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by China woes
in exports, and higher public outlays.— PAGE 3
MICHAEL STOTHARD — PARIS environment is changing for the worse.” i Uber to drive investment in India
CHRIS BRYANT — FRANKFURT
China’s slowdown, which follows Uber, the ride-hailing app group, is aiming for its
Some of the world’s largest companies years of extraordinary growth, has been service in India to hit 1m daily fares by March 2016,
have sounded the alarm over the slow- particularly startling in recent months, as it targets $1bn in investment in the country and a
down in the Chinese economy, warning with figures last week showing that the challenge to domestic ride-sharing app Ola.— PAGE 14
that weaker growth would hit profits in country’s factory activity in July con-
the second half of the year. tracted the most in 15 months. i Unease lingers over Irish banks inquiry
Car companies such as PSA Peugeot The poor figures coincide with a time Doubts are being raised about whether a long
Citroën, Audi and Ford have slashed of turbulence on the Chinese stock mar- inquiry into Ireland’s banking collapse can provide
growth forecasts while industrial goods ket. The Shanghai Composite shed 8.5 a cathartic account of the crisis, which remains an
groups such as Caterpillar and Siemens per cent on Monday, its steepest drop open wound.— PAGE 2
have all spoken out on the negative since 2007. The fall came despite a
impact of China. string of interventions by Beijing to i Pressure mounts on Noble Group
The warnings are a sign that China’s stem the slide, including a ban on short Shares in Asian commodity dealer Noble Group fell
weaker growth and its stock market selling and an interest-rate cut. 12 per cent yesterday, with the Singapore Exchange
rout this month are creating a headache In the consumer goods sector, brewer issuing a warning to investors, with mounting
for global corporates that have long Anheuser-Busch InBev said yesterday questions over its accounts.— PAGE 20
relied heavily on the world’s second- that volumes fell 6.5 per cent in China as Alexis Tsipras won a battle early this morning with mutinous Syriza leftwingers — Thanassis Stavrakis/AP
largest economy to drive revenues. the result of “poor weather across the i IHG checks in for talks with Starwood
Audi and France’s Renault both cited country and economic headwinds”. InterContinental Hotels has held early-stage talks
China as they cut their global sales tar- Among industrial goods companies, PETER SPIEGEL — BRUSSELS cials have long said it would be without resort to a roll-call vote. with Starwood Hotels & Resorts over a union to
gets yesterday, with Christian Klingler, Schneider Electric, one of the world’s impossible to win Bundestag The IMF decided last week its create the world’s largest hotel group.— PAGE 13
The International Monetary
sales chief at Audi parent Volkswagen, largest electrical equipment makers, approval for the new €86bn existing bailout programme,
Fund’s board has been told
predicting “a bumpy road” in the coun- reported a 12 per cent fall in first-half bailout without the IMF. which was to run until March, Datawatch
Athens’ high debt levels and
try this year. profit and cut guidance because of The assessment adds another needed to be scrapped because
poor record of implementing
Elsewhere, Peugeot slashed its growth “weak construction and industrial mar- source of complexity just as it could no longer achieve its
reforms disqualify Greece Forecast GDP growth
forecast for China from 7 per cent to 3 kets” in China. Jean-Pascal Tricoire, Athens and its bailout monitors stated goal. The IMF then
from a third IMF bailout of the in eastern Europe
per cent, while earlier this week Ford chief executive, said that there was begin talks on concluding a deal forced Athens to request a new Prospects for
country, raising new questions Consensus of analysts’ forecasts
predicted the first full-year sales fall for “persistent weakness in China”. before an August 20 deadline. IMF programme, which economic growth
over whether it will join the for GDP growth in 2015 (%) in the big eastern
the Chinese car market since 1990. Siemens, the German industrial As the creditors harbour mis- requires board approval, neces- Russia Hungary
EU’s latest financial rescue. European
“In Asia, the China market has clearly group, said yesterday that sales in China givings, Alexis Tsipras, Greece’s sitating Wednesday’s meeting. Ukraine Poland
Czech Rep. Romania economies that
slowed,” said Akhil Johri, United Tech- fell 8 per cent in the quarter and Chinese This means that while IMF staff prime minister, won a battle According to a confidential 5
are EU members
nologies’ chief financial officer, at the US new orders slid 2 per cent when will participate in bailout talks with a mutinous far-left faction summary of the meeting, IMF 0 have not been
industrial group’s earnings call last adjusted for currency swings. under way in Athens, the fund in his governing Syriza party negotiators will take part in dis- affected by the
week. “Does China stabilise? That’s proba- will not decide whether to agree unhappy at conditions attac- cussions on the eurozone’s new -5 political problems
“Companies thought that China was bly the billion dollar question,” said Joe a new programme for months hed to the bailout. His proposal bailout but the fund will decide in Russia and the
-10
the land of opportunity, but it’s not liv- Kaeser, Siemens chief executive. — potentially into next year. to hold an extraordinary party whether to take part only after Ukraine, according
ing up to that promise,” said Ludovic Additional reporting by Nicole Bullock in The delay threatens signifi- congress to examine the bailout Greece has “agreed on a com- Jul 2014 Date of forecast 15 Jul to Consensus
Subran, chief economist at Euler New York and Catherine Bennett in Paris cant repercussions, particu- once it has been completed was prehensive set of reforms”. Source: Consensus Economics Economics
Hermes. “They realise the business Drag on blue-chip groups page 22 larly in Germany, where offi- approved early this morning Tsipras wins battle page 2
6 14919 00001 5
2 ★★ FINANCIAL TIMES Friday 31 July 2015
INTERNATIONAL
Greece EU oversight
migrants
years — waivers some have viewed as
politically motivated.
Mr Schäuble’s proposals, reported by
the newspaper Frankfurter Allgemeine
dream of
future. Eurozone officials had been
planning to accelerate moves to over-
haul the zone if Greece was forced out of
the currency union, as a way to convince
INTERNATIONAL
Russian business on tenterhooks over interest rate decision India to ensure central bank
COURTNEY WEAVER — MOSCOW cent of its value against the dollar since business, which sees it as a sign the bank and dollars,” said Andrei Artemov, a
control of monetary policy
May — attention is turning to a central is prioritising the rouble’s stability and fashion designer. “We are always think-
Izvestiya, the Kremlin-friendly Rus-
bank policy meeting today. lower inflation over economic recovery. ing now about how to cut costs.”
sian daily, is known primarily for its
After raising its benchmark rate from High interest rates are hurting busi- On Wednesday, the central bank VICTOR MALLET — NEW DELHI the Bank of England’s, except that most
coverage of politics and the military. AND JAMES CRABTREE — MUMBAI
10.5 per cent to 17 per cent in a surprise ness, said Siegfried Wolf, chairman of announced that it had halted its daily members would be appointed by the
Yet this week, it splashed with a front-
overnight rise last December, the cen- Russian Machines, a subsidiary of Oleg foreign currency purchases after the The Indian government plans within central government, not by the bank.
page story it knew would really capti-
tral bank has lowered the rate at each of Deripaska’s Basic Element holding rouble lost more than 5 per cent of its months to entrench central bank direc- In a note yesterday, Capital Economics
vate its 230,000 Russian readers: the
its monthly policy meetings since Janu- group. “In Russia we have three to four value against the dollar in a week, a tion of monetary policy, to bury a con- described it as “a cause for concern given
future of the benchmark interest rate.
ary to the current 11.5 per cent. times higher interest rates than you reflection of the weaker oil price. The troversial proposal to grant the govern- the track record of previous govern-
Once a topic of interest primarily for In its front page story this week, Izves- purchases were meant to shore up Rus- ment of the day control over interest ments attempting to dampen the central
Moscow bankers and economists, the tia reported that the central bank’s sia’s international reserves. rates, according to officials. bank’s power and independence”. Under
future of the rate has become a national head, Elvira Nabiullina, had warned 17% 11.5% Ivan Tchakarov, chief economist at the code, the RBI would also be responsi-
sport after a year of wild currency fluc- Russian business leaders at a closed- Benchmark rate The current rate Citi in Moscow, said he believed the cen- “The paramount principle is that we ble for meeting inflation targets despite
tuations, an emergency rate rise and door session last week that the central in December after following a series tral bank was more likely to cut rates have to have an independent central havingnocontrolofinterestrates.
worsening forecasts for growth. bank would not lower rates this week. a sharp increase of monthly now that it had stopped its daily foreign bank that is top-notch in its capability But Jayant Sinha, minister of state for
In recent months, the central bank The central bank does not publicly from 10.5% reductions currency purchases this week. Other- and its abilities to take the right deci- finance, has described the draft as “sim-
and Russian business have been comment on monetary policy in the wise it would suggest the central bank is sions for India with a long-term view,” ply an input” to the debate and not gov-
engaged in a fairly public tug of war over days leading up to its monthly policy have in the countries you’re competing overly concerned about inflation and said one government official. “Whatever ernment thinking. “The proposed mon-
monetary policy. The central bank has announcement and Izvestiya’s scoops with. The banks themselves have to bor- rouble volatility, he said. we do will be with the full agreement of etary policy committee of the RBI will be
made clear that lowering inflation and a have sometimes been wrong. A majority row money from the central bank at Izvestiya said businessmen at the cen- theRBI[ReserveBankofIndia].” setting the rates, not the government,”
relatively stable currency are its main of analysts surveyed by Bloomberg fore- double digit [rates]. This is a very hard tral bank’s meeting had pleaded with Ms Last week, India’s financial sector leg- he said this week. But there is a faction in
priorities, while the latter fears higher cast the central bank would go ahead exercise to be successful.” Nabiullina to lower interest rates fur- islative reforms commission released its New Delhi that wants to curb the RBI’s
rates are stymieing economic growth. and lower rates by 0.5 percentage points Others argue the rouble’s recent vola- ther. It said the central banker offered latest version of the draft Indian Finan- independence. “It’ll be in limbo for a
With the rouble in the midst of another as previously predicted. But fears rates tility has been hard on Russian business only the hope that rates would be cut by cial Code, which included a plan for a while. I can’t see it resolving very
plummeting spiral — it has lost 15 per could remain on hold have angered owners. “All our materials are in euros a symbolic 0.5 percentage points. monetary policy committee similar to quickly,”saidaformercentralbanker.
4 ★ FINANCIAL TIMES Friday 31 July 2015
INTERNATIONAL
Roar of anger over Cecil puts focus on game hunting marking what Nato sees as a steady
growth in the size and seriousness of
Russia’s aerial provocations.
“In the last year, Russia’s air activity
close to Nato borders has increased in
rhino. But Alicia Craw, the international quantity and complexity,” Nato said.
Conservationists and shooting head of wildlife campaigns at World “Russian aircraft often fly without their
groups are split on the best Animal Protection, says there are fewer transponders switched on, without fil-
than 35,000 lions in the wild, or less ing flights plans and without communi-
method of sustaining species than 7 per cent of the estimated “origi- cating with air traffic authorities.”
nal” population. But hunters insist their Transponders allow civil aviation
industry helps conserve animal num- authorities to locate aircraft easily.
JOHN AGLIONBY — LONDON
KATRINA MANSON — NAIROBI bers and protect their environments. Russia has been careful not to breach
”You cannot hunt if you don’t have an Nato airspace, but the increase in activ-
When Cecil, Zimbabwe’s — and now animal,” says Abdukadir Mohamed, ity can be seen as an attempt by Moscow
the world’s — most famous lion died 40 secretary-general of the Tanzania Hunt- to test the alliance’s response times.
agonising hours after being shot by an ing Operators Association, who argues The European Aviation Safety
American dentist, he was at least lucky that hunters are conservationists by Agency, a civilian body, ruled in April
enough to have spent the previous 13 default because they rely on big wildlife that Russia’s flights pose a “high risk” to
years roaming free. populations for their income. He points civil aviation.
By contrast as many as 6,000 lions in out that they also put money back into In January, the UK summoned the
southern Africa are bred and raised in communities as well as protecting ani- Russian ambassador to London for a
captivity for the purpose of being mals and environments from poachers dressing down after Russian nuclear-
hunted by wealthy tourists. in a bid to boost animal numbers. capable bombers disrupted civilian air
The killing of Cecil by Walter Palmer, Mr Mohamed says that while a licence traffic over the English Channel.
the Minnesota dentist who has gone into to hunt lions costs $5,000, the total cost Last October, Nato states were forced
hiding after he provoked outrage of a hunting safari can run from $50,000 to deploy emergency fighters in multi-
around the globe, has shone a spotlight to as much as $200,000 and earns the ple locations over a 48-hour period in
on big game hunting in southern Africa, Tanzanian government $12m each year. response to “significant military
an industry that Peter Knights, execu- Kenya, which relies on safaris for manoeuvres” on the margins of Nato
tive director of the US-based WildAid, much of its tourism revenues, banned airspace.
estimates is worth around $1bn a year. big game hunting soon after independ- Nato has doubled the size of its Baltic
Cecil was allegedly lured illegally ence and more recently went on to ban air policing mission this year as a result
from a game reserve in Zimbabwe and hunting game birds too. But some peo- of Moscow’s growing aerial probing. The
two men have been charged over his ple are calling for a rethink. mission, which has been running for the
death and may face poaching charges in “I think hunting on the continent is past decade, involves the provision of
a Zimbabwean court, while Mr Palmer hopelessly corrupt but if it’s correctly combat aircraft to the Baltic states,
insists he did not know he was breaking managed, it’s a useful tool to get revenue which do not possess their own air
the law. Still, hunting is legal in parts of back into supporting conservation,” forces.
Zimbabwe, as well as in Mozambique, says Michael Dyer, a former hunter Two Nato nations are required to con-
Namibia and Tanzania. turned conservationist who has tribute fighters to bases in Estonia and
Meanwhile, in South Africa there are recently introduced rhino to his ranch Lithuania for the mission on a six-
200 farms whose main purpose is to in the Kenyan highlands. He employs a month rotational basis. Italy and France
breed lions for wealthy tourists to come full-time team of guards akin to a well- are voluntarily stationing further fight-
and spend hundreds of thousands of armed militia to protect 22 rhino. ers at Siauliai in Lithuania and Malbork
dollars to shoot them. About 900 are As the reaction to Cecil has shown, the in Poland.
killed in legal hunts each year, according issue remains emotive. Born Free a lion On Wednesday, Norwegian F-16 fight-
to Pieter Potgieter, the chairman of the charity, is among those joining a cam- ers stationed in Lithuania were scram-
South African Predator Association. paign to stop the importation of hunting bled to intercept 12 Russian aircraft.
“The rest are kept for tourist purposes trophies. Emirates airlines recently The aircraft appeared to be flying as part
while some are exported, mostly to the responded to popular pressure and of a training mission but had turned off
Middle East and Asia,” he says. In the instituted a ban. But hunters are win- their transponders.
The practice has become known as crosshairs: ning some of the arguments. Earlier this Last Friday, British Typhoon fighter
canned hunting. Cubs are usually sepa- protesters rally month South African Airways reversed jets stationed at Amari in Estonia were
rated from their mothers early in their outside Walter its ban on the transport of lion trophies deployed after Nato air defences picked
lives and kept for petting until they Palmer’s clinic and skins after intense lobbying. up 10 Russian aircraft approaching Bal-
become a threat to tourists. Once they in Minnesota “We informed them of the impor- tic airspace across the Gulf of Finland.
are fully grown they are hunted. this week, tance of the industry to South Africa,” The alert is the single largest intercept
Mr Potgieter and other canned hunt- above, after he Mr Potgieter says. “And we told them British airmen have performed in the
ing advocates say it is critical for sus- shot Cecil, left. that if it’s government policy to support region. The Russian aircraft, which
taining the species. “By hunting captive The lion’s death the industry why should the national included four MiG-31 fighters, were
bred lions, the hunting pressure is taken has provoked carrier oppose the policy?” tailed closely by the Typhoons as they
off the wild lions,” he says. “There’s a questions over But Mr Knights is among those hoping flew from Russia towards the enclave of
direct link between the decline in the big game that the photograph hunters will win Kaliningrad. They had also switched off
hunting of wild lions and the increase in hunting by out over their gun-toting counterparts. their flight transponders.
the hunting of captive lions.” wealthy tourists, “It takes a lot more cojones to go after The incident is the 18th so-called QRA
Indeed, wildlife groups acknowledge right a big animal armed with just a camera — quick reaction alert — from Amari for
that in South Africa the population of Eric Miller/Reuters; AFP/ than a high-powered rifle,” he says. the Royal Air Force this year, marking a
wild lions appears to have stabilised. Zimbabwe National Parks
Additional reporting by Barney Jopson in significant increase in activity.
And lions, while regarded as at risk, are Washington Last year the RAF scrambled 13 times
not as endangered as other species, like Notebook page 8 in Estonia.
India executes accountant for helping plan 1993 bombings but chief suspects remain at large
day that became known as “Black Fri- have condemned the execution, with minister, tweeted: “Saddened by the In 1980, India’s supreme court months after Kasab’s execution, Afzal
Yakub Memon’s hanging has day”, 13 bombs exploded in crowded, some saying the hanging offered the news that our government has hanged a affirmed the constitutionality of the Guru, a Kashmiri convicted of involve-
reinforced the view New Delhi high-profile locations, including the “appearance” of justice rather than its human being. State-sponsored killing death penalty, but said it should be used ment in a 2001 attack on the Indian par-
Bombay Stock Exchange, the Air India substance. diminishes us all by reducing us to mur- only sparingly — in the “rarest of rare liament was also hanged.
seeks retribution not justice building, the passport office, cinema Bollywood star Salman Khan even derers too.” cases”. It subsequently clarified that Last January, the supreme court com-
halls, markets and hotels. jumped into the fray last week, with a India’s judicial and intellectual elite death was warranted to assuage “the muted the sentences of 15 death row
The main accused remain India’s two controversial tweet suggesting Yakub has grown increasingly uncomfortable collective conscience of the commu- prisoners after deciding the govern-
AMY KAZMIN — NEW DELHI
“most wanted” men — former Mumbai Memon was being executed in lieu of his with the use of the death penalty, even as nity” for particularly shocking crimes. ment had unduly delayed in ruling on
India’s use of the death penalty was the underworld figure Dawood Ibrahim, brother, while others have suggested the wider public — fed up with seemingly A total of 1,600 convicts have been their mercy petitions. The court subse-
subject of renewed debate yesterday, and Mr Memon’s brother, Mushtaq authorities were seeking retribution pervasive lawlessness — appears hungry sentenced to death in India since 2000, quently commuted the death penalty
after authorities hanged a 53-year-old “Tiger” Memon. Both are believed to be and vengeance rather than justice. formorewidespreadapplication. according to the National Law Univer- for three of the assassins of former
Muslim accountant convicted of living in Pakistan, protected by Paki- The debate over the details of Mr sity and the National Legal Aid Services prime minister Rajiv Gandhi on the
involvement in a series of bomb blasts stan’s military intelligence, which New Memon’s case have spilled over into a Authority. But before yesterday’s hang- same grounds.
that killed 257 people and injured Delhi accuses of helping to orchestrate wider public discussion over the merits ing, only three death sentences had Mr Memon’s execution has reinforced
another 700 in Mumbai in March 1993. the bombings. of the death penalty. been carried out. perceptions that New Delhi is pushing
Yakub Memon, who was found guilty Members of the ruling Bharatiya “A truly lasting solution to the moral After the 2004 hanging of a security ahead with the execution of Muslims
of helping to plan and finance the explo- Janata party said Yakub Memon’s exe- dilemma that each instance of capital guard for the rape and murder of a 14- convicted of political violence, while
sions but who had maintained his inno- cution delivered justice for the victims punishment poses will be to abolish it year-old schoolgirl, New Delhi imposed going softer on Hindus.
cence, was hanged at 7am yesterday, of the attack, and Mukul Rohatgi, the altogether and replace it with a sentence an unofficial moratorium on enforcing “The standard is so subjective,” says
after India’s supreme court rejected his attorney-general, urged that other of imprisonment for the rest of the con- the death penalty. That ended with the Karuna Nundy, a supreme court lawyer
last-minute mercy petition. pending death penalty cases be acceler- vict’s life,” the Hindu newspaper wrote 2012 execution of Ajmal Kasab, the lone opposed to the death penalty. “The
The 1993 bombings were the largest ated to deter further acts of terrorism. in an editorial, calling the hanging surviving Pakistani gunman from the death penalty is bad even when uni-
co-ordinated terror attack ever on Human rights activists, prominent “inhuman and unconscionable”. Indians protest against the death terror attack on Mumbai’s five-star formly applied but when it’s selectively
Indian soil. Over a two-hour period on a judicial figures and leading newspapers Shashi Tharoor, a former Congress sentence in New Delhi this week hotels and train station in 2008. Four applied, that is when it really shocks.”
Friday 31 July 2015 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Friday 31 July 2015
In the wake of the NSA surveillance scandal, US tech companies are shielding more data from the
government’s eyes. But US and European officials say these steps make it harder to track terrorists.
By Hannah Kuchler and Richard Waters
Going dark
G
rowing impatient with the The fight over encryption has echoes
restrained debate among of the 1990s, when the US government
the Washington policy pushed for the adoption of a silicon chip
wonks, the bearded Sili- it could decrypt remotely. This was
con Valley engineer stood before the US launched the “war on ter-
up and took aim at the man on the ror”, but officials were already arguing
stage. for more power to fight terrorism and
Admiral Mike Rogers, the director other crimes such as kidnapping.
of the National Security Agency, had The Clipper chip, designed for voice
just made his case for a new legal communications, used an encryption
framework to allow the government algorithm invented by the NSA. The key
to monitor data surging through US would be put in escrow until the govern-
computer networks. Rising to chal- ment gained legal authority to listen to a
lenge him was Alex Stamos, then the conversation. But the chip, announced
top security engineer at Yahoo, who in 1993, was defunct three years later
denounced the idea that tech compa- after a backlash from anti-surveillance
nies should build “back doors” into campaigners and a lack of adoption
their systems to give governments from manufacturers.
access to information. The “crypto war” of the 1990s was
“If we’re going to build defects, only a shadow of what it is now, Mr Diffie
back doors or golden master keys for says. “Cryptography is extremely
the US government, do you believe — important to the whole digital economy.
we have about 1.3bn users around It has developed dramatically since the
the world — we should do [the same] last time we fought this battle, a little
for the Chinese government, the Rus- less than 20 years ago.” Encryption is
sian government, the Saudi Arabian now much harder for governments to
government, the Israeli government, resist because it is now “in very, very
the French government?” Mr Stamos broad use”.
asked. The cyber security threat is also much
Mr Rogers initially tried to laugh off greater, with nation states including
the attack. But then he struck back China and Russia pouring resources into
against the tech industry’s claims of cyber espionage and well-funded organ-
responsibility to protect users from the ised criminal networks honing their
prying eyes of government. skills.
“This simplistic characterisation of But many in the tech world argue gov-
one side is good and one side is bad is a ernments may actually have more
terrible place for us to be as a nation,” access to information than they did
Mr Rogers said. “We have got to come to before encryption started to become
grips with some really hard, fundamen- standard. “I don’t think they are magi-
tal questions.”
The face-off in February was a dra-
matic demonstration of the impasse
‘We don’t own our
between the US government and Amer- customers’ data — we don’t
ica’s most innovative industry. The bat-
tle is over encryption — software that want to be in a situation
uses secret keys to protect credit card where we have to hand it
details, private emails and corporate
secrets from cybercriminals. While tech over to the government’
companies are embracing encryption, FT montage/Getty
Letters
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
Comment
E
very nation needs a unifying Michigan or the thousands of hours countries the process is much faster from the Kauffman also show that the endless lobbying fights.
idea. Americans love to see required for hairdressers in Utah, the and cheaper. rate of new business creation today is But some policymakers are talking
themselves as champions of rationale is less clear. “well below historical trends”, even seriously about the idea. Indeed one Charles
free markets and entrepre- The process of securing these licences though it rose this year (after several congressman, Chris Collins, introduced Grant
neurial zeal — and have long
been more welcoming to entrepreneurs
is often so costly and cumbersome that
one recent study estimated costs for
Some of America’s abundant years of decline).
The White House has attempted to
a bill this week calling for a seven-year
sunset approach. The concept needs to
paperwork is justified: pilots
C
than has most of the western world. consumers at $200bn a year. More respond to the problem: this week Presi- be discussed, if nothing else because it an Britain, a country that
But the 2008 financial crisis tarnished importantly, licences deter many need licences. But often the dent Barack Obama urged states to might start a proper conversation about plans to keep its own cur-
America’s self-image (with, for exam- would-be workers — and entrepreneurs. reduce the number of occupational which start-up rules — and occupational rency, feel comfortable in an
ple, the eyesore of state support for A separate World Bank report is even rationale is less clear licences. Last month, he launched a licences — are worth keeping and which EU that is increasingly
mortgages). The entrepreneurial halo is more sobering. Last year it ranked “Start Up In a Day” initiative to slash the are not, and how to stop the sprawl of focused on the euro and its
starting to slip, too, since increasing countries according to their levels of Of course, this World Bank league length of time it takes to create a busi- red tape. troubles? As David Cameron’s govern-
quantities of red tape are making life support for the corporate world. This does not tell the whole tale. The Ameri- ness; it is offering a $1.5m prize to any- Who knows? In a country that wor- ment starts negotiations with its part-
harder for start-ups, relative both to the placed America in seventh place in can national average conceals signifi- one who uses technology to streamline ships the ideal of the plucky start-up, a ners on the terms of Britain’s member-
past and to the rest of the world. terms of overall ease of doing business. cant geographical variations because it the process. campaign to slash red tape could be one ship before an in-or-out referendum,
Take a look at a striking report issued But the US was ranked 46th — yes, 46th is municipalities that set many of the It is clear that far more needs to be of the few things that all the presidential this question is becoming a priority for
by the White House this week on occu- — in terms of how easy it is to start a business rules. Thus research by done, however. One idea that policy- candidates actually agree on. Even (or the UK. Arguments over EU migrants’
pational licensing, the rules that force company. This is worse than Estonia, Thumbtack, a West Coast website that makers ought to discuss is whether it is especially) that arch entrepreneur him- access to benefits will generate more
workers to obtain qualifications to do Malaysia, Georgia and even France. connects consumers with local busi- time to introduce a “sunset” principal self, Donald Trump. political heat, but the relationship
certain jobs. Five decades ago, occupa- One important reason for this dismal nesses, and the pro-entrepreneurship for business regulations — an assump- between the eurozone and the wider EU
tional licences were required only in position is that in America entrepre- Kauffman Foundation shows that it is tion that regulations should automati- gillian.tett@ft.com is a vital point for senior figures in the
government, including George Osborne,
chancellor of the exchequer. It is also a
big concern for British business leaders.
Their worry is that the 19 euro coun-
The Calais
tries could create a caucus and impose
their wishes on the 28-country single
market. Euro members can do so since
voting rules introduced last year gave
them a “qualified majority” in the Coun-
cil of Ministers, the EU’s most important
migrants are
decision-making body. The City of Lon-
don is of particular British concern:
countries that know little about banking
— or which seek to favour their own
financial centres — could vote for rules
Europe’s shame
that harm its competitiveness.
So the UK wants “safeguards” for the
single market. Its problem is that not
many EU governments are sympa-
thetic. In Berlin, the capital that matters
most, few figures other than Wolfgang
Schäuble, finance minister, appreciate
British concerns. Germans officials
GLOBAL POLITICS as if it is somehow reprehensible to seek argue that eurozone countries do not
an escape route from poverty and worse operate as a caucus — because they sel-
Philip — but the largest portion are the victims
of war. Syrians head the list, followed by
dom agree on economic policy. The UK
T
he migrant crisis at Calais is truck or a train at Calais — is small meas-
a story of human misery, ured against the dangers at home. harm its competitiveness
war-torn and broken states There is nothing new about large
and European denial. It movements of displaced people. In Syria, the chosen posture is quiescence. population of Lebanon now comprises that governments have lost control. One responds that, as the eurozone inte-
speaks to a world in which recent memory, Europe has managed Ten years ago the UNHCR helped a mil- Syrian or Palestinian refugees. answer is to replace the Calais jungle grates, the risk is growing ever greater.
advanced nations have lost the will, and the influx of refugees from the former lion people a year return to former con- European governments argue about with Europe-wide centres to document When the EU drew up rules on bank-
some of the capacity, to prevent and Yugoslavia as well as those from seem- flict zones restored to stability. By 2014 how to share out the “burden” of 40,000 the refugees and, if necessary, return ing supervision in 2012, it established
resolve conflicts. Their politicians will ingly never-ending conflicts in Somalia the number had fallen to 126,000. asylum seekers — most of them young illegal migrants to their home nations. “double majority voting”: decisions
not find an answer by drafting in more and Afghanistan. What has changed — For all the panic generated by the men, many highly skilled and all eager If genuine asylum seekers are to be require a majority of both euro and non-
police or building higher fences. and this was a point eloquently made by 5,000 camped in the so-called “jungle” for work as well as sanctuary. Germany persuaded not to risk life and limb euro countries. But the Germans insist
An estimated 5,000 people are António Guterres, the UN High Com- at Calais, Europe has been only slightly and Sweden, two nations more open crossing the Mediterranean or the this should not apply in other areas,
camped, in dreadful conditions, around missioner for Refugees, when he gave touched. Running scared of the populist than most to the migrants, will profit Channel, EU governments must also since the system would — as more EU
the French ferry port and its entrance to the Ditchley Foundation annual lecture right, politicians have lost a sense of pro- from their generosity. offer legitimate routes to settlement. As countries joined the euro — evolve into a
the cross-Channel tunnel. The numbers this month — is the spread and persist- portion. An estimated 150,000 people It should be obvious that individual for domestic public opinion, the politi- British veto. Many Germans suspect the
have been rising through the year. So ence of conflicts in failed and failing have crossed the Mediterranean and states cannot go it alone. Barriers are cians should have learnt by now that safeguard Mr Cameron really wants is a
has the desperation of the migrants to states. The pendulum in advanced Aegean in the first half of this year. That being thrown up by nations across the chaos fuels fear; fair, effective manage- veto for the City on financial rules. In
make it across the 21-mile sliver of sea nations has swung from liberal inter- is much more than in 2014, but it is to be continent. At very best they simply ment provides reassurance. fact, he will not ask for that. But German
that separates France from Britain. ventionism to furtive inaction. measured against a population for the divert the problem. There are some in The world has changed. The relative fears are fuelled by memories of the
The governments of the two counties Mr Guterres observed that five years 28-nation EU of about 500m; and it Britain who blame Europe for the crisis. power of Europe has slipped still faster debacle of December 2011: Mr Cameron
have spent tens of millions of euros ago an estimated 11,000 people were remains a small fraction of the 4m who These eurosceptics claim that by leaving than that of the US, and with it the said he would not sign the “fiscal com-
on security measures to prevent the fleeing war every day. By last year the have fled the civil war in Syria. Up to 2m the EU, Britain could reclaim control of capacity to fix problems in its neigh- pact” that Germany wanted without an
migrants from clambering on to trucks figure had quadrupled to more than Syrians have fled to Turkey and, as Mr its borders. The Calais crisis points pre- bourhood. That is not to say it can abdi- agreement to change some voting rules
and trains. The effort, predictably, has 42,000. Of these roughly two-thirds Guterres noted, fully one-third of the cisely in the opposite direction. Without cate responsibility. The EU still has the affecting the City; the Germans blocked
been futile. This is what happens when were internally displaced, but the French co-operation David Cameron’s tools — economic, political and military the changes so he did not sign.
policymakers opt to treat symptoms remainder were forced to seek refuge government would be powerless. — to promote order beyond its borders, The recent furore over the European
rather than causes.
Calais is the end of a funnel that has
abroad. The contrast he drew was with
the 1990s. Then, albeit sometimes after
The pretence that Europe’s problem is Britain’s problem,
and vice versa.
sometimes on its own, more often as a
convening power. The Calais crisis is just
Financial Stability Mechanism has rein-
forced British worries. The eurozone
seen tens of thousands of migrants flee- much hesitation, rich nations acted — in fences are an answer pours The pretence that fences are an one more a lesson in the costs of hiding wanted this fund, to which Britain has
ing war and destitution in the Maghreb
and beyond. Some are what politicians
Bosnia and Kosovo, Sierra Leone and
East Timor. Now, whether it is South
fuel on to the fires of answer pours fuel on to the fires of anti-
immigrant populism. Voters are less
under the bedcovers. contributed, to make an urgent bridging
loan to Greece — despite an earlier Euro-
disdainfully call “economic migrants” — Sudan, the Central African Republic or anti-immigrant populism worried by numbers than by the sense philip.stephens@ft.com pean Council decision that it should not
be used for eurozone bailouts. The EU
can decide to use the fund by qualified
majority vote. Knowing that it could not
veto the loan, the UK voted in favour, in
O
ne hundred years ago this monitor and warn of the risks. thy, and . . . some of them would 1,100 pounds.) Dodd-Frank act is an excellent moment ing done by the eurozone may damage
month, 2,500 passengers Similarly, after the 2008-2009 finan- turn turtle [capsize] if you attempted to The additional weight of the lifeboats to gather data to assess the benefits and the single market. The non-euro nations
in a festive mood boarded cial crisis, the Group of 20 leading navigate them with this additional and rafts may have been only one factor costs, their interactions and potential could gain the right to observe meetings
the SS Eastland for a picnic nations, Financial Stability Board, the contributing to this calamity, but it unintended consequences. Have activi- of eurozone ministers. They could also
cruise on Lake Michigan. Basel Committee and other interna- illustrates how powerful unintended ties moved into the shadows and how be allowed to press an “emergency
Just as the ship was to leave its mooring
in the Chicago river, the Eastland sud-
tional regulatory bodies convened to
provide a co-ordinated global response,
New regulations can consequences can be of even the most
sensible-seeming regulatory reforms.
has this affected the robustness of the
system? What has been the impact on
brake”: if one of them thought a euro-
zone decision would damage the mar-
denly capsized and 841 passengers lost promoting rules to reduce banks’ risk undermine their own goals; So what is to be learnt from the Eastland liquidity of markets? As with icebergs, it ket, the decision would be postponed
their lives — more than in the Titanic
disaster.
exposure and to increase macropruden-
tial monitoring.
‘lifeboats for all’ can bring disaster?
First, even if a rule solves some prob-
is not what you can see but what you
cannot that is often most dangerous.
for, say, a year, while the European
Council of leaders reviewed it.
The fate of the Eastland is one of But an important response to the a false sense of comfort lems, it does not necessarily solve them The key lesson from the Eastland The UK government has not yet con-
America’s great unremembered trage- Titanic was “lifeboats for all”. If only the all. In some cases, new regulations can tragedy is certainly not that regulation vinced many of its partners that its con-
dies, yet it carries important lessons for Titanic had had enough lifeboats for all weight on the upper decks,” he said. undermine their own goals, creating is inevitably counterproductive but that cerns about the relationship between
policymakers today, specifically about its passengers and crew, perhaps no one While Congress did not mandate “life- new sources of instability. New rules can we always need to consider unintended the euro and the single market are justi-
how a regulatory response to one disas- would have perished. What could be boats for all” for ships on the Great interact with other weaknesses in the consequences and cost-benefit trade- fied. It will need to do a better job if it
ter can unleash unintended conse- more sensible and obvious? Lakes, the 1915 La Follette Seaman’s Act system. “Lifeboats for all” can bring a offs, even for extremely well-motivated wants to win credible safeguards. Other-
quences that could contribute to The measure was adopted in the 1914 significantly increased the require- false sense of comfort, and inspectors rules, to protect us from turbulence in wise British voters may conclude the EU
another. The fifth anniversary this International Convention relating to ments. The Eastland had already and supervisors may not look as care- financial markets — and on the seas. is not driven by the interests of all its
month of the Dodd-Frank Act reform- Safety of Life at Sea. It was immediately increased its number of rafts in 1914, as fully for other vulnerabilities. members, but by those of the eurozone.
ing financial regulation seems like a par- clear to some, however, that this policy federal inspectors tightened the rules. Second, one-size-fits-all regulation The writer is a professor of economics at the
ticularly good time to consider this. might have unwanted ramifications. In Just three weeks before the tragedy, may not be appropriate. Higher capital University of Chicago and former governor The writer is director of the Centre for
After the Titanic’s sinking in 1912, an testimony to Congress, A A Schantz, the and after the passage of the act, the East- and liquidity requirements for the larg- of the US Federal Reserve European Reform
10 ★ FINANCIAL TIMES Friday 31 July 2015
BUSINESS LIFE
Personal technology
Windows 10
Microsoft goes back to basics
with its new operating system
RICHARD WATERS
B
oxing is “an anxious busi- Fans view content in different ways to follow him into boxing. (His son, everything he had. “Sometimes I just It is also a return to basics.
ness” so there is “no use get- today, they say, for example, on mobile Francis, also works for the business.) put the blinkers on.” This has some- With Windows 10, Microsoft
ting anxious about it”. This is phones rather than televisions. “Things “No, absolutely not, not my area, not times been to the detriment of his per- has stepped back from its A new browser
the verdict of Frank Warren, have changed so much,” says Mr War- into boxing, I really didn’t . . . I wanted sonal life. “It’s not a nine-to-five job.” touchscreen-centric
the boxing promoter and ren. “Netflix has crashed down the my kids to do something else but they’re The most dramatic personal event predecessor, dubbed 8 (it has the clean
manager who has looked after most of doors of how people consume and watch boxing nuts.” was when Mr Warren was shot at close seems 9 fell through the
the big names in British boxing: movies; iTunes completely blasted the A great deal of Mr Warren’s decision- range by a masked gunman in 1989. cracks). The result is a PC design and
“Prince” Naseem Hamed, Nigel Benn music business apart but got to a bigger making, he says, is based on “gut feel- Terry Marsh, one of his former boxers, operating system that is
and Ricky Hatton. “You can build a audience. That’s where we need to get ing”. So too with discovering boxing tal- was prosecuted but later acquitted. The designed to be, first and speed to
fighter who becomes a real star and one to.” They are looking at all kinds of dis- ent. “I feel that person’s got something overriding feeling was anger. “It didn’t foremost, fast, elegant and
punch can change that.” tribution, and are interested in Spotify’s about them . . . You’ve got to look at wreck my confidence. I was angry, very. efficient. A rapid boot time match others
If Mr Warren, immaculately dressed music streaming model, although they what they’re not good at and what needs I was angry that I got shot.” and a new browser that has
in a blue suit, seems zen about such vol- decline to spell out how this might work. to be done, getting the right team It hit his business. A deal to raise the clean design and speed to Cortana to give you
atility, the 63-year-old has been through BoxNation lost a bidding war for around them . . . making the right move funds for the London Arena in Dock- to match browsers from reminders. She can also
worse: surviving a shooting as well as the rights to screen the Mayweather- at the right time.” lands — in which he held a 70 per cent Google and Apple are perform voice searches
huge business setbacks. Interviewer- Pacquiao fight in the UK, that they The son of a bookmaker and house- stake — fell apart. Banks, he says, did among the features that using Microsoft’s Bing and
turned-friend Lynn Barber has written hoped would boost subscriptions. The wife, Mr Warren left his grammar not want to do business with a man who improve the experience. start an email in Microsoft’s
of him: “I can’t think of anyone who has winner, Sky Sports charged up to £24.95 school, in Islington, north London, at had been shot. The east London venue Three years ago, email service.
had such high highs and low lows, to view the fight. the age of 15. “I did very well at later went into administration. It took a Microsoft’s first attempt at
including disasters that would have “Who’s to say that you need to charge school . . . then I went off in long time to recover financially, he says. marrying touchscreen Broadening the appeal
sunk anyone with less determination.” £10 or £15 or £20 [to view a fight]. Why a different direc- Mr Warren has a reputation for issu- tablets with the PC led This is all fine but it does
Today, we are sitting on the veranda of tion . . . I lost inter- ing writs against journalists. Why does Apple’s chief executive Tim raise one important
the Goring hotel in the high-end neigh-
bourhood of Belgravia, central London, ‘Who’s to say that est.” One of his first
jobs was at a solici-
he do that?
“When I was a kid I would never be
Cook to observe that, just
because you could combine
question: what if you don’t
want to live in Microsoft’s
with his 28-year-old son, George (the
fourth of his six children). The pair are you need to charge tor. “I worked there
for about a month.
frightened of anybody, I would never let
anybody bully me and if they did I
a fridge and a toaster in one
appliance, it didn’t mean you
universe? Windows 10 can
feel like a conduit for the
outlining their plans for BoxNation, the
boxing television channel, launched in £10 [to view a fight]. It absolutely did my
head in . . . I just felt like I was
would react to it.” So too with news-
papers. “If I do something wrong I’m
should. Windows 8 was a
step too far for PC users,
company’s services, which
include its integration with
2011, which is available on TV in UK
and globally online and through mobile Why can’t you enclosed.” After a stint at Smithfields
meat market he worked for himself.
accountable for it.” who found its unfamiliar grid
of coloured tiles off-putting.
Xbox Live and the OneDrive
cloud storage service. You
phone apps. It creates and broadcasts
boxing content, including live and charge nothing?’ My questions about his move into a
boxing career start off on the wrong
emma.jacobs@ft.com
Twitter: @emmavj
It would be interesting to
hear what he has to say now.
don’t need to be all-in on
Microsoft services to get a
lot out of Windows 10, but it
Useful features enhances the experience.
Windows keeps elements In theory, others could
from the smartphone and produce apps with the
A yacht rental start-up ventures beyond Greek headwinds tablet world — the app
store, notifications and large
coloured tiles that act as
ability to integrate with
Cortana. But will they, and
will many app makers even
icons — but integrates them put their software in the new
much more smoothly into Windows app store?
Incrediblue views vessels derful toys but very time-consuming founders, Mr Fiorakis among them, conditions where businesses are able to the familiar PC experience. If they turn a cold
and expensive to run and maintain.” ventured that a crisis of such magnitude quickly adapt their models. “The shock
as underused assets, The portal allows users to choose a could in fact create opportunities for and depth of the crisis has led to the
There are discordant
notes, certainly: switch
shoulder, as they did with
the Windows phone store
writes Snezana Curcic holiday or charter a boat based on ideas to develop. total collapse of the internal market in between a PC screen with before, Windows 10 will miss
price, location, availability and user Like-minded Greek venture capital Greece — meaning the only viable multiple windows open, and much of its potential
reviews. A skipper is always included. firms have offered help. One is the pri- option is to go international, especially “tablet mode” with its more consumer appeal.
A disastrous sailing holiday around the Fees range from €50 to €1,000 per vate Athens-based Jeremie Openfund with digital goods and services,” he says. basic single view of an app,
Aegean Islands three years ago was a person per day depending on the craft. II, which has invested in Incrediblue, Incrediblue is now a UK-registered and it takes a moment to Verdict
turning point for Greek entrepreneur Mr Fiorakis says the company under- and other companies focusing on soft- enterprise, with 17 mostly Greek work out what happened to These things are outside
Antonios Fiorakis. He and his friends cuts established players on commis- ware and the web. employees in total. It runs its business, all the other things you were Microsoft’s control. But at
ended up on a smaller catamaran than sion, charging 15 per cent rather than Aristos Doxiadis, a partner in the customer service and development working on. Stretching a least, in Windows 10, it has
they had agreed to hire and were left up to 40 per cent. Boat owners can list fund, explains that many Greeks have divisions from Greece, while marketing single operating system to come up with an appropriate
buffeted by challenging summer winds, their vessels after emailing their owner- been forced to move away from the and sales are driven from London. cover all devices is bound to synthesis of the old, in the
with inadequate guidance. ship documentation. They have a traditional way of looking for safe According to market researcher throw up moments like this. form of the PC, and the new,
Mr Fiorakis reasoned that he could chance to do business directly with a Taking the jobs in the public sector or family busi- Future Market Insights, last year the But at least on the device in the form of tablets and
do a better job as a middleman and this broad range of customers as opposed to plunge in spite ness. Opportunities instead exist in global yacht charter market was valued smartphones.
impulse eventually led to the creation only experienced sailors. of the crisis fast-moving and changeable economic at $35bn and is expected to grow to Windows 7 and 8
of Incrediblue, an online marketplace So far, the portal has more than 2,000 $51bn by 2020. customers can upgrade free
connecting yacht owners with those yachts, catamarans and motor boats Mr Fiorakis says the market is clut- of charge starting this week.
looking to charter a vessel. listed and moored across the Mediter- tered and competition is fierce. His Microsoft has said it will
The business, one of a surprising ranean, in Greece, Turkey, Croatia and company has a long way to go but is stagger the upgrades to
number of start-ups to have battled Spain. The company is looking to trying hard to make a mark with its dif- make sure the process goes
through the Hellenic economic mael- expand into Italy and Montenegro. ferent business model focusing on skip- smoothly. To get the most
strom, has echoes of “sharing econ- Greece’s well-chronicled economic pers as well as boats. out of the software, though,
omy” pioneers Airbnb and Uber. crisis has seen the demise of many busi- “We aim to match the right local skip- requires a touchscreen,
Mr Fiorakis certainly sees yachts as nesses, a sharp rise in unemployment per to a particular party boat. If you are which for many will mean
underused resources. “Take a stroll and an inevitable brain drain. a group of young people in their twen- buying a new machine —
around any marina and you’ll see they Against this grim background several ties we won’t assign a skipper in their Opening Windows: New and PC makers still pay
are packed with boats that always seem hundred start-up companies have fifties, otherwise it will be like going on system feels coherent Microsoft for the software.
to be docked. They are like these won- emerged in the country as their a holiday with your parents,” he says.
Friday 31 July 2015 ★ FINANCIAL TIMES 11
ARTS
T
oday is the day the IMF’s cult,buttherearesignsofprogress.
luck runs out,” says some- Last year at the Proms Chinese com-
one in Mission: Impossible poser Qigang Chen’s music made its bow
— Rogue Nation. Sounds and he is back this year, in the company
like a case for the Financial of the BBC National Orchestra of Wales
Times. But only those estranged from and Chineseconductor,XianZhang.
Planet Tinseltown will think it’s Chris- In the Royal Albert Hall a hush
tine Lagarde in crisis rather than Ethan descended over Chen’s quietly rapturous
Hunt, alias Tom Cruise. In the block- Iris dévoilée. It had to — anything less and
buster summer’s first major raid on our the spell conjured by the gently wafting
wits and wallets — sequel codename breeze of sounds he creates would be
“MI5” (and the British connotation broken. Like so many composers from
proves apt) — the Impossible Missions the east, Chen was seduced early on by
Force puts its lives on the line to combat French composers such as Debussy and
The Syndicate, a group of global agents/ Ravel and moved to Paris to study with
spies gone terrorist. Messiaen. His intensely sensitive music
The Syndicate’s present profile: world- carriesonwheretheyleftoff.
domination nutjobs putting out a con- Iris dévoilée forms a kind of rainbow
tract on, among others, the Austrian bridge between its suggestive Chinese
chancellor and British prime minister. Immersive: Tom Cruise palace of cards. McQuarrie’s trick is to for an auteur back then — is our halluci- documentary that seems never to end poetry, intoned in the style of Peking
Team Cruise starts its operation, accord- in ‘Mission: Impossible — stopyousteppingback.Inthissurround- natory creative Everyman. Trick effects and should probably never have been Opera, and the pastel-shaded world of
ingly, by storming the Vienna Opera Rogue Nation’. Below sensation world you might step into a giantise him atop a roof or miniaturise begun. The late filmmaker Albert Mays- the French impressionists. Meng
House during a VIP performance of right: ‘Iris’ is a gun, a bomb, an oubliette or a parallel him in a bubbling glass of beer. He les, a name inscribed in legend (Gimme Meng, costumed like the Princess
Turandot. “None shall sleep,” sings the documentary portrait of dimension. For the confessional record mounts a speeding truck to hand-crank Shelter) and lavished with peer-approval Turandot, chanted the brief Chinese
tenor and he is on the nose. Writer- New York fashion guru I spent the first half hour wearing film of joyriders in a car. He scales cranes love bites (“the best American camera- texts. Two Finnish sopranos, Anu Komsi
director Christopher McQuarrie (who Iris Apfel 3D glasses (available on a foyer stand) or towers. He vanishes altogether, much man”, J-L Godard), completed before his and Piia Komsi, soared in wordless radi-
scripted The Usual Suspects) has caught since I thought the film was in 3D as of the time, to leave the screen to his recentdeaththisportraitoftheeccentric ance. The orchestra made seductive
Brian De Palma Disease: a form of cine- well as Imax. It isn’t. But I didn’t notice feveredkaleidoscopes. NewYorkfashionguruIrisApfel. noises, overlaid by the very delicate
matic ADHD in which nothing stands until I glanced round belatedly at un- If you think Inception invented the Hers was a piquant life: boutique strumming and bowing of the Chinese
still, madness is licensed, and action/ spectacled colleagues. That’s how bent-double cityscape, think again. If owner, interior decor adviser to the pipa, zheng and erhu. Time passed; 40
suspense showdowns are screwed to the immersive MIRN is. You believe it’s all you think Jaws invented the teeming, White House. But in her nineties Iris — minutes to be exact. Eternal beauty
screaming orgigglingpoint. round you and all over you even when, telephoto-shimmered holiday beach- more briskly and beatifically caught in demandspatience.
After Vienna we get a car and motor- technically,itisn’t. scape, re-think again. Also here: facto- the 2010 documentary Bill Cunningham On either side Zhang and the BBC
cycle chase through downtown Casa- A classic comes to life again, restored ries, taverns, picture theatres, none stay- New York — has run out of fresh National Orchestra of Wales offered the
blanca; high-wire escape ballets between Mission: Impossible — and re-scored, in Dziga Vertov’s Man ing still for long before disbursing some things to say and do. The Iris outfits, contrast of red-blooded performances
skyscrapers; and fog, murder and red Rogue Nation with a Movie Camera. The 1929 Soviet secret, mischievous visual reality. Multi- combining haute couture labels of Russian symphonies. Prokofiev’s
telephone boxes in a London so Christopher McQuarrie film recently voted best documentary of ple exposure and fast cutting turn rush- with clearance-sale clobber (and “Classical” Symphony was steadier,
headlong-retro we expect Jack the AAAAE alltime(inBritishfilmperiodicalSight& hour traffic into a poetic pandemonium. beads, beads, beads), still tougher in character than usual. Rach-
Ripper to appear. Add dialogue so Sound) isn’t quite a documentary at all. And sometimes the film slows to twirl impress with their bunged- maninov’s Symphony No. 2 boasted well
Duchamp-surreal it sounds like an Man with a Movie Camera It’s a firework show in a moviemaker’s disparate facets like a magic goblet, together elan. The Iris output, drilled playing and outgoing certainty of
Exquisite Corpse game of wordplay. “Sir, Dziga Vertov mind: a symphonic montage of a “day in flashing successive pictures — a shop a verbal voguing of drawling vision, rather than subtle colours and
Ethan Hunt is the living manifestation of AAAAA the life a nation”, across three cities, that window, a face, a gloved hand, a manne- “wisdoms” and waspish put- melancholy. It was a generously
destiny.” (What does that mean? Should bursts, crackles, fizzes and could take quin — to tease us with the richer truths downs, is ready to wear in a planned Prom, well attended, not
we,need wecare?) Iris your eye out (you almost feel) if you or constructions that can come, the film- whole different sense: withoutitsrewards.
It’s all fantastic nonsense. If you Albert Maysles don’tdodgeandweave. makerseemstosay,fromourputtingtwo wearing our patience and
stepped back, you might see the film and AAEEE A tripod-wielding camera buff in andtwotogethertomakefour. politeness after 18 minutes, BBC Proms run to Septem-
its story plausibility collapse like a boots and riding breeches — proper togs Iris, for punitive contrast, is a nevermind80. ber 12, bbc.co.uk/proms
K
itsch and radiance wrangle at group Die Brücke. But it’s a rigged
the oddball exhibition of Ger- match, because most of the Brücke
man and Russian modernism paintings come from its own stellar col-
at New York’s Neue Galerie. lection or from the private holdings of its
This agglomeration of medi- co-founder, Ronald Lauder. In this con-
ocrity and downright dregs, punctuated text, even lesser German lights such as
by the occasional masterpiece, is an Erich Heckel, Max Pechstein and Karl
unusual outing for a museum that usu- Schmidt-Rottluff look like brilliant ava-
ally hews to stellar standards. But if tars of the future. In their search for
you’re up for a spirited mishmash of the fresh conventions, the young Germans
bold and the ugly, head over to see Rus- turned to African carvings and wood-
sian Modernism: Cross-Currents of German cuts, fell under the sway of Van Gogh and
and Russian Art, 1907-1917. Die Brücke: Max Pechstein’s ‘Woman Gauguin, and added to this French colo-
Before they discovered what revolu- with Red Fan’ (1910)— Neue Galerie New York nial brew a soupçon of the Norwegian
tion was really like, Russian artists of Munch. They clutched at crudeness with
the avant-garde swooned over France, about 500 examples of the movement religious fervour, mistaking their rejec-
the source of all things radical. They that time forgot. It would be lovely to tion of harmony for emotional truth.
bathed their souls in the perfumes of say that his collection represents a Heckel’s nude portrait of the group’s
Provence, incorporating Cézanne’s hoard of rediscovered masterpieces, but jaundiced muse, Fränzi, might seem
trowel-like strokes and earth-toned pas- the truth is that Boris Grigoriev’s “Café intolerably creepy. The little girl was 10
sage. Petr Konchalovsky’s self-portrait Chantant” (1913) is just too, too Tou- when she was anointed the movement’s
of 1912 could almost be one of the mas- louse-Lautrec; Konchalovsky’s pseudo- mascot and here she looks like an under-
ter’s, his beige jacket breaking up into post-Impressionist “Still Life: Checkers” age Olympia, lying back on her chaise
blotches, skin merging into a claylike (1916) gets stuck in its murky, muddy with a doll in place of the original’s black
beard. Ilya Mashkov’s still-lifes eerily palette. Altogether, this philo-French cat. And yet Heckel’s rude comment on
summon Cézanne’s apples, pears and vein of Russian art comes off as retro- Manet glows with obscene authenticity
pitchers to a fruity seance. grade and derivative. — at least next to Aristarkh Lentulov’s
For those familiar with the fertile but There are a couple of notable excep- horrific redo of “Le déjeuner sur
doomed period of pre-Soviet modern- tions. Natalia Goncharova and Mikhail l’herbe”, with its doughy nudes lounging
ism, the term suggests a slideshow of Larionov, who were partners in love and alongside the nattily dressed artist.
abstractions: the squares of Malevich, El art, transcended the typical composi- The international showdown is espe-
Lissitzky’s narrative geometries or Tat- tions of their peers. In her early work, cially flattering to Ludwig Kirchner, the
lin’s spiralling monument to the Third Goncharova inflected a Fauvist lan- leader of the German pack. He’s repre-
International. But this exhibition taps a guage with hints of primitive art, ortho- sented by a female nude so original she
much more minor tributary: figurative dox icons, esoteric religion and visions has no clear point of comparison. Bony
artists who dispensed their radicalism of the primeval farmer. Her “Pond” and stiff, with ringed eyes and an elabo-
in cautious doses, and who have accord- (1908-09) whisks the rainbow-hued rate feathered hat, she perches awk-
ingly been largely ignored. exoticism of Gauguin together with her wardly at the edge of a mattress, a single
The bulk of the works — 39 paintings homeland’s folk heritage, conflating red nipple dangling like a street light.
— come from the vaults of Petr Aven, a Tahiti with Novgorod. Larionov also Besides Kirchner, the only artists who
collector who, in his pursuit of this mines the Fauves for his 1912 self-por- emerge triumphant are Wassily Kandin-
strange subspeciality, has amassed trait, smudging his face with blue and sky and his partner Gabriele Münter,
whose exquisite townscapes of Murnau,
Derivative: Petr Germany, are the show’s true highlights.
Konchalovsky’s Togethertheyevolvedaradiantstylethat
‘Still Life: bridged the real and imagined. His work
Checkers’ glows;hersdazzleswithheavenlyhues.
(1916) — Petr Aven Kandinsky has received the lions’
Collection, Artists Rights
Society
share of the credit for their achingly
beautiful aesthetic, but that is because
he claimed it. As Münter pointed out, he
“had to express his ideas in words, so he
constantly formulated new theories of
art”. She never leapt into the vortex of
abstraction, but remained content with
the figurative modernism that this show
champions. The best that could come of
the Neue Galerie’s efforts would be the
full-blown retrospective she deserves.
Twitter: @FTLex Email: lex@ft.com Indicative European refining margin 2016 valuation
$ per barrel Enterprise value/earnings ratio*
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Friday 31 July 2015 ★★ 13
Nintendo Shell Nokia Dollar index Two-year US Xetra Dax Brent oil Brazilian real/
Key content Accounting Treasury US dollar
for Netflix’s valuation 8.3% 4.2% 7.53% 0.5% 3bp 0.4% 0.1% 1.4%
MATTHEW GARRAHAN, PAGE 14
Y22,195 £18.39 €6.43 97.49 0.73% 11,257.15 $53.31 R$3.3788
COMPANIES
INSIDE BUSINESS
Technology
MEDIA
F
The US ride-hailing app company said Amit Jain, president of Uber India, 100 cities. their expansion plans. or a technology company, Netflix certainly
the spending drive would see its service described the target as “incredibly Much of Uber’s investment is intimidate Uber and Ola are braced for potential makes a lot of television. At a presentation this
hit 1m daily fares by March 2016, the ambitious”. expected to be spent on expanding the investors] new restrictions in New Delhi, following week to the Television Critics Association in Los
first time it has produced such a target He said it would be achieved by subsidies it offers to tempt passengers a court ruling this week which threat- Angeles, the streaming video business pledged to
in India. launching the service beyond the 18 cit- and encourage new drivers to sign up. won’t work. ened to uphold an earlier ban on all such produce 475 hours of original programming in
Yesterday’s announcement marks the ies in which it operates, the largest News of Uber’s spending spree comes Ola is going to apps. the next 12 months.
latest salvo in Uber’s battle to match number outside of the US. as Ola, which is backed by Japanese have plenty Uber previously suffered a temporary Its strategy of adding its own films and TV shows, such as
fast-growing local competitors in China “We are extremely bullish on technology group SoftBank and Tiger ban in the Indian capital last December, new series from the director Baz Luhrmann and comedian
and India, as it pours funds into its most the Indian market,” he said. “We are Global, the US investment group, is near of money to following an allegation of sexual assault Aziz Ansari, to the content it licenses from other providers
important growth markets. continuing to see robust 40 per cent to closing a financing round. fight back’ by a driver. has served Netflix very well. The company has 65m sub-
scribers worldwide and a gravity-defying share price,
which has risen close to 600 per cent over the past five
years. Its $45.4bn market capitalisation is greater than the
combined value of commercial broadcasters CBS and ITV.
Technology. Smartphone battle Netflix has said it will expand into every significant glo-
bal market — including China — by the end of 2016. Its
Samsung units diverge as rivals gain ground service clearly resonates with audiences who have
embraced its on-demand, digital ethos.
But is its sky-high valuation fully justified, particularly
when compared with HBO, the Time Warner-owned pre-
mium network behind hit shows such as Game of Thrones
and The Sopranos?
Mobile division flounders The two companies share some attributes. They both
while Apple’s inroads bring want high-quality programming, they both also license
films from Hollywood studios and they each operate in
rewards for chip business multiple markets. HBO is accessed primarily through pay-
television services — it has 46m subscribers in the US and
SIMON MUNDY — SEOUL 120m globally — whereas Netflix can be accessed digitally
(although it still operates a subscription DVD business).
Even as the mobile business of Samsung Netflix trades at 130 times the $347m it generated in
Electronics has battled to reverse falling operating income over the past 12 months. HBO, mean-
sales in a fiercely competitive market, while, generated $1.8bn of operating income over the same
colleagues in other divisions of the period: applying Netflix’s multiple would value HBO at an
South Korean conglomerate have wel- eye-popping $234bn. This is almost four times the market
comed the increased competition. value of Time Warner and would not include its other
Samsung’s earnings for the three assets, such as the Warner Brothers studio or Turner cable
months to June showed the seventh con- networks.
secutive declining quarter, and the dis- This disparity is even more dramatic when considering
appointing numbers were rooted in the analyst estimates for 2015 earnings. They expect Netflix to
company’s mobile business. generate $0.23 per share for the year, giving the company a
Operating profit at the IT and mobile price to earnings ratio of 465.
division, which is largely focused on Time Warner, by contrast, is
handsets, fell 38 per cent year on year to trading on a multiple of
HBO’s streaming
Won2.7tn ($2.4bn), with sales of the about 19 times forecast 2015 service could be
Galaxy S6 flagship phone falling below earnings.
company expectations. What explains the valua-
just as globally
In contrast, Samsung’s semiconductor tion gulf? There are several distributed as
business saw earnings surge 83 per cent factors. Netflix is a direct-to-
to Won3.4tn. This was due in part to the consumer business, selling
Netflix one day
competitive pressures that are hurting subscriptions in each market
the group’s mobile business, said Baek in which it operates. Two-thirds of its customers are in the
Jae-ho,anexecutive inthe division. US so there is significant potential in other markets. It is a
“The competition in smartphones is relatively cheap service and costs only $7.99 a month in its
becoming fierce,” he told analysts on a home market so there is also potential to increase prices.
Its top line revenues from streaming increased
30 per cent year over year; HBO revenues, by contrast,
What growth remains is have been relatively flat.
going to rivals — notably in At Netflix, short-term profits have been sacrificed as the
company invests to build a truly global streaming net-
China, the world’s biggest work. The prospect of vast future earnings, say analysts, is
smartphone market what appeals to growth investors.
HBO is already extremely profitable which, perversely,
may explain its lower multiple. It derives most of its earn-
ings from the cable and satellite operators that carry its
conference call. “And the result is that Samsung is still 7 per cent and 4 per cent respectively, in smaller number of products, said Keon Samsung’s memory chip division, the channels: its programming is also licensed internationally
even low-end smartphones are now the largest line with preliminary guidance. But the Han, an analyst at Credit Suisse. world’s biggest by sales with a big tech- by companies such as Sky, which pay it hefty fees.
adopting [high-resolution] displays, smartphone detailed earnings release confirmed the Global smartphone shipments are set nological lead over its peers, is profiting But, like Netflix, HBO is also in the streaming game. This
which is driving up” the need for more maker by sales, Galaxy S6, which it had hoped would to expand 11 per cent this year, accord- as producers seek to make more power- spring it launched HBO Now, a standalone service that
memory on the devices. although the give a boost to the ailing smartphone ing to research group IDC, down from 39 ful phones. Xiaomi this year launched a aggregates all of its content without the need for an expen-
Yesterday’s results showed a stark Galaxy S6 has business,didnotfulfilexpectations. per cent in 2013. phone with 4GB of memory, more than sive pay-TV subscription.
divergence between the fortunes of a undershot Last year Samsung’s earnings were hit But what growth remains is going to any Apple or Samsung handset. Richard Plepler, chief executive, has talked about pur-
handset division losing market share to expectations hard as it struggled to offload unsold Samsung’s rivals — notably in China, the “We think this trend will continue on suing the 10m US broadband users who do not subscribe to
Apple and Chinese smartphone makers Ahn Young-join/AP Photo
stock of the poorly received Galaxy S5. world’s biggest smartphone market, to next year. When we meet our custom- cable or satellite TV. Yet there may be an even bigger prize
such as Xiaomi, and a semiconductor The company promised more careful where IDC said Samsung’s market share ers, they say memory is one of the core on offer for HBO. Its streaming service could, one day, be
division that is booming in part because inventory management to avoid a repeat halved to less than 10 per cent in the things to a smartphone,” Mr Baek said. just as globally distributed as Netflix. Its licensing deals
of demand from those same rivals. — only to be punished this year for first quarter of this year. It lost out to An executive from Samsung’s display with international partners would have to expire before
Mr Baek’s statement underscored another supply chain error. It was una- homegrown rivals such as Huawei, unit said it planned to sell the curved this could happen, which would take time, depending on
Samsung’s revived status as a company ble to meet demand for the premium which last week said handset revenues screens that drove demand for the S6 the country and the terms of its agreements.
that makes most of its profit from com- “Edge” version of the S6, while sales of increased 87 per cent in the first half. Edgetoothersmartphone makers. It is unclear why this potential upside has not been
ponents, echoing a shift at Sony, the the basic model undershot expectations. Meanwhile Apple has enjoyed record Peter Yu, an analyst at BNP Paribas, priced into Time Warner shares. Yes, HBO has differences
electronics group, which has tripled its Samsung said it had addressed the sales of its iPhone 6, leaving a smaller said this was a sign of Samsung’s with Netflix but its core business — content — is the same.
second-quarter profit thanks to surging capacity constraints and expected sales addressable market for competitors in increased willingness to allow its com- From Six Feet Under and True Detective to John OIiver: Last
semiconductor sales despite losses in to be boosted in the second half by the the high-margin premium market. “If ponents business to focus on making its Week Tonight and Girls, there is arguably no company bet-
smartphones. launch of a larger version of the S6 Edge. Apple is beating its own estimates, that own profits, instead of playing a support ter at producing it than the Time Warner-owned group.
Samsung’s shares fell 3.8 per cent, But while the company remains the means someone else is losing and that’s role to the handset business. Netflix trades on a tech-style multiple; Time Warner
having risen 2.7 per cent the day before leading smartphone producer by sales, predominantly Samsung,” said Mr Han. “There’s a war out there” in the mar- does not. If Jeff Bewkes, Time Warner’s chief executive,
on expectations it would announce a analysts said Samsung would struggle to But Apple’s success is a boon for the ket, he said. “Some people will bleed to wants to unleash a similar valuation, the creativity of HBO
share buyback alongside the results. return to meaningful growth. The com- group’s semiconductor business, which death, but those who make the money holds the key.
That proved unfounded. pany is shifting to a strategy focused has won a lucrative contract to make are the ones who sell the weapons.
Sales and operating profit declined more on protecting its margins with a processor chips for the next iPhone. That’s the component makers.” matthew.garrahan@ft.com
Bombardier delays new jet as orders dive KKR to inject $150m into India’s JBF Industries
ROBERT WRIGHT — NEW YORK which were C$4.20 at the start of the delay to the Global 7000 will give Gen- HENNY SENDER — NEW YORK months after the Narendra Modi gov- paign has diminished the lure of China,
year, initially dropped 13 per cent but by eral Dynamics’ Gulfstream a longer ernment came to power with its prom- while lower commodity prices have
Canada’s Bombardier was forced yes- JBF Industries, a listed polyester maker
lunchtime had recovered to be down period unchallenged at the top end of ise to get the Indian economy moving posed challenges in many other emerg-
terday to postpone the planned entry based in Mumbai, is to receive a $150m
about 10 per cent to C$1.76. the business jet market. Gulfstream’s once again. But local private sector ing markets including Brazil, Chile,
into service of its new business jet amid capital infusion from KKR in a transac-
The delay is the latest bad news G650ER is the longest-range business investment has been virtually stagnant Indonesia and South Africa.
a dive in orders and a worsening of its tion expected to be announced today
announcements this year from Bombar- jet, capable of flying 7,500 nautical miles and much of the initial euphoria which Business people in India cite a wel-
debt position resulting from the devel- following board approval, people close
dier, which has poured corporate re- without refuelling. greeted the new government has faded. come new flexibility in negotiations.
opment of its C Series commercial jet. to the situation said.
sources into developing the C Series sin- Net income for the second quarter fell “The prime minister needs these Promoters are willing to give up more of
The company said that the develop- gle aisle jet, intended as a competitor to 19 per cent to $125m, on revenues down Like other industrial companies, JBF kinds of deals which bring in foreign their equity, while banks, though still
ment of the Global 7000 business jet — Boeing’s 737 and Airbus’s A320 family. 5.5 per cent to $4.62bn. Net debt rose to took on a lot of bank debt to meet a capital to complete projects and help get reluctant to write down the value of
intended to have a range of 7,300 nauti- Cost and timetable overruns for the C $5.9bn, against $5.73bn at the start of surge in demand that failed to material- the country growing again,” said one their debt, are willing to make conces-
cal miles, one of the longest ranges on Series have held back the company’s the year, although the company stressed ise and ran into funding issues. The person involved in the transaction. sions on covenants and other terms.
the market — presented “challenges”, profitable business jet operations. The that equity and debt issues this year money from KKR will be used to com- “India is more attractive today than it On the JBF deal, the controlling Arya
which had “impacted the programme’s meant that it had cash and cash equiva- plete a $600m petrochemical plant in was 18 months ago.” family will see their 54 per cent stake in
schedule”. The jet had been due to enter lents of $3.1bn on hand. Mangalore in the south-western Indian Part of the reason India looks attrac- the company drop as KKR takes 20 per
service in the second half of next year. The Global 7000 Alain Bellemare, who took over as state of Karnataka, while the remaining tive is because many other emerging cent of the equity, which could rise if the
will enter service in
“The aircraft will now enter into serv- 2018, leaving the chief executive in February, said the portion will help pay down JBF’s $1.6bn nations appear relatively less attractive. investment group takes advantage of a
ice in the second half of 2018,” the com- Gulfstream quarter had been “in line with plan” in net debt. A combination of slower growth, mar- conversion mechanism in the debt.
pany said as it issued second-quarter G650ER terms of revenues, earnings before The deal is a small indication that for- ket volatility and slow decision making KKR declined to comment, while JBF
results. The Toronto-listed B shares, unchallenged interest and tax (Ebit) and deliveries. eign capital is flowing into India 14 as a result of the anti-corruption cam- could not be reached for comment.
Friday 31 July 2015 ★★ FINANCIAL TIMES 15
COMPANIES
RBS gains breathing space, for the moment SoulCycle flexes its financial
muscle to ride the IPO market
before the government starts selling its tors. Ewen Stevenson, chief financial RBS has managed to bolster its capital
Despite positive quarterly stake. officer, warned the bank will not there- buffers by accelerating the sale of its
results the bank still faces Mr McEwan said although “it would fore distribute capital before the first stake in Citizens, the US retail bank, NICOLE BULLOCK AND ERIC PLATT cultivated an extensive digital commu-
NEW YORK
be nice” if the settlement happened this quarter of 2017 at the earliest. The bank which is expects to finish by the end of nity whereby riders and enthusiasts
some big financial hurdles year, to help clear “some of the issues must prove it has sustainable profits, he 2015 — a year ahead of schedule. SoulCycle, a chain of indoor cycling who may have never taken a SoulCycle
that have been a drain on this organisa- said, having delivered seven successive RBS announced this week a further studios that has amassed a cult follow- class communicate with the company
EMMA DUNKLEY — LONDON
tion”, the bank is not currently in talks years of net annual losses. “We need to selldown of its current 40 per cent ing from New York to California, is now and each other.
with US regulators and that it could be a get through this year’s stress-testing stake, which could lower its holding to hoping to win loyal fans on the stock Proceeds from the IPO will pay down
Royal Bank of Scotland dashed investor further six to 12 months before discus- round and next year’s stress-testing 20 per cent. market. debt and fund capital expenditure.
hopes of a dividend payment next year sions start. round before we can begin capital distri- In another move to boost capital, the The company has a long-term goal of
and warned of a “noisy” period ahead Settling with the US regulators, which butions,” he added. bank announced an issuance of addi- The group, which describes each class as operating 250 domestic studios in US
with looming mis-selling fines, damping analysts estimate could cost at least RBS has come under pressure to tional tier one notes denominated in US a “cardio party”, yesterday filed initial cities and suburban areas, and taking
prospects for government plans to begin £5bn, is also one of the main hurdles in strengthen its capital reserves after dollars. Mr Stevenson described the paperwork with the Securities and the brand to international markets.
selling its stake. the way of the bank resuming dividend almost failing the Bank of England’s launch as “another important mile- Exchange Commission for a public list- SoulCycle also sees an opportunity to
The bank, which is 80 per cent backed repayments. RBS had previously guided stress test at the end of last year. The stone” for the bank, with the aim of rais- ing. As is customary at this stage, it did expand its line of branded workout
by the UK government, released a better that it will return excess capital either in bank boosted its capital buffer from 11.5 ing at least £2bn of AT1 this year. not specify the number or price of the clothing and broaden its reach to an
than expected set of earnings yesterday, the form of a dividend or share buy- per cent at the end of March to 12.3 per Aside from improving capital, the shares to be sold. “at-home” audience. A move to target
reporting a net profit of £293m in the back, once it surpasses a core tier one cent in the second quarter as it contin- lender shed assets in its Capital Resolu- Started in 2006 in the rear lobby of a affluent customers with at-home ses-
second quarter — up 27 per cent from ratio of 13 per cent. ues to repair its capital strength. tion division — the internal “bad bank” former dance studio found on Craigslist, sions follows the success of Peloton, a
the same period last year. But the bank clarified yesterday that Analysts at Morgan Stanley lauded — by £3bn in the second quarter, mean- SoulCycle has grown quickly to count privately held company that executives
The quarterly net profit marked a there are a number of other “issues” to the move to boost capital as “encourag- ing nearly 80 per cent of the unit has 235,000 riders annually and sales of expect will report $50m in sales this
reversal of fortune after RBS reported a work through beforehand, which ing”, in spite of incurring £1.5bn of costs now been exited. The bank expects to roughly $112m last year, a 49 per cent year.
first-quarter loss of £446m, as the bank includes the settlement with US regula- to cover mis-selling and restructuring. have completed its rundown from RCR rise from 2013. It operates 38 cycling Risk factors cited in SoulCycle’s filing
pushes on with major restructuring by the end of the year. studios in seven US metropolitan areas, include its ability to maintain its reputa-
plans to retrench globally and focus on The bank reported underlying oper- but 97 per cent of its revenues last year tion, attract and retain riders, success-
the UK market. However, in spite of the ating profit, excluding the cost of came from the New York, Los Angeles fully expand into new markets and fend
positive results, chief executive Ross restructuring the bank and conduct and San Francisco regions. off competition. It is also dependent on a
McEwan warned of “tough issues com- charges, of £1.81bn, down slightly from The offering arrives as the American single supplier and producer for its
ing down the track”, highlighting the £1.95bn in the second quarter of last fitness industry is evolving, with an bikes.
need to settle with US regulators over year largely because of the rundown of increasing number of gyms adding yoga The company is backed by luxury
the alleged mis-selling of mortgage- the investment bank and subsequent and barre classes. SoulCycle has sought gym chain Equinox, owned by The
backed securities. decline in revenues. to offer a unique workout that includes Related Companies, and Leonard Green
The warning comes only a month RBS must now overcome other hur- not just physical exercise but a narrative & Partners, the buyout firm. Melanie
after George Osborne, the UK chancel- dles. As a condition of receiving state aid of emotional inspiration and empower- Whelan, who has previously worked for
lor, unveiled plans to start selling down during the financial crisis, it must carve ment. Equinox, the Virgin Group and Star-
the government’s stake in the country’s out Williams & Glyn as a “challenger” According to SoulCycle’s prospectus: wood Hotels, is chief executive.
biggest ever privatisation, albeit at a loss bank, a process at risk of being delayed. “Our riders move in unison as a pack to SoulCycle has been profitable for at
to the taxpayer. “We’re making very good progress but the beat, and follow the cues and chore- least three years, with net income up 42
Sir Philip Hampton, the outgoing it is a tough act to get it out,” said Mr ography of the instructor. The experi- per cent year over year in 2014 to
chairman of the bank, recently told the McEwan. “We’re aiming for an IPO at ence is tribal. It is primal. And it is $25.3m.
Financial Times that it might be wise to the end of next year — our view is we’ll fun . . . We believe SoulCycle is more Goldman Sachs, Bank of America
wait until after a US regulatory settle- get there.” than a business, it’s a movement.” Merrill Lynch and Citigroup are lead
ment is struck “in the coming months” Clouds looming: a US settlement could cost RBS £5bn — Chris Ratcliffe/Bloomberg See Lex Outside its studios, the company has managers on the IPO.
16 ★★ FINANCIAL TIMES Friday 31 July 2015
COMPANIES
Energy Media
Shell cutting 6,500 jobs amid ‘prolonged downturn’ ing, funds which will keep it operating
during the sale.
