FRIDAY 11 DECEMBER 2015
00
Trump’s Gettysburg
Great speeches re-imagined
ROBERT SHRIMSLEY, PAGE 14
Business anger
as Cameron
delays decision
on airports
3 PM reneges over London runway
3 ‘Gutless’ bid to dodge mayoral polls
JIM PICKARD, TANYA POWLEY
AND GEORGE PARKER
David Cameron prompted a business
backlash last night after delaying until
at least next summer any decision on
expanding London’s airports, as he
sought to keep the issue out of next
May’s mayoral elections.
Weeks after George Osborne declared
that this government would be “the
builders”, Mr Cameron reneged on his
promise to decide before Christmas
whether to authorise a new runway at
Heathrow or Gatwick.
The reaction from business was with-
ering. John Longworth, director-general
of the British Chambers of Commerce,
said companies would see it as a “gut-
less” move.
The Institute of Directors said busi-
ness leaders were “tearing their hair
out” at the further delay, while the EEF
manufacturers’ group said industry was
“fed up and dismayed by the continued
excuses and political dilly-dallying”.
But Mr Cameron’s decision to pursue
further environmental studies achieved
one of its political objectives, helping to
defuse a looming row with the Tory Lon-
don mayoral candidate Zac Goldsmith.
Mr Goldsmith, an anti-Heathrow
campaigner, welcomed the decision to
have further studies on air quality and
removed his threat to quit immediately
as MP for Richmond Park in protest.
“We have a massive opportunity now to
remove the threat of Heathrow expan-
sion once and for all, and to press for an
intelligent approach to London’s con-
nectivity,” he said.
Scientists head in search
of responsible robots
A group of scientists, engineers and
ethicists is to set up a new body to
study the impact of robots on society.
The Foundation of Responsible
Robotics was prompted by concern
over the rapid advance of robots ‘to
automate all aspects of our lives’, the
group’s founders said. The foundation
intends to encourage governments
and industry to ‘think hard before
technology sneaks up and bites us’.
Rise of robots i PAGE 4
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The Davies Commission announced
in the summer that a third runway at
Heathrow was its preferred decision for
increasing aviation capacity in south-
east England, a verdict widely endorsed
by business groups.
Patrick McLoughlin, transport secre-
tary, announced the delay after a meet-
ing of the government’s aviation sub-
committee at which key ministers were
not even present: business secretary
Sajid Javid and climate change secretary
Amber Rudd were out of the country.
In a statement mentioning neither
Heathrow nor Gatwick, the government
said the final location was subject to fur-
ther consideration on environmental
impacts. It said that the commission’s
shortlist of options were all “viable”.
“The government will undertake a
package of further work and we antici-
pate that it will conclude over the sum-
mer,” it said.
The new study will examine the com-
mission’s air quality analysis against the
“latest projected future concentrations
of nitrogen dioxide”, it said.
Mr Cameron, who had previously
opposed Heathrow’s expansion, faced
further Tory opposition from London
mayor Boris Johnson and leading cabi-
net ministers Philip Hammond,
Theresa May and Justine Greening.
In recent years, however, Mr Cameron
has been forced to reconsider the
scheme amid pressure from business
and especially from chancellor George
Osborne. The Treasury has long advo-
cated the expansion of Heathrow.
Airports decision page 3
Brussels wants own frontier force and
coastguard to police borders of EU
DUNCAN ROBINSON AND ALEX BARKER
BRUSSELS
Brussels is to propose the creation of a
standing European border force that
can take control of the bloc’s external
borders — even if a government objects
— in a move that would arguably mean
the biggest transfer of sovereignty since
the creation of the single currency.
Against the backdrop of a migration cri-
sis that has brought 1.2m refugees to
Europe this year, the European Com-
mission will unveil plans next week to
replace the Frontex border agency with
a permanent force and coastguard,
deployed with the final say of the com-
mission, according to EU officials and
documents seen by the Financial Times.
The blueprint represents a last-ditch
attempt to save the Schengen passport-
free travel zone, by introducing the kind
STOCK MARKETS
Dec 10 prev %chg
S&P 500 2054.79 2047.62
Nasdaq Composite 5043.50 5022.87
Dow Jones Ind 17574.85 17492.30
FTSEurofirst 300 1428.08 1430.60
Euro Stoxx 50 3274.13 3277.21
FTSE 100 6088.05 6126.68
FTSE All-Share 3362.26 3381.57
CAC 40 4635.06 4637.45
Xetra Dax 10598.93 10592.49
Nikkei 19046.55 19301.07
Hang Seng 21704.61 21803.76
FTSE All World $ 263.63 263.87
WORLD BUSINESS NEWSPAPER
Coast to coast
Why the start-up trend is shifting east
from Silicon Valley — GILLIAN TETT, PAGE 15
Rand rout Turmoil as Zuma replaces
finance minister with party insider
Currency concern: the sacking of Nhlanhla Nene by President Jacob Zuma, above, hit the rand
ANDREW ENGLAND
JOHANNESBURG
South African president Jacob
Zuma faced a backlash from
financial markets yesterday as
his abrupt decision to sack his
finance minister sent the rand
to record lows against the
dollar and the pound.
Economists warned that the
replacement of Nhlanhla Nene,
a respected technocrat, with a
little-known party insider
raised serious concerns about
the running of Africa’s most
advanced economy.
Since taking power in 1994,
ending white minority rule, the
African National Congress has
of common border policing repeatedly
demanded by Paris and Berlin.
European leaders have discussed a
common border force for more than 15
years but always struggled to overcome
deep-seated objections to yielding
national powers to monitor or enforce
borders, one of the core functions of a
sovereign state. Greece, for instance,
only recently agreed to accept EU offers
to send border teams, after months of
wrangling over their remit.
Systemic weaknesses in Schengen
were laid bare by this year’s mass influx
of migrants, many of them unregis-
tered, into the EU through Greece and
Italy. Concerns came to a head after last
month’s terrorist attacks in Paris, when
it transpired that at least some of the
assailants had come to Europe from
Syria via Greece.
One of the most contentious elements
World Markets
CURRENCIES
Dec 10 prev
0.35 $ per € 1.094 1.096 € per $
0.41 $ per £ 1.516 1.518 £ per $
0.47 £ per € 0.721 0.722 € per £
-0.18 ¥ per $ 121.530 122.090 ¥ per €
-0.09 ¥ per £ 184.282 185.282 £ index
-0.63 € index 86.106 86.005 $ index
-0.57 SFr per € 1.082 1.083 SFr per £
-0.05 COMMODITIES
0.06 Dec 10
-1.32 Oil WTI $ 36.78
-0.45 Oil Brent $ 39.68
-0.09 Gold $ 1071.00
UK £2.70 Channel Islands £3.00; Republic of Ireland €3.
Ageing 2.0
The ‘senior’ economy is too big to
ignore — AMERICA’S MIDDLE CLASS, PAGE 8
Briefing
i Cameron admits defeat on benefits curb
South African rand
Against the dollar (rand per $)
The prime minister has admitted defeat in his effort
to stop migrant workers from claiming British
in-work benefits for four years during his Warsaw
trip to lobby the Polish government. Officials said
he made only a weak effort to sell his idea.— PAGE 2
12
i City high-flyers jailed in film tax case
Three traders have been jailed for four and a half
years each after being convicted of conspiring to
13 cheat the tax authorities by investing in a film
14
finance scheme centring on Starsuckers.— PAGE 4
i Female terrorism-related arrests double
Security services arrested 315 people for terrorism-
related offences in the year to September, a third up
on a year earlier, charging 39 per cent. Arrests of
women more than doubled to 50.— PAGE 2
15
i Kim says North Korea has built H-bomb
North Korean leader Kim Jong Un has
claimed that Pyongyang has
developed a hydrogen bomb, to the
16 scepticism of defence experts. Such
Jun 2015 Dec devices have far greater power than
an atomic bomb.— PAGE 6
Source: Thomson Reuters Datastream
i Glencore steps up deleveraging push
The indebted trading and mining group hit hard by
the collapse in commodity prices has stepped up its
deleveraging plan and flagged a possible flotation of
its agricultural business.— PAGE 19; LEX, PAGE 18
i Khomeini grandson enters political field
Hassan Khomeini, the moderate, football-loving
grandson of the founder of Iran’s 1979 Islamic
Revolution, is already touted as a possible leader
despite fears over hardliner reaction.— PAGE 12
Photo: Getty
i Trade deficit highlights uneven recovery
The gap between imports and exports came in at a
worse than expected £4.1bn in October, showing
broadly pursued an orthodox 140 basis points to a seven-year how reliant the recovery remains on domestic
and market-friendly macro- high of 10.23 per cent. spending. Service exports performed well.— PAGE 4
economic policy even as it has The new finance minister is
followed a more radical David van Rooyen, an ANC Datawatch
approach in other areas. But member of parliament, who
under Mr Zuma investors have served as the whip of the parlia-
become increasingly sceptical mentary finance committee. Eurozone crisis-hit The experience of
of this juggling act. Peter Attard Montalto, an countries the big countries
Cumulative change in GDP (%) involved in the
South Africa’s rand weak- analyst at Nomura, said the Q1 2008 to Q4 2009 eurozone debt
ened against the dollar by 5 per decision was a “serious erosion Q4 2009 to Q3 2015 crisis has
cent and by 4.4 per cent against of the institution of the -20 -15-10 -5 0 5 10 15 20 diverged. Ireland
sterling. The rand has regularly National Treasury that acceler- Portugal fared worst during
hit record lows against both this ates the credit and ratings nega- the 2008-09
year. Since the start of 2015, the tive story” for South Africa. Spain
period but has
rand has fallen by 24 per cent Fitch last week downgraded Greece recovered best,
against the dollar and 22 per South Africa’s credit rating to Italy with output now
cent against the pound. triple B minus, one level above almost 10 per cent
Ireland
South African bonds were subinvestment grade. above the level of
also battered; the yields on Long arm of Zuma page 6 Source: Thomson Reuters Datastream early 2008
10-year paper soared nearly Editorial Comment page 14
of the regulation would hand the com-
mission the power to authorise a
deployment to a frontier, on the recom-
mendation of the management board of
the newly formed European border and
coastguard. This would also apply to
non-EU members of Schengen, such as
Norway. Member states would be con-
sulted but they would not have powers
to veto a deployment unilaterally.
Dimitris Avramopoulos, who is resp-
onsible for EU migration policy, told the
Financial Times: “The refugee crisis has
shown the limitations of the current EU
border agency, Frontex.” The European
border and coastguard would be a way
to “protect and strengthen Schengen”.
Frontex was hamstrung by a mandate
that allowed it only to “co-ordinate” the
protection of borders, rather than
enforce them itself.
Milestone to integration page 6
INTEREST RATES
Dec 10 prev price yield chg
0.914 0.912 US Gov 10 yr 100.22 2.23 0.01
0.660 0.659 UK Gov 10 yr 101.30 1.86 -0.02
1.386 1.384 Ger Gov 10 yr 103.85 0.59 -0.01
132.917 133.841 Jpn Gov 10 yr 101.11 0.29 0.00
92.418 91.669 US Gov 30 yr 100.55 2.97 0.00
105.435 106.086 Ger Gov 2 yr 101.35 -0.32 0.00
1.499 1.499 price prev chg
Fed Funds Eff 0.12 0.12 -
prev %chg US 3m Bills 0.27 0.29 -0.02
37.16 -1.02 Euro Libor 3m -0.11 -0.11 0.00
40.11 -1.07 UK 3m 0.58 0.58 0.00
1081.00 -0.93 Prices are latest for edition Data provided by Morningstar
2 ★ FINANCIAL TIMES Friday 11 December 2015

NATIONAL

EU reform Security

Cameron admits welfare defeat, say Poles Terror arrests

PM says failure to strike
deal on migration curbs
could lead to Brexit
HENRY FOY — WARSAW
GEORGE PARKER — LONDON
David Cameron has admitted defeat in
his bid to stop migrant workers claiming
British in-work benefits for four years
during a visit to Warsaw, according to
Polish officials.
But Mr Cameron told his Polish coun-
terpart Beata Szydlo that unless an
alternative deal to curb migration was
agreed Britain could vote to leave the EU
and end the automatic right of Poles to
work in the UK.
The prime minister has made curbing
migrant benefits the centrepiece of his
effort to renegotiate Britain’s relation-
ship with the EU, but eastern member
states have strongly rejected any meas-
ures that may discriminate against their
citizens living in the UK.
Polish officials say a “deeply worried”
Mr Cameron made only a weak effort
to sell his idea to restrict in-work bene-
fits for migrants for four years to Ms
Szydlo.
“He made a halfhearted attempt,”
said one official briefed on the talks.
“But he knew [that the four-year curb]
was off the table”.
Asked about the Polish comments,
Downing Street said: “The proposal on
the table is the four-year one. As the
FT Seasonal Appeal. Human trafficking
prime minister said in his speech, he is
open to different ways of dealing with
this issue but we do need to secure
arrangements that deliver on our objec-
tives.”
British officials confirmed that Mr
Cameron had warned his Polish hosts of
the dangers of a Brexit if he failed to get a
good deal on migration.
The prime minister pointed out that
unless Poland and other eastern Euro-
pean countries gave some ground — and
if Britain voted to leave the EU — hun-
dreds of thousands of their citizens
would lose the right to work in the UK
under the bloc’s freedom of movement
rules.
“There are issues on which we do not
see eye to eye . . . these issues will be
further discussed to try to solve them
together in consensus,” Ms Szydlo said
after a series of meetings with Mr Cam-
eron. “Free movement of people is a
fundamental thing . . . we will be con-
vincing our partners to keep this in
place.”
Poland and other eastern states have
led widespread opposition in the EU to
Mr Cameron’s proposal to restrict bene-
fits to migrants coming to the UK.
The curbs are the key aspect of his
plan to reach an agreement with Brus-
sels that he can sell to the British public
at a planned referendum on member-
ship of the bloc.
Brussels is looking at options for Brit-
ain to restrict EU immigration through a
so-called emergency brake if it is
deemed to have overwhelmed public
services, potentially offering Mr Cam-
eron an alternative to his demands to
deny benefits to migrant workers.
“We fully accept the right of Great
Britain to take sovereign decisions with
regards to welfare policy,” Ms Szydlo
said. “There is a common direction and
the future discussions in January will
only take us closer to a solution.”
More than 850,000 Poles are living in
Britain, the largest foreign population,
making Poland an essential part of his
negotiation. Warsaw is also keen to keep
Britain inside the EU, and agrees with
Mr Cameron on his other demands such
as making the bloc more competitive
and giving more power to national gov-
ernments.
see rise in
female
suspects
GONZALO VIÑA
PUBLIC POLICY REPORTER
Terrorism-related arrests increased by
a third in the year to September, with
twice as many women being detained
and a third more held on international
terror charges compared with the pre-
vious year.
With Britain on its second-highest alert
level, meaning a militant attack is
highly likely, security officials have
stepped up arrests in order to disrupt
potential attackers.
Of the 315 suspects arrested by secu-
rity services, 39 per cent were charged,
22 per cent released on bail and 37 per
cent released without charge, Home
Office figures show. Arrests of females

Home secretary urges crackdown on ‘hidden crime’
May calls for greater police
focus and has high hopes for
the Modern Slavery Act
LINDSAY FORTADO
Police and prosecutors have failed to
focus enough on human trafficking,
with too few prosecutions, Theresa May,
the home secretary, has told the Finan-
cial Times.
In an interview, she said it was impor-
tant to raise awareness of the hidden
crime — which official indicators sug-
gest may have risen rapidly — following
this year’s passage of anti-trafficking
legislation that Ms May hails as the first
national law of its kind in the world.
“I do not think this is an area of activ-
ity that they [the police] have focused
on and been sufficiently aware of,” she
said.
“A small number of prosecutions has
been an issue, which is why we have
streamlined the legislation, bringing
various pieces of legislation together in
the Modern Slavery Act, giving them
some extra powers, strengthening the
sentencing provisions, so to put a
greater focus on this,” she added.
For this year’s seasonal appeal, the FT
is working in partnership with Stop the
Traffik, an organisation that raises
awareness of human trafficking.
In one of the latest cases involving the
crime, a British couple were jailed this
week for six years for keeping a Nigerian
immigrant as a domestic slave for more
than two decades.
The most common form of trafficking
in the country is sexual exploitation, fol-
lowed by labour exploitation. Overall,
2,340 people were officially reported as
potential victims of the crime in 2014, a
34 per cent increase on the previous
year.
Part of the increase can be attributed
to heightened awareness but also to a
greater willingness to come forward, Ms
May said.
“Unless we know where people are
who are being exploited then it is not
possible to provide the support that
they need and, of course, to find the evi-
dence to catch the perpetrators, which is
important,” she added. “Since it is such
a hidden crime, it is very difficult to get a
handle on exactly how much has taken
place.”
She said on one occasion the police
Case workers who care for victims of
Private human trafficking say the greatest
sector challenge is helping people to find work
so as to keep a roof over their heads
once government support has expired.
Finding The private sector’s role in such
efforts, although largely informal, is
work seen becoming increasingly important.
as key for
survivors
In Liverpool, the Co-operative Group
is piloting a programme to accept two
victims from a safe house. The people
selected will receive in-store training
and work experience, with the possi-
bility of a job. Aisha Aswani, the Co-op’s
ethical trading manager, said the group
had been working with City Hearts, a
charity that operates safe houses, for
the past six months to “support
survivors of slavery in our communities
on their journey into employment”.
There are similar programmes
internationally. A victim of domestic
servitude at Baker & McKenzie’s office
in Washington has helped persuade the
law firm to provide training and support
for 12 survivors of modern slavery at its
US and UK offices. Lindsay Fortado
had taken more than a year to charge
about eight people for a number of
offences before realising they were all
interlinked.
“When they actually uncovered the
slave gang, they discovered, of course,
that in some cases these people had
been doing this because of their condi-
tions in slavery,” she said.
Some critics say the authorities are
not doing as much as they can to help
people suffering abuse.
Official figures show a big contrast
between the treatment of potential traf-
ficking victims from EU states — who
are consistently the most likely to be
deemed victims of trafficking with an
associated right of shelter — and the
handling of non-EU nationals. Although
the most common countries of origin of
potential trafficking victims are Alba-
nia, Nigeria and Vietnam, their citizens
are often those still waiting for an offi-
cial decision on their status.
Victims are often hesitant to contact
the authorities, out of fear of deporta-
tion or ending up in a worse situation
with no job or home at all.
Illustration: Michelle Thompson
‘Unless we But Ms May emphasised the contribu-
know where tion made by the new legislation, which
establishes the post of anti-slavery com-
people are missioner and requires all businesses
who are being operating in Britain with turnover
exploited greater than £36m to publish a state-
ment on their website detailing the steps
then it is not they have taken to eradicate slavery in
possible to their supply chain.
“I am hoping that the Modern Slavery
provide the
Act will raise awareness so that people
support that start asking these extra questions,” she
they need’ said.
This week she also announced a UK
Theresa May modern slavery helpline, with initial
$1m funding from Google.
Kevin Hyland, the former police
officer who has become the country’s
first anti-slavery commissioner, agreed
that the police needed to become more
In-depth aware of the issue.
The extent of “My team was out talking to police
modern-day recently, and some of the officers hadn’t
slavery and how
trafficking spans even heard of the Modern Slavery Act,
the world and that was in London,” he said.
ft.com/
seasonalappeal To find out more about the FT’s Seasonal
Appeal partner, visit Stop the Traffik.org
more than doubled to 50, while the
under-18snumberrosefromeight to15.
Theresa May, home secretary, last
month said that police and security
forces were conducting 600
separate investigations and that
“over 750 people are thought to
have travelled to Syria and Iraq, and
approximately half of those have
returned”.
Mark Rowley, assistant commissioner
at the Metropolitan Police, told MPs in
July that about a third of arrests, often
on separate criminal charges, were in
order to disrupt.
The increase in arrests is also believed
to have been linked to new powers avail-
able to law enforcement officers after
the introduction of the Counter-Terror-
ism and Security Act in February.
John Hayes, a Home Office minister,
said: “At a time of very significant
threat, it is vital that they [police and
security services] have the powers they
need to protect the British public.
“The Counter-Terrorism and Security
Act has enhanced our powers to disrupt
the ability of people to travel abroad to
fight, reduce the risks they pose on their
return and combat the underlying ide-
ology that feeds, supports and sanctions
terrorism.”
The rise in arrests follows the attacks
in Tunisia that claimed the lives of 30
British holidaymakers, but come before
the assault in Paris in which 130 were
killed. Police vigilance and arrests may
continue to rise following a vote last
week in the House of Commons to
extend air strikes against Isis targets in
Syria. On Saturday a man attacked
passengers at an underground station,
reportedly screaming “this is for
Syria”, before police used a stun gun to
detain him.
The figures show that of the 111
charged with terrorism-related offences,
35 were convicted, one was acquitted
and74wereawaitingprosecution.
The data also showed a 41 per cent rise
in the number of people who considered
themselves Asian, and there was a 25 per
cent increase in those describing them-
selves as white. Almost four out of five
were British nationals or had dual
nationality,thefiguresshowed.
Last month David Cameron
announced plans to recruit 1,900 intelli-
gence and security staff, aimed at coun-
tering the threat of Isis attacks on Brit-
ain’s streets and on flights operating out
of UK airports. The Investigatory Pow-
ers Bill will codify the authority of MI5,
MI6, GCHQ and police forces to access
records of every UK citizen’s internet
use without the need for judicial
authorisation.

US tycoon
A private bank unlike
any other. Trump blasts Scotland for stripping him of ambassador status
JOHN MCDERMOTT Links course near Aberdeen and his The presidential candidate was number of statements that are wholly
POLITICAL CORRESPONDENT
£200m investment in the Trump Turn- appointed as a GlobalScot ambassador incompatible with the ethos and values
Donald Trump has accused Nicola berry resort on the Ayrshire coast. The in 2006 by then first minister Jack of the university. The university has
Sturgeon of failing to appreciate his billionaire’s investment in Aberdeen- McConnell. At the time, Mr Trump, therefore decided to revoke its award of
greatness, after the Scottish govern- shire has so far been much less substan- whose mother hailed from the Isle of the honorary degree.”
30 global locations • www.efginternational.com
ment dropped the US presidential can- tial than originally billed. He has repeat- Lewis, said “part of my achievement can This is not the first time in recent his-
didate as a business ambassador on the edly declined to say when he might start be attributed to my Scottish roots”. tory that Mr Trump has run into trouble
EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014)
grounds that he is a bigot. construction of a planned second Mr Trump attended several “Dressed with Scottish authorities. In October he
FINANCIAL TIMES newspaper in any manner is not permitted without course, hotel expansion and more than to Kilt” events in New York City from took his fight against a wind farm near
Number One Southwark Bridge, London SE1 9HL the publisher’s prior consent.
‘Financial Times’ and ‘FT’ are registered trade marks The mogul yesterday hit back at his 2,000 holiday and residential homes. 2006 to 2013 to promote the Scottish the Links course to the UK Supreme
Published by: The Financial Times Limited, of The Financial Times Limited. mother’s homeland after Ms Sturgeon, But after suggesting he would not fashion industry but Scottish Enter- Court, the latest stage in Mr Trump’s
Number One Southwark Bridge, The Financial Times adheres to a self-regulation first minister, stripped Mr Trump of his invest any more in Scotland, Mr Trump campaign to keep turbines out of view of
London SE1 9 HL, United Kingdom. regime under the FT Editorial Code of Practice:
Tel: 020 7873 3000; Fax: 020 7407 5700 www.ft.com/editorialcode
“GlobalScot” ambassador status and in 2014 bought the historic Turnberry his Aberdeenshire golf course.
Aberdeen’s Robert Gordon University golf course and has already given its ‘The UK politicians An Edinburgh appeal court in June
Editor: Lionel Barber
should be thanking
Reprints revoked an honorary degree. clubhouse an expensive refurbishment. me instead of dismissed Mr Trump’s request for a
Subscriptions and Customer service: Are available of any FT article with your company “The UK politicians should be thank- “If they — Nicola Sturgeon and RGU — review of what he says was the Scottish
Tel 0800 028 1407; subscriptions@ft.com; logo or contact details inserted if required (minimum pandering to poli-
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Advertising: articles are also available. have done so much for Scotland.” ment in this £200m development, yers had not come “anywhere near”
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Mr Trump this week called for Mus- which will totally revitalise that vast prise, the country’s trade promotion substantiating his suspicions.
Fax: 020 7873 5938; letters.editor@ft.com lims to be banned from entering the US, region of Scotland,” he said. body, said it could not immediately pro- Mr Trump has been a vociferous
Executive appointments: FT Cityline provoking global outrage — a UK peti- Mr Trump added that in calling for “a vide full details of what Mr Trump did as opponent of the planned £230m Euro-
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http://www.ft.com/servicetools/ftmobile/cityline. Calls
tion calling for him to be banned from total and complete shutdown” of the US part of his ambassadorial role. pean Offshore Wind Deployment Cen-
Printed by: cost 75p/min. the country had more than 440,000 sig- to the world’s estimated 1.6bn Muslims, Aberdeen’s Robert Gordon University tre, an 11-turbine project 3.5km offshore
St Clements Press (1988) Ltd, London, Newsprinters natures by yesterday afternoon. That he “only said what needed to be said”, said Mr Trump was awarded the Doctor from his development at the Menie
(Knowsley) Limited, Merseyside, Newsprinters Newspapers support recycling made it the most popular petition ever adding that many of his friends are Mus- of Business Administration degree in Estate, north of Aberdeen. He has said
(Eurocentral) Glasgow, and Smurfit Kappa News The recycled paper content of UK newspapers in
Press Ld, Kells, Ireland 2014 was 78.5% on the government’s website. lim. Mr Trump’s “recent remarks have 2010 due to “his achievements as an the centre threatens “the destruction of
Writing in the Press & Journal news- shown he is no longer fit to be a business entrepreneur and businessman”. Aberdeen and Scotland itself”.
©Copyright The Financial Times Limited 2015. All paper, Mr Trump cited his Scottish golf ambassador for Scotland”, according to “In the course of the current US elec- Notebook page 14
rights reserved. Reproduction of the contents of this
interests: the Trump International Golf Scottish government spokesperson. tion campaign, Mr Trump has made a Philip Stephens page 15
Friday 11 December 2015
South-east hubs prepare to mop up capacity
As the government considers whether to back a third runway at Heathrow, smaller London operators are beefing up handling facilities
TANYA POWLEY
TRANSPORT CORRESPONDENT
As a final decision on a new runway at
Heathrow remains elusive, London’s
smaller airports are getting on with rais-
ing capacity as they look to soak up the
additional demand in the short term.
Luton airport, whose owners have
described it as the “Cinderella” of Lon-
don’s airports, has begun a £110m
revamp to increase capacity from 12m
to 18m passengers a year and improve
services. It is also looking at speeding up
transport to the terminal as a first step
towards serving long-haul flights, which
it believes will help boost the airport’s
appeal to business travellers.
To the north-east of the capital, Stan-
sted is spending £260m improving the
airport and will soon seek permission to
increase its current planning cap of 35m
passengers a year to let the airport grow
to its full potential of 45m.
London City wants to expand, but a
£200m development that would
increase the number of passengers it
handles to 6m by 2023 has been stalled
after planning permission was blocked
by Boris Johnson, London mayor, over
noise concerns.
While these airports quietly get on
with their plans, aviation experts have
criticised the government for becoming
fixated with where to put an extra run-
way in 20 years’ time, and ignoring how
tomeet demandbetweennow and then.
Charlie Cornish, chief executive of
Manchester Airports Group, which
owns Stansted, said the government
needed to have a wider debate on UK
aviation policy and look at the require-
ments for the next 15 to 20 years.
“Airports like Stansted, Birmingham
and Manchester have a huge opportu-
nity to contribute to the capacity con-
strain over the course of the next 15
years because there will be no new run-
way until then,” he said.
“The dilemma the government has
got if they don’t do something for the
short to medium term . . . the airlines
will probably deploy the planes else-
where.”
Some airlines are even coming up
with quirkier ideas to help ease capacity
Industry response
Despair at delays to runway expansion
JIM PICKARD AND TANYA POWLEY
Industry was relieved when the Davies
Commission was set up three years ago
to decide on expanding airport capac-
ity in south-east England; it hoped the
commission would finally secure a con-
sensus for action.
That relief turned to anger on Thursday
evening when the government said,
after considering the Davies report for
several months, that it would not make
a final decision until next summer.
“It defies belief that, having set a tar-
get to double our exports, the govern-
ment is refusing to approve the extra air
capacity to help it,” said Terry Scuoler,
chief of the EEF manufacturers group.
“This sends another very damaging
signal to inward investors”.
Only a few weeks ago George Osborne
boasted about the government’s
attempts to build new infrastructure in
a keynote speech. “Where would Britain
be if we had never built railways or run-
ways... ” he asked.
From the outset, there was a suspicion
that the Davies Commission was more a
device to delay a difficult political deci-
Politicians stuck in holding pattern
Cameron wants to wait for the
London mayoral poll but
prevarication is nothing new
GEORGE PARKER
POLITICAL EDITOR
David Cameron’s prevarication over
London airport policy is hardly new:
broken promises and political flip-flops
are even more plentiful than the numer-
ous discarded schemes to build a new
airport in the Thames Estuary.
Ever since plans for an airport at Map-
lin Sands — complete with high-speed
rail link, new town and container port —
were abandoned in 1974, politicians
have tried to dodge a decision on run-
way capacity in the south-east.
The prime minister’s deferral of a
final decision on whether to expand
Heathrow is part of a rich pattern of
delay: in this case he wants to wait until
after next May’s London mayoral poll.
Zac Goldsmith, Tory mayoral candi-
Expansion plans
Passengers per year
Luton £110m revamp
to increase capacity;
hoping to introduce
long-haul flights 10.5m
Heathrow
£11bn over
past 10 years,
including 73.4m
construction of
Terminals 2
and 5
Gatwick £1bn to redevelop
the North Terminal, which
40.0m
will see the creation of the
world's largest self-service
bag drop zone
FT graphic
Timeline
How aviation policy turned
into political football
1946 Heathrow opens its first full-length
runway.
1958 The new Gatwick airport is
officially opened by the Queen. It is the
world’s first airport with a direct railway
link.
1965 Stansted airport is developed.
1968 The government sets up the Roskill
Commission to look at the need for a
third London airport. In 1970, the Roskill
sion than a means of finally moving
ahead with airport expansion; the com-
mission was told to take its time and
report after the 2015 general election.
Carolyn Fairbairn, director-general of
the CBI, described the fresh delay as
“deeply disappointing”.
“We urgently need to increase our
runway capacity to spur trade growth,
‘It defies belief . . . this
sends another very
damaging signal to
inward investors’
investment and job creation,” she said.
Failing to build a new runway would
have a “dramatic” effect on exports and
cost up to £5.3bn a year in lost trade.
Simon Walker, director-general of the
Institute of Directors, said on Thursday
night business leaders would be “tearing
their hair out” at the news.
“Of course this is difficult choice,
which is the reason the government set
up the Airports Commission to make a
recommendation balancing economic
Background. Westminster
date, this week said that if Mr Cameron
went back on his “no ifs, not buts”
promise not to expand Heathrow, it
would be seen as “an enormous
betrayal”. Mr Goldsmith, an anti-Heath-
row campaigner, has warned he would
resign as Tory MP for Richmond Park if
Mr Cameron unequivocally backed
expanding the airport in west London.
That would trigger an awkward par-
liamentary by-election in a seat that
until 2010 was held by the Liberal Dem-
ocrats, who would undoubtedly turn the
contest into a referendum on Heathrow.
Sadiq Khan, the Labour mayoral can-
didate, has taken the opposite political
journey to the prime minister. Mr Khan
once supported Heathrow’s expansion
but is now opposed, favouring Gatwick.
“We need to get on with this,” Mr
Khan said. “A delay for political reasons
is hurting London and hurting business.
The government should go for Gatwick.”
Mr Cameron’s wariness is hardly sur-
prising. Gordon Brown flaunted his
Labour government’s pro-business
★ FINANCIAL TIMES 3
AIRPORT DECISION
issues before a final decision by the gov-
ernment on where to put an additional
runway in the south-east of England.
Passengers per year Flybe has called on Number 10 to
open up RAF Northolt, the 100-year-old
Stansted £260m on military airport in west London, for
improvements; intends domestic flights. The carrier proposes to
Luton Stansted 22.0m to seek permission for
capacity increase
set up a fast bus link to Heathrow, which
is 10 miles away, for connecting passen-
gers.
It is not the first time Northolt has
1m been suggested as a short-term answer
to London’s capacity issues. In a submis-
Northolt LONDON Southend sion to the Airports Commission, Roth-
London well Aviation proposed that £3bn
City should be spent extending Northolt’s
runway so short-haul aircraft could use
Heathrow
3.65m City plans for a £200m
it from 2018, leaving Heathrow to sup-
port long-range passenger jets.
development blocked Alistair Watson, head of planning at
by Boris Johnson, Taylor Wessing, the law firm, said over
Gatwick London mayor the next six months the government
Northolt Flybe has ‘If they [government]
n.a. called for military
airport to be opened up
don’t do something for the
to civilian flights short to medium term . . .
airlines will go elsewhere’
would have to analyse and review capac-
ity across the south-east, to understand
Commission recommends Cublington, commissions another study on airport 2008 Heathrow’s Terminal 5 opens. where short and medium-term capacity
Oxfordshire. capacity in the south-east. The study London mayor, Boris Johnson, raises the increases should be made. “There is
backs the expansion of Heathrow. option of a Thames estuary airport. capacity across the south-east . . . to soak
1971 The government selects Maplin 1991 New terminal at Stansted opens. 2009 The Labour government backs a up demand,” said Mr Watson.
Sands, Foulness, as the site of London’s third runway at Heathrow. According to Mr Cornish, there is
new hub airport. 2003 The Future of Air Transport white about seven to eight runways’ worth of
paper supports a third runway at 2010 The Tory-Liberal Dem coalition capacity available round the UK. How-
1974 Paris opens the new four-runway Heathrow as well as a second runway at reverses Labour’s decision and rules out ever, he said the government needed to
Charles de Gaulle airport. Maplin Sands Stansted. In the meantime, Amsterdam’s new runways at Gatwick or Stansted. look at improving rail links to tap into
proposal is abandoned by the new Schiphol opens its fifth runway. this capacity.
Labour government. 2011 Heathrow reaches 99.2 per cent of A surprise option by the government
its capacity. Frankfurt opens its fourth could see it decide against a runway at
1978 The government’s aviation white runway. either Heathrow and Gatwick, and
paper identifies Heathrow capacity as instead go for “management of capac-
“restricted”. A year later, the new 2012 The government establishes the ity” across the south-east airport net-
government amends that to say that Airports Commission, which rules out an work. But some are sceptical at whether
“Heathrow capacity is virtually estuary airport. these smaller, farther away London air-
exhausted”. ports are the answer. John Strickland, an
1984 Frankfurt opens a third runway. 2015 The Airports Commission backs a aviation analyst at JLS Consulting, said
new runway at Heathrow, with a ban on this would be a “cobbled-together” solu-
1986 Heathrow opens Terminal 4. night flights, as the best way to boost tion. “Yes, there is capacity available.
Heathrow in 1955. It had opened its the economy and secure the UK’s future Some airlines would accept to go there,
1990 The Conservative government first full-length runway in 1946 as a global aviation competitor. but others would simply not.”
needs, environmental concerns and the
impact on local residents,” he said.
“What was the point of the commission
if the Government still fails to act?”
Campaigners for the third runway
argue that it could generate up to
£211bn in gross domestic product by
2050 and up to 180,000 jobs.
Mark Littlewood, director-general at
the Institute of Economic Affairs, said
London was already lagging behind
other European cities.
“The UK has not extended airport
capacity since the end of the second
world war and with demand now pric-
ing people out of the aviation market,
it’s crucial politicians stop hampering
market processes,” he said.
Willie Walsh, chief executive officer of
IAG, the parent group of British Air-
ways, said on Thursday that a decision
to undertake further consultations
underlined “that there is no political
will to build a new runway”.
John Holland-Kaye, chief executive of
Heathrow, had pleaded in vain earlier
for the government to proceed straight
away. “Expand Heathrow and unlock
growth across the country,” he said.
stance in 2009 by coming out for a new
runway at Heathrow, but faced a great
deal of environmental criticism.
Geoff Hoon, Labour’s transport secre-
tary, said they intended the new Heath-
row slots to be “green slots” used by only
the cleanest aircraft.
In a reminder of the shifting Tory
position, Theresa Villiers, as shadow
transport secretary in 2009, was not
impressed by the environmental case
for Heathrow. She said the runway
would “inflict devastating damage”.
Tory ministers say the new Heathrow
proposal differs from the 2009 version.
When Mr Cameron became prime
minister, the case for expanding Lon-
don’s airport capacity might have been
compelling from a business perspective
but it was far too hot for his coalition. He
and Nick Clegg, his Lib Dem deputy, set
up the Davies Commission to review the
issue with a mandate to report after the
2015 general election. The prime minis-
ter is finding the passage of time does
not make a decision any easier.
4 ★ FINANCIAL TIMES Friday 11 December 2015

NATIONAL

Investment schemes Drag on recovery

City traders jailed over film tax scam Trade deficit

Revenue casts net more
widely in effort to crack
down on avoidance
JANE CROFT
Three high-flying City traders have
been jailed for four and a half years each
after being convicted of conspiring to
cheat the tax authorities by investing in
a film finance scheme.
Details of the case can now be
reported for the first time after a second
interlinked trial ended yesterday with
acquittals for three former RBS bankers
and a financial broker. The defendants
were cleared by a jury at Southwark
Crown Court of one count of conspiring
to cheat HM Revenue & Customs by
investing in a film scheme.
The two trials come as HMRC cracks
down on film investment schemes after
it came under pressure to launch more
criminal prosecutions.
It has become common practice for
wealthy UK taxpayers to invest in a film
production and then write down the
investment’s value to claim tax relief on
the loss.
The three Jefferies International trad-
ers were convicted by a jury at South-
wark Crown Court in September after
claiming to be “active members” of a
film finance partnership that invested
in the film Starsuckers — about the cult of
celebrity.
James Hyde, 43, Hamish Maclellan,
43, and Phillip Jenkins, 50, all worked
for US investment bank Bear Stearns,
before moving to Jefferies, where each
earned more than £1m a year in
Automation. Social impact
2009-10. During their trial they had
denied wrongdoing and claimed they
were unaware of “active member” sta-
tus and that they had to spend 10 hours
a week working on the films in order to
qualify for the tax rebates.
In the latest trial, which has
just ended, three former RBS bankers
Vincent Walsh, 53, Jason Edinburgh,
48, and Assad Amin, 43, ex-RBS global
head of listed execution, plus Michael
Elsom, a senior broker at Marex Spec-
tron, were all cleared by a jury of one
charge of conspiracy to cheat the Reve-
nue through investing in a film finance
scheme. They had denied any wrongdo-
ing.
Their co-defendant Neil Williams-
Denton, a financial adviser who intro-
duced them to the scheme, was found
guilty by the jury yesterday of one count
of conspiring to cheat the Revenue. He
had also been convicted by the jury in
the earlier trial.
HMRC had alleged in the trial that the
RBS bankers submitted fake diaries
detailing false activities so they could
say they were “active partners” and had
worked 10 hours a week on the film — a
necessary legal requirement to reclaim
the tax rebates.
Prosecutor Shane Collery alleged that
the bankers submitted “hundreds of
pages” of false diaries detailing the
hours they supposedly worked on a film
called Mercedes the Movie in order to
claim thousands of pounds of so-called
sideways tax relief from their tax bills.
The film was never made.
The RBS traders all denied wrongdo-
ing and conspiring to cheat the Reve-
nue. They said Terence Potter, a Mona-
co-based former tax partner at Ernst &
Young who helped set up the film
scheme, had sent them the records,
which they forwarded on to HMRC, but
they had often been too busy to check
what was being sent on their behalf.
Their families hugged and cheered in
court after the final acquittals were
delivered by the jury yesterday.
HMRC has initiated more than 2,600
prosecutions since 2010 but it remains
highly unusual to prosecute investors in
tax avoidance schemes.
Signs that the net was being cast more
widely emerged in 2013 when the
Crown Prosecution Service reported “an
important breakthrough”, which
extended the reach of criminal law after
a successful prosecution of individuals
who devised and operated sophisticated
tax avoidance schemes.
widens as
exports
struggle
EMILY CADMAN
Britain’s trade deficit widened further
in October as exports stagnated and
imports surged, underlining how reli-
ant the recovery remains on domestic
spending.
The gap between imports and exports
grew from a revised £3.1bn in Septem-
ber to a worse than expected £4.1bn in
October, the Office for National Statis-
tics said yesterday.
Paul Hollingsworth, UK economist at
consultancy Capital Economics, said the
data were “dismal” and provided “fur-
ther signs that the economic recovery
has remained worryingly unbalanced”.
Reflecting the continued struggles of
manufacturers against subdued
demand and the strength of sterling, the
deficit on the trade of goods with the rest
of Europe reached £8.1bn, a new record.

Rise of robots prompts ethics warning from scientists
New body to weigh potential
effects such as joblessness
and human rights violations
CLIVE COOKSON — SCIENCE EDITOR
The rapid movement of robots “out of
factories to automate all aspects of our
lives” has prompted an international
group of scientists, engineers and ethi-
cists to set up a Foundation for Respon-
sible Robotics.
The body, launched in London, will
encourage governments and industry to
consider the impact of robotics on soci-
ety, ranging from the potential for mass
unemployment to human rights viola-
tions. Researchers and policymakers
have so far ignored the field, say the
group’s founders.
“We are rushing headlong into the
robotics revolution without considera-
tion for the many unforeseen problems
lying around the corner,” said Noel
Sharkey, a robotics professor at Shef-
field University and chair of the founda-
tion. “It is time now to step back and
think hard about the future of the tech-
nology before it sneaks up and bites us”.
Although industrial robots working in
factories have dominated robotics, the
balance is changing fast as service sec-
tors automate. The world has 12m serv-
ice robots, compared with 1.5m indus-
trial robots, Prof Sharkey said. The
International Federation for Robotics
predicts the number of service robots
will rise to 31m by 2018.
Robots are beginning to entertain and
care for children and old people, they
are preparing food and cooking in res-
taurants, cleaning homes, milking cows
and killing in armed conflict — defence
is the biggest non-industrial user of
robots.
Professor Johanna Seibt of Aarhus
University in Denmark, a co-founder of
the foundation, said social robots were
more than tools. “They change how we
are as human beings.”
The nature of the human brain
means that we cannot help treating
robots as other people — or at least as
living animals — to which we quickly
grow attached, said Prof Seibt. That
“anthropomorphism” makes people
protect their favourite robots if they
are threatened, even at the expense of
Food for other human beings. “Soldiers are pre- of Sheffield University’s computer sci-
thought: robots pared to risk their lives to protect a ences department.
serve customers robot,” she said. “Robots cannot provide meaningful
at a restaurant Robotic animals such as Paro, the Jap- contact. We don’t want families to say:
in Suzhou, anese baby seal, are rapidly being ‘Don’t worry about granny, the robot is
China. Paro the adopted in care homes to provide com- looking after her.’”
therapeutic seal pany for people with dementia. “While There are similar concerns about the
robot, below this may have beneficial effects, at least impact of robotic companions at the
Koichi Kamoshida/ in the short term, we have to be con- other end of life: how will they affect the
Getty Images
cerned about the deception and loss of ability of young children to interact and
dignity involved,” said Amanda Sharkey make friends with real people?
The problem with answering such
questions was the absence of research
into the longer-term effects of exposure
to social robots, said Prof Seibt. “There
have been very short-term studies last-
ing a few weeks, but we need studies of
at least two years to see what it is doing
to our children.”
All the founders insisted that, far
from being Luddites, they were enthusi-
astic about robots. “The challenge is to
use the positive aspects of robotics and
avoid the downside,” said Mrs Sharkey.
‘Robots She accused the UK and other govern-
ments of promoting robotics for the
cannot sake of its economic benefits, “with no
provide mention of any joined-up thinking on its
meaningful societal impact or its potential dangers
for the fundamental rights of citizens”.
contact. We The Foundation for Responsible
don’t want
Robotics is being supported initially by
families to the 3TU Centre for Ethics and Technol-
ogy in the Netherlands, while it seeks
say: “Don’t longer-term funding from the EU’s
worry about Horizon 2020 research programme and
granny, the other sources. It will also recruit individ-
ual members who work in robotics and
robot is related fields.
looking after “We still have a chance to shape the
her”’ way things go, to promote responsibility
for the robots embedded in our society,”
said the foundation’s president, Aimee
van Wynsberghe of Twente University
and 3TU. “We must ensure that the
future practice of robotics is for the ben-
efit of mankind, rather than for short-
term gains.”
Service exports by contrast continue
to perform well, remaining in surplus by
£7.7bn in October.
Trade data are notoriously erratic and
were stripped of their Kitemark
national statistics badge of quality last
year after a series of errors, meaning
economists typically do not place much
emphasis on individual months.
But even accounting for volatility, the
extent of the shortfall means trade is
likely to act as a drag on the overall eco-
nomic recovery.
Over the past three months, the trade
deficit has widened by £2.4bn, mainly
due to a fall in the export of fuel and a
rise in imports of machinery and trans-
port equipment.
Howard Archer of IHS Global Insight
said the “highly unappetising” figures
were disappointing and represented a
significant risk to forecast overall
growth of 0.6 per cent in the fourth
quarter of the year.
Samuel Tombs, chief UK economist at
Pantheon, said recent survey data sug-
gested that export orders remained
weak and net trade was “likely to slow
the economic recovery further over the
coming quarters”.
Whereas net trade added 1.4 percent-
age points to growth in the second quar-
ter of the year, it knocked a record 1.5
points off in the third quarter, highlight-
ing the volatility of the data so far this
year.
Despite numerous efforts from suc-
cessive governments to boost exports,
the UK has not run a trade surplus since
the late 1990s.
On Wednesday, the British Chambers
of Commerce downgraded its forecast
for overall gross domestic product
growth from 2.6 to 2.4 per cent for 2015,
largely due to weaker than expected
trade and manufacturing figures.
UK trade balance
Rolling 12-month sum to October (£bn)
100
2012 2015
50
0
-50
-100
-150
Services Goods Goods
and Services
Source: Thomson Reuters Datastream

Resolution Foundation 4G mobile network

Call for more productivity to counter wealth shift Emergency services set for high-speed links
VANESSA HOULDER
The share of wealth of the recently
retired has overtaken that of those
aged under 45, according to research
that underlined a growing divide
between the generations.
Analysis by the Resolution Foundation,
a think-tank, showed that households
headed by a 65 to 74-year-old held
about 19 per cent of the country’s
wealth, compared with 16 per cent for
the under-45s — despite there being
two-and-a-half times as many of them.
The shift was attributed to the
younger generation being hit by a pay
squeeze and being less likely to own a
home. Older people were less affected
by the UK’s pay squeeze and had bene-
fited from the recovery of house prices.
Lord Willetts, executive chair of the
Resolution Foundation, and a former
Conservative minister, said: “There has
been a long-term shift in the share of
household wealth across the UK, which
has been accelerated by the recent
financial crash and downturn.”
He said there had been considerable
transfer of wealth from recent pension-
ers down to their children and grand-
children, for instance, by helping them
to get on the property ladder. But this
pattern had serious implications for
social mobility, particularly if the state
was transferring wealth in the opposite
direction, he said.
He said: “To ensure that younger
households enjoy the same wealth in
older age as recently retired households,
19% 16%
Share of wealth in Share of wealth in
households with households with
65 to 74-year-old head aged
head under 45
we need to see a relentless focus on pro-
ductivity to get wages growing at a
healthier rate.”
The report said the generational
wealth divide had grown since the finan-
cial crash, as a result of the recently
retired being relatively protected in a
downturn where house prices had a
swift recovery, while real wages took six
years to start increasing again.
Approaching the recession in
2006-08, households aged 16-44 held
22 per cent of property wealth in the UK,
dropping to 17 per cent in 2010-12. This
compares with the recently retired, a
considerably smaller group, which held
17 per cent of UK property wealth in
2006-08, rising to 20 per cent in
2010-12. This in part reflects falling
home ownership rates for younger
households, the report said.
The analysis, based on official figures
from the Office for National Statistics,
said one reason that those born in the
baby boom of 1945-65 were relatively
wealthy was that inflation came at the
right time to wipe out their debts.
together with improved life expectancy
at the right time too, it said.
It added that the defined benefit pen-
sion scheme deficits of yesterday’s
workers were weighing on the wages of
today’s.
But some older households are still
likely to face problems in retirement,
with one in seven having less than
£50,000 in household wealth. This
showed that older households are not
universally doing better than younger
ones, the report said.
DANIEL THOMAS
TELECOMS CORRESPONDENT
Police forces and other emergency
services will be able to use smart-
phones and tablets linked to a national
high-speed 4G mobile network after a
£1bn communications contract was
awarded to EE, the British telecoms
group.
The tender for the emergency services
contract was thrown into disarray after
the Financial Times revealed that the
only other bidder, O2, had withdrawn
from the process in the summer.
Further problems were raised after
Airwave, the existing provider of emer-
gency services communications using
its national radio network, threatened
legal action over the tender.
The two-way radio services provided
by Airwave will gradually be replaced
by a national 4G network provided by
EE for 300,000 emergency services
personnel including police, fire and res-
cue and ambulance from summer next
year.
EE has promised to build more than
500 additional 4G sites and new systems
to deliver a critical communications
network.
Police forces have worried that the
change to 4G could become a problem if
they operate in areas where there is
patchy coverage from mobile opera-
tors.
There are concerns about the hardest-
to-reach areas of Wales, as well as
whether the London Underground can
be included, while there are also worries
about how the network would cope in a
crisis should mobile users overload the
system with calls and videos.
EE has promised to improve its cover-
age and reliability by the time services
are needed next year.
Fire crews could use digital plans to
help navigate a burning building
The group said its network would
improve the efficiency of the emergency
services by giving them access to mobile
data and applications on the move.
The government claims the shift to
the more modern network will save tax-
payers £1m a day.
In future, for example, ambulance
crews could send patient data to the hos-
pital before arrival, while a policeman
could record an arrest on a live-stream-
ing body camera.
Fire and rescue crews could find dig-
ital blueprints to help navigate a burn-
ing building or use live helicopter cam-
era footage.
Olaf Swantee, chief executive of EE,
said: “We have worked closely with the
police and ambulance crews to show the
power of 4G in helping save time and
save lives.
“We will now work tirelessly to
deliver a highly resilient, truly nation-
wide 4G network.”
EE has committed £1.5bn to improve
its network up to 2017, and will increase
that investment to build the emergency
services network, including satellite
services for areas with bad coverage.
Friday 11 December 2015 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Friday 11 December 2015

INTERNATIONAL

South Africa Nuclear fears

Treasury fails to escape long arm of Zuma North Korea

Department’s reputation,
built up over 21 years of
ANC rule, is under threat
ANDREW ENGLAND — JOHANNESBURG
By sacking his finance minister, South
African president Jacob Zuma has in a
stroke undermined the country’s hard-
won reputation for sound economic
management.
Since he took office six years ago, Mr
Zuma’s presidency has lurched from
one scandal or crisis to another. But
there was always the perception that
two bodies were far too important to be
dragged into the morass: the Treasury
and the South African Reserve Bank.
Both are seen as highly credible and
well-run.
The shock timing of Nhlanhla Nene’s
dismissal, however, and the appoint-
ment of David Van Rooyen, a little-
known MP with no previous experience
of national government, threatens the
Treasury’s reputation, which it has built
up in the 21 years of African National
Congress rule.
“We didn’t think that sort of thing [Mr
Presidential inauguration
Nene’s dismissal] would actually hap-
pen,” said Kevin Lings, chief economist
at Stanlib, an asset manager, describing
the move as “extremely” damaging.
Mr Lings said the Treasury and cen-
tral bank had been viewed as independ-
ent of the “politicking that normally
goes on”. But “this appointment would
suggest that one has to be more mindful
of political interference in the function-
ing of the Treasury”.
“The lines start to blur between what
is sound economic policy for the coun-
try and what are appointments to
achieve political objectives,” Mr Lings
said.
The decision to replace Mr Nene was
announced with in a brief statement
released late on Wednesday night.
There has been no further explanation
from the presidency even as the rand
fell by more 5 per cent to historic lows.
Even the Congress of South African
Trade Unions, the powerful ally of the
ruling ANC, said it was “shocked and
disconcerted” by Mr Nene’s dismissal,
saying the decision was “ill-timed”. In
an usually subdued statement, the ANC
said it “notes and respects” Mr Van
Rooyen’s appointment. Last week,
New minister
‘No experience in
the area of finance’
When David Van Rooyen stood
before television cameras to be
sworn in as finance minister
yesterday, it was the first time the
majority of South Africans and
investors had set eyes on him.
Analysts and bankers share a
mutual ignorance of a man who has
risen from the backbenches of
parliament to head the Treasury in
one of the most heavily traded
emerging markets.
“The replacement has no
experience in the area of finance,
economics and global financial
dynamics,” was the blunt
assessment of Cas Coovadia,
managing director at the Banking
Association of South Africa.
Mr Van Rooyen told reporters:
“Mine is a colossal assignment.” But
he took no questions and gave no
hint of how he will tackle the task.
South Africa slid closer to junk status
when it was downgraded and put on
negative outlook by Fitch and Standard
& Poor’s respectively.
While the overwhelming reaction to
Mr Nene’s ousting was shock, others see
it as just the latest example of Mr Zuma’s
much-criticised style of government,
with many claiming that patronage, cro-
nyism and ANC internal politics hold
sway. This has fuelled a sense of policy
uncertainty and drift, while state insti-
tutions — ranging from SABC, the state
broadcaster, to Eskom, the utility, and
South African Airways, the national car-
rier — are deemed to have been weak-
ened and tarnished by meddling.
“This writing has been on the wall for
a long time and everybody has ignored
it. It’s just another step in the process,”
said a senior South African executive
who did not want to me named.
“The fact of the matter is that it’s a
confirmation; it’s not as though we sud-
denly hit an iceberg and we didn’t know
the icebergs were there.”
Analysts have linked the decision to
replace Mr Nene to two episodes that
put him on a collision course with Mr
Zuma and his allies. The first was Mr
Nene’s resistance to the presidency’s
plans for a new nuclear plant, a project
many say South Africa can ill-afford as it
struggles with wide fiscal and current
account deficits and anaemic growth.
The second has been the Treasury’s
attempts to prevent lossmaking SAA
from rearranging a deal with Airbus
over new aircraft. The chairwoman of
SAA, Dudu Myeni, who sought to
restructure the deal, is close to Mr
Zuma.
Mcebisi Ndletyana, an associate pro-
fessor the University of Johannesburg,
said Mr Zuma was a “president who has
shown he doesn’t really care for public
opinion and will act based on his per-
sonal interest”.
“He has no sense of the implications
that his decisions have and he doesn’t
seem to have any sense of foresight — he
thinks only of the immediate,” he said.
There are implications for the coun-
try and the ANC. South Africa sells
about R4bn in bonds each week and
relies heavily on non-resident portfolio
inflows to finance its current account
deficit which hit 4.1 per cent of gross
domestic product in the third quarter.
Editorial Comment page 14
has made
hydrogen
bomb,
claims Kim
SIMON MUNDY — SEOUL
North Korean leader Kim Jong Un has
claimed for the first time that
Pyongyang has developed a hydrogen
bomb, drawing a sceptical response
from analysts.
With international talks on its weapons
programmes stalled since 2012, North
Korea has been pushing ahead with
nuclear development in defiance of UN
sanctions, while drawing foreign atten-
tion with increasingly bold claims about
its capabilities.
The latest of these came yesterday,
when the official Korea Central News
Agency reported remarks by Mr Kim
during a visit to an arms factory the pre-
vious day.
“Today our nation has succeeded in
becoming a mighty nuclear state, which
can resound with the roar of nuclear and
hydrogen bombs that can strongly
guard the nation’s sovereignty and the
people’s dignity,” he was reported as
saying.
It is the first time that Pyongyang has

Macri starts new era with pledge to unite Argentines
BENEDICT MANDER — BUENOS AIRES
Mauricio Macri promised to end pov-
erty, fight drug-trafficking and unite
Argentines as he was sworn in as the
new president of South America’s sec-
ond-largest economy yesterday.
But before the new era could begin,
there was an almost farcical squabble
over protocol that recalled the country’s
divisive politics: the presidential sash
was placed on Mr Macri by the leader of
his centre-right party’s congressional
block in Congress because outgoing
president Cristina Fernández refused to
assist his inauguration.
“A new era is coming: an era of dia-
logue, respect and team work,” the
former mayor of the city of Buenos Aires
said during the ceremony, attended by
most South American presidents,
including the leaders of Brazil, Chile,
Uruguay and Paraguay.
Mr Macri’s election victory, which saw
the narrow defeat of the leftist Ms Fern-
ández’s chosen successor in a run-off
vote last month, comes as other leftwing
governments in the resource-rich
region suffer steep declines in popular-
ity, notably in Brazil and Venezuela, as
the commodity boom comes to an end.
The former president of Boca Juniors,
one of the country’s best-loved football
clubs, said that Argentines were “tired
of useless confrontation”, referring to
Ms Fernández’s combative style that has
polarised society and soured relations
with countries such as the UK and US
during her eight-year presidency.
Mr Macri pledged to be “implacable”
against corruption among government
officials and to provide his “complete
support” for an independent judiciary,
addressing two of the strongest criti-
cisms made against the outgoing admin-
istration. He said his government would
stop “lying and deceiving with false
information” and prioritise transpar-
ency, in a nod to his promise to overhaul
the discreditedstatestatistics agency.
Beside his wife, Juliana Awada, Mr
Macri then drove from Congress to the
Victory dance: presidential palace, the Pink House,
Argentina’s accompanied by cavalry and waving at
President supporters brandishing the light blue
Mauricio Macri and white national flag.
and First Lady “Yes, we can!” they yelled, as Mr Macri
Juliana Awada thanked the crowd from the historic bal-
yesterday in cony of the presidential palace beside
Buenos Aires the vice-president, Gabriela Michetti,
Victor Caivano/AP
who sang from her wheelchair as Mr
Macribegandancingincelebration.
In the same square, the Plaza de Mayo,
Ms Fernandez had addressed supporters
the night before, joking that she would
turn into a pumpkin at midnight when
her presidency officially ended. The first
time since the return of democracy in
1983 that a president has missed the suc-
cessor’s inauguration, her absence
marked the end of a messy transition of
power in which she announced a flurry
of extrabudgetary spending decrees and
last-minutehirings.
Even so, Alejandro Vanoli, the pro-
government central bank governor,
resigned on Wednesday after pressure
to step down from the opposition, which
has fiercely criticised his management
of foreign exchange reserves that they
say are now dangerously low.
Markets have high expectations for
Mr Macri, their preferred candidate in
the elections, and are hoping for a new
era of pro-growth structural reforms
that will clear the way for much-needed
investment to kick-start the flagging
economy. But the economic challenges
facing him are great, since he will inherit
a widening fiscal deficit, an overvalued
currency and one of the highest rates of
Macri inflation in the world.
“The required macro adjustment pos-
vowed to be es risks to Macri’s political capital and
‘implacable’ could erode governability if expectat-
ions are not co-ordinated properly,” Seb-
against astian Rondeau, an economist at Bank of
corruption AmericaMerrillLynch, saidyesterday.
The only regional leader absent from
among the proceedings was Venezuela’s Nicolás
government Maduro, after Mr Macri said he would
request its suspension from the regional
officials trade bloc, Mercosur.
claimed to have built a hydrogen bomb,
or thermonuclear weapon, though
observers including the South Korean
military have raised concerns that it
could try to do so.
Such weapons involve a fission reac-
tion that triggers a fusion reaction, with
a much greater explosive impact than
those using only fission, such as the
bombs dropped on Japan in 1945.
Hydrogen bombs make up the bulk of
nuclear weapons held by the main
nuclear powers. But analysts presume
that North Korea’s three nuclear weap-
ons tests to date have involved pure fis-
sion devices, in light of the tests’ rela-
tively low explosive yields and the much
more advanced technology needed to
develop thermonuclear weapons.
South Korea’s official Yonhap news
agency quoted an unnamed intelligence
official as saying that Seoul believes
North Korea lacks the technology to
build hydrogen bombs.
Chang Yong-seok, a researcher at
Seoul National University’s Institute for
Peace and Unification Studies, endorsed
this assessment, calling Mr Kim’s claim
“preposterous”.
“We shouldn’t take it seri-
ously . . . Kim wants to bring the US
back to the negotiating table,” he said.
Talks between the two countries have
been stalled since 2012. Washington
wants North Korea to make steps
towards denuclearisation before the
resumption of negotiations, which
Pyongyang says must happen without
preconditions.
In 2013, South Korea’s chairman of
the joint chiefs of staff told parliament
that the military could not rule out the
possibility of North Korea testing a
hydrogen bomb. Three years before
that, Pyongyang’s Rodong Sinmun
newspaper announced that its scientists
had carried out a fusion reaction.
Yesterday’s announcement came
hours after the publication of satellite
photography analysis suggesting that an
upgrade of North Korea’s Sohae satellite
launch site is nearing completion.
Satellite photography analysis pub-
lished on the site last week suggested
that North Korea was building a nuclear
warhead test tunnel at another site.
Additional reporting by Kang Buseong

Migration crisis

Accord on European border force would be a milestone in the history of integration

ALEX BARKER AND DUNCAN ROBINSON
BRUSSELS
From the convulsions of Europe’s
migration crisis a plan is emerging for a
standing European border force which,
if adopted, would be a milestone in the
history of European integration.
The 1m-plus asylum seekers who have
crossed the EU’s external borders this
year have put the passport-free Schen-
gen travel area under strain, exposing
lax border control, uneven enforcement
of rules and weak institutions. “What
we are in is the no man’s land of an
incomplete system,” said Liz Collett of
the Migration Policy Institute.
EU officials hope the turmoil has also
brought recognition in European capi-
tals that decades of resistance to ceding
border control powers to Brussels has
hobbled the bloc’s ability to cope with
the current emergency.
According to officials familiar with
the new European Commission plan, it
would create a European border and
coastguard agency — a standing force of
thousands of guards who could be
deployed to weak spots on Schengen’s
frontiers at the commission’s behest.
It sets the stage for an epic political
fight over the price in sovereignty that
must be paid to keep the Schengen area
alive.
What has prompted this?
The great benefit of the Schengen area
is that it allows citizens to travel across
the continent unhindered by border
controls and passport checks. But secu-
rity experts have long warned that the
system relies on a durable frontier. If
not, a criminal or terrorist who slips
across a weak border in Greece is able to
make it to France or elsewhere undetec-
ted, as happened in the recent Paris ter-
ror attacks.
The numbers of migrants flooding
into Europe from Africa and the Middle
East — many making their way to Ger-
many and Sweden — have exposed the
weaknesses of frontiers in Greece and
Italy and deepened the sense that
Europe has lost control of its borders.
How controversial is the plan?
Consider that the proposals would
empower the commission, at the
request of the border agency, to order a
deployment of guards to Greece, Nor-
way, Italy, Poland or Spain — even
against the explicit objections of their
national governments. Guards would be
authorised to use force to protect the
borders of a nation that outright rejects
their presence on its frontier. It cuts to
the core of a state’s sovereignty. And
while it may be unrealistic to imagine an
invasion of EU border guards, the politi-
cal debate over whether such powers
should be ceded could force countries to
rethink whether they are willing to be
part of Schengen.
Is it legal?
Similar ideas have been touted by fed-
eralists in Brussels for almost two dec-
A Frontex member holds a child
after a rescue near Lesbos island
ades. But they have always foundered
on the objections of EU member states,
which have jealously guarded their sov-
ereign right to command how their bor-
ders are monitored and policed.
In designing these proposals, Jean-
Claude Juncker, the commission presi-
dent, is responding to calls from France
and Germany, which have made clear
that Schengen’s survival rests on the
creation of a common force to secure a
leaky external border.
Yet it is still likely to trigger a barrage
of complaints from frontier states like
Greece, which are more sensitive about
border matters and have long inter-
preted the EU treaties as not allowing
such a dramatic intrusion.
Philippe de Bruycker of the Université
Libre de Bruxelles notes that the
“ambiguous wording” of the EU treaty
— permitting “the gradual introduction
of an integrated management system
for external borders” — was a compro-
mise that allowed both federalists and
antifederalists to believe it represented
their views.
“Can you go that far under the current
legal framework? That is a difficult dis-
cussion,” he said.
Is there any chance it will be
adopted?
The proposal is for a regulation that
would become part of the Schengen rule
book. It requires the support of the qual-
ified majority of member states and the
European Parliament. But the two insti-
tutions have rather different views on
European integration.
While the parliament is often
staunchly in favour of deeper integra-
tion, the national governments that
comprise the Council are reluctant to
see power transferred to Brussels. The
exception has been extreme circum-
stances, such as the eurozone crisis.
The parliament has already backed a
call to set up a proper European border
force and is likely to fall in line behind
this proposal.
Getting this through the council may
be trickier. But the commission does
have one advantage: both Paris and Ber-
lin have repeatedly made clear that they
wanted a proposal similar to what the
commission is set to table.
Is the EU up to the job?
At the moment, the closest thing the
EU has to a common “border guard” is
an agency called Frontex. The Warsaw-
based agency is limited to “co-ordinat-
ing” border protection efforts between
member states. This means it is unable
to hire its own border guards or even
buy its own equipment. Instead it has
relied on begging member states for
both personnel and the stuff they
needed to do its job. The equipment and
people pledged by national capitals,
however, has often failed to turn up.
While Frontex has requested 700 bor-
der guards to assist Greece, for example,
member states have so far put forward
only 450. By contrast, the European
Border and Coast Guard will be a bona
fide border guard, able to hire its own
staff, buy its own equipment and march
into countries if domestic guards are
deemed to be failing.
The proposed agency will closely
monitor countries in the Schengen
zone, with the ability to send in liaison
officers to collect data on those arriving.
If the border control is not up to scratch,
the agency can send its own people.
Frontex also lacked a “search and res-
cue” mandate, which became a major
embarrassment earlier this year as the
death toll in the central Mediterranean
mounted.
Friday 11 December 2015 ★ FINANCIAL TIMES 7
8 ★ FINANCIAL TIMES Friday 11 December 2015

INTERNATIONAL

Older citizens play growing role in US economy

Affluent baby boomers have spending power but some companies are struggling to address the demographic change
’S
ER ICA
AM
LASS
LE-C
M I D D
N
D OW
L T
ME
SAM FLEMING — NEW YORK
LINDSAY WHIPP — CHICAGO
Asked when she plans to retire, Chris-
tine Acosta’s answer is emphatic. Never.
The Florida resident restarted her
career in her fifties after getting a bach-
elors degree, setting up a business called
Pedal Power Promoters that advocates
for cyclists and provides valet parking
for bikes at big events.
Her determination to keep working
comes as older Americans become an
increasingly important force in the
economy, with many resisting retire-
ment to earn — and spend — well into
their golden years.
“Retirement is beginning to look for a
lot of people like me like too much idle
time,” she said, standing next to a water-
way in Tampa, Florida. Millennials —
people aged 18-35 — were getting all the
attention, she added, whereas “it is a
missed opportunity if businesses don’t
tap into the boomer set”.
The US middle class is already being
reshaped by its ageing population, and
older citizens are set to play a swelling
role in the economy as their weight in
the middle and upper income brackets
mounts. Data from the Pew Research
Center show that households aged 65
and over have been the biggest eco-
nomic gainers this century, as well as
since the beginning of the 1970s.
The group has seen the largest move
up the income ladder of any major
demographic over the period, with the
share of people aged 65 and over in the
upper income brackets more than dou-
bling since 1971 to 17 per cent. That still
leaves people in that age group more
likely to be lower income than the other
demographics tracked by Pew.
Separate projections by the McKinsey
Global Institute to be released early next
much larger companies. People over 65
Distribution of age groups by income
(%) are emerging as enthusiastic buyers of
SUVs, for example, buying at a faster
A rising proportion of the young are poor and more of the old are well off ...
pace than the overall population,
18 to 29 65 and older according to IHS Automotive data, with
100 100 companies such as Ford touting the pop-
ularityofitsvehicleswithbabyboomers.
Upper income Upper income
L’Oréal, the French cosmetics com-
80 80
pany, has tapped into the desire of
Middle income Middle income women aged 50-70 to look glamorous,
60 60 using actors like Dame Helen Mirren, 70,
andDianeKeaton,69,tosell products.
40 40 “People are just starting to wake up —
both small and large companies,” said
20 20 Katy Fike, a venture capitalist and
Lower income
founder of a network for start-ups
Lower income
0 0 focused on senior citizens called Aging
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2.0. “It’s too big to ignore.”
Jerry Storch, chief executive of the
... while the 'squeezed middle' pattern is apparent among the groups of prime working age Hudson’s Bay Company, which owns
and runs the Saks Fifth Avenue and
30 to 44 45 to 64 Lord & Taylor department stores, said
100 100 that while HBC was focused on enticing
millennials, “we have a very heavy pen-
Upper income etration of baby boomer customers”.
80 80 Upper income
Offering an attentive service was key
to attracting this demographic, he said,
60 60 as older customers were more likely to
Middle income Middle income visit stores rather than shop online.
40 40 Older Americans are also playing a
more important role in the workforce,
20 20 amid lengthening lifespans and thread-
Lower income bare retirement packages. New projec-
Lower income
0 0 tions from the labour statistics office
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 show that the participation rate of the
65s and older will rise from 18.6 per cent
FT graphic Alan Smith, Graham Parrish Source: Pew Research Center in 2014 to 21.7 per cent in 2024.
The phenomenon was seized upon
year show the ageing population’s dra- surprised she had not heard corporate spending growth in the categories of this year by Hollywood film The Intern,
matic impact on future US spending leaders express more interest in them. personal care, housing, food and enter- which depicts Robert De Niro as a 70-
patterns. Americans aged 60 and over Significant parts of that extra spend- tainment will be driven by households year-old widower who takes up a post in
are forecast to drive half of all US spend- ing will be on healthcare as the ageing headed by someone aged at least 60 an online fashion company.
ing growth between 2015 and 2030. population puts mounting demands on between now and 2030, McKinsey says. Robert Schwartz, 75, president of New
Spending by those aged 60-74 will rise the medical sector. Healthcare support Start-ups are making some of the York shoemaker and retailer Eneslow,
by 3.2 per cent a year in real terms over occupations are set to see the fastest most aggressive efforts to target Amer- In-depth said nine of his company’s 32 staff were
that period, while consumption by peo- employment growth of 22 big occupa- ica’s ageing population. Contenders For other over 60. “I would always take on older
ple aged 75 and older will increase 5.1 tion groups between 2014 and 2024, range from Active Protective, a com- instalments in workers; they have more experience,
the series, video
per cent, well above the 2.4 per cent according to the Bureau of Labor Statis- pany providing micro-airbags inside and the Pew skills, and they come to work on time.”
growth rate predicted for the popula- tics this week. Medical services will clothing that soften the impact of falls, Center’s Peter Hubbell, founder of Boomagers,
tion as a whole, the estimates show. account for 18 per cent of overall con- to Gociety, which creates senior- interactive a consultancy and marketing firm for US
Jaana Remes, a partner at the McKin- sumption by 2024, compared with 16.7 friendly smartphone interfaces, and calculator companies keen to attract mature con-
sey institute, said older customers would per cent in 2014. Narrative Apparel, which will sell ft.com/ sumers, argued that many were still
be an “interesting engine of consump- But wider parts of the corporate world clothes targeted at older shoppers. middleclass ignoringthemarketpotential.
tion growth in the US” and that she was will need to respond. Close to half of The market also holds potential for Gillian Tett page 15

Urban renewal. Investment challenge

Detroit shows signs of rebirth

despite staggering scale of blight
Much has been achieved since
emergence from bankruptcy
but the task remains daunting
LINDSAY WHIPP — DETROIT
David Alade and Andrew Colom moved
to Detroit from their respective homes
of New York and Mississippi this year to
take a risk on its uncertain future. They
buy, renovate and let houses in a historic
neighbourhood close to the site of the
1967 race riots, and where both Henry
Ford and Motown Records label founder
Berry Gordy Jr owned mansions.
Sellers had the option of buying a
stake in the property fund set up by Mr
Alade and Mr Colom. This way, they
argue, the local community can be a
part of the neighbourhood’s revival.
“Everyone is watching Detroit, and
there is an opportunity to do something
really special in a different way,” says Mr
Alade, a former Wall Street banker.
Mr Alade, Mr Colom and architect
Steve Harris, who grew up in the area,
are the kind of investors the city needs
to bring money and jobs.
A year since Detroit emerged from
bankruptcy, statistics show what has
been achieved so far. Tax revenues are
ahead of schedule and the city will post a
budget surplus this year. Unemploy-
ment — registered at least — has fallen to
6.3 per cent. House prices are rising
from dark depths, and central Detroit is
a hive of construction activity, including
for a new light rail system and the Red
Wings hockey stadium. The local econ-
omy is growing.
The hundreds of millions of dollars
that have been invested to create urban
density have been anchored in part by
local billionaire Dan Gilbert’s acquisi-
tions of a reported 78 buildings in the
city centre and the decision to shift his
Quicken Loans’ staff downtown. Philan-
thropic groups such as the Kresge Foun-
dation have provided grants for devel-
opments including the Riverfront and
the M1 transit system. It is the only pre-
dominantly philanthropic and privately
funded rail system in the US, and is cru-
cial for securing federal funds for a
broader transport network.
But it only takes a short drive before
the noise of construction in downtown
and Midtown, the bustle of Eastern
Market, and the coffee shops of Cork-
town give way to vacant lots and aban-
doned houses, interspersed with occu-
pied homes and the occasional commer-
cial strip. There is much to do to revive a
city that spent decades slowly dying.
The barely started work is in the outly-
ing neighbourhoods, many of which
need similar investment to be rescued
from the blight and crime that has para-
lysed them for decades, keeping the
city’s poverty rate at nearly 40 per cent.
The population has halved to around
680,000 over the past half-century.
While the falls are slowing, they have
yet to stop. Detroit has the same number
of residents as Washington DC but they
live in the space of San Francisco, Bos-
ton and Manhattan combined.
The scale of blight is staggering,
despite the demolition of more than
7,400 of the estimated 40,000 aban-
‘Everyone is watching, and
there is an opportunity
to do something really
special in a different way’
doned buildings. Expediting the task
has helped push up the cost of demoli-
tion, and Detroit is running out of the
$120m in Federal funds designated for
the work. It will take another seven to
eight years to remove the rest.
The city is selling another 40,000
buildings that are salvageable via auc-
tion and repair. One property in Osborn,
a poor area that has an active commu-
nity and has received help from a local
non-profit organisation, recently sold
for $5,600, far below the average cost of
around $13,000 it costs to demolish a
building.
Barber Damon Hill recalls a murder
just around the corner from the petrol
station where he is getting fuel, not far
Of 40,000 abandoned buildings,
about 7,400 have been demolished
from that house, as he warns against
coming to the area at night. He has
noticed that there are more police these
days and more functioning street lights,
but does not feel like very much has
changed over the past year.
A lack of access to credit is a big
obstacle to development. One estimate
suggests that there were fewer than
500 mortgages approved last year in the
city. Houses have lost so much value
that getting a loan to cover the renova-
tions is almost impossible. Kresge is
planning to set up “soft loans” to allevi-
ate the problem.
The future of these areas over the next
decades will be critical in defining
whether Detroit’s rebirth is a success.
Vacant land will need to be reused and
concerns remain about communities
either being split or left further behind.
Rip Rapson, president of the $3.5bn
Kresge Foundation, says: “Some of
those big land plays will be definitional
for the city, as no other city in America
of this importance has that kind of land
mass available to it. If you can do it in a
way that is humancentric so you’re not
forcing people out, but do it in a way that
is genuinely inclusive . . . then it
becomes a place to watch. Can an Amer-
ican city recover in an inclusive, equita-
ble way? And that is the challenge and
the huge promise of Detroit.”
Lack of access to credit is curtailing
new businesses. Non-profits have pro-
vided some assistance by extending
loans and training to help more small
businesses get on their feet. The JPMor-
gan Chase Foundation has teamed up
with the W.K. Kellogg Foundation and
Detroit Development Fund to provide
funding for “Entrepreneurs of Color” as
part of a $100m investment in the city.
Peter Scher, head of corporate respon-
sibility at JPMorgan, says: “The most
impactful things we can do are support-
ing local small businesses and commer-
cial lending, because they’re hiring peo-
ple. Those people are going to want to
buy homes, fix up the homes. Invest-
ment spurs more investment if they can
see something already happening across
the street.”
There is a long way to go before these
lifelines are extended to the disadvan-
taged neighbourhoods across Detroit’s
132 square miles. It could take just as
long for the city to regain its mojo as it
took to lose it.
Mr Hill has not given up hope. He
says: “I have a genuine love for Detroit
and know it will work in a certain way.”
Friday 11 December 2015 ★ FINANCIAL TIMES 9
10 ★ FINANCIAL TIMES Friday 11 December 2015

INTERNATIONAL
GLOBAL INSIGHT
Air quality
BEIJING

China accepts loan to battle pollution Tom

Asian Development Bank
offers $300m to cut coal
use around the capital
TOM MITCHELL, CHRISTIAN SHEPHERD
AND LUCY HORNBY — BEIJING
The Asian Development Bank yesterday
approved a $300m loan to help clean
Beijing’s polluted air as it pledged to
support China’s efforts to cut coal use in
and around the capital.
Beijing officials this week issued their
first red alert after particulate readings
rose to hazardous levels, forcing closure
of factories and many schools.
The loan will be used to cut coal use in
Hebei province, which contributes
much of the pollution that blights Bei-
jing and Tianjin.
Some 110m people live in Beijing,
Tianjin and the surrounding Hebei
province, accounting for 10 per cent of
China’s economic output.
The ADB loan will support policies
aimed at reducing annual coal con-
sumption in Hebei by more than 12m
tonnes. Seven of China’s 10 most pol-
luted cities are in Hebei.
“Although they are making a lot of
effort, the pollution is still there,”
Satoshi Ishii, an ADB development spe-
cialist, said.
“The fundamental issue is Hebei’s
coal-based economy and industrial
structure.”
The package is the first “policy loan”
made by the ADB in China. The govern-
ment has traditionally been reluctant to
involve overseas lending agencies in
policy decisions on critical issues, but
Amazon. Deforestation
the complexity of the country’s environ-
mental challenges has underscored the
need to tap external expertise.
“It is less common to do a policy loan
for an upper-middle-income country
like China,” Hamid Sharif, ADB’s China
country director, said.
“But as China faces complex issues
like air pollution, it is open to policy dia-
logue and inputs.”
Provincial boundary lines are one of
the hurdles to cleaning up China’s air as
competing bureaucratic fiefs, concern
for local jobs and economic growth get
in the way of a regionwide response on
the smog-filled North China plain.
Rules coming into effect next year will
force emissions disclosure by thousands
of factories, mills and power plants. Cur-
rent rules only require public disclosure
by 3,000 of China’s biggest polluters.
Mitchell
Ma Jun, a Beijing-based environmen-
tal activist, said: “You need to know
what your neighbour is doing before you
can work together.”
At a briefing yesterday, China officials
‘Environmental spring’
emphasised the importance of a co-or-
dinated regional response.
turns into winter of
“Beijing, Tianjin and Hebei need to
increase co-operation,” Yin Hailin, dep-
uty mayor of Tianjin, said. “The first
smog-choked cynicism
thing is to act together.”
In the first 10 months of this year, Bei-
jing closed or moved 315 businesses eijing springs”, or periods of relative politi-
Follow the
debate
Live news and
analysis from
the Paris
climate talks
deemed overly polluting, and demol-
ished 1.7m sq m of buildings.
Li Shixiang, Beijing’s deputy mayor,
said: “On this problem we share
a common fate, and must manage it
together. Everybody must have
“B cal liberalisation in China, always end badly.
The most famous, in April 1989, culminated
intheTiananmenSquaremassacre.
More than a quarter of a century after
that tragedy, China’s capital has been flirting with an “envi-
ronmental spring” of sorts. During a glorious run of clear
ft.com/cop21
patience and faith.” blue skies earlier this year, even Greenpeace reported that
Additional reporting by Luna Lin the city’s notorious air pollution had taken a turn for the
better.
But like so many political springs before it, Beijing’s
environmental spring suddenly seems to be fading.
As President Xi Jinping arrived in Paris last week for cli-
mate talks, Beijing’s “airpocalypse” returned. The PM2.5
count, which measures the density of dangerous particles

Badlands threaten Brazil climate pledge
Region’s violent lawlessness
hampers country’s ability
to make good on promises
JOE LEAHY — ANAPU, PARÁ
The body of a security guard lies spread-
eagled on a bridge in the Amazonian
badlands as his father gulps back
the tears.
Five hours have passed since Wislen
Gonçalves Barbosa, who was 23, was
ambushed by unidentified gunmen in
Anapu municipality in the Brazilian
state of Pará. A bullet is lodged in his
helmet, which has rolled nearby.
The police have yet to arrive, much
less to begin a search for the killers.
It is one more sign of the lawlessness
and violence afflicting much of the Bra-
zilian Amazon, problems that have a
direct bearing on climate talks nearing
their denouement in Paris this week.
As part of those negotiations, Brazil
has promised to bring illegal deforesta-
tion — a leading source of carbon emis-
sions — to an end by 2030. But in Anapu,
the constraints on the country’s ability
to make good on its pledge are all too
clear: competing property claims, a
sometimes shaky rule of law and widely
shared hunger for land.
“We managed to greatly reduce defor-
estation by large crop farmers and
ranchers, but we still have smaller areas
being cut by small and medium produc-
ers and by criminal gangs,” said Daniel
Azeredo, public prosecutor in Belém,
capital of Pará. “Stopping these people is
now the challenge.”
Gonçalves worked at the PDS Esper-
ança, a jungle reserve set aside for sus-
tainable agriculture by small farmers. It
was here 10 years ago that crooked cat-
tle ranchers ordered what became one
of the Amazon’s most notorious assassi-
nations — the killing of Dorothy Stang, a
US nun and environmental activist.
Since then, deforestation has fallen
to about a fifth of its 2004 peak. It aver-
ages 5,545 square kilometres a year after
a crackdown on big ranchers, soya farm-
ers and their customers, such as large
meatpackers.
But most of that decline was some
time ago: the rate of deforestation
has remained roughly constant this
decade. Brazil still destroys more
forests per year than almost any other
country, with only Indonesia doing
comparable damage.
In Pará, a state the size of France,
5,545sq km Spain and Portugal combined, deforest-
Annual average ation is particularly common in areas
deforestation where property claims are contested.
after crackdown The disputes often fuel violence, as ille-
— a fifth of the gal ranchers and landless poor assert
2004 peak
their claims.
Taking the side of the dispossessed,
56 Sister Stang championed the creation of
Years a study two large “sustainable development
says it will take projects” on government land that
the state to settle ranchers had partly occupied: Esper-
confusion over
land ownership ança, where Gonçalves Barbosa was
killed, and Virola-Jatobá.
Sister Stang’s idea was to allow the
landless poor to settle in the sustainable
projects in return for preserving most of
the forest. A group of ranchers, led by
Regivaldo Pereira Galvão, known as Big
Sleaze, ordered her murder to stop the
projects going ahead. Mr Galvão was
convicted of the crime but remains free
following an appeal.
José Amaro Lopes da Silva, a priest
with the Pastoral Land Commission, a
Catholic rights group, claims that the
same “consortium” of ranchers who
killed Sister Stang continue to operate in
the region and have a hit list of 30 people
including himself. He adds that the
The body of Wislen
Gonçalves Barbosa, shot
and killed on his way to
Esperança sustainable
development project,
where he worked as a
guard — Lalo de Almeida
ranchers have murdered eight people in Father Amaro sees the series of mur-
recent months: arriving at their victims’ ders, including that of Gonçalves Bar-
remote homes in a convoy of pickups, bosa, as part of a campaign by ranchers
setting fire to their huts, and then gun- to intimidate smallholders, grab land
ning them down later. and clear it for cattle and soya cultiva-
One of the victims’ relatives recalls: tion. But the police deny the murders
“When we said we were awaiting are related to land disputes. “All lies,”
a decision by the courts [on a property said an officer in Anapu police station.
dispute], one of them opened the Many ranchers depict themselves as
door of his pick-up truck and displayed the victims of criminal gangs invading
a collection of arms.” The relative their land.
recalls what the rancher said next: “This “The property is ours, we bought it,”
is our justice.” said Silvério Albano Fernandes, of the
Anapu rural producers union, who
stresses farmers’ desire to end the con-
Deforestation fusion over land titles.
in Anapu The government is working on the
50km problem of property disputes. But
according to a study by Imazon, a cam-
B RAZ IL paigning group focusing on the Amazon,
Area with PARÁ at its current pace it will take 56 years to
defined title resolve the issue.
Area without Such a timeline is barely reconcilable
defined title with commitments coming out of Paris
Deforested area talks. Instead, it suggests the near-cer-
as of 2014 tainty of more disputes and more vio-
ANAPU lence, and almost insurmountable
obstacles for the push to stop deforesta-
Source: Imazon tion in the lawless lands of the Amazon.
in the air, is considered “unhealthy” at 150, “very
unhealthy” at 200 and “hazardous” at 300. It rose through
these readings and went off scale, topping 500 as China’s
president fiddled in Paris.
Despite the very clear and present danger to public
health, Mr Xi’s officials did not trigger what would have
been the city’s first ever red alert, a measure that mandates
factory closures, construction stoppages and vehicle
restrictions.
Public cynicism surged. Were officials worried about
embarrassing Mr Xi while he negotiated carbon reduction
targets with his peers in Paris? Or did they fear the very
real economic consequences of a red alert at a time when
they are struggling to prop up growth. Or both?
Whatever the reason for their initial reticence, they soon
got the message. On
December 7, days after
Mr Xi returned to Beijing,
Chinese officials’
the municipal govern- commitment to
ment declared a red alert
even though the condi-
environmental
tions were not as bad as measures will be
they had been a week ear-
lier, with the PM2.5 count
tested soon enough
hovering in the hazard-
ous 300s rather than the airpocalyptic 500s. Strong winds
finally helped blow the skies blue yesterday.
The growing sense that the wind has more bearing on the
cleanliness of Beijing’s air than the government’s environ-
mental policies is embarrassing, especially in light of Pre-
mier Li Keqiang’s declaration of a “war on pollution” last
year.
The last thing Mr Li needs is a credibility gap on another
important policy front, especially after a botched stock
market rescue and “one-off” devaluation of the renminbi
this summer raised questions about the government’s
handling of the economy. But that may be exactly what he
is confronting.
A few years ago, Beijing residents would occasionally
criticise foreigners who wore smog masks, saying they
were embarrassing their fair city. Today it is common to
see Chinese mothers cajoling their young children to don
the hated filters, displaying a lack of confidence that can
only worry the ruling party.
There is no evidence that public frustration with pollu-
tion is about to boil over, challenging one-party rule. Even
if it did, the party-state’s capacity for repression remains
formidable. As of yesterday, also international Human
Rights Day, some 25 Chinese rights lawyers picked up by
police this summer remain in detention.
This week’s unprecedented red alert turned what would
have been just another bad air week in Beijing into an
international media story. Many have interpreted that as a
promising sign that Mr Xi and Mr Li are determined to
tackle China’s environmental crisis, no matter the reputa-
tional or economic costs involved.
But similar things were said in March when Under the
Dome, a documentary about pollution, went viral and
invited flattering comparisons to Silent Spring, the 1962
book by Rachel Carson credited with transforming envi-
ronmental consciousness in the US. It did not take long
before the government started removing the film from
websites and censoring references to it.
Chinese officials’ commitment to tough environmental
measures will be tested soon enough. A popular pollution
prediction app, Ai Huxi or Love to Breathe, is forecasting
another bout of unhealthy air in Beijing by the weekend.
tom.mitchell@ft.com

