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Briefing
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AverageWallStbonusdownto$146,200
TheaverageWallStreetbonusslipped9percentto$146,200,asbankshiredmorestaffandtriedtocappayamidasurgeincompliancecostsandvolatiletrading.
— PAGE 15; INSIDE BUSINESS, PAGE 16
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RateofBeijingreservesoutflowslows
Centralbankdatashowedtheoutflowinforeignexchangereservesatitssmallestforeightmonths,easingsomeanxietyoverChina’sfinancialstability.
— PAGE 6; THE SHORT VIEW, PAGE 15
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Fischerseesstirringsofinflation
StanleyFischer,theFed’svice-chairman,hassaidthattheUSmaybeseeing“firststirringsofalong-awaitedinflationriseastheimpactof astrongjobsmarketworksitswaythroughtheeconomy.
— PAGE 2
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Turkeyeyesextra€3bnformigrantdeal
TheEUisnearingadealwithTurkeytoturnbacallmigrantsreachingGreekislandsinexchangeforsweetenersforAnkara,includinganextra€3bninfundingandaccesstoEuropeanvisas.
— PAGE 3
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UneaseinSyriaasceasefireholds
Theweek-oldceasefirehasforcedastatusquothatmighthelpaUSthatseeksasettlementbutwantstoavoidentanglement.ButonediplomatsaidthetrucehadhandedthecountrytoMoscow.
— PAGE 4
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MexicomovestohitbackatTrump
MexicohaslaunchedacharmoffensivetocounterrhetoricfromUSRepublicanfrontrunnerDonaldTrumpandhighlighttiesworth$1maminuteincross-bordertrade.
— PAGE 4; GIDEON RACHMAN, PAGE 11
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EUrulestoraisepayofforeignworkers
ArevampofEUrulesonforeignworkerstobeunveiledtodaywouldseeemployersforcedtoraisethepayoftemporarystaffinamovethatwouldhaveabigimpactonthebuildingtrade.
— PAGE 2
Datawatch
RememberReagan
IsDonaldTrumpasdangerousastheysay?
— GIDEON RACHMAN, PAGE 11
Bendandstretch
Easingthepainofstayingsupple
— THE FIT EXECUTIVE, PAGE 12
WomeninBusine
 
ss
Scrappaintballdaysandaddchildcareifyouwantgenderbalance
— SPECIAL REPORT
TUESDAY 8 MARCH 2016
 WORLDBUSINESSNEWSPAPER 
 EUROPE
World Markets
STOCK MARKETS
Mar 7prev%chgS&P 5002002.151999.990.11Nasdaq Composite4721.964717.020.10Dow Jones Ind17058.4017006.770.30FTSEurofirst 3001341.321344.62-0.25Euro Stoxx 503019.443037.35-0.59FTSE 1006182.406199.43-0.27FTSE All-Share3394.683405.27-0.31CAC 404442.294456.62-0.32Xetra Dax9778.939824.17-0.46Nikkei16911.3217014.78-0.61Hang Seng20159.7220176.70-0.08FTSE All World $256.24255.820.16
CURRENCIES
Mar 7prev$ per 1.0981.101$ per £1.4201.422£ per 0.7730.774 ¥ per $113.520113.805 ¥ per £161.243161.774index87.35186.947SFr per 1.0971.094Mar 7prevper $0.9110.909£ per $0.7040.704per £1.2931.292 ¥ per €124.684125.266£ index86.27886.321$ index103.302103.559SFr per £1.4181.412
COMMODITIES
Mar 7prev%chgOil WTI $37.6335.924.76Oil Brent $40.6338.724.93Gold $1267.901277.50-0.75
INTEREST RATES
priceyieldchgUS Gov 10 yr97.411.910.04UK Gov 10 yr99.141.590.00Ger Gov 10 yr102.740.23-0.02Jpn Gov 10 yr103.64-0.060.00US Gov 30 yr95.552.720.02Ger Gov 2 yr103.18-0.510.00priceprevchgFed Funds Eff0.340.240.1US 3m Bills0.280.36-0.08Euro Libor 3m-0.23-0.230.00UK 3m0.590.590.00
Prices are latest for editionData provided by Morningstar
TIM BRADSHAW
 — SAN FRANCISCO
Applehaslostitsfinalbidtooverturna judgment that it broke antitrust lawsbyconspiringtoraiseebookprices,inits latest bruising encounter with theUSjudicialauthorities.
