FRIDAY 29 SEPTEMBER 2017 WORLD BUSINESS NEWSPAPER UK 2.70 Channel Islands 3.00; Republic of Ireland 3.

00

Facebooks dilemma When the Lady turned How to Spend It

Networks founding philosophy at Myanmar crisis reveals Aung San Property special: from New York
risk from Russia INSIDE TECH, PAGE 18 Suu Kyis weakness BIG READ, PAGE 13 skylines to Croatia coast MAGAZINE

US moves to Briefing
speed up aid i Fraud losses on credit cards fall 11%
The amount of money stolen from credit and debit
for Puerto Rico cards has fallen sharply, down 11 per cent to 287m,
with banks claiming they are managing to stop 67
per cent of attempts at fraud. PAGE 3
Irma Maldanado stands amid the debris
of what remains of her home in the town i Private groups offer NHS help for winter
of Corozal after Hurricane Maria cut a Private health companies have made a formal offer
devastating path across Puerto Rico. to the government to provide nearly 400,000 extra
The Caribbean island suffered wide- operations and tests to boost capacity as the NHS
spread damage to basic infrastructure gears up for a testing winter. PAGE 2
because of the category four storm,
which knocked out power and water i Japans main opposition party implodes
across much of the US territory. The The leading opposition group in
White House temporarily suspended Japan said it would not field any
shipping restrictions yesterday to allow candidates in the October 22
non-US flagged vessels to dock and poll as the rise of Yuriko Koike,
accelerate the delivery of aid. Tokyos governor, wreaks havoc
Cities on the US mainland with large in the nations politics. PAGE 9
Puerto Rican populations predicted that
they would need federal help to cope i Ikea snaps up US start-up TaskRabbit
with the anticipated influx of island res- The flat-pack furniture retailer Ikea is making a rare
idents fleeing the disaster. high-profile purchase, buying the US start-up
Report page 8 TaskRabbit, the online marketplace for odd jobs,
Carol Guzy/ZUMA Wire including furniture assembly. PAGE 17

i Macrons pragmatic approach laid bare

May backs Uber and free market

French presidents unsentimental attitude, evident
in the STX deal with Italys Fincantieri, defies a
tradition of protecting assets deemed strategic
from foreign overs. PAGE 6; REZA MOGHADAM, PAGE 15

in robust defence of private sector

i Taiwanese suppliers suffer iPhone hit
Shares in Taiwans suppliers to Apple have taken a
hit from worse than expected sales forecasts for the
iPhone 8 and production issues associated with the
upcoming iPhone X. PAGE 28

i Playboy founder Hefner dies aged 91

3 Prime minister appeals to Tory base 3 Government pushes ahead with PFI projects
GILL PLIMMER, GEORGE PARKER
AND ROBERT WRIGHT
Theresa May mounted a staunch
defence of the private sector yesterday
when she hailed the free market the
greatest agent of collective human
progress ever created and branded the
decision to ban Uber's London licence as
disproportionate.
The prime ministers continued
support for business will hearten the
traditional Conservative base ahead of
Sundays party conference and sharp-
ens the dividing line between the Tories
and Labour on the economy.
Her moves come as the government
also pushed ahead with its private
finance plans by more than tripling the
value of road-building projects this year,
despite Labour threatening to national-
ise PFI projects because of the heavy
cost to taxpayers.
In a Bank of England speech, Mrs May
said: Unfunded borrowing and signifi-
cantly higher levels of taxation would
damage our economy, threaten jobs,
and hurt working people.
Mrs May also told the BBC yesterday
that Transport for Londons decision
backed by Sadiq Khan, Londons Labour
mayor to ban the ride-hailing app in
the capital because it was not fit and
proper had damaged lives.
At a stroke of a pen, what the mayor
has done is risked 40,000 jobs and of
course . . . damaged the lives of those
3.5m Uber users, she said. Yes, there
are safety concerns and issues for Uber
to address, but what I want to see is a
level playing field between the private
Hugh Hefner, the founder of Playboy magazine
who helped ignite the 1960s sexual revolution and
fashioned a global brand, has died at the age of 91 in
firms and our wonderful London taxis, plummeted since 2010, the Treasury Los Angeles. OBITUARY, PAGE 4
our black cabs. has committed to the scheme under a
Mrs Mays criticism of the regulators new version dubbed PF2.
suspension of the service echoed the The two projects capital value of close Datawatch
view of many Tory politicians as well to 3bn is a significant increase on the
as that of more than 817,000 petitioners current 1bn under construction using
calling on Mr Khan to reverse the move. Theresa May: PFI. The Midland Metropolitan Hospi- Key issues faced by Finding skilled
In another challenge to Labour, the The free market tal and 46 schools are already using PF2, eurozone SMEs staff has risen as
government is planning to use a is the greatest while Tyne and Wear Metro is consider- % Availability of skilled staff an issue for small
revamped model of PFI to fund the agent of ing using it for 435m of new trains. Competition and medium-sized
1.3bn A303 tunnel under Stonehenge collective Private sector investment is at the Regulation companies in the
Cost of production/labour eurozone; nearly
and the 1.5bn Lower Thames Crossing human progress heart of infrastructure plans. Mrs May Access to finance 20 one in five say it
tunnel in east London. ever created included a commitment to PF2 in the is now the most
Jeremy Corbyn, Labour leader, used Budget and her industrial strategy this 16 serious they face.
the high cost of PFI schemes to illustrate year. A revamped National Infrastruc- 12 Access to finance
how he would put the state back at the ture Plan in December called on the is becoming less
centre of the economy, whether private sector to finance and deliver at 8 of an issue, says
building roads or running railways, mail least half of the 500bn of infrastruc- 2014 15 16 an ECB survey
services, water and energy. ture improvements pledged by 2021. Source: ECB Finding customers flat at 25% on SMEs.
Although the number of PFI deals has Uber under strain page 18

Catalonia referendum puts regional

Global value of buyout
deals hits post-crisis high
The private equity industry has reason
to celebrate after global deal values
soared nearly 25 per cent to $212bn in
the first nine months of the year
hitting a post-financial crisis high.
The surge is fuelled by buyout groups
raising record-sized funds backed by
investors chasing high returns. The
data also revealed that global M&A
activity in the same period was $2.4tn.
Lex i PAGE 16
Report i PAGE 17
Dealmaking recovers i PAGE 19
police at centre of political tug of war
MICHAEL STOTHARD BARCELONA
Catalonias regional police will not
enforce the orders of the Spanish
courts to prevent voting in Sundays
independence referendum if it means
inflaming local tensions, according to
the Catalan interior minster.
Joaquim Forn, a member of Catalonias
pro-independence regional govern-
ment, said yesterday that citizen coex-
istence was a higher priority than obey-
ing the courts, raising fears in Madrid
that the regional police known as the
Mossos dEsquadra will stand by and
allow people to vote.
The role of the 17,000-strong Mossos
police force is crucial to the outcome of
the independence vote, which has been
ruled illegal by Spanish courts and
threatens to plunge the country into a
political and constitutional crisis if it
goes ahead. The Catalan government
has promised to declare independence
within 48 hours of a yes vote.
Mariano Rajoy, Spains prime minis-
ter, has staked his reputation on stop-
ping the vote.
Madrid has sent in thousands of extra
national police to close polling stations
and confiscate material related to the
ballot. But national police alone will
struggle to prevent voting in nearly
1,000 Catalan cities, towns and villages.
The Mossos, one of Europes oldest
police forces and a symbol of Catalan
nationhood, is caught in a tug of war
between its political masters in Barce-
lona and the central government in
Madrid, which over the weekend sought
to take direct command.
The prospect of police officers declin-
ing to enforce orders has become
emblematic of the way state authority
has been brought into question by the
confrontation over the referendum.
Mr Forn indicated that while the Mos-
sos will not take the extreme step of
defying Spanish law, they may in prac-
tice do little to stop the vote this week-
end when faced with large crowds trying
to cast their ballots.
It is important to comply with the
law and judicial decisions, but there is a
superior good to preserve: citizen coex-
istence, he said a press conference.
Under Spains 1978 constitutional set-
tlement, the countrys 17 autonomous
regions were given a large degree of self-
rule. But since then many regions have
chafed against the central authority in
Madrid, none more so than Catalonia
despite its higher degree of autonomy,
which extends to having its own
regional police.
Simon Kuper page 4

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2 FINANCIAL TIMES Friday 29 September 2017

NATIONAL

Trainees Health service

Business struggles with apprentice levy Private sector

offers to help
Quarter of groups have no the private and public sectors by 2020. government than larger levy-paying said they expected to recover all or more deflecting training budgets away from NHS cope
understanding of tax or
how they would react
It has drawn the ire of employers by
transferring much of the cost of this pol-
icy on to them.
companies.
Its critical that information on
apprenticeship funding reaches small
of the levy.
The BCC said business needed clearer
guidance and support on the levy, and
other important needs. Firms need
greater flexibility on how they can use
their levy monies and a system that is
with winter
SARAH GORDON BUSINESS EDITOR
Every employer with a pay bill of 3m
or more must pay the levy, which is a 0.5
businesses if we are to increase social
mobility, he said. Investing in training
that the current levels of uncertainty
risked undermining the purpose of the
fully operational as quickly as possible,
is simple and efficient, and that enables rise in demand
per cent tax on their payroll. Employers system. them to access good quality training,
Businesses are still in the dark about can then reclaim vouchers from the gov- The government must ensure that she said.
how best to use the apprenticeship levy, ernment which they can spend on
Firms need greater changes in the system do not lead to a Neil Carberry, managing director of SARAH NEVILLE
six months after the government intro- apprenticeships. flexibility on how they slowdown in the overall number of people at the CBI, said many businesses GLOBAL PHARMACEUTICALS EDITOR
duced it. Companies with a pay bill under 3m apprentices recruited, or less invest- felt the levy scheme did not focus on
A survey of more than 1,400 compa- do not have to pay the levy but can still
can use their levy monies ment in other forms of workplace train- delivering the quality of training that
Private health companies have made a
formal offer to the government to pro-
nies by the British Chambers of Com- apply for apprentice funding, yet the Jane Gratton, BCC ing, said Jane Gratton, head of skills at companies needed. vide almost 400,000 additional opera-
merce and Middlesex University Lon- BCC findings suggested three-quarters the BCC. Low awareness and under- The government has said that there is tions and tests to bolster NHS capacity,
don found that nearly a quarter of those of these companies had either not taken and skills is even more important as we standing of the levy has not been helped an economic return of 26 to 28 for as the service gears up for one of its
paying the levy had no understanding of any action to use the funds available, or inch closer to Brexit. by uncertainty faced by training provid- every 1 of investment in apprentice- most testing winters in years.
it or no sense of how their company were not even aware of the scheme. More than half of levy-paying busi- ers tasked with delivering apprentices ships. However, researchers at the Insti-
would respond to it. Mike Cherry, chairman of the Federa- nesses said it represented merely an to business. tute for Fiscal Studies said in a report The NHS Partners Network of inde-
The Conservative government intro- tion of Small Businesses, said these additional cost, with 56 per cent not Ms Gratton said many companies published in January that this was a pendent providers including private
duced the levy in April as part of its tar- smaller businesses had even less com- expecting to recover any or only a part regarded the apprenticeship levy as an cavalier use of statistics resulting in a hospital groups has written to Jeremy
get of creating 3m apprenticeships in munication on the scheme from the of their payment. Thirty-six per cent additional employment tax that was wildly overstated case. Hunt, health secretary, to say the sector
is keen to play its part as the service
faces increasing financial pressure.
The letter, from David Hare, network
chief executive, which represents pri-
Party conference. Election battle vate and voluntary sector providers,
says it can offer an extra 80,000 surgical

Fractured Ukip meets to anoint fourth leader in a year procedures and 300,000 diagnostic
tests in the six months from October.
Even before the seasonal rises in
demand during winter, the NHS has
been struggling to cope, a challenge
exacerbated by the most sustained
Farage threatens to found period of financial stringency in its
breakaway group if anti-Islam near-70 year history.
But Chris Hopson, chief executive of
candidate Waters is victorious NHS Providers, which represents NHS
hospitals, warned that using the private
sector to plug holes in capacity would
HENRY MANCE AND REBECCA WATSON
further undermine the finances of the
At a campaign debate during the UK already debt-stricken sector.
Independence party leadership contest, Non-urgent care is one of the few
one audience member had a question: areas on which hospitals can make
Can we just bring this to a close and decent margins, meaning they lose out if
have a good fist fight? they undertake less of it to focus on far
It wasnt entirely a joke. Ukip, the less lucrative emergency care.
party that played a key role in securing A report this year by the Health Foun-
the Brexit referendum, faces a bitter dation, shared with the Financial Times,
split and potential disintegration after had shown a growing share of higher
its new leader is announced today at its paying planned care was being deliv-
party conference in Torquay.
Nigel Farage, former leader, has dis-
cussed with fellow MEPs the prospect of Surgery at
Birminghams
forming a breakaway group in the Euro- Queen Elizabeth
pean Parliament if the anti-Islam candi- Hospital: voters
date Anne Marie Waters wins, said rate the NHS as
people close to the conversations. their main issue
The unpredictable leadership race
marks one of the lowest points of Ukips ered by non-NHS providers, while NHS
24-year history. None of the seven can- trusts had to focus on emergency care.
didates is well-known, only three hold Mr Hopson said: The government
elected office, and one has proposed needs to make up its mind. It can either
spending 1bn on asteroid and moon prioritise access to treatment or NHS
mining. finances, but not both.
Even if Ms Waters does not win, the He added: Its clearly a lot easier for
victor could lack the authority to deal private sector providers who can pick
with the fallout. One MEP said he was and choose what work they do and dont
devastated frankly at Ukips current have the problem of coping with winter
predicament. She has gained momen- Speaking out: Mr Nuttall with only 9,600 votes. This emergency care demand.
tum by offering a clear vision of how the Shortlist Anne Marie Waters The former and Liberal Democrat has the implicit Anne Marie time six candidates other than Aidan Opinion polls show that voters rate
party should move on from Brexit by Seven Labour activist was blocked from backing of Nigel Farage. He has Waters Powlesland, the supporter of asteroid the state of the NHS as the most import-
focusing on the evil of Islam. standing for Ukip in the 2017 election. warned that Ukip risks becoming the addresses mining, are seen as potential winners. ant issue in the country, underlining the
Ms Waters was previously blocked as candidates The director of Sharia Watch UK says UK Nazi party. Like other candidates, activists at an The new leader could conceivably fall perils for ministers if the service has a
a Ukip parliamentary candidate and is keen to take countless publishers have refused to he has promised more power for anti-Islam short of the 20 per cent threshold re- serious breakdown. The waiting list for
supported by Tommy Robinson, former top spot print her book on Muslim influence. members. protest in quired to retain their 5,000 deposit. non-emergency, or elective care, hit
head of the far-right English Defence Peter Whittle A member of the David Kurten A member of the London last year Rob Ford, a lecturer at Manchester 4m in June, the highest in a decade and
League, who is banned from Ukip. She London assembly and Ukip deputy London assembly, who has claimed Vickie Flores/ university, said Ms Waters had echoed the governments target of ensuring 92
Rex/Shutterstock
could win the leadership with only a few leader, he has accused Britain of self- political correctness is killing European far-right parties by labelling per cent of NHS patients wait no longer
thousand votes, as the partys member- loathing. He supports a ban on comedy. A former teacher, he has Islam a threat to western values. than 18 weeks from referral to treat-
ship has fallen below 30,000 and the burkas in public places. criticised sex education for including That arguments attractive if youre a ment for elective procedures has not
candidates failed to agree on a transfer- John Rees-Evans A self-described damaging and confusing fringe bigot, but its hard to dismiss as just big- been met since February last year.
able vote system. old-fashioned Anglican and ideologies which sexualise children at otry, he said. Ms Waters biography a Mr Hares letter, seen by the FT, says
The majority of Ukip members dont supporter of direct democracy, who an early age. former Labour activist and secretary in his members are keen to ensure that
want Anne Marie Waters as leader has proposed paying 10,000 to each Aidan Powlesland He has proposed the health service made her hard to the independent sector is fully integra-
thats clear enough. But who do they British person who agrees to emigrate. spending 1bn on mining the asteroid depict as your stereotypical skinhead, ted with resilience planning, in concert
vote for to stop her? said the MEP. Ini- Jane Collins An MEP who was ordered belt and the moons of Saturn and he added. with the health department, NHS Eng-
tial favourite, deputy leader Peter Whit- to pay 162,000 in libel damages to Jupiter. In 2009 he was fired by his Ukips conference will also feature a land and other national bodies.
tle, has faded because of his close associ- three Labour MPs after accusing them mother as chief executive of the speech by a member of Germanys far- The health department said the NHS
ation with former leader Paul Nuttall. of collusion in child exploitation. She lossmaking family cleaning company. right AfD, and a new Ukip logo to re- had robust plans in place for winter,
The leadership election is Ukips third opposes a burka ban. He joined Ukip in 2014 after becoming place the purple-and-yellow pound. supported by an extra 100m for A&E
in the past year. The last one, featuring Henry Bolton The former army officer frustrated by property planning rules. Bundestag beckons page 10 departments and new funding for the
better-known candidates, was won by Notebook page 14 social care system.

Northern Ireland
MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription Mays motives questioned after Bombardier intervention
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK 2.70 Channel Islands 3.00; Republic of Ireland 3.00
ROBERT WRIGHT Michael Fallon, defence secretary, on when the US International Trade Com- on whether the European Commission
POLITICAL CORRESPONDENT
Trump vs the Valley
Tech titans need to minimise
political risk GILLIAN TETT, PAGE 13
A Five Star plan?
Italys populists are trying to woo
the poor BIG READ, PAGE 11
Dear Don...
Mays first stab at the break-up
letter ROBERT SHRIMSLEY, PAGE 12
Wednesday warned Boeing was threat- mission, which imposed the tariffs, con- can successfully represent the UKs case
HMRC warns Lloyds of Brussels Insurance market
to tap new talent pool with EU base
UK 3.80; Channel Islands 3.80; Republic of Ireland 3.80
Briefing

THE END
SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017

Frantic efforts by Theresa May, prime ening its chances of winning govern- firms that decision when it makes its in international trade bodies.
customs risks
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border

ment contracts if it continued the trade final determination in February. As a matter of principle, the commis-
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE
minister, to lobby for Canadas Bom-
Atlantic. PAGE 15; CHINA CURBS HIT DEALS, PAGE 17
TECHNOLOGY IS
being swamped i Report outlines longer NHS waiting times
A report on how the health service can survive CHANGING AN
ROAD
more austerity has said patients will wait longer for
non-urgent operations and for A&E treatment while AMERICAN WAY OF LIFE Censors and sensitivity
by Brexit surge
some surgical procedures will be scrapped. PAGE 4

case that led the US to impose 219 per Boeing lodged its complaint over how sion helps and assists affected EU indus-
i Emerging nations in record debt sales Warning: this article may be

bardier in its dispute with Boeing of the

FT WEEKEND MAGAZINE
FEBRUARY 4 2017

Developing countries have sold record levels of

government debt in the first quarter of this year,
upsetting LIFE & ARTS
taking advantage of a surge in optimism toward
emerging markets as trade booms. PAGE 15

3 Confidence in IT plans has collapsed

Credit Suisse Art of persuasion Mystery deepens
i London tower plans break records
A survey has revealed that a
How To Spend It
cent tariffs on imports of Bombardiers the Canadian federal government, Que- tries when non-EU countries take trade
3 Fivefold rise in declarations expected record 455 tall buildings are
planned or under construction over disputed painting of Jane Austen

US have raised questions over her polit-

JAMES BLITZ WHITEHALL EDITOR adjust its negotiation position with the in London. Work began on

A computer system acquired to collect
duties and clear imports into the UK
may not be able to handle the huge
surge in workload expected once Britain
engulfed in
EU, a Whitehall official said. If running almost one tower a week
our own customs system is proving during 2016. PAGE 4
much harder than we anticipated, that
ought to have an impact on how we i Tillerson fails to ease Turkey tensions
press for certain options in Brussels. The US secretary of state has failed to reconcile

fresh tax probe

C Series jet. bec provincial government and UK gov- defence measures against EU export-
leaves the EU, customs authorities have In a letter to Andrew Tyrie, chairman tensions after talks in Ankara with President Recep
admitted to MPs.
HM Revenue & Customs told a parlia-
of the Commons treasury select com-
mittee, HMRC said the timetable for
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen. PAGE 9
Chic new lodgings

ical motives and relationship with Nor-

mentary inquiry that the new system
needed urgent action to be ready by
March 2019, when Brexit is due to be
completed, and the chair of the probe
said confidence it would be operational
in time has collapsed.
delivering CDS was challenging but
achievable. But, it added, CDS was a i Toshiba investors doubt revival plan
in Scotland
complex programme that needed to be In a stormy three-hour meeting, investors accused MAGAZINE
linked to dozens of other computer sys- managers ofhaving an entrenched secrecy culture
tems to work properly. In November, 3 UK, France and Netherlands swoop
and cast doubt on a revival plan after Westinghouse
HMRC assigned a green traffic light to filed for Chapter 11 bankruptcy protection. PAGE 16
3 Blow for bid to clean up Swiss image

Setting up a digital customs system
has been at the heart of Whitehalls
Brexit planning because of the fivefold
It remains unclear precisely how the ernments supported the project with ers, the commission said.
CDS, indicating it would be delivered on
time. But last month, it wrote to the i HSBC woos transgender customers
committee saying the programme had TheRALPH
bank has unveiled a range of gender-neutral it followed a strategy offull client tax

thern Irelands Democratic Unionists.

ATKINS ZURICH
increase in declarations expected at been relegated to amber/red, which DUNCAN
titles such asROBINSON BRUSSELS
Mx, in addition to Mr, Mrs, Misscompliance
or but was still trying to
British ports when the UK leaves the EU. means there are major risks or issues Ms, in a move to embrace diversity and cater togather the information about the probes.

FINANCIAL TIMES
About 53 per cent of British imports
come from the EU, and do not require
checks because they arrive through the
single market and customs union. But
apparent in a number ofkey areas. Credit
needs Suisse hascustomers.
of transgender been targeted by
PAGE 20 HM Revenue & Customs said it had
HMRC said last night: [CDS] is on sweeping tax investigations in the UK, launched a criminal investigation into
track to be delivered by January 2019, France and the Netherlands, setting suspected tax evasion and money laun-
and it will be able to support frictionless back Switzerlands attempts to clean up dering by a global financial institution
Datawatch

Theresa May announced in January that
Brexit would include departure from
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
customs union, the number is expected
to hit 300m.
The revelations about the system,
issue will affect either the UKs ability to soft loans and a cash injection. Even so, the issue has highlighted the
international trade once the UK leaves its image as a tax haven. and certain ofits employees. The UK
the EU . . . Internal ratings are designed
to make sure that each project gets the
focus and resource it requires for suc-
cessful delivery.
HMRCs letters to the select commit-
tee, which will be published today, pro- AFP
Terror attacks inwith
co-operating

were contacted
Highlighted
western

attack byOthers

parts in Germany wereBrussels

Europe after
authorities
offices in London, Paris and Amsterdam
Recent

Reproduction of the contents of this newspaper in

The Swiss bank said yesterday it was tax authority added: The international
reach
itsattacks
notably the message
2011
of this investigation sends a clear
that there is no hiding place for
massacre bythose seeking to evade tax.
local officials
concerning client tax matters. Anders BreivikDutch
Norway, the
in prosecutors, who initiated the
Dutch authorities said their counter- action, said they seized jewellery, paint-
attacks in Paris
also involved, ings and gold ingots as part of their
The lure of the exotic
Robin Lane Fox on the flair
of foreign flora HOUSE & HOME

Number One Southwark Bridge, London SE1 9HL

called Customs Declaration Service, are vide no explanation for the rating Lloyds of London chose Brus- insurers to follow. Most of the EU, with Dublin and Luxem-

any manner is not permitted without the publishers

likely to throw a sharper spotlight on
while Australias revenue department and Nice, and the while French officials said their
probe;
change, but some MPs believe it was sels over five or six other business written in Brussels bourg thought to be more likely Norway Brussels suicide
said it was investigating a Swiss
Nice bank. investigation had revealed several

whether Whitehall can implement a
host of regulatory regimes in areas
ranging from customs and immigration
to agriculture and fisheries by the
time Britain leaves the EU.
Problems with CDS and other projects
essential to Brexit could force London to
caused by Mrs Mays unexpected deci-
sion to leave the EU customs union.
Timetable & Great Repeal Bill page 2
Scheme to import EU laws page 3
Editorial Comment & Notebook page 12
Philip Stephens & Chris Giles page 13
JPMorgan eye options page 18
cities in its decision to set up an
EU base to help deal with the
expected loss of passporting
rights after Brexit.
John Nelson, chairman of the
centuries-old insurance mar-
ket, said he expected other
will be reinsured back to the
syndicates at its City of London
headquarters, pictured above.
The Belgian capital had not
been seen as the first choice for
Londons specialist insurance
groups after the UK leaves the
homes for the industry. But
Mr Nelson said the city won on
its transport links, talent pool
and extremely good regula-
tory reputation.
Sources: Janes Terrorism and Insurgency Centre terror incidents in
Lex page 14
Insurers set to follow page 18
Paris
The inquiries threaten to undermine
efforts by the countrys banking sector
to overhaul business models and ensure
customers meet international tax
requirements following a US-led clamp-
billions of dollars in fines.
Some observers believe Mrs May has strike a post-Brexit trade deal with the Lets just take it one step at a time, continuing problems stemming from
bombings have
thousand bank accounts opened in
bucked the trend
Switzerland and not declared to French
of generally low
tax authorities.
fatalities from
The Swiss attorney-generals office
western Europesaid it was astonished at the way this

prior consent.
down on evaders, which resulted in operation has been organised with the
deliberate exclusion of Switzerland. It
The probes risk sparking an interna- demanded a written explanation from
tional dispute after the Swiss attorney- Dutch authorities.

City watchdog sends a clear message as

Published by: The Financial Times
banker loses job over WhatsApp boast
taken Bombardiers problems particu- US or the critical relationship between one person involved said on how the the failure to restore Northern Irelands
generals office expressed astonish- In 2014, Credit Suisse pleaded guilty
ment that it had been left out of the in the US to an extensive and wide-
actions co-ordinated by Eurojust, the ranging conspiracy to help clients THE RISE
Escape OF
the taper ECO-GLAM
trap
Limited,
EUs judicial liaison body.
Credit Suisse, whose shares fell 1.2 per

subject ofinvestigations in the Nether-

lands, France and the UK. The bank said in Paris
evade tax. It agreed to fines of $2.6bn.
Additional reporting by Laura Noonan in
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
Houlder in London, and Michael Stothard
Austens descendants insist the Rice portrait depicts her as a girl see magazine Bridgeman Art Library
How high earners can evade
a pension headache FT MONEY

larly seriously, as her party depends for the Conservatives and DUP. final decision might affect the DUPs executive, the devolved administration
LAURA NOONAN DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to

Number One Southwark Bridge,

JENNIFER THOMPSON LONDON
Christopher Niehaus, a former Jeffer- ban people from installing apps on their

Shutdown risk as border

wall bid goes over the top
A boastful WhatsApp message has cost
a London investment banker his job
and a 37,000 fine in the first case of
regulators cracking down on commu-
nications over Facebooks popular
chat app.
ies banker, passed confidential client
information to a personal acquaint-
ance and a friend using WhatsApp,
according to the FCA. The regulator said
Mr Niehaus had turned over his device
to his employer voluntarily.
private phones.
Andrew Bodnar, a barrister at Matrix
Chambers, said the case set a precedent
in that it shows the FCA sees these mes-
saging apps as the same as everything
else.
Financial
Brussels takes toughTimes and FT are registered trade marks
stance on Brexit
with Spain handed veto over Gibraltar
390_Cover_PRESS.indd 1 19/01/2017 13:57

London SE1 9 HL, United Kingdom.

Congressional Republicans seeking to The FCA said Mr Niehaus had shared Information shared by Mr Niehaus

of The Financial Times Limited.

avert a US government shutdown after
April 28 have resisted Donald Trumps
attempt to tack funds to pay for a wall
on the US-Mexico border on to
stopgap spending plans. They fear
that his planned $33bn increase in
The fine by the Financial Conduct
Authority highlights the increasing
problem new media pose for companies
that need to monitor and archive their
staffs communication.
Several large investment banks have
confidential information on the messag-
ing system on a number of occasions
last year to impress people.
Several banks have banned the use of
new media from work-issued devices,
but the situation has become trickier as
its parliamentary majority on the 10 The crisis has also raised questions relationship with the Conservatives. that is meant to run the province.
included the identity and details of a
client and information about a rival of ALEX BARKER BRUSSELS ambitious trade and airline access deals. mise. If Britain wants to prolong its
Jefferies. In one instance the banker GEORGE PARKER LONDON Gibraltar yesterday hit back at the status within the single market after
boasted how he might be able to pay off STEFAN WAGSTYL BERLIN clause, saying the territory had shame- Brexit, the guidelines state it would
his mortgage if a deal was successful. The EU yesterday took a tough opening fully been singled out for unfavourable require existing regulatory, budgetary,
Mr Niehaus was suspended from Jef- stance in Brexit negotiations, rejecting treatment by the council at the behest of supervisory and enforcement instru-

Tel: 020 7873 3000; Fax: 020 7407 5700

defence and border spending could
force a federal shutdown for the first
time since 2013, as Democrats refuse
banned employees from sending client
information over messaging services
including WhatsApp, which uses an
banks move towards a bring your own
device policy. Goldman Sachs has
clamped down on its staffs phone bills
feries and resigned before the comple-
tion of a disciplinary process.
Jefferies declined to comment while
Living wage rise to pile
pressure on care services
Britains plea for early trade talks and
explicitly giving Spain a veto over any
arrangements that apply to Gibraltar.
Spain. Madrid defended the draft
clause, pointing out that it only reflected
the traditional Spanish position.
ments and structures to apply.
Mr Tusk wants talks on future trade
to begin only once sufficient progress

to accept the proposals. encryption system that cannot be
US budget Q&A and accessed without permission from the
Trump attack over health bill i PAGE 8 user. Deutsche Bank last year banned
WhatsApp from work-issued Black-
as iPhone-loving staff spurn their work-
issued BlackBerrys.
Bankers at two institutions said staff
are typically trained in how to use new
votes of the DUP in the House of Com- about the damage to Northern Ireland For now, however, there is no sign that The provinces affairs have been run
Facebook did not respond to a request Senior EU diplomats noted that has been made on Britains exit bill and
for comment. About 2.3m people will benefit from European Council president Donald Mr Tusks text left room for negotiators citizen rights, which Whitehall officials
Additional reporting by Chloe Cornish todays increase in the national living Tusks first draft of the guidelines, to work with in coming months. Prime believe means simultaneous talks are
Lombard page 20 wage to 7.50 per hour. But the rise which are an important milestone on minister Theresa Mays allies insisted possible if certain conditions are met.

Editor: Lionel Barber Subscribe In print and online

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will pile pressure on English councils,
which will have to pay care workers a
lot more. Some 43 per cent of care
staff amounting to 341,000 people
aged 25 and over earn less than the
The Financial Times and its journalism are subject to
the road to Brexit, sought to damp Brit-
ains expectations by setting out a
phased approach to the divorce proc-
ess that prioritises progress on with-
drawal terms.
that the EU negotiating stance was
largely constructive, with one saying it
was within the parameters of what we
were expecting, perhaps more on the
upside.
Boris Johnson, the foreign secretary,
reassured European colleagues at a
Nato summit in Brussels that Mrs May
had not intended to threaten the EU
when she linked security co-operation

mons. from the continued suspension of the the DUPs desperation to save Belfasts by civil servants since relations between
STOCK MARKETS CURRENCIES INTEREST RATES new living wage and the increase is The decision to add the clause giving British officials admitted that the EUs after Brexit with a trade deal.
Tel: 0800 298 4708 expected to cost councils care services Spain the right to veto any EU-UK trade insistence on a continuing role for the Reports & analysis page 3
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360m in the coming financial year. deals covering Gibraltar could make the European Court of Justice in any transi- Jonathan Powell, Tim Harford &
For the latest news go to S&P 500 2365.93 2361.13 0.20 $ per 1.074 1.075 per $ 0.932 0.930 US Gov 10 yr 98.87 2.38 0.00
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Subscriptions and Customer Service Bombardiers factory in east Belfast is power-sharing executive that is sup- Bombardier plant, which employs the DUP and Sinn Fin, the largest
Frankfurt, Brussels, Milan, Madrid, New York, FTSE All-Share 4011.01 4011.80 -0.02 SFr per 1.069 1.072 SFr per 1.244 1.238 price prev chg
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Hang Seng
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5089.64 5069.04 0.41 COMMODITIES
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19063.22 19217.48 -0.80 Oil WTI $
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297.99 297.73 0.09 Gold $
Mar 30
50.22
52.98
1248.80
prev
49.51
52.54
1251.10
Fed Funds Eff
%chg US 3m Bills
1.43 Euro Libor 3m
0.84 UK 3m
-0.18 Prices are latest for edition
0.66
0.78
-0.36
0.34
0.66
0.78
-0.36
0.34
0.00
0.00
0.00
0.00
Data provided by Morningstar
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1503.03 1500.72 0.15 per $
Mar 31
1.070
1.251
0.855
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0.800
1.169
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100.35
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139.338 139.035 index
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77.226 76.705 US Gov 30 yr
104.536 104.636 Ger Gov 2 yr
99.27
102.57
3.04
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Northern Irelands biggest industrial posed to run the devolved government. 4,200, is putting significant strain on nationalist party, broke down in Janu-
Frankfurt, Brussels, Milan, Madrid, New York, FTSE All-Share 3990.00 4011.01 -0.52 SFr per 1.071 1.069 SFr per 1.252 1.244 price prev chg
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Are available of any FT article with your company employer and in the heartland of DUP However, the crunch point may come the Conservative-DUP relationship. ary. The 1998 Good Friday agreement
Advertising logo or contact details inserted if required (minimum support. Reg Empey, a peer for the Ulster provides for the provinces main com-
Tel: 020 7873 4000; ukads@ft.com order 100 copies).
Letters to the editor John Woodcock, Labour MP for Bar- Unionist Party, the DUPs smaller munity to provide a first minister and
Fax: 020 7873 5938; letters.editor@ft.com One-off copyright licences for reproduction of FT row and Furness, said that he doubted unionist rivals, said he saw no signs that the next largest a deputy first minister.
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For both services phone 020 7873 4816, or
aggressively as it has had the Conserva- ferent directions over the issue. the Northern Irish politicians that the
Printed by alternatively, email syndication@ft.com tives not been dependent on the DUP. Im quite sure that everybodys on trade commissions ruling was vindic-
St Clements Press (1988) Ltd, London, Newsprinters Its hard to believe that the prime the same side, he said. Its a significant tive and wrong-headed. A concerted
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possible future trade deal with the US. in the heartland of DUP support continuing Brexit process, hinge partly Lex page 16
Friday 29 September 2017 FINANCIAL TIMES 3

NATIONAL

Carney warns May of risks linked to Brexit

BoE governor reminds prime minister of banks limitations during conference to mark 20 years of independence
CHRIS GILES ECONOMICS EDITOR
Bank of England governor Mark Carney
lectured Theresa May yesterday, telling
the prime minister that her plans for
Brexit would lead to weaker real income
growth and there was nothing the cen-
tral bank could do to mitigate the pain.
With Mrs May in front of him at a con-
ference marking 20 years of BoE inde-
pendence, Mr Carney said the central
bank could only smooth the economic
cycle rather than boost prosperity.
It cannot deliver lasting prosperity
and it cannot solve broader societal
challenges, Mr Carney said.
Monetary policy cannot prevent the
weaker real income growth likely to
accompany the transition to new trad-
ing arrangements with the EU.
Mrs May did not comment directly on
the governors warnings. In her public
remarks at the conference immediately
after Mr Carneys speech, Mrs May prai-
sed free markets, and insisted that with
her plans for a deep and special rela-
tionship with the EU after Brexit, there
were good reasons to be ambitious and
optimistic about what lies ahead.
The prime minister was an economist
at the BoE in the late 1970s and early
1980s, shortly after she graduated from
university and well before the bank
was granted operational independence
to set interest rates in 1997. Mrs May
voted against independence as a newly
elected MP in 1997.
But the prime minister and Mr Car-
We will continue to express
our independent
assessment of the risks
associated with Brexit
ney both agreed yesterday that granting
independence to the central bank had
been a success. The governor wanted to
highlight the limits of the BoEs abilities
in his remarks.
While carefully circumscribed inde-
pendence is highly effective in deliver-
ing price and financial stability, it can-
not deliver lasting prosperity and it can-
not solve broader societal challenge, he
pointed out.
He added that while the BoE was in a
position to prevent banks going bust in
another financial crisis, it could not
improve Britains longer-term economic
prospects or mitigate the damage from
Brexit, which he thinks will hit eco-
nomic growth rates, as some business
links to Europe become obsolete.
Saying too many people confused
independence with omnipotence, Mr transition period after Brexit was likely
Carney added that the biggest determi-
nants of the UKs medium-term pros-
perity will be the countrys new relation-
ship with the EU and the reforms it
catalyses.
Most of the necessary adjustments
are real in nature and therefore not in
the gift of central bankers, he said.
The bank will do everything it can to
support adjustment consistent with its
statutory obligations. We will continue
to assess and express our independent
assessment of the risks associated with
Brexit.
Answering questions after her
speech, Mrs May refused to say that any
Barnier hails new dynamic page 4
to be longer than two years, but again
raised the prospect that it would be
shorter for some sectors of the econ-
omy. She also used the opportunity to
criticise US aircraft maker Boeing, and
made veiled threats of trade retaliation
if the US places high tariffs on its im-
ports of passenger jets from Bombar-
dier. The Montreal-based company
employs about 4,500 in Northern Ire-
land.
Mrs May said Boeings behaviour was
not the sort of behaviour we expect
from a long-term partner, adding her
government would support free trade
and oppose protectionism.
Short View page 17

Policy tensions. Transition Financial services

Fraud losses
Johnsons trade call on cards fall
highlights looming after banks
customs union clash improve
security
had received donations from a number
Remainers led by chancellor of individuals including its chairman, EMMA DUNKLEY

advise caution about prospects
for new deals hailed by Brexiters
GEORGE PARKER AND ROBERT WRIGHT
Boris Johnsons call for Britain to be
speedily unleashed from the coils and
toils of the EUs common trade policy
has set the scene for a looming cabinet
clash: how and when should the UK
break its ties with the customs union.
The foreign secretary opened up his
offices on Wednesday night for the
launch of the Institute for Free Trade
think-tank as pro-Brexit ministers and
senior Tories drew up their battle lines
for the fight ahead.
Mr Johnson, Liam Fox, trade secre-
tary, and Michael Gove, environment
secretary, gave their blessing to the
project, which will campaign for Britain
to become a freewheeling champion of
free trade, looking outwards to new
markets worldwide.
In the other corner are pro-Remain
cabinet ministers, led by Chancellor
Philip Hammond, who are sceptical
about the prospects for big new trade
deals and fear that a full exit from the
EU customs union would immediately
hit the British economy.
The IFT says it sees Britains with-
drawal from the EU as a unique oppor-
tunity to revitalise the world trading
system; when Britain leaves the cus-
toms union it will be able to sign its own
trade deals and set its own tariffs.
Tory MEP Dan Hannan, the new
think-tanks president, said the body
Jon Moynihan of Ipex Capital, and vice-
chairman Alan Halsall, chairman of Sil-
ver Cross prams.
Mr Johnson said at the launch: When
you consider what we have done in the
past, you can imagine what our brilliant
companies are going to be able to do
when they are finally unbound, un-
shackled, unleashed from the coils and
toils of the common commercial policy.
In another sign of his frustration over
Prime Minister Theresa Mays proposed
two-year transition deal during which
Britain would remain in the single mar-
ket and customs union in all but name
he added: Lets hope the date is soon
upon us without too long a transition
period, nest-ce pas?
But Mr Hammond fears that if Britain
makes a swift break from the EU cus-
toms union in 2021 at the end of a two-
year Brexit transition period there
could be an immediate hit to the econ-
omy through a fall in trade with the
countrys biggest export market.
Senior Treasury figures argue that
whatever deals Britain might strike with
emerging markets, only a highly ambi-
tious trade deal with the US could com-
pensate for the fall in trade with the EU
and that any benefits would accrue only
over many years.
This weeks trade dispute in which the
US has proposed imposing 220 per cent
tariffs on Canadian aircraft maker Bom-
bardier, which has operations in Belfast,
has reinforced Whitehall concerns
about President Donald Trumps Am-
erica first policy.
A cabinet paper discussed by Mrs
Mays team last year warned that if Brit-
ain pulled out of the customs union it
could lead to a fall of 4.5 per cent in
annual income by 2030, based on a Nor-
way-style relationship with the EU.
The paper, first reported by the Guar-
dian, assumed that Britain would stay
inside the single market but outside the
customs union and drew on research by
the Treasury and several think-tanks.
It also concluded that Britain would
need to increase trade with its 10 largest
partners outside the EU by 37 per cent
by 2030 to offset a loss of exports to the
Commerce fear: EU. Asked whether this was likely, one
a cabinet paper Treasury insider said: No.
discussed by A government spokesman said: After
Theresa Mays leaving the EU the UK will be free to pur-
team last year sue new trade agreements with different
warned that if countries. Any negotiations will be con-
Britain pulled sistent with the terms of the implemen-
out of the tation period agreed with the EU.
customs union it Mrs May hopes to negotiate with the
could lead to a EU a transition deal during which Mr
fall of 4.5 per Fox could negotiate bilateral trade deals
cent in annual with the provision that Britain could not
income by 2030 implement them until it was fully out-
Simon Dawson/Bloomberg side the customs union.
The Bombardier row highlight the
likely complexity of securing such a
trade deal with the US. Mr Hammond
believes Britain should take a hard-
headed view before severing ties with
the customs union. The Daily Teleg-
raphs headline May threatens US
You can with trade war was an indication that
even in the pro-Brexit media there is a
imagine realisation a UK-US trade deal might be
what our more complicated than at first thought.
One Treasury source said in June:
brilliant There is potentially a timing issue: giv-
companies ing up existing trade for potential future
trade is pain now for possible but
are going to uncertain future gain. So we need to
be able to do proceed very carefully.
There are also fears at the Treasury
when they that even if Britain secured a US trade
are finally deal it would create economic pain in
the UK because of much higher Ameri-
unbound can productivity rates.
Leo Varadkar, Ireland prime minister,
Boris Johnson, said he told Mrs May this week that Brit-
left
ain should remain in some form of cus-
toms union and some form of a single
market to avoid Irish border controls.
Chris Giles page 15
The amount of money stolen from
credit and debit cards has fallen sharp-
ly, with banks claiming they are man-
aging to stop 67 per cent of attempted
fraud.
Latest figures reveal that fraud losses on
cards in the first half of the year am-
ounted to 287m, down 11 per cent
compared with a year ago, according to
the trade body, UK Finance.
The drop in fraud comes despite an
increase in card spending, which jump-
ed 8.4 per cent year on year in the six
month period.
Banks have tightened security sys-
tems while the government has tried to
raise consumer awareness over the need
to protect pin numbers and passwords.
But as credit card fraud has fallen, the
rise in mobile banking apps and internet
banking has attracted criminals.
Last year, Tesco Bank was attacked by
fraudsters, hitting thousands of custom-
ers current accounts. Tesco was forced
to repay customers 2.9m. Meanwhile
Equifax, a US credit data company, last
week revealed a data breach scandal
that potentially exposed personal infor-
mation for millions of consumers. Equi-
fax said it discovered the cyber raid at
the end of July.
We know that fraud remains a wide-
spread problem and there is more to be
done, said Ben Wallace, security minis-
ter, who said the fall in card fraud was
very good news.
Criminals are using sophisticated
impersonation tactics to trick custom-
ers into giving away personal or security
data. Often fraudsters will claim there
has been suspicious activity on an
account, or that account details need to
be updated or verified. The stolen
data are then used to access accounts
and make card payments, or lure custo-
mers into transferring money directly.
Katy Worobec, head of fraud and fin-
ancial crime prevention at UK Finance,
said: Tackling fraud is a top priority for
the entire industry.
But financial fraud is not just an issue
for the banking sector; its harmful
effects stretch far and wide.

