WORLD BUSINESS NEWSPAPER

TUESDAY 6 OCTOBER 2015

UK 2.70 Channel Islands 3.00; Republic of Ireland 3.00

Brace yourselves

The accidental radical

Good to go

Market volatility may be here

to stay MOHAMED EL-ERIAN, PAGE 36

How events transformed David

Cameron JANAN GANESH, PAGE 15

The app that signals when your

body is ready for exercise PAGE 16

Air France HR
chief loses his
shirt over jobs

Briefing
i Details unveiled of final Lloyds sell-off
The Treasury has said it will play off retail investors
against institutions to earn the highest price for the
taxpayer as it sells its remaining Lloyds shares.
However, some analysts and bankers raised
questions over the plans. PAGE 2; LOMBARD, PAGE 26

Xavier Broseta, head of human

resources at Air France, is rescued by
security staff after employees furious
over a new cost-cutting plan ripped the
shirt off his back during a protest at the
airlines headquarters at Charles de
Gaulle airport north of Paris.
Frdric Gagey, Air France chief executive, escaped unhurt when the protesters burst into a meeting where management was outlining a plan to cut 2,900
jobs. Pierre Plissonnier, another director, also had his shirt and jacket torn.
Mr Broseta climbed a fence to escape.
Manuel Valls, prime minister in president Franois Hollandes Socialist government, said he was outraged by what
he called the unacceptable violence.

i Chancellor hails business rates overhaul

George Osborne has unveiled plans at the Tory
conference to give councils powers to cut, but not
raise, business rates. TORIES IN MANCHESTER, PAGE 3;
EDITORIAL COMMENT, PAGE 14; JANAN GANESH, PAGE 15

i Global clampdown on tax avoidance

The most sweeping crackdown on tax avoidance for
a century has been launched as more than 60
countries agreed rules on loopholes, havens and
transparency. PAGE 4; EDITORIAL COMMENT, PAGE 14

i Glasenberg steps up Glencore defence

Report page 21
Jacky Naegelen/Reuters

The miner and trading houses shares

rallied after comments from chief
Ivan Glasenberg, who urged rivals to
shut unprofitable mines and blamed
hedge funds for depressing
commodity prices. PAGE 19

Sealing of Pacific trade pact gives

political boost to Abe and Obama

i Turkey warns against Russian incursion

3 TPP to counter rise of China 3 Deal covers 40% of world trade 3 Ratification battles ahead

i Anti-terror chief hits at social media

SHAWN DONNAN ATLANTA

DEMETRI SEVASTOPULO WASHINGTON

The US, Japan and 10 other Pacific Rim

nations have struck the largest trade
pact in two decades, in a huge strategic
and political victory for US President
Barack Obama and Japanese Prime
Minister Shinzo Abe.
The Trans-Pacific Partnership covers
40 per cent of the global economy and
will create a Pacific economic bloc with
reduced trade barriers to the flow of
everything from beef and dairy products to textiles and data, and with new
standards and rules for investment, the
environment and labour.
The deal represents the economic
backbone of the Obama administrations pivot to Asia, which is designed
to counter the rise of China in the Pacific

and beyond. It is also a key component

of the third arrow of economic
reforms that Mr Abe has been trying to
push in Japan since taking office in 2012.
But the TPP must still be signed formally by the leaders of each country and
ratified by their legislatures where
support for the deal is not universal. In
the US, Mr Obama will face a tough fight
to get it through Congress next year,
especially as presidential candidates
such as the Republican frontrunner
Donald Trump have argued against it.
It is also likely to face opposition in
Australia and Canada, where the TPP
has been one of the main points of
debate ahead of an October 19 election.
Critics around the world see it as a
deal negotiated in secret and biased
towards corporations.

But Mr Obama spoke forcefully yesterday for the benefits he said it would
bring. When more than 95 per cent of
our potential customers live outside our
borders, we cant let countries like
China write the rules of the global economy. We should write those rules, the
president said.
The deal represents another big win
for Mr Obama, coming just one month
after the US and its European negotiating partners reached an accord to prevent Iran developing a nuclear weapon.
Mr Abe said the deal was a major outcome not just for Japan but also for the
future of the Asia-Pacific.
After five years of negotiations, the
final talks in Atlanta went round the
clock for six days as officials thrashed
out the remaining sticking points. The

We cant let
countries
like China
write the
rules of the
global
economy
Barack Obama

final breakthrough on dairy products

did not come until 5am yesterday.
Many of the negotiations, particularly
in the final stage, have been focused on
traditional trade issues and the flows of
products such as butter and car parts. In
Japan, for example, it will cause the
eventual reduction of tariffs on beef
imports to about 9 per cent from more
than 30 per cent currently.
But much of the TPP is intended to
break new ground and establish rules
for 21st century commerce.
The conclusion of the TPP puts pressure on the EU to conclude its own negotiations for a Transatlantic Trade and
Investment Partnership with the US
before Mr Obama leaves office in 15
months.
Trade battle returns to Congress page 10

BP to pay US authorities $20.8bn to

settle Deepwater Horizon civil claims
GINA CHON WASHINGTON

Dorsey returns to Twitter

and retains Square helm
Twitter has appointed Jack Dorsey as
its chief executive, charging the
companys co-founder with repairing
its relationship with Wall Street. The
38-year-old has been acting chief since
Dick Costolo resigned in June after
Twitter struggled to make itself more
accessible to a wider audience. Mr
Dorsey will remain chief executive of
Square, the payments start-up he
co-founded in 2009.
Analysis i PAGE 20

BP will pay $20.8bn to settle civil claims

with US federal and state authorities
over the 2010 Deepwater Horizon oil
rig disaster under a final deal unveiled
yesterday.
The settlement is higher than the
$18.7bn deal announced in July, which
officials attributed to additional refinements of penalties and amounts that BP
had already paid.
It is the largest deal reached by the
Department of Justice with a single
entity and resolves what could have
been years of legal wrangling over the
April 2010 spill and explosion in the
Gulf of Mexico that killed 11 workers.
Federal agencies provided details of
the settlement for the first time in a
decree filed yesterday.
Included in the settlement are the five

Gulf states affected by the spill Alabama, Florida, Louisiana, Mississippi

and Texas. After a 60-day public comment period the agreement will be subject to court approval.
BP is receiving the punishment it
deserves, while also providing critical
compensation for the injuries it caused
to the environment and the economy of
the Gulf region, said Loretta Lynch, the
US attorney-general. Once approved
by the court, this agreement will launch
one of the largest environmental restoration efforts the world has ever seen.
BP, whose bill for the disaster has
reached more than $55bn, did not
respond to a request for comment. But
the energy group still faces outstanding
damages connected to class-action settlements and lawsuits brought outside
the federal and state deals. It also faces
securities litigation brought on behalf of

World Markets

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THE FINANCIAL TIMES LTD 2015

No: 38,977
Printed in London, Liverpool, Glasgow, Dublin,
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some investors. BP is not expected to

estimate the final compensation bill
until next year.
Some $8.1bn of the funds in yesterdays deal is designated for coastal wetlands and marine mammals as part of a
15-year Gulf restoration plan. BP will
pay a record $5.5bn for Clean Water Act
violations. State and local authorities
will receive up to $5.9bn.
The company will pay $700m to
address any environmental damage
that is discovered later. A further
$600m will go towards reimbursing federal and state agencies for damageassessment costs and other expenses.
More than $800m of BPs early restoration funds have been spent on helping
entrepreneurs and promoting growth
industries in the region. BP will not be
allowed to take tax deductions for the
civil portion of its penalty.

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Ankara has summoned Moscows ambassador to

protest against the incursion of Russian jets into its
airspace and warned that it would take action if it
happened again. PAGE 6; GIDEON RACHMAN, PAGE 15

i Schroders and M&G to quit trade body

Two of the biggest UK fund managers are quitting
the Investment Association amid criticism that its
reform agenda and push for transparency has been
too aggressive. PAGE 19; LOMBARD, PAGE 26
The most senior UK counterterrorism officer has
accused social media groups of undermining
investigations by tipping off those being watched
that police have asked to see their data. PAGE 2

Datawatch
Ecommerce in the EU
% of total business turnover from
ecommerce, selected EU countries
(2013)
0 10 20 30 40 50
Ireland
Czech Rep.
Hungary
UK
EU 28
Spain
France
Germany
Netherlands
Italy
Sources: Eurostat, ONS

Ecommerce
accounted for
an average of
15 per cent of
turnover at EU
companies in
2013, according
to Eurostat. The
experience
varies greatly
between
countries
Ireland leads
with 52 per cent

FINANCIAL TIMES

Tuesday 6 October 2015

NATIONAL

Final tranche of Lloyds share sale set to pit

retail bank investors against institutions

Counter-terrorism

Social media
providers
undermining
our work, says
police chief

Treasury aims to complete lenders privatisation by building competitive tension to maximise taxpayer returns
MARTIN ARNOLD BANKING EDITOR

The government plans to sell the last

chunk of its shares in Lloyds Banking
Group next March by playing off retail
investors against large institutions to
earn the highest price for the taxpayer.
The Treasury said yesterday it was
planning a retail offering of shares worth
at least 2bn. But the government also
intendstorunaparallelofferingofasimilar size for institutional investors, such
as hedge funds and asset managers, said
peopleclosetothematter.
Retail investors will be offered shares
at a 5 per cent discount to the market
price, and get one bonus share for every
10 they hold for more than a year up to
the value of 200, the Treasury said.
The announcement of the sale came
as George Osborne, the chancellor, prepared to address the Conservative party
conference in Manchester an audience highly receptive to privatisations.
Senior Lloyds executives and government officials expect the share sale will
allow the Treasury to complete the privatisation of the bank, which was bailed
out after its disastrous takeover of
HBOS during the financial crisis.
However, some investment bankers
and analysts questioned whether a discounted retail offer represented the best
value for money for taxpayers. They
also said buying the shares could be a
risky bet for ordinary investors.
The Treasury has cut its stake in
Lloyds from more than 40 per cent to
below 12 per cent in the past two years
through a combination of two overnight
share sales to institutional investors and
drip-feeding shares to the market.
By always selling above the governments in-price of 73.6p, it has generated
a profit of 1.2bn for the taxpayer on the
15bn of shares sold so far.
The programme to drip-feed shares
was unveiled at the end of last year and
was extended by six months in June. It
has more than halved the governments
stake from 25 per cent.
If it continues at its current pace, the
governments stake is expected to dip
below 10 per cent by the end of the year,
leaving a stake worth about 5bn.
Financiers questioned why the government was pushing ahead with a
retail offering at a discount, when it
could instead keep selling at market
prices via the drip-feed scheme. I dont
understand the value for money on
this, said one senior investment banker
who advises several big UK lenders.
The Treasury declined to comment.
But a person close to the plan said that
UK Financial Investments, the government agency managing its banking
stakes, hoped to build competitive tension between retail and institutional investors to lift theoverallstakesale price.
The governments decision to press
ahead with a retail offer is a political
one, said Ian Gordon, an analyst at
Investec.
We do not comment on the
government cost of the retail
inducements, although we would
observe that to the extent the
retail offer is attracting new
money it offers a small element of

Rough ride

HELEN WARRELL
PUBLIC POLICY CORRESPONDENT

1 Jan 2009 Lloyds TSB completed a

government-directed takeover of troubled
lender HBOS, creating Lloyds Banking Group
2 Mar 2009 Government takes 21bn stake in
Lloyds as part of rescue package
3 Mar 2011 Former Santander banker Antnio
Horta Osrio appointed Lloyds chief
4 Sep 2013 Treasury raises 3.2bn from its
first Lloyds share sale
5 Jun 2014 Lloyds floats a chunk of retail arm
TSB, a condition of its government bailout
6 Oct 2015 Government announces
long-awaited plans for retail investor share
offering

Lloyds
Banking
Group

2007

08

Printed by:
St Clements Press (1988) Ltd, London, Newsprinters
(Knowsley) Limited, Merseyside, Newsprinters
(Eurocentral) Glasgow, and Smurfit Kappa News
Press Ld, Kells, Ireland
Copyright The Financial Times Limited 2015. All
rights reserved. Reproduction of the contents of this

50

0
09

10

11

12

13

14

15

Per cent
100

100
Other*
Investment & Unit trusts

80

80

Pension funds

60

60

40

Insurance companies

40

20

Individuals

20

Overseas

1963

70

80

90

2000

10

14

FT graphic Source: Thomson Reuters Datastream; ONS * Banks, companies, charities, public sector

Investors

Sale is a
litmus test
of publics
appetite for
banks

The forthcoming retail sale of at least

2bn of Lloyds shares will test individual
shareholders appetite for buying into
the recovering lender. It already has 2.8m
private investors, the broadest
shareholder base of any UK company,
but the financial crisis and the payment
protection insurance scandal have
stretched investors patience with banks.
The government is clearly doing its
best to make the offer as attractive as
possible to the retail investor, given the
structure it has put in place, said Russ
Mould, investment director at AJ Bell
Youinvest, an online investment service.
UK retail investors will receive a 5 per
cent discount to the market price, plus
one bonus share for every 10 they hold
for more than a year, up to the value of
200 benefits not available to
institutional investors. Buyers of less
than 1,000 of shares will take priority.
Laith Khalaf, senior analyst at
Hargreaves Lansdown, said Lloyds was
already the most popular share among
customers of its fund supermarket who
have chosen to keep their pension
savings invested after retirement.
Wild horses couldnt drag investors
away from this share sale, especially
given the discounted price and the
dividend stream Lloyds is expected to
start churning out, he said.
But others sounded a note of caution.
Jason Hollands, managing director at the
wealth manager Tilney Bestinvest, said:
The public has a very negative view of
banks across the board. This is a test of

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whether [Lloyds] can cut through that.

Self-directed investors using
Hargreaves Lansdown and its rivals are
among those who helped push up
individual share ownership to 12 per cent
of UK markets in 2014. The privatisation
of postal operator Royal Mail in 2013
helped to revive individual share
ownership; Hargreaves Lansdown, the
UKs biggest online investment platform,
gained more than 25,000 customers
thanks to the float. Analysts said, in the
current low-yield environment, investors
are likely to be drawn to the Lloyds offer
by a projected dividend yield of 3.5 per
cent this year and 5 per cent in 2016.
Growth is likely to be limited, as the
UK is a mature and tightly regulated
market, and cost-cutting can only take
the bank so far, said Mr Mould.
Institutional investors who bought at
the start of the governments drip-feed
in 2013 were able to take advantage of a
19 per cent rise in the banks share price
before it dropped back amid market falls
this summer. But Mr Khalaf said retail
investors should not feel disadvantaged.
Through institutional sales [the
government] has been able to bank a
tidy profit and its that position of
strength that enabled it to make a retail
offer at such generous terms, he said.
Would-be investors can register their
interest on a website set up by the
Treasury. When Royal Mail went public,
investors could buy either through the
government or authorised
intermediaries. Judith Evans

newspaper in any manner is not permitted without

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We are
selling to . . .
people who
are going to
have a chance
to get
something
back having
put all that
money in

Q&A
The pros and
cons of buying
Lloyds Banking
Group shares
ft.com/banks

technical support versus the alternative

of selling all remaining shares into the
market via the drip.
People applying to invest less than
1,000 will be given priority in the retail
offering, underlining the chancellors
desire to spread the shares as widely as
possible. We are selling Lloyds shares to
members of the public . . . small investors, people who are going to have a
chance to get something back having put
all that money in under the last Labour
government,MrOsbornetoldITV.
The share sale is expected to happen
in March, a few weeks after Lloyds
reports annual results.
Lloyds aims to increase its appeal to
investors by regaining its place as one of
the biggest dividend payers in the FTSE
100 index. Yet some analysts are concerned that it could be hit by a reversal
in the UK housing market amid expectations that the Bank of England is edging closer to raising interest rates.
Chirantan Barua, an analyst at Bernstein, said: If you have a house price
correction it will have a big impact on
Lloyds capital and on the share price.
He added that 27 per cent of Lloyds
mortgage book had a loan-to-value ratio
of more than 70 per cent, which meant
borrowers would be in negative equity if
the value of their houses fell by a third.
A Lloyds retail offering is likely to act
as a dress rehearsal for a much bigger
sale of shares in Royal Bank of Scotland
after its privatisation started in August.
Additional reporting by Josh Noble
Lombard page 26

Scotland Yard has accused social media

companies of undermining counterterror investigations by tipping off
those under surveillance that police
have asked to see their web data.
Mark Rowley, the UKs most senior
counterterror officer, described the
technology sector as an immature
industry that had not yet grasped the
social responsibilities of hosting mass
communication platforms.
In the real world, if someone was to
open a shopping centre in London with a
fantastic new business model that made
them large amounts of profit, but also
provided a safe operating environment
for criminals or terrorists, we wouldnt
allow it, he told an audience at the
Royal United Services Institute. Yet to
some degree, thats whats going on in
the virtual world.
The Metropolitan Police assistant
commissioner warned that, at a time of
advanced and increasingly complex terror threats against the UK, his officers
were battling a fragmented and highly
variable level of co-operation from
social media providers, which created a
growing number of blind spots in the
evidence and intelligence available.
Some [companies] refuse to assist,
for some its part of their strategy, they
design their products in full recognition
that they will be unable to help us
because of the way they design them,
he said yesterday.
And some simply undermine us, by
adopting a policy that if they supply
data to us, they will tell the subject that
they have done that.
While the police chief refused to name
specific companies, Facebook has been
criticised by MPs on the parliamentary
intelligence and security committee for
failing to pass on information that could
have helped prevent the murder of British soldier Lee Rigby by Islamist terrorists two years ago. It emerged during the
committees investigation that months
before the attack in Woolwich, London,
one of the perpetrators had used the
social networking site to express his
intent to murder a soldier in the most
graphic and emotive manner. The MPs
suggested that the refusal to disclose this
information to police effectively created
asafehavenforterrorists.
Mr Rowley said that in contrast to
internet companies, banks and financial
service providers operated according to
the well-established principle that
they would make reasonable endeavours to spot corrupt or dishonest monies going through their system and
proactively report these to the police.
They [banks] have no problem with
the principle that what goes through
their pipes, they have some duties of due
diligence on, he said. Thats a much
older sector, were still wrestling with
that on the communications and social
media sector some are more constructive and see themselves having a social
responsibility for what goes on their
platforms,andsomedonot.
The Home Office is renewing efforts to
pass controversial legislation that would
allow police and security services access
to criminals communications data.
Home secretary Theresa May is determinedto drivethroughthenewlaw.

Service sector

Taxi rivalry

Weak data add to evidence

growth cooled over summer

High Court to rule on whether

Uber app breaks metering law

EMILY CADMAN

Published by: The Financial Times Limited,

Number One Southwark Bridge,
London SE1 9 HL, United Kingdom.
Tel: 020 7873 3000; Fax: 020 7407 5700
Editor: Lionel Barber

200

A private bank unlike

any other.

Number One Southwark Bridge, London SE1 9HL

250

100

Share price
(pence)

When Royal Mail went public,

investors could buy either
directly through the
government or authorised
intermediaries

FINANCIAL TIMES

300

Activity in the service sector, the

engine of the countrys economy,
slowed to its slowest rate for more than
two years in September.
The unexpectedly weak data add to evidence that economic growth has cooled
over the summer.
The Markit/Cips survey of purchasing
managers fell to 53.3, from 55.6 in
August, the weakest result since April
2013. While any reading above 50 indicates activity is increasing, the index
has now fallen by more than four points
in two months.
Elizabeth Martins, economist at
HSBC, said the data were a disappointing, adding it would give pause for
thought to even the most hawkish
members of the Bank of England committee that sets interest rates.
While manufacturing has been hit by
the strong pound and weakness in
exports, the larger service sector
which accounts for more than 75 per
cent of the economy has held up well.

But Chris Williamson, chief economist of Markit, said that yesterdays

data showed the weakness in manufacturing was spreading to the service
sector, hitting transport and other
industrial-related services in particular.
On past performance, the survey is
consistent with quarter-on-quarter
gross domestic product growth of about
0.5 per cent for the third quarter.
Michael Saunders, economist at Citi,
said that the surveys suggest growth
remains comfortably positive, but no
better than average.
But Mr Williamson argued there was a
strong likelihood the slowdown could
intensify, pointing out that collectively
the three PMI surveys services, construction and manufacturing
recorded the weakest prospects of new
business for two and a half years.
Companies surveyed reported an
increased reluctance from clients to
place orders and a rise in costs linked
to higher wages but the prices they
charge remained stable, indicating that
margins may be taking a hit.

JANE CROFT

Londons transport authority yesterday asked the High Court to rule on

whether the taxi-hailing app Uber
breaks the law, in a case that could have
wide-ranging implications for the
industry.
Mr Justice Ouseley must decide whether
the smartphone app can be legally
classed as a taximeter, which is permitted in black cabs only.
Ubers app allows customers to call
cars from anywhere and black cab drivers have claimed that the way it calculates fares is equivalent to taxi metering
and therefore breaks the law. Uber has
seen massive growth in London, causing
anger among black cab drivers.
Martin Chamberlain QC, barrister for
Transport for London, told the High
Court the issue in question was a difficult one and TfL was bringing the case in
its capacity as a regulator of taxis.
The object is to obtain an answer to a
difficult legal question. Only a court can
answer the question, he said. TfL said

in written arguments submitted to the

court before the hearing that it considered Uber drivers who used the smartphone app had not broken the law.
However, it acknowledged that the
contrary is arguable and that the
question is an important one from the
perspective of its own regulatory function.
Mr Chamberlain told the court that if
it took a different view, TfL would
ensure the law was enforced.
Transport for London has brought the
High Court case against Uber, the
Licensed Taxi Drivers Association and
Licensed Private Hire Car Association.
Uber said: We believe the Uber app
on a partner-drivers phone is not a taximeter, and TfL the regulator shares
this view. We are looking forward to getting binding clarity on this issue in the
High Court. However, the outcome of
the case would not affect Ubers licence
in London, or its ability to operate here.
The hearing is due to last two days
although a ruling is expected to be
reserved.

Tuesday 6 October 2015

FINANCIAL TIMES

CONSERVATIVE CONFERENCE
Crossing boundaries

Devolution

Osborne swaggers on to centre ground

Whitehall
to let town
halls keep
business rates

Chancellor seeks to drive

Labour party further
towards political fringes
GEORGE PARKER POLITICAL EDITOR

George Osborne yesterday stepped up

his swaggering incursion into the political centre ground, stealing Labour policies, Labour slogans and even former
Labour ministers to reinforce the Tory
claim to be the true workers party.
The chancellor has told colleagues
that Labours move to the left under Jeremy Corbyn has given the Conservatives a historic opportunity to occupy
enemy territory, a Tory land grab last
performed by Margaret Thatcher in the
1980s.
Tory ministers are under instruction
to use the expression common ground
in preference to centre ground, but the
purpose is the same: to drive Labour
further to the political fringes.

Mr Osborne used his conference

speech in Manchester as a signal of
intent, including a rare personal admission that he had changed in office and
had come to realise that an active state
could be part of the solution.
Ive always been able to see the problems with government. Now I understand too the power of government to
drive incredible, positive change, he
said.
To illustrate his conversion to active
government, Mr Osborne staged an
audacious piece of political cross-dressing in front of his traditional Tory audience. His arrival on the stage was
announced by a short film showing the
chancellor announcing a national living
wage a Labour policy and signing
devolution deals with Labour council
leaders in the north.
He then announced the creation of a
national infrastructure commission a
policy drawn up by Labours former
shadow chancellor Ed Balls and put

former Labour transport secretary Lord

Adonis in charge of it.
The denouement was a promise to
hand over control of business rates to
local authorities, a policy straight out of
the Labour manifesto. Power to the
people, he declared. The devolution

Its a long way to go

until Cameron goes
the favourites
dont always win
revolution has begun. Mr Osbornes
self-confidence and political ascent is
the talk of the conference; David Camerons decision to end his premiership
by 2020 has created an almost palpable
shift of power.
Mr Osbornes speech sounded like a
prospectus for power beyond the 2020
election, filled with long-term aspirations about the Tories being the build-

ers of a new Britain, harnessed to a

China that is vital for our future.
The chancellor is now so emboldened
that he cheerfully admits to stealing policies from Labour while taking the fight
to the Tory shires at his own conference,
including his own Cheshire constituents
who oppose the HS2 rail link.
I respect their opposition but I
respectfully disagree, he said. Where
would Britain be if we had never built
railways or runways, power stations or
new homes? Where will we be in the
future if we stop building them now?
Like Tony Blair (still revered by Mr
Osborne for his mastery of the centre
ground), the chancellor now operates
across traditional political boundaries.
Tory ministers privately wonder
whether Mr Osborne may have peaked
too early. Its a long way to go until
Cameron goes the favourites dont
always win, said one minister. Another
pointed out that Mr Osbornes fortunes
rose with the economic recovery and

were equally vulnerable to a downturn.

The chancellors political audacity, combined with a feeble Labour opposition,
could prove a risky combination.
And for all Mr Osbornes willingness
to adopt Labour policies and to deploy
centrist rhetoric, he is still pursuing austerity policies that will hit public services and remove tax credits from working families, a policy The Sun on Sunday
called bonkers.
Boris Johnson, who will deliver a One
Nation message to the conference
today, believes Mr Osborne has overreached himself. The anti-austerity protests in the streets of Manchester on
Sunday suggest the chancellor remains
a divisive figure.
For now, Mr Osborne is a magnetic
force at this Tory conference, dominating the headlines, grabbing attention.
The future favours the bold, he said
yesterday. It was not difficult to work
out to whom he was referring.
Janan Ganesh page 15

State planning. Capital projects

Infrastructure vision receives mixed reception

Critics wonder whether
commission led by Lord
Adonis will have real power
GILL PLIMMER AND JIM PICKARD

Lord Adonis, the new chairman of the

governments independent infrastructure commission, has been given the
task of drawing up detailed plans for a
trio of large schemes in time for the next
Budget.
The former Labour transport secretary has been asked to draft proposals
for Crossrail 2, the High Speed 3 rail
project and improvements to Britains
energy storage. All are likely to feature
in George Osbornes Budget speech in
the spring.
However, plans for the new commission, which is designed to guide the government on long-term infrastructure
planning, were given a mixed reception
yesterday as experts questioned
whether it would have real power to
make big decisions. Doubts were also
raised over the effectiveness of proposals to pool and then tap into local
authority pension funds.
The construction industry has
become increasingly frustrated by the
shortage of new projects ready for
shovels to hit the ground. Since Mr
Osborne became chancellor in 2010
with a promise to kick-start various
projects to drag the economy out of
recession, infrastructure investment
has fallen by 5.4 per cent.
The new commission the idea for
which was first presented by Ed Balls,
former Labour shadow chancellor
will have up to 40 staff and be based in
its own offices rather than inside the
Treasury. Lord Adonis will remain a
member of the Labour party but will be
a cross-bencher in the House of Lords.
Mr Osborne said the commission
would dispassionately decide what
projects Britain most needed and would
hold any governments feet to the fire
if it failed to deliver.
In reality, however, any big infrastructure decisions will still be made by the
government and will therefore remain
subject to the political vagaries of the
election cycle. The commission will look
at projects only in their earliest stages
and will stay out of the argument over
airport expansion in the south-east.
In addition, the Treasury already has
a national infrastructure plan, which
is updated every year and features hundreds of projects at different stages. It
has not yet been decided whether
responsibility for that plan will be given

On track:
George Osborne
inspects work
on the newly
electrified line
outside
Manchesters
Victoria station
yesterday
Stefan Rousseau/PA

to the Adonis commission or remain

where it is.
With crucial projects stalled such as
the new nuclear power station at Hinkley Point, Somerset and arguments
over Heathrow versus Gatwick rumbling on, the CBI employers body issued
a terse response to the commissions
creation, calling on the government to
get on with a decision on airport capacity by the end of the year.
Mr Osborne was expected to
announce 100m of preliminary money

Public sector infrastructure

investment
bn

Forecasts

80
60

OECD target
(3.5% of GDP)

40
20
0
2010 11 12 13 14 15 16 17 18 19
Source: House of Commons library

for Crossrail 2 in his Summer Budget but

the announcement was withheld, say
sources familiar with the plan.
John Cridland, CBI director-general,
said: This new commission is welcome
but we must not duck the important
infrastructure decisions that need
taking now, particularly on expanding
aviation capacity in the south-east.
With little in the way of public funds
available, the government has sought
investment from other quarters ranging
from the Chinese state to pension funds.
Yesterday Mr Osborne announced 89
local authority pension funds would be
pooled into six British wealth funds
with assets of more than 25bn each, in
the hope that they will then have the
scale to invest in infrastructure
schemes.
But Richard Abadie, head of infrastructure at PwC, the consultancy, said
the move was irrelevant for infrastructure projects. Although it is good that
local authorities are merging pension
funds, it is not necessarily going to result
in new investment in infrastructure.
Experts also caution that putting state
pensions into infrastructure could
potentially prompt accusations of porkbarrel politics if they were not invested
equally across areas of different political

Redcar risks
One of the key
suppliers to the
mothballed
Redcar iron and
steelmaking
complex in
north-east
England has
warned a further
150 jobs and
4m in operating
profit are at risk
ft.com/industry

control. Arthur Rakowski, executive

director at Macquarie Infrastructure
and Real Assets, said the practicalities of
the wealth funds idea were challenging, adding: It, rightly, does not compel the funds to invest in anything.
Pension funds are traditionally wary
of taking on the risk presented by construction projects, investing almost
exclusively in operational assets that
offer a steady income stream.
Plans to raise up to 20bn over a
decade from pension funds to help pay
for a shopping list of 500 building
projects were at the heart of the first
infrastructure plan in 2011. So far, this
idea has raised only 1bn, which has
been allocated to a mix of existing
projects and some new ones.
The government also announced yesterday up to 5bn to be invested in
infrastructure funded by cash from
sales of the land, buildings and other
[state] assets.
Richard Laudy, partner in infrastructure at Pinsent Masons, the law firm,
said the money was welcome but added
it was nothing like enough to tackle our
infrastructure deficit, which has accumulated over years of under-investment by successive governments.
Editorial Comment page 14

JOHN MCDERMOTT, JIM PICKARD,

ANDREW BOUNDS AND SARAH GORDON

The chancellor yesterday announced

the biggest shift in financial control
from Whitehall to town halls in decades, pledging that local areas will fully
benefit from growth in their business
rates in the latest phase of his devolution revolution.
George Osborne said he would overhaul
the system of local government finance
introduced by Margaret Thatcher in
1990, vowing that he would also give
councils the power to cut but not raise
business rates, a uniform tax on the
value of business premises.
Speaking to the Conservative party
conference in Manchester, he said that
the changes amounted to the largest
transfer of financial power to local government in living memory.
Under the current system, the 26bn
raised in business rates every year are
collected by local authorities, with some
effectively retained by councils and the
rest redistributed by the Treasury in the
form of direct grants, which will now be
phased out by 2020.
Those grants are subject to adjustments partly relating to demographics.
Mr Osborne said these adjustments
would remain in the first year of the policy but would then be frozen, becoming
gradually less significant as councils
kept all the real growth in revenue as
incomefrombusinessratesrises.
Business and local leaders cautiously
welcomed the proposals, while other
observers questioned whether they
would widen the gap between poor and
rich parts of England and Wales.
The incentives of Mr Osbornes plan
inevitably means some places will do
better than others, said Andrew Carter,
deputy chief executive of the Centre for
Cities. The think-tank suggests that
areas such as Reading, Bristol, Milton
Keynes, Portsmouth and Bournemouth
stand to gain from the changes, while
Birmingham, Liverpool, Bradford and
Middlesborough will lose out.
John Cridland, head of the CBI business lobby group, said the idea echoed
the big supply-side reforms initiated by
Margaret Thatcher. This is really bold,
he said. Sir Richard Leese, leader of
Manchester city council, said: In principle we are in favour . . . [but] theres a
question of how its done and that comes
to the detail.
Gary Porter, chairman of the Local
Government Association, said it was
great news as it would allow councils
to attract shops and businesses, but
called for local authorities to be able to
raise business rates as well as cut them.
Under Mr Osbornes proposals, only
cities with directly elected mayors will
be able to increase business rates, by levying a premium of up to 2p on the rate to
pay for infrastructure, in a similar way to
how London raised part of the money for
the Crossrail line. The Treasury said that
any premium would require the support
of an areas local enterprise partnership,
anetworkoflocalbusinessleaders.
It shifts more of the incentives to
local authorities, but this means they
will carry more of the risks too, said
David Phillips, senior research economist at the Institute for Fiscal Studies.
Mr Philips said the changes will benefit faster growing authorities and hurt
slower growing ones, adding that the
new system may introduce tax competition among councils.
Christian Spence, of the Greater Manchester Chamber of Commerce, agreed
that there would be winners and losers.
This will increase incentives for local
authorities to promote business growth
in their area, but this could also have a
significant impact on local authority
revenues, particularly in areas of
weaker or little economic growth.
The Treasury said its effects would be
reviewed after five years.

Brexit

IoD calls on Cameron to accelerate EU referendum to avoid a whack the political elite attack
ALEX BARKER AND SARAH GORDON

Business is pressing David Cameron to

accelerate plans for an EU referendum,
warning that delaying the vote to 2017
would leave the in campaign more vulnerable to a whack the political elite
message.
Simon Walker, director-general of the
influential Institute of Directors, called
for a plebiscite in 2016 and said there
was at least a 50-50 possibility that
voters will vote to leave the bloc an
assessment shared by some cabinet
ministers.
The prime ministers negotiating
team is still aiming to secure EU reforms
and call an early referendum. But con-

cerns are rising in Brussels that negotiations have stalled, in part due to the refugee crisis in Europe, making it hard to
deliver a deal by Christmas, the original
target.
Countries such as France are urging
the UK to put pen to paper and outline
reform plans, a step ministers are reluctant to take for fear of leaving the ideas
exposed to attack from the out campaign before they are even agreed. I
have no sense of the detailed British proposal, said one senior EU diplomat.
They give me themes and no details.
They are running out of time.
The strategy of waiting to present
Britains final wishlist has helped Mr
Cameron with party discipline. While

Europe debates at the Tory party conference at Manchester are packed

reflecting the enduring interest among
the party faithful efforts to contain
division over the issue have so far
largely prevailed.
Today, however, two potential explosive European court judgments could
stir discontent, touching raw nerves in
the party over migrants access to benefits and the right of prisoners to vote.
Downing Street has indicated that any
adverse ruling will not change Mr Camerons view that prisoner voting must be
restricted. But it would be an unwelcome reminder that even if Britain
abandons the European Court of
Human Rights, the fundamental rights

can still be enforced via the EUs top

judges.
The limited statements made on
Europe by Mr Cameron and his negotiating team in Manchester have been

David Cameron listens to George

Osborne yesterday in Manchester

reserved and non-confrontational, with

an emphasis on the benefits to EU membership. Mr Cameron in particular
stressed the lasting benefits of the single
market and the advantage of sitting
round that table in Brussels to set rules
a change of tone that has heartened
some business leaders.
Those advising Mr Cameron on the
referendum have noted the sensitivity
of public opinion to events on the continent, particularly the migration crisis.
The prospect of hundreds of thousands
of people attempting to journey to
Europe next year is causing concern
over the timing of the referendum, raising the potential for a June 2016 vote,
before the summer peak in migration.

For tactical reasons British officials

are not accelerating negotiations,
because they want to ensure all their
demands are met, rather than watered
down over time. Ministers are wary that
the out campaign is trying to raise the
bar on reform as Britain is engaged in
negotiations.
Out campaigners, meanwhile, are
stressing that Mr Cameron should take
his time to achieve ambitious reforms.
At a fringe event at conference, Matthew Elliott, head of Business for Britain
and a leading figure in the out campaign,
urged Mr Cameron to deliver on promises to see powers flowing back to
member states, such as national parliaments winning veto rights.

FINANCIAL TIMES

Tuesday 6 October 2015

INTERNATIONAL
OECD initiative

Global crackdown on company tax avoidance unveiled

More than 60 governments
agree to overhaul of
rules on taxing profits
VANESSA HOULDER LONDON

Sweeping plans for a global crackdown

on corporate tax avoidance were
unveiled yesterday after more than 60
governments agreed the first big overhaul of the rules for taxing profits for
nearly a century.
The proposals to improve transparency, close loopholes and restrict the
use of tax havens are the culmination of
an ambitious international project
launched two years ago by G20 governments in response to surging public

anger over corporate tax avoidance.

Angel Gurra, secretary-general of the
Paris-based OECD group of mainly rich
nations, which has overseen the
so-called base erosion and profits-shifting (Beps) project, said the degree of
consensus achieved was quite remarkable.
It is like building a cathedral, except
instead of taking three centuries, it took
two years, Mr Gurra said.
Richard Collier, a partner at PwC, the
professional services firm, praised the
OECD for achieving a larger degree of
consensus than expected.
The package, which will be presented
to finance ministers in Lima, Peru, this
week, contains the OECDs first estimate
for the potential lost revenuesfromcom-

paniesusingBeps.Itscalculations,which
it said were conservative, indicated that
tax revenues lost from Beps were 4-10
per cent of global corporate tax revenues, equivalent to $100bn-$240bn a
year. The impact was particularly damagingfor developingcountries,itadded.
Pascal Saint-Amans, the OECDs top
tax official, described the package of
measures as a sea-change which is
already having a significant behavioural
impact on taxpayers.
About two-thirds of businesses indicated plans to review their structures
ahead of the Beps regulations, according
to a recent survey across 35 countries by
Thomson Reuters, the data provider.
The Business and Industry Advisory
Committee, which represents business

at the OECD, agreed the Beps project

needed to happen, but added that further work was required on changes to
the permanent establishment rules,
which determine whether a company

Its a sea-change which is

already having a
significant behavioural
impact on taxpayers
has a taxable presence in a country.
In addition, it said more attention
should be given to aspects of the transfer pricing rules the pricing of transactions between different arms of multinationals. It also raised feared that some

Federal Reserve

of the proposals would lead to double

taxation that would harm cross-border
economic growth.
The Beps Monitoring Group, a network of tax justice campaigners, criticised the package for mainly patching
up the existing system and called for a
fundamental rethink so that multinationals were taxed as though they were a
single entity rather than a loose collection of independent companies.
Much remains to be done to construct an international tax system fit for
the 21st century, the group added.
Some of the new rules, such as changes
to transfer pricing guidelines, will be
adopted immediately by some governments. Others, such as provisions to stop
treaty shopping the improper use of

treaties to avoid tax, will require changes

to thousands of tax treaties. About 90
countries are involved in developing a
multilateral instrument to speed up the
processofamendingthetreaties.
All the OECD and G20 countries have
agreed to adopt the new rules on
preventing treaty shopping, fighting
harmful tax practices, improving dispute resolution and implementing
country-by-country reporting, which
will give tax authorities information on
where companies make their profits
and pay their taxes.
For some of the other measures, such
as restricting the generosity of tax relief
for interest deductions, countries have
agreed a general tax policy direction.
Editorial Comment page 14

Inflation worries

Bernanke attacks Capitol Hill over crisis role Japans central bank

chief weighs up
policy-easing options

SAM FLEMING WASHINGTON

The former chairman of the Federal

Reserve has hit out at Congress for failing to do its part to bolster Americas
rebound from the financial crisis, saying the US central bank had been
unfairly criticised when the recovery
failed to lift all boats.
In his newly published memoir, Ben
Bernanke admitted the Fed had failed to
spot some of the dangers building before
the financial crash, and said that the
controversial rescues of Bear Stearns
and the insurance company AIG had
damaged its political standing and created new risks to its independence.
As suggested by the title of his book,
The Courage to Act, Mr Bernanke argues
that the Feds policies under his leadership were justified and helped usher in a
stronger recovery than in many other
countries. He draws a sharp contrast
with the euro area, where monetary and
fiscal policies had been much tighter
than demanded by economic conditions, helping explain the miserable
recovery in that economic bloc.
Mr Bernanke levels frequent criticism
at Congress in the book, calling for less
confrontation and implicitly contrasting the bitter partisanship on Capitol
Hill with a collegiate, consensus-building approach within the Fed. The publication comes as Congress struggles to
reach agreement on budget plans that
would ensure highway building is
funded and avoid a punishing fiscal
clampdown after temporary spending
measures lapse in December.
Mr Bernanke writes: The Fed can
support overall job growth during an
economic recovery, but it has no power
to address the quality of education, the
pace of technological innovation, and
other factors that determine if the jobs
being created are good jobs with high
wages.
Thats why I often said that monetary policy was not a panacea we
needed Congress to do its part. After the
crisis calmed, that help was not forthcoming. When the recovery predictably
failed to lift all boats, the Fed often, I
believe unfairly, took the criticism.
Mr Bernanke argues the US is wellplaced economically compared with
many of its partners, in part because of
more favourable demographics and a
record for technological innovation.
But, he concludes: If government is
to play its vital role in creating a successful economy, we must restore comity,

ROBIN HARDING TOKYO

When Bank of Japan governor

Haruhiko Kuroda faces a press conference this week he will be under more
pressure than at any time since last
October when the central bank massively expanded its asset purchases.

Looking for
work: a jobs fair
in Michigan.
Ben Bernanke,
right, says the
Fed can support
jobs growth but
has no power
over the quality
of those jobs
Laura McDermott/Bloomberg

compromise and openness to evidence.

Without that, the American economy
will fall tragically short of its extraordinary potential.
In the memoir, Mr Bernanke traces
his background in the South Carolina
town of Dillon, to his arrival in Washington as a quiet, reserved professor
with a research background that proved
to be quite useful in a financial crisis.
Since leaving the Fed he signed on as
an adviser to one of Wall Streets biggest
hedge funds, Citadel, as well as asset
manager Pimco.
Mr Bernanke opens his book not
with the US authorities decision to
preside over the bankruptcy of Lehman Brothers, but with the Feds
subsequent rescue of AIG, whose
trillion-dollar insurance operation
reached across 130 countries.
Describing the work of manag-

ing the crisis as being like juggling hand

grenades, he recalls that he seethed
over the irresponsibility of AIG executives. In an interview with USA Today
on Sunday, Mr Bernanke added that
there should have been more individual
accountability for the financial failures
during the crisis.
He argues in the book that invoking
worries about moral hazard in the middle of a crisis would have been misguided and dangerous. Mr Bernanke
defends the Feds financial interventions, as well as its monetary policy
rescue, which involved cutting
rates to near-zero and a vast
bonds purchase programme.
He reserves particular criticism for the Republican party,
saying he lost patience with its
susceptibility to the knownothingism of the far right.

Few analysts expect a move tomorrow,

but the data on Japans economy have
weakened in the past few weeks, creating expectations of policy easing when
the BoJ updates its economic forecasts
on October 30.
Action remains a close call. BoJ officials are more optimistic about the outlook than external observers and there
are tactical reasons to wait, not least to
see how large a fiscal stimulus the government provides.
But maintaining public confidence in
the BoJs willingness and ability to get
inflation to 2 per cent is crucial to Mr
Kuroda. With Japans economy suffering a shock from Chinas slowdown, he
may be forced to react.
According to a Bloomberg survey, 17
out of 36 economists now expect the BoJ
to move in October, up from 13 last
month. Two developments have tipped
the scales.
First, was a fall in industrial production, raising the likelihood Japan is in a
technical recession, which could be confirmed by growth data in mid-November. Second, Mr Kuroda has devoted
speech after speech this year to arguing
that BoJ policy works by raising public
expectations of future inflation. Yet in
the last few weeks those expectations
have fallen notably.
According to a new question tacked
on to the BoJs Tankan survey last year,
corporate inflation expectations fell last
quarter for every size of business, across
every time horizon.
Expectations for cumulative price
rises over the next five years fell to 1.8
per cent from 2.1 per cent. Consumer
surveys and bond markets show similar
trends. Failure to act would raise questions about Mr Kurodas credibility.
The inflation expectations data were
the last straw for Barclays economist
Kyohei Morita, who brought his forecast
for BoJ action forward to October.
The underlying price trend looks

firm, but we now expect the BoJ to ease

in October to address risks in inflation
expectations, pricing behaviour and the
economy, he argues.
The BoJs most obvious easing option
is more asset purchases. Despite the
doubts of some market participants, BoJ
officials do not think there is any practical obstacle to buying faster than the
current pace of Y80tn ($665bn) a year.
It could also expand the scope of purchases to assets such as local government debt, buy longer-term securities,
as the US Federal Reserve did under
Operation Twist, or particularly likely
given recent market falls buy more
exchange traded funds tracking the Japanese stock market.
We expect the BoJ will do more of the
same increasing the pace of purchases

We now expect the BoJ to

ease in October to address
risks in inflation
Kyohei Morita, Barclays
and buying more ETFs, says Kiichi
Murashima, Citi analyst.
But there are considerable risks to the
BoJ in ramping up its already massive
programme of asset purchases just a little further. A nightmare scenario would
be to act and get little market or public
response.
Further expansion of the BoJs balance sheet is unlikely to have a meaningful effect on growth and inflation,
says Mr Murashima. There is a tradeoff between how quickly they decide on
easing and what kind of measures they
will take.
Mr Murashima suggests that if the BoJ
delays until November it might take
more radical action. One option is to cut
the 0.1 per cent interest rate paid on
bank reserves or follow European central banks and make it negative, but
many BoJ officials are sceptical.
Alternatives include capping yields
on some government bonds in
essence a promise to buy unlimited
amounts at that level or using communications policy to signal how long
the BoJ will keep buying assets or hold
interest rates at zero.

Economic slowdown

Chile dilutes reforms in face of plummeting copper price

BENEDICT MANDER SANTIAGO

President Michelle Bachelet is watering

down an ambitious reform programme
in Chile, in the face of a gloomy economic scenario as the country adjusts
to the end of the commodity boom.
But despite a mildly contractionary
budget presented to Congress last week,
finance minister Rodrigo Valds
insisted that the government would
plough ahead, albeit more cautiously,
with costly reforms that are necessary to
sustain economic prosperity that has
long been the envy of Latin America.
It would be delusional and a bit naive
to think that a cabinet reshuffle is going
to shift a centre-left government to the
centre-right, Mr Valds said in an interview with the Financial Times. He was
referring to his appointment in May
during a political crisis triggered by
corruption scandals that has seen Ms
Bachelets popularity ratings sink to
record lows.
I am not here to implement a counter-reform, said the MIT-educated
economist, who has worked at the IMF.
His comments poured cold water on
hopes in the private sector, where

depressed confidence owing to doubt

over the extent of Ms Bachelets reforms
is freezing investment and holding back
recovery.
But Mr Valds recognised that the
governments reform agenda was overly
ambitious given the more complicated
economic moment. Copper prices have
halved since Ms Bachelet was voted
back into power two years ago after
promising to tackle inequality. Growth
in the worlds top copper producer has
fallen from an average of 5.3 per cent
over the past 30 years to 1.9 per cent last
year.
Countries are not built in [a presi-

dential term], but many decades. So we

have to proceed with due caution, taking into account the impact [of the
reforms] on the markets. But we do
want to change society, while recognising the good things that have been done
in the past 25 years, said Mr Valds.
There is broad consensus that education is the key to unlocking Chiles
growth potential. Although Ms Bachelets education reforms are expensive,
Mr Valds said it would be a mistake not
to invest in them because of the
economic slowdown. He argues that
Chiles low debt levels mean there is no
need for fiscal overkill.

Growth in the worlds top copper producer has fallen to 1.9% Rodrigo Garrido/Reuters

But it is Ms Bachelets labour reforms

that are causing the most furore, with
businesses protesting against plans to
boost the power of trade unions.
Although Mr Valds admitted that all
of us have had to make concessions in
shaping the new bill in a nod to the
conflicting demands of the more radical
left wing of the ruling coalition he
insisted that reform was going ahead.
I would say to [the reforms critics],
welcome to the real world. Modern
societies have unions, and they are
going to have to learn how to deal with
that. I can quite understand that some
businesses might not like it, but [without the reform] our social contract is not
sustainable, he said.
He is upbeat about Chiles ability to
turn the corner. We have been faced
with calamities, political shocks and a
big deceleration, but Chile is a sturdy
country, he said, pointing out that the
scale of the political crisis that erupted
this year was impressive given the limited extent of the countrys problems.
Chileans are very intolerant of [economic] inefficiency or financial scandals, and that is a great asset, he said.
We are a very sensible country.

Tuesday 6 October 2015

FINANCIAL TIMES

FINANCIAL TIMES

Tuesday 6 October 2015

INTERNATIONAL
Growing tension

Nato demands Russian jets stop flying over Turkey

Ankara warns of
retaliation as Moscow
blames navigational error
PIOTR ZALEWSKI ISTANBUL
ALEX BARKER MANCHESTER

Nato accused Moscow yesterday of

irresponsible behaviour after Russian
jets violated Turkish airspace along the
border with Syria over the weekend.
Following an emergency meeting of
Nato ambassadors in Brussels, the alliance demanded that Russia immediately cease incursions by its fighter jets,
saying they created extreme danger.
The incidents provoked a sharp

response from Ankara which warned it

would hit back against any repeat violation of its airspace. Russia blamed the
foray on a navigational error.
But on Sunday, Turkeys army
reported that two of its jets had also
been harassed by a MiG-29 while patrolling the border with Syria. The Russianmade MiG had placed the two aircraft
under radar lock for nearly six minutes.
The stand-off underlines the
increased risk of military clashes as Russia steps up its bombing campaign in
areas of Syrian airspace where Nato
allies are also operating.
Russias actions are not contributing
to the security and stability of the
region, said Jens Stoltenberg, Nato sec-

retary-general. I call on Russia to fully

respect Nato airspace and to avoid escalating tensions with the alliance.
Nato convened a meeting of its
ambassadors to discuss the situation.
Although the option was considered,
diplomats at Nato said Turkey had not
invoked an article 4 emergency meeting, a more serious trigger to discuss a
threat to its territorial integrity or stability. Turkey invoked the clause earlier
this year after terrorist attacks.
Turkeys western allies have been
alarmed by the escalation in tensions
with Russia. A senior diplomat said Turkey had suggested it would shoot down
any wayward Russian jets.
This is very worrying, it is heating

up, said one senior official from a Nato

country.
Russias incursion into Turkish airspace is reckless and worrying, said
Richard Moore, the UKs ambassador to
Turkey. [The] UK, and its other Nato
allies, stand shoulder to shoulder with
Turkey.
Some Nato officials, concerned the
alliance could be dragged into an unin-

I call on Russia to respect

Nato airspace and to avoid
escalating tensions
Jens Stoltenberg, Nato

tended incident between Russia and

Turkey, are urging Ankara to come to an
arrangement with Moscow. It is unclear
whether the incident will be put on the
agenda of a planned meeting of Nato
defence ministers in Brussels this week.
Two Turkish F-16s intercepted the
Russian fighter in Turkeys airspace
over the weekend, according to the
Turkish foreign ministry. Turkish
media reports suggested that Ankara
officials were initially unsure whether
the fighter jet belonged to the Syrian or
Russian air force, before determining it
was a model used only by Moscow.
The incident follows days of tension
on the Syrian border. Last week,
another Russian plane violated Turkish

Explainer
The many
sides of the
Syrian conflict

airspace while bombing a Syrian village

near the countrys border. Turkey
responded by scrambling its jets.
Earlier this year, Turkish fighter jets
shot down a Syrian helicopter that had
crossed into their countrys airspace.
Turkey has been vehemently opposed
to Russias intervention in Syria. From
our perspective, the steps Russia is taking and the bombing campaign in Syria
are unacceptable, Recep Tayyip
Erdogan, the countrys president, said
on Sunday. Unfortunately, Russia is
making a very serious mistake.
Russian air strikes, ostensibly against
Isis, have targeted rebel groups opposed
to the Syrian regime, including Ahrar al
Sham, which is backed by Turkey.

A vegetable seller sits amid the

remains of bomb-damaged
buildings in Syrias Idlib province
Ammar Abdullah/Reuters

ROULA KHALAF LONDON

Russia has stepped forcefully into a

Syrian civil war that has confounded
regional and international actors since a
popular uprising in March 2011 challenged the authoritarian rule of the
Assad family.
The evolution of the revolt into a
mostly-Sunni insurgency battling a
regime dominated by the minority Alawite community, an offshoot of Shia
Islam, has turned the country into a battlefield for regional score settling, sectarian bloodletting and international
rivalry.
Within Syria, the fighting pits a range
of mostly Islamist factions against a
series of players on the regime side,
including the Syrian army, fighters from
Lebanons Hizbollah Shia armed group,
Iranian Revolutionary Guards and a
range of pro-regime militia groups.
The rebels are divided between various factions. The main Islamist and
Kurdish groups co-operate but both are
opposed to the regime as well as to Isis,
the strongest insurgent force.
On the regional front, a proxy war is
raging in Syria, with Iran on one side and
Sunni Gulf states on the other.
The graphic on the right maps out the
main regional and international actors,
their attitude towards the forces on the
ground and their relationship with each
other. While all players share the same
goal of defeating Isis, their interests
diverge depending on their attitude
towards the regime of Bashar al-Assad
and towards the complex set of non-Isis
forces lined up against it.

Russia

US

Strongly supports

Saudi Arabia and allies

Strongly supports
Strongly supports

Saudi
Arabia
and Gulf
allies

Iran

Moderate
rebels

Syrian
Kurds

Moderate
rebels

Islamist
rebels

Islamist
rebels

Assad

Saudi Arabia
and Gulf allies

Moderate
rebels

Iran
Syrian Kurds

Iran

Islamist
rebels

Moderate
rebels

Isis

Strongly opposes
Russia is not a new player it is a
long-time ally of Syria and it has been a
main supporter of the Assad regime since
the start of the crisis. But its backing
reached a dramatic new level last week
with direct military intervention against
Isis and other rebel forces.

Islamist
rebels

Syrian Kurds

Isis

Assad

Iran

Strongly opposes

The US leads a coalition of dozens of

countries including many European
states aiming to defeat Isis, and
supports the Gulf states objective of a
change of regime in Damascus. But
Washington has been wary of
co-operating with some of the forces
fighting the regime and Isis, and is eager
to avoid being dragged into the Syrian
quagmire.

Capital requirements

Banks claim ECB rules give rivals advantage

Assad

quences, which would be preoccupying

enough: it may also jeopardise in the
directly coming months the competitiveness of the eurozone banks in securing capital and funding, the chief executives say.
Their push comes as the ECB is finalising additional capital requirements for
the 123 banks it directly oversees. These
standards, which come on top of minimum EU and international rules, stipulate how far banks must fund themselves with loss-absorbing equity, a
measure of financial strength.
In addition to BNP and Deutsche, the
signatory banks include Frances BPCE,
Crdit Agricole and Socit Gnrale,
Spains BBVA and Santander, Italys
UniCredit and ING, based in the Netherlands. The nine banks together have
11.7tn of assets, representing close to
half the eurozone banking systems
23.7tn total.
Mario Draghi, the ECB president, last
month told EU lawmakers that the additional requirements were not intended
to tip the competitive balance, saying:
All efforts have been made to try to

keep the supervisory action on the same

ground as has been done in other jurisdictions, namely the UK.
He also argued that most banks
already have capital levels which are
way above what is being required, and
so the requirements should have little
impact on lending.
But analysts at JPMorgan estimated
last month that Europes biggest banks
would need as much as 26bn in new
capital restraining their ability to lend
or pay dividends if regulators push
ahead with their plans.
One thing that is certain is banks will
be constrained in lending, said Kian
Abouhossein of JPMorgan in last
months report. We see dividend cuts
as the last resort of mitigation action
before capital raises.
According to the bank executives, the
ECB policy will force the largest eurozone banks to have core capital equivalent to 12 per cent of their risk-weighted
assets, compared with 10 per cent for
the biggest US banks.
Additional reporting by James Shotter in
Frankfurt

Isis

Saudi
Arabia
and Gulf Islamist Moderate
rebels
rebels
allies

Strongly opposes

To counter Iranian influence, Sunni Arab

states, mainly Saudi Arabia and Qatar,
have funded and armed Syrias rebels but
have grown alarmed by the rise of Isis
and have joined the US-led coalition
against the jihadi group. Their attitude
towards other hardcore Islamists,
including Jabhat al-Nusra, however, is
more ambiguous, and in some cases
supportive.

Syrian
Kurds

Isis

Assad

Strongly opposes

Syria, historically, has been Irans closest

Arab friend, backing it against Iraq
(a fellow Arab state) during the 19801988 war with Iraq. Iran was quick to lend
its support when the uprising against
Bashar al-Assad erupted in 2011, with
direct involvement through its own
operatives as well as through Hizbollah,
its Lebanese proxy.

Turkey has worked closely with Arab

states and shares their aim the demise
of the Assad regime and their support
for Islamist rebel forces. Ankaras priority,
however, has been to prevent Syrias
Kurds from carving out their own state,
and it has seen them, rather than Isis, as
the main problem among the rebels.

Nobel Prize Trio lauded for parasite diseases work

CLIVE COOKSON LONDON

In an important early challenge to the

policies of the ECBs new bank supervision arm, the chiefs have written to the
regulator arguing that planned additional capital charges go too far and
would choke off lending to businesses,
running counter to the EUs economic
goals.
According to the letter, the euro areas
largest banks would be forced to hold
two percentage points of capital more
than US rivals equal to billions of
euros in additional equity. They say that
this would also place them at a disadvantage to UK rivals.
This gap between eurozone banks
and US, or UK, banks would not only
have structural and long-term conse-

Turkey

Syrian
Kurds

Isis

The heads of Deutsche Bank, BNP Paribas and the seven other biggest lenders
in the euro area have mounted a joint
push against European Central Bank
plans to hit them with tougher rules,
warning that the measures would hand
an advantage to US rivals.

Strongly supports

Assad

Dont look back page 13

Gideon Rachman page 15

JIM BRUNSDEN BRUSSELS

MARTIN ARNOLD LONDON

Iran

The Nobel Prize for medicine has been

shared between three scientists for
groundbreaking work on key drugs
used to fight parasitic diseases one of
whom becomes the first Chinese winner
of the award.
Youyou Tu, who has a background in
traditional Chinese herbal medicine,
discovered the malaria treatment
artemisinin, while Japans Satoshi
Omura and US-based Irishman William
Campbell discovered avermectin, the
first effective treatment for the parasitic
worms that cause river blindness and
lymphatic filariasis.
Their research was several decades
agoandall laureatesarenowintheir80s.
These two discoveries have provided
humankind with powerful new means
to combat these debilitating diseases
that affect hundreds of millions of people annually, the Nobel Assembly said
in its prize announcement. The consequences in terms of improved human
health and reduced suffering are
immeasurable.
Professor Tu has worked at the China

Academy of Traditional Chinese Medicine for 50 years. Conventional treatments for malaria, chloroquine or quinine, were declining in efficacy by the
late 1960s, when she began her search.
A large screen of herbal remedies in
malaria-infected animals suggested that
an extract from the wormwood species
Artemisia annual might work. The
results were inconsistent, so Prof Tu
Prof William
Campbell, one of
three laureates
that includes Prof
Satoshi Omura and
Prof Youyou Tu

read Chinese literature and found clues

in Ge Hongs Handbook of Prescriptions for
Emergencies, written about 300AD. This
guided her effort to extract the active
componentfromtheplant.
She was the first to show that this compound, later called artemisinin, killed
the malaria parasite in infected animals
and in humans without serious side-effects. Today artemisinin is prescribed in
all malaria-affected regions. When used

in combination therapy, it is estimated

to reduce mortality by more than 20 per
cent overall and more than 30 per cent in
children. In Africa alone, more than
100,000 lives are saved annually,
accordingtotheNobelcitation.
Professor Omura, who has carried out
microbiology research at Kitasato University since 1965, looked for new antibiotics by cultivating Streptomyces bacteria, which live in soil. From thousands
of cultures, he selected about 50 of the
most promising for further analysis of
activity against harmful microorganisms. He sent these to Professor Campbell, who worked from 1957 to 1990 at
the Merck Institute for Therapeutic
Research, part of the US drug company.
Prof Campbell found that a component from one of the cultures was
remarkably efficient against parasites in
domestic and farm animals. The bioactiveagent,avermectin,was modifiedtoa
moreeffectivecompound,ivermectin.
In 1987, Merck offered to make ivermectin available free in all regions with
parasitic worms. Treatment has been so
successful that river blindness and lymphatic filariasis are almost eradicated.

FINANCIAL TIMES

Tuesday 6 October 2015

INTERNATIONAL
Europe

City government

Uncertainty grips Portugal after election

Madrid moves
to sever ties
with rating
agencies

Passos Coelho faces

working with centre-left
as outright majority lost

TOBIAS BUCK MADRID

PETER WISE LISBON

Portugal faces a period of political

uncertainty and potential instability
after the centre-right coalition that
steered the country through a painful
bailout emerged from Sundays general
election as the largest political force but
lost its outright majority.
Pedro Passos Coelho, the prime minister whose Forward Portugal (PAF) alliance won 38.3 per cent of the vote, says
he is ready to make concessions on austerity as part of a potential deal with the
opposition Socialists (PS) to prop up a
minority centre-right government.
But after four years in which his
fiscally hawkish administration was
supported by an absolute majority, the
prime minister will now have to contend
with a parliament in which left-ofcentre parties, although deeply divided
among themselves, command a majority of seats.
In contrast to the relative stability
that has characterised Portugal in
recent years, the political backdrop is
set to deteriorate, said Antonio Barroso, an analyst with Teneo Intelligence,
a risk consultancy. While the government might be able to get its first budget
passed in parliament, stability could
become a challenge very soon.
The election had created an
impasse, the Pblico newspaper said
in an editorial yesterday. The government alliance had lost hundreds of
thousands of votes and had little latitude to implement its programme even
if by a miracle it succeeds in getting it
through parliament.
In the next few days, Anbal Cavaco
Silva, Portugals conservative president,
is expected to invite Mr Passos Coelho
to form a new minority government and
sound out the position of the other
parties.
The ruling coalition saw its share of
the vote drop by about 12 percentage
points from just over 50 per cent in the
previous election in 2011. It will control
104 seats in the 230-seat parliament
compared with 136 previously.
Mr Passos Coelho told cheering supporters that although it failed to win a
second absolute majority, his coalition
had emerged the clear victor, despite
having led the country through a
period of national emergency in which
every citizen was called on to make deep
sacrifices.
Antonio Costa, leader of the pro-euro
PS, the main opposition party, faces
potential challenges to his leadership
after failing to mobilise voter resentment over government austerity measures. The PS increased its share of the
vote to 32.4 per cent, from 28 per cent
previously, to win 85 seats, up from 74.
Mr Costa, who only a few months ago

Madrids leftwing city government is

moving to drop the services of credit
rating agencies Standard & Poors and
Fitch, severing a 13-year relationship
that soured recently amid disagreements over the new mayors plan for a
sweeping debt audit.

While the
government
might get its
first budget
passed,
stability
could soon
become a
challenge

had been expected to sweep to victory

on a tide of public anger towards the
government, said he had no plans to
quit. But critics in the party have
already made clear they are likely to
seek a new leader.
Antnio Galamba, a member of the PS
national committee, said in a statement
it was difficult to understand how the
Socialists could lose this election. Mr
Costa had failed disastrously in presenting the PS as an alternative to the
centre-right.
To the left of the PS, the Left Bloc
(BE), a radical anti-establishment forerunner to Greeces Syriza founded in
1999, more than doubled its share of the
vote to 10.2 per cent, electing 19 deputies and overtaking the hardline Communists to become the third largest
political force. The Communists won 17
seats with 8.3 per cent of the vote.
Mr Costa rejected the idea of joining
what he called a negative majority of
the left to vote down the programme of a
minority centre-right government, saying no viable alternative could be
formed within the left-of-centre majority in parliament.
Instead, he set out red lines for government policy that Mr Passos Coelho
would have to accept in return for PS
support for its programme. He identified some of these as easing austerity,
protecting the welfare state and more
public investment in science.

V for victory:
Pedro Passos
Coelho, Portugal
prime minister,
left, celebrates
with deputy
prime minister
Paulo Portas
and supporters
in Lisbon
Pablo Blazquez
Dominguez/Getty Images

Lisbons centre-right prime minister

defies austerity curse in lesson for left
GLOBAL INSIGHT
EUROPE

Tony
Barber

or much of the eurozones 16year existence, the Juncker

curse has hung over political
leaders like some unanswerable prophecy of doom. But
Pedro Passos Coelho, Portugals centreright prime minister, has just shown
that even curses have a natural lifespan.
The Juncker curse takes its name from
Jean-Claude Juncker, the European
Commission president who, in his earlier career as Luxembourgs prime minister, made a perceptive, if bleak quip
about economic reform and election
victories. We all know what to do, he
said of Europes leaders, but we dont
know how to get re-elected once we
have done it.
On Sunday Mr Passos Coelho proved
that, under certain circumstances, a
government that carries out difficult
reforms can indeed win re-election.
His centre-right coalition won about
38.3 per cent of the vote, against 32.4 per
cent for the opposition Socialists, and
will be comfortably the largest bloc in
Portugals new parliament though
without an absolute majority.
For leaders such as Mariano Rajoy,
Spains premier, who will run for reelection in December, and Enda Kenny,
prime minister of Ireland, where a general election is due early next year, the
Portuguese result holds some fascinat-

ing lessons. At the same time, one must

keep in mind that every national political culture in Europe differs in crucial
ways from those next door and across
the street.
Two important variables in Portugals
case were the low credibility of the
mainstream centre-left opposition and
the absence of anti-establishment
movements capable of fragmenting the
vote.
After winning Portugals 2011 election, Mr Passos Coelho faced the task of
implementing reforms and austerity
measures in return for a three-year,
78bn rescue programme devised by
the EU and International Monetary
Fund. His government cut public sector

Despite capitalisms
gravest crisis in 80 years,
voters by and large prefer
centre-right parties
salaries, reduced unemployment benefits, raised taxes, privatised state assets
and implemented other measures
designed to boost growth, stabilise the
public finances and remove doubts
about Portugals ability to stay in the
eurozone.
Mr Passos Coelho fought his second
election campaign from strength, having brought Portugal out of the EU-IMF
intensive care ward. In coming months,
similar considerations ought to in principle boost the electoral prospects of the
Irish and Spanish governments.
On the other hand, Portugals recovery is fairly weak and serious long-term
pressures afflict its economy. Unem-

ployment remains high, at close to 12

per cent of the workforce. It would be
even higher, were it not for the emigration of hundreds of thousands of people
since 2010 to former Portuguese colonies such as Angola and Brazil.
Moreover, Portugals debt outlook is
not entirely reassuring. At the end of
2014, private sector debt was about 240
per cent of economic output and public
debt another 130 per cent. Yet far from
deleveraging, Portuguese consumers
are once again taking out credit and
spending.
The Passos Coelho governments
tough measures and its modest economic growth story gave the Socialists
an opportunity to win the election campaign argument. They failed to do so, for
reasons similar to those that doomed
the Labour party in the UKs parliamentary elections in May.
In economic policy the Portuguese
Socialists are relative moderates, light
years apart from radical leftist parties
such as Syriza in Greece and Podemos in
Spain. But their campaign promises of
tax relief, extra social expenditure and a
dismantling of austerity struck most
Portuguese voters as risky and unaffordable just as Labour in the UK
seemed an unreliable manager of the
economy. In this way, Portugals election result illustrates a wider problem
for Europes centre-left. Despite capitalisms gravest crisis in almost 80 years,
voters by and large prefer centre-right
parties to try and set things straight.
It is time to update the Juncker curse:
The left thinks it knows what to do, but
it does not know how to get elected in
the first place.
tony.barber@ft.com

The prime minister said he was prepared to reach a compromise with the
PS as a moderate pro-European party
that did not share the radical anti-euro
sentiments of other leftwing parties in
parliament.
He said his government planned to
reduce income tax, restore public sector
wages to pre-bailout levels and
strengthen the welfare state, issues analysts said could form the basis for an
understanding with the PS.
However, the prime minister said his
government would not relax its goal of
bringing the budget deficit below 3 per
cent of national output this year, the

minimum level required under eurozone rules.

The most urgent priority, he said, was
to approve the government budget for
2016.
Even if the PS agrees to support the
new governments programme and
2016 budget proposals, analysts said Mr
Costa or a new PS leader could subsequently seek to assert their authority by
refusing to back Mr Passos Coelhos
budget plans for 2017.
An emboldened BE means the PS will
have little incentive to co-operate with a
centre-right minority government for
long, said Mr Barroso.

The city government said yesterday it

was reconsidering its contracts with the
rating agencies, saying it would rather
devote the money to social spending.
Hours earlier, a Spanish radio station
broadcast leaked recordings of recent
encounters between city officials and
rating analysts. Though the recordings
are heavily edited, they highlight the
apparent tensions between the parties.
The threat to break off relations with
the agencies is likely to heighten businesses concerns about the administration of Manuela Carmena, the leftist
mayor of Madrid. Ms Carmena came to
power this year as part of a swing to the
left in local and regional polls. She has
promised to refocus attention on social
spending, and urged Spanish banks to
make available more social housing.
The move represents a public setback
to the ratings industry at a time when
agencies are coming under regulatory
and legal pressure on several fronts
especially over their conduct in the
run-up to the global financial crisis.
The town hall said it was committed
to cut spending in areas that dont offer
direct benefits to citizens and to concentrate all the effort on social spending
and investment. It said it had paid S&P
56,481.55 for its services this year, and
another 50,469.12 to Fitch. In total, the
two agencies had received more than
1m since their first contract with
Madrid in 2002, the city said.
Assuming it follows through, Madrid
will not have an official credit rating as
of next year a potentially serious
obstacle should it decide to tap the capital markets for fresh funding.

