FRIDAY 15 JANUARY 2016
00
Digital India
How fast can the internet grow
up? — BIG READ, PAGE 9
Renault raids
trigger fears
emissions crisis
is spreading
3 Shares in Europe’s carmakers fall
3 Investigators find no defeat devices
MICHAEL STOTHARD — PARIS
ANDY SHARMAN — LONDON
Shares in European carmakers fell
sharply yesterday as Renault admitted
that French authorities had raided its
offices as part of a sprawling national
investigation linked to the Volkswagen
emissions scandal.
The French carmaker said anti-fraud
investigators last week visited three
sites, sparking fears that the emission-
rigging case, which has pounded the
reputation of VW and the wider car
industry, was spreading across Europe.
The European auto sector was
affected by the news, with the Stoxx
Europe 600 autos index down as much
as 7 per cent. Shares in Renault closed
down 10 per cent after falling more than
20 per cent earlier in the day and shares
in PSA Peugeot Citroën fell 5 per cent.
Meanwhile, Fiat Chrysler Automo-
biles’ shares fell 9 per cent and were sus-
pended twice in Milan following news of
a US lawsuit alleging that the company
had inflated its sales figures. Fiat Chrys-
ler rejected the allegations.
Investors have been jittery about the
sector since VW admitted in September
that software to deceive official emis-
sion tests had been placed in more than
11m of its diesel vehicles. It faces billions
of dollars in claims from owners, dealers
and investors over the “defeat device”
scandal.
Yesterday’s double dose of negative
news compounded mistrust in a sector
that, even before the VW crisis, was
reeling from the impact of several glo-
bal, multimillion-vehicle recalls. Ana-
Making the case for 1960s
‘Brutalist’ council estates
The government has promised £140m
to knock down the country’s worst
‘Brutalist’ council housing estates,
blamed for ghettoising the poor in
isolated concrete tower blocks. But the
massive Trellick Tower that overlooks
David Cameron’s house in Kensington,
long derided as a failed estate, is now
one of London’s hippest addresses
after a refurbishment. This and other
examples show the problem with
estates is not their architecture.
Edwin Heathcote i PAGE 4
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lysts said investors had been bracing
themselves for the possibility of other
companies becoming caught up in the
emissions scandal.
When news of the raid broke, inves-
tors panicked, wiping more than a fifth
off Renault’s value. However, the car-
maker’s share price later rallied after it
responded, saying no defeat devices had
been detected.
Renault said that an independent
commission set up last year by the
French government had tested four of
its cars but had “not revealed the pres-
ence of software” to trick emission tests.
However, it admitted that the French
competition and fraud watchdog had
searched three sites last week.
One French union official said the
raids had been at Renault’s main office
near Paris as well as at its technical cen-
tres at Lardy and Guyancourt, adding
that computers were seized. “It looks
bad for the company,” he said.
Renault said the raids did not imply
wrongdoing,
Rival French carmaker Peugeot said
that it had not been raided and that
technical tests commissioned by the
French government commission had
shown “the absence of any anomaly”.
French energy and environment min-
ister Ségolène Royal confirmed no
defeat devices had been found at
Renault and said investors should “rest
easy”. But she said real emission levels
were found to be significantly higher
than in test conditions for Renault and
several non-French carmakers.
Raid on Renault page 17
NHS faces loss of senior staff as £1m
pension cap pushes doctors to retire
JOSEPHINE CUMBO AND SARAH NEVILLE
The NHS is worried that a generation of
family doctors, surgeons and other
experienced medical professionals
could be pushed to retire early because
of cuts to pension savings limits, just as
it is embroiled in a dispute over the pay
of junior doctors.
A large number of senior doctors, as
well as other high earners across the
public sector, are likely to breach the
new £1m cap on the amount savers can
amass in their pension pots during their
working lives without being taxed. In
the last Budget, George Osborne, the
chancellor, lowered the cap from
£1.25m to £1m.
From April, doctors who go above this
sum will be exposed to a 55 per cent tax
charge when they draw their pension.
Some are opting out of pension saving
STOCK MARKETS
Jan 14 prev %chg
S&P 500 1911.12 1890.28
Nasdaq Composite 4571.20 4526.06
Dow Jones Ind 16344.30 16151.41
FTSEurofirst 300 1334.36 1354.80
Euro Stoxx 50 3033.77 3073.02
FTSE 100 5918.23 5960.97
FTSE All-Share 3262.61 3292.60
CAC 40 4312.89 4391.94
Xetra Dax 9794.20 9960.96
Nikkei 17240.95 17715.63
Hang Seng 19817.41 19934.88
FTSE All World $ 244.52 244.79
WORLD BUSINESS NEWSPAPER
Shipping forecast
Why the collapse in freight rates is a
reason to worry — GILLIAN TETT, PAGE 11
Profit warning Wall Street alarm
as 2016 contenders attack tax break
Donald Trump has joined Hillary Clinton in targeting ‘carried interest’ earnings
BARNEY JOPSON
WASHINGTON
US private equity and hedge
fund managers are increas-
ingly concerned about a two-
pronged threat by the Republi-
can and Democratic presiden-
tial frontrunners to scrap a tax
break worth billions of dollars
to Wall Street.
The unusual consensus
between Donald Trump and
Hillary Clinton has hardened
as the populist tone of the
2016 election campaign leaves
US business fretting that its
altogether, while others are looking at
early retirement. The NHS has begun to
offer its staff free seminars, run by
accountancy group KPMG, to explain
the impact of the pension change.
“Employers in the public sector know
that some staff will be concerned or
even unaware about the tax changes
and will want information to help them
understand how it might affect them,”
said Andrea Hester, assistant director of
pensions and reward at NHS Employers.
“NHS staff are a vast public investment,
so educating them to the impact of tax
changes can be a wise investment if it
helps to reassure and retain them.”
The Treasury said the cap “only
affects 4 per cent of the wealthiest pen-
sion savers approaching retirement”
and new pensions allowances only
affected 2 per cent. It said “a very small
number” of those affected “work across
World Markets
CURRENCIES
Jan 14 prev
1.10 $ per € 1.084 1.085 € per $
1.00 $ per £ 1.439 1.444 £ per $
1.19 £ per € 0.753 0.751 € per £
-1.51 ¥ per $ 118.085 118.295 ¥ per €
-1.28 ¥ per £ 169.973 170.853 £ index
-0.72 € index 86.586 86.497 $ index
-0.91 SFr per € 1.093 1.095 SFr per £
-1.80 COMMODITIES
-1.67 Jan 14
-2.68 Oil WTI $ 31.31
-0.59 Oil Brent $ 30.67
-0.11 Gold $ 1088.40
interests are being ignored by
candidates.
The bashing of investment
partnerships using the tax
break on “carried interest”
profits highlights candidates’
desire to woo voters struggling
in an economy that some feel is
rigged in favour of the wealthy.
On Wednesday Tom Dono-
hue of the US Chamber of Com-
merce, corporate America’s top
lobbyist, voiced his dismay. “I
used to call the lead-up to the
big national election ‘silly sea-
son’, but given some of the rhet-
oric and proposals that we’re
the public sector, not just in the NHS”.
It added that the government would
offer “protection” to individuals affect-
ed to avoid retrospective tax charges.
A British Medical Association survey
last year found that one in three GPs
hoped to retire within five years, largely
because of discontent with life in a cash-
strapped health service. Among those
who had been in the profession for more
than 20 years, more than two out of
three were intending to stop work in
that time. The figure rose to almost 80
per cent in the 55-59 age group.
“These tax changes could worsen the
GP crisis,” said Dr David Bailey, chair-
man of the BMA pensions committee.
“An awful lot of doctors aged 55 and
higher are looking seriously at what
their position is because the tax changes
are going to seriously impact them.”
Rules risk crisis page 3
INTEREST RATES
Jan 14 prev price
0.923 0.922 US Gov 10 yr 101.61
0.695 0.692 UK Gov 10 yr 102.64
1.328 1.331 Ger Gov 10 yr 104.83
127.999 128.344 Jpn Gov 10 yr 100.75
88.972 88.628 US Gov 30 yr 102.97
106.694 106.744 Ger Gov 2 yr 102.70
1.452 1.458 price
Fed Funds Eff 0.24
prev %chg US 3m Bills 0.21
30.48 2.72 Euro Libor 3m -0.14
30.28 1.29 UK 3m 0.59
1088.15 0.02 Prices are latest for edition Data provided by Morningstar
UK £2.70 Channel Islands £3.00; Republic of Ireland €3.
Bowie and me
He made it cool to dress like a
raspberry pavlova — NOTEBOOK, PAGE 10
Briefing
i Tesco shares buoyed by festive trade
The retailer’s shares rose 6 per cent yesterday as
like-for-like sales over the festive period rose 1.3 per
cent, but it still faces a battle in its home market.—
PAGE 15; LOMBARD, PAGE 20; ARGOS SALES DIP, PAGE 21
i UK rate rise recedes into the gloom
The prospect of a rise in interest rates, from their
historic low of 0.5 per cent, receded yesterday after
the Bank of England gave a more gloomy verdict on
economic prospects.— PAGE 4
i Jakarta on alert after Isis attack
An assault the Indonesian capital that
killed seven people including five
terrorists will heighten fears over
terrorism in the largest Muslim-
majority country.— PAGE 5
i Cameron urges civility in Brexit debate
The prime minister is to tell Eurosceptic ministers
that they will not damage their careers provided
they operate during the EU referendum campaign
with “civility and respect” as he seeks to stop his
party from descending into acrimony.— PAGE 2
i China income gap among world’s widest
The richest 1 per cent of China’s households owns a
third of the country’s wealth, while the poorest 25
per cent of households own 1 per cent, according to
a report from Peking University.— PAGE 8
i JPMorgan accentuates the positive
Jamie Dimon has tried to dispel anxieties over
China and urged investors to focus on the US
economy as the largest American bank by assets
announced a 10 per cent rise in net profit for the
fourth quarter.— PAGE 15; LEX, PAGE 14
i EU and US close in on derivatives deal
Officials from the European Commission and the
Commodity Futures Trading Commission are on
— Michael Snyder/AP course to finalise a deal that would stave off the risk
of disruption to the derivatives market.— PAGE 28
hearing from both parties, it’s Datawatch
not silly; it’s damn serious, and
sometimes a little scary.”
Less than three weeks before Household saving rates Household saving
voting begins, Mrs Clinton this Four-quarters average (%) rates have
week reaffirmed her determi- 2010 Q3 2015 Q3 remained largely
stable across
nation to scrap the preferential 0 5 10 15 20
large European
tax treatment that critics call a Germany economies in the
loophole. A few days earlier
France past five years.
Mr Trump said: “Wall Street The exception was
has caused tremendous prob- Eurozone
the UK, where the
lems for us. We’re going to tax Italy rate dropped more
Wall Street.” Spain than 7 percentage
Jeb Bush, once the favourite UK
points to 4 per
of Republican business people, cent in the third
and Bernie Sanders, who is Source: Eurostat quarter of 2015
Continued on Page 7
yield chg
2.07 -0.03
1.71 -0.04
0.49 -0.02
0.23 0.02
2.85 -0.03
-0.32 0.00
prev chg
0.12 0.12
0.21 0.00
-0.14 0.00
0.59 0.00
2 ★
EU membership
PM tries to calm Tory Brexit tensions
Eurosceptic ministers to
get career guarantees in
return for good behaviour
GEORGE PARKER AND CONOR SULLIVAN
LONDON
ALEX BARKER — BRUSSELS
David Cameron is to manage Tory ten-
sions over Europe by telling Eurosceptic
ministers they will not damage their
careers provided they operate during
the EU referendum campaign with
“civility and respect”.
The prime minister hopes to strike a
deal on Britain’s EU renegotiation at a
Brussels summit on February 18-19 and
is already drawing up plans to try to stop
his party descending into acrimony dur-
ing the referendum campaign.
His party management was on display
after Chris Grayling, leader of the Com-
mons, discussed with Mr Cameron in
advance an article he had written saying
it would be “disastrous” for Britain to
stay in an unreformed EU.
Mr Grayling’s Daily Telegraph article
How Johnson Iraq trip kept diplomats on edge
Officials had to stop him going
to the front line with Isis and
driving a car out of a showroom
KATE ALLEN
POLITICAL CORRESPONDENT
His gun-toting visit to Iraq last year
drew comparisons — from some — to
Winston Churchill. But newly published
diplomatic correspondence sheds a less
statesmanlike light on Boris Johnson’s
activities during his foreign trip.
Foreign Office staff had to pick up a
hotel bar tab, stop Mr Johnson from
driving a sports car out of a showroom
and arrange last-minute tours when the
mayor of London travelled to Erbil, in
the semi-autonomous region of Iraqi
Kurdistan, in January 2015.
They also had to block Mr Johnson’s
attempt to visit the front line of the war
against Isis, diverting him instead to a
training camp, and stop him prema-
turely announcing a trade deal.
The material, released by the Foreign
Office under freedom of information
legislation, includes diplomatic corre-
spondence about practical aspects of
the visit. It is not clear who made the FOI
request, rendering its purpose and the
release of the emails something of a
mystery.
“Is the alcohol bill still outstanding?”
one anonymous civil servant asked in
an email. In another, Angus McKee, the
UK’s consul-general in Kurdistan and
northern Iraq, recounted the mayor’s
attempt to drive an F-type Jaguar out of
a car showroom. “While it is true that
the mayor got behind the wheel, drove
out of the door and on to the driveway,
quick action by his police protection
officer and me ensured he did not drive
off,” Mr McKee wrote.
In another email, deputy mayor Sir
Edward Lister wrote that Mr Johnson
was “keen to . . . do some sightseeing”.
Mr Johnson was invited by the prime
minister of Iraqi Kurdistan, and the
regional government covered most of
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rights reserved. Reproduction of the contents of this
yesterday was billed as a Eurosceptic
broadside, but Number 10 insiders said
they were “very relaxed” about its tone
and content.
The minister was supportive of Mr
Cameron’s attempt to reform Britain’s
EU membership and concluded on the
subject of Tory splits: “We need to treat
each other’s views with respect and
good grace.”
Mr Grayling, who met Mr Cameron
for private talks last week, has been told
that he will stay in the cabinet in a post-
referendum reshuffle, provided he
remains on best behaviour.
Some Tory Eurosceptics suspected
Mr Grayling of striking a deal to operate
within tight constraints in the interests
of his career. One said: “Maybe Chris
will campaign to stay in after he sees
Cameron’s deal.”
MrGrayling’saidesconfirmhegaveMr
Cameron a “heads up” on the article but
deniedhiscabinetfuturewasanissue.
Meanwhile Boris Johnson, London
mayor, could be brought into the cabi-
net in May once his term at City Hall
London mayor. Foreign Office files
Firing line: Boris Johnson poses with a rifle during his visit to Erbil last year, details of which have been released by the Foreign Office — Andrew Parsons/i-Images
the costs. He was accompanied by
Nadhim Zahawi, a Conservative MP
whose parents are Kurdish.
Mr Zahawi’s presence raised “political
question marks” about the use of public
funds, Mr McKee wrote. The Foreign
Office put the mayor and three other
people up in consular accommodation
and provided a security detail.
Mr Johnson’s visit did have its positive
‘While it is true the mayor
got behind the wheel,
quick action ensured
he did not drive off ’
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FINANCIAL TIMES
NATIONAL
expires to bind him into the team sup-
porting Mr Cameron, as he seeks to keep
Britain in the EU.
Eurosceptic MPs claim Sajid Javid,
business secretary, might be “licensed”
by the Tory leadership to campaign for a
Brexit, only to be brought back into the
fold after the vote as a sign of reconcilia-
tion. But that idea was rejected as “utter
Britain in Europe
A round-up of news on
Cameron’s efforts to
negotiate a settlement
ft.com/brexit
nonsense” by allies of George Osborne,
chancellor, who is said to have con-
ceived the plan. “Winning the referen-
dum is an order of magnitude more
important than any supposed planning
for afterwards,” said one Osborne ally.
In a sign of growing confidence in Brus-
sels that a UK deal will be agreed at a Feb-
ruary 18 summit, officials in EU capitals
were told on Wednesday to expect a
negotiating text in early February. The
side, according to diplomats. He helped
to boost British exports, encouraged the
Kurdistan Regional Government to
embrace political reforms and
increased the profile of British busi-
nesses active in the region, they wrote.
“Who needs Davos when you have
Kurdistan?” the mayor quipped to
attendees of an economic forum on UK-
Kurdistan relations, according to the
emails. But Mr Johnson’s desire for pub-
licity — he was accompanied on the trip
by a senior journalist from The Sun
newspaper — saw diplomats having to
restrain him from visiting the front line.
“There is no viable trip to the front
line in the proximity of Erbil,” Mr
McKee wrote. Instead Mr Johnson was
London
Met arms 600 more officers
as terror threat remains high
LINDSAY FORTADO
LEGAL CORRESPONDENT
London’s Metropolitan Police is
increasing its force of armed officers by
600 as the frequency of terrorist
attacks increases globally and security
jitters in European cities remain high.
The recent attacks in Paris, where 130
were killed by gunmen in a co-ordinated
rampage, “reinforced the vital role that
firearms officers would be called upon
to play on behalf of all of us, to run for-
ward and confront the deadly threat
that such attackers would pose”, Sir Ber-
nard Hogan-Howe, Met commissioner,
said yesterday.
The force has already starting putting
plans into action to more than double
the number of armed response vehicles
in the British capital, he said.
The vast majority of Met officers,
about 92 per cent, will remain unarmed,
while the number that are armed will
rise to 2,800. Sir Bernard said in Novem-
ber he wanted the number of armed
officers in London to rise to 4,000.
package will not involve immediate
changes to EU treaties, but instead be
modelled on previous Danish and Irish
deals, which included binding agree-
ments that promise future revisions to
the treaty but that are compliant with
existingprinciplesofEUlaw.
Jonathan Faull, one of the top Euro-
pean Commission officials involved in
the talks, told the European Parliament
yesterday that there was a “very good
prospect that agreement will be reached
rather soon”.
“We have only a few weeks left,” he
said, referring to the February summit.
“There are still difficult issues remain-
ing to be resolved. I’m not a betting man
and I’m not going to put money on it and
I wouldn’t encourage you to either.
But . . . I can see the political will to
resolve this issue is pretty strong.”
Mr Cameron has said he wants irre-
versible, legally binding reforms. Mr
Faull said many countries would prefer
to avoid treaty change and noted that
the Danish model would satisfy Mr
Cameron’s concerns.
taken to see a training camp for local
members of the peshmerga, the Kurdish
militia, where photographs were taken
showing him wielding an AK-47 assault
rifle and directing a local fighter.
“I have no objection to this locally,
however I know there has been some
politics between No 10, [the Ministry of
Defence] and the mayor’s office over
what he can and can’t do here,” one dip-
lomat wrote, seeking instructions about
whether Mr Johnson should be allowed
to visit the camp.
Although Downing Street initially
refused Mr Johnson’s request, its
stance later changed. Mr Johnson could
attend the base “as long as it is done
in an appropriately sober manner”,
The attacks in Paris in November
came barely 11 months after Islamist
terrorists assaulted staff at the satirical
magazine Charlie Hebdo, killing 12 and
another four at a Jewish supermarket.
The most recent atrocity led to a shut-
down of Brussels for several days as
police went on a manhunt for alleged
perpetrators of the Paris shootings.
Yesterday, Jakarta was rocked by
explosions that police said left seven
dead, while an attack in the tourist dis-
trict of Istanbul on Tuesday claimed the
lives of at least 10 and injured 15 others.
Recent attacks in Ankara and Beirut
havefurtherheightenedsecurityfears.
Sir Bernard said he wanted the Met to
be “as ready as can be” if there is an
attack in London. “We know that the
threat we face is likely to be a spontane-
ous attack that requires a fast response
to deal with it,” he said. “This increase
has started already and every day we are
getting stronger. It will be an expensive
option,butisvitaltokeepingussafe.”
Additional reporting by Gonzalo Vina in
London
“A decision of the heads of state or
government of the European Council
can constitute an agreement between
them in international law, and can quite
legitimately be described as legally
binding therefore,” he said.
The biggest obstacle remains British
demands to bar access to benefits for
new migrant workers. Mr Cameron has
made clear he is no longer seeking to
override the EU’s non-discrimination
principles with a four-year ban, leaving
officials searching for ways to tighten
access rules within the limits of existing
EU treaties.
Meanwhile Lord Mountevans, Lord
Mayor of the City, used a speech at a din-
ner of London government leaders in
the Mansion House to tell Mr Johnson
that City businesses were in favour of
Britain staying in the EU.
He said he had “seen the benefits of a
positive, collaborative and interna-
tional outlook” during his 40-year City
career as a shipbroker. “That’s why so
many City figures believe that the UK is
better off inside the EU.”
an unnamed diplomat wrote.
At the time, the Labour party in the
Greater London Assembly said Mr John-
son’s trip was more about his “leader-
ship ambitions [in the Conservative
party] than it is about delivering for
London”. The mayor re-entered parlia-
ment after May’s general election as the
MP for Uxbridge and South Ruislip.
A spokesman for the mayor said he
had “always intended to settle what was
a private drinks bill, but an administra-
tive oversight meant that the bill was
not settled on his departure. The For-
eign and Commonwealth Office brought
this to the attention of the mayor’s office
soon afterwards and the mayor person-
ally paid the bill immediately.”
Jewellery raid
Three men found guilty over
£14m Hatton Garden heist
MARK ODELL
A London jury has found three men
guilty of involvement in a raid in Hat-
ton Garden, the city’s diamond district,
described as “the largest burglary in
English legal history”.
A gang of thieves broke into a vault in
the basement of a building in April 2015
after bypassing security systems and
descending a lift shaft. They then drilled
through the wall of the vault before ran-
sacking 73 safety deposit boxes, stealing
valuables including gold, jewellery and
cash worth an estimated £14m.
The jury convicted Carl Wood, 58,
and William Lincoln, 60, of conspiracy
to commit burglary and conspiracy to
conceal, convert or transfer criminal
property.
Hugh Doyle, 48, was found guilty of
concealing, converting or transferring
criminal property. A fourth man was
cleared of the two offences.
Four other men pleaded guilty last
year to involvement in the raid. They
are John “Kenny” Collins, 75, Daniel
Friday 15 January 2016
Nuclear deterrent
Corbyn under
fire after move
to fast-track
Trident review
JIM PICKARD — CHIEF POLITICAL
CORRESPONDENT
Labour leader Jeremy Corbyn is on
course for a “ferocious bust-up” with
his party over Trident after it emerged
that his review of the nuclear deterrent
was being fast-tracked to complete by
the spring.
Some senior figures had hoped Mr Cor-
byn — a life-long campaigner against
nuclear weapons — would offer a free
vote when the government holds a Com-
mons debate later this year on Trident
renewal.
But Ken Livingstone, the former Lon-
don mayor who is co-chairing the
party’s Trident review, indicated it
could recommend ditching the scheme
in as little as two months’ time.
The government has not yet set a date
for the Trident vote but some within
Labour fear that David Cameron could
hold it in March or April, ahead of the
May local elections, to inflict maximum
damage on the opposition party.
Until Wednesday, many Labour fig-
ures believed the review would not be
completed until the end of the year. “I
don’t see how he [Mr Corbyn] can’t
allow a free vote,” said one member of
the shadow cabinet earlier in the week.
“There will be complete carnage if he
doesn’t.”
If Mr Livingstone’s prediction is accu-
rate, it would mean that Labour’s offi-
cial position could be shifted ahead of
the Commons vote.
“We will desperately try and do it as
rapidly as possible,” he told BBC’s News-
night on Wednesday evening. “So we will
focus on the Trident issue ahead of the
rest of the defence review . . . With a bit
of luck that can be done in eight to 10
weeks.”
Mr Corbyn faces opposition from
large numbers of MPs and many union
officials who favour keeping Trident.
One union official insisted the party
rules were clear that big policy decisions
had to be agreed at the annual confer-
ence in the autumn. “If they try to
bypass that, there will be a ferocious
bust-up,” he said. “People are getting
increasingly amazed by Corbyn’s self-in-
dulgence.”
John Woodcock, the Labour MP for
Barrow and Furness who supports
renewing Trident, has written to Emily
Thornberry, the new shadow defence
secretary — and co-chair of the review —
to ask if she agrees with Mr Livingstone’s
“provocative” comments on timings.
“Even if the leaders of this so-called
review had prior defence experience, it
would be absurd to complete a review of
nuclear deterrent policy in eight weeks,”
he said.
“This is yet another example that the
team behind Jeremy Corbyn don’t give a
stuff about how Labour looks to the
public or whether we stand up for man-
ufacturing jobs as long as they can pro-
voke a fresh fight in the party.”
The biggest test of Mr Corbyn’s lead-
ership was before Christmas when the
government held a vote on bombing
jihadi forces in Syria. He threatened to
whip Labour’s 232 MPs to oppose the air
strikes, only to back down after days of
arguments.
Labour’s official position over Trident
is one of unambiguous support. “I’m
pretty certain that the best Jeremy Cor-
byn can get away with is a free vote,”
said one senior union official last week.
Jones, 58, Terrence Perkins, 67,
described as the ringleaders, and Brian
Reader, 76, known to the others as “the
Master” or “the Guvnor”.
All of the guilty are due to be sen-
tenced on March 7.
Another thief, known only as “Basil”,
who let the raiders into the building on
Hatton Garden, is still at large and has
not been identified. Police have so far
only recovered about a third of the sto-
len goods.
It can now also be reported that two
other people have pleaded guilty to con-
cealing, converting or transferring
criminal property. They are Perkins’
daughter Terri Robinson, 35, and her
brother-in-law Brenn Walters, 43, who
is also known as Ben Perkins.
The raid was conducted on two sepa-
rate nights over the long Easter holiday
weekend last year. The gang first broke
into the building on the night of April 2,
but they failed to get into the vault then
and returned two days later on April 4
with new equipment that allowed them
to complete the job.
Friday 15 January 2016
Pension rules
risk widening
NHS crisis
Savings cap threatens to exacerbate doctors’
concerns by encouraging early retirement
JOSEPHINE CUMBO AND SARAH NEVILLE
It could not come at worse time for the
NHS.
This week, junior doctors launched
the first hospital strike in Britain for 40
years. Now it emerges some of the NHS’s
most senior and experienced doctors
are also chafing because of changes to
the pension system.
Senior doctors who breach a new £1m
cap on the amount of pension that can
be saved tax-free are being pushed into
early retirement, according to financial
advisers representing dozens of GPs,
‘The NHS should be
concerned about these
changes triggering staff to
rethink their plans’
surgeons and other medical profession-
als. “For an awful lot of GPs in their late
50s, the current limit of £1.25m is OK
for them but dropping to £1m will result
in them going over the limit if they con-
tinue to save,” said Dr David Bailey,
chairman of the British Medical Associ-
ation’s (BMA) pensions committee.
“What a lot of people within a year or
two of retirement are likely to do is to
leave the pension scheme early. If you
are leaving a couple of years early to
avoid the lifetime allowance problem,
you can draw your pension without giv-
ing £100,000 to George Osborne,” he
added.
Senior doctors are already unhappy
over their escalating workload and a
lack of resources. In a sign of simmering
dissatisfaction within the medical pro-
fession, almost four out of 10 GPs
described their current workload as
“unmanageable”. The new pension
rules could be a further incentive to
quit, warned Dr Bailey.
“People are wanting to get out
because they can’t cope with the work-
load — and the pension is another part. I
think the NHS should be concerned
about these changes triggering staff to
rethink their retirement plans,” he said.
Although the NHS received a far bet-
ter settlement in December’s spending
review than most other Whitehall
departments, its capacity to live within
its means remains seriously in doubt.
Towry, the financial adviser, said it
was consulting about 20 senior NHS
medical professionals — including long-
serving GPs — who may now quit the
health service.
“A lot of them have their eyes on the
door,” said Andy James, head of retire-
ment planning.
“Many GPs have set up their practice
so they can pay up to 28.5 per cent of
their earnings into their pension and
when they look at the potential tax
charge for continuing to do this, they are
thinking: ‘What is the point of carrying
on?’ — particularly if they are near
retirement age.”
Gary Smith, the head of retirement
planning at Tilney Bestinvest, said he
was “actively working” with four mem-
bers of the NHS pension scheme to miti-
gate the impact of the pension changes.
“One senior microbiologist will con-
tinue to work in the NHS until their 60th
birthday, but will opt out in March
2016,” he said. “Senior consultants will
simply retire and leave the NHS fully.
Many will continue with private prac-
★ FINANCIAL TIMES
NATIONAL
Under pressure: almost four out of 10 GPs describe their current workload as ‘unmanageable’ — Anthony Devlin/PA
tice. The GPs will retire early and then
Treasury gains from change return in a locum capacity due to the
to lifetime allowance shortage of GPs in their areas.”
Mr Smith, whose firm specialises in
£m 600 advising NHS staff, said he expected the
trend to continue once senior NHS staff
500 understood fully how they could be
affected by pension tax changes.
400
But Andrea Sproates, at Chase de
300 Vere, the advisers, believes some medi-
cal professionals are opting out of the
200 NHS pension scheme because they are
“ill informed” and letting the fear of the
100
tax charge drive their decisions.
0 “If we are formally advising that it is
very rare that would be the best course
2015 16 17 18 19
Source: HMRC
of action,” said Ms Sproates.
“Because the way the NHS pension
scheme works, it is typically more bene-
ficial to stay in and pay any future tax
charge.”
Concerns over a possible departure of
experienced doctors come as the gov-
ernment is locked in a pay dispute with
junior doctors, who are threatening a
second strike in England, and against a
backdrop of a pre-election pledge by the
Conservatives to boost GP numbers by
5,000 by 2020.
The Treasury said it had “no plans” to
changes the policies it had already
announced. But it added that it was con-
sidering the future of pensions tax relief,
as part of a consultation launched last
year.
Letters page 10
3
VAT evasion
MP accuses
Amazon of
benefiting
from tax fraud
VANESSA HOULDER
Amazon has been accused of being “at
the least morally complicit” in VAT
evasion during a parliamentary debate
in which MPs called for tougher action
against online fraudsters.
British retailers say they are being
undercut by foreign companies — par-
ticularly from China — which sell their
products through online retailers like
eBay and Amazon but fail to charge
VAT.
Rob Marris, a shadow Treasury minis-
ter, said: “There is a moral risk to Ama-
zon — and I think a legal risk — that they
are financially benefiting from a fraud
because they get a cut of a sale made
through them which would not have
been made had the fraud not existed.”
Christopher Heaton-Harris, a Con-
servative MP, said on top of £2bn that
was estimated to be lost through unpaid
VAT, there were millions of pounds lost
through indirect effects .
The government said it was cracking
down on unscrupulous traders behind
the VAT fraud. The number of online
companies being investigated by an
HMRC task force set up to tackle VAT
evasion is set to double to 150 by April.
David Gauke, a Treasury minister,
said: “A meeting with the top online
platforms took place recently at a very
senior level to explore the role they can
play in preventing these frauds”.
He said HMRC was working with
online marketplaces to quantify and
tackle the fraud but added: “Having
looked at this, HMRC’s view is that
online platforms have no liability for
unpaid VAT where the operator merely
provides a marketplace for goods.”
Amazon.co.uk has said that market-
place sellers were independent busi-
nesses responsible for complying with
their own VAT obligations, adding it did
not have the authority to review their
tax affairs. It co-operated with HMRC as
required by law, it added.
4 ★
Monetary policy
Chance of rate rise recedes amid gloom
Minutes show domestic
outlook has weakened
since last assessment
CHRIS GILES — ECONOMICS EDITOR
Economists pushed back their forecasts
for the timing of the first interest rate
rise yesterday after the Bank of England
gave a more gloomy verdict on eco-
nomic prospects, while voting to keep
interest rates on hold.
Continuing to vote eight to one in
favour of retaining rates at their historic
low of 0.5 per cent, the Monetary Policy
Committee indicated that the domestic
outlook had weakened compared with
its last full assessment in November.
Resurrection Bring out the beauty in Britain’s Brutal estates
EDWIN HEATHCOTE
Is it too brutal to demolish Britain’s Bru-
talist council estates?
The government has promised
£140m to knock down the country’s
worst council estates but overlooking
David Cameron’s house in north Ken-
sington is the massive concrete mono-
lith of the Trellick Tower.
Designed by Hungarian émigré archi-
tect Erno Goldfinger (after whom the
Bond villain was named), this 1960s
masterpiece of British Brutalism was
long derided as a failed estate, a streets-
in-the-sky experiment which ghet-
toised the poor in isolated towers.
Now it is one of London’s hippest and
most desirable addresses, a mecca for
the design-conscious and for a burgeon-
ing number of Brutalist groupies.
Another Goldfinger estate, the Bal-
fron Tower in Poplar, east London, was
“decanted” of its residents, who were
promised the right to return until it was
sold to a private developer, leaving them
out in the cold.
These estates are the
legacy of an idea of
architecture and
housing as a social good
It is now to become another “luxury”
housing development, having shaken
off the tag of being a failed estate with its
move into the private sector.
These two buildings show that the
problem with estates does not lie in
their architecture. In fact, estates
designed in the 1950s and 60s had much
more space than those in contemporary
developments and their city-centre
locations were often desirable.
These estates are the legacy of an idea
of architecture and housing for social
good rather than private profit. One in
six council estate tenants now own their
home, so they are not always the unde-
sirable last resorts of political myth.
There has been much chatter about
Paris’s banlieues, its version of the failed
estates, the isolation and stigmatisation
of which are said to have bred alienation
and terror.
But the city is also home to one of the
most remarkable transformations in
Literary events
Pullman resignation sparks festival fees row
HENRY MANCE
Philip Pullman has resigned as a patron
of the Oxford Literary Festival, fuelling
a row over the refusal of some book fes-
tivals to pay authors for appearances.
Mr Pullman, author of the His Dark
Materials trilogy, is one of the most
prominent figures to protest against
non-payment of authors. “Because of
the Oxford Literary Festival's attitude to
paying speakers (they don’t), I can’t
remain as a patron any longer. I’ve
resigned,” he posted on Twitter.
Authors have traditionally seen festi-
vals as an opportunity to raise their pro-
file and sell a handy number of copies of
their titles. But with book sales under
pressure, many authors now rely more
heavily on events as a source of income.
“What started as a moan has now
become a movement,” said Philip Jones,
editor of the trade magazine The Book-
seller. “The idea that authors can just be
paid by selling a few books is not valid.”
There are an estimated 350 book fes-
tivals in the UK, including a number of
larger ones — such as Oxford, Bath and
Henley — that do not pay some or any of
their speakers. In addition, the Oxford
Literary Festival has insisted that some
speakers do not appear at another event
within 30 days if it is within 45 miles.
The UK’s most prestigious book festi-
val, Hay, used to give speakers crates of
The vote came ahead of a speech next
week by Mark Carney, BoE governor, in
which he is expected finally to bury his
assessment that the turn of the year is
the time to consider raising rates.
Although George Osborne, chancel-
lor, said last week that there would come
a point at which higher interest rates
were needed, the BoE, which sets rates,
appears to think that point will come
later rather than sooner.
Showing no sign of wanting to follow
the US Federal Reserve in increasing the
cost of borrowing, the minutes of Janu-
ary’s MPC meeting, now released simul-
taneously with the decision, said the
outlook for the economy and inflation
was “slightly weaker” than it thought in
November.
Top of the
blocks
Finest examples of
a genre under threat
Balfron Tower, Poplar Erno Goldfinger
moved into the east London estate
when it opened, throwing parties for
residents to discuss its architecture. His
main residence was a house he
designed on Hampstead Heath (near-
neighbour Ian Fleming hated it so much
he named his Bond villain after the
architect). The tower, like its near-twin
in North Kensington, the Trellick Tower,
is perceived as a fine incarnation of
Britain’s Brutalist architecture. Its future
appears as a City luxury condo block.
wine but has recently moved to mone-
tary payments. Last year the Chipping
Norton Literary Festival started to pay
authors a share of the event’s profits, as
well as travel and accommodation costs.
The scheme worked out at nearly £100
per hour for authors.
“Some festivals have been more
proactive at engaging with the move-
ment, and others have been caught out a
bit,” said Mr Jones.
The Society of Authors, of which Mr
Pullman is president, has called for all
Philip Pullman: the
Society of Authors,
of which he is
president, wants
payment for
appearances
festivals that charge for admission to
pay for appearances. That would
include the Oxford festival, where ticket
prices typically range between £6 and
£25.
However, Oxford’s organisers said if
they were to start paying authors, they
“could not put on a festival as large and
diverse”. The event, which is sponsored
by FT Weekend, has more than 500
speakers a year. If each was paid £150,
the total cost would be more than
£75,000. The festival states it is “a regis-
tered charity which does not receive
FINANCIAL TIMES
NATIONAL
The MPC added that “the 40 per cent
decline in dollar oil prices means
that the increase in inflation is now
expected to be slightly more gradual in
the near term than forecast in the com-
mittee’s November inflation report”.
With that November report already
seen as dovish on interest rates, econo-
mists who had expected earlier increases
rushedtorevisetheiropinions.
David Page, senior economist at AXA
Investment Managers, described the
minutes as “cautious”, adding: “Given
the weaker inflation outlook, we are
shifting our outlook for the first bank
rate hike from the second quarter [to
November 2016].”
Daniel Vernazza of UniCredit also
shifted his forecast for the first rate rise
Park Hill, Sheffield The most visible
building in Sheffield, Park Hill was
conceived by Jack Lynn and Ivor Smith
as an inhabited medieval city wall. Its
“streets in the sky” were designed as
places to chat and stroll. But it suffered
neglect and by the 1980s and 90s it was
a dystopian perversion of its original
social intent. It was part-privatised by
housing developer Urban Splash.
Alton Estate, Roehampton The Alton
Estate was one of Britain’s finest social
housing projects. Set against Richmond
Park, it was designed by the London
County Council Architects in the 1950s.
Red Road, Glasgow When plans were
announced to dynamite the towers as
part of the opening ceremony of the
2014 Commonwealth Games in Glasgow,
popular outrage ensued. The last of the
blocks was finally demolished last year.
Edwin Heathcote
any government or public funding”.
Authors are often better paid for
appearing in book festivals in Scotland,
which receive greater public funding.
The Edinburgh International Book Fes-
tival — supported by commercial spon-
sors, private benefactors and the Scot-
tish government — pays authors £200
per event, as well as travel and accom-
modation. It charges up to £10 per
ticket to help cover costs.
This is not the first time Mr Pullman
has voiced concern about authors’
finances. “While bankers and hedge
fund managers (who do nothing that
can be understood) gather in more
money than can be imagined, the work
of authors (who give delight or knowl-
edge or consolation) is rewarded on
average with little more than 40 per
cent (£11,000) of the national median
earnings,” he said last year, in relation to
a study on writers’ incomes.
A daily fee of £150 for appearing at a
festival is equivalent to a yearly salary of
only about £18,000. However, the lure
of promotion is strong.
One author complained to the Finan-
cial Times about the Hay Festival’s stip-
ulation that she could not appear at
another event within 30 miles within 30
days of the event.
“Obviously, that's not going to stop
me from speaking at Hay this year,” she
added. “I'm not that principled.”
back to November, saying: “The likeli-
hood of a rate hike in May has now fallen
significantly.”
Sterling dropped ahead of the BoE
announcement, and although it later
recovered, the pound has so far this year
fallen 2.5 per cent against the dollar,
reflecting market sentiment turning
against the UK economy.
The two-year gilt yield has also fallen
significantly, pointing to market partici-
pants reducing expectations of a rate
rise.
Economists said the MPC minutes sug-
gested the BoE was preparing the ground
for weaker forecasts next month. Finan-
cial markets have moved even further
and market participants do not think a
rateriseislikelyuntilwellinto2017.
social housing and an example of
exactly what can be done. The Tour
Bois-le-Prêtre, on the edge of the
Périphérique in the 17th arrondisse-
ment was a bland, generic 1960s tower.
Architects Lacaton & Vassal, trans-
formed it, not through demolition but
through addition. In a deliberate
attempt to avoid the kind of social
cleansing and disruption of community
which occurs when estates are emptied,
the architects carried out the work with
the residents inside.
Adding a layer of delicate steel struc-
ture to the exterior of the building cre-
ated new balconies and terraces, mak-
ing the apartments appear more spa-
cious and added a diaphanous veil of
blinds and superstructure so that the
building now looks like a glamorous
minimalist apartment block that you
might find in Tokyo or alongside New
York’s High Line.
Obituary
Star who was
always much
more than
the bad guy
Alan Rickman
Actor and director
1946-2016
There was no sign from the BoE that it
was worried about the consequence of
low interest rates encouraging reckless
household or corporate borrowing.
Even though credit supply has
increased rapidly in recent months and
mortgages are now being offered on sig-
nificantly better terms, the MPC spent
time pondering why households were
not borrowing more.
“The increase in total credit growth
had appeared weaker than its historical
relationship with interest rates would
have suggested,” the MPC said in the
minutes.
MPC members speculated that house-
holds and companies were now less will-
ing than before the crisis to take on
more debt.
On the rise: Balfron Tower, left,
residents were ‘decanted’ before its
sale to a developer; the Alton Estate,
Roehampton, top, and Glasgow’s Red
Road Flats — Justin Tallis/AFP/Getty;Jeff J Mitchell/Getty
The colourful and successful refur-
bishment of Sheffield’s once-notorious
Park Hill Estate in Yorkshire by devel-
oper Urban Splash has also demon-
strated that the fault is not with the
architecture.
The problem with many estates lies
not in their design but in the lack of
infrastructure and community facilities
around them. The last phases of their
development — the shops, pubs, nurser-
ies and schools that would have bonded
them to life in the city — were often
omitted due to shrinking budgets.
Then their maintenance fell victim to
local authority cuts.
Their resurrection depends not only
on the implementation of these missing
elements but also on the intelligent
reimagining of an architecture that may
have fallen out of fashion once but
which, with a little work, can appear as
radical and new as they did 50 years ago.
It was only in the eighth Harry Potter
film, after nearly 20 hours of fantasy
entertainment, that Alan Rickman’s
character finally revealed to audiences
what the man himself had known since
the beginning.
He, in the guise of Severus Snape, was
not a wicked professor after all, but
Harry’s covert protector. It was obvious
why audiences would have not seen the
twist coming.
Rickman, who has died of cancer aged
69, was an actor best known for his per-
formances as a villain — the terrorist
leader in Die Hard, the cheating husband
in Love Actually, the greasy priest in
an adaptation of Anthony Trollope’s
Barchester Chronicles.
With the ending of the Harry Potter
series, he made the point that he was
also much more than a bad guy. Never
nominated for an Oscar, Rickman none-
theless developed a distinctiveness and
respect equalled by few British actors of
his generation. With Harry Potter he
also won rare fame.
Rickman grew up on a council estate
in Acton, west London, and won a schol-
arship to private school Latymer Upper.
Despite being drawn to theatre, he
opted for art school and settled for the
securer prospects of graphic design.
At the age of 25 he belatedly trained at
the Royal Academy of Dramatic Art,
and from there built a reputation with
the Royal Shakespeare Company.
“I knew it would happen,” he said of
his move into acting. “It was just a ques-
tion of other things to deal with, other
voices in me screaming for attention
until that one could be dealt with. It
Friday 15 January 2016
Regulation
FCA launches
inquiry
into bank
review leak
CAROLINE BINHAM AND EMMA DUNKLEY
The City watchdog has launched a full-
scale leak inquiry after the Financial
Times reported on internal documents
regarding a key review of banking cul-
ture.
Tracey McDermott, the acting chief
executive of the Financial Conduct
Authority, has ordered an internal
investigation into how the FT received
papers due to be presented to the watch-
dog’s board on why it would drop a
promised review into the culture of
banks, according to people familiar with
the situation.
Meanwhile, the FCA released an inde-
pendent review yesterday that said its
board could be subject to political inter-
ference. “Recent interventions by HM
Treasury and other bodies have raised
questions from directors regarding the
board’s independence,” the report said.
The leak inquiry follows a tumultuous
fortnight for the FCA, after it emerged
the bank culture review had been
ditched, setting off allegations of politi-
cal meddling.
The inquiry also underscores the
acute sensitivity of officials at the FCA
as it grapples with a leadership crisis
after former chief executive Martin
Wheatley was ousted by the Treasury
last year.
Ms McDermott, who had been viewed
as a leading contender for the position,
pulled out of the race in a surprise move
revealed by George Osborne last week.
The chancellor is understood to be close
to making a decision on the next head of
the FCA, with an appointment expected
this month.
The documents seen by the FT
revealed the FCA’s plan, which was
formed in September — shortly after Mr
Wheatley’s departure — to drop a review
of pay, promotions and how concerns
are raised and acted on at retail and
wholesale banks in the UK.
Details of the plan emerged only a day
after the FCA had insisted that external
pressure had not influenced its move to
shelve the review, in response to a Free-
dom of Information request from a Lib-
eral Democrat peer. The Bank of Eng-
land said last Tuesday night it “had no
influence or role in the Financial Con-
duct Authority’s decision to drop its the-
matic review on culture”.
Andrew Tyrie, chairman of the influ-
ential Treasury select committee,
announced last Wednesday he had writ-
ten to Ms McDermott to request the FCA
documents seen by the FT.
The decision to ditch the review has
been heavily criticised by MPs, with the
Commons committee ordering a special
hearing, at which Ms McDermott and
her chairman, John Griffith-Jones, will
appear next week.
John McDonnell, Labour’s shadow
chancellor, has described the decision to
scrap the review as “a huge blow to cus-
tomers and taxpayers” who were “still
paying the price for the failed culture in
the banking sector”. He added: “The
chancellor therefore cannot stay silent
on this issue. It’s time he used his influ-
ence to keep this review going.”
The FCA declined to comment.
Additional reporting George Parker
screamed loudest and had been there
the longest.’’
He delighted audiences as the
Vicomte de Valmont in Christopher
Hampton’s play Les Liaisons Dan-
gereuses. The New York Times praised
“the lazy grace and the fearsome alert-
ness of a lion that could pounce at any
moment”. His co-star Lindsay Duncan
said the audience left the theatre want-
ing to have sex — “and preferably with
Alan Rickman”.
Yet Rickman was passed over for the
same role in the Hollywood adaptation,
Dangerous Liaisons. Initially vexed, he
later played down his disappointment:
“My getting that part was never on the
cards, I know that.”
Rickman’s attributes — including
looks, mischief and a particular form of
speech, attributed to a tight jaw — would
land him bigger roles. He played the
Sheriff of Nottingham in Robin Hood:
Prince of Thieves and Colonel Brandon in
Sense and Sensibility.
In 2001, Harry Potter hit the screens,
defining Rickman almost as much as it
would its young actors. “He was a mag-
nificent actor and a wonderful man,” the
books’ author, JK Rowling, said on hear-
ing of his death yesterday. After the last
Potter film launched in 2011, Rickman
had appeared in more than half a dozen
ventures.
His partner, Rima Horton, worked as
an economics lecturer and Labour
councillor in Kensington and Chelsea.
He praised her tolerance, and asked to
explain what he meant, added simply,
“I’m an actor.” They married in 2012.
Henry Mance
Friday 15 January 2016
Indonesia
Isis jihadis launch terror attack in central Jakarta
Experts had warned of
threat posed by fighters
back from Middle East
AVANTIKA CHILKOTI — JAKARTA
Seven people including five terrorists
were killed as explosions and gunfire hit
central Jakarta yesterday in an attack
claimed by jihadi militant group Isis.
The attack on the Indonesian capital
will heighten fears over the rise of ter-
rorism in the world’s largest Muslim-
majority country.
“We condemn acts that spread terror
and disturb peace,” President Joko
Widodo told local television. “We
shouldn’t be afraid; we shouldn’t be
defeated by this act of terror.”
Police said five attackers, all of whom
were Indonesian, died in suicide bomb-
ings in an assault on the Sarinah shop-
ping centre and a nearby Starbucks café.
Two civilians, one of them Canadian,
also died and at least 20 people were
injured, including five police officers
and a Dutch national. It took police
three hours to regain control.
The first bombing was reported out-
side the mall, which is located in central
Jakarta on Thamrin Street, the capital’s
main artery and home to luxury hotels
and multinational businesses as well as
the French embassy and UN offices. The
Istana Negara presidential palace is
about 2km away.
There were five blasts in the area,
including a suicide bombing in the Star-
bucks branch and an explosion at a
nearby police traffic post, officials said
at a press conference held by Tito Kar-
navian, Jakarta police chief.
Witnesses said the explosions were
followed by gunfire near the Starbucks
and that many civilians were unable to
leave the area while the clashes contin-
ued.
The US coffee chain later said it had
closed all of its 50 outlets in the city for
the day.
John Kerry, US secretary of state, con-
demned the attacks. “Let me just make
it clear these acts of terror are not going
to intimidate nation states from protect-
ing their citizens and continuing to pro-
Explainer
Who carried out the
attacks and why
ft.com/world
Anti-doping report
Corruption in world athletics
‘may have been criminal’
JOHN MURRAY BROWN — LONDON
The second instalment of an investiga-
tion into bribery and doping in world
athletics said the behaviour of the
sport’s governing body “went beyond
sporting corruption and may have
been criminal in nature”.
An investigation published yesterday by
the World Anti-Doping Agency (Wada)
found that corruption was “embedded”,
was not due to “a small number of mis-
creants” but extended to the top of the
governing International Association of
Athletics Federations (IAAF).
The initial part of the Wada investiga-
tion, published in November, led to Rus-
sia becoming the first country in history
to be banned from all track and field
competition, a suspension that will last
until Moscow can prove its athletes are
clean of performance-enhancing drugs.
Written by Dick Pound, a former
Wada president, the latest report said
Lamine Diack, the disgraced former
IAAF president, was “responsible for
organising and enabling the conspiracy
and corruption that took place” in the
organisation.
Mr Diack was arrested in France late
last year on suspicion of taking “more
than €1m” to cover up positive drugs
tests.
But Mr Pound also eased some of the
pressure on Sebastian Coe, current head
of the IAAF, by suggesting that with the
British former middle-distance runner
at the helm there was a chance for the
organisation to “seize the opportunity
Lord Coe yesterday: Dick Pound has
eased the pressure on the IAAF chief
★ FINANCIAL TIMES 5
INTERNATIONAL
onsored Jemaah Islamiyah network
acked top hotels in Jakarta.
UN
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and collecting intelligence.
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But following the Isis-linked attacks
Th i
Sarinahh
in November that killed 130 in Paris,
security experts had flagged concerns
MH
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Embassy
bassy nesia by fighters returning from the
off France
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100m
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contributor
to s
ties, authorities said they had foiled a
terrorist bombing and arrested nine
individuals with alleged links to Isis.
Indonesian shares and the rupiah
slumped yesterday on news of the
attacks. The central bank cut its bench-
mark interest rate 0.25 percentage
points to 7.25 per cent in a scheduled
meeting just hours after the attacks. The
move had been expected.
The Jakarta Composite index closed
down 0.5 per cent to 4,513.2, having
recovered slightly from a 1.8 per cent
drop when reports of the blasts
emerged. The rupiah fell 0.5 per cent to
Soldiers move into central Jakarta yesterday and a candlelit vigil is held in Surabaya — Dita Alangkara/AP; Juni Kriswanto/AFP/Getty Images 13,907 to the US dollar.
vide real opportunity, education, jobs,
possibilities of a future.”
The US embassy said it would remain
closed today as a precaution and
warned US citizens to avoid the area
where the attacks took place.
Police found six other bombs in the
area but these were not detonated, the
authorities said. Mr Karnavian said the
attackers had links with Isis groups in
Raqqa, Syria. Anton Charliyan, national
police spokesman, said the security
services had received warnings from Isis
members that “Indonesia will become
international news”.
While police cordoned off much of the
main road during the operation, heli-
copters whirred overhead and workers
banned from leaving their offices
peered out of windows.
“I heard two shots and then after that,
boom — an explosion,” said one witness
near the Sarinah mall. “Sometimes
things like this happen; I think everyone
must realise that terrorists can come at
any time.”
Indonesia has been the target of ter-
rorism before. Some 200 died in a bomb
attack on the island of Bali in 2002, and
seven died in 2009 when the al-Qaeda-
and move forward”. Speaking at a press
conference as he unveiled his report, he
said he could not think of “anyone bet-
ter to do that” job than Lord Coe.
The Pound report says Mr Diack dis-
cussed cutting a deal with President
Vladimir Putin to ensure nine Russian
athletes accused of doping did not com-
pete in the 2013 world championships in
Moscow.
Papa Massata Diack, Mr Diack’s son
and a former IAAF marketing consult-
ant, last week received a life ban from
the sport’s independent ethics commis-
sion for inflicting “unprecedented dam-
age” on athletics.
The Pound investigation outlined how
Mr Diack senior created a circle at the
IAAF that operated as “an informal ille-
gitimate governance structure”.
It described as “completely
improper” the decision to allow super-
vision of suspected Russian doping
cases to be separately managed by Mr
Diack’s personal legal counsel.
The report concluded that, given the
inadequate information on the IAAF
database, it would not have been legally
possible to bring successful sanctioning
processes against any athlete accused of
doping.
But Mr Pound also voiced fears that
instances of extortion in Russia and
Turkey may be the “tip of the iceberg”.
He said that he was “troubled by
unwillingness of IAAF to accept and
assume responsibility” for what went
wrong.
Lord Coe had come under intense
pressure over the affair after an earlier
leak of the report made clear that mem-
bers of the IAAF’s ruling council, of
which he was one, could not have been
unaware of the extent of doping and
non-enforcement of the rules in the
sport.
But Mr Pound declined to blame the
former Olympic champion. “I don’t
want to lay the failures of an entire
council at the feet of one individual. I
don’t think that would be fair. You learn
from experience,” he said.
Speaking on Sky television, Paula
Radcliffe, the British marathon world
record holder, said “people hopefully
will be brought to justice” over doping in
athletics.
6 ★ FINANCIAL TIMES Friday 15 January 2016

INTERNATIONAL
GLOBAL INSIGHT
Central banker
ZÜRICH

US energy prices raise inflation worries Ralph

St Louis Fed president
poses questions over
interest rate outlook
SAM FLEMING — WASHINGTON
ROBIN WIGGLESWORTH — NEW YORK
Tumbling inflation expectations in
financial markets are becoming “worri-
some”, a US Federal Reserve interest-
rate setter has warned, highlighting the
Memphis will add to question marks
over the US interest rate outlook amid
doubts over China’s growth prospects,
sharp declines in commodity prices and
days of turmoil in global markets. A
number of US policymakers have struck
a cautious tone this month following the
Fed’s landmark quarter-point interest
rate increase on December 16.
While central bankers should nor-
mally look through changes in energy
prices to gauge the underlying trend in
sign up to an increase was a “close call”.
While Fed policymakers’ forecasts
suggest the central bank is set to lift
rates another four times this year in
quarter-point increments, traders are
betting on fewer increases.
“I have argued that market-based
measures of inflation expectations have
been unduly influenced by the large
movements in crude oil prices,” Mr Bull-
ard said. “Nevertheless, with renewed
declines in crude oil prices in recent
Atkins
— an inflation expectation gauge
derived by comparing normal and infla-
tion-proofed government bonds — has
fallen to 1.44 per cent, close to Septem-
ber’s six-year low of 1.39 per cent.
Uncertainty over EU,
Another popular gauge, the 5y5y rate,
which indicates longer-term inflation
not strong franc, is
James Bullard,
expectations through the derivatives
market, began to fall from its long-term
average of nearly 3 per cent in August
main Swiss challenge
president of the 2014, and now stands at almost exactly
St Louis Federal 2 per cent, within touching distance of

risks to the inflation outlook posed by
sliding energy prices.
James Bullard, president of the St
Louis Federal Reserve, said lower
energy prices were a net positive for the
US economy, but that declines could
mean it will take longer than previously
expected for headline inflation to return
to the central bank’s 2 per cent target.
His remarks at the Economic Club of
inflation, it would become more prob-
lematic if people’s expectations for
inflation began to fall, said Mr Bullard,
normally viewed as a Fed hawk.
Minutes to the December policymak-
ers meeting showed they voiced “signifi-
cant concern” about low inflation as
they voted through the increase. Divi-
sions within the committee were high-
lighted as some said their decision to
weeks, the associated decline in market-
based inflation expectations measures
is becoming worrisome.”
Low inflation expectations may keep
actual inflation lower, making it harder
for the Fed to hit its target, he said. Mar-
ket-based inflation expectations have
sagged in tandem with the economic
recovery and sliding energy prices.
The so-called 10-year break-even rate
A
Reserve the 1.92 per cent record low.
Mr Bullard’s views will be watched
closely as he takes up the position of a
voter on the Federal Open Market Com-
mittee.
Eric Rosengren, the Boston Fed presi-
dent and another voter this year, said on
Wednesday that weak oil and commod-
ity prices raised concerns that global
growth has “slowed significantly”.
year ago, Switzerland, arguably the world’s
most stable and prosperous economy,
shocked the world.
On January 15 2015, its central bank aban-
doned the cap it had imposed on the franc’s
value against the euro. Within hours, the Swiss currency
had leapt as much as 40 per cent against the euro and dol-
lar. The moves ranked among the biggest financial shocks
of recent years. The Swiss feared the worst for their econ-
omy. Would a much stronger franc wreck export sales?
How would its watchmakers or ski resorts survive?
A year on, Switzerland is in better shape than expected.
Last January’s “Frankenschock” proved less damaging
than feared, partly because it lost intensity. Thanks to the

Budget boost Shoppers propel Germany to biggest surplus in 15 years dollar’s strength, the franc surrendered its gains against
the US currency, although it remains more than 10 per
cent higher against the euro.
Local manufacturers such as watchmakers, which lost
Germany recorded a public sector competitiveness, were the worst hit. Swiss unemployment
budget surplus of 0.5 per cent last Shoppers at the has risen. But at less than 4 per cent of the labour force it is
year, the highest in 15 years, thanks opening of a still below levels seen during the post-2007 financial crises
to solid economic growth of 1.7 per new mall in Berlin and remains the envy of other European countries. Mean-
Adam Berry/Getty Images
cent driven by consumer spending. while, higher local costs were largely irrelevant for Swit-
Consumption increased by 1.9 per zerland’s large multinationals given the economic turbu-
cent, contributing 1 percentage point lence elsewhere in the world.
to the rise in gross domestic product, With the strong franc slashing import costs, annual
due to low unemployment, rising inflation fell to minus 1.1 per cent last year. So far, however,
wages and low inflation. Switzerland has also avoided dangerous deflation. While
Householders were also some costs have fallen — Credit Suisse reckons new cars
encouraged to spend by lower energy are 17 per cent cheaper than in 2011 — prices have risen for
costs and by low interest rates on services such as restau-
savings, which has made it less rants.
attractive to put money away. But all is not necessar-
The country is not
“The most important driver of ily well in the Alpine a member of the
growth was domestic consumption,” economy. Franken-
said Dieter Sarreither, the head of the schock has still had a
EU, but depends
statistics office. powerful impact. Eco- hugely on access
The budget surplus puts the nomic growth slowed to
country in a strong position to handle less than 1 per cent in
to EU markets
the financial costs of its huge refugee 2015, the weakest since
inflows, even as Chancellor Angela 2009. Moreover, the effect on investment and long-term
Merkel battles with the political and recruitment decisions may have yet to feed through. Swiss
social impact following the Cologne policymakers, including at the Swiss National Bank, worry
New Year’s Eve mass sex attacks that about the distortions created in the financial system by
have been blamed largely on recent negative interest rates imposed by the central bank in an
immigrants. Stefan Wagstyl attempt to weaken the franc.
A longer-term worry is of Swiss “deindustrialisation”
akin to that seen in the UK since the 1980s. Steep franc
appreciations, however, are not new for Swiss industry;
they have punctuated the past half century. Arguably they
December minutes encourage innovation and flexibility, enabling Switzerland
to maintain a world-beating lead in manufacturing.

ECB policymakers pushed for much bigger stimulus
CLAIRE JONES — FRANKFURT
Financial markets were not alone in
having their hopes dashed by the Euro-
pean Central Bank’s response to the
latest setback for the eurozone eco-
nomic recovery last month. Some of the
region’s monetary policymakers had
backed more forceful monetary stimu-
lus at their December vote before addi-
tional modest measures were
announced.
An account of last year’s final policy
meeting, published yesterday, shows
that “some” policymakers wanted the
bank to act more aggressively — and
more in line with investor expectations
— by cutting a benchmark interest rate
by more than the 10 basis points it deliv-
ered.
Some of the 25 members of the gov-
erning council had pushed for a 20 basis
point cut to its deposit rate, according to
the minutes, a move that would have
been more in line with market expecta-
tions of a bigger stimulus from the ECB
in response to a slowdown in emerging
markets.
In the event, most of the council
backed ECB chief economist Peter
Praet’s call for a 10 basis point cut,
which left the deposit rate charged on
banks’ reserves parked at the central
bank in the region at 0.3 per cent.
The account revealed the possibility
was also raised of expanding the
monthly volume of asset purchases
under the ECB’s quantitative easing
programme from the current level of
€60bn, or of front-loading asset pur-
chases. The option of extending QE
beyond the date Mr Praet tabled —
March 2017 — was also considered.
While no one backed taking these meas-
ures as soon as December, the ECB
raised the prospect of more action in
2016 by saying “a reassessment could be
made in the future”.
The account also confirmed that the
ECB could cut the deposit rate again,
saying those in favour of a 10 basis point
cut viewed such a move as having “the
advantage of leaving some room for fur-
ther downward adjustments”.
Investors were left disappointed by
what was agreed, sparking a sharp sell-
off in European bonds and equities.
Since the meeting, Mario Draghi, the
ECB’s president, has played down con-
cerns that his central bank is out of
ammunition or is reluctant to act.
Few expect policymakers to unveil
fresh measures in seven days’ time,
when their next meeting takes place.
“On the one hand, there was a desire
by some to ease more than they did, but
on the other, there was quite a lot of
opposition to doing more sovereign QE
unless it’s a last resort. The implication
‘There was is ‘let’s wait and see’,” said Justin Knight,
a rates strategist at UBS.
a desire by But the news that minus 0.3 per cent is
some to not the lower limit for interest rates and
that the central bank could increase the
ease more volume of monthly purchases under QE
than they are likely to buoy hopes that the ECB
will act again, should growth and infla-
did’ tion continue to disappoint. The earliest
date for more action looks likely to be
Justin Knight, March, when the ECB’s staff will present
UBS
a fresh round of projections for inflation
and growth in the 19-member region.
In contrast to those advocating extra
monetary stimulus, some ECB mem-
bers had wanted to do less than what
was announced. Five members of the
governing council wanted the central
bank to stick with QE in the form
decided last January, according to
people familiar with the matter.
Additional reporting by Katie Martin in
London
Frankenschock was a price Switzerland paid for retain-
ing its own currency. But Switzerland’s determination to
preserve its independence creates an additional risk hang-
ing over the economy. The country is not a member of the
EU, but depends hugely on access to EU markets. This year
it must renegotiate its relationship with its big neighbour.
After a 2014 referendum vote in favour of tougher immi-
gration controls, Swiss politicians must in the next 12
months implement curbs on EU migrants. The difficulty
they face is squaring that with the EU principle of the free
movement of people. Switzerland’s trading relationship
with the EU is based on a web of bilateral contracts. In a
worst-case scenario, those contracts could be terminated.
Failure to secure future access to EU markets and recruit
skilled labour would pose a threat at least as great as a soar-
ing currency. This uncertainty worries business leaders.
Their assumptions are that a pragmatic solution will be
found; both sides would have much to lose and the EU has
bigger problems to resolve without picking on Switzer-
land. But symbolically, Johann Schneider-Ammann, Swiss
president, will spend the Frankenschock anniversary
tomorrow in Brussels, meeting Jean-Claude Juncker, Euro-
pean Commission president. Reaching a deal with the EU,
a government spokesman says, “is probably the biggest
challenge facing Switzerland in 2016”.
ralph.atkins@ft.com
Short View page 15

Reunification
Subscribe to FT Weekend today
President hopes for deal in ‘crucial year’ for divided Cyprus
TONY BARBER — NICOSIA
The president of Cyprus voiced cau-
tious hope that a deal to end 40 years of
division on the island could be signed
this year, but said vital issues including
the withdrawal of Turkish troops were
still to be resolved.
Nicos Anastasiades, leader of the inter-
nationally recognised Greek Cypriot
government, told the Financial Times
that 2016 would be a “crucial year” for
the island, saying that providing there
Read beyond the expected was sufficient progress on issues such as
territorial adjustments, security guar-
FT Weekend brings art and culture to life through intelligent antees and troop withdrawals then “I do
and thought-provoking writing. Our editors bring the best of expect we could find a solution within
the world to you – from news and interviews, to extensive this year”.
coverage of property, gardens, books, style, travel and arts. “In the event of a solution, Cyprus
Together with the award-winning How to Spend It magazine, would be a model for coexistence
there is something to delight all readers. between Muslims and Christians,” he
added.
Subscribe now and save 23% at The president and Mustafa Akinci, his
ft.com/weekendsub Turkish Cypriot counterpart, have held
20 rounds of talks since May and made
enough progress to raise hopes in the
international community that this is the
best chance of solving the dispute since
Cyprus’s shared system of government
broke down in 1963-64.
Cyprus has been divided into a Greek
Cypriot-populated south and a Turkish
Cypriot-populated north, backed by an
occupying Turkish military, since Tur-
key invaded the island in 1974 following
a Greek-inspired coup aimed at uniting
Cyprus with Greece.
Mr Anastasiades was emphatic that
no deal was possible unless Turkey
withdrew its forces, and unless Cyprus’s
security was based on EU membership
and UN Security Council support,
rather than the guarantees of outside
powers. When Cyprus won independ-
ence from Britain in 1960, it had to
accept Greece, Turkey and the UK as
guarantors of its internal power
arrangements — a formula that mani-
festly failed.
“We have heard positive rhetoric
from Turkey, but it remains to be found
out whether Turkey means business
when it comes to withdrawing troops,
supporting territorial adjustments and
realising that we are going to build an
independent state that is not in any way
a protectorate of any third country,” the
president said.
Territorial adjustments were such a
core issue in the talks that the two lead-
ers had not yet discussed them in fine
detail, he added. However, it has been
generally accepted that the Turkish
Cypriots, who control 36 per cent of the
island’s territory, will have to give up
some of that in any settlement.
“The most important thing is to speed
up the negotiations. In between, we can
cultivate a climate of confidence and
overcome the mistrust that we must
admit still exists between the two com-
munities,” Mr Anastasiades said.
The two leaders have made most
‘Cyprus would be a model
for coexistence between
Muslims and Christians’
Nicos Anastasiades
progress on how they would share
power in what would be a new bicom-
munal and bizonal Cypriot federation,
on the nature of the future state’s legisla-
tive and judicial institutions and on the
political equality of the two communi-
ties.
This last issue is particularly sensitive
for Turkish Cypriots, who for decades
have feared that they risk bring
swamped in a new federation by the
overwhelming demographic and eco-
nomic weight of the Greek Cypriots.
Seeking to reassure Turkish Cypriots,
Ioannis Kasoulides, Cyprus’s foreign
minister, said in a separate interview:
“There is no intention on the Greek Cyp-
riot side to transform the north by
means of population and property own-
ership.”
Property issues are especially difficult
to sort out, largely because many Greek
Cypriots who fled the north in 1974
abandoned their homes and businesses,
which were subsequently taken over by
Turkish Cypriots and Anatolian Turks.
But Mr Anastasiades said he and Mr
Akinci had made progress on property
matters by agreeing that a tribunal
would adjudge individual cases.
Friday 15 January 2016 ★ FINANCIAL TIMES 7

INTERNATIONAL

White House race Germany

Cruz criticised over undisclosed bank loan Berlin to issue

Texas senator says failure
to register Goldman
money was filing error
DEMETRI SEVASTOPULO — WASHINGTON
Ted Cruz, the Republican presidential
contender vying with Donald Trump in
Iowa, is having to explain a loan he got
from Goldman Sachs to finance a previ-
ous campaign at the same time that he is
attacking Wall Street.
The Texas senator whose populist,
anti-establishment campaign has cata-
pulted him to second place in the
Republican polls was forced to admit he
did not inform the Federal Election
Commission, as required, about a
$500,000 loan that he got from the bank
when he was running for the Senate in
2012. Mr Cruz played down the issue,
which was first reported by the New
York Times, saying it was an “inadvert-
ent” oversight. He defended his actions
by saying he had revealed the details in
separate Senate filings.
But the news comes at a pivotal time
for the senator who has been running an
aggressive campaign against the estab-
lishment and telling voters he would not
tolerate the excesses of Wall Street.
Catherine Frazier, spokeswoman for
the Cruz campaign, said the Texas poli-
tician used the loan — taken out against
an equity account — and his personal
savings and stock portfolio to fund his
2012 campaign. “While the details of
Global markets. Production blues
these transactions have been entirely
transparent for years, it has come to our
attention that one of these transactions
may inadvertently not have been listed
exactly the way the FEC requires,” said
Ms Frazier. “We are going to contact the
FEC to determine if that’s the case and, if
necessary, we’ll be happy to update the
reports from the 2012 election cycle.”
The Cruz campaign has not said
whether the loan was connected to his
wife’s employment at the bank. Heidi
Cruz is on leave from Goldman while
her husband campaigns for the White
House. When Mr Cruz introduces her on
the campaign trail, he generally neglects
to mention her connection to an indus-
try that he often attacks on the stump.
Marco Rubio, the first-term Florida
senator also running for president, criti-
cised the failure to disclose the loan by
his Cuban-American Senate peer. His
spokesman tweeted: “Unreported 7 fig-
ure Goldman Sachs loans are standard
for authentic anti-establishment leadrs,
right? Right? Bueller?”
Mr Rubio and Mr Cruz have engaged
in harsh exchanges, underscoring how
the first-term senators have become the
most likely rivals to Mr Trump. As Mr
Cruz has chipped away at Mr Trump’s
lead, the property magnate has also
attacked the Texas politician, question-
ing his eligibility to run for president.
In a version of the “birther” argument
he once aimed at Barack Obama, Mr
Trump said Mr Cruz should check
whether the fact that he was born in
compulsory
Canada precluded him from running for
president. Many experts say he quali-
computerised
fies as a “natural born citizen” because
his mother was American at the time of
identity cards
his birth. But critics say he cannot
assume that is the case since the
Supreme Court has never ruled on the
for refugees
issue. John McCain, the Arizona Repub-
lican senator, has also said he does not STEFAN WAGSTYL — BERLIN
know whether Mr Cruz is eligible.
Germany is planning to roll out com-
Yesterday, Mr Trump tweeted “sadly,
pulsory, computerised ID cards for ref-
there is no way that Ted Cruz can con-
ugees in the next few weeks amid pub-
tinue running in the Republican Pri-
lic concern about security following the
mary unless he can erase doubt on eligi-
Paris terrorist attacks and the Cologne
bility. Dems will sue!”
New Year’s eve mass sex attacks.
Under campaign finance rules, candi-
dates must register the source of any The move is aimed at improving over-
money borrowed for their election race. sight of the huge influx of asylum-seek-
Goldman Sachs declined to comment. ers arriving in Germany, speeding up
documentation and reducing the oppor-
tunities for refugees to be misidentified,
double-counted or missed altogether.
Interior minister Thomas de Maizière
has pledged that the new card will bring
“improvements, control and order”.

Dollar and oil weigh on US industry
Evidence grows that
manufacturing faces struggle
and may be close to recession
SHAWN DONNAN AND SAM FLEMING
WASHINGTON
With the US oil industry sinking and a
strong dollar affecting overseas sales,
Goldens’ Foundry and Machine Co is
targeting a market it has not tapped into
since the second world war: the domes-
tic consumer.
The Georgia-based company, which
has been operating since 1882, in
November began selling high-specifica-
tion cast-iron barbecues to American
grillers, a sharp departure for a com-
pany that for decades has specialised in
casting and machining parts for heavy-
duty trucks and industrial pumps.
“The biggest headwind we have had is
oil and mining being down,” says George
Boyd Jr, Goldens’ vice-president, while
the strong dollar has “taken some of the
wind out of the reshoring initiatives we
have been hearing about”.
Goldens’ is not alone among US man-
ufacturers in being buffeted by the gyra-
tions in commodity and currency mar-
kets. Even as officials from President
Barack Obama on down tout the US
economy’s recovery and the Federal
Reserve sets about normalising mone-
tary policy the evidence is growing that
America’s industrial economy is strug-
gling and may even be falling into reces-
sion.
Industrial production numbers today
are expected to be the latest to confirm
that trend. They will follow manufac-
turing data from the Institute for Supply
Management that last week showed the
sector contracting for the second month
in a row for the first time since the 2009
recession.
A survey from the Fed on Wednesday
showed that, with the exception of cars
and aerospace, most parts of manufac-
turing in the US have seen weakening
activity, with the strong dollar cited as
the big challenge, as well as falling
energy prices.
The slowdown has been rapid. As
recently as a year ago, US manufactur-
ing production was growing at an
annual rate of 4.5 per cent, says Chad
Moutray, chief economist for the
National Association of Manufacturers.
By November that had slowed to 0.9 per
cent and this year Mr Moutray expects
production to grow just 1.4 per cent.
At least part of the reason for the hit
MPs were expected to approve the
plan yesterday. The government backed
it last year, before the Cologne attacks
and latest Paris terrorist incident high-
lighted the weakness of the present ref-
ugee registration system.
The fall and rise of the greenback In Cologne, where hundreds of
women allege they were assaulted by
Fed broad trade-weighted index men of foreign origin, police are strug-
US trade balance
Mar 2001:
130
12-month sum ($bn)
gling to identify alleged assailants. On
US enters Jun 2003: -200 New Year’s eve, one refugee tore up his
recession Fearing deflation, Fed cuts Dec 2015: ID papers before the eyes of a police
following interest rates to 1% Fed raises officer saying: “You can’t do anything to
dot-com interest rates me. I can get a new one tomorrow.”
collapse a quarter point
Jun 2004: Meanwhile, investigators probing the
Fed begins -400
rate-rising cycle 20-year-old knifeman who was shot
that will take dead this month when he attacked a
official rate above 5%
120 Paris police station have discovered that
he had lived in Germany as well as
-600
Apr 2006: Dec 2008: France under seven identities.
US house prices hit peak Fed cuts interest rates The measures come as the govern-
amid lending boom to near-zero
ment is preparing laws to restrict the
movement of refugees around Germany
-800 while their asylum claims are processed
2000 05 10 15 and to increase the penalties on immi-
Dec 2007: 110 grants convicted of serious crimes,
US enters US exports including sexual assault.
worst 12-month sum ($bn) Because of sensitivities from its Nazi
postwar Jul 2014:
recession Dollar begins rally past, Germany has long treated refugees
amid expectations 1600 delicately, imposing sanctions — such as
of Fed tightening
Goods the removal of failed asylum-seekers —
1400 fitfully. A decentralised government in
which responsibility for refugees lies pri-
1200 marily with 16 federal regions has also
100 ledtotheunevenapplicationofrules.
1000
Under the present identification sys-
800 tem, refugees are first issued with a
paper document, with a photograph, by
600 the police or by local foreign registration
offices. Then they must register with the
Services 400 federal government’s migration office
(BAMF), provide personal details and
90 200 fingerprints, and receive a different
2000 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 2000 05 10 15 paper ID. With five government authori-
ties involved, officials have struggled to
FT graphic: Sources: St Louis Fed; Thomson Reuters Datastream Photo: Bloomberg
easilyexchangeinformation.
In the new system, refugees will
receive plastic ID cards with personal
Industrial this year is likely to come from a turn in are predicting an even lower figure nearing full employment with the job- details and finger print data from the
Chinese policy and the market turmoil when the first reading is released on Jan- less rate as low as 3 per cent in some first German officials with whom they
slowdown that has been in evidence there in recent uary 29. states. While manufacturing hiring register. The information will be cen-
has led some weeks. The decision by Beijing last It is also having an impact on hiring. slowed in 2015, the service sector added tralised, so officials can quickly track
August to allow the markets a greater In Wednesday’s State of the Union 2.48m, while construction grew by individuals.
economists role in determining the value of its cur- address, Mr Obama pointed out that 263,000. That has fundamentally With up to 3,000 refugees pouring
to reduce rency yielded a sharp fall in the ren- nearly 900,000 jobs had been added in changed the politics of the dollar and into Germany daily, after 1.1m arrivals
minbi in recent months. But that has manufacturing in six years. While that currency events like the recent depreci- last year, the new cards could assist offi-
expectations come on the back of far sharper swings is true, hiring flattened out in 2015. ation of the renminbi. Opponents of a cials who often struggle to keep track of
for growth against the currencies of other trading The consensus at the same time is that Pacific Rim trade pact still see currency people not only in the first months but
partners and amid weak global demand. the US economy should be able to manipulation as a big issue and com- years later, for example, in the case of
in the final On a trade-weighted basis, the US dollar weather that industrial slowdown with plain about the sharp weakening of the would-be refugees whose asylum claims
quarter has risen almost 22 per cent since July manufacturing accounting for only 12 yen in recent years. But the voices of US are rejected but are permitted to stay.
2014. per cent of gross domestic product and currency angst are far more muted than In Cologne, for example, as well as
The industrial slowdown has led some exports making up roughly the same they have been in the past. new refugees the city is host to people
economists to reduce their expectations portion. Still, for Mary Andringa, chair of the who entered Germany months or years
for growth in the final quarter of last The reality is that the health of the US board of Vermeer Corporation, a manu- ago. They include Moroccans and Alge-
year. The Atlanta Federal Reserve’s economy depends more on American facturing company based in Pella, Iowa, rians who are prominent among sus-
“GDPNow” tracker suggests that output consumers than its manufacturers or the strong dollar’s impact remains very pects in the New Year’s Eve attacks.
grew by 0.8 per cent in the final three demand in China. Moreover, it has con- real. “The high dollar is the number one The number of women alleging
months of 2015, down from 2 per cent in tinued to add jobs at a healthy pace and negative for manufacturers who export assault or robbery that evening climbed
the third quarter, and some forecasters is now in the view of some economists from the US,” she says. to 650 yesterday.