Paris summit

Global warming talks hit deadlock over push to review emissions targets every five years
PILITA CLARK AND MICHAEL STOTHARD
PARIS
Talks on a new global climate accord
entered a tense stalemate yesterday as
China dug in its heels on a string of
measures the US and other countries
insist must be part of the agreement
due to be struck in Paris today.
One of the most contentious stand-offs
to emerge in the fraught last hours of the
talks is a push to require countries to
revisit every five years the voluntary cli-
mate pledges that more than 180
nations have made for the new accord,
starting as soon as 2020.
“Without the five-year cycles, the
agreement is meaningless,” said Miguel
Arias Cañete, the EU’s climate
commissioner.
This is because the current batch of
pledges do not add up to enough action
to stop temperatures rising above an
internationally agreed 2C from pre-in-
dustrial times, he said, so it was vital for
each country to regularly check them to
see if they could be strengthened.
But Gao Feng, special representative
for climate change negotiations in
China’s foreign ministry, said Beijing
would not be able to change its climate
plans for at least another 15 years.
That is because Beijing’s plans to limit
its carbon emissions cover the 10 years
from 2020 to 2030, he said. “I can’t say
that in the middle, 2025, we would be in
a position to change it,” he said on the
sidelines of the talks.
Dozens of other countries, including
the EU, also have climate plans lasting
up to 2030 but are willing to review
them every five years.
But Mr Gao said the agreement should
mean that “each country can do it at any
time” as they saw fit.
He also dismissed efforts by the US,
the EU and dozens of developing coun-
tries to ensure the agreement acknowl-
edged the need to keep global tempera-
ture rises to an even lower 1.5C, saying
this goal was not “something that is real-
istic”.
And he said he did not agree with
attempts by developed countries to
include measures in the agreement that
would broaden the base of nations deliv-
ering money to help poorer countries
combat climate change.
“The current text is not satisfactory.
They are saying every country has to
mobilise [funds]. Countries like
Rwanda, they’ve got to mobilise?”
In fact, developed countries have
made it clear they only expect countries
“in a position to do so” to join them in
the future to provide climate finance.
But Mr Gao’s comments underline the
tense state of negotiations that ran
through Wednesday night until 5am
yesterday without making serious head-
way on a 29-page draft of what is sup-
posed to be the first new global climate
accord in 18 years.
The stalemate over issues that have
plagued years of UN climate talks were
disheartening, said climate activists.
“They have not delivered on any of the
crunch issues. They are what we have
been rehashing for the last three to four
years. It is quite concerning,” said Alix
Mazounie at Climate Action Network
France.
John Kerry, US secretary of state, said
the talks were “obviously getting down
A woman covers her face to protect
against pollution in Beijing this week
to the critical stage”. “We need to work
on language, and that’s what most of
today and tonight will be,” he said.
Concern was growing in the business
community yesterday that the parts of
the text encouraging carbon pricing
were likely to be cut out of the final draft
amid ideological opposition to market-
based solutions for tackling global
warming.
“We do not think it is politically feasi-
ble to get that [carbon pricing] now,”
said Edward Cameron from We Mean
Business, a coalition of corporations
whose members include Google, Micro-
soft and General Electric.
The extent to which the agreement
will include a requirement for emissions
from fossil fuels, a leading source of car-
bon pollution, to be phased out over the
course of this century is still to be set-
tled.
China, India, Saudi Arabia and many
other countries are resisting options in
the draft text for “decarbonisation” or
“climate neutrality” to be included in
the new accord. Saudi Arabia’s delega-
tion said in a statement sent to some
news outlets that “a strong agreement
would need to consider all greenhouse
gas emissions and not just CO2” and
emission reduction policies should not
focus “exclusively on energy”.
The delegation also explained why it
did not support the 1.5C temperature
target being included in the new agree-
ment, saying the most up to date reports
from the Intergovernmental Panel on
Climate Change scientists did not pro-
vide enough “robust information” on
the practical means needed to meet
such a goal.
“It will take time for science to mature
and implications to become better
understood to guide practical action for
such an ambition,” the delegation said.
“Moreover, what we want to avoid is a
target that puts developing countries at
a disadvantage by placing an extra bur-
den on their economies.”
Friday 11 December 2015 ★ FINANCIAL TIMES 11
12 ★ FINANCIAL TIMES Friday 11 December 2015

INTERNATIONAL

France. Regional elections Presidential race

Trump puts off trip to Israel

National Front surge ties after rebuff from Netanyahu
main parties in knots DEMETRI SEVASTOPULO — WASHINGTON

Donald Trump, the billionaire leading

the Republican presidential race, has
postponed a trip to Israel after his
remarks about banning Muslims from
entering the US were rejected by
Benjamin Netanyahu, the Israeli prime
minister.
“I have decided to postpone my trip to
Israel and to schedule my meeting with
@Netanyahu at a later date after I
become president of the US,” the tycoon
tweeted yesterday.
Mr Trump has sparked a cascade of
criticism from across the US and around
the world since proposing on Monday
that the US should prohibit Muslims
from entering the country in the wake of
the terror attacks in Paris and after the
Isis-inspired fatal shooting of 14 people
in California.
“Until we are able to determine and
understand this problem and the dan-
gerous threat it poses, our country can-
not be the victims of horrendous attacks
by people that believe only in jihad, and
have no sense of reason or respect for
human life,” Mr Trump said on Monday.
Mr Netanyahu, who had agreed to
meet Mr Trump, on Wednesday dis-
tanced himself from the tycoon.
“Prime Minister Netanyahu rejects
Donald Trump’s recent remarks about
Muslims,” his office said. “The state of
Israel respects all religions and strictly
guarantees the rights of its citizens.”
The furore over Mr Trump’s remarks
came just days after he was booed at a
presidential campaign forum sponsored
by a Republican Jewish group. In addi-
tion to making several comments about
Jewish people that parroted racial stere-
otypes, he took flak for refusing to say
that Jerusalem should be the undivided
capital of Israel. He told a sceptical audi-
ence that he did not want to reveal his
position on the issue until after he had
met Mr Netanyahu in Israel.
Mr Trump has dominated polls of
likely Republican voters since launch-
ing his unorthodox presidential cam-
paign in June. While he has spent most
of the past six months talking about his
argument for deporting the 11m —
mostly Hispanic — illegal immigrants in
the US, he has switched focus to Mus-
lims following recent terrorist massa-
cres in Paris and California.
Mainstream Republicans were ini-
tially highly sceptical that Mr Trump
would remain high in the polls, and his
ability to lead the field for more than six
months has sent shockwaves through
the party.
Even those Republicans who believe
that he will fade are concerned that his
divisive rhetoric will drive Hispanics
and US Muslims away from the party,
which has been trying to improve its
image with minority groups.
Notebook page 14

Monetary policy

Ready: Marion Maréchal-Le Pen delivers a speech during a National Front campaign meeting in Marseille on Wednesday — Boris Horvat/AFP/Getty Images
Political contortions on show
across nation as efforts grow
to prevent shock on Sunday
ANNE-SYLVAINE CHASSANY — NICE
Christian Estrosi opposed the same-sex
marriage law when France’s socialist
government passed it in 2013. But the
mayor of Nice and centre-right MP in
the southern region of Provence has
undergone a swift conversion to the
cause of gay rights.
On Tuesday, he boasted that Nice had
the second-most gay marriages in all of
France as he warned of the intolerance
of the far-right National Front (FN)
party and its local candidate, Marion
Maréchal-Le Pen.
“Ms Maréchal-Le Pen wants to stop
funding organisations that she consid-
ers inappropriate,” Mr Estrosi declared,
standing beside gay and women’s rights
activists. “The FN voted against the
right to have an abortion, against gender
equality. Ms Marechal Le Pen is an
enemy of women.”
More than anything, Ms Maréchal-Le
Pen, the niece of FN leader Marine Le
Pen, appears to have inspired Mr
Estrosi’s shift. Two days earlier, she
trounced the 60-year-old in the first
round of regional elections by 14 per-
centage points. Mr Estrosi is hoping to
fend off an FN victory in Sunday’s sec-
ond-round vote by appealing to socialist
voters, whose candidates have stepped
aside after coming third.
Such political contortions are unfold-
ing across France as the mainstream
parties seek to prevent a historic FN vic-
tory on Sunday. A month after the Paris
terror attacks that shocked the nation,
the far-right and anti-immigration
party is leading in six of 13 districts. It is
within reach of claiming its first regional
councils, which oversee local trains,
schools, cultural and economic subsi-
dies. The polls are also the last test of the
country’s mood before presidential
elections in 2017.
“Tonight the old system has died, and
with it, its representatives from the left
and the right,” Ms Maréchal-Le Pen, 26,
said on Sunday. Educated in a private
Catholic school by nuns, the mother of
one is ideologically closer to her grand-
father and FN founder, Jean-Marie, than
the aunt who has sought to soften the
party’s sharp edges. She was elected as
an MP at 22 by portraying herself as a
staunch defender of traditional mar-
riage, family and religion. “We are not a
land of Islam, and if French citizens can
be Muslims, it’s on the condition to sub-
mit to habits and ways of life that the
Greek, Roman influence and 16 centu-
ries of Christianity have shaped,” she
told FN sympathisers this month.
In the Provence-Alpes-Côte d’Azur
district, that pitch has appealed to a key
part of Mr Estrosi’s base: middle-class
households and small business owners
who traditionally voted for the right.
This chimes with a broader rightward
shift in French society, according to Elis-
abeth Dupoirier, a Sciences Po profes-
sor, who traces it to the aftermath of
former socialist president François Mit-
terrand’s two terms and economic woes.
Recent terror attacks may amplify it.
“From the late 1990s on, govern-
ments have been unable to hide the
effects of the crisis,” she says.
“Now, there’s a desire for order,
authority coming from a feeling that
society has gone too far to the side of
individualism and liberalism.”
The FN captured southern towns in
last year’s municipal elections that were
previously centre-right strongholds. In
Fréjus, now run by 28-year-old FN
mayor David Rachline, the party
secured more than half of the votes last
Sunday. Philippe Lottiaux, Mr Rach-
line’s chief of staff, joined the FN in 2013
from the centre-right party run by
former president Nicolas Sarkozy.
“By doing the splits, Mr Estrosi risks a
muscular injury,” sneers Mr Lottiaux, a
graduate of ENA, the French elite school
‘There’s . . . a feeling that
society has gone too far to
the side of individualism
and liberalism’
that grooms top civil servants. Winning
towns, he says, has helped the FN build
credibility: When they came to power in
Fréjus, for example, the city was mired
indebt. Thathasbeencutby€13m.
Sipping a soft drink on a sunny, sea-
facing terrace in Fréjus, Paul Muller, 68,
says he is moving here because he has
had enough of Paris, which “thinks it’s
the centre of the world, half Bohemian-
bourgeois, half ethnic”.
The retired aerospace executive will
vote for the FN on Sunday, as he has for
the past 20 years after growing disen-
chanted with the mainstream right.
“We were fine until Mitterrand,” he
says. “He did nothing economically, but
changed the lifestyle. All of sudden, we
owed our former colonies, we were
indebted to the blacks and the Arabs.
Traditional values, patriotism and
parental authority have gone down the
drain. Now we realise that people of
immigrant origins who benefited from
the French education system are mur-
dering people in our streets.”
But the FN’s appeal also extends to the
young: a third of those aged 18 to 24 say
they will vote for the party, according to
an Ipsos survey published this month.
That is higher than the party’s national
tally of 28 per cent last Sunday.
In the former coal mining Nord–Pas-
de-Calais region, where Marine Le Pen is
leading with 41 per cent of the vote, the
FN is targeting the blue-collar workers
who once supported the left.
“The sociology is different and there’s
a subtle strategy to adapt the message,”
Prof Dupoirier says, noting the contrast
between Ms Le Pen’s social platform in
the north and her niece’s pro-business
stance in the south. “The only ones the
FN hasn’t yet appealed to are the
wealthy with high education, who have
less to be anxious about.”
At Le Maya café in Nice, a few streets
from Mr Estrosi’s press conference,
Oceane, 20, with purple hair, stretched
ear lobes and tattooed forearms, huffs
when she hears about the rapproche-
ment between the mayor and gay com-
munity. “We’ll have seen it all,” she says.
A lesbian with a longing to move to
London and develop a career in tattoo-
ing, she would seem to fit a stereotype of
the French left. But Oceane says she is
tempted to vote for Ms Maréchal-Le
Pen, just the same. “When it is not work-
ing, we have to try something different.”
Philip Stephens page 15
Swiss central bank keeps its
powder dry on rates decision
RALPH ATKINS — BERN
Switzerland’s central bank has decided
against pushing interest rates even
deeper into negative territory after
monetary policy action last week by
the European Central Bank proved less
aggressive than it feared.
The country has been hit this year by
the Swiss franc’s sharp appreciation
against the euro, which has damped
tourist numbers and demand for Swiss
exports. Switzerland also remains
gripped by deflation fears, with con-
sumer prices falling at an annual rate of
1.4 per cent in October.
But after a meeting in Bern yesterday,
the Swiss National Bank maintained
official borrowing costs at the lowest in
the world, with an interest rate of minus
0.75 per cent on banks’ sight deposits.
Nevertheless, the SNB said it would
continue to intervene in markets to
weaken the currency “as necessary”.
Thomas Jordan, SNB chairman, said
policy divergences between Europe and
the US created “huge challenges” for
small, open economies. Switzerland’s
economy “is going through a difficult
phase”. China’s slowdown and the
impact of terrorism fears on European
economies were also risks.
In January the SNB shocked financial
markets by announcing that it would no
longer seek to cap the currency value at
SFr1.20 to the euro. The Frankenschock
Public coffers
saw the currency rise almost 40 per cent
against the euro and dollar in one day.
The franc has since given up its gains
against the dollar but remains more
than 10 per cent higher against the euro.
This month threatened more turmoil
for the SNB, with the ECB apparently
intent on further weakening the euro. In
the event, the steps announced last
Thursday by Mario Draghi, ECB presi-
The appreciation
of the Swiss franc
has hurt the
country’s tourism
sector and
exporters
dent, were less than markets expected,
and the franc fell against the euro. As a
result, the SNB has kept its powder dry.
Although Mr Jordan said the Swiss
franc was “still significantly overval-
ued”, the SNB remains worried about an
overheating housing market and fears
that negative interest rates are creating
distortions in the domestic financial
system.
Analysts warned the SNB’s efforts to
weaken the franc remained imperilled
by other countries’ monetary authori-
ties. Erik Nielsen, chief economist at
UniCredit, said: “No central bank wants
to see its currency appreciate, and some
want it weaker. How’s the maths going
to work in this world?”

Financial crisis sparked wide

Reformist circles
Khomeini grandson to enter Iran political fray for moderates
NAJMEH BOZORGMEHR — TEHRAN
Hassan Khomeini, the moderate
grandson of the founder of the 1979
Islamic Revolution, has decided to
enter politics — a potential game-
changer in the already volatile power
struggle to shape the future of Iran.
Mr Khomeini, who is popular with
young people, will next February run for
the Experts Assembly, the body likely to
determine who the next supreme leader
will be. He will be the first member of
the family of the late Ayatollah Ruhol-
lah Khomeini to be involved directly in
politics since the 1979 uprising.
He has decided to run “following mas-
sive calls by various [political] groups
and after consultations with the [politi-
cal] seniors and intellectuals”, local
media quoted Ali Khomeini, his
brother, as saying late on Wednesday.
The 43-year-old cleric is already being
touted in reformist circles as a potential
leader of Iran. It is not clear yet how
Iran’s hardliners will react to Mr Kho-
meini’s candidacy because his lineage
discourages direct criticism.
“Iran’s political atmosphere will be
further radicalised with this candidacy
and crackdown on reformists will
worsen,” one pro-reform analyst pre-
dicted. Reformists say hardliners side-
lined by Khomeini, who died in 1989,
have since hijacked his legacy and
derailed the revolution.
Saeed Laylaz, a reformist analyst,
said: “[His grandson’s] candidacy is
another move to push for a return to the
principles of the revolution which are
the rule of law and preventing Iran from
falling into the hands of military-finan-
cial oligarchy [the elite Revolutionary
Guards].”
The announcement comes at a time
when hardliners have tightened their
grip following the landmark nuclear
agreement in July. Hardliners say they
will resist “infiltration” by western gov-
ernments bent on undermining the
regime through pro-reform forces. They
are expected to disqualify many reform-
ist candidates for parliament and the
assembly when registration for both
polls begins on December 19.
There is widespread speculation that
Mr Khomeini has been encouraged by
two former presidents, Mohammad
Khatami, a reformist, and Akbar
Hashemi Rafsanjani, a centrist, to run
for the poll. The same alliance led to the
surprise victory of Hassan Rouhani in
the 2013 presidential election and paved
the way for the nuclear agreement.
Moderate forces are hoping for a
strong victory in February’s 290-seat
parliamentary race to ensure imple-
mentation of the nuclear accord and
improve the chances of Mr Rouhani’s re-
election in 2017.
But the composition of the next
Experts Assembly may prove more vital
for Iran’s future. The 86 senior clerics in
the assembly could name the successor
to Ayatollah Ali Khamenei, the 76-year-
old supreme leader and ultimate deci-
sion maker, if he passes away during
their eight-year tenure.
Mohammad-Sadegh Javadi-Hesar, a
reformist politician, said: “If Mr
Cleric Hassan Khomeini, who loves
football, is popular with the young
Khomeini enters into the Experts
Assembly as part of a minority, he may
not be able to exert a lot of influence. But
if he is part of a package of moderate
forces such as [Mr] Rafsanjani who is
also expected to run, then he can be of
bigger influence.”
Mr Khomeini’s candidacy will be
watched closely. His lineage makes it
difficult to disqualify him but hardliners
could try to weaken him by barring
many moderate allies, analysts say.
Many Iranians remember photo-
graphs of him as a child — unusually
blond as for an Iranian — standing next
to his grandfather.
Mr Khomeini, who went to the Qom
seminary when he was 17, has presented
himself as a big fan of football, the most
popular sport in Iran. Until now, his
public profile has been largely limited to
annual speeches on the anniversary of
the death of his grandfather. In recent
years, his speeches have been disrupted
by hardliners.
Whatever else, reformists hope Mr
Khomeini’s participation in the election
will encourage turnout. Low numbers
could favour hardliners.
Mr Javadi-Hesar said: “His involve-
ment in politics revives hopes that a
charismatic character may emerge.”
range of fiscal cures, says study
VANESSA HOULDER — LONDON
Applying different fiscal “cures” to the
wounds inflicted by the financial crisis
made France and Italy higher-tax econ-
omies, while Ireland, Spain and the UK
have become lower-tax countries than
they were previously, according to
research.
A comparison of the effects of the
crisis on public finances, published in
the journal of the Institute for Fiscal
Studies think-tank, noted that
France and Italy relied heavily on tax
rises to reduce borrowings, while Ire-
land, Spain and the UK mostly slashed
spending instead.
It also said it was “notable” that coun-
tries, such as France and Italy, which did
not suffer big declines in tax revenues
during the crisis also relied most on
extra taxation in the years that followed
to repair their public finances.
The researchers also uncovered dif-
ferent patterns of cuts to public services
since the recession.
France, Ireland and the UK chose
to protect spending on health and
schools from cuts, while Italy and
Spain cut spending on these services rel-
atively deeply.
In Italy, households with children
have lost less from tax and benefit
reforms than pensioner households,
while the reverse is true in Ireland and
the UK.
Labour markets also showed
marked differences. The devaluation of
sterling sharply reduced UK labour
costs when measured in euros between
2007 and 2009.
Labour costs also fell in Ireland and to
a lesser extent in Spain but held up in
Italy thanks to a government scheme to
supplement wages.
In all four countries, the rise in unem-
ployment has been larger among those
aged 16-29 than across the adult popula-
tion as a whole.
By contrast, the employment rate
among older people aged 55-74 contin-
ued to grow throughout the crisis and its
aftermath — possibly reflecting policy
changes, such as increases in pension
eligibility ages, as well as rigidities in
labour markets.
The researchers also analysed Ger-
many, which they described as an “out-
lier”, saying it had experienced no
change in labour costs between 2000
and 2007 and virtually no rise in unem-
ployment during the recession.
They said its downturn was little dif-
ferent from a textbook recession: tem-
porary economic weakness resulting in
temporarily high borrowing, disappear-
ing as the economy recovers without
policy action.
Friday 11 December 2015
The latest violence in the Holy Land seems to reflect a loss of hope that the conflict will end, and some
believe that an unstable ‘one-state reality’ is already in place. Can politicians find a peaceful way out?
A
nondescript suburban traf-
fic island, south of Jerusa-
lem in the occupied West
Bank, has become one of
the most dangerous places
in the Holy Land. In recent weeks, Pales-
tinians have used knives, guns and even
their own cars as weapons to attack
Israelis no fewer than 10 times. Most of
the assailants were shot on the spot or
“neutralised” as Israeli police and some
media prefer to describe the Palestinian
suspects who were injured or killed.
Such violent attacks and reprisals
have left at least 128 people dead — vic-
tims, attackers and bystanders — over
the past three months and provide a
bleak snapshot of Israeli-Palestinian
relations.
The junction, at Gush Etzion, a cluster
of Jewish settlements, is now manned by
Israeli special forces troops, their faces
concealed with black balaclavas. They
brandish automatic weapons as they
stand behind concrete barriers,
designed to shield them from vehicles
that may try to run them down.
A cairn of rocks marks the place
where Hadar Buchris, a 21-year-old
Israeli woman, was stabbed and killed
by a Palestinian man as she waited at a
hitchhiking stop last month.
“A lot of people call them animals,”
Danny Eisenstock, an Orthodox Jew,
says of the Palestinians, “but I don’t
want to go that way. A human being
came over and slashed a girl’s throat,
and her blood was spilt here.”
Along the road, at the al-Aroub Pales-
tinian refugee camp, one resident pins
the blame for the violence on Israel’s
government, whose ranks include sev-
eral hardline officials and the pro-set-
tler, far-right Jewish Home party.
“If people had one per cent of hope
[that] there would be any peace from
the Israelis, they [have] lost it,” says
Ahmad Abu Khilan, an activist affiliated
with the West Bank’s ruling Fatah party.
US warning
Obstacles
Gush Etzion is a magnet for violence.
Along with Jerusalem and the West
Bank city of Hebron, it is one of the few
places where Israelis and Palestinians —
elsewhere separated by fences and walls
to peace
— come into daily contact. Palestinians
from nearby villages use the junction on
their travels. Jewish settlers come to
hitch rides, repair cars or shop at a Rami
Levy supermarket, part of a chain with
branches in settlements that some
Israelis see as a model of coexistence
because both they and Palestinians
work and shop there.
Since the spate of violence began in
October, however, fencing has been put
up at the roadside to prevent people
from moving towards cars, and Pales-
tinians have been prohibited from walk-
ing there. The attacks — ad hoc in nature
Israeli prime minister
Benjamin Netanyahu has
framed the violence in the
context of Islamist terror
in Paris and elsewhere
and at very close quarters — have unset-
tled both communities. Some settlers
have called for Palestinian vehicles to be
rerouted.
“They should not allow them to drive
or move around places where they are
attacking us,” says Shirley Nissan, a
woman packing groceries into her car.
While the US and EU cling to hopes of
reviving a two-decade-old peace proc-
ess that was supposed to deliver an inde-
pendent Palestinian state by 1999, Gush
Etzion offers an unsettling vision of a
near future where the two peoples con-
tinue living unhappily, often violently,
together. Palestinians, leftwing Israelis
and some foreign observers are calling
this a “one-state reality”: a stalemate in
which Israel rules undemocratically
over the Palestinians without the bene-
fit of recognised borders or a political
resolution.
Gush Etzion is what the Israelis call a
“settlement bloc” — territory that Israel
is certain it would retain as part of a land
swap under any final peace agreement,
but which it is occupying illegally on an
open-ended basis, without recognition
from the international community,
much less the Palestinians.
John Kerry, the US secretary of state
who sponsored the round of peace talks
that failed in May 2014, last week issued
a warning to both Israel’s government
and leaders of the tottering Palestinian
Authority. He said they were heading
towards a “one-state solution” with
Israel responsible for governing the
West Bank.
“The one-state solution is no solution
at all for a secure, Jewish, democratic
Israel living in peace; it is simply not a
viable option,” Mr Kerry told the Brook-
ings Institution’s annual Saban forum.
★ FINANCIAL TIMES
FT BIG READ. ARAB-ISRAEL TENSION
By John Reed
Benjamin Netanyahu, the rightwing
Israeli leader, has said he has no inten-
tion of ruling a binational state, and con-
tinues to voice support for a two-state
solution. However, after this year’s elec-
tion campaign in which he ruled out
agreeing to a Palestinian state in the
foreseeable future, many in the interna-
tional community doubt his word.
Some Palestinians and leftwing Israe-
lis are comparing the frozen conflict to
the final years of South African apart-
heid, when clashes between the black
and white communities amounted to a
low-level civil war.
“The peace process after 20 years has
only led to more settlements, more
oppression and more racism,” says Mus-
tafa Barghouti, an MP in the suspended
Palestinian parliament and leader of the
Palestinian National Initiative, a politi-
cal party. “Palestinians [have] finally
realised there is no peace camp in
Israel.”
Uri Savir, an Israeli peace activist who
served as his country’s chief negotiator
for the Oslo Accords in 1993-96, wrote
last month that “a binational state is
now here, or rather one state in which
two nationalities clash”.
Mustafa Barghouti,
leader of the Palestinian
National Initiative,
claims there is no ‘peace
camp’ in Israel
“A borderless state from the sea to the
Jordan river is a ‘former Yugoslavia’ sit-
uation,” Mr Savir says, referring to the
bloody Balkan wars that tore apart the
Communist republic’s successor states
in 1991-1995. “I believe we are at the
beginning of this turmoil.”
Israeli officials and media call the vio-
lence the “wave of terror”, a phrase that
suggests an episodic security event.
However, others, including some
members of Israel’s security establish-
ment, see the unrest as longer lasting. A
senior Israel Defence Forces com-
mander, briefing Israeli media last
month, called the violence a “limited
uprising”, saying it could go on for
months and possibly become a wider
insurrection.
The violence has touched all of the
region’s patchwork of geographies,
stretching from the prosperous coastal
heartland to the West Bank, Jerusalem
and the Gaza Strip.
The Arab minority in northern Gali-
lee have been stirred to mass protests —
and in a few cases violent attacks —
underscoring the increasing irrelevance
of the “Green Line” marking the inter-
nationally recognised Israeli border,
and the notional outline of a future Pal-
estinian state.
Mr Netanyahu has sought to frame
the violence in the context of the Islam-
ist terror attacks in Paris and the atroci-
ties of Isis. He said recently that it was
being driven by “opposition to the exist-
ence of the state of Israel as the national
state of the Jewish people, within any
borders”.
The Israeli government has blamed
incitement on social and conventional
media for triggering the lone-wolf
attacks, many carried out by Palestini-
ans, including teenagers, with no crimi-
nal record.
Poor prospects
Israeli security officials mostly endorse
this view but also point to the assailants’
social and economic motivations: poor
personal prospects in a weak economy;
a loss of faith in the future, and disen-
chantment with an aged, drifting and
divided Palestinian leadership, headed
by 80-year-old President Mahmoud
Abbas.
“The motivation for action is based on
feelings of national, economic and per-
sonal discrimination,” the Shin Bet
security service wrote in an analysis in
November. “For some of the assailants
an attack provides an escape from a des-
perate reality.”
Palestinians place the violence in the
context of their decades-old struggle
against Israel’s occupation. They have
been appalled by hate crimes on people
and property by extremist Jews, includ-
ing an arson attack in August that killed
a couple and their infant son. Palestini-
ans have been angered by derogatory
comments made by some Israeli politi-
cians about the two-state solution and
their religious sites, which they say
amount to incitement.
The Oslo process has also been dis-
credited by their leaders, who amid
heightened tensions, have threatened to
dismantle the Palestinian Authority and
allow Israel to take over. A slowing econ-
omy, deteriorating public services and
political feuding over Mr Abbas’s suc-
cessor have sapped the PA’s legitimacy.
“There is a general sense that we are
approaching the end of an era in Pales-
tinian politics,” says Nathan Thrall, a
senior analyst with the International
Crisis Group. “When you have the
authority that brought Oslo into being
threatening to undo it, this heightens
the sense among Palestinians that they
are approaching something new.”
Polls show that faith in the two-state
solution is lessening among both peo-
ples. A recent survey by the Palestinian
Center for Policy and Survey Research
shows backing for the idea had slipped
to 48 per cent, the lowest level in 22
years.
The picture is no more positive on the
Israeli side, with many supporting peace
talks but 62 per cent, according to a sur-
vey by the Israel Democracy Institute,
believing that there was not a “genuine
commitment” to peace on Mr Netan-
yahu’s part.
The Israeli prime minister has previ-
ously said he would meet Mr Abbas for
peace negotiations without precondi-
‘Lone wolf ’ attacks and
reprisals have left at
least 128 Palestinians
and Israelis dead in the
past three months
tion. But in the most recent round of
talks he added a condition: recognition
of Israel as a Jewish state. Palestinians
say this neglects their history and
Israel’s own 20 per cent strong Palestin-
ian minority, dismissing the demand as
unacceptable.
The Palestinian leadership voices
support for the two-state solution but is
also impatient with US-led diplomacy.
As a result it is pursuing international
recognition for the state outside a final-
status agreement with Israel. They wel-
comed a move last year by Sweden to
recognise Palestine, a move that
incensed Israel.
The White House admits that a two-
state solution will not be achieved under
West
Bank
JORDAN
Ramallah
Jerusalem
ISRAEL
Gush
Etzion Al-Aroub
junction refugee
Hebron camp Dead
Sea
20 km
13
A junction near Barack Obama’s presidency, which has
the Gush Etzion only a year to run.
settlements “The Americans seem to have lost
between Hebron interest,” says Gideon Levy, a leftwing
and Jerusalem. commentator with the Israeli newspa-
Once an area per Haaretz. “They are out of the game,
where Israelis they have lost hope.”
and Palestinians
mingled freely, Loss of faith
the area is now a With the Oslo blueprint in tatters, talk
fortified camp of the one-state solution — equal demo-
following recent cratic rights for Palestinians and Israelis
attacks on shared land in a single state or con-
Menahem Kahana/AFP/Getty
federation — is gaining traction. In the
PCPSR poll, 30 per cent said they sup-
ported it, with that figure higher among
young Palestinians.
“The disappointment with govern-
ance and service delivery is pushing
young people to focus on civil and politi-
cal rights,” says Khalil Shikaki, the cen-
tre’s director. “A one-state solution is
viewed by many among the youth as
[something] that would help in getting
rid of a nationalist old-guard elite that is
corrupt and divided.”
Among Israelis, support for a single
state is smaller and confined mostly to
those on the left. On the far right, Naftali
Bennett’s Jewish Home party supports
annexing “Area C”, the part of the West
Bank surrounding settlements, and giv-
ing Palestinians in PA-controlled land
“self-governance”.
However, most mainstream Israelis
view the prospect of a single state with
dread, believing it would erode their
country’s Jewish majority.
“The one-state solution is not a solu-
tion,” says Shlomo Brom, an analyst
with the Institute for National Security
Studies. “It’s another name for the con-
tinuation of war between two nations.”
Notwithstanding the current vio-
lence, Mr Brom says the Oslo process
could be nudged back to life with the
help of unilateral steps by the Israelis to
restrict settlement growth, or open
more land in Area C to Palestinian eco-
nomic projects. Mr Netanyahu’s govern-
ment has mooted doing the latter, but is
withholding concessions while the vio-
lence lasts.
“I am 100 per cent convinced there
will be a two-state solution, after
exhausting all mistakes and paying the
price,” says Mr Savir. “The issue is how
much blood gets spilled until then.”
Flashpoint fear In Gush Etzion, metal
fences line roads; Palestinians have
been barred from walking there
‘Settlement bloc’ Israel occupies Gush
Etzion illegally but is certain it would
keep it as part of a final peace deal
How many states? Support for
a binational state among Israelis is
confined mostly to a leftist fringe
14
FRIDAY 11 DECEMBER 2015
Zuma’s shock reshuffle
will hurt South Africa
The sacking of the finance minister is a signal of trouble ahead
Jacob Zuma, South Africa’s president,
could scarcely have provided a clearer
signal of trouble to come than he did on
Wednesday when he sacked his
respected finance minister, Nhlanhla
Nene. No less troubling was Mr Zuma’s
choice of successor, David van Rooyen,
an obscure backbencher from the rul-
ing African National Congress whose
sole experience of government to date
is at municipal level.
Not only was the timing of the move
terrible, rattling markets at a moment
when the news for South Africa’s econ-
omy was already grim. It was also
opaque. In the terse announcement,
the president gave no credible justifica-
tion for changing the minister in charge
at the Treasury, which together with
the central bank, has maintained a rep-
utation for excellence, resisting a gen-
eralised trend towards institutional
decay.
During a difficult period of economic
stagnation, declining world prices for
South Africa’s commodity exports and
successive scandals, Mr Nene acted as a
bulwark against the increasingly popu-
list inclinations of Mr Zuma and the
ANC. In doing so he took on the distin-
guished mantle of Trevor Manuel and
Pravin Gordhan, the two former
finance ministers who painstakingly
established South Africa’s record
among global investors for prudent
macroeconomic management in the
post-apartheid years.
By replacing him with a relative nov-
ice, Mr Zuma left the pundits to sur-
mise the worst: that Mr Nene had
resisted powerful allies of the president
once too often. In recent months the
Treasury intervened to prevent South
African Airways, the lossmaking
national airline, from rearranging an
aircraft leasing deal. As part of broader
efforts to check public spending, he
also sought to stymie Mr Zuma’s plans
to build a nuclear power plant.
Renzi’s muddled stance
on Italian tax evasion
Allowing higher cash transactions can only boost its shadow economy
The size of Italy’s shadow economy has
long been one of the biggest obstacles
to the country’s modernisation. The
unofficial sector still accounts for
around one-fifth of gross domestic
product. It ought to be the aim of every
Italian prime minister to combat this
problem, reducing the amount of eco-
nomic activity that goes untaxed and
unrecorded. Strangely, Matteo Renzi’s
government is taking a step in the
opposite direction.
The move in question is a new regula-
tion that Mr Renzi is introducing on the
amount of cash that can legally be used
for any single purchase. Until now, the
government has set a limit of €1,000
that can be paid in notes and coins for
any single transaction. His administra-
tion is now raising this to €3,000.
Mr Renzi has justified the move by
saying it will give customers, in particu-
lar tourists, more choice in how to pay
for purchases. He says this will help
spur consumption and boost Italy’s
slowly recovering economy. He also
argues that raising the legal limit brings
Italy into line with European neigh-
bours, even though France this year
reduced its ceiling to €1,000.
In every other respect, however, the
move makes no sense. Cash transac-
tions are much more difficult to track
than those made via credit cards or
bank transfers. Mr Renzi is therefore
providing greater scope for individuals
and organisations who are bent on
dodging taxes. His action also gives
small businesses more leeway to avoid
declaring their turnover.
When it comes to encouraging tax
compliance, the centre-left govern-
ment’s record has been mixed. At first,
it looked like it was going to stamp
down on the shadow economy, intro-
ducing a law that required vendors to
accept credit card payments even for
small transactions. This move made it
more difficult for them to conceal reve-
Amid an increasingly public battle
within the government, the fiscal pic-
ture had been darkening, thanks in
part to declining demand for basic
resources from China, South Africa’s
largest trading partner.
The rating agencies had already
taken note, with Fitch warning five
days ago that it could cut the value of
South Africa’s debt to junk. Standard &
Poor’s has also cautioned that it may
follow suit.
These warnings do not appear to
have persuaded Mr Zuma to cherish
whatever market credibility his
administration still enjoyed. His cabi-
net reshuffle prompted the rand to hit a
new low against the US dollar. Bond
yields also spiked.
If the rout persists it could have a sig-
nificant impact on the country’s
already elevated cost of borrowing. The
national debt has risen sharply in
recent years to fractionally under 50
per cent of gross domestic product
now. Under the tight rein of Mr Nene it
was already costing more than the edu-
cation budget to service. The choices
facing the new finance minister will
almost certainly be starker still.
Even the stars of recent South Afri-
can governments struggled to initiate
structural reforms that might have
made inroads into chronic unemploy-
ment and the apartheid legacy of racial
and income inequality.
The times are much leaner now and
the clamour for more even distribution
of wealth much greater. This is trum-
peted in ever more insistent fashion by
Mr Zuma’s most effective opponent,
the populist firebrand, Julius Malema.
The temptation for the government
will be to lurch in his direction, and
unravel in the process South Africa’s
hard-won reputation for fiscal pru-
dence. The only alternative, however
unpalatable to Mr Zuma, could soon be
the International Monetary Fund.
nue from the tax authorities. Since
then, the government has gone in the
opposite direction.
The prime minister this year raised
the amount of tax that can be evaded
without any criminal sanctions from
€50,000 to €150,000. The move to tre-
ble unofficial cash transactions consol-
idates this trend.
Italy can ill-afford such a muddled
approach on tax evasion. It raises
doubts about Mr Renzi’s willingness to
stand up to vested interests and deal
with Italy’s longstanding governance
problems. It also calls into question
how far the government can go in
reducing the county’s sovereign debt,
expected to reach 133 per cent of GDP
this year. It will be hard to tackle this
problem while more than a quarter of
the country’s tax revenue continues to
be lost to the shadow economy.
Mr Renzi’s latest move may be
driven by political necessity. The prime
minister is implementing a tough
reform programme, most notably lib-
eralising Italy’s labour laws, which has
led to an ugly clash with the trade
unions. Meanwhile, Italian economic
growth remains sluggish. As a result,
Mr Renzi’s Democratic Party is cur-
rently polling at its lowest level since he
became its leader in December 2013.
The move on cash transactions,
together with a fiscally expansive 2016
budget, may be an attempt to win back
support before national elections due
in 2018.
Mr Renzi can be forgiven for trying to
create some favourable political winds
for himself and his party. Italy’s prime
minister remains an impressive
reformer who is tackling some of the
biggest obstacles to economic growth.
But Italy’s immense black economy
remains one of the country’s heaviest
burdens. Nothing good can come from
a measure that serves only to deepen
the problem.
★ FINANCIAL TIMES
Chinese authorities are responding to air pollution problem
Sir, John Gapper asserts that “Beijing’s
smog is a symptom of corruption”
(December 10). This is correct, but
here is a more balanced assessment of
the situation.
First, the red alert did not indicate
the worst air pollution event in
Beijing’s history. That dubious honour
goes to January 12 2013. Instead, this
was the first time officials
acknowledged a red-alert level air
pollution event, and that is a sure sign
of progress. Only a week before, Beijing
was hit by an even more severe
“airpocalypse”, and authorities only
raised an orange alert, drawing public
scorn. Licking their wounds, the
authorities appear this time to be less
coy about sounding the alarm.
Great companies hold
out against the short-term
and the fashionable
Sir, One often encounters investment
managers who value companies in
which a family holds a major stake. I
think they like the long-term view
such families engender, with regard to
both capital growth and sustainable
dividends. The near death of Anglo
American brings this into very
stark relief.
As a family-controlled company for
eight decades plus, it took the long-
term view. That has changed, and
chief executive Mark Cutifani’s
presentation to shareholders does
not seem to have convinced them
that there is a long term.
What changed 10 years ago is that
management, without a family
influence, became a slave to fashion.
They were criticised for not being fully
exposed to the commodities boom.
Anglo was asked why it held Mondi,
the paper company it had spawned,
and Tarmac, the building materials
business it bought and grew. The
reason was that they were less cyclical
and volatile than the rest of their
natural resources portfolio. They
might prosper outside the boom
times and give a balance their
competitors lacked.
Great companies hold on against the
pressure of fashionistas. But, a new
slave to fashion, Anglo distributed its
holding in Mondi to shareholders.
Those who held on will take comfort
that one of the then eight Anglo
divisions now has a capitalisation in
excess of Anglo’s. Anglo dismembered
Tarmac, a second of the eight divisions,
seemingly so that shareholder value
(rather more than half than that of
Anglo today), would disappear. So the
short-term view, not uninfluenced
perhaps by management’s interest in
its short-term wealth, prevailed.
Quality assets were sold at the bottom;
fashionable assets were bought at the
top. Gearing, which management
found fashionable to increase, got out
of control, to the extent that
management lost control. What a
shambles.
There will surely be a wolf about, to
give some small change to long-
suffering investors, but what a
shame that, absent the long-term
controlling shareholder, common
sense has proved so uncommon
and fashion so prevalent.
Robbie Robertson
Reading, Berks, UK
History of The
Donald as seen
in the great
American texts
Notebook
by Robert Shrimsley
Letters
Second, compared with previous
years, China’s air pollution situation
this year has actually improved,
according to Greenpeace research.
Average PM2.5 levels through
November this year are down 15 per
cent year-on-year across China, and the
fall is larger for SO2, indicating reduced
coal-burning emissions. Favourable
winds patterns, a factor in clearing the
sky, are not significantly different
compared with previous years. Instead,
two factors explain the improvement:
government action on air pollution
sources, and structural changes in
China’s energy mix.
Regarding the former, Beijing’s
heavily polluted neighbouring
province, Hebei, has seen heavy
‘Lots of people are asking for
something called Brexit’
Most of Morocco’s funds
came from Europe
Sir, Your report on Morocco’s
renewable energy development (“The
letter from the king that boosted drive
for greener energy”, November 24)
gives a somewhat misleading view of
the sources of international funding for
the kingdom’s remarkable solar energy
programme. In fact, the majority of the
financial support for the three phases
of Noor complex at Ouarzazate —
including loans from the European
Investment Bank, France’s
development agency AFD and
Germany’s KfW, as well as grants from
the European Union — has come from
Europe. European funding, accounting
for roughly €1.6bn, represents about
60 per cent of the total cost and is by
far the biggest financing contribution
to this undertaking.
Maja Kocijančič
Spokesman, European Commission
EU workers’ benefits take
pressure off UK schools
Sir, Those calling for changes to in-
work benefits for EU migrants inveigh,
among other things, against EU
workers who claim UK child benefit for
children who remain in their home
country (“Cameron’s demand to
restrict migration clouds Warsaw trip”,
December 10). This exemplifies the
glass-half-empty thinking that has
already given us bogeymen like job-
stealing Polish plumbers, Romanian
fruit-pickers and other products of the
lump of labour fallacy.
We might try to look at it another
way. Education in the UK is free and,
As Donald Trump seeks to become the
presidential candidate of the party of
Lincoln, the FT has found transcripts of
the great speeches and text from US
history as delivered by The Donald.
The Gettysburg Address
Fourscore and seven years ago our
fathers brought forth, upon this
continent, a new nation, dedicated to
the proposition that all men are
created equal. But let me tell you.
They were not all created equal. Some
of them were created Muslim and
others were created disabled going
“wa, wa, wa”; and some of them
weren’t even created men at all. They
were created women with blood
coming out of their noses. Though
some of them, like my daughter, are
really hot. I mean seriously, if she
weren’t my daughter . . .
We are engaged in a great civil war,
a war of culture, a war you are not
hearing about from the mainstream
media. And today we are met on a
great battlefield of war to dedicate a
portion of this prime real estate as a
final resting place for those who died
here, fighting so the nation may live.
These men who died here were
heroes, though they were not my
kind of heroes because they died
fighting for a bunch of loser slaves,
guys who will never know what it is
like to have a hot wife and a billion
dollars. Personally I would have cut
those slave guys loose, most of them
don’t even pay their taxes and I tell
you we would not let one of them into
my many casinos. You want to talk
industry growth strongly capped.
Hebei’s economy has suffered, missing
its growth target last year, but that is a
price the authorities appear willing to
pay in the short term. Regarding the
latter, China’s slowing economy and
diversifying energy sources have led to
coal consumption falling in 2014 for
the first time in history. Through the
first nine months of 2015, coal
consumption is down 3-5 per cent year-
on-year. Together, these two factors
suggest things are changing in China,
with clearer skies the positive end
result.
China still faces many significant
challenges. Corruption remains an
issue. Application of rule of law is
not uniform. Reform of China’s
by international standards, pretty
good. It comes with the bonus of
delivering fluency in what Lucy
Kellaway describes this week as “the
only language you need to know:
English” (Dear Lucy, European
Business Schools, December 9). All in
all, a strong incentive for EU migrants
to bring their dependants with them.
But in many parts of the country,
education authorities already struggle
to meet demand for places, and class
sizes in state schools are large. That
sounds like an argument for the UK to
conclude that it is squarely in our
interest for child benefit to be payable
whether or not an EU citizen’s child has
taken up his or her right to be educated
here at public expense (I have not —
yet — heard anyone suggest that right
should be taken away).
In fact, perhaps we could consider
showing our gratitude by paying a little
more to those who, by leaving their
children to be educated at home, do
not add to the burden of an education
system they are funding with the taxes
they pay here.
David London
Tunbridge Wells, Kent, UK
S Africa’s investors will
react to shock sacking
Sir, Emerging market countries have a
sovereign right to basically do
whatever they want, presidents have
constitutional prerogatives to appoint
who they see fit to whichever post. This
is the way it should be. It is not the job
of investors to “tell” anyone what to do,
but to assess the risks and invest or not
at any given market rate of return.
However, recently there has been a
marked shift in sentiment in South
Africa — that investors (and rating
agencies) can be ignored in favour of
domestic political and rent-extraction
forces, despite the country running a
large and increasing current account
deficit that needs to be financed by
foreigners, and some 35 per cent of local
currency debt being held by foreigners.
The regrettable sacking of well
respected, reform-minded finance
minister Nhlanhla Nene is the policy
choice that has been made. However,
South Africa must understand that
investors (not only foreign but local
ones as well) will react to such a
profoundly negative shock and that the
country will have to live with the
consequences.
Peter Attard Montalto
South Africa Economist,
Nomura International,
London EC4, UK
about hallowed ground, those boys
would not get past the doorman —
although I want to say that I’ve
always had a great relationship
with the blacks.
But anyway, I don’t want to talk
about that although I know you guys
in the media would love me to. You
know those guys in the media, they
can’t stand that I’m still here. It
doesn’t matter what the media
write as long as you’ve got a young,
beautiful piece of ass by your side.
And talking of ass, I’m standing here
freezing mine off — global warming, I
tell you we could use some — on this
hallowed ground. The brave men,
living and dead, who struggled here,
have hallowed it even though they
were sold out by our weak, cowardly,
African president; a man not rich
enough to be honest.
But I don’t want to get into that
because I am not here to talk about
Donald J Trump. I am here to talk
about the honoured dead and the
cause for which they here gave their
last full measure of devotion. And I
want to tell you that these dead losers
shall not have died in vain, and that
government of decent Americans, by
decent Americans, for decent
Americans (and you all know which
decent Americans I am talking about
here — no hablar espanol, amigo)
shall not perish from the earth.
The Declaration of Independence
We hold these truths to be self-evident
(because that way we don’t have to
worry about proof although all the
Friday 11 December 2015
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
inefficient state-owned enterprises,
particularly the energy sector, is
moving at a glacial pace. And a
growing utility bubble is emerging
as power companies add thermal
generation capacity, while electricity
demand growth slows. Some believe
the red alert itself was mishandled,
as co-ordination between city,
environmental and traffic authorities
was problematic. But China’s air
quality has improved, and the
authorities appear more willing
to respond to the reality that
confronts them.
Calvin Quek
Head of Sustainable Finance Program,
Greenpeace East Asia,
Beijing, China
Still using the skills learnt
as an undergraduate
Sir, Lisa Pollack (Notebook, December
9) contends: “When it comes to
anything except vocational subjects
such as law, engineering and medicine,
little to none of what is learnt at
university will be useful in the
workplace.” Perhaps I have an overly
rosy memory of my studies. Perhaps I
just have an odd job. But I use the tools
of research, analysis and writing that I
learnt as an undergraduate nigh every
day, not to mention an understanding
of the intersection of politics,
economics, religion and culture, and
the habits of hard work and early rising
the my studies encouraged. If little to
none of what you learn at university
will be useful in the workplace, let me
suggest that you find a better
university!
ARB Linderman
Charlottesville, VA, US
Electric cars spell the
end of our front gardens
Sir, Did Vladimir Gorelov (Letters,
December 8) pave over his front
garden and have a pavement kerb drop
built so he can charge his electric car
overnight from his domestic electricity
supply? If he did, he is intensifying
flood risk, urban heating and urban
stress, and reducing biodiversity,
carbon absorption, road space for
parking and civic amenity. And if the
millions of people he predicts will
switch to electric vehicles all do the
same, there will be no front gardens
left at all, and suburbs throughout in
the country will turn into gigantic car
parks. There has to be a better way to
charge electric vehicles.
Christine Eborall
Ealing’s LA21 Front Gardens Project,
London W13, UK
Toughness is so tiring
Sir, You must be exhausted having to
denounce in your editorials, two days
in a row, two potential presidential
candidates (“The presidential threat
posed by Le Pen in France”, December
8 and “Trump’s offensive assault on
American values”, December 9).
What worries me is that the likes of
Dick Cheney are on your side. Perhaps
we should hold off on shooting the
messengers and think about ways to
address the concerns of the followers of
these candidates.
R Vijayaraghavan
San Jose, CA, US
data has been verified by the highly
respected Centre for Populist
Histrionics) that all men are created
equal. But look at me and look at you.
Does it look like we are created equal?
Do all men have Trump International
hotels in Vegas and New York, or in
foreign states like Panama and
Hawaii? They are not even created
equal in Mexico because they send us
all the bad ones. But don’t worry
because we are going to build a wall.
The Statue of Liberty
Spare me your tired, your poor,
your huddled masses yearning to
breathe free.
There’s no room left on our teeming
shore,
So send these homeless, tempest-
tost somewhere else,
We’ve put out the light on our
golden door.
The Kennedy inaugural address
Let every person know, whether they
wish us well or ill, that we will build
any wall, proscribe any faith, bomb
any opponent, abandon any friend
and smear any foe to assure the
survival of this campaign.
And so my fellow Americans, ask
not what your country can do for you;
ask what you can do to save your
country by getting a great American
into the White House.
Preamble to the US Constitution
Me the People . . .
robert.shrimsley@ft.com
Friday 11 December 2015
FINANCE
Gillian
Tett
I
f you want to break the ice at a cor-
porate seasonal party in America
these days, try popping this reveal-
ing question: which part of the US
has the highest proportion of entre-
preneurship?
“Silicon Valley” would be a predicta-
ble, and understandable, answer. After
all, in recent years, the San Francisco
region has been an epicentre of US inno-
vation. Mark Zuckerberg, the founder
of Facebook, seems to epitomise the
entrepreneurial dream; particularly
since his recent announcement that he
plans to donate most of his largesse to
social causes.
But here is a curious little detail of
America’s economy today: if you want
to understand the real nature of entre-
preneurial activity, do not look to Sili-
Le Pen not
Trump is the
bigger danger
GLOBAL POLITICS
Philip
Stephens
D
onald Trump is disgraceful;
Marine Le Pen is dangerous.
The frontrunner for the
Republican presidential
nomination has a flair for
the outrageous. The Grand Old Party of
Abraham Lincoln could well find itself
eaten by its own grotesque creation.
American democracy will endure. The
leader of France’s National Front could
upturn the politics of a continent.
This week, Mr Trump’s call for a bar
on the entry of Muslims to the US stole
the headlines from Ms Le Pen’s triumph
in the first round of the French regional
elections. Rivals in the US Republican
race disowned the latest outburst from a
candidate whose campaign has peddled
unabashed xenophobia. Politicians
across the globe joined the general con-
demnation. Even against his own
debauched standards, Mr Trump had
gone too far.
The opinion polls will tell us soon
enough whether the Republican base
shares such disgust. Past outpourings of
unvarnished nativism have done Mr
Trump no harm among GOP activists.
Yet it is still hard to find a serious
Republican who believes he will secure
the nomination. If they are wrong, Hil-
ECONOMICS
Martin
Wolf
T
ackling England’s housing
crisis is among the foremost
challenges facing policy-
makers. It also cannot be
left to the market. Govern-
ments decide the supply of land and
necessary infrastructure. Governments
set the taxes and offer the subsidies that
affect housing. Governments also influ-
ence access to finance. So how well have
they been playing these roles? If the aim
has been to make housing as expensive
as possible, the answer must be: very
well. On any other criteria, the results
have been dire.
Here are three relevant facts about
UK housing. First, in the financial years
from April 1969 to April 1974, an annual
average of 286,000 dwellings was
started in England. In 2014-15, a mere
New York steals Silicon Valley’s crown
con Valley or Mr Zuckerberg. The big-
gest hotbed of urban entrepreneurship,
as measured by the number of small
companies per head, is now New York,
not the West Coast, according to
research by the Kauffman Foundation,
a think-tank. Boston sits in second place
in terms of “entrepreneurship”, fol-
lowed by Providence, Rhode Island.
Meanwhile, San Francisco is fourth, just
ahead of Miami in Florida and Portland
in Oregon. Main Street is giving the Val-
ley more than a run for its money.
Geography is not the only surprise.
The word “start-up” tends to conjure up
images of baby-faced, hoody-wearing
youngsters such as Mr Zuckerberg. But
the Kauffman data suggest that the
average age of entrepreneurs and small
business owners is far higher — and ris-
ing. People aged 45-54 now own 32 per
cent of small businesses, the engines of
economic activity and job creation.
These middle-aged entrepreneurs are
the biggest single cohort among busi-
ness owners. Those following on behind,
the 20-34 year olds — Mr Zuckerberg’s
cohort — own just 16 per cent of small
businesses, down from 28 per cent when
lary Clinton seems assured of a smooth
path to the White House.
Mr Trump shouts; Ms Le Pen has
prospered by whispering. Jean-Marie Le
Pen, her father, founded the National
Front on a platform of unapologetic
anti-semitism. He describes the Holo-
caust as a mere “detail” of history. His
daughter has expelled him from the
party. She has replaced overt racism
with insidious innuendo. A thin veneer
of respectability, she hopes, will be her
route to the Elysée Palace in the 2017
presidential election. Her targets are
Muslims rather than Jews. And it is all
wrapped up in pseudo patriotism.
The fear generated by the terrorist
attacks in Paris probably contributed to
her party’s first place in the regional
elections. Ms Le Pen has exploited the
outrage in much the same way as Mr
Trump has traded off the Isis-inspired
shooting in San Bernardino, California.
And the flight to Europe of refugees
from the wars in Syria, Iraq and Afghan-
istan has been a gift to a party that elides
Islam with terror.
She has been blessed by her oppo-
nents. President François Hollande’s
ratings are up since the Paris attacks,
but the Socialists wear the ankle chains
of economic failure. Nicolas Sarkozy,
the former president who leads the cen-
tre-right Republicans, is loathed by a
significant slice of the electorate.
To see the success of the National
Front as a cyclical phenomenon, how-
ever, is to miss the way populists of the
far right and hard left across Europe
have tapped into deeper discontents.
A more radical solution for England’s housing crisis
138,000 were started. While this was
much more than the 88,000 started in
2008-09, it is still extremely low.
Second, house prices have soared.
according to LSL property services,
average real house prices in England
and Wales doubled between January
2000 and October 2015. In London, real
house prices rose 150 per cent over this
period and are now 29 per cent above
the pre-crisis peak.
Finally, there has been a big fall in the
proportion of dwellings in owner-occu-
pation. Between 2007-08 and 2012-13,
the proportion of dwellings in owner-
occupation fell by 4 percentage points,
to 60 per cent of the total in Great Brit-
ain. In London, the rate of owner-
occupation fell to its lowest level since
1981, at just a little over 40 per cent.
The government’s response, elabo-
rated in the Autumn Statement and
spending review, has been twofold:
promote home building and subsidise
owner-occupation. But the former is
inadequate and the latter misguided.
The government promises to deliver
400,000 new homes, including 200,000
“starter homes”, 135,000 “Help to
★ FINANCIAL TIMES
Comment
the series started in 1997. Start-up activ-
ity among the younger cohort is also
falling, as it increases among the middle
aged. Meanwhile, the educational quali-
fications of entrepreneurs is rising: a
majority now hold a graduate degree.
And immigrants now own 20 per cent of
all small businesses, twice the level in
1997.
What accounts for these trends? Data
Not all successful
entrepreneurs today
wear hoodies or soak up
the California sun
on small business activity in general —
and entrepreneurship in particular —
are notoriously patchy. However, Kauff-
man suggests that the heavy burden of
student debt may be deterring young
people from becoming entrepreneurs.
The broader ageing of the American
population is also affecting the
statistics.
The more intriguing issue is whether
After years of high unemployment,
stagnant living standards and rising
immigration, globalisation has become
the midwife to aggressive nationalism.
Ms Le Pen’s currencies are fear and
prejudice. The enemies are “outsiders”
— in this case Muslims and international
capitalism. Her answer is to close the
borders and reclaim national control
over the economy. Politics, she says, has
become a fight between “nationalists
and globalists”. The message is crafted
to appeal as much to disenchanted vot-
ers on the left as to nativists on the right.
She is on to something. Cast an eye
across the continent and extremists of
every shade blame globalisation for the
insecurities of the age. The mainstream
parties are accused of colluding in a
project in which the only winners have
The National Front leader
promises a return to a
past that Europe thought
it had left behind forever
Buy Shared Ownership homes” and
10,000 “rent-to-buy homes”. This, it
claims, is the “biggest affordable house
building programme” since the 1970s.
In addition, it plans to release enough
public sector land for 160,000 homes.
Beyond this, the government
proposes further liberalisation of the
planning system. One idea is to support
“the regeneration of previously devel-
The government must slay
the sacred cows — the
greenbelts around cities
being the holiest of all
oped brownfield sites in the greenbelt”.
Another is to extend the “Help to Buy
equity loan scheme” to 2021 and to
create a London Help to Buy
scheme that will offer 40 per cent equity
loans, “in recognition of the higher
housing costs in the capital”. It will
also extend its right-to-buy scheme to
tenants of housing associations, as
promised (controversially) in the
the pattern of older entrepreneurs also
reflects the changing profile of work.
Digitisation is wiping out swaths of
once-secure middle-class corporate
jobs, tossing out middle-aged employ-
ees; indeed, the Oxford Martin school of
business forecasts that half of all US jobs
will be replaced by robots in the next
two decades. Americans are living
longer and their pension provision is
shrinking. Some of this middle-aged
entrepreneurial activity, in other words,
is probably sparked by necessity as
much as by active choice — a conse-
quence of economic insecurity as well as
economic freedom.
That, in turn, may have bigger policy
implications, particularly given the
rising level of income inequality. One
encouraging piece of news in the data is
that overall entrepreneurship rose last
year, after declining during the
Great Financial Crisis. But it remains
below the levels seen a couple of decades
ago. There is a great deal that Amer-
ican policymakers could do now, how-
ever, to raise those entrepreneurship
levels.
Instead of just talking about lowering
been the elites. Euroscepticism, once
the eccentric preserve of British Con-
servatives, has become a convenient
vessel for hostility at once to immi-
grants and multinational corporations.
The ugly nationalism of Viktor Orban,
Hungary’s prime minister, a self-con-
fessed admirer of Russia’s president
Vladimir Putin, merges seamlessly into
the unvarnished anti-semitism of his
country’s Jobbik party. In language rem-
iniscent of the 1930s, Jaroslaw Kaczyn-
ski, the far-right leader of Poland’s rul-
ing Law and Justice party, claims the ref-
ugees arriving in Europe from the Syr-
ian civil war will spread “parasites and
disease”. Elsewhere, the electoral gains
of such populists are pulling main-
stream parties to the nationalist right.
Germany has largely escaped a tide of
xenophobia lapping over much of east-
ern and central Europe, but the influx of
Syrian refugees has left Chancellor
Angela Merkel vulnerable to those in
her own Christian Democrat party who
fear being outflanked on the right by the
new Alternative für Deutschland. Not so
long ago received wisdom had it that a
Conservative election manifesto.
What then is there to object to in all
this feverish activity?
The first objection is that it is too little.
Informed sympathisers suggest that
merely to keep up with a growing popu-
lation and changing demographics, Eng-
land needs 240,000 homes a year,
100,000 more than are now being built.
To make dwellings somewhat more
affordable than today, the requirement
might be 300,000 a year. The outcome
of current plans will not come close to
that. Instead, the shortfall in housing
supply is sure to grow.
The second is that it is too late. The
housing budget is only to be doubled by
2018-19. Moreover, the 400,000 new
homes will only have been started by
2020-21. The UK fought the second
world war in that span of time.
The third is that it is all too political.
The government is concentrating its
subsidies on increasing home owner-
ship. In this, it is, of course, following the
precedent of US policymaking, which
delivered disastrous results.
It is easy to understand why the gov-
ernment would want to support owner-
taxes for big corporations (which is
where the debate is focused in Washing-
ton), there should be more effort made
to streamline America’s nightmarishly
complex small business tax code.
Healthcare provision should also be
simplified. Small business also requires
a wider range of financing channels,
particularly since one very unfortunate
consequence of the post-2008 financial
reforms is that banks are now very
unwilling to provide funding for smaller
companies.
There also needs to be a cultural
change. Most notably American policy-
makers (and voters) need to recognise
that not all successful entrepreneurs
today wear hoodies, or get to soak up the
California sun. On the contrary, most do
not. And finding ways to champion and
support that older cohort of entrepre-
neurs will be a crucial step for dealing
with the disappearance of traditional
corporate jobs; or the curse of the shat-
tered middle class. And that would
make for a healthier economy and jol-
lier seasonal festivities.
gillian.tett@ft.com
fracturing of the euro presented the
greatest threat to a liberal, outward-
looking Europe. The big danger now is
from the rise of identity politics.
Ms Le Pen is not yet the frontrunner
for the Elysée. But the fact she has
become an entirely plausible contender
should be warning enough. The
National Front leader is not just another
unpleasant populist. She promises a
return to a past Europe thought it had
left behind forever.
In 1940, George Orwell reviewed
Adolf Hitler’s Mein Kampf. Prescient as
ever, the great English writer alighted on
the Nazi leader’s emotional connection
to the German people. Hitler under-
stood that, sometimes, people looked
beyond materialism for “struggle and
self-sacrifice, not to mention drums,
flags and loyalty parades”.
Modern-day national socialists such
as Ms Le Pen are tugging at the same vis-
ceral emotions — the need to “restore”
the nation against the enemies within
and without. This really is dangerous.
philip.stephens@ft.com
occupation and penalise the rental sec-
tor, including by taxing buy-to-let land-
lords more heavily.
Owner-occupiers, it thinks, have a
bigger stake in the country. Owner-
occupiers, it also thinks, are more likely
to vote Conservative. Yet owner-
occupation is an aspiration — and eco-
nomic benefit — now denied to most
young people, particularly in London.
Against this, the government is going
to be doling out extremely scarce public
resources to those who are far from the
bottom of the income distribution. It is
hard to see the ethical (as opposed to
political) justification for that.
The overwhelming challenge is, in
any case, not to tinker with the distribu-
tion of tenure, as the government is
doing, but to expand supply of housing.
To achieve that it must slay the sacred
cows, the greenbelts around cities being
the holiest of all. Local governments
must be hugely rewarded for promoting
development. To its credit, the govern-
ment has made tentative steps in the
right direction. It must now go further.
martin.wolf@ft.com
15
Give Mayer
a chance
to make
Yahoo work
OPINION
Philip Delves
Broughton
I
n her three years as head of Yahoo,
Marissa Mayer has made a lot of
people extremely rich. Start with
Dan Loeb, the hedge fund manager
who spied an opportunity in the
lumbering tech giant and began buying
its shares and agitating for change in
2011. He led a campaign to force out
Scott Thompson, then chief executive,
and brought in Ms Mayer, one of Silicon
Valley’s hottest executives. By 2013,
when Mr Loeb’s Third Point sold its
position, the fund had netted $1bn.
Then there is David Karp, who sold his
blogging platform, Tumblr, to Yahoo in
2013 for $1.1bn. Mr Karp, who was 27 at
the time, owned 25 per cent of the com-
pany, so made a cool $275m. Nick
D’Aloisio was just 17 when Yahoo bought
his news-reading app, Summly, for
$30m. He recently left the company to
focus on his degree at Oxford.
Shareholders who bought Yahoo the
day before Ms Mayer became chief exec-
utive and held on to it have seen the
value of their shares more than double,
despite a recent fall. If you had held the
S&P 500, you would have earned a mere
55 per cent return over the same period.
If you had owned Apple, you would have
a made a comparably measly 35 per cent
return.
Any other chief executive might be
celebrated for that kind of performance.
Not Ms Mayer. Early on it was all Vogue
photo shoots and praise for one of the
few women to scale the peaks of the tech
industry. Then she was attacked for
insisting employees no longer work
from home. Now she is under attack for
all the confusion surrounding Yahoo’s
The company is a blur of
assets of wildly different
value. It is hard to get a
handle on just what it has
strategy — primarily its plans to spin off
its stake in Alibaba, the Chinese ecom-
merce start-up — and her own pay.
She walked into the job from Google,
having amassed an estimated $300m in
her brief career. In 2013 her Yahoo pay
including stock awards and options was
$24.9m, and in 2014 it reached $42m,
mostly thanks to Yahoo’s then rising
share price. All quite normal for compa-
nies of Yahoo’s size.
The question is what exactly she did
to earn it. For all of her dizzying plate-
spinning, buying, selling and hiring, it is
not clear that Ms Mayer has done much
to improve Yahoo. It remains tucked in
behind Google, Facebook and YouTube
as one of the most visited websites in the
world. But rather like AOL, it is consid-
ered a service stuck in internet dark
ages. It is what grandma uses to look up
the weather. It is not for Snapchatting
teenagers. And it is not what investors
crave most of all: the prospect of growth.
Fortunately, Yahoo has been the ben-
eficiary of an extraordinary investment
made by Jerry Yang, founder and
former chief executive. In 2005 he
bought a $1bn stake in Alibaba — a stake
now worth $31bn. But now Yahoo and
its investors are like a family bickering
over the corpse of a wealthy relative.
What to do with this windfall? The US
tax authorities are refusing to make it
simple; so, instead of trying to enhance
Yahoo’s products to catch up with Face-
book and Google, Ms Mayer is spending
her time figuring out what kind of legal
and corporate contortions will realise
the best return for the Alibaba stake and
clear the air around the core business.
For engineers such as Ms Mayer, sim-
plicity is highly coveted. And Yahoo is
anything but simple. It remains a blur of
services and assets of wildly different
value. It is hard to get a handle on
exactly what it has. Those 1bn monthly
active users — are they right ones? That
$5bn of revenue — is it growing? For the
right management team, there is plenty
of cash to acquire and invest.
We need to get over Ms Mayer’s pay
cheque. She has been paid for taking the
job in the first place. Those options
grants were the Smarties required to
hire her. Mr Loeb and Yahoo’s other
investors have been more than hand-
somely rewarded by her decision to join
the company and fire up the stock.
What she now deserves is a chance to
operate its core internet businesses, and
the sooner the better. Only then can we
hope to tell whether she is worth it.
The writer is the author of ‘What They
Teach You at Harvard Business School’
16 ★ † FINANCIAL TIMES Friday 11 December 2015

BUSINESS LIFE

Personal technology

Sonos v Chromecast Audio

Sound investments as Google
takes on home music maestro
TIM BRADSHAW

Delivery drivers
become the new
face of online For a decade, Sonos has radio, or even your own

shopping
owned the wireless music
system market. No one else
has come close to its
seamless streaming,
high-fidelity sound and
handsome speakers.
digital music collection. All
the services must be
accessed through Sonos’s
smartphone app, which feels
clunky compared with Apple
or Spotify’s own interfaces.

Many have tried and failed Casting around

shift, he would return their undelivered
WORKING LIVES parcels to the depot.
Ultimately he quit. Yet two and a half
Emma years ago, he decided to have another go
Jacobs and returned to driving, this time
employed by DPD, a carrier owned by
French state-backed La Poste. The 33-
year-old says the “technology” era sees
the job transformed. A message, by
Amid a fierce squeeze on email or text, is sent to the customer the
night before delivery giving them
the logistics industry and options for if they will be out: to leave
changes ushered in by the parcel with a neighbour, at a DPD
pick-up parcel shop or to rearrange
new technology, drivers delivery.
are having to adapt In the morning, the parcels’ bar codes
are scanned and a route for the day is
automatically devised. Customers
them to have control over their working
day. When City Link, the parcel delivery
relationships as micromanagement
increases. Drivers feel there is no slack
in the system and that they are con-
stantly surveilled. Mr Rix agrees. “All
these managers care about is getting
parcels out and reaching their efficiency
targets.”
This is a vision of the job that Dwain
McDonald, chief executive of DPD,
fiercely disputes. Training and career
development, he says, are important.
It is also a hot topic for retailers, who
see their drivers as the new face of the
store in the place of sales assistants:
politeness, customer service and neat
uniforms are important when drivers
James Valentine deliver groceries or furniture. Although
says technology some parcel delivery companies, such
to recreate Sonos’s ability to
play the same music
simultaneously across a
network of speakers, with no
noticeable lag to muddy the
sound. But finally, Sonos has
serious competition: not
from Apple, perhaps the
most likely candidate, but
from Google.
Its new Chromecast Audio
dongle attaches to existing
speakers to enable new
streaming capabilities,
including — with a software
update this week — multi-
room synchronisation that is
just as flawless as Sonos’s.
For those who already
own decent (offline)
speakers, Chromecast’s price
tag of $35 (£30 in the UK)
looks seriously appealing
next to Sonos, whose all-in-
one devices range from $199
to $699 (£429). Either will let
you make the most of cloud-
based music services such
as Spotify and Pandora.
Google’s Chromecast Audio,
however, acts as a plug-in to
many existing apps on both
Android and iOS, including
Spotify, Pandora, TuneIn and
my favourite podcast app,
Pocket Casts (but, not yet,
Apple Music). That means
you can use those services
as their developers
intended, through their own
apps. It does also mean
“casting” the sound takes a
few more taps on your
smartphone or tablet than
the instant-on Sonos.
Google launched the
Chromecast Audio as an
addition to the video-
streaming version that plugs
in to a TV set. The software
update that enables multi-
room sync is out this week
but after testing a pre-
release version on Android,
I can attest to its reliability.
Powered by a strong WiFi
router (and with each
Chromecast needing its own

C
hristmas shopping no longer
means beating through red-
faced throngs in department
stores, high streets or super-
markets. We prefer conven-
ience: mouse clicks and surfing.
Yet beyond the computer screen lies a
complex web of logistics: vast ware-
houses, heavy goods vehicles and data.
At the sharp end are the delivery drivers.
The expansion and evolution of online
shopping has changed their working
lives as technology tracks their move-
ments and increases efficiency. Some
feel they are paying the cost of retailers’
offers of free delivery, which have
helped drive down margins for delivery
companies as they compete for work.
Others take pride in being the new face
of shopping, the only human visible in
this impersonal online transaction.
James Valentine has experienced
these changes first hand. When he left
school he became a delivery driver. That
was in 2002, an era he calls “pre-tech-
nology”. He sums up his working life
then as “frustrated”. He would spend
time in the depot in the dark hours of
the early morning figuring out his
schedule. “I would look at street maps,
circle the address and think about the
best route.” Once on the road, he might
have angry customers. Some had waited
in all day for their delivery and had no
way of knowing when it might arrive. If
indeed it did. Often at the end of his
receive a message with a one-hour time-
frame when the parcel will arrive. There
are regular customers proffering tea and
home-made biscuits on his country
route around south-west England. Effi-
ciency has improved the job, he notes,
meaning happier customers. Even the
footwear has got better: his clunky steel-
cap boots have been replaced with train-
ers reinforced with toe protectors.
Yet not all delivery drivers are con-
tent. Mick Rix, national officer with the
GMB Union, overseeing transport and
logistics, observes there has been a
“massive squeeze on costs” for delivery
companies, amid fierce competition.
For many drivers this has created pre-
carity: “There has been a drive to get rid
of permanent employment, outsourced
workers providing their own insurance
and vehicles. People can’t make money
to live on.” Geoff Martin, of the RMT
union, sees it as a race to the bottom.
“Everyone likes free delivery but at
what cost? What next? Crawling on their
knees with a parcel on their back?”
However, some drivers view self-
employment as liberating, enabling
‘Stress can be a major
factor. Pressure to meet
targets means that
some workers cheat’
company went into administration on
Christmas Eve last year, it shone a light
on the working lives of many drivers as
well as the competitive environment.
The Coventry-based company, owned
by investment firm Better Capital,
called in administrators after substan-
tial losses.
Today, Jon Moulton, founder of Better
Capital, reflects that flexibility was
important. (The workforce was a mix of
employees and contractors paid per
parcel.) He does not see driving — with
the aid of a satnav — as skilled work. “An
employee can be instantly profitable, no
different to someone trained for
months.” When challenged, he admits
there is some skill: “A basic level of cour-
tesy and common sense is needed.”
John Russo, visiting scholar at the
Kalmanovitz Initiative for Labor and
the Working Poor at Georgetown Uni-
versity, says the technology can deskill
the work. “It’s become a kind of piece-
work as the work intensifies.”
The dual tyranny of targets and tech-
nology can create pressure. John Aiello,
professor of psychology at Rutgers uni-
versity, says: “People do get used to
technology. Although, stress can be a
major factor. The pressure to meet tar-
gets means that [some] drivers find
ways of cheating.” This might include
dropping parcels outside homes with-
out bothering to ring the doorbell. It can
also create thorny employee-manager
has transformed as DPD, stress the value of their drivers
the job as representatives of the brand too.
Christopher Ison;
illustration by Brian Saffer
Will Sargent, client services director
at NKD, which provided training for
drivers employed by Tesco, the super-
market chain, says that a key compo-
nent is empathy. “It’s getting people to
see a customer instead of a delivery
address.” This might involve role-play-
ing serving an elderly customer.
The Prior family — David, the father
and his two sons, Mervyn and Barry —
work as drivers for John Lewis in Read-
ing, south-west England. Their role has
evolved alongside customer expecta-
tion. David has worked at the company
for more than 31 years. “It used to be just
delivery with a smile.” Now he installs
white goods and flatpacks.
There is disruption in the delivery
sector too. The likes of Sidecar and Uber
offer on-demand deliveries alongside
driving passengers. Some established
delivery companies use “at-home couri-
ers” who deliver packages locally in
their car. Deliveries are made to lockers
in fixed locations rather than to homes.
Martin Ford, author of The Rise of the
Robots, notes that it will be a long time
Drone to home
How technology
before a robot can replace the driver. In
many cases, “the solution will be to push
will transform
the industry
more of the work on to the customer,
just as with self-checkout aisles”.
ft.com/
emma.jacobs@ft.com
deliverydriver
Twitter: @emmavj
Streaming with Sonos
For several weeks, I have
been testing Sonos’s $199
Play:1 and its updated Play:5
($499). Both provided an
uninterrupted stream of
high-quality sound in
elegant hardware.
The Play:5 was clearer
and deeper than my living
room’s Yamaha soundbar
and subwoofer. Even
without the separate sub, I
could feel the Play:5’s bass
rumble. Its combination of
three mid-woofers and three
tweeters handled piano
solos just as well as
pounding hip-hop.
The Play:1 made for a big
upgrade compared to my
kitchen’s Jambox Mini, a
Bluetooth-based portable
speaker that retails for
around $130.
An added bonus is the
new Trueplay technology,
which adjusts the speakers’
output to the room,
improving the sound
noticeably if the device is
under a chair or stuck in an
odd corner of the kitchen.
If you have not already
experienced it, walking
through your home and
having the music follow you
from room to room is
luxurious. Not so long ago,
electricity socket), I could
stream for hours across
three speakers, a few dozen
feet apart, without skipping
a beat. Even in spoken-word
broadcasts, where lag is
more noticeable, I could not
discern any latency.
The two companies use
slightly different technology
to achieve a similar effect.
Each Sonos speaker
connects to the system’s
own wireless network, which
does not interfere with WiFi,
helping to create a large
range. Chromecast Audio
uses regular WiFi, which
increases the risk of network
congestion, but Google says
10 or more speakers can run
together if you have a
robust wireless signal.
Verdict
If you have close to $1,000
to spend on a sound system
upgrade, I would not
hesitate to recommend
buying two Sonos Play:1s
and a Play:5. For a seamless
experience of high-quality
multi-room audio, that still
seems a bargain.
If you already have decent
speakers or are on a tighter
budget, Google has
accomplished a remarkable
feat with its Chromecasts in
matching many of Sonos’s

Champagne inspires a revival of Japanese towel-making
The industry is a bright
spot in a picture of decline,
writes Michiyo Nakamoto
Less than a decade ago, the secluded
port of Imabari, on Shikoku, the small-
est of Japan’s four main islands, was
facing the near-annihilation of one of its
key industries.
Imabari had long been a centre of
towel manufacturing, but the industry
had come under severe pressure from
cheap imports and seemed to be on a
path of irreversible decline.
Production plunged and hundreds of
towel makers shut up shop. “People on
the factory floors thought the industry
would disappear,” says Seiji Kondo,
director-general of the Shikoku Towel
Industrial Association.
However, in a rare case among Japan’s
struggling regional industries, the towel
makers fought back successfully with a
novel strategy that has become a model
for regional revitalisation.
They bet on a branding and market-
ing plan devised by Kashiwa Sato, one
of Japan’s leading creative directors.
The approach to Mr Sato in 2006 was
born of desperation. Attempts to secure
import restrictions had failed and
industry leaders decided that the only
solution was to compete on the basis of
quality.
They wanted Mr Sato to build a high-
end Imabari brand to present an aura
similar to that of Champagne for its
sparkling wine. The budget was less
than the sums to which his company
Samurai — whose clients include Seven-
Eleven and Uniqlo — was accustomed.
“I wasn’t sure this would work,” says Mr
Sato. He came to think otherwise.
With a temperate climate suited to
growing cotton, Imabari was known in
this cost a lot more and
required specialist wiring.
Sonos sells more than just
capabilities.
The best part? A bit of
competition will only push
the speakers. Because its Sonos to get even better.
hardware and software are
the 1920s as the “Manchester of Japan”.
In its heyday, it was producing more
over provincial Japan, the plight of
regional economies became a major
integrated, using them is
straightforward and
than half of all the towels sold in the social and political issue. reliable, whether you
domestic market, developing tech-
niques that combined high quality with
“People were beginning to realise that
unless the regions could be revitalised,
are listening to
Spotify or (soon)
low chemical content. Japan itself would not be revived,” says Apple Music, TuneIn
Mr Sato started trumpeting these dif- Mr Kondo. Mistrust of imports — partly and Pandora internet
ferentiating factors, setting strict pro- fuelled by a poisoning scandal involving
duction standards to ensure consist- Chinese dumplings — provided extra
ency. He also deployed rows and rows of momentum, especially as towels are
white towels as an eye-catching visual often bought as gifts.
Planet of the apps
motif. The strategy Mr Sato devised has
One of the more unusual (and wine- helped to lift towel production in Ima- Apple Music has been
influenced) elements of the shoestring bari from a low of 9,381 tonnes in 2009 criticised for its confusing
Made in the marketing strategy involved the ap- to 11,298 tonnes last year. This is still interface. YouTube Music is
‘Manchester pointment of almost 2,000 “towel som- well below the 50,000-tonne peak in Google’s latest attempt to
of Japan’ meliers” trained to advise customers on 1991, but makers can now see a future crack the market. It includes
their purchases. for the industry. 30m licensed tracks to
Japanese consumers are used to the Elsewhere it is different. For many What it is choose individually or
term “sommelier” being stretched to Japanese regions, where traditional YouTube Music (free, iOS streamed as endless,
other products, such as tea or vegeta- skills are being lost as young people and Android) personalised radio.
bles. Honorary “towel sommeliers” move to the cities and older workers This being YouTube, there
include Akiko Fukushima, a female retire, the decline may not be halted. Why you should try it are videos of live concerts
professional golfer. “If we had been five years later in Making a good music and with karaoke lyrics. It is
To attract media attention, Mr Sato building our branding strategy, it would streaming app is a tough all free, if you put up with
also framed the story of Imabari’s antic- have been too late,” says Mr Kondo. business. Spotify is losing the ads, or you can pay $10 a
ipated rise from the ashes as a case of Imabari’s production expertise could so money despite being hugely month to YouTube Red (US
regional revitalisation. easily have been lost. popular, geek favourite Rdio only) to avoid interruptions
As TV cameras beamed the sight of “We managed to recover just in the is shutting down, while and save videos offline.
shuttered shops and deserted streets all nick of time.”
Friday 11 December 2015 ★ FINANCIAL TIMES 17

ARTS

A study of gorgeous, sun-dazzled misery

crackpot pastiches of silent cinema and
FILM early talkies, jape-ish spins on B-mov-
ies. There is melodrama onboard
Danny stranded submarines, a fairytale woods-
man and voodoo shenanigans, all of it
Leigh executed with fierce conviction. Among
the “boggling puzzlements”, the most
appealing are musical: the reliably game
Udo Kier pops up in a cabaret number

D
o not be deceived. A first
glance at Angelina Jolie in
By the Sea, the new film of
which she is both star and
director, would suggest a
woman having a good time. Under a
wide-brimmed leopard skin hat, she
basks in the passenger seat of a silver
convertible, hurtling along the French
Riviera. But no, in fact, this slyly witty,
epically stylised movie is a study of
misery: gorgeous, sun-dazzled misery.
It is the early 1970s and Jolie is
Vanessa, an American actress. The
driver is her failing novelist husband
Roland; he, teasingly, is played by her
actual husband Brad Pitt. Arriving at
the blissful nook on the Med where the
pair are to stay, we glimpse the shape of
her in the opening line: “I smell fish.”
The tone, often bordering on parody, is
that of the grand old European art
movie: languorous, chic, stuffed with
tortured ennui.
We can only gawp at the couple’s
immaculate period costume, their
lighters and sunglasses; design fetishists
may find themselves short of breath just
watching them unpack. A typewriter
appears, Campari red, at which Roland
stares while his wife glumly reads
Vogue. Soon, the days find him pickling
himself at the local bar, while Vanessa
haunts the hotel room in a range of neg-
ligees. At one point, a single tear runs
down that movie star cheek.
Much of this is fantastically dull, and
that may be the point. After the torment
comes a bracing dose of voyeurism. The
targets are a young neighbouring couple
on their honeymoon, whom Vanessa
takes to spying on through a hole in the
wall. For one of the world’s most lusted
after women to play peeper not
peeped-at is a neat touch: the role
reversal extends into the room next
door, the female half of the other couple
taking photos of her new husband, ask-
ing: “Is this turning you on?”
Teasing: Brad Pitt and As a director, Jolie is now on to her
Angelina Jolie in ‘By the third film. Her most recent, Unbroken,
Sea’. Below right: Lily the biopic of second world war hero
Tomlin in ‘Grandma’ Louis Zamperini, was so respectful it
barely moved. Here though, there’s a
knowing glee in casting Pitt and inviting
the world to compare the terrible mar-
riage on screen with their own. Her
script is just as self-aware — “I suppose
it’s best we don’t say a word,” her hus-
By the Sea (15) band says — although it does come with
Angelina Jolie one awful clunk of exposition. Still, her
AAAEE success here is as a recorder of beauty:
the clothes, the knick-knacks, the view
Grandma (15) from the hotel, herself and her husband.
Paul Weitz Mostly herself, actually, draped over the
AAAAE furniture, mascara flawlessly smudged.
But then, such is tradition: the director
The Forbidden Room besotted with their leading lady.
(12A) As the song has it, breaking up is hard
Guy Maddin, Evan Johnson to do — all the same, some people have a
AAAEE knack for it. In director Paul Weitz’s
comedy Grandma we meet scabrous
Peggy Guggenheim: LA poet Elle (Lily Tomlin) in the middle
Art Addict (15) of dispatching her younger girlfriend
Lisa Immordino Vreeland Olivia (Judy Greer). Before Olivia,
AAAAE there was Vi, her late and beloved
partner of 38 years; now Elle wields the
comparison like a cudgel. “You’re a foot-
note,” she sneers, a kiss-off brutal
enough to remind us never to get
dumped by a poet.
Tomlin’s wire wool one-liners enliven
a movie whose style is off-the-shelf
American indie: lower case title cards
(“endings”, “kids”), antic scenes in
depopulated coffee shops. The lack of a
ukulele on the soundtrack can only be
down to an administrative error.
That the film cost less than $600,000
is obvious. Money looms large too in the
plot: shortly after that scorched-earth
break-up, Elle answers the door to her
18-year-old granddaughter Sage (Julia
Garner). Good advice would be too late:
Sage is already pregnant and, too terri-
fied to tell her workaholic mother, has
come in search of the $630 she needs for
an abortion. Elle, broke as poets are,
duly sets herself to raising the cash from
old friends and older foes, pinballing
between potential scores: the tattoo par-
lour, the lesbian bookstore, and so on.
All in black and a fug of cigarette
smoke, Tomlin is a joy: you remember
how in the distant 1980s she helped
open the door for Tina Fey, Amy Poehler
and the rest of today’s big-screen funny
women. (With her dollop of Harpo
Marx curls, Garner is a great foil.)
Throughout the film, skeletons rattle in
cupboards, and insight peppers a story
not above the comic possibilities of
striking an errant male between the legs
with a hockey stick.
Though the film is matter-of-factly
pro-choice, the sad gravity of the
premise is not underplayed: “This is
something you will probably think of
at some moments,” Elle tells Sage as
they leave for the abortion clinic,
letting the sentence hang with perfect,
casual timing, “every day of the rest of
your life.”
Spare yourself the migraine that
will come trying to decode the
plot of The Forbidden Room,
co-directed by Guy Maddin (My
Winnipeg, Brand upon the
Brain!) and Evan Johnson. The
film is by design a string of unre-
lated vignettes; their tenor will be
familiar to anyone who has come
across Maddin’s films before,
about sexual deviance and brain sur-
gery. When it works, the film has the
woozy quality of slipping in and out of a
dream, although at more than two
hours, less has been forbidden than you
might wish.
Man Ray never lost his Brooklyn
accent, although he came from Philadel-
phia; Samuel Beckett only broke off
from four days of sex in a hotel to
grab the sandwiches from room service.
Such tittle-tattle gleams from Peggy
Guggenheim: Art Addict, a spry docu-
mentary about the late art collector
directed by Lisa Immordino Vreeland.
Famous for roles in the careers of Pol-
lock and Rothko that if short of outright
discovery were certainly vital, Guggen-
heim has a family history that is
baroque enough to leave you wanting
more: relatives include an aunt who per-
manently sang rather than spoke, her
husband not unexpectedly drowning
himself in the New York City reservoir.
Then, as an independent young
woman, Peggy took wing to Paris in the
1920s to mingle with the Dadaists and
begin a life-long appreciation of art and
sex (cue Beckett). With a deft mix of
archive footage and audio tapes of
Guggenheim herself, the film hums
with soapy subplots: particularly juicy
is the rivalry with Hilla Rebay,
artistic adviser to Peggy’s uncle,
Solomon Guggenheim, founder of
the museum.
But the focus is Peggy’s pioneering
spirit, and the psychology behind
it. Literally the poor relation of
the family, nervously disposed,
with a botched nose job and
what one talking head calls “no
innate taste or flair”, she is
applauded by the film not just
as a champion of modern art
but for stubbornly carving her-
self a place in the world. She was,
it is said, that most interesting of
pieces: “a self-made person”.