The US Supreme Court rejected thecompany’s bid for an appeal againstlower court rulings that it engaged in“marketplacevigilantismagainstrivalAmazon and “unreasonably restrainedtrade” by creating a “cartel” with pub-lisherstocontrolebookprices.The ruling comes as the companybegins a long fight with the US justicedepartment over whether it can beforcedtohelpinvestigatorsbreakopenaniPhonebelongingtooneofthekillersin the San Bernardino terrorist shoot-ingsinDecember.It is also a blow to Tim Cook, chief executive, who has called the case“bizarre”anddefendeddealsstruckbypredecessor Steve Jobs and by Apple’sinternetserviceshead,EddyCue.“We’vedonenothingwrongthereandso we’re taking a very principled posi-tion on this,” Mr Cook said in a 2013interview. “We’re not going to signsomething that says we did somethingwedidn’tdo.Sowe’regoingtofight.Applemustpay$400mincompensa-tion to people who bought ebooksthroughitsiBooksstore,underthecon-ditionalsettlementagreedinJuly2014.Five publishers have already paid out$166maspartoftheir2013settlement.ButtheDepartmentofJusticesaidthecompany and book publishers hadengaged in “cynical misconductagainst the lower prices imposed byAmazon’sKindlestore.“Apple’sliabilityfor knowingly conspiring with book publisherstoraisethepricesofebooksissettledonceandforall,”saidBillBaer,assistantattorney-generalofthedepart-ment’santitrustdivision.“Andconsum-erswillbemadewhole.”Customers who bought books athigher prices will be repaid in storecredits.TheUSgovernmentaccusedAppleof being the “ringleader” in a conspiracywiththeworld’slargestbookpublisherstoraiseebookpricesusingitsiPad,atatimewhenAmazon’sKindledominatedthemarket.WhereasAmazonsetebook pricesfortheKindlestore,Appleintro-ducedthe“agencypricing”modelwithits iBooks system, allowing publisherstodecidehowmuchtocharge.The2013trialrevealedthatastringof emailsweresentbyJobsandMrCuetopublishing industry executives duringtheirnegotiationsoveriBooks.
Applesettopayout$400mafterfinal bidtooverturnebookjudgmentfails
© THE FINANCIAL TIMES LTD 2016No: 39,106
Printed in London, Liverpool, Glasgow, Dublin,Frankfurt, Brussels, Milan, Madrid, New York,Chicago, San Francisco, Washington DC, Orlando,Tokyo, Hong Kong, Singapore, Seoul, Dubai
Analysis
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 PAGE 6
PrivateSectorreportingfordutyindefencerethink
9 7 7 0 1 7 4 7 3 6 1 2 81 0
Austria 3.60 Macedonia Den220Bahrain Din1.7 Malta 3.50Belgium 3.60 Morocco Dh43Bulgaria Lev7.50 Netherlands €3.60Croatia Kn27.50 Nigeria Naira715Cyprus 3.50 Norway NKr34CzechRep Kc100 Oman OR1.50Denmark DKr32 Pakistan Rupee280Egypt E£20 Poland Zl18Finland 4.10 Portugal 3.50France 3.60 Qatar QR15Germany 3.60 Romania Ron17Gibraltar £2.70 Russia 5.00Greece 3.50 SaudiArabia Rls15Hungary Ft990 Serbia NewD420India Rup195 SlovakRep 3.60Italy 3.50 Slovenia 3.50Kazakhstan US$5.50 Spain €3.50Kenya Kshs300 Sweden SKr37Kuwait KWD1.50 Switzerland SFr5.90Latvia 6.99 Tunisia Din7.50Lebanon LBP7500 Turkey TL10Lithuania 4.30 UAE Dh15.00Luxembourg €3.60
In the EU, abouttwo in threewomen aged 25 to64 are employed.The proportion ishigher in allregions of the UKand Germany. It islowest in thesouth of Italy andits islands, withfewer than four in10 women inemployment
304050607080GermanyGreeceSpainFranceItalyUK
Female employment rates
Aged 25-64, 2014 (%)
Source: EurostatCountries with more than one region shown
BRYCE ELDER, ARASH MASSOUDIAND PATRICK JENKINS
LONDON
A mystery investor has builtup a near 5 per cent in Burb-erry,promptingBritain’sbest-known luxury fashion brandtoseekhelpfromitsfinancialadvisers to defend it againstany potential takeover bid.