Wall St alarm Senator Tammy Baldwin of Wiscon-

sin, a Democrat and Clinton supporter
Obama used Mitt Romney’s private
equity career to paint him as an out-of-
Bankia case

at tax break
attacks
Continued from Page 1
mounting a leftwing challenge to Mrs
Clinton, also want to scrap the tax
break.
The treatment of carried interest lets
managers of private equity, venture
capital and hedge funds pay a lower rate
than most people, because the cut they
take on some investment gains — a key
part of their remuneration — is taxed at
a lower level than a regular salary.
While the top rate of income tax
stands at 39.6 per cent, money manag-
ers’ portion of profits on assets held for
at least a year is taxed at 20 per cent as a
“long-term capital gain”.
That gap has led Mrs Clinton to
lament that they “pay a lower rate than
teachers or nurses”. Mr Trump, despite
professing to have hedge fund manager
friends, has said: “A lot of them — they
are paper-pushers. They make a for-
tune. They pay no tax. It’s ridiculous.”
who has introduced legislation to tax
money managers’ earnings as ordinary
income, told the Financial Times there
was no justification for their preferen-
tial tax treatment.
“While I don’t typically agree with
Donald Trump on many of his pro-
nouncements, this is one where I’m glad
that he has seen that closing the carried
interest loophole is a way to address a
simple matter of fairness.”
Ms Baldwin’s bill would add $15bn to
the collective tax bills of current carried
interest beneficiaries over 10 years,
according to the Joint Committee on
Taxation. Victor Fleischer, law profes-
sor at the University of San Diego, calcu-
lates it could cost them $180bn.
Mr Trump’s tax plan specifically tar-
gets “speculative partnerships that do
not grow businesses”, a sign that parts of
private equity could be exempted, said
one industry official. Hedge funds say
they do not pay capital gains tax on the
bulk of their earnings because profits
from short-term trading are already
taxed as ordinary income.
Overall, Mr Trump would lower taxes
for the wealthy by slashing the top rate
of income tax to 25 per cent.
Four years after President Barack
touch plutocrat, investment managers
are struggling to neutralise the attacks.
Mary Petrovich, a senior executive at
Carlyle, a big private equity group, dis-
missed the “loophole” label in an article
last October and said it was entirely
appropriate to treat carried interest as
capital gains.
James Maloney of the Private Equity
Growth Capital Council said: “[A] tax
increase on carried interest would
upend a successful policy that rewards
entrepreneurial risk and has helped
America prosper.”
Whitney Tilson, founder of hedge
fund group Kase Capital Management,
said he had benefited from the tax
break. But he added: “I think it’s terrible
policy. It’s a loophole that makes no
sense from an economic or tax perspec-
tive.”
Toughening the treatment of carried
interest would require an act of Con-
gress and some Republican lawmakers
have said they would support it only as
part of broader tax reform, which has
repeatedly eluded them.
Additional reporting by Mary Childs in
New York and Courtney Weaver in Wash-
ington
Editorial Comment page 10
Spanish prosecutors demand jail for Rato
TOBIAS BUCK — MADRID
Spanish prosecutors are demanding a
jail sentence of four-and-a-half years
for Rodrigo Rato, the former head of
the IMF, if convicted for his alleged role
in a high-profile scandal involving
off-the-books credit cards at Bankia,
the scandal-ridden lender he presided
over until 2012.
In a statement yesterday, anti-corrup-
tion prosecutors said they had filed
charges against 66 people linked to the
case — including Mr Rato and Miguel
Blesa, who chaired one of the savings
banks folded into Bankia. Mr Blesa faces
six years in jail if convicted, according to
the charges. The Madrid court handling
the Bankia case was asked to fine Mr
Blesa €9.34m and Mr Rato €2.69m.
Both men have denied any wrongdoing.
The charges mark another legal blow
to Mr Rato, who faces several criminal
inquiries regarding his role as Bankia
chairman as well as a separate investiga-
tion into possible tax fraud.
Once regarded as one of the most
powerful men in the country, his fall
from grace has been spectacular.
Mr Rato was widely admired for his
term as finance and economy minister
in the centre-right government of José
María Aznar between 1996 and 2004, a
period of marked economic expansion.
Rodrigo Rato: the
former IMF head
faces several
criminal inquiries
regarding his role
as Bankia chairman
He went on to become the first
Spanish head of the IMF, but gave up the
post after just three years to return to
Madrid. Mr Rato was nominated chair-
man of Bankia, presiding over its ill-
fated flotation and swift descent into
financial chaos, culminating in the
€22bn bailout in 2012.
In the minds of many Spaniards, Mr
Rato is the face of the country’s financial
crisis — and of the excesses and alleged
rule bending that preceded the 2012 col-
lapse of large parts of the Spanish bank-
ing market. It is an impression that is
based both on Bankia’s flotation, which
left hundreds of thousands of retail
investors nursing heavy losses, and on
the scandal surrounding the bank’s
“phantom” corporate credit cards.
The case surfaced in October 2014
when prosecutors said they were inves-
tigating the use of off-the-books credit
cards by senior Bankia executives,
directors and advisers. The cards were
allegedly used to fund a €15m private
spending spree by bankers, politicians,
officials and trade union leaders
between 2003 and 2012.
They were not part of ordinary remu-
neration packages, were handled sepa-
rately from normal expenses and seem
to have been used largely for restau-
rants, hotels, clothes, travel, cash with-
drawals and other private expenses.
According to an internal investigation
released by Bankia’s new management
in 2014, Mr Blesa spent €436,700 on his
card between 2003 and 2010. Mr Rato
spent €44,200 on his card during 2010.
8 ★
Inequality
China income gap among world’s widest
Richest 1% of households
own third of country’s
wealth, report says
GABRIEL WILDAU — SHANGHAI
TOM MITCHELL — BEIJING
Communist China has one of the world’s
highest levels of income inequality, with
the richest 1 per cent of households
owning a third of the country’s wealth, a
report from Peking University has
found.
The poorest 25 per cent of Chinese
households own just 1 per cent of the
country’s total wealth, the study found.
China’s Gini coefficient for income, a
widely used measure of inequality, was
0.49 in 2012, according to the report.
Bouteflika absence stirs Algeria unease
Many question who has their
hands on the levers of power
as economic crisis deepens
HEBA SALEH — CAIRO
Algeria is facing deepening domestic
uncertainty as collapsing oil revenues
and tensions across the region threaten
its hard-won stability. Adding to the
concern are questions about the ability
to govern of ailing president Abdelaziz
Bouteflika — and whether he is still the
one making the decisions.
The 78-year-old president is rarely
seen in public after suffering two strokes
in recent years. “No one has access to
the president now except his brother
Said and Ahmed Ouyahya, his chief of
staff, so Algerians don’t know if he is
aware of all that’s going on in the coun-
try and if news reaches him,” says
Lounes Guemache, editor of the TSA-
Tout Sur L’Algerie news website.
The president’s low profile comes as
the country faces a deepening economic
crisis. Revenue from hydrocarbon
exports, the mainstay of the economy,
almost halved in 2015 to $34bn and the
government expects a further decline to
$26.4bn in 2016.
Algeria avoided the unrest that has
afflicted its neighbours since the 2011
Arab uprisings largely by buying off its
39m-strong population: cranking up
public spending on subsidies, public
sector salaries and social housing. But
this year the slump in oil revenue forced
it to cut spending by 9 per cent and lift
energy prices, raising fears of unrest
among a public accustomed to govern-
ment handouts.
Algerians may yet have little appetite
for social upheaval. A nascent protest
movement in 2011 fizzled out because
the trauma of the country’s bloody civil
war in the 1990s has yet to wear off and
the population remains wary of any
slide towards violence, observers say.
“Here people often protest over local-
ised grievances but no one can say if it
will spread or not,” says Mr Guemache.
But, he adds, “what is certain is that we
are now in a more dangerous period”.
Adding to the unease, a recent failed
attempt to see the president by a group
of prominent Bouteflika allies — includ-
ing former ministers and independence
war heroes — further fuelled specula-
tion about his health and who was gov-
erning the country.
In a letter to the president made pub-
lic by the group, they complain of what
they describe as the “substitution of a
parallel, obscure, illegal and illegitimate
mode of functioning” — a reference to
Cost-cutting
Qatar scales back outsized cultural ambitions as commodities collapse spurs rethink
SIMEON KERR — DUBAI
Only a year ago Qatar set a world
record price for a painting by Paul Gau-
guin, the culmination of a decade-long
art spending spree that became a sym-
bol of the gas-rich state’s vaulting cul-
tural ambitions.
Now it is making staff at its museum
authority redundant as part of a broader
cost-cutting drive spurred by the plung-
ing price of oil.
On Tuesday Al Jazeera America fell
victim to the cutbacks as Qatar shut the
cable news channel that had spent
about $2bn since 2013. Observers said
the sum was unsustainable, especially
while budgets were being reduced at sis-
ter channels Al Jazeera Arabic and Al
Jazeera English.
About 550 employees at the channel’s
headquarters in New York and 150 at
bureaux around the US were expected
The World Bank considers a coefficient
above 0.40 to represent severe income
inequality. Among the world’s 25 largest
countries by population for which the
World Bank tracks Gini data, only South
Africa and Brazil are higher at 0.63 and
0.53, respectively. The figure for the US
is 0.41, while Germany is 0.3.
The study from the university’s Insti-
tute of Social Science Survey is likely to
bolster calls for more progressive taxa-
tion and increased social welfare spend-
ing in the nominally communist coun-
try. The Gini coefficient has risen from
roughly 0.3 in the 1980s.
“There’s no doubt that the income gap
is getting larger and larger,” said Zhou
Xiaozheng, a sociology professor at Ren-
min University in Beijing.
“To put it simply, the poor are getting
Stability. Hydrocarbon exports
A street in the the suspicion that the president’s entou-
capital, Algiers. rage may be governing in his name.
The forced cut in “It is not just the elite which is anx-
state spending is ious,” says Yassine Temlali, a political
raising fears of analyst. “The wider public is also wor-
unrest among a ried. They can see changes like in the
public budget, but the president is absent.
accustomed to There is also a general feeling of insecu-
government rity because of the unrest in neighbour-
handouts. Below, ing Tunisia and Libya.”
Abdelaziz Some observers also fear that power
Bouteflika struggles within the secretive clique of
Ton Koene/dpa/Corbis
senior military officers who tradition-
ally pull the strings in Algerian politics
could undermine the state.
to lose their jobs, staff said. “There was a
mismatch of expectations since day
one,” said one employee. “With oil at
$100 a barrel . . . mismatches don’t
matter as much. At $30 a barrel the mis-
matches were real.”
At the museum authority the Gulf
state is cutting up to 240 staff and
curbing personal allowances and inter-
nal spending as it seeks to reduce
expenditure drastically.
Qatar Museums, headed by Sheikha
Al-Mayassa bint Hamad Al Thani, had
1,200 workers two years ago and was
looking to double in size, but it has
shrunk to fewer than 800, according to
people close to the organisation.
Managers are said to have told drivers
they cannot use petty cash to wash offi-
cial cars and staff members receive one
bottle of water on their desks each day
rather than two.
“People are coming into the office to
FINANCIAL TIMES
INTERNATIONAL
poorer and the rich are getting richer.”
While China’s income inequality is
wealthiest 1 per cent of US households
owned 42 per cent of all US wealth in
more severe than other large countries,
wealth inequality is worse in the US. The
2012, according to research led by
Emmanuel Saez, economist at Univer-
sity of California Berkeley.
Rampant corruption and unreported
income present challenges for estimat-
ing income and wealth levels in China.
The figures are notably higher than
official estimates.
China’s statistics bureau said last year
that the country’s Gini coefficient had
fallen slightly to 0.469 in 2014 from
0.477 in 2011. An other estimate by
widely respected economists at the
0.49 25% Southwest University of Finance and
China’s Gini of Chinese Economics in Chengdu put the Gini
coefficient households coefficient at 0.61 in 2010. The latest
for income own just 1% report is based on a survey of nearly
in 2012 of wealth 15,000 households in 25 provinces.
In September, Mr Bouteflika
fired Toufik Mediène, a powerful
opponent and long-serving military
intelligence chief, in what political
analysts saw as the culmination of a
long internal fight to restructure the
intelligence agency and bring it under
the control of the president’s allies.
Such political jostling over the succes-
sion would almost certainly reignite fac-
tional disputes within the state just
when it needs to act cohesively to
address Algeria’s pressing economic
problems, say analysts.
Daniela Gressani, deputy director of
the Middle East and Central Asia
department at the International Mone- ‘There is
tary Fund, says the Algerian economy
faces “a large external shock that could also a feeling
potentially last many years” and of insecurity
requires sustained spending cuts and
wide-ranging reforms. because of
“The proposed increase in the energy the unrest in
prices is an important step in the right
direction,” she adds. “However, com- Tunisia and
prehensive subsidy reform will require Libya’
more price increases over time that will
[affect] both consumers and enter- Yassine Temlali,
prises.” political analyst
find their email is not working. When
they ask IT what’s going on they are
told that they have been made redun-
dant,” said one employee.
“It’s absolutely grim what’s going on
here. They are still buying lots of art,
Qatar’s fiscal woes
however.”
Qatar is believed to have purchased Brent crude Budget balance
Gauguin’s “Nafea Faa Ipoipo” (“When ($ per barrel) (% of GDP)*
Will You Marry?”) for $300m, a world
record, last year.
130
Qatar Museums and the government
media office did not respond to requests 110
for comment.
The Gulf state started to cut costs after 90
Sheikh Tamim bin Hamad Al Thani 70
ascended to the throne in 2013, before
the oil price rout began. The govern- 50
ment wanted to refocus efforts towards 30
delivering infrastructure for its World 2012 13 14 15 16
Cup in 2022.
Doha is less affected by sliding oil * 2015-16 are estimates
Sources: Thomson Reuters Datastream; IMF
prices than other Gulf states given its
Separately, the Hurun Report said
yesterday that the number of dollar mil-
lionaires in China had risen 8 per cent
over the past year to 3.14m.
According to Hurun’s 2015 China Rich
List, the country is home to 596 dollar
billionaires, more than the US.
China’s leadership has pledged to
address inequality.
“We want to continuously enlarge the
pie, while also making sure we divide
the pie correctly. Chinese society has
long held the value of ‘Don’t worry
about the amount, worry that all have
the same amount’,” Xi Jinping, presi-
dent, wrote in People’s Daily, a govern-
ment mouthpiece, in 2014.
Additional reporting by Ma Nan and
Wan Li
Meddling shakes markets page 11
Falling oil price hits Algeria’s
export revenues
Oil exports ($bn)
80
60
40
20
2012 13 14 15 16*
* Algerian ministry of finance forecast
Growth and unemployment
Real GDP growth Unemployment
(annual % change) rate (%)
4 Forecast 12
3 of the most difficult human rights cases
11
2 geted for harassment and repression by
10
1 scrutiny was broadening to include
0 0 9
2010 11 12 13 14 15 16
Sources: Haver Analytics; IMF; Capital Economics
To create jobs, Algeria needs to reduce
its reliance on hydrocarbons, improve
the business environment and trans-
form the private sector into an “an
engine for growth”, she says.
But many observers doubt that the
government fully appreciates the mag-
nitude of the problem.
“They still think that the drop in oil
prices is temporary and will soon be
reversed,” says Raif Mokretar-Karroubi,
an Algerian professor of international
finance.
“Oil has been like a drug which sup-
presses the symptoms, but the illness
remains. The real problem is the very
bad investment climate for both
national and international investors.”
Algeria’s reserves, which totalled
$152bn at the end of September, could
be wiped out after two or three years of
low oil prices if economic policy contin-
ues to drift, he warns.
“The problem is not who is making
the decisions,” says Mr Guemache, who
is confident that despite his ill health,
Mr Bouteflika remains in charge. “The
problem is that not many decisions are
being made.”
small population and greater depend-
ence on long-term gas contracts. Qatar’s
neighbours, especially Saudi Arabia,
have made deep spending cuts and
ended energy subsidies as they grapple
with lower oil revenues.
Sheikh Tamim has used the oil slump
to tell his people the government can
no longer “provide for everything” and
has encouraged them to enter the pri-
vate sector.
20
Doha has targeted projects deemed
unnecessary for national development,
10 notably expensive cultural, educational
and health schemes under the auspices
of the Qatar Foundation, which is con-
0 trolled by the emir’s mother, Sheikha
Moza bint Nasser al-Missned.
-10 Last month the Qatar Foundation
ended its partnership with Bloomsbury
Publishing, which is believed to have
cost more than $1m a year since it was
formed in 2008. Qatar’s film production
Friday 15 January 2016
Crackdown on freedoms
Beijing
charges top
human rights
lawyer with
subversion
CHARLES CLOVER — BEIJING
The authorities have charged China’s
most prominent human rights lawyer
with subversion in an escalation of one
of the most troubling cases of its kind in
the country.
The crime can carry a sentence of life in
prison and illustrates the seriousness of
a broad crackdown on freedoms under
President Xi Jinping.
For the past year, authorities have
been steadily increasing pressure on
activist lawyers who help others fight
for their legal rights. The lawyer, Wang
Yu, has been in police custody since July
when she was detained with hundreds
of others in the profession. Most have
been released, but according to Reuters
at least five have been formally
arrested, now including Ms Wang.
Wen Donghai, Ms Wang’s lawyer, con-
firmed the arrest and said the charge of
subversion could lead to a “very serious
outcome” of 10 years to life in prison.
“But it really depends on what the
authorities want . . . it’s a political case.
Under the current climate in China, it
would be a really gloomy sign if [Wang
Yu] should get a life sentence,” said Mr
Wen. He said he had been refused access
‘They do not see this case
as a legal case. They treat
it as a political case’
Wen Donghai, Wang Yu’s lawyer
to meet Ms Wang, and that the police
“have completely ignored our rights to
represent our clients”.
“They [the authorities] do not see this
case as a legal case. They treat it as a
political case . . . we lawyers can’t do
much about it,” he said. Calls to police in
the city of Tianjin, where Ms Wang was
being held, went unanswered.
She is the best known among the law-
yers who made a name defending some
in court — dissidents and activists tar-
Chinese officialdom.
Last summer it became clear that
activists’ lawyers, who often go to great
lengths to publicise their defendants’
plight. State media reported then that
the aim of the lawyers’ detention was to
“smash a major criminal gang” that was
“seriously disturbing social order”.
Ms Wang was a lawyer working on
patent disputes until a 2008 incident at
a rail station put her in prison for two
years. She was accused of “intentionally
assaulting” station employees after she
was beaten while attempting to board a
train with a valid ticket. When she
emerged from prison in 2011 she turned
her focus to human rights law.
Ms Wang has defended Ilham Tohti, a
prominent Uighur intellectual who was
sentenced to life in prison for advocat-
ing separatism; Wu Gan, an online free
speech advocate; Li Tingting, a promi-
nent rights activist; and Cao Shunli, an
activist who died in detention after
being denied medical treatment.
Mr Wen said: “Ms Wang’s case is a sys-
tematic crackdown on lawyers. She
might have angered some people in
power and the authorities might have
interpreted [rights lawyers] as a threat
to the current legal system.
“However, they can’t fundamentally
solve the problems by cracking down on
rights lawyers. And any such attempt is
doomed to be a failure legally, strategi-
cally and won’t get the public support.”
Additional reporting by Luna Lin
industry was pared back in 2014.
As the expat gravy train comes off the
rails, Qataris are replacing foreigners in
government jobs.
People close to the museums author-
ity say it may be looking to the raise the
proportion of local staff from about
40 per cent to as high as 90 per cent.
While most Qataris back moves to
boost local participation in the work-
force, some observers are concerned
that replacing experienced foreigners
with locals who may lack the necessary
skills could undermine projects.
Despite the cuts, the museums
authority is building four new institu-
tions — down from as many as 12
planned a few years ago — to comple-
ment the existing museums of Islamic
and modern art.
The national museum, under con-
struction on the shoreline of central
Doha, is scheduled to open this year.
Friday 15 January 2016
India is a hugely attractive market for companies chasing the next generation of internet users, but for
the Modi government technology offers something else: a way to propel the country out of poverty.
N
arendra Modi will stand up
in front of a packed house at
New Delhi’s imposing
Vigyan Bhavan conference
hall tomorrow and declare
India on the cusp of a digital revolution.
The prime minister will be watched by a
host of global internet bigwigs, includ-
ing Uber founder Travis Kalanick and
Japanese telecoms tycoon Masayoshi
Son of SoftBank, alongside many of
India’s most prominent technology
entrepreneurs.
The “Start Up India” gathering marks
the latest in a series of events designed
to highlight both Mr Modi’s pulling
power and tech-savvy reputation. But it
also embodies his belief that the elixir of
technology can help India overcome
many of its most pressing economic and
development challenges.
“It [the internet] is an enterprise for
India’s transformation on a scale that is,
perhaps, unmatched in human history,”
he told an audience in Silicon Valley in
September.
It is easy to understand the enthusi-
asm. The country’s online population
soared past 400m in 2015, according to
industry figures, surpassing the US and
leaving India second only to China as the
world’s most wired nation. Powered by a
population of youthful smartphone
addicts, this should top 600m by 2020.
Official data last month showed mobile
phone subscriptions passing 1bn.
Excitement over such numbers
helped to stoke a start-up boom last
year, bringing in record flows of venture
‘India is a demand driven
society. That 1bn people are
demanding the changes
technology can bring is a
hugely powerful thing’
capital funding and attracting increas-
ing attention from Silicon Valley giants
like Google and Twitter. Yet Mr Modi
hopes that rocketing online use can
have an even more profound impact:
bolstering growth at a time when India
already stands out as a rare bright spot
among struggling emerging markets,
while also helping to overcome some of
its intractable social problems.
“This is a once-in-a-lifetime
moment,” says software billionaire Nan-
dan Nilekani, the founder of IT group
Infosys, and a figure intimately associ-
ated with the outsourcing industry that
first put India on the global technology
map. “If India is to lick problems like
growth, health, education, or jobs, there
is no other way but with a dramatic use
of technology . . . It is make or break.”
The success of what Mr Nilekani dubs
India’s second technology revolution —
the first being the rise of its software sec-
tor during the 1990s — is far from
assured. Despite the impressive num-
bers, most Indians have never used the
internet. Those who do often suffer
slow, unreliable connections. Mr Modi’s
government has made scant progress
delivering schemes to wire up the coun-
try’s rural hinterland. And over recent
months, doubts have begun to creep in
about the lofty valuations of some of its
prominent local start-ups.
Boom town’s shortcomings
Those landing in India’s technology cap-
ital of Bangalore might be forgiven for
asking whether its internet boom exists
at all. It is often impossible to get a 3G
mobile signal on the highway from the
airport. Calls drop frequently, adding to
the frustration of the city’s interminable
traffic. Business owners complain about
decrepit office buildings and lethargic
broadband connections.
For the past year, however, Bangalore
has been a boom town. Global venture
capital groups poured more than $5bn
into Indian start-ups in 2015, according
to data group, VCCEdge, more than dou-
ble the amount the year before. Previ-
ously scrappy local businesses like taxi-
app service Ola and online retailer Flip-
kart won unheard-of valuations, and
global attention. Flipkart’s last funding
round put its worth at $15bn. “It’s been a
wild ride,” says Nikesh Arora, president
of SoftBank, one of the most prominent
backers of Indian tech groups. “Every-
body is out there making these bets that
the ones they’ve invested in are going to
be better than everybody else.”
The biggest US technology companies
have also begun turning towards India.
All of the so-called Fangs — Facebook,
Amazon, Netflix and Google — are
investing heavily. Netflix was the most
recent, launching its streaming service
By James Crabtree
Laying the foundations
Rollout: a worker pulls on an optical
fibre cable being laid in Ahmedabad,
above. Below, Narendra Modi, Indian
prime minister (left), hugs Facebook
chief Mark Zuckerberg in California
last year — Amit Dave/Reuters/Susana Bates/AF
ICT services exports
$bn
200
Brazil
China
India
US 150
Japan
100
50
0 0
2005 06 07 08 09 10 11 12 13 14
Sources: World Bank; Morgan Stanley
Infrastructure
Connection plans face
hurdles beyond big cities
Commuters waiting on the packed
platforms of Mumbai Central railway
station will find it a little easier to get
online this month, when US
technology group Google kicks off a
plan to bring free WiFi to 400 Indian
train stations over the next few years.
The Silicon Valley group’s effort is
the latest in a rush of digital inclusion
schemes from big technology groups
aiming to expand in India’s booming
internet market, many targeting rural
★ FINANCIAL TIMES
FT BIG READ. INDIA
this month in a country that in time For Mr Modi it is what the technology
could become its largest market by can do to propel India out of poverty and
users. Facebook expects to reach that towards middle income status over the
milestone as soon as next year. next decade that matters. Growth,
These groups talk about the signifi- which hit 7.4 per cent in the most recent
cance of the “next billion” of internet quarter, is the obvious example. India is
users coming online in emerging mar- in the early stages of a technology
kets. A substantial proportion of those spending splurge, as consumers and
will be Indian; 100m came online last businesses stock up on everything from
year alone, driven by rapid declines in smartphones to robots and software
smartphone costs. That surge left the systems. Technology investment will
internet population roughly at the level jump more than threefold to $238bn by
seen in China in 2010. Those ploughing 2023, especially in sectors like telecoms
money into Indian technology busi- and financial services.
nesses now hope the country will go on The result will boost productivity,
to mimic China in other ways, in partic- pushing annual growth up 2 percentage
ular by the creation of a generation of points, according to Goldman Sachs. “It
fast-growing internet businesses in the is a very, very significant moment,” says
vein of Alibaba and Baidu. Tushar Poddar, India economist at the
Since sweeping to power in 2014, Mr US investment bank. “We have technol-
Modi has emphasised India’s digital pos- ogy costs falling and rapid increases in
sibilities. In July last year, he launched a adoption by a young population that is
“Digital India” push to build a national willing to use this in a big way.”
broadband network and bring public
services online. Similar New routes
announcements are likely this The roughly 500m smartphones that
weekend, including measures Indians are expected to own by 2018 will
to tempt local internet groups also have important implications for
to list in India, rather than New York public services. For example, Mr Modi’s
or Singapore. government soon hopes to begin paying
kerosene subsidies directly into bank
Smartphone shipments accounts created for poorer Indians.
m Nearly 200m have been opened since he
China came to power, with many users access-
400
ing them via mobile devices. Similar
Forecast direct benefit transfer schemes could, in
theory, save billions of dollars by replac-
300
ing old-fashioned welfare programmes
marred by waste and fraud.
200 Elsewhere, entrepreneurs and policy-
makers alike hope mass smartphone
India ownership can help fix social problems
100 ranging from rural healthcare delivery
to child literacy — an area where Mr
Nilekani is building an app via his latest
start-up, called EkStep. In turn, some of
Mr Modi’s backers believe that ideas
2004 06 08 10 12 14 20
developed in India can provide a model
for the rest of the developing world.
areas, where barely 10 per cent of people pressure on India’s government to
are online. deliver on its “Digital India” plan,
Google is also backing a plan to send notably an ambitious $9bn plan known
volunteers on bicycles around 300,000 as BharatNet to install broadband
villages, allowing rural women to connections across rural India.
experiment with smartphones. Facebook A similar grand plan under India’s
announced last year that it was previous government failed to deliver,
developing a solar-powered drone to while BharatNet is already behind
beam internet access into remote rural schedule.
areas, while Google plans a similar “Digital India is a nice slogan, but it
scheme using weather balloons. isn’t clear what it amounts to,” says
Yet most analysts say such charitable Dhruva Jaishankar, a fellow at the Asia
plans are unlikely to provide a sustainable programme of the German Marshall
means of wiring up the country’s furthest Fund. “Implementation is always the
corners, while telecoms groups balk at toughest part in India, and for the
the costs of extending internet networks government to deliver this kind of
into remote areas. This puts more infrastructure will be hard.”
“India’s economic destiny is to pro-
vide the entrepreneurial engine and
business models for the next 6bn who
come online, just as America has been
the entrepreneurial engine for the first
1bn,” says Jayant Sinha, minister of state
for finance in the Modi government.
Before such grand visions can have
any hope of coming to pass, however,
India must grapple with the most obvi-
ous contradiction in its flourishing tech-
nology scene — the gap between the pos-
sibilities presented by its increasingly
wired population, and the crumbling
infrastructure that underpins it.
Those lofty internet statistics are less
impressive than they appear. Only
about one-quarter of India’s 400m
internet users have broadband connec-
tions, of which just 20m are fast, fixed-
wire connections. Instead most online
Indians dawdle along on patchy lines via
rudimentary mobile phones.
The number who buy things online is
also tiny, at roughly 15 per cent of the
total users in the country, according to
India Infoline, a broker — limiting the
market for online retailers. Internet
entrepreneurs complain of other prob-
lems. India has bad roads, expensive air
freight and a barely functioning postal
service, requiring the development of
expensive in-house logistics systems.
Bureaucratic regulations and aggressive
tax rules do not help. “It is just much
harder to do e-commerce here than
China,” says Vijay Sharma, founder of
online marketplace Paytm, which last
year raised $680m from Alibaba.
Telecoms groups tend to blame the
government for handing over far too lit-
tle of the mobile spectrum they need to
beef up their networks, an area where
Mr Modi’s administration has made lit-
tle progress. Complex planning rules are
partly to blame: India laid only 15m kil-
ometres of internet fibre last year,
roughly a tenth of the amount in China.
Upgrading networks
Some of that may be about to change,
according to Ankit Agarwal of Sterlite
Technologies, one of India’s largest pro-
viders of broadband fibre. Sterlite’s fac-
tory in Aurangabad, a manufacturing
hub 300km from Mumbai, is working
overtime. Inside, gleaming machines
turn silicon into glass, which is then
spun through scorching furnaces to cre-
ate the fibre-optic broadband wires —
thinner than a strand of human hair —
through which internet signals travel.
Stacks of these wires stand at the fac-
tory’s exit, ready to be shipped to local
telecoms companies, many of whom are
upgrading their networks.
This spending will largely go into
urban areas, however, leaving plenty of
unanswered questions about the way to
9
$9bn
Governmentbudgetforascheme
toconnect250,000villagestothe
internet
$238bn
Theestimatedvalueoftechnology
investmentby2023—athreefold
increaseontoday
400m
Thenumberofinternetusersin
India,butonly20mhavefast
broadbandconnections
500m
Thenumberofsmartphones
thatIndiansareexpectedto
ownby2018
Big challenges Most Indians have never
used the internet; patchy connections
persist even in hubs such as Bangalore
State benefits The government hopes
to pay kerosene subsidies directly into
bank accounts via mobile devices
Tech troubles Money is still flowing
into start-ups such as Ola, but in recent
months a sense of realism has set in
connect the countryside, still home to
850m people. Here barely half the popu-
lation owns mobile phones and internet
use remains a rarity. Mr Modi launched
a $9bn programme to connect 250,000
villages last year, although India’s
record on delivering such projects is
patchy, and industry figures say the
effort is behind schedule.
India’s online market will be worth
$137bn by 2020, according to Morgan
Stanley, from $11bn in 2013. But if
attempts to spread technology access
more broadly fail, the country risks
becoming a two-speed internet giant,
with one half enjoying internet speeds
and services on a par with industrial
economies, and the other largely left
behind. Even if they succeed, India will
remain a far poorer and less urbanised
country than China, in effect putting a
ceiling on the rate at which businesses
like ecommerce can expect to grow.
Money is still flowing into start-ups,
but recently a sense of realism has set in
as investors become aware that the dig-
ital rise of Asia’s second-largest emerg-
ing economy is unlikely to be as rapid as
its first. This week, Zomato, a food deliv-
ery service, began closing operations it
had opened recently in some second-
tier cities, describing them as too small
to sustain its business. Other start-ups
are starting to lay off staff, and being
asked to cut costs before requesting
more money. “[Financial backers] are
going to get more discerning,” says Soft-
bank’s Mr Arora.
Yet even if India’s internet economy
remains smaller and creakier than
China’s, Mr Nilekani is staying firm
about the profound changes that the
spread of technology will bring.
“India is very much a demand-driven
society, and the fact that 1bn people are
demanding the kind of changes technol-
ogy can bring is a hugely powerful
thing,” he says. “The digital transforma-
tion might not happen as a straight line.
But it will happen, even if we go two
steps forward, one step back.”
10
FRIDAY 15 JANUARY 2016
A tax break that Wall
Street cannot defend
Pledges to close the carried interest ‘loophole’ must become a reality
Voters’ anger at Wall Street has pro-
duced a rare point of cross-party con-
sensus in the US presidential race: on
the need to close down a tax break that
benefits some of the country’s highest
earners and is viewed as symbolic of a
system that unduly favours the rich.
Both Hillary Clinton and Donald
Trump are campaigning on a promise
to scrap the favourable tax treatment
of “carried interest”, the fee that pri-
vate equity, venture capital and hedge
fund managers levy on their clients
when they sell investments at a profit.
In the US and UK, this is treated at
present as a capital gain, rather than as
regular income, meaning that some of
the wealthiest executives are taxed at
lower rates than most employees on a
big chunk of their remuneration. In the
US, for instance, capital gains are usu-
ally taxed at 20 per cent, against a top
rate of income tax of twice that.
This is indefensible. The term “car-
ried interest” is said to originate with
Genoese and Venetian merchants, who
took a cut of profits on the cargo they
carried to compensate them for the
risks of the voyage. Private equity part-
ners and fund mangers do not, for the
most part, have their own capital at
risk when they make these invest-
ments. They are receiving payment for
a service, namely to invest money on
behalf of limited partners in the fund,
while losses on investments fall on
their clients alone.
Lobbyists in the US argue that this
tax treatment rewards risk-taking and
enterprise in ways that benefit the
broader economy. In the UK, the worry
is that fund managers may flee offshore
if London becomes a less welcoming
environment. But these arguments do
not justify allowing some of the highest
earners to shirk taxes on what is essen-
tially income.
The simplest way to deal with the
problem would be to equalise the rates
Denmark’s objectionable
move to deter migrants
Confiscating the assets of desperate asylum seekers is a cruel gesture
As winter tightens its grip across
Europe, the political mood over
migrants is turning frosty. Many coun-
tries responded generously when hun-
dreds of thousands of refugees from the
Middle East and Africa surged on to the
continent last year.
Now, as some voters become hostile
towards the arrivals, governments are
turning tough. Germany, hitherto the
most welcoming state, has passed
tougher laws to deport immigrants
who commit crimes. Sweden is modify-
ing its humanitarian approach by
introducing checks at its borders. Den-
mark, however, has attracted particu-
lar attention with measures that are
both drastic and controversial.
Denmark’s centre-right government
is planning a new law requiring refu-
gees to hand over valuables, including
jewellery and cash, to help finance
their housing costs. The legislation will
allow new arrivals to keep up to
DKr10,000 ($1,455) and “objects with
sentimental value”, but would confis-
cate anything else. Lars Løkke Ras-
mussen, prime minister, says the move
is justified because new entrants need
to recognise the generosity of the coun-
try’s welfare arrangements. “We in
Denmark say before you get these ben-
efits you must, if you have a fortune,
pay for yourself,” he says.
That the Danish government should
plan such a policy is no surprise. The
country may have once prided itself on
openness to foreigners but recent
centre-right minority governments
have depended on an anti-immigration
party for support.
Mr Rasmussen is planning tough
measures against asylum seekers such
as requiring them to wait three years
before applying to bring family mem-
bers to Denmark.
The plan to confiscate refugees’
assets is especially objectionable, how-
ever. It has rightly been condemned by
of capital gains and income tax so that
there was no financial advantage in
shifting receipts from one category to
the other. But the gap remains stub-
bornly wide, justified on the grounds
that it may encourage investment.
A number of prominent investors,
from George Soros to the Clinton cam-
paign supporter Marc Lasry, acknowl-
edge the need for change, conscious
that the issue has become a magnet for
post-crisis resentment at financiers.
The challenge, though, is to turn
campaign promises into actual reform.
It is hardly the first time this tax break
has come under fire. Democrats called
for a crackdown in the previous US
presidential race, when they were seek-
ing to exploit their Republican oppo-
nent’s private equity background. In
the UK, the tax breaks enjoyed by pri-
vate equity have caused outrage since
2007, but George Osborne, UK chancel-
lor, is only now starting to tighten, not
close, the carried interest loophole.
That the favourable treatment sur-
vives is testament to the power of
Washington lobbyists and fundraisers.
For all the campaign rhetoric, any new
US president will still have to force
reform through a reluctant Congress.
Meanwhile, Mr Osborne is cautious
about radical change.
There remains a risk that this issue
will be lost in policy gridlock if it
becomes a bargaining chip in the com-
prehensive reform of the US tax sys-
tem. The revenues at stake will hardly
fix the fiscal problems that bedevil
Washington politics; and there are
much broader questions to resolve on
the equity of differential tax treatment.
This is one loophole among many, all
of which will be fiercely defended by
the groups they benefit. However, it is
an especially egregious break for the
well-off at a time when they should be
contributing more, not less. It is time to
close it.
the UN Refugee Agency as xenophobic.
It serves no practical purpose. The
money seized from arriving refugees
will scarcely meet the costs of housing
or feeding them. It appears to be little
more than a cruel gesture aimed at
deterring often desperate people from
coming to Denmark in the first place.
The pressure on the Danish govern-
ment over migration cannot be
ignored. Denmark has a population of
5.6m and last year took 21,000 asylum
seekers. That is equivalent to the UK
taking in a quarter of a million people,
something politically inconceivable.
The Danes are not alone in wondering
whether they can possibly handle an
influx of refugees on this scale. In Ger-
many, similar doubts have turned the
migrant crisis into the biggest chal-
lenge Angela Merkel has faced in her
decade as chancellor.
Managing these refugee flows will
not come about through beggar-thy-
neighbour policies in which one EU
government simply transfers the bur-
den on to another. Instead, a common
European approach is essential. The 28
member states need to agree on the
deployment of a powerful EU border
force across the bloc’s external fron-
tiers, managing new entrants at the
point of arrival. The tens of thousands
of refugees currently located in Italy
and Greece need to be resettled across
the EU. The European Commission has
repeatedly urged EU leaders to sign up
to such proposals but support is regret-
tably not forthcoming.
The migrant crisis may turn out to be
the biggest in Europe’s postwar history.
Whether the bloc’s leaders will over-
come the challenge cannot be pre-
dicted. What is certain is that petty
populist measures of the kind mooted
by Denmark will do nothing to resolve
the matter. They simply undermine
the humanitarian values on which
Europe has thrived for 70 years.
★ FINANCIAL TIMES
The question of the agenda behind NHS battle
Sir, We may wonder why the UK
government has picked this fight with
the junior doctors (January 13). The
dispute is not the usual employment
one where pay rises are being
demanded by one party and resisted by
the other. Ostensively, this battle is
over weekend working, yet junior
doctors already work weekends. It begs
the question as to whether there is
another agenda behind the health
service confrontation.
It is obvious that a full seven-day
National Health Service would require
a comprehensive range of additional
resources such as diagnostics and
support staff as well as more doctors.
With access to facts, voters
can make Brexit decision
Sir, Martin Wolf suggests (“A vote for
Brexit is a leap into the abyss”,
Comment, January 8) that the EU
referendum “will be decided by fear,
hope and, not least, trust”, and that
“the detailed issues are too complex for
the public to judge”. Mr Wolf is,
without doubt, right that the issues are
complex. However, he is wrong to say
that they are too complex for the
public. It is vitally important that the
electorate has access to facts and
analysis that they can trust, enabling
them to make an informed decision.
We have already seen a number of
vested interests coming out strongly in
favour of their preferred outcome. But
there is a crucial role for professional
bodies, such as the Institute and
Faculty of Actuaries, to inform the
debate in a trusted, neutral and
impartial way as part of our duty to act
in the public interest. The IFoA will
therefore be providing vital analysis of
issues where actuaries can add a
unique perspective, as trusted analysis,
based on facts and evidence, is an
essential element of informing the
public. We would encourage other
public interest professional bodies to
use their unique position and skills to
do the same.
We all know that the referendum will
have a wide-ranging and significant
impact on many parts of British
society, in both the short and the long
term. This once-in-a-generation
decision on whether to stay or leave the
EU has been deemed too important not
to take to the electorate; we must all
discharge our responsibility to make
sure that electorate is enabled to act on
the complex issues thrown up.
Derek Cribb
Chief Executive
Institute and Faculty of Actuaries
London WC1, UK
Asleep on the job
Sir, Brynne Herbert (“Cash and equity
are perks that work”, January 14) notes
that some companies allow dogs. Our
work cat, Dylan, who appeared in the
Financial Times on October 29, 2010,
had a skillset that included keeping
rodents at bay. Our latest millennial
recruit joined on the understanding
that her elderly boxer, also called
Dylan, could come with her.
Unfortunately, his skillset seems to
extend only to sleeping and reading the
FT Executive Appointments section.
Frank McCallum
McCallum Media Monitor
Glasgow G4, UK
Remembering
David Bowie: my
tribute to me
Notebook
by Robert Shrimsley
Letters
Spreading the existing resource of
doctors over seven days without a
comprehensive increase in the
spectrum of NHS resources that are
needed for them to be effective and
efficient would amount to little more
than window dressing and would
probably result in poorer patient care
from Monday to Friday.
Far from seeking pay rises, the junior
doctors are resisting the imposition of a
contract that could lead to exploitation
and overwork to the detriment of
patient safety, while imposing a pay cut
on them for antisocial hours working.
This dispute was initiated by the
government, not by the junior doctors,
‘I am going to use the money
to stand for president’
EU unanimity is needed to
extend withdrawal talks
Sir, There is a serious omission from
Jean-Claude Piris’s article (“Brexit is
the easy bit”, January 13): the Sword of
Damocles option. Under article 50 of
the treaty on the functioning of the EU
there is a two-year negotiating window
before withdrawal (which Mr Piris says
is too short because of the legal
challenges that would lie ahead)
“unless the European Council, in
agreement with [all] the member
states concerned, unanimously agrees
to extend this period”.
Note the unanimity requirement. If
there is no unanimity, the UK would
face a take-it-or-leave-it offer from the
27. All talk of negotiating any of the
options preferred by the UK, which Mr
Piris outlines, would be redundant.
Clearly, the willingness to extend any
negotiating period or to make an offer
acceptable to the UK would reflect the
degree of cordiality present in both the
referendum campaign and the
negotiations that would follow
a decision for Brexit.
Malcolm Levitt
Senior Adviser, Kreab
Stockholm, Sweden
Picking up on the Jesuits
Sir, I enjoy reading Jonathan Guthrie’s
articles. They are one of the highlights
of the Financial Times. Forgive me,
therefore, as a historian, for
pedantically correcting his excellent
article (Lombard, January 13. You are
absolutely right to think of the Jesuits
as the masters of casuistry. However, as
they were founded in 1540 and the
medieval world (in England anyway) is
usually thought to end at 1485, they are
actually early modern, not medieval.
Jeremy Marshall
Kemsing, Kent, UK
David Bowie’s death has provoked an
outpouring of grief; partly due to the
shock, but mainly to the fact that he
was an astonishing artist whose music
meant a great deal to many millions,
including me.
But in the days since, it has seemed
that many of the homages supposedly
about him are really about the author
and how he made them the notable
person they are today. Not wishing to
be left out, here is my own heartfelt
tribute to myself in Bowie stories.
Bowie was my compass. It is no
exaggeration to say he made me the
person I am today. Well, him and my
parents — and Mr Morris who taught
me history. The four of them raised
me together but Bowie never made
me eat peas or write about the
Industrial Revolution. He was always
there for me. When, in “Rock ’n’ Roll
Suicide”, he sang “You’re not alone”,
he was singing to me. At least I
thought he was, although it turns out
he was also singing to Caitlin Moran.
He made everything extraordinary.
Walking into Our Price one day to buy
Station to Station, I remember the
assistant smiling at me over the till
and saying “That’ll be £4.99”. Bowie
just made people cut through the crap.
Years later I was that assistant, in the
record department of WH Smith.
Someone came in to buy Let’s Dance
and I was able to look at him and say:
“That’ll be £5.99.” Such was his
longevity that albums were more
expensive by then.
Bowie changed everything for us.
He changed how we thought about
and was embarked on before and
without opening up discussions with all
relevant and interested parties about
how to achieve a full seven-day NHS.
It appears the government wanted a
fight. It may be that to understand the
fight we need to examine the context of
this government’s ideology towards the
public sector and the anathema felt by
those who view the NHS as a socialist
enterprise.
Margaret Thatcher slew the miners;
perhaps David Cameron — or is it
George Osborne? — wants to slay this
bastion of social provision, the NHS.
Vaughan Jones
Portesham, Dorset, UK
Profit margin makes king’s
cake tasty for bakers
Sir, Adam Thomson lists several valid
reasons (Notebook, January 13) which
explain the success of the “galette des
rois” (or king’s cake), a Catholic
heritage in non-religious France.
However, he seems to have omitted
one of the main reasons: it is a lucrative
business for bakeries. It is a highly
profitable pastry product and this is
why it replaces the Yule log a few days
after Christmas and remains in window
displays until the end of January.
From what I could learn, the vast
majority of those “galettes” are actually
factory made with a profit margin of
about 50 per cent for the bakeries
(against just 10 per cent to 15 per cent
for most bakery products) and those
that are truly homemade still make a
20 per cent margin. Long live the
king’s cake!
Louis-Cyprien Doucet
Geneva, Switzerland
Behavioural standards
depend on cultural norms
Sir, Culture may indeed be largely a
matter for banks not regulators
(Editorial, January 13). But, as the
subject of your editorial (“Mexico’s
drug travails go well beyond ‘El
Chapo’”, January 13) serves to
emphasise, behavioural standards are
profoundly dependent on culture. The
“rule of law” is undoubtedly important
in changing and sustaining culture,
whether in Mexico or elsewhere, but,
as you also note, culture is “difficult to
mandate and cannot be governed by
rules”. The suggestion that the
soundness of the country’s financial
system ultimately depends on well-
drafted and enforced rules and
sufficient capital seriously understates
the role of culture in both.
David Rouch
London SE11, UK
Inaccurate portrayal
Sir, The photograph accompanying the
article “French Jews eye London as
haven after Paris attack” (January 8),
depicts Jews in a stereotypical fashion
as being ultraorthodox which is
inaccurate. Most Jews in the world,
including those in France, do not
belong to one of the ultraorthodox
sects. According to the European
Jewish Congress, just 7 per cent of the
Jewish community in France is
composed of adherents to one of the
ultraorthodox sects.
Steven Cerier
New York, NY, US
gender and sex and our appearance.
David made it OK to stand out. This
was important to me because my
mum bought all my clothes. I had a
red velvet jumper that I had to wear a
lot. But thanks to David, nobody cared
that I looked like a raspberry pavlova.
And I knew that they secretly wished
their mums bought all their clothes
too. But for him I might have insisted
on really boring clothes that did not
get me beaten up. He made me realise
it was OK to get beaten up for the way
you looked.
I well recall buying Lodger on the
day it came out, rushing home to play
it and finding it hard to like it as much
as his early stuff. But at school the
next day I told everyone it was
brilliant. That’s how cool Bowie was.
He made people who were not at all
cool feel at least a bit sub-zero just by
telling others that they liked him.
And he kept on offering us lessons
in later life, broadening our horizons.
Like when he bought that villa in the
Caribbean. I remember seeing the
infinity pool and realising that I also
wanted a giant house in Mustique.
As David Cameron put it, he was the
soundtrack to our generation. Well,
him and Abba. Oh, and the Village
People. He was playing when I first got
together with my girlfriend. At least I
think it was him; maybe it was Gary
Numan.
He was also a teacher, introducing
me to music I would otherwise never
have known I didn’t like. It could have
taken me years to find King Crimson.
But thanks to him I already knew I
Friday 15 January 2016
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
Beware restrictions on
open internet access
Sir, Your leader suggests that some
kind of limited web access, sponsored
by Facebook or Google or their ilk,
would be an acceptable first step to
bringing the internet to the world’s 4bn
under-connected people (January 11).
This is quite mistaken in a number of
important ways.
First, you greatly confuse the
internet and the worldwide web,
perhaps the most important but by no
means the only service on the internet.
The fundamental lesson of the
development of the internet is the
separation of layers which means that
the lower levels of connecting people
and devices are completely separate
from the higher-level layers of
delivering email, ecommerce, or
whatever. We still don’t know what
future upper-level services are needed.
The fact that at base the internet just
delivers information to and from
humans or machines, in whatever form
an engineer can devise, is one of its
principal strengths.
It brings us the open access ‘APIs’ of
Transport for London, an excellent
example of Web 2.0 at its best; Tor,
beloved of spies and whistleblowers; as
well as, of course, the work of Messrs
Bezos, Zuckerberg et al. It is simply
wrong to think the economic and social
benefits are deriving only from this last
category.
We are at a junction where although
we have any-to-any phone calls, many
people are nudged by economics into
being unable to phone abroad,
especially in the US; and while anyone
can email anyone else regardless of
their internet service provider, we
barely notice the monopoly restrictions
on online chat and presence. These
impediments to open communication
are simply because they are in the
interests of the front-end services,
which speak of “owning” the client.
The world, especially the developing
world, is best served by completely
open transport for their data. Then
we’ll find out what people actually
need and want. Let’s not repeat the
mistakes of history, where powerful
network players in transport and
communications have been allowed to
create very effective monopolies which
have to be undone by legislative action
decades after the harm has been done.
So let’s not sip from the first cup of
“Kind and Generous” offers, however
reasonable and seductive they look.
Jonathan Laventhol
London SE24, UK
The nature of canals
Sir, Paul Ormrod suggests (Letters,
January 9) that canals could be used to
move large amounts of water around
the UK. Rivers move water effectively,
because rivers are sloped and water
runs downhill. Canals are level, so they
cannot persuade water to move much
along them. And the locks between
different levels in a canal are
specifically designed to prevent major
water flow.
Andrew Keir
Tarporley, Cheshire, UK
Correction
c The graphic accompanying the article
“Dollar’s ascent enters autopilot mode”
(January 14) should have listed the
Turkish lira as one of the emerging
market currencies, not the Italian lira.
hated them by the time I got to
college. It was Bowie who taught me
that Hitler was “the world’s first pop
star” when I never even knew he had
made a record.
I remember seeing him in concert
once — Bowie that is, not Hitler. We
caught the 83 to Wembley. It was one
of his later gigs, and he played loads of
stuff from his new album that no one
really liked. After about four songs he
played “Scary Monsters” and we were
so relieved to hear something we
actually knew that everyone got up to
dance. But then we couldn’t really sit
down again and the rest of the songs
he played were pretty dull so we just
sort of swayed a bit and hoped he’d
play “Heroes”, but he didn’t. Bowie
always left you wanting more.
On Monday, I watched the tribute
shows and thought about how, even
though I had a dozen of his albums on
vinyl, I had only about six on my iPod.
So I bought two, listened to them and
remembered why I hadn’t bought
them again. So I played Ziggy and
Hunky Dory instead, as usual.
I used to play Hunky Dory to my kids
when they were little. On Monday, I
told my son the news. He wasn’t a big
Bowie fan but he said he did love the
one about putting your homework on
the fire. So we sat and listened to it
together. Or we will do when he’s less
busy with exams. Bowie — he spanned
the generations.
No longer. Now he’s waiting in the
sky. Don’t forget me Starman.
robert.shrimsley@ft.com
Friday 15 January 2016
Globalisation moves in mysterious ways
FINANCE
Gillian
Tett
T
his week, the eyes of inves-
tors have been fixed on
tumbling oil prices. Little
wonder: with oil now cost-
ing as little as $30 a barrel,
15 per cent down since the start of the
year, energy markets are signalling
trouble ahead — particularly given the
continuing turmoil in China.
For another sign of how the tectonic
plates are shifting in the global econ-
omy, try looking at the Baltic Dry Index,
which measures the cost of shipping raw
materials such as coal, metal and ferti-
lisers across the globe.
Normally, this does not attract much
public attention; after all, in an era
where investors are obsessed with capi-
tal flows — or the latest digital gadgets —
it seems rather retro to focus on the
Poland’s threat
to European
solidarity
GLOBAL POLITICS
Philip
Stephens
T
he anxious chatter in
Europe is about an axis of
authoritarianism. Poland is
becoming the new Hun-
gary. The analogy is inex-
act. Viktor Orban, the autocratic prime
minister of Hungary, is an embarrassing
irritant. Poland is a serious player in the
geopolitics of the continent.
The unspoken fear is that the wind
across Europe is behind the nativists.
The streams of refugees fleeing war and
poverty in the Middle East and beyond
have stoked the fires of identity politics.
Poland and Hungary are not alone
among former communist states in
slamming their doors. For their part, the
leaders of “old” Europe are increasingly
preoccupied with containing or appeas-
ing anti-immigrant populism.
The politics of fear is at once distort-
ing and contagious. Few would argue
that the neo-Nazis who terrorised parts
of Leipzig this week spoke for the Ger-
man people. Yet the new year assaults
on German women in Cologne have
prompted widespread stereotyping of
Syrian and Iraqi refugees. No, they are
not all criminal rapists.
Angela Merkel emerged last year as a
OPINION
Zhiwu
Chen
I
f China hopes to calm the turmoil
that has shaken financial markets
at home and around the world, and
to steer its economy to a soft land-
ing, it must reform its regulatory
policymaking regime.
The government itself is a significant
source of instability and uncertainty.
China needs more professional policy-
making to restore confidence, which is
possible only if Beijing stops intervening
in markets arbitrarily and allows regu-
lators independent oversight.
By now almost everyone is familiar
with two agencies: the seemingly care-
less China Securities Regulatory Com-
mission and the uncommunicative Peo-
ple’s Bank of China. During China’s dra-
matic stock market crash in June and
July last year, the CSRC was busy chang-
ing rules on the fly: limiting stock index
futures trading, banning short selling,
humdrum details of harbours and con-
tainers.
But right now, the behaviour of that
Baltic index is almost as dramatic as
those oil prices. This week, the index fell
below 400 for the first time since
records began in 1985, after several
weeks of steady declines. Last summer
the index was well above 1,000, in 2010
it was around 4,000. So if you are
gripped by a desire to dispatch a cargo of
coal, cement or oil across the seas, it will
currently cost you less than it has for at
least 30 years.
Now, it would be nice to think that this
is just another sign of our modern tech-
nological revolution. But the key reason
why shipping prices are falling so fast is
that the patterns of modern trade and
global growth are not behaving in 2016
as western and emerging market finan-
ciers might have expected, or as they did
during earlier booms.
Over the past decade, shipping com-
panies everywhere from Greece to
China have expanded their dry bulk
capacity. They did this partly because it
was cheap for them to borrow money.
New investors, such as western private
brave champion of the open, liberal
Europe that not so long ago everyone
took for granted. The German chancel-
lor remembers where ethnic scapegoat-
ing can lead. Yet she is now in some
political trouble for her pains.
The ambitions of the recently
installed Law and Justice administra-
tion in Poland go beyond safeguarding
that nation’s ethnic and confessional
homogeneity against supposed Muslim
hordes. Under the leadership of the
ultra-conservative Jaroslaw Kaczynski
(the place of Beata Szydlo, prime minis-
ter, is simply to offer a softer face), the
party has seized control of the state
media, judicial system and constitu-
tional court. Democracy, as often hap-
pens with authoritarians, is being rede-
fined as the will of the majority.
Hence the parallels drawn with Mr
Orban. An admirer of Russia’s Vladimir
Putin, the Hungarian leader set some-
thing of a template with his assault on
the checks and balances underpinning
his country’s post-communist democ-
racy. Unabashed xenophobia, disregard
for the rule of law, a state-directed econ-
omy and a permissive environment for
rising anti-semitism complete the mix.
The stakes are higher in Poland. The
EU’s sixth-largest economy and a piv-
otal member of Nato, it had emerged
from the collapse of communism a suc-
cessful market economy and a beacon of
democracy. Germany saw it as a natural
ally. Officials in Berlin speculated that,
were Britain to be foolish enough to quit
the EU, Poland would replace it as a con-
sequential partner. Even after Law and
Government meddling is shaking Chinese markets
cutting margin ratios, locking up the
holdings of large shareholders and then
investigating for potential legal actions
short-sellers and those selling off big
blocks. These hasty rule changes,
imposed for the immediate conven-
ience, created much uncertainty for
investors.
On January 4, the first working day
after the New Year break, the CSRC
introduced the two-step circuit break-
ers — to pause trading when stock indi-
ces were down 5 per cent and to close for
the day if the fall reached 7 per cent.
Unfortunately, the circuit breakers were
needed right away as the market
plunged within a few hours of opening.
They were triggered again on January 7,
this time with trading closed just 15
minutes after opening. That very
evening, just four days after introducing
the mechanism, the CSRC killed it.
Since the PBoC seldom communicates
with the market, its actions are often
misunderstood. For example, in August
last year it reformed the mechanism for
setting the renminbi exchange rate.
Whereas the PBoC would previously
give a morning fix with no link to the
★ FINANCIAL TIMES
Comment
equity funds, have also piled in, seeking
innovative ways to deploy their cash.
The other reason for the boom was
that it was widely assumed that global
trade would keep expanding. Until
recently, this assumption did not seem
unreasonable. In the decade before
2008, global trade rose by an average of
7 per cent a year, faster than global GDP
growth, because countries such as China
The patterns of modern
trade are not behaving
as financiers might
have expected
were booming and western businesses
were creating a web of cross-border sup-
ply chains.
History, however, does not unfold in
predictable ways. As the World Bank
described in a sobering report last week,
global trade growth has slowed down
sharply in recent years to around 3 per
cent, or roughly the pace of global GDP
expansion, and it is slowing further now.
Justice’s victory in October, few imag-
ined that Polish ministers would soon be
disinterring the ghosts of Nazism in
response to German criticism of War-
saw’s authoritarian tilt.
Poland is not following blindly in
Hungary’s footsteps. The biggest recipi-
ent of EU funding, it wants to avoid
Budapest’s mistake of driving away pri-
vate overseas investors. Much as Mr
Orban routinely decries Brussels and all
its liberal works, he is dependent on EU
handouts. The Hungarian economy is
propped up by annual EU aid worth 6
per cent of national income.
Polish ministers have been careful to
emphasise that investors have nothing
to fear from their brand of state capital-
ism. As for Mr Putin, if Mr Orban cannot
conceal his infatuation, Mr Kaczynski
As often happens with
authoritarians, democracy
is being redefined as the
will of the majority
market rate, it now based the morning
fix on the previous day’s closing rate on
the onshore renminbi market.
It was a good reform, intended to sig-
nal that Beijing was still pushing mar-
ket-orientated reforms despite arbi-
trary interventions in the stock market.
However, the outside world interpreted
that step as China intending to devalue
the renminbi because of worse-than-ex-
The problem is not
too few competent officials.
Rather it is their lack of
independence
pected troubles in the economy, result-
ing in heavy selling of the renminbi and
risky assets across global markets.
In December, the PBoC introduced a
renminbi index based on a basket of
currencies but left the market to guess
at its intentions. After the New Year, the
guessing game intensified as the PBoC
seemed to allow the renminbi to depre-
ciate for days, leading to further confu-
This partly reflects structural shifts:
the World Bank, for example, blames
the sluggish picture on the failure of
governments to implement multilateral
trade deals at a speedy pace. It also
seems that western businesses are no
longer building new cross-border sup-
ply chains at such a feverish pace. But
the more recent reason for slow trade is
a pernicious combination of lower real
growth in the emerging markets, cou-
pled with currency volatility and falling
commodity prices; inventories are pil-
ing up in warehouses.
That leaves the shipping industry —
quite literally — stranded. Owners of so-
called capesize vessels (the largest type)
reckon it costs $8,000 a day to run these
ships at sea; however, shipping costs for
users are so low that they only receive
$5,000 in fees. Unsurprisingly, this
makes shipowners increasingly reluc-
tant to put their vessels to work. As a
result, the cogs of the trade system are
slowing down.
One would hope that these are just
temporary phenomena. Shipping has
experienced big cyclical swings before.
If capacity is removed, via a process of
sees Moscow as a serious threat. He is
pressing Nato to set up permanent bases
in Poland to deter Mr Putin’s revan-
chism. The irony here apparently goes
unnoticed: the Atlantic alliance was
established as the guardian of the liberal
brand of democracy Mr Kaczynski now
professes to disdain.
No one can quarrel with Law and Jus-
tice’s mandate to complete what it sees
as unfinished political business from the
end of the cold war. Poland, like any EU
state, has its own choices to make about
religion, culture, social policy or the bal-
ance between market and state.
The EU, though, is a club with rules.
Where Poland’s partners have a legiti-
mate voice is in weighing up whether
the concentration of power in the hands
of the ruling party meets the test of
political pluralism. The European Com-
mission is assessing whether the media
and judicial changes respect this “rule of
law framework”. Warsaw’s response is
that the measures have been misrepre-
sented. There is not much the commis-
sion can do beyond express disquiet.
The power of public censure, though,
sion and intensified selling pressure
across markets.
So does the Chinese government lack
competent people, as many have con-
cluded? The answer is no. For those of us
who have dealt extensively with these
organisations, it is no secret that the
PBoC and CSRC are among the most
competent agencies in Beijing. From top
to bottom, they are staffed by well
educated (often western educated)
highly experienced professionals.
The problem lies instead in these
policymaking bodies’ lack of independ-
ence. In the US, the Federal Reserve has
full authority to decide on monetary
and banking policies, and the Securities
and Exchange Commission has auton-
omy on securities market matters.
By contrast the PBoC and CSRC can-
not announce major, or sometimes even
minor, policy decisions without the
approval of the State Council, the state’s
highest administrative body.
Within the State Council, it is the pre-
mier and four vice-premiers who ulti-
mately decide on all proposals submit-
ted by the PBoC, CSRC and other agen-
cies. While they are all exceptionally
creative destruction, this should even-
tually help prices to normalise. Indeed,
this is already happening. Late last year,
for example, Deutsche Bank sent shock-
waves through the shipping world by
requesting that the Singaporean author-
ities arrest a large bulk carrier owned by
an investment vehicle called (in which
Oaktree Capital and Lion Cao Asset
Management have stakes) over unpaid
debts. Shipping bankruptcies undoubt-
edly loom this year.
“Eventually” is the key word here:
unless China defies the cynics and pro-
duces a new growth spurt, there is every
chance that the Baltic Dry Index will
keep hitting new lows. Consider it, if you
like, as another sign of the damaging
excesses that can be created by cheap
money; or as a potent indicator that
emerging markets growth has stalled.
Either way, the elites breezing into
Davos for the World Economic Forum
next week should take note: the real
message from the Baltic Dry Index is
that globalisation does not always pro-
ceed in a straight line.
gillian.tett@ft.com
should not be underestimated. Wash-
ington has already voiced concern. And
it is hard to see what Warsaw has to gain
from a permanent rupture with Ger-
many. Like it or not, Poland’s prosperity
and security are bound up with those of
more liberally minded allies.
The big risk for today’s Europe is of
fragmentation in the face of the multi-
ple stresses of economic stagnation,
high unemployment and rising levels of
migration. What has been missing, to
borrow an expression, is solidarity.
There is another irony seemingly lost
on leaders such as Mr Orban and Mr
Kaczynski. Even as they rail against out-
siders, there are those further west who
now question whether EU enlargement
was itself such a good idea. You do not
have to look far to find nostalgia for the
old “core” Europe of a handful of like-
minded democracies. Perhaps it says
something, too, that the immigrants
demonised by far-right populists in Brit-
ain are not Syrians, but Romanians, Bul-
garians and, yes, Hungarians and Poles.
philip.stephens@ft.com
gifted and well educated, they should
not be expected to be experts on every
policy matter.
In the past, this mattered less. China
lacked even a commercial banking sec-
tor, to say nothing of sophisticated capi-
tal and currency markets. For agricul-
ture and traditional industries, the
absence of independent economic pol-
icy agencies was probably manageable.
In the past two decades, however, the
economy has become much more com-
plex: many banks, big and small; mar-
kets in stocks, bonds, futures, options
and other derivatives, and mutual
funds, hedge funds, trusts and insur-
ance industries, all developing rapidly.
It is no longer realistic to expect one or
two individuals to know it all and to be
able to judge every policy matter.
To restore confidence and minimise
turmoil, China needs to reform and
ensure independence for the PBoC,
CSRC and other policy bodies. Let expe-
rienced professionals take charge of the
financial markets.
The writer is a professor of finance at the
Yale School of Management
11
Celebrations of
light enhance
the splendour
of our cities
OPINION
Edwin
Heathcote
W
hen Michelangelo re-
designed the dome of St
Peter’s in Rome in 1547,
it was fitted with a web
of candle-holders so
that it would sparkle in the night, a rep-
resentation of the firmament and the
stars brought down to earth.
And when the British celebrated vic-
tory over Napoleon (prematurely) in
1814, a pagoda was built above a canal in
St James’s Park and bedecked with
10,000 gas lamps. Designed as the finale
to a re-creation of the Battle of the Nile
on the canal below, it caught fire — to
applause from the audience.
As part of the same celebrations,
architect John Nash designed illumina-
tions in Green Park in which a “Castle of
Discord” was transformed by light into a
“Temple of Concord”.
Two centuries later, light shows have
returned to Nash’s great London sweep-
ing thoroughfare, Regent Street, with
the Lumiere festival. Until Sunday
evening, the Liberty department store
will be enlivened by light-stick men run-
ning over its façade and a life-sized ele-
phant of light will emerge in Piccadilly.
Of course, the lights never really went
away. Christmas illuminations have
only just come down and Piccadilly Cir-
cus, like Times Square in New York, is
an urban spectacle built from light
rather than stone or steel.
The city is not just about density —
it is as much about the ethereal intensity
of its night-time dreamscape: bright
lights, big city. The lights are as symbolic
as they are functional, drawing people
in and creating an alternate, crepuscu-
These festivals have
taken hold as a response
to a primal urge to
banish darkness
lar world where things are more ethe-
real, less tangible, less certain.
In recent years festivals of light have
taken hold across the globe, snatching
the darkness away to reveal the cine-
matic splendours of the city.
Inspired in part by the Fête des
Lumières in Lyon, in which spectacular
urban illuminations combine with resi-
dents placing candles on windowsills
throughout the city, these festivals are a
response to a primal urge to banish win-
ter’s darkness. In Britain the tradition is
more recent, beginning in Durham
in 2009. That festival’s instigator, art
charity Artichoke, is responsible for the
London event.
Illumination can also have a down-
side, becoming a substitute for an archi-
tecture of real urbanity. Just as Picca-
dilly Circus and Times Square are
defined by their billboards and not their
buildings, the night city can be strik-
ingly two-dimensional.
Looking from the Star Ferry terminal
across Victoria Harbour to the Hong
Kong skyline, tourists stand to film the
light show on their phones. It drives the
architects bananas as their exquisitely
crafted glass and steel towers are
festooned with garish lights that in-
fantilise high-tech towers into cheap
Chinese toys.
By contrast, where illuminations
appear and disappear again, there is a
sense of the transience of light. Lyon’s
lights were cancelled in the wake of
November’s Paris attacks — just when
the world needed light the most. Else-
where, monuments were lit up in red,
white and blue in solidarity with France:
light became the medium for memory.
On Monday night, Brixton in south
London, David Bowie’s birthplace, came
to life with images of the singer — and
sites of tragedy now routinely become
shrines, with candles among the teddy
bears and wilting bouquets.
Light can transform the city but, as
Lyon and Brixton remind us, it can be
top down or bottom up.
Halloween lanterns or Christmas
house lights can be the people’s tools to
transform the public realm. From jingo-
istic celebrations of victory in war to
memorials to departed celebrities, the
illuminated city can veer from the polit-
ical to the personal via the commercial
and the sentimental.
Done well, it creates a fleeting glimpse
of another, more civic city in which the
skyline and our increasingly privatised
streets are requisitioned as places of
spectacle and genuine public space.
The writer is the FT’s architecture critic
12 ★ FINANCIAL TIMES Friday 15 January 2016

BUSINESS LIFE

Personal technology

CES follow-ups
Breakthroughs ahead in virtual
reality, transport and wearables
TIM BRADSHAW

After the sensory overload autonomous aerial vehicle,

of Las Vegas, the highlights
of last week’s Consumer
Electronics Show are
becoming clearer. Genuine
breakthroughs are hard to
find at the overcrowded
gadget show, but CES is
revealing when seeking
where tech companies are
targeting their innovations.
Virtual reality
Virtual reality had top billing
ahead of CES. However, the
biggest revelation was not a
Brian Saffer
product but a price: the
184. But the prototype
shown in Las Vegas did not
fly — and nor did the model
in its promotional video, at
least the computer-
generated parts that show it
soaring through the clouds.
Such stunts are to be
expected but after many
years of vapid attention
seeking, the car industry
finally arrived at CES with
something serious to say.
From chipmakers such as
NXP, Qualcomm and Nvidia
to carmakers Ford, Toyota

Personal brands turn up the volume

WORKING LIVES important job is to be head marketer for
the brand called You.”
Emma The article resonated with Mr Arruda,
then working in corporate branding for
Jacobs IBM. So much so, that in 2001 he set
himself up as a personal branding
expert. However, the new role was met
with scepticism. “People thought it was
the craziest idea ever. No one knew what
The rise of freelancing it was and no one thought it was
needed.” Financially, things were pretty
makes it more important miserable. “It took a long time for the
to market yourself but business to take off.” That changed
when social media gained momentum.
social media makes it an “In the past five years it’s got huge.”
increasingly loud activity Jennifer Holloway, a personal brand
consultant who is based in Yorkshire,
north England, says that the job has
It is no longer enough for a company
to have a brand, insists Mr Arruda. Con-
sumers expect corporate leaders to have
one too. “Social media has made busi-
ness more human and transparent and
we are coming to expect C-suite execu-
tives to be visible, accessible and
engaged through social media.”
Typically, personal branding advisers
start off by talking to the client to find
out what image they want to portray
and what supposedly makes them dif-
ferent to their peers. Afterwards, they
interview or email friends, employers,
employees and colleagues. In an age
when many are accused of thinking of
themselves as “special snowflakes”, this
checking of credentials does not always
Oculus Rift’s $600 price tag and GM, innovation in cars is
caused a sharp intake of really motoring.
breath across Las Vegas. VR Several gadget blogs
evangelists will no doubt deemed the Chevrolet Bolt
pay up but for me, it bolsters electric vehicle, with 200
a growing sense that mile range at an affordable
smartphone-based headsets price, “best in show”. Ford
Not just about To borrow from Writing 101, I make the such as Google Cardboard showed off a tie-up with
shouting: one mistake of telling rather than showing. and Gear VR — or whatever Amazon virtual assistant
adviser stresses
that building a
Too few of my search results display a
headshot. “The web is an impersonal
follows them — will be the
main form of mass-market
Alexa (pictured top), using
its Echo wireless speaker to
personal brand place. Photos make you real,” he adds. VR, not those such as the send voice commands to
is also about In essence, I need more multimedia, Rift that require an turn on the engine or check
listening. Below, images, infographics and video. “Video expensive PC. how much gas is in the tank.
William Arruda is more likely to show up [high] in a Nonetheless, one of the There were also plenty of
Google search and allows you to build an most impressive demos was car alternatives, from
emotional connection with viewers.” for the prototype of the HTC electric scooters and
This sounds very try-hard to me and I Vive due out in April. This skateboards to new variants
suggest that it could put people off. PC-based VR headset (likely
Moreover, it seems perilously close to to be even more expensive
fame-seeking. Mr Arruda insists per- than Oculus Rift) has two
sonal branding is about being selec- unique advantages. With
tively famous. “You might have only sensors in each corner of a
500 followers on Twitter but you need hotel suite, I was able to
to make sure they are the right ones.” walk much more freely
around the room, compared

D
onald Trump has a strong
personal brand. The candy-
floss comb-over and perma-
tan are instantly recognisa-
ble. But beyond his striking
looks, there is the message: reliably
bombastic, it stands out from his peers’.
William Arruda expands on why Mr
Trump’s brand works, for some at least,
arguing that the Republican presiden-
tial frontrunner is consistent in his
deliberate offensiveness to certain
groups. While many will squirm at the
evolved in response to changes in the
workplace. “When I started working, I
worked with the same people. It was
easier to stay on people’s radar.” Today,
she says, people switch companies more
often. While social media has made it
Advisers email the
client’s peers to check
credentials, not always
produce happy results. Seattle-based Mel Carson, author of
There is always a negativity bias, says Introduction to Personal Branding, says with Oculus’s more limited
Mr Arruda. “People will get one negative the biggest mistake that people make in range of motion.
comment and it sends them over the this area is to think it is all about broad- In addition, to stop you
edge.” He recalls a client who received a casting and being self-promotional. “It’s walking into walls or chairs,
glowing report except for one comment not. Building an audience for your per- HTC has added a small on the so-called hoverboard.
that described her as “melodramatic”. sonal brand means having empathy camera to the outside of the Even the Segway began its
That turned out to be quite telling: she
had a complete meltdown.
with people. It means learning to listen,
engage and create an experience where
headset. A couple of taps of
a controller bring up a
comeback attempt with a
scooter that is part human
Karen Leland is a former manage-
ment consultant turned personal
you are seen as an authentic, trustwor-
thy, go-to person.”
ghostly outline of the real
world without having to
transport, part robot butler.
The Segway Robot is due to
branding adviser. Based in Silicon Val-
ley, she charges up to $60,000 to help
Lisa Raehsler, founder of Big Click Co,
a search engine marketing company,
remove the headset. This
Chaperone technology could
go on sale by early 2017.

thought, the businessman and televi-
sion personality has lessons to impart
on how to forge a clear image and mes-
sage, says Mr Arruda, a personal brand
adviser.
“Strong brands often repel as much as
attract. If you try to please people all the
time, you inspire none.” Mr Trump has
found a group of people who follow him
and spread the message on his behalf.
Personal branding consultants such
as Mr Arruda want to help bring out a
little of the Trump in all of us. In the
shifting world of work, where freelanc-
ers and contractors must pitch their
qualities and competitive edge to
employers, personal marketing is of
increasing importance. This was first
articulated by management guru Tom
Peters in an article he wrote in 1997. “We
are CEOs of our own companies: Me Inc.
To be in business today, our most
with happy results
easier to raise profiles, “there’s also
more noise; you have to shout louder”.
Dan Schawbel, author of Promote
Yourself and Me 2.0, says technology will
evolve but the core strategy of selecting
a niche and communicating your brand
through media, social networks and
public speaking will remain the same.
A personal brand is your signature
dish, according to Ms Holloway. “You
can’t put too many ingredients in it. It
won’t be palatable, just confusing.”
Today, Mr Arruda is hired by senior
executives to evaluate what sets them
apart from their peers, craft a personal
brand and get that in front of the right
audience, be it employers, peers or con-
sumers. For this he charges about
$25,000 for a six-month assignment.
define clients’ brands: revising their says Mr Carson helped her garner more be used to mix the virtual Wearables
LinkedIn profile, helping to write a attention. As a result of their sessions world with the real in games, In spite of Apple Watch’s
book, placing them in front of journal- she spoke at six conferences and was or simply — as in my demo launch, 2015 turned out not
ists and broadcasters, and creating pod- included on 10 industry expert lists. — find a chair to sit on. to be a breakthrough year
casts. The priority, she says, is defining Tomas Chamorro-Premuzic, profes- Another VR highlight was for wearable tech. Rather
your brand before hitting social media. sor of business psychology at University on the content side. Fox’s than foist new features and
I ask the consultants to check out my College London and author of Confi- “The Martian VR functions on to our wrists,
online brand. Ms Leland laughs when dence: Overcoming Low Self-esteem, Inse- Experience” reimagines the the focus is now on form.
she looks at my LinkedIn profile, judg- curity, and Self-doubt, is sceptical about Matt Damon sci-fi film as Fitbit’s new Blaze (above),
ing it “woefully insufficient”. Even if you the value of personal branding advice, part cinema, part video offers little extra in the way
are not looking for a new job, she says, however. He despairs at the way selling game. The gaming aspects of sensors or software not
you need to craft it so that anyone who yourself has become more important were a little simplistic already in its existing bands,
Googles you gets a good impression. than developing expertise and (throwing potatoes into a but delivers it in a better-
The photograph (a crop from a holi- longs for a world in which we are bucket was as exciting as it looking smart watch format.
day) is not projecting a professional able to identify talent in an effi- sounds until I realised you The modular design means
image. Though I get a pat on the cient and rational manner. “The could set fire to things in the the touchscreen tracker can
back for having more than 500 world needs fewer self-branders “Hab” living space) but the be slotted into an almost
connections — fewer apparently and more serious thinkers and final section had an limitless array of bands.
is too feeble. experts,” he says. emotional punch to match Meanwhile, traditional
Mr Arruda suggests that my the film. watch makers such as Fossil
summary reflects my creden- emma.jacobs@ft.com and Casio are putting
tials rather than my expertise. Twitter: @emmavj Transport Google’s Android Wear
Venture capitalists at into devices that look
Founders Fund once like, well, regular
complained: “We watches. Whether either
wanted flying cars, instead can convince more

The phone with no messaging, no camera and no internet we got 140

The Light Phone promises
to do more by doing less,
writes Daniel Thomas
Joe Hollier, a 25-year-old former skater
turned technology entrepreneur,
describes the moment of transcenden-
tal calm when he gave up his smart-
phone. Mr Hollier had started “going
light”, leaving behind his high tech
pocket companion and disconnecting
from a world defined by ready access to
the internet.
It was not easy, he admits. “There is
an initial anxiety,” he says. “It’s quite
intense. You start tapping your pocket
and fidgeting. But then there is this feel-
ing of huge relief.”
New York-based Mr Hollier and his
co-founder Kaiwei Tang used the expe-
rience as the basis for a subversive
mobile phone being launched this
summer: revolutionary not for all the
advanced features but for the lack of
any at all.
The Light Phone allows you to make
or take calls, but nothing else. There is
only enough storage in the phone for 10
numbers. No messaging, no camera, no
internet.
The design is important: it is simplic-
ity itself in a plastic shell the size of a
credit card on which the numbers glow
using a dot matrix screen. The recharg-
ing grind of most modern smartphones
is avoided through a 20-day battery life.
“We tested out the concept,” says Mr
Hollier, who met Mr Tang at a Google-
run tech incubator. “We found that the
value was not in what it can do but in
the lack of it. We were offering the max-
imum disconnection with the mini-
mum of choice.”
Mr Tang had been working for a
smartphone company but found that
the annual cycle of minor product
improvements had become “gratuitous
and wasteful”, according to Mr Hollier.
In a market where even the cheapest
smartphones have the processing
power of a basic personal computer, the
Light Phone is partly a protest against
the digital age. But Mr Hollier hopes it
can become more than that: a way for
its users to cut out distractions.
“Solitude and boredom are two of my
favourite things,” he says, pointing to
the opportunity for creativity. “Pulling
out the phone while waiting for a train
had become a nervous habit. The side
effects were surprisingly severe.”
The pair raised $415,127 from 3,187
backers on the Kickstarter platform to
Aimed at those develop the phone. The device is still at
in their 20s, the a prototype stage but a company in
device has also China has begun manufacturing hand-
resonated with sets to be shipped in June. They have
over-45s taken pre-orders for $100 but say the
exact retail price is not yet fixed. The
first Light Phone is white; a black ver-
sion is planned.
The device has found unexpected
fans. Mr Hollier, who has had an array
of jobs from running his own skate-
boarding company to film-making
and graphic design, assumed that
people a bit like him would want the
phone: younger users who might not
want to take their expensive technology
characters.” CES
almost delivered
consumers there is real
value in wearable tech
remains to be seen, but
their wish this year if there is substance,
when Chinese drone at least it no
to the beach or to go skating. But the maker Ehang longer has to
device has found special resonance with unveiled its come at the
business users over 45 years old, he single- expense of
says, who enjoyed the days before the passenger style.
constant distractions of the smart-
phone. “They remember the impor-
tance of sitting on a park bench and just
thinking.”
Planet of the apps
He says there has been a surprisingly
warm reception in Asia, perhaps a which show snippets of
backlash against the popularity of big- information or shortcuts to
ger “phablet” phones designed prima- apps from its main watch
rily for access to the internet and watch- face — are its best feature.
ing video. Running around CES, the
Mr Hollier admits that most people $3 audio recorder Just Press
will also want a smartphone, which What it is Record combined the best
can be linked to the Light Phone to for- Just Press Record, $2.99, iOS. of both. With its little
ward calls. As a companion device, he microphone icon on my
says, the Light Phone is useful as an Why you should try it Watch face at all times, I
emergency fallback or for carrying Smart watches may still be could record interviews or
when doing physical sports or on an seeking their killer app but it dictate notes from the floor,
evening out. is becoming clear that using which then sync to the
But in trying to create a device pur- your voice is one of the best iPhone and can be backed
posely designed to be used as little as ways to control them. It’s up into iCloud or Dropbox.
possible, Mr Hollier and his partner also clear that the Apple With wearable apps, the
may have stumbled on something that Watch’s “complications” — best approach is simplicity.
could turn out to be used rather a lot.
Friday 15 January 2016 ★ FINANCIAL TIMES 13

ARTS

Endurance saga is a test of our stamina CLASSICAL MUSIC

LSO/Rattle
Barbican, London
aaaae
FILM
Hannah Nepil
Nigel
For many of us Henri Dutilleux’s music
Andrews is a curious blend — of sensuousness,
precision and surging emotions. For
Simon Rattle, its significance extends
further. He knew Dutilleux for many

S
urvival stories don’t know
when to stop: that’s their
point. Morality tales know
exactly when to stop: that’s
their point. What the devil
happens when, as in The Revenant, you
mixthetwo?
Morality tales are short because they
are little twists of wisdom in which the
story’s end bites the story’s beginning.
Switchback ironies; runic mischiefs and
recoil ingenuities; incidents at Owl
Creek. Ambrose Bierce would have
taken 10 pages to polish off the revenge
kernelofTheRevenant.Spicedwithtragic
irony, that kernel is surely the film’s
essenceasnarrativenutrition?
Endurance yarns are the opposite.
They hate to stop because the grass is
always bloodier. The next bear, the
next storm, the next pack of howling
natives. Leonardo DiCaprio plays a semi-
fictionalised version of Hugh Glass, a
Midwest trapper who survived against
near-impossible odds in the 1820s, living
to stalk — in the film’s telling — the fellow
trapper (Tom Hardy) who leaves him for
dead, knowing him still alive. Half-
burying his parlously wounded pal,
Hardy’s character takes off after the
bountybonanzapromisedbyhisleader.
DiCaprio’s Glass barely lives through a
grizzly’s mauling — so graphic and pro-
longed it tears strips from your sangfroid
— before he is cascading down wintry
falls, chewing live fish, disembowelling a
horse . . . The feats of this icicled Her-
cules, initially gripping, go on and on,
varied by scenes with a chance-met
Native American (Duane Howard)
whose solitary function, we swiftly and
rightly suspect, is to be a healer-mentor.
He’s a one-trick Pawnee: the ancestral
clichéoftheholisticprimitive.
Filmmaker Alejandro G. Iñárritu,
whose Birdman suggested he had come
down from the inflated pomposities of
Babel and Biutiful, has relearned vatic
vacuity. For The Revenant’s scenery-
Wild: Leonardo DiCaprio besottedness — one cause of its long-
in ‘The Revenant’. Below windedness — we can’t wholly blame
right: Jacob Tremblay and him. The locations and cinematography
Brie Larson in ‘Room’ are wow-inducing. British Columbia
(playing the US Midwest) is lensed by
Emmanuel Lubezki as if he had gorged
on the complete works of JMW Turner
and CD Friedrich. Molten stormscapes;
soaring crags; sunsets so piercing they
almostperformlasereyesurgery.
Scenically we don’t begrudge the 156
minutes. It’s dramatically that they’re
baggy and repetitive. And DiCaprio’s
performance — gluttonous in its stunt-
seeking if honourable in its emotions — is
a heart, body and soul assault, barely dis-
guised, on the Best Actor Oscar. Give him
The Revenant (15) the damn thing, we almost feel by the
Alejandro G. Iñárritu close,andlet’smoveon.
AAAEE You couldn’t pick a greater contrast
than Room. It’s almost literally a cham-
Room (15) ber drama: four imprisoning walls in
Lenny Abrahamson which a mother (Brie Larson, superb)
AAAAE and five-year-old son (Jacob Tremblay,
more superb) live, confined by a Josef
Creed (12A) Fritzl-style abductor/psychopath. She
Ryan Coogler has been here seven years, bearing his
AAAEE child and bearing, each day, each hour,
thebarelybearable.
Emma Donoghue adapted her own
Man Booker-shortlisted bestseller. Irish
director Lenny Abrahamson (Frank) fol-
lowsTheRevenanttoCanada,pitchinghis
pup tent near Iñárritu’s Camp Bombast.
Room loses pressure a little when its own
story is liberated into the larger world. It
is well imagined, this apocalypse in the
characters’ souls when their cabined
mutual dependence is followed by a free-
dom unconceived and scarcely manage-
able. But the second act’s supporting
characters, though strongly cast (Joan
Allen, William H. Macy), seem just that.
Stickfigurestocrutch-propaparable.
The first act achieves a haunting uni-
versality by dwelling in a speck of space.
We’re pressed so close to the walls of
these lives that we see, X-ray-like, their
resourceful, poignant innerness. It’s a
drama of human vastness made vivid by
thecrucibleofhumanconfinement.
Creed is so daft and ungainly you have
to love it. It’s like a dog that has come in
from the rain, the rain of neglectful years
sincethelastRockymovie.SylvesterStal-
lone’s character lopes on wearing a grey
rat for hair while speaking Damon Runy-
onese with those ever-slurry, endearing
adenoids. He becomestrainertothe box-
ing rise of Apollo Creed’s illegitimate son
Adonis, played by Michael B. Jordan.
(What is it with these Creeds? Did the
works of Homer fall on them at the
christeningbowl?)
Creed lumbers on for more than two
hours, as graceful as Frankenstein’s
monster, dishing out the grunts, thumps,
thuds. A plug-ugly ex-pugilist folk
hero coos over his past and his ex-foe’s
son’s future. The experience was too
much for the Golden Globe
judges. They gave Stallone the
Best Supporting Actor in a
Dramaaward.
Grant him his due. He
gives dignity, even a cuckoo
gravitas, to the script’s
saga-stretching contriv-
ances. He now stands in the
mid-January hall of fame
with DiCaprio (Best Drama
Actor, The Revenant), Larson
(Best Drama Actress, Room)
and Iñárritu (Best Director of
Best Drama, The Revenant). Those
are the Globes. Start placing your
Oscarbetsnow.
years, commissioned one of his major
works, Correspondances, and visited him
in hospital not long before he died in
2013. So Rattle was well placed to con-
duct this concert, one of several events
celebrating the centenary of the French
composer’s birth this year.
It was a thrilling tribute. Rattle is at
his best in 20th-century French reper-
toire, which showcases his flair for
orchestral colour. Paired here with the
inexhaustible London Symphony
Orchestra, he walked us through a
curiosity shop of sounds — silken purrs
from his brass players, cloudy strings,
drums that mimicked the sound of sleep
— in Dutilleux’s Métaboles.
But L’arbre des songes, Dutilleux’s violin
concerto, left a more lasting impression.
It is here, in music saturated with the
mystery and darkness of the forest, that
the composer really reveals his emo-
tional range. Rattle did a fine job of con-
veyingit,restrainingthecellostothebar-
est of whispers at the start, and unleash-
ing something deeply primal at the end.
In Leonidas Kavakos’s slowly unfurling
solo line, meanwhile, we heard all the
unadorned intensity we have come to
expectfromthisviolinist.
The rest of the programme brought
works by other French composers who
have some connection to Dutilleux.
Ravel, one of his major influences, was
represented by two pieces: Le tombeau
de Couperin and the second suite of
Daphnis and Chloé. Both offered trans-
lucent textures and instrumental
solos delivered with swagger. More
unusual were Maurice Delage’s Four
Hindu Poems. Tiny, shimmering pieces,
they drew sumptuous sounds out of
soprano Julia Bullock. And they
reminded us that, when faced with
seemingly imperceptible details,
Rattle tends to respond by reaching
for the microscope.
barbican.org.uk

Boisterous pirates take no prisoners

DANCE
Le Corsaire
Coliseum, London
aaaae
Clement Crisp
Le Corsaire, with its piratical fun,
its odalisques and lecherous Pasha,
its rose garden of danseuses, its slaves
and shipwreck and nine credited
composers, is the closing offering
in English National Ballet’s winter
season in London.
It is, in Anna-Marie Holmes’s editing
of the old St Petersburg staging, entirely
unlikely, filleted of some of the explana-
tory action we see in today’s St Peters-
burg and Moscow recensions, and taken
at quite a lick. Seek not for reason or,
alas, for much stylistic finesse.
I greatly admired this version when
English National Ballet acquired
it a couple of years ago; at Wednesday
night’s performance, I found it
rather more boisterous than
communicative of its historical signifi-
cance, and rather too aware of the
fact that its dancers had to show off —
rather than dance — in an intriguing
survivor of 19th-century balletic taste.
What sustains and redeems perform-
ance in Russia (and the Bolshoi Ballet’s
visit to London this summer will bring
Le Corsaire in a fine production) is the
unifying truth and power of the danc-
ers’ training: they understand from
their schooling how to phrase, to
explore such choreography to the finest
ends. ENB’s dancers roar into their
steps and take no prisoners.
The effect, especially among the men,
is of unrelenting, chest-beating display.
Osiel Gouneo as Conrad, the sort-of-
hero, is a strong and interesting artist,
and so, too, Cesar Corrales as the slave
Ali. Both men have bold techniques,
with trick steps in their pockets to make
the audience whoop, and they romp
through derring-do choreography with
vehement skill. This is all the staging
now seems to demand, and it dimin-
ishes the ballet’s historical interest and
its exotic charm.
In the two leading women’s roles,
Tamara Rojo and Laurretta Summer-
scales emote sweetly, dance with sincer-
ity, and are agreeable at all times. The
ensembles blaze with energy. The
orchestra plays eagerly, loudly, and
matches the rampaging dance-action in
boisterous energy. The sets and cos-
tumes, by Bob Ringwood, are wholly
admirable, and provide a spiffy ship-
wreck to close the evening.