When small is powerful and poignant

Shimmering:
THEATRE Jennifer
Hudson, far
The Color Purple left, and
Bernard B. Jacobs Theatre, New York Cynthia Erivo
aaaae in ‘The Color
Purple’
Brendan Lemon Matthew Murphy

Many of my friends find me hard to

please. To them, I report that when Cyn-
thia Erivo, who plays Celie in The Color
Purple, finished her Act Two number,
“I’m Here”, I shed my normal reserve
and joined in the ovation. Small in stat-
ure, and possessing a secure but not siz-
able voice, Erivo gathered the threads of
her performance and turned them into
something shimmering. John Doyle’s
production, which slims down the musi-
cal that premiered on Broadway a dec-
ade ago, also makes an overwhelming
virtue of the small-scale.
Though I found this staging cumula-
tively poignant, I will not pretend that
The Color Purple — with a book by Mar-
sha Norman and music and lyrics by
Brenda Russell, Allee Willis and Stephen
Bray — belongs in the pantheon. When
Doyle’s production bowed in London, in
2013, some critics complained that the
show sanitised Celie’s sensual relation-
ship with the singer Shug Avery, played
this time with silky elegance by Jennifer
Hudson. Such criticisms also dogged
Steven Spielberg’s 1985 movie adapta-
tion of Alice Walker’s 1982 novel.
Doyle’s staging streamlines the story,
which follows the poor, black Celie in the
American south over 40 years. As a
young teenager, she is raped and
impregnated by her supposed father,
married off to the cruel Mister, and
wrenchingly separated from her
beloved sister, Nettie. Encouraged by
Shug, Celie affirms her self-worth,
opens a successful clothing shop, and is
reunited with her children and with Net-
tie, who have been living in Africa.
If Doyle’s production still takes the
story too fervently to church, it also
allows a place for subtlety. For example,
he has encouraged Hudson, who has a
tendency to over-act, to find quiet ways
to express Shug’s affection for Celie. And
the threats of male violence towards
Celie are indicated by the raising of
a hand, not the frequent cracking of
a whip favoured by some productions.
Erivo gives Celie a more believable
core than did the galvanic interpretation
of Fantasia in the previous Broadway
outing. And Danielle Brooks locates all
the notes of humour in Sofia, the big-gal
character who is Celie’s stepdaughter
and whose refusal to be bullied by men
establishes the evening’s theme of
female empowerment.
Each time Sofia went near a chair —
chairs are essentially the only furniture
in the Doyle-designed, wood-plank set
— I worried that it would become a
weapon to be wielded against her hap-
less man, Harpo. Not only Harpo, played
by Kyle Scatliffe, but the entire ensem-
ble bring precision to the songs’ mixture
of blues, gospel and pop uplift.
Booking to March 27, colorpurple.com

THIS EVENING’S TELEVISION & RADIO

TELEVISION wonder what perfect storm enabled

It’s like deadpan satire: the newly
discovered group who, once in the
studio, revealed “they could barely tune
their guitars”; their insistence on actually
playing and writing their own songs
when, as one insider carefully puts it,
“they weren’t good musicians.” Among
their screaming American fans, a rock
journalist rhapsodises that they were
“smaller, scrawnier, paler” than
Americans; “almost unhealthy — which I
loved”. They were The Bay City Rollers,
Edinburgh artisans fleetingly bigger
than The Beatles, who brawled on stage,
were swindled, and remain unspoilt
middle-aged Caledonians. The greatest
mystery, apart from their success, is that
Rollermania (BBC4 10pm) leaves you
unable to recall a note of music. Add
grotesque shin-length trousers and you
Perfect storm: Les McKeown of The
Bay City Rollers in ‘Rollermania’
these masters of the maladroit to ride
high, even in the tasteless 1970s.
FILM
Hitchcock returned to London for
Frenzy (BBC2 11.30pm) and turned his
homeland into a killing ground. The
terrified praying of a dying murder
victim is one of the nastiest things Hitch
ever filmed.
RADIO
Ray Connolly’s affectionate drama Sorry,
Boys, You Failed the Audition (Radio 4
2.15pm) dramatises The Beatles’ last
attempt, rejected by every other
company, to impress one George Martin,
persuaded by loyal Freda Kelly, running
their fan club from her mum’s house.
Martin Hoyle
18 ★ FINANCIAL TIMES Friday 11 December 2015

Whatever it takes
Glencore’s net debt ballooned in the wake of its takeover of Xstrata in
2013 and now accounts for almost three-quarters of its enterprise value.
Aggressive plans to cut net debt have helped stabilise the share price
Glencore
$bn Aug 20, 2013: Feb 11, 2015: Sept 7, 2015:
Twitter: @FTLex Email: lex@ft.com Net debt* $7.7bn writedown Distribution of Debt reduction
of mining assets 24% of Lonmin plan announced
Total enterprise May 2, 2013: announced
80 value Xstrata takeover
completed
Sports Direct: owned by Sports Direct founder Mike Mergers:
Ashley). It is more a Chelsea or a 70
selling cheaper Manchester United. It is still a major 60
Jul 19, 2011:
Copper price peak
hot fuzz
player, but the aura of invincibility has $9,840/metric tonne
Successful sports teams thrive on an gone — and there are real questions 50 “Wave of M&A means companies could
“aura of invincibility”. The team’s own about whether it will return. add nearly $2tn of value, if they
weaknesses seem not to matter while 40 capture all the announced synergies”.
opponents cower, believing they do not The headline of the recent Deloitte
have a chance. Under Sir Alex EDF: 30 report is enough to make you hug an
Ferguson, Manchester United enjoyed M&A banker. What a lot of wealth they
such a reputation. So too, for many socket to ’em 20 create. Sort of. The difference between
years, did Sports Direct, a UK sports 10 gross and net, and between plans and
shop. Its shares rose by over 200 per EDF has had a shocking year. Its shares execution, should be kept in mind.
cent between 2012 and 2014 as the have fallen 40 per cent and were 0 Deloitte’s $2tn number is derived as
company’s pile ’em high, sell ’em cheap booted out of the CAC 40 index this 2011 12 13 14 2015 follows. Mergers done worldwide since
approach to trainers and tracksuits week; MSCI’s European Electricity the start of 2014 have a total value of
swept competitors aside. Utilities index is flat. All European * Excluding readily marketable inventories FT graphic Sources: S&P Capital IQ; FT research $4.9tn. The estimated savings from
Amid that kind of performance, the generators have suffered from falling those deals amounts to a bit over 3 per
other paraphernalia that surrounded power prices, but that has been offset cent of the total: $161bn annually.
the company — from controversial pay by the fall in fossil fuel input costs. EDF Two months ago, Glencore’s shares up to $13bn from a previous target of going to be in a position to buy assets Assume that the average tax rate of
plans to concerns about how it treats has not: 80 per cent of its fleet is fell 30 per cent in a day after analysts $10.2bn. The extra is coming from at the bottom of the cycle. the acquiring companies is 20 per cent,
staff to its tendency to buy small stakes nuclear. at Investec suggested the company’s lower capital expenditure, more Conversely, lower input costs are and the savings comes down to $129bn
in other listed companies — was easy to So this week the company decided to equity could shrink dramatically if forward sales of output and higher reducing capital and operating costs. a year. What is the present value of all
ignore. A PE ratio of 27, achieved in cut €700m a year of costs. For good weak spot prices for the commodities proceeds from disposals. As a result, The strong dollar is a boon for a the future savings? Put a price/earnings
2014, suggested investors were not too measure, it revised up guidance for it produces persisted. The reasoning net debt will drop to $18bn-$19bn by company, and margins in the trading ratio of 17 on them (a middling
concerned. The business performed on earnings before interest, tax, was that almost all of the company’s the end of 2016 (including “readily business are proving more resilient multiple for a publicly traded company
the field, and that was that. depreciation and amortisation in 2015. operating earnings would be eaten up marketable inventories” of around than expected. these days), take out $200bn for deal
But Sports Direct is starting to lose its Its share price jumped as much as by the costs of servicing its debt. $14bn); 2016 earnings before interest, It is not just about the earnings, costs, and voila: $2tn.
aura. The shares dropped by a tenth 11 per cent yesterday. Applying a price/earnings multiple of tax, depreciation and amortisation will though. Six months or so ago, There is, however, the little issue of
yesterday as first-half profits fell short That looks like exuberance. This 15 to whatever was left after taxes be about $7.7bn, above the market investors thought Glencore managers how much was paid for the savings.
of forecasts. Perhaps more concerning earnings revision has come courtesy of implied a market capitalisation of consensus of $6bn. had their heads in the sand. Since Deloitte thinks the average takeover
was the growth (or lack of it). EDF’s Italian subsidiary Edison, which $6bn. Spot prices have worsened Plenty could still go wrong. The then, they have cut its dividend, premium was 26 per cent. That is to
Revenues were flat, despite the accounts for a tenth of ebitda. The real since — copper, for instance, is down company can expect little help from tapped shareholders for cash and say, all those savings were bought for
addition of a net 15 stores in the UK. problems start next year, when France another 15 per cent. Yet Glencore’s commodity prices. Divestments are in followed up with a “whatever it $1.3tn, so the net amount of value
Citi thinks like-for-like sales in the core starts to liberalise a relatively equity value is more than $18bn. train but not yet completed. An takes” message. The shares are still created is something under $900m.
sports retail business fell 2.5 per cent. protected tariff scheme for business The company has intensified unforeseen event — think of the well below the 125p at which the A large number, with two equally
That weakness was offset by better customers. Cost cuts should make good its efforts to cut costs and debt. tailings dam burst at BHP’s Brazilian group recently raised equity — but large caveats. Note that Deloitte’s
margins as it persuaded its customers most of the power price drop of the Yesterday, it said that “capital iron ore mine — could easily blow the they are no longer just options on the headline — quite intentionally — has an
to trade up, especially on brands that it past year but not necessarily the preservation” measures would add finances off course. And Glencore is not company’s survival. “if” in it. The cost savings have to be
owns such as Karrimor and Slazenger. pressures ahead from deregulation. achieved. Whether they are will be
Still, underlying profits rose just 4 per EDF must also deal with its cash and hard to assess. Deal announcements
cent — not bad, but well short of the balance sheet issues. It has not almost always present savings targets
17 per cent growth in the same period delivered free cash flow since 2009. To buzz in EDF’s share price to last until it index is down nearly 3 per cent. The tightening set to begin and no end in that are impossible to monitor from
two years ago. do so by 2018, it has promised to sell can show how it plans to cover its first explanation for the disconnect is sight to the commodity glut, the outside. The standard model is a dollar
That slowdown has been reflected in assets. That will bring in cash but significant spending needs. the composition of the broad indices. outlook for marginal issuers is not savings target together with an evasive
the share price, which has gone curtail operating cash flow in future About a tenth of the S&P 500 is bright. Defaults have also begun to description of the cost base the savings
sideways since mid-2014. On 14 times years. Big investment projects, such as comprised of energy companies. spike; again, the distressed companies are to come out of.
forecast earnings, they have lost the Hinkley Point in the UK, will not yield US high yield: However, the explosion in US oil and are dominated by commodities firms. And then there is that p/e multiple.
go-go valuation they once enjoyed. profits for a decade or more. How EDF gas production has been led by The Fitch default rate excluding energy Should savings, which do not grow, get
Suddenly Sports Direct is no longer pays for this project, plus any pick your poison exploration companies that have companies is less than 1 per cent, the same rating as companies that
the last word in retail growth and necessary upgrades to its ageing French feasted on cheap debt. Rating agency against nearly three per cent when often do?
investors may pause for thought on nuclear reactors, is not clear. Doing A conundrum: how is it that equities Fitch calculates that through October, energy is included. And company multiples in the US are
some of its other attributes. Yesterday, both will require well over €100bn. have outperformed high yield bonds? 18 per cent of the 1.4tn in junk bonds Economic growth in the US is still high by historic standards. Put a
shareholder Royal London took a Its balance sheet may not look overly Shareholders’ returns are residual: outstanding were issued by energy expected to be about 2 per cent in multiple of 10 on the savings, and 98
potshot at Sports Direct’s governance. stretched on 2.5 times net debt to dividends and buybacks are to be companies (with another 5 per cent in 2016. The unemployment rate has per cent of the net value created
Its working conditions are also ebitda. But that calculation does not paid with discretionary cash flows the equally beleaguered metals and fallen to 5 per cent, and inflation is disappears. Whether mergers, in the
attracting attention. And questions include €12bn of hybrid debt after obligations such as interest mining space). tame. So most bonds should do fine. aggregate, create value remains an
about its strategy — why does it need to (convertible into equity) nor any payments are made. First losses should With the WTI oil price slipping to $37 But the QE era, where one could buy open question.
own stakes in Findel, Debenhams and measure of its significant pension be felt by equity holders. A sharp sell- a barrel, the pain in high yield has any high yielding asset and watch the
JD Sports? — will not go away. liabilities. Their net present value off among high yield indices has become acute in recent weeks. The S&P returns roll in, is over. As the energy
Sports Direct is not suddenly a could be another €24bn, thinks upended that relationship. The S&P LCD high yield index has fallen to a price collapse shows, selection matters Lex on the web
For notes on today’s breaking
washed-out has-been. It is not a faded Deutsche Bank — lifting the net debt 500’s total return this year is 2 per cent level not seen since 2009, implying a now. Hedge funds, 2016 is a year to stories go to www.ft.com/lex
giant such as Newcastle United (also multiple to 4.5 times. Do not expect the while the Merrill Lynch junk bond hefty yield of 10 per cent. With Fed earn your fees.

LOW 990 Forecasts by

1000
6
LOW
2
1010 4 3
6 30
1030 Luxembourg Rain 8 46
33 1020 Lyon Fair 10 50
7 IGH
7 Madrid Cloudy 14 57
7 1 7
5 2 Manchester Shower 8 46
10 Miami Cloudy 27 81
8 27 6 Milan Fog 6 43
8 18 Montreal Shower 10 50
1030 12 HI H
7 7 Moscow Fair 3 37
9 9 5 Mumbai Sun 31 88
9 2 Munich Fair 8 46
10 7
1 New York Fair 16 61
Nice Sun 15 59
11 7 14 4 Paris Cloudy 12 54
18
1030 20 Prague Fair 6 43
23 1020 Reykjavik Fair -4 25
18
Rio Thunder 29 84
16
Wind speed in MPH at 12 GMT 8 Rome Sun 15 59
Temperatures max for day˚C Wind speeds in PH 18 San Francisco Shower 14 57
Stockholm Cloudy 5 41
Today’s temperatures Strasbourg Cloudy 10 50
Abu Dhabi Sun 26 79 Belgrade Cloudy 6 43 Copenhagen Shower 7 45 Hamburg Shower 8 46 Sydney Fair 34 93
Amsterdam Shower 10 50 Berlin Rain 7 45 Delhi Sun 24 75 Helsinki Fair 5 41 Tokyo Thunder 22 72
Athens Cloudy 12 54 Brussels Rain 10 50 Dubai Sun 25 77 Hong Kong Fair 20 68 Toronto Fair 12 54
B’ham Shower 9 48 Budapest Cloudy 8 46 Dublin Fair 7 45 Istanbul Cloudy 10 50 Vancouver Fair 10 50
Bangkok Sun 34 93 Buenos Aires Sun 36 97 Edinburgh Shower 6 43 Jersey Drizzle 12 54 Vienna Sun 4 39
Barcelona Fair 16 61 Cardiff Rain 10 50 Frankfurt Rain 9 48 Lisbon Sun 17 63 Warsaw Fair 5 41
Beijing Sun 6 43 Chicago Fair 11 52 Geneva Fair 9 48 London Rain 10 50 Washington Fair 18 64
Belfast Shower 6 43 Cologne Rain 9 48 Glasgow Hail 7 45 Los Angeles Shower 19 66 Zurich Fair 7 45

CROSSWORD ACROSS
1 Rogue can’t hope for monument
4 Sodium and carbon in long boat
(7)
No. 15,111 Set by CINCINNUS (8) 6 On holiday I’m unable to ring
        5 What woodman did is recorded (6) current service provider (9)
9 Conclusion of theorem a 7 In Prague new editor gets set
mathematician is developing (8) (6,2)
10 Business not bad after a false 8 Small creature finding somewhere
 
start (6) to sleep by river (8)
 12 Introduction of crutches in 11 Film part for retainer (4)
European hospital? Everyone 15 Cider drunk with meal may be
  hops here (5,4) taken back (9)
13 Clubs overhaul declaration of faith 17 One who won’t accept goal starts
(5) to offend referee (8)
  
14 Fish back from the front (4) 18 Terribly plain suit one rejected for
16 Offering no resistance, US parent wedding (8)
  worked for a pittance (7) 20 Travel announcement in capital
19 Black cat right behind doorman (4)
  
(7) 21 Vessel caught by a composer (7)
 
21 Mention spot on the radio (4) 22 Casually read lines in vacated
24 Bonus required by forex traders bookstore (6)
   (5) 23 Secure gold carriage (6)
25 Temporary halts for speaker in 26 This is dropped with peculiar
westbound train (9) monotonous sound (5)
 
27 Half of us in vehicle getting a
shock (6)
28 Intimidated old girl got hitched Solution 15,110
(8)
  & + ( $ 3 6 + 2 7 3 $ & ( '
29 What remains when university’s 5 5 ( 2 ( ( $ 5
abandoned lodge? (6) $ 1 $ * 5

















JOTTER PAD





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)
Solution to Saturday’s prize pu
Solution to yesterday’s prize pu
Winners’ names will be printed

$ 0 $ 1 7 ( 1 1 $
30 Complaint about beam thrown by 7 6 6 2 $ ' *
( 4 8 , 3 6 & + , / / , 1 *
a torch (8)
JOTTER PAD DOWN
5
3 , (
,
5
$
( 3
$
5 , 0 $ 1
(
'
(
( '
1 Arrive on time without a lot of $ ( , 5 ' 2
& + 5 , 6 7 ( 1 ' 2 0 * , 1
laughs? (6) ( 8 1 5 , 2
2 Observing nowt after losing heart 0 $ 1 * 2 8 6 7 ( 6 , 1 , &
(6) $ ' 1 6 6 ' 8
. 1 2 : , 1 * 6 3 , 7 2 8 7
3 Flag on English or Scottish island ( : & $ ( 2 / ,
(5) 5 , 1 6 ( 3 $ 5 ( 1 7 $ * (
Friday 11 December 2015 ★ 19

Panasonic Glencore Tui Walmart Euro / dollar Brent oil 10-year US Nikkei 225
City Insider Who next to carry Treasury
the torch for women on boards? 1.81% 7.01% 4.64% 0.73% 0.83% 0.95% 1bp 1.32%
HARRIET AGNEW, PAGE 24
Y1,276 88.9p £11.73 $59.56 $1.0933 $39.73 2.22% 19,046

Glencore to take knife to net debt Short

View
3 Group aims to reduce level to $18bn by end of 2016 3 Plan to float agricultural business
traders of his generation. “We are going Under pressure from shareholders, the update was Glencore’s guidance for
James
‘We are going
NEIL HUME AND DAVID SHEPPARD
there and hopefully lower.” Glencore in September unveiled plans
to deleverage
2016, including its industrial or mining Mackintosh
Glencore, the indebted trading and min- The world’s biggest miners are scram- to reduce net debt to the “low $20bns”. arm, which was bulked up by the 2013
ing group hit hard by the collapse in bling to restructure their operations as But since then the price of commodities this balance acquisition of Xstrata. The company
commodity prices, has stepped up its they battle the biggest commodities have taken a further dip lower. sheet. We are expects total earnings before interest, Every investor should keep a diary. Articulating reasons
deleveraging plan and flagged a possible downturn in years. Those which loaded Glencore has already locked in $8.7bn tax, depreciation and amortisation of for each trade, even to oneself, helps highlight sloppy
stock market flotation of its agricultural up on debt to fund ambitious acquisi- of debt reduction through a share offer- going there $7.7bn even if commodity prices do not thinking. More importantly, it is hard to learn from mis-
business. tions and new mining projects during a ing, dividend cut and the sale of future and hopefully recover — significantly higher than ana- takes without a contemporary record. Glorious successes
The Swiss-based company told inves- decade of China-fuelled commodity silver production. Yesterday’s measures lower’ lysts’ consensus estimate of $6.5bn. stick in the mind, while errors are quickly forgotten.
tors it would reduce net debt to growth have been punished. represent another step towards insulat- A key part of the debt reduction plan Short View is daily exposed to the merciless FT reader-
$18bn-$19bn or lower by the end of 2016 Shares in Glencore had been the worst ing it against a prolonged period of is the sale of up to 30 per cent of its agri- ship, but memories are short. This columnist is leaving, a
— down from $30bn in June — by taking performer in the FTSE 100 this year depressed commodity prices. cultural business. The group revealed it good time to look for lessons in the mistakes, and occa-
a knife to investments and putting more until it was overtaken by rival miner “Overall, the company is ahead of was also considering floating the busi- sional successes, of almost six years of market comment.
assets up for sale. Anglo American this week. They rallied schedule,” analysts at Credit Suisse said. ness if it could not agree the right price Investors spent almost all the time obsessed by central
“We are going to deleverage this bal- 7 per cent to 88.90p as investors wel- “[But] in the current price environment or structure for a deal. Analysts said the banks. Even in the odd months when they looked else-
ance sheet,” said Ivan Glasenberg, chief comed the new targets, but remain the company will need to show contin- business was worth about $10bn. where, governments dominated markets: the near-default
executive, who is fighting to salvage his down 69 per cent this year and less than ual delivery.” Lex page 18 of the US in 2011, or China’s response to its equity bust.
reputation as one of the top commodity a fifth of the 2011 flotation price of 530p. Traders said the biggest surprise in Lombard page 24 The US Federal Reserve had QE2 in 2010, Operation
Twist in 2011, QE3 in 2012, and the taper tantrum in 2013.
The Bank of Japan’s decision to give it the Full Zimbabwe
filled the gap before the European Central Bank finally got
serious with proper quantitative easing this year.
Where Short View succeeded it was not due to greater
Hitting the target insight into the minds of central bankers, but to a love of
sentiment analysis. Selling after the herd rushed into
FC Barcelona sets shares, bonds or the dollar, and buying when the last of the
bulls had slunk out, made sense and mostly made money.
out to score a billion A contrarian streak is essential to successful investing,
but sometimes the crowd is right. Short View dropped US
shares too soon, part of a focus on value that also saw too
The three biggest stars at FC Barcelona, early an exit from China’s bubble and India’s Modi rally.
from left, Luis Suárez, Neymar and In the long run, cheap value shares beat expensive
Lionel Messi, celebrate a goal against “growth” stocks. But not for the past six years, when
Atlético Madrid earlier this year during a growth beat value each year in the US.
Spanish first division match at the club’s The Fed finally appears poised to raise rates next week,
Camp Nou stadium. for the first time in almost a decade. As Alain Bokobza at
The “trident” of Uruguayan, Brazilian Société Générale points out, this might help value if it leads
and Argentine players helped the team to higher bond yields: for the past 12 years cheap shares
win the Spanish league title, the Spanish outperformed when 10-year Treasuries rose (see chart).
cup and the Uefa Champions League last Catty markets have been showing cupboard love for
season, cementing Barcelona’s central banks, miaowing until they are fed by the Fed.
supremacy in Europe. But the club’s new Investor diaries will be full of views on Yellen, Draghi and
president has further ambitions to Carney for years, but hopefully a recovering economy will
extend its run of success. see the end of experimental monetary policies and mean
In an interview with the Financial fundamental analysis once again starts to matter.
Times, Josep Maria Bartomeu said he
was setting Barcelona the target of
becoming the first football club to earn Bonding with value
€1bn in annual revenues by 2021 — up MSCI USA Value/ US 10-year
from €600m now. Growth (rebased) yield (%)
Increasing earnings is important if the 120 5
club is to match the financial firepower 110
of the English Premier League, which, 4
100
with television income of £5bn over 3
three years, easily outguns the Spanish 90 For the past
league in the transfer market. Mr 80 2 12 years
Bartomeu is confident he can hold on to 70 1 cheap shares
his “trident” but he is concerned at the 2003 05 10 15 outperformed
ability of English clubs to attract the when 10-year
Source: Thomson Reuters Datastream
next generation of young stars. Treasuries rose
Interview page 23
james.mackintosh@ft.com
Albert Gea/Reuters

Volkswagen admits a rule-breaking

‘mindset’ led to emissions cheating
RICHARD MILNE — WOLFSBURG But he did not indicate who was fines, lawsuits and other expenses. Jones
responsible, nor how high up the com- Day, the US law firm investigating the
Volkswagen has admitted to “a mind-
pany knowledge of the matter went, affair for VW, is not expected to com-
set” in areas of the German carmaker
saying only that a “comparatively small plete its work until well into next year.
that tolerated rule breaking, and a
number of employees were involved”. Mr Pötsch, VW’s finance director
“chain of errors” behind its emissions
There was no indication that members until October this year, expressed deep
cheating, as it unveiled preliminary
of VW’s supervisory or management regret for the scandal. “We have lost the
results of the company’s investigation
Europe woes drive Google boards knew anything about the decep- trust of our customers, investors, politi-
into the scandal.
to pursue global venture tion, added Mr Pötsch. cians. Our most important task is to win
VW said an illegal defeat device that US environmental regulators said on back that trust,” he said.
Only 14 months after launching a enabled cheating during emissions tests September 18 they had found software- Mr Pötsch said VW was changing
high-profile $125m European venture was installed in diesel vehicles because based defeat devices in VW diesel cars many of its processes, including how it
fund, Google has abandoned the it was not possible to comply with nitro- that understated NOx emissions in offi- tests cars and approves software for its
project amid tensions over investment gen oxides standards in the US “within cial tests, plunging the carmaker into engine control devices. All emissions
strategies, and now plans to pool all of the required timeframe and budget”. the worst scandal in its history. tests in the future will be evaluated
its assets into a single global vehicle, “We are talking here not about a one- VW subsequently said up to 11m dies- externally and independently and the
renamed GV. off mistake but a chain of errors,” said el vehicles were affected. Analysts have company will introduce random real-
Analysis i PAGE 20 Hans Dieter Pötsch, chairman of VW’s estimated the scandal could cost the life tests on the road for certain models.
supervisory board. company tens of billions of euros in Analysis page 21

Companies / Sectors / People

Companies
Airwave...........................................................4
Alphabet.......................................................22
Amazon.........................................................22
Anglo American.................................19,34
Apple........................................................21,22
AstraZeneca..............................................20
Atlassian.......................................................33
Audi.................................................................25
BMW...............................................................25
BP....................................................................20
BTG.................................................................24
Baker & McKenzie....................................2
Barclays........................................................24
British American Tobacco.................33
Cerberus.......................................................32
Chevron........................................................20
Chipotle.........................................................33
ConocoPhillips..........................................20
Co-operative Group.................................2
Credit Suisse.............................................24
Debenhams ...............................................18
Deezer ..........................................................22
Dentsu Aegis..............................................21
Deutsche Bank.........................................24
Dropbox.......................................................20
EDF..................................................................18
EE.......................................................................4
Eni....................................................................20
FC Barcelona.............................................23
Facebook..........................................15,20,23
Fannie Mae.................................................32
Findel..............................................................18
First Solar....................................................33
Flybe..................................................................3
Ford...................................................................8
Freddie Mac...............................................32
Freeport-McMoRan...............................34
General Electric........................................10
Glencore................................18,19,24,33,34
Google..................................................2,10,20
Google Ventures.....................................20
Havas..............................................................21
IEX....................................................................32
Imperial Tobacco.....................................33
Interpublic....................................................21
Intertek..........................................................33
Investec.........................................................33
JD Sports......................................................18
JPMorgan................................................8,24
Jaguar Land Rover................................25
Jos A Bank..................................................33
Joyou AG.....................................................22
KPN.................................................................22
Kinder Morgan.........................................20
Lixil..................................................................22
Lloyds Banking Group..................24,25
Men’s Wearhouse....................................33
Mercedes-Benz.........................................25
Microsoft .....................................................10
Mulberry.......................................................24
Nasdaq..........................................................32
National Australia Bank......................25
Netflix............................................................23
Northern Rock..........................................32
Old Mutual..................................................33
PSA..................................................................25
Panasonic.....................................................22
Pandora.........................................................22
Pfizer..............................................................20
Publicis...........................................................21
Renault..........................................................25
Royal Dutch Shell......................20,23,33
Samsung.......................................................21
Seadrill...........................................................33
Secret Escapes.........................................20
Sidecar .........................................................16
Sony...........................................................21,22
Sports Direct.................................18,24,33
Spotify...........................................................22
Square............................................................23
Tata Motors................................................25
Tui....................................................................23
Twitter...........................................................20
Uber.................................................................16
UniCredit.......................................................12
Vale.................................................................34
Vodafone......................................................22
Volkswagen............................................19,21
Walmart.........................................................21
Warner Music Group.............................22
Yahoo.............................................................20
Sectors
Airlines.............................................................3
Automobiles....................................19,21,25
Banks...............................................8,10,12,24
Construction..............................................22
Financials.....................................................34
Industrials....................................................10
Media......................................10,15,20,22,23
Mining.................................................18,19,34
Oil & Gas...................................20,23,32,33
Retail & Consumer...............18,21,24,33
Support Services.....................................16
Technology.....................................10,23,24
Telecoms..................................................4,22
Transport........................................................3
Travel & Leisure..................................3,23
People
Ashe, Neil.....................................................21
Colao, Vittorio...........................................22
Cooper, Stephen......................................22
Dorsey, Jack...............................................20
Duffy, David...............................................25
Ells, Steve....................................................33
Esteves, André.........................................24
Glasenberg, Ivan......................................19
Jager, Rob...................................................23
Jianshe, Cai.................................................22
Jilin, Cai.........................................................22
Joussen, Friedrich...................................23
Kaplowitz, Marla.......................................21
Karp McHugh, Nadine..........................21
Kerry, John...................................................13
Kondo, Seiji.................................................16
Lance, Ryan...............................................20
Li, Charles...................................................34
Long, Peter.................................................23
Maria Bartomeu, Josep.......................23
Morzaria, Tushar.....................................24
Ogawa, Michiko........................................22
Sato, Kashiwa.............................................16
Schmidt, Eric.............................................20
Shuter, Rob.................................................22
Soriot, Pascal.............................................20
Tabb, Larry.................................................32

© The Financial Times Limited 2015 Week 50

20 ★ FINANCIAL TIMES Friday 11 December 2015

COMPANIES
INSIDE BUSINESS
Oil & gas
TECHNOLOGY

Conoco slashes capital spending by 25% Richard

US energy group reduces
investment to protect
dividend amid crude glut
ED CROOKS — NEW YORK
ConocoPhillips, one of the largest oil
and gas producers in the US, has
announced another sharp cut in its capi-
tal spending as it seeks to protect its div-
idend, pointing to weaker output in the
into balance. Conoco’s move echoes the
announcement from Chevron, the sec-
ond-largest US oil group by market capi-
talisation, which said on Wednesday
that it would cut capital spending by 24
per cent next year.
Conoco said yesterday that it
expected oil and gas production growth
of 1-3 per cent next year and did not give
any projections for output beyond that,
saying it would depend on what hap-
pened to prices.
Waters
been in the current low price cycle for a the end of 2014. Output from Conoco’s
relatively short period of time.” shale oil and gas operations in the US is
Mr Lance said that the company had
the flexibility to ramp up spending
again should prices improve, although it
expected to show a “modest” decline
over the medium term, the company
said.
The odds of following
would be “disciplined” in increasing
investment in the event of an upturn,
Chevron also stressed that dividend
payments were its “top priority” in
success with a second
and would also strengthen its balance
sheet.
The US operations outside Alaska,
13
Number of rigs
making its capital expenditure reduc-
tions.
The approach contrasts with that of
breakout hit are small
which includes shale oil and gas, will Conoco is planning other energy companies, including
take some of the biggest reductions in to run in US outside Kinder Morgan, which is the largest
Alaska next year,

future.
It has set a capital budget for 2016 of
$7.7bn, down 25 per cent from this year
and less than half the amount it spent in
2014.
Its move is the latest sign of how weak
oil and gas prices are forcing companies
to cut their investment, reducing future
crude supplies and contributing to
bringing the oversupplied market back
In the spring of 2014, before oil and capital spending, Conoco said.
gas prices slumped, it was projecting In part that reflects falling costs —
production growth of 3-5 per cent per rates for onshore rigs used to drill shale
year. wells have fallen by 32 per cent, for
Ryan Lance, chief executive, told ana- example — but Conoco has also been
lysts on a call: “Despite the tough mar- scaling back its activity.
ket, our dividend remains the highest It is planning to operate 13 rigs in the
priority use of our cash.” US outside Alaska next year, the same
He added: “We view the dividend number that it has at the moment, but
level as a long-term decision and we’ve fewer than half the 32 that it was using at
Technology. Start-up investments
W
pipelines operator in North America, hy is it so hard to reboot a consumer inter-
compared with 32
in 2014 and Eni, the Italian oil and gas group. net company? Yahoo has hogged the head-
Both groups have cut their dividends lines this week, but it is far from alone in
this year. its failure to breathe new life into a service
$7.7bn There has been speculation that Royal that once defined an entire online cate-
The company’s Dutch Shell and BP, the largest Euro- gory. It has been the paradox of the consumer internet: the
capital expenditure pean oil companies, might also be rewards for pioneering a new form of online behaviour are
budget for 2016 —
less than half
forced into dividend cuts, although both high, but the odds of following that success with a second
the sum it spent have insisted that they will maintain breakout hit turn out to be small. User attention eventu-
in 2014 their payouts. ally shifts elsewhere.
Companies like Dropbox and Twitter are facing much
the same conundrum, but far earlier in their existence.
Each is closely identified with a particular online activity —
respectively, storing and syncing files between devices,
and short message broadcasting. Both have struggled to
expand their services beyond their first breakthroughs.

Google abandons European venture fund
London partners struggled
to persuade California-based
boss to sign off on investments
MURAD AHMED — EUROPEAN
TECHNOLOGY CORRESPONDENT
Google reversed course and abandoned
its high-profile separate European ven-
ture fund after tension developed
between its continental and US teams
on investment strategy and frustration
grew over stalled deals.
People familiar with the matter say
the London partners of Google Ventures
Europe had trouble persuading Bill
Maris, their California-based boss, to
sign off on investments.
“Six to nine months in, the team got
frustrated,” said one person close to the
London partners. “They were seeing a
lot of companies and ended up taking a
lot of people quite close to the finish line,
but ultimately they couldn’t get over it.”
When Google launched a $125m fund
designed to invest in the region’s nas-
cent start-ups in 2014, it was seen as a
major endorsement of the local tech
scene.
But this week the company aban-
‘I try to give as much
latitude as possible, but
the buck stops with me’
Bill Maris, Google Ventures
doned the idea and said it planned to
pool all of its investments into a single
global vehicle, renamed GV. The com-
pany says the move will reduce costs
and provide more flexibility when
deciding where to invest. The European
investments and partners are “coequal”
to the US and will strengthen the global
effort, Google adds.
The reversal comes only 14 months
after the fund launched at a time when it
was coming under huge political pres-
sure in Europe. The fund was seen as
part of a concerted campaign to woo
British politicians, and came after David
Cameron, UK prime minister, called on
Google Chairman Eric Schmidt to do
more to invest in the country’s tech
industry.
To launch the fund, five London-
based partners were hired following
extensive headhunting and interviews
over Hangout — Google’s video-chat fea-
ture. On the first week on the job, Mr
Maris, the chief executive of GV,
repeated what he had said in the inter-
The decision to view process: he would make the final
abandon Google call on every investment decision.
Ventures Europe “It was never on the table to have an
comes just 14 autonomous geographic fund,” said Mr
months after Maris. “I try to give as much latitude as
the fund was possible for people to make decisions,
launched but ultimately the buck stops with me.”
Jason Alden/Bloomberg
But people close to partners, investors
who have worked with the group and
others close to the situation told the
Financial Times that the strict centrali-
sation came as a surprise to some in the
team.
They had wrongly assumed that their
geographic distance from Google’s Cali-
fornian headquarters would enable
more autonomy than their US peers to
write the cheques to close deals.
GV’s commitment to European tech,
traditionally a backwater for American
investment, was also questioned by the
European team and other local inves-
tors. People close to the situation said
Mr Maris spent three days in Europe
during the first year that the European
arm was launched — a day each in Lon-
don, Paris and Berlin. He had not met
many of the companies he rejected.
GV said many other partners had
made trips to Europe in recent months,
and US design, engineering and market-
ing executives had also travelled to
advise European portfolio companies.
The disagreements on strategy led to
the departure of one partner, Peter
Read, the British angel investor. Mr
Read declined to comment. Another
partner, MG Siegler, formerly a tech
blogger, had relocated to London for a
temporary period, but returned to the
US earlier than planned.
Three other partners remain: Eze
Vidra, a longstanding executive who set
up Google’s “Campus” workspace for
start-ups in London; Tom Hulme, a
serial entrepreneur, and Avid Larizadeh
Duggan, the co-founder of Bottica.com.
Google declined to make any of these
partners available for interview.
Two people familiar with the matter
said another point of tension was GV’s
reliance on a secretive algorithm to ana-
lyse potential deals — though this
should have been well-known to the
London partners before they started.
“You’re going to go work for the algo!”
an investor told a European executive
before joining GV.
GV’s dependence on machine-based
algorithms, which had less access to
data on European companies than US
peers, caused problems for the London
team because it repeatedly rejected
their proposed deals. One of the few that
survived was an investment in Secret
Escapes, the holiday deals website.
Google’s European team secured
fewer deals than initially hoped. Since
GV’s creation six years ago, it has backed
around 300 companies. Since the Euro-
pean fund’s creation 18 months ago, it
has announced just six investments,
with “two more in the pipeline”.
Mr Maris says the venture is a success.
“By all the metrics I have, the European
team were ahead of what my expecta-
tions would be and are doing really
great,” he said.
This week, Dropbox regrouped to have another go.
Building its own picture sharing and email apps once
seemed the best way to cement users to its storage service,
but simply creating “me-too” products wasn’t enough and
both apps have been closed. Now it has turned to collabo-
ration tools for users to share and work together on files
stored on its servers, but that area is already fiercely com-
petitive.
As Dropbox is finding, there is no formula for catching
lightning in a bottle twice. Persuading a user base of hun-
dreds of millions of people to adopt related services is not
as easy as it might sound, even if they are free. The break-
out collaboration hit of the moment, Slack, emerged as a
side-project in a failed games company, not from an estab-
lished internet company.
For its part, Yahoo has never succeeded in redefining the
role of an internet portal — its original business — as suc-
cessive waves of innovation have washed over its industry,
from internet search to social networking and mobile app
stores. This week’s decision
to reverse course on spinning
off its holding in Chinese
There is no
internet company Alibaba formula for
highlights the extent to
which Yahoo’s main business
catching
has become, for its share- lightning in a
holders, just an after-
thought. It makes perfect
bottle twice
financial sense to shed the
operating businesses rather than risk a huge tax bill from
disposing of Yahoo’s most valuable asset, the Alibaba
stake. But it also serves to underline the extent of the fail-
ure, with the Yahoo internet business effectively being
dumped for financial expediency.
And while Yahoo has been adamant that it wants to shed
the operation as a freestanding company, it now faces a
year or more of uncertainty. Buyers may well circle to pick
pieces off and Yahoo’s best employees will contemplate
their futures — hardly a conducive environment to con-
tinue what has so far been a stumbling turnround.
Cases like this make it tempting to conclude that the task
of staying relevant in the fast-moving internet world is too
hard, and that it makes better financial sense to set more
modest goals that revolve mainly around sustaining an
existing business as long as possible. But that would
require writing off the value of a brand and massive online
audience.
Some companies have succeeded in building the inter-
nal processes needed to adapt and extend their core serv-
ices — starting with the ones that dominate two of the main
online activities, search and social networking.
An effective acquisition strategy has played a big part: if
it is so hard to invent the next hit service, buy it before
someone else does. Google’s purchase of YouTube and
Facebook’s Instagram deal looked expensive at the time,
but in hindsight they are the steals of the past decade.
Unfortunately for companies like Yahoo, picking up the
Next Big Thing on the cheap no longer looks possible. But
lesser deals have been equally significant. Both Google
Maps and Android trace their origins to small purchases.
Yahoo’s acquisitions, like its internal development, have
failed to come up with hits like this. Since Marissa Mayer
took over as CEO in 2012, some $2.4bn has been spent on
established services like Tumblr and a spate of “acqui-
hires” made to recharge Yahoo’s engineering ranks.
With Yahoo still struggling for a revival, money like this
is starting to look wasted. But if that turns out to be the
case, it should be seen as the failure of a sequence of man-
agers, reaching back well before Ms Mayer, to capitalise on
the company’s first flush of success — not as some historic
inevitability.
richard.waters@ft.com

Pharmaceuticals Media

AstraZeneca and Wallenbergs in new venture Twitter ads to target users who never log in
ANDREW WARD
PHARMACEUTICALS CORRESPONDENT
AstraZeneca has teamed up with the
Swedish government and the Wallen-
berg family to invest $100m in a new
research venture that will reinforce the
company’s ties to Sweden.
The partnership, focused on developing
new technologies for discovering and
manufacturing biological drugs, follows
AstraZeneca’s decision in May to build a
$285m production facility in Sweden.
Together, the investments signal a
renewal of its commitment to the
Scandinavian country 16 years after the
merger of Sweden’s Astra with Zeneca of
the UK.
The collaboration, announced today,
involves a new centre for protein
research backed by several of Sweden’s
top universities and the Wallenberg
Foundation, the charitable arm of the
powerful Swedish business family
which is one of AstraZeneca’s biggest
shareholders with 4.1 per cent.
Opposition from the Wallenbergs
helped galvanise AstraZeneca’s success-
ful resistance last year against a $100bn
takeover by Pfizer.
The company is also investing in the
UK, where it is building a £330m head-
quarters and research centre in Cam-
bridge. A near-daily flight between
Cambridge and Gothenburg, where
AstraZeneca has its research and devel-
opment facility, was launched in March.
The Wallenberg Centre for Protein
Research will work with AstraZeneca to
identify proteins that could be used as
targets for new drugs, and on develop-
ing new ways of producing them.
The focus will be on an emerging area
of research called the secretome, which
involves the study of proteins secreted
by cells. These proteins can provide tell-
tale signs of certain diseases and play a
role in the spread of malignant cells in
conditions such as cancer.
Pascal Soriot, AstraZeneca chief exec-
utive, said that the secretome offered
“an unprecedented way . . . to identify
new biomarkers, drug targets and
ultimately develop next-generation
biological treatments”.
The centre will receive a $37m grant
from the Wallenberg Foundation and
$18m from Sweden’s KTH Royal Insti-
tute of Technology, Chalmers University
of Technology and Uppsala University
over the next eight years. AstraZeneca
will invest almost $3.5m over the next
three years.
HANNAH KUCHLER
Twitter is to give companies the ability
to advertise to the 500m people who
visit the messaging site to read tweets
every month, but never log in.
The San Francisco-based technology
group announced yesterday that it was
testing a way of showing promoted
tweets, paid for by advertisers, to users
who click on links to tweets in Google
search results, or view Twitter mem-
bers’ profile pages.
Twitter’s new initiative comes as it
tries to expand the reach of its advertis-
ing amid concerns that its user growth is
slowing, making it harder to compete
with much larger social networks such
as Facebook.
Deepak Rao, revenue product man-
ager, said marketers could now tap the
“total Twitter audience”, which is larger
than the 320m monthly logged-in users
that Wall Street has focused on.
Twitter will start testing the new pro-
moted tweets with selected advertisers
in the US, UK, Japan and Australia,
before expanding into other countries.
It will begin with the desktop Twitter
website, rather than its mobile site, and
focus on advertising campaigns to drive
clicks, conversions and video views.
Shares in Twitter jumped 6.6 per cent
in early-morning trading in New York to
$25.91 after the announcement of the
new product and news that its Periscope
live video streaming app, acquired and
launched earlier this year, had been
named Apple’s “App of the Year”.
Twitter’s attempt to expand market-
ing beyond the core userbase is part of a
broader transformation promised by
chief executive Jack Dorsey, the co-
founder who took over the top job
permanently in October.
Mr Dorsey has said he will revamp the
product to make it more accessible for
new and inexperienced users. He has
already launched Moments, which
shows short stories made of tweets
rather than the chronological timeline
that Twitter is known for.
For some time, the messaging site has
been trying to persuade advertisers that
it reaches many more users than its
active userbase implies.
In August, it launched the Twitter
audience platform, which it said reaches
more than 700m people on and off
Twitter. When advertisers use the plat-
form, their promoted tweets on Twitter
can become native ads on other sites
and apps, video ads or banner ads.
Friday 11 December 2015
VW tries to get a grip after emissions scandal
Some investors left unimpressed by a perceived lack of contrition as chief executive focuses on strategy
RICHARD MILNE — WOLFSBURG
The image was striking. Asked how he
would behave on his first trip to the US
— the epicentr11e of Volkswagen’s emis-
sions scandal — new chief executive
Matthias Müller replied: “I don’t think I
will get down on my knees; I will be self-
confident. Of course, I will apologise for
things that have occurred.”
It might have been a response to a pro-
vocative question from a journalist but
this summed up the whole demeanour
of Mr Müller at yesterday’s first big
press conference from VW since the
scandal broke on September 18.
Anybody expecting a defensive or
purely contrite manager would have
been confounded. Instead, Mr Müller
sought to give the impression of a com-
pany grappling with a crisis but also try-
ing to return to normality as quickly as
possible. He joked with journalists,
playfully answering some of the ques-
tions and at times appearing almost
cocky. “The future at VW belongs to the
brave,” he said.
For some investors, it raises long-held
questions about how VW is handling the
scandal.
“You would expect a different tone, a
different body language from them,”
said Hans Hirt, a director at activist
investor Hermes Investment Manage-
ment, a VW shareholder.
He added that VW had not addressed
any of his big concerns about its corpo-
rate governance, management, or need
for a “systematic culture review”. He
concluded: “It did not convince us that
they take this as seriously as they
should.”
Another VW investor, speaking
before the press conference, expressed a
similar sentiment: “I think there are
many in Wolfsburg [VW’s headquarters
in Germany] that hope this will just
blow over and they can get back to busi-
ness as usual soon.”
VW confirmed the scandal had its
roots in the US, where the company has
for years been trying to improve its
small market share. Illegal defeat
devices were installed in VW diesel
vehicles so as to understate emissions of
harmful nitrogen oxides in official tests.
But the scandal goes far beyond the
US, with up to 11m diesel cars affected
globally, and VW used yesterday’s press
conference to try to convince investors
and the public that it had a grip on the
scandal. It sent out the two top men of
the company: Mr Müller and Hans
Dieter Pötsch, supervisory board chair-
man.
Mr Pötsch focused mostly on the
emissions scandal, taking the sober tone
typical of the former VW finance direc-
tor. “We need to make sure something
like this never happens again,” he said.
Processes will be overhauled for test-
ing and the approval of engine control
software. But while Mr Pötsch said there
was no indication of anybody in senior
management or the supervisory board
Retail & consumer
Walmart seeks footing
in mobile payments
LINDSAY WHIPP — CHICAGO
Walmart will launch a mobile payment
app as the world’s largest retailer seeks
to trump Apple Pay and other ventures
competing to secure a foothold in the
nascent mobile payment market.
The company said the introduction of
Walmart Pay would make it the first
retailer in the US to offer a mobile pay-
ment system that would work across
both iOS and Android systems, as well as
the majority of credit and debit cards. It
began testing in its home town of Ben-
tonville, Arkansas, yesterday, with a full
rollout expected in the first half of 2016.
The system uses proprietary tech-
nology that Walmart said it had spent
“several months” developing. It will
enable the company’s 22m app users to
scan a QR code appearing on their
smartphones after logging into the app.
This connects their Walmart.com
account — and with it their preferred
payment method — to the in-store cash
register where they are making their
purchases.
The retailer declined to disclose tar-
gets for the app’s usage.
The move comes as Walmart is invest-
ing billions of dollars to blend its online
and physical stores as consumers
increasingly switch between the two to
research and shop, and as it addresses
criticism that it has been on the back
foot with its ecommerce strategy.
“Ecommerce brought the store to the
web, and now mobile is bringing the web
to the store,” said Neil Ashe, head of
ecommerce at Walmart.
Technology companies, banks and
Body language
Matthias Müller
Chief executive
‘I don’t
think I will
get down
on my
knees, I
will be self-confident.
Of course, I will
apologise for things that
have occurred’
11m 500,000
VW diesel cars Number of
affected globally those vehicles
by the emissions affected in the
scandal US
retailers are competing to develop the
most effective tool for in-store mobile
payments. Apple Pay is the best-known
and while it will by next year be used in
1.5m stores across America, including
Starbucks and Yum Brands’ KFC, ana-
lysts have said its adoption is not as
strong as sales of Apple’s iPhone 6 and 6s
models that use the technology would
suggest.
Walmart’s move marks a departure
from its strategy to date which has been
to work with rivals, including Best Buy,
via the Merchant Customer Exchange to
create a mobile payments system to
rival Apple Pay. This system remains in
the testing stage, Walmart said.
Walmart does not use Apple Pay at its
stores, but said that should customers
start demanding it, the Walmart Pay
technology has the architecture to ena-
ble its incorporation into the app.
The retailer said it had decided to
develop its own payment system
because existing ones either did not
work across all mobile platforms — such
as Apple’s or Samsung’s payment tech-
nology — or accepted only certain types
of credit or debit cards.
The holiday season has highlighted
customers’ increasing use of mobile
devices to make online orders as well as
rising use of smartphones in-store.
Mr Ashe said that of those customers
who had ordered online, nearly half
came from Walmart’s mobile app —
double the rate of the year before and
higher than the industry average. He
added that they were using the app
twice as much in-store as in the last holi-
day shopping period.
★ FINANCIAL TIMES
COMPANIES
Hans Dieter Pötsch
Supervisory chairman
‘We are
talking here
not about a
one-off
mistake but
a chain of errors . . . We
need to make sure
something like this never
happens again’
knowing anything about the emissions
cheating, he declined to speculate on
who exactly was responsible until VW’s
investigation is finished next year.
Mr Hirt was unimpressed. “I don’t
think they were strong on even starting
to explain what went wrong,” he said.
Mr Müller’s focus was different to Mr
Pötsch: he presented VW’s broader
strategy, including its proposed reor-
ganisation. VW plans to give its 12
brands more autonomy and responsi-
bility by, for instance, ending the prac-
tice of having group heads for research
and development, and sales.
Mr Müller also took an axe to some
symbolic elements of luxury: he will sell
VW’s Airbus jet and tone down its previ-
ously lavish spending at motor shows.
Media
Publicis loses its L’Oréal
US account to rival WPP
ADAM THOMSON
Publicis has lost L’Oréal as a client in
North America to its arch-rival WPP,
adding to the French advertising
group’s woes as it embarks on a deep
managerial reorganisation.
L’Oréal — whose brands include
Lancôme, Maybelline and Garnier — is
one of the world’s biggest advertisers,
and the loss of its media account to
MEC, of the WPP group, represents a
further blow to Paris-based Publicis.
It comes less than a week after Procter
& Gamble, the world’s largest advertiser,
shifted almost all of its North American
$20 bn $100 m being spent by the big six global agen-
Amount out of Hit to revenues
$340bn in billings that Publicis is
that comes up for likely to suffer
review each year after losing P&G
media planning and buying business
from Publicis to Omnicom, the French
group’s US rival.
Nadine Karp McHugh, senior vice-
president, Omnimedia, strategic invest-
ments and creative solutions, at L’Oréal
USA, said: “L’Oréal USA has selected
MEC as its agency of record for inte-
grated media planning and buying of
TV, print and digital after an extensive
eight-month agency review process.”
She explained that MEC brought “a
shared vision for the future”, and said
“we believe that we’ve found the perfect
partner to help us co-create the future of
beauty along with our media partners”.
L’Oréal’s North America media
Volkswagen share price
Rebased
Dax 30 index
VW
Jan 2015 Dec
Sources: Thomson Reuters Datastream; Edmunds.com
For some analysts, this shows Mr
Müller is serious about changing the
authoritarian culture that developed in
the 20 years VW was run by Ferdinand
Piëch, its former chief executive and
chairman.
“Cutting corporate jets and fancy car
show galas might not sound like much to
the outside world, but it means a lot in
terms of attitude and culture,” said
Arndt Ellinghorst, an analyst at Ever-
core ISI. “It seems to me they under-
stand that VW needs a fundamentally
new culture and that the era of
Piech . . . has contributed to today’s
problems.”
VW also outlined some progress on
technical fixes to diesel cars caught up in
the scandal. Fixes for 8m cars in Europe
account is understood to be worth
$40m — and its loss comes on top of the
$50m-$100m hit to revenues that Publi-
cis is likely to suffer after failing to retain
P&G’s business.
This double loss comes as leading glo-
bal brands such as Volkswagen and
Sony undertake sweeping reviews of
their media agencies this year, putting
contracts worth $30bn annually up for
grabs. Analysts say that, typically,
$20bn out of a total of $340bn in world-
wide media agency billings come up for
review each year.
This year’s increased scrutiny of
advertising contracts has been attrib-
uted to companies’ desire to cut costs —
and concerns over how their budgets are
cies: WPP, Omnicom, Publicis, Inter-
public, Dentsu Aegis and Havas.
Publicis’s Starcom MediaVest Group
had been handling the L’Oréal North
America media account, which will now
pass to MEC, part of UK-based WPP, the
world’s largest advertising agency.
Publicis’s SMG also lost the P&G
account, which will now shift to Omni-
com Media Group with support from
Dentsu Aegis’s Carat, which has been
handling P&G’s Canadian business.
Marla Kaplowitz, chief executive of
MEC North America, said: “It was
apparent from the onset that our two
companies share many of the same val-
ues and ambitions for growth.”
Losing the L’Oréal account comes at a
tricky time for Publicis, which last week
unveiled a management reorganisation
to prepare for chief executive Maurice
Lévy’s eventual retirement.
21
Courage urged
Pointed message on
honesty for rivals
Volkswagen’s press conference had
one pointed message for the
German carmaker’s rivals. “We need
the courage to be more honest,”
said Hans Dieter Pötsch, chairman
of VW’s supervisory board. “The
growing industry-wide
discrepancies between official
emissions data and real-life levels
are no longer acceptable. We need
to break new ground here.”
This statement attempted to
pitch VW as a surprise leader for
transparency around vehicles’
emissions tests. In a proposal
similar to one PSA Peugeot Citroën
made in October, VW pledged
yesterday to start road testing all
its vehicles’ emissions, with the
results to be verified by an
independent third party.
But Mr Pötsch’s statement also
sent a reminder to onlookers that,
although the emissions scandal
started with VW, it has implications
for the entire car industry.
Pal Pillai/AFP/Getty Images
“My first reaction was this is
crisis PR 101 — make it an industry
Top carmakers in US issue rather than a VW issue,” said
one executive at a rival carmaker.
Market share, 2015 (%)
When the scandal broke, the
car industry entered an uneasy
140
GM stand-off with regulators and
120
Ford
Chrysler
environmental groups.
Campaigners have repeatedly
100
Honda highlighted the gap between
Nissan laboratory tests for petrol and
Hyundai diesel vehicle emissions and their
80
Kia levels of real-world pollution.
60
Subaru As yet, no other manufacturer
VW* has been found to have behaved
BMW illegally in the way VW did in the
40
0 5 10 15 20 US, despite several regulators
testing many vehicles.
Andy Sharman
*VW includes Audi brand
are signed off or close to approval and a understood the US, and I worry that
purported separate scandal involving they could get it wrong there again,” said
carbon dioxide emissions has proved to the VW investor.
be largely unfounded. Mr Müller was keen to show that VW
But the carmaker’s big problems all lie was not obsessed by the scandal and was
in the US. Because of the stricter nitro- aiming to provide a new strategy next
gen oxides standards in the US, fixes for year for the period up until 2025. He
the 500,000 cars affected there will be said the strategy would focus above all
trickier, conceded Mr Müller. on three elements: digitalisation, sus-
He expressed “hope that things would tainability and integrity. By the end of
go quickly” with obtaining US regula- the decade, VW will present 20 new
tory approval for the fixes. electric or plug-in hybrid models.
Some investors fret that VW could be Referencing the previous strategy’s
misreading the mood in the US. The aim to make VW the world’s biggest car-
press conference took place in Wolfs- maker by sales by 2018 — something
burg and in German and Mr Müller has some blamed for its suspect culture —
still not been to the US, although he Mr Müller said: “We have not given up
plans to go to next month’s Detroit our claim to leadership in this industry.
motor show. “VW has never really But we have given it a new definition.”
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22 ★ FINANCIAL TIMES Friday 11 December 2015

COMPANIES

Media Telecoms

Warner Music streaming hits higher note Vodafone

accuses rival
Segment’s revenues for its fiscal year ended September 30 and
surged 47 per cent in the fourth quarter.
payments last year. But that success has
not translated into profitability for
Apple Music launched in June with
free trials, which did not convert into
Warner Music digital revenue rose
10.6 per cent, or 19.8 per cent on a con-
KPN of stalling
year overtake downloads
for first time at a big label
The label had reported in May that
streaming revenue exceeded digital
streaming services such as Spotify,
Deezer and Pandora, which are now fac-
paying subscriptions until the end of
Warner’s fiscal year, so the impact of the
stant currency basis, to $1.24bn in the
fiscal year, accounting for 44.4 per cent
its Dutch
SHANNON BOND — NEW YORK
downloads in a quarter for the first time.
“2015 was our first fiscal year in which
our recorded music streaming revenue
ing a further challenge in the form of
deep-pocketed tech groups including
Apple, Alphabet’s Google and Amazon.
new service was not reflected in the
results. Mr Cooper told a call with inves-
tors yesterday that “early signs [from
of total revenue.
In the US, digital revenue made up
58.8 per cent of total sales. The company
service launch
Streaming music revenue has passed exceeded download revenue, and it did the launch] are encouraging”. said digital growth was driven by
annual sales of digital downloads at a so by a significant amount,” said Warner estimates that around the streaming.
major music label for the first time this Stephen Cooper, Warner Music chief
‘Streaming continues on a world, streaming services count for Digital downloads declined but
DANIEL THOMAS
TELECOMS CORRESPONDENT
year, underlining a seismic shift in the executive. “Streaming continues on a trajectory to become our between 40m and 50m paying subscrip- Mr Cooper said that the decrease was Vodafone has sued Dutch rival KPN
music industry fuelled by the rise of trajectory to become our largest reve- tions. “When you look at that as a below 10 per cent in the fourth quarter.
services such as Spotify. nue source.”
largest revenue source’ percentage of the global population of Net losses in the fiscal year narrowed
alleging anti-competitive behaviour in
the Netherlands in a further sign of its
Warner Music Group, the world’s The growth of streaming has been big Stephen Cooper, chief executive 7.5bn people plus or minus, it looks to from $303m to $88m, while total reve- increasing unhappiness with moves
third-largest music company, said business for record companies, which me as if we have barely scratched the nue fell 2 per cent to $2.97bn from made by former telecoms monopolies
streaming revenue grew 34 per cent in earned a combined $2.2bn in streaming surface,” Mr Cooper said. $3.03bn. across Europe.
Vittorio Colao, Vodafone chief execu-
tive, has already lambasted other Euro-
pean telecoms incumbents such as BT
Electronics. High-end audio and Deutsche Telekom for seeking to
“remonopolise” their home markets.

Panasonic hopes Technics turntables will spin success Vodafone, which relies on nationwide
fixed-line networks owned by the
former monopolies to provide its own
broadband and TV services, claims
these companies do not offer access to
networks on fair terms.
Group turns to sole female Mr Colao has also expressed concerns
executive to pump up the sales that the groups are strengthening their
businesses through acquisition, such as
volumes of the reborn brand the purchase of EE by BT.
Vodafone has complained to the
European and national regulators about
KANA INAGAKI — TOKYO
the deals, but its rivals reject the allega-
Half a century after its birth, Panasonic tions.
is looking to fortify an audio brand once Now Vodafone has turned to legal
favoured by hip-hop pioneer Kool Herc. action in the Netherlands, filing a
But while the 1965 launch of the Tech- €115m civil claim for damages at the
nics brand symbolised the rise of Japan’s court of justice in The Hague. It has
consumer electronics industry, Pana- launched similar legal claims in Ireland,
sonic’s latest flirtation with high-end Italy and the Czech Republic.
audio products illustrates the challenge Vodafone argues that KPN, which
of trying to retain its consumer roots controls the fixed line network in the
while bolstering a line-up of more lucra- Netherlands, unlawfully delayed the
tive products such as car batteries. nationwide launch of Vodafone’s TV,
In a notable break with the past, the broadband and telephone service by
executive charged with rebuilding the three years by failing to deliver the tech-
fortunes of its turntables and other nology needed.
music systems is not a male engineer The UK telecoms group said that
but Michiko Ogawa, Panasonic’s sole KPN’s refusal to supply the technology
female executive officer and a jazz pian- qualified as abuse of a dominant market
ist herself. position.
The relaunch of the brand, which was The Dutch group said that it did “not
discontinued in 2010 as the company recognise the picture outlined by Voda-
was reeling from losses, took place amid fone”.
surging sales of vinyl albums in the UK Vodafone said the delay allowed KPN
and US and rising demand for premium to launch a rival service, which “pre-
headphones. vented Vodafone Netherlands from
Annual sales of vinyl albums topped gaining a significant market share in a
1m in the UK last year for the first time crucial period when more than 100,000
in nearly two decades, according to the households per quarter chose to move”
British Phonographic Industry. to such packages.
In the US, sales of vinyl albums in The lawsuit claims Vodafone Nether-
2014 also rose to 9.2m units, growing for lands suffered an estimated €115m in
a ninth straight year, according to losses as a result.
Nielsen, the music industry data pro- Rob Shuter, chief executive of Voda-
vider. Technics Europe in December 2014, followed by ments in car and housing businesses Securities, says Panasonic should be fone Netherlands, said: “Our challenge
“Since last year’s revival of Technics, turntables were Japan and North America. Prices are not while reducing exposure to television able to limit vulnerability to price is that Vodafone relies on its biggest
the response from our consumers shows widely popular cheap, with a pair of speaker systems and mobile phones. declines by focusing its Technics line-up competitor — the incumbent operator —
that there is an unchanging desire for in nightclubs costing between £1,199 and £18,599. “Some of the Technics technologies on high-end products instead of target- as a supplier in order to provide Dutch
good quality sound,” Ms Ogawa says. and among DJs In a sign of nostalgia for the Technics for components can be utilised in B2B ing the mass market. “Whether it be consumers with a competitive choice.
Panasonic’s rivals, such as Sony, are worldwide brand, a DJ from Israel last year started businesses, which is the growth strategy audio visual products or appliances, KPN has repeatedly failed to deliver on
also betting on a widening group of con- Jim Dyson/Getty Images
an online petition calling for the revival for Panasonic as a whole,” Ms Ozawa Panasonic is now clearly selecting terri- its commitments and has instead seri-
sumers beyond audiophiles who want of the SL-1200 turntable — a Technics explains, pointing to the potential use of tories where it can compete,” he adds. ously abused its dominant position.”
both convenience and sound quality, product from 1979 that was widely pop- Technics technologies in car audio and For Ms Ogawa, her career at Pana- Vodafone has previously sought simi-
instead of having to sacrifice quality by ular in nightclubs and among DJs world- other non-consumer segments. sonic has come full circle with the Tech- lar action in other countries in Europe.
listening to compressed digital music wide. And even with a strong fan base, Tech- nics relaunch. Having started off at an Vodafone Italy launched civil actions
downloads. Partly in response to the more than nics is likely to remain a niche product, audio laboratory, the 53-year-old execu- following a national competition
Sony’s Walkman, for example, is 27,000 signatures garnered by the as is the case with vinyl, which accounts tive moved from audio products to authority ruling against Telecom Italia
enjoying a mini-comeback in Japan as online petition, Ms Ogawa recently for just 2 per cent of the UK’s recorded £18,599 DVDs and internet network businesses for abuse of its dominant position.
bigger storage memory chips and announced that Panasonic aims to music market in spite of its resurgence. as the company shifted its focus to TVs. Vodafone Czech Republic made a
Top-end price of
speedier internet connections allow relaunch the Technics turntable series Panasonic’s goals for Technics are also a pair of Technics Even as her career drifted farther from €14m legal claim against O2 Czech
gadgets to play and store what the in the 2016-17 financial year. modest, with the company aiming for speaker systems. audio as she took a role in corporate Republic for abuse of dominant position
industry calls “high-resolution audio” Still, some analysts question the need sales of Y10bn ($82m) in the 2018-19 They start at £1,199 social responsibility, Ms Ogawa contin- earlier this year.
files without compromising too much for a focus on audio products at a time fiscal year, far below annual sales of 1m ued her piano concerts, resulting in the In December 2015, Vodafone Ireland,
sound data from original recordings. when the company is shifting away from Y50bn the Technics series brought in release of 14 CDs. with Sky, BT and Magnet, complained to
Vinyl album sales
New Technics products, including consumer electronics. during the peak years of the 1990s. in the UK last year, “After the revival of Technics, I felt the regulator over repair times on the
speaker systems, amplifiers and net- Under chief executive Kazuhiro But in an improvement from the their highest in everything came together and I could broadband and fixed-line telephone
work audio players, were rolled out in Tsuga, Panasonic has stepped up invest- 1990s, Junya Ayada, an analyst at Daiwa nearly two decades utilise all my experiences,” she says. network carried out by Eircom.

ft.com/house&home
Financials Construction

FT PROPERTY
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KKR expands Europe lending Watchdog probes ex-Lixil unit
Classified Property Advertising
UK: +44 20 7873 4907
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JOSEPH COTTERILL
ASIA: +852 2905 5554
KKR has made more than half a billion
dollars in loans to companies in Europe
Legal Notices
this year as the US private equity group
joined a boom in alternative lending
aimed at replacing banks, which are
retreating in the region.
The UK’s Casual Dining Group, owner of
the Las Iguanas and Café Rouge chains,
became KKR’s latest borrower this week
in addition to Sarquavitae, a Spanish
elderly-care provider. The two trans-
actions have taken KKR’s total direct
lending in Europe for the year to more
than $500m across eight deals.
“This is the first year it’s achieved
critical mass in Europe,” said Mark
Ciancimino, KKR’s head of European
private credit. “You can expect much
more of this from us in the next three to
four years.”
The amount means KKR has risen
quickly up the ranks of European direct
lenders, in the same year it launched a
platform to acquire and turn round
soured corporate loans on Italian banks’
books.
Banks have pulled back from capital-
intensive lending to smaller or buyout-
backed firms, creating a market for pri-
vate debt funds. The capital available to
these funds in Europe has increased by
two-thirds this year to $61bn, according
to the data provider Preqin.
Long-term institutional investors are
putting money into the funds for higher
returns than on bonds, earning a pre-
mium as private debt cannot be traded.
The size of the loans being extended
by KKR — up to $150m — reflects more
willingness this year by private equity
owners of companies to turn to direct
lending, in some cases for nearly all
their financing needs.
“Does that mean the banks aren’t
keen to lend to the mid-market? Not at
all,” Mr Ciancimino said. “But what we
find is that sponsors are increasingly
keen to look at other options.
“They want a bit more leverage or
flexibility than a bank may provide, or
the story of the credit is more compli-
cated, or there are moments of volatility
where public markets are less support-
ive or banks become nervous.”
Private debt investors have navigated
ructions in public credit markets ahead
of an increase in US interest rates and
signs of a rise in corporate defaults.
“The first half of the year was pretty
aggressive,” Mr Ciancimino said. But
since August, “the whole tone of the
environment has changed”.
JAMES SHOTTER — FRANKFURT
LUCY HORNBY — BEIJING
German regulators are investigating
possible insider trading and market
manipulation in shares of Joyou AG, the
Frankfurt-listed Chinese business that
went bankrupt soon after Japan’s Lixil
bought its parent company.
News of the investigation by BaFin, the
German financial watchdog, comes as
the Chinese founders of Joyou are once
again at the helm of the group’s factories
in China — despite bankruptcy proceed-
ings in Germany.
BaFin declined to say what period its
probe was covering or what had trig-
gered its investigation.
Lixil said: “While such proceedings
are a standard routine in such situa-
tions, we are not aware of an insider
investigation regarding Joyou. In partic-
ular, nobody at Lixil has been contacted
by the authorities.”
Lixil has blamed the Chinese com-
pany’s founder Cai Jianshe and his son
Cai Jilin for accounting irregularities
dating back to 2008 and off-the-books
loans that cost Lixil up to Y66.2bn
($539m) and marred its acquisition of
Grohe, the German bathroom fixtures
maker. Lixil has said it is considering
legal action “against all companies that
should be held accountable”. The Cai
family declined to comment when con-
tacted by the Financial Times.
Japanese bathroom fittings group
Lixil acquired Joyou as part of its
$3.05bn purchase of Grohe from private
equity group TPG. The German entity’s
main asset is Hong Kong-registered
Zhongyu Sanitary Technology, which
owns the eight Joyou businesses in
China. Lixil in July 2015 split off Joyou,
which is now in the hands of the German
bankruptcy administrator.
Competing claims in German and Chi-
nese courts and the local Chinese gov-
ernment’s apparent support for the fac-
tories’ operation could turn the Joyou
case into a battleground between Chi-
nese and international law. Creditors of
Chinese companies listed overseas have
rarely successfully liquidated or gained
control of disputed assets in China.
The elder Mr Cai is now being sued by
China Development Bank and at least
two Chinese individuals in Chinese
courts over disputed loans. Two Singa-
porean banks and three other Chinese
lenders have begun legal procedures
against Joyou companies in China seek-
ing to claim assets.
Additional reporting by Luna Lin
Friday 11 December 2015
Banks
Lenders win Basel U-turn on assessing risk
Committee drops plan to
ban use of rating agencies
in portfolio calculations
CAROLINE BINHAM — FINANCIAL
REGULATION CORRESPONDENT
The banking lobby has beaten back a
global reform plan that it claimed would
result in a “substantial” increase in
capital.
The Basel Committee on Banking
Supervision said yesterday it had
dropped a plan to ban banks from rely-
ing on rating agencies when they calcu-
late risks in their portfolio.
The US already has such a rule in
Barça president takes a shot at €1bn goal
Catalan club plans to embark
on a commercial strategy to
rival the Premier League
TOBIAS BUCK — BARCELONA
FC Barcelona aims to become the first
football club in the world with €1bn in
revenues, as part of a six-year business
plan that will see the Catalan side
expand both its famous Camp Nou sta-
dium and its commercial presence
around the world.
Details of the strategy will be formally
unveiled to club staff today. But in an
interview with the Financial Times
ahead of the presentation, club presi-
dent Josep Maria Bartomeu makes clear
the scale of Barcelona’s ambition.
“There are no other clubs in the
world, whether in football or in other
sports, that think ahead more than one
or two seasons. But here at Barça we do,”
he says. “We want to be the first club to
reach €1bn in revenues.”
Mr Bartomeu was elected president of
FC Barcelona in July, after a tumultuous
season that saw the club win a rare tre-
ble — the Spanish league title, the Span-
ish cup and the Uefa Champions League.
But it was also marked by deep internal
strife, such as the contentious battle for
the presidency and probes against play-
ers and executives, including Mr Bar-
tomeu himself, over allegations of tax
fraud. He denies any wrongdoing.
His desire to lift revenues from
€600m now to more than €1bn by 2021
also reflects the need to counter the
growing financial clout of the English
Premier League. Following the Premier-
ship’s lucrative £5bn three-year deal,
teams such as Manchester United and
Chelsea earn far more from television
rights than even the most successful
clubs on the continent.
According to Deloitte Football Money
League, however, only Manchester
United is among the top five clubs by
revenue, ranking number two based on
figures for the 2013-14 season. Barça
was ranked fourth with revenues of
about €485m.
“Our rival is the Premier League. It is
not a specific club, it is the strength of
the Premier League itself,” Mr Bar-
tomeu says. He insists that — contrary to
recent speculation in the British press —
FC Barcelona will always have the
resources to fend off English bids for its
main stars, including the famous “tri-
dent” of Leo Messi, Neymar and Luis
Suárez.
The real danger for the club, he adds,
is that teenage players from its La Masia
academy are being snapped up by Pre-
Technology
Australia’s Atlassian lifts New York IPO gloom
NICOLE BULLOCK — NEW YORK
Australian software company Atlas-
sian soared on its debut yesterday,
emerging as a bright spot in an other-
wise gloomy market for initial public
offerings this year.
The company’s stock rose as much as a
third to $28, giving it a market capitali-
sation of nearly $6bn at the high end of
the early trading range.
The first-day rally came even after
Atlassian priced its shares above
expectations.
The offering follows what has been a
tough year for US-listed IPOs, including
technology share issues, as market vola-
tility stymied investors and hot tech
start-ups were drawn to lofty valuations
on offer in private funding transactions.
Atlassian was the first US tech IPO to
price above the range since July, accord-
ing to Renaissance Capital, before global
stock markets fell amid concerns about
the health of China’s economy and the
place, so the global change of heart
could make it harder to compare the
riskiness of American banks with that of
their rivals elsewhere in the world. The
U-turn comes after intense lobbying
from banks and the rating agencies
themselves, which argued that forcing
them out of calculations would mean a
cruder measure of credit riskiness —
and one that would drive up the amount
of capital banks must hold.
The Basel Committee, which sets glo-
bal minimum standards for banks, is
working on a new a package of measures
aimed at preventing lenders from gam-
ing the system by using their own mod-
els to calculate risk-weighted assets.
RWAs form the denominator in the frac-
Interview. Josep Maria Bartomeu
‘The famous formula
that has made clubs
grow in the past was
this: sporting success
leads to social success
which in turn leads to
economic success. But
we want to develop in a
way so that not
everything hangs on
victories or defeats’
Josep Maria Bartomeu says that, unlike other football clubs, Barcelona thinks ahead more than one or two seasons — Albert Gea/Reuters
miership teams before they have the
chance to grow into Barcelona’s first
team: “The 16-year olds constantly
receive offers from the Premier League
that are very tempting. Every year there
are some who go.”
With a six-year mandate ahead of
him, Mr Bartomeu says he is deter-
mined to translate the club’s recent
sporting triumphs into lasting economic
Top 10 clubs by revenue
For season 2013/14 (€m)
0 100
Real Madrid
Manchester United
Bayern Munich
FC Barcelona
Paris Saint-Germain
Manchester City
Chelsea
Arsenal
Liverpool
Juventus
Source: Deloitte Football Money League 2015
potential ripple effects of a slowdown
across the globe.
Most companies have instead had to
offer discounts to lure investors wary of
declines in the after-market. On aver-
age, investors have lost 3.6 per cent buy-
ing US IPOs in 2015 and 1.4 per cent buy-
ing into tech companies.
Atlassian, which counts Facebook,
Nasa and Netflix among its customers,
priced 22m shares at $21 a piece late on
Wednesday, raising $462m.
That was above the indicated range of
$19 to $20, which the company had
already lifted this week from a range of
$16.50 to $18.50. It also boosted the
number of shares on sale by 10 per cent.
Matthew Kennedy, an analyst at Ren-
aissance Capital, attributed Atlassian’s
success to the particular strengths of the
company, which sells enterprise soft-
ware including a messaging service,
project management tools and a docu-
ment sharing service.
“It is the type of tech company that
★ FINANCIAL TIMES
COMPANIES
tion used to calculate banks’ all-impor-
tant capital ratios.
The overhaul, which is an attempt to
make it easier to compare banks’ bal-
ance sheets, is part of a wave of reforms
that the industry has dubbed “Basel IV”;
a new layer of regulation on top of the
Basel III capital rules that come fully
into force in 2019.
Policymakers and regulators argue
the new measures are simply the imple-
mentation and finalisation of long-
flagged reforms put in place during the
financial crisis. Mark Carney, governor
of the Bank of England, who also chairs
the Basel-based Financial Stability
Board, reiterated comments last week
that “there is no Basel IV.”
success. “The famous formula that has
made clubs grow in the past was this:
sporting success leads to social success
which in turn leads to economic suc-
cess,” he says. “But we want to develop
in a way so that not everything hangs on
victories or defeats. We want to make
sure that the club remains a reference
around the world even when there is a
failure.”
200 300 400 500 600
can go public in any market,” Mr
Kennedy said. “The combination of
growth and profitability make it a stan-
dout IPO.”
Atlassian contrasts with other tech
companies, such as Square, the pay-
ments start-up led by Jack Dorsey that
went public this year.
Square had earned a high valuation in
its last fundraising round as a private
company, and attracted a negative reac-
tion when it was forced to price its stock
at a substantial discount and issue more
shares to compensate its private
investors.
Atlassian, by comparison, has never
raised money from outside equity inves-
tors. Its venture capital backers bought
shares from employees. The company
also has an extended history of profits
from its business of selling collaboration
tools, with software developers as a core
market.
Goldman Sachs and Morgan Stanley
were lead underwriters.
The committee originally wanted
banks to improve their own assess-
ments of the risks of loans going bad
when calculating capital requirements.
The aim was to cut out external rating
agencies, which were criticised in the
crisis for alleged conflicts of interest and
overly generous ratings of products and
companies. US banks are already heav-
ily restricted in their ability to rely on
rating agencies under the Dodd Frank
package of regulatory reforms.
“The Committee recognises that there
could be a lack of comparability
between jurisdictions that use ratings
for regulatory purposes and those that
do not,” the Basel Committee said. “The
Committee’s objective is to limit the dif-
Mr Bartomeu’s plan foresees new
projects, including the creation of a fee-
generating FC Barcelona University and
a push into women’s sports. In financial
terms, however, the most relevant
actions will be the expansion of the
club’s presence abroad and the €600m
overhaul of the Camp Nou stadium.
“Barça is a global club . . . but the
world is a big place and right now we are
occupying very little space,” Mr Bar-
tomeu says, pointing out that the club
has an estimated 450m fans around the
world, and more than 200m social
media followers. FC Barcelona has
only one commercial office abroad (in
Hong Kong) but is planning to open
three more by 2017 — in New York,
São Paulo and Shanghai. “Those are
the markets where Barça is push-
ing for growth,” he says.
The club’s iconic Camp Nou
stadium, meanwhile, is
being readied for a major
transformation. Already
the largest stadium in
Europe, its capacity is due
to rise from 97,000 to 105,000.
It will also be covered with a roof, and
Oil & gas
Shell eyes exit from New Zealand as crude slides
JAMIE SMYTH AND
PETER WELLS — SYDNEY
Royal Dutch Shell is considering an exit
from New Zealand as it continues its
drive to shed US$30bn in assets glo-
bally and simplify operations as oil
prices plunge.
Shell’s review of its entire business, after
a century of operations in the coun-
try, marks a blow to New Zealand’s
ambitions of becoming a world leader in
oil and gas exploration.
Rob Jager, chairman of Shell New Zea-
land, said the review was in keeping
with the company’s strategy to become
a simpler, more profitable and resilient
company. “The options will range any-
where from business as usual and, as we
are operating today, to potentially a full
country exit and any alternative in
between,” he said in a conference call.
The Anglo-Dutch energy group has
flagged US$30bn worth of asset sales
over the next three years as it restruc-
ferences in outcomes between such
approaches.” The regulatory body has
also done away with proposals that
would force banks to consider borrow-
ers’ ability to pay when setting risk
weights for real estate loans. Banks will
be allowed to largely rely on the size of a
loan relative to the value of the underly-
ing property for risk weightings.
This method has proved problematic,
as property values can fall sharply, and
banks in some jurisdictions have prob-
lems seizing properties and realising
value from them when loans go bad. But
Basel said it proved too challenging to
find a global measure of ability to pay.
Additional reporting by Laura Noonan in
New York
the number of lucrative VIP lounge
seats will increase from 1,800 to 10,000.
The area around the stadium is also ear-
marked for redevelopment.
Mr Bartomeu says he is in talks with
Qatar Airways to renew the company’s
shirt sponsorship deal, which is due to
expire at the end of this season.
The club, which is owned by its
145,000 members, earns
€33.5m a year from the shirt
endorsement — a figure that
again lags far behind the
sums paid to teams such as
Manchester United and
Chelsea.
Whatever the result of those
talks, Mr Bartomeu is ada-
mant that the days when
Barça distinguished itself
from other teams by refus-
ing to carry a sponsor’s logo,
or giving the space to Unicef as
a gift, will never return. “Today
we compete with clubs that are
owned by great corporations or by
multimillionaires with huge
resources. So it would be utopian
to want to go back to Unicef.”
tures its global business to focus on
deepwater oil and integrated gas export
projects.
Analysts estimate the operations
under review could raise more than
US$1bn, although finding buyers with
oil prices so low could prove challeng-
ing. “This is part of a broader picture of
oil majors reviewing assets in a low oil
price environment,” said Matthew How-
ell, analyst at Wood Mackenzie. “It
won’t be an easy process to find buyers.”
US oil and gas group Chevron on
Wednesday outlined deep cuts in spend-
ing on production and exploration as
part of efforts to reduce capital expendi-
ture in 2016 by a quarter. Shell-owned
ventures account for around half of New
Zealand’s total natural gas production
and a significant proportion of its con-
densate, or light oil, production.
The company is the majority equity
holder of the Maui gasfield with 83.75
per cent. It owns 50 per cent of the
Kapuni gasfield and it is the largest joint
23
Travel & leisure
Tui shrugs
off security
concerns with
rise in holiday
bookings
ALIYA RAM
The world’s largest tour operator Tui
has said UK demand is up and it is on
track to increase profits despite fears
that security concerns would deter
tourist travel.
Shares in the group rose almost 6 per
cent yesterday after it reported underly-
ing earnings before interest, tax and
amortisation were up 15.4 per cent for
the year, to €1bn on a constant currency
basis. The figures, which discount cur-
rency fluctuations and exclude discon-
tinued operations at booking website
LateRooms, were slightly ahead of
forecasts.
Tui said it had benefited from “a par-
ticularly good performance” in the UK
and northern Europe, and at its hotel
business.
Bookings for the winter season were
at 60 per cent of capacity, it added,
despite a terrorist attack at a resort in
Tunisia in which 33 of its customers
were killed and the suspension of trips
to Sharm el-Sheikh in Egypt after the
bombing of a Russian passenger jet.
The group said UK trading continued
to be strong for the summer 2016 sea-
son, with bookings 11 per cent higher
year on year.
Co-chief executives Friedrich Joussen
and Peter Long said in a joint statement:
“Taking into account the continued ces-
Group has benefited from
‘a particularly good
performance’ in the UK
and northern Europe
sation of flights in and out of Sharm el-
Sheikh by several countries, current
trading for winter 2015/16 and summer
2016 is in line with our expectations.”
Tui said the attack in Tunisia in June
had cost it €52m, more than its previous
guidance of €35m-€40m, though the
events at Sharm el-Sheikh fell outside
the reporting period.
There remain concerns that events
in Egypt and the attacks in Paris last
month, in which 130 people were killed,
could reduce demand for overseas
travel.
Greg Johnson, leisure analyst at Shore
Capital, said that while “we can’t be
sure of the impact [of terrorism] senti-
ment-wise”, bookings had remained
robust.
Tui said it would redirect resources
from Sharm el-Sheikh to resorts in the
Canary Islands and Cape Verde, though
analysts at Morgan Stanley said there
was overcapacity in the Canary Islands.
Turnover in the year to September 30
increased 8 per cent to €20bn and prof-
its in the cruise business rose to €81m
from €10m last year. The travel group
said the “likely sale” of Hotelbeds, its
online hotel booking business, would be
agreed by the end of this year or early
next.
Tui’s shares were 5 per cent higher in
afternoon London trading at £11.77.
The figures were the group’s first
annual results as a merged entity after
the combination of London-listed Tui
Travel and German majority owner Tui
AG in December last year.
Mr Long is due to leave the merged
business to take a role on the supervi-
sory board where he says he will “ask
questions instead of being the one with
all the answers”. He also joined Royal
Mail as chairman in June this year.
venture partner and operator in the
Pohokura field, which now meets 40 per
cent of New Zealand’s gas requirements.
Shell is in the process of selling its
stake in the Maui gas pipeline, which
could fetch NZ$300m (US$203m).
Analysts said Shell’s deepwater oil
and gas exploration interests off the
coast of New Zealand may fit with its
new vision, whereas its domestic pro-
duction is now considered non-core.
Shell’s potential exit from New Zea-
land would be a setback to the govern-
ment’s vision of ramping up oil and gas
exploration as a means of diversifying
an economy focused on agricultural and
services exports. Shell shelved 2016
plans to drill a well in the Great South-
ern Basin while the review is completed.
“It would be a blow for New Zealand.
Shell has been in the country for more
than a century and there are few compa-
nies with enough scale to buy out its pro-
duction operations in their entirety,”
said Mr Howell.
24
No more Mr Micawber as Ivan stops waiting for price rises to turn up
Hoping for the best, preparing for the
worst. Glencore has been driven by
events since the summer. There was a
quiet riot of shareholders over skimpy
debt reduction, then a flash crash in
the shares. Now the commodities
group is aiming to get back on the front
foot with plans to cut debts more
heavily than expected to $18bn-$19bn.
More importantly for investor
confidence, the company, led by hard-
nosed South African Ivan Glasenberg,
says it can generate $2bn a year in free
cash flow at spot prices. It claims it will
remain cash flow positive even if the
value of assets such as copper and coal
falls more heavily. Glencore believes it
can break even on copper at just over
$1.42 per lb, compared with a spot
price of around $2.
Context is provided by Anglo
American’s decision earlier this week
Retail
Sports Direct
earnings miss
expectations
Sales in fashion division
fall 12% after closure of
some USC branded stores
ANDREA FELSTED AND PETER CAMPBELL
Shares in Sports Direct fell 10 per cent as
a slowdown in growth caused profits to
miss expectations at the retailer con-
trolled by Mike Ashley.
Sports retail sales were flat at £1.23bn
in the six months to October 25, while
sales in its “premium lifestyle fashion”
division fell 12 per cent following the
closure of some lossmaking USC
branded stores.
Underlying profit rose from £160.6m
to £166.4m, which was below the con-
sensus of analysts’ forecasts of £180m.
Statutory pre-tax profits climbed from
£149.7m to £187.3m but these were
boosted by more than £50m from the
sale of 5m shares in rival JD Sports in
October.
The company also took a £32.5m
impairment, primarily relating to a
writedown on its Austrian business that
is trading below expectations. Shares
were down 68p at 598p by mid-after-
noon yesterday.
The disappointing earnings come a
day after the Guardian newspaper
accused Sports Direct of paying staff
below the minimum wage in “gulag”
conditions.
Dave Forsey, Sports Direct chief exec-
utive, defended the company’s perform-
ance, saying the retailer was still grow-
ing faster than many rivals and was on
track to meet its lowered target of
£420m of earnings before interest, tax,
depreciation and amortisation this year.
But Jonathan Pritchard, analyst at
to cut its dividend and mothball or sell
all mines unable to hit cash flow break-
even. Investors fear commodities
groups will run out of cash to service
their debts, let alone meet dividends.
These are seen as threatened at BHP
Billiton and Rio Tinto.
Glencore has already suspended
payouts. Mr Glasenberg once talked
airily of his business being well
positioned to benefit from a
bounceback in commodity prices.
Hoping for something to turn up, like
Mr Micawber did, hardly qualifies as a
business strategy. Mr Glasenberg has
learnt his lesson from one day in
September when shares slumped
30 per cent in response to a theory that
they might expire worthless.
Now Mr Glasenberg is preparing for a
world where Asian demand remains
muted and commodity prices stay
permanently low. He hopes to bolster
the belief that combining trading and
mining in a single business generates
value. This has been challenged by
poor results from the trading arm.
A new forecast of group earnings
before nasties of $7.7bn for 2016 looks
toppy to some analysts. And there’s the
Peel Hunt, said Sports Direct had “lost
touch with its customers”.
“There’s too much own-label product
[especially clothing] in core stores, and
a lack of ranging finesse in Europe,” he
said.
Mr Forsey also defended the group’s
working practices, saying that it was
addressing problems that led to staff
being detained by searches at the end of
the day. “Let’s make it very very clear,
that process has been improved,” he
said, adding that staff were employed by
an external agency.
“We take our responsibilities very
seriously. We will look at these issues
and we will [resolve them] if anything
needs to be resolved,” he said.
Mr Forsey faces criminal charges over
the administration of USC. He is
accused of failing to give the authorities
sufficient notice about large-scale job
losses, but he denies the charges. A pre-
liminary hearing is scheduled for
March, and a date for the trial has not
yet been set.
Sports Direct has also come under
scrutiny for its corporate governance
arrangements, particularly its owner-
ship structure and remuneration policy.
Ashley Hamilton Claxton, corporate
governance manager at Royal London
Asset Management, said: “Until the
company improves both its governance
and its relationships with employees,
shareholders face substantial risks.
“We maintain that companies, such as
Sports Direct, need strong governance
in place to protect the interests of
minority shareholders, employees and
other stakeholders. Ignoring such issues
is short-sighted and runs the risk of
eroding shareholder value.”
See Lex
★ FINANCIAL TIMES
UK COMPANIES
nub of Glencore’s problem. The gap
between current debts of more than
$20bn and a target below that should
be bridged comfortably. What matters
is Mr Glasenberg’s credibility gap. He
created this by failing to read markets
where Glencore is meant to be a native.
A 7 per cent leap in the shares shows
the new targets will help. But Glencore
needs to remain in tune with markets
and investors’ expectations for years to
come to regain its lost lustre.
Red in tooth and clause
There is rich weirdness to legal terms
that define bond issues, such as “force
majeure” and “pari passu”. It is easy to
ignore them unless there is a dispute of
the kind Lloyds has just ironed out in
the Appeal Court. The bank wants to
redeem £700m in convertible bonds.
Investors, who were enjoying interest
as high as 16 per cent, resisted.
The crucial clause gave Lloyds the
right to pay off principal if regulators
decided the bonds were not needed as a
buffer during stress testing of the
bank’s capital. The Prudential
In the bag
Mulberry
returns
to profit
Regulation Authority provided just
such a trigger in 2014.
Consumer champions are crying foul
and demanding better protection, as
they are wont to. It is true that the
trigger clause was sloppily drafted. But
there is little doubt that its central
requirement was met.
No one forced retail investors to
swap holdings of perpetual bonds for
the high-yield alternatives at the time
of the financial crisis.
Personal finance media and cause-
seeking MPs will doubtless bewail the
Appeal Court verdict. But the corollary
of fat returns from the notes was
potential early redemption. Those who
failed to read the term sheet, or read it
and failed to clarify clauses they did
not understand, have little room for
complaint.
A rentier’s swansong
“We all live in a Robbie Fowler home,”
chanted the Liverpool footballer’s fans
to the tune of “Yellow Submarine”,
writes Kate Burgess.
A song in a minor key would better
Mulberry is looking to new creative
director Johnny Coca to consolidate the
handbag maker’s modest return to
profitability.
Results for the six months to
September saw a small profit of
£100,000, against a loss of £1.1m for
the same period last year.
The group said its Asian distributors
were awaiting the new collection before
committing to fresh orders.
Mr Coca joined from Céline, the
French fashion house, in July as
Mulberry switched tack, abandoning
attempts to take its product upmarket
after a series of profit warnings and
losing a chief executive.
He is due to unveil his first collection
at London Fashion Week in February.
Technology
Easily suffers cyber attack
PETER CAMPBELL
Easily.co.uk, one of the UK’s largest
website hosting companies, has
become the latest group to suffer a
major cyber attack.
The company, which hosts 100,000
websites, 65,000 of them in the UK,
said yesterday it had been hacked.
“A forensic investigation by inde-
pendent experts has confirmed that
unauthorised access was gained to our
internal systems and a list of domain
names registered on behalf of our cli-
ents was accessed,” said NetNames,
which owns the Easily website.
The private equity-owned company
said that no details other than domain
names were taken. It declined to say
how many customers were affected.
commemorate Fergus and Judith
Wilson, Britain’s biggest buy-to-let
landlords. The maths teachers are
finally selling their 1,000-dwelling Kent
property empire. There will be fewer of
their individualistic ilk in years to
come. It is not just that Mr Wilson
doubles as the author of children’s
books — Larry the Liger — and says he
came to the buy-to-let market by
accident. The Wilsons had no capital
and expanded using debt. The era of
easy money is long gone and now the
government is doubling stamp duty on
buy-to-let properties, or at least the
houses bought by individuals.
That will squeeze out would-be
Wilsons who don’t have corporate bank
accounts. This may please those who
vilify buy-to-let landlords and rail
against the Wilsons after they threw
out 200 tenants on housing benefits
and zero-hours contracts last year in
favour of eastern Europeans.
But it is a blow for
entrepreneurialism, albeit of a kind
that divides opinion.
jonathan.guthrie@ft.com
Buy-to-let: kate.burgess@ft.com
Thierry Andretta, chief executive,
said he was “looking forward” to the
collection, which would “emphasise
our Britishness and heritage in
leather, whilst delivering great
quality within our targeted price
range”.
First-half sales rose 5 per cent to
£67.8m, helped by a 20 per cent
increase in the online retail
operation, which now makes up 12
per cent of total sales.
However, wholesale sales declined
11 per cent, “reflecting conservative
ordering by our Asian partners”.
The company expects the
wholesale trend to “continue for the
short term as our partners await the
arrival of the new collections”.
Simon Dawson/Bloomberg
“There is no evidence that any
account details, passwords or personal
information which could identify indi-
vidual customers was accessed,” it said.
Recent high-profile cyber attacks on
TalkTalk and JD Wetherspoon have
highlighted the risks businesses face
from hackers.
Both saw customer details stolen fol-
lowing cyber attacks.
Names, email addresses and dates of
birth of more than 650,000 Wether-
spoon customers were taken, with some
put up for sale on the “dark web.”
In its statement, NetNames, which is
owned by HG Capital, added: “As a pre-
caution, we are contacting all of our cus-
tomers to recommend that they change
the password which they use to log into
our portals.”
Friday 11 December 2015
City
Insider
Edited by
Harriet Agnew
harriet.agnew@ft.com
Lord Davies
Marathon relay
It’s baton-passing time in the long-
distance race to boost the position
of women in business. City Insider
hears the government will shortly
decide who should pick up where
Lord (Mervyn) Davies has left off.
A few years ago the Davies
commission set a target to double
women’s representation on boards
to 25 per cent by 2015: a threshold
that has duly been met. City tittle-
tattle has it that some in Whitehall
wanted Baroness (Karen) Brady
(she of West Ham FC and The
Apprentice fame) to take on the
role, though the idea was quickly
rejected. Other mooted names
include Lord (Gus) O’Donnell, the
former head of the civil service, and
Baroness (Alison) Carnwath, Land
Securities chairman. (If you’re not a
lord or lady, forget it.) Meanwhile,
on the streets of the City, the
30 Per Cent Club is gearing up for
a similar push. New chairman and
ANZ banker Brenda Trenowden is
apparently lining up Kingfisher HR
boss Emily Lawson as her deputy
as they prepare to set a 30 per cent
goal not just for women on boards
but for senior executive roles too.
At this rate, they’ll be outdoing
their own brand. The 50 Per Cent
Club has a certain ring to it.
Tushar Morzaria
Swiss hard cheese
As Credit Suisse counts the $6.3bn
in equity it has just raised, spare a
thought for Barclays. The British
bank put in long hours earlier this
year working on a potential CS
capital raise. But any chance of a
slice of the lucrative fees from the
rights issue was scuppered in June,
when Barclays axed CS as its
broker. The news was met with
dismay by Barclays’ investment
bankers. They had fruitlessly
impressed upon Barclays’ CFO
Tushar Morzaria (in charge of the
broker review) the importance of
the broader relationship with CS.
CS’s replacement was JPMorgan,
the US powerhouse (where
Morzaria used to work) which is
rather less likely to be offering
lucrative rights issue work
imminently. One silver lining for
Barclays: its other broker is
Deutsche Bank — a lender still
grappling with a weak capital base.
Crossrail 2
Chelsea bunfight
Chelsea’s bankers, hedge fund
managers and oligarchs are up in
arms. The sacred kingdom of SW3
is under threat. Transport for
London has announced plans to
build a very large Crossrail 2 station
at the Chelsea Farmers Market on
Sydney Street. It has put out a
consultation process that runs until
January 8. If all goes to plan,
construction will start from 2020
and last until at least 2030. (That’s
a good decade of drilling.)
Campaigners are trying to harness
public opposition. Buses will be
rerouted, they warn. Buildings will
be demolished. The Kings Road will
become one long construction
zone. To say nothing of what it will
do to the area’s property prices.
Lucas van Praag
Small and harmless
Brazilian investment bank BTG
(“Better than Goldman”) Pactual
has found itself under attack since
its leader André Esteves was
arrested in connection with the
Petrobras corruption scandal a few
weeks ago. Who better to call in as
crisis management PR than Lucas
van Praag, the old communications
chief of . . . Goldman Sachs. (He
won’t say if it’s really better at the
Brazilian bank.) One of his sharpest
put-downs while at Goldman came
after Rolling Stone magazine
labelled the bank a “vampire squid
wrapped around the face of
humanity”. Said van Praag at the
time: “Vampire squid are very small
and harmless to humans.” Given
BTG’s rapid shrinkage plan, it may
end up with a similar fate.
Friday 11 December 2015 ★ FINANCIAL TIMES 25

