THursdAy 18 FeBruAry 2021 WORLD BUSINESS NEWSPAPER euroPe

Power politics Cashless control Cyber ransom

London is learning it is not the eu’s China’s digital currency brings negotiators who defend companies
equal — roBerT sHrIMsLey, PAGe 17 Big Brother closer — BIG reAd, PAGe 15 against hacker demands — PAGe 6

Google agrees Italy’s reformation Draghi outlines

path for regaining economic health
Briefing

deal to pay for

i Banker wooed Asian Wirecard clients
A Deutsche Bank board member helped Wirecard
forge links in Asia until just months before its
collapse, underlining the ties between corporate
Germany and the payments group.— PAGE 5

News Corp i Spain lays out plans for Covid funds

A Spanish government official has set out ambitious
plans to use the country’s €140bn in EU virus
recovery funds to transform its economy, revitalise

journalism
the small business sector and boost demand.— PAGE 2

i Epic files tax complaint against Apple

Epic has filed an antitrust case
against Apple to the European
Commission, the latest salvo in
3 Breakthrough in battle with Big Tech an escalating feud between the
Fortnite developer and the
3 Content licence covers global titles Silicon Valley giant.— PAGE 5

i Conservative radio host Limbaugh dies

ALex BArker — London
JAmie SmyTH — sydney
of the news industry, since many other Rightwing US radio host Rush Limbaugh, who over
publishers lacked the negotiating power a 30-year career became a dominant force in US
Rupert Murdoch’s News Corp reached a that Murdoch enjoyed. conservative punditry, has died at the age of 70
landmark global deal with Google that it Angela Mills Wade, executive director after a battle with lung cancer.— PAGE 3
said would bring “significant payments” of the European Publishers Council,
for its journalism, ending a long- said the global News Corp deal proved i Taipei accuses Beijing of blocking jabs
running dispute that had been a focal the value of news media content to Taiwan has accused China of thwarting its efforts to
point in the media industry’s fight with Google. But she warned regulators “not purchase 5m coronavirus vaccines from BioNTech,
big tech companies. [to] be misled into thinking that big in the latest example of a political dispute that
The breakthrough in a long-running deals between Google and a few influen- threatens the fight against the pandemic.— PAGE 4
News Corp campaign came as Australia, tial media companies are the answer to
the cradle of the Murdoch media the fair remuneration due to all publish- i Artisan Partners calls for Danone action
empire, began debating laws in parlia- ers under the law”. A large shareholder in Danone has urged its directors
ment yesterday that would force Google The three-year deal covers licensing to oust chief Emmanuel Faber, halt a rejig that he has
and Facebook to pay for news. payments for content used on Google’s pushed for and sell underperforming brands that
Google and Facebook have been rush- News Showcase feature, the develop- account for 15 per cent of group revenue.— PAGE 6
ing to complete deals with Australian ment of a subscription platform, the
publishers in an attempt to blunt the sharing of revenue via Google’s ad tech- i UN to raise ‘detained princess’ claim
force of the landmark bargaining code, nology services, and other projects. The UN is to raise the alleged detention of Sheika
which is inspiring regulators in Europe, Google pledged last year to spend Latifa, the daughter of Dubai’s billionaire ruler, with
the UK and Canada. $1bn over three years on buying news the UAE after video clips were released in which the
The Google deal with News Corp goes content, and has reached agreements princess claimed she was being held hostage.— PAGE 4
beyond Australia, extending to Mur- with publishers in about a dozen coun-
doch titles such as the Wall Street Jour- tries. But people involved in negotia-
nal and New York Post in the US and The tions in Australia said sums now under Datawatch
Times and The Sun in the UK. No other discussion were “multiple times” the
news publisher has reached a single deal size of deals signed elsewhere.
with Google across multiple countries. The size of News Corp’s deal with Carbon footprint The computer
Robert Thomson, News Corp’s chief Google was not disclosed. Thomson said Electricity calculations
UK
executive, said the effort to make plat- earlier this month that an agreement consumption 301 involved in mining
forms pay for using news content was would have a “material impact”. Masked crusader: Mario Draghi says he will speed up Italy’s vaccine rollout — Alberto Pizzoli/AFP (TWh), 2019 for cryptocurrency
bitcoin consume
now changing the terms of trade for Don Harrison, president of global Norway 124 about 123
every publisher. partnerships at Google, said: “News US terawatt-hours a
The legislative passage of the bargain- Showcase now has partnerships with Mario Draghi, former head of would speed up the country’s €210bn of EU pandemic recov- 3,990
Bitcoin 124 year, using more
ing code in Australia is being watched in over 500 publications around the the European Central Bank, vaccine rollout. “There has ery money on digitalisation, the electricity
Europe and the US for evidence that a world,” he added. Google also signed a promised to reform Italy’s bat- never been, in my long profes- switch to green technologies, Pakistan 90 annually than
tougher approach can reset the balance letter of intent yesterday with Nine tered economy as he made his sional life, a moment of such health and research and devel- countries such as
between publishers (including the Entertainment, another large Austral- maiden speech to parliament great responsibility,” he said. opment, and combine it with Greece 54 Pakistan, Greece,
Financial Times) and tech platforms. ian media group. as prime minister yesterday. He pledged structural structural and tax reforms. Source: Cambridge Bitcoin
New the Netherlands
41 Zealand and Argentina.
But critics said the deal would mainly Additional reporting by Richard Waters Draghi said he would fight the reforms and said his national Draghi pledges page 2 Electricity Consumption Index
benefit News Corp rather than the rest Lex page 18 pandemic “by all means” and unity government would invest FT View page 16

Brussels triples Moderna vaccine order

to head off variants and quash critics
micHAeL PeeL confirmed an agreement to increase president, yesterday warned: “New
AnD SAm FLeming — BrusseLs
DonATo PAoLo mAncini — roMe supplies of its vaccine to the EU this year variants of the virus are emerging fast
from 300m doses to 500m, with the and we must adapt our response even
Brussels is set to almost triple its orders option to add 100m more. faster.”
of Moderna’s Covid-19 vaccine as part Deliveries under the new Moderna Von der Leyen announced €150m in
Texan utilities called to of an EU push to prepare for new vari- deal are unlikely to ease the EU’s cur- funding for research into new strains,
explain cold-snap blackout ants of the virus and the possible need rent short-term vaccine supply squeeze and at least €75m towards developing
for booster shots. before an expected increase in deliver- specialised tests for emerging variants.
Heat raised i PAGE 4 ies in April. BioNTech said that an esti- The goal in Brussels will be to ensure
The European Commission and Mod- mated 75m of the additional 200m speedy detection of mutant versions of
erna revealed a deal yesterday for a fur- doses it had agreed would be delivered the virus, enabling the rapid adaptation
Austria €3.90 Malta €3.70
Bahrain din1.8 Morocco dh45 ther 150m doses of the US pharmaceuti- between April and June. and deployment of inoculations.
Belgium
Bulgaria
€3.90
Lev7.50
netherlands
norway
€3.90
nKr40 cal company’s jab this year, and an Both the BioNTech and Moderna vac- The commission plan also seeks to
Croatia Kn29 oman or1.60 option for 150m more next year. If nec- cines are based on pioneering mRNA fast-track regulatory approval of
Cyprus €3.70 Pakistan rupee350
Czech rep Kc105 Poland Zl 20 essary, next year’s order could be of a technology, which experts say will be updated vaccines, potentially following
denmark
egypt
dKr38
e£59
Portugal
Qatar
€3.70
Qr15
vaccine tailored to a new variant, one easier to modify to deal with new virus the model for annual flu jabs, and to
Finland €4.70 romania ron17 person familiar with the matter said. variants than some of the more conven- speed up authorisation of new capacity
France €3.90 russia €5.00
Germany €3.90 serbia newd420 The move builds on the EU’s existing tional jabs. Stéphane Bancel, Moderna’s for manufacturing adapted vaccines.
Gibraltar
Greece
£2.90
€3.70
slovak rep
slovenia
€3.70
€3.70
deal for 160m Moderna shots, and is chief executive, said that the company Additional reporting by Hannah Kuchler in
Hungary Ft1200 spain €3.70 part of a broader effort in Brussels to would work “relentlessly” to develop New York
India rup220 sweden sKr39
Italy €3.70 switzerland sFr6.20 tackle criticism of the bloc’s sluggish variant-targeted vaccines. russian hurdles page 2
Lithuania
Luxembourg
€4.30
€3.90
Tunisia
Turkey
din7.50
TL19
vaccine rollout. BioNTech/Pfizer also Ursula von der Leyen, commission Plastic bag shortage page 6
north Macedonia den220 uAe dh20.00

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2 ★ FINANCIAL TIMES thursday 18 February 2021

INTERNATIONAL

reform programme crisis fund

Draghi pledges better and fairer Italy Spain lays out

priorities for
Premier vows to quicken
spending EU
recovery cash
resources to fight the pandemic. Draghi, consequences on the economic and majority from lawmakers in a confi- pean Union that will arrive at a common
a former European Central Bank presi- social fabric of our country”. dence vote late yesterday. public budget capable of supporting
jabs rollout and outlines dent who was sworn in as prime minis- Draghi was earlier this month unex- Detailing his political programme countries in times of recession.”
plans for Brussels funds ter on Saturday, described “the republi- pectedly called on to form a government Draghi, who has no history in electoral Outlining how Italy would spend the
can spirit” of his administration that politics, said he would accelerate the €210bn EU recovery funds, Draghi said
“would all fight together. The virus is vaccine rollout. He outlined plans to his administration would follow the pre-
miles Johnson — rome
everyone’s enemy.
‘Without Italy there is no invest €210bn of EU recovery money, as vious government to focus on digitalisa-
Daniel Dombey — madrid

A top Spanish official has set out plans

Mario Draghi has promised an ambi- “Today, unity is not an option, unity is Europe. But, outside well as plans for structural reforms of tion, ecological transition, research,
to use the country’s €140bn in EU coro-
tious reform programme that will a duty. But it is a duty guided by what I the legal system and public administra- training and health. His government
“deliver a better and fairer country for am sure unites us all: the love for Italy.
Europe there is less Italy’ tion. His government would work would combine the investment of the
navirus recovery funds to transform its
economy, revitalise the small business
our children and grandchildren” in his There has never been, in my long pro- Mario Draghi towards furthering EU integration: EU funds with structural reforms and
sector and boost demand, despite
first speech as leader of Italy’s new fessional life, a moment of such intense “Without Italy there is no Europe. But, adjustments to Italy’s tax system.
domestic criticism of the government’s
national unity government. emotion and such great responsibility.” of national unity by Italy’s president outside Europe there is less Italy. There His government would be “strongly
management of the programme.
He pledged to lawmakers yesterday to He takes charge as Italy suffers from after the last coalition collapsed. His is no sovereignty in solitude. pro-European and Atlanticist”, he said,
“take care of those who are suffering twin health and economic emergencies entrance into domestic politics has for “Supporting this government means breaking with Giuseppe Conte, the pre- Speaking to the Financial Times, Nadia
now, those who are losing their jobs or that he said had resulted in the largest now united almost every large political sharing the irreversibility of the choice vious premier, who had aligned Italy Calviño, deputy prime minister for the
forced to close their businesses” as he fall in life expectancy since the second party. His new government was of the euro, it means sharing the pros- more closely with China. economy, said the government had a
said he would mobilise all available world war and had inflicted “serious expected to receive an overwhelming pect of an increasingly integrated Euro- see Ft View historic responsibility to make good use
of the funds and carry out accompany-
ing reforms.
This two-pronged approach would be
coronavirus. drug supply vital in addressing Spain’s structural
problems and repairing the economic
damage wreaked by the pandemic, she

Russian vaccine faces global production hurdles said.

The funds are set to be delivered over
the next six years, half as grants and half
as loans, subject to an EU approval proc-
ess, although Spain has already
Factory floor: approved a budget that allows it to bor-
Moscow entrusts manufacture Sputnik V is row €27bn in advance of receiving the
produced in a money.
of Sputnik V jab to sprawling facility near “We all have an enormous responsi-
St Petersburg bility to ensure this is a success: the gov-
network of private companies in December ernment, regional and local administra-
Olga Maltseva/AFP/Getty
tions, European institutions, the private
henry Foy anD max seDDon sector and social partners,” Calviño
moscow
said.
A global network of private factories “All of us are aware the recovery plan
that Russia is relying on to supply its is a unique opportunity to begin a proc-
Sputnik V coronavirus vaccine to inter- ess of transformation in Europe, to drive
national markets is months away from forward economic recovery and achieve
reaching full production levels, raising medium-term growth that is sustaina-
doubts over Moscow’s ability to honour ble in economic, environmental and
dozens of agreements with foreign social terms.”
countries. Spain’s success or failure in using its
The Kremlin funded the development share of the €750bn EU package could
of Sputnik V but lacks the production help determine how quickly the bloc
capacity to make enough of it, meaning can extricate itself from the coronavirus
Russia must depend on factories in Bra- economic crisis, as well as its appetite
zil, India and South Korea if it is going to for future pan-European economic inte-
meet a target of vaccinating almost one- gration.
tenth of the world’s population. “Our actions this year have a very
“Each site is likely to face different clear priority, which is to stimulate eco-
kinds of problems . . . it takes time to nomic growth [and] deploy this recov-
get the production up and running and ery plan as soon and as efficiently as
ensure quality, especially when the pro- ‘[Sputnik V possible”, Calviño said, emphasising a
duction is outsourced to third parties,” recent decree intended to reduce paper-
said Rasmus Bech Hansen, founder of is] as simple work and remove bottlenecks in
Airfinity, a London-based science ana- and reliable approving projects.
lytics company. The deputy prime minister added it
The Russian Direct Investment Fund as the was vital Spain’s small and medium-
(RDIF), a sovereign wealth fund that is Kalashnikov sized businesses benefited from funds
managing Sputnik V’s distribution, told to help companies digitalise and reduce
the Financial Times that it had signed assault rifle’ carbon emissions. Big groups such as
contracts with 15 manufacturers in 10 Telefónica, renewable energy company
countries to produce 1.4bn jabs, enough Last November, Russian state TV pro- sceptical in the absence of peer- from BioNTech/Pfizer and Moderna — But questions remain over how soon Iberdrola and car manufacturer Seat are
to vaccinate 700m people. claimed the two-shot adenovirus-based reviewed evidence. Sputnik V is seeking to emulate the Sputnik V’s global production network already jostling for EU resources.
The agreements mean RDIF is relying vaccine was “as simple and reliable as But after a study published earlier this Kalashnikov as one of Russia’s great will be able to meet demand from more Calviño said some tenders for projects
on foreign plants to produce more than the Kalashnikov assault rifle”. Yet month said the vaccine was 91.6 per cent exports. than 50 countries. were likely to be issued as of the second
twice as many doses as Russian compa- experts in many western countries were effective — on par with mRNA vaccines Whereas the mRNA vaccines require Contractors in India and Brazil, coun- quarter this year and that the €27bn of
nies. Factories in China, South Korea, below-temperate storage, making them tries that account for more than half of planned investments for 2021 would
India and Iran will manufacture shots Global production of the Russian Sputnik V vaccine tricky and more expensive to transport, RDIF’s global production forecast, said strengthen growth in the second half.
that could be exported to third coun- Sputnik V’s $10 cost and required stor- they were yet to begin mass production The spotlight on Spain has intensified
tries, while plants in states such as Brazil age temperature of between 2-8C has of the vaccine. with the accession to power of Mario
and Serbia will primarily serve domes- RUSSIA made it attractive for many lower-in- Russian producers’ experience and Draghi, former European Central Bank
tic demand. KAZAKHSTAN come countries. the vaccine’s relative simplicity could, chief, in Italy, the other main recipient
“We have some players who are really SERBIA “It wins on every point,” said Dmitry however, enable foreign participants to of the EU funds.
big, and they will be producing for the IRAN CHINA Kulish, a professor at private Moscow scale up quickly, Kulish said. While Brussels previously viewed
whole world. And we have some who are EGYPT SOUTH science university Skoltech. “Sputnik Dmitriev declined to comment on Spain as ahead of Italy in terms of pro-
smaller and they will be producing more INDIA KOREA V’s simplicity and sensitivity to temper- current production levels, but said RDIF posed reforms, Draghi’s agenda has
for local demand,” said Kirill Dmitriev, ature mean it can win just as the Kalash- would announce the full details of over- changed the calculation.
RDIF’s head. “This is our approach: to nikov did.” seas production sites next month. Calviño welcomed the arrival of
solve the bigger production issue while BRAZIL Moscow has pitched the state-devel- German chancellor Angela Merkel Draghi’s government, dismissing
also . . . providing local availability.” oped vaccine as both a statement of sci- said last month the country was inter- any suggestion the credibility of Italy’s
RDIF is banking on that devolved entific prowess and a tool of diplomatic ested in “joint production” of Sputnik V re f o r m p l a n s c o u l d l e a d t o
approach to help it avoid the production soft power. if it was approved by the European Med- more demanding EU criteria for both
shortfalls that have bedevilled other Countries where Sputnik V will be produced That has made Sputnik V particularly icines Agency. countries.
Covid-19 vaccine producers such as Additional countries that have approved or placed attractive to countries that have felt Additional reporting by Edward White and “It’s very good for Spain, for Italy to be
AstraZeneca, while also tapping a large orders for the vaccine elbowed out of global pharmaceutical Kang Buseong in Seoul and Stephanie a country that helps provide stability for
Source: Russian Direct Investment Fund
market for jabs in poorer countries. deals by richer states. Findlay in New Delhi Europe and the eurozone,” she said.

latin america state-sponsored attacks

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FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
beset by supply problems over $1.3bn cyber-hack spree
Trump vs the Valley A Five Star plan? Dear Don...
Tech titans need to minimise Italy’s populists are trying to woo May’s first stab at the break-up
political risk — GILLIAN TETT, PAGE 13 the poor — BIG READ, PAGE 11 letter — ROBERT SHRIMSLEY, PAGE 12

HMRC warns Lloyd’s of Brussels Insurance market

to tap new talent pool with EU base
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80
Briefing
SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017

customs risks THE END

i US bargain-hunters fuel Europe M&A

michael pooler — sao Paulo tion rollout will continue in the coun- Katrina manson — washington general for national security at the US
Europe has become the big target for cross-border
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE TECHNOLOGY IS
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17

being swamped i Report outlines longer NHS waiting times

A report on how the health service can survive CHANGING AN
ROAD helen Warrell — london
more austerity has said patients will wait longer for
AMERICAN WAY OF LIFE

try’s most populous city, São Paulo. Department of Justice, told reporters
non-urgent operations and for A&E treatment while

by Brexit surge
some surgical procedures will be scrapped.— PAGE 4 Censors and sensitivity
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017

Developing countries have sold record levels of upsetting — LIFE & ARTS

Authorities in Rio de Janeiro and sev-

government debt in the first quarter of this year,

hannah murphy — san Francisco

taking advantage of a surge in optimism toward
emerging markets as trade booms.— PAGE 15

Credit Suisse
3 Confidence in IT plans ‘has collapsed’ Art of persuasion Mystery deepens

The shortages follow delays in yesterday.

i London tower plans break records
3 Fivefold rise in declarations expected
A survey has revealed that a
record 455 tall buildings are
planned or under construction over disputed painting of Jane Austen How To Spend It

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

eral other Brazilian cities have said

EU, a Whitehall official said. “If running almost one tower a week
A computer system acquired to collect our own customs system is proving during 2016.— PAGE 4
duties and clear imports into the UK much harder than we anticipated, that
may not be able to handle the huge ought to have an impact on how we i Tillerson fails to ease Turkey tensions

fresh tax probe

imports of vital pharmaceutical ingredi- Three North Korean computer pro- The case involves a series of cyber
surge in workload expected once Britain press for certainoptions in Brussels.” The US secretary of state has failed to reconcile
leaves the EU, customs authorities have
admitted toMPs.
HM Revenue & Customs told a parlia-
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
mittee, HMRC said the timetable for
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen.— PAGE 9
Chic new lodgings
mentary inquiry that the new system delivering CDS was “challenging but in Scotland

they will pause some coronavirus jabs

needed urgent action to be ready by achievable”. But, it added, CDS was “a i Toshiba investors doubt revival plan
March 2019, when Brexit is due to be complex programme” that needed to be In a stormy three-hour meeting, investors accused MAGAZINE
completed, and the chair of the probe linked to dozens of other computer sys- managers ofhaving an entrenched secrecy culture
said confidence it would be operational tems to work properly. In November, 3 UK, France and Netherlands swoop
and cast doubt on a revival plan after Westinghouse

ents from China, which have pushed grammers have been charged in the US attacks taking place over an 11-year
in time “has collapsed”.
Setting up a digital customs system
HMRC assigned a “green traffic light” to
CDS, indicating it would be delivered on 3 Blow for bid to clean up Swiss image
filed for Chapter 11 bankruptcy protection.— PAGE 16

has been at the heart of Whitehall’s time. But last month, it wrote to the i HSBC woos transgender customers
Brexit planning because of the fivefold committee saying the programme had TheRALPH
bank hasATKINSunveiled
— ZURICHa range of gender-neutral it followed “a strategy offull client tax
increase in declarations expected at DUNCAN
titles such asROBINSON — BRUSSELS
“Mx”, in addition to Mr, Mrs, Misscompliance”
or but was still trying to

FINANCIAL TIMES
been relegated to “amber/red,” which

because of a shortage of vaccines, as

British ports when the UK leaves the EU. means there are “major risks or issues Ms, in a move to embrace diversity and cater togather the information about the probes.
About 53 per cent of British imports apparent in a number ofkey areas”. Credit
needs Suisse hascustomers.
of transgender been targeted by
— PAGE 20 HM Revenue & Customs said it had
come from the EU, and do not require HMRC said last night: “[CDS] is on sweeping tax investigations in the UK, launched a criminal investigation into

28821, coslada, madrid. legal deposit number

checks because they arrive through the track to be delivered by January 2019, France and the Netherlands, setting suspected tax evasion and money laun-

back the production schedules of with conspiring to steal and extort span, including the 2014 hack that tar-
single market and customs union. But and it will be able to support frictionless back Switzerland’s attempts to clean up dering by “a global financial institution
Theresa May announced in January that international trade once the UK leaves
Datawatch
its image as a tax haven. and certain ofits employees”. The UK
Brexit would include departure from the EU . . . Internal ratings are designed The Swiss bank said yesterday it was tax authority added: “The international
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
to make sure that each project gets the Terror attacks inwith
co-operating western Europe after
authorities
offices in London, Paris and Amsterdam
itsattacks
Recent reach
— of this investigation sends a clear
notably the message that there is no hiding place for
The lure of the exotic
focus and resource it requires for suc- 2011

supply bottlenecks threaten to slow the

Robin Lane Fox on the flair

(deposito legal) m-32596-1995;

customs union, the number is expected cessful delivery.” were contacted
Highlighted attack byOthers local officials
massacre bythose seeking to evade tax.”

Bracken house, 1 Friday street, london ec4m 9Bt.

“concerning client tax matters”. Anders BreivikDutch in prosecutors, who initiated the
to hit 300m.
The revelations about the system,
HMRC’s letters to the select commit-
tee, which will be published today, pro- AFP Dutch authorities said their counter- action, said they seized jewellery, paint-
Norway, the of foreign flora — HOUSE & HOM E
called Customs Declaration Service, are vide no explanation for the rating Lloyd’s of London chose Brus- insurers to follow. Most of the EU, with Dublin and Luxem- parts in Germany wereBrussels attacks in Paris
also involved, ings and gold ingots as part of their

domestic laboratories supplying the more than $1.3bn in money and geted Sony Pictures Entertainment over
while Australia’s revenue department and Nice, and the while French officials said their
probe;
likely to throw a sharper spotlight on change, but some MPs believe it was sels over “five or six” other business written in Brussels bourg thought to be more likely Norway Brussels suicide
whether Whitehall can implement a caused by Mrs May’s unexpected deci- cities in its decision to set up an will be reinsured back to the homes for the industry. But said it was investigating
Paris a Swiss
Nice bank. investigation had revealed “several

Publishing director, roula Khalaf;

bombings — have
host of regulatory regimes — in areas sion to leave the EU customs union. EU base to help deal with the syndicates at its City of London Mr Nelson said the city won on The inquiries threaten to undermine thousand” bank accounts opened in
bucked the trend
ranging from customs and immigration Timetable & Great Repeal Bill page 2 expected loss of passporting headquarters, pictured above. its transport links, talent pool efforts by the country’s banking sector Switzerland and not declared to French
of generally low
to agriculture and fisheries — by the rightsafterBrexit. The Belgian capital had not and “extremely good regula- to overhaul business models and ensure tax authorities.

inoculation programme in Latin Amer-

Scheme to import EU laws page 3 fatalities from
time Britainleaves the EU. Editorial Comment & Notebook page 12 John Nelson, chairman of the been seen as the first choice for tory reputation”. customers meet international tax The Swiss attorney-general’s office
Sources: Jane’s Terrorism and Insurgency Centre terror incidents in
requirements following a US-led clamp- western Europesaid it was “astonished at the way this
Problems with CDS and other projects Philip Stephens & Chris Giles page 13 centuries-old insurance mar- London’s specialist insurance Lex page 14
down on evaders, which resulted in operation has been organised with the

Publishing company, the Financial times limited,

essential to Brexit could force London to JPMorgan eye options page 18 ket, said he expected other groups after the UK leaves the Insurers set to follow page 18
billions of dollars in fines. deliberate exclusion of Switzerland”. It

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vaccines. cryptocurrency from banks and other its intention to release The Interview, a
The probes risk sparking an interna- demanded a written explanation from
tional dispute after the Swiss attorney- Dutch authorities.

City watchdog sends a clear message as

general’s office expressed “astonish- In 2014, Credit Suisse pleaded guilty
ment” that it had been left out of the in the US to an “extensive and wide-
actions co-ordinated by Eurojust, the ranging conspiracy” to help clients THE the
Escape RISE OF
taper ECO-GLAM
trap
banker loses job over WhatsApp boast
subscription offers: www.ft.com/subscription registered office as above. local representative office; ica’s largest nation.
EU’s judicial liaison body. evade tax. It agreed to fines of $2.6bn.
Credit Suisse, whose shares fell 1.2 per Additional reporting by Laura Noonan in How high earners can evade
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
subject ofinvestigations in the Nether- Houlder in London, and Michael Stothard a pension headache — FT MONEY
lands, France and the UK. The bank said in Paris Austen’s descendants insist the Rice portrait depicts her as a girl — see magazine

Government officials say they expect companies through state-sponsored comedy about a plot to kill North
Bridgeman Art Library

c/ infanta maria teresa 4, bajo 2, 28016, madrid. issn

Berrys after discussions with regulators.

contact: +44 207 775 6000, [email protected]

LAURA NOONAN — DUBLIN media at work, but banks are unable to
JENNIFER THOMPSON — LONDON
Christopher Niehaus, a former Jeffer- ban people from installing apps on their

Brussels takes tough stance on Brexit

A boastful WhatsApp message has cost ies banker, passed confidential client private phones.
a London investment banker his job information to a “personal acquaint- Andrew Bodnar, a barrister at Matrix
and a £37,000 fine in the first case of ance and a friend” using WhatsApp, Chambers, said the case set “a precedent

with Spain handed veto over Gibraltar

Shutdown risk as border

1135-8262.
regulators cracking down on commu- according to the FCA. The regulator said in that it shows the FCA sees these mes- 390_Cover_PRESS.indd 1 19/01/2017 13:57

manage your personal account: mma.ft.com

wall bid goes over the top nications over Facebook’s popular Mr Niehaus had turned over his device saging apps as the same as everything
chat app. to his employer voluntarily. else”.

A number of municipalities including all states to receive further vaccine cyber hacks. Korean leader Kim Jong Un.
Congressional Republicans seeking to The FCA said Mr Niehaus had shared Information shared by Mr Niehaus
avert a US government shutdown after The fine by the Financial Conduct confidential information on the messag- included the identity and details of a
April 28 have resisted Donald Trump’s Authority highlights the increasing ing system “on a number of occasions” client and information about a rival of ALEX BARKER — BRUSSELS ambitious trade and airline access deals. mise. If Britain wants to prolong its

uae: masar Printing & Publishing, P.o. Box 485100,

attempt to tack funds to pay for a wall problem new media pose for companies last year to “impress” people. Jefferies. In one instance the banker GEORGE PARKER — LONDON Gibraltar yesterday hit back at the status within the single market after

advertising
on the US-Mexico border on to that need to monitor and archive their Several banks have banned the use of boasted how he might be able to pay off STEFAN WAGSTYL — BERLIN clause, saying the territory had “shame- Brexit, the guidelines state it would
stopgap spending plans. They fear staff’s communication. new media from work-issued devices, his mortgage if a deal was successful. The EU yesterday took a tough opening fully been singled out for unfavourable require “existing regulatory, budgetary,
that his planned $33bn increase in Several large investment banks have but the situation has become trickier as Mr Niehaus was suspended from Jef- stance in Brexit negotiations, rejecting treatment by the council at the behest of supervisory and enforcement instru-
defence and border spending could banned employees from sending client banks move towards a “bring your own feries and resigned before the comple- Britain’s plea for early trade talks and Spain”. Madrid defended the draft ments and structures to apply”.
force a federal shutdown for the first information over messaging services device” policy. Goldman Sachs has tion of a disciplinary process. Living wage rise to pile clause, pointing out that it only reflected Mr Tusk wants talks on future trade

dubai. editor in chief: roula Khalaf. Rio, home to 6.7m people, have in recent batches next week, underpinning hopes While the Sony attack leaked confi-
explicitly giving Spain a veto over any
time since 2013, as Democrats refuse including WhatsApp, which uses an clamped down on its staff’s phone bills Jefferies declined to comment while pressure on care services “the traditional Spanish position”. to begin only once “sufficient progress”

tel: +44 20 7873 4000 [email protected],

arrangements that apply to Gibraltar.
to accept the proposals. encryption system that cannot be as iPhone-loving staff spurn their work- Facebook did not respond to a request Senior EU diplomats noted that has been made on Britain’s exit bill and
US budget Q&A and accessed without permission from the issued BlackBerrys. forcomment. About 2.3m people will benefit from European Council president Donald Mr Tusk’s text left room for negotiators citizen rights, which Whitehall officials
Trump attack over health bill i PAGE 8 user. Deutsche Bank last year banned Bankers at two institutions said staff Additional reporting by Chloe Cornish today’s increase in the national living Tusk’s first draft of the guidelines, to work with in coming months. Prime believe means simultaneous talks are
WhatsApp from work-issued Black- are typically trained in how to use new Lombard page 20 wage to £7.50 per hour. But the rise which are an important milestone on minister Theresa May’s allies insisted possible if certain conditions are met.
the road to Brexit, sought to damp Brit- that the EU negotiating stance was Boris Johnson, the foreign secretary,

France: Publishing director, Jonathan slade, 46 rue la

will pile pressure on English councils,

[email protected]
which will have to pay care workers a ain’s expectations by setting out a largely “constructive”, with one saying it reassured European colleagues at a
lot more. Some 43 per cent of care “phased approach” to the divorce proc- was “within the parameters of what we Nato summit in Brussels that Mrs May
Subscribe In print and online World Markets staff — amounting to 341,000 people ess that prioritises progress on with- were expecting, perhaps more on the had not intended to “threaten” the EU

days paused first injections — or said of a quick restart. US officials unsealed the charges yester- dential information in what appeared to
aged 25 and over — earn less than the drawal terms. upside”. when she linked security co-operation
www.ft.com/subscribenow The decision to add the clause giving British officials admitted that the EU’s
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with priority given to those waiting for a off a month ago, behind a number of defendants — Park Jin Hyok, Jon Chang cials said North Korea had broadened its
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Thursday 18 February 2021 ★ FINANCIAL TIMES 3

INTERNATIONAL

Nursing home
Conservative broadcaster

Rightwing
US radio host
scandal blights Limbaugh
dies aged 70
Cuomo’s Covid aNNa NiColaou — New York

performance
Rush Limbaugh, a dominant force in
US conservative punditry and one of
the most prominent radio hosts in the
country, has died aged 70.
His wife announced his passing on his
radio show yesterday. “Losing a loved
New York governor accused of cover-up one is terribly difficult, even more so
when that loved one is larger than life,”
after receiving plaudits earlier in crisis said Kathryn Limbaugh.
The rightwing host was a pioneer of
talk radio in the late 1980s, luring mil-
Joshua ChaffiN — New York bly from Queens, one of the areas hard- lions of listeners through his combative
est hit by the pandemic. and off-the-cuff style, and helping to
It was not quite a mea culpa. Facing Bill Hammond, a health policy res- define the modern Republican party.
what has become arguably the most earcher at the Empire Center think- Born in Missouri, Limbaugh started
serious threat of his political career, tank, called it “an exercise in self-justifi- working in radio after dropping out of
New York governor Andrew Cuomo cation and deflection”. university. Over the decades, Limbaugh
could not bring himself to apologise on At a minimum, the nursing home saga Mistake made: director for ex-mayor Rudolph Giuliani ‘It’s very much as 50 per cent. James was not que- drew an avid fan base by taunting liber-
Monday for the sin his accusers were has tarnished what was Cuomo’s finest Andrew Cuomo, and New York media adviser. “The gov- rying the overall Covid-19 death toll, but als, to the delight of conservatives, coin-
alleging: that his administration tried to hour. When Donald Trump, then presi- delivering his ernor’s notoriety has boomeranged on bad in how those fatalities were attributed. ing incendiary terms such as “feminazi”.
cover up the true number of nursing dent, was dismissing the pandemic State of the State him and his sheen has worn off.” reality, Then last week, a recording emerged He was an early supporter of Donald
home residents who died of Covid-19 in early last year, Cuomo stepped forward address last Others believe the scandal has been of Cuomo’s top aide, Melissa DeRosa, Trump’s bid for the White House, and
order to protect his reputation. to soothe an anxious nation with plain- month, argues overblown by rivals in both parties very bad telling Democratic legislators the the former president has praised Lim-
In a press briefing that was intended spoken daily briefings in which he the true culprit seeking leverage over a governor of politically Cuomo administration “froze” in baugh as a “great guy and fantastic polit-
to draw a line under the escalating scan- promised to deliver “just the facts”. in the affair is immense stature. Mitchell Moss, a pro- response to their requests for data about ical talent”. Trump awarded him the
dal, Cuomo insisted nothing had been He even won an Emmy award for that ‘a toxic political fessor at New York University, was con- and terrible the nursing homes as it feared the Presidential Medal of Freedom in 2020.
covered up and instead accepted res- performance, was lauded by celebrities environment’ vinced Cuomo, despite any mistakes, optically’ Trump administration might use that Limbaugh last year announced on air
ponsibility for the lesser offence of not and published a bestseller about leader- Hans Pennink/Reuters
would still be remembered for demon- against them. New York now admits he had lung cancer, telling his fans he
disclosing information more quickly. ship. Some Democrats even mused ab- strating decisive leadership. Ken Frydman, more than 15,000 of its care home resi- would miss upcoming broadcasts ahead
That delay, he said, had invited mali- out the possibility of him replacing Joe Underlying the scandal is an order media adviser dents died of Covid-19 from previous of the US presidential election.
cious reporting and conspiracy theories. Biden as party presidential nominee. Cuomo issued on March 25 2020 requir- reports of about 8,500. He had remained active on his show
“Apologise?” he said, nearly an hour But political strategists are now ing New York nursing homes to readmit “We’ve been unable to look at that until February 2, hitting at liberals and
into the session. “I have said repeatedly, debating what damage the nursing thousands of Covid-19 patients dis- honestly, in part as leaders of the state defending the Trump supporters who
we made a mistake in creating the home saga has done to the governor’s charged by hospitals. As the virus rav- and leaders of the department of health stormed the US Capitol, comparing
void . . . When we didn’t provide the chances of winning a fourth term in aged the homes, he rescinded the order. are stonewalling,” said Hammond of the them to colonists who sparked the
information it allowed press, people, 2022, an achievement that would New York was then at the centre of the Empire Center, who also credited Cuo- American Revolution in the 1700s.
cynics, politicians to fill the void.” The eclipse his father, Mario Cuomo. Even pandemic and the fear was the hospitals mo for tackling a “difficult situation”. Last October, he admitted to his fol-
true culprit, Cuomo argued, was “a toxic admirers agree it has revealed some would soon be overrun by Covid-19 The scandal has rattled the Cuomo lowers: “I do get fatigued now. I do get
political environment”. less-appealing Cuomo traits: a tendency patients. Cuomo has since argued the team. It is impossible to separate it from very, very tired now.
The reaction was swift and harsh. for secrecy, a controlling nature border- virus entered nursing homes via staff. jockeying over the state budget and a “We all know that we’re going to die at
Even some fellow Democrats accused ing on paranoia, and an instinct to fight Other states have suffered higher nurs- power struggle within the local Demo- some point, but when you have a termi-
Cuomo of being less than forthright. when an apology might serve better. ing home death rates. cratic party. Cuomo, a centrist in his nal disease diagnosis that has a time-
Several are expected to support a push “They’re fight-first people,” one strat- The issue looked like a small but per- third term, has had plenty of time to frame to it, then that puts a different
this week to strip him of the emergency egist said, adding the attempted cov- sistent irritant for Cuomo until Letitia accumulate enemies and rivals, and his psychological and even physical aware-
powers he assumed to deal with the cri- er-up had been worse than the crime. James, New York attorney-general, last natural core of allies has shrunk as the ness to it,” he said.
sis. Others are calling for an inquiry. “It’s very bad in reality, very bad polit- month issued a report concluding his party has shifted to the left. “It’s tough to realise that the days
“Beyond despicable,” said Ron Kim, a ically and terrible optically,” said Ken administration had undercounted Even so, as one observer noted: “I do where I do not think I’m under a death
Democratic member of the state assem- Frydman, a former communications deaths of nursing home residents by as think he’s got time to turn it round.” sentence are over.”
4 ★ FINANCIAL TIMES thursday 18 February 2021

INTERNATIONAL

Pandemic Middle East

Taiwan accuses China of vaccine blocking UN to raise

allegations
BioNTech faced ‘political interview yesterday. “We believe there Greater China. Chen said Taiwan had prime minister Lin Chuan, had been and aggressive contact tracing have of princess
detention
was political pressure,” he said. been lumped under Greater China in involved in talks with BioNTech. mostly prevented a spread of the virus.
pressure’ after Taipei tried “We had already exchanged draft that agreement. Chen said Taiwan had been in talks The country had only 938 confirmed
to buy, claims minister press releases for the respective other Although Chen did not name China, with BioNTech directly, without involv- cases and nine deaths as of yesterday.

kAtHRiN HiLLE — taipEi

PRiMRosE RioRdAN — hoNg koNg
side to look at, we had already got that
far, and only the final step remained to
be taken, when things changed.”
another Taiwanese senior government
official said China was behind stalling
the deal. “We thought it more prudent
ing its Chinese agent, since June. He
added the German company had never
demanded it negotiate via Fosun, and
Yet it has been slower than many
other countries in rolling out its vacci-
nation programme. The health ministry
with UAE
China claims Taiwan is part of its ter- to speak to the Germans directly, rather the Taiwanese had never been in touch said it had confirmed delivery of 10m
Taiwan has accused China of obstruct- ritory and insists other governments, than go through a Chinese company with the Chinese company. jabs from AstraZeneca and another 5m ANdREw ENGLANd
MiddlE EaSt Editor
ing its efforts to buy coronavirus vac- international bodies and companies that has to comply with Beijing’s poli- However, the minister said he belie- from Moderna, and expects vaccination
cines from BioNTech, in the latest ex- treat it as such. Taiwan has claimed the cies,” he said. “Our understanding is ved Fosun had been in touch with Tai- to kick off in late March. If the deal with The UN’s top human rights body has
ample of a political dispute that threat- World Health Organization, under Chi- that when the contract was ready to be wanese counterparts about vaccine BioNTech falls through, it will fail in its said it will raise the alleged detention of
ens the fight against the pandemic. nese pressure, failed to act on early signed in December, Fosun Pharmaceu- sales via commercial channels. “There goal to vaccinate a majority of its popu- the daughter of Dubai’s billionaire
Taipei was close to signing a contract warnings it issued on Covid-19. tical intervened.” is nothing to say against Fosun protect- lation of 24m. ruler with the United Arab Emirates
for 5m courses from the German phar- BioNTech has an agreement with This official and another involved in ing their commercial interests,” he said. Fosun and BioNTech did not immedi- after video clips were released in which
maceuticals group in December when Fosun Pharmaceutical, a Shanghai- the country’s efforts to obtain the vac- Taiwan has managed one of the ately respond to a request for comment. the princess claimed she was being
the deal stalled, Chen Shih-chung, Tai- based unit of the Hong Kong-listed con- cine said that TTY Biopharm, a Taiwan- world’s most successful containments of Beijing has not yet responded to a held hostage.
wan’s health minister, said in a radio glomerate, as its general agent for ese pharma company headed by former the coronavirus as early border closures request for comment.
Sheikh Mohammed bin Rashid al-Mak-
toum’s treatment of Sheikha Latifa, 35,
has drawn fresh scrutiny after the BBC
Energy grid. Seasonal demand broadcast video messages she purport-
edly sent to friends in which she said
was being held in solitary confinement

Snow blackouts turn up heat on Texas utilities in a villa in Dubai.