Sincerity: Laurretta Summerscales in ‘Le Corsaire’ — Arnaud Stephenson To January 24, ballet.org.uk

THIS EVENING’S TELEVISION & RADIO

TELEVISION
A last-minute change in the schedules
means that BBC2’s Bloody Queens:
Elizabeth and Mary has been replaced
by Stargazing Live (9pm): an
“extra-special” episode to cover British
astronaut Tim Peake’s spacewalk. His
planned six-and-a-half-hour mission in
conjunction with colleague Tim Kopra
aims to repair a power regulator.
The emergency project is described
as “time-critical”, and former astronaut
Chris Hadfield will be in the studio
along with Brian Cox and Dara O Briain
to explain the hazards faced by the
astronauts in the “dangerous vacuum of
space”, presumably greater even than
the hazards so far faced by viewers of
this series exposed to Liverpool
comedian John Bishop undergoing
training on Earth.
Stepping out: Tim Peake’s spacewalk
is covered in ‘Stargazing Live’
FILM
Terrestrial history in the making in
Selma (Sky Premiere 10pm), the
chronicle of Martin Luther King’s
inexorable marches towards civil
rights in bigoted Alabama. David
Oyelowo’s King combines visionary and
practical; and the tension is no less, the
progress no less majestic, for us
knowing the outcome.
RADIO
Radio 4 Friday favourites: the FT’s Tim
Harford’s wide-ranging More or Less,
looking at numbers in matters big, little,
factual or fallacious (4.30pm); and
The News Quiz (6.30pm), host Miles
Jupp’s wit finally kicking life into this
back-scratching club of smug,
identically politicised sneerers.
Martin Hoyle
14 ★ FINANCIAL TIMES Friday 15 January 2016

Beet up
Sugar prices have been weak, but the market could be about to return to deficit.
Shares in Associated British Foods, helped by the growth of its fashion retail
business, have performed better than less diversified rival Südzucker

Share prices Global sugar balance

Twitter: @FTLex Email: lex@ft.com In euro terms (rebased) Million tonnes raw value
5
400
0
Statoil/Lundin: with 10 per cent of a company can 350 -5 JD/Sports Direct:
block its compulsory acquisition. If so,
defensive line Statoil has spent shareholder money 300
-10 tracksuit trackers
just to protect a fraction of its reserves. -15 Last January, a share in Sports Direct,
Actions speak louder than words and The market will want clearer 250 which sells tracksuits and trainers in
2006 10 15 16
can be just as confusing. Yesterday, statements about why. the UK, was worth one and a half
Norwegian oil group Statoil announced 200 Sugar price shares of JD Sports Fashion, its slightly
that it had bought a 12 per cent stake in € per tonne classier competitor. Now two and a half
its Swedish rival and partner Lundin EU white sugar 700 of the former buy just one of the latter.
Petroleum. The $540m outlay lacks
Wesfarmers/Homebase: 150 600 The inverted relationship implies there
obvious economic logic. Statoil small but scary 500 is something unsatisfactory about
100 400
indirectly improves its stake in two Sports Direct blaming “unseasonal
large Norwegian oilfields. For its part, Tiny creatures can be deadly. Yesterday 300 weather” for poor trading. Storms do
50 200
Lundin raises no new equity. Wesfarmers said it had bid for UK US raw sugar not pick on just one retail chain.
The two companies share assets in retailer Homebase. The Australian 100 Yesterday JD Sports rubbed salt in
0 0
the North Sea. Together they control conglomerate, with a market value of the wound, with news of strong
the Johan Sverdrup field, with its A$44bn (US$31bn), has offered 2011 12 13 14 15 16 2012 13 14 15 16 Christmas trading that is likely to bring
FT graphic Sources: Thomson Reuters; Bloomberg; Rabobank.com Estimates
2bn barrels of oil equivalent. Statoil A$700m for the do-it-yourself unit of profits 10 per cent ahead of market
operates Sverdrup and owns 40 per UK-listed Home Retail, which just expectations. It now trades on the kind
cent; Lundin owns 22 per cent. Lundin rebuffed a bid from J Sainsbury. The Sugar from beets was a product of the yesterday that it expected 2016-17 to ago diversified into businesses such of growth multiple (20 times forward
has just brought another North Sea deal would be Wesfarmers’ first outside Napoleonic wars. Investors could be be the first year of market deficit since as food ingredients and retailing to earnings) that Sports Direct enjoyed a
field, about a fifth the size of Sverdrup, Australia and New Zealand. It is a forgiven for wondering if that was the 2008-9. And at the end of 2017, the EU offset the volatility of the commodity. few years ago. Which is to say that JD
on stream. In this smaller field, Edvard frightening offer despite the small size, last time anyone made money from will dismantle its quota system, a move That they are still in the business at has become expensive. Its enterprise
Grieg, Lundin has control and Statoil and not just because of Home Retail’s it. World sugar prices have fallen in that could result in European all could well be down to their value of £2bn is just 20 per cent below
owns 15 per cent. Statoil’s positions in profit warning the same day. recent years because of excess supply producers selling more beet-derived corporate structures. Both have big, its rival, despite having less than half
these two fields add up to about a tenth Wesfarmers owns Bunnings, and weaker currencies in Brazil and sugars at the expense of those derived long-term shareholders: the Weston the earnings. Sports Direct may
of its proven reserves. Australia’s leading home-improvement Australia, big producers of freely- from cane, often imported from former family at AB Foods and a beet provide JD with a success story to
Spending half a billion dollars to retailer by market share. Bunnings has traded sugar. Prices in the EU, colonies. farmers’ co-operative at Südzucker. emulate — or investors with a
increase slightly positions in its own operating margins about 10 times influenced by a complex system of A price recovery is sorely needed. A Tate & Lyle, with a more open share cautionary tale about mean reversion.
oilfields looks odd. True, the company those of Homebase. If Homebase gets quotas, import tariffs and guaranteed day earlier, Germany’s Südzucker said register, sold its sugar unit in 2010.
has no immediate financial worries. Its to Bunnings’ main level, last year’s beet prices, are also lower. sugar revenues fell 11 per cent to Back in 2012, AB Foods made more William Hill:
modest net debt amounts to only about A$53m operating profit leaps to more There are signs that conditions €2.3bn in the nine months to operating profit from sugar than
half its operating earnings (adjusted than A$500m. And that is based on may be about to improve, though. November and that the division made a from its vaunted Primark fashion no sure thing
for depreciation and amortisation). just its current operations. Bunnings Weather has limited harvests, loss of €39m. AB Foods’ sugar business stores. That is unlikely to happen Bookies want customers to have a fine
Still, its cash flow looks stretched; has a wider product offering, too, prompting a small rally in world had a return on capital of just 2.4 per again; even if prices do improve, it time, right up until the results come in.
Statoil has not generated enough free encompassing home goods as well as prices. European producers, awash cent in the year to November; it is will be 2017 before the benefits are Revenue is what the punter loses. The
cash flow to cover its dividends since DIY, and sells more to the building with stocks after a bumper 2014 destroying value when its cost of felt. If they do not, then shareholders’ industry often blames “customer
2011. And its profits are very sensitive trade. Add to this the simple fact that crop, cut back planting in 2015. capital is factored in. Both companies returns could be facing their own friendly results” for poor revenues,
to falling oil prices as it has no refining the UK is a larger market than Associated British Foods said have been cutting costs hard and long Waterloo. such as in the week last year when the
and marketing division to benefit from Australia, and one can understand why favourite won every football match.
lower input costs. Wesfarmers may be making big plans. Too much customer friendliness has
In financially constrained times, There are reasons to be sceptical of not been troubling William Hill, the UK
every use of cash matters. Even the such ambitions. Start with Australian Homebase (which it once owned). The and families are finding work and capital surcharge associated with being high street bookie. On the contrary:
relatively small investment in Lundin companies’ poor record with overseas UK grocer will be happy to see the bid. spending money. JPMorgan’s results a global, systemically important bank last quarter it beat forecasts but its
— less than a tenth of Statoil’s forays. One thinks of (among other Not so Wesfarmers’ investors. confirm this view. — put at 3.5 per cent to 4.5 per cent of online offering suffered serious
operating profits — requires more deals) the wobbly listing of South 32, a The bank was repeatedly asked assets, based on one methodology. A outages. So the head of online has gone
explanation than management have reversal of BHP’s 2001 Billiton about the health of energy loans, which smaller asset base, along with solid and the software is now reliable once
given, which is to say almost none. acquisition; of National Australia Bank, JPMorgan: represent a fraction of its book. All told performance across its banking and more. Apparently.
Worse, RBC thinks the Norwegians which will spin off UK bank Clydesdale it raised its loan loss reserves among asset management units, quietens calls With its two largest offline rivals
paid above Lundin’s core net asset this year; and of insurer AMP’s carrying on commodity clients by $600m in 2015. for a break-up. Ladbrokes and Gala Coral set to merge,
value. In the current desperate bear purchase and subsequent demerger of Damage to big banks from low This is not reflected in JPMorgan’s and betting through shops stagnant,
market for oil, that looks a full price. UK fund manager Henderson. Turmoil? What turmoil? So wondered commodity prices, compared with share price, which is down more than William Hill can ill-afford more slip-
Lundin’s shares jumped over 20 per Anecdotes only go so far, but Australia Jamie Dimon during JPMorgan Chase’s other creditor classes, may remain 10 per cent in two weeks. Boosting its ups with its digital offering. One way or
cent on news of the deal. The market is far away and success there appears fourth-quarter earnings call yesterday. limited. The most troubled drillers are capital return would help but requires another, 2016 is set to be a big year,
seems to have concluded that Lundin is hard to replicate abroad. Revenues and profits exceeded smaller companies. Moreover, banks permission from the Federal Reserve. with Irish, English and Welsh football
an acquisition target, either for Statoil The fat margins of Australian expectations and, for the full year, the are lending at the top of the capital The current dividend yield of 3 per teams all qualified for Euro 2016. The
or another company. Buying all of retailers generally — like most figures reached all-time highs. While structure, against collateral (the oil). cent is healthy enough anyway. The software needs to stay up and punters
Lundin would probably mean Statoil sustained margin differentials within global debt and equity markets While profits hit records, JPMorgan bank is still exposed to volatile markets need not to have too great a time.
spending in excess of $8bn. an industry — are likely to be products whipsaw, the CEO claimed the majority has reduced its balance sheet by more but it is no longer seeing its profits
Very likely Statoil has decided not to of local market competitiveness or lack of Americans remain unperturbed than $200bn by reducing low-margin wiped out by legal settlements. Solid
take any chances with interlopers by thereof. This will prove hard to export. (apparently, JPMorgan customers do deposits (overall loans are higher, banks in unsettled times should Lex on the web
For notes on today’s breaking
buying a blocking stake. Under Sainsbury’s is more interested in not have pension plans). He is right though). Slimming down is significant become havens. Mr Dimon’s message is stories go to www.ft.com/lex
Swedish takeover rules, a shareholder Home Retail’s Argos division than in that, overall, the US economy is steady because such a move reduces the worth heeding.

LO Forecasts by
1010
1020
6 -9
3 -12
LOW -14 -10
4
Luxembourg Snow 1 34
4
24 Lyon Fair 5 41
4 5 Madrid Fair 10 50
3 5 0 -2 Manchester Sleet 4 39
1
6 LOW Miami Thunder 26 79
5 1010
6 24 HIGH 1 2 32 Milan Sun 9 48
4 Montreal Cloudy -7 19
6 4
7 3 1020 Moscow Cloudy -10 14
3 1030 6
5 Mumbai Sun 28 82
7 8 13 Munich Snow 2 36
7 9 LOW
23
4
6 New York Fair 9 48
36 4 Nice Sun 13 55
8 14 10 15 Paris Cloudy 6 43
13 16
27 18 Prague Snow 2 36
1020
Reykjavik Fair 0 32
16 17 19 Rio Thunder 32 90
Wind speed in MPH at 12 GMT 16 Rome Fair 14 57
18 San Francisco Cloudy 15 59
Temperatures max for day˚C Wind speeds in KPH
Stockholm Cloudy -14 7
Today’s temperatures Strasbourg Snow 4 39
Abu Dhabi Sun 22 72 Belgrade Rain 7 45 Copenhagen Cloudy -1 30 Hamburg Cloudy 2 36 Sydney Rain 20 68
Amsterdam Shower 5 41 Berlin Snow 1 34 Delhi Sun 21 70 Helsinki Cloudy -9 16 Tokyo Fair 9 48
Athens Fair 16 61 Brussels Sleet 4 39 Dubai Sun 23 73 Hong Kong Rain 15 59 Toronto Sleet 5 41
B’ham Fair 5 41 Budapest Sleet 4 39 Dublin Sun 5 41 Istanbul Fair 12 54 Vancouver Rain 7 45
Bangkok Fair 33 91 Buenos Aires Sun 32 90 Edinburgh Sun 4 39 Jersey Hail 7 45 Vienna Fair 5 41
Barcelona Shower 12 54 Cardiff Sun 7 45 Frankfurt Snow 3 37 Lisbon Sun 14 57 Warsaw Snow 0 32
Beijing Sun 3 37 Chicago Cloudy 5 41 Geneva Cloudy 3 37 London Sun 6 43 Washington Fair 9 54
Belfast Sleet 6 43 Cologne Sleet 3 37 Glasgow Snow 4 39 Los Angeles Fair 17 63 Zurich Snow 3 37

CROSSWORD ACROSS
1 Vitamin taken orally, it’s nearly
5, 23 One getting stuck into
sausages? That’s right, after
No. 15,138 Set by WANDERER agreed? (6) drinks (8,5)
       
4 Sweet couple on vacation in 6 Squid? After cooking, hope pal is
America, going round topless (3,5) into seafood (10)
 10 Leave after eating most of light 7 Free lunch includes fish (3)
dessert (7) 8 Dog almost had to metamorphose
  11 Baked apple, cored and cut for (6)
Juliet? (7) 9, 18 Dish with two ingredients
12 In a jam, headless grub (4) found in casino, one said (5,3,5)
   13 Karate perhaps hurt one gangster 14 A small cut consumed by
into biting (7,3) daughter, it’s solemnly declared
 16, 17 Poor decision, alas, eating (11)
starter dish that’s cold (6,7) 15 Decorative bits of stem ginger at
 
20, 21 I say! All the birds are last – and no bananas! (10)
 
devouring large round fruit cakes 18 See 9
(7,6) 19 Alec’s tea involved mushroom
  24 Waxy whale product: seamen and rocket (8)
reportedly serve it in a turnover 22 Line on chart showing duck
  (10) served in island pub (6)
25 Flower given a bit of water (4) 23 See 5
 
27 Corrupt judge in Northern Ireland 26 Yes, sailor served up a type of
 is a dog (7) bean (4)
29 Country area goes after 28 Health resort a bit short of
   cultivation of mostly both oats luncheon meat? (3)
and rice (7)
30 Some immature asses slander Solution 15,137
 
judge again (8) ' 2 & 7 2 5 $ 0 8 6 ( '
, + 9 ( ( ,
31 Cut of meat, second to go off (6) ( 1 * $ * ( ' ) $ 7 7 ( 6 7

















JOTTER PAD





CROSSWORD
No. 14,845 Set by NEO

























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

* 1 5 % 1 % &
& 2 1 & 2 5 ' $ 1 7 $ 0 2 6
JOTTER PAD DOWN (
3 2 / .
(
$
&
. 1 , &
& 8
. ( 5 6
1 Looking after one’s own spot – 5 & 6 1 6
and mine, unfortunately (8) / 2 1 * 6 + 2 7 6 3 , . (
2 Regular TUC outing in which one 3 ( 2 7 1
) $ 8 1 ) 2 5 % , ' ' , 1 *
lands work? (11) * 7 / < * 8 2
3 Tablet swallowed – a pint’s / $ 7 ( 5 $ / : $ / / $ % <
knocked back (4) 7 ( : 7 * /
( 1 / , 6 7 ' ( / ( 7 (
Friday 15 January 2016 ★ 15

Déjà vu Could Time Warner AB Foods Wesfarmers Statoil Brent oil Copper (LME) Sterling / euro Nikkei 225 Gold

be in play again? 0.72% 1.4% 1.43% 2.5% 0.6% 0.2% 2.7% $15
MATTHEW GARRAHAN, PAGE 16
£30.19 A$39.40 NKr103.20 $31.06 $4,415 €1.3267 17,240 $1,077

Tesco buoyed by Christmas surprise Short

View
3 Festive rise defies analyst expectations 3 Aldi, Lidl and Amazon all pose serious threat
dragged down by the absence of the Mr Lewis said he saw no end to the Mr Lewis acknowledged the scale of
Katie
PETER CAMPBELL
AND NATHALIE THOMAS vouchers Tesco had offered a year ear- food price deflation that has been a ‘I’m not the challenge the online retailer could Martin
lier. Performance had steadily improved boon to consumers but has played going to say mount, calling its entry into the grocery
Tesco shares rose sharply yesterday over the past year, he said, but there was havoc with supermarket margins. Over market “a formidable move”.
after the retailer said it had fared better more work to be done. Christmas, Tesco cut the prices of “pop- [superstore His comments stood in contrast to Winding up currencies traders is good fun, and very easy.
than expected over Christmas. But a “Put simply, more people shopped at ular” items, such as turkeys and sales] are remarks on Wednesday by Mike Coupe, One way is to say that someone from compliance rang for
1.5 per cent drop in like-for-like third- Tesco this Christmas,” Mr Lewis said. “I sprouts, by 5 per cent in an effort to lure J Sainsbury’s chief executive, who pre- them. Something to do with electronic chat rooms? Any-
quarter sales in its home market illus- am pleased with the performance over customers into its stores. fixed. There dicted that Amazon might struggle in way, call them back.
trated the highly competitive environ- Christmas but that doesn’t take away UK grocers have been battling the rise are things the UK, given the logistics challenges of Another is to ask where they were on the morning of
ment for UK supermarkets. from the conditions where the market is of discounters Aldi and Lidl, which have delivering chilled food and non-chilled January 15 2015, commonly referred to as SNB Day.
Like-for-like sales over the six-week extremely challenging.” eaten market share and forced larger we can do items. Friday’s first anniversary is bound to bring back horrible
festive period were up 1.3 per cent, a sig- Sales in out-of-town superstores, rivals to embark on a price-cutting to improve ’ In spite of Mr Coupe’s comments, the memories.
nificantly stronger performance than called Tesco Extra, remain in negative spree to win back customers. looming threat of Amazon is one of the Back then, just days after Swiss National Bank officials
the 2.3 per cent fall analysts had territory. Mr Lewis said the level of Amazon poses a new threat after the Dave Lewis, motivations behind Sainsbury’s recent had trotted out the usual reminder that they stood ready to
expected. Shares in the supermarket decline had “significantly reduced”, but US online retail heavyweight last year chief executive takeover approach to Home Retail intervene to keep the franc weak, at any point and in
rose 6.1 per cent to 168p. added: “I’m not going to say they are launched a food delivery service in the Group, the owner of Argos. unlimited volume, the central bank scrapped the policy.
Dave Lewis, chief executive, said the completely fixed. There are things we UK, which analysts expect will be Lombard page 20 On trading floors, you could just about hear the sound of
third-quarter sales figures had been can do to improve them further.” expanded to include fresh produce. Argos sales dip page 21 jaws hitting desks through the loud swearing.
Three years of pent-up demand for the franc was
released in one go; and it went through the roof, leaping
about 30 per cent (it’s hard to be precise; for a time there
was simply no executable price at all.)
It was genuinely unprecedented: the biggest currency
Slower times move since the demise of the Bretton Woods fixed
Richemont suffers in exchange rates regime in the early 1970s.
Banks were left with hundreds of millions of dollars in
European downturn losses. Several brokers pretty much instantly went out of
business. Exporters’ shares dropped. Some funds took hits
from which they could not recover for the rest of the year.
November’s terrorist attacks in Paris It was a harsh and humbling lesson in expecting the
sent sales growth in Europe into reverse unexpected — one that is feeding interest in testing other
at luxury goods group Richemont, down currency-control regimes now. You never know, right?
3 per cent to €868m in the final three The best bit: the franc could have further to climb, par-
months of 2015, writes Ralph Atkins ticularly if the neighbouring European Central Bank keeps
in Zurich. on easing.
The slowdown began in November Having already lost SFr23bn on FX reserves over the
and followed “very strong sales growth” past year, the SNB would probably not be in a good position
in the first six months of the year, to fight back this time. In addition, faith in its real willing-
Richemont said in a trading statement ness to douse the franc is shot.
yesterday. Joe Corbach, GAM’s head of currencies, says that a fur-
Europe accounts for about a third of ther large rally is a seriously under-appreciated risk.
sales at the Geneva-based group, which Mr Corbach says that he suspected the SNB might give up
includes jewellery and watch brands last time around but failed to act on it. “It was not the best
such as Cartier, Van Cleef & Arpels, day here,” he says.
Piaget and Montblanc. Go on, hug a trader.
Overall, reported sales fell 4 per cent
in constant currencies, with demand
particularly weak for watches. Swiss franc
In the Asia-Pacific region, sales were Against the euro (SFr per €)
0.9
down 9 per cent, hit by the downturn in
China and the country’s anti-corruption 1.0
drive. However, analysts said the rate of
the deterioration had slowed and 1.1
Richemont said sales growth in The January 2015
mainland China had “continued to move to scrap
1.2
improve”. keeping the Swiss
Despite that, challenging trading 1.3
franc weak caused
conditions were “likely to prevail” in the biggest
the current quarter, the company said. 2013 14 15 16 currency move
Source: Thomson Reuters Datastream
The shares fell 1 per cent. since the 1970s
Burberry page 21
katie.martin@ft.com
Gianluca Colla/Bloomberg

JPMorgan soothes jittery markets

with solid start to US earnings season
BEN MCLANNAHAN — NEW YORK the sector's fourth-quarter earnings cent jump in provisions for bad loans.
season. JPMorgan is often seen as a barometer
Jamie Dimon, chairman and chief
The economy “looks pretty good at for an industry still grappling with
executive of JPMorgan Chase, sought
this point”, he said, adding that millions tougher post-crisis regulation, patchy
yesterday to ease market jitters over
of employed Americans did not care at client activity and ultra-low interest
China, urging investors to focus on the
all about “turmoil” in world markets. rates.
“pretty good” US economy as well as
“If you have commodity prices go By that token, the results were
the “winners” from a collapse in
Commodities rout sends down like that, you get big winners and encouraging, showing a slight lift in net
commodities.
US freight rail off-track losers . . . Brazil gets hurt, India bene- revenues across the group and a 7 per
Bank stocks have been particularly hard fits, South Korea benefits, Japan bene- cent fall in non-interest expenses,
Spare capacity in the US freight-rail hit in the early year sell-off, which has fits, and those kind of trickling waters,” thanks largely to lower pay in the trad-
system underlines the depth of a been exacerbated by wild swings in Chi- he said. “Hopefully, this will all settle ing division and a drop in legal costs.
commodities rout that entered its sixth nese markets and mounting fears over down and it’s not the beginning of some- Net income came to $5.4bn, or $1.32 a
year. Shipments of US coal, the biggest the effects of a slowdown in the world’s thing really bad.” share, beating analysts’ expectations.
commodity moved by rail, declined second-biggest economy. He maintained his sunny tone as he JPMorgan shares were up about 2.5 per
12 per cent in 2015 as coal lost out to But Mr Dimon, chairman and chief discussed a 10 per cent rise in the bank’s cent in early New York trading, paring a
natural gas as a cheap source of fuel. executive of the largest US bank by net profit for the quarter, after cost cuts loss for the year to about 11 per cent.
Analysis iPAGE 30 assets, tried to dispel anxieties as he compensated for sluggish results in Lex page 14
played his traditional role of kicking off investment banking and a near-50 per Global overview page 29

Companies / Sectors / People

Companies
21st Century Fox.....................................16
ABN Amro...................................................16
AMP...........................................................14,21
AOL..................................................................16
Aetna..............................................................19
Al Jazeera......................................................8
Aldi............................................................15,20
Alibaba ...........................................................9
Allergan........................................................28
Alliance Trust...........................................20
Amazon..................................3,9,12,15,16,20
Ambarella....................................................29
Anaplan.........................................................17
Anglo American.................................19,29
Anheuser-Busch InBev........................28
Apple.........................................................12,19
Arcapita.........................................................21
Arch Coal.....................................................30
Argos........................................................20,21
Artemis.........................................................20
Ashmore........................................................18
Asos.................................................................21
Associated British Foods..............14,21
Ayudhya........................................................18
BG Group.....................................................16
BHP Billiton..........................................19,29
BMW................................................................17
BNP Paribas...............................................18
Baidu.................................................................9
Bank of Tokyo-Mitsubishi UFJ..16,18
Bankia...............................................................7
Berkshire Hathaway.............................28
Best Buy.......................................................29
Betfair............................................................20
BlackRock....................................................28
Blackstone......................................................7
Bloomsbury Publishing..........................8
Boohoo...........................................................21
Bord Gáis......................................................21
BreitBurn Energy....................................28
Bunnings.......................................................14
Bunzl..............................................................20
Burberry........................................................21
Burlington Northern Santa Fe.......30
CHS.................................................................30
CME.................................................................28
CRH.................................................................20
CSX..................................................................30
CVS..................................................................19
Caixabank....................................................18
Cargill.............................................................30
Carlyle..............................................................7
Carrefour......................................................19
Casio................................................................12
Centrica.........................................................21
Chevrolet......................................................12
China Development Bank.................30
Clydesdale...................................................14
Countryside................................................20
Credit Suisse..............................................16
Daimler...........................................................17
Dell..................................................................28
Denbury Resources...............................28
Deutsche Bank..........................................16
EMC.................................................................28
EasyJet..........................................................29
Facebook..............................................9,16,18
Fiat Chrysler.............................................1,17
Fitbit................................................................12
Flipkart.............................................................9
Ford..................................................................12
Fossil...............................................................12
Gala Coral.............................................14,20
General Mills.............................................30
General Motors.........................................12
Glencore............................................16,19,29
GoPro.............................................................29
Goldman Sachs .........................................7
Google...................................................9,12,16
Guardian Media Group.......................20
H&M................................................................21
HBO.................................................................16
HSBC...............................................................16
Healthline Networks..............................19
Henderson...................................................14
Home Retail..............................14,19,20,21
Homebase.............................................14,20
ING...................................................................16
Infosys.........................................................9,19
InterContinental Hotels......................29
J Sainsbury......................................15,20,21
JD Sports Fashion..................................14
JPMorgan....................................14,15,18,29
John Wood..................................................29
Jupiter............................................................18
KKR....................................................................7
Kingfisher.....................................................19
LVMH..............................................................21
Ladbrokes.............................................14,20
Lidl.............................................................15,20
Lundin Petroleum..............................14,16
Merlin.............................................................29
Mizuho Bank..............................................18
Morrisons....................................................20
NXP..................................................................12
National Australia Bank......................14
Netflix...............................................................9
Next.................................................................21
Noble Group...............................................16
Novo Banco................................................28
Nvidia..............................................................12
Oaktree Capital........................................20
Paddy Power.............................................20
Pensato.........................................................20
Petrofac........................................................29
Peugeot.......................................................1,17
Postbank.......................................................16
Prada...............................................................21
Precision Castparts...............................28
Primark....................................................14,21
Princess Yachts.......................................20
Qualcomm...............................................12,19
Renault..................................................1,17,29
Restaurant Group...................................29
Richemont....................................................15
Rightmove..................................................20
Rio Tinto.......................................................19
Royal Dutch Shell....................................16
SABMiller.....................................................28
Samsung Electronics.............................19
Santander.....................................................16
Security Bank............................................18
Skyscanner..................................................17
SoftBank.........................................................9
Sports Direct..............................................14
State Street................................................28
Statoil........................................................14,16
Sterlite Technologies..............................9
Sumitomo Mitsui Financial................18
Summit Partners......................................19
Sunseeker International.....................20
Supervalu.....................................................29
Swiss National Bank...........................6,15
Südzucker....................................................14
Taiwan Semiconductor.........................19
Tata Consultancy Services................19
Tate & Lyle.................................................14
Taylor Wimpey.........................................20
Tesco........................................................15,20
Teva................................................................28
Thomas Cook............................................29
Time Inc........................................................16
Time Warner..............................................16
Toyota.............................................................12
Trafigura.......................................................16
Tui....................................................................29
Turner.............................................................16
Twitter.......................................................9,29
UBS.................................................................20
Uber...................................................................9
Unilever........................................................20
Union Pacific.............................................30
United Health............................................19
Vale..................................................................19
VietinBank...................................................18
Viridian...........................................................21
Volkswagen...............................................1,17
WPP................................................................20
Walgreens....................................................19
Warner Brothers.......................................16
WebMD..........................................................19
Wesfarmers............................................14,19
William Hill...........................................14,20
Wipro...............................................................17
Sectors
Automobiles................................................17
Banks........................................14,15,16,18,28
Basic Resources.................................16,28
Construction..............................................20
Energy.........................................................7,21
Financial Services......................18,28,30
Financials..................................18,20,28,30
Food & Beverage..............................14,28
Healthcare...................................................19
Media................................................8,12,16,19
Mining............................................................19
Oil & Gas.................................................14,16
Rail..................................................................30
Retail.................................................3,14,15,21
Retail & Consumer............................14,19
Technology.....................................9,12,17,19
Telecoms....................................................9,12
Transport.....................................................30
Travel & Leisure................................14,20
People
Bailey, Christopher..................................21
Bason, John.................................................21
Beighton, Nick...........................................21
Bewkes, Jeff................................................16
Clapp, Graham..........................................20
Conn, Iain.....................................................21
Coombs, Mark...........................................18
Coupe, Mike.........................................15,20
Dimon, Jamie........................................14,15
Ermotti, Sergio.........................................20
Garrett-Cox, Katherine........................20
Glasenberg, Ivan......................................16
Gortázar, Gonzalo...................................18
Gould, Michael...........................................17
Goyder, Richard........................................19
Hollands, Jason.......................................20
Horlick, Richard.......................................20
Icahn, Carl....................................................16
Jakob Hegge, Hans...............................16
Kalanick, Travis...........................................9
Leckie, Ross...............................................20
Lewis, Dave..........................................15,20
Murdoch, Rupert......................................16
Nieboer, Crispin.......................................20
Nilekani, Nandan.......................................9
Premji, Azim................................................17
Pullman, Philip............................................4
Rato, Rodrigo...............................................7
Robertson, Nick........................................21
Roney, Michael.........................................20
Saetre, Eldar...............................................16
Salcedo Jr, Alfonso L............................18
Schneiter, Alex..........................................16
Sikka, Vishal...............................................19
Slendebroek, Maarten..........................18
Smith of Kelvin, Lord...........................20
Sutcliffe, Ian...............................................20
Turpin, Dick...............................................20
Walden, John..............................................21
Walsh, Sam..................................................19
Ward, Michael...........................................30

© The Financial Times Limited 2016 Week 2

16
Banks
Basel Committee softens capital rules
Lobbying efforts pay off as
regulator revises amount
of assets banks must hold
LAURA NOONAN, MARTIN ARNOLD
AND CAROLINE BINHAM
Global banking supervisors have sof-
tened new rules forcing investment
banks to hold more capital against their
trading books, after heavy lobbying
from the banking industry.
The rules are designed to discourage
investment banks from taking too much
risk on to their books as they buy and
sell securities from clients, with the ulti-
mate aim of reducing the chances of a
bank collapsing.
The Basel Committee on Banking
Supervision said yesterday that the
amount of capital banks had to main-
Statoil trawls for North Sea opportunities
Group affirms ‘strong belief’ in
home region by snapping up
stake in thriving rival Lundin
RICHARD MILNE — OSLO
CHRISTOPHER ADAMS — LONDON
Statoil has underscored its commitment
to the North Sea and Arctic by buying
a big stake in Lundin Petroleum, the
most successful recent oil explorer in
Norway.
The Norwegian state-controlled oil
major has bought 11.9 per cent in
the Swedish company for SKr4.6bn
($539m) making it Statoil’s first big deal
since oil prices started collapsing 18
months ago.
Hans Jakob Hegge, Statoil’s chief
financial officer, said: “The starting
point is that we have a strong belief in
the Norwegian continental shelf, which
we of course know very well. We are
always looking for high-quality assets.”
Statoil, 70 per cent owned by the Nor-
wegian state, is the dominant oil pro-
ducer in its home country but has strug-
gled in exploration, with some of the
lowest reserves among the majors.
Lundin has become the largest inde-
pendent oil company in Europe after it
discovered some of the biggest petro-
leum fields in decades off Norway. They
include the Johan Sverdrup field that
the Swedish group found in 2010 and
which holds up to 3bn barrels of oil.
Mr Hegge said Statoil had bought the
stake in Lundin at “an attractive price”,
indirectly increasing its share in Johan
Sverdrup and other fields, including
Edvard Grieg, the latest big find in the
North Sea to start production.
Some analysts believe Statoil is likely
to increase its stake in Lundin over time
but the group, which bought the shares
on the open market, said it had no such
plans.
Royal Dutch Shell’s bid last year for
BG Group was widely expected to spur
other deals, which has yet to be the case,
but Mr Hegge hinted that Statoil was
searching. “We do have an opportunis-
tic approach to M&A,” he said. “We have
not found a lot of transactions since
Shell-BG and one of the reasons is the
unrealistic assumptions as to the price
from sellers. This might change as the
downturn goes on.”
By taking a stake of more than 10 per
cent in Lundin, Statoil puts itself in a
strong position to respond should a rival
launch a bid for the Swedish group.
Lundin has been cited by investment
bankers as a possible bid target with its
combination of attractive assets and rel-
atively high indebtedness making it a
draw for a deeper-pocketed predator.
“Ever since they discovered Sverdrup,
Lundin has been a takeover target,” said
an industry insider. “Anyone thinking
Banks
Deutsche plan to hive off Postbank slows down Glencore to refinance $8.5bn credit line early
JAMES SHOTTER
Deutsche Bank’s efforts to split off its
Postbank retail banking unit could
drag into 2017, and not be completed
this year as Germany’s biggest bank
had previously hoped.
Parting company with Postbank was
one of the cornerstones of Deutsche’s
new strategy that it announced in April
with the aim of bolstering profitability
and strengthening the bank’s capital
position.
The German lender said at the time
that it hoped to sell a majority stake in
Postbank by the end of 2016. However,
people familiar with the situation said
tain for their trading books would be on
average 40 per cent higher than they
hold now.
A previous draft of the rules — much
bemoaned by banks — would have
increased the capital demand by a
weighted average of 74 per cent, a study
published in November showed.
Rob Smith, banking director at
KPMG, said the lobbying efforts of the
banking industry had “clearly paid off”.
“The capital requirements for credit
investments and securitised assets have
been reduced substantially and that was
a huge area of focus for large US firms,”
he added.
Banks have complained that the rules
will drain liquidity in key markets that
have already been hit by rules intro-
duced in 2009.
The increase in capital requirements
has fallen fourfold in some areas such as
Oil & gas. Exploration push
Statoil’s Oseberg about it will now have to think about
North Sea gas another set of people to talk to.”
platform. The The Norwegian group has a record for
Norwegian this. In 1999, it helped Norsk Hydro buy
operator’s deal Saga Petroleum, a privately owned Nor-
for 11.9% of wegian exploration and production
Lundin may group in which it had a 20 per cent
deter bids for stake, defeating a bid from then Elf
the Swedish Aquitaine. Statoil and Hydro later
group — Kristian merged.
Helgesen/Bloomberg
Alex Schneiter, chief executive of
Lundin, said: “We are pleased to have
Statoil as a significant shareholder. We
know Statoil as an excellent partner and
look forward to work together with
Norwegian oil production
Barrels per day (m)
1990 2000
Sources: Norwegian Petroleum Directorate; Thomson Reuters Datastream
this is now unlikely to happen. They
said the bank could still list a minority
stake in the lender.
Before it can split off Postbank, the
post office bank that it bought in stages
from 2008, Deutsche has to cancel a so-
called domination contract that gives it
control of Postbank and access to its
earnings.
The bank can do so at the end of the
year — five years after it took control of
Postbank — without having to pay back
taxes. To do so sooner without tax impli-
cations, Deutsche would need approval
from Germany’s tax authorities, which
it has not yet received, according to a
person close to the situation.
★ FINANCIAL TIMES
COMPANIES
residential mortgage-backed securities.
But the changes are still expected to
require costly and time-consuming
overhauls at many banks.
“In spite of the fact that capital
requirements are lower than expected,
there is still a huge amount of work to be
done,” said Mr Smith at KPMG, which
estimated it would cost banks an extra
$100m-$150m each to implement the
changes over three years.
The impact of the rules varies greatly
across banks. The November study
found that the most adversely affected
institution would have to set aside nine
times as much capital against its trading
book as it does now.
The latest version of the rules, which
takes account of “refinements” agreed
in December, does not give a full break-
down of the bank-by-bank impact. But
it says the weighted-average increase in
them also as a long-term shareholder in
Lundin Petroleum. I see this as a vote of
confidence in Lundin Petroleum.”
Lundin’s shares, which had fallen by
about 30 per cent in the past six weeks,
rose by 9 per cent yesterday to
SK105.30.
Statoil paid an average of about
SKr124 per share for its stake and saw its
own shares fall 1.5 per cent.
Investors in Statoil have long worried
about its ability to maintain its dividend
in light of the drop in oil prices. Biraj
Borkhataria, analyst at RBC Capital
Markets, said: “The deal . . . does not
Share prices
Rebased
3.5
Statoil
3.0
2.5
2.0
1.5 Lundin
Petroleum
1.0
10 20 2014
Shares in Deutsche were down 4.9 per
cent in the wake of the news, which was
first reported by Reuters. The Dax was
down 2.5 per cent in early afternoon
trading.
A spokesman for Deutsche said the
bank still had the “clear aim” of decon-
solidating Postbank.
Deutsche is keen to separate itself
from Postbank, which has relatively low
profitability in comparison with many
of the German lender’s other busi-
nesses, as it battles to restore the confi-
dence of investors who have suffered
three years of anaemic returns.
The deconsolidation will also allow
Deutsche to shed a further 19,000 staff.
Friday 15 January 2016
INSIDE BUSINESS
MEDIA
Matthew
Garrahan
market risk capital would be 40 per
cent, while the median, or midpoint, of
increases would be 22 per cent.
Mark Gheerbrant, head of risk and
capital at ISDA, the swaps industry asso-
Time Warner talk raises
ciation, said: “We support the Basel
Committee’s objective to create a prospect of Murdoch
more . . . coherent market risk frame-
work. We note, however, that even the
committee’s own estimate of a 40 per
popping the question
40% cent average increase in total market
Average rise in the risk capital requirements would impose
R
capital that banks a considerable burden on banks on top upert Murdoch does not hang around. This
will have to hold of the increases already introduced fol- week he and the model and actress Jerry Hall
against their
trading books lowing the crisis, as part of Basel 2.5.” announced their engagement after a whirlwind
The latest rules do not come into force four-month courtship.
until 2019 so banks will have time to His wooing of Time Warner chief executive
74% adjust their portfolios. Banks including Jeff Bewkes in the summer of 2014 was similarly quick, but
Proposed increase Deutsche Bank and Credit Suisse have less successful. Back then, the media world was gripped by
in capital demand
according to a already unveiled plans to reduce their the audacious bid from Mr Murdoch’s 21st Century Fox for
previous draft securities businesses, partly because of Time Warner, a rival that owns Warner Brothers, HBO and
of the rules higher capital demands. Turner television.
The $86-a-share offer valued Time Warner at about
$80bn but was withdrawn by Mr Murdoch after only three
weeks when it became clear Mr Bewkes was not going to
play ball.
Now, there is talk that Time Warner could be in play
again. The deal drumbeats have been growing steadily
louder since the start of the year. The New York Post
claimed last week that activist investors were circling
Time Warner with a view to breaking it up.
A recent Reuters report said Carl Icahn had begun buy-
ing Time Warner shares. But a person close to Time
Warner said it had received no activist approaches. Mr
Icahn, meanwhile, has publicly denied buying Time
Warner shares, saying the speculation was “getting
annoying”.
The performance of Time Warner’s stock may explain
why the rumour mill is buzzing. Mr Bewkes rejected the
2014 Fox offer because he believed Time Warner’s man-
agement team could get the share price above the Fox offer
level on its own. In the first half of 2015, he delivered. The
company cut costs across its cable channels and movie stu-
dio to improve margins and also launched HBO Now, mak-
ing its highly regarded premium cable channel available to
consumers without requiring them to pay-TV subscrip-
tion. Wall Street excitement about so-called “over the top”
services — epitomised by the lofty valuation ascribed to
Netflix — propelled Time Warner shares above the Fox bid
price.
That run came to an end last summer when shares
across the US media sector tumbled on fears that consum-
ers were cancelling their cable subscriptions. With a large
portfolio of cable channels,
Time Warner was hit hard by
the sell-off.
Plenty of
Its shares have yet to companies would
return to the peak they hit
before the sell-off and are
like to get their
well below the value of the hands on Time
Fox offer. If activists or other
shareholders are comparing
Warner’s jewels
the current price of $72 with
the $86 Fox offered, it makes sense that they would think
about trying to force Mr Bewkes’ hand.
However, Time Warner’s fluctuating share price does
not tell the whole story. Fox shares have also yo-yoed over
the same period: its share price was hit by the same fears
last summer. Indeed, lay a Fox share chart for the past 12
months over a Time Warner one and the two roughly fol-
low the same peaks and troughs.
enhance the ability to pay the dividend Fox shares were pushing $35 when the company bid for
in the near term, which is a key concern Time Warner in June 2014; this week they have hovered
at $30 per barrel oil.” He added that between $25 and $26. Apply the same bid formula that Fox
Lundin was one of the most expensive used in 2014, when it offered 1.531 Fox shares for every
oil stocks in the world. Time Warner share, plus $32.42 of cash, and an offer that
But Mr Hegge denied the deal would was once worth $86 per Time Warner share falls in value to
have any impact on its dividend policy. about $72 per share.
“Our dividend policy remains firm. We All of this is academic, of course, because Fox executives
continue to invest during the downturn have maintained they will not revisit the Time Warner
while maintaining financial flexibility.” offer. Yet that has not stopped the chatter circulating that
Statoil said it was supportive of the 2016 could be the year Time Warner changes hands.
management and strategy of the com- Proponents of a sale point out that Mr Bewkes has shown
pany controlled by the Lundin family a willingness to dispose of assets for the benefit of share-
through ownership of about 30 per cent holders. In the past few years he has spun off Time Inc,
of the shares. AOL and Time Warner Cable. The group is also vulnerable
Eldar Saetre, chief executive, said: because of its ownership structure. Unlike rivals such as
“We consider this a long-term share- Fox, Viacom and CBS, Time Warner has no dual-class
holding. The Norwegian continental structure that gives a family owner effective control.
shelf is the backbone of Statoil’s The price would have to be right for Mr Bewkes to con-
business.” sider a sale or break up the assets that remain. But plenty
130 Lundin, which moved into Norway of companies would like to get their hands on Time
120
only a decade ago, has since made two of Warner’s jewels. It produces some of the best video content
the biggest finds in the North Sea. in the business — everything from the Harry Potter and
110 Edvard Grieg, the first, started produc- Dark Knight movies to shows and series including Game of
ing oil shortly before Christmas. Thrones, Silicon Valley and The Big Bang Theory. It is content
100 Like Statoil, it has made a large find in that deep-pocketed companies such as Amazon, Google or
the Barents Sea in the Arctic Circle. But Facebook could certainly use and exploit.
90
unlike its new shareholder, Lundin has Fox would have to offer more shares or a larger cash
80 continued to explore in the Arctic, drill- component to get to the value of its 2014 bid if Mr Mur-
ing several wells last year in a region it doch changes his mind about not coming back for another
70 believes is the next big oil province. Sta- tilt. But with a wedding to plan, his mind may be on
15 16 toil has said it will not drill in the Barents other things.
Sea in 2015 or 2016.
See Lex matthew.garrahan@ft.com
Basic resources
NEIL HUME AND DAVID SHEPPARD subishi UFJ and Santander, which have credit perspective making sure every-
already received approval from their thing is fine,” said one banker involved
Glencore has launched an early refi-
credit committees to back the deal. in the deal. “I think these guys have
nancing of one of its main credit facili-
They are looking to complete the refi- made the right noises; they are taking
ties, bankers familiar with the process
nancing before the company announces action.”
said, as the mining and trading house
annual results on March 1, and will then Several other commodity traders are
tries to shore up investor confidence.
launch a wider syndication. also looking to refinance credit lines.
The terms for the $8.45bn, one-year Glencore’s share price has fallen by Privately held Trafigura has said it
revolving credit facility — used to fund more than 20 per cent in the first two expects to refinance about $4.3bn at
Glencore’s business of transporting and weeks of 2016 and is within a few cents slightly lower rates by the end of the first
storing such commodities as coal and oil of its all-time low of 67p. That level was quarter. Noble Group, the largest com-
— are expected to be on similar terms to hit in September, shortly before chief modity trader in Asia, is also looking to
last year, banking sources said. executive Ivan Glasenberg launched a refinance its short-term credit facilities,
Bookrunners on the early launch — sweeping debt-reduction plan. The though faces the additional hurdle of
last year Glencore approached its top shares rose 10 per cent yesterday with a having had its debt downgraded to
lenders in late February — are ABN bounce in metal prices. “junk” by two of the three big rating
Amro, HSBC, ING, Bank of Tokyo-Mit- “We have spent a lot of time from a agencies in recent weeks.
Friday 15 January 2016
Raid on Renault casts cloud over wider sector
Investor jitters take toll on stocks despite carmaker saying no defeat devices have been found in French investigation
ANDY SHARMAN — LONDON
MICHAEL STOTHARD — PARIS
Ever since Volkswagen was engulfed in
scandal in September after admitting
cheating in emissions tests in the US,
industry insiders have been asking the
same question: which other carmakers
are up to the same tricks?
Until a lengthy statement issued
around midday yesterday, it looked like
the answer was Renault. Shares in the
French company fell by as much as 20
per cent after AFP, a French news
agency, reported that Renault’s offices
had been raided as part of an investiga-
tion linked to the VW scandal.
The share price plunge illustrates how
jittery investors are about the automo-
bile industry, as all the world’s carmak-
ers come under scrutiny from govern-
ments and regulators. Companies are
being asked whether they, like VW,
installed so-called defeat devices in
their diesel vehicles so as to understate
emissions in official tests.
“It just shows you how fickle the senti-
ment is around auto stocks at the
moment,” says José Asumendi, analyst
at JPMorgan. “And it shows you this die-
sel story is not dead yet.”
VW has set aside €6.7bn in relation to
the cost of the emissions scandal, but
the final bill could be much higher. In a
lawsuit last week, the US Department of
Justice said it was suing the German car-
maker for as much as $45bn. Customers
and investors are also considering legal
action against VW.
A 400-word statement from Renault
confirmed the raids by French anti-
fraud investigators last week, but also
said that a government-appointed com-
mission, having so far tested four of its
cars, had yet to find any evidence of soft-
ware-based defeat devices.
Renault said the fact no such devices
had been found in its cars was “good
news”, but added that it had decided to
“rapidly present an emissions plan
which aims to strengthen the perform-
ance of its vehicles”.
The independent commission is seek-
ing to establish whether domestic or for-
eign carmakers have installed defeat
devices in their vehicles. It is due to test
100 cars by various carmakers — includ-
ing 25 Renault models.
The Renault news took a heavy toll on
Automobiles
Fiat Chrysler accused of inflating US car sales
ANDY SHARMAN
Shares in Fiat Chrysler Automobiles
fell up to 10 per cent and were sus-
pended twice in Milan yesterday amid
high volatility in automobile stocks
and news of a US lawsuit alleging the
Italian-American carmaker had
inflated its sales figures.
European carmakers’ shares were
under pressure amid a fall in the
Eurofirst 300 index and news that
French investigators had raided
Renault’s offices in an inquiry linked to
the Volkswagen emissions scandal.
The Fiat Chrysler share price fall also
followed a report in Automotive News
that a lawsuit had been filed on Tuesday
in the US alleging that the company had
offered dealers large sums of money to
report unsold vehicles as sold.
Fiat Chrysler said in a statement the
claim in the lawsuit was “without merit”.
It added: “The company is confident in
the integrity of its business processes
and dealer arrangements, and intends to
defend this actionvigorously.”
After the two temporary suspensions,
Fiat Chrysler’s shares were down 7 per
cent at €6.90 yesterday afternoon.
The US is by far Fiat Chrysler’s most
Technology
Anaplan raises $90m to join tech unicorns
ANDREW BOUNDS — ENTERPRISE EDITOR
Software company Anaplan has raised
$90m to become the second UK-
founded business to achieve a $1bn val-
uation inside a week.
Anaplan provides business planning
software and has been dubbed “the
spreadsheet killer” for replacing Micro-
soft Excel at several multinationals.
Private tech companies with a $1bn
valuation are called unicorns because of
their rarity. Anaplan joins Skyscanner,
the Edinburgh online travel agent, and
an estimated 17 other unicorns with
British roots.
Skyscanner raised almost $192m in a
deal valuing it at $1.6bn as UK tech busi-
nesses attracted more fundraising than
at any time since the dotcom bubble
burst in the early 2000s.
Renault is among carmakers being investigated by an independent French commission in the wake of the Volkswagen emissions scandal — Oliver Bunic/Bloomberg
Renault
Revenues by region, 2014 (€bn)
0 5
France
Rest of Europe
Americas
Asia-Pacific
Africa, Middle
East, India
Eurasia (Turkey, Romania,
Moldova and Bulgaria)
Sources: company; Exane BNP Paribas
important market. About 85 per cent of
the company’s earnings before interest
and tax are generated in the US due to
the popularity of its Jeep sport utility
vehicles and Ram pick-up trucks.
Chrysler, the US arm of the company
jointly listed in Milan and New York, has
registered 69 consecutive monthly
increases in sales — based on year-on-
year comparisons — after recovering
from bankruptcy during the financial
crisis. The lawsuit against Fiat Chrysler,
Fiat
Revenues, 2014 (€bn)
0 10 20 30 40 50
North America
and Mexico
Europe, Middle East
and Africa
Latin America
Asia-Pacific
Other*
* including Ferrari, Maserati, components and
unallocated items
Source: company
Premji Invest, the family investment
office of Azim Premji of Indian software
group Wipro, led the Anaplan fund-
raising. Baillie Gifford, the Edinburgh
investment fund, and US funds
Founders Circle Capital and Harmony
Partners, as well as Anaplan’s current
investors, were also involved.
Sandesh Patnam, partner at Premji
Invest, said: “Anaplan is a game changer
because it enables companies to not
only make processes faster and easier,
but also fundamentally change the way
their people work and make decisions.”
The company was founded by
Michael Gould in a North Yorkshire
barn in 2008, and still has a software
development centre in York, although
its headquarters are now in San Fran-
cisco. Mr Gould is chief technology
officer.
★ FINANCIAL TIMES 17
COMPANIES
as VW. There has so far been no evi-
dence of wrongdoing by Renault.
Ségolène Royal, the French energy and
environment minister, said yesterday
that tests showed no presence of fraudu-
lent software in Renault vehicles.
The French government has a 20 per
cent stake in Renault, and may there-
fore have little incentive to take a tough
stance on the carmaker.
Nor does Renault sell diesel cars in the
US, which has far more stringent rules
on nitrogen oxides emissions and tends
to pursue higher penalties for environ-
mental violations than the EU. “The
good thing for Renault, if one wants to
be cynical, is that they do not sell cars in
the US — which should represent the
bulk of the cost for VW we believe,” says
Thomas Besson, analyst at Kepler
Cheuvreux.
The bad thing, he adds, is that it
“refreshes market fears on the future of
diesel” engine technology, and the
amount of money manufacturers will
need to spend to ensure their cars com-
ply with tougher emissions rules
planned by the EU.
Diesel engines are crucial technology
for European carmakers, including
‘It just shows you how
fickle the sentiment
is . . . and it shows you this
diesel story is not dead yet’
Renault, and vehicles fitted with them
the sector. Shares in PSA Peugeot Cit- tive to laboratory results, and unfit for amount to about half of global sales.
roën fell 5 per cent, while the stocks of the on the road tests the EU wants to Renault also sells diesel engines to
Sales by engine type, 2014 (%) BMW, Daimler and VW also declined by introduce in 2017. Nissan and Daimler, though both of
more than the overall market. Then, in November, DUH, a German these companies sought to distance
10 15
Electric Other hybrid Environmental lobbyists have for environmental group, said road tests of themselves from suspicion arising from
0.8 some time highlighted the wide discrep- a 1.6 litre Renault Espace showed nitro- the raids in France, saying they com-
ancy between the emissions results pro- gen oxides emissions 25 times over EU plied with relevant regulations.
7 duced by cars in official laboratory tests legal limits. That was in spite of the fact Peugeot said technical tests commis-
and the actual performance of those the car had passed EU tests. sioned by the French government on its
vehicles on the road. Renault disputed the findings at the own vehicles had shown “the absence of
49.7 Renault, which as part of the Renault- time, saying it “complies with applicable any anomaly”.
42.6 Nissan alliance is the world’s fourth-big- regulations”. General Motors had earlier With questions still swirling around
gest carmaker by sales, has not escaped rejected similar findings from DUH, the company, Renault’s shares closed
suspicion. The International Council on which had tested its Opel Zafira and down 10 per cent at €77.75. “There will
Clean Transportation, which helped alleged that the car emitted nitrogen clearly be a cloud hanging over the stock
Petrol Diesel
expose the VW scandal, said in Septem- oxides at up to 17 times EU legal limits. until these investigations are com-
ber that Renault’s real-world nitrogen The Renault news has forced inves- pletely cleared,” says Dominic O’Brien,
oxides emissions were “very poor” rela- tors to ask whether it faces the same fate analyst at Exane BNP Paribas.
Contracts & Tenders
filed in Chicago by several Napleton
Automotive Group dealerships, alleges
the carmaker had “actively solicited”
dealers in a “volume growth plan” to
falsely report sales.
The complaint says false sales report-
ing occurred on the last day of each
month, before dealers “backed out” in
the following 24 hours, and transactions
unwound “before the factory warranty
on the vehicles could be processed and
start to run”.
It also says the practice occurred with
the full co-operation of senior Fiat
Chrysler managers in the US.
In its defence, Fiat Chrysler noted the
lawsuit was filed when the company had
been discussing with Napleton “the
need to meet its obligations under some
of its dealer agreements”.
The Borsa Italiana said it had sus-
pended Fiat Chrysler’s shares following
“excessive volatility”.
The US National Highway Traffic
Safety Administration hit Fiat Chrysler
with a record fine last July over what the
regulator called a “pattern of poor per-
formance” in recalling and repairing
defective vehicles.
Additional reporting by Rachel Sanderson
in Milan
It has more than 60,000 individual
users at 400 companies including HP,
the computer company, and Legal &
General, the insurer. It charges a sub-
scription.
It does not disclose revenues but said
they increased 134 per cent year over
year in the six months to July 2015.
Users increased 160 per cent while
employee numbers doubled to 550.
Laurent Lefouet, managing director
of Anaplan for Europe, the Middle East
and Africa, said the money would fund
extra staff and a move into countries
such as China, Japan and India.
“We have had three to four years of
hypergrowth and we are not planning to
slow down. We plan to double the size of
our US team and move into new geogra-
phies.” He added that the global market
was worth $15-$20bn annually.
18 ★ FINANCIAL TIMES Friday 15 January 2016

COMPANIES

Financials Banks

Mixed fortunes for Jupiter and Ashmore Caixabank

Emerging markets-focused
asset manager suffers while
its diversified rival grows
MADISON MARRIAGE
AND CHRIS NEWLANDS
The stark divide between emerging
market-focused asset managers and
their more diversified rivals was rein-
forced yesterday after Ashmore
reported further outflows for 2015 while
competitor Jupiter increased its asset
base.
Ashmore suffered $1.7bn of redemp-
tions from its funds in the final quarter
of 2015 as the prospect of further inter-
est rate rises in the US, a fall in the price
of oil, and a slowdown in China intensi-
fied concern over the strength of emerg-
ing economies.
This marked the sixth consecutive
quarter of net outflows for the emerging
market-focused fund company, causing
its total assets to fall by more than a
third since the end of 2013 to $49.4bn
yesterday.
Mark Coombs, chief executive at Ash-
more, said: “The market weakness and
volatility experienced in early 2016,
notably in Chinese equity markets, will
doubtless lead to some investors main-
taining a cautious stance.
“Considering the price adjustments of
the past 18 months, this approach will
risk missing some very good perform-
ance in emerging markets assets as their
attractive fundamentals begin to show
through.”
Ashmore’s share price is down 33 per
cent since it hit a 12-month high of 333p
in June and analysts believe the situa-
tion will only worsen in the short term.
Financial services. Regulation
Gurjit Kambo, European financials
analyst at US bank JPMorgan, said:
“2015 was the second year in a row that
[emerging market]-focused names
experienced net outflows whilst more
diversified [asset managers] and those
focused on developed markets experi-
enced net inflows.
“We do not believe it will be third time
lucky for [emerging market]-focused
asset managers and expect 2016 will see
similar trends to 2014 and 2015.”
UK rival Jupiter, by contrast, has seen
a 26 per cent jump in its share price to
427p over the past year and reported
another set of positive results on the
back of strong investment performance
and changes to its business strategy.
Jupiter, which has diversified its prod-
uct mix and expanded its client base
since former BlackRock executive
Maarten Slendebroek became chief
executive in 2014, attracted £549m of
new money in the fourth quarter of
2015.
This brought total inflows for 2015 up
to £2.1bn, helping Jupiter’s assets under
management increase by 12 per cent
over the year to £35.7bn.
Mr Slendebroek said in a statement:
“2015 has been another good year for
Jupiter, reflecting our strategy to diver-
sify by product, client type and geogra-
phy, all supported by strong investment
performance.”
‘2015 has been another
good year for Jupiter,
reflecting our strategy
to diversify by product’
Jupiter’s shares closed 2.77 per cent
down in London trading yesterday,
while Ashmore’s closed down 5.65 per
cent.
However, some analysts believe Ash-
more and its emerging market peers
could experience an improvement over
the course of 2016.
Bank of American Merrill Lynch ana-
lysts said emerging economies could
undergo “a modest and patchy recovery
in 2016”, provided China growth con-
cerns, lower oil prices, and uncertainty
about US growth do not weigh exces-
sively on markets”.
A financial analyst, who asked to
remain anonymous, added: “There are
some slightly more positive trends in
Ashmore; [it experienced its] least bad
net outflows in five quarters and there
were no Middle Eastern oil client out-
flows in the quarter.”
launches
mobile-only
service for
‘millennials’
MARTIN ARNOLD — BANKING EDITOR
Banks are poor at serving “millennials”
and must innovate or risk losing their
younger customers, the head of the big-
gest retail lender in Spain said as he
launched a new mobile-only service
aimed at twentysomethings.
Gonzalo Gortázar, chief executive of
Caixabank, told the Financial Times
that its launch yesterday of imaginBank
— a cheaper banking service only availa-
ble through a mobile app or social media
— would help it attract more customers
aged 18 to 35.
“We started a year-and-a-half ago
looking at our clients and the way they
interact with the bank using their
mobiles and we decided that, particu-
larly for millennials, the traditional

Insider trading defendants ‘made up to £7.4m’ banking product doesn’t correspondent

Highly paid professionals were
motivated by greed, alleges
FCA as landmark trial begins
CAROLINE BINHAM — FINANCIAL
REGULATION CORRESPONDENT
City professionals hatched an “elabo-
rate and carefully planned” plot to
insider deal in an alleged conspiracy
involving encrypted memory sticks,
pay-as-you-go mobile phones, nick-
names and passwords named after lux-
ury cars, a jury heard during the first
day of the most high-profile trial of its
kind brought by the UK’s financial
watchdog.
Five defendants, including two bank-
ers who held “positions of trust” within
the City, allegedly formed a conspiracy
for nearly four years using a middleman
who kept a careful tally of trades that
netted as much as £7.4m, Southwark
Crown Court in London heard yester-
day.
For the FCA, it is the first
large and contested
trial of such an offence
in nearly four years
The Financial Conduct Authority
found so-called iron keys — encrypted
memory sticks that allow users to
browse computers without leaving the
normal traces — during raids of the
defendants’ homes in 2010, Mark Elli-
son QC, the barrister for the FCA, told
the jury.
One such key belonging to Martyn
Dodgson, a former managing director at
Deutsche Bank, was encrypted with the
passwords “Lamborghini 55” and
“Maserati”, unlocking balance sheets
that revealed he was about £1m short of
a £5m target he had set for himself in
late 2008.
Mr Dodgson, 44, and four other
defendants face a single count of con-
spiring together to insider deal between
November 2006 and March 2010.
Within that, the FCA accuses them of six
instances of insider dealing that landed
a total profit of £7.4m.
Much is at stake for all concerned:
insider trading carries a maximum sen-
tence of seven years.
For the FCA, it is the first large and
contested trial of such an offence in
nearly four years.
The agency, meanwhile, is grappling
with a leadership crisis and a political
furore over whether it may be relaxing
its tough stance against the City.
The trial follows a more than eight-
year investigation, codenamed Opera-
tion Tabernula, which is Latin for “little
£5m pub”.
Profit target Martyn The probe — which became public
Dodgson is alleged with dawn arrests that attracted head-
to have set himself
on an encrypted lines around the world in 2010 — is the
balance sheet most complex the FCA has taken on.
It has been held up by the regulator —
which had never prosecuted insider
£410,000 trading before 2008 — as an example of
The value of its growing sophistication as an investi-
Mr Dodgson’s
total pay from gator and prosecutor of financial crime.
Deutsche Bank Mr Dodgson, who earned total pay of
for 2008 £410,000 in 2008, previously advised
the government on its bank bailouts and
worked at Lehman Brothers before
Deutsche.
Co-defendant Andrew Grant Harri-
son, a 46-year-old New Zealander, had a
career that included stints at Panmure
Gordon, Lloyds Banking Group and
Altium Capital. The pair knew each
other from years earlier at UBS, the jury
heard.
They both enjoyed “positions of trust
in corporate broking departments in
large financial services companies in
London, and advised and acted for com-
panies whose shares were traded”, Mr
Ellison told the court.
“Employees who are already gener-
ously remunerated [and then insider
deal] to make even more money are
likely, you might think, to be motivated
by straightforward greed.”
Former colleagues of Mr Dodgson
from Deutsche and Lehman, which he
left when it collapsed in 2008, will give
From left, evidence later in the trial, the jury
Martyn heard. The FCA alleges the pair used a
Dodgson, close friend of Mr Dodgson, Andrew
Andrew Grant Hind, 55, a director of Deskspace
Harrison, Offices, as the middleman, who would
Andrew Hind record the trades and split the profit.
and Iraj Parvizi, Mr Hind in turn used two “prolific”
face one charge day traders, Ben Anderson, 71, of Rich-
of insider mond, Surrey, and Iraj Parvizi, 50, based
trading, along between Dubai, Spain and London, to
with Ben execute the trades, the court was told.
Anderson — Chris Mr Ellison told the court that Mr
Ratcliffe/Bloomberg
Anderson and Mr Parvizi were both well
aware that the trades requested by Mr
Hind — who they nicknamed “Nobu”
and contacted using pay-as-you-go
mobile phones — were based sometimes
on inside information, and that the pair
often made parallel trades.
Bugged conversations from Mr
Anderson’s office would be heard later
during the trial, Mr Ellison said.
All five defendants deny the charges
and the trial continues.
to their needs,” he said.
Millennials born between the early
1980s and early 2000s are much less
likely to visit a bank branch or even to
call a helpline than older generations
and they are more comfortable doing
most of their banking via a mobile app.
In response, traditional banks have
been closing branches and launching
more mobile services to compete with a
fast-growing array of digital start-ups.
They also face moves into the financial
sector by big technology groups such as
Apple and Google.
Kevin Burrowes, global banking and
‘This war for the customer
is getting more intense
and big banks are starting
to ask: how do we react?’
capital markets leader at PwC, said:
“This war for the customer is getting
more intense and the big banks are
starting to ask: how do we react?”
By choosing to launch a separately
branded digital-only bank, Caixabank is
judging that it can innovate more effec-
tively outside of its main business.
France’s BNP Paribas recently pursued a
similar strategy by launching Hello
Bank as its digital offering.
“This is not replacing, it is additive,”
said Mr Gortázar. “What we have seen is
that many millennials will only deal
with us through mobile. This segment of
the population is not being offered what
they want by banks.”
Caixabank hopes to attract at least
500,000 customers to imaginBank by
the end of 2017 when it aims to break
even on the new service. The Barcelona-
based lender’s new digital bank will only
be accessible through a mobile app or
via Facebook. Its customers will have
access to customer services through a
live chat option in the mobile app as well
as via social media, such as Twitter and
WhatsApp, and a call-centre.
It will offer current accounts, trans-
fers and contactless digital payments
without commission charges as well as
preapproved personal loans of up to
€15,000 with no arrangement fee. But it
will not offer credit cards or mortgages.
Caixabank is the main account pro-
vider for more than a quarter of Spanish
people and has 5,253 branches in the
country. Mr Gortázar expects a big
chunk of its 2.9m customers aged
between 18 and 35 to switch to the new
service.

Legal Notices
Banks

BTMU acquires 20% stake in Philippine lender

LEO LEWIS — TOKYO
Bank of Tokyo-Mitsubishi UFJ, Japan’s
largest financial group, has unveiled
plans to extend its advance across Asia
by acquiring a 20 per cent stake in
Security Bank of the Philippines.
The decision to pay nearly $800m for a
foothold in the midsized commercial
lender, follows a record year of Y10tn
outbound mergers and acquisitions
activity by Japanese companies in 2015.
BTMU would continue to look for
other opportunities to expand in Asia,
people close to the bank said, and bro-
kers have speculated that the bank may
be looking specifically at Indonesia and
Myanmar. Through deals struck respec-
tively in 2012 and 2013, the lender
already has sizeable stakes in banks in
Vietnam (VietinBank, 20 per cent
stake) and Thailand (Ayudhya 76 per
cent stake).
The stake in Security Bank will
cost BTMU $774m and, according to
Security Bank, represents the biggest
equity investment by a foreigner in
the Philippines’ financial sector.
The price agreed by BTMU means it is
paying an 81 per cent premium over the
closing price of Security Bank’s shares
on Wednesday — a level analysts said
corresponded with corporate Japan’s
reputation for paying fully to win its
overseas prizes.
Japanese companies themselves have
justified their decisions by citing the
need to pursue growth outside Japan —
Strategic partnership: Security Bank stake will cost $774m — Jay Directo/AFP/Getty Images
an economy whose long-term growth
prospects are limited by the shrinking
population and, in the case of the finan-
cial services sector, by the ageing of its
customer base.
BTMU and Security Bank said at sepa-
rate press conferences that they had
agreed to form a “strategic partnership”.
Alfonso L. Salcedo Jr, Security Bank’s
chief executive, said: “It will allow us to
accelerate the expansion of our branch
network to support retail market pene-
tration as well as make inroads into the
Japanese business sector.”
The move comes as Japan’s “big three”
financial houses are positioning them-
selves for growing trade links between
Japanese and Asian companies.
Go Watanabe, BTMU’s CEO for Asia
and Oceania, told a press conference in
Manila that he would consider expand-
ing the stake in Security Bank if the situ-
ation arose. He added: “We are making
headway in our effort of becoming a
Tier 1 global financial institution in the
Asia market by 2020.”
Analysts say that Japan’s focus on
Asia’s financial services industry has
intensified since last year when coun-
tries in the region agreed in principle to
the Trans-Pacific Partnership — a multi-
national deal that will lower tariffs and
is expected to increase trading activity
by Japanese companies.
BTMU’s rivals, Sumitomo Mitsui
Financial Group and Mizuho Bank have,
within the past five years, built stakes in
banks in Vietnam and Hong Kong.
Friday 15 January 2016
Mining
Rio Tinto freezes staff pay and cuts travel budgets
Further deterioration is
forecast as sector remains
under significant stress
JAMES WILSON
MINING CORRESPONDENT
Rio Tinto is freezing pay as the Anglo-
Australian group forecasts that the
worst mining downturn in a decade will
deteriorate further this year.
Staff throughout the group from chief
executive Sam Walsh down will get no
pay increase this year, while travel
Wesfarmers eyes growth beyond Down Under
Stable of executives with UK
retail experience would give
group advantage in Britain
RENEE SCHULTES — SYDNEY
Wesfarmers, the Australian retail-to-
coal mining conglomerate, is eyeing a
new DIY project.
Home Retail Group on Wednesday
confirmed that Wesfarmers had made a
£340m offer to buy Homebase, the flag-
ging UK home improvement retailer. If
successful, the deal would mark a long-
awaited first step beyond Australia and
New Zealand for the Perth-based com-
pany.
From a Western Australian farmers’
co-operative founded in 1914, Wesfarm-
ers has grown into one of Australia’s
largest companies with a stock market
value of A$44bn ($30.5bn).
It owns coal mines and chemical
plants, department stores, hardware
‘Australia is a relatively
small market and further
M&A in retail would mean
[facing] antitrust issues’
chain Bunnings and Australia’s second-
biggest supermarket, Coles. Throw in a
stake in investment banking boutique
Gresham Partners — which advised BHP
Billiton on its failed takeover of Rio
Tinto — and Wesfarmers has never been
short on ambition.
But overseas expansion has become
something of a necessity.
“The idea of moving offshore has
come up in the past five to 10 years,”
says Shaun Cousins, an analyst at
JPMorgan who has covered the Austral-
ian retail sector for more than a decade.
“It’s not so much that Wesfarmers wants
to go overseas, but Australia is a rela-
tively small market and further M&A in
retail would mean running into anti-
trust issues.”
Wesfarmers has a strong record in
turning round retailers, but it has not
always been an easy process. It bought
Coles at the top of the market in 2007,
for A$18.2bn, in Australia’s second-big-
gest takeover to date. It was then forced
it into two equity capital raisings.
However, Coles, which analysts had
said was virtually beyond repair at the
time of the takeover, made a solid recov-
ery. Its focus on value and cost cuts left it
well positioned to deal with tough com-
petition. Coles has beaten rival Wool-
Technology
India’s Infosys beats third-quarter guidance
DAVID KEOHANE — MUMBAI
Infosys, India’s second-largest IT out-
sourcing group by revenue, beat expec-
tations with its third-quarter results,
providing a stark contrast to larger
rival Tata Consultancy Services.
Bangalore-based Infosys yesterday
reported net profit of Rs34.7bn
($515m), an increase of 6.6 per cent over
the same quarter a year earlier and bet-
ter than the Rs33.5bn forecast by ana-
lysts in a Thomson Reuters poll.
Vishal Sikka, chief executive, called
the results encouraging “despite the tra-
ditional seasonality of the quarter and
the additional headwinds”, including
recent flooding in Chennai, the capital
of the southern Indian manufacturing
state of Tamil Nadu, which have buf-
feted the Indian IT sector.
Infosys also raised its closely watched
guidance for full-year revenue growth as
third-quarter sales of Rs159bn narrowly
beat estimates. It now expects full-year
revenue to grow between 8.9 and 9.3 per
cent in US dollar terms, up from second-
quarter guidance of 6.4 to 8.4 per cent.
budgets are being curtailed as Rio said
conserving cash was a “business imper-
ative”. The measures were outlined in a
memo to staff this week from Mr Walsh.
Prices for Rio’s output have fallen pre-
cipitously after the end of a bull run for
natural resources, with the declines
blamed on slowing Chinese demand and
a big expansion in supply.
Iron ore, which accounts for the larg-
est share of Rio’s profits, is down more
than two-thirds since the start of 2013.
Copper has more than halved over the
same period.
In his note setting out this year’s prior-
Retail. Homebase bid
Wesfarmers hopes to replicate its success with turning round Australian retailer Coles if it is successful with its Homebase bid — Ron D’Raine/Bloomberg
worths on same-store sales growth
every quarter bar one for the past six
years, while its return on capital
employed has doubled to 11 per cent
since 2009.
Analysts also point out that Wesfarm-
ers is stepping into the UK market with
its eyes open. Richard Goyder, its man-
aging director, has assembled an inter-
national team over the years. Archie
Norman — dubbed the “turnround
king” for his restructuring of UK food
Wesfarmers performance
Revenue Pre-tax profit
(A$bn) (A$bn)
60 3.4
3.2
40
3.0
20
2.8
0 2.6
2011 12 13 14 15
Source: Blooomberg
In response, shares in Infosys
reversed a fall of 2 per cent to a 6.4 per
cent rise by early afternoon in Mumbai.
But analysts were quick to note that
market expectations had been guided
lower by Infosys ahead of the results.
“They had brought the expectations
significantly lower . . . on margins they
said they would be trading at the lower
end of the band, so they went into the
quarter with a low set of expectations,”
said Pankaj Kapoor of JM Financial
Vishal Sikka, Infosys chief executive,
described the results as encouraging
★ FINANCIAL TIMES
COMPANIES
ities, Mr Walsh said prices for Rio’s com-
modities “are now around 2005 levels or
lower” and warned that the mining
industry would remain under signifi-
cant stress. “What we see ahead is very
sobering . . . The pressure isn’t going to
let up. This situation is not temporary.”
The downturn in the mining industry
has increased expectations that Rio will
have to change course on its long-held
ambition to maintain or increase its
annual dividend.
BHP Billiton, its larger rival which
maintains a similar dividend policy, is
considered likely to alter its stance in
retailer Asda in the 1990s — is deputy
chairman of Coles and a former finance
director of Kingfisher, which owns
Homebase’s biggest competitor B&Q.
John Durkan, managing director Coles,
worked at the Safeway supermarket
chain in the UK for 17 years.
“The Homebase acquisition would
neatly leverage Wesfarmers’ UK retail
and home improvement management
capabilities, while being a very small
entry into an attractive category in an
Wesfarmers breakdown
Revenue by division, 2015 (%)
Target retail Kmart retail
5.5
7.3
Chemicals,
industrial, 7.9
mining
18 61.2
DIY Supermarket
Out of annual turnover of A$62.4bn
Institutional Securities, a Mumbai-
based brokerage.
Infosys warned in November that rev-
enues had been hit by lower spending by
big clients in the holiday season, and
third-quarter results would suffer.
The optimism Infosys did eventually
generate in the latest quarter was in
contrast to rival TCS, which this week
reported results that fell shy of esti-
mates. Deutsche Bank analysts blamed
this on service interruptions caused by
the Chennai flooding and a sharp
decline in India revenues.
It was TCS’s sixth straight quarterly
revenue miss, and showed that revenue
growth convergence between TCS and
Infosys “is happening at a faster pace
than we envisaged”, according to JPMor-
gan analysts in India.
“I wouldn’t be surprised to hear peo-
ple saying that Infosys should be trading
at a premium to TCS,” said JM Finan-
cial’s Mr Kapoor. “If this year [Infosys
is] able to meet the midpoint or the
higher end of the industry growth . . . it
will be ahead of industry and that is
what people are trying to extrapolate.”
February, although BHP differs from
Rio in having oil and gas operations,
which have increased its exposure to the
oil price fall.
Other large miners including Glen-
core and Anglo American have can-
‘What we see ahead is very
sobering . . . The pressure
isn’t going to let up. This
situation is not temporary’
offshore market, compared to, say, UK
food retailing, which is extremely com-
petitive,” adds Mr Cousins.
Some industry observers say that the
wealth of food retail experience at Wes-
farmers could see it set its sights beyond
Homebase. Others, however, say deals
in the DIY sector in Europe could follow.
But many a big retailer has hit diffi-
culties overseas. Tesco was forced to
retreat from the US after five years of
operating losses and a £1bn writedown
on its Fresh & Easy arm. France’s biggest
retailer Carrefour, too, has suffered
defeats in its international operations.
In addition, the DIY market in the UK
is proving tough, with more households
opting to employ cheap labour to work
on home improvement rather than buy
the materials and tools themselves. As a
result, retailers are pulling back. Home-
base is closing 80 stores, equivalent to a
quarter of its estate as part of a three-
year turnround plan. B&Q said in March
last year that it would shut 60 stores, or
15 per cent of its estate.
Meanwhile, the A$46bn Australian
DIY and outdoor living market, where
Bunnings has an 18 per cent share, is
even more saturated. The Australian
sector has 39 stores per 1m people, com-
Technology
Samsung heads off likely Apple
loss with new Qualcomm chip
SIMON MUNDY — SEOUL
Samsung Electronics has started pro-
duction of Qualcomm’s new smart-
phone processor, a contract that will
help the South Korean group’s chip
foundry to weather an anticipated loss
of business from Apple.
Samsung has been relying on its compo-
nents businesses to shore up earnings
over the past two years after the smart-
phones division, its erstwhile profit
driver, began losing share of a slowing
market.
The foundry business — which makes
logic chips based on customers’ designs
— was given a boost last year when it
resumed producing processors for
Apple’s iPhone, but analysts expect that
business to shift to industry leader Tai-
wan Semiconductor Manufacturing Co
for this year’s model.
Samsung said yesterday that it has
been manufacturing Qualcomm’s new
Snapdragon 820 processor since the end
celled annual dividends as they try to
ease the stress on their balance sheets
during the slump.
In his memo Mr Walsh said he had
cancelled “numerous trips” and told
other executives to cut down on busi-
ness travel. “Everyone needs to do the
same,” he said.
Mr Walsh said Rio remained strong
and would try to invest during the
downturn, saying the group could
“widen the gap” with competitors. “We
can cement our advantages,” he said.
Companies with relatively strong bal-
ance sheets such as Rio are expected to
pared with 32 in the UK and 27 in the US,
according to Citigroup analyst Craig
Woolford.
Yet Bunnings continues to ride Aus-
tralia’s housing boom. Last August it
said it expected to open 30-36 ware-
house stores and up to eight smaller
stores this year and next. By 2019,
1.5m Australian households will live less
than a 20-minute drive from one of its
outlets.
Wesfarmers hopes Bunnings can
build such momentum in the UK. In a
statement yesterday, it said: “The acqui-
sition would be the first step in a pro-
gramme which would invest in the
Homebase team and reinvigorate core
Homebase assets to build an exciting
new Bunnings-branded business over
three to five years.”
Still, the real proof will be whether
Homebase’s operating profit margins
can budge from the 1.3 per cent
recorded in its last fiscal year. Rival
Kingfisher makes a little more than 5
per cent. But with Bunnings achieving
margins exceeding 11 per cent back
home in Australia, only time will tell
whether Mr Goyder can replicate
another Coles success.
See Lex
of last year, using an upgraded, lower
power version of its 14-nanometre Fin-
FET technology. Qualcomm — the
world’s biggest standalone chip designer
— effectively confirmed this deal in
November when it revealed the chip
would be made using that process.
A previous loss of business from
Apple left Samsung’s logic chip business
with idle capacity and a loss of about
$1bn in 2014, but the contract from
Qualcomm should prevent a repeat this
year, said Keon Han, an analyst at Credit
Suisse.
He estimated that Samsung’s logic
chip business — which manufactures
chips ranging from phone processors to
drivers that power television screens,
for Samsung and outside customers —
made about $10bn in revenue last year,
with Apple accounting for roughly a
sixth of that.
Samsung’s total revenue last year was
about Won201tn ($166bn), it said in
preliminary guidance last week.
19
try to use the cyclical downturn to snap
up keenly priced assets sold by weaker
miners, with BHP having said that it
would also seek acquisitions if possible.
However, so far very few of the type of
large mines that Rio or BHP would want
to buy have come up for sale.
Mr Walsh said he also wanted this
year to be the first in Rio’s history free
from workplace deaths. Safety in min-
ing, a dangerous industry, is under
renewed scrutiny following the deaths
of 17 people in November when a waste
dam collapsed at a Brazilian iron ore
mine controlled by BHP and Vale.
Media
WebMD
sale appeals
to health
and media
industries
JAMES FONTANELLA-KHAN
SAN FRANCISCO
BRYCE ELDER AND ARASH MASSOUDI
LONDON
WebMD, the internet’s best known con-
sumer health publisher, is exploring a
sale that may attract interest from both
the pharmaceuticals and media indus-
tries, according to people familiar with
the matter.
The digital company, which was
founded in 1996 to provide data and
advice about illnesses, has held talks
with a number of potential buyers.
Some of these people said bidders
might include retail pharmacy chain
Walgreens and insurance provider
United Health.
WebMD said it is “not currently in any
negotiations to be acquired” after the
Financial Times report.
Shares in WebMD initially jumped as
much as 9.5 per cent, but were off 3.4 per
cent to $51.42 after the company
released a statement during late-morn-
ing New York trading.
WebMD and Walgreens already col-
laborate on a number of initiatives,
including a virtual wellness coaching
programme that can be downloaded as
an app on smartphones. Other compa-
nies that may be interested include CVS,
a US rival to Walgreens, and health
insurers Aetna.
A deal would value WebMD at more
than its $2bn market capitalisation. The
company could also opt to form part-
nerships instead of an outright sale,
according to people close to the situa-
tion. They added WebMD last year hired
bankers to explore a sale but later chose
to remain independent.
WebMD now averages 201m unique
users per month. The company ranks as
the 104th most visited site in the US,
according to data from Alexa, the web
analytics provider.
Analysts said that traditional media
companies looking for a big digital audi-
ence could also target the site.
The company’s dominant footprint in
the consumer and physician web mar-
ket gave it “scarcity and strategic value”,
according to analysts at RBC.
“We believe the company could com-
mand a value significantly greater than
its current enterprise value based on the
strong profitability and cash flow
dynamics of the business,” RBC said,
adding it could receive more than $65 a
share in a sale.
The news of deal talks comes as the
healthcare industry is gathered in San
Francisco for the annual JPMorgan
healthcare conference. At the gathering,
WebMD told investors that online traffic
during the fourth quarter of 2015 rose
6 per cent year on year.
WebMD’s smaller rival Healthline
Networks signed a partnership with pri-
vate equity group Summit Partners to
develop its own offerings further.
‘WebMD could command
a value significantly
greater than its current
enterprise value’
20
Tesco’s Lewis leads a festive fightback against the pickle peddlers
Dave Lewis, chief executive of Tesco,
was reborn over Christmas. Gone is
“Drastic Dave”, bringer of
impairments, destroyer of worlds. In
his place is “Enthusiastic Dave”, a man
humbled by the “passion, achievement
and commitment” of his colleagues.
Has wearing a snowflake jumper
made Dave go a bit woolly? Not likely.
The ex-Unilever guy has a steely
determination to turn round the UK’s
largest supermarket chain. His mood
change reflects hard numbers, notably
like-for-like sales growth of 1.3 per cent
in Tesco’s embattled UK redoubt over
Christmas. Analysts had expected a
negative figure.
J Sainsbury and Morrisons have also
traded better than forecasts. The trio’s
numbers are apples, pears and
cucumbers. Tesco’s UK quarterly sales
fell 1.5 per cent as it reduced
Financials
Lord Smith takes
chairman’s role
at Alliance Trust
Investors welcome veteran
after predecessor’s tough
battle with US hedge fund
CHRIS NEWLANDS
Alliance Trust has appointed industry
veteran Robert Smith to chair its board,
following a governance shake-up at the
Scottish investment group.
Lord Smith of Kelvin, who led a com-
mission charged with delivering recom-
mendations for further devolution in
Scotland after the independence refer-
endum last year, succeeds Karin For-
seke, who stepped down from the 127-
year-old investment trust in November.
Ms Forseke, chairman for three-and-
a-half years, was at the centre of a battle
with rebel investor Elliott Advisors over
the performance of the company.
Investors and shareholders welcomed
the appointment of Lord Smith, who has
a long list of board positions on his CV.
He is chairman of Scotland’s Green
Investment Bank, Forth Ports and engi-
neering company IMI, and was previ-
ously chairman of Weir Group and the
energy group SSE. He was also chief
executive, then vice-chairman, of Mor-
gan Grenfell Asset Management, which
later became Deutsche Asset Manage-
ment, between 1996 and 2002.
James Maltin, investment director at
UK wealth manager Rathbones and a
shareholder in Alliance Trust, said:
“Lord Smith’s appointment is welcome:
he has invaluable experience not only
from time at the top of Morgan Grenfell
— particularly relevant given Morgan
Grenfell was the largest pension fund
manager in the UK at the time — but
Construction
Countryside looks to build on urban regeneration drive as it gears up for IPO
JUDITH EVANS
PROPERTY CORRESPONDENT
Countryside is preparing to float on the
London market, as the private equity-
owned housebuilder looks to capitalise
on benign conditions for the sector and
government enthusiasm for urban
regeneration, which makes up half of
its business.
Its return to the London market, which
could see Countryside valued at about
£1bn, follows the announcement this
week by David Cameron, the prime
minister, that up to 100 of the UK’s
worst housing estates would be torn
down and redeveloped.
“We’ve been saying for a number of
years that there is a huge opportunity
there,” said Ian Sutcliffe, chief executive
of Essex-based Countryside.
promotions. But the implication
remains: Tesco gave its two rivals
a Christmas stuffing, even as the
three staged a fightback against
pickle-peddling German discounters.
Arresting a drop in comparable sales
is one thing. Halting the capture of
market share by Aldi and Lidl is
another. On top of that, Amazon is
entering the UK groceries business.
Sainsbury’s Mike Coupe is taking the
fight to Amazon with plans to buy
Argos for a mooted £1.3bn as Home
Retail Group prepares to sell
Homebase, its other division, for
£340m.
Bad figures from Argos yesterday
simultaneously strengthened Mr
Coupe’s negotiating hand while
weakening the credibility of Argos as a
fillip to Sainsbury’s online trading.
The mooted takeover reflects an
admirable desire to get ahead of
shopping trends. But it could prove a
costly distraction, as acquisitions often
do. Amazon might lack the brand
stretch, stock management and soft
service skills to succeed in groceries.
To triumph, Tesco may need to do no
more than maintain a 28 per cent
from other chairmanships at Forth
Ports, IMI and Weir Group.”
Ms Forseke and former chief execu-
tive of the board Katherine Garrett-Cox
were ousted after they had resisted
attempts by the US hedge fund to
appoint three non-executive directors
to the board, saying it would “threaten
the very existence of the company”.
Under Ms Forseke and Ms Garrett-
Cox the company spent £3m on a cam-
paign to defend itself against Elliott.
That campaign failed and Ms Garrett-
Cox was later removed from the com-
pany’s main board in October, although
she continues to lead Alliance Trust’s
fund management arm.
Mr Maltin said: “Karin Forseke choos-
ing to step down came as no surprise,
given her position in the battle against
Elliott, and today’s announcement com-
pletes the significant changes in the
boardroom. Now it is time to focus on
the task in hand, namely ensuring Alli-
ance Trust delivers returns to its owners
worthy of their loyalty.”
Alliance said in December that since
the current investment team, headed by
Peter Michaelis and Simon Clements,
took over in 2014 its net asset value was
3.7 per cent ahead of its benchmark.
Jason Hollands, managing director of
investment adviser Tilney Bestinvest,
said: “It is too soon to declare ‘job done’,
but Alliance Trust is certainly in a lot
better place than it was 12 months ago.”
Lord Smith said: “I am looking for-
ward to getting started and playing my
part in delivering the changes that are
necessary to return the trust to the lev-
els of performance upon which it has
earned its reputation and success.”
Elliott Advisors declined to comment.
Broader political support for house-
building, such as subsidies for first-time
buyers, has helped companies to release
positive results in January. Volume
builder Taylor Wimpey was the biggest
gainer in the FTSE 100 last year.
“With the political support and posi-
tive statements from our competitors,
we think the cycle has a long way to
run,” Mr Sutcliffe added.
Countryside, which was founded in
Essex in 1958 by Alan Cherry, will seek
to raise £114m by issuing new shares to
pay down £64m of debt and accelerate
development on four sites.
Buyout group Oaktree Capital —
which bought a majority stake in Coun-
tryside from Lloyds Banking Group in
2013 — will sell down part of its holding.
The housebuilder is the third com-
pany to announce plans to float this
★ FINANCIAL TIMES
UK COMPANIES
market share and become a nicer place
for motivated people to work.
Keep smiling, Mr Lewis, it suits you.
The unsung unbungler
It is tempting to inject some drama into
Michael Roney’s departure from Bunzl
by pretending he has been abducted by
aliens. Instead, the Detroiter is simply
retiring as chief executive of the FTSE
100 distributor, whose failure to launch
big takeovers or screw up ensures it
rarely makes the news.
Mr Roney deserves a tot of Jack
Daniel’s, his favoured sharpener, for
delivering a compound return of 17 per
cent a year via Bunzl’s shares over 10
years, leaving it valued at £7bn.
Most of the growth has come from
small bolt-on acquisitions. Advertising
group WPP and building materials
heavyweight CRH have pursued the
same strategy. Bunzl buys distributors
economically from family owners and
shrinks inventory (and thus working
capital) to ensure deals wash their
faces.
Sailing was not always so plain. The
William Hill, Britain’s biggest bookmaker, is trying to keep its lead amid industry mergers — Alan Crowhurst/Getty Images
Fresh riders
William Hill
shakes up
online team
Return to market
Ascential aims to raise
£200m in London listing
Ascential, the information and events
company jointly owned by Apax
Partners and Guardian Media Group, is
planning to raise £200m in an initial
public offering in London.
The company, which last month
changed its name from Top Right
Group, said yesterday that the
proceeds of the fundraising would be
used to pay down some of its roughly
£400m of net debt.
The flotation will mark a return to
the public markets for the company,
which was acquired by Apax and GMG
company was nicknamed “Bungle”
back in the wobbly nineties. Grandee
Anthony Habgood unpicked the mess.
Mr Roney led the group into new
markets and calmer waters. He is
succeeded by Frank van Zanten, who
Bunzl picked up affordably along with
his family business in 1994. If the
Dutchman plays his hand as well as
Mr Roney, you’ll hear little about him.
Taken as read
A “right to snoop” has created workplace
jeopardy for staff and their managers.
Boss: You know a European court has
ruled employers can read personal
emails that employees send at work?
Subordinate: I hope you don’t read
mine.
B: I have to — orders from on high. I
don’t like to, of course.
S: Because it’s an unwarranted
intrusion into my privacy?
B: No, it’s just fantastically boring.
S: Pardon?
B: You heard. When you joined
Omnibank you said you “worked hard
and played hard”. The last bit was a lie.
Bookmaker William Hill has
overhauled the management of its
online business after problems with a
key new technology launch held back
growth in its fourth quarter.
Crispin Nieboer, who previously led
the company’s Shoreditch-based
innovation team, will replace Andrew
Lee, head of its online operations, as
interim managing director.
The bookmaker also appointed
Kevin O’Connor, a former chief
information officer at rival Paddy
Power, as chief information officer.
The changes come as Britain’s biggest
bookmaker tries to keep its lead amid a
series of mergers among its rivals. The
for £1bn just before the global
financial crisis began in 2008, when it
was called Emap. If the IPO is
successful, Ascential could command a
market capitalisation of more than
£800m, according to one person
familiar with the matter.
The company owns a portfolio of
businesses including the Cannes Lions
advertising festival, the financial
services event Money 20/20 and the
global fashion trend forecasting
service WGSN.
Based in London, Ascential has
offices in 14 countries and more than
1,500 employees. The company’s
shareholders are being advised by
Bank of America Merrill Lynch and
Goldman Sachs. Robert Cookson
Your only social engagement in the last
three months was going for tea with an
aunt who lives in Twickenham.
S: It’s been so hectic here.
B: So what? You’re a young guy and you
aren’t even dating. Look at Derek on
rate swaps. He’s as busy as you and he’s
having simultaneous affairs with the
head of HR, her PA and the Albanian
who replenishes the vending machines.
S: I’ll try to get out more.
B: You should. Your comments about
the CEO are another issue.
S: Was I rude about him?
B: No, you wrote “he seems like a
decent bloke”. How could you say that?
Everyone knows he’s madder than a
bag of bats. Moaning about the CEO via
email is central to the esprit de corps of
this business. You’re meant to join in.
S: I could forward his next jargon-laden
memo to Lucy Kellaway.
B: See you do. Because you know what
they say?
S: All work and no play makes Jack a
dull boy?
B: And an even duller boy of anyone
lumbered with reading Jack’s emails.
jonathan.guthrie@ft.com
UK competition regulator said
earlier this week that it would
accelerate its probe into a proposed
£2.2bn deal between Ladbrokes and
Gala Coral after they requested a
fast-track to a more detailed probe.
If cleared, the merged group would
have about 4,000 shops, compared
with William Hill’s 2,300.
In December, the CMA cleared the
all-stock merger between Paddy
Power and online betting group
Betfair, which will create a group
with combined revenues of £1.1bn
and a market capitalisation of about
£5bn. Nicholas Megaw
See Lex
week, despite volatile markets unset-
tled by worries over China and com-
modity prices. CMC Markets, a spread
betting company, and Ascential, an
information and events group, have also
said they are planning London listings.
Countryside has been in private
hands for more than a decade and has
rebounded since being taken over by
Lloyds in a 2009 refinancing deal. It has
benefited from a focus on housebuilding
in London and the south-east as prop-
erty prices rose rapidly in the region.
The company’s profits almost dou-
bled to £91m in the year to September. It
plans to adopt a progressive dividend
policy, aiming to pay out 30 per cent of
earnings. It also carries out regeneration
on public sector land through its Part-
nerships division, which works with
housing associations.
Friday 15 January 2016
City
Insider
Edited by
Harriet Agnew
harriet.agnew@ft.com
Artemis
Ode to Burns
The streets around St James’s were
ringing to the sound of bagpipes on
Wednesday night, when fund
manager Artemis — founded in
Edinburgh — hosted its first, if
slightly early, Burns’ Night. It was
communications director Ross
Leckie, donning a bright red three-
piece tartan suit for the occasion,
who stole the show. After an
enthusiastic “Address to a Haggis”
— which he then knifed so violently
that some ended up on the wall —
the evening’s highlight was his by-
rote recital of another Burns poem:
“Tam O’Shanter”. During a spirited
rendition of the tale of a drunken
farmer, who visits a haunted church
and makes a pass at a witch
wearing a short skirt (a “cutty
sark”) who then pulls the tail off his
horse, Ross threw himself into the
part by swigging liberally from a
whisky bottle. He brought the
house down when he recited the
line “A towzie tyke, black, grim and
large” whilst embracing Artemis’s
rather cuddly managing director
Dick Turpin (yes, it’s his real name).
Mr Turpin said afterwards: “I’ve
been called all of those things
before, just never all at the same
time.”
Richard Horlick
Loyalty pays off
Richard Horlick knows where his
loyalties lie. The one-time Fidelity
veteran is becoming chairman of
the €300m hedge fund Pensato —
which was founded by his Fidelity
colleague of 20 years ago, Graham
Clapp. Back then, the pair had
worked together building Fidelity’s
institutional business in Europe.
Horlick left to become head of
investment at Schroders and then
set up Spencer House, backed by
Lord Rothschild. He stepped down
from there in 2007 after an
accident and has since served on
various company boards. At
Pensato, Horlick will focus on
managing the business and
fundraising. Pensato’s performance
has been stellar. Last year, when
the MSCI Europe fell 2.34 per cent,
Pensato’s European hedge fund
was up 23 per cent and its long-
only fund gained 29 per cent. Now
seems like a good time for Mr
Horlick to inspire some loyalty in a
new group of investors.
UBS
Picture perfect
Not so long ago, UBS found itself in
hot water over an apparently sexist
advertising campaign which carried
the perplexing tagline “Am I a good
father?” No such charge was
levelled on Wednesday, though,
when chief executive Sergio
Ermotti waxed lyrical about how
important women are in his world.
The dapper banker was speaking at
the launch of an exhibition by the
renowned photographer Annie
Leibovitz, which UBS is sponsoring
across the globe. “Annie chose a
topic which is quite relevant,” Mr
Ermotti told the assembled group
of journalists at Wapping Hydraulic
Power Station. He noted that more
than half of China’s billionaires are
self-made women and said that
more and more of the bank’s own
staff hail from the fairer sex. Those
billionaires and UBS staffers will,
however, have to go elsewhere for
parenting advice.
London Boat Show
Troubled waters
The battle of Britain’s leading
boatbuilders entered uncharted
waters this week at the London
Boat Show. Sunseeker International
appeared to pinch the marketing
slogan of rival Princess Yachts on a
billboard over the show’s entrance.
“Seek the exceptional” implored the
slogan — somewhat similar to
Princess Yachts’s campaign urging
would be-captains to: “Experience
the exceptional”. Princess
marketing director Kiran Haslam
claimed to take it “in good spirit”.
All water under the bridge.
 Friday 15 January 2016 ★ FINANCIAL TIMES 21