Price cap Department for Exiting the EU

PM faces growing pressure to cut energy bills
NATHALIE THOMAS AND JIM PICKARD
Nearly 200 MPs, including 76 Conserv-
atives, called for Theresa May to
deliver on her promise to cut energy
bills for 17m households in an awkward
intervention on the eve of the Tory
party conference.
The prime minister made a bold prom-
ise before the election in June to save
families on the most common rate,
known as a standard variable tariff, as
much as 100 by capping prices on their
electricity and gas bills.
But the pledge has since been watered
down, with Ofgem, the energy regulator,
saying in July that it plans to help only
2.2m vulnerable customers via a safe-
guard tariff.
All of the biggest energy companies,
plus several smaller operators, have
raised prices this year.
The plans, which have not been set
out in detail, would help households
who are on the standard variable tariff
which can be raised at will by energy
companies.
Around 192 MPs have signed a cross-
party letter to Mrs May to end the
stitch-up by the biggest energy
companies and help the millions of
households who Ofgem seem set to
ignore.
For so many Tory MPs to openly criti-
cise the prime minister is potentially
embarrassing, coming just two days
ahead of the start of the Conservative
conference in Manchester.
A war of words has broken out
between Ofgem and the government
over who should implement a more
Smart: a meter showing energy used
by appliances such as a kettle
extensive price cap to protect the
majority of households.
Dermot Nolan, chief executive of
Ofgem, said in an interview last month
that legislating for an wider cap would
be the most effective way of delivering
on Mrs May's promise. This is because
there would be a substantive appeal
route for energy companies, were the
policy to be introduced without legisla-
tion, he said.
But Greg Clark, business secretary,
told parliament earlier this month that
Ofgem has the powers to introduce a cap
on standard variable tariffs so there is
no need to resort to primary legisla-
tion.
John Penrose, the Tory backbencher
who has led the parliamentary cam-
paign for an energy price cap, said if
Ofgem was refusing to take action, the
government should replace it and
implement the energy price cap itself.
British Gas, the biggest supplier of
energy to homes, has argued a cap on
standard variable tariffs would remove
choice for consumers, as power compa-
nies would merely set their tariffs near
the price limit.
Senior civil servants poached from Davis team
JAMES BLITZ WHITEHALL EDITOR
Up to 20 top civil servants in the
Department for Exiting the EU are set
to follow Brexits most senior official to
the Cabinet Office, raising fresh ques-
tions about the influence of Brexit sec-
retary David Davis.
The government announced last week
that Oliver Robbins, the top official at
Dexeu, was moving to a new unit
directly under the supervision of
Theresa May, in a move aimed at tight-
ening the prime ministers grip on the
Brexit talks. Dexeu has confirmed that
Mr Robbins will lead a new unit that will
include four senior civil servants.
The department will not reveal who is
moving with Mr Robbins, but they are
thought to number as many as 20. Two
people briefed on the moves said they
would include Catherine Webb, cur-
rently director of market access and
budget at Dexeu, a role that includes the
critical portfolio focused on Britains
future access to Europes single market.
The shift of officials from Dexeu to the
Cabinet Office, which was first reported
by Politico, will raise fresh concerns
about the emergence of rival power
structures in Whitehall. There have also
been reports that Mr Robbins and Mr
Davis have previously clashed over the
Brexit negotiating process.
It is clear that Olly will want to build
his own power base, said one former
Whitehall mandarin. But all these
moves will also raise questions about
what the purpose and role of Dexeu
truly is.
It is a strange message
to be sending to
Europe about the
role of David Davis
Jill Rutter, a programme director at
the Institute for Government think-
tank, said: These moves do seem to add
another layer of complexity to the way
Brexit is managed across Whitehall. It is
also a strange message to be sending to
Europe about the role of David Davis.
When Mrs May became prime minis-
ter in July 2016, she approved the crea-
tion of Dexeu, a 500-person department
tasked with co-ordinating Whitehalls
approach to Brexit.
However, former mandarins have
repeatedly warned that the creation of
Dexeu has risked creating confusion in
Whitehall and that Mrs May would have
been wiser to control Brexit policy from
her own fiefdom in the Cabinet Office.
In its 14 months of operation, Dexeu
has recruited heavily from other depart-
ments. But high-profile departures have
raised questions about disarray at the
ministry.
George Bridges, a minister in the
department, unexpectedly resigned in
June. James Chapman, a former journal-
ist, also quit that month as chief of staff.
Last week, Antony Phillipson, who was
Dexeus director of trade and partner-
ships, announced he was leaving to be
UK consul general in New York.
According to Freedom of Information
data received by Bloomberg this week,
124 people have left while 482 remain.
Dexeu said yesterday that a small
team is being established at the Cabinet
Office, including from existing staff in
Dexeu, to support the work of Mr Rob-
bins after his most recent appointment.
4 FINANCIAL TIMES
Brexit
Barnier hails new dynamic in talks
Both sides report progress
but EU negotiator warns
on transition obstacles
MICHAEL PEEL BRUSSELS
GEORGE PARKER AND KATIE MARTIN
LONDON
The EUs chief negotiator on Brexit said
Theresa May had injected a new
dynamic into negotiations, but warned
that obstacles remained before Brussels
could agree to start crucial discussions
on transition.
Both Michel Barnier and David Davis,
his UK counterpart, yesterday hailed
progress in the latest round of negotia-
tions in the wake of the British prime
ministers conciliatory speech in Flor-
ence last week.
There is a growing hope in London
that Mr Barnier might use an October
EU summit as a stepping stone to trig-
gering talks on Mrs Mays new goal of a
Policymakers believe salary
rises are needed to help
inflation hit the banks target
CLAIRE JONES FRANKFURT
Germanys biggest union wants a block-
buster pay rise for some of its 2m mem-
bers and Mario Draghi might be qui-
etly cheering them on.
Not long ago the European Central
Bank president would have been aghast
at IG Metalls demand for a 6 per cent
annual increase for its electrical and
metal industry workers more than
three times the ECBs inflation target of
just under 2 per cent
But with global price pressures weak-
ened by factors ranging from globalisa-
tion to technology and cheap oil, pay
rises in places such as Germany are part
of what the eurozones monetary policy-
makers say they need to push inflation
up to more usual levels and restore the
eurozone economy to health.
Wages are, according to Mr Draghi,
the primary driver of inflation and
underlying inflation is too low. What
will happen during pay rounds such as
IG Metalls is therefore one of the most
important questions weighing on ECB
policymakers minds as the bank pre-
pares to take a decision next month on
whether to cut down its exceptional
monetary stimulus measures.
Frederik Ducrozet, an economist at
Pictet Wealth Management, said: In
Germany, the biggest focus will be on
the IG Metall deals; these are still the
benchmark. If this goes to 3 or 4 per
cent, its good news for the ECB.
Germanys largest union would be
lucky to secure a 6 per cent rise. But it is
confident of achieving a deal well in
excess of current inflation of 1.5 per
cent in the year to August. Many of IG
Metalls workers are competing in
labour markets where demand out-
strips supply; the jobless rate in Ger-
many as a whole is at a post-reunifica-
tion low.
However, that may not
guarantee the kind of
general wage pressure
that would be good
Trump vs the Valley
FRIDAY 31 MARCH 2017
Tech titans need to minimise
political risk GILLIAN TETT, PAGE 13
HMRC warns
customs risks
being swamped
by Brexit surge
3 Confidence in IT plans has collapsed
3 Fivefold rise in declarations expected
JAMES BLITZ WHITEHALL EDITOR
A computer system acquired to collect
duties and clear imports into the UK
may not be able to handle the huge
surge in workload expected once Britain
leaves the EU, customs authorities have
admitted to MPs.
HM Revenue & Customs told a parlia-
mentary inquiry that the new system
needed urgent action to be ready by
March 2019, when Brexit is due to be
completed, and the chair of the probe
said confidence it would be operational
in time has collapsed.
Setting up a digital customs system
has been at the heart of Whitehalls
Brexit planning because of the fivefold
increase in declarations expected at
British ports when the UK leaves the EU.
About 53 per cent of British imports
come from the EU, and do not require
checks because they arrive through the
single market and customs union. But
Theresa May announced in January that
Brexit would include departure from
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
customs union, the number is expected
to hit 300m.
The revelations about the system,
called Customs Declaration Service, are
likely to throw a sharper spotlight on
whether Whitehall can implement a
host of regulatory regimes in areas
ranging from customs and immigration
to agriculture and fisheries by the
time Britain leaves the EU.
Problems with CDS and other projects
essential to Brexit could force London to
Shutdown risk as border
wall bid goes over the top
Congressional Republicans seeking to
avert a US government shutdown after
April 28 have resisted Donald Trumps
attempt to tack funds to pay for a wall
on the US-Mexico border on to
stopgap spending plans. They fear
that his planned $33bn increase in
defence and border spending could
force a federal shutdown for the first
time since 2013, as Democrats refuse
to accept the proposals.
US budget Q&A and
Trump attack over health bill i PAGE 8
MAKE A SMART INVESTMENT
Subscribe In print and online
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THE FINANCIAL TIMES LTD 2017
No: 39,435
Printed in London, Liverpool, Glasgow, Dublin,
Frankfurt, Brussels, Milan, Madrid, New York,
Chicago, San Francisco, Washington DC, Orlando,
Tokyo, Hong Kong, Singapore, Seoul, Dubai
Subscribe to the Financial Times today
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Unions look to Draghi as unlikely ally
A Five Star plan?
the poor BIG READ, PAGE 11
Italys populists are trying to woo
adjust its negotiation position with the
EU, a Whitehall official said. If running
our own customs system is proving
much harder than we anticipated, that
ought to have an impact on how we
press for certain options in Brussels.
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
mittee, HMRC said the timetable for
delivering CDS was challenging but
achievable. But, it added, CDS was a
complex programme that needed to be
linked to dozens of other computer sys-
tems to work properly. In November,
HMRC assigned a green traffic light to
CDS, indicating it would be delivered on
time. But last month, it wrote to the
committee saying the programme had
been relegated to amber/red, which
means there are major risks or issues
apparent in a number ofkey areas.
HMRC said last night: [CDS] is on
track to be delivered by January 2019,
and it will be able to support frictionless
international trade once the UK leaves
the EU . . . Internal ratings are designed
to make sure that each project gets the
focus and resource it requires for suc-
cessful delivery.
HMRCs letters to the select commit-
tee, which will be published today, pro-
vide no explanation for the rating
change, but some MPs believe it was
caused by Mrs Mays unexpected deci-
sion to leave the EU customs union.
Timetable & Great Repeal Bill page 2
Scheme to import EU laws page 3
Editorial Comment & Notebook page 12
Philip Stephens & Chris Giles page 13
JPMorgan eye options page 18
City watchdog sends a clear message as
banker loses job over WhatsApp boast
LAURA NOONAN DUBLIN
JENNIFER THOMPSON LONDON
A boastful WhatsApp message has cost
a London investment banker his job
and a 37,000 fine in the first case of
regulators cracking down on commu-
nications over Facebooks popular
chat app.
The fine by the Financial Conduct
Authority highlights the increasing
problem new media pose for companies
that need to monitor and archive their
staffs communication.
Several large investment banks have
banned employees from sending client
information over messaging services
including WhatsApp, which uses an
encryption system that cannot be
accessed without permission from the
user. Deutsche Bank last year banned
WhatsApp from work-issued Black-
STOCK MARKETS
Mar 30 prev %chg
S&P 500 2365.93 2361.13 0.20 $ per
Nasdaq Composite 5902.74 5897.55 0.09 $ per
Dow Jones Ind 20703.38 20659.32 0.21 per
FTSEurofirst 300 1500.72 1493.75 0.47 per $
Euro Stoxx 50 3481.67 3475.27 0.18 per 139.035 137.822 index 76.705 76.951 US Gov 30 yr
FTSE 100 7369.52 7373.72 -0.06 index 89.046 89.372 $ index 104.636 103.930 Ger Gov 2 yr
FTSE All-Share 4011.01 4011.80 -0.02 SFr per 1.069 1.072 SFr per 1.244 1.238
CAC 40
Xetra Dax
5089.64 5069.04 0.41 COMMODITIES
12256.43 12203.00 0.44
Nikkei 19063.22 19217.48 -0.80 Oil WTI $
Hang Seng 24301.09 24392.05 -0.37 Oil Brent $
297.73 0.09 Gold $
FTSE All World $ 297.99
WORLD BUSINESS NEWSPAPER
Lloyds of Brussels Insurance market
to tap new talent pool with EU base
Lloyds of London chose Brus-
sels over five or six other
cities in its decision to set up an
EU base to help deal with the
expected loss of passporting
rights after Brexit.
John Nelson, chairman of the
centuries-old insurance mar-
ket, said he expected other
Berrys after discussions with regulators.
Christopher Niehaus, a former Jeffer-
ies banker, passed confidential client
information to a personal acquaint-
ance and a friend using WhatsApp,
according to the FCA. The regulator said
Mr Niehaus had turned over his device
to his employer voluntarily.
The FCA said Mr Niehaus had shared
confidential information on the messag-
ing system on a number of occasions
last year to impress people.
Several banks have banned the use of
new media from work-issued devices,
but the situation has become trickier as
banks move towards a bring your own
device policy. Goldman Sachs has
clamped down on its staffs phone bills
as iPhone-loving staff spurn their work-
issued BlackBerrys.
Bankers at two institutions said staff
are typically trained in how to use new
World Markets
CURRENCIES
Mar 30 prev Mar 30
1.074 1.075 per $ 0.932
1.249 1.241 per $ 0.801
0.859 0.866 per 1.164 1.155 Ger Gov 10 yr
111.295 111.035 per 119.476 119.363 Jpn Gov 10 yr
Mar 30
prev %chg US 3m Bills
50.22 49.51 1.43 Euro Libor 3m
52.98 52.54
1248.80 1251.10
Visit FT.com/subscribenow
insurers to follow. Most of the
business written in Brussels
will be reinsured back to the
syndicates at its City of London
headquarters, pictured above.
The Belgian capital had not
been seen as the first choice for
Londons specialist insurance
groups after the UK leaves the
media at work, but banks are unable to
ban people from installing apps on their
private phones.
Andrew Bodnar, a barrister at Matrix
Chambers, said the case set a precedent
in that it shows the FCA sees these mes-
saging apps as the same as everything
else.
Information shared by Mr Niehaus
included the identity and details of a
client and information about a rival of
Jefferies. In one instance the banker
boasted how he might be able to pay off
his mortgage if a deal was successful.
Mr Niehaus was suspended from Jef-
feries and resigned before the comple-
tion of a disciplinary process.
Jefferies declined to comment while
Facebook did not respond to a request
for comment.
Additional reporting by Chloe Cornish
Lombard page 20
INTEREST RATES
prev price
0.930 US Gov 10 yr 98.87 2.38
0.806 UK Gov 10 yr 100.46 1.21
98.68 0.39
100.45 0.06
100.14 2.99
102.58 -0.75
price prev
Fed Funds Eff
0.66
0.78
-0.36
0.84 UK 3m 0.34
-0.18 Prices are latest for edition
Data provided by Morningstar
UK 2.70 Channel Islands 3.00; Republic of Ireland 3.00
Dear Don...
Mays first stab at the break-up
letter ROBERT SHRIMSLEY, PAGE 12
UK 3.80; Channel Islands 3.80; Republic of Ireland 3.80
THE END
Briefing
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border
OF THE
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
Atlantic. PAGE 15; CHINA CURBS HIT DEALS, PAGE 17
ROAD
i Report outlines longer NHS waiting times
A report on how the health service can survive
more austerity has said patients will wait longer for
non-urgent operations and for A&E treatment while
some surgical procedures will be scrapped. PAGE 4
i Emerging nations in record debt sales
Developing countries have sold record levels of
government debt in the first quarter of this year,
taking advantage of a surge in optimism toward
Credit Suisse
emerging markets as trade booms. PAGE 15
i London tower plans break records
A survey has revealed that a
record 455 tall buildings are
engulfed in
planned or under construction
in London. Work began on
almost one tower a week
during 2016. PAGE 4
fresh tax probe
i Tillerson fails to ease Turkey tensions
The US secretary of state has failed to reconcile
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen. PAGE 9
i Toshiba investors doubt revival plan
3 UK, France and Netherlands swoop
In a stormy three-hour meeting, investors accused
managers ofhaving an entrenched secrecy culture
3 Blow for bid to clean up Swiss image
and cast doubt on a revival plan after Westinghouse
filed for Chapter 11 bankruptcy protection. PAGE 16
RALPH ATKINS ZURICH
DUNCAN ROBINSON BRUSSELS
i HSBC woos transgender customerscompliance but was still trying to
The bank has unveiled a range of gender-neutral
Credit
titles suchSuisse
as Mx,has been targeted
in addition
to Mr, Mrs,
Ms,sweeping
in a move tax
toinvestigations
embrace diversity in the
andUK,
France
needs and the Netherlands,
of transgender customers. setting
PAGE 20
back Switzerlands attempts to clean up dering by a global financial institution
its image as a tax haven.
The Swiss bank said yesterday it was tax authority added: The international
Datawatch
co-operating with authorities after its reach of this investigation sends a clear
offices in London, Paris and Amsterdam message that there is no hiding place for
wereattacks
Terror contacted by local
in western Europe officials
Recent attacks
concerning client tax matters. notably the 2011
Dutch authorities
Highlighted attack said their counter-
Others massacre by action, said they seized jewellery, paint-
parts in Germany were also involved,
Anders Breivik
AFP while Australias revenue department Norway, theprobe; while French officials said their
EU, with Dublin and Luxem- said it was investigating a Brussels
Swiss bank.
attacks in Paris
The inquiries threaten to undermine and Nice, and
bourg thought to be more likely Norway Brussels suicide
efforts by the Paris countrys banking sector
homes for the industry. But Nice bombings
to overhaul business models and ensure
Mr Nelson said the city won on
customers meet internationalbucked
its transport links, talent pool of generally low
requirements following a US-led clamp-
and extremely good regula- fatalities from
down on evaders, which resulted in operation has been organised with the
tory reputation. Sources: Janes Terrorism and Insurgency Centre terror incidents in
billions of dollars in fines.
western Europe
Lex page 14 The probes risk sparking an interna- demanded a written explanation from
Insurers set to follow page 18 tional dispute after the Swiss attorney- Dutch authorities.
generals office expressed astonish-
ment that it had been left out of the in the US to an extensive and wide-
actions co-ordinated by Eurojust, the ranging conspiracy to help clients
EUs judicial liaison body.
Credit Suisse, whose shares fell 1.2 per
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
subject ofinvestigations in the Nether-
lands, France and the UK. The bank said in Paris
Living wage rise to pile
pressure on care services
About 2.3m people will benefit from
todays increase in the national living
wage to 7.50 per hour. But the rise
will pile pressure on English councils,
which will have to pay care workers a
lot more. Some 43 per cent of care
staff amounting to 341,000 people
aged 25 and over earn less than the
new living wage and the increase is
expected to cost councils care services
360m in the coming financial year.
Analysis i PAGE 4
yield chg
0.00
-0.03
-0.01
Subscribe In print and online
0.00
0.01
0.00
www.ft.com/subscribenow
chg
Tel: 0800 298 4708
0.66
0.78
0.00
0.00
For the latest news go to
-0.36 0.00
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0.34 0.00 THE FINANCIAL TIMES LTD 2017
No: 39,436
Printed in London, Liverpool, Glasgow, Dublin,
Frankfurt, Brussels, Milan, Madrid, New York,
Chicago, San Francisco, Washington DC, Orlando,
Tokyo, Hong Kong, Singapore, Seoul, Dubai
two-year transition deal effectively
delaying the full effects of Brexit until
2021. In such a scenario, the transition
talks could begin before the start of
broader negotiations on the EUs future
relationship with the UK.
British business is clamouring for a
transition agreement before the end of
the year to provide guarantees that they
will not face a cliff-edge exit when Brexit
formally takes effect in March 2019.
The EU and UK sides are due to meet
again during the week of October 9
less than two weeks before EU member
states assemble to decide whether the
UK has made sufficient progress in the
negotiations to move beyond the cur-
rent focus on divorce-related issues.
But while Mr Davis, the UKs Brexit
secretary, spoke of a decisive advance
in this weeks fourth round of talks, Mr
Barnier struck a more cautious tone.
Theresa Mays speech made it possi-
ble to unblock the situation, to some
Fired up:
IG Metall union
members join
a strike in
Andernach,
Germany,
last year. Below,
Mario Draghi
Thomas Frey/AFP/Getty
it followed a strategy offull client tax
gather information about the probes.
by Miss or
HM Revenue & Customs said it had
cater to launched
the a criminal investigation into
suspected tax evasion and money laun-
and certain ofits employees. The UK
those seeking to evade tax.
Dutch prosecutors, who initiated the
ingsinand gold ingots as part of their
investigation had revealed several
the
thousand bank accounts opened in
Switzerland and not declared to French
taxhave
authorities.
tax the trend The Swiss attorney-generals office
said it was astonished at the way this
deliberate exclusion of Switzerland. It
In 2014, Credit Suisse pleaded guilty
evade tax. It agreed to fines of $2.6bn.
Additional reporting by Laura Noonan in
Houlder in London, and Michael Stothard
Brussels takes tough stance on Brexit
with Spain handed veto over Gibraltar
ALEX BARKER BRUSSELS
GEORGE PARKER LONDON
STEFAN WAGSTYL BERLIN
The EU yesterday took a tough opening
stance in Brexit negotiations, rejecting
Britains plea for early trade talks and
explicitly giving Spain a veto over any
arrangements that apply to Gibraltar.
European Council president Donald
Tusks first draft of the guidelines,
which are an important milestone on
the road to Brexit, sought to damp Brit-
ains expectations by setting out a
phased approach to the divorce proc-
ess that prioritises progress on with-
drawal terms.
The decision to add the clause giving
Spain the right to veto any EU-UK trade
deals covering Gibraltar could make the
300-year territorial dispute between
Madrid and London an obstacle to
STOCK MARKETS
Mar 31 prev %chg
S&P 500 2367.10 2368.06 -0.04 $ per
Nasdaq Composite 5918.69 5914.34 0.07 $ per
Dow Jones Ind 20689.64 20728.49 -0.19 per
FTSEurofirst 300 1503.03 1500.72 0.15 per $
Euro Stoxx 50 3495.59 3481.58 0.40 per 139.338 139.035 index 77.226 76.705 US Gov 30 yr
FTSE 100 7322.92 7369.52 -0.63 index 88.767 89.046 $ index 104.536 104.636 Ger Gov 2 yr
FTSE All-Share 3990.00 4011.01 -0.52 SFr per 1.071 1.069 SFr per 1.252 1.244
CAC 40 5122.51 5089.64 0.65 COMMODITIES
Xetra Dax 12312.87 12256.43 0.46
Nikkei 18909.26 19063.22 -0.81 Oil WTI $
Hang Seng 24111.59 24301.09 -0.78 Oil Brent $
FTSE All World $ 297.38 298.11 -0.24 Gold $
*Terms and conditions can be found at www.ft.com/subscribenow
HOW DRIVERLESS
TECHNOLOGY IS
CHANGING AN
AMERICAN WAY OF LIFE
FT WEEKEND MAGAZINE
Art of persuasion Mystery deepens
over disputed painting of Jane Austen
Austens descendants insist the Rice portrait depicts her as a girl see magazine
ambitious trade and airline access deals.
Gibraltar yesterday hit back at the
clause, saying the territory had shame-
fully been singled out for unfavourable
treatment by the council at the behest of
Spain. Madrid defended the draft
clause, pointing out that it only reflected
the traditional Spanish position.
Senior EU diplomats noted that
Mr Tusks text left room for negotiators
to work with in coming months. Prime
minister Theresa Mays allies insisted
that the EU negotiating stance was
largely constructive, with one saying it
was within the parameters of what we
were expecting, perhaps more on the
upside.
390_Cover_PRESS.indd 1
British officials admitted that the EUs
insistence on a continuing role for the
European Court of Justice in any transi-
tion deal could be problematic.
Brussels sees little room for compro-
World Markets
CURRENCIES
Mar 31 prev Mar 31
1.070 1.074 per $ 0.935
1.251 1.249 per $ 0.800
0.855 0.859 per 1.169 1.164 Ger Gov 10 yr
111.430 111.295 per 119.180 119.476 Jpn Gov 10 yr
Mar 31 prev %chg US 3m Bills
50.46 50.35
53.35 53.13
1244.85 1248.80
Friday 29 September 2017
INTERNATIONAL
GLOBAL INSIGHT
LONDON
Simon
Kuper
extent, and give a new dynamic to the Theresa Mr Davis said he left Brussels opti-
situation, he said at a briefing alongside mistic after making decisive steps for-
Mays
Mr Davis. But . . . it will take weeks, or
maybe even months before we will be
able to say . . . there has been sufficient
speech
ward. He spoke of real progress on
discussions on enabling EU nationals in
Britain and UK citizens elsewhere in the
Bara plays attacking
progress.
Mrs Mays speech promised that
made it
possible to
union to continue to live their lives
broadly as they do now.
role in Catalonias
despite the UKs exit, EU members
would neither have to pay more nor
receive less during the blocs current
unblock the
But he also acknowledged that a
major question remained between the
two sides over the UKs insistence that
independence poll
budget plan, which ends in 2020, and
situation, the European Court of Justice should
that the UK would honour the financial to some have no role in enforcing the rights of EU
W
commitments it made as a member. extent citizens living in a post-Brexit UK. e have no other option but to vote, Josep
The issue of the Brexit bill, together Both sides welcomed progress on a Pep Guardiola, FC Barcelonas former
with citizen rights and Northern Ire- Michel Barnier financial settlement. Mr Barnier under- captain and coach, now Manchester City
land, is one of three priority issues for scored the importance of further manager, told a Catalan rally of 40,000 in
the current divorce phase of the talks. progress on Northern Ireland and its June. FC Barcelona, arguably the worlds
British and EU negotiators privately frontier with the Republic of Ireland a most popular sports club and Catalonias largest institu-
recognise that frank talks, notably point Mr Davis admitted was complex tion, is backing Sundays unofficial referendum on Catalan
about money, are likely to take place in a and on which he said both sides were independence. The club says it is neutral on whether Cata-
more conducive atmosphere in October trying to find imaginative solutions. lans should choose independence. But like Mr Guardiola, it
once Mrs May has negotiated an awk- Additional reporting Helen Warrell in has been vocal that Catalans should have a right to vote,
ward Conservative party conference London whereas Madrid dismisses the referendum as illegal.
next week. Chris Giles page 15 If Catalonia becomes independent, then Bara, as the
club is known, will have played a part. Founded in 1899, it
has long been the chief symbol of Catalanism, the idea that
Catalonia has an identity distinct from Spain. The author,
Manuel Vzquez Montalbn, called Bara the unarmed
European Central Bank. Worker pay army of Catalonia. Starting in 1919, the club supported
Catalonias claims for a statute of autonomy. In the
1920s, locals waved the clubs blue-and-red flag in natio-
nalist protests against Spains dictator, General Primo de
Rivera. From the late 1960s, as the fascist General Francis-
co Francos rule waned, the banned Catalan flag and langu-
age began to resurface in the Nou Camp stadium. Baras
Catalanism has flourished in post-Franco Spain.
Most club directors have been drawn from Barcelonas
Catalan bourgeoisie. They usually speak Catalan in board
meetings, although the lingua franca of the changing room
is Spanish. This Catalanist tradition underlies the clubs
motto, Ms que un club, more than a club. In fact, Bara
has become such a powerful nationalist symbol that many
Catalans support it as an
emotional surrogate for
the state they do not
Many Catalans
have. That helps explain support Bara as an
the passion it mobilises.
The club plays in the
emotional surrogate
second city of a midsized for the state they
European country, and
had only been champions
do not have
of Europe once before hit-
ting a purple patch from 2006, yet for decades it has regu-
larly filled Europes largest stadium. (It seats 99,354.)
Forbes magazine and Hookit, a company that tracks spon-
sorship value in digital and social media, calculated last
year that Bara had 145m social media followers, the most
of any sports club, and more than all teams in the NFL
gridiron league of American football combined.
The clubs nationalist dimension has also helped turn
Baras games against Real Madrid into global footballs
most high-profile rivalry. Under Franco, many Bara fans
regarded Real Madrid as emissaries of madrilne central
authority. Some hotheads still do.
news for Mr Draghi, who has warned At the same time, the ECB has sup- There is some hope for those hoping Many Catalans express their nationalism in the Nou
lawmakers at the European Parliament ported structural reform of labour mar- to see more wage pressure. Figures from Camp on Sundays as they cannot express it via a nation-
that the pick-up in wages has been kets such as Frances. Emmanuel Eurostat this month showed that labour state. That does not mean that most want a nation-state.
more subdued at this stage in the busi- Macron, the French president, is look- costs rose 1.8 per cent in the year to June, Polls in Catalonia rarely show majority support for inde-
ness cycle than it has been in the past. ing to impose changes that would allow the fastest increase for two years. Taken pendence. For some locals, cheering on Bara seems to be
The eurozones recovery has added smaller companies to opt out from alongside revisions to the data for ear- release enough. But lately, the club has helped give promi-
more than 6m jobs to the region. Yet industry-wide wage agreements lier quarters, this could lead the ECB to nence to the referendum. In recent weeks, Nou Camp fans
despite the sharp fall in unemployment potentially lowering wage growth, at upgrade its projections for wage growth have chanted, Let us vote, and some have sung songs or
and labour shortages in stronger econo- least in the short term. in December for the first time in years. waved banners for independence.
mies such as Germanys, wages have still ManpowerGroup, which researches Almost any political statement the club makes for
to pick up. labour market trends, reports in its lat- instance, its rapid condemnation of the arrest of Catalan
The bank thinks a big part of the prob-
Wages and inflation est quarterly forecasts on the labour government officials organising the referendum leads
Growth in eurozone labour costs and
lem is that much of the recovery in market that employer confidence in local news. When club defender Gerard Piqu backs the
employment has involved low quality growing in weak spots such as Greece referendum, or Mr Guardiola urges the international com-
temporary work of the sort that gives and Italy. munity to support it, people in China who had never heard
staff little bargaining clout to press for Hourly nominal Mr Draghi is confident that wages will of Catalonia take notice.
labour costs
higher wages. Another is that unions in Consumer prices begin to outpace inflation and match the Before Baras match against Las Palmas on referendum
countries such as Germany have been 2 per cent target plus any gains from day, the home team will warm up in the colours of Catalo-
too backward-looking in their demands: productivity growth. In the end the nias Senyera flag. Catalan separatists need not simply to
as Mr Draghi put it at a recent bank labour market slack will close, but we win the referendum; they need a high turnout to get Mad-
meeting in Estonia, they have been have to be patient, the ECB president rid and the world to take their demands seriously, which is
looking at low inflation rates as a basis said in Brussels on Monday. why Madrid is doing everything it can to thwart the vote.
for current negotiations. Mr Ducrozet agrees. Pay is the most And if one day Catalonia does gain independence, Bara
Unions counter that their members lagging of all lagging indicators. As the fans are confident their club will be allowed to keep play-
priorities are broader than pay eurozone recovery continues, it would ing in the Spanish league. After all, without Bara, not only
and so their demands have also be more of a surprise if wage growth would the league be left bereft, but so would Real Madrid.
focused on issues such as work- didnt pick up.
Source: Thomson Reuters Datastream
life balance and pensions. Comment page 15 simon.kuper@ft.com
Obituary Hugh Hefner, the flamboyant founder
of Playboy magazine who helped kick-
start the 1960s sexual revolution and
ners business was the image that to live
as he did was to have it all.
The magazines appeal for men was
the son of an accountant and a teacher.
He traced direct descent from a Puritan
settler from the Mayflower, and attrib-
SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Founder of created a worldwide business brand,
has died aged 91 in Los Angeles.
not simply titillation. Its extolling of
bachelorhood of fashion, fast cars and
uted his obsession with sex to a repres-
sive upbringing and rejection by a girl at
Playboy who
With its trademark use of women in available women encouraged men to school. After service as a cartoonist on a
centrefolds, Playboy became the best- seek out and buy the lifestyle they US Army newspaper, he studied psy-
Censors and sensitivity
Warning: this article may be
upsetting LIFE & ARTS
selling mens title of the 1960s and Hef- wanted. In this, it was perfectly in tune chology before turning to journalism.
aimed to loosen
How To Spend It
ner, ever dressed in silk pyjamas, with far-reaching changes in mens hab- From the mid-1960s, Playboy diversi-
Chic new lodgings
in Scotland
MAGAZINE
FEBRUARY 4 2017
became an embodiment of the louche its and the birth of the consumer society. fied into television programmes and
sex inhibitions
lifestyle it sought to promote. Hefner always thought of his publica- nightclubs, staffed by bunny girls.
The lure of the exotic
Robin Lane Fox on the flair
He claimed that by liberating men tion as offering more than just sex. His In the 1980s, however, the business
of foreign flora HOUSE & HOME
and women alike from their inhibitions model was Esquire, a magazine for began to stutter. In 1985 Hefner suffered
Escape the taper trap
and by advocating greater freedom in which he worked in the early 1950s. a stroke and handed control to his
How high earners can evade
Bridgeman Art Library
a pension headache FT MONEY
personal life, it promoted democracy He put together the first issue of Play- daughter, Christie.
Hugh Hefner itself. Sex makes the world go round, boy in 1953 on the kitchen table of his Hefner was freed to devote more time
mise. If Britain wants to prolong its
status within the single market after
Brexit, the guidelines state it would
THE RISE
supervisory OF instru-
and enforcement
ments and structures to apply.
ECO-GLAM
require existing regulatory, budgetary,
Mr Tusk wants talks on future trade
to begin only once sufficient progress
Hefner said. Its the beginning of family Chicago apartment, having mortgaged to other interests, principally young
has been made on Britains exit bill and
citizen rights, which Whitehall officials
believe means simultaneous talks are
possible if certain conditions are met.
Boris Johnson, the foreign secretary,
reassured European colleagues at a
Nato summit in Brussels that Mrs May
Magazine publisher
had not intended to threaten the EU
when she linked security co-operation
and civilisation. his furniture to raise finance. It bore no women. He claimed his lack of fidelity
19/01/2017 13:57
after Brexit with a trade deal.
Reports & analysis page 3
Jonathan Powell, Tim Harford &
Man in the News: David Davis page 11
1926-2017
Henry Mance page 12
For his critics, many of them women, date, as he was not sure there would be was prompted by the discovery that his
INTEREST RATES
prev price yield chg
0.932 US Gov 10 yr 98.63 2.41 -0.01
0.801 UK Gov 10 yr 100.35 1.22 0.02
99.27 0.33 -0.01
100.36 0.07 0.00
Playboy was mere pornography that did another issue, mainly because it carried first wife, Mildred, whom he married in
99.27 3.04 0.01
102.57 -0.75 0.00
price prev chg
Fed Funds Eff 0.66 0.66 0.00
0.78 0.78 0.00
0.22 Euro Libor 3m -0.36 -0.36 0.00
0.41 UK 3m 0.34 0.34 0.00
-0.32 Prices are latest for edition Data provided by Morningstar
no more than cater to male fantasies. a nude though widely available cal- 1949 when he was still a virgin, had had
These were epitomised by Hefners own endar photograph of Marilyn Monroe. an affair. They divorced in 1959 and
way of life in the fabled Playboy Man- What had prevented previous publi- thereafter he eagerly made up for lost
sion in Los Angeles, where he came cations of the sort, aside from conserva- time with hundreds of girls, many of
increasingly to resemble an elderly tive morals, was the refusal of the US whom had posed for the magazine.
Great Gatsby fuelled by Viagra. Post Office to distribute them. Hefner In 1989 he married one of them, Kim-
In his seventies, he shared his life and got around this by delivering copies by berley Conrad, but they separated in
bed with up to seven women many dec- hand to newsstands in the city. 1998 and divorced in 2010. He is sur-
ades his junior. At the age of 80, he The first issue sold 50,000 copies. vived by their two sons, by the son and
thinned the herd, as he put it, to three, Hefner was prosecuted in 1963 for sell- daughter of his first marriage, and by his
their combined ages rather less than his. ing obscene literature but the jury could third wife Crystal Hefner, another Play-
The girls received an allowance of not reach a verdict so he was acquitted. mate whom he married in 2012.
$1,000 a week while they remained with Today the magazine is published in Hefner will be buried in Westwood
him. More loudly publicised was his more than 20 countries, but circulation Cemetery, California, having years ago
Hugh Hefner: always thought of his ability to enjoy regularly his harems has slipped to about 3m copies acquired the burial plot next to that of
publication as about more than sex charms, for central to the success of Hef- Hefner was born in Chicago in 1926, Marilyn Monroe. James Owen
Friday 29 September 2017 FINANCIAL TIMES 5
6 FINANCIAL TIMES
Macron takes
unsentimental
approach to
French industry
Presidents pragmatic attitude to
national ownership defies tradition
ANNE-SYLVAINE CHASSANY PARIS
As economy minister two years ago,
Emmanuel Macron caused outrage by
facilitating the sale of Alcatel-Lucent,
once considered a French tech cham-
pion, to Finlands Nokia. As president
this week, he has gone one step further
by agreeing to let go of an even dearer
national treasure: Alstom, the maker of
the high-speed TGV trains that exem-
plify Frances engineering prowess.
The deal, which will result in Siemens
taking control of Alstoms board in
exchange for merging its rail unit with
the French company, reveals the unsen-
timental, pragmatic approach of
Frances new president, a former Roth-
schild mergers and acquisitions banker,
in dealing with industrial matters.
Together with the decision to allow
Italys Fincantieri to hold a majority
stake in STX, owner of Frances Atlantic
coast shipyard, the rail deal shows Mr
Macrons readiness to break with a tra-
dition of protecting assets deemed
strategic from foreign takeovers.
Macron has no taboo over who owns
plants or companies. He belongs to a
generation that doesnt have that sort of
attachment, said Patrick Artus at
Natixis. National champions [a con-
cept coined by Charles de Gaulle in the
1960s] make no sense to him. The
appropriate level is Europe for him.
Four months after winning the presi-
dency, Mr Macron has sought to over-
haul the eurozones second-largest
economy with pro-business reforms of
its jobs market and tax breaks for inves-
tors in an effort to curb unemployment
of more than 9 per cent.
At the same time, the leader has
pushed for an EU that is more protective
of its workers and economic interests.
He wants a tougher screening of foreign
investments and has requested Brussels
bar non-EU companies from bidding for
public tenders if their home countries
applied restrictions to EU companies.
The Alstom and STX deals come as Mr
Macron is seeking to overcome reluc-
tance in the EU, particularly in Berlin, to
embrace ambitious reforms of the bloc.
These deals have shown that Mr
Macron is as willing as his predecessors,
perhaps more so, to meddle in the cor-
porate world, what the French like to
call Meccano industriel.
The government steered the negotia-
tions between Alstom and Siemens that
started about a month ago. Ultimately,
the French state agreed not to exercise
an option to buy 20 per cent of Alstom
shares. In exchange, the German com-
pany agreed to keep Frenchman Henri
Poupart-Lafarge as chief executive of
the new entity for four years. It also gave
assurances over jobs at the historic
Alstom plant in Belfort, eastern France.
Were not letting [Alstom] down,
said an economy ministry aide directly
involved in the talks. The TGVs are
very symbolic and only represent a
small part of Alstoms revenues. We are
creating a world champion able to com-
pete with the Chinese.
Alstom would have been isolated if
INTERNATIONAL
Uniform Siemens had merged with Canadian
approach: rival Bombardier, the aide added.
Emmanuel As for STX, Mr Macron seemed to con-
Macron, form to type when he blocked the Italian
then economy takeover in July, triggering a diplomatic
minister, meets bust-up with Rome, even if most govern-
staff during a ments would balk at selling their only
visit to the yard big enough to build an aircraft car-
Alstom plant in rier to a foreign state-owned company.
Belfort two On Wednesday, he allowed the deal to
years ago go ahead, but only after a bit of financial
Frederick Florin/AFP/Getty engineering worthy of an M&A banker.
France will lend Fincantieri a
1 per cent stake giving the Italians 51 per
cent and control. But for the next 12
years, Paris will be able to reclaim its
1 per cent and control of the yard if the
Italian group does not fulfil its side of the
deal.
His advisers and those who have
worked with him say Mr Macrons expe-
rience of dealing with chief executives
as a banker at Rothschild and then as
presidential adviser and economy min-
ister has convinced him there are better
ways to boost jobs than continuing a
Gaullist policy of favouring French buy-
ers over foreign ones.
Emmanuel Macron is intervention-
ist, pragmatic and a European, said
Philippe Martin, a Sciences Po economy
professor who advised the president
during his campaign and worked with
him at the economy ministry.
He will prefer a good European solu-
tion over a bad French solution even
if this means being criticised by unions
and political opponents at home.
France could no longer take a
romantic approach to rebuffing for-
eign takeovers, Mr Macron told the
Financial Times in an interview in 2015
after the 16bn sale of Alcatel-Lucent to
Nokia.
What matters to me is to find
rational solutions for those that are fac-
ing difficulties so that France preserves
jobs and its ability to innovate, he said.
Friday 29 September 2017
Referring to the countrys relatively
high taxes and labour costs, he added:
We cannot ignore the economic and
industrial environment we operate in,
with its strengths and weaknesses.
Attracting or retaining research and
development centres was more impor-
tant than headquarters, he noted.
Two years on, Mr Macrons govern-
ment is fighting back against a plan by
Nokia to cut 600 jobs in France, in
breach of its commitments, proving
Macron there are risks in a more laissez-faire
approach.
will prefer Mr Macron had no illusions over the
a good state of the French economy, Prof Mar-
tin said. That was why the president was
European seeking to ensure a new generation of
solution innovative start-ups emerges.
Thats a long-term bet. He is taking
over a bad a risk. If, in four years, TGVs are
French built in Germany, he will be held
accountable.
solution Comment page 15
Friday 29 September 2017 FINANCIAL TIMES 7
8 FINANCIAL TIMES
Natural disaster
US cities braced
for surge of
hurricane-hit
Puerto Ricans
Plea made for federal help
as Trump allows foreign
ships to deliver supplies
GARY SILVERMAN NEW YORK
Mainland US cities with large Puerto
Rican populations are warning they will
need federal help to cope with an
expected influx of island residents flee-
ing the devastation visited on the US
commonwealth by Hurricane Maria.
The severity of the crisis was under-
scored yesterday when President Don-
ald Trump reversed his previous policy
and waived a federal law that would
have prevented foreign-flagged ships
from delivering emergency supplies to
Puerto Rico.
The storm knocked out the islands
power grid and left hundreds of thou-
sands of people without potable water.
With air traffic slowly resuming,
residents are likely to seek shelter for
months, if not longer in those main-
land cities with large Puerto Rican pop-
ulations, such as New York and Orlando,
Florida.
We are expecting a large influx of
evacuees to the state, said Teresa
Jacobs, mayor of Orange County in Flor-
ida, which includes Orlando. We will
have a major evacuation population for
an extended period of time three
months, six months.
Puerto Rico is US territory a status
that gives its residents US citizenship
but no right to vote in national elections
and large numbers of Puerto Ricans
were already migrating to seek eco-
nomic opportunity on the mainland.
The bulk of the Puerto Rican popula-
tion lives off the island, an estimated
5m people. Officials are waiting to see
how many of the remaining 3.4m in
Carried interest
White House affirms promise
to end hedge fund tax break
BARNEY JOPSON WASHINGTON
The White House vowed to push ahead
with President Donald Trumps com-
mitment to scrap the carried interest
tax break enjoyed by hedge fund and
private equity managers as it fended off
charges that its tax plan was a gift to the
wealthy.
Gary Cohn, head of the White House
economic council, said yesterday that
Mr Trump had not wavered in his deter-
mination to close a loophole that is
worth billions of dollars to Wall Street
money managers.
The president made it clear to the tax
writers in the Congress that that is his
position, Mr Cohn told CNBC. That
was his position during the campaign
and he continues to support the position
that carried interest is one of the loop-
holes we talk about when we talk about
getting rid of loopholes that affect
wealthy Americans.
Carried interest is a share of invest-
ment profits paid to an investment
manager.
The tax break on carried interest
allows recipients to pay a lower tax rate
than salaried workers and has become
an emblem of wealthy privilege. Scrap-
ping it was not mentioned in the nine-
page tax plan released by the White
House on Wednesday.
While its elimination would be costly
for those who benefit, Democrats and
some tax experts say this would be more
than offset by other gains for the USs
wealthiest taxpayers.
Chuck Schumer, the top Senate Dem-
ocrat, said: [These] proposals would
result in a massive windfall for the
wealthiest Americans and provide
Gary Cohn: loophole worth billions
to money managers is being targeted
Friday 29 September 2017
INTERNATIONAL
Iraq dispute
Kurdish tensions rise as
airspace deadline nears
ERIKA SOLOMON ERBIL More immediately, airspace closures
KATRINA MANSON WASHINGTON
would cause severe problems for busi-
With a deadline looming that will close nesses and international aid agencies.
the airspace and borders of Iraqi Millions of refugees are scattered across
Kurdistan, officials worry that this northern Iraq and Syria, much of them
weeks overwhelming vote for inde- served by aid that comes through the
pendence has set the region on a dan- KRG capital, Erbil.
gerous collision course with Baghdad. The KRG is continuing to call for dia-
logue, despite Baghdads refusal, and
In the wake of Mondays referendum, says it will not declare statehood. It
Haider al-Abadi, Iraqs prime minister, ignored international calls last week to
said international flights would stop back down before Mondays referen-
Puerto Rico will leave and where they from 6pm today local time if control of dum. Kurdish officials are pleading for
will go. airports and borders were not handed outside help to stop the crisis from wors-
The hope is that many people leaving over to the federal authorities. Leaders ening.
the island will be able to find shelter of the Kurdistan Regional Government We are expecting free nations to
with friends and relatives in places such have refused to comply. respond to our call. The referendum is
as New York City and Florida, both of US officials have found no way to behind us now, said Falah Mustafa,
which are believed to boast Puerto defuse the dispute. They worry Masoud head of foreign relations for the KRG.
Rican populations of 1m or more. Barzani, the Kurdistan regional presi- We call upon our partners around the
Bill de Blasio, New York mayor, said dent, could feel compelled to declare world: engage with Erbil and Bagh-
schools and hospitals were preparing for independence if no solution with Bagh- dad . . . We will be patient, we will wait
a substantial number of Puerto Rican dad is found. for a proper process to start.
families numbering at least in the The tensions could also spark vio- Mr Abadi, who faces re-election next
thousands coming here because they lence in oil-rich disputed areas year, is meanwhile struggling to find an
have family ties and places hopefully claimed by both Baghdad and the KRG, appropriate response that can stop his
they can stay. Devastation: Puerto Ricans on both sides of a destroyed bridge in Morovis in and stoke instability just as Iraq looked opponents from saying he is soft on the
The big worry for mainland officials is the centre of the island. Many are without drinkable water Gerald Herbert/AP to be on the verge of beating Isis. KRG.
what will happen to fleeing Puerto
Ricans who lack local ties. Officials in
the Orlando area said federal and state
help would be needed to deal with a
local influx that could number 100,000
or more.
We will have a major
evacuation population
for an extended period
Teresa Jacobs, mayor in Florida
If its as large-scale as we anticipated,
its got to be a federal and state-co-ordi-
nated response, said Buddy Dyer,
Orlandos mayor. It cant be city by
city.
Officials from the Orlando area said
on Wednesday that co-ordination with
the federal government was in the early
stages.
We are reaching out to federal
authorities, said Ms Jacobs. We are
planning to have a forum next Tuesday
with federal authorities as well as state
authorities just to get the conversation
started about the co-ordination and the
logistics of this effort.
almost no relief to middle-class taxpay-
ers who need it the most.
It seems that President Trump and
Republicans have designed their tax
plan to be cheered in country clubs and
corporate boardrooms.
Len Burman, co-founder of the Tax
Policy Center think-tank, said the big-
gest boon for hedge fund and private
equity managers would be a proposed
reduction in the rate they pay as mem-
bers of legal partnerships, falling from
almost 40 per cent to 25 per cent.
Most hedge fund and private manag-
ers are classed for taxes in the same way
as mom-and-pop stores and other
small businesses: they are treated as
pass through entities, where profits
flow through the business to be taxed
only via the owners personal returns.
Trump and Republicans
have designed their tax
plan to be cheered
in country clubs
Mr Burman said: I think its a good
idea to [close the carried interest loop-
hole], but its not clear it would make
that much difference, given that they
will have a pass through tax rate of 25
per cent that would benefit them.
The families of the wealthy would also
benefit from a proposed end to the
estate tax, which Republicans have
branded as a death tax.
The carried interest break lets hedge
fund, venture capital and private equity
managers pay a 23.8 per cent capital
gains tax rate on earnings they receive
as a cut of long-term investment gains.
Critics say there is no justification for
it, arguing that the managers earnings
are essentially the same as a salary and
should be taxed at the top personal tax
rate, which is 39.6 per cent.
It is impossible to calculate exactly
how much the rich would pay under the
framework unveiled by the White
House and congressional Republicans
this week because policymakers left
open the option of imposing an
unspecified tax rate on the highest earn-
ers. Mr Burman said: It would have to
be north of [40 per cent] to offset the tax
savings for very wealthy people.
Editorial Comment page 14
Friday 29 September 2017
Poll upheaval
Japans main opposition party pulls out of election
Abe faces new threat as
Democratic candidates
eye Koike bandwagon
ROBIN HARDING TOKYO
Japans main opposition party imploded
yesterday as the rise of Tokyo governor
Yuriko Koike wreaks havoc across the
nations politics.
The Democratic party, which gov-
erned Japan from 2009 until 2012, said
it would not run any candidates in the
general election on October 22. Instead,
all of its members of parliament will be
able to seek nominations from Ms
Koikes new Party of Hope.
We will choose substance over
appearance, said Seiji Maehara, who
has led the Democratic party for just
over three weeks, as he announced the
de facto death of a party that has carried
the hopes of Japans centre-left for the
past two decades.
The move rewrites the map of Japa-
nese politics and puts Prime Minister
Shinzo Abe in extreme peril. At a stroke,
it gives Ms Koikes new party a nation-
wide infrastructure to take on the ruling
FINANCIAL TIMES
INTERNATIONAL
Fighting talk: Liberal Democrats and avoids a split in lenger party. In the 1990s there was a party. Japans media quickly framed the We will
Tokyo governor the anti-LDP vote. New party boom. Then in 2009, there election as a showdown between the
Yuriko Koike But it risks fundamental damage to was a Democratic party boom. And two. choose
announces the Japans political system, with the main what did it bring us? Confusion and eco- Opinion polls suggest the Party of substance
election left-of-centre party shutting down and nomic weakness, he said. Hope is already making an impression,
platform for her backing Ms Koike, a conservative The prime ministers decision to call with support of 18 per cent, according to over
Party of Hope nationalist whose views on history, the early elections has led to a tumultuous the Mainichi newspaper, compared with appearance
this week constitution and the size of the state are week after the popular Ms Koike unex- 29 per cent for the LDP. The Democratic
Issei Kato/Reuters
almost identical to those of Mr Abe. pectedly announced she would contest party polled at 8 per cent. Seiji Maehara
Mr Abe denounced the new chal- them as the leader of her newly formed Ms Koike continued to milk the spec-
Informal business. Transition
Shutters fall at Indias
small enterprises
Two financial shocks risk
biggest economic shake-up
in decades, say analysts
AMY KAZMIN NEW DELHI
For 35 years Jagbir Singh has run a tiny
workshop in New Delhis Wazirpur
industrial estate making compacting
machines for the scrap metal industry.
A year ago his enterprise had 12 employ-
ees, producing six machines a month.
Today, the 62-year-olds business has
collapsed, a casualty of two recent eco-
nomic shocks. First came demonetisa-
tion, which invalidated most circulating
cash overnight. Then, in July, India
moved to a new value added tax system,
a long-awaited reform meant to create a
true single market and curb tax evasion.
For an informal, cash-based business
dealing with others of similar ilk, these
measures have been crushing blows. In
the past four months, Mr Singh has sold
just one machine.
My business is over, he says, hover-
ing over one of his last three welders.
People used to phone two to three
times a day, enquiring about machine
prices. Now I just sit here and wait.
Small people like us will be finished. I
will have to look for other work. But who
is going to give a job to this old man?
For decades, small enterprises have
been significant contributors to Indias
manufacturing output, a legacy of old
socialist-era policies that obstructed the
expansion of larger companies and
encouraged fragmentation of produc-
tion among many tiny suppliers.
Small enterprises were exempt from
onerous laws and reporting require-
ments imposed on larger businesses,
and could operate below tax authorities
radar, providing clear cost advantages.
But Indias new goods and services tax
and its self-policing mechanism to
enforce compliance is putting heavy
pressure on informal businesses, most
of which never fully recovered from last
years demonetisation. In the coming
weeks and months, many are expected
to shut up shop for good in what econo-
mists suggest could be Indias most dra-
matic economic shake-up in decades.
How many of these SMEs will sur-
vive a years hence is still not clear, says
Saurabh Mukherjea, Ambit Capital
chief executive. My reckoning is for a
substantial number of SMEs their mar-
gin was tax evasion. As the government
steps up forcing people to comply with
GST, a lot of small businesses that man-
aged to stay in the shadows will find
themselves sucked into the tax net.
Either profitability will be vastly dimin-
ished or it will go away completely.
While GST is expected to boost Indias
efficiency and growth prospects in the
long run, Jahangir Aziz, chief of emerg-
Shadow economy: workers at a small Uttar Pradesh factory Udit Kulshrestha/Bloomberg
9
ulation about whether she will quit as
governor in order to stand for parlia-
ment herself. To the extent parliament
does not change, I want to do my best in
city government, she said at a press
conference.
Analysts questioned whether the
Democrats would have agreed to their
unprecedented submission had Ms
Koike not promised to lead from the
front. If she does not stand, the Party of
Hope will struggle to explain who would
be prime minister if it won.
Shinjiro Koizumi, an LDP parliamen-
tarian and son of former prime minister
Junichiro Koizumi, said Ms Koike had
committed a mediajacking and chal-
lenged her to make her intentions
clear. I want Ms Koike to run. Its too
confusing otherwise, he said.
We shouldnt be trembling about
whether Ms Koike decides to run, he
said. While she carries out a media-
jacking, we should be debating policy.
The lower house formally dissolved
itself yesterday. Democrats who do not
want to run under Ms Koikes banner
will have to stand as independents. The
only other choice for left-of-centre vot-
ers will be the Communists.
ing markets analysis at JPMorgan, says
New Delhi has underestimated the
impact of transition both in terms of the
hit to growth and how long the damping
effect could last.
Elsewhere, teething problems with
GST have lasted for a very long time, he
says. The small and medium enter-
prise sectors productivity is so paper-
thin. Its going to be painful.
Mainly owned by entrepreneurs with
strong technical skills and trading net-
works but little formal education, small
enterprises typically run on cash, hand-
shakes and details written on small chits
of paper. Without computers, they are
ill-equipped to file complex online
returns or provide the exhaustive docu-
mentation now sought by their custom-
ers. Most lack the necessary capital to
pay taxes, then wait months for rebates.
If someone is welding, who will take
the bill from a delivery boy who comes
to deliver small components, says Mr
Singh. How do you get a bill from them?
They dont have it. If I go to buy one or
two kilogrammes of nut bolts, the guy
doesnt have any bill.
For a substantial number
of SMEs their margin
was tax evasion
Saurabh Mukherjea, Ambit Capital
According to Indias economic census,
about a third of the 30m people working
in manufacturing are in family enter-
prises with no hired labour, while man-
ufacturers with hired workers employ
an average of just seven people. From
January to April, India shed an esti-
mated 1.5m jobs, according to the Cen-
tre for Monitoring Indian Economy, and
economists believe more are inevitable.
While large companies may fill the
void, economists say such capacity will
be more capital-intensive, employing
far fewer people than the operations
they replace. The small business shut-
down could also fuel higher imports,
especially from China. From April to
June, Indias current account deficit
widened to $14bn or 2.4 per cent of gross
domestic product for the quarter, up
from just 0.1 per cent of GDP last year,
driven mainly by surging imports of
consumer goods and components.
Some small businesses are trying to
move with the times. In their Wazirpur
workshop, entrepreneurs Jassa Ram
and Misri Mal make stainless steel
tableware for buyers in southern India.
Sales are down nearly 40 per cent since
the cash ban and they employ just five
now, down from 10 before. But the part-
ners are determined to survive the tran-
sition to GST, paying an accountant
Rs6,000 ($92) a month to handle their
filings. Others, they expect, will falter.
Additional reporting by Jyotsna Singh
10
Bundestag beckons AfD newcomers to watch
TOBIAS BUCK BERLIN
For Germany it was a historic outcome.
Since the foundations of the countrys
modern democracy were laid in the
postwar era, no party of rightwing popu-
lists and nationalists had been elected to
parliament in substantial numbers
until last Sunday.
The Alternative for Germany party
won 12.6 per cent of the vote in the gen-
eral election, allowing it to enter parlia-
ment as the third-largest group. Some
94 AfD candidates won Bundestag seats,
although one prominent member
former party leader Frauke Petry has
already announced she will leave the
party and sit as an independent deputy.
Their arrival will change the nature of
Germanys parliament, potentially ush-
ering in a more confrontational era. But
who are the people who will now repre-
sent almost 5.9m German voters?
Some of the AfDs leaders have
already gained a national profile, most
notably the partys lead candidates
Alexander Gauland and Alice Weidel.
In the days since the election,
however, attention has started to focus
also on the AfDs second tier and its
larger-than-expected group of back-
benchers. Here are some of the names
and faces to watch.
Jens Maier
The judge from Dresden has emerged
as one of the most extreme AfD
members to enter the Bundestag.
A former member of the Social
Democratic party, Mr Maier, 55, has
made headlines with a string of
provocative remarks.
At an event this year he denounced
the creation of mixed peoples as
unbearable. He also praised the
NPD, a far-right party, as the only
party that has always stood united
with Germany and criticised what he
described as the countrys cult of
guilt.
Mr Maier represents the AfDs
electoral stronghold in Saxony,
eastern Germany.
Sebastian Mnzenmaier
The 28-year-old from Rhineland-
Palatinate in the south-west is one of
the youngest AfD members to sit in
parliament.
In the run-up to Sundays election he
gained attention mainly for his legal
travails. Mr Mnzenmaier is due to
stand trial for charges of causing
grievous bodily harm and attempted
robbery. Prosecutors believe he was
part of a group of football hooligans
who assaulted fans of FSV Mainz 05
in 2012.
Mr Mnzenmaier, a supporter of FC
Kaiserslautern, denies the charges. I
am a peaceful football fan, he said.
FINANCIAL TIMES
INTERNATIONAL
Martin Hohmann
The 69-year-old is the only AfD deputy
with previous Bundestag experience,
having sat in parliament for the Christian
Democrats from 1998 until 2003, when
he was expelled by the party for a speech
that was widely criticised as anti-Semitic.
In his speech, Mr Hohmann attempted
to draw a parallel between Germans and
Jews as perpetrators of historic crimes,
pointing to the involvement of Russian-
Jewish communist leaders in the 1917
revolution. The leader of the Jewish
community in Germany denounced the
remarks as an example of disgusting
anti-Semitism.
Mr Hohmann continued to sit in the
Bundestag as an independent member
until 2005.
Armin-Paul Hampel
A former journalist for public
broadcaster ARD, Mr Hampel, 60,
heads the AfD group in the federal
state of Lower Saxony.
He claims his political views were
influenced by long stints living abroad,
including 10 years as a correspondent
in India. Maybe you have to live
abroad for some time to realise how
nice it is here [in Germany], and what
pleasant people live here, he said.
In the AfDs recent internal battles,
he backed Bjrn Hcke, a far-right
leader who was facing expulsion.
Mr Hampel has called for Nato
troops to be sent to Syria and Iraq in
order to fight Isis and create havens
for refugees.
Beatrix von Storch
The Berlin aristocrat, pictured, is one
of the most prominent faces of the
AfD and is tipped to play a leading
role in the partys parliamentary
group.
The 46-year-old lawyer, a former
member of the European Parliament,
is active on Twitter and often
represents her party on television
talk shows. Ms von Storch sparked
outrage this year when she
advocated firing on refugees
approaching the German border.
On her personal website, she hails
as her political models the liberal-
conservative grassroots movements
in the US at the time of Ronald
Reagan that later gave birth to the
Tea Party movement.
John MacDougall/AFP/Getty Images
Wilhelm von Gottberg
Another former Christian Democrat,
Mr von Gottberg, 77, will be the oldest
member of the Bundestag.
That would normally have entitled
him to the honorary role as the
chambers Alterprsident,t who opens
the first session of parliament. But,
alarmed at such a prospect,
Bundestag members changed the rule
before the election to ensure the
honour goes to the deputy with the
longest experience in the chamber.
A retired teacher, Mr von Gottberg
has spent many years representing
the interests of ethnic Germans who
were driven from eastern Europe after
the second world war, and their
descendants.
Friday 29 September 2017
Budget debate
Economists
add to calls
for Berlin to
spend surplus
GUY CHAZAN BERLIN
A group of economists has waded into
the charged debate over what the next
German government should do with its
bumper budget surplus, calling for cuts
in income tax and social security con-
tributions and more investment in
education.
A joint report by some of the countrys
most respected economics institutes
paints a rosy picture of the economy,
which it says is benefiting from strong
growth, falling unemployment and ris-
ing tax revenues.
The snapshot provides a highly posi-
tive backdrop for the complex coalition
talks between Chancellor Angela Mer-
kels conservative CDU/CSU bloc, the
liberal Free Democrats and the Green
party following last Sundays election.
The poll saw the CDU/CSU and junior
coalition partner the Social Democrats
slump to their worst result since 1949
and the anti-immigration Alternative
for Germany enter the Bundestag.
In the report out yesterday, the econo-
mists raise their forecast for growth this
year and next and predict record sur-
pluses. The German economic upturn
has gained both in terms of strength and
breadth, they say. They predict gross
domestic product will grow 1.9 per cent
in 2017 up from their previous projec-
tion of 1.5 per cent and 2 per cent next
year, up from 1.8 per cent. Growth is
expected to be 1.8 per cent in 2019.
This years overall state budget sur-
plus will rise from 26bn to 28bn and
expand to 37bn in 2018 and 44bn in
2019, the institutes say.
The issue of what to do with the cash
has become hotly contested. Wolfgang
Schuble, the outgoing finance minister,
was famous for delivering balanced
budgets and resisting calls to spend
more. But pressure has grown in recent
months for the government to invest the
surplus in infrastructure and education.
Philip Stephens page 15
Friday 29 September 2017
Cool girls and time-travellers
Chlo
FASHION
Jo
Ellison
With her SS18 debut,
Natacha Ramsay-Levi
combined a strong
creative vision with real
commercial savvy
Its been 20 years since the quintessen-
tially French house of Chlo has been
led by a French designer. The arrival of
Natacha Ramsay-Levi, the 37-year-old
Parisian and previous deputy of Nicolas
Ghesquire, first at Balenciaga and then
Louis Vuitton, has created a frisson of
excitement about the brand.
Chlo has been a rare success for Rich-
emont, the luxury group that counts
Cartier and Dunhill among its members.
While its watch and jewellery brands
have been hit by staggering sales and an
over-dependence on the Asian market,
the fashion house founded by Gaby
Aghion in 1952 has posted seven consec-
utive years of growth. According to its
president Geoffroy de la Bourdonnaye,
Chlo has gained considerable market
share, and hes pushing for more: this
year the house will open 12 new stores
and de la Bourdonnaye plans to buy
back its shoe licence.
Where it has shown growth, however,
it has lacked grit. Under Clare Waight
Keller, who has gone to Givenchy as
artistic director, Chlo offered commer-
cially sound collections of pretty clothes
and safe accessories that crueller critics
might describe as looking a bit provin-
cial: the kind of thing the out-of-towner
wears when she wants to show a
soupon of fashion savvy. The essential
house blend of tailleur and flou found its
expression in fine tailored coats and
gowns in great clouds of mousseline, but
it all lacked edge.
In appointing
Ramsay-Levi, with
15 years experi-
ence at the side of
one of fashions
most visionary
designers and a
career she
described as a love
affair when I met
her in July, one
assumes the house
is ready to move in
a new direction.
De la Bourdon-
naye has described
Ramsay-Levi as
having the savoir-
faire of the couture
atelier, and the
savoir-tre of the
cool young person.
But how would her
first collection as a
creative head look? Answer: very cool,
clever and clear-headed. Ramsay-Levis
debut was quick to establish a singular
point of view. The pieces of the house
are clear, she explained earlier in the
summer. The blouse, the pants, the
cape, its the long dress, the mousseline,
the lace Chlo is very diverse. But
what I want most of all with my design is
to introduce a new attitude.
This SS18 collection had attitude by
the truckload. The blouse was high at
the neck, ruffled at the shoulder,
printed and oftentimes embroidered
with tiny silver rings. Skirts were short.
Balmain
Olivier Rousteing was
reflecting on his childhood
sense of wonder at fashion,
via crystals and thigh-high
boots. By Jo Ellison
The all-star Balmain SS18 began with a
note, written by Olivier Rousteing to his
10-year-old self. It recalled the sense of
awe he felt as a child walking into the
Palais Garnier, and how he might/
would/will someday return and feel the
same merveillement.
I know one thing, read one, slightly
more lucid, paragraph, dreams like
yours sometimes actually do come true.
You are going to design for an historic
house. You are going to work with those
same supermodels that now blow you
away. You are going to meld your designs
with the creations of musicians who
inspire you. And yes, you are going to
return to this singular space several
FINANCIAL TIMES 11
PARIS FASHION WEEK
Meet Nike sneaker legend Tinker Hatfield
As the sportswear giant initially suggested a shoe thats light but, knowing that, we try to add
magnetic so you could walk up a wall or storyline and art to our designs.
brings its self-lacing shoe stand on the ceiling, and I told them Nike will doubtless be hoping that the
to Europe, Hatfield talks that was an old gag. latest bit of buzz around the shoes gives
innovation and imagination, He didnt immediately see the shoes the brand a boost and helps bolster
commercial potential. We didnt think their influence as Adidas eats into
writes Carola Long about trying to actually make them market share. Nike Inc announced
until 20 years later because the results for its most recent quarter on
technology wasnt there. The shoes Wednesday and reported a 4 per cent
Inside the megalithic Nike Store on work via a concealed motor that is fall in share price before closing the day
Oxford Circus, central London, a small attached to five cables that come down 1.9 per cent lower. Sales declined in its
area has been cordoned off to showcase either side of the foot. They are battery- most recent quarter, to $9.07bn, only a
the arrival of the worlds most futuristic operated and need to be charged every minor change from the same time last
shoe to Europe. Amid the blue lights two weeks. year, and less of a fall than expected.
flashing away like a space-age disco, Of course, the mechanism seems The sportswear giant is set to overhaul
sits Tinker Hatfield, Nikes vice- irrelevant when you put them on, an the business; in June it shared plans to
president for innovation design and experience akin to a sportswear cut 2 per cent of its international
special projects, designer of the Nike Cinderella moment you shall go to workforce. The limited-edition shoes
HyperAdapt 1.0. the basketball court! You slip your foot cost 620, so individual sales arent
Sneaker obsessives wont need any inside the shoes the battery-pack sole exactly going to single-handedly lift
introduction to Hatfield or to the glowing with a sci-fi luminescence Nikes profits, but the mix of
HyperAdapt. Hes one of the most and, as if by magic, the shoes vacuum innovation, story and an emotional
influential men in footwear, the pack around your foot. You can press a connection between consumer and
technically ambitious cult creator of button to loosen and tighten rapidly. product is part of what informs Nikes
such classic trainers as the Air Max 1, As well as Back to the Future, the brand identity.
Air Trainer 1, Air Safari and the Air shoes styling was also inspired by the Hatfield says: Apple is kind of our
Jordan III. And the HyperAdapt? Thats robot Eve in the Pixar movie Wall-E. model; they want to be first and
Nikes first commercial self-lacing Hatfield adds: Innovation is a word they are doing something that no one
trainer, inspired by the shoes teenager that gets thrown out all over the place. else is doing, so they get it out there
Marty McFly wears in the film Back to That is always going to be our guiding and tell a good story. We have
the Future Part II. different strategies: some shoes are
Remember the scene where McFly designed to shake up the country club a
visits the year 2015, and puts on a pair of little bit and others are going to be
high-tops that lace up on their own? more evolutionary in nature, not
Hatfield made those shoes for the film in revolutionary. Sometimes you have to
1989, and now almost 30 years later back off from being too crazy.
hes brought them to market. After Sometimes, though, the public do
creating 89 versions called the Nike Mag catch on, as with the Sock Dart, a
in 2016, the sales of which raised $6.75m stretchy, tubular sock on top of a sole,
for Michael J Foxs Parkinsons charity, a which Hatfield launched 15 years ago,
limited number of the more wearable only to see it catch fire in recent sales.
HyperAdapt went on sale in the US at But how many customers actually
the end of last year. Today a limited need the sporting technology of the self-
number will be available via the Nike lacing shoe? Hatfield says: Our
app in 19 European countries, and the primary customer is the athlete, but we
Oxford Street Niketown. also know the bulk of our sales come
Hatfield joined Nike in 1981 and later from people looking for comfort and
worked with director Robert Zemeckis fashion. Its like the car that goes at
on Back to the Future. The baseball cap- 150mph. No one drives at that speed,
wearing American says the filmmakers but its the coolest cars that go fast.
There were lots of exotics a lizardy
trouser and a smart lacquered trench.
Dresses were backless and printed with
pretty florals, bags dangled in clusters
with lots of straps. The silhouettes,
while singular, had an essential fresh-
ness and lightness about them you
could feel her work with Ghesquire in
many of the shapes, but here they felt
more relaxed and breathable.
The mix was clever, too. While there
were many editorial pieces a
branded velvet suit with rearing horse
insignias, a long-line sequin evening
dress, a cowboy boot with cutaway
buckled details there were plenty of
things to satisfy the more cautious
consumer. Knit tunic tops had a breezy
fluidity. The suiting was simple and chic
with that essentially Chlo piece, the
waistcoat, thrown in for variation.
People bang on about women design-
ers designing for women; that their gen-
der gives them special insight into what
Ramsay-Levis debut a woman wants to wear. But this was
undoubtedly a personal collection, full
at the house was quick of the audacity one would expect of the
designer. It was girlish and fresh, but
to establish a singular Ramsay-Levi had been mindful that not
every woman wants to expose their
point of view elbows or knees. Shorter, flirtier styles
were tempered with more sophisticated
pieces; things were designed to flatter.
With her first collection, Ramsay-
Levi had mixed creative risk with com-
mercial. And it all looked pretty seam-
less. She might lose a few clients in the
sticks. But who cares. On Thursday
morning, Chlo got its cool back.
times, actually most notably in 2017,
when your designs will be worn by Les
toiles de lOpra during a May ballet
premiere and then again, just a few
months later, when you show your
Spring/Summer 2018 collection. Half of
me wishes that I could go back in time, to
tell you all of that. But the other half
knows as tired as the old clich might
be lifes real richness actually does
comefromundertakingthejourney . . .
Lets not get too bogged down in syn-
tax, or the question of why, if you dont
think you can time-travel, you might
bother to try to communicate with your
younger self. Lets just say that these jet-
spun macram dresses with crystal
embroideries, mono-striped fringed
coatigans, gold studded leather trousers
and tops with lace-up seams, thigh-high
zipper boots with patchwork details and
buckle straps, printed vinyl jackets,
wave-ruffled pencil skirts, and laser-cut
bodices (so cut to expose the under-
boob) were probably the stuff of a 10-
year-olds dreams.
12
The heartbreak
at Pooh Corner
FILM
Nigel
Andrews
T
he British write for children
like no other nation. A list of
Kid Lit colossi would con-
sume a rainforest: Steven-
son, Carroll, Barrie, Nesbitt,
Lewis, Tolkien, Rowling . . . A.A. Milne
may be the colossal-est of the lot.
Winnie-the-Pooh! Inescapable! World-
viral! Lately voted (boasts an end cap-
tion in Goodbye Christopher Robin) the
top childrens book of all time.
A real child helped to inspire it, to his
eternal pride, anguish and secret later
not so secret resentment. The new
film tosses two actors into the role, a
pre-teen, tousle-haired Will Tilston and
an off-to-war Alex Lawthor; and it
measures not just the distance between
child and man (maturity and its toll),
but the bigger one between child and
parents. Domhnall Gleesons A.A. Milne
is a stiff-backed prig who curses his sons
workday intrusions although before
Winnie Milne was wasting his pen on a
now-forgotten anti-war doorstopper
and then carts him across the country to
publicise the bear book in which he,
Christopher Robin, has a starring role.
Youve been touting him around like
a show pony! shrills Nanny (Kelly
McDonald, excellent). Daphne Milne
thats Mummy (Margot Robbie)
stands by helpless, a socialite lost for
society in the overgrown cottage whose
adjacent woodlands help to engender
Winnie and chums. Robbie sports a cut-
glass accent, OTT wardrobe and general
air of butterfly distraction. She suggests,
skilfully, good grounds for the lasting
estrangement that set in, after Milnes
death, between mum and son.
Its a grim-at-times story set in a
gorgeous-to-the-senses film. Therell
always be an England while there is
swoonable rural cinematography, hand-
some actors wearing handsome threads
and music like Delius on ampheta-
mines. The larger hooray, though, is
that Goodbye Christopher Robin proves as
strong on substance as on show.
By the end we have caught CRs pain.
We even God bless Frank Cottrell
Boyces screenplay and Simon Curtiss
direction, with its late-smuggled slyness
and sharpness feel a twinge for poor
old stick-like A.A. Milne, the unsuspect-
ing demon of his own familys story. If a
writer so initialled didnt go on to found
Authors Anonymous, for all the ill-
starred geniuses whose writings
destroyed their own children, he proba-
bly should have.
Nostalgia isnt what it used to
be, Dj vu all over again. Theres an
entire joke industry built around
remembrance of things past. Now
comes Our Souls At Night, which (side-
stepping a punnable title already strew-
ing naughty chortles) prompts the
thought, O sont les beiges dantan?
Its an oldies drama, on Netflix only
from Friday, starring Robert Redford
and Jane Fonda. Beguilingly plain in col-
ours and homespun in moods, its like
Redfords Ordinary People gone senior-
citizen. Fondas own best-known contri-
bution to Beige Cinema the multi-
carat beige of On Golden Pond haunts
us here too. Directed by Indias Ritesh
Batra (The Lunchbox) from a novel by
FINANCIAL TIMES
ARTS
Kent Haruf, the film is about the pas- Goodbye Christopher Robin
sions felt by the pensionable: the Simon Curtis
embers that still glow, in love and life, AAAAE
after the visible flames have died.
Would you be interested in coming to Our Souls at Night
my house one night to sleep with me? Ritesh Batra
asks Fonda of small-town neighbour AAAEE
Redford. Not sex, she explains, or not
initially. Its about getting through the The Road to Mandalay
night. And lo! They start sharing those Midi Z
nights: despite the gossip at the local caff AAAAE
(led by Bob and Janes ex-contemporary,
Bruce Dern) and even the shoehorning Daphne
of a grandson (Iain Armitage) into Janes Peter Mackie Burns
life, on extended visit, by his feckless AEEEE
father (Matthias Schoenaerts).
Bob and Jane both play themselves, or
their movie selves. Opening a wardrobe 50 years after Barefoot in the Park. For
to pick a shirt, Bob surveys 15 near- some then unborn, it must seem like
identical plaids in Sundance Lumber- Barefoot in the Ark. For us near-coevals
jack style. (A joke, surely, and not a bad the two stars have scarcely changed. He:
one.) Janes high-throated, age-defying the cud-chewing minimalist with gold-
beauty is set off by casual-chic blouses en-boy hair (is it still real?) and gift of
and denims. The hair is in a shade making plain dialogue glitter. She: the
fabulously undecided between blonde quietists roaring girl, whose voice
and grey. that greyhound straining at the leash
There isnt much story after the first and big, wonderstruck eyes say so much
whammy. The film is more about Gosh, by disciplining themselves to say, or
theyre still gorgeous, and can still act, act, so little.
Bergman stripped down to bare essentials
T H E AT R E
Persona/After the Rehearsal
Barbican, London
aaaae
Ian Shuttleworth
Given the warmth with which Londons
cognoscenti have clasped director Ivo
van Hove to their collective bosom, I
was surprised to see a liberal sprinkling
of empty seats at the opening of his
Toneelgroep Amsterdams latest four-
night visit. Perhaps folk thought the
material would be too heavy going: van
Hove has adapted for the stage Ingmar
Bergmans 1966 cinematic masterpiece
Persona, preceded by his 1984 television
drama After the Rehearsal.
Van Hoves approach of distilling a
stage presentation down to the funda-
mentals of its characters and drama is
keenly suited to Bergmans screen work:
particularly in the early phases of each
piece here, the onstage compositions
look and feel like three-dimensional
renderings of Sven Nykvists haunting
photography. The scripts remain
faithful to Bergmans originals wherever
possible, and even the pacing repro-
duces the running time of each film
almost exactly.
In After the Rehearsal, a stage director
discusses professional and personal
matters with a young actress he has cast
DA N C E
Alices Adventures in Wonderland
Royal Opera House, London
aaaae
Clement Crisp
The Royal Ballet season opened on
Wednesday night, its 71st in the house,
and your critics too, since he was fortu-
nate as a child to be taken to the re-
opening of the theatre. Comparisons are
impossible: Dame Ninette de Valoiss
then troupe was, in every sense, finding
its feet. Todays Royal Ballet, bouncing
with considerable verve through a jolly
three-act ballet made by a third-genera-
tion company choreographer (Christo-
pher Wheeldon), showed us strong
technique, dramatic wit and brilliant
design (by Bob Crowley), all of which
was greeted with cheers.
This Alices Adventures in Wonderland is
vastly unlike the childhood masterpiece
it plunders for its drama. What sus-
A crypto-phallic reptile as client.
Swoonable
cinematography:
Domhnall
Gleeson and
Will Tilston
in Goodbye
Christopher
Robin. Below:
Jane Fonda and
Robert Redford
in Our Souls
at Night
in Strindbergs A Dream Play and recalls
a similar encounter with her mother, his
former lover. In Persona, a nurse
attempts to coax back to speech a
famous actress who has inexplicably
fallen mute some months previously,
and in doing so reveals intimate matters
about each of them.
Both pieces play on the familiar trope
of reality vs illusion or presentation, but
do so more profoundly than almost any
other stage outing Ive seen, raising
knotty, troubling questions. Does the
persona mean more than the actual per-
son, or is it merely more persistent? And
how much do ones true nature and
experiences signify anyway? Persona is
far the more masterly meditation, with
tained it at its creation six years ago, and
as this opening performance still shows,
is Wheeldons and Crowleys cunning use
of the books imagery, and the vitality of
the companys performance. Any ballet
that offers the wonderful Laura Morera
as a manic Queen of Hearts a cross
between Joan Crawford at her most dan-
gerous and Catherine the Great, and
sublimely witty wins my heart.
With Lauren Cuthbertson repeating
Lauren Cuthbertson, Edward Watson
Friday 29 September 2017
The power of The Road to Mandalay
grows and grows. Its a social drama that
becomes a tragedy. Written and
directed by the Burma-born Taiwanese
Midi Z (Ice Poison), the films unin-
flected early realism a young Burmese
woman crosses the border to job-hunt
in Thailand, hoping for refuge or a new
ID is so low-key you can almost hear
the characters breathe.
Lianqing (Wu Ke-xi) is befriended by
Guo (Kai Ko), a gentle, motorbike-rid-
ing beanpole. Or he seems gentle. And he
seems in love. Theres a moment
ensorcelling in its tenderness when
he, floor-sleeping near her bed, reaches
a shy hand, slowly, towards her hand,
lolling on the beds edge. But he doesnt
have the courage to touch.
Is that a poignant gesture of the heart
or a warning? Or both? The romance-
that-isnt-quite weaves through Lian-
qings faltering search for work: a wait-
ressing stint, a spell in the textile factory
where Guo works, finally, almost inevi-
tably, prostitution. That little nightmare
is represented by a scene which may be a
nightmare. Is it real, or does Lianqing
only dream that in a strange bedroom at
night she is embraced by a giant lizard?
A late horror moment and a shocking
ending are the only beasts that rise from
a calm surface. But this isnt a true calm,
we have begun to understand. Its the
dead calm of a sea waiting to destroy.
MidiZsuckersusskilfully,evenconsum-
mately, into his story stratagem: an iden-
tity yarn in which our identification with
the characters becomes as fraught, as
troubled, as their own struggle with who
theyareandwhotheyseektobecome.
Daphne, an indie film from the British
Film Institute and Creative Scotland, is
the trial of the century. Were only 17
years in; but I lay odds there wont be a
more trying screen protagonist than the
title twenty-something, played by
Emily Beecham. Shes a troubled
London singleton whose sod-everything
philosophising is dispensed, for 90
minutes, with a smart alecs arch world-
weariness. She loves herself and loathes
herself: theyre very often, as here, the
same thing.
Pale, glumly pretty, with coppery red
hair and a matching pet snake (really),
she creeps everyone out, including her-
self. Fave book: iek on iek. Current
precarious employment: trainee chef.
Friends: anyone she hasnt yet bored or
insulted. The camera, in blind love, fol-
lows her like a besotted pup. The audi-
ence has other choices.
Gripping:
Marieke
Heebink
and Gaite
Jansen in
Persona
Jan Versweyveld
hints of seduction and suggestions that
actress Elisabeth and Nurse Alma may
be aspects or figments of each other.
There is little momentum as such, but it
is nonetheless compelling.
Van Hove has cut the double bill down
to a cast of four, among whom Gaite
Jansen stands out as the younger actress
in After the Rehearsal and Nurse Alma in
Persona. His regular designer Jan Ver-
sweyfeld creates an expressionistic
island and a very real rainstorm on the
Barbican stage, and I came away both
impressed and wondering whether he
could be persuaded to tackle Nicolas
Roegs Performance.
To Saturday, barbican.org.uk
her pure-lined creation of Alice, and
being wooed and won by the ever-admi-
rable Federico Bonelli elegance and
romance personified as the Knave of
Hearts this is a company on fine form.
For Steven McRae as the tap-dancing
Mad Hatter; for the line of men zipping
insouciantly through double tours en
lair; for the gloriously disjointed Chesh-
ire Cat; for David Yudes Frog Footman
and Fernando Montanos Caterpillar;
and for an alert, eager ensemble, grati-
tude, admiration, cheers.
The score, by Joby Talbot, was played
with whole-hearted enthusiasm, which
does not redeem its blatancies. (I find its
jovialities and bombast very, very hard
to take.) Crowleys response to Lewis
Carrolls imagery is, however, vivid,
dramatically compelling, true, and in
Cuthbertson we find a heroine both
touching and alert. Amid considerable
emotional and dance mayhem the
staging needs light pruning she tells us
of Carrolls Alice.
To October 28, roh.org.uk
Friday 29 September 2017
Aung San Suu Kyi has faced fierce criticism for not addressing the militarys treatment of Rohingya
Muslims. Critics say it fits a broader pattern of faltering reforms and indecisive leadership.
A
year ago this month, Aung
San Suu Kyi, Myanmars de
facto leader, was welcomed
to the White House on the
slipstream of a historic
election victory and an outpouring of
international goodwill.
The former political prisoner, whose
party had triumphed in a 2015 election,
promised a fresh start built on the true
strength of our diversity, for a country
blighted by multiple ethnic insurgen-
cies and decades of military rule.
Then President Barack Obama hailed
a new way of doing business and a new
government, as he lifted sanctions.
A year later, Myanmars international
reputation, and that of its 72-year-old
leader, are in tatters after a brutal mili-
tary campaign by security forces in the
western state of Rakhine that has made
homeless nearly half a million mostly
Muslim Rohingya over the space of a
month.
The refugees streaming into Bangla-
desh have brought stories of mass kill-
ing, rape and torching of villages by
security forces, which human rights
campaigners say may amount to ethnic
cleansing or crimes against humanity
but which Myanmar describes as clear-
ance operations.
The most serious crisis since Myan-
mar began its transition to democracy
in 2011, the conflict has left Aung San
BANGLADESH
IN D IA
C HI N A
M YA N M A R
RAKHINE
Naypyidaw
Yangon
THAILAND
Suu Kyi caught between an interna-
tional community demanding account-
ability and her own public, which is in a
jingoistic and unforgiving mood.
It has also reinforced the fragile state
of Myanmars incomplete democratic
transition, which left the military with
three key ministries, a quarter of seats
in parliament and control over the army
and police.
Burmese and foreign businesspeople,
diplomats and others interviewed by
the Financial Times, some of whom
spoke anonymously because of political
sensitivities, are now voicing doubts as
to whether Myanmars leader will be up
to the task.
Worse, they fear that the Rohingya
crisis could push Myanmars transition
from five decades of military rule badly
off course. For some of her critics, Aung
San Suu Kyi had already proved to be a
flawed leader on other counts before the
Rohingya crisis erupted.
In my view, Myanmars transition
has birth defects especially the consti-
tutional arrangement of mixing elected
government and the guardianship of the
Tatmadaw [military], says Ko Ye Myo
Hein, executive director of the Tagaung
Institute of Political Studies in Yangon.
If the elected civilian government can-
not make attempts to change the game,
the transition will die a slow death, in
the graveyard of hybrid regimes.
In her first speech on the crisis last
week, in an auditorium with many
empty seats in Naypyidaw, Myanmars
golf resort-like capital city, Aung San
Suu Kyi said her government deserved
more time, pointing out it had been in
office for just under 18 months.
We want to find out why this exodus
is happening, she told diplomats and
journalists in English, in a speech in
which she sounded at times chiding, at
others pleading. We would like to talk
to those who have fled, as well as those
who have stayed. The remarks gave the
impression of a leader either out of
touch with events in the western bor-
derlands which were being broadcast
in real time on international news chan-
nels or powerless to control them.
Amnesty International accused
the Burmese leader of burying
her head in the sand, while
Human Rights Watch said
her assertion that 50 per
cent of Rakhines Muslim
villages were intact after
the violence amounted to
a failing grade.
In her speech, Myanmars
Aung San Suu Kyi: little
control over Rakhine, but
the Rohingya were
not part of her
peace process
By John Reed
Taking flight:
Rohingya refugees
jump from a wooden
boat near Dakhinpara,
Bangladesh on
September 12
Dan Kitwood/Getty Images
A new regime flounders
They want sympathy
Terrorist fears add to
longstanding prejudices
Even in a world turned upside down
by arguments over fake news and
alternative facts, there is a dramatic
gap between what the outside world
says is going on in Myanmar and the
view of many of its citizens.
Over the past month, a campaign by
Myanmar security forces in Rakhine
state has caused one of the largest
flights of people in recent history and
led rights campaigners to accuse the
military of heinous crimes.
But in Yangon, the largest city, many
believe their country is defending
itself from attack by terrorists and
slander by an outside world captive to
Muslim lobbying on behalf of a
population they call Bengalis.
Myanmar media have been quick to
seize on reports this week of mass
graves of minority Hindus in Rakhine.
They are thought to have been
killed by the Arakan Rohingya
Salvation Army, an insurgent force
whose deadly attacks on security
forces in August prompted
intervention by the military.
leader likened her country to a human
body, urging the international commu-
nity to address it and its problems as a
whole, and not just little afflicted
areas. She said: It is as a whole only
that we can make progress.
Outside the process
Taking Myanmar as a whole, there are
signs that suggest the patient is in a poor
state indeed and some of this is due to
factors within her control. Local and
foreign observers of Myanmars leader,
including some who have known her for
years, say she is a centralising micro-
manager who is failing to deliver on sev-
eral counts.
After a growth spurt that accompa-
nied a surge of inward investment amid
the initial steps to democracy, the econ-
omy has slowed.
Either shes not letting them
[her advisers] do their jobs, or
shes not listening to them,
says Khin Zaw Win, an analyst
and former political prisoner.
She is obstinate, very self-cen-
tred, and undemocratic, but
people worship her.
Zaw Htay, Myanmars govern-
ment spokesman, did not
respond to requests for com-
ment.
When Aung
San Suu Kyi
took power
last year
FINANCIAL TIMES
FT BIG READ. MYANMAR
Bengali people set their own
houses on fire to show the world that
the government is doing it, says
Maung Khin Aung, 31, a Buddhist from
the ethnic Rakhine group, who lives in
Yangon and works as an interpreter,
explaining his views to a foreigner at a
hotel. They want an independent
state. They want to get sympathy from
the international community.
Nayni Phyo Wai Tun, 32, a graphic
designer, believes the Rohingya set
the fires to destroy their documents,
allowing them to gain refugee status
in other countries. Its not ethnic
cleansing or genocide, he says,
scrolling through his phone to show a
cartoon suggesting most Rohingya are
illegal border crossers from
Bangladesh. Its terrorist attacks.
Human rights campaigners and a
few dissenting liberal voices in
Myanmar have pointed out that
regardless of ARSAs role in the
conflict, most of the victims have been
civilians caught in the crossfire.
But the Global New Light of
Myanmar, a government-owned
newspaper, wrote this week that it was
unfair of the international community
to be inordinately worried about the
exodus of Muslims.
after a landslide victory for her National
League for Democracy, her administra-
tion faced a daunting agenda: calls to
reform the 2008 constitution that gives
the military the upper hand over civil-
ian governments; pressure for federal-
ism from restive border regions; the
need to retool an economy stunted by
five decades of isolation.
She took office in the new role of state
counsellor because her foreign family
members bar her from the presidency.
She took three other ministerial jobs,
480,000 50%
UNHCRestimateof Rohingyavillages
Rohingyastohave seenasintactby
enteredBangladesh AungSanSuuKyi
afterrecentviolence aftertheattacks
foreign affairs, education and energy,
but has since relinquished control over
the last two.
Myanmars leader put her primary
emphasis on a peace process meant to
continue the legacy of her father, the
independence leader Aung San, and
resolve decades-old insurgencies with
minority groups in states that fringe
Myanmars largely Buddhist, Burmese-
speaking heartland. The Rohingya issue
is not part of that process.
On the economy, the government
claims to have notched up some
achievements: bringing down inflation
and the budget deficit, and taking a
tough line on official graft that was ram-
pant under the former military regime.
They have been absolutely serious
about corruption, especially at the high
levels, says Sean Turnell, an Australian
academic who is advising the state
counsellors administration.
At the central and state government
level, however, Aung San Suu Kyi was
saddled with a legacy of bureaucrats
who served the old regime. In choosing
her own ministers, businesspeople and
diplomats say she has prioritised loyalty
and opposition credentials over fresh
blood or real-world experience in areas
such as business or law.
The average age of the executive
leadership is pretty high, which means
they come with a socialist mindset,
says one international banker active in
Myanmar. She has gone for people who Inflation (annual % change)
she believes are loyal to her and not cor-
rupt, but the pace of economic reform
has suffered because the executive lead-
ership is weak and the bureaucracy is
loyal to the former government.
Because of her long exile, then 15
years under house arrest, Aung San Suu
Kyi is herself strikingly short on basic
work experience apart from a junior
UN job she held as a young woman.
The new administrations limited
skills base, combined with the tough
line the Lady is taking on corruption,
has made some ministers either une-
quipped to tackle spending projects or
loath to promote them for fear of accu-
sations of being on the take.
They dont have any data sources to
evolve policy, so they arent very confi-
dent making decisions, says Aung Tun,
a consultant to international develop-
ment agencies in Yangon.
Meanwhile, civil society groups and
Myanmars Muslim community, who
make up about 4 per cent of the popula-
tion, have criticised Aung San Suu Kyis
administration for doing little to calm
the countrys sectarian tensions.
Myanmar saw deadly anti-Muslim
riots in 2013, before her administration
took power, and some worry that vio-
lence could recur in the event of a bomb-
ing or other attack inside the country by
the Arakan Rohingya Salvation Army,
the militant group whose attacks on
police posts and an army base last
month prompted the brutal crackdown.
The Burma Human Rights Network
this month published research saying
that conditions for the Rohingya had
worsened in the four years since, and
alleged ongoing systematic persecu-
tion of Muslims well into the current
period of pseudo-civilian rule, including
a sharp rise in villages erecting signs
declaring themselves Muslim-free.
They need some kind of action
against ultranationalist groups, who are
very dangerous for the transition proc-
ess, says Aung Ko Ko, head of Mosaic
Myanmar, a civil society group that pro-
13
motes tolerance between Buddhists and
Myanmar and the region minority Muslims and Christians.
The de facto leader has called for tol-
Myanmar Developing Asia erance but in last weeks speech (as in
past ones) used cautious language that
GDP growth (annual % change)
10 did not refer to specific religious or eth-
nic groups, presumably to avoid
Forecast
estranging ethnic Bamar Buddhists,
8 who form the core of her support.
6
Military reaction
Some observers of Aung San Suu Kyi say
4 the assumptions underpinning western
support were flawed from the begin-
ning: the outside world put too much
2 faith in a figure with the instincts of an
old-school Asian dynastic leader.
0 Even so, they say she is Myanmars
2009 11 13 15 17 19 best hope for now. Wed be really dumb
to throw away the democratic transition
in Burma over the situation in Rakhine,
10 over which she has very little control,
says a senior diplomat in Yangon.
Forecast
8 Aung San Suu Kyis supporters believe
she is being judged too harshly given her
6 lack of influence over the military. The
context of our countrys situation is dif-
4 ferent from other countries around the
world, says U Nyan Win, a senior offi-
2 cial with the NLD in Yangon. We cant
control whats happening on the
0 ground, especially in battle zones.
Members of the leaders circle, speak-
-2 ing privately, say the outside world in
2009 11 13 15 17 19 pressuring her to speak out more force-
fully on Rakhine is underestimating
Source: Thomson Reuters Datastream the fragility of the democratic transition
in Myanmar, where the military could
still retake power.
However, others discount this, point-
ing out that the military already has
enough real power, not to mention the
economic benefits from companies they
control. The question is whether the cri-
sis will deliver a blow to investor confi-
dence, already shaky to start with.
Aung Tun Lin, chair of the Myanmar
Tourist Guides Association, says foreign
tour groups have cancelled roughly
15-20 per cent of pre-booked tours due
to what he describes as fake news
about Rakhine. His group says tourism
brings more than $2bn annually in reve-
nues, or 3 per cent of gross domestic
product.
Businesspeople say the crisis could
also dent foreign investment. You
wanted to make a $100m investment in
Myanmar? says a western executive in
Yangon. In your annual report, youre
going to have to defend that position.
Ethnic violence The military has been However, most multinationals were
accused of ethnic cleansing of steering clear of Myanmar. The biggest
Rohingya villages in Rakhine state foreign investors have been from China,
Japan and other Asian countries, most
Fragile state The crisis could hamper of which have hesitated to criticise the
the shift to civilian government as well military campaign.
as peace processes elsewhere In terms of economics, the effects
wont be as great as people expect, says
No control Aung San Suu Kyis allies Mr Turnell, the adviser. Western
say she is not in charge of the military investment mostly hasnt been here
but critics say she has been weak anyway.
14
FRIDAY 29 SEPTEMBER 2017
Chinas party congress
will show Xis supremacy
Reforms aim to boost the states economic power, not deplete it
The congresses of Chinas Communist
party held every five years are a
time for reshuffles at the apex of Chi-
nese power. They are also a rare win-
dow to understand Beijings economic
reforms and international ambitions.
At past conclaves, however, messages
have often been blurred by infighting,
factionalism and opaque slogans.
Such ambiguity is unlikely at the
19th party congress, which opens in
October, in one respect at least. The
supremacy of Xi Jinping, the partys
general secretary since 2012, is beyond
doubt. Indeed, the main questions sur-
rounding his authority involve how
long he wishes to remain in power and
how high he ranks in a pantheon of past
leaders headed by Mao Zedong.
Mr Xis penchant for control suggests
that he will pack the politburo standing
committee the highest echelon of
Chinese power with officials loyal to
his cause. Beyond personnel changes,
the congress is also expected to unveil a
raft of economic, political and strategic
policy guidelines. These will not only
be concerned with the next five years
but will probably also reveal a vision
for Chinas domestic development and
its place in the world to 2050. The out-
side world will be watching whether
this vision includes a closer partner-
ship with the west or a greater rivalry.
In the past, party congresses have
tended toward a domestic focus, but
Beijing thinks that Chinas increasing
international clout requires it now to
paint on a global canvas. Such ambi-
tions were presaged in January this
year when Mr Xi defended globalisa-
tion and free trade at Davos, drawing a
line between himself and the America
first policies of Donald Trump. Other
aspects of Beijings mission are cap-
tured in One Belt One Road, a grand
design to win diplomatic allies and
finance infrastructure in more than 64
countries between Asia and Europe.
Notwithstanding Chinas globalising
verve, Beijings leanings are very differ-
ent from the liberal democratic order
that has thrived under Pax Americana
since the second world war. In a recent
book, Li Junru, a Communist party
thinker, describes the China dream
in terms of casting off historical humili-
ations visited on China by the west.
Thus, Mr Xis quest to achieve the
great rejuvenation of the Chinese
Republicans simplicity
without substance on tax
Cutting rates, by itself, is not reform. The base also has to expand
The first objective stated in the Repub-
lican tax reform plan, released on
Wednesday, is simplification. And that
does appear to be on offer. For exam-
ple, there are seven federal income tax
brackets in the US, ranging from 10 to
39.6 per cent. The Republicans want
just three: 12, 25, and 35 per cent.
Simplicity is of no use, however,
when not backed by substance. The
plan, astonishingly, does not specify
what incomes the three brackets would
apply to. This is the information that
would give the proposal meaning. Do
we know, at least, that the highest earn-
ers will pay less? No. The plan says that
a fourth, higher rate may apply to the
highest earners. Who will fit in this
additional category and what rate they
will pay are, again, not specified. This is
not reform. It is not a laying out of prin-
ciples. It is rhetoric.
The plan advocates a move to a terri-
torial system of corporate tax, rather
than the current worldwide tax system.
Ideally, this would encourage some of
the $2.6tn of US foreign earnings
trapped abroad to come home. The
plan would tax those trapped earnings
at a one-time, low rate again, unspec-
ified and allow future foreign earn-
ings to come home tax-free. There is a
basic issue with such a plan, though.
Unamended, it would incentivise max-
imisation of foreign profits. Companies
in tech and pharma, for example, can
place the earnings from their intellec-
tual property in tax havens.
nation does not take western models
of development as an ideal. Far from it.
Beijing defines itself in part as in oppo-
sition to the western-led world order.
On the issue of domestic economic
reform, the congress is likely to make
state-owned enterprise reform a prior-
ity but not through a return to the mass
privatisation policies of former pre-
mier Zhu Rongji, which paved the way
for Chinas entry into the World Trade
Organization in 2001.
Mr Xi sees Chinas economic reform
programme as having entered a deli-
cate phase, in which an action can have
unintended consequences. Reform in
general and of state-owned enter-
prises in particular should only pro-
ceed after a comprehensive audit of
likely consequences. The aim would be
to boost the economic power of the
state, not deplete it. A template can be
derived from the recent announce-
ment of mixed ownership reforms at
China Unicom, a telecoms company.
Unicoms owner sold down its stake
and brought in other strategic inves-
tors to improve corporate governance
but maintain the states grip.
Such soundings appear consistent
with Mr Xis top level design. They supranational bodies like the EU, or
stand in contrast to some of the key
policy initiatives that followed the 18th
party congress, at which Mr Xi became
general secretary but was obliged to
share power with other factions. The
main contrast has been with an
announcement in 2013 that market
forces would play a decisive role in
the allocation of resources. Since then,
the punitive power of markets has
become clearer to Mr Xi, particularly
when torrents of capital gushed out of
Chinas capital account last year, driv-
ing down the value of the currency.
According to precedent, Mr Xi would
be expected to step down after a second
five-year term that starts with Octo-
bers congress. But many think this is
unlikely. His unchallenged status in the
Communist hierarchy may entice him
to go on much longer. If he does, it rep-
resents a great risk for China and the
world. An authoritarian state in thrall
to a strongman could turn sclerotic at
home and inflexible in its dealings
abroad. If such a power seeks to bolster
its legitimacy by ramping up opposi-
tion to the west, a perilous phase in
international relations would result.
The solution to the tax haven prob-
lem is the defining feature of any terri-
torial plan. It might make good sense to
set a minimum tax rate for interna-
tional earnings, and credit companies
for whatever taxes they pay abroad
(the current system does this, but at a
high rate and deferring the liability
until the money comes home). But the
gritty details matter. The Republican
plan, however, only gestures toward a
reduced rate of tax to be applied to glo-
bal earnings. This is a cop out.
Real reform lowers rates and broad-
ens the base. The plan indicates the
lower rates it wants specifically a
much lower rate for corporations and
the owners of partnerships and small
businesses. Other than general talk
about eliminating deductions, the
base-broadening is scarce. Most of the
biggest loopholes mortgage interest,
charitable contributions, the carried-
interest exemption go untouched.
The two substantive base-broaden-
ers in the plan are removal of a cap to
corporate deductions for interest pay-
ments and the century-old deduction
for state and local tax payments. Big
public companies and private-equity
funds will fight the former to the death.
The burden of the latter would land on
residents of high-tax and overwhelm-
ingly democratic coastal states, depriv-
ing it of any chance of bipartisan sup-
port. If these exemptions survive, there
is little left of the Republican plan that
can be genuinely called reform.
FINANCIAL TIMES
Letters
One click and 50 years of IP assets are lost
Sir, I fully agree that Britain should
update its foreign investment rules
(editorial, September 26) to include
the high-tech sector. You mention
national security and economic
strategy as two parts of a strategy to
protect UK intellectual property. I
would suggest a third UK
government research and development
investment. British companies that
have received such government
support should be subject to
government scrutiny regarding
foreign acquisitions. Two countries
that have sensibly decided they do not
want nationally funded R&D
By not taking sides, EU
sends self-determinists
the wrong message
Sir, The EU says that it does not pick
sides on the question of Catalonian
independence (View from the EU:
Brussels voices rule of law fears over
tricky affair, The Big Read,
September 28). But it should, for the
failure to do so would send a wrong
message to the self-determinists and
secessionists in the developing
countries, who tend to view ethnic
diversity not as a strength, but as a
passport to territorial separation.
Many multi-ethnic states came into
being after the end of the first world
war. The success of Belgians Flemings
and the Walloons in converting
diversity into a unifying force provided
a paradigm for these countries. The
arrival of the EU placed an extra layer
of stability, ensuring that if any
member state did suffer break-up, the
supra-sovereignty of the EU would be
well positioned to absorb its
nationalistic fallouts.
The structure and build-up of
multinational states in the developing
world, however, are different. Either
these states are not protected by
such bodies, if they do exist, are not
strong enough to act as a cushion
against the destructive forces of
nationalism. This means the break-up
of such states, if it did materialise, is
likely to be extremely messy. The EU
therefore cannot simply ignore the
international ramifications of
Catalonian independence.
Randhir Singh Bains
Gants Hill, Essex, UK
USS is committed
to transparency
Sir, I write in response to the letter
Examining the numbers on pension
valuations September 19).
The Universities Superannuation
Scheme is committed to transparent
decision-making and robust
governance, in line with the
constitution of the scheme. This
prescribes that the schemes joint
negotiating committee, an equal split
of employer and union representatives
under an independent chair, make
decisions on future benefits and
cost-sharing arrangements.
The USS trustee has now set out its
views on the cost of meeting pensions
promises. Through 30 meetings since
June 2016, our stakeholders have been
fully engaged on the analysis that
underpins the assumptions currently
under consultation with Universities
UK (UUK), as have individual
employing universities through
Farage finds
far-out friends
in far-flung
places
Notebook
by Robert Shrimsley
disappearing are Finland and Israel.
Aveva, 50 years old this year, is just
the latest example of a Cambridge
Cluster tech company being snapped
up by a foreign buyer, in this case
Frances Schneider Electric. Schneider
quite reasonably wants to combine its
own engineering software assets with
those of Aveva.
There are two ironies to this very
British story. First, for the first 16 years
of its existence before it was privatised,
Aveva was the national R&D Centre for
Computer Aided Design (the majority
of its funding coming from
government) and the intellectual
Were not going to have our cake
and were not going to eat it
additional engagement at four distinct
stages of the valuation to date.
Opinions will undoubtedly vary
when making predictions. Ultimately it
is the trustees responsibility to ensure
that member benefits can and will be
met from the assets held and
contributions paid in future. It is now
vital that we consult with UUK to
obtain the employers view as they
underwrite the inherent investment
risks involved in funding the scheme.
In line with our commitment to
transparency, we shared the
consultation document in draft with
employer and union representatives in
June, and provided a summary for
members on our website once formal
consultation commenced. Our detailed
technical provisions report and
supporting technical discussion
documents issued to employers are
available to interested members
through their own institutions. This
demonstrates a considerable
commitment to transparency.
Bill Galvin
Group CEO, USS
Its our civil servants who
have not felt at home
Sir, I have long thought that it has been,
above all, the British civil service that
has failed to feel at home in the EU
(Letters, September 26). According to
Boris Johnson, and who are we to doubt
his figures, the UK has 16 per cent of
EU gross domestic product, 13 per cent
of EU population and 3.6 per cent of EU
officials. Why is the last figure so out of
kilter?
The British civil service has been the
main group of influential persons who
have lost face and influence with the
growth of alternative sources of action
in Brussels.
Robert Morris
London N2, UK
What must it be like to be Nigel Farages
agent? I only ask because I couldnt help
notice that the erstwhile leader of the UK
Independence party had rocked up at a
campaign rally for Roy Moore, the
homophobic, gun-stroking, Islam-
bashing, Bible-thumper, who even
Donald Trump balked at having as the
Republican candidate to be senator for
Alabama.
Mr Farage flew to the Deep South to
declare he had absolutely no hesitation
in backing a man who that week had
declared that abortion, sodomy and
sexual perversion were sweeping the
land. Just to be clear: this was a
Republican party primary. Mr Farage did
not fly out to support Mr Moore against
the Democrats. He travelled to support
him against another Republican.
Mr Farage has become Britains
goodwill ambassador to the far-right
movements of the world; one of Steve
Bannons coterie of international
travelling agents of insurgency. As Ukip
leader he worked hard to maintain a
distance between himself and the
European hard right. Recently however,
he has endorsed Marine Le Pen and
turned up at a rally in Berlin for the far-
right Alternative for Germany. So how
does he decide who to support. What are
the criteria for the valued Farage seal-of-
approval? How does his imagined agent
pick his gigs and how does she separate
the crazies from the merely furious?
Hello, youre through to Breit-guys,
agents of the international patriotic
If you are not satisfied with the FTs response to your complaint, you can appeal
to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com
property of every subroutine of every
product was protected by crown
copyright. Second, the majority of
Schneiders existing engineering
software assets disappeared in the
click of a mouse to Paris when UK
engineering software company,
Invensys, was acquired four years ago.
How many more clicks of a mouse
must be suffered before there is a
better understanding of national
intellectual property protection in
Whitehall?
Neil McPhater
Ex-Aveva employee,
Longstanton Cambs, UK
Social media raise unique
concerns at consumer level
Sir, Gillian Tetts call for tougher tech
sector regulation is unfortunate but
necessary (The Big Tech bonanza
demands scrutiny, September 22). For
decades techs dual personality has
been on display the promise of
breakthroughs in medicine, education,
finance, public services and industrial
processes, with the potential for abuses
of scale and monetisation. Microsoft
was the beginning; Facebook, and
social media more broadly, represent a
culmination.
Facebook began as an online student
directory at Harvard in 2003, quickly
taking on a life of its own. By 2008 it
had 100m users and more than
100,000 business pages. Steady growth
and successive investment rounds
ratcheted up pressure to scale and
monetise the technology. That meant
collecting and mining free user data to
keep users engaged, and then shaping
that curated online experience to drive
ad revenue in a virtuous (or vicious)
spiral. More than 2bn users tacitly
agree to the exchange without fully
realising the inherent risks from misuse
of data or security breaches. Facebook
shares since its 2012 initial public
offering have risen in price from $38 to
$170; market capitalisation is up from
$104bn to $495bn. Quite a change in
status, with unintended consequences.
Facebook is not a news organisation,
yet its news feed has become a default
daily news source for more than half of
Americans, with none of the content
filters applied in professional
journalism. Why would a half-trillion
dollar neutral bulletin board even
notice $100,000 in ads bought on a
global platform in roubles? Why would
a mere aggregator of news and
information content, as an added
feature amid the selfies, meetups and
dancing pig videos, concern itself with
making sure stories are credibly
sourced and fact-checked? More
importantly, how can it? Especially as
news headlines and dancing pig videos
become less distinguishable by the day.
With size, reach and influence come
responsibilities. Unlike business
disrupters like Amazon, Uber and
Airbnb, social media raise unique
concerns at the consumer level. They
are designed to be free, peer-to-peer,
open to all, highly personal, intrusive
and addictive, and now are being
gamed by advertisers, political fringe
groups, stalkers and Russian
intelligence. The best answer would be
improved critical thinking among users
and, by implication, American voters.
For now, sadly, we must settle for
regulation.
Niels Erich
San Francisco, CA, US
alliance. How can I help you?
Great, youd like to book Nigel for an
event. Terrific. But I must warn you hes
much in demand at the moment. The
True Finns and Jobbik are always after
him. Last week we had someone calling
himself the Grand Wizard and I had to
say to him listen darling, Nigel doesnt
work with rappers. No, he doesnt need
much just a few packs of Rothmans
and a barrel of Abbot Ale.
Now where is the rally? Athens, super,
we love Athens. And you are
from . . . Golden Dawn, I dont think
Nigels worked with you before has he?
So tell me a bit about yourselves. You
dont like immigrants? No, that shouldnt
be a problem. Or gays, I see. Well thats
not a core Farage policy but it wont be a
deal-breaker.
So Im just looking you up on Google,
ah, I hesitate to point this out but there
does seem to be quite a lot of Nazi-
imagery in your photos. Nigels really not
keen on Nazi imagery, so thats going to
be a bit of a problem. He really prefers
organisations that have toned down the
fascist rhetoric. We can work with a bit of
renunciation. No need to overdo it, but a
couple of expulsions would give him
something he can grab on to to say
youve cleaned up your act. You
understand, hes neo rather than Nazi.
Also we are going to need
some references. Thats right, credible
people who can vouch for you. Oh, I dont
know, Steve Bannon, Vladimir Putin,
Sebastian Gorka, anyone from Duck
Dynasty?
Friday 29 September 2017
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
Privatisation of utilities
has benefited everyone
Sir, Ignorance shown by those who
have had responsible jobs is disturbing,
and that a former director of the EU
Commission for water policy (Letters,
September 27) should be mystified by
the benefits of privatising natural
monopolies is a worrying example.
Before privatisation, nationalised UK
natural monopolies were run in the
assumed interests of those they
employed and, by stifling innovation
and productivity, against the national
interest. In his 2014 Nobel Prize
Lecture Jean Tirole remarked: By the
late seventies and early eighties, the
antitrust and regulation doctrine was
in shambles and had to be rebuilt.
Michael Valentine, Nick Fry and I
constituted the team from SG Warburg
which worked on the first
privatisation, that of telecoms in 1984,
so we had to rebuild and in practice
invent a new regulatory system. I
proposed that British Telecom would
be free to change its prices each year by
some amount less than the rate of
inflation, with the formula being reset
every five years. The advantage of this
proposal was that privatised utilities
had a strong incentive to improve
productivity. Over the next few years
this was the achieved to the great
benefit of the economy and thus also
for employees.
Quality standards must not be
lowered to allow price control to be
circumvented, and balance sheets need
to be constrained to ensure that
returns on equity are boosted by
improved productivity rather than by
leverage. If these additional
requirements are neglected it is
possible, as UK water supply has
shown, to regulate badly. It may also be
possible to provide incentives so that
nationalised industries are managed
for the benefit of the economy, but
history suggests that this is well nigh
impossible in the UK. The National
Health Service provides a continual
reminder of the problem, and if the
next government indulges in
widespread nationalisation it is likely
to be joined by others.
In the UK the greatest damage to the
economy by a special interest group is
currently from company managements
through the perverse incentives of the
bonus culture. We need to address this
rather than add to the power of other
special interest groups to hurt us.
Andrew Smithers
London W8, UK
Thames Waters misdeeds
are beside the point
Sir, Guy Standing (Letters, September
28) states that water is a natural public
good. In its natural state it may be, but
it needs to be purified and distributed
to be used by human beings and that is
a different matter. The misdeeds of
Thames Water should not reflect on
the other water undertakings, whether
public companies, shareholder-owned,
or not. The fact is that the investment
and efficiency of the industry increased
steadily and immensely as a
consequence of privatisation, and the
cost to the consumer is modest by
comparison.
Incidentally some of your
correspondents seem to be unaware
that France has large and successful
private sector companies in the
business since long ago.
John Bellak
Shrewsbury, Shropshire, UK
Chairman, Severn-Trent Water Authority,
1983-94
Now just a few questions. Does anyone
get murdered at your events? No, thats
not a trick question. No is the answer we
were looking for. So no murders, super.
Serious injuries? No, the press dont
count. Some violence, I see, but you feel
the blame lies with leftwing agitators.
Thats fine, Nigel can work with that. I
must warn you, however, Nigels presence
requires a no-GBH guarantee. No punch-
ups outside of parliamentary meetings.
And no Roman salutes please the
whole point of asking Nigel is that youre
mainstream now.
No, no dont be that way. Nigels
always keen to help insurgent populists.
Im just saying he has his own image to
think of. Radical is fine, but hes got a
radio show now and advertisers can be
touchy.
Just as a matter of interest, what dates
did you have in mind? Oh, what a pity,
hes in Alabama that weekend. But look,
do keep in touch, maybe try Steve. Hes
got lots of good ideas. Im sorry, Ive got
another call coming in.
Hello, yes this is Nigels agent. Ah
hello sir. You were ringing about the
alt-right event on Friday in West
Virginia. Im awfully sorry, Nigels
asked me to keep it blank. Apparently
Ukip might be about to elect some
horrible far-right leader and Nigel
may need to quit the party. Yes, it is a
pity but you understand, a man like
Nigel cant be associated with people
like that.
robert.shrimsley@ft.com
Friday 29 September 2017
America makes life harder for China over North Korea
OPINION
Fu
Ying
N
orth Koreas sixth nuclear
test, conducted on Septem-
ber 3 in defiance of the
international consensus on
non-proliferation, drew
unanimous condemnation. Efforts to
contain its nuclear ambitions have
yielded no clear result. Equally frustrat-
ing, from a Chinese perspective, is that
western media have pointed fingers at
China.
The international community, China
included, certainly has a part to play in
upholding non-proliferation. But how
the US responds to North Korean provo-
cation matters more than anything else
for the regime of Kim Jong Un. Yet the
US has shown no willingness to make
serious efforts to tackle the real issue
(which is to ensure de-nuclearisation by
responding to North Koreas security
concerns).
The lesson of
the German
election
GLOBAL POLITICS
Philip
Stephens
G
ermany has been jolted.
Angela Merkel has taken a
hit. The nativist Alterna-
tive for Germany sounds
uncomfortably tolerant of
Hitlers Nazis.
Some perspective is required. Britain
has voted for Brexit, the US for Donald
Trump. Sitting in Berlin, the backing
given to the AfD by 12.5 per cent of Ger-
mans does not feel like the stirring of a
Fourth Reich.
Many Germans understandably are
appalled that a party so virulently xeno-
phobic should have broken the taboo
that hitherto has excluded the far right
from the federal parliament. You need
take only a few steps in the capital to see
how the memory of Germanys darkest
days has been preserved and nurtured
as the custodian of todays liberal
democracy.
So among the great majority of Ger-
mans who did not back the AfD there is a
fear that the partys arrival in the Bun-
destag could coarsen permanently the
nations political discourse. Race and
ethnicity are being restored as dividing
lines. When the AfD demands the tear-
ing down of minarets and says Germany
should stop apologising for the Nazis,
OPINION
Reza
Moghadam
E
arlier this week, French pres-
ident Emmanuel Macron laid
out a broad vision of Euro-
pean integration, as a path
forward and a shield against
future crises. He did so days after Ger-
manys elections, undeterred by Angela
Merkels reduced mandate, which is
widely seen as weakening German sup-
port for pan-European initiatives. On
the face of it, threading the needle
between Frances collective approach to
crisis mitigation and Germanys empha-
sis on crisis prevention as a national
responsibility has just become harder.
Yet a workable compromise is not
something that can wait until the next
crisis. Take out European Central Bank
president Mario Draghis whatever it
takes promise in 2012 and liquidity
injections, and Europe is left with
Some historical context is useful here.
The agreed framework signed by the
US and North Korea in 1993 required the
North Koreans to replace their graphite-
moderated nuclear reactors with light-
water ones, which are proliferation
resistant.
However, differences between the
parties on the implementation of the
agreement later led to North Korea
announcing that it would resume its
nuclear programme.
At the end of 2002, China initiated the
six-party talks with the US, North
Korea, South Korea, Japan and Russia. It
was no easy job for China to manoeuvre
between North Korea and the US,
trying to talk the former into giving up
its nuclear programme and the latter
into addressing North Koreas security
concerns. But so successful were
these talks that work began on closing
and sealing up the nuclear facilities in
Yongbyon.
Unfortunately, every time progress
was made it was promptly derailed. For
example, the US decided to impose
financial sanctions on North Korea for
money laundering just as the six parties
memories can curdle into nightmares.
The far rights success, the former for-
eign minister Joschka Fischer thinks, is
a disgrace for Germany. Mr Fischer
fears that things can only get worse
unless Ms Merkels Christian Democrats
succeed in forming a stable coalition
with the economically liberal Free Dem-
ocrats and environment-driven Greens.
No one is pretending this will be easy.
The misreading is to talk about a hol-
lowing out of Germanys political centre.
The Christian Democrats and their
Social Democrat partners in the previ-
ous parliaments grand coalition were
indeed punished both securing
record-low vote shares. There is a per-
suasive argument that the merging of
centre-right with centre-left shut off the
safety valve of wider political debate. Ms
Merkel left space on her right flank for
the AfD, while the Social Democrats
offered more room to the far left.
Germany, however, did not vote for
the extremes. Take out the AfD and the
post-communist Die Linke and nearly
four-fifths backed recognisably main-
stream parties. The change is that the
centrist vote is now shared among four
rather than two or three parties.
The AfD, initially born of hostility to
the eurozone, fought the election on Ms
Merkels decision in 2015 to open the
borders to more than a million refugees,
mostly from Syria. Nothing in the
partys campaign was deemed too low.
The Muslim incomers were terrorists or
otherwise set on suffocating the
national character. Yet concern about
how to integrate the new arrivals was
Macron is right the eurozone needs a finance minister
incomplete moves toward banking
union, complex fiscal rules that force
austerity during recessions and a Euro-
pean Stability Mechanism whose fund-
ing requires unanimous support. Nor is
there a central point of contact in a cri-
sis, the response to which is often impro-
vised by committee.
There have been many proposals to
plug these holes, most notably Mr
Macrons plan for a eurozone finance
minister. Other versions, including one
floated by European Commission presi-
dent Jean-Claude Juncker, also contem-
plate a souped-up ESM.
Eurozone finance minister is cer-
tainly a snappy title. But if it is to be
meaningful, and sufficient support built
for its creation, the job description must
answer some key questions. Would the
minister oversee an annual budget
through the cycle, or only stimulus in
recessions? Would the budget disburse
loans or grants? How can the risk of cri-
ses, and so fiscal payouts, be minimised?
What would be the role of the minister
in a crisis?
Most importantly, can these ques-
tions be reconciled with the new reali-
FINANCIAL TIMES
Comment
were prepared to implement the joint
statement agreed in September 2005.
North Korea responded with its first
nuclear test.
Throughout the Obama administra-
tion, the US followed a policy of strate-
gic patience, which was in fact a cover
for inaction. Peace talks came to a halt
and sanctions became the only tool for
the US, whose real aim was widely
The US is pursuing
sanctions, but these cannot
curb Pyongyangs nuclear
ambitions on their own
believed to be regime change in North
Korea.
We have since seen a vicious cycle in
which North Korea has conducted a fur-
ther four nuclear tests and countless
missile tests. As a permanent member
of the UN Security Council, China
administered sanctions under the UN
resolutions, but its calls for peace talks
went unanswered. All the while, joint
shared by many more people than voted
for the xenophobes. We did the right
thing, but never again, I have heard
many middle-of-the-road Germans say.
By the same token, the votes won by
the far right were more than an expres-
sion of concern about Muslim immigra-
tion. The AfD performed best in the
former East Germany in places which
have received few migrants, but which
feel abandoned by the affluent west.
Programmes to integrate the refugees
are greeted with resentment by the left-
behinds in places such as Leipzig and
Dresden. What about us? they ask.
At this point the pitch of the AfD
meets that of Trump cheerleaders in the
US, Brexiters in the UK and supporters
of Marine Le Pens National Front in
France. Blame it all on globalisation and
The danger is not that
Germany will be overrun
by the far right, but that it
will turn inwards
ties in Germany? The short answer is yes
but it requires careful delineation.
The ministers first task would be to
provide fiscal support only in the face of
large shocks, as opposed to small down-
turns, which are best handled by
national budgets. Support, say, for
unemployment benefits and employ-
ment schemes would be grants, not
loans, that push up already high public
The idea stops short of
broad fiscal union with
Europe-wide taxes and
focuses on the essential
debt. To this end, and to backstop bank-
ing union, the euro minister should be
authorised by the eurozones finance
ministers, the eurogroup, to issue debt,
via the ESM, up to a given ceiling. The
debt could be serviced over time
through national contributions or, more
ambitiously, taxes.
The eurozone budget would thus be
small in most years, with debt rising in
military exercises by South Korea and
the US grew larger and more sophisti-
cated. As a result, tension continues to
rise.
The Trump administration has called
on China to do more. China has
responded by offering stronger support
for tougher UN sanctions. It has banned
imports of North Korean coal, iron, iron
ore and seafood and suspended new
joint ventures with North Korea. It has
also called for a double freeze, in
which North Korea would stop its
nuclear programme in exchange for the
US halting joint military exercises with
South Korea.
However, the US is single-mindedly
pursuing an intensification of the sanc-
tions regime. Yet it is already clear that
sanctions alone could not curb North
Koreas nuclear programme.
Despite ever tougher sanctions and
deepening isolation, North Koreas gross
domestic product in 2016 grew better
than at any time in the past 17 years. In
the meantime, unconstrained by any
peace talks, North Korea is moving fur-
ther down the nuclear path, while its
relations with China have deteriorated.
outsiders, Jews and Muslims both. Yet
in Germany the backlash has been on a
much smaller scale. Ms Le Pen won over
more than a third of French voters in
her bid for the presidency. More than
half of Britons voted for isolation from
their own continent.
The danger now is not that Germany
will be overrun by the far right, but that
its mainstream politicians will turn
inwards in response to the AfD. Ms Mer-
kels calculated timidity ultimately lost
her support during the campaign. The
complex coalition-building demanded
by the election outcome may tempt her
to repeat the mistake.
The important political divide today
is not between traditional right and left,
but between those who know the chal-
lenges of the age are best confronted by
the shared efforts of like-minded states
and those who want to barricade the
borders. Advocates of the former have
been drowned out by the rage of the dis-
possessed. Never mind that the popu-
lists are selling snake-oil.
Germany stands as a test-case.
Nationalism brought it to ruin; Europe-
a crisis and receding as it is paid down.
Like national finance ministers, the
euro ministers remit must extend
beyond the budget. The minister should
serve as the focal point in a crisis, work-
ing with the ECB and the ESM. Unlike
the current eurogroup president, who
operates as a committee chair, the min-
ister would develop and execute a com-
prehensive crisis response strategy.
In return for centrally provided fiscal
insurance, the finance minister would
be empowered to promote fiscal disci-
pline and prudent macroeconomic pol-
icy at the national level. Hard powers,
like vetoes over national budgets, are
probably a bridge too far politically. But
a softer power for example, the capac-
ity to declare countries ineligible for cri-
sis funding may suffice, leaving it to
bond markets to determine the added
risk premium.
The eligibility decision could even
factor in broader considerations such as
banking stability and current account
imbalances, using the input of the Euro-
pean Commission.
The eurozone finance minister should
be appointed by the heads of govern-
Yet the US still expects China to influ-
ence North Korean policy and behav-
iour, while ignoring advice and propos-
als tabled by China and other parties.
America has made things even more
difficult for China by installing the
Thaad anti-missile defence system in
South Korea. This has an X-band
radar capable of monitoring vast
swaths of Chinese territory. Rather than
providing protection for the South
Korean people, the system threatens
strategic stability in north-east Asia.
The US has so far shown no intention of
changing course. Meanwhile, fears
about what happens next are growing in
South Korea and Japan.
In the interests of a peaceful resolu-
tion, China must try even harder to get
the US and North Korea to take each
others concerns seriously. Yet if we are
really to solve the problem, then both
parties need to make concessions. If we
allow things to slide, who knows what
awaits us?
The author is chairperson of the Foreign
Affairs Committee of Chinas National
Peoples Congress
anism has supplied the anchor for its
security and prosperity. There is no rich
democracy that depends more on an
open, rules-based international system.
Sure you can count the euro debts
underwritten by Berlin. But the modern
German economy lives or dies by its
access to overseas markets.
Emmanuel Macron has staked out the
right political ground in an expansive
set of proposals for more EU integra-
tion. The immediate response in Berlin
has been caution: Ms Merkel, you hear it
said, does not have the political space.
But to challenge the French presidents
ambition is to miss the point. The
response to globalisation must be a col-
lective endeavour to protect and pro-
mote national welfare. This is not a case
to be made from a defensive crouch.
There, if you are looking for one, is the
lesson of the German election.
The writer at present is a Richard von
Weizscker Fellow of the Robert Bosch
Academy in Berlin
philip.stephens@ft.com
ment of the eurozone. If the position is
to be more than just an embellished
committee president, the minister
would need to have operational auton-
omy except for funding decisions,
which would be approved by a qualified
majority of the eurogroup. Oversight
could be provided by the European Par-
liament or a committee of MEPs drawn
from eurozone countries.
The above stops short of Mr Macrons
vision of fiscal union, with Europe-wide
taxes and spending. Rather, it focuses
on the essential: a collective action
mechanism for managing and stabilis-
ing economies in crisis. It also does so
without the need for EU treaty changes,
the eurogroup process being informal
and sitting outside the treaty.
With the upcoming change in the
eurogroup presidency, there is an
opportunity to install a euro area
finance minister. It will be vital to give
the new minister not just the snappy
title but also the requisite powers to
shoulder the responsibility.
The writer is vice-chairman for sovereigns
and official institutions at Morgan Stanley
15
A conspiracy
of optimism
veils Britains
bleak outlook
ECONOMICS
Chris
Giles
his party conference season
T Britains political masters
have decided to heed Boris
Johnsons advice and present
an upbeat vision of the
nations economic future. Theresa May
forecast last week in Florence that leav-
ing the EU will foster a new era of co-
operation and partnership in Europe.
With Britains talent for creativity and
indomitable spirit, she promised the
economy will always be strong. Jer-
emy Corbyns Labour party pledged
not just to repair the damage done by
austerity, but to transform our economy
with a new and dynamic role for the
public sector.
There you have it: two party leaders;
two bold visions, and two promises of
prosperity for all. Stripped of the impre-
cise language, both aim to raise the sus-
tainable rate of economic growth and
spend the proceeds wisely.
Since the second world war, the sus-
tainable rate has averaged 2.5 per cent a
year, but there is every reason to think it
will be substantially lower in future. The
Office for Budget Responsibility has
already reduced its estimate of annual
potential output growth to 2 per cent by
2021 and its main judgment for the
Budget this autumn will be whether to
reduce that estimate further.
Why has the UKs fiscal watchdog not
been infused with the modish political
spirit of optimism? The first piece of evi-
dence comes from history. Over the past
decade, Britains economy grew at an
average annual rate of 1 per cent and yet
With further expansion of
the labour market limited,
growth must come from
increased productivity
unemployment has fallen from 5.3 per
cent in 2007 to 4.3 per cent now. With-
out unemployment falling, that feeble 1
per cent growth rate was faster than the
sustainable growth rate of the UK econ-
omy. You cannot lower unemployment
for ever.
It is also wise to look to the future.
Unlike in the US where many men have
lost hope of finding work, there are no
obvious pools of untapped labour in
Britain. Net immigration rates have
fallen sharply, underemployment
appears absent since a majority of those
expressing a preference want to cut
their working hours and pensioners
show no desire to return to the labour
market. Five years ago, the employment
rate of the over-65s was increasing
sharply, but it is now in retreat.
With further expansion of the labour
force limited, economic growth must
come from achieving more with the
people already working. That is easier
said than done. Productivity growth has
been the easiest variable to predict over
the past decade. No forecaster has made
a serious error since 2007 by predicting
that the official forecasts will be wildly
optimistic and that the productivity
growth will barely exceed zero.
Since the March Budget, UK produc-
tivity has again performed worse than
the OBR expected. For it to match the
fiscal watchdogs 2017 forecast, output
per hour would have to grow 5 per cent
in the second half of this year. It took the
past 12 years to achieve the last increase
of a similar size.
An important question is whether
Brexit or nationalisation would help
raise the growth rate of Britains poten-
tial output. In the long-run, there is no
clear answer. Almost certainly not, but
we do not really know, is the best eco-
nomics can do. But for the near future,
economics gives a resounding answer of
no to improved growth prospects
because transitions disrupt immedi-
ately and new opportunities cannot be
seized at once. As Mark Carney, Bank of
England governor, said of Brexit last
week, the reorientation of business
relationships will take some time.
For Britains economic performance,
its prosperity, its tax revenues and its
financing of public services, there is
nothing more important than the sus-
tainable rate of economic growth. Sadly,
the outlook is bleak. Economists take no
pleasure from this dismal prognosis, but
it is grounded in reality. It will not be
long before our politicians return from
the land of the fairies.
chris.giles@ft.com
16 FINANCIAL TIMES Friday 29 September 2017