“I’m hostage, I’m not free, I’m
enslaved, I’m imprisoned in this jail, my
life is not in my hands,” Sheikha Latifa
said in clips recorded in 2019, according
to the BBC’s Panorama programme.
Frozen wind turbines have The Office of the UN High Commis-
been blamed for power cuts, sioner for Human Rights said it would
“certainly raise these new develop-
but problems run deeper ments with the UAE”.
“Other parts of the UN human rights
system with relevant mandates may
GREGoRy MEyER — NEW York
JustiN JACobs — WaShiNgtoN also become involved once they have
analysed the new material or received
The managers of the Texas grid foresaw specific allegations,” the office said.
record electricity demand when they The allegations are a further embar-
stared down a cold front this week. rassment for Sheikh Mohammed, the
What they did not expect was the utter UAE’s vice-president and prime minis-
collapse of power supply. ter. Damaging details about his private
More than half of all generating life were made public last year after he
capacity had dropped out of the state’s and Princess Haya, his former wife,
electricity system by Tuesday afternoon became locked in a legal dispute in Lon-
in the face of Arctic air that froze pipes don’s High Court related to the welfare
and turbines, said the Electric Reliabil- of their two young children.
ity Council of Texas, or Ercot. During the custody battle, the court
The hole in supply of 45 gigawatts was ruled last year Sheikh Mohammed had
more than the entire capacity of Sweden orchestrated a campaign “aimed at
and 11GW deeper than the day before. It intimidating and frightening” Princess
compared with the 83GW in generating Haya, his sixth wife. She fled to the UK
capacity that the council had reported with the two young children in 2019
when winter began. claiming she was in fear of her life.
Disappearing power production The court also ruled he had previ-
turned Ercot’s initial plans for brief, ously “ordered and orchestrated” the
rotating outages into sprawling black- abduction of two of his daughters from a
outs that persisted for days. It led to previous marriage, including Sheikha
unflattering comparisons between the Latifa. Her sister, Sheikha Shamsa, was
nation’s proud energy capital and Cali- taken from the UK in 2000.
fornia, which suffered a series of power The court heard Sheikha Latifa left
interruptions last summer. Dubai for Oman in 2018 with the help of
The state’s energy infrastructure Big freeze: “freeze-offs”, where gas is stuck in well- we understand to be more extreme Problems counts on wind for 6GW of supply in Tiina Jauhiainen, her Finnish fitness
proved no match for a cold blast that people queue to heads, along with burst pipes and safety weather,” he said. winter cold snaps,” said Peter Fox-Pen- trainer, and set off in a dinghy. She even-
veered south from the Arctic Circle, a fill their empty equipment failures, according to S&P Global Platts estimated gas pro- included ner, director of Boston University’s tually boarded a yacht operated by a
pattern that some research suggests is propane tanks Rebecca Miller of Wood Mackenzie, a duction in Texas was down about 30 per ‘freeze-offs’, Institute for Sustainable Energy. “This French man who helped organise the
becoming more common as climate on Tuesday in consultancy. cent compared with the days before the is a little more than wind actually pro- escape for about €350,000. The attempt
change warms the polar region. Peak Houston amid Blackouts in some cases fed on them- storm, with little hope to restore output where gas is duced, but not a shortfall that should failed when Indian commandos
stress on the Texas grid usually takes the biting cold selves, cutting off power to pumps in until temperatures rose and thawed stuck in threaten any system.” boarded the yacht off Goa and Sheikha
place in the summer, when tempera- Brett Coomer/Houston west Texas oilfields that help send gas to equipment. Wind turbines run in places with Latifa was handed to Emirati security
tures can rise above 37C (98F) and air Chronicle/AP
electric generators, said Parker Fawcett, Another 16GW was offline from wellheads, much harsher winters than Texas, forces who took her back to Dubai.
conditioners run full bore. North American gas supply analyst at Texas’s wind power industry — the larg- along with including the northern US state of Min- In a video message Sheikha Latifa said
An investigation ordered by Greg S&P Global Platts. Woodfin said winteri- est in the US — because of ice in the west nesota and in the North Sea. Cold was recorded in a bathroom in the villa
Abbott, the state’s governor, will include sation practices put in place after a 2011 and along the Gulf of Mexico coast, burst pipes weather kits common in more northerly in April 2019, she said: “Every day I’m
a look at how generators buttressed freeze would undergo review. Woodfin said. However, this figure exag- and safety states had historically not been neces- worried about my safety and my life. I
their plants against extreme weather. “We’ll definitely go in and work with gerates the amount of wind lost relative sary in Texas’s warmer climate, said the don’t know if I’m going to survive the sit-
The Public Utility Commission of Texas generation entities . . . and try to beef to expected output. equipment American Clean Power Association, a uation. The police threaten me that I
and Ercot require generators to file up that plan to be able to handle what In a seasonal resource assessment failures Washington-based trade group. Some will be in prison my whole life and I’ll
plans attesting to winter and summer published in November, Ercot foresaw kits could cost about $150,000 more per never see the sun again.”
preparations. Cold snap across central states Texas wind farms operating at between turbine, said a banker involved in Friends of Sheikha Latifa told the BBC
However, the utility commission and Denver 19 per cent and 43 per cent of rated energy projects. that after exchanging messages with the
Ercot did not have the ability to enforce -10C capacity. Wind power production was Pattern Energy, a renewables devel- princess in 2019 the contact stopped.
the guidelines, said Edward Hirs, energy COLORADO KANSAS slightly higher than Ercot’s forecasts on oper, said three of its four Texas wind The UAE regards the matters as pri-
fellow at the University of Houston. Tuesday evening, records showed. plants were generating power late on vate and has not commented publicly
He argued that Ercot’s market rules, OKLAHOMA “That wind generation, a lot of it Ercot Tuesday, with the fourth one fully oper- on the allegations made by Sheikha Lat-
which pay out only on energy that is Amarillo Oklahoma City wasn’t planning on being available any- ational but offline because of low wind ifa or about the custody battle.
sold, can create an incentive to withhold NEW -16C -23C way because there’s not normally a lot of speeds. “The unprecedented ice storm The allegations are sensitive for the
supply to drive up prices, which soared MEXICO wind at winter peaks,” said Michael Jew- and extreme cold temperatures in Texas British establishment as the Emirati
from an average of $25 a megawatt-hour Dallas ell, a Texas energy lawyer who is affili- and many other parts of the country ruler has business interests in the UK
to $9,000 this week. TEXAS -15C ated with Conservative Texans for caused outages across all forms of power and is a prominent figure in horseracing.
Thermal power units that run on nat- Austin Houston
Energy Innovation, a clean-power — natural gas, coal, oil, nuclear and Dominic Raab, foreign secretary, told
ural gas, coal and nuclear fuel -14C -11C group. “To the extent that people renewables, although wind has per- the BBC the videos were “deeply trou-
accounted for slightly less than 30GW of pointed at limitations on wind or solar formed strongly and exceeded forecasts bling” and added: “Of course we are con-
the capacity out of service, said Dan
Woodfin, Ercot’s senior director of mar-
Feb 16 Temperature forecast (C)

-30 0 30
as a problem, it’s a red herring.”
Other experts agree. “Wind is natu-
across the timeframe,” said Kevin Dev-
lin, the company’s senior vice-president
cerned about it. I regularly raise human
rights issues with countries around the
Source: National Weather Service, Noaa
ket operations. Problems included rally variable, and Ercot reportedly of project operations. world, including UAE.”

Legal Notices Palaeontology

Scientists extract million-year-old DNA from Siberian mammoth remains

CLivE CooksoN — SciENcE Editor that have been stored in a Moscow grams that stitched together overlap- “This came as a complete surprise,” the Canadian and Siberian Arctic and
freezer since their excavation in Siberia ping DNA sequences, guided by the said Tom van der Valk of the Centre for the Columbian mammoth that roamed
Scientists have for the first time been
by Soviet palaeontologists in the 1970s. known genomes of modern elephants Palaeogenetics. the more temperate regions of North
able to collect and analyse DNA from
Sophisticated genetic analysis would and more recent mammoths. “All previous studies have indicated America during the last ice age.
more than 1m years ago, after extract-
have been far beyond the capabilities of The DNA analysis also revealed that there was only one species of mammoth Gene variants associated with Arctic
ing genetic material from the remains
the scientists at the time. the oldest tooth came from a previously in Siberia at that point in time, called the life such as hair growth, thermoregula-
of mammoths found buried in the Sibe-
As climate change begins to melt the unknown species that the researchers steppe mammoth.” tion, fat deposits and cold tolerance
rian permafrost.
permafrost, mammoth tusks and bones called the Krestovka mammoth after The two types of ancestral mammoth were already present 1m years ago, well
Love Dalen of Stockholm’s Centre for are being discovered at an increasing the place it was found. later gave rise to woolly mammoths of before the origin of the woolly mam-
Palaeogenetics, who led the study pub- rate across Siberia, including Wrangel moth. These results indicate that most
lished in Nature, said the DNA taken Island where the last of the elephantine Long in the adaptations in the mammoth lineage
from fossilised teeth was the oldest creatures lived about 4,000 years ago. tooth: scientists happened slowly and gradually over
discovered, beating the previous record Even with today’s gene-sequencing Love Dalen time.
of 700,000 years from a horse bone instruments, the project was a chal- and Patricia “One of the big questions now is how
found in the Canadian Arctic. lenge. The little surviving DNA had bro- Pecnerova hold far back in time we can go,” said Anders
Adrian Lister, a co-author from Lon- ken down into a large number of tiny a mammoth Gotherstrom of the Centre for Palaeoge-
don’s Natural History Museum, said: molecular pieces. tusk on netics. “An educated guess would be
“With million-year-old DNA we can Using a combination of geological and Wrangel Island that we could recover DNA that is 2m
extend [research] beyond the date of chemical techniques, the scientists con- in the Arctic years old, and possibly go even as far
origin for many iconic species like the cluded that the youngest tooth was Ocean back as 2.6m. Before that, there was no
mammoth. 700,000 years old, the next dated back Gleb Danilov
permafrost where ancient DNA could
“We can track how species evolve and 1m years and the oldest 1.2m years. have been preserved.”
how their adaptations have arisen.” After the genetic codes had been read, The oldest human DNA recovered so
The research team extracted DNA the researchers reconstructed the mam- far comes from Spain and dates back
from three ancient mammoth molars moths’ genomes using computer pro- about 400,000 years.
thursday 18 february 2021 ★ FINANCIAL TIMES 5

Asian provocateurs time for US treasury to call a halt to more than two decades of currency manipulation y MaRkEtS InSIGHt, PaGE 9

Top Deutsche All-electric pledge Ford sets ambitious 2030 goal

for ending sale of petrol and diesel cars in Europe
Epic files
EU antitrust
banker wooed complaint
against Apple
Asian clients JAviEr ESPinOzA — BRUSSELS

Epic Games, the Fortnite developer, has

for Wirecard
filed an antitrust complaint against
Apple to the European Commission.
Apple was using its iOS ecosystem to
impose commercially unviable burdens
on rivals, in particular the 30 per cent
“tax” on App Store purchases, Epic

3 Relationship continued for a year alleged yesterday.

Epic said Apple had “eliminated com-

3 Birthday party invite for executive petition in app distribution and pay-
ment processes” through “carefully
designed anti-competitive restrictions”.
The dispute began last summer, when
OlAf StOrbEck — fRankfURt Henseler and a senior manager at the Epic moved to circumvent the 30 per
payments group. After returning to Ger- cent cut Apple takes from app revenues
A Deutsche Bank executive board mem- many, Henseler sent an email to Stein- by launching its own in-app payment
ber helped Wirecard forge business müller thanking him “for having taken system. Apple retaliated by removing
relationships in Asia until just months care of us so well in Hong Kong”. Fortnite from its App Store and revoking
before its collapse, underlining the close Ley is one of several Wirecard execu- Epic’s developer licence.
ties between corporate Germany and tives under investigation by Munich Fortnite remains unavailable on the
the payments group at the heart of the prosecutors for allegedly running a App Store. The two are heading to trial
country’s biggest accounting scandal in criminal racket at Wirecard. Ley denies in May, with Tim Cook, the Apple chief,
decades. any wrongdoing. set for a seven-hour deposition.
Werner Steinmüller, who led Deut- Henseler met Steinmüller in July 2019 In the filing, Epic said Apple gave
sche’s Asian business until he retired for lunch and, in an email, reported itself preferential treatment by launch-
last July, brokered meetings and tele- back to Wirecard colleagues that the ing Apple Arcade, its own gaming distri-
phone conferences between top Wire- Deutsche executive “is happily willing bution service, while making it difficult
card executives and potential Asian cli- to support us across the board”. for rivals to bundle multiple games into
ents from early 2019 to as late as last The following month, Steinmüller single apps within the App Store.
spring, according to multiple emails arranged a meeting for Wirecard with Tim Sweeney, Epic Games founder
seen by the Financial Times. high-ranking executives of YeePay. and chief executive, said: “Consumers
They included one with co-chief exec- Then in December, he brokered one have the right to install apps from
utive of Hong Kong-based Bank of East with the president of Silk Road Fund, sources of their choosing and develop-
Asia and another with the head of Yee- an investment vehicle owned by the ers have the right to compete in a fair
Pay, a Chinese payments company, the Chinese government. Every Ford passenger car model will have an electric or plug-in hybrid option by 2026 — Krisztian Bocsi/Bloomberg marketplace.” Epic would fight what he
emails show. In March and April of last year, as regarded as Apple’s abuse of its domi-
The disclosure that a senior Deutsche Wirecard shareholders awaited the PEtEr cAmPbEll — LOnDOn cars emission-free by 2035. Ford’s further as EU emissions rules tighten nant platform. “It’s bad for consumers,
executive was helping Wirecard not results of KPMG’s review into the commercial vehicles, which include during this decade. who are paying inflated prices due to the
Ford will stop selling cars in Europe
long before its demise comes as the group’s accounting, Steinmüller bro- the Transit van and the Ranger One in 10 cars sold last year across complete lack of competition among
with any form of internal combus-
scandal continues to reverberate across kered talks between Henseler, a senior pick-up, will have electric and hybrid Europe and the US was electric or stores and in-app payment processing,”
tion engine by 2030, in the most
Germany. A parliamentary inquiry has manager at the payments group and options on every model by 2024, but plug-in hybrid, as carmakers ramped he said.
ambitious regional electrification
spent months investigating the implo- Adrian Li, the co-chief executive of do not yet have a phaseout date for up sales to meet 2020 CO2 targets. Apple’s dominance in hardware
target of any big manufacturer.
sion of a company that was feted as a Bank of East Asia. “I talked in the mean- traditional engine sales. It expects The UK has pledged to phase out meant it could do “whatever” it wanted.
rare German technology success, before time to Wirecard and they are very Every passenger car model will have two-thirds of van and pick-up sales to sales of cars using only petrol or diesel “The 30 per cent they charge as their
it filed for insolvency in June last year interested to continue the discussions,” an electric or plug-in hybrid option by be hybrid or battery-powered by the by 2030, with a ban on the sale of vehi- app tax, they can make it 50 per cent
after disclosing that €1.9bn of its cash Steinmüller wrote to Li in March. 2026, but the company will go 100 per end of the decade. cles with tailpipe emissions by 2035. or . . . 100 per cent,” said Sweeney. Epic
did not exist. Referring to Steinmüller’s engage- cent electric by the end of the decade, Ford’s UK engine plant at Dagen- Rowley declined to say when Ford was not seeking damages but “fair
Steinmüller’s efforts were focused on ment with Wirecard, the lender said: the US carmaker said yesterday. ham makes diesel engines that go into would stop importing its classic mus- access and competition . . . by imposing
Asia, a region touted by Wirecard as an “Deutsche Bank only established initial “We expect the majority of the vehi- the Transit and Ranger, meaning the cle car, the Mustang, to Europe but timely and effective remedies”.
engine of growth. The emails show that contacts between representatives of the cles will already be battery electric by plant has “a very important road said it was included in its pledge to Apple said that it aimed to “apply the
his main point of contact at Wirecard local economy in China and Wirecard 2026,” Ford’s European president Stu- ahead of it”, Rowley said. phase out sales of cars with engines by rules equally to all developers . . .
was Alfons Henseler, its former deputy like we do for other companies,” adding art Rowley said. All the manufacturer’s engine sites 2030. [Epic’s] reckless behaviour made pawns
chairman and supervisory board mem- that it was not formally instructed by Ford is investing $22bn in electric across Europe would be “part of the Ford, which will begin deliveries of of customers, and we look forward to
ber of Wirecard Bank who was invited to Wirecard to do so. “None of the involved technology by 2025, and the ann- transition” to electric, though he did the Mustang Mach-E battery car in making this clear to the European Com-
the Deutsche executive’s 65th birthday parties paid finder fees or honoraria to ouncement makes it the largest car- not say whether Ford would make its the region later this quarter, will build mission”.
party in 2019. Deutsche Bank for these arrangements maker so far to pledge all-electric own batteries in current plants or its first European battery model in The commission, which is investigat-
In January of that year, Steinmüller of contacts.” sales by 2030 in the European region. continue to buy them from suppliers. Cologne from 2023, using electric car ing Apple in initial antitrust probes, said
organised high-level meetings in Hong Steinmüller and Henseler declined to Volvo Cars expects to be fully elec- Europe is the leading market for tech from Volkswagen. it was “aware of these concerns regard-
Kong for Burkhard Ley, Wirecard’s comment. YeePay, Silk Road Trust and tric globally by 2030, while General electric vehicles, overtaking China The pair have an alliance to reduce ing Apple’s App Store rules”.
former chief financial officer and at that Bank of East Asia did not respond to Motors, which pulled out of Europe in last year as the largest plug-in car costs by sharing some tech on electric Additional reporting by Patrick McGee
time a “senior adviser” to the company, requests for comment. 2017, plans to have all its passenger market, with sales expected to rise and autonomous systems. See Opinion, Dita charanzová

Battery dispute leaves Biden on the horns of a dilemma

on SKI. But at the same time it granted a not as if thousands of people will be out
INSIDE BUSINESS grace period, allowing SKI to supply of work.
Ford for four years and VW for two. This Moreover, Ford has said it believes the
TECHNOLOGY gives both carmakers time to find new ruling allows it to launch the electric
suppliers and have the batteries they version of its iconic F-150 truck on time.
Peggy need for their electric vehicles.
The problem is that the dispute
If the company, which lobbied for SKI
during the ITC investigation, did not
Hollinger moves out of the legal arena and into
politics. Biden has 60 days to override
begin seeking alternative suppliers a
year ago when damning preliminary
the ruling, if he judges this to be in the findings were handed down, its risk
national interest. A presidential over- managers have not done their job.

J
ride of an ITC judgment is rare but not SKI admits to destroying documents
oe Biden has been handed a unprecedented. Barack Obama did just but says that preservation is not a legal
poisoned chalice. Barely a that in a dispute between Apple and requirement in South Korea ahead of a
month into the job, he has to Samsung in 2013. Over the next two lawsuit. It also argues that the allega-
decide between saving a Geor- months SKI, carmakers, lawmakers and tions of misappropriation of trade
gia battery factory that prom- Georgia officials will be lobbying the secrets were never tested in court.
ises to provide 2,600 jobs and clean White House to do the same for SKI. But this is semantics. The discovery
power for 330,000 cars a year, or They will focus on the Biden adminis- process during the ITC investigation
defending a foreign company to protect tration’s promise to accelerate electric revealed clear efforts to eliminate docu-
the principle that intellectual property vehicle adoption in the US as part of its ments with sensitive information
rights are inviolable. green agenda. SKI’s acquired through the poaching of doz-
The US International Trade Commis- $2.6bn factory is The commission went ens of LG employees. The preliminary
sion last week ruled in favour of Korean the biggest invest- judgment said this was done “with a cul-
conglomerate LG Chem in its battle with ment in Georgia’s LG Chem’s way, with a pable state of mind and to impair the
rival SK Innovation over alleged misap- history. Further- grace period for SKI; ability of LG Chem to prove SKI pos-
propriation of trade secrets concerning more, with 22GW sessed its information”. The final ruling
electric vehicle batteries. It banned SKI of annual capacity the president has 60 days supports these findings.
from importing components to make scheduled by the to override the ruling It would be wrong for many reasons to
EV batteries in the US using the con- end of 2022, it was overturn the ITC’s ruling, which is a
tested technology for the next decade. set to give a meaningful boost to US bat- clever compromise between US inter-
The decision was based on evidence that tery production. The political pressure ests and principle. SKI and LG can still
SKI deliberately destroyed thousands of in the coming weeks will be intense. come to an arrangement that would be
documents that might have helped LG Yet the grounds for overturning the in both their interests, given that a civil
prove its case. ITC’s ruling are flimsy. SKI’s investment suit in Delaware is ongoing, and in the
The ITC is an independent agency in Georgia is hardly likely to go to waste. wider interests of Biden’s green agenda.
charged with defending US industry The shortage of EV battery production But the most important reason must
against unfair trade practices, such as in the US makes the facility highly be that the US has long made the respect
trade secret misappropriation. But it attractive to others, should SKI decide of intellectual property rights a key
must also consider the impact of its rul- the remedies are too severe to continue. plank of trade policy, particularly with
ings on US industry and jobs; in this State officials may call publicly for the regard to China. If US companies such as
case, on carmakers Ford and Volkswa- ruling to be reversed. But some say pri- Ford are encouraged to shrug off the
gen Group of America, which were rely- vately they are confident of finding new wrongdoing highlighted by the ITC,
ing on SKI to provide batteries for their investors for the facility if necessary. what would that mean when they next
new electric models. They also point out that those 2,600 jobs cry foul abroad?
The ITC solution was to impose the have not yet been created — barely 300
full 10-year ban requested by LG Chem so far, according to local reports. So it is [email protected]
6 ★ FINANCIAL TIMES thursday 18 february 2021

COMPANIES & MARKETS

Pharmaceuticals Banks

Jabs rollout at risk over bags shortage NatWest to

retreat from
Republic of
Covid vaccine makers fear
they will run out of liners
hold up to 2,000 litres of material,
according to three people familiar with
And we just got enough to get through
February, March and April,” he told the
on pandemic products and find addi-
tional raw material suppliers.
Mixing can be done using stainless
steel containers one industry insider Ireland and
focus on UK
the matter. Financial Times. “Otherwise, [the fac- “We have significantly expanded our told the Financial Times, but added that
for production tanks Covid-19 jabs developed by compa- tory] would have shut down.” production capabilities in Danvers, altering production methods would
nies such as BioNTech/Pfizer, Moderna MilliporeSigma, a division of Ger- Massachusetts . . . for global distribu- cause a delay to deliveries because regu-
HANNAH KucHLer — new York and Novavax are made in the bags, many’s Merck, is the main supplier of tion of this product used in vaccine lators must approve such changes.
Joe MiLLer — frankfurt which are used as sterile liners in tanks the bags, which are designed to fit into manufacturing,” MilliporeSigma said. Jesse Goodman, a professor at George-
where the vaccines are produced, its Mobius mixing machines. One person familiar with the com- town University, said: “There is concern ArtHur BeesLey — DubLin
NicHoLAs MegAw ANd stePHeN Morris
Vaccine manufacturers are struggling to although they use differing sizes. One person familiar with the matter pany said it had done its best to scale-up that this could impact scale-up and the LonDon
secure supplies of giant plastic bags used Stanley Erck, chief executive of said MilliporeSigma was warned last complex manufacturing while main- ability of manufacturers, including to
in bioreactors that mix pharmaceutical Novavax, called on companies not to summer it needed to increase supplies taining quality standards. They added it make doses for global use, for example NatWest is preparing to start a phased
ingredients, creating a bottleneck that hoard supplies of the bags, adding that it significantly. was also reliant on a web of smaller sup- through Covax [for supplying develop- withdrawal from the Republic of Ire-
threatens the rollout of Covid-19 shots had been “really complicated” to work The company said there had been pliers which were scaling-up at speed. ing countries].” land after more than a century, in a
around the world. around the shortages. “unprecedented demand” for Covid-19 Thermo Fisher, which also makes the “It merits immediate attention,” he move to free up capital and focus on its
Some vaccine makers have been days “We just had a minor breakthrough related products and it had been liners, said it had increased capacity by added. core UK market, according to multiple
away from stalling production because where we thought we were going to be working around the clock to expand 50 per cent in 2020 and was set to ex- Pfizer and Moderna did not respond people familiar with its plans.
of the shortage of these bags, which can out of bags in one particular facility. facilities, prioritise customers working pand it by another 50 per cent in 2021. to requests for comment.
The bank, formerly known as Royal
Bank of Scotland, is expected to
announce a gradual exit from the coun-
Corporate data. Cyber crime try, where it is the third-largest bank
and operates under the Ulster Bank
brand, when it reports its annual results

Negotiators cut deals with ransomware gangs tomorrow.

NatWest started reviewing the busi-
ness last year. Ulster has 15 per cent of
the Irish mortgage market, nearly 20
per cent of SME business lending, and a
loan book of about €20bn. Its Northern
Specialist industry haggles Irish business, which also uses the
Ulster Bank brand, will not be affected.
with hackers to help victims NatWest will become the latest in a
string of foreign lenders to pull back
save their computer systems from the Irish market in recent years,
following companies such as Rabobank,
HANNAH MurPHy — San franCiSCo Danske Bank and Lloyds Banking
Kurtis Minder has spent the past year Group. Its exit will further concentrate
negotiating over six-figure ransom the role of the Irish government in the
demands from gangs of ruthless crimi- sector. It holds large stakes in the two
nals. Not for the safe return of kidnap vic- largest remaining banks — Allied Irish
tims, but for the release of valuable data Banks and Bank of Ireland — and in
that is being held hostage by hackers.
Ransomware attacks, which see hack-
ers lock up data or computer systems
Dublin fears it will ‘impact
until they are paid, have been one of the negatively . . . on staff,
biggest cyber security issues for the pri-
vate and public sectors in the past year.
customers, banking
Gangs of ransomware hackers made services and competition’
more than $350m in 2020, a 311 per cent
jump on the previous year, according to Permanent TSB, a smaller lender.
the software company Chainalysis. The The plans have stirred anxiety in Irish
true figure is likely to be far more given politics. The Irish parliament’s finance
many victims do not disclose when they committee this week highlighted con-
have been attacked and made a payout. cerns that a withdrawal “would impact
Some analysts estimate that the cost negatively . . . on staff, customers,
to businesses from the disruption is now banking services and competition in the
as high as $20bn a year. market”. It said the Central Bank of Ire-
In response, an industry of negotia- land had also raised concerns about the
tors has sprung up to help the thousands impact on competition.
of companies, schools, local authorities NatWest is under pressure from Irish
and even hospitals navigate the after- authorities to ensure the mortgage and
math of a crippling attack. Minder said Attacks have Andrei Barysevich, chief executive of cent on average. “Sometimes they know ‘We don’t Palo Alto’s Cortex Security Services. business loan books are sold to active
his cyber intelligence company, boomed as Gemini Advisory, which also offers how much that customer is losing per Many negotiators have assembled lenders to maintain competition.
GroupSense, started offering negotia- remote working negotiation services, said ransomware day by not being able to operate,” need to tell their own dossiers on the ransomware In October it said it was not in talks to
tion services, for $350 an hour, after leaves was “the hottest business for criminals LaRocca said. the threat gangs, such as whether they honour sell the business to Cerberus, a private
requests from desperate clients. businesses more right now” and so there was a “lucrative Meanwhile, many hacking gangs have their commitments. equity group which has become a politi-
“You have to approach [the negotia- vulnerable market” for the best negotiators. He also shifted from merely holding data actor that According to Marc Bleicher, manag- cal flashpoint after buying up large vol-
tion] mechanically and effectively as a FT montage/Getty
boasted that his group typically man- hostage to also threatening to publicly they’re a ing director of incident response at umes of Irish banks’ distressed debt. A
transaction,” he said, adding that there aged to reduce ransoms by 25-35 per leak information, known as “double Arete, the median ransom paid to those person close to the bank confirmed its
was little point in hurling invectives at cent when negotiations were successful. extortion”. In late 2020 certain attack- bad person. wielding the prevalent Ryuk ran- position had remained the same since.
the hackers. “We don’t need to tell the Gemini, Arete Advisors and Coveware ers also started crashing their victims’ It does not somware stands at more than $355,000, NatWest said in a statement: “We con-
threat actor that they’re a bad person,” are among the dozen or so boutique public websites as additional leverage. though this is typically on average tinue to evaluate the impact of Covid-19
he said, with a laugh. “They know that. negotiation outfits, many of which also Negotiators are tight-lipped about help us 44.2 per cent lower than the original and the challenges to the economy and
It does not help us achieve our goal.” offer to spot threats for a subscription effective tactics, wary of showing their achieve request. The median ransom payout in we are reviewing our strategy appropri-
The FBI discourages paying ransoms, fee. There are several in-house teams at hand to criminals. But one common first the fourth quarter stood at $49,450, ately and responsibly in light of these
arguing that it does not guarantee that cyber insurance groups, such as Coali- step is to see if any data can be recovered our goal’ according to Coveware. events.” Any changes would be made
data will be released, and that it incen- tion, and larger cyber security groups from backups — which in itself can play Negotiators also face mounting pres- with consideration of their impact on all
tivises hackers. But most organisations are developing negotiation expertise. into the negotiation. sure to conduct extensive due diligence stakeholders, it added.
feel they have little choice. Some negotiators have backgrounds “You try to drag the negotiations out on criminal gangs before handing over Analysts believe NatWest could free
The aim for Minder is to try to haggle in hostage negotiation or military intel- so that you can figure out if you can any cash. The US Treasury department as much as €1.6bn in excess capital by
down the ransom demands “as low as ligence; others have technical cyber recover or not,” said Eric Friedberg, co- warned in October that anyone that leaving the Republic, where lenders are
possible as quickly as possible” and then security backgrounds. president of the cyber security group facilitates payments risks severe penal- required to hold more capital than
handle the payment of any funds, often Either way, they must be prepared to Stroz Friedberg, which is owned by the ties if they pay groups that are on eco- international peers after public bailouts
in cryptocurrencies. It also requires deal with increasingly slick hackers. insurer Aon. nomic sanctions lists. in the wake of the financial crisis.
some soft skills. “The second part of my Some attackers will initiate the process Bret Padres, who was the chief execu- “You also have to be very careful The strict rules and competition in
job that does not get talked about much through their own websites, and some tive of the incident response firm The about [Office of Foreign Assets Control] the market mean the Ulster Bank busi-
is counselling companies that are very, set up countdown timers that begin Crypsis Group until it was bought compliance,” said Friedberg. ness has become a bigger drag on its par-
very angry or small businesses where when a victim reads a ransom message. recently by Palo Alto Networks, But he warns that even with meticu- ent company’s results. Ulster Bank ROI
it’s very emotional for them,” he said. A starting figure is not plucked out of describes negotiating a $1m ransom lous planning, there will be elements of generated a return on equity of just 2.3
Attacks have boomed as remote thin air. Once inside a company’s sys- demanded of a manufacturing com- surprise simply due to the nature of the per cent in 2019, compared with 9.4 per
working leaves businesses more vulner- tems, hackers scour through financial pany down to $400,000 by making clear adversaries. “Lots of these guys are cent across the whole NatWest group.
able. It has also become an industry, as data, emails or cyber insurance policies that if the criminals wanted money fast, young criminal hackers riding around One senior UK banker said: “It is an
teams of hackers offer “ransomware-as- to come up with a demand, according to they would have to accept less. in Lamborghinis . . . This is not a open wound for them. They’ve been try-
a-service”, renting out their viruses and Vincent LaRocca, chief executive of “We let them know we can’t get that rational set of negotiations often.” ing to get out for years, but can’t just
exploits to people who might not have CyberSecOp, who claims his consul- much money that quickly,” said Padres, Additional reporting by Kiran Stacey in walk away from Ulster; the regulator
the coding ability to build their own. tancy can reduce a ransom by 40-50 per currently a group vice-president at Washington simply won’t let them.”

Financials Food & beverage

Kinnevik shareholders to gain Zalando stake Danone faces investor call to dismiss chief
ricHArd MiLNe Kinnevik is in the midst of what it The share of fast growth and unlisted LeiLA ABBoud — PariS what remedies are needed. He took on a “There has also been an enormous
norDiC anD baLtiC CorreSPonDent
calls its “third pivot”, boosting its expo- businesses in Kinnevik’s portfolio will similar advisory role for US activist fund decline in advertising spending, which
A large shareholder in Danone has
Kinnevik is planning to return its sure to unlisted start-ups. It started by both almost double after the distribu- Third Point in a campaign at Nestlé. means they are not investing enough in
urged its directors to oust chairman
entire €5.5bn stake in online retailer using the stable cash flows and divi- tion. High-growth companies will jump “We gave the board our analysis since their brands.”
and chief executive Emmanuel Faber,
Zalando to its shareholders, as dends from pulp and paper to invest in from 37 per cent to 67 per cent of its we want them to know what the busi- When asked whether Artisan would
halt a planned reorganisation he has
Europe’s largest listed investor in tech- telecoms and media in the 1990s, before assets, while unlisted businesses will ness really looks like, as well as our seek to replace the board at Danone’s
championed and sell underperforming
nology companies moves into more moving into internet companies such as make up 27 per cent, up from 15 per cent. wish list for changes that need to be annual meeting in April if it did not
brands that account for 15 per cent of
fast-growing and unlisted start-ups. Zalando, Rocket Internet and Avito in Ganev told the Financial Times that made,” Bennink said. agree to its demands, Bennink declined
revenue.
the 2010s. this would make its portfolio “more “Danone used to be an innovator that to say. “We’ve made our ideas clear and
The Swedish family-controlled group The Swedish group owned as much as unique”. He said: “The exposure you can Artisan Partners, a US investment fund, was early to new food trends, but they hope that the board is in good listening
said yesterday that it wanted to distrib- 32 per cent of Zalando after its 2014 ini- get to these fast-growing assets is not said it is the third-biggest shareholder of have lost that culture and are losing mode,” he said.
ute its 21 per cent holding, which makes tial public offering but has sold down its really available to a publicly listed the French consumer goods group, with market share as a result,” he added. Artisan’s campaign is likely to turn up
it the biggest shareholder in Zalando, to stake twice already, using the proceeds investment company. We want to be a roughly 3 per cent stake. It presented the heat on Faber and Danone’s board. A
Kinnevik’s investors. to invest in digital healthcare compa- Europe’s leading listed growth investor. its plan in a meeting with the board on growing number of investors have gone
“For Kinnevik, the distribution nies, such as Livongo, VillageMD and This really accelerates that.” Tuesday. public with criticism of what they see as
means an increased focus on the early Cityblock. It said it had made an 8.6 Kinnevik said its high-growth compa- Faber, who has led the company that poor financial performance.
growth portfolio in line with our strate- times return on its SKr7.9bn ($950m) nies had a return of more than 100 per makes Activia yoghurt and Evian bot- Danone’s share price has trailed its
gic transformation . . . By distributing investment in the online fashion cent in 2020, thanks to investments in tled water since 2014, did not attend. larger rivals since Faber took over,
Zalando to our shareholders, the portfo- retailer, which is based in Germany and online food retailers such as Norway’s Artisan’s plan was designed by Jan rising about 3 per cent since October
lio distribution becomes more balanced whose share price more than doubled Kolonial and digital healthcare. Bennink, a consumer industry execu- 2014, while Nestlé, Unilever and Procter
and unique, and we will have more than last year. Ganev insisted that Kinnevik still tive who has worked in Danone’s dairy & Gamble have risen between 43 and
two-thirds of our capital invested in a Its investors will need to back the Zal- believed in Zalando and that it was exit- and medical nutrition businesses. 54 per cent.
diverse set of younger, high growth, ando plan, though shareholders holding ing from a “position of strength”. Bennink has been working with Arti- Danone declined to comment on Arti-
increasingly private digital companies,” 50 per cent of the votes in Kinnevik have Additional reporting by Olaf Storbeck san since October to analyse what has Emmanuel Faber is under pressure san, but said it “welcomed all invest-
said Georgi Ganev, chief executive. already offered their support. see Lex gone wrong with Danone and determine from US fund Artisan Partners ments and value constructive views”.
thursday 18 February 2021 ★ FINANCIAL TIMES 7

COMPANIES & MARKETS

Total chief warns of renewable energy bubble

Pouyanné says supermajors are paying ‘crazy’ prices for scarce green assets as they respond to pressure from investors
DAviD KeohAne — Paris runs Total with a firm grip, both manag-
AnjLi rAvAL — London ing day-to-day operations and stitching
together some of its biggest deals with
Renewable energy assets are in a bubble little help from bankers or his top execu-
that has led to a string of deals with tives — such as the $7.5bn acquisition of
“crazy” valuations, according to the mostly North Sea oil assets from Den-
chief executive of Total, one of the big- mark’s Maersk in 2017.
gest oil and gas companies. The former rugby player went to the
The warning from Patrick Pouyanné École Polytechnique and then the École
comes as the industry’s heavyweights des Mines in Paris, a top engineering
are caught between sustaining fossil school, making him what the French
fuel-based businesses that generate the refer to as one of the “X-Mines” who
bulk of both their profits and the cash have a large role in running the coun-
for dividends, while facing louder calls try’s industrial base.
to increase investment in clean energy. Pouyanné is unapologetic about the
Total is no exception. In a wide-rang- need to develop Total’s fossil fuel busi-
ing interview, Pouyanné said he wanted nesses to help generate the cash for
the group to be recognised not “as an oil green investments. The group expects
and gas company, but as an energy com- its oil production to remain stable, but
pany”. its gas business is growing. The $1.5bn
The Paris-based multinational has acquisition of liquefied natural gas
pledged billions in renewables invest- assets from Engie in 2017 catapulted
ment, targeted net-zero emissions by Total to number two in the global mar-
2050 and proposed renaming the com- ket behind Shell.
pany TotalEnergies, which its share- Unlike BP, which plans to shrink its
holders will vote on in May. hydrocarbon production by 40 per cent,
However, “there is a bubble” in the Pouyanné is warier about diluting the

