies think of corporate
social responsibility? He demurs. “I’m
much more interested in how a mother
feels whose daughter is still alive than
whether Red has had an impact on other
companies.”
Dreamstime

have signed up, notably Bank of Amer-
ica, which in 2014 pledged $10m to Red,
donating $1 for every free copy of the U2
track “Invisible” downloaded the day of
that year’s Super Bowl. The bank
recently pledged another $10m and has
embarked on initiatives that include
displaying at its ATMs images shot by
the photographer Rankin of HIV-posi-
tive mothers and their children, who
were born HIV-free thanks to their
mothers taking antiretroviral medica-
tion.
“If we can get these drugs consistently
into the hands of these mothers they
will not transmit [the disease] to their
children and we can cut off its growth,”
says Brian Moynihan, Bank of America’s
chief executive.
Bono says the money Red has gener-
ated is “critical to the people whose lives
it is saving”. As important, he says, “is
the heat, the excitement”, the campaign
has generated in terms of enlightening
people who may never have thought
twice about the Aids epidemic. “You can
go to a Bank of America ATM now in
Toledo, Ohio, and see a picture of chil-
dren born without Aids because of Red.
That has an effect.”
He realised early on that it would be
impossible to gain political backing for
his plans if the scale of the Aids problem
could not be brought home to people
who might be unaware of it. “I remem-
ber sitting in the office of [then Senate
majority leader] Bill Frist and him say-
which disperses $4bn a year, mainly
provided by international governments,
says Red has been the largest donor
from the private sector. “It’s not just
A softer edge on stage
Bono’s transformation from angry
young singer to Davos man has
been gradual but it has not gone
unnoticed by the singer.
On U2’s Innocence + Experience
concert tour last year, fans may
have heard changes to the lyrics of
“Bullet the Blue Sky”, a fixture of
the band’s live shows for decades.
The song, inspired by US military
intervention in 1980s El Salvador,
was transformed into a more
reflective piece about Bono.
In the new version he
acknowledged how much he has
changed. “You’re Irish but you
sound like an American,” he sang,
while “I can see those fighter
planes” became “I can see those
private planes”, a nod, perhaps, to
his place among the global elite. He
has not stripped politics from his
music, however, and ended the
song saying: “I’ve got my hands up,
don’t shoot” and “I can’t breathe”,
referring to protests against police
killings of unarmed black people.
Aids has killed about 39m people and
mothers who are HIV-positive continue
to pass the virus to their unborn chil-
dren. But the number of transmissions
is in decline, according to Mr Dybul,
thanks to greater availability of antiret-
roviral medication.
“There were 700,000 people on the
medication when we started Red; now
we’re at 15m,” says Bono. Mr Dybul says
an end to the epidemic is in sight. “The
big issue right now is keeping people
engaged. If we build on what we’ve done
over the last 15 years we can control this
epidemic ... until we get a vaccine.
Which we will do.”
Red is not the only example of “crea-
tive capitalism” to hit the market in
recent years. The Procter & Gamble-
owed Pampers nappy brand, for
instance, launched the One Pack = One
Vaccine campaign in 2006 to combat
tetanus in mothers and babies in Afri-
can and Asian countries. With support
from stars such as Oprah Winfrey, the
campaign raised funds for an esti-
mated 300m vaccines.
The late Steve Jobs was involved
with Red, designing and selling a Red-
branded iPod. Apple has maintained
its connection since Jobs’ death in
2011. Two years ago, Sir Jonathan Ive,
Apple’s chief design officer, and his col-
league Marc Newson, ran an auction of
specially designed products, including a
Leica Digital Rangefinder camera the
pair customised, which sold for $1.8m.
He adds: “The thing that first struck Readers have been busy Reset expectations
You have me was that the magnitude and ugliness stocking Lucy Kellaway’s about the trajectory
political of the problem would normally be cause Guffipedia with cutting- of one’s opportunity
for people to turn away. I loved the way
power in Bono saw it as a problem to be solved.”
edge examples of corporate
nonsense. Here are two of 3 Translation into plain
your Christy Turlington Burns, the US the latest to be accepted English: Things are not
spending supermodel, below, was an early sup- into her online jargon going as well as expected
porter of Red, appearing in a Red Gap dictionary.
power’ commercial, and has since started her 3 Perpetrator: Nick Parker,
own non-profit group — Every Mother Ideation Tungsten Corporation
Counts — which aims to end preventable 3 Translation into plain
deaths at childbirth. Red, she says, was a English: Whatever you want 3 Usage example:
good guide for her own group to “see it to mean “Tungsten is . . . achieving
how partnerships can be established to strong revenue growth and
extend your reach in a powerful way”. 3 Perpetrator: 50Folds concluding encouraging
Bono says he has to fight to keep Aids customer renewal
in the headlines. “When we started out 3 Usage example: “We build agreements, even as it
[with Red] the world Aids crisis was the start-ups at two stages: resets expectations about
news. After a couple of years the finan- ideation (incubation) and the trajectory of its
cial crisis became the news.” Red now pre-seed (acceleration).” opportunity.” (Spotted by
has to “think differently”, he adds. (Spotted by Daniel Green) MrContrarian)
The Red blend of celebrity glitter,
corporate muscle and products 3 Lucy’s commentary: 3 Lucy’s commentary:
that range from Red Le Creuset The late fictional character, This is so long-winded that
pots to Gap T-shirts has been Martin Lukes, would most people will stop
called many things, including approve of ideation, reading it; those who stick
cause marketing and con- although he got there 15 with it may be hoodwinked
scious consumerism. years earlier by coining the into thinking something
“Does conscious consum- term creovation. The beauty positive is happening and
erism really exist?” he asks. of a hybrid is that it means that anything negative was
“I think it does. I watch my whatever you want it to outside its control. A
daughters — they think mean and so it is helpful company can’t be blamed
about where they spend that a translation is offered. for the trajectory of its
their money and they think But if ideation means opportunity, can it?
about values. The consumer incubation, why didn’t they
is changing ... you have political say that in the first place? Guffipedia: ft.com/guff
power in your spending power.”
Thursday 21 January 2016
When an embassy
becomes a gallery
Gareth Harris meets the curators and collectors on a mission
to place artworks in US embassies around the globe
D
ignitaries visiting the new
US Embassy in Nine Elms,
south London, which is due
for completion in late 2016,
will encounter a command-
ing, site-specific work that is America
incarnate. Los Angeles-based artist
Mark Bradford’s work, “The Constitu-
tion”, will span 32 canvases and cover the
embassy atrium. This gargantuan, patri-
otic piece will incorporate the entire text
oftheUSConstitution.
Bradford was commissioned by Art in
Embassies (AIE), a US governmental
body which, proclaim state officials,
“has been speaking the universal lan-
guage of cultural diplomacy” for more
than 50 years. AIE was established by
New York’s Museum of Modern Art in
1953, and was formally made a public-
private arts organisationby the Kennedy
administrationin1963.
AIE’s curators organise temporary
loan exhibitions for ambassadorial resi-
dences worldwide with works on loan
from artists, museums, dealers, corpo-
rate collections, private collectors and
others. The length of a loan is usually
about three years. Recently AIE put
together a contemporary art exhibition
for the US ambassador to Spain, James
Costos, that included more than 80
works by artists such as Ed Ruscha, Julie
MehretuandTheasterGates.
Virginia Shore, AIE deputy director
and chief curator, says the Madrid dis-
play is easily its “most extensive loan
exhibition in recent history”. Most of the
works are on loan from high-profile art-
ists, dealers, foundations, and private
collections in the US and Spain including
the Museo Thyssen-Bornemisza in
Madrid and the Robert Rauschenberg
FoundationinNewYork.
AIE also creates permanent collec-
tions, acquiring and commissioning
works by US and host country artists.
Since 2000, more than 58 such collec-
tions have been created and installed in
Love in the time of communism
THEATRE
Our Mother’s Brief Affair
Samuel J. Friedman Theatre, New York
aaaee
Max McGuinness
At a time when even some US presiden-
tial candidates are sticking up for the
whistleblower Edward Snowden, Rich-
ard Greenberg’s Our Mother’s Brief Affair
reminds us that more grievous turn-
coats rarely aroused such sympathy
Summoned to their perpetually ailing
mother’s “long series of deathbeds”,
Seth and Abby, wisecracking twins shar-
ing “a sense of apocalyptic intimacy”,
learn of her infidelity decades earlier
with a man encountered on a Central
Park bench.
The matriarch, played here with great
poise by Broadway veteran Linda Lavin,
eventually reveals that her lover was
David Greenglass, whose false testi-
mony had sent his own sister Ethel
Rosenberg and her husband Julius to the
electric chair in 1953 for passing nuclear
secrets to the Soviets.
The play ought to be an intricate
study of personal and political betrayal
but, though ably directed by Lynne
Meadow, it never quite delivers on the
promise of its material. Greenglass, a
Soviet spy who cut a deal to save himself
THIS EVENING’S TELEVISION & RADIO
TELEVISION
Historian Michael Wood’s plunge into
The Story of China (BBC2 9pm) makes
you wonder if you’ve missed an opening
chunk. Not a straight chronicle but an
impressionist whirl through the past
century up to today’s post-communist
“headlong rush into the future”, the first
instalment homes in on today’s revival
of the Day of the Ancestors, or
“tomb-sweeping day”. It shows how
modern China still connects with
traditional values, the idea of roots
and the conviction that “the whole
nation depends on the well-being of
the family”. Once the continuance of
ancient beliefs and rituals is established,
we settle down to coherent history and
the fascinating otherness of this
extraordinary country.
For relaxation, the conclusion of Brian
diplomatic facilities worldwide. “The art
humanises the buildings and connects
our countries culturally,” Shore says.
“Highlighting local artists is critical to
thispublicdiplomacyeffort.”
AIE curators also follow “artists’
careers, and the market, tracking down
pieces at outlets such as student exhibi-
tions, art fairs and biennales”, Shore
says, and artists can submit works online
forconsideration,
“Funding for the purchase of art for
most new US embassy and consulate
projects is included as part of the project
budget, allocated at 0.5 per cent of the
value of the construction contract,” says
anAIEstatement.
British artist Idris Khan has been com-
missioned by AIE to create a new com-
posite for the US embassy in Islamabad
— a stamp painting incorporating Eng-
lish text and Arabic calligraphy — which
isduetogoonshowbysummerof2016.
Another key AIE commission is due to
go on show at the new US embassy in
Kabul this year. Serving Abroad . . .
Through Their Eyes (2012) is a video mon-
tage by the Chicago-based artist Lincoln
Schatz that incorporates audio and
images selected from photographs
submitted by military and US Foreign
Servicepersonnel.
Significantly, the piece was made in
collaboration with the US Department of
Defence. Schatz is convinced that Art in
Embassies is fit for purpose. “Their cura-
tors understand the power of art to com-
municate, no question,” he says, though
he wonders how the work will be
receivedinAfghanistan.
Philadelphia-born artist Graham
Caldwell has also made a number of
works for AIE. These include a glass and
stainless steel sculpture (“Mechanical
Cloud”) installed at the US embassy in
Kiev in 2011, and “Cochlia III”, another
glasspieceunveiledinIstanbulin2003.
“I was invited, along with another
artist, to Istanbul on a whirlwind
and his wife, comes across as an affable
twit in denial about his double treach-
ery. “The Soviets were our guys! I just
got caught up in this!” is the extent of his
self-examination. As shown in Sam
Roberts’s The Brother: The Untold Story of
the Rosenberg Case, a book repeatedly
mentioned in this play, Greenglass was
in fact a callow but committed commu-
nist who remained chillingly unrepent-
ant about his actions.
More generally the play, first pro-
duced in 2009 at South Coast Rep in
Costa Mesa, California, gives us little
sense of what made thousands of Amer-
icans embrace communism and, in a
Whirl: historian Michael Wood tells
‘The Story of China’
★ FINANCIAL TIMES
ARTS
cultural exchange for three days of
studio visits, discussions, demonstra-
tions at a glassblowing facility, and slide
presentations. It was during the early
part of the Iraq war and most of the rest
oftheworldwashorrifiedbywhattheUS
wasupto,”hesays.
“I was able to vent, listen to, commis-
erate and connect with artists, writers
and students in a personal way that
picked away at some of the more
Betrayal:
from far
left, Kate
Arrington,
Greg Keller,
Linda Lavin
and John
Procaccino
Joan Marcus
handful of cases, betray their country.
The effects of the Rosenberg case on the
Jewish community are also left un-
explored even as Seth and Abby, wittily
played by Greg Keller and Kate
Arrington, frequently hurl chunks of
historical exposition at the audience.
Greenberg’s inexhaustible supply of
polished one-liners makes this an enjoy-
able evening nonetheless — as does
Lavin’s performance, which culminates
in a monologue that captures truths
about love and death at which the rest of
the play merely clutches.
To March 6, manhattantheatreclub.com
Pern: 45 Years in Prog and Roll (BBC4
10pm) provides peerless, accurate satire
of the rock scene, its pretensions, fads,
vogues and embarrassments. And of
human beings.
FILM
Robin Williams is uncomfortably
compelling as a loner both pathetic and
sinister in the psychological thriller One
Hour Photo (Sky Crime/Thriller 9pm).
RADIO
Radio 3’s Free Thinking (10pm) tonight
reminds us of the excitement the Arab
spring aroused with its promise of
reform and a new world. Five years
on, Anne McElvoy talks to Egyptian
novelist Alaa Al Aswany about the
effectiveness of those hopes.
Martin Hoyle
monolithic aspects of nation and state,”
he adds. His insights underline how AIE
advocates soft power through art and
culture, promulgating the more humane
sideofthesuperpower.
Butthereisanotherorganisationflying
the flag overseas for the US with its own
brand of cultural diplomacy. The non-
profit Foundation for Art and Preserva-
tion in Embassies (Fape) was established
in 1986 by a group of philanthropists and
collectors; its current chair is New York-
basedcollectorJoCaroleLauder.
The foundation gained momentum in
1989 when the Fape print collection was
founded. Frank Stella was the first to
donate a print (“The Symphony”) and,
since then, artists such as Jasper Johns,
Julie Mehretu and Jeff Koons have con-
tributedworks.
In 2013 it established a photography
collection with works by Tina Barney
and William Wegman (Cindy Sherman
came on board last year). “We send out
around 15 to 20 mini-collections annu-
ally [to embassies] and cover all costs,”
JenniferDuncan,Fapedirector,says.
The artists donate their works.
“The money we raise goes towards
the fabrication and installation of the
pieces. The artists do not receive any
15
monetary compensation,” Duncan says.
Site-specific commissions, mainly at
new embassies, are also part of Fape’s
remit. Previous commissions have been
awarded to artists including Lynda
Benglis, whose abstract bronze sculpture
“Paschim” (2010) is in the US embassy
in Mumbai. Sculptor Don Gummer is
working on a new commission for the US
embassy in Moscow, which he describes
as “a tall, vertical sculpture that will rep-
resentourmulticulturalenergy”.
Fape is advised by a committee led by
Robert Storr, dean of the Yale University
School of Art. “Artists will get a work
made the way they want it to be made
through us,” he says, highlighting a
41-foot-tall mural by Dorothea Rock-
burne (“Folded Sky, Homage to Colin
Powell”), that was unveiled at the US
embassyinKingston,Jamaica,in2014.
Duncan points out that works by Weg-
man, William Clark and Alvin Coburn
are housed at the current US embassy in
London. “We’ll wait and see about other
new works for the new embassy,” she
says, coyly. Storr says: “We’re on amica-
ble terms with Art in Embassies but
don’tdovetailwiththeorganisation.”
And how are artists reacting in these
tense times, during the war on terror?
Soft power: a still from
Lincoln Schatz’s ‘We do not place any
videomontage ‘Serving
Abroad Through Their
limitations on artists, and
Eyes 4’, destined for the they are very respectful
US embassy in Kabul.
Left: Glenn Ligon’s
and always understand
‘Double America’ (2012), political sensitivities’
on show in the US
embassy in Madrid
“We do not place any limitations on art-
ists, and they are generally very respect-
ful and always understand political sen-
sitivities,”Duncansays.
No artists have declined to participate
because of concerns over US foreign pol-
icy, she adds. AIE’s website stresses that
“the choice of art has to be compatible
with the values of the host country and
reflect the artistic range and cultural val-
uesofbothcountries”.
AIE has asked Ohio-born artist Jenny
Holzer to make a work for the new base
in Nine Elms; she will set into its stone
walls quotations chosen in part by US
and UK students. I ask Holzer, who is
known for her politically engaged art, if
she had any doubts about the commis-
sion. Does she disagree with some
aspects of US foreign policy? Her diplo-
maticanswer:“Ilikeartaspolicy.”
16 ★ FINANCIAL TIMES Thursday 21 January 2016

Car crash
Light-vehicle sales in China have grown quickly over the past decade. China
replaced the US as the world's largest vehicle market in 2009 and has contributed
a significant proportion of the global growth – a trend carmakers hope will continue

Twitter: @FTLex Email: lex@ft.com Global sales of new light vehicles China’s portion of global growth
By country (m) % of total growth in number of new cars sold
China Russia
USA Brazil 30 80
Shell: the song dividend at a set proportion of earnings Forecast
LBO finance:
makes more sense. It might be worth Japan Rest of the world Forecast
remains the same risking the ire of income investors to Western Europe
25
60
truth be told
make it clear to the market that
You may not be aware of it but oil owning an oil company for its steady 20 At the outset of the financial crisis, the
prices have been declining. If you have cash flows is an absurd idea. 40 prevailing view was that the concern
15
noticed this oft-overlooked trend, for reputation at banks and private
Shell’s fourth quarter update, released equity firms would force them to
10
yesterday, will not surprise you. The Italian banks: 20 complete signed acquisitions, even as
company is going to cut more costs and the financing market melted down and
sack more people. Given the behaviour short shrift 5
asset values tumbled. In fact, it was the
of oil prices, this was as inevitable as 0 dealmakers’ reputation for avoiding
the rising of the sun this morning. Yes, Regulators have banned short selling in
0 n/a** losses that was protected.
earnings will be a bit lower than the the shares of Monte dei Paschi di Siena, 2000 05 10 15* 20 2003 05 10 15* 20
In a series of leveraged buyouts —
average consensus estimates but the Italian bank. Not that you would Sallie Mae, United Rentals, HD Supply
brokerage analysts are professional guess. Shares in the venerable * 2015 is the latest estimate ** Not applicable as the global light-vehicle sales — private equity firms and banks
optimists. Shell’s announcement was institution fell 15 per cent on Monday, FT graphic Sources: Euromonitor International/JATO Dynamics; FT research shrank in 2008 & 2009 even though China grew walked away or renegotiated terms
only meant to provide lawyer-grade 14 per cent on Tuesday and 17 per cent between signing and closing the deal.
explicitness ahead of the shareholders yesterday. Corporate lawyers are thought to have
vote on its acquisition of BG next week. A company that has raised €8bn Hennessey’s Venom GT became the brands. Prices, and therefore margins, hit immediately and the technology wised up to such manoeuvres. Yet, as
So the interesting questions about from shareholders over the past two world’s fastest road car in 2014. It are under pressure from domestic is available now to meet the limits credit has tightened for the first time
Shell are unaffected. Is the BG deal still years is now capitalised at a quarter of reached 270 miles per hour before it competitors. If you are bearish on with electric and hybrid vehicles. since 2009, the Masters of the Universe
a good idea? And should Shell consider that amount. It is not alone; over the ran out of road at Nasa’s Florida China, it is hard to be bullish on State support (such as the recent are up to their old tricks.
cutting its dividend? course of 12 trading days, Italian banks runway. In 2015 the makers of more carmakers. Chinese tax cut) is also possible. Late on Monday, Carlyle Group
It would be natural to think, given have given up all of 2015’s gains and mundane road cars also set records: Outside of China, other emerging The industry has levers it can pull, announced it would cut its purchase
that the oil price has halved since it was more. The proximate cause is that the for sales in the US and China. The markets, such as Brazil and Russia, are too. Internet connectivity and price for software maker Veritas by
announced in April, that the BG deal European Central Bank is taking a hard records were hit while also earning stumbling. The strengthening US dollar automated driving features will $600m. In August, in the biggest LBO
must, by now, be grossly overpriced. It look at non-performing loans (NPLs) respectable margins. Vroom, vroom. and weaker euro helped earnings of the provide an opportunity to charge of 2015, the private equity titan had
probably is overpriced — it looked that and talking about “follow-up actions”. How much road is left? European carmakers with American premium prices. Consolidation is agreed to pay $8bn. But for months,
way when it was announced — but Italian banks have a lot of NPLs: Slower economic growth in China sales, but this cannot last for ever. unlikely, but global parts suppliers the financing banks, led by Bank of
probably not grossly so. Shell is right to 16.7 per cent of loans outstanding at will hurt sales. It is the world’s largest It is not all bleak. The European and and carmakers continue to America and Morgan Stanley, have
strike a deal in the midst of the end-June 2015, according to the car market — over a quarter of the US economies are growing. Cheap experiment with alliances and struggled to find takers for the loan
turbulence. If an oil major commits European Banking Authority. Spain’s total last year. Hopes are high for the petrol and low financing costs have partnerships that could reduce costs. and bonds. In order to drum up
only to acquiring pro-cyclically, when have less than half that exposure and future too. Euromonitor’s forecast supported strong sales in those areas. The hard fact remains, though, that interest, they reduced the amount of
things look good, it might as well get much is related to property, which is has China contributing a third of the There is no reason for that to change. if Chinese demand falls off, short- debt they were trying to offload by
out of the business. easy to repossess, rather than to small industry’s growth over the next three Tightening emission limits, made even term growth depends largely on the nearly $1bn. They also raised the
Note also that the consideration paid businesses. years, for example. Worse, Chinese tougher by real world testing, will market in the US — where the pedal interest rate offered on the loan piece
to BG shareholders is 70 per cent Shell The ECB inquisition may affect sales also contribute an outsized make cars more expensive, but only is pressed to the metal already — of the package to over 7 per cent, a
shares. The decline in Shell’s price has Italian banks in two ways. One is portion of the profits of the global slowly. New emission regimes do not accelerating further. point more than the original plan.
therefore brought the value paid per obvious: it could force more Merger contracts call for fiercer
BG share down by almost a third. impairments which will eat into break-up fees today — the 6-7 per cent
Finally, bear in mind that any capital. Although the banks’ capital is that is standard is twice the pre-crisis
alternative targets for Shell would above regulatory thresholds, it does moribund economy is unhelpful. If the Properties. Savills’ data show that high nearly two-thirds from its 2010 post- convention. Also, so-called “specific
demand higher premiums now that include significant deferred tax credits, ECB has focused investors’ minds on streets have been hardest hit. Last crisis peak. Wharf, with 70 per cent of performance” clauses can force buyers
their share prices have fallen. Solvent so is arguably lower quality than in those risks, that may be no bad thing. October, the property expert said that its operating profit coming from Hong and banks to close the deal on the
companies, presumably the sort Shell other European countries. rents on three-year high street leases Kong retail properties including original terms.
would want to buy, do not do fire sales. It could also further delay much- had fallen 30 per cent to 40 per cent Harbour City and Times Square, has But for Veritas’s owner, Symantec
And so to the dividend. Shell has no needed consolidation in Italy’s market. Hong Kong landlords: versus prior year levels. halved since 2013. The two stocks trade Corp, a $520m termination fee or a
immediate need to cut it. In 2015, Speculation over likely mergers was a Still, the mall format — favoured by at their lowest historical price-to-book court fight was not worth more than
operating cash flow, after capex was factor in 2015’s share price gains, bargain bin Hong Kong’s large listed landlords — values in more than a decade; only the $7bn in the hand and freedom from
taken out, probably left about $8bn of though no deals have been announced. was relatively resilient. Mall rents rose during the Asia crisis have these been an unwanted unit.
the $9bn of cash dividends uncovered. A probe into dud loans followed by All is not well in the special 2 per cent as a flight to safety in lower. LBO deal volume and leverage are
Another $5bn was found this year another asset quality review is hardly administrative region of Hong Kong — numbers kept occupancy rates firm. Even if the recovery takes time to well below the levels of 2005-2007.
through asset sales, though. Debt rose conducive to dealmaking. Since and not just in the stock market. Souring consumer sentiment and come through, juicy yields of roughly Still, for big fees, banks have been
only moderately. mergers are usually followed by cost- Shopping is losing its appeal. Luxury strained mainland relations suggest the 5 per cent look defensible. Hang Lung willing to bet their balance sheets on
Longer term, one lesson from the cutting — improving profitability and brands have been feeling the pinch for situation may worsen. Macquarie Properties, for instance, has zero net expensive-looking deals. Their
deflation of the commodity bubble is bolstering capital — that is a shame. some months and the malaise is expects the downturn could last until debt. Last year it paid out less than reputation for short-sightedness
that fixed or progressive dividend Still, bigger obstacles than Frankfurt spreading to their landlords. Last luxury sales bottom at the end of 2016. one-third of earnings; even in 2009, the remains intact.
policies are a poor fit for natural bureaucracy stand in the way of Italian September Coach, the US fashion For some landlords, this could worst post-crisis year, the dividend was
resource companies. These policies bank mergers. Even the bigger players retailer, closed its flagship shop in already be in the price. Hang Lung two-thirds covered by earnings.
limit investment options at the time are not especially well capitalised, Central. In November, Burberry said it Properties, which in the first half of Shopping may be out of favour in Lex on the web
For notes on today’s breaking
when assets are cheap and can increase political considerations impede branch would give up a floor of its main shop 2015 earned one-quarter of its top line Hong Kong; bargain-hunters should stories go to www.ft.com/lex
debt when it is least welcome. A closures and redundancies, and Italy’s in Pacific Place, a mall owned by Swire from Hong Kong retail leases, has fallen sift through the landlords.

LOW Forecasts by
1010
1010
8 -15 1020
4 -7
10 -9
990 1020
4 33 Luxembourg Fair 1 34
4
Lyon Cloudy 3 37
4 1 Madrid Cloudy 10 50
1000 LOW
4 3 -2 -6 Manchester Cloudy 6 43
16 0
5 HIGH Miami Cloudy 22 72
10
11 25 1 -2 21 Milan Sun 5 41
6 Montreal Sun -8 18
4 2
11 2 Moscow Cloudy -9 16
6 5 -8 Mumbai Sun 30 86
12 11 9 Munich Cloudy -1 30
8 10 3
5 New York Sun 1 34
14 Nice Fair 13 55
10 18 10 12 Paris Sun 4 39
17 2
13 Prague Cloudy -3 27
21 Reykjavik Drizzle 8 46
16 17 4
30 1020 Rio Thunder 26 79
Wind speed in MPH at 12 GMT 18 Rome Fair 14 57
Temperatures max for day˚C Wind speeds in KPH 17 San Francisco Fair 17 63
Stockholm Cloudy -7 19
Today’s temperatures Strasbourg Fair 2 36
Abu Dhabi Sun 24 75 Belgrade Fair 2 36 Copenhagen Fair -1 30 Hamburg Sun -2 28 Sydney Thunder 35 95
Amsterdam Fair 3 37 Berlin Cloudy 0 32 Delhi Sun 19 66 Helsinki Fair -15 5 Tokyo Sun 10 50
Athens Sun 12 54 Brussels Fair 3 37 Dubai Sun 24 75 Hong Kong Rain 18 64 Toronto Cloudy -3 27
B’ham Cloudy 6 43 Budapest Sun 2 36 Dublin Rain 11 52 Istanbul Fair 8 46 Vancouver Rain 10 50
Bangkok Fair 34 93 Buenos Aires Sun 33 91 Edinburgh Rain 5 41 Jersey Cloudy 6 43 Vienna Fair 0 32
Barcelona Sun 14 57 Cardiff Rain 8 46 Frankfurt Fair 2 36 Lisbon Shower 18 64 Warsaw Cloudy -2 28
Beijing Fair -2 28 Chicago Cloudy -1 30 Geneva Fair 4 39 London Cloudy 5 41 Washington Fair 3 37
Belfast Rain 10 50 Cologne Fair 3 37 Glasgow Sleet 4 39 Los Angeles Sun 23 73 Zurich Fair 2 36

CROSSWORD ACROSS
1 Former Palestinian group’s
5 What scouts do in playground
these days (5)
No. 15,143 Set by REDSHANK regularly dirty deed (7) 6 Is this mounted due to pact
        5 Mark paid revised price on time, being broken? (4,5)
saving euros (7) 7 One point impresses current
9 Group of relatives returned key dunce (5)
(5) 8 The detectorist leaves out
 
10 Like loner about to tackle cryptic notice for speculator (8)
clues [4] (9) 14 Remove public hotline (9)
11 Band’s half-hearted gesture on 15 I do business with head office
  departing (5,4) myself to find des res (5,4)
12 Put off deciding to drop mining 16 Comic, original one touring
(5) island in Irish (5,4)
    13 In middle of lesson she’s trim 17 Priest almost cut short poem (8)
and cool, moving about (14) 19 A golf international’s in trouble
 18 Where food is entering last, ie for playing slowly (6)
being processed (5,9) 21 Authority comes out with

20 Stunner pirouetted and struck a circular letter (3-2)

different pose (5) 22 Relish occasional bits of glum
22 Where to dig up a nugget or sitcom (5)
    sphere? (9) 23 Pair abandon misleading affair
24 What magicians said when they (5)
worked with ropes (3,6)
 
25 Music in Glyndebourne’s more
than topping (5)
26 Doctor twice hides special list of Solution 15,142
big names (4,3) 7 : , * 6 $ 8 6 $ * ( ' 2 *
  27 Artist’s leg twisted – recovery’s 5 5 0 5 3 1 /
seriously neglected (2,5) 3 ( 6 ( 7 $

















JOTTER PAD

7 $ /





CROSSWORD
No. 14,845 Set by NEO

























ACROSS
1 Important Viking one among best
friends (5,4)
6 Socialite with appeal makes left-
side entry (5)
9 Brazilian city as far as we’re
concerned ungovernable (7)
10 Obscure English knight against
European rebuffed (7)
11 Poor nation’s little island in hot
current (5)
12 Caught flamboyant cardinal in
Seventh Heaven? (5,4)
14 Notice flock encircles houses (3)
15 Alarmist financier reversed into
second vehicle bearing right (11)
17 German poet’s the writer
embracing pub vocalist (11)
19 Moggy fur with hole concealed? (3)
20 Earl, King and Queen on
Hampshire river’s banks (9)
22 Ambassador in temple finds grain
(5)
24 Ardent Green must change leader
(7)
26 As one’s despicably mean, small
tips for servants materialise (2,5)
27 Sauce unfortunately knocked over
contains sulphur (5)
28 Related martial artist stops at
Bedouin residence (9)
DOWN
1 Hard maths topic written up to find
circumference (5)
2 Love comes in no time, wildly, for
passion (7)
3 Disagreed also with a thousand
children (4,5)
4 Bond gets to a casino and is
beaten (11)
5 Beast summarising Tokyo-London-
Tokyo trip? (3)
6 Painter died hungry (5)
7 Discount supermarket name in
GB’s upturn with loss on top (7)
8 As 007 mission to Spectre might
be? (3-6)
13 Dope sheathes weapon in open
coat (11)
14 Soul an unknown factor in some
men? Fearless pilots? (9)
16 Girl having paddle round saw
manor demolished (9)
18 Mistress Gwynne about to be
announced in sport (7)
19 Side issue for Clintons (7)
21 Having ducks in horses area
causes commotion (3-2)
23 Crime article Financial Times
provides (5)
25 Sick at first, old man here for
healthy holiday (3)
Solution to Saturday’s prize puzzle on Saturday February 14
Solution to yesterday’s prize puzzle on Monday February 16
Winners’ names will be printed in Weekend FT

* $ 5 ' ( 1
( , 0
, $
6
DOWN 6 & 8 7 7 / ( ' & / $ , 0 6
JOTTER PAD 1 The language of Tolkien and + 5 ; 2 % -
King Henry (6) / ( $ 0 , 1 * 7 2 1 6 3 $
6 , , / ( 8 ( :
2 Panda, say, moves & + $ , 1 5 ( $ & 7 , 2 1
conspiratorially, less noisily (6,3) 5 5 2 . - +
3 Fledgling duck, large parts $ % 6 2 5 % 9 2 & $ 7 , 2 1
3 & % ( 2 2 5
sodden (5) 3 $ 1 7 + ( 2 1 8 0 3 , 5 (
4 Sailor man at home makes ( $ 5 8 5 $ 2
shelter for himself (9) ' ( 3 / 2 < 0 ( 1 7 = ( 5 2
Thursday 21 January 2016 ★ 17

Netflix Prudential Shell FTSE 100 Dollar / yen Gold Nikkei 225 CBOE Vix
Disconnected How Gazprom
lost its energy market clout 0.13% 5.1% 7.3% 3.5% 1.1% $21 3.7% 19.7%
NEIL BUCKLEY, PAGE 18
$107.75 £13.21 £12.66 5,673.58 Y116.35 $1,107 16,416 31.19

Barclays to axe an extra 1,000 jobs Short

View
3 Deeper cuts to investment arm 3 Asian unit hit hard 3 New chief extends existing plan
MARTIN ARNOLD — BANKING EDITOR America as it focuses on its core US and other trading operations in India, Tai- bank, including shutting much of its
Alan
UK markets, according to people famil- wan and South Korea, according to peo- The latest operations in Italy, Russia, Brazil, Mex- Livsey
Barclays is preparing to announce more iar with the matter. The bank declined ple familiar with the matter. job losses ico, Italy and Spain.
than 1,000 job cuts across its invest- to comment. The move mirrors cut- It is likely to keep some trading opera- Mr Jenkins, who was fired after three
ment bank, hitting its Asian operations backs at several European rivals, such tions in Japan, Hong Kong and Singa- are on top years as chief executive in July, took two Supertankers need a lot of time to stop and turn round.
particularly hard, as new chief execu- as Deutsche Bank and Royal Bank of pore, which are considered necessary to of the 7,000 shots at restructuring the investment Similarly, shifting the world’s political stance towards Iran
tive Jes Staley makes his first big strate- Scotland, and reflects tough market service its large institutional and corpo- bank, promising to cut a quarter of the has taken a while to effect. And this tortuous process has
gic move. conditions for all investment banks. rate clients based in the US and UK. announced unit’s 28,000 jobs and shrink its share of given oil traders time to steer clear of the crude from one of
The cuts, which could be announced Mr Staley, who joined Barclays at the Some investors and politicians inter- in 2014 group capital from half to a third. Opec’s (usually) biggest producers.
as early as today, will be presented as an start of December, is expected to outline preted the veteran US financier’s arrival The latest job losses are expected to By the end of this year, Iran should add about 325,000
extension of the strategy announced by his broader strategy when the bank as a sign that Barclays was preparing a be on top of the 7,000 announced in barrels of oil a day to the market, according to consultants
the previous chief executive, Antony reports annual results on March 1. He is bullish strategic shift to rebuild its 2014. Barclays’ investment bank had Energy Aspects. This additional Iranian crude should soon
Jenkins, in 2014, when he promised to reviewing whether to keep the lender’s investment bank. But before taking 20,500 staff at the end of 2014. steam its way (legally) around the world’s oceans. Given
cut 7,000 jobs in the investment bank large African operations. charge Mr Staley backed the plan that John McFarlane, chairman of Bar- the need to move it, and other Opec oil, one might reasona-
over three years. Barclays is this week expected to was already being drawn up to refocus clays, gave a strong hint that more bly expect the supertanker business to hot up.
Barclays plans to exit investment announce a retreat from large parts of Barclays’ trading operations on its core reductions were being planned last year Well, not quite. Spot day rates for very large crude carri-
banking operations across much of its Asian operations, including the prob- US and UK markets. He aims to cut when he said: “We don’t want to be a ers (VLCC) have fallen sharply this week from their highs
Asia, continental Europe and Latin able closure of its cash equities desk and 10-20 per cent of costs in the investment 100-country investment bank.” of just a month ago. Last year was arguably a very good one
for VLCC owners. Prices for shipping oil were double the
five-year average.
Those prices generate the kind of profits that tend to
tempt greedier ship owners to buy another tanker. As a
result, after five years of decline, new-build tanker orders
SocGen challenge have rebounded and could hit historical highs this year,
Kerviel contests according to Arctic Securities. But worries about a poten-
tial tanker supply bubble have, understandably, put pause
€4.9bn damages to the five-year surge in oil shipping rates.
Add to these new tanker deliveries the older Iranian ves-
sels that should return to service, and things look even less
Rogue trader Jérôme Kerviel arrived at rosy. Assuming that relatively few Iranian tankers were in
his latest hearing in the French courts use before sanctions ended, the fleet could add another
yesterday to contest the €4.9bn in 5 per cent to supply, say analysts at VesselsValue.
damages he was ordered to pay to his If VLCC rates do keep falling — and that is a big if, given
former employer Société Générale, more oil will be traversing the world’s oceans — one might
writes Michael Stothard in Paris. ask if tankers could be used as floating crude storage. Do
The civil trial before the Versailles not go there, yet. True, oil futures contracts do trade at a
Appeals Court threatens further premium to current prices, making normal storage profit-
awkward questions for the French bank, able. But to store oil on tankers profitably — covering char-
as it will rule on the extent of its ter rates plus other costs — a much larger futures premium
responsibility for Mr Kerviel’s losses is necessary than currently exists: close to double.
back in 2008. Iran will eventually put more oil and tankers on the mar-
Mr Kerviel was found guilty in 2010 of ket. However, with spare storage still available in the US
abuse of trust, forgery and computer and elsewhere, VLCCs will not be called on for storage
abuse after amassing €50bn in hidden soon. Indeed, when a trader can profitably park crude oil
trades before the financial crisis. The on VLCCs, that could signal the bottom for oil prices.
positions cost SocGen €4.9bn to unwind
and Mr Kerviel was ordered to repay the
money lost by the bank. VLCC new-builds
Deliveries Spot earnings
He never denied masking his €50bn (’000 $ per day)
position with fake orders but has 60 100
maintained that his managers knew Forecast
50
what he was doing and were tacitly 80
sanctioning his actions. 40
60
David Koubbi, Mr Kerviel’s lawyer, is 30 Worries about a
using the civil proceedings to try to 40 potential tanker
20
reopen the criminal case, saying he supply bubble
10 20
would seek a “deferment” of the civil have put pause to
trial because of “new evidence”. SocGen 0 0 the five-year surge
said there were “no new elements” that 1990 2000 10 18 in oil shipping
could bring into question Mr Kerviel’s Source: Arctic Securities rates
guilt.
alan.livsey@ft.com

Shell leads energy sector sell-off after

warning of 40% dip in quarterly profits
CHRISTOPHER ADAMS — ENERGY EDITOR cent, sending the indicative yield soar- report the impact of a full year of
ing to nearly 10 per cent. sharply lower oil prices that has led to
Royal Dutch Shell led a sell-off across
However, Ben van Beurden, chief tens of thousands of job losses across the
energy stocks yesterday after it warned
executive, said he was “pleased with industry and spending cuts of nearly
that fourth-quarter profits would tum-
Shell’s operating performance in $400bn as new projects have been
ble at least 40 per cent from a year ago
2015, and the momentum in the com- shelved.
following the collapse in oil prices.
pany to reduce costs and to improve Having cut capital spending by 20 per
Nickel producers buckle As Brent crude slid to 12-year lows competitiveness”. cent last year, Mr van Beurden made
amid collapsing prices below $28 a barrel, the Anglo-Dutch Bob Dudley, BP’s head, predicted oil clear that the enlarged Shell-BG could
group said that earnings, on a current would recover in the second half of 2016 make deeper cuts, beyond those already
Mining companies begin to buckle in cost of supplies basis excluding excep- as US and Chinese demand rose, and planned for this year. The company is
the face of collapsing prices, as cuts in tionals, would fall to between $1.6bn supply eased as the US shut down pro- expected to win shareholder approval
output are mirrored across base and $1.9bn, below the consensus view of duction. It was “not impossible” that for its cash-and-shares bid. Norges Bank
metals. In nickel, the year’s worst- analysts. Brent could drop to as low as $10 a bar- Investment Management, which man-
performing metal, almost 70 per cent The figures, in a trading update ahead rel. But he told the BBC: “We could see a ages Norway’s oil fund, the world’s larg-
of producers are making a loss at of next week’s shareholder vote on its price of $30 to $40 by the middle of the est sovereign wealth fund, said yester-
current prices. planned £33bn takeover of rival BG year and I think towards the end of the day it would vote in favour of the deal.
Analysis i PAGE 30 Group, added to concern over the year it could be into the $50s.” Lex page 16
group’s dividend. Its shares slid 7 per Shell was the first of the oil majors to BG’s overseas assets shine page 19

Companies / Sectors / People

Companies
21st Century Fox.....................................18
Access Industries.....................................21
Alcoa..............................................................30
Amazon....................................................13,18
Anglo American.................................30,31
Apple.........................................11,13,18,21,22
Arbuthnot....................................................23
Aston Martin................................................4
AstraZeneca...............................................18
BG Group...........................................17,19,22
BHP Billiton..........................................23,31
BMW..................................................................4
BP..........................................................17,19,30
BT Group...............................................18,22
Banca Popolare.......................................20
Banco Espírito Santo..............................9
Banco Popular...........................................18
Bank of America..........................16,20,31
Barclays...................................................17,23
Berkshire Hathaway...............................11
BlackRock..............................................30,32
Bouygues Telecom.................................18
Bridgewater............................................11,14
Burberry........................................................16
Capital One.................................................23
Carlyle Group ...........................................16
Chevron.........................................................31
China Hongqiao......................................30
Citigroup......................................................20
Co-operative Group...............................23
Coach..............................................................16
Comcast........................................................18
Deezer............................................................21
Deutsche Bank..........................................17
Devon Energy............................................31
Direct Line..................................................22
Duferco.........................................................20
EasyJet...........................................................21
Facebook.................................................13,14
First Quantum Minerals.......................31
Foxconn.........................................................18
Freeport-McMoRan.................................31
Gazprom.......................................................18
Genel Energy.............................................19
GlaxoSmithKline.................................18,22
Glencore..................................................30,31
Goldman Sachs.................................20,20
Google......................................................11,22
Hang Lung Properties.........................16
Hanjin Shipping........................................21
Honda..............................................................4
Hulu.................................................................18
Hyundai Merchant Marine.................21
Hyundai Securities.................................21
IBM.........................................................11,21,31
Ilva...................................................................20
JD Wetherspoon......................................22
JPMorgan...............................................20,31
Jaguar Land Rover..................................4
Johnson & Johnson...............................18
Korea Development Bank..................21
Lloyds Bank...............................................23
LoansAtHome4U.....................................23
MG Rover.......................................................4
Medtronic.....................................................22
Merck..............................................................18
Monte dei Paschi........................16,20,31
Morgan Stanley...........................16,20,20
Murphy Oil...................................................31
Nestlé.............................................................22
Netflix...................................................11,18,31
Nissan...............................................................4
Non-Standard Finance.........................23
Norges Bank Investment Mgt.........17
Novartis...................................................18,22
Novo Banco .............................................9,9
Oracle ...........................................................22
Orange...........................................................18
Orion Group.................................................4
Orix Corp......................................................21
Outbox Group...........................................22
Pets at Home............................................23
Peugeot...........................................................4
Pfizer...............................................................18
Provident Financial................................23
Prudential.....................................................31
PwC.................................................................22
Qualcomm...................................................22
Queensland Nickel.................................30
Quindell.........................................................21
RSA..................................................................22
Randgold.......................................................31
Roche..............................................................18
Rocket Internet.........................................13
Rolls-Royce...................................................4
Royal Bank of Scotland.......................17
Royal Dutch Shell.......16,17,19,22,30,31
Royal Mail Group....................................23
Ryanair...........................................................21
SAP..................................................................22
Salesforce....................................................22
Samsung Electronics............................22
Sanofi.......................................................18,22
Schindler Elevator...................................21
Sheffield Forgemasters..........................2
Shopacheck................................................23
Société Générale......................................17
Sports Direct..............................................31
Spotify............................................................21
Square............................................................31
Swire Properties.......................................16
Symantec Corp.........................................16
TalkTalk.........................................................22
Tesco...............................................................21
Twitter............................................................31
Two Sigma....................................................11
Uber.......................................................4,13,22
UniCredit......................................................20
Vale..................................................................23
Vanguard......................................................32
Vanquis Bank............................................23
Veritas............................................................16
Votorantim Metals..........................30,30
WH Smith..............................................22,22
Walt Disney.................................................18
Wells Fargo................................................20
Wharf..............................................................16
Williams Companies...............................31
Winton Capital...........................................11
Zalando..........................................................13
Zurich Insurance................................22,31
Sectors
Automobiles............................................4,16
Banks...................................2,4,9,16,17,18,20
Basic Resources......................................30
Financial Services.........................3,23,32
Financials.................................................11,16
Health............................................................22
Healthcare..............................................14,18
Industrials................................................2,20
Insurance......................................................22
Media..............................................................18
Mining.....................................................23,30
Oil & Gas.....................................16,18,30,31
Pharmaceuticals.......................................18
Property........................................................16
Retail........................................................22,23
Shipping........................................................21
Technology...................................4,11,18,22
Telecoms................................................18,22
People
Albrecht, Hans-Holger.........................21
Blavatnik, Len............................................21
Buffett, Warren..........................................11
Cheetham, Anthony.................................4
Clarke, Stephen........................................22
Crook, Peter...............................................23
Dalio, Ray.....................................................14
Dorsey, Jack................................................31
Dudley, Bob..........................................17,30
Gates, Bill.....................................................14
Glasenberg, Ivan.....................................30
Harding, David...........................................11
Hayward, Tony..........................................19
Honeyman, Graham.................................2
Jenkins, Antony........................................17
Jeong-eun, Hyun.....................................21
Kerviel, Jérôme.........................................17
Lund, Helge..........................................19,22
Mackenzie, Andrew...............................23
Martin, Tim.................................................22
Pennycook, Richard...............................23
Richard, Stéphane...................................18
Schwartz, Harvey...................................20
Siegel, David...............................................11
Singhal, Arvind.........................................18
Staley, Jes....................................................17
Stoffels, Paul..............................................18
Sutherland, Euan.....................................23
Terryn, Kristof...........................................22
Toyoda, Akio................................................4
Van Beurden, Ben.............................17,22
Van Kuffeler, John..................................23
Viola, Fabrizio...........................................20
Wicks, Pippa...............................................23
Wood, Nick..................................................23
Woodford, Neil..........................................23
Zuckerberg, Mark...............................13,14

© The Financial Times Limited 2016 Week 3

18 ★ FINANCIAL TIMES Thursday 21 January 2016

COMPANIES
INSIDE BUSINESS
Technology
EUROPE

Apple aims to bite into Indian market Neil

Group to seek approval to
open flagship store as it
ramps up expansion
JAMES CRABTREE — MUMBAI
AMY KAZMIN — NEW DELHI
Apple has shifted focus to India as
China’s smartphone market slows
down. The world’s most valuable busi-
ness by market capitalisation has
tions in India in recent years. But the
long-awaited decision to open a store is
likely to be viewed as a clear statement
that Apple plans to expand more aggres-
sively in the fast-growing Asian market.
Apple confirmed it had filed an appli-
cation to India’s department of indus-
trial policy and promotion, which, if
accepted, would allow it to open its first
solo branded outlet. Until recently,
Apple’s relatively expensive iPhones
have struggled to compete in India’s
Apple’s move comes just two months
after New Delhi eased tough local sourc-
ing requirements for foreign-owned
retail stores, which will give companies
a longer window to set up an Indian sup-
ply chain. Previously, India required
foreign-owned shops in India to source
30 per cent of their wares locally within
three years of their initial investment.
India’s smartphone sector boomed
during 2015, becoming the world’s fast-
est-growing market for the devices.
Buckley
ket as too small and complex to sustain
its high-end stores but has experi-
mented with “store-in-store” mini-
shops, in partnership with retailers.
The application is also likely to raise
How Gazprom lost
speculation that Apple may soon begin
to manufacturing in India. Foxconn, the
friends and gave up
Taiwanese contract manufacturer that
makes most iPhones, announced plans
to set up factories in India last year.
its market influence
250m “Apple was rather cold to India until
The number of about three or four years ago, but they

applied to Mumbai for permission to
launch a flagship branded retail store,
the first step in expanding its presence
in the country.
The move underlines a search for new
growth markets at a time when some
Wall Street analysts predict that iPhone
sales could fall this year for the first time
in the company’s history.
Apple has steadily expanded opera-
Pharmaceuticals
cost-conscious electronics market, win-
ning a reputation as a prized status sym-
bol among affluent buyers, but beyond
the reach of ordinary consumers.
But longer-term Apple views India as
the most likely replacement for the
booming sales in China that have pow-
ered its rise in recent years. Analysts say
smartphone sales in China are levelling
off, as are those in industrial economies.
Roughly 250m Indians own smart-
phones — a level expected to double by
2018, according to industry estimates.
Apple responded by bolstering its
marketing and shaking up its distribu-
tion network. It also launched a big
advertising campaign for its iPhone 6S,
which it sold mostly via online retailers
and neighbourhood phone stores.
The company has viewed India’s mar-
Media. Internet television
T
Indians who own are trying hard to catch up,” said Arvind en years ago, Russia’s Gazprom was sitting
smartphones — this Singhal, chairman of Technopak, a pretty. It had the world’s largest natural gas
figure is set to
double by 2018 retail consulting group. reserves and Moscow was about to chair the
“Opening stores is a good strategy to G8 group of big countries for six months, tak-
boost the Apple brand and experience ing “energy security” as its theme. Gazprom
30% in India, although it may be that the seemed ideally placed to present itself as the reliable alter-
Proportion of wares stores are tricky to open and end up native to unstable Middle East suppliers.
that India had
required foreign- making operating losses for a while.” Then it cut off gas to Ukraine.
owned shops to Additional reporting by Tim Bradshaw in A decade later, the event looks like one of the great acts
source locally San Francisco of corporate self-sabotage — especially after Gazprom
repeated the move in 2009, hitting onward supplies into
the EU. The group badly undermined a reputation for
dependability nurtured since Soviet days, and awakened
Europe to the idea of Russia using energy as a “weapon”.
Moscow seemed convinced the west would blame Kiev,

Drug groups which was refusing to accept a big price increase. Instead
Europe and the US saw it as retribution for Ukraine’s pro-
democracy Orange revolution in 2004. It was the first time
unite to battle since the cold war that Russia had put geopolitics ahead of
economic interests — foreshadowing events since

superbugs Ukraine’s second revolution in 2014. Gazprom’s market

ANDREW WARD
LONDON
Most of the world’s biggest pharmaceu-
ticals groups have backed a declaration
committing the industry to help tackle
drug-resistant superbugs and calling
on governments to create new eco-
nomic models for antibiotics.
The top five drugmakers by market cap-
italisation — Johnson & Johnson, Roche,
Novartis, Pfizer and Merck — were
among more than 80 pharma and diag-
nostics companies that signed the call
for collective action.
Others included AstraZeneca, Glaxo-
SmithKline and Sanofi, in a sign of grow-
ing consensus among “big pharma” over
the need for new approaches in develop-
ing and marketing antibiotics.
Their declaration acknowledged that
existing antibiotics were losing effec-
tiveness faster than they were being
replaced and that combating this prob-
lem should be a “top priority” for global
health policy.
The companies said they were “com-
mitted to doing our part” to increase
investment in new antibiotics and to
prevent the overprescription of existing
treatments that has helped fuel the rise
of drug resistance.
But they also called on governments
to support new commercial models that
would increase incentives for research
and development while discouraging
overuse of the resulting drugs. Potential
solutions include upfront payments for
antibiotics to break the link between
revenues and sales volume.
Paul Stoffels, chief scientific officer
for Johnson & Johnson, said: “For the
world to continue to have new antibiot-
ics, we need investments in basic sci-
ence and novel incentive models for
industry R&D.”
A UK-led review of the problem has
estimated that, without action,
increased incidence of drug-resistant
infections could cause 10m deaths a
year by 2050 and a cumulative loss from
global economic output of $100tn.
Lord Jim O’Neill, the UK Treasury
minister and former Goldman Sachs
economist leading the review, said that
the industry declaration issued at the
World Economic Forum in Davos today
was “a major step forward in estab-
lishing a properly global response” to
superbugs.
The declaration voiced support for a
global plan set out by the World Health
Organisation to reduce inappropriate
use of antibiotics in humans and ani-
mals, and highlighted the need for more
accurate diagnostic technology to iden-
tify when the drugs are needed.
Kenya brands Netflix a security threat
Criticism of ‘explicit’ content
is a challenge to streaming
service’s global expansion
JOHN AGLIONBY — NAIROBI
MATTHEW GARRAHAN — NEW YORK
Netflix’s expansion into 130 new mar-
kets has run into trouble, after Kenya
branded it a threat to national security
and claimed its content showed “shock-
ingly explicit eroticism” that could cor-
rupt children’s morals.
Jackson Kosgei, chairman of Kenya’s
film classification board, said he would
seek talks with the content-streaming
service, which he claimed was operating
in east Africa’s largest economy without
a licence.
He told a press conference that the
service would probably be banned if
content that risked offending — and
potentially radicalising — young people
was not blocked.
“It will be against our mandate to
allow our children to get ruined by inap-
propriate content in the name of profit,”
the KFCB’s statement said. “As a pro-
gressive country, we cannot afford to be
[a] passive recipient of foreign content
that could corrupt the moral values of
our children and compromise our
national security.”
However, despite these strong words
from the Kenyan film board, there is
some disagreement among the coun-
try’s regulators over how Netflix should
be categorised.
While the KFCB is keen to regulate it
closely, others have adopted a more
relaxed attitude.
Francis Wangusi, the director-general
of the Communication Authority, told
local media last week that Netflix was
not a traditional broadcaster but an
online platform. These platforms do not
require licences to operate in Kenya,
where there is no internet censorship
and the media is largely free.
A Communication Authority spokes-
man said: “The KFCB view is important
but its decision is not final and the posi-
tion of Netflix is under review by the
whole government, including the KFCB
and the CA.”
Kenya’s objections to Netflix’s pro-
gramming are indicative of the possible
pitfalls facing digital streaming plat-
forms that rely heavily on western con-
tent.
Netflix said in a statement that it was
Outlawed? Some “an internet television network, not a
among the traditional broadcaster”.
Kenyan “Services delivered over the internet
authorities present all sorts of novel questions for
would like to see policymakers,” the company said, add-
sexual content ing that its content was only available
in films such as via subscription.
‘The Ridiculous “We empower consumers to make
6’ barred from smart viewing choices by providing
Netflix — Netflix details on the titles on Netflix, including
ratings and episode synopses. We also
provide parental controls.”
Netflix is engaged in a “living room”
battle in the US, its main market, with
Amazon and Hulu, which is owned by
21st Century Fox, Walt Disney and Com-
cast.
However, it has pursued the most
aggressive international expansion and
this month said it had switched on its
service in 130 new countries, including
India, Russia, Indonesia and Turkey.
Kenya is one of the first countries to
criticise Netflix’s content — although
such criticisms have not slowed sub-
scriber growth. Shares in the company
rose on Tuesday morning when it
reported another 4m international sign-
ups — ahead of forecast. But Netflix
shares fell sharply later and were down
7.2 per cent in US afternoon trading.
value, which in 2008 topped $365bn, is today about $38bn.
“People saw Gazprom behaving as an extension of foreign
policy rather than as an independent company, and that
hurt — and it continues to hurt,” says Chris Weafer, of Mac-
ro-Advisory, a Moscow consultancy.
The cut-offs sparked efforts by EU authorities and mem-
ber states to complete the creation of a European single
market in energy, diversify sources of gas, and reduce reli-
ance on Russia. Brussels became cautious towards new
Russian pipelines. The shift intensified friction with
Gazprom. It blamed Kiev for damaging its reputation in
Europe and stepped up its efforts to build pipelines such as
Nord Stream and South Stream to bypass Ukraine.
How different would things look for Gazprom now if the
disconnections had not happened? In Ukraine, long one of
the company’s biggest single export markets, probably
very different. Sberbank analysts noted last week that, as
late as 2011, Gazprom sold 44.8bn cubic metres (bcm) of
gas to Ukraine; last year, it
sold 6.2 bcm. As 2016
dawned, Ukraine was buying
The cut-off looks
no gas directly from like one of
Gazprom — by choice.
The change is partly due to
the great acts
Ukraine’s post-2014 slump of corporate
in output. But it also reflects
efforts to raise energy effi-
self-sabotage
ciency, diversify sources, and
buy gas from EU countries (though much is resold Russian
gas) via “reverse flows” through pipelines that once
pumped gas only westwards. President Petro Poroshenko
says Ukraine has weaned itself off “the gas needle on which
it had been hooked for decades”.
Yet in Gazprom’s biggest and most lucrative market, vol-
umes are little changed. It exported 158 bcm to European
markets outside the former USSR plus Turkey last year,
against 154 bcm in 2005. Its share of Europe’s imports fluc-
tuates between a quarter and a third.
And some crucial developments in the European gas
market would have happened anyway. The US shale gas
boom meant that cheap coal, no longer in demand in
America, was shipped across the Atlantic to compete with
European gas. Liquefied natural gas from Qatar and else-
where was sold on trading “hubs”, helping develop a mar-
ket gas price as an alternative to Gazprom’s oil-linked con-
tract prices.
Mr Weafer says the EU embraced alternative suppliers
more enthusiastically than it would have if Gazprom had
behaved differently. The tension impeded pipeline
projects such as South Stream, which could have helped
“lock in” EU customers before competitors — which might
soon include Iran — emerged.
Jonathan Stern of the Oxford Institute for Energy Stud-
ies sees 2006 as a turning point for a different reason. That
year, Gazprom began removing murky discounts for
former Soviet neighbours and shifting to a more market-
led approach. Its ability to push up prices has been curbed
by competition, arbitration cases brought by west Euro-
pean customers, and the EU’s antitrust case against it. The
company has been “dragged kicking and screaming” to a
point where “it is absolutely clear what they have to do,
which is what everyone else is doing: compete”. Its model
today is more commercially realistic, he says.
Yet Gazprom is facing, too, increasing calls from Russian
competitors for its gas export monopoly to be removed.
Some ministers and officials have talked of splitting it up.
Ten years on, the gas behemoth looks far less impregnable
to such demands than it once did.
neil.buckley@ft.com

Telecoms Banks

France to rule over Orange move on Bouygues Banco Popular seeks €8bn from asset sales
ADAM THOMSON — PARIS
Orange’s potential merger with
Bouygues Telecom would require
approval only from French competi-
tion authorities, and not the European
Commission, according to people
familiar with the situation — increasing
the chances of a deal.
At least two people with knowledge of
the matter have said that Orange,
France’s biggest mobile operator by sub-
scribers, would qualify for scrutiny
solely by national regulators because it
meets a criterion that two-thirds of its
European revenues come from France.
A €10bn acquisition of Bouygues Tel-
ecom, France’s third-biggest mobile
operator, by Orange would drastically
change the telecoms landscape in
France: reducing the number of com-
petitors from four to three; potentially
ending a three-year price war; and set-
ting conditions for higher spending on
infrastructure.
But when Orange confirmed that
talks were taking place earlier this
month, doubts surfaced as to whether
an eventual proposal would be a subject
for Brussels or Paris. Since then, UK
competition authorities have indicated
they will give the green light to the sale
of Orange’s EE stake to BT Group. That
approval helps tip Orange’s revenue
profile in favour of qualifying for French
competition scrutiny only.
In comments last week, Stéphane
Richard, Orange’s chairman and chief
executive, said examination of any deal
in Paris or Brussels would make little
difference. But analysts have indicated
such a deal would stand a far greater
chance of success if examined in France.
European Commission regulators are
widely seen as favouring higher compe-
tition as a way of keeping prices low for
consumers. Margrethe Vestager, the
competition commissioner, blocked a
proposed telecoms merger in Denmark
in September, in her only ruling in the
sector since taking up the post.
By contrast, analysts have suggested
that French competition authorities
would be more likely to weigh other fac-
tors in a potential Orange-Bouygues
deal, such as stimulating investment in
the telecoms sector.
TOBIAS BUCK — MADRID
Banco Popular is planning to raise as
much as €8bn through the sale of non-
performing loans and real estate assets
this year, in an attempt to shore up its
balance sheet at a time when market
sentiment has again turned sharply
against Spain’s banking sector.
Spain’s sixth-largest lender by assets is
hoping to sell a €4bn chunk of its prop-
erty portfolio to one or more investment
funds, and to raise another €4bn
through the sale of smaller holdings —
including individual flats and houses —
and loans. According to a person close to
Banco Popular, the Madrid-based bank
is hoping to complete the sale by the end
of 2016. The bank declined to comment.
“This is a key step for Banco Popular
towards cleaning up the balance sheet.
The bank has a very high stock of non-
performing assets, and one of the high-
est non-performing loan ratios in the
Spanish market,” said Fabio Mostacci, a
Madrid-based banking analyst at Mira-
baud. The planned transaction, he
added, would remove about a quarter of
the bank’s non-performing assets
(NPAs) from the balance sheet.
Banco Popular survived Spain’s 2012
banking crisis without resorting to the
government’s bailout fund, though it
was forced to raise capital after regula-
tors flagged up its comparatively weak
balance sheet. It has a strong and much-
coveted position in the market to pro-
vide loans to small and medium-sized
businesses — a key reason why the bank
is regularly touted as a possible takeover
target.
But Banco Popular also remains hob-
bled by its ill-advised expansion into the
property market at the height of the
Spanish construction boom, and has
been forced to take regular and profit-
draining bad loan provisions. According
to the bank’s latest set of results, its bad
loan ratio stood at 13.12 per cent —
almost three points above the sector
average.
“The provisions put a lot of pressure
on profitability. At the same time, many
of their NPAs are physical assets that
absorb maintenance and legal costs. So
if you get rid of those you free up capital
and you reduce costs,” said Mr Mostacci.
Thursday 21 January 2016
BG’s overseas assets shine amid crude-price gloom
Results ahead of guidance
cast Shell’s £33bn bid for its
smaller rival in a new light
CHRISTOPHER ADAMS — ENERGY EDITOR
A cursory look at yesterday’s trading
updates by Royal Dutch Shell and BG
Group — outlining how the oil price
crash is further ravaging the energy
industry’s finances — yielded little in the
way of good news.
But for those Shell shareholders dis-
gruntled at the £33bn price the Anglo-
Dutch oil group is paying for BG of the
UK, some of the detail may cause them
to rethink.
Just as Shell missed analysts’ expecta-
tions by warning that its fourth-quarter
profits would fall at least 40 per cent
from a year ago, BG pulled off something
special.
After years of disappointment, and
under the brief leadership of Helge
Lund, BG actually over-delivered on
promised output in Australia and Brazil.
“Our excellent operational perform-
ance in 2015 is expected to deliver
results in line with, or ahead of, our
guidance for the year,” says Mr Lund, BG
chief executive since last February.
The message is clear. Yes, the price of
Brent crude has collapsed to less than
$30 per barrel, taking the value of gas
down with it. But production from BG’s
liquefied natural gas operations in Aus-
tralia and its deepwater oilfields in Bra-
zil — the assets that Shell covets — is
growing at a clip.
BG is now selling more barrels than it
expected in April, when Shell
announced the cash-and-shares offer
for its smaller rival. Output rose to
704,000 barrels of oil equivalent a day
in 2015, beating BG’s earlier guidance.
“BG seems to have improved its oper-
ational performance under Mr Lund,”
says Neill Morton, analyst at Investec.
“This speaks to the Shell argument that
it decided to move for BG before he had
a chance to get his feet under the table.”
The thinking at Shell has not
wavered amid the oil price rout, with
Brent crude trading at $28 per barrel
yesterday.
Senior executives argue that BG
plugs a gap in Shell’s reserves. Pro-
posed savings from 10,000 job losses,
$30bn in asset disposals and combin-
ing the two groups’ LNG trading
operations make the deal work at
$60 a barrel — a realistic long-term
oil price, they say.
Mr Lund, with more time in charge
at BG, may well have made the com-
pany too expensive for Shell.
Furthermore, a majority of Shell
shareholders still seem set to support
the BG takeover terms in a vote next
week, even after watching Brent
crude plunge from its peak of $115 in
the summer of 2014.
Norway’s oil fund, the world’s larg-
est sovereign wealth fund, announced
yesterday that it would vote in
favour of the BG takeover.
Iain Reid, analyst at Macquarie
Securities, says: “Nothing in either of
these two trading statements will
have changed our view that share-
Production from the LNG
operations in Australia
and deepwater fields in
Brazil is growing at a clip
BG’s output rose to 704,000 barrels of oil equivalent a day in 2015, beating the group’s earlier guidance — BG Group
holders will and should vote for
approval of the acquisition next
week.”
As one analyst puts it, the Shell
offer — of 383p in cash plus 0.4454
of a Shell B share for each BG share
owned — is “a no-brainer”.
For all that, however, it is hard to
ignore just how far the oil price has
fallen amid a supply glut caused by
China’s economic slowdown, robust
US production and the determination
of Opec, the producers’ cartel, not to
cut output.
The possibility that the Shell-BG
deal could fall apart, while slim,
remains a market risk. BG shares
closed down 5 per cent at 897.6p yes-
★ FINANCIAL TIMES
COMPANIES
Oil & gas. Takeover plans
terday, 6 per cent below the value of
Shell-BG deal spread BG Group oil production Shell’s bid. Theepan Jothilingam at
BG share discount relative to Shell offer Barrels of oil equivalent per day (m) Nomura expects that spread to close,
(%) although he is bearish on the outlook
20 0.7 for the industry. Shell’s B shares
closed down 7 per cent at £12.78.
0.6 There is unlikely to be any let-up
15 in the forces squeezing the oil
0.5 majors, making the need to jettison
higher cost production and slash
0.4 expenses ever more urgent. Any
10 price recovery this year could be
0.3 tempered by Saudi Arabia’s determi-
nation to maintain share and extend
5 0.2 a “proxy war” with Iran in the oil
Apr 2015 Jan 1998 01 03 05 07 09 11 13 15 market, says Mr Jothilingam.
2016 “Much work remains to reset the
Source: Thomson Reuters Datastream model and, in Shell’s case, the acqui-
19
Oil & gas
Genel Energy falls on
production warning
Shares in Genel Energy, the oil
producer chaired by Tony Hayward,
the former chief executive of BP,
fell more than 13 per cent yesterday
after the company warned that
production and revenues would fall
this year.
Genel, which is listed in London
and produces oil in Kurdistan, said
problems securing payments from
the Kurdistan Regional Government
had led to lower investment, which
in turn would lead to lower output.
The company, like other
explorers in Kurdistan, is
contending not just with the oil
price crash but also a fraught
situation on the ground.
The Kurdish administration is
locked in a battle with Isis militants,
and has also been involved in a
dispute with the Iraqi government
over oil revenues, which meant that
explorers were not paid for their
crude exports for long periods.
Genel said it expected revenue to
fall in 2016, to between $200m and
$275m. The shares fell 13.9 per cent
to 106.75p yesterday. Kiran Stacey
sition of BG should be a stepping
stone for change,” he adds.
The wider fear is that, even after
industry moves to axe billions of dol-
lars from capital spending, the threat
of dividend cuts looks more real now
than it did only weeks ago.
That is the dilemma for investors
at $30 oil. Italy’s Eni cut its payout
last year. None of its competitors
have followed, vowing instead to pre-
serve dividends.
BG’s output, rather than hampering
Shell, could help it weather a storm
in which it would otherwise struggle.
Not everyone may be as resilient.
See Lex
See Lombard
20 ★ FINANCIAL TIMES Thursday 21 January 2016

Banks

Goldman in the black despite record $5.1bn fine

Investment banking and
asset management units
lift fourth-quarter profits
BEN MCLANNAHAN AND
RICHARD BLACKDEN — NEW YORK
Goldman Sachs closed the big US banks’
earning season in solid fashion, deliver-
ing improved results in investment
banking and asset management even as
it paid the biggest fine in its history.
The Wall Street bank reported profits
of $765m for the fourth quarter, or $1.27
a share, after it was hit by a $5.1bn settle-
ment to resolve allegations it mis-sold
mortgage-backed bonds in the run-up
the financial crisis. In the year-ago quar-
ter, Goldman reported profits of $2bn,
or $4.38 a share.
Overall revenues for the quarter sank
5.2 per cent to $7.3bn from $7.7bn a year
ago. US banks’ earnings have been
mixed, with generally solid numbers
from their retail arms offset by big
swings from trading units. But all banks
noted deterioration in asset quality,
flagging concerns in their energy books
as they marked down loans and set aside
reserves to absorb losses.
Goldman said it had built reserves to
offset funded exposures of about $1.5bn
to junk-rated borrowers in the oil and
gas sector, which is part of an overall
energy portfolio of $10.6bn.
“In this kind of market environment,
clients want you to stay close to them,
and that’s what we’re doing,” said Har-
vey Schwartz, the bank’s chief financial
officer, on a call with analysts yesterday.
Goldman has been leaning more
heavily on its investment bankers to
generate profits from the boom in merg-
ers and acquisitions.
Advisory fees jumped 27 per cent dur-
ing the quarter to $879m. For the full
year in investment banking, which
includes capital raising, net revenues
came to $7.03bn, the best performance
since 2007. The investment manage-
ment unit also posted brighter figures,
with assets under supervision rising to a
new high of $1.25tn after net inflows of
$94bn for the year.
Goldman’s results came a day after
Morgan Stanley vowed to make further
cuts to its fixed-income, currencies and
commodities (FICC) business, which,
like many on Wall Street, has been
squeezed in recent years by tougher reg-
ulation, a shift to electronic platforms
and regular bouts of risk aversion
among clients. The bank cited “difficult
market-making conditions” after an 8
per cent drop in its fourth-quarter FICC
revenues from a year earlier.
Revenues from the business for the
full year fell 12 per cent to $7.32bn,
underscoring a downward trend that
has remained constant since 2009.
Mr Schwartz said the retreat of capi-
tal-strapped rivals should mean that
stronger hands such as Goldman start to
benefit, as “stable, improving growth”
in the US and Europe encourages clients
to make firmer bets on diverging mone-
tary policies.