Relativity, which released films such
as Act of Valor and Immortals, was started
by Ryan Kavanaugh, a colourful
character who once earned the ire of
Anglo-Dutch group to slash neighbours by landing his helicopter
capital spending budget by on a nearby building’s emergency
helipad.
20% after oil-price crash Mr Kavanaugh raised hundreds
of millions of dollars to invest in
movie studio production slates. He ini-
CHRISTOPHER ADAMS — ENERGY EDITOR
tially earned millions of dollars in fees
Royal Dutch Shell is cutting 6,500 jobs
and will slash its capital spending
budget by 20 per cent this year, as it pre-
Relativity scored a hit
pares for a “prolonged downturn” in with ‘Limitless’, but
crude prices by scrapping and delaying
billions of dollars in energy projects.
released a string of movies
The Anglo-Dutch group said yester- that underperformed
day it would reduce investment by $7bn
from last year’s levels to about $30bn in
2015, a bigger drop than forecast three from the performance of those slates,
months ago and a sharper reduction in and later expanded into production and
capital spending than many of its rivals. distribution with backing from Elliott
Ben van Beurden, Shell chief execu- Associates, the New York hedge fund
tive, sought to dispel investor concerns run by Paul Singer.
that its proposed $55bn takeover of BG But relations with Elliott quickly
Group, announced in April, would soured. Ron Burkle, the retail billionaire
struggle to work at prices of $70 a barrel stepped in, backing the company.
or less, and criticisms that the group had Relativity scored a hit with Limitless,
starring Bradley Cooper, but failed to
repeat the success, releasing a string of
‘We are not waiting for movies that underperformed.
the $90 cavalry to arrive Expansion into new lines of business,
such as athlete representation, educa-
when we deal with tion and branding proved to be a further
today’s challenges’ drain on the company’s resources. In
recent months it has lurched from crisis
Ben van Beurden, Shell CEO Shell has responded to investor concerns by unveiling its strategy to reposition the company for a downturn — Andrey Rudakov/Bloomberg to crisis, seeking emergency financing
deals in a bid to stay afloat.
been slow to respond to the oil price Mr Kavanaugh is expected to stay
crash. for a downturn that it warned “could given the final go-ahead this year, said Shell-BG, with a leading position in liq- manage through this downturn, always with the company during the
“Judge us on what we do,” he told last for several years”. Mr van Beurden. Among those uefied natural gas and deepwater Bra- making sure we have the capacity to pay bankruptcy process.
reporters. “I want to be very clear we are The 6,500 job losses include reduc- described as “cancelled” was the expiry zilian oil, focused on fewer but bigger attractive dividends for shareholders.” Relativity, which is cutting 75 jobs, is
acting with determination. “We are not tions already announced in its North Sea of a longstanding concession in Abu projects. In the three months to June 30, Shell being represented in its bankruptcy
waiting for the $90 cavalry to arrive business, the US, Canada, Norway and Dhabi, where Shell and BP refused to It is selling a one-third stake in Showa reported $3.8bn of earnings on a current filing by Sheppard Mullin, the law firm.
when we deal with today’s challenges.” Nigeria, and include a cut in the number pay multibillion-dollar signing-on fees Shell, the Japanese refiner, to Idemitsu cost of supplies basis excluding identi- The filing, in the Southern District of
He conceded that the group had not of contractor roles. Shell employed for a new deal. for $1.4bn, and will “take a good look” at fied items — a measure of profit pre- New York, reveals that the company has
communicated this with sufficient 94,000 people at the end of December. Shell expected asset sales of $50bn its North Sea portfolio. ferred by analysts. This compared with up to $1bn of liabilities.
“urgency” at its full-year results in Just two big energy projects would be from 2014 to 2018, as the enlarged Shell’s action comes amid an indus- $6.1bn in the same quarter last year, but “The actions we are announcing
January. try-wide scramble to cut costs, shed the performance exceeded analysts’ today will protect our valuable fran-
Shell’s shares, which have underper- labour and scrap or defer more expen- expectations. chise and allow us to emerge as a
formed other big oil and gas groups, Shell performance sive projects, from Canada’s oil sands to The company highlighted improved stronger, more focused company,” Mr
closed up 4.2 per cent at £18.39 in Lon- Net income ($bn) Return on invested capital (%) deepwater fields in the Gulf of Mexico. refining margins and robust down- Kavanaugh said.
don. The fall in oil prices, caused mainly by stream results, where profit more than Mr Kavanaugh has been on the
Oswald Clint, analyst at Bernstein, 8 8 Opec’s decision not to cut output in the doubled from $1.3bn to $3bn, offsetting receiving end of a lawsuit filed recently
said that Shell’s latest figures on spend- face of a US supply glut, has stoked fears the impact of lower oil prices. However, by RKA Film Financing, a film promo-
ing addressed investor concerns that 6 6 that companies might fail to maintain profits from exploration and produc- tion group, which accused the company
“Shell’s heads are in the sand”. dividend payouts. Some $200bn in tion fell 78 per cent to $1bn. Output of misusing funds.
“With progress on the [BG] deal on spending on large projects has been declined 11 per cent from one year ago. In its legal filing, it called Mr
track, this is a new emerging business 4 4 pushed back in an effort to cover those Analysts were upbeat, pointing to the Kavanaugh a “conman” who “through
which can pay dividends whatever the payouts, according to Wood Mackenzie, strong contribution from refining — a dishonesty and deceit, operated a
oil price environment,” he added. 2 2 the energy consultancy. common theme for the majors — tough scheme to defraud investors and
The BG deal is awaiting some regula- “We have to be resilient in a world cost control and capital spending cuts. convert and misappropriate their
tory approvals. where oil prices remain low for some Analysts at Tudor Pickering Holt said funds”.
For the first time since crude began its 0 0 time, while keeping an eye on recovery,” Shell had “moved more aggressively to Relativity fired back with a $200m
plunge — to $53 from $115 last summer Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 said Mr van Beurden. align its business for a lower-for-longer countersuit, claiming that RKA was
— Shell set out in full the measures it has 2013 14 15 2013 14 15 “We’re taking a prudent approach, oil price environment”. seeking to exploit its efforts to refinance
been taking to reposition the company Source: Bloomberg pulling on powerful financial levers to See Lex the company.
Parts maker Delphi pays £1.1bn for UK peer in future tech push
ANDY SHARMAN versus Delphi’s $22.3bn, makes prod- fornia, which makes 3D lidar sensors — The HellermannTyton deal — the
MOTOR INDUSTRY CORRESPONDENT
ucts for protecting, routing and fasten- used to power advanced driver assist- only transaction for which financial
UK car parts maker Delphi Automotive ing cables. Based in Crawley, southern ance systems, autonomous cars and details were released — is based on the
is to buy British peer Hellermann- England, it supplies Volvo, BMW and high-definition maps. logic that the era of the connected car
Tyton in a £1.1bn deal, part of a series Delphi as well as aerospace companies. “Delphi is certainly working on trans- calls for more and more electrical archi-
of moves yesterday announced by the Delphi is one of the world’s largest forming the whole company into the tecture in vehicles.
tech-focused supplier. parts suppliers and specialises in com- ‘my dream car’ supplier,” said Chris Kevin Clark, Delphi chief executive,
ponents and software that seek to make McNally, analyst at Evercore ISI. said: “With consumers now demanding
The takeover is the latest in a string of cars safer, better connected and more Not satisfied with three big announce- more connectivity in their vehicles,
deals among car industry suppliers as environmentally efficient. ments, Delphi also flagged a minority electrical architecture is the enabler of
they seek scale to serve global vehicle Delphi, once part of General Motors, investment in Tula Technology, which that added vehicle content.”
manufacturers by snapping up the best wants to capitalise on a shift towards uses software to boost the fuel efficiency Shares in HellermannTyton — taken
future car technology. greater connectivity in vehicles, as well of engines, and said it would divest its public by former private equity owner
Delphi, which is headquartered in as the rise of the autonomous car. automotive antennas business to North- Doughty Hanson in 2013 at 195p — rose
Gillingham, south-east England, but That was underlined yesterday as east Industries, a Chinese supplier. 42 per cent to 472.1p.
listed in the US and run from Michigan, Delphi also announced the acquisition The deal implies an enterprise value
has agreed to buy HellermannTyton for of Ottomatika, a Pittsburgh-based soft- for HellermannTyton at about 14.7
480p a share — a 44.5 per cent premium ware company that helped Delphi com- Car industry times last year’s earnings before inter-
suppliers are
to the closing price the day before — in plete a self-driving coast-to-coast road seeking scale by est, tax, depreciation and amortisation.
an all-cash transaction. trip in the US in April. snapping up the Delphi’s shares, which have risen
HellermannTyton, which had a mar- Delphi has also entered into a strate- best future car 16 per cent over the past year, fell 0.7 per
ket cap of £715m at Wednesday’s close gic collaboration with Quanergy of Cali- technology cent in morning trading in New York.
Friday 31 July 2015 ★ † FINANCIAL TIMES 17
COMPANIES
Media Technology
Singapore start-ups aim to be top kids on the block Reporting results on Monday, Baidu
forecast revenue growth for the current
quarter at 34-37 per cent.
“Last year, they had a full year of 50 or
near 50 per cent year-on-year revenue
growth, and now they’ve had two quar-
City-state hopes to become ters sub-40 per cent and another quar-
the Silicon Valley of Asia, but ter of guidance suggesting mid-30s. So
basically the message is that for search,
ready funding outweighs ideas the party is over,” said Mark Natkin of
Marbridge Consulting in Beijing.
Analysts worry that the slowdown
LOUISE LUCAS — HONG KONG
raises doubts about Baidu’s ability to
Keen tech investor though he is, Hugh manage the transition from an internet
Mason is grateful he does not have a ruled by PC users to one dominated by
weak bladder: “Every time you go for a smartphones, where users pick from a
pee, someone is pitching you an idea,” screen full of apps instead of finding
he says. content through search engines.
Welcome to Block 71 in downtown Robin Li, Baidu’s chairman,
Singapore, home to more than 100 start- announced in June a Rmb20bn ($3.2bn)
ups, accelerators and angel investors investment over three years in Baidu
and, together with Blocks 73 and 79, Nuomi, its Groupon-like marketplace,
among the densest technology ecosys- to lift its performance in mobile.
tems in the world. Nuomi is envisioned as a focal point
Dubbed LaunchPad, this is where the for services such as movie ticket sales
city-state is pursuing its goal of becom- and taxi hailing where physical and vir-
ing the world’s top digital nation — and tual commerce are combined in what is
where geeks are disrupting everything known as “online-to-offline” business
from estate agents to healthcare. funnelling users to online payments sys-
tems.
Analysts have expressed concern that
‘To make money [in Baidu is losing focus, citing as an exam-
Singapore], there’s no pain. ple Baidu wallet, the online payment
system founded in April 2014 and the
And without pain it’s hard weakest of China’s major online pay-
to have good innovation’ ment services.
In data released for the third quarter
Singapore offers a strong legal system and so little red tape that it is possible to set up a business online in only 15 minutes — Edgar Su/Reuters of 2014 by Analysys, a Beijing-based
consultancy, Baidu Wallet, its mobile
The city state is well placed to fulfil its payments service, was found to have
aim of becoming an Asian Silicon Valley. more ideas than investment; Asia has wanton capital allocation, when anyone snap up the next big thing, notes Mr 0.06 per cent of the market. This com-
While China and India attract more dol- More on ft.com more investment than ideas.” who put their hand out received a Ziegler. pared to 79 per cent for Ant Financial’s
Hong Kong and Singapore are
lars, Singapore offers a strong legal sys- seeking to emulate the start-up Singapore’s zealous government has cheque, are no longer valid — a strict Alexey Pisarev, a banker and founder Alipay, the country’s most popular
tem and minimal red tape — a business culture of Silicon Valley. Ben tried to improve things in this area too. selection procedure ensures that only of a wearable device that juices up exer- mobile payments service which is
can be set up online in 15 minutes — Bland and Louise Lucas examine Mr Gnirck has a base at government- the best are awarded the coveted fund- cise routines, laments the lack of fund owned by rival Alibaba.
making it a logical base from which to whether they are succeeding. subsidised Bash (Build Amazing Start- ing and mentoring available at Bash. managers who understand start-ups. The companies published more
access bigger regional markets that lack ft.com/video ups Here), a vast 22,000 sq ft space that The idea is that private-sector capital, “To have M&A you need multibillion- recent figures which suggest the gap has
these advantages. looks like a cross between an Ikea show- which is plentiful at start-up level, will dollar companies around. It will take closed slightly. Baidu said it had 35m
Best of all, it is awash with money. room and a Montessori nursery. fill the gap. “We know it would not sur- time before we reach that level of matu- active users for Baidu Wallet at the end
Much of the privately raised venture Here a host of start-ups enjoy not just vive if we needed the government to rity.” of June, while Alipay said it had 400m.
capital is matched by government fund- Venture capital investment cheap space but a new way of thinking. sign a cheque every time,” says Eddie One answer already in evidence, says “People are concerned that Baidu is
ing, helping Singapore trump most of its $m Joseph Ziegler, a transplanted Texan Chau, a veteran entrepreneur and Mr Ziegler, is big multinationals using not going to be able to move to online-
peers outside China and India in terms who runs a start-up accelerator for Tel- investor based in Block 71. research and development budgets to to-offline because their payment sys-
of overall investment. 0 100 200 300 stra, the Australian telecoms group, is The government originally weighed invest in start-ups. Mario Aquino, ven- tem is a lot weaker than Tencent and
Singapore’s $324m last year was unconvinced and says the easy money is in alongside venture capital firms in the ture partner at McKinsey Solutions, the Alibaba,” said Shaun Rein of China Mar-
Australia
nearly 10 times Hong Kong’s $37m, 2014 part of the problem. He says the start-up wake of the 2008 financial crisis, a time professional services firm, agrees. ket Research Group in Shanghai.Invest-
according to Asian Venture Capital Jour- 2015 YTD scene in Singapore is “boring boring when the country saw an influx of tal- “Multinationals are building their ments in things like movie tickets and
nal. That is still far behind China, which Hong boring. To make money here, there’s no ent, as bankers lost their jobs and entre- own accelerators and corporate venture other “online-to-offline” businesses are
saw $5.5bn in investments in the first Kong pain. And without pain it’s hard to have preneurs, such as Mr Mason, arrived capital arms,” he says. “There are “something they haven’t proved they
half of this year, and India with $3.3bn. good innovation.” from the US and Europe. increasing connections between start- are good at,” he added.
Singapore itself already boasts 55,000 Japan Government officials bridle at such But if checking into Singapore’s eco- ups and large corporations.” “They’re getting hammered because
start-ups that are employing staff. complaints. They say the administra- system is straightforward enough, exit- For Steve Leonard, tasked with lead- they’re making the investment they
The glaring problem is the dearth of Singapore tion has a road map to end grants and ing is less so. ing the government drive from the Info- need to potentially thrive in the next
creative talent. Markus Gnirck, who other funding, but the initial leg-up has Unlike Hong Kong, Singapore’s initial comm Development Authority of Singa- five to 10 years. The concern is, are they
runs accelerator Startupbootcamp Fin- to come from the state — as it did in Sili- public offerings market is sluggish and pore, “there has been a great awakening making the right investments, and are
Tech, which he co-founded in the UK con Valley. there are few big Alibaba, Google or of the entrepreneurial spirit . . . Singa- they going to be good at those new
Source: Asian Venture Capital Journal
last year, sums it up: “Europe has way They also say earlier criticisms of Facebook-style companies ready to pore is on a new growth strategy”. businesses?”
Technology Technology
Google defies ‘right to be forgotten’ demands Loon balloon WiFi up and away in Sri Lanka
MURAD AHMED — LONDON the right to be forgotten may now be the Google said it believed the CNIL’s JAMES CRABTREE — MUMBAI vide internet access at speeds close quarters and this year mothballed its
law in Europe, it is not the law globally,” request was “disproportionate” because to third-generation mobile phones, high-profile Google Glass “smart”
Google will disobey a formal notice Project Loon, Google’s stratospheric
said Peter Fleischer, global privacy 97 per cent of French internet users although it faces far-reaching technical glasses, placing the remainder of its
from France’s privacy watchdog, which internet access project, has signed its
counsel at Google. access Google.fr, rather than any other obstacles, including navigating its bal- experimental tech projects under
has demanded the company extends first national agreement with the gov-
He said there are “innumerable” version of the search engine. loons in wind currents towards the edge increased scrutiny.
Europe’s “right to be forgotten” online ernment of Sri Lanka, making the trop-
examples around the world where con- CNIL said it would deal with Google’s of the earth’s atmosphere. Sri Lanka’s deputy minister of policy
around the world, in a move that risks ical island nation a frontrunner in the
tent declared illegal in one country response within the statutorily required Project Loon has also pitched Google planning and economic development,
further legal action. race to offer countrywide WiFi access
would be deemed legal in others. “Thai- period of two months. It added that the into a high-altitude contest with Face- Harsha de Silva, celebrated his coun-
from huge helium-filled balloons.
In a controversial ruling last year, the land criminalises some speech that is technology group’s arguments were in book — which is developing its own try’s agreement with Google, noting on
European Court of Justice found citizens critical of its king, Turkey criminalises part “political”, whereas it said its own Launched in 2013, Project Loon is an plans for networks of flying drones, sat- social media that it could now take only
have the right to ask internet search some speech that is critical of Atatürk reasoning was “strictly legal”. ambitious plan to encircle the Earth ellites and lasers — to see which US tech “a few months” to provide internet
engines to remove embarrassing or sen- and Russia outlaws some speech that is The French watchdog is leading dis- with a chain of balloons floating high in giant can first provide internet coverage access to the island’s 21m population —
sitive results that include their name. deemed to be gay propaganda.” cussions among a group of data protec- the atmosphere that link together to across large swaths of the planet. only a quarter of which is online,
Google has accepted the judgment, Mr Fleischer added: “If the CNIL’s tion regulators across all 28 EU member form a network giving internet access to However, Google has also been according to UN data.
but has a policy of stripping sensitive proposed approach were to be states over the implementation of the remote and rural areas. attempting to curb costs over recent However, the details of the memoran-
links only from European versions of its embraced as the standard for internet right to be forgotten. Its move ramps up Yesterday, Google spokesman Taj dum of understanding provide no time-
search engine. That means links regulation, we would find ourselves in a pressure on Google, potentially creating Meadows confirmed that it had signed a table, and one person with knowledge of
expunged from Google’s French, Ger- race to the bottom. In the end, the inter- a regulatory front against the technol- memorandum of understanding with the discussions said a launch was
man or British sites do not need be net would only be as free as the world’s ogy group at a time when it is already Sri Lanka’s government, which he said “highly unlikely” to happen in 2015.
stripped from Google.com. least free place.” facing an antitrust probe related to its was an “important early step” for “This is more of an agreement to have
Last month, the Commission nation- dominance of the search market and the project, “but it’s still very, very further discussions about how we set it
ale de l’informatique et des libertés attacks over its tax avoidance regime. early days”. up,” the person said, speaking on condi-
issued Google with a formal notice,
‘While the right to be France would be the first country to Project Loon is one of the most high- tion of anonymity. “Any launch is going
arguing that links must also be stripped forgotten may now be open a sanctions process over the right profile among several so-called “moon to be quite a long way off — a year or two
internationally to comply with the law. to be forgotten, but CNIL’s powers are shot” projects developed by the com- at least.”
Google said yesterday it will “respect-
the law in Europe, it is limited as it is can only impose fines of pany’s secretive Google X laboratory, Project Loon took off with an initial
fully disagree” with the watchdog’s not the law globally’ up to €150,000. The larger threat is that ranging from solar-powered drones test in New Zealand in 2013, with the
demands, adding that it has asked for the French regulator and others may to self-driving cars. Google plans to roll out Project Loon goal of providing internet access to a
the formal notice to be removed. “While seek to take the company to court again. The balloon internet plan aims to pro- internet access across Sri Lanka range of southern hemisphere nations.
18 ★★ FINANCIAL TIMES Friday 31 July 2015
MARKET DATA
S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,108.63 14,553.33 6,668.87 20,522.83 2,097.89
14,382.78 6,608.59 11,180.50 11,257.15 20,235.73
2,063.11
2,019.03
Day 0.00% Month 2.48% Year 7.04% Day 0.57% Month -1.17% Year -7.36% Day 0.57% Month 2.37% Year -1.44% Day 0.40% Month 2.85% Year 17.34% Day 1.08% Month 2.05% Year 31.40% Day -0.91% Month -2.01% Year -2.08%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
5,128.78 26,250.03
1,571.22 11,168.60
44,928.52 1,533.89 10,911.50 3,317.33
4,986.87 44,373.31 24,497.98
3,249.52
Day 0.33% Month 3.43% Year 15.44% Day -0.22% Month -1.51% Year 0.14% Day 0.62% Month 4.00% Year 14.93% Day -1.01% Month 2.90% Year 2.45% Day -0.49% Month -5.66% Year -0.58% Day -1.05% Month -0.93% Year 11.76%
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
52,757.54 5,046.42 23,396.09 4,053.70
17,619.51 17,745.98 22,943.64 28,020.87
4,883.19 3,705.77
49,897.40 27,705.35
Day -0.03% Month 0.85% Year 4.93% Day -0.69% Month -6.00% Year -12.27% Day 0.58% Month 3.63% Year 15.60% Day 0.63% Month 4.16% Year 12.01% Day -2.20% Month -8.57% Year 69.74% Day 0.51% Month 0.22% Year 6.59%
Country Index Jul 30 Jul 29 Country Index Jul 30 Jul 29 Country Index Jul 30 Jul 29 Country Index Jul 30 Jul 29 Country Index Jul 30 Jul 29 Country Index Jul 30 Jul 29
Argentina Merval 11224.56 11313.70 Cyprus CSE M&P Gen 76.56 76.94 Italy FTSE Italia All-Share 25100.77 24959.51 Philippines Manila Comp 7510.39 7482.83 Taiwan Weighted Pr 8651.49 8563.48 Cross-Border DJ Global Titans ($) 241.80 242.05
Australia All Ordinaries 5653.10 5609.60 Czech RepublicPX 1030.69 1026.55 FTSE Italia Mid Cap 34824.11 34794.18 Poland Wig 52011.81 52288.10 Thailand Bangkok SET 1417.49 1408.07 Euro Stoxx 50 (Eur) 3583.79 3575.53
S&P/ASX 200 5669.50 5624.20 Denmark OMXC Copenahgen 20 1006.36 1013.24 FTSE MIB 23396.09 23248.90 Portugal PSI 20 5739.69 5698.99 Turkey BIST 100 78079.76 78024.02 Euronext 100 ID 983.50 980.39
S&P/ASX 200 Res 3207.80 3147.30 Egypt EGX 30 8105.69 7949.89 Japan 2nd Section 5070.67 5080.82 PSI General 2637.49 2616.61 UAE Abu Dhabi General Index 4821.99 4854.63 FTSE 4Good Global ($) 5734.12 5738.61
Austria ATX 2481.28 2481.98 Estonia OMX Tallinn 873.53 876.98 Nikkei 225 20522.83 20302.91 Romania BET Index 7606.54 7556.44 UK FT 30 2933.90 2935.70 FTSE All World 280.47 280.79
Belgium BEL 20 3726.85 3719.38 Finland OMX Helsinki General 8634.06 8519.45 S&P Topix 150 1378.27 1365.04 Russia Micex Index 1636.72 1622.32 FTSE 100 6668.87 6631.00 FTSE E300 1571.22 1561.48
BEL Mid 6132.95 6139.63 France CAC 40 5046.42 5017.44 Topix 1647.21 1633.94 RTX 867.74 865.84 FTSE 4Good UK 6026.83 5994.08 FTSE Eurotop 100 3147.34 3124.93
Brazil Bovespa 49897.40 50245.15 SBF 120 3958.90 3941.10 Jordan Amman SE 2125.72 2130.17 Saudi-Arabia TADAWUL All Share Index 9098.27 9107.39 FTSE All Share 3635.28 3618.45 FTSE Global 100 ($) 1357.04 1358.27
Canada S&P/TSX 60 848.03 842.15 Germany M-DAX 20564.65 20545.58 Kenya NSE 20 4605.25 4532.28 Singapore FTSE Straits Times 3249.52 3284.00 FTSE techMARK 100 3884.70 3873.52 FTSE Gold Min ($) 863.74 845.92
S&P/TSX Comp 14382.76 14301.80 TecDAX 1761.52 1769.48 Kuwait KSX Market Index 6253.71 6245.03 Slovakia SAX 250.86 251.79 USA DJ Composite 6238.57 6233.79 FTSE Latibex Top (Eur) 2968.90 2969.10
S&P/TSX Met & Min 519.75 547.22 XETRA Dax 11257.15 11211.85 Latvia OMX Riga 442.70 441.28 Slovenia SBI TOP 744.13 741.26 DJ Industrial 17745.98 17751.39 FTSE Multinationals ($) 1557.85 1545.68
Chile IGPA Gen 18484.52 18368.63 Greece Athens Gen 797.52 797.52 Lithuania OMX Vilnius 499.57 499.13 South Africa FTSE/JSE All Share 51774.41 51598.54 DJ Transport 8419.78 8420.87 FTSE World ($) 496.53 497.05
China FTSE A200 9873.93 10163.06 FTSE/ASE 20 241.22 237.38 Luxembourg LuxX 1608.79 1611.82 FTSE/JSE Res 20 36107.04 35800.26 DJ Utilities 578.88 575.20 FTSEurofirst 100 (Eur) 4491.69 4458.41
FTSE B35 10940.14 11222.24 Hong Kong Hang Seng 24497.98 24619.45 Malaysia FTSE Bursa KLCI 1699.92 1698.99 FTSE/JSE Top 40 46302.48 46108.87 Nasdaq 100 4598.59 4581.60 FTSEurofirst 80 (Eur) 4784.43 4770.02
Shanghai A 3882.03 3969.28 HS China Enterprise 11137.33 11273.69 Mexico IPC 44373.31 44471.29 South Korea Kospi 2019.03 2037.62 Nasdaq Cmp 5128.78 5111.73 MSCI ACWI Fr ($) 425.64 422.25
Shanghai B 357.54 366.28 HSCC Red Chip 4402.41 4385.72 Morocco MASI 9723.10 9723.19 Kospi 200 243.61 245.97 NYSE Comp 10881.75 10883.91 MSCI All World ($) 1760.69 1747.06
Shanghai Comp 3705.77 3789.08 Hungary Bux 22537.66 22321.54 Netherlands AEX 495.17 489.29 Spain IBEX 35 11168.60 11282.90 S&P 500 2108.63 2108.57 MSCI Europe (Eur) 1511.45 1506.51
Shenzhen A 2226.24 2300.33 India BSE Sensex 27705.35 27563.43 AEX All Share 751.08 743.82 Sri Lanka CSE All Share 7332.05 7313.97 Wilshire 5000 22205.86 22192.39 MSCI Pacific ($) 2447.84 2441.28
Shenzhen B 1231.34 1251.40 S&P CNX 500 7019.60 6974.15 New Zealand NZX 50 5891.85 5870.77 Sweden OMX Stockholm 30 1603.50 1597.86 Venezuela IBC 15473.33 15537.75 S&P Euro (Eur) 1577.29 1572.88
Colombia COLCAP 1325.32 1297.62 Indonesia Jakarta Comp 4712.49 4721.12 Nigeria SE All Share 30510.95 30614.81 OMX Stockholm AS 526.52 524.74 Vietnam VNI 626.57 624.70 S&P Europe 350 (Eur) 1612.51 1601.93
Croatia CROBEX 1800.47 1798.37 Ireland ISEQ Overall 6449.57 6427.75 Norway Oslo All Share 687.49 683.28 Switzerland SMI Index 9397.69 9387.97 S&P Global 1200 ($) 1943.22 1941.60
Israel Tel Aviv 100 14.83 14.77 Pakistan KSE 100 35887.66 35699.75 Stoxx 50 (Eur) 3439.25 3415.34
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.
CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Jul 30 Currency Mid Change Mid Change Mid Change Jul 30 Currency Mid Change Mid Change Mid Change Jul 30 Currency Mid Change Mid Change Mid Change Jul 30 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 9.1825 -0.0002 10.0315 -0.0989 14.3354 -0.0368 Indonesia Indonesian Rupiah 13467.5000 11.5000 14712.6329 -132.0913 21024.9229 -35.6451 Poland Polish Zloty 3.7998 0.0588 4.1511 0.0240 5.9321 0.0768 ..Three Month 0.6405 0.0016 0.6996 -0.0051 - -
Australia Australian Dollar 1.3746 0.0063 1.5017 -0.0078 2.1459 0.0044 Israel Israeli Shekel 3.7882 0.0127 4.1385 -0.0267 5.9141 0.0049 Romania Romanian Leu 4.0332 0.0270 4.4061 -0.0136 6.2965 0.0262 ..One Year 0.6403 0.0017 0.6991 -0.0051 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4119 -0.0041 0.5886 -0.0015 Japan Japanese Yen 124.3350 0.5150 135.8303 -0.7685 194.1066 0.3108 Russia Russian Ruble 59.6015 0.3560 65.1119 -0.2480 93.0474 0.3198 United States United States Dollar - - 1.0925 -0.0108 1.5612 -0.0040
Bolivia Bolivian Boliviano 6.9100 0.0100 7.5489 -0.0633 10.7876 -0.0119 ..One Month 124.3350 0.5149 135.8303 -0.7685 194.1065 0.3107 Saudi Arabia Saudi Riyal 3.7502 0.0001 4.0969 -0.0402 5.8547 -0.0148 ..One Month - - 1.0924 -0.4727 1.5611 -0.0040
Brazil Brazilian Real 3.3734 0.0342 3.6853 0.0015 5.2664 0.0401 ..Three Month 124.3348 0.5147 135.8303 -0.7685 194.1063 0.3101 Singapore Singapore Dollar 1.3758 0.0097 1.5029 -0.0041 2.1478 0.0096 ..Three Month - - 1.0923 -0.4727 1.5611 -0.0040
Canada Canadian Dollar 1.3031 0.0133 1.4236 0.0007 2.0343 0.0156 ..One Year 124.3339 0.5128 135.8303 -0.7686 194.1065 0.3087 South Africa South African Rand 12.7363 0.2360 13.9138 0.1234 19.8833 0.3186 ..One Year - - 1.0915 -0.4727 1.5609 -0.0040
Chile Chilean Peso 672.5600 6.0900 734.7412 -0.5118 1049.9727 6.8531 Kenya Kenyan Shilling 102.3000 0.6000 111.7581 -0.4378 159.7065 0.5316 South Korea South Korean Won 1168.2500 9.7500 1276.2600 -1.8029 1823.8234 10.6072 Venezuela Venezuelan Bolivar Fuerte 6.3053 0.0103 6.8882 -0.0565 9.8435 -0.0091
China Chinese Yuan 6.2096 0.0005 6.7837 -0.0662 9.6942 -0.0239 Kuwait Kuwaiti Dinar 0.3032 0.0004 0.3312 -0.0029 0.4733 -0.0007 Sweden Swedish Krona 8.6375 0.0452 9.4360 -0.0430 13.4844 0.0363 Vietnam Vietnamese Dong 21818.0000 -1.5000 23835.1750 -236.2111 34061.4537 -89.2191
Colombia Colombian Peso 2861.2250 -0.0250 3125.7580 -30.7877 4466.8262 -11.4341 Malaysia Malaysian Ringgit 3.8160 0.0050 4.1688 -0.0355 5.9574 -0.0074 Switzerland Swiss Franc 0.9697 0.0067 1.0593 -0.0030 1.5138 0.0066 European Union Euro 0.9154 0.0089 - - 1.4290 0.0103
Costa Rica Costa Rican Colon 533.4000 0.0500 582.7152 -5.6791 832.7219 -2.0462 Mexico Mexican Peson 16.4718 0.2471 17.9946 0.0955 25.7150 0.3211 Taiwan New Taiwan Dollar 31.4750 0.0330 34.3850 -0.3020 49.1375 -0.0737 ..One Month 0.9153 0.0089 - - 1.4290 0.0103
Czech Republic Czech Koruna 24.7549 0.1886 27.0436 -0.0580 38.6463 0.1967 New Zealand New Zealand Dollar 1.5195 0.0225 1.6600 0.0085 2.3722 0.0292 Thailand Thai Baht 34.9500 - 38.1813 -0.3757 54.5625 -0.1392 ..Three Month 0.9152 0.0089 - - 1.4289 0.0103
Denmark Danish Krone 6.8295 0.0663 7.4609 -0.0003 10.6619 0.0766 Nigeria Nigerian Naira 199.0000 -0.2500 217.3984 -2.4151 310.6705 -1.1839 Tunisia Tunisian Dinar 1.9771 0.0141 2.1598 -0.0056 3.0865 0.0143 ..One Year 0.9144 0.0089 - - 1.4283 0.0103
Egypt Egyptian Pound 7.8290 0.0252 8.5528 -0.0564 12.2223 0.0083 Norway Norwegian Krone 8.1681 0.0363 8.9233 -0.0478 12.7518 0.0243 Turkey Turkish Lira 2.7858 0.0263 3.0433 -0.0009 4.3490 0.0301
Hong Kong Hong Kong Dollar 7.7522 0.0006 8.4689 -0.0827 12.1023 -0.0299 Pakistan Pakistani Rupee 101.7750 -0.0200 111.1845 -1.1162 158.8869 -0.4367 United Arab Emirates UAE Dirham 3.6731 - 4.0126 -0.0395 5.7342 -0.0146
Hungary Hungarian Forint 283.0657 3.2886 309.2363 0.5849 441.9103 4.0197 Peru Peruvian Nuevo Sol 3.1920 0.0070 3.4871 -0.0265 4.9831 -0.0017 United Kingdom Pound Sterling 0.6406 0.0016 0.6998 -0.0051 - -
India Indian Rupee 64.0150 0.1588 69.9335 -0.5131 99.9376 -0.0065 Philippines Philippine Peso 45.6275 0.1025 49.8460 -0.3774 71.2318 -0.0213 ..One Month 0.6405 0.0016 0.6997 -0.0051 - -
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 Jul 30 Jul 29 Jul 28 Jul 27 Jul 24 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 2933.90 2935.70 2904.80 2865.80 2907.70 0.00 3110.40 2669.30 Forestry & Paper 42.19 Personal Goods 8.19 NON FINANCIALS Index 0.54 FTSE 100 Price Change FTSE 100 Price Change
Jul 30 chge% Index Jul 29 Jul 28 ago yield% Cover ratio adj Return FT 30 Div Yield 1.71 1.72 1.73 1.75 1.74 0.00 3.93 2.74 Software & Comp Serv 24.94 Travel & Leisure 7.79 Health Care 0.49 3I Group PLC 545.00 -1.00 Land Securities Group PLC 1283 -10.00
FTSE 100 (100) 6668.87 0.57 7422.86 6631.00 6555.28 6730.11 3.64 1.53 17.91 145.19 5141.38 P/E Ratio net 26.07 26.00 25.76 25.49 25.70 0.00 19.44 14.26 Household Goods & Ho 21.05 FTSE SmallCap Index 7.79 Food Producers 0.46 Aberdeen Asset Management PLC 363.30 -4.70 Legal & General Group PLC 260.10 1.20
FTSE 250 (250) 17521.00 0.05 19501.94 17512.81 17387.89 15495.64 2.42 2.28 18.13 262.66 12064.96 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Construct & Material 20.42 Industrial Transport 7.63 Pharmace & Biotech 0.46 Admiral Group PLC 1468 -23.00 Lloyds Banking Group PLC 86.02 0.42
FTSE 250 ex Inv Co (212) 19077.93 0.09 21234.90 19060.77 18910.74 16768.18 2.44 2.39 17.18 285.03 13392.77 FT 30 hourly changes Real Est Invest & Se 20.16 Mobile Telecomms 7.50 Leisure Goods 0.38 Anglo American PLC 805.70 -7.90 London Stock Exchange Group PLC 2592 19.00
FTSE 350 (350) 3693.79 0.48 4111.42 3676.10 3636.83 3649.78 3.43 1.62 17.95 76.21 5745.24 8 9 10 11 12 13 14 15 16 High Low Nonlife Insurance 16.93 Consumer Goods 7.00 FTSE 100 Index 0.21 Antofagasta PLC 580.50 -4.50 Marks And Spencer Group PLC 533.00 2.00
FTSE 350 ex Investment Trusts (312) 3672.82 0.50 4088.07 3654.65 3614.91 3634.17 3.45 1.63 17.80 76.19 2941.00 2935.7 2933.5 2936 2941.6 2944 2940.2 2942.2 2925.5 2928.2 2956.1 2920.9 Fixed Line Telecomms 15.14 Tobacco 5.90 Chemicals -2.52 Arm Holdings PLC 1011 21.00 Meggitt PLC 455.80 0.30
FTSE 350 Higher Yield (108) 3433.85 0.81 3822.08 3406.36 3360.20 3688.63 4.99 1.35 14.85 103.44 5445.37 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Media 12.69 Life Insurance 5.56 Gas Water & Multi -6.06 Ashtead Group PLC 964.00 -1.50 Merlin Entertainments PLC 414.00 -3.60
FTSE 350 Lower Yield (242) 3596.49 0.14 4003.11 3591.59 3564.12 3252.84 1.76 2.46 23.09 41.40 3772.44 Food & Drug Retailer 12.08 Financials 5.41 Industrial Eng -6.23 Associated British Foods PLC 3159 8.00 Mondi PLC 1529 -14.00
FTSE SmallCap (294) 4699.53 0.04 5230.87 4697.75 4656.45 4410.00 2.65 1.78 21.29 74.99 6367.44 Financial Services 11.33 Electronic & Elec Eq 4.92 Utilities -7.24
FTSE SmallCap ex Inv Co (157) 4243.90 0.12 4723.72 4238.82 4192.85 3943.12 2.50 2.68 14.94 68.66 6043.67 FX: EFFECTIVE INDICES Technology 11.32 Industrials 4.65 Aerospace & Defense -8.76
Astrazeneca PLC 4319.5 128.50 Morrison (Wm) Supermarkets PLC 181.10 0.60
Aviva PLC 518.50 1.00 National Grid PLC 842.70 3.50
FTSE All-Share (644) 3635.28 0.47 4046.29 3618.45 3580.04 3585.62 3.40 1.63 18.05 74.42 5720.51 Real Est Invest & Tr 11.09 Equity Invest Instr 4.26 Oil & Gas -10.22
Jul 29 Jul 28 Mnth Ago Jul 30 Jul 29 Mnth Ago Babcock International Group PLC 985.50 -53.50 Next PLC 7885 75.00
FTSE All-Share ex Inv Co (469) 3600.81 0.49 4007.93 3583.27 3544.31 3558.56 3.44 1.64 17.73 74.38 2931.34 Telecommunications 10.33 Tech Hardware & Eq 2.38 Oil & Gas Producers -10.64 Bae Systems PLC 473.10 3.50 Old Mutual PLC 212.80 1.50
FTSE All-Share ex Multinationals (580) 1248.18 -0.08 1151.47 1249.20 1238.35 1099.18 2.58 2.07 18.72 20.64 2104.20 Australia 92.60 92.56 96.30 Sweden 77.23 77.34 78.93 Consumer Services 9.98 Oil Equipment & Serv 1.83 Electricity -11.40 Barclays PLC 287.05 2.45 Pearson PLC 1193 -3.00
FTSE Fledgling (110) 7978.99 0.00 8881.11 7978.89 7984.71 6862.17 2.28 3.70 11.87 98.74 14233.83 Canada 91.15 90.54 94.81 Switzerland 162.48 162.04 165.98 FTSE 250 Index 8.79 FTSE All{HY-}Share Index 1.79 Automobiles & Parts -13.31 Barratt Developments PLC 625.50 3.00 Persimmon PLC 1986 12.00
FTSE Fledgling ex Inv Co (58) 10923.99 0.03 12159.07 10920.44 10920.71 8410.00 2.20 7.09 6.40 114.30 18932.56 Denmark 105.61 105.72 105.26 UK 93.92 93.51 93.46 General Retailers 8.43 Banks 1.47 Basic Materials -18.93 Bg Group PLC 1079.5 39.50 Prudential PLC 1520 18.50
FTSE All-Small (404) 3261.01 0.04 3629.70 3259.83 3232.83 3047.36 2.63 1.86 20.43 51.47 5673.62 Japan 123.26 123.48 122.29 USA 104.03 104.18 102.48 Support Services 8.23 Beverages 0.82 Mining -22.65 Bhp Billiton PLC 1170 2.00 Randgold Resources LD 3813 -
FTSE All-Small ex Inv Co Index (215) 3168.75 0.12 3527.02 3165.08 3132.27 2920.12 2.49 2.85 14.11 50.43 5717.45 New Zealand 113.30 113.20 114.42 Euro 85.63 85.84 85.63 Health Care Eq & Srv 0.73 Industrial Metals & -28.62 BP PLC 401.00 2.40 Reckitt Benckiser Group PLC 6104 11.00
FTSE AIM All-Share Index (828) 750.17 0.14 834.98 749.16 749.16 768.56 1.42 1.37 51.50 5.39 802.74 Norway 89.25 88.62 91.20
British American Tobacco PLC 3740 59.50 RELX PLC 1097 -4.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British Land Company PLC 829.50 -6.00 Rio Tinto PLC 2456.5 2.50
Oil & Gas (18) 7022.49 2.97 7816.46 6819.96 6722.39 9060.81 5.38 1.09 17.08 188.83 5724.48 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bt Group PLC 467.95 -5.55 Rolls-Royce Holdings PLC 749.50 19.00
Oil & Gas Producers (11) 6646.50 3.05 7397.96 6449.78 6360.53 8572.25 5.42 1.07 17.17 178.25 5600.04 Bunzl PLC 1820 16.00 Royal Bank Of Scotland Group PLC 342.40 -10.80
Oil Equipment Services & Distribution (7)18062.68 1.01 20104.86 17882.85 17422.47 23670.57 4.20 1.58 15.04 515.61 13070.90 FTSE GLOBAL EQUITY INDEX SERIES Burberry Group PLC 1564 4.00 Royal Dutch Shell PLC 1861 84.00
Basic Materials (31) 3921.57 -0.27 4364.95 3932.10 3875.40 5731.74 4.95 2.60 7.78 116.02 3759.86 Capita PLC 1279 8.00 Royal Dutch Shell PLC 1839 74.50
Chemicals (8) 11964.06 0.09 13316.73 11953.45 11797.03 10417.29 2.26 2.41 18.37 188.19 10240.46 Jul 30 No of US $ Day Mth YTD Total
YTD Gr Div Jul 30 No of US $ Day Mth YTD Total YTD Gr Div Carnival PLC 3376 -57.00 Royal Mail PLC 492.80 0.40
Forestry & Paper (1) 17971.15 -0.91 20002.99 18135.70 17806.60 12258.93 2.04 3.38 14.55 241.11 18544.30 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Centrica PLC 266.60 -8.60 Rsa Insurance Group PLC 517.00 -1.00
Industrial Metals & Mining (2) 1072.18 -1.77 1193.40 1091.48 1044.65 1226.31 1.04 -21.67 -4.45 5.46 930.58 FTSE Global All Cap 7613 480.44 0.8 0.3 3.82.2 651.20
2.4 Oil & Gas 165 359.46 1.6 1.6 -9.7 540.00 -8.0 3.9 Coca-Cola Hbc AG 1307 2.00 Sabmiller PLC 3390.5 7.50
Mining (20) 10809.71 -0.28 12031.87 10839.57 10685.18 17225.71 5.53 2.62 6.91 352.71 5406.18 FTSE Global All Cap 6977 493.32 0.8 0.1 3.31.9 656.59
2.3 Oil & Gas Producers 116 327.15 1.7 1.7 -9.7 499.77 -8.0 4.0 Compass Group PLC 1031 3.00 Sage Group PLC 515.00 0.50
FTSE Global Large Cap 1361 425.36 0.8 0.8 3.72.0 589.38
2.5 Oil Equipment & Services 40 375.27 1.5 1.5 -9.5 515.47 -7.8 3.6 Crh PLC 1879 -9.00 Sainsbury (J) PLC 260.80 -0.80
Industrials (117) 4515.87 0.23 5026.43 4505.41 4472.31 4307.51 2.44 1.30 31.43 69.38 4440.92
Construction & Materials (13) 5154.31 -0.51 5737.06 5180.94 5094.69 4081.21 2.50 -0.40 -100.19 79.41 5225.08 FTSE Global Mid Cap 1666 634.73 0.8 -0.6 4.02.8 822.84
1.9 Basic Materials 273 403.70 1.1 1.1 -7.3 585.27 -5.6 3.1 Diageo PLC 1811 -28.50 Schroders PLC 3110 18.00
Aerospace & Defense (9) 4590.98 1.46 5110.04 4524.90 4494.50 5050.50 2.44 1.13 36.14 69.13 4699.41 FTSE Global Small Cap 4586 671.27 0.9 -1.4 4.02.9 844.73
1.9 Chemicals 124 634.86 0.8 0.8 1.8 926.08 3.5 2.4 Direct Line Insurance Group PLC 364.60 -3.10 Severn Trent PLC 2196 -2.00
General Industrials (6) 3612.31 -0.02 4020.72 3613.19 3606.74 3304.10 3.13 1.79 17.85 48.72 3856.46 FTSE All-World 3027 280.79 0.8 0.5 3.72.2 401.44
2.4 Forestry & Paper 17 217.86 -0.6 -0.6 4.6 345.83 6.6 2.7 Dixons Carphone PLC 448.90 -6.60 Shire PLC 5590 -110.00
Electronic & Electrical Equipment (11) 5541.87 3.91 6168.44 5333.40 5277.30 4837.70 2.09 2.01 23.78 74.00 4862.32 FTSE World 2532 497.05 0.8 0.9 3.82.3 953.96
2.4 Industrial Metals & Mining 71 323.62 1.6 1.6 -21.5 471.10 -20.1 3.0 Easyjet PLC 1644 -39.00 Sky PLC 1119 -13.00
Industrial Engineering (14) 8808.23 0.71 9804.10 8746.26 8714.65 10541.27 2.75 1.77 20.54 160.88 10210.82 FTSE Global All Cap ex UNITED KINGDOM In 7283 491.97 0.7 0.4 3.72.2 657.88
2.3 Mining 61 447.23 1.8 1.8 -21.5 641.73 -19.7 5.2 Experian PLC 1176 -4.00 Smith & Nephew PLC 1167 32.00
Industrial Transportation (8) 4351.21 -0.24 4843.16 4361.74 4333.17 4075.22 3.75 1.20 22.19 116.47 3614.19 FTSE Global All Cap ex USA 5641 455.37 0.9 -1.5 3.81.8 654.60
2.8 Industrials 533 312.69 0.8 0.8 -0.6 430.74 0.7 2.1 Fresnillo PLC 645.00 -1.00 Smiths Group PLC 1135 12.00
Support Services (56) 6820.31 -0.41 7591.42 6848.68 6802.27 6180.43 2.23 1.53 29.27 100.20 6778.65 FTSE Global All Cap ex JAPAN 6358 490.68 0.9 0.4 3.01.4 670.90
2.4 Construction & Materials 110 446.56 0.9 0.9 3.5 645.98 5.2 2.1 G4S PLC 273.00 0.90 Sports Direct International PLC 779.50 -2.50
FTSE Developed 2091 451.22 0.8 1.2 4.52.9 616.00
2.4 Aerospace & Defense 29 506.14 1.8 1.8 1.8 691.12 3.0 2.1 Gkn PLC 315.90 -5.70 Sse PLC 1510 4.00
Consumer Goods (40) 17576.97 0.26 19564.24 17531.49 17264.94 15486.20 2.96 1.85 18.30 283.90 12213.79
FTSE Developed All Cap 5661 473.71 0.8 1.0 4.53.0 639.89
2.3 General Industrials 57 215.27 0.7 0.7 -1.0 317.91 0.5 2.6 Glaxosmithkline PLC 1389 14.50 St. James's Place PLC 971.50 -1.50
Automobiles & Parts (1) 7423.80 -1.77 8263.14 7557.75 7440.25 8046.56 2.66 1.61 23.35 131.60 6761.79
FTSE Developed Large Cap 885 418.20 0.8 1.5 4.42.8 578.40
2.5 Electronic & Electrical Equipment 69 329.50 -0.1 -0.1 1.3 418.62 2.3 1.7 Glencore PLC 211.00 -2.00 Standard Chartered PLC 983.10 0.90
Beverages (6) 14098.09 -0.80 15692.03 14211.12 14049.92 13827.21 2.49 1.89 21.27 105.50 9415.20
FTSE Developed Europe Large Cap 204 366.47 1.0 1.0 6.33.6 572.66
3.3 Industrial Engineering 103 592.13 -0.4 -0.4 -4.2 802.51 -2.8 2.2 Hammerson PLC 655.00 -5.50 Standard Life PLC 451.90 5.90
Food Producers (10) 8282.51 -0.03 9218.94 8284.82 8194.99 7538.99 1.95 1.57 32.58 91.21 6875.54
FTSE Developed Europe Mid Cap 310 538.27 0.7 0.3 9.77.6 767.13
2.4 Industrial Transportation 94 552.96 1.3 1.3 -7.4 759.39 -6.3 2.2 Hargreaves Lansdown PLC 1182 8.00 Taylor Wimpey PLC 190.40 5.00
Household Goods & Home Construction (13)13264.09 0.53 14763.75 13194.53 13133.38 9811.17 2.15 2.46 18.94 132.98 8918.25
FTSE Dev Europe Small Cap 723 758.05 1.0 1.7 12.010.1 1051.58
2.2 Support Services 71 284.30 1.4 1.4 4.3 376.83 5.5 1.8 Hikma Pharmaceuticals PLC 2405 -2.00 Tesco PLC 214.65 1.65
Leisure Goods (2) 5352.21 -0.90 5957.34 5400.95 5231.90 5445.79 3.95 1.35 18.74 109.73 4428.14
FTSE North America Large Cap 318 454.05 0.8 2.5 3.32.1 591.78
2.2 Consumer Goods 406 423.32 0.8 0.8 4.5 596.24 6.1 2.3 HSBC Holdings PLC 577.10 0.60 Travis Perkins PLC 2194 -1.00
Personal Goods (6) 23217.54 0.63 25842.54 23072.16 22984.12 19613.47 2.84 2.97 11.86 342.75 14780.18
FTSE North America Mid Cap 400 678.86 1.0 -0.3 0.90.1 831.44
1.6 Automobiles & Parts 98 390.06 0.4 0.4 0.1 528.10 1.6 2.3 Imperial Tobacco Group PLC 3349 -16.00 Tui AG 1071 -
Tobacco (2) 44781.79 0.95 49844.86 44362.44 42972.31 39390.35 4.12 1.31 18.53 1291.78 26856.95
FTSE North America Small Cap 1487 699.63 1.0 -1.3 2.41.6 833.87
1.6 Beverages 48 556.49 0.8 0.8 3.4 792.31 4.8 2.5 Inmarsat PLC 885.00 -15.00 Unilever PLC 2889 20.00
Health Care (20) 9569.21 1.03 10651.12 9471.70 9295.24 9235.00 3.58 0.65 42.66 203.85 6870.01
FTSE North America 718 304.07 0.8 2.0 2.91.7 406.28
2.1 Food Producers 102 571.96 0.9 0.9 3.6 832.69 5.4 2.2 Intercontinental Hotels Group PLC 2743 120.00 United Utilities Group PLC 883.00 -0.50
Health Care Equipment & Services (8) 6954.08 1.81 7740.31 6830.15 6765.65 5834.62 1.46 2.19 31.27 60.90 5859.03
FTSE Developed ex North America 1373 244.49 0.7 0.1 6.84.8 377.02
2.8 Household Goods & Home Construction 44 407.16 0.7 0.7 2.8 571.15 4.4 2.3 International Consolidated Airlines Group S.A. 542.00 -9.00 Vodafone Group PLC 241.05 0.10
Pharmaceuticals & Biotechnology (12)12997.24 0.96 14466.73 12874.18 12623.24 12698.03 3.78 0.60 44.18 292.29 8281.71
FTSE Japan Large Cap 174 340.12 0.0 -0.7 12.611.5 421.34
1.7 Leisure Goods 26 136.05 1.4 1.4 8.0 173.33 8.6 1.2 Intertek Group PLC 2438 19.00 Weir Group PLC 1555 24.00
Consumer Services (98) 4999.80 -0.11 5565.08 5005.12 4974.96 4273.33 2.17 1.94 23.74 72.84 4473.63 FTSE Japan Mid Cap 305 491.95 0.3 0.4 16.715.7 589.97
1.4 Personal Goods 76 636.64 1.0 1.0 9.2 855.78 10.4 1.9
Food & Drug Retailers (7) 3279.68 0.52 3650.48 3262.63 3236.59 3494.91 2.15 0.50 93.70 41.87 3735.43 Intu Properties PLC 326.50 -6.20 Whitbread PLC 5145 -
FTSE Global wi JAPAN Small Cap 776 516.25 0.0 -0.5 11.210.1 638.73
1.6 Tobacco 12 1191.22 0.8 0.8 11.0 2284.00 13.6 3.9 Itv PLC 271.60 -4.60 Wolseley PLC 4210 -8.00
General Retailers (33) 3151.63 0.32 3507.95 3141.51 3113.34 2593.53 2.04 2.35 20.87 42.55 3418.93
FTSE Japan 479 140.45 0.1 -0.5 13.4 1.7 Health Care
12.3 195.59 159 490.63 0.6 0.6 12.9 678.95 14.3 1.7 Johnson Matthey PLC 2891 -6.00 Wpp PLC 1461 -5.00
Media (23) 7479.34 -0.52 8324.96 7518.56 7382.15 6205.85 2.60 1.71 22.49 129.46 4368.03
FTSE Asia Pacific Large Cap ex Japan 491 590.36 0.6 -4.4 -4.1 871.54
-2.3 3.1 Health Care Equipment & Services 58 666.18 0.4 0.4 12.8 760.57 13.4 1.1 Kingfisher PLC 359.30 -3.20
Travel & Leisure (35) 8346.91 -0.23 9290.62 8366.23 8426.23 6863.87 1.88 2.50 21.30 112.01 7550.63
FTSE Asia Pacific Mid Cap ex Japan 441 787.26 0.4 -5.1 -2.3 1121.13
-0.9 2.7 Pharmaceuticals & Biotechnology 101 377.41 0.6 0.6 13.0 542.29 14.6 1.9
Telecommunications (8) 4147.52 -0.54 4616.45 4170.17 4091.20 3440.66 3.80 1.93 13.65 82.62 4260.27 FTSE Asia Pacific Small Cap ex Japan 1374 527.31 0.3 -6.5 -1.3 741.30
0.1 2.7 Consumer Services 386 407.54 0.9 0.9 8.9 525.95 10.0 1.6
Fixed Line Telecommunications (6) 5382.71 -1.28 5991.28 5452.24 5371.82 4527.08 2.59 1.97 19.54 15.48 4548.69
Mobile Telecommunications (2) 5435.55 -0.06 6050.10 5438.80 5320.75 4468.93 4.59 1.91 11.41 168.70 5001.50
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
932
1952
466.55
650.78
0.6
1.0
-4.5
-6.5
-3.9 732.09
-2.2 3.0 Food & Drug Retailers
-5.6 919.75
-3.7 3.1 General Retailers
54 328.79
120 533.11
0.8
1.0
0.8
1.0
9.3 441.54
11.5 671.37
10.5
12.5
1.7
1.5
UK STOCK MARKET TRADING DATA
Utilities (8) 8212.93 -0.32 9141.49 8238.96 8179.37 8571.26 5.03 1.35 14.72 295.54 8630.87 FTSE Emerging Large Cap 476 620.33 1.1 -6.4 -5.1 882.34
-3.2 3.1 Media 91 322.19 1.0 1.0 7.1 416.76 8.3 1.7 Jul 30 Jul 29 Jul 28 Jul 27 Jul 24 Yr Ago
Electricity (3) 8762.87 0.33 9753.60 8734.22 8724.01 9427.45 5.79 1.43 12.09 493.70 11641.50 FTSE Emerging Mid Cap 460 796.96 0.8 -6.1 -7.5 1120.64
-5.8 2.8 Travel & Leisure 121 384.79 0.7 0.7 6.9 501.26 8.0 1.6 SEAQ Bargains 4078.00 4765.00 5194.00 5374.00 5374.00 5374.00
Gas Water & Multiutilities (5) 7632.81 -0.49 8495.79 7670.38 7602.35 7898.67 4.82 1.33 15.65 232.42 8028.41 FTSE Emerging Small Cap 1016 660.14 0.9 -7.3 -6.7 897.62
-5.1 2.9 Telecommunication 93 171.88 1.3 1.3 2.9 298.08 5.6 3.9 Order Book Turnover (m) 38.34 42.33 36.84 - - -
Financials (283) 4913.55 0.12 5469.08 4907.84 4879.36 4549.32 3.19 1.90 16.51 104.17 4236.71 FTSE Emerging Europe 98 311.88 2.0 -5.7 3.40.1 454.15
4.5 Fixed Line Telecommuniations 43 140.65 1.2 1.2 2.7 266.41 5.8 4.4 Order Book Bargains 861907.00 843317.00 778484.00 - - -
Banks (9) 4434.77 0.23 4936.17 4424.54 4388.06 4438.58 3.70 1.29 20.88 107.97 3010.22 FTSE Latin America All Cap 243 752.64 2.1 -8.0 -16.5 1098.44
-15.1 3.5 Mobile Telecommunications 50 186.77 1.4 1.4 3.2 294.27 5.4 3.3 Order Book Shares Traded (m) 1356.00 1287.00 1199.00 - - -
Nonlife Insurance (10) 2656.33 -0.64 2956.65 2673.44 2672.81 2160.34 2.58 1.48 26.20 46.33 4415.80 FTSE Middle East and Africa All Cap 214 774.90 1.8 0.9 2.3 2.7 Utilities
0.7 1141.35 163 249.23 0.4 0.4 -6.7 450.10 -4.6 3.9 Total Equity Turnover (£m) 2098.24 0.09 0.05 0.23 0.23 0.23
Life Insurance/Assurance (11) 8096.08 0.76 9011.43 8034.93 8030.70 7259.07 3.32 1.75 17.18 200.42 7344.27 FTSE Global wi UNITED KINGDOM All Cap In 330 368.28 1.6 -0.5 4.6 3.5 Electricity
2.5 573.09 113 268.63 0.3 0.3 -5.3 480.38 -3.2 3.7 Total Mkt Bargains 965023.00 3.00 6.00 3.00 3.00 3.00
Index- Real Estate Investment & Services (24) 3242.32 -0.25 3608.90 3250.29 3190.15 2596.00 1.73 5.89 9.80 34.10 8262.60 FTSE Global wi USA All Cap 1972 522.48 0.8 2.0 3.8 1.9 Gas Water & Multiutilities
2.7 663.46 50 270.41 0.5 0.5 -9.1 500.03 -6.9 4.2 Total Shares Traded (m) 3395.00 0.00 0.00 0.00 0.00 0.00
Real Estate Investment Trusts (23) 3047.15 -0.64 3391.67 3066.64 3051.89 2524.85 2.68 6.75 5.53 55.07 3562.29 FTSE Europe All Cap 1390 417.18 1.0 0.7 7.2 3.1 Financials
4.7 632.68 667 219.92 0.8 0.8 1.9 338.19 3.8 2.7 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (31) 8062.14 -0.08 8973.65 8068.84 8011.54 6607.93 2.80 2.16 16.57 135.72 8658.98 FTSE Eurobloc All Cap 636 388.67 0.4 1.7 8.0 2.9 Banks
5.5 597.84 241 203.75 0.9 0.9 1.3 333.55 3.5 3.1 (c) Market closed.
Equity Investment Instruments (175) 7755.34 -0.17 8632.17 7768.53 7738.36 7249.63 2.52 1.15 34.56 120.30 4034.89 FTSE RAFI All World 3000 3022 5904.37 0.9 -0.9 2.1 3.0 Nonlife Insurance
0.2 7355.71 69 220.61 0.5 0.5 3.0 305.47 4.8 2.2
Non Financials (361) 4177.13 0.59 4649.40 4152.56 4101.24 4210.46 3.48 1.54 18.68 84.43 5757.33 FTSE RAFI US 1000 1007 9271.23 0.9 0.9 -0.2 11589.32
1.1 2.4 Life Insurance 49 219.74 1.1 1.1 4.1 330.13 5.9 2.5
Technology (21) 1372.22 1.46 1527.36 1352.43 1350.43 1084.31 1.31 2.22 34.31 13.08 1707.34 FTSE EDHEC-Risk Efficient All-World 3027 330.74 0.8 0.6 4.8 2.2 Financial Services
3.5 440.77 137 239.22 0.9 0.9 3.3 316.02 4.4 1.8 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 1677.27 0.35 1866.90 1671.36 1674.49 1251.57 1.88 1.75 30.24 24.46 2185.11 FTSE EDHEC-Risk Efficient Developed Europe 514 294.21 0.9 0.9 7.7 2.6 Technology
5.6 426.97 182 174.33 0.4 0.4 1.3 206.48 2.3 1.7 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (8) 1575.10 2.35 1753.18 1539.00 1532.64 1298.21 0.87 3.00 38.34 8.51 1800.95 Software & Computer Services 79 293.68 0.8 0.8 8.2 335.46 8.9 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 103 133.75 0.0 0.0 -4.5 162.54 -3.2 2.3 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6673.31 6635.22 6650.36 6671.46 6685.16 6678.67 6689.34 6653.33 6659.06 6697.20 6633.73 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
FTSE 250 17573.06 17547.74 17558.66 17557.50 17530.15 17510.35 17533.17 17468.13 17500.06 17636.85 17438.04 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 4703.19 4701.01 4701.92 4703.45 4701.66 4701.20 4700.56 4698.11 4700.17 4704.57 4697.36
FTSE All-Share 3639.09 3621.57 3628.57 3637.76 3642.75 3639.23 3644.64 3626.65 3630.31 3648.15 3620.26 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:12:53:15 Day's Low08:00:15 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 6366.51(06/01/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:12:53:00 Day's Low13:50:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3434.73(06/01/2015)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.
Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Friday 31 July 2015 ★★ FINANCIAL TIMES 19
MARKET DATA
FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
Amazon 536.76 529.00 7.76 1.47 54.58 11.3 23.65 Naspers N 1769.10 1772.83 -3.73 -0.21 -185735.90 -99.1 -6.64 Jul 30 date Coupon S* M* F* price yield yield yield US Jul 30 date Coupon S* M* F* price yield yield yield US
MondelezInt 45.27 43.10 2.17 5.03 3.15 7.5 10.04 MTN Grp 206.10 204.50 1.60 0.78 -21594.90 -99.1 -9.90 High Yield US$ US$
Safran 67.51 61.35 6.16 10.04 4.67 7.4 11.05 Firstrand 53.90 54.85 -0.95 -1.73 -5475.10 -99.0 1.09 Windstream Services, LLC 11/17 7.88 BB- B1 BB 100.36 7.84 0.00 3.06 7.10 Merrill Lynch & Co., Inc. 09/26 6.22 BBB+ Baa3 A- 114.76 4.57 0.00 -0.23 2.30
NTTDCMo 2652.50 2533.50 119.00 4.70 180.00 7.3 13.34 PingAnIns 44.75 45.50 -0.75 -1.65 -51.85 -53.7 -12.68 High Yield Euro Bank of America Corporation 10/26 4.25 BBB+ Baa3 A- 97.75 4.56 0.00 -0.07 2.29
AirProd 142.34 134.14 8.20 6.11 9.63 7.3 4.03 Biogen 317.00 313.34 3.66 1.17 -68.05 -17.7 -21.52 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 93.75 - 0.00 0.00 - Halliburton Company 02/27 6.75 A A2 A- 120.43 4.51 0.00 0.04 -
ReynoldsAm 85.35 84.54 0.81 0.96 5.58 7.0 14.32 MylanNV 56.35 57.24 -0.89 -1.55 -10.21 -15.3 -16.96 Korea Electric Power Corporation 08/27 6.75 A+ Aa3 AA- 97.72 7.16 0.00 -0.03 -
NipponTT 4847.00 4809.50 37.50 0.78 303.50 6.7 10.52 ChStConEng 6.93 7.24 -0.31 -4.28 -1.08 -13.5 -9.06 Emerging US$ SouthTrust Bank 12/27 6.57 A+ Aa3 A+ 119.14 4.58 0.00 -0.09 -
HyundMobis 211000.00 210500.00 500.00 0.24 13000.00 6.6 0.48 Daqin 9.83 10.13 -0.30 -2.96 -1.53 -13.5 -25.47 Peru 05/16 8.38 BBB+ A3 BBB+ 105.18 1.41 0.00 0.19 0.68 FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa3 A- 119.15 4.87 0.00 -0.15 -
SandsCh 32.90 32.95 -0.05 -0.15 2.00 6.5 23.45 Twitter 31.47 31.24 0.23 0.74 -4.72 -13.0 -13.31 Mexico 09/16 11.40 BBB+ A3 BBB+ 111.50 0.99 0.04 -0.07 0.25
Brazil 01/18 8.00 BBB- Baa2 BBB 108.30 4.39 0.09 -0.03 3.65 Euro
Visa Inc 76.38 76.01 0.37 0.49 4.63 6.5 13.64 Fanuc 20745.00 20700.00 45.00 0.22 -3100.00 -13.0 -17.10 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- A3 A 105.37 2.31 0.00 -0.08 0.04
Raytheon 109.84 109.20 0.64 0.59 6.63 6.4 14.80 SaicMtr 19.12 19.81 -0.69 -3.48 -2.80 -12.8 -8.87 Russia 07/18 11.00 BB+ Ba1 BBB- 120.72 3.63 0.00 0.00 2.89
Peru 03/19 7.13 BBB+ A3 BBB+ 116.51 2.40 0.00 0.01 0.77 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 94.97 3.15 0.00 -0.38 -
MicronTech 19.90 19.87 0.03 0.15 1.20 6.4 5.63 ChinaRailCons 10.16 10.40 -0.24 -2.31 -1.44 -12.4 -13.31 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 110.71 2.20 0.00 -0.36 -
UnionPac 97.70 98.53 -0.83 -0.84 5.58 6.1 2.44 Renault 83.13 90.35 -7.22 -7.99 -10.35 -11.1 -11.01 Brazil 01/21 7.88 BBB- Baa2 BBB 102.47 4.41 0.00 0.40 2.78
Turkey 03/21 5.63 - Baa3 BBB- 107.11 4.24 0.00 0.11 2.62 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 107.84 2.21 0.00 -0.29 -
Northrop 175.41 173.44 1.97 1.14 9.91 6.0 10.58 ChinaRailGp 6.67 6.83 -0.16 -2.34 -0.83 -11.1 -17.65
Poland 04/21 5.13 A- A2 A- 111.96 2.86 0.00 -0.18 1.23 Yen
Vale 18.35 18.35 0.00 0.00 1.03 5.9 -4.59 CapOne 81.50 79.62 1.88 2.36 -9.27 -10.2 -7.35
Colombia 07/21 4.38 BBB Baa2 BBB 103.42 3.76 0.00 0.18 2.13 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
Anadarko 76.63 76.28 0.35 0.46 4.09 5.6 -1.81 SK Hynix 34500.00 37000.00 -2500.00 -6.76 -3700.00 -9.7 -19.01
UPS B 101.40 100.89 0.51 0.51 5.29 5.5 4.31 BnkRakyat 9350.00 9500.00 -150.00 -1.58 -1000.00 -9.7 -9.66 Turkey 04/26 4.25 - Baa3 BBB- 94.41 4.99 0.00 0.00 2.72 £ Sterling
Baxter 40.01 38.50 1.51 3.92 2.04 5.4 5.32 HuataiSec 19.05 20.22 -1.17 -5.79 -1.97 -9.4 -9.63 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 127.16 3.73 0.00 0.17 1.46
FastRetail 61930.00 60230.00 1700.00 2.82 3140.00 5.3 13.43 PngAnBnk 12.26 12.60 -0.34 -2.70 -1.26 -9.3 -9.59 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 B.A.T. Intl Fin plc (Re - British American Tobacco) 09/26 4.00 A- A3 A- 105.83 3.36 0.02 -0.16 1.09
NXP 97.87 91.80 6.07 6.61 4.87 5.2 -0.34 Keyence 61490.00 61770.00 -280.00 -0.45 -6210.00 -9.2 -6.97 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.76 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M -
Mexico 02/20 5.50 BBB+ - BBB+ 109.57 3.20 0.00 -0.07 1.57 Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 09/25 5.75 BB+ - BBB- 116.42 3.82 0.00 -0.17 1.55
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Jul 30 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Jul 30 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.14 16-12-2008 0.14 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 12.13 -0.37 12.50 31.06 11.24 Jul 30 Price £ Yield Day Week Month Year High Low £m
US Prime 3.25 16-12-2008 3.25 3.25 3.25 Markit IBoxx VXD 12.96 -0.32 13.28 23.19 7.04 Tr 2pc '16 100.70 0.52 1.96 0.00 4.00 -38.82 101.97 100.70 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 175.91 0.06 -0.90 -1.33 -0.63 -2.49 VXN 14.44 -0.52 14.96 31.17 11.15 Tr 1.75pc '17 101.65 0.62 3.33 -4.62 3.33 -50.00 102.68 101.29 0.29
Euro Repo 0.05 10-09-2014 0.15 0.05 0.25 Corporates( £) 294.18 -0.20 1.16 0.23 1.28 6.48 VDAX 19.30 0.00 19.30 27.09 - Tr 5pc '18 110.68 0.84 2.44 -2.33 1.20 -47.83 113.65 110.68 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 249.92 -0.16 0.22 -0.22 0.22 -0.22 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 111.86 1.13 1.80 -3.42 -1.74 -39.25 115.07 111.57 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 211.50 -0.03 1.00 -0.56 1.03 2.05 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.03 1.37 0.74 -2.84 -2.14 -33.82 119.04 114.05 0.33
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 222.53 -0.11 1.76 0.39 2.00 4.85 Tr 8pc '21 135.85 1.57 0.64 -3.09 -2.48 -29.60 142.92 135.31 0.24
Gilts( £) 283.79 -0.23 0.80 -0.65 1.12 8.56 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 114.59 1.66 0.00 -2.35 -2.92 -29.36 119.85 111.23 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 247.53 0.05 0.09 -1.32 1.08 -3.75 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 126.39 1.97 0.00 -2.48 -4.83 -26.77 134.70 120.83 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 293.81 -0.19 0.90 0.11 1.05 6.44 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 122.28 2.18 -0.46 -3.11 -4.80 -24.57 131.90 114.66 0.31
Jul 30 (Libor: Jul 29) night Day Week Month month month month year Overall ($) 224.91 -0.12 0.50 0.33 0.50 0.33 Australia 10/18 3.25 104.02 1.95 0.02 0.01 -0.15 -0.98 Tr 4.25pc '32 125.06 2.43 -0.41 -2.80 -4.33 -21.61 136.85 115.47 0.35
US$ Libor 0.12600 0.000 -0.002 -0.001 0.18955 0.29680 0.47465 0.80110 Overall( £) 284.14 -0.22 0.83 -0.41 1.10 7.88 04/26 4.25 111.97 2.94 0.03 0.02 -0.25 -0.71 Tr 4.25pc '36 127.18 2.55 -0.39 -3.04 -3.77 -20.56 140.37 116.00 0.26
Euro Libor -0.18000 0.000 0.000 -0.001 -0.08429 -0.01571 0.05557 0.16786 Overall(€) 218.87 -0.09 1.41 0.17 1.56 3.92 Austria 10/18 1.15 103.64 0.05 0.00 0.00 0.00 0.00 Tr 4.5pc '42 137.28 2.59 -0.77 -3.36 -4.43 -20.55 153.16 122.75 0.26
£ Libor 0.48250 0.000 0.000 -0.001 0.50838 0.57906 0.75094 1.07056 Treasuries ($) 216.29 -0.11 0.70 0.57 0.70 0.57 10/25 1.20 102.79 0.91 -0.07 -0.08 -0.36 0.00 Tr 3.75pc '52 128.24 2.56 -0.78 -3.76 -4.83 -21.95 145.21 110.28 0.22
Swiss Fr Libor -0.004 -0.78800 -0.73900 -0.69100 -0.58500 FTSE Belgium 06/18 0.75 101.60 0.18 0.01 0.01 -0.01 -0.37 Tr 4pc '60 139.83 2.51 -0.79 -3.83 -4.56 -22.53 159.23 118.05 0.21
Yen Libor 0.001 0.06143 0.09786 0.13143 0.24829 Sterling Corporate (£) 111.27 0.02 - - 0.67 2.01 06/25 0.80 98.58 0.95 -0.06 -0.10 -0.37 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor -0.001 -0.07400 -0.02200 0.04800 0.16900 Euro Corporate (€) 107.44 0.15 - - 0.84 -0.34 Canada 05/17 0.25 99.64 0.46 0.01 0.04 -0.02 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.51000 0.60000 0.78500 Euro Emerging Mkts (€) 871.17 1.68 - - -2.72 -9.22 06/25 2.25 106.79 1.50 -0.01 0.00 -0.24 0.00
US$ CDs
Euro CDs
0.000
0.000
0.17000
-0.10500
0.26000
-0.06500
0.41000
-0.00500
Eurozone Govt Bond 113.53 0.34 - - 2.03 2.42 Denmark 11/16 2.50 103.73 -0.39 0.00 0.00 0.00 0.00 GILTS: UK FTSE ACTUARIES INDICES
CREDIT INDICES Day's Week's Month's Series Series 11/25 1.75 109.16 0.82 -0.05 -0.09 -0.26 -0.71
Price Indices Day's Total Return Return
Short 7 Days One Three Six One Index change change change high low Finland 05/18 1.00 99.57 1.16 0.00 -0.04 0.00 0.00
Fixed Coupon Jul 30 chg % Return 1 month 1 year Yield
Jul 30 term notice month month month year Markit iTraxx 07/25 4.00 126.99 1.13 0.00 0.00 0.00 0.00
1 Up to 5 Years 98.87 -0.04 2346.69 0.02 2.53 1.14
Euro -0.20 -0.10 -0.20 -0.10 -0.20 -0.05 -0.15 0.00 -0.08 0.07 0.07 0.22 Crossover 5Y 288.66 2.27 8.53 -38.96 356.33 242.25 France 11/16 0.25 100.61 -0.21 0.00 0.00 0.00 0.00
2 5 - 10 Years 178.59 -0.01 3178.40 0.36 6.18 1.78
Sterling 0.40 0.55 0.40 0.55 0.46 0.56 0.55 0.65 0.71 0.86 1.03 1.18 Europe 5Y 63.78 1.12 2.54 -11.33 81.85 52.94 11/19 0.50 101.87 0.07 -0.03 -0.05 -0.17 -0.48
3 10 - 15 Years 203.43 0.07 3714.27 0.89 9.45 2.17
Swiss Franc - - - - - - - - - - - - Japan 5Y 57.61 -0.15 0.90 -2.87 64.46 48.09 05/25 0.50 95.89 0.94 -0.07 -0.10 -0.36 0.00
4 5 - 15 Years 184.37 0.00 3308.41 0.47 7.15 1.90
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 74.95 1.08 5.78 -14.60 100.19 62.28 05/45 3.25 131.43 1.87 -0.07 -0.10 -0.46 -0.66
5 Over 15 Years 293.65 0.30 4213.23 1.84 15.77 2.54
US Dollar 0.12 0.22 0.12 0.22 0.15 0.25 0.25 0.35 0.50 0.60 0.85 0.90 Germany 04/18 0.25 101.37 -0.26 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 171.35 0.11 3169.45 0.86 8.63 2.31
Japanese Yen -0.07 0.03 -0.15 0.00 -0.10 0.10 -0.10 0.10 -0.05 0.15 0.00 0.20 10/20 0.25 101.06 0.05 -0.03 -0.05 -0.11 0.00
Emerging Markets 5Y 311.26 -6.47 5.63 5.64 326.58 278.35 08/25 1.00 103.34 0.66 -0.06 -0.09 0.00 0.00
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Day's Month Year's Total Return Return
Nth Amer High Yld 5Y 353.31 -7.86 -0.69 4.27 370.30 337.73 08/46 2.50 128.93 1.35 -0.08 -0.10 -0.34 -0.72
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Jul 30 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 70.19 -0.77 1.65 1.72 73.29 60.22 Greece 07/17 3.38 73.75 21.12 -0.53 1.46 -13.44 17.68
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 100.00 100.00 1 Up to 5 Years 309.68 -0.01 -0.86 -2.19 2354.71 -0.45 -0.84
02/25 3.00 53.10 11.92 -0.10 0.79 -2.52 5.72 2 Over 5 years 573.92 0.72 1.87 15.94 4227.01 2.00 16.88
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 112.30 -0.07 0.00 0.00 0.00 0.00 3 5-15 years 429.44 0.23 -0.06 3.10 3254.89 0.15 4.46
03/25 5.40 137.49 1.24 -0.08 -0.11 -0.44 -1.13 4 Over 15 years 709.03 0.92 2.64 22.66 5126.73 2.75 23.41
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/18 0.25 99.85 0.30 -0.03 -0.03 -0.34 0.00 5 All stocks 531.16 0.61 1.45 14.00 3960.81 1.63 15.01
05/20 0.70 99.47 0.81 -0.06 -0.05 -0.45 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
06/25 1.50 97.09 1.83 -0.07 -0.07 -0.49 0.00 Yield Indices Jul 30 Jul 29 Yr ago Jul 30 Jul 29 Yr ago
Crude Oil† Aug 48.39 -0.41 Corn♦ Sep 374.50 7.25 Jul 29 Jul 29 Prev return stock Market stocks
09/46 3.25 107.82 2.89 -0.05 -0.10 -0.42 0.00 5 Yrs 1.43 1.42 1.95 20 Yrs 2.56 2.57 3.20
Brent Crude Oil‡ 53.30 -0.30 Wheat♦ Sep 497.25 1.50 Can 4.25%' 21 130.35 -0.462 -0.502 -0.22 5.18 71879.12 7
Japan 07/17 0.10 100.18 0.01 0.00 0.00 0.00 0.00 10 Yrs 2.08 2.08 2.69 45 Yrs 2.53 2.55 3.26
RBOB Gasoline† Aug 1.77 -0.07 Soybeans♦ Aug 993.00 10.00 Fr 2.25%' 20 114.79 -0.658 -0.634 -0.57 20.31 220443.83 15
07/20 0.05 99.64 0.12 0.00 0.00 -0.05 0.00 15 Yrs 2.41 2.42 3.03
Heating Oil† Aug 1.61 -0.01 Soybeans Meal♦ Aug 358.00 7.70 Swe 0.25%' 22 108.64 -0.830 -0.851 1.09 30.63 220513.25 6
06/25 0.40 99.84 0.42 0.01 0.00 -0.10 0.00
Natural Gas† Aug 2.78 -0.08 Cocoa (ICE Liffe)X Sep 2144.00 5.00 UK 2.5%' 16 323.69 -1.294 -1.307 -0.20 7.90 498737.00 25
06/45 1.60 103.77 1.42 0.01 0.02 -0.06 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Sep 3227.00 16.00 UK 2.5%' 24 338.65 -0.717 -0.748 -0.12 6.82 498737.00 25
Netherlands 04/17 0.50 101.25 -0.23 0.00 0.00 0.00 0.00 Real yield Jul 30 Dur yrs Previous Yr ago Jul 30 Dur yrs Previous Yr ago
Uranium Aug 36.75 0.00 Coffee(Robusta)X Sep 1648.00 10.00 UK 2%' 35 230.83 -0.735 -0.756 0.68 9.08 498737.00 25
07/25 0.25 94.54 0.82 -0.06 -0.09 -0.33 0.00 Up to 5 yrs -0.72 2.76 -0.72 -1.02 -1.41 2.78 -1.42 -1.77
Carbon Emissions - - Coffee (Arabica)♥ Sep 125.00 3.25 US 0.625%' 21 102.24 0.246 0.250 -0.54 35.84 1087368.77 36
Diesel Sep 121.25 0.00 White SugarX 353.50 -3.70 New Zealand - - - - - - - Over 5 yrs -0.81 23.50 -0.78 -0.12 -0.84 23.59 -0.81 -0.16
US 3.625%' 28 135.86 0.676 0.250 0.24 16.78 1087368.77 36
Unleaded Sep - - Sugar 11♥ 11.25 -0.23 12/17 6.00 107.63 2.65 -0.01 0.05 -0.10 -1.25 5-15 yrs -0.69 9.97 -0.67 -0.27 -0.81 9.99 -0.78 -0.40
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 106.34 0.68 -0.01 -0.03 -0.06 -0.73 Over 15 yrs -0.82 29.11 -0.79 -0.09 -0.84 29.16 -0.81 -0.12
Base Metals (♠ LME 3 Months) Cotton♥ Oct 64.21 0.04 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/25 1.75 101.41 1.59 -0.03 -0.05 -0.26 0.00 All stocks -0.81 20.39 -0.78 -0.13 -0.85 20.54 -0.82 -0.18
Aluminium 1640.00 -19.50 Orange Juice♥ Sep 123.50 0.65 amount.