Burberry, with a market capi-talisation of £6bn, sought aidafteritsboardcouldnotdeter-minetheidentityofthestake-builder.OnepersonclosetothecompanysaidithadattemptedunsuccessfullytoaskHSBC,thecustodian for the position, torevealitsclient.Thefashiongroup,whichhasseenitsvaluefallbymorethana quarter amid a slowdown inChinesedemand,hascalledonits existing bankers at RobeyWarshaw to help, according topeopleclosetothecompany.Analystssuggestedrivallux-ury goods groups such asLVMH,orprivateequityinves-tors,couldbebehindthetrans-action. In a takeover Burberrycould be valued at £8bn, or£17ashare,accordingtoanaly-sisfromMacquarie.“Burberryisoneofthefewluxurybrandswithout family interest andthusaneasiertargetforacqui-sition,”saidMacquarieanalystDanieleGianera.Burberry,headedbyChristo-pher Bailey, is also concernedan activist investor may bebehindthestake.The buyer’s stake first wentover the 5 per cent disclosurethresholdonFebruary11,withHSBCreportingatotalholdingof5.4percentfourdayslater.UK transparency rules usu-ally require reporting of anyshareholding over 3 per cent,but investment managers are given partial exemption thatrequires them to disclose atmorethan5percent.Thestakehas since been reduced tobelowthatlevel.
 Additional reporting by MarkVandevelde
InthespotlighBurberryrattledbymysteryinvestor’s5%stakeswoop
ChristopherBailey,nowchiefexecutive,directsamodelinBurberry’sstudioin2012
—CharlieBibby
DAVID SHEPPARD, HENRY SANDERSONAND ANJLI RAVAL
 — LONDON
Oiljumpedbackabove$40abarrelyes-terday for the first time this year andironoreposteditsbiggestone-daygainon record as more traders bet that theworstofthe20-monthcommodityroutwasover.Theslumpinoilandothercommod-ity prices had raised concerns for thehealthofthewidereconomy,withcen-tral banks warning of a possible defla-tionaryspiralandasharpslowdowninemergingmarketgrowth.Butmovesbysomeoftheworld’slarg-est oil producers to agree an outputfreeze have helped put a floor underprices, with Brent crude rebounding50percentsincemid-January.The international oil benchmark  gained5.6percentto$40.96abarrel—the highest since mid-December andwith gains since mid-January reaching50.4percent.Itremainswellbelowthenear-$100-a-barrel level it averagedbetween2010and2014.Ironore,oneofthekeycommoditiesfor many miners, rose almost 20 percentto$62.60atonne—thebiggestone-dayrisesincetheindexbeganin2009.OfficialsinChina,theworld’slargestimporterofoilandmetals,havevowedto avoid a hard landing as they try tomove away from manufacturing andinfrastructurespendingtowardsamoreservice-basedeconomy.While analysts caution that excesssupplies in many commodity marketsshouldcontinuetoweighonprices,thenear-panic-levelsellingseeninJanuaryhasabated.“Ithinkthatifwe’renotatthebottomthenwecan’tbefaroff,”said Julian Kettle, head of metals at WoodMackenzie. “People are starting to getfarlessnegativeaboutChina.”Natural resources stocks have beensome of the biggest beneficiaries, withGlencore and Anglo American’s shareprice both almost doubling since thebeginning of the year after being theworst performers on the FTSE 100 in2015. They led gains alongside ChileancopperminerAntofagasta,whichisup75percentsinceJanuary20.Copper,aluminiumandzinchaveallralliedby10-25percentsinceJanuary.China will tackle overcapacity in itssteelandcoalsector,policymakerssaidat the annual meeting of the nationallegislatureinBeijingattheweekend.Saudi Arabian officials are to meetRussian counterparts in coming weekstoseeiftheworld’stoptwooilexporterscanleadotherproducerstofreezeout-put, as many have seen their nationalbudgetssqueezedbythepricecollapse.Hedge funds have largely switchedfrombettingagainsttheoilpriceatthestart of the year to positioning them-selvesforfurthergains,regulatorydatashow. US oil production has started todecline in the face of lower prices,though companies may keep output goingifthepricerecoversfurther.“We’veseenareturnofriskappetite,saidMichaelWittner,analystatSociétéGénérale.“[But]it’sgoingtobevolatileandit’snotaslamdunkthatpriceskeep goingupfromhereinastraightline.