Banks. Top-line test

Big six US lenders’ revenue growth as ‘flat as a pancake’

Results underscore how sector
is struggling amid ultra-low
rates and tougher regulations
BEN MCLANNAHAN AND ALISTAIR GRAY
NEW YORK
The six biggest US banks produced the
same revenue in 2015 as they did the
year before, underscoring how the
industry is struggling to expand in an
era of ultra-low interest rates and tough-
ened regulations.
The six — JPMorgan Chase, Bank of
America, Citigroup, Goldman Sachs,
Morgan Stanley and Wells Fargo — gen-
erated combined revenues of $413bn
last year, according to Mike Mayo, an
analyst at CLSA. That was the same total
as 2014, he said. “You can’t get more flat
than that. We’ll call 2015 the year of the
pancake.”
The financial results, disclosed over
the past week, indicate that business at
the big US banks is stagnating — even as
the US Federal Reserve has started rais-
ing interest rates and demand has
remained resilient for products such as
mortgages and car loans.
Since the collapse of Lehman Broth-
ers, the big lenders have sharply
increased their capital stocks, under
pressure from banking regulators. They
have also improved their liquidity posi-
tions, stockpiling easy to sell assets that
would give them better chances of con-
tinuing to trade if there is another
severe shock to the system.
Now investors are getting a better
look at what those changes mean for the
top and bottom lines because a lot of the
big post-crisis costs — legal settlements,
expenses for reshuffling portfolios —
have dropped away. In many cases, the
figures are underwhelming.
Among the big five banks with big
Wall Street presences, only Bank of
$413bn America and Citigroup generated
Combined revenues increases in fourth-quarter revenues of
generated by the more than 1 per cent. At Goldman Sachs
big six US banks and Morgan Stanley, the two banks
last year, the same most exposed to the swings of capital
total as in 2014
markets, revenues were off 5 per cent
and 0.3 per cent respectively. Wells
1% Fargo, which is less exposed to the mar-
Of the big five, only kets, saw revenues rise 2 per cent.
BofA and Citi All six banks had been holding out
increased fourth-
quarter revenues hope for more income through higher
more than this net interest margins — the gap between
the cost of loans and the cost of funding
— now that the Fed has finally begun to
increase rates. Over the past few weeks
banks have increased their benchmark
lending rates while mostly holding the
line on the interest they pay on deposits.
That is consistent with past cycles. Mar-
gins increase first, and then the banks
eventually pass through roughly half of
each rate rise.
But the Fed’s minutes from its Decem-
ber meeting were so gloomy and the
market has fallen so sharply in the first
weeks of January, that some bank exec-
utives are now playing down the pros-
pect of improving margins.
“The presumption that [margins] are
due to expand rapidly keeps getting
pushed down the road,” said Doug Burt-
nick, a Philadelphia-based portfolio
manager at Aberdeen Asset Manage-
ment.
Wells Fargo, the largest US mortgage
lender, said its net interest margin slid
from 3.04 per cent a year ago to 2.92 per
cent during the fourth quarter. John
Shrewsberry, chief financial officer,
declined to guess how many rate rises
lay in store in 2016 and beyond.
“Like you, we can’t say for sure what’s
going to happen,” he told an analyst.
“We’ve worked very hard to produce the
type of net interest income growth that
we have in the no-hike environment for
the last several years. So we’ll see what
the future holds because it feels a little
bit different every day.”
Meanwhile, loan quality is beginning
to deteriorate — most notably in the
banks’ energy portfolios, but also in
other sectors. At JPMorgan Chase, for
example, all five of the main reporting
units showed a fall in asset quality, with
rising delinquencies in credit cards and
car loans, among other areas.
Corporate credit has “taken a turn for
the worse”, said Charles Peabody, an
analyst at Portales Partners. Banks face
higher provisions for bad commercial
loans over the next couple of years, he
said, pointing to risks in commercial
property portfolios as well as in energy
and metals & mining. “Banks haven’t
exactly been ahead of the curve in rec-
ognising their problems,” he said.
‘Banks haven’t exactly been
ahead of the curve in
recognising their problems’
Charles Peabody, analyst
Revenue for Even wealth management businesses
BofA’s global — often seen as ballast for more volatile
wealth and trading businesses — are failing to pro-
investment vide the support they once did.
management Market turbulence is causing clients
division slipped to sit on their hands or shift into cash,
2 per cent last which crimps the fees advisers can earn.
year to $18bn, Revenue for BofA’s global wealth and
while profit fell investment management division
12 per cent to slipped 2 per cent last year to $18bn,
$2.61bn — Scott while profit fell 12 per cent to $2.61bn.
Eells/Bloomberg
To offset revenue pressure, the big
banks have sought to squeeze custom-
ers on fees.

Industrials Banks

Brussels probes Italy’s €2bn Italian bank shares

support for steelmaker Ilva
PETER SPIEGEL — BRUSSELS
JAMES POLITI — ROME
Brussels has waded into the increas-
ingly contentious issue of European
steelmakers’ inability to fight off low-
cost Chinese competition by opening a
probe into €2bn in assistance that the
Italian government provided the coun-
try’s struggling steelmaker, Ilva.
Margrethe Vestager, the European Com-
mission’s competition commissioner,
said that while Brussels realised the
European industry faces overcapacity
and tough competition from abroad,
steelmakers cannot be exempt from EU
rules barring government subsidies.
Ms Vestager said that unfair competi-
tion from abroad should be dealt with
through trade measures, not illegal state
aid. “We need to ensure fair competition
globally as well as protecting the level
playing field within the EU. This must go
together, because one depends on the
other.”
Belgium was ordered to recoup
€211m in assistance that the Walloon
government provided to steel groups in
Contracts & Tenders depressed industrial southern regions
that are part of the Duferco group.
The moves come amid mounting lay-
offs and shutdowns at steel plants across
Europe. The industry employs about
360,000 within the EU.
Italy has led a sometimes lonely fight
in Brussels against granting Beijing
“market economy status” at the World
Trade Organisation, in part because of
allegations over Chinese steel dumping.
Britain has backed China’s cause at
the WTO even as union leaders have
argued that the UK’s industry faces
“catastrophe” if Beijing is granted mar-
ket status, which would limit EU ability
to impose duties in dumping cases.
Germany and France, Europe’s other
two largest steelmakers, have yet to
declare a position, and the commission
last week announced it was delaying its
verdict until this summer.
Ilva, the third-largest steel producer
in the EU, is a 100-year-old Italian
industrial concern whose postwar his-
tory has been marked by expansion,
near-bankruptcy, public ownership,
privatisation and near-collapse. A year
ago, Rome took control of the Ilva plant
in Taranto after a court sequestered sec-
tions of it on the grounds that it failed to
contain toxic emissions. The plant
employs about 16,000 workers and is
Europe’s biggest by output capacity.
Federica Guidi, Italy’s minister for
‘We need to ensure fair
competition globally as well
as protecting the level
playing field within the EU’
economic development, said it was
“important” for the EU to recognise that
the steel industry was grappling with
“global overcapacity”.
“The Italian government’s commit-
ment is intended to overcome the com-
mission’s concerns, in order to guaran-
tee a sustainable future for steel produc-
tion in the Taranto region through the
sale of Ilva’s activities”, Ms Guidi said.
Although Ms Vestager emphasised
that the opening of a formal investiga-
tion did not mean Brussels would ulti-
mately find the aid was improper, she
noted that her staff had received “a
number of complaints” from rival com-
panies about the injection and hinted
she would take a tough line.
Additional reporting by Alex Barker and
Duncan Robinson in Brussels
slide on bad loan fears
THOMAS HALE, JAMES POLITI AND
RACHEL SANDERSON
Italy’s banking sector came under
intense pressure yesterday, with con-
cerns over bad loans hitting share
prices in a third straight day of losses.
The market moves were led by Banca
Monte dei Paschi di Siena, which fell 22
per cent after weakening dramatically
on Monday and Tuesday. The lender has
lost more than half its market value so
far this year.
Fabrizio Viola, Monte dei Paschi’s
chief executive, yesterday sought to
calm fears that depositors were with-
drawing funds. “At the moment the size
of the holdings of clients who have
decided to move their savings elsewhere
is contained and less than that experi-
enced by the bank in 2013,” he said.
Shares in other Italian banks, includ-
ing UniCredit and Banca Popolare, also
dropped, albeit less sharply. The FTSE
Italia All-Share Banks Index was down 7
per cent, taking its fall for the year to 21
per cent.
Fears over exposure to bad loans, new
rules for failing banks, controversial
losses for bank investors in Portugal and
weak markets globally have all com-
bined to pressure Italian banks.
“If you add this to the market volatil-
ity and the events in Portugal around
Christmas and the resolution of smaller
banks, you get quite a bad mix,” said
Filippo Alloatti, a senior credit analyst
at Hermes.
The sharp sell-off also raised alarm
bells in Rome, with Matteo Renzi, the
prime minister, calling a meeting at Pal-
azzo Chigi with Pier Carlo Padoan, the
finance minister, Ignazio Visco, the gov-
ernor of the Bank of Italy, and Salvatore
Rossi, the deputy governor.
Mr Padoan sought to reassure inves-
tors about the health of Italian banks
saying the turbulence was being caused
by “political and economic instability
coming from the international system”.
Dramatic movements this week fol-
lowed from a statement on Sunday from
the European Central Bank about a task
force it has set up to tackle non-per-
forming loans in Europe.
Markets reacted negatively after it
emerged several Italian banks had been
asked to provide information — trigger-
ing fears that further capital raisings
could dilute shareholders.
“What has created concerns in the
market are the implications for provi-
sioning and the actions that banks will
have to take post this [ECB] assess-
ment,” JPMorgan said in a research note,
although it said that the dilution fears
were “overdone”.
The ECB said the gathering of infor-
mation from banks was “standard
supervisory practice” and analysis
would take place across the eurozone,
rather than in any one country. Bonds in
Italian banks were also hit. A subordi-
nated Monte dei Paschi bond maturing
in 2020 dropped to 52 cents on the euro,
down from more than 90 last week,
before recovering later in the day to 62.
Over recent weeks bank bonds in
peripheral Europe have tumbled, in
part because of losses imposed on inves-
tors in Portugal’s Novo Banco, which
triggered a backlash from investors, and
a renewed sensitivity to the problem of
non-performing loans.
Another problem in Italy is the high
proportion of retail investors in the sec-
tor, which rating agencies last week
flagged as a risk when banks fail.
Additional reporting by Giulia Segreti
See Lex
Thursday 21 January 2016 ★ FINANCIAL TIMES 21

COMPANIES

Accounting reforms poised to lift transparency

New standards to be issued on when companies report leasing obligations, declare sales and value financial instruments
KATE BURGESS AND HARRIET AGNEW
When Sir David Tweedie was chairman
of the International Accounting Stand-
ards Board, he joked his life-long ambi-
tion was to fly in an aircraft that actually
existed on an airline’s balance sheet.
Now, some six years later, his hope is
becoming a reality. A new IASB financial
reporting standard will force compa-
nies, including airlines, to include leas-
ing obligations in annual statements of
assets and liabilities from 2019. Next
month, the US Financial Accounting
Standards Board will publish its own
version of the standard.
It is the third in a series of accounting
reforms since the financial crash, aimed
at making companies’ accounts more
transparent — the others govern reve-
nue recognition and the valuation of
financial instruments.
All will have an impact on investors,
as they have the potential to affect lend-
ing arrangements, dividend policies, tax
planning and share prices. They also
represent a step up in regulatory co-op-
eration between the US and interna-
tional standard setters. Converging the
different corporate reporting frame-
works has been fraught. While the two
regulators were largely able to agree on
the revenue recognition and lease
accounting standards, attempts to agree
a common base for assessing financial
instruments failed in 2014.
Revenue recognition — or how and
when companies declare their sales —
has been at the heart of many an
accounting scandal. US computing
group IBM, insurance software business
Quindell and supermarket chain Tesco
have all stumbled over the way they
account for revenues — prompting
investors to call for clearer rules to pre-
vent over-optimistic executives book-
ing sales before netting out costs.
Now, 10 years since the process of
converging US and European rules
began, the IFRS 15 joint standard will
require revenues to be matched to costs
from 2017. Similarly, the new interna-
tional standard on financial instru-
ments is intended to make banks’
accounting more realistic, by forcing
them to recognise not only credit losses
that have occurred but also losses
expected in future.
By moving from an “incurred loss” to
an “expected loss” model in 2018, under
Bean counting
Businesses from airlines to retailers will be subjected to new reporting rules
Moves In addition to new rules on lease
accounting, there are two other big
afoot
changes to accounting standards coming
More big in the next two years.
changes
loom for Revenue recognition
standards New standard published May 2014;
effective from 2017
A single framework for reporting
revenues will make it easier for investors
to compare companies in different
countries — and mitigate the risk that
some companies are using a range of
different rules to flatter their bottom
lines. Companies in the telecoms,
construction, real estate and software
industries are most likely to be affected,
as many of them sell packages of goods
or services — for example, mobile
phone packages on fixed-period
contracts, with insurance.
Financial instruments
Standard published July 2014;
effective from 2018
Under the new standard, companies
must make a provision for potential
credit losses over the next 12 months.
However, investors have argued that
any expected losses falling after 12
months may be left out of the
provisions, which could mask losses
and overstate net assets. They have
also queried banks’ ability to assess
the likelihood of their loans defaulting
within a 12-month timeframe. Efforts
between the IASB and the US FASB to
create a converged standard for
financial instruments ended in 2014 —
and this failure makes it harder for
investors to make like-for-like
comparisons of European banks and
US counterparts. Kate Burgess
Industry-wide exposure
Based on IASB’s sample of 1,022 companies*
Future payments for
off-balance sheet leases ($m)
600
400
200
0 0
Airlines Travel Telecoms Media
& leisure
Retailers Transport Energy Distributors Healthcare
Worldwide disclosure
Companies who disclose off-balance sheet leases, by region (%)
0 20
North America
Europe
Asia/Pacific
Latin America
Africa/Middle East
* Accounting for over 80% of total off-balance sheet leases (excluding banks)
Source: IFRS
IFRS 9 the regulators hope to avoid the
problems that occurred in the crisis,
when banks could not book accounting
losses until they happened, even though
they could see them coming.
However, it is the new standard for
accounting for leases — known as IFRS
16 — that is arguably the most impor-
tant, because it ends a practice that
investors claim has hidden assets and
liabilities from plain sight.
At present, all kinds of companies
have operating leases for some equip-
ment and property, but they do not bill
them as assets and liabilities on their
balance sheets. They only record them
as footnotes and include payments for
the assets in income statements.
Now, operating leases will appear
alongside financial leases on balance
sheets from 2017 — with only short-
term leases and small ticket items
excluded. According to the IASB, the
new IFRS 16 standard will affect one in
two quoted companies globally, forcing
them to put about $3tn of leasing obliga-
tions on to their balance sheets. It will
bear upon the companies’ credit scores
and debt covenants based on ratios of
As a % of obligations to cash, assets or profits.
total assets Retailers, hoteliers and airlines will be
30 the most affected by the new require-
ment. For these companies, off-balance
sheet leases represent close to 30 per
20 cent of assets, according to the IASB.
Investors and analysts have largely
welcomed the new standard. While
10 IFRS 16 will add to a company’s liabili-
ties, they say it will bring offshore
financing into the open, make accounts
more transparent and improve compar-
IT Others isons of return on capital.
Vincent Papa, director of financial
reporting policy for Chartered Financial
Analysts, says IFRS 16 will standardise
the currently varied disclosure of leas-
ing costs in footnotes.
Some accountants have warned that
40 60 companies might try to change their
lease terms to sidestep the new rules.
However, analysts point out that the
effect has been well flagged to investors.
“The stock market impact of this is
going to be minimal because analysts
[already] capitalise leases,” notes
Stephen Furlong, an airline analyst at
Davy Research.
Credit rating agencies have for some
time used the information disclosed in
accounting footnotes to adjust credit
Many scores to include operating leases.
Moody’s says it already adds about
companies $1.7tn in debt to its numbers for global
accepted the
non-financial rated companies.
Many companies have accepted the
inevitability
inevitability of change, and changed
of change, their models. In the airline industry, for
and changed example, off-balance sheet leasing has
their models been diminishing. Fewer than 10 of Rya-
nair’s aircraft will be leased by 2019,
when the changes take effect. Less than
a third of easyJet’s fleet is leased.
Tesco’s headline debt will more than
double to £17bn under the new rules,
but it already discloses all lease obliga-
tions, so analysts say they are unlikely to
change the view of the company. This
has caused some to complain about the
cost of the new rules. But given the pace
of accounting change, the IASB may
deem it a triumph that Sir David will
realise his lifetime ambition only a few
years into retirement.

Legal Notices
Shipping

Liquidity fears hit Hyundai marine

SONG JUNG-A — SEOUL
Shares in Hyundai Merchant Marine
sank yesterday on growing concern
about its liquidity after a failed asset
sale and credit downgrade.
South Korea’s second-largest shipping
company by sales plunged 17 per cent to
Won2,315, the lowest in more than 12
years, on speculation that it may be
forced to seek court receivership as it
struggles to pay back debts.
The liquidity crunch at the container
shipping line has worsened following a
failed attempt in November to sell its
22.4 per cent stake in brokerage affiliate
Hyundai Securities to Japanese finan-
cial services group Orix Corp for
Won647bn.
With loans of Won221bn ($182m)
maturing in April and Won299bn in
July, investors are questioning
Hyundai’s ability to pay them back.
Creditors remain reluctant to roll over
debts with the world’s shipping industry
still crippled by a protracted slide.
The deteriorating financial condition
of HMM and bigger rival Hanjin Ship-
ping has stoked speculation that Seoul
might orchestrate a merger, although
the government and the companies
deny any such plan. HMM must submit
a revised plan to improve its balance
sheet to its main creditor, Korea Devel-
opment Bank, in coming weeks.
Kim Sang-hoon, an analyst at Shinhan
Investment, said: “Investors are con-
cerned about the liquidity crunch at
HMM and they think it could be easier
for Hanjin to take over HMM if the latter
goes into receivership.”
HMM and Hanjin, which handle the
bulk of their country’s exports, have
been hit by a year-long-drop in out-
bound shipments partly due to the slow-
ing economy in China, South Korea’s
largest trading partner. HMM suffered
an operating loss of Won126.9bn in the
first nine months of last year and is
unlikely to return to profit this year.
The group has Won581.4bn in short-
term debt and raised about Won3.58tn
via asset sales over the past two years,
but has struggled to raise funds since a
local credit rating agency downgraded it
by two notches in November.
It has sold its profitable liquefied nat-
ural gas business and US container ter-
minals, as well as stakes in Hyundai
Logistics and tour operator Hyundai
Asan. But its balance sheet is a source of
concern with its cash and cash equiva-
lents standing at just Won382.3bn
against its total liabilities of Won6.3tn.
South Korean shipping companies are
not alone in their plight, but they have
suffered from a lack of scale as they try
to compete with larger western rivals.
Additional reporting by Simon Mundy

Technology

Deezer secures €100m in latest funding round

ROBERT COOKSON
Deezer, the music streaming service
that last year abandoned an attempt to
raise €300m in an initial public offer-
ing, has secured a €100m cash injec-
tion from its existing investors led by
Len Blavatnik’s Access Industries.
The Paris-based company, which ranks
as the third-biggest music streaming
service by subscriber numbers after
Spotify and Apple Music, cancelled its
IPO in October after failing to convince
stock market investors that it justified a
valuation of as much as €1.1bn.
Hans-Holger Albrecht, chief execu-
tive, said the new funding round would
allow Deezer to “consolidate our posi-
tion as a leading global, independent
audio streaming service and expand our
offering to music lovers around the
world”.
Deezer offers its service in 180 coun-
tries and says it has more than 6m sub-
scribers. The company often partners
local telecoms groups to bundle its serv-
ice into mobile contracts.
Orange, the French telecoms group
that accounted for almost a quarter of
Deezer’s revenues in the first half of
2015 is the streaming company’s sec-
ond-biggest shareholder after Access
Industries and participated in the latest
funding round.
Pierre Louette, an executive at
Orange, said: “Consumers everywhere
are listening to music on their mobile
phones, and this represents a massive
opportunity for engagement and
increased usage.”
While consumption of music through
Deezer plans to expand its music
streaming service using new funds
streaming services is growing rapidly,
Deezer has been outpaced by Spotify
and Apple Music, which have more than
20m and 10m subscribers, respectively.
All three companies offer subscribers
access to tens of millions of songs for a
fee of about $10 a month.
Spotify announced yesterday that it
had acquired two small businesses, Cord
Project and Soundwave. Cord Project,
founded in New York in 2014, builds
audio products for connected devices.
Its main product, Cord, is a voice mes-
saging platform for phones, tablets and
watches on iOS and Android. The Cord
team will form a new product group at
Spotify that will focus on “creating com-
pelling content experiences”.
Sound wave, founded in Dublin in
2012, operates a music-focused social
networking app that helps users dis-
cover new music and connect with other
fans. Spotify said the acquisition would
help “enhance the overall consumer
experience” on the streaming service.
To differentiate itself from its rivals,
Deezer has been attempting to tailor its
offering to local markets.
22
BG’s better numbers inspire revisionism in favour of Shell takeover
Clarification: last year, numerous
articles in the business press
questioned the usefulness of incoming
BG Group chief executive Helge Lund,
given that Shell was buying the
business. These typically appeared
under such headlines as “Freeloader
Lund to get £28m just for turning up”.
In the light of BG Group’s fourth-
quarter update, which showed daily
production volumes had beaten
guidance at 704,000 barrels of oil
equivalent, Lombard would like to
correct infelicities of emphasis on
behalf of Her Majesty’s press corps. For
example, the headline mentioned
above should have actually read:
“Hotshot Helge set to outshine
shambolic Shell.”
Profiles characterising the ex-Statoil
boss as a stolid Scandi bureaucrat had a
subtext, we can now reveal. His façade
Telecoms
TalkTalk sheds
customers after
hacking attack
Share of new business
slips while existing
subscribers also pull out
DANIEL THOMAS
TELECOMS CORRESPONDENT
TalkTalk suffered a sharp drop in cus-
tomers following a high-profile cyber
attack that was thought to have exposed
the personal and financial details of its
users, according to market researchers.
Kantar Worldpanel ComTech
reported that TalkTalk’s share of new
customers in the home telecoms serv-
ices market fell 4.4 percentage points in
BT benefited the most,
Kantar said, picking up
40% of the customers
leaving TalkTalk
the third quarter, when the hack
occurred.
TalkTalk has yet to reveal the full
extent of the impact of the hack on cus-
tomer numbers. It was initially feared
that information about 4m clients had
been exposed.
The group later found that just 4 per
cent of customers had been affected,
with none of the information stolen pro-
viding access to financial details. How-
ever, the initial assessment had already
triggered widespread concern.
TalkTalk has spent between £30m
and £35m dealing with the damage of
the attack, its investigation and
strengthening its website. Five people
Insurance
Zurich warns of $275m in winter storm losses GSK and Qualcomm plan medical tech tie-up
RALPH ATKINS — ZURICH
OLIVER RALPH — LONDON
Zurich Insurance warned it expected
$275m of losses from winter storms
and flooding in the UK and Ireland, in
another setback for the Swiss insurer.
Shares in Zurich tumbled 10 per cent
yesterday after the announcement,
which also revealed that natural catas-
trophe, credit and property losses else-
where in the world had further eroded
the group’s performance in the final
three months of 2015.
Zurich has been under pressure since
September when it was forced to drop a
£5.6bn bid for RSA, the UK insurer, after
revealing problems in its general insur-
ance business. In December, Martin
Senn quit as chief executive, and the
group is still on the hunt for a successor.
conceals a shrewd go-getter, intent on
ensuring Shell’s purchase of BG goes
ahead. These attributes have been
highlighted by a 40 per cent drop in
Shell’s fourth-quarter profits that
makes BG look good.
In the circumstances, it is right to
overlook an unexpected $700m BG
write-off for the lower value of stocks
and reserves in the North Sea. This is
small change in the context of $400bn
in project deferrals across the industry.
Some readers believed low oil prices
might derail the £33bn tie-up with BG
masterminded by Shell boss Ben van
Beurden. Straplines such as “Bungling
Ben faces investor revolt” may have
inadvertently fostered this impression.
These days, harassed writers are
obliged to share their thoughts
constantly via Twitter on subjects
ranging from Jeremy Corbyn’s beard to
the perils of throwing sticks for dogs.
This reduces time for researching
topics such as shareholder overlap or
the impact of falls in Shell shares on
the takeover price.
As a one-off goodwill gesture, the
British media are prepared to run
reports entitled “BG deal pays off for
have been arrested in connection with
the investigation into alleged data theft.
TalkTalk is set to provide further details
about the hack’s impact in its results at
the start of February.
As a result, Kantar found that cus-
tomers had “lost faith in TalkTalk as a
trustworthy brand”. As well as losing
share of new customers, TalkTalk also
shed existing clients in the fourth quar-
ter of 2015, according to Kantar, with 7
per cent of its broadband customers
turning to a different provider.
BT benefited the most, Kantar said,
picking up 40 per cent of the customers
leaving TalkTalk. Other suppliers such
as Sky also gained broadband, fixed line
and paid television users.
BT’s share of new customers grew in
the final quarter of 2015, with a 30 per
cent share of the broadband market.
Customers were also attracted to its TV
services, given the offer of Champions
League and Premier League matches.
The group also benefited from an
“improved perception of reliability” in
the wake of the TalkTalk hack, with
Kantar finding that 12 per cent of new
customers said their primary reason for
joining was because they saw it as a
trusted supplier.
“Nearly a fifth of those leaving
TalkTalk did so directly as a result of
poor reliability — a significant increase
on the previous quarter when fewer
than 1 per cent cited this reason,” said
Imran Choudhary, consumer insight
director at Kantar Worldpanel.
TalkTalk gained some customers, he
said, based on its “attractive promo-
tions” across the home services market.
TalkTalk declined to comment on the
Kantar figures.
The company said its general insur-
ance business would report a business
operating loss of about $100m for the
fourth quarter of 2015. But it expected
an improvement during 2016 as meas-
ures to reduce exposures to large losses
took effect.
“The key issue is that, having already
increased the assumptions for large
losses, they are now 3 per cent higher
than the revised assumptions,” said
Andy Hughes, analyst at Macquarie.
“My concern is on the company’s earn-
ings volatility.”
In October, the general insurance
division was taken over by Kristof Ter-
ryn, who had previously headed
Zurich’s life business. He has taken steps
to scale back exposures and improve
underwriting performance.
But fears remain that the problems
★ FINANCIAL TIMES
UK COMPANIES
bold Van Beurden”, if cost synergies
exceed the revised forecast of $3.5bn.
But we reserve the right to spike
these items if the share price
disappoints on the day.
Taxi strivers
The Lombard Disambiguator separates
individuals who casual observers might
elide. Following Uber’s victory over
London cabbies, we untangle:
Travis Kalanick, truculent founder of
the online taxi service, and ...
Travis Bickle, truculent protagonist of
1976 film classic Taxi Driver.
Similarities: Both embody a zeitgeist
while dreaming of a better world. In Mr
Kalanick’s Utopia, app users worldwide
book fast, efficient transport provided
by happy self-employed drivers,
including military veterans. Mr Travis,
himself a military veteran, just wants
to “wash the trash off the sidewalk” of
a crime-ridden New York.
Differences: Bickle is a danger to the
public. Mr Kalanick is popular with the
public but a threat to conventional
cabbies, whose model Uber disrupts.
Retail therapy
Colouring
books brighten
upWH Smith
are deep-seated. “This is the continued
implosion of their underwriting,” says
Mark Cathcart, analyst at Jefferies.
“They used to have something called
‘the Zurich Way’, where they had tight
and consistent group-wide underwrit-
ing processes, but they appear to have
lost that discipline.”
Mr Cathcart believes that the latest
warning puts the dividend under threat.
While he has maintained his forecast for
the 2015 dividend at SFr17, he has cut
his forecast for next year’s payout by 18
per cent to SFr14.
According to the Association of Brit-
ish Insurers, total payouts from the
storms in December will reach about
£1.3bn. Direct Line is the only other
company to provide details for the size
of its exposure, saying that the storms
would cost it £140m.
Habits: Mr Kalanick trudges round a
walking track at Uber’s San Francisco
HQ clutching a phone. Bickle practises
pulling a Magnum in front of a mirror.
Catchphrases: Bickle: “You talkin’ to
me?” Kalanick: “You regulatin’ me?”
Mis-steps: Bickle mulled killing a
politician. Mr Kalanick made dumb
comments about Nevada transport
officials, who he likened to riot police.
Achievements: Mr Kalanick’s
unstoppability is reflected in Transport
for London’s abandonment of plans to
impose a protectionist five-minute wait
time on Uber pickups. Bickle shot some
low-lifes and was hailed as a hero.
Takeaway: Pick battles you can win.
Synthesis: Ambiguity is a feature of
both characters. Mr Kalanick is a
consumer champion, but the gig
economy means insecurity for many.
Colour them beautiful
Adult colouring books are supposed to
be good relaxants. They would need to
be the Grade A kind to allay frayed
nerves following yesterday’s 3.5 per
cent drop in the FTSE 100. But strong
WH Smith said profits would be
slightly ahead of expectations after
demand for colouring books for adults
helped drive robust high street sales
over Christmas. Like-for-like sales rose
2 per cent in the 20 weeks to January
16 compared with a 2 per cent decline
over the same period last year.
The increase was fuelled by higher
revenues at its airport and rail network
outlets, but WH Smith said the rosier
outlook was on the back of Christmas
trading at its high street chain, “driven
by the ‘colour therapy’ phenomenon”.
Analysts say it is the chain’s best
Christmas performance on the high
street in more than a decade. Shares
Healthcare
JAMES FONTANELLA-KHAN,
DAVID CROW AND ANDREW WARD
GlaxoSmithKline and Qualcomm are in
talks to set up a joint venture poten-
tially worth up to $1bn to develop med-
ical technology — the latest example of
convergence between the healthcare
and technology industries.
The UK pharmaceuticals company has
hired lawyers to help negotiate the
terms of the venture with the US chip-
maker, according to people familiar
with the matter.
Details of the alliance remain unclear
but they are expected to pool financial
and human resources in an effort to
develop new technology for use in the
pharmaceuticals industry.
The potential tie-up highlights the
growing interest of technology groups in
sales of the books brought some
comfort to investors through a 6 per
cent rally in the shares of WH Smith.
The City was pleasurably stunned by
an update that reported 2 per cent
growth in high street sales over
Christmas. Sales there have dropped
for aeons. WH Smith has focused on
fast-growing outlets in stations and
airports, which specialise in food and
drink. Turnover here rose 12 per cent
in the 20 weeks to January 16.
The colouring books promise to
bring “mindfulness” and are a New Age
take on the painting-by-numbers sets
from which hobbyists produce blotchy
pictures of ponies.
They are ephemeral. Recovering
sales of novels may not be, any more
than smarter stock selection. But
analysts are getting carried away in
imagining the high street is returning
to growth. Equally, while the two
divisions are easily separable, the
modest prospective value of the high
street unit may preclude a demerger.
City scribblers should calm down. A
colouring book could help with that.
jonathan.guthrie@ft.com
climbed almost 8 per cent to £17.09
in afternoon trade.
Like-for-like high street sales rose
2 per cent in the five weeks to
January 2, though revenues were flat
for the period as a whole. Like-for-
like sales at its travel stores rose 5
per cent, against 2 per cent last year.
Stephen Clarke, chief executive,
said profitable growth and cash-
generation would “remain central”.
Analysts at Peel Hunt said: “It is
the first time in analytical living
memory that we have talked about
positive like-for-like on the high
street for the company.” Aliya Ram
See Lombard
Alessia Pierdomenico/Reuters
healthcare — an area that has been rela-
tively slow to embrace the digital revo-
lution but is increasingly seen as ripe for
innovation.
A venture with GSK would run along-
side an existing collaboration between
Qualcomm and Novartis, the Swiss
drugmaker, which last year set up a
$100m fund with the US company to
jointly invest in digital health ventures.
Qualcomm is also working with
Novartis and other drugmakers on tech-
nology to collect and analyse data from
clinical trials more efficiently.
Other groups are forging similar
deals. Samsung Electronics last month
announced an alliance with Medtronic
to deliver real-time health data from
medical devices — allowing doctors and
patients to monitor symptoms and
manage treatments remotely.
Thursday 21 January 2016
Briefs
PwC
Cloud tech purchase
PwC is to buy a consultancy
specialising in cloud-based
technology, in the latest attempt by
a big professional services firm to
reduce its reliance on lower-margin
accountancy and audit work.
The firm has reached conditional
agreement to purchase Warsaw-
based Outbox Group for an
undisclosed sum, and expects to
complete the deal next month.
Consulting was the fastest-
growing division at PwC UK last
year, and this deal follows on from
the acquisitions of Booz &
Company and Mokum in 2014.
Outbox helps companies develop
computer systems that improve
their interactions with customers,
using software from suppliers such
as Salesforce, Oracle and SAP.
The addition of Outbox’s 270
staff means PwC will have almost
3,000 technology specialists across
Europe, the Middle East and Africa.
Nicholas Megaw
Nestlé
Bad break for Kit Kat
Nestlé suffered another setback
yesterday in its long-running legal
wrangles over the shape of its Kit
Kat chocolate bar.
The company said yesterday that
the UK High Court had rejected its
efforts to protect the shape of the
four-finger chocolate snack.
A spokesman said: “Kit Kat is
much loved and the iconic shape of
the four-finger bar . . . is well known
by consumers.
“We believe that the shape
deserves to be protected as a
trademark in the UK and are
disappointed that the court did not
agree on this occasion. We are
taking the necessary steps to
appeal this judgment.” FastFT
JD Wetherspoon
Wages hit profits
Shares in JD Wetherspoon fell to
their lowest level in two-and-a-half
years yesterday after the UK pub
operator said profits would be at
the lower end of expectations
because of higher wage costs.
The warning came despite a rise
in revenues over the festive period.
In a trading update the group said
like-for-like sales in the 12 weeks to
January 17 rose 3.3 per cent,
compared with a 2.8 per cent
increase last year. Total sales for the
quarter rose 6.3 per cent, lower than
the 6.8 per cent uplift in 2015.
But Wetherspoon reiterated its
view that above-inflation pay
increases would dent earnings. The
group said its operating margin for
the six months to January 24 would
be about 6.3 per cent, 1.1 per cent
lower than a year earlier.
“Like-for-like sales have
improved in the second quarter so
far,” said Tim Martin, chairman.
“However ... increased labour costs
will be an important factor in the
outcome for this financial year.”
The share price fell almost 13 per
cent early yesterday, but regained
some ground and by mid-afternoon
was 9.8 per cent lower at 608.5p.
Aliya Ram
Last year, Google agreed to work with
Sanofi, the French pharma group, on
technology to improve diabetes
treatment.
The company also has a partnership
with Novartis to develop a “smart con-
tact lens” that can monitor the glucose
levels of a diabetic’s tear fluid.
Apple, meanwhile, has launched a
platform called ResearchKit that allows
researchers to harness medical data
from iPhone users.
As more consumers use smartphones
and wearable tracking devices to meas-
ure basic functions such as heart rate,
companies are looking at whether min-
iaturised sensors can be used to collect
clinical information for use in drug tri-
als and frontline healthcare.
GSK and Qualcomm declined to
comment.
Thursday 21 January 2016
Retail
Co-op chief ‘broke his own procurement policies’
Richard Pennycook’s
hires ignored conflicts of
interest, tribunal told
ANDREW BOUNDS — MANCHESTER
The chief executive of the Co-operative
Group has been accused of breaking his
own procurement policies and ignoring
conflicts of interest at an employment
tribunal.
Richard Pennycook defended his hir-
ing of a number of highly paid consult-
ants as the Co-op Bank came close to col-
lapse in 2013 and 2014.
Provident chases rewards where big banks fear to tread
Subprime lender faces new
challenges as it juggles credit
card and doorstep businesses
JOHN MURRAY BROWN
Provident Financial is rare among UK
lenders — it had a good financial crisis.
But analysts are starting to ask whether
fortunes are turning for the subprime
provider, which was promoted to the
FTSE 100 at the end of 2015.
The Bradford-based company has
four main products — a credit card busi-
ness called Vanquis Bank, an online
instalment loan product called Sat-
suma, a motor finance unit and a home
credit or doorstep lending arm which
sends 5,000 agents to collect money
every week from some of the UK’s poor-
est households.
Vanquis Bank has been the main
engine for growth, its loan book increas-
ing tenfold between 2007 and 2015, as it
recruited customers turned away by the
mainstream banks.
It was expected to benefit from the
regulatory clampdown on payday lend-
ers and launched Satsuma in 2014 as a
direct competitor to those businesses.
But the division, which has just 50,000
customers, saw its book decline last
year.
Meanwhile, Provident has been delib-
erately shrinking its traditional door-
step business, where it has a 60 per cent
market share, into a “smaller but
stronger” operation while improving
collection rates and raising margins.
Vanquis Bank accounts for about two-
thirds of profits. But a trading update
last week underscored that growth in
credit cards — where the APR or annual
percentage rate is about 40 per cent
against more than 1,000 per cent for a
typical doorstep loan — is now slowing.
Provident shares are down almost 20
per cent from a peak of £36.34 in late
November.
James Hamilton of Numis Securities
says Provident had little competition
during the financial crisis and was able
to attract prime customers such as grad-
uates in their first jobs, and charge them
subprime rates of interest. But he says it
now faces rising impairment charges as
“prime customers are replaced with
Retail
Grooming services help to
fluff up Pets at Home sales
ALIYA RAM
Pets at Home notched up strong growth
in its third quarter as Britons pam-
pered their pooches in the run-up to
Christmas.
The UK’s largest pet store chain said yes-
terday that third-quarter revenues
climbed 7.1 per cent to £195.1m in the
three months to December 31. Like-for-
like sales rose 2.2 per cent, fuelled by an
8.5 per cent jump in services sales,
including a big contribution from veter-
inary and grooming.
This compares with like-for-like
growth of 4.1 per cent for the group and
26 per cent in the services unit in the
third quarter of the previous year.
According to the pet supplies chain
the number of dogs groomed in the
week before Christmas rose 18 per cent
on the year before to 12,000. Merchan-
dise sales, including pet nutrition, rose
1.7 per cent in the third quarter, com-
pared with 3.4 per cent last time.
“We are pleased with the improved
trading momentum in our merchandise
business, alongside continued strength
in our vet and grooming services,” said
Nick Wood, chief executive. “We are
also delighted with our acquisition of
one of the UK’s leading specialist hospi-
tals, Anderson Moores [a veterinary
He said speed was essential and he
needed “specialist skills” after chief
executive Euan Sutherland quit sud-
denly in March 2014.
He compared it to “a burning build-
ing. You call the fire brigade”, he said.
The mutual retailer spent more than
£100m in fees related to the recapitali-
sation of the bank.
Kathleen Harmeston claims she was
wrongfully dismissed from her role as
chief procurement officer at the Co-op
after revealing corporate wrongdoing.
She is claiming £5m in damages at the
Manchester tribunal.
Ms Harmeston was sacked in Septem-
more normal non-standard customers”.
Numis has a sell recommendation on
the stock.
He says Vanquis Bank could prove
“more, not less, sensitive” than the com-
pany’s traditional doorstep business to
changes in economic conditions.
Provident has long dominated this
sector of UK consumer credit, which is
said to comprise about 12m consumers
unable to access high street banks
because of poor credit histories. The
total value of non standard consumer
loans is around £70bn compared with
total unsecured consumer credit in the
UK of about £215bn.
The high street banks had subprime
offerings before the financial crisis —
such as Lloyds Bank’s Blackhorse — but
most have since closed these operations.
Barclays has a credit card product called
Initial but the main competition is from
specialist subprime lenders such as the
US groups Capital One and Encora
International.
In the doorstep business, Provident’s
dominance is now being challenged by a
new operator, with Non-Standard
Finance, run by former Provident chair-
man John van Kuffeler, snapping up
‘For customers in the
lower income deciles, life’s
one permanent recession’
Peter Crook, chief executive
rival brand LoansAtHome4U and the
branch business Everyday Loans from
the Arbuthnot banking group.
NSF, which is backed by fund man-
ager Neil Woodford and other City fig-
ures, is now the third-largest doorstep
lender after Provident and Morses Club,
which owns Yorkshire-based Shopa-
check.
Peter Crook, Provident chief execu-
tive, is convinced the company is right
to focus on credit card and online lend-
ing and lessen its dependence on the
doorstep market. “Most people want to
borrow through plastic or online prod-
ucts — that’s where people’s preference
is,” he says. “Almost everyone in the
land has got online access to their home
and it’s reached even the lowest deciles
specialist].” Mr Wood said the slow-
down in the pace of growth during its
second year as a listed company was due
to tough comparatives from 2014-15,
when warm and wet weather resulted in
high sales of flea treatments.
“Last year’s growth was above our
expectations because health and
hygiene was very strong,” he said. “This
year we’ve had a drag to our perform-
ance from health and hygiene . . . but
underlying that, you have a very
strong [offer] with a very fast and
£195.1m 27.4%
Pets at Home’s Jump in third-
revenues in the quarter sales
third quarter, a from the services
rise of 7.1% business
accretive business tacked on top.
General merchandise sales, includ-
ing health and hygiene products,
account for a slightly larger proportion
of the company’s revenue mix over the
winter.
But total sales from the fast-growing
services business increased more than
in the previous year, jumping 27.4 per
cent to £17.8m, compared with a 26 per
cent rise last time, as Britons groomed
their pets ready for Christmas.
★ FINANCIAL TIMES
UK COMPANIES
ber 2014 after just six months. She had
been hired from Royal Mail Group to cut
the group’s spending under pressure
from its lenders.
Mr Pennycook denied there was any
conflict of interest in hiring Pippa Wicks
as chief operating officer.
Ms Wicks is managing director of
AlixPartners, a consultancy that was
paid £8m by the Co-operative in 2013
for its work on the bank. She remains
interim chief operating officer of the
Co-op Group and AlixPartners was paid
£949,000 by the mutual in 2014 for her
services for a three-day week, based on
an £8,000 daily rate.
Financials. Growth challenge
Bradford-based Provident Financial operates doorstep lending in areas with some of the country’s poorest households — Christopher Furlong/Getty Images
UK credit market
Customer numbers 2014 (m)
Non-standard
credit market: Non-standard
direct credit market: Moneybarn
repayment home collected 3 0.22
Near
9 Satsuma
-prime
7 0.21
52
Total UK
credit
Prime 33 market Provident
Source: Provident Financial Group
Mining
BHP investors braced for cut
in dividend after price slump
JAMES WILSON — MINING CORRESPONDENT
BHP Billiton shares touched their low-
est in more than a decade yesterday as
expectations rose that the world’s most
valuable mining group would cut its
dividend following the commodity
price slump and a dam disaster.
Signalling its determination to protect
its balance sheet during the commodi-
ties downturn, BHP hinted at the poten-
tial for a change to its longstanding pol-
icy of maintaining or increasing its divi-
dend for investors year on year.
BHP said it wanted financial flexibil-
ity to be able to take advantage of any
recovery in copper and oil prices, poten-
tially by snapping up cheap assets.
In a production update, Andrew Mac-
kenzie, chief executive, said the whole
natural resources sector was under
pressure.
“We continue to cut costs and remain
focused on safely improving our opera-
tional performance to enhance the resil-
ience of our business,” he said. “In this
environment, we are also committed to
protecting our strong balance sheet.”
BHP is considering a change to its div-
idend policy as it prepares to announce
results next month.
BHP is rare among mining companies
in having a significant oil and gas busi-
Joanne Woodward, for Ms Harmes-
ton, accused Ms Wicks of seeking to oust
her after she produced a plan to give all
consultants “a haircut” of 20 per cent.
“You were looking to get rid of her,” she
said.
“I wanted her to be successful,” Ms
Wicks said, adding that Ms Harmeston’s
dismissal had been a “headache”.
Ms Harmeston also made a whistle-
blowing complaint about the group’s
practices. This included Mr Penny-
cook’s decision to pay three consultants
through confidential means to avoid
members seeing the payments. The trio
were working on a contentious review of
Provident Financial Group’s
divisions
Non-standard credit market share
(m customers)
1.3 Vanquis
1.1 Bank
ness, and tumbling crude prices have
added to the pressure exerted by falling
demand for iron ore and copper.
Average prices obtained for all BHP’s
commodities fell by between 20 per
cent and 51 per cent in the six months to
December 30 compared with the same
period in 2014, the company said.
It has already acknowledged that its
US onshore oil business is not meeting
original expectations by this month out-
lining a $7.2bn writedown.
Meanwhile, the fatal dam disaster
involving BHP’s Samarco joint venture
with Vale in Brazil is likely to result in
significant costs for the company.
Analysts at Investec said: “We have
taken the view that BHP Billiton will
need to reduce its progressive dividend
policy on a permanent basis.”
BHP’s shares in London fell 8 per cent
yesterday, extending their decline this
year to more than 23 per cent.
BHP said its production of coal, cop-
per and oil was between 3 per cent and 6
per cent lower in the six months to
December 30 compared with the same
period in 2014.
While most production targets for its
financial year ending on June 30 were
maintained, BHP said iron ore output
this year would be lower than previ-
ously expected.
23
governance by Lord Myners and the spending controls were too lax amid the
group had suffered several media leaks. “chaos” of trying to save its troubled
“I did not want any details of the con- bank and shore up its balance sheet. He
tracts that had been performed for the knew 70 per cent of the £1bn-plus
independent review in the press,” he budget was non-compliant and Ms
said in a written statement. Harmeston had been called in to clean it
He also hired Alex Firth, a mergers up, so he did not believe her disclosures
and acquisitions expert who had counted as whistleblowing. “I was well
worked with Mr Pennycook in previous aware of the high cost involved in hiring
jobs, over a weekend. Other executives certain highly specialist contractors
questioned how he could hire people such as Pippa,” he said in his statement.
without going through the group’s Orion The tribunal heard that Ms Harmes-
procurement process, but Mr Penny- ton produced a plan to save £161m that
cook said he had the delegated author- Ms Wicks believed was not achievable.
ity to do so. The proposal was so poor it could not go
Mr Pennycook admitted the group’s to the board, Ms Wicks said.
‘The high street
banks find it pretty
difficult to price
these risks
properly. They’ve
got big brand and
reputational and
PR considerations’
through cheap smart phones and tablets cent. Many believe the short duration of
on pay as you go.” its loan book reduces risk, as it lends
Doorstep lending impairments tend short and borrows long.
to track the level of consumer prices or Now, Provident’s challenge is how to
inflation, with borrowers typically in maintain profits growth, if, as Mr Ham-
rented accommodation, reliant on part- ilton at Numis argues, the quality of the
time work bolstered by welfare top-ups. average borrower declines, pushing up
“For customers in the lower income defaults. However, the lender is unlikely
deciles, life’s one permanent recession. to cede its dominant position in a sector
Good years and bad years don’t look where big banks still fear to tread.
that much different,” says Mr Crook. Mr Crook says: “The high street banks
However, analysts remain concerned find it pretty difficult to price these risks
about the fast-growing credit card divi- properly. They’ve got big brand and rep-
sion which allowed Provident to pay out utational and PR considerations. We’re
72 per cent of earnings in dividends last a specialist lender. We charge a fair price
year while expanding its loan book by 16 for the risks we take. We’re not shy
per cent and strengthening its core capi- about high APRs — they’re needed to
tal ratio from 21.9 per cent to 22.6 per price the risks correctly.”
Businesses For Sale
Business for Sale, Business Opportunities, Business Services,
Business Wanted, Franchises
Runs Daily
.........................................................................................................................................................................................................................................................................
Classified Business Advertising
UK: +44 20 7873 4000 | Email: acs.emea@ft.com
24 FINANCIAL TIMES Thursday 21 January 2016

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-2.89% -2.80% -2.80% -3.46% -3.30% -3.71% -3.82% -3.38% -1.299% -0.389% -2.51%
No change
0.354% 1.43%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Dec 21 - Jan 20 Index All World Dec 21 - Jan 20 Index All World Dec 21 - Jan 20 Index All World Dec 21 - Jan 20 Index All World Dec 21 - Jan 20 Index All World Dec 21 - Jan 20 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,041.89 13,009.93 10,469.26 19,049.91
6,061.19 5,876.80 1,992.56
1,826.97 9,391.64 1,845.45
11,535.92 16,416.19
Day -2.89% Month -8.96% Year -9.59% Day -3.89% Month -11.41% Year -19.36% Day -3.46% Month -6.41% Year -14.43% Day -2.82% Month -5.72% Year NaN% Day -3.71% Month -13.54% Year -3.52% Day -2.34% Month -6.57% Year -3.00%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
5,002.55 43,328.72 1,419.35 9,415.60 21,755.56 2,852.84
40,094.77 8,281.40 18,886.30 2,559.77
4,351.41 1,267.63
Day -2.80% Month -11.74% Year -6.24% Day -1.75% Month -6.59% Year -3.94% Day -3.30% Month -10.82% Year -11.03% Day -3.20% Month -14.77% Year -18.47% Day -3.82% Month -13.19% Year -20.44% Day -2.98% Month -10.27% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
17,495.84 44,014.93 21,210.23 3,642.47 25,735.90
4,567.60
24,062.04
15,567.35 37,068.08 4,124.95 2,976.69
17,967.91
Day -2.80% Month -9.13% Year -11.12% Day -2.60% Month -15.50% Year -22.50% Day -3.45% Month -10.82% Year -6.14% Day -4.83% Month -15.41% Year -8.60% Day -1.03% Month -16.83% Year -4.48% Day -1.71% Month -5.71% Year -14.86%