UK COMPANIES

Banks. IPO

Questions over Clydesdale as float looms

Previous poor performance
and regulatory woes raise
doubts over investor interest
EMMA DUNKLEY
For the first time in almost 100 years,
Clydesdale and Yorkshire is on the cusp
of becoming an independent bank.
The lender, owned by National Aus-
tralia Bank, is due to float in London in
February, making it the latest in a series
of “challengers” to launch initial public
offerings in the past year.
But after years of poor performance
from the UK division — which has been
embroiled in mis-selling, hit with regu-
latory fines and exposed to bad prop-
erty loans — analysts are questioning
whether Clydesdale will appeal to
investors.
The flotation of Clydesdale, formed in
1838 in Scotland, is the culmination of
NAB’s strategy to leave the UK.
NAB’s other British subsidiary, York-
shire Bank, operates as a division of
‘The interesting thing
will be how they can
differentiate themselves
and compete’
Clydesdale under its licence, and is part
of the sale. The Australian group aims to
float 25 per cent of the UK business and
demerge the remaining 75 per cent to
existing NAB shareholders.
“The interesting thing will be how
they can differentiate themselves and
compete,” says Jonathan Goslin, an ana-
lyst at Numis. “Size will be beneficial.”
He adds that “there’s still demand
there for challengers, with TSB being
taken out” following its acquisition by
Spanish bank Sabadell.
Clydesdale and Yorkshire is position-
ing itself as a turnround story, pointing
to efforts to draw a line under former
misdemeanours and poor lending prac-
Clydesdale and tices. David Ellis, an analyst at Morning-
Yorkshire is set star, says: “In the past, the Clydesdale
to become and Yorkshire banks suffered badly
independent as from commercial real estate loans that
part of National went bad and massive losses on mis-sell-
Australia Bank’s ing and conduct issues.”
plans to leave Conduct problems cost the bank
the UK £1.51bn between March 2013 and the
Simon Dawson/Bloomberg end of September 2015. The lender was
among the banks that mis-sold payment
protection insurance — a form of cover
to protect credit repayments. It was
fined £21m this year for poor PPI com-
plaints handling.
As part of NAB’s sale, the UK’s finan-
cial watchdog instructed it to set aside
£1.7bn to cover potential redress claims
against Clydesdale in the future. This
forms part of a total £2.1bn pot ear-
marked to deal with misconduct issues
— including mis-selling of interest rate
hedging instruments to businesses.
Bad commercial real estate loans,
stretching back to before the financial
crisis, have hit performance in the UK
division, and ultimately NAB.
The UK bank has offloaded £5.6bn of
commercial real estate loans, account-
ing for the bulk of its exposure, to NAB,
in order to focus on retail and small
business lending.
Mr Ellis says: “National Australia
Bank presents a rosy future for Clydes-
dale, but the test will be how well new
management execute on the turnround
strategy and whether the UK economic
recovery continues to gain momen-
tum.”
David Duffy, who is credited with
turning round the ailing Irish bank AIB,
took over as chief executive of Clydes-
dale and Yorkshire in June. He is target-
ing a double-digit return on equity dur-
ing the next five years, up from about 5
per cent.
Analysts at Deutsche Bank say the key
to hitting this target is a reduction in the
bank’s cost-to-income ratio to 60 per
cent, down from 75 per cent.
Mr Duffy recently told the FT that dig-
ital services and branch enhancements
would be areas of focus to help improve
shareholder value.
The bank has about 275 retail
branches and 40 business and private
banking centres.
Buy-to-let has spurred Clydesdale’s
mortgage growth substantially in recent
years. About 42 per cent of the bank’s
gross new lending in 2015 has come
from buy-to-let loans, compared with 17
per cent in 2012.
But government measures to cool the
market, including a 3 percentage point
increase in stamp duty rates for buy-to-
‘The test will be how
well new management
execute on the
turnround strategy’
let properties, could stymie Clydesdale
and Yorkshire’s future growth.
As one of the biggest challengers com-
ing to market, analysts say there are
positives for prospective investors,
including its heritage and scale. In its
investor presentation ahead of the IPO,
the bank says it has “175 years of
regional presence — two trusted brands,
recognised service quality, leading
regional market shares”.
It notes that Clydesdale is the “largest
of the midsized banks”, with 2.8m cus-
tomers and £29bn loans.
£2.1bn Nonetheless, some investors remain
Pot of money sceptical of buying the shares when
earmarked to deal the bank floats. Jan Luthman, a fund
with misconduct manager at Liontrust Asset Manage-
issues at Clydesdale ment, says there could be an attractive
bank
buying opportunity at a later date if
NAB shareholders sell their shares in
42% the UK business.
Percentage of NAB investors receive one Clydesdale
Clydesdale’s gross share for every four NAB shares held
new lending that under the terms of the proposed
has come from
buy-to-let loans
demerger, which is still subject to a
shareholder vote at the start of next
year.
“We probably will go back and have a
look, but with a view to what price we’d
like to see post-IPO,” Mr Luthman says.

Banks

Investors hit by Lloyds bonds ruling

EMMA DUNKLEY
Thousands of investors could be forced
to sacrifice income from special bonds
in Lloyds Banking Group after losing a
landmark court case against the state-
backed lender.
Lloyds announced yesterday it had won
its appeal against an attempt by inves-
tors to block its plans to redeem so-
called “enhanced capital notes” at face
value. These investments — many of
which are held by pensioners — paid
interest as high as 16 per cent.
Lloyds issued about £8.3bn of these
types of bonds to retail and institutional
investors in 2009. It decided last year to
redeem about £700m of the bonds at
face value after passing the regulator’s
stress test on its capital buffers.
Lloyds said these bonds no longer
counted towards its capital buffer, giv-
ing it the right to redeem them. In total,
£3.3bn of similar bonds are outstanding
— all of which the bank could call in.
Investors argued Lloyds’ request to call
in the £700m of bonds contradicted
wording in the bank’s prospectus.
Lloyds said in a statement yesterday
that the court found “unanimously” in
its favour that a “capital disqualification
event” had occurred, giving the bank
the right to call in the bonds at par value.
The judge said the prospectus “ade-
Enhanced capital
notes: Lloyds
issued £8.3bn-
worth and will now
redeem £700m of
them at face value
quately set out and explained” the cir-
cumstances in which redemption would
occur. The decision came as a “big
shock” to Mark Taber, who led the
investors’ claim. He said the outcome
“raises serious consumer protection
and market integrity issues” for the reg-
ulators. The decision follows a shift in
regulatory guidelines that rendered the
ECNs an obsolete form of capital, as the
point at which they switched to equity
was too low to meet the watchdog’s
requirements.
Buying back the bonds enables Lloyds
to borrow at a cheaper rate elsewhere.
Investors argued the notes traded
above face value and have attractive
interest rates, meaning that calling in
the bonds would leave them with a raw
deal. This year, a high court ruled in
favour of the bondholders.
Mr Taber said: “There should be rules
in place to protect consumers who
should not have to mount hugely expen-
sive and time consuming campaigns to
protect themselves from banks acting in
this way.”
Lloyds said in a statement that it
“remains our intention to call in those
ECNs” as announced last year.
The trustee said after the judgement
that it does not propose to take any fur-
ther action.

Automobiles

Jaguar Land Rover on Formula E starting grid

ANDY SHARMAN
MOTOR INDUSTRY CORRESPONDENT
Jaguar Land Rover is set to make a
return to motorsport by signing up for
the all-electric Formula E series, a
move that will burnish the company’s
credentials as a maker of zero-
emission cars.
The UK-based manufacturer has been
absent from elite motor racing since
2004, when the Jaguar Formula One
team was sold to Red Bull. But JLR is
expected to announce next week that it
will enter a team in the electric vehicle
championship under the Jaguar brand,
according to people familiar with the
matter.
JLR would work alongside British
automotive company Williams and join
several established car industry names
in the fledgling racing championship,
including Renault and Audi. PSA
Peugeot Citroën has also signalled its
intention to sign up. JLR declined to
comment.
Motorsport is typically seen as a test
bed for the technologies that end up in
passenger cars, from push-button igni-
tions and paddle-shift gear changers to
the humble seatbelt.
Entry into the Formula E racing series
would give JLR the impetus to step up its
efforts in electric and hybrid vehicle
technologies. Despite success in recent
years under the ownership of India’s
Tata Motors, JLR has been slow to
present a compelling electric car
strategy.
It has the highest average carbon
dioxide emissions of any leading car-
maker, according to analysts, and relies
on diesel for about 70 per cent of its
European sales. Carmakers’ emissions
are under close scrutiny in the wake of
the Volkswagen test-rigging scandal.
JLR’s rivals — the big three German
carmakers of Audi, BMW and Mer-
cedes-Benz — have made several
pledges to deliver more plug-in vehicles
in the coming years. Even Volvo, JLR’s
former stable mate when the companies
were owned by Ford, has promised to
deliver a battery electric car by 2019.
People close to JLR are confident that
the UK brand will enter the market
before then.
26 ★ FINANCIAL TIMES Friday 11 December 2015

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-0.63% -0.18% -1.32% -0.45% -0.09% -0.182% -0.132% -0.459% -0.139% -1.34% -0.93%
0.35% 0.41% 0.47%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Nov 11 - Dec 10 Index All World Nov 11 - Dec 10 Index All World Nov 11 - Dec 10 Index All World Nov 11 - Dec 10 Index All World Nov 11 - Dec 10 Index All World Nov 11 - Dec 10 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul

2,081.72 13,341.93 6,275.28 19,671.26 1,997.27

2,054.79 10,907.87
12,999.42 6,126.68 19,046.55 1,952.07
10,598.93
Day 0.35% Month -1.15% Year -0.25% Day 0.48% Month -3.10% Year -6.18% Day -0.63% Month -2.87% Year -6.23% Day 0.06% Month -1.76% Year NaN% Day -1.32% Month -3.04% Year 6.92% Day 0.20% Month -3.63% Year -0.96%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
44,359.89 1,494.18 10,377.20 2,981.59
5,083.24 5,043.50 22,352.17
42,369.14 1,428.08 21,704.61
9,778.70 2,848.46
Day 0.41% Month -1.01% Year 5.82% Day -0.07% Month -4.49% Year 2.40% Day -0.18% Month -3.67% Year 5.37% Day -0.58% Month -5.29% Year -6.53% Day -0.45% Month -4.50% Year -7.58% Day -0.44% Month -4.98% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
4,952.51 22,385.11 3,650.25 26,121.40
17,758.21 46,517.04
17,574.85 45,454.77
4,635.06 21,409.63 3,455.50 25,252.32
Day 0.47% Month -0.88% Year -1.28% Day -1.42% Month -1.63% Year -8.26% Day -0.05% Month -5.62% Year 8.70% Day -0.42% Month -4.61% Year 11.41% Day -0.49% Month -5.25% Year 20.98% Day 0.86% Month -3.33% Year -9.15%

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 13073.44 13302.89 Cyprus CSE M&P Gen 66.90 65.86 Italy FTSE Italia All-Share 23157.14 23263.30 Philippines Manila Comp 6820.60 6848.25 Taiwan Weighted Pr 8216.17 8229.62 Cross-Border DJ Global Titans ($) 235.28 234.55
Australia All Ordinaries 5087.50 5129.90 Czech Republic
PX 931.45 931.41 FTSE Italia Mid Cap 34090.46 34319.62 Poland Wig 45150.18 44670.09 Thailand Bangkok SET 1297.82 1306.98 Euro Stoxx 50 (Eur) 3274.13 3277.21
S&P/ASX 200 5037.70 5080.50 Denmark OMXC Copenahgen 20 991.39 999.03 FTSE MIB 21409.63 21500.88 Portugal PSI 20 5172.14 5168.31 Turkey BIST 100 74583.74 73908.89 Euronext 100 ID 902.67 905.29
S&P/ASX 200 Res 2307.20 2292.70 Egypt EGX 30 6629.32 6608.01 Japan 2nd Section 4719.27 4772.13 PSI General 2417.75 2421.01 UAE Abu Dhabi General Index 4086.33 4083.86 FTSE 4Good Global ($) 5428.52 5427.32
Austria ATX 2387.75 2373.40 Estonia OMX Tallinn 900.23 901.53 Nikkei 225 19046.55 19301.07 Romania BET Index 7028.44 7035.95 UK FT 30 2806.70 2828.50 FTSE All World 263.63 263.87
Belgium BEL 20 3577.98 3585.39 Finland OMX Helsinki General 8560.03 8439.72 S&P Topix 150 1275.86 1286.90 Russia Micex Index 1732.89 1733.09 FTSE 100 6088.05 6126.68 FTSE E300 1428.08 1430.60
BEL Mid 5848.59 5860.52 France CAC 40 4635.06 4637.45 Topix 1540.35 1555.58 RTX 792.78 792.41 FTSE 4Good UK 5557.84 5593.32 FTSE Eurotop 100 2833.00 2835.93
Brazil Bovespa 45454.77 46108.03 SBF 120 3656.85 3664.41 Jordan Amman SE 2059.79 2047.02 Saudi-Arabia TADAWUL All Share Index 6949.00 7000.72 FTSE All Share 3362.26 3381.57 FTSE Global 100 ($) 1315.27 1314.48
Canada S&P/TSX 60 766.15 762.80 Germany M-DAX 20669.81 20709.14 Kenya NSE 20 4002.63 4002.63 Singapore FTSE Straits Times 2848.46 2861.19 FTSE techMARK 100 3943.19 3935.63 FTSE Gold Min ($) 905.97 890.82
S&P/TSX Comp 12999.42 12937.59 TecDAX 1799.64 1831.69 Kuwait KSX Market Index 5686.15 5729.52 Slovakia SAX 295.10 298.18 USA DJ Composite 6006.19 5990.40 FTSE Latibex Top (Eur) 2402.40 2438.50
S&P/TSX Met & Min 333.85 330.69 XETRA Dax 10598.93 10592.49 Latvia OMX Riga 592.35 591.88 Slovenia SBI TOP 689.55 693.30 DJ Industrial 17574.85 17492.30 FTSE Multinationals ($) 1493.09 1497.86
Chile IGPA Gen 17638.61 17601.99 Greece Athens Gen 576.51 559.79 Lithuania OMX Vilnius 483.82 484.51 South Africa FTSE/JSE All Share 48984.53 49523.56 DJ Transport 7676.67 7627.91 FTSE World ($) 467.93 468.34
China FTSE A200 9237.51 9269.55 FTSE/ASE 20 170.10 165.13 Luxembourg LuxX 1368.71 1397.22 FTSE/JSE Res 20 25183.40 24395.33 DJ Utilities 555.09 561.65 FTSEurofirst 100 (Eur) 4021.78 4028.91
FTSE B35 11082.19 11049.84 Hong Kong Hang Seng 21704.61 21803.76 Malaysia FTSE Bursa KLCI 1648.65 1659.36 FTSE/JSE Top 40 44250.70 44545.49 Nasdaq 100 4643.77 4622.14 FTSEurofirst 80 (Eur) 4398.03 4406.01
Shanghai A 3617.69 3635.55 HS China Enterprise 9450.49 9558.76 Mexico IPC 42369.14 42398.06 South Korea Kospi 1952.07 1948.24 Nasdaq Cmp 5043.50 5022.87 MSCI ACWI Fr ($) 399.76 401.14
Shanghai B 389.63 388.20 HSCC Red Chip 4024.74 4083.81 Morocco MASI 9108.93 9122.70 Kospi 200 240.60 239.40 NYSE Comp 10187.87 10162.37 MSCI All World ($) 1664.37 1670.68
Shanghai Comp 3455.50 3472.44 Hungary Bux 23477.19 23431.58 Netherlands AEX 437.84 440.85 Spain IBEX 35 9778.70 9835.50 S&P 500 2054.79 2047.62 MSCI Europe (Eur) 1398.78 1406.12
Shenzhen A 2313.86 2316.32 India BSE Sensex 25252.32 25036.05 AEX All Share 673.46 677.47 Sri Lanka CSE All Share 6823.91 6841.55 Wilshire 5000 21274.79 21208.78 MSCI Pacific ($) 2278.74 2283.30
Shenzhen B 1269.59 1269.69 S&P CNX 500 6484.25 6425.35 New Zealand NZX 50 6040.56 6053.55 Sweden OMX Stockholm 30 1439.36 1440.94 Venezuela IBC 14654.84 13117.29 S&P Euro (Eur) 1460.63 1463.46
Colombia COLCAP 1062.02 1051.25 Indonesia Jakarta Comp 4466.21 4464.18 Nigeria SE All Share 27004.50 27533.03 OMX Stockholm AS 499.93 501.49 Vietnam VNI 561.04 565.20 S&P Europe 350 (Eur) 1464.45 1467.53
Croatia CROBEX 1679.34 1682.51 Ireland ISEQ Overall 6684.81 6713.96 Norway Oslo All Share 642.62 650.31 Switzerland SMI Index 8632.63 8624.95 S&P Global 1200 ($) 1838.56 1839.47
Israel Tel Aviv 100 13.28 13.29 Pakistan KSE 100 33211.92 33211.92 Stoxx 50 (Eur) 3090.24 3090.18
(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 Dec 10 %Chg %Chg Dec 10 %Chg %Chg Dec 10 %Chg %Chg Dec 10 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 16.3 115.96 0.34 Sabmiller 140.7 4035.00 -11.82 Novartis N 512.6 77.30 0.00 Toyota Motor 646.8 7601.00 -53.00 Berkeley Holdings (the) 3557.00 6.1 43.4 Micro Focus Int 1516.00 16.0 40.4 Stock Spirits 124.00 15.6 -45.6 Software & Computer Services 1651.31 2.5 32.4
Hospira 11.8 89.95 -0.01 Glencore 133.3 88.90 6.43 Volkswagen Ag Vzo O.n. 388.0 131.75 0.00 Mitsubishi Ufj Fin,. 379.5 779.50 -6.90 Ashtead 1101.00 5.4 -3.9 Bwin.party Digital Entertainment 113.00 7.4 -4.1 Sanne 385.00 8.5 - Automobiles & Parts 6897.29 0.9 -14.3
Chipotle Mexican Grill 10.0 576.28 28.27 Barclays 129.3 218.00 -1.30 Santander 344.5 4.70 -0.03 Sumitomo Mitsui Fin,. 338.1 4673.00 -32.00 Tui Ag 1173.00 4.5 10.3 Jd Sports Fashion 1029.00 6.7 111.9 Petropavlovsk 6.45 7.5 -56.3 Electronic & Electrical Equip. 4179.24 0.6 3.6
Facebook Class A 8.5 105.85 1.25 Vodafone 127.2 212.65 -1.20 Nestle N 341.5 68.15 0.00 Softbank . 323.0 6226.00 -24.00 Easyjet 1699.00 4.3 1.7 Allied Minds 460.00 5.9 24.1 888 Holdings 181.00 6.9 30.7 Household Goods 16003.74 0.1 25.2
Amazon.com 8.2 663.80 -0.99 Royal Dutch Shell 117.7 1522.00 -19.00 Total 329.5 43.08 0.25 Fast Retailing Co., 255.7 45440.00 -1170.00 Merlin Entertainments 433.40 2.3 8.7 Croda Int 2983.00 4.3 12.1 Xchanging 190.75 5.7 22.3 Personal Goods 24832.59 -0.3 1.0
Netflix 7.3 122.53 -1.67 British American Tobacco 115.1 3694.00 -44.00 Roche Gs 325.9 248.27 0.00 Fanuc 234.2 21130.00 -550.00 Sage 592.00 1.8 27.1 Virgin Money Holdings (uk) 400.00 3.9 38.9 Majedie Investments 270.00 5.4 13.4 Real Estate & Investment Servic 3046.78 -0.4 14.0
Dow Chemical 7.1 55.01 -1.96 Rio Tinto 112.6 1971.00 14.60 Sanofi 315.9 76.76 -0.51 Mizuho Fin,. 227.4 242.80 -0.60 Dixons Carphone 476.60 1.3 4.6 Computacenter 830.00 3.4 25.7 Jpmorgan Euro Small Co. Trust 275.50 4.9 35.5 Gas Water & Multiutilities 5787.73 -0.5 -5.6
Kinder Morgan 6.3 17.00 0.19 Lloyds Banking 108.3 72.04 1.37 Bbva 269.1 7.17 0.00 Sony 214.4 3005.00 -22.00 Gkn 295.00 1.0 -14.2 Just Retirement 164.00 3.2 10.8 Oxford Instruments 673.50 4.0 -27.4 Electricity 8332.76 -0.6 -15.1
Exxon Mobil 5.9 76.40 0.77 Hsbc Holdings 107.9 510.80 0.66 Bayer Ag Na 253.9 113.60 0.00 Mitsubishi 183.3 1994.50 -8.50 Persimmon 1938.00 0.6 22.8 Clarkson 2400.00 2.7 26.6 Helical Bar 466.25 3.9 21.8 Food Producers 8892.05 -1.0 9.3
General Electric 5.8 30.73 0.26 Bp 105.1 350.95 -1.00 Telefonica 247.4 10.72 -0.15 Honda Motor Co., 179.0 3889.00 -91.00 National Grid 911.00 0.6 -0.8 Foxtons 180.00 2.6 12.3 Energy Assets 504.00 3.8 12.0 Equity Investment Instruments 7299.89 -1.1 0.8
Sse 1450.00 0.2 -10.6 Rexam 597.00 2.5 30.5 Utv Media 177.50 3.3 1.5 Chemicals 10632.62 -1.2 -5.9
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Unilever 2792.00 0.0 6.1 Spire Healthcare 321.10 2.5 -18.2 Topps Tiles 155.75 3.1 37.2 Construction & Materials 5037.66 -1.2 22.1
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Consol Energy 7.51 0.61 8.77 Micro Focus Int 1516.00 185.00 13.90 Edf 13.39 0.77 6.14 Mitsui Mining And Smelting , 227.00 6.00 2.71 Anglo American 318.65 -18.5 -73.7 Entertainment One 169.40 -19.8 -47.5 Lonmin 0.00 -96.4 - Forestry & Paper 14175.11 -14.5 25.4
Chipotle Mexican Grill 576.28 28.27 5.16 Glencore 88.90 6.43 7.74 Arcelormittal 3.84 0.09 2.45 Thb Kansai Electric Power ,orporated 1399.00 24.00 1.75 Sports Direct Int 592.50 -15.0 -16.7 Stagecoach 298.00 -17.0 -19.1 Findel 195.00 -13.4 -13.0 Mining 7242.02 -6.0 -49.2
Fossil 38.52 1.33 3.58 Tui Ag 1173.00 58.93 5.26 Engie 16.03 0.27 1.68 Tokuyama 265.00 3.00 1.15 Mondi 1316.00 -14.6 25.3 Jimmy Choo 106.00 -15.5 -39.4 Dialight 442.25 -13.3 -45.4 Food & Drug Retailers 2471.02 -5.9 -12.6
Ball 71.29 2.45 3.56 Spectris 1746.00 56.00 3.31 Bouygues 35.66 0.46 1.29 Sumitomo Metal Mining Co., 1385.00 15.50 1.13 Old Mutual 174.20 -11.0 -99.1 Vedanta Resources 311.30 -15.4 -45.8 Ferrexpo 22.00 -12.9 -58.5 Oil & Gas Producers 5626.32 -5.5 -21.0
Freeport-mcmoran 7.23 0.24 3.36 Entertainment One 169.40 5.30 3.23 Airbus 64.18 0.69 1.09 Maruha Nichiro 1935.00 21.00 1.10 Antofagasta 446.00 -10.7 -40.6 Investec 469.90 -14.6 -13.2 Liontrust Asset Management 270.25 -9.2 -0.6 Industrial Metals 713.54 -4.6 -53.1
Tesco 150.55 -8.1 -20.3 Premier Oil 57.15 -12.7 -65.8 Raven Russia Ltd 37.75 -9.0 -20.5 General Retailers 3001.99 -4.4 1.0
Downs Downs Downs Downs
Pearson 737.00 -7.6 -37.8 Serco 101.10 -12.6 -37.1 Lonmin 1.03 -8.8 -99.4 Tobacco 44798.63 -3.2 10.3
First Solar 52.86 -6.00 -10.19 Investec 469.90 -58.60 -11.09 Altice 11.09 -0.62 -5.34 Thb Yokohama Rubber , 1983.00 -161.00 -7.51
Whitbread 4466.00 -7.3 -8.5 Pz Cussons 280.40 -11.5 -8.4 Lamprell 99.25 -8.3 -18.0 Banks 3683.50 -3.0 -15.7
Wynn Resorts Ltd 66.99 -2.92 -4.18 Sports Direct Int 592.50 -73.00 -10.97 Altice B 11.33 -0.60 -4.99 Sumco 1146.00 -45.00 -3.78
G4s 216.00 -7.0 -22.3 Tullow Oil 177.10 -11.0 -57.2 Kenmare Resources 0.45 -8.2 -86.1 Technology Hardware & Equip. 1332.57 -3.0 11.9
Dow Chemical 55.01 -1.96 -3.44 Old Mutual 174.20 -16.67 -8.53 Ses 24.79 -0.92 -3.56 Isetan Mitsukoshi Holdings 1691.00 -65.00 -3.70
Bhp Billiton 733.20 -6.7 -47.1 Ocado 335.80 -9.5 -14.6 Mothercare 227.00 -7.9 29.7 Aerospace & Defense 4132.66 -2.9 -13.1
Yum! Brands 71.47 -2.33 -3.16 Pz Cussons 280.40 -25.40 -8.31 Natixis 5.09 -0.12 -2.34 Ntn 551.00 -21.00 -3.67
Royal Dutch Shell 1522.00 -6.3 -29.3 Int Personal Finance 322.50 -9.3 -27.6 Gem Diamonds 96.00 -7.7 -45.1 General Financial 9203.20 -2.8 8.0
Entergy 66.28 -1.76 -2.59 Brown (n) 325.00 -19.00 -5.52 Grifols 41.92 -0.80 -1.86 Casio Computer Co., 2672.00 -100.00 -3.61
Rio Tinto 1971.00 -6.3 -34.0 Lancashire Holdings 606.50 -8.9 8.3 Consort Medical 971.00 -7.3 12.3 Life Insurance 7626.11 -2.6 1.1
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
Dec 10 Currency Mid Change Mid Change Mid Change Dec 10 Currency Mid Change Mid Change Mid Change Dec 10 Currency Mid Change Mid Change Mid Change Dec 10 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 9.7472 0.0126 10.6605 -0.0110 14.7801 0.0071 Indonesia Indonesian Rupiah 13935.0000 62.5000 15240.6731 32.9123 21130.3021 77.5376 Poland Polish Zloty 3.9745 0.0149 4.3470 0.0062 6.0268 0.0177 ..Three Month 0.6595 0.0005 0.7211 -0.0011 - -
Australia Australian Dollar 1.3704 -0.0138 1.4988 -0.0187 2.0780 -0.0227 Israel Israeli Shekel 3.8673 0.0012 4.2297 -0.0086 5.8642 -0.0030 Romania Romanian Leu 4.1303 0.0301 4.5172 0.0224 6.2629 0.0405 ..One Year 0.6597 0.0005 0.7205 -0.0011 - -
Bahrain Bahrainin Dinar 0.3773 0.0001 0.4126 -0.0009 0.5720 -0.0003 Japan Japanese Yen 121.5300 -0.5600 132.9170 -0.9243 184.2816 -1.0009 Russia Russian Ruble 68.8175 -0.1225 75.2655 -0.3100 104.3512 -0.2714 United States United States Dollar - - 1.0937 -0.0026 1.5163 -0.0012
Bolivia Bolivian Boliviano 6.9100 0.0100 7.5574 -0.0067 10.4780 0.0066 ..One Month 121.5299 -0.5603 132.9170 -0.9243 184.2814 -1.0012 Saudi Arabia Saudi Riyal 3.7520 0.0000 4.1036 -0.0095 5.6893 -0.0046 ..One Month - - 1.0936 -0.4239 1.5164 -0.0012
Brazil Brazilian Real 3.7720 0.0358 4.1254 0.0296 5.7196 0.0496 ..Three Month 121.5297 -0.5606 132.9170 -0.9242 184.2811 -1.0017 Singapore Singapore Dollar 1.4020 -0.0021 1.5333 -0.0059 2.1258 -0.0049 ..Three Month - - 1.0934 -0.4239 1.5164 -0.0012
Canada Canadian Dollar 1.3591 0.0036 1.4864 0.0004 2.0608 0.0037 ..One Year 121.5285 -0.5631 132.9170 -0.9244 184.2814 -1.0032 South Africa South African Rand 15.2033 0.6460 16.6277 0.6694 23.0534 0.9615 ..One Year - - 1.0923 -0.4239 1.5165 -0.0012
Chile Chilean Peso 703.4750 1.0900 769.3886 -0.6016 1066.7117 0.7800 Kenya Kenyan Shilling 101.8500 0.0500 111.3930 -0.2053 154.4399 -0.0507 South Korea South Korean Won 1181.5500 2.1500 1292.2578 -0.6605 1791.6392 1.7948 Venezuela Venezuelan Bolivar Fuerte 6.3055 0.0205 6.8963 0.0064 9.5613 0.0233
China Chinese Yuan 6.4378 0.0098 7.0410 -0.0057 9.7619 0.0069 Kuwait Kuwaiti Dinar 0.3034 0.0001 0.3318 -0.0007 0.4600 -0.0002 Sweden Swedish Krona 8.5047 0.0651 9.3016 0.0497 12.8961 0.0883 Vietnam Vietnamese Dong 22480.0000 - 24586.3349 -57.4393 34087.5778 -27.9099
Colombia Colombian Peso 3262.5500 -26.0850 3568.2414 -36.9277 4947.1569 -43.6400 Malaysia Malaysian Ringgit 4.2625 -0.0080 4.6619 -0.0197 6.4634 -0.0174 Switzerland Swiss Franc 0.9888 0.0008 1.0815 -0.0016 1.4994 0.0001 European Union Euro 0.9143 0.0021 - - 1.3864 0.0021
Costa Rica Costa Rican Colon 532.5000 1.2200 582.3937 -0.0225 807.4544 1.1898 Mexico Mexican Peson 17.0725 0.0725 18.6721 0.0359 25.8878 0.0888 Taiwan New Taiwan Dollar 32.8325 0.0120 35.9088 -0.0707 49.7854 -0.0226 ..One Month 0.9142 0.0021 - - 1.3864 0.0021
Czech Republic Czech Koruna 24.7056 0.0524 27.0204 -0.0056 37.4622 0.0489 New Zealand New Zealand Dollar 1.4804 -0.0277 1.6191 -0.0341 2.2448 -0.0439 Thailand Thai Baht 35.9900 - 39.3622 -0.0919 54.5733 -0.0447 ..Three Month 0.9141 0.0021 - - 1.3863 0.0021
Denmark Danish Krone 6.8218 0.0158 7.4610 -0.0001 10.3442 0.0155 Nigeria Nigerian Naira 199.2000 -0.0200 217.8644 -0.5306 302.0562 -0.2779 Tunisia Tunisian Dinar 2.0180 0.0041 2.2070 -0.0007 3.0599 0.0036 ..One Year 0.9130 0.0021 - - 1.3856 0.0021
Egypt Egyptian Pound 7.8345 0.0261 8.5685 0.0085 11.8797 0.0298 Norway Norwegian Krone 8.6329 -0.0440 9.4417 -0.0703 13.0904 -0.0775 Turkey Turkish Lira 2.9186 0.0049 3.1921 -0.0021 4.4256 0.0037
Hong Kong Hong Kong Dollar 7.7504 -0.0001 8.4766 -0.0198 11.7523 -0.0097 Pakistan Pakistani Rupee 103.9500 0.0500 113.6898 -0.2107 157.6242 -0.0533 United Arab Emirates UAE Dirham 3.6729 -0.0002 4.0170 -0.0096 5.5694 -0.0049
Hungary Hungarian Forint 290.2579 1.9249 317.4541 1.3689 440.1314 2.5605 Peru Peruvian Nuevo Sol 3.3745 0.0030 3.6907 -0.0053 5.1169 0.0004 United Kingdom Pound Sterling 0.6595 0.0005 0.7213 -0.0011 - -
India Indian Rupee 66.7850 -0.1275 73.0426 -0.3103 101.2692 -0.2765 Philippines Philippine Peso 47.1900 0.0300 51.6116 -0.0876 71.5564 -0.0131 ..One Month 0.6595 0.0005 0.7212 -0.0011 - -
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 Dec 10 Dec 09 Dec 08 Dec 07 Dec 04 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 2806.70 2828.50 2836.50 2874.50 2869.90 0.00 3110.40 2575.90 Forestry & Paper 41.90 Real Est Invest & Tr 9.14 NON FINANCIALS Index -2.93 FTSE 100 Price Change FTSE 100 Price Change
Dec 10 chge% Index Dec 09 Dec 08 ago yield% Cover ratio adj Return FT 30 Div Yield 1.76 1.75 1.74 1.72 1.73 0.00 3.93 2.74 Software & Comp Serv 34.46 FTSE 250 Index 7.97 FTSE 100 Index -4.99 3I Group PLC 476.00 -11.20 Kingfisher PLC 330.00 -4.70
FTSE 100 (100) 6088.05 -0.63 6584.93 6126.68 6135.22 6461.70 4.10 1.44 16.88 246.09 4767.88 P/E Ratio net 25.38 25.55 25.70 26.01 25.84 0.00 19.44 14.26 Nonlife Insurance 27.39 Consumer Services 7.39 Industrial Transport -5.06 Aberdeen Asset Management PLC 292.90 -5.30 Land Securities Group PLC 1186 -12.00
FTSE 250 (250) 17080.25 -0.35 18474.28 17139.85 17191.90 15663.52 2.53 2.10 18.79 436.62 11881.59 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Household Goods & Ho 26.40 Support Services 6.84 Chemicals -5.07 Admiral Group PLC 1608 -11.00 Legal & General Group PLC 263.20 -0.40
FTSE 250 ex Inv Co (211) 18579.68 -0.33 20096.09 18640.38 18701.99 16867.72 2.55 2.22 17.65 478.25 13178.83 FT 30 hourly changes Construct & Material 23.73 General Retailers 6.58 Gas Water & Multi -5.74 Anglo American PLC 318.65 -1.05 Lloyds Banking Group PLC 72.04 1.37
FTSE 350 (350) 3411.04 -0.58 3689.44 3430.94 3436.73 3532.21 3.82 1.52 17.19 128.82 5384.31 8 9 10 11 12 13 14 15 16 High Low Technology 21.06 Telecommunications 6.35 Food & Drug Retailer -7.74 Antofagasta PLC 446.00 -0.60 London Stock Exchange Group PLC 2574 -7.00
FTSE 350 ex Investment Trusts (311) 3387.06 -0.58 3663.50 3406.88 3412.67 3511.62 3.85 1.53 17.00 128.96 2752.85 2828.5 2815.5 2816.4 2818.5 2812.6 2816.1 2811.9 2809.3 2814.1 2828.5 2803.4 Fixed Line Telecomms 18.43 FTSE SmallCap Index 4.73 Utilities -7.84 Arm Holdings PLC 1087 -7.00 Marks And Spencer Group PLC 474.80 -7.70
FTSE 350 Higher Yield (107) 3072.34 -0.68 3323.09 3093.50 3089.68 3450.05 5.66 1.28 13.79 171.99 4974.78 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Real Est Invest & Se 14.77 Life Insurance 3.71 Aerospace & Defense -10.77 Ashtead Group PLC 1101 -19.00 Meggitt PLC 362.60 -3.50
FTSE 350 Lower Yield (243) 3431.13 -0.48 3711.17 3447.55 3463.44 3269.31 1.98 2.21 22.82 70.78 3629.34 Tobacco 13.10 Electronic & Elec Eq 3.42 Banks -13.44 Associated British Foods PLC 3436 -78.00 Merlin Entertainments PLC 433.40 2.90
FTSE SmallCap (288) 4532.85 -0.33 4902.80 4547.78 4544.33 4294.37 2.95 1.47 23.03 123.82 6207.23 Leisure Goods 12.74 Industrials 2.39 Automobiles & Parts -13.87
FTSE SmallCap ex Inv Co (152) 4095.14 -0.34 4429.37 4108.92 4106.08 3720.05 2.87 2.06 16.88 110.11 5889.97 FX: EFFECTIVE INDICES Tech Hardware & Eq 12.41 Personal Goods 1.50 Electricity -15.17
Astrazeneca PLC 4379.5 -24.50 Mondi PLC 1316 -28.00
Aviva PLC 497.20 -3.80 Morrison (Wm) Supermarkets PLC 140.90 -2.10
FTSE All-Share (638) 3362.26 -0.57 3636.68 3381.57 3386.98 3470.90 3.79 1.52 17.35 125.70 5368.73
Dec 09 Dec 08 Mnth Ago Dec 10 Dec 09 Mnth Ago Consumer Goods 12.37 Equity Invest Instr 1.29 Industrial Eng -16.74 Babcock International Group PLC 1000.00 -9.00 National Grid PLC 911.00 -2.40
FTSE All-Share ex Inv Co (463) 3323.66 -0.58 3594.93 3342.95 3348.47 3437.18 3.83 1.53 16.99 125.79 2746.02 Media 11.29 Health Care Eq & Srv 0.94 Oil & Gas Producers -18.17 Bae Systems PLC 498.70 -3.30 Next PLC 7500 -230.00
FTSE All-Share ex Multinationals (573) 1170.37 -0.56 1049.19 1177.00 1182.16 1114.62 2.86 1.59 22.01 32.77 1993.06 Australia 91.69 92.20 90.17 Sweden 79.58 79.37 77.99 Financial Services 11.16 Mobile Telecomms -0.83 Oil & Gas -18.29 Barclays PLC 218.00 -3.95 Old Mutual PLC 174.20 -21.20
FTSE Fledgling (100) 7707.91 -0.15 8337.00 7719.77 7723.52 6768.01 2.56 1.16 33.77 174.55 13884.43 Canada 86.77 86.90 88.71 Switzerland 159.41 159.69 159.37 Food Producers 10.57 Financials -1.85 Oil Equipment & Serv -21.58 Barratt Developments PLC 599.00 -6.00 Pearson PLC 737.00 -6.50
FTSE Fledgling ex Inv Co (50) 10536.06 -0.02 11395.97 10538.08 10550.25 8419.72 2.81 1.37 25.89 237.62 18470.07 Denmark 105.79 105.81 105.50 UK 92.42 91.67 92.67 Beverages 9.44 Health Care -2.25 Basic Materials -40.07 Berkeley Group Holdings (The) PLC 3557 1.00 Persimmon PLC 1938 -5.00
FTSE All-Small (388) 3145.61 -0.32 3402.34 3155.69 3153.50 2969.47 2.93 1.46 23.40 85.21 5531.06 Japan 125.77 125.38 125.59 USA 105.44 106.09 106.05 Travel & Leisure 9.33 Pharmace & Biotech -2.59 Mining -46.54 Bg Group PLC 975.60 -9.60 Prudential PLC 1488 -30.00
FTSE All-Small ex Inv Co Index (202) 3057.98 -0.32 3307.56 3067.89 3065.99 2761.80 2.87 2.03 17.11 81.56 5572.90 New Zealand 112.85 113.57 112.16 Euro 86.11 86.01 85.10 FTSE All{HY-}Share Index -2.66 Industrial Metals & -50.47 Bhp Billiton PLC 733.20 -16.20 Randgold Resources LD 4162 20.00
FTSE AIM All-Share Index (820) 731.52 -0.41 791.22 734.56 736.40 698.05 1.44 0.83 83.97 9.14 786.78 Norway 83.98 83.68 85.63
BP PLC 350.95 0.50 Reckitt Benckiser Group PLC 6189 22.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3694 -44.00 RELX PLC 1157 -13.00
Oil & Gas (18) 5945.60 -0.60 6430.86 5981.77 5893.77 7219.01 6.33 0.20 78.79 371.71 4979.82 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 796.50 -2.50 Rio Tinto PLC 1971 4.50
Oil & Gas Producers (11) 5658.12 -0.69 6119.92 5697.52 5614.49 6859.66 6.35 0.16 96.90 354.65 4900.24 Bt Group PLC 469.15 1.95 Rolls-Royce Holdings PLC 567.00 -11.50
Oil Equipment Services & Distribution (7)13211.12 1.97 14289.37 12955.49 12711.46 16713.68 5.77 1.41 12.30 761.22 9716.23 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 1860 -12.00 Royal Bank Of Scotland Group PLC 292.60 2.30
Basic Materials (29) 2703.02 0.30 2923.63 2695.02 2637.10 4562.09 7.55 1.88 7.04 198.46 2650.39 Burberry Group PLC 1174 -7.00 Royal Dutch Shell PLC 1533.5 -18.00
Chemicals (7) 11380.88 -0.80 12309.74 11472.24 11542.14 11693.82 2.44 2.28 17.94 237.16 9784.44 Dec 10 No of US $ Day Mth YTD Total
YTD Gr Div Dec 10 No of US $ Day Mth YTD Total YTD Gr Div Capita PLC 1183 5.00 Royal Dutch Shell PLC 1522 -19.00
Forestry & Paper (1) 15467.65 -2.08 16730.06 15796.74 16172.86 12541.02 2.33 3.37 12.71 360.52 16067.37 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Carnival PLC 3477 26.00 Royal Mail PLC 452.40 -7.40
Industrial Metals & Mining (2) 725.51 -1.34 784.73 735.33 767.98 1381.42 1.59 -18.64 -3.38 11.18 633.15 FTSE Global All Cap 7748 451.19 -0.4 -2.0-1.8 -4.0 616.54
2.5 Oil & Gas 165 310.58 1.5 1.5 -22.0 473.97 -19.3 4.3 Centrica PLC 211.50 5.40 Rsa Insurance Group PLC 426.00 -3.20
Mining (19) 6943.35 0.71 7510.05 6894.36 6681.00 13144.27 8.99 1.85 6.01 616.70 3564.83 FTSE Global All Cap 7118 463.83 -0.4 -2.1-2.0 -4.2 622.67
2.5 Oil & Gas Producers 117 289.41 1.1 1.1 -20.1 449.42 -17.2 4.2 Coca-Cola Hbc AG 1470 -18.00 Sabmiller PLC 4035 -7.50
FTSE Global Large Cap 1420 398.81 -0.3 -2.1-2.0 -4.3 557.46
2.7 Oil Equipment & Services 39 289.29 3.4 3.4 -30.2 403.01 -27.9 4.6 Compass Group PLC 1125 -9.00 Sage Group PLC 592.00 -11.50
Industrials (117) 4318.86 -0.49 4671.35 4340.15 4346.27 4167.30 2.60 1.20 32.05 111.53 4288.74
Construction & Materials (13) 5231.33 -0.81 5658.29 5273.86 5278.14 4131.85 2.29 -0.83 -52.95 121.45 5345.63 FTSE Global Mid Cap 1646 602.96 -0.3 -1.4-0.5 -2.3 786.59
2.1 Basic Materials 262 353.46 1.4 1.4 -18.8 517.25 -16.6 3.4 Crh PLC 1918 -23.00 Sainsbury (J) PLC 241.50 -4.00
Aerospace & Defense (9) 4296.56 -0.93 4647.24 4336.94 4362.39 4730.62 2.66 0.96 39.20 113.27 4441.77 FTSE Global Small Cap 4682 627.03 -0.6 -2.2-2.2 -3.9 794.18
2.0 Chemicals 123 599.73 1.5 1.5 -3.8 880.23 -1.7 2.5 Diageo PLC 1832 -20.00 Schroders PLC 2802 -27.00
General Industrials (6) 3488.72 -0.17 3773.46 3494.64 3486.62 3108.39 3.30 1.68 18.06 112.80 3794.74 FTSE All-World 3066 263.87 -0.3 -2.0-1.7 -4.0 380.42
2.6 Forestry & Paper 16 198.75 -0.6 -0.6 -4.6 319.15 -1.7 3.5 Direct Line Insurance Group PLC 405.00 -0.50 Severn Trent PLC 2128 -26.00
Electronic & Electrical Equipment (11) 5299.05 0.71 5731.54 5261.77 5273.68 4855.48 2.21 2.04 22.20 110.13 4681.73 FTSE World 2551 468.34 -0.3 -1.8-1.3 -3.6 906.56
2.6 Industrial Metals & Mining 67 251.44 0.5 0.5 -39.0 368.57 -37.5 3.8 Dixons Carphone PLC 476.60 -9.60 Shire PLC 4327 -57.00
Industrial Engineering (14) 7601.85 0.15 8222.29 7590.82 7555.54 8852.22 3.21 1.52 20.42 243.31 8900.14 FTSE Global All Cap ex UNITED KINGDOM In 7421 463.40 -0.5 -2.0-1.6 -3.7 624.41
2.4 Mining 56 321.88 2.1 2.1 -43.5 471.60 -41.0 6.8 Easyjet PLC 1699 14.00 Sky PLC 1076 -6.00
Industrial Transportation (8) 3879.60 -0.68 4196.24 3906.27 3886.82 3952.85 3.91 0.94 27.25 168.06 3263.79 FTSE Global All Cap ex USA 5739 416.73 0.1 -2.2-4.3 -6.8 604.01
3.0 Industrials 537 300.73 -0.2 -0.2 -4.4 417.42 -2.5 2.3 Experian PLC 1174 -4.00 Smith & Nephew PLC 1088 -3.00
Support Services (56) 6616.32 -0.49 7156.32 6648.82 6659.95 6189.66 2.39 1.54 27.27 156.78 6632.94 FTSE Global All Cap ex JAPAN 6487 459.60 -0.4 -2.1-2.8 -5.0 633.55
2.6 Construction & Materials 109 417.68 -0.4 -0.4 -3.2 607.13 -1.2 2.2 Fresnillo PLC 673.00 10.50 Smiths Group PLC 950.00 -36.50
FTSE Developed 2116 426.94 -0.4 -1.6-0.3 -2.6 587.77
2.5 Aerospace & Defense 28 508.74 -0.5 -0.5 2.4 700.45 4.4 2.1 G4S PLC 216.00 -2.00 Sports Direct International PLC 592.50 -73.00
Consumer Goods (40) 17874.77 -0.76 19333.65 18011.83 18162.81 16105.01 3.07 1.72 18.91 539.35 12602.98
FTSE Developed All Cap 5739 447.62 -0.4 -1.7-0.4 -2.6 609.58
2.4 General Industrials 56 216.82 0.2 0.2 -0.3 322.81 2.1 2.6 Gkn PLC 295.00 -0.30 Sse PLC 1450 8.00
Automobiles & Parts (1) 6932.64 -0.10 7498.46 6939.69 6866.84 7889.11 2.88 1.53 22.67 199.75 6375.53
FTSE Developed Large Cap 923 394.92 -0.4 -1.7-0.6 -2.9 551.07
2.6 Electronic & Electrical Equipment 69 321.53 -0.3 -0.3 -1.2 411.90 0.6 1.9 Glaxosmithkline PLC 1314 -2.00 St. James's Place PLC 971.50 -11.50
Beverages (6) 15251.74 -0.69 16496.53 15357.13 15415.47 14333.58 2.51 1.65 24.23 382.69 10388.32
FTSE Developed Europe Large Cap 218 331.89 0.4 -1.8-3.0 -6.1 522.65
3.6 Industrial Engineering 105 544.81 -0.1 -0.1 -11.9 743.73 -10.0 2.6 Glencore PLC 88.90 5.82 Standard Chartered PLC 509.20 -6.50
Food Producers (10) 8934.24 -1.68 9663.42 9087.33 9115.59 8141.09 1.83 1.40 39.07 163.26 7476.07
FTSE Developed Europe Mid Cap 302 514.97 0.5 0.8 5.4 2.9 737.03
2.6 Industrial Transportation 97 496.22 0.3 0.3 -16.9 687.17 -15.2 2.4 Hammerson PLC 594.50 -3.50 Standard Life PLC 388.90 -2.50
Household Goods & Home Construction (13)13384.98 0.03 14477.41 13381.16 13522.30 10351.08 2.16 2.56 18.12 265.76 9089.39
FTSE Dev Europe Small Cap 715 732.49 0.5 1.4 8.8 6.4 1021.24
2.3 Support Services 73 276.76 -0.7 -0.7 1.5 369.57 3.5 1.9 Hargreaves Lansdown PLC 1445 1.00 Taylor Wimpey PLC 196.40 1.10
Leisure Goods (2) 5514.42 -2.53 5964.49 5657.82 5551.06 4996.20 4.34 1.32 17.44 238.83 4670.37
FTSE North America Large Cap 323 437.38 -0.7 -1.7 0.4 -1.7 575.10
2.2 Consumer Goods 424 416.19 -0.4 -0.4 2.8 590.69 5.1 2.4 Hikma Pharmaceuticals PLC 2088 -10.00 Tesco PLC 150.55 -2.45
Personal Goods (6) 21620.65 -0.89 23385.25 21814.10 21924.74 21531.95 3.01 3.02 11.00 629.27 13934.07
FTSE North America Mid Cap 399 643.27 -0.8 -2.3-3.7 -5.2 793.14
1.8 Automobiles & Parts 101 382.48 0.5 0.5 -1.9 521.41 0.3 2.5 HSBC Holdings PLC 510.80 -0.80 Travis Perkins PLC 1991 -17.00
Tobacco (2) 44798.71 -1.17 48455.02 45328.09 45975.20 40534.08 4.45 1.16 19.38 1994.40 27301.34
FTSE North America Small Cap 1516 644.76 -1.0 -3.5-5.0 -6.4 773.25
1.8 Beverages 48 575.47 -0.4 -0.4 7.0 829.68 9.7 2.5 Imperial Tobacco Group PLC 3442 -40.00 Tui AG 1173 52.00
Health Care (19) 8953.25 -0.43 9683.99 8991.97 9044.78 9363.33 3.90 3.53 7.26 348.00 6528.19
FTSE North America 722 292.13 -0.7 -1.8-0.3 -2.3 393.65
2.2 Food Producers 107 555.30 -0.4 -0.4 0.6 811.61 2.7 2.2 Inmarsat PLC 1112 -5.00 Unilever PLC 2792 -22.00
Health Care Equipment & Services (7) 6786.87 0.02 7340.79 6785.30 6846.26 6189.53 1.67 2.14 27.90 104.41 5754.34
FTSE Developed ex North America 1394 226.20 0.2 -1.4-0.4 -3.1 351.72
3.0 Household Goods & Home Construction 48 397.89 -0.5 -0.5 0.4 562.24 2.7 2.3 Intercontinental Hotels Group PLC 2520 31.00 United Utilities Group PLC 936.00 -8.50
Pharmaceuticals & Biotechnology (12)12108.09 -0.47 13096.31 12165.47 12233.49 12826.65 4.11 3.58 6.80 498.46 7842.08
FTSE Japan Large Cap 177 324.96 -0.1 -2.0 8.5 6.5 405.99
1.9 Leisure Goods 28 131.88 -1.0 -1.0 4.7 168.63 5.7 1.4 International Consolidated Airlines Group S.A. 573.00 -2.50 Vodafone Group PLC 212.65 -3.15
Consumer Services (97) 4772.22 -0.64 5161.71 4802.76 4848.52 4413.12 2.36 1.64 25.90 113.20 4305.52 FTSE Japan Mid Cap 303 488.17 -0.2 0.8
16.6 14.8 589.16
1.5 Personal Goods 80 598.90 -0.8 -0.8 2.7 811.13 4.6 2.0
Food & Drug Retailers (7) 2577.22 -1.54 2787.56 2617.65 2659.09 2700.60 2.07 -1.50 -32.05 53.33 2947.06 Intertek Group PLC 2708 -54.00 Whitbread PLC 4466 -13.00
FTSE Global wi JAPAN Small Cap 781 518.74 -0.5 1.3
12.5 10.6 646.08
1.7 Tobacco 12 1211.13 -0.8 -0.8 12.8 2348.74 16.8 4.0 Intu Properties PLC 308.30 -2.00 Wolseley PLC 3815 -34.00
General Retailers (33) 2940.25 -1.77 3180.22 2993.29 3011.97 2782.06 2.39 2.24 18.72 71.50 3219.99
FTSE Japan 480 135.23 -0.1 -1.4
10.1 1.8 Health Care
8.2 189.85 172 448.60 -0.7 -0.7 3.3 624.34 5.1 1.9 Itv PLC 264.20 0.70 Wpp PLC 1501 5.00
Media (22) 7236.79 -0.27 7827.43 7256.34 7325.27 6516.01 2.82 1.62 21.80 208.30 4272.20
FTSE Asia Pacific Large Cap ex Japan 531 530.17 -0.6 -3.5
-11.3 -13.9 791.15
3.4 Health Care Equipment & Services 61 635.17 -0.5 -0.5 7.5 727.70 8.5 1.0 Johnson Matthey PLC 2608 -54.00
Travel & Leisure (35) 8467.67 0.00 9158.78 8467.34 8551.18 7639.35 2.03 2.07 23.85 168.22 7711.77
FTSE Asia Pacific Mid Cap ex Japan 434 725.72 -0.7 -3.7-7.7 -10.0 1044.48
3.0 Pharmaceuticals & Biotechnology 111 340.65 -0.8 -0.8 2.0 492.60 4.1 2.1
Telecommunications (7) 3903.18 -0.70 4221.74 3930.88 3958.72 3759.23 4.15 0.19 130.25 148.84 4075.41 FTSE Asia Pacific Small Cap ex Japan 1430 487.46 -1.0 -2.3-6.5 -8.8 692.32
2.8 Consumer Services 390 390.61 -0.8 -0.8 4.4 507.05 6.1 1.7
Fixed Line Telecommunications (5) 5377.05 0.26 5815.91 5363.14 5423.84 4735.21 2.78 1.80 19.95 106.86 4623.18
Mobile Telecommunications (2) 4913.75 -1.38 5314.79 4982.43 5002.97 5017.43 5.12 -0.44 -44.46 251.48 4595.68
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
965
2009
420.33
570.69
-0.6
-0.1
-3.5
-10.9
-5.2
-14.9
-13.4 666.68
3.3 Food & Drug Retailers
-17.2 813.14
3.3 General Retailers
54 295.87
121 536.12
-0.4
-1.2
-0.4
-1.2
-1.6 399.64
12.1 679.39
0.0
13.8
1.8
1.5
UK STOCK MARKET TRADING DATA
Utilities (8) 8137.09 0.15 8801.21 8125.30 8069.54 8686.55 4.99 1.36 14.74 396.42 8655.75 FTSE Emerging Large Cap 497 539.23 0.0 -5.6
-15.2 -17.5 772.96
3.3 Media 91 295.09 -0.8 -0.8 -1.9 383.59 -0.3 1.8 Dec 10 Dec 09 Dec 08 Dec 07 Dec 04 Yr Ago
Electricity (3) 8315.02 0.41 8993.66 8280.88 8178.08 9995.29 6.11 1.33 12.32 504.89 11061.36 FTSE Emerging Mid Cap 453 708.61 -0.1 -5.2
-15.6 -17.7 1004.79
3.0 Travel & Leisure 124 375.62 -0.4 -0.4 4.3 492.41 6.0 1.7 SEAQ Bargains 4971.00 5776.00 5457.00 3.00 3.00 3.00
Gas Water & Multiutilities (5) 7649.07 0.08 8273.36 7643.20 7601.61 7901.65 4.70 1.37 15.52 348.95 8166.40 FTSE Emerging Small Cap 1059 606.87 -1.0 -2.7
-11.8 -14.2 833.95
3.1 Telecommunication 91 156.56 -0.3 -0.3 -6.3 275.13 -2.5 4.3 Order Book Turnover (m) 28.13 36.41 61.34 54.20 54.20 54.20
Financials (283) 4455.13 -0.74 4818.74 4488.48 4498.95 4611.92 3.68 1.87 14.48 163.46 3890.55 FTSE Emerging Europe 99 272.88 0.9 -8.5-9.1 -12.5 399.37
4.5 Fixed Line Telecommuniations 44 131.33 -0.5 -0.5 -4.1 252.36 0.2 4.7 Order Book Bargains 800728.00 884291.00 693319.00 852786.00 852786.00 852786.00
Banks (9) 3637.08 -0.04 3933.93 3638.47 3648.12 4329.31 4.54 1.37 16.12 170.78 2507.15 FTSE Latin America All Cap 240 632.51 2.6 -3.3
-28.0 -29.8 930.92
3.6 Mobile Telecommunications 47 164.57 0.0 0.0 -9.0 262.31 -6.0 3.6 Order Book Shares Traded (m) 1435.00 1738.00 1800.00 1918.00 1918.00 1918.00
Nonlife Insurance (10) 2798.17 -0.21 3026.54 2803.94 2805.68 2139.17 2.71 2.06 17.88 75.75 4702.62 FTSE Middle East and Africa All Cap 220 635.58 1.2 -6.1
-15.1 3.0 Utilities
-17.4 947.04 163 233.26 0.6 0.6 -12.7 426.64 -9.5 4.1 Total Equity Turnover (£m) 2349.75 0.10 0.09 0.01 0.01 0.01
Life Insurance/Assurance (11) 7736.05 -2.10 8367.44 7901.81 7923.53 7656.01 3.92 1.59 16.07 293.04 7101.77 FTSE Global wi UNITED KINGDOM All Cap In 327 332.49 1.1 -1.8-4.1 3.9 Electricity
-7.4 525.12 112 253.95 0.5 0.5 -10.4 459.52 -7.4 3.9 Total Mkt Bargains 909091.00 10.00 3.00 11.00 11.00 11.00
Index- Real Estate Investment & Services (21) 3057.18 -0.07 3306.69 3059.29 3066.06 2613.28 2.07 5.70 8.48 59.82 7854.66 FTSE Global wi USA All Cap 2009 502.25 -0.8 -1.8 0.5 2.1 Gas Water & Multiutilities
-1.3 642.92 51 248.63 0.7 0.7 -16.4 466.40 -13.1 4.5 Total Shares Traded (m) 3878.00 0.00 0.00 0.00 0.00 0.00
Real Estate Investment Trusts (25) 2946.26 -0.82 3186.73 2970.65 2985.54 2710.49 2.98 6.00 5.59 87.57 3481.13 FTSE Europe All Cap 1394 383.38 0.5 -1.3-0.8 3.3 Financials
-3.7 585.40 676 200.90 -0.4 -0.4 -6.9 311.69 -4.3 3.0 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (32) 7872.18 -1.69 8514.68 8007.21 8021.17 7064.02 2.94 2.22 15.33 217.93 8544.15 FTSE Eurobloc All Cap 630 361.18 0.2 -1.0 0.8 3.0 Banks
-2.0 557.73 243 178.33 -0.1 -0.1 -11.3 294.86 -8.5 3.5 (c) Market closed.
Equity Investment Instruments (175) 7550.31 -0.42 8166.54 7582.23 7584.66 7451.05 2.67 1.05 35.78 195.18 3967.43 FTSE RAFI All World 3000 3013 5439.77 0.0 -2.7-5.1 3.2 Nonlife Insurance
-7.6 6842.53 71 214.38 -0.6 -0.6 0.1 298.18 2.3 2.3
Non Financials (355) 3890.95 -0.51 4208.52 3910.86 3916.09 4012.48 3.83 1.40 18.68 146.45 5445.52 FTSE RAFI US 1000 1004 8846.22 -0.5 -2.3-2.6 2.6 Life Insurance
-4.8 11168.09 51 201.95 -0.4 -0.4 -4.3 306.29 -1.8 2.9
Technology (20) 1472.11 0.13 1592.26 1470.19 1473.24 1195.75 1.31 2.15 35.53 18.79 1839.65 FTSE EDHEC-Risk Efficient All-World 3066 314.88 -0.4 -1.2 0.5 2.3 Financial Services
-1.5 422.61 140 224.21 -1.1 -1.1 -3.2 298.22 -1.4 1.9 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 1835.40 0.82 1985.20 1820.54 1823.90 1326.81 1.78 1.74 32.14 32.44 2402.81 FTSE EDHEC-Risk Efficient Developed Europe 520 280.31 0.3 0.3 3.2 2.7 Technology
0.6 408.87 186 176.53 -1.3 -1.3 2.6 210.46 4.3 1.7 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (7) 1664.39 -0.45 1800.23 1671.98 1675.78 1471.03 0.90 2.84 39.09 14.34 1910.56 Software & Computer Services 85 308.98 -1.2 -1.2 13.8 354.54 15.1 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 101 130.35 -1.4 -1.4 -6.9 159.79 -4.9 2.4 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 6099.38 6105.32 6104.70 6111.87 6098.36 6109.05 6093.19 6092.64 6106.62 6126.37 6080.10 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 17099.99 17102.54 17082.69 17100.11 17078.85 17093.67 17071.25 17079.83 17102.09 17125.12 17052.28 (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 4544.76 4548.05 4546.96 4547.38 4546.14 4543.05 4538.86 4536.22 4537.36 4549.20 4532.85
FTSE All-Share 3368.20 3370.97 3370.00 3373.73 3367.00 3372.17 3364.36 3364.34 3371.24 3380.78 3358.45 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:08:20:45 Day's Low15:13:00 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 5898.87(24/08/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:08:21:00 Day's Low15:13:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3245.99(24/08/2015)
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 Darty Int 1664.5 1644.4 9.2 7 0.01 0.001 0.875 0.875 Mar 30 3.5 3.5 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Imaginatik Int 1.96 1.472 0.572L 0.818L 0.51L 1.24L - - - - - 11/17 260.00 AIM FARN Faron Pharmaceuticals Oy 260.00 -17.50 295.00 265.00 6009.0
1p Nil 10-12-15 1.04 0.99 Lonmin PLC 1.01 -0.03 Lakehouse Pre 340.198 302.488 3.202 0.104 1.9 0.24L 1.9 - Feb 8 1.9 - 11/17 10.00 SCGL Sealand Capital Galaxy Ltd 12.50 - 13.90 13.90 0.0
465p Nil 10-12-15 521.90 505.00 Standard Chartered PLC 515.70 -3.90 Micro Focus International Int 604.523 208.319 98.835 57.133 0.402 0.362 17.295 15.788 Jan 22 50 64.3 11/13 240.00 SCT Softcat PLC 299.00 6.70 307.00 240.00 58836.1
Mulberry Group Int 67.768 64.7 0.06 1.11L 0.2 0.7L - - - - - 11/10 5.00 SEN Senterra Energy PLC 4.38 0.00 5.59 4.06 118.1
Photo-Me International Int 92.762 96.36 25.82 28.793 5.03 5.51 2.575 2.34 May 12 5.115 4.29 11/09 195.00 GYM Gym Group (The) PLC 200.00 -1.50 216.75 195.00 25621.1
Sports Direct International Int 1433.668 1432.898 187.252 149.732 24.5 19.4 - - - - - 11/06 180.00 MCS McCarthy & Stone PLC 233.50 3.25 240.75 180.00 125462.8
Titon Holdings Pre 22.258 19.256 1.869 1.333 12.6 8.52 1.75 1.5 Feb 19 3 2.5 11/06 100.00 RGL Regional REIT Ltd 100.00 0.15 104.00 98.25 27421.7
Versarien Int 2.362 2.479 0.839L 0.296L 0.75L 0.28L - - - - -
Zibao Metals Recycling Holdings Int 160.989 208.28 0.189 5.354 0.002 0.049 - 2.396 - - 2.4

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.
Friday 11 December 2015 ★ FINANCIAL TIMES 27