Taiwan/Apple: dialling down dollars

A subdued reaction from consumers and problems with supply chains have hit shares in Apple since the
latest iPhones were launched. Hon Hai and TSMC, the Taiwan electronics groups, have been caught up in the
sell-off and, for foreign investors, a fall in the Taiwan dollar has exacerbated the declines

Twitter: @FTLex Email: lex@ft.com Total returns Taiwans equity flows

Bombardier:
world series
Smaller planes are often more nimble
than the largest passenger jets. They
are also less stable in inclement
weather. On Tuesday, a storm hit a
smaller model. The US Department of
Commerce slapped a preliminary 219
per cent tariff on the C Series single-
aisle jet from Canadas Bombardier. A
final ruling is scheduled for February.
The complaint came at the behest of
Americas Boeing, a jumbo whose
enterprise value is $150bn. Never mind
that it does not yet make a plane that
directly competes with the C Series.
Bombardier may well prevail when
the dispute is in the final ruling. The
Quebec company has taken multiple
recent bailout financings totalling
nearly C$2bn in debt and equity from
the Canadian and Quebec
governments.
That suggests its situation is
precarious. These handouts may have
given Bombardier the breathing room
to achieve a turnround, if slowly. Yet
with C$11bn of debt against an equity
of C$5bn, even modest setbacks can
upend it.
The Canadian manufacturer is not
expected to be cash flow positive until
2019. The C Series jet was designed to
take advantage of intra-regional travel
growth, particularly in Asia and
developing markets. An innovative
design has cost a whopping $5bn, far
greater than projections. US carriers
Delta and Republic have put in 115
orders, a third of Bombardiers
backlog. The pair could ultimately
cancel their purchase if the tariff is
upheld.
In the next 20 years, more than
12,000 small, single aisle jet will be
delivered according to Bombardier.
Whatever the problems in getting the
C Series off the ground, the small
sample size of reviews, so far, are
positive undoubtedly getting
Boeings attention too.
The question for investors is whether
there is enough of a cash cushion to
both shoulder a US disruption and any
wait for orders from other markets to
materialise. At the same time,
Bombardier is investing heavily in its
next generation business jet, the Global
7000. The company does have a few
billion dollars of liquidity so it can
stomach a few blows. Starting in 2019,
it faces several large debt maturities
which will test this ballast. Bombardier
needs to win this fight. Another bailout
looks unlikely, not only because of any
taxpayer backlash but also due to its
competitors aggression.
Private equity:
groundhog decade
The doctrine of metempsychosis
dooms the unenlightened soul to
repeated cycles of existence. It was
shown in Groundhog Day, in which Bill
Murray endured the same day multiple
times until he renounced selfishness.
Private equity is another example. Big
buyouts and even bigger fundraisings
suggest the calendar has reset to 2007.
But there is no percentage cut for
private equity firms in selfless
enlightenment. Cycles are rewarding.
The buyout business is, moreover,
robust across peaks and troughs.
Private equity has suffered a time
slip by several measures. Buyouts
worth $212bn were agreed in the first
nine months. That is their highest level
since the same period of 2007, after
which markets tumbled. Deals and
fundraisings are fat, too. A consortium
led by Bain Capital is paying more for
Toshibas memory business $18bn
than KKR and Stefano Pessina shelled
out for Alliance Boots 11 years ago.
Apollo Global has raised a $25bn
buyout fund, topping a $22bn fund
Blackstone set up back in the day.
The Federal Reserve wants to curb
leverage, with deal debt limited to six
times earnings before interest, tax,
depreciation and amortisation. Banks
are relaxing covenants instead. Buyout
firms are once again favoured
borrowers. Trade buyers cannot
compete. No one polices the unofficial
price ceiling of 10 times enterprise
value to ebitda. As with Hellman &
Friedmans $5.3bn purchase of Danish
payments group Nets, a mid-teens
multiple is now the norm,
What happens now? If markets stay
high, the sheer weight of money will
eventually cut returns to single digits. If
they collapse, buyout groups will take
steep losses on some recent deals. A
few may close. Most will endure. The
last financial crisis did not kill private
equity. Nor will the next one.
Even without such fillips as tax
deductible interest, the business model
Rebased (in US $ terms)
Taiwan Semiconductor
Manufacturing
Hon Hai Precision
Engineering
Apple
2012 13 14
FT graphic Sources: Thomson Reuters Datastream; Bloomberg & Scotiabank FICC Strategy
Macro investors nurture a sense of
superiority over mere stockpickers.
Top-down analysis usually trumps
the bottom-up kind. However, in
Taiwan, scrutiny of Apples local
supply chain can offer important
clues about the Taiwan dollar.
The currency has weakened
1.4 per cent since Apple announced
two new iPhone models. Analysts at
Scotiabank estimated that foreign
investors pulled $1.94bn from the
Taiwanese stock market. The
bearishness is a response to a cool
reaction to the iPhone 8 from
consumers, as well as constraints that
will push delivery of the iPhone X
past a September release date.
The delay means the gadget will
not be on sale during Chinas golden
has some inherent strengths. It is a
corollary of stock market ownership
and its weaknesses.
Hyundai/North Korea:
ballistic missile blues
For South Korean companies,
protection has come at the cost of
protectionism. Chinese consumers
have heeded patriotic calls to boycott
products identified with South Korea,
in response to last years decision to
deploy a US anti-missile system.
Yesterday the nation announced that it
would react with protectionism of its
own, and help companies with tax
deferrals and cheap loans.
Car sales by Hyundai Motor
Equity flows ($m)
300 400
300
250
200
100
200
0 30.15
150
-100
-200
100
-300
50 -400
15 16 17 16 Aug
week in October, when better-off
Chinese spend heavily. That may not
affect iPhone X sales much. Its features
have been well received by analysts.
Doubts over demand for the iPhone 8
are more troubling. Mixed reviews and
higher prices may slow the upgrade
cycle. Sales are declining in China,
where competition from local
manufacturers has intensified.
Scotiabank estimates that 13 per cent
of Taiwans $281bn of exports last year
were related to Apple products.
A 10 per cent sales rise at the
smartphone maker would increase the
islands gross domestic product 0.7 per
cent. Two top suppliers, Hon Hai and
TSMC, account for nearly a quarter of
the value of the benchmark Taiwan
Stock Exchange index.
Company in the Peoples Republic, its
largest foreign market, fell two-thirds
in the second quarter compared with
the year before. Adding to the pain
have been factory shutdowns. The
companys local joint venture has
struggled to pay suppliers in the face of
the sales slump.
Hyundais share of income from
Beijing Hyundai, its joint venture with
BAIC, could decrease 96 per cent to
Won25bn ($22m) this year, according
to Credit Suisse. Utilisation rates at car
plants operated by the JV dipped to a
third in the second quarter. The
proposed solution, saving money by
switching to Chinese suppliers of spare
parts, is a move Hyundai opposes.
It needs to come up with a better
idea, because the group opened a plant
in Chongqing this year. Analysts expect
Taiwan $ per US $
29.90
29.95
30.00
30.05
30.10
30.20
30.25
30.30
Apple
releases iPhone X 30.35
on September 13
30.40
1 Sep 27 Sep
2017
Taiwanese suppliers are not
equally exposed to demand for either
version of the handheld. Both Hon
Hai and Pegatron assemble iPhones,
but the latter will suffer more if
iPhone 8 sales underwhelm. Both
stocks have declined by more than a
tenth since the Apple announcement.
Semiconductor manufacturer TSMC,
too, has much to gain from iPhone X.
Its shares dropped only 2 per cent.
The stock market has gained a
quarter in dollar terms this year.
Investors found an excuse to take
profits. On a US dollar basis, Hon
Hais forward earnings can be bought
an eighth more cheaply than two
weeks ago. The right response to
indiscriminate, top-down selling is
selective, bottom-up buying.
Beijing Hyundais capacity to rise 9.4
per cent in the five years to 2020,
outpacing total annual demand growth
roughly seven times and implying an
ambitious view of sales prospects.
The brand has a problem in China,
beyond its Korean heritage. Hyundais
saloons are stuck between the products
of western brands and mainland
manufacturers, such as Geely, which
customers deem better value for
money. An update to Hyundais
sedan-heavy product line to include a
subcompact SUV in China is supposed
to help stem the tide. Managing excess
capacity is a bigger priority. The
company can blame this on Kim Jong
Un for now and use subsidies to
delay confronting the problem. But
Hyundais future in China rests on
resolving its own cross-border tensions.
H&M:
hygge mugger
Everyone likes a bargain, particularly
investors. Hennes & Mauritz, Swedens
purveyor of Scandi fashions worldwide,
offers value on the high street.
Unfortunately, fears of peak Scandi
have damaged the brand. Its shares
have lost 40 per cent since their highs
in 2015. Like the styles it flogs, H&M
shares look cheap relative to many
peers. And for good reason.
H&M has found itself in the no
womans land of fashion retail. Fast
fashion outlets struggle to keep footfall
and profitability steady while fighting
off an online challenge from the likes of
Asos. H&M is no exception, as revealed
in yesterdays nine-month results. Its
gross profit margin has fallen by one
percentage point year on year following
summer sales to cut its inventories.
H&M claims it is in transition to a
more efficient supply chain. Its
supplier orders are falling and should
lead to leaner stock levels. So far,
though, inventories have risen faster
than sales in krona terms. Shoppers
have decided they can wait for autumn
discounting. The shares lost 5 per cent
yesterday, despite the valuation
wallowing at its cheapest in five years.
The dividend is a concern. A 4 per cent
yield is attractive, but is it sustainable?
Adjusted for investment and
dividends, cash flow looks wanting.
Since 2014, the trend is downward,
suggesting either capital spending,
dividends or both will need alterations.
H&Ms refurbishments and store
openings are unlikely to come to a halt
soon, suggesting dividends are at risk.
Unless H&M can squeeze its working
capital, thereby lifting operating cash
flows, something has to give. The good
news is that the company has a strong
balance sheet with no debt. H&M
believes that it can borrow from its
banks at negative rates. Good thing too.
It may need that money.
Given H&Ms stubbornly high
stock levels relative to sales, expect
another quarter of discounting to
come. The Scandi retailer will stay
on the reduced rack for a while
longer yet.
Lex on the web
For notes on todays breaking
stories go to www.ft.com/lex

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14 Sloughs flying start (4,3) 16 Support for jockey in prison
15 Challenge ending with death over press set-up (8)
chamber (7,8) 17 Officer and doctor each held
   18 Angle a half-frame makes with when close to death (4,4)
dilapidated hut (7) 19 Corporate support enjoyed by
20 Nothing approved after film sporting cups (6)
    got it wrong (7) 21 Alternatives include a third
22 Unlucky to be taken by rate speaker (6)
negotiator (4,5)
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Friday 29 September 2017 17

General Bombardier Deutsche US 10-year Brent oil Euro/dollar Gold Euro Stoxx
England 1 Germany 0 Deutsches Electric Bank Treasury 600
finance chief relishes London life 0.57% 5.71% 2.68% 2.33% 1.3% 0.3% $4 0.2%
PATRICK JENKINS, PAGE 21
$24.23 C$2.22 14.37 2bp $57.16 $1.1778 $1,284 386.36

Private equity transactions hit $212bn Short

View
3 Cheap debt and ready cash fuel boom 3 US and European activity at highest since 2007
compared with the same period last Global Management in the US, private marked increase in issuance of collater-
Jonathan
JAVIER ESPINOZA, ROBERT SMITH
AND ARASH MASSOUDI year. equity groups have raised record-sized
The summer alised loan obligations. Eley
The figures include some of the pri- funds backed by institutional and sover- months were Marc Nachmann, co-head of global
Private equity transactions have vate equity industrys biggest deals eign investors who are pursuing high investment banking at Goldman Sachs,
reached a post-financial crisis high this since the crisis, including an $18bn deal returns in a low interest-rate environ-
some of the said: The constraint on private equity Ever since the Brexit vote, pundits have predicted that
year after cheap debt and record sums for Toshibas memory chip unit by ment. busiest I can has been the opportunity set of availa- returns from UK mid-cap stocks would substantially trail
of ready cash lifted the value of deals to a Bain Capital-led consortium, a Moreover, Saudi Arabias aggressive ble targets rather than the backing of those from large caps because of the formers heavy
$212bn. planned $6.5bn takeover of office sup- shift into private equity investing
remember for the financing markets. domestic exposure. Yet this underperformance has stub-
Buyout values rose nearly 25 per cent ply retailer Staples by Sycamore Part- has prompted the creation of SoftBanks some time Buyouts in Europe reached $69bn bornly failed to materialise.
in the first nine months of the year, rep- ners, and the $5.3bn buyout of Scandi- $93bn Vision Fund and a planned in the first nine months of 2017, repre- The smaller companies of the FTSE 250 have lagged
resenting just under a tenth of total navian payments processor Nets by $40bn infrastructure fund led by senting a 60 per cent increase on the behind their larger peers in the FTSE 100 by about 2 per-
M&A dealmaking, according to data Hellman & Friedman. Blackstone. same period a year earlier. In the US, centage points in price terms since the June 2016 vote. But
from Thomson Reuters. The summer months were some of Fuelling the boom are more relaxed buyouts amounted to $105bn, a 31 per over just about every other time period, the FTSE 250
Activity in the US and Europe is at its the busiest I can remember for some debt terms and an ability to access loans cent rise, while Asia-Pacific buyouts fell wins. Year-to-date returns also are better in sterling terms
strongest since 2007, when it reached time, David Walker, global co-chair of more easily, which is also propelling by nearly half to $24bn. than the FTSE All World index. There are several reasons
$526bn in the same period. private equity at Latham & Watkins, deal activity. Rates at which private Lex page 16 why the index may continue to defy predictions of doom.
Worldwide M&A activity totalled said. equity sponsors can raise bonds and Dealmaking recovers page 19 One is that Britains mid-caps are more international
$2.4tn for the year to date, up 2 per cent From CVC in Europe to Apollo loans have hit all-time lows, helped by a Toshiba chip unit sale page 20 than commonly believed. In the popular imagination, the
FTSE 250 is stuffed with housebuilders, retailers and res-
taurateurs, whose profits will be crushed by any domestic
consumer spending downturn. In fact, only 14 general
retailers are in the index, and none among the top 10
stocks by size. The two biggest sectors, with a weighting of
Brompton deflated about a quarter each, are industrials and financials
Fault prompts recall (excluding investment trusts). Both are an international
bunch. Packaging group DS Smith, the biggest stock in the
of 144,000 cycles index, gets 80 per cent of its revenues from outside the UK.
For the index as a whole, the proportion is about half. That
is more than the 44 per cent that S&P 500 constituents
Brompton has issued a voluntary recall managed to generate from outside the US market in 2016.
of 144,000 of its folding bicycles because Mid-caps are still relatively cheap. According to Bar-
of safety worries over a defective part, clays, the forward price/earnings ratio for the FTSE 250
writes Michael Pooler. sits just above that of the FTSE 100. At the start of 2016, it
The company said that all of its bikes was 1.1 times and a decade ago it was more than 1.3 times.
manufactured between April 2014 and Domestically focused stocks have derated even more
May 2017 contained axles that had sharply. Yet evidence is scarce to suggest that an earnings
shown a higher than expected failure collapse is imminent. In fact, potential catalysts could help
rate, affecting one in every 5,000. earnings within individual sectors: a stronger oil price, for
There has been one reported case of a instance, will boost profits at highly leveraged exploration
rider breaking a fibula as a result of an and production companies such as Premier Oil and Tul-
accident caused by the part, Brompton low. Shares in both have risen more than 25 per cent in the
added. We have had an increased past three months.
number of failures not particularly Leaving the EU could harm the UK economy. But it
high but sufficient that it has given us would do less damage to UK-listed companies. On current
concern, said Will Butler-Adams, chief evidence, investors are too pessimistic about UK plc.
executive of the London-based business.
Customers are urged to visit certified Forward earnings per share
Brompton dealers to have the part Rebased
replaced free of charge. The problem 106
relates to a bottom bracket cartridge, 105
supplied by German group Schaeffler, on FTSE 250 104
which the cranks and pedals sit. 103
Brompton said failure could lead to a
sudden loss of pedal control without 102 The forward
warning, leading the rider to fall off. 101 price/earnings
Although the faulty bracket still met FTSE 100 100 ratio for the FTSE
all international safety standards, 99 250 sits just above
Brompton said it did not meet those it set that of the FTSE
Jan 2017 Sep
for its components. 100, according
Schaeffler was not immediately Source: Thomson Reuters Datastream to Barclays
available for comment.
jonathan.eley@ft.com
Charlie Bibby

Ikea slots into gig economy as it buys

TaskRabbit online jobs marketplace
RICHARD MILNE The San Francisco-based company is customers assembling their own furni-
NORDIC CORRESPONDENT
understood to have 60,000 independ- ture. But in recent years, it has moved to
Ikea Group is making a rare high-pro- ent contractors registered on its plat- offer more services to customers not
file acquisition, with the flat-pack fur- form, but it is unclear how many are wanting the hassle of going to an out-of-
niture retailer buying TaskRabbit, the active. It is expected to retain its inde- town store and then spending hours
online marketplace for odd jobs. pendent platform in Ikea and continue putting the furniture together.
to grow its non-Ikea business. It has long offered assembly in coun-
Carmakers navigate route Officials at the largest furniture retailer, The move is unusual for the privately tries such as Germany, and has increas-
to brighter future in Russia with sales of 34bn, confirmed that it held retailer, which is based in the Neth- ingly offered home delivery or city-
would buy the US start-up, which erlands and not known for big-name centre collection, in an attempt to
Carmakers are betting on a recovery matches freelance workers to jobs rang- acquisitions. Ikea, like others in its sec- appeal to younger customers.
in the Russian market, with Mitsubishi ing from assembling Ikea wardrobes to tor, is struggling to adapt to a world Ikea is aiming to almost quadruple its
restarting production of its Pajero helping people move house. where shoppers buy more and more online sales by the end of the decade,
Sport SUV just days after Ford TaskRabbit is a big name in the gig online. The furniture retailer has set up expanding them to 5bn, or 10 per cent
announced that it would introduce economy, but has failed to live up to its its physical stores so that customers are of a total 50bn in sales by then.
a second shift at its factory in promise. It has been involved with Ikea likely to make impulse purchases on News of the deal between Ikea and
Yelabuga for the first time since 2013. in providing an assembly service in the their way to the checkouts, but has had TaskRabbit was first reported by the
Analysis i PAGE 20 UK and US, and the purchase is likely to difficulties replicating that online. website Recode. Officials declined to
deepen this. Its business model has been based on comment on the financial details.

Companies / Sectors / People

Companies
Air Berlin.....................................................20
Akzo Nobel ................................................17
Alcatel-Lucent.............................................6
Alibaba..........................................................28
Alitalia...........................................................20
Alliance Boots...........................................16
Allianz Global Investors.......................21
Alpha Bank.................................................30
Alphabet.......................................................28
Alstom.........................................................6,19
Amazon..................................................28,29
Apollo........................................................16,17
Apple.................................................16,20,28
Ashtead........................................................29
Asos.................................................................16
Avtovaz........................................................20
BAA.................................................................20
BAIC.................................................................16
BHS..................................................................21
BT.....................................................................29
Bain.................................................................20
Bain Capital......................................16,17,19
Balfour Beatty.....................................21,29
Barcelona.......................................................4
Beijing Hyundai........................................16
BlackBerry...................................................20
Blackstone..............................................16,17
Blue Apron..................................................29
Boeing.........................................................2,16
Bombardier..............................................2,16
Boohoo..........................................................29
British Gas.....................................................3
Brompton......................................................17
CME Group.................................................28
CRH.................................................................29
CVC..................................................................17
Carillion..........................................................21
Catcher Technology..............................28
Chevron.........................................................18
Citigroup.......................................................21
CityFibre.......................................................29
Clifford Chance.........................................18
DS Smith.......................................................17
Dalian Wanda.............................................19
Dell..................................................................20
Delta ..............................................................16
Deutsche Bank..........................................21
Deutsche Telekom..................................19
Equifax.............................................................3
Etihad............................................................20
Eurobank.....................................................30
Facebook................................................18,28
Ferguson......................................................29
Fincantieri......................................................6
Ford................................................................20
Fortum...........................................................19
Foxconn........................................................20
GAC Trumpchi..........................................20
Geely........................................................16,20
Genius Electronic Optical..................28
Gilead Sciences.........................................19
Goldman Sachs.........................................19
Google.....................................................18,29
Great Wall...................................................20
HNA Group.................................................19
HSBC...............................................................21
Hellman & Friedman........................16,17
Hennes & Mauritz..................................16
Hon Hai..................................................16,28
Hoya...............................................................20
Hulu................................................................29
Hyundai..................................................16,20
Ikea Group...................................................17
Imperial Brands........................................29
Intercontinental Exchange................28
Ipex Capital...................................................3
JD Power.....................................................20
JPMorgan.....................................................19
Japan Post...................................................18
KKR ................................................................16
KPMG..............................................................18
Kelkoo.............................................................18
Kingston.......................................................20
Largan Precision.....................................28
Lloyds............................................................21
London Stock Exchange Group....28
M&S..................................................................21
McKinsey......................................................19
Microsoft......................................................28
Mitsubishi....................................................20
National Bank of Greece...................30
Netflix............................................................29
Nets............................................................16,17
Nissan............................................................20
Nokia.................................................................6
Northrop Grumman...............................19
Omers.............................................................17
PSA Peugeot Citron...........................20
Pegatron.................................................16,28
Piraeus..........................................................30
Playboy............................................................4
Premier..........................................................17
Qatar Airways...........................................20
Qualcomm...................................................20
Renault..........................................................20
Republic .......................................................16
Restaurant Group...................................29
Roku................................................................29
Rosneft....................................................19,28
Rothschild....................................................21
Royal Bank of Scotland.......................21
Royal London Asset Mgmt..............29
Run Liang Tai............................................21
SK Hynix......................................................20
SSP..................................................................29
STX....................................................................6
Samsung......................................................20
SanDisk.........................................................20
Sanofi..............................................................17
Schroders......................................................21
Seagate.........................................................20
Seven Investment Management....21
Siemens......................................................6,19
Silver Cross...................................................3
Sistema.........................................................28
Snap................................................................29
SoftBank...................................................17,19
Sprint..............................................................19
Stada...............................................................17
Staples............................................................17
Sycamore Partners.................................17
T-Mobile........................................................19
TSMC........................................................16,28
TalkTalk........................................................29
TaskRabbit...................................................17
Telit..................................................................21
Tencent.........................................................28
Tesco Bank ..................................................3
Thomas Cook.............................................21
Toll Holdings..............................................18
Toshiba..........................................16,17,19,20
Tui.....................................................................21
Tullow.............................................................17
Uber.................................................................18
UniCredit......................................................18
Unilever.........................................................17
Uniper.............................................................19
United Technologies.............................19
Volkswagen................................................20
Western Digital........................................20
Xintec.............................................................28
Zhonghong Zhuoye...............................19
Sectors
Aerospace & Defence.....................16,19
Airlines...........................................................16
Automobiles.........................................16,20
Banks........................................................21,30
Basic Resources.................................18,30
Construction...............................................21
Energy.......................................................17,18
Financial Services..................16,19,21,29
Financials.................................................16,17
Healthcare...................................................16
Industrial Goods..................................17,19
Industrials...............................................16,17
Insurance......................................................21
Media................................................................4
Oil & Gas...........................................17,18,30
Pharmaceuticals..................................16,19
Retail.....................................................16,17,18
Retail & Consumer.......................16,17,21
Support Services.....................................19
Technology.................................16,19,21,28
Telecoms.......................................................19
Transport......................................................18
Travel & Leisure...................................4,21
People
Beale, Inga...................................................21
Butler-Adams, Will..................................17
Chen, John..................................................20
Corley, Elizabeth......................................21
Douglas, Tony..........................................20
Druckenmiller, Stanley.........................28
Fankhauser, Peter....................................21
Flint, Douglas.............................................21
George, Jacob...........................................20
Goodson, Bianca......................................19
Graves, Ryan..............................................18
Halsall, Alan..................................................3
Hogan, James...........................................20
Joussen, Friedrich...................................21
Kalanick, Travis.........................................18
Kerevan, George.......................................21
Masuko, Osamu.......................................20
Al Mazrouei, Mohamed.......................20
von Moltke, James..................................21
Moynihan, Jon.............................................3
Nagato, Masatsugu................................18
Pessina, Stefano.......................................16
Quinn, Leo...................................................21
Soros, George...........................................28
Swannell, Robert......................................21
Tyrie, Andrew............................................21
Urquhart-Stewart, Justin....................21
Walker, David.............................................17
Watson, John.............................................18
Wirth, Michael...........................................18
Zuckerberg, Mark....................................18

The Financial Times Limited 2017 Week 39

18 FINANCIAL TIMES Friday 29 September 2017

COMPANIES
INSIDE BUSINESS
Oil & gas
TECHNOLOGY

Chevron head bullish on future growth Richard

Waters
Outgoing leader Watson Wirth, who has spent his career mainly expansion project in Kazakhstan, were $20bn vice-president for the downstream and
in the cost-conscious downstream important for future growth, he added. chemicals businesses.
says oil major will not just Chevrons capital

focus on cutting costs

ED CROOKS NEW YORK
Chevron, the US oil and gas group, has
good opportunities for growth and will
not be focused solely on cost-cutting
under its new chief executive, the com-
panys outgoing leader has said.
refining, chemicals, and trading busi-
nesses, has prompted suggestions that
under his leadership Chevron would
concentrate on reducing spending.
However, Mr Watson said that while
being able to manage costs was impor-
tant, the heavy sledding on capital and
cost reduction is behind us.
Chevrons capital spending budget of
about $20bn for this year is roughly half
Another priority will be improving
the performance of Gorgon and Wheat-
stone, two huge liquefied natural gas
spending budget
this year, roughly
half the level at its
Mr Watson said he had told the board
last December that he planned to step
down, and Mr Wirth was appointed the
Facebook needs to
projects in Australia. The projects were
delayed and their combined cost over-
peak in 2013-14 groups vice-chairman in February, in a
sign that he was the intended successor.
take a deeper look at
shot their original budgets by $22bn,
but both have now been completed and
are ramping up production.
$22bn
The amount Gorgon
and Wheatstone
The cost overruns at Gorgon and
Wheatstone had contributed to the
boards view that it was time for Mr
its influential role
Were at an inflection point where LNG projects Watson to go, according to a person
spendingiscomingdownandproduction overshot their familiar with directors thinking.
original budgets

The group announced yesterday that,
as expected, John Watson, who has led
Chevron since the start of 2010, would
be stepping down. He will be replaced
by Michael Wirth, who has been run-
ning its midstream and development
operations.
The boards decision to appoint Mr
what it was at its peak in 2013-14, and
operating expenses are back down to
where they were eight years ago, he said.
Chevrons shale oil and gas operations
in the Permian Basin of Texas and New
Mexico, the Duvernay formation of
western Canada and the Vaca Muerta of
Argentina, as well as the $37bn Tengiz
Technology. London taxi war
C
is coming up, Mr Watson said. And if Asked about regrets from his time as an Facebook get away with fine-tuning its sys-
you get any help from the commodity chief executive, Mr Watson raised the tems or will it need a deeper overhaul?
markets,thatsaprettyniceformula. problems of those megaprojects. Revelations about the way its network was
Mr Wirth, who takes over next Febru- The projects themselves will be good used by Russian operatives to influence the US
ary, joined Chevron as a design engineer over the course of time, but there are presidential election strike at the heart of how
in 1982 and has worked in engineering, certainly some things that we are doing the social network operates. How it responds will go a long
construction, and operational roles, differently, to try to minimise cost and way towards determining whether it can head off the risk
including almost 10 years as executive schedule overruns on projects. of creeping regulation while also protecting the funda-
mental integrity of its service.
This week, President Donald Trump tweeted his dis-
pleasure at the company, implicitly lumping it in with the
rest of the news media. Through its algorithms, which filter
the information shown to each user, it certainly exercises
the kind of power traditionally exercised by editors

Ubers link with perfect child under strain
TfLs threat to ban car-hailing
group from the capital marks
culmination of hostile relations
FT REPORTERS
It started with a tweet. In May 2012,
Ryan Graves, Ubers first chief execu-
tive, contacted Transport for Londons
director of taxis and private hire via
Twitter about its London licence appli-
cation. A fortnight later, the US car-
booking app received its permit.
Having applied on April 17, Mr Graves
sent an effusive email to John Mason on
June 2. The team and I REALLY appre-
ciate the support in getting through this
process smoothly, and making it clear
what we needed to execute on, he wrote
in an email released under Freedom of
Information laws.
But five years on, the relationship
between the two has soured. London,
once deemed Ubers perfect child
because of the ease with which it won a
licence, has declared war, threatening to
ban it from the capitals streets. TfLs
announcement last week is the culmi-
nation of increasingly hostile relations,
heightened in the past two years by legal
action brought by Uber.
Uber and TfL had got off to a good
start, and its head of policy enjoyed a
close relationship with the agencys
commissioner. It was not until early
2014 that TfL started to find itself
caught between the popularity of Uber
and Londons black cab drivers.
The launch of the cheaper UberX
service in London in July 2013 trans- Mean streets:
formed the market for minicabs, as TfL Ubers once
calls private-hire vehicles. A sharp rise cordial relations
in numbers from 50,000 in 2013-14 to with TfL have
87,000 in 2016 angered black cab turned cool as
drivers, who accused TfL of letting Uber the group faces
operate as both a minicab and a taxi losing its licence
operator, and said lax regulation to operate in
skewed the market against them. In London
2014 and 2015, their lobbying stepped
up a gear, with unions organising several
blockades in central London in protest.
At the time, the issue also came up fre-
quently at TfLs board meetings because
there were both taxi and private hire car
representatives on it when Boris John-
son was London mayor between 2012
and 2016. Sadiq Khan was elected to
replace Mr Johnson in May 2016.
The dispute became a growing issue
for Mr Johnson. Any London politician
wants the black cabs on their side. They
carry a political and electoral clout that
is way beyond their numbers, says
Daniel Moylan, who was deputy chair-
man of TfL under Mr Johnson.
TfL sought to calm the situation by
seeking a legal ruling on whether Uber
and other apps should be considered
taximeters and made subject to the
same rules. But this front was in effect
closed when the High Court ruled in
Ubers favour in October 2015.
TfL was never completely happy
with Uber. It didnt entirely fit the exist-
ing regulations, which is not surprising
as its a new business model. As Uber
takes off, it also became the cause of an
increasing congestion problem for TfL,
says Mr Moylan.
TfL officials believe that the rise in
minicab traffic, largely because of Uber,
exacerbated the capitals growing con-
gestion and helped undo much of the
benefit from the 2003 introduction of a
congestion charge in central London.
Signs of strained relations between
Uber and TfL can be seen in the tone of
email correspondence between the two,
which between 2012 and 2017 moves
between amicability and hostility.
After Travis Kalanick, then chief
executive, visited London in 2014 and
announced the launch of ride-sharing
service UberPool, TfL was livid.
Leon Daniels, head of surface trans-
port, wrote a frank email to Jo Bertram,
who runs Ubers operations in northern
Europe, in the October: Whilst your
CEOs visit to London was well known,
the fact that it took place without any
invitation to meet with the commis-
sioner has not been received well here.
It is clear the opportunity to
announce a ride-share product was
carefully timed to coincide with his
visit. This is the second time an initia-
tive has been a surprise to us. You tell us
you welcome TfLs progressive and pro-
customer attitude. Meanwhile, our
international colleagues tell us they are
persistently wrongfooted by your
behaviour, which in turn sets the tone
for subsequent reaction.
When Mr Johnson was still mayor,
legal advice was sought on several occa-
sions on whether Ubers licence should
be revoked. There was a concern
within the upper echelons of TfL and
City Hall on whether Uber was fit and
Minicabs on the rise in
central London
Number of private vehicles for hire
entering the congestion zone
throughout the day* (000)
150
Typical Typical
Friday** Saturday
100
50
0 licence to operate in London appears to
2013 14 15
* Some vehicles are counted more than once as
the 24 hours was divided in five time segments
** Sample taken on first Friday in November and
first Saturday in November
Source: TfL
proper, said one source. Proposed new
TfL rules on private hire vehicles
revealed in late 2015 were seen as tar-
geting Uber, causing more friction, with
Uber insinuating in emails that TfL was
succumbing to pressure from black cab
drivers. Meanwhile, the UK government
was pushing back in favour of Uber.
Three months later, TfL dropped sev-
eral of the most controversial proposals
but Ubers decision to take it to court
over some of the rules, including a tough
new English test for drivers, did little to
help relations.
Black cab drivers have denied TfLs
threat to ban Uber is intended to protect
them despite their lobbying. This has
got absolutely nothing to do with us,
said Steve McNamara of the Licensed
Taxi Drivers Association.
People familiar with the process said
the decision was driven by TfLs regula-
tory process and its feeling Uber was not
interested in proving it passed the test of
being a fit and proper organisation to
hold a minicab licence, rather than poli-
tics. The expiry tomorrow of Ubers
be a challenge the regulator felt it could
not duck.
Tanya Powley, Madhumita Murgia and
Robert Wright in London; Leslie Hook in
San Francisco
something that leaves it open to this kind of political attack.
But it was as a platform for open communication that
Facebook ran into trouble during the US election. By using
the network to spread false information and adverts to stir
up partisan passions, Russia took advantage of the very
things that are meant to be the networks main strengths:
the open, frictionless exchange of ideas; the ability for any-
one to take someone elses message and help amplify it
across the network; and the self-service ad platform and
micro-targeting powers that have made it such a useful
promotional tool.
In responding to Mr Trump, Mark Zuckerberg held up
the fact that Facebook had offended both sides as a sign of
its neutrality. There isnt much comfort in being told that
most of Facebook functioned well during the election,
however, the part that did not may have had a decisive
effect on the result.
On political advertising, there is more to be done. Face-
book is now on notice and has every incentive to hunt for
suspicious accounts. Mr Zuckerberg has also promised
more transparency on the political ads it shows.
There are inherent difficulties. More than 5m advertis-
ers use the network each month. The nature of internet
advertising constant testing of messages to find what
works best across different demographic and interest
groups means the same message can take many differ-
ent forms. Sample sizes may be tiny, making it hard to
track everything.
Preventing the spread of
organic propaganda is, in
Better
some ways, even harder. In a algorithms
paper published this year,
Facebook drew a line
to screen out
between information oper- misinformation
ations (organised attempts
to spread misinformation)
offer hope
and what it called authen-
tic communication between its users.
On a network where every participant plays an active
role in spreading information, the line is not so easy to
draw. The passions may feel authentic, even if they have
been whipped up by cynical forces for ulterior ends. And
one persons alternative facts are anothers reality.
Here, again, Facebook can do much more. This includes
working harder to find the networks of accounts set up to
amplify misinformation. On Wednesday, it boasted of hav-
ing shut down tens of thousands of fake accounts in the
run-up to last weekends German election. It is also trying
to give users and third parties more ways to flag false infor-
mation and then slowing its spread across the network.
This points to a fundamental conflict. The frictionless
sharing of information is core to both Facebooks business
model and its founding philosophy (though cynics might
argue that the latter is a product of the former). User
engagement is the key metric and there are few things
more likely to provoke engagement than information that
confirms users biases and inflames their passions.
Better algorithms to screen out misinformation and
puncture the filter bubbles offer hope. But there are no
magic answers. The more algorithms are tweaked to weed
out abuse, the greater suspicions will grow that Facebook
is consciously engineering an outcome. Like Google, this
will inevitably lead to calls for algorithmic neutrality.
All of this points to higher costs, as Facebook builds and
deploys the software tools needed to shed more light on
behaviour on its network and weed out abuse. It will also
require many more humans in the loop.
Facebook has one other thing working in its favour.
When the time comes to get reelected, most politicians are
heavily dependent on its network something Mr Zucker-
berg himself was at pains to point out this week.
Ultimately, the test will be whether the power of self-in-
terest is enough. Facebooks failure during the US election
and Mr Zuckerbergs offhand dismissal of criticism in its
aftermath are a reminder that it had much to gain com-
mercially from a hands-off approach. Maybe, this time,
the stakes are high enough to produce meaningful action.
richard.waters@ft.com