UK COMPANIES

Retail Retail

Argos sales dip dents profit expectations Primark’s

Disappointing results put
pressure on Home Retail
to do deal with Sainsbury
ALIYA RAM AND PETER CAMPBELL
Poor Christmas trading at Argos forced
owner Home Retail Group into its sec-
ond profits downgrade in three months
yesterday, damping the price the com-
pany may be able to demand from
suitor J Sainsbury for the business.
Home Retail said like-for-like sales at
Argos fell 2.2 per cent in the 18 weeks to
January 2, a worse result than expected.
Annual group profits before tax
would be “around the bottom” of an
expected £92m to £118m range as a
result, it said.
Analysts suggested the disappointing
update would weaken the company’s
hand when negotiating with Sainsbury,
whose initial offer for Home Retail last
November was rebutted. The grocer has
until February 2 to make a fresh
approach.
“A disappointing Argos performance
is likely to increase pressure on Home
Retail Group to do a deal,” said retail
analysts at Investec.
A potential takeover by Sainsbury
Personal goods. Taking initiative
would also be smoothed by the sale of
Homebase — also part of Home Retail —
to Australian conglomerate Wesfarmers
for £340m. This deal was being finalised
and could still fall apart, Home Retail
said late on Wednesday.
Bruno Monteyne, an analyst at Bern-
stein, said a sale of Homebase “makes it
a bit easier for Sainsbury”.
John Walden, chief executive of Home
Retail since 2014, said the sale of Home-
base would “allow the group to focus on
Argos and its transformational plan”.
Last year, Mr Walden said it would
close a quarter of Homebase’s almost
300 stores by 2018.
Yesterday’s figures will strengthen the
takeover case for J Sainsbury, the UK’s
second-biggest grocer by market share,
said analysts. Its initial bid in November
came after Home Retail issued a profit
warning amid concerns over the cost of
same-day deliveries at Argos. Home
Retail spurned the approach, saying it
undervalued the company and its
“long-term prospects”.
Mr Walden said yesterday that Home
Retail had not yet gauged shareholder
sentiment towards the Sainsbury’s offer.
He added that the decision to exclude
the Habitat homeware brand from a
potential deal with Wesfarmers for
Homebase was not motivated by
demands from Sainsbury.
Retail analysts at Redburn wrote in a
note that the Homebase sale would
reduce lease liabilities and “leave Argos
as a bite-size morsel” at Home Retail.
Mr Walden has been struggling to
turn Home Retail and its Argos arm into
a digitally focused company as it grap-
ples with competition from online
retailers. He has overseen the conver-
sion of traditional Argos stores into so-
called “digital concessions” to act as dis-
tribution centres, and in October
launched a same-day delivery service.
See Lombard
margins take
a hit from
advance of
US dollar
SCHEHERAZADE DANESHKHU
CONSUMER INDUSTRIES EDITOR
Primark, a retailer that usually attracts
envious glances from rivals for its rapid
growth, has blamed an unusually
warm winter in Europe for weaker
sales over Christmas while profit mar-
gins were hit by the strong dollar.
Associated British Foods, owner of Pri-
mark, said in a trading update yesterday
that sales at the low-cost fashion chain
had risen in line with the expansion of
selling space — 7 per cent in the 16 weeks

Burberry bolstered by return to China sales growth
Third-quarter fillip put down
to new products, cost-cutting
and a better marketing drive
JOHN MURRAY BROWN AND
SCHEHERAZADE DANESHKHU
Burberry returned to growth in its key
China market in the past quarter, as new
items such as military-inspired ruck-
sacks helped attract more customers to
its stores and boost sales.
The British luxury brand, which
makes 25 per cent of its sales in China
and another 10 per cent in Hong Kong,
according to analysts’ estimates, has
been hard hit by the economic down-
turn in the region and especially by Chi-
nese tourists staying away from Hong
Kong.
But after a sales dip in the second
quarter growth resumed in the three
months to December 31, helping to
boost overall group sales by a better
than expected 1 per cent compared with
the same period a year earlier.
Hong Kong sales continued to slide —
falling by 20 per cent in the quarter
compared with the previous year. How-
ever, Burberry said that stripping out
Hong Kong and Macau, its total sales
rose by 3 per cent, as the rest of the Asia-
Pacific region enjoyed mid single-digit
increases.
‘Our sustained focus on
growth and cost control
drove a number of positive
results over the quarter’
Carol Fairweather, finance director,
said it was too soon to say that China had
turned a corner and that the improve-
ment in the recent quarter had been
down to better marketing and digital
campaigns.
“I don’t think we’re brave enough to
say it’s necessarily an improving trend,
but we’re certainly pleased with the
third-quarter performance. I think it’s
6 really down just to all the initiatives that
we’ve had in place [and] fast tracking
product using our customer insight data
in that market.”
Sales in Japan rose 50 per cent off a
small base, after the opening of a new
store. Though the 1 per cent rise in
underlying group sales to £603m in the
final three months of 2015, was better
than the no growth expected by ana-
lysts, it was well below the 15 per cent
growth Burberry had enjoyed in the
final quarter of 2014.
Most luxury groups have been hit by
the slowdown in the Chinese economy,
with LVMH closing stores and Prada
sales slumping since floating in Hong
Burberry’s 2016 menswear designs. Unusually warm weather in Europe and the US affected the luxury brand’s clothes sales, but accessories proved resilient
Kong in 2011. But Burberry and Prada
are more reliant than most other luxury
goods groups on Chinese buyers —
whether in the region or as tourists. This
has contributed to Burberry shares los-
ing one-third of their value over the past
12 months.
Burberry performance
Revenue (£bn) Pre-tax profit (£m) By nationality, Oct 2015 (%)
3 450
2 400
1 350
0 300
2011 12 13 14 15
Sources: Bloomberg; Bain; Altagamma; Burberry
Analysts at Citigroup said: “This around £19 in February 2015, opened
should provide some relief to the shares more than 5 per cent higher, before fall-
following significant underperform- ing back to close up almost 1 per cent at
ance. We note however, that some of £11.21 yesterday.
these cost pressures might come back in Christopher Bailey, chief executive
full year 2017.” and chief creative director of Burberry,
Burberry’s shares, which peaked at said the outlook remained uncertain
but that a number of initiatives, includ-
ing cost-cutting, were behind the better
Luxury goods spending performance.
“Our sustained focus on growth and
cost control drove a number of positive
results over the quarter, including the
Rest of the world
outperformance of digital and a return
Other Asian to growth in mainland China,” he said.
7 Chinese Burberry promised another £5m of
10
cost cuts, in addition to the £25m
Japanese 10 31 announced in November, and a further
reduction in bonus payments.
In Europe, Italy and Spain achieved
18 24 growth of more than 20 per cent but
France was down on the previous
period. Ms Fairweather said sales had
European American
fallen in Paris following the terrorist
attacks in November.
In the UK, Burberry’s main market in
Europe, conditions were “more chal-
lenging”, with fewer tourists from China
and the Middle East.
While the unusually warm weather in
Europe and the US, had affected sales of
clothes, accessories had proved resil-
ient, especially cashmere scarves, sales
of which had been boosted from a serv-
ice allowing customers to monogram
their initials.
“Personalisation is important to our
luxury customers,” said Ms Fair-
weather.
Burberry, which has invested heavily
in digital sales, said that the majority of
traffic to its internet site now came
through mobile phones.
It expected full-year underlying pre-
tax profits to be “broadly” in line with
analysts’ expectations. Consensus
expectations are £428m, which is 7 per
cent lower than the previous year.
It added that it would achieve this
result with additional cost savings and a
foreign exchange benefit of about
£10m.
to January 2 at constant currencies. This
fell to 3 per cent at actual exchange
rates, however, due to the weakening of
the euro against sterling.
The group did not disclose like-for-
like sales at Primark, saying only that on
this basis, trading had been “strong” in
the first seven weeks of the quarter but
“weaker” in the following nine weeks,
leading up to and during the Christmas
period.
It said that warmer and wetter
weather in Europe had prompted the
sales dip. Analysts said this suggested
that trading had been flat compared
with the same period last year.
John Bason, ABF finance director,
played down the significance of like-for-
like sales as a measure, arguing that:
“Primark is growing. It’s an expansion
story and that’s the model investors are
buying into.” He said there were no
plans to sell Primark products online.
ABF is pushing ahead with the expan-
sion of Primark, opening six stores in
the quarter, including in Madrid and a
Trading was ‘strong’
in the first seven weeks
of the quarter but ‘weaker’
during Christmas
second US store in Pennsylvania, bring-
ing the total to 299 shops. It has plans to
add a further 1.4m sq ft this year to its
existing 11.5m sq ft of floorspace.
The group, which is controlled by the
Weston family, cautioned again that
unfavourable exchange rates would
hold back profit margins at Primark.
The shares closed 0.7 per cent down at
£30.19 in London yesterday.
Primark’s operating profit margin —
12.6 per cent during the past financial
year — was lower in the quarter than in
the same period the previous year, hav-
ing been hit by the strength of the dollar,
the currency in which the chain sources
most of its materials.
But this was better than the group had
expected because of fewer markdowns
and better stock selection, it said.
Primark accounts for 60 per cent of
ABF’s operating profits. Elsewhere, the
group reported better profitability in its
grocery business, which includes Twin-
ings tea and Ovaltine beverages, aided
by strong sales growth in Australia.
In the sugar business, which has been
hit by sharp price falls ahead of EU
reforms next year to abolish production
quotas, ABF noted “some improvement
in world prices”. But this upturn would
have “no material impact on the profita-
bility of our European sugar operations
until next year”, it said.
Mr Bason was optimistic on the out-
look for sugar prices, saying: “Not only
have we stabilised the sugar business,
we have turned a corner.”
Group revenue for the quarter rose
3 per cent compared with the same
period last year at constant currencies,
but fell 2 per cent at actual rates.
See Lex

pending
Retail Energy

Asos feels the squeeze as overseas sales leap
ALIYA RAM
Online fashion retailer Asos enjoyed a
Christmas season sales boost fuelled by
its international business, although its
7 down by 40 basis points as it cut prices. retailers improve their online offerings, more than €1bn for Viridian, Northern
profitability was muted because of
lower prices. Chinese
The 31Aim-listed fashion website
reported yesterday that sales in the four
months to December 31 rose 22 per cent
to £206.2m, buoyed by a 20 per cent
jump in international trading to
£240.7m. This compares with just 5 per
24 sales growth in the international
cent
business during the last six weeks of
2014 and American
total sales growth in the same
period of 15 per cent.
“Autumn and winter in fashion is
always tricky to predict and tricky to
plan,” said Nick Beighton, who took
Burberry
over as chief executive of Asos from
founder Nick Robertson last year after a
Centrica lining up €1bn approach for Viridian
series of profit warnings in 2014. “This on screen” — has a website that ranks KIRAN STACEY for the company, but might invite con- Viridian’s power stations.” Other poten-
year has probably been one of the most ahead of rivals such as Boohoo, H&M ENERGY CORRESPONDENT sortium partners to join later to take on tial bidders are looking at Viridian,
difficult for fashion retailers.” and Next for content and ease of use. Centrica, Britain’s biggest domestic the generation side of the business. according to those close to the deal,
Asos said its retail gross margin was But, as traditional bricks-and-mortar energy supplier, is preparing a bid of Although some have suggested Cen- including AMP, the Australian financial
trica is likely to bid just over €1bn, those services company. AMP could not be
The company has plans to invest £80m analysts say Asos’s position as a leader in Ireland’s biggest power company, close to the deal say Viridian is looking reached for comment.
in technology and distribution by the the digital market could be under according to people familiar with the for a valuation closer to €1.3bn. Arcapita filed for Chapter 11 protec-
end of the financial year. It reported threat. “Declining margins, a result of deal. The company was part of a consor- tion in the US in 2012 after talks with
mobile traffic increased 85 per cent over price investment, represents work to do tium that bought Bord Gáis, the Irish creditors over a syndicated loan failed,
the Black Friday discounting weekend, for the retailer in 2016,” said Andrew Viridian has been put up for sale by its energy company, for a similar amount before exiting bankruptcy a year later.
with a 120Line
per style for y-axis
cent increase grid
in usage of lines
Hall, (except
a consultant at Conlumino.
for when double scale ticks owners,
“Like- are used)Arcapita, which is based in Bah- last year. As part of that deal it acquired If Centrica is successful, it will help
the mobile app. wise, a malaise in [rest of the
Please sample the line using the eyedropper tool world] rain, and which has set a deadline of Bord Gáis’s gas and electricity supply the company with its new strategy of
According to a survey of 3,000 UK growth (2 per cent) reflects a blinkered today for first round bids. The company business, along with one gas-fired power focusing on selling energy to customers
consumers by Jefferies, the research investment strategy which focuses on supplies electricity to about 610,000 station. rather than producing fuel for the mar-
house, Asos — which stands for “as seen the UK, Europe and US.” homes and businesses in Northern Ire- News of Centrica’s involvement was ket. Since Iain Conn became chief exec-
Asos’s international sales growth was land, and also owns both gas-fired first reported by Bloomberg. One utive at the start of last year, Centrica
predominantly driven by strength in the power stations and wind farms. energy banker, who is not directly has cut the amount of oil and gas it pro-
Asos chief US and EU, which reported growth of Industry insiders said that Centrica involved in the potential deal but who duces, especially in the North Sea, and is
executive
Nick Beighton: 42 per cent and 29 per cent respectively was among those lining up a bid for knows of its details, said: “Centrica is instead focused on its domestic supply
‘Autumn and winter compared with 2 per cent in other coun- Viridian, which is being advised by likely to be part of a consortium, and business.
in fashion is always tries where sales contributed almost Evercore. People familiar with the proc- pick off Viridian’s customer base. Its Centrica declined to comment; Virid-
tricky to predict’ £80m, Mr Beighton said. ess said Centrica was likely to bid alone shareholders are unlikely to let it buy up ian and Arcapita could not be reached.
22 FINANCIAL TIMES Friday 15 January 2016

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-0.72% -1.51% -2.68% -0.59% -0.11% -0.092% -0.346% -0.178%

1.10% 1.00% 1.19% 0.266% 1.01% 0.02%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Dec 15 - Jan 14 Index All World Dec 15 - Jan 14 Index All World Dec 15 - Jan 14 Index All World Dec 15 - Jan 14 Index All World Dec 15 - Jan 14 Index All World Dec 15 - Jan 14 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
10,598.93 19,046.55 1,969.40
2,021.94 12,789.95 6,088.05 5,960.97 1,900.01
1,911.12 12,172.08 9,794.20 17,240.95
Day 1.10% Month -5.07% Year -5.57% Day 0.01% Month -4.16% Year -13.61% Day -0.72% Month 1.01% Year -7.12% Day -1.67% Month -1.86% Year NaN% Day -2.68% Month -10.35% Year 0.90% Day -0.85% Month -2.49% Year -0.89%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
4,952.23 43,429.72 9,711.00
21,309.85 2,815.04
1,371.76
41,165.17 1,334.36 19,817.41
4,571.20 8,787.70 2,644.57
Day 1.00% Month -7.41% Year -2.00% Day 0.38% Month -1.81% Year 0.39% Day -1.51% Month -2.55% Year -1.30% Day -1.64% Month -8.75% Year -11.82% Day -0.59% Month -7.67% Year -18.16% Day -1.93% Month -6.70% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
45,261.48 21,409.63 3,510.35
4,624.67 25,320.44
17,368.50 24,772.97
16,344.30 4,312.89 19,803.41 3,007.65
39,038.70
Day 1.19% Month -5.36% Year -7.23% Day 0.24% Month -12.80% Year -18.11% Day -1.80% Month -5.20% Year 0.53% Day -1.67% Month -3.43% Year 7.56% Day 1.97% Month -12.43% Year -7.04% Day -0.33% Month -1.08% Year -9.67%

Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 10434.14 10305.92 Cyprus CSE M&P Gen 66.77 66.95 Italy FTSE Italia All-Share 21513.73 21885.53 Philippines Manila Comp 6408.76 6494.13 Taiwan Weighted Pr 7742.88 7824.61 Cross-Border DJ Global Titans ($) 220.11 218.07
Australia All Ordinaries 4964.10 5041.60 Czech Republic
PX 898.62 914.73 FTSE Italia Mid Cap 32403.55 33040.01 Poland Wig 44487.33 44708.04 Thailand Bangkok SET 1263.29 1278.61 Euro Stoxx 50 (Eur) 3033.77 3073.02
S&P/ASX 200 4909.40 4987.40 Denmark OMXC Copenahgen 20 954.44 966.42 FTSE MIB 19803.41 20139.87 Portugal PSI 20 5022.91 5147.18 Turkey BIST 100 72508.72 71740.41 Euronext 100 ID 845.29 860.59
S&P/ASX 200 Res 2123.30 2137.50 Egypt EGX 30 6205.23 6463.92 Japan 2nd Section 4465.08 4549.03 PSI General 2405.52 2456.81 UAE Abu Dhabi General Index 3955.10 4020.22 FTSE 4Good Global ($) 5040.26 5031.60
Austria ATX 2169.90 2204.05 Estonia OMX Tallinn 891.06 892.60 Nikkei 225 17240.95 17715.63 Romania BET Index 6440.93 6573.13 UK FT 30 2758.00 2785.40 FTSE All World 244.52 244.79
Belgium BEL 20 3455.01 3528.10 Finland OMX Helsinki General 8220.43 8412.73 S&P Topix 150 1159.13 1189.07 Russia Micex Index 1680.77 1684.78 FTSE 100 5918.23 5960.97 FTSE E300 1334.36 1354.80
BEL Mid 5550.96 5696.72 France CAC 40 4312.89 4391.94 Topix 1406.55 1442.09 RTX 692.99 693.65 FTSE 4Good UK 5387.44 5436.29 FTSE Eurotop 100 2643.21 2677.04
Brazil Bovespa 39038.70 38944.44 SBF 120 3410.21 3474.32 Jordan Amman SE 2121.67 2117.47 Saudi-Arabia TADAWUL All Share Index 5838.13 6038.03 FTSE All Share 3262.61 3292.60 FTSE Global 100 ($) 1222.56 1213.98
Canada S&P/TSX 60 716.76 715.21 Germany M-DAX 19296.48 19587.69 Kenya NSE 20 3835.78 3880.13 Singapore FTSE Straits Times 2644.57 2696.50 FTSE techMARK 100 3804.60 3874.93 FTSE Gold Min ($) 887.33 884.11
S&P/TSX Comp 12172.08 12170.41 TecDAX 1672.54 1719.26 Kuwait KSX Market Index 526.59 535.30 Slovakia SAX 299.44 296.77 USA DJ Composite 5608.81 5562.21 FTSE Latibex Top (Eur) 1953.50 1989.10
S&P/TSX Met & Min 256.11 254.38 XETRA Dax 9794.20 9960.96 Latvia OMX Riga 607.25 592.35 Slovenia SBI TOP 679.41 676.09 DJ Industrial 16344.30 16151.41 FTSE Multinationals ($) 1377.25 1392.35
Chile IGPA Gen 17475.64 17492.88 Greece Athens Gen 573.92 589.35 Lithuania OMX Vilnius 487.27 483.82 South Africa FTSE/JSE All Share 47697.53 48412.80 DJ Transport 6720.40 6721.37 FTSE World ($) 434.08 434.41
China FTSE A200 8300.32 8157.18 FTSE/ASE 20 163.89 169.23 Luxembourg LuxX 1287.24 1277.34 FTSE/JSE Res 20 23540.52 23770.33 DJ Utilities 584.65 579.01 FTSEurofirst 100 (Eur) 3736.88 3783.40
FTSE B35 10389.06 10242.05 Hong Kong Hang Seng 19817.41 19934.88 Malaysia FTSE Bursa KLCI 1633.44 1642.54 FTSE/JSE Top 40 42741.46 43422.42 Nasdaq 100 4235.82 4183.12 FTSEurofirst 80 (Eur) 4077.87 4146.46
Shanghai A 3147.86 3087.15 HS China Enterprise 8459.63 8494.49 Mexico IPC 41165.17 41008.78 South Korea Kospi 1900.01 1916.28 Nasdaq Cmp 4571.20 4526.06 MSCI ACWI Fr ($) 370.51 373.98
Shanghai B 365.10 355.40 HSCC Red Chip 3531.03 3548.92 Morocco MASI 8844.80 8828.91 Kospi 200 231.38 233.52 NYSE Comp 9459.06 9374.23 MSCI All World ($) 1544.28 1561.68
Shanghai Comp 3007.65 2949.55 Hungary Bux 24284.31 24330.34 Netherlands AEX 413.38 418.05 Spain IBEX 35 8787.70 8934.50 S&P 500 1911.12 1890.28 MSCI Europe (Eur) 1339.66 1333.83
Shenzhen A 1944.17 1872.68 India BSE Sensex 24772.97 24854.11 AEX All Share 634.54 642.02 Sri Lanka CSE All Share 6446.20 6554.37 Wilshire 5000 19617.29 19440.93 MSCI Pacific ($) 2166.32 2120.56
Shenzhen B 1192.15 1174.13 S&P CNX 500 6378.20 6415.95 New Zealand NZX 50 6109.29 6151.87 Sweden OMX Stockholm 30 1343.36 1360.98 Venezuela IBC 14602.10 14617.50 S&P Euro (Eur) 1356.42 1380.58
Colombia COLCAP 1096.68 1079.28 Indonesia Jakarta Comp 4513.18 4537.18 Nigeria SE All Share 25103.05 26034.93 OMX Stockholm AS 466.20 474.23 Vietnam VNI 553.03 560.37 S&P Europe 350 (Eur) 1368.00 1388.24
Croatia CROBEX 1633.23 1629.15 Ireland ISEQ Overall 6454.55 6612.98 Norway Oslo All Share 577.33 591.75 Switzerland SMI Index 8305.47 8414.83 S&P Global 1200 ($) 1703.76 1704.31
Israel Tel Aviv 100 12.86 12.91 Pakistan KSE 100 31441.02 32154.17 Stoxx 50 (Eur) 2888.19 2915.78
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Jan 14 %Chg %Chg Jan 14 %Chg %Chg Jan 14 %Chg %Chg Jan 14 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 28.1 98.19 0.80 Bp 212.9 347.70 7.89 Ferrovial 763.7 19.16 -0.92 Toyota Motor 877.7 6797.00 -156.00 Tesco 168.00 21.1 12.7 Debenhams 76.30 12.7 4.2 Xaar 501.50 16.6 19.4 Food & Drug Retailers 2602.51 9.9 4.1
Facebook Class A 26.4 95.95 0.51 Royal Dutch Shell 197.2 1391.50 8.36 Daimler Ag Na O.n. 747.3 68.24 0.00 Mitsubishi Ufj Fin,. 630.6 683.00 -17.00 Anglo American 262.95 9.9 -11.7 Home Retail 152.70 12.3 53.4 Oxford Biomedica 7.82 15.7 20.3 Automobiles & Parts 6726.62 4.9 -6.5
Amazon.com 23.5 592.49 10.68 Telecity 165.4 1273.00 -28.61 Nestle N 666.4 66.40 0.00 Sumitomo Mitsui Fin,. 425.3 4200.00 -101.00 Sainsbury (j) 250.00 4.6 -3.6 B&m Eur Value Retail S.a. 277.50 11.5 -2.5 Uk Mail 280.00 10.2 12.0 Aerospace & Defense 4124.21 1.6 -0.3
Netflix 13.6 106.29 -0.27 Hsbc Holdings 163.5 502.00 0.40 Renault 550.8 77.75 -8.91 Mizuho Fin,. 409.2 225.00 -3.40 Berkeley Holdings (the) 3607.00 4.4 -2.2 Morrison (wm) Supermarkets 166.40 11.0 12.3 E2v 229.00 10.1 1.9 Personal Goods 24758.56 1.4 -3.9
Hospira 11.8 89.95 -0.01 Glaxosmithkline 162.1 1380.50 -10.99 Novartis N 509.5 75.78 0.00 Softbank . 409.1 5520.00 -172.00 Burberry 1121.00 4.1 -6.1 Electrocomponents 234.90 8.2 -1.4 Mears 456.75 7.8 -2.4 Beverages 15161.89 0.7 -1.3
Microsoft 10.9 52.93 1.29 Lloyds Banking 161.5 66.53 -1.28 Total 464.4 38.83 0.98 Sony 386.2 2622.00 -128.00 Gkn 287.70 4.1 -7.3 Halfords 333.40 7.3 0.8 Photo-me Int 155.50 7.2 5.8 Mobile Telecommunications 5061.33 0.6 -0.8
Exxon Mobil 10.8 79.04 3.39 Sabmiller 147.3 4064.50 -10.00 Bbva 407.7 6.14 -0.07 Fast Retailing Co., 324.9 37640.00 -1050.00 Standard Life 372.00 3.8 -4.5 Jimmy Choo 133.60 5.8 -5.4 Xp Power 1506.00 6.2 4.3 Fixed Line Telecommunication 5226.93 0.5 -1.5
Bank Of America 10.1 15.03 0.13 Royal Dutch Shell 143.1 1390.00 28.05 Unicredit 404.0 4.64 0.00 Nippon Telegraph And Telephone 323.6 4718.00 -34.00 Standard Chartered 518.80 2.6 -8.0 Jd Sports Fashion 1102.00 5.6 5.9 Utv Media 185.00 5.7 5.7 General Industrials 4254.81 0.4 -3.0
Jpmorgan Chase & Co. 9.0 58.43 1.09 Vodafone 142.4 220.20 -2.30 Bayer Ag Na 395.1 104.35 0.00 Honda Motor Co., 311.2 3500.00 -106.00 Worldpay 312.70 2.5 2.4 Euromoney Institutional Investor 1049.00 4.9 5.4 Mj Gleeson 575.00 4.4 5.4 Household Goods 15744.16 0.1 -4.3
Tesla Motors 7.3 201.31 1.00 Bhp Billiton 141.1 657.00 37.40 Siemens Ag Na 387.7 83.13 0.00 Tdk 296.4 7210.00 130.00 Glaxosmithkline 1380.50 2.2 0.0 Laird 341.80 4.7 -3.9 Speedy Hire 42.00 4.3 0.6 Tobacco 44748.09 0.0 -2.5
Bae Systems 518.50 2.0 3.2 Hastings Holdings 169.80 4.2 1.7 Chemring 180.00 4.0 -5.0 Technology Hardware & Equip. 1182.98 -0.2 -7.1
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Rolls-royce Holdings 556.50 1.9 -3.2 Circassia Pharmaceuticals 322.90 3.5 1.1 Carclo 149.75 3.6 17.9 Pharmaceuticals & Biotech. 12303.59 -0.2 -4.4
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Williams Companies 14.75 1.14 8.35 B&m Eur Value Retail S.a. 277.50 20.80 8.10 Arcelormittal 3.28 0.18 5.76 Nikon 1660.00 48.00 2.98 Sports Direct Int 421.70 -17.7 -27.0 Greggs 1034.00 -17.9 -22.3 Premier Oil 19.00 -56.1 -60.8 Industrial Metals 624.41 -6.3 -13.5
Freeport-mcmoran 4.02 0.28 7.40 Vedanta Resources 241.00 17.60 7.88 Galp Energia-nom 9.95 0.47 4.98 Tdk 7210.00 130.00 1.84 Johnson Matthey 2494.00 -9.5 -13.4 Restaurant 522.00 -16.2 -19.8 Enquest 14.00 -21.3 -27.5 General Financial 8562.73 -3.3 -9.2
Vertex Pharmaceuticals 101.39 5.02 5.21 Tesco 168.00 10.23 6.46 Royal Dutch Shella 18.68 0.50 2.75 Sumco 827.00 10.00 1.22 Antofagasta 372.90 -9.2 -20.5 Allied Minds 345.00 -14.4 -13.8 Lonmin 51.75 -21.0 -38.0 Real Estate & Investment Servic 2862.51 -3.0 -6.7
Nrg Energy 10.28 0.46 4.68 Bhp Billiton 657.00 37.40 6.04 Repsol 9.07 0.24 2.71 Sumitomo Osaka Cement Co., 458.00 1.00 0.22 Hargreaves Lansdown 1303.00 -8.0 -13.5 Hays 118.80 -13.9 -18.6 Exillon Energy 85.00 -19.0 -20.6 Travel & Leisure 8445.99 -2.8 -6.6
Exxon Mobil 79.04 3.39 4.48 Anglo American 262.95 13.74 5.94 Total 38.83 0.98 2.59 Shinsei Bank, 212.00 0.00 0.00 Royal Dutch Shell 1391.50 -6.9 -11.2 Tullow Oil 138.80 -13.1 -21.3 Nanoco 48.00 -14.3 -16.5 Health Care Equip.& Services 6837.50 -2.8 -5.5
Merlin Entertainments 406.70 -6.7 -10.7 Cable & Wireless Communications 66.85 -13.0 -12.9 Int Biotechnology Trust 453.00 -13.7 -16.3 Real Estate Investment Trusts 3082.54 -2.5 -5.1
Downs Downs Downs Downs
Aberdeen Asset Management 232.50 -6.2 -19.3 Ashmore 213.40 -13.0 -16.8 Johnston Press 40.00 -10.6 -20.6 Electronic & Electrical Equip. 3935.72 -2.4 -6.9
Best Buy 26.44 -2.82 -9.64 Restaurant 522.00 -88.00 -13.79 Renault 77.75 -8.91 -10.28 Sumitomo (sumitomo Shoji Kaisha,) 1123.50 -68.50 -5.75
Royal Dutch Shell 1390.00 -6.1 -11.0 Michael Page Int 405.80 -12.1 -16.2 Wanton 171.25 -10.3 -12.3 Food Producers 8218.84 -1.7 -7.0
Consol Energy 5.67 -0.39 -6.36 Thomas Cook 109.70 -9.80 -8.20 Altice B 13.07 -1.05 -7.40 Eisai Co., 7242.00 -413.00 -5.40
Next 6670.00 -5.4 -10.0 Virgin Money Holdings (uk) 318.00 -11.0 -16.5 Petropavlovsk 5.65 -10.3 -13.3 Oil Equipment & Services 11934.38 -1.7 -8.1
Gamestop Class A 25.54 -1.40 -5.20 Betfair 3644.00 -227.00 -5.86 Altice 12.95 -0.96 -6.90 Alps Electric Co., 2771.00 -150.00 -5.14
Glencore 78.62 -5.4 -17.7 Aldermore 195.00 -10.6 -15.8 Biotech Growth Trust (the) 636.00 -10.0 -17.2 Mining 6495.40 -1.7 -11.4
Range Resources 22.77 -1.14 -4.77 Cls Holdings 1667.00 -102.00 -5.77 Casino Guichard 38.18 -2.54 -6.23 Kikkoman 3710.00 -190.00 -4.87
Shire 4130.00 -5.3 -12.1 Dignity 2282.00 -9.6 -10.7 Lsl Property Services 261.00 -9.9 -8.4 Construction & Materials 4835.90 -1.5 -6.3
Borgwarner 32.29 -1.55 -4.58 Dignity 2282.00 -136.00 -5.62 Accor 35.15 -2.08 -5.57 Ngk Insulators, 2378.00 -117.00 -4.69
Inmarsat 1055.00 -4.9 -7.2 Booker 159.30 -9.4 -12.2 Fenner 122.50 -8.9 -14.3 Chemicals 10038.11 -1.5 -6.7
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Jan 14 Currency Mid Change Mid Change Mid Change Jan 14 Currency Mid Change Mid Change Mid Change Jan 14 Currency Mid Change Mid Change Mid Change Jan 14 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 13.4467 -0.0996 14.5755 -0.1214 19.3552 -0.2095 Indonesia Indonesian Rupiah 13910.0000 82.5000 15077.7939 75.6186 20022.1846 51.1825 Poland Polish Zloty 4.0451 0.0409 4.3847 0.0404 5.8225 0.0394 ..Three Month 0.6948 0.0024 0.7529 0.0019 - -
Australia Australian Dollar 1.4366 0.0072 1.5572 0.0064 2.0678 0.0034 Israel Israeli Shekel 3.9420 0.0069 4.2729 0.0035 5.6741 -0.0094 Romania Romanian Leu 4.1844 0.0047 4.5357 0.0010 6.0231 -0.0136 ..One Year 0.6951 0.0023 0.7522 0.0019 - -
Bahrain Bahrainin Dinar 0.3771 0.0005 0.4087 0.0002 0.5427 -0.0011 Japan Japanese Yen 118.0850 -0.2100 127.9985 -0.3459 169.9725 -0.8802 Russia Russian Ruble 76.2769 0.0088 82.6805 -0.0668 109.7936 -0.3600 United States United States Dollar - - 1.0840 -0.0010 1.4394 -0.0049
Bolivia Bolivian Boliviano 6.9000 - 7.4793 -0.0069 9.9319 -0.0337 ..One Month 118.0849 -0.2101 127.9985 -0.3458 169.9724 -0.8804 Saudi Arabia Saudi Riyal 3.7512 -0.0039 4.0661 -0.0079 5.3994 -0.0239 ..One Month - - 1.0839 -0.3603 1.4394 -0.0049
Brazil Brazilian Real 4.0032 0.0149 4.3393 0.0121 5.7622 0.0019 ..Three Month 118.0847 -0.2105 127.9985 -0.3458 169.9722 -0.8809 Singapore Singapore Dollar 1.4378 0.0044 1.5585 0.0033 2.0695 -0.0007 ..Three Month - - 1.0837 -0.3603 1.4394 -0.0049
Canada Canadian Dollar 1.4357 0.0098 1.5562 0.0091 2.0665 0.0071 ..One Year 118.0835 -0.2129 127.9985 -0.3458 169.9724 -0.8821 South Africa South African Rand 16.4625 0.0363 17.8446 0.0229 23.6963 -0.0281 ..One Year - - 1.0825 -0.3603 1.4397 -0.0049
Chile Chilean Peso 725.6850 -1.7750 786.6078 -2.6512 1044.5569 -6.1089 Kenya Kenyan Shilling 102.4000 - 110.9967 -0.1024 147.3954 -0.5003 South Korea South Korean Won 1213.4500 9.4500 1315.3217 9.0397 1746.6498 7.7202 Venezuela Venezuelan Bolivar Fuerte 6.3053 0.0203 6.8346 0.0157 9.0758 -0.0016
China Chinese Yuan 6.5885 0.0124 7.1416 0.0069 9.4835 -0.0143 Kuwait Kuwaiti Dinar 0.3041 - 0.3296 -0.0003 0.4377 -0.0015 Sweden Swedish Krona 8.5648 0.0418 9.2838 0.0368 12.3282 0.0185 Vietnam Vietnamese Dong 22437.5000 21.0000 24321.1954 0.3549 32296.8207 -79.2599
Colombia Colombian Peso 3236.7750 -5.5850 3508.5097 -9.2949 4659.0420 -23.8797 Malaysia Malaysian Ringgit 4.3900 0.0110 4.7585 0.0075 6.3190 -0.0056 Switzerland Swiss Franc 1.0087 -0.0007 1.0933 -0.0018 1.4519 -0.0059 European Union Euro 0.9226 0.0009 - - 1.3279 -0.0033
Costa Rica Costa Rican Colon 533.7400 0.0400 578.5486 -0.4901 768.2697 -2.5498 Mexico Mexican Peson 17.8883 0.0321 19.3900 0.0169 25.7485 -0.0410 Taiwan New Taiwan Dollar 33.4920 0.0860 36.3037 0.0598 48.2087 -0.0394 ..One Month 0.9225 0.0009 - - 1.3279 -0.0033
Czech Republic Czech Koruna 24.9274 0.0216 27.0201 -0.0015 35.8806 -0.0906 New Zealand New Zealand Dollar 1.5470 0.0228 1.6769 0.0231 2.2268 0.0253 Thailand Thai Baht 36.3100 0.0600 39.3583 0.0288 52.2649 -0.0907 ..Three Month 0.9223 0.0008 - - 1.3277 -0.0033
Denmark Danish Krone 6.8852 0.0068 7.4632 0.0005 9.9106 -0.0237 Nigeria Nigerian Naira 199.3100 0.0800 216.0425 -0.1124 286.8884 -0.8582 Tunisia Tunisian Dinar 2.0469 0.0018 2.2187 -0.0001 2.9463 -0.0075 ..One Year 0.9211 0.0009 - - 1.3271 -0.0033
Egypt Egyptian Pound 7.8230 0.0168 8.4797 0.0104 11.2604 -0.0140 Norway Norwegian Krone 8.8053 0.0007 9.5445 -0.0080 12.6744 -0.0420 Turkey Turkish Lira 3.0252 0.0102 3.2791 0.0080 4.3544 0.0000
Hong Kong Hong Kong Dollar 7.7847 0.0233 8.4382 0.0175 11.2054 -0.0044 Pakistan Pakistani Rupee 104.9150 - 113.7228 -0.1049 151.0155 -0.5126 United Arab Emirates UAE Dirham 3.6731 0.0001 3.9814 -0.0035 5.2870 -0.0177
Hungary Hungarian Forint 290.9452 0.2866 315.3706 0.0201 418.7888 -1.0075 Peru Peruvian Nuevo Sol 3.4246 0.0016 3.7120 -0.0017 4.9293 -0.0145 United Kingdom Pound Sterling 0.6947 0.0024 0.7531 0.0019 - -
India Indian Rupee 67.2350 0.4150 72.8795 0.3830 96.7786 0.2709 Philippines Philippine Peso 47.6400 0.1050 51.6395 0.0663 68.5734 -0.0811 ..One Month 0.6947 0.0024 0.7530 0.0019 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Jan 14 Jan 13 Jan 12 Jan 11 Jan 08 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 2758.00 2785.40 2772.30 2737.30 2750.20 0.00 2875.90 2722.80 Leisure Goods 2.01 Consumer Goods -3.62 Chemicals -5.48 FTSE 100 Price Change FTSE 100 Price Change
Jan 14 chge% Index Jan 13 Jan 12 ago yield% Cover ratio adj Return FT 30 Div Yield 1.82 1.80 1.81 1.83 1.82 0.00 3.93 2.74 Mobile Telecomms 0.64 Health Care Eq & Srv -3.82 Personal Goods -5.50 3I Group PLC 448.20 -11.40 Kingfisher PLC 334.20 -4.90
FTSE 100 (100) 5918.23 -0.72 6118.46 5960.97 5929.24 6498.78 4.20 1.46 16.29 0.97 4637.79 P/E Ratio net 24.50 24.84 24.69 24.37 24.46 0.00 19.44 14.26 Telecommunications -0.20 Electricity -3.85 Technology -6.05 Aberdeen Asset Management PLC 232.50 -10.50 Land Securities Group PLC 1097 -27.00
FTSE 250 (250) 16413.27 -1.69 16968.55 16695.77 16687.91 15915.29 2.74 1.92 18.98 8.09 11429.07 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Aerospace & Defense -0.29 Health Care -3.87 Food Producers -6.25 Admiral Group PLC 1611 -24.00 Legal & General Group PLC 245.20 -2.40
FTSE 250 ex Inv Co (209) 17816.34 -1.75 18419.09 18134.42 18123.47 17148.93 2.77 2.02 17.91 7.65 12649.53 FT 30 hourly changes Gas Water & Multi -0.91 Pharmace & Biotech -3.87 Financials -6.41 Anglo American PLC 262.95 31.50 Lloyds Banking Group PLC 66.53 -1.27
FTSE 350 (350) 3309.08 -0.89 3421.03 3338.83 3323.96 3558.24 3.94 1.52 16.71 0.74 5226.98 8 9 10 11 12 13 14 15 16 High Low Fixed Line Telecomms -1.41 Nonlife Insurance -3.94 Industrial Eng -6.44 Antofagasta PLC 372.90 4.10 London Stock Exchange Group PLC 2494 -45.00
FTSE 350 ex Investment Trusts (309) 3285.46 -0.88 3396.61 3314.69 3299.53 3537.13 3.97 1.52 16.53 0.68 2672.09 2785.4 2738.8 2742.4 2732.7 2730.5 2747.5 2750.1 2735.2 2763.1 2785.4 2720.9 Utilities -1.52 Industrials -3.98 Financial Services -6.75 Arm Holdings PLC 961.00 -22.00 Marks And Spencer Group PLC 425.10 -3.60
FTSE 350 Higher Yield (108) 3008.76 -0.09 3110.55 3011.41 2989.99 3478.34 5.78 1.28 13.51 0.85 4874.70 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Beverages -1.83 FTSE 250 Index -4.00 Banks -7.14 Ashtead Group PLC 997.00 -46.00 Merlin Entertainments PLC 406.70 -23.10
FTSE 350 Lower Yield (242) 3297.15 -1.69 3408.70 3353.93 3347.89 3290.51 2.07 2.20 22.01 0.54 3490.40 Food & Drug Retailer -2.29 Real Est Invest & Tr -4.03 Forestry & Paper -8.32 Associated British Foods PLC 3019 -22.00 Mondi PLC 1231 -40.00
FTSE SmallCap (290) 4429.98 -1.43 4579.85 4494.38 4470.96 4366.66 2.95 1.37 24.72 4.72 6079.59 Industrial Transport -2.57 Real Est Invest & Se -4.04 Oil & Gas Producers -8.39
FTSE SmallCap ex Inv Co (155) 4032.61 -1.15 4169.03 4079.32 4052.23 3805.66 2.89 1.81 19.12 4.34 5811.65 FX: EFFECTIVE INDICES FTSE SmallCap Index -3.05 Household Goods & Ho -4.22 Oil & Gas -8.51
Astrazeneca PLC 4323 -73.50 National Grid PLC 937.20 -5.10
Aviva PLC 474.60 -7.20 Next PLC 6670 -35.00
FTSE All-Share (640) 3262.61 -0.91 3372.99 3292.60 3277.84 3497.58 3.90 1.52 16.91 0.83 5213.50 Tobacco -3.21 Electronic & Elec Eq -4.28 Tech Hardware & Eq -8.78
Jan 13 Jan 12 Mnth Ago Jan 14 Jan 13 Mnth Ago Babcock International Group PLC 974.50 -16.50 Old Mutual PLC 158.90 -2.30
FTSE All-Share ex Inv Co (464) 3224.93 -0.89 3334.03 3253.79 3238.77 3463.12 3.95 1.53 16.57 0.72 2666.33 Travel & Leisure -3.27 NON FINANCIALS Index -4.47 Life Insurance -8.97 Bae Systems PLC 518.50 -6.00 Pearson PLC 719.50 19.00
FTSE All-Share ex Multinationals (575) 1129.73 -1.68 968.02 1149.08 1148.79 1126.41 2.96 1.56 21.63 0.37 1926.45 Australia 88.78 88.60 91.09 Sweden 79.78 79.58 78.97 Software & Comp Serv -3.30 General Retailers -4.68 Automobiles & Parts -9.73 Barclays PLC 197.70 -4.00 Persimmon PLC 1940 -69.00
FTSE Fledgling (100) 7524.28 -1.02 7778.83 7602.07 7603.65 6941.60 2.56 1.18 33.02 7.84 13572.85 Canada 82.54 82.46 85.75 Switzerland 157.64 158.88 159.69 Media -3.55 Support Services -4.82 Basic Materials -10.79 Barratt Developments PLC 590.00 -23.00 Provident Financial PLC 3052 -108.00
FTSE Fledgling ex Inv Co (50) 10455.09 -0.81 10808.79 10540.55 10571.16 8685.51 2.70 1.44 25.69 0.00 18328.13 Denmark 106.02 106.10 105.95 UK 88.97 88.63 92.60 Consumer Services -3.56 FTSE All{HY-}Share Index -4.98 Oil Equipment & Serv -11.65 Berkeley Group Holdings (The) PLC 3607 -93.00 Prudential PLC 1373 -11.00
FTSE All-Small (390) 3074.05 -1.41 3178.05 3118.09 3102.69 3020.65 2.93 1.36 25.03 3.27 5416.82 Japan 130.99 131.55 126.80 USA 106.69 106.74 105.31 Equity Invest Instr -3.56 Construct & Material -5.25 Mining -12.02 Bg Group PLC 953.90 27.20 Randgold Resources LD 4229 -25.00
FTSE All-Small ex Inv Co Index (205) 3012.19 -1.13 3114.10 3046.69 3027.58 2826.44 2.88 1.80 19.31 3.12 5500.03 New Zealand 112.14 111.60 113.91 Euro 86.59 86.50 86.23 FTSE 100 Index -5.28 Industrial Metals & -13.16 Bhp Billiton PLC 657.00 37.40 Reckitt Benckiser Group PLC 6032 -111.00
FTSE AIM All-Share Index (854) 708.34 -1.44 732.30 718.65 720.87 697.46 1.55 0.65 99.78 0.32 762.69 Norway 83.82 83.07 83.65
BP PLC 347.70 11.85 RELX PLC 1171 -9.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3639.5 -81.50 Rio Tinto PLC 1735 51.50
Oil & Gas (18) 5625.32 3.34 5815.63 5443.75 5370.73 7171.46 6.69 0.20 74.81 0.00 4711.57 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 732.00 -10.50 Rolls-Royce Holdings PLC 556.50 -4.00
Oil & Gas Producers (11) 5354.58 3.35 5535.73 5180.93 5114.10 6834.64 6.71 0.16 92.03 0.00 4637.36 Bt Group PLC 467.00 -9.15 Royal Bank Of Scotland Group PLC 277.00 -4.80
Oil Equipment Services & Distribution (7)12413.67 2.86 12833.64 12068.15 11725.99 15225.37 6.14 1.41 11.56 0.00 9129.74 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 1812 -26.00 Royal Dutch Shell PLC 1390 44.50
Basic Materials (28) 2451.72 3.14 2534.66 2377.03 2356.96 4411.85 8.36 1.88 6.36 1.30 2405.19 Burberry Group PLC 1121 9.00 Royal Dutch Shell PLC 1391.5 45.50
Chemicals (7) 10754.66 -1.88 11118.50 10960.83 10882.76 12380.86 2.67 2.27 16.53 35.08 9275.09 Jan 14 No of US $ Day Mth YTD Total
YTD Gr Div Jan 14 No of US $ Day Mth YTD Total YTD Gr Div Capita PLC 1171 -20.00 Royal Mail PLC 437.60 -5.70
Forestry & Paper (1) 14468.60 -3.15 14958.09 14938.74 14762.43 12670.31 2.49 3.37 11.89 0.00 15029.58 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Carnival PLC 3649 -250.00 Rsa Insurance Group PLC 403.90 -6.30
Industrial Metals & Mining (2) 636.24 2.67 657.76 619.69 627.63 1497.44 1.81 -18.64 -2.96 0.00 555.24 FTSE Global All Cap 7742 417.94 -0.9 -5.8 -7.3 -7.3 572.10
2.7 Oil & Gas 164 273.98 -0.7 -0.7 -10.2 418.75 -10.2 4.7 Centrica PLC 212.10 1.90 Sabmiller PLC 4064.5 -10.00
Mining (18) 6231.24 4.77 6442.05 5947.32 5896.31 12543.39 10.02 1.85 5.39 0.00 3199.22 FTSE Global All Cap 7105 429.14 -1.1 -5.9 -7.5 -7.5 577.14
2.6 Oil & Gas Producers 116 257.80 -0.3 -0.3 -9.7 401.02 -9.6 4.7 Coca-Cola Hbc AG 1384 -30.00 Sage Group PLC 575.50 -8.00
FTSE Global Large Cap 1416 370.11 -0.9 -5.6 -7.1 -7.2 518.27
2.9 Oil Equipment & Services 39 242.38 -2.6 -2.6 -12.7 337.93 -12.7 5.4 Compass Group PLC 1134 -14.00 Sainsbury (J) PLC 250.00 2.30
Industrials (119) 4160.59 -1.42 4301.35 4220.68 4199.35 4253.84 2.64 1.19 31.72 0.99 4135.28
Construction & Materials (14) 5040.15 -1.88 5210.66 5136.52 5119.78 4201.75 2.33 -0.81 -53.09 0.00 5150.27 FTSE Global Mid Cap 1636 558.29 -0.8 -5.8 -7.2 -7.3 729.37
2.2 Basic Materials 261 317.77 0.1 0.1 -9.6 465.88 -9.5 3.7 Crh PLC 1830 -41.00 Schroders PLC 2593 -89.00
Aerospace & Defense (9) 4286.55 -1.05 4431.57 4332.13 4302.25 4922.39 2.67 0.96 39.11 1.32 4432.77 FTSE Global Small Cap 4690 574.25 -1.4 -6.9 -8.4 -8.4 728.65
2.2 Chemicals 122 542.28 0.0 0.0 -8.3 797.35 -8.3 2.8 Dcc PLC 5230 -110.00 Severn Trent PLC 2105 -29.00
General Industrials (6) 3455.14 -1.01 3572.03 3490.56 3491.22 3153.19 3.30 1.67 18.17 0.00 3761.52 FTSE All-World 3052 244.79 -0.9 -5.6 -7.1 -7.2 353.52
2.8 Forestry & Paper 16 186.47 1.0 1.0 -4.9 299.51 -4.9 3.6 Diageo PLC 1810 -41.50 Shire PLC 4130 -139.00
Electronic & Electrical Equipment (10) 5082.21 -1.66 5254.15 5168.01 5170.10 5005.42 2.43 1.97 20.96 0.00 4500.85 FTSE World 2537 434.41 -0.9 -5.7 -7.1 -7.1 842.37
2.7 Industrial Metals & Mining 67 223.04 0.3 0.3 -13.3 328.45 -13.3 3.7 Direct Line Insurance Group PLC 368.50 -4.10 Sky PLC 1057 -26.00
Industrial Engineering (14) 7130.00 -0.37 7371.22 7156.40 7139.76 8971.48 3.44 1.57 18.49 0.00 8348.59 FTSE Global All Cap ex UNITED KINGDOM In 7417 429.27 -1.1 -5.8 -7.3 -7.4 579.47
2.6 Mining 56 282.62 0.3 0.3 -12.7 414.17 -12.7 7.6 Dixons Carphone PLC 454.90 -14.70 Smith & Nephew PLC 1126 -24.00
Industrial Transportation (8) 3748.75 -1.35 3875.57 3800.01 3854.23 4072.98 4.05 0.94 26.33 0.00 3153.71 FTSE Global All Cap ex USA 5739 389.70 1.0 -4.9 -6.6 -6.6 565.70
3.2 Industrials 534 277.32 -0.5 -0.5 -7.3 385.47 -7.3 2.5 Easyjet PLC 1642 -48.00 Smiths Group PLC 920.00 27.50
Support Services (58) 6291.40 -1.64 6504.25 6396.45 6346.98 6271.36 2.42 1.51 27.38 2.30 6315.73 FTSE Global All Cap ex JAPAN 6480 424.49 -1.3 -5.9 -7.5 -7.5 586.21
2.8 Construction & Materials 109 390.28 0.4 0.4 -6.9 567.83 -6.8 2.3 Experian PLC 1132 -11.00 Sports Direct International PLC 421.70 -6.10
FTSE Developed 2101 396.53 -1.0 -5.7 -7.0 -7.1 546.87
2.7 Aerospace & Defense 28 481.02 -1.4 -1.4 -5.1 663.01 -5.0 2.2 Fresnillo PLC 702.50 10.50 Sse PLC 1460 -23.00
Consumer Goods (40) 17698.78 -1.86 18297.55 18033.30 17906.14 16382.37 3.10 1.73 18.64 0.46 12485.71
FTSE Developed All Cap 5736 414.96 -1.1 -5.8 -7.2 -7.2 566.12
2.6 General Industrials 56 200.08 -0.7 -0.7 -7.8 298.67 -7.8 2.8 Gkn PLC 287.70 -3.80 St. James's Place PLC 918.00 -18.50
Automobiles & Parts (1) 6761.08 -1.30 6989.82 6850.39 6775.18 8356.77 2.95 1.53 22.11 0.00 6217.76
FTSE Developed Large Cap 916 367.09 -1.0 -5.6 -7.0 -7.0 513.18
2.8 Electronic & Electrical Equipment 69 288.81 0.6 0.6 -8.7 370.22 -8.7 2.1 Glaxosmithkline PLC 1380.5 -4.00 Standard Chartered PLC 518.80 2.50
Beverages (6) 15174.56 -1.40 15687.94 15389.84 15302.16 14368.99 2.52 1.65 24.11 0.00 10335.75
FTSE Developed Europe Large Cap 219 310.19 0.7 -4.5 -6.0 -6.0 488.85
3.7 Industrial Engineering 104 495.28 1.0 1.0 -7.6 677.32 -7.6 2.9 Glencore PLC 78.62 6.75 Standard Life PLC 372.00 -3.00
Food Producers (10) 8319.39 -0.95 8600.85 8399.61 8365.15 8293.79 1.97 1.39 36.41 3.94 6965.25
FTSE Developed Europe Mid Cap 302 483.24 0.6 -4.3 -5.7 -5.7 692.30
2.7 Industrial Transportation 96 453.88 -1.8 -1.8 -8.3 629.32 -8.3 2.7 Hammerson PLC 576.50 -11.50 Taylor Wimpey PLC 189.00 -10.00
Household Goods & Home Construction (13)13177.46 -2.64 13623.27 13534.26 13424.47 10511.73 2.21 2.54 17.84 0.00 8964.25
FTSE Dev Europe Small Cap 721 685.96 0.3 -4.7 -6.2 -6.2 957.16
2.4 Support Services 72 257.27 -0.7 -0.7 -6.7 343.79 -6.7 2.1 Hargreaves Lansdown PLC 1303 -37.00 Tesco PLC 168.00 9.70
Leisure Goods (2) 5434.15 -1.96 5617.99 5542.54 5524.54 4968.12 4.40 1.32 17.16 0.00 4602.39
FTSE North America Large Cap 318 403.41 -2.5 -6.1 -7.5 -7.6 531.54
2.4 Consumer Goods 422 393.43 -0.1 -0.1 -5.5 559.71 -5.5 2.6 Hikma Pharmaceuticals PLC 2104 -107.00 Travis Perkins PLC 1891 -38.00
Personal Goods (6) 21556.19 -1.13 22285.46 21802.51 21569.52 22226.41 3.03 3.01 10.98 0.00 13907.33
FTSE North America Mid Cap 393 584.82 -2.5 -7.4 -8.6 -8.7 722.18
1.9 Automobiles & Parts 103 347.17 0.4 0.4 -9.0 474.30 -9.0 2.8 HSBC Holdings PLC 502.00 -2.80 Tui AG 1194 -62.00
Tobacco (2) 44748.17 -2.18 46262.05 45747.38 45455.47 41438.79 4.46 1.18 19.07 0.00 27270.55
FTSE North America Small Cap 1521 578.10 -2.8 -8.8 -9.9 -9.9 694.77
2.0 Beverages 48 551.96 -0.2 -0.2 -3.5 796.36 -3.5 2.5 Imperial Tobacco Group PLC 3535.5 -78.50 Unilever PLC 2820 -40.50
Health Care (19) 9042.16 -1.46 9348.07 9176.27 9028.66 9549.82 3.87 3.53 7.33 0.18 6593.14
FTSE North America 711 268.81 -2.5 -6.4 -7.7 -7.8 362.95
2.4 Food Producers 106 532.04 -0.4 -0.4 -4.8 779.21 -4.7 2.3 Inmarsat PLC 1055 -56.00 United Utilities Group PLC 923.50 -18.00
Health Care Equipment & Services (7) 6939.82 -1.92 7174.60 7075.36 7109.21 6684.59 1.64 2.16 28.34 1.60 5885.35
FTSE Developed ex North America 1390 212.97 1.2 -4.7 -6.0 -6.1 331.63
3.2 Household Goods & Home Construction 47 378.22 -0.4 -0.4 -5.8 534.77 -5.8 2.4 Intercontinental Hotels Group PLC 2309 -179.00 Vodafone Group PLC 220.20 -2.30
Pharmaceuticals & Biotechnology (12)12214.46 -1.42 12627.69 12390.32 12167.08 13017.06 4.07 3.58 6.86 0.00 7910.97
FTSE Japan Large Cap 177 309.65 2.6 -5.3 -5.5 -5.5 387.33
2.1 Leisure Goods 28 120.82 0.5 0.5 -8.4 155.53 -8.4 1.5 International Consolidated Airlines Group S.A. 564.00 -25.50 Whitbread PLC 4010 -126.00
Consumer Services (97) 4680.48 -1.93 4838.82 4772.67 4784.90 4614.63 2.42 1.60 25.79 1.00 4225.62 FTSE Japan Mid Cap 303 468.40 2.5 -4.3 -4.7 -4.7 565.94
1.6 Personal Goods 79 565.95 0.0 0.0 -5.3 767.08 -5.3 2.1
Food & Drug Retailers (7) 2713.39 2.55 2805.18 2645.79 2625.38 3237.03 1.97 -1.50 -33.75 0.00 3102.77 Intertek Group PLC 2714 -38.00 Wolseley PLC 3403 -56.00
FTSE Global wi JAPAN Small Cap 782 500.55 2.7 -3.6 -4.9 -4.9 624.22
1.9 Tobacco 11 1204.04 -0.4 -0.4 -1.1 2352.91 -1.1 4.0 Intu Properties PLC 297.50 -4.60 Worldpay Group PLC 312.70 -4.10
General Retailers (32) 2787.97 -1.22 2882.29 2822.53 2813.89 2810.20 2.60 2.24 17.16 1.98 3058.11
FTSE Japan 480 129.05 2.6 -5.1 -5.4 2.0 Health Care
-5.4 181.38 173 425.51 -1.6 -1.6 -7.2 592.98 -7.1 2.0 Itv PLC 259.80 -8.30 Wpp PLC 1446 -31.00
Media (22) 7156.02 -1.92 7398.12 7296.28 7314.77 6711.31 2.86 1.62 21.62 1.47 4225.68
FTSE Asia Pacific Large Cap ex Japan 530 497.22 1.2 -5.1 -8.1 -8.1 743.78
3.5 Health Care Equipment & Services 61 613.42 -1.9 -1.9 -5.6 703.59 -5.6 1.0 Johnson Matthey PLC 2494 -79.00
Travel & Leisure (36) 8253.59 -3.53 8532.82 8555.53 8627.99 7879.98 2.08 1.95 24.61 0.00 7521.92
FTSE Asia Pacific Mid Cap ex Japan 430 694.03 1.2 -2.9 -7.1 -7.1 1001.36
3.1 Pharmaceuticals & Biotechnology 112 321.25 -1.6 -1.6 -7.7 465.18 -7.6 2.3
Telecommunications (7) 3948.66 -1.52 4082.25 4009.54 3988.96 3777.64 4.14 0.18 131.77 0.00 4137.62 FTSE Asia Pacific Small Cap ex Japan 1424 465.91 0.9 -2.8 -6.7 -6.7 663.18
2.9 Consumer Services 385 364.53 -1.8 -1.8 -6.5 473.69 -6.4 1.8
Fixed Line Telecommunications (5) 5312.40 -1.77 5492.12 5408.21 5379.76 4614.23 2.92 1.74 19.71 0.00 4607.19
Mobile Telecommunications (2) 5053.66 -1.34 5224.64 5122.56 5096.72 5134.65 4.98 -0.44 -45.73 0.00 4726.54
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
960
2006
395.13
523.91
1.2
0.8
-4.9
-5.2
-8.0
-8.3
-8.0 628.23
3.5 Food & Drug Retailers
-8.3 747.33
3.4 General Retailers
53 281.29
121 495.31
-1.1
-2.7
-1.1
-2.7
-6.2 380.38
-7.0 627.96
-6.1
-7.0
1.9
1.6
UK STOCK MARKET TRADING DATA
Utilities (7) 8252.48 -0.70 8531.67 8310.73 8300.74 8552.68 4.91 1.36 14.93 0.00 8788.64 FTSE Emerging Large Cap 500 491.66 0.8 -5.8 -8.7 -8.7 705.64
3.5 Media 87 272.76 -1.5 -1.5 -5.7 355.28 -5.7 2.0 Jan 14 Jan 13 Jan 12 Jan 11 Jan 08 Yr Ago
Electricity (2) 8357.16 -1.45 8639.89 8480.17 8420.29 8784.59 6.03 1.35 12.31 0.00 11117.41 FTSE Emerging Mid Cap 451 663.67 0.8 -2.4 -6.5 -6.5 942.16
3.1 Travel & Leisure 124 356.32 -1.1 -1.1 -6.6 467.49 -6.6 1.8 SEAQ Bargains 4838.00 5618.00 5168.00 4970.00 4970.00 4970.00
Gas Water & Multiutilities (5) 7775.13 -0.51 8038.17 7815.06 7817.26 8029.45 4.63 1.37 15.78 0.00 8313.03 FTSE Emerging Small Cap 1055 570.73 0.5 -3.6 -7.3 -7.3 784.67
3.2 Telecommunication 92 151.36 0.2 0.2 -3.9 267.40 -3.5 4.4 Order Book Turnover (m) 49.11 - - 35.69 35.69 35.69
Financials (285) 4238.34 -1.41 4381.73 4298.91 4303.32 4598.86 3.86 1.87 13.82 2.84 3704.22 FTSE Emerging Europe 99 250.20 0.7 -5.6 -6.3 -6.3 367.69
4.6 Fixed Line Telecommuniations 44 128.21 -0.4 -0.4 -3.3 248.39 -2.6 4.9 Order Book Bargains 1174401.00 113.00 - 986020.00 986020.00 986020.00
Banks (9) 3477.00 -1.09 3594.63 3515.29 3535.69 4171.92 4.73 1.37 15.50 0.00 2396.80 FTSE Latin America All Cap 243 545.89 0.3 -10.0 -8.7 -8.8 806.94
4.0 Mobile Telecommunications 48 156.96 1.0 1.0 -4.7 250.48 -4.7 3.7 Order Book Shares Traded (m) 1851.00 0.00 - 1457.00 1457.00 1457.00
Nonlife Insurance (11) 2683.44 -1.75 2774.23 2731.33 2729.63 2283.99 2.80 2.06 17.29 0.00 4509.81 FTSE Middle East and Africa All Cap 220 567.66 0.7 -0.3 -8.2 3.0 Utilities
-8.2 846.40 161 231.64 0.5 0.5 -2.4 424.72 -2.3 4.1 Total Equity Turnover (£m) 3491.92 - - 0.01 0.01 0.01
Life Insurance/Assurance (11) 7234.31 -1.08 7479.05 7313.04 7249.56 7737.70 4.19 1.59 15.03 0.00 6641.17 FTSE Global wi UNITED KINGDOM All Cap In 325 307.79 1.0 -5.2 -6.4 4.0 Electricity
-6.4 486.50 110 254.00 0.4 0.4 -1.9 460.96 -1.8 3.8 Total Mkt Bargains 1294568.00 115.00 2.00 8.00 8.00 8.00
Index- Real Estate Investment & Services (21) 2901.89 -1.65 3000.06 2950.61 2966.12 2707.38 2.19 5.73 7.98 0.57 7461.67 FTSE Global wi USA All Cap 2003 461.29 -2.6 -6.6 -7.9 2.3 Gas Water & Multiutilities
-8.0 591.62 51 243.75 0.7 0.7 -3.2 457.97 -3.2 4.5 Total Shares Traded (m) 4767.00 0.00 0.00 0.00 0.00 0.00
Real Estate Investment Trusts (25) 2802.84 -1.63 2897.67 2849.21 2842.44 2852.82 3.14 5.96 5.34 5.27 3318.49 FTSE Europe All Cap 1401 358.47 0.6 -4.5 -6.0 3.4 Financials
-6.0 547.85 675 184.32 -0.6 -0.6 -8.2 286.50 -8.1 3.2 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (32) 7331.12 -2.66 7579.14 7531.37 7574.34 7179.12 3.16 2.19 14.42 24.67 7982.19 FTSE Eurobloc All Cap 637 338.07 0.4 -4.6 -5.7 3.2 Banks
-5.8 522.65 243 162.73 -0.5 -0.5 -8.8 269.58 -8.8 3.7 (c) Market closed.
Equity Investment Instruments (176) 7338.70 -1.49 7586.98 7449.82 7440.47 7535.02 2.75 1.08 33.69 7.10 3862.98 FTSE RAFI All World 3000 3005 5039.96 -0.4 -5.8 -7.1 3.4 Nonlife Insurance
-7.1 6352.37 71 202.49 -0.7 -0.7 -5.6 281.87 -5.6 2.4
Non Financials (355) 3802.35 -0.73 3930.99 3830.50 3805.88 4058.09 3.92 1.39 18.35 0.41 5325.40 FTSE RAFI US 1000 998 8170.23 -2.3 -6.1 -7.5 2.8 Life Insurance
-7.6 10338.22 51 178.20 0.8 0.8 -10.1 270.38 -10.1 3.2
Technology (20) 1357.17 -1.65 1403.09 1379.96 1382.79 1239.14 1.45 1.92 35.88 0.00 1697.13 FTSE EDHEC-Risk Efficient All-World 3052 294.55 -0.9 -5.0 -6.6 2.5 Financial Services
-6.6 396.00 141 200.77 -1.9 -1.9 -9.7 267.60 -9.7 2.2 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 1761.49 -1.33 1821.08 1785.32 1795.28 1374.91 1.87 1.74 30.82 0.00 2309.08 FTSE EDHEC-Risk Efficient Developed Europe 521 264.80 0.6 -3.6 -5.1 2.8 Technology
-5.2 386.63 185 160.87 -2.1 -2.1 -7.7 191.96 -7.7 1.9 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (6) 1478.00 -1.97 1528.00 1507.73 1505.42 1524.39 1.03 2.25 43.11 0.00 1696.60 Software & Computer Services 85 287.79 -2.3 -2.3 -7.2 330.36 -7.2 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 100 115.96 -1.8 -1.8 -8.2 142.35 -8.2 2.7 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 5886.63 5856.87 5864.25 5849.21 5849.72 5882.82 5891.15 5860.22 5931.13 5951.13 5829.63 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 16606.90 16420.56 16396.53 16378.50 16353.65 16384.58 16427.74 16371.83 16436.92 16606.90 16327.15 (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 4480.67 4456.25 4450.56 4442.37 4434.37 4435.75 4436.11 4433.30 4453.24 4480.67 4429.98
FTSE All-Share 3256.72 3236.73 3238.99 3231.58 3230.75 3246.31 3251.42 3236.52 3269.67 3278.89 3221.15 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:15:51:15 Day's Low11:23:00 FTSE 100 2010/11 High: 6242.32(01/01/2016) Low: 5871.83(11/01/2016) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:15:52:00 Day's Low11:23:00 FTSE 100 2010/11 High: 3444.26(01/01/2016) Low: 3251.72(11/01/2016)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Ecofin Water & Power Opportunities Pre 136.352L 97.984 6.2 7.08 1.8125 1.8125 Nov 27 3.625 3.5 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Rosslyn Data Technologies Int 1.822 1.251 1.316L 1.684L 1.75L 2.14L - - - - - 12/24 144.00 AIM DNL Diurnal Group PLC 146.50 -2.00 155.00 148.00 7648.9
460p nil 19-01-16 772.00 748.00 RPC Group PLC 749.00 -26.00 12/17 2.00 LVRT Levrett PLC 2.25 0.00 3.10 1.75 215.4
12/17 100.00 AIM PURP Purplebricks Group PLC 78.00 -6.40 106.50 77.28 18740.2
12/11 3.50 AIM WEY Wey Education PLC 4.25 0.00 4.37 3.88 399.4

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Friday 15 January 2016 FINANCIAL TIMES 23