‘Russian companies say: ‘If you lose part of your

All that is quite good for source of cash and can’t
us’ if Total and peers cut finance development, then
oil and gas production you have an imbalance’
renewables sector, Pouyanné cautioned. group’s traditional business. “If you lose
Valuations that were often up to 25 part of your source of cash and you are
times earnings were “just crazy today”, not able to finance your development,
the Total chief added, putting that down then you have an imbalance,” he said.
to the short supply of assets of a signifi- Even as oil prices crumbled last year,
cant scale. They are “too scarce”. Oil majors pay up to accelerate renewables shift Renewables groups gain edge Total, which has 100,000 employees
Total was one of several major oil spanning more than 130 countries, was
Seabed auction results in the US and UK Seabed Share prices rebased
companies, BP among them, that this the only European oil major to keep its
month paid what one analyst described cost/capacity Vestas dividend intact. Its stock tumbled 29
Total bid amount ($bn) ($m per GW) Developer 300
as “staggering” prices for the leases to 0 0.5 1.0 1.5 2.2 2.5 Orsted per cent last year, but fared better than
UK offshore wind projects. New York (Dec 2016) 21 Equinor Total many peers.
In a thinly veiled swipe at BP, which New Jersey (Dec 2018) 98 Shell/EDF Iberdrola 200 “If an oil and gas major is not able to
Massachusetts (Dec 2018) 54 Vineyard Royal Dutch Shell
was part of the highest-bidding consor- Massachusetts (Dec 2018) 56 Equinor go through cycles, I don’t know what we
Massachusetts (Dec 2018) 56 Shell/EDPR BP
tium, he said: “When we come, we don’t are able to offer our investors,” said
pay too much.” UK (Feb 2021) 454 RWE 100 Pouyanné.
With European oil and gas companies GIG (Macquarie)/ Total had a stronger balance sheet
UK (Feb 2021) 456
under particular pressure to steer their Total 0 and lower debt levels than peers before
portfolios towards cleaner forms of the pandemic “which put less pressure
energy, Pouyanné was not shocked at UK (Feb 2021) 846 ENBW & BP on executives to do something about the
the frenzy over renewables as sellers -100 dividend”, said Biraj Borkhataria, an
seek out the deepest pockets. UK (Feb 2021) 512 Cobra/Flotation Apr 2020 Feb analyst at RBC Capital Markets.
“I will not buy, but I think I would not Energy 2021 “Still, it has not gone unscathed
Sources: companies; regulatory filings; Bernstein analysis; S&P Capital IQ
be surprised to see one of my European through each downturn. Equity inves-
peers spending money,” he said. “A tors have been diluted on multiple occa-
banker came to me [about another Total and that value was the “key driver” when “Even if BP, Total and Shell divest The French group has said it would sions, including from issuing discounted
deal] and said ‘If you don’t buy it, BP will Engie’s green the group did deals and that it would not from oil and gas it does not change any- spend more than $2bn this year on elec- shares and hybrid bonds,” he added.
buy it’. I said, OK, but at this price, why hydrogen just invest in any asset to meet renewa- thing,” added Pouyanné, arguing that tricity and clean energy, seeking 10 per In a period of both promise and peril
should I buy that? Explain it to me.” project in ble targets. selling assets to other producers who cent returns on the investments. for oil supermajors, Total has dismissed
BP’s Dev Sanyal, France. Below, In a sign of the escalating pressure on may be less mindful does little to help. It aims to generate more than $1.5bn the suggestion by bankers of splitting off
who is responsible Total chief the sector, major institutional investors State-owned oil companies, including in cash flow from its renewables opera- its renewables arm as a separate listed
for its alternative Patrick have threatened to ditch their stakes in the likes of Saudi Aramco or the Abu tions in 2025, up from about $100m pre- company, believing its clean energy
energy business, Pouyanné oil and gas companies altogether unless Dhabi National Oil Company, “are not pandemic in 2019. However, this is still a business will still need the financial fire-
said last week they do more to combat climate change. prepared to stop producing” and if Total fraction of the $27bn in cash flow from power currently provided by fossil fuels.
Pouyanné, who has spent more than cuts back then “Russian companies say, operations it generated that year, While a firm believer in renewables,
two decades at Total and took over days ‘all that is quite good for us’ because largely from its traditional businesses. the Total chief said the narrative over
after the death of his predecessor Chris-
tophe de Margerie in a plane crash in
they will get the asset.”
Although the pandemic left Total with
The group has paid $2.5bn for a 20 per
cent stake in Adani Green Energy and a
$7.2 bn the shift to greener energy needs
more nuance, pointing to the lack of
Total’s loss in
2014, admitted public sentiment had a loss of $7.2bn last year as oil prices slice of its solar business, deepening its 2020 as oil prices debate among politicians and environ-
shifted faster than anyone in the indus- slumped, the group has ploughed ahead presence in India. It has also bought slid during the mentalists over how much it will cost
try imagined just a few years ago. with its net-zero plan. solar and energy projects in Texas, and pandemic consumers.
But the 57-year-old decried as a “para- Despite Pouyanné’s unease over valu- with Engie is developing the largest site “We have to face the reality that there
dox” the view that “we will solve the cli-
mate change challenge just because
ations, renewables — chiefly solar and
wind — are a big part of the group’s
in France for the production of green
hydrogen. The Adani investment “will
$2bn is something wrong in the political
debate,” said Pouyanné.
Sum the group
there is no more equity invested in oil future. While Total and BP are prioritis- probably be the only [big] deal we can plans to spend on “People think it’s renewable so it
and gas majors, that’s something com- ing low-carbon power generation, Shell do” this year, Pouyanné said. electricity and clean should be free.”
pletely wrong”. is focusing on selling electricity instead. The Normandy-born chief executive energy this year See Lex

Transport

Maersk on carbon-neutral fast track

richArD MiLne carbon-free ships to be operational The company gave no indication of
nordic and BaLtic corresPondent
by 2030. where the vessel would be based, saying
AP Moller-Maersk will have the first Soren Skou, chief executive, said that it would depend on where the fuel
carbon-neutral container vessel on the yesterday that what had seemed a could be sourced.
water by 2023, seven years ahead of “moonshot” then was a tough but Asked why Maersk had brought
schedule, as the largest container ship- achievable goal. forward its launch date by seven years,
ping business comes under growing Christiansen said there were chal- Christiansen said: “Because we can.
pressure to cut emissions. lenges to building the ships and operat- We’ve learned a lot over the past
ing them safely, but the main difficulty two years. The technology is now so
The Danish group said yesterday that would be sourcing the fuel. advanced that we think we can do
the medium-sized “feeder” vessel Methanol produced using natural gas, it. And the demand from our customers
would be capable of carrying 2,000 which is cleaner and less carbon-inten- is increasing.”
20-foot containers and be powered by sive, already powers a handful of tank- Maersk said half its top 200 custom-
carbon-neutral methanol. ers. Christiansen said Maersk was look- ers had set, or were close to setting,
Maersk will ensure that all new ves- ing at either e-methanol, produced zero-carbon targets for supply chains.
sels ordered from now will be able to run using renewable energy, or bio-metha- “We want to get the ball rolling. We
on carbon-neutral fuels. nol to power its feeder vessel. want to show customers a sustainable
Morten Bo Christiansen, Maersk’s product,” Christiansen said.
head of decarbonisation, said: “It’s an He declined to say when a larger car-
important step. It’s the vessel that will bon-neutral container vessel — capable
show the world it can be done. It’s the of carrying about 20,000 containers —
vessel that will kickstart a market for would be possible, but he hoped for
these fuels . . . Our customers expect us many zero-emission ships by 2030.
to solve this for them.” “All depends on how customers wel-
Container shipping is one of the hard- come this product. We’re not entirely in
est industries to decarbonise because control here. We’re sailing into
options such as electric batteries that uncharted waters.”
are available to other forms of transport Progress required co-operation with
do not work for vessels that must travel everybody from container shipping
thousands of miles without stopping. rivals to customers, regulators and
At the moment, the majority of con- shipbuilders.
tainer ships are powered by bunker fuel, Maersk, which has an almost empty
a thick, polluting product left at the end order book for new vessels, will ensure
of the refining process. that all ships it orders from now on can
Maersk has a target of being carbon- run on both fossil and carbon-neutral
neutral by 2050, and said in December The Danish group hopes to operate fuels, a move Christiansen said be would
2018 that this would require the first many zero-emission ships by 2030 only “marginally” more expensive.
8 ★ FINANCIAL TIMES thursday 18 February 2021

COMPANIES & MARKETS

Equities. inflation fears Commodities

Rio boosted
Bond sell-off stirs warnings by iron ore
over strength of US stocks surge in ‘year
of extremes’
Neil Hume
NatuRal REsOuRcEs EditOR

Rio Tinto, the world’s biggest producer

of iron ore, has rewarded investors with
the biggest dividend in its history after
what its new chief executive described
as a “year of extremes”.
The Anglo-Australian miner was one
of the biggest beneficiaries of China’s
rapid recovery from the pandemic,
allowing it to hand $9bn of cash back to
shareholders, including a record final
dividend of $6.5bn declared yesterday.
Rio’s most important commodity —
the steelmaking ingredient iron ore —
surged almost 85 per cent in 2020 to a
nine-year high of more than $175 a
tonne on the back of robust demand
from China’s vast steel industry.
Tyler Broda, analyst at RBC Capital
Markets, said: “[The] result provides
another example of the strong payouts
on offer in the mining sector and the
likely ability and intent for this to
continue, especially as iron ore prices
stay elevated, should help to underpin
[the] share price.”
At the same time, Rio’s reputation as
one of the best operators in the industry
was shredded when it destroyed a
sacred Aboriginal site in May to make
way for a mine expansion in Western
Investors say a further sharp Treasury sell-off accelerates Equity investors braced Monetary cycle: said he thinks the yield on the 10-year
Treasury “needs to be in my mind at
rise in yields would threaten on stimulus hopes for higher inflation the US Federal
Reserve has least above 1.75 per cent to start really
Stausholm made restoring
US 10-year Treasury yield (%) US 10-year break-even rate (%) pushed inflation making a dent in the equity market’s trust with indigenous
Wall Street’s record run structural argument that it’s the best
1.6 2.5 expectations to
the highest in a place to be”.
groups and other
1.4
AzizA KAsumov AND Colby smitH 2.0 number of years If inflation expectations remain stakeholders a priority
NEw YORk 1.2 Al Drago/Bloomberg
upbeat, they could help to rebalance
The drop in US government bond prices 1.0 1.5 stock markets, sapping high-growth Australia, home to its hugely profitable
in the opening weeks of this year poses 0.8
sectors like tech while boosting long iron ore business.
a threat to Wall Street’s record run, 1.0 unloved sectors like financials and The blasts at Juukan Gorge cost Rio’s
analysts and investors have said. 0.6 energy, which are typically more posi- former chief executive, Jean-Sébastien
High prices and slim yields on 0.4 0.5 tively correlated with rising inflation. Jacques, and two senior lieutenants
Treasury bonds have provided a key Feb 2020 Feb Feb 2020 Feb “The broad theme is that you want their jobs after investors and indigenous
support for equities since the shock of 2021 2021 companies that are most cyclically groups demanded accountability for the
Source: Bloomberg
the coronavirus outbreak last year. exposed,” said Jonathan Golub, chief US incident.
But stung by expectations for rising equity strategist for Credit Suisse. “An Jakob Stausholm, previously Rio’s
inflation, yields have swept higher with the Fed’s favoured measure of inflation, red-hot tech sector. A sharp rise in improving economy helps those compa- finance head, was chosen as chief execu-
the 10-year benchmark yield briefly stood at 1.5 per cent as of December, inflationary pressures may offset any nies that are perceived to be weaker.” tive shortly before Christmas. He has
touching 1.3 per cent this week, from a below the central bank’s long-term nominal revenue increases as compa- A reckoning could come as early as made restoring trust with indigenous
little above 0.9 per cent at the start of the target. nies’ input costs rise too, squeezing prof- this summer, investors said. They groups and other stakeholders a
year. Already, February is shaping up In January, the core consumer price its. A rise in rates could also reduce the forecast that the economy will come priority.
to provide one of the biggest monthly index, another measure of inflation, was present value of companies’ future cash roaring back by then, fuelled in large Speaking from Perth after the publi-
increases in yields since 2018. flat compared with the previous month. flows, denting equity valuations. part by an additional injection of fiscal cation of Rio’s annual results, Stausholm
Investors are scrambling to identify Inflation is kryptonite to bonds, “The market will often discount those stimulus. said the Juukan Gorge blasts were a
the potential tipping point for equities. eating away at the value of their fixed future cash flows at a higher rate when Treasury secretary Janet Yellen “dark day for Rio” and had caused con-
“If we see a gradual increase in yields payments to investors. inflation rises to compensate for the fact recently reiterated the need to “go big” siderable damage to its relationship
over the course of this year and next For stocks, moderate inflation is [that] they are worth less in today’s on fiscal support to shore up the US with the Puutu Kunti Kurrama and
year, that is something the equity typically a good thing. Sean Markowicz, money,” Markowicz said. economy. Fed chair Jay Powell has Pinikura people, the traditional owners
market is happy to digest,” said Kiran an investment strategist at Schroders, The task now is to figure out when reiterated his commitment to “patiently of the site.
Ganesh, a multi-asset strategist at UBS calculates that US equities tend to out- those dynamics may kick in, investors accommodative” monetary policy. Stausholm was speaking after Rio said
Global Wealth Management. “If things perform 90 per cent of the time when said. “There is going to be a moment in the underlying earnings — the figure
happen a bit more quickly . . . that could inflation is low but rising. “It’s a pretty difficult number to put summer where we have above target tracked by analysts — rose 20 per cent to
lead to more substantial problems.” Any inflation stemming from a return your finger on,” said Jeffrey Palma, head and rising inflation, a strong GDP print, $12.4bn in the year to December on rev-
The prospect of a $1.9tn stimulus to normal life would also be a welcome of public investments in State Street interest rates close to zero and mone- enue of $44.6bn. Net debt fell to $664m
package coming out of Washington, sign that the US economy is slowly drag- Global Advisors’ global fiduciary solu- tary policy being pumped in,” said from $3.65bn. Profit before tax was
pent-up demand from months of social ging itself out of its pandemic-induced tions group. ‘If inflation Ganesh. “The Fed is telling us it is going $15.4bn, up from $11.1bn in 2019.
curbs and loose monetary policy from slump. But the break-even rate rising to be fine, and we think it is going to Iron ore accounted for 90 per cent of
the US Federal Reserve have pushed Stocks may also prove more robust “substantially” above 3 per cent would starts be fine . . . but that is likely to lead to Rio’s earnings, underlying the impor-
inflation expectations to their highest in than in previous inflationary episodes. “get to a point on the curve where running nervousness.” tance of its giant mines in Western Aus-
years. Yields remain low by historical stand- equities become a little less settled”. Golub said that nerves could give way tralia. The strong financial performance
One metric derived from US inflation- ards. Crucially, the Fed has also made it Goldman Sachs analysts recently away, the to prolonged pain for equity investors, Our global allowed it to declare a final dividend of
protected government securities — the clear it is happy to allow inflation to sim- calculated, based on historical data, that market will especially if the acceleration in con- team gives you $3.09 a share, supplemented by a spe-
10-year break-even rate — recently rose mer without raising interest rates. it would take a 0.36 percentage point sumer price increases becomes unruly. market-moving cial payment of $0.93 a share.
to its highest point since 2014 at 2.2 per But investors warn that too swift an increase in rates over a month for perceive it “If [inflation] starts running news and views, Added to its half-year dividend, Rio
cent. increase in prices could still knock some equities to wobble. very, very away . . . the market would perceive 24 hours a day has returned $9bn to shareholders for
So far, however, the core personal froth off stocks that are hovering Deepak Puri, CIO for the Americas at it very, very badly,” he said. “All of a ft.com/markets its most recent financial year, the big-
consumption expenditures price index, around record highs, particularly in the Deutsche Bank Wealth Management, badly’ sudden, the party is over.” gest payout in its 148-year history.

Derivatives Asset management

LME brokers plan EU outposts SEC urged to treat index providers as

to comply with post-Brexit rules fund managers with tighter regulation
lAureNCe FletCHer AND Mitsui Bussan, which is part of ent base throughout Europe”, said Mit- CHris FlooD This role is comparable to that of which provide both broad market and
HeNry sANDersoN — lONdON
Japanese trading and investment group sui Bussan’s head of European energy active fund managers, which are regu- narrower focus indices, to split their
Stricter rules should be imposed on
London Metal Exchange brokers Mitsui & Co, also has offices in Singapore Richard Breton. lated as investment advisers and subject operations.
providers of financial indices, which
Sucden Financial and Mitsui Bussan and New York. Since the Brexit transition period to a fiduciary duty standard by the SEC. That would facilitate proper regula-
underpin trillions of dollars of invest-
Commodities are planning to open The broker’s EU office, which is likely expired at the end of last year, UK-based Ben Johnson, director of passive funds tory scrutiny of indices used in thematic
ment decisions globally, according to a
offices in the EU, providing the latest to be operational in March or April, will financiers have been coming to terms research at Morningstar, the data pro- and smart beta tracker funds and ETFs
new academic study that calls for
examples of how Brexit is forcing have around nine people, of which three with a new regulatory landscape. vider, said index providers had become that have proliferated in recent years.
action by US regulators.
investment firms to adapt to win will be marketing staff in the energy Banks and brokers in London face de facto asset managers. Implementing such a division is
clients based in the bloc. business who are being transferred tough restrictions on approaching or Index providers such as S&P Global, “The decisions that index providers highly unlikely to appeal to index pro-
from the UK. marketing to clients in the EU. MSCI, FTSE Russell and Bloomberg make about the companies and coun- viders as it would increase operational
Sucden, one of the LME’s major brokers, The outpost will be essential for the Although LME brokers without an calculate widely used benchmarks for complexities and reduce profits.
plans to open an office in Hamburg and company to “continue to service its office in the bloc can still handle EU cus- stocks, bonds and other securities but Robertson also said index licence fees
has already hired two staff members, existing customers and to expand its cli- tomers’ trades and execute them on the are not regulated by the Securities and
‘Failure to recognise this should be disclosed in a fund prospectus
according to its chief executive Marc exchange, they can no longer advertise Exchange Commission, the US invest- reflects an inadequate and in order to allow investors to make bet-
Bailey. The company’s next step is to their services with phone calls, face-to- ment industry’s main watchdog. ter comparisons with the costs of
seek approval from BaFin, the German face meetings, press releases or bro- “Certain index providers are pres-
antiquated view of the actively managed funds.
financial regulator. chures. A loophole allows customers ently acting as unregulated investment index fund market’ Regulations covering index providers
“It is a pain,” Bailey said. “You have to formally to ask for advice and services, advisers” said Adriana Robertson, a were introduced in Europe in 2016
file another set of accounts, you’re going but EU authorities have cautioned professor at the University of Toronto. tries they include in their benchmarks following the Libor scandal, when it was
to need to have BaFin-trained compli- against misuse of this option. “The SEC’s failure to recognise this have a meaningful impact on capital discovered that bankers had colluded to
ance staff. It’s a cost of doing business Some larger members of the LME, for reflects an inadequate and antiquated flows around the world,” said Johnson. manipulate the London interbank
that wasn’t there — you can’t get away instance Marex Spectron and TP ICAP, view of the index fund market.” “It is an issue that is on regulators’ radar.” offered rate. Those rules have been
from that.” already have EU offices but many Robertson co-authored the paper Index providers are currently treated adopted as global standards.
London-based Mitsui Bussan Com- smaller brokers so far do not. with Paul Mahoney, a law professor at as data publishers by the SEC. But Rob- Rick Redding, chief executive of the
modities, which specialises in energy The Brexit challenge comes at a time Virginia University. ertson said this approach was only Indexing Industry Association, said
and metals derivatives, is setting up a of change for the market — last month, it Robertson said US regulators should appropriate to providers of broad the call for more regulation was
French subsidiary to ensure it does not proposed permanently shutting its treat index providers as investment benchmarks, such as the S&P 500 or misguided because it was based on a
fall foul of European regulations on Ring, where metals have been traded advisers because of their critical role in FTSE 100. misunderstanding of the differing roles
approaching clients for business, said a Hamburg has been chosen by Sucden since its founding in 1877. designing portfolios of securities that She said the SEC should require com- played by index providers and fund
person familiar with the firm’s plans. as the location of its EU-based office Additional reporting by Philip Stafford are held by tracker funds. panies such as S&P Global and MSCI, managers.
Thursday 18 February 2021 ★ FINANCIAL TIMES 9

COMPANIES & MARKETS

The day in the markets Yellen must tell Asian

What you need to know
central banks to stop
3 Wall Street stocks on track for
currency manipulation
Gold dragged lower in broad haven sell-off
back-to-back falls
3 Gold caught up in wider haven $ per ounce
asset sell-off
3 Oil builds on rally, taking Brent
crude above $64 a barrel
1,950 David Waddill
Stocks on Wall Street dropped for the
second consecutive session yesterday as 1,900
Markets Insight
investors stepped back to assess the

F
effect on equities from US Treasury yields
hitting their highest levels in a year. or more than 20 years, about a represent a $300bn addition to growth Its whole overseas investment pro-
The benchmark S&P 500 index fell 0.5 1,850 dozen Asian central banks, in the US, or roughly 1.5 per cent of GDP. gramme under Abenomics, and its tim-
per cent and the technology-focused including those of China and The positive impact would not just be ing, has been in part designed to help
Nasdaq Composite lost 1.4 per cent by Japan, have intervened to one-off. Currency movements, espe- weaken the yen. Initially, this aspect of
lunchtime in New York. suppress the value of their cially if they seem likely to persist, do Abenomics was probably a good thing
During a primetime televised town hall 1,800 currencies. The foreign exchange impact business investment decisions for the world but, after eight years,
meeting this week, Joe Biden pledged reserves held by 12 Asian nations now and therefore future job growth. Japan has had its turn at trying to reflate
that his $1.9tn coronavirus relief plan, total more than $6.5tn. Some might argue that such a at the expense of others.
which is awaiting congressional approval, In 2020, they rose about $500bn as shift would be an ugly “America The real trade-weighted yen is now as
would create 7m jobs this year. “Now’s the 1,750 these countries sought to mitigate the first” move but that is too harsh. weak as just before the Plaza Accord and
time to go big,” he said. economic impact of the pandemic. Economically, Asia has weathered the Japan’s current account surplus is
The comments added further Dec 2020 Jan 2021 Feb Given the need for sustained stimulus pandemic much better than the rest of almost as large.
momentum to the sell-off in government
Source: Refinitiv
in the US (and the entire western the world. Asia has room to “spend” The Treasury secretary would proba-
debt since the US election in November. world), the new US Treasury secretary, some of this excess savings now. Draw- bly begin such a policy change in private
Prospects of a stimulus-fuelled Janet Yellen, should make it clear that ing down the collective current account conversation. Perhaps all the countries
recovery in the biggest economy have fed yields increases their attraction, relative Asset Management, “because although currency manipulation will no longer be would then see the wisdom of now
tolerated. allowing their currencies to appreciate
expectations of higher inflation, which
erodes the value of bond coupons.
to stock dividends, for new investors.
“Everyone was already very cautious
bond yields have room to rise further, the
rise in yields and the rise in equities are In a time of global crisis, the persistent
Some might argue that and their excess savings rate to fall.
The 10-year US Treasury yield hit on equities and talking about bubbles,” coming from the same place, which is excess savings of the Asian nations need such a shift would be an If not, over the past decade or so, there
to be drawn down to help stimulate glo- is clear evidence that sanctions do work
1.33 per cent yesterday, its highest since
late February 2020, before sliding to
said Emiel van den Heiligenberg, head of
asset allocation at Legal & General
economic growth.”
Oil continued its ascent with bal growth — otherwise why were they
ugly ‘America first’ move in changing both government and
1.27 per cent in the afternoon. Investment Management. “So you can see benchmark Brent crude rising more than accumulating these reserves other than but that is too harsh private sector behaviour.
Gold was caught up in the wider sell- the rise in [bond] yields is an excuse for a 1 per cent to $64.05 a barrel and West for “beggar thy neighbour” purposes? Unlike many historical moments
off in haven assets, taking the metal bit of a correction.” Texas Intermediate, the US marker, up Stronger currencies would boost when a new Treasury secretary has
down more than 1 per cent yesterday to However, many investors still believe 1.2 per cent to $60.79 a barrel. Asian imports and, instead of interven- by only 2 per cent of GDP would still been sworn in, the US does not need
$1,775 an ounce. For the week, gold has bond yields and share prices can rise in The pan-regional Stoxx Europe 600 tion monies going into our overpriced leave most with a positive balance. additional intervention money recycled
already lost almost 3 per cent. tandem, powered by expectations of equity index fell 0.7 per cent and bond market, capital investment at the China will argue that it is not interven- into its bond market.
The retreat in government bonds has strong growth in the US. Frankfurt’s Xetra Dax lost 1.1 per cent margin would tend to flow to the US, not ing. It is doing that though but just Yellen should call on countries to stop
given equity investors pause for thought, “We remain positive on equities,” said while London’s FTSE 100 dropped 0.6 per Asia. disguising it better than before. intervening and let the market deter-
not least because a move higher in debt Bastien Drut, senior strategist at CPR cent. Naomi Rovnick Over the years, the US Treasury has The renminbi is being supported by a mine the price of their currency. Indeed,
tried to throw sand in the gears of this large current account surplus, direct such a move would not undermine the
intervention through the semi-annual investment inflows, relatively high successful legacy of previous Demo-
Markets update publication of a report on the foreign interest rates and capital market cratic administrations that understood
exchange policies of leading trading inflows thanks to being included in a the value of having a sound dollar.
partners. This, arguably, has had some variety of stock and bond indices. President Joe Biden has called for
success in slowing the pace of Japan will also argue it is not interven- unity with domestic partners to deal
US Eurozone Japan UK China Brazil intervention but it has not stopped it. ing. The Ministry of Finance is not but with fallout from the virus and inequal-
Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa The combined annual GDP of the the Government Pension Investment ity in the economy. Shouldn’t the Treas-
Level 3912.85 1603.00 30292.19 6710.90 3655.09 119346.50 countries involved is some $26tn, larger Fund is. The GPIF switched almost ury secretary, who is the spokesperson
% change on day -0.50 -0.70 -0.58 -0.56 1.43 -0.07 than that of the US. $100bn out of Japanese government for foreign partnership in economic
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ As a group, if their excess savings were bonds into unhedged foreign bonds in affairs, ask for the same unity of
Level 90.846 1.203 105.925 1.385 6.438 5.422 cut by 2 per cent of GDP, it would pro- the first three quarters of 2020, even as purpose in the international sphere?
% change on day 0.372 -0.743 0.199 -0.574 0.000 0.823 vide the rest of the world with an annual the costs of hedging for six months have
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond boost of $500bn. Given the US share of collapsed to only a day’s trading range in David Waddill is FX strategist at Moore
Yield 1.278 -0.370 0.093 0.571 3.243 7.724 non-Asian global GDP, that would the dollar/yen rate. Capital Management
Basis point change on day -0.580 -2.000 1.820 -4.500 0.000 6.500
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 448.73 63.80 60.32 1794.25 27.58 3690.30
% change on day -0.58 0.68 0.40 -1.27 0.02 0.02
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.

Main equity markets

S&P 500 index Eurofirst 300 index FTSE 100 index
4000 1680 6880

1600 6720
3840
1520 6560

| | | | | | | | |
3680 || | | | | | | | | | | | | | | | | | | 1440 || | | | | | | | | | | | | | | | | | | 6400 | | | | | | | | | | |

Dec 2021 Feb Dec 2021 Feb Dec 2021 Feb

Biggest movers
% US Eurozone UK
Wells Fargo & Co 5.50 Omv 3.31 Antofagasta 4.80
Carnival 4.64 A.p. Moller - Maersk B 3.00 Hikma Pharmaceuticals 2.40
Ups

Johnson Controls Int 4.21 Gecina 2.39 Rolls-royce Holdings 2.36

Verizon Communications 4.15 Jeronimo Martins 2.19 National Grid 1.89
Freeport-mcmoran 3.62 Danone 2.08 B&m Eur Value Retail S.a. 1.86
%
Ipg Photonics -6.06 Kering -7.15 Hargreaves Lansdown -6.87
Technipfmc -5.93 Beiersdorf -5.89 M&g -5.07
Downs

Henry Schein -5.06 Vopak -4.86 British American Tobacco -3.95

Albemarle -4.03 Saipem -4.68 Polymetal Int -3.60
Twitter -3.98 Sap -3.62 Avast -3.49
Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.

Wall Street Europe London

Shopify, the ecommerce platform, fell Germany’s Beiersdorf retreated after Hargreaves Lansdown sank on news that
after a warning about its revenue outlook. forecasting no increase in earnings Peter Hargreaves, the co-founder of the
“We expect that we will continue to margin for 2021. investment platform, sold £300m worth
grow revenue rapidly in 2021, albeit at a The consumer goods manufacturer of shares in the group.
lower rate than in 2020,” said the behind Nivea, La Prairie and Hansaplast He disposed of 19.5m shares at £15.35
Canadian group, which reported fourth- reported group sales of €7bn for 2020, each, a 7 per cent discount to Tuesday’s
quarter revenue of $978m, up 94 per cent down 5.7 per cent on the previous year in closing price. Following the sale,
from the comparable quarter in 2019. organic terms, and said it was investing Hargreaves owns a 19.8 per cent stake in
The Ottawa company said the rollout an additional of €300m for “sustainability, the financial services group. This time last
of vaccines was also likely to shift “more digitalisation, and growth markets” year, Hargreaves also sold shares in the
spending to services and offline shopping during the next five years. platform, on that occasion worth £500m.
towards the back half” of 2021. “By rebasing margins from a position of Transense Technologies, the developer
Wingstop, the chicken wings restaurant strength, Beiersdorf should be able to of specialist sensor systems, rallied after
chain, plummeted after reporting a net sustain above-peer organic revenue a threefold rise in revenues to £0.90m in
loss of $6.4m in the fourth quarter growth,” said RBC Europe, which gives the six months ending December 31.
compared with net income of $3m in the the stock a “sector perform” rating. Earnings before interest, tax,
same period a year earlier. “However, we think this is now captured depreciation and amortisation hit £0.06m
The deficit was down to $13.7m of in the share price.” for the same period, rebounding from a
expenses “associated with the refinancing Forecast-beating results propelled £0.39m loss in the first half of 2020.
of our debt and payment of special Akzo Nobel up more than 3 per cent Transense said the royalty run rate of
dividend”, said the Texas-based group. before broader market losses wiped out iTrack, which provides tyre management
Vehicle auction services provider KAR most of those gains. solutions for off-the-road vehicles, had
Auction retreated after fourth-quarter The Dutch paints and coatings group risen more than 15 per cent since the start
revenue fell 21 per cent to $529.6m reported adjusted operating income of of a licensing deal with Bridgestone.
compared with the same period in 2019. €294m in the fourth quarter, up 32 per Pebble Beach Systems Group, which
“Even after the Covid-19 outbreak has cent on the same period a year earlier. specialises in broadcast automation, fell
subsided, we may continue to experience Citi described the results as a “strong after reporting full-year 2020 revenue of
materially adverse impacts to our beat”, helped by a sharp decline in raw approximately £8.4m, down from £11.2m
business,” said the Indiana group. material prices during the year, but in 2019.
Telecom group Verizon and oil major warned that “much of the debate, looking “The unprecedented conditions
Chevron both jumped on news that forward, pivots around Akzo’s ability to created by Covid-19 have proved
Warren Buffett’s Berkshire Hathaway had hold on to margins in a rising raw material challenging, as customers have inevitably
bought multibillion-dollar stakes in both environment”. Citi assigns Akzo a “buy” delayed orders,” said John Varney,
companies late last year. Ray Douglas recommendation. Ray Douglas non-executive chairman. Ray Douglas
10 ★ FINANCIAL TIMES Thursday 18 February 2021

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 $

-0.50% -1.36% -0.08% -0.56% -0.70% -0.58% -0.58% -0.743% -0.574% -0.115% -1.27%
1.10% 0.199% 1.26%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jan 18 - - Index All World Jan 18 - Feb 17 Index All World Jan 18 - Feb 17 Index All World Jan 18 - Feb 17 Index All World Jan 18 - Feb 17 Index All World Jan 18 - Feb 17 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
30,292.19
3,912.85 18,346.89 13,909.27
6,712.95 6,710.90 13,815.06 3,133.73
17,944.88 3,092.66
3,768.25 28,242.21
Day -0.50% Month 3.85% Year 15.78% Day -0.79% Month 2.42% Year 2.76% Day -0.56% Month -0.33% Year -9.69% Day -1.10% Month -0.17% Year NaN% Day -0.58% Month 6.27% Year 27.95% Day -0.93% Month 1.55% Year 39.67%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
31,084.94
13,856.12 46,458.02 1,603.00
44,848.68 1,573.88 8,199.00 8,122.70 29,642.28
12,998.50 2,990.40
2,920.43
Day -1.36% Month 6.60% Year 42.39% Day 0.34% Month -2.27% Year -0.37% Day -0.70% Month 1.84% Year -4.80% Day -0.38% Month -1.31% Year -18.95% Day 1.10% Month 8.85% Year 11.82% Day -0.51% Month -2.76% Year -9.26%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
5,765.84 23,178.56 51,703.83
31,496.75 3,655.09
30,814.26 121,241.63 119,346.50 5,598.61 22,441.72 3,608.34
48,564.27

Day -0.08% Month 2.22% Year 7.14% Day -0.07% Month -0.95% Year 3.38% Day -0.36% Month 2.75% Year -5.26% Day -1.12% Month 3.52% Year -7.77% Day 1.43% Month 2.38% Year 27.09% Day -0.77% Month 5.44% Year 25.32%