Aluminium Alloy 1740.00 -60.00 Palm Oil♣ Aug 556.75 3.25 Portugal 02/16 6.40 103.55 -0.25 0.00 0.00 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 5254.50 -72.00 Live Cattle♣ Aug 145.25 0.40 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 103.85 2.44 -0.08 -0.12 -0.55 0.00
Lead 1714.50 -6.00 Spain 04/18 0.25 99.78 0.33 -0.03 -0.03 -0.30 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Aug 211.08 -0.43
Nickel 11030.00 -210.00 Lean Hogs♣ Aug 79.45 -0.83 Spread Spread Spread Spread 10/25 2.15 101.30 2.01 -0.05 -0.02 -0.37 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 16235.00 65.00 Bid vs vs Bid vs vs Sweden 01/18 0.88 99.53 1.07 0.00 -0.03 0.02 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 1948.50 -14.50 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 116.51 0.74 0.00 -0.03 -0.21 0.00 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) Jul 29 Month Year Australia 2.94 2.28 0.67 Italy 1.83 1.18 -0.44 Switzerland 10/16 2.00 103.35 -0.79 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1087.50 -2.75 S&P GSCI Spt 383.65 -2.85 - Austria 0.91 0.26 -1.36 Japan 0.42 -0.24 -1.85 05/26 1.25 113.05 0.04 -0.02 -0.02 -0.17 -0.68
Silver (US cents) 1464.00 3.00 DJ UBS Spot 92.62 -2.76 - Belgium 0.95 0.30 -1.32 Netherlands 0.82 0.17 -1.45 United Kingdom 07/18 1.25 100.57 1.05 0.01 -0.02 0.00 -0.72 Data provided by Morningstar | www.morningstar.co.uk
Platinum 984.00 1.00 R/J CRB TR 205.25 -8.44 -30.97 Canada 1.50 0.85 -0.77 Norway 1.59 0.94 -0.68 07/20 2.00 102.31 1.52 0.00 -0.03 -0.03 0.00
Palladium 621.00 -3.00 Rogers RICIX TR 2443.25 - - Denmark 0.82 0.16 -1.45 Portugal 2.44 1.79 0.17 09/25 2.00 99.17 2.09 -0.01 -0.04 -0.10 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 285.43 -10.52 -35.81 Finland 1.13 0.48 -1.14 Spain 2.01 1.35 -0.26 01/45 3.50 117.83 2.63 -0.03 -0.09 -0.17 0.00
Iron Ore (Platts) 55.50 -1.25 UBS Bberg CMCI TR 14.23 -8.66 -31.88 France 0.94 0.29 -1.33 Switzerland 0.04 -0.61 -2.23 United States 06/17 0.63 99.79 0.74 0.05 0.03 0.11 0.00
Iron Ore (The Steel Index) 54.60 -0.70 LEBA EUA Carbon 7.51 -0.27 30.84 Germany 0.66 0.00 -1.61 United Kingdom 2.09 1.44 -0.18 06/20 1.63 99.98 1.63 0.01 -0.01 0.00 0.00
GlobalCOAL RB Index 56.40 0.15 LEBA CER Carbon 0.47 17.50 291.67 Greece 11.92 11.26 9.65 United States 2.27 1.61 0.00 05/25 2.13 98.74 2.27 -0.03 0.00 -0.11 0.00
Baltic Dry Index 1100.00 -4.00 LEBA UK Power 4039.00 -4.42 138.29 Ireland 1.24 0.58 -1.03 05/45 3.00 100.88 2.96 -0.04 -0.02 -0.23 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
20 ★ FINANCIAL TIMES Friday 31 July 2015
Equities
The Commodities Note
800
€30.4bn
ior bank bonds beckons — and with it
150 more risk for a type of debt long Banco Santander €93bn
favoured by pension funds and insur-
100 ance companies.
Senior bonds, as their name implies, Deutsche Bank €39bn €27.2bn 600
50
rank ahead of subordinated debt and
equity in claims on a failed bank, and
offer lower levels of interest in line with Crédit Agricole €35bn €23.8bn
0 lower levels of risk.
-50
But that rationale is now changing,
spurred by new regulatory measures
BNP Paribas €69bn €23.5bn 400
Commodities Currencies
Oil rises after signs of slowing US production GDP data add to the dollar’s post-Fed rally
DAVID SHEPPARD AND accommodative monetary policy in the investment decision taken this year has MICHAEL HUNTER improvement on the previous reading jobs and the economy to be expected,
HENRY SANDERSON
world’s largest economy. to be robust enough to survive the con- that showed a contraction of 0.2 per we continue to see September as the
The dollar was approaching multiyear
Oil rose about 1 per cent yesterday as Crude has rebounded from a near 15 tinuation of very low oil prices,” said cent in the period. high probability outcome.”
highs yesterday after an upward revi-
traders bet that the worst of the recent per cent slide, after weekly data from David Hufton at PVM oil brokerage. Data for the second quarter narrowly Enrique Diaz-Alvarez, chief risk
sion to growth data added to a rally
rout might be over after data suggested the US Energy Information Administra- Opec, the producer’s cartel, expects missed forecasts — showing growth of officer at Ebury, said: “The Fed has not
sparked by the Federal Reserve’s signal
a slowdown in US production. tion on Wednesday showed a large drop demand to rise. 2.3 per cent, just shy of the 2.5 per cent quite decided to hike rates in Septem-
that it would raise rates in the coming
in stockpiles and a possible dip in out- Iron ore yesterday reversed part of its predicted, not enough of a miss to inter- ber, but it has hinted at what it needs to
months.
International benchmark Brent rose as put, a sign US shale drillers may finally recent rally, falling 70 cents to $54.60 a rupt the dollar’s ascent. see, citing ‘some’ further improvement
much as $1 a barrel to a high of $54.38 be slowing in the face of lower prices. tonne, according to The Steel Index. The dollar index, which measures the The rally for the world’s reserve cur- in the labour market. That it is not a
before easing to $53.88, an almost 4 per US oil inventories still remain close to This month, the steelmaking ingredient currency against a weighted basket of its rency followed the Fed’s statement on high bar.
cent recovery since hitting a near six- record levels, however, and the chief saw its biggest one-day drop since TSI peers, was up 0.6 per cent to 97.59, leav- Wednesday after a two-day policy meet- “To me, this amounts to a require-
month low close to $52 this week. executives of leading energy companies began to compile data in 2008, before ing the gauge only about 3 per cent shy ing, closely mirrored its June release in ment for no more than an absence of
The US benchmark, West Texas Inter- have warned they are hunkering down rising 24 per cent over 16 days. of the 12-year high touched in March. indicating that a rate increase in 2015 bad surprises.”
mediate, rose 32 cents to $49.09 a for a prolonged period of lower prices. Copper also resumed its slide, falling The dollar has climbed 2 per cent so far was still on the cards, but the central The dollar’s gains also reflected
barrel, up for the third straight session. BP and Royal Dutch Shell executives 1.2 per cent after a two-day rally on the in July, fully reversing a decline of 1.5 per bank left its options open on timing as it higher US Treasury yields, with the poli-
Other commodities remain under said this week they expected prices to back of news of disruptions to mining cent for June, as investors have posi- awaited more evidence on the strength cy-sensitive two-year US note adding 2
pressure, with strength in the US dollar remain soft in the medium term after production in Zambia and Chile. tioned their portfolios for tighter policy of the economic recovery. basis points to 0.73 per cent, only a few
weighing on those priced in the green- reporting large drops in second-quarter Gold has steadied following last from the central bank. “The Fed outlined the path to higher basis points below its highest level since
back. Traders are watching for signs profits, though they have received some week’s large sell-off, but remains under The benchmark touched its session rates in September,” said Eric Green, April 2011. US 10-year yields are climb-
that the US Federal Reserve will raise respite from refining operations that pressure below $1,100 a troy ounce. It high after GDP data for the first quarter economist at TD Securities. “With the ing 3bp to 2.32 per cent, while equiva-
interest rates in September, signalling have benefited from lower crude costs. slipped 0.25 per cent to $1,093.60 a troy were significantly revised higher to appetite to raise rates at the highs of the lent maturity German Bunds are inch-
an end to a seven-year period of “The clear implication is that any ounce yesterday. show growth of 0.6 per cent, an cycle, and continued improvement in ing up 1bp to 0.72 per cent.
Friday 31 July 2015 ★★ FINANCIAL TIMES 21
Global overview
TRADING POST Markets update
Change on day
Jamie
Chisholm
Dollar rises as US growth data fuel 12pt semibold S&P 500 index
9.6pt regular Change on day
for 1,2,3
0.08%
further $325bn, it forecast. Tullow is an Babcock was down 5.1 per cent to
ideal target as its 1.3bn barrels of proven 985.5p after cutting guidance for its
and probable reserves are in similar recently purchased helicopter services
geographies to the majors, with key division. Revenue growth for the unit
growth projects in Ghana, Kenya and will be flat to 5 per cent, rather than the
Uganda having an average price of $38 a 15 per cent Babcock had expected in
barrel, it said. May, because of its failure to win a
But Tullow’s funding position looks French firefighting contract and weak
London tight ahead of its Ten project coming on demand from oil and gas customers.
Tullow rises off lows on stream in mid-2016, which creates an
opportunity for “balance sheet
Vedanta Resources lost 3.9 per cent
to 385p on a Merrill Lynch downgrade.
Goldman takeover tip arbitrage”, Goldman told clients. Broadband provider TalkTalk
Tullow rose 4.7 per cent to 246.6p. dropped 5.2 per cent to 309.3p after
The shares have fallen 85 per cent from figures from rivals BT and EE suggested
their peak of more than £16 in 2012. it was losing market share.
Earnings season meant a wider Talk of stockbroker consolidation
Bryce Elder market rally continued into a third provided much of the interest among
straight day, lifting the FTSE 100 by 0.6 the small-caps. One story doing the
per cent or 37.87 points to 6,668.87. rounds was that QInvest, the Qatar
Tullow Oil edged above a 10-year low Royal Dutch Shell alone added nearly investment bank, has been sounding
after Goldman Sachs tipped the African 20 points to the index, with its B shares out possible buyers for its 47 per cent
explorer as a likely takeover target. rising 4.7 per cent to £18.61 on better stake in Panmure Gordon, which was
Oil majors need M&A to replace their than expected earnings and an outlook untraded at 150p.
high-cost production and the global top focused on cutting spending to fund Talk of tough trading for the smaller
seven could raise $150bn of firepower shareholder returns. brokers has rekindled speculation
without stretching balance sheets, HellermannTyton jumped 41.7 per about possible mergers. As well as
argued Goldman. Deferring capital cent to 540.5p after Delphi Automotive offering the potential for cost cuts,
expenditure on fields where break-even agreed to buy the cable-tie maker for Panmure’s brand might be valuable to a
is above $60 a barrel might save them a £1.07bn cash. peer such as N+1 Singer, said dealers.
22 ★ Friday 31 July 2015
A
summer break for investors looks highly another wave is rocking the boat: China. the future. It's true ... that the equity
unlikely this year. While many of us are The country’s economy, which has markets have recently been volatile.
already enjoying or planning some down delivered relentless growth amid seem- This could create some speed bumps
in the near term. ”
time, asset prices appear vulnerable in the ingly insatiable demand, has been slow-
coming weeks against a backdrop of uncer- ing. Then this month the stock market “ The slowdown in the China
economy is a factor and the Freeport
tainty driven by China and the US Federal Reserve. rally ran aground, raising questions carry-on effects of the drop -McMoRan
No matter the recent easing in tension between Greece about the effect on China’s economy and in stock prices in China and the impact
and its creditors, the big story framing the rest of summer how this plays out globally. on financial investors is certainly being
shown in the copper price. ”
is a timeworn classic, last seen during the US bond market For many US and European multina-
taper tantrum of 2013, and more spectacularly in 1998. tionals over the past decade, China, with “ Asia-Pacific region was down
30%, with much of that decline
Emerging markets are under severe pressure, with a its huge population and booming in China and Japan. In China Caterpillar
JPMorgan index of leading EM currencies loitering at the demand, has become an important the construction industry continued to
lowest level since 1999, hampered by a one-two punch of a source of revenues and helped bolster weaken. ”
stronger dollar and collapsing commodity prices. their operations in the face of slower Sources: S&P Dow Jones Indices; Factset Callstreet
by China woes
scrapped since it came to office in May.— PAGE 3
MICHAEL STOTHARD — PARIS environment is changing for the worse.” i Tsipras wins battle with Syriza far left
CHRIS BRYANT — FRANKFURT
China’s slowdown, which follows The Greek PM’s plan for an extraordinary party
Some of the world’s largest companies years of extraordinary growth, has been congress in September to examine the bailout once
have sounded the alarm over the slow- particularly startling in recent months, it has been completed was approved by Syriza’s
down in the Chinese economy, warning with figures last week showing that the 200-strong central committee.— PAGE 4
that weaker growth would hit profits in country’s factory activity in July con-
the second half of the year. tracted the most in 15 months. i New MPC member’s business role in focus
Car companies such as PSA Peugeot The poor figures coincide with a time The business interests of Gertjan Vlieghe, the
Citroën, Audi and Ford have slashed of turbulence on the Chinese stock mar- incoming member of the Bank of England’s
growth forecasts while industrial goods ket. The Shanghai Composite shed 8.5 Monetary Policy Committee, are to be scrutinised
groups such as Caterpillar and Siemens per cent on Monday, its steepest drop by a parliamentary committee.— PAGE 2
have all spoken out on the negative since 2007. The fall came despite a
impact of China. string of interventions by Beijing to i IHG checks in for talks with Starwood
The warnings are a sign that China’s stem the slide, including a ban on short InterContinental Hotels has held early-stage talks
weaker growth and its stock market selling and an interest-rate cut. with Starwood Hotels & Resorts over a union to
rout this month are creating a headache In the consumer goods sector, brewer create the world’s largest hotel group.— PAGE 15
for global corporates that have long Anheuser-Busch InBev said yesterday
relied heavily on the world’s second- that volumes fell 6.5 per cent in China as Torque show hosts: Richard Hammond, Jeremy Clarkson and James May — Matt Jelonek/WireImage i Pressure mounts on Noble Group
largest economy to drive revenues. the result of “poor weather across the Shares in Asian commodity dealer Noble Group fell
Audi and France’s Renault both cited country and economic headwinds”. 12 per cent yesterday, with the Singapore Exchange
China as they cut their global sales tar- Among industrial goods companies, MATTHEW GARRAHAN — NEW YORK the Financial Times the deal services. The show will be pro- issuing a warning to investors, with mounting
MURAD AHMED AND HENRY MANCE
gets yesterday, with Christian Klingler, Schneider Electric, one of the world’s LONDON
was worth $250m for 36 epi- duced by Andy Wilman, Top questions over its accounts.— PAGE 28
sales chief at Audi parent Volkswagen, largest electrical equipment makers, sodes over three years. Gear’s long-time executive pro-
predicting “a bumpy road” in the coun- reported a 12 per cent fall in first-half Amazon has signed the depart- The show will be available ducer who left the BBC with the Datawatch
try this year. profit and cut guidance because of ing presenters of BBC’s Top only to subscribers of Amazon presenters. They quit in March
Elsewhere, Peugeot slashed its growth “weak construction and industrial mar- Gear show in a blockbuster Prime, the service that offers after the BBC sacked Mr Clark-
forecast for China from 7 per cent to 3 kets” in China. Jean-Pascal Tricoire, $250m deal, a fresh sign of how perks such as next-day deliver- son for physically and verbally Forecast GDP growth
per cent, while earlier this week Ford chief executive, said that there was internet groups are encroach- ies, online photo-storage and abusing a Top Gear producer, in eastern Europe Prospects for
predicted the first full-year sales fall for “persistent weakness in China”. ing on the terrain of traditional video and music streaming. Oisin Tymon. Consensus of analysts’ forecasts economic growth
for GDP growth in 2015 (%) in the big eastern
the Chinese car market since 1990. Siemens, the German industrial broadcasters. The deal was negotiated by The move to create a new Russia Hungary European
“In Asia, the China market has clearly group, said yesterday that sales in China Ari Emanuel’s William Morris show will pit the trio against the Ukraine Poland
Czech Rep. Romania economies that
slowed,” said Akhil Johri, United Tech- fell 8 per cent in the quarter and Chinese The world’s largest online Endeavor group. It is one of the BBC’s relaunched Top Gear 5
are EU members
nologies’ chief financial officer, at the US new orders slid 2 per cent when retailer said it had signed Jer- largest ever agreed by a digital show, led by Chris Evans, while 0 have not been
industrial group’s earnings call last adjusted for currency swings. emy Clarkson, Richard Ham- streaming group — Netflix paid boosting Amazon’s video- affected by the
week. “Does China stabilise? That’s proba- mond and James May to $100m for two seasons of House streaming service in its battle -5 political problems
“Companies thought that China was bly the billion dollar question,” said Joe present a television series that of Cards, for example — and is with Netflix. in Russia and the
-10
the land of opportunity, but it’s not liv- Kaeser, Siemens chief executive. will be premiered in 2016. evidence of the intense compe- Mr Clarkson said yesterday: Ukraine, according
ing up to that promise,” said Ludovic Additional reporting by Nicole Bullock in Amazon declined to com- tition among rival operators to “I feel like I’ve climbed out of a Jul 2014 Date of forecast 15 Jul to Consensus
Subran, chief economist at Euler New York and Catherine Bennett in Paris ment on the price but people sign proven talent that can biplane and into a spaceship.” Source: Consensus Economics Economics
Hermes. “They realise the business Drag on blue-chip groups page 30 familiar with the situation told deliver large audiences for new Lombard page 20
9 770307 176555
2 ★ FINANCIAL TIMES Friday 31 July 2015
NATIONAL
Arts world leads criticism over dissident’s visa curb If the cap had been in force during the
last parliament it would have saved
£200m in the two years 2011-13, accord-
ing to the Treasury. In 2013, some 2,000
public sector workers received payouts
of more than £100,000.
Entry for Chinese artist is A consultation on the cap, prefigured
restricted to 20 days after in the Conservative manifesto, begins
today and the Treasury says it will not
failure to declare ‘conviction’ apply to public bodies that operate inde-
pendently. But it says it expects those
bodies to “set out a commensurate cap
JAMIL ANDERLINI — BEIJING
KIRAN STACEY, GEORGE PARKER AND on exit payments at least equivalent to
JAMES PICKFORD — LONDON the arrangements proposed” for the civil
MPs, campaigners and leading arts serviceandotherpublicorganisations.
figures have condemned a decision by The consultation, which ends on
Britain to deny a six-month business August 27, leaves open the possibility of
visa to Ai Weiwei, the Chinese dissident reducing the limit below £95,000.
artist, preventing him from being in The BBC is particularly in the line of
London at the same time as President Xi fire after it emerged that 12 senior staff
Jinping. received pay-offs of more than
Salman Rushdie, the novelist, led £150,000 in 2013, before a new cap was
criticism of the government yesterday set at that level by Tony Hall, the cur-
after Mr Ai said the British embassy had rent director-general. Before this was in
restricted his entry visa to 20 days place, Mark Byford, a former deputy
because he had failed to declare a director-general, received a settlement
“criminal conviction”. of £1m when he left the corporation.
The decision means that the artist, Greg Hands, Treasury chief secretary,
who has been abducted, detained and said: “It’s not right that highly paid pub-
interrogated by Chinese security agents lic sector workers should receive huge
but never charged, will miss part of his taxpayer-funded payouts when they’re
own exhibition at the Royal Academy made redundant.
from September to December. “I’m not prepared to stand by and
Mr Rushdie said: “I’m disappointed to allow huge pay-offs to be made at a time
hear about Ai Weiwei’s UK visa restric- when we’re having to find savings in our
tion and I hope this decision will swiftly public services.”
be reversed.” The Royal Academy said it The cap will apply to all forms of com-
was “concerned”, while Labour politi- pensation including redundancy pay-
cians and campaign groups urged the ments, pension top-ups, compromise
Home Office to change its mind. agreements and special severance pay-
Mr Ai published a copy of the letter he ments.
received from the British embassy in The question of generous public sec-
Beijing yesterday, rejecting his applica- tor pay-offs has been raised by MPs on
tion for a six-month business visa. the cross-party public accounts com-
Instead, British officials granted him a Ai Weiwei will now written to Theresa May, home spiritual leader, and sealed the rap- tion” to the matter. The Lisson Gallery mittee, which was particularly critical of
time-limited visa expiring at the end of miss part of his secretary, demanding an explanation. prochement later that year by taking in Marylebone, which represents Mr Ai compromise agreements and special
September, weeks before an official visit own exhibition Jodie Ginsberg, chief executive of Britain’s largest ever trade delegation to in the UK, was more forthright. “We severance payments.
to the UK by Mr Xi. at the Royal Index on Censorship, a campaigning China. trust and hope that this decision is based “The lack of transparency, oversight
The letter said the artist had been Academy after organisation, said: “The British govern- Last year, Mr Cameron dismayed on a misunderstanding and will be and proper accountability over their use
denied the full six-month entry because his application ment has said repeatedly in recent pro-democracy campaigners in Hong quickly corrected,” it said. has allowed taxpayers’ money to be
“it is a matter of public record that you for a six month months that freedom of speech and Kong with an apparent reluctance to For Mr Ai, the decision is a particular used to reward failure,” the committee
have previously received a criminal con- business visa expression are key British values. The criticise Beijing over its attempts to disappointment after the Chinese said in a report last year.
viction in China, and you have not was turned Home Office needs to show this in change the region’s voting system. ‘We trust authorities returned his confiscated The government will also announce
declared this”. down deeds, not just words.” George Osborne, the chancellor, is passport this month. Yesterday he today it is considering further reforms
The artist is known for his irreverent — Goh Chai Hin/AFP/Getty Over the past few years human rights now leading attempts to forge trading and hope posted a statement on his Instagram to the calculation of compensation, to
political statements and ingenious activists and government critics have links between the Britain and China. But that this account next to a picture of a toilet. It ensure redundancy payments offer
public protests. He came to prominence become increasingly frustrated as David his key decision to sign up to the Asian read: “This decision is a denial of Ai value for money for taxpayers.
in Britain after his installation of 8m Cameron’s government has courted Infrastructure Investment Bank, seen as decision Weiwei’s rights as an ordinary citizen.” The squeeze on severance pay is part
porcelain sunflower seeds in the main China. Having angered Beijing in 2012 a Chinese rival to the World Bank, upset will be A Home Office spokesman said: “All of the government spending round,
gallery of London’s Tate Modern by having his photograph taken meeting the US. applications are considered on their which is due to conclude with the
museum. the Dalai Lama, Mr Cameron has since Now the government has upset the quickly individual merits and in line with the Autumn Statement expected in Novem-
Yvette Cooper, the shadow home sec- been assiduous in wooing Beijing. artistic community. Tim Marlow, artis- corrected’ relevant legislation. Mr Ai has been ber. “Unprotected” departments have
retary and one of four contenders for In 2013, he indicated he had no plans tic director of the Royal Academy, said granted a visa for the full duration of his been asked to draw up plans for scenar-
the leadership of the Labour party, has for further meetings with the Tibetan the RA was hoping for “a speedy resolu- Lisson Gallery requested dates of travel.” ios with a 25 per cent or 40 per cent cut.
Referendum
A private bank unlike
any other. Farage rules out Ukip taking charge of official campaign to quit EU
KIRAN STACEY body who’s never been in politics before. Arron Banks, an insurance tycoon The Electoral Commission must
POLITICAL CORRESPONDENT
It may be somebody who the British and party donor, has set up his own No choose one group from both the Yes and
Nigel Farage has said the UK Independ- public actually knows. campaign — The Know — and has No camps as official leaders.
ence party will not lead the official “I think politicians overestimate their announced a £100,000 prize for the The two groups will be entitled to
campaign for Britain to leave the EU, ‘carry’ and their spread among the Brit- best essay on how Britain can thrive broadcast speeches, send free leaflets to
30 global locations • www.efginternational.com
suggesting it could be led by a business ish population. They are not well- after it leaves the EU. voters, organise public meeting rooms
or sports figure instead. known, they are not very well-liked, so “The same tired old Westminster and receive a grant of up to £600,000.
EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014) let’s wait and see. Let’s hope somebody bubble cannot reach the nurse in Man- They can also spend up to £5m on cam-
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Published by: The Financial Times Limited, of The Financial Times Limited. ground campaign” against EU member- David Cameron’s promise of an EU facts to the public,” Mr Banks said. have a debate during the campaign.
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tember a major ground campaign.” a Conservative former cabinet minister, Mr Johnson is seen as one of the most
Fax: 020 7873 5938; letters.editor@ft.com But he added: “This is not a dramatic and Kate Hoey, a Labour MP. likely candidates to succeed Mr Cam-
Executive appointments: FT Cityline bid by me or others in this room to think Mr Wheeler and others in the party eron as prime minister and has fre-
Tel: 020 7873 4909; www.exec-appointments.com For real time share prices call 0905 817 1690 or go to
http://www.ft.com/servicetools/ftmobile/cityline. Calls
Ukip will get the official designation for believe Mr Farage does not have enough quently criticised the EU. But he has
Printed by: cost 75p/min. the No campaign. We won’t, and we appeal outside Ukip’s core vote to win never said explicitly he would campaign
St Clements Press (1988) Ltd, London, Newsprinters won’t apply.” the referendum. for Britain to leave.
(Knowsley) Limited, Merseyside, Newsprinters
(Eurocentral) Glasgow, and Smurfit Kappa News
Newspapers support recycling
The recycled paper content of UK newspapers in
Asked whether he would want to be Patrick O’Flynn stepped down this £100,000 £5m Mr Farage said: “The one thing about
Press Ld, Kells, Ireland 2013 was 83.5% the figurehead for the No campaign, he year as the party’s economic spokesman Prize for the best Amount the Yes Boris . . . is that the public know who he
said: “It will be up to whoever gets the after warning about a libertarian fringe essay on how UK and No camps is. I would say: Come on Boris, see the
©Copyright The Financial Times Limited 2015. All designation for the No campaign to pick in Ukip that was pulling Mr Farage away can thrive after it can spend on light. Come on in, the water’s lovely.”
rights reserved. Reproduction of the contents of this leaves the EU campaigning
the person . . . It may even be some- from the centre ground. Comment page 11
Friday 31 July 2015 ★ FINANCIAL TIMES 3
NATIONAL
Pension
savers urged
into dispute over green energy U-turn to report high
exit charges
National Trust and Greenpeace join eight charities against ‘short-sighted’ policy reversals
CLAER BARRETT
PERSONAL FINANCE EDITOR
PILITA CLARK — ENVIRONMENT 2020, but has not said when that decision
CORRESPONDENT Winds of change The programmes facing reform will be made or what level of spending Savers are being asked to name pen-
One of the world’s biggest industrial willbeallowedoverwhattimeperiod. sion providers who charge high fees for
conglomerates has weighed into a grow- 3 Slashed Existing onshore She has also surprised industry by transferring or cashing in savings early,
ing row over the number of green energy wind subsidies to end a year saying she does not expect that onshore as part of a government consultation
measures the Conservative government early wind generators, the cheapest form of on whether people are able to take
has watered down or scrapped since it renewable energy, will be given access to advantage of pension reforms that
came to office in May. newer subsidies designed to help lower came into force in April.
Germany’s Siemens, a top global wind household energy bills.
turbine maker investing £160m in a This has led to concern that Britain The reforms gave people aged 55 and
Hull factory, has urged ministers to may not meet legally binding EU targets over with defined contribution pensions
dispel industry concerns about the to make 15 per cent of its energy from the freedom to cash in their savings. An
changes, warning “doubt and uncer- renewable sources by 2020. online survey went live yesterday, ask-
tainty discourages investment deci- An energy department spokesman ing consumers to describe their experi-
sions”. said provisional figures showed the ences of accessing their cash, to provide
“We hope to see more clarity in some country was already producing 7 per details about fees and charges and of
key policy areas soon,” Matthew Knight, cent of its energy from renewables, up any justifications for these from pen-
head of energy strategy for Siemens in from just 1.4 per cent in 2005 and that sions providers.
the UK, said. “We need to take energy Britain was making progress towards its About half of the 21 survey questions
policy out of party politics so that 2020 goal. require a detailed response. One asks:
political risk does not push up the cost of But there is considerable doubt about “Has the existence of an exit charge
every type of generation.” whether the goal can be achieved, impacted on any decisions you have
The company’s comments come as especially given the impact on investor madetoaccessthepensionflexibilities?”
the National Trust takes the unusual sentiment prompted by the recent Consumers are also asked to provide
step of joining Greenpeace and eight round of subsidy cuts. “as much information as possible” if
other charities to write to the prime In order to meet the 2020 EU target, they have been charged an exit penalty
minister about what some signatories the energy department has previously for cashing in a pension early, including
said were “shocking” and “short- calculated that renewable sources will how it was calculated, and the reasons
sighted” policy reversals. have to supply about 30 per cent of their provider gave for imposing it.
These include decisions to allow shale electricity, 12 per cent of heating The survey, which is open to those
gas and oil drilling near sensitive areas; demand and 10 per cent of transport who have accessed pensions cash and
to end zero-carbon homes policies and energy. those who are considering it, will run in
funding for the Green Deal home Renewables already account for 22 tandem with a 12-week industry consul-
energy-saving programme; and to slash per cent of electricity, up from 7 per cent tation promised by Chancellor George
solar and wind farm subsidies. The 10 in 2010, and energy department offi- Osborne last month. This will consider
whether exit charges should be capped,
or whether a voluntary industry-led
‘We hope to see clarity ‘The question is, are they approach would work.
soon. We need energy throwing the baby out The industry has played down the
need for a cap on early exit fees, stating
policy out of party politics’ with the bathwater?’ these generally apply to older pension
Matthew Knight, Siemens Professor Jim Skea schemes. “No pensions sold on the mar-
ket today have early exit fees and nearly
charities pointed out that only one of cials believe that share will rise to more nine out of 10 making use of the pension
these changes was mentioned in the than 30 per cent by 2020. freedoms will not face an early exit fee,”
Conservatives’ largely pro-green mani- But renewable sources of heating, said Ben Gaukrodger, savings policy
festo for the May election: ending some such as biomass boilers, only account manager at the Association of British
onshorewindsubsidies a year early. for about 2 per cent of demand and Insurers.
“We have, as yet, seen no positive new biofuels, the main type of renewable But Danny Cox, chartered financial
measures introduced to restore the transport energy, only have a 3.2 per planner at Hargreaves Lansdown, said it
health of our environment or grow the cent share, according to the govern- was not a small problem as older poli-
low-carbon economy,” they said. ment’s statutory climate advisers, the cies were “riddled with exit penalties”.
For business groups such as Siemens, Committee on Climate Change. A voluntary cap was highly unlikely to
the most disquieting changes have been In an echo of the concerns expressed work, he said. “Given that the worst of
those set out by Amber Rudd, the new by the 10 charities, the committee’s the exit penalty offenders are from pro-
energy secretary. As well as announcing chief economist, Adrian Gault, said his viders who no longer seek new custom-
plans to reduce support for onshore main concern about the recent spate of ers, there are no market forces to incen-
wind, solar and biomass generators, Ms changes was an absence of information tivise them to change.”
Rudd has warned of much bigger about replacement policies. Since the reforms came in, pension
changes to come, including the total “They have said they will extend the savers have cashed in more than £1.8bn.
amount of spending the government levy control framework into the 2020s, Consumer groups have said that even if
will allow for green subsidies that are but not when, or what that level will be,” a cap were introduced, it would come
largely paid for through consumer bills. he said. “They have also effectively killed too late for many. “Our research shows
A cap imposed under the previous 3 Killed Green Deal home 3 Ditched Requirement for the Green Deal but there is no announce- that over a quarter of over 55s with a
coalition government, known as the energy saving programme builders to make new homes mentaboutwhatwillreplaceit.” pension are planning to make, or are in
levy control framework, allows this hailed by coalition ministers zero carbon from 2016 The European Commission warned the process of making a withdrawal,”
spending to reach £7.6bn a year by last month that Britain was one of a said Hannah Maundrell, editor-in-chief
2020-21. It has helped to provide a total group of countries that may “need to of the advice website Money.co.uk.
of £40bn in support for what Ms Rudd 3 Axed Guarantees that wood chip that renewable companies can receive rooftop solar and other small renewable assess whether their policies and tools “My concern is by the time the
has called “a clean energy boom”. power generators receive the same subsidy payments once they are power installations. are sufficient and effective in meeting changes are implemented, many will
Fears that this cap would be exceeded level of subsidy for the lifetime of their accredited but before they start their renewable energy objectives”. already be hugely out of pocket.”
by as much as £1.5bn by 2020, pushing projects. generating electricity. Onshore wind farms’ access to new Some energy experts say this concern The Treasury said the consultation
up household energy bills, led her to cut contracts guaranteeing certain prices. is well-founded. “I have a bit of would explore options to address exit
renewable subsidies that she said 3 Privatised Stake to be sold off in Subsidies for smaller solar farms a year sympathy with some of the things the charges, and Ros Altmann, pensions
amounted to a “blank cheque” from Green Investment Bank. early. 3 Seriously in doubt The size of the government has decided to do but the minister, has instructed the Financial
consumers to industry. spending cap for low-carbon energy question is, are they throwing the baby Conduct Authority and the Pensions
Ms Rudd has said a new spending cap 3 Under review Rules guaranteeing The Feed in Tariff scheme subsidising projects beyond 2020. out with the bathwater?” said Professor Regulator to gather information on fees
will be announced for the years after Photos: Charlie Bibby; Newscast; Matt Cardy/Getty Images Jim Skea of Imperial College London. and charges.
— rather like an election night. This one regain control until a joyful eighth-
Jewish leaders raise fears on social media abuse
is more like a pub brawl, with blows wicket stand of 87 between Moeen Ali
INTERNATIONAL
Greece Eurozone
migrants
According to a four-page “strictly con-
fidential” summary of Wednesday’s
board meeting obtained by the Finan-
cial Times, IMF negotiators will “partic-
dream of
But they “cannot reach staff-level
agreement at this stage”. The fund will
only decide whether to participate dur-
ing a “stage two” after Greece has “agreed
Public accountability
INTERNATIONAL
China’s cheerleading fails to convince cent on the previous year. Figures for
the first half of the year were also a
record at €28.3bn, up 7.4 per cent from
the same period in 2014, helping the
Spanish economy grow for an eighth
In terse late-night statements, posted straight quarter.
As Beijing’s rhetoric grows in question and answer format, the Overall, the economy grew 1 per cent
more strident, investors are CSRC has pledged to pursue all “rele- in the three months to the end of June,
vant clues” as it pursues stock “dump- up from 0.9 per cent in the first quarter,
less inclined to believe it ing” in contravention of its July 8 decree according to preliminary figures from
banning listed companies’ large share- the INE, the national statistics bureau.
holders and directors from selling their Official data from Dublin, delayed due
TOM MITCHELL — BEIJING
shares. to a series of extensive revisions,
China’s stock market regulator began its Investors have also been urged to
most recent press briefing with a telling report any such “malicious” activity to
instruction for the mostly local journal- official hotlines, in a throwback to the
‘Better would be slightly
ists in attendance. “We have a require- Cultural Revolution and other political lower growth with more
ment concerning speculative reports,” campaigns in which the Chinese Com-
said the China Securities Regulatory munist party encouraged people to
investment and less
Commission. “They must first be con- monitor and inform on their neigh- consumption’
firmed by the CSRC in order to prevent bours. “Where [malicious dumping] is
the spread of false information and mar- discovered, the punishment will be showed that the Irish economy grew 1.4
ket disturbance.” severe,” the CSRC said after the 8.5 per per cent in the first quarter.
The warning was a reminder that as a cent fall on July 27. The International Monetary Fund
“national team” comprised of largely “The political system in place in China expects Spain’s economy to grow 3.1 per
state-owned entities struggles to shore is still essentially Leninist in its struc- cent this year and the Irish economy to
up China’s stock market, the govern- ture, organisation, thinking and expand by 4 per cent. Earlier this week,
ment is orchestrating an equally impor- instincts,” says Steve Tsang, head of the Irish central bank, one of the most
tant cheerleading campaign involving a Nottingham university’s School of Con- cautious of official forecasters, raised its
broad array of state media outlets. temporary Chinese Studies. outlook for economic growth both this
Illustrating just how delicate investor “The stock market is required to serve year and next to 4.1 and 4.2 per cent
sentiment remains despite the govern- the people and the party and the party respectively.
ment’s all-out propaganda war, the alone represents the people. So if the “Normality is back,” said Danny
Shanghai Composite Index experienced market goes the wrong way or ‘misbe- McCoy, head of Ibec, the Irish employ-
the second-largest points fall in its 25- haves’, it is unpatriotic and should be ers’ lobby. Goodbody stockbrokers cal-
year history on the first trading day corrected. Anyone who drives or helps culated that the Irish economy returned
after the CSRC’s remarks. The 8.5 per the market ‘misbehave’ is a traitor.” to pre-crisis level in the third quarter of
cent fall on July 27 left the SCI just 200 But as the rhetoric coming from the last year. Spain’s economy is expected to
points above 3,500 — the level at which CSRC and official media outlets grows play a large role in the coming national
the government’s rescue effort began in more strident, investors and analysts elections, which are scheduled to be
earnest on July 8. are less inclined to believe it. “Every- held before the end of the year.
A move below the intervention point one’s smart enough to know that what Staking his re-election hopes on the
would be embarrassing for the national the People’s Daily is saying, and what improving economy, Mariano Rajoy,
team led by China Securities Finance, Xinhua is saying, is just their job,” says prime minister, has repeatedly said that
the CSRC vehicle fronting a rescue effort A dancer for the Hong Kong Economic and Mr Chen at Gavekal Dragonomics. reform policies put in place by his Popu-
estimated to be worth at least Rmb2.2tn Trade Office, which rang the opening bell, “That has nothing to do with your own lar party (PP) have been responsible for
($350bn). One of the team’s key players, performs in the New York Stock Exchange decisions about portfolio management.” Spain’s turnround and strong economic
the Securities Association of China rep- this week — Spencer Platt/Getty Images “I look at the government’s actions performance.
resenting more than 100 state-control- rather than words because the words Last week, the INE announced that
led brokers, has pledged not to sell have no meaning,” agrees Fraser Howie, Spain had created 411,000 jobs in the
shares until the SCI has recovered to at Regulator inquiry sales by large shareholders to arrest a Avic’s major shareholders had a China securities expert who marvels at last quarter, the largest quarterly
least 4,500 points. Aerospace group probed market slide earlier this month, Mr Lin exceeded 5 per cent but that the the national team’s accumulation of employment growth since 2005. Unem-
“Market confidence is extremely frag- promised his company would actively company had failed to make the assets over the past week, including ployment fell from 23.8 per cent in the
ile,” says Chen Long, China economist at over share transactions buy shares to prop up the market. required disclosures. shares in one of the country’s largest first quarter to 22.4 per cent in June.
Gavekal Dragonomics in Beijing. “The But in statements to the Shanghai Before the investigation was dairy companies. “They now own 5 per But according to José Ignacio Conde-
government will continue buying but in China’s securities regulator is Stock Exchange, Avic Heibao, a listed revealed, Mr Lin cast his company’s cent of a dairy. What the hell does the Ruiz, a professor of economics at the
the long run they cannot really change investigating allegedly illegal share manufacturing subsidiary of Avic, has actions as part of a heroic struggle government need to buy 5 per cent of a Universidad Complutense de Madrid,
the trajectory.” sales at the country’s biggest state- said it is being investigated by the against foreign aggression. dairy for?” Spain’s growth is heavily weighted
Yesterday morning, the SCI fell below owned aerospace company, which is led securities regulator along with two Owing to Beijing’s strict quota The problem for the Chinese govern- towards increases in domestic con-
3,760 before closing at 3,787 at the mid- by a man who blames China’s stock shareholding companies on suspicion system, combined foreign holdings ment is that the longer the SCI flirts with sumption. “Better would be slightly
day break. market woes on “malicious” foreigners. of illegal share transactions. comprise barely 3 per cent of the 3,500 points rather than 4,500, the lower growth with more investment and
Reflecting government concern that Lin Zuoming, chairman of Aviation The disclosure said Avic Capital, the Chinese equity market, making it highly more inclined investors will be to take less consumption,” he said.
the SCI is more likely to fall through the Industry Corporation of China (Avic), trading arm of Avic Heibao, had fired its unlikely global investors would be able advantage of the exit opportunity it is Unemployment ranks as the most
3,500-point floor than soar past the has repeatedly said the collapse in general manager, Yang Shengjun, after to crash the market. Mr Lin could not be providing. As one Beijing-based invest- important issue among Spanish voters,
securities association’s 4,500 target, this Chinese share prices was part of a it received word of the investigation. reached for comment. ment adviser recommends: “If they are according to a recent survey by the
week the CSRC has adopted language “sneak attack” carried out by foreigners Earlier this month, the Shanghai Jamil Anderlini, Beijing. Additional stabilising the market by stupidly going national polling service. Corruption
reminiscent of Maoist campaigns to undermine the Communist party. Stock Exchange also issued a reporting by Christian Shepherd in long, then you should sell.” and the economy were ranked second
against “capitalist roaders” and other After the government banned share regulatory notice saying share sales by Beijing Additional reporting by Wan Li and and third respectively in last month’s
“bad elements”. April Ma survey.
Russian business on tenterhooks over interest rate decision India to ensure central bank
COURTNEY WEAVER — MOSCOW cent of its value against the dollar since business, which sees it as a sign the bank and dollars,” said Andrei Artemov, a
control of monetary policy
May — attention is turning to a central is prioritising the rouble’s stability and fashion designer. “We are always think-
Izvestiya, the Kremlin-friendly Rus-
bank policy meeting today. lower inflation over economic recovery. ing now about how to cut costs.”
sian daily, is known primarily for its
After raising its benchmark rate from High interest rates are hurting busi- On Wednesday, the central bank VICTOR MALLET — NEW DELHI the Bank of England’s, except that most
coverage of politics and the military. AND JAMES CRABTREE — MUMBAI
10.5 per cent to 17 per cent in a surprise ness, said Siegfried Wolf, chairman of announced that it had halted its daily members would be appointed by the
Yet this week, it splashed with a front-
overnight rise last December, the cen- Russian Machines, a subsidiary of Oleg foreign currency purchases after the The Indian government plans within central government, not by the bank.
page story it knew would really capti-
tral bank has lowered the rate at each of Deripaska’s Basic Element holding rouble lost more than 5 per cent of its months to entrench central bank direc- In a note yesterday, Capital Economics
vate its 230,000 Russian readers: the
its monthly policy meetings since Janu- group. “In Russia we have three to four value against the dollar in a week, a tion of monetary policy, to bury a con- described it as “a cause for concern given
future of the benchmark interest rate.
ary to the current 11.5 per cent. times higher interest rates than you reflection of the weaker oil price. The troversial proposal to grant the govern- the track record of previous govern-
Once a topic of interest primarily for In its front page story this week, Izves- purchases were meant to shore up Rus- ment of the day control over interest ments attempting to dampen the central
Moscow bankers and economists, the tia reported that the central bank’s sia’s international reserves. rates, according to officials. bank’s power and independence”. Under
future of the rate has become a national head, Elvira Nabiullina, had warned 17% 11.5% Ivan Tchakarov, chief economist at the code, the RBI would also be responsi-
sport after a year of wild currency fluc- Russian business leaders at a closed- Benchmark rate The current rate Citi in Moscow, said he believed the cen- “The paramount principle is that we ble for meeting inflation targets despite
tuations, an emergency rate rise and door session last week that the central in December after following a series tral bank was more likely to cut rates have to have an independent central havingnocontrolofinterestrates.
worsening forecasts for growth. bank would not lower rates this week. a sharp increase of monthly now that it had stopped its daily foreign bank that is top-notch in its capability But Jayant Sinha, minister of state for
In recent months, the central bank The central bank does not publicly from 10.5% reductions currency purchases this week. Other- and its abilities to take the right deci- finance, has described the draft as “sim-
and Russian business have been comment on monetary policy in the wise it would suggest the central bank is sions for India with a long-term view,” ply an input” to the debate and not gov-
engaged in a fairly public tug of war over days leading up to its monthly policy have in the countries you’re competing overly concerned about inflation and said one government official. “Whatever ernment thinking. “The proposed mon-
monetary policy. The central bank has announcement and Izvestiya’s scoops with. The banks themselves have to bor- rouble volatility, he said. we do will be with the full agreement of etary policy committee of the RBI will be
made clear that lowering inflation and a have sometimes been wrong. A majority row money from the central bank at Izvestiya said businessmen at the cen- theRBI[ReserveBankofIndia].” setting the rates, not the government,”
relatively stable currency are its main of analysts surveyed by Bloomberg fore- double digit [rates]. This is a very hard tral bank’s meeting had pleaded with Ms Last week, India’s financial sector leg- he said this week. But there is a faction in
priorities, while the latter fears higher cast the central bank would go ahead exercise to be successful.” Nabiullina to lower interest rates fur- islative reforms commission released its New Delhi that wants to curb the RBI’s
rates are stymieing economic growth. and lower rates by 0.5 percentage points Others argue the rouble’s recent vola- ther. It said the central banker offered latest version of the draft Indian Finan- independence. “It’ll be in limbo for a
With the rouble in the midst of another as previously predicted. But fears rates tility has been hard on Russian business only the hope that rates would be cut by cial Code, which included a plan for a while. I can’t see it resolving very
plummeting spiral — it has lost 15 per could remain on hold have angered owners. “All our materials are in euros a symbolic 0.5 percentage points. monetary policy committee similar to quickly,”saidaformercentralbanker.
Friday 31 July 2015 ★ FINANCIAL TIMES 7
8 ★ FINANCIAL TIMES Friday 31 July 2015
INTERNATIONAL
Roar of anger over Cecil puts focus on game hunting marking what Nato sees as a steady
growth in the size and seriousness of
Russia’s aerial provocations.
“In the last year, Russia’s air activity
close to Nato borders has increased in
rhino. But Alicia Craw, the international quantity and complexity,” Nato said.
Conservationists and shooting head of wildlife campaigns at World “Russian aircraft often fly without their
groups are split on the best Animal Protection, says there are fewer transponders switched on, without fil-
than 35,000 lions in the wild, or less ing flights plans and without communi-
method of sustaining species than 7 per cent of the estimated “origi- cating with air traffic authorities.”
nal” population. But hunters insist their Transponders allow civil aviation
industry helps conserve animal num- authorities to locate aircraft easily.
JOHN AGLIONBY — LONDON
KATRINA MANSON — NAIROBI bers and protect their environments. Russia has been careful not to breach
”You cannot hunt if you don’t have an Nato airspace, but the increase in activ-
When Cecil, Zimbabwe’s — and now animal,” says Abdukadir Mohamed, ity can be seen as an attempt by Moscow
the world’s — most famous lion died 40 secretary-general of the Tanzania Hunt- to test the alliance’s response times.
agonising hours after being shot by an ing Operators Association, who argues The European Aviation Safety
American dentist, he was at least lucky that hunters are conservationists by Agency, a civilian body, ruled in April
enough to have spent the previous 13 default because they rely on big wildlife that Russia’s flights pose a “high risk” to
years roaming free. populations for their income. He points civil aviation.
By contrast as many as 6,000 lions in out that they also put money back into In January, the UK summoned the
southern Africa are bred and raised in communities as well as protecting ani- Russian ambassador to London for a
captivity for the purpose of being mals and environments from poachers dressing down after Russian nuclear-
hunted by wealthy tourists. in a bid to boost animal numbers. capable bombers disrupted civilian air
The killing of Cecil by Walter Palmer, Mr Mohamed says that while a licence traffic over the English Channel.
the Minnesota dentist who has gone into to hunt lions costs $5,000, the total cost Last October, Nato states were forced
hiding after he provoked outrage of a hunting safari can run from $50,000 to deploy emergency fighters in multi-
around the globe, has shone a spotlight to as much as $200,000 and earns the ple locations over a 48-hour period in
on big game hunting in southern Africa, Tanzanian government $12m each year. response to “significant military
an industry that Peter Knights, execu- Kenya, which relies on safaris for manoeuvres” on the margins of Nato
tive director of the US-based WildAid, much of its tourism revenues, banned airspace.
estimates is worth around $1bn a year. big game hunting soon after independ- Nato has doubled the size of its Baltic
Cecil was allegedly lured illegally ence and more recently went on to ban air policing mission this year as a result
from a game reserve in Zimbabwe and hunting game birds too. But some peo- of Moscow’s growing aerial probing. The
two men have been charged over his ple are calling for a rethink. mission, which has been running for the
death and may face poaching charges in “I think hunting on the continent is past decade, involves the provision of
a Zimbabwean court, while Mr Palmer hopelessly corrupt but if it’s correctly combat aircraft to the Baltic states,
insists he did not know he was breaking managed, it’s a useful tool to get revenue which do not possess their own air
the law. Still, hunting is legal in parts of back into supporting conservation,” forces.
Zimbabwe, as well as in Mozambique, says Michael Dyer, a former hunter Two Nato nations are required to con-
Namibia and Tanzania. turned conservationist who has tribute fighters to bases in Estonia and
Meanwhile, in South Africa there are recently introduced rhino to his ranch Lithuania for the mission on a six-
200 farms whose main purpose is to in the Kenyan highlands. He employs a month rotational basis. Italy and France
breed lions for wealthy tourists to come full-time team of guards akin to a well- are voluntarily stationing further fight-
and spend hundreds of thousands of armed militia to protect 22 rhino. ers at Siauliai in Lithuania and Malbork
dollars to shoot them. About 900 are As the reaction to Cecil has shown, the in Poland.
killed in legal hunts each year, according issue remains emotive. Born Free a lion On Wednesday, Norwegian F-16 fight-
to Pieter Potgieter, the chairman of the charity, is among those joining a cam- ers stationed in Lithuania were scram-
South African Predator Association. paign to stop the importation of hunting bled to intercept 12 Russian aircraft.
“The rest are kept for tourist purposes trophies. Emirates airlines recently The aircraft appeared to be flying as part
while some are exported, mostly to the responded to popular pressure and of a training mission but had turned off
Middle East and Asia,” he says. In the instituted a ban. But hunters are win- their transponders.
The practice has become known as crosshairs: ning some of the arguments. Earlier this Last Friday, British Typhoon fighter
canned hunting. Cubs are usually sepa- protesters rally month South African Airways reversed jets stationed at Amari in Estonia were
rated from their mothers early in their outside Walter its ban on the transport of lion trophies deployed after Nato air defences picked
lives and kept for petting until they Palmer’s clinic and skins after intense lobbying. up 10 Russian aircraft approaching Bal-
become a threat to tourists. Once they in Minnesota “We informed them of the impor- tic airspace across the Gulf of Finland.
are fully grown they are hunted. this week, tance of the industry to South Africa,” The alert is the single largest intercept
Mr Potgieter and other canned hunt- above, after he Mr Potgieter says. “And we told them British airmen have performed in the
ing advocates say it is critical for sus- shot Cecil, left. that if it’s government policy to support region. The Russian aircraft, which
taining the species. “By hunting captive The lion’s death the industry why should the national included four MiG-31 fighters, were
bred lions, the hunting pressure is taken has provoked carrier oppose the policy?” tailed closely by the Typhoons as they
off the wild lions,” he says. “There’s a questions over But Mr Knights is among those hoping flew from Russia towards the enclave of
direct link between the decline in the big game that the photograph hunters will win Kaliningrad. They had also switched off
hunting of wild lions and the increase in hunting by out over their gun-toting counterparts. their flight transponders.
the hunting of captive lions.” wealthy tourists, “It takes a lot more cojones to go after The incident is the 18th so-called QRA
Indeed, wildlife groups acknowledge right a big animal armed with just a camera — quick reaction alert — from Amari for
that in South Africa the population of Eric Miller/Reuters; AFP/ than a high-powered rifle,” he says. the Royal Air Force this year, marking a
wild lions appears to have stabilised. Zimbabwe National Parks
Additional reporting by Barney Jopson in significant increase in activity.
And lions, while regarded as at risk, are Washington Last year the RAF scrambled 13 times
not as endangered as other species, like Notebook page 10 in Estonia.
India executes accountant for helping plan 1993 bombings but chief suspects remain at large
day that became known as “Black Fri- have condemned the execution, with minister, tweeted: “Saddened by the In 1980, India’s supreme court months after Kasab’s execution, Afzal
Yakub Memon’s hanging has day”, 13 bombs exploded in crowded, some saying the hanging offered the news that our government has hanged a affirmed the constitutionality of the Guru, a Kashmiri convicted of involve-
reinforced the view New Delhi high-profile locations, including the “appearance” of justice rather than its human being. State-sponsored killing death penalty, but said it should be used ment in a 2001 attack on the Indian par-
Bombay Stock Exchange, the Air India substance. diminishes us all by reducing us to mur- only sparingly — in the “rarest of rare liament was also hanged.
seeks retribution not justice building, the passport office, cinema Bollywood star Salman Khan even derers too.” cases”. It subsequently clarified that Last January, the supreme court com-
halls, markets and hotels. jumped into the fray last week, with a India’s judicial and intellectual elite death was warranted to assuage “the muted the sentences of 15 death row
The main accused remain India’s two controversial tweet suggesting Yakub has grown increasingly uncomfortable collective conscience of the commu- prisoners after deciding the govern-
AMY KAZMIN — NEW DELHI
“most wanted” men — former Mumbai Memon was being executed in lieu of his with the use of the death penalty, even as nity” for particularly shocking crimes. ment had unduly delayed in ruling on
India’s use of the death penalty was the underworld figure Dawood Ibrahim, brother, while others have suggested the wider public — fed up with seemingly A total of 1,600 convicts have been their mercy petitions. The court subse-
subject of renewed debate yesterday, and Mr Memon’s brother, Mushtaq authorities were seeking retribution pervasive lawlessness — appears hungry sentenced to death in India since 2000, quently commuted the death penalty
after authorities hanged a 53-year-old “Tiger” Memon. Both are believed to be and vengeance rather than justice. formorewidespreadapplication. according to the National Law Univer- for three of the assassins of former
Muslim accountant convicted of living in Pakistan, protected by Paki- The debate over the details of Mr sity and the National Legal Aid Services prime minister Rajiv Gandhi on the
involvement in a series of bomb blasts stan’s military intelligence, which New Memon’s case have spilled over into a Authority. But before yesterday’s hang- same grounds.
that killed 257 people and injured Delhi accuses of helping to orchestrate wider public discussion over the merits ing, only three death sentences had Mr Memon’s execution has reinforced
another 700 in Mumbai in March 1993. the bombings. of the death penalty. been carried out. perceptions that New Delhi is pushing
Yakub Memon, who was found guilty Members of the ruling Bharatiya “A truly lasting solution to the moral After the 2004 hanging of a security ahead with the execution of Muslims
of helping to plan and finance the explo- Janata party said Yakub Memon’s exe- dilemma that each instance of capital guard for the rape and murder of a 14- convicted of political violence, while
sions but who had maintained his inno- cution delivered justice for the victims punishment poses will be to abolish it year-old schoolgirl, New Delhi imposed going softer on Hindus.
cence, was hanged at 7am yesterday, of the attack, and Mukul Rohatgi, the altogether and replace it with a sentence an unofficial moratorium on enforcing “The standard is so subjective,” says
after India’s supreme court rejected his attorney-general, urged that other of imprisonment for the rest of the con- the death penalty. That ended with the Karuna Nundy, a supreme court lawyer
last-minute mercy petition. pending death penalty cases be acceler- vict’s life,” the Hindu newspaper wrote 2012 execution of Ajmal Kasab, the lone opposed to the death penalty. “The
The 1993 bombings were the largest ated to deter further acts of terrorism. in an editorial, calling the hanging surviving Pakistani gunman from the death penalty is bad even when uni-
co-ordinated terror attack ever on Human rights activists, prominent “inhuman and unconscionable”. Indians protest against the death terror attack on Mumbai’s five-star formly applied but when it’s selectively
Indian soil. Over a two-hour period on a judicial figures and leading newspapers Shashi Tharoor, a former Congress sentence in New Delhi this week hotels and train station in 2008. Four applied, that is when it really shocks.”
Friday 31 July 2015 ★ FINANCIAL TIMES 9
In the wake of the NSA surveillance scandal, US tech companies are shielding more data from the
government’s eyes. But US and European officials say these steps make it harder to track terrorists.
By Hannah Kuchler and Richard Waters
Going dark
G
rowing impatient with the The fight over encryption has echoes
restrained debate among of the 1990s, when the US government
the Washington policy pushed for the adoption of a silicon chip
wonks, the bearded Sili- it could decrypt remotely. This was
con Valley engineer stood before the US launched the “war on ter-
up and took aim at the man on the ror”, but officials were already arguing
stage. for more power to fight terrorism and
Admiral Mike Rogers, the director other crimes such as kidnapping.
of the National Security Agency, had The Clipper chip, designed for voice
just made his case for a new legal communications, used an encryption
framework to allow the government algorithm invented by the NSA. The key
to monitor data surging through US would be put in escrow until the govern-
computer networks. Rising to chal- ment gained legal authority to listen to a
lenge him was Alex Stamos, then the conversation. But the chip, announced
top security engineer at Yahoo, who in 1993, was defunct three years later
denounced the idea that tech compa- after a backlash from anti-surveillance
nies should build “back doors” into campaigners and a lack of adoption
their systems to give governments from manufacturers.
access to information. The “crypto war” of the 1990s was
“If we’re going to build defects, only a shadow of what it is now, Mr Diffie
back doors or golden master keys for says. “Cryptography is extremely
the US government, do you believe — important to the whole digital economy.
we have about 1.3bn users around It has developed dramatically since the
the world — we should do [the same] last time we fought this battle, a little
for the Chinese government, the Rus- less than 20 years ago.” Encryption is
sian government, the Saudi Arabian now much harder for governments to
government, the Israeli government, resist because it is now “in very, very
the French government?” Mr Stamos broad use”.
asked. The cyber security threat is also much
Mr Rogers initially tried to laugh off greater, with nation states including
the attack. But then he struck back China and Russia pouring resources into
against the tech industry’s claims of cyber espionage and well-funded organ-
responsibility to protect users from the ised criminal networks honing their
prying eyes of government. skills.
“This simplistic characterisation of But many in the tech world argue gov-
one side is good and one side is bad is a ernments may actually have more
terrible place for us to be as a nation,” access to information than they did
Mr Rogers said. “We have got to come to before encryption started to become
grips with some really hard, fundamen- standard. “I don’t think they are magi-
tal questions.”
The face-off in February was a dra-
matic demonstration of the impasse
‘We don’t own our
between the US government and Amer- customers’ data — we don’t
ica’s most innovative industry. The bat-
tle is over encryption — software that want to be in a situation
uses secret keys to protect credit card where we have to hand it
details, private emails and corporate
secrets from cybercriminals. While tech over to the government’
companies are embracing encryption, FT montage/Getty
Letters
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
Comment
E
very nation needs a unifying Michigan or the thousands of hours countries the process is much faster from the Kauffman also show that the endless lobbying fights.
idea. Americans love to see required for hairdressers in Utah, the and cheaper. rate of new business creation today is But some policymakers are talking
themselves as champions of rationale is less clear. “well below historical trends”, even seriously about the idea. Indeed one Charles
free markets and entrepre- The process of securing these licences though it rose this year (after several congressman, Chris Collins, introduced Grant
neurial zeal — and have long
been more welcoming to entrepreneurs
is often so costly and cumbersome that
one recent study estimated costs for
Some of America’s abundant years of decline).
The White House has attempted to
a bill this week calling for a seven-year
sunset approach. The concept needs to
paperwork is justified: pilots
C
than has most of the western world. consumers at $200bn a year. More respond to the problem: this week Presi- be discussed, if nothing else because it an Britain, a country that
But the 2008 financial crisis tarnished importantly, licences deter many need licences. But often the dent Barack Obama urged states to might start a proper conversation about plans to keep its own cur-
America’s self-image (with, for exam- would-be workers — and entrepreneurs. reduce the number of occupational which start-up rules — and occupational rency, feel comfortable in an
ple, the eyesore of state support for A separate World Bank report is even rationale is less clear licences. Last month, he launched a licences — are worth keeping and which EU that is increasingly
mortgages). The entrepreneurial halo is more sobering. Last year it ranked “Start Up In a Day” initiative to slash the are not, and how to stop the sprawl of focused on the euro and its
starting to slip, too, since increasing countries according to their levels of Of course, this World Bank league length of time it takes to create a busi- red tape. troubles? As David Cameron’s govern-
quantities of red tape are making life support for the corporate world. This does not tell the whole tale. The Ameri- ness; it is offering a $1.5m prize to any- Who knows? In a country that wor- ment starts negotiations with its part-
harder for start-ups, relative both to the placed America in seventh place in can national average conceals signifi- one who uses technology to streamline ships the ideal of the plucky start-up, a ners on the terms of Britain’s member-
past and to the rest of the world. terms of overall ease of doing business. cant geographical variations because it the process. campaign to slash red tape could be one ship before an in-or-out referendum,
Take a look at a striking report issued But the US was ranked 46th — yes, 46th is municipalities that set many of the It is clear that far more needs to be of the few things that all the presidential this question is becoming a priority for
by the White House this week on occu- — in terms of how easy it is to start a business rules. Thus research by done, however. One idea that policy- candidates actually agree on. Even (or the UK. Arguments over EU migrants’
pational licensing, the rules that force company. This is worse than Estonia, Thumbtack, a West Coast website that makers ought to discuss is whether it is especially) that arch entrepreneur him- access to benefits will generate more
workers to obtain qualifications to do Malaysia, Georgia and even France. connects consumers with local busi- time to introduce a “sunset” principal self, Donald Trump. political heat, but the relationship
certain jobs. Five decades ago, occupa- One important reason for this dismal nesses, and the pro-entrepreneurship for business regulations — an assump- between the eurozone and the wider EU
tional licences were required only in position is that in America entrepre- Kauffman Foundation shows that it is tion that regulations should automati- gillian.tett@ft.com is a vital point for senior figures in the
government, including George Osborne,
chancellor of the exchequer. It is also a
big concern for British business leaders.
Their worry is that the 19 euro coun-
The Calais
tries could create a caucus and impose
their wishes on the 28-country single
market. Euro members can do so since
voting rules introduced last year gave
them a “qualified majority” in the Coun-
cil of Ministers, the EU’s most important
migrants are
decision-making body. The City of Lon-
don is of particular British concern:
countries that know little about banking
— or which seek to favour their own
financial centres — could vote for rules
Europe’s shame
that harm its competitiveness.
So the UK wants “safeguards” for the
single market. Its problem is that not
many EU governments are sympa-
thetic. In Berlin, the capital that matters
most, few figures other than Wolfgang
Schäuble, finance minister, appreciate
British concerns. Germans officials
GLOBAL POLITICS as if it is somehow reprehensible to seek argue that eurozone countries do not
an escape route from poverty and worse operate as a caucus — because they sel-
Philip — but the largest portion are the victims
of war. Syrians head the list, followed by
dom agree on economic policy. The UK
T
he migrant crisis at Calais is truck or a train at Calais — is small meas-
a story of human misery, ured against the dangers at home. harm its competitiveness
war-torn and broken states There is nothing new about large
and European denial. It movements of displaced people. In Syria, the chosen posture is quiescence. population of Lebanon now comprises that governments have lost control. One responds that, as the eurozone inte-
speaks to a world in which recent memory, Europe has managed Ten years ago the UNHCR helped a mil- Syrian or Palestinian refugees. answer is to replace the Calais jungle grates, the risk is growing ever greater.
advanced nations have lost the will, and the influx of refugees from the former lion people a year return to former con- European governments argue about with Europe-wide centres to document When the EU drew up rules on bank-
some of the capacity, to prevent and Yugoslavia as well as those from seem- flict zones restored to stability. By 2014 how to share out the “burden” of 40,000 the refugees and, if necessary, return ing supervision in 2012, it established
resolve conflicts. Their politicians will ingly never-ending conflicts in Somalia the number had fallen to 126,000. asylum seekers — most of them young illegal migrants to their home nations. “double majority voting”: decisions
not find an answer by drafting in more and Afghanistan. What has changed — For all the panic generated by the men, many highly skilled and all eager If genuine asylum seekers are to be require a majority of both euro and non-
police or building higher fences. and this was a point eloquently made by 5,000 camped in the so-called “jungle” for work as well as sanctuary. Germany persuaded not to risk life and limb euro countries. But the Germans insist
An estimated 5,000 people are António Guterres, the UN High Com- at Calais, Europe has been only slightly and Sweden, two nations more open crossing the Mediterranean or the this should not apply in other areas,
camped, in dreadful conditions, around missioner for Refugees, when he gave touched. Running scared of the populist than most to the migrants, will profit Channel, EU governments must also since the system would — as more EU
the French ferry port and its entrance to the Ditchley Foundation annual lecture right, politicians have lost a sense of pro- from their generosity. offer legitimate routes to settlement. As countries joined the euro — evolve into a
the cross-Channel tunnel. The numbers this month — is the spread and persist- portion. An estimated 150,000 people It should be obvious that individual for domestic public opinion, the politi- British veto. Many Germans suspect the
have been rising through the year. So ence of conflicts in failed and failing have crossed the Mediterranean and states cannot go it alone. Barriers are cians should have learnt by now that safeguard Mr Cameron really wants is a
has the desperation of the migrants to states. The pendulum in advanced Aegean in the first half of this year. That being thrown up by nations across the chaos fuels fear; fair, effective manage- veto for the City on financial rules. In
make it across the 21-mile sliver of sea nations has swung from liberal inter- is much more than in 2014, but it is to be continent. At very best they simply ment provides reassurance. fact, he will not ask for that. But German
that separates France from Britain. ventionism to furtive inaction. measured against a population for the divert the problem. There are some in The world has changed. The relative fears are fuelled by memories of the
The governments of the two counties Mr Guterres observed that five years 28-nation EU of about 500m; and it Britain who blame Europe for the crisis. power of Europe has slipped still faster debacle of December 2011: Mr Cameron
have spent tens of millions of euros ago an estimated 11,000 people were remains a small fraction of the 4m who These eurosceptics claim that by leaving than that of the US, and with it the said he would not sign the “fiscal com-
on security measures to prevent the fleeing war every day. By last year the have fled the civil war in Syria. Up to 2m the EU, Britain could reclaim control of capacity to fix problems in its neigh- pact” that Germany wanted without an
migrants from clambering on to trucks figure had quadrupled to more than Syrians have fled to Turkey and, as Mr its borders. The Calais crisis points pre- bourhood. That is not to say it can abdi- agreement to change some voting rules
and trains. The effort, predictably, has 42,000. Of these roughly two-thirds Guterres noted, fully one-third of the cisely in the opposite direction. Without cate responsibility. The EU still has the affecting the City; the Germans blocked
been futile. This is what happens when were internally displaced, but the French co-operation David Cameron’s tools — economic, political and military the changes so he did not sign.
policymakers opt to treat symptoms remainder were forced to seek refuge government would be powerless. — to promote order beyond its borders, The recent furore over the European
rather than causes.
Calais is the end of a funnel that has
abroad. The contrast he drew was with
the 1990s. Then, albeit sometimes after
The pretence that Europe’s problem is Britain’s problem,
and vice versa.
sometimes on its own, more often as a
convening power. The Calais crisis is just
Financial Stability Mechanism has rein-
forced British worries. The eurozone
seen tens of thousands of migrants flee- much hesitation, rich nations acted — in fences are an answer pours The pretence that fences are an one more a lesson in the costs of hiding wanted this fund, to which Britain has
ing war and destitution in the Maghreb
and beyond. Some are what politicians
Bosnia and Kosovo, Sierra Leone and
East Timor. Now, whether it is South
fuel on to the fires of answer pours fuel on to the fires of anti-
immigrant populism. Voters are less
under the bedcovers. contributed, to make an urgent bridging
loan to Greece — despite an earlier Euro-
disdainfully call “economic migrants” — Sudan, the Central African Republic or anti-immigrant populism worried by numbers than by the sense philip.stephens@ft.com pean Council decision that it should not
be used for eurozone bailouts. The EU
can decide to use the fund by qualified
majority vote. Knowing that it could not
veto the loan, the UK voted in favour, in
Overcrowding — not lurid exploits — is what will kill the Lords return for guarantees against potential
losses. To British officials, this is a clear
example of a eurozone caucus: in a cri-
sis, its members will put the currency’s
needs ahead of legal niceties or the
since many hereditary peers rarely hugely divisive and, in our view, is a range of issues, among them size, meth- revising chamber, it should cease to ape interests of those that do not belong to
OPINION appeared. Since the 1999 reform, which matter to be considered by a broadly ods of appointment, attendance the Commons’ complex and often the euro.
removed all but 92 of the hereditaries, based constitutional convention, which requirements, political balance, proce- arcane legislative procedures and Mr Osborne will press hard for safe-
Julian most peers aim to attend most of the we duly called for. The coalition’s earlier dural reforms and better working prac- instead streamline its own. guards. What could he ask for that
Grenfell time as working members. “Clegg bill”, focusing on composition, tices. None of these would cut across the I believe in an appointed chamber, might be acceptable to other govern-
In principle, that is good. In practice, was abandoned for good cause. You can- mandate of an eventual constitutional not just because it opens the door to ments and EU institutions? Perhaps the
with now nearly 800 members, there not attempt a reasoned reform of the convention. Two other issues on which much-needed expertise, but primarily promise of a treaty article stating noth-
T
he image of the House of are strains on space, facilities and work Lords divorced from a reform of our sys- we made recommendations — retire- because a fully or partially elected ing done by the eurozone may damage
Lords has taken a battering opportunities. Why anyway do we need tem of governance as a whole. With the ment and disqualification — were con- House would demand more powers. the single market. The non-euro nations
this week. The unaccepta- a Lords with over 100 more members UK seemingly edging towards a more currently addressed in a successful pri- Many favouring election seem reluctant could gain the right to observe meetings
ble behaviour of a senior than the House of Commons? With vate member’s bill. Clearly there is to recognise this threat to the Commons, of eurozone ministers. They could also
member has played into the David Cameron, the prime minister, broad support for incremental reforms being too busy questioning the legiti- be allowed to press an “emergency
hands of those who insist the Lords is
just a bunch of elderly toffs in matching
poised to tip another 20 or 30 members
into the chamber in his search for a gov-
Far from being a bunch of in advance of any constitutional con-
vention. A consensus on the proper role
macy of an appointed Lords. But where
an appointed Lords secures by persua-
brake”: if one of them thought a euro-
zone decision would damage the mar-
crimson gear on a lifetime jolly courtesy ernment majority there, the House risks elderly toffs in crimson, it is and powers of the Lords in a wider con- sion improvements in legislation it is ket, the decision would be postponed
of the taxpayer. And yet it is arguably
the hardest-working, most effective and
becoming a laughing stock. Laughing
stocks invite abolition, and I, for one, do
the most effective revising stitution would then make possible a
determination on its composition.
performing a duty of huge constitu-
tional importance. Therein lies its legiti-
for, say, a year, while the European
Council of leaders reviewed it.
best value for money parliamentary not want that. So what should be done? chamber anywhere We need a Lords smaller than the macy, and in its recognition that the The UK government has not yet con-
revising chamber anywhere. Recently In March 2014, a group of Labour Commons, reduced over time to 450, Commons has the last word lies its vinced many of its partners that its con-
armed to deal very robustly with mem- peers, which I co-chaired, presented to federal constitutional settlement, and with real territorial, gender, age and accountability. Retirement has afforded cerns about the relationship between
bers who flout its rules or otherwise the party the fruits of its year-long with our future relationship with the EU faith diversity. As a revising chamber, it me time to reflect, but my views remain the euro and the single market are justi-
bring the House into disrepute, it can, I inquiry into the future of the Lords and uncertain, putting carts before horses is must be a “think again” rather than a unaltered. The highly effective work fied. It will need to do a better job if it
am convinced, survive the occasional its place in a wider constitution. The a recipe for failure. “yield or we veto” House, as we put it, being undertaken by the Lords is essen- wants to win credible safeguards. Other-
scandal, however wounding. What it House broadly welcomed its conclu- That said, one should not shy away fully accepting Commons primacy. The tial to good governance. Don’t let over- wise British voters may conclude the EU
might not survive is the hyperinflation sions, in part because we deliberately from modest incremental reforms that power to make governments rethink on crowding wreck it. is not driven by the interests of all its
of its membership. did not address the issue of whether a can enhance the Lords’ already admira- a rather wider range of legislative pro- members, but by those of the eurozone.