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) ArcherDan 33.18 -0.29 53.31 32.76 3.09 12.06 19799.83 Lockheed 216.09 1.69 227.91 181.91 2.64 20.18 66403.48
ANZ 25.05 -0.40 37.25 24.84 9.90 10.16 50874.22 Nokia 6.76 -0.12 7.87 4.91 2.03 -47.52 29257.79 AstellasPh 1610.5 -38.50 2047 1514.5 1.86 22.30 30302.29 AtlasCpcoB 179.90 -2.40 270.00 173.50 1.62 16.12 8196.43 AT&T♦ 34.32 0.58 36.45 30.97 5.21 38.08 211136.64 Lowes 68.96 -0.94 78.13 64.22 1.38 23.36 63105.61
BHPBilltn 14.88 0.11 34.29 14.45 15.62 17.33 33266.47 SampoA 44.26 -1.07 49.40 38.30 4.31 15.03 26808.83 Bridgestne 3968 -119.00 5182 3753.5 2.83 12.28 27322.6 Ericsson 78.10 -1.10 120.00 75.30 4.22 24.63 30137.53 AutomData 78.74 1.40 90.67 64.29 2.37 27.58 36315.41 Lyondell 76.34 1.40 107.32 71.74 3.68 8.62 34310.54
CmwBkAu 79.42 -1.58 96.69 70.15 7.52 14.86 94400.04 France (€) Canon 3302 -59.00 4539 3266 4.54 17.57 37295.91 H&M 277.30 -3.80 368.50 274.10 3.32 22.50 53586.08 Avago Tech 123.31 - 150.50 99.16 1.17 26.73 34093.93 Marathon Ptl 43.09 0.81 60.38 37.62 2.36 7.17 22965.85
CSL 102.80 -1.74 107.18 81.48 1.37 26.73 33126.42 Airbus Grpe 58.01 -1.48 68.50 44.74 2.02 16.38 49382.53 CntJpRwy 20250 -625.00 24800 18195 0.56 14.53 35326.25 Investor 288.80 -7.20 363.40 266.60 3.02 14.45 25688.94 BakerHu 39.94 0.69 70.45 38.62 1.62 -67.40 17417.3 Marsh&M 53.35 1.12 59.99 50.90 2.60 20.46 27829.93
NatAusBk 27.11 -0.57 39.71 26.96 9.93 11.58 49780.1 AirLiquide 95.88 -1.19 123.95 93.75 2.50 19.96 35765.61 Denso 5113 -157.00 6548 4945 2.25 16.78 38279.57 Nordea Bk 89.30 -1.45 115.50 86.40 6.31 10.71 42226.66 BankAm 15.03 0.13 18.48 14.60 1.26 11.85 156499.57 MasterCard♦ 90.76 1.57 101.76 74.61 0.67 29.39 99857.2
Telstra 5.37 -0.06 6.74 5.06 8.07 15.49 45699.99 AXA 23.40 -0.53 26.02 18.21 3.82 11.91 61532.7 EastJpRwy 10430 -225.00 12815 8785 1.12 20.63 34668.04 SEB 81.15 -1.00 111.50 79.85 5.68 10.43 20560.67 Baxter 35.31 0.48 43.44 32.18 4.51 11.13 19312.46 McDonald's 115.99 0.87 120.23 87.50 2.79 26.44 106505.48
Wesfarmers 39.40 -0.55 46.95 36.65 8.47 18.08 30885.55 BNP Parib 47.10 -1.76 61.00 43.14 3.12 8.35 63616.21 Fanuc 18715 -685.00 28575 17930 3.87 19.05 32639.27 SvnskaHn 104.70 -1.20 426.00 103.20 3.86 14.07 22881.79 BB & T 33.93 0.21 41.90 33.40 2.86 13.23 26470.5 McGraw Hill 84.33 -0.04 109.13 83.08 1.45-241.74 22794.37
Westpc 31.16 -0.33 40.07 29.10 8.08 13.44 72354.29 ChristianDior 144.95 -3.65 195.35 141.15 2.20 10.82 28552.75 FastRetail 37640-1050.00 61970 36180 0.85 38.24 33811.34 Swedbank 176.30 -4.60 223.90 174.30 6.25 12.88 23301.62 BectonDick 145.06 3.68 157.50 128.87 1.57 45.57 30776.76 McKesson 160.89 3.05 243.61 156.31 0.59 19.04 37022.25
Woolworths 22.93 -0.32 34.71 22.42 8.75 13.32 20286.09 Cred Agr 10.05 -0.13 14.49 9.87 3.41 21.93 28737.78 Fuji Hvy Ind 4465 -149.00 5223 3669 2.29 10.87 29601.53 TeliaSonera 39.33 -0.89 55.85 38.19 7.40 12.10 19884.1 BerkshHat 191480 980.50 227450 189540 - 14.55 155314.98 Medtronic♦ 75.24 0.59 79.50 55.54 1.70 46.21 105799.16
Belgium (€) Danone 59.57 -1.39 67.74 51.73 2.37 41.80 42290.87 Hitachi 615.00 -16.20 922.90 585.70 1.83 12.87 25173.21 Volvo 75.20 -0.95 120.50 73.60 3.87 16.55 14249.67 Biogen 276.71 9.46 480.18 254.00 - 19.02 61679.52 Merck 51.92 1.26 63.30 45.69 3.29 14.49 145040.76
AnBshInBv 106.25 -3.10 124.20 87.73 2.76 21.80 185221.1 EDF 12.06 -0.03 24.89 11.59 9.75 6.74 25100.94 HondaMtr 3500 -106.00 4499 3431 2.36 12.28 53690.14 Switzerland (SFr) BkNYMeln 36.93 0.47 45.45 35.63 1.75 16.82 40362.74 Metlife 43.47 0.56 58.23 40.97 3.17 8.86 48322.4
KBC Grp 53.61 -0.73 66.00 44.00 3.65 9.04 24295.32 Engie SA 14.91 -0.36 20.08 13.80 6.31 42.54 39358.42 JapanTob 4092 -115.00 4848 3101 2.34 18.98 69306 ABB 16.79 0.01 22.16 16.21 - 16.23 38531.24 BlackRock 307.03 2.42 382.84 275.00 2.62 16.61 50350.63 Microsoft 52.93 1.29 56.85 39.72 2.23 37.14 422800.24
Esslr Intl 109.50 -2.50 125.15 92.47 0.88 40.64 25691.81 KDDI 2871 -85.00 8550 2519 1.96 16.04 65423.6 CredSuisse 19.23 -0.61 28.94 18.57 3.51 9.21 37317.61 Boeing 128.58 0.46 158.83 115.14 2.56 17.00 86143.15 Mnstr Bvrg 144.10 0.43 160.50 113.50 - 52.56 29211.29
Brazil (R$)
Hermes Intl 295.60 -6.60 365.55 277.55 0.94 35.53 33826.15 Keyence 57310-1420.00 70100 50700 0.33 30.07 29508.9 Nestle 71.30 -1.30 77.00 64.55 3.05 15.99 225383.34 BrisMySq♦ 62.81 1.53 70.87 51.82 2.24 62.44 104785.06 MondelezInt 41.27 0.68 48.58 33.97 1.43 8.48 65584.94
Ambev 16.72 -0.11 20.46 16.52 9.43 21.66 65647.14
LOreal 147.85 -3.15 181.30 138.05 1.72 29.95 89701.2 MitsbCp 1855 -54.50 2837 1814.5 2.78 10.65 24978.55 Novartis 82.60 -0.25 103.20 80.60 3.17 24.66 219223.35 Broadcom 53.54 0.32 58.51 40.21 0.96 24.49 30035.94 Monsanto♦ 92.39 1.20 126.00 81.22 2.08 25.45 40684.44
Bradesco♦ 18.99 - 32.40 18.75 4.91 6.92 11974.85
LVMH 137.00 -0.75 176.60 129.30 2.20 12.85 75464.81 MitsubEst 2328 -23.50 2975 2271.5 0.60 45.26 27411.14 Richemont 64.65 -0.80 90.25 63.15 2.42 21.27 33457.89 CapOne 64.23 0.59 92.10 62.51 2.07 9.50 34173.27 MorganStly 27.00 0.11 41.04 26.23 1.76 17.47 52278.05
Cielo 32.34 -0.50 46.27 30.48 2.03 16.12 15241.6
Nmrcble-SFR 36.10 -0.91 60.01 32.19 - -45.37 17148.83 MitsubishiEle 1116.5 -41.00 1718 1063 2.27 11.13 20301.9 Roche 262.50 -3.90 289.40 238.80 3.01 25.60 182841.13 CardinalHlth♦ 80.98 2.81 91.91 74.76 1.71 21.34 26640.89 MylanNV 50.00 1.11 76.69 37.59 - 29.37 24587.35
ItauHldFin 22.88 -0.49 32.66 22.61 2.14 5.34 17415.14
Orange 15.49 -0.27 16.98 12.21 3.65 43.31 44461.54 MitsuiFud 2823.5 -56.50 3879 2755.5 0.93 24.76 23705.7 Swiss Re 95.05 -1.55 99.75 74.95 4.56 38.65 34933.52 Carnival 50.64 -1.74 55.77 42.51 1.94 30.07 29882.61 Netflix 106.29 -0.27 133.27 45.68 - 298.83 45427.1
Petrobras 7.18 0.38 16.26 6.60 - -2.81 13348.56
PernodRic 98.64 -1.91 117.75 88.00 1.56 32.36 28379.15 MitUFJFin 683.00 -17.00 936.80 604.00 2.47 6.63 81952.23 Swisscom 487.80 -9.90 580.50 471.10 4.42 18.23 25052.29 Caterpillar 62.12 1.23 89.62 60.38 4.39 13.50 36168.36 NextEraE 105.17 0.55 112.64 93.74 2.74 15.88 48434.56
Vale 9.58 0.58 27.89 8.80 24.39 -4.20 7699.02
Renault 77.75 -8.91 100.25 58.25 2.30 8.93 24922.67 Mizuho Fin 225.00 -3.40 280.40 191.00 3.23 7.44 47396.73 Syngent 369.70 -4.20 435.20 280.00 2.92 25.45 34067.32 CBS 46.34 1.40 63.95 38.51 1.23 15.75 20097.79 Nike 58.53 -0.25 68.20 45.35 1.18 29.75 79009.45
Canada (C$) Murata Mfg 14485 -825.00 22220 12520 1.29 15.25 27632.16 Celgene 104.69 4.02 140.72 92.98 - 55.22 82761.65 NorfolkS 72.20 0.76 112.05 70.09 3.08 13.73 21555.24
Safran 57.96 -1.66 72.45 53.51 1.95 -18.70 26200.24 UBS 17.39 -0.27 22.57 13.58 4.23 10.96 66368.5
BCE♦ 54.74 -0.16 60.20 51.56 4.77 17.67 32997.26 NipponTT 4718 -34.00 5066 3179 1.89 17.77 83759.91 CharlesSch 27.87 0.16 35.72 25.43 0.82 29.55 36691.51 Northrop 185.55 0.69 193.99 149.05 1.54 18.84 33841.17
Sanofi 73.30 -1.38 101.10 71.53 3.66 21.27 103742.43 Zurich Fin 250.00 -5.60 334.60 232.60 - 12.73 37278.37
BkMontrl 72.27 0.27 80.76 64.01 4.58 10.75 32347.37 Nissan Mt 1127.5 -28.00 1350 963.10 3.12 9.24 43164.74 ChevrnTx 84.50 3.17 112.93 69.58 4.81 19.31 159032.1 NXP 72.80 -1.45 114.00 70.22 - 26.46 18327.51
Sant Gbn 35.92 -0.70 44.84 32.36 1.62 25.61 21840.65 Taiwan (NT$)
BkNvaS♦ 53.25 0.25 67.72 52.60 5.19 9.30 44626.12 Nomura 623.70 -8.80 909.20 604.00 3.46 9.36 20189.97 Cigna 137.66 2.40 170.68 105.23 0.03 17.74 35465.06 Occid Pet♦ 62.44 2.04 83.74 58.82 4.47 -8.31 47687.67
Schneider 48.06 -1.03 75.29 47.32 3.76 17.67 30610.87 Chunghwa Telecom 102.50 1.00 103.00 92.80 4.58 20.73 23741.12
Brookfield 41.47 0.55 48.64 39.56 1.51 10.86 28338.61 Nppn Stl 2143.5 -50.00 3505 2075 2.84 9.40 17250.41 Cisco♦ 24.74 0.14 30.31 23.03 3.09 14.22 125830.73 Oracle♦ 34.60 0.52 45.33 33.87 1.58 17.39 145351.71
SocGen 38.20 -1.37 48.77 32.45 3.07 10.74 33383.93 HonHaiPrc 76.00 -0.60 99.70 74.60 4.60 8.20 35486.4
CanadPcR♦ 151.29 0.74 245.05 149.42 0.94 16.56 16107.37 NTTDCMo 2440.5 -4.50 2873.5 1865.5 2.69 21.76 84441.96 Citigroup 45.31 0.12 60.95 44.57 0.25 10.74 134978.06 Pepsico 96.57 0.07 103.44 76.48 2.67 30.14 140688.08
Total 38.83 0.98 50.30 36.85 6.26 108.76 102639.84 MediaTek 208.00 1.50 505.00 195.50 10.22 10.54 9760.23
CanImp♦ 85.72 -0.88 102.90 83.10 5.13 9.44 23721.13 Panasonic 1097 -43.00 1853.5 1079.5 1.39 82.81 22788.67 CME Grp 84.80 0.63 100.87 83.43 2.21 23.87 28682.18 Perrigo 144.38 1.30 215.73 138.74 0.32 150.49 21137.53
UnibailR 224.00 -3.95 262.00 212.30 4.09 13.52 23950.7 TaiwanSem 131.50 -2.00 155.00 112.50 3.31 11.60 101810.71
CanNatRs 25.07 0.35 42.46 24.20 3.71 62.63 19111.68 Seven & I 5059 -48.00 5998 4117.5 1.35 28.25 37976.97 Coca-Cola 41.93 0.08 43.91 36.56 2.93 28.31 182352.95 Pfizer 31.08 0.71 36.46 28.47 3.36 24.58 191380.38
Vinci 58.09 -1.39 62.60 45.43 2.87 17.62 37053
CanNatRy 73.72 0.82 88.89 69.90 1.64 17.06 40497.76 ShnEtsuCh 6171 -122.00 8310 5801 1.59 20.38 22581.45 Thailand (THB) Cognizant 60.15 2.38 69.80 53.14 - 24.84 36663.19 Phillips66 77.95 2.70 94.12 57.33 2.58 9.58 41581.67
Vivendi 18.83 -0.27 24.83 18.49 10.39-223.41 27917.32
Enbridge 43.97 1.15 66.14 40.17 4.04-111.43 26572.59 Softbank 5520 -172.00 7827 5370 0.68 12.54 56126.06 PTT Explor 219.00 -8.00 382.00 206.00 4.77 -69.17 17227.49 ColgtPlm 63.85 0.94 71.56 50.84 2.20 24.86 57268.47 PhilMorris 87.77 -0.54 90.27 75.27 4.35 19.85 135981.68
GtWesLif 32.60 -0.16 37.70 30.42 4.01 11.70 22556.48 Germany (€)
Sony 2622 -128.00 3970 2351.5 0.80 33.70 28028.55 United Arab Emirates (Dhs) Comcast♦ 54.55 1.00 64.99 50.01 1.70 18.00 114255.48 PNCFin♦ 86.88 0.98 100.52 81.84 2.17 12.31 44996.92
ImpOil 41.46 1.09 55.37 39.30 1.17 20.50 24477.74 Allianz 151.90 -2.65 170.15 131.05 4.41 10.99 75246.11
SumitomoF 4200 -101.00 5770 3902 3.46 11.73 50294.56 Emirtestele 16.20 - 16.50 9.95 3.77 18.46 34870.03 ConocPhil 40.25 1.25 70.11 38.66 6.92 -51.69 49694.34 PPG Inds 92.80 -0.25 118.95 82.93 1.42 22.84 24988.18
Manulife 18.58 0.06 24.20 18.22 3.56 14.44 25513.32 BASF 63.92 -0.36 97.22 62.05 4.29 11.84 63637.92
Takeda Ph 5559 -118.00 6657 5086 3.03 -30.48 37199.27 United Kingdom (p) Corning 17.23 0.17 25.16 15.42 2.54 11.85 20382.82 Praxair 99.10 1.09 130.38 97.33 2.68 21.25 28228.19
Potash♦ 22.78 0.26 47.10 21.50 8.75 9.47 13247.13 Bayer 102.85 -1.50 146.45 100.45 2.14 23.34 92191.84
TokioMarine 4154 -80.00 5504 3703 2.42 17.67 26648.23 AscBrFd 3019 -22.00 3606 2705.75 1.13 42.31 34402.78 Costco 153.79 1.67 169.73 117.03 0.97 30.14 67633.35 Prec Cast 232.03 -0.14 232.96 186.17 0.05 25.65 31922.95
RylBkC 68.63 -0.52 81.53 68.00 4.59 9.99 70991.14 BMW 80.11 -2.78 123.75 72.05 3.54 9.55 52274.49
Toyota 6797 -156.00 8783 6650 3.10 9.94 192135.9 AstraZen 4323 -73.50 4931.68 3746 4.30 48.83 78645.94 CrownCstl 84.03 1.25 89.44 75.78 3.71 57.67 28045.13 Priceline 1117.48 18.58 1476.52 990.69 - 24.57 55632.49
Suncor En 31.74 0.41 40.93 31.02 2.69 470.43 31958.65 Continental 196.25 -4.55 234.25 171.30 1.62 15.07 42546.39
Mexico (Mex$) Aviva 474.60 -7.20 578.68 428.40 3.81 12.42 27656.73 CSX 23.06 0.71 37.67 21.75 2.80 12.06 22482.23 ProctGmbl 76.44 0.59 91.79 65.02 3.25 26.88 207960.58
ThmReut 50.62 0.22 55.92 45.76 3.60 14.74 26959.07 Daimler 65.81 -2.43 96.07 62.06 3.64 9.32 76316.74
AmerMvl 11.59 0.16 17.37 10.87 2.16 21.10 27224.25 Barclays 197.70 -4.00 289.90 192.52 3.29 0.66 47810.38 CVS 95.59 1.48 113.65 81.37 1.32 22.61 105848.44 Prudntl 72.21 0.39 92.60 70.27 3.05 9.91 32422.29
TntoDom 50.94 -0.56 56.48 47.75 4.02 11.82 65861.74 Deut Bank 20.01 -0.89 33.42 19.69 3.67 -6.70 29908.79
FEMSA UBD 155.90 2.32 169.74 123.10 0.71 30.30 31185.03 BG 953.90 27.20 1301.62 787.00 2.00 -18.42 46929.78 Danaher♦ 87.13 0.61 97.62 81.25 0.55 25.48 59708.91 PublStor 249.82 0.47 254.66 182.08 2.36 44.08 43191.98
TrnCan♦ 44.49 0.23 59.50 40.58 4.67 18.54 21971.63 Deut Tlkm 15.69 -0.23 17.63 13.38 3.12 33.07 78321.33
WalMrtMex 43.71 0.48 47.00 28.32 1.24 33.36 42668.57 BP 347.70 11.85 499.25 252.55 7.74 -12.70 91924.56 Deere♦ 74.00 0.78 98.23 71.85 3.02 13.76 23435.81 Qualcomm 46.90 0.80 74.09 45.33 3.65 15.33 70495.11
ValeantPh 127.41 4.72 347.84 92.65 - 53.38 30279.77 DeutsPost 23.39 -0.31 31.19 22.93 - 19.99 30701.26
BrAmTob 3639.5 -81.50 3931.5 3231.5 4.07 16.90 97661.31 Delphi 67.59 -2.56 90.57 65.93 1.41 14.98 18931.16 Raytheon♦ 121.17 -0.14 129.99 95.32 2.05 18.83 36484.04
E.ON 8.54 -0.10 14.85 7.08 1.60 -1.88 18521 Netherlands (€)
China (HK$) BSkyB 1057 -26.00 1180 890.32 3.06 13.52 26154.06 Delta 44.86 -0.08 52.77 34.61 0.86 13.60 35281.21 Regen Pharm 474.65 15.08 605.93 393.00 - 98.74 48486.09
Fresenius Med 74.53 -1.62 83.17 61.62 1.01 24.71 25133.16 Altice 12.95 -0.96 47.73 9.98 - 236.87 11527.48
AgricBkCh 2.85 -0.03 4.55 2.81 7.55 4.45 11253.48 BT♦ 467.00 -9.15 502.60 391.50 2.44 17.60 56238.44 DiscFinServ 49.42 0.02 61.89 48.19 2.00 10.73 21126.25 ReynoldsAm 47.44 0.05 49.56 32.68 2.73 18.81 67796.57
Fresenius SE 60.05 -1.01 70.00 45.46 0.72 26.74 35470.93 ASML Hld 75.17 -0.18 104.85 70.25 0.91 23.83 35308.22
Bk China 3.11 -0.01 5.68 3.05 7.22 4.77 33407.1 Compass 1134 -14.00 1223.36 963.00 2.43 21.72 26843.24 Disney 98.79 0.31 122.08 90.00 1.74 21.20 163317.44 Salesforce 72.80 0.45 82.90 54.95 - -582.34 48339.2
HenkelKgaA 81.57 -1.99 99.44 75.76 1.55 20.42 22970.62 Heineken 75.13 -2.02 85.90 59.11 1.38 22.66 46908.11
BkofComm 4.88 -0.03 8.61 4.80 6.54 4.66 21947.89 Diageo 1810 -41.50 2055 1592.5 2.96 19.13 65534 DominRes 69.40 0.38 79.89 64.54 3.48 24.19 41316.15 Schlmbrg 63.93 -0.02 95.13 61.75 2.82 25.42 80622.36
Linde 124.45 -2.95 195.55 120.20 2.48 20.72 25055 ING 11.36 -0.25 16.00 10.20 - 25.64 47650.91
BOE Tech 1.91 -0.01 4.78 1.17 1.92 28.13 48.81 GlaxoSmh 1380.5 -4.00 1645 1227.5 5.80 6.84 96767.78 DowChem♦ 43.84 0.21 57.10 35.11 3.64 12.43 50771.19 Shrwin-Will 244.63 3.47 294.35 218.27 0.99 24.67 22775.18
MuenchRkv 175.85 -1.50 206.50 156.00 4.31 9.68 31802.62 Unilever 37.50 -0.80 42.84 32.86 2.90 23.53 69700.59
Ch Coms Cons 6.55 -0.09 17.00 6.39 3.05 6.56 3725.25 Glencore 78.62 6.75 318.46 66.67 14.56-182.84 16289.95 DukeEner 72.12 0.42 89.97 65.50 4.23 22.05 49642.68 SimonProp 185.43 1.16 208.14 170.99 2.95 36.49 57375.39
SAP 73.03 -0.70 75.75 53.91 1.47 28.91 97249.65 Norway (Kr)
Ch Evrbrght 3.58 0.03 5.65 3.22 6.14 4.88 3158.79 HSBC 502.00 -2.80 674.57 478.35 6.68 9.90 142219.01 DuPont 56.92 0.13 76.61 47.11 3.02 17.20 49885.09 SouthCpr 22.59 -0.07 33.31 22.17 1.77 18.66 17741.65
Siemens 83.28 0.15 106.35 77.91 3.73 12.79 79529.22 DNB 98.15 -0.80 143.00 94.60 3.97 7.05 18155.73
Ch Rail Cons 7.83 -0.19 17.70 7.63 2.26 7.08 2088.38 ImpTob 3535.5 -78.50 3665 2785 3.74 19.99 48789.05 Eaton 47.94 -0.49 73.82 47.15 4.24 11.68 22186.63 Starbucks 58.37 0.50 64.00 39.50 1.04 33.71 86667.78
Volkswgn 126.10 -3.85 254.50 95.00 3.72 10.24 40334.75 Statoil 103.10 -1.60 161.70 100.50 6.85 -8.98 37335.42
Ch Rail Gp 4.97 -0.04 12.30 4.75 1.86 8.64 2686.12 LlydsBkg 66.53 -1.27 89.35 65.61 2.25 39.67 68427.84 eBay 25.56 0.15 29.83 22.11 - 10.87 30688.71 StateSt♦ 57.63 0.82 81.26 56.14 2.11 14.19 23252.9
ChConstBk 4.82 -0.07 7.98 4.79 7.38 4.50 148856.79 Hong Kong (HK$) Telenor 137.70 -4.70 186.10 137.20 2.71 34.32 23480.27 Ecolab♦ 104.20 1.07 122.48 99.95 1.20 29.39 30770.63 Stryker♦ 90.78 1.47 105.34 86.68 1.44 31.02 34089.91
Natl Grid 937.20 -5.10 968.57 806.40 4.57 16.33 50549.31
China Vanke RMB 24.43 - 24.43 10.93 2.05 16.75 36586.73 AIA 42.70 -0.40 58.20 38.85 0.96 20.77 66086.64 Qatar (QR) EMC♦ 24.54 0.35 29.24 22.66 1.78 21.64 47569.37 Sychrony Fin 27.19 -0.38 36.40 26.28 - 10.88 22671.73
Prudential 1373 -11.00 1761.5 1045.99 2.69 13.98 50823.33
ChinaCitic 4.58 -0.03 7.40 4.36 - 4.47 8755.62 BOC Hold 22.20 -0.05 33.70 21.80 4.64 9.87 30150.93 QatarNtBk 155.60 0.30 208.50 151.10 4.58 10.26 29899.6 Emerson 43.65 0.39 62.75 42.21 4.09 11.47 28571.42 Target 70.64 -1.00 85.81 68.15 2.80 16.96 43517.89
RBS 277.00 -4.80 414.00 273.00 - -12.42 46348.99
ChinaLife 21.00 -0.20 41.00 20.35 2.22 13.18 20073.31 Ch OSLnd&Inv 22.40 0.05 34.05 20.70 2.26 6.71 28373.23 EOG Res♦ 64.92 0.75 101.36 61.35 0.98 -9.81 35685.95 TE Connect 57.10 -0.01 73.73 54.32 2.06 19.96 22058.07
Russia (RUB) ReckittB 6032 -111.00 6450 5215 2.30 25.63 61443.13
ChinaMBank 15.70 -0.22 26.85 15.30 5.04 5.81 9258.84 ChngKng 46.25 -0.95 77.55 45.20 - 10.60 22930.89 EquityResTP 79.05 -0.12 82.53 61.90 2.59 36.08 28794.9 Telsa Mtrs 201.31 1.00 286.65 181.40 - -39.74 26361.81
Gzprm neft 130.86 -0.44 166.94 129.01 6.89 6.25 40614.04 RELX 1171 -9.00 1232 988.50 2.22 26.89 34456.1
ChinaMob 81.30 -0.30 118.00 79.00 3.29 13.31 213836.94 Citic Ltd 11.86 -0.02 16.40 11.46 1.67 6.09 44319.02 Exelon 27.45 -0.09 38.25 25.09 4.29 12.84 25239.74 TexasInstr 49.98 0.16 59.99 43.49 2.59 18.62 50700.32
Lukoil 2188.9 -36.10 3297.7 2126 8.78 17.54 24408.41 RioTinto 1735 51.50 3280 1637.5 7.86 17.26 34335.77
ChinaPcIns 27.60 0.05 47.10 24.80 2.08 14.04 9839.6 Citic Secs 15.10 - 40.50 12.82 2.21 7.02 5660.68 ExpScripts 78.87 -0.82 94.61 68.06 - 25.76 53337.89 TheTrvelers 107.42 1.36 116.48 95.21 2.05 10.04 32679.18
MmcNrlskNckl 8464 -150.00 12247 8400 17.53 9.50 17559.57 RollsRoyce 556.50 -4.00 1061 504.50 4.15 -40.93 14728.33
ChMinsheng 6.94 - 11.88 6.61 3.15 4.66 6181.22 CK Hutchison 97.90 -1.15 174.90 96.95 3.43 4.20 48539.13 ExxonMb 79.04 3.39 93.45 66.55 3.41 17.56 329038.66 ThrmoFshr♦ 136.30 2.53 143.65 117.10 0.42 29.17 54397.02
Novatek 576.10 3.30 646.30 410.80 11.24 47.52 22932.46 RylDShlA 1391.5 45.50 2216.5 1326 9.03 84.11 79935.6
ChMrchSecs RMB 17.10 0.45 40.00 13.85 2.41 9.96 12466.11 CNOOC 7.28 0.01 13.78 6.92 7.17 6.85 41752.96 Facebook 95.95 0.51 110.65 72.00 - 101.94 216821.72 TimeWrnr 70.78 0.13 91.34 62.94 1.84 17.11 57726.85
Rosneft 237.65 -1.95 294.20 204.30 3.82 5.80 33019.89 SABMill 4064.5 -10.00 4090 2075 1.83 33.67 94788.67
Chna Utd Coms RMB 5.01 0.02 10.74 4.27 1.32 34.57 16118.32 HangSeng 133.90 0.30 162.10 129.40 3.84 10.43 32884.48 Fedex 129.82 -0.47 185.19 128.40 0.66 34.64 35780.37 TimeWrnrC♦ 181.25 1.68 194.22 134.21 1.97 28.47 51329.56
Sberbank 93.04 1.54 110.70 57.20 0.53 9.07 26331.11 Shire 4130 -139.00 5870 3855 0.36 12.19 35216.83
ChShenEgy 11.36 0.38 22.55 10.82 7.58 8.18 4959.45 HK Exc&Clr 179.80 - 311.40 173.60 2.03 33.51 27913.06 FordMtr 12.06 -0.14 16.74 10.44 4.53 10.64 47007.2 TJX Cos 68.10 0.41 76.93 63.53 1.05 22.27 45594.93
Surgutneftegas 34.00 0.03 39.80 25.53 - 1.16 15924.5 StandCh 518.80 2.50 1166 475.55 9.88 12.13 24303.9
ChShpbldng RMB 8.16 0.26 20.19 7.51 0.46-506.14 22241.16 MTR 36.45 -0.25 40.00 32.75 2.65 14.56 27429.75 Franklin 33.06 0.08 54.85 32.39 1.72 10.57 19856.92 T-MobileUS 38.75 -0.10 43.43 28.54 - 67.51 31621.45
Saudi Arabia (SR) Tesco 168.00 9.70 252.52 137.00 0.69 -2.42 19686.77
ChStConEng RMB 5.65 0.06 12.52 4.88 3.00 7.35 25640.51 SandsCh 22.35 -0.10 40.55 21.60 8.18 13.24 23167.12 GenDyn♦ 129.28 0.23 153.76 127.36 2.43 15.33 40869.05 UnionPac 75.30 1.45 124.52 72.42 2.71 13.69 64315.28
AlRajhiBnk 48.69 -0.93 69.00 46.60 3.65 12.99 21092.53 Vodafone♦ 220.20 -2.30 258.00 201.25 5.10 -41.24 84166.27
ChUncHK 8.64 -0.02 16.00 8.30 2.73 19.10 26578.15 SHK Props 89.30 -0.70 137.60 88.05 2.47 8.85 33190.67 GenElectric♦ 28.72 0.48 31.49 19.37 3.04 58.61 290385.87 UPS B 90.32 -0.29 114.40 89.60 3.01 21.82 62875.6
Natnlcombnk 40.69 -0.94 72.75 40.50 1.87 9.71 21636.47 WPP 1446 -31.00 1616 1273 2.64 14.94 26947.79
CNNC Intl RMB 8.13 0.14 14.38 4.07 - 23.22 4801.38 Tencent 137.10 -0.30 171.00 121.60 0.24 39.80 165616.93 GenMills♦ 55.40 0.10 59.87 47.43 2.99 23.94 32871.32 USBancorp♦ 39.77 0.76 46.26 38.81 2.39 13.26 69564.77
SaudiBasic 67.27 -1.42 110.50 65.75 7.26 8.99 53799.51 United States of America ($)
CSR 7.48 -0.21 20.70 7.31 - 17.31 4199.98 India (Rs) GenMotors 29.90 -0.59 39.00 24.62 4.20 11.55 46529.69 UtdHlthcre 110.45 1.22 126.21 95.00 1.51 18.44 105270.83
SaudiTelec 61.36 -0.74 73.25 52.75 6.20 13.20 32715.3 21stC Fox A 26.74 0.86 35.85 22.81 1.07 7.32 31300.05
Daqin RMB 7.62 0.12 15.15 7.39 6.20 8.14 17194.34 Bhartiartl 308.75 0.15 452.45 300.50 0.70 21.98 18356.46 GileadSci 92.85 0.31 123.37 86.00 0.88 8.98 133813.58 UtdTech 89.04 0.21 124.45 85.50 2.68 14.72 78980.34
Singapore (S$) 3M 141.33 2.61 170.50 134.00 2.64 19.25 87018.71
Gree Elec Apl 0.22 0.00 0.45 0.13 - -2.50 374.39 HDFC Bk 1049.75 -10.40 1128 944.20 0.74 24.82 39424.55 GoldmSchs 160.95 1.96 218.77 156.76 1.48 11.13 68651 ValeroEngy 66.86 1.83 73.88 43.45 2.10 7.82 32193.32
DBS 14.84 -0.45 21.50 14.81 3.88 11.69 25815.87 AbbottLb♦ 40.96 0.68 51.74 39.00 2.18 25.61 61100.85
GuosenSec RMB 16.90 0.88 34.94 13.76 1.17 10.40 5630.5 Hind Unilevr 827.25 -5.50 981.00 769.00 1.70 39.39 26623.96 Halliburton 30.88 0.42 50.20 29.64 2.22 105.58 26427.52 Verizon♦ 44.71 0.56 50.86 38.06 4.71 18.87 181919.32
JardnMt US$ 51.00 -0.06 67.88 45.00 2.60 12.96 35820.08 Abbvie♦ 52.14 0.96 71.60 45.45 3.52 31.74 85235.7
HaitongSecs 11.10 0.12 27.90 10.00 2.66 7.13 4861.6 HsngDevFin 1159.3 -8.35 1402.3 1093.2 1.26 20.77 27221.32 HCA Hold 65.58 0.63 95.49 43.91 - 14.43 26734.85 VertexPharm 101.39 5.02 143.45 94.68 - -38.89 24913.28
JardnStr US$ 26.02 -0.38 36.93 25.24 0.95 10.08 28961.53 Accenture 101.44 2.18 109.86 83.47 2.00 23.58 81779.26
Hngzh HikVDT RMB 29.36 0.85 56.48 25.90 1.34 21.21 14062.62 ICICI Bk 235.75 -3.75 393.40 231.10 2.05 11.28 20379.75 Hew-Pack 10.66 0.08 18.27 10.44 5.88 4.61 19101.1 VF Cp 54.95 -1.68 77.83 54.71 2.21 24.10 23425.68
OCBC 8.03 -0.21 10.92 8.02 4.31 9.28 22978.07 Ace♦ 111.62 1.56 119.86 96.00 2.25 14.35 36185.07
Hunng Pwr 6.46 0.03 11.90 6.24 6.91 6.35 3900.52 Infosys 1133 49.60 2336 932.65 3.18 21.06 38515.75 HiltonWwde 17.88 -0.67 31.60 17.61 0.37 24.85 17650.7 Viacom 41.15 0.36 73.52 36.32 3.37 9.16 14285.9
SingTel 3.50 -0.08 4.57 3.40 4.80 14.99 38812.41 Adobe 89.28 0.98 96.42 68.98 - 97.79 44532.81
IM Baotou Stl RMB 3.29 0.05 7.50 3.09 - -42.72 7860.78 ITC 317.25 1.50 409.95 294.00 1.97 25.38 37921.28 HomeDep 119.57 -1.83 135.47 92.17 1.75 24.05 151600.56 Visa Inc 73.92 0.82 81.01 60.00 0.62 30.20 143881.02
UOB 17.83 -0.21 25.05 17.76 4.58 9.40 19932.51 AEP 58.99 1.04 65.38 52.29 3.42 17.22 28953.32
In&CmBkCh 4.15 -0.02 7.10 4.08 7.28 4.63 46269.91 L&T 1134.65 -22.10 1893.8 1111.2 1.31 21.23 15715.07 Honywell 98.76 1.66 107.41 87.00 1.99 18.21 76113.48 Walgreen 81.54 1.61 97.30 73.00 1.64 20.74 87961.02
Aetna♦ 107.03 2.15 134.40 88.70 0.87 17.27 37321.36
IndstrlBk RMB 15.68 -0.02 21.42 11.90 3.58 6.08 45342.66 OilNatGas 223.25 0.05 373.80 211.25 4.32 10.00 28407.99 South Africa (R) HumanaInc♦ 165.40 1.51 219.79 143.44 0.65 20.03 24516.24 WalMartSto 62.97 1.05 89.26 56.30 2.89 14.48 201623.22
Aflac 57.54 0.63 66.53 51.41 2.58 10.60 24554.54
Kweichow RMB 204.82 5.04 290.00 166.20 2.10 16.25 39052.06 RelianceIn 1061.65 -15.20 1089.75 796.45 0.92 13.08 51147.6 Firstrand 41.00 -0.12 58.47 34.08 5.75 8.35 13970.49 IBM 133.70 2.53 176.30 131.10 3.41 9.65 129703.72 WellsFargo 50.61 0.88 58.77 47.75 2.72 12.88 259799.31
AirProd♦ 116.80 -1.75 158.20 115.64 2.60 20.90 25169.23
Midea 1.85 -0.05 2.68 1.65 4.97 12.66 51.10 SBI NewA 196.05 -4.85 336.00 194.00 1.74 8.32 22635.4 MTN Grp 121.14 -4.97 250.00 120.23 12.76 5.85 13580.14 IllinoisTool 83.03 0.55 100.14 78.79 2.29 17.20 30178.9 Williams Cos 14.75 1.14 61.38 12.77 15.34 34.65 11056.56
Alexion 163.98 6.06 208.88 142.02 - 156.30 36948.68
New Ch Life Ins 28.00 -0.15 56.55 27.05 0.88 8.10 3719.48 SunPhrmInds 791.85 -4.75 1200.8 704.00 - 68.56 28343.44 Naspers N 1829.98 -61.48 2270 1521.98 0.29 50.83 48674.57 Illumina 169.75 5.26 242.37 130.00 - 52.15 24851.4 Yahoo 29.72 0.28 50.32 27.20 - 122.46 28066.23
Allegran 296.93 9.60 340.34 237.50 - -42.40 117027.4
PetroChina 4.48 0.03 11.04 4.24 4.15 16.35 12142.21 Tata Cons 2278.8 -0.40 2812.1 2255 1.74 20.93 66783.83 South Korea (KRW) Intcntl Exch 248.49 1.87 266.74 202.24 0.82 24.73 27275.42 Yum!Brnds♦ 69.39 0.36 95.90 66.35 2.25 34.91 29923.86
Allstate 58.76 0.85 72.87 54.12 1.91 10.77 22758.11
PingAnIns 36.30 0.15 62.90 35.00 2.20 10.01 34727.98 Indonesia (Rp) HyundMobis 245000-2000.00 262500 185500 1.19 12.71 19654.08 Intel 32.21 0.30 37.03 24.87 2.79 14.51 151998.99 Venezuela ()
Alphabet 728.69 9.12 798.69 498.16 - 35.38 212287.64
PngAnBnk RMB 10.77 0.06 17.50 9.30 1.59 6.95 19295.73 Bk Cent Asia 13025 -150.00 15600 11000 1.03 20.15 23086.46 KoreaElePwr 52000 - 54000 38750 0.94 2.81 27510.1 Intuit♦ 93.52 1.82 109.21 79.63 1.05 61.22 24689.68 Bco de Vnzla 100.00 -15.00 143.95 27.00 - - 27015.81
Altria 58.41 0.63 61.74 47.31 3.46 23.13 114523.29
Pwr Cons Corp RMB 6.86 0.15 20.00 6.31 1.43 13.70 3435.99 SK Hynix 27900 -200.00 51700 27200 1.05 4.53 16245.03 John&John 98.98 1.96 105.49 81.79 2.78 19.99 273872.08 Bco Provncl 4199.99 -0.01 4400 850.00 0.79 59.68 33546.25
Israel (ILS) Amazon 592.49 10.68 696.44 285.25 - 899.62 277736.8
SaicMtr RMB 19.84 0.60 29.18 14.00 6.45 7.71 33201.4 SmsungEl 1138000-10000.00 1510000 1033000 1.75 8.57 121272.24 JohnsonCn 34.70 0.04 54.52 33.62 2.85 16.75 22482.42 Mrcntl Srvcs 5000 - 5900 1310 0.15 38.79 22000.5
TevaPha 254.90 1.00 275.90 214.70 1.93 32.92 66110.86 AmerAir 39.83 -0.27 56.20 34.10 0.95 6.02 25105.87
ShenwanHong 0.14 0.00 0.41 0.13 - -2.20 44.27 Spain (€) JPMrgnCh♦ 58.43 1.09 70.61 50.07 2.73 10.47 215088.41
Italy (€) AmerExpr♦ 63.05 0.20 88.42 62.23 1.66 11.81 62056.71
ShgPdgBk RMB 17.92 0.53 20.12 11.91 4.16 6.87 50735.39 Kimb-Clark 126.71 1.25 130.05 103.04 2.61 80.28 45993.21 Closing prices and highs & lows are in traded currency (with variations for that
Enel 3.74 -0.04 4.50 3.41 3.67 63.67 38100.62 BBVA 6.14 -0.07 9.77 6.04 2.55 15.95 42373.25 AmerIntGrp 57.27 0.60 64.93 48.68 1.09 17.48 70843.71
Sinopec Corp 4.22 -0.05 7.79 4.03 5.56 20.57 13830.58 KinderM 13.35 0.40 44.71 12.75 13.24 26.18 29790.72 country indicated by stock), market capitalisation is in USD. Highs & lows are
ENI 13.01 0.18 17.66 12.32 7.22 -17.44 51250.08 BcoSantdr 4.11 -0.04 7.17 4.01 11.81 8.08 64290.65 AmerTower 92.75 0.60 104.12 86.83 1.74 72.87 39286.13
Sinopec Oil RMB 6.39 0.16 14.23 5.10 - -187.17 436.44 Kraft Heinz 71.13 0.32 81.20 61.42 0.73 -49.08 86307.04 based on intraday trading over a rolling 52 week period.
Generali 15.75 -0.19 19.21 15.16 3.73 13.02 26579.33 CaixaBnk 2.92 -0.02 4.53 2.85 2.68 25.16 18421.11 Amgen 150.31 4.85 181.81 130.09 1.88 18.90 113383.02
Denmark (kr) Iberdrola 6.24 -0.05 6.71 5.35 2.43 16.36 42868.55 Kroger 38.75 -0.45 42.75 27.32 0.92 20.47 37770.51 ♦ ex-dividend
IntSPaolo 2.89 -0.08 3.65 2.33 2.37 17.02 49750.85 Anadarko 34.42 -0.44 95.94 33.66 2.98 -3.15 17490.27
DanskeBk 182.00 -1.60 218.00 155.50 2.96 27.48 26661.37 Inditex 29.24 -0.77 35.38 23.80 1.31 33.82 98781.54 L Brands 93.36 1.11 101.11 75.11 1.84 25.19 27021.59 ■ ex-capital redistribution
Luxottica 57.55 -1.30 67.80 47.05 1.22 35.72 30168.06 Anthem 136.70 2.56 173.59 126.25 1.61 13.77 35675.15
MollerMrsk 8115 105.00 16450 7870 3.51 7.60 12543.86 Repsol 9.07 0.24 18.75 8.58 10.32 27.14 13761.5 LasVegasSd 37.16 0.19 61.59 35.97 6.27 14.06 29633.29 # price at time of suspension
Unicred 4.51 -0.13 6.61 4.43 2.60 14.43 29197.16 Aon Cp 87.08 1.17 107.08 85.52 1.20 20.93 23852.68
NovoB 375.20 -4.80 415.00 272.40 1.30 29.98 112396.74 Telefonica 9.32 -0.23 14.31 9.16 4.20 16.02 49120.6 LibertyGbl 34.57 0.83 58.66 33.38 - -23.47 8737.78
Apple 98.19 0.80 134.54 92.00 1.92 11.21 544385.46
Lilly (E) 81.12 1.82 92.85 68.31 2.33 38.62 89887.17

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
China Vanke 24.43 24.43 0.00 0.00 4.53 22.8 74.50 Naspers N 1829.98 1891.46 -61.48 -3.25 -190270.02 -99.0 -6.94 Jan 14 date Coupon S* M* F* price yield yield yield US Jan 14 date Coupon S* M* F* price yield yield yield US
Tesco 168.00 158.30 9.70 6.13 28.80 20.7 17.81 MTN Grp 121.14 126.11 -4.97 -3.94 -12503.86 -99.0 -4.17 High Yield US$ US$
WalMrtMex 43.23 43.23 0.00 0.00 3.24 8.1 1.63 Firstrand 41.00 41.12 -0.12 -0.29 -3854.00 -98.9 1.99 CSC Holdings, LLC (Cablevision-U.S.) 02/18 7.88 BB Ba2 BB 94.64 11.12 0.00 5.24 10.21 Halliburton Company 02/27 6.75 A A2 A- 118.10 4.69 0.00 0.11 2.62
Cognizant 60.15 57.77 2.38 4.12 3.51 6.2 0.62 Williams Cos 14.75 13.61 1.14 8.35 -5.86 -28.4 -42.55 High Yield Euro Korea Electric Power Corporation 08/27 6.75 AA- Aa2 AA- 100.00 6.86 0.00 -0.15 4.79
Infosys 1133.00 1083.40 49.60 4.58 63.65 6.0 7.62 Vale 9.00 9.00 0.00 0.00 -1.91 -17.5 -23.03 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - Anheuser-Busch Cos, Inc. 12/27 6.75 A- A2 A 120.37 4.57 0.00 0.49 2.50
Viacom 41.15 40.79 0.36 0.88 2.26 5.8 0.93 McKesson 160.89 157.84 3.05 1.93 -26.92 -14.3 -15.62 SunTrust Banks, Inc. 01/28 6.00 BBB+ Baa1 A- 112.46 4.69 0.00 -0.40 -
E.ON 8.64 8.64 0.00 0.00 0.43 5.3 4.08 ChMrchSecs 17.10 16.65 0.45 2.70 -2.86 -14.3 -19.94 Emerging US$ E.I. du Pont de Nemours and Company 01/28 6.50 A- A3 A 114.62 4.93 0.00 0.78 -
Volkswgn 129.95 129.95 0.00 0.00 6.40 5.2 2.06 CSR 7.48 7.69 -0.21 -2.73 -1.24 -14.2 -21.18 Mexico 09/16 11.40 BBB+ A3 BBB+ 106.80 1.49 0.03 0.01 0.44 FleetBoston Financial Corp. 01/28 6.88 BBB Baa3 A- 119.39 4.79 0.00 -0.09 -
JardnMt US$ 51.00 51.06 -0.06 -0.12 2.39 4.9 8.12 Anadarko 34.42 34.86 -0.44 -1.26 -5.69 -14.2 -27.48 Brazil 01/18 8.00 BB+ Baa3 BB+ 104.15 5.78 0.00 0.00 4.86
Russia 07/18 11.00 BB+ Ba1 BBB- 117.35 3.74 0.00 0.29 2.83 Euro
HyundMobis 245000.00 247000.00 -2000.00 -0.81 10500.00 4.5 4.48 ShenwanHong 0.14 0.14 0.00 -1.43 -0.02 -13.8 -15.85 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 95.89 3.06 0.00 -0.15 1.00
Zurich Fin 255.60 255.60 0.00 0.00 10.10 4.1 1.67 Sinopec Oil 6.39 6.23 0.16 2.57 -1.01 -13.6 -20.13 Peru 03/19 7.13 BBB+ A3 BBB+ 113.75 2.64 0.00 0.02 1.72
Peru 03/19 7.13 BBB+ A3 BBB+ 114.01 2.60 0.00 0.20 0.84 BHP Billiton Fin Ltd 09/27 3.25 A+ A1 A+ 103.19 2.92 0.00 0.31 0.85
Chunghwa Telecom 102.50 101.50 1.00 0.99 3.80 3.9 4.59 BHPBilltn 14.88 14.77 0.11 0.74 -2.27 -13.2 -13.49 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 108.38 2.37 0.00 -0.07 -
ExxonMb 79.04 75.65 3.39 4.48 2.81 3.7 3.83 ChShpbldng 8.16 7.90 0.26 3.29 -1.24 -13.2 -13.28 Brazil 01/21 7.88 BB+ Baa3 BB+ 94.60 6.14 0.00 0.00 4.62
Colombia 07/21 4.38 BBB Baa2 BBB 99.76 4.47 0.00 0.05 2.96 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 108.53 2.13 0.00 -0.10 -
Luxottica 58.85 58.85 0.00 0.00 2.00 3.5 -1.03 Petrobras 6.80 6.80 0.00 0.00 -1.03 -13.2 -18.13
Poland 03/22 5.00 A- A2 A- 110.82 3.09 0.00 0.00 1.58 Yen
SAP 73.73 73.73 0.00 0.00 2.39 3.4 2.37 Chna Utd Coms 5.01 4.99 0.02 0.40 -0.75 -13.0 -17.05
Turkey 09/22 6.25 - Baa3 BBB- 108.00 4.89 0.00 0.12 3.38 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
21stC Fox A 26.74 25.88 0.86 3.32 0.85 3.3 -1.98 Ch Rail Cons 7.83 8.02 -0.19 -2.37 -1.09 -12.2 -20.02
TrnCan 44.26 44.26 0.00 0.00 1.32 3.1 -4.18 HaitongSecs 11.10 10.98 0.12 1.09 -1.54 -12.2 -11.62 Turkey 04/26 4.25 - Baa3 BBB- 93.16 5.18 0.00 0.08 3.11 £ Sterling
UnionPac 75.30 73.85 1.45 1.96 2.22 3.0 -1.99 SandsCh 22.35 22.45 -0.10 -0.45 -3.10 -12.2 -13.37 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 122.65 4.11 0.06 0.12 1.82
Starbucks 58.37 57.87 0.50 0.86 1.68 3.0 -2.70 LibertyGbl 34.57 33.74 0.83 2.46 -4.63 -11.8 -13.24 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 B.A.T. Intl Fin plc (Re - British American Tobacco) 09/26 4.00 A- A3 A- 104.67 3.47 0.06 0.29 1.18
BP 347.70 335.85 11.85 3.53 10.00 3.0 4.38 VertexPharm 101.39 96.37 5.02 5.21 -13.57 -11.8 -12.97 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.58 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+ 110.03 2.86 0.00 -0.13 1.35 Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 09/25 5.75 BB+ - BBB- 114.60 3.96 0.00 -0.10 1.89
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Jan 14 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Jan 14 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.25-0.50 16-12-2015 1.00 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 24.11 -1.11 25.22 53.29 10.88 Jan 14 Price £ Yield Day Week Month Year High Low £m
US Prime 3.50 16-12-2008 3.50 3.25 3.25 Markit IBoxx VXD 22.42 -1.05 23.47 56.32 7.04 Tr 2pc '16 100.00 2.00 0.00 376.19 471.43 426.32 101.66 100.00 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 171.29 0.04 -1.15 -1.15 -0.86 -3.76 VXN 26.02 -1.09 27.11 46.72 11.15 Tr 1.75pc '17 101.38 0.39 2.63 5.41 -9.30 -15.22 102.68 101.35 0.29
Euro Repo 0.05 10-09-2014 0.05 0.05 0.25 Corporates( £) 298.83 0.26 1.24 1.24 -0.05 0.57 VDAX 27.80 1.50 26.30 29.94 - Tr 5pc '18 109.68 0.46 0.00 -11.54 -19.30 -31.34 113.51 109.34 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 250.49 0.01 0.41 0.41 0.41 0.41 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 111.81 0.69 -2.82 -12.66 -15.85 -19.77 115.07 111.04 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 211.61 0.09 0.15 0.15 -0.18 -0.68 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.57 0.91 -2.15 -9.00 -11.65 -11.65 119.04 114.45 0.33
Switzerland Libor Target 0.00-0.25 15-01-2015 0.00-0.75 -1.25--0.25 0-0.25 Eurozone Sov(€) 226.44 0.21 0.50 0.50 -0.03 1.84 Tr 1.5pc '21 101.49 1.19 -1.65 -7.75 -9.16 5.31 142.92 99.91 0.12
Gilts( £) 291.59 0.29 1.65 1.65 0.02 0.80 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 116.39 1.22 -1.61 -7.58 -8.96 -0.81 119.85 113.65 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 239.69 0.25 0.57 0.57 -1.44 -3.55 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 128.78 1.60 -1.23 -4.76 -5.88 6.67 134.70 124.47 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 298.75 0.25 1.30 1.30 0.09 0.63 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 125.22 1.87 -1.06 -3.61 -4.10 10.00 131.90 119.79 0.31
Jan 14 (Libor: Jan 13) night Day Week Month month month month year Overall ($) 226.35 0.09 0.59 0.59 0.59 0.59 Australia 10/18 3.25 103.51 1.93 -0.01 -0.01 -0.15 -0.17 Tr 4.25pc '32 127.92 2.21 -0.45 -2.21 -1.78 12.18 136.85 121.93 0.35
US$ Libor 0.36630 0.000 0.001 0.001 0.42550 0.62200 0.85970 1.16310 Overall( £) 291.03 0.28 1.54 1.54 0.04 0.75 04/26 4.25 113.87 2.69 -0.01 -0.04 -0.16 0.03 Tr 4.25pc '36 129.56 2.39 -0.42 -2.05 -0.83 13.81 140.37 123.52 0.28
Euro Libor -0.28429 0.000 -0.001 -0.002 -0.22143 -0.14071 -0.05857 0.04786 Overall(€) 221.64 0.17 0.43 0.43 -0.03 1.18 Austria 10/19 0.25 99.98 0.26 0.00 0.00 0.00 0.00 Tr 4.5pc '42 139.33 2.49 0.00 -1.58 0.40 14.22 153.16 132.20 0.26
£ Libor 0.47813 0.001 0.001 0.001 0.51131 0.58938 0.74938 1.03500 Treasuries ($) 218.39 0.14 0.73 0.73 0.73 0.73 10/25 1.20 103.77 0.80 -0.01 -0.05 -0.08 0.00 Tr 3.75pc '52 132.45 2.41 0.00 -2.03 0.42 9.05 145.21 121.95 0.22
Swiss Fr Libor 0.000 -0.78600 -0.75100 -0.67900 -0.60300 FTSE Belgium 06/18 0.75 101.86 -0.03 0.00 0.00 0.00 0.00 Tr 4pc '60 144.66 2.36 -0.42 -2.07 0.43 7.76 159.23 131.72 0.22
Yen Libor 0.001 0.04929 0.08229 0.11300 0.22471 Sterling Corporate (£) 111.06 0.00 - - 0.08 -4.81 06/25 0.80 99.69 0.83 -0.02 -0.07 -0.08 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor 0.000 -0.22000 -0.14400 -0.05400 0.04900 Euro Corporate (€) 105.20 -0.17 - - -0.57 -4.77 Canada 11/17 0.25 99.85 0.33 0.00 0.00 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.50000 0.60000 0.79500 Euro Emerging Mkts (€) 782.01 -13.04 - - -4.53 -18.42 06/26 1.50 101.25 1.37 0.00 0.00 0.00 0.00
US$ CDs
Euro CDs
0.000
0.000
0.41000
-0.22500
0.58000
-0.16500
0.83000
-0.05500
Eurozone Govt Bond 113.77 -0.02 - - -0.03 -1.76 Denmark 11/18 0.25 101.33 -0.22 0.00 0.00 0.00 0.00 GILTS: UK FTSE ACTUARIES INDICES
CREDIT INDICES Day's Week's Month's Series Series 11/25 1.75 108.83 0.81 -0.03 -0.07 -0.05 0.11
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 99.48 1.23 0.00 -0.04 -0.12 0.00
Fixed Coupon Jan 14 chg % Return 1 month 1 year Yield
Jan 14 term notice month month month year Markit iTraxx 09/25 0.88 100.74 0.80 -0.01 -0.04 -0.09 0.00
1 Up to 5 Years 98.62 0.03 2378.90 0.35 1.25 0.79
Euro -0.35 -0.25 -0.35 -0.25 -0.30 -0.15 -0.24 -0.09 -0.15 0.00 -0.05 0.10 Crossover 5Y 364.45 14.49 21.03 31.64 389.82 280.05 France 05/19 1.00 103.85 -0.15 0.00 0.00 0.00 0.00
2 5 - 10 Years 181.29 0.10 3281.59 0.80 1.46 1.45
Sterling 0.40 0.55 0.40 0.55 0.45 0.55 0.55 0.65 0.72 0.87 1.01 1.16 Europe 5Y 90.54 4.07 7.56 10.40 95.40 68.39 11/20 0.25 100.94 0.06 0.00 -0.01 -0.03 0.00
3 10 - 15 Years 207.10 0.11 3857.27 0.84 0.46 1.98
Swiss Franc - - - - - - - - - - - - Japan 5Y 82.57 2.09 3.68 6.01 83.29 65.01 11/25 1.00 101.23 0.87 -0.02 -0.05 -0.07 0.00
4 5 - 15 Years 187.37 0.10 3420.41 0.81 1.13 1.66
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 83.65 3.30 4.40 6.39 99.56 65.28 05/45 3.25 130.90 1.87 -0.02 -0.11 -0.04 0.28
5 Over 15 Years 299.75 0.12 4369.88 0.25 -2.08 2.41
US Dollar 0.32 0.42 0.32 0.42 0.40 0.50 0.60 0.70 0.80 0.90 1.10 1.20 Germany 04/19 0.50 102.68 -0.32 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 173.41 0.09 3260.04 0.45 -0.22 2.13
Japanese Yen 0.00 0.10 -0.10 0.00 -0.20 0.00 -0.15 0.15 -0.15 0.15 -0.10 0.20 10/20 0.25 101.84 -0.14 0.00 0.00 0.00 0.00
Emerging Markets 5Y 387.54 6.82 26.01 45.04 387.54 299.17 08/25 1.00 104.79 0.49 -0.02 -0.05 -0.12 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 536.01 19.37 40.49 54.53 536.01 416.39 08/46 2.50 130.45 1.29 -0.03 -0.13 -0.08 0.12
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Jan 14 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 104.29 5.60 11.69 14.81 104.29 75.52 Greece 07/17 3.38 92.68 8.79 0.21 -0.20 1.51 -1.05
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 283.44 100.00 1 Up to 5 Years 309.23 -0.02 0.25 -2.07 2362.51 0.25 -0.47
02/26 3.00 67.83 8.43 0.05 -0.13 0.44 -0.59 2 Over 5 years 570.39 -0.45 0.02 -3.00 4213.99 0.12 -2.27
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 110.20 -0.30 0.00 0.00 0.00 0.00 3 5-15 years 427.88 -0.14 0.01 -3.61 3262.45 0.35 -2.35
05/26 1.00 98.76 1.13 -0.01 0.00 0.00 0.00 4 Over 15 years 704.00 -0.57 0.02 -2.60 5100.25 0.02 -2.08
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 10/18 0.30 100.58 0.09 0.01 0.01 -0.10 0.00 5 All stocks 528.24 -0.39 0.05 -2.79 3952.25 0.14 -1.95
11/20 0.65 100.37 0.57 0.00 0.00 -0.08 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/25 2.00 104.01 1.57 0.00 0.01 -0.07 0.00 Yield Indices Jan 14 Jan 13 Yr ago Jan 14 Jan 13 Yr ago
Crude Oil† Jan 30.87 0.31 Corn♦ Mar 355.75 -2.25 Jan 13 Jan 13 Prev return stock Market stocks
09/46 3.25 112.85 2.65 0.00 -0.03 -0.01 0.00 5 Yrs 1.04 1.06 0.98 20 Yrs 2.43 2.44 2.11
Brent Crude Oil‡ 30.67 0.44 Wheat♦ Mar 473.25 -4.75 Can 4.25%' 21 126.91 -0.285 -0.290 -0.27 5.18 70666.61 7
Japan 12/17 0.10 100.29 -0.05 0.00 0.00 0.00 0.00 10 Yrs 1.78 1.79 1.56 45 Yrs 2.38 2.39 2.22
RBOB Gasoline† Jan 1.07 0.02 Soybeans♦ Mar 878.75 -0.25 Fr 2.25%' 20 113.50 -0.675 -0.675 -0.60 20.31 212848.75 14
01/21 0.05 100.08 0.03 0.00 -0.01 -0.03 0.00 15 Yrs 2.23 2.24 1.92
Heating Oil† Jan 0.97 -0.07 Soybeans Meal♦ Mar 275.10 0.20 Swe 0.25%' 22 107.81 -0.794 -0.769 0.63 32.00 234813.07 7
12/25 0.30 100.70 0.23 0.02 -0.02 -0.07 0.00
Natural Gas† Jan 2.21 -0.07 Cocoa (ICE Liffe)X Mar 2061.00 -12.00 UK 2.5%' 20 357.87 -1.158 -1.146 0.84 6.58 490146.84 25
12/45 1.40 103.61 1.24 0.06 0.02 -0.10 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Mar 2872.00 -8.00 UK 2.5%' 24 337.95 -0.786 -0.774 1.66 6.82 490146.84 25
Netherlands 04/17 0.50 101.14 -0.41 0.00 0.00 0.00 0.00 Real yield Jan 14 Dur yrs Previous Yr ago Jan 14 Dur yrs Previous Yr ago
Uranium Jan 36.75 0.00 Coffee(Robusta)X Jan 1391.00 -24.00 UK 2%' 35 229.72 -0.733 -0.732 2.15 9.08 490146.84 25
07/25 0.25 96.11 0.67 -0.02 -0.06 -0.09 0.00 Up to 5 yrs -0.86 2.32 -0.87 -1.06 -1.59 2.34 -1.60 -1.77
Carbon Emissions - - Coffee (Arabica)♥ Mar 113.75 -1.20 US 0.625%' 21 101.51 0.348 0.385 0.72 35.84 1123033.30 36
Diesel Mar - - White SugarX 427.60 4.60 New Zealand 03/19 5.00 107.33 2.57 0.00 -0.04 -0.16 -0.85 Over 5 yrs -0.80 23.46 -0.82 -0.89 -0.82 23.54 -0.84 -0.94
US 3.625%' 28 131.91 0.873 0.385 0.76 16.78 1123033.30 36
Unleaded (95R) - - Sugar 11♥ 14.48 -0.05 04/27 4.50 111.16 3.30 -0.02 -0.08 -0.26 -0.21 5-15 yrs -0.71 9.58 -0.73 -0.99 -0.81 9.59 -0.82 -1.15
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/19 4.50 112.74 0.63 -0.01 -0.01 -0.07 -0.21 Over 15 yrs -0.81 29.04 -0.83 -0.88 -0.82 29.08 -0.84 -0.91
Base Metals (♠ LME 3 Months) Cotton♥ Mar 61.97 -0.09 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/25 1.75 103.49 1.34 -0.03 0.00 -0.15 0.00 All stocks -0.80 20.39 -0.82 -0.90 -0.83 20.52 -0.85 -0.95
Aluminium 1471.00 13.00 Orange Juice♥ Mar 130.90 -0.75 amount.
Aluminium Alloy 1620.00 15.00 Palm Oil♣ Jan 562.00 - Portugal 06/19 4.75 113.35 0.76 0.04 0.01 0.01 -0.75 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 4385.00 28.00 Live Cattle♣ Feb 131.70 0.33 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 101.59 2.69 0.00 0.09 0.17 0.00
Lead 1619.00 -3.00 Spain 04/18 0.25 100.23 0.15 0.00 0.03 -0.08 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Jan 160.23 0.18
Nickel 8450.00 180.00 Lean Hogs♣ Feb 61.60 0.00 Spread Spread Spread Spread 04/26 1.95 100.58 1.89 0.00 0.00 0.00 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 13300.00 0.00 Bid vs vs Bid vs vs Sweden 01/18 0.88 99.45 1.16 0.00 -0.06 -0.10 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 1494.00 8.50 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 115.41 0.78 -0.03 -0.09 -0.22 -0.01 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) Jan 13 Month Year Australia 2.69 2.21 0.62 Italy 1.57 1.08 -0.50 Switzerland 05/19 3.00 113.01 -0.85 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1088.40 0.25 S&P GSCI Spt 286.60 -8.73 -24.80 Austria 0.80 0.31 -1.27 Japan 0.23 -0.26 -1.84 05/26 1.25 114.45 -0.13 0.00 0.00 0.00 0.00
Silver (US cents) 1402.00 19.00 DJ UBS Spot 74.61 -4.87 -26.35 Belgium 0.83 0.35 -1.23 Netherlands 0.67 0.19 -1.39 United Kingdom 07/18 1.25 101.55 0.63 -0.04 -0.10 -0.17 -0.19 Data provided by Morningstar | www.morningstar.co.uk
Platinum 835.00 -8.00 R/J CRB TR 163.46 -6.83 -25.82 Canada 1.37 0.88 -0.70 Norway 1.34 0.86 -0.73 01/21 1.50 101.59 1.17 -0.04 -0.11 -0.17 0.00
Palladium 485.00 -5.00 Rogers RICIX TR 1877.31 - - Denmark 0.81 0.33 -1.26 Portugal 2.69 2.20 0.62 09/25 2.00 102.60 1.71 -0.04 -0.10 -0.15 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Finland 0.80 0.31 -1.27 Spain 1.89 1.40 -0.18 01/45 3.50 120.79 2.49 -0.03 -0.07 -0.10 0.26
Iron Ore (Platts) 39.25 -0.25 UBS Bberg CMCI TR 11.21 -7.73 -27.01 France 0.87 0.38 -1.20 Switzerland -0.13 -0.62 -2.20 United States 12/17 1.00 100.16 0.92 0.01 -0.04 0.00 0.00
Iron Ore (The Steel Index) 39.60 0.30 LEBA EUA Carbon 7.22 -9.98 1.12 Germany 0.49 0.00 -1.58 United Kingdom 1.71 1.22 -0.36 12/20 1.75 101.14 1.51 -0.01 -0.10 0.00 0.00
GlobalCOAL RB Index 49.00 -0.80 LEBA CER Carbon 0.41 -21.15 -10.87 Greece 8.43 7.95 6.36 United States 2.07 1.58 0.00 11/25 2.25 101.60 2.07 -0.03 -0.09 -0.16 0.00
Baltic Dry Index 383.00 -11.00 LEBA UK Power 1625.00 -29.35 9.87 Ireland 1.13 0.64 -0.94 11/45 3.00 102.95 2.85 -0.03 -0.08 -0.08 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 15 January 2016

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence HBM Hlth SFr 101.50 -1.80 113.50 87.00 - 23.31 12.6 Renold 52.00 -3.00 86.00 50.75 - 20.35 70.7 Antofagasta 372.90 4.10 811.50 354.40 3.66 24.22 8836.5 PrimyHth♦ 107.50 1.75 113.50 90.75 4.59 12.05 656.0 Intertek 2714 -38.00 2949 2196 1.81 23.04 454.4
AvonRub 1018 4.00 1180 687.39 0.61 18.64 19.2 HenderGp 276.00 -10.10 314.30 210.90 3.26 19.25 2321.5 Rotork 170.10 1.20 267.20 157.60 2.95 14.82 2917.3 ..5%Pf 0.60 - 0.60 0.60833.33 - - Redefine 48.13 -0.20 59.90 46.58 6.86 9.44 972.6 Lavendon 136.50 9.25 211.50 120.75 3.37 14.40 2740.5
BAE Sys 518.50 -6.00 549.00 419.30 3.95 23.42 8499.6 ICAP♦ 472.30 -8.80 573.00 420.60 4.66 23.46 1610.8 Severfd♦ 60.25 -3.25 75.00 57.00 0.83 131.26 98.7 AquarsPl 12.00 0.25 15.25 5.53 - -2.86 4722.8 SEGRO 425.00 -1.60 466.70 385.30 3.55 3.97 2599.5 MngCnslt 14.63 - 19.00 13.25 5.64 -71.34 11.9
Chemring 180.00 -3.25 241.00 131.00 2.28 -20.59 4038.4 Indvardn SKr 132.50 -2.50 183.50 130.00 4.58 12.47 682.0 SKF SKr 125.80 -1.20 231.70 123.70 4.24 13.60 3223.9 Barrick C$ 10.90 -0.63 16.54 7.89 1.25 -3.03 3212.7 Shaftbry 884.50 -14.50 975.50 777.00 1.52 5.28 517.5 MearsGp 456.75 -9.00 475.00 375.00 2.19 17.66 23.4
Cobham 275.80 -3.30 349.10 250.50 3.86 -160.16 2019.8 ICG 584.50 -1.50 712.83 485.70 4.39 9.16 874.8 Spirax-S 2998 -68.00 3767.56 2738 2.23 23.00 181.2 BHP Bltn 657.00 37.40 1670.5 609.10 12.12 15.82 21476.9 Town Ctr 325.00 -5.25 336.75 266.00 3.21 7.20 4.7 MenziesJ 403.00 -5.00 525.00 338.50 4.02 35.83 419.6
Meggitt 365.40 -3.40 593.50 337.60 3.76 15.21 2312.6 IPF 260.00 -4.60 512.00 230.00 4.62 7.56 786.4 Tex 106.50 - 130.00 86.30 5.63 7.57 10.0 BisichMg♦ 69.50 -8.00 94.75 60.15 5.76 5.35 16.0 Wkspace♦ 870.50 -31.50 989.50 764.50 1.38 4.04 186.3 MichaelPge 405.80 -3.20 568.00 395.10 2.71 19.64 835.3
RollsRoyceX 556.50 -4.00 1061 504.50 4.15 -40.93 5744.7 Investec 434.60 -4.30 649.50 406.70 4.60 12.40 1804.4 Trifast 113.50 -2.50 134.00 93.50 1.85 13.58 31.2 EVRAZ 63.40 1.80 209.90 58.00 - -1.23 2560.3 Real Estate Inv & Services MITIE♦ 286.20 5.40 341.00 265.89 4.09 14.32 2036.7
Senior 208.10 -0.80 361.70 204.50 2.71 14.00 1012.0 Jupiter 420.50 -12.00 481.30 340.40 3.14 12.57 899.4 Vitec 578.50 -3.50 670.85 575.00 4.15 22.90 0.6 Fresnillo 702.50 10.50 939.50 569.63 0.28 148.52 1157.9 Cap&Count 387.30 -6.50 475.10 364.00 0.39 5.69 1746.6 PayPoint 874.00 -17.00 1112.15 779.82 4.41 29.64 38.0
UltraElc 1887 -43.00 2044 1627 2.35 -165.54 99.3 Liontrust 272.00 -8.00 393.50 260.82 2.94 20.17 69.2 Weir 891.00 16.50 2045 834.34 4.94 - 1431.3 GemDmnd 110.00 -6.00 182.00 94.75 2.89 9.01 92.0 CLS 1667 -102.00 2037 195.00 - 3.55 9.3 PremFarn 99.50 -1.00 204.60 87.75 10.45 8.37 1271.4
Man 158.30 -4.80 217.80 138.60 4.03 10.73 5431.0 Harmony R 26.90 1.90 38.50 7.92 - -2.08 3684.6 Daejan 6300 - 6614.2 5323.5 1.30 6.48 7.3 Rentokil 154.00 -1.30 162.50 119.00 1.68 21.57 3707.4
Automobiles & Parts NB GFRIF♦ 91.00 -1.15 98.85 90.76 4.08 23.29 1907.3
Industrial General Hochschild 42.00 - 134.25 41.00 - -2.92 264.0 Ricardo 851.00 -24.00 967.50 640.00 1.83 24.20 12.0
BritPoly 675.00 -15.00 755.00 620.00 2.37 10.85 4.5 Grainger♦ 228.40 -2.40 256.00 183.60 1.11 22.22 893.5
FordMtr $X 12.19 -0.02 16.74 10.44 - - 40405.4 Paragon♦ 316.90 -9.70 461.50 316.30 3.03 9.11 712.4 Kenmr 0.59 -0.03 4.92 0.27 - -0.27 16317.4 HelclBar 445.00 1.00 475.50 367.75 1.63 4.73 52.7 RbrtWlts 365.00 -11.00 478.00 315.75 1.64 21.28 29.3
GKN 287.70 -3.80 389.00 248.56 2.92 32.02 7290.0 Providnt 3052 -108.00 3654 2414 3.21 22.78 387.8 Coats Group 23.50 - 30.90 20.85 - -350.75 1859.1 Lonmin 51.75 -2.50 18970 48.69 - -0.02 1904.2 RPS 230.25 -2.75 271.37 181.50 3.68 16.28 1901.6
ExovaGroup 140.50 0.50 199.12 134.50 1.42 20.13 310.7 HK Land $ 6.48 -0.01 8.80 6.38 2.68 13.04 2309.9
RathbnBr 2225 -72.00 2373 2014 2.34 28.66 21.6 Petra 80.75 2.00 192.60 52.77 - 13.82 1291.3 Lon&Assc 24.50 - 42.52 23.50 0.64 -3.46 4.2 Shanks 91.00 -4.00 113.50 88.00 3.79 -47.67 517.2
Banks JardnMt $X 51.00 -0.06 67.88 45.00 2.60 12.96 1050.8
Record 26.25 - 41.00 24.00 6.29 9.46 37.2 Petropvlsk 5.65 -0.18 18.89 4.21 - -0.82 2679.6 MacauPrp 142.00 -1.50 235.75 139.00 - -3.35 61.7 SIG 136.50 -6.00 212.20 117.00 3.22 24.45 10268.3
ANZ A$X 25.05 -0.40 37.25 24.84 9.90 10.16 5455.7 Jard Str $X 26.02 -0.38 36.93 25.24 0.95 10.08 524.2
S&U 2361 -69.00 2595 1962 2.80 14.04 5.8 PolymtIntl 557.50 7.50 634.00 424.20 2.43 -17.19 264.3 Mntview 11600 92.00 12900 10000 2.37 12.62 0.3 SpeedyHr♦ 42.00 -1.50 78.50 27.94 1.67 -15.27 137.5
BcoSant 309.50 -3.25 526.19 299.69 11.83 8.08 2199.8 Macfrlne 56.75 -0.25 60.00 35.60 2.91 13.76 168.2
Schroder 2593 -89.00 3441 2538 3.01 15.91 337.7 RndgldRs 4229 -25.00 5752.1 3546 0.92 30.73 576.2 RavenRuss 37.50 -1.50 58.56 37.25 - -2.65 60.8 St Ives 221.00 -2.00 227.63 156.68 3.24 63.45 415.6
BnkGeorgia 1718 -55.00 2345 1609 2.61 8.46 54.5 REXAM 602.00 -8.00 614.00 424.60 2.94 21.29 2079.8
..N/V 1978 -77.00 2629 1953 3.94 12.14 13.4 RioTintoX 1735 51.50 3280 1637.5 7.86 17.26 6571.0 RavenR Prf 128.00 - 146.00 120.51 9.38 - 9.6 TribalGrp 22.75 1.25 188.00 19.16 7.91 -3.87 157.5
BankIre € 0.31 -0.02 0.39 0.07 - 15.08 33049.9 RPC♦ 749.00 -26.00 864.50 530.50 1.91 38.39 1769.1
SVG Cap 466.00 -9.70 535.00 416.35 - 11.63 300.0 Troy Res A$ 0.21 0.01 0.77 0.20 - -0.43 787.4 RavenR Wrt 24.50 - 34.00 22.00 - - 0.3 Vp 740.00 - 816.00 582.85 2.23 14.93 8.9
BkNvaS C$X♦ 53.25 0.25 67.72 52.60 5.19 9.30 1586.5 Smith DS 372.60 -12.80 423.70 304.30 3.06 27.08 4067.3
TullettPre 345.90 -7.70 415.90 287.10 4.87 7.39 197.1 VedantaRs 241.00 17.60 695.06 207.60 17.28 -0.48 1257.0 Safestre 345.80 -7.80 370.00 238.50 2.15 7.11 295.7 Watermn 95.75 -0.75 98.49 56.15 1.46 21.76 46.3
BarclaysX 197.70 -4.00 289.90 192.52 3.29 0.66 57104.8 Smiths 920.00 27.50 1243 874.00 4.40 14.91 2278.2
WlkrCrip 48.00 -0.50 55.00 39.70 3.54 28.55 5.8 Savills 850.50 -22.00 991.46 647.50 1.29 19.88 194.3 Wolseley 3403 -56.00 4398 3327 2.51 27.58 855.2
CanImp C$X♦ 85.72 -0.88 102.90 83.10 5.13 9.44 933.9 SmurfKap € 22.73 -0.57 30.31 19.43 2.58 18.30 390.7 Oil & Gas
HSBCX 502.00 -2.80 674.57 478.35 6.68 9.90 32574.6 Food & Beverages Vesuvius 300.00 0.40 530.00 291.10 5.38 8.44 199.3 Aminex 1.73 -0.03 2.49 1.25 - -20.29 5808.3 SchroderRE 59.75 0.25 63.00 56.10 4.15 7.31 536.3 Tech - Hardware
LlydsBkgX 66.53 -1.27 89.35 65.61 2.25 39.67 242747.7 AngloEst 506.00 -6.50 683.10 505.38 0.59 -39.51 6.2 BGX 953.90 27.20 1301.62 787.00 2.00 -18.42 13327.7 Smart(J) 104.50 - 114.80 87.50 2.83 16.21 0.1 ARM Hldgs 961.00 -22.00 1332.5 811.50 0.80 42.59 3727.5
RylBkC C$X 68.63 -0.52 81.53 68.00 4.59 9.99 2977.3 AscBrFdX 3019 -22.00 3606 2705.75 1.13 42.31 1137.5
Industrial Transportation BPX 347.70 11.85 499.25 252.55 7.74 -12.70 61223.4 StModwen 396.30 -6.50 499.40 390.60 1.16 3.74 321.4 Laird 341.80 -2.20 413.30 300.60 3.66 16.63 453.9
RBSX 277.00 -4.80 414.00 273.00 - -12.42 11648.6 Barr(AG) 526.50 -1.00 699.36 500.00 2.30 20.00 73.4 BBA Aviat 167.50 -4.00 257.11 165.20 4.42 13.90 4550.5 Cadogan 8.88 - 13.25 7.75 - -0.54 1.5 U and I 231.50 3.00 293.00 214.75 2.55 10.93 139.7 SpirentCM 70.00 0.75 98.75 64.25 3.52 77.52 158.4
StandChX 518.80 2.50 1166 475.55 9.88 12.13 12052.7 Britvic♦ 686.50 -23.00 788.00 632.00 3.13 16.65 901.1 Braemar 435.00 -5.00 513.86 392.50 5.98 20.71 3.4 CairnEng 137.80 6.60 210.00 127.10 - -2.25 1597.0 UNITE Gp 617.50 -16.00 706.00 477.00 1.81 4.98 360.8
..7.375%Pf 107.25 - 128.00 104.50 6.88 - 112.1 C&C € 3.66 -0.14 4.08 3.16 3.04 -14.16 94.8 Clarkson 2142 33.00 2855 1850 2.80 44.15 30.1 Cape 238.00 -4.00 275.75 177.00 5.88 13.10 438.2 Urban&C 273.00 -7.50 291.00 243.25 0.92 8.89 60.2 Tech - Software & Services
..8.25%Pf 120.00 - 141.00 116.50 6.88 - 46.4 CarrsGroup♦ 157.00 -3.00 178.50 136.00 2.21 12.14 73.6 Eurotunnl € 10.02 -0.27 14.57 9.96 1.69 52.45 1894.3 EnQuest 14.00 0.25 61.00 12.81 - -1.22 5034.7 AVEVA♦ 1439 1.00 2350 1267 2.12 32.54 157.8
Fisher J 1102 7.00 1442 894.50 2.00 14.27 22.0
Retailers Computcnt 836.50 -33.50 885.00 665.00 2.37 9.10 115.1
TntoDom C$X 50.94 -0.56 56.48 47.75 4.02 11.82 3532.9 Coca-Cola H 1384 -30.00 1638 1051 3.65 21.99 389.2 ExxonMb $X 79.66 4.01 93.45 66.55 - - 18650.6 AA 284.60 -9.30 434.50 254.80 - -170.32 1636.9
VirginMoney 318.00 -9.60 472.90 295.40 - -795.00 710.6 Cranswk♦ 1917 -11.00 1950 1280 1.77 22.66 78.9 Flybe Grp 83.75 -0.25 109.70 52.00 - 27.92 581.9 GenelEgy 126.00 -1.00 704.50 119.75 - -1.55 5512.6 DRS Data 12.50 0.50 14.90 11.25 - -5.27 8.5
Goldenpt 28.25 0.25 228.46 24.38 - -0.10 0.1 AO World 152.00 -4.30 240.00 118.60 - -65.86 257.8 Elecdata 63.75 -1.25 74.90 62.00 3.14 21.21 17.4
Westpc A$X 31.16 -0.33 40.07 29.10 8.08 13.44 4838.4 Dairy Cr♦ 628.50 -17.00 700.00 437.90 3.45 45.44 150.6 GeoPark $ 2.80 - 5.73 2.45 - - 26.7 AshleyL 25.75 -0.75 36.00 24.50 7.77 10.02 1183.5
Devro 291.00 -3.00 328.00 256.17 3.02 51.99 67.3 OceanWil♦ 745.00 - 1028.9 722.00 5.37 68.49 4.1 GrnDnGas 217.50 -9.00 412.25 214.00 - 17.67 1.4 MicroFoc♦ 1431 -18.00 1622 1016.51 2.17 35.20 490.6
Basic Resource (Ex Mining) RoyalMail 437.60 -5.70 532.50 396.48 4.80 15.22 4112.3 Brown N 293.40 -2.60 400.00 281.20 4.85 19.74 510.8 NCC Grp 295.30 -0.20 309.00 192.68 1.24 37.74 244.6
Glanbia € 17.40 -0.28 19.59 12.88 0.59 34.05 29.2 GulfKeyst 13.25 0.50 61.56 11.50 - -0.63 1846.1 Caffyns 552.50 -7.50 665.00 480.00 3.67 1.61 10.5
Ferrexpo 19.75 - 83.00 12.50 21.25 2.03 333.3 UK Mail♦ 280.00 -5.00 569.00 245.25 7.79 18.55 32.7 RM 169.50 -5.50 185.00 137.50 2.36 10.67 2.5
Grncore♦ 351.00 -3.80 363.40 262.80 1.61 25.01 937.0 HellenPet € 3.67 -0.11 5.65 3.35 - -16.33 131.0 Card Factor 345.60 -5.40 401.50 250.72 1.97 20.12 217.9
Mondi 1231 -40.00 1614.36 1035 2.42 15.96 1561.1
HiltonFd 555.00 -1.00 574.50 388.00 2.40 22.13 16.7 Hunting 252.50 4.50 677.00 235.50 7.82 -15.88 518.6 Sage 575.50 -8.00 625.50 363.39 2.16 31.97 2315.0
Vale BRLX 9.58 0.58 27.89 8.80 24.39 -4.20 5924.9 Insurance Dairy Fm $ 6.11 -0.05 9.77 5.76 3.45 19.34 219.9 SDL 429.00 4.00 472.00 315.00 0.58 40.74 195.0
Kerry € 75.25 -0.91 77.72 58.18 0.73 26.92 58.3 Admiral 1611 -24.00 1699 1370 2.87 15.35 473.3 ImpOil C$X 41.46 1.09 55.37 39.30 1.17 20.50 321.8 Debenhm♦ 76.30 -0.45 96.80 63.75 4.46 10.03 5441.1 Telecity 1273 -30.00 1313 998.13 1.06 101.14 12994.1
Chemicals Nestle SFrX 71.30 -1.30 77.00 64.55 3.05 15.99 10036.2 Amlin 665.50 - 668.50 445.70 4.06 14.50 1949.7 IE Hldgs 65.25 1.75 149.78 62.00 - -2.23 89.7 Dignity 2282 -136.00 2643 1755 0.88 -26.23 47.7
PremFds 39.00 1.50 47.79 30.75 - -1.53 1276.8 JKX 25.50 - 39.40 11.76 - -0.68 10.7 TriadGp 26.75 -1.00 43.00 9.25 - 9.35 0.2
Bayer €X 102.85 -1.50 146.45 100.45 2.14 23.34 3786.3 AvivaX 474.60 -7.20 578.68 428.40 3.81 12.42 8849.5 DixonsCar♦ 454.90 -14.70 506.50 398.90 - 21.46 2933.9
Carclo 149.75 0.50 169.75 92.50 1.84 50.05 24.0 PureCircle 409.50 -8.50 590.00 352.24 - 260.00 73.7 Beazley 364.40 -17.30 402.08 269.00 2.58 12.68 981.6 Nostrum 329.90 -3.10 670.00 313.88 5.34 45.99 52.3 Dunelm 865.00 -14.00 1023 817.00 2.37 18.30 112.8 Telecommunications
Croda 2867 -35.00 3150 2569.9 2.28 22.32 329.3 REA 263.00 - 352.00 244.00 2.93 55.10 80.3 Chesnar 346.00 2.75 367.81 310.00 5.32 13.57 36.0 OphirEgy 88.40 3.15 171.20 78.00 - -2.04 1993.1 Findel 196.00 -4.25 255.00 162.00 - -28.32 4.5 BTX♦ 467.00 -9.15 502.60 391.50 2.44 17.60 13519.5
Elemntis 214.30 1.30 324.10 206.50 2.47 9.32 1083.6 SABMillX 4064.5 -10.00 4090 2075 1.83 33.67 3624.1 DirectLine 368.50 -4.10 418.90 325.20 3.91 11.55 5159.3 PremOil# 19.00 -9.50 191.40 19.00 - -0.20 26551.9 Halfords♦ 333.40 1.40 563.51 310.80 4.38 10.00 1226.9 Inmarsat 1055 -56.00 1153 805.00 3.05 22.98 1682.6
Syngent SFrX 369.70 -4.20 435.20 280.00 2.92 25.45 257.8 StckSpirit 120.25 -3.75 235.00 97.75 1.47 18.00 132.4 Eccles prf 132.25 - 146.00 124.50 6.52 - 38.2 RylDShlAX 1391.5 45.50 2216.5 1326 9.03 84.11 14169.9 Inchcape 718.00 -14.00 906.65 673.50 2.80 19.33 996.0 KCOM Gp♦ 115.25 -3.50 124.50 78.50 4.66 46.16 339.9
Synthomer 300.00 -2.00 364.10 228.74 2.60 20.24 924.9 Tate&Lyl 583.50 -11.00 682.50 492.20 4.80 60.55 1217.0 Hansard 109.50 -0.50 123.24 80.00 7.76 10.10 53.0 ..B 1390 44.50 2315 1325.5 9.04 84.02 10296.2 JDSportsF 1102 44.00 1140.5 439.86 0.64 25.38 377.8 TalkTalk 199.20 5.20 415.10 184.00 6.93 37.49 1418.9
Victrex 1547 -28.00 2202.55 1518 2.94 15.80 269.7 TongtHu R 87.50 -0.80 168.49 77.85 4.91 9.98 86.8 Hiscox 978.00 -42.00 1063 721.00 2.41 12.01 415.8 Schlmbrg $X 64.78 0.83 95.13 61.75 - - 7424.1 Lookers 165.50 -6.60 188.80 139.75 1.72 13.50 747.5 TelePlus 966.50 -6.50 1227.25 725.50 4.14 23.56 85.2
Unilever 2820 -40.50 3087 2450 2.92 23.50 2515.3 JardineL 894.50 -9.00 1112 840.50 3.23 17.48 55.3 SEPLAT 59.50 1.50 166.00 58.00 16.41 6.01 1068.1 Marks&Sp 425.10 -3.60 600.00 418.60 4.23 16.28 6907.0
Construction & Materials ..NV € 37.55 -1.38 42.98 32.92 2.90 23.56 6.3 Soco Int 132.25 -3.75 314.50 117.00 7.36 -11.42 481.4 MossBros 95.25 -0.25 112.00 83.50 5.51 21.41 1154.7 Tobacco
Lancashire 612.50 -15.00 772.90 552.00 1.46 8.61 385.1
Alumasc 190.00 1.50 221.83 117.15 2.79 12.84 50.1 TrnCan C$X♦ 44.49 0.23 59.50 40.58 4.67 18.54 758.1 Next 6670 -35.00 8175 6520 2.25 15.71 717.8 BrAmTobX 3639.5 -81.50 3931.5 3231.5 4.07 16.90 2820.9
Health Care Equip & Services Leg&Gen 245.20 -2.40 296.02 230.40 4.59 14.28 16432.4
Boot(H) 218.00 -6.00 245.00 121.00 2.57 13.34 87.1 Tullow 138.80 9.90 456.90 122.00 3.04 -1.28 14300.5 Ocado 269.00 -9.80 478.50 267.20 - 235.76 2934.3 ImpTobX 3535.5 -78.50 3665 2785 3.74 19.99 1774.8
Bioquell 139.50 1.00 155.50 80.00 2.37 139.22 18.3 NovaeGp 816.00 -11.00 914.39 588.50 3.04 10.70 95.2
ClarkeT 90.50 2.00 91.00 57.79 3.43 - 107.5 Photo-Me 155.50 -3.00 166.75 131.50 3.14 22.37 541.3
ConstMed♦ 1025 -19.00 1155 820.50 1.77 101.91 69.6 Old Mut 158.90 -2.30 20590 150.40 5.48 11.04 8700.7 Pharmaceuticals & Biotech Travel & Leisure
CRH 1830 -41.00 2478.5 1454 2.42 34.24 1966.4
PermTSB € 4.25 -0.05 6.30 0.05 - -5.49 137.3 Saga 203.70 -0.90 225.10 154.90 2.01 16.60 1808.1
GalfrdT 1489 -58.00 1824 1195.63 4.03 13.43 207.4 GNStre kr 125.90 -3.00 158.50 113.70 0.70 26.39 535.9 BTG 616.00 -5.50 832.00 504.00 - 51.75 582.5 888 Hldg 177.25 -3.25 187.75 134.00 2.87 23.60 254.3
UDGHlthC♦ 569.00 -13.50 602.50 380.70 1.34 45.37 343.4 PhoenixGrp 872.00 -7.00 935.00 789.00 6.12 18.34 355.4 CathayIn 12.50 -0.50 28.29 12.15 - -13.01 13.7 SuperGroup 1555 -24.00 1733.49 833.50 - 31.78 242.6 AirPrtnr 377.50 -26.25 470.00 251.00 5.84 13.22 23.6
Keller 820.00 -5.50 1105 780.50 3.07 25.89 127.7 TescoX 168.00 9.70 252.52 137.00 0.69 -2.42 62893.6
PrudntlX 1373 -11.00 1761.5 1045.99 2.69 13.98 5071.5 Dechra 1013 -42.00 1110 832.00 1.56 46.07 83.8 bwin.party 123.50 -1.20 132.55 70.40 2.89 341.16 6114.6
KierGp 1256 -29.00 1779 1243 4.68 31.40 109.4 House, Leisure & Pers Goods RSA Ins 403.90 -6.30 528.00 390.50 0.50 62.22 3493.9 Genus 1380 -59.00 1624 1210 1.33 21.26 38.1 Cineworld 499.90 -13.10 599.00 397.39 2.70 16.75 772.6
Kingsp € 22.89 -0.67 26.07 13.90 0.67 30.95 78.7
BarrttDev 590.00 -23.00 673.50 411.60 2.02 13.24 3030.2 SagicFin 60.00 - 68.00 53.00 4.40 4.80 1.8
Support Services
LowBonr 65.25 -2.25 76.00 49.00 4.14 16.80 77.7 GlaxoSmhX 1380.5 -4.00 1645 1227.5 5.80 6.84 11741.8 Acal♦ 277.50 -6.25 334.75 240.00 2.74 26.07 28.3 CompassX 1134 -14.00 1223.36 963.00 2.43 21.72 3688.7
Bellway 2704 -94.00 2897.51 1686 2.26 11.72 315.0 StJmsPl 918.00 -18.50 1031 772.50 2.54 27.32 1486.4 HikmaPhm 2104 -107.00 2617 1849.38 0.66 27.23 473.7 EntInns 99.90 -1.40 139.60 94.65 - -7.70 2763.9
Marshlls 329.00 -8.20 379.80 230.50 1.82 26.82 191.1 Aggreko 848.00 6.00 1724.15 815.50 3.20 11.23 921.9
Berkeley♦ 3607 -93.00 3788 2264 4.99 11.97 697.2 Stan Life 372.00 -3.00 505.68 353.20 4.91 27.46 3455.1 Oxfd Bio 7.82 0.04 13.38 5.39 - -20.00 3173.5 FirstGrp 102.50 -1.30 129.90 88.65 - 18.52 3020.0
MorgSdl 745.50 -5.50 865.00 619.80 3.62 -21.81 2.0 APR Engy 177.00 2.25 407.44 49.98 1.93 -0.30 19.7
BovisHme 922.00 -35.50 1206 750.00 3.80 11.31 829.9 RichterG $ 19.57 -0.36 20.13 12.20 0.58 26.60 0.0 Fuller A 1106 -48.00 1250 920.50 1.42 21.93 6.8
Norcros 185.00 -8.00 227.60 150.00 3.03 13.03 10.1
Cairn Homes € 1.21 -0.02 1.23 1.00 - - 2392.6
Media AshtdGp♦ 997.00 -46.00 1231 838.00 1.53 14.09 2803.2
StGobn €X 35.92 -0.70 44.84 32.36 1.62 25.61 3303.2 4imprint 1245 -20.00 1351.85 820.63 1.65 28.55 10.5 ShireX 4130 -139.00 5870 3855 0.36 12.19 2235.5 AtknsWS 1528 -36.00 1677 1225 2.39 15.70 281.2 Go-Ahead 2452 -75.00 2758 2269 3.49 20.51 56.0
CrestNic 526.00 -21.50 598.50 342.00 2.72 11.77 533.7 VecturGp 178.00 -6.10 200.10 140.00 - 110.15 376.2 GreeneKg♦ 866.00 -37.50 985.00 766.00 3.32 21.33 867.6
Tyman 253.25 2.75 342.00 230.00 3.16 36.73 877.2 Creston 123.00 - 163.00 108.00 3.41 15.98 2.0 Babcock 974.50 -16.50 1152.76 868.50 2.42 18.18 1070.0
GamesWk 545.50 -11.50 625.00 487.25 9.53 14.25 1.3 IrishCtl € 5.41 -0.19 5.60 3.20 1.83 15.79 0.2
DlyMailA♦ 687.50 -16.00 989.50 647.50 3.01 15.14 447.4 Real Estate Berendsen 1061 4.00 1161 946.50 2.83 20.84 385.4
Electronic & Electrical Equip Gleeson 575.00 13.50 580.00 345.02 1.32 25.01 106.1
Brammer 165.50 0.25 420.50 138.50 6.47 23.10 231.7 Ladbrokes 118.70 - 147.00 92.85 7.50 -45.44 2860.4
Headlam 503.00 1.00 550.00 408.00 3.48 16.72 9.7 HaynesPb 107.50 - 140.00 103.00 6.98 -2.02 1.8 Harworth Gr 12.13 -0.13 14.37 7.26 - 2.93 2182.7
Dialight 442.50 9.75 827.50 398.00 3.39 23.68 13.0 Bunzl 1812 -26.00 1969 1665 1.96 26.55 732.8 MandarO $ 1.34 -0.08 1.78 1.33 4.72 18.41 123.6
McBride 159.00 -3.75 176.00 74.00 - -414.06 161.2 ITE Grp♦ 140.00 -1.50 204.75 125.00 5.29 13.40 1805.1
e2v Tech 229.00 1.00 268.00 177.00 2.23 20.82 48.1
ITV 259.80 -8.30 281.90 212.80 1.81 19.85 19096.6
REITs Capita 1171 -20.00 1336 1032 2.49 31.74 1225.1 Marstons♦ 153.90 -5.90 177.00 137.60 4.35 -32.59 1622.3
Halma♦ 822.00 -26.50 886.50 659.50 1.45 29.16 878.7 McCarthy&S 281.75 -3.75 291.50 180.00 - 23.62 365.8 Assura♦ 54.70 -0.20 64.00 51.00 3.56 9.91 1909.7 Natl Exp 306.20 -13.20 334.70 216.30 3.36 18.97 1021.0
Persimn 1940 -69.00 2156 1423.36 - 13.47 1161.8 JohnstnP 40.00 -3.00 174.00 35.00 - -83.51 97.5 Carillion 291.90 -5.80 371.40 288.80 6.08 23.33 1502.9
MorganAd 227.80 0.40 375.84 222.40 4.78 39.41 536.6 BigYellw 745.50 -20.50 847.00 597.50 2.91 8.87 312.6 Comnsis 38.50 -0.75 63.00 36.25 5.19 -5.29 39.3 PPHE Htl 652.50 -5.00 688.00 453.75 2.71 9.95 3.0
Philips € 22.95 -0.02 28.00 20.48 - 36.72 6780.1 News Corp A $ 12.57 0.38 17.55 12.06 - - 2542.6
OxfordIn 654.00 -10.00 1114 502.62 1.99 -76.35 42.8 BritLand♦ 732.00 -10.50 891.50 729.50 3.80 5.33 4656.8 ConnectGp♦ 162.50 -6.00 175.00 128.02 5.85 18.03 154.8 Restaurt 522.00 -116.00 748.70 517.50 2.95 18.64 6400.3
PZCusns 269.80 -0.60 376.90 262.25 2.91 21.69 343.0 NewsCpB $ 12.95 0.42 17.11 12.24 - - 460.9
Renishaw 1695 -17.00 2672.9 1646 2.50 10.12 76.2 Cap&Reg 65.50 0.50 71.50 50.95 1.45 3.98 492.2 DCC 5230 -110.00 6060 3357 1.62 34.07 242.6 Sportech 59.25 -2.75 72.00 52.56 - -1.41 12.4
ReckittBX 6032 -111.00 6450 5215 2.30 25.63 1521.3 Pearson 719.50 19.00 1517.42 680.00 7.09 30.82 4222.0
Spectris 1637 -26.00 2420 1608 2.84 15.16 237.8 Countrywd 363.40 -8.30 608.00 361.80 4.13 18.10 475.9 DeLaRue 441.25 -0.25 606.00 414.75 5.67 11.37 69.3 Stagech 273.20 -4.00 437.90 269.50 3.84 11.86 1155.3
Redrow 444.20 -17.80 504.50 254.50 0.90 10.01 329.2 Quarto 208.00 -1.00 239.00 148.25 3.98 8.08 2.5
TT Elect 154.00 -2.00 164.00 107.00 3.57 -78.85 50.8 DrwntLdn 3407 -79.00 3891 3065 1.16 4.72 185.5 Diploma♦ 719.50 2.00 916.50 600.29 2.42 22.15 93.1 ThomasCook 109.70 -9.80 162.20 97.65 - -28.32 9093.3
TaylorWm 189.00 -10.00 207.40 121.85 0.83 14.88 15881.1 RELX NV € 14.66 -0.19 16.75 12.64 2.56 25.36 3717.1
XP Power 1506 5.00 1750 1376 4.12 14.96 228.1 Gt Portld 786.00 -16.00 892.50 734.10 1.15 4.27 1429.9 Elctrcmp 234.90 -2.50 263.10 167.55 5.00 24.72 1566.9 TUI 1194 -62.00 1294.78 996.74 - 21.32 1652.6
TedBaker 2639 -55.00 3650 2247 1.53 31.21 69.6 RELX PLCX 1171 -9.00 1232 988.50 2.22 26.89 2999.6
Green Reit € 1.52 0.03 1.70 1.23 - - 6.1 EnergyAst 490.00 -29.00 640.00 392.25 - 16.75 23.1 Whitbrd 4010 -126.00 5475 3975 2.05 19.43 1091.3
Financial General STV Grp 489.25 -15.75 520.00 338.00 1.64 14.94 5.4
Hammersn 576.50 -11.50 708.00 569.50 3.54 6.66 2012.2
Industrial Engineering ThmReut C$X 50.62 0.22 55.92 45.76 3.60 14.74 416.5 Essentra 745.50 -13.00 1069 731.00 2.45 26.68 324.5 Willim H 382.00 12.60 432.10 312.10 3.19 19.08 9854.7
3i 448.20 -11.40 571.50 421.70 1.81 7.16 2088.1 Hansteen 113.40 0.10 128.95 106.80 4.41 5.59 856.8
AberAsM♦ 232.50 -10.50 509.64 231.40 8.06 10.67 8036.8 Bodycote 528.00 -6.00 797.59 489.90 2.73 16.90 638.5 UTV Med 185.00 6.00 204.00 137.00 3.92 33.08 28.2 Experian♦ 1132 -11.00 1264 1017 2.32 24.97 2480.6 Utilities
Castings 481.50 6.00 490.00 360.00 2.76 14.11 6.4 WPPX 1446 -31.00 1616 1273 2.64 14.94 3202.0 HIBERNIA 1.31 -0.03 1.45 1.06 - - 6610.5 Grafton 700.00 -9.00 868.00 615.00 1.54 18.14 758.5
BrewDlph 280.60 -9.00 361.00 247.70 3.56 16.41 487.4 Highcrft 980.00 -5.00 1090 820.00 3.67 17.96 0.2 Centrica 212.10 1.90 300.70 200.87 6.36 -21.34 20226.9
Canaccord 190.00 -20.00 440.00 200.00 5.18 -7.08 1.7 Fenner 122.50 -2.25 237.00 117.86 9.80 -22.62 1220.9 HarvyNah 83.50 -3.75 107.00 74.00 4.26 12.11 47.1 DeeVally 1455 - 1484 1135 4.30 18.97 1.5
Goodwin 1650 -60.00 3040 1629 2.57 12.20 0.1
Mining INTU 297.50 -4.60 376.50 293.10 4.61 15.56 2550.0 Hays 118.80 -1.80 173.70 116.60 2.25 16.25 4430.3
CtyLonInv 315.25 0.25 380.37 306.00 7.61 12.11 16.6 LandSecs 1097 -27.00 1363 1097 2.93 4.16 3045.4 Drax 215.50 0.50 451.30 205.60 5.52 5.04 3182.8
Hill&Sm 735.50 1.50 776.50 565.00 2.45 28.55 463.7 Acacia 172.30 -6.90 318.90 154.00 1.60 48.09 452.7 Homesve 408.00 -6.00 447.84 320.70 3.04 23.32 136.3
CloseBrs 1285 -35.00 1857.39 1284 3.93 11.03 238.1 LondonMtrc 156.60 -1.30 173.20 149.20 4.47 6.34 1387.9 Natl GridX 937.20 -5.10 968.57 806.40 4.57 16.33 10939.9
IMI 812.50 6.00 1454.55 763.00 4.63 12.55 1050.0 AngloAmer 262.95 31.50 1277.59 221.50 20.75 -0.76 22790.4 HowdenJny 489.40 -13.10 538.50 397.90 1.72 20.83 1623.9
DBAG € 27.13 -0.32 34.50 24.65 1.39 10.83 27.3 McKaySec 256.00 -8.00 279.75 223.28 3.40 4.46 19.0 Pennon 860.50 -6.00 919.50 711.90 3.65 29.75 908.9
MelroseInd 282.50 -2.20 314.78 242.70 2.94 44.20 3329.5 AngloPacif♦ 57.25 0.25 106.43 49.00 14.76 -2.29 61.4 Intserve 491.00 -10.50 878.50 484.17 4.68 13.34 344.5
Hargr Lans 1303 -37.00 1533 912.50 1.74 39.40 1479.3 MucklGp 486.50 -3.50 530.00 445.00 4.21 5.47 4.1 UtdUtils♦ 923.50 -18.00 1045 816.50 4.08 22.50 1559.2
AnGoldA R 130.00 0.61 149.99 71.59 - -27.31 767.4