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 51779.21 51466.21 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 25266.63 25546.33 Philippines Manila Comp 6966.43 7044.06 Taiwan Weighted Pr 16362.29 15802.40 Cross-Border DJ Global Titans ($) 461.78 464.46
Australia All Ordinaries 7158.80 7189.30 Czech Republic
PX 1059.85 1070.35 FTSE Italia Mid Cap 40519.77 41058.88 Poland Wig 59035.81 59415.71 Thailand Bangkok SET 1514.91 1523.11 Euro Stoxx 50 (Eur) 3701.72 3726.40
S&P/ASX 200 6885.20 6917.30 Denmark OMXC Copenahgen 20 1509.43 1511.68 FTSE MIB 23178.56 23440.81 Portugal PSI 20 4822.12 4830.01 Turkey BIST 100 1540.59 1542.82 Euronext 100 ID 1156.12 1161.15
S&P/ASX 200 Res 5481.70 5395.70 Egypt EGX 30 11413.17 11534.05 Japan 2nd Section 7447.08 7388.23 PSI General 3653.10 3660.79 UAE Abu Dhabi General Index 5636.23 5663.85 FTSE 4Good Global ($) 9671.53 9732.04
Austria ATX 3021.44 3023.47 Estonia OMX Tallinn 1454.87 1460.33 Nikkei 225 30292.19 30467.75 Romania BET Index 10426.14 10535.50 UK FT 30 2577.40 2602.00 FTSE All World ($) 448.73 451.34
Belgium BEL 20 3837.70 3855.51 Finland OMX Helsinki General 11452.50 11565.45 S&P Topix 150 1669.07 1673.94 Russia Micex Index 3436.80 3495.26 FTSE 100 6710.90 6748.86 FTSE E300 1603.00 1614.37
BEL Mid 8758.14 8811.21 France CAC 40 5765.84 5786.53 Topix 1961.49 1965.08 RTX 1462.35 1494.58 FTSE 4Good UK 6305.18 6337.71 FTSE Eurotop 100 3015.49 3031.60
Brazil IBovespa 119346.50 119428.72 SBF 120 4565.72 4582.78 Jordan Amman SE 1749.36 1737.67 Saudi-Arabia TADAWUL All Share Index 9084.31 9101.96 FTSE All Share 3813.85 3840.16 FTSE Global 100 ($) 2583.86 2604.75
Canada S&P/TSX 60 1090.35 1097.48 Germany M-DAX 32637.16 33042.33 Kenya NSE 20 1879.19 1889.77 Singapore FTSE Straits Times 2920.43 2935.34 FTSE techMARK 100 6437.10 6490.43 FTSE Gold Min ($) 2228.10 2281.21
S&P/TSX Comp 18346.89 18492.72 TecDAX 3543.89 3590.41 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 355.80 356.24 USA DJ Composite 10367.22 10408.78 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 774.85 741.10 XETRA Dax 13909.27 14064.60 Latvia OMX Riga 1165.45 1172.64 Slovenia SBI TOP - - DJ Industrial 31496.75 31522.75 FTSE Multinationals ($) 2860.63 2862.13
Chile S&P/CLX IGPA Gen 23054.58 23461.04 Greece Athens Gen 788.75 795.91 Lithuania OMX Vilnius 854.89 855.18 South Africa FTSE/JSE All Share 67110.07 67227.06 DJ Transport 12999.74 13180.74 FTSE World ($) 791.32 796.27
China FTSE A200 15446.59 15131.34 FTSE/ASE 20 1873.84 1895.50 Luxembourg LuxX 1395.68 1422.64 FTSE/JSE Res 20 66163.46 66212.96 DJ Utilities 852.30 851.20 FTSEurofirst 100 (Eur) 4130.97 4153.69
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 31084.94 30746.66 Malaysia FTSE Bursa KLCI 1595.29 1606.14 FTSE/JSE Top 40 61738.47 61775.45 Nasdaq 100 13602.78 13773.77 FTSEurofirst 80 (Eur) 5074.66 5112.40
Shanghai A 3831.54 3777.39 HS China Enterprise 12228.63 12036.15 Mexico IPC 44848.68 44698.59 South Korea Kospi 3133.73 3163.25 Nasdaq Cmp 13856.12 14047.50 MSCI ACWI Fr ($) 685.06 685.08
Shanghai B 243.93 243.24 HSCC Red Chip 4148.23 4105.61 Morocco MASI 11580.51 11528.24 Kospi 200 424.20 429.24 NYSE Comp 15337.97 15369.60 MSCI All World ($) 2828.15 2829.67
Shanghai Comp 3655.09 3603.49 Hungary Bux 44416.15 44941.65 Netherlands AEX 681.04 687.43 Spain IBEX 35 8122.70 8153.70 S&P 500 3912.85 3932.59 MSCI Europe (Eur) 1683.06 1685.17
Shenzhen A 2574.91 2530.65 India BSE Sensex 51703.83 52104.17 AEX All Share 989.13 993.64 Sri Lanka CSE All Share 7588.34 7580.91 Wilshire 5000 41693.93 42030.01 MSCI Pacific ($) 3313.12 3293.47
Shenzhen B 1129.19 1106.72 Nifty 500 12597.45 12647.20 New Zealand NZX 50 12673.97 12610.72 Sweden OMX Stockholm 30 2017.26 2038.07 Venezuela IBC 1870964.60 1882781.50 S&P Euro (Eur) 1716.30 1729.94
Colombia COLCAP 1368.49 1383.59 Indonesia Jakarta Comp 6227.73 6292.40 Nigeria SE All Share 40494.35 40571.67 OMX Stockholm AS 817.20 824.00 Vietnam VNI 1155.78 1114.93 S&P Europe 350 (Eur) 1653.50 1665.39
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 7300.57 7339.18 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 10809.28 10907.60 S&P Global 1200 ($) 3114.76 3131.76
Israel Tel Aviv 125 1682.80 1681.85 Pakistan KSE 100 46768.14 46867.95 Stoxx 50 (Eur) 3226.57 3242.19
(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 Feb 17 %Chg %Chg Feb 17 %Chg %Chg Feb 17 %Chg %Chg Feb 17 %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 75.0 130.25 -2.94 Royal Dutch Shell 273.7 1438.60 8.80 Kering 434.5 524.90 -40.40 Softbank . 1089.4 10405.00 -15.00 Antofagasta 1714.50 11.7 - Vivo Energy 87.30 12.5 - Enquest 17.90 31.6 - Oil & Gas Producers 4982.01 6.4 10.1
Amazon.com 57.5 3313.03 44.08 British American Tobacco 178.5 2640.00 -108.50 Asml Holding 433.5 484.35 -15.50 Mitsubishi Ufj Fin,. 487.0 566.10 4.30 Rolls-royce Holdings 102.30 10.2 - Tui Ag 352.10 11.1 - Batm Advanced Communications Ld 118.50 23.2 - Banks 2763.18 6.4 10.6
Microsoft 27.6 242.09 -2.90 Bp 177.8 280.60 2.40 Sap Se O.n. 388.8 104.42 -3.92 Sony 486.7 12200.00 -40.00 Hsbc Holdings 432.25 8.4 - Royal Mail 475.00 10.5 - Tullow Oil 35.54 14.6 - Life Insurance 7519.85 5.5 4.4
Nvidia 22.5 594.27 -18.94 Rio Tinto 175.9 6235.00 -25.00 Total 323.3 36.97 0.57 Tokyo Electron 475.5 43140.00 -970.00 Bp 280.60 8.3 - Ip 115.00 9.7 - Hyve 131.40 14.3 - Mining 24904.48 4.9 14.8
Wells Fargo & Co 19.0 36.70 1.91 Astrazeneca 144.2 7421.00 87.00 Royal Dutch Shella 281.4 16.70 0.11 Fast Retailing Co., 467.9 102650.00 150.00 Burberry 1860.00 8.1 - Energean 940.70 9.2 - Premier Oil 23.50 11.9 - Fixed Line Telecommunication 1569.03 4.9 -2.3
Facebook 17.9 270.20 -3.77 Unilever 126.6 3980.00 -26.00 Ing Groep N.v. 262.4 8.92 0.02 Toyota Motor 370.8 8247.00 -56.00 Prudential 1399.00 8.0 - Polypipe 558.00 8.6 -7.3 Ricardo 464.00 11.0 32.2 Industrial Transportation 3438.40 4.6 19.8
Advanced Micro Devices 17.6 89.23 -2.23 Glencore 126.1 288.20 0.20 Intesa Sanpaolo 238.3 2.10 -0.02 M3,. 362.9 8850.00 -357.00 Standard Chartered 497.50 7.4 - Rank 140.00 7.7 -0.8 Amigo Holdings 7.20 10.4 -11.9 Real Estate & Investment Servic 2604.37 3.3 0.7
Paypal Holdings 15.6 293.32 -11.47 Bhp 124.9 2244.50 -16.00 Daimler Ag Na O.n. 217.4 65.44 0.43 Sumitomo Mitsui Fin,. 289.7 3816.00 25.00 Pershing Square Holdings Ltd 2730.00 7.3 - Liontrust Asset Management 1280.00 7.1 - Hunting 242.60 10.3 - Index - Technology Hardware & Equipment 1991.52 2.6 -4.5
Boeing 13.1 215.14 -2.04 Prudential 100.7 1399.00 3.00 Unicredit 216.3 8.30 -0.17 Ana Holdings 264.8 2499.00 100.50 Rightmove 643.00 6.8 - Xp Power 5400.00 6.7 - Stagecoach 87.95 9.9 - Travel & Leisure 8468.55 2.6 4.5
Verizon Communications 11.7 56.40 2.25 Royal Dutch Shell 90.8 1376.80 7.60 Eni 215.7 9.16 0.08 Recruit Hldgs Co Ltd 230.2 5305.00 21.00 B&m Eur Value Retail S.a. 601.00 6.7 - Shaftesbury 614.50 6.6 - Superdry 238.00 9.7 - Media 8103.23 2.5 1.7
Glencore 288.20 6.5 - Tp Icap 211.60 6.3 - Mj Gleeson 804.00 9.2 3.8 Beverages 23894.46 2.4 5.3
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
Bhp 2244.50 6.5 - Petrofac 129.40 6.2 - Pharos Energy 21.00 7.7 16.7 Chemicals 14518.26 2.4 6.7
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Wells Fargo & Co 36.70 1.91 5.50 Indivior 149.00 6.90 4.86 Omv Ag 39.30 1.26 3.31 Mitsui Eng & Shipbuilding Co., 469.00 45.00 10.61 Hargreaves Lansdown 1539.50 -6.4 - Micro Focus Int 426.00 -10.7 - Keystone Investment Trust 349.00 - - Tobacco 28087.57 -1.7 -2.3
Carnival 23.51 1.04 4.64 Antofagasta 1714.50 78.50 4.80 A.p. M__ller - M__rsk B A/s 1706.28 49.75 3.00 Ntn 326.00 20.00 6.54 Fresnillo 973.00 -5.9 - Lancashire Holdings 647.00 -7.0 -11.4 Ted Baker 96.00 -8.0 - Electricity 8493.46 -0.9 -3.9
Johnson Controls Int 55.23 2.23 4.21 Tp Icap 211.60 8.00 3.93 Gecina 119.80 2.80 2.39 Citizen Holdings Co., 396.00 24.00 6.45 Tesco 237.65 -3.7 - Mitchells & Butlers 332.50 -6.7 - Marston's 92.15 -7.2 - Food & Drug Retailers 4567.52 -0.7 5.9
Verizon Communications 56.40 2.25 4.15 Shaftesbury 614.50 21.00 3.54 J.martins,sgps 13.32 0.28 2.19 Toho Z Co., 2458.00 134.00 5.77 Polymetal Int 1551.00 -3.5 -8.2 Watches Of Switzerland 611.00 -6.6 - Treatt 956.00 -6.7 - Mobile Telecommunications 3029.37 -0.1 9.7
Freeport-mcmoran 34.09 1.19 3.62 Capital & Counties Properties 168.40 4.90 3.00 Danone 55.88 1.14 2.08 Pacific Metals Co., 2414.00 131.00 5.74 British American Tobacco 2640.00 -2.5 - Petropavlovsk 26.75 -6.0 - Schroder Uk Public Private Trust 35.00 -6.7 - Software & Computer Services 1997.87 0.0 4.2
Ferguson 8684.00 -1.2 - Dunelm 1262.00 -5.8 - Rps 81.60 -6.0 - Health Care Equip.& Services 6740.25 0.1 3.0
Downs Downs Downs Downs
Sse 1428.00 -0.8 - Avon Rubber 3010.00 -5.5 - Esken 33.85 -6.0 - Equity Investment Instruments 13405.20 0.5 4.5
Ipg Photonics 240.96 -15.54 -6.06 Hargreaves Lansdown 1539.50 -113.50 -6.87 Kering 524.90 -40.40 -7.15 Thb Japan Steel Works, 2948.00 -192.00 -6.11
Flutter Entertainment 13875.00 -0.8 - Ssp 299.60 -5.5 - Impact Healthcare Reit 111.00 -5.1 - Nonlife Insurance 3246.75 0.6 -0.7
Technipfmc 7.61 -0.48 -5.93 Morgan Advanced Materials 307.00 -17.00 -5.25 Beiersdorf Ag O.n. 86.00 -5.38 -5.89 Cyberagent,. 6880.00 -380.00 -5.23
Just Eat Takeaway.com N.v. 7562.00 -0.8 - Tr Property Investment Trust 375.00 -5.1 - Macfarlane 84.40 -5.1 -2.7 Real Estate Investment Trusts 2744.31 0.7 0.0
Henry Schein 65.95 -3.52 -5.06 Lancashire Holdings 647.00 -35.00 -5.13 Vopak 42.24 -2.16 -4.86 Bridgestone 4271.00 -184.00 -4.13
Sainsbury (j) 231.60 -0.6 - Ninety One 224.20 -4.6 -3.7 Int Personal Finance 80.00 -4.8 - Construction & Materials 7008.62 0.8 2.1
Albemarle 155.67 -6.53 -4.03 M&g 187.30 -10.00 -5.07 Saipem 2.53 -0.12 -4.68 M3,. 8850.00 -357.00 -3.88
Avast 489.80 -0.3 - Bmo Commercial Property Trust 71.40 -4.4 - Bloomsbury Publishing 286.00 -4.7 -4.3 Gas Water & Multiutilities 4822.23 0.9 1.2
Twitter 71.02 -2.94 -3.98 Investec 205.20 -9.60 -4.47 Kinnevik Ab Ser. B 41.62 -1.84 -4.23 Kubota 2425.50 -83.50 -3.33
Vodafone 132.70 -0.2 - Hammerson 21.90 -4.4 - Tyman 330.00 -4.3 - Electronic & Electrical Equip. 10459.98 1.0 4.8
Based on the constituents of the S&P500 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
Feb 17 Currency Mid Change Mid Change Mid Change Feb 17 Currency Mid Change Mid Change Mid Change Feb 17 Currency Mid Change Mid Change Mid Change Feb 17 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 88.9443 0.4871 107.0226 -0.1788 123.2274 0.0245 Indonesia Indonesian Rupiah 14020.0000 95.0000 16869.6365 -6.0923 19423.9630 29.2713 Poland Polish Zloty 3.7387 0.0309 4.4986 0.0051 5.1798 0.0156 ..Three Month 0.7218 0.0038 0.8684 -0.0016 - -
Australia Australian Dollar 1.2926 0.0062 1.5553 -0.0036 1.7908 -0.0008 Israel Israeli Shekel 3.2703 0.0313 3.9350 0.0097 4.5308 0.0196 Romania Romanian Leu 4.0514 0.0288 4.8749 -0.0001 5.6131 0.0103 ..One Year 0.7220 0.0038 0.8679 -0.0016 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4537 -0.0033 0.5224 -0.0028 Japan Japanese Yen 105.9250 0.2100 127.4546 -0.6615 146.7532 -0.4863 Russia Russian Ruble 74.0413 0.4513 89.0905 -0.0933 102.5801 0.0842 United States United States Dollar - - 1.2033 -0.0086 1.3854 -0.0074
Bolivia Bolivian Boliviano 6.9100 - 8.3145 -0.0598 9.5734 -0.0508 ..One Month 105.9250 0.2100 127.4547 -0.6614 146.7532 -0.4863 Saudi Arabia Saudi Riyal 3.7508 -0.0002 4.5131 -0.0327 5.1965 -0.0279 ..One Month - - 1.2032 -0.1895 1.3855 -0.0074
Brazil Brazilian Real 5.4224 0.0443 6.5245 0.0067 7.5124 0.0218 ..Three Month 105.9249 0.2098 127.4548 -0.6612 146.7531 -0.4864 Singapore Singapore Dollar 1.3298 0.0039 1.6001 -0.0068 1.8424 -0.0043 ..Three Month - - 1.2030 -0.1895 1.3855 -0.0074
Canada Canadian Dollar 1.2726 0.0045 1.5312 -0.0056 1.7630 -0.0032 ..One Year 105.9245 0.2090 127.4551 -0.6606 146.7532 -0.4868 South Africa South African Rand 14.7113 0.1075 17.7014 0.0030 20.3816 0.0415 ..One Year - - 1.2023 -0.1895 1.3856 -0.0074
Chile Chilean Peso 716.8150 -1.3150 862.5103 -7.7921 993.1074 -7.1015 Kenya Kenyan Shilling 109.5500 0.1000 131.8164 -0.8261 151.7754 -0.6661 South Korea South Korean Won 1107.5000 7.5500 1332.6034 -0.4270 1534.3799 2.3732 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.4380 - 7.7465 -0.0557 8.9195 -0.0473 Kuwait Kuwaiti Dinar 0.3026 0.0002 0.3641 -0.0024 0.4192 -0.0019 Sweden Swedish Krona 8.3401 0.0561 10.0353 -0.0041 11.5547 0.0168 Vietnam Vietnamese Dong 23016.5000 14.0000 27694.6937 -182.1242 31888.1618 -149.6684
Colombia Colombian Peso 3538.7600 21.2250 4258.0262 -4.8791 4902.7563 3.5453 Malaysia Malaysian Ringgit 4.0395 0.0095 4.8605 -0.0234 5.5965 -0.0165 Switzerland Swiss Franc 0.8985 0.0072 1.0812 0.0010 1.2449 0.0035 European Union Euro 0.8311 0.0059 - - 1.1514 0.0021
Costa Rica Costa Rican Colon 611.3100 2.2350 735.5610 -2.5776 846.9361 -1.3814 Mexico Mexican Peso 20.2485 0.0760 24.3641 -0.0830 28.0532 -0.0430 Taiwan New Taiwan Dollar 27.9515 -0.0340 33.6327 -0.2829 38.7253 -0.2529 ..One Month 0.8310 0.0059 - - 1.1514 0.0021
Czech Republic Czech Koruna 21.4694 0.2011 25.8331 0.0581 29.7446 0.1222 New Zealand New Zealand Dollar 1.3944 0.0100 1.6778 0.0001 1.9319 0.0037 Thailand Thai Baht 29.9825 0.1150 36.0766 -0.1199 41.5391 -0.0603 ..Three Month 0.8309 0.0059 - - 1.1513 0.0021
Denmark Danish Krone 6.1810 0.0445 7.4373 0.0005 8.5634 0.0165 Nigeria Nigerian Naira 411.7500 - 495.4397 -3.5605 570.4568 -3.0272 Tunisia Tunisian Dinar 2.7309 0.0071 3.2859 -0.0151 3.7834 -0.0103 ..One Year 0.8301 0.0059 - - 1.1508 0.0021
Egypt Egyptian Pound 15.6282 0.0282 18.8047 -0.1009 21.6521 -0.0756 Norway Norwegian Krone 8.5269 0.1116 10.2600 0.0615 11.8135 0.0927 Turkey Turkish Lira 6.9805 -0.0042 8.3993 -0.0655 9.6711 -0.0572
Hong Kong Hong Kong Dollar 7.7525 0.0001 9.3282 -0.0669 10.7407 -0.0569 Pakistan Pakistani Rupee 159.1000 -0.3500 191.4376 -1.7999 220.4242 -1.6572 United Arab Emirates UAE Dirham 3.6732 - 4.4197 -0.0318 5.0889 -0.0270
Hungary Hungarian Forint 298.1509 2.1570 358.7511 0.0358 413.0715 0.8122 Peru Peruvian Nuevo Sol 3.6536 0.0057 4.3962 -0.0247 5.0619 -0.0189 United Kingdom Pound Sterling 0.7218 0.0038 0.8685 -0.0016 - -
India Indian Rupee 72.7538 0.0519 87.5412 -0.5663 100.7963 -0.4627 Philippines Philippine Peso 48.3800 0.1400 58.2134 -0.2487 67.0278 -0.1607 ..One Month 0.7218 0.0038 0.8685 -0.0016 - -
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 Feb 17 Feb 16 Feb 15 Feb 12 Feb 11 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 2577.40 2602.00 2614.70 2536.60 2528.50 0.00 3314.70 1337.80 Industrial Transport 17.14 Construct & Material 4.03 Life Insurance 0.28 FTSE 100 Price Change FTSE 100 Price Change
Feb 17 chge% Index Feb 16 Feb 15 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Mobile Telecomms 10.57 Banks 3.76 Health Care 0.27 3I Group PLC 1156.5 -19.00 Land Securities Group PLC 636.20 0.50
FTSE 100 (100) 6710.90 -0.56 6015.29 6748.86 6756.11 7382.01 3.43 1.41 20.64 2.51 6416.47 P/E Ratio net - - - - - 0.00 19.44 14.26 Industrial Metals & 10.35 Health Care Eq & Srv 3.71 Real Est Invest & Se -0.10 Admiral Group PLC 3060 -40.00 Legal & General Group PLC 266.40 -6.50
FTSE 250 (250) 21149.49 -1.25 18957.25 21416.37 21418.90 21678.46 1.98 1.32 38.26 30.82 16812.75 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Mining 9.07 Industrial Eng 3.70 Pharmace & Biotech -0.12 Anglo American PLC 2779.5 -39.00 Lloyds Banking Group PLC 38.93 -0.56
FTSE 250 ex Inv Co (183) 21669.57 -1.36 19423.42 21968.29 21973.68 22961.60 1.88 1.11 48.08 24.70 17564.91 FT 30 hourly changes Basic Materials 8.96 Oil & Gas Producers 3.60 Tobacco -0.32 Antofagasta PLC 1714.5 78.50 London Stock Exchange Group PLC 9810 -100.00
FTSE 350 (350) 3836.68 -0.69 3438.99 3863.19 3866.68 4167.88 3.17 1.40 22.51 2.18 7312.06 8 9 10 11 12 13 14 15 16 High Low Chemicals 7.55 Oil & Gas 3.47 Utilities -0.40 Ashtead Group PLC 3872 -59.00 M&G PLC 187.30 -10.00
FTSE 350 ex Investment Trusts (281) 3730.41 -0.66 3343.74 3755.36 3758.61 4107.76 3.24 1.26 24.41 1.82 3668.60 2602 2584.5 2579.7 2530.5 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Automobiles & Parts 7.12 Consumer Services 2.91 Tech Hardware & Eq -0.49 Associated British Foods PLC 2308 1.00 Melrose Industries PLC 171.40 -2.80
FTSE 350 Higher Yield (145) 3067.52 -0.61 2749.56 3086.47 3084.66 3503.66 4.49 1.27 17.60 1.87 6429.67 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Food & Drug Retailer 6.35 Media 2.88 Nonlife Insurance -0.73 Astrazeneca PLC 7421 87.00 Mondi PLC 1831.5 -28.50
FTSE 350 Lower Yield (205) 4360.43 -0.76 3908.45 4393.75 4404.17 4524.51 1.86 1.73 31.11 2.30 5162.36 Electronic & Elec Eq 6.12 Financials 2.81 Real Est Invest & Tr -1.71 Auto Trader Group PLC 593.20 -16.80 Morrison (Wm) Supermarkets PLC 173.50 2.10
FTSE SmallCap (253) 6557.42 -0.65 5877.71 6600.31 6584.56 5960.15 2.40 -0.81 -51.81 18.42 10457.56
FTSE SmallCap ex Inv Co (137) 5224.65 -0.33 4683.09 5242.02 5230.06 4909.63 1.96 -0.76 -67.25 7.93 8699.10 FX: EFFECTIVE INDICES Telecommunications
Software & Comp Serv
5.85
5.18
Industrials
FTSE 250 Index
2.78
2.68
Consumer Goods
Household Goods & Ho
-2.84
-3.09
Avast PLC 489.80 -17.70 National Grid PLC 864.60 16.00
Aveva Group PLC 3838 -73.00 Natwest Group PLC 178.15 -3.20
FTSE All-Share (603) 3813.85 -0.69 3418.52 3840.16 3843.19 4118.84 3.14 1.35 23.66 2.46 7343.15 FTSE SmallCap Index 4.82 Travel & Leisure 2.28 Oil Equipment & Serv -4.10
Feb 16 Feb 15 Mnth Ago Feb 17 Feb 16 Mnth Ago Aviva PLC 361.60 -0.60 Next PLC 7750 -120.00
FTSE All-Share ex Inv Co (418) 3669.55 -0.66 3289.18 3693.86 3696.84 4029.45 3.22 1.24 25.03 1.86 3665.28 Technology 4.58 FTSE All{HY-}Share Index 2.21 Electricity -4.31 B&M European Value Retail S.A. 601.00 11.00 Ocado Group PLC 2593 -68.00
FTSE All-Share ex Multinationals (534) 1240.46 -1.15 921.55 1254.92 1257.62 1279.63 2.29 1.56 27.95 1.73 2489.64 Australia - - - Sweden - - - Financial Services 4.45 NON FINANCIALS Index 2.01 Fixed Line Telecomms -6.45 Bae Systems PLC 481.90 -4.00 Pearson PLC 758.20 -19.60
FTSE Fledgling (88) 11373.32 -0.12 10194.42 11386.64 11319.37 9744.87 2.09 1.44 33.26 17.22 23455.10 Canada - - - Switzerland - - - Equity Invest Instr 4.34 FTSE 100 Index 2.00 Leisure Goods -6.95 Barclays PLC 154.36 -1.20 Pennon Group PLC 920.00 2.00
FTSE Fledgling ex Inv Co (42) 14155.67 -0.11 12688.37 14170.77 14065.48 11550.50 1.68 6.17 9.64 11.66 28485.89 Denmark - - - UK 80.87 80.70 79.12 Support Services 4.19 General Retailers 1.44 Aerospace & Defense -7.21 Barratt Developments PLC 680.00 -14.00 Pershing Square Holdings LTD 2730 10.00
FTSE All-Small (341) 4555.03 -0.62 4082.88 4583.45 4571.61 4127.01 2.38 -0.69 -60.51 12.47 9319.00 Japan - - - USA - - - Beverages 4.10 Gas Water & Multi 1.00 Personal Goods -9.01 Berkeley Group Holdings (The) PLC 4336 -38.00 Persimmon PLC 2759 -59.00
FTSE All-Small ex Inv Co (179) 3914.47 -0.32 3508.71 3927.10 3917.28 3657.55 1.94 -0.50 -102.58 5.82 8255.71 New Zealand - - - Euro - - - Food Producers 0.87 Oil & Gas Producers -40.36 Bhp Group PLC 2244.5 -16.00 Phoenix Group Holdings PLC 713.20 -5.40
FTSE AIM All-Share (721) 1223.12 -0.42 1096.34 1228.26 1227.53 964.54 0.69 0.34 422.59 1.10 1405.98 Norway - - -
BP PLC 280.60 2.40 Polymetal International PLC 1551 -58.00
FTSE 100 (100) 6710.90 -0.56 6015.29 6748.86 6756.11 7382.01 3.43 1.41 20.64 2.51 6416.47 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 2640 -108.50 Prudential PLC 1399 3.00
FTSE Sector Indices Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 469.80 2.90 Reckitt Benckiser Group PLC 6284 -14.00
Oil & Gas (12) 5171.50 0.65 4635.45 5137.95 5161.77 7489.25 5.99 0.58 28.89 0.00 5817.77 Bt Group PLC 129.85 1.75 Relx PLC 1830 -34.50
Oil & Gas Producers (9) 5009.85 0.71 4490.55 4974.74 4997.74 7251.15 6.08 0.57 28.89 0.00 5844.02 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 2311 -35.00 Rentokil Initial PLC 514.40 -5.80
Oil Equipment Services & Distribution (3) 5512.97 -2.56 4941.52 5657.88 5689.28 8254.13 0.20 17.16 28.51 0.00 4752.51 Burberry Group PLC 1860 -4.50 Rightmove PLC 643.00 -4.40
Feb 16 No of US $ Day Mth YTD Total
YTD Gr Div Feb 16 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2344 -28.00 Rio Tinto PLC 6235 -25.00
Basic Materials (23) 8173.04 -0.71 7325.87 8231.23 8139.13 5995.07 3.10 2.60 12.39 1.88 9820.87
Chemicals (8) 16115.36 -1.82 14444.93 16413.30 16360.47 13247.03 1.56 1.86 34.48 31.52 15523.52 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1448 -21.50 Rolls-Royce Holdings PLC 102.30 2.36
Industrial Metals & Mining (4) 6008.60 -1.33 5385.78 6089.70 6058.71 3829.93 5.00 2.12 9.43 9.37 8096.61 FTSE Global All Cap 8938 774.01 0.0 4.5 6.3
6.5 1.8 Oil Equipment & Services
1194.65 26 210.69 0.6 0.6 11.3 360.57 12.3 5.3 Crh PLC 3158 -68.00 Royal Dutch Shell PLC 1376.8 7.60
Mining (11) 23842.90 -0.57 21371.47 23978.58 23684.53 17210.29 3.19 2.67 11.74 0.00 15124.87 FTSE Global All Cap 8952 740.29 0.0 2.8 1.7
1.8 1.8 Basic Materials
1141.62 352 645.51 0.3 0.3 5.8 1097.24 5.9 2.5 Croda International PLC 6560 -140.00 Royal Dutch Shell PLC 1438.6 8.80
FTSE Global Large Cap 1724 689.03 0.0 4.4 5.8
5.9 1.8 Chemicals
1095.42 163 898.06 -0.1 -0.1 3.2 1511.59 3.2 2.3 Dcc PLC 5954 12.00 Rsa Insurance Group PLC 676.20 0.20
Industrials (97) 6124.03 -1.25 5489.25 6201.53 6216.65 6069.25 1.54 0.92 70.82 4.73 6818.56
Construction & Materials (16) 7404.38 -1.99 6636.88 7554.88 7644.53 7297.58 1.81 0.14 402.85 0.00 8554.31 FTSE Global Mid Cap 2226 979.25 -0.1 4.4 6.8
6.9 1.8 Forestry & Paper
1421.79 20 344.06 0.5 0.5 8.8 654.72 8.8 2.3 Diageo PLC 3046 3.50 Sage Group PLC 596.20 -3.80
Aerospace & Defense (9) 3621.65 -0.19 3246.24 3628.63 3598.51 5392.43 2.74 -2.35 -15.56 1.94 4228.45 FTSE Global Small Cap 4988 1100.88 -0.3 5.4 9.4
9.5 1.4 Industrial Metals & Mining
1536.20 92 505.93 1.2 1.2 8.0 869.38 8.0 2.6 Entain PLC 1347.5 -3.00 Sainsbury (J) PLC 231.60 1.00
General Industrials (9) 5362.13 -1.82 4806.32 5461.70 5494.10 4985.57 1.97 1.32 38.53 0.00 6716.92 FTSE All-World 3950 451.34 0.0 4.4 6.0
6.1 1.8 Mining
737.28 77 959.11 0.6 0.6 8.9 1664.79 8.9 2.8 Evraz PLC 529.20 -11.80 Schroders PLC 3549 -58.00
Electronic & Electrical Equipment (8) 12330.66 -1.70 11052.53 12543.76 12595.71 10349.19 0.94 2.33 45.59 0.00 11846.41 FTSE World 2562 796.27 0.0 4.0 5.3
5.4 1.8 Industrials
1746.10 738 550.94 0.1 0.1 5.2 849.80 5.3 1.5 Experian PLC 2610 -25.00 Scottish Mortgage Investment Trust PLC 1371 -30.00
Industrial Engineering (9) 16747.08 -2.10 15011.16 17106.65 16955.57 13937.02 1.16 2.57 33.70 0.00 21895.87 FTSE Global All Cap ex UNITED KINGDOM In 8648 818.61 0.0 4.6 6.3
6.5 1240.79
1.7 Construction & Materials 142 638.32 -0.5 -0.5 3.6 1032.84 3.6 1.7 Ferguson PLC 8684 -82.00 Segro PLC 967.60 1.60
Industrial Transportation (7) 5189.57 -0.65 4651.64 5223.33 5157.10 3551.24 0.32 4.22 73.81 1.73 5273.65 FTSE Global All Cap ex USA 7195 603.67 0.2 4.3 7.1
7.2 1016.52
2.2 Aerospace & Defense 36 729.17 0.1 0.1 -0.6 1106.85 -0.5 2.1 Flutter Entertainment PLC 13875 -105.00 Severn Trent PLC 2334 7.00
Support Services (39) 9808.39 -0.92 8791.70 9899.44 9942.55 9442.78 1.23 2.40 33.83 16.00 10921.10 FTSE Global All Cap ex JAPAN 7545 798.87 0.0 4.6 6.3
6.5 1244.67
1.7 General Industrials 71 262.71 0.1 0.1 3.8 445.85 4.3 2.1 Fresnillo PLC 973.00 -31.50 Smith & Nephew PLC 1567.5 -22.00
FTSE Global All Cap ex Eurozone 8303 816.37 0.0 4.6 6.5
6.7 1234.10
1.7 Electronic & Electrical Equipment 139 730.00 0.0 0.0 9.1 1020.64 9.2 1.2 Glaxosmithkline PLC 1276.4 3.40 Smith (Ds) PLC 386.60 -9.40
Consumer Goods (41) 17839.37 -1.18 15990.24 18052.95 18139.45 20739.36 3.91 1.42 17.98 1.47 15161.58
FTSE Developed 2131 728.03 0.0 4.1 5.2
5.4 1133.21
1.8 Industrial Engineering 145 1105.34 0.3 0.3 7.8 1696.83 7.9 1.4 Glencore PLC 288.20 0.20 Smiths Group PLC 1485 -13.50
Automobiles & Parts (2) 5093.30 -1.05 4565.36 5147.19 5014.66 4693.62 0.70 -3.32 -42.91 35.65 5249.28
FTSE Developed All Cap 5600 767.25 -0.1 4.3 5.7
5.8 1177.35
1.7 Industrial Transportation 123 933.49 0.1 0.1 1.8 1448.16 1.8 1.6 Halma PLC 2519 -35.00 Smurfit Kappa Group PLC 3628 -100.00
Beverages (6) 23985.03 0.00 21498.87 23985.81 24145.50 24886.14 2.35 0.75 56.67 3.46 18432.11
FTSE Developed Large Cap 830 679.35 0.0 4.0 4.8
5.0 1076.23
1.8 Support Services 82 685.08 0.4 0.4 6.5 996.31 6.6 1.0 Hargreaves Lansdown PLC 1539.5 -113.50 Spirax-Sarco Engineering PLC 11670 -250.00
Food Producers (10) 7361.62 -0.04 6598.55 7364.42 7404.28 8212.00 1.47 3.03 22.45 0.00 6847.23
FTSE Developed Europe Large Cap 224 408.31 -0.2 2.7 3.9
4.1 2.5 Consumer Goods
764.20 531 631.85 -0.4 -0.4 3.4 1021.68 3.5 2.0 Hikma Pharmaceuticals PLC 2392 56.00 Sse PLC 1428 9.50
Household Goods & Home Construction (13)14288.81 -1.26 12807.71 14470.70 14597.79 16569.81 2.55 2.25 17.42 0.00 11514.57
FTSE Developed Europe Mid Cap 343 732.36 -0.2 4.1 4.9
4.9 1198.49
1.9 Automobiles & Parts 129 683.32 -0.9 -0.9 11.6 1075.33 11.6 1.3 HSBC Holdings PLC 432.25 4.50 St. James's Place PLC 1205.5 -40.00
Leisure Goods (2) 25497.40 -1.40 22854.48 25860.41 25885.91 18519.75 1.76 1.62 34.91 0.00 26799.71
FTSE Dev Europe Small Cap 687 1024.57 -0.1 5.6 6.3
6.4 1615.41
1.6 Beverages 67 723.26 -0.3 -0.3 -2.1 1179.53 -2.1 2.3 Imperial Brands PLC 1505 -8.00 Standard Chartered PLC 497.50 9.10
Personal Goods (6) 29532.10 -0.65 26470.96 29724.20 29559.71 34277.95 3.35 1.42 21.03 1.34 22121.68
FTSE North America Large Cap 224 867.90 -0.1 4.5 4.5
4.7 1269.57
1.5 Food Producers 132 711.21 -0.5 -0.5 -0.9 1172.92 -0.8 2.4 Informa PLC 510.60 -6.80 Standard Life Aberdeen PLC 323.00 -7.20
Tobacco (2) 28087.62 -3.31 25176.21 29050.54 29474.75 34906.92 8.50 1.31 8.98 0.00 23061.79
FTSE North America Mid Cap 410 1139.48 -0.1 4.6 7.5
7.6 1536.60
1.6 Household Goods & Home Construction 61 569.73 -0.5 -0.5 -1.1 917.15 -0.8 2.3 Intercontinental Hotels Group PLC 5006 -140.00 Taylor Wimpey PLC 160.55 -5.05
Health Care (15) 11270.89 0.55 10102.61 11209.64 11326.02 12423.23 3.72 0.75 36.08 1.34 9810.79
FTSE North America Small Cap 1287 1270.97 -0.5 5.6 11.1
11.2 1652.40
1.2 Leisure Goods 44 364.83 0.3 0.3 10.5 503.68 10.6 0.9 Intermediate Capital Group PLC 1907 -17.00 Tesco PLC 237.65 -4.60
Health Care Equipment & Services (6) 6860.24 -1.39 6149.15 6956.68 7003.29 8130.40 1.76 1.06 53.44 7.73 6328.25
FTSE North America 634 568.93 -0.1 4.6 5.1
5.3 850.34
1.5 Personal Goods 84 1054.60 0.0 0.0 0.0 1573.82 0.1 1.4 International Consolidated Airlines Group S.A. 159.15 -2.85 Unilever PLC 3980 -26.00
Pharmaceuticals & Biotechnology (9) 15638.87 0.78 14017.83 15517.94 15685.93 17086.23 3.95 0.73 34.75 0.00 12229.83
FTSE Developed ex North America 1497 308.81 0.1 3.3 5.4
5.5 560.10
2.2 Tobacco 14 944.46 -0.4 -0.4 4.0 2401.95 4.0 6.5 Intertek Group PLC 5884 10.00 United Utilities Group PLC 934.40 2.20
Consumer Services (79) 5236.72 -1.47 4693.91 5314.95 5350.04 5583.18 1.58 0.94 67.52 0.03 5358.06 FTSE Japan Large Cap 178 483.33 0.4 4.1 6.6
6.6 1.9 Health Care
678.98 309 704.46 -0.7 -0.7 2.7 1087.00 2.8 1.7
Food & Drug Retailers (5) 4744.75 -1.53 4252.94 4818.61 4844.45 4227.95 3.12 1.33 24.05 0.00 6038.88 Jd Sports Fashion PLC 831.20 -12.00 Vodafone Group PLC 132.70 -0.94
FTSE Japan Mid Cap 335 693.90 -0.2 4.8 7.7
7.7 924.22
1.9 Health Care Equipment & Services 113 1421.93 -0.6 -0.6 2.2 1714.61 2.2 0.7 Johnson Matthey PLC 3051 -33.00 Whitbread PLC 3366 -63.00
General Retailers (26) 2436.53 -1.25 2183.97 2467.40 2486.44 2346.84 0.51 4.49 44.04 0.00 3048.67
FTSE Global wi JAPAN Small Cap 880 736.66 -0.5 3.0 3.3
3.3 1016.53
2.0 Pharmaceuticals & Biotechnology 196 457.81 -0.7 -0.7 3.0 751.38 3.1 2.4 Just Eat Takeaway.Com N.V. 7562 -180.00 Wpp PLC 830.60 -6.60
Media (13) 8312.56 -1.89 7450.92 8472.79 8538.03 9250.80 1.66 2.51 23.93 0.18 5602.55
FTSE Japan 513 199.80 0.3 4.2 6.8
6.8 314.17
1.9 Consumer Services 440 729.09 0.0 0.0 5.7 1022.15 5.7 0.9 Kingfisher PLC 275.40 -0.90
Travel & Leisure (35) 8342.69 -1.28 7477.93 8450.76 8499.00 9911.01 1.53 -1.21 -53.99 0.00 8562.09
FTSE Asia Pacific Large Cap ex Japan 922 981.83 0.6 6.5 12.3
12.3 1701.60
1.8 Food & Drug Retailers 69 313.16 -1.3 -1.3 4.8 476.45 5.1 2.5
Telecommunications (6) 1905.88 -0.30 1708.33 1911.64 1936.41 2235.90 4.50 0.91 24.33 0.00 2636.19 FTSE Asia Pacific Mid Cap ex Japan 893 1099.14 0.7 3.9 7.0
7.1 1829.49
2.4 General Retailers 148 1347.23 0.1 0.1 6.4 1814.95 6.4 0.6
Fixed Line Telecommunications (3) 1626.60 1.20 1457.99 1607.31 1624.14 1956.13 0.41 27.51 8.80 0.00 1784.84
Mobile Telecommunications (3) 3024.78 -0.80 2711.25 3049.30 3091.33 3517.18 5.89 0.28 61.17 0.00 3802.44
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
1839
1815
696.68
763.48
0.5
0.6
5.5
6.3
7.2
7.3
11.8
11.8
1133.62
2.1 Media
1405.70
1.9 Travel & Leisure
84 492.75
139 519.92
-0.2
0.5
-0.2
0.5
5.0 695.28
4.4 745.07
5.1
4.4
0.7
1.6
UK STOCK MARKET TRADING DATA
Utilities (8) 7107.59 0.93 6370.85 7042.13 7200.89 8469.96 5.05 1.16 17.12 30.41 9975.41 FTSE Emerging All Cap 3338 993.09 0.3 6.5 11.6
11.7 1634.62
1.9 Telecommunication 89 157.69 0.2 0.2 2.4 345.40 2.9 4.2 Feb 17 Feb 16 Feb 15 Feb 12 Feb 11 Yr Ago
Electricity (3) 8474.18 0.42 7595.79 8438.65 8684.93 9616.98 5.51 1.03 17.54 128.41 15763.74 FTSE Emerging Large Cap 894 967.22 0.3 7.0 12.8
12.8 1602.10
1.8 Fixed Line Telecommuniations 38 115.64 0.0 0.0 -0.6 285.41 0.3 5.3 - - - - - -
Gas Water & Multiutilities (5) 6373.07 1.10 5712.47 6303.50 6431.26 7717.59 4.89 1.20 16.98 3.68 8818.78 FTSE Emerging Mid Cap 925 1107.41 0.4 3.5 5.8
5.8 1822.84
2.6 Mobile Telecommunications 51 195.12 0.5 0.5 6.0 372.26 6.0 2.9 Order Book Turnover (m) 113.26 43.49 33.57 33.57 33.57 96.77
Financials (306) 4686.30 -0.70 4200.55 4719.56 4680.09 5053.67 2.90 1.80 19.13 5.57 4897.36 FTSE Emerging Small Cap 1519 920.63 0.4 5.6 8.0
8.1 1453.38
2.3 Utilities 190 314.60 -1.0 -1.0 -1.9 693.13 -1.6 3.3 Order Book Bargains 999580.00 899788.00 646101.00 646101.00 646101.00 772517.00
Banks (11) 2725.87 0.15 2443.32 2721.78 2652.34 3451.63 3.44 2.22 13.11 0.00 2246.74 FTSE Emerging Europe 76 392.05 -0.2 0.8 5.8
6.0 744.66
4.7 Electricity 130 355.60 -1.0 -1.0 -1.5 772.99 -1.1 3.3 Order Book Shares Traded (m) 1484.00 1611.00 954.00 954.00 954.00 1155.00
Nonlife Insurance (7) 3716.54 -1.51 3331.30 3773.50 3763.69 3773.85 2.96 1.73 19.53 0.00 7371.16 FTSE Latin America All Cap 244 808.44 0.0 -2.8 -1.6
-1.5 1387.71
2.5 Gas Water & Multiutilities 60 311.76 -1.0 -1.0 -2.8 707.70 -2.5 3.2 Total Equity Turnover (£m) 5306.91 4512.94 3757.79 3757.79 3757.79 5054.03
Life Insurance/Assurance (6) 7646.00 -0.48 6853.46 7683.11 7606.85 8347.63 3.52 1.98 14.38 0.00 8692.17 FTSE Middle East and Africa All Cap 321 706.78 -0.7 5.5 8.2
8.4 2.8 Financials
1223.02 866 267.36 0.7 0.7 6.0 486.81 6.2 2.7 Total Mkt Bargains 1373852.00 1166807.00 868589.00 868589.00 868589.00 1005944.00
Real Estate Investment & Services (17) 2539.20 -0.70 2276.00 2557.03 2550.75 3001.45 0.98 3.15 32.59 0.00 7316.20 FTSE Global wi UNITED KINGDOM All Cap In 290 337.39 0.0 3.2 6.4
6.5 3.2 Banks
645.01 271 201.66 1.3 1.3 9.3 403.40 9.7 3.1 Total Shares Traded (m) 11017.00 11153.00 6399.00 6399.00 6399.00 7034.00
Real Estate Investment Trusts (40) 2461.53 0.29 2206.38 2454.32 2452.79 2999.23 2.71 -2.57 -14.36 6.72 3513.01 FTSE Global wi USA All Cap 1743 993.77 -0.1 4.7 5.8
6.0 1.4 Nonlife Insurance
1402.58 74 306.44 0.3 0.3 2.4 482.69 2.7 2.7 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (40) 10738.18 -2.01 9625.12 10958.48 10964.78 11165.40 3.10 1.13 28.53 17.66 13927.85 FTSE Europe All Cap 1405 491.79 -0.2 3.1 4.4
4.5 2.3 Life Insurance
884.86 53 247.30 0.6 0.6 6.4 444.70 6.6 3.1 (c) Market closed.
Equity Investment Instruments (185) 13468.96 -1.04 12072.83 13610.51 13618.21 11391.79 2.13 3.43 13.70 33.27 8084.52 FTSE Eurozone All Cap 635 482.73 -0.2 3.7 4.2
4.3 1.9 Financial Services
865.49 209 439.28 0.6 0.6 4.6 647.68 4.7 1.6
Non Financials (297) 4526.16 -0.68 4057.01 4557.07 4575.70 4889.50 3.23 1.20 25.86 2.04 7659.40 FTSE EDHEC-Risk Efficient All-World 3950 497.52 0.0 3.5 5.4
5.5 2.0 Technology
750.98 308 573.67 -0.1 -0.1 10.2 736.53 10.3 0.8
Technology (16) 2128.93 -1.10 1908.26 2152.54 2160.68 2254.73 1.81 1.05 52.74 11.65 2987.76 FTSE EDHEC-Risk Efficient Developed Europe 567 388.55 -0.2 3.3 4.1
4.1 2.0 Software & Computer Services
648.62 165 937.13 0.0 0.0 11.5 1122.44 11.6 0.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 2289.06 -1.23 2051.79 2317.67 2328.35 2466.84 1.88 0.88 60.34 13.93 3401.12 Oil & Gas 127 289.14 1.3 2.9 12.0
12.8 544.08
4.5 Technology Hardware & Equipment 143 463.79 -0.3 -0.3 8.8 635.89 8.9 1.2 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (3) 5133.00 0.13 4600.94 5126.45 5107.66 4381.28 1.15 3.47 25.09 0.00 6371.79 Oil & Gas Producers 90 272.45 1.3 3.1 12.8
13.5 4.6 Alternative Energy
523.71 11 277.80 3.9 3.9 3.4 394.84 3.4 0.6 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Real Estate Investment & Services 162 376.57 0.7 0.7 5.0 694.74 5.0 2.6 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment Trusts 97 465.39 -0.6 -0.6 2.4 1027.55 2.5 3.5 For all queries e-mail [email protected]
FTSE 100 6755.24 6737.06 6723.27 6726.76 6742.01 6737.39 6736.94 6724.56 6721.95 6755.41 6701.65 FTSE Global Large Cap 1725 659.57 0.0 0.0 1.3 1047.63 1.3 1.9
FTSE 250 21447.59 21306.89 21292.47 21259.06 21264.86 21252.64 21230.30 21190.80 21192.40 21447.59 21149.49 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/
mid cap) - please see https://research.ftserussell.com/Products/indices/Home/indexfiltergeis?indexName=GEISAC&currency=USD&rtn=CAP&segment=global-developed–emerging. The trade names Fundamental Index®
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 6603.42 6591.66 6591.05 6584.14 6584.83 6581.92 6573.99 6562.39 6564.77 6605.59 6556.13
FTSE All-Share 3844.07 3831.24 3824.57 3824.95 3832.01 3829.49 3828.43 3821.41 3820.31 3844.07 3810.64 and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ.
Time of FTSE 100 Day's high:08:03:30 Day's Low14:38:45 FTSE 100 2010/11 High: 6873.26(08/01/2021) Low: 6407.46(29/01/2021) 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
Time of FTSE All-Share Day's high:08:03:00 Day's Low14:41:00 FTSE 100 2010/11 High: 3880.43(08/01/2021) Low: 3641.93(29/01/2021) of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see 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 Group companies and is used by FTSE International Limited under licence.
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing British American Tobacco Pre 25776.000 25877.000 8672.000 7912.000 280.000 249.700 52.60000 50.75000 Feb 3 105.200 50.750 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Rights and Issues Inv Trust Pre 1.206 13.528 16.000 173.500 21.50000 21.50000 Apr 1 32.250 32.250 02/16 100.00 CORD Cordiant Digital Infrastructure Ltd 98.90 -0.49 101.00 97.75 36593.0
There are currently no rights offers by any companies listed on the LSE. Rio Tinto Pre 44611.000 43165.000 15391.000 11119.000 6.040 4.914 0.00000 232.6930 - 147.400 389.000 02/16 7.00 AIM CUSN Cornish Metals Inc 10.30 0.30 13.00 8.55 1541.6
0 02/09 1.48 MXC MGC Pharmaceuticals Ltd 4.77 0.48 5.31 2.00 10631.4
Transense Technologies Int 0.895 0.271 0.053L 0.570L 0.290 7.300L 0.00000 0.00000 - 0.000 0.000 02/01 134.00 AIM SUP Supreme PLC 178.50 2.00 188.00 140.00 20795.2
01/13 10.00 AIM NGHT Nightcap PLC 31.00 -2.00 36.95 10.90 4193.0