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 9240.10 9801.27 Cyprus CSE M&P Gen 67.88 67.69 Italy FTSE Italia All-Share 19552.82 20535.67 Philippines Manila Comp 6259.61 6357.05 Taiwan Weighted Pr 7699.12 7854.88 Cross-Border DJ Global Titans ($) 209.74 216.20
Australia All Ordinaries 4896.90 4955.10 Czech RepublicPX 855.92 873.98 FTSE Italia Mid Cap 29839.35 31246.25 Poland Wig 42459.39 42738.28 Thailand Bangkok SET 1248.98 1266.01 Euro Stoxx 50 (Eur) 2875.79 2980.49
S&P/ASX 200 4841.50 4903.10 Denmark OMXC Copenahgen 20 904.52 932.09 FTSE MIB 17967.91 18880.52 Portugal PSI 20 4559.11 4679.01 Turkey BIST 100 71073.16 71039.68 Euronext 100 ID 809.65 837.98
S&P/ASX 200 Res 2035.60 2100.90 Egypt EGX 30 6097.45 5941.19 Japan 2nd Section 4258.33 4370.58 PSI General 2203.85 2261.65 UAE Abu Dhabi General Index 3767.64 3889.24 FTSE 4Good Global ($) 4795.35 4952.31
Austria ATX 2043.40 2114.48 Estonia OMX Tallinn 875.15 880.14 Nikkei 225 16416.19 17048.37 Romania BET Index 6072.69 6175.52 UK FT 30 2740.20 2697.20 FTSE All World 232.63 240.76
Belgium BEL 20 3285.15 3382.48 Finland OMX Helsinki General 7866.29 8087.46 S&P Topix 150 1102.89 1146.08 Russia Micex Index 1630.39 1645.56 FTSE 100 5673.58 5876.80 FTSE E300 1267.63 1310.95
BEL Mid 5317.55 5455.70 France CAC 40 4124.95 4272.26 Topix 1338.97 1390.41 RTX 628.41 660.29 FTSE 4Good UK 5158.31 5340.83 FTSE Eurotop 100 2509.95 2596.73
Brazil Bovespa 37068.08 38057.01 SBF 120 3262.60 3375.84 Jordan Amman SE 2097.93 2110.52 Saudi-Arabia TADAWUL All Share Index 5459.84 5746.40 FTSE All Share 3123.43 3231.53 FTSE Global 100 ($) 1161.60 1201.91
Canada S&P/TSX 60 678.11 706.58 Germany M-DAX 18322.99 19029.23 Kenya NSE 20 3796.49 3835.10 Singapore FTSE Straits Times 2559.77 2638.47 FTSE techMARK 100 3650.07 3752.82 FTSE Gold Min ($) 833.36 866.98
S&P/TSX Comp 11535.92 12002.24 TecDAX 1596.76 1647.56 Kuwait KSX Market Index 498.53 508.42 Slovakia SAX 308.45 303.23 USA DJ Composite 5387.40 5543.56 FTSE Latibex Top (Eur) 1778.40 1910.10
S&P/TSX Met & Min 235.77 255.13 XETRA Dax 9391.64 9664.21 Latvia OMX Riga 593.49 592.35 Slovenia SBI TOP 669.77 666.25 DJ Industrial 15567.35 16016.02 FTSE Multinationals ($) 1357.08 1351.37
Chile IGPA Gen 17026.06 17269.31 Greece Athens Gen 526.44 558.25 Lithuania OMX Vilnius 481.93 483.82 South Africa FTSE/JSE All Share 46329.78 47627.76 DJ Transport 6457.89 6657.20 FTSE World ($) 413.00 427.41
China FTSE A200 8167.20 8294.37 FTSE/ASE 20 144.01 155.47 Luxembourg LuxX 1211.50 1264.28 FTSE/JSE Res 20 22276.06 23327.11 DJ Utilities 576.44 591.87 FTSEurofirst 100 (Eur) 3540.22 3663.91
FTSE B35 10184.28 10399.65 Hong Kong Hang Seng 18886.30 19635.81 Malaysia FTSE Bursa KLCI 1618.83 1629.22 FTSE/JSE Top 40 41610.78 42872.39 Nasdaq 100 4030.49 4147.07 FTSEurofirst 80 (Eur) 3892.74 4021.91
Shanghai A 3115.34 3147.73 HS China Enterprise 8015.44 8377.80 Mexico IPC 40094.77 40809.25 South Korea Kospi 1845.45 1889.64 Nasdaq Cmp 4351.41 4476.95 MSCI ACWI Fr ($) 364.61 362.68
Shanghai B 364.79 371.32 HSCC Red Chip 3357.34 3518.39 Morocco MASI 8887.85 8868.67 Kospi 200 224.54 230.08 NYSE Comp 9006.31 9301.74 MSCI All World ($) 1520.49 1514.05
Shanghai Comp 2976.69 3007.74 Hungary Bux 22753.21 23214.77 Netherlands AEX 395.72 407.68 Spain IBEX 35 8281.40 8554.90 S&P 500 1826.97 1881.33 MSCI Europe (Eur) 1305.69 1285.15
Shenzhen A 1962.09 1982.36 India BSE Sensex 24062.04 24479.84 AEX All Share 607.03 626.76 Sri Lanka CSE All Share 6261.18 6283.24 Wilshire 5000 18699.13 19286.30 MSCI Pacific ($) 2102.05 2093.20
Shenzhen B 1174.89 1194.70 S&P CNX 500 6115.75 6225.20 New Zealand NZX 50 6113.72 6124.20 Sweden OMX Stockholm 30 1295.54 1332.17 Venezuela IBC 14465.42 13593.96 S&P Euro (Eur) 1291.88 1335.16
Colombia COLCAP 1100.30 1078.69 Indonesia Jakarta Comp 4427.99 4491.74 Nigeria SE All Share 26918.22 22456.32 OMX Stockholm AS 448.56 460.90 Vietnam VNI 529.44 535.77 S&P Europe 350 (Eur) 1298.09 1343.04
Croatia CROBEX 1593.48 1576.47 Ireland ISEQ Overall 6159.83 6366.33 Norway Oslo All Share 552.32 579.44 Switzerland SMI Index 7966.34 8223.76 S&P Global 1200 ($) 1628.89 1679.55
Israel Tel Aviv 100 12.59 12.51 Pakistan KSE 100 30766.01 30766.01 Stoxx 50 (Eur) 2732.49 2830.92
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Jan 20 %Chg %Chg Jan 20 %Chg %Chg Jan 20 %Chg %Chg Jan 20 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Netflix 28.7 101.93 -5.96 Royal Dutch Shell 209.3 1266.00 -99.00 Santander 973.2 3.73 -0.19 Toyota Motor 826.6 6574.00 -230.00 Randgold Resources Ld 4416.00 3.8 6.6 B&m Eur Value Retail S.a. 267.50 4.2 -6.0 Aquarius Platinum Ld 12.50 6.4 11.1 Personal Goods 24822.58 -1.0 -4.0
Apple 26.9 94.09 -2.57 Bp 207.7 328.15 -11.21 Zurich Insurance N 661.2 225.60 0.00 Softbank . 687.6 4692.00 -354.00 Unilever 2832.00 2.6 0.3 Jd Sports Fashion 1082.00 2.0 3.7 Sdl 449.50 5.8 7.8 Beverages 15095.32 -1.9 -2.1
Facebook Class A 24.9 91.20 -4.06 Royal Dutch Shell 206.0 1277.50 -62.21 Bbva 650.7 5.61 -0.22 Mitsubishi Ufj Fin,. 555.8 621.20 -25.60 Burberry 1120.00 2.4 -4.7 Tate & Lyle 596.00 1.5 0.7 Mj Gleeson 585.00 5.1 10.3 Industrial Metals 586.49 -2.0 -17.6
Amazon.com 14.7 552.07 -22.41 Bg 192.6 897.60 -18.40 Unicredit 580.7 4.02 0.00 Sumitomo Mitsui Fin,. 507.6 3903.00 -152.00 Royal Dutch Shell 1277.50 1.8 -11.2 Al Noor Hospitals 1141.00 1.3 2.8 Premier Foods 39.25 4.4 -0.2 Gas Water & Multiutilities 5751.32 -3.0 -3.4
Bank Of America 13.6 13.39 -0.85 Hsbc Holdings 191.3 465.80 -22.85 Amadeus It 575.3 36.63 -0.92 Sony 500.6 2454.00 -212.50 Sabmiller 4123.50 1.6 1.7 Bwin.party Digital Entertainment 126.30 1.3 -2.5 Mccoll's Retail 143.00 3.5 5.2 Food Producers 8037.91 -3.3 -9.3
Hospira 11.8 89.95 -0.01 Sabmiller 159.7 4123.50 1.00 Nestle N 538.8 65.16 0.00 Fast Retailing Co., 447.2 35650.00 -1570.00 Bhp Billiton 580.90 1.2 -17.5 3i Infrastructure 170.70 0.7 -0.6 Lavendon 125.75 2.8 -11.8 Pharmaceuticals & Biotech. 12070.26 -3.5 -6.6
Int Business Machines 11.3 122.05 -6.06 Vodafone 158.1 209.85 -6.95 Novartis N 509.5 74.80 0.00 Mizuho Fin,. 439.4 206.10 -7.30 Prudential 1321.00 0.6 -9.0 Int Public Partnerships Ld 140.20 0.5 0.6 Hill & Smith Holdings 741.50 2.7 -0.5 General Industrials 4132.85 -3.8 -6.0
Microsoft 9.4 49.73 -0.83 Glaxosmithkline 124.4 1357.50 -21.14 Intesa Sanpaolo 479.4 2.69 0.00 Fanuc 274.9 18090.00 -560.00 Next 6525.00 -0.3 -8.3 Hicl Infrastructure Ld 152.50 0.2 0.7 Communisis 40.25 2.5 -1.8 Technology Hardware & Equip. 1162.48 -4.0 -9.1
Alphabet Class A Common Stock 8.8 696.98 -22.10 Lloyds Banking 121.2 64.05 -1.72 Roche Gs 472.6 237.58 0.00 Fuji Heavy Industries 241.1 4364.00 -156.00 Smiths 863.50 -0.3 -5.3 Wood (john) 557.00 0.2 -9.1 Tribal 22.00 2.3 -8.3 Oil Equipment & Services 11103.27 -4.0 -14.9
Citigroup 8.7 39.70 -2.24 Bhp Billiton 112.8 580.90 -48.40 Bayer Ag Na 454.4 102.50 0.00 Daikin Industries, 221.9 7385.00 -526.00 Centrica 204.00 -0.4 -4.0 Gcp Infrastructure Investments 117.60 0.2 -2.1 Punch Taverns 119.00 1.5 -4.1 Nonlife Insurance 2274.95 -4.1 -7.5
Compass 1134.00 -0.5 -2.7 Amlin 665.50 0.1 0.4 Primary Health Properties 102.25 1.1 -1.7 Oil & Gas Producers 4945.07 -4.1 -12.7
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Bg 897.60 -0.6 -6.4 Pz Cussons 270.40 0.0 -5.1 Aberdeen Asian ome Fund Ltd 141.50 0.9 -6.8 Tobacco 43892.90 -4.3 -4.9
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Autonation 45.89 1.34 3.01 Wh Smith 1680.00 92.00 5.79 Asml Holding 77.23 3.43 4.65 Nippon Suisan Kaisha, 606.00 1.00 0.17 Hikma Pharmaceuticals 1922.00 -12.5 -15.9 Restaurant 495.70 -20.1 -25.6 Premier Oil 19.00 -56.1 -60.8 General Financial 8061.01 -8.4 -14.8
Amphenol 46.64 1.22 2.69 Pets At Home 244.50 11.30 4.85 Assa Abloy Ab Ser. B 17.97 0.00 0.00 Kao 5629.00 4.00 0.07 Intercontinental Hotels 2211.00 -11.3 -17.0 Virgin Money Holdings (uk) 275.10 -16.0 -27.7 Lonmin 38.25 -29.5 -54.2 Forestry & Paper 12591.72 -8.2 -12.5
Microchip Technology 42.41 0.71 1.70 Randgold Resources Ld 4416.00 148.00 3.47 Atlas Copco Ab Ser. A 19.70 0.00 0.00 Takashimaya , 972.00 -10.00 -1.02 Aberdeen Asset Management 216.50 -10.9 -25.2 Circassia Pharmaceuticals 275.00 -14.4 -13.9 Nanoco 38.00 -21.6 -33.9 Electronic & Electrical Equip. 3703.05 -8.0 -12.7
Te Connectivity Ltd 55.99 0.61 1.10 Rpc 726.50 17.00 2.27 Atlas Copco Ab Ser. B 18.66 0.00 0.00 Trend Micro orporated 4655.00 -55.00 -1.17 Ashtead 932.50 -10.5 -16.6 Marshalls 289.60 -14.1 -10.9 Exillon Energy 76.00 -17.4 -29.0 Banks 3280.74 -7.9 -14.1
Linear Technology 39.94 0.37 0.94 Tate & Lyle 596.00 12.63 2.14 Ericsson , Telefonab. L M Ser. B 8.22 0.00 0.00 Daiichi Sankyo , 2265.00 -27.50 -1.20 Carnival 3505.00 -10.1 -9.3 Pendragon 40.35 -13.9 -11.2 Lamprell 64.25 -16.0 -35.4 Real Estate & Investment Servic 2688.37 -7.8 -12.4
Taylor Wimpey 179.60 -9.7 -11.6 Onesavings Bank 284.00 -13.9 -19.7 Enquest 11.00 -15.8 -39.1 Construction & Materials 4593.52 -6.9 -11.3
Downs Downs Downs Downs
Barclays 182.05 -9.7 -16.8 Tullett Prebon 304.80 -13.8 -18.1 Gem Diamonds 98.25 -15.3 -25.3 Industrial Transportation 2340.07 -6.9 -10.1
Devon Energy 20.07 -3.41 -14.52 Glencore 71.20 -7.78 -9.85 Grifols Sa 14.99 -14.40 -48.99 Sony 2454.00 -212.50 -7.97
Royal Bank Of Scotland 254.00 -9.7 -15.8 Morgan Advanced Materials 196.80 -13.5 -20.5 Robert Walters 319.25 -15.1 -10.1 Aerospace & Defense 3897.04 -6.8 -6.2
Micron Technology 9.58 -1.22 -11.29 Onesavings Bank 284.00 -29.00 -9.27 Arcelormittal 3.04 -0.29 -8.77 Haseko 1073.00 -90.00 -7.74
Barratt Developments 559.00 -8.8 -10.7 Savills 746.50 -13.3 -14.6 Renold 46.75 -15.0 -17.6 Real Estate Investment Trusts 2936.94 -6.5 -10.0
Consol Energy 4.59 -0.56 -10.87 Wetherspoon ( J.d.) 609.00 -59.75 -8.86 Altice 11.95 -0.92 -7.19 Taiyo Yuden Co., 1411.00 -107.00 -7.05
3i 416.00 -8.8 -12.9 Euromoney Institutional Investor 885.50 -12.8 -11.0 Arrow Global 210.00 -14.1 -20.4 Support Services 6101.31 -6.4 -10.4
Murphy Oil 14.65 -1.73 -10.56 Keller 729.00 -66.00 -8.30 Royal Dutch Shella 16.67 -1.26 -7.03 Softbank . 4692.00 -354.00 -7.02
Babcock Int 909.00 -8.4 -10.6 Wetherspoon ( J.d.) 609.00 -12.6 -17.9 Partnership Assurance 116.50 -14.0 -15.1 Electricity 7956.28 -6.3 -9.6
Freeport-mcmoran 3.55 -0.41 -10.39 Morgan Advanced Materials 196.80 -17.60 -8.21 Edf 11.01 -0.70 -5.94 Daikin Industries, 7385.00 -526.00 -6.65
Hsbc Holdings 465.80 -7.7 -13.1 Int Personal Finance 232.00 -12.5 -19.9 Ferrexpo 17.00 -13.9 -20.9 Mobile Telecommunications 4832.25 -6.1 -5.7
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Jan 20 Currency Mid Change Mid Change Mid Change Jan 20 Currency Mid Change Mid Change Mid Change Jan 20 Currency Mid Change Mid Change Mid Change Jan 20 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 13.4325 -0.0025 14.6375 -0.0046 19.0567 0.0541 Indonesia Indonesian Rupiah 13960.0000 80.0000 15212.2952 85.2126 19805.0784 173.0995 Poland Polish Zloty 4.1289 0.0501 4.4993 0.0541 5.8577 0.0887 ..Three Month 0.7049 -0.0021 0.7679 -0.0024 - -
Australia Australian Dollar 1.4615 0.0162 1.5925 0.0174 2.0734 0.0291 Israel Israeli Shekel 3.9741 0.0018 4.3305 0.0014 5.6380 0.0196 Romania Romanian Leu 4.1610 0.0012 4.5343 0.0008 5.9032 0.0196 ..One Year 0.7052 -0.0022 0.7673 -0.0024 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4109 -0.0001 0.5349 0.0016 Japan Japanese Yen 116.2550 -1.5300 126.6836 -1.6840 164.9311 -1.6648 Russia Russian Ruble 81.8419 3.3013 89.1835 3.5862 116.1092 5.0208 United States United States Dollar - - 1.0897 -0.0001 1.4187 0.0043
Bolivia Bolivian Boliviano 6.9000 -0.0100 7.5190 -0.0119 9.7890 0.0155 ..One Month 116.2549 -1.5301 126.6836 -1.6840 164.9310 -1.6650 Saudi Arabia Saudi Riyal 3.7503 - 4.0867 -0.0005 5.3205 0.0161 ..One Month - - 1.0896 -0.3247 1.4187 0.0043
Brazil Brazilian Real 4.1131 0.0657 4.4820 0.0710 5.8352 0.1105 ..Three Month 116.2547 -1.5305 126.6836 -1.6839 164.9308 -1.6655 Singapore Singapore Dollar 1.4406 0.0043 1.5698 0.0044 2.0438 0.0122 ..Three Month - - 1.0894 -0.3247 1.4187 0.0043
Canada Canadian Dollar 1.4637 0.0115 1.5949 0.0124 2.0765 0.0226 ..One Year 116.2536 -1.5328 126.6837 -1.6839 164.9310 -1.6666 South Africa South African Rand 16.9350 0.2038 18.4541 0.2196 24.0257 0.3609 ..One Year - - 1.0883 -0.3247 1.4190 0.0043
Chile Chilean Peso 730.8950 5.4350 796.4596 5.8192 1036.9218 10.8259 Kenya Kenyan Shilling 102.3500 -0.0500 111.5313 -0.0691 145.2041 0.3688 South Korea South Korean Won 1214.0500 8.1500 1322.9557 8.7091 1722.3746 16.7407 Venezuela Venezuelan Bolivar Fuerte 6.3053 0.0203 6.8709 0.0212 8.9453 0.0557
China Chinese Yuan 6.5795 0.0013 7.1697 0.0005 9.3343 0.0301 Kuwait Kuwaiti Dinar 0.3046 -0.0006 0.3319 -0.0007 0.4321 0.0005 Sweden Swedish Krona 8.6033 0.0583 9.3751 0.0623 12.2055 0.1193 Vietnam Vietnamese Dong 22420.5000 0.5000 24431.7779 -2.6267 31808.0322 96.9330
Colombia Colombian Peso 3374.1700 68.1950 3676.8491 73.8414 4786.9405 110.9449 Malaysia Malaysian Ringgit 4.3965 0.0315 4.7909 0.0337 6.2373 0.0634 Switzerland Swiss Franc 1.0035 -0.0001 1.0935 -0.0002 1.4237 0.0042 European Union Euro 0.9177 0.0001 - - 1.3019 0.0041
Costa Rica Costa Rican Colon 534.0000 0.2000 581.9022 0.1419 757.5865 2.5760 Mexico Mexican Peson 18.6270 0.4442 20.2979 0.4815 26.4261 0.7083 Taiwan New Taiwan Dollar 33.6815 0.0320 36.7029 0.0301 47.7840 0.1899 ..One Month 0.9176 0.0001 - - 1.3019 0.0041
Czech Republic Czech Koruna 24.8087 0.0080 27.0341 0.0052 35.1961 0.1178 New Zealand New Zealand Dollar 1.5685 0.0258 1.7092 0.0279 2.2252 0.0432 Thailand Thai Baht 36.2900 0.0095 39.5454 0.0052 51.4847 0.1693 ..Three Month 0.9174 0.0001 - - 1.3017 0.0041
Denmark Danish Krone 6.8493 0.0014 7.4637 0.0005 9.7171 0.0313 Nigeria Nigerian Naira 199.2500 - 217.1236 -0.0284 282.6762 0.8556 Tunisia Tunisian Dinar 2.0411 0.0015 2.2242 0.0013 2.8957 0.0109 ..One Year 0.9163 0.0002 - - 1.3011 0.0041
Egypt Egyptian Pound 7.8293 0.0252 8.5316 0.0263 11.1074 0.0692 Norway Norwegian Krone 8.9181 0.0980 9.7180 0.1055 12.6520 0.1769 Turkey Turkish Lira 3.0590 0.0202 3.3334 0.0215 4.3397 0.0416
Hong Kong Hong Kong Dollar 7.8290 0.0098 8.5312 0.0095 11.1069 0.0474 Pakistan Pakistani Rupee 104.9050 -0.0200 114.3154 -0.0367 148.8289 0.4222 United Arab Emirates UAE Dirham 3.6727 - 4.0022 -0.0005 5.2105 0.0158
Hungary Hungarian Forint 289.7954 0.9804 315.7913 1.0271 411.1331 2.6311 Peru Peruvian Nuevo Sol 3.4475 0.0160 3.7568 0.0169 4.8910 0.0374 United Kingdom Pound Sterling 0.7049 -0.0021 0.7681 -0.0024 - -
India Indian Rupee 67.9850 0.3450 74.0836 0.3663 96.4504 0.7799 Philippines Philippine Peso 47.8900 0.2450 52.1859 0.2602 67.9416 0.5522 ..One Month 0.7049 -0.0021 0.7680 -0.0024 - -
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 Jan 20 Jan 19 Jan 18 Jan 15 Jan 14 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 2657.30 2740.20 2697.20 2715.80 2758.00 0.00 2875.90 2691.80 Food & Drug Retailer 1.64 FTSE SmallCap Index -5.87 Electronic & Elec Eq -8.12 FTSE 100 Price Change FTSE 100 Price Change
Jan 20 chge% Index Jan 19 Jan 18 ago yield% Cover ratio adj Return FT 30 Div Yield 1.87 1.82 1.85 1.84 1.82 0.00 3.93 2.74 Leisure Goods -0.38 Health Care -5.88 Chemicals -8.18 3I Group PLC 416.00 -15.40 Kingfisher PLC 325.70 -7.90
FTSE 100 (100) 5673.58 -3.46 5744.67 5876.80 5779.92 6728.04 4.38 1.47 15.57 0.97 4446.07 P/E Ratio net 23.86 24.52 24.11 24.21 24.50 0.00 19.44 14.26 Gas Water & Multi -1.71 Media -5.98 Construct & Material -8.35 Aberdeen Asset Management PLC 216.50 -11.80 Land Securities Group PLC 1060 -21.00
FTSE 250 (250) 15641.01 -2.94 15836.99 16114.56 15958.81 16253.31 2.89 1.93 17.96 8.09 10891.32 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Aerospace & Defense -1.96 NON FINANCIALS Index -6.06 Technology -8.38 Admiral Group PLC 1619 -76.00 Legal & General Group PLC 233.70 -10.80
FTSE 250 ex Inv Co (209) 16962.92 -2.90 17175.47 17469.48 17303.10 17529.04 2.92 2.02 16.92 7.65 12043.60 FT 30 hourly changes Beverages -2.03 Equity Invest Instr -6.11 Oil & Gas Producers -8.51 Anglo American PLC 221.05 -17.75 Lloyds Banking Group PLC 64.05 -1.73
FTSE 350 (350) 3168.95 -3.37 3208.66 3279.37 3229.22 3675.83 4.12 1.52 15.94 0.74 5005.63 8 9 10 11 12 13 14 15 16 High Low Fixed Line Telecomms -2.63 Industrial Transport -6.30 Oil & Gas -8.56 Antofagasta PLC 346.10 -9.40 London Stock Exchange Group PLC 2355 -118.00
FTSE 350 ex Investment Trusts (309) 3146.27 -3.37 3185.69 3256.05 3205.88 3655.39 4.15 1.53 15.77 0.68 2558.89 2740.2 2672.5 2670.7 2663.5 2666.2 2664.4 2681.2 2668.2 2642.3 2740.2 2642.3 Telecommunications -2.68 Industrials -6.34 Automobiles & Parts -8.66 Arm Holdings PLC 948.00 -16.00 Marks And Spencer Group PLC 410.80 -10.90
FTSE 350 Higher Yield (108) 2865.69 -3.71 2901.59 2976.18 2931.10 3604.54 6.07 1.28 12.81 0.85 4642.89 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Mobile Telecomms -2.71 Software & Comp Serv -6.73 Industrial Eng -8.89 Ashtead Group PLC 932.50 -35.50 Merlin Entertainments PLC 402.80 -7.20
FTSE 350 Lower Yield (242) 3174.98 -3.02 3214.76 3273.77 3223.21 3387.92 2.15 2.20 21.14 0.54 3361.07 Utilities -2.85 Food Producers -6.92 Financials -9.68 Associated British Foods PLC 2922 -88.00 Mondi PLC 1169 -44.00
FTSE SmallCap (289) 4203.78 -2.74 4256.45 4322.33 4324.81 4407.89 3.12 1.35 23.72 4.72 5769.15 Tobacco -3.79 Real Est Invest & Tr -6.94 Tech Hardware & Eq -9.95
FTSE SmallCap ex Inv Co (154) 3816.74 -2.31 3864.56 3907.10 3929.96 3822.02 3.06 1.78 18.31 4.34 5500.55 FX: EFFECTIVE INDICES Consumer Goods -4.05 FTSE 100 Index -7.02 Oil Equipment & Serv -10.14
Astrazeneca PLC 4235.5 -77.00 National Grid PLC 917.80 -27.10
Aviva PLC 450.30 -24.50 Next PLC 6525 -160.00
FTSE All-Share (639) 3123.43 -3.35 3162.56 3231.53 3183.92 3610.37 4.08 1.52 16.13 0.83 4991.10
Jan 19 Jan 18 Mnth Ago Jan 20 Jan 19 Mnth Ago Personal Goods -4.81 FTSE All{HY-}Share Index -7.02 Banks -10.76 Babcock International Group PLC 909.00 -40.50 Old Mutual PLC 149.40 -8.20
FTSE All-Share ex Inv Co (463) 3087.58 -3.35 3126.26 3194.62 3146.73 3577.07 4.13 1.53 15.81 0.72 2552.77 Nonlife Insurance -5.23 Electricity -7.21 Forestry & Paper -11.09 Bae Systems PLC 490.00 -16.00 Pearson PLC 657.50 -27.00
FTSE All-Share ex Multinationals (574) 1077.11 -3.11 903.91 1111.68 1097.47 1157.52 3.11 1.56 20.58 0.37 1836.71 Australia 87.87 87.26 91.34 Sweden 79.55 79.21 79.18 Household Goods & Ho -5.42 Support Services -7.26 Life Insurance -11.30 Barclays PLC 182.05 -7.85 Persimmon PLC 1892 -65.00
FTSE Fledgling (100) 7286.90 -1.94 7378.21 7431.42 7382.97 7080.95 2.64 1.18 32.04 7.84 13144.65 Canada 81.02 81.05 84.75 Switzerland 158.32 157.96 159.95 Pharmace & Biotech -5.72 FTSE 250 Index -7.28 Financial Services -12.35 Barratt Developments PLC 559.00 -20.00 Provident Financial PLC 2856 -76.00
FTSE Fledgling ex Inv Co (50) 10217.40 -1.64 10345.43 10387.33 10261.67 9011.08 2.76 1.44 25.10 0.00 17911.47 Denmark 106.49 106.39 105.77 UK 87.08 87.99 91.33 General Retailers -5.77 Health Care Eq & Srv -7.50 Basic Materials -14.69 Berkeley Group Holdings (The) PLC 3467 -105.00 Prudential PLC 1321 -71.50
FTSE All-Small (389) 2920.13 -2.70 2956.72 3001.21 3001.85 3050.74 3.09 1.35 24.04 3.27 5145.59 Japan 131.66 132.17 127.09 USA 107.09 106.98 106.51 Consumer Services -5.86 Travel & Leisure -7.72 Mining -16.24 Bg Group PLC 897.60 -42.30 Randgold Resources LD 4416 148.00
FTSE All-Small ex Inv Co Index (204) 2854.62 -2.29 2890.39 2921.38 2936.35 2842.67 3.05 1.77 18.51 3.12 5212.32 New Zealand 111.02 110.35 115.18 Euro 87.48 87.09 85.89 Real Est Invest & Se -7.96 Industrial Metals & -16.89 Bhp Billiton PLC 580.90 -46.20 Reckitt Benckiser Group PLC 5984 -115.00
FTSE AIM All-Share Index (852) 674.39 -2.69 682.84 693.03 688.12 699.97 1.65 0.64 95.32 0.32 726.14 Norway 83.72 83.06 84.07
BP PLC 328.15 -14.30 RELX PLC 1135 -30.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3565 -82.00 Rio Tinto PLC 1577.5 -79.50
Oil & Gas (18) 5219.67 -5.66 5285.07 5532.70 5456.96 7614.52 7.21 0.20 69.41 0.00 4371.80 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 696.50 -18.50 Rolls-Royce Holdings PLC 531.00 -19.00
Oil & Gas Producers (11) 4968.11 -5.62 5030.36 5263.89 5190.29 7260.24 7.24 0.16 85.39 0.00 4302.65 Bt Group PLC 452.00 -15.75 Royal Bank Of Scotland Group PLC 254.00 -10.60
Oil Equipment Services & Distribution (7)11541.96 -6.77 11686.58 12380.45 12315.03 15936.70 6.60 1.41 10.75 0.00 8488.63 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 1735 -37.00 Royal Dutch Shell PLC 1277.5 -92.00
Basic Materials (28) 2255.14 -4.99 2283.40 2373.68 2329.28 4626.55 9.09 1.88 5.85 1.30 2212.34 Burberry Group PLC 1120 -19.00 Royal Dutch Shell PLC 1266 -99.00
Chemicals (7) 10291.56 -3.05 10420.52 10615.12 10494.39 12649.73 2.79 2.27 15.82 35.08 8875.70 Jan 20 No of US $ Day Mth YTD Total
YTD Gr Div Jan 20 No of US $ Day Mth YTD Total YTD Gr Div Capita PLC 1113 -46.00 Royal Mail PLC 421.50 -15.10
Forestry & Paper (1) 13739.88 -3.63 13912.04 14257.03 14068.98 13058.17 2.62 3.37 11.29 0.00 14272.61 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Carnival PLC 3505 -228.00 Rsa Insurance Group PLC 388.10 -19.70
Industrial Metals & Mining (2) 593.40 -3.80 600.83 616.81 589.63 1599.05 1.94 -18.64 -2.76 0.00 517.85 FTSE Global All Cap 7742 410.75 0.4 -7.4 -8.9 562.29
-8.9 2.7 Oil & Gas 164 269.96 -0.8 -0.8 -11.5 412.62 -11.5 4.8 Centrica PLC 204.00 -5.40 Sabmiller PLC 4123.5 -14.50
Mining (18) 5669.26 -5.52 5740.30 6000.42 5877.17 13203.41 11.01 1.85 4.91 0.00 2910.70 FTSE Global All Cap 7105 422.37 0.3 -7.3 -9.0 568.08
-8.9 2.7 Oil & Gas Producers 116 253.96 -0.9 -0.9 -11.0 395.05 -11.0 4.7 Coca-Cola Hbc AG 1347 -43.00 Sage Group PLC 544.50 -22.50
FTSE Global Large Cap 1416 364.78 0.6 -7.0 -8.5 510.83
-8.4 2.9 Oil Equipment & Services 39 239.37 -0.7 -0.7 -13.8 333.74 -13.8 5.4 Compass Group PLC 1134 -30.00 Sainsbury (J) PLC 232.90 -6.10
Industrials (119) 3954.56 -3.15 4004.11 4083.06 4031.59 4383.09 2.78 1.19 30.14 0.99 3930.50
Construction & Materials (14) 4767.28 -3.63 4827.02 4946.84 4828.09 4408.37 2.46 -0.81 -50.22 0.00 4871.44 FTSE Global Mid Cap 1637 543.55 0.1 -8.0 -9.7 710.17
-9.7 2.3 Basic Materials 261 309.29 0.3 0.3 -12.0 453.48 -11.9 3.8 Crh PLC 1759 -64.00 Schroders PLC 2511 -79.00
Aerospace & Defense (9) 4052.49 -3.34 4103.27 4192.65 4174.16 5104.87 2.82 0.96 36.97 1.32 4190.72 FTSE Global Small Cap 4689 560.95 -0.1 -9.0 -10.6 711.83
-10.5 2.2 Chemicals 122 527.91 0.3 0.3 -10.8 776.30 -10.7 2.9 Dcc PLC 4973 -87.00 Severn Trent PLC 2073 -44.00
General Industrials (6) 3354.38 -2.27 3396.42 3432.30 3397.87 3176.29 3.40 1.67 17.64 0.00 3651.82 FTSE All-World 3053 240.76 0.5 -7.2 -8.7 347.72
-8.7 2.8 Forestry & Paper 16 177.45 0.4 0.4 -9.5 285.02 -9.5 3.8 Diageo PLC 1777.5 -50.50 Shire PLC 4120 -103.00
Electronic & Electrical Equipment (10) 4764.61 -2.90 4824.31 4906.98 4853.38 5169.13 2.59 1.97 19.65 0.00 4219.58 FTSE World 2538 427.41 0.5 -7.0 -8.6 828.84
-8.5 2.8 Industrial Metals & Mining 67 218.93 1.0 1.0 -14.9 322.40 -14.9 3.8 Direct Line Insurance Group PLC 359.90 -11.70 Sky PLC 1022 -27.00
Industrial Engineering (14) 6742.30 -2.72 6826.78 6930.57 6875.13 9219.17 3.63 1.57 17.48 0.00 7894.63 FTSE Global All Cap ex UNITED KINGDOM In 7418 422.55 0.4 -7.3 -8.8 570.43
-8.8 2.6 Mining 56 274.61 -0.3 -0.3 -15.1 402.43 -15.1 7.7 Dixons Carphone PLC 428.70 -20.80 Smith & Nephew PLC 1082 -25.00
Industrial Transportation (8) 3553.92 -3.67 3598.45 3689.14 3653.56 4119.11 4.27 0.94 24.96 0.00 2989.80 FTSE Global All Cap ex USA 5738 378.56 1.1 -7.9 -9.3 549.56
-9.2 3.3 Industrials 534 272.72 0.6 0.6 -8.8 379.13 -8.8 2.5 Easyjet PLC 1621 -11.00 Smiths Group PLC 863.50 -26.00
Support Services (58) 5991.11 -3.14 6066.18 6185.10 6095.71 6451.20 2.54 1.51 26.06 2.30 6014.27 FTSE Global All Cap ex JAPAN 6480 417.78 0.5 -7.4 -9.0 576.98
-8.9 2.8 Construction & Materials 109 381.87 1.1 1.1 -8.9 555.70 -8.8 2.4 Experian PLC 1105 -47.00 Sports Direct International PLC 403.90 9.10
FTSE Developed 2102 390.25 0.4 -6.9 -8.5 538.23
-8.5 2.7 Aerospace & Defense 28 470.51 0.4 0.4 -7.1 648.52 -7.1 2.3 Fresnillo PLC 640.50 -24.00 Sse PLC 1385 -38.00
Consumer Goods (40) 17449.39 -2.26 17668.03 17852.59 17594.41 16728.09 3.15 1.75 18.10 0.46 12309.78
FTSE Developed All Cap 5736 408.01 0.4 -7.2 -8.8 556.66
-8.7 2.7 General Industrials 56 198.89 0.4 0.4 -8.3 296.90 -8.3 2.8 Gkn PLC 276.70 -10.00 St. James's Place PLC 879.50 -45.50
Automobiles & Parts (1) 6502.58 -3.49 6584.06 6737.58 6615.38 8775.07 3.07 1.53 21.26 0.00 5980.03
FTSE Developed Large Cap 916 362.05 0.5 -6.7 -8.3 506.15
-8.2 2.8 Electronic & Electrical Equipment 69 281.91 0.7 0.7 -10.9 361.38 -10.9 2.1 Glaxosmithkline PLC 1357.5 -32.50 Standard Chartered PLC 467.00 -24.00
Beverages (6) 15106.73 -1.68 15296.02 15365.38 15125.07 14628.33 2.53 1.65 24.00 0.00 10289.55
FTSE Developed Europe Large Cap 219 302.09 1.5 -7.1 -8.5 476.08
-8.4 3.8 Industrial Engineering 104 482.36 0.7 0.7 -10.0 660.16 -9.9 3.0 Glencore PLC 71.20 -7.78 Standard Life PLC 350.30 -14.30
Food Producers (10) 8139.53 -1.80 8241.52 8288.55 8278.16 8051.64 2.01 1.39 35.63 3.94 6814.67
FTSE Developed Europe Mid Cap 302 463.30 1.4 -8.2 -9.6 663.82
-9.6 2.8 Industrial Transportation 96 448.47 0.6 0.6 -9.4 621.82 -9.4 2.7 Hammerson PLC 550.00 -19.50 Taylor Wimpey PLC 179.60 -5.20
Household Goods & Home Construction (13)12845.34 -2.45 13006.29 13168.21 12899.34 10659.72 2.27 2.54 17.39 0.00 8738.32
FTSE Dev Europe Small Cap 720 654.53 1.4 -9.1 -10.5 913.39
-10.5 2.5 Support Services 72 253.88 0.7 0.7 -8.0 339.27 -8.0 2.1 Hargreaves Lansdown PLC 1249 -16.00 Tesco PLC 152.40 -6.70
Leisure Goods (2) 5303.76 -0.34 5370.21 5321.67 5328.48 4974.52 4.51 1.32 16.75 0.00 4491.95
FTSE North America Large Cap 318 401.46 0.1 -6.4 -8.0 529.00
-7.9 2.5 Consumer Goods 422 387.92 1.2 1.2 -6.9 551.87 -6.9 2.6 Hikma Pharmaceuticals PLC 1922 -84.00 Travis Perkins PLC 1765 -55.00
Personal Goods (6) 21611.93 -3.21 21882.74 22328.51 21686.25 22688.76 3.02 3.22 10.27 0.00 13943.29
FTSE North America Mid Cap 394 574.44 -0.7 -8.4 -10.3 709.43
-10.3 2.0 Automobiles & Parts 103 337.14 0.9 0.9 -11.7 460.60 -11.7 2.9 HSBC Holdings PLC 465.80 -22.85 Tui AG 1175 -61.00
Tobacco (2) 43892.98 -2.27 44442.97 44911.09 44660.57 42925.50 4.54 1.18 18.71 0.00 26749.37
FTSE North America Small Cap 1521 568.74 -0.9 -9.9 -11.3 683.55
-11.3 2.0 Beverages 48 548.34 1.4 1.4 -4.1 791.14 -4.1 2.6 Imperial Tobacco Group PLC 3477.5 -82.00 Unilever PLC 2832 -102.00
Health Care (19) 8854.00 -2.27 8964.94 9059.36 8931.83 9736.81 3.95 3.53 7.17 0.18 6455.94
FTSE North America 712 266.95 0.0 -6.7 -8.4 360.47
-8.3 2.4 Food Producers 106 522.78 0.9 0.9 -6.4 765.68 -6.3 2.4 Inmarsat PLC 1030 -24.00 United Utilities Group PLC 904.00 -16.50
Health Care Equipment & Services (7) 6672.67 -2.22 6756.28 6823.85 6796.88 6770.18 1.70 2.16 27.16 1.60 5658.79
FTSE Developed ex North America 1390 206.83 1.1 -7.2 -8.8 322.09
-8.7 3.3 Household Goods & Home Construction 47 372.54 1.1 1.1 -7.2 526.74 -7.2 2.5 Intercontinental Hotels Group PLC 2211 -63.00 Vodafone Group PLC 209.85 -6.95
Pharmaceuticals & Biotechnology (12)11980.18 -2.27 12130.30 12258.62 12074.86 13279.79 4.15 3.58 6.73 0.00 7759.24
FTSE Japan Large Cap 177 299.48 -0.1 -7.2 -8.6 374.61
-8.6 2.2 Leisure Goods 28 121.69 2.5 2.5 -7.7 156.64 -7.7 1.5 International Consolidated Airlines Group S.A. 544.50 -17.00 Whitbread PLC 3875 -77.00
Consumer Services (97) 4512.22 -2.81 4568.76 4642.77 4583.45 4751.09 2.51 1.60 24.89 1.00 4073.72 FTSE Japan Mid Cap 303 455.85 -0.1 -5.7 -7.3 550.78
-7.3 1.7 Personal Goods 79 563.00 1.3 1.3 -5.8 763.07 -5.8 2.1
Food & Drug Retailers (7) 2499.81 -3.50 2531.14 2590.41 2600.37 3358.38 2.14 -1.50 -31.09 0.00 2858.55 Intertek Group PLC 2685 -40.00 Wolseley PLC 3272 -95.00
FTSE Global wi JAPAN Small Cap 782 483.72 -0.5 -6.4 -8.1 603.24
-8.1 2.0 Tobacco 11 1185.23 0.7 0.7 -2.6 2316.16 -2.6 4.1 Intu Properties PLC 283.10 -7.10 Worldpay Group PLC 287.80 -14.40
General Retailers (32) 2697.87 -2.16 2731.68 2757.39 2730.10 2885.25 2.69 2.24 16.60 1.98 2959.29
FTSE Japan 480 124.97 -0.1 -6.9 2.1 Health Care
-8.3 175.65
-8.3 173 424.42 0.3 0.3 -7.4 591.47 -7.4 2.0 Itv PLC 254.20 -8.60 Wpp PLC 1406 -41.00
Media (22) 6885.49 -2.86 6971.77 7088.16 6984.88 6949.88 2.97 1.62 20.80 1.47 4065.93
FTSE Asia Pacific Large Cap ex Japan 530 487.90 1.6 -8.0 -9.8 729.87
-9.8 3.6 Health Care Equipment & Services 61 610.70 0.7 0.7 -6.0 700.47 -6.0 1.1 Johnson Matthey PLC 2362 -83.00
Travel & Leisure (36) 8052.47 -2.96 8153.37 8297.81 8153.63 8063.85 2.14 1.94 24.07 0.00 7338.63
FTSE Asia Pacific Mid Cap ex Japan 430 674.91 1.3 -7.1 -9.6 973.80
-9.6 3.2 Pharmaceuticals & Biotechnology 112 320.62 0.2 0.2 -7.8 464.28 -7.8 2.3
Telecommunications (7) 3787.47 -3.21 3834.93 3913.13 3850.97 3949.59 4.32 0.18 126.39 0.00 3968.71 FTSE Asia Pacific Small Cap ex Japan 1424 458.86 1.4 -6.1 -8.1 653.19
-8.1 2.9 Consumer Services 386 360.28 0.7 0.7 -7.6 468.21 -7.5 1.8
Fixed Line Telecommunications (5) 5130.09 -3.32 5194.37 5306.32 5217.45 4840.44 3.02 1.74 19.03 0.00 4449.08
Mobile Telecommunications (2) 4824.93 -3.14 4885.39 4981.11 4904.96 5357.96 5.21 -0.44 -43.66 0.00 4512.61
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
960
2006
387.30
512.21
1.5
1.5
-7.9
-9.5
-9.8 615.82
-9.8 3.5 Food & Drug Retailers
-10.3 730.66
-10.3 3.5 General Retailers
53 280.19
121 490.12
0.7
0.7
0.7
0.7
-6.5 378.91
-8.0 621.50
-6.5
-8.0
1.9
1.6
UK STOCK MARKET TRADING DATA
Utilities (7) 8021.69 -2.61 8122.21 8236.73 8094.30 8719.19 5.05 1.36 14.51 0.00 8542.86 FTSE Emerging Large Cap 500 480.92 1.6 -10.0 -10.7 690.23
-10.7 3.6 Media 87 268.00 0.7 0.7 -7.4 349.08 -7.3 2.0 Jan 20 Jan 19 Jan 18 Jan 15 Jan 14 Yr Ago
Electricity (2) 7938.21 -2.60 8037.68 8149.72 8085.99 8907.96 6.35 1.35 11.69 0.00 10560.09 FTSE Emerging Mid Cap 451 642.89 1.1 -8.2 -9.5 912.74
-9.4 3.2 Travel & Leisure 125 352.11 0.5 0.5 -7.7 461.98 -7.7 1.8 SEAQ Bargains 5358.00 2.00 4615.00 4615.00 4615.00 4838.00
Gas Water & Multiutilities (5) 7600.95 -2.61 7696.19 7805.01 7652.02 8197.07 4.74 1.37 15.42 0.00 8126.81 FTSE Emerging Small Cap 1055 561.95 1.3 -7.4 -8.7 772.69
-8.7 3.2 Telecommunication 92 149.17 1.1 1.1 -5.3 263.52 -4.9 4.4 Order Book Turnover (m) 46.53 29.15 61.86 61.86 61.86 49.11
Financials (285) 4003.37 -3.85 4053.53 4163.46 4096.33 4717.26 4.09 1.87 13.05 2.84 3498.85 FTSE Emerging Europe 99 238.24 1.5 -11.2 -10.8 350.09
-10.7 4.7 Fixed Line Telecommuniations 44 128.16 1.3 1.3 -3.3 248.28 -2.6 4.9 Order Book Bargains 1172653.00 852007.00 1150925.00 1150925.00 1150925.00 1174401.00
Banks (9) 3239.40 -4.10 3279.99 3377.94 3316.90 4270.87 5.07 1.37 14.44 0.00 2233.02 FTSE Latin America All Cap 243 530.48 0.5 -12.8 -11.4 784.19
-11.3 4.1 Mobile Telecommunications 48 151.56 0.9 0.9 -8.0 241.86 -8.0 3.8 Order Book Shares Traded (m) 1791.00 1385.00 1847.00 1847.00 1847.00 1851.00
Nonlife Insurance (11) 2619.15 -3.31 2651.97 2708.87 2676.55 2318.07 2.87 2.06 16.88 0.00 4401.77 FTSE Middle East and Africa All Cap 220 545.65 2.1 -11.0 -11.8 813.70
-11.7 3.1 Utilities 161 231.19 1.3 1.3 -2.6 423.90 -2.5 4.0 Total Equity Turnover (£m) 3381.38 6.33 0.00 0.00 0.00 3491.92
Life Insurance/Assurance (11) 6897.13 -4.90 6983.55 7252.86 7055.11 8048.65 4.40 1.59 14.33 0.00 6331.64 FTSE Global wi UNITED KINGDOM All Cap In 324 296.09 0.6 -8.3 -10.0 468.02
-10.0 4.0 Electricity 110 253.96 1.2 1.2 -1.9 460.89 -1.8 3.8 Total Mkt Bargains 1306173.00 12.00 2.00 2.00 2.00 1294568.00
Index- Real Estate Investment & Services (21) 2726.03 -3.02 2760.19 2811.02 2807.71 2730.13 2.33 5.73 7.49 0.57 7009.48 FTSE Global wi USA All Cap 2004 458.12 -0.1 -6.9 -8.6 587.58
-8.5 2.3 Gas Water & Multiutilities 51 242.50 1.5 1.5 -3.7 455.62 -3.7 4.5 Total Shares Traded (m) 4541.00 0.00 0.00 0.00 0.00 4767.00
Real Estate Investment Trusts (25) 2672.41 -2.54 2705.89 2742.08 2723.44 2933.11 3.29 5.96 5.09 5.27 3164.06 FTSE Europe All Cap 1400 347.29 1.5 -7.6 -8.9 530.78
-8.9 3.5 Financials 675 178.75 0.5 0.5 -10.9 277.87 -10.9 3.3 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (32) 6900.99 -3.47 6987.46 7149.09 7051.58 7392.49 3.36 2.19 13.58 24.67 7513.86 FTSE Eurobloc All Cap 637 327.98 1.8 -7.8 -8.6 507.06
-8.5 3.3 Banks 243 155.72 0.3 0.3 -12.8 257.98 -12.7 3.9 (c) Market closed.
Equity Investment Instruments (176) 7013.37 -3.21 7101.24 7245.93 7184.75 7648.99 2.88 1.08 32.18 7.10 3691.73 FTSE RAFI All World 3000 3006 4932.01 0.5 -7.6 -9.1 6216.64
-9.1 3.4 Nonlife Insurance 71 200.28 0.9 0.9 -6.6 278.84 -6.6 2.5
Non Financials (354) 3657.22 -3.17 3703.05 3777.01 3723.18 4198.06 4.08 1.40 17.56 0.41 5122.13 FTSE RAFI US 1000 998 8111.33 -0.2 -6.4 -8.3 10264.54
-8.2 2.8 Life Insurance 51 173.15 1.2 1.2 -12.7 262.72 -12.7 3.2
Technology (19) 1316.13 -2.35 1332.62 1347.77 1327.44 1283.27 1.53 1.98 32.91 0.00 1645.80 FTSE EDHEC-Risk Efficient All-World 3053 289.06 0.4 -6.7 -8.4 388.64
-8.4 2.5 Financial Services 141 196.23 0.2 0.2 -11.8 261.54 -11.7 2.2 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 1690.26 -3.01 1711.44 1742.68 1714.44 1393.24 2.10 1.82 26.06 0.00 2215.71 FTSE EDHEC-Risk Efficient Developed Europe 521 255.93 1.5 -6.8 -8.3 373.68
-8.3 2.9 Technology 185 158.65 0.2 0.2 -9.0 189.32 -8.9 1.9 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (6) 1446.15 -1.79 1464.27 1472.48 1451.66 1602.28 1.05 2.25 42.18 0.00 1660.04 Software & Computer Services 85 285.01 0.2 0.2 -8.1 327.17 -8.1 1.2 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 100 113.83 0.1 0.1 -9.9 139.73 -9.9 2.7 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 5766.72 5714.89 5710.16 5694.05 5698.93 5694.18 5731.33 5693.84 5640.05 5771.12 5640.05 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
FTSE 250 15937.05 15802.93 15772.80 15719.32 15686.82 15675.73 15736.50 15708.89 15603.47 15938.37 15603.33 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 4303.99 4273.26 4262.26 4249.22 4246.16 4241.68 4240.77 4238.37 4217.17 4303.99 4203.78
FTSE All-Share 3176.85 3148.82 3145.45 3136.24 3137.19 3134.62 3152.93 3135.51 3107.82 3177.30 3107.82 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:08:05:15 Day's Low16:00:00 FTSE 100 2010/11 High: 6242.32(01/01/2016) Low: 5779.92(18/01/2016) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:08:04:00 Day's Low16:00:00 FTSE 100 2010/11 High: 3444.26(01/01/2016) Low: 3183.92(18/01/2016)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Redx Pharma Pre - - 8.825L - 14.1L - - - - - - date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- 12/24 144.00 AIM DNL Diurnal Group PLC 146.50 1.50 155.00 148.00 7648.9
There are currently no rights offers by any companies listed on the LSE. 12/17 2.00 LVRT Levrett PLC 2.25 -0.13 3.10 1.75 215.4
12/17 100.00 AIM PURP Purplebricks Group PLC 73.00 -2.50 106.50 72.30 17538.9
12/11 3.50 AIM WEY Wey Education PLC 4.25 0.10 4.37 3.88 399.4

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Thursday 21 January 2016 FINANCIAL TIMES 25

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) ArcherDan 30.39 -0.12 53.31 29.86 3.33 11.21 18134.93 Lockheed 209.49 -5.80 227.91 181.91 2.68 19.85 64375.33
ANZ 23.50 -1.09 37.25 23.44 10.58 9.51 46914.13 Nokia 6.46 -0.18 7.87 4.91 2.08 -46.28 28085.96 AstellasPh 1536 -34.50 2047 1514.5 1.89 21.92 29355.46 AtlasCpcoB 169.50 -5.40 270.00 168.70 1.70 15.34 7687.99 AT&T♦ 33.83 -0.68 36.45 30.97 5.21 38.08 208106.78 Lowes♦ 67.93 -1.53 78.13 64.22 1.38 23.35 62163.06
BHPBilltn 14.21 -0.52 34.29 14.14 16.41 16.51 31227.98 SampoA 43.23 -1.14 49.40 40.38 4.33 14.97 26323.91 Bridgestne 3868 -120.00 5182 3753.5 2.82 12.34 27053.29 Ericsson 74.45 -2.60 120.00 73.30 4.39 23.71 28600.35 AutomData 77.53 -1.58 90.67 64.29 2.37 27.55 35757.35 Lyondell 69.94 -4.04 107.32 69.71 3.96 8.01 31432.98
CmwBkAu 77.61 -1.58 96.69 70.15 7.72 14.49 90678.8 France (€) Canon 3238 -69.00 4539 3231 4.49 17.75 37148.74 H&M 281.20 -7.70 368.50 273.20 3.24 23.04 54096.24 Avago Tech 120.41 0.34 150.50 99.16 1.18 26.48 33292.11 Marathon Ptl 39.91 -1.29 60.38 38.73 2.51 6.74 21271
CSL 105.70 2.01 107.18 81.48 1.33 27.41 33473.03 Airbus Grpe 54.36 -2.36 68.50 46.04 2.12 15.65 46520.95 CntJpRwy 19670 -925.00 24800 18255 0.55 14.54 34854.59 Investor 274.90 -7.80 363.40 274.80 3.15 13.90 24342.96 BakerHu 38.06 -1.73 70.45 37.58 1.67 -65.16 16597.46 Marsh&M 51.17 -0.98 59.99 50.90 2.67 19.91 26692.74
NatAusBk 26.74 -0.29 39.71 26.39 10.10 11.39 48265.14 AirLiquide 92.54 -1.13 123.95 90.77 2.54 19.65 34705.83 Denso 4948 -212.00 6548 4927 2.26 16.73 37627.39 Nordea Bk 84.40 -2.55 115.50 84.15 6.61 10.22 39730.8 BankAm 13.39 -0.85 18.48 13.35 1.40 10.71 139423.1 MasterCard♦ 83.95 -2.27 101.76 74.61 0.71 27.58 92364.61
Telstra 5.38 0.02 6.74 5.06 8.07 15.48 45006.06 AXA 21.80 -1.11 26.02 20.00 4.02 11.32 57628.65 EastJpRwy 9945 -490.00 12815 9060 1.14 20.28 33576.3 SEB 77.30 -2.10 111.50 77.05 5.90 10.03 19497.45 Baxter 34.49 -0.87 43.44 32.18 4.55 11.03 18866.64 McDonald's 115.34 -2.16 120.23 87.50 2.76 26.67 105908.63
Wesfarmers 40.05 0.35 46.95 36.65 8.35 18.32 30860.82 BNP Parib 42.85 -1.34 61.00 42.14 3.36 7.75 58191.72 Fanuc 18090 -560.00 28575 17855 3.89 18.98 32045.89 SvnskaHn 97.60 -2.80 426.00 97.20 4.10 13.25 21234.54 BB & T 31.87 -1.05 41.90 31.81 3.00 12.61 24863.39 McGraw Hill 80.15 -3.18 109.13 80.12 1.51-233.11 21664.55
Westpc 30.06 -1.12 40.07 29.10 8.39 12.93 68612.25 ChristianDior 142.25 -5.85 195.35 140.80 2.20 10.83 28169.59 FastRetail 35650-1570.00 61970 35380 0.87 45.83 32527.86 Swedbank 167.70 -3.60 223.90 166.80 6.50 12.38 22065.64 BectonDick 138.94 -3.56 157.50 128.87 1.62 44.28 29478.31 McKesson 163.09 -6.35 243.61 156.31 0.57 19.58 37528.49
Woolworths 23.58 0.23 34.71 22.42 8.53 13.66 20506.14 Cred Agr 8.84 -0.45 14.49 8.78 3.80 19.68 25413.1 Fuji Hvy Ind 4364 -156.00 5223 3669 2.27 10.95 29387.35 TeliaSonera 37.85 -1.35 55.85 37.76 7.61 11.77 19050.08 BerkshHat 187802-3898.00 227450187655.08 - 14.48 152331.65 Medtronic 73.05 -1.53 79.50 55.54 1.72 45.52 102719.68
Belgium (€) Danone 58.17 -1.54 67.74 51.73 2.38 41.64 41516.12 Hitachi 586.70 -25.70 922.90 582.40 1.86 12.65 24392.85 Volvo 72.70 -2.05 120.50 72.25 3.96 16.16 13714.23 Biogen 260.78 -9.07 480.18 254.00 - 18.19 58128.67 Merck 49.70 -1.64 63.30 45.69 3.39 14.07 138839.09
AnBshInBv 105.30 -4.55 124.20 87.73 2.73 22.03 184539.16 EDF 11.02 -0.70 24.89 10.96 10.47 6.28 23047.6 HondaMtr 3315 -126.00 4499 3310 2.41 11.99 51652.7 Switzerland (SFr) BkNYMeln 34.99 -0.95 45.45 34.89 1.82 16.16 38236.95 Metlife 41.08 -1.66 58.23 40.97 3.31 8.50 45665.73
KBC Grp 50.00 -1.14 66.00 47.01 3.84 8.60 22779.57 Engie SA 13.77 -0.50 20.08 13.63 6.70 40.06 36528.74 JapanTob 3955 -94.00 4848 3185.5 2.35 18.91 68040.08 ABB 16.04 -0.42 22.16 15.94 - 15.81 36999 BlackRock 283.12 -10.88 382.84 275.00 2.80 15.54 46429.57 Microsoft 49.73 -0.83 56.85 39.72 2.34 35.40 397238.92
Esslr Intl 107.30 -3.85 125.15 93.87 0.88 40.62 25309.23 KDDI 2765 -66.00 8550 2519 1.97 15.92 63999.93 CredSuisse 17.69 -0.93 28.94 17.59 3.74 8.64 34505.27 Boeing 121.06 -5.00 158.83 115.14 2.68 16.24 81108.22 Mnstr Bvrg 137.78 -6.98 160.50 114.70 - 50.99 27931.1
Brazil (R$)
Hermes Intl 291.60 -9.65 365.55 277.55 0.93 35.75 33545.51 Keyence 55380-1750.00 70100 50700 0.33 29.94 28964 Nestle 69.60 -1.65 77.00 64.85 3.06 15.92 221138.66 BrisMySq♦ 62.54 -0.67 70.87 51.82 2.22 63.08 104334.63 MondelezInt 40.13 -1.33 48.58 33.97 1.45 8.37 63773.29
Ambev 16.46 -0.29 20.46 15.99 9.70 21.05 62900.33
LOreal 144.30 -4.90 181.30 140.40 1.73 29.82 88012 MitsbCp 1794 -61.50 2837 1790 2.79 10.61 24537.41 Novartis 79.70 -2.10 103.20 79.00 3.22 24.27 212612.19 Broadcom 53.33 0.37 58.51 40.21 0.95 24.75 29918.13 Monsanto♦ 88.16 -2.71 126.00 81.22 2.15 24.64 38819.53
Bradesco 18.08 -0.16 32.40 17.90 5.23 6.50 11096.5
LVMH 134.65 -5.35 176.60 130.75 2.19 12.88 74563.95 MitsubEst 2124 -140.00 2975 2120.5 0.64 42.56 25402.81 Richemont 62.10 -1.65 87.55 60.85 2.47 20.84 32303.14 CapOne 59.21 -2.98 92.10 59.10 2.21 8.89 31502.4 MorganStly 25.06 -1.20 41.04 25.00 1.87 16.45 48521.77
Cielo 31.77 -0.73 46.27 30.83 2.10 15.64 14573.05
Nmrcble-SFR 33.09 -1.77 60.01 32.19 - -42.41 15800 MitsubishiEle 1086.5 -36.00 1718 1062 2.26 11.17 20067.38 Roche 253.30 -6.50 283.90 238.80 3.06 25.19 177338.45 CardinalHlth 78.63 -2.95 91.91 74.76 1.74 21.02 25867.78 MylanNV 50.19 -0.03 76.69 37.59 - 29.91 24680.78
ItauHldFin 21.65 -0.47 32.66 21.65 2.30 4.99 16038.8
Orange 14.81 -0.60 16.98 12.21 3.74 42.25 42749.09 MitsuiFud 2555 -134.00 3879 2552.5 1.00 23.09 21789.09 Swiss Re 90.05 -4.15 99.75 76.85 4.72 37.34 33265.73 Carnival 47.55 -1.52 55.77 42.51 2.04 28.65 28059.75 Netflix 101.93 -5.96 133.27 47.71 - 290.74 43562.41
Petrobras 5.70 -0.45 16.26 5.69 - -2.21 10313.98
PernodRic 96.95 -1.78 117.75 88.00 1.56 32.44 28040.96 MitUFJFin 621.20 -25.60 936.80 610.50 2.63 6.21 75710.28 Swisscom 463.70 -18.50 580.50 463.20 4.56 17.68 23936.78 Caterpillar♦ 57.05 -1.98 89.62 56.36 4.71 12.58 33216.44 NextEraE 104.79 -3.02 112.64 93.74 2.71 16.05 48259.56
Vale 9.07 -0.11 27.89 8.71 26.09 -3.92 7094.48
Renault 74.50 -2.12 100.25 59.59 2.35 8.73 24007.62 Mizuho Fin 206.10 -7.30 280.40 191.00 3.42 7.03 44098.82 Syngent 358.00 -9.90 435.20 282.00 2.96 25.13 33158.49 CBS 42.67 -2.72 63.95 38.51 1.32 14.71 18506.1 Nike 57.33 -0.99 68.20 45.35 1.18 29.57 77389.58
Canada (C$) Murata Mfg 13770 -430.00 22220 12520 1.32 14.94 26681.69 Celgene 103.71 0.72 140.72 92.98 - 55.50 81986.92 NorfolkS 68.44 -3.41 112.05 68.17 3.20 13.21 20434.11
Safran 54.33 -1.90 72.45 54.00 2.04 -17.88 24689.67 UBS 16.36 -0.68 22.57 14.07 4.41 10.52 62757.95
BCE 52.57 -1.91 60.20 51.56 4.99 16.88 31082.96 NipponTT 4602 -114.00 5066 3245.5 1.88 17.86 82986.59 CharlesSch 24.75 -1.76 35.72 24.73 0.91 26.62 32583.95 Northrop 180.51 -6.25 193.99 151.27 1.56 18.59 32921.05
Sanofi 73.19 -1.60 101.10 70.94 3.59 21.66 104136.46 Zurich Fin 220.00 -26.70 334.60 217.30 - 11.42 32973.32
BkMontrl 69.39 -1.91 80.76 64.01 4.80 10.27 30495.56 Nissan Mt 1063.5 -51.00 1350 996.00 3.21 8.98 41355.46 ChevrnTx 76.41 -5.10 112.93 69.58 5.25 17.71 143806.42 NXP 68.12 -0.31 114.00 66.93 - 25.12 17149.31
Sant Gbn 35.50 -1.21 44.84 34.02 1.61 25.82 21699.82 Taiwan (NT$)
BkNvaS♦ 51.20 -2.07 67.72 51.17 5.42 8.90 42109.2 Nomura 587.30 -23.60 909.20 587.00 3.56 9.08 19310.94 Cigna 136.33 -3.59 170.68 105.23 0.03 17.83 35122.41 Occid Pet 59.29 -2.17 83.74 58.82 4.64 -8.01 45281.9
Schneider 45.93 -1.92 75.29 45.57 3.86 17.22 29409.45 Chunghwa Telecom 101.50 - 103.00 93.10 4.58 20.71 23377.22
Brookfield 38.33 -2.08 48.64 38.29 1.65 9.99 25868.61 Nppn Stl 2055 -111.00 3505 2053 2.88 9.29 16798.51 Cisco 22.67 -1.19 30.31 22.57 3.32 13.22 115300.32 Oracle♦ 33.60 -0.95 45.33 33.35 1.60 17.14 141160.99
SocGen 34.26 -1.58 48.77 33.81 3.36 9.82 30099.57 HonHaiPrc 73.10 -2.20 99.70 73.10 4.74 7.96 33940.25
CanadPcR♦ 147.29 -7.69 245.05 147.25 0.97 16.04 15391.86 NTTDCMo 2330.5 -59.00 2873.5 1953 2.73 21.41 81905.22 Citigroup 39.70 -2.24 60.95 39.61 0.28 9.55 118262.94 Pepsico 94.02 -1.75 103.44 76.48 2.70 29.78 136973.11
Total 36.52 -2.10 50.30 36.28 6.53 104.34 97659.55 MediaTek 210.00 -6.50 505.00 195.50 10.04 10.74 9798.64
CanImp♦ 82.24 -3.60 102.90 82.19 5.37 9.02 22333.8 Panasonic 1063 -55.00 1853.5 1044.5 1.40 82.69 22429.96 CME Grp 84.09 -2.02 100.87 82.33 2.19 24.02 28442.03 Perrigo 142.74 -3.76 215.73 138.74 0.31 150.95 20897.43
UnibailR 215.75 -6.30 262.00 212.30 4.17 13.28 23191.01 TaiwanSem 134.50 -3.50 155.00 112.50 3.21 11.97 103547.53
CanNatRs 21.58 -1.34 42.46 21.27 4.34 53.65 16139.74 Seven & I 4912 -161.00 5998 4182 1.36 28.56 37453.9 Coca-Cola 41.03 -0.89 43.91 36.56 2.96 28.11 178438.86 Pfizer 30.26 -0.43 36.46 28.47 3.40 24.28 186331.09
Vinci 57.21 -1.84 62.60 46.39 2.85 17.70 36685.34
CanNatRy 67.96 -3.74 88.89 67.92 1.79 15.65 36619.34 ShnEtsuCh 5747 -237.00 8310 5743 1.66 19.56 21360.95 Thailand (THB) Cognizant 58.66 -1.28 69.80 53.33 - 24.58 35754.99 Phillips66 76.25 -2.42 94.12 61.09 2.60 9.51 40674.82
Vivendi 18.25 -0.59 24.83 18.10 10.52-220.80 27204.52
Enbridge 40.17 -3.90 66.14 40.04 4.44-101.31 23811.71 Softbank 4692 -354.00 7827 4680 0.78 10.99 48458.11 PTT Explor 200.00 -11.00 382.00 197.00 5.15 -64.12 15741.52 ColgtPlm 62.32 -1.98 71.56 50.84 2.22 24.62 55891.7 PhilMorris 85.37 -2.10 90.27 75.27 4.41 19.59 132263.37
GtWesLif 31.89 -0.76 37.70 30.42 4.12 11.39 21643.12 Germany (€)
Sony 2454 -212.50 3970 2451 0.83 32.51 26645.61 United Arab Emirates (Dhs) Comcast♦ 52.98 -1.27 64.99 50.01 1.72 17.74 110967.1 PNCFin♦ 83.16 -2.17 100.52 82.77 2.23 11.95 43070.26
ImpOil 37.32 -2.32 55.37 37.31 1.30 18.36 21611.99 Allianz 144.60 -5.10 170.15 131.05 4.54 10.67 72010.07
SumitomoF 3903 -152.00 5770 3900 3.61 11.24 47473.74 Emirtestele 15.60 -0.15 16.50 10.00 3.86 18.04 33581.33 ConocPhil 33.24 -3.16 70.11 32.71 8.26 -43.31 41039.5 PPG Inds 90.60 -1.01 118.95 82.93 1.44 22.62 24394.44
Manulife 17.15 -0.89 24.20 17.14 3.88 13.27 23105.4 BASF 60.12 -1.05 97.22 59.00 4.47 11.36 60172.32
Takeda Ph 5374 -156.00 6657 5086 3.05 -30.37 36527.38 United Kingdom (p) Corning 16.24 -0.52 25.16 15.42 2.65 11.33 19211.67 Praxair 97.08 -1.10 130.38 96.00 2.70 21.12 27652.8
Potash♦ 22.54 -1.11 47.10 21.50 8.88 9.32 12882.6 Bayer 100.45 -2.05 146.45 98.64 2.15 23.25 90518.38
TokioMarine 3929 -159.00 5504 3771 2.49 17.22 25601.6 AscBrFd 2922 -88.00 3606 2705.75 1.16 40.95 32818.42 Costco 146.41 -4.06 169.73 117.03 1.00 29.12 64387.79 Prec Cast 231.33 -0.47 232.96 187.00 0.05 25.95 31826.65
RylBkC 65.03 -2.40 81.53 64.95 4.87 9.42 66047.79 BMW 76.77 -2.09 123.75 72.05 3.62 9.34 50360.88
Toyota 6574 -230.00 8783 6556 3.11 9.91 188757.45 AstraZen 4235.5 -77.00 4931.68 3746 4.38 47.84 75959.98 CrownCstl 76.80 -2.70 89.44 75.78 4.00 53.48 25634.47 Priceline 1057.8 -36.70 1476.52 992.13 - 23.59 52661.39
Suncor En 27.41 -1.68 40.93 27.33 3.13 404.29 27070.85 Continental 189.25 -5.15 234.25 171.30 1.65 14.82 41246.55
Mexico (Mex$) Aviva 450.30 -24.50 578.68 428.40 4.02 11.78 25863.18 CSX 21.61 -1.12 37.67 21.56 2.95 11.47 21068.56 ProctGmbl♦ 75.11 -0.96 91.79 65.02 3.26 26.80 204342.22
ThmReut 49.63 -1.94 55.92 46.96 3.69 14.38 25926.17 Daimler 63.81 -1.72 96.07 62.06 3.68 9.21 74390.12
AmerMvl 11.16 -0.16 17.37 10.87 2.30 19.80 25174.58 Barclays 182.05 -7.85 289.90 179.90 3.57 0.61 43402.09 CVS♦ 92.94 -1.70 113.65 81.37 1.34 22.30 102914.05 Prudntl 65.76 -3.53 92.60 65.75 3.30 9.16 29526.24
TntoDom 49.02 -1.27 56.48 47.75 4.19 11.32 62166.85 Deut Bank 17.72 -1.14 33.42 17.61 4.06 -6.05 26633.16
FEMSA UBD 155.27 -3.69 169.74 124.27 0.73 29.40 29827.2 BG 897.60 -42.30 1301.62 808.80 2.13 -17.34 43524.85 Danaher♦ 84.12 -1.49 97.62 81.59 0.56 24.96 57646.2 PublStor 242.33 -8.11 254.66 182.08 2.40 43.39 41897.86
TrnCan♦ 41.58 -1.44 59.50 40.58 5.02 17.25 20141.68 Deut Tlkm 14.90 -0.65 17.63 13.39 3.22 32.03 74771.26
WalMrtMex 44.59 -0.13 47.00 28.32 1.25 33.16 41801.41 BP 328.15 -14.30 499.25 252.55 8.20 -11.99 85572.23 Deere♦ 70.72 -1.74 98.23 70.16 3.12 13.34 22397.03 Qualcomm 44.90 -1.20 74.09 44.82 3.76 14.89 67481.41
ValeantPh 123.21 -6.46 347.84 92.65 - 51.37 28721.44 DeutsPost 22.37 -0.72 31.19 22.21 - 19.50 29524.57
BrAmTob 3565 -82.00 3931.5 3231.5 4.15 16.55 94286.15 Delphi 64.29 -3.05 90.57 64.00 1.46 14.46 18006.87 Raytheon♦ 116.97 -3.97 129.99 95.32 2.09 18.44 35218.47
E.ON 8.37 -0.46 14.85 7.08 1.60 -1.88 18250.78 Netherlands (€)
China (HK$) BSkyB 1022 -27.00 1180 899.50 3.16 13.07 24924.25 Delta 44.68 -1.28 52.77 34.61 0.85 13.74 35139.64 Regen Pharm 440.84 -6.18 605.93 393.00 - 93.04 45032.36
Fresenius Med 71.63 -2.04 83.17 62.11 1.03 24.22 24283.41 Altice 11.95 -0.93 47.73 9.98 - 222.86 10689.3
AgricBkCh 2.74 -0.08 4.55 2.68 7.78 4.32 10757.97 BT♦ 452.00 -15.75 502.60 404.00 2.52 17.03 53649 DiscFinServ 47.47 -1.44 61.50 47.29 2.05 10.46 20292.66 ReynoldsAm 45.18 -1.75 49.56 33.71 2.83 18.18 64566.8
Fresenius SE 57.32 -1.98 70.00 46.20 0.74 26.03 34038.03 ASML Hld 77.23 3.43 104.85 70.25 0.87 24.97 36468.34
Bk China 2.98 -0.07 5.68 2.95 7.47 4.61 31829.98 Compass 1134 -30.00 1223.36 963.00 2.43 21.72 26455.57 Disney 90.96 -3.01 122.08 90.00 1.86 19.80 150372.73 Salesforce 67.69 -3.11 82.90 55.45 - -549.37 44946.16
HenkelKgaA 77.17 -1.67 99.44 75.76 1.60 19.70 21846.88 Heineken 74.18 -1.65 85.90 62.00 1.37 22.83 46560.76
BkofComm 4.59 -0.16 8.61 4.53 6.89 4.42 20527.11 Diageo 1777.5 -50.50 2055 1592.5 3.01 18.79 63431.47 DominRes 68.58 -1.32 79.89 64.54 3.47 24.25 40827.98 Schlmbrg 60.03 -2.79 95.13 59.88 2.96 24.22 75704.06
Linde 119.10 -0.95 195.55 116.40 2.54 20.22 24105.16 ING 10.45 -0.41 16.00 10.31 - 24.04 44045.62
BOE Tech 1.86 -0.02 4.78 1.17 1.96 27.63 47.27 GlaxoSmh 1357.5 -32.50 1645 1227.5 5.89 6.72 93786.69 DowChem♦ 40.62 -1.45 57.10 35.11 3.87 11.69 47042.1 Shrwin-Will 239.00 -0.35 294.35 218.27 1.00 24.45 22251.02
MuenchRkv 169.30 -5.70 206.50 156.00 4.39 9.51 30780.54 Unilever 37.40 -1.22 42.84 32.86 2.85 23.94 69874.3
Ch Coms Cons 6.38 -0.41 17.00 6.13 3.10 6.44 3608.06 Glencore 71.20 -7.78 318.46 66.67 16.07-165.58 14540.42 DukeEner 71.34 -1.82 89.97 65.50 4.21 22.13 49105.77 SimonProp 180.20 -6.20 208.14 170.99 2.99 35.98 55757.14
SAP 70.96 -1.33 75.75 53.91 1.49 28.65 94994.62 Norway (Kr)
Ch Evrbrght 3.43 -0.16 5.65 3.22 6.35 4.72 3009.33 HSBC 465.80 -22.85 674.57 461.80 7.20 9.18 130064.96 DuPont 51.28 -1.94 76.61 47.11 3.31 15.72 44942.15 SouthCpr 21.88 -0.41 33.31 21.55 1.80 18.33 17184.03
Siemens 80.30 -1.96 106.35 77.91 3.94 13.29 77090.38 DNB 92.00 -4.15 143.00 91.25 4.22 6.62 16802.95
Ch Rail Cons 7.02 -0.42 17.70 6.91 2.50 6.41 1861.75 ImpTob 3477.5 -82.00 3665 2868.32 3.80 19.66 47298.33 Eaton 46.86 -1.23 73.82 46.65 4.28 11.58 21686.81 Starbucks 55.50 -3.06 64.00 40.17 1.08 32.52 82398.98
Volkswgn 116.05 -5.70 254.50 95.00 3.97 9.61 37317.12 Statoil 97.75 -7.75 161.70 97.60 7.21 -8.53 34950.51
Ch Rail Gp 4.54 -0.41 12.30 4.51 2.01 7.97 2439.87 LlydsBkg 64.05 -1.73 89.35 61.00 2.34 38.19 64929.42 eBay 25.34 -0.43 29.83 22.11 - 10.93 30424.57 StateSt 53.49 -2.05 81.26 53.34 2.24 13.37 21582.47
ChConstBk 4.58 -0.16 7.98 4.55 7.70 4.32 140646.54 Hong Kong (HK$) Telenor 134.70 -3.10 186.10 132.10 2.76 33.63 22678.32 Ecolab 100.16 -2.21 122.48 99.99 1.23 28.66 29577.6 Stryker♦ 89.35 -2.22 105.34 86.68 1.45 30.97 33551.03
Natl Grid 917.80 -27.10 968.57 806.40 4.67 16.00 48790.82
China Vanke RMB 24.43 - 24.43 10.93 2.05 16.75 36586.73 AIA 40.40 -2.05 58.20 38.85 1.01 19.83 62173.46 Qatar (QR) EMC♦ 23.83 -0.52 29.24 22.66 1.81 21.33 46202.49 Sychrony Fin 27.03 -1.00 36.40 26.28 - 10.97 22538.31
Prudential 1321 -71.50 1761.5 1045.99 2.80 13.45 48195.04
ChinaCitic 4.32 -0.10 7.40 4.25 - 4.26 8211.98 BOC Hold 19.90 -1.15 33.70 19.86 5.13 8.92 26874.42 QatarNtBk 148.10 -2.80 208.50 148.10 4.87 9.56 28458.42 Emerson 41.79 -1.35 62.75 41.69 4.21 11.14 27353.94 Target 66.78 -2.46 85.81 66.75 2.92 16.27 41139.93
RBS 254.00 -10.60 414.00 252.10 - -11.39 41889.11
ChinaLife 19.52 -1.28 41.00 19.46 2.36 12.36 18553.16 Ch OSLnd&Inv 21.70 -1.30 34.05 20.70 2.31 6.56 27331.16 EOG Res♦ 58.06 -2.92 101.36 57.89 1.08 -8.90 31917.53 TE Connect 55.99 0.61 73.73 54.32 2.07 19.86 20951.3
Russia (RUB) ReckittB 5984 -115.00 6450 5340 2.32 25.43 60065.64
ChinaMBank 14.62 -0.52 26.85 14.56 5.37 5.46 8573.19 ChngKng 41.50 -3.15 77.55 41.45 - 9.59 20459.54 EquityResTP 76.29 -2.89 82.53 61.90 2.65 35.32 27789.54 Telsa Mtrs 194.80 -9.92 286.65 181.40 - -39.02 25509.04
Gzprm neft 125.83 -0.15 166.94 122.75 6.69 8.95 36397.55 RELX 1135 -30.00 1232 988.50 2.29 26.07 32950.66
ChinaMob 80.00 -2.80 118.00 79.00 3.31 13.21 209228.31 Citic Ltd 10.84 -0.62 16.40 10.82 1.81 5.62 40278.38 Exelon 26.40 -1.24 38.25 25.09 4.40 12.53 24276.5 TexasInstr 47.73 -0.50 59.99 43.49 2.67 18.04 48412.82
Lukoil 2145.3 -4.70 3297.7 2040.1 9.47 16.25 22295.58 RioTinto 1577.5 -79.50 3280 1557 8.65 15.69 30751.14
ChinaPcIns 25.65 -1.90 47.10 24.80 2.22 13.16 9092.72 Citic Secs 14.48 -0.62 40.50 12.82 2.28 6.79 4213.88 ExpScripts 69.93 -2.45 94.61 68.06 - 23.18 47291.98 TheTrvelers 103.14 -2.62 116.48 95.21 2.11 9.78 31377.13
MmcNrlskNckl 8649 109.00 12247 7840 18.15 9.18 16723.28 RollsRoyce 531.00 -19.00 1061 504.50 4.35 -39.05 13851.26
ChMinsheng 6.53 -0.29 11.88 6.30 3.32 4.42 5783.16 CK Hutchison 93.60 -2.90 174.90 93.00 3.56 4.05 46144.89 ExxonMb 73.45 -2.95 93.45 66.55 3.62 16.56 305767.83 ThrmoFshr 130.69 -4.22 143.65 117.10 0.43 28.38 52158.08
Novatek 553.70 -8.10 646.30 410.80 12.37 43.19 20542.07 RylDShlA 1266 -99.00 2216.5 1260.5 9.92 76.52 71679.98
ChMrchSecs RMB 16.73 -0.26 40.00 13.85 2.42 9.91 12213.08 CNOOC 6.58 -0.43 13.78 6.55 7.86 6.25 37524.85 Facebook 91.20 -4.06 110.65 72.00 - 98.31 206087.97 TimeWrnr 67.89 -1.90 91.34 62.94 1.89 16.65 55369.82
Rosneft 231.90 -4.15 294.20 214.80 4.14 5.35 30030.04 SABMill 4123.5 -14.50 4151 2773 1.80 34.16 94785.44
Chna Utd Coms RMB 4.76 -0.11 10.74 4.27 1.37 33.37 15334.89 HangSeng 125.20 -3.90 162.10 125.10 4.07 9.84 30574.06 Fedex 121.27 -5.93 185.19 120.55 0.70 32.83 33423.86 TimeWrnrC♦ 175.97 -1.66 194.22 134.21 2.00 28.05 49834.27
Sberbank 83.83 -2.85 110.70 57.20 0.63 7.73 22111.29 Shire 4120 -103.00 5870 3855 0.36 12.16 34626.16
ChShenEgy 10.32 -0.56 22.50 10.12 8.27 7.50 4479.94 HK Exc&Clr 168.10 -9.00 311.40 168.00 2.16 31.60 25949.19 FordMtr 11.54 -0.42 16.74 10.44 4.67 10.33 44960.87 TJX Cos 66.31 -1.83 76.93 63.53 1.07 22.00 44396.48
Surgutneftegas 33.22 -0.56 39.80 26.03 - 1.08 14501.18 StandCh 467.00 -24.00 1166 463.05 10.98 10.92 21718.92
ChShpbldng RMB 7.93 -0.30 20.19 7.51 0.46-499.74 21643.89 MTR 35.50 -0.90 40.00 33.05 2.69 14.31 26563.84 Franklin 31.99 -1.06 54.85 31.87 1.76 10.38 19214.25 T-MobileUS 36.17 -1.48 43.43 29.16 - 63.94 29516.07
Saudi Arabia (SR) Tesco 152.40 -6.70 252.52 137.00 0.76 -2.19 17601.79
ChStConEng RMB 5.53 -0.20 12.52 4.88 3.01 7.31 25130.42 SandsCh 21.70 -1.45 40.55 21.50 8.35 12.97 22366.17 GenDyn♦ 122.84 -4.54 153.76 122.54 2.52 14.78 38833.18 UnionPac 72.00 -2.10 124.52 71.81 2.80 13.28 61496.69
AlRajhiBnk 46.49 -1.41 69.00 45.00 3.76 12.58 20144.33 Vodafone♦ 209.85 -6.95 258.00 201.25 5.35 -39.30 79058.28
ChUncHK 8.12 -0.54 16.00 8.08 2.88 18.11 24837.43 SHK Props 82.90 -2.95 137.60 82.75 2.64 8.29 30637.78 GenElectric♦ 27.59 -0.90 31.49 19.37 3.12 57.11 278913.9 UPS B 88.15 -2.20 114.40 87.97 3.04 21.61 61364.97
Natnlcombnk 38.64 -3.21 72.75 37.80 1.94 9.36 20551.33 WPP 1406 -41.00 1616 1273 2.72 14.53 25826.23
CNNC Intl RMB 8.10 -0.07 14.38 4.07 - 23.50 4790.21 Tencent 135.40 -4.40 171.00 124.00 0.25 39.65 162638.8 GenMills♦ 54.28 -1.14 59.87 47.43 3.00 23.79 32206.78 USBancorp 38.46 -0.67 46.26 37.97 2.44 13.01 67273.35
SaudiBasic 60.88 -4.38 110.50 60.00 7.90 8.26 48700.74 United States of America ($)
CSR 7.23 -0.48 20.70 7.00 - 16.88 4036.68 India (Rs) GenMotors 28.60 -0.80 39.00 24.62 4.32 11.20 44506.66 UtdHlthcre 110.61 -1.97 126.21 95.00 1.48 18.74 105423.32
SaudiTelec 59.01 -1.45 73.25 52.75 6.35 12.88 31469.9 21stC Fox A 25.11 -1.25 35.85 22.81 1.12 6.98 29397.58
Daqin RMB 7.44 -0.19 15.15 7.28 6.25 8.08 16811.22 Bhartiartl 309.60 -0.70 452.45 293.85 0.70 22.12 18203.96 GileadSci 87.40 -2.50 123.37 86.00 0.92 8.57 125959.15 UtdTech 83.71 -1.53 124.45 83.42 2.81 14.04 74252.52
Singapore (S$) 3M 135.97 -2.42 170.50 134.00 2.71 18.79 83718.49
Gree Elec Apl 0.20 -0.01 0.45 0.13 - -2.29 301.87 HDFC Bk 1018.3 -17.50 1128 944.20 0.76 24.16 37821.5 GoldmSchs 152.93 -3.90 218.77 152.45 1.53 10.72 65228.04 ValeroEngy 64.99 -1.55 73.88 44.92 2.13 7.71 31292.91
DBS 14.09 -0.39 21.50 14.06 4.04 11.24 24450.46 AbbottLb♦ 39.45 -0.98 51.74 39.00 2.23 25.03 58848.35
GuosenSec RMB 16.84 0.01 34.94 13.76 1.15 10.53 5618.19 Hind Unilevr 795.05 -15.40 981.00 769.00 1.76 37.99 25305.37 Halliburton 28.03 -1.76 50.20 27.64 2.41 97.24 23988.45 Verizon♦ 44.15 -0.72 50.86 38.06 4.70 18.90 179640.75
JardnMt US$ 51.00 -0.72 67.88 45.00 2.56 13.15 35820.08 Abbvie♦ 54.85 -0.14 71.60 45.45 3.30 33.88 89665.87
HaitongSecs 10.96 -0.36 27.90 10.00 2.67 7.10 4773.16 HsngDevFin 1136.65 -16.35 1402.3 1093.2 1.28 20.43 26395.05 HCA Hold 60.87 -2.60 95.49 43.91 - 13.59 24814.73 VertexPharm 92.01 -2.98 143.45 91.43 - -35.81 22607.34
JardnStr US$ 26.39 -1.08 36.93 25.24 0.92 10.37 29373.36 Accenture 98.89 -2.49 109.86 83.47 2.02 23.32 79727.43
Hngzh HikVDT RMB 27.20 -1.36 56.48 25.90 1.43 19.96 13045.85 ICICI Bk 224.40 -4.35 393.40 217.80 2.15 10.77 19184.67 Hew-Pack 9.38 -0.39 18.27 9.26 6.58 4.11 16798.58 VF Cp 52.50 -1.50 77.83 52.41 2.28 23.36 22381.23
OCBC 7.66 -0.26 10.92 7.66 4.46 8.97 21874.93 Ace♦ 111.02 0.96 119.86 96.00 2.26 14.27 35990.63
Hunng Pwr 6.04 -0.30 11.90 5.90 7.33 5.99 3626.35 Infosys 1121.25 -18.40 2336 932.65 3.59 19.42 37695.83 HiltonWwde 16.51 -0.81 31.60 16.25 0.40 23.28 16297.89 Viacom 39.66 -2.06 73.52 36.32 3.45 8.95 13768.63
SingTel 3.42 -0.08 4.57 3.40 4.86 14.83 37850.21 Adobe 85.55 -3.63 96.42 69.04 - 73.13 42672.28
IM Baotou Stl RMB 3.17 -0.04 7.50 3.08 - -41.82 7584.51 ITC 308.95 -5.10 409.95 294.00 2.02 24.80 36521.77 HomeDep 115.09 -4.67 135.47 92.17 1.79 23.48 145920.45 Visa Inc 69.89 -1.50 81.01 60.00 0.64 28.97 136036.86
UOB 17.03 -0.49 25.05 17.01 4.74 9.09 19000.5 AEP 57.61 -1.96 65.38 52.29 3.45 17.07 28275.99
In&CmBkCh 3.92 -0.12 7.10 3.88 7.64 4.41 43458.65 L&T 1116.1 -6.85 1893.8 1069.1 1.33 20.95 15287.62 Honywell 94.77 -2.56 107.41 87.00 2.05 17.73 73038.43 Walgreen 77.87 -2.83 97.30 73.00 1.69 20.09 84002.02
Aetna♦ 101.16 -3.68 134.40 90.20 0.90 16.56 35274.49
IndstrlBk RMB 15.14 -0.36 21.42 11.90 3.65 5.96 43841.14 OilNatGas 213.30 -4.70 373.80 209.20 4.50 9.59 26842.51 South Africa (R) HumanaInc♦ 158.94 -5.06 219.79 143.44 0.67 19.53 23558.71 WalMartSto 60.79 -1.77 89.26 56.30 2.95 14.19 194643.09
Aflac 55.05 -1.44 66.53 51.41 2.65 10.29 23491.96
Kweichow RMB 202.32 -7.92 290.00 166.20 2.10 16.31 38628.16 RelianceIn 1004.55 -39.05 1089.75 796.45 0.98 11.23 47865.55 Firstrand 39.60 -0.40 58.47 34.08 6.04 7.95 13116.95 IBM 122.05 -6.06 176.30 118.00 3.68 8.93 118401.94 WellsFargo 47.08 -1.14 58.77 46.88 2.88 12.15 241652.89
AirProd♦ 115.56 -4.03 158.20 114.86 2.59 20.98 24902.02
Midea 1.89 - 2.68 1.65 4.82 13.05 51.91 SBI NewA 173.65 -9.30 336.00 171.50 1.96 7.40 19828 MTN Grp 117.70 -2.35 250.00 113.29 13.31 5.61 12826.36 IllinoisTool 79.79 -1.90 100.14 78.79 2.35 16.77 29003.01 Williams Cos 14.67 -1.11 61.38 12.77 15.19 34.98 10999.05
Alexion 153.34 -3.42 208.88 142.02 - 148.29 34550.1
New Ch Life Ins 26.35 -1.40 56.55 26.10 0.92 7.69 3480.5 SunPhrmInds 792.60 -1.30 1200.8 704.00 - 68.86 28057.3 Naspers N 1779.03 -126.61 2270 1521.98 0.30 48.74 45999.13 Illumina 164.91 -4.67 242.37 130.00 - 51.40 24142.82 Yahoo 27.90 -1.85 50.32 27.20 - 116.61 26342.79
Allegran 285.53 -6.26 340.34 237.50 - -41.37 112534.38
PetroChina 4.23 -0.27 11.04 4.16 4.36 15.57 11399.74 Tata Cons 2280.1 0.80 2812.1 2243 1.74 21.01 66084.76 South Korea (KRW) Intcntl Exch 243.42 -5.61 266.74 202.24 0.83 24.58 26718.92 Yum!Brnds♦ 67.19 -1.58 95.90 66.35 2.29 34.29 28975.12
Allstate 57.44 -1.00 72.87 54.12 1.92 10.68 22246.87
PingAnIns 35.05 -1.50 62.90 34.20 2.26 9.75 33342.58 Indonesia (Rp) HyundMobis 239000-6000.00 262500 185500 1.20 12.57 19163.28 Intel 29.52 -0.28 37.03 24.87 3.00 13.49 139304.88 Venezuela ()
Alphabet 696.98 -22.10 798.69 503.48 - 34.34 203049.61
PngAnBnk RMB 10.54 -0.17 17.50 9.30 1.60 6.91 18909.51 Bk Cent Asia 13025 -50.00 15600 11000 1.01 20.37 23003.62 KoreaElePwr 51500 -100.00 54000 40800 0.93 2.82 27232.12 Intuit 89.42 -1.47 109.21 79.63 1.08 59.39 23605.95 Bco de Vnzla 109.99 9.99 143.95 27.00 - - 29714.69
Altria 56.80 -1.60 61.74 47.31 3.50 22.82 111366.59
Pwr Cons Corp RMB 7.24 0.14 20.00 6.31 1.34 14.69 3631.29 SK Hynix 26800-1500.00 51700 25800 1.07 4.41 15596.84 John&John 95.40 -2.10 105.49 81.79 2.85 19.54 263966.42 Bco Provncl 4099.99 599.99 4400 850.00 0.12 55.44 32747.52
Israel (ILS) Amazon 552.07 -22.41 696.44 286.39 - 850.48 258789.44
SaicMtr RMB 19.24 -0.77 29.18 14.00 6.55 7.59 32241.29 SmsungEl 1138000-33000.00 1510000 1033000 1.73 8.70 119121.99 JohnsonCn 34.21 -0.51 54.52 33.62 2.85 16.76 22164.95 Mrcntl Srvcs 5000 - 5900 1310 0.15 39.61 22000.5
TevaPha 251.30 4.30 275.90 214.70 1.94 32.84 64568.42 AmerAir 37.62 -1.24 56.20 34.10 1.00 5.77 23712.85
ShenwanHong 0.14 0.00 0.41 0.13 - -2.21 44.02 Spain (€) JPMrgnCh♦ 55.06 -1.95 70.61 50.07 2.86 10.01 202696.26
Italy (€) AmerExpr♦ 61.63 -1.01 87.72 61.38 1.67 11.71 60659.08
ShgPdgBk RMB 17.25 -0.52 20.12 11.91 4.25 6.72 48905.3 Kimb-Clark 122.98 -2.90 130.05 103.04 2.65 79.06 44641.05 Closing prices and highs & lows are in traded currency (with variations for that
Enel 3.54 -0.11 4.50 3.50 3.80 61.43 36233.02 BBVA 5.61 -0.22 9.77 5.55 2.74 14.87 38921.04 AmerIntGrp 54.26 -1.90 64.93 48.68 1.13 16.80 67120.3
Sinopec Corp 3.88 -0.29 7.79 3.86 6.00 19.08 12644.46 KinderM 11.50 -1.05 44.71 11.20 15.15 22.89 25664.65 country indicated by stock), market capitalisation is in USD. Highs & lows are
ENI 12.16 -0.42 17.66 12.01 7.57 -16.63 48155.9 BcoSantdr 3.73 -0.19 7.17 3.70 12.74 7.48 58733.37 AmerTower 87.10 -3.81 104.12 86.83 1.83 69.43 36892.96
Sinopec Oil RMB 6.46 0.11 14.23 5.33 - -192.24 441.83 Kraft Heinz 69.32 -0.85 81.20 61.42 0.74 -48.53 84116.75 based on intraday trading over a rolling 52 week period.
Generali 14.58 -0.60 19.21 14.40 3.95 12.29 24735.43 CaixaBnk 2.67 -0.14 4.53 2.65 2.87 23.50 16957.65 Amgen 149.31 -1.99 181.81 130.09 1.87 19.04 112628.69
Denmark (kr) Iberdrola♦ 6.17 -0.08 6.71 5.66 2.41 16.48 42578.19 Kroger 36.92 -1.27 42.75 27.32 0.95 19.79 35986.76 ♦ ex-dividend
IntSPaolo 2.54 -0.15 3.65 2.47 2.64 15.25 43931.5 Anadarko 28.87 -1.98 95.94 28.16 3.50 -2.68 14670.08
DanskeBk 170.50 -5.30 218.00 161.20 3.10 26.26 25107.63 Inditex 28.21 -0.83 35.38 24.82 1.33 33.28 95790.64 L Brands 89.86 -3.29 101.11 75.11 1.88 24.60 26008.6 ■ ex-capital redistribution
Luxottica 55.30 -2.95 67.80 48.35 1.25 35.01 29145.27 Anthem 132.85 -4.00 173.59 126.25 1.63 13.58 34671.67
MollerMrsk 7625 -225.00 16450 7550 3.66 7.28 11848.21 Repsol 8.02 -0.48 18.75 7.96 11.43 24.50 12242.94 LasVegasSd 35.59 -2.84 61.59 34.88 6.45 13.67 28381.29 # price at time of suspension
Unicred 3.71 -0.31 6.61 3.71 3.11 12.09 24098.09 Aon Cp 84.27 -1.71 107.08 83.83 1.22 20.55 23082.97
NovoB 356.00 -11.20 415.00 274.30 1.35 29.02 107204.05 Telefonica 8.84 -0.32 14.31 8.74 4.34 15.51 46874.06 LibertyGbl 31.82 -1.06 58.66 31.82 - -21.92 8042.7
Apple 94.09 -2.57 134.54 92.00 1.97 10.90 521680.78
Lilly (E) 81.55 -1.68 92.85 68.31 2.29 39.39 90363.64