Financials Technology

Japan Post set to embark on acquisition spree Google changes shopping search to placate EU
LEO LEWIS TOKYO
Japan Post is to defy criticism of its deal-
making ability and embark on a round
of domestic and global acquisitions, say
bankers and others close to the former
state-owned postal services giant.
The companys renewed hunger for
deals has emerged just a few months
after the president of Japan Post Hold-
ings (JPH), Masatsugu Nagato, laid out
the shortcomings of its earlier attempts
at buying-in growth and reassured a
press conference that the company
could survive without acquisitions and
would continue to grow on its own.
The new plans, say people familiar
with the situation, will put JPH on the
hunt for asset management companies,
leasing groups and other targets in the
non-bank financial industry.
The revival of Japan Posts interest in
acquisitions has begun taking shape as
the government said on Wednesday it
had raised 1.3tn ($12bn) from the sale
of a new tranche of shares in JPH.
The share offer, which was priced on
Monday at a discount of 2 per cent to
JPHs closing share price that day, was
the worlds second biggest so far in 2017
after Italian bank UniCredit raised
$13.7bn. The issue was aimed primarily
at Japanese individuals, who appear to
have been won over by the healthy divi-
dend attached to the shares, while only
20 per cent of the issue was allocated to
international investors.
Despite its success, the share sale was
overshadowed by the 400bn write-
down JPH made this year on Toll Hold-
ings the Australian logistics business
it bought under a previous president in
2015 in an effort to convince investors it
had a strong overseas growth strategy.
The writedown pushed JPH into a
29bn loss for its first full year as a listed
company, provoking criticism from
investors and politicians. That criti-
cism, according to people close to JPH,
created pressure on Mr Nagato to drop
plans for more acquisitions.
ROCHELLE TOPLENSKY BRUSSELS
RICHARD WATERS SAN FRANCISCO
Google changed its shopping service
yesterday in a bid to answer complaints
of abuse that earned it a record 2.4bn
antitrust fine from the EU.
The search giant has ringfenced its
European shopping business to run
arms-length auctions for product ads
that are open both to rivals and its own
service. Giving rivals equal treatment
was required by the competition com-
missioners June decision that fined
Google for abusing its dominance in
search by giving preference to its own
shopping service.
The regulator is the first major anti-
trust watchdog to make Google change
its services, though yesterdays relaunch
was welcomed with little fanfare. Only a
handful of Europes near 300 price com-
parison sites have joined the new auc-
tion a solution that will destroy the
industry, according to one rival.
Many competitors had hoped Google
would reverse a 2011 change to its
search algorithm that had relegated
them to the fourth page of search
results. They allege the new fix is worse
than commitments rejected in 2014
that had guaranteed rivals a set number
of ads in the shopping box.
Brussels view will not be clear for
months. It is for Google to show that
they live up to the decision, said Mar-
grethe Vestager, European competition
commissioner. This issue will remain
on our desks for some time.
The EU took note of the solution and
said it would be closely monitoring it
with the benefit of economic and
accounting expertise from KPMG and
input from Mavens, who are specialists
in search engine optimisation and mar-
keting.
However, rivals worry that is too slow
a pace. Richard Stables, chief of compar-
ison website Kelkoo said it would be
pretty clear [if the solution was work-
ing] in about six to eight weeks.
Friday 29 September 2017
Dealmaking recovers after Trump slump
Global volumes reach $2.4tn this year on better economic outlook as companies accept slow pace of US tax reform
ARASH MASSOUDI LONDON
JAMES FONTANELLA-KHAN NEW YORK
DON WEINLAND HONG KONG
Dealmakers are predicting a pick-up in
mergers and acquisitions in the US and
Europe, pointing to stronger economic
conditions and a more accepting atti-
tude towards the slow pace of tax
reforms in the US.
Despite a sluggish start to 2017, deal
activity has picked up in recent months
with bankers and lawyers now expect-
ing global M&A volumes for the year to
come close to rivalling the levels seen in
the preceding three years.
Weve seen a stronger spate of recent
activity as dealmakers have stopped
waiting on the sidelines for political
developments in Washington and
greenlighted their held projects, says
Scott Sonnenblick, a corporate partner
at Linklaters, the law firm, in New York.
A pick-up in so-called megadeals, val-
ued at more than $10bn, in the third
quarter boosted worldwide deal vol-
umes to $2.4tn, an increase of 2 per cent
from the same time a year ago, accord-
ing to Thomson Reuters data.
The biggest gains have come from
Europe, where dealmaking volumes
have climbed 28 per cent to $611bn in
the year to date. The increased pace of
activity across the region was under-
lined this week in a succession of deals.
Finlands Fortum made an 8bn offer
for Germanys Uniper, Siemens struck a
7bn deal to combine its rail arm with
Frances Alstom and Hellman & Fried-
man agreed to acquire Nordics pay-
ments processor Nets A/S.
Companies are emboldened by the
improvement in the overall economy
and looking to use their financial
strength to go global, fix their shortcom-
ings and acquire technology, says Jean-
Baptiste Charlet, co-head of investment
banking in France for Morgan Stanley.
Dealmaking in the US is still 12 per
cent lower than last year $895bn in the
year to date in spite of a trio of large US
deals in recent weeks involving defence
contractor Northrop Grumman, aero-
space and industrial conglomerate
United Technologies and pharmaceuti-
cal group Gilead Sciences.
Advisers say that the main reason for
the initial sluggishness in activity has
been the change at the White House,
which led chief executives to put their
deal plans on hold as they waited for the
Trump administration to set a timetable
on crucial reforms.
Stephen Arcano, M&A partner at
Skadden Arps, the law firm, said:
There was no point in time this year
when I looked around and thought
activity was dead. But early in the year,
there appeared to be a little bit of a
transactional hesitation as market par-
ticipants were digesting the implica-
tions of election results.
Many advisers are worried about the
lack of key personnel in Washington
Financial services
McKinsey becomes drawn further
into South African influence scandal
JOSEPH COTTERILL JOHANNESBURG
MADISON MARRIAGE LONDON
McKinsey was drawn further into the
scandal around South Africas contro-
versial Gupta family after a former
employee of a company linked to the
family alleged it had used influence to
secure state contracts and passed the
work on to global consultancies.
Bianca Goodson, a former executive of
Trillian Capital, alleged in a statement
made public on Wednesday that the
company, which was owned by Gupta
business associate Salim Essa until ear-
lier this year, acted as a gatekeeper and
received a cut of the revenue from the
contracts in return for passing them on
to McKinsey and other companies.
Ms Goodson, who has sought whistle-
blower status, said in the statement that
McKinsey worked closely with Trillian,
adding that at least 80 per cent of my
engagements as head of Trillians con-
sulting arm were with McKinsey.
She said Trillian secured contracts
with state-owned companies using Mr
Essas influence, after which it passed
the work over to internationally recog-
nised companies by splitting the reve-
nue as a partner, Ms Goodson said in the
statement.
The Guptas have been accused by fig-
ures in the ruling African National Con-
gress and opposition of using ties to
President Jacob Zuma to exert control
over big state-owned companies. They
and Mr Zuma deny all the claims. As
part of the scandal, Trillian has been
accused of diverting hundreds of mil-
lions of South African rand in ghost con-
tracts from Eskom, claims it has denied.
On the rise
roles that are critical to dealmaking,
such as at the Department of Justice,
which enforces antitrust policy, and
representatives to the Committee on
Foreign Investment in the US.
But in spite of a series of political mis-
steps and a lack of policy achievement
in areas such as tax reform, dealmakers
say that many companies have decided
they cannot wait any longer for regula-
tory change.
Companies have little confidence in
the timetable for tax reform, so they
have come to the conclusion that they
need to go ahead with driving their own
business value taking into account the
more tangible challenge of achieving
growth in a low-growth environment,
says Chris Ventresca, global co-head of
M&A at JPMorgan.
Globally, companies have been carry-
McKinsey became entangled in the
scandal in July, when it placed a partner
in its South African office on leave and
said that he had inaccurately charac-
terised its links with Trillian in a letter
to Eskom, the state power monopoly.
Although Vikas Sagar told the utility
that McKinsey had subcontracted cer-
tain services to Trillian, McKinsey has
said it carried out work with Trillian at
Eskom, but did not have a formal sub-
contract with them. It declined to com-
ment on Ms Goodsons allegations
Ms Goodson said Trillian also sought
The Guptas are accused
of using ties to Jacob
Zuma to exert control on
state-owned companies
FINANCIAL TIMES 19
COMPANIES
Weve seen a
The MQ-8C M&A regional deal volumes
Fire Scout By value ($tn) stronger
hovering spate of
Full-year Year to date
over the
activity as
guided US Europe Asia-Pacific
missile dealmakers
destroyer have
1.5 1.5 1.5
USS Jason
Dunham off stopped
the Virginia 1.0 1.0 1.0 waiting
coast on the
Northrop Grumman
0.5 0.5 0.5
sidelines
0 0 0 for political
2007 2017 2007 2017 2007 2017 developments
Trump's America has so far failed to spark a boom in M&A. inWashington
From Jan to Sep, deal volumes by value fell 12% year on year and
greenlighted
M&A deal volumes their held
Value by size, Q1 to Q3 ($bn) projects
Less than $500m SCOTT
500 SONNENBLICK,
LINKLATERS
0
1998 2017
$500m to $1bn
Companies
500 have been
0 Deals at the top emboldened
1998 2017 end have tailed
off, with the so
by the
$1bn to $5bn
called megadeals, improvement
500 those worth more in the overall
than $10bn,
0 economy and
1998 2017 dropping by
almost one-fifth in looking to use
$5bn to $10bn
500 value. However, their financial
0 they have picked strength to go
up in the past
1998 2017 global, fix
Greater than $10bn quarter
shortcomings
500 and acquire
0 technology
1998 2017 JEAN-BAPTISTE
CHARLET,
Source: Thomson Reuters Datastream
MORGAN STANLEY
ing out near-record levels of midsized Pacific dealmaking is 7 per cent higher against the dollar and regulators are Energy, a private group with connec-
transactions ranging between $1bn and at $618.3bn so far this year, with the big- beginning to gently loosen controls for tions to Chinas military, struck an $8bn
$5bn, according to Thomson Reuters. gest deal in the region coming only days deals that they think make strategic agreement in September to take a stake
There were 357 transactions in that ago when Toshiba finally agreed to sell sense for China. in Russias Rosneft.
range during the first nine months of the its memory chips business to a consor- Chinese enterprises have been much Many industry watchers expect
year, up 12 per cent from a year ago and tium led by Bain Capital for $18bn. more careful choosing their targets in Chinas Communist party congress in
the highest since 2007, which was the But the pace of outbound Chinese this environment, says Henry Lau, the October to deliver some signals on how
strongest year for M&A. dealmaking has fallen to $117.8bn, down co-managing partner at Zhong Lun law overseas investment will be treated
In the third quarter of this year bank- by about 29 per cent compared to the firm in Hong Kong. But the deprecia- going into 2018.
ers have noticed an increase in larger same period last year. The companies tion pressure on the renminbi has been Of this years top 10 Asian sales, six
deals too after the slow start. There have driving last years spree such as HNA relieved so we expect it to become easier have been completed by Asia-based pri-
been 25 transactions above $10bn so far Group and Dalian Wanda have been to do some deals. vate equity groups, says John Kim, head
this year, about the same level as a year hampered by a crackdown on dealmak- Evidence of the crackdown on over- of M&A for Goldman Sachs in Asia ex-
ago, but the most active quarter was ing and financing. State-controlled seas deals has been clear. For example, Japan. The rise of large regional sales
during the summer. groups have made a measured come- Zhonghong Zhuoye, a private property that attract the interest of Asian private
At least one blockbuster merger back, however. group, was stopped from buying a New equity is a trend that is reshaping the
appears to be nearing fruition, with Bankers in the region say that China York-listed senior living facility in a deal global M&A market, he believes, adding
Japans SoftBank and Germanys Deut- has come nearly full circle over the past valued at up to $4bn. the dry powder for sponsors and their
sche Telekom in detailed discussions year. Beijing has stabilised its capital In a few select cases, private compa- activity around deals [in Asia] its the
about a combination of their US wireless accounts and is now recording capital nies with clear state backing have same thing thats going on globally.
businesses, Sprint and T-Mobile. Asia- inflows. The renminbi has strengthened moved to the forefront. CEFC China See Lex
to work with Oliver Wyman on con-
tracts. A spokesperson for Oliver
Wyman confirmed that the consultancy
had been introduced to Trillian in
December 2015, but said that its gov-
ernance processes led to the rejection of
any contracts or partnerships that were
explored.
In a statement, Trillian said that it
has never held itself out to be a gate-
keeper of any institutions, and added
that it was incorrect that the firm was
a passive partner of international
companies. It denied Ms Goodsons alle-
gations, but confirmed that it had held
discussions with Oliver Wyman and
Bain & Co as potential partners.
Bain said, we briefly were in contact
with Trillian to explore a potential part-
nership. As with all exploratory conver-
sations, we conducted an internal due
diligence process and decided not to
engage.
Ms Goodson originally prepared her
statement to give to a parliamentary
inquiry into the claims of corruption at
state-owned companies, but said she
was making it public after the inquiry
has been repeatedly delayed.
She was appointed as Trillians con-
sulting arms chief executive in January
last year, but resigned three months
later, citing concern over its ownership
and how it won business.
McKinsey has said it considered
working with Trillian as a local supplier
but ended talks in March 2016 when
Trillian failed its due diligence process
by not disclosing who its shareholders
were. An investigation launched by
McKinsey into its work with Trillian is
ongoing.
20
Industrials
Bain seals $18bn deal for Toshiba chip unit
Move touted as made in
Japan solution to repair
conglomerates finances
LEO LEWIS AND PETER WELLS TOKYO
Toshiba scored a victory yesterday in its
eight-month fight to resurrect its
finances and avoid delisting from the
Tokyo Stock Exchange after it sold its
chip business to a group led by Bain
Carmakers gear up for recovery in Russia
Mothballed factories to reopen
as emergence from recession
prompts increased demand
HENRY FOY MOSCOW
PETER CAMPBELL LONDON
For the past two years, Mitsubishis
Pajero Sport production line in western
Russia has laid dormant. When a cus-
tomer ordered a car, it would be shipped
in on request from a plant in Thailand
instead.
But from November, the conveyor
belts and welding robots will spring
back into action alongside some 440
new employees: Mitsubishi sees a recov-
ery coming in the countrys car market.
Car sales in Russia have fallen for four
straight years to less than half the level
they were in 2012, when the country
was Europes second-largest market
behind Germany. Domestic production
has followed suit, tumbling 43 per cent
over that period.
But the countrys emergence this year
We are sure that Russian
car production will
rise in 2017, for the first
time in five years
from a recession caused by a collapse in
global oil prices has raised hopes in the
industry of a sustained recovery in a
market of 140m consumers that has
long failed to live up to its promise.
After three years of sharp decline in
the market, we finally see some signs of
recovery, said Adil Shirinov, chief exec-
utive of Ford Sollers, the US carmakers
Russian business. New car sales have
been growing by 9 per cent, and it looks
like the pace will accelerate towards the
end of the year on the back of some posi-
tive economic trends.
Less than a decade ago, western car-
makers had high hopes for Russia, with
companies such as Ford, Hyundai and
Volkswagen pumping investment into
local plants. But demand collapsed as
the economy slumped, forcing many to
mothball factories, shut production
Business Opportunities
Readers are strongly recommended to take appropriate professional advice before entering into obligations.
Contracts & Tenders
Capital for 2tn ($17.7bn). Analysts said
that the deal had been structured to give
the appearance of a made in Japan
solution to a crisis that has mauled the
reputation of one of the countrys core
industrial names and has politicised
deal negotiations.
By reinvesting 350.5bn in the entity
being created to acquire Toshiba
Memory Pangea Toshiba itself
will hold 40.2 per cent of the voting
shares.
Workers at a Lada plant. Parent group Avtovaz notched up a small profit in the first half of this year Andrey Rudakov/Bloomberg
lines or stop selling particular models.
Russian car factories built 1.12m cars
last year, down from 1.97m in 2012, as
sales fell to 1.32m from 2.88m.
Since the start of the year, though, the
picture has brightened: in the first six
months of 2017, sales have risen an
annual 12.4 per cent, and production is
up almost a fifth, according to the Asso-
ciation of Russian Automakers.
Carmakers are responding. Mitsubi-
shi made the announcement last week
that it would restart production of its
Pajero Sport SUV at its Kaluga plant
south of Moscow, and triple its total Rus-
sian production to 30,000 cars in 2018.
That came a few days after Ford said it
would introduce a second shift at its fac-
tory in Yelabuga, central Russia, for the
FINANCIAL TIMES
COMPANIES
Hoya, a Japanese lens maker, will
invest 27bn and hold 9.9 per cent,
allowing Toshiba to claim that Japan-
based companies will hold more than
50 per cent of the common stock.
However, the same statement noted
that Bain would control Pangea.
In addition to direct investment of
212bn from Bain, plus about 600bn
of lending from Japanese banks and
non-voting investment of 395bn from
Korean chipmaker SK Hynix, the bid is
Automobiles. Investment
first time since 2013, and hire 700 work-
ers to increase production of its Kuga
and Explorer SUVs from December.
It is not back to the time ahead of the
sanctions, but it is moving back, said
Thierry Bollor, a senior executive at
Renault, whose alliance with Nissan has
the largest share of the Russian market.
Market share and profitability are
improving, he told the Financial Times.
We are sure that Russian car produc-
tion will rise in 2017, for the first time in
five years, said Alexei Serezhenkin,
deputy executive director of the auto-
makers association, which expects a 10
per cent rise for the year.
We believe that Mitsubishi and
Fords decisions to increase production
in Russia are indeed good signs that
Telecoms
BlackBerrys shift away from
mobile phones bears fruit
NIC FILDES
TELECOMS CORRESPONDENT
BlackBerrys transformation from a
struggling mobile phone maker to a
software and services company has
gathered pace, after it comfortably
beat expectations for revenues and
profits in the second quarter, sending
its shares more than 12 per cent higher.
BlackBerrys revenues in the second
quarter were $249m, higher than the
$221m expected by the market. Net
income hit $26m. Analysts had
expected adjusted earnings per share to
be zero, but they came in at $0.05.
The financial progress was heralded
as evidence that the decision to quit the
smartphone market, and focus on soft-
ware and services related to mobile
products, was starting to pay off.
John Chen, the chief executive behind
the plan, said: We achieved historical
highs in total software and services rev-
enue, and gross margin, as well as the
highest non-GAAP operating margin in
over five years, reflecting our complete
transformation to a software company.
BlackBerry shares were up 12.5 per
cent at $10.38 in early New York trading.
The Ontario-based company had dis-
appointed with its first-quarter per-
formance, which gave rise to fears its
shift into software and services could
stall its recovery. But Mr Chen said yes-
terday he expected revenues to grow
10 to 15 per cent in the year to March.
The company also has $2.5bn of cash
supported by about 415bn of com-
bined investment from four US tech
groups, of which Apple will contribute
an estimated 165bn.
The US investors, which also include
Dell, Seagate and Kingston, will be given
preferred shares in the memory busi-
ness that do not carry any voting rights.
The Bain consortium has endured a
deal process of unusual complexity,
relentless pressure from Toshibas big-
gest lenders, high levels of political
other companies will follow, Mr
Serezhenkin added.
The Renault-Nissan Alliance, which
includes Mitsubishi and Russias Lada,
controls 38 per cent of the market.
Hyundai and its subsidiary Kia have
23.8 per cent, according to Felipe
Munoz, global automotive analyst at
Jato Dynamics: Manufacturers with a
strong established presence in the coun-
try are continuing to dominate.
Avtovaz, which produces Ladas,
notched up a tiny profit in the first half
of the year, Mr Bollor said.
Not everyone is convinced by the
signs of growth. Johan van Zyl, manag-
ing director of Toyotas European opera-
tions, said there was a small flickering
of hope, but Russias dependence on the
on its balance sheet, boosted by a settle-
ment with Qualcomm, the chipmaker,
which was forced to repay it $815m.
Mr Chen said it would look to acquire
companies in cyber security and auto-
motive software, but would take its
time. We are very patient. We dont
want to over pay.
There are already more than 60m
cars on the road that use BlackBerrys
software and it has struck deals with
manufacturers such as Ford, as well as
component makers. Mr Chen said the
push toward driverless cars would bene-
fit BlackBerry, but expected the full
launch of such vehicles to be later than
expected. Everyone says 2020/21 but I
dont believe it . . . 2024/25 seems a
more realistic timeframe.
BlackBerry expects overall revenues
for fiscal 2018 to be between $920m and
$950m and for the company to be profit-
able and generating cash. Revenue in
the second quarter of last year was
$352m, boosted by the sale of 400,000
handsets, but it only just broke even.
The revenue figure is a fraction of the
$2.9bn it reported in the second quarter
of 2013, when it was still a big name in
the smartphone market. It failed in its
attempts to keep up with Apple and
Samsung in the consumer market, and
later to concentrate on being a business
phone specialist. That led to billions of
dollars of losses and Mr Chen has earned
praise for slimming down the business
and returning it to profitability, as he
has wound down its devices business.
interference and numerous last-ditch
derailment efforts by rival consortiums
led by the US chipmaker Western Dig-
ital and the Taiwan tech group Foxconn.
As competing deal proposals rose and
fell, the Japanese authorities mounted a
campaign to assemble an all-Japan bid
an attempt that rapidly collapsed and
served to expose the weakening ties
between government and big compa-
nies that had long underpinned the
Japan Inc model.
Russian car industry
Production, year-on-year change (%)
2010 13 15
Sales, year-on-year change (%)
2010 13 15
2017 figure is half-year comparison to the same
period in 2016
Source: Association of Russian Automakers
oil market meant any improvement
came with caveats. Slowly, slowly we
see it improving, he said. Will the
trend continue? Lets hope. But its still
far away from where it used to be. Even
at the [2012] peak, we all knew things
were not 100 per cent normal.
But restarting factories and hiring
new workers is a sign that the invest-
ment case has strengthened.
This is only the beginning, Osamu
Masuko, Mitsubishi chief executive,
said of the decision to restart the Kaluga
factory, which it shares with Frances
PSA Peugeot Citron.
Local production of popular models
will be essential in growing future sales
and enabling Mitsubishi Motors to par-
ticipate fully in the Russian recovery.
Airlines
Gulf carrier Etihad turns to
MoD for new chief executive
SIMEON KERR DUBAI
PEGGY HOLLINGER LONDON
Etihad has appointed a senior manager
from the UKs Ministry of Defence as
chief executive as the lossmaking air-
line looks for fresh leadership amid
challenging times for Gulf airlines.
Tony Douglas is to join the Abu Dhabi
carrier from the MoDs procurement
agency, where he was responsible for
managing the acquisition and support
of equipment and services for the Brit-
ish armed forces.
His departure is a blow to the MoD as
it embarks on one of the biggest equip-
ment spending programmes in decades
and launches a shake-up of naval ship-
building.
Barely two weeks ago, he fronted a
summit to outline plans to introduce
competition in the procurement of war-
ships. The agency, Defence Equipment
and Support, is also responsible for
establishing a body to deliver the 31bn
renewal of the UKs nuclear deterrent.
Mr Douglas, who as former chief exec-
utive of the Abu Dhabi Airports Com-
pany and ex-head of Abu Dhabi Ports
has overseen big infrastructure projects,
was hired to introduce commercial dis-
cipline to big military programmes.
Industry analysts expressed surprise
at his departure and speculated that he
may have become frustrated at obsta-
cles to reform in the MoD and DE & S.
Mr Douglas is credited with helping
the agency to focus at an earlier stage on
Friday 29 September 2017
The signing puts Bain at the heart of
one of the biggest private equity deals
of the past decade and represents a shift
of attitudes towards foreign investment
in Japan.
The sale of Toshiba Memory Corpora-
tion could still be delayed, by both
antitrust scrutiny and an embittered
legal action by SanDisk, Toshibas
joint venture partner in the chipmaking
business and a subsidiary of Western
Digital.
Automobiles
Chinese
brands close
quality gap,
100
survey finds
80
CHARLES CLOVER BEIJING
60
The quality of Chinese domestic car
40 brands is likely to catch or even surpass
global marques in China by 2020, as
20 local carmakers close what was once a
yawning quality gap, according to a
0 survey by JD Power.
-20 When the US automotive industry con-
sultant began its quality surveys in
-40 China in 2000, the gulf between foreign
17 and domestic brands was large. Chinese
cars, measured in problems per 100
vehicles, hit 834 in 2000 more than
60 eight problems per vehicle, double the
international average. However, the
40 result of the 2017 survey released yes-
terday showed Chinese brands averag-
ing 112 problems per vehicle just 13
20 higher than the mainstream, including
cars sold by the global groups in China.
0 The Chinese are the worlds largest car
producers, making 30 per cent of the
passenger cars and commercial vehicles
-20 in the world last year. But so far China
has been unable to develop its own com-
petitive car industry, with foreign
-40
brands producing about 60 per cent of
17
the countrys 24m passenger cars,
mostly produced in China by joint ven-
tures. But that may be changing.
Jacob George, JD Powers Asia Pacific
vice-president, said the quality differ-
ence between foreign and domestic car-
makers in China had dropped dramati-
cally due to quality improvements by
the Chinese but that initial estimates
that they would converge in 2018 now
seem premature. Its hard to improve
when youre better, he said, projecting
the convergence in 2020.
This improvement in quality is taking
place against a backdrop of big plans by
Chinese brands such as Geely, GAC
Trumpchi and Great Wall, to target
European and US markets.
GAC Trumpchi was the top-rated Chi-
nese brand in the 2017 study. But scores
received by Geely and Great Wall disap-
pointed. Neither Geely nor Great Wall
responded to a request for comment.
Additional reporting by Sherry Fei Ju
the costs of equipment support, which
can outstrip the initial price tag of mili-
tary kit. The UK has still not decided on
support solutions for one of its most
costly acquisitions, the F-35 fighter jet.
Mr Douglas, who trained as an engi-
neer, has previously held senior posi-
tions at airport operator BAA, where he
managed Heathrows Terminal 5
project, and at Laing ORourke, where
he was chief operating officer and chief
executive designate.
He has guided the transformation of
large organisations in the UAE and the
UK, said Mohamed Al Mazrouei, chair-
man of Etihad Aviation Group.
Mr Douglas is keenly familiar with
Etihads challenges and opportunities in
a rapidly changing industry, he added.
James Hogan, Etihads previous chief,
stepped down this year as the airline
reviewed its strategy of purchasing eq-
uity stakes in partner airlines to drive
traffic through its Abu Dhabi hub. Fin-
ancial woes at Alitalia and Air Berlin
have called that strategy into question.
Mr Douglas now faces the problem of
charting a new course for the airline,
which reported an annual loss of
$1.87bn in 2016.
Gulf airlines have been hit by the slide
in oil prices, the strong dollar and
restrictions on travel to the US.
The United Arab Emirates, and three
other Arab states including Saudi Ara-
bia, in June also launched a trade and
travel boycott of Qatar, shutting Qatar
Airways out of four regional markets.
Friday 29 September 2017
Carillions best hope for transformation is not a bid, but a reversion
Matthew
Vincent
Carillion made a mistake in naming
Lee Watson as chief transformation
officer three weeks ago. Not because
he lacks the necessary skills as a
partner at EY, Mr Watson has
advised on numerous corporate
transformations. But because what the
stricken construction group really
needs is a chief reversion officer.
It has already proved itself capable of
transformation without any help at all.
Carillion has gone from bidder to bid
target in the space of three years. New
speculation over a bid from a Middle
Eastern buyer has lifted its market
value 43 per cent in the past two days,
to 285m and it may go higher if
todays delayed results are better than
feared. But this is a far cry from the
3bn value of an attempted
combination with Balfour Beatty in
2014. A reversion to even a fifth of that
Financials
FCA hits at EU
plan to reform
asset managers
Supervisor cautions that
changes to the rules could
be to Europes detriment
CAROLINE BINHAM FINANCIAL
REGULATION CORRESPONDENT
The UKs financial watchdog has fired a
salvo against an attempt by European
regulators to shake up the rules govern-
ing asset managers after Brexit.
The top supervisor of the Financial
Conduct Authority said yesterday there
wasnojustificationforanychangestothe
rules and cautioned that overhauling
themcouldbedetrimentaltoEurope.
The rules around so-called delegation
Theres no suggestion
that the current model
does not deliver
appropriate oversight
threaten to be a lightning rod in the
negotiations about how to regulate
financial services after the UK leaves the
EU. Delegation deals with the fact that
most asset managers are registered in
countries such as Ireland and Luxem-
bourg, but most of the actual business is
done in London.
We are particularly conscious of the
need to find sensible outcomes on dele-
gation, said Megan Butler at the FCA.
There is an important question as
to whether a change to delegation
provision could, potentially, have an
adverse impact on European and global
markets.
She pledged that the FCA will push for
Technology
Telit warns on profits amid review of finances HSBC hopes app will sap rivals
NIC FILDES AND NAOMI ROVNICK
Telit, the Aim-listed technology com-
pany whose founder and chief execu-
tive quit last month in a scandal over
his true identity, has issued a profit
warning for 2017 and revealed reviews
are taking place of its operations and
finances.
In an operational and trading update,
Telit described the warning as a nar-
rowing of guidance by the Internet of
Things chip developer. It now expects
adjusted earnings before interest, tax,
amortisation and depreciation of $44m
to $48m for 2017. It also lowered its rev-
enue guidance by $30m, but said it
expected significant cash generation in
the second half of the year.
Telit made profits of $54.4m last year
and said in August it expected to report
would represent a job well done by Mr
Watson.
Sadly, though, there was another
error in the press release announcing
his appointment. It claimed it would be
effective immediately. Given that
KPMG auditors were working right up
to todays rescheduled results just to
figure out if Carillion can keep going, it
seems unlikely that Mr Watson and his
EY colleagues who are meant to
advise on cash collection, cost cuts and
debt reduction have had a chance to
be effective at anything, yet.
One of their tasks is to raise at least
125m from disposals, including the
sale of Carillions Middle Eastern
business. Talks on this have started,
and are probably the cause of those bid
rumours one of which suggests a
company from the region might seek a
reverse takeover to gain a London
listing. But the very presence of EY and
KPMG suggests the folly of anyone
bidding now, no matter how unlikely
the motivation.
Mr Watsons to do list reveals the
deterrents to a deal: debt, pension
deficit and capital.
Net debt rose to 695m in the first
pragmatic co-operation with its Euro-
pean counterparts, not forgetting the
global context.
She added: Theres no suggestion
that the current model does not deliver
appropriate oversight. None of this is
about a reduction in appropriate over-
sight; its extremely important that del-
egated models are robustly overseen
around the world.
The Paris-based European Securities
and Markets Authority said this sum-
mer that it would not accept letterbox
entities that employ few people after the
UK leaves the EU, and that national reg-
ulators should take a tougher line on
policing the asset management sector.
Some saw the opinion as Esma clarify-
ing existing rules, but others warned of a
land-grab by countries such as France.
The UK represents about 12 per cent
of global assets under management and
92,000 jobs, according to the FCA.
Meanwhile, about 90 per cent of the
EUs assets under management use del-
egation rules, with London benefiting
the most from the rules, according to
industry estimates.
Ms Butler also used her speech to
announce an FCA hub that aims to help
new entrants into the sector. The goal is
to streamline the authorisation process.
The FCA has a competition mandate,
which it is using to try to break up old
monopolies, including in the asset man-
agement sector. A sweeping study ear-
lier this year into competition in the sec-
tor led to the FCAs first referral to the
Competition and Markets Authority;
the antitrust authority will now probe
the investment consultants that act as
powerful advisers to pension funds pro-
curing asset-management services.
Ebitda of $47m-$60m for the year. That
guidance was issued just two days
before the companys founder and chief
executive Oozi Cats was put on tempo-
rary leave, after he was linked to a US
fugitive called Uzi Katz.
Mr Cats formally left the company
after it ordered an independent review
that found the evidence shows that an
indictment was issued against Oozi Cats
in the US and that this fact was know-
ingly withheld from advisers. The com-
panys accounts became the subject of
speculation, with its low cash flow as
well as supplier relationships and acqui-
sition policy under Mr Cats coming
under scrutiny.
Telit said it had hired an independ-
ent third-party accounting firm to
review certain elements of its finan-
cials, for the sole purpose of providing
FINANCIAL TIMES
half and is on course to hit 800m by
the end of the year more than twice
Carillions market value. Analysts at
Numis deem it uninvestable until
management can outline that average
net debt is both underpinned and can
be reduced.
Carillions pension deficit is almost as
large, at 650m bigger than the
deficit at collapsed retailer BHS. While
higher interest rates may bring this
down, analysts say a buyer would still
have to address the structural problem.
Cash will last to at least December,
Carillion says but analysts reckon
another 500m-worth of capital may
be needed, at a time when a
fragmented investor base might not
fully support a rights issue.
Shareholders most realistic hope,
therefore, is for a chief reversion
officer. Ironically, Balfour Beatty has
shown how it is possible to revert from
bid target back to bidder, and net debt
to net cash, under turnround specialist
Leo Quinn. Carillion still lacks a
permanent chief executive, however.
Long, painful restructurings require a
CEO, not just a CTO. They are anything
but elementary.
Storm damage
Lloyds faces
hurricane
losses of $4.5bn
reassurance in this regard. It added
that while it remained confident it
would not breach any of its agreements
with its lenders when covenants are
tested on September 30, it had as a pre-
cautionary measure agreed a covenant
waiver with one of its banks.
Two people familiar with the com-
pany said that Rothschild has also been
appointed by Telit as an adviser. Chi-
nese fund Run Liang Tai built a 12 per
cent stake in Telit this month, triggering
speculation it might bid for the Aim-
listed business. Megabuyte, the
research company, said it remained to
be seen whether Telit could survive in
its current form. The decline in Ebitda
guidance is particularly severe, it said.
The shares closed down 5 per cent at
179.75p yesterday.
See Lombard
Tui each their own?
Independent travellers are such bores.
You know the type: Majorca? Oh no.
Not our thing at all. Last year, we took our
kayaks down the Orinoco, stumbled across
a charming little eco lodge, and the locals
let us have a palm leaf cabin in return for
some help with the nose-hair weaving.
Tui chief executive Friedrich Joussen
and Thomas Cook boss Peter
Fankhauser despite being seasoned
globetrotters appear to share some of
Lombards disdain for smug-free
spirits. Both much prefer travellers
who are happy to book every step of a
journey with them.
In yesterdays trading update, Mr
Joussen highlighted a further increase
in sales of our own hotel and cruise
brands and his confidence that Tuis
integrated model owning the
booking system, the airline and the
accommodation could help deliver
10 per cent more profit. On Tuesday,
Mr Fankhauser said much the same,
highlighting a new partnership with
LMEY to boost Thomas Cooks own-
brand hotel portfolio, and
enhancements to the booking process
Lloyds, the insurance market, is facing
$4.5bn of losses from hurricanes
Harvey and Irma, which devastated
parts of the US and Caribbean this
month.
Inga Beale, Lloyds of London chief
executive, said the markets insurers
were already paying out. This is what
we are here for, she said. We have
already paid out 164m on Harvey and
242m on Irma.
RMS, a catastrophe modelling firm,
put total insured losses from the two
hurricanes at $60bn-$90bn.
Dame Inga said it would be years
before the scale of losses was clear.
The bulk [of the claims] will be clear
in a few months, but in the US a lot of
Banks
EMMA DUNKLEY
HSBC is seeking to poach customers
from rivals with an app that aggregates
bank accounts, as looming regulation
threatens to weaken established lend-
ers customer relationships.
The UK-based bank is aiming to become
the first high-street lender to launch an
app next year that allows customers to
see all their accounts including those
with other banks in one place.
The move is aimed at placing HSBC at
the centre of peoples financial relation-
ships, acting as a hub through which
customers can manage all their
accounts and spending habits.
It comes as banks customer relation-
ships face being weakened by European
regulation that comes into force from
the start of next year. Under the so-
that let customers choose everything
from aircraft seats to hotel room views.
A quick glance at one of Tuis
slideshows for analysts rather than
bored relatives shows why. Margins
at own-brand hotels and cruises are in
the 20-30 per cent range against
broader averages less than half that.
And both Tui and Thomas Cook are
now funding more own-brand hotels,
without recourse to debt: in Tuis case,
by using proceeds from the disposal of
specialist businesses; in Thomas
Cooks, by creating an investment fund
with LMEY and 150m of seed assets.
By all means be a happy wanderer.
Just dont wander off on your own.
Telit better
Telit, the internet of things company,
could not say whether its former boss
was called Oozi Cats or Uzi Katz. Now it
needs an independent accounting firm
to provide reassurance over its
financials. Perhaps it should consider a
merger with a group called Likitis.
matthew.vincent@ft.com
policies do not cover floods . . . so
you have to assess whether the
damage has been caused by wind or
floods, she said.
The industry also faces claims
from Puerto Rico, where Hurricane
Maria caused widespread damage 10
days after Irma swept through
Florida. Lloyds has not yet provided
an estimate of its exposure to Maria.
For the first half of the year,
Lloyds yesterday reported
underwriting profit up from 210m
to 370m, but overall pre-tax
earnings dipped 17 per cent to
1.2bn because of currency
movements and lower investment
returns. Oliver Ralph
Stephen Yang/Reuters
called Payment Services Directive 2,
banks will be required to open access to
customer data with their consent in
an attempt by regulators to boost com-
petition. Third parties, such as new
banks and fintechs, are able to use the
data to provide tailored financial serv-
ices to customers.
The UKs Competition and Markets
Authority last year told banks that it
would make lenders open up their data
under a standard called open banking
to help protect customers.
Banks have spent years developing
their own apps. Aggregation allowing
multiple accounts to be managed
together is seen as the next phase.
HSBC said the app would allow cus-
tomers to add accounts from up to 21
different banks and allow them to view
loans, mortgages and savings.
21
City
Insider
Edited by
Patrick Jenkins
patrick.jenkins@ft.com
James von Moltke
England 1, Germany 0
James von Moltke has had a mixed
start in his new job as Deutsche
Banks finance director.
Hes gone down well with his new
colleagues and is lauded by those
hes interacted with since arriving
from New York, where he was
treasurer at Citigroup. Some reckon
he might even help Deutsche turn
round many years of pretty hostile
sentiment. The half-German, half-
Australian aristocrat is the
grandson of Nazi resistance fighter
Helmuth James Graf von Moltke,
making the von Moltke name
widely revered in Germany.
But the bankers first few weeks
have not been all plain sailing. First,
he was caught out by his own
employers hardline security
procedures. City Insider hears that
attempts by Von Moltke, pictured,
to access the new investment
banking headquarters in Frankfurt
were foiled when his security card
was rebuffed by guards at the
building and he was unable to
produce alternative ID.
Now theres concern that all the
positive vibes about him could be
undermined by his decision to base
his family home in London. The
justification its a schools issue,
and it wont stop him spending
most of his week in Frankfurt
should calm any critics worried that
top management are drifting away
from the German financial hub.
Either way, its a win for London
just as all those City jobs look like
heading in the other direction.
FCA
Top (watch)dog
Dont all rush at once. Only a week
to go till the application deadline
for the chairmans job at the
Financial Conduct Authority. And
officials reckon theres a slim
(though strong) postbag of CVs so
far. The only candidate to publicly
declare himself has been George
Kerevan, the former SNP MP, who
this week vowed to publish a
private report into Royal Bank of
Scotlands controversial Global
Restructuring Group on his first
day in the job. Andrew Tyrie, former
Treasury committee chief, is not
commenting on suggestions he
might apply, though as a respected
committee attack dog hed certainly
be credible. A couple of senior
industrialists are also in the frame.
Other hoped-for applicants, such as
Allianz Global Investors vice-chair
Elizabeth Corley, appear to have
ruled themselves out. Corley is
enjoying her balanced life, working
part-time at Allianz and part-time
as a crime novelist. Douglas Flint,
the outgoing chairman of HSBC,
would on paper be another strong
candidate, though as a banker he
may be unthinkable. Robert
Swannell, the recently retired M&S
chairman, is also a former banker
(Schroders/Citigroup) but has
seemingly been out of the industry
long enough to be palatable. On the
other hand, hes so palatable that
hes been made a member of the
three-person selection panel for
the FCA role (alongside Treasury
mandarin Charles Roxburgh and
the ubiquitous Baroness Sarah
Hogg). Back to the drawing board.
Justin Urquhart-
Stewart
Just desserts
Many old hands working in the City
mourn the passing of a proper
lunch perhaps none more so
than Justin Urquhart-Stewart, co-
founder of investment boutique
Seven Investment Management.
The red-braced one was holding
forth on the subject of puddings at
his firms 15th anniversary party in
Coq dArgent earlier this month.
Its bad enough that nobody has
a drink any more, but now nobody
has a pudding either, he said. The
solution? Ordering a dessert as a
starter, says U-S. That way, youll
avoid the awkwardness at the end
of the meal when nobody wants to
be the only one to order a pud. He
always was a contrarian investor.
22 FINANCIAL TIMES Friday 29 September 2017
Friday 29 September 2017 FINANCIAL TIMES 23

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

Change during previous days 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 $

-0.21% -0.80%
No change No change No change No change No change
0.14% 0.13% 0.16% 0.47% 0.13% 0.86% 0.06%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Aug 29 - - Index All World Aug 29 - Sep 28 Index All World Aug 29 - Sep 28 Index All World Aug 29 - Sep 28 Index All World Aug 29 - Sep 28 Index All World Aug 29 - Sep 28 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,507.01 15,630.76 12,704.65 20,363.11
2,372.29 2,373.14
15,082.70 7,337.43 7,313.51
2,446.30 12,002.47 19,362.55
Day 0.00% Month 2.62% Year 16.07% Day 0.14% Month 3.83% Year 6.09% Day 0.13% Month -1.11% Year 6.86% Day 0.37% Month 0.83% Year NaN% Day 0.47% Month 4.68% Year 22.05% Day 0.02% Month -0.23% Year 15.04%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
1,518.06
6,439.66
10,328.50 28,094.61
51,193.52 10,245.80 3,249.34
6,301.89 1,458.54 27,421.60 3,227.14
50,123.32
Day -0.21% Month 2.77% Year 21.37% Day -0.09% Month -2.24% Year 4.31% Day 0.16% Month 3.74% Year 12.53% Day -0.39% Month -0.16% Year 18.88% Day -0.80% Month -1.53% Year 16.33% Day -0.28% Month -0.99% Year 12.83%

Dow Jones Industrial New York Bovespa So Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
22,372.15 5,293.77 22,587.67
73,429.58 31,646.46
21,865.37 71,329.85 3,522.72 31,282.48
5,056.34 21,503.46 3,497.04
Day 0.14% Month 2.56% Year 22.73% Day -0.50% Month 3.39% Year 23.70% Day 0.22% Month 3.71% Year 20.35% Day -0.15% Month 3.97% Year 39.24% Day -0.17% Month 0.24% Year 11.39% Day 0.39% Month -0.99% Year 10.84%

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 25483.88 25271.19 Cyprus CSE M&P Gen 73.58 73.60 Italy FTSE Italia All-Share 24911.79 24931.33 Philippines Manila Comp 8156.04 8221.92 Taiwan Weighted Pr 10296.45 10326.68 Cross-Border DJ Global Titans ($) 283.15 282.90
Australia All Ordinaries 5731.50 5725.50 Czech Republic
PX 1043.68 1042.50 FTSE Italia Mid Cap 42126.81 41994.99 Poland Wig 63727.11 63573.49 Thailand Bangkok SET 1666.36 1670.27 Euro Stoxx 50 (Eur) 3561.15 3555.17
S&P/ASX 200 5670.40 5664.30 Denmark OMXC Copenahgen 20 1028.32 1023.75 FTSE MIB 22587.67 22622.19 Portugal PSI 20 5375.61 5333.61 Turkey BIST 100 101218.30 103929.33 Euronext 100 ID 1030.70 1027.48
S&P/ASX 200 Res 3518.50 3557.80 Egypt EGX 30 13740.82 13704.13 Japan 2nd Section 6670.65 6590.89 PSI General 2982.06 2965.92 UAE Abu Dhabi General Index 4407.00 4413.79 FTSE 4Good Global ($) 6312.19 6300.62
Austria ATX 3307.47 3291.69 Estonia OMX Tallinn 1219.38 1215.50 Nikkei 225 20363.11 20267.05 Romania BET Index 7926.30 7914.24 UK FT 30 3185.50 3172.10 FTSE All World 320.10 319.68
Belgium BEL 20 4001.31 3986.80 Finland OMX Helsinki General 9626.26 9568.04 S&P Topix 150 1352.61 1345.17 Russia Micex Index 2074.07 2081.12 FTSE 100 7322.82 7313.51 FTSE E300 1518.06 1515.63
BEL Mid 6525.77 6465.52 France CAC 40 5293.77 5281.96 Topix 1676.17 1664.43 RTX 1127.69 1126.94 FTSE 4Good UK 6545.13 6526.06 FTSE Eurotop 100 2964.66 2962.45
Brazil Bovespa 73429.58 73796.71 SBF 120 4233.67 4221.67 Jordan Amman SE 2121.33 2123.47 Saudi-Arabia TADAWUL All Share Index 7233.31 7240.10 FTSE All Share 4020.77 4012.65 FTSE Global 100 ($) 1571.91 1568.02
Canada S&P/TSX 60 920.89 919.60 Germany M-DAX 25817.64 25716.04 Kenya NSE 20 3729.84 3733.04 Singapore FTSE Straits Times 3227.14 3236.15 FTSE techMARK 100 4541.90 4504.19 FTSE Gold Min ($) 1521.14 1536.79
S&P/TSX Comp 15630.76 15609.66 TecDAX 2420.24 2401.12 Kuwait KSX Market Index 6768.74 6764.70 Slovakia SAX 317.10 317.10 USA DJ Composite 7698.30 7680.56 FTSE Latibex Top (Eur) 4325.30 4366.50
S&P/TSX Div Met & Min 798.07 769.54 XETRA Dax 12704.65 12657.41 Latvia OMX Riga 1000.85 995.50 Slovenia SBI TOP 798.30 799.82 DJ Industrial 22372.15 22340.71 FTSE Multinationals ($) 1835.27 1831.27
Chile IGPA Gen 26508.54 26456.37 Greece Athens Gen 754.76 736.64 Lithuania OMX Vilnius 638.62 638.27 South Africa FTSE/JSE All Share 54994.35 55214.07 DJ Transport 9891.15 9841.99 FTSE World ($) 566.21 565.21
China FTSE A200 9843.94 9832.36 FTSE/ASE 20 1982.54 1935.26 Luxembourg LuxX 1641.50 1634.49 FTSE/JSE Res 20 34688.08 34951.92 DJ Utilities 722.81 722.22 FTSEurofirst 100 (Eur) 4281.57 4276.24
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 27421.60 27642.43 Malaysia FTSE Bursa KLCI 1758.06 1764.24 FTSE/JSE Top 40 48842.89 49018.25 Nasdaq 100 5922.29 5937.79 FTSEurofirst 80 (Eur) 4935.10 4923.39
Shanghai A 3497.04 3502.95 HS China Enterprise 10874.52 11035.78 Mexico IPC 50123.32 50169.13 South Korea Kospi 2373.14 2372.57 Nasdaq Cmp 6439.66 6453.26 MSCI ACWI Fr ($) 484.01 483.07
Shanghai B 359.30 358.95 HSCC Red Chip 4258.07 4298.84 Morocco MASI 12259.60 12416.64 Kospi 200 313.85 313.82 NYSE Comp 12161.64 12157.65 MSCI All World ($) 1988.00 1983.25
Shanghai Comp 3339.64 3345.27 Hungary Bux 37191.65 37244.30 Netherlands AEX 533.39 531.09 Spain IBEX 35 10328.50 10368.90 S&P 500 2507.02 2507.04 MSCI Europe (Eur) 1588.04 1581.85
Shenzhen A 2065.45 2070.18 India BSE Sensex 31282.48 31159.81 AEX All Share 804.27 800.52 Sri Lanka CSE All Share 6433.54 6419.47 Wilshire 5000 26100.49 26114.74 MSCI Pacific ($) 2642.93 2657.35
Shenzhen B 1187.81 1185.19 Nifty 500 8557.10 8520.95 New Zealand NZX 50 7913.62 7913.78 Sweden OMX Stockholm 30 1624.37 1623.77 Venezuela IBC 463847.09 431838.53 S&P Euro (Eur) 1640.27 1636.54
Colombia COLCAP 1487.26 1481.21 Indonesia Jakarta Comp 5841.05 5863.03 Nigeria SE All Share 34951.27 35358.73 OMX Stockholm AS 580.39 579.55 Vietnam VNI 804.82 803.77 S&P Europe 350 (Eur) 1563.61 1560.60
Croatia CROBEX 1821.32 1804.03 Ireland ISEQ Overall 6826.35 6794.33 Norway Oslo All Share 861.11 857.00 Switzerland SMI Index 9112.16 9098.58 S&P Global 1200 ($) 2222.59 2220.31
Israel Tel Aviv 100 12.91 12.91 Pakistan KSE 100 42362.87 42290.15 Stoxx 50 (Eur) 3155.56 3156.38
(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 Sep 28 %Chg %Chg Sep 28 %Chg %Chg Sep 28 %Chg %Chg Sep 28 %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 17.6 152.94 -1.29 British American Tobacco 174.0 4650.00 -46.58 Nestle N 341.4 70.88 -0.44 Mitsubishi Ufj Fin,. 573.8 728.90 8.30 Pearson 606.00 6.8 - Tullow Oil 188.70 11.1 - Carillion 64.25 45.7 - Oil Equipment & Services 12747.52 6.5 -
Amazon.com 12.7 955.85 4.98 Hsbc Holdings 173.3 731.80 2.00 Hennes & Mauritz Ab , H & M Ser. B 316.5 22.06 -1.17 Softbank . 516.2 9115.00 80.00 Intercontinental Hotels 3933.00 6.5 4.6 Pets At Home 216.80 11.1 -9.5 Imagination 166.50 26.7 - Industrial Engineering 11923.67 3.7 16.1
Facebook 11.0 168.16 0.48 Imperial Brands 161.8 3172.00 -102.95 Deutsche Bank Ag Na O.n. 292.4 14.37 0.38 Toyota Motor 415.6 6769.00 21.00 Hargreaves Lansdown 1497.00 5.3 23.5 Weir 1965.00 8.5 4.3 Petra Diamonds 80.50 18.0 - Oil & Gas Producers 8199.64 3.2 -3.5
Tesla 10.5 337.75 -3.22 Vodafone 150.0 205.25 -3.00 Santander 287.9 5.89 0.03 Tokyo Electron 349.1 17155.00 295.00 Ferguson 4898.00 4.4 -1.3 Safestore Holdings 426.00 8.0 20.9 Kenmare Resources 335.00 15.1 33.5 Construction & Materials 6687.00 2.2 -2.1
Nvidia 10.2 174.59 -1.14 Rio Tinto 147.3 3417.00 -11.45 Royal Dutch Shella 284.8 25.61 0.18 Sumitomo Mitsui Fin,. 336.2 4310.00 40.00 Taylor Wimpey 191.90 3.8 24.3 Cairn Energy 193.10 6.8 - Petropavlovsk 7.86 11.8 13.1 Electronic & Electrical Equip. 5962.88 2.2 21.3
Bank Of America 7.9 25.49 0.08 Glencore 134.0 338.90 -3.77 Unicredit 270.8 18.01 0.01 Nissan Motor Co., 303.3 1115.50 -13.00 Royal Dutch Shell 2242.00 3.4 -0.1 Nostrum Oil & Gas 404.00 6.7 4.7 Premier Oil 68.00 9.7 -8.1 Household Goods 17658.39 1.8 10.1
Micron Technology 7.3 37.40 0.31 Glaxosmithkline 126.4 1482.00 0.85 Intesa Sanpaolo 238.2 2.99 0.00 Mizuho Fin,. 255.0 198.50 1.60 Royal Dutch Shell 2286.00 3.3 -2.7 Petrofac 459.00 6.7 - Enquest 27.25 9.5 - Support Services 7898.33 1.6 12.2
Abbvie 7.2 89.36 4.61 Royal Dutch Shell 126.0 2242.00 14.62 Roche Gs 225.6 216.01 0.44 Fast Retailing Co., 245.6 33140.00 -460.00 Astrazeneca 4909.00 3.2 10.9 Wood (john) 686.50 6.5 - Purecircle 506.50 9.3 102.6 Pharmaceuticals & Biotech. 13030.35 1.5 -3.2
Alphabet 6.5 960.13 0.23 Bp 121.9 476.05 2.15 Novartis N 212.9 72.19 0.13 Thb Dai-ichi Life Insurance , 238.5 2024.50 52.50 Next 5255.00 3.2 5.3 Dixons Carphone 186.20 6.3 - Devro 241.75 8.4 27.4 General Financial 10471.37 1.5 12.5
Jd.com 5.4 38.43 -1.29 Bhp Billiton 108.4 1305.50 -13.12 Ing Groep N.v. 201.8 15.50 -0.02 Mazda Motor 229.9 1740.00 52.00 Berkeley Holdings (the) 3674.00 3.1 29.3 Amec Foster Wheeler 513.00 6.0 9.1 Dp Eurasia N.v. 200.00 8.1 - Tobacco 51352.52 1.1 -2.8
Royal Bank Of Scotland 266.40 2.9 19.3 Imi 1216.00 6.0 16.7 Games Workshop 1962.00 7.8 - Food & Drug Retailers 2983.22 1.0 -3.2
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
Bp 476.05 2.5 -6.8 Dunelm 687.50 6.0 - Hollywood Bowl 177.75 7.7 6.9 General Retailers 2591.22 1.0 0.0
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Abbvie 89.36 4.61 5.44 Ssp 529.00 32.86 6.57 Seadrill 0.31 0.02 6.67 Tokai Carbon Co., 1055.00 137.00 14.92 Mediclinic Int 641.00 -4.6 - Card Factory 292.70 -15.5 15.8 Allied Minds 130.00 -16.1 - Gas Water & Multiutilities 5620.09 -2.0 -7.2
Mccormick & 101.23 4.78 4.96 Card Factory 292.70 14.20 5.10 Sgs N 2032.42 93.58 4.83 Showa Denko K.k. 3590.00 250.00 7.49 Bhp Billiton 1305.50 -3.3 -0.5 Jpmorgan Indian Investment Trust 693.00 -6.6 14.0 Lamprell 88.50 -11.5 -4.5 Mining 16326.69 -1.8 10.1
Abbott Laboratories 53.84 1.69 3.23 Balfour Beatty 271.90 11.44 4.45 Deutsche Bank Ag Na O.n. 14.37 0.38 2.68 Familymart Co., 6080.00 410.00 7.23 Tui Ag 1262.00 -3.3 7.1 Stobart Ld 269.00 -6.2 50.0 Countrywide 108.00 -10.0 -37.3 Forestry & Paper 21478.09 -1.6 19.5
American Airlines 48.19 1.34 2.86 Ip 130.20 5.10 4.08 Accor 42.05 1.05 2.55 Furukawa Electric Co., 6180.00 210.00 3.52 Direct Line Insurance 361.40 -3.2 -2.9 Just Eat 661.00 -4.1 12.5 Foxtons 66.50 -6.8 - Electricity 8179.56 -1.5 -
Eastman Chemical 89.81 2.46 2.82 Qinetiq 233.40 7.80 3.46 Linde Ag O.n. 174.70 4.05 2.37 Mazda Motor 1740.00 52.00 3.08 National Grid 920.90 -3.2 - Hochschild Mining 219.60 -4.0 5.2 Huntsworth 73.00 -6.1 92.1 Mobile Telecommunications 4593.56 -1.1 1.8
Anglo American 1305.00 -3.1 11.3 Close Brothers 1475.00 -3.7 1.9 Topps Tiles 73.75 -5.4 - Software & Computer Services 2182.16 -0.7 15.0
Downs Downs Downs Downs
Smiths 1568.00 -2.8 10.8 Galliford Try 1312.00 -3.4 1.4 Aberdeen New India Investment Trust 436.75 -4.8 18.1 Equity Investment Instruments 9270.85 -0.5 9.1
Range Resources 19.53 -0.88 -4.31 Greencoat Uk Wind 120.00 -4.10 -3.26 Hennes & Mauritz Ab , H & M Ser. B 22.06 -1.17 -5.04 Thb Kansai Electric Power ,orporated 1463.00 -81.00 -5.25
Kingfisher 293.30 -2.7 -16.6 Tbc Bank 1620.00 -3.4 11.8 Georgia Healthcare 303.63 -4.7 - Real Estate & Investment Servic 2637.30 -0.4 6.8
Liberty Interactive 23.16 -1.01 -4.18 Euromoney Institutional Investor 1159.00 -39.00 -3.26 B. Sabadell 1.77 -0.06 -3.02 Pacific Metals Co., 2893.00 -132.00 -4.36
Glencore 338.90 -2.5 21.8 Hicl Infrastructure Ld 157.00 -3.2 -4.0 Goodwin 1595.00 -4.2 - Food Producers 8583.58 -0.4 6.6
Chesapeake Energy 4.27 -0.16 -3.51 Imperial Brands 3172.00 -102.95 -3.11 Mapfre 2.74 -0.09 -3.01 Nisshin Steel Holdings Co., 1441.00 -32.00 -2.17
United Utilities 845.00 -2.1 -6.3 Capital & Counties Properties 260.90 -3.1 - Menzies(john) 712.00 -4.1 18.3 General Industrials 6356.65 -0.2 15.1
Western Digital 85.61 -3.11 -3.50 Greene King 547.00 -17.55 -3.11 Merck Kgaa O.n. 97.31 -2.74 -2.74 Nippon Meat Packers,. 3075.00 -65.00 -2.07
Smurfit Kappa 2339.00 -1.9 23.3 John Laing Infrastructure Fund 130.00 -3.1 1.1 Carclo 138.25 -4.0 1.8 Automobiles & Parts 8014.89 -0.2 3.3
Jd.com 38.43 -1.29 -3.24 Acacia Mining 188.10 -5.81 -3.03 Edf 10.62 -0.24 -2.17 Tokyo Electric Power ,orporated 456.00 -9.00 -1.94
Sse 1386.00 -1.7 - Millennium & Copthorne Hotels 437.80 -3.0 -3.9 Up Global Sourcing Holdings 92.75 -3.8 - Fixed Line Telecommunication 3281.79 -0.1 -
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
Sep 28 Currency Mid Change Mid Change Mid Change Sep 28 Currency Mid Change Mid Change Mid Change Sep 28 Currency Mid Change Mid Change Mid Change Sep 28 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 17.5850 - 20.6297 - 23.5383 - Indonesia Indonesian Rupiah 13440.0000 - 15767.0761 - 17990.0443 - Poland Polish Zloty 3.6792 - 4.3162 - 4.9248 - ..Three Month 0.7475 0.0000 0.8762 0.0000 - -
Australia Australian Dollar 1.2719 - 1.4921 - 1.7024 - Israel Israeli Shekel 3.5422 - 4.1555 - 4.7414 - Romania Romanian Leu 3.9188 - 4.5973 - 5.2455 - ..One Year 0.7485 0.0000 0.8754 0.0000 - -
Bahrain Bahrainin Dinar 0.3773 - 0.4426 - 0.5050 - Japan Japanese Yen 112.6450 - 132.1488 - 150.7804 - Russia Russian Ruble 58.1550 - 68.2242 - 77.8431 - United States United States Dollar - - 1.1731 - 1.3385 -
Bolivia Bolivian Boliviano 6.9100 - 8.1064 - 9.2493 - ..One Month 112.6448 -0.0003 132.1489 0.0001 150.7803 -0.0001 Saudi Arabia Saudi Riyal 3.7501 - 4.3995 - 5.0197 - ..One Month - - 1.1729 -0.1654 1.3387 0.0000
Brazil Brazilian Real 3.1891 - 3.7412 - 4.2687 - ..Three Month 112.6445 -0.0010 132.1489 0.0002 150.7801 -0.0005 Singapore Singapore Dollar 1.3589 - 1.5942 - 1.8189 - ..Three Month - - 1.1725 -0.1654 1.3389 0.0000
Canada Canadian Dollar 1.2368 - 1.4509 - 1.6555 - ..One Year 112.6427 -0.0045 132.1491 0.0004 150.7803 -0.0015 South Africa South African Rand 13.5625 - 15.9108 - 18.1540 - ..One Year - - 1.1705 -0.1654 1.3400 0.0000
Chile Chilean Peso 637.5250 - 747.9089 - 853.3558 - Kenya Kenyan Shilling 103.4000 - 121.3031 - 138.4055 - South Korea South Korean Won 1140.7500 - 1338.2646 - 1526.9451 - Venezuela Venezuelan Bolivar Fuerte 10.0030 0.0330 11.7349 0.0387 13.3894 0.0441
China Chinese Yuan 6.6349 - 7.7837 - 8.8811 - Kuwait Kuwaiti Dinar 0.3021 - 0.3543 - 0.4043 - Sweden Swedish Krona 8.1618 - 9.5750 - 10.9249 - Vietnam Vietnamese Dong 22729.5000 - 26665.0312 - 30424.5441 -
Colombia Colombian Peso 2942.4000 - 3451.8610 - 3938.5352 - Malaysia Malaysian Ringgit 4.2225 - 4.9536 - 5.6520 - Switzerland Swiss Franc 0.9747 - 1.1435 - 1.3047 - European Union Euro 0.8524 - - - 1.1410 -
Costa Rica Costa Rican Colon 573.6800 - 673.0095 - 767.8964 - Mexico Mexican Peson 18.1070 - 21.2421 - 24.2370 - Taiwan New Taiwan Dollar 30.2725 - 35.5140 - 40.5211 - ..One Month 0.8522 0.0000 - - 1.1409 0.0000
Czech Republic Czech Koruna 22.1826 - 26.0233 - 29.6923 - New Zealand New Zealand Dollar 1.3867 - 1.6268 - 1.8561 - Thailand Thai Baht 33.3100 - 39.0774 - 44.5869 - ..Three Month 0.8518 0.0000 - - 1.1408 0.0000
Denmark Danish Krone 6.3432 - 7.4415 - 8.4907 - Nigeria Nigerian Naira 360.2200 - 422.5901 - 482.1706 - Tunisia Tunisian Dinar 2.4785 - 2.9076 - 3.3176 - ..One Year 0.8498 0.0000 - - 1.1400 0.0000
Egypt Egyptian Pound 17.6495 0.0125 20.7054 0.0147 23.6246 0.0167 Norway Norwegian Krone 7.9600 - 9.3382 - 10.6547 - Turkey Turkish Lira 3.5714 - 4.1898 - 4.7805 -
Hong Kong Hong Kong Dollar 7.8089 - 9.1610 - 10.4526 - Pakistan Pakistani Rupee 105.3950 - 123.6436 - 141.0759 - United Arab Emirates UAE Dirham 3.6729 - 4.3088 - 4.9163 -
Hungary Hungarian Forint 265.0940 - 310.9935 - 354.8402 - Peru Peruvian Nuevo Sol 3.2745 - 3.8415 - 4.3831 - United Kingdom Pound Sterling 0.7471 - 0.8764 - - -
India Indian Rupee 65.6963 - 77.0712 - 87.9374 - Philippines Philippine Peso 50.9895 - 59.8180 - 68.2517 - ..One Month 0.7472 0.0000 0.8764 0.0000 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Sep 28 Sep 27 Sep 26 Sep 25 Sep 22 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 3185.50 3172.10 3182.30 3178.20 3166.30 0.00 3391.10 3060.90 Industrial Metals & 53.26 FTSE SmallCap Index 9.74 General Retailers -0.14 FTSE 100 Price Change FTSE 100 Price Change
Sep 28 chge% Index Sep 27 Sep 26 ago yield% Cover ratio adj Return FT 30 Div Yield 1.85 1.86 1.86 1.86 1.87 0.00 3.93 2.74 Leisure Goods 36.47 Household Goods & Ho 9.51 Consumer Services -0.60 3I Group PLC 916.50 7.00 Lloyds Banking Group PLC 67.22 0.02
FTSE 100 (100) 7322.82 0.13 6509.58 7313.51 7285.74 6919.42 3.94 1.02 24.75 237.46 6165.87 P/E Ratio net 24.07 23.99 24.02 24.03 23.89 0.00 19.44 14.26 Personal Goods 26.54 Nonlife Insurance 8.62 Industrial Transport -1.03 Admiral Group PLC 1803 4.00 London Stock Exchange Group PLC 3779 12.00
FTSE 250 (250) 19678.46 0.56 17493.08 19569.45 19503.23 17864.86 2.75 1.63 22.22 419.96 14392.74 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Forestry & Paper 22.21 Consumer Goods 8.14 Construct & Material -1.33 Anglo American PLC 1305 3.00 Marks And Spencer Group PLC 352.50 1.50
FTSE 250 ex Inv Co (205) 21109.26 0.70 18764.98 20963.51 20891.38 19185.41 2.81 1.65 21.52 461.56 15756.30 FT 30 hourly changes Electronic & Elec Eq 19.82 FTSE 250 Index 7.97 Health Care -2.08 Antofagasta PLC 928.50 5.00 Mediclinic International PLC 641.00 -1.50
FTSE 350 (350) 4071.77 0.20 3619.58 4063.63 4048.48 3821.41 3.74 1.10 24.28 124.20 6884.08 8 9 10 11 12 13 14 15 16 High Low Beverages 17.58 Health Care Eq & Srv 7.61 Tobacco -3.03 Ashtead Group PLC 1803 42.00 Merlin Entertainments PLC 445.00 0.50
FTSE 350 ex Investment Trusts (304) 4036.71 0.21 3588.41 4028.27 4013.27 3793.46 3.78 1.09 24.15 124.61 3516.25 3172.1 3174.2 3171.5 3175.9 3179.1 3180.1 3179.9 3187.8 3187.8 3188.5 3168.5 Software & Comp Serv 17.16 Food Producers 7.36 Pharmace & Biotech -3.21 Associated British Foods PLC 3190 20.00 Micro Focus International PLC 2388 -39.00
FTSE 350 Higher Yield (117) 3745.72 -0.06 3329.74 3747.99 3736.18 3604.39 5.21 0.88 21.79 152.57 6650.96 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Technology 14.20 Financials 7.07 Food & Drug Retailer -3.76 Astrazeneca PLC 4909 26.50 Mondi PLC 1994 -10.00
FTSE 350 Lower Yield (233) 4014.79 0.49 3568.93 3995.34 3977.92 3659.48 2.14 1.69 27.74 75.48 4426.93 Aerospace & Defense 13.56 Travel & Leisure 6.70 Gas Water & Multi -5.40 Aviva PLC 509.50 9.00 Morrison (Wm) Supermarkets PLC 234.30 -0.50
FTSE SmallCap (289) 5687.93 0.26 5056.26 5673.37 5643.98 4986.90 2.91 1.78 19.29 116.49 8201.82 Basic Materials 13.41 Banks 6.21 Oil & Gas Producers -5.70
FTSE SmallCap ex Inv Co (156) 5028.64 0.44 4470.19 5006.56 4974.75 4421.32 3.09 1.73 18.74 105.94 7622.80 FX: EFFECTIVE INDICES Chemicals 13.09 Life Insurance 6.10 Telecommunications -5.81
Babcock International Group PLC 833.50 0.50 National Grid PLC 920.90 -4.40
Bae Systems PLC 632.00 1.50 Next PLC 5255 -5.00
FTSE All-Share (639) 4020.77 0.20 3574.25 4012.65 3997.47 3764.23 3.71 1.12 24.05 121.14 6872.43 Industrial Eng 13.09 Real Est Invest & Se 5.90 Oil & Gas -6.17
Sep 27 Sep 26 Mnth Ago Sep 28 Sep 27 Mnth Ago Barclays PLC 192.20 1.95 Nmc Health PLC 2719 26.00
FTSE All-Share ex Inv Co (460) 3963.45 0.21 3523.29 3954.97 3940.03 3719.76 3.77 1.11 24.00 121.56 3508.43 Mining 12.54 Automobiles & Parts 4.79 Utilities -6.31 Barratt Developments PLC 607.00 5.00 Old Mutual PLC 191.00 -1.00
FTSE All-Share ex Multinationals (573) 1213.91 0.19 894.38 1211.66 1206.22 1135.08 3.27 1.38 22.23 31.28 2191.54 Australia 96.36 96.35 96.47 Sweden 79.17 79.10 80.30 Financial Services 12.27 FTSE All{HY-}Share Index 3.50 Media -8.12 Berkeley Group Holdings (The) PLC 3674 60.00 Paddy Power Betfair PLC 7300 -
FTSE Fledgling (96) 10427.25 0.21 9269.26 10404.97 10398.65 8400.50 2.91 1.63 21.11 208.37 19675.52 Canada 94.36 94.17 93.22 Switzerland 154.39 154.66 155.77 Support Services 10.61 Mobile Telecomms 2.97 Electricity -9.79 Bhp Billiton PLC 1305.5 -7.50 Pearson PLC 606.00 -
FTSE Fledgling ex Inv Co (46) 15143.37 0.38 13461.63 15086.44 15083.61 11070.29 3.69 0.97 27.99 313.93 27894.04 Denmark 109.31 109.35 109.76 UK 78.47 78.46 74.78 Equity Invest Instr 10.32 FTSE 100 Index 2.35 Tech Hardware & Eq -11.57 BP PLC 476.05 3.00 Persimmon PLC 2529 14.00
FTSE All-Small (385) 3962.15 0.25 3522.14 3952.09 3932.49 3458.99 2.91 1.78 19.37 81.04 7334.09 Japan 133.92 134.15 137.79 USA 99.40 99.22 98.64 Industrials 9.80 NON FINANCIALS Index 2.26 Fixed Line Telecomms -20.91 British American Tobacco PLC 4650 -54.50 Prudential PLC 1779.5 16.00
FTSE All-Small ex Inv Co (202) 3778.38 0.44 3358.78 3761.88 3738.81 3298.41 3.11 1.69 18.96 79.58 7256.47 New Zealand 117.78 117.06 117.24 Euro 93.65 93.74 95.06 Real Est Invest & Tr 0.01 Oil Equipment & Serv -21.95 British Land Company PLC 598.00 -3.50 Randgold Resources LD 7350 50.00
FTSE AIM All-Share (805) 999.56 0.45 888.55 995.10 999.43 820.08 1.53 0.95 68.89 9.65 1103.63 Norway 88.72 89.13 90.22
Bt Group PLC 282.35 -2.25 Reckitt Benckiser Group PLC 6753 -52.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Bunzl PLC 2253 33.00 Relx PLC 1622 19.00
Oil & Gas (15) 8567.65 0.68 7616.18 8510.11 8514.00 7759.18 6.06 0.48 34.43 386.02 8054.26 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Burberry Group PLC 1733 -29.00 Rentokil Initial PLC 297.10 4.00
Oil & Gas Producers (9) 8237.29 0.66 7322.50 8183.46 8186.17 7399.45 6.09 0.49 33.48 374.08 8017.75 Carnival PLC 4730 -83.00 Rio Tinto PLC 3417 -7.50
Oil Equipment Services & Distribution (6)13510.43 1.47 12010.03 13315.30 13393.69 16178.68 4.52 -0.13 -165.37 417.21 10643.88 FTSE GLOBAL EQUITY INDEX SERIES Centrica PLC 187.00 -0.40 Rolls-Royce Holdings PLC 884.00 22.50
Basic Materials (30) 5617.17 -0.26 4993.36 5631.55 5629.75 4486.39 3.37 1.75 17.02 186.89 5835.50 Coca-Cola Hbc AG 2494 10.00 Royal Bank Of Scotland Group PLC 266.40 -4.40
Chemicals (9) 14659.72 0.51 13031.69 14585.37 14601.15 13029.37 2.00 1.82 27.56 270.30 13217.27 Sep 27 No of US $ Day Mth YTD Total
YTD Gr Div Sep 27 No of US $ Day Mth YTD Total YTD Gr Div Compass Group PLC 1578 2.00 Royal Dutch Shell PLC 2286 15.00
Forestry & Paper (1) 23436.54 -0.50 20833.81 23554.07 23636.35 19099.49 2.49 3.15 12.75 582.72 25782.50 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Convatec Group PLC 273.10 2.40 Royal Dutch Shell PLC 2242 17.00
Industrial Metals & Mining (2) 3797.34 0.66 3375.63 3772.36 3670.87 1763.21 5.53 2.22 8.14 211.81 3534.40 FTSE Global All Cap 7797 548.40 0.2 2.1
16.7 14.5 784.61
2.3 Oil & Gas Producers 108 348.43 0.1 0.1 -0.8 579.61 2.1 3.7 Crh PLC 2784 79.00 Rsa Insurance Group PLC 622.50 1.00
Mining (18) 15633.59 -0.35 13897.41 15688.41 15684.35 12405.91 3.54 1.68 16.82 547.40 8508.65 FTSE Global Large Cap 1450 482.26 0.2 1.8
17.0 14.6 707.96
2.5 Oil Equipment & Services 27 318.87 0.4 0.4 -8.8 464.68 -7.6 3.3 Croda International PLC 3757 32.00 Sage Group PLC 695.00 5.00
FTSE Global Mid Cap 1703 737.16 0.2 2.1
16.3 14.4 1000.03
2.0 Basic Materials 259 499.45 -0.2 -0.2 18.3 768.47 21.1 2.6 Dcc PLC 7175 115.00 Sainsbury (J) PLC 236.70 -1.70
Industrials (110) 5480.87 1.31 4872.20 5410.22 5391.50 4796.83 2.29 1.50 29.24 93.45 5688.06
Construction & Materials (15) 6951.44 2.38 6179.45 6789.92 6708.53 6379.55 2.19 0.52 88.51 156.64 7445.20 FTSE Global Small Cap 4644 781.38 0.6 3.9
15.4 13.7 1025.79
1.8 Chemicals 122 752.94 -0.3 -0.3 19.4 1162.66 22.0 2.5 Diageo PLC 2440.5 21.50 Schroders PLC 3320 35.00
Aerospace & Defense (9) 5477.95 1.25 4869.60 5410.58 5434.68 4623.65 2.21 0.91 49.84 72.57 5892.79 FTSE All-World 3153 319.68 0.2 1.9
16.9 14.6 483.19
2.4 Forestry & Paper 16 286.41 0.7 0.7 20.3 489.79 23.6 3.2 Direct Line Insurance Group PLC 361.40 4.50 Scottish Mortgage Investment Trust PLC 417.00 4.50
General Industrials (7) 5175.74 1.03 4600.95 5122.79 5100.36 4266.99 2.63 1.42 26.83 86.10 5916.90 FTSE World 2582 565.21 0.2 2.0
16.5 14.2 1146.73
2.4 Industrial Metals & Mining 69 423.29 0.0 0.0 16.9 647.76 19.1 2.5 Easyjet PLC 1201 -22.00 Segro PLC 527.50 -1.00
Electronic & Electrical Equipment (11) 7526.26 1.45 6690.43 7418.34 7400.34 6234.23 1.74 2.15 26.77 90.80 6895.72 FTSE Global All Cap ex UNITED KINGDOM In 7471 569.08 0.2 2.1
16.8 14.7 801.60
2.2 Mining 52 594.49 -0.1 -0.1 15.9 915.91 19.4 3.0 Experian PLC 1501 6.00 Severn Trent PLC 2161 3.00
Industrial Engineering (12) 13015.43 1.00 11570.01 12886.62 12806.57 10623.79 2.07 1.61 29.91 245.21 15987.45 FTSE Global All Cap ex USA 5908 498.42 -0.1 1.1
20.2 17.3 764.82
2.8 Industrials 556 392.52 0.0 0.0 18.5 568.01 20.5 2.0 Ferguson PLC 4898 133.00 Shire PLC 3778 26.00
Industrial Transportation (6) 4659.20 0.18 4141.77 4651.05 4614.62 4621.92 4.42 1.22 18.50 161.38 4229.58 FTSE Global All Cap ex JAPAN 6487 561.22 0.3 2.2
16.8 14.6 810.36
2.4 Construction & Materials 115 528.58 0.1 0.1 14.8 799.71 16.8 2.0 Fresnillo PLC 1402 3.00 Sky PLC 915.00 1.50
Support Services (50) 7781.89 1.18 6917.68 7690.98 7666.52 6909.16 2.21 2.00 22.67 124.75 8133.76 FTSE Global All Cap ex Eurozone 7142 563.97 0.2 2.1
15.6 13.5 791.46
2.3 Aerospace & Defense 27 729.29 0.6 0.6 29.1 1044.82 31.1 1.9 G4S PLC 277.40 3.60 Smith & Nephew PLC 1330 22.00
FTSE Developed 2130 512.93 0.2 2.2
16.2 14.0 739.63
2.4 General Industrials 58 242.92 -0.6 -0.6 3.2 380.04 5.3 2.5 Gkn PLC 342.80 3.20 Smiths Group PLC 1568 28.00
Consumer Goods (43) 21329.05 -0.48 18960.37 21431.81 21328.34 20811.87 3.27 1.34 22.83 611.33 15930.44
FTSE Developed All Cap 5680 539.97 0.3 2.4
16.1 14.0 769.13
2.3 Electronic & Electrical Equipment 72 439.99 0.2 0.2 28.0 583.88 29.9 1.6 Glaxosmithkline PLC 1482 -4.00 Smurfit Kappa Group PLC 2339 -30.00
Automobiles & Parts (1) 8055.96 0.94 7161.31 7980.76 8034.81 7553.05 2.63 3.52 10.82 211.50 7840.80
FTSE Developed Large Cap 918 473.25 0.2 2.1
16.3 14.0 692.92
2.5 Industrial Engineering 103 781.17 -0.1 -0.1 24.0 1113.78 26.1 1.9 Glencore PLC 338.90 -2.70 Sse PLC 1386 -8.00
Beverages (5) 19726.77 0.84 17536.03 19562.29 19638.42 17746.82 2.50 1.64 24.31 479.22 14108.01
FTSE Developed Europe Large Cap 235 374.34 0.1 1.9
20.8 17.2 631.05
3.4 Industrial Transportation 101 676.92 0.3 0.3 20.2 979.37 22.3 2.1 Hammerson PLC 531.00 -0.50 St. James's Place PLC 1143 10.00
Food Producers (11) 8650.76 0.65 7690.05 8594.53 8586.97 8052.40 1.89 2.16 24.39 95.25 7480.48
FTSE Developed Europe Mid Cap 320 607.06 0.0 1.8
26.1 23.3 915.38
2.6 Support Services 80 350.22 -0.1 -0.1 18.6 484.65 20.4 1.8 Hargreaves Lansdown PLC 1497 -4.00 Standard Chartered PLC 739.10 7.90
Household Goods & Home Construction (16)14788.84 0.08 13146.47 14776.77 14666.89 13614.83 3.42 2.02 14.46 452.90 10600.03
FTSE Dev Europe Small Cap 705 865.93 0.1 2.2
27.4 24.8 1263.91
2.4 Consumer Goods 435 483.04 -0.5 -0.5 15.5 718.47 17.8 2.4 HSBC Holdings PLC 731.80 1.80 Standard Life Aberdeen PLC 428.70 3.60
Leisure Goods (2) 8039.76 1.30 7146.91 7936.34 7804.40 5204.15 4.93 1.03 19.72 251.05 7408.69
FTSE North America Large Cap 285 539.01 0.4 2.6
14.5 12.7 737.22
2.1 Automobiles & Parts 106 424.71 -0.6 -0.6 15.4 611.01 18.0 2.6 Imperial Brands PLC 3172 -133.00 Taylor Wimpey PLC 191.90 1.80
Personal Goods (6) 32302.88 -0.16 28715.50 32353.57 32384.20 27444.50 2.68 0.28 133.72 655.11 21972.46
FTSE North America Mid Cap 396 791.00 0.6 3.4
11.5 10.2 1006.50
1.7 Beverages 45 631.13 -0.9 -0.9 14.4 952.07 16.5 2.6 Informa PLC 659.50 -3.50 Tesco PLC 185.05 -2.15
Tobacco (2) 51352.61 -1.81 45649.67 52298.33 51720.42 57244.50 4.04 1.11 22.33 1883.35 33586.88
FTSE North America Small Cap 1422 820.79 1.1 5.6
11.1 10.0 1013.92
1.5 Food Producers 109 602.15 -0.7 -0.7 5.8 918.89 7.8 2.4 Intercontinental Hotels Group PLC 3933 85.00 Tui AG 1262 -3.00
Health Care (22) 9683.40 0.35 8608.01 9649.25 9643.34 10671.61 3.62 0.84 32.99 299.09 7547.87
FTSE North America 681 359.82 0.5 2.8
13.9 12.3 503.66
2.0 Household Goods & Home Construction 49 454.93 -0.8 -0.8 12.6 671.78 14.8 2.5 International Consolidated Airlines Group S.A. 594.50 -4.50 Unilever PLC 4266.5 1.50
Health Care Equipment & Services (10) 8048.64 1.11 7154.80 7960.27 7991.28 7759.07 1.34 2.40 31.12 78.60 6995.62
FTSE Developed ex North America 1449 261.56 -0.2 1.3
19.9 16.9 431.44
2.9 Leisure Goods 33 228.16 0.2 0.2 42.6 300.70 44.0 1.2 Intertek Group PLC 4955 83.00 United Utilities Group PLC 845.00 4.50
Pharmaceuticals & Biotechnology (12)12944.28 0.25 11506.76 12911.42 12895.87 14490.32 3.92 0.77 33.26 434.30 9005.35
FTSE Japan Large Cap 186 363.64 -0.9 1.4
13.7 2.0 Personal Goods
11.6 474.08 82 703.46 -0.4 -0.4 21.6 989.60 23.6 1.9 Itv PLC 168.70 -1.40 Vodafone Group PLC 205.25 -3.00
Consumer Services (95) 4879.85 0.01 4337.92 4879.60 4872.54 4768.41 2.79 1.96 18.25 104.42 4617.13 FTSE Japan Mid Cap 316 595.09 -0.8 0.3
17.0 15.2 743.79
1.6 Tobacco 11 1365.04 0.0 0.0 7.7 2845.82 10.7 3.9
Food & Drug Retailers (7) 3120.45 -0.63 2773.91 3140.32 3111.07 2954.29 1.38 2.21 32.69 36.31 3663.66 Johnson Matthey PLC 3420 6.00 Whitbread PLC 3703 1.00
FTSE Global wi JAPAN Small Cap 808 677.64 -0.5 1.2
23.4 21.4 876.76
1.7 Health Care 188 492.03 -0.3 -0.3 16.3 711.68 18.3 2.0 Kingfisher PLC 293.30 -0.90 Worldpay Group PLC 407.20 0.40
General Retailers (28) 2541.44 0.18 2259.20 2536.76 2517.80 2521.15 3.09 2.04 15.88 54.62 2931.44
FTSE Japan 502 154.16 -0.9 1.2
14.4 2.0 Health Care Equipment & Services
12.4 225.47 72 818.02 0.1 0.1 18.9 955.36 19.8 1.1 Land Securities Group PLC 968.00 -1.50 Wpp PLC 1368 -14.00
Media (22) 7268.81 0.04 6461.57 7266.00 7286.52 7758.43 3.26 1.90 16.14 169.59 4518.96
FTSE Asia Pacific Large Cap ex Japan 542 690.35 0.0 -0.5
24.9 21.8 1094.00
2.8 Pharmaceuticals & Biotechnology 116 352.92 -0.4 -0.4 15.3 534.25 17.7 2.4 Legal & General Group PLC 258.60 -0.70
Travel & Leisure (38) 9122.36 0.09 8109.28 9114.58 9116.89 8323.44 2.72 1.94 18.92 206.99 8720.92
FTSE Asia Pacific Mid Cap ex Japan 451 905.66 0.0 -0.2
21.8 19.0 1375.15
2.9 Consumer Services 398 435.40 0.2 0.2 10.4 583.72 11.8 1.7
Telecommunications (6) 3152.21 -1.17 2802.14 3189.68 3193.24 3684.16 5.98 -0.06 -265.68 130.60 3600.35 FTSE Asia Pacific Small Cap ex Japan 1461 556.93 0.1 -0.3
17.1 14.5 832.15
2.6 Food & Drug Retailers 58 284.68 -0.3 -0.3 0.7 398.80 2.4 2.2
Fixed Line Telecommunications (4) 3351.08 -0.77 2978.93 3377.18 3389.58 4542.86 5.42 1.01 18.17 122.44 3125.61
Mobile Telecommunications (2) 4586.61 -1.35 4077.24 4649.56 4649.45 4973.97 6.23 -0.48 -33.17 200.32 4712.92
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
993 544.90
2117 753.10
0.0
-0.3
-0.5
24.5
-1.0
23.3
21.5 917.13
2.8 General Retailers
20.3 1134.84
2.7 Media
129 609.24
81 326.38
0.5
0.4
0.5
0.4
11.9 794.65
7.3 438.42
13.3
8.6
1.5
1.7
UK STOCK MARKET TRADING DATA
Utilities (7) 7921.59 -0.26 7041.86 7942.53 8074.59 9398.59 5.30 1.41 13.42 313.16 9166.58 FTSE Emerging Large Cap 532 715.22 -0.2 -1.1
24.0 20.9 1085.61
2.7 Travel & Leisure 130 445.86 -0.2 -0.2 17.1 605.15 18.9 1.7 Sep 28 Sep 27 Sep 26 Sep 25 Sep 22 Yr Ago
Electricity (2) 8160.99 -0.33 7254.67 8188.34 8324.51 9211.62 6.18 1.81 8.94 505.19 12164.96 FTSE Emerging Mid Cap 491 931.43 -0.5 -1.5
20.0 17.1 1391.86
3.0 Telecommunication 93 164.23 -0.2 -0.2 2.0 310.40 5.3 4.2 SEAQ Bargains 6278.00 7706.00 7352.00 6283.00 6283.00 6283.00
Gas Water & Multiutilities (5) 7427.52 -0.24 6602.66 7445.74 7569.54 8925.94 5.06 1.27 15.50 249.14 8561.20 FTSE Emerging Small Cap 1094 774.73 -0.2 0.3
22.4 19.5 1121.00
2.6 Fixed Line Telecommuniations 41 134.42 0.0 0.0 -4.4 279.41 -1.0 4.7 Order Book Turnover (m) 415.33 985.39 313.38 317.79 317.79 317.79
Financials (294) 5131.42 0.33 4561.56 5114.29 5056.50 4401.36 3.57 1.28 21.81 153.78 4815.00 FTSE Emerging Europe 121 369.85 -0.9 -0.9
13.9 10.0 585.38
4.1 Mobile Telecommunications 52 178.27 -0.5 -0.5 11.6 302.96 14.7 3.5 Order Book Bargains 963378.00 911034.00 791762.00 885237.00 885237.00 885237.00
Banks (12) 4367.13 0.33 3882.14 4352.95 4272.99 3534.22 4.07 0.85 29.00 148.38 3276.96 FTSE Latin America All Cap 240 949.68 -1.0 0.0
26.1 23.6 1469.79
2.7 Utilities 169 276.11 -1.0 -1.0 12.0 540.79 15.1 3.6 Order Book Shares Traded (m) 1576.00 1601.00 1290.00 1276.00 1276.00 1276.00
Nonlife Insurance (10) 3416.87 0.69 3037.41 3393.42 3392.24 3182.18 3.06 1.67 19.55 102.46 6102.95 FTSE Middle East and Africa All Cap 237 673.97 -1.1 -5.55.1 3.2 Electricity
2.5 1060.21 111 302.45 -1.0 -1.0 11.2 585.53 14.3 3.5 Total Equity Turnover (m) 9485.71 9284.68 9006.18 8334.16 8334.16 8334.16
Life Insurance/Assurance (9) 8532.26 0.75 7584.71 8468.49 8326.38 7202.64 3.69 1.69 15.99 293.60 8461.79 FTSE Global wi UNITED KINGDOM All Cap In 326 347.69 0.1 2.9
15.1 3.8 Gas Water & Multiutilities
11.7 588.55 58 291.05 -1.1 -1.1 13.4 585.53 16.7 3.8 Total Mkt Bargains 1108426.00 1057041.00 933798.00 1017757.00 1017757.00 1017757.00
Real Estate Investment & Services (20) 2628.73 0.27 2336.80 2621.68 2637.71 2477.68 2.74 1.95 18.75 51.07 7074.54 FTSE Global wi USA All Cap 1889 618.99 0.5 3.0
13.6 1.9 Financials
12.0 821.42 716 243.46 0.6 0.6 14.1 400.49 16.9 2.9 Total Shares Traded (m) 4761.00 5203.00 4443.00 5145.00 5145.00 5145.00
Real Estate Investment Trusts (34) 2644.91 -0.07 2351.18 2646.67 2663.42 2656.29 3.64 1.52 18.09 81.05 3340.36 FTSE Europe All Cap 1453 440.08 0.1 1.8
22.1 3.2 Banks
18.7 716.15 248 219.45 0.9 0.9 14.0 388.20 17.1 3.4 Excluding intra-market and overseas turnover. *UK only total at 6pm. UK plus intra-market turnover. (u) Unavaliable.
General Financial (30) 8971.59 0.51 7975.25 8926.13 8869.08 7943.95 3.46 1.87 15.48 240.91 10410.71 FTSE Eurozone All Cap 655 436.56 0.2 1.8
26.5 2.9 Nonlife Insurance
23.3 715.55 72 259.80 0.4 0.4 12.0 378.89 14.4 2.3 (c) Market closed.
Equity Investment Instruments (179) 9628.20 -0.06 8558.95 9633.56 9596.30 8519.72 2.43 1.65 25.00 174.64 5301.54 FTSE RAFI All World 3000 3016 6696.05 0.1 2.2
14.8 2.9 Life Insurance
12.1 8907.43 53 230.87 1.0 1.0 15.3 372.18 18.3 2.9
Non Financials (345) 4707.35 0.15 4184.57 4700.07 4694.97 4540.59 3.76 1.07 24.97 142.09 7044.24 FTSE RAFI US 1000 990 10860.46 0.4 3.48.9 2.3 Financial Services
7.0 14312.91 156 284.12 0.8 0.8 17.9 392.85 19.7 1.9
Technology (17) 2110.39 -0.10 1876.02 2112.53 2109.63 2040.66 2.31 0.99 43.64 42.69 2737.63 FTSE EDHEC-Risk Efficient All-World 3153 381.85 0.2 1.4
16.0 2.2 Technology
14.1 534.26 195 244.14 1.0 1.0 25.8 300.25 27.3 1.4 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 2425.27 -0.09 2155.93 2427.40 2423.08 2272.48 2.26 0.98 45.32 51.00 3325.16 FTSE EDHEC-Risk Efficient Developed Europe 555 323.26 -0.1 1.4
23.4 2.6 Software & Computer Services
20.8 495.67 96 421.04 1.0 1.0 26.5 492.31 27.5 0.9 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (4) 1848.14 -0.30 1642.89 1853.66 1862.02 2385.89 3.07 1.15 28.38 20.22 2176.04 Oil & Gas 144 367.81 0.2 7.90.6 -2.0 598.58
3.6 Technology Hardware & Equipment 99 183.83 1.0 1.0 24.9 235.77 27.1 2.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Alternative Energy 9 103.55 1.5 1.5 12.7 140.40 13.8 1.8 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment & Services 110 350.74 0.3 0.3 27.1 588.93 30.1 2.5 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 7320.84 7297.93 7317.97 7315.19 7292.24 7296.74 7301.45 7309.92 7316.65 7322.82 7290.25 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
FTSE 250 19607.55 19586.49 19595.15 19597.81 19580.75 19608.80 19615.50 19644.80 19653.23 19678.46 19571.62 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index and RAFI are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
(US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 5679.36 5684.53 5683.18 5684.20 5684.06 5686.75 5690.14 5689.42 5689.30 5693.10 5677.52
FTSE All-Share 4017.30 4006.69 4015.73 4014.63 4003.99 4006.98 4009.36 4014.01 4017.26 4020.77 4003.01 WO 2008/118372, EPN 1733352, and HK1099110). EDHEC is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Time of FTSE 100 Day's high:15:35:29 Day's Low08:09:15 FTSE 100 2010/11 High: 7547.63(29/05/2017) Low: 7099.15(31/01/2017) www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the London Stock Exchange
Time of FTSE All-Share Day's high:15:35:30 Day's Low08:09:00 FTSE 100 2010/11 High: 4130.15(29/05/2017) Low: 3858.26(31/01/2017) Group companies and is used by FTSE International Limited under licence.
Further information is available on http://www.ftse.com FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing 4d pharma Int - - 12.995L 5.48L 18.22L 7.07L - - - - - date price(p) Sector code Stock price(p) +/- High Low Cap (m)
price up date High Low Stock Price p +or- Air Partner Int 23.109 22.23 3.679 2.628 4.9 3.8 1.7 1.612 Oct 27 5.3 4.974 09/21 1.00 STC Stapleton Capital PLC 5.50 -0.88 6.75 5.00 200.8
There are currently no rights offers by any companies listed on the LSE. Allergy Therapeutics Pre 64.138 48.509 1.97L 12.064L 0.42L 2.29L - - - - - 08/29 0.10 CHF Chesterfield Resources PLC 5.50 0.00 5.51 5.00 157.3
Alpha Returns Group Int 2.191 1.005 0.096L 0.429 0.02L 0.02 - - - - - 08/22 10.00 SHWE Myanmar Strategic Holdings Ltd 10.00 0.00 11.00 11.00 22.7
Andrews Sykes Group Int 35.334 30.287 8.11 7.529 15.55 14.66 11.9 11.9 Nov 3 23.8 23.735
Ascent Resources Int 0.154 - 1.219L 1.344L 0.08L 0.52L - - - - -
BlackRock Emerging Europe Int 14.003 19.944 0.371 0.542 - - - - -
BlackRock Latin American Investment Trust Int 25.751 41.81 0.636 1.051 6 6.566 Oct 30 14.6 12.7
Cabot Energy Int 1.796 1.453 0.2 1.225L 0.002 0.008L - - - - -
City Natural Resources High Yield Trust Pre 7.622 8.284 11.15 12 3.02 3.02 Aug 31 3.88 3.88
CityFibre Infrastructure Holdings Int 9.036 6.632 5.92L 7.497L 2L 3L - - - - -
Clinigen Group Pre 302.3 339.9 14.1 15.9 3.3 11.9 3.4 2.7 Dec 1 5 4
Dillistone Group Int 4.829 4.811 0.075L 0.538 0.12L 2.48 - 1.375 - - 4.11
Directa Plus Int 0.278 0.403 2.105L 3.784L 0.05L 0.15L - - - - -