FINANCIAL TIMES

Tuesday 6 October 2015 Tuesday 6 October 2015

FINANCIAL TIMES

INTERNATIONAL

INTERNATIONAL

Court hearing

Defence procurement

Former Hong Kong leader

charged with corruption

European bids gain edge

in Australia subs contract

Tsang faces up to seven

years in prison if found
guilty of misconduct

Domestic jobs a big factor

as France and Germany
fight Japan for A$50bn deal

BEN BLAND AND JENNIFER HUGHES

HONG KONG

Donald Tsang, Hong Kongs former

leader, has been charged with misconduct in public office after an investigation into his close links with the citys
tycoons during his seven years in power.
The highest-profile official to be
charged with corruption since Hong
Kong was returned to Chinese control in
1997, Mr Tsang faces a maximum sentence of seven years imprisonment if
found guilty.
The case, which has gripped Hong
Kong at a time of growing political and
economic uncertainty, highlights longrunning concerns about the relationship between the governing elite and the
citys all-powerful tycoons.
Wearing his trademark bow tie and
accompanied by his wife, the 70-yearold former civil servant was mobbed by
journalists and photographers as he
arrived at court yesterday to hear the
charges read out.
Hong Kongs Independent Commission Against Corruption said Mr Tsang,

who was chief executive of the former

British colony from 2005 to 2012, has
been charged on two counts of misconduct that took place between 2010 and
2012.
The first allegation is that he failed to
disclose that he leased a luxury apartment in the southeastern Chinese city of
Shenzhen from a businessman whose
company was awarded a broadcasting
licence. The second is that he failed to
disclose that an architect, whom he
Donald Tsangs
case highlights
concerns over the
relationship
between officials
and tycoons

nominated for a civic award, had

worked on the interior design of the
Shenzhen apartment.
Mr Tsang said he was innocent of the
charges. My conscience is clear, he
said in a statement. I have every confidence that the court will exonerate me
after its proceedings.
At yesterdays hearing he was
released on HK$100,000 bail and will
next appear in court on November 13.
The case is the latest high-level action
brought by Hong Kongs ICAC, which

was founded in 1974 to clean up the

citys then notoriously corrupt police
force. Last year Thomas Kwok, one of
the citys richest property tycoons, was
jailed for five years for bribing one of its
top officials.
The ICAC launched an investigation
into Mr Tsangs dealings as he prepared
to end his term in 2012, following allegations that he had received inappropriate
favours from the citys tycoons, including overseas trips on private jets and
stays on luxury yachts.
Mr Tsang previously said he had
taken some trips on private jets and
yachts while in office but he denied any
conflict of interest.
While prosecutors are taking action
over the apartment allegations, Hong
Kongs justice department said yesterday it was not pursuing any other
charges against Mr Tsang.
The department of justice is satisfied
that there is not sufficient evidence to
justify the commencement of criminal
prosecution in respect of those other
matters reported by the media, it said
in a statement.
A career civil servant in Hong Kong,
Mr Tsang took over as chief executive
after his predecessor, Tung Chee-hwa,
was forced to step down following protests against unpopular policies.

Gambling. Downturn

Night-time in Macau: the government of the former Portuguese colony is considering tougher rules Jerome Favre/Bloomberg

All bets off in Macau as casino

middlemen face hard times
Theft from a promoter has
added to doubts over junket
operators business model
BEN BLAND
SOUTH CHINA CORRESPONDENT

For years, shadowy middlemen known

as junkets fuelled the growth of the
worlds biggest gambling centre, navigating legal restrictions and generating
billions of dollars for Sheldon Adelson
and Steve Wynn, the US casino tycoons,
and their Chinese counterparts.
But gambling promoters in Macau
now face their biggest challenge after
the theft of millions of dollars from Dore
Entertainment, a casino promoter. The
theft shook investor confidence and
prompted street protests at a time when
the corruption crackdown and economic slowdown in China were already
hitting the territory hard.
Now the government of the former
Portuguese colony, the only part of
China where casinos are legal, is considering tougher rules and investors have
been pulling money out of junkets as the
operators warn of hard times ahead.
Youve got junket investors who have
been a little worried about their investments for a while because theyre
watching the market implode, says
Grant Govertsen, an analyst at Union
Gaming Research in Macau. Then
along comes the Dore situation with the
alleged theft and its giving junket investors one more reason to say, Im out.
Hong Kong-listed Neptune, one of the
biggest junket operators, warned it
could withdraw from the business
because it faced pressing concerns,
scrambling to reduce mounting losses
when its financial position is extremely
vulnerable. It said deepening economic fears about China, which have
caused a global stock market sell-off,
were forcing a broad rethinking of our

business strategy. Other junket operators have already started looking away
from Macau, launching casino projects
from Vanuatu to the Cape Verde Islands.
Macaus casinos expanded at a dizzying pace in the decade before President
Xi Jinping launched his fight against corruption in 2013. The junkets played a
vital role in helping gaming revenue hit
a peak of $45bn that year, most of it generated from high-rollers playing in luxurious private rooms. While casinos in
other jurisdictions typically market and
extend credit to these VIP gamblers
themselves, this is not possible in China
because of currency controls, a ban on
the promotion of betting and the fact
that collecting gambling debts is not
legally enforceable.
The junkets, run by listed companies,
celebrities and individuals with underworld connections, overcome restrictions, bringing in as much as 85 per cent
of the VIP business that accounts for
more than half of gaming revenue.
They exist in a grey zone bounded by
risk-based and hands-off Macau government regulation on the one end and
questionable or illegal business methods on the other, Gambling Compliance, a London business that advises
betting companies on regulation, concluded in a report last year. Junkets
defy the spirit of Chinese and Macau
government financial restrictions by

$45bn

1-2%

Revenue from
gaming in
Macau for
2013, a peak

Junket operators
monthly interest
rates offered
to investors

running a de facto cash transfer and/or

lending service.
To raise the vast amounts of cash they
need to fund Chinas high-rollers, junket
operators have looked to private investors and gamblers themselves, offering
monthly interest rates of 1-2 per cent.
But the Dore incident, which involved a
cage manager in charge of payouts to
customers allegedly stealing millions
of dollars, has raised questions about
the sustainability of the industry model.
We dont know if or how quickly well
reach that tipping point where liquidity
is a bigger problem than demand, says
Mr Govertsen. But liquidity represents
a real risk to a further decline in the VIP
business over the coming months.
Kai Tan, an analyst at Macquarie
Securities in Hong Kong, says the bigger
problem for the casino industry in
Macau is dropping demand as business
owners facing declining profits and falling asset prices shun the baccarat tables.
Gaming revenue fell by an annualised
33 per cent to $2.1bn in September, the
16th straight month of shrinkage. We
are still negative on Macau but the main
reason is because of the slowing Chinese
economy and we dont see a recovery
yet, says Mr Tan.
Analysts can only guess at the real
extent of the liquidity pressures facing
junket operators because of their complex and opaque ownership structure
and a lack of publicly available data. But
no one doubts the heat is on as Beijing
continues its anti-corruption drive.
The junkets are going to be under
increasing pressure, says Jeffrey Fiedler of the International Union of Operating Engineers, a US trade union.
I dont think the mainland cares as
much about the gaming industry in
Macau as it does about the survivability
of the Communist party and the relationship of corruption to that survivability. So the mainland is being pretty
tough and I have every expectation that
they will continue to be.

JAMIE SMYTH ADELAIDE

The French bidder vying to build Australias new fleet of submarines is pledging to create thousands of local jobs and
share sensitive military technology, as
the politically charged contest for the
A$50bn (US$35.5bn) contract steps up.
Armed with brochures referencing
Pariss wartime alliances with Canberra,
Sean Costello, chief executive of DCNS
Australia, told shipyard workers, executives and politicians in Adelaide last
week that his company was best placed
to meet their needs. The stealth technologies DCNS was offering to share, he
said, were the crown jewels of French
submarine design and have never been
offered to any other country.
Further highlighting existing defence
ties between the countries, Frances
Thales Group yesterday won a A$1.5bn
contract to build 1,000 armoured vehicles for Australias defence forces.
As Mr Costello delivered his pitch last
week, Germanys navy chief was in
Adelaide meeting state-owned shipbuilder Australian Submarine Corporation promoting Berlins rival bid. This
week Japanese officials and industry
executives fly to the Pacific International Marine Exposition in Sydney to
press their case for designing and building eight submarines to replace Australias ageing fleet of Collins subs.
Slicklobbyinghighlightsthecontracts
value: an A$20bn build and A$30bn
maintenance programme. They reflect
the politicisation of a process that could
support thousands of jobs in Adelaide
while binding Australia into a defence
relationshipwithaforeignpower.
Support for a Tokyo proposal to build
the vessels in Japan was a factor in the
downfall of Tony Abbott, who was
deposed as prime minister last month
by fellow Liberal Malcolm Turnbull.
The submarine issue was one of the
things that weakened Tony Abbotts
prime ministership, says Andrew Davies, a director at the Australian Strategic
Policy Institute. His pursuit of a deal
with Japan was seen as one of the captains calls which led to his difficulties.
The deal would have strengthened
defence ties between Australia and
Japan, both allies of the US, which is concerned about rising Chinese assertiveness and a submarine arms race in the
Asia-Pacific region. But Mr Abbott
underestimated the strong feeling in the
shipbuilding heartland of Australia, a
state reeling from the imminent closure
of the car industry and a mining downturn that has pushed unemployment to
8 percent thehighest inAustralia.
Im now confident the submarines
will be built in Australia, says Sean
Edwards, one of seven South Australian
Liberals who voted to oust Mr Abbott.
The departure of Mr Abbott, who
enjoyed a close relationship with Japanese Prime Minister Shinzo Abe, has
alarmedTokyo,whichhasnoexperience

Sea battle The rival vessels

German Type 216
Advantage Germany has long
record of building submarines for
foreign buyers, often in
customers own shipyards

Manufacturer
ThyssenKrupp
Marine Systems
Crew

33

Disadvantage The Type 216

remains a concept submarine
design, rather than a tried and
tested model
Weight
4,000
tonnes
Length 90m

Japanese Soryu
Manufacturer
Mitsubishi Heavy Industries,
Kawasaki Shipbuilding Corporation
Crew

65

Length 84m

Advantage Deeper defence ties

with a strategic ally of the US
Disadvantage Japan new to
exporting arms and defence
technology, raising practical and
political risks for the project

Weight
4,000
tonnes

French Shortfin Barracuda

Advantage DCNS will create
jobs in Australia and is offering
to share stealth technology
Disadvantage DCNS specialises
in nuclear-powered subs - less
experienced in conventional
technology

Manufacturer DCNS
Crew

FT graphic

60

Length 97m

of competing for overseas defence contracts or overseeing the design of submarines built in foreign yards. Amid the
new political climate, Tokyo signalled
last week it was willing to build the submarinesinAdelaidealongsideASC.
Hugh White, professor at the Australian National University, says the pressure for a local build means Tokyo has
slipped from frontrunner to outsider in

The odds swing towards

European competitors,
who have a better track
record as sub exporters
the contest, as Mr Turnbull is unlikely
to share Mr Abbotts strategic agenda.
The odds swing towards the European competitors, who have a much
better track records as submarine
exporters and fewer of the regional strategic complications that a deal with
Japan might bring, he says.
Analysts say Japan is the only bidder
with a submarine in operation large
enough to meet Australias requirements, even though its Soryu design
would need to be adapted to extend its
range. DCNS also lacks Tokyos experience integrating the US weapons sys-

Weight
4,500
tonnes

tems Australian submarines will use.

But Japan risks being outmanoeuvred
by rivals that have hired local executives
to promote their bid. DCNSs Mr Costello
is a former executive at ASC and chief of
staff to a former defence minister. German shipbuilder ThyssenKrupp Marine
Systems has hired John White, who
managed Australias construction of the
German-designedAnzacfrigate.
ThyssenKrupp Marine Systems has
contracted 163 submarines for 20
navies around the world since the 1960s,
with more than 50 of these built in customers own countries, says Mr White,
who has floated the prospect of TKMS
buying ASC as part of a deal.
All three bidders are focusing efforts
on either an Australian build or a hybrid
option, whereby initial work would
begin abroad. This would be a faster
and cheaper option, says Mr Costello,
while insisting DCNS has no preference.
A TKMS document shows the company proposes to train Australian workers in German advanced manufacturing
and establish Adelaide as an Asia-Pacific shipbuilding hub an idea gaining
traction with unions and supply companies. We dont mind which design wins
but they should all be built in Australia,
says Glenn Thompson of the Australia
Manufacturing Workers Union.

Obituary Master of darkness with human touch

Henning Mankell
Novelist
1948-2015

The Swedish author Henning Mankell,

best known for his Wallander crime
novels, has died at the age of 67 from the
cancer he fought for almost two years.
Mankell wrote some 40 novels and a
similar number of plays, and his work
has been translated into more than 40
languages.
Though not the first Scandinavian to
write about dark dealings in bleak landscapes, the genre became an international phenomenon with the appearance of Mankells thrillers featuring the
detective Kurt Wallander, which also
became a hit television series.
Mankell was born in 1948 in Stockholm, the son of a lawyer. His mother
abandoned the family when he was a
year old. He grew up in northern Sweden reading books about African
explorers. Aged 16, he went to Paris and
then worked as a merchant seaman.
On returning to Stockholm in 1968 he
became a stagehand and wrote his first
play. He was politically active, campaigning against the Vietnam war,
South African apartheid and Portugals
colonial war in Mozambique.
Mankell revealed he was suffering
from cancer in January 2014. He had
originally suspected a slipped disc, but
tumours were found in his neck, lung,
kidneys and lymphatic glands. He wrote
columns about the cancer for his local

paper, Gteborgs-Posten, also published

in the Guardian.
Mankell published his first novel,
Bergsprngaren (The Stone Blaster), in
1973. But it was not until 1991 that the
first Wallander novel, Faceless Killers,
appeared. In 2001 together with Dan
Israel, a life-long friend, he started the
Leopard publishing house, which publishes his books. For Henning, writing
was his lifeblood, Mr Israel said. He
had plans to write a new Wallander in
time for the 25th anniversary next year,
and had several ideas.
Henning Mankell was one of the
great Swedish writers, loved by readers
here at home and around the world,
Leopard publishers said in a statement.
Solidarity with the weak and vulnerable ran through his work like a red
thread, which also manifested itself in
practice.
Mankell spent long periods living in
Maputo, Mozambique, where in 1986 he
became artistic director of Teatro Avenida. His love for Africa is reflected in
novels such The White Lioness (1993)
and The Fury in the Fire (2005).
Mankell was on a Swedish ship that
sailed in 2010 with a flotilla attempting

to break the blockade of Gaza, and

which was seized by the Israeli military
with the loss of nine lives. He was held in
custody by the Israelis.
He gave his final interview a week ago
to Gteborgs-Posten. I know that
sooner or later this illness is going to kill
me, he told journalist Ingrid Norrman,
saying he continued to work two hours a
day. I use the hours when I have energy
to write, but it is clear that I do not do as
much now as I did before.
Last spring he published the autobiographical Kvicksand (Quicksand) about
his experience of cancer and the joy of
life. His last novel Svenska Gummistvlar
(Swedish Wellington Boots) was published this summer.
Mankell also revealed he was writing
a new book, the idea for which he got
last summer when he was admitted to
hospital with pneumonia.
I was inside for 10 days at the hospital, slept pretty bad, and in my confused
state I heard people talking in the corridor. I realised that it was the night nurse
they were talking about. There was
something magical about those vague
voices talking about the night. So I got in
touch with a night nurse, interviewed
her and now I am writing a novel.
Reflecting on his life, he said: When I
was young, the only thing I was afraid of
was getting old and turning around and
seeing that I botched my life. But I am
happy with the life I have had. He died
peacefully on Sunday night in Gothenburg. He is survived by his wife, the
director Eva Bergman, and his son Jon.
David Crouch

10

FINANCIAL TIMES

Tuesday 6 October 2015

INTERNATIONAL

Obama trade battle returns to Congress

Twelve nations strike TPP accord but Republicans hold key to sealing US presidents economic legacy
SHAWN DONNAN ATLANTA

After five years of negotiations, US president Barack Obama has scored a big
victory on a key component of his economic legacy with the announcement
that ministers have agreed on the terms
of a vast new Pacific Rim trade zone.
But the battle is far from the last one
Mr Obama faces to make the 12-country
Trans-Pacific Partnership a reality.
Ahead lies what looks likely to be
another political fight next year to get
the pact through Congress, with some of
the Republican allies Mr Obama has
counted on becoming annoyed over key
concessions the US was forced to make
to secure a deal.
It will also take place against the backdrop of a presidential campaign which,
with Donald Trump as Republican
frontrunner, has seen an increase in
protectionist rhetoric.
The Trans-Pacific Partnership is an
attack on Americas business, the billionaire property developer said earlier
this year. This is a bad deal.
Mr Obama is not alone. Canadas
Stephen Harper faces an election on
October 19 in which he is locked in a
three-way tie with one of his opponents
vowing to tear up anything he has negotiated. In Japan, Shinzo Abes popularity
is slumping just as he faces the daunting
prospect of getting the TPP through the
Diet. Even in single-party Vietnam a
leadership change looming in 2016
means it faces its own political challenges over the TPP.
The deal unveiled after five days of
talks by ministers still faces procedural
and political hurdles in the US. Mr
Obama has to give 90 days notice to
Congress that he intends to sign any
trade deal, meaning he cannot do so
before January at the earliest. Other
requirements mean that it could easily
be the middle of the year before Congress takes up any bill.
The president this year relied on
Republican support to overcome Democratic opposition and secure the fasttrack authority he needed from Congress to close the TPP, which is the biggest trade deal struck in two decades.

Opposing voices:
demonstrators
protest
against the
Trans-Pacific
Partnership
trade talks on
Capitol Hill,
Washington, in
the summer
Chip Somodevilla/Getty

So the bigger issue for Mr Obama may

be that Republicans are annoyed by
compromises US negotiators have made
in recent days by excluding the tobacco
industry from an investment dispute
system and agreeing to shorter monopoly exclusions for next-generation drugs
known as biologics.
They also have been frustrated by the
Obama administrations pushing of
issues, such as tough labour standards
for Vietnam, requested by some of the
same congressional Democrats who this
year sought to block the deal altogether.
That has raised the possibility that

Mr Obama may not be able to count on

the Republican leadership to push a
TPP through a Congress they control
as aggressively as he might want. Orrin
Hatch, the influential Republican chairman of the Senate finance committee,
yesterday said the deal fell woefully
short of what he had hoped.
Closing a deal is an achievement for
our nation only if it works for the American people and can pass Congress, he
pointed out. While the details are still
emerging, I am afraid this deal appears
to fall woefully short. The Trans-Pacific
Partnership is a once-in-a lifetime

opportunity and the US should not settle for a mediocre deal that fails to set
high-standard trade rules in the AsiaPacific region for years to come.
Administration officials believe that
once the TPP agreement is laid out for
the Republican leadership any reluctance will evaporate, and liken it to the
business community, which has continually expressed broad support for the
project even as the pharmaceuticals sectorandothersgroan overprovisions.
Mike Froman, the US trade representative, hailed the agreement as good
acrosstheeconomy.
TPP supporters also feel that some the
provisions, such as its strong labour and
environmental chapters, and a move to
at least address Democratic concerns
about possible competitive currency
devaluations by some US trading partners, could win over Democrats who
voted against the president this year.
But the fact remains that Mr Obama is
unlikely to draw enough support from
his own party to get the TPP through
Congress, and that illustrates the curious situation faced by a president long
reviled by many Republicans, as he tries
to secure his economic legacy.
There has been a longstanding tension in that the Obama administrations
heart is with the Democrats . . . but
their votes are coming from the Republicans. That makes for an odd dynamic,
said Philip Levy, a senior fellow at the
Chicago Council on Global Affairs.
Another question is whether, given
next years presidential election, a protracted primary season and the current
mood in Republican politics, there is
even a political window to get the TPP
through Congress. Administration officials believe one does exist and argue a
TPP vote could easily be held before the
middle of the year.
However, even if Republicans do rally
around the TPP they might prefer to
hang on for a Republican administration and one that might reopen the deal
and address the issues they have particularly if, as many experts believe, the
TPP is likely to set a global precedent on
key issues. The deal is done, yet a significant fight still lies ahead.

FT summit

Commodities
crash spurs
wider call for
energy reform
MAGGIE FICK AND JOHN AGLIONBY
LONDON

African nations need to respond to the

commodity price crash by overhauling
the continents regulatory burden and
bolstering its energy infrastructure,
prominent executives and officials
have told a Financial Times summit.
Participants at the London conference
were almost unanimous that reforms
delayed when oil and metal prices were
rising can no longer be put off now
demand from China has slowed and the
commodities supercycle is on a downturn. It is a call to both regulators and
business to ensure they maintain foreign direct investment and encourage
local entrepreneurs, said Wale Tinubu,
chief executive of Nigerian oil and gas
company Oando, arguing that it was
now urgent to diversify countries economies across the continent.
A chief focus of his and other participants attentions was the energy sector,
where pricing regulations have often
deterred investment. Efforts to industrialise countries economies have often
been hobbled by inadequate energy
supply. Spain produces more electricity
than all of sub-Saharan Africa.
Mr Tinubu said the focus in Nigerias
energy sector had long been on exports
rather than re-routing excess oil and gas
into the low price local market, which is
badly short of energy to power Africas
biggest economy. The backdrop to his
comments is the reversal of fortunes of
oil revenue-dependent countries such
as Ghana and Nigeria, both of which
have been forced to devalue their currencies by more than 20 per cent against
the dollar since the oil price fall.
But to date both countries have been
more hesitant about structural reform.
Ghana is reluctant to privatise its energy
sector, while Nigerias power sector privatisation scheme stalled under previous president, Goodluck Jonathan.
Additional reporting by David Sheppard

Tuesday 6 October 2015

FINANCIAL TIMES

11

12

FINANCIAL TIMES

Tuesday 6 October 2015

PARIS FASHION WEEK

The lines of beauty

Alexander McQueen

Herms
Pictures: Catwalking

FASHION

Jo
Ellison
Sarah Burton cultivates
a stunning homage to
the Huguenots
Sarah Burtons SS16 collection looked to
the Huguenot refugees who fled France
to settle around Spitalfields in the 17th
century. They brought their talent for
weaving and pockets full of flower seeds,
which they planted in London. Burton
had looked at their skills and the serpentine curves of Hogarths line of beauty
to inform clothes she wanted to feel like
artefacts of the hand. The designers
fascination with the weavers also pulled
at a more recent thread of history: Lee
McQueen claimed to be descended from
that same line of Huguenots.
The results were unreservably
romantic and pretty; in a break with
recent shows, Burton had freed the
models faces of masks and binding and
kept the make-up minimal. I wanted it
all to be touchable, to be believable, she
said. I made everything very soft. Even
the corsetry had been loosened and the
fabrics were whispery and wonderful.
The clothes had been laboured over
and loved into life: a hand-crocheted
dress with a black integrated spine
spoke of hours of handiwork; washed
silk taffetas, shredded silk faille floral
jacquards and silk white fil coup had a
tactile grace. White leather bodices had
been garment-washed to shrink and
wrinkle to seem as though they had
been patted on to the body in wet clay.
All had the imprimatur of industry,
and nimble fingers had done exquisite
work, often replicating original design
ideas, embroideries and patterns found

on Huguenot court dresses and English

folk histories. Burtons love for the lore
of Albion could be seen in the snaking
garlands of English flowers woodblocked and hand-painted on chiffons
and embroidered on leather dresses.
Despite the handwork, the clothes
were unfussy and there were tougher
details. Seventeenth-century-style frock
coats, as woven by the Huguenots, added
panache to the feminine silhouettes;

the French lace tops with trailing trains

were worn with simple, wide trousers
and trainers. There was denim, ripped
and enriched with embroidery, and harnesses hung with Huguenot crosses and
silver talismans of a long-lost community mildly subversive but too beautiful to mind. If Burtons show was a quiet
comment on the cultural riches we have
gained from a refugee workforce, it was
a point very elegantly put.

Luxury and leisurewear:

the ultimate expression of
the monied elite
How to follow a debut? For her second
show, the French designer Nadge Vanhee-Cybulski had grappled further with
the codes of Herms ready-to-wear and
her understanding of it.
Where to start? This was a very
big collection. And theres a lot to
work with, she told me backstage
after the show. She was talking, of
course, of the 14 mtiers at her disposal at the house, from the jewel
makers ready to make the enormous agate necklaces, to the leather
makers who had finessesed a more
relaxed drop H bag.
This being ready-to-wear though,
Vanhee-Cybulski had decided to
make her research personal, and
had found her emotional connection to the clothes by examining
the sportier themes in the Herms archive especially from
the 1930s. For SS16 she had
dressed down classic Herms
looks with a more dynamic
spirit. Cue lots of sneakers. I
thought about when you leave
the gym and throw on a beautiful leather coat over your
gym wear and with your gym
shoes still on, she said of her
leisure-focused looks.
A swimsuit as evening wear? Why
not?! Vanhee-Cybulski had paired
an off-white and midnight one-piece
with a long pleated waistcoat and
banana trousers in cotton silk. And it
worked. A sporty jumpsuit was transformed in chestnut smooth leather.
Racer-back gowns were immaculate in
pale double-faced linen like the
chicest of tennis dresses. Luxury and leisure: the ultimate expression of the
monied elite.
There was another little side note
here: a silk pleat dress printed in the
Herms ex-Libris scarf print and indispered with suede. After the handwritten
store address prints on pieces at Lanvin
and the logos at Loewe, I wondered if
this was branding Herms-style? I prefer not to use the word branding about a
house like Herms, said Vanhee-Cybulski with graceful understatement. I
prefer to say I am working with the icons
of the house.
For more reviews from Paris Fashion Week,
visit FT.com/fashionweeks

Stella McCartney

Knits and vivid colour pleating at

Stella McCartney SS16 where the
silhouette was sporty and the
feeling fresh. Bold checks and
primary stripes were banded
around the body on polo-tops and
thigh-skimming skirts. McCartney
wanted to create a feeling of
fearlessness with transparency
and length. A double skirt-dress in
asymmetric pleating fell with a
jaunty swing, one pulled high like a
bandeau top over another in acid
shades, offering splices of colour.
There were clever plays with
proportion. Suiting jackets, cut
long line and double-breasted, fell
mid-thigh and were paired with
trousers with a kick-flare cuff.
Everything was worn with a
wooden clog or a simple open
sandal, and a wicker bag in plaid.
Nothing too dramatic, but modern,
easy and elegant.

Giambattista Valli Sacai

A portrait of the first family of Left

Bank-bohemianism the de la
Falaises had inspired
Giambattista Vallis collection. A
picture of sloe-eyed, mist-tinged
exoticism, the de la Falaises had
the sparkle of eccentricity in the
DNA that he was looking for. I
didnt want the looks to be
bourgeois, he told me. Im so
bored of the bourgeoisie.
No Jeremy Corbyn-style political
manifesto this, rather a show-note
to clothes rich in embroideries,
jacquards and pretty floral Arts and
Crafts-era brocades. The materials
had an interiors feel, like remnants
from an English manor house.
Some looks were intellectual
shirt dresses with bib-fronts and
buttons, tunic tops worn with
cropped trousers others more
brazen, almost everything was very,
very short.

Chitose Abe had approached her

SS16 collection like a vintage store,
picking up print bandanas, souvenir
scarves, Peruvian carpet weaves
and rock T-shirts, and then
chopping them up and refiguring
them as clothes. These clothes
were barely recognisable though
a doctor of sartorial surgery, Abe
had taken every element of the
wardrobe and repurposed it.
Abe wore a Paradise Garage Tshirt backstage, an homage to the
downtown New York club that
catered to a funkier school of 1970s
disco than uptown Studio 54. Its a
motif she first used for menswear.
Here its logo was embroidered and
veiled under chiffon, the rock Tee
elevated to evening wear. The club,
too, was a platform for chaotic
creativity. At Sacai, I found the
hybrids a bit too chaotic, but I like
the sound of Abes beat.

Tuesday 6 October 2015

13

FINANCIAL TIMES

FT BIG READ. IMMIGRATION

Long before todays migrant crisis, the Swedish city of Sodertalje began welcoming refugees from Syria
and Iraq. And while it remains pro-immigrant, officials admit that many have failed to assimilate.
By Richard Milne

alal watches local Syrian television when he wakes up, worships at a Syrian Orthodox
cathedral down the road, and
has his choice of two Assyrian
professional football teams to support
at the weekend.
But he does not live in Syria; instead
he lives in Sodertalje, a Swedish town
about 35km south-west of Stockholm
that has taken more Iraqi and Syrian
refugees than the US and UK combined.
There are days that go by when I dont
speak Swedish, see almost no Swedish
people, says the Syrian refugee, who
has lived in Sodertalje since the outbreak of civil war in his country.
Foreigners make up half of Sodertaljes population of 92,000, a reflection
of Swedens liberal immigration policies.
About
30,000
of the citys residents are Christians
from Middle Eastern countries, including Syria and Iraq, who have fled to Sweden after decades of fighting and religious intolerance.
As Europe struggles to absorb waves
of refugees from Syria and other conflict
zones, Sodertaljes decades of experience illustrate the range of challenges
host countries may face. Though Sweden is resolutely pro-immigration
thousands have turned out in the streets
recently in support of welcoming more
refugees from Syria it is not immune
to problems in distributing, educating
and housing the new residents.
In the north of Sodertalje, not far
from the factory of drugmaker AstraZeneca, one of the towns biggest
employers, lies the suburb of Ronna. It is
here many of the problems are most
acute. Ronna has long attracted immi-

Its like the same village

in Syria or Iraq. We need
to learn the language, the
rules, conduct our lives as
Swedish people
grants, from the Finns who arrived in
the 1950s and 1960s to the Balkan arrivals in the 1990s to the Assyrians of today
Christians who historically hail from
an area including southern Turkey,
northern Syria and northern Iraq.
About 85 per cent of the population is
classed as foreign, leading many to
describe Ronna as one of the most segregated parts of Sweden.
Such segregation is easy to see at
Ronna School, where just two of its 750
pupils are classified as ethnic Swedish,
meaning both parents are Swedish. In
one sign of the current crisis, 26 new refugee children have arrived and started
in just six weeks equivalent to an
entire class. Headmaster Henrik
Ljungqvist, a former military officer,
says the school has become skilled at
absorbing such pupils, placing them in
ordinary lessons after just one week. He
extols the virtues of his students, saying
it is the first school he has been in where
the pupils complain that the teachers
should have better skills.
But big challenges remain: about half
the students struggle with Swedish. Mr
Ljungqvist is also concerned about what
he and many others term the Ronna
bubble: the fact that many residents
rarely venture outside of the suburb,
making it more difficult for them to
integrate into Swedish society.
Even before they finish school they
have this picture of themselves as losers.
They mainly interact with people from
a similar background, he says, adding
that the schools job is to give them
self-esteem so they feel they can do
something in spite of their names,
their looks.

Flawed system
Boel Godner, Sodertaljes Social Democrat mayor, is clear where the blame lies:
Swedens immigration system, which
allows new arrivals to choose where
they want to live. As a result, many follow family and friends to suburbs like
Ronna and other, equally segregated,
parts of Stockholm, Gothenburg and
Malmo. We make people choose poverty, she says. So many [Assyrian]
Christians can and do
choose Sodertalje but that
will make their situation
much more difficult
because they wont
learn Swedish.
Instead, she wants
the burden to be
shared between
other municipalities
mirroring the EU
debate where countries such as Germany and Sweden
want other states to
take a fairer share of
the refugees coming to
the continent. Many
Swedish municipali-

EU asylum applications

Ghassan M K, 39
Syria

First-time applicants per million,

Jan-Aug 2015 (top 10 countries and
selected others), 000

Paid smugglers
7,000 to get him
from his home
in Damascus,
via Lebanon, to
Sweden using false
papers

0 2 4 6 8 10 12 14

Oamayma A, 42
Syria

French teacher
who spent nine
months and 9,000
trying to escape via
Turkey.

Assaf, 44
Syria

Dont look
back

Ex-head of security
for a government
minister. Paid
smugglers 8,000
to get to Sweden
via Turkey and
Greece

Hungary
Sweden
Austria
Germany
Malta
Belgium
Bulgaria
Luxembourg
EU 28
Netherlands
Cyprus
Italy
France
UK
Spain
Poland

Swedish public opinion on the

number of refugees admitted
Percentage of poll respondents, 2015
Dont know
Feb
Admit
About
Admit
more
right
fewer
Sep

20

40

60

80

100

Sources: Eurostat; Ipsos; Dagens Nyheter

Monther B, 47
Syria

Collins, 23
Nigeria

A lawyer who left

after witnessing
the murder of a
friend. Paid 6,500
to get to Sweden
via Egypt, Turkey
and Greece

Smuggled out by
a local priest after
he was tortured
by police for being
homosexual

Mebrahtu, 37
Eritrea

Walked to Ethiopia
after being told he
would be killed if
he tried to leave
the army. Flew to
Sweden on false
papers

Ahmed M, 47
Syria

Assistant engineer
who fled after
being accused
of spying. Paid
smugglers 8,500
to leave via Jordan,
Turkey and Greece

These portraits were taken at an

asylum centre near Stockholm. The
migrants are hiding their faces,
partly to protect their identity due to
safety concerns, but also to focus the
readers attention on their
experiences Cathal McNaughton/Reuters

100 km

Stockholm
Sodertalje

Gothenburg

SWEDEN
Copenhagen
Malmo

DENMARK
G E R M ANY

POL A N D

Sweden Democrats
Anti-immigration party
takes lead on the debate
For a country with perhaps the most
open immigration
policy in Europe,
Sweden has a
surprising lack of
debate among most
political parties. The
country became the
first in the world to
offer permanent residency
to all Syrians after a
similar offer to Iraqis in
2013 and accepts more
refugees per capita than any
other EU nation.
But seven of the eight parties in the
Swedish parliament are in broad

ties that take in the fewest immigrants

are controlled by the centre-right and
are among the wealthiest suburbs of
Stockholm.
At 15 per cent, unemployment in Sodertalje is double the national average; in
Ronna it is nearly twice that at about 25
per cent. Ms Godner offers this advice to
refugees arriving in her city: Start your
life somewhere else in Sweden.
Many in the Assyrian community
agree, including Benjamin Atas, an
archbishop of the Syriac Orthodox
Church. He came to Sweden from Turkey when he was 16 and says immigrants feel safe in the country. But as he
stands outside Sodertaljes St Afrem
cathedral, where a monument to the
1915 Armenian genocide is being built,
he laments the lack of integration in
Ronna. Its like the same village in Syria
or Iraq. We cant be part of society, he
says. To be part of society we need to
learn the language, learn the rules, conduct our lives as Swedish people.
agreement over immigration. The sole
exception is the Sweden Democrats, an
anti-immigration party who shocked
the establishment recently by topping
several opinion polls with close to a
quarter of Swedes supporting them.
In Sodertalje, Boel Godner mayor
and a member of the same Social
Democrat party as prime minister
Stefan Lofven blames the
establishment parties for being too
scared to discuss the issues properly.
We have left that party to describe the
immigration situation in Sweden. The
other parties are so careful. They have
not wanted to talk about immigration at
all. I think that was wrong, she says.
Tommy Hansson, the spokesman for
the Sweden Democrats and former
local leader, agrees with Ms Godners
proposals to share immigrants more
fairly within Sweden and over housing

Mr Ljungqvist says that more should

be done to create a healthier mix in
schools too. Bussing pupils between different suburbs is a burning question,
he says: I think we should.
But the problems go beyond the ethnic make-up of Ronna. Housing is the
biggest problem in Sodertalje, according
to the city manager, Martin Andreae,
with the town lacking thousands and
thousands of flats.
This has led to terrible overcrowding,
he says, adding that 20 people living in a
three-room apartment is not uncommon. Ms Godner says families sometimes move 20 times a year.
When Mr Atas moved to Sweden in
1980, he shared a three-room flat with
12 people. Now its worse. Maybe its
better in their home country than here,
he says of arriving immigrants.
Mr Ljungqvist worries about the
impact on children of living in such
cramped conditions. Is it possible for
them to do homework? Maybe they live
checks. The city has managed to adapt
to the situation rather well, he says.
Part of that may be the near absence
in Sodertalje of Muslims, who come in
for particular criticism from the Sweden
Democrats. David Beukelmann, deputy
police chief of the town, says: The
Christians who are here had a bad
experience with Muslims in their home
countries so they see a chance to get
revenge here.
The debate in Sweden appears to be
becoming more polarised. As the
Sweden Democrats support increases
from the 13 per cent it recorded last
September to about 20-25 per cent in
recent polls so does support for
increased immigration. A poll for
Dagens Nyheter last week showed that
44 per cent of Swedes think the
country should take in more refugees,
up 18 percentage points from February.

16 people in two rooms do they sleep

at night? What have they experienced?
The city is pressing national authorities
to check all the housing immigrants
live in to help move them out of overcrowded areas.
Jobs are also a problem. The town is
dominated by truckmaker Scania,
which has its headquarters in Sodertalje, and AstraZeneca. But there is a
mismatch between the skills they
need and those the immigrants offer,
city officials say. Many of the jobs that
frequently hire the immigrants lie outside Sodertalje and more towards the
capital, Stockholm. But Mr Andreae
says there is a distinct lack of mobility in
Sodertaljes population: whereas 20,000
people commute into the town from
outside, only 12,000 go the other way
despite Stockholm being only a 45minute train journey away.
Immigrants argue that the Swedish
system stacks the odds against them. It
often takes more than a year for asylum
claims to be processed; it is difficult to
work until the paperwork is done. Once
they are excluded from the system, getting back in is tough. I waited more
than a year for my permission [to stay in
Sweden] and it then took years to find a
job, says Jalal.

Swedish society, he says. The increase

in the towns population from immigration has strained Sodertaljes finances. It
has risen by 15,000 people in the past 15
years and nearly trebled since 1950. Mr
Andreae says the SKr80,000 they
receive from the central government
for each refugee is on the basis the person will find work within two or three
years. The median time is seven years,
he says.
Sodertalje has the highest percentage
of people in Sweden in so-called social
assistance, designed to boost the income
of the poorest, but the town was forced
to cut it by half, according to Mr
Andreae.
Ms Godner deflects any of the blame
from immigrants. We cant complain
about a bad economy because of the refugees, she says. Instead the town tries
to funnel as much money as possible
currently about 40 per cent of its annual
budget into schools while reducing
benefits such as social assistance to the
national average from previously generous levels. Education is the most
important thing we can do for integration, says Mr Andreae.
Many immigrants say one result of all
this is that children and adults are integrated in different ways. Children enter
the system straight away, have the
chance to learn Swedish and be inculcated into Swedish ways. Adults, on the
other hand, are often kept out of the system for years and have greater difficulties in learning Swedish. The father
and mother, they want to build a stable
life. But while they wait for residency
their lives stop, says Mr Nagy.
But even if the children get a chance to
learn Swedish, identity issues ensue. To
be officially classed as Swedish, a child
must be born in Sweden and have at
least one Swedish parent. A pupil at
Ronna School, who declines to be
named but who has two foreign parents,
says: I was born in Sweden, I speak
Swedish but Im not considered Swedish, I dont have the same chances as a
Swedish person. Similar complaints
were heard during the 2013 race riot
where immigrant youngsters expressed
frustration at their lack of official integration.
Despite all this, officials in Sodertalje
remain upbeat. There is a feeling they
are dealing with national and international problems with their imperfect
local tools, and the town hosts visitors
other cities dealing immigrant surges.
Mr Ljungqvists predecessor has written
a book about her experience and Ms
Godner still believes in Swedens generous stance on immigration.
The great thing is that in Sweden we
dont say: its full now. We honour the
right to asylum, she says.
Mr Andreae adds: Dont feel pity for
us. We are trying to find practical solutions to the problems. Every individual
who comes here should feel welcome.

Lack of integration
Tensions have surfaced in recent years.
In Malmo there has been violence in
immigrant areas, including hand grenade attacks and shootings. Stockholms suburbs had six nights of race
riots in 2013, which the anti-immigrant
Sweden Democrats party blamed on
irresponsible immigration policies.
There has been little such trouble in
Sodertalje since a crackdown on gangs
several years ago, according to the deputy police chief, David Beukelmann. But
he worries about the lack of integration.
It makes the adjustment to the country
slower. It creates [isolated] cultures that
sometimes come into conflict with

Self-segregation Some Swedes want

to reform the way migrants can choose
where they live when they arrive
Learning the rules Held back by poor
language skills, some migrants fear a
lack of integration into Swedish society
Identity issues To be classed as
Swedish, a child must have at least one
Swedish parent and be born in Sweden

14

FINANCIAL TIMES

Tuesday 6 October 2015

Letters
New Labour direction puts focus on land taxes

TUESDAY 6 OCTOBER 2015

Osbornes vision for

a devolved Britain
Chancellor has set out a coherent manifesto, poaching Labour turf
Construction has become the visual
leitmotif of George Osbornes chancellorship. High-visibility jackets and
hard hats Britains finance minister
never seems happier than when sporting them on some construction site. It
was no surprise therefore that the
theme of building was at the heart of
his address to the Conservatives
annual conference on Monday. He even
went as far as to declare to the Tory
faithful that we are the builders a
phrase originally deployed by Labours
Aneurin Bevan in 1945. Mr Osborne
has shown a marked appetite of late for
stealing Labours best tunes. But what
is the Britain Mr Osborne wishes to
build? After this speech we are beginning to have a clearer idea.
Mr Osborne again stressed his commitment to major infrastructure
projects. But he is not simply prescribing a top-down Westminster-led public
works programme. Instead he has
placed the creation of a decentralised
and devolved Britain at the heart of his
vision. At a time when voters outside
London are increasingly disaffected
from the politics of Westminster and
open to the siren calls of populist parties, this offers an alternative prospectus of people power rooted in the
regions.
On the question of great projects his
central proposal is a National Infrastructure Commission, a Labour idea
which he has poached along with its
putative head, Lord Adonis. Few will
object to this if it improves the co-ordination and delivery of much-needed
energy and transport projects.
More controversial is Mr Osbornes
proposal to direct the governments
housing grant towards supporting the
sale of new residences. The government has already raided the assets of
housing associations, by giving their
tenants a right to buy existing social
housing stock. Yet not every Briton has

the wherewithal to buy the home they

live in. If the result is to reduce further
the supply of social housing, this will
hinder not help the labour mobility the
Tories commend.
The more significant idea yet again
purloined from the last Labour manifesto is the reform of local government finance. Mr Osborne has pledged
to scrap the 26bn Whitehall-set uniform business rate, giving local councils greater freedom to set rates.
True, this is partial reform: councils
will only be able to cut the levy below a
still nationally set cap. Only those with
elected mayors will be able to set a
higher rate to pay for infrastructure
development. But it is still a welcome
first step towards greater local fiscal
responsibility. Mr Osborne has long
displayed an almost romantic attachment to the great municipal powerhouses of British history. Now he is
putting his faith in regional autonomy,
incentivising local authorities to think
big and offering them the proceeds of
growth from such initiatives in return.
But Mr Osborne is still under pressure, not least on welfare. He talks passionately about making work pay and
bolstering the minimum wage, but his
12bn cuts to in-work tax credits seem
overly harsh even to some of his supporters. One of the big questions of this
parliament is whether he can ride out
the storm that looms on this. While the
first phase of austerity was necessary,
he needs to persuade the public that
the next round is justified in the form
proposed.
Nonetheless, this was a speech of
some substance. Mr Osborne set out a
coherent philosophy focused on decentralising Britain and devolving power.
It also suits his own goals. He is regularly discussed as the likely next leader
of his party. His ambition is undoubted,
but this was a speech which put purpose behind that ambition.

OECD patches up the

leaky global tax system
Stopping its base from eroding demands a host of makeshift solutions
It is wise not to expect dramatic breakthroughs when confronting something
as hydra-headed as international tax
avoidance. Solid, rather than spectacular, progress is what the Base Erosion
and Profit Shifting project (BEPS) was
set up to achieve. Steered by the Organisation for Economic Co-operation and
Development, this weeks proposals
mark just that sort of progress.
So to complain of the OECDs sticking plaster approach (as some lobby
groups have) is to miss the point. Perhaps the best solution is a thorough
overhaul of global tax, aimed at neutralising all possibility of harmful tax
competition. But this was never on the
cards. As a result, the global tax system
is less like a single vessel capable of a
complete overhaul than a collection of
rafts loosely lashed together. The leaking holes can only be mended with a
programme of makeshift repairs.
Seen in this light, BEPS does as useful
a job as one might hope for. Of the 15
action points in its final report, the
most unambiguously positive is an
agreed template for country-by-country reporting. This will require that
companies above a certain size report
their revenues, profits, taxes and a host
of other data for every jurisdiction in
which they operate. Such disclosure
should produce a comprehensive map
of where activities take place and
where tax is paid. Tackling the divergence between tax and economic value
is what BEPS was set up for.
These reports will not be made public, however. Although they will still
serve a purpose in helping tax authorities to identify obvious gaps, the
OECD may come to regret that the
information will not be more widely
available. Support for action against
tax avoidance is fuelled by awareness
of the worst disparities. Unfairly or
not, public outrage at how little tax
is paid by the likes of Amazon and

Google pushed the topic up the political agenda.

Other action points cover many of
the cracks through which revenues
leak. They include a common approach
for regulating interest deductibility,
which multinationals use to shift costs
around. Some corporations throw a
cloak over their presence in a country,
which a tougher definition of what it
means to have a permanent establishment will make more difficult. There
are also proposals to address the opposite offence. Companies often pretend
to have a significant economic presence through cash box arrangements, where all that is really present is
a source of finance. In future, such
brass-plate outfits will receive only a
risk-free return on the cash.
Some of this can go forward immediately, as it requires only that international guidelines are amended. Other
moves need a multilateral instrument
to be developed that will sidestep the
task of amending thousands of bilateral tax treaties. The rest requires that
national legislatures revise their laws.
This ought not to prove as great a challenge as it sounds, as the nations of the
G20 pledged their support to the BEPS
process, seeing it as the best means of
co-ordinating their responses. Otherwise, fresh gaps will open up during the
process of reform.
Even if the worst gaps are plugged,
some fear that regularising the tax base
will only shift harmful competition
towards the rate instead, leading to further downward pressure on the tax
yield. But if BEPS is given a fair wind,
companies will find it harder to slip out
of reach, and national treasuries will
waste less time and effort trying to nail
them down. BEPS does not promise the
emergence of a perfectly watertight
system, and its solutions may make the
whole of it messier. But it is as solid a
start as can be hoped for.

Sir, Martin Wolf is right to discern in

Jeremy Corbyns general questioning of
political conventions a scepticism
towards economic conventions that
have outlived their usefulness, similar
to Mr Wolfs own (Comment, October
2). Mr Wolf initiated the mainstream
challenge to the convention that
commercial banks create nearly all the
countrys money in major articles in
this paper such as Strip private banks
of the power to create money (April
25 2014) which is relevant to Mr
Corbyns exploration of ways for the
government to directly fund public
infrastructure.
Mr Wolf has also remained critical of
the convention that land prices should

be exempt from normal Pigovian

exactions such as land value tax to
curb, or even end, the land price
inflation that, in turn, encourages the
property speculation that concerns Mr
Corbyn now (July 9 2010).
Since there are now three wellplaced shadow cabinet members who
are committed land taxers this policy
warrants the more immediate
attention because, in the present fluid
situation, it is one proposal on which
the shadow cabinet could agree.
However, while Mr Corbyn favours a
subtle form of LVT on developers
unused land banks, John McDonnell,
shadow chancellor, is a member of the
Labour Land Campaign and is at least

Sanders coarse campaign

hits a resounding note
Sir, Bernie Sanders is on a roll while US
secretary of state Hillary Clinton is
drenched in email-related flop sweat.
Mr Sanders pursues a coarse campaign
of class warfare which has struck a
responsive chord and facilitated a rush
of contributions.
If I were to set the Sanders campaign
to music, I would score it as a rondo, a
form characterised by a constantly
recurring theme. The theme for the
Vermont Democrat is a hoary
demonisation of the wealthy, played
triple fortissimo by the brass. Most of
the wealthy, even those in the hated 1
per cent, have done nothing to merit
designation as public enemies. But just
as Donald Trump uses grotesque
characterisations to rouse his
supporters, so does Mr Sanders by
relieving the disaffected of any
responsibility for their station in life by
claiming that America is a rigged
country and that capitalism is a zerosum system; if I win, you must lose. He
delivers his message molto agitato,
apparently believing that an angry
delivery enhances his message of envy.
Fasten your seatbelt, for as Mrs
Clinton self-destructs, Mr Sanders will
become ever more populist. All the low
hanging fruit is not yet picked and this
is tasty fare everywhere.
Paul Bloustein
Cincinnati, OH, US

Owner-run companies are

often long-term winners
Sir, Roger Lawson (Letters, October 2)
says he has only one comment on John
Kays article (Comment, September
30) on companies where founders have
preferential voting rights. Perhaps, on
reflection, two would have been better.
Mr Lawson explains that it is his policy
resolutely to ignore as an investment
any company where any one person
holds more than 30 per cent, there
being a danger that such a person will
turn out to be a duffer, and one that
shareholders are powerless to remove.
But this misses the whole point of Mr
Kays article, which is that there is
some reason to believe that owner-run
companies, focused on long-term
growth, outperform companies
interested in maximising shareholder
value today. By adopting a rather
narrow focus on this issue, Mr Lawson
is denying himself the ability to invest
in companies that may well prove to be
long-term winners.
Derek Robinson
Richmond, Surrey, UK

Female students
stake their claim
on the streets

New Delhi
Notebook
by Amy Kazmin

Ads should respond to

diverse browsing habits
Sir, Cold calling on residential
properties has acquired notoriety
(Comment, October 1). Published ads
risk the same outcome. Publishers use
adverts to help cover costs and so have
a positive symbiotic relationship with
their advertisers. This is not the same
for the reader or consumer.
If the reader has a narrow focus like
wanting to access specific information,
a blog, a video or a share price, they
will not be pleased to be distracted by
ads. Alternatively, while looking for
general information, like a hotel in
Athens, then they may be more than
happy for ads for hotels, flights or even
entertainment options in Athens.
There seems no recognition or
differentiation between these different
approaches. The intrusion of ads offers
the consumer a negative parasitic
business model and will surely deserve
to be treated as such. Intrusive ads
detract from the value of other ads
which have to be more innovative,
interactive and expensive to produce.
Robin Gowers
Reading, Berks, UK

Bank rollover and fees on

claims deepen PPI scandal
Sir, The FT refers to UK banks sorry
tale of mis-selling personal payment
insurance (FT View, October 3), a
product about which I was advising
people against before even Which?
recognised its inappropriateness and
cost for so many.
However, there are two far greater
scandals since the first is that billions
in compensation have been plundered
by millions of undeserving people who
knew exactly what they were buying

I still remember participating in a

Take Back the Night march as an
undergraduate at University of
California, Berkeley. Living on
campus, I had the freedom to move
around where, and when, I pleased
accountable to no one but myself. Yet
that freedom was shadowed by
concern about my safety, especially
walking home alone on dark, deserted
streets from the coffee houses where I
studied late at night.
Marching through Berkeley that
night with hundreds of other women
and supportive men holding
candles, blowing whistles and
chanting slogans against violence I
may not have achieved much in
concrete terms. But it felt empowering
to stand with other women to assert
our right to be there.
In India today, young female
students are battling to assert their
right to the public space, with a
protest campaign called Pinjra Tod, or
Break the Cage. The cage in this case
is the restrictive rules that student
hostels impose on women, ostensibly
for their own safety.
At Delhi university, the strictest
womens hostels lock in residents at
6.30pm; graduate students may be
permitted to stay out until 10pm.
Those who miss curfew too often risk
expulsion from the hall. While some
mens hostels have curfews on paper,
they are loosely enforced, if at all.
Female residents are usually
permitted to stay out late once or
twice a month, or even to stay out
overnight at the home of a local

aware of Henry Georges arguments for

taxing the land values under the
electorates houses (in exchange for tax
cuts elsewhere).
Andy Burnham fought two Labour
leadership elections with LVT as part
of his campaign and now favours
replacing business rates with LVT (as
does the Labour Land Campaign).
Mr Wolfs proposal for a fromhereon LVT, which leaves the value of
the voters houses untouched but taxes
any land price inflation in the future,
should be part of any Labour party
discussion of the issue and the policy
mix that emerges.
DBC Reed
Northampton, Northants, UK
and the protection it gave, and
seconded by the industrys desire to
roll over and just pay (much to the
countrys and the banks cost even if it
proved to be an economic boost at the
time). Second, the claims management
industrys disgraceful theft of billions
in compensation due to the aggrieved
customers. Instead of token guidance
to encourage people to claim direct and
without cost (and then referral to the
Financial Ombudsman Service free of
charge), this industry has grown fat on
perhaps 6bn of compensation
plundered from those poor deprived
customers already.
So I ask, who will open the misselling inquiry into the claims
management industry and the
excessive charges to those customers
who had no idea what one-third of the
compensation may have totalled when
they signed up, or how easy it could
have been for them to claim direct?
Philip J Milton
Barnstaple, Devon, UK

Curbs on religious demand

can ease illicit ivory trade
Sir, It was heartwarming to read about
Prince Williams painstaking efforts to
curb the slaughter of elephants (The
illegal wildlife trade is the elephant in
the room, October 5). It would also
help to engage religious leaders to
reduce demand for ivory, especially
given that ivory is frequently used in
religious statues. Pope Francis could
work to reduce demand in the Catholic
nation of the Philippines, while the
Dalai Lama could do the same with
Buddhists in Thailand. Finally, a poll
by National Geographic found that one
in five Chinese would stop buying ivory
products if their leaders denounced it.
President Xi Jinping will no doubt be a
critical ally.
Alessia Bhargava
Philadelphia, PA, US

Stranded assets will keep

Big Four accountants busy
Sir, Unlike his critics, Bank of England
governor Mark Carney seems to
understand that energy production
now needs to be seen in the context of
human survival, rather than just as a
matter of capacity and demand
(October 1). More strategically, how
should stranded assets be evaluated on
corporate balance sheets? What is the
position of the Big Four accounting
firms on this matter?
Gustaf Almenberg
Independent Leadership Consultant
Dalby, Sweden

guardian. To do this women have to

provide a faxed letter (emails are not
accepted as they can be easily faked)
from parents.
Never mind that the women are
usually old enough to vote and marry.
Even if you are a PhD student and 30
years old, if you are in a university
hostel you are treated as if you are 12
or something, says Subhashini
Shriya, a 25-year-old Pinjra Tod
campaigner who is studying law at
Delhi university.
In this whole relationship of the
university with women students, there
is complete denial of the fact that they
are above 18, that they are
independent adults who can take their
own decisions, she says. All hostels
see you as these people who are in
their custody, and they are basically
filling in for a parent.
Indian women have made great
strides in higher education since
independence nearly 70 years ago.
Back then fewer than 10 per cent of
students were female. Today, the
figure is nearly 45 per cent. Yet many
women at Delhi university where
about 500,000 students attend over
70 colleges say they feel that rigid
hostel rules prevent them from
participating fully in academic and
campus life.
University officials argue that
curfews are necessary to ensure
student safety in the city, where in
2012 the gang rape and murder of a
student on a bus drew global attention
to the dangers facing women at night,
especially on public transport. But

Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com

Red tape does not just

start its trail in Brussels
Sir, Another day, another survey
showing that UK companies apparently
want less red tape from Brussels (UK
small business survey suggests most
want new EU treaty, September 25).
Having launched my own business
last year, I would agree that small
businesses face too much red tape, but
the survey seems to be aiming at the
wrong target.
Setting up a business in the UK
seems to have been designed as some
form of Darwinian selection process.
After incorporating a company (in my
case a partnership), I am now the
proud owner of a company number, a
partnership tax reference for that
company, a VAT reference number, a
PAYE number (as well as a separate
online PAYE reference number) and a
government gateway reference
number. And thats before the assault
course of opening a business bank
account. Each of the above has to be
applied for separately, requiring a
range of documents or forms of ID, all
of which have their own reference
numbers, including a passport, driving
licence, national insurance number, tax
reference number, the electoral roll
and/or a range of utility bills.
In contrast, the concerns in the
survey about red tape from Brussels
seem a little vague. The survey
mentioned European health and safety
laws designed to protect customers and
employees that are themselves often
proposed and advocated by the UK
government; the working time
directive, from which employees in the
UK can opt out; and rules around the
mutual recognition of professional
qualifications, which enable companies
in the UK to hire qualified staff more
cheaply.
If small businesses are concerned by
red tape from Brussels, they would
help their case by being a little more
specific about exactly what red tape
they mean. And they would do well to
focus their concerns a lot closer to
home.
William Wright
Managing Director, New Financial
London SE1, UK

Chinas commitment to
nuclear power is sincere
Sir, Recent media reporting on Chinese
investment in the UKs nuclear sector
underplays Chinas commitment to
nuclear power and its adherence to the
most stringent modern standards of
safety. China has a clear long-term plan
for nuclear. The countrys investment
in the UK is an integral part of this
strategy, which is creating
opportunities across the global supply
chain for many UK manufacturers.
Chinese investment will contribute
to technological improvements in
nuclear power and will unlock more
options for developments globally for
the UK. Local investment and through
life support (these are 100-year
projects) offset any misguided
concerns over a Chinese takeover of
the sector.
Colin Elcoate
Vice-President, Business Development,
SPX Flow
Glasgow G44, UK
COMMENT ON FT.COM
The Exchange
Fyodor Lukyanov: Why Vladimir Putin
made his big move on Syria
www.ft.com/theexchange

Pinjra Tod activists counter that this

argument is deeply flawed. The
solution to making women safer is not
by locking them in, says Ms Shriya.
If there are more women on the
streets at all hours, it will be more
comfortable for other women to join
them. Otherwise, you are just
delegitimising womens presence in
the public space, and giving out the
message that this is a space for men.
Devangana Kalita, a 26-year-old
researcher and co-founder of the
Pinjra Tod campaign, believes the aim
of curfews also imposed in hostels
for working women is to police
womens morality and their conduct.
Universities are basically
behaving . . . to safeguard womens
chastity, restrict your mobility and
project you as these good girls for the
marriage market, she says.
Women have taken a stand against
such curfews in the past but mainly
through demonstrations at individual
hostels. As an undergrad at a
prestigious womens college, Ms Kalita
was involved in protests that
eventually led to her curfew being
extended by an hour, until 8.30pm.
But campaigners are now using
social media to mobilise female
students across Delhi university and
beyond to press for freedom,
though they have few illusions about
the difficult road ahead.
Even if we have the option to go
out, says Ms Kalita, there is a long
struggle to make the night truly ours.
amy.kazmin@ft.com

Tuesday 6 October 2015

15

FINANCIAL TIMES

Comment
Cameron is a radical who stumbled upon a cause
POLITICS

Janan
Ganesh

olitics is sealed off from the

outside world by language.
Like any industry, it has a
herd vocabulary that binds
insiders and smears their
work in a patina of mystique. A story is a
narrative. Any intention to do anything is dignified as a strategy. We also
bend the word radical into a compliment. A minister will sell a policy as radical as if that were a clinching argument.
Every candidate to lead Britains
opposition Labour party over the summer professed their radicalism, as if
nothing could be both radical and bad,
as if the Khmer Rouge were not radical.
Using the word properly that is,
neutrally David Cameron will be
remembered as a radical, and an accidental one at that. The prime minister

did not enter politics itching to change

Britain. When he took over the Conservatives a decade ago, his ease with the
New Labour settlement of fiscal and cultural laxity marked him out. The left,
loudly present in protest in Manchester
during this weeks Tory conference,
always gets the politics of poshness
wrong: privilege does not spur Mr Cameron and his like to do unspeakable
things to the poor. It inclines them to do
nothing at all to a status quo that has
worked for them.
Formed by the sylvan Home Counties,
Mr Cameron was going to be another
Harold Macmillan the Tory grandee
elegantly steering his country to no particular destination. Instead, he is turning out to be a disruptive prime minister. He will probably leave the state substantially smaller than he found it, and
so tarnish the idea of increasing expenditure faster than economic growth as to
make any re-expansion electorally
untenable for some time. Already far
fewer people work for the state or
receive transfers from it.
Government is loosening, not just
contracting, and in ways that are hard to

reverse. Manchester is the first northern English conurbation to become a

self-running polity under an elected
mayor. Others are bidding for the same
autonomy.
George Osborne, the chancellor, said
yesterday that he would allow local
authorities to retain revenue from business rates, which used to be remitted to
Whitehall like tribute to an imperial

Running a state
according to a system of
thought is neither human
nor humane
capital. In cash and population terms,
these changes inflict a deeper rupture to
the unitary British state than the founding of the Scottish parliament in 1999.
Mr Cameron will also bequeath a
schools system in which the role of government does not go much beyond
funding; the majority of secondary
schools are already self-managed academies. Individuals can draw down their

pension pots instead of buying annuities. What meagre power the trade
unions had after their rout in the 1980s
is being pruned.
Some or all of this may turn out to be
foolish. The coming around of fiscal cuts
chills the blood of many Tory MPs and
the new rates regime could make life
harder for places without much business to tax.
The general transfer of power from
state to citizen comes with risks that
ministers only advertise sotto voce. But
this is what radicalism means: the doing
of big things, the going to the root of a
problem. You need not share an ambition to recognise its grand dimensions.
In Manchester, the rights purists nag
about Tory plagiarism of unsound
Labour ideas: the national infrastructure commission, paid grandparental
leave, the living wage. Neutrals are
taken in by the show of heterodoxy.
But these statist gestures are rounding
errors next to the cuts and structural
upheaval. They provide political cover
for the real work of Mr Camerons premiership, which is searingly right-ofcentre.

If we struggle to see that, his English

aversion to ideology and its articulation
is the reason. The speech he gives
tomorrow will be all security and stability and plodding common sense.
This is never intended to deceive but it is
deceptive: under the flannel is a provocative government.
Doubters of Mr Camerons claim to
historic status say he has no coherent
worldview, no Cameronism. But neither
does any normal person. Our beliefs are
a dogs breakfast of instincts and biases.
Running a state according to a system
of thought is neither human nor, to
judge by the 20th centurys body count,
humane. Mr Cameron shows that it does
not take a philosophy to change a country, just the knack of responding
dynamically to circumstances.
Met with a hung parliament five years
ago, he formed a coalition. Flanked by
headstrong cabinet colleagues, he lets
them work. Discombobulated by the
crash, he tore up his economic policy.
He was radicalised by events, not books.
But he was radicalised.
janan.ganesh@ft.com

Outsiders will
be burnt by
Syrias fire
FOREIGN AFFAIRS

Gideon
Rachman

n the 1930s, the Spanish civil war

sucked in outsiders, with Nazi Germany backing the nationalists, the
Soviet Union backing the Republicans and foreign idealists flocking
to the country to fight on either side of
the conflict. A similar proxy war is
under way in Syria today with both
the Russian and US air forces bombing
targets in the country, and foreign fighters pouring into Syria.
The mutation of a civil war into a
proxy war between outside powers is
almost invariably a tragic and dangerous development. In Syria, it has made
the war longer, bloodier, more dangerous to the rest of the world and harder to
end. After four years, a conventional
civil war might already have burnt out
giving the Syrians some chance of
rebuilding their lives and their country.
But with outside powers pouring petrol
on to the flames of the conflict, it is clear
that only some kind of international settlement can offer any hope of ending the
conflict.
Unfortunately, we still seem to be in
the escalation phase, as outside powers
increase their efforts on the battlefield,
hoping either for victory for their side
or to increase their leverage in eventual

peace talks. Iran, Russia and the Hizbollah militia have intervened on behalf of
President Bashar al-Assads regime. The
US, Saudi Arabia, the Gulf states, Turkey, France and the UK have supported
opposition forces.
Meanwhile, foreign jihadis continue
to travel to Syria to fight as part of the
self-proclaimed Isis.
Proxy wars are disastrous for the
countries on whose soil they are fought
out. But they can also be very dangerous
for the powers that are fuelling the conflict. The most obvious risk is that a war
fought initially through proxies leads
eventually to a direct conflict. The countries that were backing opposite sides in
Spain in the 1930s were fighting each
other directly by the 1940s. The risk of
the Syrian conflict leading to a direct
clash between the Iranians and the Saudis, or even the Russians and the Americans, cannot be discounted particularly when rival air forces are operating
in proximity.
But the dangers of proxy war extend
beyond the risk of direct conflict. The
fires of war are hard to control, once
they have been deliberately fanned.
Pakistan and the US, for example,
fought a proxy war against the USSR in
Afghanistan in the 1980s but later suffered grievously from blowback from
the Islamist militants they had supported in the country.
It is not hard to see how the Syrian
conflict could generate similar blowback for some of the nations involved in
the conflict. The government of Saudi
Arabia is clearly threatened by some of

Ludger
Schuknecht

acroeconomic stimulus is
a hard habit to kick, so
many economists keep
asking for more.
They point to the stock
market turmoil in China, the recession
in Brazil and the oil price decline. And
they have influential friends. Many
expect the International Monetary
Fund to use its meeting this weekend to
call on Germany to provide more fiscal
stimulus. The fund will probably tell
countries to go easy on fiscal consolidation, too. The US Federal Reserve has
been applauded by economists for
delaying its rate rise.
Yet, after decades of attempts to finetune the economic cycle by running fiscal deficits and cutting interest rates at
times of weak demand, many economies are fragile. In too many countries
debt and public spending are high, and

interest rates close to zero. This leaves

little room for effective policy when the
next crisis hits as it surely will.
Government deficits and private-sector debt are at high levels in emerging
markets, and many western ones too.
Ageing populations are weighing on
public finances. Military conflicts and
failed states have led large numbers of
refugees to the gates of Europe. Traders
gamble on continued bailouts. Ebola
has reminded us of the devastating economic damage that pandemics can
inflict. Those are just the challenges we
know about. And, as we learnt in the
weeks after Lehman Brothers collapsed,
lots of bad news can arrive at once.
For all these reasons, it is vital we
build resilience into the system. There is
another reason why this is important.
Consumers and businesses are more
confident in their economic prospects
when they believe governments and
central banks can respond to challenges. And confidence is the basis for
long-term investment, robust consumption, employment and growth.
This may explain why investment has
been slow to recover despite extraordi-

OPINION

Robert
Litt

ast month an advocategeneral of the European

Court of Justice issued an
opinion in a case of exceptional significance for commercial relations between the US and
the EU. Washington is not a party to the
proceedings and has no opportunity to
make a direct submission to the court.
We respect the EUs legal process. However, the advocate-generals judgment
contains a number of inaccuracies, and
before the court makes a final decision
we want to set the record straight.
The case concerns the safe harbour
rules that allow companies with operations in Europe to transfer personal data
to servers in the US. This framework, in
operation since 2000, is based on a finding by the European Commission that it
provides adequate privacy protection
under EU law. More than 4,400 companies rely on it to transfer data necessary
to support trade, the digital economy
and jobs in both the EU and the US.
The lawsuit is based on press reports
concerning a US foreign intelligence
programme called Prism, which, the
complaint says, allows unrestricted
access to mass data stored on servers in
the US. The Irish High Court adopted
this characterisation, as did the
advocate-general, who said: The evidence now available would admit of no
other realistic conclusion. Actually, the
evidence demonstrates the contrary.
Since press reports about this programme began surfacing in 2013, President Barack Obama has ordered extensive public disclosures about it. Court
documents have been released and two

We respect the legal

process. But the judgment
of the advocate-general
contains inaccuracies
the militant Islamist groups it has
encouraged and supported in Syria.
Russia also risks inflaming its domestic
Muslim population and being drawn
deeper into another war, even as the
conflict in Ukraine festers.
Despite these risks, outside powers
continue to become involved in the Syrian conflict fearing that their security
and status will weaken if they allow
other nations or creeds to seize the
initiative.
The most obvious instance is the fight
between the forces of Sunni and Shia
Islam. The Assad regime is supported by
the Shia-dominated states above all,
Iran and Iraq. The anti-Assad forces are
supported by the Sunni countries: Saudi
Arabia, the Gulf states and Turkey.
Overlaid on this contest between

All the foreign nations that

have intervened in the
country are motivated, to a
large extent, by fear

regional powers is a struggle between

the US and Russia with Russia backing
Mr Assad and America continuing to
call for his removal. The Russia-US
struggle is partly about influence in the
Middle East. But it also has broader geopolitical and ideological elements. Russia and the west are already waging a
proxy war over the future of Ukraine.
They are also at loggerheads over the
broader concept of support for regime
change against undemocratic or
oppressive governments.
Isis adds a further layer of complication. In theory, the threat from the militant jihadis could unite all the outside
powers. In practice, the western powers
have accused Russia of largely ignoring
Isis and instead targeting the more moderate groups fighting the Assad regime,
some of which receive western support.
There is a similar but less high-profile
argument going on between the US and
Turkey. The Americans welcomed Turkeys willingness to join in bombing
strikes against Isis, but have been dismayed to discover the Turks are keener
on attacking the Kurdish militias that

manys economy and balance sheet, the

European Central Bank would have
much less scope to use unconventional
policies and remain credible. Not to
mention the fact that Berlin is one of the
largest contributors to the EUs 150bn
annual budget, a significant part of
which is transferred to the poorer countries of Europe and beyond.
In the increasingly globalised economy, nations lacking resilience increasingly rely on support from others who
fear that, unless they commit their own
resources to fighting faraway crises,
they will find themselves engulfed by
the gathering storm. This creates a new
form of moral hazard: since countries
that behave recklessly will be bailed out,
they have little incentive to reform.
The Group of 20 leading nations and
the IMF should aim to make the international financial system strong by
improving the resilience of their members. Unless they do, talk of global safety
nets is futile, and focusing instead on
stimulus is outright frivolous.

independent bodies have released

reports examining US surveillance
practices. These public sources accurately describe the Prism programme,
which is another name for foreign intelligence collection subject to judicial
supervision under section 702 of the
Foreign Intelligence Surveillance Act.
Prism is not based on the indiscriminate collection of information in bulk,
as a report from the US Privacy and Civil
Liberties Oversight Board makes clear.
This body, an independent, bipartisan
agency within the executive branch, has
stated that the programme consists
entirely of targeting specific persons
about whom an individualised determination has been made. It can be used
only to collect communication for an
approved foreign intelligence purpose
such as combating terrorism, and a
court must approve procedures to
ensure targets are appropriately chosen.
The programme does not give the US
unrestricted access to data. Rather,
the US may obtain communications
only relating to specific identifiers, such
as an email address or telephone
number; only if the US believes those
identifiers are being used to communicate foreign intelligence information;
and only with the legally compelled
assistance of communications service
providers under the supervision of an
independent court.
Even when the US does intercept
communications of ordinary people
because, for example, those people are
communicating with valid foreign intelligence targets strict procedures limit
how long they can be retained and how
they can be disseminated. Last year
there were 90,000 targets of surveillance under Section 702. That may
sound a lot. But it is a tiny proportion of
the 3.2bn people who use the internet.
This programme helps protect Americans as well as our partners and allies.
But it can be used only when authorised
by law, in a manner that protects the privacy of all persons, and with extensive
oversight from all three branches of our
government. The US legal framework
for intelligence collection includes
robust protection for privacy under
multiple layers of scrutiny and a
remarkable degree of transparency.
The decisions of judicial bodies
should be informed by accurate information. Prism is focused and reasonable. It does not involve mass and
unrestricted collection of data, as the
advocate-general says.