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♦ 420.00 -10.38 489.75 335.00 5.95 16.39 1303.0 Industrial General ClontarfEn 0.25 - 1.00 0.13 - -5.21 38.2 NewRiver♦ 341.00 0.50 362.00 283.25 5.06 9.06 1674.9 Tech - Hardware
Cohort 386.00 - 432.04 230.00 1.30 28.42 30.1 Share 28.00 - 40.75 25.00 2.21 297.87 4.9 Powerflte 84.00 -3.13 100.98 49.00 1.27 27.04 181.6 Egdon Res 9.38 - 17.00 6.24 - -4.64 9.7 Palace Cap 360.00 -2.50 405.00 330.00 3.61 6.20 4.7 AminoTech 118.00 - 171.00 103.00 4.24 10.51 269.7
ShoreCap 425.00 - 431.50 400.00 2.35 14.72 2.4 RM2 35.50 -0.50 73.00 34.00 - -3.58 206.9 EuropaOil 2.88 - 9.72 2.63 - -3.34 84.7 PnthrSec 367.50 - 402.00 300.00 3.27 16.23 0.2 IQE 20.50 -0.50 27.00 15.78 - 85.06 1337.4
Banks STM Group 67.00 - 73.00 23.00 - 36.06 42.1 FalkldO&G 8.50 -0.50 45.00 6.25 - -18.32 1828.6 PSPI 46.00 - 50.00 23.50 - -9.59 2.2
Caribbean I 8.00 - 11.00 3.25 - -0.72 - WH Ireland 90.00 - 130.00 80.75 2.22 34.63 20.2 Insurance GETECH 33.50 1.00 65.00 21.75 6.63 6.08 42.9 SiriusRE €♦ 0.47 0.01 0.54 0.39 3.35 7.60 2167.0 Tech - Software & Services
STB 3242 17.00 3425 2701 2.10 23.56 0.0 Gable 14.50 - 57.70 12.00 - -2.11 140.0 Infrastrata 1.15 -0.23 5.10 1.01 - -0.23 1204.6 SumGermny € 0.97 - 1.00 0.74 3.03 17.16 23.0 Blinkx 19.75 4.25 40.50 14.75 - -1.36 4653.5
Food & Beverages Helios 201.00 - 210.00 120.00 0.75 26.10 0.6 Iofina 10.25 -0.88 43.50 8.50 - -3.53 634.1 TaliesinPr 2477.5 -10.00 2545 2120 - 8.98 1.2 BondInt 87.00 -1.50 148.25 86.00 2.53 16.20 10.8
Basic Resource (Ex Mining) FinsbryFd 114.00 - 118.50 57.30 1.39 20.39 235.2 Brady 55.25 0.75 110.13 33.60 3.35 -43.40 298.0
Ithaca Engy 19.00 - 76.25 16.50 - 13.35 1464.3
CropperJ 645.00 -5.00 718.00 390.00 1.32 29.70 8.1 Nichols 1207 -50.00 1496.81 1000.00 1.86 20.90 13.9 Media Retailers Datatec 217.50 -7.50 370.00 210.00 2.39 10.23 1.4
KBC Adv 183.75 - 184.00 77.00 0.54 46.59 699.1
RealGdFd 46.50 - 59.40 31.00 - 33.67 0.1 Avesco 247.00 -3.00 254.00 112.00 2.43 17.21 61.6 ASOS 3125 -55.00 4259 2443 - 70.39 1971.9 DDD 1.88 0.13 4.50 1.25 - -1.94 53.6
Chemicals Cello Gp 84.50 -1.75 106.70 79.00 3.08 78.90 62.8
PetrelRes 2.88 -0.13 4.98 2.00 - -1.41 53.0
Wynnstay 545.00 -2.50 610.00 474.52 1.87 15.35 5.8 Petroceltic 17.00 - 140.00 16.75 - -0.23 88.2 Koovs 14.75 -7.50 150.00 12.00 - -0.50 347.0 Eckoh 50.75 - 56.00 35.89 0.73 74.41 58.4
Scapa 195.50 1.00 225.25 124.08 0.77 39.45 526.2 M&Csaatc 302.00 -7.50 395.00 280.25 2.08 -41.34 36.5
PetroNeft 2.53 - 5.00 1.86 - -3.71 306.1 StanlGib 61.00 1.50 312.00 56.45 8.20 -27.33 1617.7 EgSoltns 54.50 - 79.00 53.10 - -37.82 1.7
Health Care Equip & Services MissionMk 41.25 -0.38 50.00 38.14 2.42 9.15 131.7
Construction & Materials Plexus 124.88 -15.50 245.00 121.34 0.90 20.27 78.5 Support Services Iomart 259.50 -0.50 310.00 162.00 0.96 30.37 38.7
Advnc Med 174.50 -1.75 187.29 120.00 0.40 27.24 332.2 Next15Cm 240.50 - 278.25 147.00 1.15 155.56 0.0
Abbey 1260 12.50 1285 833.35 0.68 7.64 1.1 Rockhop 29.50 -1.00 83.00 24.00 - -5.77 2462.9 K3BusTc♦ 365.50 - 377.00 206.98 0.34 34.21 4.7
AVO 6.38 -0.13 16.90 3.75 - -8.07 822.5 YouGov 148.50 - 156.00 101.50 0.54 48.15 51.4 AndSyks 330.00 - 355.00 270.00 7.21 14.18 7.5
AccsysTch 63.75 -2.13 81.50 56.00 - -40.79 10.7 Sound Oil 16.63 -0.38 26.73 8.75 - -10.55 1649.1 mporium 9.25 -0.63 11.25 3.62 - -1.22 185.1
CareTech 233.00 -1.50 262.15 190.00 3.43 10.99 13.1 Augean 50.50 -0.25 62.00 37.65 0.99 10.19 24.5
Aukett 6.75 0.13 8.50 5.50 3.11 8.86 50.0 Mining TowerRes 0.11 - 0.66 0.08 - -0.48 3713.6 OMG 42.75 - 51.56 34.48 1.17 40.71 12.0
CircleHldgs 30.50 - 57.00 28.24 - -8.88 0.1 Begbies 45.13 0.13 51.08 38.50 4.88 -35.81 5.7
Amara 7.75 0.24 19.50 6.80 - -4.57 471.2 UnJackOil 0.13 - 0.30 0.11 - -4.81 11248.1 Progility 1.33 - 7.50 1.20 - 5.43 180.0
Electronic & Electrical Equip ImmunDiag 227.50 - 340.00 216.40 1.32 52.24 5.0 Christie 132.50 1.50 162.00 118.00 1.70 11.57 6.4
Pub Tech 129.00 - 208.00 114.00 - -3.97 33.8
SphereMed 9.75 -0.75 23.50 8.30 - -1.24 15.9 AMC 6.65 -0.28 44.58 5.50 - 6.62 2942.1 VictorOil 34.75 -0.50 89.05 31.98 - -1.10 131.4 Empres 90.50 -5.50 106.90 39.03 0.77 10.92 145.9
CeresPow 4.65 -0.80 10.08 4.24 - -3.49 2826.9 SciSys 69.50 -0.50 95.51 38.50 2.32 -60.70 9.1
ElektronT 6.63 - 8.70 4.00 - 10.01 19.1 Tristel 123.50 -4.00 152.00 67.10 1.49 23.60 339.7 BotswanaD 0.85 - 2.50 0.63 - -5.18 4.4 Pharmaceuticals & Biotech Hargreaves 250.25 0.25 625.00 236.00 10.67 3.90 51.7
CentAsiaM 128.75 3.75 198.00 118.21 9.62 13.24 36.5 WANdisco 78.50 1.50 510.00 69.75 - -0.86 30.5
FlowGp 14.25 - 47.83 9.75 - -2.96 409.7 Abcam 615.00 -20.50 674.00 420.00 1.29 33.11 552.0 Impellam 822.50 7.50 859.60 510.00 0.76 13.43 65.7
House, Leisure & Pers Goods Connema 1.30 - 2.80 0.25 - -3.69 154.7
LPA 91.00 - 99.00 58.00 1.70 80.39 15.4 AllcePharm 47.50 - 63.00 33.25 2.11 15.22 958.1 ISG 151.50 1.50 355.00 119.50 3.24 -4.56 41.3 Telecommunications
Airea 17.25 - 23.00 12.75 3.48 13.33 2.9 C'royG&NR 31.50 -1.00 34.50 0.28 - -5.64 0.6 JhnsnSrv 87.50 -1.50 95.41 65.00 1.94 59.69 278.5
ThorpeFW 225.25 -2.75 250.70 131.00 1.47 22.28 19.8 Epistem 120.00 - 339.00 110.00 - -3.99 1.0 AltNetwks♦ 488.00 -18.50 545.00 405.00 3.09 20.92 31.1
Churchll 737.50 -50.00 860.00 502.00 2.18 22.88 24.6 GrekaDrill 4.00 0.10 12.00 2.50 - -3.85 315.0 JourneyGp 194.00 -5.50 208.72 120.00 1.53 15.40 9.0
Zytronic 372.50 -13.50 440.00 252.00 2.77 15.32 100.0 e-Thera 27.13 - 49.40 20.25 - -8.77 415.0 Peoples Op 82.50 - 147.60 80.00 - -36.42 0.1
gamingrealm 22.25 -1.50 36.89 20.00 - -4.76 116.3 Herencia 0.06 - 0.30 0.04 - -0.63 1000.0 LonSec 2075 -25.00 2400 1800 2.99 21.69 0.3
GW Phrms 317.75 -17.50 708.55 300.25 - -17.57 449.7
Financial General Mulberry 960.00 9.00 1000.00 800.50 - -660.25 6.2 HighldGld 54.75 -4.25 61.25 34.00 8.30 -9.05 310.0 Matchtech 520.00 -30.00 587.80 483.85 3.90 17.58 184.7 Travel & Leisure
Portmern 942.50 -2.50 980.00 860.20 2.81 15.42 6.1 HtchChMd 2687.5 -17.50 2896.6 1140.15 - 155.53 22.4
Ambrian 5.00 - 12.05 4.50 - -1.30 0.2 KarelianDd 0.93 - 1.85 0.80 - -30.83 57.3 NewmkSec 2.93 -0.15 4.93 1.96 2.56 6.85 1523.1 32Red PLC 132.75 -11.88 150.35 37.45 1.81 48.06 877.6
SIR 275.00 2.50 315.00 235.40 - 19.91 0.3 ImmuPhar 24.50 -2.00 65.00 19.10 - -8.24 145.2
Arbuthnot 1503 -27.00 1650 1320 1.80 20.64 2.6 OracleC 2.33 -0.10 3.20 0.70 - -14.90 3491.0 NWF 198.00 - 206.75 123.50 2.58 15.55 52.4 CastleStIn# 32.50 -1.00 41.25 17.00 - 5.80 108.9
TelfordHms 391.25 3.75 495.00 345.00 2.84 8.15 185.1 ReNeuron 3.14 -0.11 6.50 2.26 - -6.53 5473.5
Aurora 11.25 - 11.77 8.00 - -0.81 13.1 ShantaGold 5.63 - 11.45 4.00 - -11.60 123.6 Paysafe 394.00 -7.50 416.75 326.17 - 60.26 4218.1 Celtic 73.50 0.50 79.00 70.75 - -17.28 3.9
WalkerGb 204.50 - 244.85 178.00 1.13 22.74 11.2 Sareum 0.25 - 0.65 0.17 - -3.77 2333.5
BP Marsh 149.00 - 159.00 131.00 1.85 6.62 0.8 SierraRut 15.63 - 32.00 15.38 - -13.46 2.5 PennaCns 329.50 4.00 340.00 28.30 1.06 19.15 22.2 ..6%CvPf 65.00 - 80.00 35.00 4.98 - 0.7
SinclairIS 39.50 -0.50 61.33 31.50 - -26.33 124.2
BrooksMac 1911 -65.00 2075 1320 1.52 28.05 5.2 Industrial Engineering Sirius Min 14.25 0.50 29.50 6.40 - -42.16 2564.6 Petards 12.63 -0.13 14.65 10.00 - 10.04 35.2 ..Cv Pf 135.00 - 150.00 120.00 - - 0.8
Vernalis 56.50 -3.88 88.29 44.45 - -84.96 378.8
Camellia 9100 -150.00 9992 8401 1.38 308.78 0.4 Stratex 1.28 -0.10 2.50 1.00 - -2.64 348.6 RedhallGp 6.13 - 15.50 5.00 - -0.98 3.5 Dalata 397.50 - 410.00 111.15 - 214.29 280.5
600 Grp 12.88 - 20.00 11.35 - 9.28 26.0
Fairpoint 139.00 - 195.00 105.66 4.60 20.00 18.7
Molins 81.00 - 96.80 66.10 6.79 -19.75 19.1
ZincOx 0.60 - 18.00 0.50 - -0.05 957.6 Real Estate Renew 385.50 0.50 407.78 237.00 1.49 18.30 71.2 Dart♦ 554.50 -17.50 599.00 267.50 0.54 8.77 614.9
Leeds 37.50 1.25 42.00 30.00 - 9.89 20.0 Conygar♦ 171.00 - 195.00 163.50 1.02 22.16 21.2 Restore 290.50 -8.00 316.00 232.00 0.83 53.04 319.1 GoalsSocc 137.50 -7.50 242.00 127.00 1.45 9.63 28.9
MattioliWds 632.50 - 653.00 468.00 1.48 32.28 1.1
MS Intl 205.00 - 227.50 116.00 3.90 25.01 3.9 Oil & Gas MinoanGp 7.50 -0.25 13.50 6.00 - -11.89 410.9
Pres Tech 163.50 - 395.00 140.00 5.14 33.97 11.1 FltchKng 47.00 0.50 63.90 41.11 4.79 4.03 10.4 SafeCharge 246.00 -2.50 297.00 235.01 2.17 26.80 552.6
Miton 28.50 2.00 31.00 18.63 2.11 9.90 2857.1 AmeriRes 20.75 -0.75 40.58 19.50 - -32.07 10476.0 PeelHtls 95.50 - 110.00 82.50 1.57 18.83 0.5
TP Group 2.13 - 6.75 1.76 - -2.01 358.8 InlandHms♦ 83.38 -2.50 89.00 54.00 0.72 6.06 1557.1 Servoca 26.13 -0.13 34.75 17.50 - 15.05 236.8
Numis♦ 234.25 -9.00 278.00 196.09 4.70 12.79 13.8 AndesEnrg 17.75 -0.25 38.75 16.50 - -13.08 12.2
Lok'nStor 337.50 -3.00 374.00 235.00 2.17 44.17 10.5 Utilityws 157.00 -0.25 288.25 115.00 2.87 10.78 187.7
Park Grp 70.75 0.50 97.97 52.00 3.39 14.07 303.6 BahamasP 1.80 -0.03 3.25 0.92 - -7.69 1425.3 Utilities
LXB Retail 97.25 -0.50 149.00 77.00 - - 2263.9
BorSthnPet 1.94 -0.01 7.18 1.25 - -3.92 72.2 ModernWtr 7.75 - 20.50 7.00 - -0.35 46.9
SeaEnergy 4.50 - 30.40 3.04 - -0.48 5.0

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) Edin Inv 702.50 -7.50 737.00 637.50 3.40 698.0 0.6 JPM Clavr 567.00 -15.00 645.18 550.50 3.62 610.0 -7.0 SchdrUKMd♦ 462.00 -11.25 504.50 423.00 1.84 513.1 -10.0 VCTs 52 Week Dis(-) Marwyn Val 210.00 - 251.93 199.07 - - -
Price +/-Chg High Low Yld NAV or Pm Edin WWd 441.50 - 502.44 397.00 0.34 463.9 -4.8 JPMGIConv 89.50 -2.00 106.00 89.36 6.28 93.7 -4.5 ScotAmer 244.00 -5.00 276.50 230.44 4.32 236.5 3.2 Price +/-Chg High Low Yld NAV or Pm TerraCat 106.00 - 110.89 91.00 - - -
3i Infra 170.80 1.30 189.56 163.40 4.55 - - EP Global 221.00 -5.50 262.10 212.05 1.49 230.5 -4.1 JPM GEI♦ 78.00 -1.75 124.67 77.50 6.28 84.0 -7.1 Scottish In♦■ 566.00 -6.00 670.00 552.50 2.16 651.3 -13.1 AlbionDev 68.25 - 70.89 66.00 7.33 72.8 -6.2
AbnAsianIn 144.50 -2.50 207.75 142.50 5.67 163.2 -11.5 Estabmt 161.00 -1.50 187.00 138.00 3.04 197.2 -18.4 JPM I&C Uni♦ 340.00 -1.00 370.00 339.00 - 343.3 -1.0 ScottMort 251.60 -5.90 283.40 226.20 1.16 250.2 0.6 Albion Ent 91.50 - 91.90 85.50 5.46 101.3 -9.7 ISDX
AbnAsian 725.00 -9.00 953.50 653.77 1.38 842.1 -13.9 Euro Ast♦ 1062.5 -35.00 1160 966.10 4.97 1079.4 -1.6 JPM Inc&Gr 103.50 -0.88 115.85 101.81 4.35 107.3 -3.5 ScottOrtll♦ 696.00 -5.00 898.50 660.00 1.65 811.2 -14.2 AlbionTech♦ 73.50 - 78.49 72.00 6.80 79.2 -7.2
EuroInvT♦■ 650.00 -20.00 849.00 650.00 2.15 721.7 -9.9 JPM Ind 477.00 -8.00 605.50 443.00 - 560.0 -14.8 SecTstScot 122.75 -2.75 148.00 120.50 4.24 133.7 -8.2 52 Week Vol
AbnJapInv 445.00 -11.00 571.00 430.00 0.58 502.4 -11.4 AlbionVCT 66.50 - 67.90 63.00 7.52 68.9 -3.5
F&C Cp&I 249.00 -5.00 277.00 247.20 4.02 249.5 -0.2 JPM JpSm 257.25 -6.75 278.00 209.50 - 293.1 -12.2 Seneca I&G 142.13 -0.88 150.00 134.00 4.04 141.6 0.4 Price +/-Chg High Low Yld P/E 000s
AbnLatAmIn♦ 43.50 -0.13 73.00 42.21 9.77 49.4 -11.9 ArtemisVCT♦■ 60.00 - 74.00 57.00 6.67 64.3 -6.7
F&CGblSmlr♦ 937.50 -13.00 1028.92 875.00 1.03 946.0 -0.9 JPM Jap 279.00 -8.50 307.95 232.00 1.00 310.1 -10.0 Shires Inc♦ 204.50 -0.50 261.00 199.00 5.99 222.8 -8.2 ArsenalFC 1567000 - 1600000 1475000 - 48.64 0.0
..Sub# 0.05 -0.10 0.61 0.10 - - - ..VCT 2 96.50 - 99.00 91.00 6.74 99.9 -3.4
F&CMgdG 151.00 - 158.00 139.00 - 146.1 3.4 JPM Mid 1024 -24.00 1100 777.00 2.00 1038.8 -1.4 StdLf Eqt 441.25 -7.25 471.46 396.50 3.26 446.4 -1.2 ShephdNm 1170 - 1185 1150 2.23 24.00 0.4
AbnNewDn♦ 139.00 -2.25 205.23 135.41 2.73 160.1 -13.2 ..VCT 3 100.75 - 103.49 94.00 7.44 104.4 -3.5
F&CMgdI 116.00 - 130.00 112.10 4.27 113.0 2.7 JPM O'seas 195.50 -4.00 231.80 186.00 1.53 1078.7 -81.9 StdLf Sml 356.00 -16.25 386.00 272.00 1.30 370.6 -3.9 Thwaites 117.50 - 120.00 116.00 3.80 7.08 0.1
AbnNewThai 354.00 -8.00 489.88 324.00 2.32 430.4 -17.8 ..VCT 4 94.00 - 95.19 88.25 3.19 96.8 -2.9
AbnSmlCo♦ 209.00 -2.50 229.00 177.00 3.11 242.6 -13.8 FidAsian 227.50 -6.25 285.50 195.50 0.48 265.5 -14.3 JPMRussian 280.00 -5.25 391.00 259.50 4.64 340.3 -17.7 StrategicEq 204.00 -7.25 241.50 175.75 0.38 205.6 -0.8 ..VCT 5 81.25 - 82.49 72.00 4.92 85.9 -5.4
Abn UK 287.00 -5.00 334.75 281.83 3.55 302.6 -5.2 FidChiSpS 126.00 -1.40 179.78 105.06 1.03 148.1 -14.9 JPMSnrSec♦ 83.75 - 101.05 82.50 7.34 87.7 -4.5 Temp Bar 999.50 -5.50 1235.01 980.00 4.68 1059.8 -5.7 BSC VCT♦ 86.00 - 91.00 82.00 6.40 97.9 -12.2
Abf Gd Inc 196.00 -9.00 212.00 162.25 3.75 215.0 -8.8 Fid Euro 164.20 -2.50 187.50 155.91 1.89 176.0 -6.7 JPM Smlr 880.00 -15.00 929.20 603.55 1.09 1027.4 -14.3 TempEmerg 386.80 -0.20 607.78 370.00 2.13 439.1 -11.9 ..VCT2 56.00 - 59.00 51.98 8.04 61.6 -9.1 Guide to FT Share Service
Abf Sml 1120 -17.00 1235 1015 2.21 1232.4 -9.1 Fid Jap 81.50 -2.00 88.50 72.00 - 94.7 -13.9 JPM US Sml 166.25 -8.75 193.75 155.25 - 174.0 -4.5 TRIG 102.50 - 109.00 93.80 5.93 - - Crown Place 28.50 - 30.50 27.75 8.77 31.7 -10.1
AcenciADbt $ 1.35 -0.03 1.80 1.34 4.28 1.6 -15.6 Fid Spec 191.75 -1.25 217.00 164.80 2.24 - - JupUSSmCo 550.00 -21.00 704.03 540.00 - 654.0 -15.9 ThreadUKSel 166.00 - 180.00 156.00 2.62 181.5 -8.5 FrsightSol 102.50 -1.00 106.00 96.00 5.85 110.1 -6.9
AdvDvpMk 373.00 -6.25 483.00 350.00 - 430.7 -13.4 FinsG&I 559.00 -9.00 609.36 522.00 2.09 565.0 -1.1 KeystoneInv 1760 5.00 1900 1715 2.87 1838.2 -4.3 TREurGth 614.00 -20.50 661.00 509.63 1.06 682.2 -10.0 Inc&GthVCT♦ 95.00 -6.00 105.00 88.25 10.53 103.2 -7.9
Alliance 486.00 -5.50 531.50 437.00 2.04 539.8 -10.0 FstPacfic H HK$ 4.70 -0.13 8.10 4.56 4.10 - - Law Deb 466.75 -4.75 545.50 452.50 3.36 439.3 6.2 TroyInc&G♦ 69.25 -1.00 74.71 64.43 3.32 69.5 -0.4 KingsAYVCT 18.25 - 19.00 17.25 5.48 20.0 -8.8 For queries about the FT Share Service pages e-mail
AllianzTech 597.00 -13.00 650.00 507.00 - 642.8 -7.1 For & Col♦ 418.00 -8.50 467.90 395.60 2.25 461.3 -9.4 LinTrain £ 545.50 -14.50 585.00 381.95 1.18 419.8 29.9 UtilicoEmg 162.50 1.00 173.75 119.11 3.75 186.0 -12.6 Maven I&G 66.75 - 75.00 59.50 8.84 62.7 6.5 ft.reader.enquiries@morningstar.com.
AltAstsOps 41.50 -0.50 46.81 37.50 - 50.8 -18.3 Geiger 11.75 -0.25 24.50 10.50 - 16.2 -27.5 Ln&StLaw 326.00 -7.75 384.00 326.00 4.36 359.3 -9.3 UtilEmSubs 10.75 - 14.00 7.01 - - - MavenVCT2 48.75 - 64.00 45.00 8.21 50.3 -3.1 All data is as of close of the previous business day. Company classifications
Art Alpha♦ 234.00 -4.25 289.65 234.00 1.52 308.4 -24.1 GenEmer 424.80 -8.30 575.00 391.70 - 482.9 -12.0 Lowland♦ 1216 -39.00 1440 1213.21 3.21 1271.6 -4.4 UIL Inv 98.00 -5.50 126.00 98.00 7.65 139.3 -29.6 MavenVCT4 85.50 - 86.00 80.00 5.85 97.2 -12.0 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
..Sub 15.00 -0.25 32.00 14.00 8.00 - - GFIS 14.00 - 20.89 12.00 - 40.9 -65.8 M&GHighInc 150.00 -2.50 179.95 144.00 3.07 165.3 -9.3 ValAndInc 233.00 -6.25 264.75 228.50 3.86 300.6 -22.5 MavenVCT5 34.75 -0.75 37.00 32.00 7.19 39.3 -11.6 100 constituent stocks are shown in bold.
AsianToRt 187.00 -4.00 224.00 163.25 1.74 207.1 -9.7 GRIT 3.75 - 25.11 2.50 - - - Majedie♦ 259.00 -8.50 283.00 230.75 2.90 266.7 -2.9 Witan 745.50 -14.00 850.00 676.78 2.10 759.2 -1.8 Nthn 2 VCT♦ 71.00 - 88.00 67.25 7.75 77.1 -7.9 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Aurora 154.25 - 162.23 144.00 2.50 156.5 -1.4 GoldenPros 18.88 - 34.00 17.00 - 21.1 -10.5 Man&Lon 244.00 -2.25 259.28 221.25 1.43 299.0 -18.4 WitanPac 225.00 -1.75 274.75 203.03 2.02 256.3 -12.2 Nthn 3 VCT♦ 93.75 - 104.00 86.50 5.87 100.0 -6.2 are based on intra-day trading over a rolling 52 week period. Price/earnings
Axiom 101.50 - 103.00 100.00 - - - Hansa 756.00 -16.00 917.00 740.50 2.12 1077.4 -29.8 MCGlobPort♦ 169.25 -1.50 195.00 155.00 2.42 169.3 0.0 WorldTst♦ 245.50 -2.50 285.25 231.00 1.41 281.1 -12.7 NthnVent 76.00 - 85.36 74.00 7.89 81.4 -6.6 ratios (PER) are based on latest annual reports and accounts and are updated
BG Japan 440.00 -18.00 493.25 383.75 - 437.4 0.6 ..A 760.00 -1.50 930.00 747.25 - 1077.4 -29.5 MCurPac 245.00 -6.50 336.00 236.73 3.06 291.5 -16.0 WwideHlth 1770 -108.00 2108.5 1590.25 0.71 1903.1 -7.0 ProVenGI 76.25 - 81.25 73.00 5.90 78.7 -3.1 with interim figures. PER is calculated using the company’s diluted earnings
BG Shin 432.50 -24.25 469.00 310.54 - 432.5 0.0 Hend Alt 213.00 -2.50 241.75 210.53 1.41 267.2 -20.3 MercantIT♦ 1743 -32.00 1845 1435.04 2.47 1916.6 -9.1 ProVenVCT 92.50 - 97.89 89.50 5.41 100.2 -7.7 from continuing operations. Yields are based on closing price and on dividends
Conventional - Private Equity 52 Week Dis(-)
BSRT 14.50 - 34.00 13.00 - 39.7 -63.5 Hen Div 88.00 -0.25 95.50 86.50 5.80 86.9 1.3 MrchTst 411.00 -6.00 500.00 401.50 5.82 434.1 -5.3 UnicornAIM 144.00 - 145.00 122.00 4.17 163.1 -11.7 paid in the last financial year and updated with interim figures. Yields are
Price +/-Chg High Low Yld NAV or Pm
Bankers 592.50 -10.00 674.50 548.00 2.55 598.9 -1.1 HenEuroF♦ 965.00 -49.00 1148.5 925.91 2.53 984.9 -2.0 Mid Wynd 331.50 -3.00 352.50 304.50 1.16 357.6 -7.3 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenEuro 840.00 -32.00 957.00 779.50 2.14 859.8 -2.3 Miton Globa 158.00 0.25 164.65 155.95 - 176.7 -10.6 AbnPvtEq 88.25 -0.25 96.00 82.00 2.54 130.3 -32.3 Ordinary Income Shares 52 Week HR
BrngEmEu♦ 423.00 -15.75 607.70 417.66 4.49 487.0 -13.1 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenFarEs 267.00 -6.50 362.00 238.25 6.93 270.8 -1.4 MitonUKMic 54.75 -0.75 57.65 50.00 - - - Altamir € 10.31 -0.19 11.82 9.60 4.56 17.1 -39.7 Price +/-Chg High Low Yld WO GRY 0%
BH Global 1268 -7.00 1343.6 1235 - 1348.0 -5.9 capital changes where appropriate.
HendGlob 353.00 -8.50 416.81 334.86 2.83 400.6 -11.9 MMP 2.63 -0.13 4.19 2.55 - - - Dun Ent 303.50 -5.50 378.00 302.15 1.55 508.9 -40.4 JPM I&C♦ 85.00 -1.00 106.00 82.00 7.82 -17.5 -1.5
..USD $ 12.50 -0.05 13.35 12.21 - 13.3 -6.0 Trading volumes are end of day aggregated totals, rounded to the nearest
HenHigh♦ 172.00 -1.25 195.25 165.90 5.06 170.2 1.1 Monks♦ 401.20 -4.30 458.90 371.50 0.98 443.3 -9.5 Electra 3665 -36.00 3757 2996 1.04 3964.6 -7.6 JupiterDv&G 3.50 -0.13 5.40 3.00 21.14 9.6 -43.1
BH Macro 2007 -6.00 2191 1990 - 2124.0 -5.5 1,000 shares.
HenInt Inc 114.50 -1.50 137.69 106.92 3.89 117.6 -2.6 MontanSm 551.00 -21.00 590.00 446.25 1.36 612.0 -10.0 ElectraPrf 151.75 - 152.75 147.43 - 149.6 1.4 M&GHI&Gt 45.50 -3.00 65.50 43.00 - -19.8 -9.6
..EUR € 19.33 0.03 21.10 19.01 - 20.6 -6.2
Hen Opp 803.75 -8.50 1059.1 784.87 1.56 937.3 -14.2 Mur Inc 637.50 -5.50 793.58 629.55 4.90 691.2 -7.8 F&C PvtEq 237.00 -5.50 244.50 214.00 4.57 295.2 -19.7 Rghts&Icp 4850 - 4950 3850 - -93.3 -11.6 Net asset value per share (NAV) and split analytics are provided only as a
..USD $ 19.27 -0.07 21.10 19.05 - 20.4 -5.5
HenSmlr 658.00 -15.50 703.00 553.50 1.75 706.8 -6.9 Mur Int♦ 780.50 -1.50 1070 765.00 5.77 805.7 -3.1 GraphEnt 551.00 -9.00 615.94 551.00 1.81 716.3 -23.1 guide. Discounts and premiums are calculated using the latest cum fair net
BiotechGth 636.00 -21.50 898.92 582.73 - 692.0 -8.1 Income Shares 52 Week HR
Herald 704.00 -14.00 750.00 650.12 - 861.3 -18.3 ..B 725.00 - 1144.44 627.00 - 805.7 -10.0 HVPE 875.00 -9.00 912.00 806.92 - 1167.9 -25.1 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRCom♦ 47.00 -3.25 94.14 46.80 12.79 48.9 -3.9 Price +/-Chg High Low Yld WO GRY 0%
HICL Infra 151.00 -0.40 161.40 149.90 4.87 139.5 8.2 NB DDIF $ 1.07 -0.01 1.21 1.00 - - - HgCapital 1080 -11.00 1169 1050 2.96 1309.7 -17.5 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckREmEur 186.00 -0.50 240.00 164.58 - 213.4 -12.8 JPM In&Gr 97.00 -0.50 100.50 92.50 4.64 -81.0 12.7
Impax Env. 151.50 -1.00 167.75 139.00 0.92 169.5 -10.6 NewCtyEgy 11.38 - 21.50 8.32 - 15.4 -26.1 JPM Pvt Eq $ 0.96 0.00 1.07 0.84 - 1.2 -20.0 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRFrnt 99.75 -2.75 118.50 95.25 4.15 105.9 -5.8 M&GHghIc 45.25 -1.50 63.00 43.50 - -19.7 1.4
Ind IT 399.00 -1.00 410.00 280.00 1.25 403.5 -1.1 NewCityHY 53.50 -1.25 65.11 52.00 8.06 55.8 -4.1 JZ Capital 389.50 - 480.00 376.00 - 655.2 -40.6 in pence.
BlckRGtEur 244.50 -5.75 264.50 222.25 1.98 253.2 -3.4 Rghts&I 1235 - 1350 925.00 2.91 - 58.8
IntBiotech 453.00 -32.00 620.00 411.53 - 526.4 -13.9 NewIndia 305.75 -7.00 371.30 263.00 - 341.8 -10.5 Mithras 146.50 - 151.91 126.50 0.68 172.5 -15.1
..Sub 8.38 -0.75 25.63 7.50 - - -
Intl PP 139.30 -0.20 141.80 130.00 4.52 127.4 9.3 New Star IT 72.50 - 78.00 65.45 - 111.1 -34.7 NB PE Ptnr $ 10.28 -0.15 12.20 10.25 - - - Capital Shares 52 Week HR X FT Global 500 company
BlckR I&G 176.50 -3.50 193.00 172.00 3.23 180.6 -2.3
InvAsTr 167.00 -3.00 213.58 147.00 2.19 191.2 -12.7 NorthAmer 790.00 -15.50 906.45 729.50 3.86 896.6 -11.9 Nthn Invs 567.50 - 695.00 456.00 3.00 567.0 0.1 Price +/-Chg High Low SP WO TAV 0% ♦ trading ex-dividend
BlckRIncStr♦ 128.00 -1.50 141.00 124.44 5.26 127.9 0.1
Inv Inc 266.75 -4.00 305.00 264.00 3.81 290.9 -8.3 NthAtSml 2300 -4.00 2310 1825 - 2748.5 -16.3 Pantheon 1265 -12.00 1395 1220 - 1688.7 -25.1 JPM Inc&Gr 7.50 -0.25 15.19 6.75 6.7 - 0.2 ■ trading ex-capital distribution
BlckRckLat 257.00 -3.00 413.13 248.23 7.50 296.0 -13.2
InvPerp♦ 69.38 -0.25 79.00 68.40 7.21 67.5 2.8 Oryx Int 650.00 - 660.00 400.00 - 686.8 -5.4 PantheonR 1190 -10.00 1300 1180 - 1688.7 -29.5 M&GHghIc 1.28 -0.18 5.30 1.25 18.6 17.9 - # price at time of suspension from trading
BlckRckNrAm 109.50 -3.25 124.50 101.00 3.65 122.0 -10.2
IPST BalR 113.00 -1.50 123.00 112.00 - 111.7 1.2 PacAsset 184.50 -4.50 226.15 156.25 1.41 189.2 -2.5 PrincssPE € 7.79 -0.05 8.15 6.90 6.78 9.2 -15.3
BlckRSmlr 940.00 -45.00 1010 781.25 1.54 1031.0 -8.8 Zero Dividend Preference Shares 52 Week HR The prices listed are indicative and believed accurate at the time of publication.
IPST Gbl Eq 154.00 -2.75 172.00 150.75 2.99 151.4 1.7 PacHorzn 161.50 -4.25 223.77 142.50 0.87 183.2 -11.8 Riverstone 764.50 -5.50 1114 750.00 - 1100.0 -30.5
BlckRThrmt 338.25 -9.00 370.00 272.39 1.30 391.0 -13.5 Price +/-Chg High Low SP WO TAV 0% No offer is made by Morningstar or the FT. The FT does not warrant nor
IPST Mngd 102.75 - 104.00 101.00 - 103.2 -0.4 Perp I&G 400.70 -6.30 431.00 382.40 3.09 401.1 -0.1 StdLfEuPv♦ 200.00 -5.25 223.50 198.00 3.38 271.7 -26.4
BlckRWld 172.50 6.00 336.91 161.00 12.17 191.4 -9.9 Abf Gd Inc 153.50 - 154.50 146.25 -51.6 - 159.7 guarantee that the information is reliable or complete. The FT does not accept
Bluecrest A 193.10 -0.70 200.00 185.10 - 200.7 -3.8 IPST UK Eq 169.00 -1.25 175.50 155.00 3.64 166.1 1.7 PerAsset 34550 -20.00 36313.1 33000 1.62 34838. -0.8 Conventional - Property ICs 52 Week Dis(-)
EcofinWatr 155.75 - 156.50 152.67 -86.3 -97.6 160.7 responsibility and will not be liable for any loss arising from the reliance on
Brit Emp 440.00 -6.50 557.08 435.50 2.39 515.9 -14.7 InvPpUK 376.00 -7.00 395.35 318.00 4.56 404.3 -7.0 2 Price +/-Chg High Low Yld NAV or Pm
JPM I&C 175.63 - 176.50 170.41 -21.6 - 192.1 or use of the information.
Brunner 504.00 -20.50 584.12 499.87 2.38 579.7 -13.1 Invs Cap A♦ 88.50 - 102.00 87.00 5.13 93.7 -5.5 PolarFins 100.75 -3.25 112.84 94.00 3.08 107.2 -6.0 Direct Property JupiterDv&G 114.50 - 116.50 109.00 -5.1 - 126.3
Calednia 2270 -42.00 2517.66 2110 2.23 2759.0 -17.7 Invs Cap B 88.50 -1.00 103.00 88.00 3.88 93.7 -5.5 ..Sub 4.75 - 9.50 3.75 - - - The FT Share Service is a paid-for-print listing service and may not be fully
AXA Propty 52.88 -0.63 55.50 41.57 - - - JZ Capital 365.50 - 365.00 353.00 - - 369.8
CanGen C$ 16.76 0.01 22.00 16.55 3.27 22.5 -25.5 Invs CapU♦ 355.00 - 404.95 349.00 1.93 374.9 -5.3 PolarHealth 169.75 -5.75 187.50 163.00 2.12 178.2 -4.7 representative of all LSE-listed companies. This service is available to all listed
CustdnREIT 107.50 -1.00 110.50 104.00 5.12 - - M&GHghIc 117.00 - 117.50 112.25 -22.6 -98.3 122.8
Cap Gear 3280 -50.00 3575 3152.28 0.49 3329.8 -1.5 JLaingInf 116.70 -0.40 128.60 113.99 5.68 105.9 10.2 PolarTech 584.00 -10.00 647.00 487.40 - 598.6 -2.4 companies, subject to the Editor’s discretion. For new sales enquiries please
F&CComPrp♦ 132.70 - 149.00 129.50 4.52 130.9 1.4 UILFn16 189.25 - 189.90 182.75 - - -
City Merch 179.00 - 194.00 179.00 5.59 176.9 1.2 JPM Amer 261.20 -6.40 295.37 238.90 1.24 281.5 -7.2 ProspJap $ 1.02 -0.03 1.09 0.90 - 1.3 -21.5 email jessica.llewelyn@ft.com or call 020 7873 4012.
F&CUKRealE 102.50 0.50 105.50 94.00 4.88 97.1 5.6 UILFn18 144.50 -0.25 146.50 136.75 - - -
CityNatRs 76.75 -1.50 107.00 74.50 7.30 90.6 -15.3 JPM Asn♦ 197.50 -5.00 268.92 182.00 1.11 224.2 -11.9 QatarInvF $ 1.00 -0.03 1.49 0.97 3.20 1.2 -16.7
Longbow♦ 103.25 -0.75 106.75 101.25 5.81 - - UILFn20 125.50 - 127.00 109.25 - - -
City Lon 370.00 -2.00 418.35 359.00 4.09 367.8 0.6 JPM Brazil 35.13 0.25 62.80 32.25 1.14 37.7 -6.8 RIT Cap 1601 -37.00 1690 1383 1.86 1566.3 2.2
PictonProp 70.75 - 74.75 65.25 4.45 73.0 -3.1
DexionAb 171.50 -2.50 191.00 171.50 - 188.6 -9.1 JPM China♦ 145.00 -4.75 233.96 136.30 1.10 175.5 -17.4 RobecoNV € 30.38 - - - - - -
SLIPropInc♦ 85.25 0.25 90.25 78.10 5.45 82.0 4.0 Investment Companies - AIM Data provided by Morningstar
DiverseInc♦ 92.00 -1.25 97.50 78.00 2.55 91.6 0.4 JPMElct MC 100.00 - 101.47 97.01 0.35 101.3 -1.3 RolincoNV € 28.32 - - - - - -
UKComPrp 81.75 -0.75 94.00 79.55 4.50 84.4 -3.1
Dun Inc 213.50 -3.00 273.00 211.04 5.27 233.3 -8.5 ..MG 589.00 -2.00 635.00 568.00 1.15 606.0 -2.8 Ruffer Inv 206.00 -0.50 226.00 204.02 - 205.1 0.4 52 Week Dis(-)
Dun Sml♦ 192.50 -10.50 229.00 176.03 2.75 236.4 -18.6 ..MI 99.00 - 110.00 92.00 3.84 101.1 -2.1 SchdrAsiaP♦ 250.25 -4.75 321.50 226.25 1.10 280.9 -10.9 Property Securities
Price +/-Chg High Low Yld NAV or Pm
JPM Emrg 509.50 -5.00 674.65 486.00 1.08 580.9 -12.3 Schdr Inc♦ 242.00 -4.00 348.25 238.00 4.17 261.6 -7.5 SchdrGlbRe 126.25 -0.88 132.98 111.90 1.72 132.9 -5.0
EcofinWatr 111.25 -4.25 158.90 106.05 6.52 145.0 -23.3 AdFrntMkt 49.00 -0.13 60.50 48.13 - 54.6 -10.3
JPM EurGth 236.50 -6.50 263.00 217.00 2.58 252.2 -6.2 SchdrJap 143.00 -6.00 165.00 128.50 1.26 161.0 -11.2 TR Prop 288.00 -5.80 325.00 279.01 2.67 312.8 -7.9
..CULS 99.50 -0.25 106.00 99.21 - - - CrysAmber 154.00 - 173.96 148.00 0.3 152.5 1.0
EdinDragn 226.25 -1.75 311.00 212.50 0.97 256.6 -11.8 JPM EurInc♦ 129.50 -5.50 147.50 120.00 3.67 132.1 -2.0 SchdrOrient♦ 166.50 -5.00 215.25 154.00 4.65 176.2 -5.5 GLI Finance 39.50 -1.25 65.00 32.00 12.7 - -
JPM EuSm♦ 275.00 -3.50 294.46 202.00 1.16 296.8 -7.3 SchdrUK♦ 148.50 -1.25 174.00 145.00 3.37 167.1 -11.1
..CULS 101.75 - 107.89 101.00 - - - IndiaCap 59.50 -0.13 69.40 52.00 - 72.4 -17.8 www.morningstar.co.uk
Infra India 18.25 - 21.99 12.00 - 49.4 -63.1
MMP 2.63 -0.13 4.19 2.55 - - -
Friday 15 January 2016 FINANCIAL TIMES 25

MANAGED FUNDS SERVICE

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

Artemis Strategic Bond R Q Inc 53.08 56.36 -0.11 4.22 Blackrock UK Long Lease £ 1079.95 - 8.43 0.00 Cavendish Worldwide Fund B Class 285.30 - -6.90 0.69 Asia Pacific Ops W-Acc £ 1.05 - -0.01 0.41 UK Corporate Bond £ 1.20 - 0.00 3.99 HL Multi-Manager Equity & Bond Trust M Inc 107.12 112.58 0.26 1.04

ACPI Global UCITS Funds Plc (IRL) Artemis UK Growth R Acc 437.00 462.90 -10.08 0.54 BLK Intl Gold & General $ 3.76 3.96 -0.03 0.00 Cavendish Worldwide Fund A Class 284.60 - -6.90 0.00 Fidelity Asian Dividend Fund A-Accumulation £ 1.04 - -0.02 1.39 UK Corporate Bond - Gross £ 2.27 - 0.01 3.85 HL Multi-Manager Equity & Bond Trust A Acc 145.56 152.99 0.35 2.22
www.acpishard.com
Regulated Artemis UK Smaller Cos R Acc 1159.83 1249.47 -6.45 0.47 Cavendish Worldwide Fund C Acc 292.70 - -7.10 0.62 Fidelity Asian Dividend Fund A-Income £ 0.97 - -0.02 3.29 UK Gilt Bond £ 1.29 - 0.01 1.96 HL Multi-Manager Equity & Bond Trust M Acc 145.57 152.99 0.35 1.03

ACPI Emerging Mkts FI UCITS Fund USD A $ 104.31 - -0.43 0.00 Artemis UK Special Sits R Acc 505.72 537.23 -9.94 1.61 BONHOTE Cavendish AIM Fund B Class 156.80 - -1.50 0.71 China Consumer £ 1.35 - -0.03 0.08 UK Gilt Gross £ 2.06 - 0.01 1.93 HL Multi-Manager Strategic Bond Trust A Acc 166.68 171.83 0.09 1.80
Other International Funds
ACPI Global Credit UCITS Funds USD A $ 13.95 - 0.00 0.00 Artemis US Abs Ret I Acc 108.27 - -0.41 0.00 Cavendish AIM Fund A Class 152.70 - -1.40 0.00 Emerging Asia £ 1.11 - -0.02 0.14 UK Long Corp Bond £ 1.35 - 0.00 4.40 HL Multi-Manager Strategic Bond Trust M Acc 166.66 171.81 0.08 0.89
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6649.00 - -46.00 2.28
ACPI Global Fixed Income UCITS Fund USD A $ 152.68 - 0.29 0.00 Artemis US Equity I Acc 111.28 - -3.13 0.28 Cavendish Asia Pacific Fund B Class 144.50 - -2.30 1.74 Dragon Capital Group Emerg Eur, Mid East & Africa H £ 1.14 - -0.04 1.06 UK Long Corp Bond - Gross £ 2.49 - 0.01 4.24 HL Multi-Manager Strategic Bond Trust A Inc 138.32 142.59 0.07 1.82
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 9920.00 - 129.00 0.92 c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Q ACPI India Fixed Income UCITS Fund USD A $ 9.92 - 0.00 - Artemis US Select I Acc 112.75 - -3.38 0.12 Cavendish Asia Pacific Fund A Class 144.50 - -2.30 0.77 Fund information, dealing and administration: funds@dragoncapital.com Enhanced Income - Acc £ 1.84 - -0.04 5.29 UK Long Corporate Bond Fund - Gross Income £ 10.81 - 0.01 4.38 HL Multi-Manager Strategic Bond Trust M Inc 138.30 142.57 0.07 0.91
Other International Funds Retail Share Classes
ACPI India Fixed Income UCITS Fund USD A3 $ 84.73 - 0.01 0.00 Artemis US Select I Inc 100.71 - -3.01 - Cavendish Asia Pacific Fund C Acc 151.00 - -2.40 1.71 Enhanced Income - Inc £ 1.17 - -0.03 7.27 HL Multi Manager Emerging Markets A Acc 82.64 85.18 0.68 0.33
Braemar Group PCC Limited (GSY) Vietnam Enterprise Inv. (VEIL) NAV $ 3.48 - -0.11 0.00 Emerging Markets - retail £ 1.17 - -0.03 0.07
ACPI International Bond UCITS Fund USD A $ 17.88 - 0.07 0.00 Artemis US Smlr Cos I Acc 112.05 - -3.96 0.00 Regulated Cavendish European Fund B Class 137.40 - -3.90 1.10 European - Inc £ 1.38 - -0.02 0.76 HL Multi-Manager European A Acc 102.69 105.85 0.34 0.74
Vietnam Growth Fund (VGF) NAV $ 23.26 - 0.42 0.00 {*}CAR - Net income reinvested
UK Agricultural Class A £ 1.25 - -0.02 0.00
Artemis US Ex Alpha I Acc 119.66 - -3.44 0.14 Cavendish European Fund A Class 136.20 - -3.90 0.29 European £ 15.67 - -0.32 1.15 HL Multi-Manager UK Growth A Acc 102.03 105.18 0.23 1.24
Vietnam Property Fund (VPF) NAV $ 0.92 - 0.11 0.00
UK Agricultural Class B £ 1.37 - -0.02 0.00
ACPI Select UCITS Funds PLC (IRL) Cavendish Japan Fund B Class 155.80 - -3.10 0.72 European Opportunities £ 3.66 - -0.10 0.23
FIL Fund Management (LUX)
Regulated
Student Accom Class B £ 0.55 - -0.17 0.00 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Artisan Partners Global Funds PLC (IRL) Cavendish Japan Fund A Class 154.90 - -3.10 0.00 Extra Income £ 0.26 - 0.00 3.35 Haussmann
ACPI Balanced UCITS Fund USD Retail $ 13.39 - 0.02 0.00 DSM Capital Partners Funds (LUX) Phone: 800 22 089, 800 22 088
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Other International Funds
Cavendish North American Fund B Class 182.40 - -5.30 0.52 www.dsmsicav.com Extra Income - Gross £ 0.26 - 0.00 3.33 Regulated
ACPI Balanced UCITS Fund EUR Retail € 10.09 - 0.01 0.00 Tel: 44 (0) 207 766 7130
Haussmann Cls A $ 2682.99 - 11.43 0.00
FCA Recognised Regulated China Consumer A-GBP £ 13.48 - -0.08 0.00
Cavendish North American Fund A Class 177.20 - -5.10 0.00 Global Dividend - Acc £ 1.59 - -0.03 3.03
ACPI Balanced UCITS Fund GBP Retail £ 10.21 - 0.01 0.00 Artisan Partners Global Funds plc Global Growth I2 Acc € 128.30 - -2.66 0.00 Haussmann Cls C € 2344.47 - 7.66 0.00
China Focus A-GBP £ 3.93 - -0.04 0.69
Artisan Emerging Markets I USD Acc $ 6.12 - 0.03 0.00 Cavendish Technology Fund B Class 276.30 - -7.80 0.02 Global Dividend - Inc £ 1.41 - -0.03 3.26
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Global Growth I1 Eur € 95.94 - -1.99 - Haussmann Cls D SFr 1239.94 - 3.45 0.00
Global Financial Services A-GBP £ 0.43 - 0.00 0.11
Artisan Global Equity Fund Class I USD Acc $ 13.18 - -0.31 0.00 Cavendish Technology Fund A Class 262.30 - -7.40 0.00 Global Focus £ 12.69 - -0.42 0.00
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - -
Global Health Care A-GBP £ 0.56 - 0.00 0.00
Artisan Global Opportunities I USD Acc $ 11.30 - -0.14 0.00 Cavendish UK Balanced Income Fund B Class 131.10 - -2.00 4.93 Global High Yield Fund - A Gross Acc £ 11.62 - -0.05 4.97
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Eclectica Asset Management (UK) Heartwood Wealth Management Limited (IRL)
CCLA Investment Management Ltd (UK) Global Industrials A-GBP £ 0.60 - 0.00 0.00
Artisan Global Value Fund Class I USD Acc $ 14.63 - -0.19 0.00 Cavendish UK Balanced Income A Class 124.70 - -1.80 5.18 40 Dukes Place, London EC3A 7NH Global High Yield Fund - A Gross Inc £ 9.57 - -0.04 5.68 Regulated
ACPI Horizon UCITS Fund $ 12.58 - -0.06 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET
Order Desk and Enquiries: 0345 608 0941 Global Inflation-Linked Bd A-GBP-Hdg £ 1.15 - 0.01 0.56 Heartwood Caut Multi Asset B Acc 137.29 - 0.02 0.00
Authorised Inv Funds Cavendish UK Select Fund B Class 134.80 - -3.20 2.31 Global High Yield Fund - A Net Acc £ 11.17 - -0.05 5.04
Artisan US Value Equity Fund Class I USD Acc $ 9.43 - -0.15 0.00 Authorised Corporate Director - Capita Financial Managers
The Public Sector Deposit Fund
Authorised Inv Funds Global Real Asset Securities £ 1.28 - -0.01 0.00
Cavendish UK Select Fund A Class 134.60 - -3.20 1.39 Global High Yield Fund - A Net Inc £ 9.57 - -0.04 5.68
Abbey Life Assurance Company Limited (UK) The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.50
CF Eclectica Agriculture A EUR Acc ♦ € 1.32 - -0.04 0.00 Global Technology A-GBP £ 0.25 - 0.00 0.00
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 Global Property - Acc £ 1.47 - -0.03 1.28 Henderson Global Investors (UK)
Ashmore Sicav (LUX) The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.34 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
additional fund prices can be found @ www.abbeylife.co.uk CF Eclectica Agriculture A GBP Acc ♦ 99.83 - -2.00 0.00
2 rue Albert Borschette L-1246 Luxembourg Global Telecomms A-GBP £ 0.28 - 0.00 1.15
Insurances Cedar Rock Capital Limited (IRL) Global Property W Inc £ 1.20 - -0.02 3.00 www.henderson.com
FCA Recognised The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.38
Regulated CF Eclectica Agriculture A USD Acc ♦ $ 1.43 - -0.03 0.00 India Focus A-GBP £ 4.30 - 0.00 0.00 Authorised Inv Funds
Life Funds
Ashmore SICAV Emerging Market Debt Fund $ 87.49 - -0.45 9.02 Global Special Sits £ 24.92 - -0.86 0.00
The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.44 Cedar Rock Capital Fd Plc $ 369.41 - 7.37 0.00 Asia Pacific Capital Growth A Acc 664.60 - -8.70 0.16
Prop. Acc. Ser 2 1565.70 1648.10 0.00 - CF Eclectica Agriculture C EUR Acc ♦ € 1.37 - -0.04 0.43 Latin America A-GBP £ 1.24 - 0.01 0.67
Ashmore SICAV Emerging Market Frontier Equity Fund $ 134.20 - -0.19 0.98 Index Emerging Markets P-Acc £ 0.89 - -0.02 2.75
The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.35 Cedar Rock Capital Fd Plc £ 393.49 - 17.56 0.00 Asian Dividend Income Inc 79.49 83.88 -1.36 6.95
Selective Acc. Ser 2 1542.60 1623.80 -12.10 - CF Eclectica Agriculture C GBP Acc ♦ 103.69 - -2.07 0.42
Ashmore SICAV Emerging Market Total Return Fund $ 74.87 - -0.12 6.41 Index Europe ex UK P-Acc £ 0.98 - -0.03 2.44
Cedar Rock Capital Fd Plc € 354.01 - 12.24 0.00 Cautious Managed A Acc 230.70 - -2.60 3.31
American Ser. 4 1638.30 1724.60 -23.40 - CF Eclectica Agriculture C USD Acc ♦ $ 1.48 - -0.03 0.43
Index Japan P-Acc £ 1.11 - -0.02 1.52
Findlay Park Funds Plc (IRL)
Ashmore SICAV Global Small Cap Equity Fund $ 114.82 - -1.22 0.00 CCLA Investment Management Ltd (UK) 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Cautious Managed A Inc 142.70 - -1.50 3.37
Custodian Ser. 4 482.70 508.10 -3.60 -
Senator House 85 Queen Victoria Street London EC4V 4ET Index Pacific ex Japan P-Acc £ 0.96 - -0.03 3.81 FCA Recognised
Ashmore SICAV Local Currency Fund $ 79.23 - 0.31 0.32
Property & Other UK Unit Trusts Charles Schwab Worldwide Funds Plc (IRL) China Opportunities A Acc 775.70 - -9.30 0.66
Equity Ser. 4 528.20 556.00 -11.90 - American Fund USD Class $ 75.12 - -1.51 0.00
EM Mkts Corp.Debt USD F $ 82.63 - -0.49 9.18 CBF Church of England Funds Regulated Index UK A-Acc £ 0.78 - -0.02 2.90
Emerging Markets Opportunities A Acc 132.50 - -1.70 0.67
European Ser 4 551.80 580.90 -10.10 - Investment Inc 1289.79 1304.06 -35.21 3.78 Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 American Fund GBP Hedged £ 40.93 - -0.82 0.00
EM Mkts Loc.Ccy Bd USD F $ 72.52 - 0.56 4.41 Index UK P-Acc £ 0.96 - -0.02 3.15
European Growth A Acc 164.40 - -3.40 0.53
Fixed Int. Ser. 4 905.40 953.00 4.60 - Investment Acc 2652.14 2681.48 -72.40 - American Fund GBP Unhedged £ 52.13 - -0.87 -
Index US A-Acc £ 1.59 - -0.05 1.40
European Selected Opportunities A Acc 1229.00 - -29.00 0.67
Intl Ser. 4 423.30 445.60 -7.00 - Global Equity Inc 146.69 148.31 -4.27 4.31 Chartered Asset Management Pte Ltd Latin American Fund USD Class $ 10.04 - -0.07 0.00
Index US P-Acc £ 1.23 - -0.04 1.60
Other International Funds EdenTree Investment Management Ltd (UK) European Special Situations A Acc 94.66 - -0.29 1.05
Japan Ser 4 366.80 386.10 -6.90 - Global Equity Acc 216.52 218.91 -6.30 - Latin American Fund GBP Unhedged £ 7.07 - -0.02 -
CAM-GTF Limited $ 270848.04 270848.04 -9192.82 0.00 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Index World A-Acc £ 1.37 - -0.04 1.77
Fixed Interest Monthly Income A Inc 21.56 22.62 -0.01 5.83
Man. Ser. 4 1611.00 1695.80 -21.00 - UK Equity Inc 140.14 141.41 -5.14 4.05 Authorised Inv Funds
CAM GTi Limited $ 612.98 - -36.72 0.00 Index World P-Acc £ 1.12 - -0.03 1.89
Amity UK Cls A Inc 202.40 - -4.30 1.45 Global Care Growth A Inc 189.60 - -4.90 0.00
Money Ser. 4 524.40 552.00 0.00 - UK Equity Acc 209.41 211.30 -7.68 - Foord Asset Management
Raffles-Asia Investment Company $ 1.56 1.56 0.01 5.51 Japan £ 2.72 - -0.07 0.00
Amity UK Cls B Inc 201.50 - -4.30 2.24 Other International Funds Global Equity Income A Inc 47.63 - -1.03 3.87
Prop. Ser. 4 1112.30 1170.90 0.00 - Fixed Interest Inc 161.64 162.46 1.07 3.96
Aspect Capital Ltd (UK) Japan Smaller Companies £ 2.01 - -0.05 0.00 Foord International Trust $ 33.06 - -0.13 0.00
Higher Income Cls A Inc 114.60 - -1.50 5.00 Global Growth Fund 1949.75 2038.07 -57.58 0.00
Custodian Ser 5 463.30 487.70 -3.50 - Other International Funds Fixed Interest Acc 496.99 499.48 3.29 -
MoneyBuilder Asset Allocator £ 1.15 - -0.01 0.64 Foord Global Equity Fund_Class B $ 11.45 - -0.12 0.00
Aspect Diversified USD $ 440.64 - 7.91 0.00 Higher Income Cls B Inc 118.20 - -1.50 4.91 Global Technology A Acc 926.90 - -26.80 0.00
International Ser 5 406.30 427.70 -6.70 - Property Fund Inc 133.01 137.47 -1.84 6.51
MoneyBuilder Balanced £ 0.49 - -0.01 4.04
Aspect Diversified EUR € 264.78 - 4.79 - UK Equity Growth Cls A Inc 226.60 - -6.90 0.59 Multi-Manager Absolute Return A Acc 133.80 - -0.20 0.39
Managed Ser 5 1546.50 1627.80 -20.10 - Property Fund Acc 234.22 242.07 2.73 -
Money Builder Dividend £ 2.51 - -0.05 4.54 Franklin Templeton International Services Sarl (IRL)
Aspect Diversified GBP £ 135.50 - 2.44 0.00 UK Equity Growth Cls B Inc 230.90 - -7.00 1.18 Multi-Manager Active A Acc ▲ 169.90 - 0.60 0.00
Money Ser 5 513.50 540.50 0.00 - JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
MoneyBuilder Growth £ 0.71 - -0.02 2.39
Aspect Diversified CHF SFr 126.48 - 2.32 0.00 Amity Balanced For Charities A Inc 104.20 - -1.10 6.11 Other International Funds Multi-Manager Distribution A Inc 124.80 - 0.50 3.39
Property Ser 5 1067.80 1123.90 0.00 -
CCLA Fund Managers Ltd (UK) MoneyBuilder Growth ISA £ 0.72 - -0.02 2.55 Franklin Emerging Market Debt Opportunities Fund Plc
Cheyne Capital Management (UK) LLP (IRL)
Multi-Manager Diversified A Acc 76.80 - 0.23 2.93
Pension Funds Aspect Diversified Trends USD $ 132.60 - 0.96 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Amity European Fund Cls A Inc 191.30 - -4.90 1.23
Regulated Franklin Emg Mkts Debt Opp CHFSFr 16.83 - -0.61 8.30
Property & Other UK Unit Trusts MoneyBuilder Income £ 0.35 - 0.00 3.24
American 1880.80 1979.80 -37.00 - Aspect Diversified Trends EUR € 132.74 - 0.96 0.00 Amity European Fund Cls B Inc 192.80 - -5.00 2.08 Multi-Manager Global Select Acc 172.20 - -1.40 0.00
COIF Charity Funds (UK) Cheyne Convertibles Absolute Return Fund € 1331.29 - -0.90 0.00 Franklin Emg Mkts Debt Opp EUR € 11.85 - -0.42 7.39
Equity 4603.60 4845.90 -100.40 - MoneyBuilder Income -Gross £ 0.35 - 0.00 3.23
Aspect Diversified Trends GBP £ 137.81 - 1.04 0.00 Investment Inc 1180.80 1193.86 -18.89 3.62 Cheyne Global Credit Fund € 115.73 - -0.26 0.00 Amity Global Equity Inc for Charities A Inc 97.65 - -2.11 4.01 Multi-Manager Income & Growth A Acc 149.30 - 0.50 2.23
Franklin Emg Mkts Debt Opp GBP £ 9.95 - -0.23 7.13
European 1108.10 1166.40 -20.50 - Multi Asset Adventurous A-Acc £ 1.26 - -0.02 0.44
Investment Acc 11442.51 11569.08 -183.11 - Cheyne European Mid Cap Fund € 1114.16 - -7.90 0.00 Amity International Cls A Inc 193.50 - -3.90 1.38 Multi-Manager Income & Growth A Inc 137.20 - 0.50 2.26
Franklin Emg Mkts Debt Opp SGD S$ 21.85 - -0.58 6.33
Fixed Int. 1656.00 1743.10 8.60 - Multi Asset Alloc Adventurous A-Acc £ 3.53 - -0.09 3.07
Atlantas Sicav (LUX) Ethical Invest Inc 181.86 183.87 -2.88 3.73 Amity International Cls B Inc 194.80 - -3.90 2.24 Multi-Manager Managed A Acc 221.70 - 1.00 0.42
Franklin Emg Mkts Debt Opp USD $ 16.71 - -0.47 7.19
Regulated Multi Asset Alloc Strategic A-Acc £ 1.14 - -0.01 0.38
International 893.60 940.60 -17.00 - Ethical Invest Acc 235.86 238.47 -3.74 - Multi-Manager Managed A Inc 217.70 - 1.00 0.41
Cheyne Capital Management (UK) LLP Amity Sterling Bond Fund A Inc 104.30 - 0.00 5.20
American Dynamic $ 3156.19 - -182.66 0.00
Japan 386.30 406.70 -5.70 - Other International Funds Multi Asset Alloc Def - Gross A £ 1.11 - 0.00 0.36
Global Equity Inc 139.12 140.66 -2.22 4.41 Amity Sterling Bond Fund B Inc 112.80 - 0.00 5.19 Sterling Bond Acc 196.45 205.27 0.09 2.88
American One $ 2990.05 - -154.70 0.00 Cheyne European Event Driven Fund € 145.83 - -0.11 0.00 Frontier Capital (Bermuda) Limited
Managed 4158.10 4377.00 -57.60 - Multi Asset Alloc Def - Net A £ 1.10 - -0.01 0.38
Global Equity Acc 207.86 210.16 -3.32 - Other International Sterling Bond Inc 60.90 63.63 0.03 2.92
Bond Global € 1398.50 - -5.82 0.00 Cheyne Real Estate Credit Holdings Fund £ 162.87 - 1.01 0.00
Property 2885.70 3037.50 0.10 - Multi Asset Alloc Growth A £ 1.15 - -0.02 0.09 Commercial Property-GBP Class £ 71.42 - -0.53 -
Fixed Interest Inc 132.99 133.66 0.19 4.14 Edinburgh Partners Limited (IRL) Strategic Bond A Inc 124.20 - -0.10 5.25
Eurocroissance € 833.31 - -40.64 0.00 Cheyne Real Estate Credit Holdings Fund III £ 111.98 - 0.56 0.00
Security 1476.70 1554.40 0.00 - 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Multi Asset Defensive £ 1.21 - 0.00 0.26 Global Real Estate-GBP C Class £ 45.26 - -0.50 -
Fixed Interest Acc 770.57 774.43 1.12 - UK & Irish Smaller Companies A Acc 524.20 - -5.80 0.00
Far East $ 617.21 - -43.50 0.00 Dealing - Fax only - +353 1 434 5230
Cheyne Real Estate Debt Fund Class A1 £ 131.65 - 0.83 0.00 Multi Asset Defensive - Gross £ 1.21 - -0.01 0.26
Selective 1970.30 2074.00 -15.50 - Property Inc 114.29 118.12 -1.61 5.79 FCA Recognised UK Absolute Return A Acc 150.90 - -1.00 0.00
Cheyne Total Return Credit Fund - December 2017 Class $ 152.88 - -20.24 0.00 Edinburgh Partners Opportunities Fund PLC
Formerly Hill Samuel Life Assurance Ltd Multi Asset Growth £ 1.31 - -0.02 0.25
Property Acc 248.62 256.95 2.77 - UK Alpha A Acc ♦ 108.30 - -2.70 1.85
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 European Opportunities I EUR € 2.33 - 0.02 2.30
Atlantis Investment Management Ltd (IRL) Cheyne Total Return Credit Fund 2020 $ 103.39 - 0.01 - MultiManager Balanced £ 1.09 - 0.00 0.56
Local Authorities Property Fd (LAMIT) (UK) UK Equity Income & Growth A Inc 564.00 - -10.20 3.96
Managed Ser A (Life) 1533.50 1622.80 -9.90 - 2nd Floor, 13 St Swithin's Lane, London EC4N 8AL European Opportunities I GBP £ 1.75 - 0.01 2.46
www.atlantis-investmenet.com, Tel: 0207 877 3377 Property 274.76 295.14 2.73 4.81 Multi Asset Open Growth A-Acc £ 0.45 - 0.00 0.60
Managed Ser A (Pensions) 1015.40 1068.90 -8.30 - UK Index A Acc 460.30 - -10.80 2.95
Regulated European Opportunities I USD $ 2.54 - 0.02 2.08
Cohen & Steers SICAV (LUX) Multi Asset Open Strategic A-Acc £ 1.20 - 0.00 1.04
Formerly Target Life Assurance Ltd Atlantis China Fund $ 6.44 - 0.00 0.00 UK Property A Acc 193.08 203.24 0.05 4.04
Regulated European Opportunities A EUR € 2.28 - 0.02 1.60
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 CG Asset Management Limited (IRL) Fundsmith LLP (1200)F (UK)
Multi Asset Open Strategic A-Inc £ 0.29 - 0.00 2.55
Atlantis China Healthcare Fund $ 1.87 - 0.00 0.00 European Real Estate Securities € 22.6852 - 0.0377 1.58 UK Property A Inc 97.68 102.81 0.03 4.16
Managed (Life) 1557.10 1639.10 -10.00 - Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Global Opportunities I USD $ 1.51 - 0.00 2.12 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
00 353 1 434 5098 Multi Asset Strategic £ 1.49 - -0.02 0.30 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Atlantis Japan Opportunities Fund $ 2.44 - -0.07 0.00 Europ.RealEstate Sec. IX € 30.4243 - 0.0506 0.00 UK Tracker A Acc 204.80 - -4.80 3.05
Managed Growth (Life) 482.10 507.40 -4.90 - FCA Recognised Global Opportunities I GBP £ 1.05 - 0.00 1.93 Authorised Inv Funds
Open World A-Acc £ 1.15 - -0.01 0.00
Atlantis Asian Fund $ 6.18 - 0.02 0.00 Gbl Listed Infrastructure I $ 9.3285 - -0.0346 - US Growth A Acc 738.90 - -25.40 0.00
Managed (Pensions) 6091.90 6412.60 -49.70 - Capital Gearing Portfolio Fund Plc £ 27257.82 27257.82 111.21 0.61 Global Opportunities I EUR € 1.52 - -0.01 1.98 Fundsmith Equity T Acc 222.49 - -4.12 1.12
Multi Asset Income A Gross Acc £ 1.54 - -0.01 3.49
CG Portfolio Fund Plc Gbl Listed Infrastructure IX $ 9.3690 - -0.0347 -
Managed Growth (Pensions) 583.90 614.60 -7.30 - Global Opportunities A GBP £ 0.98 - -0.01 1.46 Fundsmith Equity T Inc 209.45 - -3.88 1.13
Real Return Cls A £ 172.10 172.10 2.80 1.74 Multi Asset Income A Gross Inc £ 1.07 - 0.00 5.01
additional fund prices can be found on our website Gbl RealEstate Sec. I $ 10.3626 - -0.0200 1.40

AXIOM
Pan European Opportunities I EUR € 1.42 - 0.01 -
Dollar Fund Cls D £ 134.29 134.29 2.54 1.62 Multi Asset Income A Net Acc £ 1.46 - 0.00 3.50
Gbl RealEstate Sec. IX $ 12.3380 - -0.0238 0.00
GYS Investment Management Ltd (GSY)
ALTERNATIVE INVESTMENTS Capital Value Fund Cls V £ 132.04 132.04 0.47 0.27 Multi Asset Income A Net Inc £ 1.07 - 0.00 5.01 Regulated

South East Asia £ 7.63 - -0.12 0.12 Taurus Emerging Fund Ltd $ 161.34 164.63 -8.88 0.00
Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
PO BOX 10117, Chelmsford, Essex, CM1 9JB Special Situations £ 29.23 - -0.76 0.77
Axiom Alternative Investments (FRA) Dealing & Client Services 0845 0264281 Hermes Investment Funds Plc (IRL)
1 Conduit Street - 4th floor - London W1S 2XA Authorised Inv Funds Sterling Core Plus Red Dur £ 10.05 - 0.02 - Generali Worldwide Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
www.axiom-ai.com Tel: +44 330 822 0374 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108 FCA Recognised
Consistent UT Inc 50.70 51.31 -0.97 4.85
Algebris Investments (IRL) Regulated Strategic Bond £ 0.31 - 0.00 2.83 International Insurances Hermes Abs Return Credit Fund Class F Acc £ £ 1.05 1.05 -0.01 -

Asset Management
Regulated EFG Hermes
Axiom Contingent Capital € 1020.21 - 0.47 - Consistent UT Acc 118.17 119.59 -2.25 4.70 Global Multi-Strategy Managed $ 4.63 4.99 -0.13 0.00