Markets
page27
Oilpricejumpsasmarketsseebeyondresourcesrout 
3
Brent back above $40 a barrel
3
Biggest one-day gain for iron ore
 
Tuesday 8 March 2016
 
 FINANCIAL TIMES
 3
INTERNATIONAL
DUNCAN ROBINSON AND ALEX BARKER
BRUSSELS
TurkeyandtheEUarenearingadealtoturn back all migrants reaching Greek islandsinexchangeforahostofsweet-eners for Ankara, including an extra€3bninfundingandaccesstoEuropeanvisas.EU leaders and the Turkish premierwere negotiating into the night yester-day amid accusations of “blackmail”after Ankara presented a list of freshdemandsjustbeforethemeetingasthepriceforradicalmeasuresincludingthereturn of all irregular Syrian migrantswholandinGreece.Diplomats said a deal was takingshape, with the EU side reluctantlyaccepting most of Ankara’s wishlist onfunding, visas for Europe’s passport-freeSchengenareaandthedirectreset-tlement of Syrians from Turkey. How-ever, several EU countries balked ataccelerating Turkey's EU membershiptalks,aredlineforAnkara.OneseniordiplomatinvolvedinthetalksreckonedthenegotiationscouldrunintoasecondEUsummitscheduledforMarch17.The hard bargaining is Europe’s sec-ondbigpushinlessthanthreemonthsto secure Ankara's support on migra-tion, an endeavour that has led manyEU leaders to muffle their concernsabout the Turkish government’sauthoritarianturn.AdealstruckinNovemberextendedwork rights for Syrians but barelydented the flow of migrants across theAegean. “The refugees are outrunningthe EU's decisions. We’re making thesamemistakesonecounciltoanother,saidDaliaGrybauskaite,theLithuanianpresident.“Wehavetotalk[toTurkey]butwemustresistblackmail.The centrepiece of the revised pactinvolvesTurkeyacceptingthereturnof all migrants, including Syrians, whoreach Greek islands. That is far moreambitious than a previous plan for theEU to send back only non-Syrianmigrants. A draft of the summit dealseen by the FT casts the measure as“temporary”.Humanrightsgroupsarealready questioning the legality of amass returns policy. Three diplomatssaid the question of whether returnswould cover all migrants, or just non-Syrians,wasstillunderdiscussion.Thisstrictreturnspolicywouldbefol-lowed by a German-led group of coun-tries taking an equivalent number of Syrian migrants directly from Turkey.“ForeverySyrianreadmittedbyTurkeyfromGreekislands,anotherSyrianwillbe resettled from Turkey to the EUmemberstates,”thedraftstates.Thehopeisthatautomaticreturns—even for a temporary period of two orthreemonths—woulddeterthe2,000people crossing the Aegean each day,while offering Syrians an incentive totake a legal route to Europe. DonaldTusk, the European Council president,wantsthemeasuretosignalthattheso-calledwesternBalkansmigrationroutetoGermanyis“closed”.Inreturn,theEUiswillingtocommitan extra €3bn of aid for Turkey from2018, once its existing €3bn pledge of supportfor2016and2017isexhausted.Thisamountstoapromisetocontinuesharingthefinancialburdenofsupport-ing more than 2m Syrian refugees inTurkey.Alongsidethis,theEUwouldinJune grantSchengenvisaprivilegesforTurk-ish citizens, according to the draft,althoughthisishighlycontentious.The final outstanding issue isAnkara’s insistence that the EU fast-tracktheopeningofseveralnegotiatingchapters in its EU membership