The writer is chief economist of the German

finance ministry

The writer is general counsel of the US Office

of the Director of National Intelligence

are among the few effective, non-jihadist forces fighting Mr Assad.

All the nations that have intervened
in Syria are motivated, to a large extent,
by fear. The Saudis fear the rise of Iran
and the Iranians fear the replacement of
an allied government in Syria with
another hostile Sunni-dominated state.
Russias president Vladimir Putin
faced with a shrinking economy and a
stalemate in Ukraine wants to prevent further western-sponsored
regime change. The US feels compelled to respond, lest the Obama
administration is once again accused
of accepting a decline in US power a
perception that risks becoming selffulfilling.
All of these nations fear that their
weakness will be exposed or accentuated, if their side is seen to lose in
Syria. All of them seem incapable of acting on their mutual interest in ending a
conflict that threatens them all. Until
they decide to co-operate, the misery of
the Syrian people will continue.
gideon.rachman@ft.com

What bankers can teach stimulus-addicted economists

OPINION

Europes court
should know the
truth about
US intelligence

narily accommodative monetary policy.

Yet this lesson goes largely unheeded;
policymakers are urged to pile more
debt on the existing mountain. Never
mind that the effect on growth is becoming smaller and smaller. Never mind
that zombie banks and enterprises
which would go under if interest rates
were higher barely invest, which undermines long-term growth prospects.

Macroeconomic myopia
contrasts with much more
convincing global action to
repair the financial sector
The work of repairing public sector
balance sheets has ground to a halt
almost everywhere. What governments
save, because debt service costs are low,
they often spend. Public debt in many
countries is now well above 100 per cent
of gross domestic product. This would
have been unthinkable a decade ago.
The myopia in macroeconomic policy
contrasts with much more convincing

global action to repair the banking sector. Here, rebuilding resilience has been
the motive for regulatory reforms and
capital accumulation in recent years.
Banks seem much more robust than
they were before Lehman.
Such an approach is also needed for
public finances. Nations such as Germany have a strategy geared towards
resilience, but face criticism for it. Many
economists see balanced budgets as an
unnecessary obstacle to expansionary
fiscal policy. They gloss over the fact
that German debt is only gradually falling to pre-crisis levels. They rarely
acknowledge that sound fiscal positions
have allowed the country to raise investment and deal with the costs of hundreds of thousands of refugees this year,
so far without too much excitement
about the costs. Resilience, not profligacy, is the foundation of confidence.
Germanys sound public finances are
also the basis for European stability.
Without guarantees and support from
Berlin, the 500bn European Stability
Mechanism, meant to protect against
future crises, would not be credible.
Were it not for the strength of Ger-

16

FINANCIAL TIMES

Tuesday 6 October 2015

BUSINESS LIFE

From Apple to
Python: how to
tap teams
creative juices

Andrew Hill
Onmanagement

When creative people hand day-to-day

operational duties to someone else,
they are often described as stepping
back, stepping down or stepping aside.
It is as though they are part of a sort of
management hokey-cokey.
Stepping back was one phrase used
when Sir Jonathan Ive became Apples
chief design officer in May, and when
Ralph Lauren and Diane von
Furstenberg recently appointed chief
executives to their respective fashion
empires. Occasionally, creative people
step up, too, as Christopher Bailey,
the Burberry designer, did in 2013,
becoming chief executive of the group.
But creative projects are not wholeself-in or whole-self-out operations.
Individual artists or designers may or
may not be competent or content to
run a growing business built on their
creative skill. But their work is
inextricably part of it. How they
manage their involvement and once
they are no longer in charge how
others manage them, will decide
whether the business stays successful.
What is more, the same techniques
used to ensure creative people and
teams remain productive can be useful
in managing people in other types of
business, far from the soundstage,
catwalk or drawing board.
Reviewing the vast research in the
area, Babis Mainemelis of Greeces Alba
Graduate Business School and his coauthors identified three types of
creative leadership. Directive
leaders, such as chefs, conductors and
some particularly innovative
entrepreneurs, are the primary source
of creativity in the organisation. Then

there are the leaders who encourage

creativity in others, facilitating largescale, repeatable creative work; and
those who bring ideas together for
specific projects in the theatre, say, or
on television. Academics tend to study
these groups separately. But the
divisions between them are blurred.
Designers, for instance, often start as
inspirational leaders directing a small
group to implement their vision. But
above a certain size, most creative
enterprises burst out of the studio or
workshop and face the sort of
commercial challenges familiar to
more humdrum businesses.
Even then, if the identity of the
designer is a vital part of the products
attraction, the creator must sometimes
jump back in to reinvigorate the brand.
There is a reason why Mr Lauren and
Ms von Furstenberg deny so
strenuously that they are edging
towards retirement. Like chefs
whose job is to create recipes that can
be reproduced time after time even
though they are not themselves in the
kitchen designers, or their heirs,
must keep watch over their brands.
But, as Prof Mainemelis explains, if
the basic objective is to have more
creativity, more often, by as many
people as possible in the company,
then eventually the creator should find
someone else to run it.
In Creativity, Inc, Ed Catmull
describes how he realised he had to
manage Lucasfilms new computer
division (the fledgling Pixar)
differently, by switching from director
to facilitator: Clearly it wasnt enough
for managers to have good ideas they

Sometimes
the most
creative act
leaders can
perform is
to step out
of the way

had to be able to engender support for

those ideas among the people whod be
charged with employing them.
In such situations, the impulse to
control everything may be counterproductive. The creative director at an
advertising agency, for example,
should not try to micromanage every
campaign.
Similarly, in many project-based
creative ventures, such as movie
production, leaders need to give up
their ideas to a team of people who are
better at their individual jobs than the
leader would be. The imperative then
is to integrate their work as much as to
direct each aspect of it.
Terry Gilliam, the Monty Python
cartoonist and film-maker, told the
BBC recently: Theres a point that the
film is really running itself and I the
director [and] writer do not exist.
He might make for a madcap
management thinker. His attempt to
adapt Don Quixote for the big screen
was such a notorious disaster that it
was made into a documentary.
Yet leaders of consultancies,
construction consortiums, or any
company where a network of
professionals shares a goal, could still
learn something from Mr Gilliams
Pythonesque insights. Project leaders
may conceive and launch the idea,
assemble the team and co-ordinate
their work. But once the task is under
way, sometimes the most creative act
they can perform is not to step up, or
step back, but to step out of the way.
andrew.hill@ft.com
Twitter: @andrewtghill

The countrys past arcade

gaming prowess will help
a new wave of developers
hook smartphone owners,
writes Leo Lewis

he most striking feature of

the Granblue Fantasy booth
at the Tokyo Game Show
was not the Valkyries and
bikinied elves, the
mocked-up castle wall or the dragonheaded airship suspended above, but
the fact that all these pyrotechnics were
for something played on a tiny screen.
To many, the decision by the games
creator, Cygames, to rent the largest
stand at Japans biggest ever international video games event seemed recklessly ambitious. Granblue Fantasy is a
complicated, smartphone-focused
game that has already stewed in the
market for two years. Almost nobody
outside Japan has played it.
But behind that decision by Cygames
are fundamental changes in the way
Japan consumes, produces and advertises its games. Titles such as Granblue
justify the marketing because, over
time, they stand to make far more
money than many hit console games.
The shift is well under way. Three
years ago, Japan surged to become by far
the worlds most valuable market for
smartphone games. In 2012, it was
worth $4.1bn almost twice the US
market at the time and estimates by
Deutsche Securities suggest it will be
nearly $8bn by the end of this year.
Every morning and evening, in commuter train carriages across Japan, a
ferocious marketing war is being waged
on smartphone screens as titles fight:
first for eyeballs, then for the critical
first five minutes of entertainment,
then for long-term addiction.
The Tokyo Game Show last month
testified to the growth of the market:
some 40 per cent of the titles showcased
were for smartphones and the increasing presence of Korean and Chinese
mobile game developers contributed to
the shows record number of exhibitors.
Jay Defibaugh, an analyst at CLSA in
Tokyo, says Japanese mobile gaming
companies are tapping a growing market accustomed to paying for content,
and that suggests the opportunities to
monetise are also growing quickly.
But they do not see their products as
competing merely with other games.
The battle for attention is broader. The
rivals for our smartphone games are not
other smartphone games, says one senior executive at games group Bandai
Namco, but social media, books, newspapers and magazines.
It is a claim easily tested on the Tokyo
Metro. Just four or five years ago, say
commuters on the busiest lines, Japanese train carriages were a glorious
endorsement of the printed word. Even
at rush hour, and on the most packed
trains, everyone seemed to find space to
hold a book, a comic or a judiciously
folded broadsheet newspaper.
Today, the scene is entirely different:
almost everyone spends the journey
looking at a smartphone screen, and the
rustle of turning pages is gone.
Recent research on the media con-

Games on small screens

create a big buzz in Japan
Eye-catching
display: the
lavish Granblue
Fantasy booth
at the Tokyo
Game Show
Corbis Images

Abes
arrows

A return on
equity
bullseye

sumption of Tokyo residents over the

past five years has shown steady decline
in magazine reading, television watching and PC use, but sharp gains in time
spent looking at smartphone screens.
In 2014, according to analysis by
CLSA, Tokyoites spent an average of 74
minutes per day on their smartphones
up from 40 minutes in 2012. As analysts have pointed out, games are not
the only beneficiaries: the stage is also
set for a major shift in advertising budgets towards mobile.
The pivotal question is how that
screen time is divided up, says Haruki
Satomi, president and chief executive of
Sega, a veteran Japanese games maker
pushing aggressively into mobile games.
On a typical one-hour commute, he suggests, a large proportion of the time will
be spent on messaging and browsing
online news, leaving games makers to
battle each other and other content
providers for the minutes that
remain.

It is at this point that some of Japans

game companies, most of them with
experience that dates back to the countrys first games arcades in the mid1980s, suspect they have an advantage.
The potential casual gamer the
demographic so spectacularly captured
by Nintendos Wii console in 2006
spends more time at the screen of a
smartphone than they would ever imagine spending on a dedicated games
machine. Hooking them to the point
where they will spend money is an art,
according to industry experts at the
Tokyo Game Show.
The first-time experience is so
important. In the old console market,
you bought a complete product. You
had paid your money and you would
give the game a chance. In the smartphone era, the game has to be a balance
of something that is easy to understand
and that will really excite the player
within the first five minutes, says Segas
Mr Satomi.

If the third arrow growth policies of

Shinzo Abe, the Japanese prime minister,
have achieved anything, they have at
least established return on equity (ROE)
as a standard gauge of corporate
governance.
Market indices and fund management
guidelines have been drawn up to
reward those companies that deliver on
ROE, and shame those that do not. For
the newly established makers of
smartphone games asset light and
with tiny incremental costs of sales
the focus on ROE has offered an
unexpectedly huge opportunity to
attract investment. Smartphone games
makers such as GungHo and Mixi have
been aggressive users of customer data
to provide their management with better
insight and marketing.

With sales growing at about 30 per

cent per year, a company called Colopl,
established in 2008 and listed four years
later just as the Abenomics stock boom
was beginning, has shone the brightest
in a Japanese smartphone games
market.
Its hottest games Meow Meow Star
Acres and White Cat Project have
surged to the top of the top-grossing
games on the Japanese version of
Apples app store. Double-digit revenue
growth has followed. In its 2014 financial
year, the company achieved a 68.3 per
cent ROE, placing it among the highest
of all listed Japanese companies.
Analysts expect the companys ROE to
decline somewhat but remain far above
the market average as the business
matures.

Those qualities are very close to the

ones perfected by Japan when it became
globally dominant in arcade games, and
continued to be honed when the Gameboy-led era of handheld games began
around the start of the 1990s.
But the country has a further advantage at the other end of the spectrum:
with the vastly more complicated roleplaying games, like Granblue Fantasy,
that have always been the preserve of
the Japanese hardcore gamer.
As well as catering to the short-term
arcade customer, Japanese developers
have honed over many years a style of
game that demands devotion, obsession
and time. If that type of customer can be
convinced that the smartphone is a
legitimate platform, says Mr Satomi,
there is cash to be made.
In this case, the sector of the market
with the most potential to spend money
is made up of a generation (it is mostly
men in this category) who grew up with
consoles but now find themselves without as much time.
Those gamers have grown up and
have gone through a change of lifestyle.
If they have time in the evening, their
wish to play games competes with restaurants, a movie or the gym, Mr
Satomi says.
These players see the smartphone as
an opportunity to dip repeatedly into a
complicated game in stolen moments
throughout the day, he adds.
For these titles, the marketing challenge is greater than in the past, hence
the Granblue extravaganza. Console
games demanded only a huge push on
marketing spending before the launch.
Smartphone games, which may have
cash-generating lifespans of several
years, require a steady drip of expenditure as each new update is introduced.
Expect more promotional pyrotechnics
at next years Tokyo Game Show.

The fit executive

Heart rate apps can tell you

when to give exercise a break
CHARLES WALLACE

GIPhotoStock/Cultura/Corbis

Most people have had the

experience of going for a
workout such as a run, bike
ride or swim and finding
that their body just does not
respond with its usual
energy. It does not feel as
bad as an injury or an
incipient cold, but you have
a strong sense that
something is amiss and that
you have lost your mojo.
Wouldnt it be great to
know in advance when this
is going to happen so that
you could simply take a
day off?
Thanks to advances in
technology, knowing when
your body has not quite
recovered from strenuous
exercise has become a lot
easier. A measurement
called heart rate variability,
or HRV, can estimate your
bodys stress levels.
While you may have
noticed a measurement of
your heart rate at the
doctors office or on a sports
watch, this number is really
just an average. Your heart
actually beats slightly faster
when you breathe in and
slower when you exhale. The
difference is the variability.
A simplified explanation in
this limited space is that the
body is constantly sending
feedback to the brain. The
so-called lizard brain the
autonomic nervous system
which keeps the body
functioning unconsciously, is
divided into two branches:
the parasympathetic and
the sympathetic.
The parasympathetic,
known as the rest-anddigest system, is under the
control of the vagus nerve
and controls such things as
heart rate. The sympathetic
system has been linked to
the fight-or-flight response
that helps you set a personal
record in your run.
Picture a see-saw, with
the parasympathetic system
stronger and sympathetic
system weaker in recovery
and vice versa during
training.
According to an academic
study carried out in Finland,
daily use of heart rate
variability to determine
workout schedules

efficiently improved cardio

fitness in a group of
untrained athletes. The
study concluded that on
days when the HRV reading
declined, taking a break
from exercise had a positive
effect on their overall
endurance.
Ronda Collier, chief
executive of Sweetwater
Health, a Californian startup that is commercialising
the HRV measurement
process, says that training
times can be optimised
by observing your HRV
over time.
Because the HRV
number is associated with
the tone of the vagus nerve,
we know from research that
those numbers are
decreased from hard
workouts and are also
affected by emotional
stress, she says.
For the past couple of
months, I have been
measuring my HRV using
two iPhone apps: SweetBeat
HRV ($9.99) and ithlete
($8.99).
With these apps, you put
on a cardiac chest strap
shortly after you wake in the
morning and then breathe
slowly for a number of
minutes while the app
measures your HRV,
displaying a number from 1
to 100, which is actually a
composite of many
measures.
When your HRV number
declines substantially
compared with previous
days, it is a sign that you
need to take a break. The
number rebounds after a
rest period and you are
ready to resume exercise.
According to Ms Collier,
these measurements can do
far more than shape your
workouts. Because they are
an accurate measure of
emotional as well as physical
stress, they can guide you
on when to tackle challenges
such as a difficult talk with a
colleague or a partner.
Even better, interventions
such as meditation can help
the recovery process along
and benefit your HRV.
fitexecutive@ft.com

Great place to meet

Da Vinci Lodge, Juba

Katrina Manson

Where South of town, by the A43

WiFi No

Plug sockets No

Espresso $5

Open 8am-11pm

Privacy AAAEE

South Sudans Da Vinci

Lodge is a regularly packed
open-air restaurant that
serves Nile perch beside the
White Nile river.
If that is not authentic
enough to tempt, the menu
boasts crocodile as well as
less adventurous classics
such as pizza, pasta and
steak.
Management is
determinedly ignoring the
conflict that broke out in the
worlds newest country in
2013, displaced 2m people
and forced the economy to
collapse.
So, it seems, is the
clientele. Busy tables host
South Sudanese business
people and couples enjoying
the local glamour spot as a
live band croons into the
night air, along with
diplomats and aid workers.
While a recent ceasefire is

improving life for those

outside the capital, Jubas
elite has been relatively free
of conflict since 2014.
The restaurant is so busy
that diners are urged to
book ahead. For an
atmospheric nook, ask for a
table at the waters edge; or
when talking serious
business, head beyond the
door marked private and
bag the regulars balcony.
The steeply priced
espresso is $5 if youre going
by the official exchange rate.
However it is unlikely that
the well-to-do crowds are.
While the black market
underlines the cruel inflation
for anyone at the bottom of
the pile, it makes for cheap
living for the elite with
access to dollars (and makes
an espresso $0.88).
Katrina Manson

Tuesday 6 October 2015

17

FINANCIAL TIMES

ARTS

Dynastic drama for

binge-watchers
THEATRE

The Wars of the Roses

Rose Theatre, Kingston, UK

aaaae

Ian Shuttleworth
Trevor Nunns stage productions in
recent years have tended to display a
relaxed performance pace that is faithful to our sense of naturalism but often
in conflict with the needs of dramatic
impetus. No such slacking is in evidence
in his production of The Wars of the
Roses: it would be especially fatal on
those days when all three three-hour
productions are staged serially.
Nunn is partly paying respect to the
Rose Theatres great champion Peter
Hall, who at the RSC in the 1960s
adapted (with John Barton) and directed
this edit of Shakespeares second tetralogy of history plays. Here, three parts of
Henry VI are compressed into two plays,
Henry VI and Edward IV, leaving Richard
IIImore orlessuntouched.
It amounts to what you might call a
live box-set-watching experience, and
has attracted a number of prominent
names. Joely Richardson makes a rare
stage appearance as Margaret of Anjou,
Henry VIs queen and later an implacable voice against Richard III. A little too
implacable in this case, since Richardson grows increasingly shouty. Admittedly the dynamics in general grew less
subtle as the all-day marathon progressed, but a little more variation
would have been helpful.
Another vocal miscalculation affects
Robert Sheehan as Richard Crookback.
Sheehan suppresses his native Irish
accent beneath an assumed patrician
Englishness, but it then sounds as if hes
consciously doing the kind of Richard III
voice that has been stereotypical since
Olivier. His leg-calipered physical performance is excellent, his facial deadpanning even more so, but it is hard to
trust such an artificial voice.

The trilogy begins with a strongly

acted focus. Alex Waldmanns skills
have grown over the years and mesh
with his still-boyish features to create a
convincingly innocent, youthful Henry
VI; he grows in wisdom, but scarcely in
understanding regarding the ruthlessness demanded by kingship. Oliver
Cotton, Alexander Hanson and Andrew
Woodall each play a clutch of nobles
(sometimes flamboyantly bewigged);
Rufus Hound continues his successful
journey from stand-up to acting as the
revolting peasant Jack Cade; and
Edward IVs queen Elizabeth Woodville
is played with powerful directness by
Alexandra Gilbreath.
Shakespeares Henry VI Part I, which
forms the bulk of the first part of this
trilogy, is openly propagandistic, exulting in Henrys triumph over the French
led by a Joan of Arc who is explicitly a
witch. It is unsurprising that it feels
more satisfying in its own right than
either its immediate successor or such a
hobbled portrayal of Richard III (no pun
intended). Nevertheless, in both Barton
and Halls editing and Nunns production, this is probably the clearest
account of these wars dynastic factionalism that I have seen.
To October 31, rosetheatrekingston.org

POP

OPERA

Wozzeck
Royal Festival Hall, London

aaaae

Richard Fairman

Convincing:
from left, Joely
Richardson,
Timothy
Walker, Alex
Waldmann,
Geoff Leesley
and Michael
Xavier in The
Wars of the
Roses. Below
right: John
Lydon at
Shepherds Bush
Empire Mark Douet,
Redferns/Getty Images

Public Image Ltd

Shepherds Bush Empire, London

aaaee

Ludovic Hunter-Tilney
Theres practically no musicians with
mymusicaltastes,JohnLydonsaidinan
interview in 1978, conducted in Jamaica
where the former Johnny Rotten was
sheltering from the messy break-up of
The Sex Pistols. This means you can
almost hear the voice dripping with sarcasm if theres any oafs going round

out there who dare to consider themselvesacceptable,letmeknow.

Within months he had found two
oafs, guitarist Keith Levene and bassist Jah Wobble, and formed Public
Image Ltd. Lydon later fell out badly
with both, but not before devising a
band whose alchemy of dub reggae,
experimental rock and industrial funk
made the Pistols look like a cartoonish
Eddie Cochran knock-off.
At Shepherds Bush Empire Lydon
was back in front of PiLs striking logo,
inspired by Imperial Chemical Industries brand symbol and an aspirin pill.
At their peak the band were a bleak satire on life in the machine, inspired by
Lydons experiences in The Sex Pistols.
I will not be treated as property, he
declared on their first single.
He does, however, treat PiL as his
property. The band is back with a new
album, What the World Needs Now . . . ,
which revives the post-punk sound of
their late-1970s origins with a different
personnel. At this gig Lu Edmonds did a
good job mimicking Levenes jagged,
metallic style while Scott Firth evoked
Wobbles juddering grooves. Turn up

THIS EVENINGS TELEVISION

Pick of the day

The new Lewis returns (ITV
9pm): masterly pace,
controlled storytelling, vivid
characterisation and themes
avant-garde performance
art, taxidermy, vicious online
trolls that combine for
maximum unease (pictured:
Ralf Little as Sean Wilkinson).
Sub-plots include dementia
and an officious new chief
superintendent: plenty of
threads, carefully spun out
without tangling. Finally
Lewis can be mentioned in
the same breath as Morse.

Alan Johnsons First Class

Post (BBC4 9pm) prompts
regret for the past, because
the politicians excellent
encomium to a centuries-old
institution suggests the
myopic vandalism currently
dismantling much of society.
Apocalypse Now transfers
Conrads Heart of Darkness
to Vietnam and a terrible
beauty is born. Brandos
rogue US officer is a
monstrous creation in
Coppolas masterpiece
(ITV4 11.15pm). MARTIN HOYLE

BBC 1

BBC 2

ITV London

Channel 4

6.00 BBC News.

6.30 BBC Regional News
Programmes.
7.00 The One Show.
7.30 EastEnders. Mick and Linda
insist on Jason leaving.
8.00 Holby City. Its the day of
the wedding and Adeles
world is rocked when she
makes a startling discovery.
Last in the series.
9.00 New Tricks. Ucos is
threatened with closure,
just as the team is getting
somewhere with an
investigation. Last in the
series.
10.00 BBC News.
10.25 BBC Regional News and
Weather.
10.35 The VIP Paedophile Ring:
Whats the Truth?
Panorama investigates
allegations of historic child
abuse and murder by some
of the most prominent
people in Britain.
11.35 Who Do You Think You
Are? R

6.00 Eggheads. R
6.30 Strictly Come Dancing
It Takes Two.
7.00 Great British Menu. The
finalists prepare their
seafood courses.
8.00 The Hairy Bikers
Northern Exposure. Si
King and Dave Myers take
DNA tests to find out if
they have any Viking
ancestry. Last in the series.
9.00 The Naked Choir with
Gareth Malone. The six
remaining acts perform in
front of a live audience.
10.00 Later Live with Jools
Holland. Live performances
by Richard Hawley, Alessia
Cara, John Grant and Jones.
10.30 Newsnight.
11.10 Weather.
11.15 Today at Conference. James
Landale presents highlights
of the Conservative Party
conference in Manchester.
11.45 The Celts: Blood, Iron, and
Sacrifice with Alice
Roberts and Neil Oliver. R

6.00 ITV News London.

6.30 ITV News and Weather.
7.00 Emmerdale. Vanessas cool
and detached attitude
toward baby Johnny gives
Moira cause for concern.
8.00 Eternal Glory. New series.
Eight sporting stars,
including James Cracknell,
Matt Le Tissier, Fatima
Whitbread and Liz
McColgan, take part in a
unique competition
designed around sport
science.
9.00 Lewis. New series. Part one
of two. The detective is
faced with a difficult case
when he investigates the
discovery of a body in a
well, and he also has to
contend with a new boss.
10.00 ITV News at Ten and
Weather.
10.30 ITV News London.
10.40 Through the Keyhole. R
11.40 Benidorm. R

6.00 The Simpsons. R

6.30 Hollyoaks.
7.00 Channel 4 News.
7.55 Rubys Story: Stand Up to
Cancer. The Shakespeare
family from Swindon discuss
coping with the loss of their
daughter Ruby to a brain
tumour at the age of 10.
8.00 Obsessive Compulsive
Cleaners. A Great
Yarmouth plumber helps
an environmentalist from
Norfolk get his house in
order so that his son will
visit more often.
9.00 Educating Cardiff. Year 11
Shaun develops a crush on
Kelsey in Year 10.
10.00 My Transgender Kid. New
series. Documentary about
young transgender children
as they and their families
make life-changing
decisions, beginning with a
seven-year-old who was
born in the wrong body.
11.05 Bodyshockers: Nips, Tucks
and Tattoos. R

Regional variations apply

Other channels
BBC3
7.00 Top Gear. 8.00 Dont Tell
the Bride. 9.00 We Want Our
Country Back. 10.00 EastEnders.
10.30 Together. 11.00 Family
Guy. 11.25 Family Guy.
11.45 American Dad!
BBC4
7.00 World News Today.
7.30 Canal Walks with Julia
Bradbury. 8.00 Canals The
Making of a Nation. 8.30 Hive
Minds. 9.00 Alan Johnson: The
Post Office and Me. 10.00 Close
to the Edge. 10.30 Close to the
Edge. 11.00 Imagine: The Man
Who Forgot How to Read and

Other Stories. 11.55 The Mystery

of Murder: A Horizon Guide.
Channel 5
6.00 Home and Away. 6.30
5 News Tonight. 7.00 Police
Interceptors. 8.00 The Yorkshire
Vet. 9.00 Body Donors.
10.00 CSI: Cyber. 10.55 CSI: Cyber.
11.55 Cant Pay? Well Take It
Away. Theory.
More4
6.50 A Place in the Sun: Home
or Away. 7.55 Grand Designs.
9.00 Homes by the Sea.
10.00 Grand Designs Australia.
11.10 24 Hours in A&E.

Film4
6.35 A Good Year.
9.00 Unstoppable. 10.55 The
Football Factory.
Sky Atlantic
6.00 House. 7.00 Without a
Trace. 8.00 Blue Bloods.
9.00 Aquarius. 10.00 Ballers.
10.35 Ballers. 11.15 Ferrell Takes
the Field.
Sky Sports 1
6.00 Barclays Premier
League Preview. 7.00 Live
World Grand Prix Darts.
11.00 One Hundred and
Eighty!

Sky 1
6.00 Futurama. 6.30 The
Simpsons. 7.00 The Simpsons. 7.30
The Simpsons. 8.00 One Hundred
and Eighty! 9.00 50 Ways to Kill
Your Mammy. 10.00 Stop, Search,
Seize. 11.00 NCIS: Los Angeles.
Sky Arts 1
6.15 South Bank Masterclasses:
Paul Noble. 6.30 Hidden Lives
of Works of Art: Rembrandt.
7.30 Discovering: Givenchy.
8.00 Landscape Artist of the
Year. 9.00 Lenny Henrys Got the
Blues. 10.00 Marvin Gaye: Live at
Montreux 1980. 11.20 Annie
Lennox Nostalgia.

the bass, Lydon chanted in Religion

II. Firths playing went up in volume
until the air seemed to be vibrating.
Lydon, 59, lives in California these
days. Once the epitome of grotty
Englishness, he now radiates the unEnglish characteristics of expensive
teeth and contentment. The first two
songs, Double Trouble and Know
Now, were self-parodies of PiLs old
vitriol, Lydon ranting a simulacrum of
disaffection. But Corporate had a
bass-propelled presence, the singer
screeching Murderer! with unsettling
shrillness. His voice remains a fabulous
instrument of outrage.
The show got stronger as it went on.
It ended with stirring renditions of PiLs
best-known songs, their 1978 debut
single Public Image and 1986 hit
Rise, the latter featuring Lydons
mantra-like catchphrase
Anger is an energy.
So, in a less charged
way, is nostalgia
an emotion amply
rewarded tonight.

Photos from Zurich Operas production

of Bergs operatic masterpiece show a
fantastical world of white-faced puppets
and crazed, geometric designs. Nothing
of the staging came to London, as Zurich
Operas occasional visits to Southbank
Centre are only ever for concert performances, but something of its character and atmosphere hung in the air.
Unfortunately, one other important
element also failed to make the journey.
This was Christian Gerhaher, whose
portrayal of the title role had been a
major draw. Illness kept him away, but
as it turned out there was compensation
enough in a sturdy performance by
Leigh Melrose as his replacement and an
imaginatively chosen supporting cast.
It makes a big difference having an
opera-house orchestra on the stage. The
Philharmonia Zurich (as Zurich Operas
orchestra calls itself in concerts) is used
to accompanying singers when it is
down in the pit. The singers rarely had
to fight to make themselves heard and
Fabio Luisi, general music director in
Zurich since 2012, tended zealously to
details. Bergs score is known for its rigorous organisation but it is pictorial, too
the blood-red moon, the mocking
laughter, the imagined wind and thunder, the snoring soldiers (rather too loud
here), all lending a sense of theatre to
this concert performance.
At the crux of the drama, Melrose
held his own. It is easy to imagine how
Gerhaher would have been different,
lighting up the text with insight and
poetry, but Melrose was a Wozzeck of
his own individual cut, like a vessel
filled with anxieties and fit to burst.
The casting department was on top
form. Gun-Brit Barkmin sang a fearless
Marie; Brandon Jovanovich strutted his
incisive tenor as the Drum Major; Mauro
Peter was affectingly emollient as
Andres. Wolfgang Ablinger-Sperrhacke
and Lars Woldt engaged in a macabre
comic double act as the Captain and
the Doctor. Each brought with them
another dimension of the theatre.

pilofficial.com

southbankcentre.co.uk

18

FINANCIAL TIMES

Tuesday 6 October 2015

The long goodbye

Together Potash Corporation and K+S would have had a potash market share of 27 per cent. Potashs
approach to its smaller German rival in June went unheeded. The potash price and K+Ss shares have
fallen since. K+S will now have to explain to shareholders how it will recapture the forgone value.

Share price

Potash price*

Twitter: @FTLex Email: lex@ft.com

Jun 26: Potash Corp

bid for K+ S

$/Metric T

380

A brand new VW Golf for 13,000?

Absolutely thats nearly 40 per cent
off the sticker price. How about a share
of VW for 103? Same discount again.
There is no warranty volatility is
guaranteed, in fact, as the emissions
scandal unfolds. All the same, VW is
the worlds most attractive car stock.
Early guesses at fines for emissionstest fiddling in the US were about
$18bn. This is probably too high. The
$37,500 per vehicle applies only to the
first 10 vehicles and varies with engine
size. Bernstein dug through the US
Environmental Protection Agency
policies and estimates that a fine of
$7.4bn ($15,500 per vehicle) is the
worst case scenario. Fines for recent
scandals some of which led to fatal
accidents have been much lower.
Toyota paid $1.2bn for an accelerator
defect affecting 9m vehicles;
Hyundai/Kia paid $100m for underreporting emissions in 1.2m cars.
It is not just VWs diesels that pollute
more on the road than in the lab. Tests
on 32 vehicles found five other brands
produced up to 14 times more nitrogen
oxide in real world tests. If others have
gamed the tests even if they did not
do so blatantly it will diffuse the
brand damage to VW.
China, VWs largest and highestmargin market, looks better than it did
a week or two ago. The car purchase
tax was halved on 1.6L cars in China,
one of several recent consumerfriendly policies. VW makes many of
Chinas best-selling cars under 1.6L.
There will be big costs for fines,
lawsuits and recalls. Cash will be tight;
a share issue cannot be ruled out. It will
cost more to make vehicles that meet
real world emission tests. But assuming
scandal costs of 25bn spread over two
years, a 20 per cent drop in revenues
for five years, and a fall in VW margins
to their long run average, renders a
per-share value of about 130.
Yesterday, the ordinary shares (the
ones with voting rights, which the
insiders own) traded at about 100.
The road ahead is very bumpy. The
biggest risk is that a higher cost of
capital sets off a vicious cycle. VWs
borrowing costs should rise as fines and
lower sales hit the balance sheet, so it
must offer less attractive financing; so
it sells fewer cars and financing profits

1000

2013
* Potash - Brazil spot price

2014

2015

A lot has been written about the new

sharing economy. Potash
Corporation of Saskatchewan (PCS),
the world leader in potash, an
important fertiliser, likes sharing.
The more market share, the better.
PCS bid for its smaller German
rival K+S in June. Despite keeping up
its bid interest throughout the
summer even as the commodity
bear market bit hard PCS heard
little from K+S apart from nein.
PCS yesterday turned on its heels and
went home, formally ending its
pursuit of K+S. The latters stock
price plunged by a quarter.
A combined PCS/K+S would have
served 27 per cent of the worlds
farmers. K+S had entered Canada
with plans for a 2.8m tonne per year

Square is going to end up making a

similar disclosure. The board should
have stuck to its guns.

Capita/Xchanging:
insurance premium
Most people pay too much for
insurance. Happily, it does not appear
that Capita is going to make the same
mistake. The outsourcing group said
yesterday it wanted to buy its peer
Xchanging primarily for its strength
selling to insurers, and has offered a
final 160p a share for the group.
Private equity group Apollo Global
Management has pitched 170p, so it is
likely Capita will have to dig deeper.
It can afford to. If the bidding were to

Forecasts by

18
16

1010

15

21

14

19

18

21
2

17

15

L W

1010

12

14

16

18

19

22

27

29

24

33

Wind speed in MPH at 12 BST

Temperatures max for dayC

0
Wind speeds in

22

LOW

16
26

PH

Todays temperatures
Abu Dhabi
Amsterdam
Athens
Bham
Bangkok
Barcelona
Beijing
Belfast

Sun
Thunder
Fair
Thunder
Shower
Sun
Fair
Shower

39 102 Belgrade
Cloudy 20
18 64 Berlin
Cloudy
18
26 79 Brussels
Shower 20
18 64 Budapest
Cloudy
19
33
91 Buenos Aires Rain
20
27
81 Cardiff
Thunder 17
25
77 Chicago
Fair
21
18 64 Cologne
Thunder 20

68
64
68
66
68
63
70
68

Copenhagen
Delhi
Dubai
Dublin
Edinburgh
Frankfurt
Geneva
Glasgow

Cloudy
Sun
Sun
Shower
Rain
Thunder
Thunder
Rain

14
57 Hamburg
37 99 Helsinki
38 100 Hong Kong
16
61 Istanbul
18 64 Jersey
20 68 Lisbon
18 64 London
18 64 Los Angeles

Shower 15
Sun
7
Shower 29
Thunder 21
Thunder 17
Fair
22
Thunder 19
Sun
26

59
45
84
70
63
72
66
79

Luxembourg
Lyon
Madrid
Manchester
Miami
Milan
Montreal
Moscow
Mumbai
Munich
New York
Nice
Paris
Prague
Reykjavik
Rio
Rome
San Francisco
Stockholm
Strasbourg
Sydney
Tokyo
Toronto
Vancouver
Vienna
Warsaw
Washington
Zurich

Thunder
Thunder
Fair
Thunder
Fair
Rain
Cloudy
Fair
Fair
Drizzle
Fair
Cloudy
Cloudy
Cloudy
Drizzle
Fair
Fair
Fair
Cloudy
Thunder
Sun
Fair
Cloudy
Fair
Cloudy
Cloudy
Fair
Thunder

19
20
22
18
30
19
16
7
34
17
21
22
21
17
8
26
24
23
10
21
33
21
18
17
18
16
23
19

CROSSWORD
No. 15,054 Set by SAYANG




































JOTTER PAD







13

13

K+S

Belaruskali

FT graphic Sources: Bloomberg; Liberum

16

Mosaic

20

51

19

Uralkali

300

1020

Potash Corp

14
8

ICL

25

LOW

10

Others

22

340

1030

LO

2015 (%)

35

320

Twitter is said to be considering ending

its famous 140-character limit on
users messages. Its new chief executive
is going to have to grapple with more
profound limits of space-time.
The soap opera of the leadership
search at the social media company has
kept Silicon Valley entertained all
summer. Now the board has finally done
what it had said it would not: appoint
Jack Dorsey as chief executive even as he
continues in the same role at Square, the
payments company which is on course
for an initial public offering. Mr Dorseys
huge fan base cites as a model Steve Jobs,
who ran Apple and Pixar at the same
time in the 2000s. Mr Dorsey even has
an advantage over Jobs: Square is
located across the street from Twitter.
Jobs had a 50-mile drive between his
two companies. Still, being a dual chief
executive is incredibly rare for a reason.
In the UK, the time required to be
chairman of some large companies let
alone chief executive is often seen as
precluding other board roles.
There is a mixed picture from the
time Jobs held both roles. Overall, he
engineered a spectacular turnround at
Apple. Its shares rose 400 per cent
between 1997, when he become de
facto chief executive, and 2006, when
Pixar was sold to Disney and he
relinquished that role. Yet in the period
between removing interim from his
title at Apple in 2000 and that sale, the
stock fell 23 per cent.
Share price movements only reflect
part of Jobs effort. Allowed (only) 24
hours in each day, he struggled, describing the demands of leading two companies as the worst time of his life.
And unlike Mr Dorsey, Jobs did not
pretend he was full-time at both
companies. Pixar had to disclose in its
reports that Our chief executive
officer has divided responsibilities
. . . Although Mr Jobs spends time at
Pixar and is active in our management,
he does not devote his full time and
resources to Pixar. Either Twitter or

Global potash capacity

market share

40

360

Twitter:
two jobs

990

18

45

30

980

24

Agrium 3

fall; its financial profile worsens; cost of

capital increases again; and so on.
The auto industry is cyclical; if the
world lurches into recession, all auto
shares, VWs included, will suffer. But
VW is the best car on the lot.

Volkswagen:
time to buy

Potash Corp
K+S

ACROSS
1, 5 He cuts open a girls form
for cosmetic effects (7,7)
10 Previously in detoxification
centre (4)
11 True, Leo is a prophet (10)
12 Comedienne Lucille with
commercial song (6)
13 Mans seal broken by
representative (8)
14 Resort to favourite
treatment for celebrity (3,6)
16 His dozen may be unlucky
for some (5)
17 Supplied a room for FT chief
(5)
19 Rendered intoxicated (9)
23 Delightful lake in rustic
surrounding (8)
24 Lustre refurbished for effect
(6)
26 Either way the same like
Mum or Dad (10)
27 Town in knotty region (4)
28 Erudite king rejected study
(7)
29 Predicament of a hummer
(7)

DOWN
2 Ancestry is sequence of
generation (7)
3 Case for the oil company (5)
4 Such illegal trading done
secretly, right? (7)
6 One in Paris pronounced
completely blasphemous (6)
7 Girl fighting in Georgia for
carafes and sniffers, perhaps
(9)
8 Work in the theatre? (7)
9 Hercules, perhaps, to clean
silt on bananas (13)
15 Knight who thanked heaven
for little girls (9)
18 Publication about tenancy
(7)
20 Too much! Ref upset to be
dragged into legal action (7)
21 Expand General Assembly
(7)
22 Tigers assistant, a scoundrel
to the end (6)
25 Assembled trendy material
(5)

Solution to Saturdays prize puzzle on Saturday October 17

Solution to yesterdays prize puzzle on Monday October 19
Winners names will be printed in Weekend FT

66
68
72
64
86
66
61
45
93
63
70
72
70
63
46
79
75
73
50
70
91
70
64
63
64
61
73
66

mine to open next year called Legacy.

That one mine alone will add almost
3 per cent to world potash capacity.
One reason why K+S may have felt
confident enough to send PCS packing
was its salt business. It is the worlds
biggest producer of salt, much of which
is sold in North America for de-icing.
Rising prices this year hint at supply
constraints, from which K+S no doubt
expects to gain.
Yet given salts operating margins at
K+S are at best half those of
potash, the division would (over time)
have pulled down the combined
groups profitability. The market had
therefore anticipated that PCS would
look to divest the salt business. Such a
move would threaten German jobs, as
K+S was quick to point out.

PCS was reportedly prepared to

pay 41 a share for K+S. Shares in the
German company are now 23, more
than a fifth below the price before the
bid was announced. On most
valuation measures, K+S is now the
cheapest listed fertiliser producer
globally.
K+S chairman and CEO Norbert
Steiner did not even entertain
negotiations. So shareholders have
lost out without ever having had a
formal say in the matter. Meanwhile
potash prices keep falling, down a
tenth since the June approach.
Mr Steiner, to make up for his
intransigence, should share a plan
with investors and explain to them
how his plan will nearly double the
value of their company.

escalate, Capita could in theory run to

220p a share before benefits from the
purchase are spent. Based on its due
diligence to date, Capita said it
expected cost savings of 35m a year.
That is likely to be a conservative
estimate; it always looks good to overdeliver. Even on that number,
capitalised and taxed, it could offer a
premium of up to 280m above
Xchangings undisturbed enterprise
value of about 420m. Some savings,
such as the costs involved in
maintaining a stock market listing,
would be available to both bidders. But
Capita would surely be able to capture
more operational synergies, even if a
higher bid would reduce its returns.
The company has indicated that it
would finance the equity portion of the
deal by issuing new shares and take

Xchangings 160m or so of debt and

other liabilities on to its own balance
sheet. A blowout 220p bid would,
allowing for a small discount to the
current Capita share price, require only
about 7 per cent to be added to the
current share count. Such a deal
structure would leave Capita with net
debt of 2.3 times its forecast earnings
before interest, tax, depreciation and
amortisation; interest costs are amply
covered by operating cash flow.
Xchanging has a chequered history
and represents a much bigger
transaction than Capitas usual bolt-on
fare. But after a recent restructuring,
its earnings look set to pick up this year
and next. A 30 per cent slide in the
share price this year (before the bid
news) should provide all the insurance
Capita requires.

Hong Kong shares:

there can be only one
Egalitarians of the world, rejoice:
shareholder democracy has been
upheld. Hong Kongs listing committee
yesterday said that it would not pursue
a rule change to allow listings of
companies with multiple share classes.
Companies that do not have a one
share, one vote structure will remain
barred from listing in Hong Kong.
The news is a bitter disappointment
for Hong Kongs investment bankers.
Last year, Chinese ecommerce giant
Alibaba sold its shares in New York
rather than Hong Kong, depriving the
Asian city of a fee pool of $250m. While
the US SEC accepted Alibabas unusual
partnership structure which gives
control over the appointment of a
majority of board members to a select
group Hong Kong stood by its more
rigid corporate governance standards.
The loss of Alibaba evidently
rankled, however, inspiring a
consultation on changing Hong Kongs
listing code. As recently as June, Hong
Kong Exchanges & Clearing which
runs both the listing committee and
the stock exchange said the issue was
not clear cut: many market
participants, including banks and some
investment managers, were in favour
of more flexible rules. The Asian
Corporate Governance Association
demurred. Respondents to its April
survey said that proliferation of nonstandard share structures would hurt
the markets valuation.
In June, the Securities and Futures
Commission agreed that Hong Kongs
corporate governance standards should
not change to accommodate weighted
voting rights. It added that criteria
designed to restrict the use of such
structures were too vague.
Due to its role as regulator, HKEx is
itself less than democratic: half of its
non-executive directors are
government appointed. That it should
outlaw similar structures at other
companies has the smell of hypocrisy.
But this instance of do as I say, not as I
do is welcome. The integrity of the
market comes before that of the
exchange operator.
Lex on the web
For notes on todays breaking
stories go to www.ft.com/lex

19

Tuesday 6 October 2015

In concert Financial groups

eye benefits of co-operation
PATRICK JENKINS, PAGE 20

Volkswagen

Tullow Oil

Twitter

FTSE
Eurofirst 300

Copper
(LME 3-month)

CBOE Vix

Dollar / yen

Gold

1.26%
93.52

8.3%
208.8p

5.63%
$27.79

3%
1,412.97

1.5%
$5,178

7.3%
19.41

0.5%
Y120.52

$4
$1,133

Funds to quit reformist trade body

3 Schroders and M&G will leave Investment Association in 2016 3 Warning of more exits
DAVID OAKLEY
INVESTMENT CORRESPONDENT

Schroders and M&G Investments, two of

Britains biggest fund management
companies, are quitting the Investment
Association amid criticism that the
reform agenda of the trade body has
been too aggressive.
Their decision is a setback for the
Investment Association and the leadership of chief executive Daniel Godfrey,
who has been behind several campaigns
and reforms since he took the helm in
October 2012.
Some leading City investors say the
Investment Association has been overzealous in carrying out reforms in areas

such as transparency of fund performance fees and transaction costs.

Schroders and M&G Investments
have roughly 550bn combined in
assets under management about
10 per cent of the 5.5tn in assets of the
trade bodys more than 200 members.
One person close to the situation said:
The Investment Association is moving
to some degree to a role of regulator
rather than trade association. We need
an association that is talking about the
benefits of the industry.
Another person said: We are not
happy with the direction of travel of the
leadership.
Mr Godfrey said: Our very proactive
strategy to help a great investment man-

agement industry make investment

even better can be uncomfortable at
times. But it is not only the right thing to
do, given the responsibility of managing
other peoples money, it is essential in
the post-financial crisis world if we are
to maintain the right to have influence
over our future regulatory and legislative environment.
Schroders and M&G say they do not
intend to renew their membership in
2016, but will remain active until then.
Both companies declined to comment.
A senior fund manager at another UK
investment group said: They have
become far too aggressive over reforms.
Investors do not have a problem with
transparency but it is for the FCA

The
Investment
Association
must be
careful as
it could
lose more
members

[Financial Conduct Authority] to take

the initiative on this as the regulator, not
the Investment Association.
Another senior investor said: The
Investment Association must be careful
as it could lose more members if it tries
to be more than it should be. It must represent its members and promote them.
Several investors have praised the
trade body for initiatives such as its
efforts to prevent a Europe-wide cap on
bonuses and its creation of an Investor
Forum to improve communication
between investors and companies.
Mr Godfrey said: We are a good
industry but when the world changes
quickly, then you need to adapt.
Lombard page 26

Material concerns
American Apparel
files for Chapter 11
American Apparel, the US retail chain
that gained prominence with its Made
in America tag, has filed for
bankruptcy protection as it seeks to
restructure its debt and return to profit,
write Richard Blackden in New York and
Josh Noble in London.
In a statement yesterday the group
said it had filed for Chapter 11
bankruptcy protection and expected to
complete a restructuring within about
six months. The filing with a US court
would allow it to implement an
agreement with creditors to reduce its
debt to no more than $135m from about
$300m, while easing its annual interest
bill by roughly $20m, it added.
American Apparel would continue to
operate its business without
interruption to customers, employees
and vendors while under Chapter 11.
Against a testing economic backdrop
for US retailers, the group has been
grappling with unwanted publicity
generated by allegations of sexual
harassment against Dov Charney, its
former chief executive, who founded the
company in 1989. Mr Charney was fired
last year and has since been involved in a
series of lawsuits over his departure.

Short
View
Elaine
Moore
You are the finance minister of an emerging market country with ambitious plans for development.
International bankers fly to your country, flatter your
acumen and tell you to seize the moment. Never mind the
lingering political unrest, gaping current account deficit or
chequered history of default: borrowing rates are low and
money is plentiful. This is the moment to issue hardcurrency bonds.
Or rather, it was. The record-breaking run in emerging
markets debt issuance that allowed Mexico to sell
100-year bonds and Poland to borrow at a negative yield
appears finally to be petering out.
Ghana rounded off a series of meetings with investors in
London, San Francisco, Los Angeles, Boston and New York
last week by declaring that it would delay a debt sale. Iraq
is yet to issue debt after completing investor meetings in
mid-September; Pakistan was forced to check plans to borrow over $1bn at the end of September in favour of a
$500m issue; and Kurdistan failed to tap bond markets
after its investor roadshow in June.
Ever since the US Federal Reserve opted not to raise
rates in September, investors have been left in limbo,
unsure when rates will move and how markets will react.
There were signs yesterday that the countrys recent
weak jobs data might provide a ballast, as markets pushed
back expectations for the first Fed rate rise to March 2016.
Nearly every emerging market currency rose against the
dollar, and MSCIs emerging market index of stocks was up
0.81 per cent. Average yields on emerging markets bonds
fell as prices increased, with the average yield on JPMorgans EMBI Global index down from 6.82 per cent last week
to 6.62 per cent.
The rally looks fragile, however. Emerging market
stocks are still down almost 16 per cent year-to-date and
last weeks average bond yield was at a four-year high.
External fears of a global slowdown, and internal
economic and political risks within emerging markets,
weigh heavily on the markets collective mind. Albania
and Ethiopia are the next infrequent borrowers slated to
raise international debt. There is little to suggest market
conditions will prove any more welcoming.

Emerging market bonds

Yield on JPMorgan EMBI
composite index (%)
7.0
6.5
6.0
5.5
Jan

2015

Source: Thomson Reuters Datastream

Fashioning a comeback page 21

elaine.moore@ft.com
Andrew Burton/Getty Images

Glasenberg steps up Glencore defence

and urges output cuts to boost prices
NEIL HUME AND DAVID SHEPPARD

Adblocking software adds

to industrys tough sell
Digital advertising, the industrys
fastest growth area, is being disrupted
by adblocking software, which has
gained traction since the launch of
Apples latest operating system, with
online publishers being particularly
vulnerable.
Analysis i PAGE 22

Glencore chief executive Ivan Glasenberg yesterday stepped up his defence

of the under-fire miner and trading
house, calling on rivals to shut unprofitable mines and blaming hedge funds
for pushing down commodity prices.
Shares in the London-listed company,
the worst performer in the FTSE 100
this year, rallied 21 per cent in the wake
of his comments and as analysts said a
recent sell-off and comparisons to Lehman Brothers were overblown.
However, the stock remains highly
volatile it has risen 68 per cent in five
trading sessions but is significantly
below its 2011 flotation price of 530p.
The Swiss-based company was forced

to put out a statement yesterday after its

Hong Kong shares surged more than
70 per cent on a report that it was open
to takeover offers. Glencore said there
was no reason for the share price jump
and insiders dismissed talk of an
approach or management buyout.
Speaking on the sidelines of the
Financial Times Africa Summit in London, Mr Glasenberg declined to comment on the swings in Glencores share
price and said the company was focused
on a $10bn debt reduction plan.
Glencore has been scrambling to reassure investors and creditors, and silence
its critics who claim the company will
struggle to manage its $30bn of net debt
if commodity prices do not recover
quickly. It is expected to intensify these

efforts this week, tackling some of the

concerns about its business model.
The belief that Glencore is having a
Lehman moment seems unfounded,
said Paul Gait, an analyst at Bernstein
Research. While leverage is clearly of
concern it is not anywhere near an existential threat to the company.
Mr Glasenberg told the FT conference
that miners needed to trim production
quickly and reduce supply if they were
not making money.
He said the price of copper, responsible for about a third of Glencores earnings, was at odds with low stocks
which he put at three weeks of global
consumption and continued demand
growth from China.
Battling for Chinas grid page 34

Companies / Sectors / People

Companies
AIA...................................................................24
AOL.................................................................22
APR Energy.........................................26,26
Addison Lee.................................................2
Aggreko........................................................26
Agricultural Bank of China...............24
Al Noor Hospitals...................................35
Albright Capital Management........26
Alibaba....................................................18,24
Allergan..................................................34,35
American Apparel..............................19,21
Apollo Global Management.............27
Apple...........................................16,22,34,35
BBVA.................................................................6
BG.....................................................................35
BNP Paribas ................................................6
BP..................................................................1,35
BPCE.................................................................6
Ball Corporation......................................26
Bank of America.....................................20
Bayer..............................................................20
BitPay.............................................................22
BlackRock....................................................20
Burberry........................................................16
CBS..................................................................22
CICC................................................................24
Cairn Energy..............................................27
Canadian Oil Sands...............................20

Capita.............................................................27
Capita ............................................................18
China Huarong Asset Mangnt.......24
China Re.......................................................24
Cinda..............................................................24
Citadel.......................................................4,20
Citigroup................................................20,27
ComScore.....................................................22
Continental.................................................20
Covestro.......................................................20
Credit Suisse.............................................20
DBS..................................................................27
Deutsche Bank.....................................6,20
Digicel............................................................22
Energy Transfer Equity......................34
EnQuest........................................................27
ExxonMobil................................................20
Facebook......................................................22
Fairfax Financial......................................26
Fitch...................................................................7
Forever 21 ...................................................21
Fossil Group...............................................35
General Electric.................................20,35
Glencore............................................10,19,35
Goldman Sachs...........................20,24,26
Google...........................................................22
Greenlight Capital..................................34
GungHo.........................................................16
H&M................................................................21
HDFC Bank.................................................27

The Financial Times Limited 2015

HSBC..............................................................27
Hong Kong Exchanges & Clearing
..................................................................... 18,24
Horizon .......................................................26
Huatai Securities....................................24
ICAP................................................................36
ICICI.................................................................27
ING.....................................................................6
Imperial Oil.................................................20
Inditex.............................................................21
Investment Association.......................19
Ithaca..............................................................27
JD.com...........................................................24
JPMorgan Chase.....................................20
K+S............................................................18,24
Khazanah.....................................................24
Kier..................................................................27
Las Vegas Sands.......................................8
Lloyds Banking Group.....................2,26
Local World................................................26
M&G...........................................................19,26
MGM Resorts...............................................8
McCarthy & Stone..................................26
Micron Technology................................35
Mixi..................................................................16
Mondelez.....................................................26
Morgan Stanley.................................20,26
Mouchel........................................................27
Nestl.............................................................26

Nielsen...........................................................22
Oando.............................................................10
PAI Partners...............................................26
Passport Capital......................................34
Pimco................................................................4
Playtech..................................................26,35
Plus500.........................................................26
Potash Corporation of
Saskatchewan.....................................18,24
Premier Oil..................................................27
PwC.................................................................24
Ralph Lauren.............................................16
Rentrak..........................................................22
Rexam............................................................26
Royal Bank of Scotland.........................2
Royal Dutch Shell.............................27,35
Santander.......................................................6
Schaeffler....................................................20
Schroders...............................................19,26
Scripps Networks Interactive..........35
Sega.................................................................16
Singapore Exchange.............................34
SmartStream.............................................20
Standard Chartered...............................27
State Street................................................36
Suncor Energy.........................................20
Symphony...................................................20
Syncrude......................................................20
Telenor .........................................................22
TeliaSonera ...............................................22

Trian Fund Management...................20

Trinity Mirror.............................................26
Tullow Oil ...................................................27
Twitter............................................................18
Uber...................................................................2
UniCredit........................................................6
Valeant Pharmaceuticals...................34
Viacom....................................................22,35
VimpelCom.................................................22
Vodafone......................................................27
Volkswagen.................................................18
Vox Media...................................................22
WPP................................................................22
Warburg Pincus.......................................24
Weibo.............................................................24
Williams Companies..............................34
Wind Telecom...........................................22
Wynn.................................................................8
Xchanging..............................................27,35
YouTube.......................................................22

Sectors
Automobiles...............................................18
Banks...................................2,6,20,24,26,27
Energy..................................................1,26,27
Gen Retailers.......................................21,24
Financials................18,20,24,26,27,35,36
Industrial Goods......................................24
Media........................................................18,22
Mining.................................................10,19,35

Mobile & Telecoms................................27

Oil & Gas......................................1,20,27,35
Pharmaceuticals......................................34
Support Services.......................................2
Technology........................16,20,22,34,35
Telecoms......................................................27
Travel & Leisure........................................8

People
Bankoff, Jim................................................22
Chambadal, Philippe.............................20
Charney, Dov..............................................19
Dobson, Michael......................................26
Dorsey, Jack................................................18
Glasenberg, Ivan......................................19
Godfrey, Daniel........................................26
Gurle, David...............................................20
Immelt, Jeff................................................20
Ka-shing, Li................................................24
Lever, Ken....................................................27
Lord, Bob.....................................................22
McLintock, Michael................................26
Montgomery, David...............................26
OBrien, Denis...........................................22
Peltz, Nelson.......................................20,35
Sagi, Teddy.................................................26
Schneider, Paula.......................................21
Tilk, Jochen................................................24
Wilson, Craig..............................................27
Winters, Bill................................................27

Week 41

Oct

Average yields on
international
bonds issued by
emerging markets
fell last week as
prices increased

20

FINANCIAL TIMES

Tuesday 6 October 2015

COMPANIES
INSIDE BUSINESS

Industrials

Activist fund takes $2.5bn stake in GE

Trian founder Peltz is
expected to put pressure
on conglomerates returns
PEGGY HOLLINGER AND MILES JOHNSON

General Electric has come under pressure to deliver accelerated returns from
activist investor Nelson Peltz, whose
Trian Fund Management has taken a
1 per cent stake in the $257bn US
conglomerate making it a top-10
shareholder.
Trian stressed that its $2.5bn investment was a friendly move, broadly supportive of GE management strategy to
reduce exposure to financial services
and focus on industrial businesses.
But the investment group is expected
to press GE to increase leverage, step up
share buybacks to improve earnings,
and generate higher returns from industrial acquisitions.

GE said it was confident that Trian

would recognise the significant progress
it had made in these areas.
New York-based Trian, co-founded by
Mr Peltz, has cultivated an image as a
constructive activist, collaborating
with management teams rather than
publicly berating them.
But Mr Peltz has a lengthy history of
calling on companies to break up. Trian
spent two years calling for PepsiCo to
split its beverages and snacks divisions
before securing a place for an adviser on
the food companys board of directors.
Mr Peltz spent several years targeting
Kraft, which eventually split in two.
Trians investment in GE, first
revealed in the Wall Street Journal,
appears to be the result of two years of
research. It said it had periodically
engaged in informal dialogue with GEs
management team since 2013.
In recent months Trian has been
given on-site access to business units to

conduct due diligence. It began building

its stake in May.
Trian believes GE is executing a bold
transformation that will generate
attractive stockholder returns in the
years ahead, Trian said in a statement.
It had not requested a board seat.
Jeff Immelt, GE chief executive, welcomed the investment and said he
expected Trian to be a supportive shareholder. I have known Trian principals
Nelson Peltz and Ed Garden for many
years, he said in a statement.
Yesterday GE said Mr Immelt had
considered Mr Peltz for a seat on the
board in 2007, and had known Mr Garden for 30 years.
In April Mr Immelt unveiled a plan to
sell about three-quarters of GE Capital,
its financial services division. He said he
intended to focus on the industrial manufacturing and service businesses,
which are less volatile and generally
more highly valued by investors. In the

$257

bn
Value of the US
group, in which
Trian has become
a top-10
shareholder

$45
Upper end of
implied value
per share Trian
foresees by the
end of 2017

past three years GE has significantly

underperformed the S&P 500 index.
In an analysis of GEs prospects, Trian
said the decision to exit financial services had been a seminal moment. GE
would no longer be held back by a
capital-intensive financial services business with inferior growth and returns,
Trian said.
While managements credibility is
low given weak total shareholder
returns, we believe management must
be given credit for the transformation
that is now under way.
Trian said the shares which closed
at $25.47 on Friday were undervalued. We see a path to $40-$45 of
implied value per share by the end of
2017, it said.
Once the disposal programme is complete, GE Capital, which two years ago
provided almost half the groups earnings, is expected to generate just 10 per
cent of profits.

Technology. Social media

Board banks on Dorsey having time for Twitter

Reaction mixed as co-founder
to be permanent chief despite
fears over other commitments
HANNAH KUCHLER AND RICHARD
WATERS SAN FRANCISCO
STEPHEN FOLEY NEW YORK

Jack Dorsey faces all the challenges of

Dick Costolo, his predecessor as chief
executive at Twitter: confusion about
the purpose of the messaging platform,
slowing user growth and a disenchanted
Wall Street.
But he has one more: he is the chief
executive of another company.
The inventor of the tweet and cofounder of the 140-character messaging
platform is being presented by Twitters
board as the best person to lead the reinvention of the company, even though he
also runs his payments start-up Square.
But the appointment marks a change
of tack. When Mr Dorsey was appointed
as interim chief executive in July, some
weeks after the resignation of Dick Costolo, the company had said it intended
to appoint a full-time chief executive.

Jack has another company

called Square which
requires a lot of attention
and a full-time job
Prince Alwaleed bin Talal, one of
Twitters earliest and biggest shareholders, told the Financial Times after Mr
Costolos departure that Mr Dorsey
should only hold the position temporarily. Jack has another company called
Square which requires a lot of attention
and a full-time job round there, he said.
By appointing Mr Dorsey, Twitter has
followed the received wisdom in the
technology industry that company
founders are the best visionaries for
developing a product but it has
thrown out conventional management
wisdom that a person can only be chief
executive of one company at a time.
At least one large shareholder, some
analysts and management experts are
wary he can lead two companies, especially when Twitter is in need of an overhaul and Square is reportedly heading
towards an initial public offering.
One large shareholder called the idea
hubris and a really big red flag for
investors. They added: Ultimately, it
has to be for the board of each company
but I honestly cannot see how they can
make it work unless they are planning
to merge the two.
Yet in recent weeks, some prominent
investors had begun to push for the
board to make Mr Dorseys role perma-

Two-timing:
analysts
question
whether Jack
Dorsey will be
able to manage
being chief
executive at
both Twitter
and Square, his
start-up
company Justin
Tallis/AFP

nent. Chris Sacca, an early shareholder,

and Rizvi Traverse, an investment
group whose founders Suhail Rizvi and
John Giampetroni are among Twitters
top 20 shareholders, had suggested an
end to the interim tag.
The board is keen to stress that Mr
Dorsey was not a shoo-in and it had
intended to appoint a full-time chief
executive. They knew that he had previously tried to play a large role at both
companies without much success.
In 2011, he briefly returned to run
product development at Twitter, while
tweeting he would stay on to lead Square
forevermore. And despite his intervention, problems at Twitter persisted.
But after 10 board meetings, 15 search
committee gatherings and two dozen
individual meetings with candidates, it
concluded that part of Mr Dorsey was
still better than anyone else.
We looked at many (many, many)
other options. We weighed them seriously, said Ev Williams, another

Twitter co-founder and board member

who participated in the search process.
We also discussed ad nauseam the
challenges of Jack doing both his CEO
jobs at once. I honestly didnt think wed
land on Jack when we started unless he
could step away from Square. But ultimately, we decided it was worth it.
The board says he proved his value
during his time as interim chief executive, accelerating product launches,
reshuffling top management and making ambitious plans for 2016.
In Silicon Valley lore, Steve Jobs is
held up as the best example of how a talented individual can return to revive a
company as he did with Apple. He
also ran two businesses as chief executive of both Apple and Pixar, the animation studio.
But Michael Cusumano, professor at
MITs Sloan School of Management, said
Jobs managed it in a unique set of circumstances and not when both companies were struggling. I dont think

theres any indication Mr Dorsey has the

creativity or management skills and
drive that Jobs had.
Speaking of Jobs, he added: He
wasnt really dual-engaged. He wasnt
deeply involved in running Pixar, he
gave high-level advice. He had a strong
staff. Basically what he brought was
money and energy.
Analysts also have mixed views. They
have welcomed the certainty he will
bring and have praised his performance
as interim leader but some question
whether he can pull off a Jobs-style juggling act. One former senior manager at
Twitter says Mr Dorsey is the right
choice and the only choice, despite the
challenges bequeathed by Mr Costolo.
Dick has left him a huge mess but he
has the two vital things that Dick lacked:
a vision for the product and an ability to
get people to believe.
Additional reporting by Tim Bradshaw in
San Francisco
See Lex

BANKS

Patrick
Jenkins

Co-operation trend
raises prospect of
rival collaborations

hen David Gurle a former Microsoft

executive turned Silicon Valley entrepreneur was approached by Goldman Sachs
a couple of years ago, the two parties
shared a vision. Goldman and Perzo, Mr
Gurles start-up, had separately been developing instant
messaging platforms and they thought it might be wise
to work together.
By last month the plan had evolved into a $66m
acquisition of the start-up, renamed Symphony, by
more than a dozen financial services groups led by the US
investment bank.
The small deal sparked big interest, mainly because of
Symphonys thinly disguised ambition of unseating
Bloomberg as the financial worlds dominant information
and communications resource.
But the project has broader resonance. It is symptomatic
of a trend among financial services groups, particularly big
banks, to collaborate far more than they have tended to in
the past. Symphony brought together a roster of traditional rivals alongside Goldman, including Bank of America, BlackRock, Citadel, Citigroup, Credit Suisse, Deutsche
Bank, JPMorgan Chase and Morgan Stanley.
Another co-operation deal is set to be unveiled this
week. Three of those banks Goldman, JPMorgan and
Morgan Stanley will announce that they are teaming up
with SmartStream, another tech company. They are aiming to create a collaborative utility to process securities
trades more efficiently.
The utility will harmonise securities coding differences
between front, middle and back offices across the groups
involved. It is a simple idea to fix a problem that, like many
in banking, went unaddressed for all the years that business was booming.
And these are just the latest initiatives. During the
summer a parallel post-trade collaboration emerged,
when 13 leading financial services companies (including
Goldman) revived plans to boost the effectiveness of a hub
for the processing of swaps and derivatives trades. The
project is routed through AcadiaSoft, a US software joint
venture founded in 2011 by eight big banks. It aims to
smooth out problems among
counterparties over collatDrive to counter
eral calls ahead of tougher
rules coming next year.
too big to fail
A separate post-crisis reginstitutions has
ulatory impetus to
improve banks information made large-scale
about their clients spurred
deals impossible
yet another combined effort
last year. The Depository
Trust & Clearing Corporation, a clearing and settlement
body, teamed up with Goldman and a handful of other
banks to share information that should help them comply
with tougher know your customer rules.
It is all rather mundane stuff, compared with the highoctane mergers and acquisitions that used to take
place among banks up to and in the immediate aftermath
of the financial crisis.
This is precisely the time you might expect bank M&A to
be booming. Like other companies whose deal-making has
gone into overdrive this year, banks would normally be
keen to cut costs and expand revenue amid strong equity
valuations and cheap debt, especially with global growth
so anodyne.
But big bank M&A is impossible, given policymakers
drive to counter institutions that are too big to fail. Mundane collaborations are about as exciting as big bank dealmaking gets these days.
According to Philippe Chambadal, SmartStreams boss,
the hidden pipework of post-trade services is full of
opportunities to save money by sharing those pipes,
cutting back office jobs and handing the management
of systems to a third-party technology company. There
is between $50bn and $65bn of waste in the post-trade
world, he says.
We should expect more such deals, says the finance
director of one big European bank. This view suggests that
the growing dominance of US investment banks over their
more challenged European rivals could be reflected in
rival collaborations on either side of the Atlantic.
M&A clearly poses risks. But so can co-operation deals
particularly if they hurt competition. Any bank that is not
part of a utility sponsored by its main rivals may lose out
on business or be disadvantaged in other ways.
There is at least one area where a collaborative approach
could be just what the world needs, however. Banks have
accused regulators of compounding market volatility with
tougher rules on market-making a development that is
spooking some investors. Time, surely, to create a panindustry market-making utility.
patrick.jenkins@ft.com

Commodities

Automobiles

Suncor offers $5bn for Canadian Oil Sands

Schaeffler trims IPO amid fallout over VW

GREGORY MEYER NEW YORK

Suncor Energy has made an unsolicited

C$6.6bn ($5bn) offer for Canadian Oil
Sands in a bid to consolidate ownership
in one of the worlds most expensive
oil-producing regions during a historic
price slump.
Canadian Oil Sands business is a 37 per
cent stake in Syncrude, a bitumen mining and upgrading joint venture in
Albertas Athabasca oil sands region.
Western Canadian producers, hurt by
the collapse in energy prices, have cut
billions in capital spending and thousands of employees. Barrels from
Alberta sell at a discount to other grades

because of poor pipeline links to big

markets.
Calgary-based Suncor the largest
operator in the oil sands has weathered the plunge better than some others, shielded in part by refinery assets
that profited from strengthening fuel
demand. With a 12 per cent interest
already, Suncors offer would raise its
stake in Syncrude to 49 per cent.
Suncor offered 0.25 of a Suncor share
for each share of Canadian Oil Sands.
The proposed C$6.6bn takeover, which
includes C$2.3bn in net debt, valued
Canadian Oil Sands at a 43 per cent premium to Fridays closing prices of Canadian Oil Sands and Suncor shares.