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.
24 FINANCIAL TIMES Friday 29 September 2017

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) AutomData 108.80 -0.84 121.77 85.48 2.16 26.26 48347.97 Lockheed 309.44 -0.69 311.36 228.50 2.37 23.68 89115.89
ANZ 29.75 -0.06 32.95 25.78 7.98 14.59 68708.91 Nokia 5.04 0.04 5.96 3.66 3.10 -51.65 34508.11 AstellasPh 1425 0.50 1688 1331.5 2.46 14.87 26171.36 AtlasCpcoB 313.00 6.10 314.20 225.00 2.09 24.37 14964.66 Avago Tech 241.96 1.38 259.36 160.62 1.50 181.92 98714.68 Lowes 79.08 -0.15 86.25 64.87 1.87 21.94 65858.79
BHPBilltn 25.58 -0.25 27.95 21.21 2.33 39.93 64594.43 SampoA 44.67 0.98 47.46 38.51 5.16 15.43 29283.56 Bridgestne 5114 6.00 5150 3657 2.96 13.82 36914.24 Ericsson 46.27 0.07 64.95 43.19 2.15 -11.05 17417.69 BakerHu 57.68 3.17 68.59 43.09 1.17 -21.23 24541.87 Lyondell 100.01 0.23 100.69 76.71 3.64 10.64 39584.35
CmwBkAu 75.12 0.27 87.74 69.64 7.57 14.96 102294.68 France () Canon 3849 27.00 3967 2850 4.03 21.01 45573.75 H&M 211.20 -11.20 276.90 195.70 2.26 18.76 37797.28 BankAm 25.49 0.08 25.80 15.06 1.15 14.61 251091.29 Marathon Ptl 55.48 0.24 56.81 39.29 2.67 32.05 28086.97
CSL 133.94 1.51 145.00 91.62 1.29 34.96 47650.88 Airbus Grpe 80.00 -0.37 80.68 51.00 1.69 83.18 72684.97 CntJpRwy 19965 -10.00 20000 16540 0.70 9.40 36511.08 Investor 396.90 2.30 425.60 302.90 2.47 4.20 22149.73 Baxter 62.07 -0.39 64.75 43.13 0.90 17.16 33820.14 Marsh&M 83.66 -0.56 84.32 62.33 1.74 21.95 42877.83
NatAusBk 31.47 0.17 34.09 25.14 9.01 12.94 66447.3 AirLiquide 111.55 0.70 115.25 90.02 2.34 21.17 50805.92 Denso 5747 103.00 5756 3886 2.16 15.20 40512.35 Nordea Bk 109.30 - 115.70 81.75 5.70 12.95 54235.54 BB & T 46.12 0.04 49.88 37.13 2.68 16.70 37269.23 MasterCard 139.26 -0.41 143.59 99.51 0.63 33.97 146108.72
Telstra 3.48 - 5.29 3.44 12.79 10.65 32541.85 AXA 25.31 0.23 25.80 17.98 4.23 10.05 72014.31 EastJpRwy 10405 25.00 11290 8701 1.35 13.47 35622.93 SEB 106.30 -0.10 109.00 82.95 5.16 13.51 28262.53 BectonDick 193.93 -0.12 206.63 161.29 1.51 54.71 44131.67 McDonald's 157.84 3.79 161.72 110.33 2.42 25.11 127849.87
Wesfarmers 40.68 -0.36 46.06 39.52 6.99 15.92 36265.48 BNP Parib 67.67 0.22 68.89 43.24 4.00 11.51 99119.11 Fanuc 22825 125.00 23670 16935 1.87 32.03 41348.01 SvnskaHn 121.40 -0.60 136.30 113.90 4.11 14.76 28393.63 BerkshHat 274530 -410.00 275945 213030 - 20.09 207390.12 McKesson 153.25 -2.70 169.29 114.53 0.75 6.81 32222.43
Westpc 32.13 0.18 35.39 28.92 8.68 13.92 85749.14 ChristianDior 269.20 0.45 273.40 156.10 1.16 32.67 57006.16 FastRetail 33140 -460.00 44370 30000 1.08 32.98 31206.72 Swedbank 223.50 -0.70 234.00 195.00 5.78 12.54 30998.47 Biogen 312.52 -0.28 330.00 244.28 - 19.90 66076.65 Medtronic 77.70 0.32 89.72 69.35 2.29 25.77 105251.75
Woolworths 25.10 -0.13 27.75 22.23 3.83 22.61 25545.15 Cred Agr 15.34 0.03 15.68 8.26 3.92 14.48 51218.58 Fuji Hvy Ind 4083 18.00 5016 3500 3.82 10.32 27880.03 Telia Co 38.19 -0.30 40.33 33.93 10.25 10.61 20260.94 BkNYMeln 52.63 -0.13 54.59 38.68 1.49 15.16 54375.01 Merck 64.58 0.01 66.80 58.29 2.98 33.88 176132.54
Belgium () Danone 65.80 0.02 69.52 57.66 2.37 24.22 51774.08 Hitachi 792.60 10.30 802.70 461.50 1.77 14.91 34009.51 Volvo 156.40 2.50 156.70 89.25 2.07 17.66 31437.9 BlackRock 443.50 5.10 444.00 336.84 2.23 20.66 71393.83 Metlife 51.13 -0.73 52.24 38.56 3.35 -78.73 54251.64
AnBshInBv 100.90 1.00 119.60 92.13 3.37 59.21 200429.53 EDF 10.62 -0.24 11.33 7.33 9.45 9.48 35972.94 HondaMtr 3362 8.00 3675 2693.5 2.96 9.08 54063.86 Switzerland (SFr) Boeing 255.47 0.19 259.30 130.59 1.97 29.39 151002.71 Microsoft 73.69 -0.16 75.97 56.32 2.18 30.33 567578.36
KBC Grp 71.36 -0.15 72.50 49.02 1.37 11.71 35000.4 Engie SA 14.24 -0.01 15.03 10.77 6.84 -63.57 40682.85 JapanTob 3713 11.00 4243 3607 3.78 16.09 65923.92 ABB 23.87 - 24.89 19.72 6.39 23.07 53097.06 BrisMySq 63.14 0.19 63.74 46.01 2.53 22.36 103544.96 Mnstr Bvrg 55.19 0.31 57.25 40.64 - 40.57 31357.25
Esslr Intl 103.35 0.55 122.15 93.41 1.05 28.60 26503.36 KDDI 2956 -11.00 3229 2745.5 3.11 12.33 67892.96 CredSuisse 15.25 -0.02 15.74 11.49 4.65 -17.65 39990.95 CapOne 83.92 -0.01 96.92 69.49 1.96 11.84 40591.49 MondelezInt 40.49 -0.08 47.23 40.04 1.93 34.47 61049.01
Brazil (R$)
Hermes Intl 428.65 2.65 468.30 356.55 0.76 42.04 53087.51 Keyence 59130 310.00 61070 35800 0.11 - 63832.71 Nestle 81.05 -0.50 86.00 71.45 2.98 25.85 258787.9 CardinalHlth 67.18 -0.96 84.88 62.70 2.77 16.18 21176.2 Monsanto 119.47 0.12 120.38 97.35 1.87 24.99 52485.92
Ambev 21.05 -0.05 21.70 15.79 3.49 27.92 103747.42
LOreal 177.90 -0.10 197.15 156.50 1.70 33.21 116922.1 MitsbCp 2612 -3.50 2705.5 2190 3.31 8.71 36870.53 Novartis 82.55 0.15 84.35 67.40 3.31 30.00 221627.73 Carnival 64.02 0.34 69.89 45.92 2.35 16.51 34356.73 MorganStly 48.02 -0.05 48.90 30.74 1.72 13.31 88192.6
Bradesco 32.90 -0.45 35.26 24.01 1.81 12.04 31511.71
LVMH 230.80 -0.05 239.65 147.95 1.52 30.03 137271.1 MitsubEst 1972 6.00 2443 1825 1.05 28.42 24349.7 Richemont 87.30 -0.10 88.90 65.60 2.00 36.54 46753.46 Caterpillar 124.99 0.47 125.42 80.33 2.64-467.07 73868.05 MylanNV 31.39 -0.55 45.87 29.39 - 24.56 16831.17
Cielo 21.16 -0.11 28.19 20.36 2.70 14.42 18026.61
Orange 13.82 -0.07 15.80 13.09 4.35 137.94 43127.13 MitsubishiEle 1735 -5.50 1802 1273 1.68 16.35 33071.99 Roche 247.00 0.50 273.00 218.30 3.41 21.36 178037.33 CBS 57.51 -0.71 70.10 51.54 1.29 14.92 20934.98 Netflix 180.37 -1.60 191.50 96.02 - 213.46 77874.7
ItauHldFin 37.91 -0.17 39.10 27.28 3.72 10.47 39844.03
PernodRic 116.65 0.25 124.45 95.73 1.57 25.16 36322.23 MitsuiFud 2411.5 2.50 2863.5 2059 1.46 17.56 21224.38 Swiss Re 86.25 0.45 98.50 81.65 5.83 8.32 30922.6 Celgene 142.73 -0.24 146.13 96.93 - 43.01 111664.91 NextEraE 146.70 0.45 151.60 110.49 2.60 16.31 68836.68
Petrobras 15.81 -0.07 19.72 12.47 - -20.92 36896.64
Renault 82.11 0.03 90.76 70.02 3.84 5.22 28486 MitUFJFin 728.90 8.30 778.80 492.00 2.67 45.88 90769.99 Swisscom 492.00 -0.20 495.00 426.80 9.32 15.17 26148.1 CharlesSch 43.78 -0.27 44.35 30.55 0.71 29.00 58619.96 Nike 52.44 -0.23 60.53 49.01 1.38 20.15 68809.04
Vale 31.52 -0.41 37.28 17.56 0.52 7.89 49394.83
Safran 85.79 0.71 85.89 59.42 1.78 13.66 41971.55 Mizuho Fin 198.50 1.60 225.30 163.50 3.90 14.02 44740.87 Syngent 463.00 -6.70 471.20 360.50 - 41.32 42748.26 Charter Comms 359.33 -3.52 408.83 241.50 - 18.27 92665.26 NorfolkS 133.38 0.87 133.81 89.95 1.91 21.45 38437.98
Canada (C$) Murata Mfg 16540 275.00 17910 12210 1.37 22.48 33077.27 Chevron Corp 117.57 0.12 119.00 98.75 3.92 71.79 222795.66 Northrop 284.59 -2.25 287.27 210.60 1.34 21.10 49545.5
Sanofi 84.02 -0.52 92.97 66.72 3.53 22.62 124441.31 UBS 16.45 0.03 17.49 15.11 - 15.23 65011.8
BCE 58.53 0.45 63.00 56.80 4.69 17.92 42608.06 NipponTT 5140 -9.00 5500 4156 2.53 12.15 95658.65 Chubb 141.96 0.76 150.28 121.48 2.08 12.99 66070.47 NXP 112.98 0.25 113.39 81.50 - 19.09 39091.4
Sant Gbn 50.14 0.65 52.40 37.37 2.41 21.91 32961.01 Zurich Fin 289.80 3.40 299.70 243.60 6.42 12.85 44995.23
BkMontrl 93.85 0.36 104.15 83.44 3.47 12.61 49223.09 Nissan Mt 1115.5 -13.00 1220 957.20 4.45 6.45 41796.86 Cigna 186.88 2.45 188.36 115.03 0.02 23.31 47052.3 Occid Pet 64.97 -0.22 75.60 57.20 4.99 -87.96 49674.31
Schneider 73.13 0.77 74.50 58.05 2.66 24.30 51188.64 Taiwan (NT$)
BkNvaS 80.07 0.05 82.30 69.05 3.76 12.42 77571.61 Nomura 630.40 -0.10 784.00 440.10 3.28 8.88 21392.36 Cisco 33.39 -0.10 34.60 29.12 3.35 17.31 165321.05 Oracle 48.12 -0.04 53.14 37.62 1.47 20.14 199057.14
SFR Group 34.50 - 34.56 21.87 - -22.45 17904.13 Chunghwa Telecom 103.00 - 112.50 99.50 5.46 20.67 26394.17
Brookfield 50.87 0.05 53.08 43.03 1.35 30.94 40664.57 Nppn Stl 2582.5 6.00 2912 1981.5 2.40 10.19 21787.08 Citigroup 72.31 0.03 72.97 45.41 0.78 13.54 197012.65 Pepsico 112.43 1.33 119.39 98.50 2.81 23.07 160270.14
SocGen 48.89 0.18 52.26 29.23 3.99 12.49 46333.4 Formosa PetChem 104.50 -1.50 119.00 93.00 - 13.10 32883.42
CanadPcR 209.72 -0.15 218.78 186.21 0.95 21.02 24851.46 NTTDCMo 2565.5 - 2804 2361 3.22 14.50 88812.9 CME Grp 134.46 -0.07 134.99 98.95 1.96 27.19 45704.17 Perrigo 84.26 -0.88 98.15 63.68 0.76 -3.31 12016.41
Total 45.22 0.11 49.50 40.84 5.19 17.75 132715.23 HonHaiPrc 104.50 -0.50 122.50 78.60 3.24 11.92 59818.46
CanImp 109.23 0.31 120.83 97.52 4.59 9.90 38816.39 Panasonic 1626.5 15.00 1683 931.50 1.59 21.67 35420.06 Coca-Cola 44.95 0.31 46.98 39.88 3.38 29.57 191725.42 Pfizer 35.69 0.24 36.21 29.83 3.66 28.01 212231.15
UnibailR 203.20 -0.80 244.70 202.15 5.03 8.21 23806.68 MediaTek 291.00 3.50 303.00 203.00 6.70 20.31 15206.11
CanNatRs 42.51 -0.26 46.74 35.90 2.38 31.39 41759.19 Seven & I 4355 -4.00 4902 4148 2.18 41.85 34270.98 Cognizant 71.85 -0.06 73.00 45.44 0.22 22.35 42436.24 Phillips66 91.77 -0.03 92.19 75.14 2.91 26.66 46941.34
Vinci 80.76 0.26 80.82 49.93 2.61 17.26 56523.62 TaiwanSem 214.00 -1.00 223.00 178.00 3.35 15.53 183304.97
CanNatRy 103.81 0.21 108.64 82.85 1.47 21.65 62990.12 ShnEtsuCh 10180 100.00 10855 6932 1.22 22.79 39050.52 ColgtPlm 73.17 0.09 77.27 63.43 2.28 24.68 64451.21 PhilMorris 111.80 0.19 123.55 86.78 3.83 24.00 173646.43
Vivendi 20.82 0.03 21.35 15.96 4.69 60.93 31560.29
Enbridge 51.70 0.23 59.18 48.98 4.17 47.78 68800.75 Softbank 9115 80.00 9521 5953 0.52 10.78 89063.16 Thailand (THB) Comcast 37.91 -0.62 42.18 30.02 1.60 18.53 178330.61 PNCFin 133.65 -0.67 135.67 87.34 1.70 16.50 64045.95
GtWesLif 35.71 0.19 37.79 32.10 3.91 13.64 28577.04 Germany () PTT Explor 414.00 -4.00 430.00 320.00 3.91 9.62 35500.09
Sony 4120 46.00 4616 2930 0.50 38.66 46252.3 ConocPhil 49.89 -0.33 53.17 39.12 2.13 -15.27 60713.6 PPG Inds 108.81 0.82 113.67 89.64 1.52 37.05 27906.92
ImpOil 39.62 -0.27 48.72 35.15 1.50 13.04 26922.77 Allianz 186.85 0.20 187.70 126.60 3.86 13.29 97786.31
SumitomoF 4310 40.00 4768 3293 3.60 8.43 54119.15 United Arab Emirates (Dhs) Corning 29.93 -0.11 32.17 22.23 2.00 13.20 27032.29 Praxair 140.44 1.73 140.64 114.43 2.32 24.66 40169.25
Manulife 25.29 -0.08 26.11 18.23 2.98 16.33 40445.85 BASF 89.12 0.51 94.32 72.44 3.18 19.18 96027.53
Takeda Ph 6113 21.00 6200 4321 3.04 66.77 42917.73 Emirtestele 17.65 0.10 20.00 17.10 4.91 15.97 41792.51 Costco 163.68 -0.74 183.18 142.11 1.17 27.41 71788.96 Priceline 1815.75 -3.24 2067.99 1422.19 - 37.43 89078.91
Potash 24.33 0.23 26.62 20.67 4.35 39.10 16525.96 Bayer 112.90 1.10 123.90 86.03 2.40 85.70 109527.58
TokioMarine 4442 61.00 5441 3738 3.41 11.30 29694.48 United Kingdom (p) CrownCstl 100.33 0.34 108.88 79.38 3.92 80.10 40758.76 ProctGmbl 91.05 0.18 94.67 81.18 3.05 23.94 232178.8
RylBkC 95.70 0.26 99.90 80.70 3.27 13.91 112810.69 BMW 84.42 -0.55 91.76 72.02 3.70 7.70 59619.71
Toyota 6769 21.00 7215 5492 3.36 10.44 196078.22 AscBrFd 3190 20.00 3343 2335 1.15 22.95 33804.16 CSX 53.76 -0.07 55.48 29.60 1.42 27.31 49099.71 Prudntl 105.67 -1.11 115.26 79.63 2.89 10.00 45121.09
Suncor En 43.16 -0.19 44.90 34.36 2.77 26.65 57898.01 Continental 214.00 0.90 214.05 158.20 1.71 15.56 50212.08
Mexico (Mex$) AstraZen 4909 26.50 5520 3996 4.34 20.91 83171.18 CVS 80.88 -0.59 90.56 69.30 2.36 15.70 82219.76 PublStor 211.48 -0.50 232.21 192.15 3.80 29.28 36798.1
ThmReut 56.87 -0.52 62.83 52.01 3.07 32.81 32863.23 Daimler 66.65 -0.18 73.23 59.01 4.89 7.20 83650.66
AmerMvl 16.14 -0.09 16.83 10.87 1.79 22.37 39986.68 Aviva 509.50 9.00 570.50 411.30 4.21 33.74 27586.88 Danaher 84.98 -0.35 88.62 75.71 0.64 26.43 59031.27 Qualcomm 51.72 0.17 71.62 48.92 4.30 19.23 76337.45
TntoDom 70.48 0.19 71.31 57.42 2.99 14.88 105359.81 Deut Bank 14.37 0.38 19.97 9.90 - -18.07 34841.83
FEMSA UBD 173.98 -0.73 184.10 150.11 1.48 158.53 20765.55 Barclays 192.20 1.95 267.32 155.95 1.56 14.67 43826.19 Deere 123.95 1.23 132.50 82.70 1.97 20.31 39646.91 Raytheon 184.26 -0.29 186.41 132.89 1.71 24.73 53481.28
TrnCan 61.54 -0.64 65.24 57.36 3.80 60.88 43499.3 Deut Tlkm 15.71 0.01 18.15 14.06 3.42 268.21 87726.21
WalMrtMex 41.66 0.29 44.85 34.70 1.38 24.34 40174.67 BP 476.05 3.00 521.20 430.00 6.74 53.43 125400.84 Delphi 97.49 -1.29 104.09 60.50 1.27 21.18 26014.64 Regen Pharm 436.39 0.96 543.55 325.35 - 49.30 45926.02
ValeantPh 17.01 -0.95 34.95 11.20 - -4.04 4776.91 DeutsPost 37.69 0.47 37.69 26.96 - 17.41 53654.97
BrAmTob 4650 -54.50 5643.6 2879.89 3.35 18.66 116047.74 Delta 48.62 0.90 55.75 37.91 1.72 9.32 35202.35 ReynoldsAm 65.40 -1.49 - - - - -
E.ON 9.36 -0.01 9.74 5.99 2.25 46.71 24169.45 Netherlands ()
China (HK$) BSkyB 915.00 1.50 1050 747.50 2.29 22.88 21053.97 Devon Energy 36.58 -0.59 50.69 28.79 0.70 34.52 19223.34 S&P Global 154.62 -0.15 158.35 107.21 1.03 17.26 39737.34
Fresenius Med 82.67 1.35 89.22 70.69 1.16 19.83 29795.55 Altice 17.03 -0.07 23.43 15.11 - -9.19 26497.34
AgricBkCh 3.50 -0.05 3.80 3.10 5.78 5.25 13777.45 BT 282.35 -2.25 400.70 277.44 5.12 17.54 37644.76 DiscFinServ 63.98 -0.08 74.33 53.91 1.93 10.72 23823.08 Salesforce 92.63 -0.58 98.22 66.43 - 471.21 66573.18
Fresenius SE 68.09 0.59 80.07 63.62 0.79 22.73 44213.04 ASML Hld 143.15 2.10 143.45 90.50 0.84 34.02 72458.29
Bk China 3.85 -0.07 4.18 3.32 5.58 5.88 41228.29 Compass 1578 2.00 1765.92 1350.96 2.09 22.55 34737.42 Disney 98.56 -0.68 116.10 90.32 1.62 16.04 152118.38 Schlmbrg 68.96 -0.12 87.84 62.56 3.10 -44.74 95476.79
HenkelKgaA 102.90 0.65 114.60 92.38 1.56 20.42 31361.66 Heineken 83.07 0.16 89.71 67.47 1.62 25.91 56133.24
BkofComm 5.67 -0.05 6.44 5.40 5.68 5.43 25421.76 Diageo 2440.5 21.50 2616 1946 2.47 22.66 82237.84 DominRes 77.07 0.29 81.65 69.51 3.97 20.17 49521.14 Sempra Energy 114.30 -0.20 120.17 92.95 2.84 16.41 28698.17
Linde 174.70 4.05 179.70 143.70 2.12 27.72 38065.7 ING 15.50 -0.02 16.00 10.36 4.27 12.09 70652.65
BOE Tech 1.50 - 1.95 1.22 1.37 16.73 38.22 GlaxoSmh 1482 -4.00 1745.56 1444 5.40 37.61 97556.63 DowChem 66.65 1.75 - - - - 81542.6 Shrwin-Will 356.15 6.31 362.57 239.48 1.01 26.05 33268.03
MuenchRkv 179.15 0.90 189.40 159.20 4.49 10.78 32582.03 Unilever 49.53 -0.14 51.31 36.22 2.67 24.35 99625.65
Ch Coms Cons 9.71 -0.05 11.74 8.09 2.33 - 5505.37 Glencore 338.90 -2.70 377.00 207.80 0.79 29.35 65299.3 DukeEner 84.21 0.27 88.40 72.34 4.19 20.53 58942.82 SimonProp 160.50 0.39 213.73 150.15 4.37 27.76 49888.98
SAP 92.18 0.52 96.38 75.07 1.22 31.59 132851 Norway (Kr)
Ch Evrbrght 3.64 -0.03 4.06 3.38 3.19 4.95 3201.72 HSBC 731.80 1.80 772.00 518.17 5.33 95.06 196400.47 DuPont 83.93 0.74 - - - - - SouthCpr 39.59 0.69 42.00 25.79 0.62 31.61 30604.15
Siemens 118.05 0.10 133.50 99.38 3.06 16.50 117716.24 DNB 161.40 -1.50 164.30 102.90 3.46 15.08 33026.36
Ch Rail Cons 9.81 -0.07 11.98 8.71 1.88 7.88 2608.37 Imperial Brands 3172 -133.00 4128.5 3112.5 4.89 29.87 40705.56 Eaton 75.98 -1.14 81.63 59.07 3.17 16.91 33795.9 Starbucks 54.56 -0.43 64.87 50.84 1.77 25.23 78785.25
Volkswgn 143.90 -1.05 157.40 123.25 1.39 8.84 49815.73 Statoil 160.20 1.50 163.50 124.30 4.65 -24.42 66528.85
Ch Rail Gp 6.46 0.02 7.71 5.55 1.60 9.03 3480.61 LlydsBkg 67.22 0.02 73.58 50.84 3.79 32.01 64567.46 eBay 37.74 -0.32 38.87 27.28 - 5.59 40388.36 StateSt 95.22 -0.32 96.39 68.16 1.66 16.69 35608.03
ChConstBk 6.46 -0.07 7.10 5.42 5.14 5.73 198887.63 Hong Kong (HK$) Telenor 165.20 0.20 165.60 122.50 4.62-129.67 31161.11 Ecolab 129.52 0.55 134.89 110.65 1.16 28.76 37483.12 Stryker 140.11 -0.44 148.84 106.48 1.22 30.35 52408.14
Natl Grid 920.90 -4.40 1220.29 914.60 5.15 17.62 42271.21
China Vanke 25.70 -0.70 29.35 17.40 - 10.41 4327.67 AIA 58.00 -0.35 62.15 42.65 1.54 17.06 89679.87 Qatar (QR) Emerson 62.90 -0.44 64.37 49.22 3.25 22.95 40257.23 Sychrony Fin 31.18 0.24 38.06 26.01 1.34 11.12 24798.55
Prudential 1779.5 16.00 1889.5 1290 2.21 23.73 61592.81
ChinaCitic 4.94 -0.11 5.50 4.69 5.15 4.84 9414.61 BOC Hold 37.80 -0.20 40.50 25.75 3.53 15.14 51178.92 QatarNtBk 123.70 -1.60 173.00 121.70 2.64 9.01 31382.17 EOG Res 97.16 -0.16 109.37 81.99 0.71-192.42 56104.86 Target 59.00 0.13 79.33 48.56 4.14 11.93 32227.68
RBS 266.40 -4.40 271.80 168.20 - -5.44 42348.6
ChinaLife 23.25 -0.40 26.20 18.46 1.21 26.83 22155.13 Ch OSLnd&Inv 25.35 -0.10 29.45 20.15 3.27 6.38 35567.12 EquityResTP 65.68 0.06 68.83 58.28 3.16 28.45 24125.13 TE Connect 82.73 -0.04 85.20 60.59 1.91 13.70 29235.47
Russia (RUB) ReckittB 6753 -52.00 8110.43 6496 2.27 22.64 63540.47
ChinaMBank 27.30 -0.40 30.20 17.52 3.08 8.93 16049.84 ChngKng 63.75 -0.25 70.50 46.50 2.45 11.57 30185.49 Exelon 37.40 0.25 38.78 29.82 3.56 19.20 35907.29 Tesla Mtrs 337.75 -3.22 389.61 178.19 - -68.74 56366.09
Gzprm neft 122.48 -0.88 160.62 111.46 7.12 2.67 49858.79 RELX 1622 19.00 1728 1273 2.01 29.07 44490.15
ChinaMob 79.45 -0.80 97.50 78.60 3.52 12.29 208323.5 Citic Ltd 11.48 -0.06 12.70 10.66 2.96 8.01 42766.18 ExpScripts 62.96 0.00 77.50 57.80 - 10.73 36364.28 TexasInstr 89.29 0.48 89.57 66.80 2.17 21.66 88400.55
Lukoil 3064 -0.50 3582 2601 6.74 8.74 44813.45 RioTinto 3417 -7.50 3784.5 2482 3.48 16.54 63014.95
ChinaPcIns 33.45 -0.85 39.10 26.35 3.67 20.66 11888.19 Citic Secs 17.10 -0.16 18.74 15.36 2.43 17.15 4989.11 ExxonMb 82.28 0.85 93.22 76.05 3.90 32.03 348635.42 TheTrvelers 123.05 0.46 130.37 103.45 2.29 11.93 33955.28
MmcNrlskNckl 9645 -4.00 11199 7677 7.62 16.90 26244.99 RollsRoyce 884.00 22.50 994.50 635.00 0.52 -23.70 21773.9
ChMinsheng 7.29 -0.06 9.48 7.26 4.55 4.62 6472.84 CK Hutchison 99.75 0.05 108.90 87.00 2.77 10.98 49277.57 Facebook 168.16 0.48 175.49 113.55 - 36.51 398595.21 ThrmoFshr 187.16 -1.31 194.30 139.07 0.34 31.85 73014.77
Novatek 661.50 1.20 800.70 590.20 2.12 11.60 34537.28 RylDShlA 2242 17.00 2295.5 1801.5 6.46 29.72 134346.39
ChMrchSecs RMB 20.74 -0.19 21.15 15.57 0.75 23.45 15328.43 CNOOC 9.87 -0.05 10.88 8.45 3.65 15.40 56431.71 Fedex 223.76 3.76 224.00 168.00 0.74 19.49 60000.72 TimeWrnr 102.80 0.40 103.42 77.88 1.68 18.19 79957.98
Rosneft 323.10 -1.40 425.70 291.00 1.87 21.04 58881.78 Shire 3778 26.00 5331 3603.5 0.62 75.50 45904.65
Chna Utd Coms RMB 7.44 -0.03 9.29 4.14 - 322.20 23768.59 HangSeng 189.10 2.50 189.80 136.20 3.29 20.88 46297.11 FordMtr 11.92 -0.03 13.27 10.47 5.19 12.18 9521.37 TJX Cos 73.88 -0.28 80.92 66.66 1.50 20.61 47007.94
Sberbank 192.44 -1.26 195.00 136.20 1.06 7.46 71433.15 StandCh 739.10 7.90 860.00 609.00 - 1599.78 32558.51
ChShenEgy 18.44 -0.32 21.10 14.10 2.95 8.31 8025.45 HK Exc&Clr 210.00 -1.80 233.20 177.60 2.60 39.28 33341.43 Franklin 44.47 0.19 47.65 33.02 1.81 14.06 24800.98 T-MobileUS 61.95 -0.44 68.88 44.91 - 25.58 51483.46
Surgutneftegas 29.58 0.14 32.87 24.09 - 10.40 18168.45 Tesco 185.05 -2.15 219.40 165.35 - 228.46 20280.81
ChShpbldng RMB 6.21 - 8.14 5.87 - 205.06 17185.78 MTR 45.65 - 50.00 37.20 2.53 24.05 35089.24 GenDyn 205.57 -1.23 207.60 148.76 1.62 18.70 61560.36 UnionPac 116.51 -0.13 116.93 87.06 2.12 20.81 93252.84
Saudi Arabia (SR) Vodafone 205.25 -3.00 233.90 186.50 5.87 -30.65 73145.52
ChStConEng RMB 9.31 -0.17 11.45 6.09 2.21 9.31 41718.07 SandsCh 40.35 0.50 40.50 31.25 5.10 29.95 41714.09 GenElectric 24.31 -0.06 32.38 23.58 4.14 21.22 210474.67 UPS B 119.42 0.80 120.44 102.12 2.84 28.46 52743.51
AlRajhiBnk 65.70 -0.10 71.70 48.60 3.53 12.24 28468.86 WPP 1368 -14.00 1928.07 1345 4.14 10.08 23337.13
ChUncHK 10.92 -0.28 13.24 8.40 - - 33487.6 SHK Props 126.30 0.10 136.90 96.50 3.33 8.68 46845.81 GenMills 52.20 -0.24 64.39 50.40 3.84 18.01 29664.43 USBancorp 53.26 -0.59 56.61 42.35 2.17 15.61 89083.87
Tencent 333.00 -5.40 349.60 179.60 0.19 49.54 405056.21 Natnlcombnk 51.00 -0.20 58.00 32.00 1.26 10.16 27198.92 United States of America ($)
CNNC Intl RMB 7.47 -0.01 8.11 6.61 1.22 25.37 4761.99 GenMotors 40.43 -0.15 40.69 30.21 3.87 6.16 58691.32 UtdHlthcre 195.24 0.75 200.76 133.03 1.37 23.35 188769.73
SaudiBasic 100.80 -0.60 105.40 76.00 5.11 17.86 80636.76 21stC Fox A 26.79 -0.53 32.60 24.01 1.44 15.26 28197.47
CSR 6.91 - 7.99 6.66 3.61 16.64 3867.91 India (Rs) GileadSci 81.64 -2.22 86.27 63.76 2.50 8.60 106615.82 UtdTech 115.74 -1.44 124.79 97.62 2.44 16.76 92453.64
SaudiTelec 70.00 0.80 78.90 51.00 5.89 15.37 37331.84 3M 209.42 -0.06 214.65 163.85 2.25 23.17 124974.98
Daqin RMB 8.85 0.01 9.45 6.23 2.85 11.86 19830.22 Bhartiartl 382.05 -3.90 438.15 283.05 0.37 46.59 23246.48 GoldmSchs 234.33 -0.43 255.15 157.77 1.19 11.97 90656.45 ValeroEngy 76.34 0.87 76.59 51.17 3.51 15.61 33716.63
Singapore (S$) AbbottLb 53.84 1.69 54.80 37.38 2.08 56.51 93535.26
Gree Elec Apl 0.06 0.00 0.25 0.04 - -1.82 97.78 HDFC Bk 1795.3 18.80 1868 1158 0.64 30.09 70613.6 Halliburton 45.68 0.10 58.78 38.18 1.62-287.01 39813.43 Verizon 49.44 -0.08 54.83 42.80 4.97 15.45 201665.53
DBS 20.91 0.02 22.25 14.80 2.99 12.10 39326.45 Abbvie 89.36 4.61 90.95 55.06 2.82 21.63 142448.3
GuosenSec RMB 13.60 0.01 18.80 12.39 4.55 22.37 4499.37 Hind Unilevr 1202.8 -3.10 1287.6 781.95 1.49 53.57 39628.36 HCA Hold 78.39 0.22 91.03 67.00 - 10.22 28318.36 VertexPharm 148.94 -0.13 167.86 71.46 - 198.76 37549.4
JardnMt US$ 63.54 0.44 67.50 52.90 2.44 6.44 45944.73 Accenture 137.11 0.47 138.70 112.31 1.83 23.45 91059.43
HaitongSecs 12.56 -0.22 15.24 12.28 4.41 13.99 5484.02 HsngDevFin 1744.35 25.00 1802 1183.15 1.02 24.56 42308.71 Hew-Pack 19.98 0.11 20.13 13.77 2.65 14.16 33633.03 VF Cp 63.27 0.22 64.51 48.05 2.66 22.74 24902.45
JardnStr US$ 42.70 -0.19 46.48 32.14 0.71 6.22 47255.29 Adobe 146.58 0.15 157.89 98.00 - 44.37 72323.4
Hngzh HikVDT RMB 31.46 0.21 40.16 22.61 1.28 35.33 34412.81 ICICI Bk 275.95 -0.45 314.45 217.36 1.78 16.08 26951.15 HiltonWwde 69.26 0.15 69.74 46.09 1.07 73.87 22454.96 Viacom 27.78 -0.15 46.72 26.65 3.85 8.59 9798.51
OCBC 11.22 -0.06 11.49 8.33 3.26 12.38 34597.5 AEP 70.51 0.20 74.59 57.89 3.49 46.06 34679.67
Hunng Pwr 4.82 -0.04 6.25 4.60 7.14 23.89 2901.26 Infosys 896.00 -3.80 1082.7 860.00 3.01 13.99 31327.32 HomeDep 161.84 0.92 162.12 119.20 1.98 22.90 190779.84 Visa Inc 104.62 0.73 106.84 75.17 0.63 37.74 191388.69
SingTel 3.67 -0.04 4.10 3.59 4.96 14.74 44100.32 Aetna 156.35 2.14 164.52 104.59 0.68 45.36 51923.93
IM Baotou Stl RMB 2.70 -0.02 3.17 1.96 - 143.41 8968.48 ITC 261.55 3.05 354.80 222.00 1.79 28.58 48505.53 Honywell 140.12 0.55 142.06 105.25 1.93 20.61 43554.17 Walgreen 77.38 -0.77 88.00 75.18 2.01 18.85 82804.07
UOB 23.66 -0.18 24.60 17.98 3.08 12.17 28893.53 Aflac 82.92 -0.86 84.51 66.50 2.11 12.17 32772.4
In&CmBkCh 5.74 -0.07 6.07 4.43 4.97 6.15 63798.83 L&T 1133.35 -3.85 1250.5 863.40 1.13 24.42 24159.48 HumanaInc 243.54 5.07 259.76 163.50 0.56 23.03 35195.72 WalMartSto 78.84 -0.45 81.99 65.28 2.64 17.32 237663.11
AirProd 151.96 0.64 152.00 129.00 2.45 23.71 33120.8
IndstrlBk RMB 17.34 -0.04 18.52 14.99 3.63 5.95 49792.33 OilNatGas 171.55 1.35 211.80 155.20 4.68 9.92 33510.91 South Africa (R) IBM 145.61 -0.05 182.79 139.13 4.12 11.20 135699.73 WellsFargo 54.01 -0.21 59.99 43.55 3.01 12.61 268077.83
Alexion 138.13 -1.33 149.34 96.18 - 58.03 30827.46
Kweichow RMB 518.46 10.25 520.20 287.85 1.32 33.69 98161 RelianceIn 786.45 -12.70 872.50 465.00 - 13.93 75806.94 Firstrand 51.84 -0.15 57.60 43.38 4.88 11.09 21441.15 IllinoisTool 147.22 0.24 150.29 111.50 1.82 23.11 50665.68 Williams Cos 29.79 -0.19 32.69 27.35 4.82-927.70 24625.93
Allegran 205.78 -2.52 256.80 184.50 0.36 -18.12 68793.53
Midea 1.64 - 1.87 1.50 6.65 21.17 45.16 SBI NewA 252.55 2.15 315.30 235.00 1.11 751.81 33183.41 MTN Grp 123.90 -0.55 134.94 104.76 9.36 -80.09 17213.71 Illumina 198.34 0.58 214.34 119.37 - 37.43 28957.64 Yahoo - - - - - - -
Allstate 91.00 0.11 95.25 66.55 1.60 14.43 32883.72
New Ch Life Ins 44.50 -1.90 56.10 32.95 - 22.64 5892.99 SunPhrmInds 499.20 4.50 773.75 432.70 0.22 15.89 18231.4 Naspers N 2865 -10.68 3036.53 1925.98 0.19 29.45 92663.57 Intcntl Exch 68.21 0.08 68.60 52.27 1.11 24.60 40141.08 Yum!Brnds 73.61 0.51 78.14 59.57 2.52 25.37 25378.76
Alphabet 960.13 0.23 1008.61 743.59 - 30.34 286161.87
PetroChina 4.91 -0.10 6.38 4.72 1.15 26.98 13266.36 Tata Cons 2476.45 -18.55 2708.95 2051.9 2.28 17.95 72159.93 South Korea (KRW) Intel 37.64 0.10 38.45 33.23 2.88 13.94 176870.36 Venezuela (VEF)
Altria 64.31 -0.10 77.79 60.01 3.91 8.26 123385.39
PingAnIns 59.40 -1.60 64.90 38.00 0.40 - 56651.56 Indonesia (Rp) HyundMobis 232500 1000.00 290000 212000 1.55 8.11 19839.97 Intuit 142.81 -1.55 146.72 103.22 0.97 37.81 36412.77 Bco de Vnzla 1400 -200.00 1945 95.00 - - 1528.37
Amazon 955.85 4.98 1083.31 710.10 - 168.16 459170.76
PngAnBnk RMB 10.88 -0.05 11.94 8.54 1.21 8.25 27742.29 Bk Cent Asia 19825 75.00 19975 13950 0.95 21.48 36004.19 KoreaElePwr 38350 150.00 58900 37900 5.64 3.90 21581.7 John&John 129.93 0.18 137.08 109.32 2.64 20.40 348737.18 Bco Provncl 90001 1001 105000 2252 - 78.96 2904.85
AmerAir 48.19 1.34 54.48 35.60 0.89 10.90 23468.97
Pwr Cons Corp RMB 8.09 -0.02 9.00 5.96 0.96 16.72 11705.38 SK Hynix 83200 800.00 86300 38700 0.74 8.67 53096.47 JohnsonCn 39.63 -0.83 46.17 36.74 2.70 -21.60 36946.3 Mrcntl Srvcs 181150 21150 181150 5200 0.00 450.40 3301.16
Israel (ILS) AmerExpr 89.74 0.25 89.87 59.50 1.47 17.74 30000.64
SaicMtr RMB 30.42 -0.01 32.84 21.69 4.61 10.16 50550.57 SmsungEl 2563000-21000.00 2684000 1494000 1.51 13.39 291559.63 JPMrgnCh 95.27 0.09 95.88 65.35 2.18 13.71 335251.74
TevaPha 61.00 0.09 190.20 54.31 8.44 805.55 17546.29 AmerIntGrp 60.80 -0.46 67.47 57.35 2.17 491.65 54922.55
ShenwanHong 0.23 0.01 0.35 0.19 - -2.81 263.39 Spain () Kimb-Clark 116.89 0.38 136.21 111.30 3.33 18.94 41297.57 Closing prices and highs & lows are in traded currency (with variations for that
Italy () AmerTower 135.58 1.50 148.71 99.72 1.82 52.63 58187.88
ShgPdgBk RMB 12.84 -0.01 14.02 11.16 1.21 6.81 54386.97 KinderM 19.20 -0.14 23.36 18.23 2.68 60.09 42866.8 country indicated by stock), market capitalisation is in USD. Highs & lows are
Enel 5.04 -0.07 5.27 3.57 1.79 20.12 60112.02 BBVA 7.44 -0.06 7.93 5.10 3.92 13.04 58229.92 Amgen 185.86 0.98 191.10 133.64 2.39 16.49 135617.35
Sinopec Corp 5.76 -0.11 6.57 5.20 1.64 10.64 18819.22 Kraft Heinz 78.05 -0.18 97.77 77.40 3.26 25.95 95084.5 based on intraday trading over a rolling 52 week period.
ENI 13.95 0.02 15.92 12.26 5.75 66.31 59474.75 BcoSantdr 5.89 0.03 6.25 3.69 3.51 12.78 110837.48 Anadarko 48.75 -0.32 73.33 39.96 0.42 -12.29 27314.66
Sinopec Oil RMB 3.11 -0.04 4.45 3.02 - -3.15 1321.04 Kroger 20.42 0.19 36.44 19.89 2.36 11.89 18159.6 ex-dividend
Generali 15.52 0.02 16.08 10.50 4.52 12.07 28436.16 CaixaBnk 4.24 -0.07 4.51 2.09 2.53 21.64 29724.4 Anthem 188.89 2.44 198.98 114.85 1.47 17.12 49599.62
Denmark (kr) Iberdrola 6.51 -0.09 7.30 5.53 4.33 16.10 48247.94 L Brands 42.22 -0.54 75.50 35.00 5.77 12.23 11984 ex-capital redistribution
IntSPaolo 2.99 0.00 3.01 1.85 5.97 8.46 55556.99 Aon Cp 146.93 0.50 147.66 107.19 0.95 37.23 37369.76
DanskeBk 250.60 2.00 259.50 187.50 3.51 11.92 37011.13 Inditex 31.71 0.13 36.90 29.83 1.51 31.77 115940.73 LasVegasSd 63.62 -0.54 66.22 51.35 4.86 25.84 50343.96 # price at time of suspension
Luxottica 47.07 0.10 56.90 39.92 1.84 27.30 26779.64 Apple 152.94 -1.29 164.94 104.08 1.58 16.81 789969.97
MollerMrsk 12110 100.00 14260 8750 1.16 -17.00 19206.78 Repsol 15.48 -0.10 15.70 11.61 3.95 14.12 27737.92 LibertyGbl 33.11 -0.93 37.69 28.17 - 25.94 7465.9
Unicred 18.01 0.01 30.80 11.93 3.26 -1.84 47025.17 ArcherDan 42.70 -0.35 47.88 40.22 3.06 16.90 24020.77
NovoB 303.70 -1.60 309.30 218.20 2.44 20.31 93963.72 Telefonica 9.18 -0.06 10.63 7.61 5.89 18.71 54278.12 Lilly (E) 84.77 0.12 86.72 64.18 2.59 38.26 93330.83
AT&T 38.91 0.14 43.03 35.10 5.34 17.82 238907.4

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
L Brands 42.22 42.76 -0.54 -1.26 5.34 14.5 15.67 Ch OSLnd&Inv 25.35 25.45 -0.10 -0.39 -2.65 -9.5 -7.99 Sep 28 date Coupon S* M* F* price yield yield yield US Sep 28 date Coupon S* M* F* price yield yield yield US
Sychrony Fin 31.18 30.94 0.24 0.78 2.29 7.9 2.91 L&T 1133.35 1137.20 -3.85 -0.34 -102.60 -8.3 0.15 High Yield US$ US$
HyundMobis 232500.00 231500.00 1000.00 0.43 13500.00 6.2 -7.92 China Vanke 25.70 26.40 -0.70 -2.65 -2.25 -8.1 11.98 Navient Corporation 03/20 8.00 B+ Ba3 BB 110.38 3.63 0.02 -0.21 2.18 SunTrust Banks, Inc. 01/28 6.00 BBB+ Baa1 A- 112.36 4.54 0.05 0.07 2.24
DiscFinServ 63.98 64.06 -0.08 -0.12 3.48 5.8 8.24 Tesla Mtrs 337.75 340.97 -3.22 -0.94 -28.73 -7.8 -2.38 High Yield Euro FleetBoston Financial Corp. 01/28 6.88 BBB Baa3 A- 120.90 4.38 0.05 0.01 2.08
Nordea Bk 109.30 109.30 0.00 0.00 5.80 5.6 3.61 RelianceIn 786.45 799.15 -12.70 -1.59 -60.70 -7.2 0.31 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - NationsBank Corp. 03/28 6.80 BBB Baa3 A- 122.86 4.13 0.05 -0.05 1.84
DNB 161.40 162.90 -1.50 -0.92 8.30 5.4 8.10 SBI NewA 252.55 250.40 2.15 0.86 -17.50 -6.5 -9.90 GTE Corporation 04/28 6.94 BBB+ Baa2 A- 124.24 4.13 0.05 0.07 1.83
Halliburton 45.68 45.58 0.10 0.22 2.20 5.1 17.68 JardnStr US$ 42.70 42.89 -0.19 -0.44 -2.50 -5.5 -2.53 Emerging US$ Dover Corporation 06/28 6.65 A- A3 A- 123.06 4.02 0.05 0.08 1.72
AbbottLb 53.84 52.15 1.69 3.23 2.41 4.7 7.13 ChMinsheng 7.29 7.35 -0.06 -0.82 -0.41 -5.3 -7.37 Mexico 09/16 11.40 BBB+ A3 BBB+ 106.80 1.49 0.03 0.01 0.44 United Utilities PLC 08/28 6.88 BBB+ Baa1 A- 122.97 4.26 0.05 -0.25 1.97
MitsubEst 1972.00 1966.00 6.00 0.31 87.00 4.6 4.73 New Ch Life Ins 44.50 46.40 -1.90 -4.09 -2.50 -5.3 -16.59 Peru 03/19 7.13 BBB+ A3 BBB+ 108.40 1.52 -0.01 0.08 0.07
Peru 03/19 7.13 BBB+ A3 BBB+ 114.01 2.60 0.00 0.20 0.84 Euro
Altria 64.31 64.41 -0.10 -0.15 2.81 4.6 0.63 Gree Elec Apl 0.06 0.06 0.00 -3.45 0.00 -5.1 -15.15 AT&T Inc. 12/29 2.60 BBB+ Baa1 A- 103.18 2.30 0.05 0.05 -
Volvo 156.40 153.90 2.50 1.62 6.80 4.5 14.92 ICICI Bk 275.95 276.40 -0.45 -0.16 -14.60 -5.0 -7.31 Brazil 01/20 12.75 BB Ba2 BB 123.25 2.19 0.03 -0.37 0.74
Brazil 01/22 12.50 BB Ba2 BB 113.25 8.71 0.06 -0.25 6.80 AT&T Inc. 12/29 2.60 BBB+ Baa1 A- 103.19 2.30 0.07 0.05 -
Linde 174.70 170.65 4.05 2.37 7.55 4.5 4.52 SHK Props 126.30 126.20 0.10 0.08 -6.60 -5.0 0.88 Citigroup Inc. 02/30 4.25 BBB Baa3 A- 117.26 2.30 0.05 0.03 -
Denso 5747.00 5644.00 103.00 1.82 247.00 4.5 8.83 ChngKng 63.75 64.00 -0.25 -0.39 -3.25 -4.9 -6.59 Poland 03/22 5.00 BBB+ A2 A- 109.00 2.85 0.00 -0.14 0.94
Colombia 03/23 2.63 BBB Baa2 BBB 98.01 3.05 0.04 0.05 1.14 HBOS plc 03/30 4.50 BBB- Baa2 A- 117.10 2.46 0.05 0.11 -
Kweichow 518.46 508.21 10.25 2.02 22.26 4.5 5.17 PingAnIns 59.40 61.00 -1.60 -2.62 -3.00 -4.8 -5.41
Turkey 03/23 3.25 - Ba1 BB+ 85.57 6.42 0.09 -0.17 4.51 Yen
Franklin 44.47 44.28 0.19 0.43 1.89 4.4 4.37 Citic Secs 17.10 17.26 -0.16 -0.93 -0.86 -4.8 4.78
Turkey 03/27 6.00 - Ba1 BB+ 106.45 5.20 0.05 0.31 2.90 Enagas Transportes, S.A.U. 09/39 3.23 A- Baa2 A- 106.57 2.85 0.00 0.01 -
Lyondell 100.01 99.78 0.23 0.23 4.22 4.4 10.66 ChUncHK 10.92 11.20 -0.28 -2.50 -0.52 -4.5 -6.02
AtlasCpcoB 313.00 306.90 6.10 1.99 13.00 4.3 11.83 Hind Unilevr 1202.80 1205.90 -3.10 -0.26 -56.55 -4.5 1.96 Russia 06/28 12.75 BB+ Ba1 BBB- 176.57 3.97 0.05 0.00 1.68 Sterling
AmerAir 48.19 46.85 1.34 2.86 1.90 4.1 7.16 Netflix 180.37 181.97 -1.60 -0.88 -8.41 -4.5 7.82 Emerging Euro Electricite de France (EDF) 05/28 6.25 A- A3 A- 131.44 2.80 0.04 0.34 0.50
SaicMtr 30.42 30.43 -0.01 -0.03 1.19 4.1 -0.16 ChStConEng 9.31 9.48 -0.17 -1.79 -0.42 -4.3 -9.44 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 HSBC Holdings plc 08/28 2.63 A A1 AA- 99.32 2.70 0.05 0.39 0.40
Bk Cent Asia 19825.00 19750.00 75.00 0.38 775.00 4.1 3.93 HK Exc&Clr 210.00 211.80 -1.80 -0.85 -9.00 -4.1 -1.87 Mexico 02/20 5.50 BBB+ A3 BBB+ 112.05 0.41 -0.01 -0.07 -1.04 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poors, M -
Mexico 04/23 2.75 BBB+ A3 BBB+ 109.20 1.06 0.00 -0.14 -0.84 Moodys, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BB+ Baa2 BBB- 112.31 1.71 0.05 -0.09 -0.59
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poors, M - Moodys, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Sep 28 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Sep 28 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 1.00-1.25 15-06-2017 1.00 1.00-1.25 0.25-0.50 Index change change change 1 month 1 year VIX 9.98 0.11 9.87 23.01 8.84 Sep 28 Price Yield Day Week Month Year High Low m
US Prime 4.25 15-06-2017 3.75 4.25 3.50 Markit IBoxx VXD 10.40 0.08 10.32 23.23 3.59 - - - - - - - - -
US Discount 0.75 15-06-2017 0.75 1.75 1.00 ABF Pan-Asia unhedged 185.70 -0.47 -0.02 7.21 0.56 -1.19 VXN 15.56 0.24 15.32 23.35 9.75 Tr 5pc '18 102.09 0.24 -4.00 -17.24 140.00 500.00 107.13 102.09 35.24
Euro Repo 0.00 16-03-2016 0.05 0.00 0.00 Corporates( ) 338.98 -0.28 -2.07 2.69 -1.93 -0.92 VDAX - - - - - Tr 4.5pc '19 105.84 0.42 -2.33 13.51 180.00 4100.00 110.93 105.84 36.35
UK Repo 0.25 04-08-2016 0.25 0.25 0.25 Corporates($) 277.34 0.00 0.04 5.35 0.04 5.35 CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.75pc '20 110.42 0.45 0.00 7.14 221.43 1025.00 116.09 110.42 33.31
Japan O'night Call 0.00-0.00 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates() 225.12 -0.16 -0.21 1.73 -0.20 0.30 Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 1.5pc '21 102.94 0.60 -1.64 9.09 122.22 252.94 105.60 102.93 32.46
Switzerland Libor Target 0.00-0.25 15-01-2015 0.00-0.75 -1.25--0.25 -1.25--0.25 Eurozone Sov() 231.37 -0.26 -0.57 -0.56 -0.33 -3.54 Tr 4pc '22 114.49 0.68 0.00 7.94 106.06 277.78 120.48 114.48 37.95
Gilts( ) 315.90 -0.43 -2.99 -0.38 -2.79 -5.46 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 128.03 1.07 0.00 3.88 46.58 109.80 136.54 128.03 35.08
INTEREST RATES: MARKET Global Inflation-Lkd 262.95 -0.40 -0.40 6.39 0.16 0.36 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 98.46 1.42 0.00 3.65 29.09 84.42 136.72 98.46 15.54
Over Change One Three Six One Markit iBoxx Non-Gilts 333.67 -0.28 -2.06 2.24 -1.91 -1.30 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 133.19 1.69 0.00 2.42 18.18 59.43 145.20 131.34 35.44
Sep 28 (Libor: Sep 27) night Day Week Month month month month year Overall ($) 239.68 -0.04 -0.23 3.79 -0.23 3.79 Australia 10/19 2.75 101.59 1.96 0.01 -0.08 0.06 0.35 Tr 4.25pc '36 137.40 1.85 0.00 1.65 15.63 50.41 151.00 134.98 29.76
US$ Libor 1.18000 0.002 0.001 0.001 1.23500 1.33278 1.50389 1.78539 Overall( ) 318.14 -0.39 -2.71 0.38 -2.53 -4.26 11/28 2.75 98.96 2.86 0.01 -0.09 0.10 0.00 Tr 4.5pc '42 150.73 1.94 -0.51 0.52 13.45 43.70 167.73 147.41 26.64
Euro Libor -0.43329 0.000 -0.006 -0.001 -0.40286 -0.37757 -0.30571 -0.21943 Overall() 228.00 -0.22 -0.43 -0.01 -0.26 -2.48 Austria 10/19 0.25 101.74 -0.58 0.00 0.00 0.00 0.00 Tr 3.75pc '52 148.35 1.86 0.00 0.54 13.41 43.08 167.85 143.66 23.59
Libor 0.22000 -0.001 -0.006 -0.001 0.25013 0.32975 0.48525 0.72031 Treasuries ($) 225.44 -0.07 -0.40 2.88 -0.40 2.88 04/27 0.50 98.74 0.64 0.06 0.02 0.07 0.00 Tr 4pc '60 165.65 1.78 -0.56 0.00 13.38 42.40 189.30 160.01 23.21
Swiss Fr Libor -0.004 -0.78960 -0.72600 -0.64920 -0.51060 FTSE Belgium 09/19 3.00 107.15 -0.55 0.00 0.00 0.00 0.00 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per 100 nominal of stock.
Yen Libor -0.003 -0.05036 -0.03907 -0.00550 0.10614 Sterling Corporate () 115.59 -0.01 - - -2.23 -5.68 06/27 0.80 100.47 0.75 0.05 0.03 0.07 0.00
Euro Euribor
Sterling CDs
-0.001
0.000
-0.37200
0.23000
-0.32900
0.30000
-0.27300
0.48500
-0.17100 Euro Corporate () 106.79 -0.06 - - -0.63 -3.79 Canada 11/19 1.25 99.30 1.60 -0.02 -0.01 0.00 0.00 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts () 711.63 9.35 - - -7.68 -22.48 06/28 2.00 98.28 2.18 0.02 0.02 0.28 0.00
US$ CDs 0.000 1.21000 1.29000 1.40000 Eurozone Govt Bond 111.27 0.03 - - -0.67 -6.29 Denmark 11/20 0.25 102.32 -0.49 0.00 0.00 0.00 0.00 Price Indices Day's Total Return Return
Euro CDs 0.000 -0.43500 -0.39500 -0.32500 11/27 0.50 99.54 0.55 0.03 0.03 0.04 0.00 Fixed Coupon Sep 28 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series 1 Up to 5 Years 94.50 0.01 2413.15 -0.93 -0.88 0.60
Short 7 Days One Three Six One Index change change change high low Finland 09/19 1.75 100.13 1.69 0.01 0.06 0.12 0.58
09/27 0.50 98.68 0.64 0.06 0.03 0.00 0.00 2 5 - 10 Years 180.77 0.01 3443.32 -2.57 -2.89 1.13
Sep 28 term notice month month month year Markit iTraxx 3 10 - 15 Years 212.35 0.02 4162.89 -3.30 -4.75 1.56
Euro -0.50 -0.35 -0.50 -0.35 -0.51 -0.36 -0.47 -0.32 -0.40 -0.25 -0.39 -0.14 Crossover 5Y 369.26 -12.07 35.21 40.34 390.04 288.69 France 11/20 0.25 102.15 -0.43 0.00 0.00 0.00 0.00
4 5 - 15 Years 188.27 0.02 3615.79 -2.92 -3.64 1.37
Sterling 0.18 0.28 0.18 0.28 0.25 0.35 0.41 0.56 0.57 0.72 Europe 5Y 85.00 -1.98 7.21 7.01 90.43 67.59 10/22 2.25 112.03 -0.11 0.00 0.00 0.00 0.00
5 Over 15 Years 327.34 0.12 4988.78 -5.07 -9.04 1.87
Swiss Franc - - - - - - - - - - - - Japan 5Y 70.05 -2.51 2.21 -0.87 93.03 64.22 05/27 1.00 102.19 0.76 0.06 0.04 0.09 0.00
7 All stocks 177.63 0.06 3510.45 -3.16 -5.08 1.68
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 111.86 -3.89 10.86 12.50 121.66 80.36 Germany 10/19 0.25 101.97 -0.71 0.00 0.00 0.00 0.00
US Dollar 1.17 1.27 1.16 1.26 1.25 1.35 1.31 1.41 1.47 1.57 1.77 1.87 08/23 2.00 112.68 -0.15 0.00 0.00 0.00 0.00 Day's Month Year's Total Return Return
Markit CDX 08/27 0.50 100.29 0.47 0.06 0.03 0.11 0.00
Japanese Yen -3.00 -1.50 -0.40 0.10 -0.30 0.00 -0.20 0.10 -0.20 0.10 -0.15 0.15 Index Linked Sep 28 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 198.09 -3.26 -11.46 -11.68 218.09 197.56 08/48 1.25 98.48 1.31 0.06 0.00 0.00 0.00
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 1 Up to 5 Years 314.04 -0.01 -0.35 -0.02 2466.27 -0.35 1.43
Nth Amer High Yld 5Y 328.29 0.17 -17.13 -10.17 353.95 327.35 Greece 04/19 4.75 102.13 3.31 0.29 0.45 0.29 -5.45
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 2 Over 5 years 687.46 -0.06 -6.08 -7.24 5125.13 -6.04 -6.75
Nth Amer Inv Grade 5Y 63.53 0.28 -4.09 -3.35 69.24 62.53 02/28 3.00 83.34 6.06 0.13 0.18 0.13 -2.24
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. 3 5-15 years 473.85 0.04 -2.54 -2.25 3671.88 -2.52 -1.22
Ireland 10/19 5.90 113.15 -0.46 0.00 0.00 0.00 0.00 4 Over 15 years 875.28 -0.09 -7.22 -8.84 6383.23 -7.17 -8.52
05/26 1.00 101.94 0.77 0.06 0.06 0.07 0.42 5 All stocks 623.60 -0.05 -5.65 -6.68 4717.63 -5.61 -6.13
Italy 10/19 0.05 100.28 -0.08 0.00 0.00 0.00 0.00
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 11/21 0.35 99.33 0.52 0.01 0.02 -0.02 0.00 Yield Indices Sep 28 Sep 27 Yr ago Sep 28 Sep 27 Yr ago
06/27 2.20 100.49 2.16 0.04 0.08 0.07 0.00 5 Yrs 0.75 0.75 0.12 20 Yrs 1.96 1.96 1.35
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
03/47 2.70 88.65 3.33 0.03 0.08 0.10 1.07 10 Yrs 1.41 1.41 0.70 45 Yrs 1.77 1.77 1.27
Crude Oil Oct 52.52 0.45 Corn Dec 352.75 -1.00 Sep 27 Sep 27 Prev return stock Market stocks
Japan 09/19 0.10 100.44 -0.13 0.00 0.00 0.00 0.00 15 Yrs 1.81 1.81 1.15
Brent Crude Oil 57.20 -0.50 Wheat Dec 459.25 -1.75 Can 4.25%' 21 116.74 0.219 0.297 -0.04 5.18 71613.80 7
06/22 0.10 100.93 -0.10 0.00 0.00 0.00 0.00
RBOB Gasoline Oct 1.62 -0.02 Soybeans Nov 959.50 -5.75 Fr 2.25%' 20 111.71 -1.760 -1.750 0.07 20.31 221092.37 15
06/27 0.10 100.55 0.04 0.02 0.02 0.03 0.00 inflation 0% inflation 5%
Heating Oil Oct 1.58 0.00 Soybeans Meal Oct 306.90 -2.00 Swe 0.25%' 22 114.19 -1.758 -1.797 0.01 28.18 238653.27 8
06/47 0.80 98.77 0.85 0.02 0.01 0.01 0.00 Real yield Sep 28 Dur yrs Previous Yr ago Sep 28 Dur yrs Previous Yr ago
Natural Gas Oct 3.05 -0.01 Cocoa (ICE Liffe)X Dec 1478.00 -20.00 UK 2.5%' 20 367.47 -2.345 -2.378 -0.65 6.58 621765.33 27
Netherlands 01/20 0.25 102.05 -0.63 0.00 0.00 0.00 0.00 Up to 5 yrs -1.88 1.63 -1.88 -2.06 -2.78 1.63 -2.79 -2.63
Ethanol - - Cocoa (ICE US) Dec 2027.00 7.00 UK 2.5%' 24 364.38 -1.850 -1.896 -1.77 6.82 621765.33 27
07/27 0.75 101.57 0.58 0.05 0.02 0.09 0.00 Over 5 yrs -1.47 23.96 -1.47 -1.84 -1.50 24.05 -1.50 -1.87
Uranium Oct 18.10 0.00 Coffee(Robusta)X Nov 1940.00 -12.00 UK 2%' 35 263.25 -1.488 -1.534 -3.54 9.08 621765.33 27
Carbon Emissions - - Coffee (Arabica) Dec 128.70 -0.60 New Zealand 04/20 3.00 102.21 2.10 -0.01 -0.08 0.06 0.17 5-15 yrs -1.65 8.14 -1.64 -2.02 -1.78 8.15 -1.78 -2.14
US 0.625%' 21 102.92 -0.141 -0.167 -0.10 35.84 1246102.70 38
White SugarX 357.90 1.70 04/27 4.50 112.72 2.96 0.00 -0.11 0.05 0.64 Over 15 yrs -1.45 29.18 -1.46 -1.83 -1.47 29.22 -1.48 -1.84
Diesel - - US 3.625%' 28 131.35 0.560 -0.167 -0.84 16.78 1246102.70 38
Sugar 11 13.79 -0.01 Norway 05/19 4.50 106.42 0.56 0.01 -0.01 -0.03 -0.12 All stocks -1.47 22.20 -1.48 -1.84 -1.51 22.31 -1.51 -1.88
Unleaded (95R) - - Representative stocks from each major market Source: Merill Lynch Global Bond Indices Local currencies. Total market
Base Metals ( LME 3 Months) Cotton Oct 68.95 0.00 02/27 1.75 101.40 1.59 0.05 0.05 0.05 0.00 See FTSE website for more details www.ftse.com/products/indices/gilts
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium 2119.00 -10.50 Orange Juice Nov 151.15 1.05 Portugal 06/20 4.80 112.49 0.18 0.02 0.01 0.03 -1.51 2017 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Aluminium Alloy 1780.00 -20.00 Palm Oil - - 04/27 4.13 114.18 2.44 0.05 0.07 -0.40 0.00 Gilt Closing Prices information contained herein is proprietary to
Copper 6453.00 7.50 Live Cattle Oct 108.68 0.00 BONDS: TEN YEAR GOVT SPREADS Spain 01/19 0.25 100.74 -0.30 0.00 0.00 0.00 0.00 Tradeweb; may not be copied or re-distributed; is not warranted to be
Lead 2456.00 -11.00 Feeder Cattle Oct 152.60 2.18 10/27 1.45 98.26 1.64 0.03 0.07 0.06 0.00 accurate, complete or timely; and does not constitute investment advice.
Nickel 10310.00 10.00 Lean Hogs Oct 55.35 0.00 Spread Spread Spread Spread Sweden 07/19 1.50 99.81 1.61 0.01 0.06 0.12 0.00 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Tin 20690.00 5.00 Bid vs vs Bid vs vs 11/26 1.00 102.65 0.70 0.05 0.07 0.11 0.56
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 07/20 2.25 108.32 -0.71 0.00 0.00 0.00 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Zinc 3121.50 -1.50
Precious Metals (PM London Fix) Sep 27 Month Year 06/27 3.25 131.90 -0.01 0.00 0.00 0.00 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Australia 2.86 2.39 0.56 Italy 2.16 1.69 -0.14
Gold 1283.35 0.80 S&P GSCI Spt 399.81 5.48 14.11 United Kingdom 07/20 2.00 104.06 0.55 0.03 0.03 0.34 0.40 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Austria 0.64 0.17 -1.66 Japan 0.04 -0.43 -2.26
Silver (US cents) 1682.00 -7.00 DJ UBS Spot 84.56 1.51 0.48 Belgium 0.75 0.28 -1.55 Netherlands 0.58 0.11 -1.71 07/23 0.75 98.82 0.96 0.05 0.06 0.37 0.00 loss arising from the reliance on or use of the listed information. For all queries e-mail
Platinum 917.00 -10.00 R/J CRB TR 185.11 2.88 0.57 Canada 2.18 1.71 -0.12 Norway 1.59 1.12 -0.71 07/27 1.25 98.40 1.42 0.05 0.03 0.34 0.00 ft.reader.enquiries@morningstar.com
Palladium 917.00 2.00 M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Denmark 0.55 0.08 -1.75 Portugal 2.44 1.97 0.14 07/47 1.50 90.00 1.94 0.04 0.02 0.24 0.62
Bulk Commodities UBS Bberg CMCI TR 14.32 2.44 - Finland 0.64 0.17 -1.66 Spain 1.64 1.17 -0.66 United States 08/19 1.25 99.62 1.45 0.01 0.00 0.12 0.00 Data provided by Morningstar | www.morningstar.co.uk
Iron Ore (Platts) 61.40 -1.50 LEBA EUA Carbon 5.04 0.00 -13.55 France 0.76 0.29 -1.53 Switzerland -0.01 -0.48 -2.31 08/22 1.63 98.70 1.90 0.04 0.02 0.18 0.00
Iron Ore (The Steel Index) 62.70 -0.10 LEBA CER Carbon 0.20 0.00 -44.44 Germany 0.47 0.00 -1.83 United Kingdom 1.42 0.96 -0.87 08/27 2.25 99.59 2.30 0.06 0.02 0.16 0.00
GlobalCOAL RB Index 90.75 -0.50 LEBA UK Power 5025.00 102.21 27.70 Greece 6.06 5.59 3.76 United States 2.30 1.83 0.00 08/47 2.75 98.05 2.85 0.07 0.03 0.10 0.00
Baltic Dry Index 1391.00 -38.00 Ireland 0.77 0.30 -1.53 Data provided by SIX Financial Information
Sources: NYMEX, ECX/ICE, CBOT, X ICE Liffe, ICE Futures, CME, LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information
unless otherwise stated.
Friday 29 September 2017 FINANCIAL TIMES 25