Asset Manageme
DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE Strategic Bond Gross £ 0.31 - 0.00 2.83 Hermes Abs Return Credit Fund Class R Acc € € 2.00 2.00 -0.01 -
Algebris Financial Credit Fund - Class I EUR € 132.37 - 0.52 0.00 Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Axiom Contingent Capital £ 1024.80 - 0.54 - Practical Investment Inc 193.95 199.05 -3.62 3.99 UK Multi-Strategy Managed £ 4.79 5.16 -0.10 0.00
Canada Life Investments (UK) Other International Funds Target 2015 £ 0.50 - 0.00 0.38 Hermes Active UK Inflation Fund Class F Acc £ 1.30 1.30 0.01 0.00
Algebris Financial Income Fund - Class I EUR € 113.17 - -0.14 0.00
Axiom Equity $ 808.98 - 2.15 - 1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180 Practical Investment Acc 947.11 972.02 -17.67 3.88 EU Multi-Strategy Managed € 2.99 3.23 -0.07 0.00
The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 Target 2020 £ 0.55 - 0.00 0.52 Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.49 1.49 -0.03 0.00
Algebris Financial Equity Fund - Class B EUR € 92.03 - 0.85 - Authorised Inv Funds
Axiom Equity € 849.80 - 2.47 0.00 Global Bond USD $ 3.42 3.68 -0.01 0.00
Asia Pacific B Acc 728.57 - -10.22 1.13 EFG-Hermes Frontier Equity UCITS Fund Class I $ 1000.00 - - - Target 2025 £ 1.28 - -0.01 0.32 Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.12 3.12 -0.08 0.00
Algebris Asset Allocation Fund - Class B EUR € 97.23 - 0.53 -
Axiom Obligataire $ 1760.93 - -1.83 0.00
Balanced B Acc 142.89 - -2.67 1.46 EFG-Hermes MENA Equity UCITS Fund Class A $ 1000.00 - - - Target 2030 £ 1.37 - -0.01 0.40 Hermes Global Emerging Markets Fund Class F Acc £ 1.11 1.11 -0.01 0.00
Axiom Obligataire € 1756.29 - -1.83 0.00 Genesis Asset Managers LLP
Corporate Bond B Inc 206.01 - 0.17 4.07 Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 UK Select £ 2.31 - -0.06 0.86 Hermes Global Emerging Markets Fund Class R Acc € 2.70 2.70 -0.06 0.00
Alken Asset Management (LUX) Other International Funds
Axiom Obligataire £ 1768.82 - -1.65 0.00
61 Conduit Street, London, W1S 2GB European B Acc 242.78 - -6.14 1.57 Saudi Arabia Equity Fund SR 11.16 - -0.02 0.00 UK Growth £ 3.40 - -0.10 0.00 Hermes Global Equity Fund Class F Acc £ 1.44 1.44 -0.04 0.00
Emerging Mkts NAV £ 4.84 - 0.00 0.00
www.alken-am.com
Regulated Global Bond B Inc 94.68 - 0.13 2.92 UK Smaller Companies £ 2.10 - -0.02 0.18 Hermes Global Equity Fund Class R Acc € 3.64 3.64 -0.14 0.00
Crèdit Andorrà Asset Management (LUX)
Asset Management
Alken European Opportunities € 197.71 - -1.42 0.00 BLME Asset Management (LUX)
Global Equity B Acc 576.66 - -9.76 1.10 Electric & General (1000)F (UK) WealthBuilder A Acc £ 0.99 - -0.01 0.47
BLME Sharia'a Umbrella Fund SICAV SIF www.creditandorra.com Guardian (UK) Hermes Global ESG Equity Fund Class F Acc £ 1.12 1.12 -0.02 0.00
Stuart House St.John's Street Peterborough PE1 5DD
Alken European Opportunities £ 118.82 - -1.22 0.00 Regulated FCA Recognised Fidelity PathFinder Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Global Equity Income B Inc 117.15 - -2.52 3.93 Orders & Enquiries: 0845 850 0255 Hermes Global High Yield Bond Fund Class F Acc £ 1.06 1.06 -0.01 0.00
Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.09 - 0.00 - Insurances
Income Fund - Share Class A Acc $ 1134.32 - 0.01 0.00 Crediinvest SICAV Money Market Eur I € 11.21 - 0.00 0.00 Authorised Inv Funds
Alken Absolute Return € 139.82 - -0.82 0.00 Global High Yield Bond B Inc 90.08 - -0.41 5.14 Guardian Assurance Hermes Global High Yield Bond Fund Class R Acc € 2.69 2.69 -0.01 0.00
Authorised Corporate Director - Carvetian Capital Management
Income Fund - Share Class G Acc £ 1074.94 - 0.03 0.00 Crediinvest SICAV Money Market Usd A $ 10.03 - 0.00 0.00 Fidelity PathFinder Foundation 1 Acc (clean) £ 1.08 - -0.01 -
Alken Absolute Return £ 113.57 - -0.66 0.00 Global Infrastructure B Acc 106.16 - -1.83 0.93 Equity S-GH Class B £ 11.29 - -0.27 -
Electric&General Net Income A 144.40 - -2.10 1.94 Hermes Global Small Cap Fund Class F Acc £ £ 0.94 0.94 -0.03 -
Gl Sukuk Fund - Share Class A Acc $ 1221.19 - 0.19 0.00 Crediinvest SICAV Fixed Income Eur € 10.44 - 0.00 0.00 Fidelity PathFinder Foundation 2 Acc (clean) £ 1.06 - -0.01 -
Alken Small Cap € 181.64 - -0.16 0.00 Global Resource B Acc 60.92 - -0.95 0.97 Managed Fund Bond £ 22.93 23.88 0.08 -
Hermes Global Small Cap Fund Class R Acc € € 1.79 1.79 -0.06 -
Gl Sukuk Fund - Share class B Acc £ 1089.98 1089.98 0.18 0.00 Crediinvest SICAV Fixed Income Usd $ 10.35 - 0.00 0.00 Fidelity PathFinder Foundation 3 Acc (clean) £ 1.03 - -0.02 -
Japan B Acc 50.27 - -1.00 0.92 Choices Wth-Pfts Lg-tm 321.40 338.30 0.10 -
Ennismore Smaller Cos Plc (IRL) Hermes Multi Asset Inflation Fund Class F GBP Acc £ 0.96 0.96 0.00 0.00
Crediinvest SICAV Spanish Value € 231.54 - 0.40 0.00 5 Kensington Church St, London W8 4LD 020 7368 4220 Fidelity PathFinder Foundation 4 Acc (clean) £ 1.04 - -0.02 -
Amundi Funds (LUX) Portfolio III B Acc 106.99 - -0.50 2.32 Choices Wth-Pfts St-tm 272.10 286.40 0.00 -
FCA Recognised Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.01 1.01 0.00 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Crediinvest SICAV International Value € 191.76 - -0.29 0.00 Fidelity PathFinder Foundation 5 Acc (clean) £ 1.13 - -0.03 -
Bank of America Cap Mgmt (Ireland) Ltd (IRL) Choices Managed 601.78 633.45 2.44 -
www.amundi-funds.com Portfolio IV B Acc 107.85 - -1.09 2.36 Ennismore European Smlr Cos NAV £ 103.37 - 0.21 0.00 Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.25 1.25 -0.03 0.00
Regulated
FCA Recognised Crediinvest SICAV Big Cap Value € 14.35 - 0.08 0.00 Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.09 - -0.01 -
Portfolio V B Acc 106.35 - -1.53 1.56 Ennismore European Smlr Cos NAV € 137.61 - 0.70 0.00 Choices Equity 651.73 686.03 0.61 -
Global Liquidity USD $ 1.00 - 0.00 0.55 Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.21 1.21 -0.03 1.30
Bd. Euro Corporate AE Class - R - EUR € 18.41 - 0.01 0.00 Crediinvest SICAV US American Value $ 16.69 - -0.41 0.00 Fidelity PathFinder Focussed 1 Acc (clean) £ 1.09 - 0.00 -
Portfolio VI B Acc 104.33 - -1.17 1.60 Freedom With Pfts Long-Tm 220.40 232.00 0.00 -
Hermes Sourcecap EU Alpha Fund Class R Acc € 2.91 2.91 -0.11 0.00
Bd. Global AU Class - R - USD $ 25.28 - 0.04 0.00 Crediinvest SICAV Sustainability € 14.57 - 0.05 0.00 Fidelity PathFinder Focused 2 Acc (Clean) £ 1.09 - -0.01 -
Freedom With Pfts Short-Tm 198.00 208.40 0.00 -
Barclays Investment Funds (CI) Ltd (JER) Portfolio VII B Acc 100.10 - -1.08 1.58 Ennismore European Smlr Cos Hedge Fd Hermes Sourcecap EX UK Fund Class F Acc £ 1.32 1.32 -0.04 0.00
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Other International Funds Fidelity PathFinder Focussed 3 Acc (clean) £ 1.07 - -0.02 -
North American B Acc 819.20 - -13.14 0.72 Freedom Managed 352.07 370.60 1.11 -
FCA Recognised Hermes Sourcecap EX UK Fund Class R Acc € 2.98 2.98 -0.12 0.00
Eq. Emerging World AU Class - R - USD $ 73.62 - 0.57 0.00 Daiwa SB Investments (UK) Ltd (LUX) NAV € 496.00 - 10.70 0.00 Fidelity PathFinder Focussed 4 Acc (clean) £ 1.08 - -0.02 -
Bond Funds Strategic Return B Acc 94.64 - -0.50 0.00 Freedom Equity 386.02 406.33 0.30 -
5 King William Street, London EC4N 7DA Hermes UK Small & Mid Cap Fund Class F Acc £ 1.63 1.63 -0.05 0.00
Eq. Greater China AU Class - R - USD $ 498.92 - 3.59 0.00 Sterling Bond F £ 0.46 - 0.00 3.34 Fidelity PathFinder Focussed 5 Acc (clean) £ 1.12 - -0.01 -
www.daiwasbi.co.uk 0207 597 7000 Corp Pens Mananged 212.44 212.44 0.86 -
Total Return B Acc 94.86 - -0.30 3.07 Hermes UK Small & Mid Cap Fund Class R Acc € 4.72 4.72 -0.16 0.00
Eq. Latin America AU Class - R - USD $ 280.43 - 0.26 0.00 Regulated Equinox Fund Mgmt (Guernsey) Limited (GSY) Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.07 - 0.00 -
UK Equity B Acc 103.41 - -3.66 1.66 Regulated Corp Pens Equity 212.78 212.78 0.20 -
DSBI Japan Equity Fundamental Active I JPY ¥ 11362.17 11362.17 -270.42 0.00 Hermes US All Cap Equity Class F Stg £ Acc £ 0.95 0.95 -0.03 -
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.46 - -0.03 0.00 Baring Fund Managers Ltd (1200)F (UK) Fidelity PathFinder Freedom 2 Acc (clean) £ 1.05 - 0.00 -
UK Equity & Bond Income B Inc 227.99 - -5.01 5.01 Equinox Russian Opportunities Fund Limited $ 119.68 - 0.92 0.00 Corp Pens Fixed Interest 300.15 300.15 0.71 -
Dealing and Enquiries 020 7214 1004 DSBI Japan Equity Fundamental Active I GBP £ 112.28 112.28 -2.86 0.00 Hermes US All Cap Equity Class R € Acc € 1.79 1.79 -0.07 -
Fidelity PathFinder Freedom 1 Acc (clean) £ 1.06 - 0.00 -
Fund Information: www.barings.com Corp Pens Index Linked 334.16 334.16 -2.94 -
UK Equity Income B Inc 406.57 - -10.51 4.94 DSBI Japan Equity Fundamental Active A EUR € 107.79 113.18 -2.70 0.00 Hermes US SMID Equity Fund Class F Acc £ 1.52 1.52 -0.04 0.00
The Antares European Fund Limited Authorised Inv Funds Fidelity PathFinder Freedom 3 Acc (clean) £ 1.03 - 0.00 -
Other International UK Government Bond B Inc 47.75 - 0.26 1.98 Euronova Asset Management UK LLP (CYM) Corp Pens Deposit 191.09 191.09 0.00 -
Multi Asset A Acc ... C 149.80 - -1.20 1.51 Hermes US SMID Equity Fund Class R Acc € 3.13 3.13 -0.12 0.00
Regulated Fidelity PathFinder Freedom 4 Acc (clean) £ 1.00 - -0.01 -
AEF Ltd Usd (Est) $ 649.95 - -31.70 - Corp Pens Protector 364.11 364.11 1.97 -
Multi Asset A Inc ... C 142.80 - -1.20 1.28 DAVIS Funds SICAV (LUX) Smaller Cos Cls One Shares (Est) € 34.53 - -1.67 0.00
Regulated Fidelity PathFinder Freedom 5 Acc (clean) £ 1.08 - 0.00 -
AEF Ltd Eur (Est) € 651.94 - -31.88 0.00 Charity Fund Capita Asset Services (UK) Corp Pens UK Index Tracker £ 1.84 1.84 0.00 -
Smaller Cos Cls Two Shares (Est) € 24.18 - -1.04 0.00 Hermes Property Unit Trust (UK)
Enquiries 020 7214 1763 40 Dukes Place, London EC3A 7NH Davis Value A $ 36.11 - -1.04 0.00 Fidelity PathFinder Income 1 Income (clean) £ 1.00 - -0.01 4.05 Guardian Linked Life Assurance Ltd Property & Other UK Unit Trusts
Targeted Return Fund Acc 140.20 141.00 -0.90 2.92 Order Desk and Enquiries: 0345 922 0044 Smaller Cos Cls Three Shares (Est) € 12.06 - -0.65 0.00
Davis Global A $ 25.37 - -0.52 0.00 Fidelity PathFinder Income 1 Gross Income (clean) £ 1.00 - -0.01 5.04 Managed Acc £ 17.53 18.45 0.06 - Property £ 5.85 6.23 0.08 3.10
Arisaig Partners Authorised Inv Funds
Targeted Return Fund Inc 107.30 107.90 -0.80 2.97 Smaller Cos Cls Four Shares (Est) € 15.65 - -0.67 0.00
Other International Funds CF Heartwood Cautious B Acc X 125.49 - -0.33 0.15 Fidelity PathFinder Income 2 Income (clean) £ 1.01 - -0.01 3.62 Equity Acc £ 31.19 32.84 0.02 -
Arisaig Africa Consumer Fund Limited $ 13.22 - 0.02 0.00
CF Heartwood Cautious Income B Inc X 107.96 - -0.09 2.43 Discretionary Unit Fund Mngrs (1000)F (UK) Fidelity PathFinder Income 2 gross £ 1.02 - 0.00 4.52 Fixed Interest Acc £ 17.18 18.09 0.03 - Hermes UK Residential Real Estate (UK)
Arisaig Asia Consumer Fund Limited $ 61.12 - 0.34 0.00 1 Poultry, London EC2R 8JR 020 7 415 4130 Property & Other UK Unit Trusts
Baring International Fd Mgrs (Ireland) (IRL) CF Heartwood Growth B Acc X 137.74 - -1.11 0.69 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.01 - -0.01 4.49 International Acc £ 13.03 13.72 0.07 -
Authorised Inv Funds
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 VISTA UK Residential Real Estate £ 1.02 1.06 0.03 -
Arisaig Global Emerging Markets Consumer UCITS € 11.35 - 0.05 0.00
FCA Recognised CF Heartwood Balanced Income B Inc X 107.95 - -0.47 3.00 Disc Inc 1612.02 1718.06 -15.07 0.00 Fidelity PathFinder Income 3 Income (clean) £ 1.02 - 0.00 4.16 International S-NA Acc £ 6.70 7.05 0.04 -
Arisaig Global Emerging Markets Consumer UCITS STG £ 10.89 - 0.02 0.00 ASEAN Frontiers A GBP Inc £ 107.63 - -1.78 0.58 Institutional OEIC Funds
CF Heartwood Balanced B Acc X 120.78 - -0.74 0.31 Do Accum 6074.23 6473.81 -56.80 0.00 International S-PA Acc £ 4.04 4.26 0.02 -
America £ 3.81 - -0.12 0.52 INDIA VALUE INVESTMENTS LIMITED (INVIL)
Arisaig Latin America Consumer Fund $ 18.97 - -0.01 0.00 Asia Growth A GBP Inc H £ 43.48 - -0.89 0.00
CF Heartwood Defensive Multi Asset Fund B Accumulation 108.48 - -0.07 0.00 International S-EU Acc £ 3.26 3.43 0.02 - www.invil.mu
Australia A GBP Inc £ 66.24 - -1.96 1.82 Eurobank Fund Management Company (Luxembourg) S.A. Emerging Markets £ 2.94 - -0.06 0.81 Other International Funds
CF Richmond Core X 161.42 - -5.04 0.00 Regulated Managed S-PR Acc £ 6.66 7.01 0.02 -
NAV £ 8.16 - -0.02 0.00
Baring China Bond Fund $ 9.63 - -0.08 0.00 Europe £ 3.95 - -0.10 1.54
CF Seneca Diversified Growth A ACC 212.68 - -1.04 1.46 (LF) Absolute Return € 1.32 - 0.00 0.00 Fixed Interest S-IL Acc £ 6.49 6.83 0.01 -
Baring Emerging Markets Corporate Debt Fund $ 9.05 - -0.02 0.00 Fidelity Pre-Retirement Bond Fund £ 118.90 - 0.40 3.06
CF Seneca Diversified Growth B ACC 125.94 - -0.62 2.40 (LF) Eq Emerging Europe € 0.64 - 0.01 0.00 Deposit Accum £ 4.44 4.67 0.00 -
Global Focus £ 2.71 - -0.09 1.60
Intercapital Asset Management Ltd (HRV)
Baring European Opportunities Fund Class A EUR Acc € 12.77 - -0.47 0.00 (LF) Eq Flexi Style Greece € 0.94 - -0.05 0.00 Guardian Pensions Management Ltd Masarykova ul. 1, 10000, Zagreb, Croatia
CF Seneca Diversified Growth N ACC 124.66 - -0.61 2.08
Index Linked Bond £ 2.64 - 0.02 0.74 www.icam.hr, Tel; +385 1 4825 868
Baring Global Mining Fund - Class A GBP Inc £ 3.12 - -0.07 0.65 Dodge & Cox Worldwide Funds (IRL) Pens. Managed Acc. £ 22.73 23.93 0.09 -
CF Seneca Diversified Income A INC 85.74 - -0.35 6.13 (LF) Eq Mena Fund € 12.07 - -0.13 0.00 Other International Funds
6 Duke Street,St.James,London SW1Y 6BN
Artemis Fund Managers Ltd (1200)F (UK) Dynamic Emerging Markets A GBP Acc F £ 8.30 - -0.05 0.00 Index Linked Bond Gross £ 3.19 - 0.02 0.74 Pens. Equity Acc. £ 32.83 34.55 0.04 -
CF Seneca Diversified Income B INC 101.79 - -0.41 6.13 www.dodgeandcox.worldwide.com 020 3713 7664 (LF) Greek Government Bond € 17.85 - -0.07 - Capital One Bond Fund (Ex-YU) HRK 203.24 - 0.13 -
57 St. James's Street, London SW1A 1LD 0800 092 2051
Authorised Inv Funds Eastern Europe A GBP Inc £ 37.26 - -0.69 1.84 FCA Recognised Index-Linked Bond Fund Gross Inc £ 12.42 - 0.07 0.74
CF Seneca Diversified Income N INC 100.78 - -0.41 6.13 (LF) Greek Corporate Bond € 11.92 - -0.01 - Capital Two Equity Fund (Ex-YU) HRK 89.84 - 0.10 -
Dodge & Cox Worldwide Funds plc - Global Bond Fund
Artemis Capital R ACC 1212.90 1281.45 -37.81 1.24 Emerging Mkt Debt LC A GBP Hedged Inc £ 6.79 - 0.00 6.72 Japan £ 2.00 - -0.05 0.79 HPB Assurance Ltd
Investment Adviser - DSM Capital Partners EUR Accumulating Class € 11.55 - -0.04 0.00 (LF) FOF Dynamic Fixed Inc € 11.73 - 0.02 0.00
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Artemis European Growth R Acc 237.61 250.73 -7.25 1.17 Emerging Opportunities A GBP Inc H £ 17.83 - -0.15 0.00 The Westchester X $ 25.45 - -0.84 0.00 Long Bond £ 0.51 - 0.01 2.91
EUR Accumulating Class (H) € 8.99 - 0.00 0.00 (LF) FOF Real Estate € 16.28 - -0.03 0.00 International Insurances Intrinsic Value Investors (IVI) LLP (IRL)
Artemis European Opps R Acc 73.05 77.10 -1.39 0.80 The Westchester Class 1 GBP Acc £ 19.15 - -0.64 0.00 Long Bond Gross £ 0.84 - 0.01 2.85 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
Glb Emerging Markets A GBP Inc H £ 17.27 - -0.29 0.00 Holiday Property Bond Ser 1 £ 0.50 - 0.01 0.00
EUR Distributing Class € 10.94 - -0.03 3.62 FCA Recognised
Artemis Global Emg Mkts I GBP Acc 76.76 - -0.96 - Glb Resources A GBP Inc H £ 9.77 - -0.20 0.38 The Westchester Class 2 GBP Acc £ 19.19 - -0.65 0.00 Long Bond Fund Gross Inc £ 11.37 - 0.10 2.91 Holiday Property Bond Ser 2 £ 0.60 - 0.01 0.00
EUR Distributing Class (H) € 8.51 - 0.00 3.71 IVI European Fund EUR € 16.95 - 0.08 0.00
Artemis Global Emg Mkts I GBP Dist 76.77 - -0.95 - Investment Adviser - Morant Wright Management Limited Pacific (Ex Japan) £ 3.26 - -0.10 1.85
High Yield Bond A GBP Hedged Inc H £ 6.03 - -0.03 7.21 GBP Distributing Class £ 10.04 - 0.00 3.57 IVI European Fund GBP £ 17.12 - 0.00 0.67
CF Morant Wright Japan A X 274.80 - -4.80 0.00
Artemis Global Energy R Acc 18.82 20.02 -0.34 0.00 Hong Kong China A GBP Inc £ 536.58 - -4.95 0.58 Pan European £ 2.51 - -0.07 2.04 Hargreaves Lansdown Fd Mgrs (1100)F (UK)
GBP Distributing Class (H) £ 8.59 - 0.00 3.71
CF Morant Wright Japan A Inc X 270.76 - -4.73 0.00 PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Artemis Global Growth R Acc 173.04 182.60 -4.54 0.81 India Fund - Class A GBP Inc £ 14.04 - -0.24 0.00 Reduced Duration UK Corporate Bond £ 10.37 - -0.03 3.60
USD Accumulating Class $ 9.07 - 0.00 0.00 Enquiries 0117 90090000
CF Morant Wright Japan B X 292.58 - -5.11 0.51
Artemis Global Income R Acc 91.04 96.15 -2.40 4.12 Reduced Duration UK Corporate Bond Gross £ 10.56 - -0.03 3.60 www.hl.co.uk
Latin America A USD Inc H $ 22.90 - -0.32 0.24 Dodge & Cox Worldwide Funds plc-Global Stock Fund FIL Investment Services (UK) Limited (1200)F (UK)
CF Morant Wright Japan B Inc X 275.90 - -4.81 0.53 Authorised Inv Funds
Artemis Global Income R Inc 73.31 77.43 -1.93 4.29 USD Accumulating Share Class $ 14.16 - -0.31 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ Reduced Duration UK Corporate Bond Inc £ 9.68 - -0.03 3.62 Hargreaves Lansdown Funds
MENA A GBP Inc F * £ 11.06 - -0.34 0.64
CF Morant Wright Nippon Yield ACC A X 281.11 - -4.19 2.08 Callfree: Private Clients 0800 414161
Unit Trust
Artemis Global select R Acc 70.43 74.32 -1.43 0.00 GBP Accumulating Share Class £ 16.14 - -0.34 0.00 Broker Dealings: 0800 414 181 Reduced Duration UK Corp Bond Gross Inc £ 9.69 - -0.02 3.63
CF Morant Wright Nippon Yield ACC B X 291.68 - -4.34 2.07 Authorised Inv Funds HL Multi-Manager Special Situations Trust A Acc 265.87 279.86 1.32 0.52
Artemis High Income R Inc 76.45 81.47 -0.32 5.90 GBP Distributing Share class £ 11.74 - -0.25 0.98 Select Emerging Markets Equities £ 1.06 - -0.03 1.66
Baring International Fd Mgrs (Ireland) (IRL) Unit Trust Invesco Fund Managers Ltd (UK)
CF Morant Wright Nippon Yield Fund A Inc X 244.36 - -3.64 2.12 HL Multi-Manager Special Situations Trust M Acc 265.86 279.85 1.32 0.42
Regulated EUR Accumulating Share Class € 19.54 - -0.48 0.00 Cash Accum Units 186.43 186.43 0.00 0.00 Perptual Park, Henley-On-Thames, Oxon, RG9 1HH
Artemis Income R Inc 192.92 204.52 -4.21 4.26 Select European Eqts £ 1.73 - 0.01 1.88
HL Multi-Manager Income & Growth Trust A Acc 161.27 169.68 0.19 3.83 Dealing: 0800 085 8571
China A-Share A GBP Inc £ 5.70 - 0.14 0.00 CF Morant Wright Nippon Yield Fund B Inc X 253.62 - -3.78 2.11 Dodge & Cox Worldwide Funds plc-International Stock Fund Cash Fund £ 1.00 1.00 0.00 0.15 Investor Services: 0800 085 8677
Artemis Income R Acc 329.00 348.77 -7.17 4.14 Select Global Equities £ 2.87 - -0.08 1.10
USD Accumulating Share Class $ 12.01 - -0.15 0.00 HL Multi-Manager Income & Growth Trust M Acc 161.28 169.68 0.19 1.79 www.invescoperpetual.co.uk
Artemis Monthly Dist R Inc 60.98 64.74 -0.77 4.51 Gross Accum Cash £ 1.28 1.28 0.00 0.00 South East Asia £ 3.35 - -0.07 1.99 Authorised Inv Funds
Barings (Luxembourg) (LUX) Cavendish Asset Management Limited (1200)F (UK) EUR Accumulating Share Class € 12.99 - -0.20 0.00 HL Multi-Manager Income & Growth Trust A Inc 96.40 101.43 0.12 3.91 INVESCO PERPETUAL Funds
Artemis Pan-Euro Abs Ret GBP 110.34 - -1.37 - FCA Recognised MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.15 Sterling Core Plus Bond Gr Accum £ 2.09 - 0.01 3.46
Chelsea House, Westgate, London W5 1DR Dodge & Cox Worldwide Funds plc-U.S. Stock Fund HL Multi-Manager Income & Growth Trust M Inc 96.40 101.42 0.12 1.81 Asian Acc ♦ F 404.96 - -7.73 0.60
Russia A GBP Inc F £ 22.70 - -0.27 0.00 IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 MoneyBuilder Global £ 2.54 2.54 -0.01 0.19
Artemis Strategic Assets R Acc 70.43 74.62 -0.48 0.00 USD Accumulating Share Class $ 16.31 - -0.43 0.00 Sterling Core Plus Bond Inc £ 1.34 - 0.00 3.56
Authorised Inv Funds HL Multi-Manager Balanced Managed Trust A Acc 181.30 190.68 0.84 1.10 Asian Inc ♦ F 361.74 - -6.90 0.60
OEIC Funds
Artemis Strategic Bond R M Acc 82.83 87.95 -0.18 4.05 Cavendish Opportunities Fund B Class 1019.00 - -9.00 1.66 GBP Accumulating Share Class £ 17.58 - -0.46 0.00 UK £ 3.42 - -0.09 2.23
American £ 25.35 - -0.93 0.00 HL Multi-Manager Balanced Managed Trust M Acc 181.30 190.68 0.84 0.71 Asian Equity Income Acc ♦ F 52.92 - -0.91 4.92
Artemis Strategic Bond R M Inc 53.14 56.42 -0.11 4.13 BlackRock (JER) Cavendish Opportunities Fund A Class 1014.00 - -8.00 0.82 GBP Distributing Share Class £ 11.18 - -0.29 0.61 UK Aggreg Bond Gr Accum £ 1.82 - 0.00 4.63
Regulated American Special Sits £ 11.17 - -0.33 0.00 HL Multi-Manager Equity & Bond Trust A Inc 107.12 112.59 0.26 2.25 Asian Equity Income Inc ♦ F 44.00 - -0.75 5.08
Artemis Strategic Bond R Q Acc 82.91 88.04 -0.18 4.13 Cavendish Opportunities Fund C Acc 1061.00 - -9.00 1.48 EUR Accumulating Share Class € 19.44 - -0.57 0.00 UK Aggregate Bond Inc £ 1.21 - 0.00 3.18
BlackRock UK Property £ 41.67 - 0.46 3.26
26
Fund Bid Offer +/- Yield
Balanced Risk 6 Acc 50.17 - -0.15 0.00
Balanced Risk 8 Acc 50.77 - -0.22 0.00
Balanced Risk 10 Acc 51.34 - -0.28 0.13
Childrens Acc ♦ F 364.40 - -10.62 1.81
Corporate Bd Acc (Gross) ♦ F 207.45 - -0.09 3.52
Corporate Bd Inc (Gross) ♦ F 88.15 - -0.04 3.62
Corporate Bond Acc ♦ F 184.43 - -0.08 3.54
Corporate Bond Inc ♦ F 87.97 - -0.04 3.62
Distribution Acc ♦ F 106.07 - -1.00 4.59
Distribution Acc (Gross) ♦ F 121.61 - -1.14 4.56
Distribution Inc ♦ F 61.43 - -0.58 4.68
Distribution Inc (Gross) ♦ F 61.44 - -0.58 4.68
Emerging European Acc ♦ F 30.57 - -0.65 3.04
Emerging European Inc ♦ F 27.87 - -0.59 3.12
European Equity Acc ♦ F 791.49 - -23.72 1.53
European Equity Inc ♦ F 660.41 - -19.80 1.55
European Equity Income Acc ♦ F 69.52 - -1.82 3.48
European Equity Income Inc ♦ F 52.85 - -1.39 3.56
European High Income Acc ♦ F 79.52 - -0.82 3.47
European High Income Inc ♦ F 57.46 - -0.60 3.53
European Opportunities Inc ♦ F 80.23 - -1.71 1.09
European Opportunities Acc ♦ F 82.99 - -1.77 1.08
European Smlr Cos Acc ♦ F 186.25 - -4.22 0.22
Global Bd Acc (Gross) ♦ F 133.79 - -0.13 1.16
Global Bd Inc (Gross) ♦ F 82.38 - -0.08 1.17
Global Bond Acc ♦ F 125.67 - -0.12 1.17
Global Bond Inc ♦ F 82.32 - -0.07 1.17
Glbl Distribution Acc 51.12 - -0.51 5.04
Glbl Distribution Acc (Gross) 51.87 - -0.50 5.04
Glbl Distribution Inc 48.29 - -0.47 5.06
Glbl Distribution Inc (Gross) 48.30 - -0.47 5.06
Global Emerging Markets Acc ♦ F 218.98 - -5.51 1.00
Global Emerging Markets Inc ♦ F 197.47 - -4.97 1.01
Global Equity (acc) ♦ F 441.42 - -12.33 0.64
Global Equity (inc) ♦ F 400.17 - -11.18 0.64
Global Equity Income Acc ♦ F 115.12 - -2.66 3.60
Global Equity Income Inc ♦ F 93.49 - -2.17 3.71
Gbl Financial Capital Acc 86.27 - -0.74 4.29
Gbl Financial Capital Inc 72.59 - -0.62 4.42
Gbl Financial Cap Acc Gross 90.39 - -0.77 4.80
Gbl Financial Cap Inc Gross 72.85 - -0.62 4.98
Global Opportunities Acc ♦ F 87.63 - -2.13 0.48
Global Smaller Cos Acc ♦ F 1602.66 - -35.68 0.20
Global Smaller Cos Inc ♦ F 1530.35 - -34.08 0.20
Global Targeted Rets Acc 56.54 - -0.46 0.32
High Income Acc ♦ F 801.13 - -16.26 3.32
High Income Inc ♦ F 435.84 - -8.85 3.40
High Yield Fund Acc 103.19 - -0.91 5.30
High Yield Fund Acc (Gross) 120.63 - -1.06 5.27
High Yield Fund Inc 40.83 - -0.36 5.44
High Yield Fund Inc (Gross) 40.94 - -0.36 5.44
Hong Kong & China Acc ♦ F 436.82 - -3.94 0.78
Income & Growth Acc ♦ F 907.03 - -19.95 4.07
Income & Growth Inc ♦ F 387.09 - -8.51 4.19
Income Acc ♦ F 3074.89 - -59.28 3.17
Income Inc ♦ F 1710.08 - -32.97 3.24
Japan Acc ♦ F 311.46 - -5.53 0.29
Japanese Smlr Cos Acc ♦ F 66.99 - -1.51 0.00
Latin America Acc ♦ F 90.19 - -1.58 1.22
Latin America Inc ♦ F 75.08 - -1.31 1.23
Managed Growth Acc ♦ F 151.29 - -3.61 0.71
Managed Growth Inc ♦ F 125.95 - -3.01 0.72
Managed Income Acc ♦ F 153.13 - -2.99 2.95
Managed Income Inc ♦ F 93.32 - -1.82 3.00
Money Acc ♦ F 90.23 - -0.01 0.21
Money Acc (Gross) ♦ F 95.37 - -0.01 0.21
Monthly Income Plus Acc ♦ F 291.22 - -1.40 4.94
Monthly Income Plus Acc (Gross) ♦ F 343.01 - -1.64 4.92
Monthly Income Plus Inc ♦ F 106.59 - -0.52 5.05
Monthly Income Plus Inc (Gross) ♦ F 106.75 - -0.51 5.05
Pacific Acc ♦ F 933.99 - -18.62 0.40
Pacific Inc ♦ F 854.70 - -17.03 0.41
Tactical Bond Acc ♦ F 68.64 - -0.08 0.82
Tactical Bond Inc ♦ F 59.51 - -0.07 0.82
Tactical Bond Acc (Gross) ♦ F 71.23 - -0.08 0.82
Tactical Bond Inc (Gross) ♦ F 59.58 - -0.06 0.82
UK Focus Acc F 181.17 - -5.65 1.86
UK Focus Inc F 148.02 - -4.62 1.89
UK Growth Acc ♦ F 497.92 - -14.47 1.89
UK Growth Inc ♦ F 309.32 - -8.99 1.92
UK Smaller Cos Equity Acc ♦ F 865.99 - -9.59 0.76
UK Smaller Cos Equity Inc ♦ F 663.16 - -7.35 0.76
UK Strategic Income Acc ♦ F 179.29 - -5.19 3.54
UK Strategic Income Inc ♦ F 132.09 - -3.82 3.63
US Equity Acc ♦ F 496.34 - -13.25 0.00
Invesco Perpetual Funds (No Trail)
Asian (No Trail) Acc ♦ F 169.85 - -3.24 1.18
Asian (No Trail) Inc ♦ F 152.79 - -2.91 1.19
Asian Equity Income (No Trail) Acc ♦ F 108.42 - -1.86 4.91
Asian Equity Income (No Trail) Inc 90.16 - -1.54 5.07
Balanced Risk 6 No Trail Acc 102.27 - -0.31 0.16
Balanced Risk 8 No Trail Acc 103.48 - -0.45 0.44
Balanced Risk 10 No Trail Acc 104.66 - -0.57 0.60
Corporate Bond (No Trail) Acc ♦ F 164.19 - -0.07 3.79
Corporate Bond (No Trail) Inc ♦ F 116.31 - -0.04 3.87
Distribution (No Trail) Acc ♦ F 162.87 - -1.53 4.57
Distribution (No Trail) Inc ♦ F 107.38 - -1.01 4.66
Emerging European (No Trail) Acc ♦ F 63.65 - -1.35 3.64
Emerging European (No Trail) Inc ♦ F 56.25 - -1.19 3.76
European Equity (No Trail) Acc ♦ F 139.88 - -4.19 2.07
European Equity (No Trail) Inc ♦ F 115.92 - -3.48 2.12
European Equity Income (No Trail) Acc ♦ F 143.34 - -3.75 3.47
European Equity Income (No Trail) Inc ♦ F 109.01 - -2.85 3.56
European High Income (No Trail) Acc ♦ F 163.96 - -1.69 3.46
European High Income (No Trail) Inc ♦ F 118.47 - -1.22 3.52
European Opportunities (No Trail) Acc ♦ F 173.89 - -3.71 1.60
European Opportunities (No Trail) Inc ♦ F 162.57 - -3.46 1.62
European Smaller Companies (No Trail) Acc ♦ F 228.93 - -5.18 0.71
Global Balanced Index (No Trail) Acc ♦ F 151.57 - -3.05 2.04
Global Bond (No Trail) Acc ♦ F 141.28 - -0.13 1.41
Global Bond (No Trail) Inc ♦ F 127.72 - -0.12 1.42
Glbl Distribution Acc (No Trail) 103.09 - -1.01 3.97
Glbl Distribution Inc (No Trail) 97.38 - -0.95 4.04
Gbl Emerging Markets (No Trail) Acc ♦ F 143.65 - -3.61 1.60
Gbl Emerging Markets (No Trail) Inc ♦ F 133.48 - -3.35 1.63
Global Equity (No Trail) acc ♦ F 195.02 - -5.45 1.19
Global Equity (No Trail) inc ♦ F 180.44 - -5.04 1.21
Global Equity Income (No Trail ) Acc ♦ F 238.34 - -5.52 3.59
Global Equity Income (No Trail) Inc ♦ F 193.57 - -4.49 3.70
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 166.68 - -4.83 1.54
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 193.07 - -5.20 2.04
Gbl Fin Cap No Trail Acc 175.96 - -1.51 4.28
Gbl Fin Cap No Trail Inc 148.09 - -1.27 4.41
Global Opportunities (No Trail) Acc ♦ F 225.69 - -5.48 1.03
Global Smaller Companies (No Trail) Acc ♦ F 234.34 - -5.22 0.75
Global Smaller Companies (No Trail) Inc ♦ F 223.92 - -4.98 0.75
Fund Bid Offer +/- Yield
Global Targeted Rets (No Trail) Acc 114.32 - -0.92 0.85
High Income (No Trail) Acc ♦ F 171.45 - -3.48 3.30
High Income (No Trail) Inc ♦ F 124.32 - -2.52 3.38
High Yield Fund (No Trail) Acc 214.03 - -1.89 5.28
High Yield Fund (No Trail) Inc 157.75 - -1.39 5.43
Hong Kong & China (No Trail) Acc ♦ F 173.38 - -1.57 1.34
Income & Growth (No Trail) Acc ♦ F 213.71 - -4.70 4.05
Income & Growth (No Trail) Inc ♦ F 166.42 - -3.66 4.17
Income (No Trail) Acc ♦ F 169.11 - -3.26 3.16
Income (No Trail) Inc ♦ F 123.81 - -2.39 3.23
Japan (No Trail) Acc ♦ F 148.12 - -2.63 0.83
Japanese Smaller Companies (No Trail) Acc ♦ F 170.79 - -3.85 0.00
Latin American (No Trail) Acc ♦ F 87.28 - -1.53 1.97
Latin American (No Trail) Inc ♦ F 78.39 - -1.36 2.01
Managed Growth (No Trail) Acc ♦ F 183.57 - -4.38 1.23
Managed Growth (No Trail) Inc ♦ F 168.81 - -4.03 1.25
Managed Income (No Trail) Acc ♦ F 183.65 - -3.59 2.93
Managed Income (No Trail) Inc ♦ F 150.09 - -2.93 2.99
Monthly Income Plus (No Trail) Acc ♦ F 168.12 - -0.80 4.93
Monthly Income Plus (No Trail) Inc ♦ F 105.15 - -0.51 5.04
Pacific (No Trail) Acc ♦ F 173.41 - -3.46 0.92
Pacific (No Trail) Inc ♦ F 163.14 - -3.25 1.03
Tactical Bond (No Trail) Acc ♦ F 140.59 - -0.15 1.32
Tactical Bond (No Trail) Inc ♦ F 119.18 - -0.13 1.33
UK Focus (No Trail) Acc F 149.19 - -4.64 2.41
UK Focus (No Trail) Inc F 122.48 - -3.82 2.46
UK Enhanced Index (No Trail) Acc ♦ F 371.87 - -9.04 3.66
UK Enhanced Index (No Trail) Inc ♦ F 231.61 - -5.63 3.75
UK Growth (No Trail) Acc ♦ F 131.82 - -3.82 2.42
UK Growth (No Trail) Inc ♦ F 105.04 - -3.05 2.47
UK Smaller Companies Equity (No Trail) Acc ♦ F 282.19 - -3.12 1.23
UK Smaller Companies Equity (No Trail) Inc ♦ F 260.32 - -2.88 1.25
UK Strategic Income (No Trail) Acc ♦ F 712.78 - -20.61 3.54
UK Strategic Income (No Trail) Inc ♦ F 525.17 - -15.18 3.63
US Equity (No Trail) Acc ♦ F 206.87 - -5.52 0.11
Invesco (LUX)
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FCA Recognised
Invesco Management SA
Invesco Active Multi-Sector Credit Fund A € 2.86 - 0.00 0.00
Invesco Asia Balanced A dist $ 13.39 - 0.09 3.82
Invesco Asia Consumer Demand Fund A income $ 11.54 - 0.13 0.24
Invesco Asia Infrastructure (A) $ 11.42 - 0.08 0.78
Invesco Asia Opportunities Equity A $ 94.34 - 0.98 0.00
Invesco Balanced Risk Allocation Fund A € 14.17 - 0.07 0.00
Invesco Emerging Europe Equity Fund A $ 6.89 - 0.07 0.00
Invesco Emerging Local Currencies Debt A Inc $ 6.44 - 0.04 7.11
Invesco Emerging Mkt Quant.Eq. A $ 8.19 - 0.09 0.00
Invesco Energy A $ 13.86 - -0.17 0.00
Invesco Euro Corporate Bond Fund (A) € 16.91 - 0.00 0.00
Invesco Euro Inflation Linked Bond A € 15.48 - 0.07 0.00
Invesco Euro Reserve A € 322.67 - 0.00 0.00
Invesco Euro Bond A € 7.12 - 0.02 0.00
Invesco European Growth Equity A € 23.50 - -0.02 0.00
Invesco Global Absolute Return Fund A Class € 11.80 - 0.03 0.00
Invesco Global Bond A Inc $ 5.46 - 0.00 0.75
Invesco Global Conservative Fund 90 (EUR) A € 11.82 - 0.02 0.00
Invesco Global Equity Income Fund A $ 55.35 - 0.15 0.00
Invesco Global Inc Real Estate Sec A dist $ 8.91 - 0.01 2.24
Invesco Global Inv Grd Corp Bond A Dist $ 11.84 - 0.02 3.04
Invesco Global Leisure A $ 34.43 - 0.45 0.00
Invesco Global Smaller Comp Eq Fd A $ 54.21 - 0.34 0.00
Invesco Global Structured Equity A $ 44.60 - 0.39 0.74
Invesco Global Total Ret.(EUR) Bond Fund A € 13.08 - 0.00 0.00
Invesco Gold & Precious Metals A $ 3.40 - -0.08 0.00
Invesco Greater China Equity A $ 39.61 - 0.56 0.00
Invesco India Equity A $ 49.76 - -0.19 0.00
Invesco Japanese Equity Adv Fd A ¥ 3632.00 - 108.00 0.00
Invesco Japanese Value Eq Fd A ¥ 1210.00 - 36.00 0.00
Invesco Latin American Equity A $ 5.07 - 0.03 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 984.00 - 27.00 0.00
Invesco Pan European Equity A EUR Cap NAV € 17.89 - 0.01 0.00
Invesco Pan European High Income Fd A € 13.55 - 0.02 2.48
Invesco Pan European Small Cap Equity A € 21.90 - -0.01 0.00
Invesco Pan European Structured Equity A € 16.78 - 0.06 0.00
Invesco UK Eqty Income A £ 31.34 - -0.11 0.00
Invesco UK Investment Grade Bond A £ 0.98 - 0.00 2.89
Invesco US Structured Equity A $ 20.08 - 0.08 0.00
Invesco US Value Eq Fd A $ 28.61 - 0.12 0.00
Invesco USD Reserve A $ 87.02 - 0.00 0.00
Invesco Global Asset Management Ltd (IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FCA Recognised
Invesco Stlg Bd A QD F £ 2.59 - 0.00 3.34
Invesco Asian Equity A $ 5.71 - 0.06 0.53
Invesco ASEAN Equity A $ 83.74 - 1.12 0.29
Invesco Bond A $ 26.79 - 0.00 1.99
Invesco Continental Eurp Small Cap Eqty A $ 192.27 - -0.03 0.00
Invesco Emerging Markets Equity A $ 32.10 - 0.41 0.00
Invesco Emerging Markets Bond A $ 20.22 - -0.02 4.66
Invesco Continental European Equity A € 8.27 - 0.02 0.20
Invesco Gilt A £ 15.08 - 0.06 1.39
Invesco Global Small Cap Equity A NAV $ 111.83 - 0.66 0.00
Invesco Global High Income A NAV $ 11.64 - -0.02 6.06
Invesco Gbl R/Est Secs A GBP F F £ 7.90 - 0.02 0.88
Invesco Global Health Care A $ 118.42 - 1.35 0.00
Invesco Global Select Equity A $ 12.06 - 0.03 0.00
Invesco Jap Eqty Core A $ 1.76 - 0.04 0.00
Invesco Japanese Equity A $ 18.35 - 0.48 0.00
Invesco Korean Equity A $ 33.11 - 0.48 0.00
Invesco PRC Equity A $ 45.46 - 0.49 0.00
Invesco Pacific Equity A $ 44.11 - 0.75 0.07
Invesco Global Technology A $ 15.03 - 0.18 0.00
Invesco UK Eqty A £ 7.57 - -0.06 1.38
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 60.33 - -2.66 0.00
Invest AD - Emerging Africa Fund $ 855.60 - -14.31 0.00
Invest AD - GCC Focus Fund $ 1267.42 - -4.77 0.00
JPMorgan Asset Mgmt (1200)F (UK)
60 Victoria Embankment, London EC4Y 0JP
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)
America Equity Acc 58.24 - -1.83 0.00
America Equity Inc 58.24 - -1.83 0.00
Asia Acc 112.50 - -1.40 0.34
Asia Inc 62.41
Asset Management
- -0.79 0.33
Cautious Managed Rt Acc 67.88 - -0.39 0.47
Fund Bid Offer +/- Yield
Cautious Managed Rt Inc 59.71 - -0.34 0.47
Diversified Real Ret Acc 49.72 - 0.00 1.08
Diversified Real Ret Inc 48.29 - 0.00 1.10
Emerging Mkts Acc 124.50 - -1.70 0.83
Emerging Mkts Inc 53.55 - -0.73 0.84
Emrg Eur Eq Acc 123.70 - -2.20 2.93
Emrg Eur Eq Inc 29.40 - -0.52 2.89
Emrg Mkts Inc Acc... C 43.47 - -0.50 5.68
Emrg Mkts Inc Inc... C 37.93 - -0.43 5.85
Europe Acc 1027.00 - -31.00 1.51
Europe Inc 59.14 - -1.76 1.51
Eur Dynamic exUK Acc 156.90 - -4.60 0.83
Eur Dynamic exUK £ hdg Acc 172.80 - -6.90 0.76
Eur Dynamic exUK Inc 72.05 - -2.09 0.83
Eur Smaller Cos Acc 504.40 - -11.20 0.03
Eur Smaller Cos Inc 65.59 - -1.46 0.02
Fusion Balanced Acc 53.97 - -0.09 0.48
Fusion Balanced Inc 54.19 - -0.11 0.48
Fusion Conservative Acc 53.40 - -0.07 0.66
Fusion Conservative Inc 53.34 - -0.07 0.68
Fusion Growth Acc 54.89 - -0.36 0.49
Fusion Growth Inc 54.89 - -0.36 0.49
Fusion Growth + Acc 57.28 - -0.39 0.48
Fusion Growth + Inc 57.29 - -0.39 0.48
Fusion Income Acc...C 53.43 - -0.01 2.38
Fusion Income Inc...C 50.49 - -0.01 2.42
Global Allocation Acc 50.80 - -0.67 0.95
Global Allocation Inc 50.02 - -0.66 0.96
Global Bond exUK Acc 253.10 - 0.10 0.74
Global Bond exUK Inc 199.10 - 0.10 0.74
Global Bond Opport. Acc 48.20 - -0.16 2.93
Global Bond Opport. Inc 47.07 - -0.16 3.00
Global Eq Income £ hdg Acc... C 64.34 - -1.61 3.36
Global Eq Income £ hdg Inc ... C 46.04 - -1.15 3.43
Global Eq Income Acc... C 70.13 - -1.52 3.22
Global Eq Income Inc ... C 60.75 - -1.32 3.28
Global Financials Acc 680.10 - -18.50 0.92
Global Financials Inc 38.68 - -1.05 0.93
Global High Yield Bd Mth Inc C 34.32 - -0.19 7.34
Global High Yield Bd Acc C 91.67 - -0.50 7.27
Global High Yield Bd Inc C 34.63xd - -0.19 7.27
Global Property Secs Acc 55.45 - -0.83 0.61
Global Property Secs Inc 47.86 - -0.71 0.60
Global Unconstrained Eq. Acc 945.10 - -28.30 0.16
Global Unconstrained Eq. Inc 70.24 - -2.11 0.15
Income Acc ... C 48.42 - -0.06 7.45
Income Inc ... C 44.62 - -0.05 7.58
Japan Acc 296.10 - -7.30 0.00
Japan Inc 71.29 - -1.75 0.00
Multi-Asset Inc Mth Inc ... C 61.02 - -0.72 3.75
Multi-Asset Inc Acc... C 81.74 - -0.98 3.74
Multi-Asset Inc Inc... C 61.37 - -0.73 3.84
Multi-Asset Macro Acc 66.60 - -0.09 0.00
Multi-Asset Macro Inc 66.60 - -0.09 0.00
Multi-Manager Growth Acc 696.00 - -17.20 0.48
Multi-Manager Growth Inc 649.50 - -16.10 0.48
Natural Resources Acc 278.70 - -5.10 0.15
Natural Resources Inc 19.74 - -0.36 0.15
Portfolio Acc 191.00 - -4.60 0.71
Sterling Corporate Bond Acc 82.92 - -0.21 2.30
Sterling Corporate Bond Inc 51.83 - -0.14 2.30
Strategic Bond Acc 67.88 - -0.13 3.25
Strategic Bond Inc 56.35 - -0.11 3.25
UK Dynamic Acc 152.30 - -4.20 1.55
UK Dynamic Inc 124.50 - -3.50 1.56
UK Eq & Bond Inc Acc ... C 136.00 - -2.10 3.49
UK Eq & Bond Inc Inc ... C 79.17 - -1.21 3.56
UK Equity Blue Chip Acc 61.62 - -1.49 2.29
UK Equity Blue Chip Inc 51.58 - -1.24 2.33
UK Equity Core Acc 263.50 - -6.10 3.26
UK Equity Core Inc 49.68 - -1.16 3.26
UK Equity Growth Acc 107.80 - -2.70 1.22
UK Equity Growth Inc 100.60 - -2.50 1.23
UK Higher Inc Acc ... C 861.20 - -19.10 4.35
UK Higher Inc Inc ... C 500.50 - -11.10 4.49
UK Smaller Cos Acc 382.10 - -5.10 0.27
UK Smaller Cos Inc 74.00 - -0.99 0.27
UK Strategic Eq Inc Acc ... C 141.70 - -3.70 4.00
UK Strategic Eq Inc Inc ... C 91.66 - -2.36 4.08
US Acc 691.40 - -21.10 0.00
US Inc 95.70 - -2.92 0.00
US Equity Income Acc ... C 117.70 - -2.50 2.21
US Equity Income £ hdg Inc ... C 91.36 - -1.98 2.41
US Equity Income Inc ... C 99.85 - -2.15 2.23
US Select Acc 107.00 - -2.90 0.00
US Select Inc 105.60 - -2.90 0.00
US Smaller Cos Acc 337.00 - -13.80 0.00
US Smaller Cos Inc 88.32 - -3.60 0.00
JPMorgan Charity Funds (UK)
60 Victoria Embankment, London EC4Y 0JP 020 7742 9175
Property & Other UK Unit Trusts
UK Equity Fund for Charities I...C £ 2.618177 2.629561 1.578430 3.94
Bond Fund for Charities £ 1.343712 1.350058 0.303965 3.55
GAM
funds@gam.com, www.jbfundnet.com
Regulated
Ms EF Special Val. EUR/A € 129.52 - -0.22 1.15
Strategy Balanced-CHF/B SFr 144.90 - -0.31 0.00
Strategy Balanced-EUR € 149.52 - -0.61 0.00
Strategy Balanced-USD/B $ 124.66 - -0.57 0.00
Strategy Growth-CHF/B SFr 87.98 - -0.37 0.00
Strategy Growth-EUR € 110.23 - -0.77 0.00
Strategy Inc-CHF/B SFr 117.10 - -0.01 0.00
Strategy Inc-EUR/B € 156.57 - -0.27 0.00
Strategy Inc-USD/B $ 143.25 - -0.28 0.00
Kames Capital ICVC (UK)
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds
Diversified Income B Acc 110.28 - -1.09 0.00
Diversified Income B Inc 100.11 - -0.99 0.00
Diversified Growth B Acc £ 1.35 - -0.02 3.28
Ethical Cautious Managed B Acc £ 1.20 - -0.01 2.29
Ethical Cautious Managed B Inc £ 1.14 - -0.01 2.32
Ethical Corporate Bond B Acc £ 1.71 - 0.00 3.70
Ethical Corporate Bond B Inc £ 1.00 - 0.00 3.77
Ethical Equity B Acc £ 1.92 - -0.05 2.08
High Yield Bond B Acc £ 2.38 - 0.00 5.16
High Yield Bond B Inc £ 0.95 - 0.00 5.28
FINANCIAL TIMES Friday 15 January 2016
MANAGED FUNDS SERVICE
Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield
Investment Grade Bond B Acc 159.70 - 0.03 1.50 Recovery Fund Limited 'A' Participating Shares 9236.74 9621.60 -216.67 0.52 Odey Allegra Developed Markets USD I $ 118.58 - -0.63 0.00
Investment Grade Bond B Inc £ 1.16 - 0.00 3.58 Recovery Fund Limited 'I' Participating Shares 9221.20 9314.34 -224.33 1.38 Marlborough International Management Limited (GSY) NatWest (2230)F (UK) Odey European Focus Fund € 17.17 - -0.07 0.50
Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 PO Box 23873, Edinburgh EH7 5WJ**
Sterling Corporate Bond B Acc £ 0.74 - 0.00 3.39 Strategic Corporate Bond Fund 132.11 137.62 -0.04 2.96 FCA Recognised Enquiries: 0800 085 5588 Odey Atlas Fund GBP I S £ 1.13 - -0.01 0.00
Authorised Inv Funds
Sterling Corporate Bond B Inc £ 0.32 - 0.00 3.45 UK Select 1394.24 1452.33 -46.89 0.97 Marlborough North American Fund Ltd £ 30.21 32.19 -1.05 0.00 Odey Giano European Fund EUR R € 121.96 - -0.63 0.00
Series 1(Minimum initial investment 16375,000)
Strategic Bond B Acc £ 1.10 - -0.01 2.78 Marlborough Tiger Fund Ltd F £ 25.15 26.80 -0.78 0.00 United Kingdom Equity Index Fund £ 11.78 - 0.05 3.05 Odey Naver Fund EUR I € 128.30 - -0.62 0.00
Strategic Bond B Inc £ 1.15 - -0.01 2.81 MFS Investment Funds (LUX) UK Specialist Equity Inc £ 18.50 - 0.00 0.41 Odey Odyssey USD I $ 132.24 - -0.01 0.00
FCA Recognised
UK Equity B Acc £ 2.47 - -0.07 2.35 Marwyn Asset Management Limited (CYM) Contl Europe Spec Equity £ 15.63 - 0.04 0.00 Odey Orion Fund EUR I € 117.25 - -0.70 0.00
Blend.Research Gb.Eq.Fd. € 95.13 - -2.23 - Regulated
UK Equity Absolute Return B Acc £ 1.25 - 0.00 0.00 US Spec Equity Fund £ 13.43 - -0.25 0.00 Odey Swan Fund EUR I € 105.73 - 0.20 0.00
Blend.Research Gb.Eq.Fd. £ 96.01 - -2.55 - Marwyn Value Investors £ 450.92 - -7.87 0.00
UK Equity Income B Acc £ 2.06 - -0.05 4.69 Japan Specialist Fund X £ 9.80 - 0.08 0.00 Odey European Absolute Return GBP S £ 102.25 - -0.09 0.00
Blend.Research U.S.Core Eq.Fd. ¥ 9297.00 - -225.00 -
UK Equity Income B Inc £ 1.59 - -0.04 4.83 Pacific Basin Specialist Equity Fund £ 20.33 - -0.22 0.99
Blend.Research Gb.Eq.Fd. $ 91.11 - -1.94 - McInroy & Wood Portfolios Limited (UK)
UK Opportunities B Acc £ 1.68 - -0.04 2.27 Easter Alderston, Haddington, EH41 3SF 01620 825867 UK Sovereign Bd Index Fund £ 10.99 - 0.01 2.53 Odey Wealth Management (CI) Ltd (IRL)
Em.Mk.Eq.Fund Euro € 100.43 - -1.02 0.00 Authorised Inv Funds www.odey.com/prices
UK Smaller Companies B Acc £ 2.87 - -0.07 1.40 UK Specialist Equity Income Fund £ 9.18 - -0.02 4.22 FCA Recognised
Em.Mk.Eq.Fund Sterling £ 88.71 - -1.17 0.00 Balanced Fund Personal Class Units 3851.50 - -44.90 1.93
Global Spec Inv Grade Bd Fund GBP £ 9.78 - 0.02 3.03 Odey Opportunity EUR I € 212.22 - -1.76 0.00
Em.Mk.Eq.Fd.US Dollar $ 83.22 - -0.66 0.00 Income Fund Personal Class Units 2294.00xd - -28.30 3.07
Kames Capital Investment Portfolios ICVC (UK) Global Emerg Mkts Equity Fund X £ 10.21 - -0.07 0.08
Gb.Conc.Eq.Fd.Euro € 264.14 - -5.69 0.00 Emerging Markets Fund Personal Class Units 1541.00 - -24.60 2.54
Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA
0800 45 44 22 www.kamescapital.com
Series 2 (Investment Management customers only) Omnia Fund Ltd
Gb.Conc.Eq.Fd.Sterl.UK T £ 166.03 - -4.08 0.00 Smaller Companies Fund Personal Class Units 3532.50 - -85.70 1.75
Authorised Funds United Kingdom Equity Index Fund £ 11.78 - 0.05 3.73 Other International Funds
Property Income B Acc 119.31 - 0.01 4.62 Gb.Conc.Eq.Fd.Sterling £ 251.24 - -6.18 0.00 Estimated NAV $ 833.84 - -21.78 0.00
UK Specialist Equity Inc £ 18.72 - 0.01 1.65
Property Income B Inc 110.16 - 0.02 4.77 Gb.Conc.Eq.Fd.US $ 181.45 - -3.51 0.00 Meridian Fund Managers Ltd
Other International Funds Contl Europe Spec Equity £ 16.33 - 0.05 1.20
Gb.Eq.Hdg Fd.Euro IRE T € 170.33 - -3.28 0.00
Global Gold & Resources Fund $ 181.65 - 1.97 - US Spec Equity Fund £ 14.03 - -0.25 0.39
Kames Capital VCIC (IRL) Gb.Eq.Euro Hdg Fd. € 241.34 - -4.65 0.00
Global Energy & Resources Fund $ 34.67 - 0.79 - Japan Specialist Fund X £ 10.40 - 0.08 0.65
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
Gb.Eq.Fund Euro € 264.77 - -5.49 0.00
FCA Recognised Pacific Basin Specialist Equity Fund £ 20.14 - -0.22 2.04
Absolute Return Bond B GBP Acc 1081.25 - -0.33 - Gb.Eq. Fd Euro IRE T € 167.55 - -3.47 0.00
Ministry of Justice Common Investment Funds (UK) UK Sovereign Bd Index Fund £ 11.18 - 0.01 2.53
Eq Market Neutral B Acc 1028.34 - -1.28 - Gb.Eq.Fd.Sterling UK T £ 201.25 - -4.78 0.00 Property & Other UK Unit Trusts Optima Fund Management
UK Specialist Equity Income Fund £ 9.96 - -0.02 4.17 Other International Funds
The Equity Idx Tracker Fd Inc 1253.00 1253.00 -17.00 2.87
Eq Market Neutral Plus B Acc 1048.72 - -2.69 - Gb.Eq.Fd.US Dollar $ 287.14 - -5.32 0.00
Global Spec Inv Grade Bd Fund GBP £ 9.94 - 0.01 3.03 Cuttyhunk Fund II Limited $ 1358.76 - -2.04 0.00
Distribution Units
High Yield Global Bond A GBP Inc 513.10 - -0.58 5.26 Gb.Eq.Fund Sterling £ 198.87 - -4.73 0.00
Global Emerg Mkts Equity Fund X £ 9.81 - -0.07 0.97 JENOP Global Healthcare Fund Ltd $ 15.03 - -0.02 0.00
High Yield Global Bond B GBP Inc 1066.48 - -1.17 5.26 Gb.Val.Ex-Jap.Fd.USD $ 109.28 - -1.71 0.00 The initial charge you will pay will depend on the amount you invest
Mirabaud Asset Management (LUX) OPTIKA Fund Limited - Cl A $ 100.91 - 0.66 -
**Address and Telephone number for series 1 only
Gb.Val.Ex-Japan Fd.Yen ¥ 12712.00 - -161.00 0.00 www.mirabaud.com, marketing@mirabaud.com
Investment Grade Global Bd A GBP Inc 554.46 - 0.94 2.34 Optima Fd NAV $ 90.40 - 0.32 0.00
Regulated
Kames Global Equity Income B GBP Acc 1179.69 - 7.80 - Gb.Val.Fd. Euro € 124.76 - -2.22 0.00
Mir. Conv. Bds Eur A EUR € 134.35 - -0.23 0.00 Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00
Kames Global Equity Income B GBP Inc 1124.53 - 7.44 - Gb.Val.Fd.Sterling £ 114.14 - -2.38 0.00
Mir. Conv. Bds Glb A USD $ 110.78 - -0.46 0.00 The Dorset Energy Fd Ltd NAV $ 22.66 - -0.55 0.00
Strategic Global Bond A GBP Inc 1085.85 - -0.28 0.71 Gb.Val.Fd.USD $ 97.57 - -1.52 0.00
Mir. - Eq Asia ex Jap A $ 156.49 - -1.87 0.00 Platinum Fd Ltd $ 85.34 - -0.33 0.00
Strategic Global Bond B GBP Inc 616.52 - -0.14 1.21 Low Volatility Gb.Eq.Fd.Euro € 100.00 - -1.73 -
Mir. - Eq Glb Emrg Mkt A USD $ 77.81 - -1.45 0.00 Platinum Fd Ltd EUR € 16.55 - -0.08 0.00
Low Volatility Gb.Eq.Fd.Sterl £ 100.93 - -2.05 -
Mir. - Eq Global Focus A USD $ 93.67 - -1.56 0.00 New Capital Fund Management Ltd (IRL) Platinum Japan Fd Ltd $ 53.63 - 0.51 0.00
Kleinwort Benson Bank (UK) Low Volatility Gb.Eq.Fd.USD $ 95.77 - -1.45 - Leconfield House, Curzon Street, London, W1J 5JB
Mir. -Eq Spain A € 23.82 - 0.14 0.00 Optima Partners Global Fd $ 14.26 - 0.04 0.00
14 St. George Street, Mayfair, London W1S1FE FCA Recognised
Low Volatility Gb.Eq.Fd.Yen ¥ 8837.00 - -107.00 - New Capital UCITS Funds
Dealing and enquiries: 0800 024 2400 Mir. - Eq Swiss Sm/Mid A SFr 319.96 - 1.74 0.00 Optima Partners Focus Fund A $ 15.82 - 0.04 0.00
Authorised Inv Funds Asia Pac Bd USD Inst Inc $ 90.27 - -0.16 3.27
Unit Trust Manager/ACD - Host Capital Mir. - Glb High Yield Bds A $ 106.07 - -0.18 -
MFS Meridian Funds SICAV (LUX) Asia Pac Bd USD Ord Inc $ 92.26 - -0.16 2.53
HC KB Capital Growth A Acc 163.86 - -2.37 1.36 Mir. - Glb Eq High Income A USD $ 92.70 - -0.68 0.00 Oryx International Growth Fund Ltd
Regulated
Asia Pac Eq EUR Ord Inc € 78.73 - 0.91 3.42 Other International Funds
HC KB Capital Growth A Inc 153.44 - -2.21 1.38 Absolute Return A1 € 19.80 - -0.16 0.00 Mir. - Glb Inv Grade Bds A € 99.96 - 0.03 -
NAV (Fully Diluted) £ 6.93 - 0.36 0.00
Asia Pac Eq GBP Ord Inc £ 81.37 - 0.96 3.86
HC KB Enterprise Equity Income A Inc 105.45 - 0.09 3.06 Asia ex-Japan A1 $ 20.57 - -0.18 0.00 Mir. - Glb Strat. Bd A USD $ 103.52 - -0.10 0.00
Asia Pac Eq USD Ord Inc $ 82.22 - 0.94 3.24
HC KB Enterprise Equity Income A Acc 156.67 - 0.14 3.69 Bond A1 $ 10.35 - 0.02 0.00
OTP Asset Management Romania SAI SA ((ROM))
Asia Pac Eq USD Inst Acc $ 88.44 - 1.01 0.00
HC KB Endeavour Multi Asset Balanced A Acc 127.77 - -0.69 0.81 China Equity Fd A1 $ 9.28 - -0.01 0.00 MW Japan Fund Plc (IRL) www.otpfonduri.ro
FCA Recognised Asia Pac Eq USD Inst Inc $ 90.60 - -0.16 3.97 Other International Funds
HC KB Endeavour Multi Asset Balanced A Inc 121.43 - -0.66 0.81 Continental European Eqty A1 € 16.37 - -0.25 0.00
MW Japan Fund PLC A $ 24.02 - -0.42 - OTP Comodisro RON 16.88 - 0.00 -
Dyn Europ Eq EUR Ord Inc € 168.66 - 1.25 1.33
HC KB Enterprise Fixed Income A Acc 123.02 - 0.01 3.44 Emer Mkts Debt Lo Curr Fd A1 $ 10.41 - 0.05 0.00
MW Japan Fund PLC B $ 24.20 - -0.43 - OTP Obligatiuni RON 14.29 - 0.01 -
Dyn Europ Eq GBP Ord Inc £ 178.87 - 1.36 1.69
HC KB Enterprise Fixed Income A Inc 109.20 - 0.01 3.44 Emerging Markets Debt A1 $ 32.16 - -0.07 0.00
MW Japan Fund PLC C $ 90.52 - -2.00 - OTP Avantisro RON 8.14 - 0.00 -
Dyn Europ Eq USD Ord Inc $ 168.37 - 1.25 1.25
Emerging Markets Eq.A1 $ 9.17 - -0.09 0.00
OTP Euro Bond € 12.42 - 0.00 -
China Equity EUR Ord Acc € 116.74 - -1.14 0.00
Lloyds Investment Fund Managers Limited (1000)F (JER) European Concentrated A1 € 15.99 - -0.30 0.00
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Morant Wright Funds (Ireland) PLC (IRL) OTP Dollar Bond $ 10.57 - 0.00 -
China Equity GBP Ord Acc £ 121.59 - -1.24 0.00
Other International Funds European Core Eq A1 € 29.22 - -0.50 0.00 FCA Recognised
OTP Premium Return RON 1060.06 - 1.19 -
Morant Wright Fuji Yield EUR Acc Hedged € 11.68 - 0.07 - China Equity USD Ord Acc $ 118.68 - -1.14 0.00
Lloydstrust Gilt £ 12.2500xd - 0.0700 2.33 European Res.A1 € 30.26 - -0.38 0.00
Lloyds Investment Funds Limited Morant Wright Fuji Yield EUR Dist Hedged € 10.31 - -0.18 - China Equity USD Inst Acc $ 122.13 - -1.16 0.00
European Smaller Companies A1 € 49.56 - -0.49 0.00
Euro High Income € 1.5920xd - -0.0020 2.92
Morant Wright Fuji Yield GBP Acc Hedged £ 10.69 - -0.19 0.00 Global Val.Cr.Fd GBP Ord Inc £ 107.69 - -0.18 3.63
European Value A1 € 34.38 - -0.44 0.00
European £ 7.1830 - -0.1050 1.50
Morant Wright Fuji Yield GBP Dist Hedged £ 10.39 - -0.19 - Global Val.Cr.Fd USD Inst Acc $ 121.45 - -0.14 0.00
Global Conc.A1 $ 33.81 - -0.66 0.00
High Income £ 0.8587xd - 0.0004 4.99
Morant Wright Fuji Yield USD Acc Hedged $ 10.41 - -0.18 0.00 Global Val.Cr.Fd GBP Ord Acc £ 174.72 - -0.28 0.00
Global Credit Fund $ 10.22 - 0.02 0.00
International £ 3.7700 - -0.0500 1.37
Morant Wright Fuji Yield USD Dist Hedged $ 10.43 - -0.19 2.14 Global Val.Cr.Fd USD Ord Acc $ 164.02 - -0.25 0.00
Global Energy Fund A1 $ 10.78 - -0.14 0.00 Permal Investment Mgmt Svcs Ltd
North American £ 14.9800 - -0.2800 0.25
Morant Wright Fuji Yield YEN Acc ¥ 1073.64 - -18.88 0.00 Global Val.Cr.Fd EUR Ord Acc € 152.58 - -0.24 0.00 www.permal.com
Global Equity A1 $ 41.58 - -0.78 0.00
Sterling Bond £ 1.4550xd - 0.0010 3.69 Other International Funds
Morant Wright Fuji Yield B YEN Acc ¥ 945.43 - -17.68 - Swiss Select Equity Inst Acc SFr 110.68 - 1.60 0.00
Global Equity A1 € 24.18 - -0.70 0.00 Offshore Fund Class A US $ Shares
UK £ 5.9900 - -0.1220 1.89
Morant Wright Fuji Yield YEN Dist ¥ 1051.37 - -18.49 2.13 Swiss Select Equity Ord Acc SFr 109.37 - 1.58 0.00 Investment Holdings N.V. $ 5417.00 - -70.68 0.00
Global High Yield Fund $ 23.52 - -0.08 0.00
Lloyds Gilt Fund Limited
Morant Wright Sakura Fund Sterling Acc Hedged £ 12.97 - -0.30 0.00 US Growth USD Ord Acc $ 185.61 - -7.13 0.00 Macro Holdings Ltd $ 4176.78 - -15.24 0.00
Lloyds Gilt Fund Quarterly Share £ 1.2770xd - 0.0070 1.85 Global High Yield Fund € 15.72 - -0.20 0.00
Morant Wright Sakura Fund Euro Acc Hedged € 12.94 - -0.29 0.00 US Growth EUR Ord Acc € 177.31 - -6.89 0.00 Fixed Income Holdings N.V. $ 349.32 - -14.81 -
Monthly Share £ 1.2300xd - 0.0070 1.85 Global Multi-Asset A1 $ 14.36 - -0.05 0.00
Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1323.25 - -30.02 0.00 US Growth GBP Ord Acc £ 186.21 - -7.38 0.00 Permal Absolute Return Fund $ 163.19 - -0.40 0.00
Lloyds Money Fund Limited Global Res.A1 $ 23.49 - -0.47 0.00
Sterling Class £ 52.6200 - 0.0000 0.11 Morant Wright Sakura Fund Dollar Acc Hedged $ 12.90 - -0.29 0.00 US Growth USD Inst Acc $ 178.14 - 1.43 0.00
Global Total Return A1 € 17.04 - -0.30 0.00
Lloyds Multi Strategy Fund Limited
Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 12.81 - -0.29 0.00 Wealthy Nat Bd EUR Inst Inc € 104.83 - -0.07 3.83
Inflation-Adjusted Bond A1 $ 13.82 - 0.03 0.00
Conservative Strategy £ 1.0960 - 0.0020 1.97
Wealthy Nat Bd GBP Inst Inc £ 108.90 - -0.08 3.66
Japan Equity A1 $ 9.67 - -0.07 0.00
Growth Strategy £ 1.4480 - -0.0020 1.32
Wealthy Nat Bd EUR Ord Inc € 104.24 - -0.17 3.59
Latin American Equity Fd A1 $ 10.00 - -0.08 0.00
Aggressive Strategy £ 1.7340 - -0.0140 0.00
Wealthy Nat Bd GBP Ord Inc £ 109.57 - -0.08 3.39
Limited Maturity A1 $ 13.99 - 0.00 0.00
Global USD Growth Strategy $ 1.2770 - -0.0140 0.00
Wealthy Nat Bd USD Ord Inc $ 106.83 - -0.17 3.37 Pictet Asset Management (Europe) SA (LUX)
Dealing Daily Prudent Wealth Fd A1 $ 14.52 - -0.03 0.00 15, Avenue J.F. Kennedy L-1855 Luxembourg
New Capital Alternative Strategies
Tel: 0041 58 323 3000
Research Bond A1 $ 16.56 - 0.02 0.00 All Weather Fd USD Cls $ 118.47 - 0.69 0.00
FCA Recognised
Morgan Stanley Investment Funds (LUX)
Lothbury Property Trust (UK) UK Equity A1 £ 7.60 - -0.11 0.00
6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 All Weather Fd EUR Cls € 106.34 - 0.53 0.00 Pictet-Absl Rtn Fix Inc-HI EUR € 106.48 - 0.11 0.00
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
www.morganstanleyinvestmentfunds.com
Property & Other UK Unit Trusts US Conc.Growth A1 $ 14.25 - -0.33 0.00 All Weather Fd GBP Cls £ 114.58 - 0.58 0.00 Pictet-Absl Rtn Glo Div-I EUR F € 122.60 - 0.03 0.00
FCA Recognised
Lothbury Property Trust GBP £ 1802.73 1933.97 16.21 3.09
US Government Bond A1 $ 17.15 - 0.02 0.00 US Advantage A F $ 53.02 - -2.14 0.00 Tactical Opps USD Cls $ 122.83 - -12.66 0.00 Pictet-Agriculture-I EUR F € 171.83 - -2.48 0.00
Value A1 $ 20.17 - -0.42 0.00 Asian Equity A F $ 36.66 - -0.70 0.00 Tactical Opps EUR Cls € 102.72 - -10.56 0.00 Pictet-Asian Equities Ex Japan-I USD F $ 183.77 - -2.48 0.00
Asian Property A F $ 16.34 - -0.23 0.00 Tactical Opps GBP Cls £ 115.38 - -12.11 0.00 Pictet-Asian Local Currency Debt-I USD F $ 149.58 - 0.16 0.00
MMIP Investment Management Limited (GSY) Asian Property AX F £ 10.78 - -0.01 0.54 Pictet-Biotech-I USD F $ 697.27 - -42.39 0.00
Regulated
Multi-Manager Investment Programmes PCC Limited Diversified Alpha Plus A F € 29.42 - -0.01 0.00 Pictet-Brazil Index I USD $ 30.63 - 0.05 0.00
European Equity Fd Cl A Initial Ser € 2642.19 2642.19 62.94 0.00 Emerg Europ, Mid-East & Africa Eq A F € 59.93 - 0.56 0.00 Pictet-CHF Bonds I CHF SFr 506.53 - 0.86 0.00
M & G Securities (1200)F (UK)
Japanese Equity Fd Cl A Initial Ser ¥ 368031.00 368031.00 6127.00 0.00 Emerging Markets Debt A F $ 72.68 - -0.58 0.00 Pictet-China Index I USD $ 92.54 - 0.39 0.00
PO Box 9039, Chelmsford, CM99 2XG
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 MMIP - US EQUITY CLASS A 01 June 07 Series $ 1304.31 1304.31 168.32 0.00 Emerging Markets Domestic Debt AX F £ 10.22 - 0.04 5.66 Pictet-Clean Energy-I USD F $ 70.17 - -1.66 0.00
Authorised Inv Funds
Pacific Basin Fd Cl A Initial Ser $ 2059.34 2059.34 -82.99 0.00 Emerging Markets Equity A F $ 29.40 - -0.71 0.00 Northwest Investment Management (HK) Ltd Pictet-Digital Communication-I USD F $ 237.50 - -6.39 0.00
Charifund Inc 1366.87 - -26.33 5.06
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
UK Equity Fd Cl A Series 01 £ 2357.45 2381.20 0.73 0.00 Euro Bond A F € 15.72 - 0.03 0.00 Pictet-Eastern Europe-I EUR F € 245.33 - 1.58 0.00
Charifund Acc 18866.25 - -363.40 4.91 Other International Funds
Diversified Absolute Rtn Fd USD Cl AF2 $ 1586.40 - -4.69 0.00 Euro Corporate Bond AX F £ 22.07 - -0.03 1.54 Northwest $ class $ 2329.36 - -28.58 0.00 Pictet-Em Lcl Ccy Dbt-I USD F $ 148.77 - 1.08 0.00
M&G Corporate Bond A Acc 62.87xd - 0.04 3.06
Diversified Absolute Return Stlg Cell AF2 £ 1607.75 - -3.92 0.00 Euro Strategic Bond A F € 43.17 - 0.08 0.00 Northwest Warrant $ class $ 1969.35 - -444.40 0.00 Pictet-Emerging Markets-I USD F $ 413.14 - -3.86 0.00
M&G Corporate Bond A Inc 39.25xd - 0.03 3.08
M&G Dividend A Inc 57.38xd - -0.89 4.78 European Currencies High Yield Bd A F € 21.16 - -0.03 0.00 Pictet-Emerging Markets Index-I USD F $ 189.62 - 1.65 0.00
M&G Dividend A Acc 582.53xd - -9.03 4.61
Manek Investment Mgmt Ltd (1000)F (UK) European Equity Alpha A F € 40.42 - 0.02 0.00 Pictet-Emerging Corporate Bonds I USD $ 104.95 - -0.07 0.00
P.O.Box 100, Swindon SN1 1WR 0844 800 9401
M&G Episode Growth X Inc 48.26 - -1.11 1.89 Authorised Inv Funds European Property A F € 33.34 - -0.63 0.00 Pictet-Emerging Markets High Dividend I USD $ 81.52 - -0.57 0.00
Growth Fd Acc 54.51 57.62 1.56 0.00 Eurozone Equity Alpha A F € 10.89 - -0.01 0.00 Pictet-Emerging Markets Sust Eq I USD $ 75.51 - 0.94 0.00
M&G Episode Income A Acc 130.26xd - -1.64 3.76
M&G Episode Income A Inc 108.03xd - -1.36 3.84 Global Bond A F $ 38.18 - 0.08 0.00 Pictet-Environmental Megatrend Sel I EUR € 150.69 - -2.91 0.00
M&G Extra Income A Inc 693.25xd - -9.90 4.69
LNG Capital (CYM) Global Brands A F $ 93.36 - -2.12 0.00 Oasis Crescent Management Company Ltd Pictet-EUR Bonds-I F € 556.19 - 1.23 0.00
Kingsbury House, 15-17 King St, London SW1Y 6QU Other International Funds
M&G Extra Income A Acc 5719.40xd - -81.69 4.55 www.lngcapital.com, Tel: 0207 839 3456 Global Convertible Bond A F $ 40.42 - -0.48 0.00 Pictet-EUR Corporate Bonds Ex Fin i EUR € 142.17 - 0.37 0.00
Oasis Crescent Equity Fund R 9.12 - -0.05 0.00
Regulated
M&G Global Basics A Inc 584.44 - -10.31 0.65 Global Property A F $ 25.96 - -0.42 0.00 Pictet-EUR Corporate Bonds-I F € 198.64 - 0.48 0.00
LNG Europa Credit Fund EUR (Est) € 1196.70 - 65.31 -
M&G Global Basics A Acc 888.07 - -15.66 0.60 Indian Equity A F $ 32.56 - -0.49 0.00 Pictet-EUR Government Bonds I EUR € 158.50 - 0.38 0.00
LNG Europa Credit Fund GBP (Est) £ 1196.70 - 56.94 - Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Latin American Equity A F $ 32.04 - -0.94 0.00 Regulated
M&G Global Dividend Fund A Acc 170.39xd - -4.73 3.69 Pictet-EUR High Yield-I F € 238.62 - 0.70 0.00
LNG Europa Credit Fund USD $ 1183.45 - -15.60 - Oasis Global Investment (Ireland) Plc
M&G Global Dividend Fund A Inc 133.41xd - -3.70 3.77 Short Maturity Euro Bond A F € 20.35 - -0.01 0.00 Pictet-EUR Short Mid-Term Bonds-I F € 136.97 - -0.11 0.00
Oasis Crescent Global Short Term Income Fund $ 0.98 - 0.00 0.86
M&G Glbl Emrgng Mkts A Acc 166.44 - -4.54 1.04 US Dollar Liquidity A F $ 13.03 - 0.00 0.00 Pictet-EUR Short Term HY I EUR € 118.69 - -0.18 0.00
Oasis Global Equity $ 25.36 - -0.21 0.23
Marlborough Fd Managers Ltd (1200)F (UK)
M&G Glbl Emrgng Mkts A Inc 160.80 - -4.39 1.05 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 US Growth A F $ 61.03 - -3.34 0.00 Oasis Crescent Global Investment Fund (Ireland) plc Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 102.94 - 0.00 0.00
www.marlboroughfunds.com
US Growth AH F € 44.59 - -0.23 0.00 Oasis Crescent Global Equity Fund $ 25.80 - -0.23 0.00
M&G Global Macro Bond Fund A Acc 110.34 - -0.07 1.38 Authorised Inv Funds Pictet-Euroland Index IS EUR € 124.51 - 0.44 0.00
Balanced 153.24 162.05 -0.52 0.05 US Growth AX F £ 44.63 - -0.31 0.00 Oasis Crescent Variable Balanced Fund £ 10.18 - 0.03 0.59
M&G Global Macro Bond Fund A Inc 76.44 - -0.05 1.38 Pictet-Europe Index-I EUR F € 159.90 - 0.68 0.00
Bond Income 49.57 52.46 0.01 4.93 US Property A F $ 65.56 - -1.29 0.00 OasisCresGl Income Class A $ 10.66 - 0.01 2.42
M&G Global High Yield Bond X Inc 47.36xd - -0.26 4.76 Pictet-European Equity Selection-I EUR F € 592.31 - 1.51 0.00
Cash 50.05 50.05 0.00 0.32 OasisCresGl LowBal D ($) Dist $ 11.12 - -0.02 0.00
M&G Global High Yield Bond X Acc 112.46xd - -0.61 4.74 Pictet-European Sust Eq-I EUR F € 234.35 - 1.28 0.00
Cautious Inc 81.56 85.92 0.25 1.33 OasisCresGl Med Eq Bal A ($) Dist $ 11.23 - -0.05 0.33
M&G Managed Growth X Inc 71.56 - -1.73 0.61 Morgens Waterfall Vintiadis.co Inc Pictet-Global Bds Fundamental I USD $ 115.24 - 0.71 0.00
Other International Funds
Defensive A Inc 117.85 117.85 0.06 0.27 Oasis Crescent Gbl Property Eqty $ 9.02 - 0.02 2.07
M&G Optimal Income A Inc 140.35 - -0.38 2.64 Pictet-Global Bonds-I EUR € 166.65 - 0.01 0.00
Phaeton Intl (BVI) Ltd (Est) $ 381.15 - -21.38 0.00
Emerging Markets 206.17 206.17 -3.16 1.85
M&G Optimal Income A Acc 185.41 - -0.50 2.64 Pictet-Global Emerging Currencies-I USD F $ 94.19 - 0.26 0.00
M&G Recovery GBP A Inc 106.39xd - -2.60 0.87 ETF Global Growth A 148.71 148.71 -3.21 0.00 Pictet-Global Emerging Debt-I USD F $ 350.19 - -1.21 0.00
M&G Recovery GBP A Acc 239.87xd - -5.87 0.86 ETF Commodity A 63.44 63.44 -0.08 0.00 Pictet-Global Megatrend Selection-I USD F $ 202.57 - -3.70 0.00
M&G Strategic Corp Bond A Inc 72.76xd - -0.02 2.96 European Multi-Cap 293.80 293.80 -2.98 0.29 Pictet-Greater China-I USD F $ 395.98 - -4.05 0.00
M&G Strategic Corp Bond A Acc 105.02xd - -0.03 2.96 Extra Income 76.76 81.23 -1.20 4.52 Pictet-Health-I USD $ 247.28 - -7.23 0.00
Odey Asset Management LLP (UK)
M&G Global Leaders GBP A Inc 180.58 - -5.47 1.45 Far East Growth A Inc 150.40 150.40 -2.20 2.51 Pictet-High Dividend Sel I EUR F € 148.05 - -1.04 0.00
Natixis International Funds (Lux) I SICAV (LUX) 40 Dukes Place, London, EC3A 7NH
Global 175.10 184.32 1.70 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 Order Desk and Enquiries: 0345 300 2106
M&G Global Leaders GBP A Acc 425.30 - -12.89 1.43 Pictet-India Index I USD $ 91.01 - 0.63 0.00
FCA Recognised Authorised Corporate Director - Capita Financial Managers
Global Bond Inc 138.60 146.67 0.14 3.14
M&G UK Inflation Lnkd Corp Bnd A Acc 109.56 - -0.24 0.12 Authorised Inv Funds Pictet-Indian Equities-I USD F $ 408.77 - -5.32 0.00
Harris Global Equity R/A (USD) $ 233.17 233.17 -2.25 0.00
High Yield Fixed Interest 71.58 75.95 -0.11 5.80 CF Odey Continental European GBP R Acc 712.33 - -12.12 0.03 Pictet-Japan Index-I JPY F ¥ 14825.57 - -378.77 0.00
M&G UK Inflation Lnkd Corp Bnd A Inc 107.99 - -0.24 0.12 Harris US Equity Fund R/A (USD) $ 185.88 185.88 -4.81 0.00
Multi Cap Income A Inc 154.41 154.41 -2.82 4.56 CF Odey Opus GBP R Inc 3699.37 - -63.44 0.00 Pictet-Japanese Equities Opp-I JPY F ¥ 8838.20 - -223.05 0.00
Harris Concentrated US Equity R/A (USD) $ 140.75 140.75 -3.45 0.00
Nano-Cap Growth A Acc 102.8831 113.0600 -1.0916 0.00 CF Odey Absolute Return GBP R 323.88 - 0.08 0.00
M & G Securities Ltd (UK) Pictet-Japanese Equity Selection-I JPY F ¥ 13117.25 - -325.72 0.00
Loomis Sayles Strategic Alpha R/A (USD) $ 109.06 109.06 -0.05 -
Property & Other UK Unit Trusts CF Odey Portfolio Fund GBP R Inc 143.91 - -2.37 0.07
Special Situations A Acc 1173.08 1241.35 -18.08 0.38 Pictet-LATAM Index I USD $ 42.91 - 0.12 0.00
Charibond 123.86 - 0.25 5.22
UK Multi-Cap Growth A Inc 235.78 249.50 -6.12 0.67 Pictet-LATAM Lc Ccy Dbt-I USD F $ 103.70 - 0.97 0.00
(Accum Units) 3666.85 - 7.43 5.22
Natixis International Funds (Dublin) I plc (IRL)
UK Micro Cap Growth A 460.68 487.49 -17.82 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000 Odey Asset Management LLP (CYM) Pictet-Pacific Ex Japan Index-I USD F $ 301.56 - 3.89 0.00
NAACIF 71.14 - -1.22 4.92 Regulated Regulated
US Multi-Cap Income 312.91 312.91 -7.16 0.65
Loomis Sayles Global Opportunistic Bond R/D (USD) $ 12.24 12.24 0.02 1.22 OEI Mac Inc GBP A £ 358.19 - -15.28 0.00 Pictet-Premium Brands-I EUR F € 141.99 - -2.59 0.00
(Accum Units) 6376.58 - -109.69 4.79
MFM - Third Party Funds
Loomis Sayles High Income R/D (USD) $ 7.23 7.23 -0.05 15.55 OEI Mac Inc GBP B £ 201.79 - -3.13 0.00 Pictet-Quality Global Equities I USD $ 126.90 - -1.90 0.00
M&G Property Portfolio A Acc 135.91 143.06 0.00 3.23 Junior Oils 48.72 51.56 -1.50 0.00
Loomis Sayles Multisector Income R/D (GBP) $ 11.29 11.29 -0.05 5.93 OEI MAC Inc USD $ 1914.43 - -79.92 0.00 Pictet-Russia Index I USD $ 41.35 - -0.03 0.00
Property Portfolio A 123.91 130.43 0.01 3.29 Junior Gold C Acc 18.23 18.23 -0.40 0.00
Odey European Inc EUR € 837.15 - -33.12 0.00 Pictet-Russian Equities-I USD F $ 36.94 - 0.00 0.00
Property Portfolio X 123.90 123.90 0.00 3.29 MFM Artorius Fund 160.00 160.00 0.09 0.30
Natixis International Funds (UK) Odey European Inc GBP A £ 322.51 - -12.70 0.00 Pictet-Security-I USD F $ 185.80 - -3.67 0.00
MFM Bowland 162.05 175.19 -1.92 0.00
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Odey European Inc GBP B £ 183.03 - -7.20 0.00 Pictet-Select-Callisto I EUR € 104.16 - -1.31 0.00
M & G (Guernsey) Ltd (GSY) MFM Hathaway Inc 103.46 108.34 -0.20 1.93 Authorised Funds
Regulated H2O MultiReturns Fund N/A (GBP) £ 1.35 - -0.02 1.46 Odey European Inc USD $ 387.15 - -14.81 0.00 Pictet-Small Cap Europe-I EUR F € 1098.38 - -0.05 0.00
The M&G Offshore Fund Range MFM SGWM Managed A Acc 125.04 125.04 0.54 0.16
Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 0.97 - -0.02 0.00 Giano Capital EUR Inc € 4652.16 - 195.57 0.00 Pictet-ST.MoneyMkt-I € 140.45 - 0.00 0.00
Corporate Bond 1306.72 1347.13 1.00 3.09 MFM Techinvest Special Situations Acc 142.21 142.21 -0.09 0.01
Loomis Sayles Strategic Income N/D (GBP) £ 0.95 - -0.01 4.31 Pictet-ST.MoneyMkt JPY I USD ¥ 101505.37 - -4.67 0.00
Global Basics 2162.54 2229.42 -38.00 0.33 MFM Techinvest Technology Acc 333.28 333.28 -13.55 0.00
Loomis Sayles Strategic Income H-N/D (GBP) £ 0.87 - 0.00 4.47 Pictet-ST.MoneyMkt-ICHF SFr 124.14 - 0.00 0.00
Global Leaders 3135.97 3266.64 -94.92 1.10
Odey Asset Management LLP (IRL)
MFM UK Primary Opportunities A Inc 316.87 316.87 -5.29 1.39
FCA Recognised
Loomis Sayles US Equity Leaders N/A (GBP) £ 1.44 - -0.05 0.25 Pictet-ST.MoneyMkt-IUSD $ 135.33 - 0.00 0.00
Global High Yield Bond 931.14 959.94 -5.11 4.71 Slater Investments Ltd - Investment Adviser
Odey Pan European EUR R € 330.73 - -0.44 0.00
MFM Slater Growth 413.29 438.50 -5.21 0.11 Seeyond Factor Plus Europe Ex U.K Equity Fund N/A (GBP) £ 0.95 - -0.03 - Pictet-Timber-I USD F $ 130.80 - -1.18 0.00
Global Macro Bond Fund 11472.28 11827.09 -7.49 1.38 Odey Absolute Return Focus Fund $ 100.00 - - -
Asset Management
North American Dividend Fund 147.47 153.62 -4.10 2.36
MFM Slater Income A Inc 156.55 156.55 -2.69 3.91 Seeyond Factor Plus U.K Equity Fund N/A (GBP) £ 0.94 - -0.03 -
Odey Allegra European EUR O € 257.52 - -0.62 0.00
Pictet Total Ret-Agora I EUR
Managemen
€ 116.56 - -0.25 0.00
Optimal Income Fund Asset Management 139.08 143.38 -0.38 2.63
MFM Slater Recovery 179.20 190.13 -2.55 0.23
Asset Management Odey Allegra International EUR O € 171.08 - -0.45 0.00
Pictet Total Ret-Corto Europe I EUR € 136.59 - -0.11 0.00
Friday 15 January 2016 FINANCIAL TIMES 27