Canadian Oil Sands rose 48 per cent to

C$9.17 per share yesterday, while Suncor fell 2 per cent to C$34.65.
Canadian Oil Sands shares had
declined by 69 per cent in the year to
Friday, compared with a 50 per cent
decline in the price of West Texas Intermediate crude. The company says it
provides investors with long-life, light
crude oil exposure.
Suncor said the companys shareholders would be positioned to benefit from
Suncors integrated model and ongoing
production growth, and continue to participate in any oil price recovery.
Canadian Oil Sands had no immediate
comment.

CHRIS BRYANT FRANKFURT

Schaeffler, the car-parts supplier

owned by one of Germanys wealthiest
families, has been forced to scale back
the size of its public listing after the
Volkswagen diesel-emissions scandal.
The ballbearings maker now plans to
sell an initial total of 75m shares, compared to its previous goal of placing
166m shares, it said yesterday. With an
anticipated price range of 12-14 a
share, the German supplier is therefore
set to raise about 975m, compared
with initial estimates of about 2.5bn.
Schaeffler has become the latest prospective share issuer to be burdened by

capital market turbulence linked to the

diesel-emissions scandal and the economic slowdown in China.
Last week Bayer, the German drugmaker, was forced to cut the price range
for the initial public offering of its
Covestro plastics division.
Last month VW admitted installing
software in 11m vehicles that, if activated, cuts nitrogen oxide emissions in
laboratory tests but releases more pollutants when it is driven on the road.
The scandal has hurt investor appetite for automotive stocks since the US
regulators revealed the manipulation.
Potential Schaeffler investors have
been unsettled because VW is its most

important customer. However, the company has privately assured potential

investors that it was not involved in the
cheating. Furthermore, it stands to benefit if the scandal triggers a generalised
shift away from diesel to petrol cars.
Schaefflers free float is set to be about
11 per cent after the listing, scheduled
for Friday. Given the current market
volatility we have decided . . . to complete the overall transaction in steps,
said Klaus Rosenfeld, chief executive.
Schaeffler, which had revenues of
12.1bn last year, will use the proceeds
to pay down the debt it accrued in the
takeover of rival Continental in 2008.
See Lex

Tuesday 6 October 2015

21

FINANCIAL TIMES

COMPANIES

Violence erupts as Air France outlines job cuts

French PM outraged as angry protesters storm headquarters after executives reveal plans to reduce staff by 2,900
Violence flared at an Air France staff
meeting yesterday, and a senior executive had his shirt torn off by protesters,
as the airline set out plans to cut thousands of jobs including the first forced
dismissals since the 1990s.
A scuffle broke out after demonstrators stormed a room at the groups headquarters at Charles de Gaulle airport
where Air France management was outlining 2,900 job cuts, or 5 per cent of
total staff.
Xavier Broseta, head of human
resources, had the shirt ripped from his
back by an angry crowd as he made his
way out. He was forced to climb a fence
to escape, wearing only a pair of trousers
and a tie.
I could not believe it, they just
started attacking, said one person close
to the unions, who was at the scene. He
looked really shocked as he was rushed
out by security over a fence.
Manuel Valls, the French prime minister, said he was outraged by the unacceptable violence by demonstrators at
the fringes of Air France works council.
Yesterdays incident highlighted the
strength of feeling against the proposed
cuts, which many industry analysts
regard as a last chance for Air France to
cut costs and fight back against budget
airlines in Europe as well as Middle East
long-haul carriers.
It came after the company which
last year reported a net loss of 198m
outlined its so-called Plan B: a restructuring scheme that would involve mandatory redundancies and cutting the
jobs of 300 pilots, 900 flight attendants
and 1,700 ground staff.
Air France management put forward
the plan after failing to win approval
with the main pilots union for its socalled Plan A, a softer restructuring
plan that would have seen pilots work
more hours.
Plan B will also reduce the Air France
fleet by 14 aircraft, cut capacity on intercontinental routes by 10 per cent over
two years, and cancel orders for Boeing
787 Dreamliners.
Despite having cut nearly 9,000 jobs

Air France-KLM
Staff numbers
(000s)

Flight deck crew

Cabin crew
Ground staff
140
120
100

Share price ()

Staff departures (000s)

10.0

8.6

80

Fashion retailer American Apparel has

long been known for highly sexualised
and controversial advertisements. The
moody pictures are so dark and gloomy
that Amy Schumer, the US comedian,
once quipped that it looks like hostage
lighting.
The US group has been seeking to
moderate its image under new leadership, but it made its desire to be rescued
loud and clear yesterday when it filed
for bankruptcy protection.
American Apparel outlined a plan
already agreed with almost all its creditors to swap $200m in debt for equity,
an extension of $90m in so-called debtor-in-possession financing, and $70m in
new capital. This will help reduce debt
by about 70 per cent to $135m and cut
interest payments by $20m.
Restructuring is expected to take six
months and during this time stores will
continue operating.
The companys demise has been
months in the making. Its high debt,
combined with distractions from multiple costly lawsuits related to former
founder and ousted chief executive Dov
Charney, has inhibited its ability to
focus on rebuilding the business. By the
end of its second quarter in June, it had
just $6.9m cash on the balance sheet and
posted a pre-tax loss of $44.8m.

30

20

10

-1

-2

60
40
20
0
2012

13

14

2012

13

14

Under the plan, pending court

approval, existing owners of American
Apparels stock, including Mr Charney,
will be wiped out.
Its debt pile grew to 11.6 times its
annual earnings before interest, tax,
depreciation and amortisation as of
March this year, from 8.6 times in 2014,
according to Moodys, the rating agency.
It struggled to implement its turnround plan fast enough to stem sharp
declines in its stock price, closing at
11 cents on Friday. Along the way it
warned that it was struggling to raise
enough capital.
Last month the New York Stock
Exchange gave the company until early

Chapter 11 filing is a
culmination of several
years of financial struggles
and controversy
November to meet continued listing
standards.
Overlaying this whole thing has been
issues with governance and ownership.
Operating with all this stuff swirling
around it would be difficult for a company with a sustainable capital structure. But combine it with a capital structure thats highly leveraged . . . its the
logical outcome, said Charles OShea, a
senior analyst at Moodys.
Mr OShea, who downgraded American Apparels credit rating deeper into
junk territory to Caa3 in August, added
that behind all the noise there was a
sustainable business for a company sell-

ing 1980s-inspired fashion basics.

Paula Schneider, who was brought in
to run the company after the dismissal
of Mr Charney late last year, said: This
restructuring will enable American
Apparel to become a stronger, more
vibrant company.
The groups US-based manufacturing
made it unusually well placed to be
competitive amid increasingly slick
supply chains at competitors, whether
fast fashion, which mimics catwalk
designs and gets them swiftly to into
stores, or for mass retailers, which rely
more on basics.
It failed to capitalise on this advantage, however. Its supply chain had been
far too inefficient, Ms Schneider conceded in an interview with the Financial
Times this year, leaving stores with old
inventory that was less enticing to shoppers who as a result were seeing the
same stuff.
Under her turnround plan, which the
company is sticking by, American
Apparel plans to improve productivity
and its supply chain, cut $30m from
costs and is targeting a heady $1bn in
sales from $600m currently.
The Chapter 11 filing is a culmination
of several years of financial struggles
and controversy. American Apparel
had a previous brush with bankruptcy
in 2011.
But the past couple of years have been
marked by a very public battle with
Mr Charney, involving lawsuits relating
to allegations of sexual harassment
and mismanagement by him, which he
has denied.
He owns nearly 41 per cent of American Apparel via a loan with hedge fund
Standard General, which holds the voting rights to those shares.
With its creditors having agreed to
answer American Apparels cry for
help, Ms Schneider will be focused on
using that cash to smooth out bottlenecks in the supply chain, buy better
advertising and get new collections into
the stores.
Paris Fashion Week
Left Bank-bohemianism inspires
a portrait of sloe-eyed, misttinged exoticism in Giambattista
Vallis show. Plus, Sacais
offering: a sartorial surgeon,
Chitose Abe pushes distortions
as far as they can go
www.ft.com/fashion

American Apparel is famed for making its clothes in downtown Los Angeles

2004 06

08

10

12

14 15

2004 06

08

10

12

14 15*
*estimate

Sources: company; Bloomberg

American Apparel fashions a

comeback with equity-for-debt deal

LINDSAY WHIPP CHICAGO

10.6

Retail. Turnround plan

Agreement with creditors will

reduce liability by 70% but
wipe out existing shareholders

Net income (bn)

40

in three years, the airline is looking for

new ways to find 1.8bn in savings over
the next two years. At the same time, it
is developing its low-cost Transavia
operations.
This has thrown the airline into a
long-running battle with the main SNPL
pilots union. Last September, a twoweek pilots strike over the opening of
Transavia bases outside France cost the
company 500m.
When Air France last tried to dismiss
staff rather than relying on natural attrition to cut headcount, back in 1993, several weeks of walkouts cost chief executive Bernard Attali his job.
Yesterday, the unions said their members were being asked to pay the price
for a flawed management strategy, saying they want to see a growth plan
before discussing pay reduction or job
losses. We want an aggressive plan to
capture growth, not something that is
simply following the other airlines in
Europe, said a spokesperson for the
SNPL union. At the moment, it is only
about firing people.
For the French government, the continuing union negotiations have become
a hot political issue, with Michel Sapin,
finance minister, urging pilots to reach
an agreement with management.
Mr Sapin, who supports necessary
reforms, said: I hope everyone is well
aware, including everyone in the Air
France staff, that if nothing is done, Air
France is in very big trouble.
Last week, Bruno Le Roux, president
of the Socialist Group in the National
Assembly, warned he was concerned
for Air France and the risk of the disappearance of the French flag carrier.
Protesters, many of them in uniforms,
demanded the retention of staff jobs
and the sacking of Frdric Gagey, the
Air France chief executive. Mr Gagey
escaped the incidents unharmed but
Pierre Plissonnier, the director of the Air
France hub at Orly airport, had his shirt
and jacket torn. Air France said it would
file a complaint for aggravated assault
against isolated individuals behind
the attack.

22

FINANCIAL TIMES

Tuesday 6 October 2015

COMPANIES

Adblocking threat to marketing industry grows

Online news publishers are among the most vulnerable as new technologies give consumers the power to filter ads
Sir Martin Sorrell, chief executive of WPP, the worlds
largest marketing services group. But
am I worried about it? The honest
answer is Yes.
Online news publishers appear to be
in the line of fire, and some groups hope
that the rise of blocking will encourage
advertisers to develop better ads that do
not make pages take longer to load
particularly on mobile devices.
Good advertising matters, says Jim
Bankoff,
f chief executive of Vox Media,
which owns sites including The Verge,
Eater and Re/code. By that I dont just
mean advertising that is creatively
strong. Advertising shouldnt hinder or
slow down the experience.
Some ad executives are putting their
faith in the development of technologies
that either help ads get past the adblockers or suppress the content so users of
such technologies are prevented from
looking at sites.
But with adblockers such as Purify
flying off Apples virtual shelves, will
any action to improve mobile advertising experiences come too late?
The industry is heading into a war of
technology, according to Bob Lord,
president of AOL. Content is expensive
to produce, so ultimately it is a consumer choice: do they want a subscription-based content model or an ad-supported model? he says.
Technology will get to the point
where those with an adblocker are not
going to get free content.
If actions such as these fail to slow the
adoption of adblocking software then

MATTHEW GARRAHAN AND

HANNAH KUCHLER NEW YORK
ROBERT COOKSON LONDON

The marketing industry knows how to

throw a party. Stars ranging from music
figures Mark Ronson and Snoop Dogg to
the actor who plays Big Bird on Sesame
Street joined 95,000 advertising luminaries in New York last week for several
days of seminars, special events and
schmoozing.
It is no surprise that an industry so
polished in the art of persuasion would
put a positive spin on its predicament.
However, not even Mad Mens Don
Draper could hide the anxiety sweeping
the advertising hubs of Manhattans
Madison Avenue and Londons Charlotte Street.
Digital advertising, the industrys
fastest growth area, is under attack
from twin forces: software that enables
viewers to block ads on their smartphones and computers; and online
fraud, which distorts the measurement
of video views and impressions, siphoning off spending to a network of shadowy middlemen.
Adblocking, the most recent threat,
has gained traction and visibility since
the September launch of Apples latest
operating system, which can run the
software.
The blocking programs, which are
designed to filter ads that slow page
loading and annoy users, have been
among the most popular available from
the App Store.
Last week Digicel became the first
mobile operator to start blocking ads on

Latest blocking programs

could have ruinous
implications for groups
that rely on digital ads
its network. The Caribbean-focused
network owned by Denis OBrien, Irelands richest man, said it had started
in Jamaica and would introduce the
program to its other markets in the
coming months.
But the latest adblocking software,
and programs already available on
PCs and laptops, could have ruinous
implications for the companies that rely
on digital advertising, such as online
publishers.
Estimates of how ruinous vary wildly.
UBS said last week that adblocking
would cost the advertising industry
$1bn, while a report this summer from
PageFair and Adobe put the figure this
year alone at $22bn.
Whatever the correct figure, adblocking is bringing a wave of disruption to
the industry. Online advertising is
about to be fundamentally restructured
in a way that will result in massive
consolidation of both content buyers
and advertising platforms, wrote Goldman Sachs analysts in a research note
last week.
Adblockers are primarily a threat to
companies operating on the open web,
which rely on third-party ad networks
such as those owned by Google to sell
and deliver ads to their sites. The most
commonly used blockers do not work
on so-called walled gardens, such as
Facebooks own app.
Its not quite as significant a threat as

Legal Notices

20

Monthly active users who block ads

Global monthly adblocking

software users

Adblocking software usage

% of internet users, Jun 2015
0
10

30

40

Search ads, which generate

most of Googles revenues,
are among those filtered
by the software

Selected countries, Jun 2015

Million
200

Norway
Greece

Mexico

5.0m

Poland
Germany

150

Sweden

China

6.4m

New Zealand
UK

100

Portugal

UK

12.1m

Canada
Finland
Ireland

50

Germany

Australia

18.2m

Spain
US

Argentina

US

43.2m

2009 10 11 12 13 14 15
FT graphic. Source: PageFair and Adobe

Media
Data race heats up in push
for accurate ratings
Gauging the effect of advertising has
always been tricky, whether on print,
radio or television.
The internet was supposed to offer
more accurate forms of measurement.
But bots and online fraud have
distorted the picture, making it more
difficult than ever to calculate the
efficiency of digital campaigns. Accurate

online measurement of television

programming is also proving to be
fiendishly difficult.
Media companies, such as Viacom
and CBS, have complained for months
that Nielsen, the market research group,
does not include online consumption in
its audience ratings, on which TV
advertising is based.
But the market to provide accurate
audience data is becoming more
competitive.
The merger of ComScore and
Rentrak, announced last week, will

create a single company capable of

measuring viewing from film to TV
to online.
WPP, the advertising group that
holds minority stakes in ComScore and
Rentrak, has pushed for more accurate
audience ratings, partly because two of
the largest platforms for online viewing
Google and Facebook have their
own ratings system for video views.
The measurement issue is very
serious, says Sir Martin Sorrell, WPP
chief executive (left). You cant
have the players refereeing the match.

publishers are likely to move more of

their content and advertising to their
own apps or protected systems. Facebook made such a move recently with
the launch of its Instant Articles news
service.
Advertisers will continue to advertise, one publisher says. But adblocking hurts the open web. And who makes
the most money on the open web?
Google.
The technology group, for its part, has
acknowledged that adblocking is a
problem and said last week that the
industry needed to work together to
find a solution.
Search ads, which generate most of
Googles revenues, are among those filtered by adblocking software. Google
has the most to lose, agrees Sir Martin,
who adds that the company could take
steps to thwart adblockers by preventing users who have installed the software from using YouTube.
If the problem goes unaddressed, the
imbalance that exists in the online
advertising market will continue.
Mobile use accounts for 24 per cent of
US media consumption time but only
8 per cent of advertising spending,
according to Kleiner Perkins Caufield
Byers, the private equity firm.
In the US, KPCB estimates, this gap is
equivalent to a $25bn opportunity. The
advertising industry will hope that it is
not a missed one.

Technology

Telecoms

Winklevoss twins to launch

bitcoin exchange Gemini

Telenor looks to offload stake in VimpelCom

PHILIP STAFFORD

Cameron and Tyler Winklevoss, the

twins best known for their dispute with
Mark Zuckerberg over the creation of
Facebook, are to launch a bitcoin
exchange this week.
The exchange, known as Gemini after
the twins zodiac sign, was yesterday
granted a charter under state law by the
New York State Department of Financial Services, the banking regulator.
The exchange will act as a gateway for
users who want to trade bitcoins but
also have it linked with normal bank
accounts. But the launch comes as some
bitcoin start-ups struggle to turn their
ideas into sustainable businesses.
In September, BitPay, a US payments
processing start-up known as Bitcoins
PayPal, laid off staff after it admitted
$1.8m in bitcoins had been stolen from
its system. Also that month, Ethereum,
a project to exploit bitcoin technology,
acknowledged it had to scale back a
staff-hiring plan after falls in the price of
bitcoin meant it lost about $9m in
potential capital.
US financial services regulators
have clamped down on unlawful
trading in virtual currencies, with
enforcement actions against Sand Hill

Exchange, TeraExchange and Coinflip.

But, many banks are keen to explore
the use of the blockchain, the security,
trade-affirmation and settlement technology behind bitcoin, with some backing their own ventures.
Cameron Winklevoss, president of
Gemini, said the exchanges position
from day one was to ask for permission, not forgiveness.
We didnt apply for a BitLicense
because we wanted to build an exchange
that both Main Street and Wall Street
could use and trust, so we decided to
obtain a limited liability trust company
charter in order to do so, he said.
New Yorks banking watchdog has led
the charge among US regulators in creating rules for trading a cryptocurrency
that does not clear through central
banks, and which has come under scrutiny after the collapse of Mt Gox, the Japanese exchange, in which customers lost
millions of the coins.
Smart, targeted regulation that helps
protect consumers and prevent illicit
activity is vital to the long-term future
f
of this industry, said Anthony Albanese, acting superintendent at the regulator.
The exchange will open for trading on
Thursday.

DANIEL THOMAS
TELECOMS CORRESPONDENT

Norwegian telecoms group Telenor is

looking to end its fractious relationship
with VimpelCom by selling its $2.3bn
stake in the Russian mobile phone
operator.
Telenor said it would seek a buyer for its
33 per cent of shares in the New Yorklisted company amid a bribery investigation of VimpelComs activities in
Uzbekistan.
The decision comes three years after a
struggle with Russian billionaire
Mikhail Fridman for control of the
group, which left Telenor in a weakened
minority position.
Svein Aaser, chairman of the board of
Telenor, said: The VimpelCom asset,
where Telenor holds a minority position
without the possibility to fully control
the company, has been challenging.
The disposal of our shares is in the
best interest of our shareholders, and in
accordance with Telenors long-term
strategic focus.
VimpelCom, which has more than
200m subscribers in 14 countries, is
under investigation in the US and the
Netherlands over alleged bribery in
Uzbekistan.
Telenor has owned stakes in businesses that ended up as VimpelCom for
more than 16 years, although the rela-

tionship with Mr Fridman has rarely

been harmonious.
The two sides fully merged their
emerging markets businesses in 2009
into VimpelCom in a bid to resolve their
long-term differences, although peace
lasted for only about a year before a
struggle broke out over the acquisition
of Wind Telecom ffrom Egyptian businessman Naguib Sawiris.
Telenor lost its battle to block the
Wind acquisition, and subsequently Mr
Fridmans holding group raised its stake
in the group to take a 48 per cent voting
interest. Alexei Reznikovich, the managing partner of Mr Fridmans holding
group, now called L1 Technology, is the
chairman of VimpelComs board.
Telenors decision to sell its Vimpel-

The Property Market

Com stake follows a review by Sigve

Brekke, who, in August, took over as
chief executive from Jon Fredrik Baksaas. The market value of VimpelComs
shares represents about 8 per cent of
Telenors market capitalisation. Telenor
said it would book a non-cash impairment of NKr7.5bn in the third quarter
owing to the sale.
The news sent shares in Telenor up 2
per cent from NKr158.70 to NKr160.00.
Telenor said there was no timetable
set to make the sale. Analysts said it
could be difficult to find a single buyer of
the minority stake given the control
exerted by L1 Technology, which could
mean a chance for Mr Fridman to consolidate his hold on the group.
See Lex

Tuesday 6 October 2015

FINANCIAL TIMES

23

24

FINANCIAL TIMES

Tuesday 6 October 2015

COMPANIES
Financial services

Banks

Hong Kong puts shareholder

rights ahead of desire for IPOs

Huarong to test shaky HK

markets with $2.5bn listing

Exchange scraps plan to

woo Chinese tech groups
with dual-class share rules

One of Chinas leading bad banks is to

test Hong Kongs shaky markets with a
$2.5bn initial public offering that is
being made harder by mainland rules
forcing it to price at a premium to
its peers.
China Huarong Asset Management is
the second of four so-called asset management companies to seek a listing, following the 2013 debut of Cinda Asset
Management. All four were set up in the
1990s to take on the bad loans of Chinas
big four banks, and have since morphed
into more general financial services
companies.
The planned listing would be the biggest in Hong Kong traditionally the
regions most important IPO market
since Chinese stocks peaked in June.
Hong Kong stocks have fallen a fifth
since then, while Shanghai and Shenzhen stocks are off about 40 per cent.
Huarongs task is likely to be made
harder by mainland rules prohibiting
financial companies from selling shares
at a discount to book value. Cinda, the
only directly comparable stock to
Huarong, is trading at 90 per cent of its
book value, forcing Huarong to make a
strong argument for what will be, in
effect, a premium IPO price.
It is offering 16.4 per cent of its share
capital in the deal. In an earlier capital
raising, from August 2014, the company

JENNIFER HUGHES HONG KONG

When Alibaba took its record-breaking

$25bn initial public offering to New
York instead of Hong Kong two years
ago, it triggered a heated debate about
whether the Asian city states oneshare-one-vote rules were too strict.
Bankers argued that Hong Kong
would continue to lose out on flotations
of high-profile technology companies
unless it allowed them to sell shares
with different voting rights
But the dream of luring big Chinese
companies did not overcome opposition
from Hong Kongs regulator, the Securities and Futures Commission, which
came out against proposed changes to
the listing rules in June. Yesterday Hong
Kong Exchanges & Clearing, the bourse
operator, bowed to the inevitable and
scrapped the effort.
In some ways the result was predictable. Exchanges have often found it hard
to change rules governing voting rights.
New York Stock Exchange barred dualclass structures for 50-odd years following a scandal in the 1920s. It dropped its
standards only when faced by competition for technology company listings
from Nasdaq in the 1980s.
Advocates of a rule change in Hong
Kong had hoped that losing Alibabas
IPO and the increased trading volumes it would have brought would
spur a similar change in local opinion

sold 21 per cent of its equity for $2.4bn

to investors including Goldman Sachs,
Warburg Pincus and Malaysias Khazanah. With a price tag of $2.5bn, the
shares on offer now imply a one-third
rise in valuation since the earlier deal.
Cinda shares are off by about the same
amount over that time having weakened recently on news that it plans to
buy Bank of Chinas Nanyang Bank unit
for $8.8bn.
Huarongs listing, however, is likely to
involve a significant number of socalled cornerstone investors in an effort
to help it succeed. Cornerstones big
investors who get their full allocation in
return for a six-month lock-up were
once used to attach famous names to
offerings and encourage investors. More
recently, they have become a common
method of bolstering demand by prefilling a large part of the order book.
China Railway Signal, the stateowned maker of train traffic control systems, priced its $1.4bn IPO in August at
the lower end of its range even after
awarding 54 per cent of the shares to
cornerstone investors.
Five banks leading the Huarong deal
began 10 days of meetings with investors yesterday in Hong Kong the first
stop on a tour that will take in Singapore, London, New York and Boston. An
IPO roadshow is due to begin next week.
Huarong is being advised by CICC, Citigroup, Goldman Sachs, HSBC and ICBC.

Financial services

PwC beats Deloitte to lead Big

Four league as revenues rise

It is pleasing to see HK set

a higher standard . . . than
other financial centres

KADHIM SHUBBER NEW YORK

PwC reclaimed the title of worlds largest professional services firm, as rapid
expansion of its consulting business
allowed it to post its fastest rate of revenue growth since the financial crisis.

Jamie Allen, ACGA

and soften the opposition of regulators.
In the eyes of many Hong Kong bankers and lawyers, refusing to bend to
commercial reality would weaken the
citys claim to be the financial gateway
for China if mainland companies, such
as Twitter competitor Weibo and Alibaba rival JD.com, continued to opt for
dual-class listings in New York.
But in Hong Kong the issue was also
coloured by history the strict governance rules grew directly out of concerns
raised during the citys tycoondominated colonial past.
The territory effectively banned companies from adopting weighted voting
rights in 1987 when billionaire Li Kashing and the Jardines group tried to
exploit a loophole. An ensuing outcry
forced those colonial-era empires, and
others that had hoped to follow their
lead, to back down. It marked an unexpected victory for shareholder rights in
a city that was often considered to be in
thrall to high-profile corporate leaders.
It is pleasing to see that Hong Kong
is able to set a higher standard on

JENNIFER HUGHES HONG KONG

Competitive edge: it was only when

Nasdaq became a rival for tech
listings in the 1980s that NYSE
decided to permit dual-class
structures after a ban that had
lasted for 50-odd years
Jennifer S Altman/Bloomberg News

Fighting for business

IPO volumes by deal value ($bn)
100
NYSE and Nasdaq
LSE
Hong Kong
Shanghai

80
60
40
20
0

2005 07
* Annualised
Source: Dealogic

09

11

13

15*

weighted voting rights than other

leading financial centres, said Jamie
Allen, secretary-general of the Asian
Corporate Governance Association.
A survey of ACGA members ahead of
Alibabas IPO last year suggested they
would discount its shares by almost a
fifth to reflect its unusual governance.
Although the ecommerce group does
not use a dual-class structure, it does
allow a self-selecting partnership of
managers and founders to nominate a
majority of board members.
Alibabas defection was, however,
only the latest in a long line of Chinese
companies that chose New York for its
acceptance of dual-class shares. Of the
100-plus mainland groups listed in the
US only a third use dual-class structures
but they account for about 70 per cent
of their collective market capitalisation,
according to an HKEx paper last year.
Those companies have left Hong Kong
again trailing behind New York as a capital-raising centre, a position the citys
bankers have found galling. Hong Kong

had briefly topped the list after the

financial crisis and a series of blockbuster listings. Its run of megadeals was
crowned by the 2010 listings of Agricultural Bank of China, which raised
$22bn, and the $20bn offering by AIA,
the insurer. The two are still in the top 10
IPOs globally.
Since then, however, Hong Kongs biggest IPO has been the $4.5bn offering by
Huatai Securities, a mainland broker,
this year. Huatais shares, hurt by
Chinas stock market crash, are 39 per
cent below their issue price.
The shift to the US has hurt banks in
Hong Kong particularly hard in financial terms too. Equity capital market
fees make up an average 40 per cent of
investment banking fees in Asia, compared with about a quarter globally.
HKEx executives have not given up
hope. Yesterdays statement left the
door open to future efforts to change the
rules, although insiders concede the
mood is against them.
See Lex

The 10 per cent jump in gross revenues

to $35.4bn boosted PwC above Deloitte
by revenues. The growth in consulting
comes at a time when regulators are
again warning about the potential for
conflicts of interest as the Big Four
auditors continue to expand beyond
their core business.
Dennis Nally, who became global
chairman of PwC International in 2009
and is stepping down next year, said the
results showed the firm had the capabilities and skills that the marketplace is
really looking for.
PwCs consulting arm, the engine of its
growth for the year to June 30, now
accounts for more than 30 per cent of
total revenues after growing 18 per cent
to $11.2bn during the fiscal year.
Much of the rapid expansion stems
from PwCs acquisition last year of Booz
and Co, which it rebranded Strategy&.
Consulting revenue had grown 10 per
cent in the previous financial year.
Revenues in PwCs auditing division
grew more slowly, by 6.2 per cent to
$15.2bn, in a year marred by the profit
misstatement scandal at Tesco, a PwC

audit client. PwC had signed off on the

UK supermarket groups accounts just
months before it revealed that first-half
profits were overstated by more than
250m. In December, the UK accountancy watchdog launched two probes
into PwC relating to Tesco and another
audit client, Barclays.
The growing importance of consulting
to the Big Four has raised concerns that
the desire to win additional contracts
could influence the auditing side of the
business. In November, Steven Harris, a
board member of the Public Company
Accounting Oversight Board, which
oversees audit firms in the US, warned,
audit independence and audit quality
could be threatened by the growth of the
advisory and consulting services at the
largest audit firms.

PwC said its gross revenues jumped

10 per cent to $35.4bn

Contracts & Tenders

Chemicals

PotashCorp pulls 7.9bn bid

for K+S as prices fall further
HENRY SANDERSON

PotashCorp of Saskatchewan has

dropped its 7.9bn unsolicited bid for
rival German fertiliser maker K+S,
four months after it proposed the deal
as a way of consolidating the oversupplied potash market.

Businesses For Sale

Business for Sale, Business Opportunities, Business Services,
Business Wanted, Franchises
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In a statement the Canadian company

said K+Ss management had failed to
engage with its offer. It also cited challenging macroeconomic conditions,
which have led to falling commodity
and equity prices.
A K+S deal would have given PotashCorp control of up to a quarter of the global market at a time when prices for the
fertiliser ingredient have fallen more
than a third since their peak in 2012.
K+S said it had rejected the offer
because the price offered had not
nearly reflected the fundamental value
of the company and was not in [its] best
interest.
Under the proposed deal, its business
in Germany would not have been
secure, it added.
K+S shares fell 22 per cent to 24.12
in Frankfurt yesterday. PotashCorps
offer had valued the company at 41 per
share in June. Shares in PotashCorp rose
3.3 per cent, valuing it at $17bn.
It is the second high-profile cross-border agricultural merger to be called off
this year. Monsanto abandoned its

$46bn bid for agribusiness rival Syngenta last month.

PotashCorps bid would have given it
control of K+Ss Legacy mine in Canada,
which is due to start production next
year. This project is the first greenfield
potash development in Saskatchewan
in almost 40 years.
A merged company would have controlled between 20 and 25 per cent of
global supply by 2020, analysts at Credit
Suisse estimated. K+S spent much of the
past three months trying to fend off the
Canadian approach. In August it said
most of its private shareholders backed
its rejection of the bid.
Citigroup analysts said: The unwillingness for K+S to engage in discussions,
without Potash significantly changing
the terms and valuation of the indicative proposal, had been a key issue.
Potash prices are down 37 per cent
since a peak in 2012. Shares in other potash makers had fallen almost 40 per
cent since the offer, PotashCorp said.
In light of these market conditions
and a lack of engagement by K+S management, we have concluded that continued pursuit of a combination is no
longer in the best interests of our shareholders, said Jochen Tilk, PotashCorp
president and chief executive.
Additional reporting by Arash Massoudi
and Nathalie Thomas in London
See Lex

Tuesday 6 October 2015

FINANCIAL TIMES

25

26

FINANCIAL TIMES

Tuesday 6 October 2015

UK COMPANIES

Briefs

Multi-tentacled sales of states stake in Lloyds fails the Tell Sid test

The privatisation of a government

stake in Lloyds that once stood at
43 per cent has been more a case of
Tell Squid than Tell Sid.
Institutional capital of the kind
mustered by Goldman Sachs once
dubbed the vampire squid by Rolling
Stone magazine has mattered more
than the savings of Mr Smith at No 33.
A retail offering of at least 2bn is an
afterthought, given that the
government has trimmed its stake to
below 12 per cent through sales to City
investors.
The privatisation of British Gas in
1986, publicised with the Sid tagline,
was big, brash and provocative. The
government floated the energy group
to raise proceeds equivalent to 14.4bn
in todays money, with 1.5m private
investors taking part. The partly paid
shares popped 50 per cent on their first

day of trading. Margaret Thatchers

aim was to turn ambivalent Britons on
to capitalism and deal a blow to a leftist
Labour party of which todays leader
Jeremy Corbyn is the tribute act.
George Osborne has instead focused
on extracting the state from its
unwanted crisis-era investment in
Lloyds with minimal blame rather than
maximum acclaim.
Two big shareholdings were placed at
slim discounts. Morgan Stanley then
trickled shares on to the market at
above the states putative in-price of
73.6p a share.
Barring a market rout, the bank
should be able reduce the shareholding
to just under 10 per cent by the yearend, worth some 5.5bn at todays
price of 77p a share. The government
agency UK Financial Investments can
then sell 2bn-3bn through a March
retail offer in which Goldman will
inevitably feature.
The balance, excepting a rump
needed to cover a one-for-10 share
bonus for investors who hold for a year,
may be sold through an institutional
offering or trickled on to the market.
The chap who mans the salami slicer

at Waitrose could not have done a

better job. Pensions liberation gave Mr
Osborne a claim to Thatcherite
credentials. This share sale will not.

Dan lives dangerously

Angry old buffers tell journalists they
are cancelling their subscriptions too
often for it to make much impression.
It is more of a problem if you are Daniel
Godfrey, chief executive of the
Investment Association, and the pucefaced protesters are M&G and
Schroders, which have combined assets
under management of 570bn.
Mr Godfrey is a smart operator. But
he appears to have misunderstood the
role of a trade association boss.
Members might have endorsed his
mission to lead progressive thought in
the industry when he created the IA
through a merger. But one should
never conflate what people say they
want with their real preferences.
Trade bodies are naturally
conservative. Their place is to insist
that any reform of their industries will
result in fire and brimstone raining

down on terrified humankind while the

sea boils like pitch. The only exceptions
are tax cuts, which are to be applauded.
It was brave of Mr Godfrey to speak
in favour of greater disclosure of fund
management costs indirectly paid by
clients, such as brokerage research. It is
hard to build a logical case against
transparency. A trade body boss is,
however, expected to try.
One might also argue that it was
undiplomatic of Mr Godfrey to launch
an inquiry into high pay for corporate
bosses. Michael McLintock got 5.6m
for running M&G last year. Michael
Dobson at Schroders received 8.2m.
Mr Godfreys remuneration, while
generous by the standards of his sector,
would provide less support during any
period spent job hunting.

APR vista Albrightened

APR Energy has gone a long way in
temporary power generation. All the
way to the bottom. However, you cant
accuse keystone investor and former
US secretary of state Madeleine
Albright of cutting and running. Her

investment vehicle Albright Capital

Management is part of a consortium
hoping to buy the bombed-out
generator company.
APR has shed 90 per cent of its value
since it came to market in 2011 through
a deal masterminded by Hugh
Osmond, best known for leveraged
purchases of pubs and insurers. The
margins enjoyed by power groups
have tumbled. APR has struggled to
make a profit in such lands of
opportunity as Libya.
Mr Osmond is no longer a big
shareholder. The debt borne by the
company he set up is high (a pattern is
emerging here). Loan covenants allow
APR to carry net debt that is a hefty
4.75 times earnings before nasties. But
the current figure is closer to nine
times, according to S&P Capital IQ.
Ms Albright showed commendable
respect for equity during her
diplomatic career. One hopes the
bidding consortium of which ACM is a
member will be equally fair-minded in
the price it offers bruised fellow
investors in APR.

Playtech
Objection to Irish deal
Playtech, the gambling software
company founded by Israeli
billionaire Teddy Sagi, has suffered
a setback to its acquisition plans
after the Central Bank of Ireland
objected to its purchase of Ava
Trade, a Dublin-based online
trading group.
The London-listed group said in a
regulatory announcement
yesterday that it would be seeking
clarification from the Irish central
bank after the regulator raised
objections to the deal in a letter to
the company late last week.
The FTSE 250 companys shares
closed down 2.6 per cent yesterday,
as investors fretted that the
unexpected hurdle it faced in
Ireland might feed through to its
more ambitious 460m deal,
announced in June, to buy Plus500,
an online trader in contracts for
difference. The Plus500 deal is
central to Playtechs aim to build
significantly in financial services.
Playtech did not say what
objections the Irish central bank
had raised to its purchase of Ava
Trade. The central bank declined to

jonathan.guthrie@ft.com

Food & beverage

Nestl and R&R

in talks over
ice-cream tie-up
Swiss group in discussions
with UK manufacturer to
merge forces outside US
SCHEHERAZADE DANESHKHU

Nestl is aiming for a bigger scoop of the

ice-cream market after disclosing yesterday that it is in talks with the UKs
R&R Ice Cream to set up a joint venture
that would create a more formidable
challenger to Unilever, the worlds biggest ice-cream maker.
R&R is not a well-known name
because the Yorkshire-based group
makes own-label ice-cream for retailers
and under licence for brand manufacturers including Mondelez of the US
and Nestl itself. It is Europes thirdlargest ice-cream manufacturer by volume, however, and last year generated
annual sales of 838m.
Nestls ice-cream sales amounted to

World of ice cream

Market share, 2015 (%)

Other

22.8
59.2

10.8

Unilever

Nestl

R&R 0.8

General
Mills 3

Mars 1.3

Lotte 2.1

Source: Euromonitor

3bn, according to analysts, but less

than half the business is earmarked for
the joint venture.
The Swiss food group aims to place
its ice-cream businesses in Europe
including the Mvenpick brand
Egypt, the Philippines, Brazil and
Argentina with all of R&R into a 50:50
joint venture. The combined business
would have annual sales of SFr3bn.
Nestl would still be left with icecream manufacturing in the US where
it operates Dreyers and Hagen Dazs
and in parts of Asia.
Analysts said that if the joint venture
were successful, it would give Nestl a
number of options in the future, including a full takeover of R&R, or spinning
off ice-cream, possibly through an IPO.
Though Nestl is the worlds secondbiggest manufacturer, its performance
in ice-cream has been wobbly.
Nestls share of the ice-cream market
worldwide, in terms of retail value, fell
to 11 per cent this year from 13 per cent
in 2010, according to Euromonitor,
while that of Unilever increased to
23 per cent from 21 per cent.
Paul Bulcke, Nestls chief executive,
said: We have a longstanding relationship with R&R. Combining the capabilities of our two companies in this way
would offer an exciting opportunity for
future growth in a dynamic category.
R&R was acquired in 2013 for 850m
by PAI Partners, a French private equity
group. Since then PAI has added more
flavour to R&Rs range by buying up
Peters ice-cream business in Australia
last year and Nestles south African icecream division this year.
Credit Suisse is adviser to Nestl and
Rothschild is adviser to PAI Partners.

comment on the reasons for its

intervention in the deal, but said:
Acquiring transactions for central
bank-regulated entities are
assessed in accordance with [its]
published procedures and the
relevant legislative timelines.
Ava Trade could not be reached
for comment. Vincent Boland

McCarthy & Stone

Profits rise 42%
McCarthy & Stone the specialist
retirement home builder has
joined a string of housebuilders in
reporting strong growth in another
sign of a warming British market.
Rising prices and an increase in
completed homes helped revenues
reach 485.7m in the year to
August 31, an increase of 25 per
cent on the previous year. Pre-tax
profit rose 42 per cent to 80.9m.
The attractive political and
economic environment has
encouraged McCarthy and Stone to
boost its investment by 500m
over the next four years, with the
prospect of output potentially rising
above a target of 3,000 homes sold
a year. Nicholas Megaw

Rexam
Ball takeover concerns

Local view
Trinity Mirror
on track to
meet targets

Trinity Mirror, publisher of the Daily

Mirror and the Liverpool Echo,
expressed confidence it would meet
full-year targets after its revenue
decline moderated in the third quarter.
The newspaper group said yesterday
that the trading environment remains
volatile but that revenue fell by 9 per
cent in the three months to September,
against a 13 per cent decline in the
second quarter.
The company, whose oldest title
dates back to 1832, has been struggling
for several years to stem a decline in
the circulation and advertising
revenues of its print publications.
Trinity Mirror in early September

said that it was in talks to buy rival

publisher Local World. A tie-up
would create by far the UKs biggest
local newspaper group, with the
hope of being better able to cut costs
and offer advertisers greater scale.
David Montgomery, Local Worlds
chief executive, who helped create
the group from various assets in
2012, holds a 5 per cent stake in the
company, placing him in line for a
multimillion-pound payday should
the deal be completed.
In its brief trading update
yesterday, Trinity Mirror said it had
seen an improvement in trends in
the third quarter. Robert Cookson

The multibillion pound takeover of

UK drinks can maker, Rexam, by its
US rival, Ball Corporation, has raised
fresh competition concerns, this
time in Brazil.
Less than a week after disclosing
that the European Commission had
issued a statement of objections
about the deal, which will create a
global powerhouse in drinks can
production, Ball said the Brazilian
competition watchdog the
Conselho Administrativo de Defesa
Econmica has flagged concerns.
A combination of Rexam and Ball
would control about 61 per cent of
the market for drinks cans in North
America, 69 per cent in Europe, and
about 74 per cent in Brazil, analysts
have estimated. FastFT

Chris Ratcliffe/Bloomberg

Travel

Energy

Albrights capital fund alights on APR Energy

KIRAN STACEY ENERGY
CORRESPONDENT

Madeleine Albrights investment fund

is one of a group of companies looking
to buy a London-listed company which
supplies temporary power plants in
emerging markets.
Albright Capital Management, which is
chaired by the former US secretary of
state, is one of three groups in talks with
APR Energy, the Aim-listed company
that was once on the FTSE 250. The
other two are Fairfax Financial, the
companys largest shareholder, and
Acon Investments.
APR, which is based in Florida, supplies small-scale power plants which
can be erected quickly to deal with a
short-term lack of supply.
But it has endured a torrid year, and

has issued two profit warnings after its

contract in Libya was suspended while
its shares fell from nearly 6 to just 50p.
The share price rose 70 per cent on the
news, closing the day at 1.57. The company provides temporary electricity

1.57

APRs share price

a year ago, before
it suspended its
Libya operations

The companys
share price after
the news broke
yesterday

generators in countries where utilities

have often not been able to keep up with
fast-rising economic activity. It competes for that business with its much
larger rival Aggreko.
But that business model has left APR
exposed to political disturbances and

conflicts. Its Libyan contract, which

accounted for more than a third of its
revenues last year, collapsed after
Tripoli failed to ratify its renewal.
That was followed by its exit from
Yemen because of fighting, and the company has still not recovered all its assets
from the country. Its biggest markets
are now Uruguay, Burma and African
countries including Angola, Botswana
and Senegal.
APR avoided breaching its banking
covenants in April by renegotiating its
credit lines, but the they are due to be
tested again at the end of this month. It
was founded by John Campion in 2004.
Ms Albrights fund was launched in
2005, and raised $329m in 2007 to
invest in emerging markets. It has been
an investor in APR since 2010.
See Lombard

Tuesday 6 October 2015

27

FINANCIAL TIMES

UK COMPANIES
Support services

Industrials

Bidding war breaks out for Xchanging

India takes
steps to end
foreign tax
disputes

Back-office groups shares

jump 50% after Capita
and Apollo submit offers
GILL PLIMMER

Shares in Xchanging soared more than

50 per cent yesterday after a bidding
war broke out for the provider of backoffice processing for the insurance
industry.
Xchanging a former sponsor of the
Oxford to Cambridge boat race said
yesterday that it had received separate
takeover offers from the FTSE 100 company Capita and the US private equity
group Apollo Global Management.
Apollos 170p-per-share all-cash offer
values the British company at about
421m, and is higher than Capitas final
proposal of 160p. Xchanging has
granted both groups access to its books.

The offers come as more companies

look to outsource administrative processes to third parties such as Xchanging,
which can provide economies of scale.
There is also a growing trend towards
consolidation as clients seek to work
with fewer contractors on increasingly
large projects.
In April Kier, the support services and
construction group, bought Mouchel,
which manages payrolls for local
authorities and maintains a third of UK
highways, in a 265m all-cash deal.
The takeover added to Kiers 221m
acquisition in 2013 of May Gurney,
which services hundreds of local
authorities.
Stephen Rawlinson, an analyst at
Whitman Howard, said more deals in
the back-office processing market were
expected.
Scale is getting more important
because the public and private

sector is putting the squeeze on costs,

he said.
Xchanging looked vulnerable in July
after it announced the departure of Ken
Lever as chief executive following poor
performance in the procurement division, and the shares fell to a three-year
low. He will be replaced by HewlettPackard executive Craig Wilson, who
will join the board this month.
Robin Speakman, an analyst at Shore
Capital, said bidders had been attracted
by Xchangings business catering to the
Lloyds of London insurance market
and speculated that a third bidder might
enter the fray.
We cannot discount the emergence
of a yet higher offer from another party,
perhaps a peer in global financial services support seeking additional synergies or indeed a higher offer from either
Capita or Apollo, he said. Xchanging is
now firmly in play.

Capita would likely make a good

home, in our view, for Xchanging,
though we believe that the company
would have to at least match Apollos
offer of 170p.
If that transaction goes ahead, it
would mark the biggest deal this year
for Capita, whose work ranges from the
administration of the London congestion charge to the Ministry of Defences
pension scheme.
The FTSE 100 company has been eyeing Xchanging for three years and has
said it could extract 35m synergies
from the acquisition. Capita already
provides back-office services such as
underwriting, claims, reinsurance and
accounting to insurers including a 10year, 187m contract with the insurance
broker Marsh.
Capita has been expanding its business providing back-office services to
the financial services sector. This year it

paid 40.5m in cash for Vertex Mortgage Services, which provides administrative software and mortgage processing for high-street retailers including
Marks and Spencer.
The Capita share price has outperformed the FTSE 100 over the past year,
climbing more than 4 per cent, compared with a 6 per cent fall for the UK
large-cap index.
Capitas market value has risen to
8bn, with organic sales growth and
new contracts boosting its performance.
In the first half of this year the group
made 11 acquisitions for a total 279m.
In June Capita won a 1bn contract to
supply administrative support to the
NHS, Britains state-funded healthcare
service.
Apollo and Capita have until November 2 to make a firm offer for Xchanging
under UK takeover rules.
See Lex

Oil & gas. Lending woes

Explorers face loan test as assets are revalued

Independents with reserves
as collateral must thrash out
how much they can borrow
KIRAN STACEY
ENERGY CORRESPONDENT

A little-noticed announcement last

week from explorer Tullow Oil kicked
off a month-long process that could
have significant ramifications for the
industry.
Tullow, which drills for oil in west
Africa, told the market on Thursday it
had negotiated with its banks to keep its
lending facility at $3.7bn after its
reserves were revalued. The fact that its
share price rose by 7 per cent in
response showed how worried investors
had been by what otherwise seemed like
a technical exercise.
Since the 1970s, oil companies have
put up their own reserves as collateral
for loans as a way to secure improved
lending conditions. In return, banks
demand to revalue those reserves every
six months, in April and October a
process called redetermination.
So for the next month, independent
oil explorers will be locked in talks with
their lenders, thrashing out how much
their assets should be valued at, and
therefore how much they can borrow.
Many of these smaller oil companies
are already highly indebted, and for
some this could be a traumatic process.
In extreme cases, banks could potentially reduce credit facilities to below
what companies have already borrowed, forcing them into immediate
repayments.
People have gone the secured route
in the good times to get cheaper rates,
says one chief executive of an independent oil company operating in the North
Sea. But there is a revaluation every six
months and facilities can be expanded
or withdrawn, and companies can even
end up having to pay money back.
Victoria McCulloch, an analyst at RBC
Capital Markets, says: Some companies are now under a lot of pressure
this looks like a real crunch point.
For most of the past decade, redetermination has not been a problem. Even
in the North Sea, where exploration has
disappointed for years, rising oil prices
meant credit lines remained stable or
were increased.
Companies were happy to take advantage. According to analysis by Jefferies,
UK-listed oil and gas explorers have collectively increased their net debt by
about 10 times since 2009.

JAMES CRABTREE MUMBAI

India plans to resolve long-running tax

disputes with global companies
including the UKs Cairn Energy and
Vodafone in an effort to shed a reputation for unfairly targeting foreign
investors.
A series of protracted tax rows have
dented Indias standing as an investment destination in recent years, and
undermined attempts by Narendra
Modi, prime minister, to attract fresh
capital from abroad.
Last month Arun Jaitley, finance minister, drew a line under one disagreement and dropped plans to raise $6.4bn
by applying the minimum alternative
tax to international fund managers.
He has launched an internal review to
resolve high-profile cases linked to companies such as Cairn Energy, Vodafone
and Shell. These may be referred to the
independent committee led by Ajit
Shah, a former judge, that advised
against the tax on fund managers.
There is a renewed sense of urgency
about clearing these up, said a senior
government official. No final decision
has been taken but the likes of Cairn are
next in the line. Options include some
kind of settlement, or we refer them to
the Shah committee.
Mr Jaitley hinted at a change of
approach last month during a visit to
Hong Kong when he promised to clear
up legacy tax issues involving global
investors.
Arvind Subramanian, the governments chief economic adviser, told the
Press Trust of India news agency this
weekend that Mr Jaitley was considering asking Mr Shah to review disputes.
Cairn Energy is
among foreign
groups involved
in cases subject
to the finance
ministrys review

Tullow Oil,
which drills for
oil in the Buliisa
district of
Uganda, says it
has negotiated
with banks to
keep its lending
facility at $3.7bn
after its reserves
are revalued
Reuters

Since last June, however, the oil price

has crashed from $115 a barrel to about
$50. In that time there have been two
rounds of redeterminations, at both of
which most lenders were happy to
accept that the price would rebound.
Now, for the first time, the industry
and its bankers believe oil will remain
low for several years, and this will have a
knock-on effect for what they are willing
to lend for future projects. People close
to the process say they expect banks to
reduce their oil price forecast for 2019
by $3-$5 a barrel.
Stephane Foucaud, an analyst at First
Energy Capital, says: The sudden drop
in oil price last year has made things
very difficult, particularly in the US
where borrowing bases have already
started being slashed. It is just starting.
Analysts generally agree that this
round of redetermination is unlikely to
cause instant havoc in the UK. While
companies have taken on large amounts
of debt in the past few years, many have
also renegotiated their banking

covenants in recent months and so still

have some headroom.
Of those companies that have
reserve-based lending, North Sea operator Ithaca is closest to the end of its
facility, with between 100m and
200m of headroom left. People close to
the company say, however, that it is
making reductions in operating
expenditure to compensate for the
lower oil price forecast.
But while companies are unlikely to
find their lending lines slashed drastically, some may have to agree to sell
assets to keep their available credit high.
One banker involved in the process
says: For the most stretched companies, the most likely response is going to
be asset sales. The problem will be if a lot
of assets come on to the market at once.
Their value will already be depressed
because of the oil price, and a glut of
sales will only exacerbate that.
The person, who is personally
involved in current negotiations with
several companies, adds: The biggest

For the
most
stretched
companies,
the most
likely
response is
going to be
asset sales

tension is likely to come within consortiums of banks, with each willing to take
a different amount of risk. And also
between commercial bankers and their
credit committees, the latter of which
want to cut exposure to oil and gas in
general.
Another consequence is likely to be
that lending for new projects is harder to
come by just as the UK oil and gas regulator is encouraging companies not to
stop exploration and production.
For two of the most indebted companies in the sector EnQuest and Premier Oil the redetermination round
proves no immediate challenge as they
do not have reserve-based lending.
Both companies renegotiated their
covenants earlier this year, but should
they wish to extend lending lines next
year, they could find the amount on
offer is lower.
But for those companies whose lending is more directly based on reserves,
that pressure is more pressing and more
immediate.

Taxation experts cautioned, however,

that a thicket of practical obstacles
made rapid resolution of the cases
unlikely, given that each involves different areas of tax law.
In its $2.6bn dispute Vodafone denies
allegations that it owes capital gains
on its $10.9bn purchase of Hutchison
Essar in 2007. Cairn, the UK-based oil
explorer, has rejected a $1.6bn charge
relating to tax that New Delhi says is due
on an internal reorganisation of its
former Indian subsidiaries, before their
flotation in India in 2007. Shells $3bn
dispute, which concerned the transfer
of assets between different parts of the
company, ended last year in a court victory for the oil group.
Sudhir Kapadia, India director of tax
at EY, the consultants, said Indias retrospective tax amendment would be a
barrier to settling cases such as Vodafones, which were more likely to be
resolved through international arbitration. Introduced in 2012, the retrospective law allowed tax authorities to reopen historical cases. Although it was
designed to target Vodafone, it also
allowed inspectors to examine cases
such as Cairns.
Each of the cases involves different
issues, Mr Kapadia said. They are at
different stages in the courts, and then
still have the retrospective amendment
on the statute book. So compared to the
recent case involving foreign investors,
this is all far more complex.
Vodafone and Cairn declined to comment, but one person familiar with the
telecoms companys case said it
expected a resolution to come from
legal proceedings.

Banks

StanChart responds to Indias call for foreign groups to set up separately capitalised subsidiaries
JAMES CRABTREE MUMBAI
LAURA NOONAN LONDON

Standard Chartered is set to become

the first big foreign bank to set up a
separately capitalised subsidiary in
India, according to people familiar with
the matter.
The move would mark one of the most
significant recent changes in the regulation of global banks in India, and make
StanChart the only one of the big three
foreign lenders a group that also
includes HSBC and Citigroup to agree
to regulatory requests to set up subsidiary operations.
India is important to Bill Winters, the
new StanChart chief executive, as he
tries to rejuvenate the bank after the
departure of Peter Sands this year. StanChart is listed in London but focuses on
Asia, the Middle East and Africa.

This would be a big moment for

Indian financial services, said Ravi
Trivedi, a consultant and former head
of banking at KPMG in India. Among
the global banks, StanChart are the one
that needs to grow in India, so it makes
sense that they are planning to do this.
StanChart, which has 100 branches in
India, has set up internal committees to
examine the subsidiary option, according to people familiar with the matter.
The bank could seek permission from
Indias central bank as soon as next year,
with the subsidiary set up about two
years later, they said.
StanChart declined to comment.
The move is likely to be welcomed by
Raghuram Rajan, governor of the
Reserve Bank of India, who renewed
efforts to persuade foreign banks to set
up subsidiaries in 2013.
In common with other global regula-

Standard Chartered has been operating in India since 1858 Kuni Takahashi/Bloomberg

tors, the RBI has pushed subsidiaries as

part of plans to protect its financial system from any repeat of the global financial crisis.
The main benefit of subsidiary status
in India comes from rules allowing foreign banks to open more branches. Having operated in India since 1858, StanChart has 100 branches, the most of any
international bank. However, that is
only a fraction of Indias total of more
than 100,000, and StanChart has been
allowed to open only a handful of new
outlets in recent years.
The subsidiary decision suggested
that Mr Winters will in time launch a
more aggressive push into Indian retail
banking, Mr Trivedi said. That would
entail going head-to-head with domestic private lenders such as HDFC Bankor
ICICI for customers.
Given the cost and complexity of

establishing subsidiaries, only a handful

of foreign banks have so far applied to
set one up, including DBS of Singapore.
All foreign banks in India are regulated under a branch presence model,
in which they are treated as a network of
outlets linked to a parent group.
Citigroup has ruled out setting up an
Indian subsidiary. HSBC said it continued to evaluate the option, but people
familiar with the banks plans said it was
unlikely to do so.
StanCharts subsidiary move comes as
it recovers from a tumultuous period in
India marked by rising bad loans, the
result of aggressive lending to industrial
conglomerates during the past decade.
India is StanCharts third-largest market, accounting for 8 per cent of global
operating income last year. Mr Winters
is scheduled to make his first visit to
India as chief executive next month.

28

FINANCIAL TIMES

Tuesday 6 October 2015

MARKET DATA
WORLD MARKETS AT A GLANCE

FT.COM/MARKETSDATA

Change during previous days trading (%)

S&P 500

Nasdaq Composite

1.29%

Dow Jones Ind

1.01%

FTSE 100

1.22%

FTSE Eurofirst 300

2.76%

Nikkei

3.01%

Hang Seng

1.58%

FTSE All World $

1.62%

1.62%

$ per

$ per

-0.621%

-0.132%

Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS
EUROPE
Index

Sep 06 - Oct 05
S&P 500

All World

New York
1,976.31

1,951.13
Day 1.29%

Month 2.80%

Nasdaq Composite

Day 1.01%

Month 1.45%

Dow Jones Industrial

Day 1.38%

New York

IPC

4,764.23

43,283.47

Year 6.17%

Day 1.53%

New York
16,658.21

16,374.76
Day 1.22%

Month 3.47%

Country

Index

Year -2.05%

Toronto

Month 0.26%

Year -8.63%

London
6,129.98

Day 2.76%

Month 4.05%

Year -3.68%

FTSE Eurofirst 300

1,414.59

1,392.63
Year -2.84%

Bovespa

Day 3.01%

So Paulo

Month 1.27%

Year 4.69%

CAC 40

4,627.64
4,523.08

Month 2.50%

Year -12.61%
Previous

Country

Month 2.07%

Year 7.83%
22951.53
31777.78
21395.29
4564.81
17725.13
1198.57
1444.92
2050.58
4173.52
5720.65
571.91
483.48
1364.59
1628.80
42735.15
9096.82
422.58
649.11
5593.51
31217.77
624.16
32969.73

10189.50
5089.20
5052.00
2692.00
2236.15
3342.93
5513.90
47033.46
784.44
13339.74
373.06
18077.66
8201.78
9217.53
3182.02
307.64
3038.10
1790.24
1027.90
1210.19
1690.16

Latest

Day 3.54%

FTSE Italia All-Share

23554.43
CSE M&P Gen
74.01
74.54
Italy
FTSE Italia Mid Cap
32396.60
PX
972.92
964.24
OMXC Copenahgen 20
943.16
923.52
FTSE MIB
21980.08
EGX 30
7310.71
7332.88
Japan
2nd Section
4605.09
OMX Tallinn
873.28
869.20
Nikkei 225
18005.49
Austria
OMX Helsinki General
7945.21
7729.11
S&P Topix 150
1214.00
Belgium
CAC 40
4616.90
4458.88
Topix
1463.92
SBF 120
3621.33
3502.89
Jordan
Amman SE
2046.33
Brazil
Germany
M-DAX
19827.18
19323.28
Kenya
NSE 20
4109.60
Canada
TecDAX
1783.27
1737.78
Kuwait
KSX Market Index
5707.77
XETRA Dax
9814.79
9553.07
Latvia
OMX Riga
573.24
Chile
Greece
Athens Gen
667.09
640.99
Lithuania
OMX Vilnius
481.69
China
FTSE/ASE 20
195.93
185.90
Luxembourg
LuxX
1402.28
Hong Kong
Hang Seng
21854.50
21506.09
Malaysia
FTSE Bursa KLCI
1647.59
HS China Enterprise
9883.71
9686.64
Mexico
IPC
43387.66
HSCC Red Chip
4063.23
4042.10
Morocco
MASI
9117.50
Hungary
Bux
21040.05
20793.58
Netherlands
AEX
436.90
India
BSE Sensex
26785.55
26374.76
AEX All Share
670.78
S&P CNX 500
6789.10
6654.50
New Zealand
NZX 50
5630.54
Colombia
Indonesia
Jakarta Comp
4207.80
4254.88
Nigeria
SE All Share
30588.41
Croatia
Ireland
ISEQ Overall
6266.21
6091.26
Norway
Oslo All Share
645.18
Israel
Tel Aviv 100
13.01
13.00
Pakistan
KSE 100
32784.94
(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.
10486.81
5184.10
5150.50
2789.50
2294.23
3438.17
5603.51
47684.64
792.98
13523.63
399.28
18274.95
8272.90
9396.25
3197.37
309.71
3052.78
1795.36
1050.74
1218.08
1699.96

Index

Dow Chemical
Apple
General Electric
Hospira
Facebook Class A
Netflix
Amazon.com
Allergan
Gilead Sciences
Bank Of America

stock
traded m's
28.8
26.0
12.3
11.8
11.1
10.7
7.9
5.9
5.8
5.7

close
price
45.82
109.70
26.50
89.95
93.85
110.67
543.01
275.25
97.88
15.70

Day's
change
1.37
-0.68
1.03
-0.01
1.78
4.56
10.47
-12.75
-0.40
0.32

Close
price

Day's
change

Day's
chng%

17.49
10.65
64.47
16.25
15.58

1.58
0.80
4.82
1.19
1.01

9.90
8.12
8.08
7.89
6.93

65.51
62.85
275.25
150.45
162.11

-5.55
-3.02
-12.75
-4.10
-3.96

-7.81
-4.58
-4.43
-2.65
-2.38

BIGGEST MOVERS
Ups
Micron Technology
Consol Energy
United Rentals
Joy Global
Ensco
Downs
Endo Int
Mallkrodt
Allergan
Edwards Lifesciences
Alexion Pharmaceuticals

Gold $

-0.09%

0.96%

Index

All World

Index

Sep 06 - Oct 05
Kospi

Tokyo

All World

Seoul

Index

Cyprus
Czech Republic
Denmark
Egypt
Estonia
Finland
France

18,165.69

Month 3.49%

Year NaN%

Ibex 35

18,005.49

Day 1.58%

Madrid

Month 1.20%

Year 14.62%

Hang Seng

Day 0.44%

Hong Kong

Month 1.52%

Year -5.64%

FTSE MIB

Milan

Romania
Russia
Saudi-Arabia
Singapore
Slovakia
Slovenia
South Africa
South Korea
Spain
Sri Lanka
Sweden
Switzerland

Year -5.25%

Month 2.36%
Index

Shanghai

Manila Comp
Wig
PSI 20
PSI General
BET Index
Micex Index
RTX
TADAWUL All Share Index
FTSE Straits Times
SAX
SBI TOP
FTSE/JSE All Share
FTSE/JSE Res 20
FTSE/JSE Top 40
Kospi
Kospi 200
IBEX 35
CSE All Share
OMX Stockholm 30
OMX Stockholm AS
SMI Index

Day 0.48%

Previous

6961.93
50261.75
5397.91
2478.74
7056.33
1648.03
802.52
7370.67
2851.25
277.07
670.77
52071.31
33302.59
46693.26
1978.25
237.98
9971.30
7089.06
1450.75
486.90
8740.83

Country

6850.61
49275.66
5216.81
2400.21
7050.65
1612.56
764.93
7341.94
2793.15
277.68
670.97
50955.89
32625.30
45668.35
1969.68
237.15
9603.60
7105.54
1412.86
474.42
8515.52

Taiwan
Thailand
Turkey
UAE
UK

USA

Venezuela
Vietnam

Month -5.56%
Latest

Weighted Pr
Bangkok SET
BIST 100
Abu Dhabi General Index
FT 30
FTSE 100
FTSE 4Good UK
FTSE All Share
FTSE techMARK 100
DJ Composite
DJ Industrial
DJ Transport
DJ Utilities
Nasdaq 100
Nasdaq Cmp
NYSE Comp
S&P 500
Wilshire 5000
IBC
VNI

Day 1.56%

Previous

8352.36
1363.17
74396.65
4517.52
2739.90
6298.92
5731.07
3456.60
3799.09
5942.31
16673.67
7989.24
582.58
4309.05
4755.10
10123.43
1976.58
20735.37
11648.99
570.00

Year 11.76%

Mumbai

26,785.55

25,696.44

Year 29.48%

Index

Month -0.44%

BSE Sensex

3,160.17

Year 8.81%
Latest

Singapore
2,851.25

Day 2.08%

3,052.78

Day 2.73%
Philippines
Poland
Portugal

Month 4.86%

Shanghai Composite

21,922.00

21,472.68

Country

Day 1.62%

Year 0.11%

2,878.13

21,185.43

Day 3.83%

Month 4.89%

FTSE Straits Times

21,854.50

9,925.10

9,821.80

1,886.04

Country

8305.03
1346.35
74530.96
4519.96
2724.20
6129.98
5588.15
3370.66
3722.53
5869.27
16472.37
7873.64
577.25
4267.45
4707.78
9973.56
1951.36
20453.86
11794.58
562.31

Month 6.28%
Index
DJ Global Titans ($)
Euro Stoxx 50 (Eur)
Euronext 100 ID
FTSE 4Good Global ($)
FTSE All World
FTSE E300
FTSE Eurotop 100
FTSE Global 100 ($)
FTSE Gold Min ($)
FTSE Latibex Top (Eur)
FTSE Multinationals ($)
FTSE World ($)
FTSEurofirst 100 (Eur)
FTSEurofirst 80 (Eur)
MSCI ACWI Fr ($)
MSCI All World ($)
MSCI Europe (Eur)
MSCI Pacific ($)
S&P Euro (Eur)
S&P Europe 350 (Eur)
S&P Global 1200 ($)
Stoxx 50 (Eur)

Cross-Border

Year 0.82%
Latest

Previous

224.57
3185.16
888.98
5299.62
260.07
1412.97
2810.86
1260.55
891.92
2482.60
1419.17
460.56
3985.73
4276.46
387.71
1607.13
1350.92
2181.27
1419.45
1450.48
1802.43
3064.02

221.09
3088.18
859.80
5217.49
255.93
1371.73
2728.16
1241.94
845.09
2378.60
1399.55
453.38
3863.47
4141.84
383.23
1587.98
1342.71
2175.19
1375.84
1407.18
1772.21
2977.99

UK MARKET WINNERS AND LOSERS

LONDON
ACTIVE STOCKS

EURO MARKETS
ACTIVE STOCKS

TOKYO
ACTIVE STOCKS

stock
traded m's
229.3
163.5
134.0
117.7
117.5
113.7
113.1
112.7
111.1
105.5

close
price
115.00
368.00
1706.00
2315.50
77.27
1689.50
212.50
1065.00
521.30
3377.00

Day's
change
20.00
16.55
39.10
73.50
0.72
72.60
6.35
23.00
13.60
8.22

stock
traded m's
Total
442.8
Nestle N
399.6
Intesa Sanpaolo
387.4
Volkswagen Ag Vzo O.n.
371.2
Novartis N
353.7
Eni
349.9
Telefonica
314.7
Roche Gs
311.4
Santander
304.2
Unicredit
299.0

close
price
42.97
67.11
3.15
92.36
81.61
14.33
11.26
234.23
4.98
5.66

Day's
change
1.72
0.00
0.00
0.00
0.00
0.00
0.66
0.00
0.21
0.00

stock
close
traded m's
price
Toyota Motor
626.6 7246.00
Softbank .
602.6 5864.00
Sony
276.7 3142.00
Mitsubishi Ufj Fin,.
269.6
748.20
Mizuho Fin,.
257.1
231.00
Fast Retailing Co.,
256.2 49730.00
Sumitomo Mitsui Fin,.
200.1 4733.00
Tokyo Electric Power ,orporated
175.7
823.00
Hitachi,
175.0
621.60
Mitsui & Co.,
172.6 1395.00

Day's
change

Day's
chng%

BIGGEST MOVERS

Day's
change

Day's
chng%

115.00
104.50
78.95
94.00
919.00

20.00
12.75
8.55
7.35
65.00

21.05
13.90
12.14
8.48
7.61

Ups
Arcelormittal
B. Sabadell
Repsol
Casino Guichard
Telefonica

Close
price

BIGGEST MOVERS

Ups
Glencore
Kaz Minerals
Premier Oil
Petra Diamonds
Al Noor Hospitals

Close
price

5.19
1.79
11.80
52.50
11.26

0.41
0.13
0.76
3.10
0.66

8.65
7.87
6.88
6.26
6.23

Downs
Entertainment One
Playtech
Clarkson
Acacia Mining
Cls Holdings

230.00
806.50
2252.00
260.30
1810.00

-24.90
-21.50
-29.00
-2.80
-19.00

-9.77
-2.60
-1.27
-1.06
-1.04

Downs
Atlantia
Cnh Industrial
Enel Green Power
Enel
Eni

24.85
5.96
1.70
3.97
14.33

0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00

Glencore
Bp
Royal Dutch Shell
Rio Tinto
Lloyds Banking
Royal Dutch Shell
Vodafone
Bhp Billiton
Hsbc Holdings
Imperial Tobacco
BIGGEST MOVERS

Based on the constituents of the S&P500 and the Nasdaq 100 index

-0.404%

0.889%

Sep 06 - Oct 05
Nikkei 225

Frankfurt
9,827.38

Day 2.74%

STOCK MARKET: BIGGEST MOVERS

AMERICA
ACTIVE STOCKS

All World

10,038.04

Paris

47,977.36

Day 1.38%

Index

Sep 06 - Oct 05
Xetra Dax

Europe

43,256.78

Month 1.55%

Oil Brent $ Sep

1,978.25

6,194.10

Mexico City

47,365.87

Country

All World

Previous

Merval
All Ordinaries
S&P/ASX 200
S&P/ASX 200 Res
ATX
BEL 20
BEL Mid
Bovespa
S&P/TSX 60
S&P/TSX Comp
S&P/TSX Met & Min
IGPA Gen
FTSE A200
FTSE B35
Shanghai A
Shanghai B
Shanghai Comp
Shenzhen A
Shenzhen B
COLCAP
CROBEX

Previous

13,499.57

per

ASIA
Index

Sep 06 - Oct 05
FTSE 100

Latest

Argentina
Australia

Latest

All World

13,596.41

Year 0.37%

4,733.50

Index

Sep 06 - Oct 05
S&P/TSX COMP

per $

Based on the constituents of the FTSE 350 index

Based on the constituents of the FTSEurofirst 300 Eurozone index

Day's
change
-11.00
239.00
48.00
0.50
1.60
1000.00
14.00
11.00
-1.20
37.50

Ups
Thb Japan Steel Works,
Sumco
Mitsubishi
Tokuyama
Ntt Data

Close
price

Day's
change

Day's
chng%

401.00
1166.00
2054.00
209.00
6130.00

22.00
60.00
101.00
10.00
290.00

5.80
5.42
5.17
5.03
4.97

Downs
Uny Co.,
Mitsubishi Motors
Unitika
Shinsei Bank,
Sumitomo Osaka Cement Co.,

727.00
954.00
58.00
243.00
438.00

-18.00
-21.00
-1.00
-4.00
-6.00

-2.42
-2.15
-1.69
-1.62
-1.35

Based on the constituents of the Nikkei 225 index

FTSE 100
Winners
Glencore
Sainsbury (j)
Bp
Standard Chartered
Tesco
Antofagasta
Royal Dutch Shell
Intertek
Bhp Billiton
Rolls-royce Holdings
Randgold Resources Ld
Bg

Oct 05
price(p)

%Chg
week

%Chg
ytd

115.00
266.60
368.00
709.00
186.55
537.50
1689.50
2573.00
1065.00
728.50
4226.00
1035.00

67.6
14.0
13.9
12.8
11.9
11.7
11.4
10.5
10.5
10.4
9.8
9.7

Losers
Wolseley
Persimmon
Hikma Pharmaceuticals
Berkeley Holdings (the)
Barratt Developments
Inmarsat
Taylor Wimpey
Imperial Tobacco
Travis Perkins
Int Consolidated Airlines S.a.
Sage
Crh

3746.00
2051.00
2365.00
3374.00
645.00
981.50
199.60
3377.00
1980.00
584.50
517.50
1768.00

-10.5
-2.8
-2.6
-2.5
-2.3
-2.1
-1.9
-1.8
-1.8
-0.6
0.4
0.4

Oct 05
price(p)

%Chg
week

%Chg
ytd

-61.5
4.5
-10.5
-26.4
-1.6
-28.6
-22.0
10.2
-23.3
-16.3
-3.5
20.0

FTSE 250
Winners
Kaz Minerals
Tullow Oil
Premier Oil
Ophir Energy
Weir
Aggreko
Evraz
Wood (john)
Allied Minds
Nostrum Oil & Gas
Drax
Ashmore

104.50
208.80
78.95
99.00
1301.00
1020.00
80.85
656.50
375.50
524.00
262.20
268.50

39.8
31.0
25.1
21.0
16.8
15.1
14.2
13.4
12.4
12.0
11.9
11.5

-59.5
-50.1
-52.8
-29.6
-29.7
-32.2
-47.7
10.1
2.3
24.8
-43.1
-4.1

FTSE SmallCap
Winners
Xchanging
Lonmin
Soco Int
Aquarius Platinum Ld
Darty
Findel
Speedy Hire
Lamprell
Nanoco
Enquest
Ferrexpo
Hochschild Mining

1.5
29.9
19.5
36.0
37.0
23.0
44.8
19.1
6.6
19.9
10.7
14.4

Losers
Entertainment One
Bba Aviation
Lookers
Playtech
Brewin Dolphin Holdings
Onesavings Bank
Aa
Smith (ds)
Dechra Pharmaceuticals
Circassia Pharmaceuticals
Genus
Euromoney Institutional Investor

230.00
267.30
166.40
806.50
253.50
369.00
278.10
384.10
950.00
290.00
1420.00
955.00

-17.6
-5.6
-5.2
-5.0
-4.6
-4.1
-3.7
-3.5
-3.4
-3.3
-3.2
-2.7

-28.7
-26.0
26.9
17.1
-14.9
72.5
-22.1
19.1
13.6
4.0
13.5
-8.8

Losers
Johnston Press
Oxford Biomedica
Games Workshop
Energy Assets
Mountview Estates
Lakehouse
Skyepharma
Mucklow (a & J)
Stock Spirits
Kenmare Resources
Hss Hire
Sanne

Oct 05
price(p)

%Chg
week

%Chg
ytd

166.00
23.25
181.75
8.03
94.00
232.00
35.00
126.50
66.00
30.00
37.25
77.75

65.4
50.0
21.4
16.4
16.0
15.1
13.6
13.5
12.8
11.7
10.4
10.3

6.4
-86.9
-40.1
-45.6
37.2
3.5
-55.1
4.5
-54.7
-13.5
-29.7
-11.6

Industry Sectors
Winners
Mining
Industrial Metals
Oil & Gas Producers
Food & Drug Retailers
Oil Equipment & Services
Automobiles & Parts
Electricity
Life Insurance
Industrial Engineering
Personal Goods
Aerospace & Defense
Banks

74.00
7.74
530.50
505.00
11250.00
91.50
345.00
457.00
182.75
2.00
60.00
285.00

-20.2
-7.3
-6.6
-6.5
-6.3
-5.2
-4.1
-4.1
-4.1
-3.4
-3.2
-3.1

-54.8
47.4
2.0
12.2
6.8
3.0
0.4
-16.9
-38.3
-

Oct 05
price(p)

%Chg
week

%Chg
ytd

9342.66
796.27
6095.83
2859.89
16384.81
6572.30
8977.63
7578.13
7479.81
25344.31
4399.81
3986.32

15.1
14.1
12.2
10.0
9.7
9.3
8.1
7.8
7.6
6.1
6.0
5.9

-35.0
-47.7
-14.8
0.7
-0.4
-18.3
-8.5
0.3
-15.6
2.8
-7.6
-9.0

Losers
General Industrials
4163.59
Industrial Transportation
2655.54
Construction & Materials
4765.43
Household Goods
16058.01
Software & Computer Services 1466.91
Real Estate & Investment Servic 3173.38
Electronic & Electrical Equip.
4007.05
Nonlife Insurance
2336.22
Tobacco
44404.95
Support Services
6590.73
Mobile Telecommunications
4871.21
Technology Hardware & Equip. 1188.28

0.1
0.2
0.3
0.6
0.8
0.8
1.4
1.5
1.7
2.1
2.1
2.4

6.6
-6.2
15.1
25.2
17.2
18.5
-0.9
20.6
9.2
2.2
-3.1
-0.4

Based on last week's performance. Price at suspension.