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence HBM Hlth SFr 115.50 3.10 118.20 98.30 5.27 9.27 29.3 Industrial Engineering AnGoldA R 125.50 -1.54 231.84 116.70 1.08 -21.85 1854.8 Town Ctr 312.75 5.75 318.71 260.00 3.52 57.92 4.8 MearsGp 459.00 2.75 540.00 416.18 2.55 22.07 57.3
Avon Rubber 945.00 -2.00 1141.75 885.00 1.00 14.91 64.7 Indvardn SKr 203.80 1.90 215.60 150.10 2.57 3.38 628.9 Bodycote 900.00 7.00 980.00 553.00 1.76 22.17 351.3 Antofagasta 928.50 5.00 1071.5 496.30 1.52 36.88 3137.2 TritaxBBOX 140.10 -0.60 151.40 104.70 5.57 13.14 2745.1 MenziesJ 712.00 3.00 750.00 459.63 2.13 60.34 112.4
BAE Sys 632.00 1.50 682.34 516.48 3.37 18.98 7561.2 ICG 929.00 22.50 940.00 572.00 2.72 12.47 565.2 Castings 473.88 2.38 490.00 388.10 2.89 15.90 1.1 Barrick C$ 20.20 -0.08 27.19 18.52 0.64 7.75 566.6 Wkspace 874.00 4.00 959.00 615.00 1.94 16.34 81.6 MITIE 253.00 1.10 313.30 165.00 4.23 -17.33 520.2
Chemring 180.50 -3.25 208.00 135.25 0.72 27.77 96.1 Investec 542.00 -2.00 630.50 455.50 3.97 11.11 1592.3 Fenner 335.00 4.25 368.25 187.50 0.90 239.29 152.7 BHP Billiton 1305.5 -7.50 1518.5 1088 3.24 15.36 8301.3 Real Estate Inv & Services PageGroup 493.60 9.00 514.14 324.00 2.43 19.43 755.7
Cobham 142.80 1.80 177.80 102.50 1.24 -3.28 4245.0 Jupiter 545.00 5.50 565.00 388.90 2.70 17.58 797.5 Goodwin 1595 -5.00 2350 1510 2.66 14.31 0.1 BisichMg 73.50 - 83.00 63.10 5.44 16.41 8.9 Cap&Count 260.90 -2.10 326.10 259.40 0.57 89.97 2172.6 PayPoint 952.00 9.00 1176.51 835.50 4.54 10.92 37.0
Meggitt 520.00 7.00 520.17 407.40 2.90 13.87 2368.0 Liontrust 500.00 6.38 515.00 299.00 2.60 33.90 8.4 Hill&Sm 1230 -2.00 1480 1002 2.15 21.28 44.6 EVRAZ 302.70 3.00 339.74 158.00 - -36.04 1611.8 CLS 198.10 0.50 222.20 150.90 2.02 4.83 8.9 Renewi 98.50 - 115.75 78.25 3.04 -8.72 1024.2
RollsRoyceX 884.00 22.50 994.50 635.00 0.52 -23.70 4180.6 LSE Gp 3779 12.00 4069 2611 1.14 44.56 376.6 IMI 1216 3.00 1325 891.50 3.17 25.33 954.1 Fresnillo 1402 3.00 1864 1052 1.66 23.62 1091.7 Daejan 5815 -35.00 7005 5400 1.60 5.86 1.0 Rentokil 297.10 4.00 309.98 204.50 1.13 8.02 3989.1
Senior 274.20 2.60 284.10 161.00 2.40 29.68 906.9 Man 166.20 -0.60 170.70 108.30 4.24 -14.49 4358.6 MelroseInd 208.70 4.40 261.70 162.00 1.04 - 7506.4 GemDmnd 78.88 0.38 127.28 68.50 - -1.05 179.8 Grainger 258.60 3.00 271.70 214.30 1.74 13.83 1525.1 Ricardo 806.00 1.00 1040 576.50 2.25 17.30 18.9
UltraElc 1769 19.00 2245 1715 2.63 21.36 90.9 NB GFRIF 94.35 - 100.65 93.30 4.06 25.69 1128.7 Renold 53.25 0.25 65.00 37.50 - 25.36 19.0 GlencoreX 338.90 -2.70 377.00 207.80 0.79 29.35 39525.4 Harworth Grp 108.00 - 109.00 81.90 0.74 18.31 44.8 RbrtWlts 560.00 10.50 567.00 316.00 1.52 18.42 48.2
NEX Group 660.00 -1.00 867.30 445.90 5.83 25.78 508.0 Rotork 263.20 6.30 269.40 190.90 1.94 30.25 2473.4 Harmony R 23.92 -0.30 50.61 20.09 2.21 3.53 1846.0 Helical 295.25 1.25 360.00 247.75 2.80 8.89 135.7 RPS 283.50 -0.25 300.00 162.50 3.44 20.43 90.8
Automobiles & Parts Paragon 430.70 3.50 490.80 301.70 3.13 10.56 519.8 Severfd 64.75 0.50 88.00 52.00 2.63 12.72 57.4 Hochschild 219.60 -3.60 337.60 186.60 0.97 35.66 1116.2 HK Land $ 7.25 0.02 7.89 5.97 2.85 4.68 1522.2 SIG 177.70 3.20 184.90 86.60 2.67 -8.84 2325.8
FordMtr $X 11.94 -0.02 13.27 10.47 5.20 12.14 10763.3 Providnt 789.50 8.00 3402.27 426.60 17.05 5.60 822.9 SKF SKr 175.70 2.00 203.20 142.30 3.13 16.72 2055.6 Kenmare 335.00 - 360.00 235.00 - -14.78 25.1 Lon&Assc 20.00 - 22.91 16.71 0.80 -7.22 3.8 St Ives 73.25 -1.00 152.00 37.50 10.65 -3.39 83.4
GKN 342.80 3.20 379.30 295.20 2.55 24.49 6123.4 RathbnBr 2573 22.00 2842 1724.46 2.22 30.59 18.0 Tex 119.50 - 148.80 113.00 7.11 8.98 0.8 Lonmin 69.25 -1.25 230.25 61.50 - -0.43 776.4 MacauPrp 164.13 -0.75 185.00 115.52 - 7.05 40.2 Vp 840.25 15.25 905.00 660.00 2.32 14.33 13.3
Record 50.88 - 52.43 24.55 3.24 17.54 28.0 Trifast 206.50 0.75 228.94 150.00 1.45 19.86 12.0 Petra 80.50 9.25 173.60 59.25 - 6.19 16926.6 Mntview 11950 -85.00 12500 10200 2.51 12.86 0.1 Worldpay Gp 407.20 0.40 435.38 255.70 0.49 48.48 4818.6
Banks
S&U 2035 60.00 2550 1863.9 3.93 12.03 0.6 Vitec 1056 21.00 1060 590.00 2.37 52.54 12.3 Petropvlsk 7.86 -0.14 9.15 5.74 - 9.72 2207.9 RavenRuss 48.00 -0.25 55.00 36.50 - 53.75 10.0
ANZ A$X 29.75 -0.06 32.95 25.78 8.04 14.48 5651.2
Schroder 3320 35.00 3522 2621 2.62 19.03 223.9 PolymtIntl 826.00 -16.00 1367.91 723.00 2.15 10.97 996.7
Tech - Hardware
BcoSant 515.50 0.50 568.99 270.02 3.49 12.76 8971.3 Weir 1965 30.00 2096 1514.98 2.24 65.94 1989.2 RavenR CNV 120.00 - 121.00 106.50 - - 4.1
..N/V 2391 30.00 2525 1955 3.64 13.70 19.2 RndgldRs 7350 50.00 8255 5410 1.05 30.41 440.6 Laird 143.50 0.75 335.40 123.50 2.43 -4.93 831.3
BnkGeorgia 3263 37.00 3781 2724 2.58 9.24 38.0 RavenR Prf 137.00 - 148.28 131.00 - - 19.1
Strd Life Aber 428.70 3.60 447.34 403.70 4.39 23.05 4438.3 Industrial General Rio TintoX 3417 -7.50 3784.5 2482 3.48 16.54 4311.2 RavenR Wrt 21.50 - 29.85 13.50 - - 10.9
SpirentCM 95.25 -1.50 130.25 75.75 3.28 -16.98 374.2
BankIre Grp 6.85 0.03 8.03 4.95 - 10.66 1042.1 Coats Group 78.00 0.75 81.20 30.00 0.87 19.30 12907.2
TP ICAP 510.50 10.00 511.50 329.60 3.30 32.31 1717.5 Sirius Min 25.51 0.01 42.75 16.75 - -28.34 8263.3 Safestre 426.00 6.10 456.80 324.10 2.73 8.89 648.4 Tech - Software & Services
BkNvaS C$X 80.07 0.05 82.30 69.05 3.81 12.27 827.4 JardnMt $X 63.54 0.44 67.50 52.90 2.45 6.41 1418.7
WlkrCrip 46.88 - 49.00 37.00 3.95 46.88 0.6 Troy Res A$ 0.11 - 0.42 0.07 - -0.49 234.3 Savills 898.50 11.50 960.50 647.50 1.61 17.28 138.8 Computcnt 978.50 14.00 1094 666.45 2.27 18.71 94.2
BarclaysX 192.20 1.95 267.32 155.95 1.56 14.67 46470.0 Jard Str $X 42.70 -0.19 46.48 32.14 0.71 6.19 818.4 VedantaRs 846.50 3.00 1112.5 556.50 4.55 -129.08 571.9 SchroderRE 61.50 -0.50 66.00 55.75 3.02 13.98 397.0 MicroFoc 2388 -39.00 2675 1944 2.72 43.03 2085.5
CanImp C$X 109.23 0.31 120.83 97.52 4.64 9.78 449.3 Food & Beverages Macfrlne 69.75 1.25 71.00 51.03 2.80 14.47 181.8
HSBCX 731.80 1.80 772.00 518.17 5.33 95.06 23675.7 AngloEst 874.50 1.00 888.00 444.00 0.22 12.34 6.4 Oil & Gas SiriusRE 61.50 0.75 64.00 0.49 3.12 9.83 496.9 NCC Grp 215.00 2.75 377.30 87.80 2.16 -10.50 568.6
RPC 978.00 38.00 1106 714.82 1.79 26.58 3516.5 Smart(J) 110.50 - 115.00 102.40 2.78 14.13 15.2
LlydsBkgX 67.22 0.02 73.58 50.84 3.79 32.01 150290.1 AscBrFdX 3190 20.00 3343 2335 1.15 22.95 887.4 BPX 476.05 3.00 521.20 430.00 6.74 53.43 25616.0 RM 158.00 2.00 196.00 120.00 3.80 11.79 1.6
Smith DS 494.80 3.20 512.39 376.40 2.71 22.49 1243.0 StModwen 371.00 0.70 376.92 254.94 1.62 16.34 3854.5
RylBkC C$X 95.70 0.26 99.90 80.70 3.31 13.74 789.1 Barr(AG) 616.50 2.00 663.00 469.40 2.34 20.75 164.2 CairnEng 193.10 1.20 250.60 164.28 - 5.74 1318.8 Sage 695.00 5.00 807.50 594.99 2.04 30.73 1985.0
Smiths 1568 28.00 1685 1358 2.68 14.52 1472.4 U+I 185.00 - 205.00 148.75 3.19 -77.08 10.8
RBSX 266.40 -4.40 271.80 168.20 - -5.44 18279.9 Britvic 736.50 6.50 784.50 521.00 3.33 17.25 473.5 ExxonMb $X 82.22 0.79 93.22 76.05 3.92 31.86 7134.2 SDL 483.00 -4.25 674.50 412.00 1.28 52.90 146.3
SmurfKap 2339 -30.00 2848.52 1664 3.00 15.54 200.1 UNITE Gp 669.50 -1.50 737.00 541.57 2.32 7.07 553.5
STB 1775.5 40.50 2500 1575 4.06 17.44 0.8 CarrsGroup 144.50 - 156.50 106.50 2.63 13.89 29.6 GeoPark $ 8.90 -0.18 9.69 3.29 - -13.51 31.6 TriadGp 61.00 -1.00 90.00 40.00 - 5.68 15.0
Vesuvius 583.50 -0.50 633.00 335.90 2.84 25.15 124.1 Urban&C 260.25 4.25 278.02 189.75 1.11 8.48 26.0
StandChX 739.10 7.90 860.00 609.00 - 1599.78 5864.5 Coca-Cola HBC 2494 10.00 2682 1602 1.37 30.76 383.4 GulfKeyst 98.50 -6.63 253.80 89.25 - 0.13 2229.7 Telecommunications
..7.375%Pf 131.25 - 135.70 111.50 5.62 - 66.6 Cranswk 2920 11.00 3092 2092.35 1.34 23.61 39.5 Industrial Transportation HellenPet 7.23 0.04 8.40 3.73 2.77 5.64 55.5 Retailers BTX 282.35 -2.25 400.70 277.44 5.12 17.54 13427.3
..8.25%Pf 144.25 - 148.50 124.22 5.72 - 39.6 Dairy Cr 606.50 1.50 669.00 539.50 3.66 25.92 195.5 BBA Aviat 299.70 2.10 324.50 241.80 3.26 20.60 1829.6 Hunting 484.00 14.00 650.00 376.50 - -12.07 1076.4 AA 166.50 0.40 302.60 146.22 5.59 10.09 5897.4 Inmarsat 638.00 2.00 865.00 594.50 5.73 24.37 2038.4
TntoDom C$X 70.48 0.19 71.31 57.42 3.02 14.70 1358.4 Devro 241.75 8.00 262.75 139.34 3.64 185.96 32.3 Braemar 319.75 -2.25 354.00 218.00 8.13 -192.62 16.2 ImpOil C$X 39.62 -0.27 48.72 35.15 1.52 12.88 224.0 AO World 109.50 -1.75 192.30 107.50 - -70.65 81.9 KCOM Gp 95.75 -0.25 121.00 87.00 6.20 19.91 110.8
VirginMoney 284.00 -0.50 353.30 256.20 1.80 8.71 1821.8 DiageoX 2440.5 21.50 2616 1946 2.47 22.66 3536.8 Clarkson 2845 -1.00 3033 1910 2.18 23.99 160.4 Nostrum 404.00 9.00 535.00 267.00 - -16.84 152.7 AshleyL 8.15 0.45 22.50 6.97 24.54 3.88 614.6 TalkTalk 207.00 -3.30 221.30 144.96 7.67 34.50 2334.8
Westpc A$X 32.13 0.18 35.39 28.92 8.75 13.81 6181.7 Grncore 191.00 -0.60 340.10 182.30 2.86 27.00 1437.0 Eurotunnl 10.22 0.10 10.75 8.00 2.10 41.96 1202.2 OphirEgy 71.75 - 103.41 67.00 - -8.06 334.4 Caffyns 460.00 5.00 569.00 441.00 4.78 9.85 1.2 TelePlus 1090 10.00 1342 1014.03 4.31 28.84 40.9
HiltonFd 744.00 4.00 807.50 550.00 2.03 22.41 4.7 Fisher J 1536 - 1775 1436 1.60 19.52 35.0 PremOil 68.00 -0.50 99.50 42.75 - 80.28 8404.5 Dairy Fm $ 7.67 0.10 9.25 6.92 2.83 21.17 688.5
Basic Resource (Ex Mining) Vodafone GpX 205.25 -3.00 233.90 186.50 5.87 -30.65 73098.1
Kerry 81.16 0.36 81.56 61.06 0.69 26.71 50.8 Flybe Grp 36.00 0.50 51.75 29.90 - -2.93 349.0 RylDShlAX 2242 17.00 2295.5 1801.5 6.46 29.72 5619.6 Debenhams 49.25 1.25 59.35 39.57 6.95 7.46 2158.3
Ferrexpo 285.30 0.20 326.60 71.25 0.89 6.69 2006.2 OceanWil 1090 - 1126.54 920.00 4.74 10.57 3.8 Tobacco
Nestle SFrX 81.05 -0.50 86.00 71.45 2.98 25.82 4816.6 ..B 2286 15.00 2403.68 1890 6.33 30.30 4589.3 Dignity 2249 1.00 2940 2144.17 1.05 18.56 103.7
Mondi 1994 -10.00 2134 1495 2.52 17.60 1540.9 RoyalMail 383.80 -0.60 505.00 370.01 5.86 14.06 2642.9
PremFds 40.25 0.25 57.00 38.00 - 57.50 399.0 Schlmbrg $X 69.01 -0.08 87.84 62.56 3.12 -44.57 3870.4 DixonsCar 186.20 -1.60 378.70 155.40 - 8.78 8906.9 BrAmTobX 4650 -54.50 5643.6 2879.89 3.35 18.66 3741.8
Chemicals PureCircle 506.50 2.50 514.00 190.00 - 122.73 125.9 SEPLAT 108.88 7.00 114.50 63.75 2.94 -4.69 29.2 Dunelm 687.50 3.00 862.09 541.50 3.65 16.06 262.2 Imperial BrX 3172 -133.00 4128.5 3112.5 4.89 29.87 5102.2
Insurance
Bayer X 112.90 1.10 123.90 86.03 2.40 85.71 1481.0 REA 317.50 -4.88 385.00 238.00 - -6.73 1.2 Soco Int 117.50 -0.50 162.00 111.25 5.90 -39.14 76.1 Findel 176.50 - 220.00 160.00 - -95.41 6.4
StckSpirit 240.00 -1.00 250.00 146.25 2.86 17.45 191.7
Admiral 1803 4.00 2184 1680 2.87 22.57 500.5
TrnCan C$X 61.54 -0.64 65.24 57.36 3.84 60.14 403.4 Travel & Leisure
Carclo 138.25 2.00 180.25 106.75 1.41 12.02 32.3 AvivaX 509.50 9.00 570.50 411.30 4.21 33.74 14586.0 Halfords 347.00 4.20 389.50 305.40 4.94 12.13 495.0
Tate&Lyl 643.50 7.50 850.00 622.00 4.35 11.87 2382.8 888 Hldg 255.00 -0.20 301.75 192.00 2.11 106.83 1546.6
Croda 3757 32.00 4025 3066 1.92 25.58 306.6 Beazley 459.70 5.20 527.50 351.68 2.23 12.54 1777.6 Pharmaceuticals & Biotech Inchcape 854.50 9.50 861.00 587.00 2.79 17.80 880.7
TongtHu R 113.97 3.97 135.50 107.16 1.52 12.30 411.5 AirPrtnr 130.50 4.00 138.00 83.20 3.83 24.62 132.8
Elemntis 270.20 2.10 320.68 209.10 2.45 22.21 471.9 Chesnar 391.50 0.25 419.75 288.75 4.89 14.21 31.3 JDSportsF 375.60 2.00 462.00 287.60 0.40 20.44 747.8
Unilever 4266.5 1.50 4548.5 3050.5 2.73 23.94 2167.5 AstraZenecaX 4909 26.50 5520 3996 4.34 20.91 2041.4 Carnival 4730 -83.00 5435 3682 2.36 16.33 1155.4
Johnsn Mtthey 3420 6.00 3568 2677.68 2.12 17.03 895.9 Direct Line 361.40 4.50 411.30 316.30 4.04 15.58 7594.1 Kingfisher 293.30 -0.90 390.60 269.60 3.47 10.86 6776.0
..NV 49.35 -0.02 51.29 36.27 1.95 24.27 0.6 BTG 676.00 6.00 738.50 528.36 - 78.60 273.1 Cineworld 665.50 9.50 744.90 528.00 2.66 21.89 567.3
Syngent SFrX 463.00 -6.70 471.20 360.50 - 41.32 2226.3 Eccles prf 151.25 - 152.00 132.50 5.70 - 0.8 Lookers 119.25 -0.75 136.68 96.00 3.05 6.37 305.7
CathayIn 10.88 - 20.50 10.50 - -12.62 43.0 CompassX 1578 2.00 1765.92 1350.96 2.09 22.55 2200.5
Victrex 2352 15.00 2373 1526 1.99 24.10 311.2 Health Care Equip & Services Hansard 82.25 -6.50 115.50 71.42 10.82 14.43 104.3 Marks&Sp 352.50 1.50 397.80 306.70 5.30 48.96 5436.6
Dechra 2007 -3.00 2149 1225 0.92 135.52 145.3 Dalata Hotel 483.75 -3.50 509.00 335.00 - 29.94 5.9
Hiscox 1263 7.00 1378 978.00 1.94 10.89 605.4 Morrison (Wm) 234.30 -0.50 254.41 210.20 2.17 18.09 9075.0
Construction & Materials Bioquell 235.00 -1.00 268.00 125.60 - 43.52 11.8 Genus 2056 19.00 2113 1652 1.04 26.98 22.4
MossBros 95.00 -5.00 120.00 86.50 5.96 17.63 110.3
easyJet 1201 -22.00 1444 851.00 4.48 19.22 2582.0
Alumasc 173.50 4.50 205.00 136.44 3.75 11.34 75.4 ConstMed 1098 11.00 1180 960.00 1.79 24.03 70.1 JardineL 1206 15.00 1227.9 938.62 2.67 22.33 790.0 GlaxoSmhX 1482 -4.00 1745.56 1444 5.40 37.61 8527.1 EI Group 137.25 -0.25 149.75 85.13 - 14.60 376.2
ConvaTec 273.10 2.40 349.10 213.00 - -22.96 2840.5 Lancashire 646.00 14.00 775.00 608.00 1.79 10.49 2631.0 HikmaPhm 1162 -1.00 2346 1101 1.92 21.75 728.1 Next 5255 -5.00 5279.74 3565 3.01 12.29 631.0 FirstGrp 115.40 0.60 154.50 99.18 - 12.54 1208.7
Boot(H) 295.00 -10.75 310.00 185.00 2.37 13.11 7.5 Ocado 287.50 1.70 340.00 233.00 - 160.61 1418.0
ClarkeT 80.50 0.50 93.67 52.00 3.98 11.39 1.1 GNStre kr 215.10 1.10 218.90 132.70 0.52 29.89 179.3 Leg&Gen 258.60 -0.70 279.90 204.08 5.55 10.03 10948.1 Oxfd Bio 9.42 0.11 11.50 2.98 - -26.17 3585.7 Fuller A 1025 11.00 1125 926.50 1.78 17.51 4.8
Mediclinic 641.00 -1.50 948.00 635.00 1.32 20.68 1169.2 Old Mut 191.00 -1.00 229.84 182.30 4.67 18.91 12808.1 RichterG $ 24.99 -0.15 26.57 19.63 1.63 18.64 0.0 Photo-Me 173.50 -0.50 177.75 136.00 3.67 18.72 54.2 Go-Ahead 1674 -5.00 2344 1442 5.73 10.82 128.3
CRH 2784 79.00 3342 2297.7 2.03 19.97 2169.2 Saga 192.70 -2.10 218.16 180.30 4.41 14.17 3161.6
GalfrdT 1312 22.00 1592 1134.72 6.25 9.30 499.7 NMC Health 2719 26.00 2909.9 1277.18 0.38 44.20 226.7 PermTSB 1.85 - 2.96 1.64 - -2.62 1196.2 ShireX 3778 26.00 5331 3603.5 0.62 75.50 2144.4 GreeneKg 547.00 -17.00 805.30 527.00 5.92 11.19 1613.0
Smith & Nephew 1330 22.00 1412 1064.91 1.80 17.65 3777.5 PhoenixGrp 742.00 2.00 900.50 691.00 6.12 -21.63 905.9 VecturGp 105.70 -0.70 166.97 88.90 - -81.31 1491.3 Sainsbury (J) 236.70 -1.70 283.60 224.10 4.94 14.35 8404.2 IntCon Htels Gp 3933 85.00 4492 3088.63 1.67 22.67 1570.9
KierGp 1149 -21.00 1505 1078 5.61 61.44 429.6 SuperGroup 1693 36.00 1793.66 1309 1.37 32.62 1010.5
Kingsp 35.72 0.90 35.82 21.14 0.94 24.51 41.8 UDGHlthC 835.50 3.50 886.50 612.00 1.20 34.98 853.2 PrudntlX 1779.5 16.00 1889.5 1290 2.21 23.73 4988.7 Intl Cons Air 594.50 -4.50 773.19 281.73 2.93 7.64 6296.9
RSA Ins 622.50 1.00 672.50 511.00 2.57 55.58 2871.7 Real Estate TescoX 185.05 -2.15 219.40 165.35 - 228.46 24233.2 IrishCtl 5.66 0.13 5.94 4.04 2.05 12.98 53.4
LowBonr 77.25 0.25 90.06 61.30 3.88 13.70 127.5 House, Leisure & Pers Goods
Marshlls 435.70 -0.80 450.42 257.20 2.00 21.43 138.8 SagicFin 93.00 - 110.00 64.00 4.05 5.95 1.1 REITs Support Services Jackpotjoy 800.00 5.00 814.50 528.50 - -3.85 119.7
BarrttDev 607.00 5.00 630.79 430.40 3.01 10.78 6533.3 StJmsPl 1143 10.00 1245 896.00 2.59 53.66 1291.8 Assura 61.90 0.25 67.30 51.35 3.72 10.67 1538.1 Ladbrokes Coral 122.80 - 145.10 110.30 2.44 -7.02 4278.6
MorgSdl 1407 39.00 1500 680.00 2.13 17.29 58.3 Acal 309.75 9.75 332.25 203.20 2.64 60.74 133.7
Bellway 3220 73.00 3280 2221 3.35 9.39 485.2 BigYellw 749.00 -3.00 831.00 629.50 3.51 11.87 88.9 MandarO $ 2.12 0.11 2.86 1.22 2.31 44.48 4895.0
Norcros 171.00 - 185.53 137.00 3.98 12.76 35.5 Media Aggreko 942.00 18.50 1070.36 751.00 2.88 19.28 804.6
Berkeley 3674 60.00 3765 2286 5.04 8.14 949.7 BritLand 598.00 -3.50 675.50 566.42 4.85 40.68 3357.5 Marstons 107.10 -0.40 151.20 101.40 6.82 7.82 1947.7
StGobn X 50.14 0.65 52.40 37.37 2.41 21.91 1368.3 4imprint 1837 -44.00 2025 1475 2.22 24.36 89.1 AshtdGp 1803 42.00 1828.72 1202 1.29 18.03 1500.4
BovisHme 1070 7.00 1167 740.50 3.86 11.89 631.5 Cap&Reg 56.75 1.25 65.00 50.75 5.97 567.50 788.0 Merlin Ents 445.00 0.50 537.50 422.50 1.48 21.50 5081.4
Tyman 323.00 - 369.50 239.50 2.81 27.07 19.9 Centaur 52.63 -0.13 57.31 35.50 5.70 -10.96 43.0 Babcock 833.50 0.50 1088 794.50 3.15 13.51 1742.0
Burberry Gp 1733 -29.00 1879 1342 2.15 26.70 2121.6 Civitas SH 110.50 -1.50 113.50 102.50 - - 306.9 Natl Exp 351.40 2.70 382.67 332.40 3.49 15.28 345.7
DlyMailA 625.50 - 836.00 605.50 3.52 32.08 396.7 Bunzl 2253 33.00 2472 1963 1.86 26.26 915.5
Electronic & Electrical Equip Cairn Homes 1.71 0.00 1.79 0.02 - -708.32 919.7 Countrywd 108.00 -5.00 231.97 108.00 13.89 13.45 685.7 Capita 562.50 3.00 960.00 431.30 5.64 721.15 2029.0 Paddy Pwr Btfr 7300 - 9219.81 6622.6 1.80 -1013.89 129.1
Dialight 762.50 17.00 1115 647.50 - 54.86 329.8 CtrySide 341.50 6.50 372.80 219.92 1.00 15.81 765.1 HaynesPb 198.50 - 202.00 115.00 3.78 -18.21 12.4 DrwntLdn 2752 -6.00 3021 2341 1.90 28.79 137.0 Comnsis 59.00 0.25 62.50 33.50 4.10 13.56 187.0 PPHE Htl 1075 - 1130 651.50 1.95 17.62 11.6
Halma 1095 14.00 1182 879.50 1.20 31.97 762.2 CrestNic 524.50 3.50 648.50 392.38 5.26 8.46 815.5 Informa 659.50 -3.50 741.00 480.00 2.93 26.38 1464.0 Gt Portld 605.00 2.50 738.95 582.00 1.62 -14.09 456.8 ConnectGp 101.25 -0.75 162.75 96.00 9.38 7.56 161.7 Restaurt 297.70 -6.40 396.30 281.36 5.84 -36.08 1447.2
Morgan Ad 312.30 2.90 338.40 255.40 3.52 8.90 234.8 GamesWk 1962 42.00 1967 500.00 2.29 32.16 33.1 ITE Grp 181.00 -0.50 190.50 127.28 2.49 -31.21 85.5 Green Reit 1.50 -0.07 1.58 1.19 - 8.65 26.0 DCC 7175 115.00 7595 5780 1.41 31.88 178.2 Stagech 168.40 4.10 227.30 150.80 6.95 30.62 3129.0
OxfordIn 939.00 54.00 1174 610.00 1.38 97.81 48.4 Gleeson 650.00 - 708.50 467.00 2.23 14.99 20.6 ITV 168.70 -1.40 221.76 152.40 3.85 15.20 10436.8 Hammersn 531.00 -0.50 614.50 529.00 4.27 13.24 2106.2 DeLaRue 645.00 3.00 711.50 547.00 3.88 13.84 176.2 ThomasCook 118.00 4.20 127.60 65.20 0.42 168.57 4689.1
Renishaw 4759 50.00 5030 2355 1.01 33.68 60.5 Headlam 580.50 - 654.50 462.00 3.88 15.12 9.0 Pearson 606.00 - 838.00 552.00 8.58 -2.11 3328.5 Hansteen 136.90 -1.00 139.60 104.00 3.91 9.92 5917.9 Diploma 1069 18.00 1187 844.50 1.87 27.48 68.2 TUI 1262 -3.00 1350.11 913.76 4.46 15.67 3971.3
Spectris 2387 34.00 2869 1930.93 2.18 256.67 288.7 McBride 208.50 1.00 217.25 158.31 - 42.55 209.5 Quarto 127.50 - 325.00 118.20 9.31 -2.96 12.3 HIBERNIA 1.50 0.00 1.52 1.14 1.01 8.94 3041.0 Elctrcmp 619.50 1.00 652.81 332.80 1.90 29.78 1070.1 Whitbrd 3703 1.00 4333 3365 2.48 16.04 469.3
TT Elect 227.75 -3.50 245.00 128.35 2.46 18.82 60.4 McCarthy&S 150.40 -0.60 199.60 142.94 2.99 11.57 715.6 RELX NV 17.86 0.27 18.99 13.95 2.09 28.06 1971.9 INTU 229.50 2.50 302.70 225.30 5.97 20.49 4972.3 Essentra 532.00 8.50 588.50 366.70 3.89 -21.54 304.7 Willim H 250.70 0.40 315.80 239.10 4.99 13.34 3695.4
XP Power 2745 65.00 2800 1655 2.51 24.69 57.3 Persimn 2529 14.00 2669 1600 4.35 12.84 1250.0 RELX PLCX 1622 19.00 1728 1273 2.01 29.07 2263.0 LandSecs 968.00 -1.50 76.07 62.20 4.12 63.46 3210.5
Philips 34.26 -0.06 35.36 25.70 2.34 27.14 2723.5 SkyX 915.00 1.50 1050 747.50 2.29 22.88 1660.6 Experian 1501 6.00 1708 1380 2.17 21.88 1864.7 Utilities
LondonMtrc 164.00 -0.80 175.20 138.30 3.29 16.24 873.8 Ferguson 4898 133.00 5285 4139 2.04 27.59 1203.1
Financial General PZCusns 318.10 -5.40 374.60 291.70 2.57 20.74 528.1 STV Grp 363.50 -0.88 440.00 336.50 3.03 11.39 0.1 McKaySec 217.38 7.38 245.00 169.50 4.05 11.67 8.7 Centrica 187.00 -0.40 236.90 119.71 6.42 18.70 14600.0
3i 916.50 7.00 974.50 599.50 2.62 5.79 1457.0 ReckittBX 6753 -52.00 8110.43 6496 2.27 22.64 1187.4 ThmReut C$X 56.87 -0.52 62.83 52.01 3.11 32.41 155.1 G4S 277.40 3.60 342.60 217.00 3.39 15.08 4017.8 Drax 308.00 7.20 393.20 273.10 0.81 -51.33 795.0
MucklGp 505.00 5.00 516.00 440.50 4.25 16.02 20.1 Hays 191.10 2.90 192.40 125.40 1.52 21.40 3119.6
BrewDlph 344.50 3.80 368.00 170.40 3.77 21.94 100.4 Redrow 578.00 7.00 666.00 366.50 1.73 9.15 950.3 WPPX 1368 -14.00 1928.07 1345 4.14 10.08 5507.3 PrimyHth 122.25 0.25 123.00 105.00 4.24 12.87 788.8 Natl GridX 920.90 -4.40 1220.29 914.60 5.15 17.62 9241.2
CtyLonInv 422.50 1.50 430.00 325.30 5.68 11.51 24.3 TaylorWm 191.90 1.80 204.50 135.21 0.89 10.72 11842.7 Homesve 831.00 20.00 831.50 504.50 1.56 35.21 305.6 Pennon 787.00 -0.50 947.23 761.00 4.35 19.87 2082.4
Mining Redefine 37.60 -0.39 45.00 35.09 8.51 16.35 843.3 HowdenJny 431.00 1.20 479.50 344.98 2.41 14.66 1387.9
CloseBrs 1475 11.00 1715 1222 3.86 11.32 279.1 TedBaker 2626 16.00 3150 2286 1.88 25.13 32.7 SEGRO 527.50 -1.00 547.50 402.20 3.11 7.54 1847.1 Severn Trent 2161 3.00 2575 2047 3.75 15.49 654.8
DBAG 45.00 0.78 45.00 29.24 2.67 7.07 28.4 AngloAmer 1305 3.00 1529.01 919.10 - 13.11 5262.1 Intertek 4955 83.00 5160 3037.39 1.26 29.27 460.6
Shaftbry 1012 5.00 1036 861.00 1.45 23.32 221.2 SSE 1386 -8.00 1612 1372.49 6.49 8.76 4014.1
Hargr Lans 1497 -4.00 1503 1122 1.61 36.16 740.2 AngloPacif 133.50 2.25 145.00 101.00 4.49 8.56 79.6 MngCnslt 6.65 0.05 24.50 3.00 - -0.83 40.0 UtdUtils 845.00 4.50 1078 833.00 4.57 13.31 3087.9

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 Leeds 39.50 - 41.70 32.00 - 8.98 1.0 TelfordHms 381.75 2.75 439.76 280.00 3.90 10.43 115.3 ShantaGold 3.38 0.13 13.38 2.57 - -4.93 573.2 Palace Cap 352.50 -2.50 380.40 304.90 5.11 9.66 37.7 Servoca 24.00 - 56193.2 23.00 1.46 11.71 1.1
Cohort 403.50 - 468.00 310.00 1.49 34.87 12.3 MattioliWds 832.50 - 872.00 435.00 1.60 33.70 1.7 WalkerGb 240.00 - 245.00 189.72 1.25 29.70 40.9 Stratex 1.28 -0.05 2.47 1.05 - -2.83 1392.5 PnthrSec 337.50 2.50 363.00 285.00 1.78 -61.36 1.5 Tribal Grp 82.00 -0.13 94.50 54.72 - -117.14 18.6
Miton 41.50 0.50 43.78 27.00 1.61 21.61 297.9 SIR 374.00 - 376.80 298.60 3.34 5.28 63.5
Banks Numis 277.75 -2.25 300.00 216.25 2.34 15.10 75.0
Industrial Engineering Oil & Gas SumGermny 1.10 0.01 1.14 0.92 3.80 9.55 18.5
Tech - Hardware
Caribbean Inv 11.75 - 35.00 7.00 - -2.54 1.6 Park Grp 81.00 -1.00 87.99 59.25 3.40 14.81 33.1 600 Grp 14.25 - 17.00 8.50 - 12.95 3.0 AmeriRes 20.75 1.00 32.75 14.50 - -14.18 9114.2 TaliesinPr 3947.5 -5.00 4096 3093.65 - 7.33 0.3 AminoTech 204.00 - 222.00 138.00 2.97 18.72 47.7
PolarCap 448.75 -2.25 460.00 272.60 5.57 26.40 109.5 MS Intl 219.00 0.50 225.00 145.00 3.65 24.07 68.8 BorSthnPet 1.83 0.03 5.88 1.46 - -3.06 1991.9 IQE 128.00 4.50 160.00 28.56 - 56.14 10477.2
Basic Resource (Ex Mining) Pres Tech 120.50 -3.50 244.95 106.08 - -6.07 7.5 ClontarfEn 0.44 - 0.90 0.30 - -10.88 658.4 Retailers
Share 26.00 - 29.00 23.00 2.85 52.00 16.4 Tech - Software & Services
CropperJ 1835 -7.50 1975 939.50 0.52 36.70 3.5 Egdon Res 8.38 0.13 20.33 7.00 - -13.51 500.3 ASOS 6028 198.00 6497 4069 - 133.36 344.2
ShoreCap 227.50 - 254.74 210.00 - 39.22 1.5 Industrial General Brady 68.25 - 83.75 65.11 - -11.61 50.0
PetrelRes 2.63 - 7.59 2.48 - -11.82 53.9
Chemicals STM Group 55.00 - 63.20 31.00 2.55 14.21 31.9 RM2 5.75 - 35.20 5.00 - -0.55 461.0 Support Services Eckoh 51.25 -0.25 55.00 35.00 0.88 91.52 129.4
Phoenix Global 59.75 -1.25 71.75 14.00 - -19.64 220.0
Scapa 429.00 10.00 522.39 255.88 0.41 38.65 255.1 Food & Beverages Alpha FX 477.50 - 582.33 220.00 - 53.23 6.3 Ingenta 156.50 - 225.03 147.01 0.64 34.47 0.3
Insurance Rockhop 25.25 -1.25 30.00 17.75 - -12.15 476.3
AndSyks 612.50 22.50 629.00 337.50 3.89 17.88 4.1 Iomart 316.25 -2.00 345.00 250.00 1.00 28.72 72.0
Construction & Materials Camellia 10400 -49.50 11600 7544.25 1.25 30.89 0.0 Helios 137.50 - 176.00 130.00 1.09 22.11 3.5 Sound Energy 50.00 - 98.75 38.44 - -9.38 3559.7
FinsbryFd 109.00 2.00 130.50 98.75 2.57 17.47 115.1 UnJackOil 0.15 -0.01 0.22 0.10 - -4.83 11863.7 Begbies 66.88 0.13 68.00 44.00 3.29 334.38 22.9 Oxford Metrics 58.75 - 61.00 43.50 1.70 14.36 15.6
Abbey 1305 - 1320 1025 0.97 6.43 0.2
Nichols 1753 28.00 1961 1375 1.67 25.55 9.7 Media Christie 112.50 1.50 115.65 72.00 2.22 9.64 5.1 RhythmOne 324.50 13.00 500.00 287.50 - -12.22 284.9
AccsysTch 78.38 -0.25 82.25 51.73 - -18.32 6.7 Pharmaceuticals & Biotech
RealGdFd 24.00 - 44.20 20.23 - -2.81 5.0 Cello Gp 128.75 1.25 140.00 94.60 2.64 536.46 71.6 Empres 130.00 0.50 169.95 90.00 0.77 13.98 109.8 SciSys 96.50 3.00 117.99 81.28 2.03 -965.00 17.4
Aukett 2.13 - 4125 1.65 3.29 -163.46 2.9
Wynnstay 487.50 -2.50 685.00 475.00 2.46 52.48 8.4 M&Csaatc 322.75 9.75 383.75 290.00 2.57 -142.18 1308.9 Abcam 1020 8.00 1113 759.50 0.92 49.18 532.3 Gattaca 304.75 2.75 365.00 240.00 7.55 11.41 24.4 WANdisco 805.00 - 845.00 121.50 - -38.73 14.5
Electronic & Electrical Equip MissionMk 46.25 - 49.00 37.55 1.08 9.23 12.1 AllcePharm 54.75 0.75 57.56 41.33 2.21 11.85 455.7 HarvyNah 88.00 -0.13 103.75 54.00 4.46 10.11 79.7
Travel & Leisure
CeresPow 13.88 - 14.54 6.79 - -10.93 294.6 Health Care Equip & Services YouGov 285.00 - 294.00 205.00 0.49 83.82 17.1 e-Thera 10.63 - 13.25 6.00 - -2.16 5.0 Impellam 575.00 - 812.00 570.00 2.96 6.68 0.2
Advnc Med 289.00 6.00 329.50 198.10 0.29 39.16 192.8 HtchChMd 3982.5 70.00 4100 1785 - 235.14 8.2 JhnsnSrv 141.25 -0.50 151.75 100.13 1.77 22.07 327.0 Celtic 131.00 - 133.00 69.69 - 22.63 0.5
ElektronT 16.75 -0.50 17.50 6.05 - 119.64 1413.9
AVO 21.00 - 120.00 9.53 - -1.23 113.1 Mining Mereo Bio 307.50 - 359.96 241.00 - -4.88 1.7 LonSec 2150 - 2300 1550 3.72 18.81 0.0 ..6%CvPf 124.50 - 142.00 58.10 2.60 - 0.5
LPA 132.50 -0.50 206.00 123.00 1.89 10.34 2.3
CareTech 403.00 3.00 461.00 260.00 2.30 13.20 17.8 AMC 8.00 -0.10 18.00 2.26 - -8.99 678.7 ReNeuron 1.70 - 3.68 1.55 - -4.25 425.2 NewmkSec 0.73 -0.03 1.58 0.70 13.79 -0.67 132.3 ..Cv Pf 250.00 - 275.00 122.10 - - 1.0
ThorpeFW 355.00 -1.00 412.50 241.00 1.14 29.36 4.7
Tristel 250.00 - 326.01 140.00 1.33 33.33 9.7 BotswanaD 1.68 - 2.24 1.13 - -20.94 60.1 Sareum 0.95 - 1.73 0.68 - - 4497.9 NWF 170.50 6.50 181.00 129.00 3.34 15.09 57.6 Coretx Holdings 32.25 - 37.00 27.00 - -47.92 20.0
Zytronic 612.50 5.00 635.00 332.11 2.35 20.28 10.3
CentAsiaM 227.75 -0.75 263.00 178.75 6.75 11.00 442.1 Vernalis 14.13 0.25 44.80 13.75 - -3.45 129.5 Petards 24.75 0.25 38.89 15.00 - 13.10 56.4 Dart 537.50 17.50 667.25 354.50 0.83 10.44 417.0
Financial General House, Leisure & Pers Goods Connema 2.23 - 2.97 1.29 - -8.97 184.3 RedhallGp 9.50 - 12.20 8.00 - -24.05 30.6 gamingrealms 6.95 - 20.00 6.75 - -4.09 161.7
Arbuthnot 1315 - 1770.55 1165 2.36 40.46 0.6 Airea 39.00 5.00 40.00 29.00 3.85 11.34 124.3 GrekaDrill 2.20 0.13 4.75 1.41 - -3.28 35.5
Real Estate Renew 420.00 5.00 490.00 355.00 1.90 25.53 30.5 GoalsSocc 96.00 - 115.00 91.00 - 41.74 13.3
BP Marsh 239.00 - 243.00 180.00 1.43 7.13 2.6 Churchll 1092.5 - 1178.5 800.00 1.74 0.23 2.5 HighldGld 141.25 -2.75 195.50 118.02 7.35 16.53 1088.6 InlandHms 58.13 0.63 66.70 51.00 2.24 10.57 722.6 Restore 524.50 - 570.00 322.50 0.67 53.52 75.3 MinoanGp 8.50 -0.13 12.75 5.82 - -7.14 35.4
Gresham House 350.00 - 354.90 295.00 - -11.55 2.7 Mulberry 1079 -3.00 1174.5 975.00 0.46 291.62 2.4 KarelianDd 0.50 - 0.79 0.40 - -7.35 513.8 Lok'nStor 367.50 - 500.00 355.00 2.45 31.36 21.6 SafeCharge 281.50 -1.50 295.50 192.00 4.13 20.08 452.7 PeelHtls 104.00 -1.00 149.00 95.00 1.92 33.55 0.8
Portmern 900.00 -5.00 1000.00 740.00 3.43 15.23 1.0 LXB Retail 28.13 - 69.50 27.00 - - 116.6

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) ..CULS 108.13 0.75 112.50 101.50 - - - JPM Brazil 70.50 - 71.50 51.51 0.71 79.7 -11.5 RolincoNV 28.32 - - - - - - Conventional - Property ICs 52 Week Dis(-) Infra India 4.25 - 12.00 3.75 - 37.1 -88.5
Price +/-Chg High Low Yld NAV or Pm Edin Inv 686.00 -3.00 786.00 652.00 3.61 752.4 -8.8 JPM China 273.88 3.88 279.38 187.00 0.58 307.0 -10.8 Ruffer Inv Pr 230.13 -1.38 241.00 223.92 1.13 225.8 1.9 Price +/-Chg High Low Yld NAV or Pm
3i Infra 193.70 -1.10 203.40 182.50 3.82 167.4 15.7 Edin WWd 648.25 2.25 666.00 460.00 - 686.9 -5.6 JPMElct MC 100.75 - 103.00 97.00 0.35 101.9 -1.1 Schroder ToRt 323.50 0.50 338.20 242.50 1.39 327.2 -1.1 Direct Property
AbnAsianIn 214.38 0.13 225.00 184.00 4.20 227.4 -5.7 EP Global
Euro Ast
305.00
1280 -
1.00 311.00 264.25 1.41 323.4
1348 975.00 5.71 1269.2
-5.7
0.9
..MG
..MI
746.00
110.00 -
1.00 767.94
115.25
648.00
98.54
1.35
3.55
767.1
113.4
-2.8
-3.0
SchdrAsiaP
Schdr Inc
427.88
283.50
-1.13 446.15
0.50 303.00
323.57
243.68
1.11
3.74
473.4
313.4
-9.6
-9.5
AEW UK REIT 101.38 -0.13 104.50 93.50 7.89 94.9 6.8 Guide to FT Share Service
AbnAsian 1030 2.00 1094.9 910.00 1.02 1217.5 -15.4 CustdnREIT 115.25 0.50 121.50 103.00 5.57 103.1 11.8
Abrdn Div I&G 120.50 1.25 121.77 93.43 6.78 125.1 -3.7 EuroInvT 916.75 6.75 944.00 700.00 1.75 1042.2 -12.0 JPM Emrg 817.50 -8.00 861.50 578.00 1.10 925.6 -11.7 SchdrJap 195.63 0.63 206.08 166.50 1.43 218.6 -10.5
F&CComPrp 149.20 -0.10 152.30 120.20 4.02 137.9 8.2
AbnEmgMkts 601.00 - 623.00 488.00 - 674.8 -10.9 F&C Cp&I 316.13 3.13 328.00 273.19 3.27 313.6 0.8 JPM EurGth 306.00 4.00 314.75 233.00 2.24 337.6 -9.4 SchdrOrient 249.75 1.25 261.28 219.25 3.44 246.5 1.3
F&CUKRealE 106.75 0.50 109.00 91.75 4.68 98.9 7.9
AbnJapInv 565.00 -2.50 581.00 491.00 0.74 643.9 -12.3 F&CGblSmlr 1318 -1.50 1349.95 1070 0.90 1310.9 0.5 JPM EurInc 164.50 0.50 171.28 123.00 3.04 177.0 -7.1 SchdrUK 171.75 -0.25 177.50 153.50 3.09 195.4 -12.1 For queries about the FT Share Service pages e-mail
Longbow 102.00 -1.00 106.50 99.75 5.88 101.5 0.5
AbnLatAmIn 76.38 -0.38 79.90 60.00 4.58 87.1 -12.3 F&CMgdG 192.00 - 196.00 156.00 - 189.3 1.4 JPM EuSm 388.00 -1.75 394.25 273.70 0.82 435.2 -10.8 SchdrUKMd 521.25 -1.00 536.50 398.00 2.16 625.3 -16.6 ft.reader.enquiries@morningstar.com.
SLIPropInc 92.00 0.50 93.50 81.00 4.03 82.7 11.2
AbnNewDn 221.50 0.50 235.00 180.00 1.76 251.0 -11.8 F&CMgdI 138.50 - 145.00 117.00 3.86 134.6 2.9 JPM Clavr 678.75 - 702.43 556.31 3.17 732.6 -7.4 ScotAmer 358.00 3.25 367.50 293.23 3.03 338.5 5.8 All data is as of close of the previous business day. Company classifications
UKComPrp 91.90 0.50 92.50 77.40 4.00 88.3 4.1
AbnNewIndia 436.75 0.88 477.23 353.50 - 487.5 -10.4 F&C UK HIT A 104.00 - 109.00 93.00 4.54 109.9 -5.4 JPMGIConv 99.50 -0.75 101.26 88.48 4.52 101.6 -2.1 Scottish Inv 825.50 -0.50 841.50 694.00 1.64 909.5 -9.2 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AbnNewThai 521.50 1.00 540.00 449.00 1.63 616.5 -15.4 F&C UK HIT B 104.00 - 107.00 94.50 4.54 109.9 -5.4 JPM GEI 125.00 - 133.00 109.98 3.92 128.0 -2.3 ScottMort 417.00 4.50 437.00 302.10 0.71 411.2 1.4 Property Securities
TR Prop 364.00 -2.40 380.00 274.00 2.55 375.6 -3.1 100 constituent stocks are shown in bold.
AbnSmlInCo 263.25 1.50 267.00 186.00 2.64 316.3 -16.8 F&C UK HIT UNIT 414.50 - 427.04 351.50 2.54 439.7 -5.7 JPM Gl Gr&Inc 305.88 1.88 397.43 244.00 1.77 305.1 0.3 ScottOrtll 1034.5 2.50 1084.54 858.41 1.11 1135.5 -8.9
Closing prices are shown in pence unless otherwise indicated. Highs & lows
Abf Sml 1299 4.00 1344 980.00 2.04 1495.1 -13.1 FidAsian 371.50 1.63 408.25 323.98 1.21 395.1 -6.0 JPM I&C Uni 367.00 -1.00 376.00 324.01 - 381.2 -3.7 SecTstScot 164.75 0.50 174.31 150.09 3.52 176.8 -6.8 VCTs 52 Week Dis(-) are based on intra-day trading over a rolling 52 week period. Price/earnings
Abf Spl Inc 99.50 1.75 102.25 91.00 - 102.6 -3.0 FidChiSpS 215.10 -0.10 231.29 166.18 0.84 251.8 -14.6 JPM Ind 693.00 5.50 770.00 575.00 - 789.7 -12.2 Seneca I&G 175.75 - 178.50 156.00 3.46 173.4 1.4 Price +/-Chg High Low Yld NAV or Pm ratios (PER) are based on latest annual reports and accounts and are updated
AcenciADbt $ 1.64 0.00 1.68 1.40 2.76 1.7 -3.5 Fid Euro 218.60 -0.90 227.00 167.00 1.52 239.6 -8.8 JPM JpSm 367.50 3.13 375.75 289.00 - 420.6 -12.6 Shires Inc 264.00 -1.88 276.48 210.93 4.64 280.7 -5.9 AlbionDev 68.50 - 70.00 63.00 6.57 69.0 -0.7 with interim figures. PER is calculated using the companys diluted earnings
Alliance 709.50 - 729.50 559.00 1.81 754.6 -6.0 Fid Jap 126.25 0.13 130.00 97.00 - 143.7 -12.1 JPM Jap 371.25 0.13 386.00 316.00 0.98 418.8 -11.4 StdLf Eqt 454.50 -3.13 470.00 368.00 3.48 473.4 -4.0 Albion Ent 97.00 - 99.00 83.00 5.15 97.7 -0.7 from continuing operations. Yields are based on closing price and on dividends
AllianzTech 1052.5 12.50 1075 735.00 - 1088.6 -3.3 Fid Spec 242.75 0.50 251.93 194.00 1.52 256.6 -5.4 JPM Mid 1096 -4.50 1102 841.00 1.92 1218.9 -10.1 StdLf Sml 454.25 -2.75 471.25 332.00 1.47 476.5 -4.7 AlbionTech 67.75 - 69.89 61.00 7.38 71.5 -5.2 paid in the last financial year and updated with interim figures. Yields are
Art Alpha 290.50 - 306.00 224.98 1.39 365.3 -20.5 FinsG&I 729.50 1.00 758.50 608.44 1.89 726.1 0.5 JPMRussian 483.00 -13.63 565.00 416.10 2.90 569.9 -15.2 StrategicEq 224.88 0.38 228.00 179.00 0.35 260.7 -13.7 AlbionVCT 71.00 - 71.94 62.00 7.04 72.7 -2.3 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
..Sub 2.00 - 3.50 1.20 - - - FstPacfic HK HK$ 6.20 -0.03 6.34 5.19 2.38 - - JPM Smlr 975.00 12.00 986.00 735.00 1.88 1228.9 -20.7 Temp Bar 1306 8.00 1331.78 1081 3.12 1372.6 -4.9 ArtemisVCT 68.50 1.50 84.89 62.00 5.84 72.9 -6.0 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
Aurora Inv 206.00 - 208.09 160.00 0.49 201.6 2.2 For & Col 602.00 -2.00 619.15 343.50 1.64 636.5 -5.4 JPM US Sml 268.50 1.50 292.50 203.25 - 284.8 -5.7 TempEmerg 747.00 - 767.50 552.50 1.10 829.5 -9.9 Baronsmead 2nd VT 89.50 - 90.72 82.00 16.20 93.4 -4.2 capital changes where appropriate.
Axiom 98.00 - 102.00 91.00 - 100.7 -2.7 Geiger 19.13 - 33.50 15.50 - 18.8 1.8 KeystoneInv 1723.5 -1.00 1838 1575 3.08 1963.5 -12.2 Tetragon $ 12.60 - 13.30 10.60 5.59 20.3 -37.9 BSC VCT 73.00 - 108.00 71.50 27.40 76.6 -4.7
BG Japan 713.00 9.50 715.50 536.00 - 674.8 5.7 GenEmer 665.50 -2.00 700.50 567.43 - 769.3 -13.5 Law Deb 589.50 -4.00 618.00 480.10 2.75 645.8 -8.7 TRIG 108.80 -0.90 112.30 103.00 7.17 99.0 9.9 Trading volumes are end of day aggregated totals, rounded to the nearest
..VCT2 55.00 - 61.00 53.50 6.36 57.5 -4.3
BG Shin 730.25 2.75 762.62 540.82 - 694.3 5.2 GRIT 12.00 -0.13 15.20 5.50 - 21.1 -43.1 Lazard WorldTst 365.25 -1.00 381.75 288.00 2.92 388.1 -5.9 TREurGth 1137 -2.00 1233.7 700.50 0.79 1188.7 -4.3 1,000 shares.
Crown Place 28.88 - 29.49 24.75 7.79 31.0 -6.8
Bankers 817.50 -3.00 839.50 658.00 2.13 837.8 -2.4 GoldenPros 34.00 - 51.00 31.00 - 39.4 -13.7 LinTrain 837.50 -4.50 932.50 686.26 0.97 679.3 23.3 TroyInc&G 77.75 -0.38 83.50 72.50 3.18 78.1 -0.4 Inc&GthVCT 73.00 - 91.50 71.00 13.70 80.9 -9.8 Net asset value per share (NAV) and split analytics are provided only as a
BH Global 1351.5 4.00 1374 1180 - 1483.0 -8.9 Hansa 965.00 - 985.00 798.60 1.66 1337.9 -27.9 Lowland 1497.5 12.50 1570 1275 3.07 1616.7 -7.4 UtilicoEmg 217.13 -0.25 229.00 188.04 3.03 248.2 -12.5 KingsAYVCT 20.75 - 21.25 17.50 4.82 21.7 -4.4 guide. Discounts and premiums are calculated using the latest cum fair net
..USD $ 13.65 0.03 13.70 11.80 - 14.8 -7.8 ..A 955.00 2.50 964.80 795.00 0.84 1337.9 -28.6 Majedie 282.63 4.63 313.50 245.34 3.10 317.7 -11.0 UtilEmSubs 29.00 -0.25 40.31 13.73 - - - Nthn 2 VCT 64.50 -0.50 80.00 63.50 8.53 76.2 -15.4 asset value estimate and closing price. Discounts, premiums, gross redemption
BH Macro 1974 -4.00 2160 1870 - 2186.0 -9.7 Hend Alt 292.88 0.63 301.38 247.05 1.30 334.5 -12.4 Man&Lon 379.50 0.88 384.44 269.87 0.59 429.3 -11.6 UIL Inv 163.75 0.25 193.55 132.60 4.58 255.2 -35.8 Nthn 3 VCT 93.00 - 103.00 90.50 5.91 106.1 -12.3 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
..EUR 18.57 -0.10 20.85 18.10 - - - Hen Div Inc Tr 92.00 0.25 94.75 88.50 5.54 90.4 1.8 Marwyn Val 168.50 0.13 172.75 134.50 - 231.0 -27.1 ValAndInc 267.13 -2.88 282.00 236.75 5.17 318.7 -16.2 NthnVent 71.00 - 86.50 66.50 8.45 70.8 0.3 are displayed as a percentage, NAV and terminal asset value per share (TAV)
..USD $ 20.07 -0.03 20.81 17.90 - 21.9 -8.4 HenEuroF 1360 10.00 1429 1004.26 1.94 1365.9 -0.4 MercantIT 2001 4.00 2015.64 1593 2.19 2212.6 -9.6 VEIL 390.50 -2.50 395.80 273.75 - 437.0 -10.6 ProVenGI 77.50 - 78.66 72.50 7.74 81.5 -4.9 in pence.
BiotechGth 821.00 10.00 864.80 599.97 - 873.2 -6.0 HenEuro 1145.5 3.50 1205 880.00 1.75 1200.5 -4.6 MrchTst 479.25 -1.13 497.75 406.81 5.03 510.2 -6.1 Witan 1019 1.00 1335.37 817.25 1.91 1036.1 -1.7 ProVenVCT 100.50 - 101.50 91.50 6.47 105.5 -4.7
BlckRCom 70.25 -0.75 92.75 66.25 7.83 76.5 -8.2 HenFarEs 364.50 1.50 388.50 264.75 5.54 357.6 1.9 Mid Wynd 458.50 - 466.80 396.08 0.98 449.0 2.1 WitanPac 311.50 -0.50 326.67 275.00 1.51 359.0 -13.2 X FT Global 500 company
UnicornAIM 141.50 -0.50 147.20 130.00 4.42 164.2 -13.8
BlckREmEur 341.75 2.00 348.00 217.25 - 360.6 -5.2 HenHigh 187.25 -1.25 201.50 169.58 4.89 188.5 -0.7 Miton Global 264.50 0.75 265.97 194.33 - 263.2 0.5 WwideHlth 2504 -1.00 2606 1877 0.66 2496.4 0.3 trading ex-dividend
BlckRFrnt 150.50 0.50 156.00 125.53 3.56 145.0 3.8 HenInt Inc 160.50 0.50 164.50 92.14 2.93 159.4 0.7 MitonUKMic 62.75 - 64.50 51.03 0.22 64.4 -2.6 Ordinary Income Shares 52 Week HR trading ex-capital distribution
Conventional - Private Equity 52 Week Dis(-) Price +/-Chg High Low Yld WO GRY 0% # price at time of suspension from trading
BlckRGtEur 327.25 1.75 331.50 260.00 1.62 341.4 -4.1 Hen Opp 956.25 3.75 996.81 752.80 1.99 1185.6 -19.3 Monks 696.50 2.00 721.00 503.00 0.14 706.3 -1.4
Price +/-Chg High Low Yld NAV or Pm JPM I&C 93.00 - 99.00 77.00 7.74 -71.8 2.1
BlckR I&G 199.50 2.50 206.00 180.50 3.16 204.6 -2.5 HenSmlr 786.50 5.00 809.91 580.50 2.03 928.1 -15.3 MontanSm 808.75 0.50 822.00 574.25 0.93 897.2 -9.9
Herald 1098 -10.00 1145 775.00 - 1295.3 -15.2 Mur Inc 764.00 -18.50 825.00 688.80 4.22 832.5 -8.2 AbnPvtEq 127.63 0.25 136.00 103.52 3.36 146.1 -12.6 JupiterDv&G 2.38 - 5.50 1.81 67.37 -93.5 999.0 The prices listed are indicative and believed accurate at the time of publication.
BlckRckLat 477.63 5.13 491.00 355.07 2.10 532.0 -10.2
HICL Infra 157.00 -0.90 175.50 156.37 4.84 146.8 6.9 Mur Int 1270 -5.00 1305 1081 3.78 1221.0 4.0 Altamir 15.25 0.05 17.50 11.01 3.58 21.2 -28.1 Rghts&Icp 2135 42.50 2172.36 1527 1.66 - - No offer is made by Morningstar or the FT. The FT does not warrant nor
BlckRckNrAm 154.25 -0.75 177.00 140.00 3.11 166.8 -7.5
Highbridge Multi 212.75 0.25 215.04 194.50 - 216.9 -1.9 NewCtyEgy 16.50 - 17.25 9.00 - - - Electra 1640 -7.00 5154.9 1580 9.39 2009.0 -18.4 guarantee that the information is reliable or complete. The FT does not accept
BlckRSmlr 1243 3.00 1275 835.00 1.49 1422.8 -12.6 Zero Dividend Preference Shares 52 Week HR
Impax Env. 238.00 -0.25 246.55 201.75 0.82 268.1 -11.2 NewCityHY 60.50 -0.38 64.51 57.16 7.22 58.8 2.9 F&C PvtEq 344.13 1.13 366.00 267.93 3.66 356.0 -3.3 responsibility and will not be liable for any loss arising from the reliance on
BlckRThrmt 439.00 - 450.00 305.47 1.56 522.9 -16.0 Price +/-Chg High Low SP WO TAV 0%
Ind IT 593.50 -3.00 811.00 345.00 1.35 571.3 3.9 New Star IT 105.00 - 113.90 90.00 0.29 148.2 -29.1 HVPE 1208 -2.00 1310 1020 - 1484.9 -18.6 or use of the information.
BlckRWld 359.13 -1.38 405.00 295.00 5.01 405.9 -11.5 Abf Spl Inc 105.25 - 106.50 101.00 - - -
IntBiotech 605.50 -7.00 640.00 490.00 1.90 633.3 -4.4 NorthAmer 1190.5 - 1299 1060 3.07 1321.9 -9.9 HgCapital 1615 -15.00 1739 1354.77 2.85 1776.7 -9.1
Brit Emp 687.00 4.50 712.00 582.00 1.70 768.3 -10.6 JPM I&C 189.00 - 190.50 182.00 -75.1 - 192.1
Intl PP 158.80 -4.00 166.80 149.50 4.12 141.1 12.5 NthAtSml 2600 -5.00 2790 2295 - 3235.1 -19.6 ICG Ent Tr 751.00 0.50 768.00 620.00 2.13 873.5 -14.0 The FT Share Service is a paid-for-print listing service and may not be fully
Brunner 719.00 - 742.00 566.60 2.20 816.1 -11.9 JupiterDv&G 143.00 - 145.75 123.50 -98.2 - 150.0
Inv AsiaTr 280.50 0.75 293.00 221.50 1.30 306.6 -8.5 Oryx Int 697.50 2.50 732.00 610.00 - 870.9 -19.9 JZ Capital 497.75 -2.25 578.00 478.00 - 745.2 -33.2 representative of all LSE-listed companies. This service is available to all listed
Caledonia Inv 2694 26.00 3021.37 2311 0.55 3220.8 -16.4 JZ Capital 419.75 - 424.00 408.00 -33.8 -52.1 483.7
Inv IncGro 292.00 -1.75 309.50 261.50 3.58 327.2 -10.8 PacAsset 245.50 0.88 264.50 223.80 0.90 248.4 -1.2 Mithras 219.50 - 229.00 162.34 0.46 226.8 -3.2 companies, subject to the Editors discretion. For new sales enquiries please
CanGen C$ 21.60 - 23.03 17.50 3.00 30.6 -29.4 UILFn18 157.00 - 157.50 150.45 -80.8 - 160.5
IP EnInc 80.00 - 83.75 75.50 6.25 77.5 3.2 PacHorzn 289.75 0.75 298.20 202.00 0.12 314.9 -8.0 NB PE Ptnr 993.00 -3.50 1098 11.15 - 1205.3 -17.6 email daniel.fish@ft.com or call +44 (0)20 7873 4571.
Cap Gear 3890 -32.00 3999 3632.67 0.51 3836.3 1.4 UILFn20 141.00 -0.25 141.90 131.59 -32.9 -43.8 154.9
IPST BalR 132.50 - 133.88 125.21 - 135.4 -2.1 PerpInc&Gr 377.10 -1.00 411.58 350.00 3.47 411.5 -8.4 Nthn Invs 236.00 - 695.00 126.67 10.17 222.9 5.9
City Merch 198.50 - 200.76 185.00 5.04 195.6 1.5 UIL Finance 2022 ZDPs 118.75 - 123.00 100.00 -15.0 -20.9 147.0
Pantheon 1846.5 43.50 1857 1525 - 2212.6 -16.5
CityNatRs 111.13 - 149.00 105.77 5.04 138.0 -19.5 IPST Gbl Eq 199.25 1.00 202.50 173.50 3.01 203.6 -2.1 PerAsset 40230 -50.00 41681.6 38010 1.39 39737. 1.2
PantheonR 1805 115.00 1834 1328.75 - 2212.6 -18.4 Data provided by Morningstar
City Lon 421.20 -0.70 497.69 381.70 3.81 414.2 1.7 IPST Mngd
IPST UK Eq
102.00
181.50
0.75 101.13 100.50 1.37 103.1
0.50 194.50 162.38 3.61 186.3
-1.1
-2.6 PolarFins 134.75 0.75 138.80 100.25 2.63 142.2
6
-5.2 PrincssPE 10.18 0.03 10.74 8.00 5.41 10.7 -4.9 Investment Companies - AIM
DiverseInc 100.50 -0.75 104.50 84.25 2.79 101.5 -1.0
IP UKSmall 499.50 0.25 505.50 389.15 3.44 524.5 -4.8 ..Sub# 13.50 -0.75 16.40 2.30 11.85 - - Riverstone 1214 4.00 1385 1068 - 1472.3 -17.5
Dun Inc 255.00 0.50 273.28 225.57 4.47 282.7 -9.8 52 Week Dis(-)
JLaingInf 130.00 -0.80 140.70 125.20 5.30 118.2 10.0 PolarHealth 198.00 - 219.25 119.62 2.10 201.7 -1.8 StdLfPv 341.50 0.50 342.91 261.30 1.58 385.2 -11.3
Dun Sml 245.88 2.00 249.00 187.77 2.50 303.3 -18.9 Price +/-Chg High Low Yld NAV or Pm
EcofinGlobal 129.00 - 137.93 106.00 - 142.5 -9.5 JPM Amer 376.90 -1.10 394.70 282.25 1.26 397.6 -5.2 PolarTech 1027 11.00 1062 754.29 - 1029.4 -0.2 AbnFrntrMkts 63.88 - 72.57 57.00 1.5 67.9 -5.9
EdinDragn 344.50 -1.50 364.44 281.00 0.93 392.9 -12.3 JPM Asn 344.63 0.63 364.00 261.30 0.87 372.9 -7.6 QatarInvF $ 0.94 -0.02 1.20 0.86 4.40 1.1 -14.5 CrysAmber 193.50 0.50 248.70 175.00 3.9 200.6 -3.5
RIT Cap 1930 - 1985.97 1719 1.61 1784.5 8.2 IndiaCap 98.13 -0.25 105.49 70.25 - 107.9 -9.1
www.morningstar.co.uk
26 FINANCIAL TIMES Friday 29 September 2017