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T 33.87 0.30 36.45 30.97 5.56 35.67 208368.24 Lockheed♦ 218.44 0.90 227.91 181.91 2.75 19.37 67125.66
ANZ♦ 26.19 -0.24 37.25 25.01 9.51 10.57 55559.97 Nokia 6.44 -0.03 7.87 4.91 2.22 -43.36 25910.18 AstellasPh 1660 -14.00 2047 1514.5 1.96 21.20 30348.28 AtlasCpcoB 203.70 2.40 270.00 173.70 1.49 17.45 9346.26 AutomData♦ 85.96 1.01 90.67 64.29 2.28 28.58 39994.9 Lowes 76.35 0.23 78.13 64.07 1.31 24.55 69868.24
BHPBilltn 17.48 0.32 34.29 16.71 13.37 20.26 40965.51 SampoA 46.42 0.10 49.40 37.01 4.29 15.09 28369.95 Bridgestne 4257 -76.00 5182 3753.5 2.86 12.15 28481.67 Ericsson 78.10 -3.50 120.00 77.45 4.30 25.18 30350.15 Avago Tech 147.18 1.53 150.50 95.18 0.96 40.16 40620.81 Lyondell 87.51 -1.33 107.32 70.06 3.39 9.38 39328.58
CmwBkAu 78.90 -1.39 96.69 70.15 7.61 14.69 98308.76 France (€) Canon 3668 -14.00 4539 3402 4.43 18.00 40255.45 H&M 303.00 -7.70 368.50 295.20 3.18 23.50 58965.5 BakerHu♦ 52.08 -0.96 70.45 44.11 1.31 -83.41 22709.21 Marathon Ptl 52.45 0.47 60.38 37.62 2.04 8.29 27954.49
CSL 99.20 0.17 102.43 81.48 1.43 25.67 33649 Airbus Grpe 64.18 0.69 68.50 39.64 1.91 17.35 55319.15 CntJpRwy 20975 -120.00 24800 16565 0.58 13.88 35553.77 Investor 313.60 -12.30 363.40 265.10 2.91 15.00 28091.71 BankAm♦ 17.22 0.12 18.48 14.60 1.16 12.89 179303.94 Marsh&M 55.69 0.14 59.99 50.90 2.62 20.27 29050.59
NatAusBk♦ 28.43 -0.53 39.71 27.51 9.52 12.08 54479.2 AirLiquide 104.40 -0.35 123.95 93.01 2.40 20.82 39287.53 Denso 5692 -73.00 6548 4945 2.20 17.23 41406.39 Nordea Bk 91.50 -2.40 115.50 85.15 6.44 10.49 43572.18 Baxter♦ 37.39 0.62 43.44 32.18 4.48 11.19 20452.99 MasterCard 98.11 0.29 101.76 74.61 0.65 30.15 107938.52
Telstra 5.25 -0.06 6.74 5.06 8.29 15.07 46835.39 AXA 25.24 -0.03 26.02 17.56 3.70 12.31 68029.03 EastJpRwy 11345 -90.00 12815 8553 1.12 20.70 36640.44 SEB 86.95 -1.05 111.50 85.60 5.55 10.68 22185.63 BB & T 37.67 0.43 41.90 34.24 2.71 13.94 29388.26 McDonald's♦ 116.69 0.11 117.50 87.50 2.92 25.25 107145.94
Wesfarmers 37.72 -0.27 46.95 36.65 8.89 17.22 30995.87 BNP Parib 52.27 0.09 61.00 43.14 2.93 8.87 71241.4 Fanuc 21130 -550.00 28575 17930 3.72 19.84 35806.46 SvnskaHn 111.80 -3.50 426.00 110.20 3.78 14.36 24605.82 BectonDick♦ 153.79 0.92 155.53 128.87 1.56 45.86 32200.79 McGraw Hill 95.13 0.68 109.13 84.64 1.36-258.87 25713.64
Westpc♦ 31.41 -0.64 40.07 29.10 8.05 13.48 76160.38 ChristianDior 163.95 -1.75 195.35 127.90 2.03 11.72 32585.77 FastRetail 45440-1170.00 61970 40610 0.76 42.58 39660.88 Swedbank 183.50 1.10 223.90 179.10 6.28 12.82 24424.36 BerkshHat 198038.13 378.13 229300 190007 - 14.28 160634.47 McKesson♦ 187.40 0.34 243.61 160.10 0.53 21.05 43121.29
Woolworths 23.37 -0.23 34.71 23.05 7.38 13.51 21673.34 Cred Agr 10.44 -0.14 14.49 9.82 3.43 21.83 30136.36 Fuji Hvy Ind 4946 -83.00 5223 3669 2.24 11.11 31860.9 TeliaSonera 40.89 0.17 55.85 39.89 7.45 12.03 20818.61 Biogen 289.09 4.48 480.18 254.00 - 18.86 64439.06 Medtronic 77.43 -0.13 79.50 55.54 1.74 45.14 109456.32
Belgium (€) Danone 62.37 -0.55 67.74 51.50 2.36 41.92 44676.76 Hitachi 711.70 -11.40 929.10 585.70 1.49 12.87 28305.58 Volvo 80.20 -0.35 120.50 76.35 3.80 16.87 15304.34 BkNYMeln 42.53 0.13 45.45 35.63 1.60 18.38 46483.27 Merck 53.09 0.27 63.62 45.69 3.39 14.06 148295.24
AnBshInBv 116.05 -0.30 124.20 85.63 2.63 22.80 204123.79 EDF♦ 13.39 0.78 24.89 12.40 9.17 7.17 27239.08 HondaMtr 3889 -91.00 4499 3382.5 2.30 12.59 57966.31 Switzerland (SFr) BlackRock♦ 345.89 1.32 382.84 275.00 2.45 17.76 56723.38 Metlife♦ 49.28 0.69 58.23 44.49 2.95 9.54 54780.95
KBC Grp 54.05 -0.66 66.00 42.77 3.78 8.73 24696.82 Engie SA 16.03 0.27 20.08 13.80 6.13 43.79 42682 JapanTob 4345 -7.00 4848 3101 2.38 18.59 71504.98 ABB 17.95 -0.19 22.16 16.49 - 16.80 42018.15 Boeing 146.15 1.91 158.83 115.14 2.37 18.35 97918.11 Microsoft 55.41 0.43 56.23 39.72 2.24 36.90 442610.27
Esslr Intl 115.45 -0.75 125.15 82.75 0.87 41.04 27294.05 KDDI 2934 -31.50 8550 2519 2.08 15.12 64964 CredSuisse 21.07 -0.11 28.94 18.57 3.31 9.77 41707.01 BrisMySq 68.78 0.22 70.54 51.82 2.15 64.90 114736.39 Mnstr Bvrg 152.05 0.05 160.50 104.48 - 52.65 30823.95
Brazil (R$)
Hermes Intl 323.40 -3.75 365.55 267.40 0.90 37.23 37340.07 Keyence 64260 -710.00 70100 50700 0.32 31.10 32149.52 Nestle 73.75 0.05 77.00 64.55 3.04 16.02 237795.91 Broadcom♦ 57.90 0.42 58.14 40.21 0.93 25.14 32481.9 MondelezInt 43.95 0.30 48.58 33.97 1.41 8.57 69843.91
Ambev 18.19 -0.29 20.46 15.00 8.60 23.74 75797.26
LOreal 156.40 -1.05 181.30 127.70 1.70 30.35 95741.58 MitsbCp 1994.5 -8.50 2837 1887.5 2.80 10.56 26095.69 Novartis 84.30 0.70 103.20 82.25 3.20 24.37 228215.1 CapOne 76.08 0.66 92.10 67.73 1.84 10.69 40478 Monsanto 96.32 -0.29 126.00 81.22 2.01 20.57 42365.12
Bradesco 23.98 -0.66 32.40 22.84 3.88 8.80 16048.52
LVMH 148.00 -0.85 176.60 123.50 2.12 13.30 82256.94 MitsubEst 2516.5 -32.50 2975 2321 0.61 45.13 28790.7 Richemont 72.30 -0.50 91.75 66.40 2.24 23.03 38166.15 CardinalHlth 87.45 -0.06 91.91 74.76 1.67 21.87 28769.4 MorganStly 33.66 0.29 41.04 30.15 1.49 20.68 65173.3
Cielo 36.19 -1.31 46.27 30.48 1.80 18.17 18101.74
Nmrcble-SFR 35.50 -1.10 60.01 33.74 - -42.73 17015.42 MitsubishiEle 1306.5 -17.50 1718 1063 2.10 12.02 23083.34 Roche 269.20 0.70 292.90 238.80 3.03 25.42 191262.45 Carnival♦ 51.02 0.71 54.59 42.51 2.03 28.76 30107.44 MylanNV 51.66 0.96 76.69 37.59 - 28.80 25403.65
ItauHldFin 25.93 -0.18 32.66 23.81 1.88 6.09 20946.66
Orange 15.12 -0.04 16.98 12.21 3.90 40.51 43803.82 MitsuiFud 3067 -36.00 3879 2951 0.93 24.81 25020.16 Swiss Re 96.70 -0.75 99.75 74.95 4.63 38.07 36251.56 Caterpillar 66.62 0.71 95.02 62.99 4.31 13.74 38788.42 Netflix 122.53 -1.67 133.27 45.08 - 327.00 52367.89
Petrobras 9.16 -0.30 16.26 7.66 - -3.62 18073.63
PernodRic 102.95 0.45 117.75 87.90 1.56 32.35 29885.44 MitUFJFin 779.50 -6.90 936.80 604.00 2.35 6.98 90879.74 Swisscom 483.20 -5.20 580.50 474.40 4.61 17.49 25312.94 CBS♦ 48.59 0.23 63.95 38.51 1.24 15.67 21073.62 NextEraE♦ 98.00 -0.76 112.64 93.74 3.10 14.04 45132.52
Vale 12.57 0.49 27.89 11.25 18.45 -5.55 10721.25
Renault 92.74 0.71 100.25 55.68 2.01 10.20 29994.95 Mizuho Fin 242.80 -0.60 280.40 191.00 3.24 7.41 49690.4 Syngent 378.80 12.70 435.20 280.00 2.94 25.24 35604.81 Celgene 111.93 0.99 140.72 92.98 - 56.04 88485.16 Nike♦ 129.01 0.17 135.30 90.69 0.86 33.08 87047.68
Canada (C$) Murata Mfg 18970 -40.00 22220 12430 1.07 18.43 35162.1 CharlesSch 33.37 0.40 35.72 25.43 0.72 33.58 43932.38 NorfolkS 87.76 0.21 112.22 72.10 2.67 15.85 26202.48
Safran 63.17 0.50 72.45 47.75 1.87 -19.52 28812.09 UBS 18.73 -0.05 22.57 13.58 4.06 11.43 72913.86
BCE 55.28 -0.37 60.20 50.92 4.71 17.88 34568.34 NipponTT 4584 -13.00 5066 3011 2.11 15.93 79074.07 ChevrnTx 89.69 2.09 114.45 69.58 4.78 19.45 168799.87 Northrop♦ 187.38 0.83 193.99 140.52 1.60 18.06 34174.93
Sanofi 76.76 -0.51 101.10 69.77 3.65 21.34 109594.77 Zurich Fin 254.20 -1.60 334.60 232.60 - 12.53 38663.62
BkMontrl 78.22 0.79 82.91 64.01 4.22 11.67 36983.83 Nissan Mt 1246.5 -14.00 1350 963.10 3.06 9.42 46367.75 Cigna 137.69 0.57 170.68 99.88 0.03 16.85 35472.79 NXP 88.66 2.42 114.00 70.35 - 30.59 22320.19
Sant Gbn 38.72 -0.12 44.84 31.83 1.57 26.44 23750.56 Taiwan (NT$)
BkNvaS 57.26 -0.26 67.72 52.60 4.81 10.03 50682.6 Nomura 713.70 -10.10 909.20 609.30 3.27 9.87 22448.46 Cisco 26.77 0.04 30.31 23.03 3.01 14.61 136183.08 Occid Pet♦ 68.42 0.47 83.74 63.60 4.30 -8.64 52254.81
Schneider 55.00 0.20 75.29 48.57 3.43 19.37 35346.1 Chunghwa Telecom 98.50 0.10 101.00 91.20 4.92 19.29 23272.96
Brookfield♦ 44.21 0.19 48.64 36.34 1.42 11.61 31913.78 Nppn Stl 2374.5 -32.50 3505 2122.5 2.78 9.60 18567.75 Citigroup 52.87 0.06 60.95 46.60 0.23 11.90 157499.23 Oracle 38.44 -0.14 46.71 35.14 1.39 18.34 163932.31
SocGen 41.69 -0.11 48.77 31.85 2.94 11.23 36760.09 HonHaiPrc 82.90 -0.40 99.70 77.90 4.58 8.66 39485.74
CanadPcR 171.58 -3.38 245.05 168.50 0.83 18.83 19297.19 NTTDCMo 2352.5 -9.50 2873.5 1731 3.02 19.34 79089.76 CME Grp♦ 95.85 1.80 100.87 83.43 2.06 25.61 32419.66 Pepsico♦ 98.90 -0.23 103.44 76.48 2.75 29.30 144082.54
Total 43.08 0.26 50.30 36.92 5.89 115.58 114897.67 TaiwanSem 141.00 0.50 155.00 112.50 3.19 12.04 111358.8
CanImp 93.52 -1.29 102.90 83.10 4.69 10.33 27338.25 Panasonic 1276.5 -23.50 1853.5 1177.5 1.30 88.87 25765.84 Coca-Cola♦ 42.77 0.11 43.85 36.56 3.03 27.41 185984.35 Perrigo♦ 148.18 0.02 215.73 140.40 0.32 146.62 21694.19
UnibailR 230.15 -1.30 262.00 193.05 4.16 13.30 24829.51
CanNatRs♦ 29.52 0.58 42.46 25.01 3.15 73.95 23772.47 Seven & I 5376 -51.00 5998 4117.5 1.38 27.69 39212.64 Thailand (THB) Cognizant 60.55 0.22 69.80 50.17 - 23.73 36907 Pfizer 32.39 0.10 36.46 28.47 3.40 24.31 199446.93
Vinci 58.60 -0.81 62.60 39.65 2.97 17.02 38442.45
CanNatRy♦ 73.48 -0.29 88.89 69.90 1.64 17.05 42857.65 ShnEtsuCh 6741 -21.00 8320 5801 1.58 20.53 23968 PTT Explor 232.00 -9.00 382.00 231.00 4.71 -70.12 18412.39 ColgtPlm 66.25 0.17 71.56 50.84 2.24 24.49 59421.09 Phillips66 86.64 0.55 94.12 57.33 2.45 10.11 46217.27
Vivendi 19.21 -0.06 24.83 19.05 10.64-218.25 28728.09
Enbridge 43.45 0.32 66.14 41.41 4.08-110.42 27611.81 Softbank 6226 -24.00 7827 5370 0.65 13.05 61510.01 United Arab Emirates (Dhs) Comcast 59.74 1.15 64.99 50.01 1.63 18.70 125125.98 PhilMorris 87.68 -0.34 90.08 75.27 4.59 18.83 135838.37
GtWesLif♦ 34.91 0.13 37.70 30.42 3.74 12.56 25510.08 Germany (€)
Sony 3005 -22.00 3970 2315 0.76 35.63 31210.21 Emirtestele 16.05 0.05 16.50 9.41 4.01 17.36 34548.57 ConocPhil 49.66 1.19 71.37 41.10 5.91 -60.53 61306.27 PNCFin 94.69 1.13 100.52 81.84 2.09 12.73 49041.88
ImpOil 41.01 0.28 55.37 39.86 1.18 20.33 25576.72 Allianz 161.95 0.60 170.15 129.35 4.32 11.22 80945.77
SumitomoF 4673 -32.00 5770 3902 3.37 12.04 54372.43 United Kingdom (p) Corning♦ 17.71 -0.04 25.16 15.42 2.60 11.56 20950.66 PPG Inds♦ 100.83 -0.72 118.95 82.93 1.38 23.56 27150.41
Manulife 21.02 0.06 24.20 18.91 3.14 16.39 30489.54 BASF 70.50 -0.22 97.22 63.00 3.90 13.53 70819.89
Takeda Ph 5749 -76.00 6657 4821 3.18 -29.07 37380.17 AscBrFd♦ 3436 -78.00 3606 2705.75 0.99 48.15 41247.54 Costco 162.41 2.69 169.73 117.03 0.92 30.68 71374.99 Praxair♦ 106.94 -0.12 132.95 98.55 2.62 21.77 30460.3
Potash 24.81 0.46 47.10 24.23 8.01 10.34 15244.16 Bayer 114.70 1.10 146.45 106.80 2.00 24.93 103738.16
TokioMarine 4609 33.00 5504 3703 2.37 18.08 28728.95 AstraZen 4379.5 -24.50 4931.68 3746 4.24 49.47 83932.47 CrownCstl 85.38 -0.03 89.44 74.45 3.85 55.62 28495.73 Prec Cast♦ 232.12 0.02 242.96 186.17 0.05 24.36 31935.34
RylBkC 74.34 -0.21 81.53 68.05 4.23 10.85 81231.75 BMW 97.27 0.13 123.75 72.05 3.05 11.11 64042.6
Toyota 7601 -53.00 8783 6650 3.01 10.26 208772.48 Aviva 497.20 -3.80 578.68 428.40 3.64 13.01 30503.36 CSX♦ 24.84 -0.18 37.67 24.47 2.74 12.33 24212.75 Priceline 1297.25 2.26 1476.52 990.69 - 27.07 64582.14
Suncor En♦ 35.66 0.28 40.93 30.89 2.39 529.99 37929.41 Continental 221.70 -0.65 234.25 161.20 1.50 16.31 48495.98
Mexico (Mex$) Barclays♦ 218.00 -3.95 289.90 215.40 2.98 0.73 55526.07 CVS 95.07 0.09 113.65 81.37 1.40 21.34 105267.1 ProctGmbl 78.01 0.31 93.89 65.02 3.35 26.04 212218.28
ThmReut♦ 52.70 0.03 55.92 44.37 3.45 15.39 29778.71 Daimler 77.24 0.15 96.07 62.06 3.24 10.47 90376.83
AmerMvl 12.70 0.06 17.37 12.57 1.98 23.00 31623.19 BG 975.60 -9.60 1301.62 780.55 1.96 -18.84 50562.24 Danaher 95.02 0.55 97.62 81.25 0.53 26.37 65115.81 Prudntl♦ 84.47 0.39 92.60 73.19 2.75 11.01 37927.03
TntoDom 54.07 0.29 56.48 47.75 3.77 12.58 73848.84 Deut Bank 22.23 -0.11 33.42 22.00 3.45 -7.13 33526.57
FEMSA UBD 159.02 0.24 169.74 119.19 0.70 30.74 33328.99 BP♦ 350.95 0.50 499.25 252.55 7.67 -12.82 97473.89 Deere 78.63 -0.61 98.23 71.85 2.97 12.42 25803.71 PublStor 241.67 -1.09 246.82 178.42 2.57 40.48 41783.75
TrnCan 44.73 0.93 59.50 40.58 4.63 18.69 23335.22 Deut Tlkm 16.24 -0.04 17.63 12.40 3.15 32.79 81796.49
WalMrtMex 42.20 0.10 47.00 28.26 1.29 32.04 43225.81 BrAmTob 3694 -44.00 3931.5 3231.5 4.01 17.15 104422.03 Delphi 84.83 0.43 90.57 66.10 1.18 17.85 23758.48 Qualcomm♦ 48.92 0.33 75.72 47.52 3.68 15.18 73531.21
ValeantPh 129.65 1.50 347.84 92.65 - 54.47 32548.77 DeutsPost 25.02 0.13 31.19 22.93 - 20.48 33143.1
BSkyB 1076 -6.00 1180 857.50 3.00 13.76 28047.3 Delta 50.90 1.39 52.00 34.61 0.80 14.65 40031.51 Raytheon 127.16 1.01 128.94 95.32 2.06 18.76 38286.57
E.ON 8.49 -0.08 14.94 7.08 1.68 -1.79 18578.06 Netherlands (€)
China (HK$) BT 469.15 1.95 502.60 385.60 2.43 17.68 59513.9 DirectTV 93.55 1.36 95.51 82.04 - 16.82 47176.52 Regen Pharm 544.59 -2.80 605.93 383.87 - 107.54 55404.82
Fresenius Med 76.50 0.54 83.17 57.70 1.02 24.29 26029.41 Altice 11.09 -0.63 47.73 10.97 - 194.29 9960.54
AgricBkCh 2.90 -0.02 4.55 2.87 7.78 4.32 11501.55 Compass 1125 -9.00 1223.36 963.00 2.40 21.84 28060.7 DiscFinServ 54.58 0.50 66.73 50.20 1.91 11.25 23332.07 ReynoldsAm♦ 44.80 -0.26 49.56 31.35 3.05 16.86 64023.89
Fresenius SE 64.32 0.12 70.00 40.85 0.70 27.43 38334.75 ASML Hld 81.39 -1.01 104.85 70.25 0.88 24.71 38573.52
Bk China 3.33 -0.03 5.68 3.25 7.07 4.87 35929.15 Diageo 1832 -20.00 2055 1592.5 2.92 19.37 69875.98 Disney♦ 110.70 -0.06 122.08 90.00 1.64 22.55 183006.79 Salesforce 79.44 -0.27 82.90 53.75 - -603.21 52748.16
HenkelKgaA 87.25 0.42 99.44 75.76 1.51 20.92 24791.04 Heineken 80.47 -0.14 85.90 56.14 1.34 23.25 50693.87
BkofComm 5.36 -0.02 8.61 5.17 6.24 4.88 24213.5 GlaxoSmh♦ 1314 -2.00 1645 1227.5 6.09 6.51 96973.8 DominRes♦ 65.59 -0.60 80.89 65.04 3.88 21.70 39047.93 Schlmbrg♦ 72.19 0.07 95.13 66.57 2.63 27.25 91039.08
Linde 134.05 0.90 195.55 132.15 2.40 21.38 27230.36 ING 12.21 -0.13 16.00 9.68 - 26.38 51655.6
BOE Tech 2.36 - 4.78 1.17 1.63 33.14 60.58 Glencore 88.90 5.82 318.46 66.67 12.87-206.74 19404.54 DowChem 55.01 -1.96 57.10 35.11 3.06 14.81 63707.19 Shrwin-Will 267.25 -0.47 294.35 218.27 0.96 25.58 24880.65
MuenchRkv 185.20 0.05 206.50 154.20 4.28 9.76 33794.69 Unilever 39.52 -0.19 42.84 30.28 2.88 23.75 74106.14
Ch Coms Cons 8.16 -0.34 17.00 7.73 2.94 7.31 4661.49 HSBC 510.80 -0.80 674.57 478.35 6.56 10.07 152447.17 DukeEner♦ 67.82 -0.79 89.97 65.50 4.74 19.68 46682.57 SimonProp 186.36 -0.90 208.14 170.99 3.09 34.81 57661.61
SAP 71.86 0.15 75.75 53.01 1.56 27.25 96551.92 Norway (Kr)
Ch Evrbrght 3.49 -0.01 5.65 3.22 6.61 4.54 3092.99 ImpTob 3442 -40.00 3665 2680 3.72 17.23 50037.65 DuPont♦ 72.96 -1.53 76.61 47.11 2.48 20.93 63942.65 SouthCpr 25.41 0.20 33.31 23.41 1.65 19.92 19956.41
Siemens 89.61 -0.85 106.35 77.91 3.62 13.18 86343.45 DNB 108.80 -0.70 143.00 100.90 3.70 7.57 20527.78
Ch Rail Cons 10.18 -0.18 17.70 8.10 1.83 8.78 2727.17 LlydsBkg 72.04 1.37 89.35 70.25 2.08 42.96 78055.64 Eaton 52.51 -0.16 73.82 49.21 4.08 12.14 24301.58 Starbucks 61.58 0.40 64.00 39.22 1.04 33.76 91433.98
Volkswgn 139.60 -0.80 254.50 95.00 3.51 10.85 45054.34 Statoil 123.00 -3.10 161.70 113.90 5.93 -10.38 45431.53
Ch Rail Gp 5.99 -0.33 12.30 5.50 1.61 9.93 3251.72 Natl Grid♦ 911.00 -2.40 954.00 806.40 4.71 15.88 51715.89 eBay 28.81 0.47 29.83 22.11 - 11.63 34590.84 StateSt 69.50 0.67 81.26 63.97 1.84 16.25 28042.28
ChConstBk 5.20 -0.01 7.98 5.02 7.17 4.63 161303.19 Hong Kong (HK$) Telenor 147.70 -1.50 186.10 143.70 2.61 35.65 25688.55 Ecolab 115.84 -1.11 122.48 97.78 1.14 31.02 34208.7 Stryker 92.95 0.63 105.34 89.81 1.49 30.14 34903.82
Prudential 1488 -30.00 1761.5 1045.99 2.48 15.15 58024.31
China Vanke RMB 19.54 -0.01 21.36 10.93 2.59 13.25 29499.92 AIA 47.65 -0.50 58.20 38.85 0.91 22.10 74074.09 Qatar (QR) EMC 26.12 0.12 30.92 22.66 1.76 21.87 50637.58 Sychrony Fin 31.14 0.53 36.40 27.92 - 11.83 25965.34
RBS 292.60 2.30 414.00 287.60 - -13.12 51364.05
ChinaCitic 4.81 -0.06 7.40 4.36 - 4.48 9236.02 BOC Hold 23.50 -0.20 33.70 22.30 4.59 9.96 32057.73 QatarNtBk 163.00 - 216.00 158.20 4.61 10.20 31322.42 Emerson 47.17 0.03 63.50 42.21 3.99 11.76 30875.46 Target 72.63 0.62 85.81 68.15 2.87 16.56 44743.83
ReckittB 6189 22.00 6450 4895 2.25 26.30 66441.91
ChinaLife 25.05 -0.10 41.00 23.40 1.95 14.99 24050.55 Ch OSLnd&Inv 26.05 -1.00 34.05 20.70 2.04 7.45 33142.6 EOG Res 79.47 1.09 101.36 68.15 0.84 -11.40 43682.48 TE Connect♦ 64.02 -0.25 73.73 54.32 1.94 21.25 24730.34
Russia (RUB) RELX 1157 -13.00 1232 988.50 2.25 26.57 36009.26
ChinaMBank 17.52 -0.20 26.85 16.40 4.74 6.19 10377.87 ChngKng 51.60 0.05 77.55 50.10 - 11.27 25696.66 EquityResTP 77.31 -0.26 82.53 61.90 2.79 33.49 28161.08 Telsa Mtrs 227.11 2.59 286.65 181.40 - -42.56 29740.88
Gzprm neft 135.60 -0.21 166.94 113.73 6.32 6.81 46647 RioTinto 1971 4.50 3280 1872 6.92 19.61 41149.96
ChinaMob 89.85 0.30 118.00 85.00 3.12 14.02 237371.25 Citic Ltd 13.74 -0.06 16.40 11.64 1.51 6.73 51571.51 Exelon 26.43 -0.14 38.93 26.22 4.70 11.73 24304.09 TexasInstr 57.02 0.26 59.99 43.49 2.39 20.16 57841.78
Lukoil 2445 59.90 3297.7 2053.6 7.47 20.61 30219.45 RollsRoyce 567.00 -11.50 1061 504.50 4.07 -41.70 15808.31
ChinaPcIns 30.40 -0.20 47.10 24.80 1.98 14.75 10885.78 Citic Secs 17.36 - 40.50 12.82 2.01 7.70 5103.18 ExpScripts 86.06 0.75 94.61 68.06 - 26.69 58203.49 TheTrvelers♦ 111.06 0.02 116.48 95.21 2.09 9.86 33786.54
MmcNrlskNckl 8925 -10.00 12247 7962 15.80 10.54 20522.99 RylDShlA♦ 1522 -19.00 2239.5 1486.5 8.25 92.00 90973.84
ChMinsheng 7.29 -0.08 11.88 6.70 3.14 4.66 6521.72 CK Hutchison 101.20 -0.60 174.90 97.50 3.48 4.14 50397.33 ExxonMb 76.40 0.77 95.18 66.55 3.72 16.11 318027.69 ThrmoFshr 134.52 0.13 141.25 117.10 0.45 27.33 53686.62
Novatek 582.20 -6.90 646.30 398.50 10.57 50.53 25687.33 SABMill 4035 -7.50 4090 2773 1.84 33.43 99109.53
ChMrchSecs RMB 20.96 0.23 40.00 13.85 2.02 11.87 15637.79 CNOOC 8.17 -0.25 13.78 7.41 6.70 7.33 47064.67 Facebook 105.85 1.25 110.65 72.00 - 106.75 239188.14 TimeWrnr♦ 68.21 -0.09 91.34 65.25 2.01 15.65 55630.81
Rosneft 249.00 1.30 294.20 183.95 3.46 6.39 38347.07 Shire 4327 -57.00 5870 4305 0.35 12.77 38868.83
Chna Utd Coms RMB 6.06 -0.06 10.74 4.27 1.13 40.63 19952.78 HangSeng 143.70 0.40 162.10 125.00 3.76 10.67 35447.44 Fedex♦ 148.44 1.64 185.19 130.01 0.56 39.61 41916.4 TimeWrnrC 183.47 -0.45 194.22 134.21 2.05 27.36 51958.25
Sberbank 100.13 -0.53 110.70 47.21 - 6.68 31409.23 StandCh 509.20 -6.50 1166 505.00 10.07 11.90 19685.43
ChShenEgy 11.84 -0.10 24.40 11.30 7.63 8.13 5191.88 HK Exc&Clr 198.60 0.30 311.40 168.10 1.93 35.29 30968.11 FordMtr 14.01 0.12 16.74 10.44 4.11 11.74 54607.87 TJX Cos 71.73 0.92 76.93 63.53 1.05 22.26 48025.32
Surgutneftegas 34.30 -0.01 39.80 21.82 - 1.24 17804.05 Tesco 150.55 -2.45 252.52 149.85 0.77 -2.17 18584.88
ChShpbldng RMB 9.47 -0.28 20.19 7.73 0.41-570.64 26416.01 MTR 36.30 0.05 40.00 30.75 2.79 13.83 27432.55 Franklin 38.71 0.20 57.95 36.10 1.55 11.75 23280.65 T-MobileUS♦ 36.41 0.34 43.43 24.26 - 60.21 29707.84
Saudi Arabia (SR) Vodafone♦ 212.65 -3.15 258.00 201.25 5.28 -39.82 85624.9
ChStConEng RMB 6.29 -0.10 12.52 4.88 2.77 7.95 29213.23 SandsCh 26.25 0.10 41.30 22.85 7.31 14.83 27329.73 GenDyn 140.22 0.05 153.76 130.91 2.36 15.78 44327.49 UnionPac♦ 77.58 0.04 124.52 74.78 2.77 13.39 66262.68
AlRajhiBnk 48.30 -0.02 69.00 47.70 3.87 12.22 20918.84 WPP 1501 5.00 1616 1271 2.54 15.51 29467.96
ChUncHK 9.08 -0.08 16.00 9.03 2.73 19.14 28055.2 SHK Props 94.50 -0.10 137.60 93.25 2.45 8.93 35278.67 GenElectric 30.73 0.26 30.99 19.37 3.00 59.51 310606.37 UPS B 100.75 0.29 114.40 93.64 2.84 23.11 70136.37
Tencent 150.40 -0.30 171.00 104.50 0.23 41.63 182470.46 Natnlcombnk 51.50 -0.24 72.75 48.80 - 11.66 27378.36 United States of America ($)
CNNC Intl RMB 9.50 0.02 14.38 4.07 - 26.36 5741.79 GenMills 58.78 0.20 59.87 47.43 2.85 28.16 35129.08 USBancorp 43.36 0.35 46.26 38.81 2.31 13.72 75835.57
SaudiBasic 87.45 0.56 110.50 70.25 5.88 11.09 69922.71 21stC Fox A 28.20 0.06 39.27 22.81 1.06 7.33 33015.2
CSR♦ 9.80 -0.28 20.70 7.80 - 21.62 5526.99 India (Rs) GenMotors 35.73 0.28 39.00 24.62 3.70 13.10 55602.2 UtdHlthcre♦ 116.38 1.33 126.21 95.00 1.51 18.45 110922.76
SaudiTelec 67.23 -0.17 73.25 52.75 5.96 13.73 35836.88 3M♦ 157.57 1.52 170.50 134.00 2.50 20.37 97017.89
Daqin RMB 8.74 -0.18 15.15 7.88 5.57 9.07 20183.3 Bhartiartl 312.65 1.80 452.45 308.10 0.72 21.27 18713.59 GileadSci 102.09 0.14 123.37 85.95 0.84 9.37 147130.09 UtdTech 93.81 -0.35 124.45 85.50 2.68 14.72 83211.43
Singapore (S$) AbbottLb 45.35 0.39 51.74 39.00 2.07 26.92 67649.5
Gree Elec Apl 0.25 -0.01 0.45 0.13 - -2.74 385.76 HDFC Bk 1060.6 13.15 1128 916.00 0.77 23.97 40067.18 GoldmSchs♦ 182.17 1.46 218.77 167.49 1.37 11.95 77700.09 ValeroEngy♦ 71.07 1.19 73.88 43.45 2.08 7.89 34220.45
DBS 16.46 -0.05 21.50 16.00 3.60 12.63 29378.75 Abbvie 56.05 0.02 71.60 45.45 3.45 32.39 91627.56
GuosenSec RMB 18.73 0.08 34.94 7.00 1.08 11.20 23856.92 Hind Unilevr 815.90 -4.25 981.00 744.50 1.80 37.13 26435.62 Halliburton♦ 38.29 -0.01 50.20 30.93 1.88 124.28 32769.09 Verizon 45.37 0.01 50.86 38.06 4.89 18.17 184604.77
JardnMt US$ 48.61 -0.79 67.88 45.02 2.88 11.73 34141.45 Accenture 107.66 0.37 109.86 81.66 1.87 24.27 86798
HaitongSecs 12.66 -0.12 27.90 10.00 2.45 7.75 5569.39 HsngDevFin 1182.3 29.05 1402.3 1060.1 1.29 20.24 27937.79 HCA Hold 68.82 1.44 95.49 43.91 - 14.38 28055.69 VertexPharm 121.75 1.12 143.45 97.45 - -44.33 29916.08
JardnStr US$ 27.18 -0.02 36.93 26.11 0.96 9.99 30279.84 Ace 114.69 -0.20 117.98 96.00 2.30 14.00 37180.37
Hngzh HikVDT RMB 33.55 -0.09 56.48 21.53 1.21 23.54 16445.69 ICICI Bk 258.95 -0.50 393.40 247.70 1.95 11.84 22534.94 Hew-Pack♦ 12.24 0.13 18.66 11.03 5.21 5.13 22010.27 VF Cp♦ 63.05 0.30 77.83 61.17 2.03 26.24 26878.79
OCBC 8.64 -0.04 10.92 8.62 4.11 9.72 25361.67 Adobe 89.14 -0.42 92.88 68.98 - 92.68 44462.97
Hunng Pwr 6.68 -0.13 11.90 6.65 7.01 6.26 4051.21 Infosys 1047.35 19.15 2336 932.65 3.60 18.60 35844.02 HiltonWwde♦ 22.00 0.26 31.60 20.93 0.32 29.04 21723.94 Viacom 44.30 0.33 77.89 36.32 3.30 9.36 15378.61
SingTel 3.85 0.04 4.57 3.43 4.49 16.05 43783.77 AEP 55.09 -1.16 65.38 52.29 3.85 15.27 27039.13
IM Baotou Stl RMB 3.60 -0.07 7.50 3.16 - -45.42 8802.94 ITC 321.25 3.85 409.95 294.00 2.04 24.56 38637.77 HomeDep♦ 133.16 1.26 135.47 92.17 1.65 25.42 168834.24 Visa Inc 78.36 0.48 81.01 60.00 0.61 30.39 152523.23
UOB■ 19.25 -0.13 25.05 18.20 4.36 9.88 21993.92 Aetna 104.45 0.58 134.40 85.62 0.93 16.00 36421.72
In&CmBkCh 4.54 -0.01 7.10 4.30 6.98 4.82 50842.22 L&T 1310.95 10.25 1893.8 1298.4 1.18 23.44 18279.2 Honywell 101.68 -0.21 107.41 87.00 2.04 17.80 78363.9 Walgreen♦ 83.23 -0.11 97.30 68.09 1.63 21.08 90620.29
Aflac 61.32 0.06 66.53 51.41 2.55 10.72 26167.53
IndstrlBk RMB 16.09 -0.11 21.42 11.90 3.59 6.06 40437.72 OilNatGas 219.80 2.70 373.80 212.90 4.59 9.41 28157.49 South Africa (R) HumanaInc 171.73 1.00 219.79 137.45 0.66 19.74 25454.49 WalMartSto♦ 59.65 0.52 90.97 56.30 3.21 13.02 190992.93
AirProd 133.20 -0.65 158.20 123.66 2.40 22.63 28694.82
Kweichow RMB 212.96 -1.51 290.00 166.20 2.08 16.41 41554.55 RelianceIn 950.35 34.45 1067.85 796.45 1.07 11.19 46093.94 Firstrand 38.79 -6.76 58.47 38.71 5.92 8.12 14312.22 IBM 136.59 -0.02 176.30 131.65 3.52 9.35 132507.34 WellsFargo 54.45 0.33 58.77 47.75 2.67 13.15 279511.41
Alexion 187.01 3.85 208.88 142.02 - 169.21 42137.9
Midea 2.00 - 2.68 1.65 4.82 13.05 55.49 SBI NewA 231.95 -2.45 336.00 220.15 1.54 9.41 26960.82 MTN Grp 134.05 -3.19 250.00 131.43 11.22 6.66 16272.06 IllinoisTool 93.70 1.31 100.14 78.79 2.14 18.43 34059.18 Williams Cos♦ 29.16 0.22 61.38 25.52 8.17 65.04 21859.39
Allegran 307.20 0.79 340.34 237.50 - -41.65 121075.06
New Ch Life Ins 32.40 -0.80 56.55 27.05 0.79 8.93 4323.01 SunPhrmInds 756.80 -2.35 1200.8 704.00 - 62.62 27271.4 Naspers N 2041.97 46.97 2270 1283 0.25 58.30 56364.6 Illumina 182.24 3.39 242.37 130.00 - 53.15 26679.94 Yahoo 34.16 -0.24 51.68 27.20 - 133.61 32259.17
Allstate♦ 62.73 -0.17 72.87 54.12 1.88 10.92 24295.72
PetroChina 5.17 -0.06 11.04 5.10 3.77 17.98 14074.23 Tata Cons 2384.55 16.90 2812.1 2315.25 1.69 22.08 70353.87 South Korea (KRW) Intcntl Exch 254.06 1.78 266.74 202.24 0.85 24.01 27881.37 Yum!Brnds 71.47 -2.33 95.90 66.35 2.30 34.13 30820.84
Alphabet 762.44 -0.11 793.05 490.91 - 35.14 222119.95
PingAnIns 42.25 -0.45 62.90 35.00 1.98 11.11 40599.2 Indonesia (Rp) HyundMobis 234500 3500 271500 185500 1.28 11.86 19319.65 Intel 34.84 0.03 37.74 24.87 2.72 14.90 164409.96 Venezuela ()
Altria 57.12 -0.21 61.74 47.31 3.72 21.47 111994.01
PngAnBnk RMB 11.96 -0.03 17.50 9.30 1.47 7.50 21929.34 Bk Cent Asia 13500 475.00 15600 11000 1.04 19.79 23885.28 KoreaElePwr 48650-1000.00 54000 38750 1.05 6.72 26432.7 Intuit 97.73 0.01 109.21 79.63 1.05 60.73 25801.14 Bco de Vnzla 95.00 -10.00 143.95 27.00 - - 25665.03
Amazon 663.80 -0.99 684.82 285.25 - 956.76 311164.59
Pwr Cons Corp RMB 7.96 -0.05 20.00 5.10 1.27 15.45 4080.29 SK Hynix 30300 50.00 51700 30050 0.99 4.79 18669.08 John&John 102.21 0.06 107.96 81.79 2.84 19.59 282795.47 Bco Provncl 4200 700.00 4400 850.00 0.83 56.80 33546.33
Israel (ILS) AmerAir 43.99 0.34 56.20 34.10 0.91 6.31 27728.02
SaicMtr RMB 20.64 -0.34 29.18 14.00 6.38 7.79 35348.63 SmsungEl 1283000 20000 1510000 1033000 1.59 9.42 140415.67 JohnsonCn♦ 40.99 0.28 54.52 38.48 2.54 18.78 26548.27 Mrcntl Srvcs 5050 300.00 5900 1310 0.16 37.28 22220.5
TevaPha 256.00 1.30 275.90 213.20 1.99 32.03 67224.45 AmerExpr 70.14 0.28 94.89 69.31 1.57 12.47 69035.01
ShenwanHong 0.17 -0.01 0.41 0.17 - -2.52 53.49 Spain (€) JPMrgnCh 65.93 0.47 70.61 50.07 2.55 11.22 242696.89
Italy (€) AmerIntGrp♦ 61.25 -0.93 64.93 48.68 1.07 17.74 75767.02
ShgPdgBk RMB 19.27 0.04 20.12 11.91 3.98 7.18 55834.69 Kimb-Clark♦ 120.39 0.11 122.97 103.04 2.89 72.41 43700.9 Closing prices and highs & lows are in traded currency (with variations for that
Enel 3.97 -0.05 4.50 3.36 3.60 64.83 40870.28 BBVA 7.17 0.00 9.77 7.03 2.28 17.83 49898.41 AmerTower 95.42 -0.13 104.12 86.83 1.78 71.16 40414.95
Sinopec Corp 4.46 -0.10 7.79 4.44 5.52 20.73 14681.71 KinderM 17.00 0.19 44.71 15.06 10.96 31.64 37927.27 country indicated by stock), market capitalisation is in USD. Highs & lows are
ENI 14.00 0.01 17.66 12.98 7.01 -17.98 55645.77 BcoSantdr 4.70 -0.03 7.19 4.55 10.78 8.85 74246.12 Amgen 159.27 1.38 181.81 130.09 1.87 19.01 120139.91
Sinopec Oil RMB 8.25 -0.03 14.23 4.33 - -234.76 576.67 Kraft 88.19 -0.11 91.32 53.33 1.93 -56.14 52233.16 based on intraday trading over a rolling 52 week period.
Generali 17.15 -0.10 19.21 15.16 3.57 13.57 29202.12 CaixaBnk 3.45 -0.04 4.57 3.32 2.37 28.45 21943.57 Anadarko♦ 51.59 0.76 95.94 49.89 2.10 -4.49 26215.08
Denmark (kr) Iberdrola 6.58 0.00 6.71 5.31 2.41 16.52 45617.29 Kroger 41.17 -0.08 41.68 27.32 0.85 21.61 40076.29 ♦ ex-dividend
IntSPaolo 3.06 -0.03 3.65 2.22 2.33 17.26 53146.87 Anthem♦ 134.15 1.69 173.59 121.22 1.73 12.83 35010.95
DanskeBk 181.20 -2.90 218.00 155.50 3.10 26.21 26790.86 Inditex 32.11 -0.44 35.38 21.56 1.23 37.18 109435.44 L Brands 98.68 1.04 101.11 75.11 1.83 25.28 28561.39 ■ ex-capital redistribution
Luxottica 61.00 0.10 67.80 42.22 1.21 36.26 32263.21 Aon Cp 93.95 -0.28 107.08 86.38 1.17 21.44 25734.49
MollerMrsk 9515 -115.00 16450 9430 3.12 8.54 14844.62 Repsol 10.99 0.07 18.75 9.90 8.89 31.51 16831.96 LasVegasSd 42.65 -1.05 61.59 36.53 5.75 15.32 34011.29 # price at time of suspension
Unicred 5.12 -0.06 6.61 4.82 2.39 15.68 33414.58 Apple 115.96 0.34 134.54 92.00 1.71 12.57 646515.38
NovoB 388.70 -0.90 415.00 256.00 1.31 29.76 117523.04 Telefonica 10.73 -0.15 14.31 10.38 3.81 17.67 57058.24 LibertyGbl 41.45 0.16 58.66 40.85 - -26.72 10476.74
ArcherDan 35.33 -0.08 53.69 34.88 3.06 12.19 21082.82
Lilly (E) 84.85 0.99 92.85 68.31 2.35 38.35 94020.3

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
Alexion 187.01 183.16 3.85 2.10 18.22 10.8 8.60 DirectTV 93.55 92.19 1.36 1.48 - - 0.42 Dec 10 date Coupon S* M* F* price yield yield yield US Dec 10 date Coupon S* M* F* price yield yield yield US
DuPont 72.96 74.49 -1.53 -2.05 6.73 10.2 10.02 Firstrand 38.79 45.55 -6.76 -14.84 -7.68 -16.5 -22.90 High Yield US$ US$
China Vanke 19.54 19.55 -0.01 -0.05 1.30 7.1 35.69 Altice 11.09 11.72 -0.63 -5.34 -1.74 -13.5 -30.47 Windstream Services, LLC 11/17 7.88 B+ B2 BB 104.21 5.56 0.00 0.86 4.62 Burlington Resources, Inc. 02/26 6.88 A A2 A 119.00 4.57 0.00 0.05 2.35
BOE Tech 2.36 2.36 0.00 0.00 0.14 6.3 25.53 Williams Cos 29.16 28.94 0.22 0.74 -4.11 -12.3 -21.05 High Yield Euro Merrill Lynch & Co., Inc. 09/26 6.22 BBB+ Baa3 A- 114.16 4.59 0.00 -0.11 2.37
DowChem 55.01 56.97 -1.96 -3.44 3.15 6.1 6.42 KinderM 17.00 16.81 0.19 1.11 -2.26 -11.8 -33.30 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - Cummins Inc. 02/27 6.75 A+ A2 A 119.20 4.59 0.00 -0.57 -
Delta 50.90 49.51 1.39 2.81 2.68 5.6 1.35 Ch Coms Cons 8.16 8.50 -0.34 -4.00 -1.04 -11.3 -23.02 Korea Electric Power Corporation 08/27 6.75 AA- Aa3 AA- 98.97 7.00 0.00 -0.09 -
T-MobileUS 36.41 36.07 0.34 0.93 1.85 5.3 -1.80 Anadarko 51.59 50.83 0.76 1.50 -6.55 -11.3 -18.73 Emerging US$ FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa3 A- 118.60 4.88 0.00 -0.08 -
TrnCan 43.80 43.80 0.00 0.00 2.18 5.2 4.73 Ch Rail Gp 5.99 6.32 -0.33 -5.22 -0.68 -10.2 -16.34 Peru 05/16 8.38 BBB+ A3 BBB+ 121.00 1.23 0.00 0.00 0.29 SunTrust Banks, Inc. 01/28 6.00 BBB+ Baa1 A- 109.27 5.03 0.00 -0.06 -
Celgene 111.93 110.94 0.99 0.89 5.38 5.0 -1.58 Panasonic 1276.50 1300.00 -23.50 -1.81 -131.00 -9.3 -10.66 Mexico 09/16 11.40 BBB+ A3 BBB+ 107.49 1.44 0.00 0.00 0.50
Brazil 01/18 8.00 BB+ Baa3 BBB- 105.04 5.40 0.00 0.00 4.46 Euro
Biogen 289.09 284.61 4.48 1.57 13.65 5.0 -2.73 PetroChina 5.17 5.23 -0.06 -1.15 -0.53 -9.3 -13.26 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 96.29 3.02 0.00 -0.16 -
Illumina 182.24 178.85 3.39 1.90 8.10 4.7 19.01 Volvo 80.55 80.55 0.00 0.00 -8.00 -9.0 -12.21 Russia 07/18 11.00 BB+ Ba1 BBB- 119.34 3.23 0.00 -0.01 2.29
Peru 03/19 7.13 BBB+ A3 BBB+ 114.69 2.47 0.00 0.02 0.82 BHP Billiton Fin Ltd 09/27 3.25 A+ A1 A+ 109.50 2.32 0.00 0.21 -
Anthem 134.15 132.46 1.69 1.28 4.72 3.6 -0.81 ChinaPcIns 30.40 30.60 -0.20 -0.65 -3.00 -9.0 -7.88 TeliaSonera 09/27 3.00 A- A3 A- 108.78 2.15 0.00 -0.01 -
Raytheon 127.16 126.15 1.01 0.80 4.35 3.5 7.77 Sinopec Corp 4.46 4.56 -0.10 -2.19 -0.44 -9.0 -18.17 Brazil 01/21 7.88 BB+ Baa3 BBB- 96.03 5.87 0.00 0.50 4.21
Turkey 03/21 5.63 - Baa3 BBB- 105.87 4.42 0.00 0.13 2.76 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 108.94 2.33 0.00 0.14 -
BrisMySq 68.78 68.56 0.22 0.31 2.33 3.5 5.72 HaitongSecs 12.66 12.78 -0.12 -0.94 -1.18 -8.5 -15.71
Poland 04/21 5.13 A- A2 A- 111.62 2.79 0.00 -0.05 1.13 Yen
Carnival 51.02 50.31 0.71 1.41 1.71 3.5 -3.91 Nokia 6.47 6.47 0.00 0.00 -0.60 -8.5 -4.73
Colombia 07/21 4.38 BBB Baa2 BBB 101.24 4.17 0.00 0.13 2.51 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
SunPhrmInds 756.80 759.15 -2.35 -0.31 25.00 3.4 -0.02 ChShpbldng 9.47 9.75 -0.28 -2.87 -0.87 -8.4 -18.78
Starbucks 61.58 61.18 0.40 0.65 2.03 3.4 -0.90 CSX 24.84 25.01 -0.18 -0.70 -2.27 -8.4 -11.16 Turkey 04/26 4.25 - Baa3 BBB- 93.83 5.08 0.00 0.10 2.86 £ Sterling
AXA 25.24 25.27 -0.03 -0.12 0.78 3.2 2.62 Tesco 150.55 153.00 -2.45 -1.60 -13.35 -8.1 -14.09 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 123.52 4.03 -0.03 0.00 1.80
Kroger 41.17 41.25 -0.08 -0.19 1.26 3.2 10.46 ITC 321.25 317.40 3.85 1.21 -28.15 -8.1 -6.35 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- 106.39 3.28 -0.01 -0.14 1.06
MondelezInt 43.95 43.65 0.30 0.69 1.34 3.1 -1.45 Lyondell 87.51 88.83 -1.33 -1.49 -7.67 -8.1 -6.42 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.56 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+ - BBB+ 109.83 2.96 0.00 -0.03 1.30 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- 114.93 3.94 0.00 -0.09 1.71
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
Dec 10 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Dec 10 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.25 16-12-2008 1.00 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 19.27 -0.34 19.61 53.29 10.88 Dec 10 Price £ Yield Day Week Month Year High Low £m
US Prime 3.25 16-12-2008 3.25 3.25 3.25 Markit IBoxx VXD 18.31 -0.19 18.50 56.32 7.04 Tr 2pc '16 100.18 0.42 -8.70 0.00 -8.70 -10.64 101.73 100.18 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 172.97 0.11 -0.22 -2.98 0.47 -2.69 VXN 20.20 -0.25 20.45 46.72 11.15 Tr 1.75pc '17 101.45 0.44 -4.35 -12.00 -21.43 -29.03 102.68 101.38 0.29
Euro Repo 0.05 10-09-2014 0.05 0.05 0.25 Corporates( £) 297.63 -0.45 -0.18 1.40 2.13 2.51 VDAX 22.39 0.14 22.25 29.94 - Tr 5pc '18 109.79 0.59 -3.28 -7.81 -15.71 -36.56 113.54 109.70 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 250.90 -0.21 -0.19 0.17 -0.19 0.17 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 111.66 0.84 -2.33 -4.55 -13.40 -28.21 115.07 111.42 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 211.72 -0.13 -0.65 -0.46 0.24 -0.07 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.27 1.06 -0.93 -3.64 -13.11 -22.63 119.04 114.67 0.33
Switzerland Libor Target 0.00-0.25 15-01-2015 0.00-0.75 -1.25--0.25 0-0.25 Eurozone Sov(€) 226.12 -0.17 -0.67 2.01 1.12 2.92 Tr 1.5pc '21 100.77 1.34 -1.47 -2.90 -9.46 -11.26 142.92 99.91 0.12
Gilts( £) 289.78 -0.60 -0.14 1.45 2.10 2.93 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 115.65 1.37 -2.14 -2.84 -11.61 -14.91 119.85 113.65 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 242.87 -0.14 0.06 -3.18 1.66 -3.63 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 127.76 1.73 -1.70 -1.14 -9.42 -8.95 134.70 124.47 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 297.20 -0.43 -0.15 1.26 1.93 2.35 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 124.10 1.98 -1.49 -1.00 -7.48 -6.60 131.90 119.79 0.31
Dec 10 (Libor: Dec 09) night Day Week Month month month month year Overall ($) 225.76 -0.12 -0.06 0.71 -0.06 0.71 Australia 10/18 3.25 102.91 2.19 0.06 0.01 0.06 -0.10 Tr 4.25pc '32 127.07 2.27 -0.87 -1.73 -6.97 -4.62 136.85 121.93 0.35
US$ Libor 0.12950 0.000 -0.001 0.007 0.30050 0.49200 0.72965 1.05245 Overall( £) 289.30 -0.55 -0.14 1.40 2.04 2.76 04/26 4.25 111.79 2.92 0.02 -0.09 -0.08 -0.08 Tr 4.25pc '36 128.84 2.44 -0.81 -1.61 -6.51 -3.17 140.37 123.52 0.28
Euro Libor -0.27357 -0.084 -0.086 -0.004 -0.19071 -0.11429 -0.03214 0.06286 Overall(€) 221.40 -0.15 -0.62 1.33 0.78 2.05 Austria 10/18 1.15 103.64 0.05 0.00 0.00 0.00 0.00 Tr 4.5pc '42 138.96 2.51 -0.40 -1.18 -5.99 -3.83 153.16 132.20 0.26
£ Libor 0.48063 0.000 0.000 0.000 0.50288 0.57775 0.74138 1.04650 Treasuries ($) 217.26 -0.08 0.04 1.02 0.04 1.02 10/25 1.20 103.34 0.84 0.00 -0.13 -0.04 0.00 Tr 3.75pc '52 132.06 2.42 -0.82 -1.63 -7.28 -7.98 145.21 121.95 0.22
Swiss Fr Libor 0.002 -0.83900 -0.82300 -0.77260 -0.68360 FTSE Belgium 06/18 0.75 101.88 -0.01 0.00 0.00 0.00 0.00 Tr 4pc '60 144.22 2.38 -0.42 -0.83 -7.03 -8.46 159.23 131.72 0.21
Yen Libor -0.003 0.03857 0.07929 0.11714 0.22286 Sterling Corporate (£) 111.05 0.06 - - 1.69 -2.03 06/25 0.80 99.27 0.88 -0.01 -0.08 -0.01 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor -0.003 -0.18100 -0.11900 -0.03400 0.06600 Euro Corporate (€) 106.00 0.01 - - -0.05 -3.29 Canada 11/17 0.25 99.40 0.57 0.00 0.00 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.51000 0.60000 0.78500 Euro Emerging Mkts (€) 873.01 -17.64 - - -7.83 -8.66 06/26 1.50 98.84 1.62 0.00 0.00 0.00 0.00
US$ CDs
Euro CDs
0.040
0.000
0.26000
-0.22500
0.48000
-0.16500
0.69000
-0.05500
Eurozone Govt Bond 114.01 -0.11 - - 0.62 0.28 Denmark 11/18 0.25 101.48 -0.25 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 1.75 108.83 0.82 -0.03 -0.04 -0.07 -0.14
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 99.34 1.28 0.00 -0.01 0.03 0.00
Fixed Coupon Dec 10 chg % Return 1 month 1 year Yield
Dec 10 term notice month month month year Markit iTraxx 09/25 0.88 100.27 0.85 -0.01 -0.07 -0.01 0.00
1 Up to 5 Years 98.53 0.04 2368.93 0.40 1.51 0.93
Euro -0.35 -0.25 -0.35 -0.25 -0.30 -0.15 -0.24 -0.09 -0.15 0.00 -0.04 0.11 Crossover 5Y 318.99 7.65 18.71 16.28 389.82 280.05 France 05/18 1.00 103.00 -0.22 0.00 0.00 0.00 0.00
2 5 - 10 Years 179.47 0.16 3247.82 1.25 2.90 1.58
Sterling 0.40 0.55 0.40 0.55 0.46 0.56 0.55 0.65 0.71 0.86 1.01 1.16 Europe 5Y 76.89 1.64 3.94 4.56 95.40 68.39 11/20 0.25 100.91 0.07 -0.01 -0.08 -0.02 0.00
3 10 - 15 Years 204.76 0.26 3813.69 1.74 3.44 2.07
Swiss Franc - - - - - - - - - - - - Japan 5Y 74.57 -0.19 1.51 6.37 83.13 65.01 11/25 1.00 100.88 0.91 -0.01 -0.08 -0.02 0.00
4 5 - 15 Years 185.42 0.19 3384.25 1.34 3.03 1.78
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 73.37 1.12 2.41 1.47 99.56 65.28 05/45 3.25 130.55 1.89 -0.02 -0.12 -0.05 -0.12
5 Over 15 Years 298.95 0.36 4340.15 3.29 5.12 2.44
US Dollar 0.12 0.22 0.26 0.36 0.32 0.42 0.45 0.55 0.75 0.85 1.05 1.15 Germany 04/18 0.25 101.33 -0.32 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 172.65 0.21 3236.94 1.84 3.24 2.18
Japanese Yen -0.03 0.07 -0.25 -0.05 -0.40 -0.10 -0.15 0.15 -0.15 0.15 -0.10 0.20 10/20 0.25 101.55 -0.07 0.00 0.00 0.00 0.00
Emerging Markets 5Y 343.96 -3.23 17.82 25.63 347.19 299.17 08/25 1.00 103.81 0.59 -0.01 -0.08 -0.02 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 465.71 3.14 27.84 21.06 509.34 416.39 08/46 2.50 127.32 1.40 0.00 -0.09 -0.06 -0.13
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Dec 10 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 85.92 0.02 3.72 4.84 94.63 75.52 Greece 07/17 3.38 93.00 8.23 0.03 0.82 1.68 -1.07
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 228.00 100.00 1 Up to 5 Years 308.61 -0.01 -0.19 -2.46 2357.78 -0.05 -0.86
02/26 3.00 67.82 8.39 0.07 0.61 1.17 -0.68 2 Over 5 years 568.69 -0.06 1.00 0.46 4197.43 1.16 1.21
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 110.48 -0.17 0.00 0.00 0.00 0.00 3 5-15 years 428.20 0.02 0.15 -2.25 3254.02 0.39 -1.13
03/25 5.40 137.31 1.13 0.00 -0.06 -0.02 -0.34 4 Over 15 years 700.86 -0.10 1.36 1.79 5077.45 1.48 2.39
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 10/18 0.30 100.37 0.17 -0.01 0.01 0.00 0.00 5 All stocks 526.75 -0.05 0.82 0.26 3937.84 0.98 1.12
11/20 0.65 100.33 0.58 -0.02 -0.07 0.02 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/25 2.00 104.19 1.55 -0.03 -0.06 -0.06 0.00 Yield Indices Dec 10 Dec 09 Yr ago Dec 10 Dec 09 Yr ago
Crude Oil† Dec 36.73 -0.50 Corn♦ Mar 374.50 0.50 Sep 12 Sep 12 Prev return stock Market stocks
09/46 3.25 113.99 2.60 -0.03 -0.11 -0.16 0.00 5 Yrs 1.19 1.21 1.31 20 Yrs 2.47 2.49 2.52
Brent Crude Oil‡ 39.68 -0.65 Wheat♦ Mar 487.00 -3.25 Can 4.25%' 21 127.61 -0.322 -0.317 0.43 5.18 69473.33 7
Japan 11/17 0.10 100.26 -0.04 0.00 0.00 0.00 0.00 10 Yrs 1.89 1.91 1.95 45 Yrs 2.39 2.41 2.63
RBOB Gasoline† Dec 1.27 0.03 Soybeans♦ Jan 877.00 -0.50 Fr 2.25%' 20 115.02 -0.916 -0.880 -0.81 20.31 215636.57 14
12/20 0.05 99.93 0.06 0.00 0.00 -0.01 0.00 15 Yrs 2.29 2.32 2.32
Heating Oil† Dec 1.24 -0.02 Soybeans Meal♦ Jan 277.50 -0.10 Swe 0.25%' 22 108.27 -0.840 -0.845 -1.10 32.00 224892.22 7
09/25 0.40 101.06 0.29 0.00 -0.02 -0.02 0.00
Natural Gas† Dec 2.06 -0.01 Cocoa (ICE Liffe)X Mar 2279.00 -14.00 UK 2.5%' 16 - - - - - - -
09/45 1.40 100.78 1.36 0.00 -0.04 -0.03 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Mar 3361.00 -12.00 UK 2.5%' 24 336.54 -0.719 -0.739 -1.00 6.82 481257.81 25
Netherlands 04/17 0.50 101.09 -0.31 0.00 0.00 0.00 0.00 Real yield Dec 10 Dur yrs Previous Yr ago Dec 10 Dur yrs Previous Yr ago
Uranium Dec 36.75 0.00 Coffee(Robusta)X Jan 1522.00 -4.00 UK 2%' 35 230.11 -0.741 -0.788 -0.80 9.08 481257.81 25
07/25 0.25 95.46 0.74 -0.01 -0.08 -0.03 0.00 Up to 5 yrs -0.79 2.41 -0.79 -1.07 -1.52 2.44 -1.53 -1.62
Carbon Emissions - - Coffee (Arabica)♥ Dec 124.60 0.00 US 0.625%' 21 101.16 0.416 0.420 -0.37 35.84 1106525.45 36
Diesel Dec - - White SugarX 397.80 -11.10 New Zealand - - - - - - - Over 5 yrs -0.78 23.51 -0.79 -0.72 -0.81 23.59 -0.81 -0.75
US 3.625%' 28 132.31 0.861 0.420 -0.33 16.78 1106525.45 36
Unleaded (95R) - - Sugar 11♥ 14.86 -0.24 12/17 6.00 106.65 2.57 0.05 -0.02 -0.08 -0.98 5-15 yrs -0.69 9.64 -0.69 -0.81 -0.79 9.65 -0.79 -0.93
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 105.17 0.60 0.05 -0.02 -0.05 -0.56 Over 15 yrs -0.80 29.16 -0.80 -0.70 -0.81 29.20 -0.81 -0.72
Base Metals (♠ LME 3 Months) Cotton♥ Mar 64.65 -0.20 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 1.75 101.96 1.52 0.02 -0.02 -0.11 0.00 All stocks -0.78 20.42 -0.79 -0.72 -0.82 20.56 -0.82 -0.76
Aluminium 1479.00 -9.00 Orange Juice♥ Jan 153.15 0.05 amount.
Aluminium Alloy 1600.00 -10.00 Palm Oil♣ Jan 562.00 5.75 Portugal 06/18 4.45 110.45 0.25 -0.02 -0.04 -0.26 -1.09 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 4585.00 -10.00 Live Cattle♣ Dec 119.25 0.00 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 103.83 2.43 -0.02 -0.05 -0.34 0.00
Lead 1685.00 -22.50 Spain 04/18 0.25 100.20 0.16 -0.03 -0.01 -0.04 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Jan 149.35 -3.00
Nickel 8570.00 -105.00 Lean Hogs♣ Feb 58.90 -0.25 Spread Spread Spread Spread 10/25 2.15 104.93 1.61 -0.03 -0.10 -0.23 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 14555.00 15.00 Bid vs vs Bid vs vs Sweden 01/18 0.88 99.34 1.20 0.00 -0.01 0.02 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 1525.00 -5.00 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 114.54 0.88 -0.02 0.00 -0.04 -0.13 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) Dec 09 Month Year Australia 2.92 2.33 0.69 Italy 1.55 0.96 -0.68 Switzerland 01/18 3.00 108.43 -1.02 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1071.00 -10.00 S&P GSCI Spt 318.95 -9.15 -31.84 Austria 0.84 0.25 -1.38 Japan 0.29 -0.31 -1.94 05/26 1.25 114.67 -0.14 0.00 0.00 0.00 0.00
Silver (US cents) 1417.00 -10.00 DJ UBS Spot 79.08 -6.13 -29.40 Belgium 0.88 0.29 -1.35 Netherlands 0.74 0.15 -1.48 United Kingdom 07/18 1.25 101.18 0.79 -0.02 -0.07 -0.10 -0.30 Data provided by Morningstar | www.morningstar.co.uk
Platinum 857.00 2.00 R/J CRB TR 177.37 -6.54 -29.54 Canada 1.62 1.03 -0.60 Norway 1.52 0.93 -0.71 01/21 1.50 100.77 1.34 -0.01 -0.06 -0.13 0.00
Palladium 556.00 2.00 Rogers RICIX TR 2067.99 - - Denmark 0.82 0.23 -1.41 Portugal 2.43 1.84 0.21 09/25 2.00 101.26 1.86 -0.02 -0.03 -0.16 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Finland 0.85 0.26 -1.38 Spain 1.61 1.01 -0.62 01/45 3.50 119.97 2.53 -0.01 -0.05 -0.16 -0.12
Iron Ore (Platts) 38.60 -0.60 UBS Bberg CMCI TR 12.22 -6.43 -30.14 France 0.91 0.31 -1.32 Switzerland -0.14 -0.74 -2.37 United States 11/17 0.88 99.88 0.94 0.01 -0.01 0.00 0.00
Iron Ore (The Steel Index) 37.50 -0.80 LEBA EUA Carbon 8.37 -1.76 24.93 Germany 0.59 0.00 -1.63 United Kingdom 1.86 1.26 -0.37 11/20 1.63 99.84 1.66 0.01 -0.07 0.00 0.00
GlobalCOAL RB Index 49.50 -1.50 LEBA CER Carbon 0.58 -9.38 1833.33 Greece 8.39 7.79 6.16 United States 2.23 1.63 0.00 11/25 2.25 100.21 2.23 0.01 -0.07 -0.09 0.00
Baltic Dry Index 534.00 -12.00 LEBA UK Power 1050.00 69.35 -45.26 Ireland 1.13 0.53 -1.10 11/45 3.00 100.53 2.97 0.00 -0.07 0.00 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.
28 ★ FINANCIAL TIMES Friday 11 December 2015

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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 96.40 -1.35 113.50 87.00 - 21.44 12.6 Rotork 180.50 0.90 267.20 162.60 2.78 15.73 1788.9 AquarsPl 10.75 -0.25 15.75 5.53 - -2.57 184.2 Shaftbry 906.00 -7.50 975.50 737.50 1.45 5.03 361.5 MngCnslt♦ 14.75 0.13 19.00 13.25 5.59 -71.95 137.0
AvonRub 1074 -11.00 1180 687.39 0.57 19.67 15.4 HenderGp 294.70 -0.80 314.30 197.20 3.05 20.56 1973.1 Severfd 68.50 -1.00 75.00 57.00 0.73 149.24 146.1 Barrick C$♦ 10.59 0.10 16.54 7.89 1.28 -2.96 1718.4 Town Ctr♦ 323.50 0.75 336.25 260.00 3.23 7.16 4.0 MearsGp 438.00 1.25 475.00 354.75 2.28 16.93 5.8
BAE Sys 498.70 -3.30 549.00 419.30 4.11 22.53 6784.7 ICAP 492.70 -4.80 573.00 407.50 4.47 24.47 614.9 SKF SKr 144.90 -2.60 231.70 139.40 3.85 14.97 2823.7 BHP Bltn 733.20 -16.20 1670.5 713.10 10.86 17.66 13462.2 Wkspace 948.50 -12.00 988.00 690.00 1.27 4.40 67.8 MenziesJ 382.50 -3.25 525.00 330.00 4.24 34.01 23.5
Chemring 178.00 -2.00 242.00 131.00 2.30 -20.36 913.6 Indvardn SKr 148.70 0.30 183.50 129.30 4.27 13.38 367.0 Spirax-S 3109 12.00 3767.56 2738 2.15 23.86 97.2 BisichMg 79.50 5.00 94.75 60.15 5.03 6.12 1.0 Real Estate Inv & Services MichaelPge 491.90 1.70 568.00 384.00 2.24 23.80 185.7
Cobham 295.60 - 349.10 250.50 3.60 -171.66 1553.1 ICG♦ 598.00 -6.00 712.83 485.70 4.29 9.37 479.8 Tex 106.50 - 130.00 86.30 5.63 7.57 0.4 EVRAZ 72.45 -0.70 209.90 60.30 - -1.40 2041.6 Cap&Count 434.00 5.30 475.10 341.10 0.35 6.38 1247.2 MITIE 301.10 -0.30 341.00 263.90 3.89 15.06 495.2
Meggitt 362.60 -3.50 593.50 337.60 3.79 15.09 2677.6 IPF 322.50 -15.80 512.00 321.20 3.72 9.38 1359.6 Trifast 115.00 0.50 134.00 93.50 1.83 13.76 106.9 Fresnillo 673.00 10.50 939.50 569.63 0.29 142.28 1005.2 CLS 1830 -18.00 2037 195.00 - 3.90 4.3 PayPoint♦ 957.50 4.00 1112.15 779.82 4.02 32.47 27.7
RollsRoyceX 567.00 -11.50 1061 504.50 4.07 -41.70 11109.1 Investec♦ 469.90 -58.60 649.50 467.80 4.26 13.41 3297.7 Vitec 605.00 3.50 670.85 587.00 3.97 23.95 8.8 GemDmnd 96.00 - 189.13 94.75 3.31 7.87 102.7 Daejan 6065 -260.00 6614.2 5270 1.35 6.24 2.3 PremFarn 99.25 1.00 204.60 96.25 10.48 8.35 716.9
Senior 233.10 -1.20 361.70 215.60 2.42 15.68 310.8 Jupiter 452.70 -5.90 481.30 338.79 2.92 13.54 393.3 Weir 1043 -6.00 2045 990.50 4.22 - 971.7 Harmony R 13.71 2.33 38.50 7.92 - -1.09 5974.6 Grainger 240.00 -0.70 256.00 180.00 1.05 23.35 182.4 Rentokil 155.50 -0.50 162.50 112.90 1.67 21.78 1579.8
UltraElc 1985 -5.00 2044 1627 2.23 -174.14 150.3 Liontrust♦ 270.25 -13.25 393.50 260.82 2.96 20.04 8.3 Hochschild 48.50 - 134.25 48.50 - -3.38 325.4 HelclBar♦ 466.25 2.75 469.50 350.00 1.55 4.95 33.4 Ricardo 883.50 5.50 967.50 605.50 1.76 25.13 9.5
Man 159.60 -3.70 217.80 138.60 3.99 10.81 5077.0
Industrial General Kenmr 0.45 -0.06 4.92 0.40 - -0.20 26817.2 RbrtWlts 366.75 0.63 478.00 295.00 1.64 21.38 10.5
HK Land $ 6.93 -0.10 8.80 6.40 2.64 13.24 2523.5
Automobiles & Parts NB GFRIF 92.10 -0.50 99.75 91.90 4.03 23.57 2216.9 BritPoly 700.00 - 755.00 610.50 2.29 11.25 2.6 Lonmin 1.03 0.02 189.70 0.99 - -0.14 36160.1 Lon&Assc 26.50 -0.50 42.52 26.00 0.59 -3.74 32.3 RPS 229.00 1.75 271.37 181.50 3.70 16.20 124.8
FordMtr $X 14.05 0.16 16.74 10.44 4.10 11.77 10937.3 Paragon 373.60 -5.70 461.50 360.00 2.41 11.50 1110.1 Coats Group 25.75 -0.50 30.90 19.00 - -384.33 241.0 Petra 65.55 1.50 205.10 52.77 - 11.22 1610.5 Shanks♦ 97.00 -1.00 113.50 88.00 3.56 -50.81 63.2
JardnMt $X 48.61 -0.79 67.88 45.02 2.88 11.73 162.0 MacauPrp 155.38 2.00 239.50 152.00 - -3.67 13.2
GKN 295.00 -0.30 389.00 248.56 2.85 32.83 4179.5 Providnt 3361 -136.00 3654 2290 2.92 25.08 595.7 Petropvlsk 6.45 0.05 18.89 4.21 - -0.94 4872.3 Mntview 12100 -150.50 12900 9502 2.27 13.17 0.4 SIG 135.00 -1.90 212.20 117.00 3.26 24.18 932.2
RathbnBr 2199 -24.00 2348 1905 2.36 28.33 7.0 Jard Str $X 27.18 -0.02 36.93 26.11 0.96 9.99 158.7 PolymtIntl■ 531.50 4.50 634.00 424.20 2.55 -16.39 365.2 SpeedyHr 34.75 -0.50 80.50 27.94 2.01 -12.64 277.5
Banks Macfrlne 51.00 - 53.00 35.00 3.24 12.37 21.1 Q'tainEst 141.25 -1.25 147.75 79.48 - 19.62 1.0
Record♦ 28.25 0.25 41.00 27.50 5.84 10.18 7.9 RndgldRs 4162 20.00 5752.1 3546 0.93 30.24 442.0 RavenRuss 37.75 -2.25 58.56 37.25 - -2.67 297.1 St Ives♦ 212.75 -2.25 225.00 156.68 3.36 61.08 491.4
ANZ A$X♦ 26.19 -0.24 37.25 25.01 9.51 10.57 9307.8 REXAM 597.00 14.00 600.59 424.60 2.96 21.12 4201.7
S&U 2377 2.50 2595 1936 2.78 14.14 5.1 RioTintoX 1971 4.50 3280 1872 6.92 19.61 5711.7 RavenR Prf♦ 130.00 - 146.00 101.50 9.23 - 20.5 TribalGrp 54.50 0.38 188.00 53.50 3.30 -9.27 5139.6
BcoSant 338.00 -4.25 569.35 335.57 10.84 8.82 402.7 RPC 772.00 - 787.00 490.00 2.00 39.57 584.8
Schroder 2802 -27.00 3441 2493 2.78 17.20 162.3 Troy Res A$ 0.23 -0.02 0.77 0.21 - -0.48 408.5 RavenR Wrt 26.00 -0.50 35.00 25.00 - - 0.4 Vp♦ 768.00 -1.50 816.00 582.85 2.15 15.49 9.1
BnkGeorgia 1866 -14.00 2345 1609 2.40 9.18 39.3 Smith DS 378.90 2.50 423.70 300.89 3.01 27.53 2776.0
..N/V 2139 -4.00 2629 1916 3.65 13.13 9.5 VedantaRs 311.30 -8.70 695.06 304.30 13.37 -0.62 634.8 Safestre 348.90 -5.90 370.00 223.50 2.14 7.17 127.7 Watermn♦ 89.00 0.50 91.52 53.10 1.57 20.23 18.6
BankIre € 0.34 0.00 0.39 0.07 - 15.61 15816.1 Smiths 950.00 -36.50 1243 916.50 4.26 15.39 1906.1
SVG Cap 485.90 0.90 535.00 416.00 - 12.13 219.2 Savills 887.00 -0.50 991.46 592.00 1.24 20.73 67.5 Wolseley 3815 -34.00 4398 3509 2.23 30.92 417.5
BkNvaS C$X 57.26 -0.26 67.72 52.60 4.81 10.03 787.8
TullettPre 354.20 -11.30 415.90 244.80 4.76 7.56 335.8 SmurfKap € 23.43 0.08 30.31 17.13 2.62 18.07 244.9 Oil & Gas
BarclaysX♦ 218.00 -3.95 289.90 215.40 2.98 0.73 59328.2 Vesuvius 330.00 -1.10 530.00 323.60 4.89 9.29 106.3 Aminex 1.43 -0.13 2.92 1.40 - -16.76 11123.6 SchroderRE 58.50 -0.25 63.00 56.10 4.24 7.16 275.4 Tech - Hardware
WlkrCrip♦ 52.00 - 55.00 37.50 3.27 30.93 10.8 Smart(J)♦ 103.00 - 114.80 87.50 2.87 15.98 21.0
CanImp C$X 93.52 -1.29 102.90 83.10 4.69 10.33 882.2 BGX 975.60 -9.60 1301.62 780.55 1.96 -18.84 8880.3 ARM Hldgs 1087 -7.00 1332.5 811.50 0.70 48.18 2587.8
HSBCX 510.80 -0.80 674.57 478.35 6.56 10.07 21130.4 Food & Beverages Industrial Transportation BPX♦ 350.95 0.50 499.25 252.55 7.67 -12.82 29934.2 StModwen 410.50 0.50 499.40 363.17 1.12 3.87 149.0 CSR 899.50 0.50 900.00 550.00 1.02 25.43 2323.5
LlydsBkgX 72.04 1.37 89.35 70.25 2.08 42.96 150274.5 AngloEst 532.75 7.25 683.10 508.00 0.56 -41.60 5.0 BBA Aviat 173.40 3.30 259.11 165.20 4.27 14.39 3682.5 Cadogan 8.38 -0.38 13.25 8.25 - -0.51 47.1 U and I 222.00 -0.75 293.00 205.00 2.66 10.48 17.5 Laird 363.80 0.40 413.30 289.10 3.44 17.70 203.6
RylBkC C$X 74.34 -0.21 81.53 68.05 4.23 10.85 928.2 AscBrFdX♦ 3436 -78.00 3606 2705.75 0.99 48.15 612.3 Braemar♦ 430.00 -5.00 513.86 390.00 6.05 20.48 0.3 CairnEng 142.60 2.60 210.00 135.20 - -2.33 1372.7 UNITE Gp 647.50 -9.00 706.00 432.80 1.73 5.22 310.6 Pace 430.70 1.10 520.80 316.34 1.01 12.33 435.6
RBSX 292.60 2.30 414.00 287.60 - -13.12 10945.9 Barr(AG) 525.00 -1.50 699.36 513.00 2.31 19.94 28.0 Clarkson 2400 -61.00 2855 1835 2.50 49.47 26.8 Cape 247.75 2.25 275.75 177.00 5.65 13.63 30.4 Urban&C 285.00 - 288.00 234.50 0.53 9.28 681.0 SpirentCM 68.00 -0.25 98.75 65.75 3.63 75.30 189.6
StandChX 509.20 -6.50 1166 505.00 10.07 11.90 9931.8 Britvic♦ 687.50 -13.50 788.00 632.00 3.04 17.08 452.7 Eurotunnl € 11.64 -0.07 14.57 10.01 1.52 58.39 734.5 EnQuest 20.50 - 61.00 19.25 - -1.79 1083.2
Fisher J 1050 -5.00 1442 894.50 2.10 13.60 13.6
Retailers Tech - Software & Services
..7.375%Pf 107.25 - 128.00 104.50 6.88 - 108.5 C&C €♦ 3.58 -0.03 4.08 3.16 3.24 -13.28 58.9 ExxonMb $X 76.33 0.70 95.18 66.55 3.72 16.10 10070.3 AA 274.40 -2.70 434.50 254.80 - -164.21 327.1
..8.25%Pf 119.75 -0.13 141.00 116.50 6.89 - 9.5 CarrsGroup 163.75 -3.88 178.50 136.00 2.12 12.66 32.7 Flybe Grp 92.75 -0.50 113.04 52.00 - 30.92 1875.6 GenelEgy 210.50 3.50 742.00 195.50 - -2.58 1287.4 Anite 125.75 - 129.75 69.25 1.51 39.36 4191.0
Goldenpt 28.75 -2.75 267.00 27.25 - -0.10 5.2 AO World 162.00 2.50 240.00 118.60 - -70.19 814.3 AVEVA 2210 -5.00 2350 1183.9 1.38 49.98 50.5
TntoDom C$X 54.07 0.29 56.48 47.75 3.77 12.58 1483.5 Coca-Cola H 1470 -18.00 1638 1051 3.44 23.35 581.9 GeoPark $ 2.80 -0.01 6.20 2.70 - -1.50 5.0 AshleyL 27.25 -0.25 36.00 25.00 7.34 10.60 58.4
VirginMoney 400.00 4.00 472.90 278.00 - -1000.00 892.6 Cranswk♦ 1845 - 1850 1280 1.84 21.81 46.0 OceanWil♦ 780.00 -2.50 1055 722.00 5.13 71.70 0.8 GrnDnGas 255.00 -1.25 416.00 240.00 - 20.72 0.3 Computcnt 830.00 -9.00 847.30 651.67 2.38 9.03 54.7
RoyalMail♦ 452.40 -7.40 532.50 388.60 4.64 15.74 2468.8 Brown N♦ 325.00 -19.00 400.00 286.03 4.38 21.87 390.6 DRS Data 12.00 - 14.90 11.25 - -5.06 8.8
Westpc A$X♦ 31.41 -0.64 40.07 29.10 8.05 13.48 6945.5 Dairy Cr 624.50 -10.50 656.50 437.90 3.47 45.15 251.3 GulfKeyst 18.25 - 71.00 15.00 - -0.87 2988.9 Caffyns♦ 535.00 -12.50 665.00 501.00 3.79 1.56 0.3
Devro 275.50 -6.50 328.00 264.54 3.19 49.22 26.1 UK Mail♦ 291.88 - 569.00 285.00 7.47 19.34 0.3 HellenPet € 3.95 - 5.65 3.35 - -16.83 213.5 Elecdata 65.00 - 75.00 62.25 3.08 21.62 1.8
Basic Resource (Ex Mining) Card Factor 365.90 1.40 401.50 250.00 1.86 21.30 84.3 MicroFoc 1516 185.00 1524 1016.51 2.05 37.29 2037.1
Glanbia € 16.84 -0.91 19.59 12.00 0.64 31.56 11.9 Insurance Hunting 303.80 3.30 677.00 290.50 6.50 -19.10 578.7 Dairy Fm $ 5.92 -0.01 9.77 5.76 3.75 17.79 188.3
Ferrexpo 22.00 -1.25 83.00 21.75 19.08 2.26 487.1 NCC Grp 276.50 -3.75 300.00 192.25 1.32 35.25 86.1
Grncore♦ 327.50 3.90 359.40 262.80 1.73 23.34 587.5 Admiral 1608 -11.00 1672 1208 2.87 15.32 728.3 ImpOil C$X 41.01 0.28 55.37 39.86 1.18 20.33 238.5 Debenhm♦ 78.00 0.35 96.80 68.00 4.36 10.61 3495.2
IntFerMet# 0.90 0.06 4.50 0.76 - -0.55 562.4 RM 165.00 -4.25 185.00 137.50 2.42 10.38 127.3
HiltonFd 546.75 2.75 546.00 375.00 2.43 21.80 923.6 Amlin 661.50 0.50 664.00 433.10 4.08 14.42 594.1 IE Hldgs 79.00 -0.50 173.00 67.00 - -2.70 110.7 Dignity 2303 -106.00 2643 1729 0.87 -26.47 86.3
Mondi 1316 -28.00 1614.36 985.50 2.26 17.06 2220.7
Kerry € 75.66 -0.25 77.25 55.42 0.76 25.93 34.5 JKX 27.50 - 39.40 10.23 - -0.73 0.4 Sage 592.00 -11.50 625.50 363.39 2.10 32.89 3098.0
Vale BRLX 12.57 0.49 27.89 11.25 18.45 -5.55 5917.0 AvivaX 497.20 -3.80 578.68 428.40 3.64 13.01 6428.6 DixonsCar 476.60 -9.60 490.80 398.90 - 22.48 3097.6 SDL 442.25 -5.00 472.00 315.00 0.57 42.00 26.8
Nestle SFrX 73.75 0.05 77.00 64.55 3.04 16.02 5011.2 Beazley 388.60 1.00 402.08 253.61 2.42 13.52 456.6 Nostrum 369.50 -5.20 670.00 333.40 4.77 51.51 20.9 Dunelm 965.00 -7.00 1023 800.00 2.12 20.41 48.9 Telecity 1220 -3.00 1250 940.00 1.11 96.93 447.5
Chemicals PremFds 36.00 -0.75 47.79 29.50 - -1.41 818.0 Chesnar 327.75 -10.00 367.81 310.00 5.61 12.85 67.6 OphirEgy 90.00 0.75 171.20 78.00 - -2.08 1926.9 Findel 195.00 2.00 255.00 162.00 - -28.17 26.1
PureCircle 395.00 -5.00 590.00 352.24 - 250.79 29.2 PremOil 57.15 -0.10 191.40 53.65 - -0.61 4761.3 TriadGp 34.50 - 43.00 9.25 - 12.05 3.9
Alent 502.50 - 502.50 315.20 1.82 23.35 1684.4 DirectLine 405.00 -0.50 415.80 299.96 3.56 12.69 3935.9 Halfords 347.30 1.90 563.51 343.15 4.20 10.42 448.9
Bayer €X 114.70 1.10 146.45 106.80 2.00 24.93 2235.0 REA 260.00 5.00 375.00 244.00 2.96 54.47 0.5 Eccles prf♦ 134.50 0.25 146.00 124.50 6.41 - 15.2 RylDShlAX♦ 1522 -19.00 2239.5 1486.5 8.25 92.00 7735.2 Inchcape 743.50 -12.50 906.65 673.50 2.70 20.01 595.4 Telecommunications
Carclo 134.50 -5.25 169.75 87.00 2.04 44.95 34.0 SABMillX 4035 -7.50 4090 2773 1.84 33.43 3487.8 Hansard 114.50 -1.75 123.24 80.00 7.42 10.56 47.6 ..B♦ 1533.5 -18.00 2315 1492 8.19 92.69 6737.5 JDSportsF♦ 1029 -9.00 1081 439.86 0.69 23.70 125.2 BTX 469.15 1.95 502.60 385.60 2.43 17.68 19550.1
Croda 2983 19.00 3150 2496 2.20 23.23 253.0 StckSpirit 124.00 13.75 255.10 97.75 1.43 18.56 720.6 Hiscox 1039 7.00 1055 686.00 2.26 12.75 184.5 Schlmbrg $X♦ 72.02 -0.10 95.13 66.57 2.64 27.19 3414.7 Lookers 168.00 -3.10 185.30 124.50 1.69 13.71 1087.5 Inmarsat 1112 -5.00 1140 758.50 2.90 24.22 1973.2
Elemntis 236.30 -0.30 324.10 206.70 2.24 10.27 545.4 Tate&Lyl♦ 591.00 -8.50 682.50 492.20 4.74 61.33 913.0 JardineL 890.00 - 1112 836.00 3.25 17.40 115.2 SEPLAT 76.50 2.50 169.00 66.00 12.76 7.73 156.7 Marks&Sp♦ 474.80 -7.70 600.00 440.10 3.79 18.19 4616.4 KCOM Gp 98.25 -1.50 101.00 78.50 5.47 39.35 412.6
Syngent SFrX 378.80 12.70 435.20 280.00 2.94 25.24 619.5 TongtHu R 91.72 -1.38 172.92 90.72 4.56 10.75 199.3 Lancashire■ 606.50 -13.50 772.90 506.00 1.47 8.53 643.6 Soco Int 139.00 9.25 317.80 117.00 7.01 -12.00 409.4 MossBros 101.00 -0.75 112.00 77.50 5.20 22.71 8.2 TalkTalk♦ 226.00 -3.00 415.10 210.10 6.11 42.54 999.2
Synthomer 314.10 -3.40 364.10 211.00 2.48 21.19 214.2 Unilever 2792 -22.00 3087 2450 2.95 23.27 1989.6 Leg&Gen 263.20 -0.40 296.02 229.95 4.27 15.33 10248.6 TrnCan C$X 44.73 0.93 59.50 40.58 4.63 18.69 1400.4 Next♦ 7500 -230.00 8175 6310 2.00 17.67 449.8 TelePlus♦ 1085 11.00 1291 725.50 3.69 26.45 164.4
Victrex 1800 -5.00 2202.55 1606 2.51 18.19 326.3 ..NV € 39.40 -0.22 42.98 30.34 2.88 23.68 16.9 NovaeGp 850.00 -11.50 914.39 516.50 2.92 11.15 94.6 Tullow 177.10 -0.10 456.90 153.50 2.38 -1.64 5957.1 Ocado 335.80 -23.40 478.50 309.50 - 294.30 4622.1
Old Mut 174.20 -21.20 20590 169.80 4.99 12.10 29562.9 Pendragn 44.75 -2.00 47.00 29.50 2.01 7.84 3982.5 Tobacco
Construction & Materials Health Care Equip & Services Pharmaceuticals & Biotech BrAmTobX 3694 -44.00 3931.5 3231.5 4.01 17.15 3116.8
Bioquell 139.50 -0.25 155.50 80.00 2.37 139.22 2.5 PermTSB € 4.52 0.07 6.30 0.05 - -5.60 179.8 BTG 621.00 9.50 835.87 504.00 - 52.17 287.8 Photo-Me 151.25 -4.25 163.00 131.50 3.23 21.76 252.3
Alumasc 177.50 - 221.83 117.00 2.99 11.99 40.5 Saga 200.20 -0.30 225.10 143.75 2.05 16.31 331.1 ImpTobX 3442 -40.00 3665 2680 3.72 17.23 2250.8
ConstMed 971.00 -21.00 1048 800.50 1.87 96.54 12.1 PhoenixGrp 912.50 -1.50 935.00 765.00 5.85 19.19 291.4 CathayIn 17.00 - 28.29 16.00 - -17.69 102.8
Boot(H) 230.00 6.00 245.00 182.25 2.43 14.07 2.9 SuperGroup 1616 -11.00 1690.08 750.00 - 28.96 122.9
GNStre kr 121.90 -0.60 158.50 113.70 0.75 24.48 689.6 PrudntlX 1488 -30.00 1761.5 1045.99 2.48 15.15 6042.6 Dechra 991.50 -5.50 1068 778.00 1.59 45.09 49.8 Travel & Leisure
ClarkeT 83.13 1.75 91.00 54.50 3.73 - 65.8 TescoX 150.55 -2.45 252.52 149.85 0.77 -2.17 33640.4
UDGHlthC♦ 551.50 10.00 559.75 366.00 1.33 15.60 369.8 RSA Ins 426.00 -3.20 528.00 390.50 0.47 65.62 3119.7 Genus 1449 7.00 1535 1210 1.26 22.33 49.4 888 Hldg 181.00 -1.25 185.75 131.00 2.81 24.09 354.3
CRH 1918 -23.00 2478.5 1402 2.31 35.89 1216.9
SagicFin 58.00 1.50 68.00 53.00 4.55 4.64 2.0
GalfrdT 1437 -22.00 1824 1152.52 4.18 12.96 108.6 GlaxoSmhX♦ 1314 -2.00 1645 1227.5 6.09 6.51 6468.0 Support Services AirPrtnr 417.00 -7.63 470.00 246.20 5.29 14.61 2.9
House, Leisure & Pers Goods StJmsPl 971.50 -11.50 1031 744.83 2.40 28.91 888.0 HikmaPhm 2088 -10.00 2617 1849.38 0.67 27.03 164.2 bwin.party 113.00 1.20 119.90 70.40 3.16 312.15 2970.7
Keller 815.00 7.00 1105 780.50 3.09 25.73 294.7 Acal 278.00 2.00 334.75 215.50 2.73 26.11 64.4
AGARmst 184.50 - 213.00 78.44 - -39.95 36.7 Stan Life 388.90 -2.50 505.68 372.28 4.70 28.71 3646.1 Oxfd Bio 5.94 -0.05 13.38 4.60 - -15.19 1987.6 Cineworld 559.50 0.50 599.00 381.50 2.41 18.74 295.9
KierGp 1298 -6.00 1779 1253 4.52 32.45 105.1 Aggreko 962.00 6.50 1724.15 866.00 2.82 12.74 683.6
BarrttDev 599.00 -6.00 673.50 411.60 1.99 13.44 2497.7 RichterG $ 18.60 -0.24 19.22 12.20 0.64 24.00 0.0 CompassX 1125 -9.00 1223.36 963.00 2.40 21.84 2166.1
Kingsp € 24.50 -0.56 26.07 12.86 0.65 31.73 25.3
Bellway♦ 2569 -30.00 2647.3 1686 2.37 11.13 202.6
Media APR Engy 172.50 1.50 407.44 49.98 1.98 -0.30 19.7
LowBonr 68.00 -0.50 76.00 46.00 3.97 17.51 74.4 4imprint 1298 21.00 1351.85 775.00 1.58 29.77 1.7 ShireX 4327 -57.00 5870 4305 0.35 12.77 1318.5 AshtdGp 1101 -19.00 1231 838.00 1.39 15.56 2452.8 EntInns 102.70 -0.90 139.60 94.65 - 17.20 406.4
Berkeley 3557 1.00 3690 2264 5.06 11.80 463.7 VecturGp 172.00 -4.10 187.50 127.00 - 106.44 175.9 FirstGrp 103.30 -0.80 129.90 88.65 - 18.66 2079.8
Marshlls 326.30 -1.20 379.80 212.79 1.84 26.60 498.7 ChimeCm 364.50 -0.25 366.00 239.00 2.30 128.25 139.6 AtknsWS♦ 1567 2.00 1633 1225 2.33 16.10 130.8
BovisHme 972.50 -6.50 1206 750.00 3.60 11.93 268.6 Fuller A♦ 1116 -12.00 1250 905.00 1.41 22.13 4.2
MorgSdl 755.00 1.00 865.00 573.10 3.58 -22.09 2.8 Creston♦ 126.00 - 163.00 108.00 3.33 16.37 17.4 Real Estate Babcock♦ 1000.00 -9.00 1152.76 868.50 2.36 18.66 949.2
Cairn Homes € 1.17 0.00 1.20 1.00 - - 2165.3 Go-Ahead 2570 8.00 2758 2269 3.33 21.50 86.8
Norcros♦ 208.00 0.50 227.60 150.00 2.69 14.65 19.8 DlyMailA♦ 675.50 -1.50 989.50 647.50 3.02 9.19 493.8 Berendsen 1040 - 1161 946.50 2.88 20.43 197.4
CrestNic 528.00 -5.50 598.50 342.00 2.71 11.81 370.6 Harworth Gr 12.25 - 14.00 7.26 - 2.96 252.6 GreeneKg 922.50 -5.50 985.00 712.00 3.12 22.72 779.7
StGobn €X 38.72 -0.12 44.84 31.83 1.57 26.44 1975.9 HaynesPb 106.50 - 169.35 103.00 7.04 -2.00 5.5 Brammer 155.00 -0.25 420.50 148.00 6.90 21.63 311.0
GamesWk 593.50 -13.50 620.00 487.25 8.76 15.51 2.3 REITs IrishCtl € 5.30 - 5.50 2.93 1.95 14.81 4.1
Tyman 262.00 2.50 342.00 230.00 3.05 38.00 8.5 ITE Grp 152.75 -0.75 204.75 125.00 4.84 12.21 166.9 Bunzl♦ 1860 -12.00 1969 1665 1.91 27.25 374.1
Gleeson♦ 535.00 - 538.10 345.02 1.42 23.27 25.2 Assura 56.25 - 64.00 49.63 3.47 10.19 1027.8 Ladbrokes 114.60 -1.90 147.00 92.85 7.77 -43.87 3459.2
ITV 264.20 0.70 281.90 200.10 1.78 20.19 8585.8 Capita 1183 5.00 1336 1000.5 2.47 32.07 1412.9
Electronic & Electrical Equip Headlam♦ 500.50 -5.00 550.00 404.00 3.50 16.64 70.6 BigYellw♦ 780.00 -13.00 838.50 558.00 2.78 9.28 123.4 Carillion 301.80 0.70 371.40 293.20 5.88 24.12 1114.1 MandarO $ 1.50 - 1.78 1.44 4.43 19.64 173.4
McBride 148.25 1.00 176.00 74.00 - -386.07 100.8 JohnstnP 40.38 2.88 174.00 35.00 - -84.29 2873.1
Dialight 442.25 -27.75 850.00 398.00 3.39 23.66 73.3 BritLand 796.50 -2.50 891.50 719.00 3.50 5.80 2238.3 Comnsis 41.00 -2.00 63.00 40.50 4.88 -5.63 92.8 Marstons 166.40 -2.50 177.00 135.80 4.03 -35.23 1855.8
McCarthy&S 233.50 3.25 240.75 180.00 - 19.57 292.6 News Corp A $ 13.67 0.17 17.55 12.16 0.73 -74.92 1118.2
e2v Tech♦ 231.50 0.25 268.00 167.50 2.20 21.05 163.0 Cap&Reg 68.50 -1.00 71.50 49.00 1.39 4.17 125.4 ConnectGp 161.00 -1.50 175.00 128.02 5.90 17.86 38.1 Natl Exp 318.40 -7.00 333.96 216.30 3.23 19.73 568.1
Persimn 1938 -5.00 2156 1423.36 - 13.46 891.6 NewsCpB $ 14.01 0.19 17.11 12.24 0.71 -76.76 383.2
Halma 854.50 -3.50 874.00 642.50 1.40 30.32 660.8 Countrywd 418.20 -0.70 608.00 375.00 3.59 20.83 822.3 DCC 5835 -5.00 6060 3294 1.45 38.01 198.5 PPHE Htl 624.00 1.50 688.00 429.00 2.84 9.51 2.5
Philips € 24.10 -0.14 28.00 20.48 - 36.94 3592.5 Pearson 737.00 -6.50 1517.42 731.50 6.92 31.57 4667.1
MorganAd 247.90 1.60 375.84 224.85 4.40 42.89 420.8 DrwntLdn 3631 -38.00 3891 2800 1.09 5.03 142.4 DeLaRue♦ 466.75 -0.25 606.00 414.75 5.36 12.03 201.0 Restaurt 647.00 -2.50 748.70 614.53 2.38 23.11 496.0
PZCusns 280.40 -25.40 376.90 280.40 2.80 22.54 733.6 Quarto 225.00 - 239.00 146.82 3.68 8.74 2.0
OxfordIn 673.50 20.50 1114 502.62 1.93 -78.62 74.1 Gt Portld♦ 837.00 -9.00 892.50 676.46 1.08 4.55 387.4 Diploma♦ 751.00 16.00 916.50 600.29 2.32 23.12 506.6 Sportech 57.00 - 72.00 50.25 - -1.36 0.9
ReckittBX 6189 22.00 6450 4895 2.25 26.30 1499.6 RELX NV € 15.23 -0.14 16.75 12.03 2.58 25.23 2674.3
Renishaw 1900 8.00 2672.9 1800 2.23 11.34 35.1 Green Reit € 1.56 -0.05 1.70 1.21 - - 77.0 Elctrcmp♦ 230.70 -0.60 263.10 167.55 5.09 24.28 280.5 Stagech 298.00 -6.70 437.90 228.00 3.52 12.94 3097.0
Redrow 449.40 -1.10 504.50 254.50 0.89 10.13 275.2 RELX PLCX 1157 -13.00 1232 988.50 2.25 26.57 2230.5
Spectris 1746 56.00 2420 1608 2.66 16.17 227.8 Hammersn 594.50 -3.50 708.00 569.50 3.43 6.87 1904.8 EnergyAst 504.00 4.00 640.00 392.25 - 17.23 36.4 ThomasCook 115.70 -2.70 162.20 97.65 - -29.87 5227.4
TaylorWm 196.40 1.10 207.40 121.85 0.79 15.46 10886.5 STV Grp 439.00 4.00 494.00 338.00 1.82 13.41 24.5
TT Elect 150.25 1.75 164.00 96.00 3.66 -76.93 39.9 Hansteen 113.50 -2.00 128.95 101.50 4.41 5.60 866.1 Essentra 855.00 11.00 1069 714.00 2.14 30.60 337.4 TUI 1173 52.00 1294.78 996.74 - 20.94 1446.6
TedBaker 3421 34.00 3650 1882.48 1.18 40.46 12.3 ThmReut C$X♦ 52.70 0.03 55.92 44.37 3.45 15.39 221.2
XP Power 1450 -10.00 1750 1370 4.28 14.41 8.1 HIBERNIA 1.38 0.00 1.45 1.06 - - 715.7 Experian 1174 -4.00 1264 1001 2.24 25.90 1302.3 Whitbrd♦ 4466 -13.00 5475 4278 1.84 21.64 973.5
UTV Med 177.50 0.50 204.00 137.00 4.08 31.74 21.8
Industrial Engineering WPPX Highcrft 987.50 -2.50 1090 820.00 3.65 18.09 0.4 Grafton 704.50 2.00 868.00 613.00 1.53 18.26 247.2 Willim H 367.20 -2.70 432.10 312.10 3.32 18.34 6760.2
Financial General 1501 5.00 1616 1271 2.54 15.51 3194.6
INTU 308.30 -2.00 376.50 306.80 4.44 16.12 1899.6
3i♦■ 476.00 -11.20 571.50 413.70 1.70 7.60 1732.9 Bodycote 534.00 -3.50 797.59 489.90 2.70 17.09 282.1 HarvyNah 87.63 0.13 107.00 66.32 4.06 12.71 11.3 Utilities
Castings♦ 469.00 4.00 488.00 360.00 2.84 13.74 8.3
Mining LandSecs♦ 1186 -12.00 1363 1112 2.71 4.49 2090.8 Hays 141.90 0.20 173.70 134.20 1.88 19.41 2432.3
AberAsM 292.90 -5.30 509.64 288.80 6.15 12.90 5060.3 LondonMtrc♦ 159.00 -0.40 173.20 144.20 4.40 6.44 653.8 Centrica 211.50 5.40 300.70 200.87 6.38 -21.28 23830.4
Fenner 143.25 3.75 237.00 124.50 8.38 695.39 519.5 Acacia 183.20 -5.30 318.90 154.50 1.50 51.13 901.6 Homesve♦ 406.70 -6.30 447.84 320.70 3.05 23.24 170.1
BrewDlph 289.10 1.40 361.00 247.70 3.42 43.94 197.7 McKaySec♦ 261.00 -4.00 279.75 219.68 3.33 4.55 18.0 DeeVally♦ 1455 -20.00 1484 1135 4.30 18.97 0.4
Goodwin 1979.5 24.50 3040 1901.24 2.14 11.46 0.2 AngloAmer 318.65 -1.05 1277.59 277.60 17.13 -0.92 21192.7 HowdenJny 517.00 -4.50 538.50 381.70 1.62 22.01 873.0
Canaccord 220.00 -15.00 460.00 201.50 4.48 -8.20 0.2 MucklGp♦ 507.75 -7.25 530.00 428.00 4.04 5.70 4.5 Drax 220.30 -3.90 571.00 213.40 5.40 5.16 1311.9
Hill&Sm♦ 750.00 14.00 762.00 565.00 2.40 29.11 58.0 AngloPacif♦ 56.50 2.75 106.50 49.00 14.96 -2.26 812.8 Intserve 535.50 5.00 878.50 487.20 4.30 14.55 64.6
CtyLonInv 333.25 -1.25 380.37 310.00 7.20 12.80 15.5 PrimyHth 103.50 -1.00 113.50 87.94 4.77 11.61 335.9 Natl GridX♦ 911.00 -2.40 954.00 806.40 4.71 15.88 5022.4
IMI 897.00 -3.50 1454.55 859.50 4.19 13.86 778.9 AnGoldA R 108.00 11.70 149.99 71.59 - -23.32 4512.2 Intertek 2708 -54.00 2949 2141 1.81 22.99 554.7
CloseBrs 1341 -4.00 1857.39 1331 3.77 11.51 188.9 Redefine 50.15 -1.60 59.90 49.20 6.38 4.96 3590.7 Pennon 834.00 -4.00 925.00 711.90 3.77 28.83 731.3
MelroseInd 285.50 1.40 314.78 242.70 2.91 44.67 1669.1 Antofagasta 446.00 -0.60 811.50 422.80 3.06 28.97 2252.6 Latchways 1100 - 1105 705.01 3.60 29.05 0.4
DBAG € 27.23 -0.90 34.50 24.23 1.44 10.42 37.2 SEGRO 428.30 -5.50 466.70 360.70 3.53 4.00 1267.4 UtdUtils 936.00 -8.50 1045 816.50 4.03 22.81 2367.5
Renold 55.25 0.25 86.00 50.75 - 21.62 11.8 ..5%Pf♦ 0.60 - 0.60 0.60833.33 - - Lavendon 135.25 0.25 211.50 130.00 3.40 14.26 26.8
Hargr Lans 1445 1.00 1533 909.00 1.57 43.69 516.9