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.
Thursday 18 February 2021 ★ FINANCIAL TIMES 11

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T 29.39 0.42 38.68 26.08 7.59 18.16 209397.51 Lowes 175.78 1.72 180.67 60.00 1.37 23.11 128798.02
ANZ 25.82 0.35 27.29 14.10 4.04 21.45 56841.72 Nokia 3.40 -0.03 4.95 2.08 - 24.58 23228.92 AstellasPh 1780.5 -21.50 1982 0.00 2.48 22.02 31294.89 AtlasCpcoB 421.60 -9.50 431.90 223.20 1.58 34.46 19725.94 AutomData 166.40 0.24 182.32 103.11 2.34 26.96 71209.25 Lyondell 97.33 -0.66 99.86 33.71 4.62 25.58 32500.34
BHPBilltn 48.60 1.60 49.32 24.05 4.21 21.36 110762.57 SampoA 36.87 -0.40 41.66 21.34 4.25 16.27 24584.37 Bridgestne 4271 -184.00 4498 2861.5 3.27 35.61 28777.01 Ericsson 109.55 -1.70 114.10 59.54 1.37 25.28 40356.93 Avago Tech 476.69 -12.44 494.78 155.67 2.92 70.28 193875.34 Marathon Ptl 51.00 -0.46 60.35 15.26 4.77 -3.11 33183.19
CmwBkAu 84.28 -1.63 90.26 53.44 5.10 20.86 115677.17 France (€) Canon 2384 15.50 2839.5 0.00 5.41 37.54 30018.33 H&M 185.05 -0.25 207.15 98.13 2.62 103.32 32409.36 BakerHu 22.08 0.09 31.26 20.09 3.24 -1.40 11412.93 Marsh&M 117.68 3.18 120.97 74.34 1.67 27.59 59684.92
CSL 281.17 -4.67 342.75 242.67 1.04 41.90 98974.64 Airbus Grpe 93.90 0.10 133.68 48.12 - -11.25 88597.51 CntJpRwy 17725 435.00 21315 0.00 0.85 120.55 34471.09 Investor 634.20 -11.40 656.20 370.10 2.05 6.17 34636.04 BankAm 34.17 -0.10 35.08 17.95 2.26 15.78 295598.35 MasterCard 336.95 -4.27 367.25 199.99 0.49 47.21 331940.33
NatAusBk 25.60 0.04 27.49 13.20 4.38 23.36 65301.38 AirLiquide 133.55 0.40 144.45 94.86 2.12 26.75 76118.13 Denso 6749 -161.00 6978 0.00 2.23 -45.33 50203.83 Nordea Bk 75.06 -0.50 86.73 48.00 - 12.79 36449.12 Baxter 77.77 -0.03 95.19 69.10 1.28 41.00 39281.93 McDonald's 213.07 -1.96 231.91 124.23 2.51 30.35 158760.8
Telstra 3.31 -0.01 3.81 2.66 3.01 21.68 30456.24 AXA 19.70 0.17 25.62 11.84 3.88 16.25 57339.03 EastJpRwy 7710 -36.00 9271 0.00 1.85 -10.64 27508.7 SEB 96.30 -1.60 104.90 59.80 - 12.76 25056.39 BectonDick 256.75 -0.59 284.97 197.75 1.32 88.41 74602.44 McKesson 180.23 -0.57 187.67 112.60 0.98 13.07 28687.14
Wesfarmers 54.15 -0.45 56.40 29.75 2.82 37.87 47500.29 BNP Parib 47.65 0.04 54.22 24.51 - 8.26 71657.24 Fanuc 29000 - 29415 0.00 0.71 84.37 55281.95 SvnskaHn 85.96 -0.64 113.80 71.70 - 10.92 20044.49 BerkshHat 370162.21 829.21 372660.6 239440 - 15.67 240303.38 Medtronic 118.33 -1.35 120.53 72.13 2.03 42.31 159274.54
Westpc 23.54 1.03 25.96 13.47 3.37 37.22 66811.59 ChristianDior 460.00 -2.40 470.00 252.40 1.09 43.52 99910.31 FastRetail 102650 150.00 104100 0.00 0.49 110.88 102794.06 Swedbank 146.84 -3.38 165.90 99.14 - 12.85 19930.66 Biogen 275.20 -4.12 363.92 223.25 - 8.47 41922.79 Merck 75.96 1.71 87.80 65.25 3.44 15.65 192181.42
Woolworths 39.41 -1.91 43.96 32.12 2.61 42.84 38580.46 Cred Agr 11.19 0.03 13.70 5.70 - 7.85 39253.93 Fuji Hvy Ind 2089.5 -11.50 2945 1671.5 2.88 13.79 15172.93 Telia Co 35.14 -0.19 42.41 30.29 5.91 46.92 17231.17 BkNYMeln 42.91 0.16 46.84 26.40 3.10 8.82 38021.43 Metlife♦ 55.21 -0.80 56.75 22.85 3.49 8.39 49686.16
Belgium (€) Danone 55.88 1.14 72.74 46.03 - 18.35 46167.47 Hitachi 4973 83.00 5000 0.00 2.16 29.67 45440.58 Volvo 212.10 1.10 220.80 95.00 - 25.74 40385.97 BlackRock 720.00 -10.31 788.00 323.98 2.11 22.32 109807.71 Microsoft♦ 242.09 -2.90 246.13 132.52 0.90 36.441825895.02
AnBshInBv 53.31 0.05 68.51 29.03 2.52-104.01 108613.78 EDF 10.59 0.05 13.61 5.98 1.48 19.08 39481.99 HondaMtr 3088 27.00 3176 0.00 3.00 20.05 52808.03 Boeing 215.14 -2.04 341.47 89.00 2.05 -25.48 125425.94 Mnstr Bvrg 91.86 -0.32 95.11 50.06 - 38.61 48494.43
Switzerland (SFr)
KBC Grp 58.68 -0.26 73.46 33.44 1.78 15.04 29421.52 Engie SA 12.99 0.05 16.80 8.63 - -27.57 38049.5 JapanTob 1959 6.50 2276 0.00 8.46 11.14 36988.44 Booking Holdings 2210.15 25.99 2290.04 1107.29 - 62.12 90516.29 MondelezInt 54.93 0.05 60.00 41.19 2.28 24.18 77567.45
ABB 26.26 -0.34 27.52 14.11 3.06 118.57 63363.83
EssilorLuxottica 136.95 -3.05 143.20 86.76 - -4361.59 72342.06 KDDI 3358 -41.00 3431 2604 3.84 10.81 73046.36 BrisMySq 60.64 1.24 67.16 45.76 3.18-188.62 135864.21 Monsanto - - - - - - -
Brazil (R$) CredSuisse 12.70 -0.08 13.75 6.18 1.15 7.92 34596.17
Hermes Intl 930.40 -6.60 938.80 516.00 0.51 84.18 118185.71 Keyence 58220 -640.00 59310 28905 0.37 71.40 133675.26 CapOne 117.97 -1.83 120.98 38.00 1.18 53.44 53959.13 MorganStly 74.99 -1.06 77.76 27.20 2.00 11.82 135671.78
Ambev 15.16 0.37 16.91 10.36 3.34 26.86 43992.4 Nestle 100.36 0.06 112.62 83.37 2.86 20.21 321781.94
LOreal 317.00 3.40 321.40 196.00 1.27 52.40 213552.73 MitsbCp 2984 63.00 2987 0.00 4.87 11.02 41854.13 CardinalHlth 51.97 0.22 60.53 39.05 3.99 15.25 15261.9 MylanNV 15.86 0.31 23.11 12.75 - 29.73 8586.21
Bradesco 21.95 -0.45 28.11 14.05 1.17 6.88 17953.4 Novartis 80.80 -0.80 96.36 65.09 3.63 27.16 221844.66
LVMH 535.00 -4.80 542.10 278.70 0.94 58.15 324932.83 MitsubEst 1863 -33.50 2177.5 0.00 1.73 15.49 24470.57 Carnival 23.51 1.04 43.44 7.80 4.40 -2.18 21924.32 Netflix 544.93 -12.35 593.29 290.25 - 82.15 241348.02
Cielo 3.65 -0.01 7.51 3.23 0.85 21.57 1828.77 Richemont 87.66 -1.42 89.34 44.64 1.19 197.03 50924.85
Orange 10.05 0.16 13.55 8.63 5.21 9.80 32167.27 MitsubishiEle 1691.5 - 1734 0.00 2.29 18.87 34288.34 Caterpillar♦ 200.72 -1.66 205.18 87.50 2.20 31.01 109042.8 NextEraE 79.93 -1.26 87.69 43.70 1.83 37.67 156660.62
ItauHldFin 25.06 -0.05 30.98 19.46 3.44 12.86 22915.09 Roche 308.10 -3.65 357.85 265.75 3.11 19.38 240898.75
PernodRic 163.30 0.05 170.40 112.25 2.00 123.83 51456.47 MitsuiFud 2451.5 -30.50 2972 1538 1.93 17.56 22340.22 Celgene 108.24 0.11 110.70 58.59 - 12.71 77035.98 Nike 141.36 -0.35 147.95 60.00 0.74 76.96 179740.31
Petrobras 28.71 0.21 33.00 10.50 1.90 -7.72 39405.56 Swiss Re 83.38 -1.08 117.05 52.68 7.32 -17.80 29461.83
Renault 39.49 -0.43 40.94 12.77 - -1.22 14051.68 MitUFJFin 566.10 4.30 569.90 380.00 4.75 14.53 72586.94 CharlesSch 60.71 -0.24 62.04 28.00 1.25 26.23 109108.75 NorfolkS 252.51 -3.89 258.40 112.62 1.60 30.36 63610.69
Vale 95.53 1.64 103.35 32.45 4.74 32.88 93100.08 Swisscom 468.00 2.10 577.80 446.70 4.93 13.95 26980.48
Safran 111.00 1.65 147.50 51.10 - 67.98 53502.58 Mizuho Fin 1606 12.00 1619 1084 2.76 14.97 38499.27 Charter Comms 623.17 4.70 681.71 345.67 - 46.26 120727.34 Northrop 295.08 4.20 374.39 263.31 2.01 18.77 49195.26
Canada (C$) Syngent 453.40 0.90 471.20 402.50 - 28.99 43035.76
Sanofi 78.78 0.74 95.82 67.65 4.18 8.50 119340.85 Murata Mfg 9848 -110.00 10835 0.00 1.15 30.49 62829.24 Chevron Corp 94.88 1.75 111.10 51.60 5.72 -14.42 177165.11 NXP 189.37 -6.06 200.19 58.41 0.85-339.82 52976.18
BCE 55.91 0.42 65.28 46.03 6.01 21.73 39736.26 UBS 13.98 -0.14 14.20 7.00 2.49 9.55 60040.73
Sant Gbn 42.29 -0.29 43.99 16.41 3.07 16.80 27105.94 NipponTT 2882.5 -12.00 2913.5 2127 3.64 11.57 106150.8 Chubb 165.98 1.42 166.52 87.35 1.98 30.73 74919.65 Occid Pet 26.20 -0.26 43.60 8.52 6.54 -1.53 24397.69
BkMontrl♦ 99.26 1.02 102.38 55.76 4.37 12.86 50462.62 Zurich Fin 376.30 -0.90 439.90 248.70 5.58 17.04 63010.58
Schneider 127.05 -2.50 130.70 61.72 2.10 30.73 86689.68 Nissan Mt 617.90 15.40 664.50 311.20 - -2.11 24620.99 Cigna 206.29 3.02 230.90 118.50 0.02 13.49 74525.83 Oracle 61.83 -0.31 66.20 39.71 1.61 18.11 182029.62
BkNvaS 71.17 -0.09 74.88 46.38 5.17 13.13 67804.22 Nomura 651.20 2.80 662.20 367.40 4.13 8.00 19879.13 Taiwan (NT$) Cisco 46.13 -0.39 49.34 32.40 3.32 17.43 194901.85 Pepsico 134.41 0.03 148.77 101.42 3.15 24.84 185433.2
SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81
Brookfield 55.47 0.02 60.48 31.35 1.15-1109.40 68691.89 Nppn Stl 1586 79.00 1591.5 0.00 5.30 4.92 14229.03 Chunghwa Telecom 108.50 -0.50 117.00 103.00 4.03 24.62 30112.24 Citigroup 64.28 0.16 78.86 32.00 3.40 11.71 133817.96 Perrigo 44.29 -0.09 63.86 40.01 2.14-826.48 6045.2
SocGen 19.06 0.13 32.11 10.77 - -22.26 19571.23
CanadPcR 459.68 -3.98 482.74 252.00 0.76 26.71 48140.54 NTTDCMo 3880 - 3928 2678 3.25 19.99 120882.79 Formosa PetChem 95.80 2.30 104.00 66.10 3.13 206.33 32648.99 CME Grp 189.41 0.00 225.36 131.80 1.87 29.46 67996.17 Pfizer♦ 34.93 0.24 43.08 26.41 4.60 21.03 194155.35
Total 36.97 0.57 45.61 21.12 7.30 -18.45 116970.72
CanImp 114.10 0.18 114.53 67.52 5.22 13.57 40115.89 Panasonic 1498 2.50 1520 691.70 1.80 18.72 34698.49 HonHaiPrc 114.00 -1.00 125.00 65.70 3.81 14.88 56540.07 Coca-Cola 50.41 0.14 60.13 36.27 3.47 24.37 216633.68 Phillips66 78.83 -0.56 90.29 40.04 4.89 -11.88 34432.96
UnibailR 190.00 0.35 236.45 177.35 2.94 -7.05 22215.04
CanNatRs 34.97 -0.10 40.65 9.80 4.82 -69.89 32528.3 Seven & I 4259 -77.00 4373 2937.5 2.44 19.91 35641.78 MediaTek 980.00 -20.00 1010 273.00 1.11 46.18 55752.77 Cognizant 76.13 -0.83 82.73 40.01 1.21 26.31 40395.66 PhilMorris 86.81 0.81 89.70 56.01 5.81 16.40 135194.61
Vinci 85.24 -0.88 107.35 54.76 2.50 28.48 60669.47
CanNatRy 138.49 -1.24 149.11 92.01 1.67 28.44 77450.79 ShnEtsuCh 18750 -225.00 19710 8751 1.26 25.06 73754.33 TaiwanSem 663.00 - 679.00 235.50 1.56 33.25 615059.82 ColgtPlm 78.69 0.50 86.41 58.49 2.37 23.46 67450.62 PNCFin 167.18 -2.73 171.00 79.41 2.95 21.17 70834.34
Vivendi 30.25 -0.44 32.35 16.60 2.08 19.04 43176.06
Enbridge♦ 43.83 -0.28 55.73 33.06 7.38 44.72 69761 Softbank 10405 -15.00 10500 2609.5 0.45 -70.24 205282.21 Thailand (THB) Comcast 52.87 0.03 53.60 31.71 1.82 22.12 241657.11 PPG Inds 136.29 -1.07 153.81 69.77 1.63 28.01 32191.12
GtWesLif 31.18 0.04 34.70 18.88 5.65 11.13 22734.24 Germany (€)
Sony 12200 -40.00 12545 0.00 0.44 15.15 145243.49 PTT Explor 40.75 -0.50 45.00 23.60 5.43 27.71 38820.83 ConocPhil 48.51 -0.34 59.55 20.84 3.71 -40.78 52038.7 Praxair 164.50 -0.99 169.75 140.00 2.29 39.25 47306.22
ImpOil 26.53 -0.04 32.39 10.27 3.39 -43.31 15303.96 Allianz 197.86 -1.12 232.60 117.10 5.08 11.80 98157
SumitomoF 3816 25.00 3861 2507.5 5.50 17.30 49500.47 United Arab Emirates (Dhs) Corning 38.16 -0.44 39.16 17.44 2.42 136.96 29320.92 ProctGmbl 129.02 1.10 146.92 94.34 2.55 23.02 317708.66
Manulife 25.10 0.35 26.60 12.58 4.43 9.28 38269.81 BASF 67.16 -0.51 69.24 37.36 5.13 -29.91 74222.73
Takeda Ph 3713 7.00 4244 2894.5 5.21 97.21 55257.28 Emirtestele 19.74 -0.16 20.80 11.04 4.34 17.88 46737.49 Costco 354.78 0.78 393.15 271.28 0.80 35.10 157149.44 Prudntl 83.15 0.39 94.74 38.62 5.54-258.64 32927.4
Nutrien 70.92 -0.88 72.40 34.80 3.46 305.90 31725.24 Bayer 53.98 -0.57 76.04 39.91 5.42 -3.18 63810.05
TokioMarine 5512 -44.00 6289 4167 3.81 17.46 36529.85 United Kingdom (p) CrownCstl 162.13 0.17 180.00 114.18 3.17 94.55 69924.16 PublStor 233.23 3.28 240.75 155.37 3.68 33.53 40773.77
RylBkC♦ 106.91 0.45 109.42 72.00 4.10 13.37 119641.76 BMW 70.86 -0.06 77.31 36.60 3.68 12.81 51327.65
Toyota 8247 -56.00 8497 0.00 2.87 13.94 254047.1 CSX 89.58 -1.17 97.54 46.81 1.22 23.22 68305.2 Qualcomm 143.77 -3.39 167.94 58.00 1.89 29.68 163322.72
Suncor En 23.77 -0.09 40.81 14.02 5.61 -5.54 28488.34 Continental 118.05 -3.05 126.55 51.45 2.65 -15.40 28409.67 AscBrFd 2308 1.00 2696 1554 1.49 40.07 25314.62
Mexico (Mex$) CVS 72.11 1.58 77.23 52.04 2.97 11.12 94385.75 Raytheon 116.96 -5.47 233.48 103.00 2.98 10.60 32566.46
ThmReut 103.98 -0.37 115.66 75.91 1.97 20.33 40619.45 Daimler 65.44 0.43 67.44 21.02 1.442088.73 84239.98 AstraZen 7421 87.00 10120 5871 2.92 50.49 130208.47
AmerMvl 13.94 -0.01 16.82 12.33 2.54 13.28 31457.6 Danaher 241.44 -0.83 248.86 119.60 0.32 52.64 171513.54 Regen Pharm 479.30 -1.41 664.64 386.84 - 16.39 50462.11
TntoDom 75.55 -0.13 76.10 49.01 4.21 11.49 107850.94 Deut Bank 9.32 -0.01 10.26 4.45 - -12.06 23177.46 Aviva 361.60 -0.60 413.90 205.70 2.63 6.59 20105.41
FEMSA UBD 142.70 -0.66 180.00 112.72 2.07 282.28 15230.77 Deere 314.92 -2.17 321.67 106.14 1.03 33.82 99017.57 S&P Global 338.23 -0.11 379.87 186.06 0.82 31.62 81410.76
TrnCan 56.51 -0.01 76.58 47.05 5.75 11.70 41745.33 Deut Tlkm 14.76 -0.03 16.75 10.41 4.25 21.41 84563.6 Barclays 154.36 -1.20 184.00 73.04 - 13.67 36492.05
WalMrtMex 62.58 0.60 68.25 47.76 0.86 34.79 53966.21 Delphi 17.02 0.31 18.51 5.39 - -7.42 1469.67 Salesforce 246.97 -1.62 284.50 115.29 - 60.50 225977.55
ValeantPh 30.80 -1.06 36.02 14.01 - -4.20 8158.48 DeutsPost 42.30 -0.70 43.84 19.11 2.84 20.15 62935.26 BP 280.60 2.40 469.57 188.52 10.02 -3.39 77481.62
Delta 43.83 -0.82 59.47 17.51 1.97 -2.47 27972.52 Schlmbrg 26.61 -0.20 34.71 11.87 5.03 -3.27 37049.79
E.ON 8.79 0.10 11.56 7.60 5.47 18.29 27929.81 Netherlands (€) BrAmTob 2640 -108.50 3380.2 2362.5 5.84 9.53 68193.65
China (HK$) Devon Energy 21.38 0.51 23.03 4.70 2.00 -3.04 14391.03 Sempra Energy 124.07 -0.61 161.76 88.00 3.54 17.84 35790.5
Fresenius Med 60.98 -0.64 81.10 53.50 2.06 13.00 21489.64 Altice 5.34 0.00 6.86 2.26 - -4.03 9137.97 BSkyB 1727.5 1.50 1740 893.50 0.76 36.60 38843.72
AgricBkCh 2.93 0.07 3.30 2.38 7.58 4.53 11617.43 DiscFinServ 91.74 -3.72 100.96 23.25 2.06 26.26 28117.97 Shrwin-Will 710.41 2.99 758.00 325.43 0.78 32.23 64522.18
Fresenius SE 36.06 -0.21 51.54 24.25 2.43 10.62 19622.91 ASML Hld 484.35 -15.50 502.60 177.52 0.52 58.33 244481.41 BT 129.85 1.75 157.66 94.68 3.56 8.54 17849.5
Bk China 2.75 0.03 3.25 2.33 8.49 4.10 29662.49 Disney 184.75 -1.60 193.85 79.07 0.51-109.81 335369.82 SimonProp 108.18 -1.80 142.77 42.25 5.45 22.94 35496.87
HenkelKgaA 76.10 -1.10 86.10 54.65 2.52 17.86 23788.88 Heineken 85.88 -0.02 105.00 68.82 2.05 50.97 59521.47 Compass 1448 -21.50 1965.5 865.80 1.86 181.00 32992.51
BkofComm 4.55 0.10 5.23 3.66 8.46 4.24 20548.81 DominRes 72.12 0.99 90.89 57.79 5.55 25.21 58836.87 SouthCpr 73.64 0.62 75.07 23.43 2.04 41.39 56925.25
Linde 206.30 -1.00 226.40 130.45 1.62 55.41 130285.82 ING 8.93 0.02 10.77 4.23 - 18.99 41889.44 Diageo 3046 3.50 3150.18 2050.6 2.29 50.85 106237.81
BOE Tech 0.96 -0.02 1.10 0.47 - -6.20 24.64 DowDupont 30.52 -0.65 48.38 30.06 3.83 -7.69 68559.76 Starbucks♦ 104.51 -1.64 107.75 50.02 1.68 123.45 123039.62
MuenchRkv 233.90 -1.60 284.20 141.10 4.38 25.68 39429.59 Unilever 45.81 -0.21 55.39 38.42 - 22.40 166852.57 GlaxoSmh 1276.4 3.40 1772.51 1253.2 6.27 10.10 86966.43
Ch Coms Cons 3.79 0.12 6.40 3.21 7.50 3.27 2160.06 DukeEner♦ 89.39 1.01 103.79 62.13 4.56 30.44 65787.34 StateSt 75.68 0.22 81.08 42.10 2.95 11.25 26699.76
SAP 104.42 -3.92 143.32 82.13 1.58 24.45 154353.87 Norway (Kr) Glencore 288.20 0.20 294.65 2.44 2.77 -14.24 57595.83
Ch Evrbrght 3.44 -0.04 3.97 2.40 7.57 4.86 5625.94 Eaton 124.16 -0.85 130.00 56.42 2.50 34.07 49488.18 Stryker 245.90 -1.96 248.69 124.54 1.00 49.77 92507.81
Siemens 130.78 0.42 137.52 53.02 3.11 25.77 133757.28 DNB 163.55 1.05 178.10 94.26 - 13.60 28732.42 HSBC 432.25 4.50 593.30 281.50 1.80 -50.80 120071.82
Ch Rail Cons 4.99 0.18 9.99 4.07 5.09 3.12 1336.43 eBay 62.47 -0.40 64.85 26.02 1.06 17.51 42507.45 Sychrony Fin 37.50 -0.40 40.69 12.15 2.51 15.91 21895.57
Volkswgn 182.10 -0.20 184.20 99.16 2.75 21.58 64657.86 Equinor♦ 146.85 3.10 187.20 95.20 5.47 -15.96 54024.17 Imperial Brands 1505 -8.00 1850.6 1142 12.34 9.52 19886.31
Ch Rail Gp 3.83 0.10 4.85 3.33 5.33 3.06 2078.58 Ecolab 208.38 -2.53 231.36 124.60 0.97 47.43 59481.07 T-MobileUS 121.12 -0.88 135.54 63.50 - 42.65 150332.54
Hong Kong (HK$) Telenor 153.40 1.55 171.90 130.75 5.33 20.23 24326.12 LlydsBkg 38.93 -0.56 59.94 23.59 - 22.90 38866.02
ChConstBk 6.36 0.07 6.66 4.93 6.14 5.37 197233.56 Emerson 84.88 -0.19 87.07 37.75 2.53 24.45 50929.44 Target♦ 190.76 0.17 199.96 90.17 1.49 23.61 95524.98
AIA 105.60 0.60 109.30 60.05 1.34 26.95 164750.19 Natl Grid 864.60 16.00 1073.8 789.13 5.62 20.39 40206.82
China Vanke 29.80 -0.35 32.70 21.65 4.14 6.82 7278.6 Qatar (QR) EOG Res 62.55 -0.55 77.67 27.00 2.27-110.13 36490.32 TE Connect 129.42 -1.84 132.65 48.62 1.56-154.83 42823.62
BOC Hold 24.25 0.20 27.95 20.05 7.11 7.58 33071.87 Natwest Group 178.15 -3.20 183.85 90.54 - 27.84 29534.1
ChinaCitic 3.77 0.05 4.25 2.93 7.79 3.82 7237.05 QatarNtBk 16.52 -0.41 19.65 15.71 3.68 13.70 41907.71 EquityResTP 66.79 -0.39 87.19 45.43 3.81 24.44 24862.79 Tesla Mtrs 773.57 -22.65 900.40 70.10 - 1372.32 742514.93
Ch OSLnd&Inv 18.50 -0.02 28.55 14.92 6.18 4.05 26120.04 Prudential 1399 3.00 1509 682.80 2.65 34.43 50147.69
ChinaLife 17.10 0.42 21.90 11.64 5.26 7.73 16413.3 Russia (RUB) Exelon 41.77 -0.21 50.54 29.28 3.87 16.04 40749.66 TexasInstr 177.20 -3.56 181.80 93.09 2.18 31.26 163066.38
ChngKng 41.20 -0.45 51.60 33.40 5.72 6.67 19628.25 ReckittB 6284 -14.00 8191.3 5130 2.78 -16.25 61309.02
ChinaMBank 67.75 0.80 69.45 29.80 2.16 15.47 40120.43 Gzprm neft 185.71 -3.02 272.68 158.17 - -71.33 58976.64 ExpScripts 92.33 -3.47 101.73 66.93 - 11.10 52061.19 TheTrvelers 148.55 1.13 152.29 76.99 2.41 15.86 37466.44
Citic Ltd 6.36 0.04 9.53 5.20 8.20 3.48 23865.07 RELX 1830 -34.50 2109 1382.86 2.50 27.90 48991.39
ChinaMob 49.50 1.65 67.85 39.00 7.39 7.81 130736.78 Lukoil 4745.5 -157.00 6810 3663 10.47 32.79 44107.51 ExxonMb 52.08 0.04 60.62 30.11 7.16 62.30 220206.43 ThrmoFshr 499.27 -0.81 532.57 250.21 0.18 38.19 197878.27
Citic Secs 18.50 0.44 21.45 12.60 3.30 13.42 5436.84 RioTinto 6235 -25.00 6553 2954 4.90 17.48 115857.66
ChinaPcIns 39.40 2.90 39.60 17.90 3.75 12.19 14104.71 MmcNrlskNckl 20150 -66.00 23656 13352 11.57 14.96 42774.79 Facebook 270.20 -3.77 304.67 137.10 - 28.72 649952.16 TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69
CK Hutchison 55.55 0.35 70.90 45.05 6.40 5.53 27631.62 RollsRoyce 102.30 2.36 234.59 0.90 1.54 -0.99 2635.97
ChMinsheng 4.92 0.09 6.06 3.85 9.19 4.16 5280.31 Novatek 973.20 -3.20 1382.2 682.80 3.05 46.54 39639.58 Fedex 256.30 -5.53 305.66 88.69 0.79 26.87 67937.59 TJX Cos♦ 66.81 -0.69 70.96 32.72 0.74 102.22 80214.17
CNOOC 9.97 0.43 12.38 6.24 8.81 8.82 57418.41 RylDShlA 1438.6 8.80 2033.55 878.10 6.70 -8.65 91625.52
ChMrchSecs 23.40 -0.55 28.18 13.41 - 20.93 26976.54 Rosneft 324.00 -11.00 489.90 229.80 9.45-126.68 46063.6 FordMtr 11.49 -0.06 12.15 3.96 2.80-267.93 44881.58 Truist Financial Corp 55.29 -0.36 56.02 24.01 3.49 17.85 74537.46
HangSeng 152.00 0.10 164.90 110.00 5.83 12.99 37484.7 Shire# 4690 111.00 4780 2944 0.58 11.63 56567.13
Chna Utd Coms 4.09 - 6.16 4.01 1.50 22.95 19400.02 Sberbank 188.91 -2.03 270.80 172.15 9.07 5.92 54705 Franklin 27.51 -0.57 28.59 14.91 4.21 16.15 13903.66 UnionPac 211.08 -2.91 221.28 105.08 1.97 25.09 141387.58
HK Exc&Clr 563.50 15.50 570.50 206.00 1.34 67.35 92154.29 StandCh 497.50 9.10 643.40 334.25 - 24.83 22723.37
ChShenEgy 14.60 0.18 16.32 11.94 10.62 6.00 6400.41 Surgutneftegas 35.13 -0.76 54.89 24.06 1.70 1.55 16833.73 GenDyn 162.89 -0.43 188.73 100.55 2.79 13.78 46629.65 UPS B 160.71 -1.04 178.01 82.00 2.66 28.46 114942.45
MTR 44.95 -0.30 45.60 36.20 3.07 40.48 35838.91 Tesco 237.65 -4.60 329.33 236.30 3.85 22.46 26958.14
ChShpbldng 4.09 - 5.44 3.94 - -106.22 11615.58 GenElectric 11.83 -0.14 12.95 5.48 0.36 28.31 103724.75 USBancorp 48.65 - 55.23 28.36 3.70 15.03 73288.22
SandsCh 36.15 1.70 40.70 25.15 3.06 134.57 37724.39 Saudi Arabia (SR) Vodafone 132.70 -0.94 156.94 92.76 6.15 17.11 49039.26
ChStConEng 4.80 - 6.02 4.68 3.90 4.69 30222.9 GenMills 56.53 0.24 66.14 46.59 3.63 13.97 34564.51 UtdHlthcre 326.12 1.50 367.95 187.72 1.53 17.48 309429.41
SHK Props 111.00 -0.90 115.80 87.60 5.00 12.19 41490.3 AlRajhiBnk 84.00 0.40 87.10 51.00 1.91 20.05 55988.8 WPP 830.60 -6.60 990.46 450.00 2.73 -4.46 14569.77
ChUncHK 4.68 0.16 6.84 3.84 3.89 9.53 18471.48 GenMotors 52.84 -0.63 57.05 14.33 1.54 22.11 76130.63 UtdTech 86.01 -5.36 158.44 69.02 2.69 144.88 74498.84
Tencent 757.50 12.50 770.00 325.20 0.18 57.50 937484.97 Natnlcombnk 46.30 - 46.90 30.50 2.78 11.74 37032.6 United States of America ($)
CNNC Intl 4.82 -0.01 5.68 4.02 2.56 14.17 11653.55 GileadSci 64.29 -0.51 85.97 56.56 4.45 61.22 80589.32 ValeroEngy 67.05 0.09 84.77 31.00 6.14-1042.79 27342.27
SaudiBasic 102.20 -0.80 106.40 61.90 3.88-104.80 81743.64 21stC Fox A 31.97 0.24 40.73 19.81 1.54 11.26 10689.21
CSR 3.80 0.29 5.40 2.53 4.82 9.16 2142.52 India (Rs) GoldmSchs 310.19 -1.78 314.98 130.85 1.73 16.67 106724.67 Verizon 56.40 2.25 61.95 48.84 4.70 11.91 233384.38
SaudiTelec 117.20 -2.60 120.00 72.30 3.66 20.40 62494.16 3M 176.62 -0.01 187.27 114.04 3.55 19.32 102280.64
Daqin 6.55 0.09 7.44 6.32 7.42 9.11 15125.47 Bhartiartl 593.85 -0.10 623.00 361.75 0.36 -13.71 44530.82 Halliburton 20.22 -0.39 22.58 4.25 2.39 -3.80 17963.71 VertexPharm 211.70 1.43 306.08 197.47 - 19.35 55033.55
Gree Elec Apl 0.15 0.02 0.21 0.07 - -0.05 6.60 HDFC Bk 1586.5 -40.15 1641 738.75 - 29.23 120135.89 Singapore (S$) AbbottLb 126.95 -1.08 128.54 61.61 1.18 63.01 224992.44 HCA Hold 175.77 1.77 181.01 58.38 0.51 16.60 59476.12 VF Cp 79.48 -1.41 89.68 45.07 2.59-309.01 31131.45
GuosenSec 11.98 -0.05 16.14 10.39 1.69 15.99 15258.81 Hind Unilevr 2163.9 -32.20 2614.3 1757.3 1.68 65.99 69882.38 DBS 26.00 0.01 27.47 16.65 4.58 12.40 49687.5 Abbvie 106.44 2.24 113.41 62.55 4.64 21.41 187917.04 Hew-Pack 26.29 -0.87 27.68 12.54 2.87 12.27 33904.54 ViacomCBS 60.21 1.07 60.73 10.10 1.71 26.13 34014.6
HaitongSecs 7.30 0.21 9.42 5.79 - 6.50 3210.55 HsngDevFin 2805.35 -53.30 2896 1473.45 0.79 28.74 69414.72 JardnMt US$ 51.64 -2.39 59.89 37.37 3.73 -88.57 37172.18 Accenture 259.19 2.14 271.18 137.15 1.31 30.76 171359.61 HiltonWwde 114.16 0.55 116.73 44.30 0.28 -92.63 31671.88 Visa Inc 207.45 -0.45 220.39 133.93 0.62 39.59 351858.77
Hngzh HikVDT 66.00 3.50 70.48 27.00 1.07 46.83 83675.73 ICICI Bk 657.35 -1.00 679.40 268.30 - 29.61 62434.42 JardnStr US$ 24.35 -1.04 31.65 17.81 1.63 -27.49 26989.75 Adobe 486.39 -15.25 536.88 255.13 - 59.20 233330.52 HomeDep 279.41 4.02 292.95 140.63 2.25 22.54 300813.02 Walgreen 49.40 0.26 55.49 33.36 3.89 -60.26 42683.74
Hunng Pwr 2.57 0.02 4.12 2.24 6.59 19.02 1558.22 Infosys 1281.3 -9.10 1392.8 509.25 1.65 29.45 75017.59 OCBC 10.65 0.01 11.14 7.80 4.30 12.18 35824.92 AEP 78.75 0.56 104.63 65.14 3.81 19.04 39090.5 Honywell 201.91 -1.53 216.70 101.08 1.91 27.03 140428.64 WalMartSto 145.85 0.19 153.66 102.00 1.58 19.64 412651.35
IM Baotou Stl 1.15 0.01 1.31 1.04 - -109.34 5658.5 ITC 217.75 -0.50 239.20 134.60 4.93 18.46 36829.58 SingTel 2.40 -0.02 3.20 2.00 5.33 22.56 29470.54 Aetna - - - - - - - HumanaInc 377.53 2.38 474.70 208.25 0.69 11.28 49962.87 WellsFargo 36.70 1.91 48.12 20.76 4.76 87.82 151747.76
In&CmBkCh 5.15 0.09 5.60 3.96 6.23 5.34 57657.28 L&T 1548.35 -1.10 1593 661.00 1.23 71.16 29887.13 UOB 23.95 -0.07 26.06 17.28 4.91 10.46 30127.78 Aflac♦ 46.76 0.41 52.50 23.07 2.54 6.85 32842.83 IBM 119.68 -0.39 151.89 90.56 5.82 12.65 106641.98 Williams Cos 22.68 -0.23 23.30 8.41 7.47 111.38 27524.12
IndstrlBk 26.64 -0.17 27.55 14.93 2.90 9.07 81166.54 OilNatGas 102.25 -1.50 107.90 50.00 5.17 37.50 17680.7 South Africa (R) AirProd 260.46 -0.27 327.89 167.43 2.13 28.43 57633.78 IllinoisTool 197.63 -1.40 224.69 115.94 2.36 27.98 62581.96 Yum!Brnds 105.21 -0.39 110.66 54.95 1.86 28.62 31738.5
Kweichow 2601 144.57 2601.2 960.10 0.66 72.39 507513.36 RelianceIn 2083.25 23.75 2369.35 867.40 0.33 31.35 193626.8 Firstrand 51.14 -0.55 62.91 31.13 5.53 17.75 19499.98 Alexion 157.49 -0.90 162.60 72.67 - 34.34 34602.4 Illumina 492.77 0.22 555.77 196.78 - 106.69 71944.42 Venezuela (VEF)
Midea 0.72 0.08 0.94 0.52 - -2.01 19.97 SBI NewA 411.75 9.40 415.75 149.45 - 14.82 50508.84 MTN Grp 71.28 -3.47 89.25 26.25 7.33 8.23 9129.8 Allergan 193.02 0.03 202.22 114.27 1.54 -25.19 63659.11 Intcntl Exch 112.19 -0.23 119.02 63.51 1.12 28.84 63017.87 Bco de Vnzla 90000 8000 90000 1701 444.27 - 185.86
New Ch Life Ins 31.30 1.25 37.30 20.45 5.44 6.32 4175.11 SunPhrmInds 621.25 -9.90 654.40 312.00 0.68 95.75 20488.11 Naspers N 3811.96 112.72 3888 1843.8 - 35.56 112849.06 Allstate 104.86 1.65 125.92 64.13 2.17 6.90 31884.57 Intel 61.76 -0.72 67.29 43.61 2.26 11.32 250910.57 Bco Provncl 2399000-1000.00 2849000 127000 - -13.20 146.48
PetroChina 2.75 - 3.47 2.16 5.71 22.32 7484.2 Tata Cons 3073.1 -35.70 3339.8 1506.05 1.31 36.58 156247.01 Alphabet 2107.64 -3.06 2145.14 1008.87 - 38.03 633845.62 Intuit 416.44 -5.83 423.74 187.68 0.56 52.17 109416.56
South Korea (KRW) Mrcntl Srvcs 2600000 10000 3000000 120000 0.02 -2.60 89.63
PingAnIns 93.10 2.60 103.60 69.00 2.75 11.04 89438.18 Altria 43.71 0.30 46.22 30.95 8.29 104.58 81231.5 John&John 165.83 0.76 173.65 109.16 2.53 24.33 436541.39
Indonesia (Rp) HyundMobis 325500-8500.00 405000 126000 0.94 19.25 27937.07
PngAnBnk 23.82 -0.76 25.31 11.91 - 18.98 71799.54 Amazon 3313.03 44.08 3552.25 1626.03 - 90.39 1668325.1 JohnsonCn 55.23 2.23 55.33 22.78 2.02 61.35 39742.12
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26 KoreaElePwr 23800 250.00 30050 15550 - 162.86 13795.71 Closing prices and highs & lows are in traded currency (with variations for that
Pwr Cons Corp 3.71 0.02 4.88 3.40 1.09 7.95 6422.18 AmerAir 17.84 0.02 29.35 8.25 1.20 -1.21 10791.73 JPMrgnCh 144.42 -0.23 145.38 76.91 2.67 17.59 440221.49
Israel (ILS) SK Hynix 130000-2500.00 140000 65800 0.78 30.54 85454 country indicated by stock), market capitalisation is in USD. Highs & lows are
SaicMtr 21.93 0.66 28.80 16.90 4.06 11.79 39797.84 AmerExpr 128.88 -1.80 138.04 67.00 1.07 29.77 103824.31 Kimb-Clark 130.57 0.33 160.16 110.66 3.48 17.68 44180.18
TevaPha 36.62 -0.19 46.45 24.30 - -2.86 12397.12 SmsungEl 83200-1700.00 96800 42300 1.73 22.39 448474.84 based on intraday trading over a rolling 52 week period.
ShenwanHong 0.10 0.03 0.10 0.03 - -0.32 107.30 AmerIntGrp 42.93 0.78 49.94 16.07 3.20 -6.88 36985.3 KinderM 14.88 -0.17 22.58 9.42 7.38 277.58 33683.7
Italy (€) Spain (€) AmerTower 225.70 0.72 272.20 174.32 2.06 49.79 100256.73 ♦ ex-dividend
ShgPdgBk 10.69 0.01 12.69 9.22 5.68 6.48 48737.76 Kraft Heinz 36.10 0.74 36.44 19.99 4.75 -84.22 44136.78 ■ ex-capital redistribution
Enel 8.30 - 9.05 5.15 4.13 18.93 101571.33 BBVA 4.45 -0.06 5.27 2.13 6.10 -47.32 35687 Amgen♦ 235.68 2.84 276.69 177.05 2.84 17.72 136120.85
Sinopec Corp 4.34 0.22 4.37 2.95 5.38 11.22 14282.93 Kroger 34.03 0.37 42.99 27.06 2.08 8.47 25908.64 # price at time of suspension
ENI 9.16 0.08 13.05 5.73 6.27 -3.23 39753.16 BcoSantdr 2.89 -0.02 3.80 1.44 3.46 -7.07 57877.9 Anadarko 72.77 0.56 76.23 40.40 1.50 -63.37 36563.54
Sinopec Oil 1.88 -0.02 2.45 1.67 - 84.37 3962.53 L Brands 47.85 -1.36 51.04 8.00 1.34 -58.76 13307.49
Generali 15.66 -0.10 18.89 10.20 3.34 12.89 29688 CaixaBnk 2.34 0.02 2.84 1.50 3.13 13.19 16819.8 Anthem 291.61 1.99 340.98 171.03 1.34 14.03 72524.66
Denmark (kr) Iberdrola 10.70 0.11 12.57 7.76 3.90 18.54 81755.83 LasVegasSd 57.96 0.50 69.93 33.30 2.88 -54.63 44272.34
IntSPaolo 2.10 -0.02 2.63 1.31 - 5.83 49004.02 Aon Cp 228.06 0.96 238.19 143.93 0.83 27.42 52138.24 LibertyGbl 26.13 -0.12 26.63 15.24 - -8.24 4737.7
DanskeBk 112.70 -0.60 122.70 68.04 - 11.37 15720.59 Inditex 25.85 -0.08 32.28 18.51 1.40 48.96 96940.69
Unicred 8.30 -0.17 14.44 6.01 - -7.03 22343.53 Apple 130.25 -2.94 145.09 53.15 0.65 37.06 2186649.5 Lilly (E)♦ 204.54 -1.22 218.00 117.06 1.50 31.29 195659.77
MollerMrsk 12690 370.00 15400 4976 1.16 25.21 19365.79 Repsol 9.46 0.04 12.65 5.04 10.12 -1.78 17839.41 ArcherDan 55.87 -0.19 56.91 28.92 2.74 18.49 31066.76 Lockheed 336.26 1.23 438.95 266.11 3.06 13.40 94186.94
NovoB 466.10 7.00 467.90 331.70 1.93 25.24 136683.86 Telefonica 3.78 -0.01 6.57 2.71 10.85 72.47 25162.45