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

Baring European Growth Trust GBP Inc 1422.00 - 8.00 0.78 Asian Dividend Fund W-INC-GBP 1.44 - 0.00 2.72 Managed Income Inc F 114.68 - 0.18 2.51 Invesco Japanese Equity A $ 24.09 - 0.32 0.00 M&G Global Macro Bond Fund A Acc 127.79xd - 0.05 0.67
Baring German Growth Trust GBP Acc 901.40 - 7.00 0.64 China Consumer Fund W-ACC-GBP 2.61 - 0.01 0.60 Money Acc F 90.34 - -0.01 0.06 Invesco Korean Equity A $ 25.84 - -0.17 0.00 M&G Global Macro Bond Fund A Inc 85.68xd - 0.03 2.08
Abbey Life Assurance Company Limited (UK) Cheyne Capital Management (UK) LLP GYS Investment Management Ltd (GSY)
100 Holdenhurst Road, Bournemouth BH8 8AL 0345 9600 900 Baring German Growth Trust GBP Inc 816.10 - 6.50 0.61 Other International Funds Emerging Asia Fund W-ACC-GBP 1.38 - 0.00 0.49 Regulated Monthly Income Plus Acc F 329.14 - -0.17 4.48 Invesco PRC Equity A $ 72.70 - 0.02 0.04 M&G Managed Growth A Inc 108.71 - 0.39 1.37
additional fund prices can be found @ www.abbeylife.co.uk Baring Global Growth Trust GBP Inc 514.80 - 3.60 0.00 Cheyne European Event Driven Fund (M) 146.26 - 0.19 - Emerging Eur Mid East and Africa W 2.07 - -0.01 1.59 Taurus Emerging Fund Ltd $ 199.67 203.74 -13.86 0.00 Monthly Income Plus Inc F 111.39 - -0.06 4.59 Invesco Pacific Equity A $ 62.96 - 0.18 0.21 M&G Optimal Income A Inc 152.16 - 0.12 2.66
Insurances Baring Japan Growth Trust GBP Acc 196.30 - 2.00 0.17 Enhanced Income Fund W-ACC-GBP 1.44 - 0.00 6.36 Pacific Acc F 1477.07 - 5.10 0.50 Invesco Global Technology A $ 20.35 - 0.26 0.00 M&G Optimal Income A Acc 209.16 - 0.15 1.27
Cheyne Real Estate Credit Holdings Fund (M) 172.20 - -5.57 0.00
Life Funds
Baring Korea Trust GBP Acc 320.00 - -2.00 0.00 Cheyne Real Estate Credit Holdings Fund III (M) 121.13 - 0.54 0.00 Enhanced Income Fund W-INC-GBP 1.03 - -0.01 6.85 Pacific Inc F 1343.53 - 4.64 0.50 Invesco UK Eqty A 9.32 - 0.01 1.68 M&G Recovery GBP A Inc 139.57 - 0.47 1.95
Prop. Acc. Ser 2 1540.30 1621.40 0.00 - Generali Worldwide
Baring UK Growth Trust GBP Inc 289.20 - 0.70 1.01 Cheyne Real Estate Debt Fund Class A1 (M) 148.28 - 0.46 0.00 European Fund W-ACC-GBP 15.13 - 0.08 1.73 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108 Tactical Bond Acc F 72.32 - -0.01 1.81 M&G Recovery GBP A Acc 323.23 - 1.08 0.38
Selective Acc. Ser 2 1800.90 1895.70 -4.20 -
Baring Strategic Bond Fund GBP Inc 117.30 - -0.30 0.51 Cheyne Total Return Credit Fund - December 2017 Class (M) $ 230.86 - -1.06 0.00 European Fund W-INC-GBP 16.87 - 0.09 1.77 International Insurances Tactical Bond Inc F 61.27 - -0.01 1.83 M&G Strategic Corp Bond A Inc 76.33xd - -0.02 3.72
American Ser. 4 2271.50 2391.10 13.20 - Janus Henderson Investors (UK)
Baring Dynamic Capital Growth Fund GBP Acc 738.30 - -1.40 2.17 Cheyne Total Return Credit Fund 2020 (M) $ 139.05 - -0.91 0.00 European Opportunities W-ACC-GBP 4.69 - 0.02 0.86 Global Multi-Strategy Managed $ 5.51 5.94 -0.05 0.00 UK Companies Acc F 454.62 - 0.23 1.99 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 M&G Strategic Corp Bond A Acc 116.06xd - -0.03 2.57
Custodian Ser. 4 549.40 578.30 0.60 -
Baring Dynamic Capital Growth Fund GBP Inc 282.30 - -0.60 2.22 price updated (D) daily, (W) weekly, (M) monthly Extra Income Fund Y-ACC-GBP 1.25 - -0.01 3.64 UK Multi-Strategy Managed 5.67 6.11 0.01 0.00 UK Focus Acc F 250.04 - 0.23 1.78 www.janushenderson.com M&G UK Income Distribution A Acc 6962.69xd - -13.04 3.17
Equity Ser. 4 659.90 694.60 1.90 - Authorised Inv Funds
UK Authorised Open-Ended Investment Company Extra Income Fund Y-GACC-GBP 1.28 - 0.00 3.76 EU Multi-Strategy Managed 3.26 3.52 0.00 0.00 UK Focus Inc F 200.46 - 0.19 1.81 M&G UK Income Distribution A Inc 777.73xd - -1.46 4.46
European Ser 4 758.70 798.60 5.40 - Baring Multi Asset Fund GBP Acc 175.40 - -0.10 0.99 Asia Pacific Capital Growth A Acc 1052.00 - 0.00 0.11
Extra Income Fund Y-GINC-GBP 1.28 - 0.00 3.75 Global Bond USD $ 3.73 4.02 -0.02 0.00 UK Growth Acc F 660.08 - 0.17 1.95 M&G UK Inflation Lnkd Corp Bnd A Acc 118.54 - 0.02 0.00
Fixed Int. Ser. 4 938.00 987.40 -2.00 -
Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
Baring Multi Asset Fund GBP Inc 164.40 - -0.10 1.01 Asian Dividend Income Inc 105.19 110.50 -1.03 6.49
Stuart House, St John's Street, Peterborough, PE1 5DD Extra Income Fund Y-INC-GBP 1.28 - 0.00 3.75 UK Growth Inc F 401.65 - 0.10 1.99 M&G UK Inflation Lnkd Corp Bnd A Inc 115.59 - 0.02 0.45
Intl Ser. 4 575.80 606.10 2.90 - Common Investment Fund Dealing & Client Services 0345 850 8818 Cautious Managed A Acc 261.60 - -0.50 3.06
Fidelity Short Dated Corporate Bond Fund Y - Gross Inc 9.93 - 0.00 - UK Smaller Cos Equity Acc F 1194.67 - 0.01 0.28
Japan Ser 4 480.10 505.40 3.90 - Baring Targeted Return Fund GBP Acc 164.90 165.50 -0.10 2.98 Authorised Inv Funds Genesis Asset Managers LLP Cautious Managed A Inc 153.10 - -0.30 3.12
Fidelity Short Dated Corporate Bond Fund Y - Gross Acc 10.25 - -0.01 - Other International Funds UK Smaller Cos Equity Inc F 907.96 - 0.01 0.28
Man. Ser. 4 1979.80 2084.00 4.30 - Baring Targeted Return Fund GBP Inc 119.30 119.70 -0.10 3.04 Consistent UT Inc 53.39xd 56.66 -0.22 4.26 China Opportunities A Acc 1337.00 - -2.00 0.00 M & G Securities Ltd (UK)
Global Dividend Fund W-ACC-GBP 1.95 - 0.00 2.76 Emerging Mkts NAV 7.72 - -0.02 0.00 UK Strategic Income Acc F 196.91 - -0.42 3.06 Property & Other UK Unit Trusts
Money Ser. 4 525.30 552.90 0.00 - Consistent UT Acc 135.50xd 144.00 -0.60 4.26 Emerging Markets Opportunities A Acc 201.60 - -0.70 0.56
Global Dividend Fund W-INC-GBP 1.69 - 0.01 2.89 UK Strategic Income Inc F 138.33 - -0.30 3.13 Charibond 126.14 - -0.21 3.65
Prop. Ser. 4 1101.80 1159.80 0.10 - Practical Investment Inc 234.10 250.40 0.20 3.14 European Growth A Acc 238.00 - 1.60 0.88
BlackRock (JER) Global Enhanced Income W-ACC-GBP 1.61 - 0.01 3.53 US Equity Acc F 749.56 - 5.76 0.00 (Accum Units) 3977.69 - -6.66 3.65
Custodian Ser 5 525.10 552.80 0.50 - Practical Investment Acc 1225.00 1311.00 2.00 3.14 HPB Assurance Ltd European Selected Opportunities A Acc 1672.00 - 9.00 0.55
Regulated Global Enhanced Income W-INC-GBP 1.33 - 0.00 3.98 Invesco Perpetual Funds (No Trail) NAACIF 85.67 - 0.02 3.97
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
International Ser 5 550.40 579.30 2.80 - BlackRock UK Property 42.50 - 0.10 2.50 Asian (No Trail) Acc F 310.00 - -1.00 0.78 Fixed Interest Monthly Income A Inc 22.64 23.61 -0.03 5.08
Global Focus Fund W-ACC-GBP 19.97 - 0.07 0.45 International Insurances (Accum Units) 8267.57 - 1.36 3.87
Managed Ser 5 1892.40 1992.00 4.10 - BLK Intl Gold & General $ 6.00 6.33 -0.09 0.00 Global Care Growth A Inc 269.30 - 1.40 0.16
DAVIS Funds SICAV (LUX) Global High Yield Fund Y-ACC-GBP 14.11 - -0.01 5.45 Holiday Property Bond Ser 1 0.55 - 0.01 0.00 Asian (No Trail) Inc F 276.00 - -0.89 0.79 M&G Property Portfolio A Acc 129.78 129.78 -0.02 2.70
Money Ser 5 514.30 541.30 0.00 - Regulated Holiday Property Bond Ser 2 0.66 - 0.01 0.00 Asian Equity Income (No Trail) Acc F 167.37 - -0.53 3.12 Global Equity Income A Inc 60.90 - 0.14 3.18
Global High Yield Fund Y-GACC-GBP 14.61 - -0.01 4.83 M&G Property Portfolio A Inc 114.03 114.03 -0.02 2.74
Property Ser 5 1053.20 1108.60 0.10 - Davis Value A $ 49.16 - 0.38 0.00 Asian Equity Income (No Trail) Inc 131.90 - -0.41 3.20 Global Growth Fund 2888.48 3012.91 18.63 0.00
BLI - Banque de Luxembourg Investments S.A. Global High Yield Fund Y-GINC-GBP 10.88 - -0.01 4.54
Pension Funds Davis Global A $ 38.09 - 0.32 0.00 Global Technology A Acc 1525.00 - 20.00 0.00
FCA Recognised Global High Yield Fund Y-INC-GBP 10.89 - -0.01 4.53 Balanced Risk 6 No Trail Acc 116.92 - -0.05 0.00
American 2751.00 2895.80 18.70 - Hargreaves Lansdown Fd Mgrs (1100)F (UK) M & G (Guernsey) Ltd (GSY)
BL-Equities Europe B 6879.11 - 3.49 0.00 Balanced Risk 8 No Trail Acc 123.16 - -0.09 0.00 Multi-Manager Absolute Return A Acc 141.50 - -0.20 0.07
Global Property Fund W-ACC-GBP 1.65 - -0.01 1.68 PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT Regulated
Equity 5904.20 6214.90 20.50 - Multi-Manager Active A Acc 218.00 - 0.20 0.38
BL-Equities America B $ 6639.50 - 0.26 0.00 Global Property W Inc 1.41 - -0.01 2.46 Enquiries 0117 90090000 Balanced Risk 10 No Trail Acc 130.02 - -0.11 0.00 The M&G Offshore Fund Range
European 1597.20 1681.20 13.30 - www.hl.co.uk Multi-Manager Distribution A Inc 135.00 - -0.10 3.08
BL-Equities Japan B 18682.00 - 125.00 0.00 Global Special Sits W-ACC-GBP 34.99 - 0.18 0.65 Corporate Bond (No Trail) Acc F 179.03 - -0.14 3.41 Corporate Bond A 1370.40 - -1.00 3.98
Fixed Int. 1747.30 1839.30 -4.60 - Authorised Inv Funds Multi-Manager Diversified A Acc 84.66 - -0.11 3.26
BL-Emerging Markets B 162.56 - -0.01 0.00 Index Emerging Markets P-Acc 1.48 - -0.01 1.62 Corporate Bond (No Trail) Inc F 120.99 - -0.09 3.49 Global Basics X 3200.23 - 4.22 0.17
International 1272.10 1339.10 7.20 - Hargreaves Lansdown Funds
BL-Global Equities B 801.41 - 0.12 0.00 Distribution (No Trail) Acc F 185.10 - -0.20 4.36 Multi-Manager Global Select Acc 232.40 - 0.10 0.31
Index Emerging Markets P-Inc-GBP 1.25 - 0.00 1.74 Unit Trust Global Dividend A 156.00 - 0.34 2.66
Japan 525.70 553.40 5.00 - Multi-Manager Income & Growth A Acc 173.20 - -0.20 2.05
BL-Global 30 B 1387.64 - -2.76 0.00 Index Europe ex UK Fund P-Inc-GBP 1.35 - 0.01 2.43 Distribution (No Trail) Inc F 113.17 - -0.12 4.46 Global Leaders A 4398.58 - 51.27 1.03
HL Multi-Manager Special Situations Trust A Acc 354.51 373.16 -0.63 0.55
Managed 5291.70 5570.20 13.40 - Multi-Manager Income & Growth A Inc 153.40 - -0.10 2.08
BL-Global 50 B 1705.97 - -2.89 0.00 Index Europe ex UK P-Acc 1.42 - 0.01 1.97 Emerging European (No Trail) Acc F 115.96 - 0.18 2.29 Global High Yield Bond X 1011.64 - -0.19 5.26
Dodge & Cox Worldwide Funds (IRL) HL Multi-Manager Special Situations Trust M Acc 354.50 373.15 -0.63 0.55
Property 2853.80 3004.00 0.30 - Multi-Manager Managed A Acc 272.50 - 0.40 0.51
BL-Global 75 B 2366.22 - -2.14 0.00 Index Japan Fund P-Inc-GBP 1.45 - 0.01 1.81 Emerging European (No Trail) Inc F 97.77 - 0.15 2.33 Global Macro Bond A 12808.94 - 4.48 2.52
6 Duke Street,St.James,London SW1Y 6BN HL Multi-Manager Income & Growth Trust A Acc 192.71 202.80 0.20 3.96
Security 1480.70 1558.70 0.00 - Multi-Manager Managed A Inc 265.50 - 0.30 0.52
BL-Global Flexible EUR B 159.87 - -0.05 0.00 www.dodgeandcox.worldwide.com 020 3713 7664 Index Japan P-Acc 1.51 - 0.01 1.62 European Equity (No Trail) Acc F 212.09 - 0.85 1.70 North American Dividend A 226.26 - 0.94 1.77
HL Multi-Manager Income & Growth Trust M Acc 192.71 202.78 0.20 3.96
Selective 2299.50 2420.50 0.10 - FCA Recognised Sterling Bond Acc 219.01 228.45 -0.34 2.07
Index Pacific ex Japan P-Acc 1.46 - -0.01 2.77 HL Multi-Manager Income & Growth Trust A Inc 107.78 113.44 0.12 4.06 European Equity (No Trail) Inc F 172.19 - 0.69 1.74 Optimal Income A 150.76 - 0.12 3.96
Formerly Hill Samuel Life Assurance Ltd Dodge & Cox Worldwide Funds plc - Global Bond Fund
European Equity Income (No Trail) Acc F 207.49 - 1.01 2.91 Sterling Bond Inc 65.44 68.26 -0.10 2.10
100 Holdenhurst Road, Bournemouth, BH8 8AL 0345 6023 603 Index Pacific ex Japan P-INC-GBP 1.16 - 0.00 3.18 HL Multi-Manager Income & Growth Trust M Inc 107.77 113.43 0.11 4.06 Recovery A 12066.56 - 40.20 2.17
EUR Accumulating Class 12.66 - 0.02 0.00
European Equity Income (No Trail) Inc F 149.90 - 0.73 2.99 Strategic Bond A Inc 127.20 - -0.20 4.32
Managed Ser A (Life) 1873.80 1982.80 -1.20 - Index UK Fund P-INC-GBP 1.14 - 0.00 2.63 HL Multi-Manager Balanced Managed Trust A Acc 228.91 240.77 -0.30 1.08 Strategic Corproate Bond A 138.58 - -0.04 3.97
EUR Accumulating Class (H) 10.34 - -0.03 0.00
European ex UK Enhanced Index (No Trail) Acc F 126.59 - 0.61 1.01 UK & Irish Smaller Companies A Acc 643.00 - 2.00 0.00
Managed Ser A (Pensions) 1272.80 1339.80 -1.10 - Index UK P-Acc 1.27 - 0.00 2.54 HL Multi-Manager Balanced Managed Trust M Acc 228.93 240.79 -0.29 1.08 UK Inf Lkd Corp Bd A Inc 112.04 - 0.02 2.19
EUR Distributing Class 11.22 - 0.02 4.03
European ex UK Enhanced Index (No Trail) Inc F 125.20 - 0.60 1.02 UK Absolute Return A Acc 156.50 - 0.20 0.00
Formerly Target Life Assurance Ltd Index US Fund P-Inc-GBP 1.62 - 0.00 1.63 HL Multi-Manager Equity & Bond Trust A Inc 119.90 126.09 -0.06 2.31 UK Select A 1688.26 - 1.63 1.08
EUR Distributing Class (H) 9.16 - -0.02 3.74
100 Holdenhurst Road, Bournemouth, BH8 8AL 0345 6023 603 European High Income (No Trail) Acc F 210.75 - 0.41 3.29 UK Alpha A Acc 144.80 - 0.20 1.08
Index US P-Acc 1.80 - 0.01 1.53 HL Multi-Manager Equity & Bond Trust M Inc 119.91 126.09 -0.06 2.31
GBP Distributing Class 11.98 - 0.02 3.80
Managed (Life) 1892.80 1992.40 -1.00 - European High Income (No Trail) Inc F 142.36 - 0.27 3.36 UK Equity Income & Growth A Inc 639.90 - 0.90 3.62
Index World Fund P-Inc-GBP 1.46 - 0.00 1.88 HL Multi-Manager Equity & Bond Trust A Acc 169.19 177.91 -0.08 2.28
Managed Growth (Life) 625.90 658.80 0.10 - CCLA Investment Management Ltd (UK) GBP Distributing Class (H) 9.37 - -0.03 3.75
UK Index A Acc 603.70 - -0.70 1.68
MMIP Investment Management Limited (GSY)
Index World P-Acc 1.62 - 0.01 1.71 HL Multi-Manager Equity & Bond Trust M Acc 169.20 177.91 -0.08 2.28 European Opportunities (No Trail) Acc F 228.76 - 1.28 1.79 Regulated
Senator House 85 Queen Victoria Street London EC4V 4ET USD Accumulating Class $ 10.73 - -0.02 0.00
Managed (Pensions) 7638.60 8040.60 -6.70 - European Opportunities (No Trail) Inc F 209.59 - 1.17 1.82 UK Property A Acc 193.08 203.24 0.05 - Multi-Manager Investment Programmes PCC Limited
Authorised Inv Funds Dodge & Cox Worldwide Funds plc-Global Stock Fund Japan Fund W-ACC-GBP 3.48 - 0.04 0.54 HL Multi-Manager Strategic Assets A Acc 113.28 116.76 -0.03 1.21
Managed Growth (Pensions) 788.40 829.90 0.10 - Diversified Income 1 Units GBP Inc 1.56 1.56 -0.01 - European Smaller Companies (No Trail) Acc F 320.63 - 1.45 0.62 UK Property A Inc 97.68 102.81 0.03 4.16 UK Equity Fd Cl A Series 01 2827.01 2853.01 38.06 0.00
USD Accumulating Share Class $ 21.17 - 0.04 0.00 Japan Smaller Cos Fund W-ACC-GBP 3.29 - 0.04 0.34 HL Multi-Manager Strategic Assets A Inc 111.89 115.32 -0.02 1.22
additional fund prices can be found on our website Global Balanced Index (No Trail) Acc F 195.16 - 0.43 1.79 UK Tracker A Acc 271.20 - -0.60 1.61 Diversified Absolute Rtn Fd USD Cl AF2 $ 1619.26 - 8.16 0.00
Diversified Income 2 Units GBP Inc 1.51 1.51 0.00 - GBP Accumulating Share Class 26.01 - 0.17 0.00 MoneyBuilder Balanced Y-ACC-GBP 0.56 - 0.00 3.17 HL Multi-Manager Strategic Bond Trust A Acc 184.05 189.73 -0.26 2.19
The Public Sector Deposit Fund Global Bond (No Trail) Acc F 155.09 - -0.06 1.36 US Growth A Acc 940.00 - 5.00 0.00 Diversified Absolute Return Stlg Cell AF2 1612.57 - 2.03 0.00
GBP Distributing Share class 18.66 - 0.12 0.72 MoneyBuilder Balanced Y-INC-GBP 0.60 - 0.00 3.85 HL Multi-Manager Strategic Bond Trust M Acc 184.06 189.74 -0.26 2.19
The Public Sector Deposit Fund-share class 1 F 100.00 - 0.00 0.25 MoneyBuilder Dividend Y-INC-GBP 1.34 - -0.01 4.29 Global Bond (No Trail) Inc F 137.69 - -0.05 1.37 Global Equity Fund A Lead Series 1420.80 1426.58 37.38 0.00
EUR Accumulating Share Class 27.06 - 0.15 0.00 HL Multi-Manager Strategic Bond Trust A Inc 147.80 152.37 -0.22 2.22
The Public Sector Deposit Fund-share class 4 F 100.00 - 0.00 0.18 MoneyBuilder Growth Fund Y-INC-GBP 0.79 - 0.01 2.86 Glbl Distribution Acc (No Trail) 124.89 - 0.11 3.94
GBP Distributing Class (H) 11.53 - 0.02 - HL Multi-Manager Strategic Bond Trust M Inc 147.82 152.37 -0.21 2.21
Dodge & Cox Worldwide Funds plc-International Stock Fund MoneyBuilder Income Fund Y-ACC-GBP 12.71 - -0.03 3.29 HL Multi Manager Emerging Markets A Acc 124.25 128.04 -0.46 0.58 Glbl Distribution Inc (No Trail) 109.82 - 0.10 4.03
Manek Investment Mgmt Ltd (1000)F (UK)
USD Accumulating Share Class $ 17.45 - -0.01 0.00 MoneyBuilder Income Fund Y-GACC-GBP 14.65 - -0.03 3.28 Gbl Emerging Markets (No Trail) Acc F 235.95 - -0.44 0.97 P.O.Box 100, Swindon SN1 1WR 0844 800 9401
CCLA Investment Management Ltd (UK) HL Multi-Manager European A Acc 140.72 145.06 -0.42 0.56
Senator House 85 Queen Victoria Street London EC4V 4ET EUR Accumulating Share Class 17.48 - 0.05 0.00 MoneyBuilder Income Fund Y-GINC-GBP 1.24 - 0.00 3.35 Gbl Emerging Markets (No Trail) Inc F 214.76 - -0.40 0.98 Authorised Inv Funds
HL Multi-Manager UK Growth A Acc 129.27 133.26 -0.24 1.52
Property & Other UK Unit Trusts Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Global Equity (No Trail) acc F 288.08 - 1.60 1.26 Growth Fd Acc 46.64 49.30 -0.37 0.00
Algebris Investments (IRL) MoneyBuilder Income Fund Y-INC-GBP 1.24 - 0.00 3.34 HL Multi-Manager High Income A Inc 110.66 114.08 0.04 4.07
CBF Church of England Funds
Regulated USD Accumulating Share Class $ 23.95 - 0.17 0.00 Multi Asset Adventurous N-ACC-GBP 1.38 - 0.01 1.07 HL Multi-Manager High Income A Acc 117.10 120.72 0.04 3.98 Global Equity (No Trail) inc F 258.97 - 1.44 1.28
Investment Inc 1581.28 1589.14 2.14 3.26 Kames Capital ICVC (UK)
Algebris Financial Credit Fund - Class I EUR 153.19 - 0.04 0.00 GBP Accumulating Share Class 27.82 - 0.31 0.00 Multi Asset Alloc Advent N-ACC-GBP 1.34 - 0.00 0.95 Global Equity Income (No Trail ) Acc F 334.64 - 1.58 2.97 Marlborough Fd Managers Ltd (1200)F (UK)
Investment Acc 3437.38 3454.47 4.66 0.00 Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
Algebris Financial Income Fund - Class I EUR 143.08 - 1.25 0.00 GBP Distributing Share Class 17.45 - 0.19 0.61 Multi Asset Alloc Def N-ACC-GBP 1.17 - 0.00 1.23 Global Equity Income (No Trail) Inc F 254.22 - 1.20 3.05 0800 358 3009 www.kamescapital.com Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
Global Equity Inc 178.66 179.29 -0.14 3.48
EUR Accumulating Share Class 26.44 - 0.28 0.00
Haussmann Global ex UK Core Equity Index ( No Trail) Acc F 239.63 - 1.59 1.23 Authorised Funds www.marlboroughfunds.com
Algebris Financial Equity Fund - Class B EUR 131.27 - 2.48 0.00 Multi Asset Alloc Def N-GACC-GBP 1.18 - 0.00 1.22
Global Equity Acc 280.69 281.68 -0.23 0.00 Other International Funds Authorised Inv Funds
Algebris Asset Allocation Fund - Class B EUR 98.18 - -0.05 0.00 GBP Distributing Class (H) 10.92 - 0.08 - Global ex UK Enhanced Index ( No Trail) Acc F 281.43 - 1.62 2.21 Diversified Monthly Inc B Acc 133.80 - -0.32 4.96
Multi Asset Alloc Growth N-ACC-GBP 1.25 - 0.01 1.00 Haussmann Cls A $ 2769.32 - -10.23 0.00
UK Equity Inc 166.75 167.21 0.74 3.25 Balanced 190.92 201.20 0.06 0.80
Algebris Macro Credit B EUR Acc 105.30 - 0.06 0.00 Global ex UK Enhanced Index (No Trail) Inc F 113.87 - 0.65 2.26 Diversified Monthly Inc B Inc 111.01 - -0.26 5.12
Multi Asset Alloc Strat N-ACC-GBP 1.22 - 0.00 1.07 Haussmann Cls C 2360.71 - -13.31 0.00
UK Equity Acc 264.34 265.08 1.17 0.00 Bond Income 51.45 54.44 -0.05 4.07
Gbl Fin Cap No Trail Acc 211.21 - -0.01 4.17 Diversified Growth B Acc 1.60 - 0.00 2.67
Multi Asset Balanced Inc N-GINC-GBP 1.12 - 0.00 4.62 Haussmann Cls D SFr 1238.45 - -7.47 0.00
Fixed Interest Inc 167.77 168.37 -0.15 3.86 Cautious Inc 91.88 96.79 -0.07 1.15
Gbl Fin Cap No Trail Inc 165.43 - -0.01 4.31 Ethical Cautious Managed B Acc 1.33 - 0.00 1.90
The Antares European Fund Limited Multi Asset Balanced Inc N-INC-GBP 1.12 - 0.00 4.08
Fixed Interest Acc 546.61 548.55 -0.48 0.00 Defensive A Inc 114.02 114.02 -0.05 0.49
Global Opportunities (No Trail) Acc F 360.46 - 1.11 0.61 Ethical Cautious Managed B Inc 1.21 - 0.00 1.92
Other International Multi Asset Defensive N-ACC-GBP 1.20 - 0.00 1.03
Property Fund Inc 134.07 138.57 0.85 5.58 Emerging Markets 324.38 324.38 -2.03 1.54
Global Smaller Companies (No Trail) Acc F 359.07 - 2.71 0.47 Ethical Corporate Bond B Acc 1.87 - 0.00 3.03
AEF Ltd Usd (Est) $ 738.73 - 10.49 - Multi Asset Defensive N-GACC-GBP 1.21 - 0.00 1.04
ETF Global Growth A 185.20 185.20 -0.15 0.00
Global Smaller Companies (No Trail) Inc F 339.43 - 2.56 0.47 Ethical Corporate Bond B Inc 1.04 - 0.00 3.03
AEF Ltd Eur (Est) 732.04 - 10.35 0.00 Multi Asset Growth Fund N-ACC-GBP 1.30 - 0.01 1.03
ETF Commodity A 80.05 80.05 0.00 0.00
CCLA Fund Managers Ltd (UK) Global Targeted Income Fund Acc (No Trail) 102.60 - -0.15 - Ethical Equity B Acc 2.21 - 0.00 2.07
Multi Asset Inc & Growth N-INC-GBP 1.14 - 0.00 4.24
Senator House 85 Queen Victoria Street London EC4V 4ET Dragon Capital Group European Multi-Cap 479.81 479.81 2.51 0.31
Global Targeted Income Fund Inc (No Trail) 105.15 - -0.15 - High Yield Bond B Acc 2.72 - 0.00 4.03
Multi Asset Income Fund N-GINC-GBP 1.09 - 0.00 4.61
Arisaig Partners Property & Other UK Unit Trusts 1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
High Yield Bond B Inc 1.00 - 0.00 4.05
Extra Income 85.48 90.46 0.04 3.94
Other International Funds Fund information, dealing and administration: funds@dragoncapital.com Multi Asset Income Fund N-INC-GBP 1.09 - 0.00 4.59 Global Targeted Rets (No Trail) Acc 119.37 - -0.14 1.37
COIF Charity Funds (UK) Far East Growth A Inc 235.69 235.69 -1.87 1.01
Other International Funds Hermes Investment Funds Plc (IRL) High Income (No Trail) Acc F 188.92 - -0.51 3.30 Investment Grade Bond B Acc 177.22 - -0.28 2.23
Arisaig Africa Consumer Fund Limited $ 13.05 - -0.07 0.00 Investment Inc 1434.33 1441.46 1.65 3.32 Fidelity Asia Fund W-ACC-GBP 12.40 - -0.02 0.93
Global 233.24 245.72 0.11 0.00
Vietnam Property Fund (VPF) NAV $ 0.80 - -0.01 0.00 Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121 Investment Grade Bond B Inc 1.24 - -0.01 2.73
Asset Management
Arisaig Asia Consumer Fund Limited $ 83.15 - -0.66 0.00 Investment Acc 14701.47 14774.57 16.94 0.00 Multi Asset Open Advent N-ACC-GBP 1.33 - 0.00 0.56 High Income (No Trail) Inc F 130.21 - -0.35 3.38
FCA Recognised Global Bond Inc 152.96 161.82 -0.17 2.63

Asset Manageme
High Yield Fund (No Trail) Acc 253.33 - -0.12 5.66 Sterling Corporate Bond B Acc 0.81 - 0.00 2.85
Arisaig Global Emerging Markets Consumer Fund $ 10.97 - -0.07 0.00 Ethical Invest Inc 220.66 221.76 0.32 3.31 Multi Asset Open Defen N-ACC-GBP 1.21 - 0.00 1.32
Hermes Abs Return Credit Fund Class F Acc 1.20 1.20 0.01 0.00 High Yield Fixed Interest 76.25 80.86 0.04 5.02
High Yield Fund (No Trail) Inc 170.53 - -0.07 5.86 Sterling Corporate Bond B Inc 0.33 - 0.00 2.85
Arisaig Global Emerging Markets Consumer UCITS 12.06 - -0.04 0.00 Ethical Invest Acc 302.94 304.44 0.45 0.00 DSM Capital Partners Funds (LUX) Multi Asset Open Defen N-GACC-GBP 1.22 - 0.00 1.31
Hermes Abs Return Credit Fund Class R Acc 1.92 1.92 -0.01 0.00 Multi Cap Income A Inc 157.23 157.23 0.09 4.36
Hong Kong & China (No Trail) Acc F 282.45 - 0.34 0.81 Strategic Bond B Acc 1.21 - 0.00 2.10
Arisaig Global Emerging Markets Consumer UCITS STG 13.45 - -0.05 0.00 Global Equity Inc 168.48 169.07 -0.07 3.46 www.dsmsicav.com Multi Asset Open Growth N-ACC-GBP 1.29 - 0.00 1.14
Hermes Asia Ex-Japan Equity Fund Class F Acc 2.49 2.49 0.00 0.00 Nano-Cap Growth A Acc 143.5230 158.3700 50.3097 0.00
Regulated Income & Growth (No Trail) Acc F 254.02 - -0.04 3.53 Strategic Bond B Inc 1.21 - 0.00 2.10
Arisaig Latin America Consumer Fund $ 26.78 - -0.27 0.00 Global Equity Acc 267.79 268.74 -0.13 0.00 Multi Asset Open Strat N-ACC-GBP 1.27 - 0.00 1.35
Hermes Asia Ex-Japan Equity Fund Class R Acc 4.44 4.44 -0.01 0.00 Special Situations A Acc 1591.83 1684.48 6.00 0.52
DSM Global Growth I2 Acc 175.14 - 1.85 0.00 Income & Growth (No Trail) Inc F 186.65 - -0.03 3.62 UK Equity B Acc 3.04 - 0.00 2.22
Fixed Interest Inc 137.58 138.07 -0.36 4.22 Multi Asset Strategic N-ACC-GBP 1.27 - 0.00 1.00
Hermes Europe Ex-UK Equity Fund Class F Acc 1.99 1.99 0.02 0.00 UK Multi-Cap Growth A Inc 324.44 343.32 -0.82 0.21
DSM Global Growth I1 Acc 122.20 - 0.19 0.00 Income (No Trail) Acc F 185.64 - -0.50 3.14 UK Equity Absolute Return B Acc 1.17 - 0.00 0.00
Fixed Interest Acc 842.34 845.33 -2.24 0.00 Open World Fund N-ACC-GBP 1.53 - 0.00 0.17
Hermes Europe Ex-UK Equity Fund Class R Acc 3.84 3.84 0.02 0.00 UK Micro Cap Growth A 678.71 718.21 0.65 0.10
DSM US Large Cap Growth I3 $ 123.95 - 1.96 - Income (No Trail) Inc F 129.52 - -0.35 3.22 UK Equity Income B Acc 2.53 - 0.00 4.09
Property Inc 115.06 118.92 0.05 5.60 Special Situations Fund W-ACC-GBP 35.49 - 0.10 1.54
Hermes European Alpha Equity Fund Class F Acc 1.71 1.71 0.00 0.00 US Multi-Cap Income 420.34 420.34 2.10 0.54
DSM US Large Cap Growth A $ 135.72 - 0.81 - Invesco Global Emerging Mkts Bond Acc (No Trail) 98.02 - -0.20 - UK Equity Income B Inc 1.81 - -0.01 4.20
Local Authorities Property Fd (LAMIT) (UK) Sterling Core Plus Bond GMACC 11.95 - -0.03 2.35 MFM - Third Party Funds
Hermes European Alpha Equity Fund Class F Dis 1.62 1.62 0.01 1.27
Property 288.42 312.74 1.72 4.81 DSM US Large Cap Growth I2 115.81 - 1.04 - Invesco Global Emerging Mkts Bond Inc (No Trail) 95.80 - -0.19 - UK Opportunities B Acc 2.00 - 0.00 1.73
Sterling Core Plus Red Dur 11.09 - -0.02 2.08 Junior Oils 85.07 90.02 1.80 0.00
Hermes European Alpha Equity Fund Class R Acc 3.41 3.41 0.00 0.00
Japan (No Trail) Acc F 197.94 - 2.40 1.01 UK Smaller Companies B Acc 3.58 - 0.00 1.53
Strategic Bond Fund Y-ACC-GBP 1.20 - 0.00 2.99 Junior Gold C Acc 36.46 36.46 -0.86 0.00
Hermes Global Emerging Markets Fund Class F Acc 1.90 1.90 0.00 0.00
Strategic Bond Fund Y-GACC-GBP 1.21 - 0.00 3.04 Japanese Smaller Companies (No Trail) Acc F 308.65 - 4.09 0.00
CG Asset Management Limited (IRL) Hermes Global Emerging Markets Fund Class R Acc 3.97 3.97 -0.02 0.00 MFM Bowland 228.04 246.53 0.65 0.73
Artemis Fund Managers Ltd (1200)F (UK)
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Strategic Bond Fund Y-GINC-GBP 1.24 - 0.00 2.76 Latin American (No Trail) Acc F 150.76 - -1.87 1.06 Kames Capital Investment Portfolios ICVC (UK)
Hermes Global Equity Fund Class F Acc 2.12 2.12 0.01 0.00 MFM Hathaway Inc 138.48 145.00 0.94 0.94
57 St. James's Street, London SW1A 1LD 0800 092 2051
00 353 1 434 5098 Strategic Bond Fund Y-INC-GBP 1.24 - 0.00 2.76 Latin American (No Trail) Inc F 131.86 - -1.63 1.08 Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA
Authorised Inv Funds MFM Techinvest Special Situations Acc 192.44 192.44 -0.01 0.00
Asset Management
Hermes Global Equity Fund Class R Acc 4.59 4.59 0.01 0.00 0800 358 3009 www.kamescapital.com
FCA Recognised Managed Growth (No Trail) Acc F 263.85 - 0.75 0.99
Target 2020 A-ACC-GBP 0.65 - 0.00 0.30
Asset Management Asset Management
Artemis Capital R ACC 1532.51 1617.83 2.16 1.78 Hermes Global ESG Equity Fund Class F Acc 1.62 1.62 0.01 0.00 Authorised Funds MFM Techinvest Technology Acc 456.96 456.96 -1.30 0.00
Capital Gearing Portfolio Fund Plc 31143.50 31613.01 -32.02 0.52
Target 2025 A-ACC-GBP 1.59 - 0.01 0.46 Managed Growth (No Trail) Inc F 237.70 - 0.68 1.00
Artemis European Growth R Acc 348.78 368.08 2.80 0.83 Hermes Global High Yield Credit Fund Class F Acc 1.47 1.47 -0.01 0.00 Property Income B Acc 127.63 127.63 -0.01 4.27 MFM UK Primary Opportunities A Inc 411.91 411.91 -0.33 1.48
CG Portfolio Fund Plc
Target 2030 A-ACC-GBP 1.78 - 0.00 0.50 Managed Income (No Trail) Acc F 236.91 - 0.38 2.46
Artemis European Opps R Acc 103.01 108.76 0.54 0.76 EdenTree Investment Management Ltd (UK) Hermes Global High Yield Credit Fund Class R Acc 3.17 3.17 0.00 0.00 Property Income B Inc 109.10 109.10 -0.01 4.37
Absolute Return M Inc GBP 115.22 116.10 -0.15 0.31
PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 UK Invest Grade Long Credit GACC 115.40 - -0.30 2.52 Managed Income (No Trail) Inc F 185.73 - 0.30 2.50
Artemis Global Emg Mkts I GBP Acc 130.43 - -0.54 - Hermes Global Small Cap Fund Class F Acc 1.39 1.39 0.02 0.00
Real Return Cls A 194.86 196.83 -0.04 1.76
Monthly Income Plus (No Trail) Acc F 191.65 - -0.09 4.46
Marwyn Asset Management Limited (CYM)
Artemis Global Emg Mkts I GBP Dist 123.84 - -0.51 - Authorised Inv Funds UK Opportunities Fund W-ACC-GBP 233.40 - -0.50 1.26
Dollar Fund Cls D 150.83 151.60 -0.10 1.85 Hermes Global Small Cap Fund Class R Acc 2.17 2.17 -0.01 0.00 Regulated
Amity UK Cls A Inc 234.60 - 0.30 1.39 Monthly Income Plus (No Trail) Inc F 110.83 - -0.06 4.58 Kames Capital VCIC (IRL)
Artemis Global Energy R Acc 28.99 30.67 0.11 0.46 UK Opportunities Fund W-INC-GBP 131.80 - -0.30 1.31 Marwyn Value Investors 462.55 - 12.57 0.00
Capital Value Fund Cls V 150.50 152.78 -0.09 0.42 Hermes Multi Asset Inflation Fund Class F GBP Acc 1.03 1.03 -0.01 0.00 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
Amity UK Cls B Inc 234.80 - 0.30 2.11 UK Select Fund W-ACC-GBP 2.86 - 0.00 1.43 Pacific (No Trail) Acc F 276.57 - 0.95 0.80
Artemis Global Growth R Acc 246.63 260.23 0.71 0.84 Hermes Multi Strategy Credit Fund Class F Acc Hed 1.15 1.15 0.00 0.00 FCA Recognised
Dollar GBP Hedged Inc 98.98 99.49 -0.31 0.39
Higher Income Cls A Inc 136.80 - -0.30 4.26 UK Smaller Companies W-ACC-GBP 2.44 - 0.01 1.38 Pacific (No Trail) Inc F 257.50 - 0.89 0.91
Artemis Global Income R Acc 122.56 129.35 0.54 3.48 Hermes US All Cap Equity Class F Stg Acc 1.36 1.36 0.01 0.00 Absolute Return Bond B GBP Acc 1106.57 - 0.11 0.98
Higher Income Cls B Inc 142.20 - -0.30 4.21 Tactical Bond (No Trail) Acc F 149.26 - -0.02 2.29 McInroy & Wood Portfolios Limited (UK)
Artemis Global Income R Inc 91.95 97.03 0.41 3.58 WealthBuilder Fund N-ACC-GBP 1.51 - 0.01 1.07 Eq Market Neutral B Acc 966.03 - -2.06 0.00
Hermes US All Cap Equity Class R Acc 2.18 2.18 0.00 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867
UK Equity Growth Cls A Inc 276.40 - 0.70 1.26 Institutional OEIC Funds Tactical Bond (No Trail) Inc F 122.87 - -0.01 2.32
Artemis Global select R Acc 96.53 101.91 0.38 0.00 Hermes US SMID Equity Fund Class F Acc 2.25 2.25 0.02 0.00 Eq Market Neutral Plus B Acc 909.05 - -4.60 0.00 Authorised Inv Funds
UK Equity Growth Cls B Inc 283.20 - 0.80 1.92 America 5.35 - 0.03 0.61 UK Focus (No Trail) Acc F 207.64 - 0.19 2.17 Balanced Fund Personal Class Units 4657.20 - -3.30 1.58
Artemis High Income R Inc 80.55 85.70 -0.02 5.57 Hermes US SMID Equity Fund Class R Acc 3.95 3.95 0.02 0.00 High Yield Global Bond A GBP Inc 532.23 - -0.12 3.06
Amity Balanced For Charities A Inc 115.10 - -0.30 4.85 Emerging Markets 4.55 - 0.00 0.72 UK Focus (No Trail) Inc F 166.58 - 0.16 2.22 Income Fund Personal Class Units 2609.60 - -8.30 2.79
Artemis Income R Acc 409.95 434.67 -0.02 3.76 High Yield Global Bond B GBP Inc 1115.57 - -0.25 3.55
Amity European Fund Cls A Inc 274.90 - 1.00 1.45 Europe (ex-UK) Fund ACC-GBP 5.22 - 0.02 1.10 UK Enhanced Index (No Trail) Acc F 494.13 - -0.20 3.13 Emerging Markets Fund Personal Class Units 2101.20 - -13.90 1.73
Artemis Income R Inc 225.47 239.07 -0.01 3.87 Investment Grade Global Bd A GBP Inc 581.72 - -1.40 1.99
Amity European Fund Cls B Inc 278.10 - 1.00 2.21 Fidelity Pre-Retirement Bond Fund 135.80 - -0.30 2.58 Hermes Property Unit Trust (UK) UK Enhanced Index (No Trail) Inc F 292.58 - -0.11 3.21 Smaller Companies Fund Personal Class Units 4872.40xd - 37.10 1.29
Artemis Monthly Dist R Inc 71.38 75.60 0.06 4.24 Kames Emerging Market Bond Fund - B Acc USD $ 11.25 - -0.05 0.00
Property & Other UK Unit Trusts
Amity Global Equity Inc for Charities A Inc 126.50 - 0.40 3.31 Global Focus 3.97 - 0.02 0.61 UK Growth (No Trail) Acc F 176.23 - 0.05 2.35
Artemis Pan-Euro Abs Ret GBP 123.27 - 0.03 - Canada Life Investments (UK) Property 6.20 6.65 0.04 2.75
Kames Global Equity Income B GBP Acc 1577.33 - 5.25 0.00
1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180 Amity International Cls A Inc 264.30 - -0.10 1.20 Index Linked Bond 3.15 - -0.01 0.24 UK Growth (No Trail) Inc F 136.95 - 0.04 2.41
Artemis Strategic Assets R Acc 86.41 91.43 0.58 0.00 Kames Global Equity Income B GBP Inc 1416.92 - 4.91 3.17
Authorised Inv Funds
Meridian Fund Managers Ltd
Amity International Cls B Inc 267.10 - -0.20 1.83 Index Linked Bond Gross 3.84 - -0.01 0.24 UK Smaller Companies Equity (No Trail) Acc F 392.62 - 0.01 0.71
Artemis Strategic Bond R M Acc 94.50 100.12 0.00 3.44 Kames Global Diversified Growth Fund - B Acc EUR 11.18 - 0.00 0.00 Other International Funds
Asia Pacific C Acc 11.00 - -0.01 1.12 Amity Sterling Bond Fund A Inc 108.10 - -0.10 4.72 Index-Linked Bond Fund Gross Inc 14.84 - -0.05 0.24 INDIA VALUE INVESTMENTS LIMITED (INVIL) UK Smaller Companies Equity (No Trail) Inc F 356.12 - 0.01 0.71
Artemis Strategic Bond R M Inc 57.43 60.84 0.00 3.50 Kames Global Equity Market Neutral Fund - B Acc GBP 10.34 - -0.01 0.00 Global Gold & Resources Fund $ 317.06 - 0.43 -
Balance C Acc 1.78 - 0.00 1.60 Amity Sterling Bond Fund B Inc 118.20 - -0.10 4.69 Japan 2.89 - 0.04 0.44 www.invil.mu UK Strategic Income (No Trail) Acc F 789.50 - -1.71 3.05
Artemis Strategic Bond R Q Acc 94.67 100.30 0.00 3.44 Other International Funds Kames Global Sustainable Equity Fund - B Acc EUR 12.42 - 0.10 0.00 Global Energy & Resources Fund $ 38.21 - -0.83 -
Corporate Bond C Acc 2.58 - -0.01 3.64 Long Bond 0.56 - 0.00 2.22 UK Strategic Income (No Trail) Inc F 554.71 - -1.20 3.12
Artemis Strategic Bond R Q Inc 57.71 61.14 0.00 3.52 NAV 9.26 - -0.03 0.00 Kames Absolute Return Bond Global Fund - B Acc GBP 10.26 - 0.00 0.00
European C Acc 1.40 - 0.01 1.36 Long Bond Gross 0.95 - -0.01 2.19 US Enhanced Index (No Trail) Acc F 116.00 - 0.64 0.89
Artemis UK Select Fund Class R Acc 529.57 560.01 3.37 1.67 Edinburgh Partners Limited (IRL) Short Dated High Yld Bd B Acc GBP 10.09 - 0.00 -
Emerging Markets Managed Accounts PLC (IRL)
Global Bond C Inc 1.09 - 0.00 2.41 Long Bond Fund Gross Inc 12.43 - -0.04 2.22 US Enhanced Index (No Trail) Inc F 114.02 - 0.63 0.90
Artemis UK Smaller Cos R Acc 1572.06 1683.79 3.54 0.98 27-31 Melville Street, Edinburgh EH3 7JF Short Dated High Yld Bd C Acc GBP (Hdg) 10.10 - 0.00 - emma@milltrust.com, +44(0)20 8123 8369, www.milltrust.com
Global Equity C Acc 8.12 - 0.03 1.16 Tel: +353 1 434 5143 Dealing - Fax +353 1 434 5230 Pacific (Ex Japan) 4.86 - 0.01 1.43 Intrinsic Value Investors (IVI) LLP (IRL) US Equity (No Trail) Acc F 315.07 - 2.43 0.28
Artemis UK Special Sits R Acc 583.39 618.94 1.87 1.52 Strategic Global Bond A GBP Inc 1128.82 - -0.65 0.44 Regulated
Global Equity Income C Inc 1.52 - 0.00 3.66 FCA Recognised 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
Pan European 3.48 - 0.02 1.78 Strategic Global Bond B GBP Inc 640.64 - -0.37 0.94 Milltrust ASEAN A $ 108.94 - -0.36 0.00
Artemis US Abs Ret I Acc 111.78 - 0.50 0.00 Edinburgh Partners Opportunities Fund PLC FCA Recognised
Global High Yield Bond C Inc 0.98 - 0.00 5.67 Select Emerging Markets Equities 1.87 - 0.00 0.68
Artemis US Equity I Acc 160.54 - 1.59 0.41 IVI European Fund EUR 22.09 - 0.01 0.00 Milltrust India A $ 165.61 - -0.29 0.00
Emerging Opportunities I USD $ $ 1.43 - 0.00 1.26
Japan C Acc 1.41 - 0.01 0.86 Select Global Equities 3.98 - 0.01 0.98
Artemis US Ex Alpha I Acc 178.55 - 2.11 0.00 IVI European Fund GBP 25.91 - 0.00 0.58 Milltrust Latin America A $ 108.99 - -0.75 0.00
European Opportunities I EUR 2.81 - 0.02 1.70 Kleinwort Benson Bank (UK)
Managed 0%-35% C Acc 1.03 - 0.00 - South East Asia 5.30 - -0.02 1.55
Artemis US Extended Alpha I Hedged Acc 1.28 - 0.02 0.00 Milltrust Keywise China Fund $ 148.15 - -0.52 0.00
European Opportunities I GBP 2.45 - 0.01 1.60 14 St. George Street, Mayfair, London W1S1FE
North American C Acc 12.23 - 0.06 0.42 Sterling Core Plus Bond Gr Accum 2.43 - -0.01 2.34
Artemis US Select I Acc 163.00 - 2.24 0.31 Dealing and enquiries: 0800 024 2400 Milltrust SEDCO MENA Fund (Class A) * $ 103.39 - 0.28 -
European Opportunities A EUR 2.75 - 0.02 1.38
Portfolio III C Acc 1.22 - 0.00 1.95 Sterling Core Plus Bond Inc 1.50 - -0.01 2.39 Authorised Inv Funds
Artemis US Select I Hedged Acc 1.25 - 0.02 0.22 Global Opportunities I USD $ 1.96 - 0.01 2.21
Portfolio IV C Acc 1.26 - 0.00 2.37 UK 4.18 - 0.00 2.14 Unit Trust Manager/ACD - Host Capital
Artemis US Select I Inc 144.82 - 1.99 0.31 Global Opportunities I GBP 1.46 - 0.01 2.11 Milltrust International Managed Investments ICAV (IRL)
Portfolio V C Acc 1.29 - 0.00 1.67 UK Aggreg Bond Gr Accum 2.05 - 0.00 2.49 Invesco (LUX) HC KB Capital Growth A Acc 199.45 - -0.22 1.36
Artemis US Smlr Cos I Acc 179.92 - 3.73 0.05 Pan European Opportunities I EUR 1.88 - 0.01 - Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 mimi@milltrust.com, +44(0)20 8123 8369 www.milltrust.com
Portfolio VI C Acc 1.32 - 0.00 1.65 UK Corporate Bond 1.30 - -0.01 3.06 HC KB Capital Growth A Inc 182.77 - -0.21 1.38
FCA Recognised Regulated
Portfolio VII C Acc 1.31 - 0.00 1.46 UK Corporate Bond - Gross 2.57 - -0.01 2.99 HC KB Enterprise Equity Income A Inc 114.35 - 0.07 3.06 MAI - Buy & Lease (Australia) A$ 99.42 - 0.00 -
Invesco Management SA
Artisan Partners Global Funds PLC (IRL) Short duration Corporate Bond C Acc 1.01 - 0.00 - Electric & General (1000)F (UK) UK Corporate Bond Fund Gross Inc 11.81 - -0.02 3.06 Invesco Fund Managers Ltd (UK) Invesco Active Multi-Sector Credit Fund A 3.17 - 0.00 0.00 HC KB Enterprise Equity Income A Acc 182.96 - 0.11 4.00 MAI - Buy & Lease (New Zealand)NZ$ 100.00 - 0.00 -
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Stuart House St.John's Street Peterborough PE1 5DD Perptual Park, Henley-On-Thames, Oxon, RG9 1HH HC KB Endeavour Multi Asset Balanced A Acc 153.71 - 0.05 0.81
Strategic Return C Acc 1.17 - 0.00 0.00 UK Gilt Fund Inc 1.35 - 0.00 1.72 Invesco Asia Balanced A dist $ 14.68 - 0.01 3.54 British Innovation Fund 99.74 - -0.26 -
Tel: 44 (0) 207 766 7130 Orders & Enquiries: 0845 850 0255 Dealing: 0800 085 8571
Total Return C Acc 1.12 - -0.01 2.16 UK Gilt Gross 2.22 - -0.01 1.70 Invesco Asia Consumer Demand Fund A income $ 16.60 - 0.01 0.10 HC KB Endeavour Multi Asset Balanced A Inc 145.27 - 0.05 0.81 EICM South Asia Hospitality 1 $ 97.48 - 0.00 -
FCA Recognised Authorised Inv Funds Investor Services: 0800 085 8677
Artisan Partners Global Funds plc UK Equity & Bond C Inc 2.52 - 0.00 4.14 Authorised Corporate Director - Carvetian Capital Management UK Long Corp Bond 1.53 - 0.00 3.13 Invesco Asia Infrastructure (A) $ 14.54 - -0.06 0.63 HC KB Enterprise Fixed Income A Acc 129.33 - -0.24 3.44
www.invescoperpetual.co.uk
Artisan Global Equity Fund Class I USD Acc $ 17.52 - 0.11 0.00 UK Equity C Inc 1.09 - 0.01 2.22 Electric&General Net Income A 186.80 - 0.40 1.64 UK Long Corp Bond - Gross 2.96 - 0.00 3.05 Authorised Inv Funds Invesco Asia Opportunities Equity A $ 136.24 - -0.26 0.00 HC KB Enterprise Fixed Income A Inc 110.84 - -0.19 3.44
Ministry of Justice Common Investment Funds (UK)
Artisan Global Opportunities I USD Acc $ 16.06 - 0.04 0.00 UK Equity Income C Inc 4.44 - 0.00 3.82 UK Long Corporate Bond - Gross Inc 12.21 - -0.03 3.13 INVESCO PERPETUAL Funds Invesco Balanced Risk Allocation Fund A 16.45 - -0.02 0.00 Property & Other UK Unit Trusts
Artisan Global Value Fund Class I USD Acc $ 20.10 - 0.09 0.00 UK Government Bond C Inc 1.11 - 0.00 1.58 Retail Share Classes Asian Acc F 732.87 - -2.35 0.46
Invesco Emerging Europe Equity Fund A $ 11.31 - 0.01 0.00 Lloyds Investment Fund Managers Limited (1000)F (JER) The Equity Idx Tracker Fd Inc 1646.00 1646.00 -1.00 2.33
Ennismore Smaller Cos Plc (IRL)
Artisan US Value Equity Fund Class I USD Acc $ 14.50 - 0.04 0.00 Emerging Markets - retail 1.79 - 0.00 0.18 Asian Inc F 650.72 - -2.10 0.46 PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
5 Kensington Church St, London W8 4LD 020 7368 4220 Invesco Emerging Local Currencies Debt A Inc $ 7.19 - -0.04 5.59 Distribution Units
Artisan Global Opportunities Class I EUR Acc 20.55 - 0.14 0.00 FCA Recognised {*}CAR - Net income reinvested Asian Equity Income Acc F 81.00 - -0.26 3.13 Other International Funds
Capita Asset Services (UK) Invesco Emerging Market Structured Equity Fund A $ 12.36 - -0.04 0.00
Ennismore European Smlr Cos NAV 125.19 - 0.08 0.00 Asian Equity Income Inc F 63.82 - -0.20 3.21 Lloydstrust Gilt 12.4900 - -0.0300 1.99
40 Dukes Place, London EC3A 7NH Invesco Energy A $ 17.16 - 0.06 0.00 Mirabaud Asset Management (LUX)
Order Desk and Enquiries: 0345 922 0044 Ennismore European Smlr Cos NAV 142.84 - 0.17 0.00 Balanced Risk 6 Acc 56.89 - -0.02 0.00 Lloyds Investment Funds Limited
Ashmore Sicav (LUX) Findlay Park Funds Plc (IRL) Invesco Euro Corporate Bond Fund (A) 17.87 - -0.03 0.00 www.mirabaud.com, marketing@mirabaud.com
Authorised Inv Funds Balanced Risk 8 Acc 59.93 - -0.05 0.00 Euro High Income 1.6140 - -0.0020 2.98
2 rue Albert Borschette L-1246 Luxembourg 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Invesco Euro Reserve A 320.75 - -0.01 0.00 Regulated
CF Heartwood Balanced MA B Acc X 143.39 - -0.01 0.43 FCA Recognised Balanced Risk 10 Acc 63.25 - -0.06 0.00 European 9.9830 - 0.0880 0.52
FCA Recognised Mir. - Conv. Bds Eur A EUR 139.59 - 0.06 0.00
Ennismore European Smlr Cos Hedge Fd Invesco Euro Bond A 7.47 - -0.01 0.00
Ashmore SICAV Emerging Market Debt Fund $ 102.91 - -0.43 6.73 CF Heartwood Cautious MA B Acc X 139.71 - -0.07 0.24 American Fund USD Class $ 100.78 - 0.42 0.00 Corporate Bond Acc F 200.33 - -0.16 3.18 High Income 0.8820 - -0.0015 4.33
Other International Funds Mir. - Conv. Bds Glb A USD $ 122.27 - 0.38 0.00
Invesco European Growth Equity A 26.88 - 0.01 0.00
Ashmore SICAV Emerging Market Frontier Equity Fund $ 181.96 - -0.27 0.94 CF Heartwood Defensive MA B Acc 115.24 - -0.09 0.00 American Fund GBP Hedged 54.06 - 0.23 0.00 Corporate Bond Inc F 91.45 - -0.07 3.25 International 5.4270 - 0.0230 0.36
NAV 519.49 - 1.16 0.00 Mir. - Eq Asia ex Jap A $ 227.60 - -0.62 0.00
Invesco Global Absolute Return Fund A Class 11.34 - 0.03 0.00
North American 21.3700 - 0.1500 0.00
Asset Management
Ashmore SICAV Emerging Market Total Return Fund $ 91.19 - -0.55 5.69 CF Heartwood Growth MA B Acc X 172.14 - 0.26 0.53 American Fund GBP Unhedged 75.28 - 0.50 0.00 Distribution Acc F 119.52 - -0.14 4.37 Mir.- EqEurope ExUK Sm&Mid 152.97 - 0.26 0.00
Invesco Global Bond A Inc $ 5.74 - -0.01 0.62
Ashmore SICAV Global Small Cap Equity Fund $ 159.63
EM Mkts Corp.Debt USD F $ 99.68
-
-
0.47 0.00
-0.27 7.55
CF Heartwood Income MA B Inc X
CF Heartwood Income Plus MA B Inc X
113.35
118.39
-
-
-0.03 3.29
0.15 3.85 Equinox Fund Mgmt (Guernsey) Limited
Regulated
(GSY)
Latin American Fund USD Class
Latin American Fund GBP Unhedged 13.59
$ 17.85 -
-
-0.25 0.72
-0.16 0.38
Distribution Inc F
Emerging European Acc F
64.19
55.24
-
-
-0.07 4.47
0.08 1.91
Asset Management
Invesco Global Conservative Fund 90 (EUR) A 11.50 - 0.01 0.00
Sterling Bond
UK
1.5450
7.6830
-
-
-0.0030 2.91
0.0460 0.86
Mir. - Eq Glb Emrg Mkt A USD
Mir. - Eq Global Focus A USD
Asset Management $ 119.84
$ 112.57
-
-
-0.47 0.00
0.17 0.00
Invesco Global Equity Income Fund A $ 70.14 - 0.32 0.00
CF Seneca Diversified Growth A Acc 266.26 - -0.19 2.01 Lloyds Gilt Fund Limited
EM Mkts Loc.Ccy Bd USD F $ 88.43 - -0.76 3.93 Equinox Russian Opportunities Fund Limited $ 184.12 - 15.99 0.00 Emerging European Inc F 48.45 - 0.07 1.93 Mir. - EqPanEuropeSm&Mid 136.84 - 0.21 0.00
Invesco Global Inc Real Estate Sec A dist $ 9.49 - -0.04 1.98 Lloyds Gilt Fund Quarterly Share 1.3100 - -0.0030 1.56
EM Short Duration Fund Acc USD $ 133.96 - -0.13 0.00 CF Seneca Diversified Growth B Acc 159.40 - -0.11 2.56 European Equity Acc F 1189.98 - 4.75 1.36 Mir. - Eq Spain A 28.53 - 0.37 0.00
The First Investor QSCC Invesco Global Inv Grd Corp Bond A Dist $ 12.45 - -0.03 2.79
CF Seneca Diversified Growth N Acc 157.13 - -0.11 2.35 Monthly Share 1.2580 - -0.0030 1.56
5th Floor, Barwa Bank Building, Grand Hamad Street European Equity Inc F 976.83 - 3.90 1.38 Mir. - Eq Swiss Sm/Mid A SFr 454.34 - 0.07 0.00
Euronova Asset Management UK LLP (CYM) Invesco Global Leisure A $ 49.97 - 0.50 0.00 Lloyds Money Fund Limited
CF Seneca Diversified Income A Inc 95.87 - -0.07 4.74 , P.O. Box 16034, Doha, State of Qatar European Equity Income Acc F 99.78 - 0.49 2.93 Mir. - Glb High Yield Bds A $ 123.25 - -0.01 -
Regulated + 974 4459 6111 Invesco Global Smaller Comp Eq Fd A $ 75.37 - 0.30 0.00 Sterling Class 52.5440 - 0.0000 -0.20
CF Seneca Diversified Income B Inc 114.84 - -0.08 4.73 European Equity Income Inc F 72.06 - 0.35 3.00 Mir. - Glb Eq High Income A USD $ 109.63 - 0.11 0.00
Smaller Cos Cls One Shares 44.10 - 0.63 0.00 http://www.tfi.com.qa/ Invesco Global Structured Equity A $ 49.61 - 0.14 0.77 Lloyds Multi Strategy Fund Limited
CF Seneca Diversified Income N Inc 113.31 - -0.08 4.73 European High Income Acc F 101.52 - 0.19 3.30 Mir. - Glb Strat. Bd A USD $ 113.96 - -0.08 0.00
Smaller Cos Cls Two Shares 29.89 - 0.38 0.00 Other International Funds Invesco Global Total Ret.(EUR) Bond Fund A 13.74 - -0.03 0.00 Conservative Strategy 1.2300 - 0.0000 0.86
Investment Adviser - Morant Wright Management Limited European High Income Inc F 68.57 - 0.13 3.37
Smaller Cos Cls Three Shares 15.05 - 0.19 0.00 TFI GCC Equity Opportunities Fund (Q)QAR 1280.10 - 0.04 0.00 Growth Strategy 1.7700 - 0.0040 0.67 Mir. - US Shrt Term Credit Fd $ 104.27 - -0.03 0.00
Invesco Gold & Precious Metals A $ 5.49 - -0.08 0.00
CF Morant Wright Japan A Acc X 389.88 - 4.90 0.00
Smaller Cos Cls Four Shares 19.32 - 0.24 0.00 European Opportunities Inc F 103.04 - 0.58 1.41 Aggressive Strategy 2.3540 - 0.0100 0.00
Invesco Greater China Equity A $ 62.06 - -0.07 0.00
CF Morant Wright Japan A Inc X 381.71 - 4.80 0.44
European Opportunities Acc F 108.25 - 0.60 1.39 Global USD Growth Strategy $ 1.5980 - 0.0010 0.00
Aspect Capital Ltd (UK) CF Morant Wright Japan B Acc X 418.67 - 5.27 0.93 Foord Asset Management Invesco India Equity A $ 69.12 - 0.65 0.00
Website: www.foord.com - Email: info@foord.com European Smlr Cos Acc F 258.64 - 1.17 0.17 Dealing Daily
Other International Funds Invesco Japanese Equity Adv Fd A 4512.00 - 44.00 0.00
CF Morant Wright Japan B Inc X 387.95 - 4.88 0.94
FCA Recognised - Luxembourg UCITS Global Bond Acc F 137.43 - -0.05 1.12
Aspect Diversified USD $ 384.07 - -1.63 0.00 Invesco Japanese Value Eq Fd A 1535.00 - 17.00 0.00
CF Morant Wright Nippon Yield A Acc X 407.78 - 4.83 1.86 Foord International Fund | R $ 40.02 - 0.05 - Global Bond Inc F 88.68 - -0.04 1.13
Aspect Diversified EUR 224.97 - -1.01 0.00 CF Morant Wright Nippon Yield A Inc X 340.13 - 4.03 1.91
Invesco Latin American Equity A $ 7.80 - -0.10 0.00 Lothbury Property Trust (UK)
Foord Global Equity Fund (Lux) | R $ 12.88 - 0.02 - Glbl Distribution Acc 61.41 - 0.06 3.12 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Aspect Diversified GBP 117.70 - -0.46 0.00 Invesco Nippon Small/Mid Cap Equity A 1521.00 - 15.00 0.00
CF Morant Wright Nippon Yield B Acc X 426.71 - 5.06 1.85 Regulated Glbl Distribution Inc 53.99 - 0.04 3.13 Property & Other UK Unit Trusts
Aspect Diversified CHF SFr 106.08 - -0.49 0.00 Invesco Pan European Equity A EUR Cap NAV 20.65 - 0.03 0.00
CF Morant Wright Nippon Yield B Inc X 356.02 - 4.23 1.91 Foord Global Equity Fund (Sing) | B $ 15.48 - 0.02 0.00 Lothbury Property Trust GBP 1869.58 2015.11 9.70 3.17 Morgan Stanley Investment Funds (LUX)
Global Emerging Markets Acc F 356.63 - -0.66 0.54
Aspect Diversified Trends USD $ 110.52 - -0.65 0.00 Invesco Pan European High Income Fd A 14.59 - -0.02 2.31 6b Route de Trves L-2633 Senningerberg Luxembourg (352) 34 64 61
Eurobank Fund Management Company (Luxembourg) S.A. Foord International Trust (Gsy) $ 39.71 - 0.05 0.00 Global Emerging Markets Inc F 317.78 - -0.59 0.54
Aspect Diversified Trends EUR 107.81 - -0.65 0.00 Invesco Pan European Small Cap Equity A 24.88 - -0.02 0.00 www.morganstanleyinvestmentfunds.com
Regulated
Aspect Diversified Trends GBP 114.28 - -0.69 0.00
Cedar Rock Capital Limited (IRL) Global Equity (acc) F 646.49 - 3.57 0.90
Invesco Pan European Structured Equity A 18.84 - 0.03 0.00 FCA Recognised
Regulated (LF) Absolute Return 1.35 - 0.00 0.00
Franklin Templeton International Services Sarl (IRL) Global Equity (inc) F 574.69 - 3.18 0.91 US Advantage A F $ 70.77 - 0.06 0.00
Invesco Real Return (EUR) Bond Fund A 15.86 - 0.01 -
Cedar Rock Capital Fd Plc $ 444.31 - 2.15 1.30 (LF) Eq Emerging Europe 0.88 - 0.00 0.00 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland Global Equity Income Acc F 160.26 - 0.75 2.98 Asian Equity A F $ 51.49 - -0.04 0.00
Invesco UK Eqty Income A 33.47 - -0.09 0.00
Atlantas Sicav (LUX) Cedar Rock Capital Fd Plc 522.50 - -16.22 1.36 (LF) Eq Mena Fund 12.78 - 0.15 0.00 Other International Funds
Global Equity Income Inc F 121.74 - 0.57 3.06 Asian Property A F $ 19.60 - -0.06 0.00
Regulated Franklin Emerging Market Debt Opportunities Fund Plc Invesco UK Investment Grade Bond A 1.05 - 0.00 1.90
Cedar Rock Capital Fd Plc 389.52 - 2.41 1.46 (LF) Greek Government Bond 23.55 - -0.23 0.00
Gbl Financial Capital Acc 102.68 - 0.00 4.18 Diversified Alpha Plus A F 27.50 27.50 0.16 0.00
American Dynamic $ 4236.05 - -27.17 0.00 Franklin Emg Mkts Debt Opp CHFSFr 17.73 - 0.16 7.94 Invesco US Structured Equity A $ 25.54 - -0.01 0.00
(LF) Greek Corporate Bond 13.92 - -0.04 0.00
Gbl Financial Capital Inc 80.41 - 0.00 4.33 Emerg Europ, Mid-East & Africa Eq A F 77.39 - -0.56 0.00
American One $ 3973.54 - -32.44 0.00 Franklin Emg Mkts Debt Opp GBP 11.14 - 0.19 6.29 Invesco US Value Eq Fd A $ 39.09 - 0.27 0.00 M & G Securities (1200)F (UK)
(LF) FOF Dynamic Fixed Inc 12.12 - 0.02 0.00
Bond Global 1406.95 - 12.07 0.00
Charles Schwab Worldwide Funds Plc (IRL)
Franklin Emg Mkts Debt Opp SGD S$ 23.63 - 0.30 4.52
Global Opportunities Acc F 138.77 - 0.43 0.27
Invesco USD Reserve A $ 87.66 - 0.01 0.00 PO Box 9039, Chelmsford, CM99 2XG
Emerging Markets Debt A F $ 89.13 - -0.01 0.00
Regulated (LF) FOF Real Estate 15.96 - -0.05 0.00
Global Smaller Cos Acc F 2434.79 - 18.33 0.02 www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 Emerging Markets Domestic Debt AX F 12.71 12.71 -0.07 4.83
Eurocroissance 976.30 - 4.59 0.00 Franklin Emg Mkts Debt Opp USD $ 18.28 - 0.23 5.83
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.09 Global Smaller Cos Inc F 2320.68 - 17.48 0.02 Authorised Inv Funds Emerging Markets Equity A F $ 43.37 43.37 -0.21 0.00
Far East $ 900.29 - -13.35 0.00
Global Targeted Rets Acc 58.62 - -0.07 0.99 Invesco Global Asset Management Ltd (IRL) Charifund Inc 1588.69 - -0.48 4.60 Euro Bond A F 16.24 16.24 -0.04 0.00
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
High Income Acc F 875.27 - -2.37 3.30 Charifund Acc 23742.64 - -7.24 4.46 Euro Corporate Bond AX F 27.55 27.55 -0.08 1.33
Chartered Asset Management Pte Ltd FCA Recognised
Bank of America Cap Mgmt (Ireland) Ltd (IRL) Other International Funds High Income Inc F 452.64 - -1.23 3.39 M&G Corporate Bond A Acc 69.17 - -0.05 2.58 Euro Strategic Bond A F 46.23 46.23 -0.10 0.00
Invesco Stlg Bd A QD F 2.69 - -0.01 3.44
Regulated CAM-GTF Limited $ 307672.65 307672.65 892.56 0.00 M&G Corporate Bond A Inc 41.17 - -0.03 3.74
High Yield Fund Acc 121.10 - -0.06 5.68 Invesco Asian Equity A $ 8.61 - -0.02 0.23 European Currencies High Yield Bd A F 24.64 24.64 0.00 0.00
Global Liquidity USD $ 1.00 - 0.00 0.61
CAM GTi Limited $ 707.69 - 16.64 0.00 High Yield Fund Inc 43.76 - -0.02 5.88 M&G Dividend A Inc 63.20 - 0.09 4.66 European Equity Alpha A F 45.30 - 0.22 0.00
Invesco ASEAN Equity A $ 100.08 - -0.80 0.12
Raffles-Asia Investment Company $ 1.64 1.64 0.00 1.87 Hong Kong & China Acc F 705.51 - 0.84 0.45 M&G Dividend A Acc 695.11 - 0.98 2.90 European Property A F 34.24 34.24 -0.20 0.00
FIL Investment Services (UK) Limited (1200)F (UK) Invesco Bond A $ 28.04 - -0.02 2.03
Barclays Investment Funds (CI) Ltd (JER) 130, Tonbridge Rd, Tonbridge TN11 9DZ Fundsmith LLP (1200)F (UK) Income & Growth Acc F 1068.96 - -0.19 3.53 Invesco Continental Eurp Small Cap Eqty A $ 289.48 - 0.58 0.00
M&G Episode Income A Acc 163.44xd - 0.09 2.16 Eurozone Equity Alpha A F 13.03 13.03 0.06 0.00
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Callfree: Private Clients 0800 414161 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 M&G Episode Income A Inc 127.26xd - 0.06 3.50
Income & Growth Inc F 430.47 - -0.07 3.63 Invesco Emerging Markets Equity A $ 46.96 - -0.13 0.00 Global Bond A F $ 41.74 41.74 -0.33 0.00
FCA Recognised Broker Dealings: 0800 414 181 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Income Acc F 3346.64 - -9.13 3.15 M&G Episode Growth A Inc 60.44 - 0.09 2.32 Global Brands A F $ 118.55 - -0.55 0.00
Bond Funds Authorised Inv Funds Invesco Emerging Markets Bond A $ 22.53 - -0.06 4.87
OEIC Funds
Income Inc F 1773.76 - -4.83 3.23 M&G Global Basics A Inc 862.56xd - 1.16 1.83 Global Convertible Bond A F $ 44.88 - 0.00 0.00
Sterling Bond F 0.47 - 0.00 2.70 Allocator World Fund N-ACC-GBP 1.58 - 0.01 0.86 Fundsmith Equity T Acc 335.12 - 0.38 0.73 Invesco Continental European Equity A 9.59 - 0.02 1.00
Japan Acc F 412.66 - 4.99 0.60 M&G Global Basics A Acc 1340.92xd - 1.79 0.31 Global Property A F $ 29.29 - -0.21 0.00
American Fund W-ACC-GBP 36.45 - 0.11 0.12 Fundsmith Equity T Inc 311.35 - 0.35 0.73 Invesco Gilt A 15.82 - -0.03 0.99
Japanese Smlr Cos Acc F 120.04 - 1.59 0.00 M&G Global Dividend Fund A Acc 269.51 - 0.59 1.32 Indian Equity A F $ 45.09 - -0.76 0.00
American Special Sits W-ACC-GBP 14.19 - 0.06 0.69 Invesco Global Small Cap Equity A NAV $ 154.53 - 1.08 0.00
Baring Asset Management (UK)
M&G Global Dividend Fund A Inc 200.85 - 0.44 2.88
Latin America Acc F 154.47 - -1.91 0.73 Invesco Global High Income A NAV $ 12.52 - -0.01 6.29 Latin American Equity A F $ 57.60 - -0.77 0.00
Authorised Funds Cheyne Capital Management (UK) LLP (IRL) Asia Pacific Ops W-Acc 1.67 - 0.00 0.97
GAM Latin America Inc F 126.31 - -1.57 0.73 M&G Glbl Emrgng Mkts A Acc 273.19 - -1.47 0.76 Short Maturity Euro Bond A F 20.42 20.42 0.02 0.00
UK Authorised Unit Trust Regulated Invesco Gbl R/Est Secs A GBP F F 9.10 - -0.06 0.87
Cash Fund Y-Acc-GBP 1.00 - 0.00 0.08 funds@gam.com, www.jbfundnet.com
Baring Eastern Trust GBP Acc 1007.00 - -6.00 0.00 Managed Growth Acc F 215.94 - 0.61 0.63 M&G Glbl Emrgng Mkts A Inc 257.38 - -1.39 1.53 US Dollar Liquidity A F $ 13.10 - 0.00 0.00
Cheyne Convertibles Absolute Return Fund (D) 1432.75 - -0.78 0.00 Cash Fund Y-Inc-GBP 1.00 - 0.00 0.18 Regulated Invesco Global Health Care A $ 130.20 - 0.71 0.00
Baring Eastern Trust GBP Inc 987.90 - -5.80 0.00 Managed Growth Inc F 177.59 - 0.51 0.63 M&G Global High Yield Bond A Inc 51.46 - -0.01 4.64 US Growth A F $ 88.16 - 0.18 0.00
Cheyne Global Credit Fund (D) 125.58 - 0.09 0.00 Asian Dividend Fund W-ACC-GBP 1.61 - 0.01 1.87 LAPIS TOP 25 DIV.YLD-D 109.29 - 0.18 - Invesco Global Select Equity A $ 15.66 - 0.08 0.46
Baring Europe Select Trust GBP Inc 3935.00 - 28.00 0.10 Managed Income Acc F 196.20 - 0.32 2.46 M&G Global High Yield Bond A Acc 131.05 - -0.02 3.24 US Growth AH F 59.49 59.49 0.11 0.00
Cheyne European Mid Cap Fund (W) 1051.06 - 3.80 0.00 Invesco Jap Eqty Core A $ 21.22 - 0.24 0.12
Friday 29 September 2017 FINANCIAL TIMES 27

MANAGED FUNDS SERVICE

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

US Growth AX F 65.86 65.86 0.36 0.00 Odey European Inc EUR 363.47 - -14.54 0.00 Pictet-ST.MoneyMkt-ICHF SFr 122.43 - 0.00 0.00 Income Acc 1517.07 1566.29 -5.93 3.46 TM New Court Fund - A 2014 Acc 14.59 - 0.00 0.00 Data Provided by
US Property A F $ 70.39 - -0.53 0.00 Odey European Inc GBP A 144.70 - -5.68 0.00 Pictet-ST.MoneyMkt-IUSD $ 137.86 - 0.01 0.00 Multi Asset Enhanced Growth Acc 155.27 - -0.01 0.39 TM New Court Equity Growth Fund - Inc 15.07 - 0.01 0.02
Rubrics Global UCITS Funds Plc (IRL) Value Partners Hong Kong Limited (IRL)
Odey European Inc GBP B 82.02 - -3.22 0.00 Pictet-Timber-I USD F $ 187.77 - 1.08 0.00 Multi Asset Strategic Growth inc 169.49 - -0.03 1.41 www.rubricsam.com www.valuepartners-group.com, fis@vp.com.hk
Odey European Inc USD $ 172.05 - -6.80 0.00 Pictet Total Ret-Agora I EUR 121.40 - 0.46 0.00 Multi Asset Strategic Growth acc 184.59 - -0.04 1.40 Regulated Regulated
Morgens Waterfall Vintiadis.co Inc
Giano Capital EUR Inc 4195.77 - 217.74 0.00 Pictet Total Ret-Corto Europe I EUR 143.09 - 0.04 0.00 Multi Asset Total Return inc 130.10 - -0.05 1.92 Rubrics Emerging Markets Fixed Income UCITS Fund $ 135.87 - -0.29 0.00 Value Partners Asia Dividend Stocks Fund A USD $ 10.52 - -0.04 0.00
Other International Funds
Phaeton Intl (BVI) Ltd (Est) $ 423.03 - 0.14 0.00 Pictet Total Ret-Divers Alpha I EUR 110.63 - 0.16 0.00 Multi Asset Total Return acc 147.84 - -0.06 1.76 Rubrics Global Credit UCITS Fund $ 15.70 - 0.00 0.00 Value Partners Classic Equity Fund USD Z Unhedged $ 14.09 - -0.05 0.00