CURRENCIES
Oct 05
Argentina
Australia
Bahrain
Bolivia
Brazil
Canada
Chile
China
Colombia
Costa Rica
Czech Republic
Denmark
Egypt
Hong Kong
Hungary
India

Currency
Argentine Peso
Australian Dollar
Bahrainin Dinar
Bolivian Boliviano
Brazilian Real
Canadian Dollar
Chilean Peso
Chinese Yuan
Colombian Peso
Costa Rican Colon
Czech Koruna
Danish Krone
Egyptian Pound
Hong Kong Dollar
Hungarian Forint
Indian Rupee

DOLLAR
Closing
Day's
Mid
Change
9.4384
0.0061
1.4123
-0.0096
0.3776
0.0002
6.9000
-0.0100
3.9125
-0.0653
1.3106
-0.0107
683.9800
-9.9700
6.3571
2968.7250
-57.0250
535.1050
0.1550
24.1850
0.1023
6.6545
0.0378
7.8289
0.0186
7.7500
-0.0004
278.1653
1.4947
65.2950
-0.2700

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
10.5819
-0.0534
14.3247
-0.0137
1.5834
-0.0199
2.1435
-0.0181
0.4233
-0.0022
0.5730
-0.0006
7.7359
-0.0554
10.4722
-0.0321
4.3864
-0.0987
5.9379
-0.1088
1.4694
-0.0204
1.9891
-0.0195
766.8453 -15.6168 1038.0792
-16.8286
7.1273
-0.0407
9.6482
-0.0155
3328.3918 -83.2885 4505.6472
-93.9467
599.9339
-3.2481 812.1310
-1.0730
27.1151
-0.0394
36.7057
0.0963
7.4607
0.0001
10.0996
0.0412
8.7773
-0.0292
11.8819
0.0091
8.6890
-0.0500
11.7623
-0.0195
311.8655
-0.0940 422.1726
1.5918
73.2056
-0.7221
99.0985
-0.5701

Oct 05
Indonesia
Israel
Japan
..One Month
..Three Month
..One Year
Kenya
Kuwait
Malaysia
Mexico
New Zealand
Nigeria
Norway
Pakistan
Peru
Philippines

Currency
Indonesian Rupiah
Israeli Shekel
Japanese Yen

Kenyan Shilling
Kuwaiti Dinar
Malaysian Ringgit
Mexican Peson
New Zealand Dollar
Nigerian Naira
Norwegian Krone
Pakistani Rupee
Peruvian Nuevo Sol
Philippine Peso

DOLLAR
Closing
Day's
Mid
Change
14495.0000
-147.5000
3.8693
-0.0539
120.2850
1.0600
120.2849
1.0599
120.2848
1.0595
120.2839
1.0578
103.0500
-0.8500
0.3025
0.0001
4.3807
-0.0333
16.6899
-0.1331
1.5393
-0.0156
199.0500
-0.1500
8.3963
0.0639
104.5500
0.0750
3.2125
-0.0144
46.4900
-0.2900

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
16251.0990 -259.0515 21999.1508
-259.6748
4.3381
-0.0855
5.8725
-0.0913
134.8577
0.4258 182.5570
1.3172
134.8577
0.4258 182.5569
1.3170
134.8577
0.4257 182.5566
1.3163
134.8576
0.4255 182.5569
1.3152
115.5347
-1.6176 156.3994
-1.5441
0.3391
-0.0019
0.4590
-0.0007
4.9115
-0.0655
6.6487
-0.0613
18.7119
-0.2568
25.3303
-0.2431
1.7258
-0.0274
2.3362
-0.0274
223.1652
-1.4424 302.0990
-0.7148
9.4135
0.0183
12.7431
0.0766
117.2164
-0.5842 158.6760
-0.1417
3.6017
-0.0368
4.8756
-0.0298
52.1223
-0.6244
70.5581
-0.5545

Oct 05
Currency
Poland
Polish Zloty
Romania
Romanian Leu
Russia
Russian Ruble
Saudi Arabia
Saudi Riyal
Singapore
Singapore Dollar
South African Rand
South Africa
South Korea
South Korean Won
Sweden
Swedish Krona
Switzerland
Swiss Franc
Taiwan
New Taiwan Dollar
Thailand
Thai Baht
Tunisia
Tunisian Dinar
Turkey
Turkish Lira
United Arab Emirates
UAE Dirham
United Kingdom
Pound Sterling
..One Month

DOLLAR
Closing
Mid
3.7847
3.9353
64.6600
3.7503
1.4230
13.6269
1172.3500
8.3181
0.9749
32.7925
36.3500
1.9641
2.9876
3.6729
0.6589
0.6589

Day's
Change
0.0125
0.0172
-1.6960
-0.0091
-0.1524
-8.4500
0.0017
0.0055
-0.1025
-0.2300
0.0083
-0.0079
-0.0001
0.0011
0.0011

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
4.2432
-0.0102
5.7440
0.0097
4.4120
-0.0058
5.9725
0.0165
72.4937
-2.3259
98.1347
-2.7363
4.2046
-0.0240
5.6918
-0.0092
1.5953
-0.0193
2.1596
-0.0172
15.2778
-0.2589
20.6816
-0.2649
1314.3822 -17.0268 1779.2806
-15.7122
9.3259
-0.0513
12.6245
-0.0178
1.0930
0.0000
1.4795
0.0060
36.7654
-0.3253
49.7693
-0.2360
40.7539
-0.4919
55.1685
-0.4385
2.2021
-0.0033
2.9809
0.0077
3.3496
-0.0281
4.5343
-0.0194
4.1179
-0.0236
5.5745
-0.0091
0.7387
-0.0030
0.7387
-0.0030
-

Oct 05
..Three Month
..One Year
United States
..One Month
..Three Month
..One Year
Venezuela
Vietnam
European Union
..One Month
..Three Month
..One Year

Currency

United States Dollar

Venezuelan Bolivar Fuerte

Vietnamese Dong
Euro

DOLLAR
Closing
Mid
0.6588
0.6587
6.3013
22477.0000
0.8919
0.8919
0.8918
0.8910

Day's
Change
0.0011
0.0011
0.0108
-0.5000
0.0051
0.0051
0.0051
0.0050

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
0.7386
-0.0030
0.7380
-0.0030
1.1212
-0.0064
1.5177
-0.0024
1.1211
-0.3990
1.5177
-0.0024
1.1210
-0.3990
1.5176
-0.0025
1.1202
-0.3990
1.5175
-0.0024
7.0647
-0.0282
9.5634
0.0009
25200.1522 -144.3428 34113.5093
-55.7172
1.3537
0.0055
1.3537
0.0055
1.3536
0.0055
1.3530
0.0055

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

Produced in conjunction with the Institute and Faculty of Actuaries

Strlg Day's
Euro
Strlg
Strlg
Year
Div
Oct 05 chge%
Index
Oct 02
Oct 01
ago yield% Cover
FTSE 100 (100)
6298.92
2.76 6641.40 6129.98 6072.47 6563.65 3.84 1.49
FTSE 250 (250)
17110.28
1.87 18040.57 16796.08 16763.65 15277.01 2.48 2.13
FTSE 250 ex Inv Co (211)
18654.71
1.90 19668.97 18307.28 18276.67 16447.95 2.50 2.25
FTSE 350 (350)
3509.09
2.60 3699.88 3420.16 3392.56 3565.35 3.61 1.57
FTSE 350 ex Investment Trusts (311) 3487.81
2.62 3677.44 3398.73 3370.97 3547.03 3.63 1.58
FTSE 350 Higher Yield (107)
3214.69
2.92 3389.48 3123.41 3088.50 3545.45 5.34 1.24
FTSE 350 Lower Yield (243)
3469.48
2.27 3658.12 3392.44 3375.82 3236.28 1.82 2.56
FTSE SmallCap (294)
4576.85
1.23 4825.70 4521.31 4509.58 4341.02 2.80 1.68
FTSE SmallCap ex Inv Co (158)
4199.68
1.22 4428.02 4148.95 4131.76 3818.59 2.72 2.40
FTSE All-Share (644)
3456.60
2.55 3644.54 3370.66 3344.14 3503.63 3.58 1.57
FTSE All-Share ex Inv Co (469)
3422.27
2.59 3608.34 3335.82 3308.86 3472.86 3.61 1.59
FTSE All-Share ex Multinationals (579) 1193.78
2.08 1043.22 1169.52 1163.14 1082.10 2.64 2.05
FTSE Fledgling (106)
7734.75
0.83 8155.29 7671.24 7680.42 6840.50 2.43 0.89
FTSE Fledgling ex Inv Co (54)
10895.32
0.56 11487.70 10834.66 10879.18 8408.43 2.46 0.78
FTSE All-Small (400)
3175.16
1.21 3347.79 3137.26 3129.74 3001.67 2.78 1.65
FTSE All-Small ex Inv Co Index (212) 3137.07
1.20 3307.64 3100.01 3088.21 2831.75 2.71 2.34
FTSE AIM All-Share Index (837)
733.70
0.65
773.59
728.96
726.65
740.77 1.44 0.78
FTSE Sector Indices
Oil & Gas (18)
6485.15
Oil & Gas Producers (11)
6133.73
Oil Equipment Services & Distribution (7)16966.99
Basic Materials (31)
3314.62
11042.37
Chemicals (8)
Forestry & Paper (1)
16878.07
Industrial Metals & Mining (2)
844.07
Mining (20)
8959.18
Industrials (117)
4309.99
Construction & Materials (13)
4979.83
Aerospace & Defense (9)
4578.80
General Industrials (6)
3386.39
Electronic & Electrical Equipment (11) 5192.62
Industrial Engineering (14)
7959.98
Industrial Transportation (8)
3991.41
Support Services (56)
6480.09
17691.76
Consumer Goods (40)
Automobiles & Parts (1)
6605.98
Beverages (6)
14734.93
Food Producers (10)
8804.28
Household Goods & Home Construction (13)13430.18
Leisure Goods (2)
5457.25
Personal Goods (6)
22066.18
Tobacco (2)
44405.03
Health Care (20)
9027.65
Health Care Equipment & Services (8) 7113.34
Pharmaceuticals & Biotechnology (12)12163.93
Consumer Services (98)
4905.54
Food & Drug Retailers (7)
2981.67
General Retailers (33)
3081.54
Media (23)
7367.26
Travel & Leisure (35)
8383.54
Telecommunications (7)
3758.47
Fixed Line Telecommunications (5) 4974.00
Mobile Telecommunications (2)
4863.84
Utilities (8)
8500.37
Electricity (3)
8928.83
Gas Water & Multiutilities (5)
7933.27
Financials (284)
4603.99
Banks (9)
3936.09
Nonlife Insurance (10)
2694.39
Life Insurance/Assurance (11)
7688.02
Index- Real Estate Investment & Services (22) 3157.79
Real Estate Investment Trusts (25) 3101.49
General Financial (32)
7895.94
Equity Investment Instruments (175) 7463.13
Non Financials (360)
3992.74
Technology (21)
1328.53
Software & Computer Services (14) 1646.05
Technology Hardware & Equipment (7) 1509.96

4.95
4.95
5.05
5.00
1.65
3.61
2.67
5.67
2.52
3.02
3.02
1.57
1.94
2.87
0.51
2.48
1.40
2.55
1.23
1.32
1.44
-0.09
2.78
0.91
2.09
2.45
2.05
1.98
3.24
1.41
2.19
1.78
2.67
2.31
2.91
1.24
1.99
1.05
2.44
2.59
1.02
3.67
0.88
2.12
2.36
1.49
2.59
2.39
2.01
2.73

6837.75
6467.22
17889.49
3494.84
11642.74
17795.73
889.96
9446.29
4544.32
5250.59
4827.75
3570.51
5474.94
8392.76
4208.42
6832.41
18653.66
6965.15
15536.07
9282.97
14160.38
5753.97
23265.92
46819.34
9518.49
7500.10
12825.28
5172.25
3143.78
3249.08
7767.82
8839.35
3962.82
5244.44
5128.29
8962.53
9414.29
8364.60
4854.31
4150.10
2840.89
8106.02
3329.48
3270.11
8325.24
7868.90
4209.82
1400.76
1735.54
1592.05

6179.33
5844.70
16151.42
3156.66
10863.62
16290.39
822.08
8478.06
4204.19
4833.93
4444.68
3334.20
5093.59
7738.09
3971.06
6323.11
17448.01
6441.48
14556.39
8689.58
13239.34
5461.98
21470.16
44002.84
8842.94
6943.30
11919.37
4810.34
2888.08
3038.70
7209.03
8236.87
3660.75
4861.73
4726.31
8395.86
8754.22
7851.05
4494.45
3836.85
2667.26
7415.67
3130.26
3037.04
7714.19
7353.79
3891.94
1297.51
1613.68
1469.85

6064.04
5730.55
16194.67
3114.02
10888.30
16208.12
785.14
8337.73
4205.68
4864.18
4402.47
3352.94
5095.04
7642.20
3940.47
6353.06
17329.54
6347.48
14411.24
8631.47
13264.59
5500.07
21320.60
43571.31
8793.43
6923.99
11849.18
4801.63
2868.85
3025.85
7171.36
8270.76
3642.72
4861.87
4687.39
8269.87
8596.07
7739.56
4450.03
3793.90
2669.70
7267.72
3127.04
3014.68
7659.97
7336.10
3864.13
1298.90
1612.06
1474.10

8418.81
7958.42
22439.12
5054.57
10368.87
11824.05
1311.34
14982.86
4196.11
3963.03
4955.60
3183.35
4558.16
9854.33
3981.16
6083.56
15534.31
7358.00
13904.55
7122.77
9945.66
5017.87
20666.72
39823.15
9443.65
5866.27
13002.06
4165.87
2617.13
2587.40
6279.46
7083.41
3467.18
4361.56
4631.34
8602.63
9574.78
7901.14
4547.70
4447.59
2152.78
7266.20
2563.73
2487.62
6491.87
7333.57
4083.07
1108.51
1228.64
1364.14

P/E
ratio
17.42
18.91
17.82
17.66
17.48
15.04
21.50
21.21
15.32
17.77
17.43
18.52
46.16
52.40
21.81
15.78
89.11

X/D
adj
205.87
363.45
400.27
107.71
107.89
142.34
61.36
100.87
92.50
105.02
105.24
26.90
139.24
167.73
69.36
68.14
6.69

Total
Return
4901.76
11851.84
13176.90
5505.97
2817.72
5157.63
3659.99
6236.23
6014.84
5486.58
2810.62
2022.96
13869.66
18975.58
5555.31
5692.41
786.51

5.84 1.16 14.70 283.94 5359.16

5.89 1.16 14.66 270.00 5240.17
4.53 1.40 15.80 642.59 12370.49
6.12 1.88
8.68 197.88 3249.56
2.42 2.48 16.67 230.16 9487.45
2.14 3.37 13.87 360.52 17532.48
1.36 -18.64 -3.93
11.18
736.61
7.00 1.84
7.76 615.70 4599.32
2.57 1.20 32.34
87.77 4256.31
2.58 -0.77 -50.63 119.53 5086.72
2.46 0.96 42.26
77.52 4695.55
3.38 1.68 17.55
85.97 3654.28
2.23 2.02 22.18
88.79 4568.70
3.05 1.61 20.33 214.88 9286.90
4.11 1.14 21.40 130.86 3326.98
2.36 1.52 27.89 121.44 6461.40
2.88 1.88 18.49 466.92 12424.50
3.02 1.53 21.60 199.75 6075.13
2.39 1.78 23.56 345.76 10012.78
1.83 1.55 35.13
93.65 7310.89
2.06 2.64 18.33 225.85 9093.42
4.14 1.26 19.11 182.47 4574.97
2.95 3.01 11.27 484.64 14131.81
4.02 1.35 18.37 1786.68 26939.96
3.83 0.64 40.47 293.32 6542.77
1.39 2.42 29.77
64.84 5996.68
4.09 0.58 42.04 424.60 7831.00
2.23 1.76 25.55
88.95 4403.84
2.17 -1.02 -45.05
46.36 3401.19
2.20 2.35 19.40
51.24 3352.36
2.67 1.68 22.28 159.90 4320.43
1.88 2.40 22.19 140.47 7610.17
4.30 1.88 12.33 111.03 3887.83
3.05 1.82 17.97 101.81 4272.78
5.14 1.91 10.21 173.33 4479.79
4.77 1.37 15.27 326.98 8966.93
5.69 1.43 12.31 504.89 11877.90
4.52 1.35 16.31 266.93 8381.64
3.33 1.95 15.41 140.49 4000.46
3.89 1.31 19.68 145.16 2695.29
2.80 2.06 17.30
75.75 4528.21
3.56 1.76 15.98 271.03 7037.82
1.81 6.06
9.11
47.23 8080.06
2.68 6.69
5.58
73.65 3647.92
2.89 2.25 15.32 178.26 8527.42
2.61 1.07 35.73 154.88 3900.85
3.66 1.45 18.80 121.14 5552.88
1.45 2.07 33.29
18.19 1659.51
1.95 1.70 30.24
32.24 2154.67
1.01 2.70 36.50
13.22 1732.09

8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00 High/day Low/day
Hourly movements
FTSE 100
6228.40 6243.73 6250.32 6263.53 6255.67 6264.07 6261.37 6284.61 6293.62 6300.04 6211.33
FTSE 250
16976.21 17036.07 17047.28 17066.20 17056.35 17065.51 17065.93 17083.65 17098.68 17110.28 16974.05
FTSE SmallCap
4532.04 4550.78 4553.39 4557.81 4563.29 4565.14 4567.95 4571.45 4575.70 4576.85 4531.84
FTSE All-Share
3420.03 3429.28 3432.60 3439.13 3435.52 3439.54 3438.46 3449.30 3453.88 3456.69 3413.70
Time of FTSE 100 Day's high:14:29:15 Day's Low07:22:15 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 5898.87(24/08/2015)
Time of FTSE All-Share Day's high:14:32:00 Day's Low07:22:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3245.99(24/08/2015)
Further information is available on http://www.ftse.com FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. Values are negative.

UK RIGHTS OFFERS
Issue
price
133
153

Amount
paid
up
Nil
Nil

Latest
renun.
date
26-10-15
19-10-15

FT 30 INDEX

FTSE SECTORS: LEADERS & LAGGARDS

Oct 05
Oct 02
Oct 01 Sep 30 Sep 29 Yr Ago
High
Low Year to date percentage changes
FT 30
2808.50 2739.90 2724.20 2729.30 2655.10
0.00 3110.40 2575.90 Forestry & Paper
32.00
FT 30 Div Yield
1.77
1.81
1.82
1.81
1.86
0.00
3.93
2.74 Household Goods & Ho
23.96
P/E Ratio net
25.16
24.65
24.57
24.69
23.94
0.00
19.44
14.26 Nonlife Insurance
20.00
FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35
Software & Comp Serv
18.13
FT 30 hourly changes
Real Est Invest & Se
17.27
8
9
10
11
12
13
14
15
16
High
Low Construct & Material
12.56
2739.9 2788.1 2788.9 2794.8 2791.5 2794.3 2794.3 2801.2 2805.6 2808.5 2739.9 Real Est Invest & Tr
10.38
FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30
Leisure Goods
8.89
Media
8.68
Tobacco
8.26
Consumer Goods
7.86
Food
Producers
5.85
Oct 02 Oct 01 Mnth Ago
Oct 05 Oct 02 Mnth Ago
Financial Services
5.85
Australia
88.22
88.75
88.49 Sweden
78.99
79.15
77.73 General Retailers
5.28
Canada
88.70
88.67
88.73 Switzerland
158.83 158.77 160.29 Consumer Services
5.24
Denmark
106.49 106.38 106.49 UK
90.83
90.89
91.62 Technology
5.14
Japan
127.55 127.41 126.83 USA
103.05 103.43 103.22 Fixed Line Telecomms
4.79
New Zealand
108.52 108.51 107.12 Euro
87.72
87.42
87.45
Norway
85.79
85.27
86.45
Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100.
Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk

FX: EFFECTIVE INDICES

Travel & Leisure

FTSE 250 Index
FTSE SmallCap Index
Beverages
Health Care Eq & Srv
Personal Goods
Support Services
Electronic & Elec Eq
Telecommunications
Equity Invest Instr
Industrials
Food & Drug Retailer
Gas Water & Multi
Life Insurance
Financials
Tech Hardware & Eq
Industrial Transport
FTSE All{HY-}Share Index

Low
265.30
220.41

Stock
BBA Aviation PLC
Entertainment One Ltd

closing
Price p
267.30
230.00

+or3.50
-24.90

Utilities
Health Care
Oil Equipment & Serv
NON FINANCIALS Index
Pharmace & Biotech
Mobile Telecomms
FTSE 100 Index
Chemicals
Aerospace & Defense
Electricity
Banks
Industrial Eng
Oil & Gas
Oil & Gas Producers
Automobiles & Parts
Basic Materials
Mining
Industrial Metals &

-4.76
-4.80
-4.90
-5.07
-5.46
-5.77
-6.64
-9.96
-9.99
-10.45
-11.17
-16.16
-18.12
-18.58
-20.32
-33.35
-37.98
-47.21

FTSE GLOBAL EQUITY INDEX SERIES

Oct 05
Regions & countries
FTSE Global All Cap
FTSE Global All Cap
FTSE Global Large Cap
FTSE Global Mid Cap
FTSE Global Small Cap
FTSE All-World
FTSE World
FTSE Global All Cap ex UNITED KINGDOM In
FTSE Global All Cap ex USA
FTSE Global All Cap ex JAPAN
FTSE Developed
FTSE Developed All Cap
FTSE Developed Large Cap
FTSE Developed Europe Large Cap
FTSE Developed Europe Mid Cap
FTSE Dev Europe Small Cap
FTSE North America Large Cap
FTSE North America Mid Cap
FTSE North America Small Cap
FTSE North America
FTSE Developed ex North America
FTSE Japan Large Cap
FTSE Japan Mid Cap
FTSE Global wi JAPAN Small Cap
FTSE Japan
FTSE Asia Pacific Large Cap ex Japan
FTSE Asia Pacific Mid Cap ex Japan
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
FTSE Emerging Large Cap
FTSE Emerging Mid Cap
FTSE Emerging Small Cap
FTSE Emerging Europe
FTSE Latin America All Cap
FTSE Middle East and Africa All Cap
FTSE Global wi UNITED KINGDOM All Cap In
FTSE Global wi USA All Cap
FTSE Europe All Cap
FTSE Eurobloc All Cap
FTSE RAFI All World 3000
FTSE RAFI US 1000
FTSE EDHEC-Risk Efficient All-World
FTSE EDHEC-Risk Efficient Developed Europe

No of
stocks
7756
7121
1411
1651
4694
3062
2551
7428
5737
6498
2116
5751
917
217
306
718
322
401
1525
723
1393
174
303
781
477
526
434
1430
960
2005
494
452
1059
99
241
219
328
2019
1400
635
3013
1005
3062
523

US $
indices
438.21
450.67
386.29
588.49
615.44
255.93
453.38
449.09
410.22
447.25
412.36
433.15
380.78
327.46
499.03
707.45
418.50
631.98
637.07
280.75
220.10
309.45
459.65
495.00
128.48
523.42
714.70
478.89
414.85
577.59
548.44
715.19
594.75
278.24
634.93
675.51
332.34
481.96
376.69
349.48
5321.86
8546.53
307.51
272.51

Day
%
1.2
1.1
1.1
1.3
1.2
1.2
1.1
1.2
0.8
1.2
1.2
1.2
1.1
1.1
1.1
0.8
1.4
1.7
1.6
1.4
0.8
0.6
0.3
0.4
0.5
0.5
0.1
0.2
0.4
1.1
1.1
0.8
0.6
-1.1
1.8
1.0
1.1
1.5
1.0
1.3
1.1
1.5
1.2
1.0

Mth
%
-0.5
-0.3
-0.3
-0.4
-1.2
-0.4
-0.5
-0.5
-0.6
-0.4
-0.4
-0.6
-0.4
-1.5
-0.7
-1.0
0.0
-0.8
-2.1
-0.1
-1.0
-1.1
0.6
1.5
-0.8
1.5
1.9
2.2
1.5
0.9
0.6
1.3
2.4
-2.7
-2.6
-2.2
-0.1
-0.3
-1.4
-2.2
-1.0
-0.1
0.0
-0.7

YTD
Total
%
retn
-6.7 596.84
-6.9 602.96
-7.3 538.01
-4.7 765.92
-5.7 777.68
-6.9 367.71
-6.7 874.53
-6.7 603.26
-8.3 593.01
-7.6 614.36
-5.9 565.69
-5.8 587.87
-6.4 529.34
-7.4 513.90
-0.2 712.89
2.7 984.27
-5.9 547.93
-6.8 776.91
-7.5 762.02
-6.1 376.78
-5.7 341.29
1.5 386.43
8.1 554.61
5.6 616.32
2.8 180.30
-15.0 778.84
-11.3 1026.52
-10.4 678.79
-14.5 656.18
-16.2 821.30
-16.1 784.55
-17.0 1012.35
-15.9 815.72
-10.7 406.62
-29.5 930.40
-12.2 1001.02
-7.5 521.80
-5.3 614.57
-5.4 573.46
-5.2 538.46
-9.6 6668.54
-8.0 10737.89
-3.8 411.53
-2.2 396.42

YTD Gr Div Oct 05

No of
US $
Day
Mth
YTD
Total
YTD Gr Div
% Yield Sectors
stocks indices
%
%
%
retn
% Yield
-4.9
2.6 Oil & Gas
165 318.64
3.0
3.0 -20.0 482.88 -17.7
4.2
-5.1
2.5 Oil & Gas Producers
117 292.33
2.8
2.8 -19.3 450.84 -17.0
4.2
-5.4
2.8 Oil Equipment & Services
39 320.68
3.8
3.8 -22.6 443.23 -20.7
4.2
-3.2
2.1 Basic Materials
264 351.55
1.6
1.6 -19.3 513.33 -17.2
3.5
-4.2
2.0 Chemicals
124 566.00
1.5
1.5
-9.2 828.76
-7.4
2.7
-5.0
2.7 Forestry & Paper
16 191.42
1.2
1.2
-8.1 305.41
-5.9
3.1
-4.8
2.6 Industrial Metals & Mining
67 267.72
1.5
1.5 -35.1 392.08 -33.5
3.7
-4.9
2.5 Mining
57 372.81
2.2
2.2 -34.6 545.40 -31.7
6.2
-6.0
3.1 Industrials
536 287.44
1.0
1.0
-8.7 397.84
-7.0
2.4
-5.7
2.6 Construction & Materials
109 412.22
1.0
1.0
-4.4 598.06
-2.6
2.2
-4.1
2.6 Aerospace & Defense
28 481.74
1.2
1.2
-3.1 660.07
-1.6
2.2
-4.0
2.5 General Industrials
56 198.85
1.2
1.2
-8.6 295.41
-6.6
2.9
-4.5
2.7 Electronic & Electrical Equipment
69 297.29
0.8
0.8
-8.6 380.42
-7.1
2.0
-4.6
3.7 Industrial Engineering
105 516.33
1.0
1.0 -16.5 702.89 -14.9
2.7
1.9
2.7 Industrial Transportation
96 515.56
1.0
1.0 -13.6 711.13 -12.3
2.3
4.8
2.4 Support Services
73 264.86
0.9
0.9
-2.8 352.62
-1.3
2.0
-4.3
2.3 Consumer Goods
426 398.38
1.1
1.1
-1.6 563.73
0.3
2.5
-5.7
1.8 Automobiles & Parts
103 358.04
1.4
1.4
-8.1 487.13
-6.3
2.6
-6.4
1.8 Beverages
48 536.00
1.1
1.1
-0.4 768.47
1.6
2.5
-4.6
2.2 Food Producers
106 546.32
1.3
1.3
-1.0 796.81
0.8
2.3
-3.3
3.1 Household Goods & Home Construction
48 381.93
0.8
0.8
-3.6 537.10
-1.8
2.4
3.3
2.0 Leisure Goods
28 124.55
0.1
0.1
-1.1 159.14
-0.3
1.5
9.7
1.6 Personal Goods
80 595.70
1.0
1.0
2.1 804.11
3.7
2.0
7.3
1.8 Tobacco
13 1143.46
1.0
1.0
6.5 2214.29
10.1
4.1
172 437.95
1.5
1.5
0.8 608.16
2.4
1.9
4.6
1.9 Health Care
-12.7
3.4 Health Care Equipment & Services
61 616.23
1.7
1.7
4.3 705.15
5.2
1.0
-9.3
3.0 Pharmaceuticals & Biotechnology
111 333.22
1.4
1.4
-0.2 480.63
1.5
2.2
-8.3
2.8 Consumer Services
389 379.96
1.2
1.2
1.5 492.01
2.9
1.7
-12.3
3.3 Food & Drug Retailers
55 298.53
1.5
1.5
-0.7 402.34
0.7
1.9
-14.0
3.3 General Retailers
121 512.98
1.0
1.0
7.3 648.39
8.6
1.6
-13.9
3.3 Media
91 289.18
1.4
1.4
-3.8 375.00
-2.5
1.9
-14.9
2.9 Travel & Leisure
122 363.44
1.3
1.3
0.9 475.26
2.4
1.8
-13.8
3.1 Telecommunication
91 153.04
0.3
0.3
-8.4 266.82
-5.5
4.3
-7.4
4.5 Fixed Line Telecommuniations
44 126.25
0.1
0.1
-7.8 240.05
-4.7
4.9
-28.1
3.6 Mobile Telecommunications
47 164.54
0.6
0.6
-9.0 261.13
-6.4
3.6
163 238.38
1.4
1.4 -10.8 433.33
-8.1
4.0
-10.3
2.9 Utilities
112 260.75
1.3
1.3
-8.1 469.43
-5.4
3.8
-4.7
3.8 Electricity
51 251.94
1.6
1.6 -15.3 468.87 -12.7
4.5
-3.9
2.1 Gas Water & Multiutilities
671 195.83
0.4
0.4
-9.2 302.80
-7.0
3.1
-2.8
3.4 Financials
242 176.64
0.0
0.0 -12.2 290.87
-9.8
3.5
-2.7
3.2 Banks
70 202.62
0.6
0.6
-5.4 281.49
-3.4
2.5
-7.5
3.3 Nonlife Insurance
49 192.42
1.5
1.5
-8.9 290.91
-6.7
2.9
-6.3
2.6 Life Insurance
140 215.19
0.6
0.6
-7.1 285.43
-5.7
2.0
-2.1
2.3 Financial Services
185 163.43
1.4
1.4
-5.0 194.29
-3.7
1.8
0.0
2.8 Technology
Software & Computer Services
83 279.71
1.8
1.8
3.0 320.17
3.9
1.1
Technology Hardware & Equipment
102 123.49
1.1
1.1 -11.8 150.87 -10.2
2.5
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 www.ftse.com/geis. The trade names Fundamental Index and RAFI are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
(US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). EDHEC is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
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.

UK COMPANY RESULTS
High
268.30
231.47

4.57
4.42
3.56
2.57
1.92
0.10
-0.20
-0.40
-1.85
-2.17
-2.30
-2.33
-3.13
-3.15
-3.18
-3.34
-4.34
-4.59

FTSE 100 SUMMARY

Company
Bioventix
Coburg Group
Europa Oil & Gas (Holdings)
Waterman Group

FTSE 100

Closing Day's
Price Change FTSE 100

3I Group PLC
Aberdeen Asset Management PLC
Admiral Group PLC
Anglo American PLC
Antofagasta PLC
Arm Holdings PLC
Ashtead Group PLC
Associated British Foods PLC
Astrazeneca PLC
Aviva PLC
Babcock International Group PLC
Bae Systems PLC
Barclays PLC
Barratt Developments PLC
Berkeley Group Holdings (The) PLC
Bg Group PLC
Bhp Billiton PLC
BP PLC
British American Tobacco PLC
British Land Company PLC
Bt Group PLC
Bunzl PLC
Burberry Group PLC
Capita PLC
Carnival PLC
Centrica PLC
Coca-Cola Hbc AG
Compass Group PLC
Crh PLC
Diageo PLC
Direct Line Insurance Group PLC
Dixons Carphone PLC
Easyjet PLC
Experian PLC
Fresnillo PLC
G4S PLC
Gkn PLC
Glaxosmithkline PLC
Glencore PLC
Hammerson PLC
Hargreaves Lansdown PLC
Hikma Pharmaceuticals PLC
HSBC Holdings PLC
Imperial Tobacco Group PLC
Inmarsat PLC
Intercontinental Hotels Group PLC
International Consolidated Airlines Group S.A.
Intertek Group PLC
Intu Properties PLC
Itv PLC
Johnson Matthey PLC

486.80
322.80
1509
579.50
537.50
963.00
966.50
3430
4247.5
475.80
961.00
459.40
256.20
645.00
3374
1035
1065
368.00
3679.5
857.50
430.30
1846
1406
1248
3440
230.00
1435
1077
1768
1810.5
379.50
447.20
1808
1072
652.50
245.10
281.10
1312.5
115.00
635.50
1265
2365
521.30
3377
981.50
2380
584.50
2573
337.20
252.20
2510

15.10
16.30
16.00
25.90
28.00
28.00
36.50
63.00
79.50
13.80
23.50
14.20
7.65
8.50
46.00
47.20
23.00
16.55
45.00
20.50
9.75
42.00
46.00
35.00
73.00
5.00
48.00
25.00
57.00
28.00
2.90
12.10
60.00
38.00
19.00
7.00
7.00
31.00
20.00
12.00
35.00
46.00
13.60
8.00
7.50
50.00
13.50
80.00
7.00
4.40
49.00

Closing Day's
Price Change

Kingfisher PLC
Land Securities Group PLC
Legal & General Group PLC
Lloyds Banking Group PLC
London Stock Exchange Group PLC
Marks And Spencer Group PLC
Meggitt PLC
Merlin Entertainments PLC
Mondi PLC
Morrison (Wm) Supermarkets PLC
National Grid PLC
Next PLC
Old Mutual PLC
Pearson PLC
Persimmon PLC
Prudential PLC
Randgold Resources LD
Reckitt Benckiser Group PLC
RELX PLC
Rio Tinto PLC
Rolls-Royce Holdings PLC
Royal Bank Of Scotland Group PLC
Royal Dutch Shell PLC
Royal Dutch Shell PLC
Royal Mail PLC
Rsa Insurance Group PLC
Sabmiller PLC
Sage Group PLC
Sainsbury (J) PLC
Schroders PLC
Severn Trent PLC
Shire PLC
Sky PLC
Smith & Nephew PLC
Smiths Group PLC
Sports Direct International PLC
Sse PLC
St. James's Place PLC
Standard Chartered PLC
Standard Life PLC
Taylor Wimpey PLC
Tesco PLC
Travis Perkins PLC
Tui AG
Unilever PLC
United Utilities Group PLC
Vodafone Group PLC
Whitbread PLC
Wolseley PLC
Wpp PLC

365.10
4.10
1306 39.00
250.50
7.80
77.27
0.72
2548 20.00
515.00
8.50
489.20 12.20
382.90
7.00
1436 50.00
168.20
6.00
934.40
2.40
7805 115.00
200.70
7.20
1188 21.00
2051 48.00
1483.5 62.00
4226 128.00
6102 72.00
1142 13.00
2315.5 73.50
728.50 24.00
328.80
8.00
1706 84.00
1689.5 81.50
457.90
1.90
411.20
6.60
3764 21.00
517.50 13.00
266.60
7.30
2892 82.00
2254 39.00
4604 91.00
1077 32.00
1169 27.00
1009 12.00
774.50 16.50
1552 28.00
899.50 42.50
709.00 42.30
408.30 11.50
199.60
3.70
186.55
6.70
1980 29.00
1271 25.00
2778 76.00
969.50 24.50
212.50
6.35
4749 69.00
3746 69.00
1417 42.00

UK STOCK MARKET TRADING DATA

Oct 05
Oct 02
Oct 01
Sep 30
Sep 29
Yr Ago
SEAQ Bargains
4718.00
3619.00
3619.00
4050.00
4509.00
5893.00
Order Book Turnover (m)
33.87
46.28
46.28
44.55
41.72
Order Book Bargains
819817.00 885134.00 885134.00 948875.00
69.00 977002.00
Order Book Shares Traded (m)
1403.00
1330.00
1330.00
1462.00
0.00
1524.00
Total Equity Turnover (m)
2475.89
1860.28
1860.28
0.00
1849.48
Total Mkt Bargains
965966.00 1019403.00 1019403.00
2.00
69.00
2.00
Total Shares Traded (m)
3762.00
3798.00
3798.00
0.00
0.00
0.00
Excluding intra-market and overseas turnover. *UK only total at 6pm. UK plus intra-market turnover. (u) Unavaliable.
(c) Market closed.

All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
liable for any loss arising from the reliance on or use of the listed information.
For all queries e-mail ft.reader.enquiries@morningstar.com

Data provided by Morningstar | www.morningstar.co.uk

UK RECENT EQUITY ISSUES

Pre
Pre
Pre
Pre

Turnover
3.535
4.333
0.003
0.002
3.878
2.205
68.84
83.938

Pre-tax
2.231
3.106
0.079L
0.252L
0.682L
4.13L
0.81
2.383

Figures in m. Earnings shown basic. Figures in light text are for corresponding period year earlier.
For more information on dividend payments visit www.ft.com/marketsdata

EPS(p)
36.09
50.66
19.08L
35.43L
0.32
0.86L
11.8L
4.4

Div(p)
Pay day
14.4 Oct 30
21.6
0.6
Jan 8
1.2

32.6
2

Total
25.4
1

Issue
date
09/22

Issue
price(p)
184.00

Sector

Stock
code
OTB

Stock
On The Beach Group PLC

Placing price. *Intoduction. When issued. Annual report/prospectus available at www.ft.com/ir

For a full explanation of all the other symbols please refer to London Share Service notes.

Close
price(p)
215.00

+/-1.50

High
223.95

Low
199.00

Mkt
Cap (m)
28043.5

Tuesday 6 October 2015

29

FINANCIAL TIMES

MARKET DATA
FT500: THE WORLD'S LARGEST COMPANIES
Stock
Australia (A$)
ANZ
BHPBilltn
CmwBkAu
CSL
NatAusBk
Telstra
Wesfarmers
Westpc
Woolworths
Belgium ()
AnBshInBv
KBC Grp
Brazil (R$)
Ambev
Bradesco
Cielo
ItauHldFin
Petrobras
Vale
Canada (C$)
BCE
BkMontrl
BkNvaS
Brookfield
CanadPcR
CanImp
CanNatRs
CanNatRy
Enbridge
GtWesLif
ImpOil
Manulife
Potash
RylBkC
Suncor En
ThmReut
TntoDom
TrnCan
ValeantPh
China (HK$)
AgricBkCh
Bk China
BkofComm
BOE Tech
Ch Coms Cons
Ch Evrbrght
Ch Rail Cons
Ch Rail Gp
ChConstBk
China Vanke
ChinaCitic
ChinaLife
ChinaMBank
ChinaMob
ChinaPcIns
ChMinsheng
ChMrchSecs RMB
Chna Utd Coms RMB
ChShenEgy
ChShpbldng RMB
ChStConEng RMB
ChUncHK
CNNC Intl RMB
CSR
Daqin RMB
Gree Elec Apl
GuosenSec
HaitongSecs
Hngzh HikVDT
Hunng Pwr
IM Baotou Stl RMB
In&CmBkCh
IndstrlBk RMB
Kweichow RMB
Midea
New Ch Life Ins
PetroChina
PingAnIns
PngAnBnk RMB
Pwr Cons Corp RMB
SaicMtr RMB
ShenwanHong
ShgPdgBk RMB
Sinopec Corp
Sinopec Oil RMB
Denmark (kr)
DanskeBk
MollerMrsk
NovoB

52 Week
High
Low

Price Day Chg

Yld

P/E MCap m

27.39
23.50
74.36
90.20
30.60
5.73
40.00
30.10
25.88

0.46
0.90
0.97
1.66
0.50
0.11
0.73
0.35
0.36

37.25
34.98
96.69
102.43
39.71
6.74
46.95
40.07
36.00

26.38 10.24 9.50 56293.73

21.61 10.26 26.40 53439.87
70.15 8.33 13.43 89440.38
71.04 1.62 22.63 29693.79
29.15 10.05 11.69 56890.45
5.23 7.84 15.95 49601.08
38.06 8.64 17.70 31826.91
29.10 9.53 11.70 67856.4
24.11 6.88 14.51 23209.87

98.38
57.33

2.66
1.07

119.65
66.00

78.75
36.53

20.43
26.01
38.21
26.41
9.41
18.11

0.37
1.00
-0.54
0.55
0.26
0.29

20.46
33.23
46.27
32.66
21.15
28.74

55.71
0.57
73.69
1.20
58.31
1.09
42.28
0.16
197.62
0.82
97.44
1.36
27.70
1.61
76.87
0.40
53.26
2.05
32.40
0.51
42.28
0.39
20.92
0.48
27.29
0.32
72.77
0.80
34.66 -0.71
53.64
0.16
52.49
0.87
44.66
1.81
212.75 -26.87

60.20
84.39
71.17
48.64
247.56
107.32
43.10
88.89
66.14
37.70
55.76
24.20
47.10
83.87
40.93
54.47
57.89
59.50
347.84

46.43
64.01
52.60
32.21
172.01
83.10
25.01
68.81
47.43
29.30
40.55
18.91
25.80
68.05
30.89
39.45
47.75
41.10
125.50

3.02
3.44
5.57
1.75
10.26
3.58
11.90
7.25
5.34
4.74
28.50
19.06
94.70
30.80
7.38
16.03
6.01
12.68
10.01
5.78
9.99
9.07
10.24
8.83
0.23
12.08
3.55
4.61
14.56
190.31
2.01
35.45
5.59
41.35
10.49
7.37
16.80
0.20
16.63
5.05
9.61

0.05
0.05
0.10
-0.03
0.20
0.12
-0.18
0.03
0.07
0.15
0.80
0.24
0.40
1.05
0.14
-0.10
0.48
0.26
0.01
-0.03
0.13
0.01
0.00
0.14
0.02
0.06
0.37
0.14
0.01
0.90
0.05
1.15
0.11
0.01
0.64
0.00
0.66
0.19
-0.15

4.55
5.68
8.61
4.78
17.00
5.65
17.70
12.30
7.98
7.40
41.00
26.85
118.00
47.10
11.88
40.00
10.74
24.40
20.19
12.52
16.00
14.38
20.70
15.15
0.45
27.90
7.50
7.10
21.42
290.00
2.68
56.55
11.04
62.90
17.50
20.00
29.18
0.49
19.17
7.79
14.23

2.87 7.38 4.55

11978
3.25 6.77 4.92 37117.42
5.17 5.94 5.18 25163.38
1.12 2.20 24.55
44.92
5.45 2.34 9.18 5861.39
3.22 12.16 4.71 3172.88
6.97 2.86 10.61 3188.09
4.05 2.42 11.93 3935.93
5.02 6.90 4.82 165654.75
4.36 4.47 9102.08
21.00 1.69 14.75 27364.18
13.16 4.31 6.81 11290.59
85.00 3.24 14.55 250190.14
24.80 1.96 14.93 11029.51
6.70 3.07 4.82
6602.5
11.07 2.58 9.61 12111.45
3.36 1.11 32.36 20039.26
11.30 7.04 7.74 5560.49
5.70 - 155.31 28276.8
3.18 2.94 7.47 27185.43
9.45 2.45 16.26 30868.27
4.07 26.14 5551.48
6.84 21.94
5775.4
7.33 5.38 9.30 20649.97
0.13 -2.51
329.80
10.00 2.53 6.56
5314.5
2.52 0.35-264.71 8790.82
4.30 6.79 4.90 51627.7
9.99 7.00 5.70 37056.99
145.50 14.41 37606.31
1.65 4.80 13.11
55.77
26.30 0.73 9.76 4730.17
5.10 5.70 13.16 15218.43
28.78 0.36 6.02 39736.17
8.32 1.64 6.84 19478.11
3.21 1.34 14.81 3825.79
14.00 7.07 6.55 29137.38
0.17 -2.60
62.75
9.40 4.50 6.50 39037.54
4.46 4.81 12.65 16624.81
3.97 - 279.00
680.27

204.90
3.20
10430 180.00
366.50
7.10

218.00
16450
415.00

139.20
9815
244.50

Stock

21.01
7.15
15.26
5.53
-4.20
-9.25

82074.09
16782
18425.78
20568.28
17900.14
14891.75

4.61 18.70
4.25 11.58
5.65 11.29
1.34 10.18
0.72 21.12
4.20 11.13
3.33 18.95
1.48 18.81
3.10 221.75
3.96 11.83
1.19 16.53
3.08 13.52
6.63 11.95
4.09 11.34
3.27 35.71
3.14 17.42
3.66 12.86
4.64 17.46
69.70

36087.9
36115.12
53723.68
31670.4
23403.89
29538.62
23130.7
46673.3
34815
24656.05
27343.57
31465.49
17385.74
80133.21
38255.1
31793.31
74251.45
24157.87
55385.61

2.57 33.37 31056.61

2.68 8.32 16681.23
1.31 31.85 113596.76

FT 500: TOP 20
Week
change change %
2025.80
868.7
46.38
67.6
1.48
19.3
1.76
17.5
11.55
16.6
14.38
14.6
5.80
14.5
6.59
14.4
44.95
13.9
81.20
12.9
4.69
12.8
3.23
12.8
3.47
12.6
20.35
12.2
9.87
12.2
3.47
12.1
181.00
12.0
4.06
11.7
7.34
11.5
9.69
11.5

Month
change %
-4.44
-6.62
-4.85
0.08
5.31
-11.13
8.58
11.02
8.91
-0.68
-11.14
7.20
-1.77
0.02
12.52
10.84
4.71
3.21
1.88
0.78

INTEREST RATES: OFFICIAL

Rate
Fed Funds
Prime
Discount
Repo
Repo
O'night Call
Libor Target

Current
0.00-0.13
3.25
0.75
0.05
0.50
0.00-0.03
0.00-0.25

Oct 05 (Libor: Oct 02)

US$ Libor
Euro Libor
Libor
Swiss Fr Libor
Yen Libor
Euro Euribor
Sterling CDs
US$ CDs
Euro CDs

P/E MCap m

2.03
2.24
4.05
2.66
1.90
3.18
2.47
7.98
0.88
0.88
5.77
0.86
1.62
2.11
4.22
1.65
2.77
1.62
3.12
1.48
3.58
2.80
5.73
3.93
3.16
9.16

16.96 49994.4
21.41 41929.41
11.24 61677.2
10.10 75460.81
12.54 34901.28
8.77 31211.46
40.15 42831.7
7.86 34304.02
40.34 26848.8
40.34 26848.8
46.56 46717.29
38.91 39058.58
31.86 100592.29
13.29 89173.15
-48.10 19172.07
37.37 40448.72
30.59 28287.75
7.40 21782.8
-22.53 33280.45
24.94 128935.54
28.18 25922.08
18.55 33881.5
10.49 37140.04
33.57 116327.29
14.09 26325.51
12.64 39511.71
86.00 32124.13

115.05
63.00
96.83
72.05
136.85
55.10
22.66
10.07
21.55
7.08
50.75
36.00
66.70
140.05
141.10
50.08
77.91
95.00

4.59
3.85
1.86
3.43
1.60
3.54
2.87
3.09
1.61
1.03
0.71
1.56
2.04
4.26
1.78
3.97
4.48

10.17 73345.24
13.25 70774.98
28.65 107825.68
10.37 54783.9
16.14 43726.22
9.19 79679.46
21.97 38721.22
38.52 80027.86
17.44 34674.41
-6.45 18692.22
23.91 24938.84
28.98 36547.72
20.75 23077.37
27.27 30891.67
9.63 32312.58
24.10 81662.46
11.88 80460.86
4.88 34010.4

38.85
22.30
20.15
50.10
11.64
12.82
97.50
7.41
125.00
162.00
30.10
22.85
93.25
104.50

1.01
4.57
2.12
1.42
2.28
3.39
6.64
3.75
2.06
2.96
7.50
3.23
0.25

19.79 66378.58
10.01 32263.79
7.15 31871.76
12.66 28885.14
7.14 54801.98
7.00 4444.93
4.25 51744.28
7.40 47527.66
10.68 35498.37
33.14 29113.84
13.04 25848.69
14.45 26653.97
9.49 37452.6
41.71 169458.11

315.60
854.10
707.15
975.00
247.70
932.65
294.00
1401
217.70
796.45
220.15
790.00
2345

0.98
0.72
1.78
0.16
3.49
3.12
1.94
0.98
4.10
1.11
1.44
0.17
1.42

24.85
28.35
37.66
22.16
12.56
21.36
25.74
28.33
10.52
11.09
10.53
31.21
26.88

11000

1.32 16.06 19995.21

187.00

2.22 20.17 55299.01

3.17 81.98
7.18-711.13
3.47 13.23
1.52 28.98
1.12 40.98
1.98 16.13

52 Week
High
Low

Price Day Chg

Yld

P/E MCap m

Japan ()
AstellasPh
1577 33.00
2047
1482 1.80 25.30 29129.28
Bridgestne
4304 -6.00
5182
3328 2.64 11.73 29094.18
Canon
3529 -20.00
4539
3172 4.30 17.87 39130.82
CntJpRwy
20105 485.00 24800 13320 0.57 15.00 34431.81
Denso
5221 49.00
6548 4500.5 2.00 16.30 38373.22
EastJpRwy
10505 165.00 12815
7623 1.08 22.51 34278.69
Fanuc
19190 395.00 28575 17635 3.15 18.57 32855.56
FastRetail
49730 1000.00 61970 36120 0.63 43.97 43854.54
Fuji Hvy Ind
4471 -45.00 4827.5
3050 1.44 12.52 29099.16
Hitachi
621.60 -1.20 939.90 585.70 1.69 11.35 24978.03
HondaMtr
3639 -2.00
4499
3239 2.29 12.81 54801.42
JapanTob
3680 87.00
4848
3101 2.79 15.89 61188.02
KDDI
2684.5
6.00
3375
2041 2.00 46.18 60054.84
Keyence
55710 1820 70100 42660 0.37 27.21 28160.41
MitsbCp
2054 101.00
2837 1887.5 2.77 9.62 27152.33
MitsubEst
2523.5 13.50
2975 2151.5 0.53 51.90 29169.61
MitsubishiEle 1165.5 15.50
1718
1063 2.38 10.40 20805.29
MitsuiFud
3432 30.00
3879 2854.5 0.69 29.79 28287.57
MitUFJFin
748.20
0.50 936.80 546.20 2.28 7.13 88133.53
Mizuho Fin
231.00
1.60 280.40 178.10 3.33 7.16 47667.95
Murata Mfg
16535 170.00 22220 10800 1.12 20.35 30965.9
NipponTT
4221
8.00
5066 3001.5 2.02 16.90 79777.19
Nissan Mt
1161 -6.50
1350 917.40 2.70 10.30 43634.3
Nomura
714.00
6.20 909.20 576.20 1.73 10.24 22690.35
Nppn Stl
2259 24.00
3505 2122.5 2.31 9.11 17847.42
NTTDCMo
2073
8.00 2873.5 1612.5 2.97 19.62 70414.48
Panasonic
1250 17.00 1853.5
1130 1.10 54.25 25492.11
Seven & I
5536 11.00
5998 3794.5 1.27 28.90 40797.63
ShnEtsuCh
6444 85.00
8529
5801 1.47 21.70 23149.15
Softbank
5864 239.00
8400
5370 0.65 8.95 58533.25
Sony
3142 48.00
3970
1782 0.75 -53.94 32970.53
SumitomoF
4733 14.00
5770
3823 2.81 10.48 55640.56
Takeda Ph
5369 113.00
6657 4337.5 3.18 -28.77 35268.48
TokioMarine
4500 18.00
5504
3102 2.00 14.52 28339.86
Toyota
7246 -11.00
8783
5710 2.62 10.80 205901.06
Mexico (Mex$)
AmerMvl
14.58
0.39 17.37 13.48 1.69 26.98 37136.39
FEMSA UBD 151.79
1.40 155.65 116.20 0.74 29.24 32542.97
WalMrtMex
41.95
0.64 41.99 28.26 1.30 32.54 43954.86
Netherlands ()
Altice
17.67
0.62 143.20 16.23 - -102.97 14843.49
ASML Hld
79.34
2.14 104.85 68.29 0.85 26.65 38545.86
Heineken
75.25
2.51 77.77 54.03 1.24 27.22 48595.42
ING
13.17
0.49 16.00
9.68 29.14 57113.93
Unilever
37.27
1.18 42.75 28.75 2.98 22.94 71640.84
Norway (Kr)
DNB
115.00
3.30 143.00 100.90 3.40 8.22 22308.86
Statoil
132.20
5.80 171.40 113.90 5.61 -10.41 50205.34
Telenor
160.50
5.20 186.10 128.90 2.44 22.33 28701.21
Qatar (QR)
QatarNtBk
185.00 -0.50 237.00 159.90 3.92 12.20 35546.08
Russia (RUB)
Gzprm neft
136.18
4.68 166.94 113.73 5.92 7.28 49858.55
Lukoil
2191 51.00 3297.7
1913 3.07 11.74 28821.28
MmcNrlskNckl
9417 -53.00 12247
6766 14.09 11.82 23046.67
Novatek
609.20 21.10 646.30 397.17 9.56 30.89 28606.83
Rosneft
242.70
8.10 294.20 183.95 6.02 7.11 39780.05
Sberbank
76.00
2.20 80.98 47.21 5.39 25372.87
Surgutneftegas
34.90
1.60 39.80 21.82 1.93 1.35 19283.11
Saudi Arabia (SR)
AlRajhiBnk
53.03
0.38 71.25 48.40 3.54 13.39 22978.13
Natnlcombnk
52.75 -0.31 72.75 48.80 12.58 28055.98
SaudiBasic
77.91 -0.30 130.75 70.25 6.62 9.86 62323.86
SaudiTelec
61.50
0.25 76.50 52.75 5.89 11.76 32797.82
Singapore (S$)
DBS
16.51
0.38 21.50 16.00 3.58 18.08 29035.43
JardnMt US$
47.30
0.37 67.88 45.02 2.96 11.40 33047.17
JardnStr US$
27.03 -0.01 37.03 26.11 0.96 9.93 30276.37
OCBC
8.95
0.18 10.92
8.62 4.10 8.59 25923.59
SingTel
3.66
0.10
4.57
3.43 4.68 14.74 41008.79
UOB
18.58
0.30 25.05 18.20 3.84 9.27 20921.57
South Africa (R)
Firstrand
50.71
0.56 58.47 40.27 3.93 12.26 20874.7
MTN Grp
184.97
6.14 250.00 161.10 7.29 10.24 25050.52
Naspers N
1909.99 69.99 2029.97 1130.01 0.26 47.99 58820.34
South Korea (KRW)
HyundMobis 231000-3500.00 271500 185500 1.32 11.42 19180.65
KoreaElePwr
48950 700.00 53100 38750 1.04 6.81 26804.4
SK Hynix
35350 800.00 51700 30300 0.86 5.43 21951.52
SmsungEl
1115000-4000.00 1510000 1033000 1.86 8.42 122986.83
Spain ()
BBVA
7.63
0.12
9.77
7.21 1.01 11.96 53937.46
BcoSantdr
4.98
0.21
7.54
4.55 11.51 9.54 79950.66
CaixaBnk
3.64
0.12
4.78
3.32 1.05 23.96 23540.32
Iberdrola
6.08
0.09
6.49
5.11 2.44 16.21 43224.36
Inditex
31.40
1.20 32.54 19.29 1.23 37.24 109701.66
Repsol
11.80
0.76 18.75
9.90 16.74 18186.64
Telefonica
11.26
0.66 14.31 10.38 3.41 18.09 61408.27

2.27 15.24 24906.95

4.22 15.37 27766.46

39.64
87.17
16.43
43.14
126.10
9.82
49.84
15.20
76.65
76.65
16.08
229.00
117.05
121.40
21.87
10.20
82.23
49.50
43.66
69.58
29.51
48.57
31.85
36.92
180.70
39.65
17.32

3.36
12.98
14.40
2.00
34.74
4.82

Stock

21197.65
42359.41
26836.67
30370.95
24989.18
41366.41
40504.34
22101.71
31512.27
44042.03
27810.62
33093.79
81344.43

42317.93
60913.38
28975.16
57383.2
33467.49
38869.54

Last
0.13
3.25
0.75
0.15
0.50
0.03
0.00-0.75

Mnth Ago
0.00-0.25
3.25
0.75
0.05
0.50
0.00-0.10
0.00-0.25

Year Ago
0.00-0.25
3.25
0.75
0.25
0.50
0.00-0.10
0.00-0.25

Day
0.000
0.000
0.000

Change
Week
-0.004
0.001
0.000

Month
0.000
0.000
0.000
0.000
0.000
0.000
0.000
0.000
0.000

One
month
0.19470
-0.12071
0.50819
-0.78800
0.03714
-0.11300
0.51000
0.20000
-0.13500

Three
month
0.32710
-0.04429
0.58438
-0.73100
0.08157
-0.04400
0.60000
0.30000
-0.06500

Six
month
0.53450
0.01986
0.74688
-0.67300
0.12300
0.02600
0.78500
0.48000
-0.00500

One
year
0.85210
0.12571
1.04400
-0.56200
0.23614
0.13900

Short
7 Days
One
Three
Six
One
Oct 05
term
notice
month
month
month
year
Euro
-0.25 -0.15 -0.20 -0.10 -0.21 -0.06 -0.15 0.00 -0.08 0.07 0.07 0.22
Sterling
0.40 0.55 0.40 0.55 0.46 0.56 0.55 0.65 0.71 0.86 1.03 1.18
Swiss Franc
Canadian Dollar
US Dollar
0.12 0.22 0.12 0.22 0.15 0.25 0.25 0.35 0.50 0.60 0.80 0.90
Japanese Yen
-0.30 -0.15 -0.25 -0.10 -0.25 0.00 -0.20 0.00 -0.15 0.05 -0.05 0.15
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs:
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA.

COMMODITIES
Energy
Price*
Crude Oil
Oct
46.07
Brent Crude Oil
49.49
RBOB Gasoline
Oct
1.36
Heating Oil
Oct
1.52
Natural Gas
Oct
2.45
Ethanol
Uranium
Oct
36.75
Carbon Emissions
Diesel
Dec
121.25
Unleaded
Nov
Base Metals ( LME 3 Months)
Aluminium
1566.00
Aluminium Alloy
1705.00
Copper
5204.00
Lead
1643.00
Nickel
10040.00
Tin
15575.00
Zinc
1683.00
Precious Metals (PM London Fix)
Gold
1139.75
Silver (US cents)
1525.00
Platinum
915.00
Palladium
706.00
Bulk Commodities
Iron Ore (Platts)
54.90
Iron Ore (The Steel Index)
54.00
GlobalCOAL RB Index
49.80
Baltic Dry Index
881.00

www.ft.com/commodities

Change
0.44
1.29
0.02
-0.01
-0.02
0.00
0.00
-1.50
5.00
54.00
-12.50
-60.00
-25.00
-16.00
-1.00
82.00
3.00
12.00
0.25
0.00
-0.20
-8.00

Agricultural & Cattle Futures

Corn
Wheat
Soybeans
Soybeans Meal
Cocoa (ICE Liffe)X
Cocoa (ICE US)
Coffee(Robusta)X
Coffee (Arabica)
White SugarX
Sugar 11
Cotton
Orange Juice
Palm Oil
Live Cattle
Feeder Cattle
Lean Hogs

S&P GSCI Spt

DJ UBS Spot
R/J CRB TR
Rogers RICIX TR
M Lynch MLCX Ex. Rtn
UBS Bberg CMCI TR
LEBA EUA Carbon
LEBA CER Carbon
LEBA UK Power

Dec
Nov
Oct
Oct
Oct
Oct

Price*
389.75
515.75
878.75
300.80
2126.00
3086.00
1609.00
126.90
387.10
13.54
60.57
108.10
536.50
123.05
179.83
73.28

Change
1.00
3.50
3.75
2.20
5.00
-8.00
31.00
2.95
3.10
0.03
0.18
1.25
-10.25
0.00
4.33
0.00

Oct 02
365.49
88.94
197.54
2289.77
263.03
13.59
7.96
0.62
1910.00

% Chg
Month
0.18
0.53
0.20
-2.56
0.37
0.00
21.57
-44.28

% Chg
Year
-35.40
-24.62
-28.66
-33.83
-28.13
38.68
463.64
-27.15

Dec
Dec
Nov
Oct
Dec
Dec
Nov
Dec

Sources: NYMEX, ECX/ICE, CBOT, X ICE Liffe, ICE Futures, CME, LME/London Metal Exchange.* Latest prices, $
unless otherwise stated.