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
China Vanke 24.43 24.43 0.00 0.00 4.53 22.8 74.50 MTN Grp 117.70 120.05 -2.35 -1.96 -12493.30 -99.1 -12.40 Jan 20 date Coupon S* M* F* price yield yield yield US Jan 20 date Coupon S* M* F* price yield yield yield US
Williams Cos 14.67 15.78 -1.11 -7.03 1.06 7.8 -32.13 Naspers N 1779.03 1905.64 -126.61 -6.64 -187366.97 -99.1 -13.93 High Yield US$ US$
Abbvie 54.85 54.99 -0.14 -0.25 3.67 7.2 -1.68 Firstrand 39.60 40.00 -0.40 -1.00 -4072.40 -99.0 -6.29 CSC Holdings, LLC (Cablevision-U.S.) 02/18 7.88 BB Ba2 BB 92.94 12.19 0.00 6.71 11.35 Halliburton Company 02/27 6.75 A A2 A- 118.44 4.65 0.00 0.03 2.67
Infosys 1121.25 1139.65 -18.40 -1.61 71.30 6.8 3.52 Anadarko 28.87 30.85 -1.98 -6.42 -5.99 -17.2 -37.02 High Yield Euro Korea Electric Power Corporation 08/27 6.75 AA- Aa2 AA- 100.33 6.82 0.00 -0.18 4.84
GuosenSec 16.84 16.83 0.01 0.06 0.99 6.2 -15.38 Softbank 4692.00 5046.00 -354.00 -7.02 -836.00 -15.1 -23.16 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - Anheuser-Busch Cos, Inc. 12/27 6.75 A- A2 A 119.77 4.63 0.00 0.58 2.65
ValeantPh 129.67 129.67 0.00 0.00 6.98 5.7 -18.39 ConocPhil 33.24 36.40 -3.16 -8.68 -5.76 -14.8 -27.66 E.I. du Pont de Nemours and Company 01/28 6.50 A- A3 A 116.05 4.78 0.00 -0.02 -
Potash 23.65 23.65 0.00 0.00 1.13 5.0 -6.90 Altice 11.95 12.87 -0.93 -7.19 -1.97 -14.1 -2.73 Emerging US$ FleetBoston Financial Corp. 01/28 6.88 BBB Baa3 A- 119.72 4.76 0.00 -0.05 -
JardnMt US$ 51.00 51.72 -0.72 -1.39 2.24 4.6 7.59 Renault 74.50 76.62 -2.12 -2.77 -12.16 -14.0 -18.95 Mexico 09/16 11.40 BBB+ A3 BBB+ 106.80 1.49 0.03 0.01 0.44 SunTrust Banks, Inc. 01/28 6.00 BBB+ Baa1 A- 113.10 4.62 0.00 -0.44 -
FEMSA UBD 158.96 158.96 0.00 0.00 5.38 3.5 -2.68 Unicred 4.02 4.02 0.00 0.00 -0.63 -13.5 -27.48 Brazil 01/18 8.00 BB+ Baa3 BB+ 103.81 5.95 0.00 0.00 5.12
Russia 07/18 11.00 BB+ Ba1 BBB- 117.00 3.84 0.00 0.33 3.00 Euro
WalMrtMex 44.72 44.72 0.00 0.00 1.49 3.4 2.57 Ch Rail Cons 7.02 7.44 -0.42 -5.65 -1.09 -13.4 -32.89 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 93.86 3.29 0.00 0.20 1.31
H&M 288.90 288.90 0.00 0.00 9.50 3.4 -6.70 SocGen 34.26 35.84 -1.58 -4.41 -5.31 -13.4 -20.17 Peru 03/19 7.13 BBB+ A3 BBB+ 113.25 2.78 0.00 0.18 1.94
Peru 03/19 7.13 BBB+ A3 BBB+ 114.01 2.60 0.00 0.20 0.84 BHP Billiton Fin Ltd 09/27 3.25 A+ A1 A+ 101.10 3.14 0.00 0.55 1.15
McKesson 163.09 169.44 -6.35 -3.75 5.25 3.3 -15.73 Cred Agr 8.84 9.28 -0.45 -4.80 -1.34 -13.2 -16.40 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 108.22 2.39 0.00 0.02 -
Pwr Cons Corp 7.24 7.10 0.14 1.97 0.22 3.1 -11.60 SBI NewA 173.65 182.95 -9.30 -5.08 -25.75 -12.9 -23.33 Brazil 01/21 7.88 BB+ Baa3 BB+ 94.10 6.36 0.00 -0.34 4.95
Colombia 07/21 4.38 BBB Baa2 BBB 98.37 4.77 0.00 0.37 3.35 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 108.36 2.15 0.00 0.01 -
Celgene 103.71 102.99 0.72 0.70 3.04 3.0 -6.14 BNP Parib 42.85 44.18 -1.34 -3.02 -6.01 -12.3 -19.45
Poland 03/22 5.00 A- A2 A- 109.22 3.36 0.00 0.28 1.95 Yen
Woolworths 23.58 23.35 0.23 0.99 0.68 3.0 0.04 ExpScripts 69.93 72.38 -2.45 -3.38 -9.76 -12.2 -18.37
Turkey 09/22 6.25 - Baa3 BBB- 107.99 4.89 0.00 0.11 3.47 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
CanadPcR 154.98 154.98 0.00 0.00 4.43 2.9 -15.74 Citigroup 39.70 41.94 -2.24 -5.34 -5.49 -12.2 -22.55
Enbridge 44.07 44.07 0.00 0.00 1.25 2.9 -8.41 Hew-Pack 9.38 9.76 -0.39 -3.94 -1.21 -11.4 -18.72 Turkey 04/26 4.25 - Baa3 BBB- 92.77 5.24 0.00 0.13 3.25 £ Sterling
Lilly (E) 81.55 83.23 -1.68 -2.02 2.25 2.8 -3.83 KinderM 11.50 12.55 -1.05 -8.36 -1.45 -11.2 -24.11 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 122.65 4.11 0.06 0.12 1.82
Kweichow 202.32 210.24 -7.92 -3.77 5.53 2.8 -6.71 HiltonWwde 16.51 17.31 -0.81 -4.65 -2.04 -11.0 -23.25 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 B.A.T. Intl Fin plc (Re - British American Tobacco) 09/26 4.00 A- A3 A- 104.67 3.47 0.06 0.29 1.18
MylanNV 50.19 50.22 -0.03 -0.06 1.30 2.7 -5.57 BOC Hold 19.90 21.05 -1.15 -5.46 -2.40 -10.8 -15.86 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.66 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M -
Mexico 02/20 5.50 BBB+ A3 BBB+ 121.63 2.06 0.00 0.00 0.64 Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 09/25 5.75 BB+ - BBB- 113.75 4.06 0.00 0.08 2.08
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Jan 20 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Jan 20 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.25-0.50 16-12-2015 1.00 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 29.77 3.72 26.05 53.29 10.88 Jan 20 Price £ Yield Day Week Month Year High Low £m
US Prime 3.50 16-12-2008 3.50 3.25 3.25 Markit IBoxx VXD 28.33 3.15 25.18 56.32 7.04 Tr 2pc '16 100.00 2.00 0.00 0.00 412.82 455.56 101.66 100.00 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 171.54 0.19 -1.01 -1.01 -0.58 -5.16 VXN 33.25 3.93 29.32 46.72 11.15 Tr 1.75pc '17 101.38 0.37 -9.76 -2.63 -13.95 -22.92 102.68 101.34 0.29
Euro Repo 0.05 10-09-2014 0.05 0.05 0.25 Corporates( £) 296.60 -0.20 0.48 0.48 -0.16 -1.57 VDAX 28.31 0.00 28.31 30.63 - Tr 5pc '18 109.78 0.38 -13.64 -17.39 -35.59 -45.71 113.51 109.34 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) - - - - - - † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 112.01 0.62 -6.06 -12.68 -27.06 -31.11 115.07 111.04 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 210.19 -0.01 -0.52 -0.52 -0.71 -1.65 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.84 0.84 -5.62 -9.68 -20.75 -22.22 119.04 114.45 0.33
Switzerland Libor Target 0.00-0.25 15-01-2015 0.00-0.75 -1.25--0.25 0-0.25 Eurozone Sov(€) 226.77 0.01 0.65 0.65 0.14 0.94 Tr 1.5pc '21 101.88 1.11 -5.13 -8.26 -16.54 -5.13 142.92 99.91 0.12
Gilts( £) 293.02 -0.17 2.15 2.15 1.14 -0.35 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 116.87 1.14 -5.79 -8.06 -16.18 -9.52 119.85 113.65 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 237.57 -0.13 -0.32 -0.32 -1.46 -5.50 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 129.85 1.49 -5.70 -8.02 -12.87 -1.32 134.70 124.47 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 297.61 -0.17 0.91 0.91 0.25 -1.10 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 126.46 1.77 -4.32 -6.35 -10.61 4.12 131.90 119.79 0.31
Jan 20 (Libor: Jan 19) night Day Week Month month month month year Overall ($) - - - - - - Australia 10/18 3.25 103.60 1.89 -0.03 -0.05 -0.14 -0.26 Tr 4.25pc '32 129.30 2.12 -3.64 -4.50 -7.83 9.84 136.85 121.93 0.35
US$ Libor 0.36600 0.000 0.000 -0.001 0.42500 0.62430 0.85775 1.15045 Overall( £) 291.70 -0.17 1.78 1.78 0.88 -0.57 04/26 4.25 114.07 2.67 -0.04 -0.03 -0.18 -0.01 Tr 4.25pc '36 131.15 2.31 -3.35 -3.75 -6.48 12.14 140.37 123.52 0.28
Euro Libor -0.28357 0.001 0.001 0.000 -0.22357 -0.15143 -0.06071 0.04643 Overall(€) 221.58 -0.01 0.40 0.40 -0.02 0.38 Austria 10/19 0.25 99.98 0.26 0.00 0.00 0.00 0.00 Tr 4.5pc '42 141.36 2.40 -3.23 -3.61 -5.88 12.68 153.16 132.20 0.26
£ Libor 0.48125 0.000 0.004 0.000 0.51069 0.58938 0.74400 1.02338 Treasuries ($) - - - - - - 10/25 1.20 104.26 0.75 -0.04 -0.06 -0.16 0.00 Tr 3.75pc '52 134.89 2.33 -2.92 -3.32 -5.67 8.37 145.21 121.95 0.22
Swiss Fr Libor 0.003 -0.78500 -0.75100 -0.67700 -0.60300 FTSE Belgium 06/18 0.75 101.78 0.00 0.00 0.00 0.00 0.00 Tr 4pc '60 147.66 2.28 -3.39 -3.80 -5.79 7.04 159.23 131.72 0.22
Yen Libor 0.000 0.04857 0.07943 0.11300 0.22114 Sterling Corporate (£) 110.74 0.30 - - 0.17 -5.22 06/26 1.00 100.27 0.97 -0.03 0.00 0.00 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor 0.000 -0.22200 -0.14300 -0.05600 0.04800 Euro Corporate (€) 105.10 0.14 - - -0.66 -4.94 Canada 11/17 0.25 99.90 0.31 0.00 0.00 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.50000 0.60000 0.77500 Euro Emerging Mkts (€) 733.18 -25.24 - - -13.35 -24.88 06/26 1.50 101.81 1.31 0.00 0.00 0.00 0.00
US$ CDs
Euro CDs
0.000
0.000
0.42000
-0.22500
0.59000
-0.16500
0.83000
-0.05500
Eurozone Govt Bond 113.94 0.14 - - -0.07 -1.84 Denmark 11/18 0.25 101.36 -0.23 0.00 0.00 0.00 0.00 GILTS: UK FTSE ACTUARIES INDICES
CREDIT INDICES Day's Week's Month's Series Series 11/25 1.75 109.30 0.76 -0.05 -0.08 -0.14 0.23
Price Indices Day's Total Return Return
Short 7 Days One Three Six One Index change change change high low Finland 05/18 1.00 99.61 1.17 0.00 -0.05 -0.17 0.00
Fixed Coupon Jan 20 chg % Return 1 month 1 year Yield
Jan 20 term notice month month month year Markit iTraxx 09/25 0.88 101.29 0.74 -0.05 -0.07 -0.19 0.00
1 Up to 5 Years 98.82 0.13 2383.59 0.57 1.51 0.72
Euro -0.35 -0.25 -0.35 -0.25 -0.30 -0.15 -0.24 -0.09 -0.15 0.00 -0.05 0.10 Crossover 5Y 394.63 17.49 44.67 54.15 397.02 280.05 France 05/19 1.00 103.96 -0.18 0.00 0.00 0.00 0.00
2 5 - 10 Years 182.46 0.49 3302.81 1.44 2.28 1.35
Sterling 0.40 0.55 0.40 0.55 0.45 0.55 0.55 0.65 0.70 0.85 1.00 1.15 Europe 5Y 98.68 2.83 12.20 15.78 98.88 68.39 11/20 0.25 101.19 0.01 -0.02 -0.05 -0.10 0.00
3 10 - 15 Years 209.32 0.87 3898.63 2.04 1.51 1.88
Swiss Franc - - - - - - - - - - - - Japan 5Y 94.33 8.96 13.86 19.50 94.33 65.01 11/25 1.00 101.61 0.83 -0.04 -0.06 -0.16 0.00
4 5 - 15 Years 188.81 0.60 3446.66 1.61 2.02 1.56
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 95.79 5.76 15.44 17.62 99.56 65.28 05/45 3.25 131.28 1.86 -0.05 -0.04 -0.13 0.30
5 Over 15 Years 304.55 1.45 4439.97 2.59 -1.43 2.33
US Dollar 0.32 0.42 0.32 0.42 0.40 0.50 0.60 0.70 0.80 0.90 1.10 1.20 Germany 04/19 0.50 102.80 -0.36 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 174.98 0.78 3289.53 1.65 0.35 2.05
Japanese Yen 0.00 0.10 -0.08 0.02 -0.15 0.05 -0.10 0.10 -0.10 0.10 0.00 0.20 10/20 0.25 102.08 -0.19 0.00 0.00 0.00 0.00
Emerging Markets 5Y 396.65 -3.47 15.93 35.88 400.12 299.17 02/26 0.50 100.01 0.50 -0.05 0.00 0.00 0.00
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Day's Month Year's Total Return Return
Nth Amer High Yld 5Y 557.30 2.81 40.66 60.34 557.30 416.39 08/46 2.50 131.15 1.26 -0.06 -0.05 -0.18 0.12
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Jan 20 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 110.39 0.70 11.70 17.92 110.39 75.52 Greece 07/17 3.38 90.72 10.41 0.25 1.84 3.04 -0.88
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 283.44 100.00 1 Up to 5 Years 308.22 0.03 -0.19 -1.86 2364.66 0.23 -0.43
02/26 3.00 63.93 9.21 0.24 0.83 1.05 -0.58 2 Over 5 years 575.24 1.08 0.40 -3.99 4251.14 0.53 -3.27
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 110.13 -0.31 0.00 0.00 0.00 0.00 3 5-15 years 429.76 0.47 0.30 -3.41 3276.77 0.64 -2.15
05/26 1.00 99.18 1.08 -0.03 -0.05 0.00 0.00 4 Over 15 years 711.14 1.32 0.44 -4.10 5154.17 0.48 -3.59
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 10/18 0.30 100.57 0.09 0.00 0.01 -0.08 0.00 5 All stocks 531.83 0.93 0.32 -3.70 3982.56 0.48 -2.88
11/20 0.65 100.42 0.56 0.00 -0.01 -0.09 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/25 2.00 104.01 1.57 0.00 0.00 -0.10 0.00 Yield Indices Jan 20 Jan 19 Yr ago Jan 20 Jan 19 Yr ago
Crude Oil† Feb 28.74 -0.74 Corn♦ Mar 366.50 -1.25 Jan 19 Jan 19 Prev return stock Market stocks
09/46 3.25 113.06 2.64 -0.01 -0.01 -0.05 -0.48 5 Yrs 0.95 1.02 1.03 20 Yrs 2.35 2.43 2.07
Brent Crude Oil‡ 27.17 -1.61 Wheat♦ Mar 470.00 -3.00 Can 4.25%' 21 126.57 -0.247 -0.272 -0.49 5.18 70390.14 7
Japan 01/18 0.10 100.23 -0.01 0.00 0.00 0.00 0.00 10 Yrs 1.68 1.77 1.57 45 Yrs 2.30 2.38 2.16
RBOB Gasoline† Jan 1.02 -0.02 Soybeans♦ Mar 876.75 -4.50 Fr 2.25%' 20 113.36 -0.657 -0.636 -0.71 20.31 212322.78 14
02/21 0.05 100.08 0.03 0.00 0.00 0.00 0.00 15 Yrs 2.14 2.22 1.90
Heating Oil† Jan 0.93 -0.01 Soybeans Meal♦ Mar 269.80 -1.00 Swe 0.25%' 22 107.76 -0.794 -0.799 0.58 32.00 234370.71 7
12/25 0.30 100.83 0.21 -0.01 0.01 -0.06 0.00
Natural Gas† Jan 2.11 0.02 Cocoa (ICE Liffe)X Mar 2054.00 -90.00 UK 2.5%' 20 357.95 -1.150 -1.161 0.90 6.58 487328.47 25
12/45 1.40 104.38 1.20 -0.02 0.03 -0.07 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Mar 2848.00 -76.00 UK 2.5%' 24 337.60 -0.764 -0.772 1.59 6.82 487328.47 25
Netherlands 04/17 0.50 101.12 -0.41 0.00 0.00 0.00 0.00 Real yield Jan 20 Dur yrs Previous Yr ago Jan 20 Dur yrs Previous Yr ago
Uranium Jan 36.75 0.00 Coffee(Robusta)X Jan 1318.00 -46.00 UK 2%' 35 228.76 -0.704 -0.723 1.75 9.08 487328.47 25
07/25 0.25 96.65 0.61 -0.06 -0.08 -0.18 0.00 Up to 5 yrs -0.82 2.31 -0.80 -1.09 -1.63 2.34 -1.62 -1.77
Carbon Emissions - - Coffee (Arabica)♥ Mar 113.35 -1.95 US 0.625%' 21 101.57 0.335 0.359 0.76 35.84 1122002.62 36
Diesel Mar - - White SugarX 417.50 -7.80 New Zealand 03/19 5.00 107.64 2.46 -0.06 -0.11 -0.32 -0.94 Over 5 yrs -0.82 23.50 -0.78 -0.98 -0.86 23.60 -0.81 -1.02
US 3.625%' 28 131.68 0.887 0.359 0.59 16.78 1122002.62 36
Unleaded (95R) - - Sugar 11♥ 14.37 -0.39 04/27 4.50 112.05 3.21 -0.05 -0.11 -0.37 -0.24 5-15 yrs -0.73 9.57 -0.68 -1.02 -0.86 9.58 -0.81 -1.17
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/19 4.50 112.74 0.62 -0.03 -0.02 -0.10 -0.23 Over 15 yrs -0.83 29.07 -0.79 -0.97 -0.86 29.12 -0.81 -1.00
Base Metals (♠ LME 3 Months) Cotton♥ Mar 61.84 -0.62 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/25 1.75 103.56 1.33 -0.06 -0.04 -0.15 0.00 All stocks -0.82 20.44 -0.78 -0.98 -0.87 20.60 -0.83 -1.03
Aluminium 1470.00 -11.00 Orange Juice♥ Mar 122.55 -2.80 amount.
Aluminium Alloy 1620.00 15.00 Palm Oil♣ Jan 562.00 - Portugal 06/19 4.75 113.28 0.77 0.03 0.04 0.03 -0.66 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 4373.50 -19.00 Live Cattle♣ Feb 128.68 -0.25 BONDS: TEN YEAR GOVT SPREADS 07/26 2.88 98.29 3.07 0.08 0.00 0.00 0.00
Lead 1612.00 -12.00 Spain 04/18 0.25 100.23 0.15 0.02 0.00 -0.10 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Jan 155.58 1.28
Nickel 8560.00 -20.00 Lean Hogs♣ Feb 62.98 -0.03 Spread Spread Spread Spread 04/26 1.95 101.67 1.77 -0.03 0.00 0.00 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 13380.00 125.00 Bid vs vs Bid vs vs Sweden 10/18 1.00 99.36 1.24 0.00 -0.07 -0.18 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 1483.00 -17.00 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 115.79 0.74 -0.06 -0.07 -0.30 -0.01 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) Jan 19 Month Year Australia 2.67 2.17 0.69 Italy 1.57 1.07 -0.42 Switzerland 05/19 3.00 112.98 -0.85 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1101.75 15.50 S&P GSCI Spt 269.86 -12.24 -31.09 Austria 0.75 0.25 -1.24 Japan 0.21 -0.28 -1.77 05/26 1.25 114.46 -0.14 0.00 0.00 0.00 0.00
Silver (US cents) 1405.00 2.00 DJ UBS Spot 72.53 -6.40 -29.83 Belgium 0.97 0.47 -1.01 Netherlands 0.61 0.12 -1.37 United Kingdom 07/18 1.25 101.68 0.57 -0.05 -0.10 -0.28 -0.28 Data provided by Morningstar | www.morningstar.co.uk
Platinum 820.00 -14.00 R/J CRB TR 156.04 -9.65 -30.60 Canada 1.31 0.81 -0.67 Norway 1.33 0.83 -0.65 01/21 1.50 101.82 1.12 -0.04 -0.09 -0.30 0.00
Palladium 486.00 -13.00 Rogers RICIX TR 1840.83 - - Denmark 0.76 0.26 -1.22 Portugal 3.07 2.57 1.09 09/25 2.00 103.15 1.64 -0.05 -0.10 -0.30 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Finland 0.74 0.24 -1.24 Spain 1.77 1.27 -0.21 01/45 3.50 121.19 2.47 -0.03 -0.05 -0.19 0.29
Iron Ore (Platts) 41.30 -1.45 UBS Bberg CMCI TR 10.80 -10.20 -30.67 France 0.83 0.33 -1.15 Switzerland -0.14 -0.64 -2.12 United States 12/17 1.00 100.32 0.83 -0.03 -0.07 0.00 0.00
Iron Ore (The Steel Index) 41.10 -1.00 LEBA EUA Carbon 7.22 -9.98 1.12 Germany 0.50 0.00 -1.48 United Kingdom 1.64 1.15 -0.34 12/20 1.75 101.59 1.42 -0.06 -0.11 0.00 0.00
GlobalCOAL RB Index 50.25 0.20 LEBA CER Carbon 0.39 -20.41 -13.33 Greece 9.21 8.71 7.22 United States 1.98 1.48 0.00 11/25 2.25 102.38 1.98 -0.06 -0.11 -0.27 0.00
Baltic Dry Index 358.00 -5.00 LEBA UK Power 2165.00 13.95 -15.26 Ireland 1.08 0.58 -0.90 11/45 3.00 105.30 2.74 -0.08 -0.15 -0.25 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
26 FINANCIAL TIMES Thursday 21 January 2016

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence HBM Hlth SFr 93.80 -4.30 113.50 90.70 - 21.97 52.7 Renold 46.75 -2.25 86.00 46.50 - 18.30 70.8 Antofagasta 346.10 -9.40 811.50 340.60 3.95 22.48 4001.0 MucklGp 475.00 -9.50 530.00 445.00 4.32 5.34 18.0 Intserve 454.80 -19.60 878.50 451.79 5.06 12.36 162.1
AvonRub 970.00 -32.00 1180 687.39 0.64 17.77 52.8 HenderGp 256.00 -12.20 314.30 217.10 3.52 17.86 3567.6 Rotork 155.10 -5.40 267.20 152.60 3.23 13.51 4572.8 ..5%Pf 0.60 - 0.60 0.60833.33 - - PrimyHth♦ 102.25 -0.75 113.50 92.06 4.83 11.47 928.4 Intertek 2685 -40.00 2949 2241 1.83 22.80 726.7
BAE Sys 490.00 -16.00 549.00 419.30 4.18 22.13 11019.9 ICAP♦ 443.20 -11.00 573.00 420.60 4.96 22.01 874.0 Severfd 60.75 -0.75 75.00 57.00 0.82 132.35 36.0 AquarsPl 12.50 - 15.25 5.53 - -2.98 6945.4 Redefine 46.30 -1.20 59.90 46.00 7.13 9.08 1167.3 Lavendon 125.75 -3.25 211.50 120.75 3.66 13.26 2237.8
Chemring 178.00 -2.25 240.45 131.00 2.30 -20.36 88.5 Indvardn SKr 125.70 -4.60 183.50 125.40 4.78 11.95 1022.0 SKF SKr 123.00 -2.60 231.70 121.80 4.30 13.43 3740.9 Barrick C$ 11.59 0.58 16.54 7.89 1.18 -3.21 3532.6 SEGRO 406.90 -11.20 466.70 401.40 3.71 3.80 2019.1 MngCnslt 14.38 -0.25 19.00 13.25 5.74 -70.12 70.1
Cobham 243.90 -15.80 349.10 243.80 4.37 -141.64 6150.3 ICG 550.50 -38.00 712.83 485.70 4.66 8.63 2046.2 Spirax-S 2896 -51.00 3767.56 2738 2.31 22.22 113.7 BHP Bltn 580.90 -46.20 1670.5 571.60 13.71 13.99 19422.1 Shaftbry 836.50 -24.50 975.50 777.00 1.60 5.00 429.1 MearsGp 417.00 -13.00 475.00 375.00 2.40 16.12 40.3
Meggitt 346.50 -9.40 593.50 337.60 3.97 14.42 1972.1 IPF 232.00 -12.00 512.00 228.40 5.17 6.75 753.1 Tex 106.50 - 130.00 86.30 5.63 7.57 10.7 BisichMg♦ 69.50 -8.00 94.75 60.15 5.76 5.35 16.0 Town Ctr 296.38 -3.63 336.75 266.00 3.52 6.56 6.0 MenziesJ 392.00 -15.00 525.00 355.00 4.13 34.85 76.0
RollsRoyceX 531.00 -19.00 1061 504.50 4.35 -39.05 9260.4 Investec 405.20 -17.80 649.50 402.20 4.94 11.56 1288.1 Trifast 105.00 -7.00 134.00 94.50 2.00 12.56 300.2 EVRAZ 59.55 -2.40 209.90 58.00 - -1.15 1225.3 Wkspace♦ 829.00 -26.50 989.50 770.00 1.45 3.85 211.7 MichaelPge 379.40 -13.10 568.00 377.80 2.90 18.36 420.5
Senior 203.10 -8.90 361.70 201.00 2.77 13.66 1096.4 Jupiter 381.60 -9.70 481.30 347.30 3.46 11.41 1142.9 Vitec 561.00 -5.00 670.85 545.00 4.28 22.21 11.5 Fresnillo 640.50 -24.00 939.50 569.63 0.30 135.41 2103.9 Real Estate Inv & Services MITIE♦ 279.00 -3.60 341.00 265.89 4.19 13.96 1507.7
UltraElc 1863 6.00 2044 1627 2.38 -163.44 275.2 Liontrust 267.50 2.50 393.50 260.39 2.99 19.84 20.0 Weir 807.00 -33.50 2045 798.50 5.45 - 1253.6 GemDmnd 98.25 -4.25 182.00 94.75 3.24 8.05 109.7 Cap&Count 356.80 -15.40 475.10 355.80 0.42 5.24 2153.4 PayPoint 821.50 -20.50 1112.15 779.82 4.69 27.86 766.4
Man 150.20 -5.50 217.80 138.60 4.24 10.18 4548.3 Harmony R 28.60 1.15 38.50 7.92 - -2.18 2396.7 CLS 1545 -71.00 2037 195.00 - 3.29 30.0 PremFarn 93.75 -1.50 204.60 87.75 11.09 7.89 689.6
Automobiles & Parts NB GFRIF 89.70 -1.10 98.85 89.70 4.14 22.96 1751.2
Industrial General Hochschild 41.00 1.50 134.25 38.75 - -2.85 995.4 Rentokil 150.00 -2.40 162.50 119.50 1.73 21.01 2762.1
BritPoly 627.00 -38.00 755.00 606.25 2.55 10.08 32.4 Daejan 5960 -70.00 6614.2 5323.5 1.38 6.13 2.6
FordMtr $X 11.62 -0.34 16.74 10.44 - - 32152.5 Paragon♦ 292.20 -10.30 461.50 291.10 3.29 8.40 659.1 Kenmr 0.57 -0.03 4.92 0.27 - -0.25 8655.4 Grainger♦ 217.90 -3.80 256.00 187.90 1.16 21.20 1171.0 Ricardo 770.50 -41.50 967.50 640.00 2.02 21.91 75.2
GKN 276.70 -10.00 389.00 248.56 3.04 30.80 5074.0 Providnt 2856 -76.00 3654 2462 3.43 21.31 376.0 Coats Group 22.75 -0.25 30.90 20.85 - -339.55 229.2 Lonmin 38.25 -1.00 18970 36.59 - -0.02 1545.6 RbrtWlts 319.25 -27.75 478.00 319.25 1.88 18.62 594.6
ExovaGroup 138.00 -1.50 199.12 132.00 1.45 19.77 242.9 HelclBar 411.25 -6.25 475.50 373.00 1.76 4.37 237.1
RathbnBr 2147 -68.00 2373 2014 2.42 27.66 12.2 Petra 70.75 -5.25 192.60 52.77 - 12.11 1887.7 HK Land $ 5.99 -0.19 8.80 5.91 2.86 12.23 4838.6 RPS 209.00 -9.50 271.37 181.50 4.05 14.78 381.3
Banks JardnMt $X 51.00 -0.72 67.88 45.00 2.56 13.15 846.0
Record 22.38 -0.13 41.00 20.30 7.37 8.06 49.8 Petropvlsk 5.20 -0.03 18.89 4.21 - -0.76 6140.6 Lon&Assc 24.50 - 42.52 23.50 0.64 -3.46 17.6 Shanks 89.00 -1.00 113.50 88.00 3.88 -46.62 1348.0
ANZ A$X 23.50 -1.09 37.25 23.44 10.58 9.51 13573.4 Jard Str $X 26.39 -1.08 36.93 25.24 0.92 10.37 597.2
S&U 2151 -59.00 2595 1962 3.07 12.79 2.7 PolymtIntl 523.50 -4.50 634.00 424.20 2.59 -16.14 417.1 MacauPrp 132.75 -3.25 229.13 129.50 - -3.13 335.5 SIG 129.10 -1.70 212.20 117.00 3.41 23.13 3873.6
BcoSant 288.25 -13.50 526.19 284.20 12.71 7.52 90381.4 Macfrlne 52.75 -2.75 60.00 35.60 3.13 12.79 69.5
Schroder 2511 -79.00 3441 2490 3.11 15.41 545.8 RndgldRs 4416 148.00 5752.1 3546 0.88 32.09 719.6 Mntview 11350 50.00 12900 10000 2.42 12.35 0.2 SpeedyHr♦ 39.50 -0.75 77.30 27.94 1.77 -14.36 815.4
BnkGeorgia 1669 -18.00 2345 1609 2.68 8.21 52.4 REXAM 601.50 -9.50 615.01 424.60 2.94 21.28 2432.9
..N/V 1921 -47.00 2629 1896.93 4.06 11.79 18.7 RioTintoX 1577.5 -79.50 3280 1557 8.65 15.69 6175.6 RavenRuss 36.50 -0.50 58.56 36.00 - -2.58 298.7 St Ives 215.50 0.50 227.63 156.68 3.32 61.87 119.9
BankIre € 0.29 -0.01 0.39 0.07 - 14.39 34937.4 RPC♦ 726.50 -21.00 864.50 535.00 1.97 37.24 949.9
SVG Cap 446.30 -16.10 535.00 421.00 - 11.14 229.9 Troy Res A$ 0.20 - 0.77 0.20 - -0.42 6912.1 RavenR Prf 119.75 -6.75 146.00 118.00 10.02 - 122.7 TribalGrp 22.00 -0.50 188.00 19.16 8.18 -3.74 91.0
BkNvaS C$X♦ 51.20 -2.07 67.72 51.17 5.42 8.90 1727.6 Smith DS 363.00 -8.50 423.70 304.30 3.14 26.38 3061.5
TullettPre 304.80 -11.30 415.90 287.10 5.53 6.51 546.3 VedantaRs 212.80 -1.60 695.06 200.00 19.56 -0.42 711.5 RavenR Wrt 23.25 -1.25 34.00 22.00 - - 0.3 Vp 700.00 -25.00 816.00 582.85 2.36 14.12 9.0
BarclaysX 182.05 -7.85 289.90 179.90 3.57 0.61 52318.6 Smiths 863.50 -26.00 1243 858.00 4.69 13.99 1158.3
WlkrCrip 41.50 -2.50 55.00 39.70 4.10 24.69 27.3 Safestre 330.00 -8.00 370.00 254.00 2.26 6.78 378.1 Watermn 89.00 -3.00 98.49 56.15 1.57 20.23 134.3
CanImp C$X♦ 82.24 -3.60 102.90 82.19 5.37 9.02 1169.8 SmurfKap € 21.28 -1.30 30.31 20.13 2.71 17.48 431.7 Oil & Gas Wolseley 3272 -95.00 4398 3255 2.61 26.52 775.8
HSBCX 465.80 -22.85 674.57 461.80 7.20 9.18 41067.8 Food & Beverages Vesuvius 289.10 -2.70 530.00 280.70 5.58 8.13 244.0 Aminex 1.53 -0.08 2.49 1.25 - -17.94 1676.9 Savills 746.50 -43.50 991.46 700.00 1.47 17.45 179.8
LlydsBkgX 64.05 -1.73 89.35 61.00 2.34 38.19 189241.7 AngloEst 492.50 -13.50 683.10 485.00 0.61 -38.45 8.8 BGX 897.60 -42.30 1301.62 808.80 2.13 -17.34 21462.0 SchroderRE 57.25 -1.50 63.00 56.10 4.33 7.01 1033.3 Tech - Hardware
RylBkC C$X 65.03 -2.40 81.53 64.95 4.87 9.42 2685.8 AscBrFdX 2922 -88.00 3606 2705.75 1.16 40.95 746.4
Industrial Transportation BPX 328.15 -14.30 499.25 252.55 8.20 -11.99 63283.4 Smart(J) 104.50 - 114.80 87.50 2.83 16.21 24.0 ARM Hldgs 948.00 -16.00 1332.5 811.50 0.81 42.02 4244.2
RBSX 254.00 -10.60 414.00 252.10 - -11.39 17824.7 Barr(AG) 513.00 1.00 699.36 500.00 2.36 19.48 85.8 BBA Aviat 150.20 -7.60 257.11 149.70 4.93 12.46 3295.4 Cadogan 8.88 - 13.25 7.75 - -0.54 50.0 StModwen 365.00 -18.00 499.40 363.70 1.26 3.44 438.7 Laird 316.50 -12.70 413.30 306.22 3.95 15.40 774.1
StandChX 467.00 -24.00 1166 463.05 10.98 10.92 9691.1 Britvic♦ 668.50 -9.00 788.00 632.00 3.22 16.21 674.2 Braemar 411.00 -26.50 513.86 410.00 6.33 19.57 40.9 CairnEng 127.20 -2.30 210.00 124.70 - -2.08 1590.3 U and I 211.00 -9.00 293.00 210.25 2.80 9.96 701.7 SpirentCM 66.50 -1.25 98.75 64.25 3.71 73.64 716.1
..7.375%Pf 104.00 -3.25 128.00 104.00 7.09 - 96.0 C&C € 3.49 -0.05 4.07 3.16 3.13 -13.77 117.9 Clarkson 2065 -115.00 2855 1862 2.91 42.57 97.5 Cape 218.00 -15.50 275.75 190.00 6.42 12.00 85.6 UNITE Gp 601.00 -10.00 706.00 485.50 1.86 4.85 713.4
..8.25%Pf 118.00 -1.50 141.00 114.00 6.99 - 169.2 CarrsGroup 158.50 -2.00 178.50 136.00 2.19 12.25 7.6 Eurotunnl € 9.48 -0.16 14.57 9.36 1.75 50.63 1715.3 EnQuest 11.00 -1.75 61.00 10.75 - -0.96 4179.2 Urban&C 273.00 -7.00 291.00 243.25 0.92 8.89 964.6 Tech - Software & Services
TntoDom C$X 49.02 -1.27 56.48 47.75 4.19 11.32 2910.2 Coca-Cola H 1347 -43.00 1638 1051 3.76 21.40 409.0 Fisher J 1087 -10.00 1442 894.50 2.02 14.08 12.9 ExxonMb $X 72.06 -4.34 93.45 66.55 - - 16073.1 AVEVA♦ 1334 -72.00 2350 1276 2.29 30.17 109.0
Flybe Grp 79.50 -1.00 106.00 52.00 - 26.50 148.0
Retailers Computcnt 820.00 -2.50 885.00 665.00 2.41 8.92 112.8
VirginMoney 275.10 -10.90 472.90 270.10 - -687.75 1106.6 Cranswk♦ 1890 -11.00 1950 1280 1.80 22.34 152.4 GenelEgy 106.25 -17.75 704.50 105.50 - -1.30 2960.7 AA 267.40 -14.30 434.50 254.80 - -160.02 954.9
Westpc A$X 30.06 -1.12 40.07 29.10 8.39 12.93 7268.8 Dairy Cr♦ 592.00 -10.50 700.00 437.90 3.67 42.80 211.2 Goldenpt 26.25 -2.00 225.00 24.38 - -0.10 7.0 GeoPark $ 2.61 -0.10 5.73 2.45 - - 14.4 DRS Data 12.00 - 14.90 11.25 - -5.06 8.5
OceanWil♦ 722.50 -2.50 1028.9 715.01 5.54 66.42 2.4 AO World 148.20 3.00 240.00 118.60 - -64.21 101.9 Elecdata 63.75 - 74.90 62.00 3.14 21.21 5.6
Devro 285.25 - 328.00 256.17 3.09 50.96 88.9 GrnDnGas 200.00 -17.50 412.25 200.00 - 16.25 4.5 AshleyL 24.75 -1.00 36.00 24.00 8.08 9.63 908.2
Basic Resource (Ex Mining) RoyalMail 421.50 -15.10 532.50 414.90 4.98 14.66 4580.3 MicroFoc♦ 1389 -41.00 1622 1016.51 2.24 34.17 497.7
Glanbia € 17.13 -0.22 19.59 13.53 0.59 34.19 38.8 GulfKeyst 11.75 -1.00 61.56 10.25 - -0.56 3425.8 Brown N 281.00 -2.30 400.00 278.50 5.06 18.91 450.0
Ferrexpo 17.00 -0.50 83.00 12.50 24.69 1.75 2109.8 UK Mail 270.88 5.88 569.00 245.25 8.05 17.95 8.1 NCC Grp 294.00 -4.70 309.00 192.68 1.24 37.57 566.4
Grncore♦ 346.20 -4.10 363.40 262.80 1.63 24.67 1901.8 HellenPet € 3.51 -0.26 5.65 3.35 - -15.93 187.2 Caffyns 565.00 -10.00 665.00 480.00 3.58 1.64 5.3
Mondi 1169 -44.00 1614.36 1078 2.54 15.15 1560.9
HiltonFd 532.50 -2.00 574.50 388.00 2.50 21.23 11.4 Hunting 239.75 -15.75 677.00 235.50 8.24 -15.08 834.3 RM 162.00 - 185.00 137.50 2.47 10.19 12.8
Vale BRLX 9.07 -0.11 27.89 8.71 26.09 -3.92 5211.3 Insurance Card Factor 337.10 2.30 401.50 250.72 2.02 19.62 361.5 Sage 544.50 -22.50 625.50 363.39 2.29 30.25 3936.7
Kerry € 71.60 -2.10 77.72 60.96 0.75 26.13 42.8 Admiral 1619 -76.00 1699 1370 2.85 15.43 987.9 ImpOil C$X 37.32 -2.32 55.37 37.31 1.30 18.36 897.5 Dairy Fm $ 6.14 -0.06 9.77 5.76 3.38 19.72 414.8 SDL 449.50 19.50 472.00 315.00 0.56 42.69 440.5
Chemicals Nestle SFrX 69.60 -1.65 77.00 64.85 3.06 15.92 8269.2 Amlin 665.50 -0.50 668.50 445.70 4.06 14.50 1420.2 IE Hldgs 38.75 -7.25 149.46 36.50 - -1.70 752.3 Debenhm♦ 75.90 -0.45 96.80 63.75 4.48 9.97 2656.1
PremFds 39.25 0.75 47.79 30.75 - -1.54 2814.6 JKX 24.50 -0.75 39.40 11.76 - -0.65 51.1 TriadGp 25.50 -1.25 43.00 9.25 - 8.91 14.0
Bayer €X 100.45 -2.05 146.45 98.64 2.15 23.25 4433.6 AvivaX 450.30 -24.50 578.68 428.40 4.02 11.78 12630.9 Dignity 2251 -8.00 2643 1764 0.89 -25.87 59.3
Carclo 132.50 -7.75 169.75 97.00 2.08 44.28 138.7 PureCircle 408.00 - 590.00 352.24 - 259.05 49.2 Beazley 357.00 -9.60 402.08 273.80 2.64 12.42 720.9 Nostrum 301.40 -25.80 670.00 301.30 5.84 42.02 48.3 DixonsCar♦ 428.70 -20.80 506.50 398.90 - 20.22 3785.6 Telecommunications
Croda 2796 -92.00 3150 2569.9 2.34 21.77 319.3 REA 262.50 9.50 352.00 244.00 2.94 55.00 13.6 Chesnar 321.75 -12.50 367.81 310.00 5.72 12.62 145.6 OphirEgy 76.40 -6.00 171.20 76.16 - -1.76 2211.8 Dunelm 820.00 -37.50 1023 809.08 2.50 17.34 86.9 BTX♦ 452.00 -15.75 502.60 404.00 2.52 17.03 16032.1
Elemntis 202.70 -0.90 324.10 196.90 2.61 8.81 927.5 SABMillX 4123.5 -14.50 4151 2773 1.80 34.16 3874.0 Eccles prf 130.50 - 146.00 124.50 6.61 - 97.5 PremOil# 19.00 -9.50 191.40 19.00 - -0.20 26551.9 Findel 190.75 -1.50 255.00 162.00 - -27.56 20.7 Inmarsat 1030 -24.00 1153 823.00 3.13 22.44 1263.0
Syngent SFrX 358.00 -9.90 435.20 282.00 2.96 25.13 353.5 StckSpirit 116.00 -2.00 230.75 97.75 1.53 17.37 278.1 Hansard 101.50 -3.75 123.24 80.00 8.37 9.36 86.4 RylDShlAX 1266 -99.00 2216.5 1260.5 9.92 76.52 16535.1 Halfords♦ 325.00 -1.60 563.51 310.80 4.49 9.75 961.1 KCOM Gp♦ 113.50 -0.50 124.50 78.50 4.73 45.45 700.4
Synthomer 284.50 -13.50 364.10 237.65 2.74 19.19 631.3 Tate&Lyl 596.00 5.50 682.50 492.20 4.70 61.85 2454.1 Hiscox 955.00 -39.50 1063 722.00 2.46 11.72 366.4 ..B 1277.5 -92.00 2315 1268.5 9.83 77.22 16126.1 Inchcape 703.50 -17.50 906.65 673.50 2.86 18.94 864.0 TalkTalk 192.10 -5.70 415.10 184.00 7.18 36.16 1337.9
Victrex 1486 -28.00 2202.55 1471 3.06 15.18 276.1 TongtHu R 85.24 -1.35 168.04 77.85 5.11 9.59 152.4 JardineL 809.00 -45.00 1112 785.50 3.57 15.81 101.0 Schlmbrg $X 59.73 -3.09 95.13 59.60 - - 8389.9 JDSportsF 1082 -7.00 1149 439.86 0.65 24.92 199.3 TelePlus 864.00 -10.00 1227.25 725.50 4.63 21.06 176.8
Unilever 2832 -102.00 3087 2450 2.91 23.60 3789.6 Lancashire 590.00 -18.00 772.90 553.50 1.51 8.29 374.2 SEPLAT 57.25 -0.88 166.00 54.80 17.05 5.79 4.5 Lookers 156.30 -8.60 188.80 142.46 1.82 12.75 452.2
Construction & Materials ..NV € 37.43 -1.21 42.98 32.92 2.85 23.95 6.6 Soco Int 121.00 -8.50 314.50 117.00 8.05 -10.45 474.8 Marks&Sp 410.80 -10.90 600.00 407.40 4.38 15.74 5167.8 Tobacco
Leg&Gen 233.70 -10.80 296.02 230.40 4.81 13.61 19850.1
Alumasc 184.50 -10.00 221.83 117.50 2.87 12.47 57.0 TrnCan C$X♦ 41.58 -1.44 59.50 40.58 5.02 17.25 1262.3 MossBros 93.75 -2.25 112.00 83.50 5.60 21.08 88.0 BrAmTobX 3565 -82.00 3931.5 3231.5 4.15 16.55 3040.8
Health Care Equip & Services NovaeGp 793.00 -15.50 914.39 588.50 3.13 10.40 27.2
Boot(H) 219.50 -4.50 245.00 121.00 2.55 13.43 46.1 Tullow 118.20 -9.80 456.90 117.00 3.57 -1.09 8548.7 Next■ 6525 -160.00 8175 6480 2.30 15.37 570.7 ImpTobX 3477.5 -82.00 3665 2868.32 3.80 19.66 2884.8
Bioquell 140.00 - 155.50 80.00 2.36 139.72 24.4 Old Mut 149.40 -8.20 20590 148.07 5.82 10.38 10165.6
ClarkeT 86.50 -3.50 91.00 61.75 3.58 - 166.8 Ocado 265.00 5.90 478.50 239.40 - 232.25 4681.1
ConstMed♦ 978.00 -26.00 1155 820.50 1.85 97.24 282.3 PermTSB € 4.02 -0.05 6.30 0.05 - -5.30 239.4 Pharmaceuticals & Biotech Travel & Leisure
CRH 1759 -64.00 2478.5 1554 2.52 32.91 2300.0
PhoenixGrp 832.50 -35.00 935.00 793.05 6.41 17.51 359.2 Photo-Me 152.00 0.75 166.75 131.50 3.21 21.87 7236.7
GalfrdT 1379 -44.00 1824 1195.63 4.35 12.44 244.4 GNStre kr 115.60 -3.90 158.50 113.70 0.75 24.71 858.1 BTG 587.50 -17.50 818.50 504.00 - 49.36 714.6 888 Hldg 172.00 -7.00 187.75 135.86 2.96 22.90 331.0
UDGHlthC♦ 535.50 -11.50 602.50 380.70 1.42 42.70 253.6 PrudntlX 1321 -71.50 1761.5 1045.99 2.80 13.45 8407.5 CathayIn 11.25 -0.75 28.29 11.55 - -11.71 4.1 Saga 197.00 -4.10 225.10 160.80 2.08 16.05 1087.0 AirPrtnr 374.88 -21.63 470.00 252.25 5.88 13.13 16.6
Keller 729.00 -66.00 1105 729.00 3.46 23.02 144.5 SuperGroup 1485 -42.00 1733.49 833.50 - 30.35 211.8
RSA Ins 388.10 -19.70 528.00 385.60 0.52 59.78 3745.4 Dechra 989.00 -10.00 1110 843.50 1.59 44.97 169.8 bwin.party 126.30 -0.70 132.55 70.40 2.83 348.90 806.8
KierGp 1170 -49.00 1779 1156.87 5.02 29.25 274.0 House, Leisure & Pers Goods TescoX 152.40 -6.70 252.52 137.00 0.76 -2.19 64880.0
SagicFin 60.00 - 68.00 53.00 4.40 4.80 1.8 Genus 1282 -106.00 1624 1210 1.43 19.75 62.0 Cineworld 475.50 -11.40 599.00 411.60 2.84 15.93 445.8
Kingsp € 21.60 -1.18 26.07 14.22 0.69 29.79 49.8
BarrttDev 559.00 -20.00 673.50 420.80 2.13 12.54 3347.2 StJmsPl 879.50 -45.50 1031 804.56 2.65 26.17 2121.7 GlaxoSmhX 1357.5 -32.50 1645 1227.5 5.89 6.72 9165.2 CompassX 1134 -30.00 1223.36 963.00 2.43 21.72 4597.5
LowBonr 62.50 -0.50 76.00 49.00 4.32 16.09 198.8
Bellway 2558 -95.00 2897.51 1734.8 2.38 11.08 352.9 Stan Life 350.30 -14.30 505.68 345.80 5.22 25.86 5253.6
Support Services
Marshlls 289.60 -12.30 379.80 235.00 2.07 23.61 737.6 HikmaPhm 1922 -84.00 2617 1849.38 0.73 24.88 473.3 Acal 265.00 -2.50 334.75 240.00 2.87 24.89 25.8 EntInns 91.45 -3.80 139.60 89.40 - -7.05 1448.5
Berkeley♦ 3467 -105.00 3788 2264 5.19 11.50 513.9 Oxfd Bio 6.86 -0.24 13.38 5.39 - -17.54 2905.7 FirstGrp 94.95 -4.25 129.90 88.65 - 17.15 2067.3
MorgSdl 719.00 -11.00 865.00 619.80 3.76 -21.04 8.7
BovisHme 850.00 -36.00 1206 767.50 4.12 10.43 497.2
Media Aggreko 770.00 -35.50 1724.15 762.50 3.52 10.19 747.4
Norcros 175.00 -5.00 227.60 150.00 3.20 12.33 123.8 4imprint 1140 -56.00 1351.85 838.13 1.80 26.14 83.0 RichterG $ 18.67 -0.24 20.13 12.53 0.60 25.75 0.0 APR Engy 174.75 -2.25 407.44 49.98 1.95 -0.30 46.8 Fuller A 1078 -44.00 1250 925.50 1.46 21.38 80.0
Cairn Homes € 1.18 -0.02 1.23 1.00 - - 462.6 ShireX 4120 -103.00 5870 3855 0.36 12.16 2167.7 Go-Ahead 2444 -71.00 2758 2269 3.50 20.45 61.2
StGobn €X 35.50 -1.21 44.84 34.02 1.61 25.82 2498.8 Creston 123.00 - 163.00 108.00 3.41 15.98 316.2 AshtdGp♦ 932.50 -35.50 1231 838.00 1.64 13.18 2841.9
CrestNic 501.50 -14.50 598.50 343.50 2.85 11.22 528.5 VecturGp 164.70 -8.30 200.10 140.00 - 101.92 407.5 GreeneKg♦ 835.50 -21.50 985.00 766.00 3.44 20.57 674.3
Tyman 225.75 -14.25 342.00 221.25 3.54 32.74 354.0 DlyMailA♦ 620.00 -37.00 989.50 616.50 3.34 13.66 1899.4 AtknsWS 1432 -59.00 1677 1225 2.55 14.71 171.4
GamesWk 531.00 -9.50 625.00 487.25 9.79 13.87 10.4 IrishCtl € 5.28 -0.03 5.60 3.20 1.83 15.71 18.5
HaynesPb 107.50 - 132.00 103.00 6.98 -2.02 11.0 Real Estate Babcock 909.00 -40.50 1152.76 868.50 2.60 16.96 978.7
Electronic & Electrical Equip Gleeson 585.00 -5.00 594.64 345.02 1.30 25.45 38.2
Berendsen 1037 -2.00 1161 946.50 2.89 20.37 561.7 Ladbrokes 114.50 -2.20 147.00 92.85 7.77 -43.84 3059.2
Headlam 485.00 -10.00 550.00 420.00 3.61 16.12 22.9 ITE Grp♦ 139.75 1.00 204.75 125.00 5.30 13.38 418.4 Harworth Gr 11.25 -0.50 14.37 7.26 - 2.72 804.0
Dialight 411.00 -5.00 817.00 398.00 3.65 21.99 26.6 Brammer 145.50 -0.50 420.50 136.50 7.35 20.31 4980.1 MandarO $ 1.35 -0.04 1.78 1.27 4.62 18.82 81.7
McBride 155.25 -0.50 176.00 74.00 - -404.30 157.4 ITV 254.20 -8.60 281.90 219.20 1.85 19.43 8354.1
e2v Tech 207.50 -9.25 268.00 177.00 2.46 18.87 140.3
JohnstnP 39.25 -0.75 174.00 35.00 - -81.94 21.2
REITs Bunzl 1735 -37.00 1969 1665 2.05 25.42 780.7 Marstons♦ 145.80 -6.60 177.00 142.90 4.60 -30.87 2570.7
Halma♦ 791.50 -20.50 886.50 663.50 1.51 28.08 703.8 McCarthy&S 277.00 -10.00 295.00 180.00 - 23.22 678.4 Assura 52.60 -0.70 64.00 51.00 3.71 9.53 4114.7 Natl Exp 299.60 -2.00 334.70 216.30 3.44 18.56 689.8
Persimn 1892 -65.00 2156 1459 - 13.14 1201.3 News Corp A $ 11.91 -0.44 17.55 11.80 - - 2474.6 Capita 1113 -46.00 1336 1075 2.62 30.17 1715.4
MorganAd 196.80 -17.60 375.84 195.60 5.54 34.05 459.0 BigYellw 705.50 -26.00 847.00 599.00 3.08 8.39 460.1 Carillion 272.60 -7.50 371.40 270.70 6.51 21.79 1368.5 PPHE Htl 625.00 -15.00 688.00 453.75 2.83 9.53 8.1
Philips € 22.39 -0.50 28.00 20.48 - 36.54 5330.9 NewsCpB $ 12.25 -0.48 17.11 12.13 - - 430.8
OxfordIn 575.50 7.50 1114 502.62 2.26 -67.18 34.4 BritLand♦ 696.50 -18.50 891.50 694.50 4.00 5.08 4506.3 Comnsis 40.25 - 63.00 36.25 4.97 -5.53 854.4 Restaurt 495.70 -9.30 748.70 490.00 3.11 17.70 1526.3
PZCusns 270.40 -7.30 376.90 262.00 2.90 21.74 345.7 Pearson 657.50 -27.00 1517.42 644.50 7.76 28.16 5180.2
Renishaw 1601 -14.00 2672.9 1577 2.65 9.56 311.2 Cap&Reg 62.50 -0.75 71.50 50.95 1.52 3.80 1215.1 ConnectGp♦ 152.25 -3.25 175.00 135.00 6.24 16.89 43.2 Sportech 58.00 -0.50 72.00 52.56 - -1.38 103.1
ReckittBX 5984 -115.00 6450 5340 2.32 25.43 1428.5 Quarto 208.00 - 239.00 148.25 3.98 8.08 21.3
Spectris 1523 -51.00 2420 1518 3.05 14.11 157.6 Countrywd 331.90 -15.60 608.00 331.90 4.52 16.53 369.3 DCC 4973 -87.00 6060 3433 1.70 32.40 293.9 Stagech 261.20 -8.80 437.90 260.54 4.02 11.34 692.1
Redrow 410.20 -14.90 504.50 261.00 0.98 9.24 899.6 RELX NV € 13.97 -0.49 16.75 12.64 2.64 24.66 4780.6
TT Elect 151.50 -1.25 164.00 107.25 3.63 -77.57 27.0 DrwntLdn 3127 -131.00 3891 3094.01 1.27 4.33 364.9 DeLaRue 427.00 -6.25 606.00 414.75 5.85 11.01 158.2 ThomasCook 104.60 -3.90 162.20 97.65 - 67.61 5028.1
TaylorWm 179.60 -5.20 207.40 126.99 0.87 14.14 13081.7 RELX PLCX 1135 -30.00 1232 988.50 2.29 26.07 3314.7
XP Power 1469 -16.00 1750 1376 4.22 14.60 7.2 Gt Portld 736.50 -19.50 892.50 732.00 1.22 4.00 837.4 Diploma♦ 673.00 - 916.50 600.29 2.59 20.72 73.1 TUI 1175 -61.00 1294.78 996.74 - 20.98 5518.0
TedBaker 2624 -45.00 3650 2282.34 1.54 31.04 25.4 STV Grp 485.00 -4.00 520.00 338.00 1.65 14.82 17.8
Green Reit € 1.42 0.00 1.70 1.25 - - 66.8 Elctrcmp 209.80 -12.00 263.10 167.55 5.60 22.08 507.8 Whitbrd 3875 -77.00 5475 3836 2.12 18.77 856.4
Financial General ThmReut C$X 49.63 -1.94 55.92 46.96 3.69 14.38 379.5
Hammersn 550.00 -19.50 708.00 546.50 3.71 6.35 3817.5
Industrial Engineering UTV Med 177.75 -0.75 204.00 137.00 4.08 31.78 5.5 EnergyAst 480.00 -10.00 640.00 410.27 - 16.41 21.8 Willim H 366.20 -10.60 432.10 312.10 3.33 18.29 4036.9
3i 416.00 -15.40 571.50 414.80 1.95 6.64 2403.4 Hansteen 108.00 -2.70 128.95 107.40 4.63 5.33 1546.5
AberAsM♦ 216.50 -11.80 509.64 214.70 8.66 9.93 5241.6 Bodycote 499.00 -21.00 797.59 489.90 2.89 15.97 514.1 WPPX 1406 -41.00 1616 1273 2.72 14.53 2884.1 Essentra 725.50 -20.50 1069 711.50 2.52 25.97 460.3 Utilities
Castings 464.88 -6.38 490.00 360.00 2.86 13.62 18.5 HIBERNIA 1.27 0.00 1.45 1.06 - - 2930.6 Experian♦ 1105 -47.00 1264 1017 2.38 24.37 3355.5
BrewDlph 272.50 -3.50 361.00 247.70 3.67 15.94 294.7 Mining Highcrft 975.00 -5.00 1090 820.00 3.69 17.87 0.4 Centrica 204.00 -5.40 300.70 200.87 6.62 -20.53 17440.5
Canaccord 180.00 -30.00 440.00 200.00 5.47 -6.71 1.7 Fenner 112.00 -6.25 237.00 110.75 10.71 -20.68 624.7 Grafton 657.00 -16.50 868.00 615.00 1.64 17.02 563.6 DeeVally 1455 - 1484 1185 4.30 18.97 0.0
Goodwin 1687.5 5.50 3040 1629 2.51 12.48 0.5 Acacia 161.80 -0.60 318.90 154.00 1.70 45.16 594.2 INTU 283.10 -7.10 376.50 281.80 4.84 14.80 2958.6 HarvyNah 80.50 -0.63 107.00 74.00 4.42 11.68 8.6
CtyLonInv 285.00 -26.50 380.37 265.00 8.42 10.95 49.9 LandSecs 1060 -21.00 1363 1053 3.03 4.02 2360.4 Drax 209.10 -2.90 451.30 205.10 5.69 4.89 2031.0
Hill&Sm 741.50 0.50 776.50 565.00 2.43 28.78 242.8 AngloAmer 221.05 -17.75 1277.59 218.75 24.69 -0.64 15914.4 Hays 117.40 -0.20 173.70 112.90 2.27 16.06 8376.3
CloseBrs 1251 -13.00 1857.39 1235 4.04 10.74 382.1 LondonMtrc 153.00 -1.50 173.20 152.20 4.58 6.20 2673.1 Natl GridX 917.80 -27.10 968.57 806.40 4.67 16.00 9776.9
IMI 760.50 -32.50 1454.55 752.32 4.94 11.75 880.6 AngloPacif♦ 56.00 0.25 106.43 49.00 15.09 -2.24 28.3 Homesve 382.90 -23.10 447.84 322.60 3.23 21.88 241.3
DBAG € 25.71 -0.47 34.50 24.65 1.43 10.47 19.3 McKaySec 239.00 -15.75 279.75 225.49 3.64 4.17 9.9 Pennon 857.00 -21.00 919.50 711.90 3.67 29.63 1305.4
MelroseInd 273.10 -3.40 314.78 242.70 3.04 42.73 4962.0 AnGoldA R 133.28 6.40 149.99 71.59 - -27.62 2243.8 HowdenJny 471.20 -21.30 538.50 407.60 1.78 20.06 2769.7
Hargr Lans 1249 -16.00 1533 936.30 1.82 37.77 897.9 UtdUtils♦ 904.00 -16.50 1045 816.50 4.17 22.03 1605.3