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
ShenwanHong 0.10 0.06 0.03 55.74 0.04 58.3 46.15 JapanTob 1959.00 1952.50 6.50 0.33 -192.00 -8.9 -4.93 Feb 17 date Coupon S* M* F* price yield yield yield US Feb 17 date Coupon S* M* F* price yield yield yield US
Vivendi 30.25 30.69 -0.44 -1.43 4.25 16.3 15.86 JardnMt US$ 51.64 54.03 -2.39 -4.42 -3.68 -6.7 -9.39 High Yield US$ US$
CSR 3.80 3.51 0.29 8.26 0.47 14.1 1.35 Cielo 3.65 3.66 -0.01 -0.27 -0.26 -6.6 -4.45 HCA Inc. 04/24 8.36 BB- Ba2 BB 113.75 4.24 0.00 0.12 - FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa1 A- 129.00 2.54 -0.01 -0.05 -
ING 8.93 8.91 0.02 0.21 1.10 14.0 13.75 BOE Tech 0.96 0.98 -0.02 -2.04 -0.06 -5.9 15.66 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
Gree Elec Apl 0.15 0.14 0.02 11.11 0.02 12.8 19.05 ITC 217.75 218.25 -0.50 -0.23 -11.25 -4.9 -0.05 Aldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98 NationsBank Corp. 03/28 6.80 BBB+ Baa1 A- 127.69 2.72 -0.01 0.06 -
Sinopec Corp 4.34 4.12 0.22 5.34 0.49 12.7 9.05 KBC Grp 58.68 58.94 -0.26 -0.44 -2.98 -4.8 -2.52 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
PetroChina 2.75 2.75 0.00 0.00 0.31 12.7 6.59 NextEraE 79.93 81.19 -1.26 -1.55 -3.98 -4.7 -2.46 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Midea 0.72 0.64 0.08 12.50 0.08 12.5 -1.37 Unicred 8.30 8.47 -0.17 -1.97 -0.41 -4.7 7.78 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Barclays Bank plc 01/29 4.50 A A1 A+ 96.46 5.02 0.00 0.02 -
Carnival 23.51 22.47 1.04 4.64 2.58 12.3 13.42 DukeEner 89.39 88.38 1.01 1.14 -4.31 -4.6 -2.78 Colombia 01/26 4.50 - Baa2 BBB- 111.88 1.85 0.05 0.12 1.44
Brazil 04/26 6.00 - Ba2 BB- 118.30 2.21 0.06 0.01 1.80 Euro
CNOOC 9.97 9.54 0.43 4.51 1.09 12.3 22.99 GileadSci 64.29 64.80 -0.51 -0.79 -3.00 -4.5 1.52 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
ChinaPcIns 39.40 36.50 2.90 7.95 4.05 11.5 6.19 Enbridge 43.83 44.11 -0.28 -0.63 -2.01 -4.4 -2.32 Poland 04/26 3.25 - A2 A- 112.20 0.82 0.01 -0.04 0.41
Mexico 05/26 11.50 - Baa1 BBB- 149.00 1.69 0.14 0.05 1.28 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
WellsFargo 36.70 34.79 1.91 5.50 3.50 10.6 15.16 Continental 118.05 121.10 -3.05 -2.52 -5.30 -4.3 -4.30 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
RollsRoyce 102.30 99.94 2.36 2.36 9.50 10.2 -99.04 Walgreen 49.40 49.14 0.26 0.53 -2.21 -4.3 0.96 Turkey 10/26 4.88 - B2 BB- 101.84 4.50 0.06 -0.45 4.09
Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
ChMinsheng 4.92 4.83 0.09 1.86 0.45 10.1 3.15 Woolworths 39.41 41.32 -1.91 -4.62 -1.61 -3.9 -0.30
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
Nppn Stl 1586.00 1507.00 79.00 5.24 141.50 9.8 14.11 Tesla Mtrs 773.57 796.22 -22.65 -2.84 -31.25 -3.9 -6.50
Russia 06/28 12.75 - Ba1 BBB 169.25 2.41 -0.01 0.03 - Mexico 06/26 1.09 - Baa1 BBB- 98.30 1.42 0.00 -0.15 1.01
HK Exc&Clr 563.50 548.00 15.50 2.83 49.00 9.5 23.15 Apple 130.25 133.19 -2.94 -2.21 -5.14 -3.8 2.36
Illumina 492.77 492.55 0.22 0.04 42.77 9.5 30.89 GenMotors 52.84 53.46 -0.63 -1.17 -2.05 -3.7 5.80 Brazil 02/47 5.63 - Ba2 BB- 110.63 4.90 0.10 0.09 - £ Sterling
MitUFJFin 566.10 561.80 4.30 0.77 49.10 9.5 13.72 Tesco 237.65 242.25 -4.60 -1.90 -9.15 -3.7 -22.72 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
Cred Agr 11.19 11.16 0.03 0.27 0.97 9.4 9.93 CmwBkAu 84.28 85.91 -1.63 -1.90 -3.14 -3.6 -1.29 Brazil 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
CharlesSch 60.71 60.95 -0.24 -0.39 5.01 9.0 3.34 Exelon 41.77 41.98 -0.21 -0.50 -1.55 -3.6 -3.64 Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 - Baa1 BBB- 106.54 -0.25 0.00 -0.12 -0.34 close. *S - Standard & Poor’s, M - 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 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. 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
Feb 17 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Feb 17 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.25 15-03-2020 1.00-1.25 1.50-1.75 1.25-1.50 Index change change change 1 month 1 year VIX 22.81 1.35 21.46 85.42 14.21 Feb 17 Price £ Yield Day Week Month Year High Low £m
US Prime 4.75 30-10-2019 5.25 5.25 4.25 Markit IBoxx VXD 20.23 0.54 19.69 71.05 7.84 - - - - - - - - -
US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 226.17 -0.05 0.13 -0.53 -0.25 8.37 VXN 29.58 1.06 28.52 84.67 17.96 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 398.54 -0.30 -1.48 -2.52 -1.79 3.38 VDAX 23.52 1.07 22.45 93.30 - - - - - - - - - -
UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) - - - - - - † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. - - - - - - - - -
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 243.23 -0.08 -0.24 -0.38 -0.50 1.12 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 8pc '21 102.42 -0.07 0.00 0.00 75.00 -110.61 102.75 100.21 24.59
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 259.37 -0.19 -0.97 -1.57 -1.34 0.95 Tr 4pc '22 104.26 -0.06 20.00 20.00 200.00 -111.76 107.79 104.25 38.77
Gilts( £) 358.60 -0.56 -3.84 -5.44 -4.11 -0.05 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 119.85 0.08 -27.27 33.33 300.00 -84.00 124.55 119.76 35.84
INTEREST RATES: MARKET Global Inflation-Lkd 309.96 -0.07 -0.70 -1.45 -0.15 9.38 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 106.14 0.28 -12.50 21.74 75.00 -46.15 109.23 104.27 39.34
Over Change One Three Six One Markit iBoxx £ Non-Gilts 385.13 -0.28 -1.58 -2.48 -1.83 2.76 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 138.64 0.69 -5.48 16.95 46.81 -9.21 148.26 137.91 38.71
Feb 17 (Libor: Feb 16) night Day Week Month month month month year Overall ($) - - - - - - Australia 11/22 2.25 103.80 0.08 0.01 0.00 0.01 -0.64 Tr 4.25pc '36 147.14 0.89 -6.32 12.66 32.84 -5.32 160.46 145.56 30.41
US$ Libor 0.08150 0.002 0.000 0.003 0.10825 0.18863 0.20263 0.30263 Overall( £) 361.95 -0.49 -3.23 -4.64 -3.49 0.48 05/32 1.25 98.25 1.42 0.00 0.09 0.24 0.28 Tr 4.5pc '42 166.31 1.08 -5.26 9.09 27.06 -0.92 186.37 162.65 27.21
Euro Libor -0.58414 0.001 0.002 0.002 -0.57629 -0.54714 -0.53514 -0.49529 Overall(€) 250.74 -0.16 -0.81 -1.27 -1.15 0.77 Austria - - - - - - - Tr 3.75pc '52 169.16 1.13 -5.04 8.65 26.97 5.61 198.36 165.69 24.10
£ Libor 0.03763 -0.001 0.000 0.004 0.03763 0.05575 0.07213 0.12488 Treasuries ($) - - - - - - 02/47 1.50 128.36 0.36 0.04 0.15 0.30 0.00 Tr 4pc '60 192.22 1.09 -5.22 10.10 26.74 9.00 231.12 188.65 24.12
Swiss Fr Libor 0.001 -0.80100 -0.75280 -0.70800 -0.60140 FTSE Belgium 09/22 1.00 102.48 -0.60 0.00 0.00 0.01 -0.03 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.009 -0.06733 -0.08500 -0.04967 0.04017 Sterling Corporate (£) - - - - - - Canada 11/22 2.00 103.22 0.15 0.02 0.01 -0.02 -1.31
Euro Euribor
Sterling CDs
0.003
-
-0.55000
-
-0.54300
-
-0.52000
-
-0.50000 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 06/30 1.25 101.99 1.03 0.08 0.12 0.23 -0.34 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 711.48 -3.00 - - 5.02 12.93 Denmark 11/22 0.25 101.36 -0.53 0.02 0.05 0.09 0.13
US$ CDs - - - - Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/30 0.10 115.84 -1.41 -0.01 0.08 0.12 0.17 Price Indices Day's Total Return Return
Euro CDs - - - - Fixed Coupon Feb 17 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series Finland 04/23 1.50 104.73 -0.67 0.01 0.02 0.04 -0.06
04/31 0.75 109.53 -0.18 0.03 0.11 0.21 -0.05 1 Up to 5 Years 89.08 0.06 2481.89 -0.34 0.93 0.06
Short 7 Days One Three Six One Index change change change high low 2 5 - 10 Years 183.01 0.28 3749.07 -1.71 1.30 0.43
Feb 17 term notice month month month year Markit iTraxx France 05/23 1.75 105.49 -0.65 0.01 0.03 0.04 -0.05
3 10 - 15 Years 217.49 0.51 4749.26 -3.00 1.06 0.77
Euro -0.74 -0.44 -0.70 -0.40 -0.69 -0.39 -0.64 -0.34 -0.67 -0.37 -0.67 -0.37 Crossover 5Y 246.52 3.32 3.11 -12.95 277.03 236.32 11/26 0.25 104.07 -0.45 0.02 0.08 0.14 -0.07
4 5 - 15 Years 190.59 0.35 3994.07 -2.07 1.28 0.55
Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04 Europe 5Y 47.90 0.56 0.41 -3.46 66.97 45.31 Germany - - - - - - -
5 Over 15 Years 369.32 1.32 6094.86 -5.80 -0.10 1.08
Swiss Franc - - - - - - - - - - - - Japan 5Y 47.41 -0.19 -0.95 -4.14 70.43 47.33 08/23 2.00 106.83 -0.71 0.01 0.03 0.05 -0.04
7 All stocks 185.30 0.69 3981.09 -3.30 0.70 0.93
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 57.88 0.59 0.28 -5.54 86.20 54.75 02/27 0.25 105.25 -0.61 0.02 0.07 0.13 -0.04
US Dollar 0.11 0.31 0.02 0.22 0.05 0.25 0.12 0.32 0.14 0.34 0.21 0.41 08/50 0.00 95.41 0.16 0.04 0.14 0.29 0.05 Day's Month Year's Total Return Return
Markit CDX Greece 02/27 3.65 121.39 0.66 0.01 -0.05 -0.09 -0.44
Japanese Yen -0.15 0.00 -0.15 0.00 -0.20 0.00 -0.20 0.10 -0.20 0.10 -0.15 0.15 Index Linked Feb 17 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 163.57 3.77 2.24 -5.53 245.71 150.45
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Ireland 10/22 0.00 100.98 -0.58 0.01 0.03 0.08 -0.07 1 Up to 5 Years 302.49 0.04 0.28 -1.14 2508.12 0.28 0.52
Nth Amer High Yld 5Y 287.08 1.19 -0.12 -11.01 421.26 283.37
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 05/30 2.40 123.77 -0.15 0.03 0.10 0.20 -0.10 2 Over 5 years 791.52 0.61 -3.46 0.20 5988.14 -3.45 0.56
Nth Amer Inv Grade 5Y 50.50 0.17 -0.37 -0.02 65.62 49.59
05/30 2.40 123.77 -0.15 0.03 0.10 0.20 -0.10 3 5-15 years 503.75 0.22 -1.44 -0.25 4020.30 -1.43 0.49
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Italy 08/22 0.90 101.88 -0.39 0.01 0.03 -0.04 -0.28 4 Over 15 years 1033.34 0.76 -4.23 0.31 7607.86 -4.23 0.52
02/25 0.35 102.05 -0.17 0.02 0.04 -0.07 -0.46 5 All stocks 706.38 0.55 -3.13 -0.03 5444.01 -3.12 0.46
05/30 0.40 108.24 -0.47 0.00 0.01 -0.17 -0.65
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 146.47 1.38 0.02 0.03 -0.03 -0.49 Yield Indices Feb 17 Feb 16 Yr ago Feb 17 Feb 16 Yr ago
Japan 04/23 0.05 99.95 0.07 0.00 0.00 0.00 - 5 Yrs 0.16 0.19 0.39 20 Yrs 1.11 1.17 1.10
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
04/25 0.05 99.88 0.08 0.00 0.01 0.01 - 10 Yrs 0.63 0.68 0.67 45 Yrs 1.06 1.12 0.98
Crude Oil† Feb 60.87 0.76 Corn♦ Mar 550.00 -1.75 Feb 16 Feb 16 Prev return stock Market stocks
12/33 1.60 117.52 0.22 0.00 0.01 0.06 0.10 15 Yrs 0.96 1.01 0.97
Brent Crude Oil‡ 63.80 0.43 Wheat♦ Mar 649.50 -10.75 Can 4.25%' 26 132.99 -1.237 -1.298 0.42 5.08 78429.18 7
12/49 0.40 92.92 0.67 0.00 0.00 0.03 0.28
RBOB Gasoline† Feb 1.81 0.03 Soybeans♦ Mar 1383.00 -2.00 Fr 1.10%' 22 104.90 -2.226 -2.205 0.09 19.85 251879.28 16
Netherlands 07/23 1.75 105.91 -0.68 0.01 0.02 0.06 -0.04 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ Mar 428.50 -0.40 Swe 0.25%' 22 111.01 -1.396 -1.402 0.88 26.51 208179.32 7
07/26 0.50 105.83 -0.56 0.02 0.06 0.13 -0.07 Real yield Feb 17 Dur yrs Previous Yr ago Feb 17 Dur yrs Previous Yr ago
Natural Gas† Feb 3.12 0.00 Cocoa (ICE Liffe)X Mar 1750.00 -6.00 UK 1.875%' 22 109.57 -3.357 -3.369 0.20 15.74 759827.89 28
Ethanol♦ - - Cocoa (ICE US)♥ Mar 2471.00 0.00 New Zealand 04/25 2.75 108.76 0.61 0.04 -0.01 0.23 -0.54 Up to 5 yrs -2.90 2.68 -2.78 -2.17 -3.39 2.68 -3.13 -2.64
UK 2.50%' 24 356.24 -2.901 -2.918 0.00 6.82 759827.89 28
Uranium† - - Coffee(Robusta)X Mar 1352.00 13.00 05/31 1.50 100.57 1.44 0.06 0.00 0.41 -0.11 Over 5 yrs -2.08 23.57 -2.04 -2.01 -2.11 23.64 -2.06 -2.02
UK 2.00%' 35 290.76 -2.408 -2.452 -2.80 9.08 759827.89 28
Carbon Emissions‡ - - Coffee (Arabica)♥ Mar 124.35 -0.45 05/31 1.50 100.57 1.44 0.06 0.00 0.41 -0.11 5-15 yrs -2.59 9.31 -2.54 -2.37 -2.71 9.32 -2.61 -2.44
US 0.625%' 23 105.98 -2.074 -2.080 0.15 47.03 1639298.94 43
Diesel† - - White SugarX 464.00 7.20 Norway 08/30 1.38 100.87 1.28 0.05 0.10 0.25 -0.12 Over 15 yrs -2.02 28.80 -1.98 -1.96 -2.04 28.82 -1.99 -1.97
US 3.625%' 28 137.59 -1.359 -1.432 -0.37 16.78 1639298.94 43
Sugar 11♥ 16.99 0.24 08/30 1.38 100.87 1.28 0.05 0.10 0.25 -0.12 All stocks -2.09 21.74 -2.05 -2.01 -2.12 21.82 -2.07 -2.03
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 2115.50 28.00 Cotton♥ Mar 88.21 0.17 Portugal 10/22 2.20 104.73 -0.63 0.02 0.04 0.01 -0.20 See FTSE website for more details www.ftse.com/products/indices/gilts
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium Alloy 2130.00 250.00 Orange Juice♥ Mar 111.60 -2.00 02/26 3.30 117.97 -0.25 0.02 0.09 0.09 -0.20 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 8405.50 -21.50 Palm Oil♣ - - Spain 10/22 0.45 101.64 -0.51 0.02 0.03 0.04 -0.10 Gilt Closing Prices information contained herein is proprietary to
Lead 2105.00 -3.00 Live Cattle♣ Feb 115.98 -1.18 BONDS: TEN YEAR GOVT SPREADS 11/30 1.00 120.08 -0.95 -0.01 0.05 0.09 -0.19 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 18785.00 -45.00 Feeder Cattle♣ Mar 134.88 - Sweden 06/22 0.25 111.01 -1.38 0.01 0.07 -0.54 0.10 accurate, complete or timely; and does not constitute investment advice.
Tin 24510.00 185.00 Lean Hogs♣ Apr 86.35 1.45 Spread Spread Spread Spread 06/26 0.13 119.14 -1.75 0.01 0.05 -0.25 -0.09 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2805.00 -38.50 Bid vs vs Bid vs vs 06/30 0.13 118.37 -1.62 0.03 0.02 -0.08 0.00
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 05/22 2.00 103.56 -0.78 -0.01 -0.01 -0.03 0.02 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1794.25 -23.05 Feb 16 Month Year 05/30 0.50 107.85 -0.33 0.03 0.06 0.18 0.37 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.42 - 0.24 Netherlands -0.56 - -
Silver (US cents) 2757.50 0.50 S&P GSCI Spt 470.10 8.91 18.67 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria - - - New Zealand 1.44 - 0.26
Platinum 1265.00 -23.00 DJ UBS Spot 84.80 5.41 12.51 Canada 1.03 - -0.15 Norway 1.28 - 0.10 07/23 0.75 101.78 0.02 0.01 0.02 0.12 -0.48 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2362.00 -30.00 TR/CC CRB TR 199.04 6.92 8.55 Denmark -1.41 - -2.59 Portugal -0.25 - - 07/26 1.50 106.93 0.21 0.03 0.08 0.21 -0.26 use of the listed information. For all queries e-mail [email protected]
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Finland -0.18 - -1.36 Spain -0.95 - -2.13 07/47 1.50 106.52 1.21 0.05 0.18 0.36 0.10
Iron Ore 168.95 3.00 UBS Bberg CMCI TR 13.20 4.85 -4.74 Germany - - - Sweden -1.62 - -2.80 United States 03/22 0.38 100.31 0.09 -0.01 -0.01 -0.02 - Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 90.25 -0.50 LEBA EUA Carbon 39.78 18.60 39.04 Ireland -0.15 - -1.33 Switzerland -0.33 - -1.51 03/25 0.50 100.36 0.41 0.06 0.06 0.05 -
Baltic Dry Index 1756.00 261.00 LEBA CER Carbon 0.29 0.00 52.63 Italy -0.47 - -1.65 United Kingdom - - - 02/30 1.50 102.68 1.18 0.09 0.11 0.16 -0.41
LEBA UK Power 2545.00 29.65 103.60 Japan 0.22 - -0.96 United States 1.18 - 0.00 02/50 0.25 110.35 - - - - -
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
unless otherwise stated.
12 ★ FINANCIAL TIMES Thursday 18 February 2021

MANAGED FUNDS SERVICE

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

Mir. - DiscEur D Cap GBP £ 186.54 - 0.20 0.00 Rubrics Global Fixed Income UCITS Fund $ 181.00 - -0.30 - Data Provided by

Aberdeen Standard Capital (JER) GAM

Slater
Investments
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 [email protected], www.funds.gam.com
FCA Recognised Regulated www.morningstar.co.uk
Aberdeen Standard Capital Offshore Strategy Fund Limited LAPIS GBL TOP 50 DIV.YLD-Na-D £ 99.78 - -0.32 -
Data as shown is for information purposes only. No
Bridge Fund £ 2.2803 - 0.0008 1.40 LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 101.33 - -0.03 0.72
offer is made by Morningstar or this publication.
Global Equity Fund £ 3.3254 - 0.0010 0.85
Global Fixed Interest Fund £ 0.9822 - -0.0029 4.21
Income Fund £ 0.6604 - -0.0006 -
Sterling Fixed Interest Fund
UK Equity Fund
£ 0.9032
£ 2.0553
-
-
0.0000 2.89
-0.0075 2.12
Guide to Data
Ashmore Investment Management Limited (LUX) Dragon Capital Polar Capital Funds Plc (IRL)
2 rue Albert Borschette L-1246 Luxembourg www.dragoncapital.com Regulated The fund prices quoted on these pages are supplied by
New Capital UCITS Fund PLC (IRL) Slater Investments Ltd (UK)
Genesis Investment Management LLP the operator of the relevant fund. Details of funds
FCA Recognised Fund information:[email protected] Leconfield House, Curzon Street, London, W1J 5JB Automation & Artificial Intelligence CL I USD Acc $ 19.47 19.47 0.08 - www.slaterinvestments.com; Tel: 0207 220 9460
published on these pages, including prices, are for the
Ashmore SICAV Emerging Market Debt Fund $ 91.93 - -0.09 - Other International Funds Other International Funds www.newcapitalfunds.com Asian Financials I USD $ 491.80 491.80 1.14 - FCA Recognised purpose of information only and should only be used
Ashmore SICAV Emerging Market Frontier Equity Fund $ 172.41 - 0.38 - Vietnam Equity (UCITS) Fund A USD $ 28.11 - 1.12 - Emerging Mkts NAV £ 7.21 - -0.16 - FCA Recognised Biotechnology I USD $ 43.62 43.62 -0.38 0.00 Slater Growth 711.18 711.18 -4.88 0.00 as a guide. The Financial Times Limited makes no
Ashmore SICAV Emerging Market Total Return Fund $ 82.09 - 0.04 - New Capital UCITS Funds Slater Income A Inc 134.25 134.25 0.05 5.22 representation as to their accuracy or completeness
Emerging Market Stars I USD Acc $ 17.38 - 0.02 0.00
and they should not be relied upon when making an
Ashmore SICAV Global Small Cap Equity Fund $ 243.50 - 2.25 0.00 New Capital China Equity Fund $ 371.29 - 11.59 - European Ex UK Inc EUR Acc € 11.69 11.69 -0.06 - Slater Recovery 332.29 332.29 -1.40 0.00
investment decision.
Aegon Asset Management UK ICVC (UK) EM Active Equity Fund Acc USD $ 180.96 - 0.62 0.00 New Capital Dynamic European Equity Fund € 135.62 - -0.14 0.00 Financial Opps I USD $ 15.21 - 0.16 - Slater Artorius 303.83 303.83 4.74 -
3 Lochside Crescent, Edinburgh, EH12 9SA EM Equity Fund Acc USD $ 174.05 - 1.60 0.00 New Capital Dynamic UK Equity Fund £ 122.01 - 0.19 - GEM Income I USD $ 14.42 - 0.14 - The sale of interests in the funds listed on these pages
0800 358 3009 www.aegonam.com may, in certain jurisdictions, be restricted by law and
EM Mkts Corp.Debt USD F $ 92.52 - 0.01 5.23 New Capital Global Alpha Fund £ 119.63 - 0.14 0.00 Global Convertible I USD $ 17.90 17.90 -0.03 0.00
Authorised Funds the funds will not necessarily be available to persons
EM Mkts Loc.Ccy Bd USD F $ 79.53 - 0.20 - New Capital Global Equity Conviction Fund $ 232.53 - 0.49 - Global Insurance I GBP £ 7.18 - -0.01 - in all jurisdictions in which the publication circulates.
Global Equity GBP B Acc £ 3.53 - 0.00 -
EM Short Duration Fund Acc USD $ 120.74 - -0.24 - New Capital Global Value Credit Fund $ 162.31 - -0.27 0.00 Global Technology I USD $ 96.60 - 0.12 - Persons in any doubt should take appropriate
Ennismore Smaller Cos Plc (IRL) HPB Assurance Ltd New Capital Japan Equity Fund ¥ 1786.77 - 12.08 0.00 Healthcare Blue Chip Fund I USD Acc $ 16.49 16.49 -0.21 -
professional advice. Data collated by Morningstar. For
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 other queries contact [email protected] +44
5 Kensington Church St, London W8 4LD 020 7368 4220 New Capital US Growth Fund $ 472.33 - -0.41 - Healthcare Opps I USD $ 67.33 - -0.71 - (0)207 873 4211.
FCA Recognised International Insurances New Capital US Small Cap Growth Fund $ 261.05 - -3.87 0.00 Income Opportunities B2 I GBP Acc £ 2.44 2.44 0.01 -
Ennismore European Smlr Cos NAV £ 130.95 - 0.35 0.00 Holiday Property Bond Ser 1 £ 0.48 - 0.00 0.00 New Capital Wealthy Nations Bond Fund $ 155.57 - -0.65 0.00 The fund prices published in this edition along with
Japan Value I JPY ¥ 123.60 123.60 -0.11 -
Ennismore European Smlr Cos NAV € 150.16 - 0.91 0.00 Holiday Property Bond Ser 2 £ 0.62 - 0.00 0.00 additional information are also available on the
North American I USD $ 33.37 33.37 -0.06 - Financial Times website, www.ft.com/funds. The
UK Val Opp I GBP Acc £ 12.33 12.33 -0.03 - funds published on these pages are grouped together
by fund management company.
Atlantas Sicav (LUX)
Regulated Prices are in pence unless otherwise indicated. The
change, if shown, is the change on the previously
American Dynamic $ 7259.46 7259.46 24.84 - quoted figure (not all funds update prices daily). Those
American One $ 6793.93 6793.93 77.08 - designated $ with no prefix refer to US dollars. Yield
Bond Global € 1509.11 1509.11 -3.32 - percentage figures (in Tuesday to Saturday papers)
Ennismore European Smlr Cos Hedge Fd allow for buying expenses. Prices of certain older
Eurocroissance € 1317.15 1317.15 28.67 - Intrinsic Value Investors (IVI) LLP (IRL)
insurance linked plans might be subject to capital
Far East $ 1408.55 - 37.81 - Other International Funds 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
Polar Capital LLP (CYM) Stonehage Fleming Investment Management Ltd (IRL) gains tax on sales.
NAV € 535.98 - 5.35 0.00 FCA Recognised
Regulated www.stonehagefleming.com/gbi
IVI European Fund EUR € 24.97 - -0.04 - [email protected] Guide to pricing of Authorised Investment Funds:
European Forager A EUR € 190.59 - -2.64 0.00
IVI European Fund GBP £ 28.93 - -0.11 - (compiled with the assistance of the IMA. The
Regulated
Investment Management Association, 65 Kingsway,
Aegon Asset Management Investment Company (Ireland) (IRL) SF Global Best Ideas Eq B USD ACC $ 259.05 - 0.29 - London WC2B 6TD.
1 North Wall Quay Dublin 1, Ireland +35 3162 24493 SF Global Best Ideas Eq D GBP INC £ 282.18 - -0.01 - Tel: +44 (0)20 7831 0898.)
FCA Recognised
Absolute Return Bond B GBP Acc 1162.89 - -0.64 1.61 OEIC: Open-Ended Investment Company. Similar to a
unit trust but using a company rather than a trust
High Yield Global Bond A GBP Inc 514.71 - 0.15 4.49
structure.
High Yield Global Bond B GBP Inc 1103.35 - 0.36 5.23 Oasis Crescent Management Company Ltd
Equinox Fund Mgmt (Guernsey) Limited (GSY)
Other International Funds
Global Equity Income B GBP Acc 2173.12 - 6.45 0.00 Regulated Different share classes are issued to reflect a different
Oasis Crescent Equity Fund R 11.78 - 0.00 0.20 Private Fund Mgrs (Guernsey) Ltd (GSY) currency, charging structure or type of holder.
Global Equity Income B GBP Inc 1455.44 - -8.32 3.19 Equinox Russian Opportunities Fund Limited $ 184.57 - -5.85 0.00 Janus Henderson Investors (UK)
Regulated
lobal Equity Market Neutral Fund - B Acc GBP £ 12.73 - -0.01 - PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Monument Growth 09/02/2021 £ 514.08 519.28 2.28 - Selling price: Also called bid price. The price at which
Global Sustainable Equity B Acc GBP £ 31.27 - -0.09 - www.janushenderson.com units in a unit trust are sold by investors.
Global Sustainable Equity C Acc GBP £ 31.74 - -0.09 - Authorised Inv Funds
Janus Henderson Instl UK Idx Opps A Acc £ 0.99 - -0.01 - Buying price: Also called offer price. The price at
Inv Grd Gbl Bond A Inc GBH 619.26 - -0.88 1.81 which units in a unit trust are bought by investors.
Short Dated High Yld Bd B Acc GBP £ 11.15 - 0.00 - Includes manager’s initial charge.
Short Dated High Yld Bd C Acc GBP (Hdg) £ 11.27 - 0.01 -
Single price: Based on a mid-market valuation of the
Strategic Global Bond A GBP Inc 1325.36 - -2.09 2.70
Brooks Macdonald International Fund Managers Limited (JER) OGM Oasis Crescent Global Investment Funds (UK) ICVC (UK) underlying investments. The buying and selling price
Strategic Global Bond B GBP Inc 751.86 - -1.16 3.45 5 Anley Street, St Helier, Jersey, JE2 3QE Euronova Asset Management UK LLP (CYM) for shares of an OEIC and units of a single priced unit
Regulated
Regulated trust are the same.
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) OGM Oasis Crescent Global Short Term Income Fund USD Class A Shares (Dist) $ 0.99 - 0.00 - Prusik Investment Management LLP (IRL)
Brooks Macdonald International Investment Funds Limited Smaller Cos Cls One Shares € 58.67 - 0.94 0.00 Enquiries - 0207 493 1331
OGM Oasis Crescent Global Equity Fund USD Class A Shares (Dist) $ 36.83 - -0.23 - Treatment of manager’s periodic capital charge:
Smaller Cos Cls Two Shares € 38.03 - 0.55 0.00 Regulated
Euro High Income € 1.5423 - -0.0029 2.50 OGM Oasis Crescent Variable Fund GBP Class A Shares (Dist) £ 9.71 - -0.04 0.01 The letter C denotes that the trust deducts all or part
Smaller Cos Cls Three Shares € 19.16 - 0.27 0.00 M & G Securities (1200)F (UK)
High Income £ 0.8633 - -0.0024 3.77 Prusik Asian Equity Income B Dist $ 189.23 - 0.47 4.47 Toscafund Asset Management LLP (UK) of the manager’s/operator’s periodic charge from
PO Box 9038, Chelmsford, CM99 2XF OGM Oasis Crescent Global Income Fund USD Class A Shares (Dist) $ 11.17 - -0.02 -
Smaller Cos Cls Four Shares € 24.69 - 0.36 0.00 Prusik Asia Emerging Opportunities Fund A Acc $ 204.35 - 1.72 0.00 www.toscafund.com capital, contact the manager/operator for full details
Sterling Bond £ 1.5951 - -0.0049 2.06 www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472 OGM Oasis Crescent Global Low Equity Fund USD Class D Shares (Dist) $ 12.93 - -0.05 - of the effect of this course of action.
Authorised Inv Funds Prusik Asia Fund U Dist. £ 258.42 - 2.17 - Authorised Funds
Brooks Macdonald International Multi Strategy Fund Limited OGM Oasis Crescent Global Medium Equity Fund USD Class A Shares (Dist) $ 14.26 - -0.07 -
M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.24 - 0.00 2.24 Aptus Global Financials B Acc £ 4.15 - 0.01 - Exit Charges: The letter E denotes that an exit charge
Cautious Balanced Strategy £ 1.3702 - -0.0033 0.00 OGM Oasis Crescent Global Property Equity Fund USD Class A Shares (Dist) $ 8.40 - -0.05 -
M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 42.76 - 0.00 2.20 Aptus Global Financials B Inc £ 2.85 - 0.00 - may be made when you sell units, contact the
Growth Strategy £ 2.0279 - -0.0033 0.00
manager/operator for full details.
High Growth Strategy £ 2.8139 - -0.0042 0.00 M&G Charity Multi Asset Fund Inc £ 0.85 - 0.00 -
US$ Growth Strategy $ 2.0209 - -0.0010 0.00 M&G Charity Multi Asset Fund Acc £ 94.65 - -0.13 - Time: Some funds give information about the timing of
Dealing Daily. Initial charge up to 2% price quotes. The time shown alongside the fund
manager’s/operator’s name is the valuation point for
FIL Investment Services (UK) Limited (1200)F (UK) their unit trusts/OEICs, unless another time is
Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP
indicated by the symbol alongside the individual unit
Purisima Investment Fds (CI) Ltd (JER) trust/OEIC name.
Callfree: Private Clients 0800 414161 Regulated
Broker Dealings: 0800 414 181 Omnia Fund Ltd PCG B 313.30 - -0.85 0.00 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Toscafund Asset Management LLP
OEIC Funds Other International Funds 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
PCG C 305.98 - -0.84 0.00 www.toscafund.com
Fidelity American Fund W-ACC-GBP £ 55.78 - -0.35 - Estimated NAV $ 637.20 - -22.70 0.00 midnight. Daily dealing prices are set on the basis of
Algebris Investments (IRL) Tosca A USD $ 342.33 - -8.95 0.00
Fidelity Cash Fund Y-ACC-GBP £ 1.02 - 0.00 -
MMIP Investment Management Limited (GSY) the valuation point, a short period of time may elapse
Regulated Regulated Tosca Mid Cap GBP £ 207.48 - 5.16 0.00 before prices become available. Historic pricing: The
CCLA Investment Management Ltd (UK)
FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.56 - -0.02 3.94
Algebris Financial Credit I EUR € 189.39 - -2.11 0.00 Tosca Opportunity B USD $ 316.13 - 14.37 0.00 letter H denotes that the managers/operators will
Senator House 85 Queen Victoria Street London EC4V 4ET Multi-Manager Investment Programmes PCC Limited
Fidelity Global Enhanced Income Fund W-ACC-GBP £ 2.04 - -0.01 - normally deal on the price set at the most recent
Algebris Financial Credit R EUR € 164.67 - -1.85 0.00 Authorised Inv Funds Pegasus Fund Ltd A-1 GBP £ 49.26 - 6.12 0.00
UK Equity Fd Cl A Series 01 £ 2726.36 2761.41 108.82 0.00 valuation. The prices shown are the latest available
Algebris Financial Credit Rd EUR € 109.63 - -1.22 4.79 Fidelity Global Focus Fund W-ACC-GBP £ 37.18 - -0.30 -
Diversified Income 1 Units GBP Inc £ 1.56 1.56 0.00 - Diversified Absolute Rtn Fd USD Cl AF2 $ 1739.27 - 70.95 0.00 before publication and may not be the current dealing
Algebris Financial Income I EUR € 162.49 - 0.84 0.00 Fidelity Global High Yield Fund Y-ACC-GBP £ 15.81 - -0.01 - levels because of an intervening portfolio revaluation
Diversified Income 2 Units GBP Inc £ 1.50 1.50 -0.01 - Diversified Absolute Return Stlg Cell AF2 £ 1630.22 - 61.39 0.00
Fidelity Japan Fund W-ACC-GBP £ 5.42 - -0.01 - or a switch to a forward pricing basis. The
Algebris Financial Income R EUR € 150.28 - 0.77 0.00 Diversified Income 3 Units GBP Inc £ 1.51 1.51 0.00 - Global Equity Fund A Lead Series £ 1645.68 1651.15 25.61 -
Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 4.35 - -0.04 0.35 managers/operators must deal at a forward price on
Algebris Financial Income Rd EUR € 98.50 - 0.52 3.57 request, and may move to forward pricing at any time.
Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.17 - 0.00 0.89 Oryx International Growth Fund Ltd
Algebris Financial Equity B EUR € 120.99 - 1.15 0.00 Forward pricing: The letter F denotes that that
Fidelity Special Situations Fund W-ACC-GBP £ 35.31 - -0.16 - Other International Funds managers/operators deal at the price to be set at the
Algebris IG Financial Credit B EUR € 111.63 - -0.19 0.00
Short Dated Corporate Bond Fund Y ACC GBP £ 11.11 - 0.00 - NAV (Fully Diluted) £ 9.10 - -0.52 0.00 next valuation.
Algebris IG Financial Credit R EUR € 110.70 - -0.19 0.00
Algebris Global Credit Opportunities I EUR € 131.91 - 0.34 0.00 Fidelity Sustainable Water & Waste W Acc £ 1.12 - 0.00 - Troy Asset Mgt (1200) (UK) Investors can be given no definite price in advance of
Fidelity Sustainable Water & Waste W Inc £ 1.11 - -0.01 0.06 65 Gresham Street, London, EC2V 7NQ the purchase or sale being carried out. The prices
Algebris Global Credit Opportunities R EUR € 129.86 - 0.33 0.00
Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 - Order Desk and Enquiries: 0345 608 0950 appearing in the newspaper are the most recent
Algebris Global Credit Opportunities Rd EUR € 129.86 - 0.33 0.00
Authorised Inv Funds provided by the managers/operators. Scheme
Algebris Core Italy I EUR € 134.27 - -0.46 0.00 CG Asset Management Limited (IRL) Fidelity UK Select Fund W-ACC-GBP £ 3.29 - -0.02 -
Marwyn Asset Management Limited (CYM)
Authorised Corporate Director - Link Fund Solutions particulars, prospectus, key features and reports: The
Algebris Core Italy R EUR € 124.95 - -0.43 0.00 25 Moorgate, London, EC2R 6AY Institutional OEIC Funds Regulated most recent particulars and documents may be
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 Europe (ex-UK) Fund ACC-GBP £ 7.17 - -0.09 - Marwyn Value Investors £ 340.40 - -14.66 0.00 Trojan Investment Funds obtained free of charge from fund
Algebris Allocation I EUR € 107.74 - 0.44 0.00
FCA Recognised managers/operators. * Indicates funds which do not
Ram Active Investments SA Trojan Ethical O Acc 118.84 - -0.18 0.07
price on Fridays.
CG Portfolio Fund Plc www.ram-ai.com Trojan Ethical O Inc 118.61 - -0.18 0.06
Absolute Return Cls M Inc £ 132.14 132.14 0.37 1.34 Other International Funds Charges for this advertising service are based on the
Capital Gearing Portfolio GBP P £ 36372.68 36372.68 43.70 0.84 RAM Systematic Emerg Markets Eq $ 235.25 235.25 0.48 - number of lines published and the classification of the
RAM Systematic European Eq € 502.40 502.40 -0.17 - fund. Please contact [email protected] or
Capital Gearing Portfolio GBP V £ 176.89 176.89 0.21 0.84
call +44 (0)20 7873 3132 for further information.
Dollar Fund Cls D Inc £ 164.47 164.47 -0.70 1.46 RAM Systematic Funds Global Sustainable Income Eq $ 137.64 137.64 -0.36 0.00
Dollar Hedged GBP Inc £ 106.54 106.54 -0.24 1.30 RAM Systematic Global Eq Sustainable Alpha $ 103.32 103.32 -0.15 -
Real Return Cls A Inc £ 201.67 201.67 -0.85 1.63 Findlay Park Funds Plc (IRL) RAM Systematic Long/Short European Eq € 133.68 133.68 0.09 -
The Antares European Fund Limited
Other International 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 RAM Systematic US Sustainable Eq $ 370.65 370.65 -0.50 -
FCA Recognised RAM Tactical Global Bond Total Return € 155.77 155.77 -0.37 - WA Fixed Income Fund Plc (IRL)
AEF Ltd Usd $ 545.37 - -4.56 0.00
American EUR Unhedged Class € 135.15 - -0.33 - RAM Tactical II Asia Bond Total Return $ 156.93 156.93 -0.19 - Regulated
AEF Ltd Eur € 509.58 - -4.19 0.00
American Fund USD Class $ 163.78 - -0.39 0.00 Orbis Investments (U.K.) Limited (GBR) European Multi-Sector € 125.43 - -0.79 3.16
American Fund GBP Hedged £ 82.42 - -0.20 0.00 28 Dorset Square, London, NW1 6QG
American Fund GBP Unhedged £ 117.58 - -0.95 0.00 www.orbis.com 0800 358 2030
Regulated
Orbis OEIC Global Cautious Standard £ 10.54 - -0.01 -
Chartered Asset Management Pte Ltd
Orbis OEIC Global Balanced Standard £ 16.11 - 0.02 -
Other International Funds
Orbis OEIC Global Equity Standard £ 20.31 - -0.04 -
CAM-GTF Limited $ 359621.46 359621.46 12434.92 - Milltrust International Managed Investments ICAV (IRL) Orbis OEIC UK Equity Standard £ 8.75 - 0.05 2.93
Arisaig Partners CAM GTi Limited $ 812.88 - -9.88 0.00 [email protected], +44(0)20 8123 8316 www.milltrust.com Ruffer LLP (1000)F (UK)