MANAGED FUNDS SERVICE

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

Pictet Total Ret-Divers Alpha I EUR € 105.02 - -0.13 0.00 Equity & General C Acc 366.01 - -7.34 0.06 Enhanced Inc Acc Inst 149.90 - -3.80 -

Pictet Total Ret-Kosmos I EUR € 109.07 - 0.07 0.00 Private Fund Mgrs (Guernsey) Ltd (GSY) Equity & General C Inc 337.57 - -6.78 0.06 Managed Investments OEIC
The National Investor (TNI) Value Partners Hong Kong Limited (IRL) Money Market
Regulated Max 30% Shs Port Acc Ret 153.60 - -0.50 - www.tni.ae www.valuepartners.net, fis@vp.com.hk
Pictet Total Ret-Mandarin I USD $ 110.42 - -0.17 0.00
Monument Growth 12/01/2016 £ 477.62 483.01 -8.29 1.22
Equity & General O Inc 336.10 - -6.77 0.00
Max 30% Shs Port Acc X 153.30 - -0.50 -
Other International Funds Regulated Trusts and
Pictet-US Equity Selection-I USD $ 173.46 - -4.34 0.00 Equity & General O Acc 362.25 - -7.29 0.00 TNI Blue Chip UAE Fund * AED 8.96 - 0.04 0.00 Value Partners Asia ex-Japan Equity Fund $ 7.97 - 0.07 -

Pictet-US High Yield-I USD F $ 142.19 - -0.36 0.00 European C Acc 501.19 - -2.10 0.27
Max 30% Shs Port Acc S 147.20 - -0.50 - TNI Funds Ltd (BMU) Value Partners Classic Equity Fund USD Z Unhedged $ 9.96 - -0.05 0.00
Bank Accounts Gross
Prusik Investment Management LLP (IRL) Max 30% Shs Inc Port Inc Ret 151.80 - -0.50 - MENA Hedge Fund $ 938.96 - 33.96 0.00 Gross Net AER Int Cr
Pictet-USA Index-I USD F $ 167.16 - -4.26 0.00 Enquiries - 0207 493 1331 European O Acc 496.08 - -2.12 0.00 Stenham Asset Management Inc Value Partners Classic Equity Fund CHF HedgedSFr 10.41 - -0.05 0.00
Regulated www.stenhamassetmanagement.com TNI Funds Plc (Ireland)
Max 30% Shs Inc Port Inc X 151.80 - -0.60 -
Pictet-USD Government Bonds-I F $ 641.18 - 1.39 0.00 Japanese Fund C Acc 175.93 - -5.54 0.00 Other International Funds Value Partners Classic Equity Fund EUR Hedged € 10.53 - -0.05 0.00 CCLA Investment Management Ltd
Prusik Asian Equity Income B Dist $ 143.67 - -2.34 3.84 MENA UCITS Fund * $ 992.39 - -14.07 0.00
Max 30% Shs Inc Port Inc S 145.80 - -0.60 - Senator House 85 Queen Victoria Street, London EC4V 4ET
Pictet-USD Short Mid-Term Bonds-I F $ 129.78 - 0.03 0.00 Japanese Fund O Acc X 173.89 - -5.49 0.00 Stenham Asia USD $ 129.80 - -0.24 - Value Partners Classic Equity Fund GBP Hedged £ 10.77 - -0.05 0.00
Prusik Asia A $ 178.56 - -3.53 0.00 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Max 60% Shs Port Acc Ret 263.30 - -1.50 -
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.67 - 0.00 0.00 Pacific C Acc 283.63 - -14.64 0.58 Stenham Credit Opportunities A Class USD $ 100.92 - -1.14 0.00 Value Partners Classic Equity Fund GBP Unhedged £ 11.76 - 0.07 0.00
Prusik Asian Smaller Cos A $ 129.62 - -1.61 0.00 Thesis Unit Trust Management Limited (UK)
Max 60% Shs Port Inc Ret 208.40 - -1.10 -
Stenham Equity UCITS USD $ 136.23 - -5.95 0.00 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP CCLA Fund Managers Ltd
Pictet-Water-I EUR F € 265.61 - -3.38 0.00 Pacific O Acc 280.45 - -14.49 0.27 Value Partners Classic Equity USD Hedged $ 12.25 - -0.06 0.00
Authorised Funds Senator House 85 Queen Victoria Street, London EC4V 4ET
Max 60% Shs Port Inc X 161.30 - -0.90 - COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Total Return C Acc 383.04 - -4.00 1.39 Stenham Growth USD $ 215.45 - 0.55 - Value Partners Greater China Equity Fund $ 7.62 - 0.05 -
TM New Court Fund A 2011 Inc £ 12.68 - -0.09 0.00
Purisima Investment Fds (UK) (1200)F (UK)
Max 60% Shs Port Inc S 142.90 - -0.80 -
Pimco Fds: Global Investors Series Plc (IRL) 40 Dukes Place, London EC3A 7NH Total Return C Inc 265.40 - -2.77 1.41 Stenham Healthcare USD $ 183.27 - 2.63 0.00 Value Partners Health Care Fund RMB Class Z UnhedgedCNH 9.26 - -0.03 -
TM New Court Fund - A 2014 Acc £ 12.71 - -0.10 0.00
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH Order Desk and Enquiries: 0345 922 0044 Managed Investments OEIC 2
Total Return O Inc 262.54 - -2.76 1.41 Stenham Managed Fund USD $ 114.16 - 0.50 - Value Partners Health Care Fund HKD Class A UnhedgedHK$ 8.69 - -0.01 -
http://gisnav.pimco-funds.com/
Dealing: +44 20 3640 1000
Authorised Inv Funds
Authorised Corporate Director - Capita Financial Managers
Investments Inc Port Inc Ret 163.70 - 0.30 - TM New Court Equity Growth Fund - Inc £ 12.71 - -0.12 0.00
Data Provided by
Total Return O Acc 379.09 - -3.98 1.39 Stenham Macro UCITS USD $ 101.71 - 0.22 - Value Partners Health Care Fund USD Class A Unhedged $ 8.71 - -0.01 -
PIMCO Funds: +44 (0)20 3640 1407 Investments Inc Port Inc X 148.30 - 0.30 -
Global Total Fd PCG A 158.44 - -4.55 0.52
FCA Recognised Stenham Multi Strategy USD $ 116.28 - 0.06 -
£ Gov Bond Inc Inst (gross) 179.00 - 1.00 -
Global Total Fd PCG B 157.35 - -4.52 0.26
Capital Securities Inst Acc $ 14.78 - -0.03 0.00 Stenham Quadrant USD A $ 401.53 - 7.27 -
£ Gov Bond Inc Inst 147.10 - 0.80 - Veritas Asset Management LLP (IRL)
Global Total Fd PCG INT 155.63 - -4.47 0.00 HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Commodity Real Return Fund Inst Acc $ 5.40 - 0.01 0.00 Stenham Trading Inc USD $ 116.19 - 1.90 -
£ Gov Bond Acc Inst 149.30 - 0.90 - Veritas Funds Plc
Credit Absolute Return Fund Inst Acc $ 10.90 - -0.02 0.00 Stenham Universal USD $ 431.45 - -0.38 - www.veritas-asset.com
Strat Bond Inc Inst (gross) 180.00 - -0.10 - +353 1 635 6799
Purisima Investment Fds (CI) Ltd (JER)
Diversified Income - Inst Acc $ 18.94 - -0.04 0.00
Regulated Strat Bond Inc Inst 148.90 - -0.10 -
Stenham Universal II USD $ 159.84 - -0.20 0.00 Toscafund Asset Management LLP (UK) FCA Recognised www.morningstar.co.uk
www.toscafund.com Institutional
Diversified Income Durat Hdg Fund Inst Acc $ 10.98 - -0.03 0.00 Data as shown is for information purposes only. No
PCG B X 156.83 - 0.71 0.00 S W Mitchell Capital LLP (CYM)
Strat Bond Acc Inst 151.30 - -0.10 - Authorised Funds Veritas Asian Fund A USD H $ 290.09 - -3.54 0.42
Emerging Asia Bond Fund Inst Acc $ 9.33 - 0.03 0.00
Regulated offer is made by Morningstar or this publication.
PCG C X 154.62 - 0.70 0.00 Managed Investments OEIC 3 Stratton Street Capital (CI) Limited (GSY) Aptus Global Financials B Acc £ 3.00 - 0.02 4.54
S W Mitchell European Fund Class A EUR € 328.95 - -9.46 - Regulated Veritas Asian Fund A GBP H £ 371.12 - -4.52 0.24
Emerging Local Bond - Inst Acc $ 10.29 - 0.07 0.00 Div Inc Port Inc Ret 164.90 - -4.50 - Aptus Global Financials B Inc £ 2.62 - 0.01 4.55
S W Mitchell Small Cap European Fund Class A EUR € 231.38 - 0.21 - Japan Synthetic Warrant Yen Class ¥ 1782.40 - 9.56 0.00 Veritas Asian Fund A EUR H € 301.06 - -5.37 0.21
Emerging Markets Bond - Inst Acc $ 36.49 - -0.15 0.00 Putnam Investments (Ireland) Ltd (IRL) Corp Bond Acc Inst (gross) 214.60 - 0.40 -
Regulated The Charlemagne Fund EUR € 327.90 - 4.49 - Japan Synthetic Warrant GBP Hedged Class £ 197.20 - -2.68 0.00 Veritas China Fund A USD $ 130.41 - 0.30 0.35
Emerging Markets Corp.Bd Fund Inst Acc F $ 12.38 - -0.01 0.00 Corp Bond Inc Inst 143.00 - 0.20 -
Putnam New Flag Euro High Yield Plc - E € 986.46 - -0.48 4.30 Japan Synthetic Warrant USD Class $ 19.22 - 0.47 0.00
Toscafund Asset Management LLP Veritas China Fund A GBP £ 134.96 - 0.31 0.36
Emerging Markets Short-Term Local Currency Fund $ 11.37 - 0.04 0.00
S W Mitchell Capital LLP (IRL)
Corp Bond Acc Inst 145.70 - 0.30 -
Japan Synthetic Warrant USD Hedged Class $ 196.54 - -2.43 0.00
www.toscafund.com
Other International Funds Veritas China Fund A EUR € 128.95 - 0.29 0.36
Guide to Data
Euro Bond - Inst Acc € 22.65 - 0.03 0.00 Multi-Manager OEIC
Regulated Tosca A USD $ 305.04 - -1.61 0.00
Rathbone Unit Trust Mgmt (1200)F (UK) Bal Intl Track Acc Ret 255.80 - -1.40 - Renminbi Bond Fund AUD Cls A A$ 112.41 - -0.24 3.93 Veritas Global Equity Income Fund D USD $ 103.30 - -1.95 4.25
Euro Credit - Inst Acc € 14.69 - 0.01 0.00 SWMC European Fund B EUR € 14527.30 - 6.38 0.00 The fund prices quoted on these pages are supplied by
PO Box 9948, Chelmsford, CM99 2AG Tosca Mid Cap GBP £ 245.63 - -7.49 0.00
Renminbi Bond Fund AUD Cls B A$ 114.29 - -0.24 3.67 Veritas Global Equity Income Fund D EUR € 183.09 - -5.32 4.17 the operator of the relevant fund. Details of funds
Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Bond Mthly Inc Acc Ret 143.70 - 0.20 -
Euro Income Bond - Inst Acc F € 12.83 - -0.01 0.00 SWMC UK Fund B £ 11733.80 - 6.54 0.00 published on these pages, including prices, are for the
Authorised Inv Funds Tosca Opportunity B USD $ 334.27 - -12.71 0.00 purpose of information only and should only be used
Bond Mthly Inc Inc Ret 91.83 - 0.13 - Renminbi Bond Fund CHF Cls A SFr 109.03 - -0.24 4.01 Veritas Global Equity Income Fund D GBP £ 139.50 - -2.55 4.17
Euro Long Average Duration - Inst Acc € 21.72 - 0.13 0.00 Blue Chip Income Inc 143.86 148.68 -3.82 4.17 SWMC Small Cap European Fund B EUR € 13221.61 - 50.78 0.00 as a guide. The Financial Times Limited makes no
Pegasus Fund Ltd A-1 GBP £ 54.99 - 1.31 0.00 representation as to their accuracy or completeness
Renminbi Bond Fund CHF Cls B SFr 109.02 - -0.25 3.76 Veritas Global Focus Fund D USD $ 23.91 - -0.58 0.65
Euro Low Duration Fund Inst Acc € 11.22 - -0.01 0.00 Blue Chip Income Acc 217.12 224.13 -5.76 4.04 SWMC Emerging European Fund B EUR € 8446.11 - 26.91 0.00 and they should not be relied upon when making an
Renminbi Bond Fund CNH Cls A CNH 120.42 - -0.77 3.36 Veritas Global Focus Fund D EUR € 22.03 - -0.75 0.64 investment decision.
Santander Asset Management UK Limited (1200)F (UK)
Euro Real Return - Inst Acc € 13.34 - 0.03 0.00 Ethical Bond Inc 90.40 92.38 0.05 4.72 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 The sale of interests in the funds listed on these pages
Renminbi Bond Fund CNH Cls B CNH 120.36 - -0.78 3.13 Veritas Global Focus Fund D GBP £ 28.21 - -0.66 0.63
Euro Short-Term Inst Acc € 12.23 - 0.00 0.00 Authorised Inv Funds may, in certain jurisdictions, be restricted by law and
Ethical Bond Acc 172.90 176.33 0.09 4.89
Santander Premium Fund (OEIC) Renminbi Bond Fund Euro Cls B € 110.84 - -0.24 3.76 Veritas Global Focus Fund A GBP £ 27.24 - -0.64 0.36 the funds will not necessarily be available to persons
Euro Ultra Long Duration - Inst Acc € 28.84 - 0.17 0.00 Global Opportunities Acc 136.29 140.63 -4.03 0.11 A Shares in all jurisdictions in which the publication circulates.
Renminbi Bond Fund GBP Cls B £ 112.71 - -0.27 3.53 Veritas Global Focus Fund A EUR € 12.84 - -0.44 0.36 Persons in any doubt should take appropriate
Global Advantage - Inst Acc $ 11.84 - 0.02 0.00 Income Inc 809.70 838.56 -20.73 4.08 Europe (ex-UK) 267.20 - -7.40 - professional advice. Data collated by Morningstar. For
Renminbi Bond Fund SGD Cls B S$ 112.25 - -0.23 3.48 Veritas Global Focus Fund A USD $ 23.07 - -0.56 0.38 other queries contact reader.enquiries@ft.com +44
Global Advantage Real Return Fund Inst Acc $ 8.18 - 0.03 0.00 Income Acc 1259.97 1303.14 -32.25 3.96 Japan Equities 153.20 - -2.90 - (0)207 873 4211.
TreeTop Asset Management S.A. (LUX)
Renminbi Bond Fund USD Cls B $ 112.47 - -0.23 3.29 Regulated Veritas Global Focus Fund C GBP £ 29.58 - -0.69 0.00
Global Bond - Inst Acc $ 27.88 - 0.02 0.00 Multi Asset Enhanced Growth Acc 117.28 - -2.50 0.00 RobecoSAM (LUX) Pacific Bas (ex-Japan) 481.20 - -6.90 - The fund prices published in this edition along with
Tel. +41 44 653 10 10 http://www.robecosam.com/ Renminbi Bond Fund YEN Cls B ¥ 12762.72 - -26.76 0.00 TreeTop Convertible Sicav Veritas Global Focus Fund C EUR € 23.20 - -0.79 0.00 additional information are also available on the
Global Bond Ex-US - Inst Acc $ 19.56 - 0.03 0.00 Multi Asset Strategic Growth inc 145.51 - -1.31 1.12 Regulated Sterling Bonds 265.80 - 0.60 - Financial Times website, www.ft.com/funds. The
International A € 283.02 - -2.33 0.00
Renminbi Bond Fund USD Cls A $ 154.79 - -0.32 3.53 Veritas Global Focus Fund C USD $ 25.12 - -0.61 0.00 funds published on these pages are grouped together
Global High Yield Bond - Inst Acc $ 19.43 - -0.07 0.00 RobecoSAM Sm.Energy/A £ 10.91 - -0.21 1.61 UK Equities 255.10 - -6.50 - by fund management company.
Multi Asset Strategic Growth acc 154.51 - -1.39 1.12 International B $ 362.95 - -3.01 0.00
Renminbi Bond Fund GBP Cls A £ 149.96 - -0.35 3.78 Veritas Global Equity Income Fund A GBP £ 133.67 - -2.43 4.18
Global Investment Grade Credit - Inst Income $ 12.00 - 0.01 3.84 RobecoSAM Sm.Energy/N € 11.01 - -0.17 0.00 US Equities 254.50 - -7.60 - Prices are in pence unless otherwise indicated. The
Multi Asset Total Return inc 125.38 - -0.27 1.83 International C £ 122.73 - -1.03 0.00
Renminbi Bond Fund SGD Cls A S$ 148.42 - -0.30 3.73 Veritas Global Equity Income Fund A EUR € 177.83 - -5.17 4.17 change, if shown, is the change on the previously
Global Investment Grade Credit Fund Inst Acc € € 11.72 - -0.01 0.00 RobecoSAM Sm.Materials/A £ 114.71 - -1.62 1.43 B Shares quoted figure (not all funds update prices daily). Those
Multi Asset Total Return acc 138.73 - -0.30 1.79 International D € 262.67 - -2.15 3.04
Renminbi Bond Fund YEN Cls A ¥ 18902.38 - -39.48 0.00 Veritas Global Equity Income Fund A USD $ 99.38 - -1.88 4.25 designated $ with no prefix refer to US dollars. Yield
RobecoSAM Sm.Materials/N € 131.61 - -1.46 0.00 Pacific Bas (ex-Japan) 480.40 - -7.00 -
Global Investment Grade Credit Fund Inst Acc $ $ 16.57 - 0.01 0.00 Recovery Inc 403.63 419.55 -9.98 2.59 TreeTop Global Sicav percentage figures (in Tuesday to Saturday papers)
Renminbi Bond Fund EUR Cls A € 101.75 - -0.22 4.00 Veritas Global Equity Income Fund C GBP £ 160.68 - -2.93 - allow for buying expenses. Prices of certain older
RobecoSAM Sm.Materials/Na € 90.82 - -1.01 - Global Opp.A € 130.16 - -2.00 0.00 insurance linked plans might be subject to capital
Global Multi-Asset - Inst Acc $ 13.58 - -0.08 0.00 Recovery Acc 487.75 506.44 -12.06 2.54
Veritas Global Equity Income Fund C EUR € 213.66 - -6.21 - gains tax on sales.
RobecoSAM Gl.Small Cap Eq/A £ 73.32 - -1.49 1.28 Saracen Fund Managers Ltd (1000)F (UK) Global Opp.B $ 127.72 - -1.86 0.00
Global Real Return - Inst Acc $ 17.86 - 0.03 0.00 Strategic Bond I-Class Acc 124.76 125.50 -0.04 3.95 19 Rutland Square, Edinburgh EH1 2BB Guide to pricing of Authorised Investment Funds:
Global Opp.C £ 169.02 - -3.32 0.00 Veritas Global Equity Income Fund C USD $ 118.71 - -2.24 -
Income Fund Inst Acc $ 12.25 - -0.01 0.00 RobecoSAM Gl.Small Cap Eq/N € 145.68 - -2.51 0.00 Dealing: 00 353 1 603 9921 (compiled with the assistance of the IMA. The
Strategic Bond I-Class Inc 108.59 109.31 -0.03 3.91
Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100 Veritas Global Real Return Fund A USD $ 20.44 - -0.20 0.29 Investment Management Association, 65 Kingsway,
RobecoSAM Sustainable Gl.Eq/B € 169.22 - -2.43 0.00 Sequoia Equity A € 131.82 - -2.37 0.00
Inflation Strategy Fund Inst Acc $ 8.40 - 0.01 0.00 Authorised Inv Funds London WC2B 6TD.
Veritas Global Real Return Fund A GBP £ 11.45 - -0.11 0.32 Tel: +44 (0)20 7831 0898.)
RobecoSAM Sustainable Gl.Eq/N € 146.12 - -2.10 0.00 Saracen Growth Fd Alpha Acc £ 3.58 - 0.01 0.97 Sequoia Equity B $ 133.79 - -2.24 0.00
Low Average Duration - Inst Acc $ 14.78 - 0.00 0.00
Veritas Global Real Return Fund A EUR € 12.06 - -0.11 0.12 OEIC: Open-Ended Investment Company. Similar to a
RobecoSAM S.HealthyLiv/B € 169.44 - -2.73 0.00 Saracen Growth Fd Beta Acc £ 5.72 - 0.02 1.45 Sequoia Equity C £ 158.79 - -3.51 0.00
PIMCO RAE Fundam.PLUS Em.Mkts Inst Acc $ 7.18 - 0.04 0.00 unit trust but using a company rather than a trust
E.I. Sturdza Strategic Management Limited (GSY) Retail structure.
RobecoSAM S.HealthyLiv/N € 157.98 - -2.55 0.00 Saracen Global Income & Growth Fund A - Acc £ 1.08 - -0.01 3.01
PIMCO RAE Fundam.PLUS Gl.Dev.Inst Acc $ 9.83 - -0.12 0.00 Regulated Veritas Asian Fund B USD $ 202.09 - -2.47 0.00
Different share classes are issued to reflect a different
RobecoSAM S.HealthyLiv/Na £ 103.53 - -1.98 - Saracen Global Income & Growth Fund A - Dist £ 1.00 - 0.00 2.75 Nippon Growth Fund Limited ¥ 95067.00 - -3918.00 0.00 currency, charging structure or type of holder.
PIMCO RAE Fundam.PLUS US Inst Acc $ 11.16 - -0.26 0.00 Veritas Asian Fund B GBP £ 273.48 - -3.35 0.00
RobecoSAM S.Water/A £ 161.47 - -1.70 1.22 Saracen Global Income and Growth Fund -Acc # £ 1.35 - 0.00 3.37 Strat Evarich Japan Fd Ltd JPY ¥ 83242.00 - -7205.00 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.23 - -0.04 0.00 Robeco Asset Management (LUX) Veritas Asian Fund B EUR € 221.82 - -3.99 0.00 Selling price: Also called bid price. The price at which
Coolsingel 120, 3011 AG Rotterdam, The Netherlands. units in a unit trust are sold by investors.
RobecoSAM S.Water/N € 154.80 - -1.15 0.00 Saracen Global Income and Growth Fund -Dist # £ 1.18 - 0.00 2.78 Strat Evarich Japan Fd Ltd USD $ 822.92 - -71.91 0.00
StocksPLUS{TM} - Inst Acc $ 21.25 - -0.49 0.00 www.robeco.com/contact Veritas China Fund B GBP £ 130.84 - 0.30 0.00
Buying price: Also called offer price. The price at
FCA Recognised Saracen UK Income Fund - Acc £ 0.93 - 0.00 -
Total Return Bond - Inst Acc $ 27.15 - 0.05 0.00 Veritas China Fund B EUR € 163.91 - 1.09 0.00 which units in a unit trust are bought by investors.
Asia-Pacific Equities (EUR) € 120.67 - -3.90 0.00 Troy Asset Mgt Ltd (UK) Includes manager’s initial charge.
Saracen UK Income Fund - Dist £ 0.90 - 0.00 - E.I. Sturdza Funds PLC (IRL)
UK Corporate Bond - Inst Acc £ 17.29 - 0.00 0.00 Veritas Global Focus Fund B USD $ 16.66 - -0.40 0.00
Regulated 40 Dukes Place, London EC3A 7NH
Chinese Equities (EUR) € 65.14 - -2.27 0.00 . Single price: Based on a mid-market valuation of the
UK Long Term Corp. Bnd Inst-Inst Acc £ 19.23 - 0.00 0.00 Order Desk and Enquiries: 0345 608 0950 underlying investments. The buying and selling price
For Save & Prosper please see Countrywide Assured Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1015.67 - 30.52 0.00 Veritas Global Focus Fund B GBP £ 20.81 - -0.49 0.00
Em Stars Equities (EUR) € 153.39 - -3.61 0.00 Authorised Inv Funds for shares of an OEIC and units of a single priced unit
UK Low Duration - Inst Acc £ 14.06 - -0.01 0.00 ACD Capita Financial Mgrs Veritas Global Focus Fund B EUR € 15.29 - -0.52 0.00 trust are the same.
Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1196.70 - 36.02 0.00
Emerging Markets Equities (EUR) € 127.58 - -3.06 0.00 Trojan Investment Funds
UK Real Return - Inst Acc £ 22.84 - 0.05 0.00 Schroder Property Managers (Jersey) Ltd Nippon Growth (UCITS) Fund JPY Class A shares ¥ 93968.00 - 2825.00 0.00 Veritas Global Equity Income Fund B GBP £ 122.89 - -2.24 4.20 Treatment of manager’s periodic capital charge:
Flex-o-Rente (EUR) € 110.06 - 0.15 0.00 Other International Funds Spectrum Fund O Acc ♦ 159.50 - 0.99 0.28 The letter C denotes that the trust deducts all or part
UK Sterling Long Average Duration - Inst Acc £ 21.85 - 0.04 0.00 Veritas Global Equity Income Fund B EUR € 163.09 - -4.74 4.19 of the manager’s/operator’s periodic charge from
Indirect Real Estate SIRE £ 133.37 139.46 0.14 2.88 Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 78795.00 - 2369.00 0.00
Glob.Consumer Trends Equities (EUR) € 144.68 - -3.78 0.00 Spectrum Fund O Inc ♦ 155.47 - 0.96 0.28 capital, contact the manager/operator for full details

Asset Management
Unconstrained Bond - Inst Acc $ 11.74 - -0.01 0.00 Veritas Global Equity Income Fund B USD $ 98.47 - -1.86 4.27 of the effect of this course of action.
Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 82212.00 - 968.00 0.00
Spectrum Income Fund O Acc 95.83 - 0.09 -
Asset Management Asset Management
High Yield Bonds (EUR) € 120.49 - -0.39 0.00
US High Yield Bond Fund Inst Acc $ 26.58 - -0.10 0.00 Santander Asset Management UK Limited (1200)F (UK) Exit Charges: The letter E denotes that an exit charge
Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 51061.00 - 1536.00 0.00 Veritas Global Real Return Fund B USD $ 19.82 - -0.19 0.00
Lux -O- Rente (EUR) € 142.55 - 0.31 0.00 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 Scottish Friendly Asset Managers Ltd (UK) Spectrum Income Fund O Inc 95.40 - 0.10 - may be made when you sell units, contact the
Authorised Funds Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 manager/operator for full details.
Strategic China Panda Fund USD $ 2024.40 - -0.13 0.00 Veritas Global Real Return Fund B GBP £ 11.23 - -0.11 0.00
New World Financials (EUR) € 48.08 - -1.20 0.00 Santander Atlas Range Authorised Inv Funds Trojan Ethical Income O Acc 97.44 - -1.82 -
Veritas Global Real Return Fund B EUR € 12.88 - -0.13 0.00 Time: Some funds give information about the timing of
Santander Atlas Inc Port Acc Inst 285.10 - -0.40 - Managed Growth ♦ 235.80 - -4.40 0.00 Strategic China Panda Fund Hedged EURO € 1976.76 - 0.34 0.00
US Premium Equities (EUR) € 164.05 - -4.51 0.00 Trojan Ethical Income O Inc 97.45 - -1.82 - price quotes. The time shown alongside the fund
Strategic China Panda Fund Hedged Sterling £ 2002.33 - 0.08 0.00 manager’s/operator’s name is the valuation point for
Santander Atlas Inc Port Inc Inst 218.50 - -0.20 - UK Growth ♦ 255.50 - -6.10 0.00 Trojan Fund O Acc ♦ 259.70 - -1.55 0.43
US Premium Equities (USD) $ 183.42 - -5.04 0.00 their unit trusts/OEICs, unless another time is
Strategic Euro Bond Accumulating Class CHFSFr 981.99 - 0.08 0.00 Veritas Asset Management LLP indicated by the symbol alongside the individual unit
Santander Atlas Port 3 Acc Ret 146.50 - -0.50 - Trojan Fund O Inc ♦ 215.45 - -1.28 0.43 trust/OEIC name.
www.veritas-asset.com
Santander Atlas Port 3 Inc Ret 101.00 - -0.30 - SIA (SIA Funds AG) (LUX) Strategic Euro Bond Institutional Class EUR € 1010.05 - 0.13 0.00 Other International Funds
Royal Bank of Scotland (2230)F (UK) Trojan Global Equity O Acc 217.40 - -4.16 0.89 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Platinum Capital Management Ltd PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072
Regulated
Real Return Asian Fund USD (Est) € 277.60 - -26.20 0.00 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Santander Atlas Port 3 Acc Inst 161.20 - -0.50 - Strategic Euro Bond Fund Accumulating Class Shares € 1132.19 - 0.14 0.00
Other International Funds LTIF Classic € 307.31 - -1.88 0.00 Trojan Global Equity O Inc 185.18 - -3.55 0.90 midnight. Daily dealing prices are set on the basis of
Authorised Inv Funds
Strategic Euro Bond Fund Distributing Class Shares € 1021.74 - 0.12 1.33 Real Return Asian Fund GBP (Est) £ 296.77 - -7.03 0.00 the valuation point, a short period of time may elapse
Platinum All Star Fund - A (Est) $ 117.32 - - - Series 5 (Minumum Initial Investment £75,000) Santander Atlas Port 4 Acc Ret 178.50 - -1.00 - Trojan Income O Acc ♦ 269.02 - -5.36 3.75
LTIF Natural Resources € 62.75 - 0.03 0.00 before prices become available. Historic pricing: The
United Kingdom Equity Index Fund £ 14.74 - 0.07 3.05 Strategic European Smaller Companies Fund EUR Class € 937.18 - -38.43 - Real Return Asian Fund EUR (Est) $ 292.91 - -10.89 0.00 letter H denotes that the managers/operators will
Platinum Global Dividend Fund - A (Est) $ 55.26 - - - Santander Atlas Port 4 Inc Ret 127.70 - -0.70 - Trojan Income O Inc ♦ 170.41 - -3.39 3.87
LTIF Stability A ACCU € 158.11 - 0.88 0.00 normally deal on the price set at the most recent
UK Specialist Equity Inc £ 18.51 - 0.01 0.41 Strategic Global Bond RMB Acc $ 1045.07 - 4.81 0.00 valuation. The prices shown are the latest available
Platinum Maverick Enhanced Fund Limited (Est) $ 93.98 - - 0.00 Santander Atlas Port 4 Acc Inst 162.20 - -0.90 - before publication and may not be the current dealing
Contl Europe Specialist Fund £ 23.09 - 0.07 0.00 Strategic Global Bond USD Acc $ 1045.58 - 1.76 0.00 Waverton Investment Funds Plc (1600)F (IRL) levels because of an intervening portfolio revaluation
Santander Atlas Port 5 Acc Ret 185.80 - -0.90 - UBS Asset Management (UK) or a switch to a forward pricing basis. The
SIA (SIA Funds AG) (CH) waverton.investments@citi.com
Japan Specialist Fund X £ 14.84 - 0.12 0.00 Strategic US Momentum and Value Fund $ 720.70 - 3.58 0.00 21 Lombard Street, London, EC3V 9AH managers/operators must deal at a forward price on
Santander Atlas Port 5 Acc Inst 157.70 - -0.80 - Other International Fds FCA Recognised
Client Services 0800 587 2113, Client Dealing 0800 587 2112 request, and may move to forward pricing at any time.
US Spec Equity Fund £ 18.15 - -0.33 0.00 LTIF Stability Growth SFr 185.40 - -5.00 - Strategic US Momentum & Value Fund USD I Class $ 478.82 - 2.39 0.00 www.ubs.com/retailfunds Waverton Asia Pacific A USD $ 15.67 - -0.33 5.23 Forward pricing: The letter F denotes that that
Santander Atlas Port 6 Acc Ret 252.20 - -1.40 - managers/operators deal at the price to be set at the
Authorised Inv Funds
Pacific Basin Specialist Equity Fund £ 35.85 - -0.39 0.97 LTIF Stability Inc Plus SFr 159.20 - -4.30 0.55 Strategic US Momentum and Value EUR Hedged Class EUR € 502.63 - 2.46 0.00 Waverton Global Bond Fund Cls A $ 8.67 - -0.04 5.42 next valuation.
Santander Atlas Port 6 Acc X 180.00 - -1.10 - OEIC
UK Sovereign Bd Index Fund £ 10.77 - 0.01 2.53 Strategic US Momentum and Value CHF Hedged Class CHFSFr 499.56 - 2.47 0.00 Global Emerg Mkts Eqty B Acc £ 1.19 - -0.02 1.76 Waverton Global Equity Fund A GBP £ 12.94 - -0.31 0.58 Investors can be given no definite price in advance of
Santander Atlas Port 6 Acc Inst 155.30 - -0.90 - the purchase or sale being carried out. The prices
Polar Capital Funds Plc (IRL) UK Specialist Equity Income Fund £ 9.16 - -0.02 4.22 Smith & Williamson Investment Management (1200)F (UK) Global Optimal B Acc £ 0.93 - -0.02 0.64 Waverton UK Fund A GBP £ 12.44 - -0.33 1.85 appearing in the newspaper are the most recent
Santander Atlas Port 7 Acc Ret 194.50 - -1.10 - provided by the managers/operators. Scheme
Regulated 25 Moorgate, London, EC2R 6AY 020 7131 8100
Global Emerg Mkts Equity Fund X £ 9.86 - -0.08 0.08 www.sandwfunds.com Taube Hodson Stonex Ptnrs UT (1200)F (UK) UBS UK Opportunities Fund B Acc £ 0.78 - -0.02 3.17 Waverton Equity Fund A GBP £ 14.03 - -0.07 0.19 particulars, prospectus, key features and reports: The
Asian Financials I USD $ 255.96 255.96 -3.42 0.00 Santander Atlas Port 7 Acc Inst 154.40 - -0.90 - most recent particulars and documents may be
Authorised Inv Funds 50 Bank Street, Canary Wharf, London E14 5NT
Global Spec Inv Grade Bd Fund GBP £ 9.62 - 0.01 3.03 Authorised Inv Funds US Equity B Acc £ 1.36 - -0.04 0.29 Waverton Sterling Bond Fund A GBP £ 9.45 - -0.01 5.31 obtained free of charge from fund
Biotechnology I USD $ 15.39 15.39 -0.78 0.00 Admin: 50 Bank Street, Canary Wharf, London E14 5NT
European Equity Fund A Class 497.30 - -12.00 0.72 managers/operators. * Indicates funds which do not
Series 6 (Investment Management Customers Only) Max 70% Shs Acc Ret 163.10 - -2.40 - Dealing & Enquiries: 0870 870 8433
UBS S&P 500 Index C Acc £ 0.52 - -0.01 1.07 price on Fridays.
European Income Acc EUR € 10.95 10.95 0.08 0.00 United Kingdom Equity Index Fund £ 14.55 - 0.07 3.73 Far Eastern Income and Growth Fund A Class 414.10 - -7.30 3.05 Authorised Inv Funds
Max 70% Shs Inc Ret 137.40 - -2.00 - THS Growth & Value Funds UBS Targeted Return B Acc £ 1.19 - -0.01 0.84 WA Fixed Income Fund Plc (IRL) Charges for this advertising service are based on the
European Ex UK Inc EUR Acc € 9.37 9.37 0.07 - UK Specialist Equity £ 18.72 - 0.00 1.64 Fixed Interest Fund A Class 121.20 - 0.30 3.15 Regulated number of lines published and the classification of the
International
Investments Inc Acc Ret 156.10 - 0.40 - UBS Sterling Corporate Bond Indexed Fund 51.22 - 0.54 3.29 fund. Please contact data@ft.com or
Financial Opps I USD $ 11.19 - -0.10 2.17 Contl Europe Specialist Fund £ 23.90 - 0.07 1.20 Global Gold and Resources Fund A Class 130.70 - 0.20 0.00 IGV - Inc A 307.40 - -7.10 2.43 European Multi-Sector € 116.15 - 0.16 0.00 call +44 (0)20 7873 3132 for further information.
Investments Inc Inc Ret 102.90 - 0.30 - UBS Multi Asset Income B Inc (net) £ 0.47 - 0.00 3.69
GEM Growth I USD $ 7.68 - 0.06 0.00 Japan Specialist Fund X £ 15.62 - 0.13 0.65 MM Endurance Balanced Fund A Class 207.10 - -0.30 1.18 IGV - Inc B 306.30 - -7.00 1.61
Equity Inc Inc Inst 233.70 - -6.30 - UBS UK Equity Income B Inc Net £ 0.34 - -0.01 4.98
GEM Income I USD $ 8.53 - 0.07 0.00 US Spec Equity Fund £ 18.99 - -0.35 0.39 MM Global Investment Fund A Class 2011.00 - -28.00 1.90 IGV - Acc X 375.10 - -8.60 1.90
Equity Inc Inc Ret 200.20 - -5.40 - Corporate Bond UK Plus B Inc Net £ 0.51 - 0.00 4.00
Global Alpha I USD $ 11.80 11.80 -0.09 0.00 Pacific Basin Specialist Equity Fund £ 35.53 - -0.39 2.04 North American Fund A Class 1634.00 - -38.00 0.00 IGV - Acc Y 402.60 - -9.20 2.39
Equity Inc Acc Inst 141.10 - -3.80 - UBS Global Allocation (UK) B Acc £ 1.03 - -0.01 1.46
Global Convertible I USD $ 11.00 11.00 -0.04 0.00 UK Sovereign Bd Index Fund £ 10.90 - 0.01 2.53 Oriental Growth Fund A Class 142.70 - -3.20 0.37 IGV - Acc Z 372.40 - -8.60 1.62
N&P UK Gwth Inc Ret 158.20 - -4.30 - UBS Global Enhanced Equity Income C Inc £ 0.44 - 0.00 11.91
Global Insurance I GBP £ 4.05 - -0.07 0.00 UK Specialist Equity Income Fund £ 9.96 - -0.02 4.17 UK Equity Growth Fund A Class 386.50 - -12.30 0.65 European
Stckmkt 100 Track Gwth Acc Inst 84.67 - -2.02 - UBS US Growth Fund B Acc £ 1.47 - -0.06 0.00
Global Technology I USD $ 21.21 - -0.50 0.00 UK Equity Income Fund A Class 212.40 - -4.20 4.82
EGV - Acc S 265.30 - -5.70 0.00 Yuki International Limited (IRL)
Global Spec Inv Grade Bd Fund GBP £ 9.92 - 0.02 3.03
Stckmkt 100 Track Gwth Acc Ret 157.50 - -3.70 - Tel +44-20-7269-0207 www.yukifunds.com
EGV - Acc Z 265.30 - -5.70 0.81 UBS Emerging Markets Equity Income B Inc £ 0.32 - 0.00 6.72
Healthcare Blue Chip Fund I USD Acc $ 9.89 9.89 -0.21 0.00 Global Emerg Mkts Equity Fund X £ 9.81 - -0.07 0.97 Regulated
UK Growth Acc Inst 277.20 - -7.50 - Continental Yuki Mizuho Umbrella Fund
Healthcare Opps I USD $ 35.09 - -0.82 0.00 Address and telephone number for Series 5 only Smith & Williamson Fd Admin Ltd (1200)F (UK)
UK Growth Acc Ret 321.00 - -8.70 - CGV Acc S 109.60 - -2.80 0.06 Yuki Mizuho Japan Dynamic Growth ¥ 6326.00 - -143.00 0.00
25 Moorgate, London, EC2R 6AY 0141 222 1150 Unicapital Investments (LUX)
Income Opportunities B2 I GBP Acc £ 1.69 1.69 0.00 0.00
Authorised Inv Funds Regulated Yuki Mizuho Japan Large Cap ¥ 777.62 - -0.38 0.00
UK Growth Inc Ret 211.50 - -5.70 - CGV Acc X 108.10 - -2.80 0.00
Royal London Unit Managers Ltd. (1200) F (UK)
Japan Alpha I JPY ¥ 192.00 192.00 -4.52 0.00 S&W Deucalion Fd (OEIC) 1988.00 - -57.00 0.28 Investments III € 5.03 - -22.38 -
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Managed OEIC Yuki Japan Low Price ¥ 25190.00 - -338.00 0.00
CGV Inc A 109.10 - -2.80 -
Japan I JPY ¥ 1887.73 - -47.89 0.00 Authorised Inv Funds Glob Em Shs Port Acc Ret 144.00 - 0.30 - S & W Magnum 366.60 387.90 -4.70 1.92 Investments IV - European Private Eq. € 247.75 260.13 -44.58 -
CGV Inc B 109.10 - -2.80 - Yuki Japan Value Select ¥ 11485.00 - -316.00 0.00
Royal London Sustainable Diversified A Inc £ 1.54 - -0.01 2.01
North American I USD $ 16.37 16.37 -0.39 0.00 Max 70% Shs Port Acc Ret 250.60 - -1.60 - S & W Marathon Trust 179.50 189.90 -2.20 1.74 Investments IV - Global Private Eq. € 366.42 384.74 -49.81 - YMR Umbrella Fund
Royal London Sustainable World A Inc 167.00 - -3.30 0.82
UK Absolute Equity I GBP £ 13.09 13.09 -0.11 0.00 Max 70% Shs Port Acc X 180.00 - -1.10 - YMR N Growth ¥ 16728.00 - -87.00 0.00
Royal London Corporate Bond Mth Income 88.18 92.82 0.10 4.21 The Hartford International Funds (IRL)
Yuki Asia Umbrella Fund
Max 70% Shs Port Acc S 145.60 - -0.90 - Standard Life Wealth (JER) Regulated Unicorn Asset Management Ltd (UK)
Royal London European Growth Trust 107.80 113.50 -2.70 0.40 PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287 Yuki Japan Rebounding Growth Fund JPY Class ¥ 21866.00 - -499.00 0.00
Polar Capital LLP (CYM) Investment Port Acc Ret 233.00 - 0.40 - Gbl Govt Bond (Ex Japan) Index (GBP) £ 1659.41 - -2.82 0.00
FCA Recognised Authorised Inv Funds
Regulated Royal London Sustainable Leaders A Inc 444.00 - -11.00 1.36 Yuki Japan Rebounding Growth Fund USD Hedged Class $ 866.26 - -19.75 -
Standard Life Offshore Strategy Fund Limited UK Corporate Bond £ 1587.92 - 3.20 0.00 UK Growth A Inc 406.00 - -3.00 0.00
Investment Port Acc X 165.10 - 0.20 -
ALVA Convertible A USD $ 128.64 - -0.21 0.00 Bridge Fund £ 1.5518 - -0.0349 1.93
Royal London UK Growth Trust 454.20 478.10 -12.70 1.45
Max 50% Shs Port Acc Ret 241.60 - -0.60 - Gilt £ 1604.91 - 9.27 0.00 Mastertrust A Inc X F 355.06 - -5.80 0.07
European Conviction A EUR € 144.65 - 3.79 0.00 Diversified Assets Fund £ 1.1550 - -0.0110 3.01 Zadig Gestion (Memnon Fund) (LUX)
Royal London UK Income With Growth Trust 212.50 223.70 -3.70 4.46
Max 50% Shs Port Inc Ret 214.30 - -0.60 - Global Eq (Ex Japan) Index Fund ¥ 1.28 - -0.02 0.00 UK Growth B Inc 407.63 - -3.00 0.56 FCA Recognised
European Forager A EUR € 178.02 - 3.04 0.00 Global Equity Fund £ 1.8145 - -0.0532 0.64
Royal London US Growth Trust 141.00 148.40 -4.20 0.00
Max 50% Shs Port Acc X 174.90 - -0.40 - Global Eq (ex Japan) Class HJ4 ¥ 1.33 - -0.02 0.00 Mastertrust B Inc X F 318.55 - -5.18 0.89 Memnon European Fund I GBP £ 112.18 - 0.41 0.00
Additional Funds Available Global Balanced Fund - Income Units £ 1.3096 - -0.0247 2.11
Please see www.royallondon.com for details Max 50% Shs Port Acc S 146.40 - -0.40 - Global Eq (ex Japan) Class JP5 ¥ 1.39 - -0.02 0.00 Outstanding British Cos A Acc X F 250.49 - -4.82 0.64
Polunin Capital Partners Ltd Global Balanced Fund - Accumulations Units £ 1.5323 - -0.0289 2.08
Other International Funds Max 100% Shs Port Acc Ret 273.10 - -1.70 - Global Eq Ex Japan Index Fund (Hedge) ¥ 1.28 - -0.01 0.00 Outstanding British Cos B Acc X F 261.99 - -5.01 1.37 Zebedee Capital Partners LLP (CYM)
Global Fixed Interest Fund £ 0.9594 - -0.0030 5.14 Regulated
Emerging Markets Active $ 40.75 - 0.67 - Ruffer LLP (1000)F (UK)
Max 100% Shs Port Acc X 196.00 - -1.20 - Gbl Govt Bond (Ex Japan) Index ¥ 1.30 - 0.01 0.00 UK Smaller Cos A Inc X F 435.90 - -1.75 0.35
40 Dukes Place, London EC3A 7NH Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Sterling Fixed Interest Fund £ 0.8397 - 0.0008 4.20
Luxcellence Em Mkts Tech $ 855.55 - -37.19 0.00 Order Desk and Enquiries: 0345 601 9610 Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.27 - 0.00 0.00 UK Smaller Cos B Inc X F 426.47 - -1.70 1.22
Max 100% Shs Port Acc S 143.00 - -0.90 -
Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Authorised Inv Funds UK Equity Fund £ 1.7952 - -0.0541 2.93
Polunin Developing Countries $ 663.66 669.30 2.41 0.00 Japan Equity Index Fund ¥ 0.97 - -0.02 0.00 UK Income A Acc X F 258.72 - -4.77 3.82
Authorised Corporate Director - Capita Financial Managers Enhanced Inc Inc Ins 199.30 - -5.00 -
Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Polunin Discovery - Frontier Markets $ 1334.55 - -22.42 0.00 CF Ruffer Investment Funds Japan Equity Class JP3 ¥ 1.18 - -0.03 0.00 UK Income A Inc X F 230.06 - -4.25 3.91
Enhanced Inc Inc Ret 187.80 - -4.70 -
Polunin Small Cap $ 1313.63 1330.05 -48.03 0.00 CF Ruffer Gold Fund C Acc 82.42 - -0.87 0.00
Enhanced Inc Inc X 159.80 - -4.10 - UK Income B Acc X F 275.00 - -5.07 3.80
CF Ruffer Gold Fund O Acc 81.54 - -0.88 0.00
UK Income B Inc X F 244.66 - -4.51 3.89
28 ★ FINANCIAL TIMES Friday 15 January 2016

MARKETS & INVESTING

Capital markets
FT explainer

How AB InBev’s $46bn bond

attracted such huge demand
Chatter at the start of the
week caught portfolio
managers off guard after a
torrid end to 2015. One of
the marquee financings
of the year could price in
days, so long as market
conditions did not turn,
writes Eric Platt.
Despite a steep sell-off
in US stocks, and higher
financial market volatility,
the bankers’ calls did not
fall on deaf ears.
Anheuser-Busch InBev,
the megabrewer, sold a
mammoth $46bn bond
offering to fund its
acquisition of the UK’s
SABMiller. It was the
second-largest corporate
debt sale in history.
Record demand of
$112bn to $117bn allowed
AB InBev to tighten
spreads across the seven-
part offering.
orders and expressions of
interest, according to
people familiar with the
transaction.
About four-fifths of the
deal was allocated to US
accounts, with money
managers, insurers, high-
grade portfolio managers
and sovereign wealth
funds receiving a slice.
That has underscored
speculation that the
Belgium-based group
could follow with a sterling
or euro offering. It still
holds term loans from a
financing package agreed
last November.
By some estimates AB
InBev needs to raise $60bn
to fund the takeover.
How did the bonds price?
The risk premium over US
Treasury yields tightened
as the order book grew
EU and US poised for derivatives deal
Framework in place for
accord to end four-year
dispute over clearing rules
PHILIP STAFFORD — LONDON
JIM BRUNSDEN — BRUSSELS
The EU and US are closing in on a deal to
close a gap in financial markets regula-
tion that traders have warned could
fracture global derivatives trading.
Officials from the European Commis-
sion and its US counterpart, the Com-
modity Futures Trading Commission,
are on course to finalise a deal in the
coming weeks, according to four people
close to the negotiations.
The accord would stave off the risk of
massive disruption to the vast deriva-
tives market when rules for clearing
houses kick in over the summer.
Should final hurdles be overcome, the
way would be clear for the EU to deem
US clearing houses sufficiently regu-
lated for EU-based traders to carry on
using them. Both commissions declined
to comment.
The two regulators oversee the largest
markets for derivatives trading, which
account for 90 per cent of the $700tn
notional market for swaps and futures.
Each side has argued that its rules better
guard against systemic risk while mini-
mising the effect on banks’ own trades.
Although the CFTC has indicated that
the talks could be completed this year,
the European side is under pressure to
tie up a deal before June, when the
region introduces rules around clearing
over-the-counter derivatives.
Traders fear that a failure to meet that
deadline would severely curtail their
ability to trade in US and EU markets.
Analysis. Capital markets
Without an agreement European insti-
tutions face radical rises in the amount
of margin that must be posted with US
clearing houses such as CME Clearing.
Although both sides were optimistic,
the two regulators said further substan-
tive discussions were necessary before a
deal was agreed, the people said. How-
ever, a broad framework was in place.
The thrust of the accord was that the
EU would formally change its rules on
the amount of margin customers must
post at clearing houses, to bring its rules
closer to those in the US. EU laws are
more costly for traders.
In return the US would move towards
the EU’s more stringent standards on
the amount of margin held by banks at
clearing houses. An exemption was
planned for agricultural commodity
derivatives, the people said.
Further discussions were needed on
$700tn details, the people said. These included
standards for initial margining, cover
Notional value of needed for the default of two big clear-
the global market
for swaps and ing members, and countercyclical buff-
futures ers on margin in EU clearing houses.
One proposal was for the US to require
clearers to update their rulebooks, as
90 %
opposed to making formal changes to its
Proportion of
trading overseen own rules. An agreement could include
by Brussels and a strong review clause for Brussels.
the CFTC A successful conclusion would be a
significant achievement for Jonathan
Hill, EU commissioner for financial
services, and Timothy Massad, head of
the CFTC, after a four-year dispute that
at times has been openly acrimonious.
It would also raise prospects of both
sides agreeing further equivalence deci-
sions on other market regulation, such
as rules on margin for uncleared trades,
trading venues and securitisation, the
people said.

Why was the deal so

oversubscribed?
Investors have been
inundated by new bonds
— companies marketed
and sold a record $1.31tn of
high-grade bonds in the
US last year.
But many portfolio
managers were waiting for
this deal since it was
announced in November.
Several said they had been
positioned in cash and
haven assets as a result.
Low US Treasury yields
have coaxed some
investors into higher-grade
credit. The yield on the
benchmark 10-year slid to
2.06 per cent on
Wednesday from 2.27 per
cent at the end of last year.
Meanwhile, turbulence in
junk bond markets has
kept many portfolio
managers on the sidelines.
For other investors the
reason was simple: the
brewer, with its A minus
rating, had a relatively
uncomplicated business
structure and was in an
industry immune from the
ructions in commodities.
AB InBev had “a strong
track record of de-risking
the balance sheet”, said
Chris Higham, a portfolio
manager with Aviva
Investors. “From a creditor
perspective these are the
types of deals you are
looking for. The fact it’s a
non-cyclical, strong
business with high margins
— it gives you a lot of
confidence in their ability
to generate cash to pay
their debt down.”
Who were the buyers?
More than 500 participants
placed a total of 3,000
Largest corporate bond deals of all time
Deal value ($bn)
0 10
Verizon (2013)
AB InBev (2016)
Actavis funding (2015)
AT&T (2015)
Apple (2013)
Medtronic (2014)
AbbVie (2015)
Roche (2009)
France Telecom (2001)
Visa (2015)
Charter Communications
(2015)
Sources: Dealogic; Eric Platt/FT
throughout the day.
Initial guidance on the
10-year bond was for a
yield of 180 basis points
above the benchmark
Treasury, implying a yield
of 3.9 per cent. It ultimately
priced at 3.67 per cent.
Yields on bonds with a
similar maturity and rating
yielded 3.43 per cent on
Wednesday.
One portfolio manager
who said he was “not
looking at the deal” said
concessions to complete
the massive transaction
were “OK”.
What does it mean for
future issuance?
The transaction is likely to
be the first in a series of
megadeals to price in the
next few quarters.
Funding needs for the
mergers and acquisitions
pipeline exceeded $100bn,
several bankers said.
Among deals that must be
financed this year are
Teva’s $41bn acquisition
of Allergan’s generics
business, Berkshire
Hathaway’s $37bn
takeover of Precision
Castparts and Dell’s $63bn
buyout of EMC.
There will also be offers
from banks that must
increase capital buffers.
Wall Street’s nerves have
been soothed after the
rocky start to the year as
the deal reinforced the
view that high-grade
companies can tap bond
markets at tempting levels.
“It has to give
companies that have M&A
financing to do or are
contemplating [a deal] a
fair bit of confidence,” said
Brendan Hanley at BofA
Merrill Lynch.
20 30 40 50
Distressed debt specialists eye oil’s ‘falling knife’
Some energy junk debt is so
cheap a few coupon payments
would recoup the entire cost
ERIC PLATT, MARY CHILDS AND
JOE RENNISON — NEW YORK
Timing is everything for investing, as
specialist distressed debt fund manag-
ers will attest.
Proclamations reverberated across
the distressed space a year ago. After
years of low default rates, tumbling
commodity prices would finally provide
distressed debt portfolio guardians with
a huge opportunity. It prompted Center-
bridge to close a $6bn fund, while For-
tress topped up a $5bn distressed fund.
A total of $42.9bn has been raised over
the past two years for distressed situa-
tions, according to Preqin.
But commodity prices continued to
hit new lows, and portfolio managers
came back empty-handed. They chose
to wait as bond prices, which move
inversely with yields, declined sharply,
and less experienced investors suffered
steep losses.
After a sharp drop in equities at the
year’s start, investors say something has
changed. The time could be ripe.
“The knife has fallen,” says David
Fann, chief executive of TorreyCove
Capital Partners, which advises inves-
tors in private equity.
While much of “the reckoning” is
about two years out, he says, with many
companies having sold futures con-
tracts to lock in prices, “the energy
opportunity is really starting to develop,
finally”.
As global stock indices suffered the
worst start to a year on record and oil
briefly slipped below $30 a barrel,
action in credit markets was surpris-
ingly banal. Junk bonds have fallen
1.2 per cent since the start of the year,
against a 7.5 per cent drop for the S&P
500, Barclays data show.
Distressed bonds are junk-rated cred-
its with option-adjusted spreads — the
difference in yield between the underly-
ing bond and the benchmark US Treas-
ury — of more than 1,000 basis points.
Some junk paper has fallen to prices
where a few coupon payments could
recoup the cost of the debt, according to
several portfolio managers.
Junk exchange-traded funds, State
Street’s JNK and BlackRock’s iShares’
HYG, have tested new lows, but are
down less than 3 per cent.
To Leslie Biddle, partner at Serengeti
Asset Management, this suggests burn-
Oil price’s long out in the high-yield market. Sentiment
shadow: bonds cannot get much worse, she says. “Eve-
issued by an ryone has just gotten so pummelled
independent US about the head and face that they’re
energy group slightly immune [to further price
have traded as pain],” Ms Biddle says.
low as 17 cents Bonds issued by BreitBurn Energy, an
on the dollar independent US oil and gas group,
Lucy Nicholson/Reuters
maturing in 2022 with a 7.875 per cent
coupon have traded as low as 17 cents
on the dollar. Denbury Resources bonds
that mature in 2022 have slid to 33 cents
on the dollar from 98 cents last June,
and yield more than 29 per cent.
While low prices are alluring, last
year’s experience has left many inves-
tors feeling it may be too soon to step in.
“A lot of the price action is war-
ranted,” says Putri Pascualy, a managing
director at Pacific Alternative Asset
Management. “There is real, fundamen-
tal change in the industry, both in terms
of much lower prices and the fact that
industry needs continued access to capi-
tal markets to function,” she says.
Size of the distressed market
Distressed debt levels climb to
$233bn
Debt amount Number of issuers
($bn)
400 600
500
300
400
200 300
200
100
100
0 0
2006 09 11 13 15
Maturing distressed debt
amounts
Maturity by year ($bn)
Senior secured
Senior unsecured 50
Subordinated
40
30
20
10
0
2016 17 18 19 20 21 22
Source: Standard & Poor’s
Energy and metals and mining have in distress, the highest level since 2009.
been the focus for distressed portfolio Last year’s junk sell-off has created
managers — the two sectors account for value, and investors sitting on cash can
a fifth of the $1.2tn US junk market. But be “opportunistic”, says Edwin Tai, a
the sell-off in lower-quality retail, tele- distressed debt portfolio manager at
coms, healthcare and industrial names Newfleet Asset Management.
last year has also presented opportuni- “It doesn’t mean [investors] still can’t
ties for portfolio managers. get hurt, but you are starting at pretty
Richard Smith, managing director for attractive base prices,” he says.
leveraged capital markets at Mizuho, For some the slide in bond prices in
says that although all three leading US 2015 represented a fundamental re-
credit rating agencies project defaults to pricing in high-yield markets as portfo-
rise this year, many companies have lio managers had a more difficult time
already locked in near-term funding. trading in and out of junk bonds.
Less than $1bn of the subordinated, Bob Michele, chief investment officer
senior-secured and unsecured corpo- of JPMorgan Asset Management, says
rate debt that has fallen into distress investors had for a long time priced in
matures in 2016, according to Standard an average of 300bp of “liquidity pre-
& Poor’s. The figures climb to about mium” to the thinly traded asset class.
$13bn next year and $24bn in 2018, “Broker-dealer balance sheets are struc-
before jumping to $40bn in 2019. turally smaller than they have been his-
Companies have space before the torically, so that risk premium has to
maturity wall is hit, but the distressed expand beyond what defaults and
market has surged in size. S&P says recoveries price in,” he says. “That
there are 271 issuers with $233bn of debt seems the one thing that has changed.”

Currencies Capital markets

HK dollar has biggest one-day fall since 2003
JENNIFER HUGHES — HONG KONG
KATIE MARTIN — LONDON
The Hong Kong dollar had its worst
one-day fall in more than a decade yes-
terday as investors speculated that it
might have to adjust its long-running
peg to the US dollar.
It slipped 0.25 per cent against its US
counterpart to HK$7.7886, a rate last
reached in 2011 but still within its per-
mitted range of HK$7.75 to HK$7.85. It
was the currency’s biggest one-day slide
since October 2003.
The fall was another sign of the ren-
minbi’s volatility spilling over into other
markets. Last week bets that the Chi-
nese currency would weaken more
sharply than expected pushed the off-
shore rate to its weakest against the dol-
lar in more than five years.
Buying by the People’s Bank of China
this week strengthened the currency,
sending offshore renminbi-denomi-
nated borrowing rates rocketing.
Strategists said the Hong Kong dollar’s
weakness was a result of investors bet-
ting that China’s slowdown, and its softer
currency, could lead the city to recon-
sider its regime.
Zhou Hao, strategist at Commerz-
bank, said: “While we don’t doubt the
credibility of the peg regime in the fore-
seeable future, the abnormal move-
ments of Hong Kong dollar reinforce the
risk-averse sentiment triggered by the
recent China market turmoil.”
The double blow of rising US interest
rates and China’s economic slowdown
is expected to weigh heavily on Hong
Kong’s economy this year. Analysts at
HSBC recently cut their growth fore-
casts for the city from 2.2 per cent to
2 per cent.
When the Hong Kong dollar last
slipped significantly, in August after
China’s unexpected 2 per cent devalua-
tion, speculation that the city might
change its peg was swept aside as inves-
tors, worried about mainland weakness,
swapped renminbi deposits for Hong
Kong dollars, strengthening the latter.
Since then the Hong Kong Monetary
Authority has bought US dollars on
numerous occasions to keep the Hong
Kong currency within its band.
Few expect the peg, in place since
1983, to come under serious threat this
time, having survived the handover of
the city from the UK, the Asian financial
crisis, Sars, the global financial crisis
and China’s economic rise.
“Of all the pegs in the world, the Hong
Kong dollar is not the one that I think
is going to go,” said Kit Juckes, macro
strategist at Société Générale.
Rating agencies warn over bank bail-in rules
THOMAS HALE
Investors will not be treated equally
under new rules designed to impose
losses on bonds when banks fail in
Europe, rating agencies warn.
The open question is how these losses
would be shared between retail inves-
tors, who hold bank bonds in many
peripheral countries, and international
buyers of such debt.
Fitch Ratings this week suggested
implementation of the regulations
would be a challenge because it is possi-
ble that losses for retail investors would
be “politically unacceptable” in certain
European countries, pointing to Portu-
gal and Italy where banks have sold
bonds to customers.
Debate has intensified over failing
banks in Europe after investor losses in
Portugal’s Novo Banco. Bonds were
transferred to a “bad bank” at the end of
December, which had been set up to
hold distressed assets, effectively wip-
ing out their value. Big international
investors took losses, while many bonds
issued to retail investors were spared.
“The broad distinction is between
retail and wholesale investors,” said
Simon Ainsworth, a vice-president at
Moody’s. “It is clearly more palatable
politically for authorities to be seen to be
bailing in wholesale creditors.”
The Portuguese example follows the
restructuring of Italian banks last year,
which forced losses on retail investors
and triggered political controversy.
Political uncertainty presents new risks
for professional bond investors if
national authorities move to protect
retail investors who hold risky bonds.
The Fitch report added that EU-wide
regulation to prohibit the selling of risky
bank bonds to retail customers “does
not appear to be on the cards”, but that
the European Central Bank’s role as
supervisor should help curb national
authorities’ powers when banks fail.
“There’s clearly a political issue with
senior bonds sold to retail, especially by
bank branches, in Italy and Portugal
and in the past in Spain,” said Sam Theo-
dore, a managing director in financial
institutions at Scope Ratings.
New bank bail-in regulations, forcing
banks to issue loss-absorbing bonds to
save taxpayers from bailing institutions
out, are causing other complications
because the rules seem to be taking dif-
ferent forms across the EU.
In December, the French finance min-
istry announced plans to change the
hierarchy of creditors in the failure of a
bank, but in a different way to proposed
adjustments in Germany and Italy.
Friday 15 January 2016 ★ FINANCIAL TIMES 29

MARKETS & INVESTING

Global overview
TRADING POST Markets update
Jamie
Chisholm
Growth concerns eased by oil S&P 500 index
Change on day 1.02%

rebound and JPMorgan results

Another turbulent week on global
markets closes with a big batch of US
economic data.
If oil prices can stabilise — granted
that’s a big “if” — then the outcome of
these reports should set the tone for
coming sessions.
In particular one senses that such is
the extent of investor concern about
waning global growth there is every
chance equity bulls will be
unambiguous in their desire for
evidence the US economy is robust.
None of that worrying about the Fed
tightening too quickly, thank you.
Falling commodity prices should
feature in the December producer
prices data due for release today at
13:30 GMT. Confirmation of factory
gate deflation should help suppress
longer-term bond yields.
And the yield spread with shorter-
term paper could tighten further if
downbeat forecasts for the confidence
of the US consumer are confounded.
Analysts’ consensus show December
retail sales, published at the same time,
are expected to stagnate compared
with the previous month.
Perhaps the outcome will be more
positive if households have decided to
spend some of the savings from lower
energy and petrol prices.
The consumer’s mood will be further
measured by the January Michigan
Sentiment index, due at 15:00 GMT.
Let’s hope they are feeling chipper,
because the Empire State
manufacturing survey and nationwide
industrial production reports are
expected to confirm that industry is
in the doldrums.
jamie.chisholm@ft.com
US bond spread
30-year minus 2-year (% points)
2.6
2.4
2.2
2.0
1.8
Jul 2015 Jan
Source: Thomson Reuters Datastream
2016
Relative stability in equity
markets and a steady
renminbi fuel positive
mood as Brent recovers
after hitting 12-year low
DAVE SHELLOCK
US stocks rebounded after the previous
day’s steep sell-off as a strong rally for
oil prices and encouraging results
from JPMorganChase helped offset lin-
gering concerns about the outlook for
global growth.
Another day of relative stability in
the Chinese currency and equity
markets also helped underpin the more
positive mood.
The People’s Bank of China set the
renminbi’s daily “fix” against the dollar
slightly higher, again soothing worries
about a further depreciation of the cur-
rency, while the Shanghai Composite
equity index rose 2 per cent.
Nevertheless analysts highlighted
that the markets remained uneasy fol-
lowing the turbulent start to the year.
“While the renminbi is far more sta-
ble after the PBoC sent a very strong
message that it will control the pace
of the currency’s depreciation, global
sentiment is still fairly fragile,” said
Piotr Matys, emerging market FX ana-
lyst at Rabobank.
“Brent crude is not far from a poten-
tial [technical] target set at around
$28.70 per barrel.
“That said, trying to identify where
the bottom is, is like trying to catch a
falling knife, especially in the current
ultra-bearish global sentiment towards
oil and other commodities.”
Oil price moves continued to attract
much of the attention as Brent rallied
2.2 per cent to $30.97 a barrel — having
sunk beneath $30 again to hit a 12-year
low — and West Texas Intermediate rose
2.5 per cent to $31.24.
What chance of a bear? FT.com/video
After another Wall St sell-off, John Authers says that without
a recession bear markets have tended to be short and shallow
Those rises helped the energy sector
top the list of gainers on Wall Street as
the S&P 500 index bounced 1.2 per cent
by midday in New York to 1,913.
The CBOE Vix volatility index, the
so-called equity “fear gauge”, was down
4.7 per cent.
On Wednesday the S&P had tumbled
2.5 per cent, its biggest one-day fall for
more than three months.
JPMorgan shares were up nearly 2 per
cent after the investment bank got the
sector’s quarterly earnings season off
to a solid start.
Equity strategists at Morgan Stanley
said upcoming earnings would be a cata-
lyst to calm fears in the market.
“Fourth-quarter 2015 earnings expecta-
— Spencer Platt/Getty Images
tions have once again been lowered,”
they said.
“With this decline in estimates, we
expect reported results to show modest
upside. Earnings for the group of com-
panies reporting prior to Alcoa have
been above estimates.”
Across the Atlantic the Euro Stoxx
600 index pared an early fall of more
than 3 per cent to finish 1.5 per cent
weaker.
Once again the resource-heavy FTSE
100 in London outperformed as it shed
0.7 per cent. Capital Economics high-
lighted the fact that the UK had been rel-
atively sheltered from the storm that
has hit global stocks markets since the
start of the year.
2100
2050
2000
1950
1900
Dec 2015 2016 Jan
“Bond yields have only fallen back US equities Wall Street bounced back
to slightly below where they were a after Wednesday’s bruising sell-off,
month ago, and the FTSE 100 has gener- with energy stocks bolstered by a rally
ally outperformed equities in the rest for crude oil prices and financials lifted
of the world,” the broker said. by JPMorgan’s quarterly earnings
“What’s more, the UK has effectively
experienced a monetary loosening, FTSE 100 index
which will be positive for the real econ- Change on day 0.72%
omy, with markets pushing back the 6400
expected date of the first interest rate
hike and sterling continuing its recent 6200
downward trend.” 6000
Indeed the Bank of England left inter- 5800
est rates on hold again yesterday. Dec 2015 2016 Jan
Furthermore, the minutes of the
Monetary Policy Committee meeting UK equities The FTSE 100 index
suggested that Mark Carney, BoE gover- outperformed its continental European
nor, had changed his mind that the peers as the mining and energy
turn of the year was the moment to sectors were boosted by rallies for
begin considering raising interest rates. crude oil and base metal prices
Capital Economics, however, said
it believed interest rates would increase Eurofirst 300 index
faster than the markets had been
Change on day 1.51%
expecting. 1450
“This, along with further monetary
policy easing from the European Cen- 1400
tral Bank, should result in a bounceback 1350
in sterling against the euro.”
1300
Sterling was up 0.2 per cent against
Dec 2015 2016 Jan
the single currency at €1.3259 but was
0.1 per cent softer against the dollar at European equities Renault shares fell
$1.4398 — not far off a recent five-year 10.3 per cent, having earlier been down
low. 20 per cent, after the carmaker said
The 10-year gilt yield bounced off a three of its sites had been inspected as
low of 1.69 per cent to finish at 1.75 per part of an emissions probe
cent, down 1 basis point on the day.
Elsewhere on the currency markets,
traditional “havens” such as the yen and Nikkei 225 index
Swiss franc lost ground as rallying US (’000) Change on day 2.68%
20
equities appeared to signal greater con-
fidence among participants. 19
The dollar was up 0.4 per cent versus 18
the yen at Y118.15 and 0.2 per cent
against the franc at SFr1.0075. 17
Gold was $15 lower at $1,078 an ounce. Dec 2015 2016 Jan
US Treasuries, which are also viewed Japanese equities The Nikkei gave
as a bolthole in times of turmoil, back almost all of Wednesday’s gain as
dropped sharply. The yield on the 10- participants took their cue from a
year note, which moves inversely to its sharp overnight sell-off on Wall Street
price, was up 4bp at 2.10 per cent.

EasyJet after Investec upgraded the oil sector

London
Anglo American rally
eases rights issue fears
as metals prices recover
Bryce Elder
Recovering metals prices triggered
Anglo American’s biggest daily rally
since the credit crisis.
As copper and nickel bounced from
multiyear lows, the miner was squeezed
13.6 per cent higher to 262.7p, easing
fears about a rights issue.
The stock was helped by continued
speculation that, rather than a cash call,
Anglo’s last resort might be to spin off its
South African operations via an equity
distribution to its shareholders.
“Should progress fall short on
disposals during the first half of 2016,
we view an exit from South Africa as a
logical precursor to a capital raise and
likely to lead to increased bid
speculation,” said Deutsche Bank.
Bets against Anglo are at a record
high, with more than 12 per cent of its
free float on loan to short sellers.
Share price (£) engineer to “neutral”. Trading Directory
19 While Wood’s margins appeared
18 vulnerable to cost cutting by its
17 customers, the downside earnings risk
16 had been largely discounted in its
15 valuation, Investec said.
Jan 2015
Source: Thomson Reuters Datastream
Jan
2016 The broker saw more value in
Petrofac, up 3.3 per cent to 713.5p,
Day's
based on its restructuring potential and
Indices
FTSE 100
Close
5918.23
change
-42.74
the relative defensiveness of its Middle
East client base.
FTSE 250 16413.27 -282.50 A terrorist attack in Jakarta and a
FTSE 350 3309.08 -29.75 stronger euro combined to put pressure
FTSE All-Share 3262.61 -29.99 on travel and tourism stocks, with
FTSE All-Share Yield 3.94 - InterContinental Hotels off 7.2 per cent
FTSE 100 Futures 5877.00 -15.50 to £23.09 and Thomas Cook sliding
10 yr Gilt Yield 2.53 -0.29
8.2 per cent to 109.7p.
20yr Gilt All-Share Ratio 0.63 -
In airlines easyJet faded 2.8 per cent
to £16.42, with Morgan Stanley
The mining sector’s rebound helped downgrading to “equal weight”. Its fuel
lift the FTSE 100 off a session low, with hedging policy gave it less flexibility
the index recovering from an intraday than peers on costs and it was
2.2 per cent drop to end down 0.7 per vulnerable to growing competition at
cent, or 42.74 points, at 5,918.23. Belfast, Amsterdam and Paris airports,
Glencore gained 9.4 per cent to said the broker.
78.6p after it moved to ease funding Merlin, owner of Alton Towers theme
concerns by pulling forward the annual park, dropped 5.4 per cent to 406.7p
refinancing of its $8.5bn revolving after JPMorgan Cazenove turned
credit facility, usually scheduled for the negative on valuation grounds.
second quarter. It also moved to “neutral” on Tui,
BHP Billiton rallied 6 per cent to 657p, the travel company, which was down
with Citigroup adding the miner to its 4.9 per cent to £11.94.
“buy” list. The broker said the market Restaurant Group slumped 18.2 per
had priced in a 50 per cent dividend cut cent to 522p after sales growth in the
and deep reductions to capital Christmas quarter missed expectations.
expenditure, which should “prevent The owner of the Chiquito and
issues snowballing and putting the Garfunkel’s chains blamed a retail
balance sheet at risk”. downturn, wet weather and fewer
John Wood, the recent subject of bid people spending time in city centres
rumours, gained 2.3 per cent to 569p since the Paris terror attacks.

Wall Street
Best Buy falls 12% after
disappointing holidays
Richard Blackden and
Mamta Badkar
Best Buy’s shares were punished after it
said sales had declined during the
holiday shopping season.
A 12 per cent fall in the stock to $25.61
left the electronics chain the worst
performer on the S&P 500 yesterday as
the broader stock market enjoyed a rare
bit of respite.
Investors were troubled by the 1.4 per
cent drop in same-store sales in the nine
weeks to the beginning of January, a
critical stretch for US retailers that
covers Thanksgiving and Christmas.
Best Buy blamed mobile phones,
whose sales falls exceeded gains in
wearables and appliances. Overall
revenues for the period were down 1 per
cent to $10bn.
Hubert Joly, the French management
consultant who was parachuted into the
retailer in early 2013 as it battled the rise
of online shopping and hefty overheads,
has cut costs, revamped inventory and
reduced discounts.
Oppenheimer said investors were
overlooking improvements that had
made Best Buy “a much better-run and
disciplined organisation” under its new
management.
Twitter plumbed fresh lows, falling as
much as 7.6 per cent to $17.27, before
paring losses, as investor sentiment
continued to sour. The social media
platform, known for its 140-character
messages, or “tweets”, has been under
pressure as user growth has slowed.
Reports that Twitter was considering
tweets of up to 10,000 characters
also appeared to hurt shares, which
have fallen for nine consecutive days
and are down 19 per cent already
this year.
GoPro tumbled more than 17 per cent
to $12.04 after it lowered its sales
expectations for the fourth quarter.
The maker of action video cameras
said on Wednesday sales had slowed
sharply during the holiday season and it
expected fourth-quarter revenues of
$435m, short of the $511m Wall Street
analysts had forecast.
Meanwhile, shares in Ambarella,
which supplies chips to GoPro, fell
nearly 11 per cent to $39.78.
Shares in supermarket chain
Supervalu fell more than 11 per cent
to $4.50, after analysts at Deutsche
Bank downgraded the stock from
“buy” to “hold”.
US stocks rallied yesterday after the
S&P 500 close in correction territory
after a sharp sell-off on Wednesday.
By midday the S&P 500 had advanced
1.2 per cent to 1912.94, the Dow Jones
Industrial Average was up 1.3 per cent to
16,361.93 and the Nasdaq Composite
had risen 1.2 per cent to 4,579.34.
30 ★ Friday 15 January 2016

INSIGHT Analysis. Commodities

Jennifer
Hughes
US ‘freight recession’ rumbles as rout spreads
Falling transportation needs Not on track
for coal and oil have resulted
Hong Kong in a unique in a glut of ‘grain trains’
US rail traffic
Full-year change (2015)
Transport stocks underperform
Indices rebased
100
position as funds look GREGORY MEYER — NEW YORK
Dow Jones Industrials
98

for mainland bargains On the railways criss-crossing the farm

belt of the western US, grain trains are
96
94
so abundant you can’t give one away. 92
Big agricultural commodity traders Dow Jones Transportation 90

A
ccording to trader gossip, the global market have been offering as much as $200 per
rollercoaster triggered by China was consid- covered hopper car to anyone willing to 1 Jan 2016 13
ered so serious the International Monetary sublet their shuttle trains, which typi-
Fund emailed China’s central bank at the cally have 110 cars. US commodity prices
weekend to ask what was going on. The big “You actually have to pay someone Rebased WTI crude
joke was to profess surprise that the IMF had an email to take your cars,” says Dan Mack, vice- Corn
address — outsiders have to send faxes to the People’s Bank president of agricultural transportation Central Appalachian
of China, even at the highest level. and terminals at CHS, a large US grain coal 110
How markets operate, and how financial authorities merchant. 100
communicate, never really matters until it does— as the Spare capacity in the US freight rail Coal Grain Petroleum and Total US rail
90
actions of the PBoC and China Securities Regulatory system underlines the depth of a petroleum products freight traffic
Commission, and China’s shortlived circuit breakers, commodities rout that just entered its 80
70
have proved.
Calmer markets this week are giving investors and regu-
sixth year. Grain trains are plentiful
partly because falls in production of US
12% 3.4% 9.7% 2.5% 60
lators alike a chance to regroup. They also give those who coal and oil have freed locomotives and 50
are not intimately involved in market plumbing an oppor- crews that would have hauled those
tunity to familiarise themselves with forthcoming changes commodities. A strengthening dollar FT graphic Sources: AAR; Thomson Reuters Datastream Photos: Bloomberg; Getty
Jan 2015 Jan 2016
in the Hong Kong market, and with trading strategies has also whacked international demand
that suit its particular mix of international investors and for US coal and grain, curbing ship-
Chinese stocks. ments for export. ‘Decline in Mr Mack. “We’ve seen the decline in The tumult in fossil fuels has fed Falling coal and oil shipments are not
Hong Kong’s stock market occupies a unique position This “freight recession” — as Michael demand for multiple commodities. It through to grain markets. With ample the only reason for the grain train glut.
as China becomes more important to global market think- Ward, chief executive of the CSX rail- demand has has opened up a tremendous amount of capacity on the rails, shipping costs have US farmers have been storing billions of
ing. Its China-heavy indices have not fared as poorly as way, called it this week — is unsettling opened up a transportation capacity. If you’re a ship- plummeted. The cost per bushel to bushels of corn and soyabeans to avoid
mainland benchmarks this year, in part helped by the for investors. The Dow Jones Transpor- tremendous per, you went from a famine to a feast.” carry spring wheat from North Dakota selling at low prices, keeping crops off
absence of circuit breakers. tation Average has declined 10.5 per Individual commodity markets, often to the Pacific coast has fallen by a third the rails. The strong dollar has forced
But a “volatility control mechanism” is due this year, as cent this year, worse than the retreat of amount of viewed in isolation, are connected by in the past two years, US Department of the US to cede some global grain market
is a closing auction system that will bring the exchange the US stock market. capacity. transportation economics. Shipments Agriculture data show. share to exporters such as Brazil and
more in line with western counterparts; never mind the People who view stocks of railways, Shippers went of US coal, the biggest commodity On the Burlington Northern Santa Fe Ukraine, so fewer trains are heading for
fact that the city’s traders still trucking companies and airlines as a moved by rail, declined 12 per cent to and Union Pacific railways, which dart the coasts.
enjoy a one-hour lunch break. barometer for equities investment have from famine 5.1m carloads in 2015, according to the between the western farm belt and its This week CSX reported lower vol-
The city’s stocks are not a
‘China really taken notice. “The transports are defi- to feast’ Association of American Railroads. customers, the problem is illustrated by umes and outlined a “challenging” envi-
perfect way of expressing wants to instil nitely flashing a big red warning sign,” CHS The decline came as coal lost out to the secondary market for shuttle trains. ronment in 2016. “You have multiple
views on China. The very lim- says Nicholas Colas, chief market strate- cheap natural gas as a source of fuel Big grain traders can reassign trains aspects working against you,” Mr Ward
ited pipe between Hong Kong
some calm right gist at Convergex, a broker. at power plants. Prices for US coal they have hired to others, for a negoti- told analysts. “The low gas prices, low
and the Shanghai market now, not add to The soft rail freight market has have dropped sharply and this week ated price. In early 2014 those with commodity prices, the strength of the
means it is hard to arbitrage changed hugely in two years. Then, a Arch Coal, the miner, sought bankruptcy trains to spare could command $6,000 dollar. All three of those together are
the different valuations.
the carnage’ harsh winter and booming cargoes of protection. per car above the official railway tariff, really pushing and . . . you can almost
As a result, and in spite of shale oil contributed to delays. General In the case of oil, as the price slide has according to traders. Today, to avoid think of it as a ‘freight recession’.”
their spectacularly bad start to the year, A-shares still Mills, which makes Cheerios breakfast worsened, output from most shale hefty contract cancellation fees, they In the year to date CSX shares are
trade at a 40 per cent premium to their Hong Kong- cereal, complained of congestion. basins has gone into reverse, and less are instead paying others to use their down 14 per cent, while Union Pacific
listed H-share counterparts. The Hang Seng China Enter- “Now, we’re facing the opposite,” says crude is rolling down the tracks. unwanted trains. has dropped 5.6 per cent.
prises index, made up of the latter stocks, offers one of
the lowest valuations in the world at six times expected
earnings — half the level of mainland blue chips and just
over a third of US levels. Capital markets
Those valuations are attracting the interest of hedge
funds and other investors that, notwithstanding the vola-
tility, are keen to take positions on China. Strategies such
as betting that Chinese groups will pay expected dividends
Kenya set to road-test
are increasingly popular. Betting on HSCEI dividends,
which are reported by member companies in renminbi but appetite for debt sale
paid in Hong Kong dollars (which are pegged to their US
counterparts), involves believing that the expected pay-
outs are undervalued, that the renminbi’s weakening has JOHN AGLIONBY — NAIROBI in April to 9.45 per cent.
indeed slowed and that reactions on the mainland will not ELAINE MOORE — LONDON Kenya hopes to boost its
involve cutting dividends. Kenya is gauging interna- standing with international
“I think it would be a major negative shock to the market tional appetite for new sov- investors by securing an
if dividends were to be reduced dramatically in the next ereign bonds as investors extension of standby facili-
few months,” says Andrew Scott, head of Asia-Pacific flow warn that weakening ties from the International
strategy at Société Générale. “China really wants to instil emerging markets will push Monetary Fund before hold-
some calm right now, not add to the carnage.” its borrowing rate above ing a bond roadshow in Feb-
Moreover Hong Kong’s planned circuit breaker is more 10 per cent. ruary or March.
subtle than the one that hurt Shanghai and Shenzhen. It is The event “is basically to
activated only if a price moves 10 per cent in five minutes, Henry Rotich, finance minis- meet investors and gauge
and then it allows five minutes “cooling off” before trading ter, said Kenya was planning appetite for our longer-term
resumes. This can happen just twice a day. It will affect only an international roadshow bonds”, said Mr Rotich.
80-oddblue-chipstobeginwith as itis phased in. for new long-dated bonds, “If we were to issue
China’s breaker, which has been shelved, paused the while exploring alternative another eurobond, could
whole market after a 5 per cent slide and closed trading for means of raising external we look at 15 years, 20 years?
the day at 7 per cent. The gap between 5 and 7 per cent budget support. I’ve seen countries that have
“acted like a magnet”, says one senior equities banker: These could include a done 30 years.”
investors scared by a 5 per cent fall used the pause to pre- soft loan from the China As a net oil importer,
pare formoreselling. Development Bank, Islamic Kenya has benefited from
Hong Kong’s closing auction system is more of a financing, export credit the oil price slump. The gov-
catch-up. The exchange is, by its own admission, the only arrangements and the sale of ernment expects growth to
one in the developed market not to have one — which helps debt denominated in Japa- hit 5.8 per cent for 2015, and
funds, including index trackers, meet their mandates. nese yen, known as a samu- 6.1 per cent this year.
Still, whether it be faxes or an insistence on lunch rai bonds. However, the debt burden
breaks, processes and thinking tend to be a little different “We just want to expand has grown to 56 per cent of
in Asia. But the more China matters to global perform- our menu,” Mr Rotich told gross domestic product, a
ance, and the more competition forces Asian bourses to vie the Financial Times in an high level for an emerging
with London and New York, the more these differences interview. market, and the budget defi-
will fade over time and arbitrageurs will have their say. Kenya’s announcement cit target for 2015-16 is
follows news that Nigeria 8.7 per cent.
jennifer.hughes@ft.com and Mongolia are planning to To limit the pressures,
issue debt in spite of dwin- Kenya plans to diversify its
dling investor appetite for sources of credit.
bonds sold by developing Mr Rotich said he was in
countries. talks with the CDB for a
Declining bond prices budget support loan of
More comment and data on ft.com mean countries that paid 5 or $600m at a rate of about
6 per cent to borrow on mar- 3.65 per cent above Libor,
kets two years ago face dou- the London interbank
Y Fast FT Our global economies, headed ble-digit rates. offered rate.
team gives you market- by Brazil, Russia, India “Kenya is lucky that it can Kenya is due to host an
moving news and views, and China. still issue,” said Kevin Daly at Islamic financing conference
24 hours a day, five days ft.com/beyondbrics Aberdeen Asset Manage- next month, but Mr Rotich
a week. ft.com/fastft ment. “Ghana and Zambia said it would take up to two
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a have been shut out of mar- years to issue any sukuk
irreverent financial blog. look at what is driving kets by prohibitively high (Islamic bond) because the
Join Paul Murphy and the global currency yields. For Kenya issuance country’s banking law would
Bryce Elder for the daily market. ft.com/podcasts will be challenging but the have to be amended.
Markets Live session at last bond sale did well and East Africa’s largest econ-
Y Lex Video Analysis there is likely still appetite.” omy was one of the most suc-
11am. ft.com/alphaville
and opinion from the Prices for its five-year and cessful participants in the
Y beyondbrics News and team on the hot issues 10-year bonds have dropped recent EM credit boom,
comment from more affecting companies and sharply since last year. The breaking records in 2014 for
than 40 emerging markets. ft.com/lexvideo yield on Kenya’s 2024 bond the biggest sovereign bond
has risen from 5.97 per cent debut by an African country.