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 375.50 -4.00 489.75 335.00 7.06 14.78 56.7 Symphny 6.38 - 11.22 6.01 - -17.86 37.7 Egdon Res 7.38 - 20.00 6.24 - -3.65 59.8 LXB Retail 94.00 0.25 149.00 77.00 - - 47.4 Tech - Hardware
Cohort 407.50 -7.00 432.04 230.00 1.08 29.66 12.6 Share 28.00 - 40.75 26.50 2.21 297.87 8.0 EuropaOil 3.00 - 9.72 2.65 - -3.49 166.0 NewRiver 345.00 -7.00 362.00 283.25 3.77 9.16 336.1 AminoTech 108.00 0.25 171.00 103.00 4.63 9.62 34.0
ShoreCap 425.00 - 431.50 400.00 2.35 14.72 70.0
Insurance FalkldO&G 7.05 0.40 45.00 6.25 - -15.19 1638.4 Palace Cap♦ 357.50 -7.50 405.00 312.00 3.64 6.16 22.3 IQE 20.50 1.25 27.00 16.98 - 85.06 514.1
Banks STM Group 60.50 -2.50 73.00 18.70 - 32.56 63.7 Gable 17.25 - 60.00 16.00 - -2.51 45.5 GETECH♦ 28.00 - 65.00 26.00 7.93 5.09 3.0 PnthrSec 367.50 - 402.00 300.00 3.27 16.23 0.5
BCB Hldgs 7.50 - 11.60 3.25 - -0.69 5.6 WH Ireland 100.50 - 130.00 79.00 1.99 38.67 2.0 Helios 201.00 - 210.00 120.00 0.75 26.10 0.8 Infrastrata 1.75 - 5.90 1.32 - -1.53 40.0 PSPI 41.50 - 42.90 23.50 - -8.65 0.1 Tech - Software & Services
STB 3300 -50.00 3425 2701 2.06 23.98 2.0 Media Iofina 9.88 -0.15 43.50 8.50 - -3.41 307.6 SiriusRE € 0.52 0.00 0.54 0.38 3.14 8.11 2058.4 Blinkx 21.25 0.25 40.50 14.75 - -1.46 244.0
Food & Beverages Ithaca Engy 29.00 -1.00 76.25 26.25 - 20.38 2449.8 SumGermny € 0.97 - 0.99 0.65 3.16 16.43 4.1 BondInt 102.00 - 148.25 83.00 2.16 18.99 29.0
Basic Resource (Ex Mining) FinsbryFd 113.50 -0.50 118.50 56.00 1.39 20.30 18.9 Avesco 227.50 - 252.00 103.00 2.64 15.85 22.5
Brady 46.25 - 110.13 33.60 4.00 -36.33 54.2
Cello Gp 87.00 - 106.70 79.00 2.99 81.23 63.8 KBC Adv 135.50 - 144.50 77.00 0.74 34.36 47.9 TaliesinPr 2245 -5.00 2545 1928.75 - 8.13 3.3
CropperJ♦ 630.00 - 718.00 390.00 1.35 29.01 0.2 Nichols 1423 -25.00 1496.81 834.56 1.57 24.64 12.0 Datatec 232.50 -2.50 370.00 220.00 2.24 10.94 0.0
M&Csaatc 333.00 -0.25 395.00 280.25 1.88 -45.59 21.2 Max 0.16 - 1.35 0.08 - -0.08 634.1
RealGdFd 54.00 -0.75 59.40 25.50 - 39.10 19.0 Retailers DDD 2.00 -0.13 4.50 1.25 - -2.07 40.8
Chemicals MissionMk 42.75 0.75 50.00 39.00 2.34 9.48 14.2 PetrelRes 3.25 - 5.56 2.00 - -1.59 2.7
Wynnstay 585.00 -5.00 607.50 474.52 1.74 16.48 10.5 Petroceltic 40.50 1.38 140.25 38.00 - -0.54 163.9 ASOS 3345 -45.00 4259 2146 - 75.34 405.8 Eckoh 51.50 - 56.00 35.89 0.72 75.51 219.4
Scapa 205.75 0.75 225.25 122.55 0.73 41.52 333.0 Next15Cm♦ 260.00 -2.00 278.25 147.00 1.06 168.18 194.6
PetroNeft 2.35 - 5.45 2.27 - -3.46 532.6 Koovs 28.50 - 163.50 27.72 - -0.98 2.8 EgSoltns 64.50 - 79.00 61.00 - -44.76 3.0
Health Care Equip & Services YouGov♦ 150.50 -1.00 156.00 101.50 0.53 48.80 5.0
Construction & Materials Plexus♦ 172.25 -1.75 245.00 148.00 0.66 27.95 60.2 Majestic 326.00 2.00 480.00 273.25 1.29 24.96 403.0 Iomart 256.75 -8.25 310.00 159.93 0.97 30.05 19.6
Advnc Med 169.00 -6.25 187.29 118.00 0.41 26.39 169.2 StanlGib 89.00 -2.00 313.36 87.00 5.62 -39.87 20.5
Abbey 1172.5 72.50 1161 833.35 0.73 7.11 0.4
AVO 5.25 -0.13 16.90 3.75 - -6.65 1900.6
Mining Rockhop 26.50 - 83.00 24.00 - -5.18 2762.2 K3BusTc♦ 369.00 -2.50 377.00 205.00 0.34 34.54 18.5
AccsysTch 66.63 1.63 81.50 56.00 - -42.63 2.8 Amara 7.95 0.01 20.00 6.80 - -4.70 229.5 Sound Oil 13.75 -0.13 26.73 8.75 - -8.72 1033.1 Support Services OMG 47.75 0.50 49.00 30.50 1.05 137.61 19.1
CareTech 234.00 - 262.15 190.00 3.42 11.04 19.3
Aukett 6.88 - 8.50 5.50 3.05 9.02 8.7 AMC 10.13 0.33 44.58 5.50 - 10.08 3112.5 TowerRes 0.10 - 0.75 0.08 - -0.43 1582.7 Progility 1.38 - 8.25 1.25 - 5.64 19.6
CircleHldgs 35.50 - 69.00 32.00 - -10.33 1.5 AndSyks 330.00 5.00 355.00 270.00 7.21 14.18 2.7
BotswanaD 0.83 -0.05 2.50 0.63 - -5.03 35.0 TrinityE 4.13 0.13 37.00 2.92 - -0.05 205.5 Pub Tech 127.50 - 208.00 114.00 - -3.93 3.0
Electronic & Electrical Equip ImmunDiag 247.50 5.00 343.00 216.40 1.21 56.83 18.0 Augean 54.25 - 62.00 37.65 0.92 10.94 91.0
SciSys 69.50 - 95.51 38.50 2.32 -60.70 1.5
SphereMed 10.50 - 23.50 8.30 - -1.34 6.5 CentAsiaM 146.00 -13.00 198.00 135.16 8.49 15.02 49.1 UnJackOil 0.15 - 0.30 0.14 - -5.77 4000.0 Begbies 42.50 1.00 51.08 38.50 5.18 -33.73 38.5
CeresPow 7.80 0.0210.08 5.90 - -5.85 34.4 WANdisco 82.50 3.00 545.00 75.07 - -0.90 18.2
Tristel♦ 142.00 -0.50 145.00 67.10 1.30 27.13 104.7 Connema 1.30 - 2.80 0.25 - -3.69 25.0 VictorOil 39.13 1.38 89.05 34.49 - -1.24 316.9 Christie 126.50 - 162.00 118.00 1.78 11.04 5.0
Densitrn 10.75 - 11.00 3.50 - 370.69 42.5
C'royG&NR 0.35 - 1.10 0.28 - -6.25 1307.0 VolgaGas 34.00 -3.00 90.00 31.50 9.35 8.26 10.8
ElektronT 6.13 - 8.70 4.00 - 9.25 5.0 House, Leisure & Pers Goods
Empres 89.00 -5.00 106.90 38.13 0.79 10.74 261.1 Telecommunications
GrekaDrill 5.45 -0.05 13.90 5.07 - -5.25 186.6 Hargreaves 284.00 5.00 709.00 275.00 9.40 4.42 13.7
FlowGp 16.50 0.13 49.00 9.75 - -3.43 258.7
Airea 17.75 - 23.00 11.55 3.38 13.72 0.5 Herencia 0.07 - 0.30 0.06 - -0.74 500.0
Pharmaceuticals & Biotech AltNetwks 447.50 -6.00 545.00 405.00 3.24 24.16 272.1
LPA 96.00 - 101.00 58.00 1.61 84.81 50.2 Abcam 584.50 2.00 621.00 420.00 1.35 31.47 303.6 Impellam 790.00 12.50 859.60 500.00 0.79 12.90 4.3 Peoples Op 104.50 -1.50 147.60 100.00 - -46.14 5.5
Churchll 675.00 - 705.00 502.00 2.39 20.94 5.7 HighldGld 53.50 1.25 59.75 17.73 8.49 -8.84 46.7 ISG 122.00 -2.50 355.00 119.50 4.02 -3.67 163.3
ThorpeFW 240.00 - 250.70 130.00 1.38 23.74 12.9 AllcePharm 48.50 - 63.00 32.00 2.06 15.54 267.0
Zytronic 419.00 - 425.00 252.00 2.39 20.49 40.0
gamingrealm 24.38 0.13 36.89 20.00 - -5.21 0.3 KarelianDd 0.90 - 1.85 0.80 - -30.00 104.7 JhnsnSrv 91.00 -1.00 95.41 59.00 1.87 62.07 47.1 Travel & Leisure
Mulberry 928.75 -6.00 969.00 725.00 - -638.76 3.5 OracleC 2.45 -0.18 3.20 0.25 - -15.71 399.6 Epistem 117.50 - 339.00 110.00 - -3.90 1.8
JourneyGp 168.50 0.50 187.50 120.00 1.76 13.38 5.0 32Red PLC 114.50 -1.25 115.75 35.25 2.10 41.46 251.9
e-Thera 24.75 0.25 49.40 20.25 - -8.00 93.4
Financial General Portmern 957.50 2.50 980.00 860.20 2.77 15.67 1.5 ShantaGold 4.75 0.13 11.45 4.00 - -9.79 215.0 LonSec 2100 - 2400 1800 2.95 21.95 0.2 CastleStIn 31.13 0.75 41.25 17.00 - 5.55 103.4
TelfordHms♦ 389.50 -14.50 495.00 337.00 2.85 8.12 181.4 SierraRut 19.25 - 32.00 16.06 - -16.58 0.3 GW Phrms 438.25 -18.50 708.55 310.00 - -24.23 219.0
Ambrian 4.88 - 12.05 4.50 - -1.27 288.7 Matchtech♦ 531.75 -3.25 587.80 483.85 3.81 17.98 4.6 Celtic 73.00 - 79.00 70.75 - -17.16 0.6
WalkerGb 210.50 -3.50 244.85 178.00 1.10 23.41 36.5 Sirius Min 16.50 -0.25 29.50 6.40 - -32.80 4992.7 HtchChMd 2810 -5.00 2896.6 1140.15 - 162.62 2.4
Arbuthnot 1538.5 -16.50 1650 1281 1.75 21.13 2.9 NewmkSec 2.88 -0.05 4.93 1.86 2.61 6.73 557.9 ..6%CvPf 65.00 - 80.00 35.00 4.98 - 0.5
Stratex 1.20 - 2.65 1.00 - -2.48 842.7 ImmuPhar 29.75 3.75 65.00 19.10 - -10.01 115.8
Aurora 9.13 - 11.25 8.00 - -0.93 0.4 Industrial Engineering NWF 182.50 1.00 192.94 120.00 2.79 14.33 14.6 ..Cv Pf 135.00 - 150.00 120.00 - - 0.4
ZincOx 0.65 -0.03 18.00 0.53 - -0.05 1217.3 ReNeuron 2.63 -0.25 6.50 2.26 - -5.46 1454.2
BP Marsh 153.50 -1.00 159.00 126.00 1.79 6.82 14.0 Paysafe 370.75 6.50 378.00 335.20 - 56.71 2312.3 Dalata 367.50 - 370.00 111.15 - 198.11 112.1
600 Grp 13.63 0.50 20.00 11.35 - 9.82 112.1 Sareum 0.19 - 0.65 0.18 - -2.92 4725.0
BrooksMac 1902 2.00 1985 1301 1.52 27.91 0.9 Oil & Gas PennaCns 287.50 -1.00 292.00 28.30 1.22 16.71 8.0 Dart 552.50 -2.00 557.50 267.50 0.54 8.74 426.8
Molins 77.00 2.00 96.80 66.10 7.14 -18.78 21.6 SinclairIS 40.50 -0.25 61.33 31.50 - -15.53 72.0
Camellia 8987 -259.00 9992 8579.64 1.40 304.94 0.7 Petards 13.25 0.13 14.65 9.75 - 10.53 117.8 GoalsSocc 168.50 1.00 242.00 127.00 1.19 11.81 32.2
MS Intl♦ 215.00 -5.00 227.50 116.00 3.72 26.23 2.2 AlkneEng 35.75 - 38.50 19.50 0.84 -22.41 12.1 Vernalis 70.00 - 88.29 44.45 - -105.26 314.9
Fairpoint 150.50 -1.50 195.00 105.66 4.25 21.65 198.9 RedhallGp 6.50 - 15.50 5.00 - -0.26 225.0 MinoanGp 7.13 - 13.50 6.00 - -11.29 142.2
Pres Tech 191.50 4.00 484.00 140.00 4.39 11.61 4.0 AmeriRes 23.00 0.75 48.00 19.50 - -35.55 747.8
Leeds 36.00 - 43.79 30.00 - 9.43 8.0
TP Group 2.63 - 6.75 2.25 - -2.49 836.8 AndesEnrg 23.88 0.50 40.15 16.50 - -17.59 50.6
Real Estate Renew 388.25 -4.25 401.25 237.00 1.29 22.50 15.3 PeelHtls 103.00 -0.50 110.00 77.00 1.46 20.30 10.0
MattioliWds 641.50 -1.50 650.00 435.00 1.46 32.73 5.1 Conygar 175.50 - 195.00 163.50 1.00 8.95 4.6 Restore 296.50 5.50 316.00 232.00 0.81 54.14 101.3
Miton 28.00 - 31.00 18.50 2.14 9.73 3.6 Industrial General
BahamasP 1.34 - 3.10 1.11 - -5.73 980.8 Utilities
BorSthnPet 1.48 0.05 7.18 1.35 - -2.98 909.7 FltchKng 50.50 - 65.00 41.11 5.94 7.03 1.0 SafeCharge 248.00 - 297.00 235.01 2.15 27.02 105.1
Numis♦ 265.75 -2.25 278.00 196.09 3.95 20.18 14.8 ModernWtr 8.25 - 22.50 7.75 - -0.38 21.6
Powerflte 92.00 0.50 100.98 49.00 1.16 29.62 2197.6 Circle Oil 3.63 0.13 13.95 3.28 - -0.53 739.2 InlandHms 73.75 0.63 77.00 54.00 0.81 5.36 183.0 Servoca 28.25 -1.75 34.75 16.65 - 21.02 171.0
Park Grp 85.50 - 97.97 52.00 2.81 17.00 10.7 SeaEnergy 3.50 -0.38 30.40 3.04 - -0.37 62.0
RM2 40.00 - 73.00 36.50 - -4.03 248.3 ClontarfEn 0.20 -0.03 1.00 0.13 - -4.17 1201.4 Lok'nStor♦ 352.50 -5.00 374.00 230.00 2.08 46.13 28.1 Utilityws♦ 137.25 -3.75 288.25 115.00 3.28 9.43 146.1

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) EdinDragn♦ 231.50 0.50 311.00 212.50 0.95 259.8 -10.9 JPM Clavr 603.50 -2.50 645.18 550.50 3.40 625.2 -3.5 SchdrUKMd 474.50 3.00 504.50 418.50 1.79 526.1 -9.8 VCTs 52 Week Dis(-) Marwyn Val 213.50 - 251.93 199.07 - - -
Price +/-Chg High Low Yld NAV or Pm ..CULS 103.25 -0.13 107.89 102.00 - - - JPMGIConv♦ 91.00 -0.75 106.00 90.00 6.18 94.4 -3.6 ScotAmer♦ 254.75 -2.25 276.50 230.44 4.14 242.2 5.2 Price +/-Chg High Low Yld NAV or Pm TerraCat 106.00 - 110.89 90.00 - - -
3i Infra♦ 172.80 0.40 189.56 163.40 4.50 - - Edin Inv 715.00 -7.00 737.00 620.00 3.34 696.9 2.6 JPM GEI 83.50 -1.13 124.67 83.25 5.87 90.2 -7.4 Scottish In 587.00 -4.00 670.00 552.50 2.04 657.6 -10.7 AlbionDev 69.00 - 70.89 66.00 7.25 73.9 -6.6
AbnAsianIn 148.50 -3.50 207.75 142.50 5.52 165.9 -10.5 Edin WWd 456.25 -3.25 502.44 382.00 0.44 487.0 -6.3 JPM I&C Uni 350.50 -0.50 370.00 342.00 - 356.0 -1.5 ScottMort 270.40 -1.70 283.40 226.20 1.08 263.3 2.7 Albion Ent 91.50 - 91.90 85.50 5.46 101.1 -9.5 ISDX
AbnAsian 736.00 - 953.50 653.77 1.36 825.8 -10.9 EP Global 225.00 -1.00 262.10 212.05 1.47 231.1 -2.6 JPM Inc&Gr♦ 105.38 - 115.85 102.00 4.27 110.3 -4.5 ScottOrtll♦ 725.50 -16.00 898.50 660.00 1.59 828.6 -12.4 AlbionTech 74.00 - 78.49 72.50 6.76 75.4 -1.9
Estabmt♦ 167.50 - 187.00 138.00 2.93 198.9 -15.8 JPM Ind 477.50 -1.25 605.50 443.00 - 535.9 -10.9 SecTstScot♦ 127.75 -0.75 148.00 120.50 4.07 134.5 -5.0 52 Week Vol
AbnJapInv 483.00 - 571.00 422.11 0.54 519.9 -7.1 AlbionVCT♦ 66.50 - 67.90 63.00 7.52 72.7 -8.5
Euro Ast 1092.5 -10.00 1160 945.00 4.83 1080.5 1.1 JPM JpSm 257.00 -0.13 261.75 199.00 - 287.7 -10.7 Seneca I&G♦ 143.50 - 150.00 134.00 4.00 144.1 -0.4 Price +/-Chg High Low Yld P/E 000s
AbnLatAmIn 46.50 -0.50 73.00 43.35 9.14 52.7 -11.8 ArtemisVCT♦■ 60.00 -12.00 74.00 59.23 6.67 78.3 -23.4
EuroInvT 716.75 -1.50 849.00 667.00 1.95 749.5 -4.4 JPM Jap♦ 289.75 -0.38 307.95 220.00 0.97 315.4 -8.1 Shires Inc 211.75 0.75 261.00 209.33 5.79 231.3 -8.5 ArsenalFC 1567000 - 1600000 1430000 - 48.64 0.0
..Sub 0.05 -0.10 0.61 0.10 - - - ..VCT 2♦ 96.50 - 99.00 91.00 6.74 100.6 -4.1
F&C Cp&I♦ 256.63 -4.50 277.00 241.00 3.90 257.4 -0.3 JPM Mid 1070 -3.00 1075 743.58 1.92 1060.6 0.9 StdLf Eqt♦ 451.75 -2.75 471.46 384.44 3.19 450.3 0.3 ShephdNm 1195 5.00 1232 1000.00 2.18 24.51 11.8
AbnNewDn 145.00 -1.00 205.23 136.00 2.48 165.8 -12.5 ..VCT 3♦ 101.00 - 103.49 94.00 7.43 105.1 -3.9
F&CGblSmlr 989.50 4.50 1028.92 864.00 0.98 966.6 2.4 JPM O'seas♦ 1024 -5.00 1159 930.00 1.46 1075.8 -4.8 StdLf Sml 375.50 -3.50 380.50 267.00 1.23 378.0 -0.7 Thwaites 118.50 - 131.00 102.00 3.76 7.14 15.0
AbnNewThai 356.00 -3.75 489.88 324.00 2.30 419.3 -15.1 ..VCT 4♦ 94.00 - 95.19 88.25 3.19 97.4 -3.5
AbnSmlCo 213.50 - 229.00 177.00 3.04 246.9 -13.5 F&CMgdG 150.00 -0.75 158.00 136.11 - 149.1 0.6 JPMRussian 307.13 -1.63 391.00 223.25 4.23 363.4 -15.5 StrategicEq 224.50 - 241.50 175.75 0.35 210.7 6.5 ..VCT 5♦ 81.25 - 82.49 72.00 4.92 87.1 -6.7
Abn UK 297.50 -1.75 334.75 281.83 3.43 310.7 -4.2 F&CMgdI♦ 116.50 - 130.00 112.10 4.25 115.0 1.3 JPMSnrSec 84.00 - 98.05 83.25 7.32 89.5 -6.1 Temp Bar♦ 1027 -9.00 1235.01 1020 4.56 1090.4 -5.8 BSC VCT♦ 86.00 -2.00 91.00 82.00 6.40 99.1 -13.2
Abf Gd Inc 200.25 -2.38 212.00 156.00 3.67 217.6 -8.0 FidAsian 240.25 -1.75 285.50 195.50 0.46 263.0 -8.7 JPM Smlr♦ 902.00 -5.00 929.20 584.17 1.06 1031.3 -12.5 TempEmerg 400.50 -4.50 607.78 370.00 2.06 461.1 -13.1 ..VCT2 56.00 - 59.00 51.98 8.04 60.6 -7.6 Guide to FT Share Service
Abf Sml 1169 -3.00 1235 1015 2.12 1255.1 -6.9 FidChiSpS 135.40 -0.10 179.78 105.06 0.96 159.9 -15.3 JPM US Sml 179.50 -0.75 193.75 155.25 - 182.3 -1.5 TRIG 96.75 -0.25 109.00 96.75 6.28 - - Crown Place 29.00 - 30.50 27.75 8.62 30.5 -4.9
AcenciADbt $ 1.47 -0.02 1.80 1.46 4.14 1.6 -8.1 Fid Euro 168.30 -0.70 187.50 153.00 1.84 178.7 -5.8 JupUSSmCo 590.25 2.75 704.03 572.50 - 675.9 -12.7 ThreadUKSel 167.00 - 180.00 156.00 2.60 185.5 -10.0 FrsightSol 102.50 - 106.00 95.00 5.85 109.6 -6.5
AdvDvpMk 390.13 -6.13 483.00 350.00 - 445.1 -12.4 Fid Jap 83.75 0.63 88.25 68.79 - 96.6 -13.3 KeystoneInv♦■ 1781 -36.00 1900 1720.95 2.84 1898.9 -6.2 TREurGth 610.00 -0.75 661.00 493.00 1.07 675.2 -9.7 Inc&GthVCT 95.50 1.00 104.00 88.25 18.85 106.6 -10.4
Alliance♦■ 496.00 -2.30 531.50 437.00 2.00 551.5 -10.1 Fid Spec♦ 199.00 1.38 217.00 164.80 2.16 - - Law Deb 475.50 -1.75 545.50 452.50 3.30 455.5 4.4 TroyInc&G 71.25 -0.63 74.71 63.75 3.23 70.2 1.5 KingsAYVCT 18.50 - 19.00 17.25 5.41 19.9 -7.0 For queries about the FT Share Service pages e-mail
AllianzTech 639.50 -8.50 650.00 507.00 - 667.6 -4.2 FinsG&I 570.00 -8.00 609.36 513.00 2.05 571.8 -0.3 LinTrain £ 567.50 -2.50 585.00 370.00 1.13 414.0 37.1 UtilicoEmg♦ 165.00 -1.50 173.75 119.11 3.70 181.6 -9.1 Maven I&G 67.25 - 75.00 59.50 8.77 62.5 7.6 ft.reader.enquiries@morningstar.com.
AltAstsOps 42.00 - 47.00 37.50 - 46.9 -10.4 FstPacfic H HK$ 4.90 -0.17 8.10 4.56 4.13 - - Ln&StLaw 349.50 -4.50 384.00 331.51 4.06 363.2 -3.8 UtilEmSubs 9.00 0.63 14.00 7.29 - - - MavenVCT2 49.25 - 64.00 45.00 8.12 50.3 -2.1 All data is as of close of the previous business day. Company classifications
Art Alpha 246.88 -2.13 295.94 245.00 1.32 307.8 -19.8 For & Col 435.70 -4.30 467.90 395.60 2.16 471.9 -7.7 Lowland 1313 -5.00 1440 1230 2.89 1335.6 -1.7 UIL Inv♦ 110.00 - 126.00 105.00 6.82 147.6 -25.5 MavenVCT4 85.50 - 88.39 80.00 5.85 97.8 -12.6 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
..Sub 18.25 - 34.04 17.00 6.58 - - Geiger 12.00 - 24.50 11.00 - 14.3 -16.1 M&GHighInc 156.00 -1.00 179.95 145.00 2.95 166.8 -6.5 ValAndInc♦ 248.00 -4.75 264.99 228.50 3.63 305.6 -18.8 MavenVCT5 36.00 - 37.00 32.00 6.94 39.3 -8.4 100 constituent stocks are shown in bold.
AsianToRt 189.00 -2.00 224.00 163.25 1.72 205.2 -7.9 GenEmer 446.00 -2.00 575.00 391.70 - 500.9 -11.0 Majedie 270.00 -1.00 283.00 227.03 2.78 266.3 1.4 Witan♦ 768.50 -10.50 850.00 676.78 2.04 764.7 0.5 Nthn 2 VCT 73.00 - 88.00 67.25 7.53 76.8 -4.9 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Aurora 154.50 - 162.23 144.00 2.49 163.3 -5.4 GFIS 14.00 - 21.80 12.00 - 41.6 -66.3 Man&Lon 247.50 1.50 259.28 219.00 1.41 301.4 -17.9 WitanPac 223.00 -0.75 274.75 203.03 2.04 257.0 -13.2 Nthn 3 VCT 95.50 - 104.00 86.50 5.76 100.5 -5.0 are based on intra-day trading over a rolling 52 week period. Price/earnings
Axiom 101.50 - 103.00 100.00 - - - GRIT 6.38 - 25.11 4.00 - - - MCGlobPort 176.00 -0.50 195.00 155.00 2.33 174.0 1.1 WorldTst 246.63 -2.25 285.25 231.00 1.40 286.7 -14.0 NthnVent♦ 76.00 - 85.36 74.00 7.89 79.7 -4.6 ratios (PER) are based on latest annual reports and accounts and are updated
BG Japan 471.50 -1.50 493.25 358.25 - 455.3 3.6 GoldenPros 18.50 - 34.00 17.00 - 20.6 -10.2 MCurPac♦ 257.50 -2.50 336.00 236.73 2.91 294.2 -12.5 WwideHlth♦ 1833 -2.00 2108.5 1590.25 0.68 1936.2 -5.3 ProVenGI 75.50 - 81.25 75.00 5.96 78.7 -4.1 with interim figures. PER is calculated using the company’s diluted earnings
BG Shin 437.00 1.38 438.00 284.50 - 430.1 1.6 Hansa 800.00 -4.25 986.85 740.50 2.00 1105.3 -27.6 MercantIT 1780 -2.00 1796 1390.39 2.42 1951.8 -8.8 ProVenVCT 91.50 - 97.89 89.50 5.46 99.8 -8.3 from continuing operations. Yields are based on closing price and on dividends
Conventional - Private Equity 52 Week Dis(-)
BSRT 16.25 -0.75 34.00 15.00 - 39.6 -59.0 ..A 770.00 -2.50 930.00 747.25 - 1105.3 -30.3 MrchTst 420.25 -4.75 500.00 406.22 5.69 440.7 -4.6 UnicornAIM 144.00 - 144.79 122.00 4.17 162.1 -11.2 paid in the last financial year and updated with interim figures. Yields are
Price +/-Chg High Low Yld NAV or Pm
Bankers 622.50 -8.50 674.50 548.00 2.43 617.2 0.9 Hend Alt 220.50 -0.75 250.00 215.00 1.36 274.8 -19.8 Mid Wynd 339.00 -0.50 352.50 295.43 1.14 328.9 3.1 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
Hen Div♦ 90.25 -0.25 95.50 87.50 5.65 87.1 3.6 MitonUKMic 57.00 - 57.50 50.00 - - - AbnPvtEq 88.25 0.25 96.00 82.00 2.54 124.7 -29.2 Ordinary Income Shares 52 Week HR
BrngEmEu 460.25 0.25 607.70 432.00 4.13 543.9 -15.4 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenEuroF 1021 -20.00 1148.5 925.91 2.30 1021.6 -0.1 MitonWw 158.00 - 164.65 154.83 - 172.9 -8.6 Altamir € 10.84 -0.01 11.82 9.60 4.53 17.1 -36.6 Price +/-Chg High Low Yld WO GRY 0%
BH Global 1260 -13.00 1343.6 1215 - 1345.0 -6.3 capital changes where appropriate.
HenEuro 885.00 -6.00 957.00 773.33 2.03 867.3 2.0 MMP 3.13 - 4.58 3.00 - - - Dun Ent 331.00 -4.00 378.00 305.00 1.42 511.0 -35.2 JPM I&C 88.25 -1.25 106.00 82.00 7.54 -17.5 -1.5
..EUR € 12.00 - 14.00 11.80 - - - Trading volumes are end of day aggregated totals, rounded to the nearest
HenFarEs 280.88 0.88 362.00 238.25 6.59 276.2 1.7 Monks 419.00 -1.70 458.90 370.07 0.94 462.0 -9.3 Electra 3618 8.00 3750 2715 1.05 3907.7 -7.4 JupiterDv&G 3.50 - 5.40 3.00 21.14 8.2 -39.3
..USD $ 12.61 -0.03 13.35 11.90 - 13.2 -4.5 1,000 shares.
HendGlob♦ 368.00 -0.38 416.81 334.86 2.72 406.4 -9.4 MontanSm♦ 546.00 -4.00 554.00 429.86 1.37 621.4 -12.1 ElectraPrf 152.00 - 152.75 147.00 - 148.6 2.3 M&GHI&Gt 55.00 - 65.50 52.00 - -19.6 -9.6
BH Macro 2008 -1.00 2191 1990 - 2135.0 -5.9
HenHigh 180.75 1.25 195.25 165.90 4.81 174.0 3.9 Mur Inc 664.00 1.00 793.58 637.04 4.71 713.4 -6.9 F&C PvtEq 232.50 -2.50 235.50 210.00 4.66 291.8 -20.3 Rghts&Icp 4750 - 4950 3800 - -89.8 -8.6 Net asset value per share (NAV) and split analytics are provided only as a
..EUR € 19.40 -0.05 21.10 19.23 - 20.6 -5.8
HenInt Inc 118.50 -1.00 137.69 106.92 3.76 118.3 0.2 Mur Int 814.50 -6.00 1070 784.00 5.52 825.2 -1.3 GraphEnt 570.50 - 615.94 552.00 1.75 701.1 -18.6 guide. Discounts and premiums are calculated using the latest cum fair net
..USD $ 19.23 0.04 21.10 19.10 - 20.5 -6.2 Income Shares 52 Week HR
Hen Opp 899.50 7.25 1059.1 755.00 1.39 976.3 -7.9 ..B 725.00 - 1181.25 627.00 - 825.3 -12.2 HVPE 883.00 3.00 899.46 802.05 - 1098.1 -19.6 asset value estimate and closing price. Discounts, premiums, gross redemption
BiotechGth 700.00 -5.00 898.92 582.73 - 742.6 -5.7 Price +/-Chg High Low Yld WO GRY 0%
HenSmlr 694.00 -3.00 698.00 526.00 1.66 727.5 -4.6 NB DDIF $ 1.15 0.00 1.21 1.00 - - - HgCapital 1098 13.00 1169 1035 2.91 1290.8 -14.9 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckRCom 54.00 -0.50 94.14 51.13 11.14 55.1 -2.0 JPM In&Gr♦ 97.88 - 100.50 92.50 4.60 -78.3 9.4
Herald 746.50 7.00 750.00 631.00 - 879.1 -15.1 NewCtyEgy 11.75 - 23.20 10.00 - 17.1 -31.3 JPM Pvt Eq $ 0.97 -0.01 1.07 0.81 - 1.3 -25.4 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckREmEur 202.50 1.50 240.00 164.58 - 222.4 -8.9 M&GHghIc 53.50 -0.50 63.00 50.60 - -19.6 -7.7
HICL Infra♦ 150.40 0.20 161.40 147.40 4.89 137.2 9.6 ..Sub 0.13 - 0.15 0.06 - - - JZ Capital 392.00 - 480.00 387.00 - 623.4 -37.1 in pence.
BlckRFrnt 99.00 -1.50 118.50 95.25 4.20 107.6 -8.0 Rghts&I 1320 - 1350 925.00 2.73 - 26.2
Impax Env. 159.00 1.50 167.75 139.00 0.88 172.9 -8.0 NewCityHY 57.25 0.25 65.25 52.00 7.53 56.0 2.2 Mithras 146.50 - 151.91 126.50 0.68 166.8 -12.2
BlckRGtEur♦ 248.75 1.75 264.50 217.43 1.95 253.2 -1.8
Ind IT 384.00 - 390.00 280.00 1.30 390.2 -1.6 NewIndia 302.50 1.75 371.30 263.00 - 326.9 -7.5 NB PE Ptnr $ 10.79 - 12.20 10.70 - - - Capital Shares 52 Week HR X FT Global 500 company
..Sub 9.88 - 25.63 8.75 - - -
Intl PP 138.40 0.90 140.59 130.00 4.55 127.8 8.3 New Star IT 72.50 - 78.00 65.45 - 111.7 -35.1 Nthn Invs 580.00 - 695.00 419.00 2.93 553.6 4.8 Price +/-Chg High Low SP WO TAV 0% ♦ trading ex-dividend
BlckR I&G 185.38 -0.63 193.00 170.99 3.07 186.1 -0.4
InvAsTr 175.75 0.25 213.58 147.00 1.96 195.3 -10.0 NorthAmer 802.00 -13.00 906.45 729.50 3.80 906.9 -11.6 Pantheon 1335 12.00 1395 1220 - 1619.6 -17.6 JPM Inc&Gr 9.00 -0.38 15.19 8.00 4.8 -2.3 3.1 ■ trading ex-capital distribution
BlckRIncStr 136.50 -0.25 141.00 124.44 4.93 134.5 1.5
Inv Inc♦ 276.38 -3.38 305.00 265.50 3.67 296.5 -6.8 NthAtSml 2217.5 - 2228 1760 - 2671.1 -17.0 PantheonR 1232.5 5.00 1300 1170 - 1619.0 -23.9 M&GHghIc 2.40 - 5.30 1.70 15.8 14.7 - # price at time of suspension from trading
BlckRckLat 291.75 3.88 413.66 262.11 6.61 319.9 -8.8
InvPerp 72.13 - 79.00 68.40 6.93 70.4 2.5 Oryx Int 647.50 - 654.88 400.00 - 690.6 -6.2 PrincssPE €♦ 7.74 -0.13 8.15 6.90 7.13 9.2 -15.9
BlckRckNrAm♦ 110.38 0.13 124.50 101.00 3.62 123.3 -10.5 Zero Dividend Preference Shares 52 Week HR The prices listed are indicative and believed accurate at the time of publication.
IPST BalR 116.25 -0.75 123.00 115.11 - 115.2 0.9 PacAsset 186.75 -0.50 226.15 156.25 1.39 186.4 0.2 Riverstone 790.00 -5.00 1114 779.50 - 1076.3 -26.6
BlckRSmlr 957.00 - 983.00 740.50 1.52 1040.2 -8.0 Price +/-Chg High Low SP WO TAV 0% No offer is made by Morningstar or the FT. The FT does not warrant nor
IPST Gbl Eq 158.00 -1.50 172.00 147.00 2.91 153.5 2.9 PacHorzn 167.75 -1.75 223.77 142.50 0.83 189.9 -11.7 StdLfEuPv 207.00 2.50 223.50 198.00 2.42 281.6 -26.5
BlckRThrmt 349.13 -2.13 352.00 258.68 1.26 392.3 -11.0 Abf Gd Inc 153.25 - 153.73 146.25 -49.7 - 159.7 guarantee that the information is reliable or complete. The FT does not accept
BlckRWld 185.25 0.75 336.91 175.23 11.34 206.0 -10.1 IPST Mngd 102.75 - 104.00 101.00 - 103.2 -0.4 Perp I&G♦ 407.00 -1.20 431.00 378.20 3.05 402.7 1.1 Conventional - Property ICs 52 Week Dis(-)
EcofinWatr 155.75 - 156.35 152.67 -81.0 -95.3 160.7 responsibility and will not be liable for any loss arising from the reliance on
Bluecrest A 194.00 1.10 200.00 185.00 - 202.9 -4.4 IPST UK Eq 170.00 -1.00 174.39 150.36 3.62 165.9 2.5 PerAsset♦ 34480 -125.00 36313.1 33000 1.62 34650. -0.5 Price +/-Chg High Low Yld NAV or Pm
JPM I&C 175.50 -0.13 176.50 170.41 -21.5 - 192.1 or use of the information.
Brit Emp♦ 451.00 -4.30 557.08 440.10 2.33 522.5 -13.7 InvPpUK 390.63 2.38 395.06 302.44 4.39 408.4 -4.4 6 Direct Property JupiterDv&G 114.75 - 116.50 106.70 -5.4 - 128.4
Brunner♦ 545.00 3.00 584.12 503.70 2.20 598.1 -8.9 Invs Cap A 93.00 - 102.00 88.00 4.88 96.3 -3.4 PolarFins 103.88 0.88 112.84 94.00 2.98 109.7 -5.3 The FT Share Service is a paid-for-print listing service and may not be fully
AXA Propty 52.25 -0.13 53.25 41.50 - - - JZ Capital 363.50 - 364.50 352.00 - - 369.8
Calednia♦ 2335 -14.00 2517.66 2110 2.17 2784.0 -16.1 Invs Cap B 91.50 - 103.00 88.00 3.75 96.3 -5.0 ..Sub 4.88 - 9.50 4.00 - - - representative of all LSE-listed companies. This service is available to all listed
CustdnREIT♦ 107.50 - 110.50 104.00 5.12 - - M&GHghIc 116.88 - 117.50 112.25 -22.4 -98.6 122.8
CanGen C$♦ 18.00 -0.46 22.00 17.08 3.03 24.8 -27.4 Invs CapU 363.50 - 404.95 347.00 1.88 385.3 -5.7 PolarHealth 174.50 -1.00 187.50 162.00 2.03 177.4 -1.6 companies, subject to the Editor’s discretion. For new sales enquiries please
F&CComPrp♦ 130.50 -1.30 149.00 130.41 4.60 132.5 -1.5 UILFn16 189.25 - 189.90 182.50 - - -
Cap Gear 3275 -5.00 3575 3152.28 0.49 3278.7 -0.1 JLaingInf 117.10 - 128.60 113.99 5.66 105.8 10.7 PolarTech 620.00 -5.00 647.00 487.40 - 626.3 -1.0 email jessica.llewelyn@ft.com or call 020 7873 4012.
F&CUKRealE♦ 100.00 -1.25 105.50 92.50 5.00 97.9 2.1 UILFn18 144.25 - 146.50 136.00 - - -
City Merch 183.25 -0.25 194.00 179.00 5.46 180.1 1.7 JPM Amer 273.00 -3.20 296.14 238.90 1.19 287.2 -4.9 ProspJap $ 1.02 -0.02 1.09 0.90 - 1.3 -21.5
InvistaERET# 0.30 0.05 1.50 0.03 - 1.8 -83.3 UILFn20 124.00 0.13 125.25 107.50 - - -
CityNatRs 85.13 -0.38 108.25 75.00 6.58 94.0 -9.4 JPM Asn 212.63 -1.00 268.92 182.00 1.03 237.3 -10.4 QatarInvF $ 1.25 0.01 1.49 1.09 2.71 1.3 -3.8
Longbow 105.00 -0.50 106.75 101.25 5.71 - -
City Lon 378.00 -4.40 418.35 359.00 4.01 374.1 1.0 JPM Brazil 37.75 -0.75 62.80 32.25 2.25 42.3 -10.8 RIT Cap 1609 -11.00 1640 1376 1.85 1549.1 3.9
PictonProp 70.75 -0.25 74.75 63.51 4.45 72.1 -1.9 Investment Companies - AIM Data provided by Morningstar
DexionAb 183.13 - 191.00 174.00 - 192.1 -4.7 JPM China♦ 163.00 -2.00 233.96 136.30 0.98 197.4 -17.4 RobecoNV € 30.38 - - - - - -
SLIPropInc 82.50 -0.50 90.25 77.00 5.63 80.6 2.4
..EUR € 2.59 0.05 2.65 2.40 - - - JPMElct MC 100.00 - 101.99 97.01 0.35 99.4 0.6 RolincoNV € 28.32 - - - - - - 52 Week Dis(-)
UKComPrp 80.60 -0.10 94.00 80.20 4.57 85.0 -5.2
..USD $ 3.90 0.06 3.89 3.70 - - - ..MG♦ 605.00 -5.00 635.00 563.10 1.12 610.7 -0.9 Ruffer Inv 212.75 -1.00 226.00 206.50 - 208.9 1.8 Price +/-Chg High Low Yld NAV or Pm
DiverseInc 93.50 0.25 97.50 78.00 2.51 92.1 1.5 ..MI♦ 100.50 -1.00 110.00 92.00 3.78 102.9 -2.3 SchdrAsiaP 261.00 -1.50 321.50 226.25 1.05 291.7 -10.5 Property Securities
AdFrntMkt 50.50 -0.63 61.10 48.20 - 54.6 -7.5
JPM Emrg 540.50 -3.50 674.65 486.00 1.02 606.3 -10.9 Schdr Inc 255.63 -1.38 348.25 243.50 3.95 266.2 -4.0 SchdrGlbRe♦ 120.00 -0.50 132.98 111.90 1.81 130.1 -7.8
Dun Inc 223.00 -2.50 273.00 217.50 5.04 241.7 -7.7 CrysAmber 172.00 - 173.96 140.50 0.3 158.6 8.4
JPM EurGth 237.00 3.00 263.00 212.00 3.04 252.9 -6.3 SchdrJap 155.25 0.25 165.00 122.75 1.16 163.3 -4.9 TR Prop♦ 288.40 -0.70 325.00 273.00 2.67 314.2 -8.2
Dun Sml 204.00 0.50 229.00 173.50 2.57 238.8 -14.6 GLI Finance♦ 38.25 1.88 65.00 32.00 13.1 - -
JPM EurInc♦ 130.00 -3.00 147.50 115.50 3.65 132.4 -1.8 SchdrOrient 176.50 -2.00 215.25 154.00 4.39 178.0 -0.8
EcofinWatr
..CULS
119.00
99.50 -
0.25 158.90 113.10 5.88
106.80 99.48 -
150.0
- -
-20.7
JPM EuSm 275.50 -2.50 278.60 192.00 1.16 296.1 -7.0 SchdrUK 152.50 -0.50 174.00 145.00 3.11 171.0 -10.8
IndiaCap 59.00 0.50 69.40 52.00 - 70.6 -16.4 www.morningstar.co.uk
Infra India 18.50 - 21.99 11.00 - 47.3 -60.9
MMP 3.13 - 4.58 3.00 - - -
Friday 11 December 2015 ★ 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

Artemis Strategic Bond R Q Acc 83.69 88.85 -0.13 4.10 Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 9791.00 - 139.00 0.93 Cavendish Technology Fund B Class 292.50 - -5.30 0.02 CF Eclectica Agriculture A GBP Acc ♦ 102.53 - -0.56 0.00 Index US P-Acc £ 1.27 - -0.01 1.60 Greater China - USD $ 10.37 - -0.05 0.00

ACPI Global UCITS Funds Plc (IRL) Artemis Strategic Bond R Q Inc 53.99 57.32 -0.09 4.18 Cavendish Technology Fund A Class 277.90 - -5.00 0.00 CF Eclectica Agriculture A USD Acc ♦ $ 1.55 - 0.00 0.00 Index World A-Acc £ 1.41 - -0.02 1.77 Greater China - GBP £ 4.32 - -0.06 0.00
www.acpishard.com
Artemis UK Growth R Acc 453.51 480.34 -4.00 0.54 Braemar Group PCC Limited (GSY) Cavendish UK Balanced Income Fund B Class 134.60 - -0.70 4.90 CF Eclectica Agriculture C EUR Acc ♦ € 1.47 - -0.01 0.33 Index World P-Acc £ 1.15 - -0.01 1.88 Selected Asian P'folio $ 45.05 45.06 -0.31 0.00
Regulated
Regulated
ACPI Emerging Mkts FI UCITS Fund USD A $ 108.18 - 0.16 0.00 Artemis UK Smaller Cos R Acc 1151.59 1240.96 -3.00 0.48 Cavendish UK Balanced Income A Class 128.00 - -0.70 5.16 CF Eclectica Agriculture C GBP Acc ♦ 106.43 - -0.58 0.39 Japan £ 2.78 - -0.02 0.00
UK Agricultural Class A £ 1.27 - 0.01 0.00
ACPI Global Credit UCITS Funds USD A $ 13.97 - -0.01 0.00 Artemis UK Special Sits R Acc 517.83 550.70 0.85 1.63 Cavendish UK Select Fund B Class 142.00 - -0.90 2.28 CF Eclectica Agriculture C USD Acc ♦ $ 1.60 - 0.00 0.40 Japan Smaller Companies £ 2.04 - -0.02 0.00 Hargreaves Lansdown Fd Mgrs (1100)F (UK)
UK Agricultural Class B £ 1.39 - -0.02 0.00 PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
ACPI Global Fixed Income UCITS Fund USD A $ 152.17 - 0.01 0.00 Artemis US Abs Ret I Acc 108.57 - -0.51 0.00 Cavendish UK Select Fund A Class 141.90 - -0.90 1.38 MoneyBuilder Asset Allocator £ 1.17 - -0.01 0.64
Student Accom Class B £ 0.55 - -0.17 0.00 Fleming Financial Trust Investment Fund Limited (NZ) Enquiries 0117 90090000
Q ACPI India Fixed Income UCITS Fund USD A $ 9.87 - -0.01 - Artemis US Equity I Acc 114.51 - -2.36 0.28 MoneyBuilder Balanced £ 0.50 - 0.00 3.99 Incorporated in New Zealand, Reg No 5141841 www.hl.co.uk
Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand Authorised Inv Funds
ACPI India Fixed Income UCITS Fund USD A3 $ 84.36 - -0.09 0.00 Artemis US Select I Acc 116.54 - -2.57 0.12 Cedar Rock Capital Limited (IRL) Money Builder Dividend £ 2.54 - -0.03 4.34
www.fftinvestmentfund.com Hargreaves Lansdown Funds
Regulated info@fftinvestmentfund.com
ACPI International Bond UCITS Fund USD A $ 17.82 - 0.04 0.00 Artemis US Select I Inc 104.09 - -2.29 - MoneyBuilder Growth £ 0.74 - 0.00 2.40 Unit Trust
Cedar Rock Capital Fd Plc $ 368.06 - 9.24 0.00 Other International Funds
Artemis US Smlr Cos I Acc 118.29 - -2.37 0.00 MoneyBuilder Growth ISA £ 0.74 - -0.01 2.56 HL Multi-Manager Special Situations Trust A Acc 267.33 281.39 -2.13 0.52
Fleming FT Investment Fund
Cedar Rock Capital Fd Plc £ 383.87 - 13.04 0.00
Artemis US Ex Alpha I Acc 122.70 - -2.65 0.14 MoneyBuilder Income £ 0.35 - 0.00 3.21 Fleming Fund £ 4.68 4.68 -0.01 - HL Multi-Manager Special Situations Trust M Acc 267.33 281.40 -2.15 0.42
ACPI Select UCITS Funds PLC (IRL)
Cedar Rock Capital Fd Plc € 362.78 - 14.70 0.00 EdenTree Investment Management Ltd (UK)
Regulated PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 MoneyBuilder Income -Gross £ 0.35 - 0.00 3.21 HL Multi-Manager Income & Growth Trust A Acc 163.86 172.42 -0.85 3.83
ACPI Balanced UCITS Fund USD Retail $ 13.91 - -0.04 0.00 Authorised Inv Funds
CCLA Investment Management Ltd (UK) Multi Asset Adventurous A-Acc £ 1.30 - -0.01 0.44 HL Multi-Manager Income & Growth Trust M Acc 163.88 172.42 -0.85 1.79
Artisan Partners Global Funds PLC (IRL) Foord Asset Mgt (Guernsey) Ltd (GSY)
Senator House 85 Queen Victoria Street London EC4V 4ET Amity UK Cls A Inc 210.70 - -1.60 1.46
ACPI Balanced UCITS Fund EUR Retail € 10.49 - -0.04 0.00 Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Charles Schwab Worldwide Funds Plc (IRL)
Multi Asset Alloc Adventurous A-Acc £ 3.66 - -0.01 3.07 Regulated HL Multi-Manager Income & Growth Trust A Inc 98.25 103.38 -0.51 3.91
Tel: 44 (0) 207 766 7130 Authorised Inv Funds Regulated Amity UK Cls B Inc 211.10 - -1.60 2.25 Foord International Trust $ 34.67 - -0.08 0.00
ACPI Balanced UCITS Fund GBP Retail £ 10.62 - -0.03 0.00 The Public Sector Deposit Fund Multi Asset Alloc Strategic A-Acc £ 1.16 - -0.01 0.35 HL Multi-Manager Income & Growth Trust M Inc 98.24 103.37 -0.51 1.81
FCA Recognised Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01
Artisan Partners Global Funds plc The Public Sector Deposit Fund-share class 1 ♦ F Higher Income Cls A Inc 120.60 - -0.40 4.98
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - 100.00 - 0.00 0.52 HL Multi-Manager Balanced Managed Trust A Acc 182.80 192.25 -1.22 1.10
Multi Asset Alloc Def - Gross A £ 1.11 - -0.01 0.34
Artisan Emerging Markets I USD Acc $ 6.73 - -0.01 0.00 Higher Income Cls B Inc 124.30 - -0.40 4.90
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.35
Multi Asset Alloc Def - Net A £ 1.11 - 0.00 0.36
Foord Asset Mgmt (Singapore) Pte. Ltd (SGP) HL Multi-Manager Balanced Managed Trust M Acc 182.81 192.26 -1.22 0.71
Artisan Global Equity Fund Class I USD Acc $ 14.45 - -0.10 0.00 Chartered Asset Management Pte Ltd UK Equity Growth Cls A Inc 238.60 - -1.50 0.59 Regulated
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.38 HL Multi-Manager Equity & Bond Trust A Inc 108.14 113.66 -0.41 2.25
Other International Funds Multi Asset Alloc Growth A £ 1.18 - -0.01 0.03 Foord Global Equity Fund Class B $ 12.51 - -0.07 0.00
Artisan Global Opportunities I USD Acc $ 12.37 - -0.08 0.00 The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.46 UK Equity Growth Cls B Inc 244.60 - -1.50 1.20
ACPI Horizon UCITS Fund $ 12.91 - -0.03 0.00 CAM-GTF Limited $ 281155.32 281155.32 1747.59 0.00 HL Multi-Manager Equity & Bond Trust M Inc 108.13 113.64 -0.40 1.04
Multi Asset Defensive £ 1.22 - 0.00 0.28
Artisan Global Value Fund Class I USD Acc $ 15.80 - -0.05 0.00 The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.34 Amity Balanced For Charities A Inc 106.00 - -0.40 6.09
CAM GTi Limited $ 649.70 - 30.41 0.00 HL Multi-Manager Equity & Bond Trust A Acc 146.69 154.18 -0.55 2.22
Multi Asset Defensive - Gross £ 1.22 - 0.00 0.27
Artisan US Value Equity Fund Class I USD Acc $ 10.58 - -0.03 0.00 Amity European Fund Cls A Inc 196.00 - -1.80 1.23 Franklin Templeton International Services Sarl (IRL)
Abbey Life Assurance Company Limited (UK) Raffles-Asia Investment Company $ 1.55 1.55 -0.11 5.55 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland HL Multi-Manager Equity & Bond Trust M Acc 146.70 154.18 -0.55 1.03
Multi Asset Growth £ 1.34 - -0.01 0.26
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 Amity European Fund Cls B Inc 198.70 - -1.80 2.09 Other International Funds
CCLA Investment Management Ltd (UK) MultiManager Balanced £ 1.09 - 0.00 0.56 HL Multi-Manager Strategic Bond Trust A Acc 167.36 172.53 -0.07 1.80
additional fund prices can be found @ www.abbeylife.co.uk Franklin Emerging Market Debt Opportunities Fund Plc
Ashmore Sicav (LUX) Senator House 85 Queen Victoria Street London EC4V 4ET Amity Global Equity Inc for Charities A Inc 99.81 - -0.99 3.99
Insurances Multi Asset Open Growth A-Acc £ 0.46 - 0.00 0.54 HL Multi-Manager Strategic Bond Trust M Acc 167.34 172.51 -0.08 0.89
2 rue Albert Borschette L-1246 Luxembourg Property & Other UK Unit Trusts Franklin Emg Mkts Debt Opp CHFSFr 17.44 - 0.51 8.01
Life Funds Amity International Cls A Inc 197.80 - -1.60 1.38
FCA Recognised CBF Church of England Funds HL Multi-Manager Strategic Bond Trust A Inc 139.06 143.36 -0.06 1.82
Multi Asset Open Strategic A-Acc £ 1.21 - -0.01 1.02 Franklin Emg Mkts Debt Opp EUR € 12.27 - 0.36 7.13
Prop. Acc. Ser 2 1566.10 1648.50 -0.60 - Investment Inc 1343.25 1358.11 -7.03 3.78 Amity International Cls B Inc 200.10 - -1.50 2.25
Ashmore SICAV Emerging Market Debt Fund $ 92.45 - 0.28 8.42 HL Multi-Manager Strategic Bond Trust M Inc 139.05 143.34 -0.06 0.91
Multi Asset Open Strategic A-Inc £ 0.29 - 0.00 2.52 Franklin Emg Mkts Debt Opp GBP £ 10.18 - 0.25 6.96
Selective Acc. Ser 2 1569.90 1652.50 -3.70 - Investment Acc 2756.07 2786.55 -14.43 - Amity Sterling Bond Fund A Inc 105.50 - 0.00 5.17
Ashmore SICAV Emerging Market Frontier Equity Fund $ 141.63 - 0.18 0.97 HL Multi Manager Emerging Markets A Acc 84.33 86.92 -1.16 0.33
Multi Asset Strategic £ 1.51 - -0.01 0.31 Franklin Emg Mkts Debt Opp SGD S$ 22.43 - 0.51 6.17
American Ser. 4 1712.90 1803.10 -4.60 - Global Equity Inc 152.57 154.25 -1.15 4.31 Amity Sterling Bond Fund B Inc 114.00 - 0.00 5.16
Ashmore SICAV Emerging Market Total Return Fund $ 79.04 - 0.27 6.05 HL Multi-Manager European A Acc 102.67 105.83 -1.10 0.74
Cheyne Capital Management (UK) LLP (IRL) Open World A-Acc £ 1.19 - -0.01 -0.62 Franklin Emg Mkts Debt Opp USD $ 17.18 - 0.35 6.99
Custodian Ser. 4 492.20 518.10 -0.70 - Global Equity Acc 224.59 227.08 -1.71 -
Ashmore SICAV Global Small Cap Equity Fund $ 123.38 - -0.27 0.00 Regulated HL Multi-Manager UK Growth A Acc 103.55 106.75 -0.25 1.24
Multi Asset Income A Gross Acc £ 1.56 - 0.00 3.45
Equity Ser. 4 547.60 576.50 -1.60 - UK Equity Inc 147.50 148.98 -1.49 4.05 Cheyne Convertibles Absolute Return Fund € 1352.47 - -4.95 0.00 Edinburgh Partners Limited (IRL)
Ashmore SICAV Local Currency Fund $ 81.05 - 0.25 0.32
Multi Asset Income A Gross Inc £ 1.08 - 0.00 4.90 Frontier Capital (Bermuda) Limited
European Ser 4 563.40 593.00 -3.80 - 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143
EM Mkts Corp.Debt USD F $ 87.71 - -0.09 8.49 UK Equity Acc 220.09 222.30 -2.23 - Cheyne Global Credit Fund € 118.04 - -0.07 0.00
Dealing - Fax only - +353 1 434 5230 Other International
Multi Asset Income A Net Acc £ 1.47 - 0.00 3.46 Haussmann
Fixed Int. Ser. 4 894.40 941.50 -1.00 - Fixed Interest Inc 162.33 162.98 0.42 3.96 Cheyne European Mid Cap Fund € 1147.19 - -3.42 0.00 FCA Recognised
EM Mkts Loc.Ccy Bd USD F $ 75.38 - 0.27 4.38 Commercial Property-GBP Class £ 71.42 - -0.53 - Other International Funds
Edinburgh Partners Opportunities Fund PLC Multi Asset Income A Net Inc £ 1.08 - 0.00 4.89
Intl Ser. 4 432.50 455.20 -4.10 - Fixed Interest Acc 497.38 499.37 1.27 - Haussmann Cls A $ 2707.71 - 23.04 0.00
Global Real Estate-GBP C Class £ 45.26 - -0.50 -
European Opportunities I EUR € 2.48 - -0.01 2.20 South East Asia £ 7.76 - -0.05 0.12
Japan Ser 4 367.50 386.80 -3.00 - Property Fund Inc 133.46 137.93 0.16 6.51 Haussmann Cls C € 2370.05 - 20.06 0.00
Cheyne Capital Management (UK) LLP European Opportunities I GBP £ 1.78 - -0.02 2.47 Special Situations £ 30.41 - -0.10 0.78
Man. Ser. 4 1635.50 1721.60 -8.50 - Property Fund Acc 234.22 242.07 2.73 - Other International Funds Haussmann Cls D SFr 1254.52 - 10.27 0.00
Cheyne European Event Driven Fund € 137.91 - -3.22 0.00 European Opportunities I USD $ 2.73 - 0.02 2.05 Sterling Core Plus Red Dur £ 10.10 - -0.02 -
Money Ser. 4 524.40 552.00 0.00 -
Cheyne Real Estate Credit Holdings Fund £ 160.92 - 7.23 0.00 European Opportunities A EUR € 2.42 - -0.01 1.53 Strategic Bond £ 0.31 - 0.00 2.83
Prop. Ser. 4 1111.80 1170.30 -0.30 -
CCLA Fund Managers Ltd (UK) Heartwood Wealth Management Limited (IRL)
Cheyne Real Estate Credit Holdings Fund III £ 111.98 - 0.56 0.00 Global Opportunities I USD $ 1.61 - 0.00 2.09 Strategic Bond Gross £ 0.31 - 0.00 2.83
Custodian Ser 5 472.60 497.50 -0.70 - Senator House 85 Queen Victoria Street London EC4V 4ET Regulated
Aspect Capital Ltd (UK) Property & Other UK Unit Trusts Global Opportunities I GBP £ 1.06 - -0.02 1.94 Target 2015 £ 0.50 - 0.00 0.39 Heartwood Caut Multi Asset B Acc 138.23 - -0.49 0.00
Cheyne Real Estate Debt Fund Class A1 £ 130.82 - 0.23 0.00
International Ser 5 415.20 437.10 -4.00 - COIF Charity Funds (UK)
Other International Funds
Cheyne Total Return Credit Fund - December 2017 Class $ 182.18 - 10.16 0.00 Global Opportunities I EUR € 1.52 - -0.01 1.98 Target 2020 £ 0.56 - 0.00 0.52 Fundsmith LLP (1200)F (UK)
Managed Ser 5 1570.40 1653.00 -8.20 - Aspect Diversified USD $ 439.48 - 5.55 0.00 Investment Inc 1217.02 1230.48 -29.02 3.62
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Global Opportunities A GBP £ 0.99 - -0.02 1.47 Target 2025 £ 1.30 - -0.01 0.32
Money Ser 5 513.40 540.50 0.00 - Investment Acc 11719.74 11849.37 -279.42 -
Cheyne Total Return Credit Fund 2020 $ 103.39 - 0.01 - www.fundsmith.co.uk, enquiries@fundsmith.co.uk Henderson Global Investors (UK)
Aspect Diversified EUR € 264.16 - 3.33 -
Pan European Opportunities I EUR € 1.50 - 0.00 - Target 2030 £ 1.40 - -0.01 0.40 Authorised Inv Funds PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Property Ser 5 1067.50 1123.70 -0.30 - Aspect Diversified GBP £ 135.11 - 1.71 0.00 Ethical Invest Inc 187.18 189.25 -4.80 3.73 www.henderson.com
Fundsmith Equity T Acc 222.54 - -2.92 1.15
UK Select £ 2.42 - -0.03 0.86 Authorised Inv Funds
Pension Funds Ethical Invest Acc 240.97 243.64 -6.19 - Cohen & Steers SICAV (LUX)
Aspect Diversified CHF SFr 126.44 - 1.59 0.00 Fundsmith Equity T Inc 210.17 - -2.76 1.16
American 1923.80 2025.10 -34.30 - Regulated UK Growth £ 3.55 - -0.04 0.00 Asia Pacific Capital Growth A Acc 685.20 - -5.30 0.17
Aspect Diversified Trends USD $ 128.50 - -0.34 0.00 Global Equity Inc 142.60 144.18 -4.40 4.41
European Real Estate Securities € 23.7391 - -0.0575 1.54 Asian Dividend Income Inc 80.83 85.30 -1.11 7.23
Equity 4799.90 5052.50 -15.40 - UK Smaller Companies £ 2.14 - 0.00 0.18
Aspect Diversified Trends EUR € 128.76 - -0.35 0.00 Global Equity Acc 211.57 213.91 -6.54 -
Europ.RealEstate Sec. IX € 31.7809 - -0.0769 0.00 GAM Limited (2300)F (UK) Cautious Managed A Acc 234.30 - -0.50 3.28
European 1133.00 1192.60 -10.10 - WealthBuilder A Acc £ 1.01 - -0.01 0.48
Aspect Diversified Trends GBP £ 133.47 - -0.33 0.00 Fixed Interest Inc 133.70 134.23 -1.07 4.14 GAM Sterling Management Limited
Gbl Listed Infrastructure I $ 9.7638 - 0.0747 - Fidelity PathFinder Cautious Managed A Inc 144.90 - -0.30 3.34
Fixed Int. 1644.30 1730.80 -3.70 - 20 King Street, London SW1Y 6QY. 0800 919 927
Fixed Interest Acc 766.58 769.66 -6.15 -
Gbl Listed Infrastructure IX $ 9.7638 - 0.0747 - Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.09 - -0.01 - Internet: gam.com
International 917.00 965.30 -10.60 - China Opportunities A Acc 831.70 - -10.90 0.40
Property Inc 114.67 118.52 0.08 5.79 EFG Hermes Authorised Inv Funds
Atlantas Sicav (LUX) Gbl RealEstate Sec. I $ 10.7190 - -0.0422 1.42
DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Fidelity PathFinder Foundation 1 Acc (clean) £ 1.09 - 0.00 -
Emerging Markets Opportunities A Acc 135.80 - -1.60 0.80
Japan 386.50 406.80 -4.00 - GAM Funds OEIC
Regulated Property Acc 248.62 256.95 2.77 -
Gbl RealEstate Sec. IX $ 12.6771 - -0.0499 0.00 Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com Fidelity PathFinder Foundation 2 Acc (clean) £ 1.08 - 0.00 -
Managed 4231.70 4454.40 -27.80 - GAM Global Diversified Acc 3761.91 - -27.72 0.00 European Growth A Acc 168.10 - -1.50 0.54
American Dynamic $ 3511.95 - -35.19 0.00 Local Authorities Property Fd (LAMIT) (UK) Other International Funds
Fidelity PathFinder Foundation 3 Acc (clean) £ 1.06 - -0.01 -
Property 2885.10 3037.00 -1.10 - Property 274.76 295.14 2.73 4.81 The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 GAM North American Gwth Acc 3142.29 - -52.46 0.00 European Selected Opportunities A Acc 1253.00 - -12.00 0.67
American One $ 3246.85 - -12.61 0.00

Security 1476.40 1554.10 -0.10 - Consistent Unit Tst Mgt Co Ltd (1200)F (UK) Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00
Fidelity PathFinder Foundation 4 Acc (clean) £ 1.07
Asset Management
- -0.01 -
GAM UK Diversified Acc 1699.59 - 0.93 1.14 European Special Situations A Acc 94.66 - -0.29 1.05

Asset Manageme
Bond Global € 1406.50 - -28.90 0.00
PO BOX 10117, Chelmsford, Essex, CM1 9JB Fidelity PathFinder Foundation 5 Acc (clean) £ 1.16 - -0.02 -
Selective 2003.70 2109.20 -5.50 - Saudi Arabia Equity Fund SR 13.18 - -0.06 0.00 Fixed Interest Monthly Income A Inc 21.76 22.83 -0.01 5.33
Eurocroissance € 916.19 - -18.94 0.00 CG Asset Management Limited (IRL) Dealing & Client Services 0845 0264281
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Authorised Inv Funds Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.10 - -0.01 -
Formerly Hill Samuel Life Assurance Ltd GAM Limited (IRL) Global Care Growth A Inc 197.20 - -3.00 0.00
Far East $ 685.08 - -10.35 0.00
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 00 353 1 434 5098 Consistent UT Inc 52.62 53.25 -0.34 4.72 Fidelity PathFinder Focussed 1 Acc (clean) £ 1.10 - 0.00 - FCA Recognised
FCA Recognised Global Equity Income A Inc 48.12 - -0.52 3.78
Managed Ser A (Life) 1557.50 1648.20 -7.70 - Electric & General (1000)F (UK) GAM Fund Management Ltd
Consistent UT Acc 122.63 124.10 -0.81 4.57 Fidelity PathFinder Focused 2 Acc (Clean) £ 1.11 - 0.00 -
Capital Gearing Portfolio Fund Plc £ 26930.14 26930.14 27.88 0.62 Stuart House St.John's Street Peterborough PE1 5DD Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927 Global Growth Fund 2037.64 2129.87 -40.28 0.00
Managed Ser A (Pensions) 1038.40 1093.00 -6.30 - Atlantis Investment Management Ltd (IRL) Orders & Enquiries: 0845 850 0255
CG Portfolio Fund Plc Practical Investment Inc 200.81 206.14 -0.46 3.98 Fidelity PathFinder Focussed 3 Acc (clean) £ 1.10 - -0.01 - GAM Star Fund Plc
2nd Floor, 13 St Swithin's Lane, London EC4N 8AL Authorised Inv Funds Global Technology A Acc 973.30 - -18.30 0.00
Formerly Target Life Assurance Ltd
www.atlantis-investmenet.com, Tel: 0207 877 3377 Real Return Cls A £ 166.16 166.16 -0.47 1.76 Practical Investment Acc 980.63 1006.65 -2.22 3.87 Fidelity PathFinder Focussed 4 Acc (clean) £ 1.11 - -0.01 - GAM Star Asia-Pacific Eqty USD Acc F $ 11.83 - -0.02 0.00
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Authorised Corporate Director - Carvetian Capital Management Multi-Manager Absolute Return A Acc 133.40 - -0.30 0.39
Regulated
Managed (Life) 1581.80 1665.00 -9.40 - Dollar Fund Cls D £ 129.09 129.09 -0.79 1.65 Electric&General Net Income A 145.40 - -2.40 1.97 Fidelity PathFinder Focussed 5 Acc (clean) £ 1.14 - -0.01 - GAM Star Asian Eqty USD Ord Acc F $ 13.09 - -0.10 0.00
Atlantis China Fund $ 6.44 - 0.00 0.00 Multi-Manager Active A Acc ▲ 170.90 - -1.30 0.00
Managed Growth (Life) 497.20 523.30 -2.90 - Capital Value Fund Cls V £ 130.59 130.59 0.11 0.27 Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.07 - 0.00 - GAM Star Balanced GBP Acc £ 10.41 - -0.04 0.00
Atlantis China Healthcare Fund $ 2.03 - 0.00 0.00 Multi-Manager Distribution A Inc 125.80 - -0.50 3.33
Managed (Pensions) 6231.00 6558.90 -37.70 - Ennismore Smaller Cos Plc (IRL) Fidelity PathFinder Freedom 2 Acc (clean) £ 1.06 - 0.00 - GAM Star Cap.Appr.US Eqty USD Inc F $ 16.97 - -0.13 0.00
Atlantis Japan Opportunities Fund $ 2.49 - -0.02 0.00 Multi-Manager Diversified A Acc 77.46 - -0.16 2.86
5 Kensington Church St, London W8 4LD 020 7368 4220 GAM Star Cat Bond USD Acc $ 12.70 - 0.00 0.00
Managed Growth (Pensions) 607.60 639.60 -4.40 - Fidelity PathFinder Freedom 1 Acc (clean) £ 1.06 - -0.01 -
Atlantis Asian Fund $ 6.18 - 0.02 0.00 FCA Recognised Multi-Manager Global Select Acc 175.10 - -1.20 0.00
additional fund prices can be found on our website Fidelity PathFinder Freedom 3 Acc (clean) £ 1.04 - -0.01 - GAM Star Cautious GBP Acc £ 10.44 - -0.04 0.00
Ennismore European Smlr Cos NAV £ 100.49 - -0.10 0.00 Multi-Manager Income & Growth A Acc 151.10 - -0.70 2.21
Fidelity PathFinder Freedom 4 Acc (clean) £ 1.03 - -0.01 - GAM Star China Equity USD Acc F $ 22.94 - -0.23 0.00
Ennismore European Smlr Cos NAV € 139.11 - 0.47 0.00 Multi-Manager Income & Growth A Inc 138.70 - -0.70 2.24
Crèdit Andorrà Asset Management (LUX)

AXIOM www.creditandorra.com Fidelity PathFinder Freedom 5 Acc (clean) £ 1.11 - -0.01 - GAM Star Cont European Eqty GBP Acc F £ 3.61 - -0.04 0.00
Multi-Manager Managed A Acc 223.10 - -1.60 0.42
FCA Recognised
Fidelity PathFinder Income 1 Income (clean) £ 1.01 - 0.00 3.97 GAM Star Cred Opportunities GBP Acc £ 12.37 - -0.01 4.57
ALTERNATIVE INVESTMENTS Canada Life Investments (UK) Crediinvest SICAV Money Market Eur I € 11.20 - 0.00 0.00 Ennismore European Smlr Cos Hedge Fd Multi-Manager Managed A Inc 219.10 - -1.50 0.41
1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180 Other International Funds Fidelity PathFinder Income 1 Gross Income (clean) £ 1.01 - -0.01 4.95 GAM Star Defensive GBP Acc £ 10.89 - -0.03 0.00
Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 Sterling Bond Acc 197.79 206.67 0.94 2.85
Authorised Inv Funds NAV € 485.30 - 14.53 0.00 GAM Star Discretionary FX USD Acc F $ 12.93 - 0.04 0.00
Fidelity PathFinder Income 2 Income (clean) £ 1.02 - 0.00 3.56
Crediinvest SICAV Fixed Income Eur € 10.62 - -0.04 0.00 Sterling Bond Inc 61.32 64.06 0.29 2.89
Asia Pacific B Acc 750.72 - -5.71 1.12
Axiom Alternative Investments (FRA) GAM Star Dynamic Gbl Bd USD Acc H $ 9.80 - 0.05 0.00
Algebris Investments (IRL) Fidelity PathFinder Income 2 gross £ 1.03 - 0.00 4.46
Strategic Bond A Inc 125.80 - 0.00 5.22
1 Conduit Street - 4th floor - London W1S 2XA Balanced B Acc 145.80 - -1.00 1.47 Crediinvest SICAV Fixed Income Usd $ 10.41 - 0.00 0.00
Regulated
www.axiom-ai.com Tel: +44 330 822 0374 Equinox Fund Mgmt (Guernsey) Limited (GSY) Fidelity PathFinder Income 2 Gross Income (clean) £ 1.02 - -0.01 4.43 GAM Star Emerg. Market Rates USD Acc F $ 11.44 - 0.01 0.00
Algebris Financial Credit Fund - Class I EUR € 132.49 - -0.75 0.00 Crediinvest SICAV Spanish Value € 245.56 - 1.50 0.00 UK & Irish Smaller Companies A Acc 534.10 - 1.60 0.00
Regulated Corporate Bond B Inc 205.77 - -0.31 4.03 Regulated
Fidelity PathFinder Income 3 Income (clean) £ 1.03 - 0.00 4.07 GAM Star European Eqty USD Acc F $ 23.65 - 0.04 0.00
Algebris Financial Income Fund - Class I EUR € 118.71 - -0.69 0.00 Axiom Contingent Capital € 1030.86 - -1.11 - Crediinvest SICAV International Value € 213.86 - 1.01 0.00 Equinox Russian Opportunities Fund Limited $ 118.76 - -1.14 0.00 UK Absolute Return A Acc 150.70 - -0.20 0.00
European B Acc 249.40 - -2.56 1.57
Institutional OEIC Funds GAM Star Flexible Gbl Port GBP Ac £ 12.54 - -0.06 0.00
Algebris Financial Equity Fund - Class B EUR € 97.93 - -1.47 - Axiom Contingent Capital £ 1035.24 - -1.12 - Crediinvest SICAV Big Cap Value € 15.65 - 0.10 0.00 UK Alpha A Acc ♦ 113.30 - -0.50 1.86
Global Bond B Inc 91.36 - -0.39 2.96 America £ 3.95 - -0.05 0.52 GAM Star GAMCO US Equity Acc F $ 12.89 - -0.07 0.00
Algebris Asset Allocation Fund - Class B EUR € 100.00 - -0.16 - Axiom Equity $ 877.21 - -5.75 - Crediinvest SICAV US American Value $ 17.96 - -0.14 0.00 Euronova Asset Management UK LLP (CYM) UK Equity Income & Growth A Inc 590.10 - -1.70 3.90
Global Equity B Acc 582.14 - -4.52 1.10 Emerging Markets £ 3.04 - -0.05 0.81
Regulated GAM Star Global Rates USD Acc F $ 12.26 - -0.08 0.00
Axiom Equity € 920.54 - -5.78 0.00 Crediinvest SICAV Sustainability € 15.49 - -0.15 0.00 UK Index A Acc 479.60 - -2.90 2.90
Global Equity Income B Inc 118.12 - -0.92 3.91 Europe £ 4.02 - -0.05 1.55
Smaller Cos Cls One Shares (Est) € 36.08 - -0.02 0.00 GAM Star Global Selector USD Acc F $ 12.91 - 0.09 0.00
Axiom Obligataire $ 1784.97 - -1.70 0.00 UK Property A Acc 193.08 203.24 0.05 4.04
Alken Asset Management (LUX) Global High Yield Bond B Inc 92.24 - -0.40 5.02 Fidelity Pre-Retirement Bond Fund £ 118.30 - -0.30 3.01
Smaller Cos Cls Two Shares (Est) € 25.15 - -0.02 0.00 GAM Star Japan Eqty USD Acc F $ 13.41 - -0.02 0.00
61 Conduit Street, London, W1S 2GB Axiom Obligataire € 1782.10 - -1.63 0.00 UK Property A Inc 97.68 102.81 0.03 4.16
Global Infrastructure B Acc 106.46 - 0.42 0.94 Daiwa SB Investments (UK) Ltd (LUX) Global Focus £ 2.79 - -0.03 1.61
www.alken-am.com Smaller Cos Cls Three Shares (Est) € 12.67 - -0.01 0.00 GAM Star Keynes Quant Strat USD Acc F $ 11.65 - -0.06 0.00
5 King William Street, London EC4N 7DA UK Tracker A Acc 213.50 - -1.30 2.99
Regulated Axiom Obligataire £ 1794.04 - -1.65 0.00 Global Resource B Acc 68.14 - 0.45 0.89 Index Linked Bond £ 2.62 - -0.01 0.72
www.daiwasbi.co.uk 0207 597 7000 Smaller Cos Cls Four Shares (Est) € 16.28 - -0.01 0.00 GAM Star Local EM Rates and FX USD Acc $ 10.63 - 0.00 0.00
Alken European Opportunities € 212.01 - -1.64 0.00 Regulated US Growth A Acc 779.00 - -16.10 0.00
Japan B Acc 50.55 - -0.43 0.93 Index Linked Bond Gross £ 3.17 - -0.01 0.71 GAM Star North of South EM Equity Acc F $ 9.82 - -0.03 0.00
Alken European Opportunities £ 122.47 - -1.48 0.00 DSBI Japan Equity Fundamental Active I JPY ¥ 12388.06 12388.06 -116.11 0.00
BLME Asset Management (LUX) Portfolio III B Acc 107.35 - -0.36 2.32 Index-Linked Bond Fund Gross Inc £ 12.38 - -0.02 0.72 GAM Star Technology USD Acc F $ 15.61 - -0.25 0.00
Alken Absolute Return € 144.83 - -1.15 0.00 BLME Sharia'a Umbrella Fund SICAV SIF DSBI Japan Equity Fundamental Active I GBP £ 123.02 123.02 -1.17 0.00
Portfolio IV B Acc 109.12 - -0.50 2.36 Japan £ 2.05 - -0.01 0.78
Regulated GAM Star US All Cap Eqty USD Acc F $ 13.38 - -0.13 0.00
Alken Absolute Return £ 117.58 - -0.93 0.00 DSBI Japan Equity Fundamental Active A EUR € 118.10 124.01 -1.12 0.00
Income Fund - Share Class A Acc $ 1135.48 - -0.08 0.00 Portfolio V B Acc 108.19 - -0.63 1.56 Long Bond £ 0.51 - 0.00 2.85 GAM Star Worldwide Eqty USD Acc F $ 3073.29 - 6.62 0.00
Alken Small Cap € 191.00 - -0.25 0.00 Portfolio VI B Acc 106.26 - -0.75 1.60
Income Fund - Share Class G Acc £ 1076.27 - -0.01 0.00 Long Bond Gross £ 0.83 - 0.00 2.79

Gl Sukuk Fund - Share Class A Acc $ 1225.60 - 0.36 0.00 Portfolio VII B Acc 102.30 - -0.83 1.58 DAVIS Funds SICAV (LUX)
Long Bond Fund Gross Inc £ 11.30 - -0.01 2.84
Regulated GYS Investment Management Ltd (GSY)
North American B Acc 822.47 - -8.46 0.74 Eurobank Fund Management Company (Luxembourg) S.A.
Gl Sukuk Fund - Share class B Acc £ 1094.00 1094.00 0.33 0.00 Davis Value A $ 40.30 - -0.33 0.00 Regulated
Pacific (Ex Japan) £ 3.37 - -0.03 1.94 Regulated Hermes Investment Funds Plc (IRL)
Taurus Emerging Fund Ltd $ 178.98 182.64 4.40 0.00 Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
Strategic Return B Acc 97.24 - -0.19 0.00 (LF) Absolute Return € 1.32 - 0.00 0.00 Pan European £ 2.59 - -0.03 2.04
Davis Global A $ 28.70 - -0.06 0.00 FCA Recognised
Total Return B Acc 99.38 - -0.30 2.97 Reduced Duration UK Corporate Bond £ 10.49 - -0.02 3.54
Bank of America Cap Mgmt (Ireland) Ltd (IRL) (LF) Eq Emerging Europe € 0.69 - 0.01 0.00 Hermes Abs Return Credit Fund Class F Acc £ £ 1.00 1.00 -0.01 -
Regulated UK Equity B Acc 108.84 - -0.99 1.68 Reduced Duration UK Corporate Bond Gross £ 10.68 - -0.01 3.54 Generali International Limited
(LF) Eq Flexi Style Greece € 0.94 - -0.05 0.00 Hermes Abs Return Credit Fund Class R Acc € € 1.98 1.98 -0.02 -
Global Liquidity USD $ 1.00 - 0.00 0.29 Discretionary Unit Fund Mngrs (1000)F (UK) PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
UK Equity & Bond Income B Inc 234.14 - -1.40 5.04 1 Poultry, London EC2R 8JR 020 7 415 4130 Reduced Duration UK Corporate Bond Inc £ 9.86 - -0.02 3.54
Allianz Global Investors GmbH(1200) F (LUX) (LF) Eq Mena Fund € 12.58 - -0.12 0.00 International Insurances Hermes Active UK Inflation Fund Class F Acc £ 1.29 1.29 0.00 0.00
FCA Recognised Authorised Inv Funds
UK Equity Income B Inc 419.29 - -2.94 4.97 (LF) Greek Government Bond € 17.96 - -0.05 - Reduced Duration UK Corp Bond Gross Inc £ 9.88 - -0.01 3.54 Global Multi-Strategy Managed $ 4.82 5.19 0.02 0.00 Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.50 1.50 -0.02 0.00
Allianz Best Styles Global Equity £ 105.37 105.37 -1.11 - Disc Inc 1588.98 1697.29 3.25 0.00
Barclays Investment Funds (CI) Ltd (JER) UK Government Bond B Inc 47.34 - -0.03 1.97 Select Emerging Markets Equities £ 1.12 - -0.01 1.64 UK Multi-Strategy Managed £ 4.92 5.30 0.07 0.00
(LF) Greek Corporate Bond € 12.06 - -0.01 - Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.31 3.31 -0.02 0.00
Allianz Global Fundamental Strategy £ 105.14 105.14 -0.19 - 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Do Accum 5987.44 6395.56 12.26 0.00
FCA Recognised (LF) FOF Dynamic Fixed Inc € 11.71 - -0.05 0.00 Select European Eqts £ 1.73 - 0.01 1.88 EU Multi-Strategy Managed € 3.10 3.34 0.04 0.00 Hermes Global Emerging Markets Fund Class F Acc £ 1.13 1.13 0.00 0.00
Allianz Global Small Cap Equity £ 109.14 109.14 -1.66 - Bond Funds
Capita Asset Services (UK) (LF) FOF Real Estate € 16.49 - -0.14 0.00 Select Global Equities £ 2.97 - -0.03 1.10 Global Bond USD $ 3.45 3.72 0.00 0.00 Hermes Global Emerging Markets Fund Class R Acc € 2.89 2.89 0.00 0.00
Sterling Bond F £ 0.45 - -0.01 3.30 40 Dukes Place, London EC3A 7NH
South East Asia £ 3.43 - -0.02 2.05 Hermes Global Equity Fund Class F Acc £ 1.49 1.49 -0.02 0.00
Order Desk and Enquiries: 0345 922 0044
Amundi Funds (LUX)
Authorised Inv Funds Sterling Core Plus Bond Gr Accum £ 2.08 - 0.00 3.39 Genesis Asset Managers LLP Hermes Global Equity Fund Class R Acc € 3.97 3.97 -0.04 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332
Baring Fund Managers Ltd (1200)F (UK) CF Heartwood Cautious B Acc X 126.57 - -0.32 0.16 Other International Funds
www.amundi-funds.com Sterling Core Plus Bond Inc £ 1.35 - 0.00 3.50 Hermes Global ESG Equity Fund Class F Acc £ 1.15 1.15 -0.02 0.00
Dealing and Enquiries 020 7214 1004