bill.While Germany is relaxed about this,Cyprus has adamantly refused to cede grounduntilitsownrecognitiondisputewithTurkeyisresolved.Turkey’s position as the staging groundformorethan1mMiddleEast-ern migrants at the gateway to EuropehasmadeitapivotalplayerintheEU’seffort to contain the crisis and givenAnkara enormous leverage. AhmetDavutoglu,Turkishprimeminister,saidthat the proposed deal demonstrated“howindispensabletheEUisforTurkeyandTurkeyfortheEU”.Speakingbeforeyesterday’s meeting, Mr Davutogluadded: “The whole future of Europe isonthetable.”But its last-minute demands, pre-sentedlateonSundaytoAngelaMerkel,theGermanchancellor,threatenedthefragile consensus in Europe over thepolitical price it was willing to pay forTurkishco-operation.AlthoughBrusselshascomeupwithpoliciesaimedatcontrollingtheflow—fromrelocatingrefugeesacrossEuropetointroducingaEuropeanborderguardand sending aid to Greece — most of these have either flopped or not yetbeenimplemented.
 Additional reporting by Stefan WagstylinBerlin
TurkeyseekssweetenersintalkswithEUonmigrantcrisis
Ankarawantsextrafunding,visasforSchengenareaandresettlementvow
EU leaders tiptoed around Turkey’sclampdown on media groupsyesterday, mindful that strongpublic objections could jeopardise asummit deal on migration.Several leaders raised concernsin public and private about Turkey’sseizure on Friday of the country’sbiggest opposition media groupand bestselling newspaper Zaman,which is being investigated over itsties to outlawed cleric FethullahGulen. But the criticism wascarefully weighed so as not toendanger any pact over migration,a priority for the bloc.Belgium, France andLuxembourg made critical publicremarks on the issue, while the UKand Jean-Claude Juncker, theEuropean Commission president,were among those who mentionedthe Zaman clampdown with AhmetDavutoglu, Turkish premier. But in asign of EU leaders’ eagerness tosecure a migration deal, the UK andthe commission were both happyfor talks covering justice and therule of law to begin as part ofTurkey’s application to join the EU.Selahattin Demirtas, the Kurdishleader of the People’s Democraticparty, said Turkish President RecepTayyip Erdogan’s leverage over theEU on the refugee issue had givenhim a free hand to use the militaryagainst Kurdish militants in thesouth-east. Since December, Turkeyhas deployed the army in threeKurdish-majority cities to disarm ayouth militia. Hundreds of fightersand civilians have been killed.“[Erdogan is using] the refugeecrisis to blackmail the EU,” said MrDemirtas. “This crisis should notbecome a business deal.”Some leaders offered mildcriticism before the summit.François Hollande, the Frenchpresident, said: “The press must befree everywhere, includingeverywhere in Turkey.”Germany said the issue had beenraised in Chancellor AngelaMerkel’s talks with Mr Davutoglu.But in public, Ms Merkel stayedquiet.
 Alex Barker, Brussels
ZamanseizureLeadersavoidclashovermediacrackdown
Trapped:twomenstandnexttoarazor-toppedfenceattheMacedonianborderneartheGreekvillageof Idomeni
Dimitar Dilkoff/AFP
‘Wehavetotalk[toTurkey]but wemust resist  blackmail’
Dalia Grybauskaite,Lithuanianpresident 

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