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence PolarCap 400.75 -8.50 489.75 335.00 6.24 15.64 393.6 Industrial General ClontarfEn 0.23 -0.03 1.00 0.13 - -4.69 691.2 Palace Cap 360.00 - 405.00 330.00 3.61 6.20 1.6 IQE 19.00 -0.75 27.00 15.78 - 78.84 1292.8
Cohort 369.50 -15.50 432.04 232.80 1.35 27.20 109.7 Share 28.00 - 40.75 25.00 2.21 297.87 5.0 Powerflte 84.00 1.25 100.98 49.00 1.27 27.04 160.2 Egdon Res 7.25 -1.38 17.00 6.24 - -3.59 550.8 PnthrSec 377.50 10.00 402.00 300.00 3.18 16.67 6.6
ShoreCap 425.00 - 431.50 400.00 2.35 14.72 4.0 EuropaOil 2.38 -0.13 9.72 2.31 - -2.76 138.7 PSPI 46.00 - 50.00 23.50 - -9.59 10.0
Tech - Software & Services
RM2 33.50 -2.50 73.00 33.25 - -3.37 261.9
Banks STM Group 46.00 -8.50 73.00 23.00 - 24.76 236.4 GETECH 27.75 -2.25 65.00 21.75 8.00 5.04 12.5 SiriusRE € 0.45 -0.01 0.54 0.39 3.45 7.38 116.7 Blinkx 23.13 -0.50 40.50 14.75 - -1.59 328.0
Caribbean I 8.00 - 11.00 3.25 - -0.72 - WH Ireland 87.50 -1.50 130.00 80.75 2.29 33.67 79.6 Insurance Infrastrata 1.13 -0.25 5.10 1.01 - -0.23 175.4 SumGermny € 0.97 - 1.00 0.74 2.98 17.41 15.4 BondInt 95.50 - 148.25 84.00 2.30 17.78 5.5
STB 3110 -40.00 3425 2701 2.19 22.60 0.8 Gable 13.25 -0.75 56.90 12.00 - -1.92 141.1 Iofina 8.44 -0.57 43.50 8.10 - -2.91 181.4 TaliesinPr 2505 -5.00 2545 2175 - 9.08 1.7 Brady 55.25 -0.50 110.13 33.60 3.35 -43.40 119.3
Food & Beverages Helios 191.00 -2.50 210.00 120.00 0.79 24.81 1.0 Ithaca Engy 16.00 -1.00 76.25 16.00 - 11.24 1291.3 Datatec 195.00 -22.50 370.00 204.47 2.67 9.17 16.2
Basic Resource (Ex Mining) FinsbryFd 110.50 -3.00 118.50 62.00 1.43 19.76 328.9 Retailers DDD 1.75 - 4.50 1.25 - -1.81 5.8
KBC Adv 183.75 - 184.00 77.00 0.54 46.59 262.1
CropperJ 645.00 2.50 718.00 390.00 1.32 29.70 14.8 Nichols 1119 -64.00 1496.81 1000.00 2.00 19.38 42.7 Media ASOS 2892 -100.00 4259 2443 - 65.14 504.8 Eckoh 45.75 -0.25 56.00 35.89 0.81 67.08 668.6
PetrelRes 2.63 -0.13 4.75 2.00 - -1.28 8.6
RealGdFd 41.50 -2.00 59.40 31.00 - 30.05 219.1 Avesco 217.50 -10.00 254.00 113.00 2.76 15.16 31.2 Koovs 16.13 0.25 150.00 10.66 - -0.54 1105.1 EgSoltns 53.50 - 79.00 48.00 - -37.13 11.4
Chemicals Cello Gp 83.00 -2.00 106.70 79.00 3.13 77.50 5.4
Petroceltic 9.00 -0.97 140.00 8.00 - -0.12 281.6
Wynnstay 535.00 -2.50 610.00 474.52 1.91 15.07 13.2 PetroNeft 2.15 -0.23 5.00 1.86 - -3.16 3767.6 StanlGib 64.50 -0.50 305.00 56.45 7.75 -28.90 47.0 Iomart 223.75 -6.75 310.00 162.00 1.12 26.18 209.8
Scapa 183.25 -1.25 225.25 124.08 0.82 36.98 187.5 M&Csaatc 305.00 - 395.00 280.25 2.06 -41.75 24.9
Plexus 122.00 -2.00 245.00 116.00 0.93 19.80 25.3 K3BusTc 347.50 2.50 377.00 206.98 0.36 32.53 44.1
Health Care Equip & Services MissionMk 40.50 -0.25 50.00 38.14 2.47 8.98 36.8 Support Services
Construction & Materials Rockhop 28.00 -1.00 83.00 24.00 - -5.48 2218.5 mporium 9.13 - 11.25 3.62 - -1.20 953.2
Advnc Med 168.25 -6.50 187.29 120.00 0.42 26.27 136.1 Next15Cm 224.00 - 278.25 147.50 1.23 144.89 128.3 AndSyks 325.00 -7.50 355.00 270.00 7.32 13.96 3.0 OMG 42.00 - 51.56 34.48 1.19 40.00 22.5
Abbey 1267 - 1300 833.35 0.68 7.69 0.5 Sound Oil 16.00 -0.50 26.73 8.75 - -10.15 1828.4
AVO 6.13 - 16.90 3.75 - -7.75 588.9 YouGov 148.00 - 156.00 101.50 0.54 47.99 22.4 Augean 49.25 -1.00 62.00 37.65 1.02 9.93 31.2 Progility 1.18 - 7.50 1.05 - 4.82 22.6
AccsysTch 60.75 -2.25 81.50 56.00 - -38.87 113.9 TowerRes 0.08 - 0.66 0.07 - -0.34 5291.2
CareTech 233.00 - 262.15 190.00 3.43 10.99 20.9 Begbies 44.88 0.13 51.08 38.50 4.90 -35.62 115.2 Pub Tech 128.00 - 208.00 114.00 - -3.94 6.0
Aukett 6.63 - 8.50 5.50 3.17 8.69 19.8 Mining UnJackOil 0.11 -0.01 0.30 0.11 - -4.23 9370.5
CircleHldgs 25.50 - 57.00 24.00 - -7.42 10.5 Christie 138.50 3.50 161.50 118.00 1.62 12.09 9.6 SciSys 69.50 - 95.51 38.50 2.32 -60.70 2.0
Amara 7.22 -0.16 19.50 6.80 - -4.26 682.3 VictorOil 24.38 -4.38 89.05 23.11 - -0.77 714.3
Electronic & Electrical Equip ImmunDiag 217.50 -10.00 340.00 210.00 1.38 49.94 6.4 Empres 84.00 -0.50 106.90 39.20 0.83 10.13 213.0 WANdisco 77.50 - 460.00 69.75 - -0.85 33.9
CeresPow 5.50 -0.65 10.08 4.20 - -4.13 1389.6 SphereMed 8.50 -0.25 23.50 7.50 - -1.08 21.4 AMC 6.38 0.37 44.58 5.50 - 6.35 3077.4 Pharmaceuticals & Biotech Hargreaves 236.75 -14.25 600.00 229.75 11.28 3.69 36.8
ElektronT 6.88 0.25 8.70 4.00 - 10.39 94.5 Tristel 118.50 -4.00 152.00 67.10 1.56 22.64 173.1 BotswanaD 0.85 - 2.50 0.63 - -5.18 358.0
Abcam 585.00 -30.50 674.00 420.00 1.35 31.50 758.9 Impellam 802.50 -17.50 859.60 570.00 0.78 13.11 8.3 Telecommunications
FlowGp 14.00 -1.13 44.95 9.75 - -2.91 380.8 CentAsiaM 124.00 -3.00 198.00 118.21 9.99 12.75 429.0 ISG 147.00 -3.00 355.00 119.50 3.34 -4.43 55.8 AltNetwks♦ 470.25 -17.75 545.00 405.00 3.21 20.16 20.2
House, Leisure & Pers Goods AllcePharm 49.00 -0.50 63.00 33.25 2.04 15.70 3389.5
LPA 88.50 -0.50 99.00 58.00 1.75 78.18 21.1 Connema 1.30 - 2.80 0.25 - -3.69 5.0 JhnsnSrv 85.75 -0.75 95.41 66.38 1.98 58.49 349.7 Peoples Op 82.50 - 147.60 80.00 - -36.42 0.1
Airea 17.50 0.25 23.00 12.75 3.43 13.52 120.0 Epistem 117.50 - 339.00 110.00 - -3.90 2.5
ThorpeFW 200.00 -14.88 250.70 131.00 1.65 19.78 87.0 C'royG&NR 30.00 -1.00 34.50 0.28 - -5.37 2.6 JourneyGp 186.00 -2.00 208.72 120.00 1.60 14.77 16.6
Churchll 700.00 -32.50 860.00 502.00 2.30 21.72 8.7 e-Thera 27.13 - 49.40 20.25 - -8.77 147.0 Travel & Leisure
Zytronic 361.00 -14.00 440.00 252.00 2.85 14.84 40.2 GrekaDrill 3.93 0.13 12.00 2.50 - -3.78 1.8 LonSec 2075 -25.00 2400 1800 2.99 21.69 0.3
gamingrealm 21.75 -0.50 36.89 20.00 - -4.65 0.4 GW Phrms 315.50 -9.50 708.55 296.75 - -17.44 631.7 32Red PLC 144.25 0.25 150.35 40.50 1.66 52.23 307.5
Herencia 0.05 -0.01 0.30 0.04 - -0.57 9729.7 Matchtech 507.25 -22.75 587.80 483.85 4.00 17.15 11.3
HtchChMd 2490 -162.50 2896.6 1140.15 - 144.10 47.9
Financial General Mulberry 955.00 5.00 1000.00 800.50 - -656.81 4.7 HighldGld 54.50 -2.50 61.25 34.00 8.34 -9.01 484.8 NewmkSec 2.78 - 4.93 1.96 2.70 6.50 216.1 CastleStIn# 32.50 -1.00 41.25 17.00 - 5.80 108.9
Portmern 992.50 -20.00 1024 860.20 2.67 16.24 8.6 ImmuPhar 28.75 3.50 65.00 19.10 - -9.67 75.6 Celtic 73.50 - 79.00 70.75 - -17.28 0.5
Ambrian 4.88 -0.13 12.05 4.50 - -1.27 52.4 KarelianDd 0.85 - 1.85 0.80 - -28.33 207.9 NWF 200.00 - 206.75 123.50 2.55 15.70 13.9
SIR 265.00 -5.00 315.00 235.40 - 19.19 2.0 ReNeuron 2.88 -0.13 6.50 2.26 - -5.98 777.0 ..6%CvPf 65.00 - 80.00 35.00 4.98 - 0.7
Arbuthnot 1432.5 -19.50 1650 1320 1.88 19.67 4.2 OracleC 1.90 -0.20 3.20 0.70 - -12.18 1796.2 Paysafe 377.75 -20.00 416.75 326.17 - 57.78 3608.4
TelfordHms 347.75 -24.75 495.00 338.85 3.19 7.25 532.1 Sareum 0.21 -0.02 0.65 0.17 - -3.23 16988.0 ..Cv Pf 135.00 - 150.00 120.00 - - 0.8
Aurora 11.50 0.25 11.78 8.00 - -0.83 50.0 ShantaGold 5.88 -0.25 11.45 4.00 - -12.11 812.3 PennaCns 297.50 -10.00 340.00 28.30 1.18 17.29 41.4
WalkerGb 198.00 -4.50 244.85 178.00 1.17 22.02 32.9 SinclairIS 39.00 -0.13 61.33 31.50 - -26.00 2387.3 Dalata 376.00 -6.50 410.00 111.15 - 202.70 62.8
BP Marsh 147.00 2.00 159.00 131.00 1.87 6.53 12.1 SierraRut 16.25 -1.00 32.00 15.00 - -14.00 52.4 Petards 12.63 - 14.65 10.00 - 10.04 17.1
Vernalis 57.00 -1.50 88.29 44.45 - -85.71 19.9 Dart♦ 554.50 -5.00 599.00 267.50 0.54 8.77 388.3
BrooksMac 1793 73.00 2075 1320 1.62 26.31 4.5 Industrial Engineering Sirius Min 12.25 -0.50 29.50 6.40 - -36.24 11473.9 RedhallGp 6.13 - 15.50 5.00 - -0.98 2.0
Camellia 9099 -50.50 9992 8401 1.38 308.74 0.1 Stratex 1.23 -0.05 2.50 1.00 - -2.54 687.6 Real Estate Renew 379.00 -8.50 407.78 237.00 1.52 18.00 82.4 GoalsSocc 129.00 -3.00 242.00 127.00 1.55 9.04 14.0
600 Grp 13.00 - 20.00 11.35 - 9.37 58.8 MinoanGp 6.88 -0.25 13.50 6.00 - -10.90 390.1
Fairpoint 148.00 3.00 195.00 105.66 4.32 21.29 96.7 ZincOx 0.53 - 18.00 0.50 - -0.04 219.7 Conygar♦ 167.00 -2.00 195.00 163.50 1.05 21.64 32.4 Restore 276.50 -10.00 316.00 232.00 0.87 50.48 588.5
Molins 79.50 -1.00 96.80 66.10 6.92 -19.39 11.3 PeelHtls 94.00 -0.50 110.00 82.50 1.60 18.53 16.0
Leeds 37.00 - 42.00 30.00 - 9.76 28.5 FltchKng 46.00 - 63.90 41.11 4.89 3.95 2.3 SafeCharge 243.00 -3.00 297.00 235.01 2.19 26.47 67.3
MattioliWds 635.00 - 653.00 470.00 1.47 32.40 10.6
MS Intl 201.00 -3.00 227.50 116.00 3.98 24.52 3.5 Oil & Gas
Pres Tech 155.00 -7.00 395.00 140.00 5.42 32.20 19.1 InlandHms♦ 78.88 -2.88 89.00 54.00 0.76 5.73 952.4 Servoca 25.88 -0.38 34.75 18.50 - 14.90 52.7 Utilities
Miton 26.25 -0.50 31.00 19.00 2.29 9.12 285.8 AmeriRes 18.00 -1.75 40.50 17.25 - -27.82 4120.5
TP Group 2.13 - 6.75 1.76 - -2.01 928.9 Lok'nStor 319.00 -6.00 374.00 235.00 2.30 41.75 102.6 Utilityws 145.00 -10.75 288.25 115.00 3.10 9.96 386.8 ModernWtr 7.50 -0.25 20.50 7.00 - -0.34 32.4
Numis♦ 205.50 -5.75 278.00 196.09 5.35 11.22 56.6 AndesEnrg 17.63 -0.13 38.75 16.50 - -12.99 7.0
LXB Retail 95.50 -0.50 149.00 77.00 - - 557.2 SeaEnergy 3.25 -0.25 30.40 3.04 - -0.34 22.1
Park Grp 68.00 -1.25 97.97 52.00 3.53 13.52 435.3 BahamasP 1.73 - 3.25 0.92 - -7.37 838.9
NewRiver♦ 337.00 -2.50 362.00 287.75 5.12 8.95 991.8
Tech - Hardware
BorSthnPet 1.90 -0.03 7.18 1.25 - -3.84 117.3 AminoTech 113.00 -3.00 171.00 103.00 4.42 10.06 111.5

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) Edin WWd 400.25 -24.00 502.44 400.00 0.37 426.2 -6.1 JPMGIConv 88.25 0.75 106.00 87.00 6.37 90.5 -2.5 ScotAmer 230.00 -9.50 276.50 230.00 4.59 227.5 1.1 Albion Ent 91.50 - 91.90 85.50 5.46 101.4 -9.8 TerraCat 106.00 - 110.89 91.00 - - -
Price +/-Chg High Low Yld NAV or Pm EP Global 209.00 -7.50 262.10 209.00 1.58 222.0 -5.9 JPM GEI♦ 73.00 -4.25 124.67 73.00 6.71 81.3 -10.2 Scottish In♦■ 547.00 -20.00 670.00 541.50 2.23 623.3 -12.2 AlbionTech♦ 73.25 - 78.49 72.00 6.83 78.1 -6.2
3i Infra 170.70 - 189.56 163.40 4.56 - - Estabmt 152.63 -6.38 187.00 138.00 3.21 191.2 -20.2 JPM I&C Uni♦ 333.50 -3.50 370.00 333.00 - 319.1 4.5 ScottMort 235.60 -9.90 283.40 226.20 1.24 236.9 -0.5 AlbionVCT 66.50 - 67.90 63.00 7.52 69.0 -3.6 ISDX
AbnAsianIn 141.50 -6.00 207.75 141.00 5.80 158.6 -10.8 Euro Ast♦ 1007.5 -35.00 1160 973.50 5.24 1023.3 -1.5 JPM Inc&Gr 101.50 -1.88 115.85 101.81 4.43 100.2 1.3 ScottOrtll♦ 682.00 -7.00 898.50 660.00 1.69 799.6 -14.7 ArtemisVCT♦■ 58.50 -0.50 74.00 57.00 6.84 61.9 -5.5
EuroInvT♦■ 620.50 -22.50 849.00 620.00 2.26 682.9 -9.1 JPM Ind 462.25 -12.25 605.50 443.00 - 534.6 -13.5 SecTstScot 119.63 -3.88 148.00 118.00 4.35 129.0 -7.3 Baronsmead 96.50 - 99.00 91.00 6.74 98.5 -2.0 52 Week Vol
AbnAsian 693.00 -27.00 953.50 653.77 1.44 803.8 -13.8
F&C Cp&I 234.75 -7.50 277.00 235.40 4.26 233.7 0.4 JPM JpSm 247.88 -9.50 278.00 210.00 - 282.1 -12.1 Seneca I&G 141.88 -0.25 150.00 134.01 4.05 135.5 4.7 ..VCT 3 100.75 - 103.49 94.00 7.44 103.2 -2.4 Price +/-Chg High Low Yld P/E 000s
AbnJapInv 428.00 -8.50 571.00 423.00 0.61 471.9 -9.3
F&CGblSmlr♦ 899.50 -24.50 1028.92 875.00 1.07 893.8 0.6 JPM Jap 255.50 -14.50 307.95 233.50 1.10 294.5 -13.2 Shires Inc♦ 190.75 -7.00 261.00 187.00 6.42 209.2 -8.8 ..VCT 4 94.00 - 95.19 88.25 3.19 95.6 -1.7 ArsenalFC 1567000 - 1567000 1550000 - - 0.0
AbnLatAmIn♦ 42.63 -1.00 73.00 41.25 9.97 48.6 -12.3
F&CMgdG 143.00 -3.00 158.00 139.26 - 137.1 4.3 JPM Mid 931.00 -50.00 1100 777.00 2.20 956.9 -2.7 StdLf Eqt 410.00 -20.00 471.46 396.50 3.51 416.4 -1.5 ..VCT 5 81.25 - 82.49 72.00 4.92 84.3 -3.6 ShephdNm 1170 - 1185 1150 - - 2.8
AbnNewDn♦ 136.00 -4.00 205.23 133.00 2.79 153.7 -11.5
F&CMgdI 111.00 -2.00 130.00 110.00 4.46 107.6 3.2 JPM O'seas 182.00 -6.50 231.80 182.00 1.65 - - StdLf Sml 323.00 -19.00 386.00 274.00 1.43 346.4 -6.8 BSC VCT 86.00 - 91.00 82.00 6.40 98.4 -12.6 Thwaites 117.50 - 120.00 115.50 - - 9.5
AbnNewThai 357.00 -3.00 489.88 324.00 2.30 428.7 -16.7
AbnSmlCo♦ 200.00 -4.00 229.00 180.30 3.25 226.5 -11.7 FidAsian 225.25 -5.75 285.50 195.50 0.49 258.9 -13.0 JPMRussian 264.50 -7.50 391.00 259.50 4.91 316.6 -16.5 StrategicEq 181.88 -8.75 241.50 175.75 0.43 192.5 -5.5 ..VCT2 56.00 - 59.00 51.98 8.04 61.3 -8.6
Abn UK 269.00 -14.00 334.75 269.00 3.79 287.4 -6.4 FidChiSpS 118.00 -6.00 179.78 105.06 1.10 146.9 -19.7 JPMSnrSec 82.63 -1.00 101.05 82.50 7.44 87.0 -5.0 Temp Bar 942.50 -42.50 1235.01 940.50 4.97 998.3 -5.6 Crown Place 28.50 - 30.50 27.75 8.77 31.7 -10.1
Abf Gd Inc 174.00 -13.00 212.00 162.70 4.22 195.7 -11.1 Fid Euro 156.10 -7.00 187.50 156.00 1.99 171.3 -8.9 JPM Smlr 833.00 -27.00 929.20 603.55 1.15 959.0 -13.1 TempEmerg 371.50 -14.60 607.78 369.00 2.22 430.0 -13.6 FrsightSol 102.50 - 106.00 96.00 5.85 110.2 -7.0 Guide to FT Share Service
Abf Sml 1010 -73.00 1235 1010 2.45 1151.5 -12.3 Fid Jap 76.50 -4.75 88.50 73.00 - 89.9 -14.9 JPM US Sml 153.88 -8.13 193.75 151.65 - 165.0 -6.7 TRIG 97.30 -3.00 109.00 93.80 6.25 - - Inc&GthVCT♦ 94.00 -0.50 105.00 88.25 10.64 97.4 -3.5
AcenciADbt $ 1.32 -0.03 1.80 1.31 4.31 1.6 -17.5 Fid Spec 177.25 -9.50 217.00 167.80 2.43 - - JupUSSmCo 527.00 -20.00 704.03 527.00 - 620.1 -15.0 ThreadUKSel 164.50 -1.50 180.00 156.00 2.64 173.0 -4.9 KingsAYVCT 18.25 - 19.00 17.25 5.48 20.0 -8.8
AdvDvpMk 369.00 -6.00 483.00 350.00 - 414.3 -10.9 FinsG&I 533.00 -20.50 609.36 522.00 2.20 537.5 -0.8 KeystoneInv 1650 -55.00 1900 1650 3.06 1730.7 -4.7 TREurGth 572.50 -30.00 661.00 520.00 1.14 642.4 -10.9 Maven I&G 66.25 -0.50 75.00 59.50 8.91 62.7 5.7
Alliance 469.00 -16.00 531.50 437.00 2.11 515.7 -9.1 FstPacfic H HK$ 4.75 -0.09 8.10 4.56 4.02 - - Law Deb 434.75 -9.50 545.50 434.00 3.61 414.8 4.8 TroyInc&G♦ 66.25 -2.75 74.71 64.43 3.47 66.2 0.1 MavenVCT2 48.75 - 64.00 45.00 8.21 50.3 -3.1 For queries about the FT Share Service pages e-mail
AllianzTech 565.00 -20.50 650.00 507.00 - 611.8 -7.6 For & Col♦ 399.40 -16.60 467.90 395.60 2.35 441.4 -9.5 LinTrain £ 495.50 -28.50 585.00 385.38 1.30 404.9 22.4 UtilicoEmg 156.75 -4.00 173.75 119.11 3.89 181.0 -13.4 MavenVCT4 85.00 -0.50 86.00 80.00 5.88 96.3 -11.7 ft.reader.enquiries@morningstar.com.
AltAstsOps 41.75 - 46.81 37.50 - 50.8 -17.8 Geiger 10.88 - 24.50 10.00 - 14.1 -22.8 Ln&StLaw 322.50 -2.25 384.00 318.61 4.40 338.6 -4.8 UtilEmSubs 10.88 -0.75 14.00 7.01 - - - MavenVCT5 34.50 -0.25 37.00 32.00 7.25 39.3 -12.2 All data is as of close of the previous business day. Company classifications
Art Alpha♦ 228.00 -3.88 289.25 224.00 1.56 288.9 -21.1 GenEmer 408.50 -16.50 575.00 391.70 - 473.2 -13.7 Lowland♦ 1095 -81.00 1440 1095 3.56 1187.0 -7.8 UIL Inv 99.50 -1.25 126.00 96.00 7.54 141.0 -29.4 Nthn 2 VCT♦ 71.00 - 88.00 67.25 7.75 77.2 -8.0 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
..Sub 13.38 -0.88 32.00 13.00 8.97 - - GFIS 14.00 - 20.89 12.00 - 40.9 -65.8 M&GHighInc 146.75 -3.25 179.95 144.00 3.13 158.3 -7.3 ValAndInc 224.50 -6.00 264.75 222.00 4.01 300.6 -25.3 Nthn 3 VCT♦ 93.75 - 104.00 86.50 5.87 100.1 -6.3 100 constituent stocks are shown in bold.
AsianToRt 184.00 -4.75 224.00 163.25 1.77 201.4 -8.6 GRIT 4.00 -0.25 25.11 2.50 - - - Majedie♦ 245.63 -10.38 283.00 230.75 3.05 246.1 -0.2 Witan 703.50 -35.00 850.00 676.78 2.22 719.7 -2.3 NthnVent 75.75 -0.25 85.36 74.00 7.92 81.5 -7.1 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Aurora 153.75 -0.50 162.23 144.00 2.50 151.7 1.4 GoldenPros 18.75 -0.13 34.00 17.00 - 19.8 -5.3 Man&Lon 233.88 -5.88 259.28 225.00 1.49 284.1 -17.7 WitanPac 213.38 -8.88 274.75 203.03 2.13 250.3 -14.8 ProVenGI 75.50 - 81.25 73.00 5.96 79.4 -4.9 are based on intra-day trading over a rolling 52 week period. Price/earnings
Axiom 101.50 - 103.00 100.00 - - - Hansa 737.50 -2.50 917.00 725.00 2.17 1028.7 -28.3 MCGlobPort♦ 165.50 -6.50 195.00 155.00 2.48 166.0 -0.3 WorldTst 234.00 -10.00 285.25 231.00 1.48 265.5 -11.9 ProVenVCT 92.00 - 97.89 89.50 5.43 97.5 -5.6 ratios (PER) are based on latest annual reports and accounts and are updated
BG Japan 410.50 -22.75 493.25 385.00 - 409.6 0.2 ..A 753.75 -1.25 930.00 747.25 - 1028.7 -26.7 MCurPac 241.13 -9.88 336.00 236.73 3.11 283.2 -14.9 WwideHlth 1710 -62.00 2108.5 1590.25 0.73 1829.1 -6.5 UnicornAIM 142.00 - 145.00 122.00 4.23 177.2 -19.9 with interim figures. PER is calculated using the company’s diluted earnings
BG Shin 400.50 -26.50 469.00 313.70 - 408.4 -1.9 Hend Alt 209.50 -1.50 241.75 208.00 1.43 259.5 -19.3 MercantIT♦ 1610 -59.00 1845 1464.55 2.67 1783.4 -9.7 from continuing operations. Yields are based on closing price and on dividends
Conventional - Private Equity 52 Week Dis(-) Ordinary Income Shares 52 Week HR
BSRT 13.50 - 34.00 13.00 - 32.9 -59.0 Hen Div 87.00 - 95.50 86.50 5.86 86.0 1.2 MrchTst 376.00 -23.50 500.00 376.00 6.36 402.5 -6.6 paid in the last financial year and updated with interim figures. Yields are
Price +/-Chg High Low Yld NAV or Pm Price +/-Chg High Low Yld WO GRY 0%
Bankers 559.00 -29.50 674.50 548.00 2.70 575.0 -2.8 HenEuroF♦ 910.50 -39.50 1148.5 910.50 2.69 936.3 -2.8 Mid Wynd 325.50 -4.75 352.50 307.00 1.18 315.9 3.0 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenEuro 815.00 -33.00 957.00 779.50 2.21 818.7 -0.5 Miton Globa 157.00 -0.50 164.65 155.45 - 169.5 -7.4 AbnPvtEq 87.50 -0.50 92.25 82.00 2.56 132.6 -34.0 JPM I&C♦ 80.00 -3.75 106.00 77.00 8.31 -14.8 -6.2
BrngEmEu♦ 397.50 -15.00 607.70 393.64 4.78 448.7 -11.4 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenFarEs 252.50 -9.25 362.00 238.25 7.33 265.4 -4.9 MitonUKMic 52.75 -1.50 57.65 50.00 - - - Altamir € 9.85 -0.17 11.82 9.60 4.68 17.1 -42.4 JupiterDv&G 3.50 - 5.40 3.00 21.14 10.8 -49.8
BH Global 1245 -20.00 1343.6 1235 - 1345.0 -7.4 capital changes where appropriate.
HendGlob 337.88 -4.38 416.81 333.75 2.96 382.8 -11.7 MMP 2.63 - 4.19 2.50 - - - Dun Ent 296.50 -4.25 378.00 290.00 1.59 510.3 -41.9 M&GHI&Gt 43.50 -1.75 65.50 40.50 - -16.9 -8.9
..USD $ 12.50 0.08 13.35 12.21 - 13.2 -5.3 Trading volumes are end of day aggregated totals, rounded to the nearest
HenHigh♦ 160.00 -6.75 195.25 160.00 5.44 159.2 0.5 Monks♦ 380.90 -18.10 458.90 371.50 1.04 421.0 -9.5 Electra 3581 -69.00 3757 2996 1.06 3926.5 -8.8 Rghts&Icp 4740 -145.00 4950 3850 - -93.9 -15.8
BH Macro 1995 -10.00 2191 1980 - 2111.0 -5.5 1,000 shares.
HenInt Inc 111.00 -2.25 137.69 106.92 4.01 114.1 -2.7 MontanSm 524.00 -16.50 590.00 451.94 1.43 571.8 -8.4 ElectraPrf 151.75 - 152.75 147.93 - 149.8 1.3
..EUR € 19.16 0.01 21.10 19.01 - 20.5 -6.5 Income Shares 52 Week HR
Hen Opp 762.25 -12.75 1059.1 749.00 1.64 872.6 -12.6 Mur Inc 602.50 -26.50 793.58 601.86 5.19 653.2 -7.8 F&C PvtEq 227.00 -6.50 244.50 214.00 4.78 297.0 -23.6 Net asset value per share (NAV) and split analytics are provided only as a
..USD $ 19.13 -0.10 21.10 19.01 - 20.3 -5.8 Price +/-Chg High Low Yld WO GRY 0%
HenSmlr 607.00 -22.00 703.00 553.50 2.22 652.5 -7.0 Mur Int♦ 742.50 -28.50 1070 741.50 6.06 781.4 -5.0 GraphEnt 523.00 -19.00 615.94 523.00 1.91 723.9 -27.8 guide. Discounts and premiums are calculated using the latest cum fair net
BiotechGth 608.50 -32.50 898.92 582.73 - 657.8 -7.5 JPM In&Gr 95.25 -1.75 100.50 92.50 4.72 -80.4 5.3
Herald 668.00 -22.00 750.00 650.12 - 817.4 -18.3 ..B 725.00 - 1144.44 627.00 - 781.4 -7.2 HVPE 853.00 -19.00 912.00 811.79 - 1187.3 -28.2 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRCom♦ 43.25 -4.63 94.14 43.25 13.90 45.8 -5.6 M&GHghIc 44.00 -1.25 63.00 41.50 - -16.8 -14.0
HICL Infra 152.50 1.00 161.40 149.90 4.82 139.8 9.1 NB DDIF $ 1.06 -0.01 1.21 1.00 - - - HgCapital 1050 -15.00 1169 1050 3.05 1319.1 -20.4 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckREmEur 174.88 -6.25 240.00 164.58 - 194.2 -9.9 Rghts&I 1150 -85.00 1350 925.00 3.13 - 73.8
Impax Env. 145.75 -2.25 167.75 139.00 0.96 159.9 -8.8 NewCtyEgy 10.88 - 21.50 8.32 - 14.5 -25.0 JPM Pvt Eq $ 0.95 -0.01 1.07 0.85 - 1.2 -20.8 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRFrnt 94.00 -3.50 118.50 93.00 4.40 100.1 -6.1
Ind IT 392.00 -4.00 410.00 280.44 1.28 374.4 4.7 NewCityHY 51.25 -2.50 65.11 51.25 8.41 55.2 -7.2 JZ Capital 386.50 -3.00 480.00 376.00 - 664.2 -41.8 Capital Shares 52 Week HR in pence.
BlckRGtEur 231.25 -8.25 264.50 224.00 2.10 244.1 -5.3
IntBiotech 425.00 -25.00 620.00 408.99 - 494.6 -14.1 NewIndia 290.00 -4.25 371.30 263.00 - 330.4 -12.2 Mithras 146.00 -0.50 151.91 126.50 0.68 175.9 -17.0 Price +/-Chg High Low SP WO TAV 0%
..Sub 6.88 -1.43 25.63 6.00 - - -
Intl PP 140.20 1.00 141.80 130.00 4.49 128.0 9.5 New Star IT 72.50 - 78.00 65.45 - 106.8 -32.1 NB PE Ptnr $ 10.05 -0.15 12.20 10.00 - - - JPM Inc&Gr 5.25 -0.75 15.19 4.50 11.3 6.3 - X FT Global 500 company
BlckR I&G 168.50 -5.75 193.00 172.00 3.50 170.8 -1.3
InvAsTr 162.00 -6.00 213.58 147.00 2.25 185.0 -12.4 NorthAmer 766.00 -23.00 906.45 729.50 3.98 857.5 -10.7 Nthn Invs 557.50 -10.00 695.00 460.00 3.05 567.3 -1.7 M&GHghIc 1.15 - 5.30 1.15 23.4 22.8 - ♦ trading ex-dividend
BlckRIncStr♦ 120.75 -5.25 141.00 120.75 5.58 120.1 0.5
Inv Inc 246.75 -13.50 305.00 246.75 4.11 275.1 -10.3 NthAtSml 2280 -15.00 2310 1825 - 2727.0 -16.4 Pantheon 1210 -49.00 1395 1210 - 1713.1 -29.4 ■ trading ex-capital distribution
BlckRckLat 248.50 -4.25 413.13 242.50 7.76 283.4 -12.3 Zero Dividend Preference Shares 52 Week HR
InvPerp♦ 68.63 -0.50 79.00 67.50 7.29 66.8 2.7 Oryx Int 640.00 -10.00 660.00 400.00 - 662.4 -3.4 PantheonR 1190 - 1300 1180 - 1713.1 -30.5 # price at time of suspension from trading
BlckRckNrAm 106.50 -3.00 124.50 101.00 3.94 117.7 -9.5 Price +/-Chg High Low SP WO TAV 0%
IPST BalR 111.75 -2.75 123.00 112.00 - 111.5 0.2 PacAsset 177.00 -7.50 226.15 156.25 1.47 186.3 -5.0 PrincssPE € 7.51 -0.17 8.15 5.72 6.90 9.2 -18.4
BlckRSmlr 860.00 -47.00 1010 794.50 1.69 958.1 -10.2 Abf Gd Inc 153.75 0.13 154.50 146.25 -49.1 - 159.7 The prices listed are indicative and believed accurate at the time of publication.
IPST Gbl Eq 148.63 -3.13 172.00 146.50 3.10 146.0 1.8 PacHorzn 160.25 -3.75 223.77 142.50 0.87 180.1 -11.0 Riverstone 740.00 -30.00 1114 730.00 - 1118.0 -33.8
BlckRThrmt 314.00 -11.25 370.00 274.31 1.40 362.6 -13.4 EcofinWatr 155.75 - 156.50 152.67 -86.1 -97.6 160.7 No offer is made by Morningstar or the FT. The FT does not warrant nor
IPST Mngd 102.75 - 104.00 101.00 - 103.2 -0.4 Perp I&G 372.00 -19.40 431.00 372.00 3.33 375.3 -0.9 StdLfEuPv♦ 195.00 -3.50 223.50 192.00 3.46 271.7 -28.2
BlckRWld 159.00 -8.50 336.91 157.31 13.21 180.9 -12.1 JPM I&C 175.63 -0.13 176.75 170.60 -19.1 - 192.1 guarantee that the information is reliable or complete. The FT does not accept
Bluecrest A 191.50 -0.80 200.00 185.60 - 200.9 -4.7 IPST UK Eq 161.00 -5.00 175.50 155.00 3.82 155.8 3.3 PerAsset 34170 -280.00 36313.1 33000 1.64 34307. -0.4 Conventional - Property ICs 52 Week Dis(-) JupiterDv&G 112.50 -1.75 116.50 109.00 -5.1 - 124.1 responsibility and will not be liable for any loss arising from the reliance on
Brit Emp 423.00 -17.90 557.08 423.00 2.48 491.7 -14.0 InvPpUK 348.00 -19.00 395.35 320.25 4.93 377.1 -7.7 2 Price +/-Chg High Low Yld NAV or Pm JZ Capital 365.50 - 365.00 354.00 - - 369.8 or use of the information.
Brunner 468.63 -25.88 584.12 468.63 2.56 548.7 -14.6 Invs Cap A♦ 86.50 -1.00 102.00 86.00 5.25 88.8 -2.6 PolarFins 92.25 -4.25 112.84 92.00 3.36 100.3 -8.0 Direct Property M&GHghIc 116.88 -0.25 117.75 112.25 -20.1 - 122.8
Calednia 2165 -75.00 2517.66 2110 2.34 2713.2 -20.2 Invs Cap B 86.50 -1.00 103.00 87.00 3.97 89.0 -2.8 ..Sub 4.25 - 9.50 3.50 - - - UILFn16 189.25 - 189.90 183.00 - - - The FT Share Service is a paid-for-print listing service and may not be fully
AXA Propty 53.50 0.50 55.50 41.57 - - -
CanGen C$ 16.99 0.54 22.00 16.45 3.24 20.9 -18.7 Invs CapU♦ 346.00 -4.00 404.95 345.00 1.98 355.6 -2.7 PolarHealth 159.75 -4.25 187.50 159.50 2.25 173.8 -8.1 UILFn18 144.50 - 146.50 137.00 - - - representative of all LSE-listed companies. This service is available to all listed
CustdnREIT 106.00 -0.50 110.50 104.00 5.19 - -
Cap Gear 3329 39.00 3575 3152.28 0.48 3279.0 1.5 JLaingInf 117.30 0.80 128.60 113.99 5.65 106.0 10.7 PolarTech 545.00 -30.50 647.00 487.40 - 565.7 -3.7 UILFn20 125.50 - 127.00 109.50 - - - companies, subject to the Editor’s discretion. For new sales enquiries please
F&CComPrp♦ 130.20 -2.00 149.00 129.50 4.61 130.4 -0.2
City Merch 176.00 -1.00 194.00 175.25 5.68 174.2 1.0 JPM Amer 252.00 -9.50 295.37 238.90 1.29 268.0 -6.0 ProspJap $ 0.99 -0.02 1.09 0.90 - 1.3 -23.8 email jessica.llewelyn@ft.com or call 020 7873 4012.
F&CUKRealE 98.00 -0.75 105.50 94.00 5.10 97.2 0.8
CityNatRs 66.50 -2.88 107.00 63.70 8.42 86.8 -23.4 JPM Asn♦ 193.00 -6.25 268.92 182.00 1.14 219.6 -12.1 QatarInvF $ 0.93 -0.01 1.49 0.90 3.39 1.1 -15.5
Longbow 102.50 -0.50 106.75 101.25 5.85 - - Investment Companies - AIM
City Lon 349.00 -17.40 418.35 348.70 4.34 345.6 1.0 JPM Brazil 33.88 -0.88 62.80 32.25 1.18 36.4 -6.9 RIT Cap 1545 -65.00 1690 1393.64 1.92 1537.8 0.5
PictonProp 68.75 -1.25 74.75 66.82 4.58 73.1 -6.0
DexionAb 169.00 -0.50 191.00 169.00 - 189.0 -10.6 JPM China♦ 139.50 -6.50 233.96 136.30 1.15 171.3 -18.6 RobecoNV € 30.38 - - - - - -
SLIPropInc♦ 85.50 -0.25 90.25 78.10 5.43 82.1 4.1
52 Week Dis(-) Data provided by Morningstar
DiverseInc♦ 85.00 -4.25 97.50 78.00 2.76 86.6 -1.8 JPMElct MC 100.00 - 101.47 97.01 0.35 101.3 -1.3 RolincoNV € 28.32 - - - - - - Price +/-Chg High Low Yld NAV or Pm
UKComPrp 80.15 -1.80 94.00 79.55 4.59 84.5 -5.1
Dun Inc 202.00 -10.00 273.00 202.00 5.57 221.3 -8.7 ..MG 565.00 -9.00 635.00 560.10 1.19 571.6 -1.2 Ruffer Inv 198.00 -6.50 226.00 198.00 - 201.1 -1.5 AdFrntMkt 48.13 -0.75 60.50 47.25 - 52.7 -8.7
Dun Sml♦ 182.25 -6.25 229.00 176.03 2.91 217.1 -16.1 ..MI 94.50 -2.50 110.00 92.00 4.02 95.2 -0.7 SchdrAsiaP♦ 242.50 -8.50 321.50 226.25 1.13 275.4 -11.9 Property Securities CrysAmber 148.13 -4.63 173.96 147.75 0.3 148.3 -0.1
JPM Emrg 491.50 -16.50 674.65 486.00 1.12 564.3 -12.9 Schdr Inc♦ 229.00 -10.00 348.25 228.50 4.41 247.3 -7.4 SchdrGlbRe 123.63 -0.63 132.98 111.90 1.76 127.1 -2.7 GLI Finance 35.50 -2.75 65.00 32.00 14.1 - -
EcofinWatr 108.00 0.25 158.90 104.00 6.71 136.8 -21.1
JPM EurGth 222.75 -7.75 263.00 217.00 2.74 238.5 -6.6 SchdrJap 133.00 -8.00 165.00 130.00 1.35 153.8 -13.5 TR Prop 263.10 -14.90 325.00 263.00 2.93 295.3 -10.9 IndiaCap 58.50 -1.00 69.40 52.00 - 69.2 -15.5
..CULS 99.25 -0.50 106.00 99.21 - - -
EdinDragn 219.25 -4.75 311.00 212.50 1.00 247.8 -11.5 JPM EurInc 125.00 -5.00 147.50 120.00 3.80 124.7 0.2 SchdrOrient♦ 164.00 -5.00 215.25 154.00 4.73 170.9 -4.0 VCTs 52 Week Dis(-) Infra India 18.25 - 21.99 12.00 - 49.3 -63.0
JPM EuSm 255.00 -12.00 294.46 207.00 1.25 285.7 -10.7 SchdrUK♦ 140.50 -5.00 174.00 139.50 3.56 157.9 -11.0
..CULS
Edin Inv
101.13 -0.38 107.89 100.25
655.00 -31.00 737.00 637.50
-
3.64
-
657.5
-
-0.4 JPM Clavr 530.00 -20.50 645.18 529.22 3.87 569.4 -6.9 SchdrUKMd♦ 420.00 -23.50 504.50 420.00 2.02 479.2 -12.4
Price +/-Chg High Low Yld NAV or Pm MMP
Marwyn Val
2.63
210.00
-
-
4.19 2.50 -
251.93 199.07 -
-
-
-
-
www.morningstar.co.uk
AlbionDev 68.25 - 70.89 66.00 7.33 72.8 -6.2
Thursday 21 January 2016 FINANCIAL TIMES 27

MANAGED FUNDS SERVICE

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

Artemis Strategic Bond R Q Inc 52.56 55.80 -0.11 4.22 Blackrock UK Long Lease £ 1079.95 - 8.43 0.00 Cavendish Worldwide Fund B Class 280.40 - -4.00 0.69 Asia Pacific Ops W-Acc £ 1.05 - -0.02 0.41 UK Corporate Bond £ 1.19 - 0.00 3.99 HL Multi-Manager Equity & Bond Trust A Inc 105.67 111.07 0.50 2.25

ACPI Global UCITS Funds Plc (IRL) Artemis UK Growth R Acc 420.02 444.91 -12.68 0.54 BLK Intl Gold & General $ 3.53 3.73 -0.17 0.00 Cavendish Worldwide Fund A Class 279.70 - -4.00 0.00 Fidelity Asian Dividend Fund A-Accumulation £ 1.03 - -0.02 1.39 UK Corporate Bond - Gross £ 2.25 - 0.00 3.85 HL Multi-Manager Equity & Bond Trust M Inc 105.67 111.06 0.50 1.04
www.acpishard.com
Regulated Artemis UK Smaller Cos R Acc 1116.85 1203.17 -24.96 0.47 Cavendish Worldwide Fund C Acc 287.70xd - -4.10 0.62 Fidelity Asian Dividend Fund A-Income £ 0.96 - -0.03 3.29 UK Gilt Bond £ 1.28 - 0.01 1.96 HL Multi-Manager Equity & Bond Trust A Acc 143.59 150.92 0.68 2.22

ACPI Emerging Mkts FI UCITS Fund USD A $ 102.94 - 0.29 0.00 Artemis UK Special Sits R Acc 490.19 520.74 -13.41 1.61 BONHOTE Cavendish AIM Fund B Class 150.60 - -2.60 0.71 China Consumer £ 1.33 - -0.04 0.08 UK Gilt Gross £ 2.06 - 0.01 1.93 HL Multi-Manager Equity & Bond Trust M Acc 143.60 150.92 0.68 1.03
Other International Funds
ACPI Global Credit UCITS Funds USD A $ 13.85 - -0.01 0.00 Artemis US Abs Ret I Acc 108.56 - 0.19 0.00 Cavendish AIM Fund A Class 146.60 - -2.50 0.00 Emerging Asia £ 1.10 - -0.02 0.14 UK Long Corp Bond £ 1.34 - 0.01 4.40 HL Multi-Manager Strategic Bond Trust A Acc 165.77 170.89 -0.35 1.80
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6649.00 - -46.00 2.28
ACPI Global Fixed Income UCITS Fund USD A $ 152.30 - -0.01 0.00 Artemis US Equity I Acc 110.53 - -2.73 0.28 Cavendish Asia Pacific Fund B Class 142.10 - -2.90 1.74 Dragon Capital Group Emerg Eur, Mid East & Africa H £ 1.12 - -0.02 1.06 UK Long Corp Bond - Gross £ 2.46 - 0.00 4.24 HL Multi-Manager Strategic Bond Trust M Acc 165.76 170.88 -0.34 0.89
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 9920.00 - 129.00 0.92 c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Q ACPI India Fixed Income UCITS Fund USD A $ 9.77 - 0.02 - Artemis US Select I Acc 112.14 - -2.69 0.12 Cavendish Asia Pacific Fund A Class 142.00 - -3.00 0.77 Fund information, dealing and administration: funds@dragoncapital.com Enhanced Income - Acc £ 1.81 - -0.04 5.29 UK Long Corporate Bond Fund - Gross Income £ 10.70 - 0.02 4.38 HL Multi-Manager Strategic Bond Trust A Inc 137.56 141.81 -0.29 1.82
Other International Funds Retail Share Classes
ACPI India Fixed Income UCITS Fund USD A3 $ 83.49 - 0.15 0.00 Artemis US Select I Inc 100.16 - -2.40 - Cavendish Asia Pacific Fund C Acc 148.40 - -3.10 1.71 Enhanced Income - Inc £ 1.15 - -0.03 7.27 HL Multi-Manager Strategic Bond Trust M Inc 137.55 141.80 -0.28 0.91
Braemar Group PCC Limited (GSY) Vietnam Enterprise Inv. (VEIL) NAV $ 3.44 - -0.04 0.00 Emerging Markets - retail £ 1.16 - -0.02 0.07
ACPI International Bond UCITS Fund USD A $ 17.97 - 0.01 0.00 Artemis US Smlr Cos I Acc 110.49 - -3.11 0.00 Regulated Cavendish European Fund B Class 133.90 - -2.50 1.10 European - Inc £ 1.35 - -0.03 0.76 HL Multi Manager Emerging Markets A Acc 81.57 84.08 0.76 0.33
Vietnam Growth Fund (VGF) NAV $ 23.26 - 0.42 0.00 {*}CAR - Net income reinvested
UK Agricultural Class A £ 1.25 - -0.02 0.00
Artemis US Ex Alpha I Acc 119.20 - -2.84 0.14 Cavendish European Fund A Class 132.80 - -2.50 0.29 European £ 15.41 - -0.33 1.15 HL Multi-Manager European A Acc 100.13 103.21 1.54 0.74
Vietnam Property Fund (VPF) NAV $ 0.92 - 0.11 0.00
UK Agricultural Class B £ 1.37 - -0.02 0.00
ACPI Select UCITS Funds PLC (IRL) Cavendish Japan Fund B Class 151.10 - -3.30 0.72 European Opportunities £ 3.59 - -0.07 0.23
FIL Fund Management (LUX) HL Multi-Manager UK Growth A Acc 99.35 102.42 0.91 1.24
Regulated
Student Accom Class B £ 0.55 - -0.17 0.00 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Artisan Partners Global Funds PLC (IRL) Cavendish Japan Fund A Class 150.10 - -3.30 0.00 Extra Income £ 0.26 - 0.00 3.35
ACPI Balanced UCITS Fund USD Retail $ 13.15 - 0.01 0.00 DSM Capital Partners Funds (LUX) Phone: 800 22 089, 800 22 088
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
Cavendish North American Fund B Class 183.60 - 1.10 0.52 www.dsmsicav.com Extra Income - Gross £ 0.26 - 0.00 3.33 Regulated Haussmann
ACPI Balanced UCITS Fund EUR Retail € 9.91 - 0.00 0.00 Tel: 44 (0) 207 766 7130
FCA Recognised Regulated China Consumer A-GBP £ 13.61 - 0.35 0.00 Other International Funds
Cavendish North American Fund A Class 178.30 - 1.00 0.00 Global Dividend - Acc £ 1.58 - -0.03 3.03
ACPI Balanced UCITS Fund GBP Retail £ 10.02 - 0.00 0.00 Artisan Partners Global Funds plc Global Growth I2 Acc € 126.43 - 1.56 0.00 Haussmann Cls A $ 2682.99 - 11.43 0.00
China Focus A-GBP £ 3.95 - 0.11 0.69
Artisan Emerging Markets I USD Acc $ 6.02 - 0.05 0.00 Cavendish Technology Fund B Class 276.20 - 0.10 0.02 Global Dividend - Inc £ 1.42 - 0.01 3.26
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Global Growth I1 Eur € 94.54 - 1.17 - Haussmann Cls C € 2344.47 - 7.66 0.00
Global Financial Services A-GBP £ 0.42 - 0.00 0.11
Artisan Global Equity Fund Class I USD Acc $ 13.08 - 0.07 0.00 Cavendish Technology Fund A Class 262.20 - 0.10 0.00 Global Focus £ 12.44 - -0.36 0.00
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Haussmann Cls D SFr 1239.94 - 3.45 0.00
Global Health Care A-GBP £ 0.56 - 0.01 0.00
Artisan Global Opportunities I USD Acc $ 11.16 - 0.04 0.00 Cavendish UK Balanced Income Fund B Class 127.90 - -2.70 4.93 Global High Yield Fund - A Gross Acc £ 11.47 - -0.04 4.97
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Eclectica Asset Management (UK)
CCLA Investment Management Ltd (UK) Global Industrials A-GBP £ 0.60 - 0.01 0.00
Artisan Global Value Fund Class I USD Acc $ 14.41 - 0.04 0.00 Cavendish UK Balanced Income A Class 121.60 - -2.60 5.18 40 Dukes Place, London EC3A 7NH Global High Yield Fund - A Gross Inc £ 9.45 - -0.03 5.68
ACPI Horizon UCITS Fund $ 12.34 - 0.01 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Heartwood Wealth Management Limited (IRL)
Order Desk and Enquiries: 0345 608 0941 Global Inflation-Linked Bd A-GBP-Hdg £ 1.14 - 0.00 0.56
Authorised Inv Funds Cavendish UK Select Fund B Class 129.00 - -4.80 2.31 Global High Yield Fund - A Net Acc £ 11.02 - -0.04 5.04 Regulated
Artisan US Value Equity Fund Class I USD Acc $ 9.24 - -0.08 0.00 Authorised Corporate Director - Capita Financial Managers
The Public Sector Deposit Fund
Authorised Inv Funds Global Real Asset Securities £ 1.26 - 0.00 0.00 Heartwood Caut Multi Asset B Acc 136.73 - 0.67 0.00
Cavendish UK Select Fund A Class 128.80 - -4.80 1.39 Global High Yield Fund - A Net Inc £ 9.44 - -0.03 5.68
Abbey Life Assurance Company Limited (UK) The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.50
CF Eclectica Agriculture A EUR Acc ♦ € 1.29 - -0.02 0.00 Global Technology A-GBP £ 0.25 - 0.01 0.00
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 Global Property - Acc £ 1.46 - -0.02 1.28
Ashmore Sicav (LUX) The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.35
additional fund prices can be found @ www.abbeylife.co.uk CF Eclectica Agriculture A GBP Acc ♦ 99.19 - -0.47 0.00
2 rue Albert Borschette L-1246 Luxembourg Global Telecomms A-GBP £ 0.28 - 0.00 1.15 Henderson Global Investors (UK)
Insurances The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.38 Cedar Rock Capital Limited (IRL) Global Property W Inc £ 1.19 - -0.02 3.00
FCA Recognised PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Regulated CF Eclectica Agriculture A USD Acc ♦ $ 1.40 - -0.02 0.00 India Focus A-GBP £ 4.23 - 0.05 0.00
Life Funds www.henderson.com
Ashmore SICAV Emerging Market Debt Fund $ 86.35 - 0.25 9.02 Global Special Sits £ 24.58 - -0.62 0.00
The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.45 Cedar Rock Capital Fd Plc $ 345.33 - -24.08 0.00
Prop. Acc. Ser 2 1561.40 1643.50 0.50 - CF Eclectica Agriculture C EUR Acc ♦ € 1.34 - -0.02 0.44 Latin America A-GBP £ 1.23 - 0.01 0.67 Authorised Inv Funds
Ashmore SICAV Emerging Market Frontier Equity Fund $ 128.63 - 0.10 0.98 Index Emerging Markets P-Acc £ 0.87 - -0.03 2.75
The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.34 Cedar Rock Capital Fd Plc £ 376.67 - -16.82 0.00 Asia Pacific Capital Growth A Acc 658.80 - -9.80 0.16
Selective Acc. Ser 2 1520.60 1600.70 -16.60 - CF Eclectica Agriculture C GBP Acc ♦ 103.03 - -0.48 0.42 Sterling Cash Fund A-ACC-GBP £ 1.00 - 0.00 -
Ashmore SICAV Emerging Market Total Return Fund $ 73.90 - 0.22 6.41 Index Europe ex UK P-Acc £ 0.96 - -0.02 2.44
Cedar Rock Capital Fd Plc € 331.66 - -22.35 0.00 Asian Dividend Income Inc 79.06 83.43 -0.82 6.95
American Ser. 4 1646.60 1733.20 12.00 - CF Eclectica Agriculture C USD Acc ♦ $ 1.44 - -0.02 0.44
Ashmore SICAV Global Small Cap Equity Fund $ 112.34 - -0.25 0.00 Index Japan P-Acc £ 1.09 - -0.03 1.52
CCLA Investment Management Ltd (UK) Cautious Managed A Acc 226.80 - -3.80 3.31
Custodian Ser. 4 477.80 502.90 -4.30 - Findlay Park Funds Plc (IRL)
Senator House 85 Queen Victoria Street London EC4V 4ET Index Pacific ex Japan P-Acc £ 0.95 - -0.03 3.81
Ashmore SICAV Local Currency Fund $ 78.71 - 0.17 0.32
Property & Other UK Unit Trusts Charles Schwab Worldwide Funds Plc (IRL) 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Cautious Managed A Inc 140.30 - -2.30 3.37
Equity Ser. 4 515.20 542.30 -14.70 -
EM Mkts Corp.Debt USD F $ 81.66 - -0.06 9.18 CBF Church of England Funds Regulated Index UK A-Acc £ 0.76 - -0.03 2.90 FCA Recognised
China Opportunities A Acc 761.20 - -17.60 0.66
European Ser 4 538.90 567.30 -11.10 - Investment Inc 1272.88 1286.96 -16.91 3.78 Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 American Fund USD Class $ 74.72 - 0.12 0.00
EM Mkts Loc.Ccy Bd USD F $ 71.73 - 0.14 4.41 Index UK P-Acc £ 0.93 - -0.03 3.15
Emerging Markets Opportunities A Acc 130.80 - -1.30 0.67
Fixed Int. Ser. 4 907.60 955.40 5.20 - Investment Acc 2617.37 2646.32 -34.77 - American Fund GBP Hedged £ 40.71 - 0.07 0.00
Index US A-Acc £ 1.58 - -0.04 1.40
European Growth A Acc 161.10 - -3.30 0.53
Intl Ser. 4 418.40 440.40 -4.20 - Global Equity Inc 144.02 145.61 -2.67 4.31 Chartered Asset Management Pte Ltd American Fund GBP Unhedged £ 52.85 - 0.70 -
Index US P-Acc £ 1.22 - -0.03 1.60
Other International Funds EdenTree Investment Management Ltd (UK) European Selected Opportunities A Acc 1208.00 - -27.00 0.67
Japan Ser 4 358.60 377.40 -7.20 - Global Equity Acc 212.59 214.94 -3.93 - Latin American Fund USD Class $ 9.81 - -0.09 0.00
CAM-GTF Limited $ 270848.04 270848.04 -9192.82 0.00 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Index World A-Acc £ 1.35 - -0.04 1.77
Fixed Interest Monthly Income A Inc 21.36 22.40 -0.06 5.83
Man. Ser. 4 1590.90 1674.70 -20.00 - UK Equity Inc 135.73 136.96 -4.41 4.05 Authorised Inv Funds Latin American Fund GBP Unhedged £ 7.04 - 0.02 -
CAM GTi Limited $ 605.58 - -7.40 0.00 Index World P-Acc £ 1.10 - -0.03 1.89
Amity UK Cls A Inc 195.20 - -5.10 1.45 Global Care Growth A Inc 188.70 - -1.00 0.00
Money Ser. 4 524.40 552.00 0.00 - UK Equity Acc 202.83 204.66 -6.58 -
Raffles-Asia Investment Company $ 1.56 1.56 0.01 5.51 Japan £ 2.65 - -0.09 0.00
Amity UK Cls B Inc 194.40 - -5.10 2.24 Global Equity Income A Inc 47.17 - -0.69 3.87
Prop. Ser. 4 1110.40 1168.80 0.40 - Fixed Interest Inc 161.98 162.79 0.34 3.96 Foord Asset Management
Aspect Capital Ltd (UK) Japan Smaller Companies £ 1.98 - -0.05 0.00
Other International Funds
Higher Income Cls A Inc 112.90 - -1.90 5.00 Global Growth Fund 1949.43 2037.62 2.48 0.00
Custodian Ser 5 458.60 482.70 -4.20 - Other International Funds Fixed Interest Acc 498.01 500.51 1.02 -
MoneyBuilder Asset Allocator £ 1.14 - -0.02 0.64 Foord International Trust $ 32.49 - -0.15 0.00
Aspect Diversified USD $ 447.24 - 6.60 0.00 Higher Income Cls B Inc 116.40 - -1.90 4.91 Global Technology A Acc 926.30 - 2.30 0.00
International Ser 5 401.60 422.80 -4.00 - Property Fund Inc 133.01 137.47 -1.84 6.51
MoneyBuilder Balanced £ 0.49 - 0.00 4.04 Foord Global Equity Fund_Class B $ 11.30 - 0.11 0.00
Aspect Diversified EUR € 268.65 - 3.87 - UK Equity Growth Cls A Inc 217.90 - -6.50 0.59 Multi-Manager Absolute Return A Acc 132.90 - -0.50 0.39
Managed Ser 5 1527.10 1607.50 -19.30 - Property Fund Acc 234.22 242.07 2.73 -
Money Builder Dividend £ 2.45 - -0.06 4.54
Aspect Diversified GBP £ 137.57 - 2.07 0.00 UK Equity Growth Cls B Inc 222.10 - -6.60 1.18 Multi-Manager Active A Acc ▲ 165.10 - -2.60 0.00
Money Ser 5 513.50 540.50 0.00 -
MoneyBuilder Growth £ 0.69 - -0.02 2.39 Franklin Templeton International Services Sarl (IRL)
Aspect Diversified CHF SFr 128.35 - 1.87 0.00 Amity Balanced For Charities A Inc 102.80 - -1.10 6.11 Multi-Manager Distribution A Inc 123.60 - 0.60 3.39
Property Ser 5 1065.80 1121.90 0.30 - JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
CCLA Fund Managers Ltd (UK) MoneyBuilder Growth ISA £ 0.70 - -0.02 2.55
Cheyne Capital Management (UK) LLP (IRL) Other International Funds Multi-Manager Diversified A Acc 75.90 - 0.09 2.93
Pension Funds Aspect Diversified Trends USD $ 134.89 - 1.96 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Amity European Fund Cls A Inc 187.20 - -3.80 1.23
Regulated Franklin Emerging Market Debt Opportunities Fund Plc
Property & Other UK Unit Trusts MoneyBuilder Income £ 0.35 - 0.00 3.24
American 1894.70 1994.40 16.60 - Aspect Diversified Trends EUR € 134.97 - 1.91 0.00 Amity European Fund Cls B Inc 188.70 - -3.80 2.08 Multi-Manager Global Select Acc 168.60 - -1.90 0.00
COIF Charity Funds (UK) Cheyne Convertibles Absolute Return Fund € 1317.76 - 0.31 0.00 Franklin Emg Mkts Debt Opp CHFSFr 16.83 - -0.61 8.30
Equity 4471.80 4707.20 -117.30 - MoneyBuilder Income -Gross £ 0.35 - 0.00 3.23
Aspect Diversified Trends GBP £ 140.24 - 2.09 0.00 Investment Inc 1180.80 1193.86 -18.89 3.62 Cheyne Global Credit Fund € 114.14 - 0.06 0.00 Amity Global Equity Inc for Charities A Inc 95.90 - -1.50 4.01 Multi-Manager Income & Growth A Acc 147.50 - 0.70 2.23
Franklin Emg Mkts Debt Opp EUR € 11.85 - -0.42 7.39
European 1080.80 1137.70 -16.80 - Multi Asset Adventurous A-Acc £ 1.24 - -0.02 0.44
Investment Acc 11442.51 11569.08 -183.11 - Cheyne European Mid Cap Fund € 1098.60 - -15.56 0.00 Amity International Cls A Inc 190.50 - -3.30 1.38 Multi-Manager Income & Growth A Inc 135.50 - 0.60 2.26
Franklin Emg Mkts Debt Opp GBP £ 9.95 - -0.23 7.13
Fixed Int. 1660.90 1748.30 9.00 - Multi Asset Alloc Adventurous A-Acc £ 3.42 - -0.12 3.07
Atlantas Sicav (LUX) Ethical Invest Inc 181.86 183.87 -2.88 3.73 Amity International Cls B Inc 191.80 - -3.30 2.24 Multi-Manager Managed A Acc 215.20 - -3.20 0.42
Franklin Emg Mkts Debt Opp SGD S$ 21.85 - -0.58 6.33
Regulated Multi Asset Alloc Strategic A-Acc £ 1.13 - -0.01 0.38
International 882.80 929.20 -7.40 - Ethical Invest Acc 235.86 238.47 -3.74 - Multi-Manager Managed A Inc 211.30 - -3.20 0.41
Cheyne Capital Management (UK) LLP Amity Sterling Bond Fund A Inc 103.60 - 0.00 5.20
Franklin Emg Mkts Debt Opp USD $ 16.71 - -0.47 7.19
American Dynamic $ 3091.45 - -64.74 0.00
Japan 377.00 396.90 -7.00 - Other International Funds Multi Asset Alloc Def - Gross A £ 1.10 - -0.01 0.36
Global Equity Inc 139.12 140.66 -2.22 4.41 Amity Sterling Bond Fund B Inc 112.10 - 0.00 5.19 Sterling Bond Acc 194.83 203.57 0.43 2.88
American One $ 2924.89 - -65.16 0.00 Cheyne European Event Driven Fund € 134.54 - -11.29 0.00
Managed 4105.00 4321.10 -43.10 - Multi Asset Alloc Def - Net A £ 1.10 - -0.01 0.38
Global Equity Acc 207.86 210.16 -3.32 - Sterling Bond Inc 60.04 62.73 0.13 2.92
Bond Global € 1397.92 - -0.58 0.00 Cheyne Real Estate Credit Holdings Fund £ 162.87 - 1.01 0.00 Frontier Capital (Bermuda) Limited
Property 2878.00 3029.40 1.30 - Multi Asset Alloc Growth A £ 1.14 - -0.02 0.09
Fixed Interest Inc 132.99 133.66 0.19 4.14 Other International Strategic Bond A Inc 123.30 - -0.20 5.25
Edinburgh Partners Limited (IRL)
Eurocroissance € 810.40 - -22.91 0.00 Cheyne Real Estate Credit Holdings Fund III £ 111.98 - 0.56 0.00
Security 1476.70 1554.40 0.00 - 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Multi Asset Defensive £ 1.20 - 0.00 0.26 Commercial Property-GBP Class £ 71.42 - -0.53 -
Fixed Interest Acc 770.57 774.43 1.12 - UK & Irish Smaller Companies A Acc 506.60 - -9.40 0.00
Far East $ 611.42 - -5.79 0.00 Dealing - Fax only - +353 1 434 5230
Cheyne Real Estate Debt Fund Class A1 £ 131.65 - 0.83 0.00 Multi Asset Defensive - Gross £ 1.20 - -0.01 0.26 Global Real Estate-GBP C Class £ 45.26 - -0.50 -
Selective 1939.90 2042.00 -23.10 - Property Inc 114.29 118.12 -1.61 5.79 FCA Recognised UK Absolute Return A Acc 150.30 - -0.80 0.00
Cheyne Total Return Credit Fund - December 2017 Class $ 152.88 - -20.24 0.00 Edinburgh Partners Opportunities Fund PLC
Formerly Hill Samuel Life Assurance Ltd Multi Asset Growth £ 1.29 - -0.02 0.25
Property Acc 248.62 256.95 2.77 - UK Alpha A Acc ♦ 104.20 - -3.60 1.85
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 European Opportunities I EUR € 2.24 - 0.04 2.30
Atlantis Investment Management Ltd (IRL) Cheyne Total Return Credit Fund 2020 $ 103.39 - 0.01 - MultiManager Balanced £ 1.09 - 0.00 0.56
Local Authorities Property Fd (LAMIT) (UK) UK Equity Income & Growth A Inc 543.50 - -17.70 3.96
Managed Ser A (Life) 1534.90 1624.20 12.80 - 2nd Floor, 13 St Swithin's Lane, London EC4N 8AL European Opportunities I GBP £ 1.72 - 0.05 2.46
www.atlantis-investmenet.com, Tel: 0207 877 3377 Property 274.76 295.14 2.73 4.81 Multi Asset Open Growth A-Acc £ 0.44 - 0.00 0.60
Managed Ser A (Pensions) 1016.60 1070.10 10.40 - UK Index A Acc 446.90 - -15.70 2.95
Regulated European Opportunities I USD $ 2.45 - 0.05 2.08
Cohen & Steers SICAV (LUX) Multi Asset Open Strategic A-Acc £ 1.18 - -0.01 1.04
Formerly Target Life Assurance Ltd Atlantis China Fund $ 6.44 - 0.00 0.00 UK Property A Acc 193.08 203.24 0.05 4.04
Regulated European Opportunities A EUR € 2.19 - 0.04 1.60
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 CG Asset Management Limited (IRL) Multi Asset Open Strategic A-Inc £ 0.28 - -0.01 2.55
Atlantis China Healthcare Fund $ 1.87 - 0.03 0.00 European Real Estate Securities € 21.6124 - 0.0739 1.58 UK Property A Inc 97.68 102.81 0.03 4.16
Managed (Life) 1559.10 1641.20 12.60 - Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Global Opportunities I USD $ 1.47 - 0.00 2.12
00 353 1 434 5098 Multi Asset Strategic £ 1.48 - -0.01 0.30 Fundsmith LLP (1200)F (UK)
Atlantis Japan Opportunities Fund $ 2.38 - -0.01 0.00 Europ.RealEstate Sec. IX € 28.9855 - 0.0991 0.00 UK Tracker A Acc 206.70 - 3.50 3.05
Managed Growth (Life) 481.40 506.80 4.60 - FCA Recognised Global Opportunities I GBP £ 1.04 - 0.01 1.93 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Open World A-Acc £ 1.13 - -0.01 0.00 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Atlantis Asian Fund $ 6.18 - 0.02 0.00 Gbl Listed Infrastructure I $ 9.2655 - 0.0910 - US Growth A Acc 753.00 - 8.00 0.00
Managed (Pensions) 6098.30 6419.30 60.30 - Capital Gearing Portfolio Fund Plc £ 27284.37 27284.37 26.55 0.61 Global Opportunities I EUR € 1.52 - -0.01 1.98 Authorised Inv Funds
Multi Asset Income A Gross Acc £ 1.53 - 0.00 3.49
CG Portfolio Fund Plc Gbl Listed Infrastructure IX $ 9.3058 - 0.0914 -
Managed Growth (Pensions) 583.00 613.70 6.90 - Global Opportunities A GBP £ 0.98 - 0.01 1.46 Fundsmith Equity T Acc 223.37 - 0.17 1.12
Real Return Cls A £ 174.53 174.53 2.43 1.74 Multi Asset Income A Gross Inc £ 1.05 - -0.01 5.01
additional fund prices can be found on our website Gbl RealEstate Sec. I $ 10.2041 - 0.0781 1.40
Fundsmith Equity T Inc 210.29 - 0.17 1.13