Asset Management
FCA Recognised CF Heartwood Cautious Income B Inc X 108.95 - -0.28 2.43 Emerging Mkts NAV £ 4.99 - -0.07 0.00
Fund Information: www.barings.com UK £ 3.54 - -0.03 2.22 Hermes Global High Yield Bond Fund Class F Acc £ 1.04 1.04 -0.01 0.00
Bd. Euro Corporate AE Class - R - EUR € 18.53 - -0.02 0.00 Authorised Inv Funds
CF Heartwood Growth B Acc X 141.20 - -1.16 0.67 Dodge & Cox Worldwide Funds (IRL) UK Aggreg Bond Gr Accum £ 1.82 - 0.00 4.57 Hermes Global High Yield Bond Fund Class R Acc € 2.75 2.75 0.00 0.00
Bd. Global AU Class - R - USD $ 25.58 - 0.07 0.00 Multi Asset A Acc ... C 154.00 - -0.80 1.50 6 Duke Street,St.James,London SW1Y 6BN
CF Heartwood Balanced Income B Inc X 110.11 - -0.47 2.97
UK Aggregate Bond Inc £ 1.22 - -0.01 3.14
Guardian (UK)
Multi Asset A Inc ... C 146.90 - -0.70 1.27 www.dodgeandcox.worldwide.com 020 3713 7664 Hermes Global Small Cap Fund Class F Acc £ £ 0.98 0.98 -0.02 -
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 FIL Investment Services (UK) Limited (1200)F (UK) Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
CF Heartwood Balanced B Acc X 123.07 - -0.68 0.31 FCA Recognised
Charity Fund 130, Tonbridge Rd, Tonbridge TN11 9DZ UK Corporate Bond £ 1.23 - 0.00 3.93 Insurances Hermes Global Small Cap Fund Class R Acc € € 1.96 1.96 -0.02 -
Eq. Emerging World AU Class - R - USD $ 79.95 - -0.05 0.00 Dodge & Cox Worldwide Funds plc - Global Bond Fund
Enquiries 020 7214 1763 CF Heartwood Defensive Multi Asset Fund B Accumulation 108.75 - -0.20 0.00 Callfree: Private Clients 0800 414161 Guardian Assurance
EUR Accumulating Class € 11.64 - -0.13 0.00 UK Corporate Bond - Gross £ 2.27 - 0.00 3.80 Hermes Multi Asset Inflation Fund Class F GBP Acc £ 0.99 0.99 0.00 0.00
Eq. Greater China AU Class - R - USD $ 551.35 - -4.95 0.00 Targeted Return Fund Acc 144.20 145.00 -0.50 3.14 Broker Dealings: 0800 414 181
CF Richmond Core X 171.96 - -2.55 0.00 Equity S-GH Class B £ 11.77 - -0.08 -
EUR Accumulating Class (H) € 9.18 - 0.01 0.00 Authorised Inv Funds UK Gilt Bond £ 1.29 - 0.00 1.94 Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.02 1.02 0.00 0.00
Eq. Latin America AU Class - R - USD $ 321.16 - 6.01 0.00 Targeted Return Fund Inc 110.80 111.40 -0.40 3.20 CF Seneca Diversified Growth A ACC 215.77 - -0.92 1.44 Unit Trust Managed Fund Bond £ 23.20 24.17 -0.13 -
EUR Distributing Class € 11.16 - -0.12 3.09 UK Gilt Gross £ 2.05 - 0.00 1.91 Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.28 1.28 -0.02 0.00
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.71 - -0.04 0.00 Cash Accum Units 186.41 186.41 0.00 0.00
CF Seneca Diversified Growth B ACC 127.69 - -0.55 2.43 Choices Wth-Pfts Lg-tm 320.90 337.80 0.00 -
EUR Distributing Class (H) € 8.80 - 0.01 3.37 UK Long Corp Bond £ 1.38 - 0.00 4.32 Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.24 1.24 -0.02 1.29
Cash Fund £ 1.00 1.00 0.00 0.15 Choices Wth-Pfts St-tm 271.70 286.10 0.00 -
Baring International Fd Mgrs (Ireland) (IRL) CF Seneca Diversified Growth N ACC 126.42 - -0.54 2.10
UK Long Corp Bond - Gross £ 2.49 - -0.01 4.16
GBP Distributing Class £ 9.86 - -0.11 3.26 Hermes Sourcecap EU Alpha Fund Class R Acc € 3.14 3.14 -0.03 0.00
The Antares European Fund Limited Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 Gross Accum Cash £ 1.28 1.28 0.00 0.00
CF Seneca Diversified Income A INC 87.09 - -0.25 5.60 Choices Managed 610.91 643.07 -4.23 -
Other International FCA Recognised GBP Distributing Class (H) £ 8.88 - 0.01 3.34 UK Long Corporate Bond Fund - Gross Income £ 11.07 - -0.03 4.30 Hermes Sourcecap EX UK Fund Class F Acc £ 1.36 1.36 -0.01 0.00
MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.14 Choices Equity 668.10 703.26 -3.82 -
ASEAN Frontiers A GBP Inc £ 105.27 - -0.84 0.59 CF Seneca Diversified Income B INC 103.35 - -0.28 5.65 Retail Share Classes
AEF Ltd Usd $ 673.40 - 3.50 - USD Accumulating Class $ 9.25 - 0.01 0.00 Hermes Sourcecap EX UK Fund Class R Acc € 3.23 3.23 -0.02 0.00
MoneyBuilder Global £ 2.58 2.58 -0.03 0.20 Emerging Markets - retail £ 1.21 - -0.02 0.07 Freedom With Pfts Long-Tm 220.10 231.70 0.00 -
Asia Growth A GBP Inc H £ 43.34 - -0.40 0.00 CF Seneca Diversified Income N INC 102.34 - -0.29 5.65
AEF Ltd Eur € 676.17 - 3.34 0.00 Dodge & Cox Worldwide Funds plc-Global Stock Fund Hermes UK Small & Mid Cap Fund Class F Acc £ 1.66 1.66 -0.02 0.00
OEIC Funds {*}CAR - Net income reinvested
Investment Adviser - DSM Capital Partners Freedom With Pfts Short-Tm 197.80 208.20 0.00 -
Australia A GBP Inc £ 67.35 - -0.10 1.95 USD Accumulating Share Class $ 15.65 - -0.08 0.00
American £ 26.86 - -0.38 0.00 Hermes UK Small & Mid Cap Fund Class R Acc € 5.05 5.05 -0.02 0.00
The Westchester X $ 27.69 - -0.35 0.00
Baring China Bond Fund $ 9.83 - -0.01 0.00 GBP Accumulating Share Class £ 16.95 - -0.30 0.00 Freedom Managed 356.38 375.14 -2.00 -
Arisaig Partners American Special Sits £ 11.51 - -0.17 0.00 Hermes US All Cap Equity Class F Stg £ Acc £ 0.99 0.99 -0.02 -
The Westchester Class 1 GBP Acc £ 19.78 - -0.38 0.00 FIL Fund Management (LUX) Freedom Equity 393.76 414.48 -1.81 -
Other International Funds Baring Emerging Markets Corporate Debt Fund $ 9.23 - -0.01 0.00 GBP Distributing Share class £ 12.37 - -0.21 0.83
Asia Pacific Ops W-Acc £ 1.04 - -0.01 0.42 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg Hermes US All Cap Equity Class R € Acc € 1.96 1.96 -0.03 -
Arisaig Africa Consumer Fund Limited $ 13.51 - 0.02 0.00 The Westchester Class 2 GBP Acc £ 19.82 - -0.39 0.00
Baring European Opportunities Fund Class A EUR Acc € 13.81 - -0.06 0.00 EUR Accumulating Share Class € 21.32 - -0.37 0.00 Phone: 800 22 089, 800 22 088 Corp Pens Mananged 215.67 215.67 -1.49 -
Investment Adviser - Morant Wright Management Limited Fidelity Asian Dividend Fund A-Accumulation £ 1.06 - 0.00 1.43 Regulated Hermes US SMID Equity Fund Class F Acc £ 1.60 1.60 -0.03 0.00
Arisaig Asia Consumer Fund Limited $ 62.35 - -0.65 0.00 Dodge & Cox Worldwide Funds plc-International Stock Fund Corp Pens Equity 218.13 218.13 -1.25 -
Baring Global Mining Fund - Class A GBP Inc £ 3.34 - 0.01 0.65 CF Morant Wright Japan A X 274.71 - -2.37 0.00 Fidelity Asian Dividend Fund A-Income £ 0.99 - -0.01 3.52 China Consumer A-GBP £ 14.40 - -0.18 0.00 Hermes US SMID Equity Fund Class R Acc € 3.45 3.45 -0.06 0.00
Arisaig Global Emerging Markets Consumer UCITS € 11.86 - -0.11 0.00 USD Accumulating Share Class $ 13.37 - -0.07 0.00 Corp Pens Fixed Interest 299.48 299.48 -0.31 -
Dynamic Emerging Markets A GBP Acc F £ 8.50 - -0.07 0.00 CF Morant Wright Japan A Inc X 270.65 - -2.33 0.00 China Consumer £ 1.45 - -0.01 0.08 China Focus A-GBP £ 4.19 - -0.04 0.71
Arisaig Global Emerging Markets Consumer UCITS STG £ 10.93 - -0.14 0.00 EUR Accumulating Share Class € 14.28 - -0.25 0.00 Corp Pens Index Linked 334.16 334.16 -2.94 -
Eastern Europe A GBP Inc £ 39.55 - 0.13 1.72 CF Morant Wright Japan B X 292.32 - -2.52 0.51
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Emerging Asia £ 1.13 - -0.01 0.14 Global Financial Services A-GBP £ 0.44 - -0.01 0.11 Hermes Property Unit Trust (UK)
Arisaig Latin America Consumer Fund $ 20.70 - 0.29 0.00 Corp Pens Deposit 191.01 191.01 0.00 -
Emerging Mkt Debt LC A GBP Hedged Inc £ 7.04 - -0.07 6.56 CF Morant Wright Japan B Inc X 275.66 - -2.37 0.53 Property & Other UK Unit Trusts
USD Accumulating Share Class $ 17.88 - -0.15 0.00 Emerg Eur, Mid East & Africa H £ 1.25 - -0.05 0.97 Global Health Care A-GBP £ 0.55 - -0.01 0.00
Emerging Opportunities A GBP Inc H £ 17.83 - -0.15 0.00 Corp Pens Protector 363.90 363.90 -0.64 - Property £ 5.78 6.15 0.03 4.14
CF Morant Wright Nippon Yield ACC A X 280.90 - -2.46 2.08 GBP Accumulating Share Class £ 18.32 - -0.37 0.00 Enhanced Income - Acc £ 1.87 - -0.02 6.45 Global Industrials A-GBP £ 0.63 - 0.00 0.00
Glb Emerging Markets A GBP Inc H £ 18.27 - -0.33 0.00 Corp Pens UK Index Tracker £ 1.89 1.89 0.00 -
CF Morant Wright Nippon Yield ACC B X 291.32 - -2.54 2.07 GBP Distributing Share Class £ 11.67 - -0.23 0.57 Enhanced Income - Inc £ 1.19 - -0.01 7.18 Global Inflation-Linked Bd A-GBP-Hdg £ 1.16 - 0.00 0.56
Guardian Linked Life Assurance Ltd
Glb Resources A GBP Inc H £ 10.41 - 0.05 0.37 CF Morant Wright Nippon Yield Fund A Inc X 244.18 - -2.14 2.12 Hermes UK Residential Real Estate (UK)
EUR Accumulating Share Class € 21.05 - -0.42 0.00 European - Inc £ 1.40 - -0.01 0.77 Global Real Asset Securities £ 1.35 - 0.00 0.00
Managed Acc £ 17.78 18.71 -0.16 - Property & Other UK Unit Trusts
High Yield Bond A GBP Hedged Inc H £ 6.15 - -0.01 7.10 CF Morant Wright Nippon Yield Fund B Inc X 253.32 - -2.21 2.11 European £ 15.90 - -0.20 1.16 Global Technology A-GBP £ 0.27 - 0.00 0.00 VISTA UK Residential Real Estate £ 1.02 1.06 0.03 -
Equity Acc £ 31.91 33.59 -0.31 -
Hong Kong China A GBP Inc £ 572.80 - -7.41 0.59
European Opportunities £ 3.77 - -0.03 0.24 Global Telecomms A-GBP £ 0.28 - 0.00 1.17
Fixed Interest Acc £ 17.14 18.05 -0.08 -
Artemis Fund Managers Ltd (1200)F (UK) India Fund - Class A GBP Inc £ 13.57 - 0.07 0.00
Cavendish Asset Management Limited (1200)F (UK) Extra Income £ 0.26 - 0.00 3.29 India Focus A-GBP £ 4.12 - -0.07 0.00
International Acc £ 13.19 13.88 -0.14 - Impax Asset Management (IRL)
57 St. James's Street, London SW1A 1LD 0800 092 2051 Chelsea House, Westgate, London W5 1DR
Latin America A USD Inc H $ 25.79 - -0.32 0.23 Norfolk House, 31 St James's Square, London, SW1Y 4JR
Authorised Inv Funds Extra Income - Gross £ 0.26 - 0.00 3.29 Latin America A-GBP £ 1.33 - 0.02 0.65
IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 International S-NA Acc £ 6.78 7.13 -0.07 -
MENA A GBP Inc F * £ 11.64 - -0.15 0.66 FCA Recognised
Artemis Capital R ACC 1254.01 1324.88 -12.53 1.24 Authorised Inv Funds Global Dividend - Acc £ 1.58 - -0.02 3.08
International S-PA Acc £ 4.09 4.31 -0.04 - Env Mkts (Ire) Stl A £ 2.19 - -0.04 0.00
Artemis European Growth R Acc 240.83 254.14 -2.39 1.19 Cavendish Opportunities Fund B Class 1045.00 - -7.00 1.66
Global Dividend - Inc £ 1.39 - -0.02 3.27 Findlay Park Funds Plc (IRL)
Dragon Capital Group International S-EU Acc £ 3.30 3.47 -0.04 - Env Mkts (Ire) Euro A € 2.08 - -0.03 0.00
Artemis European Opps R Acc 74.24 78.34 -0.79 0.82 Baring International Fd Mgrs (Ireland) (IRL) Cavendish Opportunities Fund A Class 1039.00 - -8.00 0.82 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Global Focus £ 13.10 - -0.15 0.00
Regulated FCA Recognised Managed S-PR Acc £ 6.75 7.11 -0.07 - Env Mkts (Ire) USD A $ 1.74 - -0.01 0.00
Cavendish Opportunities Fund C Acc 1088.00xd - -7.00 1.48 Fund information, dealing and administration: funds@dragoncapital.com
Artemis Global Emg Mkts I GBP Acc 78.62 - -0.59 - Global High Yield Fund - A Gross Acc £ 11.82 - -0.03 4.86
China A-Share A GBP Inc £ 5.70 - 0.14 0.00 Other International Funds American Fund USD Class $ 80.53 - -0.77 0.00 Fixed Interest S-IL Acc £ 6.48 6.82 -0.03 -
Artemis Global Emg Mkts I GBP Dist 78.62 - -0.60 - Cavendish Worldwide Fund B Class 294.30 - -3.20 0.70
Vietnam Enterprise Inv. (VEIL) NAV $ 3.56 - 0.01 0.00 Global High Yield Fund - A Gross Inc £ 9.78 - -0.02 5.53 American Fund GBP Hedged £ 43.91 - -0.41 0.00 Deposit Accum £ 4.44 4.67 0.00 -
Cavendish Worldwide Fund A Class 293.80 - -3.20 0.00 INDIA VALUE INVESTMENTS LIMITED (INVIL)
Artemis Global Energy R Acc 20.56 21.81 0.01 0.00 Global High Yield Fund - A Net Acc £ 11.38 - -0.03 4.92 www.invil.mu
Vietnam Growth Fund (VGF) NAV $ 23.09 - 0.08 0.00 American Fund GBP Unhedged £ 53.08 - -0.98 - Guardian Pensions Management Ltd
Barings (Luxembourg) (LUX)
Artemis Global Growth R Acc 179.07 188.93 -2.46 0.81 Cavendish Worldwide Fund C Acc 301.90xd - -3.30 0.62 Other International Funds
FCA Recognised Vietnam Property Fund (VPF) NAV $ 0.81 - 0.00 0.00 Global High Yield Fund - A Net Inc £ 9.78 - -0.02 5.53 Latin American Fund USD Class $ 11.39 - 0.14 0.00 Pens. Managed Acc. £ 23.08 24.29 -0.15 -
Cavendish AIM Fund B Class 161.30 - -0.10 0.71 NAV £ 7.71 - -0.01 0.00
Artemis Global Income R Acc 94.06 99.34 -0.92 4.09 Russia A GBP Inc F £ 24.73 - -0.18 0.00 Global Property - Acc £ 1.46 - -0.01 1.31 Pens. Equity Acc. £ 33.65 35.42 -0.19 -
Latin American Fund GBP Unhedged £ 7.51 - 0.03 -
Artemis Global Income R Inc 75.74 79.99 -0.74 4.26 Cavendish AIM Fund A Class 157.10 - -0.20 0.00
Global Property W Inc £ 1.19 - -0.01 3.06
DSM Capital Partners Funds (LUX)
Artemis Global select R Acc 71.03 74.95 -0.89 0.00 BlackRock (JER) Cavendish Asia Pacific Fund B Class 151.10 - -1.60 1.74 www.dsmsicav.com Global Special Sits £ 25.72 - -0.31 0.00
Intrinsic Value Investors (IVI) LLP (IRL)
HPB Assurance Ltd 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
Regulated Cavendish Asia Pacific Fund A Class 151.20 - -1.60 0.77 Regulated
Artemis High Income R Inc 77.54 82.61 -0.09 5.83 Index Emerging Markets P-Acc £ 0.93 - -0.01 2.70 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 FCA Recognised
BlackRock UK Property £ 41.21 - 0.17 3.37 Global Growth I2 Acc € 136.68 - -2.56 0.00 International Insurances
Artemis Income R Inc 200.13 212.15 -0.65 4.22 Cavendish Asia Pacific Fund C Acc 157.90 - -1.60 1.71 IVI European Fund EUR € 17.86 - -0.08 0.00
Index Europe ex UK P-Acc £ 1.01 - -0.01 2.43
Blackrock UK Long Lease £ 1071.52 - 0.97 0.00 Global Growth I1 Eur € 102.22 - -1.91 - Holiday Property Bond Ser 1 £ 0.50 - 0.01 0.00
Artemis Income R Acc 341.29 361.79 -1.11 4.10 Cavendish European Fund B Class 140.20 - -1.70 1.12 IVI European Fund GBP £ 17.49 - -0.16 1.02
Index Japan P-Acc £ 1.13 - 0.00 1.53
BLK Intl Gold & General $ 3.87 4.09 0.06 0.00 Holiday Property Bond Ser 2 £ 0.60 - 0.01 0.00
Artemis Monthly Dist R Inc 62.07 65.86 -0.35 4.61 Cavendish European Fund A Class 139.10 - -1.70 0.30
Index Pacific ex Japan P-Acc £ 0.99 - -0.01 3.98
Cavendish Japan Fund B Class 158.80 - -1.60 0.73 Eclectica Asset Management (UK)
Artemis Pan-Euro Abs Ret GBP 113.06 - -0.68 - 40 Dukes Place, London EC3A 7NH Index UK A-Acc £ 0.82 - 0.00 2.86
BONHOTE Hamon Investment Group
Artemis Strategic Assets R Acc 72.43 76.69 -0.01 0.00 Cavendish Japan Fund A Class 158.00 - -1.60 0.00 Order Desk and Enquiries: 0345 608 0941
Other International Funds Index UK P-Acc £ 0.99 - -0.01 3.10 Other International Funds
Authorised Corporate Director - Capita Financial Managers
Artemis Strategic Bond R M Acc 83.61 88.76 -0.13 4.04 Cavendish North American Fund B Class 191.50 - -2.60 0.51 Asian Market Leaders - USD $ 24.20 - -0.06 0.00
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6695.00 - -30.00 2.26 Authorised Inv Funds Index US A-Acc £ 1.64 - -0.02 1.40
Artemis Strategic Bond R M Inc 53.78 57.10 -0.09 4.12 Cavendish North American Fund A Class 186.20 - -2.50 0.00 CF Eclectica Agriculture A EUR Acc ♦ € 1.42 - 0.00 0.00 Asian Market Leaders - GBP £ 12.46 - -0.15 0.00
 30
Fund Bid Offer +/- Yield
Invesco Fund Managers Ltd (UK)
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH
Dealing: 0800 085 8571
Investor Services: 0800 085 8677
www.invescoperpetual.co.uk
Authorised Inv Funds
INVESCO PERPETUAL Funds
Asian Acc ♦ F 419.18 - -2.85 0.92
Asian Inc ♦ F 374.44 - -2.55 0.93
Asian Equity Income Acc ♦ F 54.21 - -0.47 4.69
Asian Equity Income Inc ♦ F 45.07 - -0.39 4.82
Balanced Risk 6 Acc 51.26 - -0.05 0.00
Balanced Risk 8 Acc 52.32 - -0.07 0.00
Balanced Risk 10 Acc 53.31 - -0.09 0.13
set Management
Childrens Acc ♦ F 386.19 - 0.43 1.79
Corporate Bd Acc (Gross) ♦ F 207.58 - -0.16 3.50
Corporate Bd Inc (Gross) ♦ F 88.20 - -0.07 3.59
Corporate Bond Acc ♦ F 184.68 - -0.14 3.51
Corporate Bond Inc ♦ F 88.09 - -0.07 3.59
Distribution Acc ♦ F 107.79 - -0.43 4.47
Distribution Acc (Gross) ♦ F 123.48 - -0.49 4.45
Distribution Inc ♦ F 62.62 - -0.25 4.56
Distribution Inc (Gross) ♦ F 62.63 - -0.25 4.56
Emerging European Acc ♦ F 32.62 - -0.04 2.84
Emerging European Inc ♦ F 29.74 - -0.04 2.91
European Equity Acc ♦ F 822.43 - -4.37 1.52
European Equity Inc ♦ F 686.23 - -3.65 1.54
European Equity Income Acc ♦ F 71.27 - -0.52 3.47
European Equity Income Inc ♦ F 54.18 - -0.40 3.55
European High Income Acc ♦ F 79.78 - -0.38 3.49
European High Income Inc ♦ F 57.83 - -0.28 3.55
European Opportunities Inc ♦ F 84.36 - -0.44 1.13
European Opportunities Acc ♦ F 87.27 - -0.46 1.12
European Smlr Cos Acc ♦ F 191.80 - -1.08 0.23
Global Bd Acc (Gross) ♦ F 130.80 - -0.60 1.17
Global Bd Inc (Gross) ♦ F 80.54 - -0.37 1.18
Global Bond Acc ♦ F 122.89 - -0.56 1.17
Global Bond Inc ♦ F 80.49 - -0.37 1.18
Glbl Distribution Acc 52.53 - -0.17 4.93
Glbl Distribution Acc (Gross) 53.24 - -0.17 4.92
Glbl Distribution Inc 49.77 - -0.17 4.94
Glbl Distribution Inc (Gross) 49.78 - -0.16 4.94
Global Emerging Markets Acc ♦ F 228.87 - -2.83 0.99
Global Emerging Markets Inc ♦ F 206.39 - -2.55 1.00
Global Equity (acc) ♦ F 460.62 - -3.57 0.64
Global Equity (inc) ♦ F 417.57 - -3.24 0.64
Global Equity Income Acc ♦ F 117.68 - -1.12 3.60
Global Equity Income Inc ♦ F 95.58 - -0.90 3.70
Gbl Financial Capital Acc 87.95 - -0.30 4.28
Gbl Financial Capital Inc 74.01 - -0.25 4.41
Gbl Financial Cap Acc Gross 92.08 - -0.30 4.78
Gbl Financial Cap Inc Gross 74.21 - -0.25 4.96
Global Opportunities Acc ♦ F 92.21 - -1.00 0.47
Global Smaller Cos Acc ♦ F 1651.10 - -20.70 0.20
Global Smaller Cos Inc ♦ F 1576.60 - -19.77 0.20
Global Targeted Rets Acc 56.24 - -0.04 0.29
High Income Acc ♦ F 812.83 - -6.68 3.28
High Income Inc ♦ F 448.38 - -3.69 3.36
High Yield Fund Acc 104.86 - -0.81 5.22
High Yield Fund Acc (Gross) 122.45 - -0.94 5.19
High Yield Fund Inc 41.49 - -0.31 5.36
High Yield Fund Inc (Gross) 41.55 - -0.32 5.36
Hong Kong & China Acc ♦ F 462.90 - -6.22 0.74
Income & Growth Acc ♦ F 937.00 - -6.04 4.05
Income & Growth Inc ♦ F 406.52 - -2.62 4.17
Income Acc ♦ F 3136.87 - -10.86 3.13
Income Inc ♦ F 1744.55 - -6.04 3.20
Japan Acc ♦ F 309.05 - -1.56 0.31
Japanese Smlr Cos Acc ♦ F 65.12 - -0.41 0.00
Latin America Acc ♦ F 99.81 - 0.21 1.14
Latin America Inc ♦ F 83.08 - 0.17 1.16
Managed Growth Acc ♦ F 157.59 - -0.91 0.71
Managed Growth Inc ♦ F 131.20 - -0.75 0.71
Managed Income Acc ♦ F 157.15 - -0.97 2.97
Managed Income Inc ♦ F 95.77 - -0.59 3.02
Money Acc ♦ F
90.19 - 0.00 0.21
Money Acc (Gross) ♦ F
95.32 - 0.00 0.21
Monthly Income Plus Acc ♦ F
293.80 - -0.71 4.84
Monthly Income Plus Acc (Gross) ♦ F 345.72 - -0.83 4.82
Monthly Income Plus Inc ♦ F 107.90 - -0.26 4.95
Monthly Income Plus Inc (Gross) ♦ F 108.04 - -0.26 4.94
Pacific Acc ♦ F 955.86 - -6.42 0.38
Pacific Inc ♦ F 874.71 - -5.88 0.38
Tactical Bond Acc ♦ F 68.58 - -0.04 0.81
Tactical Bond Inc ♦ F 59.46 - -0.03 0.82
Tactical Bond Acc (Gross) ♦ F 71.15 - -0.04 0.81
Tactical Bond Inc (Gross) ♦ F 59.51 - -0.03 0.82
UK Focus Acc F 193.58 - 0.26 1.83
UK Focus Inc F 161.21 - 0.22 1.86
UK Growth Acc ♦ F 527.96 - 0.79 1.87
UK Growth Inc ♦ F 334.96 - 0.50 1.90
UK Smaller Cos Equity Acc ♦ F 882.85 - -4.56 0.77
UK Smaller Cos Equity Inc ♦ F 676.07 - -3.50 0.78
UK Strategic Income Acc ♦ F 182.94 - -1.57 3.50
UK Strategic Income Inc ♦ F 134.78 - -1.15 3.59
US Equity Acc ♦ F 531.09 - -6.22 0.00
Invesco Perpetual Funds (No Trail)
Asian (No Trail) Acc ♦ F 175.73 - -1.20 1.47
Asian (No Trail) Inc ♦ F 158.08 - -1.07 1.49
Asian Equity Income (No Trail) Acc ♦ F 111.02 - -0.95 4.67
Asian Equity Income (No Trail) Inc 92.32 - -0.79 4.80
Balanced Risk 6 No Trail Acc 104.45 - -0.11 0.16
Balanced Risk 8 No Trail Acc 106.59 - -0.14 0.43
Balanced Risk 10 No Trail Acc 108.62 - -0.18 0.59
Corporate Bond (No Trail) Acc ♦ F 164.38 - -0.12 3.76
Corporate Bond (No Trail) Inc ♦ F 116.44 - -0.09 3.84
Distribution (No Trail) Acc ♦ F 165.44 - -0.65 4.46
Distribution (No Trail) Inc ♦ F 109.41 - -0.44 4.55
Emerging European (No Trail) Acc ♦ F 67.88 - -0.09 3.40
Emerging European (No Trail) Inc ♦ F 59.99 - -0.08 3.51
European Equity (No Trail) Acc ♦ F 145.27 - -0.77 2.07
European Equity (No Trail) Inc ♦ F 120.40 - -0.64 2.11
European Equity Income (No Trail) Acc ♦ F 146.88 - -1.07 3.46
European Equity Income (No Trail) Inc ♦ F 111.70 - -0.81 3.55
European High Income (No Trail) Acc ♦ F 164.43 - -0.78 3.48
European High Income (No Trail) Inc ♦ F 119.18 - -0.57 3.54
European Opportunities (No Trail) Acc ♦ F 182.78 - -0.95 1.65
European Opportunities (No Trail) Inc ♦ F 170.87 - -0.89 1.68
European Smaller Companies (No Trail) Acc ♦ F 235.64 - -1.33 0.74
Global Balanced Index (No Trail) Acc ♦ F 156.38 - -1.21 2.03
Global Bond (No Trail) Acc ♦ F 138.12 - -0.63 1.42
Global Bond (No Trail) Inc ♦ F 124.87 - -0.57 1.43
Glbl Distribution Acc (No Trail) 105.87 - -0.34 3.89
Glbl Distribution Inc (No Trail) 100.33 - -0.32 3.97
Gbl Emerging Markets (No Trail) Acc ♦ F 150.07 - -1.85 1.59
Asset Management
Gbl Emerging Markets (No Trail) Inc ♦ F 139.44 - -1.72 1.61
Global Equity (No Trail) acc ♦ F 203.41 - -1.57 1.18
Global Equity (No Trail) inc ♦ F 188.20 - -1.45 1.20
Global Equity Income (No Trail ) Acc ♦ F 243.53 - -2.30 3.59
Global Equity Income (No Trail) Inc ♦ F 197.80 - -1.86 3.69
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 172.14 - -2.14 1.55
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 199.37 - -2.46 2.04
Gbl Fin Cap No Trail Acc 179.31 - -0.59 4.27
Gbl Fin Cap No Trail Inc 150.91 - -0.50 4.40
Global Opportunities (No Trail) Acc ♦ F 237.38 - -2.57 1.02
Fund Bid Offer +/- Yield
Global Smaller Companies (No Trail) Acc ♦ F 241.31 - -3.02 0.75
Global Smaller Companies (No Trail) Inc ♦ F 230.58 - -2.89 0.75
Global Targeted Rets (No Trail) Acc 113.67 - -0.08 0.83
High Income (No Trail) Acc ♦ F 173.88 - -1.42 3.27
High Income (No Trail) Inc ♦ F 127.84 - -1.05 3.35
High Yield Fund (No Trail) Acc 217.39 - -1.67 5.21
High Yield Fund (No Trail) Inc 160.22 - -1.23 5.35
Hong Kong & China (No Trail) Acc ♦ F 183.65 - -2.46 1.24
Income & Growth (No Trail) Acc ♦ F 220.67 - -1.42 4.03
Income & Growth (No Trail) Inc ♦ F 174.69 - -1.12 4.15
Income (No Trail) Acc ♦ F 172.44 - -0.59 3.12
Income (No Trail) Inc ♦ F 126.25 - -0.43 3.19
Japan (No Trail) Acc ♦ F 146.91 - -0.74 0.78
Japanese Smaller Companies (No Trail) Acc ♦ F 165.94 - -1.05 0.00
Latin American (No Trail) Acc ♦ F 96.55 - 0.21 1.85
Latin American (No Trail) Inc ♦ F 86.71 - 0.19 1.88
Managed Growth (No Trail) Acc ♦ F 191.14 - -1.10 1.23
Managed Growth (No Trail) Inc ♦ F 175.78 - -1.01 1.24
Managed Income (No Trail) Acc ♦ F
Asset Management 188.40 - -1.16 2.96
Managed Income (No Trail) Inc ♦ F 153.97 - -0.95 3.02
Monthly Income Plus (No Trail) Acc ♦ F 169.52 - -0.41 4.83
Monthly Income Plus (No Trail) Inc ♦ F 106.39 - -0.25 4.93
Pacific (No Trail) Acc ♦ F 177.39 - -1.19 0.87
Pacific (No Trail) Inc ♦ F 166.88 - -1.12 0.95
Tactical Bond (No Trail) Acc ♦ F 140.41 - -0.08 1.31
Tactical Bond (No Trail) Inc ♦ F 119.03 - -0.06 1.32
UK Focus (No Trail) Acc F 159.32 - 0.21 2.38
UK Focus (No Trail) Inc F 134.06 - 0.18 2.43
UK Enhanced Index (No Trail) Acc ♦ F 388.56 - -3.58 3.60
UK Enhanced Index (No Trail) Inc ♦ F 242.01 - -2.23 3.69
UK Growth (No Trail) Acc ♦ F 139.70 - 0.21 2.40
UK Growth (No Trail) Inc ♦ F 114.31 - 0.17 2.45
UK Smaller Companies Equity (No Trail) Acc ♦ F 287.54 - -1.48 1.26
UK Smaller Companies Equity (No Trail) Inc ♦ F 265.26 - -1.37 1.28
UK Strategic Income (No Trail) Acc ♦ F 726.94 - -6.23 3.50
UK Strategic Income (No Trail) Inc ♦ F 535.60 - -4.58 3.58
US Equity (No Trail) Acc ♦ F 221.24 - -2.58 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 € 2.88 - 0.00 0.00
Invesco Asia Balanced A dist $ 13.79 - -0.01 3.72
Invesco Asia Consumer Demand Fund A income $ 12.27 - -0.01 0.24
Invesco Asia Infrastructure (A) $ 12.04 - -0.03 0.78
Invesco Asia Opportunities Equity A $ 99.58 - -0.07 0.00
Invesco Balanced Risk Allocation Fund A € 14.52 - -0.03 0.00
Invesco Emerging Europe Equity Fund A $ 7.59 - 0.03 0.00
Invesco Emerging Local Currencies Debt A Inc $ 6.66 - -0.08 6.93
Invesco Emerging Mkt Quant.Eq. A $ 8.78 - -0.08 0.00
Invesco Energy A $ 16.96 - 0.15 0.00
Invesco Euro Corporate Bond Fund (A) € 17.05 - -0.01 0.00
Invesco Euro Inflation Linked Bond A € 15.70 - 0.00 0.00
Invesco Euro Reserve A € 322.71 - 0.00 0.00
Invesco Euro Bond A € 7.15 - 0.00 0.00
Invesco European Growth Equity A € 24.61 - -0.02 0.00
Invesco Global Absolute Return Fund A Class € 11.66 - -0.05 0.00
Invesco Global Bond A Inc $ 5.53 - 0.00 0.75
Invesco Global Conservative Fund 90 (EUR) A € 11.90 - -0.02 0.00
Invesco Global Equity Income Fund A $ 58.27 - -0.19 0.00
Invesco Global Inc Real Estate Sec A dist $ 9.02 - -0.03 2.23
Invesco Global Inv Grd Corp Bond A Dist $ 11.81 - 0.00 3.03
Invesco Global Leisure A $ 36.82 - -0.62 0.00
Invesco Global Smaller Comp Eq Fd A $ 57.00 - -0.26 0.00
Invesco Global Structured Equity A $ 46.45 - -0.44 0.73
Invesco Global Total Ret.(EUR) Bond Fund A € 13.21 - -0.02 0.00
Invesco Gold & Precious Metals A $ 3.56 - 0.02 0.00
Invesco Greater China Equity A $ 43.86 - -0.23 0.00
Invesco India Equity A $ 49.88 - 0.69 0.00
Invesco Japanese Equity Adv Fd A ¥ 3826.00 - -37.00 0.00
Invesco Japanese Value Eq Fd A ¥ 1279.00 - -15.00 0.00
Invesco Latin American Equity A $ 5.79 - 0.07 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 1007.00 - -10.00 0.00
Invesco Pan European Equity A EUR Cap NAV € 18.95 - -0.02 0.00
Invesco Pan European High Income Fd A € 13.79 - -0.03 2.38
Invesco Pan European Small Cap Equity A € 23.29 - -0.06 0.00
Invesco Pan European Structured Equity A € 17.29 - -0.13 0.00
Invesco UK Eqty Income A £ 31.37 - -0.11 0.00
Invesco UK Investment Grade Bond A £ 0.98 - 0.00 2.90
Invesco US Structured Equity A $ 20.90 - -0.18 0.00
Invesco US Value Eq Fd A $ 30.78 - -0.19 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 £ 2.59 - 0.00 3.30
Invesco Asian Equity A $ 6.12 - -0.02 0.53
Invesco ASEAN Equity A $ 87.08 - -0.04 0.45
Invesco Bond A $ 26.82 - 0.07 2.22
Invesco Continental Eurp Small Cap Eqty A $ 198.00 - 0.04 0.00
Invesco Emerging Markets Equity A $ 34.61 - -0.20 0.00
Invesco Emerging Markets Bond A $ 20.61 - 0.02 4.73
Invesco Continental European Equity A € 8.68 - -0.04 0.19
Invesco Gilt A £ 15.03 - 0.00 1.40
Invesco Global Small Cap Equity A NAV $ 118.74 - -0.74 0.00
Invesco Global High Income A NAV $ 11.89 - 0.00 5.46
Invesco Gbl R/Est Secs A GBP F F £ 7.67 - -0.10 0.89
Invesco Global Health Care A $ 125.88 - -1.67 0.00
Invesco Global Select Equity A $ 12.91 - -0.02 0.00
Invesco Jap Eqty Core A $ 1.80 - 0.00 0.00
Invesco Japanese Equity A $ 18.92 - -0.04 0.00
Invesco Korean Equity A $ 30.26 - -0.09 0.00
Invesco PRC Equity A $ 51.06 - -0.52 0.00
Invesco Pacific Equity A $ 46.64 - -0.02 0.19
Invesco Global Technology A $ 16.24 - -0.27 0.00
Invesco UK Eqty A £ 7.80 - 0.01 1.37
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 60.60 - 1.17 0.00
Invest AD - Emerging Africa Fund $ 902.15 - -1.95 0.00
Invest AD - GCC Focus Fund $ 1394.86 - 0.89 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 61.46xd - -1.11 0.00
America Equity Inc 61.46xd - -1.11 0.00
Asia Acc 115.20 - -1.20 0.33
Asia Inc 63.95 - -0.62 0.32
Cautious Managed Rt Acc 67.75xd - -0.18 0.38
Cautious Managed Rt Inc 59.60xd - -0.15 0.38
Diversified Real Ret Acc 50.21 - -0.05 1.07
Diversified Real Ret Inc 48.77 - -0.06 1.09
★ FINANCIAL TIMES
Fund Bid Offer +/- Yield
Emerging Mkts Acc 129.60 - -2.10 0.80
Emerging Mkts Inc 55.75 - -0.89 0.80
Emrg Eur Eq Acc 129.60 - 0.00 2.80
Emrg Eur Eq Inc 30.80 - -0.01 2.76
Emrg Mkts Inc Acc... C 45.23xd - -0.67 5.46
Emrg Mkts Inc Inc... C 39.46xd - -0.58 5.62
Europe Acc 1049.00 - -12.00 1.48
Europe Inc 60.37 - -0.69 1.48
Eur Dynamic exUK Acc 159.80 - -2.30 0.82
Eur Dynamic exUK £ hdg Acc 185.30 - -1.70 0.71
Eur Dynamic exUK Inc 73.38 - -1.05 0.82
Eur Smaller Cos Acc 503.80xd - -7.40 0.03
Eur Smaller Cos Inc 65.51xd - -0.96 0.02
Fusion Balanced Acc 54.67 - -0.25 0.47
Fusion Balanced Inc 55.06 - -0.26 0.47
Fusion Conservative Acc 54.08 - -0.26 0.65
Fusion Conservative Inc 54.02 - -0.26 0.67
Fusion Growth Acc 56.02 - -0.39 0.48
Fusion Growth Inc 56.02 - -0.39 0.48
Fusion Growth + Acc 58.38 - -0.52 0.48
Fusion Growth + Inc 58.39 - -0.52 0.48
Fusion Income Acc...C 53.66xd - -0.14 2.37
Fusion Income Inc...C 50.70xd - -0.14 2.41
Global Allocation Acc 53.11xd - -0.21 0.91
Global Allocation Inc 52.30xd - -0.20 0.91
Global Bond exUK Acc 251.60 - 0.00 0.73
Global Bond exUK Inc 197.90 - 0.00 0.73
Global Bond Opport. Acc 48.77 - -0.04 2.89
Global Bond Opport. Inc 47.63xd - -0.04 2.96
Global Eq Income £ hdg Acc... C 67.68xd - -0.41 3.19
Global Eq Income £ hdg Inc ... C 48.45xd - -0.29 3.26
Global Eq Income Acc... C 70.61xd - -0.73 3.20
Global Eq Income Inc ... C 61.17xd - -0.63 3.26
Global Equity Acc 1000.00 - -14.00 0.15
Global Equity Inc 74.35 - -1.00 0.14
Global Financials Acc 718.80 - -7.90 0.87
Global Financials Inc 40.88 - -0.45 0.88
Global High Yield Bd Mth Inc C 35.31xd - -0.06 7.02
Global High Yield Bd Acc C 93.85xd - -0.16 6.93
Global High Yield Bd Inc C 35.46xd - -0.06 7.02
Global Property Secs Acc 57.39 - -0.50 0.59
Global Property Secs Inc 49.53 - -0.43 0.58
Income Acc ... C 48.90xd - 0.02 6.58
Income Inc ... C 45.25xd - 0.02 6.67
Japan Acc 295.90 - -4.10 0.00
Japan Inc 71.24 - -0.98 0.00
Multi-Asset Inc Mth Inc ... C 63.01xd - -0.18 3.65
Multi-Asset Inc Acc... C 84.16xd - -0.24 3.64
Multi-Asset Inc Inc... C 63.18xd - -0.18 3.73
Multi-Asset Macro Acc 64.95 - -0.11 0.00
Multi-Asset Macro Inc 64.95 - -0.12 0.00
Multi-Manager Growth Acc 719.70 - -2.90 0.46
Multi-Manager Growth Inc 671.60 - -2.80 0.46
Natural Resources Acc 310.70 - 1.20 0.13
Natural Resources Inc 22.00 - 0.08 0.13
Portfolio Acc 198.80 - -1.20 0.69
Sterling Corporate Bond Acc 82.96xd - -0.09 2.32
Sterling Corporate Bond Inc 51.86xd - -0.05 2.34
Strategic Bond Acc 68.33xd - -0.06 3.19
Strategic Bond Inc 56.72xd - -0.05 3.21
UK Active Index + E Acc 273.50 - -1.60 3.14
UK Active Index + E Inc 51.58 - -0.30 3.14
UK Dynamic Acc 158.20 - -1.40 1.49
UK Dynamic Inc 129.40 - -1.10 1.50
UK Eq & Bond Inc Acc ... C 139.30xd - -0.70 3.41
UK Eq & Bond Inc Inc ... C 81.06xd - -0.43 3.48
UK Higher Inc Acc ... C 890.00 - -8.00 4.21
UK Higher Inc Inc ... C 517.20 - -4.70 4.34
UK Managed Equity Acc 64.19xd - -0.40 2.20
UK Managed Equity Inc 53.73xd - -0.33 2.24
UK Smaller Cos Acc 392.40xd - 3.90 0.27
UK Smaller Cos Inc 75.98xd - 0.74 0.27
UK Strategic Eq Inc Acc ... C 148.20xd - -0.80 3.82
UK Strategic Eq Inc Inc ... C 95.87xd - -0.50 3.91
UK Strategic Gth Acc 111.40 - -1.20 1.18
UK Strategic Gth Inc 103.90 - -1.20 1.20
US Acc 714.00 - -13.10 0.00
US Inc 98.82 - -1.78 0.00
US Equity Income Acc ... C 119.90xd - -1.70 2.17
US Equity Income £ hdg Inc ... C 98.37xd - -0.69 2.24
US Equity Income Inc ... C 101.70xd - -1.50 2.19
US Select Acc 111.70 - -1.90 0.00
US Select Inc 110.30 - -1.90 0.00
US Smaller Cos Acc 373.40xd - -7.20 0.00
US Smaller Cos Inc 97.84xd - -1.90 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 £ 2.749653 2.761254 1.709239 3.59
Bond Fund for Charities £ 1.345617 1.351744 0.305203 3.56
GAM
funds@gam.com, www.jbfundnet.com
Regulated
JB BF ABS-EUR B € 104.84 - 0.00 0.00
JB BF Abs Ret Def-EUR B € 109.36 - -0.04 0.00
JB BF Abs Ret EM-USD B $ 113.95 - 0.08 0.00
JB BF Abs Ret-EUR B € 127.99 - -0.10 0.00
JB BF Abs Ret Pl-EUR B € 126.64 - -0.14 0.00
JB BF EM Corporate-USD B $ 106.78 - -0.08 0.00
JB BF EM Infl Link-USD B $ 80.74 - 0.34 0.00
JB BF EM Inv Grade-USD B $ 97.75 - 0.04 0.00
JB Emerging (EUR)-EUR B € 331.74 - 0.82 0.00
JB Emerging (USD)-USD B $ 405.94 - 1.81 0.00
JB BF Local EM-USD B $ 247.41 - 0.83 0.00
JB BF Total Ret-EUR B € 97.21 - -0.07 0.00
JB EF Abs Ret Eur-EUR B € 120.55 - -0.16 0.00
JB EF Euro Value-EUR B € 174.50 - 0.56 0.00
JB EF Japan-JPY B ¥ 17480.00 - -169.00 0.00
JB EF Luxury B-EUR B € 218.10 - -2.43 0.00
JB Ms EF Special Val. EUR/A € 135.25 - -1.00 1.10
JB Strategy Balanced-CHF/B SFr 148.38 - -0.79 0.00
JB Strategy Balanced-EUR € 153.69 - -0.85 0.00
JB Strategy Balanced-USD/B $ 128.37 - -0.51 0.00
JB Strategy Growth-CHF/B SFr 91.02 - -0.66 0.00
JB Strategy Growth-EUR € 114.65 - -0.87 0.00
JB Strategy Inc-CHF/B SFr 118.62 - -0.40 0.00
JB Strategy Inc-EUR/B € 158.92 - -0.50 0.00
JB Strategy Inc-USD/B $ 145.47 - -0.26 0.00
Kames Capital ICVC
Asset Management
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
(UK)
0800 45 44 22 www.kamescapital.com
Authorised Funds
Diversified Income B Acc 111.57 - -0.55 0.00
Diversified Income B Inc 101.70 - -0.50 0.00
Diversified Growth B Acc £ 1.39 - -0.01 3.37
Ethical Cautious Managed B Acc £ 1.22 - -0.01 2.29
Ethical Cautious Managed B Inc £ 1.16 - 0.00 2.33
Ethical Corporate Bond B Acc £ 1.70 - -0.01 3.68
Ethical Corporate Bond B Inc £ 0.99 - 0.00 3.75
MANAGED FUNDS SERVICE
Fund Bid Offer +/- Yield
Ethical Equity B Acc £ 2.00 - -0.01 2.11
High Yield Bond B Acc £ 2.41 - -0.01 5.18
High Yield Bond B Inc £ 0.96 - -0.01 5.30
Investment Grade Bond B Acc 159.52 - -0.31 1.50
Investment Grade Bond B Inc £ 1.16 - -0.01 3.58
Sterling Corporate Bond B Acc £ 0.74 - 0.00 3.38
Sterling Corporate Bond B Inc £ 0.32 - 0.00 3.45
Strategic Bond B Acc £ 1.12 - 0.00 2.75
Strategic Bond B Inc £ 1.17 - 0.00 2.79
UK Equity B Acc £ 2.55 - -0.02 2.35
UK Equity Absolute Return B Acc £ 1.23 - -0.01 0.00
UK Equity Income B Acc £ 2.12 - -0.01 4.70
UK Equity Income B Inc £ 1.64 - -0.01 4.83
UK Opportunities B Acc £ 1.74 - -0.01 2.28
UK Smaller Companies B Acc £ 2.92 - -0.02 1.45
Kames Capital Investment Portfolios ICVC (UK)
Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds
Property Income B Acc
Asset Management 119.08 - -0.09 4.53
Property Income B Inc 110.42 - -0.07 4.67
Kames Capital VCIC (IRL)
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
FCA Recognised
Absolute Return Bond B GBP Acc 1081.19 - -0.41
Eq Market Neutral B Acc 1018.11 - -1.46
Eq Market Neutral Plus B Acc 1025.97 - -3.65
High Yield Global Bond A GBP Inc 517.17 - -0.74 3.64
High Yield Global Bond B GBP Inc 1074.43 - -1.52 4.14
Investment Grade Global Bd A GBP Inc 555.26 - -0.08 2.36
Kames Global Equity Income B GBP Acc 1168.60 - -14.08
Kames Global Equity Income B GBP Inc 1113.93 - -13.43
Strategic Global Bond A GBP Inc 1091.38 - -0.76 0.71
Strategic Global Bond B GBP Inc 619.16 - -0.42 1.21
Kleinwort Benson Bank (UK)
14 St. George Street, Mayfair, London W1S1FE
Dealing and enquiries: 0800 024 2400
Authorised Inv Funds
Unit Trust Manager/ACD - Host Capital
HC KB Capital Growth A Acc 167.11 - -1.37 1.36
HC KB Capital Growth A Inc 156.48 - -1.28 1.38
HC KB Enterprise Equity Income A Inc 107.33 - -0.56 3.06
HC KB Enterprise Equity Income A Acc 159.46 - -0.84 3.69
HC KB Endeavour Multi Asset Balanced A Acc 129.23 - -0.40 0.81
HC KB Endeavour Multi Asset Balanced A Inc 122.82 - -0.38 0.81
HC KB Enterprise Fixed Income A Acc 122.47 - -0.32 3.44
HC KB Enterprise Fixed Income A Inc 108.71 - -0.28 3.44
Lloyds Investment Fund Managers Limited (1000)F (JER)
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Other International Funds
Lloydstrust Gilt £ 12.2400 - -0.0300 2.39
Lloyds Investment Funds Limited
Euro High Income € 1.6160 - -0.0010 2.85
European £ 7.3620 - -0.0450 1.26
High Income £ 0.8618xd - -0.0014 5.00
International £ 3.8840 - -0.0420 1.17
North American £ 15.3200 - -0.2700 0.11
Sterling Bond £ 1.4680 - -0.0030 3.60
UK £ 6.3300 - 0.0010 1.70
Lloyds Gilt Fund Limited
Lloyds Gilt Fund Quarterly Share £ 1.2740 - -0.0030 1.87
Monthly Share £ 1.2240xd - -0.0030 1.87
Lloyds Money Fund Limited
Sterling Class £ 52.6140 - 0.0000 0.14
Lloyds Multi Strategy Fund Limited
Conservative Strategy £ 1.0970 - -0.0020 1.97
Growth Strategy £ 1.4690 - -0.0090 1.32
Aggressive Strategy £ 1.7880 - -0.0230 0.00
Global USD Growth Strategy $ 1.3860 - -0.0070 0.00
Dealing Daily
Lombard Odier Funds (Europe) S.A (LUX)
www.loim.com
Regulated
Lombard Odier Funds
Absolute Ret Bond (EUR) PA € 11.97 - 0.00 0.00
Absolute Ret Bond (USD) PA $ 17.60 - 0.00 0.00
All Roads (CHF) PA SFr 17.30 - -0.04 0.00
All Roads (USD) PA $ 11.03 - -0.03 0.00
All Roads (GBP) PA £ 11.27 - -0.02 0.00
All Roads (EUR) PA € 11.17 - -0.03 0.00
Alpha Japan (EUR) PA F € 11.76 - -0.13 0.00
Alpha Japan (CHF) PA F SFr 14.67 - -0.16 0.00
Alpha Japan (JPY) PA F ¥ 1398.00 - -15.00 0.00
Alpha Japan (USD) PA F $ 16.85 - -0.19 0.00
Alternative Beta PA F SFr 114.17 - -0.52 0.00
Alternative Beta PA F € 77.18 - -0.34 0.00
Alternative Beta PA F $ 115.48 - -0.53 0.00
Commodities (CHF) PA SFr 4.94 - 0.01 0.00
Commodities (EUR) PA € 5.01 - 0.01 0.00
Commodities (USD) PA $ 5.19 - 0.01 0.00
Convertible Bd P A € 17.46 - -0.06 0.00
Convertible Bd Asia PA F SFr 13.58 - -0.03 0.00
Convertible Bd Asia PA F € 14.50 - -0.03 0.00
Convertible Bd Asia PA F $ 14.62 - -0.02 0.00
Emerg. Consumer (CHF) PA SFr 11.36 - -0.05 0.00
Emerg. Consumer (EUR) PA € 11.51 - -0.05 0.00
Emerg. Consumer (USD) PA $ 11.49 - -0.05 0.00
Emerg.Eq. Risk Par.(EUR) PA € 7.44 - -0.06 0.00
Emerg. Eq. Risk Par.(USD) PA $ 5.70 - 0.00 0.00
Emerg. Loc.Cur.&Bds DH (CHF) PASFr 7.83 - -0.01 0.00
Emerg.Loc.Cur.Bd.Fdt PA SFr 8.25 - -0.03 0.00
Emerg.Loc.Cur.Bd.Fdt PA € 10.97 - -0.07 0.00
Emerg.Loc.Cur.Bd.Fdt PA $ 8.35 - 0.01 0.00
Euro BBB-BB Fdt PA SFr 15.42 - -0.04 0.00
Euro BBB-BB Fdt PA € 12.27 - -0.02 0.00
Euro BBB-BB Fdt PA £ 10.84 - -0.03 0.00
Euro BBB-BB Fdt PA $ 17.42 - -0.04 0.00
Euro Credit Bd PA F € 12.88 - -0.01 0.00
Euro Government Fdt PA € 12.56 - -0.02 0.00
Euro Inflation-Lk Fdt PA € 12.02 - 0.00 0.00
Euro Resp.Corp. Fdt PA € 18.13 - -0.03 0.00
Europe High Conviction PA € 11.79 - -0.08 0.00
Eurozone Small&Mid Caps PA € 54.58 - -0.39 0.00
Fdmt.Eq.L/S SH Sd EUR PA € 10.70 - -0.08 0.00
Fdmt.Eq.L/S SH Sd USD PA $ 10.74 - -0.07 0.00
Gbl.Gvt.Fdmt PA € 10.48 - -0.05 0.00
Gbl.Gvt.Fdmt.(CHF) PA SFr 22.75 - -0.05 0.00
Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.47 - -0.04 0.00
Gbl.5B Fdmt (EUR) PA € 11.78 - -0.06 0.00
Gbl.5B Fdmt (CHF) PA SFr 10.44 - -0.02 0.00
Gbl.5B Fdmt SH (USD) PA $ 10.89 - -0.03 0.00
Generation Global (CHF) PA F SFr 13.72 - -0.19 0.00
Generation Global (EUR) PA F € 20.86 - -0.33 0.00
Generation Global (USD) PA F $ 15.59 - -0.11 0.00
Global Energy (USD) PA F $ 6.10 - 0.07 0.00
Golden Age (CHF) PA F SFr 21.35 - -0.16 0.00
Golden Age (EUR) PA
Golden Age (USD) PA F
€ 14.53
$ 20.16
-
-
-0.11 0.00
-0.16 0.00
Sh.T- Money Mkt EUR PA € 112.28 - 0.00 0.00
Sh.T- Money Mkt CHF PA SFr 128.55 - 0.00 0.00
Sh.T- Money Mkt GBP PA £ 10.28 - 0.00 0.00
Sh.T- Money Mkt USD PA $ 10.31 - 0.00 0.00
Sw.Fr.Bd(For) PA SFr 23.68 - -0.05 0.00
Sw.Fr.Credit Bd(For) PA SFr 13.58 - -0.02 0.00
Tactical Alpha (CHF) PA SFr 10.05 - 0.00 0.00
Tactical Alpha (EUR) PA € 10.35 - 0.00 0.00
Friday 11 December 2015
Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield
Tactical Alpha (USD) PA $ 14.89 - -0.01 0.00 Emerging Markets Eq.A1 $ 10.07 - -0.06 0.00 Morant Wright Fuji Yield YEN Acc ¥ 1161.92 - -11.62 0.00 Wealthy Nat Bd GBP Ord Inc £ 113.57 - -0.07 3.34
Technology PA € 13.38 - -0.17 0.00 European Concentrated A1 € 17.06 - -0.21 0.00 Morant Wright Fuji Yield B YEN Acc ¥ 1024.56 - -10.22 - Wealthy Nat Bd USD Ord Inc $ 110.54 - -0.04 3.32
Technology PA $ 20.27 - -0.26 0.00 European Core Eq A1 € 31.15 - -0.45 0.00 Morant Wright Fuji Yield YEN Dist ¥ 1137.82 - -11.37 2.08 New Capital Alternative Strategies
All Weather Fd USD Cls $ 117.78 - 0.27 0.00
Wld Gold Expertise PAF SFr 8.85 - 0.07 0.00 European Res.A1 € 31.95 - -0.44 0.00 Morant Wright Sakura Fund Sterling Acc Hedged £ 14.15 - -0.12 0.00
All Weather Fd EUR Cls € 105.81 - 0.21 0.00
Wld Gold Expertise PA € 7.06 - 0.05 0.00 European Smaller Companies A1 € 51.62 - -0.56 0.00 Morant Wright Sakura Fund Euro Acc Hedged € 14.11 - -0.12 0.00
All Weather Fd GBP Cls £ 114.00 - 0.29 0.00
Wld Gold Expertise PA $ 9.42 - 0.07 0.00 European Value A1 € 36.06 - -0.47 0.00 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1441.00 - -12.37 0.00
Tactical Opps USD Cls $ 146.06 - 1.75 0.00
LO Selection Global Conc.A1 $ 36.19 - -0.27 0.00 Morant Wright Sakura Fund Dollar Acc Hedged $ 14.06 - -0.12 0.00
Balanced (CHF) PA F SFr 107.01 - -0.46 0.00 Tactical Opps EUR Cls € 122.26 - 1.38 0.00
Global Credit Fund $ 10.33 - 0.04 0.00 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 13.98 - -0.12 0.00
Balanced (EUR) PA F € 125.08 - -0.55 0.00 Tactical Opps GBP Cls £ 137.50 - 1.64 0.00
Global Energy Fund A1 $ 11.96 - 0.14 0.00
Conservative (CHF) PA F SFr 103.44 - -0.29 0.00
Global Equity A1 $ 44.73 - -0.28 0.00
Conservative (EUR) PA F € 114.03 - -0.28 0.00
Global Equity A1 € 25.89 - -0.31 0.00
Global Allocation (GBP) PA F £ 10.03 - -0.06 0.00
Global High Yield Fund $ 24.03 - -0.03 0.00
Growth (CHF) PA F SFr 111.73 - -0.63 0.00
Global High Yield Fund € 15.98 - -0.11 0.00
Growth (EUR) PA F € 135.31 - -0.80 0.00
Global Multi-Asset A1 $ 14.90 - -0.04 0.00
Vantage 1500 (EUR) MA € 10.20 - -0.01 0.00
Morgan Stanley Investment Funds (LUX)
Global Res.A1 $ 25.37 - -0.17 0.00 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 Northwest Investment Management (HK) Ltd
Vantage 3000 (EUR) MA € 10.32 - -0.01 0.00 www.morganstanleyinvestmentfunds.com 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Global Total Return A1 € 17.64 - -0.11 0.00
PrivilEdge FCA Recognised Other International Funds
Inflation-Adjusted Bond A1 $ 13.83 - 0.00 0.00 US Advantage A F $ 58.76 - -0.55 0.00 Northwest $ class $ 2382.42 - 14.15 0.00
Inc.Pt.RMB Dt.CNH PA CNH 102.82 - -0.02 0.00
Asset Management
Inc.Pt.RMB Dt.SH CHF PA SFr 9.68 - -0.04 0.00
Japan Equity A1 $ 10.19 - -0.10 0.00 Asian Equity A F $ 40.32 - -0.11 0.00 Northwest Warrant $ class $ 1969.35 - -444.40 0.00
Inc.Pt.RMB Dt.SH EUR PA € 9.77 - -0.04 0.00
Latin American Equity Fd A1 $ 11.49 - 0.15 0.00 Asian Property A F $ 17.37 - -0.10 0.00
Limited Maturity A1 $ 14.00 - 0.00 0.00 Asian Property AX F £ 10.64 - -0.09 0.54
Inc.Pt.RMB Dt.USD PA $ 9.84 - -0.04 0.00
Prudent Wealth Fd A1 $ 14.78 - -0.03 0.00
Jenn. US Eq.Opp. USD PA $ 9.38 - -0.08 0.00 Diversified Alpha Plus A F € 29.56 - 0.07 0.00
Research Bond A1 $ 16.52 - 0.02 0.00 Emerg Europ, Mid-East & Africa Eq A F € 65.30 - -0.49 0.00
Neubrg.Berman US Core PA $ 13.83 - -0.12 0.00
UK Equity A1 £ 7.82 - -0.09 0.00 Emerging Markets Debt A F $ 75.30 - 0.26 0.00
Sands US Growth PA € 14.47 - -0.19 0.00
US Conc.Growth A1 $ 15.39 - -0.16 0.00 Emerging Markets Domestic Debt AX F £ 10.20 - -0.08 5.50
Sands US Growth PA $ 17.48 - -0.23 0.00
Oasis Crescent Management Company Ltd
- US Government Bond A1 $ 17.05 - 0.01 0.00 Emerging Markets Equity A F $ 32.41 - -0.21 0.00 Other International Funds
Will.Blair Gbl. Ldrs PA € 16.05 - -0.22 0.00
- Value A1 $ 21.74 - -0.15 0.00 Euro Bond A F € 15.73 - 0.01 0.00 Oasis Crescent Equity Fund R 9.26 - 0.28 0.00
Will.Blair Gbl. Ldrs PA $ 13.12 - -0.07 0.00
- Euro Corporate Bond AX F £ 21.57 - -0.08 1.52
MMIP Investment Management Limited (GSY) Euro Strategic Bond A F € 43.44 - -0.04 0.00 Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Lothbury Property Trust (UK)
Regulated Regulated
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 European Currencies High Yield Bd A F € 21.61 - -0.06 0.00
Multi-Manager Investment Programmes PCC Limited Oasis Global Investment (Ireland) Plc
Property & Other UK Unit Trusts
European Equity Alpha A F € 42.70 - -0.16 0.00 Oasis Crescent Global Short Term Income Fund $ 0.99 - 0.00 0.79
European Equity Fd Cl A Initial Ser € 2579.25 2589.39 212.70 0.00
Lothbury Property Trust GBP £ 1787.34 1916.91 11.71 3.22
- Japanese Equity Fd Cl A Initial Ser ¥ 361904.00 363123.00 28252.00 0.00 European Property A F € 35.52 - 0.02 0.00 Oasis Global Equity $ 27.02 - -0.04 0.23
- MMIP - US EQUITY CLASS A 01 June 07 Series $ 1135.99 1139.27 -48.31 0.00 Eurozone Equity Alpha A F € 11.55 - -0.04 0.00 Oasis Crescent Global Investment Fund (Ireland) plc
Oasis Crescent Global Equity Fund $ 27.54 - -0.05 0.00
Pacific Basin Fd Cl A Initial Ser $ 2142.33 2154.57 139.28 0.00 Global Bond A F $ 38.37 - 0.02 0.00
Oasis Crescent Variable Balanced Fund £ 10.21 - -0.01 0.59
UK Equity Fd Cl A Series 01 £ 2356.72 2380.35 78.79 0.00 Global Brands A F $ 98.47 - -0.85 0.00
OasisCresGl Income Class A $ 10.82 - 0.02 2.40
Diversified Absolute Rtn Fd USD Cl AF2 $ 1591.09 - 14.69 0.00 Global Convertible Bond A F $ 42.18 - -0.15 0.00
OasisCresGl LowBal D ($) Dist $ 11.60 - -0.01 0.00
Diversified Absolute Return Stlg Cell AF2 £ 1611.67 - 15.03 0.00 Global Property A F $ 27.43 - -0.10 0.00
M & G Securities (1200)F (UK) OasisCresGl Med Eq Bal A ($) Dist $ 11.81 - -0.01 0.32
Indian Equity A F $ 33.48 - 0.17 0.00
PO Box 9039, Chelmsford, CM99 2XG
Oasis Crescent Gbl Property Eqty $ 9.36 - 0.01 2.07
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 Latin American Equity A F $ 37.03 - -0.47 0.00
Manek Investment Mgmt Ltd (1000)F (UK)
Authorised Inv Funds
P.O.Box 100, Swindon SN1 1WR 0844 800 9401 Short Maturity Euro Bond A F € 20.39 - 0.00 0.00
Charifund Inc 1397.31 - -2.19 4.95 Authorised Inv Funds
US Dollar Liquidity A F $ 13.03 - 0.00 0.00
Charifund Acc 19286.35 - -30.28 4.80 Growth Fd Acc 51.55 54.72 -0.42 0.00
US Growth A F $ 69.12 - -0.71 0.00
M&G Corporate Bond A Acc 62.76 - -0.03 3.16
US Growth AH F € 48.41 - 0.46 0.00
M&G Corporate Bond A Inc 39.42 - -0.01 3.16 LNG Capital (CYM)
Kingsbury House, 15-17 King St, London SW1Y 6QU US Growth AX F £ 46.11 - -0.06 0.00
M&G Dividend A Inc 59.84 - -0.27 4.55
www.lngcapital.com, Tel: 0207 839 3456
US Property A F $ 67.25 - -0.24 0.00 Odey Asset Management LLP (UK)
M&G Dividend A Acc 599.41 - -2.74 4.39 Regulated
40 Dukes Place, London, EC3A 7NH
LNG Europa Credit Fund EUR (Est) € 1196.70 - 65.31 - Order Desk and Enquiries: 0345 300 2106
M&G Episode Growth X Inc 50.84xd - -0.35 1.80
Authorised Corporate Director - Capita Financial Managers
LNG Europa Credit Fund GBP (Est) £ 1196.70 - 56.94 - Morgens Waterfall Vintiadis.co Inc
M&G Episode Income A Acc 135.11xd - -0.98 3.60
Other International Funds Authorised Inv Funds
LNG Europa Credit Fund USD $ 1183.45 - -15.60 -
M&G Episode Income A Inc 112.39xd - -0.81 3.67 Phaeton Intl (BVI) Ltd (Est) $ 410.91 - -1.49 0.00 CF Odey Continental European GBP R Acc 704.15 - -8.85 0.19
M&G Extra Income A Inc 706.61xd - -5.14 4.61 CF Odey Opus GBP R Inc 3667.70 - -54.94 0.00
Marlborough Fd Managers Ltd (1200)F (UK)
M&G Extra Income A Acc 5829.67xd - -42.37 4.47 CF Odey Absolute Return GBP R 320.63 - -6.04 0.00
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
M&G Global Basics A Inc 600.59 - -7.33 0.62 www.marlboroughfunds.com CF Odey Portfolio Fund GBP R Inc 145.16 - -1.14 0.07
Authorised Inv Funds
M&G Global Basics A Acc 912.61 - -11.14 0.57
Balanced 155.15 164.05 -1.39 0.05
M&G Global Dividend Fund A Acc 181.72 - -1.66 3.37
Odey Asset Management LLP (CYM)
Bond Income 49.65 52.54 0.03 4.93
Regulated
M&G Global Dividend Fund A Inc 143.41 - -1.31 3.44
Cash 50.04 50.04 0.00 0.32 Natixis International Funds (Lux) I SICAV (LUX) OEI Mac Inc GBP A £ 344.31 - -17.86 0.00
M&G Glbl Emrgng Mkts A Acc 178.27 - 0.53 0.95 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Cautious Inc 82.16 86.80 -0.40 1.32 OEI Mac Inc GBP B £ 189.70 - -8.02 0.00
FCA Recognised
M&G Glbl Emrgng Mkts A Inc 172.22 - 0.50 0.96
Defensive A Inc 117.22 117.22 -0.13 0.27 Harris Global Equity R/A (USD) $ 259.31 259.31 -0.73 0.00 OEI MAC Inc USD $ 1838.08 - -95.34 0.00
M&G Global Macro Bond Fund A Acc 104.80xd - -0.56 1.31
Emerging Markets 216.06 216.06 -2.53 1.76 Harris US Equity Fund R/A (USD) $ 207.52 207.52 -1.28 0.00 Odey European Inc EUR € 807.22 - -35.55 0.00
M&G Global Macro Bond Fund A Inc 72.61xd - -0.38 1.31
ETF Global Growth A 148.62 148.62 -1.09 0.00 Harris Concentrated US Equity R/A (USD) $ 158.70 158.70 -1.04 0.00 Odey European Inc GBP A £ 310.09 - -13.62 0.00
M&G Global High Yield Bond X Inc 48.04xd - -0.05 4.63
ETF Commodity A 65.41 65.41 -0.57 0.00 Loomis Sayles Strategic Alpha R/A (USD) $ 109.86 109.86 0.06 - Odey European Inc GBP B £ 175.96 - -7.73 0.00
M&G Global High Yield Bond X Acc 113.67xd - -0.13 4.62
European Multi-Cap 286.20 286.20 -2.62 0.29 Odey European Inc USD $ 371.78 - -16.41 0.00
M&G Managed Growth X Inc 73.78xd - -0.87 0.59
Extra Income 78.26 82.82 -0.51 4.43 Giano Capital EUR Inc € 4456.59 - 3.33 0.00
Natixis International Funds (Dublin) I plc (IRL)
M&G Optimal Income A Inc 141.77 - -0.10 2.64
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Far East Growth A Inc 155.83 155.83 -1.53 2.42
M&G Optimal Income A Acc 187.29 - -0.13 2.64 Regulated
Global 178.67 188.23 -1.27 0.00
Loomis Sayles Global Opportunistic Bond R/D (USD) $ 12.35 12.35 0.05 1.21 Odey Asset Management LLP (IRL)
M&G Recovery GBP A Inc 112.55 - -0.55 0.78
Global Bond Inc 135.99 143.90 -0.34 3.20 FCA Recognised
Loomis Sayles High Income R/D (USD) $ 8.24 8.24 0.00 14.98
M&G Recovery GBP A Acc 252.73 - -1.23 0.78 Odey Pan European EUR R € 343.19 - -1.06 0.00
High Yield Fixed Interest 73.23 77.70 -0.25 5.67
Loomis Sayles Multisector Income R/D (GBP) $ 12.08 12.08 0.01 5.77
M&G Strategic Corp Bond A Inc 72.87xd - -0.03 3.01 Odey Absolute Return Focus Fund $ 100.00 - - -
Multi Cap Income A Inc 157.38 157.38 -1.30 4.47
M&G Strategic Corp Bond A Acc 105.18xd - -0.05 2.99 Odey Allegra European EUR O € 260.31 - -1.62 0.00
Nano-Cap Growth A Acc 103.8183 113.8000 -0.2231 0.00
Natixis International Funds (UK)
M&G Global Leaders GBP A Inc 189.04 - -2.45 1.34 Odey Allegra International EUR O € 175.86 - -1.39 0.00
Special Situations A Acc 1192.11 1261.49 -2.17 0.37 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
M&G Global Leaders GBP A Acc 445.23 - -5.76 1.33 Authorised Funds Odey Allegra Developed Markets USD I $ 131.69 - -0.87 0.00
UK Multi-Cap Growth A Inc 240.57 254.57 -2.44 0.66
M&G UK Inflation Lnkd Corp Bnd A Acc 111.54 - -0.01 0.15 H2O MultiReturns Fund N/A (GBP) £ 1.39 - -0.02 1.40 Odey European Focus Fund € 17.46 - -0.10 0.49
UK Micro Cap Growth A 476.65 504.39 0.50 0.00
M&G UK Inflation Lnkd Corp Bnd A Inc 109.94 - -0.01 0.15 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.03 - -0.01 0.00 Odey Atlas Fund GBP I S £ 1.15 - 0.00 0.00
US Multi-Cap Income 317.72 317.72 -5.86 0.64
Loomis Sayles Strategic Income N/D (GBP) £ 0.94 - 0.00 4.06 Odey Giano European Fund EUR R € 121.53 - -0.42 0.00
MFM - Third Party Funds
M & G Securities Ltd (UK) Junior Oils 59.62 63.09 0.58 0.00 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.90 - 0.00 4.14 Odey Naver Fund EUR I € 126.33 - -1.12 0.00
Property & Other UK Unit Trusts Loomis Sayles US Equity Leaders N/A (GBP) £ 1.48 - -0.03 0.25
Junior Gold C Acc 18.51 18.51 0.04 0.00 Odey Odyssey USD I $ 142.66 - -0.56 0.00
Charibond 123.11xd - -0.05 5.25
MFM Artorius Fund 160.41 160.41 -1.23 0.17 Seeyond Factor Plus Europe Ex U.K Equity Fund N/A (GBP) £ 0.98 - -0.01 - Odey Orion Fund EUR I € 118.56 - -0.52 0.00
(Accum Units) 3644.76xd - -1.38 5.25
MFM Bowland 163.92 177.21 2.57 0.00 Seeyond Factor Plus U.K Equity Fund N/A (GBP) £ 0.98 - -0.01 - Odey Swan Fund EUR I € 95.61 - -0.69 0.00
NAACIF 72.98xd - -0.21 4.80
MFM Hathaway Inc 104.99 109.94 -1.95 1.91 Odey European Absolute Return GBP S £ 98.75 - -0.32 0.00
(Accum Units) 6541.43xd - -18.81 4.67
MFM SGWM Managed A Acc 125.74 125.74 -0.83 0.15 NatWest (2230)F (UK)
M&G Property Portfolio A Acc 134.76 141.85 0.01 3.42 PO Box 23873, Edinburgh EH7 5WJ**
MFM Techinvest Special Situations Acc 141.26 141.26 -0.70 0.01 Enquiries: 0800 085 5588 Odey Wealth Management (CI) Ltd (IRL)
Property Portfolio A 123.63 130.13 0.01 3.49
Authorised Inv Funds www.odey.com/prices
MFM Techinvest Technology Acc 348.35 348.35 -8.60 0.00
Property Portfolio X 123.63 123.63 0.01 3.49 FCA Recognised
Series 1(Minimum initial investment 16375,000)
MFM UK Primary Opportunities A Inc 322.47 322.47 -0.99 1.37 Odey Opportunity EUR I € 222.33 - -1.83 0.00
United Kingdom Equity Index Fund £ 12.10 - -0.02 2.83
Slater Investments Ltd - Investment Adviser
UK Specialist Equity Inc £ 18.95 - -0.07 0.41
M & G (Guernsey) Ltd (GSY) MFM Slater Growth 417.84 443.33 -1.57 0.11
Regulated Contl Europe Spec Equity £ 15.80 - -0.15 0.00 Omnia Fund Ltd
The M&G Offshore Fund Range MFM Slater Income A Inc 160.02 160.02 -1.66 3.83
Other International Funds
US Spec Equity Fund £ 13.87 - -0.21 0.00
Corporate Bond 1312.37 1352.96 -0.34 3.17 MFM Slater Recovery 180.12 191.11 -3.31 0.23 Estimated NAV $ 855.62 - 16.81 0.00
Japan Specialist Fund X £ 9.83 - -0.08 0.00
Global Basics 2222.78 2291.52 -27.01 0.31
Pacific Basin Specialist Equity Fund £ 21.07 - -0.23 0.68
Global Leaders 3283.79 3420.62 -42.54 1.11 Marlborough International Management Limited (GSY)
Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 UK Sovereign Bd Index Fund £ 10.91 - -0.06 2.55
Global High Yield Bond 944.49 973.71 -0.99 4.58
FCA Recognised
UK Specialist Equity Income Fund £ 9.41 - -0.04 3.93
Global Macro Bond Fund 10901.77 11238.94 -56.90 1.30
Marlborough North American Fund Ltd £ 30.92 31.23 -0.92 0.00
Global Spec Inv Grade Bd Fund GBP £ 9.81 - 0.03 3.08
North American Dividend Fund 154.06 160.48 -1.69 2.16 Marlborough Tiger Fund Ltd F £ 25.14 26.79 -0.95 0.00
Global Emerg Mkts Equity Fund X £ 10.68 - -0.14 0.56
Optimal Income Fund 140.48 144.83 -0.10 2.63
Series 2 (Investment Management customers only) Optima Fund Management
Recovery Fund Limited 'A' Participating Shares 9744.59 10150.61 -47.14 0.44
Marwyn Asset Management Limited (CYM) United Kingdom Equity Index Fund £ 12.10 - -0.02 3.33 Other International Funds
Recovery Fund Limited 'I' Participating Shares 9767.67 9866.33 -46.65 1.27 Regulated Cuttyhunk Fund II Limited $ 1489.07 - -4.76 0.00
UK Specialist Equity Inc £ 19.15 - -0.07 1.75
Marwyn Value Investors £ 458.79 - -5.08 0.00
Strategic Corporate Bond Fund 132.31 137.82 -0.05 3.02 JENOP Global Healthcare Fund Ltd $ 14.98 - 0.33 0.00
Contl Europe Spec Equity £ 16.48 - -0.16 0.62
UK Select 1459.83 1520.66 -4.21 1.16 OPTIKA Fund Limited - Cl A $ 101.47 - -0.10 -
US Spec Equity Fund £ 14.47 - -0.21 0.15
McInroy & Wood Portfolios Limited (UK) Optima Fd NAV $ 90.17 - 0.01 0.00
Japan Specialist Fund X £ 10.42 - -0.08 0.51
Easter Alderston, Haddington, EH41 3SF 01620 825867
Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00
Authorised Inv Funds Pacific Basin Specialist Equity Fund £ 20.86 - -0.22 1.37
Balanced Fund Personal Class Units 3854.60xd - -30.40 1.92 The Dorset Energy Fd Ltd NAV $ 27.90 - 0.17 0.00
UK Sovereign Bd Index Fund £ 11.09 - -0.07 2.55
Income Fund Personal Class Units 2350.90 - -13.20 2.92 Platinum Fd Ltd $ 86.20 - -0.87 0.00
UK Specialist Equity Income Fund £ 10.19 - -0.05 3.85
Emerging Markets Fund Personal Class Units 1548.40 - -13.80 2.53 Platinum Fd Ltd EUR € 16.74 - -0.18 0.00
Global Spec Inv Grade Bd Fund GBP £ 9.97 - 0.02 3.08
Smaller Companies Fund Personal Class Units 3617.70 - -28.00 1.71 Platinum Japan Fd Ltd $ 53.74 - -0.25 0.00
MFS Investment Funds (LUX) Global Emerg Mkts Equity Fund X £ 10.25 - -0.14 0.78
FCA Recognised The initial charge you will pay will depend on the amount you invest Optima Partners Global Fd $ 14.24 - 0.00 0.00
Blend.Research Gb.Eq.Fd. € 102.37 - -1.44 - **Address and Telephone number for series 1 only
Meridian Fund Managers Ltd Optima Partners Focus Fund A $ 15.88 - 0.03 0.00
Blend.Research Gb.Eq.Fd. £ 99.35 - -1.84 - Other International Funds
Global Gold & Resources Fund $ 179.68 - 10.63 -
Blend.Research U.S.Core Eq.Fd. ¥ 10383.00 - -156.00 -
Oryx International Growth Fund Ltd
Global Energy & Resources Fund $ 33.88 - 1.76 - Other International Funds
Blend.Research Gb.Eq.Fd. $ 99.07 - -0.56 -
NAV (Fully Diluted) £ 6.57 - -0.06 0.00
Em.Mk.Eq.Fund Euro € 108.96 - -1.31 0.00
Em.Mk.Eq.Fund Sterling £ 92.55 - -1.52 0.00 Ministry of Justice Common Investment Funds (UK)
Property & Other UK Unit Trusts
Em.Mk.Eq.Fd.US Dollar $ 91.22 - -0.33 0.00 New Capital Fund Management Ltd (IRL)
OTP Asset Management Romania SAI SA ((ROM))
The Equity Idx Tracker Fd Inc 1296.00 1296.00 -8.00 2.86 www.otpfonduri.ro
Leconfield House, Curzon Street, London, W1J 5JB
Gb.Conc.Eq.Fd.Euro € 279.31 - -4.58 0.00 Distribution Units Other International Funds
FCA Recognised
Gb.Conc.Eq.Fd.Sterl.UK T £ 168.77 - -3.51 0.00 New Capital UCITS Funds OTP Comodisro RON 16.85 - 0.00 -
Gb.Conc.Eq.Fd.Sterling £ 255.47 - -5.33 0.00 Asia Pac Bd USD Inst Inc $ 92.64 - -0.07 3.25 OTP Obligatiuni RON 14.26 - 0.00 -
Mirabaud Asset Management (LUX)
www.mirabaud.com, marketing@mirabaud.com Asia Pac Bd USD Ord Inc $ 94.41 - -0.07 2.52 OTP Avantisro RON 8.50 - -0.02 -
Gb.Conc.Eq.Fd.US $ 193.87 - -1.53 0.00
Regulated
Gb.Eq.Hdg Fd.Euro IRE T € 181.49 - -2.12 0.00 Asia Pac Eq EUR Ord Inc € 84.50 - -0.62 3.37 OTP Euro Bond € 12.40 - 0.00 -
Mir. Conv. Bds Eur A EUR € 137.62 - -0.34 0.00
Gb.Eq.Euro Hdg Fd. € 257.19 - -3.01 0.00 Asia Pac Eq GBP Ord Inc £ 87.64 - -0.67 3.81 OTP Dollar Bond $ 10.59 - 0.00 -
Mir. Conv. Bds Glb A USD $ 115.35 - -0.45 0.00
Gb.Eq.Fund Euro € 281.63 - -4.34 0.00 Asia Pac Eq USD Ord Inc $ 88.14 - -0.68 3.19 OTP Premium Return RON 1072.93 - -0.41 -
Mir. - Eq Asia ex Jap A $ 171.21 - -0.41 0.00
Gb.Eq. Fd Euro IRE T € 178.19 - -2.74 0.00 Asia Pac Eq USD Inst Acc $ 93.57 - -0.72 0.00
Mir. - Eq Glb Emrg Mkt A USD $ 86.60 - -0.41 0.00
Gb.Eq.Fd.Sterling UK T £ 205.77 - -4.08 0.00 Asia Pac Eq USD Inst Inc $ 98.53 - -0.76 3.91
Mir. - Eq Global Focus A USD $ 102.43 - -0.63 0.00
Dyn Europ Eq EUR Ord Inc € 176.76 - -0.65 1.29
Gb.Eq.Fd.US Dollar $ 308.61 - -2.14 0.00 Mir. -Eq Spain A € 25.83 - -0.08 0.00
Gb.Eq.Fund Sterling £ 203.41 - -4.04 0.00 Dyn Europ Eq GBP Ord Inc £ 187.76 - -0.70 1.64
Mir. - Eq Swiss Sm/Mid A SFr 329.46 - -2.70 0.00
Gb.Val.Ex-Jap.Fd.USD $ 116.79 - -0.82 0.00 Dyn Europ Eq USD Ord Inc $ 176.32 - -0.69 1.21
Mir. - Glb High Yield Bds A $ 107.62 - -0.10 -
Gb.Val.Ex-Japan Fd.Yen ¥ 14021.00 - -195.00 0.00 China Equity EUR Ord Acc € 132.94 - -0.96 0.00
Mir. - Glb Eq High Income A USD $ 98.89 - -0.47 0.00 Permal Investment Mgmt Svcs Ltd
Gb.Val.Fd. Euro € 131.23 - -2.18 0.00 China Equity GBP Ord Acc £ 139.06 - -1.05 0.00 www.permal.com
Mir. - Glb Inv Grade Bds A € 100.67 - -0.15 -
Other International Funds
Gb.Val.Fd.Sterling £ 115.45 - -2.43 0.00 China Equity USD Ord Acc $ 135.32 - -1.04 0.00
Mir. - Glb Strat. Bd A USD $ 104.21 - -0.06 0.00 Offshore Fund Class A US $ Shares
Gb.Val.Fd.USD $ 103.69 - -0.85 0.00 China Equity USD Inst Acc $ 139.12 - -1.07 0.00 Investment Holdings N.V. $ 5487.68 - 49.80 0.00
Low Volatility Gb.Eq.Fd.Euro € 103.54 - -1.55 - Global Val.Cr.Fd GBP Ord Inc £ 111.10 - -0.22 3.61 Macro Holdings Ltd $ 4192.02 - 66.31 0.00
MW Japan Fund Plc (IRL)
Low Volatility Gb.Eq.Fd.Sterl £ 100.49 - -1.95 - FCA Recognised Global Val.Cr.Fd USD Inst Acc $ 122.72 - -0.24 0.00 Fixed Income Holdings N.V. $ 364.13 - -1.93 -
MW Japan Fund PLC A $ 25.32 - 0.03 - Global Val.Cr.Fd GBP Ord Acc £ 176.92 - -0.39 0.00
Low Volatility Gb.Eq.Fd.USD $ 100.20 - -0.65 - Permal Absolute Return Fund $ 163.59 - 0.48 0.00
MW Japan Fund PLC B $ 25.53 - 0.04 - Global Val.Cr.Fd USD Ord Acc Asset Management$ 166.04 - -0.33 0.00
Low Volatility Gb.Eq.Fd.Yen ¥ 9541.00 - -128.00 -
Asset Management MW Japan Fund PLC C $ 98.35 - -0.85 - Global Val.Cr.Fd EUR Ord Acc
Swiss Select Equity Inst Acc
€ 154.61
SFr 114.18
-
-
-0.30 0.00
-0.95 0.00
MFS Meridian Funds SICAV (LUX)
Regulated Morant Wright Funds (Ireland) PLC (IRL) Swiss Select Equity Ord Acc SFr 112.90 - -0.94 0.00
Absolute Return A1 € 19.80 - -0.10 0.00 FCA Recognised
US Growth USD Ord Acc $ 211.25 - -2.85 0.00
Morant Wright Fuji Yield EUR Acc Hedged € 11.68 - 0.07 -
Asia ex-Japan A1 $ 22.17 - -0.16 0.00
US Growth EUR Ord Acc € 201.99 - -2.65 0.00
Morant Wright Fuji Yield EUR Dist Hedged € 11.17 - -0.11 - Pictet Asset Management (Europe) SA (LUX)
Bond A1 $ 10.37 - 0.02 0.00
US Growth GBP Ord Acc £ 212.48 - -2.88 0.00
15, Avenue J.F. Kennedy L-1855 Luxembourg
Morant Wright Fuji Yield GBP Acc Hedged £ 11.60 - -0.11 0.00
China Equity Fd A1 $ 9.30 - 0.00 0.00 Tel: 0041 58 323 3000
US Growth USD Inst Acc $ 195.10 - -2.63 0.00
Morant Wright Fuji Yield GBP Dist Hedged £ 11.27 - -0.11 - FCA Recognised
Continental European Eqty A1 € 17.15 - -0.28 0.00
Wealthy Nat Bd EUR Inst Inc € 108.78 - -0.05 3.77
Morant Wright Fuji Yield USD Acc Hedged $ 11.27 - -0.11 0.00 Pictet-Absl Rtn Fix Inc-HI EUR € 106.91 - 0.12 0.00
Emer Mkts Debt Lo Curr Fd A1 $ 10.82 - 0.00 0.00
Wealthy Nat Bd GBP Inst Inc £ 113.02 - -0.05 3.61
Morant Wright Fuji Yield USD Dist Hedged $ 11.30 - -0.11 2.09 Pictet-Absl Rtn Glo Div-I EUR F € 123.74 - -0.49 0.00
Emerging Markets Debt A1 $ 32.86 - 0.07 0.00
Wealthy Nat Bd EUR Ord Inc € 108.00 - -0.04 3.53
Asset Management
Managemen
Friday 11 December 2015 ★ FINANCIAL TIMES 31

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-Agriculture-I EUR F € 184.12 - -1.24 0.00 Unconstrained Bond - Inst Acc $ 11.89 - -0.01 0.00 Santander Atlas Port 5 Acc Inst 160.80 - -0.80 - Fixed Interest Fund A Class 120.80xd - -0.10 3.11 EGV - Acc Z 269.60 - -1.80 0.82 Mastertrust A Inc X F 362.74 - -0.47 0.07 Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00

Pictet-Asian Equities Ex Japan-I USD F $ 200.30 - -0.76 0.00 US High Yield Bond Fund Inst Acc $ 27.07 - -0.03 0.00 Santander Atlas Port 6 Acc Ret 257.60 - -1.60 - Global Gold and Resources Fund A Class 129.50 - -0.10 0.00 Continental UK Growth B Inc 411.85 - -0.19 0.56
Royal Bank of Scotland (2230)F (UK)
Pictet-Asian Local Currency Debt-I USD F $ 150.90 - 0.05 0.00
PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072
Authorised Inv Funds
Santander Atlas Port 6 Acc X 183.90 - -1.20 - MM Endurance Balanced Fund A Class 211.20 - -0.80 1.19 CGV Acc S 111.80 - -0.80 0.06 Mastertrust B Inc X F 325.17 - -0.42 0.91 Money Market
CGV Acc X 110.50 - -0.80 0.00
Pictet-Biotech-I USD F

Pictet-Brazil Index I USD

$ 818.82

$ 38.61
-

-
-14.05 0.00

1.87 0.00
Series 5 (Minumum Initial Investment £75,000)
United Kingdom Equity Index Fund £ 15.15 - -0.02 2.82
Santander Atlas Port 6 Acc Inst