Stock

Price Day Chg

52 Week
High
Low

Sweden (SKr)
AtlasCpcoB
195.70
8.80 270.00 165.20
Ericsson
84.38
2.53 120.00 77.45
H&M
306.00
6.50 368.50 269.60
Investor
299.60
9.30 363.40 219.30
Nordea Bk
97.45
1.75 115.50 82.40
SEB
91.45
1.20 111.50 82.30
SvnskaHn
121.00
1.30 426.00 114.10
Swedbank
189.80
3.90 223.90 166.20
TeliaSonera
44.26
1.19 55.85 42.52
Volvo
83.35
4.00 120.50 71.00
Switzerland (SFr)
ABB
17.62
0.50 22.31 16.49
CredSuisse
24.38
0.77 28.94 18.57
Nestle
74.70
1.35 77.00 64.15
Novartis
91.70
2.50 103.20 78.60
Richemont
78.80
4.10 92.25 66.40
Roche
260.50
4.50 295.80 238.80
Swiss Re
85.40
2.20 96.95 69.25
Swisscom
495.00 15.00 587.50 474.40
Syngent
323.60
9.10 435.20 273.20
UBS
19.03
0.65 22.57 13.58
Zurich Fin
247.10
7.30 334.60 232.60
Taiwan (NT$)
Chunghwa Telecom
98.60 -0.40 99.80 90.00
HonHaiPrc
86.00
0.30 99.70 77.90
TaiwanSem
132.50
0.50 155.00 112.50
Thailand (THB)
PTT Explor
253.00
7.00 398.00 240.00
United Arab Emirates (Dhs)
Emirtestele
14.45
0.15 15.85
9.41
United Kingdom (p)
AscBrFd
3430 63.00
3441
2407
AstraZen
4247.5 79.50 4931.68
3746
Aviva
475.80 13.80 578.68 428.40
Barclays
256.20
7.65 289.90 204.05
BG
1035 47.20
1420 780.55
BP
368.00 16.55 499.25 252.55
BrAmTob
3679.5 45.00
3894 3231.5
BSkyB
850.50 -12.00 954.00 782.50
BT
430.30
9.75 481.75 351.90
Compass
1077 25.00 1223.36 924.41
Diageo
1810.5 28.00
2055 1592.5
GlaxoSmh
1312.5 31.00
1645 1227.5
Glencore
115.00 20.00 344.52 66.67
HSBC
521.30 13.60 674.57 478.35
ImpTob
3377
8.00
3538 2482.72
LlydsBkg
77.27
0.72 89.35 70.90
Natl Grid
934.40
2.40 965.00 806.40
Prudential
1483.5 62.00 1761.5 1045.99
RBS
328.80
8.00 414.00 300.30
ReckittB
6102 72.00
6300
4895
RELX
1142 13.00
1199 921.50
RioTinto
2315.5 73.50
3280 2090.5
RollsRoyce
728.50 24.00
1061 636.00
RylDShlA
1689.5 81.50 2311.31 1497.5
SABMill
3764 21.00 3884.5
2773
Shire
4604 91.00
5870 3448.28
StandCh
709.00 42.30
1166 612.60
Tesco
186.55
6.70 252.52 155.40
Vodafone
212.50
6.35 258.00 179.10
WPP
1417 42.00
1616
1091
United States of America ($)
3M
144.65
1.45 170.50 130.60
AbbottLb
41.19 -0.19 51.74 39.00
Abbvie
55.58 -0.24 71.60 51.88
Accenture
101.41
2.02 105.37 73.98
Ace
103.81
1.09 117.89 96.00
Actavis
298.98 -2.94 317.72 201.91
Adobe
85.66
1.67 87.25 58.51
AEP
57.16
0.84 65.38 51.97
Aetna
112.47 -0.64 134.40 71.81
Aflac
59.45
0.98 65.10 51.41
AirProd
132.56
2.04 158.20 118.20
Alexion
162.11 -3.96 208.88 142.02
Allstate
60.07
0.92 72.87 54.12
Altria
55.45
0.59 56.70 44.59
Amazon
543.01 10.47 580.57 284.00
AmerAir
40.09
1.46 56.20 28.10
AmerExpr
76.84
2.43 94.89 71.71
AmerIntGrp
58.05
0.86 64.93 48.56
AmerTower
92.63
2.89 105.20 86.83
Amgen
142.60
0.13 181.81 127.67
Anadarko
65.67
1.56 100.28 58.10
Aon Cp
91.16
1.38 107.08 78.26
Apple
109.70 -0.68 134.54 92.00
ArcherDan
43.41
0.99 53.91 40.66
AT&T
33.39
0.75 36.45 30.97
AutomData
82.79
1.43 90.23 64.29
Avago Tech
123.12 -0.21 150.50 68.75

Yld

P/E MCap m

1.48
3.90
3.09
2.91
5.69
5.02
3.33
5.79
6.56
3.48

18.83
27.79
24.23
4.50
11.37
10.53
16.13
13.37
14.17
22.04

9180.63
33524.2
60885.18
27631.82
47446.6
23857.26
27228.01
25829.62
23039.9
16260.75

2.89
2.75
2.80
1.58
3.09
4.98
4.47
3.32
3.97
-

16.71 41838.01
10.66 40974.6
17.29 244318.07
24.26 251813.35
31.21 42194.8
24.93 187739.23
37.00 32475.12
15.17 26303.49
19.38 30853.17
14.90 75139.4
10.30 38122.84

4.71 19.82 23325.01

1.83 8.95 41943.2
5.81 10.98 104773.26
3.59 15.94 19880.16
4.47 15.59 34213.38
0.99 48.07 41212.38
4.20 71.61 81471.24
3.80 12.45 29215.77
2.54 118.78 65256.35
1.77 -52.20 53686.28
7.02 -16.71 102266.01
4.03 17.08 104104.69
3.80 10.88 23005.52
2.65 16.22 54674.08
2.51 20.91 26933.43
2.95 19.14 69089.51
6.10 6.60 96943.43
9.95-267.44
25124
6.23 11.76 154925.49
3.79 16.91 49053.64
0.97 41.99 83797.02
4.52 17.51 53089.09
2.49 15.10 57888.12
- -22.93 32305.68
2.28 25.93 65830.25
2.18 107.46 35678.35
5.89 23.04 48780.24
3.17 -53.57 20329.13
7.18 12.52 101076.18
1.88 27.46 92493.22
0.31 13.94 41370.35
7.79 15.77 27406.4
6.05 -2.66 23037.99
5.21 9.92 85632.2
2.70 14.64 27793.76
2.51 19.57 90369.42
2.16 27.11 61391.28
3.19 44.67 92000.26
80882.68
3.04 12.10 33614.2
- -34.92 117333.1
88.98 42724.66
3.53 16.64 28040.39
0.82 17.67 39216.96
2.50 10.35 25604.76
2.30 28.76 28498.07
57.38 36661.93
1.86 10.47 24051.42
3.62 22.23 108720.54
- -1391.78 253971.33
0.96 7.18 26933.29
1.67 13.88 76938.61
0.83 11.82 75110.14
1.67 57.70 39208.34
1.89 19.58 108422.15
1.59 -13.72 33361.16
1.11 21.57 25528.71
1.70 13.14 625589.17
2.31 12.41 26434.06
5.40 34.26 205381.89
2.27 29.69 38519.99
1.15 33.56 33980.97

Stock

52 Week
High
Low

Yld

P/E MCap m

0.86 70.45 44.11

0.32 18.48 14.60
-0.22 43.44 32.18
0.73 41.90 34.24
0.91 154.98 114.61
2080 229374 190007
-6.02 480.18 265.00
0.78 45.45 35.06
7.99 382.84 275.00
-0.08 158.83 115.14
-0.52 70.54 47.55
0.31 57.70 34.50
2.29 92.10 67.73
-0.07 91.91 71.72
0.21 54.05 33.11
2.39 107.12 62.99
0.90 63.95 38.51
-0.68 140.72 83.16
0.60 35.72 23.35
1.77 120.17 69.58
0.96 170.68 85.75
0.88 30.31 22.49
1.12 60.95 46.60
-0.89 100.87 75.94
0.43 44.87 36.56
1.61 69.35 42.94
1.01 71.56 50.84
0.59 64.99 49.33
1.25 75.74 41.10
0.39 25.16 15.42
1.32 156.85 117.03
1.31 89.44 74.45
0.28 37.99 24.47
2.69 113.65 77.40
0.38 92.92 70.12
4.28 98.23 71.85
0.33 90.57 58.23
1.59 51.06 30.12
1.36 95.51 82.04
2.32 66.75 50.20
0.74 122.08 78.54
0.43 80.89 65.53
1.37 53.80 35.11
0.75 89.97 67.27
1.76 76.61 47.11
1.64 73.82 49.21
0.32 29.35 19.50
0.93 118.27 97.78
0.53 30.92 22.66
1.55 65.94 42.21
3.92 103.04 68.15
0.10 82.53 61.90
0.71 38.93 28.41
-1.22 94.61 68.06
0.83 97.20 66.55
1.78 99.24 70.32
2.40 185.19 130.01
0.21 16.74 10.44
1.08 59.43 36.10
3.18 153.76 114.73
1.03 28.68 19.37
0.36 59.87 47.43
0.30 39.00 24.62
-0.40 123.37 85.95
2.25 218.77 167.49
8.14 713.33 490.91
0.67 62.85 30.93
0.92 95.49 43.91
0.82 41.10 24.30
0.30 31.60 20.72
0.53 123.80 86.35
1.20 107.41 82.89
-1.34 219.79 121.04
3.12 190.89 140.56
2.06 100.14 78.79
-3.28 242.37 145.12
1.49 246.39 195.15
0.70 37.90 24.87
1.15 109.21 77.96
0.28 109.49 81.79
0.45 54.52 38.48
1.10 70.61 50.07
2.07 119.01 99.57
1.00 44.71 25.81
-0.11 91.32 53.33
0.43 39.43 25.42
0.55 95.78 64.47
1.91 65.83 36.53
0.72 58.66 39.95
-1.48 92.85 60.58
4.47 213.34 166.28
0.95 76.25 49.85

1.21
1.23
6.02
2.62
1.66
1.64
2.55
2.39
2.30
0.97
1.67
1.74
2.07
3.97
1.41
0.82
4.96
0.03
2.92
0.15
2.09
3.00
2.16
1.55
5.37
2.43
0.99
3.34
2.31
1.19
0.52
3.00
1.23
0.75
1.77
1.68
3.45
3.43
4.22
3.59
3.78
1.06
1.76
3.88
0.75
2.67
3.92
3.52
0.57
3.74
1.42
1.78
3.31
2.94
3.80
0.42
1.29
1.78
2.37
1.74
1.98
0.60
3.01
2.21
0.85
2.88
1.07
2.92
2.26
2.56
2.99
5.67
2.45
0.93
1.75
5.19
2.22
2.67
1.33

94.27 23629.18
17.35 163883.19
10.94 18184.01
13.66 26757.37
35.09 28535.07
18.74 169217.98
19.94 66864.73
16.50 44205.38
16.28 50948.21
18.65 90019.51
59.82 102901.6
30.14 31362.02
11.01 40768.96
22.55 25830.4
28.14 29616.63
12.07 41033.25
18.36 18717.82
45.41 91511.98
30.60 37041.24
13.33 156681.4
17.91 35930.9
15.69 135496.32
12.67 153502.11
26.27 30289.96
24.81 177567.15
27.09 39543.21
27.16 58769.59
18.16 126397.79
40.31 64682.57
9.00 21380.31
28.39 64683.79
55.55 27118.09
14.25 27258.41
25.32 113287.52
24.84 59490.8
12.28 25547.74
18.07 22267.34
21.26 36954.21
16.82 47176.52
11.68 23719.87
22.34 175098.38
24.72 41217.14
13.97 53064.23
22.42 50048.51
15.78 46164.93
11.88 24796.2
11.18 31485.11
29.35 34281.19
21.23 48969.07
13.17 30568.27
33.18 44452.72
33.23 27735.79
11.69 26305.19
27.57 54680.15
14.14 320732.82
99.38 212076.27
39.44 41769.57
15.93 55337.2
10.80 23840.69
17.05 45927.3
53.35 267555.37
27.28 34056.24
12.24 50673.49
10.71 143842.09
11.00 77594.29
34.27 192812.06
22.74 32027.45
16.73 32652.6
11.27 48354.26
37.50 23580.33
23.73 151960.79
18.15 76409.46
22.33 27000.29
10.19 144676.56
17.68 31058.95
50.78 23199.75
24.75 25931.79
13.72 148372.34
64.28 25138.7
17.19 260877.5
16.31 27981.09
11.57 228947.35
65.16 40511.03
44.53 67139.03
45.49 52233.16
19.70 36567.06
24.98 27182.35
14.95 34111.61
-28.89 11364.12
46.29 95378.83
19.43 65547.63
24.73 65858.05

Price Day Chg

BakerHu
BankAm
Baxter
BB & T
BectonDick
BerkshHat
Biogen
BkNYMeln
BlackRock
Boeing
BrisMySq
Broadcom
CapOne
CardinalHlth
Carnival
Caterpillar
CBS
Celgene
CharlesSch
ChevrnTx
Cigna
Cisco
Citigroup
CME Grp
Coca-Cola
Cognizant
ColgtPlm
Comcast
ConocPhil
Corning
Costco
CrownCstl
CSX
CVS
Danaher
Deere
Delphi
Delta
DirectTV
DiscFinServ
Disney
DominRes
DowChem
DukeEner
DuPont
Eaton
eBay
Ecolab
EMC
Emerson
EOG Res
EquityResTP
Exelon
ExpScripts
ExxonMb
Facebook
Fedex
FordMtr
Franklin
GenDyn
GenElectric
GenMills
GenMotors
GileadSci
GoldmSchs
Google
Halliburton
HCA Hold
Hew-Pack
HiltonWwde
HomeDep
Honywell
HumanaInc
IBM
IllinoisTool
Illumina
Intcntl Exch
Intel
Intuit
John&John
JohnsonCn
JPMrgnCh
Kimb-Clark
KinderM
Kraft
Kroger
L Brands
LasVegasSd
LibertyGbl
Lilly (E)
Lockheed
Lowes

54.21
15.70
33.33
36.48
136.28
197580
284.33
39.95
311.35
132.48
61.71
51.51
75.16
78.55
49.97
68.09
41.20
115.76
28.20
83.32
139.54
26.64
51.00
89.68
40.82
64.88
65.29
59.31
52.44
17.44
147.18
81.25
27.59
101.65
87.04
77.85
78.31
46.46
93.55
54.49
103.74
69.78
45.82
72.71
51.02
53.04
25.85
115.13
25.22
45.74
80.98
76.18
30.53
80.92
76.71
93.85
147.92
14.20
38.84
142.31
26.50
56.98
32.03
97.88
179.26
665.13
37.47
78.81
26.89
23.88
118.34
97.74
182.17
147.70
84.84
160.33
232.97
31.21
90.65
94.21
42.78
61.91
111.21
30.63
88.19
37.57
93.61
42.78
45.01
86.04
211.08
71.18

BONDS: HIGH YIELD & EMERGING MARKET

Close
Prev
price
price
DirectTV
93.55
92.19
Firstrand
50.71
50.15
MTN Grp
184.97
178.83
Naspers N
1909.99
1840.00
Altice
17.67
17.05
Nmrcble-SFR
39.02
37.34
JapanTob
3680.00
3593.00
Fresenius SE
58.27
58.27
Sinopec Oil
9.61
9.76
Volkswgn
101.15
101.15
Pwr Cons Corp
7.37
7.36
Deut Tlkm
15.00
15.00
TeliaSonera
43.07
43.07
ChStConEng
5.78
5.77
Chna Utd Coms
6.01
6.01
Lukoil
2140.00
2140.00
SandsCh
25.60
24.75
Illumina
160.33
163.61
Telenor
155.30
155.30
NTTDCMo
2073.00
2065.00
Based on the FT Global 500 companies in local currency

Day
Week
change change %
change change %
1.36
1.48
0.56
1.12
-4825.29
-99.0
6.14
3.43 -17579.03
-99.0
69.99
3.80 -164390.01
-98.9
0.62
3.61
-3.28
-15.7
1.68
4.50
-6.23
-13.8
87.00
2.42
-466.00
-11.2
0.00
0.00
-4.69
-7.4
-0.15
-1.54
-0.57
-5.6
0.00
0.00
-5.95
-5.6
0.01
0.14
-0.43
-5.5
0.00
0.00
-0.84
-5.3
0.00
0.00
-2.23
-4.9
0.01
0.17
-0.28
-4.6
0.00
0.00
-0.29
-4.6
0.00
0.00
-100.00
-4.5
0.85
3.43
-1.15
-4.3
-3.28
-2.00
-7.18
-4.3
0.00
0.00
-6.90
-4.3
8.00
0.39
-86.50
-4.0

Month
change %
0.42
1.07
3.11
16.80
-24.57
-11.29
-12.41
-4.99
31.82
-4.01
-4.29
-2.18
-4.96
-1.53
-6.68
-10.98
-4.83
-17.20
-1.83
-15.54

BOND INDICES
Since
16-12-2008
16-12-2008
18-02-2010
10-09-2014
05-03-2009
05-10-2010
03-08-2011

INTEREST RATES: MARKET

Over
night
0.13250
-0.18000
0.48125

5.65
34.77

Yld

FT 500: BOTTOM 20
Day
change change %
24.00
1.07
20.00
21.05
0.00
0.00
0.76
6.88
3.92
5.09
-2.30
-2.00
1.37
3.08
1.25
2.44
16.55
4.71
42.30
6.34
0.23
0.56
0.38
1.36
0.36
1.17
6.70
3.73
2.04
2.30
0.30
0.95
81.50
5.07
0.00
0.00
2.19
3.18
1.54
1.66

Close
Prev
price
price
Nppn Stl
2259.00
2235.00
Glencore
115.00
95.00
Petrobras
9.15
9.15
Repsol
11.80
11.04
EOG Res
80.98
77.06
VertexPharm
112.88
115.18
DowChem
45.82
44.45
ConocPhil
52.44
51.19
BP
368.00
351.45
StandCh
709.00
666.70
Williams Cos
41.25
41.02
News Corp A
28.42
28.04
Yahoo
31.07
30.71
Tesco
186.55
179.85
Lyondell
90.47
88.43
GenMotors
32.03
31.73
RylDShlA
1689.50
1608.00
Cielo
38.75
38.75
Occid Pet
70.98
68.79
PPG Inds
94.20
92.66
Based on the FT Global 500 companies in local currency

Oct 05
US
US
US
Euro
UK
Japan
Switzerland

52 Week
High
Low

Finland ()
Nokia
6.19 -0.11
7.87
SampoA
44.32
1.04 49.40
France ()
Airbus Grpe
56.61
1.93 67.88
AirLiquide
108.70
3.05 123.95
AXA
22.50
0.88 25.24
BNP Parib
54.01
2.09 61.00
ChristianDior 171.30
8.05 195.35
Cred Agr
10.55
0.24 14.49
Danone
58.33
2.21 67.74
EDF
16.45
0.65 25.39
Essilor Intl
110.80
3.60 121.10
Esslr Intl
110.80
3.60 121.10
GDF Suez
17.56
0.67 20.57
Hermes Intl
330.00
9.15 365.55
LOreal
160.30
4.75 181.30
LVMH
156.55
7.35 176.60
Nmrcble-SFR
39.02
1.68 60.01
Orange
13.62
0.43 16.45
PernodRic
95.06
3.26 117.75
Renault
65.70
1.22 100.25
Safran
71.18
2.02 71.53
Sanofi
87.62
2.64 101.10
Sant Gbn
40.29
1.65 44.84
Schneider
51.43
2.07 75.29
SocGen
41.10
1.47 48.77
Total
42.98
1.73 50.30
UnibailR
238.10
7.70 262.00
Vinci
58.77
2.32 60.35
Vivendi
20.95
0.30 24.83
Germany ()
Allianz
143.15
3.70 170.15
BASF
68.73
2.02 97.22
Bayer
116.30
3.15 146.45
BMW
81.17
2.96 123.75
Continental
195.00
2.15 234.25
Daimler
66.43
1.85 96.07
Deut Bank
25.04
1.24 33.42
Deut Tlkm
15.50
0.50 17.63
DeutsPost
25.54
0.76 31.19
E.ON
8.33
0.39 15.46
Fresenius Med
71.50
1.84 82.32
Fresenius SE
59.82
1.55 66.56
HenkelKgaA
79.23
1.96 99.44
Linde
148.35
3.20 195.55
MuenchRkv
166.65
2.70 206.50
SAP
59.29
1.60 70.81
Siemens
81.46
2.31 106.35
Volkswgn
102.80
1.65 254.50
Hong Kong (HK$)
AIA
42.70
0.15 58.20
BOC Hold
23.65
0.30 33.70
Ch OSLnd&Inv
25.05
0.05 34.05
ChngKng
58.00
1.10 77.55
Citic Ltd
14.60
0.02 16.40
Citic Secs
15.12
0.60 40.50
CK Hutchison 103.90
0.50 174.90
CNOOC
8.25
0.07 13.78
HangSeng
143.90
2.40 162.10
HK Exc&Clr
186.70
2.30 311.40
MTR
34.25
0.15 40.00
SandsCh
25.60
0.85 49.30
SHK Props
100.90
0.80 137.60
Tencent
139.70
4.20 171.00
India (Rs)
Bhartiartl
346.25
6.80 452.45
HDFC Bk
1098.35 30.70
1128
Hind Unilevr 809.80 -6.60 981.00
HsngDevFin 1256.95 60.35 1402.3
ICICI Bk
280.95 13.85 393.40
Infosys
1181.75
8.70
2336
ITC
329.50
0.75 409.95
L&T
1550.65 60.55 1893.8
OilNatGas
240.50
8.15 429.00
RelianceIn
888.00 23.30 1067.85
SBI NewA
240.00
4.85 336.00
SunPhrmInds 897.95
6.95 1200.8
Tata Cons
2711.65 67.05 2839.7
Indonesia (Rp)
Bk Cent Asia
11875 -125.00 15600
Israel (ILS)
TevaPha
226.30
1.80 275.90
Italy ()
Enel
4.01
0.04
4.50
ENI
14.95
0.62 18.09
Generali
16.60
0.34 19.21
IntSPaolo
3.23
0.08
3.65
Luxottica
61.75
0.85 67.80
Unicred
5.81
0.16
6.61

3.03 19.80 177387.34

11.50 26853.11

14.99 9.88
22.84 4.56
30.18 3.10
23.81 2.12
7.66 14.77 12.81

Price Day Chg

Bid
yield

Mth's Spread
chge
vs
yield
US

Oct 05
High Yield US$
Windstream Services, LLC

S*

F*

Bid
price

11/17

7.88

BB-

B2

BB

103.38

6.20

-0.01

0.81

5.64

High Yield Euro

Kazkommerts Intl BV

02/17

6.88

Caa1

97.50

0.00

0.00

Emerging US$
Peru
Mexico
Brazil
Russia
Peru
Brazil
Turkey
Poland
Colombia
Turkey

05/16
09/16
01/18
07/18
03/19
01/21
03/21
04/21
07/21
04/26

8.38
11.40
8.00
11.00
7.13
7.88
5.63
5.13
4.38
4.25

BBB+
BBB+
BB+
BB+
BBB+
BB+
ABBB
-

A3
A3
Baa3
Ba1
A3
Baa3
Baa3
A2
Baa2
Baa3

BBB+
BBB+
BBB
BBBBBB+
BBB
BBBABBB
BBB-

121.00
109.64
105.36
120.26
115.85
98.86
104.74
112.68
102.08
91.91

1.23
1.03
5.44
3.38
2.37
5.19
4.69
2.67
4.01
5.33

0.00
-0.01
0.07
-0.01
-0.01
-0.01
-0.01
0.00
-0.01
0.00

0.00
0.00
1.02
-0.43
-0.02
0.34
0.17
-0.15
0.01
0.05

0.67
0.47
4.88
2.82
1.05
3.86
3.37
1.34
2.68
3.31

Emerging Euro
Brazil
02/15
7.38
BBBBaa2
BBB 111.75
0.73
0.00
0.00
0.09
Mexico
07/17
4.25
BBB+
A3
BBB+ 111.13
1.50
0.00
0.00
0.94
Mexico
02/20
5.50
BBB+
BBB+ 108.83
3.29
0.00
0.03
1.97
Bulgaria
09/25
5.75
BB+
BBB- 111.18
4.40
0.00
0.37
2.38
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poors, M - Moodys, F - Fitch.

VOLATILITY INDICES
Index

Day's
change

Markit IBoxx
ABF Pan-Asia unhedged
Corporates( )
Corporates($)
Corporates()
Eurozone Sov()
Gilts( )
Global Inflation-Lkd
Markit iBoxx Non-Gilts
Overall ($)
Overall( )
Overall()
Treasuries ($)

169.46
293.84
250.34
209.31
225.49
292.81
245.99
295.32
226.77
290.84
220.50
219.07

-0.15
0.30
0.06
0.09
0.27
0.38
0.71
0.28
0.08
0.35
0.21
0.08

0.08
0.54
0.06
0.29
0.52
0.68
0.71
0.50
0.08
0.62
0.42
0.08

-4.95
0.11
-0.05
-1.59
1.72
2.51
-1.94
0.62
1.16
1.94
0.92
1.86

-0.65
0.51
0.06
-0.36
1.98
1.96
-0.06
0.77
0.08
1.60
1.29
0.08

-5.27
3.89
-0.05
-0.32
4.35
8.63
-2.31
4.45
1.16
7.32
3.00
1.86

FTSE
Sterling Corporate ()
Euro Corporate ()
Euro Emerging Mkts ()
Eurozone Govt Bond

110.36
105.52
837.78
114.01

-0.97
-0.25
37.89
-0.38

-0.65
-1.04
4.92
0.98

-0.30
-3.05
-4.53
1.46

Index

Day's
change

Week's
change

Month's
change

Series
high

Series
low

372.49
91.68
79.66
94.64

-7.98
-1.41
0.88
-1.98

24.51
6.91
8.91
4.48

389.82
95.40
83.13
99.56

310.39
76.52
70.70
84.55

CREDIT INDICES
Markit iTraxx
Crossover 5Y
Europe 5Y
Japan 5Y
Senior Financials 5Y

Month's
change

Year
change

Return
1 month

Return
1 year

Markit CDX
Emerging Markets 5Y
369.03
-11.72
-16.21
0.00
402.01
348.78
Nth Amer High Yld 5Y
495.95
-4.94
0.00
0.00
509.34
495.95
Nth Amer Inv Grade 5Y
92.68
-1.95
4.32
0.00
94.63
81.33
Nth AmerHiVol 5Y
0.00
0.00
0.00
0.00
228.00
100.00
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.

BONDS: INDEX-LINKED
Price
Month
Value
No of
Yield
Feb 10
Feb 10
Prev
return
stock
Market
stocks
Can 4.25%' 21
128.38
-0.309
-0.277
0.07
5.18
70298.36
7
Fr 2.25%' 20
114.71
-0.743
-0.708
0.35
20.31 209962.69
14
Swe 0.25%' 22
108.20
-0.836
-0.801
0.33
31.97 224886.51
7
UK 2.5%' 16
UK 2.5%' 24
343.00
-0.886
-0.843
0.80
6.82 491903.89
25
UK 2%' 35
236.09
-0.867
-0.845
1.30
9.08 491903.89
25
US 0.625%' 21
102.34
0.218
0.320
0.90
35.84 1102118.51
36
US 3.625%' 28
134.45
0.742
0.320
1.30
16.78 1102118.51
36
Representative stocks from each major market Source: Merill Lynch Global Bond Indices Local currencies. Total market
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
amount.

BONDS: TEN YEAR GOVT SPREADS

Bid
Yield

Spread Spread
vs
vs
Bund T-Bonds

Australia
2.70
2.14
0.68 Italy
Austria
0.86
0.29 -1.16 Japan
Belgium
0.88
0.31 -1.14 Netherlands
Canada
1.58
1.01 -0.45 Norway
Denmark
0.85
0.29 -1.17 Portugal
Finland
0.84
0.27 -1.18 Spain
France
0.94
0.38 -1.08 Switzerland
Germany
0.57
0.00 -1.46 United Kingdom
Greece
7.80
7.24
5.78 United States
Ireland
1.16
0.59 -0.86
Data provided by SIX Financial Information & Tullett Prebon Information

Bid
Yield
1.75
0.32
0.76
1.38
2.31
1.80
-0.15
1.79
2.02

Spread Spread
vs
vs
Bund T-Bonds
1.18
-0.25
0.19
0.81
1.74
1.24
-0.71
1.22
1.46

-0.27
-1.71
-1.27
-0.64
0.29
-0.22
-2.17
-0.24
0.00

Lyondell
Marathon Ptl
Marsh&M
MasterCard
McDonald's
McGraw Hill
McKesson
Medtronic
Merck
Metlife
Microsoft
Mnstr Bvrg
MondelezInt
Monsanto
MorganStly
MylanNV
Netflix
News Corp A
NextEraE
Nike
NorfolkS
Northrop
NXP
Occid Pet
Oracle
Pepsico
Perrigo
Pfizer
Phillips66
PhilMorris
PNCFin
PPG Inds
Praxair
Prec Cast
Priceline
ProctGmbl
Prudntl
PublStor
Qualcomm
Raytheon
Regen Pharm
ReynoldsAm
Salesforce
Schlmbrg
Shrwin-Will
SimonProp
SouthCpr
Starbucks
StateSt
Stryker
Sychrony Fin
Target
TE Connect
Telsa Mtrs
TexasInstr
TheTrvelers
ThrmoFshr
TimeWrnr
TimeWrnrC
TJX Cos
T-MobileUS
UnionPac
UPS B
USBancorp
UtdHlthcre
UtdTech
ValeroEngy
Verizon
VertexPharm
VF Cp
Viacom
Visa Inc
Walgreen
WalMartSto
Wellpoint
WellsFargo
Williams Cos
Yahoo
Yum!Brnds
Venezuela ()
Bco de Vnzla
Bco Provncl
Mrcntl Srvcs

Yld

P/E MCap m

90.47
49.93
53.41
93.57
101.10
89.93
187.75
70.66
50.89
47.48
46.59
134.23
43.80
88.35
32.33
42.76
110.67
28.42
99.82
124.94
79.69
170.47
85.39
70.98
37.65
95.30
160.82
33.09
81.43
81.17
90.28
94.20
105.93
230.10
1279.83
73.15
76.90
219.08
55.98
109.80
469.52
44.74
75.05
72.37
240.82
190.96
28.12
58.70
68.16
96.66
32.41
79.35
61.32
248.50
49.78
101.10
125.57
70.96
188.11
70.75
40.76
93.02
100.75
41.51
118.64
91.78
64.00
43.84
112.88
70.87
45.14
71.85
87.74
65.48
128.71
52.32
41.25
31.07
82.54

2.04
1.54
0.83
1.50
1.31
0.61
1.21
-0.47
0.75
0.51
1.02
0.30
0.24
1.34
0.90
-0.90
4.56
0.38
1.28
-0.27
0.68
2.94
-0.50
2.19
0.76
1.14
0.09
0.01
1.95
1.22
2.12
1.54
2.78
-0.19
14.15
0.73
1.50
2.87
0.91
2.03
-9.55
0.73
1.12
2.05
3.82
3.48
0.51
0.62
1.04
0.20
0.59
-0.18
1.33
0.93
1.01
1.07
1.08
0.37
2.92
-0.63
0.06
1.12
1.37
0.76
-0.19
2.01
0.90
1.00
-2.30
0.65
0.81
1.18
0.63
0.50
0.94
1.06
0.23
0.36
0.94

107.32
60.38
59.99
99.18
101.88
109.13
243.61
79.50
63.62
58.23
50.05
155.83
48.58
126.00
41.04
76.69
129.29
39.27
112.64
126.49
117.64
176.83
114.00
93.22
46.71
100.76
215.73
36.46
84.85
90.25
100.52
118.95
132.95
245.05
1395
93.89
92.60
219.23
78.53
113.36
605.93
45.29
78.46
100.54
294.35
206.31
33.31
59.32
81.26
105.34
36.40
85.81
73.73
286.65
59.99
110.49
141.25
91.34
194.22
76.93
43.43
124.52
114.40
46.26
126.21
124.45
71.50
51.73
143.45
77.83
78.00
76.92
97.30
90.97
129.96
58.77
61.38
52.62
95.90

70.06
37.32
48.66
69.64
87.50
73.96
160.10
55.54
45.69
44.49
39.72
89.56
31.83
81.22
30.15
39.16
45.08
22.81
90.33
83.85
72.10
118.24
53.81
63.60
35.14
76.48
142.38
27.51
57.33
75.27
76.69
82.93
98.55
186.17
990.69
65.02
73.19
165.48
52.17
92.96
320.06
28.14
51.04
66.57
202.01
164.02
23.41
35.39
63.97
77.87
24.03
58.72
51.03
181.40
41.47
90.83
107.33
65.25
128.78
59.22
24.26
79.31
93.64
38.10
80.72
85.50
42.53
38.06
96.43
61.75
36.32
48.80
59.14
61.50
81.84
46.44
34.64
27.20
65.81

3.07 10.75 42145.36

1.93 9.02 26770.31
2.02 20.63 28306.9
0.61 29.74 103758.29
3.21 24.31 96903.46
1.35-153.79 24505.93
0.49 23.45 43633.7
1.78 33.69 99886.01
3.39 15.41 143775.53
2.90 8.32 52979.07
2.51 32.68 372585.94
51.06 27583.03
1.32 35.76 70567.2
2.14 16.54 41333.19
1.34 16.97 63152.95
21.40 21018.59
- 258.17 47145.95
0.93 7.49 33652.25
2.89 15.82 45128.99
0.86 33.95 84700.1
2.81 14.17 24017.52
1.64 17.88 31944.8
46.65 21495.8
3.96 -23.00 54225.25
1.42 17.95 160563.26
2.70 22.83 139995.05
0.28 182.00 23539.45
3.15 24.34 203751.14
2.44 10.86 43781.62
4.76 17.60 125747.4
2.08 12.79 46755.26
1.40 24.10 25500.6
2.49 21.38 30345.94
0.05 23.17 31638.2
29.53 66342.35
3.42 24.77 198423.89
2.85 13.98 34835.7
2.60 39.65 37878.03
3.00 15.89 87955.9
2.24 16.38 33329.57
- 122.50 47767.34
2.89 17.15 23799.61
- -490.67
49533
2.40 22.26 91580.55
0.98 25.33 22446.99
2.78 41.22 59438.36
1.51 18.94 22412.04
1.00 34.28 87118.38
1.76 16.71 27816.99
1.34 41.07 36398.12
12.89 27022.32
2.55 18.02 49865.94
1.89 13.91 24674.22
- -62.19 31594.82
2.56 18.25 51093.48
2.16 9.54 31462.89
0.46 26.59 50038.09
1.82 17.44 57873.66
1.92 28.11 53230.29
1.01 22.24 47711.74
- 124.92 33214.29
2.18 16.57 80712.67
2.68 24.35 70368.66
2.30 13.75 73598.68
1.32 19.57 113130.66
2.59 13.64 81737.19
2.04 7.59 32551.77
4.84 18.95 178221.62
- -38.04 27616.72
1.66 30.40 30165.25
2.97 10.90 15645.2
0.62 31.24 140207.18
1.53 22.65 95702.98
2.90 14.08 209909.04
1.64 12.65 34744.16
2.63 13.21 268577.36
5.38 15.65 30925.59
4.46 29249.01
1.87 41.88 35591.71

118.00
4000
-

5.00
-

143.95
4400
-

27.00
840.00
-

31878.65
0.88 53.28 31948.88
-

Closing prices and highs & lows are in traded currency (with variations for that
country indicated by stock), market capitalisation is in USD. Highs & lows are
based on intraday trading over a rolling 52 week period.
ex-dividend
ex-capital redistribution
# price at time of suspension

Oct 05
US$
Bank of America Corporation
Citigroup Inc.
Cummins Inc.
Korea Electric Power Corporation
SouthTrust Bank
FleetBoston Financial Corp.
Euro
Goldman Sachs Group, Inc. (The)
Citigroup Inc.
Credit Agricole S.A.
BHP Billiton Fin Ltd
Yen
Wal-Mart Stores, Inc.
Sterling
IPIC GMTN Limited
B.A.T. Intl Fin plc (Re - British American Tobacco)

Red
date Coupon

Ratings
M*

Bid
yield

Day's
chge
yield

Mth's Spread
chge
vs
yield
US

F*

Bid
price

10/26
11/26
02/27
08/27
12/27
01/28

4.25
4.30
6.75
6.75
6.57
6.88

BBB+
BBB+
A+
A+
A+
BBB+

Baa3
Baa3
A2
Aa3
Aa3
Baa3

AAA
AAA+
A-

99.00
99.40
118.04
99.55
120.14
121.14

4.41
4.42
4.74
6.92
4.46
4.65

0.00
0.00
0.00
0.00
0.00
0.00

0.07
0.06
0.52
-0.15
-0.05
-0.09

2.39
2.39
-

06/26
09/26
03/27
09/27

2.88
2.13
2.63
3.25

AABBB
A+

A3
Baa1
Baa3
A1

A
A
AA+

104.87
97.81
92.29
109.26

2.35
2.35
3.45
2.35

0.00
0.00
0.00
0.00

0.06
0.13
0.20
0.26

0.33
0.33
-

07/15

0.94

NR

WR

NR

100.00

0.31

0.00

0.00

03/26
09/26

6.88
4.00

AA
A-

Aa2
A3

AA
A-

124.68
107.30

3.94
3.20

-0.02
-0.05

-0.02
-0.07

1.92
1.17

S*

Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poors, M Moodys, F - Fitch.

GILTS: UK CASH MARKET

Oct 05
Day Chng
Prev
52 wk high
52 wk low
VIX
19.57
-1.37
20.94
53.29
10.88
VXD
19.32
-0.63
19.95
56.32
7.04
VXN
23.08
-0.63
23.71
46.72
11.15
VDAX
25.66
-2.08
27.74
29.94
CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility.
Deutsche Borse. VDAX: DAX Index Options Volatility.

BONDS: BENCHMARK GOVERNMENT

Red
Bid
Date Coupon
Price
Australia
10/18
3.25 104.09
04/26
4.25 114.10
Austria
10/18
1.15 103.64
10/25
1.20 103.27
Belgium
06/18
0.75 101.81
06/25
0.80 99.28
Canada
11/17
0.25 99.43
06/26
1.50 99.26
Denmark
11/16
2.50 103.09
11/25
1.75 108.65
Finland
05/18
1.00 100.28
09/25
0.88 100.36
France
11/16
0.25 100.49
11/20
0.25 100.36
11/25
1.00 100.55
05/45
3.25 131.15
Germany
04/18
0.25 101.24
10/20
0.25 101.39
08/25
1.00 104.13
08/46
2.50 129.69
Greece
07/17
3.38 90.24
02/26
3.00 70.54
Ireland
10/17
5.50 111.58
03/25
5.40 137.64
Italy
05/18
0.25 100.02
05/20
0.70 100.07
12/25
2.00 102.38
09/46
3.25 109.87
Japan
09/17
0.10 100.18
10/20
0.05 99.90
09/25
0.40 100.81
09/45
1.40 100.83
Netherlands
04/17
0.50 101.13
07/25
0.25 95.26
New Zealand
12/17
6.00 107.48
Norway
05/17
4.25 105.98
03/25
1.75 103.24
Portugal
02/16
6.40 102.29
10/25
2.88 105.01
Spain
04/18
0.25 99.90
10/25
2.15 103.16
Sweden
01/18
0.88 100.15
05/25
2.50 117.23
Switzerland
10/16
2.00 102.78
05/26
1.25 115.00
United Kingdom
07/18
1.25 101.32
01/21
1.50 100.99
09/25
2.00 101.92
01/45
3.50 120.37
United States
07/17
0.63 100.12
09/20
1.38 100.25
08/25
2.00 99.80
08/45
2.88 100.08
Data provided by SIX Financial Information & Tullett Prebon Information

52 Week
High
Low

Price Day Chg

BONDS: GLOBAL INVESTMENT GRADE

Day's
chge
yield

Ratings
M*

Red
date Coupon

Stock

Bid Day chg Wk chg Month

Year
Yield
yield
yield chg yld chg yld
1.86
0.00
0.00
0.00
0.00
2.70
0.00
0.00
0.00
0.00
0.05
0.00
0.00
0.00
0.00
0.86
0.05
-0.05
-0.13
0.00
0.07
0.00
-0.04
-0.04
-0.28
0.88
0.04
-0.05
-0.15
0.00
0.53
0.02
0.03
0.00
0.00
1.58
0.03
-0.02
0.00
0.00
-0.28
0.00
0.00
0.00
0.00
0.85
0.06
-0.02
-0.05
0.00
0.89
0.00
-0.15
-0.19
0.00
0.84
0.06
-0.04
-0.12
0.00
-0.18
0.00
0.00
0.00
0.00
0.18
0.01
-0.05
0.00
0.00
0.94
0.04
-0.07
-0.18
0.00
1.87
0.07
-0.05
-0.14
0.00
-0.24
0.00
0.00
0.00
0.00
-0.03
0.00
0.00
0.00
0.00
0.57
0.05
-0.02
-0.11
0.00
1.32
0.09
0.01
-0.09
0.00
9.59
-0.28
-1.16
-0.77
0.00
7.80
-0.20
-0.31
-1.01
0.96
-0.19
0.00
0.00
0.00
0.00
1.16
0.03
-0.06
-0.24
0.00
0.24
0.00
-0.05
-0.05
0.00
0.68
0.00
-0.07
-0.15
0.00
1.75
0.02
-0.10
-0.23
0.00
2.79
0.03
-0.05
-0.21
0.00
0.01
0.00
0.00
-0.01
0.00
0.07
-0.01
-0.02
-0.04
0.00
0.32
0.00
-0.03
-0.06
0.00
1.36
0.00
-0.03
0.00
0.00
-0.24
0.00
0.00
0.00
0.00
0.76
0.05
-0.04
-0.11
0.00
2.47
-0.01
-0.01
-0.09
-1.41
0.52
0.02
-0.01
-0.08
0.00
1.38
0.01
-0.11
-0.12
0.00
-0.02
0.00
0.00
0.00
0.00
2.31
0.01
-0.20
-0.26
0.00
0.29
-0.02
-0.09
-0.08
0.00
1.80
0.02
-0.14
-0.33
0.00
0.81
0.00
-0.14
-0.20
0.00
0.64
0.04
-0.05
0.02
0.00
-0.73
0.00
0.00
0.00
0.00
-0.15
0.00
0.00
0.00
0.00
0.77
0.05
0.00
-0.04
0.00
1.31
0.07
-0.01
-0.06
0.00
1.79
0.08
0.01
-0.02
0.00
2.51
0.09
0.03
0.07
0.00
0.56
0.03
-0.06
-0.13
0.00
1.32
0.04
-0.10
0.00
0.00
2.02
0.04
-0.07
-0.13
0.00
2.87
0.05
-0.01
-0.04
0.00

Red
52 Week
Amnt
Change in Yield
Oct 05
Price
Yield
Day
Week
Month
Year
High
Low
m
Tr 2pc '16
100.45
0.46
-4.17
0.00
-4.17
-30.30 101.97 100.45
0.32
Tr 1.75pc '17
101.62
0.49
8.89
6.52
-9.26
-49.48 102.68 101.58
0.29
Tr 5pc '18
110.64
0.57
9.62
0.00
-19.72
-57.46 113.65 110.45
0.35
Tr 4.5pc '19
112.39
0.82
7.89
-1.20
-16.33
-48.43 115.07 111.71
0.36
Tr 4.75pc '20
115.99
1.04
6.12
-0.95
-14.75
-41.90 119.04 114.68
0.33
Tr 1.5pc '21
101.00
1.30
4.84
-2.26
-9.72
-33.33 142.92 100.01
0.08
Tr 4pc '22
116.31
1.34
5.51
-0.74
-12.42
-34.95 119.85 113.57
0.38
Tr 5pc '25
129.11
1.65
5.77
0.61
-8.84
-30.67 134.70 124.38
0.35
Tr 4.25pc '27
125.28
1.91
4.95
0.53
-7.28
-26.25 131.90 118.78
0.31
Tr 4.25pc '32
127.76
2.24
4.19
0.45
-4.27
-20.57 136.85 120.20
0.35
Tr 4.25pc '36
129.71
2.40
3.90
0.42
-2.83
-18.37 140.37 121.09
0.28
Tr 4.5pc '42
139.72
2.48
4.20
0.81
-1.98
-17.61 153.16 128.63
0.26
Tr 3.75pc '52
131.52
2.45
4.26
1.24
-1.61
-19.14 145.21 116.59
0.22
Tr 4pc '60
142.90
2.42
4.31
1.26
-1.22
-19.33 159.23 125.11
0.21
xd Ex dividend. Closing mid-prices are shown in pounds per 100 nominal of stock. Red yield: Gross redemption yield.
This table shows the gilts benchmarks & the non-rump undated stocks.

GILTS: UK FTSE ACTUARIES INDICES

Price Indices
Fixed Coupon
1 Up to 5 Years
2 5 - 10 Years
3 10 - 15 Years
4 5 - 15 Years
5 Over 15 Years
7 All stocks
Index Linked
1 Up to 5 Years
2 Over 5 years
3 5-15 years
4 Over 15 years
5 All stocks
Yield Indices
5 Yrs
10 Yrs
15 Yrs

Day's
chg %
0.14
0.37
0.45
0.39
0.53
0.36

Oct 05
98.68
181.24
211.19
188.05
305.67
174.93
Oct 05
311.43
586.21
435.95
725.99
541.29
Oct 05
1.05
1.72
2.14

Day's
chg %
0.11
0.52
0.37
0.58
0.46
Oct 02
1.10
1.77
2.17

Yr ago
1.66
2.36
2.71

Total
Return
2370.21
3268.28
3861.53
3410.13
4399.60
3261.64

Month
chg %
0.62
1.82
1.32
2.02
1.64

Return
1 month
0.60
1.75
2.45
1.90
2.91
1.87

Year's
chg %
-1.91
12.13
2.65
16.77
10.58

20 Yrs
45 Yrs

inflation 0%
Oct 05
Dur yrs Previous
Yr ago
Oct 05
Real yield
Up to 5 yrs
-0.86
2.59
-0.81
-1.10
-1.57
Over 5 yrs
-0.89
23.80
-0.87
-0.36
-0.92
5-15 yrs
-0.82
9.81
-0.79
-0.46
-0.93
Over 15 yrs
-0.90
29.41
-0.88
-0.34
-0.92
All stocks
-0.89
20.70
-0.87
-0.37
-0.93
See the FTSE website for more details: http://www.ftse.com/products/indices/gilts

Total
Return
2368.04
4319.89
3304.79
5252.99
4038.25
Oct 05
2.33
2.34

Return
1 year
2.63
6.54
9.55
7.33
14.30
8.27

Yield
0.84
1.44
1.82
1.54
2.32
2.06

Return
1 month
0.62
1.88
1.34
2.09
1.69

Return
1 year
-0.56
13.04
4.00
17.47
11.56

Oct 02
2.36
2.36

Yr ago
2.89
2.98

inflation 5%
Dur yrs Previous
2.61
-1.53
23.89
-0.90
9.82
-0.90
29.45
-0.90
20.85
-0.91

Yr ago
-1.89
-0.40
-0.59
-0.37
-0.42

All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
loss arising from the reliance on or use of the listed information. For all queries e-mail
ft.reader.enquiries@morningstar.com

Data provided by Morningstar | www.morningstar.co.uk

30

FINANCIAL TIMES

Tuesday 6 October 2015

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week
High
Low

Price +/-Chg

Yld

P/E

Vol
000s

Aerospace & Defence

AvonRub
BAE Sys
Chemring
Cobham
Meggitt
RollsRoyceX
Senior
UltraElc

960.00
459.40
236.00
304.10
489.20
728.50
261.40
1747

25.50
14.20
2.50
9.40
12.20
24.00
6.00
18.00

960.00
549.00
248.00
349.10
593.50
1061
361.70
1914

648.00
419.30
197.48
250.50
421.70
636.00
243.50
1627

0.58
4.46
1.74
3.50
2.81
3.17
2.15
2.54

21.79
73.1
20.75 7159.2
-26.99 118.1
-176.60 2106.5
20.36 1650.0
-53.57 6567.9
17.58 1139.4
-153.26
108.8

Automobiles & Parts

FordMtr $X
GKN

14.20
281.10

0.21 16.74 10.44 23910.3

7.00 389.00 248.56 2.99 31.29 4075.7

Banks
ANZ A$X
BcoSant
BankAm $X
BnkGeorgia
BankIre
BkNvaS C$X
BarclaysX
CanImp C$X
HSBCX
LlydsBkgX
RylBkC C$X
RBSX
StandChX
..7.375%Pf
..8.25%Pf
TntoDom C$X
VirginMoney
Westpc A$X

27.39
367.25
15.72
1820
0.36
58.31
256.20
97.44
521.30
77.27
72.77
328.80
709.00
115.00
123.88
52.49
399.10
30.10

0.46
14.63
0.34
-8.00
0.01
1.09
7.65
1.36
13.60
0.72
0.80
8.00
42.30
-0.75
-0.13
0.87
6.90
0.35

37.25
604.00
18.48
2601.83
0.39
71.17
289.90
107.32
674.57
89.35
83.87
414.00
1166
128.00
141.00
57.89
472.90
40.07

26.38 10.24
335.57 11.56
14.60 1609 2.52
0.07 52.60 5.65
204.05 2.54
83.10 4.20
478.35 6.23
70.90 0.97
68.05 4.09
300.30 612.60 7.79
108.50 6.41
119.50 6.66
47.75 3.66
278.00 29.10 9.53

9.50 3996.9
9.53 726.6
48334.6
9.13
49.8
17.06 16053.0
11.29 1178.7
118.78 30445.5
11.13 792.7
11.76 21313.2
41.99 152002.6
11.34 1852.4
-22.93 8667.4
15.77 11143.8
70.2
26.0
12.86 2042.5
-997.75
233.8
11.70 4030.9

Basic Resource (Ex Mining)

Ferrexpo
IntFerMet#
Mondi
Vale BRLX

37.25
0.90
1436
18.11

1.50 106.90 29.40 11.27 3.82 492.3

0.06
7.73
0.76 -0.55 562.4
50.00 1614.36 919.00 2.07 18.61 1141.1
0.29 28.74 14.77 12.81 -9.25 1893.8

Chemicals
Alent
Bayer X
Carclo
Croda
Elemntis
Syngent SFrX
Synthomer
Victrex

489.20
116.30
146.75
2766
235.80
323.60
336.80
1832

1.20
3.15
1.50
49.00
4.50
9.10
2.90
24.00

499.70
146.45
169.75
3150
324.10
435.20
364.10
2202.55

294.56
96.83
80.00
1965
206.70
273.20
176.64
1542

1.87
1.86
1.81
2.37
2.25
3.32
2.32
2.46

22.74 220.7
28.65 2046.0
-4.42
18.3
21.54 191.0
10.25 826.4
19.38 239.9
22.72 280.8
18.51 178.4

221.83
272.50
124.50
245.00
84.01
404.88
2478.5
1824
1105
1779
24.00
76.00
379.80
865.00
227.60
44.84
342.00

113.60
145.59
101.00
170.00
37.50
263.50
1220
1085
742.00
1260
11.03
44.25
184.00
570.00
146.90
29.51
228.25

2.45
2.15
8.30
2.52
4.11
2.53
2.50
3.34
2.90
4.13
0.73
3.96
1.65
3.70
2.65
1.48
2.82

17.63
44.0
-4.36 1127.6
48.8
13.58
8.7
33.4
15.87 123.1
33.08 1603.7
16.19 134.6
27.47
48.1
36.01 268.4
28.28
17.7
17.57
36.0
29.69 112.1
-21.36
2.8
15.23
38.9
28.18 2455.9
41.19
36.0

Construction & Materials

Alumasc
BalfourB
..CvPf
Boot(H)
ClarkeT
Costain
CRH
GalfrdT
Keller
KierGp
Kingsp
LowBonr
Marshlls
MorgSdl
Norcros
StGobn X
Tyman

204.00
260.30
116.50
222.00
75.50
375.25
1768
1589
870.00
1392
21.32
68.25
364.20
730.00
198.00
40.29
284.00

-0.50
8.60
1.00
-0.13
8.50
57.00
14.00
1.00
41.00
0.35
0.50
7.50
5.00
7.75
1.65
8.00

Electronic & Electrical Equip

Dialight
e2v Tech
Halma
MorganAd
OxfordIn
Renishaw
Spectris
TT Elect
XP Power

664.50
234.50
730.00
295.30
603.50
2022
1744
133.50
1675

-11.00
8.00
14.00
3.40
37.00
42.00
48.00
-0.75
50.00

938.50
268.00
786.50
375.84
1114
2672.9
2420
164.00
1750

398.00
145.44
557.50
258.10
531.00
1520
1606
96.00
1340

2.26
1.92
1.57
3.69
2.11
2.10
2.67
4.12
3.70

35.56
43.0
21.64 3624.3
26.57 492.9
51.09 273.4
-54.70 118.4
12.07
17.1
16.15 172.2
-68.36
65.5
16.64
2.4

15.10
16.30
14.00
4.50
-22.50
-4.50

571.50
509.64
335.00
361.00
630.00
380.37

343.61
288.80
236.96
236.80
265.05
251.25

3.29
5.58
6.16
3.91
3.81
7.11

6.67 1824.6
14.22 4633.7
13.90 1233.1
38.53 251.1
-14.70
0.0
12.97
11.5

52 Week
High
Low

Yld

Financial General
3i
AberAsM
Ashmore
BrewDlph
Canaccord
CtyLonInv

486.80
322.80
268.50
253.50
267.50
337.50

Price +/-Chg
CloseBrs
DBAG
Hargr Lans
HBM Hlth SFr
HenderGp
ICAP
Indvardn SKr
ICG
IPF
Investec
Jupiter
Liontrust
Man
NB GFRIF
Paragon
Providnt
RathbnBr
Record
S&U
Schroder
..N/V
SVG Cap
TullettPre
Tungsten
WlkrCrip

1546
25.22
1265
95.00
272.20
475.90
153.20
539.00
401.40
532.50
436.70
290.00
161.20
94.60
440.70
3200
2073
36.50
2441
2892
2247
482.00
386.00
59.25
41.75

52 Week
High
Low

Yld

P/E

Vol
000s

29.00
0.30
35.00
1.00
6.60
9.70
6.80
19.00
6.80
18.00
4.40
3.00
8.10
-0.10
6.10
41.00
36.00
0.50
-14.00
82.00
50.00
9.00
6.50
-0.50
-

1857.39
34.50
1299
113.50
303.30
573.00
183.50
712.83
512.00
649.50
478.20
393.50
217.80
99.75
461.50
3268
2348
41.00
2568
3441
2629
535.00
415.90
375.50
55.00

1298.48
20.20
827.00
80.50
180.10
365.89
111.40
421.98
348.00
477.20
313.70
211.19
108.30
93.90
313.70
1942
1816
29.00
1879
2086
1692
226.00
242.60
52.49
37.50

3.17
1.52
1.79
3.31
4.62
3.95
4.61
2.99
3.66
3.02
1.38
3.95
3.93
2.04
3.06
2.51
4.11
2.70
2.70
3.47
4.37
3.81

14.17
9.88
38.25
4.48
18.99
37.33
7.22
9.18
11.67
19.75
13.06
21.35
10.92
24.21
13.56
23.88
26.70
13.78
14.52
17.75
13.79
12.03
8.24
-2.25
61.13

1044.3
15.9
880.0
4.3
1943.6
481.9
544.2
373.8
611.4
1233.3
553.8
0.7
6775.0
525.5
831.2
272.3
12.0
6.7
0.2
364.4
7.9
217.9
268.5
428.0
3.0

2.50
63.00
0.50
16.50
0.02
-3.50
48.00
16.00
4.00
-1.00
-0.04
7.40
-0.50
1.06
1.35
1.25
8.00
21.00
4.50
-5.00
4.59
76.00
2.24

690.00
3441
699.36
788.00
4.26
178.50
1497
1734
630.00
328.00
19.59
359.40
500.00
71.88
77.00
47.79
430.00
3884.5
316.00
682.50
174.50
3087
42.98

521.00
2407
515.97
600.72
3.16
136.00
1051
1213.14
373.75
230.00
10.75
228.90
342.25
49.30
64.15
26.13
250.80
2773
172.00
492.20
105.50
2397
28.81

0.53
0.99
2.31
3.00
2.81
2.34
3.53
1.90
3.53
2.94
0.65
1.81
2.86
0.83
2.75
2.88
1.88
0.97
4.80
3.74
2.96
2.98

-44.50
48.07
19.94
17.33
-14.84
11.14
22.80
20.52
40.74
53.42
31.34
20.32
18.52
23.80
17.29
-1.32
56.15
27.46
27.36
89.69
11.76
23.15
22.92

1.4
738.5
258.6
452.9
35.5
60.3
282.3
25.6
778.1
64.9
15.1
857.2
1.3
32.4
5954.2
2238.7
13.1
1761.1
54.8
1719.0
94.7
2462.1
12.8

Food & Beverages

AngloEst
AscBrFdX
Barr(AG)
Britvic
C&C
CarrsGroup
Coca-Cola H
Cranswk
Dairy Cr
Devro
Glanbia
Grncore
HiltonFd
Kerry
Nestle SFrX
PremFds
REA
SABMillX
StckSpirit
Tate&Lyl
TongtHu R
Unilever
..NV

570.00
3430
525.00
697.50
3.57
145.00
1435
1720
607.00
299.00
16.33
300.90
464.50
67.81
74.70
33.50
268.00
3764
182.75
583.00
116.92
2778
37.24

Health Care Equip & Services

Bioquell
ConstMed
GNStre kr
UDGHlthC

137.50
930.00
126.60
512.50

1.00
1.50
4.40
8.00

155.50 80.00 2.40 137.23

1004.69 650.00 1.95 61.59
158.50 113.70 0.68 30.27
551.50 315.20 1.43 14.49

39.4
61.6
794.0
551.8

184.50
645.00
2501
3374
1023
563.50
530.50
498.00
505.50
156.50
2051
21.86
298.90
6102
456.80
199.60
3278

8.50
43.00
46.00
29.00
7.50
-13.50
22.00
-1.00
2.00
48.00
0.63
2.20
72.00
5.70
3.70
-12.00

562.50
430.00
169.00
2268
692.00
1010
274.00
73.00
177.30

8.50
-9.50
2.25
-7.00
-1.00
39.00
3.20
0.75
6.00

64.50
158.10
2917
108.50
111.25
610.00
1301

-0.75
3.30
57.00
0.50
2.25
-11.00
77.00

52 Week
High
Low

Yld

P/E
1343.75

73.00
231.70
3767.56
117.00
134.00
670.85
2406

57.00
134.80
2698.37
86.30
88.63
540.00
1037.33

3.37
2.29
5.53
1.44
3.93
3.38

4.00 755.00
30.24
0.37 67.88
-0.01 37.03
1.25 53.00
6.50 592.50
6.00 696.24
8.30 423.70
12.00
1259
0.29 30.31
11.00 530.00

571.35
19.00
45.02
26.11
34.00
424.60
488.20
231.82
965.50
14.92
332.80

2.14
2.96
0.96
3.49
3.32
2.24
2.73
3.99
2.24
4.53

Vol
000s

3.5
14.92 2291.4
22.38 111.5
7.72
4.9
15.74
43.6
24.15
2.2
869.0

Industrial General
BritPoly
CoatsGrp
JardnMt $X
Jard Str $X
Macfrlne
REXAM
RPC
Smith DS
Smiths
SmurfKap
Vesuvius

748.00
28.00
47.30
27.03
47.25
533.50
635.00
384.10
1009
23.68
356.00

12.03

15.0
1186.1
11.40 228.9
9.93 200.1
11.46 185.6
18.87 659.4
30.53 981.0
23.42 2128.0
17.90 1937.1
21.88 257.6
10.02
72.0

-417.91

Industrial Transportation
BBA Aviat
Braemar
Clarkson
Eurotunnl
Fisher J
Flybe Grp
Goldenpt
OceanWil
RoyalMail
UK Mail

267.30
431.00
2252
12.54
965.50
78.00
100.00
760.00
457.90
362.00

3.50
1.00
-29.00
0.25
7.00
2.00
0.50
10.00
1.90
-3.00

362.10
513.86
2855
14.57
1442
135.75
345.74
1115
532.50
569.00

254.40
390.00
1835
8.62
926.00
52.00
97.00
750.00
388.60
355.00

3.87
6.03
2.66
1.38
2.28
5.26
4.37
5.94

15.87 1052.6
47.00
6.3
46.42
12.1
64.40 933.4
12.51
52.2
-7.09 168.4
-0.36
0.1
69.87
8.1
14.09 2790.4
12.53
6.6

1509
657.50
475.80
356.00
334.25
379.50
136.75
110.50
954.00
1026
687.00
250.50
883.50
200.70
0.06
831.50
1483.5
411.20
54.00
899.50
408.30

16.00
0.50
13.80
1.00
9.75
2.90
0.13
1.00
13.50
24.00
6.00
7.80
22.00
7.20
13.50
62.00
6.60
42.50
11.50

1640
663.50
578.68
362.00
367.81
388.70
146.00
116.39
959.00
1112
715.50
296.02
914.39
241.60
0.10
935.00
1761.5
528.00
68.00
1008
505.68

1175.33
418.20
428.40
248.50
309.25
283.96
124.50
80.00
622.00
815.00
506.00
209.20
516.50
163.80
0.05
693.00
1045.99
390.50
53.00
637.00
362.30

3.06
1.23
3.80
2.64
5.50
3.79
6.31
7.60
2.47
2.82
1.28
4.49
2.81
4.33
6.42
2.49
0.49
4.71
2.59
4.48

14.38
14.33
12.45
12.39
13.11
11.89
18.29
11.71
20.05
9.84
14.59
11.59
13.94
-0.08
17.48
15.10
63.34
5.21
26.77
30.14

1226
77.00
364.75
160.00
766.00
107.50
145.25
252.20
74.00
13.42
13.50
1188
230.00
14.36
1142
440.00
53.64
171.50
1417

-12.00
-2.00
0.25
-2.00
15.00
1.25
4.40
-1.38
0.38
0.36
21.00
16.00
0.18
13.00
8.25
0.16
1.50
42.00

1350
87.09
366.00
163.00
989.50
192.00
204.75
281.90
7830
17.55
17.11
1517.42
239.00
24.17
1199
494.00
54.47
220.00
1616

651.00
56.20
239.00
108.00
699.00
103.00
125.00
192.10
73.00
12.16
12.24
1010
138.25
13.85
921.50
322.00
39.45
137.00
1091

1.67
3.38
2.30
2.53
2.66
6.98
5.09
1.86
4.29
3.60
2.18
1.82
3.14
4.23
2.70

260.30
579.50
82.00
116.50
537.50
0.60
8.03
9.01

-2.80
25.90
2.50
0.31
28.00
0.93
0.34

Insurance
Admiral
Amlin
AvivaX
Beazley
Chesnar
DirectLine
Eccles prf
Hansard
Hiscox
JardineL
Lancashire
Leg&Gen
NovaeGp
Old Mut
PermTSB
PhoenixGrp
PrudntlX
RSA Ins
SagicFin
StJmsPl
Stan Life

422.1
1391.4
9973.3
742.2
21.9
3378.3
18.1
98.0
257.8
42.0
467.5
16174.8
27.4
8224.7
0.0
304.6
6197.8
5590.4
1.0
1785.3
2630.9

Media

213.00
673.50
2619
3570
1206
598.50
607.50
500.00
517.00
158.00
2156
28.00
377.98
6300
504.50
207.40
3438

78.44
360.90
1445
2033
723.00
291.98
487.25
324.66
390.00
74.00
1247.08
20.48
283.00
4895
248.64
104.60
1813.3

1.60
2.08
5.33
3.42
2.54
9.80
1.20
3.46
2.62
2.28
0.88
0.78
1.08

-39.95
36.7
17.08 3778.8
12.92 160.2
10.78 402.9
12.55 503.7
12.61 263.1
13.86
0.1
15.57
37.8
16.80
30.5
-407.55
551.2
14.24 851.6
92.04 3380.8
24.03 442.4
25.93 1026.2
10.29 509.5
15.71 10897.7
40.46
43.2

797.59
470.00
318.00
3611.75
735.00
1454.55
314.78
86.00
271.00

528.50
360.00
156.00
2063.5
520.00
923.00
242.70
49.00
162.60

2.56
3.03
7.10
1.87
2.60
3.72
3.03
2.83

18.00 145.7
13.52
6.5
820.39 581.6
13.13
0.2
26.86 202.2
15.61 666.5
42.87 4928.7
29.60 117.9
15.45 2387.0

Acacia
AngloAmer
AngloPacif
AnGoldA R
Antofagasta
..5%Pf
AquarsPl
Barrick C$

52 Week
High
Low

Yld

Industrial Engineering
Bodycote
Castings
Fenner
Goodwin
Hill&Sm
IMI
MelroseInd
Renold
Rotork

Severfd
SKF SKr
Spirax-S
Tex
Trifast
Vitec
Weir

4imprint
Centaur
ChimeCm
Creston
DlyMailA
HaynesPb
ITE Grp
ITV
JohnstnP
News Corp A $
NewsCpB $
Pearson
Quarto
RELX NV
RELX PLCX
STV Grp
ThmReut C$X
UTV Med
WPPX

House, Leisure & Pers Goods

AGARmst
BarrttDev
Bellway
Berkeley
BovisHme
CrestNic
GamesWk
Gleeson
Headlam
McBride
Persimn
Philips
PZCusns
ReckittBX
Redrow
TaylorWm
TedBaker

Price +/-Chg

28.12
0.1
11.40 160.4
128.34
59.8
12.86
33.4
10.42 629.4
-2.02
1.0
11.61 331.9
19.27 10918.5
-154.49
382.7
1647.3
528.2
50.89 2745.4
8.94
6.0
3278.3
107.46 3058.6
13.44
1.7
17.42 932.5
30.66
38.5
14.64 3685.3

Mining
318.90 191.70 1.03 26.04 802.8
1432 542.60 9.42 -1.68 14128.2
145.00 74.75 10.30 -3.29 238.2
-188.27 1272.4
149.99 71.59 811.50 476.43 2.54 34.91 3049.1
0.60
0.60833.33 21.00
5.53 -3.41 2817.5
16.54
7.89 2.11 -3.10 1562.0

52 Week
High
Low

Price +/-Chg
BHP Bltn
BisichMg
EVRAZ
Fresnillo
GemDmnd
Harmony R
Hochschild
Kenmr
Lonmin
Petra
Petropvlsk
PolymtIntl
RndgldRs
RioTintoX
Troy Res A$
VedantaRs

Yld

P/E

Vol
000s

1065 23.00 1735.68

89.50 94.75
80.85
1.95 209.90
652.50 19.00 939.50
112.75
-2.25 194.00
9.02
0.29 38.50
77.75
8.50 134.25
2.00
-0.02
9.00
23.25
4.00 196.90
94.00
7.35 210.80
6.45
0.15 27.50
590.00 10.50 634.00
4226 128.00 5752.1
2315.5 73.50
3280
0.35
0.03
0.77
429.80
6.30 969.50

951.00
60.15
60.30
569.63
111.42
8.10
60.97
1.90
14.50
79.55
4.21
424.20
3546
2090.5
0.27
353.21

7.48
4.47
0.30
2.82
2.30
0.88
5.89
9.70

25.65
6.89
-1.56
137.95
9.24
-1.20
-4.79
-0.90
-3.05
11.37
-0.94
-18.19
29.45
23.04
-0.71
-0.97

10582.0
15.5
6399.1
1289.2
39.8
1738.1
800.5
1253.2
10117.6
3051.0
8140.2
422.7
530.1
5084.7
481.5
517.7

1.79
1.85
1035
368.00
11.88
154.10
232.50
30.00
76.69
313.00
3.30
249.00
32.00
5.18
424.40
42.28
19.75
126.50
524.00
99.00
794.00
2196
78.95
1689.5
1706
72.45
74.63
181.75
44.66
208.80

1.28 1.46 780.55 1.77

252.55 7.02
8.25 135.20 177.00 6.02
0.02 21.50 66.55 268.54 2.70 246.00 20.25 3.35 376.20 4.66
40.55 1.19
10.23 93.50 370.00 3.24
78.00 594.00 5.35
1913 3.07
60.60 1497.5 7.18
1502.5 7.11
66.57 66.00 12.60
117.00 5.36
41.10 4.64
153.50 2.02

-21.76
-52.20
-16.71
-0.72
-2.52
12.80
-2.62
-3.84
20.23
-1.52
-10.37
-26.69
16.53
-0.53
10.10
21.79
-2.29
-21.47
11.77
-0.84
12.52
12.64
5.00
-15.70
17.46
-1.93

9090.3
8662.7
6484.4
44442.9
2.2
1518.9
28.1
9906.3
9942.8
1443.9
4.6
17.5
2480.1
69.9
608.1
358.5
302.5
198.8
43.8
2861.5
1426.8
1608.9
8199.0
6727.5
7852.6
5012.7
66.1
651.9
729.3
8225.2

Oil & Gas

Afren
Aminex
BGX
BPX
Cadogan
CairnEng
Cape
Endeav Int' $
EnQuest
ExxonMb $X
GenelEgy
GeoPark $
GrnDnGas
GulfKeyst
HellenPet
Hunting
ImpOil C$X
JKX
Lamprell
Nostrum
OphirEgy
Petrofac
Lukoil RUBX
PremOil
RylDShlAX
..B
Schlmbrg $X
SEPLAT
Soco Int
TrnCan C$X
Tullow

-0.05
0.13
47.20
16.55
7.00
-0.50
1.00
0.81
28.00
0.12
-9.50
-0.25
0.05
17.30
0.39
1.25
8.00
-3.00
2.25
52.00
56.00
8.55
81.50
84.00
2.13
0.63
8.75
1.81
16.00

114.22
2.92
1420
499.25
13.25
210.00
289.50
0.02
105.18
97.20
872.50
9.60
548.50
85.00
5.65
896.50
55.76
51.13
167.00
771.50
227.00
1203
3297.7
314.00
2311.31
2408.5
100.54
228.25
376.80
59.50
617.00

Pharmaceuticals & Biotech

BTG
CathayIn
Dechra
Genus
GlaxoSmhX
HikmaPhm
Oxfd Bio
RichterG $
ShireX
VecturGp

663.00
18.75
950.00
1420
1312.5
2365
7.74
15.99
4604
179.00

6.00 835.87 556.00 73.66 404.8

0.50 33.25 16.00 -19.51
3.6
2.50
1068 702.50 1.66 43.20 217.6
7.00
1535 1058.35 1.25 27.20
51.5
31.00
1645 1227.5 6.10 6.60 6037.8
46.00
2617
1717 0.59 30.61 316.0
-0.15 13.38
3.65 -19.80 1592.7
0.01 17.28 12.20 0.72 22.23
0.0
91.00
5870 3448.28 0.31 13.94 1310.7
-0.10 187.50 113.25 - 199.11 413.1

Real Estate
Harworth Gr

12.50

Assura
BigYellw
BritLand
Cap&Reg
Countrywd
DrwntLdn
Gt Portld
Green Reit
Hammersn
Hansteen
HIBERNIA
Highcrft
INTU
LandSecs
LondonMtrc
McKaySec
MucklGp
PrimyHth
Redefine
SEGRO

55.50
725.00
857.50
66.75
508.00
3738
874.50
1.46
635.50
123.30
1.28
990.00
337.20
1306
166.30
250.00
457.00
417.25
53.40
442.40

REITs

14.00

0.50
8.00
20.50
0.75
3.00
72.00
16.00
0.01
12.00
2.80
0.02
7.00
39.00
3.20
-2.88
-3.00
17.25
-0.10
9.60

64.00
731.50
891.50
70.05
608.00
3818
883.50
1.70
708.00
128.95
1.39
1090
376.50
1363
173.20
275.00
510.00
431.25
59.90
466.70

5.35 43.50
479.40
649.00
46.25
404.30
2615
600.04
1.21
537.00
98.70
1.03
795.00
305.50
988.50
132.30
217.25
425.00
324.00
48.00
330.90

3.02

174.3

3.33
2.59
3.21
1.42
2.95
1.06
1.02
3.21
4.06
3.64
4.06
2.42
4.21
3.44
4.49
4.73
5.99
3.41

11.81
10.09
5.42
4.06
25.30
5.18
5.93
7.34
6.08
18.14
17.63
4.29
6.51
7.05
5.13
11.70
5.28
4.14