When I first sat as a working Labour reformed House should remain ble capacity to scrutinise, revise and posals would be a fair quid pro quo for The writer, a former deputy speaker of the
peer in 1996 it seemed far less crowded, appointed, or be partially or wholly hold the government to account. That is reducing the Lords’ blocking powers to a House of Lords, was the first peer to retire The writer is director of the Centre for
despite its membership topping 1,000, elected. The question of composition is why we made recommendations on a minimum. Further, as essentially a permanently under new legislation European Reform
12 ★ FINANCIAL TIMES Friday 31 July 2015
BUSINESS LIFE
Personal technology
Windows 10
Microsoft goes back to basics
with its new operating system
RICHARD WATERS
B
oxing is “an anxious busi- Fans view content in different ways to follow him into boxing. (His son, everything he had. “Sometimes I just It is also a return to basics.
ness” so there is “no use get- today, they say, for example, on mobile Francis, also works for the business.) put the blinkers on.” This has some- With Windows 10, Microsoft
ting anxious about it”. This is phones rather than televisions. “Things “No, absolutely not, not my area, not times been to the detriment of his per- has stepped back from its A new browser
the verdict of Frank Warren, have changed so much,” says Mr War- into boxing, I really didn’t . . . I wanted sonal life. “It’s not a nine-to-five job.” touchscreen-centric
the boxing promoter and ren. “Netflix has crashed down the my kids to do something else but they’re The most dramatic personal event predecessor, dubbed 8 (it has the clean
manager who has looked after most of doors of how people consume and watch boxing nuts.” was when Mr Warren was shot at close seems 9 fell through the
the big names in British boxing: movies; iTunes completely blasted the A great deal of Mr Warren’s decision- range by a masked gunman in 1989. cracks). The result is a PC design and
“Prince” Naseem Hamed, Nigel Benn music business apart but got to a bigger making, he says, is based on “gut feel- Terry Marsh, one of his former boxers, operating system that is
and Ricky Hatton. “You can build a audience. That’s where we need to get ing”. So too with discovering boxing tal- was prosecuted but later acquitted. The designed to be, first and speed to
fighter who becomes a real star and one to.” They are looking at all kinds of dis- ent. “I feel that person’s got something overriding feeling was anger. “It didn’t foremost, fast, elegant and
punch can change that.” tribution, and are interested in Spotify’s about them . . . You’ve got to look at wreck my confidence. I was angry, very. efficient. A rapid boot time match others
If Mr Warren, immaculately dressed music streaming model, although they what they’re not good at and what needs I was angry that I got shot.” and a new browser that has
in a blue suit, seems zen about such vol- decline to spell out how this might work. to be done, getting the right team It hit his business. A deal to raise the clean design and speed to Cortana to give you
atility, the 63-year-old has been through BoxNation lost a bidding war for around them . . . making the right move funds for the London Arena in Dock- to match browsers from reminders. She can also
worse: surviving a shooting as well as the rights to screen the Mayweather- at the right time.” lands — in which he held a 70 per cent Google and Apple are perform voice searches
huge business setbacks. Interviewer- Pacquiao fight in the UK, that they The son of a bookmaker and house- stake — fell apart. Banks, he says, did among the features that using Microsoft’s Bing and
turned-friend Lynn Barber has written hoped would boost subscriptions. The wife, Mr Warren left his grammar not want to do business with a man who improve the experience. start an email in Microsoft’s
of him: “I can’t think of anyone who has winner, Sky Sports charged up to £24.95 school, in Islington, north London, at had been shot. The east London venue Three years ago, email service.
had such high highs and low lows, to view the fight. the age of 15. “I did very well at later went into administration. It took a Microsoft’s first attempt at
including disasters that would have “Who’s to say that you need to charge school . . . then I went off in long time to recover financially, he says. marrying touchscreen Broadening the appeal
sunk anyone with less determination.” £10 or £15 or £20 [to view a fight]. Why a different direc- Mr Warren has a reputation for issu- tablets with the PC led This is all fine but it does
Today, we are sitting on the veranda of tion . . . I lost inter- ing writs against journalists. Why does Apple’s chief executive Tim raise one important
the Goring hotel in the high-end neigh-
bourhood of Belgravia, central London, ‘Who’s to say that est.” One of his first
jobs was at a solici-
he do that?
“When I was a kid I would never be
Cook to observe that, just
because you could combine
question: what if you don’t
want to live in Microsoft’s
with his 28-year-old son, George (the
fourth of his six children). The pair are you need to charge tor. “I worked there
for about a month.
frightened of anybody, I would never let
anybody bully me and if they did I
a fridge and a toaster in one
appliance, it didn’t mean you
universe? Windows 10 can
feel like a conduit for the
outlining their plans for BoxNation, the
boxing television channel, launched in £10 [to view a fight]. It absolutely did my
head in . . . I just felt like I was
would react to it.” So too with news-
papers. “If I do something wrong I’m
should. Windows 8 was a
step too far for PC users,
company’s services, which
include its integration with
2011, which is available on TV in UK
and globally online and through mobile Why can’t you enclosed.” After a stint at Smithfields
meat market he worked for himself.
accountable for it.” who found its unfamiliar grid
of coloured tiles off-putting.
Xbox Live and the OneDrive
cloud storage service. You
phone apps. It creates and broadcasts
boxing content, including live and charge nothing?’ My questions about his move into a
boxing career start off on the wrong
emma.jacobs@ft.com
Twitter: @emmavj
It would be interesting to
hear what he has to say now.
don’t need to be all-in on
Microsoft services to get a
lot out of Windows 10, but it
Useful features enhances the experience.
Windows keeps elements In theory, others could
from the smartphone and produce apps with the
A yacht rental start-up ventures beyond Greek headwinds tablet world — the app
store, notifications and large
coloured tiles that act as
ability to integrate with
Cortana. But will they, and
will many app makers even
icons — but integrates them put their software in the new
much more smoothly into Windows app store?
Incrediblue views vessels derful toys but very time-consuming founders, Mr Fiorakis among them, conditions where businesses are able to the familiar PC experience. If they turn a cold
and expensive to run and maintain.” ventured that a crisis of such magnitude quickly adapt their models. “The shock
as underused assets, The portal allows users to choose a could in fact create opportunities for and depth of the crisis has led to the
There are discordant
notes, certainly: switch
shoulder, as they did with
the Windows phone store
writes Snezana Curcic holiday or charter a boat based on ideas to develop. total collapse of the internal market in between a PC screen with before, Windows 10 will miss
price, location, availability and user Like-minded Greek venture capital Greece — meaning the only viable multiple windows open, and much of its potential
reviews. A skipper is always included. firms have offered help. One is the pri- option is to go international, especially “tablet mode” with its more consumer appeal.
A disastrous sailing holiday around the Fees range from €50 to €1,000 per vate Athens-based Jeremie Openfund with digital goods and services,” he says. basic single view of an app,
Aegean Islands three years ago was a person per day depending on the craft. II, which has invested in Incrediblue, Incrediblue is now a UK-registered and it takes a moment to Verdict
turning point for Greek entrepreneur Mr Fiorakis says the company under- and other companies focusing on soft- enterprise, with 17 mostly Greek work out what happened to These things are outside
Antonios Fiorakis. He and his friends cuts established players on commis- ware and the web. employees in total. It runs its business, all the other things you were Microsoft’s control. But at
ended up on a smaller catamaran than sion, charging 15 per cent rather than Aristos Doxiadis, a partner in the customer service and development working on. Stretching a least, in Windows 10, it has
they had agreed to hire and were left up to 40 per cent. Boat owners can list fund, explains that many Greeks have divisions from Greece, while marketing single operating system to come up with an appropriate
buffeted by challenging summer winds, their vessels after emailing their owner- been forced to move away from the and sales are driven from London. cover all devices is bound to synthesis of the old, in the
with inadequate guidance. ship documentation. They have a traditional way of looking for safe According to market researcher throw up moments like this. form of the PC, and the new,
Mr Fiorakis reasoned that he could chance to do business directly with a Taking the jobs in the public sector or family busi- Future Market Insights, last year the But at least on the device in the form of tablets and
do a better job as a middleman and this broad range of customers as opposed to plunge in spite ness. Opportunities instead exist in global yacht charter market was valued smartphones.
impulse eventually led to the creation only experienced sailors. of the crisis fast-moving and changeable economic at $35bn and is expected to grow to Windows 7 and 8
of Incrediblue, an online marketplace So far, the portal has more than 2,000 $51bn by 2020. customers can upgrade free
connecting yacht owners with those yachts, catamarans and motor boats Mr Fiorakis says the market is clut- of charge starting this week.
looking to charter a vessel. listed and moored across the Mediter- tered and competition is fierce. His Microsoft has said it will
The business, one of a surprising ranean, in Greece, Turkey, Croatia and company has a long way to go but is stagger the upgrades to
number of start-ups to have battled Spain. The company is looking to trying hard to make a mark with its dif- make sure the process goes
through the Hellenic economic mael- expand into Italy and Montenegro. ferent business model focusing on skip- smoothly. To get the most
strom, has echoes of “sharing econ- Greece’s well-chronicled economic pers as well as boats. out of the software, though,
omy” pioneers Airbnb and Uber. crisis has seen the demise of many busi- “We aim to match the right local skip- requires a touchscreen,
Mr Fiorakis certainly sees yachts as nesses, a sharp rise in unemployment per to a particular party boat. If you are which for many will mean
underused resources. “Take a stroll and an inevitable brain drain. a group of young people in their twen- buying a new machine —
around any marina and you’ll see they Against this grim background several ties we won’t assign a skipper in their Opening Windows: New and PC makers still pay
are packed with boats that always seem hundred start-up companies have fifties, otherwise it will be like going on system feels coherent Microsoft for the software.
to be docked. They are like these won- emerged in the country as their a holiday with your parents,” he says.
Friday 31 July 2015 ★ FINANCIAL TIMES 13
ARTS
T
oday is the day the IMF’s cult,buttherearesignsofprogress.
luck runs out,” says some- Last year at the Proms Chinese com-
one in Mission: Impossible poser Qigang Chen’s music made its bow
— Rogue Nation. Sounds and he is back this year, in the company
like a case for the Financial of the BBC National Orchestra of Wales
Times. But only those estranged from and Chineseconductor,XianZhang.
Planet Tinseltown will think it’s Chris- In the Royal Albert Hall a hush
tine Lagarde in crisis rather than Ethan descended over Chen’s quietly rapturous
Hunt, alias Tom Cruise. In the block- Iris dévoilée. It had to — anything less and
buster summer’s first major raid on our the spell conjured by the gently wafting
wits and wallets — sequel codename breeze of sounds he creates would be
“MI5” (and the British connotation broken. Like so many composers from
proves apt) — the Impossible Missions the east, Chen was seduced early on by
Force puts its lives on the line to combat French composers such as Debussy and
The Syndicate, a group of global agents/ Ravel and moved to Paris to study with
spies gone terrorist. Messiaen. His intensely sensitive music
The Syndicate’s present profile: world- carriesonwherethey leftoff.
domination nutjobs putting out a con- Iris dévoilée forms a kind of rainbow
tract on, among others, the Austrian bridge between its suggestive Chinese
chancellor and British prime minister. Immersive: Tom Cruise palace of cards. McQuarrie’s trick is to for an auteur back then — is our halluci- documentary that seems never to end poetry, intoned in the style of Peking
Team Cruise starts its operation, accord- in ‘Mission: Impossible — stopyousteppingback.Inthissurround- natory creative Everyman. Trick effects and should probably never have been Opera, and the pastel-shaded world of
ingly, by storming the Vienna Opera Rogue Nation’. Below sensation world you might step into a giantise him atop a roof or miniaturise begun. The late filmmaker Albert Mays- the French impressionists. Meng
House during a VIP performance of right: ‘Iris’ is a gun, a bomb, an oubliette or a parallel him in a bubbling glass of beer. He les, a name inscribed in legend (Gimme Meng, costumed like the Princess
Turandot. “None shall sleep,” sings the documentary portrait of dimension. For the confessional record mounts a speeding truck to hand-crank Shelter) and lavished with peer-approval Turandot, chanted the brief Chinese
tenor and he is on the nose. Writer- New York fashion guru I spent the first half hour wearing film of joyriders in a car. He scales cranes love bites (“the best American camera- texts. Two Finnish sopranos, Anu Komsi
director Christopher McQuarrie (who Iris Apfel 3D glasses (available on a foyer stand) or towers. He vanishes altogether, much man”, J-L Godard), completed before his and Piia Komsi, soared in wordless radi-
scripted The Usual Suspects) has caught since I thought the film was in 3D as of the time, to leave the screen to his recentdeaththisportraitoftheeccentric ance. The orchestra made seductive
Brian De Palma Disease: a form of cine- well as Imax. It isn’t. But I didn’t notice feveredkaleidoscopes. NewYorkfashionguruIrisApfel. noises, overlaid by the very delicate
matic ADHD in which nothing stands until I glanced round belatedly at un- If you think Inception invented the Hers was a piquant life: boutique strumming and bowing of the Chinese
still, madness is licensed, and action/ spectacled colleagues. That’s how bent-double cityscape, think again. If owner, interior decor adviser to the pipa, zheng and erhu. Time passed; 40
suspense showdowns are screwed to the immersive MIRN is. You believe it’s all you think Jaws invented the teeming, White House. But in her nineties Iris — minutes to be exact. Eternal beauty
screaming orgigglingpoint. round you and all over you even when, telephoto-shimmered holiday beach- more briskly and beatifically caught in demandspatience.
After Vienna we get a car and motor- technically,itisn’t. scape, re-think again. Also here: facto- the 2010 documentary Bill Cunningham On either side Zhang and the BBC
cycle chase through downtown Casa- Mission: Impossible — A classic comes to life again, restored ries, taverns, picture theatres, none stay- New York — has run out of fresh National Orchestra of Wales offered the
blanca; high-wire escape ballets between Rogue Nation (12A) and re-scored, in Dziga Vertov’s Man ing still for long before disbursing some things to say and do. The Iris outfits, contrast of red-blooded performances
skyscrapers; and fog, murder and red Christopher McQuarrie with a Movie Camera. The 1929 Soviet secret, mischievous visual reality. Multi- combining haute couture labels of Russian symphonies. Prokofiev’s
telephone boxes in a London so AAAAE film recently voted best documentary of ple exposure and fast cutting turn rush- with clearance-sale clobber (and “Classical” Symphony was steadier,
headlong-retro we expect Jack the alltime(inBritishfilmperiodicalSight& hour traffic into a poetic pandemonium. beads, beads, beads), still tougher in character than usual. Rach-
Ripper to appear. Add dialogue so Man with a Movie Sound) isn’t quite a documentary at all. And sometimes the film slows to twirl impress with their bunged- maninov’s Symphony No. 2 boasted well
Duchamp-surreal it sounds like an Camera (U) It’s a firework show in a moviemaker’s disparate facets like a magic goblet, together elan. The Iris output, drilled playing and outgoing certainty of
Exquisite Corpse game of wordplay. “Sir, Dziga Vertov mind: a symphonic montage of a “day in flashing successive pictures — a shop a verbal voguing of drawling vision, rather than subtle colours and
Ethan Hunt is the living manifestation of AAAAA the life a nation”, across three cities, that window, a face, a gloved hand, a manne- “wisdoms” and waspish put- melancholy. It was a generously
destiny.” (What does that mean? Should bursts, crackles, fizzes and could take quin — to tease us with the richer truths downs, is ready to wear in a planned Prom, well attended, not
we,need wecare?) Iris (12A) your eye out (you almost feel) if you or constructions that can come, the film- whole different sense: withoutitsrewards.
It’s all fantastic nonsense. If you Albert Maysles don’tdodgeandweave. makerseemstosay,fromourputtingtwo wearing our patience and
stepped back, you might see the film and AAEEE A tripod-wielding camera buff in andtwotogethertomakefour. politeness after 18 minutes, BBC Proms run to Septem-
its story plausibility collapse like a boots and riding breeches — proper togs Iris, for punitive contrast, is a nevermind80. ber 12, bbc.co.uk/proms
Other channels
BBC3 News Tonight. 7.00 Cricket on 5. Sky Atlantic Sky 1
7.00 Top Gear. 8.00 Don’t Tell the 8.00 Weather Terror: Eye of the 6.00 Without a Trace. 7.00 6.00 Futurama. 6.30 The
Bride. 9.00 Wanted: A Very Storm. 9.00 20 Moments that Without a Trace. 8.00 Blue Simpsons. 7.00 The Simpsons.
Personal Assistant. 10.00 Rocked Comedy. 10.30 Lip Sync Bloods. 9.00 Band of Brothers. 7.30 The Simpsons. 8.00 Modern
EastEnders. 10.30 Russell Howard’s Battle: Stephen Merchant v Malin 10.10 Band of Brothers. 11.30 The Family. 8.30 Modern Family. 9.00
Good News. 11.00 Family Guy. 11.25 Akerman. 10.55 Tattoo Disasters Brink. A League of Their Own. 9.30
Family Guy. 11.45 American Dad! UK. 11.30 Tattoo Disasters UK. Cricket’s Funniest Moments.
Sky Sports 1 10.00 Hawaii Five-0. 11.00 Hawaii
BBC4 More4 6.00 Sky Sports Boxing Gold. Five-0.
7.00 World News Today. 7.30 6.50 The Restoration Man. 7.55 6.30 Ringside Special: Life After
Proms on Four: Friday Night at Grand Designs. 9.00 The King’s Boxing. 7.00 Fight Night Sky Arts
the Proms. 9.00 Sound of Song. Speech. 11.20 Embarrassing Fat Countdown. 7.30 Luke 6.00 Capture. 6.30 The Great
10.00 Sound of Song. 11.00 Bodies. Campbell: The Golden Boy. Culture Quiz. 7.00 Urban Secrets.
Sound of Song. 8.30 Premier League Years. 8.00 The Elaine Paige Show.
Film4 10.30 Fight Night Countdown. 9.00 Dag. 9.30 Dag. 10.00 The
Channel 5 6.40 The Core. 9.00 X-Men: 11.00 Luke Campbell: The Art of the Joy of Sex. 11.00
6.00 Home and Away. 6.30 5 First Class. 11.35 Wanted. Golden Boy. Naked States.
14 ★★★ FINANCIAL TIMES Friday 31 July 2015
Twitter: @FTLex Email: lex@ft.com Indicative European refining margin 2016 valuation
$ per barrel Enterprise value/earnings ratio*
LOW
1 0 1 0 25 1000 Forecasts by
14 1010 19
LOW
16 18
15 22
16
5 Luxembourg Sun 22 72
15
11 Lyon Sun 26 79
15 16 Madrid Thunder 31 88
HIGH
18 19 20 2 Manchester Fair 19 66
20
22 Miami Thunder 33 91
14
15 15 22 21 10 Milan Fair 26 79
1020
19 Montreal Fair 27 81
24 22
16 24 Moscow Fair 22 72
20 20 39
29 Mumbai Rain 30 86
15 21 33 Munich Sun 22 72
19 30 37
22 New York Sun 33 91
0 Nice Sun 28 82
18 25 31 2 Paris Sun 24 75
32 36
4 LOW 36 Prague Fair 22 72
1010
1010 Reykjavik Fair 15 59
34 38 33 34 Rio Sun 28 82
Wind speed in MPH at 12 BST 32 Rome Sun 30 86
Temperatures max for day˚C Wind speeds in KPH 33 San Francisco Cloudy 22 72
Stockholm Shower 18 64
Today’s temperatures Strasbourg Sun 25 77
Abu Dhabi Sun 45 113 Belgrade Cloudy 22 72 Copenhagen Cloudy 17 63 Hamburg Fair 17 63 Sydney Sun 17 63
Amsterdam Fair 19 66 Berlin Fair 20 68 Delhi Cloudy 33 91 Helsinki Thunder 19 66 Tokyo Sun 34 93
Athens Sun 36 97 Brussels Sun 20 68 Dubai Sun 42 108 Hong Kong Sun 30 86 Toronto Fair 28 82
B’ham Fair 20 68 Budapest Fair 22 72 Dublin Rain 16 61 Istanbul Sun 32 90 Vancouver Sun 26 79
Bangkok Thunder 32 90 Buenos Aires Shower 19 66 Edinburgh Shower 16 61 Jersey Sun 18 64 Vienna Sun 26 79
Barcelona Fair 28 82 Cardiff Sun 19 66 Frankfurt Sun 24 75 Lisbon Fair 25 77 Warsaw Sun 20 68
Beijing Cloudy 29 84 Chicago Sun 31 88 Geneva Sun 24 75 London Fair 22 72 Washington Sun 34 93
Belfast Rain 14 57 Cologne Sun 21 70 Glasgow Shower 15 59 Los Angeles Sun 27 81 Zurich Sun 24 75
. 3 7 8 ( & 0 6
28 Play banned player out of 6 2 0 1 $ 0 % 8 / , 6 7
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Friday 31 July 2015 ★★★ 15
Nintendo Shell Nokia Dollar index Two-year US Xetra Dax Brent oil Brazilian real/
City Insider ‘Bucking Treasury US dollar
broncos’ in Barclays’ spin 8.3% 4.2% 7.53% 0.5% 3bp 0.4% 0.1% 1.4%
HARRIET AGNEW, PAGE 20
Y22,195 £18.39 €6.43 97.49 0.73% 11,257.15 $53.31 R$3.3788
COMPANIES
INSIDE BUSINESS
Technology
MEDIA
F
The US ride-hailing app company said Amit Jain, president of Uber India, 100 cities. their expansion plans. or a technology company, Netflix certainly
the spending drive would see its service described the target as “incredibly Much of Uber’s investment is intimidate Uber and Ola are braced for potential makes a lot of television. At a presentation this
hit 1m daily fares by March 2016, the ambitious”. expected to be spent on expanding the investors] new restrictions in New Delhi, following week to the Television Critics Association in Los
first time it has produced such a target He said it would be achieved by subsidies it offers to tempt passengers a court ruling this week which threat- Angeles, the streaming video business pledged to
in India. launching the service beyond the 18 cit- and encourage new drivers to sign up. won’t work. ened to uphold an earlier ban on all such produce 475 hours of original programming in
Yesterday’s announcement marks the ies in which it operates, the largest News of Uber’s spending spree comes Ola is going to apps. the next 12 months.
latest salvo in Uber’s battle to match number outside of the US. as Ola, which is backed by Japanese have plenty Uber previously suffered a temporary Its strategy of adding its own films and TV shows, such as
fast-growing local competitors in China “We are extremely bullish on technology group SoftBank and Tiger ban in the Indian capital last December, new series from the director Baz Luhrmann and comedian
and India, as it pours funds into its most the Indian market,” he said. “We are Global, the US investment group, is near of money to following an allegation of sexual assault Aziz Ansari, to the content it licenses from other providers
important growth markets. continuing to see robust 40 per cent to closing a financing round. fight back’ by a driver. has served Netflix very well. The company has 65m sub-
scribers worldwide and a gravity-defying share price,
which has risen close to 600 per cent over the past five
years. Its $45.4bn market capitalisation is greater than the
combined value of commercial broadcasters CBS and ITV.
Technology. Smartphone battle Netflix has said it will expand into every significant glo-
bal market — including China — by the end of 2016. Its
Samsung units diverge as rivals gain ground service clearly resonates with audiences who have
embraced its on-demand, digital ethos.
But is its sky-high valuation fully justified, particularly
when compared with HBO, the Time Warner-owned pre-
mium network behind hit shows such as Game of Thrones
and The Sopranos?
Mobile division flounders The two companies share some attributes. They both
while Apple’s inroads bring want high-quality programming, they both also license
films from Hollywood studios and they each operate in
rewards for chip business multiple markets. HBO is accessed primarily through pay-
television services — it has 46m subscribers in the US and
SIMON MUNDY — SEOUL 120m globally — whereas Netflix can be accessed digitally
(although it still operates a subscription DVD business).
Even as the mobile business of Samsung Netflix trades at 130 times the $347m it generated in
Electronics has battled to reverse falling operating income over the past 12 months. HBO, mean-
sales in a fiercely competitive market, while, generated $1.8bn of operating income over the same
colleagues in other divisions of the period: applying Netflix’s multiple would value HBO at an
South Korean conglomerate have wel- eye-popping $234bn. This is almost four times the market
comed the increased competition. value of Time Warner and would not include its other
Samsung’s earnings for the three assets, such as the Warner Brothers studio or Turner cable
months to June showed the seventh con- networks.
secutive declining quarter, and the dis- This disparity is even more dramatic when considering
appointing numbers were rooted in the analyst estimates for 2015 earnings. They expect Netflix to
company’s mobile business. generate $0.23 per share for the year, giving the company a
Operating profit at the IT and mobile price to earnings ratio of 465.
division, which is largely focused on Time Warner, by contrast, is
handsets, fell 38 per cent year on year to trading on a multiple of
HBO’s streaming
Won2.7tn ($2.4bn), with sales of the about 19 times forecast 2015 service could be
Galaxy S6 flagship phone falling below earnings.
company expectations. What explains the valua-
just as globally
In contrast, Samsung’s semiconductor tion gulf? There are several distributed as
business saw earnings surge 83 per cent factors. Netflix is a direct-to-
to Won3.4tn. This was due in part to the consumer business, selling
Netflix one day
competitive pressures that are hurting subscriptions in each market
the group’s mobile business, said Baek in which it operates. Two-thirds of its customers are in the
Jae-ho,anexecutive inthe division. US so there is significant potential in other markets. It is a
“The competition in smartphones is relatively cheap service and costs only $7.99 a month in its
becoming fierce,” he told analysts on a home market so there is also potential to increase prices.
Its top line revenues from streaming increased
30 per cent year over year; HBO revenues, by contrast,
What growth remains is have been relatively flat.
going to rivals — notably in At Netflix, short-term profits have been sacrificed as the
company invests to build a truly global streaming net-
China, the world’s biggest work. The prospect of vast future earnings, say analysts, is
smartphone market what appeals to growth investors.
HBO is already extremely profitable which, perversely,
may explain its lower multiple. It derives most of its earn-
ings from the cable and satellite operators that carry its
conference call. “And the result is that Samsung is still 7 per cent and 4 per cent respectively, in smaller number of products, said Keon Samsung’s memory chip division, the channels: its programming is also licensed internationally
even low-end smartphones are now the largest line with preliminary guidance. But the Han, an analyst at Credit Suisse. world’s biggest by sales with a big tech- by companies such as Sky, which pay it hefty fees.
adopting [high-resolution] displays, smartphone detailed earnings release confirmed the Global smartphone shipments are set nological lead over its peers, is profiting But, like Netflix, HBO is also in the streaming game. This
which is driving up” the need for more maker by sales, Galaxy S6, which it had hoped would to expand 11 per cent this year, accord- as producers seek to make more power- spring it launched HBO Now, a standalone service that
memory on the devices. although the give a boost to the ailing smartphone ing to research group IDC, down from 39 ful phones. Xiaomi this year launched a aggregates all of its content without the need for an expen-
Yesterday’s results showed a stark Galaxy S6 has business,didnotfulfilexpectations. per cent in 2013. phone with 4GB of memory, more than sive pay-TV subscription.
divergence between the fortunes of a undershot Last year Samsung’s earnings were hit But what growth remains is going to any Apple or Samsung handset. Richard Plepler, chief executive, has talked about pur-
handset division losing market share to expectations hard as it struggled to offload unsold Samsung’s rivals — notably in China, the “We think this trend will continue on suing the 10m US broadband users who do not subscribe to
Apple and Chinese smartphone makers Ahn Young-join/AP Photo
stock of the poorly received Galaxy S5. world’s biggest smartphone market, to next year. When we meet our custom- cable or satellite TV. Yet there may be an even bigger prize
such as Xiaomi, and a semiconductor The company promised more careful where IDC said Samsung’s market share ers, they say memory is one of the core on offer for HBO. Its streaming service could, one day, be
division that is booming in part because inventory management to avoid a repeat halved to less than 10 per cent in the things to a smartphone,” Mr Baek said. just as globally distributed as Netflix. Its licensing deals
of demand from those same rivals. — only to be punished this year for first quarter of this year. It lost out to An executive from Samsung’s display with international partners would have to expire before
Mr Baek’s statement underscored another supply chain error. It was una- homegrown rivals such as Huawei, unit said it planned to sell the curved this could happen, which would take time, depending on
Samsung’s revived status as a company ble to meet demand for the premium which last week said handset revenues screens that drove demand for the S6 the country and the terms of its agreements.
that makes most of its profit from com- “Edge” version of the S6, while sales of increased 87 per cent in the first half. Edgetoothersmartphone makers. It is unclear why this potential upside has not been
ponents, echoing a shift at Sony, the the basic model undershot expectations. Meanwhile Apple has enjoyed record Peter Yu, an analyst at BNP Paribas, priced into Time Warner shares. Yes, HBO has differences
electronics group, which has tripled its Samsung said it had addressed the sales of its iPhone 6, leaving a smaller said this was a sign of Samsung’s with Netflix but its core business — content — is the same.
second-quarter profit thanks to surging capacity constraints and expected sales addressable market for competitors in increased willingness to allow its com- From Six Feet Under and True Detective to John OIiver: Last
semiconductor sales despite losses in to be boosted in the second half by the the high-margin premium market. “If ponents business to focus on making its Week Tonight and Girls, there is arguably no company bet-
smartphones. launch of a larger version of the S6 Edge. Apple is beating its own estimates, that own profits, instead of playing a support ter at producing it than the Time Warner-owned group.
Samsung’s shares fell 3.8 per cent, But while the company remains the means someone else is losing and that’s role to the handset business. Netflix trades on a tech-style multiple; Time Warner
having risen 2.7 per cent the day before leading smartphone producer by sales, predominantly Samsung,” said Mr Han. “There’s a war out there” in the mar- does not. If Jeff Bewkes, Time Warner’s chief executive,
on expectations it would announce a analysts said Samsung would struggle to But Apple’s success is a boon for the ket, he said. “Some people will bleed to wants to unleash a similar valuation, the creativity of HBO
share buyback alongside the results. return to meaningful growth. The com- group’s semiconductor business, which death, but those who make the money holds the key.
That proved unfounded. pany is shifting to a strategy focused has won a lucrative contract to make are the ones who sell the weapons.
Sales and operating profit declined more on protecting its margins with a processor chips for the next iPhone. That’s the component makers.” matthew.garrahan@ft.com
Bombardier delays new jet as orders dive KKR to inject $150m into India’s JBF Industries
ROBERT WRIGHT — NEW YORK which were C$4.20 at the start of the delay to the Global 7000 will give Gen- HENNY SENDER — NEW YORK months after the Narendra Modi gov- paign has diminished the lure of China,
year, initially dropped 13 per cent but by eral Dynamics’ Gulfstream a longer ernment came to power with its prom- while lower commodity prices have
Canada’s Bombardier was forced yes- JBF Industries, a listed polyester maker
lunchtime had recovered to be down period unchallenged at the top end of ise to get the Indian economy moving posed challenges in many other emerg-
terday to postpone the planned entry based in Mumbai, is to receive a $150m
about 10 per cent to C$1.76. the business jet market. Gulfstream’s once again. But local private sector ing markets including Brazil, Chile,
into service of its new business jet amid capital infusion from KKR in a transac-
The delay is the latest bad news G650ER is the longest-range business investment has been virtually stagnant Indonesia and South Africa.
a dive in orders and a worsening of its tion expected to be announced today
announcements this year from Bombar- jet, capable of flying 7,500 nautical miles and much of the initial euphoria which Business people in India cite a wel-
debt position resulting from the devel- following board approval, people close
dier, which has poured corporate re- without refuelling. greeted the new government has faded. come new flexibility in negotiations.
opment of its C Series commercial jet. to the situation said.
sources into developing the C Series sin- Net income for the second quarter fell “The prime minister needs these Promoters are willing to give up more of
The company said that the develop- gle aisle jet, intended as a competitor to 19 per cent to $125m, on revenues down Like other industrial companies, JBF kinds of deals which bring in foreign their equity, while banks, though still
ment of the Global 7000 business jet — Boeing’s 737 and Airbus’s A320 family. 5.5 per cent to $4.62bn. Net debt rose to took on a lot of bank debt to meet a capital to complete projects and help get reluctant to write down the value of
intended to have a range of 7,300 nauti- Cost and timetable overruns for the C $5.9bn, against $5.73bn at the start of surge in demand that failed to material- the country growing again,” said one their debt, are willing to make conces-
cal miles, one of the longest ranges on Series have held back the company’s the year, although the company stressed ise and ran into funding issues. The person involved in the transaction. sions on covenants and other terms.
the market — presented “challenges”, profitable business jet operations. The that equity and debt issues this year money from KKR will be used to com- “India is more attractive today than it On the JBF deal, the controlling Arya
which had “impacted the programme’s meant that it had cash and cash equiva- plete a $600m petrochemical plant in was 18 months ago.” family will see their 54 per cent stake in
schedule”. The jet had been due to enter lents of $3.1bn on hand. Mangalore in the south-western Indian Part of the reason India looks attrac- the company drop as KKR takes 20 per
service in the second half of next year. The Global 7000 Alain Bellemare, who took over as state of Karnataka, while the remaining tive is because many other emerging cent of the equity, which could rise if the
will enter service in
“The aircraft will now enter into serv- 2018, leaving the chief executive in February, said the portion will help pay down JBF’s $1.6bn nations appear relatively less attractive. investment group takes advantage of a
ice in the second half of 2018,” the com- Gulfstream quarter had been “in line with plan” in net debt. A combination of slower growth, mar- conversion mechanism in the debt.
pany said as it issued second-quarter G650ER terms of revenues, earnings before The deal is a small indication that for- ket volatility and slow decision making KKR declined to comment, while JBF
results. The Toronto-listed B shares, unchallenged interest and tax (Ebit) and deliveries. eign capital is flowing into India 14 as a result of the anti-corruption cam- could not be reached for comment.
Friday 31 July 2015 ★ FINANCIAL TIMES 17
COMPANIES
RBS gains breathing space, for the moment Santander net profits up 17.6%
as provisions for bad loans fall
Despite positive quarterly before the government starts selling its tors. Ewen Stevenson, chief financial RBS has managed to bolster its capital
stake. officer, warned the bank will not there- buffers by accelerating the sale of its
results the bank still faces Mr McEwan said although “it would fore distribute capital before the first stake in Citizens, the US retail bank, IAN MOUNT — BARCELONA competing for local customers by offer-
be nice” if the settlement happened this quarter of 2017 at the earliest. The bank which is expects to finish by the end of ing higher interest rates on larger
some big financial hurdles year, to help clear “some of the issues must prove it has sustainable profits, he 2015 — a year ahead of schedule.
Lower provisions for bad loans in the
accounts, which can squeeze margins.
UK, Spain, and Portugal helped lift
that have been a drain on this organisa- said, having delivered seven successive RBS announced this week a further The bank showed its biggest profit
Banco Santander second-quarter net
EMMA DUNKLEY tion”, the bank is not currently in talks years of net annual losses. “We need to selldown of its current 40 per cent increases in its largest markets of Spain,
profits 17.6 per cent year on year to
with US regulators and that it could be a get through this year’s stress-testing stake, which could lower its holding to the UK and Brazil. First-half profits in
€1.71bn, but worries about the Spanish
Royal Bank of Scotland dashed investor further six to 12 months before discus- round and next year’s stress-testing 20 per cent. Spain increased by 50.3 per cent, to
part of the business weighed on the
hopes of a dividend payment next year sions start. round before we can begin capital distri- In another move to boost capital, the €771mn; in the UK they rose 32.7 per
stock.
and warned of a “noisy” period ahead Settling with the US regulators, which butions,” he added. bank announced an issuance of addi- cent to €1.0bn; and in Brazil those rose
with looming mis-selling fines, damping analysts estimate could cost at least RBS has come under pressure to tional tier one notes denominated in US Shares in the Spanish bank fell 3.4 per 32.8 per cent to €1.0bn.
prospects for government plans to begin £5bn, is also one of the main hurdles in strengthen its capital reserves after dollars. Mr Stevenson described the cent to €6.28 in Madrid on loan growth Stefan Nedialkov, a Citi Research ana-
selling its stake. the way of the bank resuming dividend almost failing the Bank of England’s launch as “another important mile- concerns and a fall in its home market in lyst, wrote in a note that the company’s
The bank, which is 80 per cent backed repayments. RBS had previously guided stress test at the end of last year. The stone” for the bank, with the aim of rais- net interest margin, which measures the expectations were the occasion for some
by the UK government, released a better that it will return excess capital either in bank boosted its capital buffer from 11.5 ing at least £2bn of AT1 this year. gap between interest paid to clients and worries.
than expected set of earnings yesterday, the form of a dividend or share buy- per cent at the end of March to 12.3 per Aside from improving capital, the that charged on loans. He wrote: “Some parts of the guidance
reporting a net profit of £293m in the back, once it surpasses a core tier one cent in the second quarter as it contin- lender shed assets in its Capital Resolu- The Spanish market was down 1.4 per given were worse than expected, while
second quarter — up 27 per cent from ratio of 13 per cent. ues to repair its capital strength. tion division — the internal “bad bank” cent on the day. others were better. On balance, we
the same period last year. But the bank clarified yesterday that Analysts at Morgan Stanley lauded — by £3bn in the second quarter, mean- The bank’s overall percentage of non- believe, the negatives (charges of differ-
The quarterly net profit marked a there are a number of other “issues” to the move to boost capital as “encourag- ing nearly 80 per cent of the unit has performing loans compared with total ent nature across the geographies, lower
reversal of fortune after RBS reported a work through beforehand, which ing”, in spite of incurring £1.5bn of costs now been exited. The bank expects to lending fell to 4.64 per cent from 5.45 Spanish loan growth and Spain NIM
first-quarter loss of £446m, as the bank includes the settlement with US regula- to cover mis-selling and restructuring. have completed its rundown from RCR per cent a year ago. pressure) marginally offset the positives
pushes on with major restructuring by the end of the year. An improving economy in Spain (improving asset quality across many
plans to retrench globally and focus on The bank reported underlying oper- helped the lender lower its non-per- geographies).”
the UK market. However, in spite of the ating profit, excluding the cost of forming loans from 7.59 per cent to 6.91 Other Spanish banks have also
positive results, chief executive Ross restructuring the bank and conduct per cent, compared with last year. reported profit increases this week
McEwan warned of “tough issues com- charges, of £1.81bn, down slightly from In Brazil’s weakening economy, the including Bankinter, Banco Sabadell,
ing down the track”, highlighting the £1.95bn in the second quarter of last bank also managed to cut its non-per- and Bankia.
need to settle with US regulators over year largely because of the rundown of forming loans from 5.78 per cent last Bankia reported an 11.5 per cent
the alleged mis-selling of mortgage- the investment bank and subsequent year to 5.13 per cent for the quarter, increase in first-half profit, to €556m, as
backed securities. decline in revenues. although they rose from 4.9 per cent last it also lowered its provisions for bad
The warning comes only a month RBS must now overcome other hur- quarter. loans in Spain. The Spanish government
after George Osborne, the UK chancel- dles. As a condition of receiving state aid “We have clear improvement in all owns about 60 per cent of the bank after
lor, unveiled plans to start selling down during the financial crisis, it must carve our loan ratios, even in markets where bailing it out following the popping of
the government’s stake in the country’s out Williams & Glyn as a “challenger” the environment is not completely the country’s real estate bubble.
biggest ever privatisation, albeit at a loss bank, a process at risk of being delayed. healthy, such as Brazil,” said José Anto- Bankinter’s first-half profit rose 11 per
to the taxpayer. “We’re making very good progress but nio Álvarez, the bank’s chief executive. cent to €197mn. Banco Sabadell
Sir Philip Hampton, the outgoing it is a tough act to get it out,” said Mr During the first half of the year, net increased its first-half profits 55.3 per
chairman of the bank, recently told the McEwan. “We’re aiming for an IPO at interest income rose 13.6 per cent, to cent to €352.2mn. In a move that will
Financial Times that it might be wise to the end of next year — our view is we’ll €16.32bn. globalise the lender further, Banco
wait until after a US regulatory settle- get there.” However, Banco Santander and Span- Sabadell acquired the UK’s TSB Banking
ment is struck “in the coming months” Clouds looming: a US settlement could cost RBS £5bn — Chris Ratcliffe/Bloomberg See Lex ish rivals such as Banco Sabadell are Group during the period.
18 ★ FINANCIAL TIMES Friday 31 July 2015
COMPANIES
Energy Mining
Shell cutting 6,500 jobs amid ‘prolonged downturn’ ket will translate into more investments
and new floor starts as from [the fourth
quarter of 2015] and help balance the
market in the near term,” Vale said.
The decline in Chinese demand has
coincided with increased iron ore pro-
Anglo-Dutch group to slash duction in Brazil and Australia, sending
capital spending budget by the price of the steelmaking ingredient
to six-year lows. Vale has responded by
20% after oil-price crash boosting production, slashing invest-
ment and other costs and shipping less
lower quality ore.
CHRISTOPHER ADAMS — ENERGY EDITOR
But analysts remain sceptical that the
Royal Dutch Shell is cutting 6,500 jobs
and will slash its capital spending
budget by 20 per cent this year, as it pre-
‘Improvement in the
pares for a “prolonged downturn” in [Chinese] property
crude prices by scrapping and delaying
billions of dollars in energy projects.
market will translate
The Anglo-Dutch group said yester- into more investments’
day it would reduce investment by $7bn
from last year’s levels to about $30bn in
2015, a bigger drop than forecast three company can do enough in the near
months ago and a sharper reduction in term to significantly offset the falling
capital spending than many of its rivals. iron ore price, which Vale said dropped
Ben van Beurden, Shell chief execu- 6.25 per cent in the second quarter com-
tive, sought to dispel investor concerns pared with the first to $58.4 per tonne.
that its proposed $55bn takeover of BG “We expect the market to turn its
Group, announced in April, would attention to [the second half of 2015]
struggle to work at prices of $70 a barrel and 2016 earnings and, in our view,
or less, and criticisms that the group had expansions and lower costs will not be
enough to offset lower commodities
prices,” Credit Suisse said in a report
‘We are not waiting for released before the results.
the $90 cavalry to arrive Second quarter adjusted earnings
before interest, taxation, depreciation
when we deal with and amortisation dropped 46 per cent
today’s challenges’ against a year earlier to $2.21bn. This
was above the average $1.83bn from
Ben van Beurden, Shell CEO Shell has responded to investor concerns by unveiling its strategy to reposition the company for a downturn — Andrey Rudakov/Bloomberg 13 estimates compiled by Bloomberg.
Gross revenues were US$7.08bn in the
been slow to respond to the oil price second quarter, a fall of 29.7 per cent
crash. for a downturn that it warned “could given the final go-ahead this year, said Shell-BG, with a leading position in liq- manage through this downturn, always against a year earlier but up 11.4 per
“Judge us on what we do,” he told last for several years”. Mr van Beurden. Among those uefied natural gas and deepwater Bra- making sure we have the capacity to pay cent on the first quarter.
reporters. “I want to be very clear we are The 6,500 job losses include reduc- described as “cancelled” was the expiry zilian oil, focused on fewer but bigger attractive dividends for shareholders.” “We estimate Vale’s ebitda in [the sec-
acting with determination. “We are not tions already announced in its North Sea of a longstanding concession in Abu projects. In the three months to June 30, Shell ond quarter of 2015] to be the highest
waiting for the $90 cavalry to arrive business, the US, Canada, Norway and Dhabi, where Shell and BP refused to It is selling a one-third stake in Showa reported $3.8bn of earnings on a current until [the second quarter of 2017],”
when we deal with today’s challenges.” Nigeria, and include a cut in the number pay multibillion-dollar signing-on fees Shell, the Japanese refiner, to Idemitsu cost of supplies basis excluding identi- Credit Suisse said, maintaining an
He conceded that the group had not of contractor roles. Shell employed for a new deal. for $1.4bn, and will “take a good look” at fied items — a measure of profit pre- “underperform rating” on the stock.
communicated this with sufficient 94,000 people at the end of December. Shell expected asset sales of $50bn its North Sea portfolio. ferred by analysts. This compared with Vale shares were up 1.68 per cent at
“urgency” at its full-year results in Just two big energy projects would be from 2014 to 2018, as the enlarged Shell’s action comes amid an indus- $6.1bn in the same quarter last year, but 15.11 reals per share at the close of trad-
January. try-wide scramble to cut costs, shed the performance exceeded analysts’ ing in São Paulo on Wednesday after
Shell’s shares, which have underper- labour and scrap or defer more expen- expectations. falling to their lowest level since May
formed other big oil and gas groups, Shell performance sive projects, from Canada’s oil sands to The company highlighted improved 2005 earlier in the week. They have
closed up 4.2 per cent at £18.39 in Lon- Net income ($bn) Return on invested capital (%) deepwater fields in the Gulf of Mexico. refining margins and robust down- fallen a total of 49 per cent over the past
don. The fall in oil prices, caused mainly by stream results, where profit more than year.
Oswald Clint, analyst at Bernstein, 8 8 Opec’s decision not to cut output in the doubled from $1.3bn to $3bn, offsetting The company also reported yesterday
said that Shell’s latest figures on spend- face of a US supply glut, has stoked fears the impact of lower oil prices. However, that it had concluded the sale of four of
ing addressed investor concerns that 6 6 that companies might fail to maintain profits from exploration and produc- its very large iron ore carrier ships to
“Shell’s heads are in the sand”. dividend payouts. Some $200bn in tion fell 78 per cent to $1bn. Output China Merchants Energy Shipping, the
“With progress on the [BG] deal on spending on large projects has been declined 11 per cent from one year ago. Chinese shipping company, for $448m.
track, this is a new emerging business 4 4 pushed back in an effort to cover those Analysts were upbeat, pointing to the Vale said it was estimating that 90m
which can pay dividends whatever the payouts, according to Wood Mackenzie, strong contribution from refining — a tonnes of iron ore capacity would exit
oil price environment,” he added. 2 2 the energy consultancy. common theme for the majors — tough the seaborne market this year while
The BG deal is awaiting some regula- “We have to be resilient in a world cost control and capital spending cuts. another 110m tonnes would be added.
tory approvals. where oil prices remain low for some Analysts at Tudor Pickering Holt said “On the supply side, major iron ore
For the first time since crude began its 0 0 time, while keeping an eye on recovery,” Shell had “moved more aggressively to producers continued to expand produc-
plunge — to $53 from $115 last summer Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 said Mr van Beurden. align its business for a lower-for-longer tion leading to closures of higher cost
— Shell set out in full the measures it has 2013 14 15 2013 14 15 “We’re taking a prudent approach, oil price environment”. mines, deferral of decisions and cancel-
been taking to reposition the company Source: Bloomberg pulling on powerful financial levers to See Lex lation of projects,” Vale said.
COMPANIES
Media Technology
Singapore start-ups aim to be top kids on the block Reporting results on Monday, Baidu
forecast revenue growth for the current
quarter at 34-37 per cent.
“Last year, they had a full year of 50 or
near 50 per cent year-on-year revenue
growth, and now they’ve had two quar-
City-state hopes to become ters sub-40 per cent and another quar-
the Silicon Valley of Asia, but ter of guidance suggesting mid-30s. So
basically the message is that for search,
ready funding outweighs ideas the party is over,” said Mark Natkin of
Marbridge Consulting in Beijing.
Analysts worry that the slowdown
LOUISE LUCAS — HONG KONG
raises doubts about Baidu’s ability to
Keen tech investor though he is, Hugh manage the transition from an internet
Mason is grateful he does not have a ruled by PC users to one dominated by
weak bladder: “Every time you go for a smartphones, where users pick from a
pee, someone is pitching you an idea,” screen full of apps instead of finding
he says. content through search engines.
Welcome to Block 71 in downtown Robin Li, Baidu’s chairman,
Singapore, home to more than 100 start- announced in June a Rmb20bn ($3.2bn)
ups, accelerators and angel investors investment over three years in Baidu
and, together with Blocks 73 and 79, Nuomi, its Groupon-like marketplace,
among the densest technology ecosys- to lift its performance in mobile.
tems in the world. Nuomi is envisioned as a focal point
Dubbed LaunchPad, this is where the for services such as movie ticket sales
city-state is pursuing its goal of becom- and taxi hailing where physical and vir-
ing the world’s top digital nation — and tual commerce are combined in what is
where geeks are disrupting everything known as “online-to-offline” business
from estate agents to healthcare. funnelling users to online payments sys-
tems.
Analysts have expressed concern that
‘To make money [in Baidu is losing focus, citing as an exam-
Singapore], there’s no pain. ple Baidu wallet, the online payment
system founded in April 2014 and the
And without pain it’s hard weakest of China’s major online pay-
to have good innovation’ ment services.
In data released for the third quarter
Singapore offers a strong legal system and so little red tape that it is possible to set up a business online in only 15 minutes — Edgar Su/Reuters of 2014 by Analysys, a Beijing-based
consultancy, Baidu Wallet, its mobile
The city state is well placed to fulfil its payments service, was found to have
aim of becoming an Asian Silicon Valley. more ideas than investment; Asia has wanton capital allocation, when anyone snap up the next big thing, notes Mr 0.06 per cent of the market. This com-
While China and India attract more dol- More on ft.com more investment than ideas.” who put their hand out received a Ziegler. pared to 79 per cent for Ant Financial’s
Hong Kong and Singapore are
lars, Singapore offers a strong legal sys- seeking to emulate the start-up Singapore’s zealous government has cheque, are no longer valid — a strict Alexey Pisarev, a banker and founder Alipay, the country’s most popular
tem and minimal red tape — a business culture of Silicon Valley. Ben tried to improve things in this area too. selection procedure ensures that only of a wearable device that juices up exer- mobile payments service which is
can be set up online in 15 minutes — Bland and Louise Lucas examine Mr Gnirck has a base at government- the best are awarded the coveted fund- cise routines, laments the lack of fund owned by rival Alibaba.
making it a logical base from which to whether they are succeeding. subsidised Bash (Build Amazing Start- ing and mentoring available at Bash. managers who understand start-ups. The companies published more
access bigger regional markets that lack ft.com/video ups Here), a vast 22,000 sq ft space that The idea is that private-sector capital, “To have M&A you need multibillion- recent figures which suggest the gap has
these advantages. looks like a cross between an Ikea show- which is plentiful at start-up level, will dollar companies around. It will take closed slightly. Baidu said it had 35m
Best of all, it is awash with money. room and a Montessori nursery. fill the gap. “We know it would not sur- time before we reach that level of matu- active users for Baidu Wallet at the end
Much of the privately raised venture Here a host of start-ups enjoy not just vive if we needed the government to rity.” of June, while Alipay said it had 400m.
capital is matched by government fund- Venture capital investment cheap space but a new way of thinking. sign a cheque every time,” says Eddie One answer already in evidence, says “People are concerned that Baidu is
ing, helping Singapore trump most of its $m Joseph Ziegler, a transplanted Texan Chau, a veteran entrepreneur and Mr Ziegler, is big multinationals using not going to be able to move to online-
peers outside China and India in terms who runs a start-up accelerator for Tel- investor based in Block 71. research and development budgets to to-offline because their payment sys-
of overall investment. 0 100 200 300 stra, the Australian telecoms group, is The government originally weighed invest in start-ups. Mario Aquino, ven- tem is a lot weaker than Tencent and
Singapore’s $324m last year was unconvinced and says the easy money is in alongside venture capital firms in the ture partner at McKinsey Solutions, the Alibaba,” said Shaun Rein of China Mar-
Australia
nearly 10 times Hong Kong’s $37m, 2014 part of the problem. He says the start-up wake of the 2008 financial crisis, a time professional services firm, agrees. ket Research Group in Shanghai.Invest-
according to Asian Venture Capital Jour- 2015 YTD scene in Singapore is “boring boring when the country saw an influx of tal- “Multinationals are building their ments in things like movie tickets and
nal. That is still far behind China, which Hong boring. To make money here, there’s no ent, as bankers lost their jobs and entre- own accelerators and corporate venture other “online-to-offline” businesses are
saw $5.5bn in investments in the first Kong pain. And without pain it’s hard to have preneurs, such as Mr Mason, arrived capital arms,” he says. “There are “something they haven’t proved they
half of this year, and India with $3.3bn. good innovation.” from the US and Europe. increasing connections between start- are good at,” he added.
Singapore itself already boasts 55,000 Japan Government officials bridle at such But if checking into Singapore’s eco- ups and large corporations.” “They’re getting hammered because
start-ups that are employing staff. complaints. They say the administra- system is straightforward enough, exit- For Steve Leonard, tasked with lead- they’re making the investment they
The glaring problem is the dearth of Singapore tion has a road map to end grants and ing is less so. ing the government drive from the Info- need to potentially thrive in the next
creative talent. Markus Gnirck, who other funding, but the initial leg-up has Unlike Hong Kong, Singapore’s initial comm Development Authority of Singa- five to 10 years. The concern is, are they
runs accelerator Startupbootcamp Fin- to come from the state — as it did in Sili- public offerings market is sluggish and pore, “there has been a great awakening making the right investments, and are
Tech, which he co-founded in the UK con Valley. there are few big Alibaba, Google or of the entrepreneurial spirit . . . Singa- they going to be good at those new
Source: Asian Venture Capital Journal
last year, sums it up: “Europe has way They also say earlier criticisms of Facebook-style companies ready to pore is on a new growth strategy”. businesses?”
Technology Airlines
Google defies ‘right to be forgotten’ demands Lufthansa battles budget rival in home market
MURAD AHMED the right to be forgotten may now be the Google said it believed the CNIL’s CHRIS BRYANT — FRANKFURT The German aviation group views bag to obtain a lower fare, thus bringing
law in Europe, it is not the law globally,” request was “disproportionate” because lower fuel costs as a “double-edged” it more into line with budget carriers.
Google will disobey a formal notice Lower fuel costs helped Lufthansa lift
said Peter Fleischer, global privacy 97 per cent of French internet users sword because it is likely in the medium Lufthansa is also preparing to launch
from France’s privacy watchdog, which operating profit by more than half in
counsel at Google. access Google.fr, rather than any other term to hinder consolidation and bring a low-cost airline called Eurowings on
has demanded the company extends the second quarter but it warned that
He said there are “innumerable” version of the search engine. additional airline capacity into the mar- non-hub routes in Europe. Eurowings
Europe’s “right to be forgotten” online ticket price pressure would continue as
examples around the world where con- CNIL said it would deal with Google’s ket, thus depressing prices. will have lower operating costs than the
around the world, in a move that risks low-cost rival Ryanair pushes into the
tent declared illegal in one country response within the statutorily required Ryanair has identified Germany as a flagship Lufthansa brand because it is
further legal action. German airline’s home market.
would be deemed legal in others. “Thai- period of two months. It added that the key growth market and from this winter not bound by trade union wage agree-
In a controversial ruling last year, the land criminalises some speech that is technology group’s arguments were in Operating profit adjusted for one-off will offer a four times daily service ments. Lufthansa pilots have repeatedly
European Court of Justice found citizens critical of its king, Turkey criminalises part “political”, whereas it said its own items leapt 52 per cent to €635m in the between Berlin and Cologne — one of gone on strike over the low-cost plans.
have the right to ask internet search some speech that is critical of Atatürk reasoning was “strictly legal”. three months to the end of June, exceed- Lufthansa’s major domestic routes. The group’s pension deficit soared in
engines to remove embarrassing or sen- and Russia outlaws some speech that is The French watchdog is leading dis- ing a €524m consensus forecast and The German airline has responded the first three months of the year due to
sitive results that include their name. deemed to be gay propaganda.” cussions among a group of data protec- helped by a €309m fall in fuel costs dur- with a new price system for domestic the low interest rate environment which
Google has accepted the judgment, Mr Fleischer added: “If the CNIL’s tion regulators across all 28 EU member ing the first half of the year. and European routes which will allow has raised the cost of funding retirement
but has a policy of stripping sensitive proposed approach were to be states over the implementation of the However, adjusted for currency customers who do not wish to check a benefits for companies.
links only from European versions of its embraced as the standard for internet right to be forgotten. Its move ramps up effects, Lufthansa’s yields — a measure But in the second quarter a rise in cor-
search engine. That means links regulation, we would find ourselves in a pressure on Google, potentially creating of ticket prices — declined 5.7 per cent in porate bond yields enabled the airline to
expunged from Google’s French, Ger- race to the bottom. In the end, the inter- a regulatory front against the technol- the second quarter. apply a much higher discount rate,
man or British sites do not need be net would only be as free as the world’s ogy group at a time when it is already Simone Menne, chief financial officer, which is the rate used to value retire-
stripped from Google.com. least free place.” facing an antitrust probe related to its said a fall in fuel costs was chiefly ment benefits. Therefore its pension
Last month, the Commission nation- dominance of the search market and responsible for the improved results. deficit declined from €10.2bn to €6.6bn
ale de l’informatique et des libertés attacks over its tax avoidance regime. “We will however not be misled by that, quarter-on-quarter and the equity ratio
issued Google with a formal notice,
‘While the right to be France would be the first country to since we assume that the price level for — an indicator of leverage and the pro-
arguing that links must also be stripped forgotten may now be open a sanctions process over the right airline tickets will not recover.” portion of assets financed by sharehold-
internationally to comply with the law. to be forgotten, but CNIL’s powers are Lufthansa is battling increasing com- ers rather than debt — more than dou-
Google said yesterday it will “respect-
the law in Europe, it is limited as it is can only impose fines of petition from low-cost, budget carriers bled to 17.5 per cent in the same period.
fully disagree” with the watchdog’s not the law globally’ up to €150,000. The larger threat is that in Europe and also faces pressure on Lufthansa reiterated its full-year goal
demands, adding that it has asked for the French regulator and others may routes to Asia from carriers based in the Lufthansa has introduced a new to achieve more than €1.5bn in adjusted
the formal notice to be removed. “While seek to take the company to court again. Middle East such as Emirates. price system for European routes operating profit before strike costs.
20 ★ FINANCIAL TIMES Friday 31 July 2015
UK COMPANIES
City
Insider
Edited by
Amazon’s first challenge: to deliver Clarkson’s steak and chips Harriet Agnew
harriet.agnew@ft.com
viewers are not bothered if they don’t Conn announced 6,000 job losses leader Ed Miliband, who hinted at Margaret Thatcher’s PR guru Lord Bell. Barclays
use them much. The services just need yesterday morning, it was plain to all splitting up energy suppliers. Mr Conn’s (No, he did not represent Augusto
Henry two or three big shows to make that he is not a ruthless cost-cutter. cane twitched. “This is the 52nd Pinochet; his contract was with the
Spin wars
subscribers sign up in the first place. Mr Conn is simply an old-fashioned government that Centrica has dealt Pinochet Foundation.) He exited in Two of the City’s heavyweight spin-
Mance Not Top Gear, Honest — or whatever it headmaster: bringing discipline to a with. If it had been a Labour 2012, selling his shares for 147p each. doctors are going head to head in a
is eventually called — will certainly give school whose liberal stance, however government, we’d have dealt with it.” These days Chime is focused on battle to advise Barclays on
Amazon some Prime subscribers, who well meaning, has left it stretched. Parents — otherwise known as fashionable sports marketing, rather communications.
will order more knick-knacks as a For too long, Centrica College has investors — have been itching for than plain PR. So its remaining Brunswick chairman Sir Alan
Amazon and Jeremy Clarkson are a result. But the $250m price tag prioritised peripheral subjects such as change at Centrica. But its shares fell investors stand to receive 365p a share Parker has been the bank’s main
perfect match. Amazon has just started demands a mega-hit. And the risk is exploration and production, which further yesterday, perhaps on the from Providence. The offer will almost adviser for two decades. But his
delivering food, and all Jeremy wanted that Clarkson’s voice will be drowned involve tiring class trips to Trinidad & realisation that the days of high certainly be backed by Chime bosses, rival Finsbury chairman Roland
— before he punched a BBC producer — out by the broader national debate. Tobago and Canada. margins are over and once-prized perhaps in hope that the new owners Rudd (pictured) was brought in by
was steak and chips. Top Gear’s antics were remarkable Those subjects will still be offered, assets may be sold cheaply. In other may finance an acquisition spree. John McFarlane, Barclays new
But what about on screen? Will the partly because they were on the BBC in but the focus will be on energy supply, words, the school’s sights are no longer The big question is over Lord Bell’s chairman, to handle the removal of
spirit of Top Gear rise again? Will Brits prime time. Online there are thousands services, distribution, trading and set on Oxford and Cambridge; they are occasional nemesis, Sir Martin Sorrell.
regain the blokeish temple that BBC of people flagrantly insulting Mexicans; smart homes. The shift hurts Mr Conn competing for the local polytechnic. His ad group WPP once threatened to
suits so cruelly closed? on broadcast TV it was only Clarkson more than it hurts the pupils, because sell its 20 per cent stake but is now
Lombard has used Amazon’s video and Donald Trump. he is an ex-oil and gas man himself. likely to stay aboard. Sir Martin’s
service, on which Clarkson and co will Isn’t this rather an overreaction to Chime or reason sporting endeavours include a
launch a car show next year. The the falling oil price, sir? Crude prices directorship at Formula One, a new
delightful drama Transparent is Centrica College on may have surged by 2020 when the So another US private equity group is WPP sports rights agency, and an
recommended — it even won the restructuring is due to complete. buying one of the London Stock annual stint opening the batting at a Antony Jenkins as chief executive
Golden Globe for best comedy series, the polytechnic path “Enough of your cheek,” Mr Conn Exchange’s ugly ducklings. cricket match at Goodwood. and this week’s quarterly results.
despite not being a comedy. Sadly, wanted to reply, but he settled for an But Providence/Chime Will Chime eventually become a Mr McFarlane’s own appointment
other offerings are limited. Have a good summer holiday — and, by explanation of Centrica’s long tradition Communications (yesterday) is more WPP bauble? Providence is paying had leaked, and he wanted
Of course Amazon — and Netflix and the way, you’re sacked. as a consumer-facing company (since fun than property developer Lone 16 times next year’s forecast profits. absolute secrecy. The chairman
BT — are not trying to offer dozens of That is the happy message from 1812, no less), and its more recent Star/Quintain (Wednesday), despite Sir Martin would be unwise to pay also cited Sir Alan’s annual fishing
wondrous shows. Their TV packages energy companies Shell and Centrica to tradition of having £4.9bn in net debt. being half the size at about £350m. more next time Chime comes around. trip to Iceland last week.
are priced at less than £10 a month, swaths of their staff. One journalist asked if the new Like most media deals, this one has City Insider’s fly on the wall
cheaper than music service Spotify, so But as Centrica’s chief executive Iain curriculum vindicated former Labour personalities. Chime was set up by henry.mance@ft.com thinks Sir Mike Rake, the outgoing
deputy chairman, played a key role.
He is close to Mr Rudd and viewed
Sir Alan as too close to Mr Jenkins.
Energy One insider said that having both
PRs working for the bank was like
BT adds 60,000 television customers in first quarter ahead of sports rollout Tribe
Nutrients for runners
ROBERT COOKSON hailed the rise in its TV customer base to per cent decline in the previous quarter. that operates the national broadband review” of the UK’s digital communica- Three former City types have given
1.2m and signs of a strong start to its Adjusted profit before tax rose 9 per network, were flat at £1.25bn, tions market in a decade, seeking to pro- up their day jobs to launch a brand
BT’s television business saw its best
mobile offerings. cent to £694m, ahead of consensus fore- depressed by regulatory price changes. mote competition and investment. of trail mix: Tribe. It was inspired by
performance in nearly two years in the
BT, which entered the mobile market casts of about £683. BT is fighting its rivals over requests Mr Patterson said yesterday that BT a 1,000-mile run that old friends
first quarter, adding 60,000 customers
in March through a virtual network Mr Patterson said that the “financial that Ofcom should force it to split off had “invested further in improving cus- Rob Martineau, Guy Hacking and
before the launch of its expanded
agreement with EE, signed up more results show we’re on track to achieve Openreach. The telecoms regulator this tomer service and Openreach is running Tom Stancliffe completed across
sports offerings including European
than 100,000 consumer mobile custom- our outlook for the full year”. year opened its biggest “strategic ahead of all 60 minimum service levels eastern Europe.
Champions League football.
ers in the first three months without any BT’s consumer business reported its set by Ofcom for this year”. He added BT Subscribers receive a weekly
The company has been investing heav- advertising. The company also agreed sixth consecutive quarter of revenue is “engaging” with Ofcom as part of its Tribe Pack containing the natural
ily in sports rights in order to challenge this year to buy EE, the UK’s largest and profit growth, with a 7 per cent
‘Results show we’re on strategic review, “which offers scope for energy and nutrients runners need
Sky in the pay-TV market and to bolster mobile group, for £12.5bn. increase in broadband and TV sales. The track to achieve our deregulation and the potential to create for training. The affirmations on
its broadband business. It said daily However, group revenue fell 2 per company added 85,000 retail broad- a more level playing field in pay-TV”. Tribe’s website could have come
viewing figures for BT Sport were up 50 cent to £4.28bn in the quarter, slightly band customers, representing 57 per
outlook for the full year’ BT also faces regulatory scrutiny over right out of a McKinsey playbook:
per cent in the three months to June. below analyst expectations. Revenues cent of the net additions to the UK’s DSL Gavin Patterson, chief executive its agreement to buy EE, which is “We always go the distance, no
Gavin Patterson, chief executive, said: were flat on an underlying basis, and fibre broadband market. opposed by rivals. matter how long it takes”.
“This is an exciting time at BT.” He marking an improvement on the 1.3 Revenues at Openreach, a unit of BT See Lombard
Friday 31 July 2015 ★ FINANCIAL TIMES 21
UK COMPANIES
Pharmaceuticals
MARKET DATA
S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,108.63 14,553.33 6,668.87 20,522.83 2,097.89
14,382.78 6,608.59 11,180.50 11,257.15 20,235.73
2,063.11
2,019.03
Day 0.00% Month 2.48% Year 7.04% Day 0.57% Month -1.17% Year -7.36% Day 0.57% Month 2.37% Year -1.44% Day 0.40% Month 2.85% Year 17.34% Day 1.08% Month 2.05% Year 31.40% Day -0.91% Month -2.01% Year -2.08%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
5,128.78 26,250.03
1,571.22 11,168.60
44,928.52 1,533.89 10,911.50 3,317.33
4,986.87 44,373.31 24,497.98
3,249.52
Day 0.33% Month 3.43% Year 15.44% Day -0.22% Month -1.51% Year 0.14% Day 0.62% Month 4.00% Year 14.93% Day -1.01% Month 2.90% Year 2.45% Day -0.49% Month -5.66% Year -0.58% Day -1.05% Month -0.93% Year 11.76%
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
52,757.54 5,046.42 23,396.09 4,053.70
17,619.51 17,745.98 22,943.64 28,020.87
4,883.19 3,705.77
49,897.40 27,705.35
Day -0.03% Month 0.85% Year 4.93% Day -0.69% Month -6.00% Year -12.27% Day 0.58% Month 3.63% Year 15.60% Day 0.63% Month 4.16% Year 12.01% Day -2.20% Month -8.57% Year 69.74% Day 0.51% Month 0.22% Year 6.59%
Country Index Jul 30 Jul 29 Country Index Jul 30 Jul 29 Country Index Jul 30 Jul 29 Country Index Jul 30 Jul 29 Country Index Jul 30 Jul 29 Country Index Jul 30 Jul 29
Argentina Merval 11224.56 11313.70 Cyprus CSE M&P Gen 76.56 76.94 Italy FTSE Italia All-Share 25100.77 24959.51 Philippines Manila Comp 7510.39 7482.83 Taiwan Weighted Pr 8651.49 8563.48 Cross-Border DJ Global Titans ($) 241.80 242.05
Australia All Ordinaries 5653.10 5609.60 Czech RepublicPX 1030.69 1026.55 FTSE Italia Mid Cap 34824.11 34794.18 Poland Wig 52011.81 52288.10 Thailand Bangkok SET 1417.49 1408.07 Euro Stoxx 50 (Eur) 3583.79 3575.53
S&P/ASX 200 5669.50 5624.20 Denmark OMXC Copenahgen 20 1006.36 1013.24 FTSE MIB 23396.09 23248.90 Portugal PSI 20 5739.69 5698.99 Turkey BIST 100 78079.76 78024.02 Euronext 100 ID 983.50 980.39
S&P/ASX 200 Res 3207.80 3147.30 Egypt EGX 30 8105.69 7949.89 Japan 2nd Section 5070.67 5080.82 PSI General 2637.49 2616.61 UAE Abu Dhabi General Index 4821.99 4854.63 FTSE 4Good Global ($) 5734.12 5738.61
Austria ATX 2481.28 2481.98 Estonia OMX Tallinn 873.53 876.98 Nikkei 225 20522.83 20302.91 Romania BET Index 7606.54 7556.44 UK FT 30 2933.90 2935.70 FTSE All World 280.47 280.79
Belgium BEL 20 3726.85 3719.38 Finland OMX Helsinki General 8634.06 8519.45 S&P Topix 150 1378.27 1365.04 Russia Micex Index 1636.72 1622.32 FTSE 100 6668.87 6631.00 FTSE E300 1571.22 1561.48
BEL Mid 6132.95 6139.63 France CAC 40 5046.42 5017.44 Topix 1647.21 1633.94 RTX 867.74 865.84 FTSE 4Good UK 6026.83 5994.08 FTSE Eurotop 100 3147.34 3124.93
Brazil Bovespa 49897.40 50245.15 SBF 120 3958.90 3941.10 Jordan Amman SE 2125.72 2130.17 Saudi-Arabia TADAWUL All Share Index 9098.27 9107.39 FTSE All Share 3635.28 3618.45 FTSE Global 100 ($) 1357.04 1358.27
Canada S&P/TSX 60 848.03 842.15 Germany M-DAX 20564.65 20545.58 Kenya NSE 20 4605.25 4532.28 Singapore FTSE Straits Times 3249.52 3284.00 FTSE techMARK 100 3884.70 3873.52 FTSE Gold Min ($) 863.74 845.92
S&P/TSX Comp 14382.76 14301.80 TecDAX 1761.52 1769.48 Kuwait KSX Market Index 6253.71 6245.03 Slovakia SAX 250.86 251.79 USA DJ Composite 6238.57 6233.79 FTSE Latibex Top (Eur) 2968.90 2969.10
S&P/TSX Met & Min 519.75 547.22 XETRA Dax 11257.15 11211.85 Latvia OMX Riga 442.70 441.28 Slovenia SBI TOP 744.13 741.26 DJ Industrial 17745.98 17751.39 FTSE Multinationals ($) 1557.85 1545.68
Chile IGPA Gen 18484.52 18368.63 Greece Athens Gen 797.52 797.52 Lithuania OMX Vilnius 499.57 499.13 South Africa FTSE/JSE All Share 51774.41 51598.54 DJ Transport 8419.78 8420.87 FTSE World ($) 496.53 497.05
China FTSE A200 9873.93 10163.06 FTSE/ASE 20 241.22 237.38 Luxembourg LuxX 1608.79 1611.82 FTSE/JSE Res 20 36107.04 35800.26 DJ Utilities 578.88 575.20 FTSEurofirst 100 (Eur) 4491.69 4458.41
FTSE B35 10940.14 11222.24 Hong Kong Hang Seng 24497.98 24619.45 Malaysia FTSE Bursa KLCI 1699.92 1698.99 FTSE/JSE Top 40 46302.48 46108.87 Nasdaq 100 4598.59 4581.60 FTSEurofirst 80 (Eur) 4784.43 4770.02
Shanghai A 3882.03 3969.28 HS China Enterprise 11137.33 11273.69 Mexico IPC 44373.31 44471.29 South Korea Kospi 2019.03 2037.62 Nasdaq Cmp 5128.78 5111.73 MSCI ACWI Fr ($) 425.64 422.25
Shanghai B 357.54 366.28 HSCC Red Chip 4402.41 4385.72 Morocco MASI 9723.10 9723.19 Kospi 200 243.61 245.97 NYSE Comp 10881.75 10883.91 MSCI All World ($) 1760.69 1747.06
Shanghai Comp 3705.77 3789.08 Hungary Bux 22537.66 22321.54 Netherlands AEX 495.17 489.29 Spain IBEX 35 11168.60 11282.90 S&P 500 2108.63 2108.57 MSCI Europe (Eur) 1511.45 1506.51
Shenzhen A 2226.24 2300.33 India BSE Sensex 27705.35 27563.43 AEX All Share 751.08 743.82 Sri Lanka CSE All Share 7332.05 7313.97 Wilshire 5000 22205.86 22192.39 MSCI Pacific ($) 2447.84 2441.28
Shenzhen B 1231.34 1251.40 S&P CNX 500 7019.60 6974.15 New Zealand NZX 50 5891.85 5870.77 Sweden OMX Stockholm 30 1603.50 1597.86 Venezuela IBC 15473.33 15537.75 S&P Euro (Eur) 1577.29 1572.88
Colombia COLCAP 1325.32 1297.62 Indonesia Jakarta Comp 4712.49 4721.12 Nigeria SE All Share 30510.95 30614.81 OMX Stockholm AS 526.52 524.74 Vietnam VNI 626.57 624.70 S&P Europe 350 (Eur) 1612.51 1601.93
Croatia CROBEX 1800.47 1798.37 Ireland ISEQ Overall 6449.57 6427.75 Norway Oslo All Share 687.49 683.28 Switzerland SMI Index 9397.69 9387.97 S&P Global 1200 ($) 1943.22 1941.60
Israel Tel Aviv 100 14.83 14.77 Pakistan KSE 100 35887.66 35699.75 Stoxx 50 (Eur) 3439.25 3415.34
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.
CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Jul 30 Currency Mid Change Mid Change Mid Change Jul 30 Currency Mid Change Mid Change Mid Change Jul 30 Currency Mid Change Mid Change Mid Change Jul 30 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 9.1825 -0.0002 10.0315 -0.0989 14.3354 -0.0368 Indonesia Indonesian Rupiah 13467.5000 11.5000 14712.6329 -132.0913 21024.9229 -35.6451 Poland Polish Zloty 3.7998 0.0588 4.1511 0.0240 5.9321 0.0768 ..Three Month 0.6405 0.0016 0.6996 -0.0051 - -
Australia Australian Dollar 1.3746 0.0063 1.5017 -0.0078 2.1459 0.0044 Israel Israeli Shekel 3.7882 0.0127 4.1385 -0.0267 5.9141 0.0049 Romania Romanian Leu 4.0332 0.0270 4.4061 -0.0136 6.2965 0.0262 ..One Year 0.6403 0.0017 0.6991 -0.0051 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4119 -0.0041 0.5886 -0.0015 Japan Japanese Yen 124.3350 0.5150 135.8303 -0.7685 194.1066 0.3108 Russia Russian Ruble 59.6015 0.3560 65.1119 -0.2480 93.0474 0.3198 United States United States Dollar - - 1.0925 -0.0108 1.5612 -0.0040
Bolivia Bolivian Boliviano 6.9100 0.0100 7.5489 -0.0633 10.7876 -0.0119 ..One Month 124.3350 0.5149 135.8303 -0.7685 194.1065 0.3107 Saudi Arabia Saudi Riyal 3.7502 0.0001 4.0969 -0.0402 5.8547 -0.0148 ..One Month - - 1.0924 -0.4727 1.5611 -0.0040
Brazil Brazilian Real 3.3734 0.0342 3.6853 0.0015 5.2664 0.0401 ..Three Month 124.3348 0.5147 135.8303 -0.7685 194.1063 0.3101 Singapore Singapore Dollar 1.3758 0.0097 1.5029 -0.0041 2.1478 0.0096 ..Three Month - - 1.0923 -0.4727 1.5611 -0.0040
Canada Canadian Dollar 1.3031 0.0133 1.4236 0.0007 2.0343 0.0156 ..One Year 124.3339 0.5128 135.8303 -0.7686 194.1065 0.3087 South Africa South African Rand 12.7363 0.2360 13.9138 0.1234 19.8833 0.3186 ..One Year - - 1.0915 -0.4727 1.5609 -0.0040
Chile Chilean Peso 672.5600 6.0900 734.7412 -0.5118 1049.9727 6.8531 Kenya Kenyan Shilling 102.3000 0.6000 111.7581 -0.4378 159.7065 0.5316 South Korea South Korean Won 1168.2500 9.7500 1276.2600 -1.8029 1823.8234 10.6072 Venezuela Venezuelan Bolivar Fuerte 6.3053 0.0103 6.8882 -0.0565 9.8435 -0.0091
China Chinese Yuan 6.2096 0.0005 6.7837 -0.0662 9.6942 -0.0239 Kuwait Kuwaiti Dinar 0.3032 0.0004 0.3312 -0.0029 0.4733 -0.0007 Sweden Swedish Krona 8.6375 0.0452 9.4360 -0.0430 13.4844 0.0363 Vietnam Vietnamese Dong 21818.0000 -1.5000 23835.1750 -236.2111 34061.4537 -89.2191
Colombia Colombian Peso 2861.2250 -0.0250 3125.7580 -30.7877 4466.8262 -11.4341 Malaysia Malaysian Ringgit 3.8160 0.0050 4.1688 -0.0355 5.9574 -0.0074 Switzerland Swiss Franc 0.9697 0.0067 1.0593 -0.0030 1.5138 0.0066 European Union Euro 0.9154 0.0089 - - 1.4290 0.0103
Costa Rica Costa Rican Colon 533.4000 0.0500 582.7152 -5.6791 832.7219 -2.0462 Mexico Mexican Peson 16.4718 0.2471 17.9946 0.0955 25.7150 0.3211 Taiwan New Taiwan Dollar 31.4750 0.0330 34.3850 -0.3020 49.1375 -0.0737 ..One Month 0.9153 0.0089 - - 1.4290 0.0103
Czech Republic Czech Koruna 24.7549 0.1886 27.0436 -0.0580 38.6463 0.1967 New Zealand New Zealand Dollar 1.5195 0.0225 1.6600 0.0085 2.3722 0.0292 Thailand Thai Baht 34.9500 - 38.1813 -0.3757 54.5625 -0.1392 ..Three Month 0.9152 0.0089 - - 1.4289 0.0103
Denmark Danish Krone 6.8295 0.0663 7.4609 -0.0003 10.6619 0.0766 Nigeria Nigerian Naira 199.0000 -0.2500 217.3984 -2.4151 310.6705 -1.1839 Tunisia Tunisian Dinar 1.9771 0.0141 2.1598 -0.0056 3.0865 0.0143 ..One Year 0.9144 0.0089 - - 1.4283 0.0103
Egypt Egyptian Pound 7.8290 0.0252 8.5528 -0.0564 12.2223 0.0083 Norway Norwegian Krone 8.1681 0.0363 8.9233 -0.0478 12.7518 0.0243 Turkey Turkish Lira 2.7858 0.0263 3.0433 -0.0009 4.3490 0.0301
Hong Kong Hong Kong Dollar 7.7522 0.0006 8.4689 -0.0827 12.1023 -0.0299 Pakistan Pakistani Rupee 101.7750 -0.0200 111.1845 -1.1162 158.8869 -0.4367 United Arab Emirates UAE Dirham 3.6731 - 4.0126 -0.0395 5.7342 -0.0146
Hungary Hungarian Forint 283.0657 3.2886 309.2363 0.5849 441.9103 4.0197 Peru Peruvian Nuevo Sol 3.1920 0.0070 3.4871 -0.0265 4.9831 -0.0017 United Kingdom Pound Sterling 0.6406 0.0016 0.6998 -0.0051 - -
India Indian Rupee 64.0150 0.1588 69.9335 -0.5131 99.9376 -0.0065 Philippines Philippine Peso 45.6275 0.1025 49.8460 -0.3774 71.2318 -0.0213 ..One Month 0.6405 0.0016 0.6997 -0.0051 - -
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 Jul 30 Jul 29 Jul 28 Jul 27 Jul 24 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 2933.90 2935.70 2904.80 2865.80 2907.70 0.00 3110.40 2669.30 Forestry & Paper 42.19 Personal Goods 8.19 NON FINANCIALS Index 0.54 FTSE 100 Price Change FTSE 100 Price Change
Jul 30 chge% Index Jul 29 Jul 28 ago yield% Cover ratio adj Return FT 30 Div Yield 1.71 1.72 1.73 1.75 1.74 0.00 3.93 2.74 Software & Comp Serv 24.94 Travel & Leisure 7.79 Health Care 0.49 3I Group PLC 545.00 -1.00 Land Securities Group PLC 1283 -10.00
FTSE 100 (100) 6668.87 0.57 7422.86 6631.00 6555.28 6730.11 3.64 1.53 17.91 145.19 5141.38 P/E Ratio net 26.07 26.00 25.76 25.49 25.70 0.00 19.44 14.26 Household Goods & Ho 21.05 FTSE SmallCap Index 7.79 Food Producers 0.46 Aberdeen Asset Management PLC 363.30 -4.70 Legal & General Group PLC 260.10 1.20
FTSE 250 (250) 17521.00 0.05 19501.94 17512.81 17387.89 15495.64 2.42 2.28 18.13 262.66 12064.96 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Construct & Material 20.42 Industrial Transport 7.63 Pharmace & Biotech 0.46 Admiral Group PLC 1468 -23.00 Lloyds Banking Group PLC 86.02 0.42
FTSE 250 ex Inv Co (212) 19077.93 0.09 21234.90 19060.77 18910.74 16768.18 2.44 2.39 17.18 285.03 13392.77 FT 30 hourly changes Real Est Invest & Se 20.16 Mobile Telecomms 7.50 Leisure Goods 0.38 Anglo American PLC 805.70 -7.90 London Stock Exchange Group PLC 2592 19.00
FTSE 350 (350) 3693.79 0.48 4111.42 3676.10 3636.83 3649.78 3.43 1.62 17.95 76.21 5745.24 8 9 10 11 12 13 14 15 16 High Low Nonlife Insurance 16.93 Consumer Goods 7.00 FTSE 100 Index 0.21 Antofagasta PLC 580.50 -4.50 Marks And Spencer Group PLC 533.00 2.00
FTSE 350 ex Investment Trusts (312) 3672.82 0.50 4088.07 3654.65 3614.91 3634.17 3.45 1.63 17.80 76.19 2941.00 2935.7 2933.5 2936 2941.6 2944 2940.2 2942.2 2925.5 2928.2 2956.1 2920.9 Fixed Line Telecomms 15.14 Tobacco 5.90 Chemicals -2.52 Arm Holdings PLC 1011 21.00 Meggitt PLC 455.80 0.30
FTSE 350 Higher Yield (108) 3433.85 0.81 3822.08 3406.36 3360.20 3688.63 4.99 1.35 14.85 103.44 5445.37 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Media 12.69 Life Insurance 5.56 Gas Water & Multi -6.06 Ashtead Group PLC 964.00 -1.50 Merlin Entertainments PLC 414.00 -3.60
FTSE 350 Lower Yield (242) 3596.49 0.14 4003.11 3591.59 3564.12 3252.84 1.76 2.46 23.09 41.40 3772.44 Food & Drug Retailer 12.08 Financials 5.41 Industrial Eng -6.23 Associated British Foods PLC 3159 8.00 Mondi PLC 1529 -14.00
FTSE SmallCap (294) 4699.53 0.04 5230.87 4697.75 4656.45 4410.00 2.65 1.78 21.29 74.99 6367.44 Financial Services 11.33 Electronic & Elec Eq 4.92 Utilities -7.24
FTSE SmallCap ex Inv Co (157) 4243.90 0.12 4723.72 4238.82 4192.85 3943.12 2.50 2.68 14.94 68.66 6043.67 FX: EFFECTIVE INDICES Technology 11.32 Industrials 4.65 Aerospace & Defense -8.76
Astrazeneca PLC 4319.5 128.50 Morrison (Wm) Supermarkets PLC 181.10 0.60
Aviva PLC 518.50 1.00 National Grid PLC 842.70 3.50
FTSE All-Share (644) 3635.28 0.47 4046.29 3618.45 3580.04 3585.62 3.40 1.63 18.05 74.42 5720.51 Real Est Invest & Tr 11.09 Equity Invest Instr 4.26 Oil & Gas -10.22
Jul 29 Jul 28 Mnth Ago Jul 30 Jul 29 Mnth Ago Babcock International Group PLC 985.50 -53.50 Next PLC 7885 75.00
FTSE All-Share ex Inv Co (469) 3600.81 0.49 4007.93 3583.27 3544.31 3558.56 3.44 1.64 17.73 74.38 2931.34 Telecommunications 10.33 Tech Hardware & Eq 2.38 Oil & Gas Producers -10.64 Bae Systems PLC 473.10 3.50 Old Mutual PLC 212.80 1.50
FTSE All-Share ex Multinationals (580) 1248.18 -0.08 1151.47 1249.20 1238.35 1099.18 2.58 2.07 18.72 20.64 2104.20 Australia 92.60 92.56 96.30 Sweden 77.23 77.34 78.93 Consumer Services 9.98 Oil Equipment & Serv 1.83 Electricity -11.40 Barclays PLC 287.05 2.45 Pearson PLC 1193 -3.00
FTSE Fledgling (110) 7978.99 0.00 8881.11 7978.89 7984.71 6862.17 2.28 3.70 11.87 98.74 14233.83 Canada 91.15 90.54 94.81 Switzerland 162.48 162.04 165.98 FTSE 250 Index 8.79 FTSE All{HY-}Share Index 1.79 Automobiles & Parts -13.31 Barratt Developments PLC 625.50 3.00 Persimmon PLC 1986 12.00
FTSE Fledgling ex Inv Co (58) 10923.99 0.03 12159.07 10920.44 10920.71 8410.00 2.20 7.09 6.40 114.30 18932.56 Denmark 105.61 105.72 105.26 UK 93.92 93.51 93.46 General Retailers 8.43 Banks 1.47 Basic Materials -18.93 Bg Group PLC 1079.5 39.50 Prudential PLC 1520 18.50
FTSE All-Small (404) 3261.01 0.04 3629.70 3259.83 3232.83 3047.36 2.63 1.86 20.43 51.47 5673.62 Japan 123.26 123.48 122.29 USA 104.03 104.18 102.48 Support Services 8.23 Beverages 0.82 Mining -22.65 Bhp Billiton PLC 1170 2.00 Randgold Resources LD 3813 -
FTSE All-Small ex Inv Co Index (215) 3168.75 0.12 3527.02 3165.08 3132.27 2920.12 2.49 2.85 14.11 50.43 5717.45 New Zealand 113.30 113.20 114.42 Euro 85.63 85.84 85.63 Health Care Eq & Srv 0.73 Industrial Metals & -28.62 BP PLC 401.00 2.40 Reckitt Benckiser Group PLC 6104 11.00
FTSE AIM All-Share Index (828) 750.17 0.14 834.98 749.16 749.16 768.56 1.42 1.37 51.50 5.39 802.74 Norway 89.25 88.62 91.20
British American Tobacco PLC 3740 59.50 RELX PLC 1097 -4.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British Land Company PLC 829.50 -6.00 Rio Tinto PLC 2456.5 2.50
Oil & Gas (18) 7022.49 2.97 7816.46 6819.96 6722.39 9060.81 5.38 1.09 17.08 188.83 5724.48 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bt Group PLC 467.95 -5.55 Rolls-Royce Holdings PLC 749.50 19.00
Oil & Gas Producers (11) 6646.50 3.05 7397.96 6449.78 6360.53 8572.25 5.42 1.07 17.17 178.25 5600.04 Bunzl PLC 1820 16.00 Royal Bank Of Scotland Group PLC 342.40 -10.80
Oil Equipment Services & Distribution (7)18062.68 1.01 20104.86 17882.85 17422.47 23670.57 4.20 1.58 15.04 515.61 13070.90 FTSE GLOBAL EQUITY INDEX SERIES Burberry Group PLC 1564 4.00 Royal Dutch Shell PLC 1861 84.00
Basic Materials (31) 3921.57 -0.27 4364.95 3932.10 3875.40 5731.74 4.95 2.60 7.78 116.02 3759.86 Capita PLC 1279 8.00 Royal Dutch Shell PLC 1839 74.50
Chemicals (8) 11964.06 0.09 13316.73 11953.45 11797.03 10417.29 2.26 2.41 18.37 188.19 10240.46 Jul 30 No of US $ Day Mth YTD Total
YTD Gr Div Jul 30 No of US $ Day Mth YTD Total YTD Gr Div Carnival PLC 3376 -57.00 Royal Mail PLC 492.80 0.40
Forestry & Paper (1) 17971.15 -0.91 20002.99 18135.70 17806.60 12258.93 2.04 3.38 14.55 241.11 18544.30 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Centrica PLC 266.60 -8.60 Rsa Insurance Group PLC 517.00 -1.00
Industrial Metals & Mining (2) 1072.18 -1.77 1193.40 1091.48 1044.65 1226.31 1.04 -21.67 -4.45 5.46 930.58 FTSE Global All Cap 7613 480.44 0.8 0.3 3.82.2 651.20
2.4 Oil & Gas 165 359.46 1.6 1.6 -9.7 540.00 -8.0 3.9 Coca-Cola Hbc AG 1307 2.00 Sabmiller PLC 3390.5 7.50
Mining (20) 10809.71 -0.28 12031.87 10839.57 10685.18 17225.71 5.53 2.62 6.91 352.71 5406.18 FTSE Global All Cap 6977 493.32 0.8 0.1 3.31.9 656.59
2.3 Oil & Gas Producers 116 327.15 1.7 1.7 -9.7 499.77 -8.0 4.0 Compass Group PLC 1031 3.00 Sage Group PLC 515.00 0.50
FTSE Global Large Cap 1361 425.36 0.8 0.8 3.72.0 589.38
2.5 Oil Equipment & Services 40 375.27 1.5 1.5 -9.5 515.47 -7.8 3.6 Crh PLC 1879 -9.00 Sainsbury (J) PLC 260.80 -0.80
Industrials (117) 4515.87 0.23 5026.43 4505.41 4472.31 4307.51 2.44 1.30 31.43 69.38 4440.92
Construction & Materials (13) 5154.31 -0.51 5737.06 5180.94 5094.69 4081.21 2.50 -0.40 -100.19 79.41 5225.08 FTSE Global Mid Cap 1666 634.73 0.8 -0.6 4.02.8 822.84
1.9 Basic Materials 273 403.70 1.1 1.1 -7.3 585.27 -5.6 3.1 Diageo PLC 1811 -28.50 Schroders PLC 3110 18.00
Aerospace & Defense (9) 4590.98 1.46 5110.04 4524.90 4494.50 5050.50 2.44 1.13 36.14 69.13 4699.41 FTSE Global Small Cap 4586 671.27 0.9 -1.4 4.02.9 844.73
1.9 Chemicals 124 634.86 0.8 0.8 1.8 926.08 3.5 2.4 Direct Line Insurance Group PLC 364.60 -3.10 Severn Trent PLC 2196 -2.00
General Industrials (6) 3612.31 -0.02 4020.72 3613.19 3606.74 3304.10 3.13 1.79 17.85 48.72 3856.46 FTSE All-World 3027 280.79 0.8 0.5 3.72.2 401.44
2.4 Forestry & Paper 17 217.86 -0.6 -0.6 4.6 345.83 6.6 2.7 Dixons Carphone PLC 448.90 -6.60 Shire PLC 5590 -110.00
Electronic & Electrical Equipment (11) 5541.87 3.91 6168.44 5333.40 5277.30 4837.70 2.09 2.01 23.78 74.00 4862.32 FTSE World 2532 497.05 0.8 0.9 3.82.3 953.96
2.4 Industrial Metals & Mining 71 323.62 1.6 1.6 -21.5 471.10 -20.1 3.0 Easyjet PLC 1644 -39.00 Sky PLC 1119 -13.00
Industrial Engineering (14) 8808.23 0.71 9804.10 8746.26 8714.65 10541.27 2.75 1.77 20.54 160.88 10210.82 FTSE Global All Cap ex UNITED KINGDOM In 7283 491.97 0.7 0.4 3.72.2 657.88
2.3 Mining 61 447.23 1.8 1.8 -21.5 641.73 -19.7 5.2 Experian PLC 1176 -4.00 Smith & Nephew PLC 1167 32.00
Industrial Transportation (8) 4351.21 -0.24 4843.16 4361.74 4333.17 4075.22 3.75 1.20 22.19 116.47 3614.19 FTSE Global All Cap ex USA 5641 455.37 0.9 -1.5 3.81.8 654.60
2.8 Industrials 533 312.69 0.8 0.8 -0.6 430.74 0.7 2.1 Fresnillo PLC 645.00 -1.00 Smiths Group PLC 1135 12.00
Support Services (56) 6820.31 -0.41 7591.42 6848.68 6802.27 6180.43 2.23 1.53 29.27 100.20 6778.65 FTSE Global All Cap ex JAPAN 6358 490.68 0.9 0.4 3.01.4 670.90
2.4 Construction & Materials 110 446.56 0.9 0.9 3.5 645.98 5.2 2.1 G4S PLC 273.00 0.90 Sports Direct International PLC 779.50 -2.50
FTSE Developed 2091 451.22 0.8 1.2 4.52.9 616.00
2.4 Aerospace & Defense 29 506.14 1.8 1.8 1.8 691.12 3.0 2.1 Gkn PLC 315.90 -5.70 Sse PLC 1510 4.00
Consumer Goods (40) 17576.97 0.26 19564.24 17531.49 17264.94 15486.20 2.96 1.85 18.30 283.90 12213.79
FTSE Developed All Cap 5661 473.71 0.8 1.0 4.53.0 639.89
2.3 General Industrials 57 215.27 0.7 0.7 -1.0 317.91 0.5 2.6 Glaxosmithkline PLC 1389 14.50 St. James's Place PLC 971.50 -1.50
Automobiles & Parts (1) 7423.80 -1.77 8263.14 7557.75 7440.25 8046.56 2.66 1.61 23.35 131.60 6761.79
FTSE Developed Large Cap 885 418.20 0.8 1.5 4.42.8 578.40
2.5 Electronic & Electrical Equipment 69 329.50 -0.1 -0.1 1.3 418.62 2.3 1.7 Glencore PLC 211.00 -2.00 Standard Chartered PLC 983.10 0.90
Beverages (6) 14098.09 -0.80 15692.03 14211.12 14049.92 13827.21 2.49 1.89 21.27 105.50 9415.20
FTSE Developed Europe Large Cap 204 366.47 1.0 1.0 6.33.6 572.66
3.3 Industrial Engineering 103 592.13 -0.4 -0.4 -4.2 802.51 -2.8 2.2 Hammerson PLC 655.00 -5.50 Standard Life PLC 451.90 5.90
Food Producers (10) 8282.51 -0.03 9218.94 8284.82 8194.99 7538.99 1.95 1.57 32.58 91.21 6875.54
FTSE Developed Europe Mid Cap 310 538.27 0.7 0.3 9.77.6 767.13
2.4 Industrial Transportation 94 552.96 1.3 1.3 -7.4 759.39 -6.3 2.2 Hargreaves Lansdown PLC 1182 8.00 Taylor Wimpey PLC 190.40 5.00
Household Goods & Home Construction (13)13264.09 0.53 14763.75 13194.53 13133.38 9811.17 2.15 2.46 18.94 132.98 8918.25
FTSE Dev Europe Small Cap 723 758.05 1.0 1.7 12.010.1 1051.58
2.2 Support Services 71 284.30 1.4 1.4 4.3 376.83 5.5 1.8 Hikma Pharmaceuticals PLC 2405 -2.00 Tesco PLC 214.65 1.65
Leisure Goods (2) 5352.21 -0.90 5957.34 5400.95 5231.90 5445.79 3.95 1.35 18.74 109.73 4428.14
FTSE North America Large Cap 318 454.05 0.8 2.5 3.32.1 591.78
2.2 Consumer Goods 406 423.32 0.8 0.8 4.5 596.24 6.1 2.3 HSBC Holdings PLC 577.10 0.60 Travis Perkins PLC 2194 -1.00
Personal Goods (6) 23217.54 0.63 25842.54 23072.16 22984.12 19613.47 2.84 2.97 11.86 342.75 14780.18
FTSE North America Mid Cap 400 678.86 1.0 -0.3 0.90.1 831.44
1.6 Automobiles & Parts 98 390.06 0.4 0.4 0.1 528.10 1.6 2.3 Imperial Tobacco Group PLC 3349 -16.00 Tui AG 1071 -
Tobacco (2) 44781.79 0.95 49844.86 44362.44 42972.31 39390.35 4.12 1.31 18.53 1291.78 26856.95
FTSE North America Small Cap 1487 699.63 1.0 -1.3 2.41.6 833.87
1.6 Beverages 48 556.49 0.8 0.8 3.4 792.31 4.8 2.5 Inmarsat PLC 885.00 -15.00 Unilever PLC 2889 20.00
Health Care (20) 9569.21 1.03 10651.12 9471.70 9295.24 9235.00 3.58 0.65 42.66 203.85 6870.01
FTSE North America 718 304.07 0.8 2.0 2.91.7 406.28
2.1 Food Producers 102 571.96 0.9 0.9 3.6 832.69 5.4 2.2 Intercontinental Hotels Group PLC 2743 120.00 United Utilities Group PLC 883.00 -0.50
Health Care Equipment & Services (8) 6954.08 1.81 7740.31 6830.15 6765.65 5834.62 1.46 2.19 31.27 60.90 5859.03
FTSE Developed ex North America 1373 244.49 0.7 0.1 6.84.8 377.02
2.8 Household Goods & Home Construction 44 407.16 0.7 0.7 2.8 571.15 4.4 2.3 International Consolidated Airlines Group S.A. 542.00 -9.00 Vodafone Group PLC 241.05 0.10
Pharmaceuticals & Biotechnology (12)12997.24 0.96 14466.73 12874.18 12623.24 12698.03 3.78 0.60 44.18 292.29 8281.71
FTSE Japan Large Cap 174 340.12 0.0 -0.7 12.611.5 421.34
1.7 Leisure Goods 26 136.05 1.4 1.4 8.0 173.33 8.6 1.2 Intertek Group PLC 2438 19.00 Weir Group PLC 1555 24.00
Consumer Services (98) 4999.80 -0.11 5565.08 5005.12 4974.96 4273.33 2.17 1.94 23.74 72.84 4473.63 FTSE Japan Mid Cap 305 491.95 0.3 0.4 16.715.7 589.97
1.4 Personal Goods 76 636.64 1.0 1.0 9.2 855.78 10.4 1.9
Food & Drug Retailers (7) 3279.68 0.52 3650.48 3262.63 3236.59 3494.91 2.15 0.50 93.70 41.87 3735.43 Intu Properties PLC 326.50 -6.20 Whitbread PLC 5145 -
FTSE Global wi JAPAN Small Cap 776 516.25 0.0 -0.5 11.210.1 638.73
1.6 Tobacco 12 1191.22 0.8 0.8 11.0 2284.00 13.6 3.9 Itv PLC 271.60 -4.60 Wolseley PLC 4210 -8.00
General Retailers (33) 3151.63 0.32 3507.95 3141.51 3113.34 2593.53 2.04 2.35 20.87 42.55 3418.93
FTSE Japan 479 140.45 0.1 -0.5 13.4 1.7 Health Care
12.3 195.59 159 490.63 0.6 0.6 12.9 678.95 14.3 1.7 Johnson Matthey PLC 2891 -6.00 Wpp PLC 1461 -5.00
Media (23) 7479.34 -0.52 8324.96 7518.56 7382.15 6205.85 2.60 1.71 22.49 129.46 4368.03
FTSE Asia Pacific Large Cap ex Japan 491 590.36 0.6 -4.4 -4.1 871.54
-2.3 3.1 Health Care Equipment & Services 58 666.18 0.4 0.4 12.8 760.57 13.4 1.1 Kingfisher PLC 359.30 -3.20
Travel & Leisure (35) 8346.91 -0.23 9290.62 8366.23 8426.23 6863.87 1.88 2.50 21.30 112.01 7550.63
FTSE Asia Pacific Mid Cap ex Japan 441 787.26 0.4 -5.1 -2.3 1121.13
-0.9 2.7 Pharmaceuticals & Biotechnology 101 377.41 0.6 0.6 13.0 542.29 14.6 1.9
Telecommunications (8) 4147.52 -0.54 4616.45 4170.17 4091.20 3440.66 3.80 1.93 13.65 82.62 4260.27 FTSE Asia Pacific Small Cap ex Japan 1374 527.31 0.3 -6.5 -1.3 741.30
0.1 2.7 Consumer Services 386 407.54 0.9 0.9 8.9 525.95 10.0 1.6
Fixed Line Telecommunications (6) 5382.71 -1.28 5991.28 5452.24 5371.82 4527.08 2.59 1.97 19.54 15.48 4548.69
Mobile Telecommunications (2) 5435.55 -0.06 6050.10 5438.80 5320.75 4468.93 4.59 1.91 11.41 168.70 5001.50
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
932
1952
466.55
650.78
0.6
1.0
-4.5
-6.5
-3.9 732.09
-2.2 3.0 Food & Drug Retailers
-5.6 919.75
-3.7 3.1 General Retailers
54 328.79
120 533.11
0.8
1.0
0.8
1.0
9.3 441.54
11.5 671.37
10.5
12.5
1.7
1.5
UK STOCK MARKET TRADING DATA
Utilities (8) 8212.93 -0.32 9141.49 8238.96 8179.37 8571.26 5.03 1.35 14.72 295.54 8630.87 FTSE Emerging Large Cap 476 620.33 1.1 -6.4 -5.1 882.34
-3.2 3.1 Media 91 322.19 1.0 1.0 7.1 416.76 8.3 1.7 Jul 30 Jul 29 Jul 28 Jul 27 Jul 24 Yr Ago
Electricity (3) 8762.87 0.33 9753.60 8734.22 8724.01 9427.45 5.79 1.43 12.09 493.70 11641.50 FTSE Emerging Mid Cap 460 796.96 0.8 -6.1 -7.5 1120.64
-5.8 2.8 Travel & Leisure 121 384.79 0.7 0.7 6.9 501.26 8.0 1.6 SEAQ Bargains 4078.00 4765.00 5194.00 5374.00 5374.00 5374.00
Gas Water & Multiutilities (5) 7632.81 -0.49 8495.79 7670.38 7602.35 7898.67 4.82 1.33 15.65 232.42 8028.41 FTSE Emerging Small Cap 1016 660.14 0.9 -7.3 -6.7 897.62
-5.1 2.9 Telecommunication 93 171.88 1.3 1.3 2.9 298.08 5.6 3.9 Order Book Turnover (m) 38.34 42.33 36.84 - - -
Financials (283) 4913.55 0.12 5469.08 4907.84 4879.36 4549.32 3.19 1.90 16.51 104.17 4236.71 FTSE Emerging Europe 98 311.88 2.0 -5.7 3.40.1 454.15
4.5 Fixed Line Telecommuniations 43 140.65 1.2 1.2 2.7 266.41 5.8 4.4 Order Book Bargains 861907.00 843317.00 778484.00 - - -
Banks (9) 4434.77 0.23 4936.17 4424.54 4388.06 4438.58 3.70 1.29 20.88 107.97 3010.22 FTSE Latin America All Cap 243 752.64 2.1 -8.0 -16.5 1098.44
-15.1 3.5 Mobile Telecommunications 50 186.77 1.4 1.4 3.2 294.27 5.4 3.3 Order Book Shares Traded (m) 1356.00 1287.00 1199.00 - - -
Nonlife Insurance (10) 2656.33 -0.64 2956.65 2673.44 2672.81 2160.34 2.58 1.48 26.20 46.33 4415.80 FTSE Middle East and Africa All Cap 214 774.90 1.8 0.9 2.3 2.7 Utilities
0.7 1141.35 163 249.23 0.4 0.4 -6.7 450.10 -4.6 3.9 Total Equity Turnover (£m) 2098.24 0.09 0.05 0.23 0.23 0.23
Life Insurance/Assurance (11) 8096.08 0.76 9011.43 8034.93 8030.70 7259.07 3.32 1.75 17.18 200.42 7344.27 FTSE Global wi UNITED KINGDOM All Cap In 330 368.28 1.6 -0.5 4.6 3.5 Electricity
2.5 573.09 113 268.63 0.3 0.3 -5.3 480.38 -3.2 3.7 Total Mkt Bargains 965023.00 3.00 6.00 3.00 3.00 3.00
Index- Real Estate Investment & Services (24) 3242.32 -0.25 3608.90 3250.29 3190.15 2596.00 1.73 5.89 9.80 34.10 8262.60 FTSE Global wi USA All Cap 1972 522.48 0.8 2.0 3.8 1.9 Gas Water & Multiutilities
2.7 663.46 50 270.41 0.5 0.5 -9.1 500.03 -6.9 4.2 Total Shares Traded (m) 3395.00 0.00 0.00 0.00 0.00 0.00
Real Estate Investment Trusts (23) 3047.15 -0.64 3391.67 3066.64 3051.89 2524.85 2.68 6.75 5.53 55.07 3562.29 FTSE Europe All Cap 1390 417.18 1.0 0.7 7.2 3.1 Financials
4.7 632.68 667 219.92 0.8 0.8 1.9 338.19 3.8 2.7 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (31) 8062.14 -0.08 8973.65 8068.84 8011.54 6607.93 2.80 2.16 16.57 135.72 8658.98 FTSE Eurobloc All Cap 636 388.67 0.4 1.7 8.0 2.9 Banks
5.5 597.84 241 203.75 0.9 0.9 1.3 333.55 3.5 3.1 (c) Market closed.
Equity Investment Instruments (175) 7755.34 -0.17 8632.17 7768.53 7738.36 7249.63 2.52 1.15 34.56 120.30 4034.89 FTSE RAFI All World 3000 3022 5904.37 0.9 -0.9 2.1 3.0 Nonlife Insurance
0.2 7355.71 69 220.61 0.5 0.5 3.0 305.47 4.8 2.2
Non Financials (361) 4177.13 0.59 4649.40 4152.56 4101.24 4210.46 3.48 1.54 18.68 84.43 5757.33 FTSE RAFI US 1000 1007 9271.23 0.9 0.9 -0.2 11589.32
1.1 2.4 Life Insurance 49 219.74 1.1 1.1 4.1 330.13 5.9 2.5
Technology (21) 1372.22 1.46 1527.36 1352.43 1350.43 1084.31 1.31 2.22 34.31 13.08 1707.34 FTSE EDHEC-Risk Efficient All-World 3027 330.74 0.8 0.6 4.8 2.2 Financial Services
3.5 440.77 137 239.22 0.9 0.9 3.3 316.02 4.4 1.8 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 1677.27 0.35 1866.90 1671.36 1674.49 1251.57 1.88 1.75 30.24 24.46 2185.11 FTSE EDHEC-Risk Efficient Developed Europe 514 294.21 0.9 0.9 7.7 2.6 Technology
5.6 426.97 182 174.33 0.4 0.4 1.3 206.48 2.3 1.7 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (8) 1575.10 2.35 1753.18 1539.00 1532.64 1298.21 0.87 3.00 38.34 8.51 1800.95 Software & Computer Services 79 293.68 0.8 0.8 8.2 335.46 8.9 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 103 133.75 0.0 0.0 -4.5 162.54 -3.2 2.3 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6673.31 6635.22 6650.36 6671.46 6685.16 6678.67 6689.34 6653.33 6659.06 6697.20 6633.73 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
FTSE 250 17573.06 17547.74 17558.66 17557.50 17530.15 17510.35 17533.17 17468.13 17500.06 17636.85 17438.04 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 4703.19 4701.01 4701.92 4703.45 4701.66 4701.20 4700.56 4698.11 4700.17 4704.57 4697.36
FTSE All-Share 3639.09 3621.57 3628.57 3637.76 3642.75 3639.23 3644.64 3626.65 3630.31 3648.15 3620.26 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:12:53:15 Day's Low08:00:15 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 6366.51(06/01/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:12:53:00 Day's Low13:50:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3434.73(06/01/2015)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.
Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Friday 31 July 2015 ★★★ FINANCIAL TIMES 23
MARKET DATA
FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
Amazon 536.76 529.00 7.76 1.47 54.58 11.3 23.65 Naspers N 1769.10 1772.83 -3.73 -0.21 -185735.90 -99.1 -6.64 Jul 30 date Coupon S* M* F* price yield yield yield US Jul 30 date Coupon S* M* F* price yield yield yield US
MondelezInt 45.27 43.10 2.17 5.03 3.15 7.5 10.04 MTN Grp 206.10 204.50 1.60 0.78 -21594.90 -99.1 -9.90 High Yield US$ US$
Safran 67.51 61.35 6.16 10.04 4.67 7.4 11.05 Firstrand 53.90 54.85 -0.95 -1.73 -5475.10 -99.0 1.09 Windstream Services, LLC 11/17 7.88 BB- B1 BB 100.36 7.84 0.00 3.06 7.10 Merrill Lynch & Co., Inc. 09/26 6.22 BBB+ Baa3 A- 114.76 4.57 0.00 -0.23 2.30
NTTDCMo 2652.50 2533.50 119.00 4.70 180.00 7.3 13.34 PingAnIns 44.75 45.50 -0.75 -1.65 -51.85 -53.7 -12.68 High Yield Euro Bank of America Corporation 10/26 4.25 BBB+ Baa3 A- 97.75 4.56 0.00 -0.07 2.29
AirProd 142.34 134.14 8.20 6.11 9.63 7.3 4.03 Biogen 317.00 313.34 3.66 1.17 -68.05 -17.7 -21.52 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 93.75 - 0.00 0.00 - Halliburton Company 02/27 6.75 A A2 A- 120.43 4.51 0.00 0.04 -
ReynoldsAm 85.35 84.54 0.81 0.96 5.58 7.0 14.32 MylanNV 56.35 57.24 -0.89 -1.55 -10.21 -15.3 -16.96 Korea Electric Power Corporation 08/27 6.75 A+ Aa3 AA- 97.72 7.16 0.00 -0.03 -
NipponTT 4847.00 4809.50 37.50 0.78 303.50 6.7 10.52 ChStConEng 6.93 7.24 -0.31 -4.28 -1.08 -13.5 -9.06 Emerging US$ SouthTrust Bank 12/27 6.57 A+ Aa3 A+ 119.14 4.58 0.00 -0.09 -
HyundMobis 211000.00 210500.00 500.00 0.24 13000.00 6.6 0.48 Daqin 9.83 10.13 -0.30 -2.96 -1.53 -13.5 -25.47 Peru 05/16 8.38 BBB+ A3 BBB+ 105.18 1.41 0.00 0.19 0.68 FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa3 A- 119.15 4.87 0.00 -0.15 -
SandsCh 32.90 32.95 -0.05 -0.15 2.00 6.5 23.45 Twitter 31.47 31.24 0.23 0.74 -4.72 -13.0 -13.31 Mexico 09/16 11.40 BBB+ A3 BBB+ 111.50 0.99 0.04 -0.07 0.25
Brazil 01/18 8.00 BBB- Baa2 BBB 108.30 4.39 0.09 -0.03 3.65 Euro
Visa Inc 76.38 76.01 0.37 0.49 4.63 6.5 13.64 Fanuc 20745.00 20700.00 45.00 0.22 -3100.00 -13.0 -17.10 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- A3 A 105.37 2.31 0.00 -0.08 0.04
Raytheon 109.84 109.20 0.64 0.59 6.63 6.4 14.80 SaicMtr 19.12 19.81 -0.69 -3.48 -2.80 -12.8 -8.87 Russia 07/18 11.00 BB+ Ba1 BBB- 120.72 3.63 0.00 0.00 2.89
Peru 03/19 7.13 BBB+ A3 BBB+ 116.51 2.40 0.00 0.01 0.77 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 94.97 3.15 0.00 -0.38 -
MicronTech 19.90 19.87 0.03 0.15 1.20 6.4 5.63 ChinaRailCons 10.16 10.40 -0.24 -2.31 -1.44 -12.4 -13.31 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 110.71 2.20 0.00 -0.36 -
UnionPac 97.70 98.53 -0.83 -0.84 5.58 6.1 2.44 Renault 83.13 90.35 -7.22 -7.99 -10.35 -11.1 -11.01 Brazil 01/21 7.88 BBB- Baa2 BBB 102.47 4.41 0.00 0.40 2.78
Turkey 03/21 5.63 - Baa3 BBB- 107.11 4.24 0.00 0.11 2.62 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 107.84 2.21 0.00 -0.29 -
Northrop 175.41 173.44 1.97 1.14 9.91 6.0 10.58 ChinaRailGp 6.67 6.83 -0.16 -2.34 -0.83 -11.1 -17.65
Poland 04/21 5.13 A- A2 A- 111.96 2.86 0.00 -0.18 1.23 Yen
Vale 18.35 18.35 0.00 0.00 1.03 5.9 -4.59 CapOne 81.50 79.62 1.88 2.36 -9.27 -10.2 -7.35
Colombia 07/21 4.38 BBB Baa2 BBB 103.42 3.76 0.00 0.18 2.13 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
Anadarko 76.63 76.28 0.35 0.46 4.09 5.6 -1.81 SK Hynix 34500.00 37000.00 -2500.00 -6.76 -3700.00 -9.7 -19.01
UPS B 101.40 100.89 0.51 0.51 5.29 5.5 4.31 BnkRakyat 9350.00 9500.00 -150.00 -1.58 -1000.00 -9.7 -9.66 Turkey 04/26 4.25 - Baa3 BBB- 94.41 4.99 0.00 0.00 2.72 £ Sterling
Baxter 40.01 38.50 1.51 3.92 2.04 5.4 5.32 HuataiSec 19.05 20.22 -1.17 -5.79 -1.97 -9.4 -9.63 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 127.16 3.73 0.00 0.17 1.46
FastRetail 61930.00 60230.00 1700.00 2.82 3140.00 5.3 13.43 PngAnBnk 12.26 12.60 -0.34 -2.70 -1.26 -9.3 -9.59 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 B.A.T. Intl Fin plc (Re - British American Tobacco) 09/26 4.00 A- A3 A- 105.83 3.36 0.02 -0.16 1.09
NXP 97.87 91.80 6.07 6.61 4.87 5.2 -0.34 Keyence 61490.00 61770.00 -280.00 -0.45 -6210.00 -9.2 -6.97 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.76 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M -
Mexico 02/20 5.50 BBB+ - BBB+ 109.57 3.20 0.00 -0.07 1.57 Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 09/25 5.75 BB+ - BBB- 116.42 3.82 0.00 -0.17 1.55
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Jul 30 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Jul 30 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.14 16-12-2008 0.14 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 12.13 -0.37 12.50 31.06 11.24 Jul 30 Price £ Yield Day Week Month Year High Low £m
US Prime 3.25 16-12-2008 3.25 3.25 3.25 Markit IBoxx VXD 12.96 -0.32 13.28 23.19 7.04 Tr 2pc '16 100.70 0.52 1.96 0.00 4.00 -38.82 101.97 100.70 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 175.91 0.06 -0.90 -1.33 -0.63 -2.49 VXN 14.44 -0.52 14.96 31.17 11.15 Tr 1.75pc '17 101.65 0.62 3.33 -4.62 3.33 -50.00 102.68 101.29 0.29
Euro Repo 0.05 10-09-2014 0.15 0.05 0.25 Corporates( £) 294.18 -0.20 1.16 0.23 1.28 6.48 VDAX 19.30 0.00 19.30 27.09 - Tr 5pc '18 110.68 0.84 2.44 -2.33 1.20 -47.83 113.65 110.68 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 249.92 -0.16 0.22 -0.22 0.22 -0.22 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 111.86 1.13 1.80 -3.42 -1.74 -39.25 115.07 111.57 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 211.50 -0.03 1.00 -0.56 1.03 2.05 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.03 1.37 0.74 -2.84 -2.14 -33.82 119.04 114.05 0.33
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 222.53 -0.11 1.76 0.39 2.00 4.85 Tr 8pc '21 135.85 1.57 0.64 -3.09 -2.48 -29.60 142.92 135.31 0.24
Gilts( £) 283.79 -0.23 0.80 -0.65 1.12 8.56 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 114.59 1.66 0.00 -2.35 -2.92 -29.36 119.85 111.23 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 247.53 0.05 0.09 -1.32 1.08 -3.75 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 126.39 1.97 0.00 -2.48 -4.83 -26.77 134.70 120.83 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 293.81 -0.19 0.90 0.11 1.05 6.44 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 122.28 2.18 -0.46 -3.11 -4.80 -24.57 131.90 114.66 0.31
Jul 30 (Libor: Jul 29) night Day Week Month month month month year Overall ($) 224.91 -0.12 0.50 0.33 0.50 0.33 Australia 10/18 3.25 104.02 1.95 0.02 0.01 -0.15 -0.98 Tr 4.25pc '32 125.06 2.43 -0.41 -2.80 -4.33 -21.61 136.85 115.47 0.35
US$ Libor 0.12600 0.000 -0.002 -0.001 0.18955 0.29680 0.47465 0.80110 Overall( £) 284.14 -0.22 0.83 -0.41 1.10 7.88 04/26 4.25 111.97 2.94 0.03 0.02 -0.25 -0.71 Tr 4.25pc '36 127.18 2.55 -0.39 -3.04 -3.77 -20.56 140.37 116.00 0.26
Euro Libor -0.18000 0.000 0.000 -0.001 -0.08429 -0.01571 0.05557 0.16786 Overall(€) 218.87 -0.09 1.41 0.17 1.56 3.92 Austria 10/18 1.15 103.64 0.05 0.00 0.00 0.00 0.00 Tr 4.5pc '42 137.28 2.59 -0.77 -3.36 -4.43 -20.55 153.16 122.75 0.26
£ Libor 0.48250 0.000 0.000 -0.001 0.50838 0.57906 0.75094 1.07056 Treasuries ($) 216.29 -0.11 0.70 0.57 0.70 0.57 10/25 1.20 102.79 0.91 -0.07 -0.08 -0.36 0.00 Tr 3.75pc '52 128.24 2.56 -0.78 -3.76 -4.83 -21.95 145.21 110.28 0.22
Swiss Fr Libor -0.004 -0.78800 -0.73900 -0.69100 -0.58500 FTSE Belgium 06/18 0.75 101.60 0.18 0.01 0.01 -0.01 -0.37 Tr 4pc '60 139.83 2.51 -0.79 -3.83 -4.56 -22.53 159.23 118.05 0.21
Yen Libor 0.001 0.06143 0.09786 0.13143 0.24829 Sterling Corporate (£) 111.27 0.02 - - 0.67 2.01 06/25 0.80 98.58 0.95 -0.06 -0.10 -0.37 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor -0.001 -0.07400 -0.02200 0.04800 0.16900 Euro Corporate (€) 107.44 0.15 - - 0.84 -0.34 Canada 05/17 0.25 99.64 0.46 0.01 0.04 -0.02 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.51000 0.60000 0.78500 Euro Emerging Mkts (€) 871.17 1.68 - - -2.72 -9.22 06/25 2.25 106.79 1.50 -0.01 0.00 -0.24 0.00
US$ CDs
Euro CDs
0.000
0.000
0.17000
-0.10500
0.26000
-0.06500
0.41000
-0.00500
Eurozone Govt Bond 113.53 0.34 - - 2.03 2.42 Denmark 11/16 2.50 103.73 -0.39 0.00 0.00 0.00 0.00 GILTS: UK FTSE ACTUARIES INDICES
CREDIT INDICES Day's Week's Month's Series Series 11/25 1.75 109.16 0.82 -0.05 -0.09 -0.26 -0.71
Price Indices Day's Total Return Return
Short 7 Days One Three Six One Index change change change high low Finland 05/18 1.00 99.57 1.16 0.00 -0.04 0.00 0.00
Fixed Coupon Jul 30 chg % Return 1 month 1 year Yield
Jul 30 term notice month month month year Markit iTraxx 07/25 4.00 126.99 1.13 0.00 0.00 0.00 0.00
1 Up to 5 Years 98.87 -0.04 2346.69 0.02 2.53 1.14
Euro -0.20 -0.10 -0.20 -0.10 -0.20 -0.05 -0.15 0.00 -0.08 0.07 0.07 0.22 Crossover 5Y 288.66 2.27 8.53 -38.96 356.33 242.25 France 11/16 0.25 100.61 -0.21 0.00 0.00 0.00 0.00
2 5 - 10 Years 178.59 -0.01 3178.40 0.36 6.18 1.78
Sterling 0.40 0.55 0.40 0.55 0.46 0.56 0.55 0.65 0.71 0.86 1.03 1.18 Europe 5Y 63.78 1.12 2.54 -11.33 81.85 52.94 11/19 0.50 101.87 0.07 -0.03 -0.05 -0.17 -0.48
3 10 - 15 Years 203.43 0.07 3714.27 0.89 9.45 2.17
Swiss Franc - - - - - - - - - - - - Japan 5Y 57.61 -0.15 0.90 -2.87 64.46 48.09 05/25 0.50 95.89 0.94 -0.07 -0.10 -0.36 0.00
4 5 - 15 Years 184.37 0.00 3308.41 0.47 7.15 1.90
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 74.95 1.08 5.78 -14.60 100.19 62.28 05/45 3.25 131.43 1.87 -0.07 -0.10 -0.46 -0.66
5 Over 15 Years 293.65 0.30 4213.23 1.84 15.77 2.54
US Dollar 0.12 0.22 0.12 0.22 0.15 0.25 0.25 0.35 0.50 0.60 0.85 0.90 Germany 04/18 0.25 101.37 -0.26 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 171.35 0.11 3169.45 0.86 8.63 2.31
Japanese Yen -0.07 0.03 -0.15 0.00 -0.10 0.10 -0.10 0.10 -0.05 0.15 0.00 0.20 10/20 0.25 101.06 0.05 -0.03 -0.05 -0.11 0.00
Emerging Markets 5Y 311.26 -6.47 5.63 5.64 326.58 278.35 08/25 1.00 103.34 0.66 -0.06 -0.09 0.00 0.00
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Day's Month Year's Total Return Return
Nth Amer High Yld 5Y 353.31 -7.86 -0.69 4.27 370.30 337.73 08/46 2.50 128.93 1.35 -0.08 -0.10 -0.34 -0.72
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Jul 30 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 70.19 -0.77 1.65 1.72 73.29 60.22 Greece 07/17 3.38 73.75 21.12 -0.53 1.46 -13.44 17.68
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 100.00 100.00 1 Up to 5 Years 309.68 -0.01 -0.86 -2.19 2354.71 -0.45 -0.84
02/25 3.00 53.10 11.92 -0.10 0.79 -2.52 5.72 2 Over 5 years 573.92 0.72 1.87 15.94 4227.01 2.00 16.88
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 112.30 -0.07 0.00 0.00 0.00 0.00 3 5-15 years 429.44 0.23 -0.06 3.10 3254.89 0.15 4.46
03/25 5.40 137.49 1.24 -0.08 -0.11 -0.44 -1.13 4 Over 15 years 709.03 0.92 2.64 22.66 5126.73 2.75 23.41
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/18 0.25 99.85 0.30 -0.03 -0.03 -0.34 0.00 5 All stocks 531.16 0.61 1.45 14.00 3960.81 1.63 15.01
05/20 0.70 99.47 0.81 -0.06 -0.05 -0.45 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
06/25 1.50 97.09 1.83 -0.07 -0.07 -0.49 0.00 Yield Indices Jul 30 Jul 29 Yr ago Jul 30 Jul 29 Yr ago
Crude Oil† Aug 48.39 -0.41 Corn♦ Sep 374.50 7.25 Jul 29 Jul 29 Prev return stock Market stocks
09/46 3.25 107.82 2.89 -0.05 -0.10 -0.42 0.00 5 Yrs 1.43 1.42 1.95 20 Yrs 2.56 2.57 3.20
Brent Crude Oil‡ 53.30 -0.30 Wheat♦ Sep 497.25 1.50 Can 4.25%' 21 130.35 -0.462 -0.502 -0.22 5.18 71879.12 7
Japan 07/17 0.10 100.18 0.01 0.00 0.00 0.00 0.00 10 Yrs 2.08 2.08 2.69 45 Yrs 2.53 2.55 3.26
RBOB Gasoline† Aug 1.77 -0.07 Soybeans♦ Aug 993.00 10.00 Fr 2.25%' 20 114.79 -0.658 -0.634 -0.57 20.31 220443.83 15
07/20 0.05 99.64 0.12 0.00 0.00 -0.05 0.00 15 Yrs 2.41 2.42 3.03
Heating Oil† Aug 1.61 -0.01 Soybeans Meal♦ Aug 358.00 7.70 Swe 0.25%' 22 108.64 -0.830 -0.851 1.09 30.63 220513.25 6
06/25 0.40 99.84 0.42 0.01 0.00 -0.10 0.00
Natural Gas† Aug 2.78 -0.08 Cocoa (ICE Liffe)X Sep 2144.00 5.00 UK 2.5%' 16 323.69 -1.294 -1.307 -0.20 7.90 498737.00 25
06/45 1.60 103.77 1.42 0.01 0.02 -0.06 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Sep 3227.00 16.00 UK 2.5%' 24 338.65 -0.717 -0.748 -0.12 6.82 498737.00 25
Netherlands 04/17 0.50 101.25 -0.23 0.00 0.00 0.00 0.00 Real yield Jul 30 Dur yrs Previous Yr ago Jul 30 Dur yrs Previous Yr ago
Uranium Aug 36.75 0.00 Coffee(Robusta)X Sep 1648.00 10.00 UK 2%' 35 230.83 -0.735 -0.756 0.68 9.08 498737.00 25
07/25 0.25 94.54 0.82 -0.06 -0.09 -0.33 0.00 Up to 5 yrs -0.72 2.76 -0.72 -1.02 -1.41 2.78 -1.42 -1.77
Carbon Emissions - - Coffee (Arabica)♥ Sep 125.00 3.25 US 0.625%' 21 102.24 0.246 0.250 -0.54 35.84 1087368.77 36
Diesel Sep 121.25 0.00 White SugarX 353.50 -3.70 New Zealand - - - - - - - Over 5 yrs -0.81 23.50 -0.78 -0.12 -0.84 23.59 -0.81 -0.16
US 3.625%' 28 135.86 0.676 0.250 0.24 16.78 1087368.77 36
Unleaded Sep - - Sugar 11♥ 11.25 -0.23 12/17 6.00 107.63 2.65 -0.01 0.05 -0.10 -1.25 5-15 yrs -0.69 9.97 -0.67 -0.27 -0.81 9.99 -0.78 -0.40
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 106.34 0.68 -0.01 -0.03 -0.06 -0.73 Over 15 yrs -0.82 29.11 -0.79 -0.09 -0.84 29.16 -0.81 -0.12
Base Metals (♠ LME 3 Months) Cotton♥ Oct 64.21 0.04 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/25 1.75 101.41 1.59 -0.03 -0.05 -0.26 0.00 All stocks -0.81 20.39 -0.78 -0.13 -0.85 20.54 -0.82 -0.18
Aluminium 1640.00 -19.50 Orange Juice♥ Sep 123.50 0.65 amount.
Aluminium Alloy 1740.00 -60.00 Palm Oil♣ Aug 556.75 3.25 Portugal 02/16 6.40 103.55 -0.25 0.00 0.00 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 5254.50 -72.00 Live Cattle♣ Aug 145.25 0.40 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 103.85 2.44 -0.08 -0.12 -0.55 0.00
Lead 1714.50 -6.00 Spain 04/18 0.25 99.78 0.33 -0.03 -0.03 -0.30 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Aug 211.08 -0.43
Nickel 11030.00 -210.00 Lean Hogs♣ Aug 79.45 -0.83 Spread Spread Spread Spread 10/25 2.15 101.30 2.01 -0.05 -0.02 -0.37 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 16235.00 65.00 Bid vs vs Bid vs vs Sweden 01/18 0.88 99.53 1.07 0.00 -0.03 0.02 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 1948.50 -14.50 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 116.51 0.74 0.00 -0.03 -0.21 0.00 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) Jul 29 Month Year Australia 2.94 2.28 0.67 Italy 1.83 1.18 -0.44 Switzerland 10/16 2.00 103.35 -0.79 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1087.50 -2.75 S&P GSCI Spt 383.65 -2.85 - Austria 0.91 0.26 -1.36 Japan 0.42 -0.24 -1.85 05/26 1.25 113.05 0.04 -0.02 -0.02 -0.17 -0.68
Silver (US cents) 1464.00 3.00 DJ UBS Spot 92.62 -2.76 - Belgium 0.95 0.30 -1.32 Netherlands 0.82 0.17 -1.45 United Kingdom 07/18 1.25 100.57 1.05 0.01 -0.02 0.00 -0.72 Data provided by Morningstar | www.morningstar.co.uk
Platinum 984.00 1.00 R/J CRB TR 205.25 -8.44 -30.97 Canada 1.50 0.85 -0.77 Norway 1.59 0.94 -0.68 07/20 2.00 102.31 1.52 0.00 -0.03 -0.03 0.00
Palladium 621.00 -3.00 Rogers RICIX TR 2443.25 - - Denmark 0.82 0.16 -1.45 Portugal 2.44 1.79 0.17 09/25 2.00 99.17 2.09 -0.01 -0.04 -0.10 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 285.43 -10.52 -35.81 Finland 1.13 0.48 -1.14 Spain 2.01 1.35 -0.26 01/45 3.50 117.83 2.63 -0.03 -0.09 -0.17 0.00
Iron Ore (Platts) 55.50 -1.25 UBS Bberg CMCI TR 14.23 -8.66 -31.88 France 0.94 0.29 -1.33 Switzerland 0.04 -0.61 -2.23 United States 06/17 0.63 99.79 0.74 0.05 0.03 0.11 0.00
Iron Ore (The Steel Index) 54.60 -0.70 LEBA EUA Carbon 7.51 -0.27 30.84 Germany 0.66 0.00 -1.61 United Kingdom 2.09 1.44 -0.18 06/20 1.63 99.98 1.63 0.01 -0.01 0.00 0.00
GlobalCOAL RB Index 56.40 0.15 LEBA CER Carbon 0.47 17.50 291.67 Greece 11.92 11.26 9.65 United States 2.27 1.61 0.00 05/25 2.13 98.74 2.27 -0.03 0.00 -0.11 0.00
Baltic Dry Index 1100.00 -4.00 LEBA UK Power 4039.00 -4.42 138.29 Ireland 1.24 0.58 -1.03 05/45 3.00 100.88 2.96 -0.04 -0.02 -0.23 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
24 ★★★ FINANCIAL TIMES Friday 31 July 2015
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 DBAG € 29.11 0.08 34.50 20.20 1.43 7.46 8.1 SKF SKr 168.40 -1.00 231.70 134.80 3.37 14.88 2541.4 BHP Bltn 1170 2.00 2102.53 1117.5 6.68 9.75 8082.7 SEGRO 441.60 -3.80 454.80 330.90 3.42 4.13 1468.2 Latchways 740.00 5.00 1040 705.01 5.35 19.54 4.7
AvonRub 805.00 -1.00 900.00 610.73 0.70 18.27 14.9 El Oro 55.00 - 78.00 40.00 6.73 -4.71 19.2 Spirax-S 3312 50.00 3767.56 2698.37 1.89 24.19 76.2 BisichMg♦ 90.50 - 104.00 60.15 3.31 8.85 1.1 Shaftbry 922.50 -3.50 947.00 648.00 1.42 5.12 225.9 Lavendon 180.75 0.50 217.00 155.50 2.10 22.11 10.2
BAE Sys 473.10 3.50 549.00 414.92 4.33 21.37 9652.2 Hargr Lans 1182 8.00 1299 827.00 1.89 34.71 626.1 Tex 110.50 -3.00 117.00 84.00 4.07 8.10 2.7 EVRAZ 99.40 -2.10 209.90 93.30 - -1.99 3473.5 Town Ctr 305.00 3.00 324.65 230.00 3.42 5.71 7.2 MngCnslt 16.00 -0.38 27.00 13.25 5.16 -80.81 47.5
Chemring 235.00 3.50 248.00 196.00 1.74 -26.88 109.2 HBM Hlth SFr 99.20 -2.80 113.50 80.50 - - 12.4 Trifast 123.25 -1.25 134.00 88.63 1.30 17.44 7.8 Fresnillo 645.00 -1.00 1037 616.50 - 68.34 1067.7 Wkspace♦ 961.00 -4.50 983.50 592.00 1.14 4.23 142.9 MearsGp 392.25 - 497.00 354.75 2.33 15.91 18.8
Cobham 258.30 3.10 349.10 250.50 3.85 99.96 2689.1 HenderGp 271.80 6.50 303.30 180.10 3.31 18.96 3422.8 Vitec 654.00 -4.75 670.85 539.00 3.58 22.27 0.8 GemDmnd 126.00 -7.50 223.00 123.00 - 8.23 479.2 Real Estate Inv & Services MenziesJ 510.50 -0.50 680.00 306.25 5.27 22.55 49.6
Meggitt 455.80 0.30 593.50 421.70 2.86 20.99 1597.3 ICAP 513.00 1.00 573.00 338.70 4.29 40.24 460.7 Weir 1555 24.00 2786 1454 2.83 - 1405.7 Harmony R 12.14 -0.41 38.50 11.85 - -3.87 2304.2 Cap&Count 458.20 4.40 462.30 313.00 0.33 6.73 1380.8 MichaelPge 533.50 -1.00 568.00 358.70 2.00 27.90 212.1
RollsRoyceX 749.50 19.00 1061 717.50 2.99 -192.18 8721.0 Indvardn SKr 162.80 1.20 183.50 111.40 3.97 7.18 266.2 Hochschild 78.25 -2.75 177.00 60.97 - -6.50 267.9 Cardiff 1045 - 1085.5 950.00 1.24 4.53 1.0 MITIE♦ 322.40 0.30 329.90 263.90 3.50 34.06 447.6
ICG 572.00 -3.00 712.83 421.98 4.34 9.74 874.7
Industrial General Kenmr 3.60 0.03 16.00 2.18 - -1.55 485.3 PayPoint 991.00 -9.00 1134 779.82 3.66 17.28 32.3
Senior 291.10 11.90 361.70 248.90 1.93 19.58 1159.9 CLS 1900 - 2023 1270 - 4.23 4.5
IPF 397.00 9.00 584.50 348.00 3.02 11.54 698.9 BritPoly 710.00 - 730.00 565.00 2.11 12.34 3.7 Lonmin 53.80 -1.80 242.90 52.65 - -7.06 2878.7 PremFarn 134.20 -5.80 204.60 131.48 7.75 10.43 2556.7
UltraElc 1740 13.00 1914 1646 2.45 58.58 119.9 Daejan 6445 -15.00 6614.2 4675 1.53 5.63 1.6
Investec♦ 582.50 -17.50 649.50 477.20 3.35 21.60 1376.5 CoatsGrp 27.00 - 35.45 19.00 - 40.91 270.3 Petra 149.30 1.30 210.80 138.87 - 18.06 826.1 Rentokil 144.00 -1.90 154.20 110.90 1.80 20.17 3419.1
DvlptSec♦ 263.25 - 293.00 179.00 2.13 9.84 73.2
Automobiles & Parts Jupiter 465.00 12.50 472.70 313.70 2.84 13.91 1773.7 JardnMt $X 54.98 -0.02 67.88 52.42 2.57 11.91 119.3 Petropvlsk 5.99 -0.01 45.00 4.21 - -0.10 1158.7 Grainger 237.90 -0.80 240.70 167.80 1.05 27.59 604.6 Ricardo 900.50 4.00 967.50 597.70 1.69 24.51 6.1
FordMtr $X♦ 15.10 -0.11 17.87 13.26 3.62 16.47 34935.6 Liontrust 374.75 14.75 393.50 208.00 1.07 27.59 28.4 Jard Str $X 30.18 -0.14 37.84 29.87 0.86 9.97 51.8 PolymtIntl 451.40 3.50 634.00 315.18 2.29 -13.40 258.9 RbrtWlts 447.00 7.50 447.50 270.00 1.34 26.06 94.8
Macfrlne 43.75 1.00 46.00 34.00 3.66 11.56 94.0 HelclBar♦ 425.00 1.50 435.00 320.00 1.61 6.99 49.2
GKN 315.90 -5.70 389.00 281.10 2.66 35.16 9499.7 Man 160.50 -1.90 217.80 108.30 3.97 10.87 8846.4 RndgldRs 3813 - 5752.1 3638 1.04 25.12 590.4 HK Land $ 7.64 -0.01 8.80 6.47 2.47 14.17 3243.8 RPS 215.00 -5.25 295.00 181.50 3.67 14.22 500.9
NB GFRIF♦ 97.65 -0.10 99.75 93.90 3.95 24.44 1009.5 REXAM 549.50 1.00 592.50 424.60 3.45 15.31 2385.0 RioTintoX 2456.5 2.50 3530.5 2373 5.33 10.91 4402.1 Shanks♦ 101.00 1.25 113.50 84.50 3.42 -21.96 122.7
Banks RPC 667.00 -13.50 696.24 488.20 2.13 32.07 603.5 Lon&Assc 37.00 - 50.00 34.53 0.34 -4.33 12.0
Paragon 405.60 -0.60 461.50 313.70 2.22 12.48 561.7 Troy Res A$ 0.31 - 0.93 0.30 - -0.63 295.5 MacauPrp 200.00 -1.13 260.00 196.25 - 10.52 19.1 SIG 205.30 -0.80 212.20 143.40 1.86 36.78 914.3
ANZ A$X 32.47 0.22 37.25 30.47 8.65 11.25 4445.9 Smith DS 393.10 -4.20 410.35 231.82 2.67 23.97 1539.8
Providnt 2915 -51.00 3268 1942 3.36 21.75 286.0 VedantaRs♦ 385.00 -13.50 1105.22 353.21 10.83 -0.87 1197.3 Mntview♦ 12025 25.00 12900 7481.95 2.08 14.74 0.3 SpeedyHr♦ 51.75 -0.25 80.50 45.75 1.26 1326.92 123.9
BcoSant 434.50 -21.75 758.00 416.37 9.42 12.32 7395.1 Smiths 1135 12.00 1363 1006 3.55 20.14 1005.7