Other International Funds RAIC VCC $ 1.64 1.64 0.03 2.06 Regulated 65 Gresham Street, London, EC2V 7NQ Zadig Gestion (Memnon Fund) (LUX)
Order Desk and Enquiries: 0345 601 9610 FCA Recognised
Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 138.60 - 0.23 0.00 British Innovation Fund £ 121.92 - 2.89 0.00
Foord Asset Management Authorised Inv Funds Memnon European Fund - Class U2 GBP £ 201.06 - -0.76 0.00
Arisaig Asia Consumer Fund Limited $ 138.34 - 0.23 0.00 MAI - Buy & Lease (Australia) A$ 102.95 - -0.80 0.00
Website: www.foord.com - Email: [email protected] Authorised Corporate Director - Link Fund Solutions
Arisaig Global Emerging Markets Consumer Fund $ 18.80 - -0.05 0.00 MAI - Buy & Lease (New Zealand)NZ$ 97.26 - -0.02 0.00
FCA Recognised - Luxembourg UCITS LF Ruffer European C Acc 884.78 - 15.47 0.05
Arisaig Global Emerging Markets Consumer UCITS € 12.85 - -0.01 - Milltrust Global Emerging Markets Fund - Class A $ 125.36 - -0.01 0.00
Foord International Fund | R $ 47.46 - 0.11 - LF Ruffer European C Inc 161.46 - 2.82 -
Arisaig Global Emerging Markets Consumer UCITS STG £ 14.50 - -0.10 - The Climate Impact Asia Fund (Class A) $ 124.20 - 11.52 -
Foord Global Equity Fund (Lux) | R $ 19.21 - 0.06 - LF Ruffer European O Acc 862.40 - 15.02 0.00
Arisaig Latin America Consumer Fund $ 27.44 - 0.12 0.00
Regulated LF Ruffer Equity & General C Acc 515.15 - 6.45 0.17
Foord Global Equity Fund (Sing) | B $ 23.49 - 0.06 0.00 LF Ruffer Equity & General C Inc 471.14 - 5.91 0.18
Dodge & Cox Worldwide Funds (IRL)
48-49 Pall Mall, London SW1Y 5JG. Foord International Trust (Gsy) $ 47.26 - 0.11 - LF Ruffer Equity & General O Acc 502.16 - 6.27 0.00
www.dodgeandcox.worldwide.com 020 3713 7664 LF Ruffer Equity & General O Inc 464.92 - 5.80 0.00
FCA Recognised LF Ruffer Gold C Acc 271.81 - -14.64 0.00
Dodge & Cox Worldwide Funds plc - Global Bond Fund LF Ruffer Gold C Inc 164.51 - -8.86 -
EUR Accumulating Class € 15.11 - -0.02 0.00 LF Ruffer Gold O Acc 264.86 - -14.28 0.00
Milltrust International Managed Investments SPC
EUR Accumulating Class (H) € 11.72 - -0.02 0.00 [email protected], +44(0)20 8123 8316, www.milltrust.com LF Ruffer Japanese C Inc 181.49 - 0.93 -
Artemis Fund Managers Ltd (1200)F (UK)
EUR Distributing Class € 11.77 - -0.01 3.44 Regulated LF Ruffer Japanese C Acc 390.00 - 2.00 0.07
57 St. James's Street, London SW1A 1LD 0800 092 2051
EUR Distributing Class (H) € 9.08 - -0.01 3.43 Milltrust Alaska Brazil SP A $ 73.91 - 0.55 - LF Ruffer Pacific & Emerging Markets C Acc 405.02 - 3.51 0.77
Authorised Inv Funds
GBP Distributing Class £ 12.51 - -0.07 3.45 Franklin Templeton International Services Sarl (IRL) Milltrust Laurium Africa SP A $ 109.79 - -1.66 - Platinum Capital Management Ltd LF Ruffer Pacific & Emerging Markets C Inc 110.38 - 0.96 -
Artemis Corporate Bond I Acc £ 1.13 - 0.00 -
GBP Distributing Class (H) £ 9.58 - -0.01 3.45 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland Milltrust Marcellus India Fund $ 124.81 - -0.72 - Other International Funds LF Ruffer Pacific & Emerging Markets O Acc 394.43 - 3.40 0.49
Artemis Target Return Bond I Acc £ 1.08 - 0.01 1.98
USD Accumulating Class $ 13.20 - -0.03 0.00 Other International Funds Milltrust Singular ASEAN SP Founders $ 180.75 - -1.16 - Platinum All Star Fund - A $ 144.98 - - - LF Ruffer Total Return C Acc 526.38 - 1.96 0.80
Dodge & Cox Worldwide Funds plc-Global Stock Fund Franklin Emerging Market Debt Opportunities Fund Plc Milltrust SPARX Korea Equity SP A $ 174.90 - -0.32 - Platinum Global Growth UCITS Fund $ 14.58 - -0.06 - LF Ruffer Total Return C Inc 340.64 - 1.27 0.81
Franklin Emg Mkts Debt Opp CHFSFr 14.58 - -0.01 9.05 Milltrust VTB Russia Fund SP $ 129.72 - -0.06 - Platinum Essential Resources UCITS Fund SICAV USD Class E $ 8.57 - 0.11 - LF Ruffer Total Return O Acc 513.05 - 1.87 0.80
USD Accumulating Share Class $ 27.25 - 0.37 0.00
Franklin Emg Mkts Debt Opp GBP £ 9.46 - -0.02 6.01 Milltrust Xingtai China SP A $ 159.71 - 1.14 - Platinum Global Dividend UCITS Fund $ 55.98 - -0.08 - LF Ruffer Total Return O Inc 331.83 - 1.22 0.81
GBP Accumulating Share Class £ 32.23 - 0.31 0.00
GBP Distributing Share class £ 22.19 - 0.21 0.95 Franklin Emg Mkts Debt Opp SGD S$ 20.93 - -0.02 4.33
EUR Accumulating Share Class € 33.78 - 0.47 0.00 Franklin Emg Mkts Debt Opp USD $ 16.71 - -0.02 6.16
GBP Distributing Class (H) £ 13.21 - 0.17 0.47
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
USD Accumulating Share Class $ 33.66 - 0.22 -
GBP Accumulating Share Class £ 37.65 - 0.10 -
GBP Distributing Share Class £ 22.87 - 0.06 -
EUR Accumulating Share Class € 36.04 - 0.26 - Mirabaud Asset Management (LUX) Rubrics Global UCITS Funds Plc (IRL)
www.mirabaud.com, [email protected] www.rubricsam.com
GBP Distributing Class (H) £ 13.88 - 0.09 0.95
Conviction based investment vehicles details available here www.mirabaud-am.com Regulated
Regulated Rubrics Emerging Markets Fixed Income UCITS Fund $ 142.38 - -0.45 0.00
Mir. - Glb Strat. Bd I USD $ 122.89 - -0.10 0.00 Rubrics Global Credit UCITS Fund $ 17.85 - -0.01 0.00
Thursday 18 February 2021 ★ 13
14 ★ FINANCIAL TIMES Thursday 18 February 2021

arts

Dark comedy with a devilish role to relish

I Care a Lot
film J. Blakeson
AAAEE
Danny
Leigh Barb and Star Go to Vista del Mar
Josh Greenbaum
AAAEE

R
Music
osamund Pike doesn’t mind Sia
if you hate her. Rare enough AEEEE
is the actor with her particu-
lar gift for villainy. Rarer still Uppercase Print
is her willingness to embrace Radu Jude
it — to revel in the ire of the audience. AAAAE
Such was the secret weapon of Gone Girl,
that vastly successful slice of nouveau
Hitchcock. Now hostilities resume in
the comic thriller I Care a Lot. “Look at are not traits of this performance. The
you sitting there,” her character Marla result is genuinely hard to watch —
Grayson sneers in voiceover. If you’re mimicry that feels like mockery. Yet the
wondering who you is — it’s you. But not real fault lies with a director whose lack
just you. Marla is laughing at all of us of serious research into autism itself
dummies. “You think you’re good peo- became infamous long before the film’s
ple,” she tuts. Her contempt reaches a release, and which screams from every
peak: “You’re not good people.” And cue scene. “Springtime for Hitler” had noth-
the opening credits. ing on this.
Marla is assuredly not good people In all fairness, the film is bad on many
either. But the central irony of this half- other levels too. Not least is the fact that
inspired movie is that she would pass for characters with autism only exist at all
exactly that — a steely defender of the — so it turns out — to be props in cloying
elderly and vulnerable. She is also a bug stories about the self-discovery of their
in the US legal system made flesh. In troubled older sisters. (That sister is Zu
many American courtrooms, it is possi- — yep — played by Kate Hudson as a nar-
ble to be found incompetent to manage cissistic flake who just might find
one’s affairs without even being told the redemption caring for Music.) How
case is being heard. In the event of nobody involved in this doomed fiasco
dementia, for instance, a medical letter Above: from left, made splashy kidnap thriller The Disap- simply said no at any — or every — stage
to a judge can trigger the emergency ex Eiza González, Dianne pearance of Alice Creed. The movie bene- is baffling. Fortunately, you can.
parte appointment of a professional Wiest and Rosamund fits from dynamite raw material, real- On digital platforms now
guardian. That guardian then assumes Pike in ‘I Care a Lot’. life scandal translated into Marla’s
complete control over their ward, Right: Kristen Wiig, left, racket, spiriting unwitting clients into In movies, change often proceeds
finances included. This service is itself and Annie Mumolo in airtight care homes. In a doctor’s wait- quickly from small, fearless acts of dis-
billable. The ward pays. ‘Barb and Star Go to ing room, she gazes over the elderly sent. Graffiti left on a wall, for example,
Of course, no one reading this would Vista Del Mar’ patients as if about to ask for a knife and like that which begins Uppercase Print
be so cynical as to have twigged already, fork. The movie plays hard and fast as — a scathing Brechtian dramatisation
but guardianship can thus be turned into giddy night-black comedy, Blakeson of real events in Botosani, Romania,
a deeply amoral money-spinner. (At hoisting us on to his back atop a high circa 1981. “We want justice and free-
least one high-profile case was exposed wire. I’m appalled! Why am I laughing? dom,” the slogan reads. The words
in Nevada in 2017.) As dramatic illustra- The tone is a risk — but a thrill. Once we were written in capitals and blue chalk,
tion, the movie gives us Marla, sweeping had The Ladykillers. Now every death is a 12cm high.
on screen with a doctor in her pocket personal tragedy, robbing Marla as it The revolution did not follow, at
and a showroom-shiny ice-white SUV. does of an income stream. least not soon enough. We know this
The writer and director is J. Blakeson, The cast includes a simmering Peter already. We are told much else about the
the English film-maker who previously Dinklage and the always welcome case in dread and minute detail. The
film is an adaptation of the play by
Gianina Carbunariu that took its dia-
Dianne Wiest. But this is the star’s show. Part of the job of writing about films is to logue in turn from the files of the inves-
Marla is a remarkable actress, and it stress-test received wisdom. (Viz. my tigation by the Securitate, the Roma-
takes another to play her. Pike can do colleague Nigel Andrews’ deathless nian secret police. Rousing speeches are
Cruella in her sleep; a fingerclick later in review of Cats.) Sometimes, though, the scarce. In their place are jittery wit-
front of a judge, her sincerity is such you consensus has it covered. So it proves nesses and the flat affect of secret
would gladly sign over your own grand- with Music, the already notorious film- policemen. Shortly, there is more
mother. Importantly, something else making debut of star songwriter Sia. graffiti — “We are sick of waiting in
registers too — a glimpse of the Marla in That part of her reputation survives. huge queues”. Next, tracking dogs and
all of us, a nagging sense that anyone The film features several of her tunes, child informants.
might see the dollar signs she does and all with the bright machine melancholy Director Radu Jude has his cast speak
rethink what they were capable of in the of the best modern pop. The movie itself down the barrel of the camera on a
name of simple pragmatism. is a catastrophe, the product of many starkly minimal set. But he has a stylis-
And even monsters make mistakes. poor decisions and one spectacular act tic ace to play, cutting back and forth
Movies too. Up on the high wire, Blake- of hubris. throughout to the magic kingdom of
son panics as to what should happen To address that first: Music is the contemporary Romanian television,
next; he takes aim for the safety net of name of the apparent heroine, a 16- drawn from the national archive. In
familiarity, dropping us and his premise year-old girl with severe autism. She is Botosani, the detective story grows ever
into the kind of well-worn organised played by the neurotypical Maddie Zie- more brutal. On screen, we see surreally
crime caper the Coen brothers knock gler, whose casting as such caused jaunty light entertainment shows,
out before breakfast. instant alarm in the disabled commu- salutes to national excellence in fridge
But Coen brothers movies are best nity. “Nothing about us without us” is manufacture.
made by the Coen brothers. They know the modern benchmark and rightly so. There is the circus, Jude suggests, and
a movie can’t double as jape and lesson. But it should still be possible for an able- then there is the truth. The film is aus-
You have to pick a side. I Care a Lot too bodied actor to play a disabled charac- tere but its power doesn’t fade.
often doesn’t, glorying in the mayhem ter with insight and sensitivity. These On Mubi in the UK now
but still feeling obliged to pause, turn
solemnly to camera and say: “America, Left: ‘Uppercase
right?” The flush has been busted, and Print’
the movie feels less necessary the more interweaves
of it there is (20 minutes too much by austere
my watch). Still, that first act is a blast, dramatisations
the film it might have been even more with archive
so. Pike will be back either way. She footage. Below:
hasn’t finished with us yet. Maddie Ziegler,
On Netflix in the US, India and elsewhere, left, and Kate
and Amazon Prime in the UK, Canada and Hudson in
elsewhere, from February 19 ‘Music’

Well timed to greet the permanent resi-

dency of Donald Trump in Mar-a-Lago
comes a postcard from a fictional resort
along the Florida coast: Barb and Star
Go to Vista Del Mar, an addled comedy
of friendship and seafood. The movie is
the brainchild of stars Kristen Wiig and
Annie Mumolo, co-writers of the cele-
brated Bridesmaids.
That collaboration won them an
Oscar nomination. You suspect the
thought of another may not have much
detained them here, a throwaway por-
trait of two groomed forty-something
retail assistants whose fantasies extend
beyond small-town routine. “I dreamed
I made love with the man on the Prin-
gle’s can,” Wiig offers, a remark that
would stall most conversations. With
Barb and Star, however, the chat rolls on
regardless. (“What flavour?”) And
when the duo lose their jobs, crisis is
likewise welcomed as the chance to see
the hotspot of the title.
If the movie has a message — a definite
if — it may be that these “glamorous
midlifers” should have the right once
afforded to Bill, Ted, Wayne, Garth
and untold other younger, maler friend-
ship pairs, filling movies with the stuff
of their private worlds. Some jokes
soar. Others are inscrutable. Support
is offered by a game Jamie Dornan, belt-
ing out musical numbers from up a
palm tree.
On digital platforms now
Thursday 18 February 2021 ★ FINANCIAL TIMES 15

FT BIG READ. CHINA

The rollout of the ‘e-yuan’ central bank digital currency will create competition for fintech systems run
by private groups such as Ant Group and Tencent. But it will also boost Beijing’s surveillance state.
By James Kynge and Sun Yu

C
elebrations in China to mark against foreign cryptocurrencies, Bei-
the lunar new year of the Ox, jing’s ambitions for the digital renminbi
which began on February 12, derive from a deep-seated impulse
have been somewhat muted towards social control, analysts say.
because of the coronavirus “The digital renminbi is likely to
pandemic. The numbers of people trav- be a boon for CCP surveillance in the
elling to visit relatives this year are economy and for government inter-
down sharply, depriving family gather- ference in the lives of Chinese citizens,”
ings of a measure of joy. wrote Yaya Fanusie and Emily Jin
But it is not all gloom. Authorities in in a report last month for the Centre
several cities have given away tens of for a New American Security, a US
millions of renminbi as new year “red think-tank.
packets” that can be downloaded on to They say that deploying the e-yuan
a smartphone. Beijing and Suzhou alone will set the central bank up to mine a
have doled out 200,000 red packets each huge trove of data on its citizens’ eco-
worth Rmb200 ($31) in a public lottery. nomic activity. This dovetails with a
Such philanthropy conceals a harder- government fintech plan issued in late
hitting agenda. By handing out the 2019 that foresaw a fusion of financial
traditional red packets in the form of data to promote the construction of a
“digital renminbi”, China’s authorities “nationwide integrated big data centre”.
are conducting trials for a crucial new “If the central bank can successfully
technology that could lead the world’s roll out the digital renminbi, it indeed
adoption of digital currencies and set would be a crucial tool for domestic
global technical standards. control,” says Jin.
Although no official launch date has If such capabilities do materialise, the
been announced, China is intent on PBoC could take on enhanced powers of
becoming the first large economy to discipline enforcement and would have
introduce a digital currency, showcasing the ability to take punitive action by
its position as the leader in payments blocking transactions.
technology to the world at next year’s Hoffman at the ASPI, which pub-
Winter Olympics. Cambodia launched a lished one of the first in-depth reports
digital currency, the Bakong, last year. on the digital renminbi last year, says
“Chinese policymakers are by far the the e-yuan will significantly expand the
most advanced in their thinking about party’s surveillance capabilities.
a digital currency,” says the head of Asia “Through the [virtual currency] the
business at a leading Wall Street bank, party-state would have visibility over
who declined to be named. all financial transactions,” she says.
“The digital renminbi will put every “The transactions are fully traceable,
transaction on to the radar of the Peo- and there will be no such thing as
ple’s Bank of China [central bank],” the true anonymity for users.”
banker adds.
China’s digital plan dovetails Exemptions from scrutiny?
with broader ambitions for its currency The level of anonymity that will be
as Beijing hopes the technology will help accorded Chinese citizens who use the
promote the renminbi internationally digital currency remains an officially
and weaken the US dollar’s supremacy. grey area. “We know the demand from
While bankers say the focus initially will the general public is to keep anonymity
be on using the digital currency in the by using paper money and coins . . . we
domestic economy, it will probably be will give those people who demand it
used for trade settlement in a number anonymity in their transactions,” Mu
of years, several Chinese analysts said. told a conference in Singapore last year.

Currency control
‘The digital renminbi ‘This is likely to be a boon
will put every transaction for CCP surveillance in
on to the radar of the the economy and for
People’s Bank of China interference in the lives
[central bank]’ of Chinese citizens’
But the other objectives behind In China, as elsewhere, the ramific- to Alipay and WeChat as it could replace designed to run independently of Alipay The ‘digital “But at the same time, we will keep
China’s virtual currency present a sharp ations of adopting a digital currency are them,” says a director at a large state- and WeChat Pay, it is likely that the two renminbi’ will the balance between ‘controllable ano-
contrast with discussion about the issue huge. It is not just that the digital ren- owned bank. “It is likely that the gov- private payments platforms will never- enable the nymity’ and anti-money laundering,
in other parts of the world. While in the minbi stands to replace cash. It also ernment will use administrative power theless also be used for e-yuan transac- central bank CTF [counter-terrorist financing] and
US cryptocurrencies are steeped in the presages the construction of a new pay- to promote the use of digital renminbi to tions, analysts say. Thus, for a while at to track all tax issues, online gambling and elec-
language of libertarianism, in China the ments system that threatens to under- undermine the monopoly on consumer least, the private platforms will be transactions at tronic criminal activities,” he added.
digital currency project is tied up in the mine the market position of Alipay and data held by the technology firms.” enlisted to promote the e-yuan’s rise. the individual “Requirements like anti-terrorist
Communist party’s drive to maintain WeChat Pay, the two most popular and In fact, such administrative powers “The increase of digital renminbi’s level in real financing or anti-money laundering are
control over society and the economy. privately owned platforms run by Ant are inherent to the e-yuan itself. market share will come at the expense time. Below: normal for central banks, but what is
The technology is partly designed to Group and Tencent. Because the digital renminbi is legal of WeChat Pay and Alipay,” says Zou Chinese new different in China is who is scrutinised,”
reinforce its surveillance state. The main reason for this is that the tender, no merchant can refuse to Chuanwei, a specialist in digital cur- year ‘hongbao’, says Hoffman. “The definition of a
China’s digital renminbi is a “central digital renminbi is distributed directly accept it and will, therefore, be obliged rency at Wanxiang Blockchain, a or red terrorist includes the party’s political
bank digital currency”, making it in to the e-wallets of users by state-owned to install e-yuan terminals and pay- research institute in Shanghai. “The envelopes. opponents.”
some ways the opposite of cryptocur- banks, using payments channels that ments systems after the currency is for- government is tightening regulatory This year the Such concerns could hamper Beijing’s
rencies such as bitcoin. Cryptocurren- circumvent Alipay and WeChat Pay. mally launched. The same is not the control over fintech groups and the central bank has longstanding aspirations to promote the
cies are often not issued or backed by In trials so far, users have been able to case for Alipay and WeChat Pay, which digital currency’s replacement of Alipay used the use of its currency internationally as
governments. The “e-yuan”, by con- withdraw e-yuan via ATM machines on merchants are at liberty to refuse. and WeChat Pay will hurt their con- traditional gift part of China’s long-range ambition to
trast, is part of China’s top-down design. to their smartphones’ e-wallets. Then State media reports also trumpet a sumer lending business,” he adds. to distribute free itself from having to settle most of
It is issued and regulated by the central they pay for items by holding their function of the e-yuan which they say digital tokens its trade transactions in the US dollar.
bank and its status as legal tender is smartphone app close to an e-yuan makes it just as versatile as cash: the Tool of control worth $31 each “If the Communist party will get
guaranteed by the Chinese state. point-of-sale device. Such a system rep- capacity for offline payments. If there Fifteen centuries after China invented FT montage
insight into every trade we do through
Its digital format enables the central resents a clear alternative to Alipay and is no internet connection, users can banknotes, the nature of money is set the digital renminbi, then I think a lot of
bank to track all transactions in real WeChat Pay, which are estimated to still transfer money between two offline to fundamentally change. In the Tang people outside China will prefer not to
time. Beijing aims to use this feature to have a combined worldwide active user devices by using what the state media use it,” says one businessperson in Hong
combat money laundering, corruption base of around 1.9bn. calls “dual offline technology”. Kong, who declined to be named.
and the financing of “terrorism” at “The wide use of the digital renminbi This feature uses a type of near-field Nevertheless, China is pressing on
home by strengthening the already will affect the market position and communications technology similar with its internationalising verve. It
formidable surveillance powers of the profit model of third-party payment to Bluetooth, analysts say. It is not yet agreed last month to form a joint ven-
ruling Communist party. platforms like Alipay and WeChat pay,” clear how reliable such systems — or the ture with Swift, the Belgium-based glo-
Beijing also hopes, analysts say, to use says Wang Yongli, a former vice-presi- digital renminbi more generally — bal system for cross-border payments,
the digital renminbi as a means to reas- dent of Bank of China, one of China’s would turn out to be. in a move that observers say is aimed at
sert state control over its fintech indus- largest state-owned banks. China regards its centralised banking promoting use of the digital renminbi.
try and a vast e-payments market that is Alipay and WeChat Pay not only form system as a crucial instrument of the The new entity, called Finance Gate-
dominated by two huge private compa- the backbone of China’s payments party-state’s economic power. When- way Information Services Co, is charged
nies, Ant Group and Tencent. The tech- system in an economy that is already ever its control is threatened, as it was with integrating information systems to
nology could in effect become a rival to largely cashless. Their business also by a flourishing peer-to-peer lending facilitate the rollout of the digital cur-
their cashless payments platforms. supports the share prices of Tencent, sector as recently as 2016, the author- rency, according to people familiar with
Beijing is already engaged in a multi- which is one of the world’s 10 largest ities move decisively to reassert their the venture. Swift said the venture was
pronged effort to rein in the power of the companies with a capitalisation of more influence. Only some 29 of as many as not related to the digital renminbi but
new payments firms, which led to Ant than $920bn, and Alibaba, which owns a 6,000 peer-to-peer lenders now remain was “compliance focused”.
cancelling a planned $37bn initial public stake in Ant Group. following Beijing’s clean-up campaign. dynasty (618 to 907) paper money was However, even bankers within China’s
offering at the end of last year. Samantha A sense that the popularisation of Similarly, the extraordinary success of little more than an IOU and known as own state-dominated system say that
Hoffman, senior analyst at the Austral- the digital renminbi could come at the Ant Group, before its share offering was “flying cash” because, unlike metal optimism about the international
ian Strategic Policy Institute, says social expense of Alipay and WeChat Pay has axed, was seen as a threat by a powerful money, it had a tendency to blow away. uptake of the digital renminbi must be
control is a priority. “The [digital ren- been reinforced by Beijing’s messaging lobby of state-owned banks. But the digital renminbi presents a tempered by reality. “A bigger goal of
minbi] is heavily about the party’s ability through state media coverage. While it is clear that the digital ren- step change. It is far more than just a ours is to challenge the dominance of
to exercise control,” she says. “The digital currency will deal a blow minbi payments ecosystem has been medium for exchange. Beijing sees it the US dollar in international trade
both as a bulwark against the potential settlement,” says the director at a
Fintech takeover Most Chinese consumers now use China has been one of the quickest encroachment of foreign digital curren- large state-owned bank. “But progress
China’s strategy is to popularise the dig- online payments adopters of digital payment systems cies, such as the Facebook-led Diem, towards this will only be gradual.”
ital currency by running city-level trials % of online population using mobile wallets Value of cashless transactions Value of cashless and as a tool to facilitate mass surveil- The reasons behind such expect-
this year and next, having it ready for as a multiple of GDP, 2019 payments ($tn) lance over the Chinese population. ations of slow progress derive from
use by the time it hosts the Winter 100 In mid-2020, Mu Changchun of an old-fashioned, analogue problem.
Olympic Games in late 2022, officials UK 118.7 the central bank’s Digital Currency Foreigners have little incentive to hold
have said. This timetable puts Beijing 80 Research Institute argued that the renminbi as long as access to China’s
far ahead of a long tail of national gov- Mobile payments digital renminbi would prevent Face- financial markets remains complex and
ernments that are starting to experi- 60 book’s Libra — the original name for opaque to all but specialist investors.
ment with the idea. China 532.9 Diem — from encroaching on China’s “[A digital renminbi] would not ban-
Mobile commerce
Some 60 per cent of more than 60 cen- monetary system. Such thinking fol- ish many of the problems holding the
40
tral banks surveyed by the Bank for lowed similar soundings from 2018 renminbi back from more use globally,”
International Settlements last year said Germany 75.3 when central bank researchers warned said Maximilian Kärnfelt, an expert at
they were “conducting experiments or 20 France 32 that the advent of digital tokens — called Merics, a Berlin-based think-tank on
proof-of-concept” studies on digital Japan 29.3 stablecoins — linked to the US dollar China. “Much of China’s financial mar-
0 US 102.9
currencies, up from 42 per cent in 2019. could damage Beijing’s efforts to inter- ket is still not open to foreigners and
Among these, 14 per cent are moving 2012 2014 2016 2018 2020 0 10 20 30 40 nationalise the renminbi. property rights remain fragile. ”
towards pilot programmes, it found. Sources: Bloomberg; China Internet Network Information Centre Source: BIS FT graphic But aside from acting as a bulwark Additional reporting by Hudson Lockett
16 ★ FINANCIAL TIMES Thursday 18 February 2021

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New PM will struggle to avoid Italian false dawn Texas might be Hawaii
from a power standpoint
Gregory Meyer and David Sheppard
Your story states that “Former PM government, is a bit of a stretch. Sages have called for economic, (“Texas faces test of freewheeling
claims credit for advent of Draghi” Now that Draghi has formed a new structural and judicial changes for at power model after freeze leads to
(Report, February 12). administration, his 24-member cabinet least 40 years. Draghi’s exceptional blackouts”, Report, February 16) omits
Really? Former prime minister includes three key qualified career as an economist does not readily one key piece of information. The
Matteo Renzi caused the Italian economists who are new to qualify him for a brilliant political Electric Reliability Council of Texas
government to collapse by pulling out government. These are choices future. market, which covers most of Texas, is
his tiny party’s two ministers from the expected of a fellow economist. Among the dozens of past prime not connected to the rest of the US for
THURSDAY 18 FEBRUARY 2021 cabinet, presumably because prime The others are recycled bureaucrats, ministers Italy has had since the all practical purposes and therefore not
minister Giuseppe Conte did not have a including some holdovers from the second world war were other highly able to call on resources from outside
solid plan to properly utilise the previous administration, chosen from regarded economists: Mario Monti, Texas.
forthcoming EU Recovery Funds of Italy’s vast array of political parties for Lamberto Dini and Carlo Azeglio The choice was made many decades
some €200bn for Italy. But neither did the broadest possible representation. Ciampi (who went on to become ago so that Texans would not fall, in