AXIOM
Pan European Opportunities I EUR € 1.37 - 0.02 -
Dollar Fund Cls D £ 136.40 136.40 2.11 1.62 Multi Asset Income A Net Acc £ 1.44 - -0.01 3.50
Gbl RealEstate Sec. IX $ 12.1493 - 0.0931 0.00
ALTERNATIVE INVESTMENTS Capital Value Fund Cls V £ 132.15 132.15 0.11 0.27 Multi Asset Income A Net Inc £ 1.06 - 0.00 5.01
GYS Investment Management Ltd (GSY)
South East Asia £ 7.53 - -0.19 0.12 Regulated
Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
PO BOX 10117, Chelmsford, Essex, CM1 9JB Special Situations £ 28.06 - -0.88 0.77 Taurus Emerging Fund Ltd $ 162.15 165.46 0.81 0.00
Axiom Alternative Investments (FRA) Dealing & Client Services 0845 0264281 Hermes Investment Funds Plc (IRL)
1 Conduit Street - 4th floor - London W1S 2XA Authorised Inv Funds Sterling Core Plus Red Dur £ 9.97 - 0.01 - Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
www.axiom-ai.com Tel: +44 330 822 0374 FCA Recognised
Consistent UT Inc 49.27 49.86 -1.60 4.85 Generali Worldwide
Algebris Investments (IRL) Regulated Strategic Bond £ 0.31 - 0.00 2.83 Hermes Abs Return Credit Fund Class F Acc £ £ 1.07 1.07 0.01 -
Regulated EFG Hermes PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
Axiom Contingent Capital € 1005.13 - 1.60 - Consistent UT Acc 114.84 116.21 -3.71 4.70
DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE Strategic Bond Gross £ 0.31 - 0.00 2.83 International Insurances Hermes Abs Return Credit Fund Class R Acc € € 1.99 1.99 0.00 -

Asset Management
Algebris Financial Credit Fund - Class I EUR € 131.10 - 0.11 0.00 Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Axiom Contingent Capital £ 1009.49 - 1.53 - Practical Investment Inc 186.67 191.57 -5.30 3.99 Global Multi-Strategy Managed $ 4.52 4.87 -0.11 0.00

Asset Manageme
Canada Life Investments (UK) Other International Funds Target 2015 £ 0.50 - 0.00 0.38 Hermes Active UK Inflation Fund Class F Acc £ 1.30 1.30 0.01 0.00
Algebris Financial Income Fund - Class I EUR € 110.09 - 0.09 0.00
Axiom Equity $ 753.53 - 6.96 - 1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180 Practical Investment Acc 911.57 935.50 -25.89 3.88 UK Multi-Strategy Managed £ 4.72 5.09 -0.07 0.00
The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 Target 2020 £ 0.55 - 0.00 0.52 Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.46 1.46 -0.02 0.00
Algebris Financial Equity Fund - Class B EUR € 86.43 - 0.04 - Authorised Inv Funds
Axiom Equity € 791.72 - 7.98 0.00 EU Multi-Strategy Managed € 2.97 3.20 -0.02 0.00
Asia Pacific B Acc 727.44 - -7.39 1.13 EFG-Hermes Frontier Equity UCITS Fund Class I $ 1000.00 - - - Target 2025 £ 1.26 - 0.00 0.32 Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.01 3.01 -0.08 0.00
Algebris Asset Allocation Fund - Class B EUR € 95.55 - 0.22 -
Axiom Obligataire $ 1734.42 - -5.33 0.00 Global Bond USD $ 3.41 3.67 -0.01 0.00
Balanced B Acc 140.86 - -1.99 1.46 EFG-Hermes MENA Equity UCITS Fund Class A $ 1000.00 - - - Target 2030 £ 1.35 - 0.00 0.40 Hermes Global Emerging Markets Fund Class F Acc £ 1.09 1.09 -0.01 0.00
Axiom Obligataire € 1729.56 - -5.32 0.00
Corporate Bond B Inc 204.63 - 0.31 4.07 Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 UK Select £ 2.25 - -0.06 0.86 Hermes Global Emerging Markets Fund Class R Acc € 2.62 2.62 -0.06 0.00
Alken Asset Management (LUX)
Axiom Obligataire £ 1741.71 - -5.65 0.00 Genesis Asset Managers LLP
61 Conduit Street, London, W1S 2GB European B Acc 239.72 - -4.32 1.57 Saudi Arabia Equity Fund SR 10.25 - -0.91 0.00 UK Growth £ 3.31 - -0.08 0.00 Hermes Global Equity Fund Class F Acc £ 1.44 1.44 0.00 0.00
www.alken-am.com Other International Funds
Regulated Global Bond B Inc 95.30 - 0.95 2.92 UK Smaller Companies £ 2.03 - -0.04 0.18 Hermes Global Equity Fund Class R Acc € 3.58 3.58 -0.06 0.00
Emerging Mkts NAV £ 4.86 - 0.10 0.00
Crèdit Andorrà Asset Management (LUX)
Asset Management
Alken European Opportunities € 188.89 - 3.17 0.00 BLME Asset Management (LUX)
Global Equity B Acc 574.77 - -5.96 1.10 Electric & General (1000)F (UK) WealthBuilder A Acc £ 0.98 - 0.01 0.47
BLME Sharia'a Umbrella Fund SICAV SIF www.creditandorra.com Hermes Global ESG Equity Fund Class F Acc £ 1.11 1.11 0.00 0.00
Stuart House St.John's Street Peterborough PE1 5DD
Alken European Opportunities £ 116.46 - 3.24 0.00 Regulated FCA Recognised Fidelity PathFinder
Global Equity Income B Inc 116.07 - -1.36 3.93 Orders & Enquiries: 0845 850 0255 Guardian (UK) Hermes Global High Yield Bond Fund Class F Acc £ 1.07 1.07 0.01 0.00
Income Fund - Share Class A Acc $ 1133.92 - -0.08 0.00 Crediinvest SICAV Money Market Eur I € 11.21 - 0.00 0.00 Authorised Inv Funds Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.08 - -0.01 - Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Alken Absolute Return € 135.80 - 0.99 0.00 Global High Yield Bond B Inc 88.40 - -0.20 5.14 Hermes Global High Yield Bond Fund Class R Acc € 2.65 2.65 0.00 0.00
Authorised Corporate Director - Carvetian Capital Management Insurances
Income Fund - Share Class G Acc £ 1074.45 - -0.07 0.00 Crediinvest SICAV Money Market Usd A $ 10.03 - 0.00 0.00 Fidelity PathFinder Foundation 1 Acc (clean) £ 1.07 - -0.01 -
Alken Absolute Return £ 110.28 - 0.82 0.00 Global Infrastructure B Acc 106.68 - 0.19 0.93 Electric&General Net Income A 144.50 - 0.40 1.94 Guardian Assurance Hermes Global Small Cap Fund Class F Acc £ £ 0.94 0.94 -0.01 -
Gl Sukuk Fund - Share Class A Acc $ 1214.55 - -0.41 0.00 Crediinvest SICAV Fixed Income Eur € 10.37 - 0.01 0.00 Fidelity PathFinder Foundation 2 Acc (clean) £ 1.05 - -0.01 -
Alken Small Cap € 172.33 - 2.86 0.00 Global Resource B Acc 59.07 - -1.49 0.97 Equity S-GH Class B £ 11.36 - 0.18 -
Hermes Global Small Cap Fund Class R Acc € € 1.76 1.76 -0.03 -
Gl Sukuk Fund - Share class B Acc £ 1083.85 1083.85 -0.41 0.00 Crediinvest SICAV Fixed Income Usd $ 10.31 - 0.00 0.00 Fidelity PathFinder Foundation 3 Acc (clean) £ 1.02 - -0.02 -
Japan B Acc 48.93 - -0.75 0.92 Managed Fund Bond £ 22.61 23.55 0.14 -
Ennismore Smaller Cos Plc (IRL) Hermes Multi Asset Inflation Fund Class F GBP Acc £ 0.95 0.95 0.00 0.00
Crediinvest SICAV Spanish Value € 218.88 - 1.57 0.00 5 Kensington Church St, London W8 4LD 020 7368 4220 Fidelity PathFinder Foundation 4 Acc (clean) £ 1.02 - -0.03 -
Amundi Funds (LUX) Portfolio III B Acc 106.33 - -0.18 2.32 Choices Wth-Pfts Lg-tm 321.40 338.40 0.00 -
FCA Recognised Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.00 1.00 0.00 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Crediinvest SICAV International Value € 183.77 - 1.24 0.00 Fidelity PathFinder Foundation 5 Acc (clean) £ 1.11 - -0.03 -
Bank of America Cap Mgmt (Ireland) Ltd (IRL) Choices Wth-Pfts St-tm 272.10 286.50 0.00 -
www.amundi-funds.com Portfolio IV B Acc 106.62 - -0.78 2.36 Ennismore European Smlr Cos NAV £ 104.36 - 0.68 0.00 Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.23 1.23 -0.03 0.00
Regulated
FCA Recognised Crediinvest SICAV Big Cap Value € 13.72 - 0.18 0.00 Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.09 - 0.00 -
Portfolio V B Acc 105.02 - -1.08 1.56 Ennismore European Smlr Cos NAV € 135.43 - -0.64 0.00 Choices Managed 595.76 627.12 8.32 -
Global Liquidity USD $ 1.00 - 0.00 0.47 Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.20 1.20 -0.02 1.30
Bd. Euro Corporate AE Class - R - EUR € 18.25 - -0.01 0.00 Crediinvest SICAV US American Value $ 16.66 - 0.05 0.00 Fidelity PathFinder Focussed 1 Acc (clean) £ 1.08 - -0.01 -
Portfolio VI B Acc 102.00 - -1.66 1.60 Choices Equity 644.05 677.95 13.58 -
Hermes Sourcecap EU Alpha Fund Class R Acc € 2.83 2.83 -0.09 0.00
Bd. Global AU Class - R - USD $ 25.07 - -0.03 0.00 Crediinvest SICAV Sustainability € 14.02 - 0.07 0.00 Fidelity PathFinder Focused 2 Acc (Clean) £ 1.08 - -0.01 -
Freedom With Pfts Long-Tm 220.40 232.00 0.00 -
Barclays Investment Funds (CI) Ltd (JER) Portfolio VII B Acc 97.31 - -2.01 1.58 Ennismore European Smlr Cos Hedge Fd Hermes Sourcecap EX UK Fund Class F Acc £ 1.30 1.30 -0.03 0.00
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Other International Funds Fidelity PathFinder Focussed 3 Acc (clean) £ 1.06 - -0.01 -
North American B Acc 826.99 - 2.29 0.72 Freedom With Pfts Short-Tm 198.00 208.40 0.00 -
FCA Recognised Hermes Sourcecap EX UK Fund Class R Acc € 2.90 2.90 -0.09 0.00
Eq. Emerging World AU Class - R - USD $ 72.23 - 0.97 0.00 Daiwa SB Investments (UK) Ltd (LUX) NAV € 496.00 - 10.70 0.00 Fidelity PathFinder Focussed 4 Acc (clean) £ 1.06 - -0.02 -
Bond Funds Strategic Return B Acc 94.00 - -0.51 0.00 Freedom Managed 347.17 365.45 2.13 -
5 King William Street, London EC4N 7DA Hermes UK Small & Mid Cap Fund Class F Acc £ 1.57 1.57 -0.03 0.00
Eq. Greater China AU Class - R - USD $ 492.62 - 6.04 0.00 Sterling Bond F £ 0.46 - 0.01 3.34 Fidelity PathFinder Focussed 5 Acc (clean) £ 1.11 - 0.01 -
www.daiwasbi.co.uk 0207 597 7000 Freedom Equity 379.22 399.18 2.87 -
Total Return B Acc 93.96 - 0.30 3.07 Hermes UK Small & Mid Cap Fund Class R Acc € 4.45 4.45 -0.17 0.00
Eq. Latin America AU Class - R - USD $ 272.13 - -0.19 0.00 Regulated Equinox Fund Mgmt (Guernsey) Limited (GSY) Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.06 - 0.00 -
UK Equity B Acc 99.90 - -3.42 1.66 Regulated Corp Pens Mananged 210.32 210.32 2.94 -
DSBI Japan Equity Fundamental Active I JPY ¥ 10822.97 10822.97 -395.15 0.00 Hermes US All Cap Equity Class F Stg £ Acc £ 0.96 0.96 0.01 -
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.36 - -0.02 0.00 Baring Fund Managers Ltd (1200)F (UK) Fidelity PathFinder Freedom 2 Acc (clean) £ 1.03 - -0.01 -
UK Equity & Bond Income B Inc 222.05 - -5.56 5.01 Equinox Russian Opportunities Fund Limited $ 119.68 - 0.92 0.00 Corp Pens Equity 210.27 210.27 4.43 -
Dealing and Enquiries 020 7214 1004 DSBI Japan Equity Fundamental Active I GBP £ 106.35 106.35 -4.39 0.00 Hermes US All Cap Equity Class R € Acc € 1.79 1.79 -0.01 -
Fidelity PathFinder Freedom 1 Acc (clean) £ 1.05 - 0.00 -
Fund Information: www.barings.com Corp Pens Fixed Interest 300.35 300.35 -0.16 -
UK Equity Income B Inc 395.11 - -11.63 4.94 DSBI Japan Equity Fundamental Active A EUR € 102.40 107.52 -3.95 0.00 Hermes US SMID Equity Fund Class F Acc £ 1.55 1.55 0.01 0.00
The Antares European Fund Limited Authorised Inv Funds Fidelity PathFinder Freedom 3 Acc (clean) £ 1.01 - 0.00 -
Other International UK Government Bond B Inc 47.83 - 0.38 1.98 Euronova Asset Management UK LLP (CYM) Corp Pens Index Linked 334.16 334.16 -2.94 -
Multi Asset A Acc ... C 147.00 - -1.10 1.51 Hermes US SMID Equity Fund Class R Acc € 3.13 3.13 -0.03 0.00
Regulated Fidelity PathFinder Freedom 4 Acc (clean) £ 0.97 - -0.02 -
AEF Ltd Usd (Est) $ 623.81 - -26.14 - Corp Pens Deposit 191.11 191.11 0.00 -
Multi Asset A Inc ... C 140.20 - -1.10 1.28 DAVIS Funds SICAV (LUX) Smaller Cos Cls One Shares (Est) € 33.69 - -0.84 0.00
Regulated Fidelity PathFinder Freedom 5 Acc (clean) £ 1.05 - -0.01 -
AEF Ltd Eur (Est) € 625.51 - -26.43 0.00 Charity Fund Capita Asset Services (UK) Corp Pens Protector 363.27 363.27 -3.02 -
Smaller Cos Cls Two Shares (Est) € 23.65 - -0.53 0.00 Hermes Property Unit Trust (UK)
Enquiries 020 7214 1763 40 Dukes Place, London EC3A 7NH Davis Value A $ 35.54 - -0.07 0.00 Fidelity PathFinder Income 1 Income (clean) £ 0.99 - -0.01 4.10
Corp Pens UK Index Tracker £ 1.81 1.81 0.03 - Property & Other UK Unit Trusts
Targeted Return Fund Acc 137.20 138.00 -1.80 2.92 Order Desk and Enquiries: 0345 922 0044 Smaller Cos Cls Three Shares (Est) € 11.73 - -0.33 0.00
Davis Global A $ 24.89 - 0.11 0.00 Fidelity PathFinder Income 1 Gross Income (clean) £ 0.99 - -0.01 5.10 Guardian Linked Life Assurance Ltd Property £ 5.85 6.23 0.08 3.10
Arisaig Partners Authorised Inv Funds
Targeted Return Fund Inc 105.10 105.60 -1.30 2.97 Smaller Cos Cls Four Shares (Est) € 15.27 - -0.38 0.00
Other International Funds CF Heartwood Cautious B Acc X 124.58 - -0.33 0.15 Fidelity PathFinder Income 2 Income (clean) £ 1.00 - -0.01 3.65 Managed Acc £ 17.24 18.15 0.17 -
Arisaig Africa Consumer Fund Limited $ 12.70 - -0.09 0.00
CF Heartwood Cautious Income B Inc X 107.00 - -0.12 2.45 Discretionary Unit Fund Mngrs (1000)F (UK) Fidelity PathFinder Income 2 gross £ 1.01 - 0.00 4.57 Equity Acc £ 30.64 32.25 0.43 - Hermes UK Residential Real Estate (UK)
Arisaig Asia Consumer Fund Limited $ 59.53 - 0.34 0.00 1 Poultry, London EC2R 8JR 020 7 415 4130 Property & Other UK Unit Trusts
Baring International Fd Mgrs (Ireland) (IRL) CF Heartwood Growth B Acc X 134.97 - -0.85 0.71 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.00 - -0.01 4.54 Fixed Interest Acc £ 17.13 18.03 -0.07 -
Authorised Inv Funds
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 VISTA UK Residential Real Estate £ 1.02 1.06 0.03 -
Arisaig Global Emerging Markets Consumer UCITS € 10.98 - 0.05 0.00
FCA Recognised CF Heartwood Balanced Income B Inc X 106.27 - -0.50 3.05 Disc Inc 1565.72 1674.02 -17.16 0.00 Fidelity PathFinder Income 3 Income (clean) £ 1.00 - -0.01 4.21 International Acc £ 12.84 13.52 0.16 -
Arisaig Global Emerging Markets Consumer UCITS STG £ 10.80 - 0.16 0.00 ASEAN Frontiers A GBP Inc £ 107.14 - -1.34 0.58 Institutional OEIC Funds
CF Heartwood Balanced B Acc X 119.13 - -0.52 0.32 Do Accum 5899.77 6307.89 -64.66 0.00 International S-NA Acc £ 6.60 6.95 0.08 -
America £ 3.77 - -0.10 0.52 INDIA VALUE INVESTMENTS LIMITED (INVIL)
Arisaig Latin America Consumer Fund $ 18.61 - 0.02 0.00 Asia Growth A GBP Inc H £ 43.40 - -0.44 0.00
CF Heartwood Defensive Multi Asset Fund B Accumulation 108.05 - -0.09 0.00 International S-PA Acc £ 3.98 4.19 0.05 - www.invil.mu
Australia A GBP Inc £ 65.56 - -1.00 1.82 Eurobank Fund Management Company (Luxembourg) S.A. Emerging Markets £ 2.91 - -0.05 0.81 Other International Funds
CF Richmond Core X 161.79 - 0.72 0.00 Regulated International S-EU Acc £ 3.21 3.38 0.04 -
NAV £ 8.09 - 0.01 0.00
Baring China Bond Fund $ 9.64 - -0.01 0.00 Europe £ 3.88 - -0.08 1.54
CF Seneca Diversified Growth A ACC 206.84 - -1.71 1.50 (LF) Absolute Return € 1.31 - 0.01 0.00 Managed S-PR Acc £ 6.55 6.89 0.06 -
Baring Emerging Markets Corporate Debt Fund $ 8.97 - -0.01 0.00 Fidelity Pre-Retirement Bond Fund £ 118.30 - 1.00 3.06
CF Seneca Diversified Growth B ACC 122.50 - -1.01 2.40 (LF) Eq Emerging Europe € 0.61 - 0.01 0.00 Fixed Interest S-IL Acc £ 6.47 6.81 -0.03 -
Global Focus £ 2.66 - -0.07 1.60
Intercapital Asset Management Ltd (HRV)
Baring European Opportunities Fund Class A EUR Acc € 12.21 - -0.38 0.00 (LF) Eq Flexi Style Greece € 0.94 - -0.05 0.00 Masarykova ul. 1, 10000, Zagreb, Croatia
CF Seneca Diversified Growth N ACC 121.24 - -1.01 2.08 Deposit Accum £ 4.44 4.67 0.00 -
Index Linked Bond £ 2.62 - 0.01 0.74 www.icam.hr, Tel; +385 1 4825 868
Baring Global Mining Fund - Class A GBP Inc £ 3.05 - -0.12 0.65 Dodge & Cox Worldwide Funds (IRL) (LF) Eq Mena Fund € 11.61 - 0.19 0.00 Guardian Pensions Management Ltd
CF Seneca Diversified Income A INC 83.86 - -0.53 6.27 Other International Funds
6 Duke Street,St.James,London SW1Y 6BN
Artemis Fund Managers Ltd (1200)F (UK) Dynamic Emerging Markets A GBP Acc F £ 8.19 - -0.08 0.00 Index Linked Bond Gross £ 3.18 - 0.02 0.74 Pens. Managed Acc. £ 22.50 23.69 0.31 -
CF Seneca Diversified Income B INC 99.57 - -0.62 6.13 www.dodgeandcox.worldwide.com 020 3713 7664 (LF) Greek Government Bond € 16.89 - -0.19 - Capital One Bond Fund (Ex-YU) HRK 203.52 - 0.16 -
57 St. James's Street, London SW1A 1LD 0800 092 2051
Authorised Inv Funds Eastern Europe A GBP Inc £ 35.60 - -1.19 1.84 FCA Recognised Index-Linked Bond Fund Gross Inc £ 12.36 - 0.07 0.74 Pens. Equity Acc. £ 32.44 34.15 0.69 -
CF Seneca Diversified Income N INC 98.58 - -0.61 6.13 (LF) Greek Corporate Bond € 11.76 - 0.00 - Capital Two Equity Fund (Ex-YU) HRK 87.62 - 0.43 -
Dodge & Cox Worldwide Funds plc - Global Bond Fund
Artemis Capital R ACC 1176.91 1243.43 -31.57 1.24 Emerging Mkt Debt LC A GBP Hedged Inc £ 6.65 - -0.07 6.72 Japan £ 1.95 - -0.07 0.79
Investment Adviser - DSM Capital Partners EUR Accumulating Class € 11.41 - -0.01 0.00 (LF) FOF Dynamic Fixed Inc € 11.62 - 0.00 0.00
Artemis European Growth R Acc 232.25 245.08 -4.29 1.17 Emerging Opportunities A GBP Inc H £ 17.83 - -0.15 0.00 The Westchester X $ 25.41 - 0.06 0.00 Long Bond £ 0.51 - 0.01 2.91 HPB Assurance Ltd
EUR Accumulating Class (H) € 8.90 - -0.02 0.00 (LF) FOF Real Estate € 15.91 - 0.11 0.00 Intrinsic Value Investors (IVI) LLP (IRL)
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
Artemis European Opps R Acc 71.71 75.69 -1.11 0.80 Glb Emerging Markets A GBP Inc H £ 16.96 - -0.29 0.00 The Westchester Class 1 GBP Acc £ 19.45 - 0.23 0.00 Long Bond Gross £ 0.84 - 0.01 2.85
EUR Distributing Class € 10.80 - -0.02 3.62 International Insurances FCA Recognised
Artemis Global Emg Mkts I GBP Acc 75.74 - -1.53 - Glb Resources A GBP Inc H £ 9.59 - -0.35 0.38 The Westchester Class 2 GBP Acc £ 19.49 - 0.22 0.00 Long Bond Fund Gross Inc £ 11.39 - 0.15 2.91 Holiday Property Bond Ser 1 £ 0.50 - 0.01 0.00
EUR Distributing Class (H) € 8.42 - -0.02 3.71 IVI European Fund EUR € 16.45 - 0.16 0.00
Artemis Global Emg Mkts I GBP Dist 75.74 - -1.53 - Investment Adviser - Morant Wright Management Limited Pacific (Ex Japan) £ 3.22 - -0.10 1.85
High Yield Bond A GBP Hedged Inc H £ 5.96 - 0.00 7.21 Holiday Property Bond Ser 2 £ 0.60 - 0.01 0.00 IVI European Fund GBP £ 17.08 - 0.36 0.67
GBP Distributing Class £ 10.12 - 0.04 3.57
CF Morant Wright Japan A X 268.38 - -3.95 0.00
Artemis Global Energy R Acc 18.17 19.33 -0.91 0.00 Hong Kong China A GBP Inc £ 524.12 - -15.20 0.58 Pan European £ 2.45 - -0.07 2.04
GBP Distributing Class (H) £ 8.50 - -0.02 3.71
CF Morant Wright Japan A Inc X 264.43 - -3.90 0.00
Artemis Global Growth R Acc 170.20 179.60 -4.53 0.81 India Fund - Class A GBP Inc £ 13.65 - -0.21 0.00 Reduced Duration UK Corporate Bond £ 10.23 - -0.07 3.65 Hargreaves Lansdown Fd Mgrs (1100)F (UK)
USD Accumulating Class $ 8.98 - -0.01 0.00
CF Morant Wright Japan B X 285.77 - -4.21 0.52 PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Artemis Global Income R Acc 89.46 94.49 -2.19 4.12 Latin America A USD Inc H $ 21.94 - -0.65 0.24 Dodge & Cox Worldwide Funds plc-Global Stock Fund Reduced Duration UK Corporate Bond Gross £ 10.42 - -0.07 3.65
FIL Investment Services (UK) Limited (1200)F (UK) Enquiries 0117 90090000
CF Morant Wright Japan B Inc X 269.48 - -3.97 0.54
Artemis Global Income R Inc 72.04 76.09 -1.76 4.29 USD Accumulating Share Class $ 13.90 - 0.00 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ Reduced Duration UK Corporate Bond Inc £ 9.55 - -0.06 3.67 www.hl.co.uk
MENA A GBP Inc F * £ 10.76 - -0.23 0.64
CF Morant Wright Nippon Yield ACC A X 274.29 - -3.23 2.14 Callfree: Private Clients 0800 414161 Authorised Inv Funds
Artemis Global select R Acc 69.60 73.44 -1.60 0.00 GBP Accumulating Share Class £ 16.13 - 0.09 0.00 Broker Dealings: 0800 414 181 Reduced Duration UK Corp Bond Gross Inc £ 9.56 - -0.06 3.68 Hargreaves Lansdown Funds
CF Morant Wright Nippon Yield ACC B X 284.63 - -3.34 2.13 Authorised Inv Funds Unit Trust
Artemis High Income R Inc 75.15 80.09 -0.64 5.90 GBP Distributing Share class £ 11.74 - 0.07 0.98 Select Emerging Markets Equities £ 1.04 - -0.04 1.66
Baring International Fd Mgrs (Ireland) (IRL) Unit Trust Invesco Fund Managers Ltd (UK)
CF Morant Wright Nippon Yield Fund A Inc X 238.43 - -2.81 2.17 HL Multi-Manager Special Situations Trust A Acc 259.26 272.90 1.18 0.52
Regulated EUR Accumulating Share Class € 19.14 - 0.02 0.00 Cash Accum Units 186.44 186.44 0.00 0.00 Perptual Park, Henley-On-Thames, Oxon, RG9 1HH
Artemis Income R Inc 187.37 198.63 -5.89 4.26 Select European Eqts £ 1.73 - 0.01 1.88
HL Multi-Manager Special Situations Trust M Acc 259.25 272.89 1.19 0.42 Dealing: 0800 085 8571
China A-Share A GBP Inc £ 5.70 - 0.14 0.00 CF Morant Wright Nippon Yield Fund B Inc X 247.49 - -2.91 2.16 Dodge & Cox Worldwide Funds plc-International Stock Fund Cash Fund £ 1.00 1.00 0.00 0.15 Investor Services: 0800 085 8677
Artemis Income R Acc 319.53 338.73 -10.04 4.14 Select Global Equities £ 2.83 - -0.07 1.10
USD Accumulating Share Class $ 11.77 - 0.05 0.00 HL Multi-Manager Income & Growth Trust A Acc 157.90 166.13 1.68 3.83 www.invescoperpetual.co.uk
Artemis Monthly Dist R Inc 60.29 64.02 -0.42 4.51 Gross Accum Cash £ 1.28 1.28 0.00 0.00 South East Asia £ 3.31 - -0.09 1.99 Authorised Inv Funds
Barings (Luxembourg) (LUX) Cavendish Asset Management Limited (1200)F (UK) EUR Accumulating Share Class € 12.70 - 0.06 0.00 HL Multi-Manager Income & Growth Trust M Acc 157.91 166.13 1.68 1.79 INVESCO PERPETUAL Funds
Artemis Pan-Euro Abs Ret GBP 108.53 - -1.60 - FCA Recognised MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.15 Sterling Core Plus Bond Gr Accum £ 2.09 - 0.02 3.46
Chelsea House, Westgate, London W5 1DR Dodge & Cox Worldwide Funds plc-U.S. Stock Fund HL Multi-Manager Income & Growth Trust A Inc 94.38 99.31 1.00 3.91 Asian Acc ♦ F 399.67 - -5.24 0.60
Russia A GBP Inc F £ 22.26 - 0.61 0.00 IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 MoneyBuilder Global £ 2.50 2.50 0.01 0.19
Artemis Strategic Assets R Acc 68.88 72.98 -1.83 0.00 USD Accumulating Share Class $ 16.04 - -0.07 0.00 Sterling Core Plus Bond Inc £ 1.34 - 0.01 3.56
Authorised Inv Funds HL Multi-Manager Income & Growth Trust M Inc 94.38 99.30 1.00 1.81 Asian Inc ♦ F 357.02 - -4.68 0.60
OEIC Funds
Artemis Strategic Bond R M Acc 82.01 87.08 -0.17 4.05 Cavendish Opportunities Fund B Class 979.60 - -26.40 1.66 GBP Accumulating Share Class £ 17.61 - 0.03 0.00 UK £ 3.33 - -0.10 2.23
American £ 25.17 - -0.73 0.00 HL Multi-Manager Balanced Managed Trust A Acc 178.04 187.25 0.98 1.10 Asian Equity Income Acc ♦ F 51.83 - -1.04 4.92
Artemis Strategic Bond R M Inc 52.61 55.86 -0.11 4.13 BlackRock (JER) Cavendish Opportunities Fund A Class 973.80 - -26.10 0.82 GBP Distributing Share Class £ 11.20 - 0.02 0.61 UK Aggreg Bond Gr Accum £ 1.81 - 0.00 4.63
Regulated American Special Sits £ 11.33 - 0.13 0.00 HL Multi-Manager Balanced Managed Trust M Acc 178.04 187.25 0.98 0.71 Asian Equity Income Inc ♦ F 43.09 - -0.87 5.08
Artemis Strategic Bond R Q Acc 82.09 87.17 -0.18 4.13 Cavendish Opportunities Fund C Acc 1020.00xd - -28.00 1.48 EUR Accumulating Share Class € 19.08 - -0.07 0.00 UK Aggregate Bond Inc £ 1.20 - 0.00 3.18
BlackRock UK Property £ 41.67 - 0.46 3.26
28
Fund Bid Offer +/- Yield
Balanced Risk 6 Acc 49.85 - -0.23 0.00
Balanced Risk 8 Acc 50.32 - -0.34 0.00
Balanced Risk 10 Acc 50.77 - -0.43 0.13
Childrens Acc ♦ F 351.78 - -14.69 1.81
Corporate Bd Acc (Gross) ♦ F 206.06 - -0.23 3.52
Corporate Bd Inc (Gross) ♦ F 87.56 - -0.10 3.62
Corporate Bond Acc ♦ F 183.17 - -0.20 3.54
Corporate Bond Inc ♦ F 87.37 - -0.10 3.62
Distribution Acc ♦ F 104.54 - -1.30 4.59
Distribution Acc (Gross) ♦ F 119.87 - -1.49 4.56
Distribution Inc ♦ F 60.55 - -0.75 4.68
Distribution Inc (Gross) ♦ F 60.57 - -0.75 4.68
Emerging European Acc ♦ F 29.10 - -1.02 3.04
Emerging European Inc ♦ F 26.53 - -0.94 3.12
European Equity Acc ♦ F 768.61 - -22.27 1.53
European Equity Inc ♦ F 641.33 - -18.57 1.55
European Equity Income Acc ♦ F 67.46 - -1.86 3.48
European Equity Income Inc ♦ F 51.29 - -1.41 3.56
European High Income Acc ♦ F 78.66 - -0.54 3.47
European High Income Inc ♦ F 56.84 - -0.39 3.53
European Opportunities Inc ♦ F 78.11 - -1.25 1.09
European Opportunities Acc ♦ F 80.80 - -1.29 1.08
European Smlr Cos Acc ♦ F 179.71 - -2.49 0.22
Global Bd Acc (Gross) ♦ F 133.97 - 0.08 1.16
Global Bd Inc (Gross) ♦ F 82.49 - 0.05 1.17
Global Bond Acc ♦ F 125.84 - 0.08 1.17
Global Bond Inc ♦ F 82.42 - 0.04 1.17
Glbl Distribution Acc 50.40 - -0.51 5.12
Glbl Distribution Acc (Gross) 51.14 - -0.52 5.11
Glbl Distribution Inc 47.61 - -0.48 5.13
Glbl Distribution Inc (Gross) 47.62 - -0.48 5.13
Global Emerging Markets Acc ♦ F 216.61 - -2.01 1.00
Global Emerging Markets Inc ♦ F 195.33 - -1.82 1.01
Global Equity (acc) ♦ F 431.58 - -12.86 0.64
Global Equity (inc) ♦ F 391.25 - -11.66 0.64
Global Equity Income Acc ♦ F 113.31 - -3.28 3.60
Global Equity Income Inc ♦ F 92.03 - -2.66 3.71
Gbl Financial Capital Acc 83.69 - -1.17 4.29
Gbl Financial Capital Inc 70.42 - -0.99 4.42
Gbl Financial Cap Acc Gross 87.70 - -1.23 4.80
Gbl Financial Cap Inc Gross 70.68 - -0.99 4.98
Global Opportunities Acc ♦ F 85.30 - -2.99 0.48
Global Smaller Cos Acc ♦ F 1570.12 - -32.05 0.20
Global Smaller Cos Inc ♦ F 1499.28 - -30.61 0.20
Global Targeted Rets Acc 56.32 - 0.08 0.32
High Income Acc ♦ F 777.24 - -18.69 3.32
High Income Inc ♦ F 422.85 - -10.17 3.40
High Yield Fund Acc 102.28 - -0.49 5.30
High Yield Fund Acc (Gross) 119.60 - -0.55 5.27
High Yield Fund Inc 40.47 - -0.19 5.44
High Yield Fund Inc (Gross) 40.59 - -0.19 5.44
Hong Kong & China Acc ♦ F 432.47 - -10.16 0.77
Income & Growth Acc ♦ F 879.21 - -27.75 4.07
Income & Growth Inc ♦ F 375.22 - -11.84 4.19
Income Acc ♦ F 2982.52 - -72.48 3.17
Income Inc ♦ F 1658.71 - -40.31 3.24
Japan Acc ♦ F 306.94 - -3.10 0.29
Japanese Smlr Cos Acc ♦ F 64.97 - -1.17 0.00
Latin America Acc ♦ F 88.97 - -0.51 1.22
Latin America Inc ♦ F 74.06 - -0.42 1.23
Managed Growth Acc ♦ F 148.00 - -3.40 0.71
Managed Growth Inc ♦ F 123.21 - -2.83 0.72
Managed Income Acc ♦ F 150.09 - -2.99 2.95
Managed Income Inc ♦ F 91.46 - -1.82 3.00
Money Acc ♦ F 90.23 - 0.00 0.21
Money Acc (Gross) ♦ F 95.37 - 0.00 0.21
Monthly Income Plus Acc ♦ F 287.84 - -1.92 4.94
Monthly Income Plus Acc (Gross) ♦ F 339.09 - -2.25 4.92
Monthly Income Plus Inc ♦ F 105.36 - -0.70 5.05
Monthly Income Plus Inc (Gross) ♦ F 105.53 - -0.70 5.05
Pacific Acc ♦ F 919.28 - -11.97 0.40
Pacific Inc ♦ F 841.24 - -10.95 0.41
Tactical Bond Acc ♦ F 68.59 - -0.04 0.82
Tactical Bond Inc ♦ F 59.47 - -0.03 0.82
Tactical Bond Acc (Gross) ♦ F 71.18 - -0.04 0.82
Tactical Bond Inc (Gross) ♦ F 59.53 - -0.04 0.82
UK Focus Acc F 174.35 - -7.99 1.86
UK Focus Inc F 142.45 - -6.53 1.89
UK Growth Acc ♦ F 481.21 - -20.31 1.89
UK Growth Inc ♦ F 298.94 - -12.62 1.92
UK Smaller Cos Equity Acc ♦ F 822.97 - -21.26 0.76
UK Smaller Cos Equity Inc ♦ F 630.22 - -16.28 0.76
UK Strategic Income Acc ♦ F 175.47 - -4.36 3.54
UK Strategic Income Inc ♦ F 129.27 - -3.22 3.63
US Equity Acc ♦ F 486.03 - -16.94 0.00
Invesco Perpetual Funds (No Trail)
Asian (No Trail) Acc ♦ F 167.65 - -2.19 1.18
Asian (No Trail) Inc ♦ F 150.81 - -1.97 1.19
Asian Equity Income (No Trail) Acc ♦ F 106.19 - -2.14 4.91
Asian Equity Income (No Trail) Inc 88.31 - -1.77 5.07
Balanced Risk 6 No Trail Acc 101.62 - -0.49 0.16
Balanced Risk 8 No Trail Acc 102.57 - -0.69 0.44
Balanced Risk 10 No Trail Acc 103.50 - -0.88 0.60
Corporate Bond (No Trail) Acc ♦ F 163.07 - -0.18 3.79
Corporate Bond (No Trail) Inc ♦ F 115.52 - -0.12 3.87
Distribution (No Trail) Acc ♦ F 160.53 - -2.00 4.57
Distribution (No Trail) Inc ♦ F 105.84 - -1.32 4.66
Emerging European (No Trail) Acc ♦ F 60.59 - -2.14 3.64
Emerging European (No Trail) Inc ♦ F 53.54 - -1.89 3.76
European Equity (No Trail) Acc ♦ F 135.85 - -3.93 2.07
European Equity (No Trail) Inc ♦ F 112.58 - -3.26 2.12
European Equity Income (No Trail) Acc ♦ F 139.11 - -3.82 3.47
European Equity Income (No Trail) Inc ♦ F 105.79 - -2.90 3.56
European High Income (No Trail) Acc ♦ F 162.19 - -1.12 3.46
European High Income (No Trail) Inc ♦ F 117.18 - -0.82 3.52
European Opportunities (No Trail) Acc ♦ F 169.32 - -2.70 1.60
European Opportunities (No Trail) Inc ♦ F 158.29 - -2.53 1.62
European Smaller Companies (No Trail) Acc ♦ F 220.91 - -3.06 0.71
Global Balanced Index (No Trail) Acc ♦ F 149.18 - -2.53 2.04
Global Bond (No Trail) Acc ♦ F 141.46 - 0.08 1.41
Global Bond (No Trail) Inc ♦ F 127.89 - 0.07 1.42
Glbl Distribution Acc (No Trail) 101.64 - -1.03 3.97
Glbl Distribution Inc (No Trail) 96.01 - -0.97 4.04
Gbl Emerging Markets (No Trail) Acc ♦ F 142.10 - -1.32 1.60
Gbl Emerging Markets (No Trail) Inc ♦ F 132.04 - -1.23 1.63
Global Equity (No Trail) acc ♦ F 190.69 - -5.68 1.19
Global Equity (No Trail) inc ♦ F 176.43 - -5.26 1.21
Global Equity Income (No Trail ) Acc ♦ F 234.62 - -6.79 3.59
Global Equity Income (No Trail) Inc ♦ F 190.55 - -5.52 3.70
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 164.83 - -3.94 1.54
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 191.02 - -4.32 2.04
Gbl Fin Cap No Trail Acc 170.71 - -2.39 4.28
Gbl Fin Cap No Trail Inc 143.67 - -2.01 4.41
Global Opportunities (No Trail) Acc ♦ F 219.70 - -7.70 1.03
Global Smaller Companies (No Trail) Acc ♦ F 229.60 - -4.69 0.75
Global Smaller Companies (No Trail) Inc ♦ F 219.39 - -4.48 0.75
Fund Bid Offer +/- Yield
Global Targeted Rets (No Trail) Acc 113.89 - 0.18 0.85
High Income (No Trail) Acc ♦ F 166.36 - -3.99 3.30
High Income (No Trail) Inc ♦ F 120.63 - -2.89 3.38
High Yield Fund (No Trail) Acc 212.16 - -1.01 5.28
High Yield Fund (No Trail) Inc 156.37 - -0.74 5.43
Hong Kong & China (No Trail) Acc ♦ F 171.67 - -4.03 1.34
Income & Growth (No Trail) Acc ♦ F 207.18 - -6.53 4.05
Income & Growth (No Trail) Inc ♦ F 161.33 - -5.09 4.17
Income (No Trail) Acc ♦ F 164.05 - -3.98 3.16
Income (No Trail) Inc ♦ F 120.10 - -2.92 3.23
Japan (No Trail) Acc ♦ F 145.99 - -1.47 0.83
Japanese Smaller Companies (No Trail) Acc ♦ F 165.65 - -2.97 0.00
Latin American (No Trail) Acc ♦ F 86.11 - -0.49 1.97
Latin American (No Trail) Inc ♦ F 77.33 - -0.44 2.01
Managed Growth (No Trail) Acc ♦ F 179.59 - -4.12 1.23
Managed Growth (No Trail) Inc ♦ F 165.15 - -3.79 1.25
Managed Income (No Trail) Acc ♦ F 180.02 - -3.58 2.93
Managed Income (No Trail) Inc ♦ F 147.12 - -2.93 2.99
Monthly Income Plus (No Trail) Acc ♦ F 166.18 - -1.10 4.93
Monthly Income Plus (No Trail) Inc ♦ F 103.94 - -0.69 5.04
Pacific (No Trail) Acc ♦ F 170.70 - -2.22 0.92
Pacific (No Trail) Inc ♦ F 160.59 - -2.09 1.03
Tactical Bond (No Trail) Acc ♦ F 140.49 - -0.07 1.32
Tactical Bond (No Trail) Inc ♦ F 119.10 - -0.06 1.33
UK Focus (No Trail) Acc F 143.58 - -6.58 2.41
UK Focus (No Trail) Inc F 117.88 - -5.40 2.46
UK Enhanced Index (No Trail) Acc ♦ F 374.92 - 7.66 3.66
UK Enhanced Index (No Trail) Inc ♦ F 224.96 - -8.55 3.75
UK Growth (No Trail) Acc ♦ F 127.40 - -5.38 2.42
UK Growth (No Trail) Inc ♦ F 101.52 - -4.29 2.47
UK Smaller Companies Equity (No Trail) Acc ♦ F 268.19 - -6.92 1.23
UK Smaller Companies Equity (No Trail) Inc ♦ F 247.41 - -6.39 1.25
UK Strategic Income (No Trail) Acc ♦ F 697.64 - -17.35 3.54
UK Strategic Income (No Trail) Inc ♦ F 514.01 - -12.78 3.63
US Equity (No Trail) Acc ♦ F 202.59 - -7.06 0.11
Invesco (LUX)
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FCA Recognised
Invesco Management SA
Invesco Active Multi-Sector Credit Fund A € 2.83 - 0.00 0.00
Invesco Asia Balanced A dist $ 13.15 - -0.12 3.82
Invesco Asia Consumer Demand Fund A income $ 11.11 - -0.27 0.24
Invesco Asia Infrastructure (A) $ 10.93 - -0.33 0.78
Invesco Asia Opportunities Equity A $ 92.37 - -2.04 0.00
Invesco Balanced Risk Allocation Fund A € 13.98 - -0.11 0.00
Invesco Emerging Europe Equity Fund A $ 6.32 - -0.28 0.00
Invesco Emerging Local Currencies Debt A Inc $ 6.31 - -0.07 7.11
Invesco Emerging Mkt Quant.Eq. A $ 7.83 - -0.22 0.00
Invesco Energy A $ 12.79 - -0.91 0.00
Invesco Euro Corporate Bond Fund (A) € 16.71 - -0.06 0.00
Invesco Euro Inflation Linked Bond A € 15.39 - -0.02 0.00
Invesco Euro Reserve A € 322.66 - 0.00 0.00
Invesco Euro Bond A € 7.06 - -0.01 0.00
Invesco European Growth Equity A € 21.94 - -0.78 0.00
Invesco Global Absolute Return Fund A Class € 11.77 - 0.02 0.00
Invesco Global Bond A Inc $ 5.41 - -0.02 0.75
Invesco Global Conservative Fund 90 (EUR) A € 11.79 - 0.02 0.00
Invesco Global Equity Income Fund A $ 52.35 - -2.09 0.00
Invesco Global Inc Real Estate Sec A dist $ 8.70 - -0.04 2.24
Invesco Global Inv Grd Corp Bond A Dist $ 11.77 - 0.01 3.04
Invesco Global Leisure A $ 32.15 - -1.15 0.00
Invesco Global Smaller Comp Eq Fd A $ 50.69 - -1.74 0.00
Invesco Global Structured Equity A $ 42.25 - -1.39 0.74
Invesco Global Total Ret.(EUR) Bond Fund A € 12.91 - -0.05 0.00
Invesco Gold & Precious Metals A $ 3.05 - -0.16 0.00
Invesco Greater China Equity A $ 38.84 - -0.71 0.00
Invesco India Equity A $ 46.43 - -1.04 0.00
Invesco Japanese Equity Adv Fd A ¥ 3385.00 - -112.00 0.00
Invesco Japanese Value Eq Fd A ¥ 1128.00 - -43.00 0.00
Invesco Latin American Equity A $ 4.85 - -0.07 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 907.00 - -35.00 0.00
Invesco Pan European Equity A EUR Cap NAV € 16.43 - -0.78 0.00
Invesco Pan European High Income Fd A € 13.18 - -0.13 2.48
Invesco Pan European Small Cap Equity A € 20.18 - -0.63 0.00
Invesco Pan European Structured Equity A € 15.66 - -0.50 0.00
Invesco UK Eqty Income A £ 29.83 - -0.72 0.00
Invesco UK Investment Grade Bond A £ 0.98 - 0.00 2.89
Invesco US Structured Equity A $ 19.03 - -0.74 0.00
Invesco US Value Eq Fd A $ 26.92 - -1.11 0.00
Invesco USD Reserve A $ 87.02 - 0.00 0.00
Invesco Global Asset Management Ltd (IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FCA Recognised
Invesco Stlg Bd A QD F £ 2.57 - -0.01 3.34
Invesco Asian Equity A $ 5.44 - -0.12 0.53
Invesco ASEAN Equity A $ 81.00 - -1.60 0.29
Invesco Bond A $ 26.68 - 0.03 1.99
Invesco Continental Eurp Small Cap Eqty A $ 180.14 - -4.52 0.00
Invesco Emerging Markets Equity A $ 30.45 - -0.67 0.00
Invesco Emerging Markets Bond A $ 20.04 - -0.02 4.66
Invesco Continental European Equity A € 7.60 - -0.33 0.20
Invesco Gilt A £ 15.20 - 0.13 1.39
Invesco Global Small Cap Equity A NAV $ 105.39 - -3.27 0.00
Invesco Global High Income A NAV $ 11.46 - -0.01 6.06
Invesco Gbl R/Est Secs A GBP F F £ 7.75 - 0.01 0.88
Invesco Global Health Care A $ 111.60 - -4.72 0.00
Invesco Global Select Equity A $ 11.27 - -0.46 0.00
Invesco Jap Eqty Core A $ 1.67 - -0.03 0.00
Invesco Japanese Equity A $ 17.34 - -0.42 0.00
Invesco Korean Equity A $ 33.58 - -0.51 0.00
Invesco PRC Equity A $ 43.15 - -1.62 0.00
Invesco Pacific Equity A $ 41.87 - -0.94 0.07
Invesco Global Technology A $ 13.95 - -0.59 0.00
Invesco UK Eqty A £ 7.10 - -0.30 1.38
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 59.36 - -0.97 0.00
Invest AD - Emerging Africa Fund $ 834.17 - 7.39 0.00
Invest AD - GCC Focus Fund $ 1226.19 - 35.66 0.00
JPMorgan Asset Mgmt (1200)F (UK)
60 Victoria Embankment, London EC4Y 0JP
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)
America Equity Acc 57.90xd - -0.27 0.00
America Equity Inc 57.90xd - -0.26 0.00
Asia Acc 110.90 - -2.10 0.35
Asia Inc 61.55
Asset Management
- -1.18 0.34
Cautious Managed Rt Acc 67.47xd - -0.54 0.47
Fund Bid Offer +/- Yield
Cautious Managed Rt Inc 59.34xd - -0.48 0.47
Diversified Real Ret Acc 49.20 - -0.23 1.09
Diversified Real Ret Inc 47.79 - -0.23 1.11
Emerging Mkts Acc 122.50 - -1.50 0.85
Emerging Mkts Inc 52.70 - -0.65 0.85
Emrg Eur Eq Acc 118.10 - -3.70 3.07
Emrg Eur Eq Inc 28.08 - -0.87 3.02
Emrg Mkts Inc Acc... C 42.73xd - -0.60 5.78
Emrg Mkts Inc Inc... C 37.28xd - -0.52 5.95
Europe Acc 1004.00 - -22.00 1.55
Europe Inc 57.81 - -1.24 1.55
Eur Dynamic exUK Acc 153.90 - -2.80 0.85
Eur Dynamic exUK £ hdg Acc 166.90 - -5.70 0.79
Eur Dynamic exUK Inc 70.65 - -1.30 0.85
Eur Smaller Cos Acc 497.60xd - -3.00 0.03
Eur Smaller Cos Inc 64.70xd - -0.40 0.02
Fusion Balanced Acc 53.62xd - -0.02 0.48
Fusion Balanced Inc 53.35xd - -0.02 0.48
Fusion Conservative Acc 53.15xd - -0.01 0.67
Fusion Conservative Inc 52.60xd - -0.02 0.69
Fusion Growth Acc 54.59xd - -0.02 0.49
Fusion Growth Inc 54.59xd - -0.02 0.49
Fusion Growth + Acc 56.83xd - 0.00 0.49
Fusion Growth + Inc 56.83xd - 0.00 0.49
Fusion Income Acc...C 53.21xd - -0.01 2.39
Fusion Income Inc...C 50.23xd - -0.01 2.43
Global Allocation Acc 50.05xd - -0.48 0.96
Global Allocation Inc 49.28xd - -0.47 0.97
Global Bond exUK Acc 252.90 - -0.10 0.74
Global Bond exUK Inc 198.90 - -0.10 0.74
Global Bond Opport. Acc 47.68xd - -0.12 2.96
Global Bond Opport. Inc 46.57xd - -0.11 3.03
Global Eq Income £ hdg Acc... C 62.68xd - -1.34 3.45
Global Eq Income £ hdg Inc ... C 44.92xd - -0.89 3.52
Global Eq Income Acc... C 69.36xd - -0.61 3.25
Global Eq Income Inc ... C 60.09xd - -0.53 3.31
Global Financials Acc 658.10 - -12.70 0.95
Global Financials Inc 37.43 - -0.72 0.96
Global High Yield Bd Mth Inc C 33.68xd - 0.03 7.26
Global High Yield Bd Acc C 89.96xd - 0.09 7.23
Global High Yield Bd Inc C 33.99xd - 0.04 7.23
Global Property Secs Acc 54.11 - -0.66 0.63
Global Property Secs Inc 46.70 - -0.57 0.62
Global Unconstrained Eq. Acc 937.90 - -8.40 0.16
Global Unconstrained Eq. Inc 69.70 - -0.63 0.15
Income Acc ... C 48.02xd - -0.02 7.52
Income Inc ... C 44.25xd - -0.02 7.64
Japan Acc 288.20 - -4.00 0.00
Japan Inc 69.37 - -0.97 0.00
Multi-Asset Inc Mth Inc ... C 59.94xd - -0.56 3.82
Multi-Asset Inc Acc... C 80.30xd - -0.76 3.81
Multi-Asset Inc Inc... C 60.29xd - -0.56 3.91
Multi-Asset Macro Acc 66.95 - 0.05 0.00
Multi-Asset Macro Inc 66.95 - 0.05 0.00
Multi-Manager Growth Acc 669.90 - -20.70 0.50
Multi-Manager Growth Inc 625.20 - -19.30 0.50
Natural Resources Acc 270.00 - -11.80 0.15
Natural Resources Inc 19.12 - -0.83 0.15
Portfolio Acc 186.00 - -5.10 0.73
Sterling Corporate Bond Acc 82.80xd - 0.33 2.29
Sterling Corporate Bond Inc 51.76xd - 0.21 2.29
Strategic Bond Acc 67.39xd - -0.13 3.26
Strategic Bond Inc 55.95xd - -0.10 3.26
UK Dynamic Acc 148.00 - -4.00 1.59
UK Dynamic Inc 121.10 - -3.20 1.61
UK Eq & Bond Inc Acc ... C 133.20xd - -2.70 3.56
UK Eq & Bond Inc Inc ... C 77.48xd - -1.58 3.64
UK Equity Blue Chip Acc 59.95xd - -2.06 2.35
UK Equity Blue Chip Inc 50.18xd - -1.73 2.39
UK Equity Core Acc 255.80 - -8.50 3.35
UK Equity Core Inc 48.23 - -1.62 3.35
UK Equity Growth Acc 104.60 - -2.80 1.26
UK Equity Growth Inc 97.62 - -2.58 1.27
UK Higher Inc Acc ... C 833.40 - -25.20 4.50
UK Higher Inc Inc ... C 484.40 - -14.60 4.64
UK Smaller Cos Acc 362.30xd - -9.30 0.29
UK Smaller Cos Inc 70.16xd - -1.80 0.29
UK Strategic Eq Inc Acc ... C 136.70xd - -4.70 4.14
UK Strategic Eq Inc Inc ... C 88.38xd - -3.09 4.24
US Acc 688.70 - -1.80 0.00
US Inc 95.32 - -0.25 0.00
US Equity Income Acc ... C 118.00xd - 0.10 2.20
US Equity Income £ hdg Inc ... C 90.13xd - -0.87 2.44
US Equity Income Inc ... C 100.20xd - 0.10 2.22
US Select Acc 106.80 - 0.00 0.00
US Select Inc 105.40 - 0.00 0.00
US Smaller Cos Acc 332.40xd - -5.40 0.00
US Smaller Cos Inc 87.10xd - -1.42 0.00
JPMorgan Charity Funds (UK)
60 Victoria Embankment, London EC4Y 0JP 020 7742 9175
Property & Other UK Unit Trusts
UK Equity Fund for Charities I...C £ 2.540627xd 2.550839 1.529868 4.06
Bond Fund for Charities £ 1.341941xd 1.348359 0.331182 3.64
GAM
funds@gam.com, www.jbfundnet.com
Regulated
Ms EF Special Val. EUR/A € 126.99 - 0.36 1.15
Strategy Balanced-CHF/B SFr 143.44 - 0.41 0.00
Strategy Balanced-EUR € 147.97 - 0.50 0.00
Strategy Balanced-USD/B $ 123.65 - 0.37 0.00
Strategy Growth-CHF/B SFr 86.87 - 0.39 0.00
Strategy Growth-EUR € 108.81 - 0.57 0.00
Strategy Inc-CHF/B SFr 116.33 - 0.14 0.00
Strategy Inc-EUR/B € 155.58 - 0.26 0.00
Strategy Inc-USD/B $ 142.59 - 0.16 0.00
Kames Capital ICVC (UK)
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds
Diversified Income B Acc 108.47 - -1.04 0.00
Diversified Income B Inc 98.47 - -0.94 0.00
Diversified Growth B Acc £ 1.34 - 0.00 3.28
Ethical Cautious Managed B Acc £ 1.18 - -0.01 2.29
Ethical Cautious Managed B Inc £ 1.11 - -0.02 2.32
Ethical Corporate Bond B Acc £ 1.71 - 0.01 3.70
Ethical Corporate Bond B Inc £ 0.99 - 0.00 3.77
Ethical Equity B Acc £ 1.86 - -0.06 2.08
High Yield Bond B Acc £ 2.34 - -0.01 5.16
High Yield Bond B Inc £ 0.93 - 0.00 5.28
FINANCIAL TIMES Thursday 21 January 2016
MANAGED FUNDS SERVICE
Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield
Investment Grade Bond B Acc 159.25 - 0.33 1.50 Recovery Fund Limited 'A' Participating Shares 8884.19 9254.37 -311.06 0.53 Odey Absolute Return Focus Fund $ 100.00 - - -
Investment Grade Bond B Inc £ 1.16 - 0.00 3.58 Recovery Fund Limited 'I' Participating Shares 8859.94 8949.43 -317.07 1.43 Marlborough International Management Limited (GSY) NatWest (2230)F (UK) Odey Allegra European EUR O € 249.18 - 2.31 0.00
Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 PO Box 23873, Edinburgh EH7 5WJ**
Sterling Corporate Bond B Acc £ 0.74 - 0.00 3.39 Strategic Corporate Bond Fund 131.31 136.79 0.05 2.97 FCA Recognised Enquiries: 0800 085 5588 Odey Allegra International EUR O € 166.19 - 1.27 0.00
Authorised Inv Funds
Sterling Corporate Bond B Inc £ 0.32 - 0.01 3.45 UK Select 1350.31 1406.57 -50.13 1.01 Marlborough North American Fund Ltd £ 30.21 32.19 -1.05 0.00 Odey Allegra Developed Markets USD I $ 113.51 - 0.38 0.00
Series 1(Minimum initial investment 16375,000)
Strategic Bond B Acc £ 1.09 - -0.01 2.78 Marlborough Tiger Fund Ltd F £ 24.40 26.00 -0.75 0.00 United Kingdom Equity Index Fund £ 11.57 - 0.18 3.11 Odey European Focus Fund € 16.81 - 0.16 0.50
Strategic Bond B Inc £ 1.13 - -0.01 2.81 MFS Investment Funds (LUX) UK Specialist Equity Inc £ 18.13 - 0.25 0.42 Odey Atlas Fund GBP I S £ 1.12 - 0.01 0.00
FCA Recognised
UK Equity B Acc £ 2.40 - -0.07 2.35 Marwyn Asset Management Limited (CYM) Contl Europe Spec Equity £ 15.24 - 0.24 0.00 Odey Giano European Fund EUR R € 121.46 - 0.10 0.00
Blend.Research Gb.Eq.Fd. € 93.43 - 0.63 - Regulated
UK Equity Absolute Return B Acc £ 1.24 - 0.00 0.00 US Spec Equity Fund £ 13.49 - 0.10 0.00 Odey Naver Fund EUR I € 126.93 - 0.43 0.00
Blend.Research Gb.Eq.Fd. £ 96.72 - 1.29 - Marwyn Value Investors £ 450.92 - -7.87 0.00
UK Equity Income B Acc £ 2.00 - -0.07 4.69 Japan Specialist Fund X £ 9.66 - -0.01 0.00 Odey Odyssey USD I $ 132.56 - -0.51 0.00
Blend.Research U.S.Core Eq.Fd. ¥ 9188.00 - 76.00 -
UK Equity Income B Inc £ 1.55 - -0.05 4.83 Pacific Basin Specialist Equity Fund £ 19.92 - -0.45 1.01 Odey Orion Fund EUR I € 116.86 - 0.08 0.00
Blend.Research Gb.Eq.Fd. $ 89.88 - 0.16 - McInroy & Wood Portfolios Limited (UK)
UK Opportunities B Acc £ 1.63 - -0.05 2.27 Easter Alderston, Haddington, EH41 3SF 01620 825867 UK Sovereign Bd Index Fund £ 11.01 - -0.02 2.53 Odey Swan Fund EUR I € 106.64 - -0.61 0.00
Em.Mk.Eq.Fund Euro € 98.37 - 0.81 0.00 Authorised Inv Funds
UK Smaller Companies B Acc £ 2.73 - -0.08 1.40 UK Specialist Equity Income Fund £ 9.00 - 0.12 4.30 Odey European Absolute Return GBP S £ 103.15 - 0.13 0.00
Em.Mk.Eq.Fund Sterling £ 89.13 - 1.32 0.00 Balanced Fund Personal Class Units 3855.60 - -6.50 1.92
Global Spec Inv Grade Bd Fund GBP £ 9.74 - 0.00 3.03
Em.Mk.Eq.Fd.US Dollar $ 81.88 - 0.27 0.00 Income Fund Personal Class Units 2291.20xd - -17.70 3.07
Kames Capital Investment Portfolios ICVC (UK) Global Emerg Mkts Equity Fund X £ 10.10 - -0.09 0.09 Odey Wealth Management (CI) Ltd (IRL)
Gb.Conc.Eq.Fd.Euro € 261.04 - 2.16 0.00 Emerging Markets Fund Personal Class Units 1526.90 - -14.00 2.56
Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA www.odey.com/prices
Series 2 (Investment Management customers only)
0800 45 44 22 www.kamescapital.com Smaller Companies Fund Personal Class Units 3488.30 - -31.50 1.78 FCA Recognised
Gb.Conc.Eq.Fd.Sterl.UK T £ 168.31 - 2.51 0.00
Authorised Funds United Kingdom Equity Index Fund £ 11.57 - 0.17 3.80
Odey Opportunity EUR I € 210.32 - 0.33 0.00
Property Income B Acc 118.79 - -0.24 4.62 Gb.Conc.Eq.Fd.Sterling £ 254.69 - 3.80 0.00
UK Specialist Equity Inc £ 18.35 - 0.25 1.68
Property Income B Inc 109.67 - -0.22 4.77 Gb.Conc.Eq.Fd.US $ 180.13 - 0.61 0.00 Meridian Fund Managers Ltd
Other International Funds Contl Europe Spec Equity £ 15.92 - 0.25 1.23
Omnia Fund Ltd
Gb.Eq.Hdg Fd.Euro IRE T € 168.75 - 1.17 0.00 Other International Funds
Global Gold & Resources Fund $ 184.00 - 2.35 - US Spec Equity Fund £ 14.10 - 0.11 0.39
Gb.Eq.Euro Hdg Fd. € 239.10 - 1.66 0.00 Estimated NAV $ 833.84 - -21.78 0.00
Kames Capital VCIC (IRL) Global Energy & Resources Fund $ 31.18 - -3.49 - Japan Specialist Fund X £ 10.25 - -0.01 0.66
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
Gb.Eq.Fund Euro € 261.28 - 2.32 0.00
FCA Recognised Pacific Basin Specialist Equity Fund £ 19.73 - -0.45 2.09
Absolute Return Bond B GBP Acc 1079.47 - -0.12 - Gb.Eq. Fd Euro IRE T € 165.34 - 1.47 0.00
Ministry of Justice Common Investment Funds (UK) UK Sovereign Bd Index Fund £ 11.20 - -0.02 2.53
Eq Market Neutral B Acc 1023.89 - -0.22 - Gb.Eq.Fd.Sterling UK T £ 203.71 - 3.16 0.00 Property & Other UK Unit Trusts
UK Specialist Equity Income Fund £ 9.77 - 0.13 4.25
The Equity Idx Tracker Fd Inc 1227.00 1227.00 -18.00 2.87
Eq Market Neutral Plus B Acc 1039.06 - -0.78 - Gb.Eq.Fd.US Dollar $ 284.63 - 1.14 0.00
Distribution Units Global Spec Inv Grade Bd Fund GBP £ 9.91 - 0.00 3.03
High Yield Global Bond A GBP Inc 504.78 - 1.61 5.47 Gb.Eq.Fund Sterling £ 201.30 - 3.12 0.00
Global Emerg Mkts Equity Fund X £ 9.70 - -0.09 0.98
High Yield Global Bond B GBP Inc 1049.30 - 3.36 5.47 Gb.Val.Ex-Jap.Fd.USD $ 108.38 - 0.29 0.00 The initial charge you will pay will depend on the amount you invest
Optima Fund Management
Mirabaud Asset Management (LUX) Other International Funds
**Address and Telephone number for series 1 only
Gb.Val.Ex-Japan Fd.Yen ¥ 12553.00 - 132.00 0.00 www.mirabaud.com, marketing@mirabaud.com
Investment Grade Global Bd A GBP Inc 551.48 - -1.14 2.49 Cuttyhunk Fund II Limited $ 1358.76 - -2.04 0.00
Regulated
Kames Global Equity Income B GBP Acc 1148.18 - -10.34 - Gb.Val.Fd. Euro € 123.26 - 0.99 0.00
Mir. Conv. Bds Eur A EUR € 131.96 - 0.36 0.00 JENOP Global Healthcare Fund Ltd $ 15.03 - -0.02 0.00
Kames Global Equity Income B GBP Inc 1094.49 - -9.86 - Gb.Val.Fd.Sterling £ 115.67 - 1.69 0.00
Mir. Conv. Bds Glb A USD $ 108.85 - -0.32 0.00 OPTIKA Fund Limited - Cl A $ 100.91 - 0.66 -
Strategic Global Bond A GBP Inc 1077.13 - -2.37 0.77 Gb.Val.Fd.USD $ 96.83 - 0.30 0.00
Mir. - Eq Asia ex Jap A $ 150.95 - -5.04 0.00 Optima Fd NAV (Est) $ 86.74 - -3.66 0.00
Strategic Global Bond B GBP Inc 611.67 - -1.33 1.27 Low Volatility Gb.Eq.Fd.Euro € 99.31 - 0.87 -
Mir. - Eq Glb Emrg Mkt A USD $ 75.26 - -2.61 0.00 Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00
Low Volatility Gb.Eq.Fd.Sterl £ 102.81 - 1.59 -
Mir. - Eq Global Focus A USD $ 92.32 - -0.26 0.00 New Capital Fund Management Ltd (IRL) The Dorset Energy Fd Ltd NAV (Est) $ 18.42 - -2.42 0.00
Kleinwort Benson Bank (UK) Low Volatility Gb.Eq.Fd.USD $ 95.54 - 0.37 - Leconfield House, Curzon Street, London, W1J 5JB
Mir. -Eq Spain A € 22.69 - 0.24 0.00 Platinum Fd Ltd $ 85.34 - -0.33 0.00
14 St. George Street, Mayfair, London W1S1FE FCA Recognised
Low Volatility Gb.Eq.Fd.Yen ¥ 8777.00 - 102.00 - New Capital UCITS Funds
Dealing and enquiries: 0800 024 2400 Mir. - Eq Swiss Sm/Mid A SFr 313.81 - 6.80 0.00 Platinum Fd Ltd EUR € 16.55 - -0.08 0.00
Authorised Inv Funds Asia Pac Bd USD Inst Inc $ 90.33 - 0.04 3.27
Unit Trust Manager/ACD - Host Capital Mir. - Glb High Yield Bds A $ 104.66 - -0.12 - Platinum Japan Fd Ltd $ 53.63 - 0.51 0.00
HC KB Capital Growth A Acc 161.84 - -2.66 1.36
MFS Meridian Funds SICAV (LUX)
Mir. - Glb Eq High Income A USD $ 91.40 - 0.07 0.00
Asia Pac Bd USD Ord Inc $ 92.32 - 0.04 2.53
Optima Partners Global Fd (Est) $ 13.87 - -0.39 0.00
Regulated
Asia Pac Eq EUR Ord Inc € 76.04 - 0.64 3.42
HC KB Capital Growth A Inc 151.54 - -2.50 1.38 Absolute Return A1 € 19.65 - -0.17 0.00 Mir. - Glb Inv Grade Bds A € 99.22 - -0.38 - Optima Partners Focus Fund A $ 15.82 - 0.04 0.00
Asia Pac Eq GBP Ord Inc £ 78.57 - 0.68 3.86
HC KB Enterprise Equity Income A Inc 102.89 - 1.00 3.06 Asia ex-Japan A1 $ 20.32 - 0.18 0.00 Mir. - Glb Strat. Bd A USD $ 102.60 - -0.20 0.00
Asia Pac Eq USD Ord Inc $ 79.45 - 0.67 3.24
HC KB Enterprise Equity Income A Acc 152.86 - 1.48 3.69 Bond A1 $ 10.29 - 0.00 0.00 Oryx International Growth Fund Ltd
Asia Pac Eq USD Inst Acc $ 85.50 - 0.72 0.00 Other International Funds
HC KB Endeavour Multi Asset Balanced A Acc 126.44 - -0.68 0.81 China Equity Fd A1 $ 9.28 - -0.01 0.00 MW Japan Fund Plc (IRL)
NAV (Fully Diluted) £ 6.93 - 0.36 0.00
FCA Recognised Asia Pac Eq USD Inst Inc $ 88.57 - 0.76 3.97
HC KB Endeavour Multi Asset Balanced A Inc 120.17 - -0.65 0.81 Continental European Eqty A1 € 16.14 - 0.22 0.00
MW Japan Fund PLC A $ 23.03 - -0.58 -
Dyn Europ Eq EUR Ord Inc € 162.50 - 1.88 1.33
HC KB Enterprise Fixed Income A Acc 122.88 - -0.08 3.44 Emer Mkts Debt Lo Curr Fd A1 $ 10.29 - -0.01 0.00
MW Japan Fund PLC B $ 23.20 - -0.59 - OTP Asset Management Romania SAI SA ((ROM))
Dyn Europ Eq GBP Ord Inc £ 172.13 - 2.09 1.69
HC KB Enterprise Fixed Income A Inc 109.08 - -0.06 3.44 Emerging Markets Debt A1 $ 31.97 - 0.02 0.00 www.otpfonduri.ro
MW Japan Fund PLC C $ 85.93 - -3.41 -
Dyn Europ Eq USD Ord Inc $ 162.24 - 1.87 1.25 Other International Funds
Emerging Markets Eq.A1 $ 9.03 - 0.03 0.00
OTP Comodisro RON 16.88 - 0.00 -
China Equity EUR Ord Acc € 116.93 - 3.70 0.00
Lloyds Investment Fund Managers Limited (1000)F (JER) European Concentrated A1 € 15.78 - 0.14 0.00
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Morant Wright Funds (Ireland) PLC (IRL) OTP Obligatiuni RON 14.28 - 0.00 -
China Equity GBP Ord Acc £ 121.85 - 4.04 0.00
Other International Funds European Core Eq A1 € 28.57 - 0.21 0.00 FCA Recognised
OTP Avantisro RON 7.76 - 0.16 -
Morant Wright Fuji Yield EUR Dist Hedged € 9.82 - -0.31 - China Equity USD Ord Acc $ 118.89 - 3.74 0.00
Lloydstrust Gilt £ 12.2800xd - 0.0700 2.32 European Res.A1 € 29.51 - 0.18 0.00
OTP Euro Bond € 12.42 - 0.00 -
Lloyds Investment Funds Limited Morant Wright Fuji Yield GBP Acc Hedged £ 10.17 - -0.33 0.00 China Equity USD Inst Acc $ 122.36 - 3.85 0.00
European Smaller Companies A1 € 47.98 - 0.03 0.00
Euro High Income € 1.5820xd - -0.0010 2.98 OTP Dollar Bond $ 10.57 - 0.00 -
Morant Wright Fuji Yield GBP Dist Hedged £ 9.88 - -0.33 - Europ. Equity Fd EUR € 96.85 - 1.12 -
European Value A1 € 33.67 - 0.31 0.00
European £ 7.0270 - -0.0960 1.61 OTP Premium Return RON 1048.20 - 5.10 -
Morant Wright Fuji Yield USD Acc Hedged $ 9.90 - -0.33 0.00 Europ. Equity Fd GBP £ 95.39 - 1.16 -
Global Conc.A1 $ 33.54 - 0.16 0.00
High Income £ 0.8544xd - 0.0008 5.01
Morant Wright Fuji Yield USD Dist Hedged $ 9.93 - -0.32 2.14 Europ. Equity Fd USD $ 95.69 - 1.10 -
Global Credit Fund $ 10.12 - -0.03 0.00
International £ 3.7470 - -0.0160 1.42
Morant Wright Fuji Yield YEN Acc ¥ 1022.59 - -32.24 0.00 Global Val.Cr.Fd GBP Ord Inc £ 106.86 - -0.03 3.63
Global Energy Fund A1 $ 10.64 - -0.13 0.00
North American £ 15.0400 - 0.1300 0.25
Morant Wright Fuji Yield B YEN Acc ¥ 900.49 - -29.28 - Global Val.Cr.Fd USD Inst Acc $ 120.33 - -0.04 0.00
Global Equity A1 $ 41.19 - 0.24 0.00
Sterling Bond £ 1.4470xd - 0.0020 3.72
Morant Wright Fuji Yield YEN Dist ¥ 1001.37 - -31.58 2.13 Global Val.Cr.Fd GBP Ord Acc £ 173.29 - -0.08 0.00
Global Equity A1 € 23.84 - -0.07 0.00
UK £ 5.8360 - -0.1520 1.75
Morant Wright Sakura Fund Sterling Acc Hedged £ 12.30 - -0.49 0.00 Global Val.Cr.Fd USD Ord Acc $ 162.74 - -0.06 0.00
Global High Yield Fund $ 23.18 - -0.02 0.00 Permal Investment Mgmt Svcs Ltd
Lloyds Gilt Fund Limited
Morant Wright Sakura Fund Euro Acc Hedged € 12.29 - -0.47 0.00 Global Val.Cr.Fd EUR Ord Acc € 151.35 - -0.06 0.00 www.permal.com
Lloyds Gilt Fund Quarterly Share £ 1.2800xd - 0.0070 1.85 Global High Yield Fund € 15.41 - -0.14 0.00
Other International Funds
Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1257.15 - -47.55 0.00 Swiss Select Equity Inst Acc SFr 109.72 - 1.91 0.00
Monthly Share £ 1.2340xd - 0.0070 1.85 Global Multi-Asset A1 $ 14.23 - 0.02 0.00 Offshore Fund Class A US $ Shares
Morant Wright Sakura Fund Dollar Acc Hedged $ 12.24 - -0.48 0.00 Swiss Select Equity Ord Acc SFr 108.41 - 1.89 0.00 Investment Holdings N.V. $ 5417.00 - -70.68 0.00
Lloyds Money Fund Limited Global Res.A1 $ 23.24 - 0.03 0.00
Sterling Class £ 52.6210 - 0.0000 0.10 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 12.16 - -0.47 0.00 US Growth USD Ord Acc $ 182.49 - -1.17 0.00 Macro Holdings Ltd $ 4176.78 - -15.24 0.00
Global Total Return A1 € 16.85 - -0.11 0.00
Lloyds Multi Strategy Fund Limited
US Growth EUR Ord Acc € 174.30 - -1.12 0.00 Fixed Income Holdings N.V. $ 349.32 - -14.81 -
Inflation-Adjusted Bond A1 $ 13.80 - 0.01 0.00
Conservative Strategy £ 1.0880 - 0.0020 1.31
US Growth GBP Ord Acc £ 182.93 - -1.24 0.00 Permal Absolute Return Fund $ 163.19 - -0.40 0.00
Japan Equity A1 $ 9.57 - 0.06 0.00
Growth Strategy £ 1.4320 - 0.0110 1.66
US Growth USD Inst Acc $ 168.70 - -1.07 0.00
Latin American Equity Fd A1 $ 9.74 - -0.07 0.00
Aggressive Strategy £ 1.7230 - 0.0230 0.00
Wealthy Nat Bd EUR Inst Inc € 103.64 - 0.00 3.83
Limited Maturity A1 $ 13.99 - 0.00 0.00
Global USD Growth Strategy $ 1.2530 - 0.0050 0.00
Wealthy Nat Bd GBP Inst Inc £ 107.70 - 0.01 3.66
Dealing Daily Prudent Wealth Fd A1 $ 14.42 - 0.05 0.00
Morgan Stanley Investment Funds (LUX) Wealthy Nat Bd EUR Ord Inc € 102.98 - -0.01 3.59
Research Bond A1 $ 16.53 - -0.01 0.00 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61
www.morganstanleyinvestmentfunds.com Wealthy Nat Bd GBP Ord Inc £ 108.35 - 0.01 3.39
Lothbury Property Trust (UK) UK Equity A1 £ 7.54 - 0.05 0.00
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 FCA Recognised
Wealthy Nat Bd USD Ord Inc $ 105.59 - 0.01 3.37 Pictet Asset Management (Europe) SA (LUX)
Property & Other UK Unit Trusts US Conc.Growth A1 $ 14.23 - 0.06 0.00 US Advantage A F $ 53.47 - 0.42 0.00 15, Avenue J.F. Kennedy L-1855 Luxembourg
New Capital Alternative Strategies
Lothbury Property Trust GBP £ 1802.73 1933.97 16.21 3.09 Tel: 0041 58 323 3000
US Government Bond A1 $ 17.18 - 0.00 0.00 Asian Equity A F $ 36.88 - 0.62 0.00 All Weather Fd USD Cls $ 117.83 - -0.64 0.00
FCA Recognised
Value A1 $ 20.03 - 0.03 0.00 Asian Property A F $ 16.11 - 0.17 0.00 All Weather Fd EUR Cls € 105.67 - -0.67 0.00 Pictet-Absl Rtn Fix Inc-HI EUR € 106.20 - -0.20 0.00
Asian Property AX F £ 10.78 - -0.01 0.54 All Weather Fd GBP Cls £ 113.91 - -0.67 0.00 Pictet-Absl Rtn Glo Div-I EUR F € 121.59 - -0.36 0.00
MMIP Investment Management Limited (GSY) Diversified Alpha Plus A F € 29.27 - 0.04 0.00 Tactical Opps USD Cls $ 112.34 - -10.49 0.00 Pictet-Agriculture-I EUR F € 167.59 - -1.41 0.00
Regulated
Multi-Manager Investment Programmes PCC Limited Emerg Europ, Mid-East & Africa Eq A F € 56.72 - 0.76 0.00 Tactical Opps EUR Cls € 93.89 - -8.83 0.00 Pictet-Asian Equities Ex Japan-I USD F $ 178.21 - -5.53 0.00
European Equity Fd Cl A Initial Ser € 2642.19 2642.19 62.94 0.00 Emerging Markets Debt A F $ 72.14 - 0.01 0.00 Tactical Opps GBP Cls £ 105.23 - -10.15 0.00 Pictet-Asian Local Currency Debt-I USD F $ 148.79 - -0.33 0.00
M & G Securities (1200)F (UK)
Japanese Equity Fd Cl A Initial Ser ¥ 368031.00 368031.00 6127.00 0.00 Emerging Markets Domestic Debt AX F £ 10.28 - 0.09 5.66 Pictet-Biotech-I USD F $ 686.86 - -15.61 0.00
PO Box 9039, Chelmsford, CM99 2XG
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 MMIP - US EQUITY CLASS A 01 June 07 Series $ 1304.31 1304.31 168.32 0.00 Emerging Markets Equity A F $ 29.28 - 0.43 0.00 Pictet-Brazil Index I USD $ 29.52 - 0.03 0.00
Authorised Inv Funds
Pacific Basin Fd Cl A Initial Ser $ 2059.34 2059.34 -82.99 0.00 Euro Bond A F € 15.71 - 0.01 0.00 Pictet-CHF Bonds I CHF SFr 507.80 - 1.23 0.00
Charifund Inc 1320.94 - -36.86 5.21
UK Equity Fd Cl A Series 01 £ 2318.62 2346.23 -38.83 0.00 Euro Corporate Bond AX F £ 22.39 - 0.17 1.54 Pictet-China Index I USD $ 91.34 - 2.21 0.00
Charifund Acc 18232.32 - -508.70 5.05
Diversified Absolute Rtn Fd USD Cl AF2 $ 1586.40 - -4.69 0.00 Euro Strategic Bond A F € 42.98 - -0.01 0.00 Pictet-Clean Energy-I USD F $ 68.40 - -0.20 0.00
M&G Corporate Bond A Acc 62.60xd - 0.15 3.08
Diversified Absolute Return Stlg Cell AF2 £ 1607.75 - -3.92 0.00 European Currencies High Yield Bd A F € 20.79 - -0.10 0.00 Northwest Investment Management (HK) Ltd Pictet-Digital Communication-I USD F $ 234.59 - -0.80 0.00
M&G Corporate Bond A Inc 39.08xd - 0.09 3.09
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
M&G Dividend A Inc 55.37xd - -1.75 4.92 European Equity Alpha A F € 38.82 - 0.43 0.00 Other International Funds Pictet-Eastern Europe-I EUR F € 231.33 - 1.31 0.00
M&G Dividend A Acc 562.11xd - -17.85 4.75
Manek Investment Mgmt Ltd (1000)F (UK) European Property A F € 32.58 - 0.15 0.00 Northwest $ class $ 2329.36 - -28.58 0.00 Pictet-Em Lcl Ccy Dbt-I USD F $ 147.31 - 0.56 0.00
P.O.Box 100, Swindon SN1 1WR 0844 800 9401
M&G Episode Growth X Inc 46.47 - -1.33 1.96 Authorised Inv Funds Eurozone Equity Alpha A F € 10.39 - 0.14 0.00 Northwest Warrant $ class $ 1969.35 - -444.40 0.00 Pictet-Emerging Markets-I USD F $ 398.17 - -9.02 0.00
Growth Fd Acc 55.64 58.81 0.82 0.00 Global Bond A F $ 37.94 - -0.05 0.00 Pictet-Emerging Markets Index-I USD F $ 185.66 - 2.84 0.00
M&G Episode Income A Acc 128.81xd - -1.05 3.80
M&G Episode Income A Inc 106.83xd - -0.87 3.88 Global Brands A F $ 93.22 - 0.93 0.00 Pictet-Emerging Corporate Bonds I USD $ 104.23 - -0.13 0.00
M&G Extra Income A Inc 677.95xd - -15.73 4.80
LNG Capital (CYM) Global Convertible Bond A F $ 40.13 - 0.03 0.00 Pictet-Emerging Markets High Dividend I USD $ 78.67 - -1.45 0.00
Kingsbury House, 15-17 King St, London SW1Y 6QU
M&G Extra Income A Acc 5593.16xd - -129.81 4.66 www.lngcapital.com, Tel: 0207 839 3456 Global Property A F $ 25.65 - 0.20 0.00 Pictet-Emerging Markets Sust Eq I USD $ 74.08 - 0.68 0.00
Regulated
M&G Global Basics A Inc 578.07 - -12.91 0.67 Indian Equity A F $ 31.41 - 0.28 0.00 Pictet-Environmental Megatrend Sel I EUR € 147.39 - 1.29 0.00
LNG Europa Credit Fund EUR (Est) € 1196.70 - 65.31 -
Oasis Crescent Management Company Ltd
M&G Global Basics A Acc 878.39 - -19.61 0.62 Latin American Equity A F $ 31.64 - 0.09 0.00 Pictet-EUR Bonds-I F € 554.98 - 0.08 0.00
LNG Europa Credit Fund GBP (Est) £ 1196.70 - 56.94 - Other International Funds
M&G Global Dividend Fund A Acc 168.88xd - -4.52 3.73 Short Maturity Euro Bond A F € 20.33 - 0.00 0.00 Pictet-EUR Corporate Bonds Ex Fin i EUR € 141.42 - -0.03 0.00
LNG Europa Credit Fund USD $ 1183.45 - -15.60 - Oasis Crescent Equity Fund R 8.90 - -0.13 0.00
M&G Global Dividend Fund A Inc 132.23xd - -3.54 3.81 US Dollar Liquidity A F $ 13.03 - 0.00 0.00 Pictet-EUR Corporate Bonds-I F € 197.60 - -0.08 0.00
M&G Glbl Emrgng Mkts A Acc 162.83 - -4.70 1.08 US Growth A F $ 62.08 - 0.38 0.00 Pictet-EUR Government Bonds I EUR € 158.66 - 0.04 0.00
Marlborough Fd Managers Ltd (1200)F (UK) Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 US Growth AH F € 43.00 - 0.27 0.00 Regulated
M&G Glbl Emrgng Mkts A Inc 157.31 - -4.54 1.09 Pictet-EUR High Yield-I F € 235.06 - 0.19 0.00
www.marlboroughfunds.com Oasis Global Investment (Ireland) Plc
M&G Global Macro Bond Fund A Acc 111.16 - 1.16 1.39 Authorised Inv Funds US Growth AX F £ 43.84 - 0.63 0.00 Pictet-EUR Short Mid-Term Bonds-I F € 136.95 - 0.00 0.00
Oasis Crescent Global Short Term Income Fund $ 0.98 - 0.00 0.86
M&G Global Macro Bond Fund A Inc 77.01 - 0.81 1.39 Balanced 150.28 158.90 -0.12 0.05 US Property A F $ 65.73 - 0.49 0.00 Pictet-EUR Short Term HY I EUR € 118.17 - 0.02 0.00
Oasis Global Equity $ 24.98 - 0.03 0.23
M&G Global High Yield Bond X Inc 46.14xd - -0.18 4.83 Bond Income 49.35 52.22 0.04 4.95 Oasis Crescent Global Investment Fund (Ireland) plc Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 102.94 - 0.01 0.00
Cash 50.06 50.06 0.00 0.32 Oasis Crescent Global Equity Fund $ 25.41 - 0.00 0.00
M&G Global High Yield Bond X Acc 109.56xd - -0.42 4.81 Morgens Waterfall Vintiadis.co Inc Pictet-Euroland Index IS EUR € 120.36 - 2.03 0.00
Other International Funds
Cautious Inc 80.69 84.92 0.43 1.13 Oasis Crescent Variable Balanced Fund £ 10.10 - 0.03 0.59
M&G Managed Growth X Inc 70.39 - -1.86 0.62 Pictet-Europe Index-I EUR F € 154.62 - 1.95 0.00
Phaeton Intl (BVI) Ltd (Est) $ 369.40 - -11.75 0.00
Defensive A Inc 117.74 117.74 0.20 0.27 OasisCresGl Income Class A $ 10.60 - 0.00 2.42
M&G Optimal Income A Inc 139.09 - -0.38 2.66 Pictet-European Equity Selection-I EUR F € 566.50 - 3.73 0.00
Emerging Markets 200.81 200.81 -5.27 1.90 OasisCresGl LowBal D ($) Dist $ 11.00 - 0.01 0.00
M&G Optimal Income A Acc 183.74 - -0.51 2.66 Pictet-European Sust Eq-I EUR F € 228.43 - 3.39 0.00
ETF Global Growth A 148.74 148.74 -2.06 0.00 OasisCresGl Med Eq Bal A ($) Dist $ 11.11 - 0.02 0.33
M&G Recovery GBP A Inc 102.20xd - -3.67 0.90 Pictet-Global Bds Fundamental I USD $ 115.12 - 0.02 0.00
ETF Commodity A 62.59 62.59 -0.81 0.00 Oasis Crescent Gbl Property Eqty $ 8.84 - 0.04 2.07
M&G Recovery GBP A Acc 230.42xd - -8.27 0.90 Pictet-Global Bonds-I EUR € 166.24 - 0.39 0.00
M&G Strategic Corp Bond A Inc 72.32xd - 0.03 2.98 European Multi-Cap 286.55 286.55 -2.52 0.29 Pictet-Global Emerging Currencies-I USD F $ 93.74 - 0.05 0.00
M&G Strategic Corp Bond A Acc 104.39xd - 0.04 2.98 Extra Income 75.10 79.47 -1.37 4.61 Pictet-Global Emerging Debt-I USD F $ 348.17 - 0.21 0.00
Natixis International Funds (Lux) I SICAV (LUX)
Far East Growth A Inc 146.79 146.79 -3.85 2.57 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
M&G Global Leaders GBP A Inc 176.16 - -5.47 1.50 Pictet-Global Megatrend Selection-I USD F $ 198.96 - -0.53 0.00
FCA Recognised
Global 172.03 181.05 1.82 0.00
M&G Global Leaders GBP A Acc 414.91 - -12.86 1.49 Pictet-Greater China-I USD F $ 380.98 - -13.71 0.00
Harris Global Equity R/A (USD) $ 226.31 226.31 1.45 0.00
M&G UK Inflation Lnkd Corp Bnd A Acc 108.83 - -0.09 0.12 Global Bond Inc 138.92 147.01 0.68 3.13 Pictet-Health-I USD $ 248.35 - -0.37 0.00
Harris US Equity Fund R/A (USD) $ 181.82 181.82 -1.13 0.00
Odey Asset Management LLP (UK)
M&G UK Inflation Lnkd Corp Bnd A Inc 107.27 - -0.08 0.12 High Yield Fixed Interest 71.04 75.37 0.03 5.85 Pictet-High Dividend Sel I EUR F € 144.85 - 0.88 0.00
Harris Concentrated US Equity R/A (USD) $ 137.26 137.26 -1.25 0.00 40 Dukes Place, London, EC3A 7NH
Multi Cap Income A Inc 152.52 152.52 0.95 4.73 Order Desk and Enquiries: 0345 300 2106 Pictet-India Index I USD $ 88.49 - 1.12 0.00
Loomis Sayles Strategic Alpha R/A (USD) $ 108.16 108.16 -0.06 -
Authorised Corporate Director - Capita Financial Managers
Nano-Cap Growth A Acc 99.7950 109.5900 -1.2809 0.00
M & G Securities Ltd (UK) Authorised Inv Funds Pictet-Indian Equities-I USD F $ 394.24 - -5.68 0.00
Property & Other UK Unit Trusts CF Odey Continental European GBP R Acc 706.54 - -5.55 0.03
Special Situations A Acc 1125.54 1191.05 -9.25 0.39 Pictet-Japan Index-I JPY F ¥ 14122.33 - -545.36 0.00
Charibond 123.57 - 0.50 5.23
Natixis International Funds (Dublin) I plc (IRL)
UK Multi-Cap Growth A Inc 228.92 242.24 -5.70 0.69 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000 CF Odey Opus GBP R Inc 3649.52 - -27.72 0.00 Pictet-Japanese Equities Opp-I JPY F ¥ 8419.01 - -329.29 0.00
(Accum Units) 3658.32 - 14.83 5.23 Regulated
UK Micro Cap Growth A 456.14 482.69 6.02 0.00 CF Odey Absolute Return GBP R 315.85 - -3.01 0.00
Loomis Sayles Global Opportunistic Bond R/D (USD) $ 12.19 12.19 -0.05 1.22 Pictet-Japanese Equity Selection-I JPY F ¥ 12480.49 - -492.55 0.00
NAACIF 69.48 - -1.53 5.04
US Multi-Cap Income 314.95 314.95 3.07 0.64 CF Odey Portfolio Fund GBP R Inc 143.16 - -0.17 0.07
Loomis Sayles High Income R/D (USD) $ 7.08 7.08 0.00 15.55 Pictet-LATAM Index I USD $ 41.67 - 0.20 0.00
(Accum Units) 6227.69 - -137.50 4.91
MFM - Third Party Funds
Loomis Sayles Multisector Income R/D (GBP) $ 11.12 11.12 -0.01 5.93 Pictet-LATAM Lc Ccy Dbt-I USD F $ 101.64 - -0.43 0.00
M&G Property Portfolio A Acc 135.97 143.12 0.01 3.23 Junior Oils 48.61 51.44 0.76 0.00
Odey Asset Management LLP (CYM) Pictet-Pacific Ex Japan Index-I USD F $ 293.56 - 4.33 0.00
Property Portfolio A 123.96 130.48 0.02 3.29 Junior Gold C Acc 17.25 17.25 -0.57 0.00 Regulated
Natixis International Funds (UK) OEI Mac Inc GBP A £ 409.98 - 51.79 0.00 Pictet-Premium Brands-I EUR F € 137.65 - 1.34 0.00
Property Portfolio X 123.96 123.96 0.02 3.29 MFM Artorius Fund 152.91 152.91 -7.09 0.30
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
OEI Mac Inc GBP B £ 236.17 - 34.38 0.00 Pictet-Quality Global Equities I USD $ 125.43 - 0.14 0.00
MFM Bowland 157.87 170.67 -4.18 0.00 Authorised Funds
H2O MultiReturns Fund N/A (GBP) £ 1.30 - -0.04 1.46 OEI MAC Inc USD $ 2188.18 - 273.75 0.00 Pictet-Russia Index I USD $ 39.19 - 0.87 0.00
M & G (Guernsey) Ltd (GSY) MFM Hathaway Inc 103.46 108.34 -0.20 1.93
Regulated Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 0.96 - -0.03 0.00 Odey European Inc EUR € 943.66 - 106.51 0.00 Pictet-Russian Equities-I USD F $ 35.17 - 0.67 0.00
The M&G Offshore Fund Range MFM SGWM Managed A Acc 122.58 122.58 1.09 0.16
Loomis Sayles Strategic Income N/D (GBP) £ 0.95 - 0.00 4.31 Odey European Inc GBP A £ 363.95 - 41.44 0.00 Pictet-Security-I USD F $ 183.42 - 0.40 0.00
Corporate Bond 1301.06 1341.30 3.00 3.08 MFM Techinvest Special Situations Acc 136.44 136.44 -5.77 0.00
Loomis Sayles Strategic Income H-N/D (GBP) £ 0.85 - -0.01 4.47 Odey European Inc GBP B £ 206.55 - 23.52 0.00 Pictet-Select-Callisto I EUR € 103.74 - -0.42 0.00
Global Basics 2138.92 2205.07 -47.55 0.34 MFM Techinvest Technology Acc 321.92 321.92 -11.36 0.00
Loomis Sayles US Equity Leaders N/A (GBP) £ 1.43 - -0.03 0.25 Odey European Inc USD $ 436.39 - 49.24 0.00 Pictet-Small Cap Europe-I EUR F € 1041.08 - 13.98 0.00
Global Leaders 3059.14 3186.61 -94.92 1.15 MFM UK Primary Opportunities A Inc 308.02 308.02 -7.64 1.43
Seeyond Factor Plus Europe Ex U.K Equity Fund N/A (GBP) £ 0.94 - -0.02 - Giano Capital EUR Inc € 4652.16 - 195.57 0.00 Pictet-ST.MoneyMkt-I € 140.45 - 0.01 0.00
Global High Yield Bond 907.18 935.23 -3.53 4.76 Slater Investments Ltd - Investment Adviser
MFM Slater Growth 400.05 424.46 -7.74 0.11 Seeyond Factor Plus U.K Equity Fund N/A (GBP) £ 0.91 - -0.03 - Pictet-ST.MoneyMkt JPY I USD ¥ 101499.94 - 0.25 0.00
Global Macro Bond Fund 11557.63 11915.09 121.29 1.39
Asset Management
North American Dividend Fund 146.96 153.08 -3.73 2.44
MFM Slater Income A Inc 150.82 150.82 -3.83 4.18 Odey Asset Management LLP
FCA Recognised
(IRL) Pictet-ST.MoneyMkt-ICHF
Managemen
SFr 124.13 - 0.00 0.00
Optimal Income Fund Asset Management 137.83 142.10 -0.38 2.64
MFM Slater Recovery 172.31 182.82 -1.26 0.24
Asset Management Odey Pan European EUR R € 317.59 - 3.67 0.00
Pictet-ST.MoneyMkt-IUSD $ 135.35 - 0.01 0.00
Thursday 21 January 2016 FINANCIAL TIMES 29