1348.2
67.1
2919.6
568.8
534.5
113.8
579.6
11.0
1792.6
854.6
1455.3
0.0
2092.4
2200.2
424.0
14.1
1.5
159.9
2313.5
927.8

Yld

P/E

Vol
000s

-0.22
-5.15
-54.42
6.97
-1.42
-6.21
-6.72
30.17
-0.08
-1.34
-0.86
-5.44
28.01
-8.11
-10.23
-0.68
-0.07
-7.50
-1.78
10.45

149.0
1165.4
754.2
5.0
90.9
71.8
850.9
101.5
634.1
1.0
90.7
1085.5
3.7
2541.9
1253.9
7490.7
103.1
10718.5
192.6
24.9

Price +/-Chg

52 Week
High
Low

Yld

Shaftbry
Town Ctr
Wkspace

928.50
307.75
951.00

11.50 975.50 648.00 1.41

-5.25 324.65 251.50 3.39
16.50 988.00 592.00 1.15

Cap&Count
Cardiff
CLS
Daejan
DvlptSec
Grainger
HelclBar
HK Land $
Lon&Assc
MacauPrp
Mntview
Q'tainEst
RavenRuss
RavenR Prf
RavenR Wrt
Safestre
Savills
SchroderRE
Smart(J)
StModwen
UNITE Gp
Urban&C

439.00
7.10 475.10 313.00 0.34
1045 1085.5 950.00 1.24
1810 -19.00
2037
1270 6300 25.00 6614.2
4700 1.30
245.50
4.25 293.00 179.00 2.28
242.00
1.30 256.00 167.80 1.03
410.75
-0.25 460.00 320.00 1.67
7.15
0.23
8.80
6.40 2.56
34.50 44.00 33.00 0.45
159.00
-6.75 253.00 155.00 11250 -187.50 12900 7481.95 2.22
140.75
-0.50 143.00 75.00 38.75
-0.25 66.00 37.25 126.00 146.00 101.50 9.52
27.50 45.00 25.00 294.00
0.50 323.25 185.25 2.53
929.50 10.50 991.46 577.00 1.18
58.25
0.75 63.00 54.50 4.26
101.50 112.40 86.00 2.92
426.40
9.40 499.40 324.59 1.08
656.50
8.00 706.00 395.60 1.71
267.50
2.50 278.00 215.00 0.56

Real Estate Inv & Services

P/E

Vol
000s

5.16
5.76
4.18

310.1
9.7
79.7

6.45 615.3
4.53
0.1
3.85
0.8
4.61
1.0
9.17
50.1
28.06 557.5
6.75 460.6
13.64 2718.2
-4.87
20.0
-3.75
28.1
13.79
0.0
19.55 943.3
-2.74
64.6
30.2
6.6
6.04 244.7
21.72 100.1
5.16 356.0
42.17
9.7
4.02 254.5
5.30 220.6
8.71 152.3

Retailers
AA
AO World
AshleyL
Brown N
Caffyns
Card Factor
Dairy Fm $
Debenhm
Dignity
DixonsCar
Dunelm
Findel
Halfords
Inchcape
JDSportsF
Lookers
Marks&Sp
MossBros
Next
Ocado
Pendragn
Photo-Me
Saga
SignetJwl
SuperGroup
TescoX
VertuMotor

-166.43 1448.3
278.10
3.40 434.50 272.50 -275.92
165.00
2.00 240.00 106.86 303.2
27.00 36.00 24.94 7.41 10.51 148.9
318.10
1.10 399.00 247.19 4.47 15.03 150.3
540.00
2.50 665.00 480.00 3.47 1.63
1.3
383.20
-2.80 401.50 215.00 1.77 22.31 254.5
5.99
-0.01
9.77
5.93 3.71 17.98 2172.4
81.25
1.45 96.80 56.85 4.18 11.05 1131.2
2384 -18.00
2643
1471 0.84 -27.40
36.2
447.20 12.10 490.80 351.20 21.09 3190.0
916.50 11.00 970.00 767.00 2.18 19.51
43.4
232.00
-0.50 265.44 162.00 -32.22
63.5
458.50
9.10 563.51 417.10 3.18 13.76 1120.6
745.00 14.50 906.65 589.50 2.70 20.05 432.3
982.00
8.00 983.00 410.00 0.72 22.62 280.2
166.40
0.10 185.30 117.50 1.71 13.58 606.3
515.00
8.50 600.00 380.80 3.34 17.43 4135.6
97.00
0.50 112.00 77.50 5.41 21.81 506.8
7805 115.00
8055
6130 1.92 18.39 367.8
337.10 13.80 478.50 216.80 - 295.44 1674.9
43.50
-0.25 46.17 28.25 2.07 7.62 1434.8
159.00
2.00 160.13 107.85 2.70 21.41
75.5
205.20
3.90 225.10 143.75 2.00 16.72 1620.5
9051 350.00
9499
6371 0.57 27.75
5.8
1411 22.00
1579 750.00 25.29
57.0
186.55
6.70 252.52 155.40 6.05 -2.66 26401.2
67.50
1.00 74.40 50.50 1.26 14.13 754.8

Support Services
Acal
Aggreko
APR Engy
AshtdGp
AtknsWS
Babcock
Berendsen
Brammer
Bunzl
Capita
Carillion
Comnsis
ConnectGp
DCC
DeLaRue
Diploma
Elctrcmp
EnergyAst
Essentra
Experian
Grafton
HarvyNah
Hays
Homesve
HowdenJny
Intserve
Intertek
Latchways

262.00
1020
157.00
966.50
1406
961.00
1021
267.75
1846
1248
307.50
56.00
158.00
5090
489.00
684.00
177.90
505.00
843.00
1072
675.00
98.50
156.30
412.00
492.10
597.50
2573
1085

14.50
56.50
63.75
36.50
19.00
23.50
9.00
3.50
42.00
35.00
6.60
1.75
-1.50
75.00
6.25
7.50
2.60
-17.75
32.50
38.00
14.50
4.40
4.40
3.60
4.00
80.00
-

334.75
1724.15
599.50
1231
1580.34
1207
1161
420.50
1969
1336
371.40
63.00
191.45
5320
606.00
916.50
263.10
640.00
1069
1264
868.00
107.00
173.70
447.84
532.00
878.50
2797
1094

180.00
866.00
49.98
838.00
1225
868.50
895.50
250.00
1517
1000.5
294.03
44.65
128.02
3050
445.03
617.00
167.55
375.00
624.50
909.95
570.00
66.32
108.15
312.10
309.00
487.20
2141
705.01

2.74
2.66
2.17
1.27
2.44
2.28
2.94
4.00
1.92
2.34
5.77
3.57
5.95
1.56
7.46
2.49
6.60
2.17
2.41
1.59
3.61
1.71
2.95
1.71
3.85
1.91
3.65

54.58
13.50
-0.27
14.74
16.46
18.25
20.05
37.37
27.04
33.83
24.58
-7.69
12.39
33.46
14.61
20.88
11.16
18.98
30.17
20.94
17.49
14.29
21.38
22.76
20.95
16.24
21.84
28.65

402.3
974.8
1755.0
3037.0
122.1
837.2
285.1
164.5
660.8
1422.5
1856.4
658.8
124.3
110.2
130.6
110.9
1026.0
17.4
389.3
2662.9
257.6
18.2
1708.2
104.5
762.3
144.8
346.0
16.8

52 Week
High
Low

Price +/-Chg
Lavendon
MngCnslt
MearsGp
MenziesJ
MichaelPge
MITIE
PayPoint
PremFarn
Rentokil
Ricardo
RbrtWlts
RPS
Shanks
SIG
SpeedyHr
St Ives
TribalGrp
Vp
Watermn
Wolseley

158.75
15.88
397.75
415.25
487.20
311.30
1016
108.75
150.00
888.00
440.00
225.25
92.00
177.60
35.00
189.50
123.00
729.00
78.75
3746

-4.25
0.13
7.75
3.25
7.50
6.60
-2.00
3.00
1.80
3.00
18.50
2.25
-0.25
3.80
4.50
-0.75
3.00
5.50
69.00

211.50
25.63
475.00
525.00
568.00
329.90
1112.15
204.60
154.20
967.50
478.00
271.37
113.50
212.20
80.50
203.00
188.00
816.00
80.50
4398

Yld

150.00
13.25
354.75
306.25
358.70
263.90
779.82
99.25
110.90
605.50
270.00
181.50
85.19
143.40
30.00
156.68
116.00
560.00
50.00
2990

2.90
5.20
2.51
3.90
2.26
3.63
3.57
9.56
1.73
1.75
1.36
3.76
3.75
2.48
1.86
3.77
1.46
2.11
1.27
2.20

P/E
16.74
-77.44
15.38
36.92
23.58
32.88
17.71
9.15
21.01
25.26
25.66
15.93
-20.00
31.82
897.44
54.41
-20.93
15.51
60.11
33.82

Vol
000s
19.9
0.4
842.6
28.8
438.2
405.2
190.9
2900.2
1643.6
9.6
17.7
1203.6
106.9
444.3
735.9
85.5
3.6
1.7
715.2
1218.5

Tech - Hardware
ARM Hldgs
CSR
Laird
Pace
SpirentCM

963.00
899.50
379.30
366.00
75.75

28.00
1233 778.50 0.73 45.71 4170.0
0.50 900.00 550.00 1.02 25.43 2323.5
6.30 413.30 281.50 3.30 18.45 117.2
11.90 520.80 316.34 1.19 10.48 333.5
0.25 98.75 65.95 3.26 83.89 305.3

Tech - Software & Services

Anite
AVEVA
Computcnt
DRS Data
Elecdata
MicroFoc
NCC Grp
RM
Sage
SDL
Telecity
TriadGp

125.75
2125
767.00
12.75
65.50
1251
275.00
158.00
517.50
366.75
1100
31.00

56.00
7.00
0.75
35.00
-2.50
-9.00
13.00
5.50
21.00
-1.00

129.75
2344
802.40
15.90
77.50
1442
278.15
185.00
584.00
472.00
1250
43.00

69.25
1183.9
651.67
11.25
63.10
970.50
169.80
133.75
346.70
306.00
815.63
9.25

1.51
1.29
2.58
3.05
2.44
1.33
2.53
2.34
0.68
1.23
-

39.36 4191.0
32.73
49.7
8.35
20.5
-5.38
23.0
21.79
3.3
34.00 332.1
35.06 125.6
9.94
19.6
28.33 2517.8
34.83 271.4
87.40 813.1
13.34
46.1

Telecommunications
BTX
Inmarsat
KCOM Gp
TalkTalk
TelePlus

430.30
981.50
91.25
318.10
1085

9.75 481.75 351.90 2.65 16.22 13999.1

7.50
1056 653.00 3.17 21.88 737.0
0.75 101.00 78.50 5.52 37.38 152.1
9.40 415.10 261.00 3.96 41.40 3903.9
-5.00
1460 725.50 3.50 26.99
91.4

3679.5
3377

45.00
8.00

Tobacco
BrAmTobX
ImpTobX

3894 3231.5 4.03 17.08 2049.1

3538 2482.72 3.79 16.91 3123.2

Travel & Leisure

888 Hldg
AirPrtnr
bwin.party
Cineworld
CompassX
EntInns
FirstGrp
Fuller A
Go-Ahead
GreeneKg
IrishCtl
Ladbrokes
MandarO $
Marstons
Natl Exp
PPHE Htl
Rank Gp
Restaurt
Sportech
Stagech
ThomasCook
TUI
Whitbrd
Willim H

168.00
418.25
114.30
565.00
1077
111.80
99.25
1149
2474
802.00
4.48
101.20
1.53
154.40
288.60
667.50
267.50
693.00
59.25
338.90
121.50
1271
4749
352.60

-1.25
3.25
1.30
5.50
25.00
4.20
1.00
-1.00
23.00
6.50
0.13
3.15
0.01
1.40
2.30
10.50
1.00
1.90
1.50
25.00
69.00
3.40

185.75
470.00
128.00
599.00
1223.36
139.60
129.90
1235
2745
891.00
4.70
147.00
1.79
174.40
324.80
685.00
277.62
748.70
72.00
437.90
162.20
1294.78
5475
432.10

118.75
245.00
70.40
298.40
924.41
96.85
88.65
900.00
2264
712.00
2.63
92.85
1.44
134.50
213.40
420.58
151.90
607.00
47.00
331.60
99.05
996.74
3767
333.40

3.03
5.27
3.13
2.39
2.51
1.37
3.46
3.58
2.25
8.79
4.36
4.34
3.57
2.65
1.78
2.22
2.89
1.52
3.46

22.36
14.65
315.75
18.93
20.91
18.72
15.94
22.79
20.70
19.75
12.82
-38.74
19.94
-32.69
17.88
10.18
17.72
24.75
-1.41
14.04
-31.36
71.05
23.42
17.61

641.3
8.3
7935.2
251.4
2215.1
194.7
2525.7
2.6
31.9
511.5
0.4
2877.3
10.8
527.8
286.7
3.8
266.1
190.1
9.0
566.4
4023.8
968.1
392.3
3082.0

230.00
1407.5
262.20
934.40
805.00
969.50

5.00
10.90
2.40
10.00
24.50

308.70
1450
632.00
965.00
925.00
1045

218.60
1135
230.10
806.40
711.90
784.00

5.87
4.44
4.54
4.52
3.72
3.77

-23.14
18.68
6.14
17.51
25.71
24.42

17218.8
0.4
1572.7
10013.5
772.1
2964.8

P/E

Vol
000s

Utilities
Centrica
DeeVally
Drax
Natl GridX
Pennon
UtdUtils

AIM
P/E

Vol
000s

6.50 390.00 207.00 1.17 27.37

16.9

Price +/-Chg

Aerospace & Defence

Cohort

376.00

Banks
BCB Hldgs
STB

5.50
2858.5

13.50
4.00 -0.93
3024 2293.7 2.38 20.77

4.9
0.3

630.00

5.00 637.00 355.00 1.25 31.31

5.4

193.75

5.25 225.25 120.00 0.52 31.22

92.0

Basic Resource (Ex Mining)

CropperJ

Chemicals
Scapa

Construction & Materials

Abbey
AccsysTch
Aukett

1035
67.00
6.13

-1.75
-

1084 800.00 0.77 7.71

81.50 56.00 -6.60
8.50
5.50 3.43 8.04

0.1
3.2
38.8

Electronic & Electrical Equip

CeresPow
Densitrn
ElektronT
FlowGp
LPA
ThorpeFW
Zytronic

8.60
10.63
8.00
13.00
66.00
222.00
303.50

-6.25
366.38
12.08
-2.70
58.30
24.57
14.84

33.2
18.5
181.6
517.4
21.2
24.6
13.8

5.38 12.05
5.10 -1.40
1480 30.00
1650 1000.00 1.82 20.32
9.13 12.88
8.00 -0.93
143.50 156.75 121.00 1.92 8.50
1730.5
7.50 1956.47
1300 1.68 25.40
9401 -149.00
9992
8500 1.34 318.99
181.00
3.50 185.00 105.66 3.54 26.04
35.25 43.79 30.00 9.23
610.00 630.00 414.00 1.53 31.13
26.75 34.00 18.50 2.24 9.29
290.00
3.25 309.26 160.00 30.25
240.88
-1.13 278.00 196.09 4.36 18.29
77.00
-2.75 82.50 47.00 3.31 16.74

52.3
1.2
17.1
8.8
0.2
0.2
29.8
2.7
3.8
84.5
20.8
8.5
105.6

0.38
-0.25
-5.50
-1.50

10.75
6.50 10.99
3.50 8.70
4.00 50.00
9.75 112.00 58.00 2.35
234.71 120.00 1.46
319.00 228.00 3.30

Financial General
Ambrian
Arbuthnot
Aurora
BP Marsh
BrooksMac
Camellia
Fairpoint
Leeds
MattioliWds
Miton
MAB
Numis
Park Grp

P/E

Vol
000s

9.50 500.00 351.00 6.91 15.11

41.68 26.75 1.94 340.43
431.50 400.00 2.40 14.46
8.50 66.65 16.50 34.71
-1.00 130.00 79.00 1.97 39.05

9.7
22.4
1.5
395.8
20.9

Price +/-Chg
PolarCap
Share
ShoreCap
STM Group
WH Ireland

383.75
32.00
417.50
64.50
101.50

Food & Beverages

FinsbryFd
Nichols
PureCircle
RealGdFd
Wynnstay

101.00
1400
427.50
49.50
535.00

-0.50
-13.00
7.50
2.50

110.00 56.00 0.99

1496.81 834.56 1.60
605.00 352.24 59.40 23.00 607.25 474.52 1.91

13.54 1168.5
24.25
16.9
332.94 236.5
58.24
15.7
15.07
11.9

Health Care Equip & Services

Advnc Med
AVO
CareTech
ImmunDiag
SphereMed
Tristel

151.75
7.00
242.50
300.00
12.25
95.50

-0.50
-1.50
5.00
-1.25
-3.50

161.00 111.00 0.46

16.90
3.60 262.15 190.00 3.30
347.50 264.40 2.83
30.22 12.00 107.99 67.00 1.70

23.69 150.5
-8.86 1894.4
11.44
35.2
37.54
1.0
-1.56 162.9
23.80
67.9

House, Leisure & Pers Goods

Airea
Churchll
gamingrealm
Mulberry
Portmern
TelfordHms
WalkerGb

21.75
670.00
24.88
904.00
902.50
416.00
203.50

-7.50
0.13
3.00
3.00
-

23.00
685.00
41.00
969.00
960.00
495.00
244.85

10.50
502.00
20.00
562.50
840.00
328.00
151.05

2.76
2.40
0.55
2.94
2.45
0.94

14.18
20.79
-5.32
14.77
12.76
24.59

50.0
3.5
117.9
2.6
3.9
88.7
7.0

20.00 14.60 6.07

1.50 136.50 66.10 7.80 -17.19
1.00 195.50 116.00 4.57 21.35
2.00 750.00 156.50 5.17 9.85
6.75
3.00 -3.67

61.0
57.9
1.0
30.1
50.0

-385.17

Industrial Engineering
600 Grp
Molins
MS Intl
Pres Tech
TP Group

15.63
70.50
175.00
162.50
3.88

Industrial General
Powerflte
RM2
Symphny

92.50
41.00
7.38

2.00
-1.00
-

96.00
73.00
11.22

104.88
709.00
433.00
218.00
153.50
1048.5
685.50
266.00
945.00
149.00
117.00
221.50
123.00
168.20
77.00
198.50
579.00
4.86
426.90
13.75
457.30
15.00
8.50
19.38
800.00
785.00
220.00
89.25
1020
874.00
279.00
367.00
179.50
118.00
960.00
646.00
695.00
152.50
144.25
347.50
130.60
170.00
277.50
69.75
116.00
155.50
103.00
169.00
388.00
89.50
89.50
359.00
116.70
264.30
207.25
37.50
156.25
100.00
584.50
100.25
548.00
231.50
127.00
246.00
583.50

0.25
9.00
5.50
1.75
3.13
13.50
3.00
6.00
1.00
2.00
1.25
3.88
3.00
3.40
0.75
4.50
11.50
0.01
8.90
0.25
12.70
2.50
2.50
-0.25
25.25
23.00
6.50
10.38
4.00
1.88
-0.50
9.00
4.25
0.30
-1.25
1.50
0.20
4.00
3.75
-0.50
2.50
-0.13
1.50
7.00
1.00
1.10
7.80
3.00
2.00
2.75
9.50
0.75
18.50
-0.38
0.38
8.25
16.50

107.89
714.50
502.44
262.10
188.00
1160
849.00
277.00
1028.92
158.00
130.00
285.50
179.78
187.50
88.25
217.00
609.36
8.70
467.90
26.00
575.00
24.50
35.00
34.30
988.00
930.00
253.00
95.50
1148.5
957.00
362.00
416.81
195.25
137.69
1059.1
696.00
742.50
161.40
167.75
368.00
140.59
213.58
305.00
79.00
123.00
172.00
104.00
174.39
390.46
102.00
103.00
404.95
128.60
296.14
268.92
69.03
233.96
101.99
635.00
110.00
674.65
263.00
147.50
256.00
645.18

42.10 1.15 29.78

36.50 -4.13
6.50 -20.66

118.9
151.6
123.9

Price +/-Chg

52 Week
High
Low

Yld

P/E

Vol
000s

Insurance
Gable
Helios

23.75
190.00

70.50 16.75 -3.45

200.00 120.00 0.79 24.68

55.6
0.0

199.50
80.50
331.75
46.00
191.00
115.50

3.00
-0.50
3.75
0.50
-

233.00 95.00 3.01 13.90

106.70 79.00 3.23 75.16
395.00 260.25 1.89 -45.41
50.95 37.00 2.17 10.20
198.00 117.00 1.45 123.54
133.00 98.50 0.69 207.73

43.5
122.0
2.8
105.8
35.1
3.0

12.50
0.88
160.25
1.33
0.58
5.25
0.10
52.00
1.03
1.33
5.25
17.38
18.25
1.88
2.10
0.25
7.75

-0.25 44.58
4.04 0.03
3.10
0.72 5.25 198.00 135.16 7.73
2.80
0.25 -0.03
1.48
0.40 -0.25 16.80
5.25 0.31
0.08 58.00 17.73 8.74
2.08
0.80 2.00
0.25 0.38 11.75
4.00 38.00 16.06 -0.75 29.50
6.40 -0.10
6.00
1.63 3.00
1.00 -0.01
0.49
0.06 0.13 18.00
6.00 -

12.45
-1.87
16.48
-3.76
-6.25
-5.05
-1.08
-8.60
-14.64
-8.49
-10.82
-14.97
-36.28
-3.56
-4.35
-3.77
-0.64

-0.13
0.50
-0.38
-0.03
-0.05
0.38
0.03
-0.75

38.50
56.00
46.23
4.70
10.68
23.00
1.40
20.25

19.50
19.10
16.50
1.20
2.07
4.23
0.20
6.24

0.85
-

-22.26 117.4
-37.09 3259.3
-16.76 178.6
-5.56 2668.8
-6.67 695.2
-0.72 7873.2
-7.29 644.0
-5.61 228.8

99.00
2.00
90.50
1.50
348.00
-1.00
104.25
-0.25
522.00 13.50
234.00
-0.50
265.25
6.00
979.50 11.50
1000.00 20.50
294.50
2.88
86.75
-0.25
897.00
9.00
176.88
3.88
584.50
6.25
1815 28.50
510.50
6.50
502.00
6.00
341.00
-1.63
1335 19.00
157.00
5.00
263.50
9.75
234.50
-0.50
170.50
2.25
259.75
4.38
1712 24.00
436.25 12.25
323.00
3.00
54.00 158.13 3.13 393.50
7.90
535.50
7.50
687.00 17.00
858.00 13.50
725.00 1.16 12.50
0.75
0.13 57.75
0.75
311.00
1.75
73.00 767.00 16.00
2079
-1.00
582.50
-2.50
186.75
6.75
164.00
1.00
413.00
8.80
34145 146.00

109.31
125.05
370.00
115.85
605.50
261.75
307.95
998.10
1159
404.20
100.07
897.00
193.75
704.03
1900
545.50
537.00
384.00
1440
179.95
283.00
259.28
195.00
336.00
1762.96
500.00
352.50
56.25
164.65
4.93
458.90
544.00
796.60
1096
1445.47
1.23
32.13
0.15
66.25
371.30
77.91
906.45
2080
598.50
226.15
223.77
431.00
36313.1

90.00
84.25
330.06
98.50
430.00
184.00
195.00
669.10
890.95
223.25
86.75
527.00
135.77
572.50
1651.76
452.50
365.00
330.80
1219
145.00
206.41
219.00
155.00
236.73
1316.55
406.22
260.07
50.00
149.00
3.00
348.40
390.50
637.04
784.00
650.00
1.00
10.50
0.06
52.00
263.00
65.45
729.50
1625.86
375.01
156.25
142.50
350.81
33000

5.68
5.41
4.32
1.06
2.09
1.50
4.41
7.09
1.07
2.78
3.08
1.35
4.05
2.85
2.93
2.85
3.19
2.40
2.89
2.51
5.48
1.19
1.00
1.31
4.55
5.24
7.32
3.98
1.39
0.85
2.93
1.64

1.50 112.84
11.80
-0.25 187.50
12.00 614.00
0.03
1.09
0.02
1.49
16.00
1615
0.75 226.00
3.00 321.50
5.00 348.25
1.50 165.00
2.50 215.25
3.50 174.00
6.00 504.50

92.00
4.00
142.50
458.80
0.90
1.09
1265.55
193.50
226.25
235.50
115.25
154.00
145.00
402.49

3.00
2.11
2.62
1.95
1.07
3.83
1.27
4.41
3.07
1.82

97.7
94.8
356.8
110.9
587.1
274.0
300.0
1018.9
1088.9
352.5
91.2
1045.3
178.4
670.7
1917.8
467.1
412.8
364.1
1364.0
169.4
257.4
289.1
170.9
300.7
1906.8
458.3
329.1
174.3
444.4
582.1
728.2
847.1
847.1
17.2
56.2
355.1
112.1
857.8
2638.1
677.8
188.9
186.1
411.0
34425.
8
109.8
179.3
577.1
1.2
1.5
1538.5
211.2
291.0
274.4
155.7
179.0
172.3
519.4

Media
Avesco
Cello Gp
M&Csaatc
MissionMk
Next15Cm
YouGov

Mining
AMC
BotswanaD
CentAsiaM
Connema
C'royG&NR
GrekaDrill
Herencia
HighldGld
KarelianDd
OracleC
ShantaGold
SierraRut
Sirius Min
SolGold
Stratex
Xtract Res
ZincOx

2317.1
90.0
14.7
15.0
236.6
61.0
2155.3
448.5
243.3
839.7
460.2
52.6
5965.7
2043.3
1672.2
82695.4
182.7

Oil & Gas

AlkneEng
AmeriRes
AndesEnrg
BahamasP
BorSthnPet
Circle Oil
ClontarfEn
Egdon Res

35.50
24.00
22.75
1.30
3.30
4.88
0.35
8.75

52 Week
High
Low

Price +/-Chg
Enegi Oil
EuropaOil
FalkldO&G
GETECH
Infrastrata
Iofina
Ithaca Engy
KBC Adv
Max#
PetrelRes
Petroceltic
PetroNeft
Plexus
Rockhop
Sound Oil
TowerRes
TrinityE
UnJackOil
VictorOil
VolgaGas

0.58
3.63
25.25
46.00
1.63
18.00
36.00
119.00
0.16
2.75
64.00
3.70
174.00
41.50
16.13
0.15
6.33
0.20
61.50
43.00

0.50
0.75

-0.25
2.50
2.00
-1.00
-0.10
1.25
1.75
0.50
-0.01
-0.30
-0.02
2.25
-

3.35
0.42 10.75
2.74 45.00 16.75 65.00 32.00 4.78
8.65
1.32 57.90 13.62 117.46 26.25 130.31 77.00 0.84
1.35
0.08 6.70
2.00 224.00 42.75 6.65
3.60 267.00 148.45 0.63
87.00 37.00 26.73
8.75 0.88
0.09 62.75
2.92 0.43
0.14 89.05
1.21 108.00 40.00 7.39

Pharmaceuticals & Biotech

Abcam
AllcePharm
Epistem
e-Thera
GW Phrms
HtchChMd
ImmuPhar
ReNeuron
Sareum
SinclairIS
Vernalis

616.00 18.00 621.00 355.25 1.26

56.50
-1.25 63.00 31.65 1.77
172.50 339.00 160.00 27.50 49.40 24.25 499.00
-1.50 708.55 299.11 1990 150.00
2035
1040 35.75
-3.25 67.00 33.95 4.13
-0.13
6.50
2.80 0.25 0.65
0.19 38.25
0.75 48.00 23.30 77.63
-0.50 88.29 44.45 -

35.06 2935.6
18.10 152.5
-5.76
1.8
-8.89
32.0
-37.42 280.2
1776.79
24.4
-12.03 548.1
-8.28 650.4
-4.31 7218.7
-14.67 117.4
-116.73 4335.1

Real Estate
Conygar
FltchKng
InlandHms
Lok'nStor
LXB Retail

168.00
47.50
71.38
291.50
87.50

1.50 195.00 160.00 1.04 8.52

95.9
65.00 38.00 6.32 6.61
5.0
-0.25 74.00 45.00 0.84 22.57 306.6
0.50 300.30 199.17 2.40 123.88
6.6
1.50 149.00 77.00 1720.5

ScotAmer
Scottish In
ScottMort
ScottOrtll
SecTstScot
Seneca I&G
Shires Inc
StdLf Eqt
StdLf Sml
StrategicEq
Temp Bar
TempEmerg
TRIG
ThreadUKSel
TREurGth
TroyInc&G
UtilicoEmg
UtilicoInv
ValAndInc
Witan
WitanPac
WorldTst
WwideHlth

244.00
595.00
250.90
718.00
127.00
142.00
227.25
449.00
338.00
229.00
1074
419.00
102.25
163.00
575.00
70.75
160.50
110.50
241.00
759.50
224.75
237.00
1709

1.75
15.50
7.30
2.50
3.25
0.25
3.25
10.75
4.00
0.50
22.00
15.10
0.50
2.50
7.50
0.63
3.50
1.00
0.25
18.50
8.25
2.50
32.00

NewRiver
Palace Cap
PnthrSec
PSPI
SiriusRE
SumGermny
TaliesinPr
Winkworth

Price +/-Chg

52 Week
High
Low

Yld

P/E

Vol
000s

343.50
365.00
387.50
36.50
0.52
0.86
2332.5
148.50

2.00
-5.00
0.50
-0.01
7.50
1.00

351.00
405.00
400.00
37.50
0.53
0.99
2545
180.00

2.47
2.33
3.10
2.03
3.48
4.24

18.58
4.55
17.11
-7.61
11.29
14.92
8.45
13.47

362.3
1.5
1.5
5.0
483.9
51.9
0.5
5.4

2907
37.00
375.00
143.50

62.00
4259
1742 171.00 35.70 0.50 480.00 280.00 4.27
-1.00 322.00 135.00 5.05

66.83
-1.27
18.41
36.09

566.7
2.2
86.8
125.1

-5.00
0.50
-0.50
1.50
-32.25
0.25
-5.00
0.08
0.50
10.25
-0.50
0.25
10.25
1.00
5.50
3.50

14.61
7.9
10.89
19.8
-73.91
40.6
11.57
5.0
9.65
58.3
4.89 233.9
-12.82
2.5
13.23
0.1
-7.47
24.9
60.03 760.2
13.22
0.6
21.95
1.3
15.75
19.3
8.43 1294.8
12.99
23.4
53.19 4601.2
14.58
8.2
9.94
49.9
-0.24 1037.4
18.55
26.2
45.74
58.0
29.03 396.8
17.86
45.0
13.15
72.7

271.00
295.00
300.00
23.50
0.28
0.50
1750
115.00

Retailers
ASOS
Koovs
Majestic
StanlGib

Support Services
AndSyks
Augean
Begbies
Christie
Empres
Hargreaves
Hydrogen
Impellam
ISG
JhnsnSrv
JourneyGp
LonSec
Matchtech
NewmkSec
NWF
Optimal Pay
PennaCns
Petards
RedhallGp
Renew
Restore
SafeCharge
Servoca
Utilityws

340.00
54.00
45.75
132.50
80.00
314.00
43.50
810.00
204.50
88.00
166.50
2100
505.00
3.60
165.50
347.75
220.00
12.50
5.88
320.00
250.50
266.50
24.00
188.50

355.00
62.00
51.08
162.00
91.50
710.00
90.25
859.60
356.00
95.41
181.95
2400
587.80
4.93
170.08
575.00
230.00
13.44
15.50
348.00
289.00
297.00
26.03
311.05

270.00 7.00
37.65 0.93
38.50 4.81
115.00 1.70
38.13 0.88
280.00 8.50
38.33 10.57
455.00 0.77
140.00 4.62
56.00 1.93
113.00 1.79
1800 2.95
485.00 3.96
1.85 2.08
120.00 3.08
215.00 116.00 1.59
9.75 5.00 237.00 1.56
214.00 0.96
224.00 2.00
11.00 142.00 2.12

52 Week
High
Low

Price +/-Chg

Yld

Tech - Hardware
AminoTech
IQE

158.00
24.75

171.00
-0.25 26.50

75.24 3.16 14.07

63.0
12.08 - 102.70 1252.0

Tech - Software & Services

Blinkx
BondInt
Brady
Datatec
DDD
Eckoh
EgSoltns
Iomart
K3BusTc
OMG
Progility
Pub Tech
SciSys
WANdisco

28.00
117.00
85.00
302.00
2.13
40.50
67.50
270.00
305.00
41.25
2.75
127.50
66.50
102.50

1.00
-1.00
-4.00
4.50
6.50
-0.75
-4.00

40.50
148.25
110.13
370.00
4.50
48.00
79.00
280.00
308.00
49.00
8.97
208.00
95.51
545.00

14.75
83.00
64.00
261.25
1.25
33.00
62.00
159.93
205.00
26.00
2.00
114.00
38.50
95.00

1.88
2.18
3.64
0.77
0.65
0.41
1.21
2.42
-

-8.01 2350.6
21.78
1.0
-66.77 215.2
12.65 134.7
-2.20
20.0
47.87 118.9
-46.84
4.3
32.76 146.3
28.55
52.1
118.88
25.0
2.91
11.9
-3.93
2.0
-58.08
55.8
-1.12 336.6

Telecommunications
AltNetwks
AvantiCom
Peoples Op

521.50
204.00
126.00

2.00 545.00 415.00 2.78 28.15

-7.25 325.00 170.25 -3.64
-1.50 147.60 120.00 -55.63

2.0
49.6
5.5

Travel & Leisure

CastleStIn
Celtic
..6%CvPf
..Cv Pf
Dalata
Dart
GoalsSocc
MinoanGp
PeelHtls

34.00
73.50
65.00
135.00
330.00
479.00
152.00
6.25
102.50

-0.25
-1.25
-0.25
-

41.25
79.00
80.00
150.00
335.00
505.00
242.00
15.73
110.00

17.00
70.75
35.00
120.00
111.15
200.00
147.00
6.10
75.00

4.98
0.60
1.32
1.46

6.06
-19.13
177.90
21.57
10.65
-9.90
20.21

40.8
10.6
1.0
0.5
240.4
338.2
7.5
124.5
20.2

28.83
67.83
6.25
33.25

8.25
38.50
1.10
4.00

5.62
-

-0.39
-27.34
-0.51
-0.46

1.0
19.1
16.6
64.1

Utilities
ModernWtr
RenEnGen
Rurelec
SeaEnergy

8.63
39.13
1.38
4.38

Marwyn Val
TerraCat

220.50
106.00

0.13
-0.13

Investment Companies
Conventional (Ex Private Equity) 52 Week
Price +/-Chg
High
Low
3i Infra
169.80
1.50 189.56 156.61
AbnAsianIn
157.00
3.00 208.50 142.50
AbnAsian
720.00 11.00 996.00 653.77
AbnJapInv
450.00
7.00 571.00 357.50
AbnLatAmIn
48.50
2.50 77.79 43.35
..Sub
0.15
-0.05
2.60
0.10
AbnNewDn
149.50
4.38 205.23 136.00
AbnNewThai 353.00
3.00 489.88 324.00
AbnSmlCo
218.00
2.00 229.00 174.00
Abn UK
296.75
3.75 334.75 281.83
Abf Gd Inc
203.00
4.50 212.00 138.25
Abf Sml
1134 19.00
1235 966.00
AcenciADbt $
1.59
0.01
1.80
1.51
AdvDvpMk
385.00
5.63 483.00 350.00
Alliance
484.30 10.80 531.50 420.20
AllianzTech
567.50
4.25 640.43 463.07
AltAstsOps
41.50 47.00 37.25
Art Alpha
266.00
4.63 300.00 249.50
..Sub
19.00 42.00 18.00
AsianToRt
184.25
5.00 224.00 163.25
Aurora
158.50
1.00 160.00 144.00
BG Japan
423.75 16.75 493.25 316.50
BG Shin
382.00
6.38 424.00 282.50
BSRT
18.00
-0.25 34.07 17.00
Bankers
616.00 18.00 674.50 506.00
BrngEmEu
494.00
8.50 620.00 432.00
BH Global
1286 1343.6
1185
..EUR
12.00 14.00 11.80
..USD $
12.70
0.05 13.35 11.70
BH Macro
2052
-1.00
2191
1970
..EUR
19.86
0.04 21.10 19.20
..USD $
19.78 21.10 18.80
BiotechGth
658.00 898.92 492.52
BlckRCom
60.75
2.25 106.63 55.00
BlckREmEur
189.00
5.00 240.00 164.58
BlckRFrnt
103.50
-1.25 131.75 95.25
BlckRGtEur
244.00
7.38 264.50 201.75
..Sub
10.75
-0.13 25.63
8.75
BlckR I&G
179.25
2.75 193.00 158.01
BlckRIncStr
135.75
2.25 140.50 119.25
BlckRckLat
288.00
9.50 477.50 262.11
BlckRckNrAm 106.25
1.00 124.50 98.75
BlckRSmlr
914.50 18.50 983.00 697.00
BlckRThrmt
331.00
5.00 352.00 238.00
BlckRWld
216.00 13.75 444.98 185.75
Bluecrest A
188.90
0.10 194.60 183.20
Brit Emp
462.70
6.70 557.08 440.10
Brunner
515.00
0.50 584.12 486.00
Calednia
2278 71.00 2517.66
2104
CanGen C$
18.56
0.31 22.00 17.08
Cap Gear
3225 -41.00
3575
3125
City Merch
179.50
-0.38 194.00 179.00
CityNatRs
82.00
3.75 131.53 75.00
City Lon
388.00
8.10 418.35 345.00
DexionAb
186.75
0.13 191.00 167.00
..EUR
2.59
0.05
2.65
2.40
..USD $
3.85 3.89
3.70
DiverseInc
93.00
0.75 93.50 73.02
Dun Inc
233.50
4.25 273.00 217.50
Dun Sml
200.00
-1.50 229.00 171.30
EcofinWatr
116.25
-0.25 169.67 113.10
..CULS
102.50 107.75 101.75
EdinDragn
234.00
6.00 311.00 212.50

Yld
4.40
5.22
1.39
1.00
8.76
2.41
2.27
2.98
3.44
3.62
2.18
3.83
2.05
1.22
6.32
1.76
2.40
2.45
3.85
9.90
4.02
1.93
3.18
4.76
6.69
3.76
1.41
1.33
9.72
2.27
2.33
2.17
2.84
0.50
5.57
6.83
3.90
2.53
4.82
2.63
6.02
0.94

NAV
167.2
827.8
473.6
53.7
170.3
426.6
249.1
315.7
215.1
1273.8
1.7
438.3
542.2
603.8
44.4
321.5
204.9
162.4
414.9
384.8
40.0
613.2
550.3
1358.0
13.4
2157.0
20.8
20.7
702.6
61.0
218.5
108.8
253.5
183.3
133.2
328.2
119.0
1033.6
386.7
237.9
200.8
534.1
596.0
2751.2
25.6
3268.8
178.3
105.2
382.0
193.2
2.7
4.1
91.6
252.4
239.8
139.4
267.4

Dis(-)
or Pm
-6.1
-13.0
-5.0
-9.7
-12.2
-17.3
-12.5
-6.0
-5.6
-11.0
-6.5
-12.2
-10.7
-6.0
-6.5
-17.3
-10.1
-2.4
2.1
-0.7
-55.0
0.5
-10.2
-5.3
-5.2
-4.9
-4.5
-4.4
-6.3
-0.4
-13.5
-4.9
-3.7
-2.2
1.9
-12.2
-10.7
-11.5
-14.4
-9.2
-5.9
-13.4
-13.6
-17.2
-27.5
-1.3
0.7
-22.1
1.6
-3.3
-4.1
-6.1
1.5
-7.5
-16.6
-16.6
-12.5

..CULS
Edin Inv
Edin WWd
EP Global
Estabmt
Euro Ast
EuroInvT
F&C Cp&I
F&CGblSmlr
F&CMgdG
F&CMgdI
FidAsian
FidChiSpS
Fid Euro
Fid Jap
Fid Spec
FinsG&I
FstPacfic H HK$
For & Col
Geiger
GenEmer
GFIS
GRIT
GoldenPros
Hansa
..A
Hend Alt
Hen Div
HenEuroF
HenEuro
HenFarEs
HendGlob
HenHigh
HenInt Inc
Hen Opp
HenSmlr
Herald
HICL Infra
Impax Env.
Ind IT
Intl PP
InvAsTr
Inv Inc
InvPerp
IPST BalR
IPST Gbl Eq
IPST Mngd
IPST UK Eq
InvPpUK
Invs Cap A
Invs Cap B
Invs CapU
JLaingInf
JPM Amer
JPM Asn
JPM Brazil
JPM China
JPMElct MC
..MG
..MI
JPM Emrg
JPM EurGth
JPM EurInc
JPM EuSm
JPM Clavr

102.00
565.20
332.25
207.04
138.00
800.00
659.33
231.75
781.00
130.00
110.00
195.50
105.06
137.40
64.00
159.37
464.25
4.56
365.00
11.50
391.70
14.00
7.00
18.00
795.00
770.00
215.00
87.50
816.47
678.25
238.25
334.86
156.50
103.00
755.00
468.13
594.00
144.47
136.00
268.50
130.00
147.00
255.00
68.40
114.00
138.00
101.00
143.00
281.00
87.00
87.03
347.00
113.99
236.05
182.00
32.25
136.30
97.01
507.66
92.00
486.00
193.00
104.75
164.00
534.51

3.33
0.46
1.51
3.06
4.99
2.04
3.72
0.86
4.23
0.50
0.93
1.84
1.66
2.02
4.17
2.20
2.38
1.36
5.71
2.30
2.00
6.63
2.72
4.85
3.64
1.30
1.78
5.92
0.97
1.44
4.82
2.03
3.60
7.17
2.96
3.64
4.42
5.01
1.28
5.68
1.23
1.06
2.27
1.02
1.21
1.70
1.00
2.89
2.01
1.18
3.51

698.7
460.9
226.8
205.0
1040.1
769.8
259.3
942.7
146.3
114.9
253.2
146.3
176.2
90.7
574.6
460.3
16.0
511.6
42.6
23.1
1098.3
1098.3
281.9
87.3
1009.6
865.5
278.5
409.3
176.0
116.8
1031.6
726.8
869.5
137.0
167.4
368.5
127.3
190.8
302.0
69.5
117.7
152.6
103.2
167.3
404.4
97.1
97.2
388.7
106.1
273.9
237.3
41.1
189.8
101.0
597.4
103.6
624.4
250.2
132.4
280.4
631.3

1.5
-6.1
-3.9
-25.1
0.8
-11.0
2.6
0.2
1.8
1.8
-12.5
-15.9
-4.5
-15.1
0.8
-7.3
-14.1
-10.6
-64.8
-16.1
-27.2
-28.5
-22.0
2.2
1.0
1.0
0.2
-10.3
2.0
1.0
-6.9
-11.1
-20.1
11.3
-13.8
-5.7
2.6
-10.9
-8.1
0.4
-1.4
1.9
-0.2
1.0
-4.1
-7.8
-7.9
-7.6
10.0
-3.5
-12.7
-8.8
-17.7
-1.0
-2.2
-3.2
-12.2
-7.5
-4.1
-12.3
-7.6

JPMGIConv
JPM GEI
JPM I&C Uni
JPM Inc&Gr
JPM Ind
JPM JpSm
JPM Jap
JPM Mid
JPM O'seas
JPMRussian
JPMSnrSec
JPM Smlr
JPM US Sml
JupUSSmCo
KeystoneInv
Law Deb
LinTrain
Ln&StLaw
Lowland
M&GHighInc
Majedie
Man&Lon
MCGlobPort
MCurPac
MercantIT
MrchTst
Mid Wynd
MitonUKMic
MitonWw
MMP
Monks
MontanSm
Mur Inc
Mur Int
..B
NB DDIF $
NewCtyEgy
..Sub
NewCityHY
NewIndia
New Star IT
NorthAmer
NthAtSml
Oryx Int
PacAsset
PacHorzn
Perp I&G
PerAsset
PolarFins
..Sub
PolarHealth
PolarTech
ProspJap $
QatarInvF $
RIT Cap
RobecoNV
RolincoNV
Ruffer Inv
SchdrAsiaP
Schdr Inc
SchdrJap
SchdrOrient
SchdrUK
SchdrUKMd

103.25
5.50
168.00
555.00
1.00
1.29
1523
30.38
28.32
210.00
256.00
264.00
141.75
173.50
154.50
466.00

1.3
-4.5
-2.5
-6.0
-11.1
-14.6
-11.6
-3.9
-8.2
-16.5
-4.9
-14.2
-0.9
-12.9
-5.4
9.3
21.6
-6.3
-2.1
-7.3
2.4
-18.9
-0.2
-13.6
-10.2
-4.8
-1.9
-9.3
-11.5
-8.0
-5.7
1.3
-14.4
-27.3
2.8
-12.4
-34.9
-10.6
-21.2
-14.1
-1.1
-11.9
0.5
-0.8
-

-6.0

-6.3
-3.8
-16.7
-14.0
-1.0
-0.6
-12.0
-3.8
-9.0
-3.1
-10.3
-10.3

221.99
536.00
204.00
660.00
120.50
131.00
214.00
362.50
256.00
160.75
1020
370.00
99.00
156.00
438.00
60.00
119.11
103.00
228.50
642.00
203.03
212.00
1355

4.32
2.02
1.16
1.60
3.78
3.94
5.28
3.12
1.37
0.34
4.36
1.73
5.95
2.67
1.13
3.22
3.80
6.79
3.61
2.06
2.02
0.22
0.82

240.8
665.8
242.1
835.2
137.3
144.0
240.0
450.9
363.7
216.8
1122.1
473.0
184.7
663.0
70.6
182.0
155.4
293.8
759.8
257.5
277.0
1836.0

1.3
-10.6
3.6
-14.0
-7.5
-1.4
-5.3
-0.4
-7.1
5.6
-4.3
-11.4
-11.7
-13.3
0.2
-11.8
-28.9
-18.0
0.0
-12.7
-14.4
-6.9

Conventional - Private Equity

Price +/-Chg
AbnPvtEq
89.63 Altamir
10.10
0.10
Dun Ent
329.00 Electra
3280 -10.00
ElectraPrf
151.50 F&C PvtEq
226.00
-1.75
GraphEnt
582.00
-3.00
HVPE
825.00 HgCapital
1061
-3.00
JPM Pvt Eq $
0.95
0.01
JZ Capital
405.00
-5.00
Mithras
132.50
1.50
NB PE Ptnr $
11.08
-0.05
Nthn Invs
592.50
2.50
Pantheon
1321 16.00
PantheonR
1235 PrincssPE
7.52
0.03
Riverstone
912.50
-7.50
StdLfEuPv
214.00 -

52 Week
High
Low
96.00 81.04
11.82
9.43
386.33 305.00
3349.01
2338
152.05 144.50
230.00 197.00
605.00 536.10
899.46 783.86
1169
1006
1.07
0.78
480.00 390.00
151.91 126.50
12.20 10.80
675.00 385.25
1355
1140
1300
1074
8.12
6.50
1114 822.00
236.42 198.00

Yld
2.49
4.75
1.43
4.80
1.72
3.02
0.75
1.69
6.89
2.34

NAV
123.1
16.2
511.6
3636.0
146.8
288.1
716.0
1085.9
1307.0
1.3
616.1
166.1
535.4
1618.3
1618.3
9.1
1076.0
277.2

Dis(-)
or Pm
-27.2
-37.7
-35.7
-9.8
3.2
-21.6
-18.7
-24.0
-18.8
-26.9
-34.3
-20.2
10.7
-18.4
-23.7
-17.4
-15.2
-22.8

Conventional - Property ICs

Price +/-Chg

52 Week
High
Low

NAV

Dis(-)
or Pm

Direct Property

AXA Propty
CustdnREIT
F&CComPrp
F&CUKRealE
InvistaERET#
Longbow
PictonProp
SLIPropInc
UKComPrp

50.75
107.75
141.20
101.75
0.30
105.75
70.50
86.00
86.15

Property Securities
SchdrGlbRe
TR Prop

117.13
300.60

0.88
-0.75
2.50
0.25
0.05
0.50
0.50
0.25

Yld

51.01 39.45 110.50 104.00 3.48 149.00 123.00 4.25 129.6

105.50 88.00 4.91 98.5
2.64
0.03 2.4
106.75 101.25 5.67 74.75 60.50 4.26 70.6
90.25 74.75 5.40 78.5
94.00 80.87 4.27 85.3

0.88 132.98 98.88 1.86 129.9

5.50 325.00 232.40 2.51 322.2

VCTs
AlbionDev

276.50
670.00
283.40
898.50
148.00
150.00
261.00
471.46
346.00
241.50
1235.01
607.78
109.00
180.00
661.00
74.71
171.74
126.00
274.00
850.00
274.75
285.25
2108.5

Price +/-Chg
69.00 -

52 Week
High
Low Yld
70.89 66.00 7.25

NAV
70.4

9.0
3.3
-87.5
-0.1
9.6
1.0
-9.8
-6.7
Dis(-)
or Pm
-2.0

Albion Ent
90.50
AlbionTech
76.00
AlbionVCT
66.00
ArtemisVCT
66.00
Baronsmd
72.63
..VCT 2
95.38
..VCT 3
100.13
..VCT 4
92.63
..VCT 5
76.63
BSC VCT
87.00
..VCT2
55.00
Crown Place
29.00
FrsightSol
103.50
Inc&GthVCT
93.50
KingsAYVCT
18.50
Maven I&G
67.50
MavenVCT2 48.50
MavenVCT3
73.75
MavenVCT4
84.00
MavenVCT5
35.75
Nthn 2 VCT
69.25
Nthn 3 VCT
90.00
NthnVent
76.00
ProVenGI
78.50
ProVenVCT
94.38
UnicornAIM
138.00

91.75 85.00 5.52

78.49 71.25 6.58
68.00 63.00 7.58
1.00 70.52 59.23 6.06
75.60 69.50 4.82
99.00 91.00 4.72
101.50 94.00 7.49
95.19 86.75 3.24
78.88 72.00 5.22
-1.00 91.00 82.00 6.32
59.00 51.98 8.18
30.50 27.75 8.62
106.00 95.00 5.80
104.00 88.25 19.25
19.00 17.25 5.41
75.00 59.50 8.74
64.00 47.11 8.25
79.00 70.00 7.46
88.39 80.00 5.95
36.43 32.00 2.80
88.00 67.25 2.89
104.00 86.50 6.11
85.36 74.00 7.89
81.25 76.00 5.10
97.89 89.50 4.77
138.00 122.00 4.35

103.0
81.1
67.0
73.3
76.4
99.7
104.4
96.3
79.8
98.7
59.3
29.0
109.1
103.5
19.2
65.1
50.6
89.3
97.5
40.0
75.0
96.4
79.2
87.6
105.5
155.3

-12.1
-6.3
-1.5
-10.0
-4.9
-4.3
-4.1
-3.8
-4.0
-11.9
-7.3
0.0
-5.1
-9.7
-3.6
3.7
-4.2
-17.4
-13.8
-10.6
-7.7
-6.6
-4.0
-10.4
-10.5
-11.1

HR
Ordinary Income Shares
52 Week
Price +/-Chg
High
Low Yld WO GRY 0%
JPM I&C
86.00
0.88 106.00 82.00 7.56 -15.7
-0.1
JupiterDv&G
3.75 5.50
3.00 19.73
8.4
-26.5
M&GHI&Gt
56.75 66.70 54.00 -17.6
-11.2
Rghts&Icp
4775 4900
3800 -83.1
-3.4
Income Shares
JPM In&Gr
M&GHghIc
Rghts&I

HR
52 Week
Price +/-Chg
High
Low Yld WO GRY 0%
97.75
0.75 100.50 90.15 4.60 -72.2
10.3
54.50 63.00 51.00 -17.7
-7.8
1260 50.00
1295 895.00 2.86 23.6

Capital Shares
JPM Inc&Gr
M&GHghIc

Price +/-Chg
9.70
-0.05
2.85 -

HR
52 Week
High
Low SP WO TAV 0%
15.19
9.00 4.2 -2.0
3.2
5.30
2.00 13.0 11.9 -

Zero Dividend Preference Shares 52 Week

Price +/-Chg
High
Low
Abf Gd Inc
151.13 153.25 143.25
EcofinWatr
154.00
-0.50 155.10 150.77
JPM I&C
174.13 175.00 165.50
JupiterDv&G 111.50
1.38 114.00 99.50
JZ Capital
359.50 361.40 344.00
M&GHghIc
114.88 115.50 110.01
UtilicoFn16
185.75 186.85 178.30
UtilicoFn18
140.25
0.38 146.50 129.00
UtilicoFn20
118.63
0.13 123.75 104.93

HR
SP
-46.7
-72.5
-20.1
-5.4
-93.1
-21.4
-71.4
-21.5
-9.8

WO TAV 0%
159.7
-89.6 160.7
192.1
-98.7 126.0
369.8
-96.1 122.8
192.8
-34.7 160.5
-12.6 154.9

Investment Companies - AIM

AdFrntMkt
CrysAmber
GLI Finance
IndiaCap
Infra India
MMP

52 Week
Price +/-Chg
High
Low
51.25
1.00 65.50 48.20
169.00 172.00 129.81
51.00 65.00 49.00
59.63
0.50 69.40 46.00
19.50 21.99 10.50
3.13 4.93
3.00

Yld NAV
56.5
0.3 168.6
9.8 73.9
52.1
-

Dis(-)
or Pm
-9.3
0.2
-19.3
-62.6
-

251.93 196.00 110.89 90.00 -

ISDX
ArsenalFC
ShephdNm
Thwaites

52 Week
Price +/-Chg
High
Low Yld
P/E
1567000 1600000 1400000 48.64
1170 1260 1000.00 2.23 24.00
108.50 132.00 102.00 4.11 9.77

Vol
000s
0.0
0.8
0.0

Guide to FT Share Service

For queries about the London Share Service pages e-mail
ft.reader.enquiries@morningstar.com.
All data is as of close of the previous business day. Company classifications
are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
100 constituent stocks are shown in bold.
Closing prices are shown in pence unless otherwise indicated. Highs & lows
are based on intra-day trading over a rolling 52 week period. Price/earnings
ratios (PER) are based on latest annual reports and accounts and are updated
with interim figures. PER is calculated using the companys diluted earnings
from continuing operations. Yields are based on closing price and on dividends
paid in the last financial year and updated with interim figures. Yields are
shown in net terms; dividends on UK companies are net of 10% tax, non-UK
companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
capital changes where appropriate.
Trading volumes are end of day aggregated totals, rounded to the nearest
1,000 shares.
Net asset value per share (NAV) and split analytics are provided only as a
guide. Discounts and premiums are calculated using the latest cum fair net
asset value estimate and closing price. Discounts, premiums, gross redemption
yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
are displayed as a percentage, NAV and terminal asset value per share (TAV)
in pence.
X

FT Global 500 company

trading ex-dividend
trading ex-capital distribution
price at time of suspension from trading

The prices listed are indicative and believed accurate at the time of publication.
No offer is made by Morningstar or the FT. The FT does not warrant nor
guarantee that the information is reliable or complete. The FT does not accept
responsibility and will not be liable for any loss arising from the reliance on
or use of the information.
The London Share Service is a paid-for-print listing service and may not be
fully representative of all LSE-listed companies. This service is available to all
listed companies, subject to the Editors discretion. For new sales enquiries
please email jessica.llewelyn@ft.com or call 020 7873 4012.

Data provided by Morningstar

www.morningstar.co.uk

Tuesday 6 October 2015

31

FINANCIAL TIMES

MANAGED FUNDS SERVICE

Fund

Bid

Offer

+/- Yield

ACPI Global UCITS Funds Plc

(IRL)

www.acpishard.com
Regulated
ACPI Emerging Mkts FI UCITS Fund USD A $ 105.05

0.06 0.00

ACPI Global Credit UCITS Funds USD A $ 13.80

0.02 0.00

ACPI Global Fixed Income UCITS Fund USD A $ 151.46

0.24 0.00

Q ACPI India Fixed Income UCITS Fund USD A $ 10.10

0.00

ACPI India Fixed Income UCITS Fund USD A3 $ 86.32

0.03 0.00

ACPI International Bond UCITS Fund USD A $ 18.07

0.04 0.00

ACPI Select UCITS Funds PLC

(IRL)

Regulated
ACPI Balanced UCITS Fund USD Retail $ 13.56

0.04 0.00

ACPI Balanced UCITS Fund EUR Retail 10.23

0.03 0.00

ACPI Balanced UCITS Fund GBP Retail 10.35

0.04 0.00

ACPI Balanced UCITS Fund USD Institutional $ 10.00

ACPI Balanced UCITS Fund EUR Institutional 10.00

ACPI Balanced UCITS Fund GBP Institutional 10.00

ACPI Horizon UCITS Fund

$ 12.78

0.06 0.00

Abbey Life Assurance Company Limited

(UK)
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900
additional fund prices can be found @ www.abbeylife.co.uk
Insurances
Life Funds

Fund

Bid

Artemis Pan-Euro Abs Ret GBP

110.20

Offer
-

+/- Yield
0.13

Fund

Bid

Offer

Artemis Strategic Assets R Acc

72.64 76.97 1.00 0.00

CAF Financial Solutions

Artemis Strategic Bond R M Acc

82.52 87.68 0.09 4.13

Kings Hill, West Malling, Kent 03000 123 222

Property & Other UK Unit Trusts

Artemis Strategic Bond R M Inc

53.34 56.68 0.06 4.20

Artemis Strategic Bond R Q Acc

82.61 87.76 0.10 4.10

Artemis Strategic Bond R Q Inc

53.29 56.62 0.06 4.19

Artemis UK Growth R Acc

454.88 481.75 2.03 0.56

Artemis UK Smaller Cos R Acc

1131.29 1213.63 8.23 0.50

Artemis UK Special Sits R Acc

509.61 541.64 8.34 1.72

Artemis US Abs Ret I Acc

105.18

0.06

Artemis US Equity I Acc

109.56

1.48 0.31

Artemis US Select I Acc

111.74

1.25 0.13

Artemis US Select I Inc

99.80

1.12

Artemis US Smlr Cos I Acc

117.20

1.75

Artemis US Ex Alpha I Acc

114.07

0.95 0.16

Artisan Partners Global Funds PLC

(IRL)
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
Tel: 44 (0) 207 766 7130
FCA Recognised
Artisan Partners Global Funds plc
Artisan Emerging Markets I USD Acc $

+/- Yield

(UK)

CAF UK Equitrack Inc Fd

69.72 69.72 0.83 3.30

CAF UK Equitrack Acc Fd

97.11 97.11 1.15 3.30

FP CAF Alternative Strategies A Class Acc

110.77

0.05 0.49

FP CAF Alternative Strategies A Class Inc

109.93

0.04 0.52

FP CAF Fixed Interest A class Acc

113.68

0.02 2.91

FP CAF Fixed Interest A class Inc

100.00

0.02 2.97

FP CAF Fixed Interest B class Acc

114.19

0.03 2.91

FP CAF Fixed Interest B class Inc

100.33

0.03 2.96

FP CAF International Equity A Class Acc

133.92

0.40 0.66

FP CAF International Equity A Class Inc

130.20

0.38 0.66

FP CAF UK Equity A Class Acc

146.39

0.54 2.13

FP CAF UK Equity A Class Inc

133.87

0.49 2.16

FP CAF UK Equity B Class Acc

146.39

0.54 2.13

FP CAF UK Equity B Class Inc

133.86

0.50 2.16

Fund

Bid

Offer

+/- Yield

American Special Sits

11.03

0.15 0.00

2.30 1.65

Asia Pacific Ops W-Acc

1.03

0.02 0.45

Cavendish Asia Pacific Fund A Class

155.00

2.20 0.76

Fidelity Asian Dividend Fund A-Accumulation

1.06

0.01 1.50

Cavendish Asia Pacific Fund C Acc

160.50

2.30 1.63

Fidelity Asian Dividend Fund A-Income

1.01

0.02 3.70

Cavendish European Fund B Class

138.50

2.10 1.31

China Consumer

1.42

0.02 0.08

Cavendish European Fund A Class

136.60

2.10 0.38

Emerging Asia

1.13

0.02 0.15

Cavendish Japan Fund B Class

153.00

1.40 0.84

Emerg Eur, Mid East & Africa H

1.37

0.03 1.00

Cavendish Japan Fund A Class

151.40

1.30 0.00

Enhanced Income - Acc

1.88

0.01 5.95

Cavendish North American Fund B Class

183.30

2.30 0.63

c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Fund information, dealing and administration: funds@dragoncapital.com
Other International Funds

Enhanced Income - Inc

1.21

0.01 7.55

Cavendish North American Fund A Class

177.50

2.20 0.00

Vietnam Enterprise Inv. (VEIL) NAV $

3.47

0.08 0.00

European - Inc

1.40

0.02 0.80

Cavendish Technology Fund B Class

269.80

4.20 0.10

Vietnam Growth Fund (VGF) NAV $ 22.35

0.48 0.00

European

15.98

0.29 1.21

Cavendish Technology Fund A Class

256.60

4.00 0.00

Vietnam Property Fund (VPF) NAV $

-0.01 0.00

European Opportunities

3.72

0.07 0.25

Cavendish UK Balanced Income Fund B Class

138.50

1.10 5.44

Extra Income

0.26

0.00 3.29

Cavendish UK Balanced Income A Class

131.70

1.10 5.73

Extra Income - Gross

0.26

0.00 3.30

Cavendish UK Select Fund B Class

152.00

1.90 1.94

Cavendish UK Select Fund A Class

151.40

1.90 1.05

Cedar Rock Capital Limited

Cedar Rock Capital Fd Plc

$ 346.97

5.17 0.00

0.23 0.00

Cedar Rock Capital Fd Plc

323.58

8.50 0.00

Artisan Global Opportunities I USD Acc $ 11.62

0.14 0.00

Artisan Global Value Fund Class I USD Acc $ 15.21

0.15 0.00

CCLA Investment Management Ltd

Artisan US Value Equity Fund Class I USD Acc $ 10.27

0.23 0.00

Senator House 85 Queen Victoria Street London EC4V 4ET

Authorised Inv Funds
The Public Sector Deposit Fund

Ashmore Sicav

Custodian Ser. 4

488.90 514.70 3.00

2 rue Albert Borschette L-1246 Luxembourg

FCA Recognised

(LUX)

Dragon Capital Group

0.81

DSM Capital Partners Funds

(LUX)

www.dsmsicav.com
Regulated
Global Growth I2 Acc

125.80

1.24 0.00

Global Growth I1 Eur

94.10

0.92

(IRL)

Artisan Global Equity Fund Class I USD Acc $ 14.22

1603.60 1688.00 15.60

EUR Accumulating Share Class

Regulated

Eclectica Asset Management

The Public Sector Deposit Fund-share class 1 F

100.00

Charles Schwab Worldwide Funds Plc

(IRL)

Regulated
Schwab USD Liquid Assets Fd

1.00

0.00 0.01

The Public Sector Deposit Fund-share class 2 F

100.00

0.00 0.31

The Public Sector Deposit Fund-share class 3 F

100.00

0.00 0.36

CF Eclectica Agriculture A GBP Acc

CF Eclectica Agriculture A USD Acc $
CF Eclectica Agriculture C EUR Acc

0.00 0.51

CF Eclectica Agriculture C GBP Acc

Chartered Asset Management Pte Ltd

CF Eclectica Agriculture C USD Acc $

Other International Funds

(UK)

40 Dukes Place, London EC3A 7NH

Order Desk and Enquiries: 0345 608 0941
Authorised Corporate Director - Capita Financial Managers
Authorised Inv Funds
CF Eclectica Agriculture A EUR Acc

(UK)

0.02 2.83

1.40

0.02 0.35

Index Europe ex UK P-Acc

1.00

0.01 2.58

1.98 0.40

Index Japan P-Acc

1.08

0.01 1.71

1.56

0.03 0.41

Index Pacific ex Japan P-Acc

0.98

0.02 4.24

CAM-GTF Limited

$ 262088.31 262088.31 -4297.70 0.00

Index UK A-Acc

0.83

0.01 3.02

CAM GTi Limited

$ 637.97

-9.83 0.00

Index UK P-Acc

1.01

0.01 3.28

1.59 -0.13 8.14

Index US A-Acc

1.56

0.02 1.56

1107.90 1166.20 -0.10

Investment Inc

1282.15 1296.34 -21.33 3.78

PO Box 3733, Swindon, SN4 4BG, 0800 358 3010

Authorised Inv Funds

Custodian Ser 5

469.70 494.40 3.00

Investment Acc

2611.98 2640.87 -43.43

Amity UK Cls A Inc

211.70

1.40 1.51

International Ser 5

408.70 430.20 5.70

Global Equity Inc

144.91 146.51 -2.60 4.31

Amity UK Cls B Inc

211.90

1.50 2.33

211.83 214.17 -3.79

Higher Income Cls A Inc

121.80

1.00 5.13

Higher Income Cls B Inc

125.40

1.10 5.05

UK Equity Growth Cls A Inc

236.40

1.60 0.62

$ 75.35

0.39 4.52

Raffles-Asia Investment Company $

1.59

(UK)

Senator House 85 Queen Victoria Street London EC4V 4ET

Property & Other UK Unit Trusts
CBF Church of England Funds

EdenTree Investment Management Ltd

-

Cheyne Capital Management (UK) LLP

(IRL)

Regulated

(UK)

Managed Ser 5

1570.90 1653.60 18.30

Money Ser 5

513.40 540.40 0.00

UK Equity Inc

139.99 141.39 -2.68 4.05

Property Ser 5

1064.20 1120.20 -0.20

UK Equity Acc

207.59 209.68 -3.99

Fixed Interest Inc

162.99 163.64 0.97 3.96

UK Equity Growth Cls B Inc

241.90

1.60 1.26

Fixed Interest Acc

494.39 496.37 2.92

Amity Balanced For Charities A Inc

106.30

0.90 6.21

Property Fund Inc

132.40 136.84 1.37 6.51

Amity European Fund Cls A Inc

196.00

3.50 1.30

Property Fund Acc

234.22 242.07 2.73

Amity European Fund Cls B Inc

198.40

3.50 2.20

98.11

1.32 4.28

Aspect Capital Ltd (UK)

American

1834.00 1930.50 20.70

Equity

4865.50 5121.60 80.40

European

1127.40 1186.80 23.80

Fixed Int.