RathbnBr 2277 - 2348 1774 2.28 29.33 27.3 Q'tainEst 131.25 0.25 133.50 75.00 - 18.23 5662.0 St Ives 173.25 -3.00 223.77 156.68 4.13 49.74 42.7
BankAm $X 18.13 -0.03 18.48 14.84 1.10 19.47 65257.5
Record 39.00 0.25 41.00 28.38 3.85 14.73 55.1 SmurfKap € 27.44 0.04 30.31 14.92 2.04 24.02 376.7 Oil & Gas TribalGrp 161.50 2.00 188.00 138.72 1.05 -19.60 46.3
BnkGeorgia 1997 -22.00 2604 1663 2.98 9.71 72.8 Vesuvius 420.70 5.70 530.00 386.60 3.62 11.46 159.4 Afren# 1.79 -0.05 150.00 1.28 - -0.05 9090.3 RavenRuss 52.75 0.13 75.75 37.25 - -6.67 198.7
S&U 2461 1.00 2520 1700 2.32 15.95 0.5 RavenR Prf 132.75 0.25 146.00 101.50 9.04 - 39.2 Vp♦ 770.00 - 816.00 539.00 2.00 16.38 11.3
BankIre € 0.38 0.00 0.39 0.07 - 17.06 21512.3 Aminex 1.95 0.03 3.17 0.75 - -8.94 7949.6
Schroder 3110 18.00 3441 2086 2.12 21.03 610.8 Industrial Transportation RavenR Wrt 31.50 - 49.64 25.00 - - 27.4 Watermn 73.75 -0.25 76.00 50.00 1.36 56.30 32.6
BkNvaS C$X 63.84 0.48 74.93 60.52 4.52 10.28 2103.0 BGX 1079.5 39.50 1420 780.55 1.88 -28.46 19394.0
..N/V 2432 30.00 2629 1692 2.71 16.44 31.3 BBA Aviat 295.20 -1.00 362.10 292.40 3.39 13.51 578.4 Safestre♦ 301.75 3.00 307.75 185.25 2.47 6.20 521.5 Wolseley 4210 -8.00 4398 2966 1.96 38.01 561.1
BarclaysX 287.05 2.45 288.85 204.05 2.26 141.61 42573.7 BPX 401.00 2.40 499.25 364.40 6.44 -18.21 35395.7
SVG Cap 479.10 -3.60 535.00 226.00 - 11.96 149.0 Braemar♦ 490.00 9.50 533.50 390.00 5.31 53.43 17.4 Savills 966.00 -3.00 991.46 567.52 1.11 21.33 144.9
CanImp C$X 92.55 0.63 107.37 88.04 4.83 9.65 923.4
TullettPre 391.70 10.00 408.90 237.80 4.30 8.37 284.5 Cadogan 10.75 -0.13 13.25 8.25 - -0.65 70.0 Tech - Hardware
HSBCX 577.10 0.60 674.57 544.30 5.94 12.10 22112.8 Clarkson 2690 -39.00 2855 1835 2.16 29.97 22.0 CairnEng 163.60 -0.30 210.00 141.00 - -3.84 1689.5 SchroderRE 60.25 -0.25 63.00 51.50 4.12 5.34 307.5 ARM Hldgs 1011 21.00 1233 778.50 0.69 47.99 5370.1
Tungsten 66.75 0.25 409.75 52.49 - -2.53 216.0 Eurotunnl € 13.01 0.11 14.57 8.62 1.40 63.29 768.6 Smart(J) 98.00 - 112.40 86.00 3.02 40.71 5.5
LlydsBkgX 86.02 0.42 89.35 70.72 0.87 -2.24 163613.6
WlkrCrip♦ 52.00 -1.00 55.00 37.50 3.06 76.13 14.3 Cape 234.00 0.50 327.25 177.00 5.98 12.58 38.6 CSR 898.00 0.50 898.00 506.00 1.02 25.39 630.6
RylBkC C$X♦ 75.75 0.10 83.87 71.74 4.30 10.70 1893.9 Fisher J 1093 -32.00 1445 1003 1.89 13.80 29.6 DragnOil 722.00 4.00 736.50 447.50 3.36 8.51 266.0 StModwen 476.00 -2.90 492.10 324.59 0.97 4.49 236.9 Laird 400.10 50.30 413.30 265.90 3.04 21.51 1522.8
RBSX 342.40 -10.80 414.00 326.10 - -31.55 38194.6 Food & Beverages Flybe Grp 93.75 0.25 135.75 52.00 - -8.52 474.2 Endeav Int' $ - - 0.60 0.02 - - - UNITE Gp 633.50 -3.00 640.00 395.60 0.85 12.12 267.0 Pace 360.10 - 520.80 352.60 1.21 10.31 463.1
StandChX 983.10 0.90 1261.04 867.50 5.62 14.51 3785.1 AngloEst 595.00 -15.00 690.00 539.00 0.54 11.97 3.9 Goldenpt 138.00 -4.50 370.00 113.80 - -0.74 4.9 EnQuest 37.00 - 136.00 21.50 - -2.53 2085.8 Urban&C 253.00 2.00 278.00 215.00 0.59 8.24 25.8 SpirentCM 93.75 - 98.87 65.95 2.52 43.69 200.2
..7.375%Pf 118.00 0.50 128.00 108.50 6.25 - 30.6 AscBrFdX 3159 8.00 3293 2407 1.08 44.27 480.7 OceanWil♦ 835.00 -5.00 1208 830.10 4.60 19.86 9.1 Exillon 120.75 1.63 175.57 95.00 - 5.84 4.4
RoyalMail♦ 492.80 0.40 532.50 388.00 4.06 15.16 1190.9
Retailers Tech - Software & Services
..8.25%Pf 126.75 - 141.00 119.50 6.51 - 31.1 Barr(AG) 576.00 -3.50 699.36 548.00 1.96 22.27 27.4 ExxonMb $X 83.01 -0.13 104.15 78.97 3.50 11.84 11135.3 AA 364.90 -0.10 434.50 238.25 - -158.17 991.1
TntoDom C$X♦ 52.67 0.03 58.20 49.67 3.98 11.79 3346.3 Britvic 687.00 -7.50 788.00 600.72 3.04 17.07 505.3 UK Mail♦ 505.50 -14.50 606.93 380.00 4.25 17.49 6.0 GenelEgy 383.50 1.00 1025 367.50 - -5.29 1196.6 Anite 125.75 0.25 129.75 69.25 1.51 39.36 495.1
AO World 125.00 - 336.00 119.00 - -209.03 431.0 AVEVA♦ 2235 21.00 2344 1183.9 1.23 34.43 114.5
VirginMoney 419.70 8.20 472.90 278.00 - 35.02 297.8 C&C € 3.53 -0.02 4.45 3.16 2.99 -13.92 18.4 Insurance GeoPark $ 3.90 - 11.00 3.59 - -6.54 147.6 AshleyL 28.25 - 36.00 24.50 7.08 11.23 903.9
Westpc A$X 34.74 0.34 40.07 31.00 8.27 13.49 4770.0 CarrsGroup 165.00 -1.50 178.50 136.00 2.06 12.67 11.9 GrnDnGas 302.38 2.63 548.50 293.00 - -20.55 0.0 Computcnt 753.50 -10.00 802.40 651.67 2.74 16.62 326.2
Admiral 1468 -23.00 1640 1175.33 3.28 14.28 635.7 Brown N♦ 317.90 -4.00 403.03 247.19 4.48 15.02 219.5 DRS Data 12.00 - 18.50 11.25 3.33 -2.45 5.0
Coca-Cola H 1307 2.00 1497 1051 2.10 20.89 327.5 GulfKeyst 25.75 -4.00 89.75 24.77 - -1.41 13737.7 Caffyns 587.50 - 665.00 480.00 3.19 1.78 1.5
Basic Resource (Ex Mining) Amlin 508.50 - 533.08 418.20 5.17 10.91 1480.5 Elecdata♦ 67.50 - 79.00 64.00 2.96 22.46 1.4
Cranswk♦ 1620 - 1650 1181.6 2.01 19.33 22.8 Aviva 518.50 1.00 578.68 458.20 2.94 10.87 6909.6 HellenPet € 4.68 - 6.04 3.40 - -5.42 0.0 Card Factor 339.90 8.60 375.00 200.00 - 32.00 235.3
Ferrexpo 58.50 - 142.10 47.60 7.60 4.41 699.6 MicroFoc 1379 - 1442 808.00 2.20 25.56 455.3
Dairy Cr♦ 572.00 1.50 574.00 367.39 3.74 38.39 227.4 Beazley 333.50 -8.00 345.90 235.00 2.82 11.60 2171.5 Hunting 520.50 11.00 918.83 383.90 3.66 18.12 595.9 Dairy Fm $ 8.49 -0.04 10.77 8.38 2.69 24.78 16.0
IntFerMet 1.95 -0.32 8.35 1.82 - -1.19 2759.8 NCC Grp 234.50 1.50 237.75 169.80 1.49 27.96 224.9
Devro 307.00 -1.25 328.00 230.00 2.87 117.13 39.1 Chesnar 339.50 1.25 364.75 287.00 5.32 15.38 72.8 ImpOil C$X 48.53 1.87 57.96 44.08 1.16 11.70 978.9 Debenhm 87.00 0.35 96.80 56.85 3.91 11.83 1257.0
Mondi 1529 -14.00 1552 919.00 2.02 20.28 1402.1
Glanbia € 18.63 -0.31 19.59 10.75 0.62 34.06 17.0 JKX 16.25 0.75 51.13 10.23 - -0.43 46.4 RM 174.75 3.75 175.00 120.00 2.29 11.00 2.9
Vale BRLX 17.45 -0.90 32.95 16.41 16.51 -5.09 9972.1 DirectLine 364.60 -3.10 379.20 283.96 3.83 14.04 3690.1 Dignity 2459 23.00 2491 1314 0.82 -28.26 107.4 Sage 515.00 0.50 584.00 346.70 2.35 28.19 2069.6
Grncore♦ 312.10 -6.60 359.40 228.50 1.75 21.08 657.7 Eccles prf 130.25 0.50 146.00 122.00 6.62 - 85.7 Lamprell 151.50 1.75 178.00 93.50 - 8.00 359.7 DixonsCar 448.90 -6.60 490.80 319.20 1.17 52.81 2223.9 SDL 400.00 - 472.00 306.00 - 49.32 37.9
Chemicals HiltonFd 448.00 1.00 500.00 342.25 2.88 17.94 0.2 Hansard 111.50 4.00 113.50 80.00 7.53 18.46 81.3 Nostrum 524.50 -10.50 825.00 370.00 4.50 16.49 34.9 Dunelm 891.00 -5.50 970.00 767.00 2.24 18.97 48.6
Kerry € 67.75 0.35 70.70 49.30 0.90 22.40 56.7 OphirEgy 114.90 4.50 256.40 103.50 - 18.87 2525.0 Telecity 1093 5.00 1250 815.63 1.24 86.84 1075.8
Alent 475.50 -0.40 493.96 294.56 1.92 28.00 180.3 Hiscox 919.50 0.50 934.50 615.50 2.56 11.29 259.3 Findel 200.25 -1.75 265.44 188.41 - -27.81 13.4
Nestle SFrX 72.90 - 77.00 64.15 2.88 16.50 3960.0 Petrofac 872.00 4.50 1203 594.00 4.85 38.98 1863.5 TriadGp 27.00 - 28.00 7.00 - 11.62 1.0
Bayer €X 133.75 -1.25 146.45 94.22 1.70 31.21 1909.9 JardineL 1036 -2.00 1112 815.00 2.79 20.25 40.9 Halfords 532.50 1.00 559.00 417.10 2.74 15.98 289.9
Carclo 143.13 0.88 169.75 80.00 1.85 -4.31 7.4 PremFds 39.50 - 47.79 26.13 - -1.55 479.8 Lancashire 640.00 -4.00 703.45 506.00 1.38 9.17 1014.2 Lukoil RUBX 2441 10.10 3297.7 1911.5 2.77 8.17 647.4 Inchcape 802.00 49.50 906.65 589.50 2.24 20.57 1760.2 Telecommunications
Croda 2988 -9.00 3046 1965 2.19 23.26 247.7 REA 310.50 6.50 473.00 292.00 2.61 12.00 0.0 Leg&Gen 260.10 1.20 296.02 209.20 3.77 15.73 11630.2 PremOil 136.40 1.00 354.00 119.60 3.96 -5.28 3241.1 JDSportsF♦ 746.50 19.00 746.50 375.10 0.91 21.23 185.0 BTX 467.95 -5.55 481.75 351.90 2.44 17.95 24641.7
Elemntis 255.20 2.10 324.10 225.50 2.07 11.10 977.4 SABMillX 3390.5 7.50 3857 3105 2.09 24.73 2863.0 NovaeGp 722.50 -3.50 759.50 511.50 3.20 9.24 28.7 RylDShlAX 1839 74.50 2475.5 1725.5 7.17 11.69 9144.3 Lookers 159.25 1.25 172.00 117.50 1.68 13.55 664.7 Colt Grp 187.50 0.40 192.91 113.10 - -76.69 514.0
Syngent SFrX 396.90 3.00 435.20 273.20 2.77 23.23 202.3 StckSpirit 191.50 0.25 316.00 176.75 0.51 14.02 66.0 Old Mut 212.80 1.50 241.60 163.80 3.97 17.02 7953.3 ..B 1861 84.00 2599 1745.82 6.90 11.83 9076.1 Marks&Sp 533.00 2.00 600.00 380.80 3.23 18.04 3362.6 Inmarsat 885.00 -15.00 1041.24 653.00 3.62 19.66 729.4
Synthomer 314.20 1.50 359.50 176.64 2.10 23.75 2445.1 Tate&Lyl♦ 544.00 -0.50 744.50 501.18 5.15 83.69 2921.9 PermTSB 0.06 - 0.10 0.05 - -0.08 0.0 Schlmbrg $X 83.52 -0.37 112.00 75.60 2.14 24.97 4610.2 MossBros 96.00 0.50 112.00 77.50 6.67 25.25 23.9 KCOM Gp♦ 94.50 0.50 102.41 78.50 5.33 38.71 202.4
Victrex 1919 29.00 2202.55 1542 2.35 19.39 200.4 TongtHu R 121.59 1.59 174.93 116.85 3.45 12.72 114.4 PhoenixGrp 849.50 4.00 935.00 690.00 6.29 8.80 230.0 SEPLAT 98.00 1.00 248.00 94.25 9.59 6.57 1.4 Next♦■ 7885 75.00 7900 6130 1.81 19.25 506.8 TalkTalk♦ 309.30 -17.10 415.10 261.00 4.07 40.25 2601.6
Unilever 2889 20.00 3087 2397 2.85 24.07 2582.5 PrudntlX 1520 18.50 1761.5 1287 2.30 17.50 4268.5 Soco Int 159.25 8.25 450.89 134.00 - 58.50 612.5 Ocado 387.60 -11.20 478.50 216.80 - 339.70 2482.8 TelePlus♦ 1145 18.00 1527.12 725.50 3.32 28.49 120.2
Construction & Materials ..NV € 41.07 0.58 42.98 28.81 2.85 23.95 10.4 TrnCan C$X♦ 50.37 1.11 63.86 48.46 4.21 19.25 896.5 Pendragn 38.50 0.75 41.50 28.25 1.56 11.25 2417.7
RSA Ins 517.00 -1.00 525.00 391.70 - -35.90 4129.8
Alumasc 155.50 -2.00 166.73 110.00 3.22 13.44 24.6
SagicFin 64.00 -2.00 68.00 55.00 4.21 5.40 1.0 Tullow 246.60 11.10 766.07 220.80 1.71 -2.28 9742.2 Photo-Me 150.25 -1.50 155.68 107.85 2.86 20.23 336.1 Tobacco
BalfourB 230.70 -1.80 262.40 145.59 6.11 -5.26 1233.7 Health Care Equip & Services BrAmTobX 3740 59.50 3894 3303 3.96 17.36 4317.6
Bioquell 138.00 -0.50 155.50 80.00 2.39 -57.69 5.5 StJmsPl 971.50 -1.50 1008 637.00 2.40 28.91 1619.6 Pharmaceuticals & Biotech Saga 205.00 -4.50 225.10 143.75 - 24.12 928.8
..CvPf 119.50 - 124.50 101.00 8.10 - 122.0 SignetJwl♦ 7788 14.00 9499 5950 0.64 23.78 1.5 ImpTobX 3349 -16.00 3413 2474 3.83 16.77 2168.4
ConstMed 932.00 8.00 1045 650.00 1.94 61.72 53.8 Stan Life 451.90 5.90 505.68 354.96 4.38 23.55 3481.1 BTG 651.50 -8.50 835.87 578.50 - 72.38 510.0
Boot(H) 235.25 -0.75 245.00 170.00 2.23 14.74 20.9 SuperGroup 1430 -5.00 1445.17 750.00 - 29.74 94.2
ClarkeT 78.50 -1.00 84.01 37.50 3.31 -54.18 16.0 GNStre kr 138.70 -0.70 158.50 122.50 0.67 26.98 437.8 Media CathayIn 24.38 -0.63 36.50 16.00 - -110.80 8.7 Travel & Leisure
UDGHlthC 494.80 3.70 551.50 315.20 1.48 13.99 388.9 Dechra 972.50 -0.50 1068 680.50 1.58 38.63 34.0 TescoX 214.65 1.65 269.56 155.40 5.26 -3.06 16011.0 888 Hldg 169.50 -2.75 185.75 114.75 3.84 16.57 224.3
Costain 332.50 -2.00 348.00 250.00 3.31 15.31 156.1 4imprint 1199 14.00 1200 651.00 1.71 27.50 21.9 Thorntns 145.00 -0.13 147.00 62.00 - 22.18 53.8
CRH 1879 -9.00 2478.5 1220 2.58 6.14 1280.6 Blmsbury 164.13 0.63 185.00 140.50 3.57 13.79 11.1 Genus 1440 -13.00 1535 1001 1.23 27.58 85.3 AirPrtnr 416.75 5.38 470.31 245.00 4.96 15.15 24.1
House, Leisure & Pers Goods GlaxoSmhX 1389 14.50 1645 1296.5 5.76 6.99 15713.4 VertuMotor 64.00 0.50 67.00 50.50 1.33 13.40 244.7 bwin.party 113.70 1.20 128.00 70.40 3.15 -13.01 4589.0
GalfrdT 1739 -19.00 1785 1085 3.05 17.72 160.8 Centaur 78.00 -3.25 84.00 55.75 3.33 11.55 116.4
AGARmst 183.75 0.50 184.00 78.44 - 1276.04 238.9 HikmaPhm 2405 -2.00 2617 1580 0.54 26.98 1311.9 Cineworld 512.50 -3.50 523.00 298.40 1.99 23.39 423.0
Keller 1058 -5.00 1105 742.00 2.31 -251.13 47.4
BarrttDev 625.50 3.00 654.50 323.50 1.65 16.56 2645.7 ChimeCm 345.25 70.75 364.25 239.00 2.22 35.96 1805.1 Support Services
KierGp 1424 -10.00 1790 1260 4.04 36.84 86.4 Creston 146.00 3.00 146.15 102.62 2.77 11.73 70.8 Oxfd Bio 9.00 -0.58 13.38 2.85 - -20.98 5361.2 Acal♦ 300.75 3.00 334.75 180.00 2.39 62.66 1.3 CompassX 1031 3.00 1223.36 924.41 2.62 20.02 5333.1
Bellway 2361 18.00 2462 1435 2.20 12.20 189.3 RichterG $ 15.86 0.27 17.28 12.20 1.23 25.60 0.0 EntInns 113.60 -2.10 139.60 96.85 - 19.02 329.7
Kingsp € 22.75 0.63 23.11 11.03 0.72 33.44 63.3 DlyMailA 798.50 -3.00 989.50 699.00 2.55 10.86 822.4 Aggreko 1215 -17.00 1804 1150 2.26 14.75 1110.2
Berkeley 3298 25.00 3516 2033 5.76 12.60 384.8 ShireX 5590 -110.00 5755 3448.28 0.27 14.28 1769.6 FirstGrp 115.50 0.60 129.90 88.65 - 18.55 1049.7
LowBonr 70.00 -0.75 89.72 44.25 3.86 18.02 33.9 HaynesPb 124.00 - 192.00 110.00 6.05 14.32 0.8 APR Engy 113.00 -3.25 603.50 92.25 9.37 -0.22 119.3
BovisHme 1121 10.00 1177 717.43 1.92 14.34 209.0 VecturGp 178.50 1.50 183.75 113.25 - 198.55 440.6 Fuller A 1165 4.00 1205 890.00 1.35 23.10 365.6
Marshlls 320.50 0.50 331.00 160.00 1.72 32.41 56.0 ITE Grp♦ 184.75 0.75 211.90 125.00 4.01 14.76 50.5 AshtdGp 964.00 -1.50 1231 849.50 1.27 16.03 2725.8
CrestNic 531.00 9.50 587.92 291.98 2.69 11.88 585.5 Go-Ahead 2541 -2.00 2745 2118.84 3.33 16.40 35.5
MorgSdl 805.00 -8.75 865.00 570.00 3.35 19.35 7.7 ITV 271.60 -4.60 279.27 192.10 1.73 20.86 10003.2 Real Estate AtknsWS♦ 1553 5.00 1572 1225 2.21 18.19 152.9
GamesWk 555.00 -4.25 635.00 487.25 9.37 14.50 0.1 GreeneKg 858.00 -7.00 891.00 712.00 3.31 20.46 597.2
Norcros 20.00 -0.50 22.76 14.69 2.63 15.38 250.1 JohnstnP 113.88 -0.50 7830 100.00 - -258.81 19.7 Babcock♦ 985.50 -53.50 1207 924.50 2.22 18.72 3476.0
Gleeson 445.00 - 465.00 322.35 1.35 13.91 4.9 Harworth Gr 12.25 -0.25 14.00 5.35 - 21.42 41.8 IrishCtl € 4.31 0.04 4.45 2.58 2.61 12.92 35.0
StGobn € 42.69 0.71 44.00 29.51 1.47 28.28 2464.9 News Corp A $ 14.80 -0.03 18.03 14.04 - 33.54 2129.4 Berendsen 1000.00 -6.00 1161 895.50 2.87 19.07 178.5
Headlam 474.50 -0.50 512.00 390.00 3.34 16.67 1.2 REITs Ladbrokes 111.50 -2.60 147.00 101.02 7.98 25.12 6355.1
Tyman 309.00 -5.00 342.00 228.25 2.59 44.82 762.3 NewsCpB $ 14.29 -0.05 17.50 13.64 - 32.38 901.2 Brammer 322.00 5.25 455.00 265.00 3.32 44.94 585.9
McBride 118.00 -2.00 120.25 74.00 - -12.65 49.5 Assura 55.00 1.00 62.25 43.08 3.36 11.70 356.1 MandarO $ 1.61 - 1.85 1.47 4.11 16.70 243.6
Persimn Pearson 1193 -3.00 1517.42 1092 4.27 51.10 3339.0 Bunzl 1820 16.00 1969 1517 1.84 28.55 647.4
Electronic & Electrical Equip 1986 12.00 2072.46 1187 - 16.32 865.6 BigYellw 694.00 -2.00 710.00 479.40 2.71 9.66 72.9 Capita 1279 8.00 1336 1000.5 2.28 34.67 1595.2 Marstons 155.00 0.40 174.40 134.50 4.32 -32.82 1300.5
Philips €X 25.32 0.32 28.00 20.69 - 100.99 3888.6 Quarto 210.00 - 214.99 136.66 3.99 7.24 5.0
Dialight 551.00 57.00 960.00 398.00 2.72 29.48 439.1 BritLand♦ 829.50 -6.00 891.50 649.00 3.32 5.24 2023.0 Carillion 345.90 0.30 371.40 294.03 5.09 27.21 794.2 Natl Exp 297.80 -2.30 324.80 213.40 3.46 18.45 529.3
PZCusns 345.00 2.10 392.10 289.76 2.25 16.15 381.2 RELX NV € 14.36 0.18 24.17 13.85 - - 3278.3
e2v Tech♦ 227.00 -0.25 268.00 145.44 1.98 20.95 24.6 Cap&Reg 61.50 -0.50 63.00 44.94 1.22 4.73 445.5 Comnsis 48.25 -1.75 70.00 44.65 4.15 -6.62 818.3 PPHE Htl 589.00 1.00 605.00 392.50 2.77 7.61 16.5
ReckittBX 6104 11.00 6167 4895 2.28 25.94 1181.7 RELX PLCX 1097 -4.00 1199 921.50 2.27 103.23 3398.4
Halma♦ 751.00 8.00 785.50 552.50 1.53 27.33 494.2 Countrywd 531.00 -22.00 608.00 404.30 2.82 26.45 1137.5 ConnectGp 149.75 1.75 191.45 128.02 6.27 11.74 4.6 Rank Gp 239.00 - 246.30 151.90 1.88 19.78 42.4
Redrow 457.20 - 473.20 224.00 0.66 11.92 407.4 STV Grp 452.50 -2.50 460.00 322.00 0.88 12.04 1.3
MorganAd 346.20 1.20 365.50 258.10 3.15 59.90 1454.8 DrwntLdn 3629 -21.00 3714 2535 1.03 5.07 162.9 DCC 5050 -5.00 5320 3050 1.57 33.20 186.5 Restaurt 665.00 3.00 748.70 596.00 2.23 22.23 327.4
TaylorWm 190.40 5.00 197.90 104.60 0.82 14.99 24464.6 ThmReut C$X 53.08 2.34 53.18 39.45 3.24 16.85 1009.5
OxfordIn 915.00 2.00 1287 671.58 1.36 78.19 54.2 Gt Portld 828.00 -3.00 877.00 600.04 1.07 5.62 512.5 DeLaRue♦ 501.00 1.00 779.00 467.40 7.29 14.97 544.3 Sportech 66.50 -1.00 87.50 47.00 - -6.39 0.5
TedBaker 3208 49.00 3235.89 1651 1.11 39.59 20.5 UTV Med 154.75 -0.25 223.56 137.00 4.57 10.77 89.2
Renishaw 2091 -9.00 2672.9 1520 1.97 13.65 90.1 Green Reit € 1.54 -0.01 1.70 1.20 - - 13.7 Diploma 756.50 -15.50 916.50 627.00 2.25 23.10 92.5 Stagech 387.50 0.30 437.90 331.60 2.53 16.05 361.2
WPPX 1461 -5.00 1616 1091 2.41 18.14 3160.4
Spectris 1979 31.00 2420 1606 2.35 18.33 405.1 Industrial Engineering Hammersn 655.00 -5.50 708.00 537.00 3.11 7.56 1727.7 Elctrcmp 200.30 -5.50 263.10 197.20 5.87 12.56 1195.5 ThomasCook 125.90 -0.50 162.20 99.40 - -32.50 13215.4
TT Elect 147.50 -0.50 188.03 96.00 3.73 -22.35 56.1
Bodycote 682.50 32.50 797.59 542.50 2.11 21.84 354.7
Mining Hansteen 119.20 -0.60 128.95 98.70 4.11 7.03 359.6 EnergyAst 560.00 18.50 640.00 375.00 - 21.05 18.4 TUI 1071 - 1294.78 996.74 - 73.70 756.1
XP Power 1590 4.00 1695.92 1340 3.90 15.80 0.3 Acacia 244.80 4.20 318.90 191.70 1.09 24.49 516.1 HIBERNIA ♦ 1.30 - 1.34 1.03 - - 6529.7 Essentra 960.00 8.50 1069 624.50 1.70 32.69 358.9 Whitbrd 5145 - 5475 3767 1.40 25.37 321.1
Castings♦ 442.38 1.88 525.00 360.00 2.95 13.91 2.2
AngloAmer 805.70 -7.90 1653.5 764.90 6.77 -2.33 6885.0 Highcrft 1020 5.00 1050 795.00 3.53 18.69 0.7 Experian 1176 -4.00 1264 909.95 2.20 22.97 1827.8 Willim H 403.30 2.00 432.10 330.60 2.95 17.23 3067.1
Financial General Fenner♦ 164.00 -1.00 374.50 156.00 7.32 796.12 745.1
INTU 326.50 -6.20 376.50 305.50 4.20 17.07 2767.0
Goodwin 2522.5 22.50 3750 2120 1.68 10.11 0.1 AngloPacif♦ 81.75 0.50 192.00 74.75 12.48 -1.94 38.8 Grafton 697.00 -4.00 868.00 559.00 1.33 20.51 203.5
3i 545.00 -1.00 571.50 343.61 - 7.47 1484.6
AnGoldA R 79.00 0.20 193.86 75.81 - -24.30 2660.6 LandSecs 1283 -10.00 1363 988.50 2.46 4.21 1401.3 Utilities
AberAsM 363.30 -4.70 509.64 356.20 4.95 16.01 5676.6 Hill&Sm 689.25 3.25 720.00 503.50 2.38 19.89 3.7 HarvyNah 100.88 0.88 112.00 66.32 3.31 14.01 6.1 Centrica 266.60 -8.60 327.00 234.40 5.06 -26.82 27035.7
IMI 1078 10.00 1454.55 1052.23 3.35 15.71 1211.2 Antofagasta 580.50 -4.50 852.00 568.50 10.76 19.41 2158.3 LondonMtrc 160.80 - 173.20 132.30 4.35 6.30 500.1 Hays 164.90 -1.10 173.70 108.15 1.59 24.51 2851.1
Ashmore 263.40 -1.60 365.10 249.00 6.25 12.60 1129.8 McKaySec 265.00 2.50 270.00 215.00 3.25 7.47 44.4 DeeVally♦ 1405 - 1450 1135 4.45 18.65 1.1
MelroseInd 269.30 -8.10 314.78 242.70 3.09 42.14 6666.0 ..5%Pf 0.60 - 0.60 0.60833.33 - - Homesve♦ 428.50 -4.20 447.84 293.80 2.84 23.68 166.3
BrewDlph 313.00 1.90 361.00 236.80 3.16 47.57 428.5 MucklGp 497.50 7.38 510.00 421.00 4.07 5.79 30.9 Drax 288.90 3.50 741.00 246.00 4.12 6.76 2123.1
Renold 77.38 -0.38 86.00 49.00 - 31.38 107.9 AquarsPl 6.25 -0.05 25.25 5.53 - -2.66 1535.5 HowdenJny 478.10 -1.00 532.00 309.00 1.76 20.35 2469.1
Canaccord 355.00 - 729.00 300.00 3.00 -24.42 0.1 PrimyHth 405.75 -0.75 410.55 324.00 4.81 13.66 79.0 Natl GridX♦ 842.70 3.50 965.00 815.70 5.01 15.79 5712.0
Rotork 213.20 2.20 289.00 207.10 2.31 17.99 2984.5 AsiaResM# 36.75 - 72.00 3.61 - -1.55 - Intserve 644.50 6.50 878.50 487.20 3.44 20.34 162.2
CtyLonInv 350.50 -0.75 365.00 251.25 7.35 16.45 16.5 Redefine 51.50 -0.60 59.90 48.00 6.21 5.09 361.1 Pennon 807.00 2.50 925.00 745.30 3.82 25.09 760.0
Severfd 70.25 0.25 72.29 57.00 - 1463.54 23.7 Barrick C$ 9.16 -0.22 21.14 8.87 2.99 -2.65 2916.9 Intertek 2438 19.00 2888 2141 1.93 22.42 392.1
CloseBrs 1441 - 1857.39 1231 3.40 13.20 192.5 UtdUtils♦ 883.00 -0.50 1045 784.00 4.14 22.24 1623.7
AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence PolarCap 433.50 -4.00 500.00 351.00 6.11 17.07 2.0 Insurance Egdon Res 10.63 - 25.93 6.24 - -6.81 27.9 LXB Retail 83.00 -0.75 149.00 81.00 - - 222.0 Tech - Hardware
Cohort 337.00 12.50 365.00 193.00 1.29 25.28 18.4 Share 30.00 - 41.68 29.00 2.07 319.15 46.8 Gable 19.50 -0.50 84.00 18.50 - -5.46 243.8 Enegi Oil 0.68 - 4.50 0.58 - -0.25 64.9 MirLand 51.00 -3.00 235.00 50.00 - -0.90 2.0 AminoTech 169.50 9.00 171.00 75.24 2.95 15.09 84.8
ShoreCap 412.50 - 431.50 400.00 2.18 19.85 0.7 Helios 192.50 - 200.00 120.00 0.78 15.74 1.8 EuropaOil 5.63 -0.13 10.75 4.65 - -7.99 420.8 NewRiver 330.00 -2.00 333.60 271.00 2.58 17.85 285.7 IQE 25.50 - 26.50 12.08 - 105.81 1161.4
Banks STM Group 44.50 -3.50 55.90 16.50 - 26.77 94.4 FalkldO&G 23.00 -1.50 45.00 16.75 - -59.13 357.9 Palace Cap♦ 365.00 - 405.00 295.00 2.33 4.55 93.7
BCB Hldgs 8.00 - 14.17 6.00 - -1.35 0.5 WH Ireland 117.50 1.00 130.00 79.00 1.70 45.21 15.0 Media FaroePet 83.25 2.00 117.44 58.00 - -3.68 856.6 PnthrSec♦ 337.50 5.00 354.00 295.00 3.56 12.93 1.3 Tech - Software & Services
STB 2915 10.00 3024 2245 2.33 21.18 1.1 Avesco 212.50 - 233.00 95.00 2.82 14.81 29.7 GETECH 48.00 1.00 71.70 32.00 4.58 7.27 37.6 PSPI 29.50 - 30.50 21.00 - -5.46 2.4 Blinkx 26.00 0.25 45.00 23.25 - -7.44 1037.2
Food & Beverages Cello Gp 102.50 2.00 106.70 81.00 2.35 38.93 89.8 Infrastrata 3.63 - 9.25 2.75 - -3.16 28.1 SiriusRE € 0.46 - 0.51 0.28 0.73 6.69 46.6 BondInt♦ 126.50 - 148.25 83.00 1.74 24.49 5.8
Basic Resource (Ex Mining) FinsbryFd 97.00 -0.50 100.00 56.00 1.03 13.00 144.1 M&Csaatc 310.25 4.25 395.00 235.00 1.82 -1309.07 23.9 Brady 103.50 - 110.13 64.00 1.64 185.48 54.1
Iofina 21.13 0.38 65.75 20.00 - -6.31 339.1 SumGermny €♦ 0.94 - 0.99 0.50 2.09 3.56 5.6
CropperJ♦ 515.00 5.00 527.67 355.00 1.53 25.60 96.8 Nichols♦ 1380 -40.00 1448.75 834.56 1.62 23.90 17.0 MissionMk 46.50 -0.25 51.25 37.00 2.15 9.19 2.1 Datatec 330.00 -5.00 362.95 261.25 3.33 13.82 6.2
Ithaca Engy 38.75 - 138.00 26.25 - -2.83 213.2 TaliesinPr 2322.5 2.50 2545 1750 - 9.51 0.2
PureCircle 405.00 - 635.00 352.24 - 315.42 4.1 Next15Cm♦ 191.00 - 198.00 110.04 1.45 123.54 4.3 DDD 3.00 - 6.25 1.25 - -3.12 59.3
Chemicals KBC Adv 120.00 - 126.00 77.00 0.83 21.68 86.6 Winkworth 165.00 -2.50 180.00 115.00 3.58 13.99 5.7
RealGdFd 55.00 -0.50 59.40 23.00 - -6.88 6.3 YouGov 109.00 - 133.00 98.50 0.73 196.04 11.8 Max# 0.16 - 1.62 0.08 - -0.08 634.1 Eckoh 38.25 - 48.50 33.00 0.82 45.21 36.4
Scapa♦ 207.75 -2.00 225.25 120.00 0.48 33.48 78.4 Retailers
Wynnstay 555.00 -5.00 607.25 474.52 1.84 15.64 11.7 PetrelRes 3.00 - 8.80 2.50 - -1.30 55.0 EgSoltns 67.00 -3.00 84.00 52.00 - 19.02 13.7
Construction & Materials Mining ASOS 3358 -29.00 4259 1742 - 77.20 796.5 Iomart 247.50 2.38 288.21 159.93 0.71 30.03 45.9
Health Care Equip & Services Petroceltic 68.25 4.25 224.00 63.00 - -0.74 98.2
Abbey 1012.5 - 1042.5 800.00 0.85 10.44 1.4 AMC 17.75 -0.25 44.58 2.50 - -87.87 3038.4 Koovs 72.50 - 171.00 60.00 - - 4.0 K3BusTc 271.50 - 273.00 205.00 0.46 30.13 3.0
Advnc Med 152.00 0.50 161.00 109.00 0.41 24.99 76.0 PetroNeft 4.45 - 6.65 3.60 - -5.48 75.6
AccsysTch 67.63 0.13 81.50 0.92 - -6.66 131.6 BeowMin 1.53 - 4.00 1.15 - -1.66 1492.6 Majestic 425.00 -6.25 453.50 280.00 3.76 20.87 221.6 Monitise 5.22 0.39 52.50 4.71 - -1.03 55668.5
AVO 6.88 - 16.90 3.40 - -9.17 1744.4 Plexus 232.75 -2.25 272.00 165.00 0.47 37.46 10.7
Aukett 7.13 - 9.50 5.76 2.95 9.35 73.3 BotswanaD 0.98 - 4.15 0.87 - -2.09 5.5 StanlGib♦ 244.00 -1.00 322.00 215.00 2.97 61.37 20.3 OMG 42.25 - 49.00 26.00 1.18 121.76 7.9
CareTech 258.50 12.00 263.25 190.00 3.09 12.19 73.9 PresidentEn 11.75 0.25 39.48 10.50 - 5.23 526.6
CentAsiaM 161.25 -0.25 198.00 135.16 6.51 4.56 11.3 Progility 3.25 - 11.49 3.00 - 3.44 185.0
Rockhop 60.50 - 95.50 51.00 - -11.83 683.9 Support Services
Electronic & Electrical Equip ImmunDiag♦ 290.00 - 530.00 266.00 2.93 36.29 22.0 Connema 1.25 0.13 3.81 0.25 - -2.17 528.8 Pub Tech 127.50 - 240.00 120.00 - -3.93 20.0
SphereMed 17.75 - 31.00 15.50 - -2.00 11.5 Sound Oil 15.00 - 26.73 8.75 - -10.97 1584.8 AndSyks 342.50 - 385.00 260.00 6.95 15.55 3.0
CeresPow 9.06 0.16 11.75 6.50 - -6.59 77.5 C'royG&NR 0.75 - 1.60 0.50 - -8.15 537.0 SciSys 63.00 - 96.75 38.50 2.38 8.68 3.7
Tristel 97.00 0.50 107.99 65.00 1.67 24.18 36.5 TowerRes 0.19 -0.01 1.18 0.09 - -0.18 5939.8 Augean 55.00 - 56.75 37.65 0.64 12.20 42.2
Densitrn 7.25 - 9.75 3.50 - 31.52 12.8 GrekaDrill 6.00 0.13 16.80 5.50 - -6.47 431.9 WANdisco 197.50 1.00 545.00 190.00 - -1.93 50.7
TrinityE 4.66 -0.60 93.57 1.75 - -0.05 412.8 Begbies 47.50 -0.50 55.00 38.50 4.77 18.57 97.7
ElektronT 6.75 - 8.70 3.25 - 67.50 24.2 House, Leisure & Pers Goods Herencia 0.16 -0.01 0.49 0.15 - -2.05 2302.1
UnJackOil 0.19 -0.02 48.00 0.19 - -4.75 5728.9
FlowGp 15.50 - 50.00 12.75 - -3.93 145.1 HighldGld 43.00 0.25 74.54 17.73 12.33 -8.74 392.7 Christie 145.00 - 162.00 114.00 1.21 16.13 18.5 Telecommunications
Airea 18.50 - 19.80 10.25 3.24 12.06 45.0 VictorOil 60.25 -0.75 89.05 1.21 - -1.74 91.1 Empres 82.50 -2.50 91.50 38.13 0.42 10.96 58.0
LPA 70.50 - 112.00 60.00 2.20 62.28 3.0 KarelianDd 1.03 - 2.08 0.80 - -14.64 388.4 AltNetwks 507.50 -2.50 545.00 415.00 2.86 27.40 8.5
Churchll 560.00 - 630.00 425.00 2.64 18.21 9.1 VolgaGas 59.50 - 127.00 55.00 4.04 5.85 7.7 Hargreaves 298.00 - 815.00 280.00 8.56 3.16 24.4
ThorpeFW 188.50 -1.00 192.00 120.00 1.72 20.86 31.4 KEFI Min 0.73 -0.03 1.80 0.67 - -1.79 622.9 AvantiCom 204.75 1.00 325.00 162.75 - -3.65 17.4
gamingrealm 27.63 0.63 41.00 20.00 - -5.91 54.6 Hydrogen 55.50 - 90.25 48.25 8.29 -132.14 5.9
Zytronic 303.50 -5.50 319.00 197.00 3.30 14.84 38.7
Mulberry 904.00 4.00 969.00 562.50 0.55 -385.17 0.6
OracleC 1.33 - 2.00 0.25 - -6.43 176.4 Pharmaceuticals & Biotech Peoples Op 126.50 - 147.60 121.50 - -55.85 0.1
RamblMtls 11.25 -0.25 27.40 9.00 - -39.20 50.0 Abcam 580.50 -7.50 593.00 355.25 1.34 33.04 301.5 Impellam 787.50 57.50 850.00 455.00 0.79 12.86 18.2
Financial General Portmern 907.50 -2.50 960.00 802.00 2.70 15.84 0.0
ShantaGold 5.88 - 13.30 5.40 - 4.85 317.8 ISG 172.00 - 356.00 140.00 5.49 -6.28 50.7 Travel & Leisure
SinclairW 9.38 -0.25 73.80 9.55 - -1.16 22.9 AllcePharm 54.63 0.38 55.00 31.65 1.72 17.30 46.0
Ambrian 7.50 - 12.50 5.25 - 22.73 3.2 SierraRut 23.88 0.13 46.50 17.00 - -20.42 15.0 JhnsnSrv 88.00 - 91.00 56.00 1.49 30.34 48.7 CastleStIn 34.88 - 40.78 17.00 8.60 - 52.7
TelfordHms 413.75 4.50 495.00 245.50 2.47 12.69 333.6 Epistem 212.50 -27.50 339.00 210.18 - -7.10 4.8
Arbuthnot 1612.5 - 1645.85 1000.00 1.67 22.14 6.8 Sirius Min 17.25 0.50 29.50 6.40 - -338.24 5360.6 JourneyGp 159.00 - 162.00 113.00 1.81 13.78 1.6 Celtic 75.25 - 79.00 72.81 - -19.58 2.1
WalkerGb♦ 235.50 - 244.85 151.05 0.82 28.46 22.9 e-Thera 38.50 - 49.40 24.25 - -13.08 4.0
Aurora 9.13 - 14.25 8.00 - - 1.5 SolGold 2.25 - 7.38 2.01 - -4.27 1909.2 LonSec 2145 -30.00 2450 1900 2.89 20.75 0.0 ..6%CvPf♦ 65.00 - 80.00 35.00 4.98 - 5.2
GW Phrms 602.00 -4.50 708.55 299.11 - -79.61 186.6
BP Marsh 144.50 - 156.75 116.75 1.90 8.56 0.7 Industrial Engineering Stratex 1.35 - 3.22 1.00 - -2.59 420.0 Matchtech 570.00 - 593.00 495.00 3.51 17.78 0.7 ..Cv Pf 135.00 - 150.00 120.00 - - 0.8
HtchChMd 1730 27.50 2020 950.50 - 1544.64 9.9
BrooksMac 1783 1.50 1820 1300 1.46 28.47 3.5 Xtract Res 0.24 -0.01 0.49 0.06 - -2.61 40671.9 NewmkSec 4.20 0.08 4.85 1.66 1.79 8.94 354.2 Dalata 287.50 - 294.00 111.15 - 101.91 0.1
600 Grp 18.00 - 22.05 14.60 - 6.99 2.8 ImmuPhar 43.50 0.50 67.00 37.00 - -12.66 241.5
Camellia 9524 76.50 10694 8450 1.31 92.76 2.2 ZincOx 12.50 -0.25 18.00 6.00 - -0.92 62.9 NormanBr 18.00 - 25.00 16.00 - -1.95 5.0 Dart 443.00 -2.00 452.00 193.46 0.63 20.15 222.4
Molins 82.00 1.00 167.00 74.50 6.71 -53.28 33.9 ReNeuron 5.63 -0.13 6.50 2.75 - -12.50 2114.2
CaptlMgt 117.00 - 205.00 103.00 - -1.50 0.0 NWF 157.00 -1.00 159.04 120.00 3.25 16.09 91.3 GoalsSocc 200.00 -1.50 242.00 198.00 0.93 22.49 8.5
MS Intl 189.00 - 203.00 116.00 4.23 23.05 2.0 Sareum 0.24 - 0.68 0.20 - -4.05 3742.5
Fairpoint 132.50 - 141.75 105.66 4.64 20.28 14.0 Oil & Gas Optimal Pay 259.00 -7.50 575.00 215.00 - 21.53 3026.1 MinoanGp 9.38 - 15.73 7.25 - -15.27 1.9
Pres Tech♦ 237.50 -2.50 750.00 180.00 3.54 14.40 6.2 SinclairIS 45.75 0.25 48.00 23.30 - -17.54 197.8
Leeds 37.50 2.00 43.79 30.00 - 9.18 70.0 AlkneEng 23.00 - 40.35 19.50 0.87 10.29 26.8 PennaCns 219.50 - 225.00 116.00 1.22 133.52 100.0 PeelHtls 105.50 - 110.00 74.50 - 22.59 1.5
TP Group 3.88 0.13 7.40 3.00 - -4.38 454.3 Vernalis 75.50 2.00 75.50 30.75 - -113.53 314.6
MattioliWds 565.50 - 570.00 414.00 1.61 25.32 10.6 AmeriRes 35.25 1.00 67.25 19.10 - 21.57 1570.5 Petards 11.13 0.25 15.99 9.75 - 10.03 8.0
Miton 25.00 -0.75 38.50 18.50 2.16 -7.65 175.2 Industrial General AndesEnrg 29.50 0.75 49.42 16.50 - -21.77 3.4 Real Estate Utilities
RedhallGp 12.38 - 28.00 8.50 - -0.43 1.6
MAB 243.25 0.75 268.49 160.00 - 25.37 2.8 BahamasP 2.24 0.09 4.70 1.50 - -9.57 343.5 ModernWtr 12.25 - 30.30 12.00 - -0.55 16.3
Powerflte 79.25 0.75 80.00 35.00 1.32 49.28 201.5 Conygar 179.50 1.00 195.00 160.00 0.97 9.10 28.5 Renew 336.50 -1.00 348.00 227.00 1.49 19.50 28.1
Numis 260.50 -4.75 280.00 196.09 4.03 19.78 49.4 BorSthnPet 3.00 -0.38 14.50 3.00 - -5.83 466.8 RenEnGen 47.75 -0.13 68.00 47.00 4.61 -33.37 94.0
RM2 65.00 -0.25 79.95 46.00 - -6.83 239.5 FltchKng 45.00 - 65.00 38.00 6.67 6.26 6.5 Restore 250.00 -0.50 289.00 175.00 0.84 41.70 78.4
Park Grp 73.50 -0.50 74.00 47.00 3.47 15.97 28.7 Circle Oil 7.63 0.13 28.70 7.24 - -1.24 493.7 Rurelec 1.63 - 8.50 1.55 - -3.10 187.0
Symphny 8.50 - 11.22 6.50 - -36.32 33.7 InlandHms♦ 69.25 1.00 73.50 43.00 0.87 21.89 898.1 SafeCharge 264.00 -1.00 297.00 192.43 0.70 39.68 28.1
Plus500 381.25 0.75 781.00 198.00 6.48 6.67 209.6 ClontarfEn 0.38 - 1.48 0.26 - -4.08 2.6 SeaEnergy 10.50 0.25 39.50 10.00 - -2.33 32.0
Lok'nStor 288.00 2.50 300.30 199.17 2.43 122.40 8.5 Servoca 23.75 - 26.03 11.00 - 17.67 6.5
Utilityws 235.00 -3.00 312.50 192.34 1.70 16.39 194.0
Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) Edin Inv♦ 687.00 3.00 706.00 565.20 3.44 699.6 -1.8 JPM I&C Uni 366.00 1.00 370.50 330.06 - 374.4 -2.2 ScotAmer 265.25 1.00 276.50 221.99 3.98 250.2 6.0 Albion Ent 89.50 2.00 92.00 85.00 5.59 95.3 -6.1 MMP 3.13 - 5.00 3.00 - - -
Price +/-Chg High Low Yld NAV or Pm Edin WWd 488.75 -1.00 502.44 332.25 0.41 497.4 -1.7 JPM Inc&Gr 112.00 - 115.85 98.50 1.96 117.1 -4.4 Scottish In 626.00 -2.00 670.00 536.00 1.92 691.7 -9.5 AlbionTech 75.50 - 78.75 71.25 6.62 80.2 -5.9 Marwyn Val 235.50 - 251.93 196.00 - - -
3i Infra■ 167.40 -0.10 189.56 151.00 4.47 - - EP Global 247.25 - 262.10 207.04 1.09 244.3 1.2 JPM Ind 527.25 -0.25 605.50 402.83 - 594.4 -11.3 ScottMort 268.50 1.20 283.40 202.70 1.08 258.6 3.8 AlbionVCT♦ 66.50 - 68.65 63.00 7.52 68.4 -2.8 TerraCat 105.00 - 126.70 64.00 - - -
AbnAsianIn♦ 184.00 - 213.80 181.00 4.29 181.7 1.3 Estabmt♦ 163.00 - 188.00 158.50 2.88 207.7 -21.5 JPM JpSm 241.38 0.63 261.75 184.00 - 275.8 -12.5 ScottOrtll 765.00 -4.50 900.00 759.00 1.50 872.4 -12.3 Amati VCT♦ 66.75 - 74.50 65.78 7.49 70.2 -4.9
AbnAsian 783.00 1.00 1014 766.50 1.28 892.6 -12.3 Euro Ast 1105 -2.50 1160 800.00 - 1091.9 1.2 JPM Jap 295.25 -1.75 307.95 195.00 - 318.9 -7.4 SecTstScot 134.50 -0.13 148.00 129.00 3.57 143.6 -6.3 AmatiVCT2 103.25 1.25 113.97 101.52 6.54 107.7 -4.1 ISDX
AbnJapInv 553.00 0.50 562.00 357.50 0.81 538.3 2.7 EuroInvT 799.50 -1.00 849.00 659.33 1.75 834.8 -4.2 JPM Mid 950.00 - 950.00 669.10 1.89 1017.4 -6.6 Seneca I&G 146.50 - 150.00 131.00 3.82 148.2 -1.1 ArtemisVCT 62.00 - 70.52 59.23 6.45 70.0 -11.4
F&C Cp&I 265.00 0.13 277.00 231.75 3.74 265.8 -0.3 JPM O'seas 1058 1.00 1159 890.95 1.42 1146.2 -7.7 Shires Inc♦ 233.50 0.50 261.00 216.26 5.14 248.2 -5.9 Baronsmd 73.63 - 75.31 69.50 4.75 76.4 -3.6 52 Week Vol
AbnLatAmIn♦ 53.38 0.25 85.68 51.00 7.96 59.2 -9.8
F&CGblSmlr♦ 972.25 -3.25 1028.92 781.00 0.84 965.4 0.7 JPMRussian 315.38 1.38 447.00 223.25 4.12 367.1 -14.1 StdLf Eqt 453.88 2.88 469.00 362.50 3.08 458.0 -0.9 ..VCT 2 95.38 - 97.50 91.00 4.72 98.7 -3.4 Price +/-Chg High Low Yld P/E 000s
..Sub 0.30 - 5.50 0.20 - - -
F&CMgdG 155.50 -0.50 158.00 130.00 - 152.8 1.8 JPMSnrSec 90.63 - 101.00 89.22 - 95.1 -4.7 StdLf Sml 323.00 0.50 325.95 256.00 1.39 353.7 -8.7 ..VCT 3 98.88 - 105.00 94.00 15.68 102.5 -3.5 ArsenalFC 1587500 - 1590000 1400000 - 68.02 0.0
AbnNewDn 169.88 1.38 205.23 166.50 2.12 193.3 -12.1
F&CMgdI 123.00 - 130.00 110.00 4.02 121.1 1.6 JPM Smlr 843.75 1.50 860.00 527.00 1.14 1010.1 -16.5 StrategicEq 232.50 1.75 241.50 152.85 0.34 219.0 6.2 ..VCT 4 92.13 - 92.75 86.75 9.77 95.4 -3.4 ShephdNm 1115 -20.00 1260 1000.00 2.32 24.74 2.3
AbnNewThai 374.25 - 489.88 361.76 2.14 437.8 -14.5
FidAsian 235.50 -1.50 285.50 220.25 0.47 263.7 -10.7 JPM US Sml 173.88 -0.25 193.75 134.50 0.40 185.9 -6.5 Temp Bar 1156 -1.00 1274 1101 4.05 1198.7 -3.6 ..VCT 5 77.38 0.38 77.14 72.00 7.75 85.3 -9.3 Thwaites 115.50 - 132.00 108.00 3.86 10.41 10.0
AbnSmlCo♦ 220.75 0.75 229.00 174.00 2.98 258.4 -14.6
Abn UK 316.00 2.75 334.75 288.00 4.19 335.9 -5.9 FidChiSpS 133.50 -2.50 179.78 109.00 0.86 161.5 -17.3 JupDv&G♦ 121.50 - 124.50 107.00 - 128.0 -5.1 TempEmerg 458.10 -3.40 626.64 455.00 1.58 522.8 -12.4 BSC VCT♦ 88.00 1.00 92.20 82.00 6.25 99.7 -11.7
Abf Gd Inc 202.00 - 204.25 138.25 3.55 226.5 -10.8 Fid Euro 178.00 -1.00 187.50 137.40 1.67 186.4 -4.5 JupEur 544.50 -2.50 562.00 371.25 0.64 537.9 1.2 TRIG 103.50 0.25 109.00 99.00 5.31 - - ..VCT2 56.00 - 61.00 51.98 8.04 62.3 -10.1
Abf Sml 1168 1.00 1235 966.00 2.12 1309.1 -10.8 Fid Jap 84.00 0.25 88.25 64.00 - 96.0 -12.5 JupPrim 309.00 1.00 332.50 268.34 2.07 316.9 -2.5 ThreadUKSel 176.00 - 184.70 160.00 2.44 193.0 -8.8 Crown Place 29.00 - 30.50 27.75 8.62 26.0 11.5 Guide to FT Share Service
AcenciADbt $ 1.65 - 114.00 1.63 3.71 1.8 -8.3 Fid Spec 206.75 1.25 217.00 159.37 1.60 - - JupUSSmCo 649.00 -6.25 704.03 596.99 - 694.4 -6.5 TREurGth 641.00 2.50 661.00 438.00 1.01 695.6 -7.8 FrsightSol 102.50 - 105.25 95.00 5.85 108.0 -5.1
AdvDvpMk 425.38 2.25 483.00 401.00 - 463.4 -8.2 FinsG&I 582.00 1.50 609.36 464.25 2.01 579.3 0.5 KeystoneInv 1840 10.00 1900 1651.76 2.74 1932.9 -4.8 TroyInc&G♦ 71.25 0.25 74.71 60.00 3.19 70.7 0.8 Inc&GthVCT 90.50 - 104.00 88.25 19.89 103.2 -12.3
Alliance 493.00 3.80 531.50 420.20 2.01 562.9 -12.4 FstPacfic H HK$ 6.15 0.09 9.48 6.02 3.42 - - Law Deb 527.50 1.00 545.50 465.10 2.98 483.0 9.2 UtilicoEmg 179.00 -2.50 206.09 178.50 0.85 198.3 -9.7 KingsAYVCT 18.13 - 19.50 17.25 5.52 19.7 -8.0
AllianzTech 615.00 -1.50 640.43 463.07 - 640.0 -3.9 For & Col♦ 439.50 -0.20 467.90 365.00 2.14 478.3 -8.1 LinTrain £ 528.00 - 537.00 355.94 1.28 418.4 26.2 UtilicoInv 116.75 - 133.80 103.00 6.42 159.9 -27.0 Maven I&G 64.50 - 67.50 59.50 6.98 64.8 -0.5 For queries about the London Share Service pages e-mail
AltAstsOps 39.00 -0.25 47.00 35.50 - 44.1 -11.6 Geiger 14.38 - 27.95 13.75 - 17.0 -15.4 Ln&StLaw♦ 347.13 0.25 384.00 330.80 3.98 379.2 -8.5 ValAndInc 255.50 - 274.00 238.43 3.41 304.1 -16.0 MavenVCT2 52.25 - 56.75 49.00 7.37 58.9 -11.3 ft.reader.enquiries@morningstar.com.
Art Alpha♦ 276.50 0.50 308.00 257.00 1.18 334.1 -17.2 GenEmer 483.00 -5.40 583.00 482.67 - 533.2 -9.4 Lowland♦ 1385 5.50 1440 1219 2.74 1405.7 -1.5 Witan 791.00 -1.00 850.00 642.00 - 793.4 -0.3 MavenVCT3♦ 74.00 -1.25 79.00 70.00 2.70 87.8 -15.7 All data is as of close of the previous business day. Company classifications
..Sub 20.25 - 45.25 18.10 5.93 - - GFIS 18.13 - 29.61 15.50 - 46.9 -61.3 M&GHighInc♦ 162.00 -2.25 179.95 148.00 1.85 171.3 -5.4 WitanPac 244.13 0.13 274.75 219.25 1.84 273.8 -10.8 MavenVCT4 84.00 - 88.39 80.00 5.65 96.1 -12.6 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AsianToRt 191.00 -2.50 224.00 176.00 1.70 207.4 -7.9 GRIT 12.75 -0.25 40.00 11.00 - - - Majedie 267.75 - 283.00 206.41 2.80 265.9 0.7 WorldTst 259.00 -1.75 285.25 212.00 0.20 297.8 -13.0 MavenVCT5♦ 34.63 -0.88 37.00 29.25 2.89 42.6 -18.7 100 constituent stocks are shown in bold.
Aurora 155.25 0.25 167.13 144.00 2.45 170.6 -9.0 GoldenPros 18.88 0.38 42.59 18.00 - 23.7 -20.3 Man&Lon 241.38 5.38 264.00 219.00 3.10 293.4 -17.7 WwideHlth 1972 -31.00 2108.5 1265.01 0.71 2065.7 -4.5 Nthn 2 VCT 69.25 - 88.00 67.25 2.89 73.7 -6.0 Closing prices are shown in pence unless otherwise indicated. Highs & lows
BG Japan 460.00 -3.25 493.25 316.50 - 445.4 3.3 Hansa 875.25 -0.25 988.00 836.50 2.17 1144.4 -23.5 MCGlobPort 178.75 0.75 195.00 158.00 2.24 179.8 -0.6 Nthn 3 VCT 89.50 - 104.00 88.00 6.15 95.1 -5.9 are based on intra-day trading over a rolling 52 week period. Price/earnings
Conventional - Private Equity 52 Week Dis(-)
BG Shin 415.00 -2.50 424.00 282.50 - 397.4 4.4 ..A 840.00 - 949.00 810.00 - 1144.4 -26.6 MCurPac♦ 283.50 -1.00 336.00 276.00 2.65 321.6 -11.8 NthnVent 76.00 - 85.36 74.50 7.89 79.5 -4.4 ratios (PER) are based on latest annual reports and accounts and are updated
Price +/-Chg High Low Yld NAV or Pm
BSRT 22.13 - 39.80 20.00 - 40.4 -45.2 Hend Alt 233.88 - 254.00 218.00 1.28 280.1 -16.5 MercantIT♦ 1682 -20.00 1730 1316.55 2.38 1907.4 -11.8 ProVenGI♦ 79.00 - 81.25 76.00 5.06 83.3 -5.2 with interim figures. PER is calculated using the company’s diluted earnings
Hen Div 91.00 - 95.50 87.50 5.60 89.5 1.7 MrchTst♦ 467.25 4.75 506.33 422.18 5.07 479.3 -2.5 AbnPvtEq 87.75 -1.00 96.00 79.04 2.55 119.9 -26.8 ProVenVCT♦ 94.50 - 97.89 89.50 4.76 100.2 -5.7
Bankers♦ 632.50 -5.50 674.50 506.00 2.39 638.8 -1.0 from continuing operations. Yields are based on closing price and on dividends
HenEuroF 1089.5 0.50 1148.5 816.47 2.15 1052.3 3.5 Mid Wynd 331.00 - 352.50 260.07 1.15 332.3 -0.4 Altamir € 10.91 0.04 11.86 9.43 - 16.2 -32.7 UnicornAIM 131.50 - 133.00 122.00 4.56 148.4 -11.4
BrngEmEu 496.00 -2.00 679.00 432.00 3.83 570.9 -13.1 paid in the last financial year and updated with interim figures. Yields are
HenEuro 901.00 - 957.00 678.25 1.94 883.5 2.0 MitonUKMic 54.00 - 56.25 50.00 - - - Dun Ent 354.38 4.88 419.75 305.00 4.66 512.1 -30.8
BH Global 1301 -1.00 1343.6 1178 - 1391.0 -6.5 Ordinary Income Shares 52 Week HR shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenFarEs 309.00 2.00 362.00 305.00 1.52 302.1 2.3 MitonWw 162.38 -0.13 164.65 149.00 - 178.3 -8.9 Electra 3262 -30.00 3324 2338 - 3524.4 -7.4
..EUR € 12.00 - 14.00 11.80 - - - Price +/-Chg High Low Yld WO GRY 0% companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HendGlob 383.38 5.38 416.81 336.20 2.61 432.2 -11.3 MMP 3.13 - 5.00 3.00 - - - ElectraPrf 151.38 - 151.75 144.25 - 145.0 4.4
..USD $ 12.90 -0.15 13.35 11.70 - 13.7 -5.8 capital changes where appropriate.
HenHigh 185.50 - 195.25 156.50 4.64 181.6 2.1 Monks♦ 416.80 -1.20 458.90 348.40 0.95 460.9 -9.6 F&C PvtEq 218.00 - 230.00 197.00 4.93 273.6 -20.3 JPM I&C 100.00 - 106.00 86.00 6.50 -16.1 -2.1
BH Macro 2085 - 2191 1930 - 2195.0 -5.0 Trading volumes are end of day aggregated totals, rounded to the nearest
HenInt Inc 119.50 -0.13 137.69 103.00 3.60 121.6 -1.7 MontanSm 530.50 1.50 544.00 390.50 1.32 570.9 -7.1 GraphEnt 591.00 2.00 605.00 536.10 1.27 673.2 -12.2 JupiterDv&G♦ 4.63 - 5.50 3.50 15.57 5.3 -41.3
..EUR € 20.23 -0.01 21.10 18.70 - 21.2 -4.6 1,000 shares.
Hen Opp 1032 - 1050 755.00 1.21 1079.2 -4.4 Mur Inc 711.50 -1.50 796.60 692.50 4.61 759.9 -6.4 HVPE $ 13.63 - 13.67 11.80 - 16.3 -16.4 M&GHI&Gt♦ 60.75 -1.75 67.00 55.00 - -18.3 -2.0
..USD $ 20.07 0.04 21.10 18.67 - 21.1 -4.9
HenSmlr 662.00 -3.75 696.00 468.13 1.66 740.7 -10.6 Mur Int♦ 909.00 3.00 1123 899.50 4.96 898.1 1.2 HgCapital 1104 -2.00 1169 1005 2.63 1198.3 -7.9 Rghts&Icp 4785 42.50 4830 3800 - -76.6 0.7 Net asset value per share (NAV) and split analytics are provided only as a
BiotechGth 824.00 -14.00 898.92 470.50 - 851.3 -3.2
Herald 733.50 0.25 742.50 594.00 - 864.5 -15.2 ..B 925.00 - 1437.89 787.45 - 896.8 3.1 JPM Pvt Eq $ 1.04 0.01 1.04 0.76 - 1.3 -20.0 guide. Discounts and premiums are calculated using the latest cum fair net
BlckRCom 71.25 0.25 119.88 68.49 8.44 68.3 4.3 Income Shares 52 Week HR
HICL Infra 152.10 -0.50 161.40 140.10 5.94 136.7 11.3 NB DDIF $ 1.16 - 1.25 1.00 - - - JZ Capital 450.00 - 480.00 390.00 - 674.8 -33.3 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckREmEur 208.75 2.75 250.76 169.25 1.11 226.9 -8.0 Price +/-Chg High Low Yld WO GRY 0%
Impax Env. 152.25 -0.13 167.75 136.00 0.79 170.4 -10.7 NewCtyEgy 14.50 - 38.25 12.25 - 19.3 -24.9 Mithras 144.50 - 151.91 130.00 0.69 158.0 -8.5 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckRFrnt 114.38 0.88 133.28 103.50 3.64 113.3 1.0 JPM In&Gr 98.75 - 100.49 90.15 4.46 -69.0 8.9
Ind IT 334.00 - 350.00 268.50 1.50 358.2 -6.8 ..Sub 0.13 - 0.15 0.06 - - - NB PE Ptnr $ 11.73 - 12.20 10.63 - - - are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRGtEur 248.25 -0.13 264.50 201.75 1.89 257.9 -3.7 M&GHghIc♦ 60.25 -2.00 63.00 53.00 - -18.2 -1.4
Intl PP 136.70 - 140.59 130.34 4.55 123.0 11.1 NewCityHY♦ 59.25 -1.75 66.50 58.50 7.14 57.1 3.8 Nthn Invs 575.00 2.50 655.00 385.00 1.74 526.7 9.2 in pence.
..Sub 17.88 0.38 25.63 8.00 - - - Rghts&I 1125 - 1245 895.00 3.20 - 39.8
InvAsTr♦ 181.00 -2.00 213.58 175.50 1.91 202.2 -10.5 NewIndia 333.63 1.25 371.30 257.50 - 361.8 -7.8 Pantheon 1305 1.00 1355 1136 - 1535.2 -15.0
BlckR I&G♦ 184.50 0.75 193.00 158.01 3.09 188.8 -2.3
Inv Inc 291.38 1.38 305.00 255.00 3.43 312.3 -6.7 New Star IT 73.50 - 77.91 65.45 - 113.4 -35.2 PantheonR 1285 - 1300 1055 - 1536.2 -16.4 Capital Shares 52 Week HR X FT Global 500 company
BlckRIncStr 136.50 - 140.50 119.25 4.73 139.3 -2.0
InvPerp♦ 72.00 - 79.00 69.00 6.94 71.1 1.3 NorthAmer 794.00 -2.00 906.45 790.45 - 883.1 -10.1 PrincssPE € 7.75 - 8.12 6.50 7.73 9.2 -15.8 Price +/-Chg High Low SP WO TAV 0% ♦ trading ex-dividend
BlckRckLat 322.88 -3.50 508.45 317.01 5.98 367.9 -12.2
IPST BalR 119.00 -0.25 123.00 114.00 - 119.1 -0.1 NthAtSml 2034.5 -2.00 2045 1625.86 - 2566.7 -20.7 Riverstone 938.00 -19.00 1114 822.00 - 1048.0 -10.5 JPM Inc&Gr 13.50 0.25 15.19 9.00 1.6 -5.5 10.3 ■ trading ex-capital distribution
BlckRckNrAm 113.88 -0.13 124.50 98.75 3.51 123.7 -7.9
IPST Gbl Eq 160.25 - 172.00 138.00 2.75 161.2 -0.6 Oryx Int 555.00 - 565.00 375.00 - 625.2 -11.2 StdLfEuPv 210.75 -0.13 236.42 200.00 2.37 262.0 -19.6 M&GHghIc 4.20 - 5.39 3.00 8.8 7.5 - # price at time of suspension from trading
BlckRSmlr 925.50 2.00 962.00 697.00 1.39 1040.6 -11.1
BlckRThrmt 329.25 0.13 337.00 238.00 1.34 386.2 -14.7 IPST Mngd 102.13 -0.13 102.50 100.75 - 103.2 -1.0 PacAsset 197.13 -0.63 226.15 169.50 1.32 193.8 1.7 Conventional - Property ICs 52 Week Dis(-) Zero Dividend Preference Shares 52 Week HR The prices listed are indicative and believed accurate at the time of publication.
BlckRWld 247.00 0.75 508.98 241.50 8.50 269.2 -8.2 IPST UK Eq♦ 171.00 0.75 174.00 143.00 3.30 169.5 0.9 PacHorzn 181.63 -1.38 223.77 172.00 0.77 196.3 -7.5 Price +/-Chg High Low Yld NAV or Pm Price +/-Chg High Low SP WO TAV 0% No offer is made by Morningstar or the FT. The FT does not warrant nor
Bluecrest A 188.40 0.80 194.60 182.93 - 200.1 -5.8 InvPpUK 383.00 0.50 390.46 281.00 1.70 408.0 -6.1 Perp I&G 420.10 1.60 431.00 350.81 2.88 416.6 0.8 Direct Property Abf Gd Inc 151.75 0.50 153.25 143.00 -43.2 - 159.7 guarantee that the information is reliable or complete. The FT does not accept
Brit Emp 492.10 -3.10 557.08 475.40 2.13 564.1 -12.8 Invs Cap A♦ 94.50 - 102.00 87.00 4.74 101.7 -7.1 PerAsset 34100 -156.00 36313.1 33390 1.64 34314. -0.6 EcofinWatr 154.38 - 155.00 149.50 -83.8 - 160.7
AseanaPr $ 0.59 - 0.58 0.42 - 0.6 -1.7 responsibility and will not be liable for any loss arising from the reliance on
Brunner 570.00 - 581.15 486.00 2.11 635.7 -10.3 Invs Cap B♦ 96.50 - 103.00 87.03 1.19 101.7 -5.1 2 JPM I&C 173.25 - 174.00 165.50 -20.4 - 192.1
AXA Propty 45.63 -0.38 47.00 39.45 - - - or use of the information.
Calednia♦ 2350 -12.00 2517.66 2102.52 2.11 2767.2 -15.1 Invs CapU 381.50 - 404.95 347.00 - 406.7 -6.2 PolarFins 110.88 - 112.84 92.00 2.80 115.2 -3.8 JupiterDv&G 112.38 - 114.00 99.50 -7.4 - 133.6
CustdnREIT 109.00 - 111.50 104.00 3.44 - -
CanGen C$ 20.03 0.11 22.00 17.80 - 26.6 -24.7 JLaingInf 120.70 -0.40 128.60 115.00 5.39 109.5 10.2 ..Sub 8.75 - 13.00 5.00 - - - JZ Capital 357.25 - 358.90 341.50 -83.1 -96.7 369.8 The London Share Service is a paid-for-print listing service and may not be
F&CComPrp♦ 146.10 -0.90 149.00 121.20 4.11 125.2 16.7
Cap Gear 3275 -30.50 3575 3080 0.49 3228.5 1.4 JPM Amer 273.00 -1.30 296.14 236.05 0.99 288.8 -5.5 PolarHealth 183.25 -0.25 187.50 142.50 1.94 190.7 -3.9 M&GHghIc 114.25 - 114.70 110.01 -21.8 -95.8 122.8 fully representative of all LSE-listed companies. This service is available to all
F&CUKRealE 101.00 1.00 104.50 85.31 4.95 92.0 9.8
City Merch♦ 185.38 - 194.00 182.15 5.39 181.9 1.9 JPM Asn 219.00 -3.13 268.92 205.45 1.00 244.9 -10.6 PolarTech 587.50 -10.50 614.00 458.80 - 589.8 -0.4 UtilicoFn16 184.38 - 186.00 176.65 -65.5 - 192.8 listed companies, subject to the Editor’s discretion. For new sales enquiries
InvistaERET 0.13 - 4.39 0.05 - 4.7 -97.2
CityNatRs♦ 90.75 -3.75 146.00 90.00 6.17 111.2 -18.4 JPM Brazil 45.50 0.25 76.49 44.25 1.87 49.3 -7.7 ProspJap $ 0.99 - 1.18 0.91 - 1.3 -23.8 UtilicoFn18 140.75 -0.50 146.50 127.93 -20.1 -32.8 160.5 please email stella.sorrentino@ft.com or call 020 7873 4012.