MANAGED FUNDS SERVICE

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

Pictet-Timber-I USD F $ 126.03 - -1.47 0.00 Polunin Discovery - Frontier Markets $ 1291.69 - -42.86 0.00 Max 100% Shs Port Acc Ret 270.30 - 1.30 - Global Fixed Interest Fund £ 0.9479 - -0.0018 5.51 Japan Equity Class JP3 ¥ 1.12 - -0.04 0.00 UK Income B Inc X F 233.87 - -3.62 3.89

Pictet Total Ret-Agora I EUR € 116.40 - 0.17 0.00 Polunin Small Cap $ 1242.47 1258.00 -71.16 0.00 Ruffer LLP (1000)F (UK) Max 100% Shs Port Acc X 194.00 - 0.90 - Sterling Fixed Interest Fund £ 0.8342 - 0.0020 4.28 Money Market
40 Dukes Place, London EC3A 7NH
Pictet Total Ret-Corto Europe I EUR € 134.74 - 1.30 0.00 Order Desk and Enquiries: 0345 601 9610
Authorised Inv Funds
Max 100% Shs Port Acc S 141.60 - 0.70 - UK Equity Fund £ 1.7347 - -0.0600 3.03 The National Investor (TNI)
www.tni.ae
Value Partners Hong Kong Limited
www.valuepartners.net, fis@vp.com.hk
(IRL)
Trusts and
Pictet Total Ret-Divers Alpha I EUR € 105.17 - 0.27 0.00 Private Fund Mgrs (Guernsey) Ltd (GSY) Enhanced Inc Inc Ins 193.80 - -5.80 -
Bank Accounts
Authorised Corporate Director - Capita Financial Managers Other International Funds Regulated
Regulated
Pictet Total Ret-Kosmos I EUR € 109.00 - -0.12 0.00 CF Ruffer Investment Funds Enhanced Inc Inc Ret 182.60 - -5.50 - TNI Blue Chip UAE Fund * AED 8.51 - 0.20 0.00 Value Partners Asia ex-Japan Equity Fund $ 7.81 - 0.14 - Gross
Monument Growth 12/01/2016 £ 477.62 483.01 -8.29 1.22
TNI Funds Ltd (BMU) Gross Net AER Int Cr
Pictet Total Ret-Mandarin I USD $ 111.48 - 0.74 0.00 CF Ruffer Gold Fund C Acc 81.28 - -1.14 0.00 Enhanced Inc Inc X 155.40 - -4.70 - Value Partners Classic Equity Fund USD Z Unhedged $ 9.59 - -0.33 0.00
MENA Hedge Fund $ 938.96 - 33.96 0.00
CF Ruffer Gold Fund O Acc 80.41 - -1.13 0.00 Value Partners Classic Equity Fund CHF HedgedSFr 10.02 - -0.34 0.00
Pictet-US Equity Selection-I USD $ 172.53 - 0.28 0.00 Enhanced Inc Acc Inst 145.80 - -4.40 - CCLA Investment Management Ltd
Prusik Investment Management LLP (IRL) TNI Funds Plc (Ireland)
Senator House 85 Queen Victoria Street, London EC4V 4ET
Pictet-US High Yield-I USD F $ 141.02 - 0.20 0.00 Enquiries - 0207 493 1331 Equity & General C Acc 359.89 - -6.12 0.07 Managed Investments OEIC Value Partners Classic Equity Fund EUR Hedged € 10.13 - -0.35 0.00
MENA UCITS Fund * $ 957.26 - 18.23 0.00 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Regulated Max 30% Shs Port Acc Ret 152.00 - -0.40 -
Pictet-USA Index-I USD F $ 166.37 - 0.08 0.00 Equity & General C Inc 331.93 - -5.64 0.06 Stenham Asset Management Inc Value Partners Classic Equity Fund GBP Hedged £ 10.36 - -0.36 0.00
Prusik Asian Equity Income B Dist $ 140.80 - -3.31 3.84 www.stenhamassetmanagement.com
Equity & General O Inc 330.46 - -5.64 0.00
Max 30% Shs Port Acc X 152.00 - -0.20 - CCLA Fund Managers Ltd
Pictet-USD Government Bonds-I F $ 643.26 - 0.37 0.00 Other International Funds Value Partners Classic Equity Fund GBP Unhedged £ 11.72 - 0.28 0.00
Prusik Asia A $ 172.99 - -4.37 0.00 Thesis Unit Trust Management Limited (UK) Senator House 85 Queen Victoria Street, London EC4V 4ET
Max 30% Shs Port Acc S 146.00 - -0.10 - Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Pictet-USD Short Mid-Term Bonds-I F $ 129.89 - -0.05 0.00 Equity & General O Acc 356.17 - -6.08 0.00 Stenham Asia USD $ 128.00 - -1.80 - Value Partners Classic Equity USD Hedged $ 11.79 - -0.41 0.00
Prusik Asian Smaller Cos A $ 125.76 - -2.84 0.00 Authorised Funds
Max 30% Shs Inc Port Inc Ret 150.50 - -0.40 -
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.68 - 0.00 0.00 European C Acc 489.12 - -12.07 0.27 Stenham Credit Opportunities A Class USD $ 99.47 - -1.45 0.00 Value Partners Greater China Equity Fund $ 7.52 - 0.17 -
TM New Court Fund A 2011 Inc £ 12.64 - -0.07 0.00
Max 30% Shs Inc Port Inc X 150.50 - -0.40 -
Pictet-Water-I EUR F € 261.02 - 2.11 0.00 European O Acc 484.11 - -11.97 0.00 Stenham Equity UCITS USD $ 129.95 - -6.28 0.00 Value Partners Health Care Fund RMB Class Z UnhedgedCNH 9.10 - 0.09 -
Purisima Investment Fds (UK) (1200)F (UK)
Max 30% Shs Inc Port Inc S 144.60 - -0.40 -
TM New Court Fund - A 2014 Acc £ 12.67 - -0.07 0.00
Data Provided by
40 Dukes Place, London EC3A 7NH Japanese Fund C Acc 165.18 - -10.75 0.00 Stenham Growth USD $ 214.36 - -1.09 - Value Partners Health Care Fund HKD Class A UnhedgedHK$ 8.57 - 0.10 -
TM New Court Equity Growth Fund - Inc £ 12.67 - -0.07 0.00
Order Desk and Enquiries: 0345 922 0044 Max 60% Shs Port Acc Ret 259.40 - -1.00 -
Pimco Fds: Global Investors Series Plc (IRL) Japanese Fund O Acc X 163.25 - -10.64 0.00 Stenham Healthcare USD $ 184.07 - 0.80 0.00 Value Partners Health Care Fund USD Class A Unhedged $ 8.54 - 0.09 -
Authorised Inv Funds
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH Authorised Corporate Director - Capita Financial Managers Max 60% Shs Port Inc Ret 205.20 - -0.80 -
Pacific C Acc 275.02 - -8.61 0.60 Stenham Managed Fund USD $ 113.54 - -0.62 -
http://gisnav.pimco-funds.com/
Global Total Fd PCG A 158.29 - 0.11 0.52 Max 60% Shs Port Inc X 158.90 - -0.60 -
Dealing: +44 20 3640 1000 Pacific O Acc 271.91 - -8.54 0.28 Stenham Macro UCITS USD $ 101.43 - -0.28 - Veritas Asset Management LLP (IRL)
PIMCO Funds: +44 (0)20 3640 1407 Global Total Fd PCG B 157.20 - 0.11 0.26 Max 60% Shs Port Inc S 140.80 - -0.50 - HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
FCA Recognised Total Return C Acc 376.21 - -6.83 1.42 Stenham Multi Strategy USD $ 115.54 - -0.74 -
Veritas Funds Plc
Global Total Fd PCG INT 155.48 - 0.11 0.00 Managed Investments OEIC 2
Capital Securities Inst Acc $ 14.63 - 0.00 0.00 Total Return C Inc 260.66 - -4.74 1.43
Investments Inc Port Inc Ret 162.10 - 0.60 -
Stenham Quadrant USD A $ 398.60 - -2.93 - www.veritas-asset.com
+353 1 635 6799
www.morningstar.co.uk
Commodity Real Return Fund Inst Acc $ 5.32 - 0.01 0.00 Total Return O Inc 257.84 - -4.70 1.44 Stenham Trading Inc USD $ 115.43 - -0.76 - FCA Recognised Data as shown is for information purposes only. No
Investments Inc Port Inc X 146.90 - 0.60 - Toscafund Asset Management LLP (UK)
Credit Absolute Return Fund Inst Acc $ 10.85 - 0.00 0.00 Purisima Investment Fds (CI) Ltd (JER) www.toscafund.com Institutional offer is made by Morningstar or this publication.
Total Return O Acc 372.30 - -6.79 1.42 Stenham Universal USD $ 430.13 - -1.32 -
Regulated £ Gov Bond Inc Inst (gross) 179.40 - 1.60 - Authorised Funds Veritas Asian Fund A USD H $ 285.20 - -4.40 0.42
Diversified Income - Inst Acc $ 18.75 - -0.04 0.00 PCG B X 149.85 - -0.59 0.00 Stenham Universal II USD $ 159.28 - -0.56 0.00
£ Gov Bond Inc Inst 147.40 - 1.30 - Aptus Global Financials B Acc £ 2.84 - 0.01 4.54
Veritas Asian Fund A GBP H £ 370.83 - -2.06 0.24
Diversified Income Durat Hdg Fund Inst Acc $ 10.84 - -0.01 0.00 PCG C X 147.74 - -0.59 0.00
£ Gov Bond Acc Inst 149.60 - 1.40 - Aptus Global Financials B Inc £ 2.48 - 0.01 4.55
Veritas Asian Fund A EUR H € 297.02 - -5.14 0.21
Emerging Asia Bond Fund Inst Acc $ 9.24 - -0.01 0.00
Stratton Street Capital (CI) Limited (GSY)
Strat Bond Inc Inst (gross) 178.70 - -0.30 - Veritas China Fund A USD $ 129.29 - -1.31 0.35
Emerging Local Bond - Inst Acc $ 10.13 - -0.03 0.00 Putnam Investments (Ireland) Ltd (IRL)
Strat Bond Inc Inst 147.80 - -0.30 -
Regulated
Japan Synthetic Warrant Yen Class ¥ 1362.59 - -419.81 0.00
Toscafund Asset Management LLP Veritas China Fund A GBP £ 133.79 - -1.37 0.36
Guide to Data
Regulated www.toscafund.com
Emerging Markets Bond - Inst Acc $ 36.03 - 0.00 0.00
Putnam New Flag Euro High Yield Plc - E € 977.30 - 1.13 4.30 Strat Bond Acc Inst 150.30 - -0.20 - Japan Synthetic Warrant GBP Hedged Class £ 197.20 - -2.68 0.00 Other International Funds Veritas China Fund A EUR € 127.83 - -1.30 0.36
Emerging Markets Corp.Bd Fund Inst Acc F $ 12.22 - -0.04 0.00 S W Mitchell Capital LLP (CYM) The fund prices quoted on these pages are supplied by
Managed Investments OEIC 3 Tosca A USD $ 305.04 - -1.61 0.00 the operator of the relevant fund. Details of funds
Regulated Japan Synthetic Warrant USD Class $ 15.08 - -4.14 0.00 Veritas Global Equity Income Fund D USD $ 100.57 - -2.76 4.25
Emerging Markets Short-Term Local Currency Fund $ 11.25 - 0.01 0.00 Div Inc Port Inc Ret 160.50 - -4.90 - published on these pages, including prices, are for the
S W Mitchell European Fund Class A EUR € 328.95 - -9.46 - Tosca Mid Cap GBP £ 245.63 - -7.49 0.00 purpose of information only and should only be used
Rathbone Unit Trust Mgmt (1200)F (UK) Japan Synthetic Warrant USD Hedged Class $ 196.54 - -2.43 0.00 Veritas Global Equity Income Fund D EUR € 178.61 - -5.68 4.17
Euro Bond - Inst Acc € 22.62 - 0.02 0.00 Corp Bond Acc Inst (gross) 213.40 - 0.80 - as a guide. The Financial Times Limited makes no
PO Box 9948, Chelmsford, CM99 2AG Tosca Opportunity B USD $ 334.27 - -12.71 0.00
S W Mitchell Small Cap European Fund Class A EUR € 231.38 - 0.21 - Renminbi Bond Fund AUD Cls A A$ 111.30 - -0.39 3.93 Veritas Global Equity Income Fund D GBP £ 138.00 - -2.33 4.17 representation as to their accuracy or completeness
Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 and they should not be relied upon when making an
Euro Credit - Inst Acc € 14.63 - -0.01 0.00 Corp Bond Inc Inst 142.70 - 0.60 -
Authorised Inv Funds The Charlemagne Fund EUR € 315.89 - -12.01 - Pegasus Fund Ltd A-1 GBP £ 55.41 - 0.42 0.00 investment decision.
Renminbi Bond Fund AUD Cls B A$ 113.15 - -0.40 3.67 Veritas Global Focus Fund D USD $ 23.64 - -0.24 0.65
Euro Income Bond - Inst Acc F € 12.72 - 0.00 0.00 Blue Chip Income Inc 140.32 144.92 -4.13 4.17 Corp Bond Acc Inst 145.30 - 0.60 -
Renminbi Bond Fund CHF Cls A SFr 107.88 - -0.40 4.01 Veritas Global Focus Fund D EUR € 21.81 - -0.32 0.64 The sale of interests in the funds listed on these pages
Euro Long Average Duration - Inst Acc € 21.67 - -0.04 0.00 Blue Chip Income Acc 211.78 218.46 -6.23 4.04 Multi-Manager OEIC may, in certain jurisdictions, be restricted by law and
S W Mitchell Capital LLP (IRL)
Bal Intl Track Acc Ret 251.60 - -2.20 - Renminbi Bond Fund CHF Cls B SFr 107.88 - -0.39 3.76 Veritas Global Focus Fund D GBP £ 28.33 - 0.00 0.63 the funds will not necessarily be available to persons
Euro Low Duration Fund Inst Acc € 11.21 - 0.00 0.00 Ethical Bond Inc 89.94 91.92 0.02 4.72 Regulated in all jurisdictions in which the publication circulates.
Renminbi Bond Fund CNH Cls A CNH 119.29 - -0.91 3.36 Veritas Global Focus Fund A GBP £ 27.36 - 0.00 0.36 Persons in any doubt should take appropriate
SWMC European Fund B EUR € 13803.27 - 169.01 0.00 Bond Mthly Inc Acc Ret 143.20 - -0.10 -
Euro Real Return - Inst Acc € 13.30 - 0.01 0.00 Ethical Bond Acc 172.02 175.45 0.04 4.89 professional advice. Data collated by Morningstar. For
Renminbi Bond Fund CNH Cls B CNH 119.23 - -0.91 3.13 Veritas Global Focus Fund A EUR € 12.71 - -0.19 0.36 other queries contact reader.enquiries@ft.com +44
SWMC UK Fund B £ 11182.26 - 143.71 0.00 Bond Mthly Inc Inc Ret 91.46 - -0.06 -
Euro Short-Term Inst Acc € 12.22 - 0.00 0.00 Global Opportunities Acc 135.29 139.56 -0.59 0.11 (0)207 873 4211.
Renminbi Bond Fund Euro Cls B € 109.67 - -0.40 3.76 Veritas Global Focus Fund A USD $ 22.81 - -0.23 0.38
Euro Ultra Long Duration - Inst Acc € 28.68 - -0.03 0.00 SWMC Small Cap European Fund B EUR € 12621.98 - 60.19 0.00 The fund prices published in this edition along with
Income Inc 790.93 818.02 -20.47 4.08 TreeTop Asset Management S.A. (LUX)
Renminbi Bond Fund GBP Cls B £ 111.55 - -0.41 3.53 Veritas Global Focus Fund C GBP £ 29.71 - 0.00 0.00 additional information are also available on the
SWMC Emerging European Fund B EUR € 8091.12 - 113.62 0.00 Santander Asset Management UK Limited (1200)F (UK) Regulated Financial Times website, www.ft.com/funds. The
Global Advantage - Inst Acc $ 11.79 - -0.02 0.00 Income Acc 1230.78 1271.20 -31.84 3.96 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 TreeTop Convertible Sicav funds published on these pages are grouped together
Renminbi Bond Fund SGD Cls B S$ 111.12 - -0.40 3.48 Veritas Global Focus Fund C EUR € 22.98 - -0.33 0.00
Global Advantage Real Return Fund Inst Acc $ 8.10 - -0.03 0.00 Authorised Inv Funds by fund management company.
Multi Asset Enhanced Growth Acc 114.78 - -1.99 0.00 International A € 278.70 - 1.02 0.00
Santander Premium Fund (OEIC) Renminbi Bond Fund USD Cls B $ 111.31 - -0.40 3.29 Veritas Global Focus Fund C USD $ 24.83 - -0.26 0.00
Global Bond - Inst Acc $ 27.83 - -0.01 0.00 Multi Asset Strategic Growth inc 143.84 - -0.76 1.12 A Shares International B $ 357.98 - 1.57 0.00 Prices are in pence unless otherwise indicated. The
Renminbi Bond Fund YEN Cls B ¥ 12630.50 - -45.97 0.00 Veritas Global Equity Income Fund A GBP £ 132.22 - -2.23 4.18 change, if shown, is the change on the previously
Global Bond Ex-US - Inst Acc $ 19.53 - -0.01 0.00 Multi Asset Strategic Growth acc 152.73 - -0.81 1.12 Europe (ex-UK) 261.60 - -4.80 - International C £ 121.19 - 0.61 0.00 quoted figure (not all funds update prices daily). Those
Renminbi Bond Fund USD Cls A $ 153.19 - -0.56 3.53 Veritas Global Equity Income Fund A EUR € 173.48 - -5.51 4.17 designated $ with no prefix refer to US dollars. Yield
Global High Yield Bond - Inst Acc $ 19.16 - -0.02 0.00 Multi Asset Total Return inc 124.91 - -0.15 1.83 Japan Equities 149.70 - -2.00 - International D € 258.72 - 0.95 3.04 percentage figures (in Tuesday to Saturday papers)
Renminbi Bond Fund GBP Cls A £ 148.42 - -0.54 3.78 Veritas Global Equity Income Fund A USD $ 96.76 - -2.65 4.25 allow for buying expenses. Prices of certain older
Global Investment Grade Credit - Inst Income $ 11.94 - -0.02 3.84 Multi Asset Total Return acc 138.21 - -0.16 1.79 Pacific Bas (ex-Japan) 474.90 - -7.20 - TreeTop Global Sicav insurance linked plans might be subject to capital
Renminbi Bond Fund SGD Cls A S$ 146.93 - -0.52 3.73 Veritas Global Equity Income Fund C GBP £ 158.95 - -2.68 - gains tax on sales.
RobecoSAM (LUX)
Sterling Bonds 264.70 - 1.10 - Global Opp.A € 125.67 - -1.20 0.00
Global Investment Grade Credit Fund Inst Acc € € 11.61 - 0.02 0.00 Recovery Inc 386.91 402.08 -12.34 2.59
Tel. +41 44 653 10 10 http://www.robecosam.com/ Guide to pricing of Authorised Investment Funds:
Renminbi Bond Fund YEN Cls A ¥ 18706.19 - -67.81 0.00 Global Opp.B $ 123.16 - -1.18 0.00 Veritas Global Equity Income Fund C EUR € 208.44 - -6.63 -
Global Investment Grade Credit Fund Inst Acc $ $ 16.49 - -0.03 0.00 Recovery Acc 467.57 485.34 -14.89 2.54 Regulated UK Equities 247.50 - -6.60 - (compiled with the assistance of the IMA. The
Renminbi Bond Fund EUR Cls A € 100.68 - -0.36 4.00 Veritas Global Equity Income Fund C USD $ 115.58 - -3.17 - Investment Management Association, 65 Kingsway,
RobecoSAM Sm.Energy/A £ 10.84 - 0.15 1.61 Global Opp.C £ 166.25 - -0.14 0.00
Global Multi-Asset - Inst Acc $ 13.37 - -0.03 0.00 Strategic Bond I-Class Acc 124.26 125.01 0.08 3.95 US Equities 257.10 - 1.90 - London WC2B 6TD.
Veritas Global Real Return Fund A USD $ 20.65 - 0.28 0.29 Tel: +44 (0)20 7831 0898.)
RobecoSAM Sm.Energy/N € 10.67 - 0.03 0.00 B Shares Sequoia Equity A € 128.94 - 0.00 0.00
Global Real Return - Inst Acc $ 17.79 - -0.03 0.00 Strategic Bond I-Class Inc 108.15 108.88 0.07 3.91
RobecoSAM Sm.Materials/A £ 114.63 - 1.10 1.43 Pacific Bas (ex-Japan) 474.20 - -7.20 - Veritas Global Real Return Fund A GBP £ 11.57 - 0.16 0.32 OEIC: Open-Ended Investment Company. Similar to a
Sequoia Equity B $ 130.54 - 0.16 0.00
Income Fund Inst Acc $ 12.20 - 0.00 0.00 unit trust but using a company rather than a trust
RobecoSAM Sm.Materials/N € 128.23 - -0.21 0.00 Veritas Global Real Return Fund A EUR € 12.18 - 0.17 0.12 structure.
Sequoia Equity C £ 158.21 - 1.62 0.00
Inflation Strategy Fund Inst Acc $ 8.28 - 0.00 0.00
Retail Different share classes are issued to reflect a different
RobecoSAM Sm.Materials/Na € 88.50 - -0.13 - Saracen Fund Managers Ltd (1000)F (UK)
Low Average Duration - Inst Acc $ 14.75 - 0.00 0.00 Veritas Asian Fund B USD $ 198.66 - -3.07 0.00 currency, charging structure or type of holder.
19 Rutland Square, Edinburgh EH1 2BB
RobecoSAM Gl.Small Cap Eq/A £ 73.47 - 0.63 1.28 Dealing: 00 353 1 603 9921
PIMCO RAE Fundam.PLUS Em.Mkts Inst Acc $ 6.91 - 0.02 0.00 Veritas Asian Fund B GBP £ 273.28 - -1.54 0.00 Selling price: Also called bid price. The price at which
Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100 E.I. Sturdza Strategic Management Limited (GSY) units in a unit trust are sold by investors.
RobecoSAM Gl.Small Cap Eq/N € 142.32 - -0.38 0.00
PIMCO RAE Fundam.PLUS Gl.Dev.Inst Acc $ 9.57 - -0.04 0.00 Authorised Inv Funds Regulated Veritas Asian Fund B EUR € 218.75 - -3.87 0.00
RobecoSAM Sustainable Gl.Eq/B € 165.83 - 0.49 0.00 Buying price: Also called offer price. The price at
Saracen Growth Fd Alpha Acc £ 3.49 - 0.02 0.97 Nippon Growth Fund Limited ¥ 92108.00 - -2959.00 0.00
PIMCO RAE Fundam.PLUS US Inst Acc $ 11.02 - -0.02 0.00 Robeco Asset Management (LUX) Veritas China Fund B GBP £ 129.70 - -1.33 0.00 which units in a unit trust are bought by investors.
Coolsingel 120, 3011 AG Rotterdam, The Netherlands. RobecoSAM Sustainable Gl.Eq/N € 143.21 - 0.43 0.00 Includes manager’s initial charge.
Saracen Growth Fd Beta Acc £ 5.58 - 0.03 1.45 Strat Evarich Japan Fd Ltd JPY ¥ 82538.00 - -704.00 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.10 - -0.01 0.00 www.robeco.com/contact Veritas China Fund B EUR € 163.91 - 1.09 0.00
RobecoSAM S.HealthyLiv/B € 167.48 - 0.69 0.00 Troy Asset Mgt Ltd (UK) Single price: Based on a mid-market valuation of the
FCA Recognised Saracen Global Income & Growth Fund A - Acc £ 1.08 - 0.02 3.01 Strat Evarich Japan Fd Ltd USD $ 815.91 - -7.01 0.00
StocksPLUS{TM} - Inst Acc $ 21.11 - -0.02 0.00 Veritas Global Focus Fund B USD $ 16.47 - -0.17 0.00 underlying investments. The buying and selling price
40 Dukes Place, London EC3A 7NH
Asia-Pacific Equities (EUR) € 116.99 - -2.90 0.00 RobecoSAM S.HealthyLiv/N € 156.18 - 0.65 0.00 for shares of an OEIC and units of a single priced unit
Saracen Global Income & Growth Fund A - Dist £ 1.00 - 0.02 2.75 Order Desk and Enquiries: 0345 608 0950
Total Return Bond - Inst Acc $ 27.08 - -0.01 0.00 Veritas Global Focus Fund B GBP £ 20.90 - 0.00 0.00 trust are the same.
Chinese Equities (EUR) € 63.09 - -1.43 0.00 Authorised Inv Funds
RobecoSAM S.HealthyLiv/Na £ 104.98 - 1.60 - Saracen Global Income and Growth Fund -Acc # £ 1.34 - 0.02 3.37 E.I. Sturdza Funds PLC (IRL)
UK Corporate Bond - Inst Acc £ 17.19 - -0.03 0.00 ACD Capita Financial Mgrs Veritas Global Focus Fund B EUR € 15.14 - -0.22 0.00 Treatment of manager’s periodic capital charge:
Em Stars Equities (EUR) € 148.67 - -2.29 0.00 Regulated The letter C denotes that the trust deducts all or part
RobecoSAM S.Water/A £ 162.72 - 2.48 1.22 Saracen Global Income and Growth Fund -Dist # £ 1.17 - 0.02 2.78 Trojan Investment Funds
UK Long Term Corp. Bnd Inst-Inst Acc £ 19.08 - -0.04 0.00 Veritas Global Equity Income Fund B GBP £ 121.55 - -2.05 4.20 of the manager’s/operator’s periodic charge from
Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 975.16 - 0.66 0.00
Emerging Markets Equities (EUR) € 123.55 - -1.53 0.00 RobecoSAM S.Water/N € 152.10 - 0.63 0.00 Spectrum Fund O Acc ♦ 157.55 - 0.38 0.28 capital, contact the manager/operator for full details
Saracen UK Income Fund - Acc £ 0.91 - 0.01 -
UK Low Duration - Inst Acc £ 14.02 - -0.01 0.00 Veritas Global Equity Income Fund B EUR € 159.08 - -5.06 4.19 of the effect of this course of action.
Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1149.06 - 0.79 0.00
Flex-o-Rente (EUR) € 110.15 - -0.16 0.00 Spectrum Fund O Inc ♦ 153.57 - 0.37 0.28
Saracen UK Income Fund - Dist £ 0.88 - 0.01 -
UK Real Return - Inst Acc £ 22.66 - -0.12 0.00 Veritas Global Equity Income Fund B USD $ 95.86 - -2.63 4.27 Exit Charges: The letter E denotes that an exit charge
Nippon Growth (UCITS) Fund JPY Class A shares ¥ 90225.00 - 56.00 0.00
Glob.Consumer Trends Equities (EUR) € 142.10 - 1.04 0.00 . Spectrum Income Fund O Acc 95.13 - 0.15 - may be made when you sell units, contact the
UK Sterling Long Average Duration - Inst Acc £ 21.86 - -0.07 0.00 For Save & Prosper please see Countrywide Assured Veritas Global Real Return Fund B USD $ 20.03 - 0.28 0.00 manager/operator for full details.
Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 75656.00 - 47.00 0.00
High Yield Bonds (EUR) € 118.38 - -0.20 0.00 Spectrum Income Fund O Inc 94.69 - 0.14 -