Pictet Total Ret-Kosmos I EUR 110.13 - 0.13 0.00 Recovery Inc 482.63 500.39 1.36 2.27 Rubrics Global Fixed Income UCITS Fund $ 162.48 - -0.26 0.00 Value Partners Classic Equity Fund CHF HedgedSFr 14.14 - -0.06 0.00
Odey Asset Management LLP (IRL)
Pictet Total Ret-Mandarin I USD $ 150.54 - 1.09 0.00 Recovery Acc 601.57 622.93 1.60 2.23 Q Rubrics India Fixed Income UCITS Fund $ 11.48 - -0.05 0.00 Value Partners Classic Equity Fund EUR Hedged 14.38 - -0.06 0.00
FCA Recognised
Odey Pan European EUR R 307.49 - 0.73 0.00 Pictet-US Equity Selection-I USD $ 218.70 - 2.30 0.00 Strategic Bond I-Class Acc 141.41 142.03 -0.08 3.37 Rubrics India Fixed Income UCITS Fund $ 98.05 - -0.45 0.00 Value Partners Classic Equity Fund GBP Hedged 14.89 - -0.07 0.00 www.morningstar.co.uk
Odey Allegra International EUR O 161.58 - 0.19 0.00 Pictet-US High Yield-I USD F $ 165.74 - 0.59 0.00 Strategic Bond I-Class Inc 116.96 117.58 -0.06 3.44 Toscafund Asset Management LLP (UK) Value Partners Classic Equity Fund GBP Unhedged 17.36 - -0.05 0.00 Data as shown is for information purposes only. No
www.toscafund.com offer is made by Morningstar or this publication.
Odey Allegra Developed Markets USD I $ 154.39 - 1.39 0.00 Pictet-USA Index-I USD F $ 226.35 - 0.92 0.00 Value Partners Classic Equity USD Hedged $ 17.52 - -0.07 0.00
Schroder Property Managers (Jersey) Ltd Authorised Funds
Odey European Focus Fund 19.20 - 0.07 0.00 Pictet-USD Government Bonds-I F $ 653.91 - -3.10 0.00 Other International Funds Value Partners Global Emerging Market Bond Fund $ 10.32 - 0.07 -
Aptus Global Financials B Acc 4.22 - 0.04 4.75
Odey Giano European Fund EUR R 111.97 - 1.35 0.00 Pictet-USD Short Mid-Term Bonds-I F $ 132.13 - -0.06 0.00 Indirect Real Estate SIRE 136.47 142.73 0.23 2.79 Value Partners Global Emerging Market Equity Fund $ 9.99 - -0.02 -
Aptus Global Financials B Inc 3.36 - 0.03 4.97
Natixis International Funds (LUX) I SICAV (LUX) Odey Odyssey USD I $ 101.11 - -0.68 0.00 Pictet-USD Sov.ST.Mon.Mkt-I $ 104.09 - 0.00 0.00 Value Partners Greater China Equity Fund $ 10.96 - 0.04 0.00
FCA Recognised
Odey Swan Fund EUR I 43.25 - -0.33 0.00 Pictet-Water-I EUR F 328.59 - 0.55 0.00 Value Partners Health Care Fund RMB Class Z UnhedgedCNH 11.58 - 0.05 0.00
ASG Managed Futures Fund I/A (USD) $ 99.02 99.02 0.10 0.00 Scottish Friendly Asset Managers Ltd (UK)
Toscafund Asset Management LLP
Odey Absolute Return Focus Fund $ 93.04 - 8.35 0.00 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 10.86 - 0.02 0.00
Guide to Data
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 www.toscafund.com
Harris Global Equity Fund R/A (USD) $ 318.58 318.58 2.26 0.00
Authorised Inv Funds Value Partners Health Care Fund USD Class A Unhedged $ 10.86 - 0.02 0.00
Platinum Capital Management Ltd Other International Funds
Loomis Sayles Global Growth Equity Fund I/A (USD) $ 123.88 123.88 0.38 0.00 Robeco Asset Management (LUX) Managed Growth 277.90 - 1.10 0.00 Tosca A USD $ 351.72 - 7.46 -
Other International Funds
Loomis Sayles U.S. Growth Equity Fund I/A (USD) $ 125.34 125.34 0.66 0.00 Odey Wealth Management (CI) Ltd (IRL) Weena 850, 3014 DA Rotterdam, The Netherlands
UK Growth 302.20 - 1.30 0.00
www.odey.com/prices Platinum All Star Fund - A (Est) $ 128.86 - - - www.robeco.com/contact Tosca Mid Cap GBP 302.21 - -0.75 - Waverton Investment Funds Plc (1600)F (IRL) The fund prices quoted on these pages are supplied by
FCA Recognised Tosca Opportunity B USD $ 433.84 - -8.54 - waverton.investments@citi.com the operator of the relevant fund. Details of funds
Platinum Global Dividend Fund - A $ 47.48 - - - FCA Recognised
published on these pages, including prices, are for the
Natixis International Funds (UK) Odey Opportunity EUR I 236.31 - 1.36 0.00 Platinum Maverick Enhanced Fund Limited $ 92.58 - - 0.00 Asia-Pacific Equities (EUR) 156.16 - 0.29 0.00 SIA (SIA Funds AG) (CH) Pegasus Fund Ltd A-1 GBP 68.21 - -3.48 0.00 FCA Recognised
purpose of information only and should only be used
Authorised Funds Waverton Asia Pacific A USD $ 23.37 - 0.01 0.75 as a guide. The Financial Times Limited makes no
BP US Premium Equities (EUR) 220.58 - 1.30 0.00 Other International Fds
H2O MultiReturns Fund N/A (GBP) 1.53 - 0.00 0.00 Waverton Global Equity Fund A GBP 18.67 - 0.07 0.17 representation as to their accuracy or completeness
BP US Premium Equities (USD) $ 252.83 - 1.58 0.00 LTIF Stability Growth SFr 217.20 - 0.70 -
Loomis Sayles U.S. Equity Leaders N/A (GBP) 2.20 - 0.01 0.00 Omnia Fund Ltd and they should not be relied upon when making an
Chinese Equities (EUR) 95.33 - 0.48 0.00 LTIF Stability Inc Plus SFr 183.10 - 0.60 0.23 Waverton Global Strategic Bond Fund A USD $ 8.69 - 0.00 4.83 investment decision.
Other International Funds
Em Stars Equities (EUR) 215.17 - 0.53 0.00 Waverton UK Fund A GBP 13.69 - -0.02 1.79
Estimated NAV $ 933.27 - 0.28 0.00 The sale of interests in the funds listed on these pages
NatWest (2230)F (UK) Emerging Markets Equities (EUR) 186.79 - -0.03 0.00 Waverton Equity Fund A GBP 18.19 - -0.02 0.16 may, in certain jurisdictions, be restricted by law and
Slater Investments Ltd (UK)
PO Box 23873, Edinburgh EH7 5WJ** Waverton Sterling Bond Fund A GBP 9.61 - -0.02 4.70 the funds will not necessarily be available to persons
Glob.Consumer Trends Equities (EUR) 181.42 - 1.27 0.00 www.slaterinvestments.com; Tel: 0207 220 9460
Enquiries: 0800 085 5588 in all jurisdictions in which the publication circulates.
High Yield Bonds (EUR) 145.82 - 0.01 0.00 FCA Recognised Persons in any doubt should take appropriate
Authorised Inv Funds
Series 1(Minimum initial investment 16375,000) Polar Capital Funds Plc (IRL) New World Financials (EUR) 63.08 - 0.63 0.00 Slater Growth 475.96 503.33 2.14 0.00 TreeTop Asset Management S.A. (LUX)
WA Fixed Income Fund Plc (IRL)
professional advice. Data collated by Morningstar. For
Regulated Regulated other queries contact reader.enquiries@ft.com +44
Global Spec Inv Grade Bd Fund GBP 9.75 - 0.00 2.66 Slater Income A Inc 160.99 160.99 -0.01 0.00 Regulated
TreeTop Convertible Sicav (0)207 873 4211.
Asian Financials I USD $ 371.55 371.55 -1.32 0.71 Slater Recovery 215.75 228.91 1.41 0.00
Series 2 (Investment Management customers only) European Multi-Sector 120.83 - -0.37 3.91
Biotechnology I USD $ 21.79 21.79 0.27 0.00 Royal Bank of Scotland (2230)F (UK) International A 315.85 - 0.23 0.00 The fund prices published in this edition along with
UK Specialist Equity Inc 21.36 - -0.12 0.49 Slater Artorius 184.10 184.10 1.50 0.36
PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 International B $ 418.79 - 0.22 0.00 additional information are also available on the
Optima Fund Management European Income Acc EUR 12.45 12.45 0.03 0.00
Global Spec Inv Grade Bd Fund GBP 9.97 - 0.00 2.66 Authorised Inv Funds Financial Times website, www.ft.com/funds. The
Other International Funds European Ex UK Inc EUR Acc 11.25 11.25 0.02 0.00 International C 132.62 - 0.09 2.64 Yapi Kredi Asset Management (TUR)
funds published on these pages are grouped together
The initial charge you will pay will depend on the amount you invest Series 5 (Minumum Initial Investment 75,000) www.yapikrediportfoy.com.tr Tel: + 90 (212) 385 48 48
Cuttyhunk Fund II Limited $ 1627.53 - -42.06 0.00 Standard Life Wealth (JER) International D 276.89 - 0.20 2.55 by fund management company.
**Address and Telephone number for series 1 only Financial Opps I USD $ 13.98 - 0.11 1.89 Global Spec Inv Grade Bd Fund GBP 9.59 - 0.00 2.66 Other International Funds
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
JENOP Global Healthcare Fund Ltd $ 15.01 - -0.10 0.00 TreeTop Global Sicav
GEM Growth I USD $ 10.77 - -0.07 0.00 Series 6 (Investment Management Customers Only) FCA Recognised Eurobond Fund TRY 0.100902 - -0.851939 - Prices are in pence unless otherwise indicated. The
Global Opp.A 170.07 - 1.50 0.00 change, if shown, is the change on the previously
OPTIKA Fund Limited - Cl A $ 118.05 - -0.51 0.00 GEM Income I USD $ 11.84 - -0.10 0.00 US Spec Equity Fund 26.95 - 0.13 0.26 Standard Life Offshore Strategy Fund Limited Koc Affiliate and Equity Fund TRY 0.932133 - -0.020708 -
Global Opp.B $ 176.27 - 1.36 0.00 quoted figure (not all funds update prices daily). Those
Optima Fd NAV $ 95.58 - -0.07 0.00 Global Alpha I USD $ 15.44 15.44 0.10 0.00 Global Spec Inv Grade Bd Fund GBP 9.95 - 0.00 2.66 Bridge Fund 1.8673 - 0.0058 1.78 DPM Bonds and Bills Fund (FX) $ 1.055056 - 0.102215 - designated $ with no prefix refer to US dollars. Yield
Global Opp.C 240.41 - 2.37 0.00 percentage figures (in Tuesday to Saturday papers)
Optima Discretionary Macro Fund Limited $ 84.35 - 0.23 0.00 Global Convertible I USD $ 12.20 12.20 0.01 0.00 Address and telephone number for Series 5 only Global Equity Fund 2.3405 - 0.0132 0.50
Sequoia Equity A 160.92 - 0.41 0.00 allow for buying expenses. Prices of certain older
The Dorset Energy Fd Ltd NAV $ 22.05 - 2.37 0.00 Global Insurance I GBP 5.80 - 0.05 0.00 Global Fixed Interest Fund 1.0262 - -0.0023 3.89 insurance linked plans might be subject to capital
Sequoia Equity B $ 175.50 - 0.11 0.00 gains tax on sales.
Platinum Fd Ltd $ 107.78 - 0.65 0.00 Global Technology I USD $ 35.84 - 0.57 0.00 Royal London Unit Managers Ltd. (1200) F (UK) Income Fund 0.5592 - 0.0005 3.23
Sequoia Equity C 208.27 - 0.64 2.78
Platinum Fd Ltd EUR 20.19 - 0.11 0.00 Healthcare Blue Chip Fund I USD Acc $ 11.71 11.71 -0.02 0.00 5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Sterling Fixed Interest Fund 0.8798 - -0.0017 3.42
Guide to pricing of Authorised Investment Funds:
New Capital UCITS Funds PLC (IRL)
Platinum Japan Fd Ltd $ 66.52 - 1.04 0.00 Authorised Inv Funds UK Equity Fund 2.1429 - -0.0011 3.00 (compiled with the assistance of the IMA. The
Healthcare Opps I USD $ 41.37 - 0.18 0.00
Leconfield House, Curzon Street, London, W1J 5JB Royal London Sustainable Diversified A Inc 1.83 - 0.00 1.36 Investment Management Association, 65 Kingsway,
www.newcapitalfunds.com Optima Partners Global Fd $ 16.57 - 0.05 0.00 Income Opportunities B2 I GBP Acc 2.20 2.20 0.01 0.00 London WC2B 6TD.
Royal London Sustainable World A Inc 219.80 - 0.70 0.57
FCA Recognised Optima Partners Focus Fund A $ 17.13 - 0.05 0.00 Japan Alpha I JPY 241.60 241.60 1.80 0.00 Tel: +44 (0)20 7831 0898.)
New Capital Asia Pacific Bond Fund - USD Ord Inc. $ 95.51 - -0.40 3.16 Royal London Corporate Bond Mth Income 93.04 94.46 -0.18 3.93 Yuki International Limited (IRL)
Japan I JPY 2429.89 - 28.23 0.00
Royal London European Growth Trust 144.70 146.90 0.70 0.32 OEIC: Open-Ended Investment Company. Similar to a
New Capital Asia Pacific Equity Income Fund - USD Ord Inc. $ 107.18 - 0.37 3.49 Tel +44-20-7269-0207 www.yukifunds.com
North American I USD $ 22.60 22.60 0.21 0.00 unit trust but using a company rather than a trust
Oryx International Growth Fund Ltd Royal London Sustainable Leaders A Inc 539.00 - 1.40 1.22 Regulated
New Capital Dynamic European Equity Fund - EUR Ord Inc. 185.31 - 0.71 2.28 structure.
Other International Funds UK Absolute Equity I GBP 18.58 18.58 0.00 0.00 Yuki Mizuho Umbrella Fund
New Capital China Equity Fund - USD Ord Acc. $ 167.15 - 2.86 0.00 Royal London UK Growth Trust 550.30 558.70 1.20 1.53
NAV (Fully Diluted) 8.72 - 0.00 0.00 UK Val Opp I GBP Acc 11.20 11.20 0.05 - Yuki Mizuho Japan Dynamic Growth 9127.00 - 125.00 0.00 Different share classes are issued to reflect a different
Royal London UK Income With Growth Trust 228.20 231.70 -0.60 4.38
Troy Asset Mgt (1200) (UK)
New Capital Global Value Credit Fund - USD Ord Acc. $ 183.69 - -0.24 0.00 currency, charging structure or type of holder.
40 Dukes Place, London EC3A 7NH Yuki Japan Low Price 44612.00 - 549.00 0.00
New Capital Global Equity Conviction Fund - USD Ord Acc. $ 112.31 - 0.46 0.00 Royal London US Growth Trust 211.40 214.60 2.40 0.00 Stenham Asset Management Inc Order Desk and Enquiries: 0345 608 0950
Polar Capital LLP (CYM) www.stenhamassetmanagement.com Yuki Japan Value Select 19219.00 - 263.00 0.00 Selling price: Also called bid price. The price at which
Additional Funds Available Authorised Inv Funds
New Capital Strategic Portfolio UCITS Fund - USD Inst Acc. $ 112.80 - 0.55 0.00 Yuki Asia Umbrella Fund units in a unit trust are sold by investors.
Regulated Please see www.royallondon.com for details Other International Funds ACD Capita Financial Mgrs
New Capital Wealthy Nations Bond Fund - USD Inst Inc. $ 119.99 - -0.29 3.81 European Conviction A EUR 147.49 - -3.89 0.00 Stenham Credit Opportunities A Class USD $ 110.92 - 0.39 0.00 Yuki Japan Rebounding Growth Fund JPY Class 34546.00 - 670.00 0.00
Trojan Investment Funds Buying price: Also called offer price. The price at
New Capital Swiss Select Equity Fund - CHF Ord Acc.SFr 149.44 - 0.71 0.00 European Forager A EUR 181.71 - -1.51 0.00 Stenham Equity UCITS USD $ 170.95 - 0.92 0.00 Yuki Japan Rebounding Growth Fund USD Hedged Class $ 1343.90 - 26.48 0.00 which units in a unit trust are bought by investors.
Spectrum Fund O Acc 208.89 - -0.22 0.53
New Capital US Growth Fund - USD Ord Acc. $ 246.66 - 2.63 0.00 Ruffer LLP (1000)F (UK) Includes managers initial charge.
40 Dukes Place, London EC3A 7NH Stenham Growth USD $ 219.49 - 3.59 - Spectrum Fund O Inc 201.55 - -0.21 0.53
New Capital All Weather UCITS Fund - EUR Inst Acc. 101.79 - -0.08 - Order Desk and Enquiries: 0345 601 9610 Stenham Healthcare USD $ 199.88 - 7.36 0.00 Single price: Based on a mid-market valuation of the
Private Fund Mgrs (Guernsey) Ltd (GSY) Spectrum Income Fund O Acc 113.96 - -0.06 2.84 Zadig Gestion (Memnon Fund) (LUX)
New Capital Dynamic UK Equity Fund - GBP Inst Acc. 107.71 - 0.14 - Pictet Asset Management (Europe) SA (LUX) Authorised Inv Funds
underlying investments. The buying and selling price
Regulated Stenham Managed Fund USD $ 117.62 - 1.68 0.00 Spectrum Income Fund O Inc 106.85 - -0.05 2.93 FCA Recognised for shares of an OEIC and units of a single priced unit
15, Avenue J.F. Kennedy L-1855 Luxembourg Authorised Corporate Director - Capita Financial Managers
New Capital US Small Cap Growth Fund - USD Inst Acc $ 118.63 - 2.84 - Monument Growth 19/09/2017 506.83 512.47 -2.23 1.57 Stenham Quadrant USD A $ 419.56 - 4.67 - Memnon European Fund I GBP 167.57 - 0.59 0.00 trust are the same.
Tel: 0041 58 323 3000 Trojan Ethical Income O Acc 115.58 - -0.27 2.95
New Capital Global Alpha Fund - USD Ord Inc $ 104.73 - -0.06 - CF Ruffer Investment Funds
FCA Recognised Stenham Trading Inc USD $ 120.89 - 1.35 - Trojan Ethical Income O Inc 110.39 - -0.27 3.08 Treatment of managers periodic capital charge:
CF Ruffer European C Acc 572.00 - 3.47 0.31
Pictet-Absl Rtn Fix Inc-HI EUR 108.87 - 0.05 0.00 Stenham Universal USD $ 446.98 - 4.14 - The letter C denotes that the trust deducts all or part
Pictet-Asian Equities Ex Japan-I USD F $ 287.98 - -1.75 0.00
Prusik Investment Management LLP
Enquiries - 0207 493 1331
(IRL) CF Ruffer European C Inc
CF Ruffer European O Acc
105.51
563.23
-
-
0.63
3.38 0.00
-
Stenham Universal II USD $ 164.14 - 1.45 0.00
Trojan Fund O Acc
Trojan Fund O Inc
300.48
247.34
-
-
-0.42 0.36
-0.34 0.36
Money Market of the managers/operators periodic charge from
capital, contact the manager/operator for full details
Pictet-Asian Local Currency Debt-I USD F $ 164.46 - -1.08 0.00 Regulated of the effect of this course of action.
Pictet-Biotech-I USD F $ 837.60 - 6.46 0.00 Prusik Asian Equity Income B Dist $ 203.24 - -0.50 3.30
CF Ruffer Equity & General C Acc 442.41 - 3.00 0.04
Trojan Global Equity O Acc
Trojan Global Equity O Inc
288.09
241.45
-
-
0.64 0.69
0.54 0.69
Trusts and Exit Charges: The letter E denotes that an exit charge
CF Ruffer Equity & General C Inc 407.87 - 2.75 0.04
Pictet-CHF Bonds I CHF SFr 507.65 - -0.70 0.00 Prusik Asia A $ 244.59 - -1.18 0.00
Bank Accounts
Trojan Global Income O Acc 102.75 - -0.23 - may be made when you sell units, contact the
CF Ruffer Equity & General O Acc 435.66 - 2.92 0.00 manager/operator for full details.
Pictet-China Index I USD $ 150.45 - 1.80 0.00 Prusik Asian Smaller Cos A $ 164.18 - 0.25 0.00
Trojan Global Income O Inc 100.50 - -0.22 - Gross
CF Ruffer Equity & General O Inc 404.21 - 2.71 0.00
Pictet-Clean Energy-I USD F $ 97.01 - 0.43 0.00 Gross Net AER Int Cr Time: Some funds give information about the timing of
Northwest Investment Management (HK) Ltd Trojan Income O Acc 317.46 - -1.01 3.78
CF Ruffer Gold C Acc 148.15 - -0.64 0.59 price quotes. The time shown alongside the fund
Pictet-Digital-I USD F $ 363.62 - 2.79 0.00
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373 Purisima Investment Fds (UK) (1200)F (UK)
CF Ruffer Gold C Inc 89.66 - -0.39 -
Trojan Income O Inc 186.21 - -0.59 3.90 managers/operators name is the valuation point for
Other International Funds Pictet-Em Lcl Ccy Dbt-I USD F $ 180.66 - -2.17 0.00 40 Dukes Place, London EC3A 7NH CCLA Investment Management Ltd their unit trusts/OEICs, unless another time is
CF Ruffer Gold O Acc 145.83 - -0.64 0.35 E.I. Sturdza Strategic Management Limited (GSY) Senator House 85 Queen Victoria Street, London EC4V 4ET
Northwest China Opps $ Class $ 3110.53 - 66.43 0.00 Pictet-Emerging Europe-I EUR F 391.53 - -3.02 0.00 Order Desk and Enquiries: 0345 922 0044 indicated by the symbol alongside the individual unit
Authorised Inv Funds CF Ruffer Japanese C Inc 105.48 - 0.11 - Regulated UBS Asset Management (UK) CBF Church of England Deposit Fund 0.25 - 0.25 Qtr trust/OEIC name.
Northwest $ Class $ 2389.27 - 19.26 0.00 Pictet-Emerging Markets-I USD F $ 645.24 - -4.77 0.00
Authorised Corporate Director - Capita Financial Managers CF Ruffer Japanese C Acc 224.45 - 0.23 0.25 Nippon Growth Fund Limited 104401.00 - 2915.00 0.00 5 Broadgate, London, EC2M 2QS
Pictet-Emerging Markets Index-I USD F $ 290.63 - -0.41 0.00 The symbols are as follows: 0001 to 1100 hours;
Global Total Fd PCG A 231.38 - 1.18 0.59 Strat Evarich Japan Fd Ltd JPY 89300.00 - 898.00 0.00 Client Services 0800 358 3012, Client Dealing 0800 358 3012
Pictet-Emerging Corporate Bonds I USD $ 124.89 - -0.20 0.00
CF Ruffer Japanese O Acc X 220.73 - 0.21 0.00 CCLA Fund Managers Ltd 1101 to 1400 hours; 1401 to 1700 hours; # 1701 to
www.ubs.com/retailfunds
Global Total Fd PCG B 229.30 - 1.17 0.39 CF Ruffer Pacific C Acc 364.54 - -4.64 0.96 Strat Evarich Japan Fd Ltd USD $ 877.37 - 9.12 0.00 Senator House 85 Queen Victoria Street, London EC4V 4ET midnight. Daily dealing prices are set on the basis of
Pictet-Emerging Markets High Dividend I USD $ 120.79 - -0.83 0.00 Authorised Inv Funds the valuation point, a short period of time may elapse
Global Total Fd PCG INT 226.32 - 1.15 0.19 COIF Charities Deposit Fund 0.18 - 0.18 Qtr
CF Ruffer Pacific C Inc 102.50 - -1.31 - OEIC before prices become available. Historic pricing: The
Pictet-Emerging Markets Sust Eq I USD $ 107.38 - -0.10 0.00
CF Ruffer Pacific O Acc 358.65 - -4.58 0.65 UBS Global Emerging Markets Equity C Acc 0.76 - 0.00 1.28 letter H denotes that the managers/operators will
Pictet-EUR Bonds-I F 581.88 - -2.17 0.00 E.I. Sturdza Funds PLC (IRL)
normally deal on the price set at the most recent
Purisima Investment Fds (CI) Ltd (JER) CF Ruffer Total Return C Acc 433.68 - 0.67 1.60 Regulated UBS Global Optimal C Acc 0.94 - 0.00 0.91 valuation. The prices shown are the latest available
Pictet-EUR Corporate Bonds Ex Fin i EUR 150.73 - -0.27 0.00
Regulated CF Ruffer Total Return C Inc 291.75 - 0.45 1.62 Nippon Growth (UCITS) Fd - B 90365.00 - -26.00 0.00 UBS UK Opportunities C Acc 0.86 - 0.00 2.67 before publication and may not be the current dealing
Pictet-EUR Corporate Bonds-I F 211.21 - -0.29 0.00 levels because of an intervening portfolio revaluation
PCG B X 200.55 - -0.53 0.00 CF Ruffer Total Return O Acc 427.04 - 0.64 1.60 Nippon Growth (UCITS) Fd - D Inst 59074.00 - -17.00 0.00 UBS US Equity C Acc 1.15 - 0.02 0.37
Oasis Crescent Management Company Ltd Pictet-EUR Government Bonds I EUR 161.69 - -0.42 0.00 or a switch to a forward pricing basis. The
Other International Funds PCG C X 197.15 - -0.52 0.00 CF Ruffer Total Return O Inc 287.13 - 0.42 1.62 Strategic China Panda Fd - USD $ 3424.58 - 59.44 0.00 UBS S&P 500 Index C Acc 0.76 - 0.00 1.52 managers/operators must deal at a forward price on
Pictet-EUR High Yield-I F 272.64 - 0.09 0.00
Oasis Crescent Equity Fund R 10.21 - -0.04 0.00 Strategic China Panda Fd - USD Inst $ 1328.42 - 23.46 0.00 request, and may move to forward pricing at any time.
UBS Targeted Return C Acc 13.53 - 0.01 1.17
Pictet-EUR Short Mid-Term Bonds-I F 137.61 - -0.01 0.00 Forward pricing: The letter F denotes that that
Strategic Euro Bond Fd - Acc 1132.12 - -0.06 0.00 UBS Sterling Corporate Bond Indexed C Acc 0.60 - 0.00 2.86 managers/operators deal at the price to be set at the
Pictet-EUR Short Term HY I EUR 127.18 - 0.01 0.00 Putnam Investments (Ireland) Ltd (IRL) S W Mitchell Capital LLP (IRL)
Strategic Euro Bond Fd - Dist 1009.48 - -0.05 1.28 UBS Multi Asset Income C Inc Net 0.49 - 0.00 3.94 next valuation.
Oasis Global Mgmt Co (Ireland) Ltd (IRL) Regulated Regulated
Pictet-EUR Sov.Sht.Mon.Mkt EUR I 101.91 - 0.00 0.00
Regulated Putnam New Flag Euro High Yield Plc - E 1033.50 - 0.24 3.35 SWMC European Fund B EUR 16893.37 - 121.38 0.00 Strategic Euro Bond Fd - EUR Inst 1015.13 - -0.04 0.00 UBS UK Equity Income C Inc Net 0.71 - 0.00 3.38 Investors can be given no definite price in advance of
Pictet-Euroland Index IS EUR 155.03 - 1.23 0.00

Asset Management
Oasis Global Investment (Ireland) Plc Strategic Europe Value Fd - EUR 214.29 - 0.08 0.00 UBS Corporate Bond UK Plus C Inc Net 0.53 - 0.00 4.16 the purchase or sale being carried out. The prices
Pictet-Europe Index-I EUR F 189.53 - 0.74 0.00 SWMC UK Fund B 14642.44 - 30.75 0.00

Asset Management
appearing in the newspaper are the most recent
Oasis Crescent Global Short Term Income Fund $
Oasis Global Equity $ 29.26
0.99 -
-
0.00 1.53
-0.01 0.26
Pictet-European Equity Selection-I EUR F 748.19 - 3.17 0.00 SWMC Small Cap European Fund B EUR 14719.26
SWMC Emerging European Fund B EUR 11539.06
-
-
62.69 0.00
-71.87 0.00
Strategic Europe Value Fd - EUR Inst 189.06
Strategic Europe Value Fd - EUR Inst Dist 101.86
-
-
0.08 0.00
0.04 0.00
Asset Management
UBS Global Allocation (UK) C Acc
UBS Global Enhanced Equity Income C Inc
0.78
0.46
-
-
0.00 1.59
0.00 7.20
provided by the managers/operators. Scheme
particulars, prospectus, key features and reports: The
Oasis Crescent Global Investment Fund (Ireland) plc Pictet-European Sust Eq-I EUR F 264.85 - 0.76 0.00 most recent particulars and documents may be
Strategic Europe Value Fd - Euro R Class 100.43 - 0.04 0.00 UBS US Growth C Acc 1.14 - 0.01 0.00 obtained free of charge from fund
Oasis Crescent Global Equity Fund $ 30.03 - 0.00 0.14 Pictet-Global Bds Fundamental I USD $ 125.99 - -0.64 0.00
Strategic European Smaller Companies Fd - EUR 1361.17 - -1.26 0.00 UBS Emerging Markets Equity Income C Inc 0.51 - -0.01 3.38 managers/operators. * Indicates funds which do not
Oasis Crescent Variable Balanced Fund 10.34 - 0.00 0.00 Pictet-Global Bonds-I EUR 166.83 - -0.38 0.00 price on Fridays.
Strategic Global Bond Fd - RMB $ 1080.65 - -4.64 0.00 UBS FTSE RAFI Dev 1000 Index J Acc 140.11 - 0.76 2.31
OasisCresGl Income Class A $ 10.81 - -0.01 2.60 Pictet-Global Defensive Equities I USD $ 165.60 - -0.28 0.00
Strategic Global Bond Fd - USD $ 1059.91 - -3.81 0.00 UBS MSCI World Min Vol Index J Acc 145.54 - 0.12 2.02 Charges for this advertising service are based on the
OasisCresGl LowBal D ($) Dist $ 12.15 - -0.02 0.00 Pictet-Global Emerging Currencies-I USD F $ 106.85 - -0.31 0.00
Ram Active Investments SA Strategic Global Quality Fd - USD $ 121.29 - -0.28 0.00
number of lines published and the classification of the
OasisCresGl Med Eq Bal A ($) Dist $ 12.67 - -0.02 0.30 Pictet-Global Emerging Debt-I USD F $ 409.06 - -0.34 0.00 www.ram-ai.com fund. Please contact data@ft.com or
Other International Funds Strategic Global Quality Fd - USD Inst $ 131.10 - -0.30 0.00 call +44 (0)20 7873 3132 for further information.
Oasis Crescent Gbl Property Eqty $ 9.68 - -0.07 1.74 Pictet-Global Env.Opport-I EUR 194.35 - 0.89 0.00 Unicapital Investments (LUX)
RAM Systematic Emerg Markets Core Eq $ 101.79 - 0.27 - Strategic Quality Emerging Bond Fd - EUR Inst 1041.87 - -2.54 0.00 Regulated
Pictet-Global Megatrend Selection-I USD F $ 275.80 - 0.90 0.00
RAM Systematic Emerg Markets Eq $ 178.48 - 0.06 -
RobecoSAM (LUX) Strategic Quality Emerging Bond Fd - USD $ 1067.87 - -2.47 0.00 Investments IV - European Private Eq. 167.37 - 3.28 17.92
Pictet-Greater China-I USD F $ 613.78 - -3.10 0.00 Tel. +41 44 653 10 10 http://www.robecosam.com/
RAM Systematic European Eq 443.28 - 1.82 - Strategic US Momentum and Value Fd - USD Class $ 810.75 - 4.05 0.00 Investments IV - Global Private Eq. 232.07 - -5.90 8.40
Pictet-Health-I USD $ 283.78 - 0.55 0.00 Regulated
RAM Systematic Global Shareholder Yield Eq $ 124.17 - 0.67 0.00 Strategic US Momentum and Value Fd - USD Inst $ 543.54 - 2.72 0.00
Pictet-High Dividend Sel I EUR F 167.61 - 0.47 0.00 RobecoSAM Sm.Energy/A 16.52 - 0.23 1.32
RAM Systematic Long/Short Emerg Markets Eq $ 119.19 - 0.51 - RobecoSAM Sm.Energy/N 14.70 - 0.21 0.00
Pictet-India Index I USD $ 115.99 - -2.19 0.00 Unicorn Asset Management Ltd (UK)
Pictet-Indian Equities-I USD F $ 568.96 - 4.28 0.00 RAM Systematic Long/Short European Eq 152.68 - 0.10 - RobecoSAM Sm.Materials/A 197.33 - 1.59 1.11 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
RAM Systematic North American Eq $ 289.82 - 2.35 - RobecoSAM Sm.Materials/N 199.33 - 1.72 0.00 Authorised Inv Funds
Pictet-Japan Index-I JPY F 17829.24 - 108.45 0.00
RAM Tactical Convertibles Europe 151.31 - 0.32 - UK Growth A Inc 575.78 - 2.55 0.62
Odey Asset Management LLP (UK) Pictet-Japanese Equities Opp-I JPY F 11319.39 - 98.72 0.00 RobecoSAM Sm.Materials/Na 135.65 - 1.17 1.18
40 Dukes Place, London, EC3A 7NH RAM Tactical Global Bond Total Return 145.59 - -0.21 - Mastertrust A Inc X F 491.13 - 1.26 0.24
Pictet-Japanese Equity Selection-I JPY F 16147.73 - 171.46 0.00 RobecoSAM Gl.Small Cap Eq/A 110.24 - 0.70 1.02
Order Desk and Enquiries: 0345 300 2106 UK Growth B Inc 580.62 - 2.56 1.15
Pictet-LATAM Lc Ccy Dbt-I USD F $ 142.49 - -1.52 0.00 RAM Tactical II Asia Bond Total Return $ 140.83 - -0.12 - RobecoSAM Gl.Small Cap Eq/N 192.25 - 1.34 0.00
Authorised Corporate Director - Capita Financial Managers
Mastertrust B Inc X F 442.67 - 1.14 0.80
Authorised Inv Funds Pictet-Multi Asset Global Opportunities-I EUR 121.14 - 0.18 0.00 RobecoSAM Sustainable Gl.Eq/B 207.53 - 1.29 0.00
Superfund Asset Management GmbH Outstanding British Cos A Acc X F 290.45 - 0.77 0.23
CF Odey Continental European GBP R Acc 965.71 - 3.79 0.61 Pictet-Nutrition-I EUR 208.33 - 0.13 0.00 Rathbone Unit Trust Mgmt (1200)F (UK) RobecoSAM Sustainable Gl.Eq/N 181.35 - 1.13 0.00 www.superfund.com, +43 (1) 247 00
Outstanding British Cos B Acc X F 307.42 - 0.82 0.88
CF Odey Opus GBP R Inc 3949.92 - 8.06 0.00 Pictet-Pacific Ex Japan Index-I USD F $ 417.08 - 0.21 0.00 PO Box 9948, Chelmsford, CM99 2AG RobecoSAM S.HealthyLiv/B 182.78 - 0.73 0.00 Regulated
Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Superfund Green EUR SICAV 857.62 - 0.41 0.00 UK Smaller Cos A Inc X F 554.48 - 2.51 0.99
CF Odey Absolute Return GBP R 286.95 - 0.73 0.00 Pictet-Premium Brands-I EUR F 162.24 - 0.49 0.00 RobecoSAM S.HealthyLiv/N 172.63 - 0.71 0.00
Authorised Inv Funds Superfund Red EUR SICAV 807.86 - 5.08 0.00 UK Smaller Cos B Inc X F 544.89 - 2.46 1.56
CF Odey Portfolio Fund GBP R Inc 147.83 - 0.66 0.00 Pictet-Russia Index I USD $ 69.96 - 0.02 0.00 RobecoSAM S.HealthyLiv/Na 130.55 - 0.46 1.00
Blue Chip Income Inc 155.74 160.92 -0.25 3.88 UK Income A Acc X F 311.64 - 0.84 3.54
Pictet-Russian Equities-I USD F $ 73.47 - -0.29 0.00 RobecoSAM S.Water/A 235.41 - 0.64 1.36 Superfund Blue EUR 802.70 - 0.07 0.00
Blue Chip Income Acc 250.74 258.69 -0.40 3.75 UK Income A Inc X F 259.68 - 0.70 3.63
Pictet-Security-I USD F $ 240.28 - 1.09 0.00 RobecoSAM S.Water/N 198.95 - 0.66 0.00
Odey Asset Management LLP (CYM) Ethical Bond Inc 95.74 97.60 -0.09 4.48 UK Income B Acc X F 335.53 - 0.92 3.52
Regulated Pictet-Select-Callisto I EUR 104.86 - -0.10 0.00 Thesis Unit Trust Management Limited (UK)
Ethical Bond Acc 195.82 199.13 -0.18 4.36 UK Income B Inc X F 279.72 - 0.76 3.61
OEI Mac Inc GBP A 157.56 - -7.53 0.00 Pictet-Small Cap Europe-I EUR F 1334.03 - 5.78 0.00 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Global Opportunities Acc 188.43 194.12 0.91 0.00
OEI Mac Inc GBP B 91.65 - -6.42 0.00 Authorised Funds
Pictet-ST.MoneyMkt-I 139.66 - 0.00 0.00
Income Inc 927.52 959.08 -3.63 3.48 TM New Court Fund A 2011 Inc 14.56 - 0.01 0.00
OEI MAC Inc USD $ 833.54 - -40.29 0.00 Pictet-ST.MoneyMkt JPY I USD 101180.61 - -1.85 0.00

Morningstar Fund Ratings

EAA Fund Asia ex Japan Equity
Name ISIN Currency NAV Total Ret Total Ret Total Ret 12 Month Ongoing Fund Size Morningstar Morningstar Morningstar Morningstar Morningstar Analyst
1Yr 3Yr 5Yr Yield Charge Rating TM Sustainability Rating TM Analyst Rating TM Analyst Rating Date/Time*

BlackRock Asia Special Situations D Acc GB00BJGZZ065 Pound Sterling 1.86 15.62 19.00 - 0.74 0.99 162,917,579 QQQQQ Neutral 10/07/2017 05:00 Germaine Share

Fidelity Asia A Acc GB0003879185 Pound Sterling 12.54 17.31 18.00 12.89 0.38 1.72 2,543,336,279 QQQQ 06/09/2017 07:32 Mark Laidlaw

Fidelity Emerging Asia W-Acc-GBP LU1033662591 Pound Sterling 1.78 16.17 17.00 13.48 0.00 1.10 753,682,290 QQQQ 06/09/2017 07:58 Mark Laidlaw

Schroder Asian Alpha Plus A Acc GB00B284G093 Pound Sterling 1.37 21.24 16.00 11.97 0.28 1.70 671,311,425 QQQ 30/08/2016 11:00 Lena Tsymbaluk

Investec Asia ex Japan A Acc Net GB0031141913 Pound Sterling 6.07 21.75 15.00 13.30 0.72 1.71 232,103,959 QQQQ Under Review 06/09/2017 05:30 Lena Tsymbaluk

Schroder Asian Growth SGD SG9999000327 Singapore 3.60 28.31 15.00 13.16 3.31 - 949,909,189 QQQQQ 31/07/2017 05:00 Germaine Share
Dollar
BlackRock Asia D Acc GBP GB00B7VS8S56 Pound Sterling 1.65 14.94 14.00 - 0.79 0.98 93,556,771 QQQ 06/07/2017 05:00 Germaine Share

Schroder ISF Emerg Asia C LU0181496059 US Dollar 40.52 23.23 12.00 9.91 0.00 1.33 1,683,468,751 QQQQQ 04/08/2017 05:00 Germaine Share

Schroder ISF Asian Opp A Inc LU0048388663 US Dollar 15.77 27.12 11.00 9.47 1.30 1.87 5,652,582,835 QQQQQ 09/08/2017 05:10 Germaine Share

BGF Asian Growth Leaders A2RF USD LU0821914370 US Dollar 19.32 18.45 11.00 - 0.00 1.84 3,562,365,357 QQQQQ Neutral 10/07/2017 05:00 Germaine Share

MSCI Benchmark 21.37 7.24 7.63 Date/Time of ratings is Universal Co-ordinated Time (UTC). Sorted by Annualised 3yr Total Return of NAV (highest to lowest).
Morningstar Category Benchmark 20.09 7.22 7.82 For important information about Morningstar Analyst Rating please go to: http://global.morningstar.com/managerdisclosures
28 FINANCIAL TIMES Friday 29 September 2017

MARKETS & INVESTING

Equities
Equities

Emerging market stocks

tear up the history books
Emerging market equities
have had a strong year,
rallying 25.3 per cent in
2017. With the dollar down
9.4 per cent in trade-
weighted terms, it has
been a textbook play
EM equities generally
outperform whenever the
greenback is declining.
Yet that is where the
textbook move ends. Look
deeper, and the behaviour
of EM equities has been
anything but normal,
judged by the yardstick of
history.
During the four previous
bouts of dollar weakness
February 2002-March
2008, March 2009-
December 2009, June
2010-July 2011 and
January 2016-August 2016
EM-listed value stocks
comfortably outperformed
growth ones.
Indeed, over these four
periods, the correlation
between the trade-
weighted dollar and the
ratio of the performance of
EM growth stocks to value
ones was 85 per cent,
according to calculations
by Geoff Dennis, head of
global EM equity strategy
at UBS.
Yet since the dollar
began its latest sell-off in
November last year, the
exact opposite has
happened: value stocks
have underperformed
growth ones so badly that
the correlation has been
minus 89 per cent,
according to Mr Dennis.
This aberration is also
visible at the sector level.
Historically, energy and
materials stocks have
strongly outperformed the
MSCI EM index as a whole
during periods of dollar
weakness, while tech
stocks have markedly
underperformed.
This time around, tech
has been the strongest
performing sector and
energy the worst
performer.
Mr Dennis believes the
odd patterns are a result of
structural changes in some
of the key EM sectors.
Emerging market tech
stocks have been bolstered
by the rapid advance of
Chinese internet stocks
such as Alibaba and
Tencent. At the same time,
EM oil and gas companies
have been hurt by the
impact of US shale
production on global
prices.
Richard Titherington,
chief investment officer for
EM and Asia Pacific
equities at JPMorgan,
agrees with this prognosis.
He argues that the
traditional pattern
whereby a weaker dollar
meant higher oil prices in
Divergent fortunes
Emerging market growth stocks outperform value
even as the dollar falls
MSCI EM growth relative to value
Dollar trade weighted index
2002 04 06 08
Rebased values
Source: Thomson Reuters Datastream
dollar terms has broken
down, depressing the
energy sector as a result of
the development of shale
resources and longer-term
oil concerns such as the
emergence of electric
vehicles.
In the four previous
dollar-down periods
identified by Mr Dennis,
the median gain for Brent
crude prices was 71 per
cent. This time around it
has risen only 2 per cent,
and that was only thanks
to a September rally.
However, a modest pick-
up in economic growth in
EMs and corporate profits
is bolstering growth stocks,
such as the tech
companies, which often
underperform when the
dollar is weak.
Sean Taylor, global head
of emerging market
equities at Deutsche Asset
Management, suggests that
country-specific factors
have also played a role.
Russia, which has a high
weighting of energy and
materials companies and a
-89%
The correlation between
growth stocks and value
stocks, which have
underperformed badly
paucity of IT stocks, has
suffered a 7.2 per cent slide
in its Micex index this year,
largely for geopolitical
reasons. In contrast,
markets such as South
Korea and China, which
have lots of heavyweight
IT stocks but are less
reliant on energy and
materials, have enjoyed
better backdrops. Chinas
economy has performed
better than many expected
this year, prompting a re-
rating of China-focused
stocks and pushing up
Hong Kongs Hang Seng
index by 25.6 per cent.
Mr Taylor sees scope for
the broader IT sector to be
powered higher by Chinese
internet stocks, which he
sees achieving annual
revenue growth of 20-25
per cent over the next five
years. Mr Titherington also
expects the good times to
roll on for a while longer.
But one thing that does
concern Mr Titherington is
the sense of complacency
given potential shocks
ranging from a recovery in
the dollar to all-out war
between the US and North
Korea. Steve Johnson
110
100
90
80
70
60
10 12 14 16 17
Taiwan suppliers suffer iPhone blow
Fear of weak demand and
delays to new models hit
Apple component makers
EDWARD WHITE TAIPEI
ALICE WOODHOUSE HONG KONG
Shares in Taiwans Apple suppliers have
taken a hit from worse than expected
sales forecasts for the iPhone 8 and pro-
duction issues associated with the
upcoming iPhone X.
While the iPhone X is expected to sell
well, a production constraint related to
the phones facial recognition function
specifically the challenge of producing in
vast numbers the optics used for face-
recognition sensors has put a question
markovernear-termshipments.
This has hit the Taiwan companies
making those components specifi-
cally, lens makers according to ana-
lysts. Meanwhile, Taiwan groups that
Hopes pinned on tax cuts to shape final quarter
US tech shares have become
very crowded in the absence
of Washington reforms
NICOLE BULLOCK, JOE RENNISON AND
MILES JOHNSON
As the final quarter of the year beckons,
US stocks sit in record territory and
market volatility remains subdued.
Having navigated months of political
turbulence in Washington and drawn
strength from the global economic
upswing, equities will begin the fourth
quarter with the agenda dominated by
the chance of major corporate tax cuts
that helped galvanise the market when
Donald Trump won the White House.
The Russell 2000 index of small compa-
nies, which are seen as big beneficiaries
oftaxcuts,hasoutperformedthismonth.
Tax reform, one of the pillars of Mr
Trumps agenda, has come back to the
fore with this weeks unveiling of a
framework to reduce the official cor-
porate tax rate to 20 per cent from 35
per cent. The Russell, in turn, has
gained nearly 6 per cent versus the 1.4
per cent gain for the S&P 500.
What we are seeing now is the poten-
tial environment that people were pre-
pared for and equity markets had accel-
erated to in January that reflationary
trade, says Michael Underhill, chief
investment officer at Capital Innova-
tions. But I do not think you see a wildly
speculative flow. It will be more steady
and constant.
A failure to pass tax reform will leave
investors looking to other factors to
shape the final quarter of a year which
has seen the S&P 500 climb almost 12
per cent. These include corporate earn-
ings growth, the outlook for technology
shares, Federal Reserve policy and esca-
lation in rhetoric between the US and
North Korea.
Given that Congress and the Trump
administration have failed to repeal
Obamacare this year, some investors are
not raising their hopes for tax cuts. Bob
Browne, chief investment officer at
Northern Trust Asset Management,
calls tax reform almost a free option for
the market at this point. Instead, his
focus is on the synchronised global
growth that he believes has been a key
driver of the rally.
We continue to focus on the global
growth story, he says. That fundamen-
tal underpinning is what allows the mar-
ket to ignore noise coming out of Wash-
ington and geopolitical risk overseas.
And, in the absence of tax cuts, that
should underpin a rotation to cyclical
sectors that benefit from a stronger
are more exposed to the iPhone 8 are their shares have been hit hard since
$10.9bn weighed on the Taiwan dollar, Mr Gao
hurt by the expectation the crowds will Apple launched the phones. said. The currency has weakened 1.4 per
avoid this handset in favour of the X. While Yuanta remains very optimis- Drop in equity value cent against the greenback since the
of two key Apple
The events show how enmeshed the tic about demand for the iPhone X, suppliers since the launch to trade at NT$30.40 yesterday,
Taiwan shares market is with the per- uneven production quality flow for the new iPhones were its lowest point since late July.
formance of Apple. About one-third of miniature camera lenses used by the announced Foreign investors offloaded $68.1m of
the market value of Taiex listed groups phones sensors has hurt output, it says. Taiwan shares on Wednesday, bringing
are comprised of companies that supply Yuanta analyst Jeff Pu said the produc- $68.1 m total stock outflows from the Taiwan
the tech giant, according to Yuanta tion problems for this component would Value of Taiwan Stock Exchange in September to
Securities, a brokerage. result in a 5-10 per cent cut to planned shares that foreign $1.94bn, according to Scotiabank.
The share price drops of just two such iPhoneXvolumesinthenearterm. investors offloaded Yuanta forecasts manufacturers will
suppliers, Hon Hai Precision, which Apple declined to comment. on Wednesday ship 49m iPhone 8 units in 2017
assembles most iPhones in giant facto- This view has hit the share prices of including the larger plus models com-
ries in China, and TSMC, a key Apple Taiwanese companies that supply the pared with 80m of the two iPhone 7
chip supplier, has seen $10.9bn of equity components used for the technology, models shipped in 2016.
value vanish since the new iPhones were including packaging supplier Xintec and Raymond Yeung, ANZs greater China
announced on September 12. The two lens makers Genius Electronic Optical chief economist, did not want to com-
are the largest companies by market andLarganPrecision. ment on specific share prices but said
capitalisation on the Taiwan exchange. Since the iPhone launch event, there Apples performance could be a leading
Metal casing supplier Catcher Tech- have been persistent equity outflows indicator for the health of the econo-
nology, and Pegatron, another iPhone from Taiwan as the devices delayed mies of Taiwan and China. The whole
assembler, are particularly involved in availability could hurt holiday-quarter export story in north Asia, except Japan,
the iPhone 8, according to Sam Kao, a sales, said Scotiabank foreign exchange is tied to the Apple supply chain and
researcher at Taipei-based Yuanta, and strategist Qi Gao. The outflows have smartphone supply chain.
Analysis. Equities
Tech stocks have soared but
many still trade at a discount
to the wider market
Free cash flow yields (%)
Apple Google
Microsoft Facebook
S&P 500 Amazon 15
ex-financials
10
5
0
2012 13 14 15 16 17
Most widely held groups
among those reporting
equity plans
Rank
Q2 2016 Q2 2017
Microsoft 1 1 Microsoft
Alphabet 2 2 Alphabet
Apple 3 3 Apple
6 Facebook
9 Amazon
Facebook 10
Amazon 18
Sources: Bloomberg; eVestment
The surge in economy, investors are left with a mar- technology stocks just before the burst- That heightens the risk for tech
Amazon and ket whose performance this year largely ing of the dotcom bubble, held 33.4 per shares, as well as the credit market,
other large US reflects a surge in technology shares. cent of his family offices long equity should bond yields extend their recent
technology The S&P 500 info tech sector is up by exposure in just four stocks at the end of rise. After threatening to dip below 2 per
stocks reflects about a quarter. the second quarter: Microsoft, Facebook, cent at the start of September, 10-year
their growth It is a showing that has led some bank Alphabet and Amazon, according to US Treasury yields are closing the quarter
prospects in analysts and mutual fund managers to regulatoryfilings. above 2.30 per cent after more hawkish
contrast to a worrythatlargeUStechnologystocksare While shares in the FAAMGs have comments from Fed policymakers
sluggish becoming a dangerously crowded trade. risen sharply this year, not all of them raised expectations of a December rate
economy Consensus opinion appears to believe appear expensive relative to the wider rise. Tax cuts would likely fuel an
Joseph Nair/AP
the so-called FAAMG shares a Wall S&P 500, with some actually still trading upward move in yields.
Street acronym standing for Facebook, at a discount to it. Alphabet trades on a Some credit managers are concerned
Apple, Amazon, Microsoft and Google trailing free cash flow yield in line with that the bond market still does not
(Alphabet) are risky bets. All are up the S&P excluding financial stocks of reflect the true risk of rising rates. The
by at least 18 per cent year to date, with around 4 per cent, while Apple and market is priced for what we have seen
Facebook surging by 44 per cent. Microsoft offer a significantly higher 6 already this year, not for what the Fed is
Indeed, in June Goldman Sachs ana- and 5.5 per cent respectively. Only Face- telling us, says Henry Peabody at Eaton
lysts noted how this outperformance book and Amazon trade at significant Vance. There is a great deal of risk in
[of FAAMGs] has created positioning premiums to the market on this basis. rates and in long only credit as well. Peo-
extremes, factor crowding and difficult- The rationale for owning tech compa- ple are not prepared for it.
to-decipher risk narratives. nies reflects their robust growth pros- For much of the year investors wrote
But, as some voice anxiety about high- pects and generation of huge cash flows, offtheprospectofWashingtondelivering
flying tech stocks, well-followed inves- in contrast to a sluggish economy. A sus- tax reform, including significant cuts in
tors continue to hold large amounts in tained period of low government bond the corporate tax rate. If they manage to,
their portfolios. Stanley Druckenmiller, yields has led some to dub this the Tina it could yet shape the final chapter of a
the former number two of George Soros trade or there is no alternative as yearthathasbeendefinedbytechstocks.
who was famously burnt by going long investors push the tech sector higher. See Editorial Comment

Capital markets

European Parliament seeks to extend regulatory powers over clearing houses

PHILIP STAFFORD
The European Parliament wants to
toughen existing plans that give regula-
tors more power over clearing houses,
ensuring the institutions and the banks
that use them shoulder the financial
burden if they run into trouble.
The MEPs propose that a failing clear-
ing house would first have to raise its
reserve financial buffers and then force
customers to raise emergency cash if
needed.
When push comes to shove, losses
are to be borne by the sector to the full-
est extent possible, with clearing houses
first on the line, clearing members sec-
ond and clients third in order to protect
taxpayers, said Jakob von Weizscker, a
co-author of a report on the subject for
the parliament.
The role of clearing houses, including
the London Stock Exchange Groups
LCH, the USs Intercontinental
Exchange and CME Group have grown
since the financial crisis. To safeguard
the financial system, regulators have
sought to ensure that more derivative
deals are processed through clearing
houses which sit between counterpar-
ties and ensure trades are completed
even if one side defaults on payment.
They handle billions of securities and
derivatives markets deals each day, and
are now seen as institutions that are too
big to fail.
Mr von Weizscker and Kay Swin-
burne, co-authors of a draft report pub-
lished late on Wednesday, argue for a
more prescriptive plan that gives insti-
tutions little scope to deviate from in the
event of a crisis. The parliament would
be tougher than the proposals set out by
the European Commission last Novem-
ber, said Mr von Weizscker.
The parliament, commission and
national governments will early next
year begin discussing proposals to allow
regulators and central banks to safely
wind down clearing houses.
However, the authors of the report are
in disagreement over several issues
relating to clearing houses. These
include whether to create a single Euro-
pean authority to oversee how to handle
the failure of a clearing house, and the
establishment of another, pre-paid,
reserve fund that would be held by the
clearing house. It could be used for
emergency funds in stressed markets.
Ms Swinburne is against both meas-
ures, and yesterday was backed by
Patrick Pearson, head of market infra-
structure at the European Commission.
He told a conference that clearing
houses and the banks that make up
Failing clearing houses would first most of its members already had to pay
have to raise buffers, MEPs propose into their own resolution funds.
Adding a third fund-type element on
top of that is probably rather dispropor-
tionate, he said.
Alongside a clearing house raising its
financial buffers and users contributing
emergency funds, a third layer of
defence would allow authorities to seize
the margin that customers use to back
their derivatives deals. The Financial
Stability Board, a group of policymakers
and regulators, has described these as
last resort tools.
We tried to be more prescriptive
than the FSB in some areas, said
Ms Swinburne, who acknowledged
she had modified her stance to reach
agreement.
Friday 29 September 2017 FINANCIAL TIMES 29

MARKETS & INVESTING

Global overview
TRADING POST Markets update
Michael
Hunter
Equities rally pauses as investors S&P 500 index
Change on day 0.01%

think through Trump tax reforms

Ageing bulls could have more energy
left than you might think. Thats the
message from Royal London Asset
Management in its autumn strategy
update.
Entitled Bull Markets Dont Die of
Old Age, it points out that there are
few signs of the imbalances that
usually signal more bearish conditions.
In particular, it cites a lack of
excessive levels of growth, valuation
and leverage. We are overweight
stocks and looking to buy dips rather
than sell rallies, says the fund
managers Trevor Greetham.
At some point a sustained rise in
inflation will trigger a concerted effort
by central banks to tighten monetary
policy, but were not there yet. Wage
pressures remain muted and a
slowdown in China is likely to keep
commodity prices under control.
Royal Londons interpretation of
previous stampedes is also supportive.
Some market commentators are
alarmed every time stocks reach new
highs but this betrays a lack of
historical perspective, adds Mr
Greetham.
That seems also to apply to Wall
Street, after the recent spate of
records for its big-name indices. Very
long run data show US stock returns
with dividends reinvested averaging
about 7 per cent a year in real
terms . . . most of the last eight years
has been spent below the previous
high water mark [for returns].
Royal London also notes two-way
risks for sterling as Brexit talks
continue, saying low-risk investors
should aim for high sterling exposure.
michael.hunter@ft.com
Wall Streets run higher
S&P 500
2600
2400
2200
2000
1800
Jan 2016 2017 Sep
Source: Thomson Reuters Datastream
Expectations of tariff cuts
remain chief focus, while
oil resumes its downward
path and bonds come
under pressure
DAVE SHELLOCK
US stocks paused for breath after reach-
ing record levels and the dollar gave
back some of its recent gains, as the
markets enthusiastic response to the
Trump administrations tax reform
framework appeared to falter.
However, the sell-off in medium- to
longer-term Treasuries continued, tak-
ing the yield on the 10-year note to
within a whisker of 2.36 per cent, the
highest since mid-July.
Brent oil extended the retreat of the
previous two sessions although trading
was choppy, while gold edged higher
after touching its lowest level since
August 16 and base metals were mostly
firmer.
But the chief focus in the markets
remained the expectations for tax cuts,
which together with a more hawkish
message from the Federal Reserve over
the past week, had supported the dollar
and weighed on Treasuries.
The reality has been for some time
that tax reform is looking increasingly
tough, but that markets were pricing a
near-zero probability of anything pass-
ing, said Jim Reid at Deutsche Bank.
Such an outcome might still be the
case but when expectations are so low
any hopes can help the reflation trade.
Indeed, the US currency rose as high
as 113.25 against the yen on Wednes-
day a 10-week peak while the euro
touched a six-week low of $1.1715.
Yesterday, however, the dollar was
back to 112.59, down 0.2 per cent on
the day, while the euro was up 0.4 per
cent to $1.1788 and sterling was 0.4 per
cent higher at $1.3435. The dollar index,
The worries behind Turkeys boom: FT.com/video
The FTs Dan McCrum explains the concerns that have so far
largely been ignored by owners of Turkish debt and currency
a measure of the currency against a bas-
ket of peers, was down 0.2 per cent after
hitting its highest intraday level since
mid-August in early trade.
The pause in the dollar rally reflects
perhaps investors taking a second look
at the proposals and wondering, firstly,
whether the overhaul will do any more
than provide a sugar high for the econ-
omy, and perhaps more importantly
how the massive tax cuts will be
financed, said Shaun Osborne, chief
forex strategist at Scotiabank.
Developed market bonds remain
under pressure, however.
The yield on the 10-year US Treasury
was up 2 basis points at 2.33 per cent,
after earlier touching 2.359 per cent,
2520
2500
2480
2460
Aug 2017 Sep
on Wednesday, according to CME US equities Wall Street struggled for
Group, even after the release of eco- traction as participants initially
nomic data that were moderately posi- enthusiastic response to President
tive for the US growth outlook. Donald Trumps planned tax reforms
Second-quarter growth in gross showed signs of fading
domestic product was revised up to an
annual pace of 3.1 per cent from 3.0 per FTSE 100 index
cent. August inventory and trade figures Change on day 0.13%
were surprisingly positive, while initial 7500
jobless claims rose last week by fewer
than many had expected, given the 7400
impact of recent hurricanes. 7300
Blerina Urui, an economist at Bar- 7200
clays, said the third estimate of second- Aug 2017 Sep
quarter GDP had painted a solid picture
of the economy. UK equities The FTSE 100 ended with
We expect growth to slow again in only a modest gain as banking stocks
the third quarter to 1.5 per cent follow- pared early gains and tobacco group
ing the disruptions from the hurricane Imperial Brands topped the list of
season, but reconstruction of the fallers with a decline of 4 per cent
affected areas should boost fourth-
quarter GDP we expect 3.0 per cent Eurofirst 300 index
growth for the final quarter.
Change on day 0.16%
US equities struggled to maintain the 1520
upward momentum that on Wednesday
took the S&P 500 to a record intraday 1500
Emrah Gurel/AP
high of 2,511.75. 1480
By midday yesterday, the benchmark
1460
index was flat at 2,507, as weakness in
Aug 2017 Sep
the financial and technology sectors off-
set higher energy stocks. The tech- European equities The Eurofirst 300
heavy Nasdaq Composite was 0.2 per rose for the sixth session in a row and
according to Reuters data above its cent lower. closed at a 10-week high, although
200-day moving average. The 30-year But across the Atlantic, the Stoxx 600 fashion group H&M shed 5.1 per cent
US yield was 3bp higher at 2.89 per cent. rose 0.2 per cent to a 10-week closing after reporting a slide in profits
The 10-year German Bund yield rose high, its sixth successive advance. The
2bp to 0.48 per cent. UKs FTSE 100 ended 0.1 per cent
The rekindled tax cut hopes helped higher. Nikkei 225 index
push the US 10-year break-even infla- Brent oil resumed its downward path, (000) Change on day 0.47%
20.5
tion rate, which measures the difference falling 1.2 per cent to $57.23 a barrel. The
in yields of nominal and inflation- international crude benchmark hit 20.0
protected bonds, to its highest level $59.49 on Tuesday, a 26-month high, as 19.5
since early May. speculation mounted about possible
The more policy-sensitive two-year supply disruptions. 19.0
Aug 2017 Sep
Treasury yield, however, was down 1bp Copper, meanwhile, was up 0.5 per
at 1.47 per cent. cent at $6,472 a tonne on London while Japanese equities Overnight strength
That came as interest rate futures zinc was 1 per cent higher. for Wall Street and the yens weaker
moved to price in a 76 per cent probabil- Gold fell as low as $1,277 an ounce in tone against the dollar supported the
ity of the Fed raising borrowing costs in early trade before rallying back to Nikkei, with financials outperforming
December, down from about 82 per cent $1,284, up $4, or 0.3 per cent, on the day.

TalkTalk Leading the FTSE fallers, Imperial

London
Brokers advice piles
V
pressure on TalkTalks
already thin margins
Bryce Elder
TalkTalk was among yesterdays biggest
fallers as competition worries led Credit
Suisse to advise selling.
BTs potential investment in a fibre-
to-the-home network would favour
companies willing to co-invest, but
TalkTalk lacks the balance sheet to
invest materially in fibre, said Credit
Suisse. The broker also expected
regulatory price controls to favour
network builders over resellers, which
could add further pressure TalkTalks
already thin margins on fibre lines.
Mobile substitution presents another
risk as network operators improve
speeds and push unlimited data plans,
Credit Suisse said. It put a 170p target on
TalkTalk, which fell 1.6 per cent to 207p.
Share price (pence)
Sep 2016 2017 Sep
Source: Thomson Reuters Datastream
,QGLFHV &ORVH
FKDQJH
)76(
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\U*LOW$OO6KDUH5DWLR 
Sector peer CityFibre dropped 11.7
per cent to 39.5p after warning of a slow
order book and delays on two big public-
sector contracts. RBC argued that, with
CityFibre trading at little more than the
value of its 160m in tangible net assets,
any further downside could attract the
attention of acquisitive network
builders keen to buy below book value.
The wider market remained stuck in a
holding pattern as the FTSE 100 edged
9.31 points higher to 7,322.82.
US infrastructure stocks were the top
performers after the Republican Party
unveiled its tax reform plan, with CRH
ahead 2.9 per cent to 27.84, Ashtead
rising 2.4 per cent to 18.03, and
Ferguson up 2.8 per cent to 48.98.
Brands dropped 4 per cent to 31.72
220 after saying it was on track only to meet Trading Directory
200 full-year expectations, in spite of a one-
180 off gain from pension restructuring. The
160
140
tobacco maker also flagged up further
product investment, which analysts
read as a potential entry into the heat-
not-burn tobacco market that could
'D\
hold back returns next year.
Restaurant Group was 2.1 per cent

weaker at 297.7p after HSBC cut its


target price to 265p.
Large restaurant operators have been

relying more on money-off vouchers,


which is adding to Restaurant Groups
execution risks as it looks to stabilise

sales with cheaper menu prices, said
HSBC. As cost pressures, supply and
market promotional activities continue
to grow, a quick fix is unlikely, it said.
SSP, the transport caf operator,
jumped 5.7 per cent to 529p after a full-
year trading update showed revenue
growth-beating forecasts.
Balfour Beatty took on 5.6 per cent to
271.9p on an upgrade to buy from Peel
Hunt. It argued that Balfours
management team has materially
derisked the investment case and
positioned the business to beat long-
term margin targets thanks to a shift
towards higher margin contracts and
risk control.
Boohoo dropped 2.2 per cent to
213.3p on news that co-founder and
joint chief executive Carol Kane had
sold 4.65m shares at 230p apiece.

Wall Street
Video streaming service
Roku jumps 50% as
investors tune in to IPO
Nicole Bullock and
Chloe Cornish
Shares in Roku, the video streaming
platform, jumped about 50 per cent on
its trading debut yesterday, after it
raised about $219m in an initial public
offering that bucked the lull in US
technology company listings.
In a sign of healthy demand, the
company sold 15.7m shares at $14 each,
at the high end of expectations, valuing
it at $1.3bn. By lunchtime in New York,
shares were up 50 per cent at $21.07.
There are a lot of changes going on in
the world: one is the whole cord-cutting
movement, said Kevin Landis, chief
investment officer at Firsthand Funds.
Prior to today if you wanted to put that
thesis in your portfolio, there was only
one stock you could buy, which is
Netflix. Elsewhere, the S&P 500 was
flat at 2,507.19 and the Dow Jones
Industrial Average was up 0.2 per cent at
22,375.87. The tech-heavy Nasdaq
Composite was down 0.2 per cent at
6.441.11.
Riding the growth of streaming
services such as Netflix and Hulu, Roku
has come to dominate the US market for
watching internet video on full-size
screens. The streaming trend has
propelled Roku to rapid but
unprofitable growth since it was
founded in 2002.
For the six months ended on June 30,
Roku listed total net revenue of
$199.7m, up from $162.3m in the same
period a year ago. Losses from
operations narrowed to $24.2m from
$33.2m. The company has been
lossmaking since it was set up, and
warned potential investors that it
expected to incur significant losses in
the future because of the costs of going
public and expanding its operations.
In a recent research report, analysts at
eMarketer estimated that Roku leads
the US market for connected TV devices
with 38.9m active users, but with
Googles Chromecast and Amazons Fire
TV close behind. Googles YouTube and
Amazon Video are among its most
popular channels.
US listings have picked up in 2017
from an abysmal 2016 when the lowest
number of companies listed since the
aftermath of the financial crisis. But
tech IPOs have failed to re-emerge in
force. After an initial rally, shares of
Snap, the owner of the Snapchat app
and the largest and highest-profile US
tech company to list since Facebook, are
trading at about $14 from an IPO price
of $17. Blue Apron, a much smaller but
well-known brand name, also has
Trading Directory
stumbled since the meal kit delivery
service went public.
High-profile disappointments from
Snap and Blue Apron cast a shadow over
the market, but Roku is evidence that
the market is open and available for the FT BUSINESS
right company, said Matthew Kennedy, Tuesday, Friday & Saturday: Business for Sale, Business Opportunities, Business Services,
an analyst at Renaissance Capital, Business Wanted, Franchises
which runs IPO-focused exchange .....................................................................................................................................................................................................................................................................................................................................................................................................................
Classified Business Advertising
traded funds.
UK: +44 20 7873 4000 | Email: acs.emea@ft.com
Additional reporting by Tim Bradshaw
30 Friday 29 September 2017

MARKET DASHBOARD Analysis. Asset allocation

Catalan bonds stumble
ahead of independence vote
Investors are relatively
sanguine despite rising
political tensions ahead of
Sundays independence
vote in Catalonia. Still,
there are some signs of
nerves as prices for the
local governments debt
fall to their lowest levels
in almost a year.
Madrid has declared the
vote illegal, arresting
senior Catalan officials
and warning that the
regional president could
be removed from office if
the referendum is held.
Markets have
responded to the tensions
by offloading the regional
governments bonds.
Yields on one bond
maturing next year (and
initially issued with a
10-year maturity) are now
at 2.077 per cent, their
highest level since last
November, compared with
less than 0.9 per cent at
the start of the summer.
The move is a marked
turnround after months of
falling yields, but even so,
after a sharp jump in
August, yields have
stayed fairly calm through
the recent developments.
Government bond yields
across the continent have
Bond traders wary about Catalonia,
but not panicking
Regional bond yields (%)
Maturing 2020
Maturing 2018
Oct
2016
Source: Thomson Reuters Datastream
risen over the past month
as the European Central
Bank signals it is nearing
the end of monetary
stimulus and the US looks
at tax reforms.
Analysts at Citi agree
that uncertainty is
unlikely to go away,
noting that the risk of
even larger confrontations
between the two sides
post-referendum is rising.
In a special report this
week, Rabobanks Maartje
Wijffelaars warns that
the relationship between
Madrid and Barcelona has
exponentially worsened in
the past months, and its
unclear how to put the
genie back in the bottle.
Few observers are
expecting Catalonia to
become independent
even if, as expected, the
yes side wins on Sunday. tracts for the first time. Total open inter-
A more likely outcome
is seen to be an increase
in autonomy for the
region.
Still, Ms Wijffelaars
suggests the negotiation
period is set to take a long
time and with the ultimate
risk of unilaterally
declared independence,
uncertainty will linger in
markets. Nicholas Megaw
3.0
2.5
2.0
1.5
1.0
0.5
Sep
17
Commodities contracts boom defies price falls
Open interest in futures
from crude to soyabean oil
has reached record levels
GREGORY MEYER NEW YORK
Commodities prices are heading for
their sixth loss in seven years. But
commodities markets have never been
bigger.
Open interest the number of com-
modities contracts outstanding has
been booming on futures exchanges this
year. From crude oil to soyabean oil, the
markets size has increased by nearly
1.4m contracts in the first nine months
of 2017, the most in seven years.
Just this week, open interest in US
crude futures hit a record of more than
2.4m contracts on the New York Mer-
cantile Exchange. In London, low-sul-
phur gasoil futures surpassed 1m con-
est in contracts tracked by the bench-
mark Bloomberg Commodity Index is
14.3m, the most on record, according to
Bloomberg Intelligence.
The increase may seem puzzling,
given commodities status as among the
decades worst-performing asset classes.
The Bloomberg index has lost investors
38 per cent since 2010, compared with a
164 per cent total return from the S&P
500 stock index. Volatility has also been
subdued, robbing fund managers of
opportunities to make big profits.
Some believe that higher open inter-
est shows investors are once again flirt-
ing with commodities.
Assets under management in com-
modity products recently jumped above
$400bn for the first time in more than a
year, according to Aakash Doshi, analyst
at Citigroup. While the Bloomberg
index is lower for the year, it has gained
2.9 per cent in the quarter ending this
week.
If you look around, bonds have had a
good run, stocks have had a good run.
Commodities are one of the few asset
classes that have gotten crushed, says
Some believe Tim Atwill, head of investment strategy
low prices have at Parametric, a Seattle-based asset
pushed up open manager with $3bn in commodity
interest with, for funds. People say, Well, it may not be a
example, $100 bad entry point.
now buying Arithmetic suggests lower prices
nearly two themselves may have pumped up open
barrels of oil, interest. One hundred dollars can now
rather than one buy roughly two barrels worth of US
Andrey Rudakov/Bloomberg
crude oil, which settled on Wednesday
at $52.14 a barrel, compared with one
barrel when it still traded above $100.
The low volatility pervading financial
markets is also a factor, says Greg Share-
now, a commodities portfolio manager
at the fund manager Pimco. Smaller
price moves mean exchange clearing
houses generally demand less margin,
or collateral, to be held against out-
standing futures positions. This enables
fund managers to make bigger bets.
The increase in open interest has
been a function of both the lower volatil-
ity as well as lower prices. For a dollar
at risk to be in the market, you end up
with higher amounts of contracts at
play, he says.
Mr Sharenow also points to the
increasing prevalence of systematic
investment strategies that follow price
trends or trade commodities against
other asset classes. Managed futures
funds, one type of investor in this cate-
gory, have taken in $5bn in new invest-
ment in the year to date, bringing their
assets under management to $126bn,
according to eVestment.
Companies that typically use futures
markets to hedge price risks have also
stepped up activity in some commodi-
ties markets. US shale oil producers
have unleashed a wave of forward sales
to lock in a recent rise in crude oil prices,
deals that filter into the futures market.
Derek Sammann, global head of com-
modity and option products at Chicago-
based futures exchange operator CME
Group, says that at a time of relatively
Commodities open interest
grows by most in 7 years
000 contracts*
2,000
1,000
0
-1,000
-2,000
2005 10 15 17
Bloomberg Commodity index
Total return (%)
20
0
-20
-40
2008 10 12 14 17
YTD
* Change in total open interest of futures in
Bloomberg Commodity Index, Jan-Sep each year
Source: Bloomberg
stable commodity prices, it might
seem counterintuitive to see increases
in open interest. CME lists such com-
modities as corn, gold and US crude oil
on four exchanges, including Nymex
and the Chicago Board of Trade.
He questions the idea that investment
funds sparked growth in open interest,
saying that commercial businesses such
as miners, oil companies or farmers typ-
ically come first.
Indeed, some of the biggest commod-
ity exchange traded funds, such as the
$2bn PowerShares DB Commodity
Index Tracking Fund or the $2.3bn
United States Oil Fund, have seen out-
flows this year, according to ETF.com.
In the past three years, CME has
made the end-user commercial partici-
pant central to all of our sales and
new client engagement strategies. If
commercial traders come, the finan-
cial players tend to follow, Mr Sam-
mann says.

Investors object to weaker covenant quality

One sign of an ageing
credit cycle: weakening
investor protection
standards that stores up
trouble for the high yield
market.
During August, the
quality of covenants for
high-yield debt suffered its
biggest month-over-month
recorded decline, according
to Martin Fridson of
Lehmann Livian Fridson
Advisors. In August,
Moodys version of the
index worsened by 0.49
points, to 4.54, from 4.05 in
Julys.
Covenants are terms
agreed between a
company selling bonds
to investors. They can
include a restriction on a
company selling more debt
and other limits that
protect current
bondholders. If these
Quality of covenants on US high-yield debt
Index, 1=strongest, 5=weakest (Fridson measure)
2011 12 13 14
Sources: FridsonVision LLC
More comment and data on ft.com
Y Fast FT Our global
team gives you market-
moving news and views,
24 hours a day, five days
a week. ft.com/fastft
Y Alphaville Our
irreverent financial blog.
Join Paul Murphy and
Bryce Elder for the daily
Markets Live session at
11am. ft.com/alphaville
Y beyondbrics News and
comment from more
than 40 emerging
covenants are weak, they
can lead to much lower
recoveries for debt
investors if a company is
tipped into a bankruptcy
or restructuring, as they
can allow equity owners
to strip cash and assets
out of the business.
Bond investors have
taken issue with a number
of companies selling
bonds with weaker
covenants this year. Still,
the market as a whole is
close to its weakest
covenant quality score on
record 4.61 in June 2015 achieve the same objective.
says Mr Fridson.
Private equity firms
have been particularly
aggressive in watering
down these protections,
as they look to deploy a
wall of cash in a fresh
round of highly leveraged
buyouts. Robert Smith
3.0
3.5
4.0
4.5
5.0
15 16 Aug
17
economies, headed
by Brazil, Russia, India
and China.
ft.com/beyondbrics
Y Podcast The Hard
Currency podcast takes a
look at what is driving
the global currency
market. ft.com/podcasts
Y Lex Video Analysis
and opinion from the
team on the hot issues
affecting companies and
markets. ft.com/lexvideo
Equities
Greek banks boosted
by IMF reassurance
THOMAS HALE AND
MILES JOHNSON
Shares in Greek banks rose
sharply yesterday after an
IMF official played down the
need for a full asset quality
review of the sector, sug-
gesting ECB measures could
Poul Thomsen, director of
the International Monetary
Funds European depart-
ment, made the comments at
a Financial Times Invest-
ment Management Summit
in London, in which he
focused on Greeces need to
address its non-performing
loan problems.
The European Central
Bank is expected to begin
stress tests of the sector in
February, which Mr Thom-
sen said would allow us to
gather the information nec-
essary . . . without having to
go through a full AQR.
The IMF had previously
suggested that it would
update its 2015 asset quality
review by next spring, which
contributed to concerns over
the banking sector.
Shares of the four big
Greek banks, which make up
the vast bulk of the market
and have fallen in recent
months, rallied sharply.
Piraeus rose 18 per cent,
Alpha Bank 11 per cent,
National Bank of Greece
climbed 9 per cent and
Eurobank added 6 per cent.
The FTSE/Athex banks
index a broad gauge of
stocks in the countrys bank-
ing sector climbed 10 per
cent . It remains down 2 per
cent for the year.
I think this [the ECB
measures] is a constructive
proposal that achieves the
broad same objective, Mr
Thomsen said. He said the
IMF saw no financial stabil-
ity concerns at all for the
Greek banking sector.
We need to be sure there
is a strategy for how to deal
with the high quantity of
NPLs and if indeed this early
stress test could achieve this,
this is fine with us, he said.
The share prices of Greek
banks have been volatile
recently. They fell sharply
last week on news they were
set to float revised plans to
reduce their NPL levels, with
the prospect of an asset qual-
ity review adding to negative
sentiment around the sector.
The IMF comments have
helped to address some of the
concerns around the process.
Greek banks are weighed
down by more than 100bn
of gross non-performing
exposures. The Bank of
Greece has set targets to
reduce this amount to 83bn
by2018and67bnby2019.
A series of distressed deals
are expected to take place in
Greece in the coming
months, according to people
in the market.
I dont think Greece has a
real issue in terms of secur-
ing investor interest, said
Marios Koliopoulos of Alva-
rez & Marsal, which has
recently secured a licence to
operate as an independent
servicer in the country
through its subsidiary, IPM.
There is a consensus that
the NPLs . . . need to be
addressed with urgency.
The government has
recently granted licences to
several servicers busi-
nesses that help turn round
distressed loans. In other
peripheral European coun-
tries, such as Spain, the loan
servicing market has been
dominated by US private
equity firms and served a
pivotal role in addressing
bad debt.