Europe needs Draghi’s Renzi! Once again, he held true to his

moniker il rottamatore (the wrecker).
To claim that causing the
No matter how relevant Draghi’s
policy proposals are likely to be,
they still must meet the approval
president of Italy). Yet Italy still awaits
meaningful, lasting reforms.
Good luck “Super Mario”!
any way, under the jurisdiction of
federal energy regulators.
Without those interconnections,

reforms to succeed government to collapse raised the hope

of a Mario Draghi-led, do-it-all-right
of Italy’s multi-party, fragmented
and divisive legislature.
Vincenzina Santoro
New York, NY, US
Texas cannot access electricity from
the rest of the US. Texas might just as
well be Hawaii, from an electricity
standpoint.
It is the duty of Italy’s warring politicians to support the new premier US reforms should help Spain’s whisky lovers fear I don’t know whether aid would have
been available, considering the
Camillo Cavour, the Piedmontese As this example suggests, the success the financially vulnerable a bitter Brexit aftertaste widespread nature of the storm
statesman who helped to found mod- of Draghi’s government will depend Your article says that US president Joe Regarding your story “Brexit rules throughout the Southwest, but I still
ern Italy, said in 1850: “Reforms partly on the EU’s getting its act Biden has tapped Rohit Chopra to lead leave smaller distillers in low spirits” get the feeling that ideology overrode
accomplished in time, instead of weak- together. However, Italy’s post-pan- the Consumer Financial Protection (Report, February 15) I have been common sense in this case.
ening authority, strengthen it.” Mario demic economic revival will be tied Bureau (“Battle looms over subprime importing highly selected whiskies Maybe the chickens have come home
Draghi, Italy’s new prime minister, more closely to decisions taken in lending regulation under Biden,” Inside from Scottish independent bottlers for to roost, not just from errors of market
quoted Cavour’s observation as he set Rome and their effective implementa- Business, February 9). the past 20 years to the delight of a design cited by your reporters but also
out a reform-rich agenda yesterday to tion across the country. The central As you report, Chopra has “spoken very large base of customers in the from an extraordinary decision made
tackle his country’s health and eco- question is how to make best use of the out strongly against what he sees as Barcelona region. long ago to make “Don’t mess with
nomic emergency. Draghi will need all €210bn available to Italy under the predatory lending practices, in areas Whisky is indeed one of the victims Texas” a keystone of electricity grid
Cavour’s courage and leadership skills, EU’s loans and grants recovery plan. from education finance to payday of Brexit. Since January, an incredible planning.
as well as a high sense of responsibility Draghi’s speech touched the right loans”. Now activists will be pressing amount of red tape is making it Leonard Hyman
on the part of Italy’s political classes, if notes, focusing on improvements to the Chopra on a host of these financial increasingly difficult — and expensive Sleepy Hollow, NY, US
he is to overcome a crisis which he public administration, judiciary and reforms and he will probably want to — to satisfy all those whisky lovers.
correctly described as the most severe education system as well as on digitali- satisfy them with swift and bold action. As a Catalan, I can easily imagine Judicial review is a vital tool
since the second world war. sation of the economy, business inno- I think we can all agree that a Nicola Sturgeon, Scotland’s first
Fortunately, no person is better vation and renewable energy. Crucially, government agency like the CFPB minister, finding in this apparently to thwart abuse of power
equipped for this task than the former he identified a need to close salary gaps should work for consumers. minor yet telling hiccup in the Brexit The FT Editorial Board’s support for an
European Central Bank president. In and strengthen the welfare system, so Yet it is important to understand that process another reason to push for a independent judiciary (“Britain does
temperament, experience and knowl- as to bring more women into the labour while reforms in some areas may help second independence referendum. not need a politicised judiciary”, FT
edge of the obstacles that have hin- force. He also promised measures to consumers, other “reforms” could But beyond the politics, when it View, February 15) is clear-sighted and
dered Italian reform for decades, he is improve training and career prospects increase hardship for ordinary done to the rules-based international comes to imbibing this precious golden timely. With the first proposals in the
the right man for the job. Because of the for Italy’s younger generation — an Americans. order inflicted during the Trump years spirit, will our enjoyment be forever government’s programme of
respect in which he is held on the Euro- essential reform, given that large num- For example, student loan reforms — for example, climate change, marred by what you might say is an constitutional reform — on judicial
pean stage, he may improve the EU’s bers of Italy’s most talented people might help consumers by making rebuilding the global trading system, earthly (bitter) hint of customs review — due in the spring, it is vital
handling of the pandemic and its eco- have left to seek their fortunes abroad payments more manageable and by handling pandemic disease — can be fragrance? people understand what is at stake.
nomic fallout. However, it will be vital over the last 20 years. making it easier to defer payments for successfully achieved by democratic Ton Lladó Evidence shows that judicial review
for Italy that Draghi serves at least two Some EU governments worry about hardships. Yet any reforms that would states acting alone or even in concert? Chief Executive, Vins Noe is working well. The ability to challenge
years in the premiership, up to the next Italy’s colossal public debt, estimated tighten or eliminate the small-dollar The honest answer to that question is Barcelona, Spain state decisions and actions encourages
scheduled elections in 2023, and does at almost 160 per cent of gross domes- lending industry would harm surely “none of them”. good governance, improves the quality
not move next year to the prestigious tic product. But the underlying issues underbanked Americans, especially David Hannay Chip shortage showed flaw of decision-making and promotes a
but less important post of head of state. are a chronic lack of economic growth, those young Americans for whom the House of Lords culture of accountability that protects
In his speech to Italy’s Senate, parlia- low productivity and insufficient demand for credit is highest and London SW1, UK in carmakers’ model individual rights and is attractive to
ment’s upper house, Draghi stated that domestic competition, problems con- available supply of credit is lowest. Regarding your article “White House international business investment.
his government’s priority is to roll out a nected to the Italian state’s instinct to Moreover, according to the Federal Such a protocol would be pledges urgent action on global chip Judges must be free to rule on cases
fast, efficient national vaccination pro- protect companies that underperform Reserve small dollar loans are most shortage” (Report, February 13) without fear or favour; anyone affected
gramme. To that end, he promised to but enjoy political protection. Draghi useful when consumers are anathema for any EU state industries have felt the impact by a government, public body or
mobilise the armed forces, civilian vol- hinted at changes to come, warning experiencing a financial shock — and The call by Simon Coveney, Ireland’s differently. When the pandemic hit regulator’s decision must be able to
unteers and the civil protection units that some forms of economic activity the global pandemic has been just such foreign minister, for flexibility and demand for cars, US automakers challenge it in an independent court.
that handle natural and man-made dis- “will have to change, even radically”. a shock. pragmatism in the working of the cancelled orders for key semiconductor Organisations should be able to bring
asters. Organising mass vaccinations Draghi’s reforms are a once-in-a-gen- Rather than doing what seems Northern Ireland Protocol is very components from Taiwan. When legal challenges on behalf of those they
has been the weakest spot of the EU’s eration opportunity to lay the ground politically expedient, Chopra must take welcome (Report, February 17). demand returned, they tried to represent. Efficiency could be
pandemic crisis management. Draghi for a much improved future for Italy. It a balanced approach to ensure that It appears that, when the grace reinstate those orders, but found improved by increasing the availability
knows that unless this problem is imperative that Italy’s quarrelsome efforts to reform the financial system period ends in April, the protocol themselves at the end of a queue of legal aid and encouraging
receives an urgent solution, popular politicians should support the premier, do not simply make working-class requires there to be customs variously estimated at four to six constructive early engagement
Italian Euroscepticism, waning as the not paralyse him as they manoeuvre Americans financially vulnerable. declarations for goods coming from months long. Moreover, the suppliers between parties.
Mediterranean refugee and migrant for advantage ahead of the next elec- Kent Kaiser this side of the Irish Sea to Northern had no incentive to prioritise the auto Any reform must ensure judicial
crisis receded from sight, may return tions. If they fail in their duty, Italy and Secretary/Treasurer Ireland so that sending parcels from industry’s needs, as the margin on such review continues to have the teeth to
with a vengeance. the EU risk paying a heavy price. Domestic Policy Caucus one part of the UK to another becomes components is relatively low. provide a check on the misuse of
St Paul, MN, US an international transaction. That, I Because the cost of building executive power, whichever the
believe, would be unacceptable to a semiconductor fabrication plants is so government of the day. It is this that
Summitry is not going to wide swath of opinion in Northern high, the industry is not in the habit of will ensure the accountability of all
Ireland and also to many on this side of building spare capacity. All this has public bodies. A mature democracy
heal Trump-era damage the Irish Sea; nor would a provision of been known for years in the electronics must be capable of dealing with

UK Budget is a clarifying Your leading article (“Why a

democracy summit is best avoided”, FT
View, February 17) sets out some
this sort be acceptable to other EU
member states within their own
territories.
industry, but apparently not to US
carmakers and their purchasing
managers. They will now have learnt
tensions between lawmakers and those
subject to the law.
David Greene

event for Conservatives compelling arguments based on the

difficulty of separating democratic
sheep from undemocratic (or only
As Coveney states, the British
government is bound by the protocol,
but the Northern Ireland assembly can
that “just-in-time” does not work
where semiconductors are concerned.
On both sides of the Atlantic, there
President, Law Society of England and
Wales, London WC2, UK

partly democratic) goats. vote on it in 2024. In my view, the are moves to increase local
The party must decide what it wants Britain’s future to look like But it does not refer to another set of assembly will reject it unless this semiconductor manufacturing OPINION ON FT.COM
considerations which reinforces the particular provision is drastically capacity, but the fact is that any extra Biden’s silent treatment of Middle East
prompts outbreak of reason
Britain’s upcoming Budget — when the by the fiscal year ending in 2025. This argument in favour of caution. Just try modified. capacity will have to be paid for in The White House demonstrates the power of
chancellor announces changes to tax could double in a pessimistic scenario answering the following question: Vernon Bogdanor higher prices to the end-customer. not picking up the phone, writes David
and spending policy — presents a while an optimistic one would see a which of the main challenges facing Professor of Government Richard Pickvance Gardner
different sort of challenge from normal stronger recovery mostly pay for extra those wishing to repair the damage King’s College, London WC2, UK London SE13, UK ft.com/opinion
for the Conservative government. spending. The pandemic will inevita-
Despite borrowing that is the highest bly increase the demands on the
ever outside a world war, it does not healthcare, education and justice sys-
present a fiscal problem: with interest
rates at record lows and a supportive
tem as hospitals, courts and schools
make up for missed operations, lessons Why the glut Empty stadiums, fake crowd noise,
round-the-clock coverage — and still
Amazon Prime’s occasional games.
For Musa Okwonga, a Berlin-based
open social networks. Racist abuse of
players has increased, with the likes of

of live football
monetary policy from the Bank of Eng- and court cases. fans flock to live football. Since the writer and football podcaster, during United striker Marcus Rashford
land, the UK faces no financing prob- Either way it would be premature to resumption of the English Premier the first lockdown “the evenings suffering in particular.
lems. It would be a mistake to raise try to scale back borrowing now, League and other competitions in began to stretch on with a fearful A host of professional bodies last
taxes or cut spending at this point in
the recovery.
The difficulty for the Conservatives
whether by raising taxes or cutting
spending. This would only make the
pessimistic scenario more likely by
is a lockdown England last June, I’ve been binge-
watching games the way others have
lapped up Netflix costume dramas —
emptiness and endlessness; the return
of football changed all that. All of a
sudden, my friends and I had so many
week called on Twitter and Facebook
to take tougher action against online
hate. The sport faces other tests too.
instead is that they must decide what
they believe the size and shape of Brit-
increasing the number of failed busi-
nesses and unemployed workers; fiscal lifesaver and I’m not alone.
Under lockdown, football and other
new stories to enjoy, so many more
scores to argue over.”
The huge broadcast fees secured by
leagues depend on the resumption of
ain’s state should be. Prime Minister stimulus is called for until the recovery sports seem to serve a heightened The fake crowd noise that the usual match-day experience. Elite
Boris Johnson’s rejection of austerity sits on firm foundations. The success of purpose. The live match — and accompanies live matches can be clubs, deprived of sizeable match-day
and backbench opposition to tax rises the government’s vaccination pro- discussion of it on messaging apps, switched off, revealing eerie, echoing income, are still angling for a
sit uneasily with the determination of gramme may bring that point closer social media and podcasts — takes on acoustics. It also allows fans to hear breakaway European Super League
chancellor Rishi Sunak to “repair” the but it is too soon to claim victory over renewed significance in the lives of the shouting of teams’ socially while others have been forced to take
public finances. Conservatives will either coronavirus or the recession it fans whose working lives have been distanced coaches and out loans. Prestige tournaments such
need to start spelling out their vision has caused. upended. Footballers have become substitutes. Their rallying cries as the European Championship,
for the future of Britain, beyond simply Raising taxes later, however, will be entertainment’s key workers, living in seemed invaluable in helping my already postponed by a year, might be
being outside the EU. While many Tory made easier if the chancellor starts to a Covid-free bubble where testing is team, Manchester City, invite delayed further. Football’s Covid-free
MPs remain committed to a small prepare the public and his party for the regular because the show must go on. mistakes by Real Madrid in a bubble and the release it offers for
state, the party’s electoral coalition, inevitable. That means explaining For those now “living at work”, Champions League game on August 7. fans could easily burst.
like that of the Republicans in the US, where the government sees revenue switching on a game provides a clear A few months later the levels of Says Okwonga: “I can never forget
has become more working class and coming from in the future — the party’s cut-off to the working day. Indeed, animosity between the City staff and the health risks that so many in
opposed to further public service cuts. election-winning manifesto in 2019 some of the aspects that turned their FC Porto counterparts were very football are taking to provide this
The puzzle is made even harder by
the uncertainty over the economic, and
ruled out any increase in income tax,
national insurance or value added tax. Notebook viewers off during the resumption of
matches last summer — the packed
audible in their group stage
encounter.
spectacle, and so I will never feel a
sense of entitlement about watching
therefore fiscal, outlook. If the damage The swift backlash among some calendar, multiple kick-off times in a Another way to tune out the fake it. Though we don’t deserve to be
from the pandemic to businesses and backbenchers against a recently
by Murray Withers day — are now making life bearable crowds is to join the YouTubers who watching sport in the middle of all
households is temporary, a one-off mooted rise in fuel duty or a carbon tax for fans stuck in their homes. attach themselves to many clubs and this, I am so glad that we can.”
increase in the government debt bur- suggests the government will struggle Average audiences for BT Sport’s create your own “watchalong”: make Fans everywhere are pining to be
den will be easy to cope with thanks to to levy green taxes, despite its commit- Premier League matches are up 13 per a video call, sync your feeds of the back in the throng of a football crowd,
low interest rates and the long maturity ment to hitting net zero carbon emis- cent, while viewing numbers across all game, mute the TV and let the biased even as they know that the end to
of the UK’s debt stock. sions by 2050. the channel’s sports events are up 51 coverage be your own. It proves that limits on stadium attendance could be
A more permanent loss of national Previous chancellors, too, have per cent, reflecting the rise in the social benefits of watching football a long way off. Football may be
income, however, would merit a very struggled to equalise the tax treatment household uptake and the closure of are as important as the matches different when it emerges from
different approach, requiring sus- of the employed and self-employed — a pubs and other public venues. Sky themselves. lockdown — but after nearly a year of
tained tax increases to stabilise bor- task made more urgent by the prolifer- Sports reported a record UK audience Nevertheless, the sport’s culture of watching their favourite spectacle
rowing. The Institute for Fiscal Studies, ation of gig-economy jobs during the for last month’s Manchester United- intolerance has intensified in from their living rooms, fans will be
an influential think-tank, estimates pandemic. It is far too early for the Liverpool fixture. Armchair fans are lockdown. What Okwonga calls the hugely grateful for its return.
that in its central scenario Britain Conservatives to begin raising taxes also turning to Now TV’s one-off or “pillow talk” banter of closed
would need around an additional but it is not too early to start thinking monthly passes to Sky matches, and WhatsApp groups has slipped on to [email protected]
£60bn to keep public borrowing stable and talking about it.
Thursday 18 February 2021 ★ FINANCIAL TIMES 17

Opinion
How Biden can help the UK modernise its global role Europe’s
internet should
Robert
with renowned universities and leading-
edge research capacities. The Bank of
showcase events of 2021 successful. As
host of the G7 summit in June, the UK
soil carbon and agricultural reforms,
energy efficiencies and technology
ment including labour and carbon
provisions. The deal should set world- not become a
Zoellick England and UK Treasury have earned
worldwide respect. Nuclear-armed
Britain expects to spend more on
plans to invite Australia, India and
South Korea, to foster greater co-opera-
tion among major democracies. This is
transfer. Now is the time to build private
sector partnerships through investor
incentives, carbon reporting and corpo-
class standards for digital trade and tech
entrepreneurship while respecting sov-
ereign protections for privacy and secu-
‘walled garden’
defence than any other European mem- an idea Biden has advocated. The US rate governance standards. London, rity. An accord would help Britain offer

T
ber of Nato, contributes to the US-led should welcome British leadership, Washington and Brussels should a timely signal to investors. A transat-
he US needs a policy for intelligence network, funds innovations while working behind the scenes to encourage China to shift from participa- lantic negotiation needs to recognise the
post-Brexit Britain: one that in development and holds a permanent ensure practical accomplishments, tion to leadership on climate by trans- importance of Britain’s EU ties. It should Dita
embraces the country but UN Security Council seat. London’s law lating Beijing’s vows into plans to limit also help London and Brussels to recog-
offers enough flexibility to courts serve as paragons of justice. By peak emissions and incorporate green nise trade-offs between precautionary Charanzova
encourage the UK to mod-
ernise its world role.
offering millions of Hong Kongers resi-
dence in Britain, the UK has advanced
The US should welcome policies into overseas investments.
The US should work with London to
EU regulations and innovation.
In 1789, a US founding father, Alexan-

J
The guiding stars of President Joe the one serious, positive response to British leadership at the G7, align UK defence and intelligence der Hamilton, proposed a startling stra-
Biden’s foreign policy appear to be
democracy, allies and multilateralism,
China’s suppression of liberty.
Nevertheless, the UK could slide into
while working to align spending with America’s, as Australia
has done. Cybersecurity, artificial intel-
tegic arrangement with America’s
recent British foe, explaining: “We think
ust before New Year’s Eve,
thousands of apps were
climate change, economic and techno- a “Little England” mindset, floundering defence and intelligence ligence, maritime defences and special in English.” Of course, a US-UK initia- removed from Apple’s Chinese
logical innovation, open societies and a in frustration with the EU and even operations capabilities would be more tive would be founded upon mutual app store on the orders of Bei-
prudent strategy of defence and deter- breaking apart. That would be a tragedy, whether through vaccines for develop- valuable than big platforms. Britain interests, not just shared histories and jing because they lacked a state
rence. What country offers a better fit and a serious loss for America’s long- ing countries, global economic recovery must retain its sovereignty on military cultures. Given shifts in global power licence or a local partner. These apps
than Britain? Yet London’s course looks term interests. Britain needs encourage- or cyber security and freedoms. decisions, but is likely to benefit from and the reopening of vast Eurasian land were not malware or harmful, and the
uncertain. Having left the EU with an ment — and added leverage — as it rene- Britain will also host the UN COP26 interoperability with the US. Participa- and sea networks, the US should prize move was not done to protect consum-
agreement for trade in goods, Britons gotiates its place with the EU and the climate change summit in Glasgow in tion in the defence of the Baltic states its democratic allies — especially those ers. While there may have been eco-
now worry their services businesses will world. By acting independently of EU November. In addition to promoting the and Poland against Russia’s hybrid along the maritime perimeter. America nomic reasons, the law is really just a
become supplicants. The country’s processes, the UK can gain agility. And a US environmental agenda, the Biden threats would demonstrate London’s must help an independent, friendly tool of the Chinese state that seeks an
empire is long gone, leaving the Com- more successful Britain will have more administration and Britain need to gain vital role in European security. Britain to succeed. internet subject to total control — where
monwealth as a cultural memento. influence with the EU. momentum for climate policies glo- On economic components, Biden you are free to do and say what you like,
In fact, the UK offers opportunities. It The Biden administration should bally. They could draw in developing could gain bipartisan support for a The writer is a former World Bank presi- as long as it is in line with official policy.
is the world’s fifth-largest economy, offer a hand by making Britain’s two countries through plans for forestation, North America-UK free trade agree- dent and author of ‘America in the World’ I believe we must do all we can to
ensure that Europe does not follow this
path, even with the best intentions.
In December 2020, the European
Commission launched two proposed

EU equivalence
laws to address the uncontrolled growth
of the tech groups. Apart from the Gen-
eral Data Protection Regulation in 2018,
this is the EU’s first real attempt to regu-
late the internet. If passed, the laws will

tussle is a lesson
affect both businesses and consumers
and they have many positive points,
such as transparency requirements,
which I fully support.
Nevertheless, we must state the truth:
these proposals target US companies.

for Britain
The businesses are both loved and
hated, but no one can deny they are vital
to the European economy and the lives
of millions in the bloc. There are few, if
any, European companies at this level.
For China, the answer to the power of
the US tech companies was not to com-
pete but to force most out of the country
regulatory equivalence to the UK’s and strictly control the rest. In the
politics financial services industry. In recent meantime, Beijing created national
days, British ministers have seen Brus- champions that I believe have copied
Robert sels is serious about chipping away at
Shrimsley London’s status as the region’s financial
centre. Amsterdam’s largely symbolic
ascent to top spot in European share
Copying China’s firewall
dealing and the City’s loss of swaps busi- would be no solution to the

S
ometimes casual phrases
ness, albeit mainly to New York, has
persuaded the EU of the merits of delay-
power of Big Tech and
reveal. So it is with the talk of ing any stabilising arrangement while would harm our citizens
a “hotline” between a senior other business can be captured.
British minister and an EU Ministers expected the EU to claim now down to what is in the EU’s inter- The bottom line, though, is that on a is outside the UK, to maintain London’s ideas from outside — such as Alibaba,
commissioner to de-escalate some wins but believed London’s deep ests”. There is also concern over asset vital economic interest, the UK can only allure. This pattern of weakness is Tencent and Baidu — while being pro-
flare-ups around Northern Ireland. The wells of liquidity would shield it from management where London benefits wait for the EU to rule. It has lost, not repeated in other spheres. The costly tected within the Chinese bubble.
truth is more prosaic; they have each the worst damage. But this outlook was from delegation rules that allow funds taken back control. With a trade deal bureaucratic hurdles faced by creative Some European countries are also
other’s mobile numbers. But for all the based partly on expectations of an based in the EU to be managed from the complete, it is low on leverage. One artists seeking work in the EU is down to seeking tight control. In the name of
bonhomie between Michael Gove and equivalence agreement that they argue UK. Esma, Europe’s markets watchdog, senior Tory rues “the infantile prioriti- a UK refusal to accept a broad European fighting hate speech or protecting con-
Maros Sefcovic, the cold-war terminol- there is no justification to deny to the has already flagged extra “risks” from sation of fish” over a sector that contrib- proposal for 90-day temporary worker sumers, they are pushing to erect barri-
ogy highlights the reality of increasingly UK. Britain even unilaterally granted a this, though the fact that any change utes 10 per cent of UK tax receipts. permits — a decision taken because it ers to non-European services and data
antagonistic relations between London number of such arrangements in would also hit Tokyo and New York may So now the Treasury focus is on shor- felt too much like freedom of move- flows, to create European champions
and Brussels. November while holding back others in stay the EU’s hand. ing up the City’s global appeal with a ment. UK ministers now want to discuss funded by public money. The EU is
Yet the analogy also deceives because anticipation of a reciprocal deal. One can overdo the gloom. London number of reviews ahead of next a narrower deal but the message coming about to create our own standards for
this is not a face-off between two Suddenly, ministers are downbeat. has weathered four years of uncertainty month’s Budget, looking at how to make back is that the only deal on offer is the what is acceptable online and punish
similarly matched powers. Brexit has The prospects for equivalence “look and the depth of UK capital markets London more competitive. The Kalifa one already refused. global sites that do not meet them. In
created a powerful commercial rival on bad”, says one. A memorandum of and absence of a single rival EU hub and Hill reviews of fintech and listings The European Commission’s vaccines other words, a European internet.
the UK’s doorstep and Leavers should understanding on future collaboration eases fears. But symbolism matters. are examining lower free-float require- fiasco has heightened the political If the European internet is a European
remember their own depiction of Brus- looks set to be “very modest”. One Con- One analyst notes: “It is all going ments for listed companies and whether imperative to show EU citizens that walled garden, with a European firewall,
sels, not only as hopelessly bureaucratic servative describes a conversation with in one direction and faster than to allow dual-class share structures on Brexit will not be a win for the UK. So that would be no solution to the power
but also as a bullying giant set on pro- a very senior banker: “He says Euro- expected. When you want a new the premium segment of the main Britain must adjust to a power imbal- of the tech groups and would only harm
tecting its own power. The shambles of pean Central Bank supervisors are going business unit in this timezone, is it still exchange to attract entrepreneurs who ance in its own backyard, to learn to our citizens. Today, we live in a world
the EU’s vaccine programme perfectly desk to desk looking for areas which obvious it’s London?” want to keep control of their businesses. play the game like the smaller guy. where there are two internets: there is
illustrated the first point. The furious could be within the EU’s orbit.” A review of the Solvency II insurance Brussels’ attitude may not be admirable the Chinese and there is everyone else.
and panicked response, including “The EU is on a land-grab,” says Sam regime will ease capital requirements. but it was entirely predictable. The answer is not artificially to create a
threats of checks on the Irish border,
highlighted the second. Brussels does
Lowe, of the Centre for European
Reform. “It is pursuing a strategy
Brussels does not feel The Treasury is also considering
whether to use its new regulatory
Britain hoped the trade deal would
lead to a less formal, more normal
third. Cutting ourselves off would make
Europe as insular as China is.
not feel the need to fight fair when it designed to try to lever over as much the need to fight fair freedom to pursue other, politically relationship. It is now discovering this is What preserves the transatlantic link
deems its own interests are at stake.
Nowhere is this now more apparent
economic activity as possible and being
quite blatant about it.” Some
when it deems its own contentious, measures such as scrap-
ping the EU’s bonus cap, or revisiting the
the new normal. is common online cultural and societal
bonds. That spreads European influ-
than in the EU’s refusal to grant equivalence may still come “but it is interests are at stake tax on those whose permanent domicile [email protected] ence to the US and beyond. We want to
create a stronger role for Europe in the
digital world. So now is the time to cre-
ate common European-US regulation of
Big Tech and the internet in general.

Protectionism is back on the French economic menu We should seek a better way to
strengthen our links, based on common
values and rights. The days of laissez-
faire internet are over. In the US Con-
gress, both political parties have under-
Tard had refused to accept them. For the state is up to. It is economic protec- include the defence of major compa- integration within the economic fabric lined this, especially since the storming
Didier sure, France has had bad experiences in tionism, pure and simple. At a time nies. It should be remembered that in or contributing significantly to an eco- of the Capitol whipped up on social
the past when investors acquiring con- when economic sovereignty figures high March 2019, the EU adopted a regula- nomic sector could be used as a basis for media. The US government is likely to
Martin trol of French companies have given in political debate and a populist public tion that provides a framework for such a screening process. act soon. We must engage with the
commitments but have not respected mood is averse to foreign investments, it screening foreign direct investments. A certain number of these criteria Biden administration now towards a
them. However, under a French law was apparently difficult for France to let This regulation provides for the possi- would have to be met for the state to common transatlantic regulation,

F
passed in May 2019, failure to comply control of a major retailer with 100,000 bility of investment screening if the exercise its control and make the trans- which will maintain our global internet
rance’s rejection of the pro- with such commitments is punishable. employees go to a foreign investor. The investment “is likely to affect security action subject to review. These criteria without new digital borders.
posed acquisition of Carrefour France, like other European coun- or public order”. It sets out, as an illus- should be precise, so as to protect only Over 60 per cent of global gross
by the Canadian group tries, has drawn up a list of “sensitive” tration, a long list of protected sectors of the companies that make an essential domestic product is predicted to be dig-
Couche-Tard is the latest
example of the French trad-
sectors in which certain takeovers need
government approval. This list, which
Food sovereignty is an activity, including notably transport
and health.
contribution to economic public order.
Having taken the decision several
ital by 2022 and the US-EU combined
currently account for more than 40 per
ition of strongly protecting national was extended after General Electric unconvincing reason When screening is based on the list of years ago to deter foreign takeovers by cent of total GDP. If the choice is to be
champions.
True, “food sovereignty” was cited as
sought control of Alstom’s energy opera-
tions in 2014, has grown over the years.
to reject the Canadian sensitive sectors, investment in a com-
pany that is not in a protected sector
drawing up a list of “sensitive” sectors,
France is on shaky ground when it seeks
behind a digital world limited to our
shores, where competition and knowl-
the reason for the move, on the grounds Food security was added in a new rule bid for retailer Carrefour cannot be banned, even if the company to protect companies solely because they edge are stifled, or common multilateral
that deals that require foreign direct that took effect last year. can be considered of national impor- are deemed to be of national importance. rules based on fundamental freedoms
investment screening include those that Former premier Edouard Philippe paradox is that Alstom has just com- tance. Canada has chosen to make any It would be preferable for France to and openness, I will be the biggest sup-
affect “food security”. But this assertion once said: “Yoghurts and shampoos are pleted its acquisition of the rail unit of investment in a Canadian company lay its cards on the table, as certain other porter of the latter.
of food sovereignty is unconvincing. not strategically important. The compa- Bombardier, the Canadian group. exceeding a certain “enterprise value” countries have done, rather than show- In the European parliament, I will
The French market has a sufficient nies that produce them are!” This Yet France fails to acknowledge that it threshold subject to prior authorisation ing itself to be interpreting the rules in work to make sure any new laws respect
number of competing food retailers. underlined that, for the French state, is relying on European foreign direct by the minister of industry. France an unfair way. The French authorities the essential principles of internet free-
Furthermore, it is difficult to imagine the priority is not just to protect busi- investment rules to protect flagship could have the same approach without should not forget that foreign investors dom and do not close Europe off. The
Carrefour struggling to make its food ness sectors but to save jobs and keep companies, whatever sectors are con- such a mechanism infringing the EU’s always take into consideration respect Chinese model is not the way to go. For
products available, just because a for- corporate decision-making in France. cerned. It would, in fact, be possible for 2019 regulation. for the rule of law when they plan all its good intentions, Europe going it
eign investor owns a controlling stake. To refuse a potential investment in the government to achieve its aim by The applicable criteria would, of investments. alone would be the first step to just that.
The French state would have been advance, without discussions about any using EU regulations, since they allow course, have to be defined in detail.
within its rights to impose conditions on constraints the investor might be willing member states to protect their eco- Turnover, the number of employees, The writer is a senior partner at Bredin The writer is a vice-president of the
the takeover and to block it if Couche- to accept, says everything about what nomic public order — a concept that can research and development capacities, Prat, a law firm European parliament
18 ★ FINANCIAL TIMES Thursday 18 February 2021

Kinnevik/Zalando: getting technical

The Swedish tech investor will spin off its shareholding in the German online retailer. Kinnevik will focus fully
on its investments in consumer and health businesses. Rising valuations for listed tech investments are a big
contributor to returns. The shares have closed their discount to book value.

Twitter: @FTLex Kinnevik’s changing portfolio Total shareholder return

Net asset value (Skr bn)
Kinnevik
Private growth
Developed
Public growth
Google/News Corp/ news media and Silicon Valley.
Cheques from the West Coast of the US Emerging markets
market investment
trusts index Renewable energy:
Alden: headline earnings will increasingly supplement online Zalando green bubble trouble
Tele2
subscriptions — still a work in progress
Net cash/(debt)
Two starkly contrasting models for the for many media groups — and grim Forget Wall Street mania over
newspaper industry are on display this rounds of cost cutting. chatroom stocks. The big money is
week. One is vigorous cost-cutting to flooding into ESG plays such as clean
keep up margins as cash flows dwindle. Kinnevik energy. Are these a bubble too? Patrick
This is how some critics see the modus
operandi of Alden Global. The US hedge
BAT: Net asset value (SKr bn) Pouyanné, chief executive of French oil
producer Total, thinks so. Valuations
Market value (SKr bn)
fund has agreed to buy the venerable stick figures for renewable energy assets are
Tribune Publishing for $630m. “crazy”, he told the Financial Times.
The second model involves another BAT, says boss Jack Bowles, is He may have a point. His rivals are
business typically unpopular in “uniquely positioned to encourage the not simply other latecomers, such as
newsrooms: Google. News Corp, itself a switch to reduced risk products”. If so, BP and Royal Dutch Shell. Many
company that polarises opinion, has it is proving shy in pressing its End of Today After Zalando investors in listed equities are offering
announced a deal to provide Google advantage. Last year, just 3m new capital to businesses that have been
with news. The digital ad titan will customers began using non- FT graphic Sources: company; Refinitiv; S&P Capital IQ quicker than oil majors in following a
make “significant payments” for combustible products such as Vype green agenda.
content from the Wall Street Journal vapes. That gives a total of 13.5m — a Like preloved clothes, Zalando is springboard into an eclectic mix of over 110 times two-year forward Wind farm developer Orsted Energy,
and other News Corp outlets. rounding error for this London-listed getting a new home. Kinnevik plans public and private tech investments. earnings, up a fifth just from the year itself once an oil producer, and biofuels
Alden has come to embody the tobacco company. to spin off its stake in the German Those looking for venture capital style end. Shares in German listed retailer refiner Neste Oil have seen market
extreme austerity that has gripped Big Tobacco needs new categories to online retailer, distributing its 21 per exposure in a listed entity could do far Global Fashion Group, 40 per cent worth and earnings multiples soar.
traditional newspaper brands. It grow, providing a cushion as litigation cent stake worth €5.5bn to worse than the consumer, healthcare held by Kinnevik, rose fivefold in Their forecast price-to-earnings ratios
already owned a third of Tribune dents income and health-conscious shareholders. Timely. Zalando is the and food investments that remain. 2020. Equity income from its have doubled over the past two years.
Publishing, whose titles include the new generations spurn cigarettes. But Swedish investment group’s largest At the core of the post-Zalando holdings have lifted Kinnevik’s book Both could easily raise equity capital to
Chicago Tribune and the New York nicotine is a tough habit to break. BAT holding by far. It has had a bumper strategy remains its holding in Tele2. value at a (unleveraged) compound fund more investments.
Daily News. Unease over a full buyout is hugely reliant on tobacco, selling year as the pandemic pushed The telecoms group is a cash cow: rate of 6 per cent over five years. That demand would come from ESG
had been building among journalists 638bn traditional cigarettes last year. shoppers online. Investors can now dividends are used for growth capital Market euphoria for tech-related investors. Inflows into funds bearing
for more than a year. Vaping is not the get-out-of-jail card decide whether to retain the fashion and new investment. Group net cash investments is reflected in the the “environmental, social and
Just how much fat is there left to cut it was once hoped to be. Regulations, retailer’s shares, while Kinnevik stood at SKr4.7bn ($560m) at the end shrinking size of the historical governance” tag have more than
at Tribune? In its most recent quarter, most recently a US ban on flavours that forges a new path for growth. of last year, accounting for almost 7 per discount of Kinnevik share price to doubled annually since 2018 to $326bn
the company reported that revenue could appeal to children, have turned Zalando will leave a big hole to cent of assets post the Zalando sale. its net asset value. The market has in 2020 according to Morningstar.
had fallen by a fifth, with a drop in aspirations — and valuations — to ash. plug. Kinnevik’s decade-long That buffer is prudent during finally given the Swedish This has had a big effect in the past
advertising twice that rate. Because of Look at Juul. BAT’s peer Altria bought relationship with Zalando has turbulent economic times. But much of conglomerate some credit for its long year. The average p/e ratio for green
sharp cost reductions including a 35 per cent stake in the vaping generated almost a nine times return last year’s 85 per cent total shareholder term investment perspective. stocks in the Morgan Stanley universe
redundancies, Tribune’s operating manufacturer in 2018 for $12.8bn, and on its initial investment. That has return comes from the continual However, rising market valuations has jumped 24 points, equivalent to
profit, remarkably, was slightly higher. then took $11.2bn of writedowns. given Europe’s largest listed tech upward re-rating of listed investments. also means repeating its success will years of profits. Vestas, the wind
The price Alden is paying appears Undeterred, BAT wants to use investor the experience and capital to Zalando, which is profitable, trades at be harder than ever. turbine maker, has an implied annual
steep, a 45 per cent premium to the tobacco’s prodigious cash generation — earnings growth rate of 4.5 per cent to
stock price before deal talks began. But some £2.6bn of free cash flow last year 2050 — double what analysts would
the implied valuation multiple is only — to invest in new categories. These are have assumed a couple of years ago.
about five times forward ebitda. targeted to hit revenues of £5bn in growth chief executives once promised. streaming proliferates. Fat yields to homes and businesses excluded Lex believes wind farm projects have
The weakness of traditional media 2025. BAT hopes to have 50m Unless the sector can make new reflect that. from land-based networks. Eutelsat a great future. But Vestas does have
created an opportunity for Alden. customers for these products in 2030. categories pay off, it will be in run off. Consumers are switching to on- offers capacity wholesale to national serious competition and only so much
Ironically, it may now benefit from a Last year was a slow burn, demand entertainment from the likes telecoms companies and directly to capacity. Valuation distortions have
change in the terms of trade with tech undercutting tobacco’s reputation as a of Netflix and Amazon. That explains consumers as well. occurred in some headline stocks, such
giants via the titles it has acquired.
Newspaper businesses outside the
defensive investment. Industry
forecasts anticipate flat to falling sales
Eutelsat: underwhelming why share prices for Eutelsat and
Luxembourg-based rival SES have
But staking your future on satellite
broadband remains risky. In addition
Tesla, partly due to momentum
trading.
Murdoch empire, including the this year. BAT gave no guidance on the flying object fallen some 70 per cent over the past to the threat from existing land-based The good news is that a swath of
Financial Times, can be expected to US, its biggest market, where margins five years. services, low-earth orbit satellite corporates pursuing a greener
seek their own deals with Big Tech. are 50 per cent on an adjusted basis. It is fortunate European satellite The pop in Eutelsat’s shares reflected providers such as Elon Musk’s Starlink, approach will be rewarded by investors
Google evidently saw a push by The company is looking for steady operators’ hardware is less susceptible a slower than expected decline in Amazon and UK-backed OneWeb are putting up capital for the transition.
Australia, the country that spawned revenue growth of 3-5 per cent and to gravity than their share prices. At revenues from its core business of 2 per gaining traction. Crazy valuations for scarce assets are
News Corp, to make tech giants pay up earnings per share rising in mid-single least France’s Eutelsat is temporarily cent on a constant currency basis. Those risks are suitably priced into the catalyst that increases supply and
for journalism as worth forestalling. Its digits on a constant currency basis. The moving in the right direction. Shares Satellites have a unique advantage in Eutelsat shares. These trade below reduces prices. Better for bosses to
transition from tech disrupter to strong pound means that is theoretical: are up about 8 per cent since the group the provision of mobile broadband for eight times two-year forward earnings participate in that democratisation
regulated utility is occurring at a pace. BAT expects an FX headwind of minus 7 published first-half results last week. aircraft and boats. But revenues at — half the long term average. than complain about its initial stages.
Details were not disclosed and may per cent, implying eps will be flat in a The technological glitz of Eutelsat’s mobile division reflected The corollary of this is a yield close to
yet disappoint, as with previous such best-case scenario and possibly negative. marshalling fleets of orbiting satellites the recent collapse in air travel, down 10 per cent. This is not be sniffed at, Lex on the web
deals. But there can now only be one Tobacco stocks are cheap for a has worn off for investors. A 14 per cent on the previous year. especially as free cash flows this year For notes on today’s stories
direction of travel in the relationship reason. Neither developing markets dependence on satellite broadcasting The outlook is better for satellite are expected to cover the previous go to www.ft.com/lex
between traditional, private-sector nor non-combustibles have created the revenues has become a weakness as groups in laying on broadband services payout by half again.

CROSSWORD
No 16,713 Set by CHALMIE
        ACROSS
9 A cat for one oddly unable to be
  immortal (9)
10 No-good cabinet minister starts to
regret trampolining in public (5)
 
11 “Bishop keeps the first bet on
Sunday,” they 19 (7)
12 Sport making a 17 across (7)
13 Flower arrangement originally
    invented by the French (3)
14 Fancy red bar stool has parts which 17
across (5,6)
17, 18, 19 Number Two is getting cut off
   
projects involving horse (5,3,5)
21 Farm animal crosses gaps without
large footwear (6,5)
    23 Consume energy after the primaries
(3)
25 Airfoil which reveals plot (7)
27 Sharpen woman’s presentation of at
   least one alternative (7)
28 1 friend missing the old country (5)
29 Posh brand you order when it’s your
19? (3,1,5)
 
DOWN
1 17 across edges up to protect artists’
group (6)
2 Foreign bird is in Italian port (8)
3 Notable traitor or one likely to 19 (10)
4 Like collecting country’s birds (4)
5 Security device stopping credit by
JOTTER PAD commercial satellite alarm (5,5)
6 19 ends in disaster to a Republican (4)
7 Drink one for New Year? (6)
8 Men-only art and French scenery
(5,3)
15 Copy articles about king being
Solution 16,712 guarded by Cherokee? (10)
16 Is discouraged as meerkat gets to
/ , 4 8 , ' / 8 1 & + 0 ( + meat (5,5)
2 8 & 8 $ 2 $ ,
7 + ( 5 ( 6 1 2 7 ( / / , 1 *
17 Number 17, 18, 19 (8)
( 8 * $ ' ' + 20 Drag too much to maintain (8)
) , 1 ( 3 5 , 1 7 ) / ( ( 7
/ 2 2 2 1 $
22 Work with copper to stop 6-footer’s
2 ) ) & 2 / 2 8 5 5 ( & 7 , limp (6)
: 3 1 5 , 7 ( /
( 5 8 3 7 * / $ ' + $ 1 ' 6
24 Deal with one in series of 19s (6)
5 ' + $ 7 , 26 19 singer mentioned two places to go
3 $ ' 5
2 ,
(
:
1 ( (
, ;
' 6 0
+
8
5
6 7
(4)
: , 1 : , 1 6 , 7 8 $ 7 , 2 1 27 Reportedly considers routes (4)
( * 1 ( 5 5 ( 2
5 $ 6 * 2 5 0 $ 1 ' , 6 ( '