Asset Management
Unconstrained Bond - Inst Acc $ 11.66 - -0.01 0.00 Veritas Global Real Return Fund B GBP £ 11.35 - 0.16 0.00 Time: Some funds give information about the timing of
Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 82212.00 - 968.00 0.00
Trojan Ethical Income O Acc 96.22 - -1.42 -
Asset Management
price quotes. The time shown alongside the fund
Asset Management
Lux -O- Rente (EUR) € 142.86 - -0.23 0.00
US High Yield Bond Fund Inst Acc $ 26.19 - 0.00 0.00 Schroder Property Managers (Jersey) Ltd Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 49031.00 - 31.00 0.00 Veritas Global Real Return Fund B EUR € 13.02 - 0.18 0.00 manager’s/operator’s name is the valuation point for
New World Financials (EUR) € 46.38 - -0.27 0.00 Other International Funds Trojan Ethical Income O Inc 96.25 - -1.42 - their unit trusts/OEICs, unless another time is
Strategic China Panda Fund USD $ 1990.53 - 21.27 0.00 indicated by the symbol alongside the individual unit
US Premium Equities (EUR) € 162.23 - -0.92 0.00 Indirect Real Estate SIRE £ 134.51 140.66 1.17 2.78 Trojan Fund O Acc ♦ 259.86 - 0.79 0.43 trust/OEIC name.
Strategic China Panda Fund Hedged EURO € 1941.93 - 18.33 0.00 Veritas Asset Management LLP
US Premium Equities (USD) $ 181.37 - -0.99 0.00 Trojan Fund O Inc ♦ 215.58 - 0.65 0.43 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
www.veritas-asset.com
Strategic China Panda Fund Hedged Sterling £ 1967.20 - 18.80 0.00 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Scottish Friendly Asset Managers Ltd (UK) Trojan Global Equity O Acc 218.02 - 0.09 0.89 Other International Funds
midnight. Daily dealing prices are set on the basis of
Santander Asset Management UK Limited (1200)F (UK) Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Strategic Euro Bond Accumulating Class CHFSFr 980.83 - 0.34 0.00 Real Return Asian Fund USD (Est) € 277.60 - -26.20 0.00 the valuation point, a short period of time may elapse
287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181
Royal Bank of Scotland (2230)F (UK) Authorised Inv Funds Trojan Global Equity O Inc 185.71 - 0.07 0.89 before prices become available. Historic pricing: The
Authorised Funds letter H denotes that the managers/operators will
PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Managed Growth ♦ 230.90 - -4.90 0.00 Strategic Euro Bond Institutional Class EUR € 1009.08 - 0.40 0.00 Real Return Asian Fund GBP (Est) £ 296.77 - -7.03 0.00
Santander Atlas Range Trojan Income O Acc ♦ 264.62 - -4.91 3.81 normally deal on the price set at the most recent
Authorised Inv Funds
Platinum Capital Management Ltd Real Return Asian Fund EUR (Est) $ 292.91 - -10.89 0.00 valuation. The prices shown are the latest available
Series 5 (Minumum Initial Investment £75,000) Santander Atlas Inc Port Acc Inst 282.00 - 0.30 - UK Growth ♦ 249.30 - -6.20 0.00 Strategic Euro Bond Fund Accumulating Class Shares € 1131.03 - 0.43 0.00
Other International Funds Trojan Income O Inc ♦ 167.62 - -3.11 3.93 before publication and may not be the current dealing
United Kingdom Equity Index Fund £ 14.48 - 0.23 3.11 Santander Atlas Inc Port Inc Inst 216.10 - 0.20 - Strategic Euro Bond Fund Distributing Class Shares € 1020.70 - 0.39 1.33 levels because of an intervening portfolio revaluation
Platinum All Star Fund - A (Est) $ 117.32 - - -
or a switch to a forward pricing basis. The
UK Specialist Equity Inc £ 18.14 - 0.25 0.42 Santander Atlas Port 3 Acc Ret 145.30 - -0.40 - Strategic European Smaller Companies Fund EUR Class € 909.08 - -28.10 - Waverton Investment Funds Plc (1600)F (IRL) managers/operators must deal at a forward price on
Platinum Global Dividend Fund - A (Est) $ 55.26 - - - SIA (SIA Funds AG) (LUX)
UBS Asset Management (UK) request, and may move to forward pricing at any time.
Regulated waverton.investments@citi.com
Contl Europe Specialist Fund £ 22.51 - 0.36 0.00 Santander Atlas Port 3 Inc Ret 100.20 - -0.30 - Strategic Global Bond RMB Acc $ 1051.23 - -0.47 0.00 21 Lombard Street, London, EC3V 9AH Forward pricing: The letter F denotes that that
Platinum Maverick Enhanced Fund Limited (Est) $ 93.98 - - 0.00 FCA Recognised
LTIF Classic € 296.13 - 2.78 0.00 Client Services 0800 587 2113, Client Dealing 0800 587 2112 managers/operators deal at the price to be set at the
Japan Specialist Fund X £ 14.62 - -0.02 0.00 Santander Atlas Port 3 Acc Inst 159.80 - -0.50 - Strategic Global Bond USD Acc $ 1047.90 - -0.65 0.00 www.ubs.com/retailfunds Waverton Asia Pacific A USD $ 15.37 - -0.28 5.23 next valuation.
LTIF Natural Resources € 61.57 - 0.35 0.00 Authorised Inv Funds
US Spec Equity Fund £ 18.23 - 0.14 0.00 Santander Atlas Port 4 Acc Ret 176.50 - -0.20 - Strategic US Momentum and Value Fund $ 695.47 - -0.22 0.00 Waverton Global Bond Fund Cls A $ 8.62 - -0.01 5.42 Investors can be given no definite price in advance of
OEIC the purchase or sale being carried out. The prices
LTIF Stability A ACCU € 153.68 - 0.75 0.00
Pacific Basin Specialist Equity Fund £ 35.12 - -0.80 0.99 Santander Atlas Port 4 Inc Ret 126.30 - -0.10 - Strategic US Momentum & Value Fund USD I Class $ 462.09 - -0.13 0.00 Global Emerg Mkts Eqty B Acc £ 1.17 - -0.03 1.76 Waverton Global Equity Fund A GBP £ 12.94 - 0.00 0.58 appearing in the newspaper are the most recent
provided by the managers/operators. Scheme
UK Sovereign Bd Index Fund £ 10.79 - -0.02 2.53 Santander Atlas Port 4 Acc Inst 160.40 - -0.20 - Strategic US Momentum and Value EUR Hedged Class EUR € 484.93 - -0.23 0.00 Global Optimal B Acc £ 0.92 - -0.01 0.64 Waverton UK Fund A GBP £ 12.11 - -0.38 1.85 particulars, prospectus, key features and reports: The
SIA (SIA Funds AG) (CH) most recent particulars and documents may be
UK Specialist Equity Income Fund £ 8.98 - 0.12 4.30 Santander Atlas Port 5 Acc Ret 183.30 - 0.40 - Other International Fds Strategic US Momentum and Value CHF Hedged Class CHFSFr 481.83 - -0.25 0.00 UBS UK Opportunities Fund B Acc £ 0.75 - -0.04 3.17 Waverton Equity Fund A GBP £ 13.76 - 0.03 0.19 obtained free of charge from fund
managers/operators. * Indicates funds which do not
Polar Capital Funds Plc (IRL) Global Emerg Mkts Equity Fund X £ 9.75 - -0.09 0.08 Santander Atlas Port 5 Acc Inst 155.60 - 0.30 - LTIF Stability Growth SFr 182.30 - -3.10 - US Equity B Acc £ 1.36 - 0.01 0.29 Waverton Sterling Bond Fund A GBP £ 9.40 - 0.00 5.31 price on Fridays.
Regulated
Global Spec Inv Grade Bd Fund GBP £ 9.59 - 0.00 3.03 Santander Atlas Port 6 Acc Ret 248.50 - 0.30 - LTIF Stability Inc Plus SFr 156.50 - -2.70 0.55 Taube Hodson Stonex Ptnrs UT (1200)F (UK) UBS S&P 500 Index C Acc £ 0.53 - 0.01 1.07 Charges for this advertising service are based on the
Asian Financials I USD $ 244.51 244.51 -7.28 0.00 number of lines published and the classification of the
Series 6 (Investment Management Customers Only) 50 Bank Street, Canary Wharf, London E14 5NT
Santander Atlas Port 6 Acc X 177.40 - 0.20 - UBS Targeted Return B Acc £ 1.16 - -0.02 0.84 WA Fixed Income Fund Plc (IRL) fund. Please contact data@ft.com or
Biotechnology I USD $ 15.52 15.52 0.02 0.00 Admin: 50 Bank Street, Canary Wharf, London E14 5NT
United Kingdom Equity Index Fund £ 14.29 - 0.22 3.80 Regulated call +44 (0)20 7873 3132 for further information.
Smith & Williamson Investment Management (1200)F (UK) Dealing & Enquiries: 0870 870 8433
Santander Atlas Port 6 Acc Inst 153.10 - 0.20 - UBS Sterling Corporate Bond Indexed Fund 50.53 - -0.25 3.29
European Income Acc EUR € 10.62 10.62 0.14 0.00 UK Specialist Equity £ 18.35 - 0.25 1.68 25 Moorgate, London, EC2R 6AY 020 7131 8100 Authorised Inv Funds European Multi-Sector € 115.23 - -0.31 0.00
Santander Atlas Port 7 Acc Ret 191.70 - 0.60 - www.sandwfunds.com THS Growth & Value Funds UBS Multi Asset Income B Inc (net) £ 0.46 - -0.01 3.69
European Ex UK Inc EUR Acc € 9.13 9.13 0.17 - Contl Europe Specialist Fund £ 23.30 - 0.37 1.24 Authorised Inv Funds International
Santander Atlas Port 7 Acc Inst 152.10 - 0.50 - UBS UK Equity Income B Inc Net £ 0.33 - -0.01 4.98
Financial Opps I USD $ 10.66 - 0.04 2.17 Japan Specialist Fund X £ 15.39 - -0.02 0.66 European Equity Fund A Class 488.90 - -9.30 0.72 IGV - Inc A 293.70 - -9.40 2.43
Authorised Inv Funds Corporate Bond UK Plus B Inc Net £ 0.51 - 0.00 4.00
GEM Growth I USD $ 7.50 - 0.09 0.00 US Spec Equity Fund £ 19.09 - 0.15 0.39 Far Eastern Income and Growth Fund A Class 411.40 - -3.60 3.05 IGV - Inc B 292.60 - -9.40 1.61
Max 70% Shs Acc Ret 160.90 - -1.70 -
UBS Global Allocation (UK) B Acc £ 1.01 - -0.01 1.46
GEM Income I USD $ 8.26 - 0.06 0.00 Pacific Basin Specialist Equity Fund £ 34.82 - -0.79 2.09 Fixed Interest Fund A Class 120.60 - 0.50 3.15 IGV - Acc X 358.20 - -11.60 1.90
Max 70% Shs Inc Ret 135.60 - -1.40 -
UBS Global Enhanced Equity Income C Inc £ 0.43 - 0.00 11.91
Global Alpha I USD $ 11.56 11.56 -0.02 0.00 UK Sovereign Bd Index Fund £ 10.92 - -0.02 2.53 Global Gold and Resources Fund A Class 122.60 - -4.20 0.00 IGV - Acc Y 384.50 - -12.40 2.39
Investments Inc Acc Ret 155.40 - 0.70 -
UBS US Growth Fund B Acc £ 1.48 - 0.01 0.00
Global Convertible I USD $ 10.84 10.84 -0.02 0.00 MM Endurance Balanced Fund A Class 202.00 - -0.40 1.18 IGV - Acc Z 355.70 - -11.50 1.62
Yuki International Limited (IRL)
UK Specialist Equity Income Fund £ 9.77 - 0.13 4.25 Investments Inc Inc Ret 102.50 - 0.50 - Tel +44-20-7269-0207 www.yukifunds.com
UBS Emerging Markets Equity Income B Inc £ 0.31 - -0.01 6.72
Global Insurance I GBP £ 4.09 - 0.04 0.00 Global Spec Inv Grade Bd Fund GBP £ 9.89 - 0.00 3.03 MM Global Investment Fund A Class 1955.00 - -39.00 1.90 European Regulated
Equity Inc Inc Inst 227.30 - -7.10 -
Yuki Mizuho Umbrella Fund
EGV - Acc S 254.60 - -6.00 0.00
Global Technology I USD $ 20.80 - -0.09 0.00 Global Emerg Mkts Equity Fund X £ 9.70 - -0.09 0.98 North American Fund A Class 1648.00 - 18.00 0.00
Equity Inc Inc Ret 194.70 - -6.10 - Yuki Mizuho Japan Dynamic Growth ¥ 5939.00 - -227.00 0.00
Address and telephone number for Series 5 only EGV - Acc Z 254.60 - -6.00 0.81 Unicapital Investments (LUX)
Healthcare Blue Chip Fund I USD Acc $ 9.99 9.99 0.03 0.00 Oriental Growth Fund A Class 141.40 - -1.80 0.37
Equity Inc Acc Inst 137.30 - -4.30 - Regulated Yuki Mizuho Japan Large Cap ¥ 777.62 - -0.38 0.00
Continental
Healthcare Opps I USD $ 34.84 - -0.08 0.00 UK Equity Growth Fund A Class 372.20 - -12.80 0.65 Investments III € 5.03 - -22.38 -
N&P UK Gwth Inc Ret 153.30 - -4.60 - Yuki Japan Low Price ¥ 22812.00 - -781.00 0.00
CGV Acc S 105.10 - -2.40 0.06
Royal London Unit Managers Ltd. (1200) F (UK)
Income Opportunities B2 I GBP Acc £ 1.66 1.66 0.02 0.00 UK Equity Income Fund A Class 206.30 - -5.90 4.82 Investments IV - European Private Eq. € 247.75 260.13 -44.58 -
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Stckmkt 100 Track Gwth Acc Inst 82.53 - -3.01 - Yuki Japan Value Select ¥ 10874.00 - -249.00 0.00
CGV Acc X 103.60 - -2.40 0.00
Japan Alpha I JPY ¥ 180.81 180.81 -7.91 0.00 Authorised Inv Funds Investments IV - Global Private Eq. € 366.42 384.74 -49.81 -
Stckmkt 100 Track Gwth Acc Ret 153.50 - -5.60 - YMR Umbrella Fund
Royal London Sustainable Diversified A Inc £ 1.53 - -0.01 2.01 CGV Inc A 104.70 - -2.40 -
Japan I JPY ¥ 1785.39 - -71.06 0.00 Smith & Williamson Fd Admin Ltd (1200)F (UK) YMR N Growth ¥ 16502.00 - -151.00 0.00
UK Growth Acc Inst 268.60 - -8.00 -
Royal London Sustainable World A Inc 165.90 - -1.20 0.82 25 Moorgate, London, EC2R 6AY 0141 222 1150 CGV Inc B 104.70 - -2.40 -
Yuki Asia Umbrella Fund
North American I USD $ 16.26 16.26 0.04 0.00
UK Growth Acc Ret 310.90 - -9.30 - Authorised Inv Funds Unicorn Asset Management Ltd (UK)
Royal London Corporate Bond Mth Income 87.81 92.43 0.17 4.21 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287 Yuki Japan Rebounding Growth Fund JPY Class ¥ 20494.00 - -625.00 0.00
UK Absolute Equity I GBP £ 13.02 13.02 0.07 0.00 S&W Deucalion Fd (OEIC) 1936.00 - -52.00 0.28 Authorised Inv Funds
UK Growth Inc Ret 204.90 - -6.10 -
Royal London European Growth Trust 106.00 111.60 -1.50 0.40 The Hartford International Funds (IRL) Yuki Japan Rebounding Growth Fund USD Hedged Class $ 811.17 - -25.33 -
Managed OEIC S & W Magnum 360.90 381.40 -5.20 1.92 Regulated UK Growth A Inc 391.63 - -7.00 0.00
Royal London Sustainable Leaders A Inc 436.00 - -9.20 1.36
Polar Capital LLP (CYM) Glob Em Shs Port Acc Ret 142.10 - 0.40 - S & W Marathon Trust 176.00 186.20 -2.40 1.74 Gbl Govt Bond (Ex Japan) Index (GBP) £ 1696.21 - 15.85 0.00 Mastertrust A Inc X F 343.08 - -7.96 0.07
Regulated Royal London UK Growth Trust 440.50 463.70 -13.80 1.45 Zadig Gestion (Memnon Fund) (LUX)
Max 70% Shs Port Acc Ret 247.20 - -0.30 - UK Corporate Bond £ 1576.93 - 5.24 0.00 UK Growth B Inc 393.29 - -7.00 0.56 FCA Recognised
ALVA Convertible A USD $ 128.64 - -0.21 0.00
Royal London UK Income With Growth Trust 208.20 219.20 -4.80 4.46
Max 70% Shs Port Acc X 177.50 - -0.20 - Standard Life Wealth (JER) Gilt £ 1607.23 - 12.88 0.00 Mastertrust B Inc X F 307.86 - -7.12 0.89 Memnon European Fund I GBP £ 111.00 - 2.61 0.00
European Conviction A EUR € 144.65 - 3.79 0.00
Royal London US Growth Trust 140.70 148.10 0.50 0.00 PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
Max 70% Shs Port Acc S 143.60 - -0.20 - Global Eq (Ex Japan) Index Fund ¥ 1.26 - 0.00 0.00 Outstanding British Cos A Acc X F 244.16 - -3.90 0.64
European Forager A EUR € 178.02 - 3.04 0.00 FCA Recognised
Additional Funds Available
Investment Port Acc Ret 232.00 - 0.30 - Standard Life Offshore Strategy Fund Limited Global Eq (ex Japan) Class HJ4 ¥ 1.32 - 0.01 0.00 Outstanding British Cos B Acc X F 255.41 - -4.06 1.37 Zebedee Capital Partners LLP (CYM)
Please see www.royallondon.com for details
Bridge Fund £ 1.5338 - -0.0179 1.95 Regulated
Investment Port Acc X 164.50 - 0.20 - Global Eq (ex Japan) Class JP5 ¥ 1.37 - 0.01 0.00 UK Smaller Cos A Inc X F 415.68 - -10.43 0.35
Polunin Capital Partners Ltd Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Diversified Assets Fund £ 1.1420 - -0.0066 3.05
Other International Funds Max 50% Shs Port Acc Ret 239.00 - 0.00 - Global Eq Ex Japan Index Fund (Hedge) ¥ 1.25 - 0.01 0.00 UK Smaller Cos B Inc X F 406.79 - -10.17 1.22
Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Global Equity Fund £ 1.8028 - -0.0127 0.65
Emerging Markets Active $ 40.75 - 0.67 - Max 50% Shs Port Inc Ret 212.00 - -0.10 - Gbl Govt Bond (Ex Japan) Index ¥ 1.30 - 0.01 0.00 UK Income A Acc X F 247.28 - -3.83 3.82
Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Global Balanced Fund - Income Units £ 1.2990 - -0.0136 2.12
Luxcellence Em Mkts Tech $ 835.65 - -19.90 0.00 Max 50% Shs Port Acc X 173.00 - 0.00 - Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.27 - 0.01 0.00 UK Income A Inc X F 219.89 - -3.41 3.91
Global Balanced Fund - Accumulations Units £ 1.5198 - -0.0160 2.09
Polunin Developing Countries $ 646.34 651.83 8.86 0.00 Max 50% Shs Port Acc S 144.90 - 0.00 - Japan Equity Index Fund ¥ 0.92 - -0.04 0.00 UK Income B Acc X F 262.87 - -4.07 3.80
30 ★ FINANCIAL TIMES Thursday 21 January 2016

MARKETS & INVESTING

INSIGHT Capital markets

Diana
Choyleva Hedging set to increase Asia volatility
Selling pressure mounts “autocallable” products linked to the heavily — were below 8,000, with a par-
$40bn Dealers are concerned that further
HSCEI were outstanding at the end of ticular concentration around 7,800. falls in the index could force institu-
on derivatives linked to last year, according to the Korea Securi- “Until we get down to that level and Value of Korea’s tional investors to sell some of their
outstanding
Weaker China growth falling Hong Kong index ties Depository.
The products are designed to pay
investors capital plus interest if agreed
clear out the strikes, bounces in the
market are likely to continue to be sold,”
said Mohammed Apabhai, head of
HSCEI-linked
‘autocallables’ at
the end of last year
holdings — exacerbating the downward
trend.
HSCEI-related products make up
is exactly what the JENNIFER HUGHES — HONG KONG
Sharp falls in an important index of Chi-
securities stay within specified bands,
but the holder faces capital losses if a
Asian trading at Citigroup.
As the levels neared, banks that sold
60 per cent of the autocallables market
in Korea, which recorded record sales

global economy needs nese companies have raised fears that

the need to hedge billions in linked
derivatives will add to volatility in the
region — potentially depressing markets
even further.
reference security falls below that level.
Yesterday the HSCEI closed 4.3 per
cent lower at 8,015.44, making it by far
the worst hit of Asia’s main indices. At
one point it dipped to 7,915.17, the lowest
the products had to sell more futures
contracts to hedge their exposure —
which was likely to increase the pres-
17 %
How far the index
has fallen in 2016,
last year. Sales were heavily concen-
trated in the first half, when the index
reached 14,801, aided by China’s mas-
sure on the HSCEI. against 15.9% for sive market rally.
“Hedging needs are only one part of the Shanghai Autocallables, which usually carry a
Composite

I
nstead of fretting about China’s slowdown, investors Dealers have been watching the Hang level since March 2009. the futures market,” said William Chan, maturity of two or three years, typically
should be celebrating its efforts to shift from invest- Seng China Enterprises index — which So far this year the index has dropped head of Asia-Pacific equity derivatives feature a “worst-of” basket, with so-
ment to consumption as critical to achieving better- consists of the Hong Kong-listed shares 17 per cent, exceeding the 15.9 per cent research at Bank of America Merrill called “knock-in, knock-out” triggers
balanced world growth. Unless jittery financial mar- of large Chinese groups — because of its decline for the Shanghai Composite, with Lynch. “But hedging for these products based on the best or worst performer
kets regain composure in short order, they risk short- heavy use in structured retail products, whichitsharesmanyblue-chipnames. at these levels will accelerate selling in of two or three reference securities such
circuiting this global rebalancing and triggering an unnec- particularly in South Korea. Strategists said most “strikes” — downward days — they’re not support- as the HSCEI or Korea’s benchmark
essary economic crisis. In total almost $40bn of so-called levels at which investors stood to lose ive at all.” Kospi index.
Many investors have been slow to grasp how sharply
China has been decelerating. Our analysis suggests that for
more than three years, real quarterly annualised GDP
growth has averaged just below 5 per cent — a far cry from
Beijing’s smoothed and sanitised official figures. Analysis. Commodities
It sounds paradoxical, but much weaker Chinese growth
is exactly what the global economy needs to rebalance. In a
world of sluggish consumer demand, the slide in commod-
ity and energy prices that China’s slowdown has helped to
bring about entails a huge transfer of income from produc-
Metals producers buckle amid overcapacity
ers of natural resources to consumers.
Globally the resulting boost to household incomes will
more than outweigh the hit to corporate revenues and
spending. This will address another large imbalance in the Price falls have forced output Gimme smelter
world economy — a malign savings glut to which compa- cuts for nickel and zinc, but
nies are significant contributors. Zinc Nickel Aluminium
Beijing realises that it must stop grotesque overinvest- the pain is likely to continue LME 3-month ($ per metric tonne) LME 3-month ($ per metric tonne) LME 3-month ($ per metric tonne)
ment in resource-intensive heavy industry. Technology,
services and consumption are China’s future, not ever 2500 20000 2200
HENRY SANDERSON
more metal-bashing. Investors may be worrying about the
immediate damage to headline growth from this strategic On a Glencore conference call last
reorientation, but they should pay more attention to the month, London’s biggest mining inves- 2000
longer-term benefits for China and, importantly, the tor demanded to know when resource 2000 15000
short-term benefits for developed markets. companies would finally halt the pro-
Unfortunately the more investors fret and the more tur- duction of nickel, the year’s worst- 1800
bulent financial markets are, the more probable it is that performing metal.
1500 10000
western consumers will save the gains in real income that “How much longer do you think we’re Change since
they are enjoying rather than spend them, cutting short a going to see some of this production -26.5% -49.6% -28.6% 1600
global recovery. remain around before it’s forced to be start of 2013
Markets have started to taken out of the market?” asked Evy
come to terms with the extent
Commodity Hambro, who manages billions of dol-
1000 5000 1400
of the slowdown in China just slide transfers lars in mining funds for BlackRock. 2013 14 15 16 2013 14 15 16 2013 14 15 16
as the leadership has taken As prices for the metal used in
some welcome policy steps.
income from stainless steel plumb their lowest levels Copper Iron ore Bloomberg commodity spot index
Last year Beijing removed the producers to since 2003, his question was certainly LME 3-month ($ per metric tonne) LME 3-month ($ per metric tonne)
remaining controls on banks’ pertinent. 450
deposit rates, and in Decem-
consumers Votorantim Metals, a Brazilian miner,
ber the renminbi’s longstand- announced this week that it planned to 8000 150
-41.9%
ing peg to the dollar was dropped. suspend two nickel operations, marking 400
Sensible as the policy moves are, they have created anxi- the first announcement of a sizeable
ety. Changing a foreign exchange regime in any country is shutdown in the west. 7000
100
fraught with risk. In China’s case analysts are more per- On the other side of the world, in 350
plexed as to how the new system will work given the cen- Australia, Clive Palmer’s Queensland 6000
tral bank’s poor communication skills. Nickel, whose slogan is “Nickel for
For now the PBoC seems set to keep the currency’s bas- the future”, said it would go into volun- -44.4% -69.3% 50 300
ket rate relatively stable. But this means more weakness tary administration, at the cost of 240 5000
against the dollar is on the cards, especially if Beijing con- refinery jobs.
tinues to make it easier for money to leave the country. Such announcements are a sign that
With capital outflows already at record levels, this is a mining companies are finally buckling 4000 0 250
legitimate cause for concern. It is second nature for ordi- in the face of collapsing prices, as China’s 2013 14 15 16 2013 14 15 16 2013 14 15 16
nary Chinese to track the renminbi’s value against the dol- voracious appetite for commodities FT graphic Source: Thomson Reuters Datastream
lar. If they see the currency coming under further pres- diminishes. It is possible that reduced
sure, their instinct will be to sell. output will eventually stabilise com-
Nevertheless the real effective exchange rate is still modity prices and halt a slide that has
slightly overvalued. Why? Because China is the only big threatened resource-dependent econo- ‘The long- week that its 269,000-tonne Warrick rupt. Credit-default insurance on the said it expected profits last year to have
economy that has had an overvalued currency in the past mies and wiped billions of dollars off the smelter in the US would be closed by the bonds of Glencore, the Swiss-based declined 25-35 per cent.
three years and, unlike Japan and the euro area, has not value of the world’s largest miners. awaited end of the first quarter. miner and trader, hit a six-year high this “Such significant falls in profitability
resorted to competitive devaluation. “It is potentially the beginning of a supply The company will have removed month. Anglo American’s shares have can be expected to eventually result in
China will not be able to transition successfully from wave of closures,” says Nicholas Snow- response is about a quarter of its operating smelting fallen 80 per cent in the past year. drastic action being taken to reduce
investment-led to consumer-led growth with an over- don, an analyst at Standard Chartered. capacity and a fifth of refining capacity Nickel is the metal where immediate overcapacity in the aluminium indus-
valued currency. If investment and exports both tank, the “But that’s contingent on producers kicking in — a by mid-2016. cuts are most likely, according to ana- try,” say London-based analysts at
surge in unemployment will make reforms difficult to moving away from their strategy of process that Almost 70 per cent of nickel produc- lysts. Last year Glencore said its Murrin Investec. “It is now incumbent on Chi-
implement. But investors are right to worry about a waiting for other producers to cut. Not is being ers are making a loss at current prices. Murrin mine in Australia, which pro- nese producers to make downward
weaker renminbi because it is far from clear that the Euro- just with nickel but across base metals.” In aluminium and iron ore a third are duces about 40,000 tonnes a year, adjustments to supply.”
pean Central Bank, the Bank of Japan and the Federal Other metals markets have also seen accelerated losing money, and in copper the figure is might close if prices did not recover. An Even for markets where cutbacks
Reserve will quietly accept necessary changes in relative cutbacks. Last year Glencore reduced by financial about 22 per cent, according to data impairment of its Koniambo mine in occur there are still large inventories of
exchange rates. planned zinc output by a third and sus- markets’ from Macquarie. New Caledonia is also likely, according metal to work through, which are likely
The risk of a currency war would make western con- pended operations at its two copper Lower prices for metals and other to Macquarie. to continue to weigh on prices.
sumers even more likely to pocket windfall gains from mines in Africa. commodities have been driven partly Miners have benefited from weaker With no improvement in the global
lower commodity prices. So there must be no delay in Zinc is the metal most likely to rally in by a withdrawal of investor money. oil prices and a strong US dollar, which economy or a pick-up in sentiment
global rebalancing. price this year as supply falls 3.3 per Assets under management in commodi- have made producing commodities in towards China, it is possible that any
China holds the key. The bizarre expectation that Beijing cent, according to Macquarie. “Despite ties, for both retail and institutional countries such as Chile cheaper. But supply reductions will only halt falling
could somehow engineer a difficult economic adjustment the barriers to exit, the long-awaited investors, fell 18 per cent last year to analysts say it is possible the trend will prices rather than fuel a rally.
smoothly has inevitably disappointed investors. Because supply response is kicking in — a proc- below $250bn, according to Citigroup. not last if the global economy recovers For many miners that, for now, would
of the huge obstacles to a successful transition, the risk of ess that is being accelerated by financial That represents a loss of $330bn since this year and oil prices rise. be enough. Responding to the question
an economic crisis will grow if negative sentiment persists markets,” says the Australian invest- prices peaked in April 2011, it says. Cutbacks could also be coming to on output cuts from BlackRock’s Mr
for more than a couple of months. ment bank. For producers that have made acqui- China, which has become the world’s Hambro last month, Glencore chief
In iron ore smaller international pro- sitions and built up production over the largest producer of aluminium in recent executive Ivan Glasenberg was blunt.
Diana Choyleva is chief economist and head of research at ducers are starting to struggle while, in past decade, the pain has increased. Last years. The country’s largest producer of “People are bleeding cash,” he said.
Lombard Street Research aluminium, US producer Alcoa said last year 18 mining companies went bank- the lightweight metal, China Hongqiao, “Please God, let it happen.”

Commodities Capital markets

US oil below $27 for the first time since 2003
NEIL HUME — COMMODITIES EDITOR
The oil market rout continued yester-
day as another burst of selling brought
losses for 2016 close to 30 per cent.
Brent, the international oil marker, fell
as much as 5.5 per cent to $27.19 a barrel,
while West Texas Intermediate, the US
benchmark, dropped more than 7 per
cent to $26.30, the biggest one-day loss
in five months to the lowest since 2003.
It has fallen 29 per cent so far this year.
A Venezuelan request for an emer-
gency Opec meeting to discuss meas-
ures to prop up the oil price did nothing
to halt the declines.
“Bearish fundamentals have clearly
been weighing on oil prices year to date,
but financial selling on macro concerns
has also played a major role,” said Ed
Morse, head of commodity research at
Citigroup, in a report.
As US oil prices dropped below $27 for
the first time since 2003, financial mar-
kets fell sharply as worries about a
deflationary spiral took hold. The FTSE
100, home to many oil companies,
dropped more than 200 points, entering
bear territory, defined as a drop of
20 per cent from a cyclical peak.
Oil and copper have been under pres-
sure from renewed volatility in Chinese
equity markets and a faster deprecia-
tion of the renminbi than expected.
Iran announced its full return to the
global oil market this week after the lift-
ing of sanctions linked to its nuclear
programme, ordering an immediate
increase in production of about 500,000
barrels a day.
That gave rise to a warning from the
International Energy Agency that the
market “could drown in oversupply” as
increased Iranian output offset produc-
tion declines elsewhere. The forecaster
expects demand to exceed supply by at
least 1m barrels a day for a third consec-
utive year. “There will be enormous
strain on the ability of the oil system to
absorb it efficiently,” it concluded.
Oil prices have tumbled almost 75 per
cent in 18 months as the largest produc-
ers have refused to give ground, with
supplies and inventories ballooning.
Energy companies have shelved more
than $400bn in spending plans, while
the economies of Nigeria and Venezuela
have come under severe strain.
Royal Dutch Shell said yesterday its
fourth-quarter profits would slide at
least 40 per cent from a year ago.
Bob Dudley, the chief executive of BP,
told the BBC in Davos it was not impossi-
ble that oil prices could fall as low as $10
a barrel in the first half, although such
levels would not be sustained.
CLO issuance stifled by slide in crude prices
JOE RENNISON AND ERIC PLATT
NEW YORK
Managers of securities that bundle low-
quality loans are off to their slowest
start on record, with the US market still
waiting to see its first new sale for 2016.
Fallout in speculative-rated credit mar-
kets as oil and equity prices decline has
prompted tighter financial conditions,
stifling new collateralised loan obliga-
tion issuance, according to analysts and
traders.
“As market sentiment deteriorates,
with oil prices falling and equity mar-
kets falling, we do have the risk of loan
spreads widening, leading to a vicious
cycle of less CLO issuance,” said Maggie
Wang, a strategist at Citi.
She added that wider loan spreads,
reflecting rising investor risk aversion,
depreciate the value of the lower
tranches of CLOs, making it harder for
managers to issue new deals.
Deals in the pipeline are expected to
reopen the market soon, with Voya
Financial, Babson Capital, 3i Debt Man-
agement and Och-Ziff Loan Manage-
ment all marketing to investors, accord-
ing to S&P Capital IQ.
“It’s hard to drive pricing in a market
when the Dow dives 5 per cent over
three days,” said Rob Allard, founding
partner and chief executive of Firebreak
Capital and former head of structured
products at Goldman Sachs. The “psy-
chological impact” of that volatility has
made it tougher for syndicate teams to
gauge the market, he added.
CLOs tend to be referred to as either
legacy CLO 1.0 or so-called CLO 2.0, a
newer offering that is generally more
conservative and involves lower-risk
structures than the older counterparts.
The gap between new CLO 2.0 issu-
ance has stretched to its longest since
data on the more recent instruments
began being kept in 2011, breaking the
28-day record set last year. The dry
spell, while typical of the new year, has
been exacerbated by market volatility.
Some traders have focused on the
potential benefits of the volatility —
cheaper loan prices can create an oppor-
tunity for CLO managers to buy up col-
lateral, either for new deals or to over-
collateralise existing deals. The LSTA
leveraged loan total return index is
down 0.25 per cent this year.
US issuance of CLOs totalled $97bn in
2015, down from $124bn in 2014,
according to data from S&P Capital IQ.
A headwind remains compliance with
new risk retention rules, which require
managers to hold 5 per cent of the eco-
nomic interest in each new deal.
Thursday 21 January 2016
TRADING POST
Jamie
Chisholm
One reason tumbling oil prices have hit
global market sentiment so badly is
that investors are worried about the
fiscal damage being wrought upon
energy-producing nations.
They need to raise money, the
reasoning goes. And so, as Capital
Economics notes: “The collapse in oil
prices has prompted concerns that
many sovereign wealth funds (SWFs)
will be forced to liquidate their vast
holdings of financial assets, putting
further pressure on market prices.”
The assets of SWFs have more than
doubled since the end of 2007, from
about $3.5tn to $7.2tn, the result of oil
prices increasing earlier in that period.
It is estimated that, at the end of
2015, more than 56 per cent of the
assets of SWFs originated from the
export of oil and gas-related products,
says CapEco.
If oil prices continue to fall, stock
markets would remain under the cosh
“as the shares of oil producers came
under more pressure and concerns
about deflation and the health of the
global economy grew”.
Government bonds would benefit
amid haven demand, lower inflation
expectations and anticipation of
additional monetary easing.
What markets are forgetting is that
“falling oil prices transfer income from
countries that are net producers to
those that are net consumers, where
savings rates have tended to be lower”.
But Trading Post notes the recent
meek US retail sales data, despite
plunging household fuel costs, suggest
this transfer mechanism is not working
as smoothly as economists had hoped.
jamie.chisholm@ft.com
US natural gas futures
$ per million btu
6 Dec 2015
4 basic materials not far behind.
2
0
2014 15 16
Source: Thomson Reuters Datastream
London
Prudential slides 5%
on dividend concerns
amid broad sell-off
Bryce Elder
Prudential was among the casualties of
yesterday’s stocks sell-off as the FTSE
100 moved into a bear market.
A profit warning from Swiss peer
Zurich Insurance combined with
negative feedback from Prudential’s
investor day to send the stock 5.1 per
cent lower at £13.21.
Prudential announced before
Tuesday’s investor meeting that under
new Solvency II rules its capital
solvency ratio — a measure of its capital
as a proportion of the minimum
required — was 190 per cent.
However, the insurer later clarified
that the figure included £4.8bn of future
profits from its Asian business, which
cannot be used to support UK
operations.
Management said at the meeting that
Solvency II would not affect dividends
Wall Street
Devon leads the
host of energy fallers
Adam Samson
Energy stocks fell further yesterday as
US crude oil prices slid to their lowest
level since September 2003.
The S&P 500 energy sector dropped
4.3 per cent, far deeper than the 2.4 per
cent fall for the broad S&P 500 index.
The decline brought the sector’s 2016
loss to 14.6 per cent.
Among the biggest decliners in the
sector were oil exploration and
Global overview
Stocks creep into bear territory as
oil price collapse continues to bite
The FTSE 100 slips 3.5%
and Nikkei 225 sheds 3.7%
as crude hits multiyear
lows, compounding fears
over economic growth
DAVE SHELLOCK
Global equities teetered on the edge
of bear market territory as the relentless
gloom that has enveloped markets
around the world since the start of 2016
showed little sign of lifting.
Once again oil prices provided the
main driving force as crude bench-
marks on both sides of the Atlantic
sank to multiyear lows, fanning con-
cerns about the prospects for global
economic growth.
The FTSE All-World equity index was
down 2.8 per cent on the day at its lowest
point since mid-2013, just a fraction
short of closing 20 per cent down from
the record high it reached last year, the
usual definition of a bear market.
Both the FTSE 100, down 3.5 per cent
on the day, and the Nikkei 225, lower by
3.7 per cent, fell into “bear” territory,
joining the pan-European Stoxx 600
index, down 3.2 per cent, the Xetra Dax,
off 2.8 per cent, and the Shanghai Com-
posite, 1 per cent weaker.
On Wall Street the S&P 500 was down
2.9 per cent at 1,827 by midday in New
York, its lowest intraday level since
October 2014. That left it 14 per cent
short of its record May peak, and
10.6 per cent down since the start of
the year.
Not surprisingly, energy stocks were
the day’s worst performers on Wall
Street as the sector fell 4.9 per cent, with
Those losses came as US West Texas
Intermediate crude tumbled 7 per cent
to $26.45 a barrel, the lowest since 2003,
amid concerns that the global oil glut is
poised to get even bigger even as
Glencore
Share price (pence)
Jan 2015
Source: Thomson Reuters Datastream
Jan
2016
Indices
FTSE 100
Close
5673.58
FTSE 250 15641.01
FTSE 350 3168.95
FTSE All-Share 3123.43
FTSE All-Share Yield 4.12
FTSE 100 Futures 5604.50
10 yr Gilt Yield 2.53
20yr Gilt All-Share Ratio 0.60
but, according to Deutsche Bank,
“discouraged the view that there could
be a dividend pick-up at some stage”.
Tumbling oil prices pushed the
wider market to its sharpest daily
decline since August.
The FTSE 100 was down 203.22
points to 5,673.58, with the 3.5 per cent
daily decline giving the index its worst-
but-one session since 2011.
Royal Dutch Shell’s A shares hit a
record low, down 7.3 per cent to £12.66.
Among the miners, Glencore lost
9.9 per cent to 71.2p and Anglo
American fell 7.4 per cent to 221.1p.
Investec saw further downside for the
miners, saying investors needed to
forget price/earnings valuation ratios
and accept “disincentive” pricing —
“exceptionally low prices maintained
long enough to force out excess supply
production companies. Devon Energy
tumbled 9.1 per cent to $21.35, while
Murphy Oil lost 9 per cent to $14.91.
Williams Companies, a large energy
infrastructure group, dropped
6.4 per cent to $14.77. Chevron fell
5.9 per cent to $76.68.
Materials companies struggled as
well. Freeport-McMoRan, the copper
miner, fell as much as 10.1 per cent to
$3.59 a share — the lowest level in more
than 15 years. Its shares have shed close
to half their value this year.
Many large banks performed poorly
amid growing concerns that global
financial market turmoil could cause
the US Federal Reserve to slow its plans
for raising interest rates further.
JPMorgan Chase, the biggest US bank
by assets, fell 3.1 per cent to $55.26,
Bank of America lost 4.9 per cent to
$13.55 and Citigroup declined 2 per cent
to $47.27.
Twitter, the social media company,
was another notable decliner. Its shares
dropped 6.7 per cent to $15.57 in
morning trading. An outage on Tuesday
added to concerns.
The stock is trading well below its $26
★ FINANCIAL TIMES 31
MARKETS & INVESTING
Markets update
Change on day
12pt semibold S&P 500 index
9.6pt regular Change on day
for 1,2,3
3.13%
2100
2000
1900
1800
Dec 2015 2016 Jan
gauge” — remained some way short of US equities The S&P 500 was trading
levels seen during August’s extreme around levels not seen since October
market turbulence, even as it rose more 2014, as a renewed slide for oil prices
than 12 per cent on the day. helped keep worries about the outlook
Anthony Karydakis, chief economic for the global economy to the fore
strategist at Miller Tabak, noted that the
magnitude of the declines in global equi- FTSE 100 index
ties this year had been broadly in line Change on day 3.46%
with the sell-off experienced last sum- 6400
mer — and considerably smaller than 6200
those in 2014. 6000
He said the behaviour of markets 5800
since the start of 2016 should be pre-
5600
sumed as falling within the range of Dec 2015 2016 Jan
“noise” — but only just so. “Time is run-
ning out for any rebalancing forces to UK equities The FTSE 100 closed
emerge in a manner similar to such more than 20 per cent down from
prior incidents,” Mr Karydakis said. April’s record high, as mining stocks
“In other words, the issue confronting were hit by continued worries about
the current, seriously unstable mood Chinese demand for metals
in global risk assets is whether it may
be approaching the point where it Eurofirst 300 index
crosses over the line of simple ‘market
Change on day 3.30%
noise’ into game-changing territory — 1450
the latter having significant implica- 1400
tions for monetary policymaking and 1350
— Kimimasa Mayama/EPA
growth prospects for the key economies
A new Japanese bear market: FT.com/video 1300
involved.”
1250
John Authers reports from Tokyo as Japanese stocks enter a John Higgins at Capital Economics
Dec 2015 2016 Jan
fresh bear market. Why are Asian shares selling off? said the plunge in global stocks did
not seem to be justified by economic European equities Sliding commodity
fundamentals. stocks helped drag the Eurofirst 300
demand deteriorates. Brent, the inter- for riskier assets such as equities helped “Of course equities give their owners a to a 15-month low, while Italian bank
national crude marker, was 4.4 per cent fuel “flight-to-quality” buying of US and claim on future earnings, so it is the Monte dei Paschi fell 22 per cent amid
weaker at a 12-year low of $27.50. German government debt, the Japa- prospects for, rather than the latest growing concerns about the sector
Currencies of oil-supplying countries nese yen and gold. developments in, the economy that are
stayed mostly under the cosh, with the On the 10-year US Treasury note the relevant,” he said.
Russian rouble hitting a record low yield, which moves inversely to its price, “Despite the prevailing gloom about Nikkei 225 index
against the dollar and the US currency was down 7 basis points at a three- the world economy, we think global (’000) Change on day 3.71%
19.0
rising 1 per cent versus the Norwegian month low of 1.97 per cent, while the growth is likely to pick up from 2.5 per
krone. But the Canadian dollar held 10-year German Bund yield also shed cent last year to around 3 per cent in 18.0
steady after the Bank of Canada sur- 7bp to 0.48 per cent. both 2016 and 2017. We expect growth 17.0
prised some in the markets by leaving The dollar was down 1.1 per cent in China to rebound and some other
interest rates unchanged. against the yen at Y116.39 — with the emerging economies to stabilise as com- 16.0
2016 Jan
Industrial metals also remained euro also 1.1 per cent lower versus the modity prices recover.
under pressure, with copper down Japanese currency at Y126.91 — while “The upshot is that to the extent that Japanese equities The Nikkei entered
1.1 per cent in London at $4,360 a gold was up $16 at $1,103 an ounce. global growth fears are partially behind ‘bear market’ territory as it finished the
tonne, not far off Friday’s six-year low Despite the obvious anxiety in the the current sell-off, we would expect session more than 20 per cent down
of $4,318. markets, the CBOE Vix volatility index equities to stage something of a recovery from its 2015 peak
The sharp deterioration in appetite — often described as Wall Street’s “fear over the remainder of the year.”
in order to rebalance markets and deter
new investment”. Trading Directory
300 With bondholders in charge, net
200 present value at spot metal prices had
become the only relevant metric for the
100 miners, Investec argued. It downgraded
0 Anglo American and BHP Billiton to
“sell” and reiterated the same advice
for Glencore.
Day's BHP dropped 7.4 per cent to 580.9p
change
-203.22
after saying in a production update it
would protect its balance sheet.
-473.55 JPMorgan Cazenove said it expected
-110.42 BHP to reduce or suspend its dividend
-108.10 at interim results in February, adding
- that the risk of a cut greater than 50 per
-211.00 cent was “material and not factored into
-0.29
consensus”.
-
Canadian copper miner First
Quantum Minerals hit a one-decade
low, down 23 per cent to 115.3p.
TD Securities downgraded FQM to
“hold”, saying at spot prices its liquidity
could be exhausted by the first half
of 2018.
FQM, whose net debt was $5.2bn
at the end of 2015, has been trying to
fund development costs by selling its
nickel-copper-platinum mine in
Finnish Lapland.
Risers included Randgold, which
was up 3.5 per cent to £44.16,
having said late on Tuesday that
production from its Kibali gold
mine in the Democratic Republic of
Congo was likely to have beaten
2015 guidance.
A short squeeze meant Sports Direct,
the FTSE 100’s worst performer in the
year to date with a loss of 30 per cent,
edged 2.3 per cent higher at 403.9p.
initial public offering price from
November 2013, and at a fraction of its
lifetime high of $74.73 struck that year.
Square, a mobile-payments company
run by Twitter chief executive Jack
Dorsey, fell 9.3 per cent to $8.59. Its
shares have fallen a third this year.
IBM faced heavy selling on a
downbeat profit outlook for 2016. The
technology company has struggled to
offset declines in its legacy computing
units. The shares dropped 4.4 per cent
to $122.43. They have lost 11.1 per cent
this year.
Netflix came under pressure after
posting disappointing US subscriber
growth figures in its quarterly results
after the closing bell on Tuesday. The
streaming site’s shares dropped 6.4 per
cent to $100.74, taking their losses this
year to 12 per cent.
In midday trading the S&P 500 was
2.4 per cent lower at 1,836.5, the Dow
Jones Industrial Average had shed 3 per
cent 5,534 and the Nasdaq Composite
was down 2.2 per cent to 4,376.6. Every
big S&P 500 sector was in the red, and 97
per cent of volume on the New York
Stock Exchange was declining shares.
32 ★ Thursday 21 January 2016

SMART MONEY Analysis. Equities

John
Authers
US bull era ticks further into borrowed time
S&P 500 has fallen 10% this Oil and the dollar

How passive managers year while other gauges are WTI ($ per Dollar trade
barrel) weighted index
already in bear territory 60 100

are making a positive NICOLE BULLOCK

55
50
98

impact on governance The most sceptical of bull markets —

that has been a common refrain among
45
40
96
94
35
investors and observers describing the 92
long uptrend for US stocks since the 30
25 90

T
he rise of passive managers continues una- depths of the financial crisis.
bated. The latest numbers show that last year With US equities embroiled in global Jan 2015 Jan
was even better for them in commercial terms market turmoil, the doubters and those 2016
than 2014, even though they were not armed betting on lower share prices are S&P 500
with the same dramatic performance. ascendant. Indeed after the S&P 500 Price index P/E ratio
Morningstar data show this has left a new set of investing ended 2015 with a slight decline, share 2200 24
giants in the ascendant, with huge influence over the stock prices have fallen sharply. The index has 2000 22
market and companies. In the US, 32.4 per cent of long-run slid more than 10 per cent so far in 2016,
funds’ assets are managed passively, with $4.52tn under among the worst opens to a year, 1800 20
management, against $9.44tn managed actively. The according to S&P Dow Jones Indices. 1600 18
share has roughly tripled since 1998. Within equities Fears about a hard landing in China,
$169bn flowed out of actively managed funds, with $102bn no sign of oil prices stabilising, and a 1400 16
of that finding its way to passive managers. strengthening dollar have raised con- 1200 14
Passive management is a scale business, and the asset- cerns about US economic growth and
gathering of the biggest players has been prodigious. Van- company earnings at a critical juncture. 1000 12
guard pulled in $221bn, while BlackRock, including the Last month the Federal Reserve started 2010 11 12 13 14 15 16
iShares division, took in $103bn. Most of the traditional big increasing borrowing costs for the first Source: Thomson Reuters Datastream
active managers suffered big outflows. time in nearly a decade, closing the door
This leads to two reasonable fears concerning price dis- on the easy-money era that did much to
covery and corporate governance. Big passive operators push equity valuations sharply higher. A strengthening that defines a bear market. Within the says Alan Gayle at RidgeWorth Invest- naras at BlackRock. “If [investors] hear
have no choice but to accept the judgment of the market, For much of the bull market, which dollar has helped broad benchmark, however, the energy ments. “They are worried about the negative news and negative outlooks
which implies that the price of equity is not set as rigor- propelled the S&P 500 to a record peak to drag profit and materials sectors do have that dubi- same things in 2016 as 2015 ... and are during earnings, it will be harder for this
ously as it once was. It also suggests that passive managers of 2,134.72 last May, sceptics bemoaned expectations into ous distinction and prices for their debt concerned that these issues are getting bull market to continue.”
cannot threaten to sell their shares, and have a business the lack of strong economic growth. the red for 2015, have fallen sharply. harder to resolve.” A large number of earnings beats in
model that relies on minimising costs, meaning they will That the rally took place during unprec- but the moment Meanwhile the Russell 2000 index of Falling oil prices and a strengthening the fourth quarter would help. But the
not be good corporate stewards. edented stimulus created unease that of panic has small companies and the Dow Jones dollar have dragged US profit expecta- general feeling is that macroecominc
Passive managers have always angrily rejected this. the bullishness was not based on not arrived Transportation Average, seen as a tions into the red for 2015. With fourth- factors are driving the market more
BlackRock contends that its scale makes it cheaper to be a improving corporate fundamentals. Mark Wilson/Getty Images
barometer of the economy, have both quarter earnings season under way, than company fundamentals, unless the
good steward, because its S&P 500 revenues were sluggish, reli- fallen into bear territory. forecasts are for full-year declines in news is overwhelmingly positive.
costs are defrayed across a ant on aggressive cost cutting and with The market’s sharp drop has not been both revenue and earnings for the first As Mr Stournaras points out, a nerv-
higher number of shares.
Giant funds are earnings per share boosted by record accompanied by equity volatility simi- time since the aftermath of the financial ous market will prioritise bad news over
An academic paper — “Pas- representing buybacks, often funded via cheap bor- lar even to last August, suggesting we crisis in 2009, according to FactSet. good. Starting with its policy meeting
sive Investors, Not Passive rowing, the cynics noted. have yet to reach the moment of panic Excluding energy, growth rates for next week, the Fed could step in with
Owners” by Ian Appel, Todd
the interests “Is it a bear market?” asks Nicholas that attracts meaningful buying. revenue and earnings would be positive. some jawboning, either helping or hin-
Gormley and Donald B Keim — of investors Colas, strategist at Convergex. “Not yet. “I’m not throwing in the towel, but I’m Optimism coming into 2016 was pred- dering sentiment.
bears out such contentions. But the backdrop is not a lot of economic definitely cautious,” says Joe Fath at icated on companies getting a boost For some observers, the only thing
The250biggestconstituentsof
aggressively growth, not a lot of revenue growth, not T Rowe Price. “Is it a normal correction from easier 2015 earnings comparisons. that will cause a bounce is a drop big
the Russell 2000 index of a lot of earnings per share growth, or do we take a turn for the worse?” With oil continuing its decline, that sce- enough to jolt jittery investors off the
smaller companies, the research shows, tend to have a far uncertain Fed policy and oil dropping.” The two main catalysts for declines nario becomes less likely. sidelines. “We are in a very precarious
higher proportion of shares held passively than the 250 The S&P 500 has fallen 15 per cent are China and oil, both lingering from “We need oil to find a bottom and the spot,” says Mr Colas. “And it will get
smallestcompaniesintheRussell1000indexoflarge-caps. from its peak, shy of the one-fifth slide last year. “Investors are losing patience,” dollar to stabilise,” says Peter Stour- worse before it gets better.”
With passive managers holding a 66 per cent larger share
of the Russell 2000 companies, it becomes possible to view
their impact as stewards. The Russell 2000 companies
appear to have noticeably superior corporate governance, Capital markets
implying significantly more aggressivestewardship.
First, higher ownership by passive funds coexists with
an increase in board independence. Greater ownership by EM borrowing costs
prompt crunch fears
passive funds leads to an increase in the proportion of
independent directors on the board.
Second, companies with high passive ownership are
more likely to give up takeover defences. A one-standard-
deviation increase in ownership by passive funds is fol-
lowed by a 3.5-percentage-point increase in the likelihood ELAINE MOORE yield rises and attributed the
of the company removing a “poison pill” structure, and a AND ROGER BLITZ sell-off to the International
2.5-percentage-point increase in the chances that it will Emerging market borrow- Monetary Fund’s gloomy
reduce restrictions on shareholders’ ability to call special ing costs hit their highest world economic outlook.
meetings. Given that only tiny proportions of companies level in five years yesterday, On Tuesday, the IMF low-
give up takeover defences in this way each year, this impact with investors warning that ered its global growth fore-
is more economically significant thanit sounds. the developing world faces a cast for 2016 and 2017, not-
Finally, an increase in passive ownership is associated debilitating credit crunch. ing that a sharp slowdown in
with companies being less likely to have unequal voting China trade and weak com-
rights, as captured by having a dual class share structure. A Selling pressure is being modity prices had led to a
one-standard-deviation increase in ownership by passive fanned by weakening local generalised EM slowdown.
funds is associated with about a one-standard-deviation currencies, leaving borrow- “What’s happening is a
decreaseinlikelihoodofhavingadualclasssharestructure. ers of dollar-denominated reality check,” said Adam
Judging by voting conduct, passive investors were indeed debt, including Brazil and Slater at Oxford Economics,
active owners. A rise of one standard deviation in the share South Africa, facing sharply an economic research com-
of passive ownership was associated with a 0.75-standard- higher interest costs. pany. “Lingering doubts
deviationdeclineinthesupportformanagementproposals. Amid a slide in global stock about whether the world
The researchers found no evidence of passive managers prices, investor flight from could stomach a US interest
merely following activists’ lead. Higher passive ownership Asia, the Middle East and rate rise and a slowdown in
led to a lower likelihood of hedge fund activists taking a Latin America led one inves- China are now translating
stake. And the presence of a big block of passively held tor to dub the day an EM into questions about
shares in a company’s register was no reason to avoid it. Black Wednesday. whether the world faces
Performance tended to be better than other companies, “A credit crunch is a con- another global recession.”
although this may just reflect the fact that groups with a cern,” said Franck Nicolas, Loose monetary policy in
rising share price and strong momentum will take a grow- head of investment at the US contributed to an
ing share of indices and draw more passive buyers. France’s Natixis Asset Man- explosion in EM debt issu-
Worries that passive management is inhibiting price dis- agement. “The worldwide ance between 2010 and
covery will continue. But the signs are promising that demand for EM assets was 2014, which the Bank for
when investors entrust money to passive fund managers, huge and inflated a lot of International Settlements
their interests are being represented aggressively. assets. Now the situation is has warned could threaten
changing.” the financial system.
john.authers@ft.com Commodity exporters led Corporate borrowers more
the decline as oil dropped than quadrupled their debt
below $30 a barrel again. The from $4tn in 2004 to more
Brazilian real and the Mexi- than $18tn in 2014.
can peso fell sharply, led by a As US rates rise and inves-
2.9 per cent fall in Russia’s tors lose faith in China’s eco-
More comment and data on ft.com rouble to beyond Rbs80 to nomic strength, foreign capi-
the dollar, a record low. tal flows have reversed,
Average government bor- pushing up the cost of servic-
Y Fast FT Our global economies, headed rowing costs in dollars have ing debt.
team gives you market- by Brazil, Russia, India reached 6.7 per cent, up from The JPMorgan EM cur-
moving news and views, and China. 5.3 last year, according to a rency index is down 3.7 per
24 hours a day, five days ft.com/beyondbrics JPMorgan index, while the cent this year, leading some
a week. ft.com/fastft risk premium between EM countries to put blockades in
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a bonds and US Treasury place to ward off further cur-
irreverent financial blog. look at what is driving yields has breached levels rency collapse.
Join Paul Murphy and the global currency reached during the taper tan- Azerbaijan announced
Bryce Elder for the daily market. ft.com/podcasts trum and eurozone crisis. plans for a 20 per cent tax on
Markets Live session at In Ghana, the yield on a transactions to remove cash
Y Lex Video Analysis 2026 bond has jumped from from the country this week,
11am. ft.com/alphaville
and opinion from the 8.41 to 15.10 per cent. while the head of Mexico’s
Y beyondbrics News and team on the hot issues Bernd Berg, Société Géné- central bank suggested
comment from more affecting companies and rale’s EM strategy director, unconventional monetary
than 40 emerging markets. ft.com/lexvideo used the “Black Wednesday” policies to stimulate emerg-
tag in describing the latest ing economies.
 EXECUTIVE
APPOINTMENTS THURSDAY 21 JANUARY 2016

www.ft.com/recruit www.exec-appointments.com Twitter: @carola_hoyos

Boeing and Inside

In a Blink
Gay men find it easier to
come out than lesbians

the decline and bisexual people

Page 2

Career Counsel
When presenting your
manager with a problem,

of the US make sure you offer

potential solutions
Page 2

Workplace Haiku

middle class January Gloom elicits

sad, brief poems of
linguistic beauty
Page 2

At Work with the FT

Cato Syversen:
People v profits Study provides view of unwinding the chief
of the postwar social contract, writes Gill Plimmer executive of
Creditsafe has
his is no longer your ity that has prompted a rise in anti-es- The new company ethos damaged the south as the result of a bad decision that Strike back: been told

‘T father’s company,” pro-

claimed a senior executive
at Boeing in 1998, sending
a chill through the aircraft
maker’s thousands of employees.
With this, Boeing began a series of
tablishment sentiment. Boeing has
declined to comment.
One employee, who worked at the
company for 30 years, said that Boeing
had a “collegial, bloated, flaccid man-
agement structure”, adding that the
sense of trust workers had in top man-
agement and produced economic anxi-
ety as well as “various degrees of cyni-
cism towards traditional institutions”,
says Mr Grunberg.
“There was a very deep identification
one of these bright boys has made, they
pull him out, put him somewhere else,”
he said.
A new generation of workers seems to
be more accepting of its lot, while man-
agement appears to be reversing some
Boeing staff have
disagreed with
many of the
company’s
changes over the
past 20 years
to make
work fun
Page 3

Stern on Boards
radical changes that transformed it McDonnell Douglas executives were with Boeing in name and a lot of pride in of the most contentious elements of the Getty

from a family-oriented business that
looked after employee welfare into a
more aggressive, corporate culture that
prioritised shareholder value and exec-
utive remuneration. Other companies
followed its lead, unleashing a wave of
change that has transformed the US
workforce.
Boeing’s changes, sparked by a
merger with rival McDonnell Douglas,
included the relocation of work to
cheaper places, the outsourcing of key
components and aggressive cost cuts.
These details, and conclusions drawn
from them, form the basis of Emerging
from Turbulence, for which academics
Leon Grunberg and Sarah Moore at the
University of Puget Sound interviewed
hundreds of Boeing employees anony-
mously over 20 years.
Mr Grunberg says that the company
remained profitable but the changes
contributed to the hollowing out of the
US middle class and a distrust of author-
“mainly finance guys” who “cut through
the Boeing people like a knife through
butter”.
Boeing’s staff were focused on the
engineering possibilities, how to make
the next aircraft, while the new manage-
ment focused on the bottom line and on
rewarding investors, employees said.
Among the changes, Boeing out-
sourced the design and production of
important parts of Dreamliner, its flag-
ship passenger aircraft, and shifted IT
and engineering work out of state or to
contractors. As a result, production was
delayed by three years, costing the com-
pany around $28bn, according to ana-
lysts’ estimates.
Meanwhile, previously strong Boeing
unions were severely weakened by the
aircraft maker locating a second Dream-
liner assembly line in South Carolina — a
state unfriendly to unions — and the
company’s threat to move other pro-
grammes elsewhere.
the way the company was a leader in
aerospace,” Mr Grunberg says. “That
remained. But the company gradually
transformed from a family-like business
to one that treated them like disposable
commodities.”
Staff felt that management covered
up a lack of knowledge about the busi-
ness by avoiding direct interaction with
employees and by becoming increas-
ingly authoritarian.
They also chose staff perceived as
“bright” for promotion and bonuses,
whether or not they were best at their
Workers jobs. One staff member said Boeing had
feel ‘more embraced “the philosophy that if you
can manage a Popsicle stand, you can
exposed, manage IBM or Boeing, and that it’s not
vulnerable, necessary to understand the business to
manage it”.
anxious and Employees were also rotated periodi-
increasingly cally between jobs in the belief it would
keep them motivated. “So every time it
abandoned’ appears that something is going to go
changes. To tackle the world’s big
Mr Grunberg points out that com- problems, leaders will
pany has just reached a “balanced” ten- need to implement what
tative contract after early and amicable
negotiations with its 20,000 strong engi- they learn at Davos
neers. Page 3
His study, however, goes far beyond
Boeing. It provides a view over two dec- Mrs Moneypenny
ades of the unwinding of the postwar
social contract — where workers felt Dreading a chore? Take
they could rely on decent pay and bene- a cue from actress
fits in exchange for hard work. As an Jennifer
indication of the impact of these corpo-
rate changes, Mr Grunberg points to Lawrence
Pew Center analysis last month, which and her
showed the US middle class had shrunk fight for
to just half the population for the first
time in at least four decades. He notes
equal pay
that workers feel “more exposed, more Page 3
vulnerable and anxious, and increas-
ingly abandoned by the establishment”
and that these factors may explain, for
example, “the popularity of [Donald]
Trump and populist rhetoric”.
2 FINANCIAL TIMES
Career Counsel Have an answer to
health problems when talking to chiefs
I have panic attacks and worry that soon
they will be noticed at work. Will telling my
line manager be a career-limiting move?
Zoe Sinclair, owner of Employees
Matter, which runs seminars for
employees, says:
Times are changing. An increased
understanding of mental health
problems is leading to the creation of
workplace groups that tackle their
stigma.
The City Mental Health Alliance,
supported by companies such as
Goldman Sachs and KPMG, encourages
businesses to take a leading role in
building on this change. The goal is to
make mental health a subject everyone
can talk about without fear.
You are likely to experience a sense of
relief from opening up. At one of our
events for HR professionals, a senior
manager from KPMG spoke of his
diagnosis of depression. It was
something he had intended to keep
private, but he recently “came out” in an
interview about the illness with the staff
magazine. He was amazed by the
support and feedback from colleagues
across the firm, and has since become
involved in KPMG’s efforts to address
mental health problems.
You are very likely to beat anxiety: 70
per cent of people with a mental health
problem recover. You should always
Thursday 21 January 2016
Executive Appointments
職
In a Blink coming out in the workplace
Stonewall’s 2016 Workplace Equality Index polled 60,506
employees of 400 companies. Of these, 11,383 respondents
identified as lesbian, gay or bisexual (LGB).
remember that mental health problems This group forms the basis of the following charts
are very common — with one in four
people likely to experience a form of Workplace Haiku
mental health difficulty at some time in
their lives.
Are you comfortable disclosing your sexual LGB respondents who are comfortable being
Legally, you are protected, in orientation to… out to all colleagues, managers and customers
principle. Therefore it is worth checking or service users… The theme of “January Gloom”
into what the law would constitute as elicited poetically sombre results.
discrimination. Per cent All Some None
33% The winner was David Dayson,
Most importantly, however, you need Colleagues with these three beauties. Jim
to think about how you tell your boss. Kacian, founder of the Haiku
Prepare a case. Be ready to explain what Foundation, particularly lauds the
you know about your problem, how it second line of the top poem.
affects you, the events that trigger it and 56 37 7 “There is something about it, real
what you are doing about it. Set out a or imagined, that deepens the
way that your employer can help to
ensure your anxiety does not detract
23% sadness of this already sad
situation.”
from your work.
A line manager is likely to respond
Managers and senior colleagues winter shelters close —
negatively if they are presented with a under cover of moonlight
problem and no suggestions of how they homeless disappear
can help you to overcome it. When this
happens they may feel unprepared to
52 35 13 gloom unfestooned —
deal with the challenge they face, 12% a long hangover spills
prompting a negative change in attitude into New Year
that can lead to subtle forms of
demotion. Customers, clients or service users all that remains —
Do all the thinking for your boss. pine tree needles pricking
Finding a way to keep your job — the stockinged feet
sense of normality, the social contact
and routines — will be important in 27 43 30 Send entries for “the praise of
improving your health. peers” to workplace.haiku@ft.com
by January 28. T&Cs: ft.com/haiku
Send your queries to Janina Conboye at Gay men Lesbians Bisexual people
workplace.questions@ft.com FT graphic; Source: Stonewall
Thursday 21 January 2016 FINANCIAL TIMES 3

Executive Appointments

Tattoos of the company logo and Mrs Moneypenny To get things done
it helps to channel Jennifer Lawrence

sunny holiday trips engage staff As I have been

At Work with the FT
Cato Syversen
Chief executive, Creditsafe
Sharmila Devi talks to the
CEO so wrapped in his work
it dictated his child’s name
Career clips
What is the best advice you’ve heard?
I was told by the chairman: “If you
don’t employ people better than
yourself, you’ll get fired.” People try to
protect themselves by not doing this.
You have to find people who are better
went into some markets too early and
others too late. Also, quitting ballet at
age 17.
Are you thick-skinned?
I guess I am. I’m also an optimist and I
read somewhere that optimists don’t
contemplating my
career and work-
out that her male co-stars
out-earned her on the film
American Hustle.
related goals for “Jeremy Renner, Christian
working life as tough. He began at DNB, the year ahead, Bale and Bradley Cooper all
Norway’s largest bank by market capi- I have found fought and succeeded in
talisation, where his mother was the myself negotiating powerful deals for
first bank director without a degree. She rereading Heidi themselves. If anything, I’m
made clear she wanted her son to start Grant sure they were commended
at the bottom rather than to glide in as a Halvorson’s for being fierce and tactical,
graduate. He recalls that hers was “a article while I was busy worrying
hard reputation to live up to”. published in about coming across as a brat
He did, however, obtain a business 2014 in the and not getting my fair share,”
studies degree, attending evening Harvard she wrote last year in
Business LennyLetter, the feminist

T
attoos, holidays and talent
competitions. Some of the
workplace cultural prac-
tices at Creditsafe sound
almost cultish. But Cato
Syversen, the chief executive of the Nor-
wegian company, does not take himself
too seriously. His eyes signal a healthy
level of mischief, which he augments
with the odd use of profanity.
Creditsafe investigates the credit wor-
thiness of customers for banks and
other lenders. To understand the reason
for all the corporate high jinx it helps to
know that the average age of the com-
pany’s 1,100 employees is 28. Two-
thirds of them work in sales.
“I really feel for this younger genera-
tion because the reality is that 80 per
cent of jobs are boring,” he says. “We
aim to provide a surprise at least once a
month so people go home saying, ‘You
will never believe what happened at
work today . . . ’.”
Mr Syversen, 49, left his native Nor-
way in 2001 to move to Cardiff to lead
Creditsafe’s UK expansion.
He has taken his new Welsh home to
heart, becoming a supporter of Cardiff
City, the football team, and naming his
youngest son Dylan Thomas, after the
Welsh poet. He relocated the company’s
headquarters from Norway to Cardiff
and has launched new operations in
more than half a dozen countries,
including the US. Creditsafe plans to
expand into Asia next.
The company looks for locations
away from obvious metropolitan cen-
tres, such as London. “Cardiff has really
worked for us. The people are hungry
and want to work,” he says.
It also sets up its operations in new
markets from scratch rather than
through acquisitions. This way it can
instil its company’s culture on its staff
from day one.
“It’s easier to do it yourself than to get
people to change,” he says, adding: “It
helps that we stay away from people
who are mean and destructive.”
Many of the company’s 88,000 cus-
tomers across the globe are small and
medium-sized businesses, though mul-
tinationals, such as Adidas, are also
among them. “I want to take on the high
end of the market, banks, insurance
companies and so on, who are really
conservative,” he says.
Mr Syversen describes the start of his
classes while working at the bank under
than yourself on at least some things. blame themselves for things but [they his mother.
blame] other people. That’s the “It was hard and I wouldn’t recom-
What is your negative side. You should have some mend it, but it does mean I can relate to
biggest regret? sleepless nights because of work. the shop floor in a way that many other
I strongly believe chief executives can’t.”
you have to go for What makes you happy? Eventually, Mr Syversen grew bored
things and fail if Family, holidays and all those usual of working at the bank, where he says
necessary. But we things. Hitting targets. perks such as interest-free mortgages
made him complacent. He quit to go
into sales, working at Experian, a credit-
checker like Creditsafe.
Some people just “fly” when they start
working in sales while others are “slow
starters”, he says. He prefers the slow
starters, in whom he sees a little of him-
self, because “they work best with exist-
ing customers and are more loyal if you
invest in them”.
As part of his investment in people, he
is planning the next holiday for all 1,100
employees around the world in 2017.
Like the last holiday three years ago, it
will be a three-day jaunt to Mallorca.
Such activities have helped Creditsafe to
make the Sunday Times list of 100 Best
Companies to Work For for the past four
years. It ranked 33rd this year.
“I have a clear directive from the
board, who believe in creating energy. It
can be cheesy but it works,” he says. As
part of this he is not allowed to take his
position of power too seriously. “There’s
even a rule that if I put a picture of me up
on the company website, I’ll get fired.”
But the cult of company appears
strong. He and 16 employees have Cred-
itsafe’s logo — two small rectangles —
tattooed on themselves. In his case, it
nestles among a host of other images
that covers his entire arm. “It’s not
something that I encourage, but I do
‘’I really feel for this applaud it,” he says.
younger
generation
because the
reality is that 80
per cent of jobs
are boring’
Review
called
“How to
make
yourself work when you just
don’t want to”.
The social psychologist
Like offers three strategies to help
negotiating us get things crossed off our
list: think about what will
multimillion happen if you don’t do it;
dollar pay ignore your feelings; and do
some detailed planning.
deals, many So if I don’t introduce the
things on new HR system in our office in
2016, then we will be looking
our list will at yet another year of people
be hard, having to bother our financial
controller when they come to
boring or do their tax return. Worse,
unpleasant we’ll have yet another year of
me failing to watch over
people’s holiday entitlement
and then lose multiple staff
days in December as they
rush to use it all up.
Ignoring how I feel is
something that I thoroughly
endorse. I have long held that
women in particular say yes
far too often because it makes
them feel uncomfortable to
say no. (Of course, being
assertive is more likely to
backfire on a woman than a
man — but that I’ll keep for
another column.)
This year I am taking my
cue from actress Jennifer
Lawrence, who put it best
when she said that she
blamed herself after finding
online newsletter.
We may not all be
negotiating multimillion dollar
pay deals, but many things on
our lists will be hard, boring or
unpleasant.
Ms Grant Halvorson points
out that to be motivated and
effective we don’t need to
“feel” that we want to take
action, instead we need to buy
into the goal in some way. Ms
Lawrence admitted that she
did not feel like demanding
better pay (she doesn’t need
the money), but she believed
in the need for gender
equality. While it is slightly
less glamorous, similarly I
don’t feel like having an online
tutorial on a company HR
system, but I do want to use
my employees’ time more
efficiently.
To help get us all over the
emotional hump, Ms Grant
Halvorson suggests
something she calls “if-then”
planning. As in “if it is 2pm,
then I will stop what I am
doing and do the online
tutorial for the new HR
system”. You could even
programme a reminder it into
your Apple Watch or
Wunderlist app.
Or how about this: “If my
appraisal meeting finishes
without my compensation
being discussed, then I will
bring it up.” A (teeny tiny) bit
like Jennifer Lawrence.

On the desk
Mr Syversen’s desk in Cardiff has a the kids today because the music only about £500. The portraits go with
number of unusual items on it. The most industry now is dead in comparison,” this style.”
arresting of these is the stuffed raven he he says. Mr Syversen admits the
picked up in Iceland, where it is a symbol Then there are two pictures could get him into
of fairness. pictures of board members trouble. “I’m not sure if
“A lot of solicitors there have them. It that have been computer the board members like
can look a bit intimidating and it does manipulated to look like it or not.”
surprise staff. But I think it’s awesome,” oil portraits of But he says, with a
Mr Syversen says. Napoleonic generals. mischievous grin, that
He also has a mug emblazoned with “When we expanded he had little choice
the name of his favourite band, The the office, we chose an given the edict
Clash. older, Victorian style. I was forbidding a self-portrait.
“They meant a lot to me. I feel sorry for able to get a lovely old desk for Sharmila Devi

Davos must reform its troublemakers

STERN ON BOARDS
Stefan
Stern
Ordinarily the beautiful alpine scenery
of Switzerland might be expected to
calm the worried executive’s mind. But
delegates to this week’s World
Economic Forum in Davos have been
presented with plenty of things to
worry about.
WEF’s Global Risks Report 2016
describes a number of troubling
possibilities that business leaders and
others may have to reckon with. The
failure of climate change mitigation
and adaptation, weapons of mass
destruction, water crises, large-scale
involuntary migration and severe
energy price shocks are all rated as
serious risks, as are extreme weather
events, interstate conflict that may
have serious regional consequences
and large natural catastrophes. To
all this can be added the persistent
threat of international terrorism.
Boards cannot afford to ignore these
issues. As Cecilia Reyes, chief risk
officer for Zurich Insurance Group, told
a pre-Davos press conference in
London: “Risk should be owned by the
board just as strategy is . . . the
interconnectedness of risk and strategy
is so important.”
Another contributor to the WEF risk
report, John Drzik, from the Marsh &
McLennan consultancy, said: “Events
such as Europe’s refugee crisis and
terrorist attacks have raised global
political instability to its highest level
since the Cold War. This is widening the
backdrop of uncertainty against which
international firms will increasingly be
forced to make their strategic
decisions. The need for business
leaders to consider the implications of
these risks on their firm’s footprint,
reputation and supply chain has never
been more pressing.” So much for “a
couple of days of schmoozing with a bit
of skiing thrown in”.
How might attendees’ future
decision-making be influenced by what
they learn high up on the mountain?
Will it be possible for them to put this
startling intelligence to use?
One criticism of the WEF event is
that, while it is gratifying for the global
elite to meet and compare notes, there
is no guarantee that any necessary
action will follow. Indeed, the remote
mountain village could seem cut off
from real events. Important world
happenings of the past decade, such as
the financial crisis or the Arab spring,
were not anticipated by the Davos set.
There will always be Davos-sceptics.
None has surpassed the pungent line
from Henry Mintzberg, professor at
McGill University in Montreal, who has
described it as the event “where the
people who spend all year causing all
our problems take a few days
pretending to try and fix them”.
The test that board directors should
apply to the insights offered to them
from august platforms is this: are these
threats or megatrends real? If so, what
do they mean for our business? And
what action does this require them and
us to take? If Davos attendees go back
to work with this attitude in mind they
will have spent their time well.
4 ★ FINANCIAL TIMES Thursday 21 January 2016