Santander Atlas Port 7 Acc Ret

158.60

199.50
-

-
-1.00

-1.50
-

-
MM Global Investment Fund A Class

North American Fund A Class

2068.00

1678.00
-

-
-9.00 1.83

-29.00 0.00 CGV Inc A 111.40 - -0.70 -

Outstanding British Cos A Acc X F

Outstanding British Cos B Acc X F

253.96

265.41
-

-
-1.30 0.66

-1.35 1.42
Trusts and
Pictet-CHF Bonds I CHF SFr 507.02 - -0.81 0.00 UK Specialist Equity Inc £ 18.96 - -0.07 0.42 Santander Atlas Port 7 Acc Inst 158.30 - -1.20 - Oriental Growth Fund A Class 146.00 - -1.40 1.01 CGV Inc B 111.40 - -0.70 - UK Smaller Cos A Inc X F 437.35 - -0.99 0.35 Bank Accounts Gross
Pictet-China Index I USD $ 104.92 - -0.68 0.00 Contl Europe Specialist Fund £ 23.33 - -0.23 0.00 Authorised Inv Funds UK Equity Growth Fund A Class 407.50 - -1.60 0.66 UK Smaller Cos B Inc X F 427.56 - -0.96 1.22 Gross Net AER Int Cr
Max 70% Shs Acc Ret 166.20 - -0.70 -
Pictet-Clean Energy-I USD F $ 77.69 - -0.46 0.00 Japan Specialist Fund X £ 14.88 - -0.12 0.00 UK Equity Income Fund A Class 218.80 - -1.40 4.68 The Hartford International Funds (IRL) UK Income A Acc X F 265.21 - -0.51 3.88
Platinum Capital Management Ltd Max 70% Shs Inc Ret 140.00 - -0.60 - Regulated CCLA Investment Management Ltd
Pictet-Digital Communication-I USD F $ 261.45 - -2.72 0.00 Other International Funds US Spec Equity Fund £ 18.74 - -0.28 0.00 UK Income A Inc X F 237.93 - -0.45 3.97
Gbl Govt Bond (Ex Japan) Index (GBP) £ 1588.82 - -13.72 0.00 Senator House 85 Queen Victoria Street, London EC4V 4ET
Platinum All Star Fund - A (Est) $ 117.46 - - - Pacific Basin Specialist Equity Fund £ 37.17 - -0.39 0.70 Investments Inc Acc Ret 155.40 - -0.10 -
Pictet-Eastern Europe-I EUR F € 261.06 - -1.16 0.00 UK Income B Acc X F 281.70 - -0.53 3.86 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Smith & Williamson Fd Admin Ltd (1200)F (UK)
UK Corporate Bond £ 1578.07 - -1.50 0.00
Platinum Global Dividend Fund - A (Est) $ 57.25 - - - UK Sovereign Bd Index Fund £ 10.69 - -0.07 2.55 Investments Inc Inc Ret 102.60 - -0.10 - 25 Moorgate, London, EC2R 6AY 0141 222 1150
Pictet-Em Lcl Ccy Dbt-I USD F $ 154.16 - 1.02 0.00 UK Income B Inc X F 252.84 - -0.48 3.95
Authorised Inv Funds Gilt £ 1590.11 - -0.39 0.00 CCLA Fund Managers Ltd
Platinum Maverick Enhanced Fund Limited (Est) $ 96.39 - - 0.00 UK Specialist Equity Income Fund £ 9.38 - -0.05 3.93 Equity Inc Inc Inst 244.20 - -1.10 -
Pictet-Emerging Markets-I USD F $ 455.30 - -0.91 0.00 S&W Deucalion Fd (OEIC) 2085.00 - -41.00 0.27 Senator House 85 Queen Victoria Street, London EC4V 4ET
Global Eq (Ex Japan) Index Fund ¥ 1.37 - -0.01 0.00
Global Emerg Mkts Equity Fund X £ 10.31 - -0.15 0.52 Equity Inc Inc Ret 209.40 - -0.90 - COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Pictet-Emerging Markets Index-I USD F $ 206.49 - -0.04 0.00 S & W Magnum 372.60 393.80 -3.00 1.91 Value Partners Hong Kong Limited (IRL)
Global Eq (ex Japan) Class HJ4 ¥ 1.42 - -0.01 0.00
Global Spec Inv Grade Bd Fund GBP £ 9.66 - 0.03 3.08 Equity Inc Acc Inst 147.50 - -0.60 - www.valuepartners.net, fis@vp.com.hk
Pictet-Emerging Corporate Bonds I USD $ 105.79 - -0.15 0.00 S & W Marathon Trust 183.60 194.20 -0.90 1.73 Global Eq (ex Japan) Class JP5 ¥ 1.55 - -0.02 0.00 Regulated
Series 6 (Investment Management Customers Only) N&P UK Gwth Inc Ret 165.00 - -0.80 -
Pictet-Emerging Markets High Dividend I USD $ 90.01 - -0.09 0.00 Charity Value and Income Fund Acc 138.30 139.30 -0.70 4.52 Value Partners Asia ex-Japan Equity Fund $ 8.61 - -0.05 -
United Kingdom Equity Index Fund £ 14.94 - -0.02 3.33 Stckmkt 100 Track Gwth Acc Inst 88.36 - -0.60 -
Global Eq Ex Japan Index Fund (Hedge) ¥ 1.42 - -0.02 0.00
Data Provided by
Pictet-Emerging Markets Sust Eq I USD $ 80.90 - -0.21 0.00 Charity Value and Income Fund Inc 93.16 93.78 -0.42 4.64 Value Partners Classic Equity Fund USD Z Unhedged $ 11.14 - -0.06 0.00
UK Specialist Equity £ 19.15 - -0.07 1.75 Gbl Govt Bond (Ex Japan) Index ¥ 1.35 - 0.00 0.00
Stckmkt 100 Track Gwth Acc Ret 164.10 - -1.10 -
Pictet-Environmental Megatrend Sel I EUR € 160.20 - -2.34 0.00 Value Partners Classic Equity Fund CHF HedgedSFr 11.68 - -0.06 0.00
Contl Europe Specialist Fund £ 24.12 - -0.24 0.62 Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.32 - 0.00 0.00
UK Growth Acc Inst 288.70 - -1.60 -
Pictet-EUR Bonds-I F € 556.51 - -0.81 0.00
Polar Capital Funds Plc (IRL)
Japan Specialist Fund X £ 15.64 - -0.13 0.51 Standard Life Wealth (JER) Japan Equity Index Fund ¥ 1.06 - -0.01 0.00 Value Partners Classic Equity Fund EUR Hedged € 11.80 - -0.06 0.00
Regulated UK Growth Acc Ret 334.50 - -1.80 -
Pictet-EUR Corporate Bonds Ex Fin i EUR € 142.85 - -0.18 0.00 PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
Japan Equity Class JP3 ¥ 1.29 - -0.01 0.00 Value Partners Classic Equity Fund GBP Hedged £ 12.07 - -0.06 0.00
Asian Financials I USD $ 273.31 273.31 -0.03 0.00 US Spec Equity Fund £ 19.59 - -0.29 0.15 UK Growth Inc Ret 220.40 - -1.20 - FCA Recognised
Pictet-EUR Corporate Bonds-I F € 199.37 - -0.22 0.00 Value Partners Classic Equity Fund GBP Unhedged £ 12.60 - -0.06 0.00
Standard Life Offshore Strategy Fund Limited
Biotechnology I USD $ 17.69 17.69 -0.31 0.00 Pacific Basin Specialist Equity Fund £ 36.80 - -0.39 1.37 Managed OEIC
Pictet-EUR Government Bonds I EUR € 158.38 - -0.28 0.00 Bridge Fund £ 1.6130 - -0.0155 1.99 Value Partners Classic Equity USD Hedged $ 13.71 - -0.07 0.00
Pictet-EUR High Yield-I F € 242.33 - -0.47 0.00
European Income Acc EUR € 11.49 11.49 -0.09 0.00 UK Sovereign Bd Index Fund £ 10.82 - -0.06 2.55 Glob Em Shs Port Acc Ret 149.40 - -1.00 -
Diversified Assets Fund £ 1.1771 - -0.0040 2.85
The National Investor (TNI)
www.tni.ae
www.morningstar.co.uk
Max 70% Shs Port Acc Ret 254.60 - -1.40 - Value Partners Greater China Equity Fund $ 8.52 - -0.05 -
European Ex UK Inc EUR Acc € 9.81 9.81 -0.10 - UK Specialist Equity Income Fund £ 10.19 - -0.04 3.85 Data as shown is for information purposes only. No
Other International Funds
Pictet-EUR Short Mid-Term Bonds-I F € 136.86 - -0.01 0.00 Global Equity Fund £ 1.8855 - -0.0259 1.04 Value Partners Health Care Fund RMB Class Z UnhedgedCNH 9.92 - -0.03 -
Global Spec Inv Grade Bd Fund GBP £ 9.95 - 0.02 3.08 Max 70% Shs Port Acc X 182.90 - -0.90 -
TNI Blue Chip UAE Fund * AED 9.28 - -0.06 0.00
offer is made by Morningstar or this publication.
Financial Opps I USD $ 12.29 - 0.01 2.13
Pictet-EUR Short Term HY I EUR € 119.64 - -0.09 0.00 Global Balanced Fund - Income Units £ 1.3390 - -0.0127 1.88 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 9.35 - -0.06 -
Global Emerg Mkts Equity Fund X £ 10.40 - -0.09 0.75 Max 70% Shs Port Acc S 147.90 - -0.80 - TNI Funds Ltd (BMU)
GEM Growth I USD $ 8.22 - -0.04 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 102.97 - 0.00 0.00 Global Balanced Fund - Accumulations Units £ 1.5542 - -0.0146 1.85 Value Partners Health Care Fund USD Class A Unhedged $ 9.38 - -0.07 -
Address and telephone number for Series 5 only Investment Port Acc Ret 232.40 - -0.20 - MENA Hedge Fund $ 905.00 - -40.66 0.00
GEM Income I USD $ 9.15 - -0.01 0.00
Pictet-Euroland Index IS EUR € 131.59 - -1.09 0.00 Global Fixed Interest Fund £ 0.9875 - -0.0004 5.09 TNI Funds Plc (Ireland)
Investment Port Acc X 164.70 - -0.10 -
Global Alpha I USD $ 12.73 12.73 -0.02 0.00 MENA UCITS Fund * $ 1064.84 - -23.83 0.00
Pictet-Europe Index-I EUR F € 169.10 - -0.72 0.00 Sterling Fixed Interest Fund £ 0.8470 - -0.0011 4.18
Royal London Unit Managers Ltd. (1200) F (UK) Max 50% Shs Port Acc Ret 243.90 - -0.90 - Veritas Asset Management LLP (IRL)
Pictet-European Equity Selection-I EUR F € 625.44 - -1.87 0.00
Global Convertible I USD

Global Insurance I GBP

$ 11.37 11.37 -0.01 0.00

£ 4.10 - -0.09 0.00

5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777
Authorised Inv Funds
Max 50% Shs Port Inc Ret 217.20 - -0.80 -
UK Equity Fund £ 1.9051 - -0.0125 2.72 HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Veritas Funds Plc
Guide to Data
Pictet-European Sust Eq-I EUR F € 243.57 - -1.55 0.00
Max 50% Shs Port Acc X 176.50 - -0.70 -
Thesis Unit Trust Management Limited (UK) www.veritas-asset.com
Royal London Sustainable Diversified A Inc £ 1.55 - -0.01 2.01
Global Technology I USD $ 23.73 - -0.35 0.00 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Pictet-Global Bds Fundamental I USD $ 116.63 - 0.50 0.00 +353 1 635 6799 The fund prices quoted on these pages are supplied by
Royal London Sustainable World A Inc 170.70 - -2.40 0.81 Max 50% Shs Port Acc S 147.80 - -0.60 - Authorised Funds
Healthcare Blue Chip Fund I USD Acc $ 10.50 10.50 -0.09 0.00 FCA Recognised the operator of the relevant fund. Details of funds
Pictet-Global Bonds-I EUR € 164.10 - -0.47 0.00 TM New Court Fund A 2011 Inc £ 12.80 - -0.06 0.00 Institutional published on these pages, including prices, are for the
Royal London Corporate Bond Mth Income 88.87 93.54 -0.11 4.16 Max 100% Shs Port Acc Ret 279.30 - -2.50 -
Healthcare Opps I USD $ 38.16 - -0.29 0.00 purpose of information only and should only be used
Pictet-Global Emerging Currencies-I USD F $ 96.00 - 0.26 0.00 TM New Court Fund - A 2014 Acc £ 12.83 - -0.06 0.00 Veritas Asian Fund A USD H $ 309.24 - -0.04 0.43
Royal London European Growth Trust 109.00 114.70 -1.30 0.41 Max 100% Shs Port Acc X 200.50 - -1.80 - as a guide. The Financial Times Limited makes no
Income Opportunities B2 I GBP Acc £ 1.71 1.71 -0.01 0.00 representation as to their accuracy or completeness
Pictet-Global Emerging Debt-I USD F $ 355.33 - 0.56 0.00 TM New Court Equity Growth Fund - Inc £ 12.87 - -0.06 0.00 Veritas Asian Fund A GBP H £ 376.63 - -3.03 0.24
Royal London Sustainable Leaders A Inc 456.40 - -6.00 0.80 Max 100% Shs Port Acc S 146.20 - -1.30 - and they should not be relied upon when making an
Japan Alpha I JPY ¥ 213.63 213.63 -2.20 0.00 investment decision.
Pictet-Global Megatrend Selection-I USD F $ 221.43 - -1.42 0.00 Veritas Asian Fund A EUR H € 319.79 - -1.34 0.21
Royal London UK Growth Trust 472.80 497.70 -5.00 1.44 Enhanced Inc Inc Ins 208.50 - -0.90 - Stenham Asset Management Inc
Japan I JPY ¥ 2123.02 - -29.16 0.00
Pictet-Greater China-I USD F $ 442.87 - -2.08 0.00 www.stenhamassetmanagement.com Veritas China Fund A USD $ 142.25 - -0.52 0.36 The sale of interests in the funds listed on these pages
Royal London UK Income With Growth Trust 220.80 232.50 -1.60 4.40 Enhanced Inc Inc Ret 196.70 - -0.90 - may, in certain jurisdictions, be restricted by law and
North American I USD $ 17.80 17.80 -0.12 0.00 Other International Funds
Pictet-Health-I USD $ 266.34 - -2.70 0.00 Veritas China Fund A GBP £ 147.32 - -0.54 0.37 the funds will not necessarily be available to persons
Royal London US Growth Trust 151.80 159.70 -2.90 0.00 Enhanced Inc Inc X 167.30 - -0.80 -
UK Absolute Equity I GBP £ 12.86 12.86 -0.22 0.00 Stenham Asia USD $ 130.04 - 6.40 - in all jurisdictions in which the publication circulates.
Pictet-High Dividend Sel I EUR F € 153.27 - -1.12 0.00 Additional Funds Available Veritas China Fund A EUR € 140.84 - -0.50 0.37 Persons in any doubt should take appropriate
Enhanced Inc Acc Inst 156.20 - -0.70 -
Stenham Credit Opportunities A Class USD $ 102.06 - -0.68 0.00 professional advice. Data collated by Morningstar. For
Pictet-India Index I USD $ 90.39 - -1.44 0.00 Please see www.royallondon.com for details Veritas Global Equity Income Fund D USD $ 113.26 - -0.48 4.11
Managed Investments OEIC other queries contact reader.enquiries@ft.com +44
Stenham Equity UCITS USD $ 139.94 - -2.96 0.00
Pictet-Indian Equities-I USD F $ 426.23 - 1.74 0.00 Polar Capital LLP (CYM) Max 30% Shs Port Acc Ret 154.80 - -0.40 - Veritas Global Equity Income Fund D EUR € 200.39 - -1.34 3.91 (0)207 873 4211.
Regulated
Ruffer LLP (1000)F (UK) Stenham Growth USD $ 214.90 - 3.75 - Toscafund Asset Management LLP (UK)
Pictet-Japan Index-I JPY F ¥ 16265.89 - -155.16 0.00 Max 30% Shs Port Acc X 154.50 - -0.40 - www.toscafund.com Veritas Global Equity Income Fund D GBP £ 144.91 - -1.66 4.08 The fund prices published in this edition along with
ALVA Convertible A USD $ 128.85 - 0.86 0.00 40 Dukes Place, London EC3A 7NH additional information are also available on the
Stenham Healthcare USD $ 180.64 - 0.66 0.00 Authorised Funds
Pictet-Japanese Equities Opp-I JPY F ¥ 9846.84 - -105.76 0.00 Order Desk and Enquiries: 0345 601 9610 Max 30% Shs Port Acc S 148.40 - -0.40 - Veritas Global Focus Fund D USD $ 25.67 - -0.15 0.64 Financial Times website, www.ft.com/funds. The
European Conviction A EUR € 140.86 - 1.11 0.00
Authorised Inv Funds Stenham Managed Fund USD $ 113.66 - 1.13 - Aptus Global Financials B Acc £ 3.10 - -0.03 4.53 funds published on these pages are grouped together
Pictet-Japanese Equity Selection-I JPY F ¥ 14619.60 - -177.80 0.00 Max 30% Shs Inc Port Inc Ret 153.10 - -0.30 - Veritas Global Focus Fund D EUR € 23.60 - -0.20 0.61 by fund management company.
European Forager A EUR € 174.98 - 0.29 0.00 Authorised Corporate Director - Capita Financial Managers
Stenham Macro UCITS USD $ 102.74 - -0.10 - Aptus Global Financials B Inc £ 2.75 - -0.02 4.53
Pictet-LATAM Index I USD $ 49.72 - 1.31 0.00 CF Ruffer Investment Funds Max 30% Shs Inc Port Inc X 153.20 - -0.20 - Veritas Global Focus Fund D GBP £ 28.69 - -0.38 0.63 Prices are in pence unless otherwise indicated. The
Stenham Multi Strategy USD $ 116.22 - -0.84 - change, if shown, is the change on the previously
Pictet-LATAM Lc Ccy Dbt-I USD F $ 108.10 - 0.77 0.00 CF Ruffer Gold Fund C Acc 80.13 - 0.46 0.00 Max 30% Shs Inc Port Inc S 147.10 - -0.30 - Veritas Global Focus Fund A GBP £ 27.71 - -0.36 0.36
Polunin Capital Partners Ltd quoted figure (not all funds update prices daily). Those
Stenham Quadrant USD A $ 394.26 - -1.46 - Toscafund Asset Management LLP (CYM)
Pictet-Pacific Ex Japan Index-I USD F $ 319.81 - -1.38 0.00 Other International Funds CF Ruffer Gold Fund O Acc 79.31 - 0.45 0.00 Max 60% Shs Port Acc Ret 267.20 - -0.90 - Veritas Global Focus Fund A EUR € 13.76 - -0.11 0.35 designated $ with no prefix refer to US dollars. Yield
www.toscafund.com percentage figures (in Tuesday to Saturday papers)
Stenham Trading Inc USD $ 114.29 - -0.38 -
Pictet-Premium Brands-I EUR F € 153.48 - -2.15 0.00 Emerging Markets Active $ 40.93 - -0.92 - Equity & General C Acc 375.32 - -7.05 0.06 Max 60% Shs Port Inc Ret 211.40 - -0.80 - Regulated Veritas Global Focus Fund A USD $ 24.78 - -0.14 0.37 allow for buying expenses. Prices of certain older
Stenham Universal USD $ 431.83 - -0.28 - insurance linked plans might be subject to capital
Pictet-Quality Global Equities I USD $ 133.13 - -0.32 0.00 Luxcellence Em Mkts Tech $ 942.92 - 18.53 0.00 Equity & General C Inc 346.16 - -6.51 0.06 Max 60% Shs Port Inc X 163.70 - -0.60 - Tosca A USD (Est) $ 302.50 - 5.17 0.00 Veritas Global Focus Fund C GBP £ 30.08 - -0.40 0.00 gains tax on sales.
Stenham Universal II USD $ 160.04 - -0.18 0.00 Tosca Mid Cap GBP £ 259.26 - 0.54 0.00
Pictet-Russia Index I USD $ 46.94 - 0.60 0.00 Polunin Developing Countries $ 703.33 709.31 -3.22 0.00 Equity & General O Inc 344.76 - -6.50 0.00 Max 60% Shs Port Inc S 145.00 - -0.50 - Veritas Global Focus Fund C EUR € 24.86 - -0.20 0.00 Guide to pricing of Authorised Investment Funds:
Polunin Discovery - Frontier Markets $ 1351.61 - -7.40 0.00 Equity & General O Acc 371.57 - -7.01 0.00 Managed Investments OEIC 2 Tosca Opportunity B USD $ 357.47 - 5.56 0.00 (compiled with the assistance of the IMA. The
Pictet-Russian Equities-I USD F $ 41.41 - 0.41 0.00 Veritas Global Focus Fund C USD $ 26.97 - -0.15 0.00
Investment Management Association, 65 Kingsway,
Investments Inc Port Inc Ret 163.70 - -0.10 - Stratton Street Capital (CI) Limited (GSY) London WC2B 6TD.
Pictet-Security-I USD F $ 201.50 - -1.76 0.00 Polunin Small Cap $ 1376.37 1393.57 12.39 0.00 European C Acc 504.48 - -0.30 0.26 Veritas Global Equity Income Fund A GBP £ 138.88 - -1.59 4.09
Regulated Tel: +44 (0)20 7831 0898.)
Investments Inc Port Inc X 148.30 - -0.10 -
Pictet-Select-Callisto I EUR € 106.43 - -0.21 0.00 European O Acc 499.48 - -0.34 0.00 Veritas Global Equity Income Fund A EUR € 194.68 - -1.30 3.91
Japan Synthetic Warrant Yen Class ¥ 1772.84 - -37.12 0.00
£ Gov Bond Inc Inst (gross) 178.20 - -0.10 - OEIC: Open-Ended Investment Company. Similar to a
Pictet-Small Cap Europe-I EUR F € 1139.04 - -3.69 0.00 Private Fund Mgrs (Guernsey) Ltd (GSY) Japanese Fund C Acc 186.30 - -4.36 0.00 Veritas Global Equity Income Fund A USD $ 109.00 - -0.45 4.11 unit trust but using a company rather than a trust
Japan Synthetic Warrant GBP Hedged Class £ 198.78 - 36.88 0.00
Regulated £ Gov Bond Inc Inst 146.30 - -0.10 - structure.
Pictet-ST.MoneyMkt-I € 140.47 - 0.00 0.00 Japanese Fund O Acc X 184.20 - -4.32 0.00 Veritas Global Equity Income Fund C GBP £ 166.90 - -1.92 -
Japan Synthetic Warrant USD Class $ 18.75 - -0.43 0.00
Monument Growth 08/12/2015 £ 494.04 499.59 -1.81 1.01 £ Gov Bond Acc Inst 147.80 - 0.00 - Different share classes are issued to reflect a different
Pictet-ST.MoneyMkt JPY I USD ¥ 101525.05 - 0.96 0.00 Pacific C Acc 301.04 - -5.77 0.55 Veritas Global Equity Income Fund C EUR € 233.86 - -1.56 -
Japan Synthetic Warrant USD Hedged Class $ 197.94 - 36.59 0.00 currency, charging structure or type of holder.
Strat Bond Inc Inst (gross) 181.90 - -0.20 -
Pictet-ST.MoneyMkt-ICHF SFr 124.26 - -0.03 0.00 Pacific O Acc 297.74 - -5.74 0.25 Veritas Global Equity Income Fund C USD $ 130.16 - -0.54 -
Renminbi Bond Fund AUD Cls A A$ 120.72 - -0.60 3.82 TreeTop Asset Management S.A. (LUX) Selling price: Also called bid price. The price at which
Prusik Investment Management LLP (IRL) Strat Bond Inc Inst 150.10 - -0.20 - Regulated units in a unit trust are sold by investors.
Pictet-ST.MoneyMkt-IUSD $ 135.22 - 0.00 0.00 Total Return C Acc 391.05 - -6.12 1.37 Veritas Global Real Return Fund A USD $ 20.14 - -0.22 0.30
Enquiries - 0207 493 1331 Renminbi Bond Fund AUD Cls B A$ 122.48 - -0.60 3.57
Strat Bond Acc Inst 151.30 - -0.10 - TreeTop Convertible Sicav
Pictet-Timber-I USD F $ 148.04 - -1.48 0.00 Regulated Total Return C Inc 270.95 - -4.24 1.38 Veritas Global Real Return Fund A GBP £ 11.29 - -0.12 0.32 Buying price: Also called offer price. The price at
Renminbi Bond Fund CHF Cls A SFr 117.48 - -0.58 3.88 International A € 301.32 - -3.61 0.00
Prusik Asian Equity Income B Dist $ 156.45 - -0.05 3.83 Managed Investments OEIC 3 which units in a unit trust are bought by investors.
Pictet Total Ret-Agora I EUR € 115.70 - 0.04 0.00 Total Return O Inc 268.11 - -4.21 1.38 Veritas Global Real Return Fund A EUR € 11.89 - -0.13 0.12 Includes manager’s initial charge.
Div Inc Port Inc Ret 172.40 - -0.70 - Renminbi Bond Fund CHF Cls B SFr 117.20 - -0.58 3.64 International B $ 386.05 - -4.71 0.00
Prusik Asia A $ 192.32 - -1.38 0.00 Retail
Pictet Total Ret-Corto Europe I EUR € 136.89 - -0.43 0.00 Total Return O Acc 387.12 - -6.09 1.36 Single price: Based on a mid-market valuation of the
Corp Bond Acc Inst (gross) 213.70 - -0.10 - Renminbi Bond Fund CNH Cls A CNH 127.43 - -0.16 3.33 International C £ 130.15 - -1.59 0.00
Prusik Asian Smaller Cos A $ 136.45 - -0.95 0.00 Veritas Asian Fund B USD $ 215.99 - -0.03 0.00 underlying investments. The buying and selling price
Pictet Total Ret-Divers Alpha I EUR € 105.05 - -0.08 0.00 Renminbi Bond Fund CNH Cls B CNH 127.09 - -0.16 3.10 for shares of an OEIC and units of a single priced unit
Corp Bond Inc Inst 142.50 - -0.10 - International D € 279.68 - -3.33 2.94
Veritas Asian Fund B GBP £ 277.70 - -2.25 0.00 trust are the same.
Pictet Total Ret-Kosmos I EUR € 109.21 - 0.01 0.00 Renminbi Bond Fund Euro Cls B € 118.96 - -0.58 3.64 TreeTop Global Sicav
Corp Bond Acc Inst 145.10 - -0.10 -
Purisima Investment Fds (UK) (1200)F (UK) Veritas Asian Fund B EUR € 235.77 - -0.97 0.00 Treatment of manager’s periodic capital charge:
Pictet Total Ret-Mandarin I USD $ 114.74 - -0.02 0.00 Multi-Manager OEIC Renminbi Bond Fund GBP Cls B £ 121.04 - -0.60 3.42 Global Opp.A € 140.53 - -0.94 0.00
40 Dukes Place, London EC3A 7NH The letter C denotes that the trust deducts all or part
Veritas China Fund B GBP £ 142.80 - -0.52 0.00
Pictet-US Equity Selection-I USD $ 189.67 - -2.01 0.00 Order Desk and Enquiries: 0345 922 0044 Bal Intl Track Acc Ret 261.10 - -1.70 - Renminbi Bond Fund SGD Cls B S$ 120.25 - -0.59 3.38 Global Opp.B $ 138.48 - -0.47 0.00 of the manager’s/operator’s periodic charge from
Authorised Inv Funds Veritas China Fund B EUR € 163.91 - 1.09 0.00 capital, contact the manager/operator for full details
Pictet-US High Yield-I USD F $ 144.08 - -0.04 0.00 Bond Mthly Inc Acc Ret 143.50 - -0.10 - Renminbi Bond Fund USD Cls B $ 120.38 - -0.59 3.19 Global Opp.C £ 174.88 - -2.70 0.00 of the effect of this course of action.
Authorised Corporate Director - Capita Financial Managers
Veritas Global Focus Fund B USD $ 17.90 - -0.10 0.00
Pictet-USA Index-I USD F $ 180.87 - -1.41 0.00 Bond Mthly Inc Inc Ret 91.88 - -0.05 - Renminbi Bond Fund YEN Cls B ¥ 13253.84 - -64.92 0.00 Sequoia Equity A € 143.64 - -1.07 0.00 Exit Charges: The letter E denotes that an exit charge
Global Total Fd PCG A 165.87 - -2.37 0.35 S W Mitchell Capital LLP (CYM)
Veritas Global Focus Fund B GBP £ 21.18 - -0.28 0.00 may be made when you sell units, contact the
Pictet-USD Government Bonds-I F $ 635.22 - 1.13 0.00 Regulated Renminbi Bond Fund USD Cls A $ 166.06 - -0.82 3.43 Sequoia Equity B $ 146.92 - -0.77 0.00
Global Total Fd PCG B 164.37 - -2.35 0.13 manager/operator for full details.
S W Mitchell European Fund Class A EUR € 334.37 - 23.63 - Veritas Global Focus Fund B EUR € 16.39 - -0.14 0.00
Pictet-USD Short Mid-Term Bonds-I F $ 129.65 - 0.13 0.00 Global Total Fd PCG INT 162.21 - -2.32 0.00 Santander Asset Management UK Limited (1200)F (UK) Renminbi Bond Fund GBP Cls A £ 161.42 - -0.80 3.66 Sequoia Equity C £ 165.96 - -3.00 0.00
Time: Some funds give information about the timing of
S W Mitchell Small Cap European Fund Class A EUR € 233.97 - 4.05 - 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 Veritas Global Equity Income Fund B GBP £ 127.74 - -1.47 4.11
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.62 - 0.00 0.00 price quotes. The time shown alongside the fund
Authorised Inv Funds Renminbi Bond Fund SGD Cls A S$ 159.37 - -0.78 3.62
Veritas Global Equity Income Fund B EUR € 178.63 - -1.20 3.93 manager’s/operator’s name is the valuation point for
The Charlemagne Fund EUR € 323.41 - -9.82 - Santander Premium Fund (OEIC)
Pictet-Water-I EUR F € 280.47 - -2.91 0.00 Renminbi Bond Fund YEN Cls A ¥ 19625.69 - -96.44 0.00 their unit trusts/OEICs, unless another time is
Purisima Investment Fds (CI) Ltd (JER)
indicated by the symbol alongside the individual unit
A Shares Veritas Global Equity Income Fund B USD $ 108.04 - -0.46 4.13
Regulated trust/OEIC name.
Renminbi Bond Fund EUR Cls A € 109.46 - -0.54 3.88
PCG B X 169.38 - -1.01 0.00 Europe (ex-UK) 273.50 - -2.50 - Veritas Global Real Return Fund B USD $ 19.54 - -0.22 0.00
Pimco Fds: Global Investors Series Plc (IRL)
S W Mitchell Capital LLP (IRL)
The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Regulated Japan Equities 155.20 - -0.60 - Veritas Global Real Return Fund B GBP £ 11.08 - -0.12 0.00
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH PCG C X 167.02 - -1.01 0.00 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
http://gisnav.pimco-funds.com/ SWMC European Fund B EUR € 15326.27 - -59.32 0.00 midnight. Daily dealing prices are set on the basis of
Pacific Bas (ex-Japan) 490.10 - -2.80 - Veritas Global Real Return Fund B EUR € 12.71 - -0.14 0.00
Dealing: +44 20 3640 1000 the valuation point, a short period of time may elapse
SWMC UK Fund B £ 11832.36 - -117.26 0.00
Sterling Bonds 264.90 - -0.10 - Troy Asset Mgt Ltd (UK) before prices become available. Historic pricing: The
PIMCO Funds: +44 (0)20 3640 1407
Putnam Investments (Ireland) Ltd (IRL) 40 Dukes Place, London EC3A 7NH letter H denotes that the managers/operators will
FCA Recognised Regulated SWMC Small Cap European Fund B EUR € 13471.51 - -39.89 0.00 normally deal on the price set at the most recent
UK Equities 265.30 - -1.80 - Order Desk and Enquiries: 0345 608 0950 Veritas Asset Management LLP valuation. The prices shown are the latest available
Capital Securities Inst Acc $ 15.05 - -0.02 0.00 Putnam New Flag Euro High Yield Plc - E € 1018.07 - -1.59 4.27 SWMC Emerging European Fund B EUR € 9097.23 - -21.46 0.00 Authorised Inv Funds
US Equities 264.60 - -4.10 - www.veritas-asset.com before publication and may not be the current dealing
ACD Capita Financial Mgrs Other International Funds
Commodity Real Return Fund Inst Acc $ 5.77 - 0.00 0.00 levels because of an intervening portfolio revaluation
B Shares E.I. Sturdza Strategic Management Limited (GSY) Trojan Investment Funds
Real Return Asian Fund USD € 282.95 - -0.90 0.00 or a switch to a forward pricing basis. The
Credit Absolute Return Fund Inst Acc $ 11.01 - 0.01 0.00 Pacific Bas (ex-Japan) 489.40 - -2.80 - Regulated managers/operators must deal at a forward price on
Rathbone Unit Trust Mgmt (1200)F (UK) Spectrum Fund 'O' Acc ♦ 161.74 - -1.27 0.27
Nippon Growth Fund Limited ¥ 106153.00 - 29.00 0.00 Real Return Asian Fund GBP £ 302.30 - -0.89 0.00 request, and may move to forward pricing at any time.
Diversified Income - Inst Acc $ 19.22 - 0.05 0.00 PO Box 9948, Chelmsford, CM99 2AG
Spectrum Fund 'O' Inc ♦ 157.65 - -1.24 0.28 Forward pricing: The letter F denotes that that
Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Real Return Asian Fund EUR $ 298.49 - -0.89 0.00 managers/operators deal at the price to be set at the
Diversified Income Durat Hdg Fund Inst Acc $ 11.23 - 0.01 0.00 Strat Evarich Japan Fd Ltd JPY ¥ 93700.00 - -1641.00 0.00
Authorised Inv Funds Saracen Fund Managers Ltd (1000)F (UK) Spectrum Income Fund 'O' Acc 96.93 - -0.41 - next valuation.
Emerging Asia Bond Fund Inst Acc $ 9.58 - 0.02 0.00 Blue Chip Income Inc 150.22 155.15 -1.36 4.19 19 Rutland Square, Edinburgh EH1 2BB Strat Evarich Japan Fd Ltd USD $ 927.88 - -15.71 0.00
Spectrum Income Fund 'O' Inc 96.49 - -0.41 - Investors can be given no definite price in advance of
Dealing: 00 353 1 603 9921
Emerging Local Bond - Inst Acc $ 10.73 - 0.03 0.00 Blue Chip Income Acc 223.95 231.06 -2.03 4.06 Waverton Investment Funds Plc (1600)F (IRL) the purchase or sale being carried out. The prices
Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100 Trojan Fund O Acc ♦ 257.81 - -1.99 0.44
RobecoSAM (LUX) waverton.investments@citi.com appearing in the newspaper are the most recent
Emerging Markets Bond - Inst Acc $ 37.85 - 0.10 0.00 Ethical Bond Inc 90.42 92.38 -0.07 4.69 Authorised Inv Funds E.I. Sturdza Funds PLC (IRL) provided by the managers/operators. Scheme
Tel. +41 44 653 10 10 http://www.robecosam.com/ Trojan Fund O Inc ♦ 213.88 - -1.65 0.44 FCA Recognised
Saracen Growth Fd Alpha Acc £ 3.65 - -0.01 0.98 Regulated particulars, prospectus, key features and reports: The
Emerging Markets Corp.Bd Fund Inst Acc F $ 12.61 - 0.00 0.00 Ethical Bond Acc 172.95 176.32 -0.13 5.16 Regulated Waverton Asia Pacific A USD $ 17.28 - -0.08 5.27
Trojan Global Equity O Acc 218.57 - -3.06 0.89 most recent particulars and documents may be
Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1111.22 - -5.56 0.00
RobecoSAM Sm.Energy/A £ 11.09 - -0.14 1.69 Saracen Growth Fd Beta Acc £ 5.84 - -0.01 1.46 obtained free of charge from fund
Emerging Markets Short-Term Local Currency Fund $ 11.69 - 0.02 0.00 Global Opportunities Acc 139.90 144.40 -2.59 0.11 Waverton Global Bond Fund Cls A $ 8.76 - -0.02 5.41
Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1308.80 - -6.53 0.00 Trojan Global Equity O Inc 186.18 - -2.61 0.89 managers/operators. * Indicates funds which do not
RobecoSAM Sm.Energy/N € 11.62 - -0.10 0.00 Saracen Global Income & Growth Fund A - Acc £ 1.12 - 0.00 3.03 price on Fridays.
Euro Bond - Inst Acc € 22.76 - -0.05 0.00 Income Inc 837.84 867.12 -7.32 4.09 Waverton Global Equity Fund A GBP £ 13.33 - -0.12 0.58
Nippon Growth (UCITS) Fund JPY Class A shares ¥ 102760.00 - -514.00 0.00 Trojan Income O Acc ♦ 272.36 - -2.45 3.70
RobecoSAM Sm.Materials/A £ 119.34 - -1.41 1.42 Saracen Global Income & Growth Fund A - Dist £ 1.04 - -0.01 2.76 Charges for this advertising service are based on the
Euro Credit - Inst Acc € 14.75 - -0.02 0.00 Income Acc 1303.74 1347.56 -11.38 3.97 Waverton UK Fund A GBP £ 13.07 - -0.08 1.83
Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 86167.00 - -431.00 0.00 Trojan Income O Inc ♦ 172.52 - -1.56 3.82 number of lines published and the classification of the
RobecoSAM Sm.Materials/N € 142.28 - -1.05 0.00 Saracen Global Income and Growth Fund -Acc # £ 1.39 - -0.01 3.39
Euro Income Bond - Inst Acc F € 12.97 - -0.02 0.00 Multi Asset Enhanced Growth Acc 121.14 - -0.89 0.00 Waverton Equity Fund A GBP £ 14.53 - -0.17 0.19 fund. Please contact data@ft.com or
Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 82212.00 - 968.00 0.00 call +44 (0)20 7873 3132 for further information.
RobecoSAM Sm.Materials/Na € 98.18 - -0.73 - Saracen Global Income and Growth Fund -Dist # £ 1.23 - 0.00 2.79
Asset Management
Euro Long Average Duration - Inst Acc € 21.57 - -0.13 0.00 Multi Asset Strategic Growth inc 147.79 - -0.77 1.13 Waverton Sterling Bond Fund A GBP £ 9.48 - 0.00 5.31
Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 55785.00 - -279.00 0.00 UBS Asset Management (UK)
Euro Low Duration Fund Inst Acc € 11.28 - -0.01 0.00 Multi Asset Strategic Growth acc 156.40 - -0.82 1.12
RobecoSAM Gl.Small Cap Eq/A

RobecoSAM Gl.Small Cap Eq/N

£ 76.16

€ 157.26
-

-
-1.30 1.30

-2.00 0.00
Saracen UK Income Fund - Acc

Saracen UK Income Fund - Dist

£

£
0.96

0.95
-

-
0.00

0.00
-

-
Strategic China Panda Fund USD $ 2248.03 - -3.23 0.00 Asset Management
21 Lombard Street, London, EC3V 9AH
Client Services 0800 587 2113, Client Dealing 0800 587 2112
Asset Management
Euro Real Return - Inst Acc € 13.52 - -0.01 0.00 Multi Asset Total Return inc 125.61 - -0.36 1.83 WA Fixed Income Fund Plc (IRL)
. Strategic China Panda Fund Hedged EURO € 2194.73 - -2.44 0.00 www.ubs.com/retailfunds
RobecoSAM Sustainable Gl.Eq/B € 180.16 - -2.31 0.00 Regulated
Euro Short-Term Inst Acc € 12.27 - 0.00 0.00 Multi Asset Total Return acc 138.47 - -0.40 1.79 For Save & Prosper please see Countrywide Assured Authorised Inv Funds
Strategic China Panda Fund Hedged Sterling £ 2223.37 - -2.55 0.00 OEIC European Multi-Sector € 116.71 - -0.44 0.00
RobecoSAM Sustainable Gl.Eq/N € 155.46 - -2.00 0.00
Euro Ultra Long Duration - Inst Acc € 28.28 - -0.27 0.00 Recovery Inc 421.42 437.42 -2.42 2.62
Strategic Euro Bond Accumulating Class CHFSFr 984.50 - 0.49 0.00 Global Emerg Mkts Eqty B Acc £ 1.25 - -0.01 1.73
RobecoSAM S.HealthyLiv/B € 176.47 - -2.39 0.00
Global Advantage - Inst Acc $ 12.04 - 0.04 0.00 Recovery Acc 509.23 528.02 -2.93 2.57 Schroder Property Managers (Jersey) Ltd
Strategic Euro Bond Institutional Class EUR € 1011.06 - 0.73 0.00 Global Optimal B Acc £ 0.97 - -0.01 0.64
RobecoSAM S.HealthyLiv/N € 164.42 - -2.23 0.00 Other International Funds
Global Advantage Real Return Fund Inst Acc $ 8.50 - 0.04 0.00 Strategic Bond I-Class Acc 124.66 125.36 -0.23 3.93
Indirect Real Estate SIRE £ 133.22 139.31 0.83 2.34 Strategic Euro Bond Fund Accumulating Class Shares € 1133.64 - 0.81 0.00 UBS UK Opportunities Fund B Acc £ 0.83 - 0.00 3.09
RobecoSAM S.HealthyLiv/Na £ 103.61 - -1.86 -
Global Bond - Inst Acc $ 27.88 - -0.01 0.00 Strategic Bond I-Class Inc 109.34 110.03 -0.21 3.88
Strategic Euro Bond Fund Distributing Class Shares € 1023.08 - 0.74 1.33 US Equity B Acc £ 1.47 - -0.02 0.28
RobecoSAM S.Water/A £ 165.18 - -1.82 1.21
Global Bond Ex-US - Inst Acc $ 19.53 - -0.04 0.00
Strategic European Smaller Companies Fund EUR Class € 992.20 - -5.77 - UBS S&P 500 Index C Acc £ 0.53 - -0.01 1.08
RobecoSAM S.Water/N € 164.56 - -1.09 0.00 Scottish Friendly Asset Managers Ltd (UK)
Global High Yield Bond - Inst Acc $ 19.73 - -0.02 0.00
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 Strategic Global Bond RMB Acc $ 1053.27 - -3.48 0.00 UBS Targeted Return B Acc £ 1.25 - 0.00 0.81
Global Investment Grade Credit - Inst Income $ 12.13 - 0.01 3.65 Authorised Inv Funds Yuki International Limited (IRL)
Strategic Global Bond USD Acc $ 1043.02 - -0.21 0.00 UBS Sterling Corporate Bond Indexed Fund 51.35 - -0.04 3.26 Tel +44-20-7269-0207 www.yukifunds.com
Managed Growth ♦ 238.80 - -1.30 0.00
Global Investment Grade Credit Fund Inst Acc € € 11.70 - -0.05 0.00 Regulated
Strategic US Momentum and Value Fund $ 773.36 - -6.56 0.00 UBS Multi Asset Income B Inc (net) £ 0.49 - 0.01 3.61
UK Growth ♦ 261.40 - -1.80 0.00 Yuki Mizuho Umbrella Fund
Global Investment Grade Credit Fund Inst Acc $ $ 16.59 - 0.01 0.00
Strategic US Momentum & Value Fund USD I Class $ 513.54 - -4.35 0.00 UBS UK Equity Income B Inc Net £ 0.36 - 0.00 4.85 Yuki Mizuho Japan Dynamic Growth ¥ 6892.00 - -112.00 0.00
Global Multi-Asset - Inst Acc $ 14.39 - -0.06 0.00
Robeco Asset Management (LUX) Strategic US Momentum and Value EUR Hedged Class EUR € 539.82 - -4.59 0.00 Corporate Bond UK Plus B Inc Net £ 0.52 - 0.00 4.00 Yuki Mizuho Japan Large Cap ¥ 777.62 - -0.38 0.00
Global Real Return - Inst Acc $ 17.94 - -0.05 0.00 Coolsingel 120, 3011 AG Rotterdam, The Netherlands. SIA (SIA Funds AG) (LUX)
Regulated Strategic US Momentum and Value CHF Hedged Class CHFSFr 536.98 - -4.64 0.00 UBS Global Allocation (UK) B Acc £ 1.06 - 0.00 1.42 Yuki Japan Low Price ¥ 26771.00 - -340.00 0.00
www.robeco.com/contact
Income Fund Inst Acc $ 12.36 - 0.00 0.00
FCA Recognised LTIF Classic € 329.62 - -3.12 0.00 UBS Global Enhanced Equity Income C Inc £ 0.45 - 0.00 10.94 Yuki Japan Value Select ¥ 12511.00 - -173.00 0.00
Inflation Strategy Fund Inst Acc $ 8.71 - -0.02 0.00 Asia-Pacific Equities (EUR) € 130.12 - -0.82 0.00 LTIF Natural Resources € 69.08 - 0.37 0.00 UBS US Growth Fund B Acc £ 1.53 - -0.04 0.00 YMR Umbrella Fund
Taube Hodson Stonex Ptnrs UT (1200)F (UK)
Low Average Duration - Inst Acc $ 14.79 - 0.00 0.00 Chinese Equities (EUR) € 74.12 - -1.12 0.00 50 Bank Street, Canary Wharf, London E14 5NT
Santander Asset Management UK Limited (1200)F (UK) LTIF Stability A ACCU € 162.05 - -0.46 0.00 UBS Emerging Markets Equity Income B Inc £ 0.33 - -0.01 6.60 YMR N Growth ¥ 17157.00 - -194.00 0.00
PIMCO RAE Fundam.PLUS Em.Mkts Inst Acc $ 8.09 - 0.05 0.00 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 Admin: 50 Bank Street, Canary Wharf, London E14 5NT
Em Stars Equities (EUR) € 166.95 - -0.59 0.00 Yuki Asia Umbrella Fund
Authorised Funds Dealing & Enquiries: 0870 870 8433
PIMCO RAE Fundam.PLUS Gl.Dev.Inst Acc $ 10.74 - -0.02 0.00 Emerging Markets Equities (EUR) € 140.36 - -1.24 0.00 Authorised Inv Funds Yuki Japan Rebounding Growth Fund JPY Class ¥ 23450.00 - -371.00 0.00
Santander Atlas Range SIA (SIA Funds AG) (CH) THS Growth & Value Funds Unicapital Investments (LUX)
PIMCO RAE Fundam.PLUS US Inst Acc $ 12.11 - -0.09 0.00 Flex-o-Rente (EUR) € 109.47 - 0.01 0.00 Santander Atlas Inc Port Acc Inst 286.60 - -1.10 - Other International Fds Yuki Japan Rebounding Growth Fund USD Hedged Class $ 931.72 - -15.14 -
Regulated
International
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.53 - 0.00 0.00 Glob.Consumer Trends Equities (EUR) € 156.76 - -2.28 0.00 Santander Atlas Inc Port Inc Inst 220.40 - -0.80 - LTIF Stability Growth SFr 190.40 - -8.70 - Investments III € 5.03 - -22.38 -
IGV - Inc A 315.80 - -2.00 2.42
StocksPLUS{TM} - Inst Acc $ 23.03 - -0.18 0.00 High Yield Bonds (EUR) € 123.17 - -0.64 0.00 Santander Atlas Port 3 Acc Ret 147.90 - -0.50 - LTIF Stability Inc Plus SFr 163.50 - -13.40 5.80 Investments IV - European Private Eq. € 247.75 260.13 -44.58 - Zadig Gestion (Memnon Fund) (LUX)
IGV - Inc B 314.90 - -1.90 1.60
FCA Recognised
Total Return Bond - Inst Acc $ 27.16 - 0.02 0.00 Lux -O- Rente (EUR) € 140.58 - 0.04 0.00 Santander Atlas Port 3 Inc Ret 102.00 - -0.30 - Investments IV - Global Private Eq. € 366.42 384.74 -49.81 -
IGV - Acc X 385.40 - -2.40 1.89 Memnon European Fund I GBP £ 112.46 - -0.85 0.00
UK Corporate Bond - Inst Acc £ 17.26 - -0.07 0.00 New World Financials (EUR) € 52.56 - -0.78 0.00 Santander Atlas Port 3 Acc Inst 162.60 - -0.50 - Smith & Williamson Investment Management (1200)F (UK) IGV - Acc Y 413.50 - -2.60 2.38
25 Moorgate, London, EC2R 6AY 020 7131 8100
UK Long Term Corp. Bnd Inst-Inst Acc £ 19.18 - -0.13 0.00 US Premium Equities (EUR) € 180.90 - -1.94 0.00 Santander Atlas Port 4 Acc Ret 179.80 - -0.80 - Unicorn Asset Management Ltd (UK)
www.sandwfunds.com IGV - Acc Z 382.80 - -2.40 1.61
Authorised Inv Funds PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287 Zebedee Capital Partners LLP (CYM)
UK Low Duration - Inst Acc £ 14.07 - -0.01 0.00 US Premium Equities (USD) $ 202.19 - -2.20 0.00 Santander Atlas Port 4 Inc Ret 128.70 - -0.60 - European Authorised Inv Funds Regulated
UK Real Return - Inst Acc £ 22.74 - -0.23 0.00 European Equity Fund A Class 500.40 - -5.70 0.73
Santander Atlas Port 4 Acc Inst 163.30 - -0.80 - EGV - Acc S 269.60 - -1.80 0.00 UK Growth A Inc 410.51 - -0.19 0.00 Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
UK Sterling Long Average Duration - Inst Acc £ 21.71 - -0.23 0.00 Far Eastern Income and Growth Fund A Class 413.80 - -3.70 3.14
Santander Atlas Port 5 Acc Ret 189.40 - -1.00 - Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
32 ★ FINANCIAL TIMES Friday 11 December 2015

MARKETS & INVESTING

Capital markets
Trading Room

Why sparks are flying over

IEX’s exchange application
The sparks have been
flying since IEX applied
to become a US equity
exchange in September,
writes Larry Tabb.
The Securities and
Exchange Commission has
received more than 30
comment letters on it,
including one by yours
truly. To put it into context,
there was only one letter
submitted when BATS
Global Markets applied
in 2008, and three for
Direct Edge in 2009.
While many comment
notes are complimentary,
others have been anything
but. Why the interest and
passion? I will summarise.
Brokers may not be
particularly happy with
IEX, given it is expensive.
IEX charges nine mils both
to take and to provide
liquidity, generating 18 mils
(18 cents per 100 shares)
but Citadel and Hudson
River Trading were critical.
The IEX order router
seems to generate the
greatest amount of heat,
mostly because the IEX
router — a separate,
special-purpose broker —
doesn’t go over the speed
bump, giving brokers
that use it a head start on
orders routed out of IEX.
The speed bump
essentially forces brokers
to use the IEX router once
they have committed to
IEX; otherwise, their
unfilled orders take an
extra 350 microseconds to
be received and rerouted.
Rival exchanges trapped
in a low-revenue capture
battle for years should
salivate at the new entrant
that can capture 18 mils
per trade. But the order
router puts other
exchanges on an uneven
Securitisation of bad loans set to rise
Moody’s sees increase as
EU banks deleverage and
credit quality improves
THOMAS HALE
The securitisation of previously “bad”
loans across Europe is set to rise next
year as the continent’s banks continue
to deleverage and credit quality
improves, according to Moody’s.
Non-performing loans (NPLs), where
borrowers have stopped making pay-
ments, have crippled European balance
sheets since the financial crisis, with
governments forming so-called bad
banks in Spain, Ireland and, most
recently, Italy, to tackle the problem.
Now that growing numbers of those
loans are “re-performing”, they can fea-
sibly be sold into capital markets
through securitisation. There are large
volumes of NPLs across peripheral
Europe: the Bank of Spain estimates
that there were €211.3bn of restruc-
tured loan portfolios in Spain at the end
of 2013.
“Originators will likely securitise re-
performing loans, for which borrowers
are now making payments following
delinquency,” Moody’s said. The rating
agency added that these kind of deals
could emerge in Spain and Italy, follow-
ing its recent creation of four bad banks.
Securitisation is a process in which
loans, ranging from mortgages to credit
card debt, are packaged into a special
vehicle and sold on to investors as bond-
like products.
The securitisation of some re-
performing loans has already taken
place in Europe, albeit not for recently
traded portfolios of NPLs. Moody’s says
Capital markets. Mortgage-backed lending
that it has rated three bank securitisa-
tion deals in Spain that have 20-30 per
cent exposure to re-performing loans.
Legacy loans have been a major
theme in UK securitisation markets.
Last month buyout group Cerberus
bought a £13bn mortgage portfolio from
the UK government that was formerly
owned by troubled lender Northern
Rock. There are market expectations
that at least some of the purchased port-
folio of loans will eventually be sold into
securitisation markets.
The potential role for new, non-bank
players to securitise is a ray of hope for
Europe’s securitisation industry, which
has been floundering since the financial
crisis. Small lenders, such as Kensington
mortgages, which is owned by Black-
stone, have been active in UK securitisa-
tion markets to fund the mortgages they
originate — especially as many such
€211.3bn companies are less reliant on retail
deposits to fund their loans.
The estimated “Private equity groups come in differ-
value of
restructured loan ent guises — they’re looking for some
portfolios in Spain kind of real estate exposure and this
at the end of 2013 may come in different forms,” said
Annabel Schaafsma, a managing direc-
£13 bn
tor at Moody’s. “There is a potential for
securitisation to be an exit strategy, but
Value of the
mortgage portfolio there are other options open to them.”
that Cerberus last There are still uncertainties over the
month bought from use of securitisation as a strategy for
the UK government investors and banks holding large port-
folios of re-performing loans across
Europe.
“In the UK, you have a very high
degree of transparency around house
price valuations,” said Peter Keller,
managing director in European struc-
tured credit at Citi. “I’m not sure to what
extent that will be possible in other EU
jurisdictions,” he added.

Covered bonds march beyond Europe

per trade. Regulated
exchanges charge a net
of one or two mils (under
a maker-taker model in
which the taker is charged
a maximum of 30 mils and
the maker typically is
credited with 28 or 29
mils). That said, brokers
tend to be net takers, so
The Securities and
Exchange Commission
has received more than
30 letters concerning
IEX’s bid to become
a US equity exchange
the IEX pricing model
actually may not be so bad.
Many negative
comments target IEX’s so-
called “speed bump” and
how it interferes with SEC
rules surrounding “order
protection”. IEX employs a
350-microsecond speed
bump for all orders going
in and out of its trading
platform. IEX says this
enables it to better price
hidden orders and
dissuade very fast traders
from taking advantage of
tiny delays, or latencies.
Eliminating a speed
arbitrage should upset
fast traders but, given IEX
operates under a more
selective regulatory
licence, a full licence would
allow more high frequency-
type traders to access its
market. Market makers
are split on this. Virtu
Financial submitted a
complimentary comment
Off-exchange US equity trading
Average daily volumes for trading venues (m)
0 200 400 600 800
UBS
IEX
Deutsche Bank
Citadel
KCG
Market total
Source: Tabb Group
footing because they are
required by regulation to
reroute orders to the
venue with the best price.
If orders leaving IEX don’t
go over the same speed
bump, it has an advantage
over other exchanges.
Other exchanges have
delays but understanding
these latencies and access
times is critical for traders
in a fragmented market.
The more consistent the
data feed, the easier it can
determine its odds of
accessing a quote. If there
is a 350-microsecond gap
between the time a price is
posted and the trader can
see it, it is that much
harder to understand the
dynamics of trading
against that quote.
A few years ago Nasdaq
tried to implement a
five-millisecond pause for
its PSX exchange and was
rebuffed by the SEC.
How the speed bump is
deployed and to whom
is the crux of most
commenters’ displeasure.
If the bump was evenly
deployed, and all order
flow, data and routers
traversed it consistently,
it would greatly reduce the
negative comments.
The real reasons the IEX
application has been given
so much focus are the
substantive issues: the
speed bump, router and
maybe the threat of
upsetting exchanges’ data.
Given IEX’s pending
exchange application and
the industry’s passions,
this ruling will be one
to follow.
Larry Tabb is chief
executive and founder
of Tabb Group
1000
Oct 15
Sep 15
Asset class with Prussian roots
seems better able to expand its
reach than the historic state was
THOMAS HALE
Prussia, for all its military might,
scarcely expanded beyond continental
Europe. The same has mostly held true
for one of its enduring financial legacies.
Covered bonds, developed in the 18th
century by the kingdom’s financiers,
enjoy a venerable reputation for safety.
The bonds, an overwhelmingly Euro-
pean phenomenon, are backed by mort-
gages, and provide investors with
recourse to both the assets and the issu-
ing bank.
But there are signs this staid emblem
of Teutonic caution is set for a much
more global future.
Banks in South Korea and Singapore
this year launched covered bonds for
the first time. Markets are developing in
Poland, Romania and Turkey, while
South Africa’s Reserve Bank recently
discussed introducing the products over
the next two to three years. Australia
launched a covered bond structure sev-
eral years ago, and Canada has a thriving
market.
“The brand of covered bonds is going
increasingly global,” says Joost Beau-
mont, an analyst at ABN Amro. “There
are more and more countries looking at
this structure and there are good rea-
sons for this.”
The strongest case for the asset class is
rooted in much more recent financial
history. During the financial and euro-
zone crises, when many markets for
bank funding seized up, European lend-
ers were still able to issue covered
bonds.
So a healthy covered-bond market
has attractions for banks and their regu-
lators, potentially helping to diversify
funding sources, for instance in Asian
economies where many banks rely on
retail deposits.
Covered bonds can also address risks
associated with so-called “maturity
transformation” — where short-term
bank borrowing is “transformed” into
long-term loans to its customers. Unse-
cured bank debt, another crucial source
of funding for banks, often comes with
shorter maturities than covered bonds.
Funding diversification away from
short-term borrowing is relevant in Tur-
key, according to Brian Hoey, a senior
corporate trust banker for BNY Mellon.
“Traditionally, the funding base of
Turkish banks has been heavily reliant
The Battle of on customer deposits,” he said at a con-
Valmy in 1792 ference in November, adding that a
saw the French dependence on short-term funding
halt the mighty sources has “severely constrained” the
Prussian army. provision of longer-term financing.
Covered bonds “The new mortgage-backed covered-
were developed bond structure can help change this,” he
in the 18th added.
century by the While the asset class is yet to crack the
kingdom’s US, where securitisation is the domi-
financiers nant method of funding mortgage lend-
Photo 12/UIG/Getty Images
ing, dollar-denominated covered bonds
have risen this year: issuance so far in
2015 is $19bn, according to ABN Amro,
more than twice the amount issued at
this stage in 2014.
“You have more diversity in terms of
more issuers across more currencies. It’s
not just a European product any more,”
says Kristion Mierau, head of covered
bonds at Pimco.
For developing banking sectors that
are looking to diversify their funding
sources but are unable to replicate the
US model, where securitisations sup-
Top nations for covered
bond issuance
2015 year-to-date ($bn)
European
Germany 35.4
France 26.3
Spain 22.2
Sweden 21.1
UK 16.9
Non-European
Canada 30.6
Australia 11.2
Singapore 0.999
South Korea 0.995
New Zealand 0.884
Source: Dealogic
ported by the government agencies Fan- tors and other bond investors, should
nie Mae and Freddie Mac, covered the bank fail.
bonds offer an alternative. “It’s not necessarily that covered
“Securitisation implicitly guaranteed bonds are a bad thing, but it should be
by a government agency is going to be reflected in the price of other types of
more difficult to adapt in countries with funding,” says Mr Beaumont.
a lower sovereign credit rating than the “If you issue covered bonds, there’s
US,” points out Mr Mierau. less of your balance sheet for other cred-
In Europe, covered bonds benefit itors.”
from a different form of support; the Asset encumbrance affects the imple-
ECB is buying billions of euros worth of mentation of new covered bond legal
covered bonds each month as part of its structures. In Australia, which intro-
asset purchase programme. duced covered bonds several years ago,
Moreover, European capital require- the cover pool is capped at 8 per cent of
ments for covered bonds are much the bank’s assets in Australia.
lower than for other asset classes, such Still, other regulatory factors may
as securitisations. favour covered bonds, in particular the
Subtle differences in legal regimes in push to make banks increase their
different jurisdictions may slow the capacity to absorb losses from bad
spread of covered bonds, however. One loans.
issue is so-called asset encumbrance. New rules governing the process by
Because covered-bond investors have which problems at failing banks are
recourse to pools of mortgage assets, resolved have changed the risk profile of
these assets are not available to reim- senior unsecured debt, but left the sta-
burse other creditors, including deposi- tus of covered bonds untouched.

Commodities Exchanges

Opec oil production gathers pace in November China to streamline IPOs in effort to ease logjam
ANJLI RAVAL
OIL AND GAS CORRESPONDENT
Oil production from Opec countries
accelerated in November as an increase
in Iraqi output offset a decline from
Saudi Arabia, contributing to a steep
drop in prices.
The producer group’s monthly oil
market report yesterday showed that
output increased to 31.7m barrels a day
last month, up from 31.5m b/d the previ-
ous month, according to secondary
sources which track member output.
The data indicate that Opec continues
to produce far more than its former pro-
duction target of 30m b/d, which it
abandoned last week after a meeting of
ministers in Vienna.
A disagreement over which members
should bear the brunt of production
cuts to bolster prices, close to seven-
year lows at below $40 a barrel, led Opec
to do away with even the pretence of
maintaining an output ceiling.
Saudi Arabia, the group’s de facto
leader and largest producer, has said
that it will not cut its own output with-
out contributions from others. The
kingdom continued to pump about
10.1m b/d last month.
Its output hit a record 10.6m b/d ear-
lier this year and has surpassed the 2014
average of 9.7m b/d for much of 2015.
The cartel’s November increase was
led by output from Iraq, which has hit
record levels in recent months.
Iraqi production rose to 4.3m b/d in
November from 4.1m b/d the month
before as it pumps hard to raise funds to
fight Isis and support its economy.
Saudi Arabia’s Opec rivals, including
Iran and Venezuela, have called on the
kingdom to pull back on its production,
which they believe is contributing to the
oil price weakness.
A slowdown in production growth
outside the cartel has prompted Opec to
raise the demand forecast for the
group’s crude for 2016 to 30.8m b/d.
This is an increase of 1.5m b/d over the
estimated level for 2015.
Non-Opec supply growth for 2015 was
revised lower by 310,000 b/d since the
initial forecast and stands at 1m b/d. A
downward revision of 200,000 b/d was
made for 2016.
“This has been mainly due to the
impact of low oil prices and declining
investments in the oil industry,” the
group said.
Despite slower growth, total non-
Opec supply was higher in the third
quarter than initially forecast. This
takes the 2015 estimate to 57.5m b/d, an
upward revision of 300,000 b/d.
GABRIEL WILDAU — SHANGHAI
China will eliminate approval require-
ments for initial public offerings within
two years as it seeks to ease the logjam
that has led to multiyear equity fund-
raising queues.
Streamlining the IPO process is seen as
crucial to improving capital allocation
by allowing promising young companies
to raise capital more easily. China’s
bourses are still largely populated by
state-owned companies whose political
connections helped them to navigate
the listing process.
About 674 companies were awaiting
IPO approval as of earlier this month,
according to a list published by the
China Securities Regulatory Commis-
sion, which handles the process.
The agency’s approval authority has
also created incentives for corruption,
as the fate of stock sales worth billions
rests with low-paid bureaucrats. At least
three CSRC officials involved in IPO
approvals have been arrested this year.
“The flaws and shortcoming of the
approval system have gradually
revealed themselves,” the CSRC said on
Wednesday, adding that the move to a
registration system would encourage
the “formation of the market’s self-
discipline mechanism”. But the agency
also cautioned that the transition could
not occur all at once.
Under the registration system, the
CSRC would devolve authority to the
Shanghai and Shenzhen stock
exchanges, which would focus on
enforcing disclosure requirements but
would not interfere with pricing and
timing of IPOs. Top Communist party
leaders pledged to shift to approval reg-
istration as part of a landmark reform
plan approved in November 2013, but
progress has been slow.
The move would eliminate an impor-
tant tool that regulators have used to
influence market sentiment. A com-
plete relinquishing of government con-
trol over the flow of listings could lead to
a flood of new offerings.
Chinese investors often complain that
IPOs siphon demand away from existing
shares.
The CSRC suspended IPOs entirely
during the summer stock market rout
before restarting approvals last month.
A previous freeze beginning in late 2012
lasted more than a year.
When the CSRC lifted the suspension
last month, it said 28 companies would
be allowed to proceed with their offer-
ings before the end of 2015. Since then,
11 companies have raised Rmb4.2bn
($652m) in Shanghai and Shenzhen.
Friday 11 December 2015 ★ FINANCIAL TIMES 33

MARKETS & INVESTING

Global overview
TRADING POST Markets update
Jamie
Chisholm
US and European stocks toil as S&P 500 index
Change on day 0.14%

crude hovers around $40 a barrel

There is less than a week to go before
the Federal Reserve is expected to
raise interest rates. Capital Economics
says there are five reasons why
investors should not fret that lift-off
will badly hurt the global economy.
The first point, argues Andrew
Kenningham, CapEco’s senior global
economist, is that, assuming inflation
remains low, any tightening by the Fed
would occur only if the US economy
continues to do well.
“A steady US recovery should, in
turn, help many other economies by
sustaining demand for their exports
and supporting confidence.”
Second, prospects for emerging
market economies are better than
many think. Data suggest China will
escape a hard landing and EMs are not
as vulnerable to tighter US policy as in
the past — a result of stronger balance
sheets and floating exchange rates.
EMs “may now be more exposed to
a slowdown in China and to weaker
commodity prices, [but] we think the
news on both is likely to improve next
year”, says Mr Kenningham.
Next, monetary conditions globally
will remain very accommodative. The
Fed will tighten slowly, the Bank of
England likewise, while the central
banks of China, Japan and the
eurozone could ease further.
Fourth, the dollar’s strength might
hurt US exporters but it is helping
competitor nations sell to the world’s
biggest economy.
Finally, investors are relaxed. “The
rate hikes which we think are likely in
the coming months have been largely
priced in,” adds Mr Kenningham.
jamie.chisholm@ft.com
Probability of the Fed rate
hike in December
Per cent
80
60
40
20
Jan 2015 Dec
Source: Bloomberg
Dollar gains ground, euro
dips 0.6% and renminbi
nears four-year low as base
metals show their soft side
with copper declining 0.3%
FT REPORTERS
US and European equity gauges strug-
gled for traction after a poor Asian per-
formance, as the global oil price bench-
mark hovered around $40 a barrel.
The dollar was firmer and higher
Treasury yields indicated no great rush
for fixed income “havens”, however.
The S&P 500 was 0.3 per cent higher
at 2,053.26, snapping three days of
declines that left the benchmark index
just a shade in negative territory for the
year, after a six-year bull run.
That decline for the US benchmark
has pressured global stock markets, but
the mood was fairly calm for much of
the session yesterday.
Gains for miner Glencore, after it said
that it would cut debt further, contrib-
uted to a small bounce in the sector,
underpinning broader market senti-
ment, and helping the Eurofirst 300 end
the session flat at 1,430.06.
A relapsing euro helped Germany’s
Dax index close 0.1 per cent higher
while weakness in retailers and insurers
left the UK FTSE 100 down 0.6 per cent.
Investor confidence has been hit of
late by weakness in commodities, nota-
bly oil. The price of Brent crude this
week hit $39.57 a barrel, its cheapest
since February 2009 after the latest
Opec meeting failed to agree a produc-
tion cut that could help reduce a global
crude glut.
With other industrial commodities,
such as copper, flirting with multiyear
lows, investors are fretting that the sec-
tor is signalling slowing global demand.
Resources groups are responding to
lower prices by slashing investment,
Running on empty: FT.com/video
US stocks are down for the year after more falls in the oil price
while John Authers notes the renminbi is weakening again
dividends and jobs, partially counter-
acting the economic benefit of consum-
ers facing falling energy costs and busi-
nesses enjoying cheaper inputs.
Worries that the sovereign wealth
funds of commodity-exporting nations
are having to raise cash by trimming
investment portfolios also weighed on
the market mood.
Unfortunately for equity bulls, the oil
price failed to hold early gains yesterday
and Brent crude was down 1.3 per cent
to $39.58 a barrel, while the US WTI con-
tract slid 1.1 per cent to $36.75, the vic-
tim of ample US inventories. Shares in
many energy companies shed initial
session advances in response.
Base metals were also soft, with cop-
Lucas Jackson/Reuters
per down 0.3 per cent to $4,580 a tonne
as the US dollar, in which most global
commodity benchmarks are denomi-
nated, gained ground.
The euro dipped 0.6 per cent to
$1.0944 and the dollar index was up 0.5
per cent to 97.84 as the common cur-
rency’s recent rebound, following disap-
pointment at the ECB’s latest easing,
appeared to fade.
The buck’s strength came as the mar-
ket still expects the Federal Reserve to
lift interest rates for the first time since
the financial crisis next week.
The policy-sensitive two-year Treas-
ury yield was up 1 basis point at 0.93 per
cent, only a few basis points shy of its
highest since April 2010. The 10-year
2100
2080
2060
2040
2020
Nov 2015 Dec
Treasury yield was up 1bp to 2.22 per US equities Weakness in Europe
cent, though equivalent maturity Bunds spilled into the North American
were off 3bp to 0.57 per cent, reflecting session. US stocks were slightly higher
the caution in eurozone equities. but traded with little conviction ahead
Australia’s 10-year bond yield rose of next week’s Fed meeting.
3bp to 2.85 per cent after data showed
the economy added 71,400 jobs in FTSE 100 index
November while the unemployment Change on day 0.63%
rate fell to 5.8 per cent, a 19-month low. 6400
The Australian dollar was trading at
US$0.7300, up 0.9 per cent. 6300
The robust reading caught out econo- 6200
mists, who had forecast 10,000 jobs to 6100
be shed last month and for the unem- Nov 2015 Dec
ployment rate to tick back up to 6 per
cent. It topped even October’s surpris- UK equities The FTSE 100 closed 0.6
ingly strong report, lengthening the per cent lower, marking a fourth day of
odds of a rate cut any time soon. losses for the index. Leisure retailer
The reduced chance of another easing Sports Direct lost 11 per cent after
of monetary policy, alongside fretting earnings that disappointed.
over resources groups, hit the Sydney
stock market, pushing the S&P/ASX Eurofirst 300 index
200 down 0.8 per cent. The move was in
Change on day 0.18%
keeping with the regional performance, 1550
where Japan’s Nikkei 225 fell 1.3 per
cent, while Hong Kong’s Hang Seng and 1500
mainland China’s Shanghai Composite 1450
both lost 0.5 per cent.
1400
Concerns about the pace of growth in
Nov 2015 Dec
China saw the renminbi fall to 6.4363
per US dollar, near a four-year low. European equities Stocks traded with
The Swiss franc was 0.6 per cent little direction, weighed by shares in oil
weaker versus the dollar at SFr0.9892 companies. Seadrill’s stock fell 2.8 per
after the Swiss National Bank left inter- cent while Royal Dutch Shell saw a
est rates unchanged but stressed that it decline of 1.2 per cent.
thought the franc was still too strong.
Sterling was down 0.3 per cent to
$1.5176 after the Bank of England also Nikkei 225 index
stood pat on policy. (’000) Change on day 1.32%
20.0
South Africa’s rand was at a record
low of 15.21 per dollar after President
19.5
Jacob Zuma dismissed his finance min-
ister late on Wednesday in a move 19.0
expected to exacerbate the country’s
economic woes. Pretoria’s sovereign Nov 2015 Dec
bonds are getting whacked, forcing Asian equities Overnight falls on Wall
yields sharply higher. Street cast a pall across the region
Reporting by Jamie Chisholm in London, leaving greater China stocks lower and
Anna Nicolaou in New York and Jennifer pushing Tokyo down 1.3 per cent.
Thompson in Hong Kong

Old Mutual slumped with the rand, which

London
Tobacco group BAT falls
on broker downgrade
and bid talk twist
Bryce Elder
A broker downgrade and fresh twist
to long-running bid talk put British
American Tobacco among the
fallers yesterday.
Traders speculating about a BAT offer
for Imperial Tobacco latched on to news
that UBS had ceased coverage of the
tobacco sector “due to a reallocation of
research resources”.
UBS is joint house broker to BAT, its
lead analyst Nik Oliver having been
poached from Merrill Lynch in June.
Advisers to BAT were rumoured in
November to have secured funding to
support a potential takeover offer for
Imperial, a deal analysts caution would
face huge financial and regulatory
challenges. Neither company has
responded to the speculation.
Separately, Goldman Sachs advised
selling BAT on the threat of plain
Share price (pence) crashed to a record low after President Trading Directory
240 Jacob Zuma fired finance minister
220 Nhlanhla Nene.
200 Old Mutual sank 10.9 per cent to
180 174.2p and Investec, which was trading
160 ex a 10.5p dividend, was down 11.1 per
Dec 2015 Dec
2014
Source: Thomson Reuters Datastream
cent to 469.9p.
RBC raised concerns about the EU’s
Day's forthcoming Solvency II rules and how
Indices
FTSE 100
Close
6088.05
change
-38.63
they will factor in exchange controls in
South Africa.
FTSE 250
FTSE 350
17080.25
3411.04
-59.60
-19.90
The result will be to cap capital
surpluses and, while dividends should
FTSE All-Share 3362.26 -19.31 be unaffected, investors are likely to
FTSE All-Share Yield 3.82 -
focus first on Old Mutual’s capital
FTSE 100 Futures 6098.00 -37.50
coverage ratio, which will be towards
10 yr Gilt Yield
20yr Gilt All-Share Ratio
2.53
0.66
-0.29
-
the lower end of its peer group, said
the broker.
RBC also argued that it looks
packaging legislation in Canada and premature to hope for an Old Mutual
South Africa. break-up. Listing its UK business is
Loss of pricing power and customer “at least three years away”, given
down-trading might reduce tobacco the work required on regulatory
industry profit by 15 per cent in the five changes and integrating acquisitions,
years after plain packaging is it said.
introduced, it forecast. Testing specialist Intertek faded
BAT lost 1.2 per cent to £36.94 and 2 per cent to £27.08 after Citigroup
Imperial faded 1.1 per cent to £34.42 in downgraded to “sell”.
a weak wider market. The FTSE 100 Dollar strength against emerging
slipped 0.6 per cent, down 38.63 points market currencies has been a bigger
to 6,088.05. support to Intertek’s earnings than
Sports Direct tumbled 11 per cent investors appreciate, meaning the
to 592p on interim results showing that underlying business might not be as
its international division continued resilient as they think, Citi said.
to struggle. International Personal Finance lost
Commodity trader Glencore was 4.7 per cent to 322.5p after the doorstep
pushed higher by 7 per cent to 88.9p lender warned of potential regulatory
after it pledged deeper debt cuts by the changes in Slovakia, expected to
end of 2016. account for about 14 per cent of its
South African financial stocks 2015 group earnings.

Wall Street
First Solar tumbles on
less than shiny forecast
Mamta Badkar
Investor enthusiasm dimmed on shares
in First Solar after the US solar panel
group issued a disappointing 2016 gross
margin forecast and received an analyst
downgrade.
Shares fell more than 10 per cent to
$52.62 and were the biggest decliner on
the S&P 500, after the company said
late on Wednesday that it expected
gross margins in the range of 16-18 per
cent, citing lower margin third-party
engineering, procurement and
construction (EPC) sales.
The Tempe, Arizona-based company
noted that the guidance did not reflect
the sale of its minority interest in the
Stateline project. The company also did
not provide much commentary on 2017,
when a key US tax credit for rooftop
panel systems is set to expire.
The news prompted analysts at
Needham to downgrade the stock from
“buy” to “hold”.
Three other banks trimmed their
price target on the stock.
Men’s Wearhouse shares fell more
than 20 per cent to $14.64, after the
retailer warned that it could miss its
full-year profit guidance if weak sales
continued at Jos A Bank.
The California-based retailer, which
acquired Jos A Bank last year, said that
comparable sales at the brand fell 35.1
per cent in the current quarter through
the first week of December. That
compared with average same-store
sales that were up 5.5 per cent across its
other brands.
The retailer swung to a loss of $27.2m
or 56 cents a share in the third quarter,
compared with a profit of $6.8m or 14
cents a share in the year ago period.
Chipotle shares increased 5 per cent
to $577.51 as chief executive Steve Ells
apologised to customers in an NBC
interview and pledged new food-safety
practices.
Mr Ells arrived a day after health
officials said that the 80 students in
Boston who fell ill were believed to have
been made sick by the norovirus linked
to a Chipotle restaurant.
These findings suggested that the
illnesses in Boston were not tied to a
larger E.coli outbreak that affected
customers of the Mexican restaurant
chain in nine US states.
Shares in Australian software group
Atlassian jumped 29 per cent to $27.13
in their New York trading debut.
Materials and utilities were the only
major sectors on the benchmark S&P
500 that were in the red.
At midday, the S&P 500 had climbed
0.3 per cent to 2,053.99, the Dow Jones
Industrial Average gained 0.4 per cent to
17,565.29 and the Nasdaq Composite
rose 0.4 per cent to 5,041.80.
34 ★ Friday 11 December 2015

INSIGHT Analysis. Currencies

Jennifer
Hughes
Enfeebled renminbi puts stability in peril
Weaker performance raises Falling feeling
questions over outlook for
International backers US and global economies
Renminbi
Against the dollar (Rmb per $)
Dec 8
Chinese renminbi
Onshore - offshore spread
will struggle with Mrs ROGER BLITZ
PBoC weakens renminbi
reference rate to its lowest
level in four years 0.00
Wong’s trading style
6.20 6.20
While investors are focused elsewhere, Nov 30
the biggest threat to market stability Renminbi wins reserve -0.02
loiters. China’s renminbi is weakening. 6.25 currency status after IMF 6.25
Nothing shocked investors in 2015 as agrees to include the

W
e’ve told Sid, sought average Joes from much as the August devaluation of the currency in its Special -0.04
Bloggs to Sixpack, and followed the invest- renminbi. It was enough to halt the dol- Oct 30 Drawing Rights basket
ing adventures of Mrs Watanabe around lar bull run and scupper the Federal 6.30 6.30
Biggest one-day renminbi
the world. Archetypal retail investors Reserve’s rate rise hopes. gain, pointing to PBoC -0.06
serve the same purpose for market Now, as investors anticipate the US intervention to shore up
observers as pollsters’ voter stereotypes for politicians. So central bank will finally tighten policy 6.35 five-year plan 6.35
meet Mrs Wong, China’s contribution to the genre and the next week, the renminbi is losing steam. -0.08
force behind its stock market gyrations. While not as dramatic as the August fall, Aug 11
This has been the year when the wild swings of Shanghai it has drifted 1.8 per cent weaker against People’s Bank of China
and Shenzhen became too significant for any investor, the dollar over the past six weeks. 6.40 changes exchange rate Nov 6.40 -0.10
anywhere, to ignore. With the biggest index providers lay- The direction of China’s currency policy, triggering sharp China FX reserves fall
ing out their approaches to including mainland stocks in looms large over global markets all in renminbi and sending by $87bn, third biggest
the coming years, international investors have to start because it begs big questions: does ren- shockwaves through markets monthly fall -0.12
6.45 6.45
paying attention to Mrs Wong now, whether they like her minbi weakness reflect badly on the
investing style or not. state of the Chinese economy? If so, will Jun Jul Aug Sep Oct Nov Dec Jun Jul Aug Sep Oct Nov Dec
Even after the summer turmoil when Shanghai and it darken the outlook for commodity 2015 2015
FT graphic Sources: Thomson Reuters Datastream
Shenzhen lost a combined 45 per cent of their capitalisa- markets and miners, with repercussions
tion over three months, the two together still represent for global and US economic prospects?
the second-biggest market in the world. Mrs Wong and her “On a relative basis, the depreciation
friends are responsible for about 80 per cent of China’s is fast,” says Nomura’s Craig Chan, Asian As investors Owens, investment director at GAM in August that contributed to market Since August’s China devaluation
daily trading, although holding roughly only a quarter in foreign exchange strategist. International. anxiety about the country’s slowdown. shock, the market has been more taken
capitalisation terms. Just 2 per cent of the overall market is Catching investors off guard may well anticipate The silent fall in the renminbi con- The forex reserves data were followed up with the country’s successful cam-
held by foreigners. be the timing, given recent reassurances the US trasts with all the noise around the dol- by trade data showing significant paign to gain reserve currency status by
Charles Li, head of the Hong Kong Stock Exchange and a out of Beijing. Most forex strategists are lar. The market looks priced in for next import and export falls, and the PBoC’s joining the International Monetary
former China investment banker, offered a description of guiding investors to expect a fall by the central week’s Fed meeting to push rates higher reference rate shift. Fund’s Special Drawing Rights basket.
the Chinese retail trader at an industry conference earlier end of 2016 to about Rmb6.70-Rmb6.80 bank will for the first time in nearly a decade. As the Swiss National Bank in January Market worries about the renminbi
this month. “You can be Mrs Wong, selling vegetables in but it has started a lot sooner than they Last week’s febrile market reaction to anticipated ECB monetary easing by largely subsided during September and
the morning, and when the market opens you can go into a expected. Another step lower yesterday tighten the European Central Bank’s milder abandoning its peg, so the PBoC is read- October when the currency strength-
room and sit down and do took the currency to Rmb6.44, just policy, the than expected monetary easing may ying for a Fed rise, says Marc Chandler ened against the dollar.
your trades like a Goldman below the August 11 nadir. have driven the euro higher against its at Brown Brothers Harriman. “It is Luis Costa at Citigroup says the
Sachs guy trading on Wall
‘Most clients What really shifts the renminbi is renminbi transatlantic partner but the US dollar anticipating the big move,” he says. August market shock should still make
Street,” he said. still aren’t ready China’s central bank, the People’s Bank is losing remains heavily backed by many. This week’s alarms contribute to pres- the PBoC wary about allowing the ren-
Across much of the world it of China, which every day sets a refer- Dollar strength thereby drags the ren- sure on commodity currencies, more so minbi to devalue rapidly. “The ren-
is common, over time, for
for the whiplash ence rate for the onshore rate allowing steam minbi along for the ride against China’s since the data revealed how China is minbi is still very expensive. The capital
retail investors to leave the of modern the currency to trade 2 per cent either big trading partners. This comes amid saturating the market with its excess of outflow story hasn’t quite stabilised. It’s
market by entrusting more of side of it. This week, the PBoC relaxed three developments this week in Beijing oil, aluminium and steel as it unwinds clear the action at SDR was not enough
their money to professionals.
markets’ the rate to its lowest level in four years, that suggest further weakening of the its stockpiles. It is not the first time the to offset potential capital outflows.”
Mr Li does not see that change and the renminbi duly reached its low- renminbi looms. China’s forex reserves market has taken its eye off the China When, as expected, the Fed raises
coming any time soon. est end-of-day rate since August 2011. in November fell by more than $87bn — story. The country’s slowdown has rates next week, the market may be bet-
“It’s not possible to put that back in the bottle. They are “I’m a little bit surprised that they the third highest monthly drop on driven commodity prices down all year, ter advised to watch what happens in
used to doing it themselves and it is hard to sell them insti- have let it go quite this far,” says Adrian record, only just below the $94bn drop but the market caught on late. Beijing rather than Washington.
tutional products,” he says.
He has reason to know: retail investors still account for
about 20 per cent of Hong Kong’s trading volume, com-
pared with 2 per cent in New York, and can be as senti- Commodities
ment-driven as Mrs Wong, aided like her by trading plat-
forms and smartphone apps.
If Mrs Wong is not going to cede ground gracefully, inter-
national investors will have to come to terms with her
Miners’ bond prices
style. Staring in disbelief at screens of stocks that trade
limit-up for days and hover at ridiculous valuations
climb back from lows
will not help investors faced with the gradual opening of
the markets.
MSCI signalled this year it could include mainland DAN MCCRUM AND NEIL HUME demonstrate its ability to
stocks in some form from 2017 while rival FTSE Russell raise capital, according to
offered two new emerging markets indices with a 5 per Bond prices for mining com- people familiar with the
cent weighting of mainland listings, from zero previously. panies rebounded from new situation.
“Most clients still aren’t ready for the whiplash of main- lows yesterday as Glencore Anglo American euro debt
land markets,” says one senior Hong Kong broker. “They announced fresh measures maturing in 2020 traded at a
still find it hard to figure out a market based on momen- to cut its outstanding debt 9 per cent yield yesterday, a
tum, not valuation.” pile in the face of tumbling small recovery from the 9.4
Underlining the need to get to grips with mainland prices for ores and metals. per cent high hit the day
stocks is the fact that targets for A-share indices are hard to The bounce provided some before. The debt has fallen in
come by from international banks. Most instead focus on respite after prices for debt value by more than a fifth
indices such as the MSCI China, which is based on H shares issued by Anglo American since it was issued at a 3.6 per
and other Chinese listings outside the mainland. and Vale reached fresh lows cent coupon in May.
Some A-share analysts have begun to focus on valua- on Wednesday, as investors Anglo has $5bn of loan
tions based on discounted cash flows rather than on price- assessed the ability of mining debt and $15bn of bonds out-
earnings ratios. The rationale is that in a momentum- and resource companies to standing, almost $11bn of
driven market, the only way to find value is to take a long- weather a protracted slump. which must be refinanced in
term view on the underlying business. All sectors, except With the gap between the next five years. The com-
financials and energy, are still trading above 20 times p/e. onshore and offshore ren- pany on Tuesday announced
The expectation is for some earnings growth in China minbi prices widening, and the suspension of its divi-
next year, helped by added liquidity from rate cuts and prices for copper and iron dend for 18 months and
other monetary easing. ore hitting multiyear lows, plans to shed two-thirds of its
None of this is likely to excite, or particularly interest the state of Chinese demand operations as it attempts to
Mrs Wong, focused as she is on hot tips and short-term for raw materials remains a restructure.
pops. But at some point international money will join Mrs principal concern. Analysts at Morgan
Wong and that date is moving closer. “When Mrs Wong “There is a lot of fear in the Stanley said: “Anglo cannot
meets BlackRock, there will be sparks,” warns Mr Li. “Its market this is not a bottom tap the debt market at any-
about Chinese liquidity meeting international liquidity.” for commodity prices,” said where near a sustainable rate
Investors do not need to move wholesale into the main- Wen Li, analyst at Credit- given its earnings power.”
land, but it will pay them to start looking more closely now. Sights. Plans to raise $4bn from
He also pointed to other asset disposals and cut the
jennifer.hughes@ft.com fears hitting debt prices: number of mining assets
some mutual funds will be from 55 to 20 were “a critical
forced to sell bonds which step”.
lose an investment-grade Other miners have also
credit rating; if miners can- been hit in recent weeks by a
not raise sufficient equity fall in prices for copper and
More comment and data on ft.com they may be forced to raise iron ore. Yields on five-year
debt secured against assets, debt from Freeport-McMo-
reducing the value of existing Ran, the largest listed copper
Y Fast FT Our global economies, headed unsecured debt. miner, rebounded from a
team gives you market- by Brazil, Russia, India “At some point that is recent high of 13.1 per cent to
moving news and views, and China. going to be economical,” Mr an 11.5 per cent yield on
24 hours a day, five days ft.com/beyondbrics Li said. Wednesday, following the
a week. ft.com/fastft Bonds maturing in 2020 suspension of its dividend.
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a issued by Glencore, the The yield on five-year US
irreverent financial blog. look at what is driving miner and trading house, dollar debt for Vale hit 8.8
Join Paul Murphy and the global currency bounced from 80 to 84 cents per cent on Wednesday,
Bryce Elder for the daily market. ft.com/podcasts on the dollar yesterday fol- before recovering slightly
Markets Live session at lowing comments by the later in the day.
Y Lex Video Analysis company at an investor day, The Brazilian miner has
11am. ft.com/alphaville
and opinion from the although prices were still $23bn of debt and loans out-
Y beyondbrics News and team on the hot issues down on the week. standing, and has been
comment from more affecting companies and The company is consider- placed at risk of a credit rat-
than 40 emerging markets. ft.com/lexvideo ing a bond issue early next ing downgrade following an
year to test the market and environmental disaster.