Longbow 103.00 0.25 106.75 101.25 5.58 - -
City Lon 399.30 -1.00 418.35 345.00 3.73 390.0 2.4 JPM China 166.00 -5.50 233.96 155.52 0.96 201.9 -17.8 QatarInvF $ 1.30 0.02 1.49 1.15 - 1.5 -13.3 UtilicoFn20 122.00 - 123.00 100.00 -9.2 -11.9 154.9
PictonProp 74.00 0.25 74.50 60.50 4.05 70.6 4.8
DexionAb 188.75 - 191.00 167.00 - 197.6 -4.5 JPMElct MC 100.00 0.25 101.99 97.01 - 101.8 -1.8 RIT Cap 1565 -13.00 1615 1265.55 - 1590.7 -1.6
SLIPropInc 85.75 0.50 90.25 72.90 5.38 77.9 10.1
..EUR € 2.53 - 2.65 2.40 - 2.7 -6.3 ..MG 615.00 - 635.00 507.66 1.15 627.2 -1.9 RobecoNV € 30.38 - 30.91 28.19 - - -
UKComPrp 88.45 -0.55 94.00 80.50 4.60 85.3 3.7 Investment Companies - AIM Data provided by Morningstar
..USD $ 3.85 - 3.89 3.53 - 4.2 -8.3 ..MI 103.50 1.00 109.50 93.01 1.64 107.8 -4.0 RolincoNV € 28.32 - 28.98 26.38 - - -
DiverseInc♦ 90.38 - 91.23 73.02 2.66 88.7 1.9 JPM Emrg 570.00 -4.50 674.65 548.50 0.96 645.6 -11.7 Ruffer Inv 222.00 -1.00 226.00 193.50 - 217.1 2.3 Property Securities 52 Week Dis(-)
JPM EurGth 246.25 -0.13 263.00 193.00 2.72 264.1 -6.8 SchdrAsiaP 271.00 -2.00 321.50 253.07 1.01 302.5 -10.4 SchdrGlbRe 118.75 -1.13 132.98 98.88 2.97 128.0 -7.2 Price +/-Chg High Low Yld NAV or Pm
Dun Inc 248.50 1.00 275.00 239.00 4.47 265.6 -6.4
JPM EurInc 133.88 -0.25 147.50 104.75 1.90 137.0 -2.3 Schdr Inc♦ 286.00 0.25 290.52 235.50 3.53 287.3 -0.5 TR Prop♦ 297.50 -0.10 325.00 232.40 2.54 305.9 -2.7 AdFrntMkt 55.75 - 65.50 55.00 - 60.2 -7.4
Dun Sml 214.50 -2.50 229.00 171.30 2.45 251.0 -14.5
EcofinWatr 140.00 0.88 176.75 132.56 5.00 173.9 -19.5 JPM EuSm 253.50 2.25 256.00 164.00 1.14 274.0 -7.5 SchdrJap 159.00 0.13 165.00 115.25 - 167.6 -5.1 VCTs 52 Week Dis(-) CrysAmber♦ 168.00 - 169.00 129.81 0.3 170.1 -1.2
..CULS 104.00 - 111.70 103.00 - - - JPM Clavr 608.00 -0.25 645.18 534.51 3.21 659.2 -7.8 SchdrOrient♦ 187.25 -1.13 215.25 179.00 4.09 187.1 0.1 Price +/-Chg High Low Yld NAV or Pm GLI Finance♦ 57.25 -1.38 65.00 51.00 8.7 - -
JPMGIConv 99.00 1.00 112.00 97.00 5.68 100.9 -1.9 SchdrUK♦■ 166.50 3.25 174.00 146.83 2.85 180.8 -7.9
EdinDragn
..CULS
264.25
105.50 -
1.75 311.00 260.27
107.89 103.00
-
-
297.2
- -
-11.1
JPM GEI♦ 100.00 -1.25 130.00 98.00 4.90 103.6 -3.5 SchdrUKMd 489.63 - 504.50 402.49 1.74 535.4 -8.5
AlbionDev 68.50 - 70.89 66.00 7.30 72.9 -6.0 IndiaCap
Infra India
62.50
20.75
-
-
69.40 46.00
21.99 10.00
-
-
74.5
52.1
-16.1
-60.2
www.morningstar.co.uk
Friday 31 July 2015 ★ FINANCIAL TIMES 25
Artemis Strategic Bond R Q Inc 54.83 58.21 0.00 4.11 CF Seneca Diversified Income A INC 89.78 - 0.18 5.99 (LF) Greek Corporate Bond € 10.67 - 0.02 0.00 UK £ 3.66 - 0.03 1.86 Corp Pens Equity 229.12 229.12 0.82 -
Artemis UK Growth R Acc 464.77 492.32 5.70 0.55 CF Seneca Diversified Income B INC 106.32 - 0.20 6.14 (LF) FOF Balanced Blend € 1.45 - 0.00 0.00 UK Aggreg Bond Gr Accum £ 1.79 - 0.00 3.17 Corp Pens Fixed Interest 294.34 294.34 -0.31 -
ACPI Global UCITS Funds Plc (IRL)
www.acpishard.com Artemis UK Smaller Cos R Acc 1123.54 1214.50 0.42 0.50 CF Seneca Diversified Income N INC 105.37 - 0.20 6.14 (LF) FOF Equity Blend € 1.39 - 0.01 0.00 UK Aggregate Bond Inc £ 1.21 - 0.00 3.24 Corp Pens Index Linked 334.16 334.16 -2.94 -
Regulated
Artemis UK Special Sits R Acc 524.32 557.44 0.62 1.62 Investment Adviser - DSM Capital Partners (LF) FOF Glob. Emerging Mkts € 0.91 - 0.01 0.00 UK Corporate Bond £ 1.22 - 0.00 4.06 Corp Pens Deposit 190.70 190.70 0.01 -
ACPI Emerging Mkts FI UCITS Fund USD A $ 112.72 - 0.41 0.00
The Westchester X $ 28.98 - 0.17 0.00
Artemis US Abs Ret I Acc 104.36 - 0.18 - (LF) FOF Dynamic Fixed Inc € 11.98 - 0.00 0.00 UK Corporate Bond - Gross £ 2.25 - 0.00 3.92 Corp Pens Protector 352.14 352.14 -0.67 -
ACPI Global Credit UCITS Funds USD A $ 13.93 - -0.01 0.00
The Westchester Class 1 GBP Acc £ 20.10 - 0.14 0.00
Artemis US Equity I Acc 113.20 - 1.29 - (LF) FOF Real Estate € 16.62 - 0.03 0.00 UK Corporate Bond Fund Gross Inc £ 11.03 - -0.02 4.04 Corp Pens UK Index Tracker £ 1.98 1.98 0.01 -
ACPI Global Fixed Income UCITS Fund USD A $ 151.53 - -0.02 0.00
BlueBay Asset Management LLP (LUX) The Westchester Class 2 GBP Acc £ 20.14 - 0.14 0.00 Dodge & Cox Worldwide Funds (IRL) Guardian Linked Life Assurance Ltd
Artemis US Select I Acc 114.61 - 1.48 - UK Gilt Bond £ 1.26 - 0.00 1.92
Q ACPI India Fixed Income UCITS Fund USD A $ 10.11 - 0.02 - Regulated Investment Adviser - Morant Wright Management Limited 6 Duke Street,St.James,London SW1Y 6BN
Artemis US Select I Inc 102.36 - 1.32 - UK Gilt Gross £ 2.00 - 0.00 1.89 Managed Acc £ 18.10 19.06 0.02 -
BlueBay EmMkt B-USD $ 288.63 - 0.99 0.00 www.dodgeandcox.worldwide.com 020 3713 7664
ACPI India Fixed Income UCITS Fund USD A3 $ 86.34 - 0.18 0.00 CF Morant Wright Japan A X 268.71 - 0.83 0.00
Artemis US Smlr Cos I Acc 121.63 - 1.22 - FCA Recognised UK Long Corp Bond £ 1.36 - 0.00 4.52 Equity Acc £ 33.25 35.00 0.10 -
ACPI International Bond UCITS Fund USD A $ 17.99 - -0.02 0.00 BlueBay EmMktCrp B-USD $ 163.65 - -0.95 0.00 CF Morant Wright Japan A Inc X 264.74 - 0.82 0.00 Dodge & Cox Worldwide Funds plc - Global Bond Fund
Artemis US Ex Alpha I Acc 116.61 - 1.03 - UK Long Corp Bond - Gross £ 2.45 - -0.01 4.34 Fixed Interest Acc £ 16.91 17.80 -0.02 -
BlueBay EmMktSel B-USD $ 149.07 - 0.60 0.00 CF Morant Wright Japan B X 285.42 - 0.89 0.52 EUR Accumulating Class € 11.96 - 0.10 0.00
UK Long Corporate Bond Fund - Gross Income £ 10.88 - -0.03 4.49 International Acc £ 13.20 13.89 0.02 -
BlueBay EmMkLocCy B-USD $ 141.29 - 0.62 0.00 CF Morant Wright Japan B Inc X 269.15 - 0.84 0.54 EUR Accumulating Class (H) € 9.41 - 0.01 0.00
ACPI Select UCITS Funds PLC (IRL) International S-NA Acc £ 6.78 7.14 0.01 -
UK Specialist £ 1.93 - 0.02 1.19
Regulated Artisan Partners Global Funds PLC (IRL) BlueBay GlblConv I-USD $ 191.75 - 0.69 0.00 CF Morant Wright Nippon Yield ACC A X 275.16 - 1.64 2.09 EUR Distributing Class € 11.58 - 0.09 2.77
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland FIL Investment Services (UK) Limited (1200)F (UK) Retail Share Classes International S-PA Acc £ 4.10 4.31 0.01 -
ACPI Balanced UCITS Fund USD Retail $ 14.30 - 0.05 0.00 BlueBay GlblHgYd B-USD $ 132.64 - 0.40 0.00 CF Morant Wright Nippon Yield ACC B X 284.85 - 1.71 2.09 EUR Distributing Class (H) € 9.10 - 0.00 3.00
Tel: 44 (0) 207 766 7130 130, Tonbridge Rd, Tonbridge TN11 9DZ
Emerging Markets - retail £ 1.25 - 0.00 0.00 International S-EU Acc £ 3.30 3.48 0.00 -
ACPI Balanced UCITS Fund EUR Retail € 10.79 - 0.03 0.00 FCA Recognised BlueBay HgYield B-EUR € 337.67 - -0.93 0.00 GBP Distributing Class £ 9.91 - 0.01 2.95 Callfree: Private Clients 0800 414161
CF Morant Wright Nippon Yield Fund A Inc X 241.55 - 1.44 2.13
Broker Dealings: 0800 414 181 Europe Long Term Growth £ 1.54 - 0.00 1.84 Managed S-PR Acc £ 6.88 7.24 0.01 -
ACPI Balanced UCITS Fund GBP Retail £ 10.91 - 0.03 0.00 Artisan Partners Global Funds plc
BlueBay HgYieldCp B-EUR € 143.02 - -0.39 0.00 CF Morant Wright Nippon Yield Fund B Inc X 250.12 - 1.49 2.13 GBP Distributing Class (H) £ 9.17 - 0.01 2.94 Authorised Inv Funds {*}CAR - Net income reinvested
Artisan Emerging Markets I USD Acc $ 7.10 - 0.09 0.00 Fixed Interest S-IL Acc £ 6.39 6.73 -0.01 -
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - BlueBay InvGr B-EUR € 171.73 - -0.05 0.00 USD Accumulating Class $ 9.47 - 0.01 0.00 Unit Trust
Artisan Global Equity Fund Class I USD Acc $ 15.60 - 0.02 0.00 Cash Accum Units 186.33 186.33 0.01 0.00 Deposit Accum £ 4.45 4.68 0.00 -
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - BlueBay InvGEurGv B-EUR € 147.95 - -0.12 0.00 Dodge & Cox Worldwide Funds plc-Global Stock Fund
Artisan Global Opportunities I USD Acc $ 12.61 - 0.00 0.00 Cavendish Asset Management Limited (1200)F (UK) FIL Fund Management (LUX) Guardian Pensions Management Ltd
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - USD Accumulating Share Class $ 17.12 - 0.14 0.00 Cash Fund £ 1.00 1.00 0.00 0.13
BlueBay InvGEurAg I-EUR € 148.41 - -0.07 0.00 Chelsea House, Westgate, London W5 1DR 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Artisan Global Value Fund Class I USD Acc $ 16.55 - 0.08 0.00 Pens. Managed Acc. £ 23.45 24.68 0.05 -
ACPI Focused Equity UCITS Fund $ 13.52 - 0.04 0.00 IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 GBP Accumulating Share Class £ 18.05 - 0.16 0.00 Gross Accum Cash £ 1.28 1.28 0.00 0.00 Phone: 800 22 089, 800 22 088
BlueBay InvGLibor B-EUR € 125.37 - -0.02 0.00
Artisan US Value Equity Fund Class I USD Acc $ 11.22 - 0.11 0.00 Authorised Inv Funds Regulated Pens. Equity Acc. £ 35.35 37.21 0.13 -
GBP Distributing Share class £ 13.20 - 0.12 0.71 MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.13
HighIncomeLoan H-EUR € 194.76 - -0.09 0.00 Cavendish Opportunities Fund B Class 1103.00 - 10.00 1.39 China Consumer A-GBP £ 15.14 - 0.10 0.00
EUR Accumulating Share Class € 23.41 - 0.35 0.00 MoneyBuilder Global £ 2.66 2.66 0.02 0.19
Abbey Life Assurance Company Limited (UK) Cavendish Opportunities Fund A Class 1096.00 - 9.00 0.61 China Focus A-GBP £ 4.51 - 0.04 0.22
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 Ashmore Sicav (LUX) Dodge & Cox Worldwide Funds plc-International Stock Fund OEIC Funds HPB Assurance Ltd
additional fund prices can be found @ www.abbeylife.co.uk 2 rue Albert Borschette L-1246 Luxembourg BONHOTE Cavendish Opportunities Fund C Acc 1138.00 - 10.00 1.20 USD Accumulating Share Class $ 15.23 - 0.11 0.00 American £ 28.26 - 0.22 0.00 Global Financial Services A-GBP £ 0.45 - 0.00 0.00 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Insurances FCA Recognised Other International Funds International Insurances
Cavendish Worldwide Fund B Class 308.60 - 2.40 0.79 American Special Sits £ 11.45 - 0.11 0.00 Global Health Care A-GBP £ 0.59 - 0.01 0.00
EUR Accumulating Share Class € 16.32 - 0.23 0.00
Life Funds Ashmore SICAV Emerging Market Debt Fund $ 96.67 - 0.37 10.13 Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6802.00 - -33.00 2.22 Holiday Property Bond Ser 1 £ 0.50 - 0.00 0.00
Cavendish Worldwide Fund A Class 307.90 - 2.30 0.07 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Asia Pacific Ops W-Acc £ 1.05 - 0.00 - Global Industrials A-GBP £ 0.64 - 0.00 0.00
Asset Management
Prop. Acc. Ser 2 1530.20 1610.80 -0.20 - Ashmore SICAV Emerging Market Frontier Equity Fund $ 153.94 - -0.01 0.89 Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10270.00 - -191.00 0.89 Holiday Property Bond Ser 2 £ 0.60 - 0.00 0.00
Cavendish Worldwide Fund C Acc 315.60 - 2.40 0.80 USD Accumulating Share Class $ 19.03 - 0.15 0.00 Global Inflation-Linked Bd A-GBP-Hdg £ 1.18 - 0.00 0.52
Asset Management
Fidelity Asian Dividend Fund A-Accumulation £ 1.10 - 0.00 1.34
Selective Acc. Ser 2 1597.70 1681.80 4.20 - Ashmore SICAV Emerging Market Total Return Fund $ 84.12 - 0.28 7.49
Cavendish AIM Fund B Class 165.00 - 0.40 0.37 GBP Accumulating Share Class £ 18.97 - 0.15 0.00 Global Real Asset Securities £ 1.40 - 0.02 0.00
Fidelity Asian Dividend Fund A-Income £ 1.05 - 0.00 2.53
American Ser. 4 1670.40 1758.30 13.30 - Ashmore SICAV Global Small Cap Equity Fund $ 128.85 - 0.78 0.00 Braemar Group PCC Limited (GSY) Cavendish AIM Fund A Class 160.20 - 0.40 0.00 GBP Distributing Share Class £ 12.10 - 0.10 0.51 Global Technology A-GBP £ 0.25 - 0.00 0.00 Hamon Investment Group
China Consumer £ 1.52 - -0.01 0.07
Custodian Ser. 4 493.70 519.70 0.70 - Regulated Other International Funds
Ashmore SICAV Local Currency Fund $ 84.79 - 0.30 0.30 EUR Accumulating Share Class € 22.49 - 0.33 0.00
Cavendish Asia Pacific Fund B Class 161.80 - -0.10 1.44 Emerging Asia £ 1.18 - -0.01 0.14 Global Telecomms A-GBP £ 0.29 - 0.01 1.03
UK Agricultural Class A £ 1.26 - -0.01 0.00 Asian Market Leaders - USD $ 25.84 - -0.22 0.00
Equity Ser. 4 575.30 605.60 3.70 - EM Mkts Corp.Debt USD F $ 98.59 - 0.12 7.71
Cavendish Asia Pacific Fund A Class 160.90 - -0.10 0.66 Emerg Eur, Mid East & Africa H £ 1.39 - 0.01 0.94 India Focus A-GBP £ 4.55 - 0.03 0.00
UK Agricultural Class B £ 1.38 - -0.01 0.00 Asian Market Leaders - GBP £ 12.94 - -0.11 0.00
European Ser 4 585.70 616.60 -1.60 - EM Mkts Loc.Ccy Bd USD F $ 82.27 - 0.26 6.59
Cavendish Asia Pacific Fund C Acc 166.40 - -0.10 1.42 Enhanced Income - Acc £ 1.93 - 0.02 7.00 Latin America A-GBP £ 1.48 - 0.03 0.20
Student Accom Class B £ 0.55 - -0.17 0.00 Greater China - USD $ 11.38 - -0.06 0.00
Fixed Int. Ser. 4 882.00 928.50 -2.30 -
Cavendish European Fund B Class 141.50 - -0.20 1.27 Enhanced Income - Inc £ 1.26 - 0.02 7.32 Greater China - GBP £ 4.60 - -0.03 0.00
Intl Ser. 4 443.10 466.40 2.00 -
Cavendish European Fund A Class 139.80 - -0.20 0.37 European - Inc £ 1.48 - 0.00 1.51 Findlay Park Funds Plc (IRL) Selected Asian P'folio $ 48.30 48.31 0.71 0.00
Japan Ser 4 376.20 396.00 1.70 - CAF Financial Solutions (UK)
Cavendish Japan Fund B Class 158.40 - 1.50 0.77 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
Kings Hill, West Malling, Kent 03000 123 222 European £ 16.78 - 0.00 1.14
Man. Ser. 4 1674.60 1762.80 5.00 - FCA Recognised
Property & Other UK Unit Trusts Cavendish Japan Fund A Class 156.90 - 1.40 0.00 European Opportunities £ 3.85 - -0.01 0.24 American Fund USD Class $ 82.62 - 0.98 0.00
Money Ser. 4 524.30 551.90 0.00 - CAF UK Equitrack Inc Fd 73.30 73.30 0.96 3.20 Dragon Capital Group Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Cavendish North American Fund B Class 193.20 - 2.30 0.60 Extra Income £ 0.27 - 0.00 3.43
c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam American Fund GBP Hedged £ 45.00 - 0.53 0.00 PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Prop. Ser. 4 1091.10 1148.50 -0.10 - CAF UK Equitrack Acc Fd 102.00 102.00 1.30 3.20
Cavendish North American Fund A Class 187.40 - 2.20 0.00 Fund information, dealing and administration: funds@dragoncapital.com Enquiries 0117 90090000
Extra Income - Gross £ 0.27 - 0.00 3.43 American Fund GBP Unhedged £ 52.95 - 0.62 -
Custodian Ser 5 474.50 499.40 0.70 - Aspect Capital Ltd (UK) FP CAF Alternative Strategies A Class Acc 111.39 - 0.08 0.41 Other International Funds www.hl.co.uk
Other International Funds Cavendish Technology Fund B Class 276.30 - 0.50 0.09 Global Dividend - Acc £ 1.56 - 0.01 3.30 Latin American Fund USD Class $ 13.35 - 0.15 0.00 Authorised Inv Funds
International Ser 5 425.80 448.20 1.80 - FP CAF Alternative Strategies A Class Inc 110.86 - 0.08 0.45 Vietnam Enterprise Inv. (VEIL) NAV $ 3.83 - 0.06 0.00
Aspect Diversified USD $ 396.59 - 9.56 0.00 Cavendish Technology Fund A Class 263.10 - 0.40 0.00 Global Dividend - Inc £ 1.40 - 0.01 3.45 Hargreaves Lansdown Funds
Managed Ser 5 1609.40 1694.10 4.80 - Vietnam Growth Fund (VGF) NAV $ 24.16 - 0.35 0.00 Latin American Fund GBP Unhedged £ 8.56 - 0.10 -
FP CAF Fixed Interest A class Acc 113.45 - -0.06 2.88 Unit Trust
Aspect Diversified EUR € 239.26 - 5.81 - Cavendish UK Balanced Income Fund B Class 144.10 - 1.20 5.09 Global Focus £ 13.53 - 0.08 0.00
Money Ser 5 513.30 540.30 0.00 - FP CAF Fixed Interest A class Inc 100.88 - 0.00 2.94 Vietnam Property Fund (VPF) NAV $ 0.79 - 0.02 0.00 HL Multi-Manager Special Situations Trust A Acc 270.37 284.59 0.96 0.39
Aspect Diversified GBP £ 121.83 - 2.94 0.00 Cavendish UK Balanced Income A Class 137.20 - 1.10 5.35 Global High Yield Fund - A Gross Acc £ 12.19 - 0.03 4.76
Property Ser 5 1048.60 1103.80 -0.10 - FP CAF Fixed Interest B class Acc 113.94 - -0.06 2.88 HL Multi-Manager Special Situations Trust M Acc 270.38 284.61 0.96 0.00
Aspect Diversified CHF SFr 114.56 - 2.78 0.00 Cavendish UK Select Fund B Class 159.50 - 1.70 1.75 Global High Yield Fund - A Gross Inc £ 10.31 - 0.03 5.21
Pension Funds HL Multi-Manager Income & Growth Trust A Acc 167.62 176.35 0.67 3.61
FP CAF Fixed Interest B class Inc 101.19 - 0.00 2.94 DSM Capital Partners Funds (LUX)
Aspect Diversified Trends USD $ 118.51 - -0.62 0.00 Cavendish UK Select Fund A Class 159.10 - 1.70 0.95 Global High Yield Fund - A Net Acc £ 11.78 - 0.03 4.79
American 1923.10 2024.30 15.80 - www.dsmsicav.com
FP CAF International Equity A Class Acc 142.71 - 0.59 0.70 HL Multi-Manager Income & Growth Trust M Acc 167.61 176.33 0.64 0.30
Aspect Diversified Trends EUR € 118.97 - -0.63 0.00 Regulated Global High Yield Fund - A Net Inc £ 10.30 - 0.03 5.21
Equity 5089.80 5357.60 40.50 -
FP CAF International Equity A Class Inc 138.95 - 0.57 0.70 HL Multi-Manager Income & Growth Trust A Inc 102.34 107.67 0.41 3.68
Aspect Diversified Trends GBP £ 122.89 - -0.65 0.00 Global Growth I2 Acc € 139.37 - 0.64 0.00
European 1185.30 1247.60 -2.60 - Cedar Rock Capital Limited (IRL) Global Property - Acc £ 1.47 - 0.01 1.31
FP CAF UK Equity A Class Acc 152.22 - 0.83 2.00 HL Multi-Manager Income & Growth Trust M Inc 102.32 107.65 0.39 0.30
Regulated Global Growth I1 Eur € 104.28 - 0.48 -
Fixed Int. 1613.40 1698.30 -4.90 - Global Property W Inc £ 1.21 - 0.00 2.97 Fleming Financial Trust Investment Fund Limited (NZ)
FP CAF UK Equity A Class Inc 139.92 - 0.77 2.03 Cedar Rock Capital Fd Plc $ 362.51 - 14.72 0.00 Incorporated in New Zealand, Reg No 5141841 HL Multi-Manager Balanced Managed Trust A Acc 185.32 194.91 0.60 0.94
International 943.10 992.80 4.50 - Atlantas Sicav (LUX) Global Special Sits £ 25.89 - 0.18 0.00
Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand
FP CAF UK Equity B Class Acc 152.22 - 0.83 2.00 Cedar Rock Capital Fd Plc £ 365.54 - 18.35 0.00 HL Multi-Manager Balanced Managed Trust M Acc 185.32 194.91 0.60 0.00
Asset Management
Regulated
Japan 395.90 416.70 1.70 - Eclectica Asset Management (UK) Index Emerging Markets P-Acc £ 1.01 - 0.00 2.41 www.fftinvestmentfund.com
Property Inc
755.85 758.88 5.20
£
1.77
1.13
-
-
0.02 1.96
0.01 1.90
Strategic Bond Gross £ 0.32 - 0.00 3.10 Multi-Manager Distribution A Inc Asset Manageme 129.40 - 0.20 3.30
Korea Acc 277.50 294.00 -9.70 0.00 Target 2015 £ 0.50 - 0.00 0.27 GAM Limited (IRL) Multi-Manager Diversified A Acc 78.59 - 0.00 2.65
Property Acc 243.40 251.56 2.97 - Global Opportunities I EUR € 1.60 - 0.01 1.92 FCA Recognised
Multi Asset A Acc ... C 159.70 - 0.70 1.46 Target 2015 - Gross £ 0.50 - 0.00 0.30 Multi-Manager Global Select Acc 183.50 - 0.40 0.00
Local Authorities Property Fd (LAMIT) (UK) Global Opportunities A GBP £ 1.06 - 0.00 1.44 GAM Fund Management Ltd
Multi Asset A Inc ... C 152.80 - 0.60 1.48 Property 274.76 295.14 2.73 4.81 Target 2020 £ 0.57 - 0.00 0.50 Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927 Multi-Manager Income & Growth A Acc 153.60 - 0.10 2.16
Pan European Opportunities I EUR € 1.73 - 0.02 -
Allianz Global Investors GmbH(1200) F (LUX) Comgest SA (FRA) GAM Star Fund Plc
UK Growth Inc 252.00 266.50 2.50 1.49 Target 2025 £ 1.34 - 0.01 0.28 Multi-Manager Income & Growth A Inc 142.70 - 0.10 2.18
FCA Recognised 17 square Edouard VII - 75009 Paris
GAM Star Asia-Pacific Eqty USD Acc F $ 12.63 - 0.02 0.70
Charity Fund FCA Recognised Target 2030 £ 1.44 - 0.01 0.25 Multi-Manager Managed A Acc 232.10 - 1.40 0.41
Allianz Best Styles Global Equity £ 107.63 107.63 0.64 -
0800 032 6347 (charity enquiries) CG Asset Management Limited (IRL) GAM Star Asian Eqty USD Ord Acc F $ 14.23 - 0.08 0.00
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Comgest Magellan € 21.39 - 0.28 0.00 UK Select £ 2.51 - 0.03 0.87 Multi-Manager Managed A Inc 227.90 - 1.40 0.41
Allianz Global Fundamental Strategy £ 105.20 105.20 0.35 -
Targeted Return Fund Acc 147.70 148.50 1.10 3.12 GAM Star Balanced GBP Acc £ 10.61 - 0.04 0.00
00 353 1 434 5098
Allianz Global Small Cap Equity £ 112.49 112.49 0.14 - UK Growth £ 3.71 - 0.06 0.00 Sterling Bond Acc 195.33 204.09 -0.14 2.89
Targeted Return Fund Inc 114.70 115.40 0.80 3.19 FCA Recognised GAM Star Cap.Appr.US Eqty USD Inc F $ 18.51 - 0.09 0.00
Capital Gearing Portfolio Fund Plc £ 26483.73 26483.73 35.30 0.63 Comgest AM International Ltd (IRL) UK Smaller Companies £ 2.12 - 0.01 0.19 Sterling Bond Inc 60.91 63.63 -0.04 2.93
46 St Stephen's Green, Dublin 2, Ireland GAM Star Cat Bond USD Acc $ 12.42 - 0.01 0.00
CG Portfolio Fund Plc WealthBuilder A Acc £ 1.04 - 0.01 0.62 Strategic Bond A Inc 127.10 - 0.00 5.51
Amundi Funds (LUX)
Baring International Fd Mgrs (Ireland) (IRL) FCA Recognised GAM Star Cautious GBP Acc £ 10.57 - -0.05 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Real Return Cls A £ 166.34 166.34 1.49 2.41 Fidelity PathFinder
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 Comgest Gth Asia Pac ex Jap DIS F $ 8.15 - 0.06 0.11 EFG Hermes UK & Irish Smaller Companies A Acc 565.10 - 4.50 0.00
www.amundi-funds.com DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.10 - 0.00 - GAM Star China Equity USD Acc F $ 24.12 - 0.15 0.40
FCA Recognised Dollar Fund Cls D £ 128.82 128.82 0.83 1.64 UK Absolute Return A Acc 148.10 - 0.50 0.00
FCA Recognised Comgest Gth Emerging Mkt DIS F $ 32.90 - 0.34 0.39 Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
ASEAN Frontiers A GBP Inc £ 109.98 - -0.59 0.56 Fidelity PathFinder Foundation 1 Acc (clean) £ 1.09 - 0.00 - GAM Star Cont European Eqty GBP Acc F £ 3.50 - -0.01 0.00
Bd. Euro Corporate AE Class - R - EUR € 18.61 - -0.02 0.00 Capital Value Fund Cls V £ 129.10 129.10 0.16 0.27 Comgest Gth Europe DIS F € 21.17 - 0.22 0.00 Other International Funds UK Alpha A Acc ♦ 117.20 - 1.20 0.97
Asia Growth A GBP Inc H £ 44.51 - -0.11 0.00 Fidelity PathFinder Foundation 2 Acc (clean) £ 1.10 - 0.00 - GAM Star Cred Opportunities GBP Acc £ 12.33 - 0.00 4.05
Bd. Global AU Class - R - USD $ 25.84 - -0.02 0.00 The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 UK Equity Income & Growth A Inc 625.00 - 5.20 3.51
Comgest Gth GEM PC DIS F € 13.01 - 0.15 0.14
Australia A GBP Inc £ 67.71 - 0.00 1.97 Fidelity PathFinder Foundation 3 Acc (clean) £ 1.10 - 0.00 - GAM Star Defensive GBP Acc £ 11.01 - 0.01 0.00
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 UK Index A Acc 512.80 - 6.70 2.50
Baring China Bond Fund $ 10.32 - -0.01 0.00 Fidelity PathFinder Foundation 4 Acc (clean) £ 1.12 - 0.01 - GAM Star Discretionary FX USD Acc F $ 12.89 - -0.01 0.00
Eq. Emerging World AU Class - R - USD $ 87.62 - 0.80 0.00 Saudi Arabia Equity Fund SR 16.40 - 0.08 0.00 UK Property A Acc 193.08 203.24 0.05 4.04
Baring Emerging Markets Corporate Debt Fund $ 9.49 - 0.00 0.00 Consistent Unit Tst Mgt Co Ltd (1200)F (UK) Fidelity PathFinder Foundation 5 Acc (clean) £ 1.20 - 0.01 - GAM Star Dynamic Gbl Bd USD Acc H $ 10.10 - 0.01 1.51
Eq. Greater China AU Class - R - USD $ 602.19 - 0.87 0.00
Asset Management PO BOX 10117, Chelmsford, Essex, CM1 9JB UK Property A Inc 97.68 102.81 0.03 4.16
-
0.10 0.00
0.15 0.00
Smaller Cos Cls One Shares (Est) € 35.42 - -0.15 0.00 Europe
-
0.00 2.38
-0.20 1.60
UK Multi-Strategy Managed £ 4.99Asset Management
5.37 0.00 0.00
Hermes Global High Yield Bond Fund Class R Acc € 2.87 2.87 0.01 0.00
Artemis Fund Managers Ltd (1200)F (UK) Barmac Asset Management Ltd (UK) Smaller Cos Cls Two Shares (Est) € 24.78 - -0.10 0.00
EU Multi-Strategy Managed € 3.13 3.38 -0.01 0.00
57 St. James's Street, London SW1A 1LD 0800 092 2051 40 Dukes Place, London, EC3A 7NH Total Return B Acc 105.09 - 0.30 2.87 Hermes Global Small Cap Fund Class F Acc £ £ 0.99 0.99 0.01 -
Smaller Cos Cls Three Shares (Est) € 12.47 - -0.05 - Global Focus £ 2.88 - 0.02 0.52
Authorised Inv Funds Authorised Corporate Director - Capita Financial Managers Global Bond USD $ 3.51 3.78 0.01 0.00
UK Equity B Inc 113.65 - 0.75 1.46 Hermes Global Small Cap Fund Class R Acc € € 2.03 2.03 0.03 -
Dealing: 0845 922 0044 DAVIS Funds SICAV (LUX) Smaller Cos Cls Four Shares (Est) € 16.03 - -0.06 0.00 Index Linked Bond £ 2.62 - 0.01 0.66
Artemis Capital R ACC 1287.17 1360.46 9.18 1.24
Authorised Inv Funds UK Equity & Bond Income B Inc 240.49 - 1.44 4.43 Regulated Hermes Multi Asset Inflation Fund Class F GBP Acc £ 1.02 1.02 0.01 -
Index Linked Bond Gross £ 3.16 - 0.01 0.66
Artemis European Growth R Acc 247.94 261.87 -1.56 1.17
Retail Accumulation 2 116.33 - 0.23 0.00 UK Equity Income B Inc 430.01 - 3.40 4.24 Davis Value A $ 42.19 - 0.22 0.00 Genesis Asset Managers LLP Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.04 1.04 0.00 0.00
Index-Linked Bond Fund Gross Inc £ 12.33 - 0.02 0.66
Artemis European Opps R Acc 75.53 79.70 -0.22 0.84 Other International Funds
Retail Income 2 114.95 - 0.23 0.00 UK Government Bond B Inc 46.83 - -0.03 2.16 Davis Global A $ 29.51 - 0.03 0.00 Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.32 1.32 0.00 0.00
Japan £ 2.08 - 0.02 0.71 Emerging Mkts NAV £ 5.37 - 0.04 0.00
Artemis Global Emg Mkts I GBP Acc 85.33 - 0.30 -
The Castleton Growth Fund Ret Acc X F 112.68 - 0.22 0.00 Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.28 1.28 0.00 1.32
Long Bond £ 0.49 - 0.00 2.93
Artemis Global Emg Mkts I GBP Dist 85.33 - 0.30 -
The Castleton Growth Fund Ret Inc X F 113.14 - 0.22 0.00 Hermes Sourcecap EU Alpha Fund Class R Acc € 3.34 3.34 0.03 0.00
Capita Asset Services (UK) Discretionary Unit Fund Mngrs (1000)F (UK) Long Bond Gross £ 0.80 - 0.00 2.87
Artemis Global Energy R Acc 24.36 25.82 0.65 0.00 Guardian (UK)
40 Dukes Place, London EC3A 7NH 1 Poultry, London EC2R 8JR 020 7 415 4130 Hermes Sourcecap EX UK Fund Class F Acc £ 1.36 1.36 -0.01 0.00
Order Desk 08459 220044 Switchboard 0870 607 2555 Long Bond Fund Gross Inc £ 10.98 - -0.01 2.92 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Artemis Global Growth R Acc 186.14 196.44 0.83 0.80 Authorised Inv Funds
Insurances Hermes Sourcecap EX UK Fund Class R Acc € 3.35 3.35 0.02 0.00
BlackRock (JER) Authorised Inv Funds Disc Inc 1580.10 1628.90 -4.00 0.00 Eurobank Fund Management Company (Luxembourg) S.A. Pacific (Ex Japan) £ 3.59 - 0.01 1.90
Artemis Global Income R Acc 96.33 101.74 0.73 3.83 Guardian Assurance
Regulated CF Heartwood Cautious B Acc X 129.16 - 0.07 0.35 Regulated Hermes UK Small & Mid Cap Fund Class F Acc £ 1.63 1.63 0.00 0.00
Do Accum 5928.20 6111.60 -15.10 0.00 Pan European £ 2.72 - 0.02 2.02
Artemis Global Income R Inc 79.65 84.13 0.60 3.95 BlackRock UK Property £ 40.25 - 0.00 3.62 (LF) Absolute Return € 1.30 - 0.00 0.00 Equity S-GH Class B £ 12.91 - 0.17 -
CF Heartwood Cautious Income B Inc X 112.47 - 0.08 2.15 Hermes UK Small & Mid Cap Fund Class R Acc € 5.12 5.12 0.06 0.00
Reduced Duration UK Corporate Bond £ 10.62 - -0.02 3.15
Artemis Global select R Acc 71.96 75.95 0.24 0.00 Blackrock UK Long Lease £ 1055.99 - 5.83 0.00 (LF) Balanced - Active Fund (RON)RON 16.84 - 0.03 0.00 Managed Fund Bond £ 23.46 24.44 0.04 -
CF Heartwood Growth B Acc X 147.14 - 0.53 0.65 Hermes US All Cap Equity Class F Stg £ Acc £ 0.99 0.99 0.01 -
Reduced Duration UK Corporate Bond Gross £ 10.78 - -0.02 3.15
Artemis High Income R Inc 80.50 85.69 0.11 5.75 BLK Intl Gold & General $ 3.96 4.18 0.09 0.00 (LF) Cash Fund € € 1.31 - 0.01 0.00 Choices Wth-Pfts Lg-tm 319.20 336.00 0.00 -
CF Heartwood Balanced Income B Inc X 115.71 - 0.21 2.58 Hermes US All Cap Equity Class R € Acc € 2.02 2.02 0.04 -
Reduced Duration UK Corporate Bond Inc £ 10.05 - -0.02 3.17
Artemis Income R Inc 212.07 224.75 2.21 4.33 (LF) Cash Fund (RON) RON 15.60 - 0.00 0.00 Choices Wth-Pfts St-tm 270.50 284.80 0.00 -
CF Heartwood Balanced B Acc X 127.53 - 0.28 0.51 Hermes US SMID Equity Fund Class F Acc £ 1.61 1.61 0.02 0.00
Reduced Duration UK Corp Bond Gross Inc £ 10.06 - -0.02 3.17
Artemis Income R Acc 355.38 376.62 3.71 4.21 (LF) Eq Emerging Europe € 0.78 - 0.01 0.00 Choices Managed 620.82 653.50 1.21 -
CF Heartwood Defensive Multi Asset Fund B Accumulation 110.25 - -0.02 0.01 Hermes US SMID Equity Fund Class R Acc € 3.59 3.59 0.06 0.00
Select Emerging Markets Equities £ 1.20 - 0.00 0.97
Artemis Monthly Dist R Inc 63.09 66.94 0.19 4.73 (LF) Eq Flexi Style Greece € 0.94 - -0.05 - Choices Equity 701.81 738.74 2.53 -
CF JM Finn Gbl Opps A Acc ♦ 272.30 - 0.62 1.68
Select European Eqts £ 1.73 - 0.01 1.88
Artemis Pan-Euro Abs Ret GBP 108.83 - 0.45 - (LF) Global Bond Fd € 12.14 - -0.01 0.00 Freedom With Pfts Long-Tm 219.10 230.60 0.00 -
CF Richmond Core X 192.80 - 1.48 0.00 Hermes Property Unit Trust (UK)
Select Global Equities £ 3.05 - 0.02 0.96
Artemis Strategic Assets R Acc 76.95 81.55 0.61 0.00 (LF) Global Equities € 1.22 - 0.00 0.00 Freedom With Pfts Short-Tm 197.10 207.40 0.00 -
CF Seneca Diversified Growth A ACC 221.19 - 0.47 1.30 Property & Other UK Unit Trusts
South East Asia £ 3.59 - -0.01 0.69
Artemis Strategic Bond R M Acc 84.17 89.37 -0.01 4.02 (LF) Eq Mena Fund € 15.09 - 0.06 0.00 Freedom Managed 360.91 379.90 0.63 - Property £ 5.55 5.91 0.06 3.16
CF Seneca Diversified Growth B ACC 130.59 - 0.28 2.25
Sterling Core Plus Bond Gr Accum £ 2.02 - 0.00 3.73
Artemis Strategic Bond R M Inc 54.88 58.27 0.00 4.09 (LF) Greek Government Bond € 15.51 - 0.11 0.00 Freedom Equity 408.75 430.26 1.18 -
CF Seneca Diversified Growth N ACC 129.41 - 0.28 1.94
Sterling Core Plus Bond Inc £ 1.32 - 0.00 3.86
Artemis Strategic Bond R Q Acc 84.25 89.46 -0.02 4.03 (LF) Income Plus $ $ 1.22 - 0.00 0.00 Corp Pens Mananged 219.16 219.16 0.42 -
26 ★ FINANCIAL TIMES Friday 31 July 2015
European Smaller Companies (No Trail) Acc ♦ F 231.52 - -1.05 0.48 Golden Age (USD) PA F $ 22.09 - 0.25 0.00 Emerging Markets Eq.A1 $ 11.12 - 0.12 0.00 Global Emerg Mkts Equity Fund X £ 11.36 - -0.02 0.52
Global Balanced Index (No Trail) Acc ♦ F 158.85 - 1.22 1.78 Sh.T- Money Mkt EUR PA € 112.34 - 0.00 0.00 European Concentrated A1 € 18.64 - 0.12 0.00 Series 2 (Investment Management customers only)
Hermes UK Residential Real Estate (UK) Meridian Fund Managers Ltd
Property & Other UK Unit Trusts Other International Funds United Kingdom Equity Index Fund £ 13.01 - 0.14 3.10
Global Bond (No Trail) Acc ♦ F 134.62 - 0.05 1.45 Sh.T- Money Mkt CHF PA SFr 128.95 - 0.00 0.00 European Core Eq A1 € 32.54 - 0.28 0.00
VISTA UK Residential Real Estate £ 1.02 1.06 0.03 - Global Gold & Resources Fund $ 181.53 - -4.44 - UK Specialist Equity Inc £ 20.02 - 0.09 1.68
Global Bond (No Trail) Inc ♦ F 122.42 - 0.05 1.46 Sh.T- Money Mkt GBP PA £ 10.26 - 0.00 0.00 European Res.A1 € 34.16 - 0.32 0.00
Global Energy & Resources Fund $ 44.05 - -1.37 - Contl Europe Spec Equity £ 17.06 - 0.05 0.60
Glbl Distribution Acc (No Trail) 108.68 - 0.32 3.78 Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00 European Smaller Companies A1 € 52.11 - 0.55 0.00
US Spec Equity Fund £ 14.36 - 0.05 0.16
Himalayan Fund N.V. (NL) Glbl Distribution Inc (No Trail) 104.44 - 0.30 3.85 Sw.Fr.Bd(For) PA SFr 23.88 - 0.00 0.00 European Value A1 € 37.00 - 0.31 0.00
www.himalayanfund.nl JPMorgan Asset Mgmt (1200)F (UK) Kames Capital ICVC (UK) Japan Specialist Fund X £ 10.32 - 0.00 0.51
Gbl Emerging Markets (No Trail) Acc ♦ F 158.64 - 0.69 1.03 Sw.Fr.Credit Bd(For) PA SFr 13.72 - -0.01 0.00 Global Conc.A1 $ 37.91 - 0.23 0.00 Metage Capital
+31 (0)20 6411161 60 Victoria Embankment, London EC4Y 0JP Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Other International Funds Pacific Basin Specialist Equity Fund £ 22.43 - -0.06 1.27
Other International Funds Gbl Emerging Markets (No Trail) Inc ♦ F 149.52 - 0.65 1.04 Brokerline: 0800 727 770, Clients: 0800 20 40 20 0800 45 44 22 www.kamescapital.com Tactical Alpha (CHF) PA SFr 10.15 - -0.01 0.00 Global Credit Fund $ 10.38 - -0.03 0.00
MGS -Master Series (Est) $ 240.66 - -2.89 - UK Sovereign Bd Index Fund £ 10.99 - -0.03 2.63
Himalayan Fund N.V. $ 53.49 - -1.18 0.00 Global Equity (No Trail) acc ♦ F 213.50 - 1.83 0.99 Authorised Inv Funds Authorised Funds Tactical Alpha (EUR) PA € 10.44 - -0.01 0.00 Global Energy Fund A1 $ 13.39 - 0.19 0.00
JPM Retail OEIC (A class unless stated) Diversified Income B Acc 113.22 - 0.42 5.24 MEMO - Master Series $ 501.03 - -3.56 0.00 UK Specialist Equity Income Fund £ 10.77 - 0.05 3.64
Global Equity (No Trail) inc ♦ F 199.80 - 1.71 1.00 Tactical Alpha (USD) PA $ 15.00 - -0.01 0.00 Global Equity A1 $ 47.55 - 0.26 0.00
America Equity Acc 60.99 - 0.52 0.00 MEMO - MEMV Series $ 117.28 - -0.07 0.00
Diversified Income B Inc 105.46 - 0.39 5.42 Global Spec Inv Grade Bd Fund GBP £ 10.12 - -0.01 3.22
Impax Asset Management (IRL) Global Equity Income (No Trail ) Acc ♦ F 254.09 - 2.03 3.24 Technology PA € 14.23 - -0.03 0.00 Global Equity A1 € 27.57 - 0.41 0.00
America Equity Inc 60.99 - 0.52 0.00
Norfolk House, 31 St James's Square, London, SW1Y 4JR Diversified Growth A Acc 135.37 - 0.70 2.59 Inflation Lkd Sov Bd Fund £ 12.66 - -0.05 0.68
Global Equity Income (No Trail) Inc ♦ F 211.82 - 1.70 3.32 Technology PA $ 21.61 - -0.04 0.00 Global High Yield Fund $ 25.33 - 0.08 0.00
FCA Recognised Asia Acc 120.20 - -0.30 0.32
Ethical Cautious Managed A Acc 167.44 - 1.10 1.68 Ministry of Justice Common Investment Funds (UK) Global Emerg Mkts Equity Fund X £ 10.98 - -0.02 0.73
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 170.74 - 1.32 1.33 Wld Gold Expertise PAF SFr 9.02 - 0.15 0.00 Global High Yield Fund € 16.87 - 0.21 0.00
Env Mkts (Ire) Stl A £ 2.19 - 0.02 0.00 Asia Inc 66.70 - -0.17 0.31 Property & Other UK Unit Trusts The initial charge you will pay will depend on the amount you invest
Ethical Cautious Managed A Inc 139.03 - 0.91 1.70
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 201.38 - 1.35 1.75 Wld Gold Expertise PA € 7.18 - 0.12 0.00 Global Multi-Asset A1 $ 16.00 - 0.04 0.00 **Address and Telephone number for series 1 only
Env Mkts (Ire) Euro A € 2.13 - 0.03 0.00 Cautious Managed Rt Acc 68.52xd - 0.28 0.08 The Equity Idx Tracker Fd Inc 1371.00 1371.00 12.00 2.68
Ethical Corporate Bond A Acc 194.69 - -0.27 3.33
Gbl Fin Cap No Trail Acc 182.23 - 0.22 4.33 Wld Gold Expertise PA $ 9.51 - 0.16 0.00 Global Res.A1 $ 27.28 - 0.20 0.00 Distribution Units
Env Mkts (Ire) USD A $ 1.79 - 0.02 0.00 Cautious Managed Rt Inc 60.29xd - 0.24 0.08
Ethical Corporate Bond A Inc 111.21 - -0.16 3.33 LO Selection
Gbl Fin Cap No Trail Inc 156.51 - 0.19 4.46 Global Total Return A1 € 18.24 - 0.24 0.00
Diversified Real Ret Acc 51.65 - 0.11 1.07
Ethical Equity A Acc 178.69 - 2.08 1.00 Balanced (CHF) PA F SFr 109.94 - 0.33 0.00
Global Opportunities (No Trail) Acc ♦ F 251.68 - 3.29 0.96 Inflation-Adjusted Bond A1 $ 14.06 - -0.01 0.00 Mirabaud Asset Management (LUX)
INDIA VALUE INVESTMENTS LIMITED (INVIL) Diversified Real Ret Inc 50.42 - 0.11 1.06
High Yield Bond A Acc 116.44 - 0.37 4.05 Balanced (EUR) PA F € 129.11 - 0.50 0.00 www.mirabaud.com, marketing@mirabaud.com
www.invil.mu Global Smaller Companies (No Trail) Acc ♦ F 249.74 - 1.38 0.39 Japan Equity A1 $ 10.72 - 0.10 0.00
Emerging Mkts Acc 141.40 - 0.90 0.73 Regulated
Other International Funds High Yield Bond A Inc 53.53 - 0.17 4.07 Conservative (CHF) PA F SFr 105.11 - 0.11 0.00
Asset Management
Global Smaller Companies (No Trail) Inc ♦ F 240.21 - 1.32 0.39 Latin American Equity Fd A1 $ 13.36 - 0.17 0.00
Emerging Mkts Inc 60.80 - 0.36 0.74 Mir. Conv. Bds Eur A EUR € 138.91 - 0.67 0.00
Investment Grade Bond A Acc 158.66 - -0.17 3.01
Asset Management Asset Management
NAV £ 7.71 - 0.05 0.00 Conservative (EUR) PA F € 115.92 - 0.18 0.00
Global Targeted Rets (No Trail) Acc 113.37 - -0.04 0.84 Limited Maturity A1 $ 14.04 - 0.00 0.00
Emrg Mkts Inc Acc... C 51.61xd - 0.38 4.47 Mir. Conv. Bds Glb A USD $ 115.89 - 0.70 0.00
Investment Grade Bond A Inc 116.97 - -0.12 3.01 Global Allocation (GBP) PA F £ 10.07 - 0.01 0.00 New Capital Fund Management Ltd (IRL)
High Income (No Trail) Acc ♦ F 176.26 - 0.65 3.48 Prudent Wealth Fd A1 $ 14.72 - 0.05 0.00
Emrg Mkts Inc Inc... C 46.42xd - 0.34 4.60 Mir. - Eq Asia ex Jap A $ 182.90 - -1.00 0.00 Leconfield House, Curzon Street, London, W1J 5JB
Sterling Corporate Bond A Acc 69.40 - -0.07 2.96 Growth (CHF) PA F SFr 115.73 - 0.52 0.00
Intrinsic Value Investors (IVI) LLP (IRL) High Income (No Trail) Inc ♦ F 129.59 - 0.48 3.57 Research Bond A1 $ 16.55 - -0.01 0.00 FCA Recognised
Europe Acc 1066.00 - -3.00 1.46 Mir. - Eq Glb Emrg Mkt A USD $ 96.54 - -0.37 0.00
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 Sterling Corporate Bond A Inc 31.19 - -0.03 2.96 Growth (EUR) PA F € 141.30 - 0.83 0.00 New Capital UCITS Funds
High Yield Fund (No Trail) Acc 225.00 - 0.01 4.59 UK Equity A1 £ 8.24 - 0.06 0.00
FCA Recognised Europe Inc 61.38 - -0.13 1.46 Mir. - Eq Global Focus A USD $ 105.57 - 0.47 0.00
Strategic Bond A Acc 180.94 - 0.06 2.09 Vantage 1500 (EUR) MA € 10.33 - 0.00 0.00 Asia Pac Bd USD Inst Inc $ 93.42 - 0.04 3.12
IVI European Fund EUR € 18.74 - 0.17 0.00 High Yield Fund (No Trail) Inc 169.51 - 0.01 4.70 US Conc.Growth A1 $ 15.83 - 0.14 0.00
Eur Dynamic exUK Acc 164.90 - -1.40 0.79 Mir. -Eq Spain A € 28.98 - -0.05 0.00
Strategic Bond A Inc 120.63 - 0.04 2.09 Vantage 3000 (EUR) MA € 10.56 - 0.01 0.00 Asia Pac Bd USD Ord Inc $ 95.44 - 0.04 2.41
IVI European Fund GBP £ 17.91 - 0.06 1.03 Hong Kong & China (No Trail) Acc ♦ F 188.15 - 0.61 1.16 US Government Bond A1 $ 17.01 - -0.02 0.00
Eur Dynamic exUK £ hdg Acc 196.60 - -0.40 0.67 PrivilEdge Mir. - Eq Swiss Sm/Mid A SFr 321.31 - 3.28 0.00
UK Equity Absolute Return A Acc 118.96 - -0.25 0.00 Asia Pac Eq EUR Ord Inc € 94.79 - 0.85 2.82
Income & Growth (No Trail) Acc ♦ F 229.30 - 1.89 3.66 Value A1 $ 22.66 - 0.22 0.00
Eur Dynamic exUK Inc 75.70 - -0.66 0.79 Inc.Pt.RMB Dt.CNH PA CNH 102.27 - -0.05 0.00 Mir. - Glb High Yield Bds A $ 110.63 - 0.16 -
UK Equity A Acc 236.57 - 2.30 1.13 Asia Pac Eq GBP Ord Inc £ 98.37 - 0.87 3.18
Income & Growth (No Trail) Inc ♦ F 181.52 - 1.50 3.76
Eur Smaller Cos Acc 465.50 - -2.60 0.00 Inc.Pt.RMB Dt.SH CHF PA SFr 10.12 - 0.00 0.00 Mir. - Glb Eq High Income A USD $ 103.76 - 0.64 0.00
UK Equity Income A Acc 207.68 - 2.43 4.38 Asia Pac Eq USD Ord Inc $ 99.04 - 0.88 2.61
Income (No Trail) Acc ♦ F 175.00 - 0.56 3.26
Eur Smaller Cos Inc 60.54 - -0.33 0.00 Inc.Pt.RMB Dt.SH EUR PA € 10.19 - 0.01 0.00 MMIP Investment Management Limited (GSY) Mir. - Glb Strat. Bd A USD $ 106.54 - 0.05 0.00
UK Equity Income A Inc 163.44 - 1.91 4.37 Asia Pac Eq USD Inst Acc $ 104.74 - 0.92 0.00
Income (No Trail) Inc ♦ F 130.11 - 0.41 3.34 Regulated
Fusion Balanced Acc 55.39xd - 0.12 0.47 Inc.Pt.RMB Dt.USD PA $ 10.25 - 0.00 0.00
UK Opportunities A Acc 172.66 - 1.37 0.98 Multi-Manager Investment Programmes PCC Limited Asia Pac Eq USD Inst Inc $ 110.50 - 0.99 3.22
Japan (No Trail) Acc ♦ F 151.93 - 2.21 0.76
Fusion Balanced Inc 55.38xd - 0.12 0.47 Jenn. US Eq.Opp. USD PA $ 10.07 - 0.10 0.00 European Equity Fd Cl A Initial Ser € 2514.64 2524.74 -120.35 0.00
UK Smaller Companies A Acc 274.92 - 4.69 0.25 Dyn Europ Eq EUR Ord Inc € 182.32 - 1.59 1.11
Japanese Smaller Companies (No Trail) Acc ♦ F 164.46 - -0.12 0.00
Fusion Conservative Acc 54.68xd - 0.09 0.65 Neubrg.Berman US Core PA $ 14.37 - 0.11 0.00 Japanese Equity Fd Cl A Initial Ser ¥ 371836.00 373104.00 -8866.00 0.00
Dyn Europ Eq GBP Ord Inc £ 194.13 - 1.68 1.66
Invesco Fund Managers Ltd (UK) Latin American (No Trail) Acc ♦ F 108.57 - 1.46 2.02
Fusion Conservative Inc 54.56xd - 0.10 0.67 Sands US Growth PA € 14.54 - 0.06 0.00 MMIP - US EQUITY CLASS A 01 June 07 Series $ 1354.36 1358.38 -37.60 0.00
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH Dyn Europ Eq USD Ord Inc $ 182.63 - 1.60 1.14
Latin American (No Trail) Inc ♦ F 99.15 - 1.33 2.05 Kames Capital Investment Portfolios ICVC (UK)
Dealing: 0800 085 8571 Fusion Growth Acc 57.00xd - 0.14 0.47 Sands US Growth PA $ 17.62 - 0.07 0.00 Pacific Basin Fd Cl A Initial Ser $ 2369.35 2383.58 -74.64 0.00
Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA China Equity EUR Ord Acc € 147.36 - 1.42 0.00
Investor Services: 0800 085 8677 Managed Growth (No Trail) Acc ♦ F 198.79 - 1.09 1.21
Fusion Growth Inc 57.00xd - 0.14 0.47 0800 45 44 22 www.kamescapital.com Will.Blair Gbl. Ldrs PA € 16.42 - 0.15 0.00 UK Equity Fd Cl A Series 01 £ 2354.31 2377.69 -70.65 0.00
www.invescoperpetual.co.uk China Equity GBP Ord Acc £ 154.13 - 1.48 0.00
Managed Growth (No Trail) Inc ♦ F 182.81 - 1.00 1.23 Authorised Funds
Authorised Inv Funds Fusion Growth + Acc 58.96xd - 0.18 0.47 Will.Blair Gbl. Ldrs PA $ 13.51 - 0.12 0.00 Diversified Absolute Rtn Fd USD Cl AF2 $ 1639.80 - -8.66 0.00 Montello Real Estate Opportunity Fund (LUX)
Property Income B Acc 115.72 - 0.05 - 101 New Cavendish Street,London W1W 6XH China Equity USD Ord Acc $ 150.40 - 1.44 0.00
INVESCO PERPETUAL Funds Managed Income (No Trail) Acc ♦ F 193.57 - 0.79 3.12
Fusion Growth + Inc 58.96xd - 0.17 0.47 Diversified Absolute Return Stlg Cell AF2 £ 1660.21 - -7.87 0.00 Regulated
Asian Acc ♦ F 437.82 - -0.37 0.84 Property Income B Inc 109.49 - 0.03 - China Equity USD Inst Acc $ 154.15 - 1.48 0.00
Managed Income (No Trail) Inc ♦ F 160.32 - 0.66 3.17
Fusion Income Acc...C 54.09xd - 0.07 2.41 Montello Real Estate Opportunity Fund II £ 1116.65 - 7.25 0.00
Asian Inc ♦ F 393.24 - -0.33 0.85 Lothbury Property Trust (UK) Global Val.Cr.Fd GBP Ord Inc £ 112.68 - 0.01 3.78
Monthly Income Plus (No Trail) Acc ♦ F 172.79 - 0.21 4.64
Fusion Income Inc...C 51.73xd - 0.07 2.42 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Asian Equity Income Acc ♦ F 59.44 - 0.02 4.17 Manek Investment Mgmt Ltd (1000)F (UK) Global Val.Cr.Fd USD Inst Acc $ 124.38 - 0.02 0.00
Monthly Income Plus (No Trail) Inc ♦ F 110.27 - 0.14 4.73 Kames Capital VCIC (IRL) Property & Other UK Unit Trusts
Global Allocation Acc 55.06 - 0.25 0.64 P.O.Box 100, Swindon SN1 1WR 0844 800 9401
Asian Equity Income Inc ♦ F 50.64 - 0.01 4.28 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Lothbury Property Trust GBP £ 1705.49 1829.88 6.39 3.39 MW Japan Fund Plc (IRL) Global Val.Cr.Fd GBP Ord Acc £ 179.44 - 0.04 0.00
Pacific (No Trail) Acc ♦ F 182.51 - 1.13 0.82 Authorised Inv Funds
Global Allocation Inc 54.70 - 0.25 0.64 FCA Recognised FCA Recognised
Balanced Risk 6 Acc 53.04 - 0.07 0.00 Growth Fd Acc 57.56 60.88 -0.43 0.00 Global Val.Cr.Fd USD Ord Acc $ 168.54 - 0.03 0.00
Pacific (No Trail) Inc ♦ F 173.23 - 1.07 0.90 Absolute Return Bond B GBP Acc 1078.02 - -0.73 - MW Japan Fund PLC A $ 25.36 - 0.04 -
Global Bond exUK Acc 249.10 - 0.00 0.75
Balanced Risk 8 Acc 54.80 - 0.10 0.00 Global Val.Cr.Fd EUR Ord Acc € 157.29 - 0.03 0.00
Tactical Bond (No Trail) Acc ♦ F 141.50 - 0.11 1.45 Eq Market Neutral B Acc 1019.25 - -2.10 - MW Japan Fund PLC B $ 25.61 - 0.04 -
Global Bond exUK Inc 196.60 - 0.00 0.75
Balanced Risk 10 Acc 56.49 - 0.13 0.12 Swiss Select Equity Inst Acc SFr 115.86 - 0.73 0.00
Tactical Bond (No Trail) Inc ♦ F 120.65 - 0.09 1.46 Eq Market Neutral Plus B Acc 1033.08 - -4.44 - Manulife Global Fund (LUX) MW Japan Fund PLC C $ 101.07 - 0.70 -
Global Bond Opport. Acc 50.11xd - 0.11 2.83
Childrens Acc ♦ F 419.88 - 4.55 1.69 UK Aggressive (No Trail) Acc ♦ F 173.59 - 1.93 2.23 Asset Management
31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg Swiss Select Equity Ord Acc SFr 114.83 - 0.72 0.00
set Management Global Bond Opport. Inc 49.69xd - 0.11 2.85 High Yield Global Bond A GBP Inc 539.32 - 1.63 3.62
www.manulife.com.hk
US Growth USD Ord Acc $ 218.13 - 0.36 0.00
Asset Manageme
Global Eq Income Inc ... C 63.18xd - 0.29 3.88 Kames Global Equity Income B GBP Inc 1105.67 - 3.26 -
Distribution Acc ♦ F 110.66 - 0.34 4.24 Authorised Inv Funds Morant Wright Fuji Yield GBP Acc Hedged £ 12.14 - 0.09 - Wealthy Nat Bd EUR Inst Inc € 109.36 - 0.01 3.90
UK Growth (No Trail) Inc ♦ F 124.41 - 1.47 2.31 Strategic Global Bond A GBP Inc 1107.12 - 0.37 0.47 Asian Equity Fund Class A F $ 3.1748 - -0.0074 0.37
Global Equity Acc 1026.00 - 6.00 0.15 Charifund Inc 1483.98 - 14.37 4.54
Distribution Acc (Gross) ♦ F 126.33 - 0.39 4.21 Morant Wright Fuji Yield GBP Dist Hedged £ 11.88 - 0.09 - Wealthy Nat Bd GBP Inst Inc £ 113.31 - 0.00 3.76
UK Smaller Companies Equity (No Trail) Acc ♦ F 279.40 - 1.66 1.02 Strategic Global Bond B GBP Inc 628.38 - 0.21 0.97 Asian Equity Fund Class AA F $ 1.0214 - -0.0024 0.00
Global Equity Inc 76.25 - 0.43 0.14 Charifund Acc 19921.32 - 192.98 4.41
Distribution Inc ♦ F 65.27 - 0.20 4.31 Morant Wright Fuji Yield USD Acc Hedged $ 11.83 - 0.09 - Wealthy Nat Bd EUR Ord Inc € 108.66 - 0.01 3.62
UK Smaller Companies Equity (No Trail) Inc ♦ F 260.76 - 1.56 1.03 Asian Small Cap Equity Fund Class AA F $ 2.2170 - 0.0081 0.00
Global Financials Acc 765.60 - 6.30 0.82 M&G Corporate Bond A Acc 62.10xd - -0.05 3.11
Distribution Inc (Gross) ♦ F 65.31 - 0.21 4.31 Morant Wright Fuji Yield USD Dist Hedged $ 11.97 - 0.08 - Wealthy Nat Bd GBP Ord Inc £ 113.97 - 0.01 3.51
UK Strategic Income (No Trail) Acc ♦ F 739.47 - 2.22 3.42 Asian Small Cap Equity Fund Class AA (HKD)HK$ 8.9696 - 0.0343 -
Global Financials Inc 43.54 - 0.36 0.82 Kleinwort Benson Bank (UK) M&G Corporate Bond A Inc 39.25xd - -0.03 3.11
Emerging European Acc ♦ F 35.22 - 0.25 2.91 Morant Wright Fuji Yield YEN Acc ¥ 1214.71 - 8.86 - Wealthy Nat Bd USD Ord Inc $ 110.96 - 0.01 3.47
UK Strategic Income (No Trail) Inc ♦ F 554.37 - 1.66 3.50 14 St. George Street, Mayfair, London W1S1FE China Value Fund Class A F $ 8.7793 - -0.0400 0.62
Global High Yield Bd Mth Inc C 38.35xd - 0.18 6.22 M&G Dividend A Inc 62.26xd - 0.57 4.41 New Capital Alternative Strategies
Emerging European Inc ♦ F 32.95 - 0.23 2.98 Dealing and enquiries: 0800 024 2400 China Value Fund Class AA F $ 2.7491 - -0.0126 0.42 Morant Wright Fuji Yield B YEN Acc ¥ 1072.92 - 7.85 -
US Equity (No Trail) Acc ♦ F 225.83 - 2.07 0.04
Global High Yield Bd Acc C 99.69xd - 0.47 6.19 Authorised Inv Funds M&G Dividend A Acc 623.66xd - 5.77 4.25 All Weather Fd USD Cls $ 120.69 - -1.63 0.00
European Equity Acc ♦ F 868.41 - -2.54 2.22 Dragon Growth Fund Class A F $ 2.0499 - -0.0092 0.55 Morant Wright Fuji Yield YEN Dist ¥ 1201.34 - 8.76 -
Global High Yield Bd Inc C 38.64xd - 0.18 6.19 Unit Trust Manager/ACD - Host Capital
M&G Episode Growth X Inc 53.40 - 0.37 1.85 All Weather Fd EUR Cls € 108.61 - -1.54 0.00
European Equity Inc ♦ F 734.73 - -2.15 2.27 HC KB Capital Growth A Acc 166.53 - 0.70 1.36 Dragon Growth Fund Class AA HKDHK$ 9.9165 - -0.0441 0.52 Morant Wright Sakura Fund Sterling Acc Hedged £ 14.49 - 0.13 0.00
Global Property Secs Acc 58.43 - 0.33 0.71 M&G Episode Income A Acc 140.68xd - 0.45 3.51 All Weather Fd GBP Cls £ 117.15 - -1.54 0.00
European Equity Income Acc ♦ F 75.78 - 0.10 3.45 HC KB Capital Growth A Inc 155.93 - 0.65 1.38 Emerging Eastern Europe Fund Class AA F $ 1.3470 - 0.0009 0.48 Morant Wright Sakura Fund Euro Acc Hedged € 14.44 - 0.12 0.00
Global Property Secs Inc 50.65 - 0.29 0.72 M&G Episode Income A Inc 118.69xd - 0.38 3.58 Tactical Opps USD Cls $ 156.39 - -4.97 0.00
European Equity Income Inc ♦ F 58.66 - 0.08 3.53 HC KB Enterprise Equity Income A Inc 112.85 - 0.43 3.78 Emerging Eastern Europe Fund Class A F $ 3.1359 - 0.0021 0.86 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1473.75 - 12.47 0.00
Income Acc ... C 50.17xd - 0.11 6.15 M&G Extra Income A Inc 736.45xd - 6.10 4.39 Tactical Opps EUR Cls € 130.98 - -4.16 0.00
European High Income Acc ♦ F 80.51 - -0.08 3.38 HC KB Enterprise Equity Income A Acc 163.99 - 0.63 3.69 European Growth Fund Class A F $ 11.1021 - 0.0036 1.18 Morant Wright Sakura Fund Dollar Acc Hedged $ 14.43 - 0.12 0.00
Income Inc ... C 47.59xd - 0.10 6.17 M&G Extra Income A Acc 5975.25xd - 49.48 4.26 Tactical Opps GBP Cls £ 147.28 - -4.71 0.00
European High Income Inc ♦ F 59.01 - -0.06 3.43 HC KB Endeavour Multi Asset Balanced A Acc 133.12 - 0.52 0.81 European Growth Fund Class AA F $ 0.8030 - 0.0003 0.57 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 14.35 - 0.12 0.00
Japan Acc 297.40 - -0.90 0.00 M&G Global Basics A Inc 632.90 - 4.55 0.29
European Opportunities Inc ♦ F 85.71 - -0.46 0.17 Invesco (LUX) HC KB Endeavour Multi Asset Balanced A Inc 126.51 - 0.49 0.81 Global Contrarian Fund Class AA F $ 0.9550 - 0.0018 0.00
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 Japan Inc 71.58 - -0.22 0.00 M&G Global Basics A Acc 955.45 - 6.87 0.29
European Opportunities Acc ♦ F 87.76 - -0.48 0.17 HC KB Enterprise Fixed Income A Acc 122.91 - -0.15 3.44 Global Property Fund Class AA F $ 1.0111 - 0.0033 0.77
FCA Recognised Multi-Asset Inc Mth Inc ... C 66.04xd - 0.32 3.61 M&G Global Dividend Fund A Acc 196.65xd - 1.53 3.21
European Smlr Cos Acc ♦ F 188.79 - -0.86 0.00 Invesco Management SA HC KB Enterprise Fixed Income A Inc 110.47 - -0.14 3.44 Global Property Fund Class AA (HKD)HK$ 9.5019 - 0.0429 -
Multi-Asset Inc Acc... C 87.06xd - 0.41 3.59 M&G Global Dividend Fund A Inc 156.32xd - 1.22 3.27
Global Bd Acc (Gross) ♦ F 127.47 - 0.05 1.20 Invesco Active Multi-Sector Credit Fund A € 2.95 - 0.01 0.00
Global Resources Fund Class AA F $ 0.6871 - 0.0083 0.00
Multi-Asset Inc Inc... C 66.49xd - 0.31 3.64 M&G Glbl Emrgng Mkts A Acc 194.56 - 1.54 0.88
Global Bd Inc (Gross) ♦ F 78.96 - 0.03 1.21 Invesco Asia Balanced A dist $ 14.76 - 0.03 3.51
Greater China Opportunities Class AA $ 1.0237 - -0.0012 0.00
Multi-Asset Macro Acc 64.89 - 0.22 0.00 Lloyds Investment Fund Managers Limited (1000)F (JER) M&G Glbl Emrgng Mkts A Inc 187.98 - 1.50 0.89
Global Bond Acc ♦ F 119.87 - 0.05 1.20 Invesco Asia Consumer Demand Fund A income $ 13.56 - -0.08 0.18 PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Healthcare Fund Class AA F $ 2.0219 - -0.0209 0.00
Multi-Asset Macro Inc 64.89 - 0.22 0.00 M&G Global Macro Bond Fund A Acc 104.85 - 0.11 0.96
Northwest Investment Management (HK) Ltd
Invesco Asia Infrastructure (A) $ 13.60 - 0.03 1.39 Other International Funds Morgan Stanley Investment Funds (LUX)
Global Bond Inc ♦ F 78.89 - 0.03 1.21 India Equity Fund Class AA F $ 1.4294 - 0.0050 0.00 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Multi-Manager Growth Acc 732.30 - 0.10 0.45 Lloydstrust Gilt £ 12.1100xd - -0.0400 2.68 M&G Global Macro Bond Fund A Inc 72.83 - 0.08 0.96 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 Other International Funds
Glbl Distribution Acc 54.02 - 0.16 4.19 Invesco Asia Opportunities Equity A $ 107.39 - -0.26 0.00
International Growth Fund Class A F $ 4.8018 - -0.0178 0.13 www.morganstanleyinvestmentfunds.com
Multi-Manager Growth Inc 683.40 - 0.10 0.45 Lloyds Investment Funds Limited M&G Global High Yield Bond X Inc 50.72xd - 0.61 4.30 Northwest $ class $ 2429.34 - -84.43 0.00
Glbl Distribution Acc (Gross) 54.58 - 0.16 4.19 Invesco Balanced Risk Allocation Fund A € 15.14 - 0.03 0.00 FCA Recognised
Euro High Income € 1.6400xd - -0.0010 3.01 International Growth Fund Class AA F $ 1.1022 - -0.0041 0.00
Natural Resources Acc 375.00 - 8.70 0.11 M&G Global High Yield Bond X Acc 118.22xd - 1.42 4.30 US Advantage A F $ 59.26 - -0.25 0.00 Northwest Warrant $ class $ 2602.22 - -348.84 0.00
Glbl Distribution Inc 51.91 - 0.15 4.20 Invesco Global Conservative Fund 90 (EUR) A € 12.21 - 0.03 0.00
European £ 7.6880 - 0.0330 1.12 Japanese Growth Fund Class A F $ 3.5273 - 0.0265 0.58
Natural Resources Inc 26.56 - 0.61 0.11 M&G Managed Growth X Inc 77.87 - 0.57 0.67 Asian Equity A F $ 44.03 - -0.40 0.00
Glbl Distribution Inc (Gross) 51.93 - 0.15 4.20 Invesco Emerging Europe Equity Fund A $ 8.48 - 0.05 0.00
High Income £ 0.8726 - -0.0024 5.05 Japanese Growth Fund Class AA F $ 0.9070 - 0.0068 0.00
New Europe Acc 137.40 - 0.90 2.64 M&G Optimal Income A Inc 143.40 - 0.06 2.06 Asian Property A F $ 18.78 - 0.02 0.00
Global Emerging Markets Acc ♦ F 242.38 - 1.04 0.51 Invesco Emerging Local Currencies Debt A Inc $ 7.46 - -0.02 6.49
International £ 4.1690 - 0.0280 1.17 Latin America Equity Fund Class AA F $ 0.7927 - 0.0006 1.50
New Europe Inc 32.65 - 0.22 2.60 M&G Optimal Income A Acc 188.01 - 0.08 2.06 Asian Property AX F £ 11.09 - 0.05 0.55
Global Emerging Markets Inc ♦ F 220.51 - 0.95 0.52 Invesco Emerging Mkt Quant.Eq. A $ 10.00 - -0.01 0.00
North American £ 15.7800 - 0.1500 0.13 Russia Equity Fund Class AA F $ 0.4285 - 0.0042 0.00
Portfolio Acc 204.40xd - 1.80 0.67 M&G Recovery GBP A Inc 125.86xd - 1.07 0.70 Diversified Alpha Plus A F € 31.47 - 0.04 0.00
Global Equity (acc) ♦ F 484.36 - 4.15 0.48 Invesco Energy A $ 19.76 - 0.37 0.00
Sterling Bond £ 1.4700xd - -0.0050 3.53 Taiwan Equity Fund Class AA F $ 1.5780 - 0.0117 0.20
Sterling Corporate Bond Acc 82.16xd - -0.10 2.52 M&G Recovery GBP A Acc 282.61xd - 2.40 0.69 Emerg Europ, Mid-East & Africa Eq A F € 71.33 - 0.17 0.00
Global Equity (inc) ♦ F 441.78 - 3.79 0.49 Invesco Euro Corporate Bond Fund (A) € 17.26 - 0.00 0.00
UK £ 7.0050 - 0.0720 1.70 Turkey Equity Fund Class AA F $ 0.7284 - -0.0063 0.00
Sterling Corporate Bond Inc 51.91xd - -0.06 2.52 M&G Strategic Corp Bond A Inc 73.21xd - -0.04 2.82 Emerging Markets Debt A F $ 76.45 - 0.32 0.00
Global Equity Income Acc ♦ F 123.01 - 0.98 3.25 Invesco Euro Inflation Linked Bond A € 15.64 - 0.10 0.00
Lloyds Gilt Fund Limited US Bond Fund Class AA F $ 1.2101 - 0.0006 3.94
Strategic Bond Acc 69.07xd - 0.11 2.58 M&G Strategic Corp Bond A Acc 104.51xd - -0.06 2.82
Oasis Crescent Management Company Ltd
Invesco Euro Reserve A € 322.84 - 0.00 0.00 Emerging Markets Domestic Debt AX F £ 10.79 - -0.01 5.63
Global Equity Income Inc ♦ F 102.54 - 0.82 3.33 Lloyds Gilt Fund Quarterly Share £ 1.2590xd - -0.0040 2.02 U.S. Bond Fund Class AA Inc F $ 0.9858 - 0.0007 - Other International Funds
Strategic Bond Inc 57.80xd - 0.09 2.58 M&G Global Leaders GBP A Inc 195.96 - 1.29 1.39 Emerging Markets Equity A F $ 36.01 - -0.18 0.00
Gbl Financial Capital Acc 89.55 - 0.11 4.35 Invesco European Bond A € 7.10 - 0.01 0.00 Monthly Share £ 1.2130 - -0.0040 2.02 Oasis Crescent Equity Fund R 9.47 - 0.16 0.00
US Bond Fund Class AA (HKD) HK$ 9.9022 - 0.0060 -
UK Active Index + E Acc 289.10 - 4.10 2.97 M&G Global Leaders GBP A Acc 457.17 - 3.01 1.38 Euro Bond A F € 15.64 - 0.03 0.00
Gbl Financial Capital Inc 76.90 - 0.10 4.48 Invesco European Growth Equity A € 25.69 - 0.27 0.00 Lloyds Money Fund Limited
U.S. Bond Fund Class AA (HKD) IncHK$ 9.8100 - 0.0252 -
UK Active Index + E Inc 54.51 - 0.76 2.97 Sterling Class £ 52.5840 - 0.0000 0.17 M&G UK Inflation Lnkd Corp Bnd A Acc 113.83 - 0.18 0.12 Euro Corporate Bond AX F £ 21.04 - -0.09 1.81
Gbl Financial Cap Acc Gross 93.35 - 0.11 4.86 Invesco Global Absolute Return Fund A Class € 11.29 - 0.00 0.00
U.S. Special Opportunities Fund Class AA F $ 0.9107 - 0.0029 7.13 Oasis Global Mgmt Co (Ireland) Ltd (IRL)
UK Dynamic Acc 163.50 - 1.10 1.31 Lloyds Multi Strategy Fund Limited M&G UK Inflation Lnkd Corp Bnd A Inc 112.19 - 0.17 0.12 Euro Strategic Bond A F € 43.52 - 0.10 0.00
Invesco Global Bond A Inc $ 5.53 - 0.00 0.97 Regulated
Gbl Financial Cap Inc Gross 77.17 - 0.10 5.04 U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.5989 - 0.0104 -
UK Dynamic Inc 134.90 - 0.90 1.31 Conservative Strategy £ 1.0960 - -0.0010 1.97 Oasis Global Investment (Ireland) Plc
Invesco Global Equity Income Fund A $ 62.55 - 0.25 0.00 European Currencies High Yield Bd A F € 21.92 - 0.00 0.00
Global Opportunities Acc ♦ F 97.95 - 1.28 0.46 U.S. Special Opportunities Fund Class AA Inc $ 0.9021 - 0.0028 -
UK Eq & Bond Inc Acc ... C 142.90xd - 1.20 3.22 Growth Strategy £ 1.5010 - 0.0040 1.32 Oasis Crescent Global Short Term Income Fund $ 1.00 - 0.00 0.36
Invesco Global Inc Real Estate Sec A dist $ 9.38 - 0.01 2.15 M & G Securities Ltd (UK) European Equity Alpha A F € 47.67 - 0.26 0.00
Global Smaller Cos Acc ♦ F 1711.86 - 9.40 0.00 US Small Cap Equity Fund Class AA F $ 1.1673 - 0.0026 0.00
UK Eq & Bond Inc Inc ... C 84.54xd - 0.75 3.29 Aggressive Strategy £ 1.8520 - 0.0080 0.00 Oasis Global Equity $ 28.33 - 0.28 0.22
Property & Other UK Unit Trusts European Property A F € 36.18 - 0.04 0.00
Global Smaller Cos Inc ♦ F 1637.55 - 8.99 0.00 Invesco Global Inv Grd Corp Bond A Dist $ 11.74 - 0.00 3.10
Global USD Growth Strategy $ 1.4600 - 0.0110 0.00 US Treasury Inflation-Protected Securities Fund Class AA F $ 1.2816 - 0.0027 0.06 Oasis Crescent Global Investment Fund (Ireland) plc
UK Higher Inc Acc ... C 922.60 - 9.20 3.80 Charibond 124.81 - -0.06 5.20
Invesco Global Leisure A $ 37.80 - 0.38 0.00 Eurozone Equity Alpha A F € 12.32 - -0.01 0.00
Global Targeted Rets Acc 56.17 - -0.02 0.30 Dealing Daily Oasis Crescent Global Equity Fund $ 28.75 - 0.28 0.00
UK Higher Inc Inc ... C 549.20 - 5.50 3.92 (Accum Units) 3599.05 - -1.68 5.20
Invesco Global Smaller Comp Eq Fd A $ 58.94 - 0.17 0.00 Global Bond A F $ 38.50 - -0.11 0.00
High Income Acc ♦ F 825.51 - 3.06 3.50 Oasis Crescent Global High Equity Balanced Fund $ 9.88 - 0.07 0.00
UK Managed Equity Acc 68.13xd - 0.97 2.01 NAACIF 77.36 - 0.60 4.45 Manulife Global Fund Global Brands A F $ 100.13 - -0.20 0.00
High Income Inc ♦ F 455.38 - 1.69 3.59 Invesco Global Structured Equity A $ 48.07 - 0.31 0.75 Other International Funds Oasis Crescent Variable Balanced Fund £ 10.52 - 0.06 -
UK Managed Equity Inc 57.58xd - 0.81 2.03 (Accum Units) 6767.79 - 52.24 4.32
Invesco Global Total Ret.(EUR) Bond Fund A € 13.37 - 0.00 0.00 Asia Total Return Fund Class AA $ 0.9865 - -0.0007 - Global Convertible Bond A F $ 43.70 - 0.18 0.00
High Yield Fund Acc 108.73 - 0.00 4.61 OasisCresGl Income Class A $ 11.08 - 0.01 2.40
UK Smaller Cos Acc 376.60 - 2.20 0.00 M&G Property Portfolio A Acc 131.04 137.93 0.72 3.65
Invesco Gold & Precious Metals A $ 3.68 - 0.03 0.00 Asia Total Return Fund Class AA (HKD) Inc FHK$ 9.8634 - 0.0028 - Global Property A F $ 28.57 - -0.01 0.00
High Yield Fund Acc (Gross) 126.47 - 0.01 4.58 OasisCresGl LowBal D ($) Dist $ 12.13 - 0.06 0.00
UK Smaller Cos Inc 73.12 - 0.42 0.00 Property Portfolio A 121.03 127.40 0.66 3.74
Invesco Greater China Equity A $ 46.04 - 0.16 0.00 Asia Total Return Fund Class AA Inc $ 0.9363 - -0.0007 3.21 Indian Equity A F $ 37.81 - 0.04 0.00
High Yield Fund Inc 43.97 - 0.00 4.72 OasisCresGl Med Eq Bal A ($) Dist $ 12.36 - 0.08 0.04
UK Strategic Eq Inc Acc ... C 154.60xd - 1.80 3.53 Property Portfolio X 121.03 121.03 0.66 3.72
Invesco India Equity A $ 57.09 - 0.14 0.00 Asia Value Dividend Equity Fund Class AA F $ 1.7177 - -0.0139 0.00 Latin American Equity A F $ 43.84 - 0.07 0.00
High Yield Fund Inc (Gross) 44.11 - 0.00 4.72 Oasis Crescent Gbl Property Eqty $ 9.72 - 0.05 2.17
UK Strategic Eq Inc Inc ... C 101.80xd - 1.20 3.60 Short Maturity Euro Bond A F € 20.43 - -0.01 0.00
Hong Kong & China Acc ♦ F 475.13 - 1.55 0.69 Invesco Japanese Equity Adv Fd A ¥ 3989.00 - 37.00 0.00 Lombard Odier Funds (Europe) S.A (LUX) Asia Value Dividend Equity Fund Class AA Inc $ 1.0458 - -0.0083 -
UK Strategic Gth Acc 113.70 - 1.00 1.16 www.loim.com M & G (Guernsey) Ltd (GSY) US Dollar Liquidity A F $ 13.03 - 0.00 0.00
Income & Growth Acc ♦ F 975.41 - 8.03 3.68 Invesco Japanese Value Eq Fd A ¥ 1308.00 - 10.00 0.00 Strategic Income Fund Class AA F $ 1.0833 - 0.0013 4.47
Regulated Regulated
UK Strategic Gth Inc 106.10 - 0.90 1.17 US Growth A F $ 70.13 - -0.29 0.00
Income & Growth Inc ♦ F 423.18 - 3.48 3.78 Invesco Latin American Equity A $ 6.70 - 0.08 0.00 Lombard Odier Funds The M&G Offshore Fund Range
US Acc 714.60 - 8.10 0.00 Absolute Ret Bond (EUR) PA € 12.02 - -0.01 0.00 US Growth AH F € 48.39 - -0.21 0.00
Income Acc ♦ F 3189.24 - 10.01 3.27 Invesco Nippon Small/Mid Cap Equity A ¥ 1053.00 - 3.00 0.00 Corporate Bond 1306.78 1347.20 -1.00 3.11
Marlborough Fd Managers Ltd (1200)F (UK)
US Inc 98.90 - 1.12 0.00 Absolute Ret Bond (USD) PA $ 17.64 - -0.01 0.00 US Growth AX F £ 44.87 - -0.04 0.00
Income Inc ♦ F 1801.27 - 5.65 3.35 Invesco Pan European Equity A EUR Cap NAV € 21.16 - 0.27 0.00 Global Basics 2329.86 2401.92 16.29 0.00 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
US Equity Income Acc ... C 120.10xd - 1.20 2.04 All Roads (CHF) PA SFr 17.70 - 0.01 0.00 www.marlboroughfunds.com US Property A F $ 67.63 - 0.46 0.00
Japan Acc ♦ F 320.21 - 4.64 0.30 Invesco Pan European High Income Fd A € 14.34 - 0.03 2.17 Global Leaders 3403.70 3545.52 22.21 1.18
Authorised Inv Funds
US Equity Income £ hdg Inc ... C 102.20xd - 0.80 2.11 All Roads (USD) PA $ 11.25 - 0.01 0.00
Japanese Smlr Cos Acc ♦ F 64.66 - -0.05 0.00 Invesco Pan European Small Cap Equity A € 23.64 - 0.09 0.00 Global High Yield Bond 997.22 1028.06 11.97 4.30 Balanced 155.77 164.66 0.35 0.05 Odey Asset Management LLP (UK)
US Equity Income Inc ... C 103.00xd - 1.00 2.06 All Roads (GBP) PA £ 11.48 - 0.01 0.00 40 Dukes Place, London, EC3A 7NH
Latin America Acc ♦ F 112.44 - 1.50 1.33 Invesco Pan European Structured Equity A € 17.97 - 0.13 0.00 Global Macro Bond Fund 10940.86 11279.24 11.98 0.95 Bond Income 50.41 53.34 -0.13 4.39 Morgens Waterfall Vintiadis.co Inc Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
US Select Acc 111.90 - 1.00 0.00 All Roads (EUR) PA € 11.40 - 0.01 0.00 Other International Funds
Latin America Inc ♦ F 94.57 - 1.26 1.34 Invesco UK Eqty Income A £ 31.89 - 0.10 0.00 North American Dividend Fund 160.01 166.68 1.26 0.58 Cash 50.16 - 0.00 0.46 Authorised Corporate Director - Capita Financial Managers
US Select Inc 110.50 - 0.90 0.00 Alpha Japan (EUR) PA F € 12.38 - 0.05 0.00 Phaeton Intl (BVI) Ltd (Est) $ 437.77 - -7.43 0.00 Authorised Inv Funds
Managed Growth Acc ♦ F 164.16 - 0.90 0.70 Invesco UK Investment Grade Bond A £ 0.98 - 0.00 2.97 Optimal Income Fund 142.10 146.49 0.06 2.06 Cautious Inc 83.84 88.27 0.22 1.61
US Smaller Cos Acc 403.90 - 0.90 0.00 CF Odey Continental European R Acc ♦ 725.43 - -3.28 0.18
Invesco US Structured Equity A $ 21.60 - 0.17 0.00 Alpha Japan (CHF) PA F SFr 15.48 - 0.06 0.00 Recovery Fund Limited 'A' Participating Shares 10894.88 11348.83 90.04 0.37
Managed Growth Inc ♦ F 136.67 - 0.75 0.70 Defensive A Inc 116.16 - 0.07 0.97
US Smaller Cos Inc 105.80 - 0.20 0.00 CF Odey Continental European I Acc ♦ 124.21 - -0.56 0.75
Invesco US Value Eq Fd A $ 33.23 - 0.34 0.00 Alpha Japan (JPY) PA F ¥ 1468.00 - 6.00 0.00 Recovery Fund Limited 'I' Participating Shares 10900.09 11010.19 92.00 1.14
Managed Income Acc ♦ F 161.71 - 0.67 3.12 Emerging Markets 229.08 - -0.40 1.66
CF Odey Continental European I Inc ♦ 119.37 - -0.54 0.75
Invesco USD Reserve A $ 87.02 - 0.00 0.00 Alpha Japan (USD) PA F $ 17.75 - 0.07 0.00 Strategic Corporate Bond Fund 132.93 138.47 -0.07 2.81
Managed Income Inc ♦ F 99.86 - 0.41 3.18 ETF Global Growth A 149.87 - -0.21 0.00
CF Odey Opus R Inc ♦ 3827.30 - 29.35 0.00
Money Acc ♦ F 90.11 - 0.00 0.22 JPMorgan Charity Funds (UK) Alternative Beta PA F SFr 119.49 - 0.19 0.00 UK Growth 1599.38 1666.02 16.13 1.12 ETF Commodity A 73.59 - 0.85 0.00
60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 CF Odey Opus Fund A Accumulation 136.38 - 1.04 0.00
Alternative Beta PA F € 80.53 - 0.13 0.00
Money Acc (Gross) ♦ F 95.22 - 0.00 0.22 Invesco Global Asset Management Ltd (IRL) Property & Other UK Unit Trusts European Multi-Cap 266.04 - -0.28 0.20
CF Odey Opus Fund I Acc 175.76 - 1.35 0.25
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200 Alternative Beta PA F $ 120.50 - 0.19 0.00
Monthly Income Plus Acc ♦ F 300.01 - 0.35 4.65 UK Equity Fund for Charities I...C £ 2.893940xd 2.905300 0.039420 3.29 Extra Income 80.68 85.38 0.54 4.39
FCA Recognised Natixis International Funds (Lux) I SICAV (LUX) CF Odey Opus Fund I Inc 172.09 - 1.32 0.25
Commodities (CHF) PA SFr 5.54 - 0.01 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Monthly Income Plus Acc (Gross) ♦ F 351.71 - 0.42 4.62 Bond Fund for Charities £ 1.338180xd 1.344120 -0.001390 3.75 Far East Growth A Inc 163.72 - -0.76 1.82
Invesco Stlg Bd A QD F £ 2.61 - -0.01 3.38 CF Odey Absolute Return Fund Euro Hedged € 1.82 - 0.01 0.00
Commodities (EUR) PA € 5.61 - 0.01 0.00 FCA Recognised
Monthly Income Plus Inc ♦ F 112.04 - 0.13 4.75 Global 180.74 190.33 0.97 0.00
Invesco Asian Equity A $ 6.54 - -0.02 0.47 Harris Global Equity R/A (USD) $ 275.65 275.65 1.79 0.00 CF Odey Absolute Return Fund US Dollar Hedged $ 1.69 - 0.01 0.00
Commodities (USD) PA $ 5.79 - 0.01 0.00
Monthly Income Plus Inc (Gross) ♦ F 112.24 - 0.13 4.74 Global Bond Inc 136.55 144.50 -0.17 3.23
Invesco ASEAN Equity A $ 97.87 - -0.60 0.39 Harris Concentrated US Equity H-N/A (GBP) £ 149.29 149.29 1.65 0.00 CF Odey Absolute Return R 306.06 - 0.76 0.00
Convertible Bd P A € 17.56 - 0.05 0.00
Pacific Acc ♦ F 985.25 - 6.07 0.36 High Yield Fixed Interest 73.90 78.41 0.05 5.80
Invesco Bond A $ 26.80 - -0.08 2.23 Harris Concentrated US Equity R/D (GBP) £ 103.60 103.60 0.68 33.75 CF Odey Absolute Return I 315.95 - 0.80 0.00
Convertible Bd Asia PA F SFr 13.76 - 0.01 0.00 MFS Investment Funds (LUX)
Pacific Inc ♦ F 904.94 - 5.58 0.36 Multi Cap Income A Inc 163.00 - 0.84 4.13
Invesco Continental Eurp Small Cap Eqty A $ 205.39 - -0.99 0.00 FCA Recognised Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 99.15 99.15 0.12 1.62 CF Odey Portfolio Fund Class P Institutional Acc 107.93 - 0.40 0.00
Convertible Bd Asia PA F € 14.66 - 0.02 0.00
Tactical Bond Acc ♦ F 69.21 - 0.05 0.96 Blend.Research Gb.Eq.Fd. € 108.67 - 1.13 - Nano-Cap Growth A Acc 101.0457 110.9400 0.2661 -
Invesco Emerging Markets Equity A $ 37.71 - 0.10 0.00 CF Odey Portfolio Fund Class P Retail Acc 107.32 - 0.43 0.00
Convertible Bd Asia PA F $ 14.76 - 0.01 0.00
Tactical Bond Inc ♦ F 60.24 - 0.05 0.96 Blend.Research Gb.Eq.Fd. £ 102.90 - 0.54 - Special Situations A Acc 1161.06 1228.64 7.98 0.28
Invesco Emerging Markets Bond A $ 20.80 - 0.06 4.81 CF Odey Portfolio Fund I Acc 152.85 - 0.61 0.32
GAM Emerg. Consumer (CHF) PA SFr 12.36 - 0.06 0.00 Natixis International Funds (Dublin) I plc (IRL)
Tactical Bond Acc (Gross) ♦ F 71.75 - 0.05 0.96 Blend.Research U.S.Core Eq.Fd. ¥ 10921.00 - 114.00 - UK Multi-Cap Growth A Inc 239.25 253.17 1.49 0.38
Invesco Continental European Equity A € 9.52 - 0.07 0.19 funds@gam.com, www.jbfundnet.com Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000 CF Odey Portfolio Fund I Inc 149.94 - 0.60 0.32
Emerg. Consumer (EUR) PA € 12.49 - 0.06 0.00
Tactical Bond Inc (Gross) ♦ F 60.30 - 0.05 0.97 Regulated Blend.Research Gb.Eq.Fd. $ 105.83 - 1.05 - UK Micro Cap Growth A 472.85 500.37 3.47 0.00 Regulated
Invesco Gilt A £ 14.79 - 0.00 1.49 CF Odey Portfolio Fund R Acc 148.65 - 0.60 0.08
JB BF ABS-EUR B € 105.24 - 0.00 0.00 Emerg. Consumer (USD) PA $ 12.48 - 0.06 0.00 Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 13.20 13.20 -0.06 1.11
UK Aggressive Acc ♦ F 211.30 - 2.35 1.71 Em.Mk.Eq.Fund Euro € 117.30 - 1.48 0.00 US Multi-Cap Income 313.46 - 3.41 0.17
Invesco Global Small Cap Equity A NAV $ 127.07 - 0.49 0.00 CF Odey Portfolio Fund R Inc 148.30 - 0.59 0.06
JB BF Abs Ret Def-EUR B € 111.78 - 0.05 0.00 Emerg.Eq. Risk Par.(EUR) PA € 8.47 - 0.06 0.00 MFM - Third Party Funds Loomis Sayles High Income R/D (USD) $ 9.17 9.17 0.03 13.21
UK Aggressive Inc ♦ F 175.97 - 1.96 1.74 Em.Mk.Eq.Fund Sterling £ 97.22 - 0.73 0.00
Invesco Global High Income A NAV $ 12.63 - 0.04 5.34
JB BF Abs Ret EM-USD B $ 117.87 - 0.11 0.00 Emerg. Eq. Risk Par.(USD) PA $ 6.53 - 0.04 0.00 Junior Oils 82.08 86.86 0.90 0.00 Loomis Sayles Multisector Income R/D (GBP) £ 13.02 13.02 -0.03 4.49
UK Growth Acc ♦ F 575.68 - 6.79 1.75 Em.Mk.Eq.Fd.US Dollar $ 98.83 - 1.20 0.00
Invesco Gbl R/Est Secs A GBP F F £ 7.69 - 0.05 0.95
Emerg. Loc.Cur.&Bds DH (CHF) PASFr 8.06 - 0.00 0.00 Junior Gold C Acc 21.29 - 0.37 0.00 Odey Asset Management LLP (CYM)
UK Growth Inc ♦ F 365.24 - 4.31 1.78 JB BF Abs Ret-EUR B € 131.33 - 0.09 0.00 Em.Mk.Loc.Ccy Debt Fd.FC ¥ 8461.00 - 48.00 5.88
Invesco Global Health Care A $ 145.80 - -0.81 0.00 Regulated
JB BF Abs Ret Pl-EUR B € 130.35 - 0.12 0.00 Emerg.Loc.Cur.Bd.Fdt PA SFr 8.55 - 0.02 0.00 MFM Artorius Fund 148.70 - -0.16 0.18
UK Smaller Cos Equity Acc ♦ F 859.44 - 5.10 0.55
Invesco Global Select Equity A $ 14.00 - 0.10 0.00 Em.Mk.Loc.Ccy Debt Fd.FD ¥ 10538.00 - 79.00 5.83 Natixis International Funds (UK) OEI MAC Inc A £ 351.51 - 0.79 0.00
JB BF EM Corporate-USD B $ 108.51 - -0.01 0.00 Emerg.Loc.Cur.Bd.Fdt PA € 11.59 - 0.06 0.00 MFM Bowland 154.05 166.54 -1.27 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
UK Smaller Cos Equity Inc ♦ F 662.80 - 3.93 0.56 Gb.Conc.Eq.Fd.Euro € 290.48 - 2.57 0.00 OEI Mac Inc B £ 190.95 - 1.28 0.00
Invesco Jap Eqty Core A $ 1.92 - 0.02 0.00 Authorised Funds
JB BF EM Infl Link-USD B $ 87.61 - 0.63 0.00 Emerg.Loc.Cur.Bd.Fdt PA $ 8.88 - 0.04 0.00 MFM Hathaway Inc 106.16 111.16 -1.37 1.53
UK Strategic Income Acc ♦ F 186.43 - 0.55 3.43 Gb.Conc.Eq.Fd.Sterl.UK T £ 171.08 - 0.64 0.00 OEI MAC Inc USD $ 1881.72 - 4.11 0.00
Invesco Japanese Equity A $ 18.91 - 0.04 0.00 H2O MultiReturns Fund N/A (GBP) $ 12.53 12.53 0.01 1.77
JB BF EM Inv Grade-USD B $ 100.05 - 0.22 0.00 Euro BBB-BB Fdt PA SFr 15.64 - -0.01 0.00 MFM SGWM Managed A Acc 125.01 - 0.39 0.16
UK Strategic Income Inc ♦ F 139.76 - 0.42 3.51 Gb.Conc.Eq.Fd.Sterling £ 259.25 - 0.96 0.00 Odey European Inc EUR € 818.00 - -10.35 0.00
Invesco Korean Equity A $ 34.28 - -0.74 0.00 H2O MultiReturns Fund I/A (GBP) £ 1.34 - 0.01 2.01
JB Emerging (EUR)-EUR B € 334.60 - 0.99 0.00 Euro BBB-BB Fdt PA € 12.41 - -0.01 0.00 MFM Techinvest Special Situations Acc 128.44 - -0.34 0.08
US Equity Acc ♦ F 543.10 - 4.98 0.00 Gb.Conc.Eq.Fd.US $ 202.83 - 1.70 0.00 Odey European Inc A GBP £ 313.42 - -3.87 0.00
Invesco PRC Equity A $ 55.19 - -0.15 0.00 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.09 - 0.01 -
Invesco Perpetual Funds (No Trail) JB Emerging (USD)-USD B $ 407.45 - 1.62 0.00 Euro BBB-BB Fdt PA £ 10.95 - -0.01 0.00 MFM Techinvest Technology Acc 371.09 - -6.61 0.00
Invesco Pacific Equity A $ 49.63 - 0.22 0.17 Gb.Eq.Hdg Fd.Euro IRE T € 191.68 - 1.50 0.00 Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.09 - 0.01 - Odey European Inc B GBP £ 177.87 - -2.19 0.00
Asian (No Trail) Acc ♦ F 183.21 - -0.15 1.36 JB BF Local EM-USD B $ 267.02 - 0.91 0.00 Euro BBB-BB Fdt PA $ 17.60 - -0.02 0.00 MFM UK Primary Opportunities A Inc 328.32 - 3.03 1.34
Invesco Global Technology A $ 16.27 - 0.00 0.00 Gb.Eq.Euro Hdg Fd. € 271.76 - 2.12 0.00 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.95 - 0.00 4.47 Odey European Inc USD $ 376.76 - -4.60 0.00
Asian (No Trail) Inc ♦ F 166.59 - -0.14 1.37 Euro Credit Bd PA F € 12.91 - -0.02 0.00 Slater Investments Ltd - Investment Adviser
JB BF Total Ret-EUR B € 99.26 - 0.04 0.00 Gb.Eq.Fund Euro € 297.49 - 2.56 0.00 Giano Capital EUR Inc € 4497.23 - 53.72 0.00
Invesco UK Eqty A £ 8.52 - 0.09 1.29 MFM Slater Growth 396.67 420.87 2.65 0.11 Loomis Sayles Strategic Income H-N/A (GBP) £ 1.03 - 0.00 4.63
Asian Equity Income (No Trail) Acc ♦ F 121.51 - 0.04 4.16 JB EF Abs Ret Eur-EUR B € 120.05 - 0.03 0.00 Euro Government Fdt PA € 12.44 - -0.02 0.00
Gb.Eq. Fd Euro IRE T € 188.13 - 1.62 0.00 MFM Slater Income A Inc 162.75 - 0.79 3.54 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.42 - 0.01 0.29
Asian Equity Income (No Trail) Inc 103.54 - 0.04 4.27 JB EF Euro Value-EUR B € 201.37 - -0.95 0.00 Euro Inflation-Lk Fdt PA € 12.00 - 0.00 0.00
Gb.Eq.Fd.Sterling UK T £ 211.88 - 0.74 0.00 MFM Slater Recovery 170.16 180.54 0.94 0.10 Loomis Sayles US Equity Leaders I/A (GBP) £ 1.40 - 0.01 0.49 Odey Asset Management LLP (IRL)
Balanced Risk 6 No Trail Acc 107.91 - 0.14 0.16 JB EF Japan-JPY B ¥ 18735.00 - 220.00 0.00 Euro Resp.Corp. Fdt PA € 18.24 - -0.02 0.00
Gb.Eq.Fd.US Dollar $ 328.05 - 2.66 0.00 FCA Recognised
Balanced Risk 8 No Trail Acc 111.46 - 0.20 0.42 JB EF Luxury B-EUR B € 238.83 - 2.53 0.00 Europe High Conviction PA € 12.12 - 0.11 0.00 Odey Pan European EUR R € 360.26 - 4.64 0.00
Gb.Eq.Fund Sterling £ 209.66 - 0.73 0.00
Balanced Risk 10 No Trail Acc 114.90 - 0.27 0.56 Eurozone Small&Mid Caps PA € 52.94 - 0.50 0.00 Marlborough International Management Limited (GSY) NatWest (2230)F (UK)
Odey Allegra European EUR O € 280.99 - 3.71 0.00
JB Ms EF Special Val. EUR/A € 147.67 - 1.56 0.75 Gb.Val.Ex-Jap.Fd.USD $ 121.76 - 1.18 0.00 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 PO Box 23873, Edinburgh EH7 5WJ**
Corporate Bond (No Trail) Acc ♦ F 163.39 - -0.09 3.90 JB Strategy Balanced-CHF/B SFr 155.13 - 0.63 0.00 Fdmt.Eq.L/S SH Sd EUR PA € 11.13 - 0.03 - Enquiries: 0800 085 5588 Odey Allegra International EUR O € 185.64 - 1.62 0.00
Gb.Val.Ex-Japan Fd.Yen ¥ 14824.00 - 168.00 0.00 FCA Recognised
Corporate Bond (No Trail) Inc ♦ F 117.54 - -0.06 3.99 Fdmt.Eq.L/S SH Sd USD PA $ 11.13 - 0.02 - Authorised Inv Funds
JB Strategy Balanced-EUR € 160.87 - 0.78 0.00 Marlborough North American Fund Ltd £ 30.34 30.64 -0.10 0.00 Odey Allegra Developed Markets USD I $ 135.86 - 1.21 0.00
Invest AD Low Volatility Gb.Eq.Fd. € 106.09 - 0.78 - Series 1(Minimum initial investment 16375,000)
Distribution (No Trail) Acc ♦ F 169.52 - 0.53 4.22 Client services: +971 2 692 6101 clientservices@InvestAD.com JB Strategy Balanced-USD/B $ 133.86 - 0.59 0.00 Gbl.Gvt.Fdmt PA € 10.54 - 0.00 0.00 Marlborough Tiger Fund Ltd F £ 27.06 27.33 0.17 0.00 Odey European Focus Fund € 19.04 - 0.11 0.00
Low Volatility Gb.Eq.Fd. £ 100.46 - 0.21 - United Kingdom Equity Index Fund £ 13.00 - 0.14 2.63
Other International Funds
Distribution (No Trail) Inc ♦ F 113.83 - 0.35 4.30 JB Strategy Growth-CHF/B SFr 96.34 - 0.60 0.00 Gbl.Gvt.Fdmt.(CHF) PA SFr 22.41 - 0.12 0.00 Odey Atlas Fund GBP I S £ 1.26 - 0.01 0.00
Invest AD - Iraq Opportunity Fund $ 67.75 - -0.14 0.00 Low Volatility Gb.Eq.Fd. $ 103.31 - 0.70 - UK Specialist Equity Inc £ 19.83 - 0.10 0.40
Emerging European (No Trail) Acc ♦ F 73.16 - 0.51 3.55 JB Strategy Growth-EUR € 121.82 - 0.76 0.00 Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.62 - 0.01 0.00 Odey Giano European Fund EUR R € 116.33 - 0.03 0.00
Invest AD - Emerging Africa Fund $ 1040.46 - 3.95 0.00 Marwyn Asset Management Limited (CYM) Contl Europe Spec Equity £ 16.24 - 0.04 0.00
Emerging European (No Trail) Inc ♦ F 66.70 - 0.46 3.66 JB Strategy Inc-CHF/B SFr 122.37 - 0.26 0.00 Gbl.5B Fdmt (EUR) PA € 11.94 - 0.01 0.00 Regulated Odey Naver Fund EUR I € 125.28 - 0.74 0.00
Invest AD - GCC Focus Fund $ 1733.46 - -1.33 0.00 US Spec Equity Fund £ 13.78 - 0.06 0.00
Gbl.5B Fdmt (CHF) PA SFr 10.37 - -0.03 0.00
MFS Meridian Funds SICAV (LUX) Marwyn Value Investors £ 557.68 - 39.66 0.00
European Equity (No Trail) Acc ♦ F 153.11 - -0.44 2.72 JB Strategy Inc-EUR/B € 164.05 - 0.46 0.00 Odey Odyssey USD I $ 163.41 - 0.05 0.00
Regulated Japan Specialist Fund X £ 9.73 - 0.01 0.00
European Equity (No Trail) Inc ♦ F 129.32 - -0.38 2.80 JB Strategy Inc-USD/B $ 149.59 - 0.36 0.00 Gbl.5B Fdmt SH (USD) PA $ 11.01 - -0.01 0.00 Absolute Return A1 € 20.29 - 0.18 0.00 Odey Orion Fund EUR I € 127.79 - 0.64 0.00
Pacific Basin Specialist Equity Fund £ 22.51 - -0.06 0.64
European Equity Income (No Trail) Acc ♦ F 155.88 - 0.21 3.44 Generation Global (CHF) PA F SFr 13.56 - 0.06 0.00 Asia ex-Japan A1 $ 24.24 - 0.17 0.00 McInroy & Wood Portfolios Limited (UK) Odey Swan Fund EUR I € 94.67 - -0.44 0.00
UK Sovereign Bd Index Fund £ 10.83 - -0.02 2.63
Generation Global (EUR) PA F € 21.01 - 0.16 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867
European Equity Income (No Trail) Inc ♦ F 120.69 - 0.16 3.52 Bond A1 $ 10.37 - 0.00 0.00 Odey European Absolute Return GBP S £ 96.57 - 0.48 0.00
Authorised Inv Funds UK Specialist Equity Income Fund £ 10.00 - 0.04 3.69
European High Income (No Trail) Acc ♦ F 165.67 - -0.17 3.37 Generation Global (USD) PA F $ 15.80 - 0.11 0.00 China Equity Fd A1 $ 10.14 - 0.12 0.00 Balanced Fund Personal Class Units 3912.60 - 10.80 1.90 Global Spec Inv Grade Bd Fund GBP £ 9.98 - 0.00 3.22
European High Income (No Trail) Inc ♦ F 121.43 - -0.12 3.43 Global Energy (USD) PA F $ 7.54 - 0.21 0.00 Continental European Eqty A1 € 18.53 - 0.12 0.00 Income Fund Personal Class Units 2382.20xd - 11.70 2.89 Inflation Lkd Sov Bd Fund £ 12.54 - -0.04 0.68 Odey Wealth Management (CI) Ltd (IRL)
European Opportunities (No Trail) Acc ♦ F 183.47 - -0.99 0.70 Golden Age (CHF) PA F SFr 23.43 - 0.26 0.00 Emer Mkts Debt Lo Curr Fd A1 $ 11.89 - 0.04 0.00 www.odey.com/prices
Emerging Markets Fund Personal Class Units 1665.70 - 4.00 2.34
FCA Recognised
European Opportunities (No Trail) Inc ♦ F 174.11 - -0.94 0.71 Golden Age (EUR) PA € 15.89 - 0.18 0.00 Emerging Markets Debt A1 $ 33.39 - 0.09 0.00 Smaller Companies Fund Personal Class Units 3614.20 - 3.10 1.71
Asset Management
Asset Management
Odey Opportunity EUR I € 222.65 - 0.90 0.00
Saracen Global Income & Growth Fund A - Acc £ 1.19 - 0.01 2.92 Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 88268.00 - -781.00 0.00 UBS Sterling Corporate Bond Indexed Fund 51.07 - -0.06 3.36
Saracen Global Income & Growth Fund A - Dist £ 1.10 - 0.00 2.98 Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 58727.00 - -519.00 0.00 UBS Multi Asset Income B Inc (net) £ 0.50 - 0.00 3.71
Omnia Fund Ltd Pimco Fds: Global Investors Series Plc (IRL) Purisima Investment Fds (CI) Ltd (JER) S W Mitchell Capital LLP (IRL)
Other International Funds PIMCO Europe Ltd,11 Baker Street,London W1U 3AH Regulated Regulated Saracen Global Income and Growth Fund -Acc # £ 1.47 - 0.01 3.28 Strategic China Panda Fund USD $ 2371.05 - 18.86 0.00 UBS UK Equity Income B Inc Net £ 0.41 - 0.01 4.74
Estimated NAV $ 953.55 - -63.26 0.00 http://gisnav.pimco-funds.com/ PCG B X 171.72 - 1.37 0.00 SWMC European Fund B EUR € 16628.80 - 100.48 0.00
Saracen Global Income and Growth Fund -Dist # £ 1.30 - 0.01 3.37 Strategic China Panda Fund Hedged EURO € 2303.92 - 18.39 0.00 Corporate Bond UK Plus B Inc Net £ 0.52 - 0.00 4.00
Dealing: +44 20 3640 1000
PIMCO Funds: +44 (0)20 3640 1407 PCG C X 169.43 - 1.34 0.00 SWMC UK Fund B £ 11910.50 - -40.39 0.00
Saracen UK Income Fund - Acc £ 1.04 - 0.01 - Strategic China Panda Fund Hedged Sterling £ 2337.28 - 18.70 0.00 UBS Global Allocation (UK) B Acc £ 1.10 - 0.01 1.81
FCA Recognised SWMC Small Cap European Fund B EUR € 14076.39 - 35.32 0.00
Saracen UK Income Fund - Dist £ 1.03 - 0.01 - Strategic Euro Bond Accumulating Class CHFSFr 995.80 - 1.00 0.00 UBS Global Enhanced Equity Income C Inc £ 0.48 - 0.01 -
Asia Local Bond Fund - Inst Acc $ 9.78 - 0.01 0.00
Putnam Investments (Ireland) Ltd (IRL) SWMC Emerging European Fund B EUR € 9411.56 - 79.86 0.00 . Strategic Euro Bond Institutional Class EUR € 1017.64 - 1.07 0.00 UBS US Growth Fund B Acc £ 1.51 - 0.01 0.00 Yuki International Limited (IRL)
Capital Securities Inst Acc $ 15.04 - 0.02 0.00 Regulated For Save & Prosper please see Countrywide Assured Tel +44-20-7269-0207 www.yukifunds.com
Strategic Euro Bond Fund Accumulating Class Shares € 1142.27 - 1.19 0.00 UBS Emerging Markets Equity Income B Inc £ 0.39 - 0.00 5.36 Regulated
Commodity Real Return Fund Inst Acc $ 6.85 - 0.01 0.00 Putnam New Flag Euro High Yield Plc - E € 1022.64 - 0.62 4.78
Strategic Euro Bond Fund Distributing Class Shares € 1030.91 - 1.07 2.90 Yuki Mizuho Umbrella Fund
Credit Absolute Return Fund Inst Acc $ 11.48 - 0.02 0.00 Schroder Property Managers (Jersey) Ltd Yuki Mizuho Japan Dynamic Growth ¥ 7074.00 - 44.00 0.00
Strategic Global Bond RMB Acc CNY 1091.03 - 2.69 0.00
Diversified Income - Inst Acc $ 19.64 - 0.06 0.00 Other International Funds Unicapital Investments (LUX)
Optima Fund Management Rathbone Unit Trust Mgmt (1200)F (UK) Yuki Mizuho Japan Large Cap ¥ 7448.00 - 47.00 0.00
Indirect Real Estate SIRE £ 129.51 135.42 1.03 3.14 Strategic Global Bond USD Acc $ 1045.65 - 2.81 0.00 Regulated
Other International Funds Diversified Income Durat Hdg Fund Inst Acc $ 11.59 - 0.05 0.00 PO Box 9948, Chelmsford, CM99 2AG
Investments III € 27.41 - 0.58 0.00 Yuki Japan Low Price ¥ 28906.00 - 72.00 0.00
JENOP Global Healthcare Fund Ltd $ 17.71 - 0.47 0.00 Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Strategic US Momentum and Value Fund $ 868.29 - 11.55 0.00
EM Fundam.Ind StocksPLUS Fund Inst Acc $ 9.74 - 0.12 0.00 Yuki Japan Value Select ¥ 13285.00 - 41.00 0.00
Authorised Inv Funds Strategic US Momentum and Value EUR Hedged Class EUR € 606.07 - 8.05 0.00
Investments IV - European Private Eq. € 290.10 304.61 8.08 -
OPTIKA Fund Limited - Cl A $ 118.88 - 7.37 -
Emerging Asia Bond Fund Inst Acc $ 9.97 - 0.03 0.00 Blue Chip Income Inc 151.53 156.50 1.11 4.14 RobecoSAM (LUX) Scottish Friendly Asset Managers Ltd (UK) YMR Umbrella Fund
Investments IV - Global Private Eq. € 437.05 458.90 8.57 -
Optima Fd NAV $ 96.26 - 1.21 0.00 Tel. +41 44 653 10 10 http://www.robecosam.com/ Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 Strategic US Momentum and Value CHF Hedged Class CHFSFr 604.73 - 8.03 0.00
Emerging Multi-Asset Fund Inst Acc $ 8.58 - -0.01 0.00 Blue Chip Income Acc 225.85 233.03 1.65 4.02 YMR N Growth ¥ 17255.00 - 114.00 0.00
Regulated Authorised Inv Funds
Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00 Yuki Asia Umbrella Fund
Emerging Local Bond - Inst Acc $ 11.69 - 0.05 0.00 Ethical Bond Inc 91.33 93.30 -0.09 5.16 Managed Growth ♦ 240.60 - 1.00 0.00
RobecoSAM Sm.Energy/A £ 11.37 - 0.12 1.25
The Dorset Energy Fd Ltd NAV (Est) $ 32.17 - -2.24 0.00 Taube Hodson Stonex Ptnrs UT (1200)F (UK) Unicorn Asset Management Ltd (UK) Yuki Japan Rebounding Growth Fund ¥ 24109.00 - 115.00 0.00
Emerging Markets Bond - Inst Acc $ 38.90 - 0.16 0.00 Ethical Bond Acc 171.47 174.85 -0.16 5.03 UK Growth ♦ 263.30 - 1.30 0.00 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
RobecoSAM Sm.Materials/A £ 122.25 - 1.60 1.96 50 Bank Street, Canary Wharf, London E14 5NT
Platinum Fd Ltd $ 90.57 - 1.60 0.00
Emerging Markets Corp.Bd Fund Inst Acc F $ 13.34 - 0.01 0.00 Authorised Inv Funds
Global Opportunities Acc 138.75 143.13 1.07 0.12 RobecoSAM Gl.Small Cap Eq/A £ 80.31 - 0.46 1.68 Admin: 50 Bank Street, Canary Wharf, London E14 5NT
Platinum Fd Ltd EUR € 17.61 - 0.30 0.00 UK Growth A Inc 393.35 - 4.05 0.00
Emerging Markets Curr.Fd- Inst Acc $ 12.29 - 0.05 0.00 Income Inc 872.66 902.87 9.71 4.01
Dealing & Enquiries: 0870 870 8433 Zadig Gestion (Memnon Fund) (LUX)
Platinum Japan Fd Ltd $ 56.79 - 1.76 0.00
RobecoSAM Sustainable Gl.Eq/B € 188.10 - 1.35 0.00 SIA (SIA Funds AG) (LUX) Authorised Inv Funds FCA Recognised
Mastertrust A Inc X F 368.21 - 0.49 0.00
Euro Bond - Inst Acc € 22.55 - -0.01 0.00 Income Acc 1326.19 1370.64 14.76 3.84 Regulated THS Growth & Value Funds
RobecoSAM S.HealthyLiv/B € 190.82 - 1.45 0.00 Memnon European Fund I GBP £ 114.11 - 2.13 0.00
Optima Partners Global Fd $ 15.04 - 0.19 0.00 LTIF Classic € 355.77 - 3.72 0.00 UK Growth B Inc 395.70 - 4.06 0.24
Euro Credit - Inst Acc € 14.71 - 0.00 0.00 Multi Asset Enhanced Growth Acc 125.28 - 0.53 0.00 International
RobecoSAM S.Water/A £ 165.27 - 0.20 2.25
Optima Partners Focus Fund A $ 17.50 - 0.24 0.00 LTIF Natural Resources € 79.34 - 1.93 0.00 IGV - Inc A 343.20 - -1.00 2.32 Mastertrust B Inc X F 331.62 - 0.45 0.39
Euro Income Bond - Inst Acc F € 13.04 - 0.02 0.00 Multi Asset Strategic Growth inc 150.01 - 0.55 1.36
LTIF Stability A ACCU € 176.73 - 1.33 - IGV - Inc B 343.00 - -1.00 1.52 Outstanding British Cos A Acc X F 249.55 - 0.30 0.44 Zebedee Capital Partners LLP (CYM)
Euro Long Average Duration - Inst Acc € 21.28 - -0.11 0.00 Multi Asset Strategic Growth acc 158.52 - 0.58 1.35 Regulated
Orbis Sicav (LUX) IGV - Acc X 419.60 - -1.20 1.80 Outstanding British Cos B Acc X F 260.01 - 0.32 1.14
Euro Low Duration Fund Inst Acc € 11.29 - 0.00 0.00 Multi Asset Total Return inc 126.55 - 0.07 1.84 Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Regulated UK Smaller Cos A Inc X F 444.64 - 3.62 0.08
Euro Real Return - Inst Acc € 13.40 - 0.01 0.00 IGV - Acc Y 449.40 - -1.30 2.28
Orbis Japan Equity (Yen) ¥ 4766.00 - 15.00 0.00 Multi Asset Total Return acc 138.67 - 0.08 1.81 SIA (SIA Funds AG) (CH) Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Other International Fds IGV - Acc Z 417.10 - -1.30 1.53 UK Smaller Cos B Inc X F 436.87 - 3.54 0.77
Euro Short-Term Inst Acc € 12.29 - 0.00 0.00 Recovery Inc 436.37 453.03 3.72 2.30 Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Orbis Japan Equity (Euro) € 31.52 - 0.10 0.00 LTIF Stability Growth SFr 201.70 - -2.70 - European UK Income A Acc X F 265.87 - 1.76 4.38
Euro Ultra Long Duration - Inst Acc € 27.94 - -0.23 0.00 Recovery Acc 518.03 537.36 4.42 2.27
Orbis Asia ex-Japan - Investor Shares $ 21.77 - -0.27 0.00
EGV - Acc Z
281.00
281.00
-
-
-2.20
-2.20 0.81
- UK Income A Inc X F
UK Income B Acc X F
240.91
281.62
-
-
1.59 4.53
1.87 4.35
Money Market
Global Advantage Real Return Fund Inst Acc $ 8.91 - 0.04 0.00 Strategic Bond Ret Inc £ 1.05 1.06 0.00 3.89
Global Bond - Inst Acc $ 27.76 - 0.00 0.00 Smith & Williamson Investment Management (1200)F (UK) Continental UK Income B Inc X F 255.31 - 1.70 4.50 Trusts and
Oryx International Growth Fund Ltd Santander Asset Management UK Limited (1200)F (UK) 25 Moorgate, London, EC2R 6AY 020 7131 8100 CGV Acc S 114.80 - -1.10 -
Other International Funds
Global Bond Ex-US - Inst Acc $ 19.32
-
-0.01 0.00
0.14 0.00
287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181
Authorised Funds
www.sandwfunds.com
Authorised Inv Funds
CGV Acc X 114.20 - -1.70 -
Value Partners Hong Kong Limited (IRL)
Bank Accounts Gross
NAV (Fully Diluted) £ 6.18 - 0.11 0.00
Santander Atlas Range European Growth Trust A Class 519.60 - -3.30 0.72 CGV Inc A £ 1.15 - -0.01 - www.valuepartners.net, fis@vp.com.hk Gross Net AER Int Cr
Global High Yield Bond - Inst Acc $ 20.25 - 0.07 0.00
Santander Atlas Port 3 Acc Ret 149.10 - 0.20 - CGV Inc B £ 1.15 - -0.01 - Regulated
Far Eastern Income and Growth Trust A Class 417.00 - -0.80 3.16
Global Investment Grade Credit - Inst Income $ 12.30 - 0.00 3.62 Value Partners Classic Equity Fund USD Z Unhedged $ 11.74 - -0.10 0.00
Santander Atlas Port 3 Inc Ret 103.80 - 0.20 - CCLA Investment Management Ltd
Fixed Interest Trust A Class 122.00 - -0.20 3.71 Senator House 85 Queen Victoria Street, London EC4V 4ET
Global Investment Grade Credit Fund Inst Acc € € 11.73 - 0.01 0.00 Value Partners Classic Equity Fund CHF HedgedSFr 12.42 - -0.12 0.00
Santander Atlas Port 3 Acc Inst 163.70 - 0.30 - CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Global Investment Grade Credit Fund Inst Acc $ $ 16.65 - 0.00 0.00 Robeco Asset Management (LUX) Global Gold and Resource Trust A Class 127.30 - 2.30 0.00 The Hartford International Funds (IRL)
Value Partners Classic Equity Fund EUR Hedged € 12.51 - -0.13 0.00
Coolsingel 120, 3011 AG Rotterdam, The Netherlands. Santander Atlas Port 4 Acc Ret 182.30 - 0.60 - Regulated
MM Endurance Balanced Fund A Class 217.00 - 0.50 1.17
Global Multi-Asset - Inst Acc $ 15.10 - 0.07 0.00 Value Partners Classic Equity Fund GBP Hedged £ 12.78 - -0.13 0.00
www.robeco.com/contact Santander Atlas Port 4 Inc Ret 131.70 - 0.40 - Gbl Govt Bond (Ex Japan) Index (GBP) £ 1540.46 - -8.42 0.00 CCLA Fund Managers Ltd
MM Global Investment Fund A Class 2206.00 - 0.00 1.74 Senator House 85 Queen Victoria Street, London EC4V 4ET
Global Real Return - Inst Acc $ 18.17 - -0.01 0.00 FCA Recognised Value Partners Classic Equity Fund GBP Unhedged £ 13.00 - 0.08 0.00
Santander Atlas Port 4 Acc Inst 165.40 - 0.50 - UK Corporate Bond £ 1551.42 - -2.64 0.00
Asia-Pacific Equities (EUR) € 141.64 - 1.06 0.00 North American Trust A Class 1729.00 - 18.00 0.00 COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Permal Investment Mgmt Svcs Ltd Income Fund Inst Acc $ 12.32 - 0.01 0.00 Value Partners Classic Equity USD Hedged $ 14.54 - -0.14 0.00
Santander Atlas Port 5 Acc Ret 194.70 - 0.70 - Gilt £ 1556.47 - -0.82 0.00
www.permal.com Chinese Equities (EUR) € 81.17 - 0.50 0.00 Oriental Growth Fund A Class 146.40 - -0.40 1.00
Inflation Strategy Fund Inst Acc $ 9.25 - 0.04 0.00 Global Eq (Ex Japan) Index Fund ¥ 1.43 - 0.01 0.00 Value Partners Health Care Fund RMB Class Z UnhedgedCNY 9.51 - 0.11 -
Other International Funds Santander Atlas Port 5 Acc Inst 165.10 - 0.60 -
Em Stars Equities (EUR) € 181.70 - 2.13 0.00 UK Equity Growth Trust A Class 429.30 - 4.00 0.78
Offshore Fund Class A US $ Shares Low Average Duration - Inst Acc $ 14.80 - 0.01 0.00 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 9.40 - 0.10 -
Investment Holdings N.V. $ 5732.78 - -63.26 0.00 Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 13.02 - 0.04 0.00 Emerging Markets Equities (EUR) € 153.86 - 1.94 0.00
Santander Atlas Port 6 Acc Ret 266.50 - 1.10 -
UK Equity Income Trust A Class 231.60 - 2.00 6.01
Global Eq (ex Japan) Class HJ4 ¥ 1.48 - 0.01 0.00
Data Provided by
Global Eq (ex Japan) Class JP5 ¥ 1.66 - 0.02 0.00 Value Partners Health Care Fund USD Class A Unhedged $ 9.44 - 0.10 -
Santander Atlas Port 6 Acc X 190.20 - 0.70 -
Macro Holdings Ltd $ 4158.88 - -62.99 0.00 StocksPLUS{TM} - Inst Acc $ 23.88 - 0.17 0.00 Flex-o-Rente (EUR) € 109.06 - 0.00 0.00
Santander Atlas Port 6 Acc Inst 163.60 - 0.70 - Global Eq Ex Japan Index Fund (Hedge) ¥ 1.52 - 0.02 0.00
Fixed Income Holdings N.V. $ 386.17 - -13.77 6.21 Total Return Bond - Inst Acc $ 27.19 - -0.01 0.00 Glob.Consumer Trends Equities (EUR) € 161.25 - 0.59 0.00 Smith & Williamson Fd Admin Ltd (1200)F (UK)
Santander Atlas Port 7 Acc Ret 207.90 - 0.80 - Gbl Govt Bond (Ex Japan) Index ¥ 1.36 - 0.00 0.00 Veritas Asset Management LLP (IRL)
Jubilee Absolute Return Fund $ 157.82 - -0.85 0.00 High Yield Bonds (EUR) € 126.58 - 0.72 0.00 25 Moorgate, London, EC2R 6AY 0141 222 1150
UK Corporate Bond - Inst Acc £ 17.12 - -0.02 0.00 Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.34 - 0.00 0.00 HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Santander Atlas Port 7 Acc Inst 164.70 - 0.60 - Authorised Inv Funds
Lux -O- Rente (EUR) € 138.51 - -0.26 0.00 Veritas Funds Plc
UK Long Term Corp. Bnd Inst-Inst Acc £ 18.92 - -0.06 0.00 S&W Deucalion Fd (OEIC) 2201.00 - 8.00 0.19 Japan Equity Index Fund ¥ 1.13 - 0.01 0.00
Authorised Inv Funds www.veritas-asset.com
UK Real Return - Inst Acc £ 22.86 - -0.09 0.00 New World Financials (EUR) € 57.63 - 0.57 0.00
Max 70% Shs Acc Ret 167.30 - 0.70 - S & W Magnum 381.90 403.80 2.10 1.89 Japan Equity Class JP3 ¥ 1.37 - 0.01 0.00 +353 1 635 6799
UK Sterling Long Average Duration - Inst Acc £ 21.34 - -0.09 0.00 US Premium Equities (EUR) € 186.76 - 1.81 0.00
Max 70% Shs Inc Ret 141.70 - 0.60 - S & W Marathon Trust 190.80 201.90 1.10 1.87
FCA Recognised
Institutional
www.morningstar.co.uk
UK Sterling Low Average Duration - Inst Acc £ 14.07 - 0.01 0.00 US Premium Equities (USD) $ 209.22 - 2.02 0.00
Investments Inc Acc Ret 153.70 - -0.10 - Charity Value and Income Fund Acc 139.60 140.30 1.00 4.52 Veritas Asian Fund A USD H $ 314.34 - -1.81 0.62 Data as shown is for information purposes only. No
The National Investor (TNI)
Unconstrained Bond - Inst Acc $ 12.24 - 0.02 0.00 Investments Inc Inc Ret 102.30 - -0.10 - Charity Value and Income Fund Inc 95.06 95.58 0.66 4.64 www.tni.ae
offer is made by Morningstar or this publication.
Veritas Asian Fund A GBP H £ 371.87 - -1.91 0.47
US Fundam.Index StocksPLUS Inst Inc $ 12.69 - 0.13 0.00 Royal Bank of Scotland (2230)F (UK) Other International Funds
Equity Inc Inc Inst 254.10 - 2.30 - Veritas Asian Fund A EUR H € 332.19 - 0.27 0.39
Pictet Asset Management (Europe) SA (LUX) PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 TNI Blue Chip UAE Fund * AED 11.67 - -0.02 0.00
15, Avenue J.F. Kennedy L-1855 Luxembourg US High Yield Bond Fund Inst Acc $ 28.06 - 0.13 0.00 Equity Inc Inc Ret 218.40 - 1.90 -
Authorised Inv Funds Standard Life Wealth (JER) TNI Funds Ltd (BMU)
Veritas China Fund A USD $ 144.49 - -1.33 0.00
Tel: 0041 58 323 3000 Series 5 (Minumum Initial Investment £75,000) N&P UK Gwth Inc Ret 166.60 - 2.00 - PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
MENA Hedge Fund $ 991.04 - -16.68 0.00 Veritas China Fund A GBP £ 149.28 - -1.35 0.00
FCA Recognised FCA Recognised
United Kingdom Equity Index Fund £ 16.26 - 0.17 2.63 Stckmkt 100 Track Gwth Acc Inst 96.00 - 1.38 -
Standard Life Offshore Strategy Fund Limited TNI Funds Plc (Ireland) Veritas China Fund A EUR € 143.56 - -1.37 0.00
Guide to Data
Pictet-Absl Rtn Fix Inc-HI EUR € 106.56 - 0.05 0.00
UK Specialist Equity Inc £ 19.84 - 0.10 0.40 Stckmkt 100 Track Gwth Acc Ret 177.60 - 2.60 - MENA UCITS Fund * $ 1327.60 - -0.25 0.00
Pictet-Absl Rtn Glo Div-I EUR F € 125.95 - 0.23 0.00 Bridge Fund £ 1.6256 - 0.0100 2.04 Veritas Global Equity Income Fund D USD $ 126.06 - 0.52 4.44
Contl Europe Specialist Fund £ 23.99 - 0.07 0.00 UK Growth Acc Inst 291.10 - 3.30 -
Pictet-Agriculture-I EUR F € 205.02 - 1.84 0.00 Diversified Assets Fund £ 1.1886 - 0.0020 2.96 Veritas Global Equity Income Fund D EUR € 223.39 - 2.76 3.73
Japan Specialist Fund X £ 14.73 - 0.01 0.00 UK Growth Acc Ret 338.00 - 3.80 - The fund prices quoted on these pages are supplied by
Pictet-Asian Equities Ex Japan-I USD F $ 210.78 - -1.76 0.00 Global Equity Fund £ 1.8741 - 0.0117 1.08 Thesis Unit Trust Management Limited (UK) Veritas Global Equity Income Fund D GBP £ 156.80 - 0.88 4.43
the operator of the relevant fund. Details of funds
US Spec Equity Fund £ 18.62 - 0.08 0.00 UK Growth Inc Ret 224.90 - 2.60 - Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Global Balanced Fund - Income Units £ 1.3500 - 0.0065 1.90 Veritas Global Focus Fund D USD $ 26.88 - 0.22 2.71 published on these pages, including prices, are for the
Pictet-Asian Local Currency Debt-I USD F $ 150.90 - -0.93 0.00 Authorised Funds
Platinum Capital Management Ltd Pacific Basin Specialist Equity Fund £ 39.69 - -0.11 0.66 Managed OEIC purpose of information only and should only be used
Pictet-Biotech-I USD F $ 952.53 - -11.27 0.00 Other International Funds Global Balanced Fund - Accumulations Units £ 1.5676 - 0.0076 1.88 Veritas Global Focus Fund D EUR € 24.70 - 0.41 2.51 as a guide. The Financial Times Limited makes no
TM New Court Fund A 2011 Inc £ 13.12 - 0.02 0.00
UK Sovereign Bd Index Fund £ 10.61 - -0.03 2.63 Glob Em Shs Port Acc Ret 160.30 - 0.40 - representation as to their accuracy or completeness
Pictet-Brazil Index I USD $ 47.22 - 1.46 0.00 Platinum All Star Fund - A $ 118.32 - - - Global Fixed Interest Fund £ 1.0156 - 0.0009 3.44 Veritas Global Focus Fund D GBP £ 29.20 - 0.28 2.42
TM New Court Fund - A 2014 Acc £ 13.15 - 0.02 0.00 and they should not be relied upon when making an
Inflation Lkd Sov Bd Fund £ 12.78 - -0.04 0.68 Max 70% Shs Port Acc Ret 258.60 - 1.00 -
Platinum Global Dividend Fund - A $ 58.53 - - - Sterling Fixed Interest Fund £ 0.8457 - -0.0009 3.10 Veritas Global Focus Fund A GBP £ 28.15 - 0.27 2.20 investment decision.
Pictet-CHF Bonds I CHF SFr 503.61 - -0.45 0.00 TM New Court Equity Growth Fund - Inc £ 13.23 - 0.02 0.00
UK Specialist Equity Income Fund £ 9.98 - 0.04 3.69 Max 70% Shs Port Acc X 185.70 - 0.70 -
Pictet-China Index I USD $ 116.11 - 0.81 0.00 Platinum Global Dividend UCITS Fund $ 69.72 - 0.46 6.99 UK Equity Fund £ 1.9996 - 0.0181 2.63 Veritas Global Focus Fund A EUR € 14.37 - 0.24 1.99 The sale of interests in the funds listed on these pages
Global Emerg Mkts Equity Fund X £ 10.98 - -0.02 0.49 Max 70% Shs Port Acc S 150.10 - 0.50 - may, in certain jurisdictions, be restricted by law and
Pictet-Clean Energy-I USD F $ 89.53 - 0.63 0.00 Platinum Essential Resources UCITs Fund $ 5.95 - 0.08 - Veritas Global Focus Fund A USD $ 25.89 - 0.21 2.28 the funds will not necessarily be available to persons
Global Spec Inv Grade Bd Fund GBP £ 9.83 - 0.00 3.22 Investment Port Acc Ret 230.90 - -0.10 - in all jurisdictions in which the publication circulates.
Pictet-Digital Communication-I USD F $ 259.66 - -1.06 0.00 Platinum Maverick Enhanced Fund Limited $ 99.95 - - 0.00 Veritas Global Focus Fund C GBP £ 30.41 - 0.29 0.00
Series 6 (Investment Management Customers Only) Investment Port Acc X 163.60 - -0.10 - Persons in any doubt should take appropriate
Pictet-Eastern Europe-I EUR F € 293.70 - 4.15 0.00 Veritas Global Focus Fund C EUR € 25.83 - 0.43 0.00 professional advice. Data collated by Morningstar. For
United Kingdom Equity Index Fund £ 16.06 - 0.17 3.10 Max 50% Shs Port Acc Ret 245.90 - 0.60 - other queries contact reader.enquiries@ft.com +44
Pictet-Em Lcl Ccy Dbt-I USD F $ 163.00 - 1.11 0.00 Veritas Global Focus Fund C USD $ 28.05 - 0.23 0.00 (0)207 873 4211.
UK Specialist Equity £ 20.03 - 0.10 1.68 Max 50% Shs Port Inc Ret 220.00 - 0.50 -
Pictet-Emerging Markets-I USD F $ 512.22 - 0.48 0.00 Veritas Global Equity Income Fund A GBP £ 150.41 - 0.85 4.46
Contl Europe Specialist Fund £ 24.97 - 0.08 0.60 The fund prices published in this edition along with
Max 50% Shs Port Acc X 178.00 - 0.40 -
Toscafund (CYM) Veritas Global Equity Income Fund A EUR € 217.21 - 2.67 3.75 additional information are also available on the
Pictet-Emerging Markets Index-I USD F $ 232.42 - 2.32 0.00 Japan Specialist Fund X £ 15.50 - 0.01 0.51 Max 50% Shs Port Acc S 149.00 - 0.40 - Financial Times website, www.ft.com/funds. The
Stenham Asset Management Inc Regulated
Pictet-Emerging Corporate Bonds I USD $ 107.38 - 0.02 0.00 Veritas Global Equity Income Fund A USD $ 121.41 - 0.50 4.46 funds published on these pages are grouped together
US Spec Equity Fund £ 19.45 - 0.08 0.16 Max 100% Shs Port Acc Ret 283.40 - 1.90 - www.stenhamassetmanagement.com Tosca (Est) $ 306.47 - 2.22 0.00 by fund management company.
Pictet-Emerging Markets High Dividend I USD $ 103.31 - 0.43 0.00 Other International Funds Veritas Global Equity Income Fund C GBP £ 175.46 - 0.99 -
Pacific Basin Specialist Equity Fund £ 39.57 - -0.10 1.27 Max 100% Shs Port Acc X 203.50 - 1.30 - Tosca Mid Cap GBP £ 260.93 - -1.86 0.00
Polar Capital Funds Plc (IRL) Stenham Asia USD $ 137.43 - -4.25 - Veritas Global Equity Income Fund C EUR € 252.67 - 3.12 -
Prices are in pence unless otherwise indicated. The
Pictet-Emerging Markets Sust Eq I USD $ 91.02 - 0.57 0.00 UK Sovereign Bd Index Fund £ 10.72 - -0.02 2.63 change, if shown, is the change on the previously
Regulated Max 100% Shs Port Acc S 148.20 - 1.00 - Tosca Opportunity B USD $ 313.41 - 20.23 0.00
Pictet-Environmental Megatrend Sel I EUR € 165.00 - 1.19 0.00 Stenham Credit Opportunities A Class USD $ 105.38 - -1.95 0.00 Veritas Global Equity Income Fund C USD $ 140.76 - 0.59 - quoted figure (not all funds update prices daily). Those
Asian Financials I USD $ 300.45 300.45 -0.33 0.00 Inflation Lkd Sov Bd Fund £ 12.65 - -0.04 0.68 Enhanced Inc Inc Ins 215.80 - 2.30 - designated $ with no prefix refer to US dollars. Yield
Pictet-EUR Bonds-I F € 550.10 - -0.07 0.00 Stenham Emerging Markets USD B1 $ 105.21 - -2.06 0.00 Veritas Global Real Return Fund A USD $ 20.20 - 0.17 2.10 percentage figures (in Tuesday to Saturday papers)
Biotechnology I USD $ 20.53 20.53 -0.32 0.00 UK Specialist Equity Income Fund £ 10.77 - 0.05 3.64 Enhanced Inc Inc Ret 204.40 - 2.10 - allow for buying expenses. Prices of certain older
Pictet-EUR Corporate Bonds Ex Fin i EUR € 143.47 - -0.05 0.00 Stenham Gold USD $ 155.53 - -3.44 0.00 Veritas Global Real Return Fund A GBP £ 11.28 - 0.09 2.08
European Income Acc EUR € 12.27 12.27 0.13 - Global Spec Inv Grade Bd Fund GBP £ 10.10 - 0.00 3.22 Enhanced Inc Inc X 173.40 - 1.80 -
insurance linked plans might be subject to capital
Stenham Growth USD $ 225.24 - -1.12 - Veritas Global Real Return Fund A EUR € 11.91 - 0.10 0.17 gains tax on sales.
Pictet-EUR Corporate Bonds-I F € 199.20 - -0.06 0.00 European Ex UK Inc EUR Acc € 10.40 10.40 0.09 - Global Emerg Mkts Equity Fund X £ 10.98 - -0.02 0.70 Managed Investments OEIC
Stenham Healthcare USD $ 193.88 - -0.07 0.00 Retail Guide to pricing of Authorised Investment Funds:
Pictet-EUR Government Bonds I EUR € 156.02 - -0.19 0.00 Financial Opps I USD $ 13.23 - 0.07 1.81 Address and telephone number for Series 5 only Max 30% Shs Port Acc Ret 155.90 - 0.30 -
Veritas Asian Fund B USD $ 219.87 - -1.25 0.44 (compiled with the assistance of the IMA. The
Pictet-EUR High Yield-I F € 246.79 - 1.11 0.00 Stenham Helix USD $ 31.00 - -73.66 -
GEM Growth I USD $ 9.24 - 0.08 0.00 Max 30% Shs Port Acc X 155.60 - 0.30 - Investment Management Association, 65 Kingsway,
Stenham Managed Fund USD $ 118.81 - -1.20 - Veritas Asian Fund B GBP £ 273.31 - -1.40 0.04 London WC2B 6TD.
Pictet-EUR Short Mid-Term Bonds-I F € 136.77 - 0.02 0.00 GEM Income I USD $ 10.37 - 0.09 0.00 Royal London Unit Managers (CIS) (1200) F (UK) Max 30% Shs Port Acc S 149.40 - 0.30 - TreeTop Asset Management S.A. (LUX) Tel: +44 (0)20 7831 0898.)
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Stenham Multi Strategy USD $ 122.64 - -1.71 - Veritas Asian Fund B EUR € 244.17 - 0.20 0.00
Pictet-EUR Short Term HY I EUR € 119.66 - 0.03 0.00 Regulated
Global Alpha I USD $ 13.33 13.33 0.15 0.00 Max 30% Shs Inc Port Inc Ret 154.70 - 0.30 -
Authorised Inv Funds TreeTop Convertible Sicav Veritas China Fund B GBP £ 144.12 - -1.24 0.00 OEIC: Open-Ended Investment Company. Similar to a
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.09 - 0.00 0.00 Stenham Quadrant USD A $ 396.15 - -6.00 - unit trust but using a company rather than a trust
Global Convertible I USD $ 11.76 11.76 0.02 0.00 CIS Sustainable Diversified Trust A £ 1.57 - 0.01 1.92 Max 30% Shs Inc Port Inc X 154.70 - 0.20 -
International A € 305.01 - 2.05 0.00 Veritas China Fund B EUR € 166.75 - -2.49 0.00 structure.
Pictet-Euroland Index IS EUR € 141.03 - 0.85 0.00 Stenham Trading Inc USD $ 114.77 - -1.57 -
Global Insurance I GBP £ 4.00 - 0.00 0.00 CIS Sustainable World Trust A 172.60 - 0.80 0.69 Max 30% Shs Inc Port Inc S 148.40 - 0.20 -
International B $ 391.94 - 2.56 0.00 Veritas Global Focus Fund B USD $ 18.66 - 0.15 1.66
Stenham Universal USD $ 456.51 - -6.67 - Different share classes are issued to reflect a different
Pictet-Europe Index-I EUR F € 182.92 - 1.84 0.00 Global Technology I USD $ 23.31 - -0.09 0.00 Max 60% Shs Port Acc Ret 270.20 - 1.20 -
Corporate Bd Inc Tst 89.04 93.73 -0.12 4.20 International C £ 131.59 - 0.84 0.00 currency, charging structure or type of holder.
Stenham Universal II USD $ 169.47 - -2.55 0.00 Veritas Global Focus Fund B GBP £ 21.47 - 0.21 1.74
Pictet-European Equity Selection-I EUR F € 664.37 - 10.17 0.00 Healthcare Blue Chip Fund I USD Acc $ 11.95 11.95 0.04 - Max 60% Shs Port Inc Ret 217.70 - 0.90 -
European Growth X 109.90 115.70 0.20 0.95 International D € 282.97 - 1.92 2.98 Selling price: Also called bid price. The price at which
Veritas Global Focus Fund B EUR € 17.08 - 0.28 1.60
Pictet-European Sust Eq-I EUR F € 252.98 - 2.45 0.00 Healthcare Opps I USD $ 44.15 - -0.06 0.00 Max 60% Shs Port Inc X 168.60 - 0.70 - units in a unit trust are sold by investors.
Sustainable Leaders X A 469.50 - 4.00 0.85 Pacific A € 279.34 - 0.38 0.00 Veritas Global Equity Income Fund B GBP £ 138.60 - 0.78 4.51
Pictet-Global Bds Fundamental I USD $ 118.10 - 0.02 0.00 Income Opportunities B2 I GBP Acc £ 1.74 1.74 0.00 0.00 UK Growth X 498.10 524.30 4.30 1.09 Max 60% Shs Port Inc S 148.70 - 0.70 - Stratton Street Capital (CI) Limited (GSY)
Pacific B $ 354.35 - 0.53 0.00 Buying price: Also called offer price. The price at
Regulated Veritas Global Equity Income Fund B EUR € 199.66 - 2.45 3.80
Pictet-Global Bonds-I EUR € 161.14 - 0.04 0.00 which units in a unit trust are bought by investors.
Japan Alpha I JPY ¥ 227.09 227.09 4.17 0.00 UK Income With Growth X 224.80 236.60 2.00 4.43 Eq Inc Port Acc Ret 297.90 - 2.00 - TreeTop Global Sicav
Japan Synthetic Warrant Yen Class ¥ 1752.23 - -15.25 0.00 Veritas Global Equity Income Fund B USD $ 120.56 - 0.49 4.52 Includes manager’s initial charge.
Pictet-Global Emerging Currencies-I USD F $ 98.11 - 0.23 0.00 Japan I JPY ¥ 2255.56 - 30.91 0.00 Eq Inc Port Inc Ret 235.30 - 1.60 - Global Opp.A € 153.52 - 0.94 0.00
US Growth 156.80 165.00 1.20 0.00
Japan Synthetic Warrant GBP Hedged Class £ 194.64 - -2.00 0.00 Veritas Global Real Return Fund B USD $ 19.57 - 0.16 1.65 Single price: Based on a mid-market valuation of the
Pictet-Global Emerging Debt-I USD F $ 349.79 - -0.92 0.00 Additional Funds Available Managed Investments OEIC 2 Global Opp.B $ 152.21 - 0.97 0.00 underlying investments. The buying and selling price
North American I USD $ 18.09 18.09 0.21 0.00
Investments Inc Port Inc Ret 163.80 - -0.10 - Japan Synthetic Warrant USD Class $ 18.37 - -0.14 0.00 Veritas Global Real Return Fund B GBP £ 11.05 - 0.09 1.66 for shares of an OEIC and units of a single priced unit
Pictet-Global Megatrend Selection-I USD F $ 236.80 - 1.36 0.00 Please see www.royallondon.com for details
UK Absolute Equity I GBP £ 11.90 11.90 -0.10 - Global Opp.C £ 186.96 - 0.40 0.00
Japan Synthetic Warrant USD Hedged Class $ 193.10 - -1.80 0.00 Veritas Global Real Return Fund B EUR € 12.74 - 0.11 1.47 trust are the same.
Investments Inc Port Inc X 148.40 - -0.10 -
Pictet-Greater China-I USD F $ 489.45 - 1.02 0.00 Sequoia Equity A € 151.48 - 0.75 0.00
Renminbi Bond Fund AUD Cls A A$ 122.62 - 0.33 3.83 Treatment of manager’s periodic capital charge:
Ruffer LLP (1000)F (UK) £ Gov Bond Inc Inst (gross) 175.40 - -0.10 -
Pictet-Health-I USD $ 312.78 - 0.32 0.00 Sequoia Equity B $ 157.26 - 0.94 0.00 The letter C denotes that the trust deducts all or part
Polar Capital LLP (CYM) 40 Dukes Place, London EC3A 7NH Renminbi Bond Fund AUD Cls B A$ 124.51 - 0.34 3.57 of the manager’s/operator’s periodic charge from
Pictet-High Dividend Sel I EUR F € 160.95 - 1.71 0.00 Regulated
£ Gov Bond Inc Inst 143.90 - -0.10 -
Sequoia Equity C £ 172.13 - 0.23 0.00 Veritas Asset Management LLP
Order Desk and Enquiries: 0845 601 9610 capital, contact the manager/operator for full details
Renminbi Bond Fund CHF Cls A SFr 120.43 - 0.32 3.85 www.veritas-asset.com
ALVA Convertible A USD $ 128.61 - -1.15 0.00 Authorised Inv Funds £ Gov Bond Acc Inst 144.50 - 0.00 - of the effect of this course of action.
Pictet-India Index I USD $ 104.90 - 0.79 0.00 Other International Funds
Authorised Corporate Director - Capita Financial Managers Strat Bond Inc Inst (gross) 182.60 - 0.00 - Renminbi Bond Fund CHF Cls B SFr 120.24 - 0.31 3.61
Pictet-Indian Equities-I USD F $ 470.89 - 1.93 0.00 European Conviction A EUR € 160.31 - -1.11 0.00 Real Return Asian Fund USD € 303.66 - -5.08 0.00 Exit Charges: The letter E denotes that an exit charge
CF Ruffer Investment Funds Renminbi Bond Fund CNH Cls A CNH 124.70 - 0.19 3.43
Strat Bond Inc Inst £ 1.50 - 0.00 - may be made when you sell units, contact the
Pictet-Japan Index-I JPY F ¥ 17403.23 - 154.81 0.00 European Forager A EUR € 180.80 - -0.47 0.00 Real Return Asian Fund GBP £ 323.55 - -5.28 0.00
CF Ruffer Gold Fund C Acc 73.89 - -1.81 0.00 manager/operator for full details.
Strat Bond Acc Inst £ 1.50 - 0.00 - Renminbi Bond Fund CNH Cls B CNH 124.48 - 0.19 3.19
Pictet-Japanese Equities Opp-I JPY F ¥ 10273.00 - 93.45 0.00 Real Return Asian Fund EUR $ 319.34 - -5.18 0.00
CF Ruffer Gold Fund O Acc 73.23 - -1.80 0.00 Time: Some funds give information about the timing of
Managed Investments OEIC 3 Renminbi Bond Fund Euro Cls B € 121.67 - 0.32 3.62
Pictet-Japanese Equity Selection-I JPY F ¥ 15486.35 - 114.54 0.00 price quotes. The time shown alongside the fund
Polunin Capital Partners Ltd Equity & General C Acc 383.97 - -2.04 0.25 Div Inc Port Inc Ret 177.50 - 1.90 - Renminbi Bond Fund GBP Cls B £ 123.65 - 0.32 3.41 manager’s/operator’s name is the valuation point for
Pictet-LATAM Index I USD $ 58.56 - 1.14 0.00 Other International Funds
Equity & General C Inc 354.36 - -1.88 0.25 Waverton Investment Funds Plc (1600)F (IRL) their unit trusts/OEICs, unless another time is
Emerging Markets Active $ 44.68 - -1.24 - Corp Bond Acc Inst (gross) 211.00 - -0.20 - Renminbi Bond Fund SGD Cls B S$ 122.59 - 0.33 3.37 indicated by the symbol alongside the individual unit
Pictet-LATAM Lc Ccy Dbt-I USD F $ 118.16 - 1.02 0.00 Troy Asset Mgt Ltd (UK) waverton.investments@citi.com
Equity & General O Inc 353.12 - -1.90 0.00 Corp Bond Inc Inst 142.20 - -0.10 - trust/OEIC name.
Luxcellence Em Mkts Tech $ 899.25 - -79.73 0.00 Renminbi Bond Fund USD Cls B $ 123.07 - 0.32 3.17 40 Dukes Place, London EC3A 7NH FCA Recognised
Pictet-Pacific Ex Japan Index-I USD F $ 355.91 - 2.21 0.00 Equity & General O Acc 380.56 - -2.05 0.00 Order desk: 0845 608 0950, Enquiries 0845 608 0950
Corp Bond Acc Inst 143.70 - -0.10 - Renminbi Bond Fund YEN Cls B ¥ 13581.88 - 34.85 0.00 Waverton Asia Pacific A USD $ 19.84 - -0.01 1.00 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Polunin Developing Countries $ 789.80 790.91 3.58 0.00 Authorised Inv Funds
Pictet-Premium Brands-I EUR F € 167.90 - 2.04 0.00 European C Acc 510.56 - 2.59 0.21 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Multi-Manager OEIC Renminbi Bond Fund USD Cls A $ 169.62 - 0.45 3.41 ACD Capita Financial Mgrs Waverton European Fund A Eur € 18.28 - -0.18 0.51
Polunin Discovery - Frontier Markets $ 1528.39 - -1.58 0.00 midnight. Daily dealing prices are set on the basis of
Pictet-Quality Global Equities I USD $ 137.85 - 1.71 0.00 European O Acc 506.07 - 2.54 0.00 Bal Intl Track Acc Ret 269.20 - 1.50 - the valuation point, a short period of time may elapse
Renminbi Bond Fund GBP Cls A £ 164.75 - 0.43 3.65 Trojan Investment Funds Waverton Global Bond Fund Cls A $ 9.09 - 0.01 5.36
Polunin Small Cap $ 1402.98 1420.52 -80.27 0.00 before prices become available. Historic pricing: The
Pictet-Russia Index I USD $ 52.79 - 1.85 0.00 Japanese Fund C Acc 190.60 - -2.14 0.01 Bond Mthly Inc Acc Ret 142.60 - -0.10 - Spectrum Fund 'O' Acc ♦ 161.46 - 0.54 0.23
Renminbi Bond Fund SGD Cls A S$ 162.32 - 0.43 3.62 Waverton Global Equity Fund A GBP £ 13.99 - 0.16 0.38 letter H denotes that the managers/operators will
Pictet-Russian Equities-I USD F $ 44.32 - 1.15 0.00 Bond Mthly Inc Inc Ret 92.33 - -0.06 - Spectrum Fund 'O' Inc ♦ 157.51 - 0.53 0.23 normally deal on the price set at the most recent
Japanese Fund O Acc X 188.68 - -2.13 0.00 Waverton UK Fund A GBP £ 13.55 - 0.09 1.84
Renminbi Bond Fund YEN Cls A ¥ 20099.34 - 51.93 0.00 valuation. The prices shown are the latest available
Pictet-Security-I USD F $ 205.64 - 2.06 0.00 Private Fund Mgrs (Guernsey) Ltd (GSY)
Pacific C Acc 307.14 - -6.87 0.46 Spectrum Income Fund 'O' Acc 97.88 - 0.09 - before publication and may not be the current dealing
Regulated Renminbi Bond Fund EUR Cls A € 111.86 - 0.30 3.86 Waverton Equity Fund A GBP £ 15.17 - 0.07 0.00
levels because of an intervening portfolio revaluation
Pictet-Select-Callisto I EUR € 107.41 - -0.10 0.00 Pacific O Acc 304.14 - -6.82 0.17 Spectrum Income Fund 'O' Inc 97.88 - 0.09 -
Monument Growth 28/07/2015 £ 473.84 479.13 -8.56 1.05 Santander Asset Management UK Limited (1200)F (UK) Poland Geared Growth £ 0.46 - -0.04 0.00 Waverton Sterling Bond Fund A GBP £ 9.76 - 0.01 5.34 or a switch to a forward pricing basis. The
Pictet-Small Cap Europe-I EUR F € 1138.26 - 8.47 0.00 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 managers/operators must deal at a forward price on
Total Return C Acc 401.79 - -1.64 1.39 Trojan Fund O Acc ♦ 253.75 - 0.50 0.56
Authorised Inv Funds
request, and may move to forward pricing at any time.
Pictet-ST.MoneyMkt-I € 140.52 - 0.00 0.00 Total Return C Inc 280.92 - -1.15 1.40 Trojan Fund O Inc ♦ 211.18 - 0.42 0.56 Forward pricing: The letter F denotes that that
Santander Premium Fund (OEIC)
Prusik Investment Management LLP (IRL) WA Fixed Income Fund Plc (IRL) managers/operators deal at the price to be set at the
Pictet-ST.MoneyMkt JPY I USD ¥ 101532.89 - -4.12 0.00 Total Return O Inc 278.32 - -1.16 1.40 A Shares Trojan Global Equity O Acc 214.86 - 1.36 0.88 next valuation.
Enquiries - 0207 493 1331 Regulated
Pictet-ST.MoneyMkt-ICHF SFr 124.61 - -0.01 0.00 Regulated Total Return O Acc 398.20 - -1.65 1.38 Europe (ex-UK) 283.80 - 0.10 - Trojan Global Equity O Inc 184.31 - 1.17 0.89 European Multi-Sector € 117.71 - 0.09 0.00 Investors can be given no definite price in advance of
Pictet-ST.MoneyMkt-IUSD $ 135.06 - 0.00 0.00 Prusik Asian Equity Income B Dist $ 161.66 - -0.29 4.46 Japan Equities 157.10 - 0.60 - the purchase or sale being carried out. The prices
Trojan Income O Acc ♦ 272.76 - 2.05 3.59
appearing in the newspaper are the most recent
Pictet-Timber-I USD F $ 155.51 - 0.75 0.00 Prusik Asia A $ 204.32 - 1.23 0.00 Pacific Bas (ex-Japan) 515.40 - -1.30 - Trojan Income O Inc ♦ 175.49 - 1.32 3.71 provided by the managers/operators. Scheme
Winton Capital Management
Prusik Asian Smaller Cos A $ 158.90 - 0.51 0.00 particulars, prospectus, key features and reports: The
Pictet Total Ret-Agora I EUR € 110.49 - 0.28 - Sterling Bonds 262.40 - -0.20 - Other International Funds
E.I. Sturdza Strategic Management Limited (GSY) most recent particulars and documents may be
Pictet Total Ret-Corto Europe I EUR € 135.16 - 0.66 0.00 UK Equities 272.00 - 2.90 - Regulated Winton Futures USD Cls B $ 1002.75 - -32.32 0.00 obtained free of charge from fund
UBS Global Asset Mgmt Fds Ltd (UK) managers/operators. * Indicates funds which do not
Pictet Total Ret-Divers Alpha I EUR € 104.66 - 0.13 0.00 Nippon Growth Fund Limited ¥ 111712.00 - -754.00 0.00 Winton Futures EUR Cls C € 281.97 - -9.07 0.00
Purisima Investment Fds (UK) (1200)F (UK) US Equities 262.90 - 2.20 - 21 Lombard Street, London, EC3V 9AH price on Fridays.
40 Dukes Place, London EC3A 7NH Strat Evarich Japan Fd Ltd JPY ¥ 101908.00 - -514.00 0.00 Client Services 0800 587 2113, Client Dealing 0800 587 2112 Winton Futures GBP Cls D £ 308.49 - -9.59 0.00
Pictet Total Ret-Kosmos I EUR € 109.22 - 0.02 0.00 B Shares
Order Desk 08459 220044, Enquiries: 0870 607 2555 www.ubs.com/retailfunds Charges for this advertising service are based on the
Pictet Total Ret-Mandarin I USD $ 118.39 - -0.36 0.00 S W Mitchell Capital LLP (CYM) Pacific Bas (ex-Japan) 514.60 - -1.30 - Strat Evarich Japan Fd Ltd USD $ 1015.50 - -6.18 0.00 Winton Futures GBP Cls F £ 118.99 - -3.70 0.00 number of lines published and the classification of the
Authorised Inv Funds Authorised Inv Funds
fund. Please contact data@ft.com or
Authorised Corporate Director - Capita Financial Managers Regulated OEIC Winton Evolution USD Cls F $ 1711.84 - -68.23 0.00
Pictet-US Equity Selection-I USD $ 198.00 - 0.85 0.00 call +44 (0)20 7873 3132 for further information.
Global Total Fd PCG A 167.49 - 1.48 0.34 S W Mitchell European Fund Class A EUR € 352.90 - 16.08 - Global Emerg Mkts Eqty B Acc £ 1.32 - 0.00 1.53
Pictet-US High Yield-I USD F $ 147.89 - 0.44 0.00 E.I. Sturdza Funds PLC (IRL) Winton Evolution EUR Cls H € 1350.12 - -53.55 0.00
Saracen Fund Managers Ltd (1000)F (UK)
Global Total Fd PCG B 166.12 - 1.46 0.13 S W Mitchell Small Cap European Fund Class A EUR € 238.60 - 9.55 - Regulated Global Optimal B Acc £ 1.01 - 0.01 0.83
Pictet-USA Index-I USD F $ 185.34 - 1.36 0.00 19 Rutland Square, Edinburgh EH1 2BB Winton Evolution GBP Cls G £ 1372.96 - -52.81 0.00
Global Total Fd PCG INT 164.09 - 1.44 0.00 The Charlemagne Fund EUR € 347.47 - 14.25 - Dealing: 00 353 1 603 9921 Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1179.88 - -10.49 0.00 UBS UK Opportunities Fund B Acc £ 0.92 - 0.01 2.60
Pictet-USD Government Bonds-I F $ 631.13 - -0.84 0.00 Winton Futures JPY Cls E ¥ 19688.09 - -636.08 0.00
Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1385.99 - -12.31 0.00 US Equity B Acc £ 1.52 - 0.02 0.27
Pictet-USD Short Mid-Term Bonds-I F $ 129.35 - -0.03 0.00 Authorised Inv Funds
Saracen Growth Fd Alpha Acc £ 3.73 - 0.01 0.95 Nippon Growth (UCITS) Fund JPY Class A shares ¥ 108331.00 - -958.00 0.00 UBS S&P 500 Index C Acc £ 0.53 - 0.00 -
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.57 - 0.00 0.00
Saracen Growth Fd Beta Acc £ 5.95 - 0.02 1.43 Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 90829.00 - -799.00 0.00 UBS Targeted Return B Acc £ 1.29 - 0.00 1.21
Pictet-Water-I EUR F € 277.24 - 1.97 0.00
Asset Management
Asset Management Asset Management
28 ★ FINANCIAL TIMES Friday 31 July 2015
Equities
The Commodities Note
800
€30.4bn
ior bank bonds beckons — and with it
150 more risk for a type of debt long Banco Santander €93bn
favoured by pension funds and insur-
100 ance companies.
Senior bonds, as their name implies, Deutsche Bank €39bn €27.2bn 600
50
rank ahead of subordinated debt and
equity in claims on a failed bank, and
offer lower levels of interest in line with Crédit Agricole €35bn €23.8bn
0 lower levels of risk.
-50
But that rationale is now changing,
spurred by new regulatory measures
BNP Paribas €69bn €23.5bn 400
Commodities Currencies
Oil rises after signs of slowing US production GDP data add to the dollar’s post-Fed rally
DAVID SHEPPARD AND accommodative monetary policy in the investment decision taken this year has MICHAEL HUNTER improvement on the previous reading jobs and the economy to be expected,
HENRY SANDERSON
world’s largest economy. to be robust enough to survive the con- that showed a contraction of 0.2 per we continue to see September as the
The dollar was approaching multiyear
Oil rose about 1 per cent yesterday as Crude has rebounded from a near 15 tinuation of very low oil prices,” said cent in the period. high probability outcome.”
highs yesterday after an upward revi-
traders bet that the worst of the recent per cent slide, after weekly data from David Hufton at PVM oil brokerage. Data for the second quarter narrowly Enrique Diaz-Alvarez, chief risk
sion to growth data added to a rally
rout might be over after data suggested the US Energy Information Administra- Opec, the producer’s cartel, expects missed forecasts — showing growth of officer at Ebury, said: “The Fed has not
sparked by the Federal Reserve’s signal
a slowdown in US production. tion on Wednesday showed a large drop demand to rise. 2.3 per cent, just shy of the 2.5 per cent quite decided to hike rates in Septem-
that it would raise rates in the coming
in stockpiles and a possible dip in out- Iron ore yesterday reversed part of its predicted, not enough of a miss to inter- ber, but it has hinted at what it needs to
months.
International benchmark Brent rose as put, a sign US shale drillers may finally recent rally, falling 70 cents to $54.60 a rupt the dollar’s ascent. see, citing ‘some’ further improvement
much as $1 a barrel to a high of $54.38 be slowing in the face of lower prices. tonne, according to The Steel Index. The dollar index, which measures the The rally for the world’s reserve cur- in the labour market. That it is not a
before easing to $53.88, an almost 4 per US oil inventories still remain close to This month, the steelmaking ingredient currency against a weighted basket of its rency followed the Fed’s statement on high bar.
cent recovery since hitting a near six- record levels, however, and the chief saw its biggest one-day drop since TSI peers, was up 0.6 per cent to 97.59, leav- Wednesday after a two-day policy meet- “To me, this amounts to a require-
month low close to $52 this week. executives of leading energy companies began to compile data in 2008, before ing the gauge only about 3 per cent shy ing, closely mirrored its June release in ment for no more than an absence of
The US benchmark, West Texas Inter- have warned they are hunkering down rising 24 per cent over 16 days. of the 12-year high touched in March. indicating that a rate increase in 2015 bad surprises.”
mediate, rose 32 cents to $49.09 a for a prolonged period of lower prices. Copper also resumed its slide, falling The dollar has climbed 2 per cent so far was still on the cards, but the central The dollar’s gains also reflected
barrel, up for the third straight session. BP and Royal Dutch Shell executives 1.2 per cent after a two-day rally on the in July, fully reversing a decline of 1.5 per bank left its options open on timing as it higher US Treasury yields, with the poli-
Other commodities remain under said this week they expected prices to back of news of disruptions to mining cent for June, as investors have posi- awaited more evidence on the strength cy-sensitive two-year US note adding 2
pressure, with strength in the US dollar remain soft in the medium term after production in Zambia and Chile. tioned their portfolios for tighter policy of the economic recovery. basis points to 0.73 per cent, only a few
weighing on those priced in the green- reporting large drops in second-quarter Gold has steadied following last from the central bank. “The Fed outlined the path to higher basis points below its highest level since
back. Traders are watching for signs profits, though they have received some week’s large sell-off, but remains under The benchmark touched its session rates in September,” said Eric Green, April 2011. US 10-year yields are climb-
that the US Federal Reserve will raise respite from refining operations that pressure below $1,100 a troy ounce. It high after GDP data for the first quarter economist at TD Securities. “With the ing 3bp to 2.32 per cent, while equiva-
interest rates in September, signalling have benefited from lower crude costs. slipped 0.25 per cent to $1,093.60 a troy were significantly revised higher to appetite to raise rates at the highs of the lent maturity German Bunds are inch-
an end to a seven-year period of “The clear implication is that any ounce yesterday. show growth of 0.6 per cent, an cycle, and continued improvement in ing up 1bp to 0.72 per cent.
Friday 31 July 2015 ★★★ FINANCIAL TIMES 29
Global overview
TRADING POST Markets update
Jamie
Chisholm
Dollar rises as US growth data fuel S&P 500 index
Change on day 0.08%
A
summer break for investors looks highly another wave is rocking the boat: China. the future. It's true ... that the equity
unlikely this year. While many of us are The country’s economy, which has markets have recently been volatile.
already enjoying or planning some down delivered relentless growth amid seem- This could create some speed bumps
in the near term. ”
time, asset prices appear vulnerable in the ingly insatiable demand, has been slow-
coming weeks against a backdrop of uncer- ing. Then this month the stock market “ The slowdown in the China
economy is a factor and the Freeport
tainty driven by China and the US Federal Reserve. rally ran aground, raising questions carry-on effects of the drop -McMoRan
No matter the recent easing in tension between Greece about the effect on China’s economy and in stock prices in China and the impact
and its creditors, the big story framing the rest of summer how this plays out globally. on financial investors is certainly being
shown in the copper price. ”
is a timeworn classic, last seen during the US bond market For many US and European multina-
taper tantrum of 2013, and more spectacularly in 1998. tionals over the past decade, China, with “ Asia-Pacific region was down
30%, with much of that decline
Emerging markets are under severe pressure, with a its huge population and booming in China and Japan. In China Caterpillar
JPMorgan index of leading EM currencies loitering at the demand, has become an important the construction industry continued to
lowest level since 1999, hampered by a one-two punch of a source of revenues and helped bolster weaken. ”
stronger dollar and collapsing commodity prices. their operations in the face of slower Sources: S&P Dow Jones Indices; Factset Callstreet