1647.00 1733.70 -0.70

International

897.10 944.30 13.40

Japan

372.90 392.50 3.60

Managed

4212.60 4434.30 52.90

Property

2868.70 3019.70 -0.50

Security

1476.20 1553.90 -0.10

Selective

2023.10 2129.60 13.20

Formerly Hill Samuel Life Assurance Ltd

100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603

Other International Funds

Aspect Diversified USD (Est)

$ 425.01

19.15 0.00

Aspect Diversified EUR (Est)

255.74

11.58

Aspect Diversified GBP (Est)

130.71

5.96 0.00

Aspect Diversified CHF (Est)

SFr 122.36

5.51 0.00

Aspect Diversified Trends USD

$ 125.76

0.25 0.00

Aspect Diversified Trends EUR

125.91

0.24 0.00

Aspect Diversified Trends GBP

130.59

0.26 0.00

Atlantas Sicav

(LUX)

Regulated

CCLA Fund Managers Ltd

(UK)

Senator House 85 Queen Victoria Street London EC4V 4ET

Property & Other UK Unit Trusts
COIF Charity Funds (UK)
Investment Inc

1176.78 1189.79 -15.23 3.62

Investment Acc

11332.24 11457.58 -27.82

Ethical Invest Inc

181.38 183.39 -1.96 3.73

American Dynamic

$ 3232.04

-166.65 0.00

Ethical Invest Acc

233.51 236.10 -0.22

Cheyne Convertibles Absolute Return Fund 1328.27

4.67 0.00

Cheyne Global Credit Fund

116.32

-0.27 0.00

Cheyne European Mid Cap Fund

1141.09

-11.81 0.00

Cheyne Capital Management (UK) LLP

Other International Funds
Cheyne European Event Driven Fund 137.14

-2.80 0.00

Amity Global Equity Inc for Charities A Inc

Cheyne Malacca Asia Equity Fund Class A $ 1386.92

-50.24 0.00

Amity International Cls A Inc

193.60

2.80 1.49

Cheyne Multi Strategy Liquid Fund $ 125.37

-2.62

Amity International Cls B Inc

195.50

2.80 2.43

Cheyne Real Estate Credit Holdings Fund 152.99

1.01 0.00

Amity Sterling Bond Fund A Inc

105.10

0.10 5.23

Cheyne Real Estate Debt Fund Class A1 131.64

-0.05 0.00

Amity Sterling Bond Fund B Inc

113.40

0.10 5.21

Cheyne Total Return Credit Fund - December 2017 Class $ 186.98

Cheyne Total Return Credit Fund December 2019 $ 136.64

American One

$ 2960.99

-164.89 0.00

Global Equity Inc

137.55 139.07 -1.08 4.41

Cohen & Steers SICAV

Managed Ser A (Pensions)

1019.30 1073.00 2.50

Bond Global

1360.44

-18.26 0.00

Global Equity Acc

204.08 206.34 0.50

Regulated

Eurocroissance

811.29

-32.54 0.00

Fixed Interest Inc

133.29 133.82 -1.42 4.14

Far East

$ 619.39

-27.40 0.00

Fixed Interest Acc

764.25 767.32 -0.25

1558.10 1640.10 3.20

Managed Growth (Life)

486.80 512.40 0.90

Managed (Pensions)

6117.10 6439.10 14.80

Managed Growth (Pensions)

591.50 622.60 1.30

additional fund prices can be found on our website

Alceda Fund Management S.A.

www.alceda.lu
FCA Recognised
AC Opp - Aremus Fund EUR A

108.61

-0.06 0.00

AC Risk Parity 7 Fund EUR A

118.64

0.47 0.00

AC Risk Parity 12 Fund EUR A

141.40

0.90 0.00

AC Risk Parity 17 Fund EUR A

86.28

0.71 0.00

BLME Asset Management

(LUX)

BLME Sharia'a Umbrella Fund SICAV SIF

Regulated
Income Fund - Share Class A Acc $ 1139.99

0.43 0.00

Income Fund - Share Class B Acc $ 1160.36

0.46 0.00

Income Fund - Share Class C Acc $ 1007.76

0.37 0.00

Income Fund - Share Class D Dis $ 997.90

0.38 1.22

Europ.RealEstate Sec. IX

30.3073

0.1872 0.00

Gbl Listed Infrastructure A

$ 10.0000

Gbl Listed Infrastructure AX

$ 10.0000

Local Authorities Property Fd (LAMIT) (UK)

Gbl Listed Infrastructure I

$ 10.0397

Property

Gbl Listed Infrastructure IX

Property Inc

113.72 117.53 1.09 5.79

Property Acc

248.62 256.95 2.77

274.76 295.14 2.73 4.81

(IRL)
CG Asset Management Limited
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland
00 353 1 434 5098
FCA Recognised

0.41 0.00

0.38 0.00

CG Portfolio Fund Plc

Income Fund - Share Class W DisA$ 1033.10

0.46

Real Return Cls A

170.71 170.71 0.93 2.36

Gl Sukuk Fund - Share Class A Acc $ 1229.97

0.82 0.00

Dollar Fund Cls D

132.12 132.12 0.63 1.60

Capital Value Fund Cls V

129.02 129.02 0.41 0.27

1.00

0.00 0.22

Sterling Bond F

(IRL)

0.46

Baring Fund Managers Ltd (1200)F

0.01 3.33

(UK)

(UK)

Asia Pacific B Acc

789.26

10.10 1.15

Balanced B Acc

143.96

1.34 1.54

Corporate Bond B Inc

203.77

0.28 4.09

European B Acc

247.92

4.51 1.66

Algebris Financial Credit Fund - Class I EUR 129.51

0.53 0.00

Dealing and Enquiries 020 7214 1004

Fund Information: www.barings.com
Authorised Inv Funds

91.39

0.17 2.97

Algebris Financial Income Fund - Class I EUR 117.22

0.28 0.00

Multi Asset A Acc ... C

151.80

0.90 1.28

Global Equity B Acc

570.96

8.28 1.18

Algebris Financial Equity Fund - Class B EUR 95.92

0.68

Multi Asset A Inc ... C

144.10

0.90 1.29

Global Equity Income B Inc

117.56

1.74 4.15

Algebris Asset Allocation Fund - Class B EUR 98.81

0.52

Global Bond B Inc

Charity Fund
Enquiries 020 7214 1763

Global High Yield Bond B Inc

Targeted Return Fund Acc

142.10 142.90 1.00 3.30

Global Infrastructure B Acc

Targeted Return Fund Inc

109.20 109.80 0.70 3.36

Global Resource B Acc

72.92

2.88 1.42

Japan B Acc

48.92

0.62 1.03

(IRL)
Baring International Fd Mgrs (Ireland)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004
FCA Recognised

Allianz Global Investors GmbH(1200) F

(LUX)

FCA Recognised
Allianz Best Styles Global Equity 102.41 102.41 1.20

Allianz Global Fundamental Strategy 102.34 102.34 0.18

106.19 106.19 1.17

Allianz Global Small Cap Equity

ASEAN Frontiers A GBP Inc

101.11

2.62 0.65

Asia Growth A GBP Inc H

41.88

0.58 0.00

Australia A GBP Inc

63.93

1.55 2.15

Baring China Bond Fund

$ 10.02

0.06 0.00

0.03 0.00

Baring Emerging Markets Corporate Debt Fund $

Amundi Funds

(LUX)
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332
www.amundi-funds.com
FCA Recognised

9.24

Baring European Opportunities Fund Class A EUR Acc 13.16

3.78

0.12 0.63

Dynamic Emerging Markets A GBP Acc F

8.65

0.12 0.00

39.21

0.78 1.88

0.02 0.00

Eastern Europe A GBP Inc

Bd. Global AU Class - R - USD

$ 25.77

0.09 0.00

Emerging Mkt Debt LC A GBP Hedged Inc

Eq. Emerging Europe AE Class - R - EUR 26.83

-0.24 0.00

Emerging Opportunities A GBP Inc H 17.27

0.61 0.00

Eq. Greater China AU Class - R - USD $ 532.63

10.03 0.00

Eq. Latin America AU Class - R - USD $ 323.97

Gl. Macro Bds & Curr Low Vol AHG - GBP 98.71

0.09 0.00

Baring Global Mining Fund - Class A GBP Inc

Bd. Euro Corporate AE Class - R - EUR 18.16

Eq. Emerging World AU Class - R - USD $ 79.62

7.26

0.15 6.98

0.28 0.00

Glb Resources A GBP Inc H

0.26 0.40

6.27

-0.01 7.19

4.26 0.00

High Yield Bond A GBP Hedged Inc H

0.01 0.00

Hong Kong China A GBP Inc

558.89

6.81 0.65

India Fund - Class A GBP Inc

14.58

0.25 0.00

The Antares European Fund Limited

Other International
AEF Ltd Usd (Est)

$ 645.48

-5.75

AEF Ltd Eur (Est)

678.44

24.19 0.00

Latin America A USD Inc H

$ 27.13

1.22 0.23

MENA A GBP Inc F *

12.68

0.19 0.63

Baring International Fd Mgrs (Ireland)

(IRL)

Regulated
China A-Share A GBP Inc

Arisaig Partners

5.70

0.14 0.00

Other International Funds

Arisaig Africa Consumer Fund Limited $ 14.92

0.03 0.00

Arisaig Asia Consumer Fund Limited $ 62.01

0.00 0.00

FCA Recognised

Arisaig Global Emerging Markets Consumer Fund $ 10.00

0.07 0.00

Russia A GBP Inc F

Arisaig Global Emerging Markets Consumer UCITS 11.43

0.01 0.00

Arisaig Global Emerging Markets Consumer UCITS STG 10.81

0.04 0.00

Arisaig Latin America Consumer Fund $ 19.79

0.18 0.00

Artemis Fund Managers Ltd (1200)F

Artemis European Growth R Acc

(LUX)
23.01

-0.42 0.00

Barmac Asset Management Ltd

(UK)
40 Dukes Place, London, EC3A 7NH
Authorised Corporate Director - Capita Financial Managers
Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds
The Castleton Growth Fund Ret Acc 2

113.51

0.07 0.00

The Castleton Growth Fund Ret Inc 2

112.16

0.06 0.00

238.73 252.12 2.69 1.25

1.69 0.98

Portfolio III B Acc

106.52

0.21 2.05

Portfolio IV B Acc

107.83

0.45 2.27

Portfolio V B Acc
Portfolio VI B Acc
Portfolio VII B Acc
North American B Acc
Strategic Return B Acc

106.80
105.95
102.80
778.36

10.26 0.81

MoneyBuilder Growth

MoneyBuilder Growth ISA

MoneyBuilder Income

MoneyBuilder Income -Gross

Multi Asset Adventurous A-Acc

2.58
0.73
0.74
0.35
0.35

0.03 4.59
0.00 2.54
0.01 2.72
0.00 3.23
0.00 3.23

1.30

0.02 0.49

Multi Asset Alloc Adventurous A-Acc

3.73

0.05 2.44

Multi Asset Alloc Strategic A-Acc

Multi Asset Alloc Def - Gross A
Multi Asset Alloc Def - Net A

1.17
1.11
1.11

0.01 0.29
0.00 0.28
0.00 0.25

Global Financial Services A-GBP

0.42

0.00 0.12

Global Health Care A-GBP

0.53

0.01 0.00

Global Industrials A-GBP

0.60

0.01 0.00

Global Inflation-Linked Bd A-GBP-Hdg

1.16

0.00 0.56

Global Real Asset Securities

1.31

0.01 0.00

Global Technology A-GBP

0.23

0.00 0.00

Global Telecomms A-GBP

0.26

0.00 1.24

India Focus A-GBP

4.36

0.02 0.00

Latin America A-GBP

1.29

0.01 0.67

Findlay Park Funds Plc

(IRL)

30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900

FCA Recognised

HPB Assurance Ltd

Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
International Insurances
Holiday Property Bond Ser 1

0.49

0.00 0.00

Holiday Property Bond Ser 2

0.59

0.00 0.00

Hamon Investment Group

Other International Funds

0.23 0.00

American Fund GBP Hedged

42.78

0.52 0.00

Greater China - USD

$ 10.35

0.12 0.00

American Fund GBP Unhedged

51.56

0.32

Greater China - GBP

0.03 0.00

Latin American Fund USD Class

$ 11.49

0.33 0.00

Selected Asian P'folio

$ 44.84 44.85 0.84 0.00

0.18

Latin American Fund GBP Unhedged

7.55

Hargreaves Lansdown Fd Mgrs (1100)F

(UK)
PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Enquiries 0117 90090000
www.hl.co.uk
Authorised Inv Funds
Hargreaves Lansdown Funds
Unit Trust

Fleming Financial Trust Investment Fund Limited (NZ)

Incorporated in New Zealand, Reg No 5141841
Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand
www.fftinvestmentfund.com
info@fftinvestmentfund.com
Other International Funds
Fleming FT Investment Fund
Fleming Fund

5.00

5.00 -0.03

Foord Asset Mgt (Guernsey) Ltd

(GSY)

Regulated
Foord International Trust

$ 33.15

0.00 0.00

Franklin Templeton International Services Sarl (IRL)

JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Other International Funds
Franklin Emerging Market Debt Opportunities Fund Plc
Franklin Emg Mkts Debt Opp CHFSFr 17.07

-0.42 6.76

Franklin Emg Mkts Debt Opp EUR 11.99

-0.33 6.86

Franklin Emg Mkts Debt Opp GBP 10.06

-0.22 6.67

Franklin Emg Mkts Debt Opp SGD S$ 22.19

-0.52 6.51

Franklin Emg Mkts Debt Opp USD $ 16.98

-0.45 6.60

Multi Asset Alloc Growth A

1.19

0.01 0.00

Multi Asset Defensive

1.22

0.01 0.36

Multi Asset Defensive - Gross

1.22

0.01 0.36

Multi Asset Growth

1.35

0.02 0.36

Commercial Property-GBP Class

71.42

-0.53

MultiManager Balanced

1.09

0.00 0.56

Global Real Estate-GBP C Class

45.26

-0.50

Multi Asset Open Growth A-Acc

0.45

0.00 0.83
0.00 1.26

Frontier Capital (Bermuda) Limited

HL Multi-Manager Special Situations Trust A Acc

260.68 274.40 0.17 0.40

HL Multi-Manager Special Situations Trust M Acc

260.68 274.39 0.18 0.00

HL Multi-Manager Income & Growth Trust A Acc

162.05 170.50 0.33 3.67

HL Multi-Manager Income & Growth Trust M Acc

162.04 170.48 0.33 0.30

HL Multi-Manager Income & Growth Trust A Inc

97.74 102.84 0.20 3.77

HL Multi-Manager Income & Growth Trust M Inc

97.74 102.83 0.21 0.30

HL Multi-Manager Balanced Managed Trust A Acc

178.79 188.04 0.18 0.95

HL Multi-Manager Balanced Managed Trust M Acc

178.78 188.03 0.18 0.00

HL Multi-Manager Equity & Bond Trust A Inc

107.01 112.47 0.07 2.06

HL Multi-Manager Equity & Bond Trust M Inc

106.99 112.45 0.06 0.18

HL Multi-Manager Equity & Bond Trust A Acc

144.62 152.00 0.09 2.03

HL Multi-Manager Equity & Bond Trust M Acc

144.64 152.01 0.09 0.17

HL Multi-Manager Strategic Bond Trust A Acc

166.14 171.27 0.04 1.49

HL Multi-Manager Strategic Bond Trust M Acc

166.14 171.27 0.04 0.13

HL Multi-Manager Strategic Bond Trust A Inc

138.42 142.70 0.03 1.51

HL Multi-Manager Strategic Bond Trust M Inc

138.42 142.69 0.03 0.13

HL Multi Manager Emerging Markets A Acc

83.39 85.94 -0.12 0.00

HL Multi-Manager European A Acc

98.33 101.35 0.21 0.14

HL Multi-Manager UK Growth A Acc

101.70 104.84 0.07 0.17

Haussmann

Other International

Other International Funds

Haussmann Cls A

$ 2760.48

-7.48 0.00

Haussmann Cls C

2416.90

-7.13 0.00

Haussmann Cls D

SFr 1281.32

-4.03 0.00

European Opportunities A EUR

2.34

0.02 1.69

Open World A-Acc

1.14

0.00 0.00

Heartwood Caut Multi Asset B Acc

0.1416

Global Opportunities I USD

1.57

0.02 2.24

Multi Asset Income A Gross Acc

1.55

0.01 3.74

$ 10.0397

0.1416

Global Opportunities I GBP

1.03

0.01 2.09

Multi Asset Income A Gross Inc

1.09

0.01 5.01

Gbl RealEstate Sec. I

$ 10.5513

0.0779 1.47

Global Opportunities I EUR

1.39

0.01 2.19

Multi Asset Income A Net Acc

1.46

0.00 3.77

Gbl RealEstate Sec. IX

$ 12.4788

0.0922 0.00

Global Opportunities A GBP

0.97

0.01 1.58

Multi Asset Income A Net Inc

1.09

0.01 5.03

Fundsmith Equity T Acc

210.43

2.37 1.27

Pan European Opportunities I EUR

1.46

0.01

South East Asia

7.76

0.13 0.13

Fundsmith Equity T Inc

198.73

2.24 1.28

Special Situations

29.96

0.29 0.82

Strategic Bond

0.00 2.88

GAM Limited (2300)F

GAM Sterling Management Limited
12 St James's Place London SW1A 1NX. 0800 919 927
Internet: gam.com
Authorised Inv Funds
GAM Funds OEIC

Comgest SA

(FRA)

17 square Edouard VII - 75009 Paris

FCA Recognised
-

0.14 0.00

(IRL)

Comgest Gth Asia Pac ex Jap DIS F $

7.48

0.07 0.13

Comgest Gth Emerging Mkt DIS F $ 29.15

0.41 0.47

Comgest Gth Europe DIS F

19.51

0.06 0.00

Comgest Gth GEM PC DIS F

11.49

0.02 0.16

Consistent Unit Tst Mgt Co Ltd (1200)F

(UK)

PO BOX 10117, Chelmsford, Essex, CM1 9JB

Dealing & Client Services 0845 0264281
Authorised Inv Funds
54.93 55.57 0.63 4.85

Consistent UT Acc

128.01 129.51 1.46 4.70

Practical Investment Inc

200.78 205.63 1.95 4.12

Practical Investment Acc

980.51 1004.21 9.50 4.01

-0.01 0.00

Target 2015 - Gross

0.50

0.00 0.30

0.01 0.52

DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Other International Funds

0.01 0.29

Target 2030

1.37

The EFG-Hermes Egypt Fund

0.01 0.27

$ 29.93

0.00

UK Select

2.43

0.01 0.89

0.00

UK Growth

3.53

0.04 0.00

Saudi Arabia Equity Fund

SR 13.21

-0.33 0.00

UK Smaller Companies

WealthBuilder A Acc

Electric & General (1000)F

(UK)
Stuart House St.John's Street Peterborough PE1 5DD
Orders & Enquiries: 0845 850 0255
Authorised Inv Funds
Authorised Corporate Director - Carvetian Capital Management
Electric&General Net Income A

139.00

1.70 2.15

(IRL)

5 Kensington Church St, London W8 4LD 020 7368 4220

FCA Recognised
Ennismore European Smlr Cos NAV 96.94

-0.10 0.00

Ennismore European Smlr Cos NAV 130.69

-0.57 0.00

482.14

6.07 0.00

(GSY)

Equinox Russian Opportunities Fund Limited $ 110.69

-2.88 0.00

(CYM)

Heartwood Wealth Management Limited

Fundsmith LLP (1200)F

(UK)
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Authorised Inv Funds

(UK)

GAM Global Diversified Acc

3742.63

33.17 0.00

GAM North American Gwth Acc

3058.74

37.29 0.00

14.35 1.14

Asset Management
-

Middle East & Developing Africa Fund (Final) $ 19.81

Regulated

0.00 0.27

1.29

Equinox Fund Mgmt (Guernsey) Limited

Crediinvest SICAV Fixed Income Usd $ 10.39

0.00 2.88

0.56

NAV

www.creditandorra.com
FCA Recognised

0.50

Other International Funds

(LUX)

0.31

Ennismore European Smlr Cos Hedge Fd

Crdit Andorr Asset Management

Target 2015

Target 2025

Ennismore Smaller Cos Plc

Consistent UT Inc

Strategic Bond Gross

Target 2020

EFG Hermes

18.46

0.31

2.08

0.02 0.19

0.98

0.00 0.66

Fidelity PathFinder Foundation 1 Gross Acc (clean)

1.09

0.01

Fidelity PathFinder Foundation 1 Acc (clean)

1.09

0.01

Fidelity PathFinder Foundation 2 Acc (clean)

1.08

0.01

Fidelity PathFinder Foundation 3 Acc (clean)

1.06

0.01

Fidelity PathFinder Foundation 4 Acc (clean)

1.07

0.01

Fidelity PathFinder Foundation 5 Acc (clean)

1.14

0.02

Fidelity PathFinder Focussed 1 Gross Acc (clean)

1.10

0.00

Fidelity PathFinder Focussed 1 Acc (clean)

1.10

0.01

Fidelity PathFinder Focused 2 Acc (Clean)

1.11

0.01

Fidelity PathFinder Focussed 3 Acc (clean)

1.10

0.01

Fidelity PathFinder Focussed 4 Acc (clean)

1.11

0.01

Fidelity PathFinder Focussed 5 Acc (clean)

1.11

0.01

Fidelity PathFinder Freedom 1 Gross Acc (clean)

1.06

0.00

Fidelity PathFinder Freedom 2 Acc (clean)

1.05

0.00

Fidelity PathFinder Freedom 1 Acc (clean)

1.06

0.00

Fidelity PathFinder Freedom 3 Acc (clean)

1.03

0.00

Fidelity PathFinder Freedom 4 Acc (clean)

1.02

0.00

Fidelity PathFinder Freedom 5 Acc (clean)

1.07

0.01

Fidelity PathFinder Income 1 Income (clean)

1.02

0.01 3.87

Fidelity PathFinder

1777.18

GAM UK Diversified Acc

GAM Limited

(IRL)

FCA Recognised
GAM Fund Management Ltd
Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
GAM Star Fund Plc

Smaller Cos Cls One Shares (Est) 33.58

-0.15 0.00

Fidelity PathFinder Income 1 Gross Income (clean)

1.02

0.00 4.73

Smaller Cos Cls Two Shares (Est) 23.61

-0.10 0.00

Fidelity PathFinder Income 2 Income (clean)

1.02

0.00 3.60

Smaller Cos Cls Three Shares (Est) 11.89

-0.05 0.00

Fidelity PathFinder Income 2 gross

1.03

0.01 4.53

Smaller Cos Cls Four Shares (Est) 15.24

-0.07 0.00

Fidelity PathFinder Income 2 Gross Income (clean)

1.02

0.00 4.47

Fidelity PathFinder Income 3 Income (clean)

1.03

0.01 4.19

4.29

GAM Star Asia-Pacific Eqty USD Acc F $ 11.42

0.12 0.00

GAM Star Asian Eqty USD Ord Acc F $ 12.78

0.32 0.00

10.10

0.04 0.00

GAM Star Cap.Appr.US Eqty USD Inc F $ 16.29

GAM Star Balanced GBP Acc

0.42 0.00

GAM Star Cat Bond USD Acc

$ 12.66

0.02 0.00

GAM Star Cautious GBP Acc

10.15

0.08 0.00

GAM Star China Equity USD Acc F $ 21.79

0.84 0.00

GAM Star Cont European Eqty GBP Acc F

3.44

0.02 0.00

GAM Star Cred Opportunities GBP Acc 12.27

0.00 4.61

10.70

0.02 0.00

GAM Star Discretionary FX USD Acc F $ 12.66

GAM Star Defensive GBP Acc

-0.03 0.00

GAM Star Dynamic Gbl Bd USD Acc H $ 10.08

0.05 0.00

GAM Star Emerg. Market Rates USD Acc F $ 11.36

0.03 0.00

GAM Star European Eqty USD Acc F $ 22.84

0.14 0.00

GAM Star Flexible Gbl Port GBP Ac 12.25

0.07 0.00

GAM Star GAMCO US Equity Acc F $ 12.61

0.22 0.00

GAM Star Global Rates USD Acc F $ 12.34

0.08 0.00

GAM Star Global Selector USD Acc F $ 12.42

0.10 0.00

GAM Star Japan Eqty USD Acc F $ 12.60

0.07 0.00

GAM Star Keynes Quant Strat USD Acc F $ 12.14

0.02 0.00

GAM Star Local EM Rates and FX USD Acc $ 10.60

0.07 0.00

GAM Star North of South EM Equity Acc F $

9.56

0.10 0.00

GAM Star Technology USD Acc F $ 14.72

0.36 0.00

GAM Star US All Cap Eqty USD Acc F $ 12.86

0.24 0.00

GAM Star Worldwide Eqty USD Acc F $ 3120.15

39.10 0.00

137.87

(IRL)

0.15 0.00

Henderson Global Investors

(UK)
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
www.henderson.com
Authorised Inv Funds
Asia Pacific Capital Growth A Acc

675.20

Asian Dividend Income Inc

9.90 0.99

81.87 86.39 1.22 7.20

Cautious Managed A Acc

236.80

Cautious Managed A Inc

147.60

1.50 3.30
0.90 3.35

China Opportunities A Acc

786.50

12.70 0.44

Emerging Markets Opportunities A Acc

141.20

2.20 0.82

European Growth A Acc

162.90

2.60 0.56

European Selected Opportunities A Acc

1263.00

19.00 0.70

European Special Situations A Acc

94.66

-0.29 1.05

Asset Manageme

Fixed Interest Monthly Income A Inc

21.62 22.68 0.04 5.48

Global Care Growth A Inc

192.10

2.30 0.13

Global Equity Income A Inc

47.73

0.62 4.06

Global Growth Fund

1980.14 2069.59 28.63 0.00

Global Technology A Acc

897.50

12.00 0.00

Multi-Manager Absolute Return A Acc

134.30

0.10 0.31

Multi-Manager Active A Acc

170.60

1.80 0.00

Multi-Manager Distribution A Inc

125.50

-0.10 3.21
-0.09 2.88

Multi-Manager Diversified A Acc

77.39

Multi-Manager Global Select Acc

173.00

0.90 0.00

Multi-Manager Income & Growth A Acc

149.70

0.00 2.13

Multi-Manager Income & Growth A Inc

138.50

0.00 2.15

Multi-Manager Managed A Acc

224.00

2.00 0.44

Multi-Manager Managed A Inc

219.90

1.90 0.43

Sterling Bond Acc

193.68 202.38 0.15 2.82

Sterling Bond Inc

60.39 63.10 0.04 2.86

Strategic Bond A Inc

124.50

0.00 5.38

UK & Irish Smaller Companies A Acc

560.10

1.60 0.00

UK Absolute Return A Acc

148.30

0.50 0.00

UK Alpha A Acc

112.70

0.80 1.94

UK Equity Income & Growth A Inc

598.40

5.20 3.91

UK Index A Acc

486.90

5.90 2.69

UK Property A Acc

193.08 203.24 0.05 4.04

UK Property A Inc

97.68 102.81 0.03 4.16

UK Tracker A Acc

217.80

2.80 2.41

US Growth A Acc

741.80

9.70 0.00

2.76 5.27

Crediinvest SICAV Spanish Value 241.59

2.37 0.00

-0.03 1.96

Crediinvest SICAV International Value 207.54

1.21 0.00

Crediinvest SICAV Big Cap Value 15.31

0.19 0.00

Crediinvest SICAV US American Value $ 17.52

0.23 0.00

America

3.80

0.05 0.57

Crediinvest SICAV Sustainability 14.39

-0.01 0.00

Emerging Markets

3.03

0.05 0.87

Europe

4.06

0.07 1.62

Fidelity Pre-Retirement Bond Fund 117.30

0.10 3.05

Global Focus

2.76

0.05 1.75

Hermes Abs Return Credit Fund Class F Acc

1.00

1.00 0.00

Index Linked Bond

2.66

-0.02 0.72

Hermes Abs Return Credit Fund Class R Acc

1.93

1.93 -0.01

Index Linked Bond Gross

3.21

-0.02 0.72

Hermes Active UK Inflation Fund Class F Acc

1.31

1.31 -0.01 0.00

Index-Linked Bond Fund Gross Inc 12.55

-0.08 0.72

Hermes Asia Ex-Japan Equity Fund Class F Acc

1.45

1.45 0.02 0.00

Japan

1.97

0.02 0.87

Hermes Asia Ex-Japan Equity Fund Class R Acc

3.12

3.12 0.03 0.00

Long Bond

0.50

-0.01 2.83

Hermes Global Emerging Markets Fund Class F Acc

1.11

1.11 0.02 0.00

Long Bond Gross

0.83

0.00 2.77

Hermes Global Emerging Markets Fund Class R Acc

2.78

2.78 0.04 0.00

Long Bond Fund Gross Inc

11.26

-0.02 2.83

Hermes Global Equity Fund Class F Acc

1.44

1.44 0.02 0.00

Pacific (Ex Japan)

3.35

0.06 2.08

Hermes Global Equity Fund Class R Acc

3.73

3.73 0.03 0.00

Pan European

2.60

0.04 2.16

Hermes Global ESG Equity Fund Class F Acc

1.11

1.11 0.02 0.00

Reduced Duration UK Corporate Bond 10.35

0.01 3.41

Hermes Global High Yield Bond Fund Class F Acc

1.06

1.06 0.00 0.00

Reduced Duration UK Corporate Bond Gross 10.52

0.01 3.41

Hermes Global High Yield Bond Fund Class R Acc

2.73

2.73 -0.01 0.00

Reduced Duration UK Corporate Bond Inc

9.73

0.01 3.43

Hermes Global Small Cap Fund Class F Acc

0.95

0.95 0.01

Reduced Duration UK Corp Bond Gross Inc

9.73

0.01 3.43

Hermes Global Small Cap Fund Class R Acc

1.85

1.85 0.00

Select Emerging Markets Equities

1.13

0.03 1.76

Hermes Multi Asset Inflation Fund Class F GBP Acc

0.99

0.99 0.00

Select European Eqts

1.73

0.01 1.88

Equity S-GH Class B

11.96

0.15

Hermes Multi Strategy Credit Fund Class F Acc Hed

1.01

1.01 0.00 0.00

Select Global Equities

2.89

0.04 1.20

Managed Fund Bond

22.63 23.58 -0.06

Hermes Sourcecap EU Alpha Fund Class F Acc

1.27

1.27 0.03 0.00

South East Asia

3.44

0.06 2.16

Choices Wth-Pfts Lg-tm

320.00 336.90 0.00

Hermes Sourcecap EU Alpha Fund Class F Dis

1.23

1.23 0.02 1.39

Sterling Core Plus Bond Gr Accum

2.05

0.00 3.45

Choices Wth-Pfts St-tm

271.10 285.40 0.00

Hermes Sourcecap EU Alpha Fund Class R Acc

3.03

3.03 0.03 0.00

Sterling Core Plus Bond Inc

1.34

0.00 5.17

Choices Managed

595.48 626.82 -0.11

Hermes Sourcecap EX UK Fund Class F Acc

1.31

1.31 0.02 0.00

UK

3.55

0.03 2.33

Choices Equity

666.53 701.61 -0.04

Hermes Sourcecap EX UK Fund Class R Acc

3.05

3.05 0.04 0.00

UK Aggreg Bond Gr Accum

1.81

0.01 4.63

Freedom With Pfts Long-Tm

219.60 231.20 0.00

Hermes UK Small & Mid Cap Fund Class F Acc

1.63

1.63 0.01 0.00

UK Aggregate Bond Inc

1.22

0.01 4.75

Hermes UK Small & Mid Cap Fund Class R Acc

4.83

4.83 0.00 0.00

UK Corporate Bond

1.21

0.00 4.01

Freedom Managed

347.93 366.25 -0.92

Hermes US All Cap Equity Class F Stg Acc

0.94

0.94 0.01

UK Corporate Bond - Gross

2.24

0.01 3.88

Freedom Equity

391.02 411.60 -0.59

Hermes US All Cap Equity Class R Acc

1.83

1.83 0.02

UK Corporate Bond Fund Gross Inc 10.98

0.01 3.99

Corp Pens Mananged

210.22 210.22 -0.04

Hermes US SMID Equity Fund Class F Acc

1.53

1.53 0.01 0.00

UK Gilt Bond

1.28

0.00 1.95

Corp Pens Equity

217.61 217.61 -0.01

Hermes US SMID Equity Fund Class R Acc

3.24

3.24 0.02 0.00

UK Gilt Gross

2.04

0.00 1.92

Corp Pens Fixed Interest

297.45 297.45 0.30

Capita Asset Services

(UK)

40 Dukes Place, London EC3A 7NH

Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds
CF Heartwood Cautious B Acc X

126.57

0.35 0.11

DAVIS Funds SICAV

CF Heartwood Cautious Income B Inc X

109.83

0.33 2.01

Regulated

CF Heartwood Growth B Acc X

140.39

1.30 0.68

CF Heartwood Balanced Income B Inc X

111.31

0.66 2.51

Davis Value A
Davis Global A

(LUX)
$ 38.74
$ 27.38

0.56 0.00
0.66 0.00

CF Heartwood Balanced B Acc X

122.82

0.71 0.35

CF Heartwood Defensive Multi Asset Fund B Accumulation

108.89

0.18 0.01

CF Richmond Core X

172.08

1.77 0.00

1 Poultry, London EC2R 8JR 020 7 415 4130

Authorised Inv Funds

CF Seneca Diversified Growth A ACC

211.18

1.10 1.47

Disc Inc

1568.60 1617.10 -1.90 0.00

CF Seneca Diversified Growth B ACC

124.83

0.66 1.46

Do Accum

5885.10 6067.10 -7.20 0.00

CF Seneca Diversified Growth N ACC

123.64

0.65 1.26

CF Seneca Diversified Income A INC

86.99

0.16 6.05

CF Seneca Diversified Income B INC

103.12

0.19 6.25

CF Seneca Diversified Income N INC

102.16

0.19 6.25

Discretionary Unit Fund Mngrs (1000)F

(UK)

Eurobank Fund Management Company (Luxembourg) S.A.

Regulated
(LF) Absolute Return

1.30

0.01 0.00

(LF) Balanced - Active Fund (RON)RON 16.28

0.06 0.00

(LF) Cash Fund

(LF) Cash Fund (RON)
(LF) Eq Emerging Europe
(LF) Eq Flexi Style Greece
(LF) Global Bond Fd
(LF) Global Equities
(LF) Eq Mena Fund
(LF) Greek Government Bond
(LF) Income Plus $

Investment Adviser - DSM Capital Partners

$ 26.52

Institutional OEIC Funds

0.46 0.00

The Westchester Class 1 GBP Acc 18.89

0.26 0.00

The Westchester Class 2 GBP Acc 18.93

0.26 0.00

Investment Adviser - Morant Wright Management Limited

CF Morant Wright Japan A X

257.97

1.99 0.00

268.89

1.40 2.14

CF Morant Wright Nippon Yield ACC B X

278.62

1.47 2.13

CF Morant Wright Nippon Yield Fund A Inc X

236.04

1.23 2.18

CF Morant Wright Nippon Yield Fund B Inc X

244.65

1.29 2.17

(LF) Greek Corporate Bond

Dodge & Cox Worldwide Funds

(IRL)

6 Duke Street,St.James,London SW1Y 6BN

www.dodgeandcox.worldwide.com 020 3713 7664
FCA Recognised
Dodge & Cox Worldwide Funds plc - Global Bond Fund
EUR Accumulating Class
EUR Accumulating Class (H)
EUR Distributing Class
EUR Distributing Class (H)
GBP Distributing Class
GBP Distributing Class (H)
USD Accumulating Class

11.35

9.10

10.89

8.72
9.80
8.79
9.16

-0.01 0.00
0.01 0.00

(LF) FOF Balanced Blend

(LF) FOF Equity Blend

1.22

RON 15.61

0.69
0.94

12.15

1.09

13.73
18.42
$

1.22

10.89

1.38
1.24

0.00

0.00 0.00
-0.01 0.00
-0.05 0.00
0.01 0.00
0.00 0.00
-0.06 0.00
0.01

0.00 0.00
0.03

0.01 0.00
0.00 0.00

(LF) FOF Glob. Emerging Mkts

0.81

0.00 0.00

(LF) FOF Dynamic Fixed Inc

11.36

-0.01 0.00

(LF) FOF Real Estate

15.80

0.01 0.00

0.00 3.32
0.01 3.42
0.01 3.33
0.01 3.39
0.01 0.00

GYS Investment Management Ltd

(GSY)

Regulated
Taurus Emerging Fund Ltd

$ 170.45 173.93 2.75 0.00

Generali International Limited

PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
International Insurances
Global Multi-Strategy Managed

4.58

4.94 -0.07 0.00

UK Multi-Strategy Managed

4.72

5.09 -0.01 0.00

EU Multi-Strategy Managed

2.95

3.18 0.00 0.00

Global Bond USD

3.44

3.71 -0.02 0.00

Genesis Asset Managers LLP

Other International Funds
Emerging Mkts NAV

0.01 0.00

Guardian

(UK)
Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Insurances
Guardian Assurance

Freedom With Pfts Short-Tm

197.40 207.80 0.00

Artemis Global Energy R Acc

22.15 23.51 0.84 0.00

Artemis Global Growth R Acc

177.44 187.20 1.81 0.86

Bonhte Alternative - Multi-Arbitrage (USD) Classe (EUR) 6770.00

-36.00 2.23

Chelsea House, Westgate, London W5 1DR

IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502
Authorised Inv Funds

Artemis Global Income R Acc

92.75 97.97 0.96 4.38

Bonhte Alternative - Multi-Performance (USD) Classe (EUR) 9805.00

-342.00 0.93

Cavendish Opportunities Fund B Class

1093.00

6.00 1.41

Dodge & Cox Worldwide Funds plc-International Stock Fund

Cash Accum Units

UK Long Corp Bond

1.36

0.01 4.42

Corp Pens Index Linked

334.16 334.16 -2.94

Cavendish Opportunities Fund A Class

1085.00

6.00 0.62

USD Accumulating Share Class

$ 13.12

0.00 0.00

Cash Fund

1.00

1.00 0.00 0.14

UK Long Corp Bond - Gross

2.45

0.01 4.26

Corp Pens Deposit

190.85 190.85 0.00

Cavendish Opportunities Fund C Acc

1128.00

6.00 1.20

EUR Accumulating Share Class

13.81

-0.02 0.00

Gross Accum Cash

1.28

1.28 0.00 0.00

UK Long Corporate Bond Fund - Gross Income 10.88

0.01 4.40

365.16 365.16 1.12

293.40

4.10 0.87

Dodge & Cox Worldwide Funds plc-U.S. Stock Fund

Corp Pens Protector

Cavendish Worldwide Fund B Class

MoneyBuilder Cash ISA

1.00

1.00 0.00 0.14

UK Specialist

0.02 3.37

Corp Pens UK Index Tracker

MoneyBuilder Global

2.52

2.52 0.02 0.21

Retail Share Classes

Cavendish Asset Management Limited (1200)F (UK)

UK Agricultural Class A

1.26

0.00 0.00

Cavendish Worldwide Fund A Class

292.30

4.00 0.08

UK Agricultural Class B

1.38

0.00 0.00

Cavendish Worldwide Fund C Acc

300.00

4.10 0.80

Student Accom Class B

0.55

-0.17 0.00

Cavendish AIM Fund B Class

162.40

0.70 0.37

Dodge & Cox Worldwide Funds plc-Global Stock Fund

USD Accumulating Share Class

$ 15.02

0.00 0.00

GBP Accumulating Share Class

16.33

0.00 0.00

GBP Distributing Share class

11.91

0.00 0.89

EUR Accumulating Share Class

20.16

-0.02 0.00

USD Accumulating Share Class

$ 17.00

0.03 0.00

FIL Investment Services (UK) Limited (1200)F (UK)

130, Tonbridge Rd, Tonbridge TN11 9DZ
Callfree: Private Clients 0800 414161
Broker Dealings: 0800 414 181
Authorised Inv Funds
Unit Trust

GBP Accumulating Share Class

17.48

0.02 0.00

OEIC Funds

GBP Distributing Share Class

11.13

0.01 0.61

American

186.37 186.37 0.00 0.00

Asset Management

0.37 0.00

1.88

1.88 0.01

Managed Acc

17.28 18.19 0.01

Equity Acc

31.72 33.39 0.11

Guardian Linked Life Assurance Ltd

Emerging Markets - retail

26.57

1.84

1.21

0.02 0.08

Asset Management

Hermes Investment Funds Plc

(IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
FCA Recognised

Asset Management

5.01

60.97 64.73 0.35 4.89

33.57 35.34 0.00

0.45 0.00

1.31

Artemis Monthly Dist R Inc

22.49 23.68 -0.01

Pens. Equity Acc.

342.76 363.21 3.16 4.37

Pens. Managed Acc.

Guardian Pensions Management Ltd

81.04

Artemis Income R Acc

12.50

Artemis Global Emg Mkts I GBP Dist

77.52 82.59 0.18 5.94

4.68 0.00

$ 24.23

204.54 216.75 1.88 4.49

4.44

Asian Market Leaders - GBP

1.31

Artemis Income R Inc

Asian Market Leaders - USD

Artemis High Income R Inc

Deposit Accum

CF Morant Wright Nippon Yield ACC A X

(GSY)

6.78 0.00

2.00 0.57

Regulated

6.44

47.45

Braemar Group PCC Limited

0.96 0.00

81.04

69.55 73.40 0.90 0.00

Fixed Interest S-IL Acc

Artemis Global Emg Mkts I GBP Acc

Artemis Global select R Acc

6.91 0.01

$ 78.55

74.07 78.17 1.26 0.85

74.69 78.89 0.78 4.57

6.57

American Fund USD Class

Artemis European Opps R Acc

Artemis Global Income R Inc

411.58

258.62

Other International Funds

Managed S-PR Acc

0.00 0.00

CF Morant Wright Japan B Inc X

BONHOTE

3.29 -0.01

Regulated

2.13 0.54

4.35 0.28 0.00

3.12

0.00 2.56

Crediinvest SICAV Fixed Income Eur 10.57

4.12

0.01 0.54

0.82 1.77

274.26

International S-EU Acc

CF Morant Wright Japan B X

BLK Intl Gold & General

4.08 -0.01

107.87

0.06 0.00

7.38 0.00

Money Builder Dividend

0.08 0.76

3.87

1.52

UK Equity B Acc

0.00 4.12

4.03

0.29

Euronova Asset Management UK LLP

110.27

1070.56

0.01 0.53

International S-PA Acc

Regulated

The Castleton Growth Fund Ret Inc X F

Blackrock UK Long Lease

0.50

China Focus A-GBP

6.75 -0.01

Multi Asset Strategic

0.00 0.00

1.96 0.00

0.57 3.16

1.18

0.28 0.00

6.41

Multi Asset Open Strategic A-Inc

0.01 0.00

MoneyBuilder Balanced

0.04 2.14

254.15

40.99

MoneyBuilder Asset Allocator

13.70

International S-NA Acc

0.02 2.59

CF Morant Wright Japan A Inc X

BlackRock UK Property

0.03 0.00

China Consumer A-GBP

12.48 13.14 -0.01

Crediinvest SICAV Money Market Usd A $ 10.01

0.06 0.00

Regulated

2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg

Phone: 800 22 089, 800 22 088
Regulated

17.05 17.95 0.01

Crediinvest SICAV Money Market Eur I 11.20

(JER)

1.92

0.02 0.00

(LUX)

+/- Yield

International Acc

1.77

0.57 3.05

The Westchester X

FIL Fund Management

Offer

Fixed Interest Acc

2.71

1.81 0.00

UK Government Bond B Inc

Japan Smaller Companies

2.68

0.00 1.84

Bid

UK Equity Income B Inc

1.26 5.28

0.02 2.06

1.21

99.78

0.02 1.94

Multi Asset Open Strategic A-Acc

100.61

230.37

1.12

0.02 2.43

Total Return B Acc

UK Equity & Bond Income B Inc

1.37

1.54

{*}CAR - Net income reinvested

Fund

1.00 1.52
1.19 1.24

Index World P-Acc

0.67 1.40

109.82

BlackRock

1254.78 1325.97 11.63 1.30

-0.40 5.06

The Castleton Growth Fund Ret Acc X F

(UK)

57 St. James's Street, London SW1A 1LD 0800 092 2051

Authorised Inv Funds
Artemis Capital R ACC

Barings (Luxembourg)

0.27 0.00

Glb Emerging Markets A GBP Inc H 17.77

10.44

92.48
108.78

Index World A-Acc

+/- Yield

European Opportunities I USD

46 St Stephen's Green, Dublin 2, Ireland

FCA Recognised

1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180

Authorised Inv Funds

0.01 1.78

Europe Long Term Growth

Offer

European Opportunities I GBP

Comgest AM International Ltd

Canada Life Investments

Bid

Comgest Magellan

(IRL)

(JER)
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FCA Recognised
Bond Funds

2.39

1.20

Fund

Regulated
Global Liquidity USD

Capital Gearing Portfolio Fund Plc 26501.70 26501.70 89.01 0.63

Barclays Investment Funds (CI) Ltd

Regulated

European Real Estate Securities

(LUX)

(IRL)
Edinburgh Partners Limited
27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143
Dealing - Fax only - +353 1 434 5230
FCA Recognised
Edinburgh Partners Opportunities Fund PLC
European Opportunities I EUR

ACQ Risk Parity Bond Fund EUR A 94.94 94.94 0.02 0.00

Algebris Investments

0.1399 1.66

Bank of America Cap Mgmt (Ireland) Ltd

-6.86

Income Fund - Share Class G Acc 1079.99

Gl Sukuk Fund - Share class B Acc 1097.20 1097.20 0.74 0.00

-10.55 0.00

22.6384

Income Fund - Share Class M Acc 1014.45

1533.90 1623.20 3.00

Managed (Life)

0.99 0.00

Cheyne European High Yield Fund 133.92

Managed Ser A (Life)

Formerly Target Life Assurance Ltd

100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603

Japan

Global Equity Acc

Pension Funds

0.96

103.95

Prop. Ser. 4

EM Mkts Loc.Ccy Bd USD F

0.02 1.36

0.09 8.15

-0.05 5.63

Index Emerging Markets P-Acc

Index US P-Acc

CCLA Investment Management Ltd

1.47

0.03 0.00

524.30 551.90 0.00

$ 89.46

9.79

Money Ser. 4

EM Mkts Corp.Debt USD F

-0.06 5.03

1.52

0.00 0.32

0.33 0.00

1635.30 1721.40 19.10

Global High Yield Fund - A Net Acc 11.32

0.01 3.20

Man. Ser. 4

Ashmore SICAV Local Currency Fund $ 81.03

0.00 0.31

-0.05 5.63

1.88 0.00

357.80 376.60 3.40

100.00

-0.06 4.98

9.79

1.19

Japan Ser 4

Ashmore SICAV Global Small Cap Equity Fund $ 117.69

The Public Sector Deposit Fund-share class 5 F

Global High Yield Fund - A Gross Inc

0.23 5.91

Global High Yield Fund - A Gross Acc 11.74

24.50

425.50 447.90 6.00

0.24 0.00

Global Special Sits

Intl Ser. 4

Ashmore SICAV Emerging Market Total Return Fund $ 78.80

0.00 0.41

Global Property W Inc

12.97

1.90 0.00

895.10 942.20 -1.00

100.00

Global Focus

Fixed Int. Ser. 4

The Public Sector Deposit Fund-share class 4 F

0.02 3.52

100.23

0.31 1.00

0.02 3.32

Global Property - Acc

564.00 593.70 11.40

1.36

0.02 0.00

European Ser 4

Ashmore SICAV Emerging Market Frontier Equity Fund $ 138.04

1.53

0.29 8.43

Global Dividend - Inc

1.36

555.70 584.90 8.40

Global Dividend - Acc

Global High Yield Fund - A Net Inc

Equity Ser. 4

Ashmore SICAV Emerging Market Debt Fund $ 91.34

+/- Yield

0.60 0.00

10.93 0.00

American Ser. 4

0.01 0.00

Offer

Bid

359.62

19.73

Fund

156.10

Cedar Rock Capital Fd Plc

1582.80 1666.10 9.50

+/- Yield

157.40

0.07 0.00

1557.10 1639.10 -0.30

Offer

Cavendish AIM Fund A Class

Selective Acc. Ser 2

Bid

Cavendish Asia Pacific Fund B Class

6.35

Prop. Acc. Ser 2

Fund

Hermes Property Unit Trust

(UK)

Property & Other UK Unit Trusts

Property

5.71

6.08 0.08 2.94

Hermes UK Residential Real Estate

(UK)

Property & Other UK Unit Trusts

VISTA UK Residential Real Estate

1.02

1.06 0.03

Asset Management

32

FINANCIAL TIMES

Tuesday 6 October 2015

MANAGED FUNDS SERVICE

Fund

Bid

Offer

+/- Yield

Impax Asset Management

(IRL)

Norfolk House, 31 St James's Square, London, SW1Y 4JR

FCA Recognised
Env Mkts (Ire) Stl A

2.12

0.03 0.00

Env Mkts (Ire) Euro A

1.96

0.02 0.00

Env Mkts (Ire) USD A

1.69

0.03 0.00

INDIA VALUE INVESTMENTS LIMITED (INVIL)

www.invil.mu
Other International Funds
NAV

7.81

0.07 0.00

Intrinsic Value Investors (IVI) LLP

(IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised
IVI European Fund EUR

17.01

0.11 0.00

IVI European Fund GBP

17.12

0.17 1.06

Fund

Bid

Offer

+/- Yield

Global Bond (No Trail) Acc F

Global Bond (No Trail) Inc F

137.55

0.19 1.42

125.07

0.18 1.43

Generation Global (CHF) PA F

Glbl Distribution Acc (No Trail)

104.83

0.48 4.00

Generation Global (EUR) PA F

Glbl Distribution Inc (No Trail)

99.89

0.46 4.08

Generation Global (USD) PA F

(UK)

Perptual Park, Henley-On-Thames, Oxon, RG9 1HH

Dealing: 0800 085 8571
Investor Services: 0800 085 8677
www.invescoperpetual.co.uk
Authorised Inv Funds
INVESCO PERPETUAL Funds
Asian Acc F
Asian Inc F

406.62

Gbl Emerging Markets (No Trail) Inc F

138.24

2.54 1.74

Global Equity (No Trail) acc F

200.48

3.21 1.30

Global Equity (No Trail) inc F

185.49

2.97 1.32

Global Equity Income (No Trail ) Acc F

242.05

3.67 3.83

60 Victoria Embankment, London EC4Y 0JP

Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)

Global Equity Income (No Trail) Inc F

196.59

2.98 3.94

America Equity Acc

58.82

0.69 0.00

Global ex UK Core Equity Index ( No Trail) Acc F

163.90

2.00 1.71

America Equity Inc

58.82

0.70 0.00

Global ex UK Enhanced Index ( No Trail) Acc F

192.21

2.26 2.17

Asia Acc

115.10

1.70 0.34

Gbl Fin Cap No Trail Acc

178.21

0.09 4.40

Asia Inc

63.90

0.97 0.32

Gbl Fin Cap No Trail Inc

153.06

0.08 4.53

Cautious Managed Rt Acc

67.37xd

0.18 0.21

Global Opportunities (No Trail) Acc F

235.94

3.74 1.11

Cautious Managed Rt Inc

59.28xd

0.16 0.21

Global Smaller Companies (No Trail) Acc F

237.02

3.16 0.80

Diversified Real Ret Acc

50.91xd

0.26 1.06

Global Smaller Companies (No Trail) Inc F

226.47

3.01 0.80

Diversified Real Ret Inc

49.45xd

0.25 1.07

Global Targeted Rets (No Trail) Acc

114.20

0.59 0.83

Emerging Mkts Acc

133.50

3.50 0.78

High Income (No Trail) Acc F

173.93

1.64 3.47

Emerging Mkts Inc

57.40

1.48 0.78

High Income (No Trail) Inc F

127.88

1.21 3.55

Emrg Mkts Inc Acc... C

47.66xd

0.87 5.56

217.84

High Yield Fund (No Trail) Inc

162.39

JPMorgan Asset Mgmt (1200)F

1.65 3.29

1.21 3.37

Eur Smaller Cos Acc

0.63 5.00

Latin American (No Trail) Acc F

96.61

Balanced Risk 6 Acc

51.95

0.36 0.00

Latin American (No Trail) Inc F

86.76

Japanese Smaller Companies (No Trail) Acc F

165.87

Managed Growth (No Trail) Acc F

188.58

0.17 0.00

50.82

Asset Management

-0.04 1.50

Technology PA

$ 19.60

0.27 0.00

Investment Grade Bond A Acc

158.62

0.27 1.50

Wld Gold Expertise PAF

Investment Grade Bond A Inc

116.22

0.20 0.00

Wld Gold Expertise PA

Sterling Corporate Bond A Acc

69.40

0.12 1.50

Wld Gold Expertise PA

181.20

2.10 0.73

73.49

1.16 0.81

478.80

6.50 0.00

3.14 2.06

0.45 0.48

2.82 2.09

Fusion Conservative Acc

53.29

0.31 0.66

2.91 1.32

Fusion Conservative Inc

53.23

55.07

0.54 0.49

High Yield Bond A Inc

Sterling Corporate Bond A Inc

31.00

0.05 1.50

Strategic Bond A Acc

176.54

0.21 1.50

Strategic Bond A Inc

117.37

0.14 1.50

UK Equity Absolute Return A Acc

118.10

-0.11 0.00

UK Equity A Acc

228.59

2.42 2.50

UK Equity Income A Acc

201.19

2.05 2.50

UK Equity Income A Inc

157.25

1.60 2.50

UK Opportunities A Acc

162.10

1.56 2.50

UK Smaller Companies A Acc

275.41

1.14 2.50

0.30 0.68

0.24 4.83

Property Income B Acc

121.03

0.25 4.31

182.64

0.05 3.65

Monthly Income Plus (No Trail) Inc F

107.11

0.15 4.93

Fusion Income Acc...C

53.06

0.17 2.45

Property Income B Inc

113.07

0.24 4.43

50.75

108.01

0.39 4.42

Pacific (No Trail) Inc F

162.75

2.47 1.04

Global Allocation Acc

52.60

0.37 0.67

Distribution Acc (Gross) F

123.54

0.46 4.40

Tactical Bond (No Trail) Acc F

139.50

-0.63 1.47

Global Allocation Inc

52.26

0.37 0.67

251.90xd

Kames Capital Investment Portfolios ICVC (UK)

Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds

0.80 0.81

Distribution Inc (Gross) F

63.11

0.23 4.51

UK Focus (No Trail) Acc F

160.54

2.29 2.53

Global Bond exUK Inc

198.10xd

0.60 0.81

Emerging European Acc F

33.02

0.63 3.05

UK Focus (No Trail) Inc F

135.08

1.92 2.58

Global Bond Opport. Acc

48.52xd

0.01 2.91

30.10

0.57 3.13

UK Enhanced Index (No Trail) Acc F

393.22

4.34 3.70

Global Bond Opport. Inc

47.80xd

0.01 2.95

European Equity Acc F

824.63

16.13 2.37

UK Enhanced Index (No Trail) Inc F

244.91

2.71 3.79

Global Eq Income hdg Acc... C

65.49xd

0.54 3.65

European Equity Inc F

UK Growth (No Trail) Acc F

141.22

2.08 2.54

Global Eq Income hdg Inc ... C

47.17xd

0.39 3.73

68.93xd

0.58 3.62

Kames Capital VCIC

(IRL)

1 North Wall Quay, Dublin 1, Ireland +35 3162 24493

FCA Recognised

4.20 0.89

European Opportunities Acc F

87.11

1.44 0.17

US Equity (No Trail) Acc F

210.65

4.12 0.11

Global Financials Inc

40.05

0.23 0.90

European Smlr Cos Acc F

189.66

3.12 0.24

Global High Yield Bd Mth Inc C

36.05xd

-0.13 6.97

Global Bd Acc (Gross) F

130.26

0.18 1.17

Global High Yield Bd Acc C

94.95xd

-0.37 6.91

Global Bd Inc (Gross) F

80.69

0.12 1.18

Global High Yield Bd Inc C

36.34xd

-0.14 6.91

14 St. George Street, Mayfair, London W1S1FE

Dealing and enquiries: 0800 024 2400
Authorised Inv Funds
Unit Trust Manager/ACD - Host Capital

122.43

0.17 1.17

Global Property Secs Acc

57.34xd

0.67 0.59

HC KB Capital Growth A Acc

Gbl Financial Cap Acc Gross

91.38

0.05 4.93

Gbl Financial Cap Inc Gross

75.54

0.05 5.11

Global Opportunities Acc F

91.73

1.45 0.52

Global Smaller Cos Acc F

Global Smaller Cos Inc F
Global Targeted Rets Acc
High Income Acc F
High Income Inc F

1623.19
1549.94
56.54
813.82
448.93

21.54 0.22
20.57 0.22
0.29 0.29
7.64 3.48
4.22 3.56

High Yield Fund Acc

105.18

0.08 4.97

High Yield Fund Acc (Gross)

122.59

0.11 4.93

42.09

0.03 5.09

High Yield Fund Inc

High Yield Fund Inc (Gross)

42.19

0.03 5.08

Hong Kong & China Acc F

456.22

9.26 0.81

Income & Growth Acc F

950.38

9.13 4.23

Income & Growth Inc F

412.33

3.97 4.35

Income Acc F

3137.86

29.89 3.31

Income Inc F

1745.10

16.62 3.38

Japan Acc F

303.10

2.54 0.33

Japanese Smlr Cos Acc F

65.15

0.73 0.00

Latin America Acc F

99.97

3.25 1.28

Latin America Inc F

83.22

2.71 1.30

Managed Growth Acc F

155.61

2.40 0.76

Managed Growth Inc F

129.54

1.99 0.77

Managed Income Acc F

155.77

1.79 3.14

Managed Income Inc F

95.99

1.10 3.20

Money Acc F
Money Acc (Gross) F
Monthly Income Plus Acc F

90.15

0.00 0.21

95.27

0.01 0.21

294.07

0.39 4.84

Monthly Income Plus Acc (Gross) F

345.41

0.49 4.82

Monthly Income Plus Inc F

108.73

0.15 4.95

Monthly Income Plus Inc (Gross) F

108.86

0.16 4.94

Pacific Acc F

924.83

14.00 0.42

Pacific Inc F

849.44

12.86 0.42

Tactical Bond Acc F

68.19

-0.31 0.97

Tactical Bond Inc F

59.34

-0.27 0.98

Tactical Bond Acc (Gross) F

70.72

-0.32 0.97

Tactical Bond Inc (Gross) F

UK Focus Acc F

59.43
195.23

-0.27 0.98
2.77 1.95

UK Focus Inc F

162.59

2.31 1.98

UK Growth Acc F

534.21

7.84 1.98

UK Growth Inc F

338.93

4.98 2.01

UK Smaller Cos Equity Acc F

865.50

2.96 0.79

UK Smaller Cos Equity Inc F

662.78

2.26 0.80

UK Strategic Income Acc F

183.94

1.40 3.47

UK Strategic Income Inc F

135.52

1.03 3.55

US Equity Acc F

506.13

9.88 0.00

Invesco Perpetual Funds (No Trail)

6.89

0.14 7.27

9.22

0.19 0.00

$ 17.70

0.84 0.00

Invesco Euro Corporate Bond Fund (A) 16.85

0.01 0.00

Invesco Energy A

Invesco Euro Inflation Linked Bond A 15.48

0.04 0.00

Invesco Euro Reserve A

322.78

0.00 0.00

Invesco Euro Bond A

0.02 0.00

7.06

Invesco European Growth Equity A 23.72

0.19 0.00

Invesco Global Absolute Return Fund A Class 11.45

-0.03 0.00

Invesco Global Bond A Inc

5.52

0.02 0.75

Invesco Global Conservative Fund 90 (EUR) A 11.91

0.01 0.00

Invesco Global Equity Income Fund A $ 58.01

1.01 0.00

Invesco Global Inc Real Estate Sec A dist $

9.12

0.08 2.27

Invesco Global Inv Grd Corp Bond A Dist $ 11.64

0.01 3.09

$ 35.27

0.46 0.00

Invesco Global Smaller Comp Eq Fd A $ 54.97

Invesco Global Leisure A

0.95 0.00

Invesco Global Structured Equity A $ 45.14

0.61 0.79

Invesco Global Total Ret.(EUR) Bond Fund A 13.10

0.02 0.00

Invesco Gold & Precious Metals A $

3.74

0.25 0.00

Invesco Greater China Equity A

$ 43.07

0.86 0.00

Invesco India Equity A

$ 54.52

0.92 0.00

Invesco Japanese Equity Adv Fd A 3556.00

70.00 0.00

Invesco Japanese Value Eq Fd A 1206.00

12.00 0.00

Invesco Latin American Equity A $

5.78

0.17 0.00

Invesco Nippon Small/Mid Cap Equity A 999.00

14.00 0.00

Invesco Pan European Equity A EUR Cap NAV 18.82

0.33 0.00

Invesco Pan European High Income Fd A 13.63

0.09 2.48

Invesco Pan European Small Cap Equity A 22.37

0.17 0.00

Invesco Pan European Structured Equity A 16.64

0.16 0.00

Invesco UK Eqty Income A

31.38

Invesco UK Investment Grade Bond A

0.98

0.30 0.00

0.00 2.93

Invesco US Structured Equity A

$ 20.50

0.32 0.00

Invesco US Value Eq Fd A

$ 29.80

0.46 0.00

Invesco USD Reserve A

$ 87.02

0.00 0.00

Invesco Global Asset Management Ltd

Invesco Stlg Bd A QD F

2.59

0.01 3.34

Invesco Asian Equity A

5.98

0.11 0.57

Invesco ASEAN Equity A

$ 86.36

2.14 0.47

Invesco Bond A

0.15 0.00

Morant Wright Sakura Fund Yen Acc Unhedged 1347.95

15.52 0.00

Morant Wright Sakura Fund Dollar Acc Hedged $ 13.17

0.15 0.00

Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 13.10

0.15 0.00

Asset Management

0.20 0.00

Global Energy Fund A1

$ 12.39

0.35 0.00

0.01 0.00

Global Equity A1

$ 43.49

0.62 0.00

Growth (CHF) PA F

SFr 108.67

0.34 0.00

Global Equity A1

24.58

0.19 0.00

Growth (EUR) PA F

130.20

0.47 0.00

Global High Yield Fund

$ 24.03

-0.06 0.00

Vantage 1500 (EUR) MA

10.18

0.00 0.00

Global High Yield Fund

15.60

-0.14 0.00

(LUX)
Morgan Stanley Investment Funds
6b Route de Trves L-2633 Senningerberg Luxembourg (352) 34 64 61
www.morganstanleyinvestmentfunds.com
FCA Recognised

Vantage 3000 (EUR) MA

10.29

0.01 0.00

Global Multi-Asset A1

$ 15.24

0.17 0.00

US Advantage A F

$ 53.47

-0.23 0.00

$ 39.44

0.08 0.00

11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Other International Funds

Asset Management

$ 17.37

-0.15 0.00

Northwest $ class

$ 2338.93

7.42 0.00

Northwest Warrant $ class

$ 1969.35

-444.40 0.00

Global Res.A1

Inc.Pt.RMB Dt.CNH PA

CNH 101.74

0.02 0.00

Inc.Pt.RMB Dt.SH CHF PA

SFr

9.83

0.01 0.00

Inc.Pt.RMB Dt.SH EUR PA

9.91

0.01 0.00

Inc.Pt.RMB Dt.USD PA

9.97

0.01 0.00

Jenn. US Eq.Opp. USD PA

9.19

0.17 0.00

Neubrg.Berman US Core PA

$ 13.27

0.20 0.00

Sands US Growth PA

13.25

0.28 0.00

Sands US Growth PA

$ 16.02

0.34 0.00

Global Total Return A1

$ 24.93

0.37 0.00

Asian Equity A F

16.94

0.03 0.00

Asian Property A F

Inflation-Adjusted Bond A1

$ 14.03

0.08 0.00

Asian Property AX F

10.54

-0.12 0.54

Japan Equity A1

0.12 0.00

Diversified Alpha Plus A F

30.13

-0.08 0.00

-1.20 0.00

9.61

617.05

Strategic Global Bond B GBP Inc

Kleinwort Benson Bank

Latin American Equity Fd A1

$ 11.68

0.30 0.00

Limited Maturity A1

$ 14.04

0.01 0.00

Emerging Markets Debt A F

$ 73.49

0.22 0.00

Prudent Wealth Fd A1

$ 14.49

0.06 0.00

Emerging Markets Domestic Debt AX F 10.02

-0.03 6.00

Research Bond A1

$ 16.59

0.04 0.00

Emerging Markets Equity A F

$ 32.45

-0.13 0.00

UK Equity A1

7.85

0.10 0.00

Euro Bond A F

15.69

0.04 0.00

Oasis Crescent Management Company Ltd

US Conc.Growth A1

$ 14.67

0.22 0.00

Euro Corporate Bond AX F

21.85

0.19 1.73

Other International Funds

0.04 0.00

Euro Strategic Bond A F

43.21

0.16 0.00

0.26 0.00

European Currencies High Yield Bd A F 21.07

0.00 0.00

153.31

0.68 1.38

Pacific Basin Fd Cl A Initial Ser

$ 2061.34 2071.01 -206.65 0.00

UK Equity Fd Cl A Series 01

2333.69 2357.37 -71.58 0.00

Diversified Absolute Rtn Fd USD Cl AF2 $ 1611.86

-35.49 0.00

PO Box 9039, Chelmsford, CM99 2XG

www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Authorised Inv Funds

Diversified Absolute Return Stlg Cell AF2 1632.66

-35.29 0.00

(UK)

1.34 1.36

Charifund Inc

1431.83

15.94 4.76

Manek Investment Mgmt Ltd (1000)F

1.25 1.38

Charifund Acc

19430.60

216.35 4.62

P.O.Box 100, Swindon SN1 1WR 0844 800 9401

Authorised Inv Funds

0.27 4.15

HC KB Enterprise Fixed Income A Acc

122.72

0.28 3.44

M&G Episode Growth X Inc

0.37 3.77

HC KB Enterprise Fixed Income A Inc

109.56

0.25 3.44

M&G Episode Income A Acc

Multi-Asset Inc Inc... C

62.83xd

0.27 3.83

M&G Episode Income A Inc

Multi-Asset Macro Acc

66.74

-0.21 0.00

Lloyds Investment Fund Managers Limited (1000)F (JER)

M&G Extra Income A Inc

Multi-Asset Macro Inc

66.75

-0.21 0.00

PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Other International Funds

Multi-Manager Growth Acc

701.90

8.60 0.47

Multi-Manager Growth Inc

655.10

8.10 0.47

Natural Resources Acc

341.10

15.70 0.12

Natural Resources Inc

24.16

Emrg Eur Eq Acc

129.60

Emrg Eur Eq Inc

30.81

(GSY)
Regulated
Multi-Manager Investment Programmes PCC Limited

(UK)

M & G Securities (1200)F

83.04xd

12.2900xd

0.45 3.78

0.0100 2.42

Lloyds Investment Funds Limited

M&G Corporate Bond A Acc

62.19xd
39.06xd

0.04 3.11

Growth Fd Acc

Oasis Crescent Global Short Term Income Fund $

0.21 0.00

Oasis Global Equity

Global Brands A F

$ 92.59

-0.32 0.00

Oasis Crescent Global Investment Fund (Ireland) plc

Global Convertible Bond A F

$ 41.34

-0.09 0.00

Global Property A F

$ 27.15

-0.13 0.00

Indian Equity A F

$ 35.56

-0.11 0.00

Latin American Equity A F

$ 36.78

-0.59 0.00

Short Maturity Euro Bond A F

20.34

0.00 0.00

US Dollar Liquidity A F

$ 13.03

0.00 0.00

US Growth A F

$ 61.75

-0.19 0.00

US Growth AH F

42.84

-0.13 0.00

US Growth AX F

40.62

-0.21 0.00

US Property A F

$ 64.91

-0.30 0.00

-1.33 0.19

17.69 0.00

Odey Asset Management LLP

Morgens Waterfall Vintiadis.co Inc

Other International Funds
Phaeton Intl (BVI) Ltd (Est)

$ 396.06

-5.27 0.00

151.59 160.26 0.53 0.05

M&G Extra Income A Acc

5862.32xd

51.93 4.41

Cautious Inc

81.41 85.68 0.23 1.33

CF Odey Absolute Return GBP R

314.80

3.16 0.00

590.78xd

10.34 0.62

Defensive A Inc

116.22 116.22 0.09 0.97

CF Odey Portfolio Fund GBP R Inc

143.32

1.56 0.07

M&G Global Basics A Acc

897.40xd

15.73 0.57

Emerging Markets

220.12 220.12 3.69 1.73

150.35 150.35 -1.33 0.00

M&G Glbl Emrgng Mkts A Acc

180.93

3.29 0.95

European Multi-Cap

0.0700 1.17

M&G Glbl Emrgng Mkts A Inc

174.81

3.19 0.96

M&G Global Macro Bond Fund A Acc

106.64

-0.08 0.81

0.08 2.59

Sterling Bond

1.4520xd

0.0030 3.68

M&G Global Macro Bond Fund A Inc

73.99

-0.05 0.81

0.05 2.59

UK

6.5460xd

0.1300 1.32

M&G Global High Yield Bond X Inc

47.99xd

-0.05 4.55

M&G Global High Yield Bond X Acc

112.89xd

M&G Managed Growth X Inc

73.66

-0.11 4.53
0.84 0.70

70.54 70.54 0.56 0.00

268.81 268.81 2.40 0.20

Extra Income

78.93 83.52 0.48 4.40

Far East Growth A Inc

156.59 156.59 2.41 1.90

Global

170.63 179.60 0.25 0.00

Global Bond Inc

135.52 143.41 0.25 3.21

Natixis International Funds (Lux) I SICAV (LUX)

Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
FCA Recognised

Regulated

Harris Global Equity R/A (USD)

OEI Mac Inc GBP A

417.75

26.79 0.00

OEI Mac Inc GBP B

229.72

16.34 0.00

Harris Concentrated US Equity R/A (USD) $ 148.33 148.33 -0.26 0.00

OEI MAC Inc USD

$ 2235.00

141.63 0.00

Loomis Sayles Strategic Alpha R/A (USD) $ 110.75 110.75 -0.05

Odey European Inc EUR

953.28

47.41 0.00

Odey European Inc GBP A

366.18

18.24 0.00

Odey European Inc GBP B

207.79

10.35 0.00

Odey European Inc USD

$ 439.90

21.62 0.00

Giano Capital EUR Inc

4466.83

42.95 0.00

High Yield Fixed Interest

71.92 76.31 -0.09 5.77

Multi Cap Income A Inc

157.41 157.41 0.79 4.28

Natixis International Funds (Dublin) I plc (IRL)

Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Regulated

Nano-Cap Growth A Acc

102.7460 112.7800 0.1548 0.00

Loomis Sayles Global Opportunistic Bond R/D (USD) $ 12.49 12.49 0.06 1.16

140.18xd

0.09 1.91

185.19xd

0.12 1.89

Special Situations A Acc

1160.20 1227.73 4.00 0.38

Loomis Sayles High Income R/D (USD) $

M&G Recovery GBP A Inc

117.83

1.29 0.74

UK Multi-Cap Growth A Inc

236.65 250.42 2.95 0.39

Loomis Sayles Multisector Income R/D (GBP) $ 12.13 12.13 0.02 5.62

0.0010 1.97

M&G Recovery GBP A Acc

264.59

2.91 0.74

UK Micro Cap Growth A

472.93 500.45 0.65 0.00

0.0060 1.32

M&G Strategic Corp Bond A Inc

72.47xd

0.04 2.98

US Multi-Cap Income

308.23 308.23 3.38 0.18

0.0130 0.10

M&G Strategic Corp Bond A Acc

104.05xd

0.06 2.98

MFM - Third Party Funds

0.0150 0.00

M&G Global Leaders GBP A Inc

180.84xd

2.77 1.42

Junior Oils

72.67 76.90 4.47 0.00

M&G Global Leaders GBP A Acc

425.91xd

6.52 1.41

Junior Gold C Acc

21.45 21.45 0.89 0.00

0.72 2.06

M&G UK Inflation Lnkd Corp Bnd A Acc

110.97xd

-0.39 0.09

MFM Artorius Fund

148.02 148.02 -0.59 0.19

0.60 2.08

M&G UK Inflation Lnkd Corp Bnd A Inc

109.37xd

-0.39 0.09

MFM Bowland

154.79 167.34 1.10 0.00

2.10 0.00

MFM Hathaway Inc

102.65 107.49 -0.02 1.58

131.30xd

1.20 1.48

Conservative Strategy

1.0880

139.50xd

1.00 3.28

Growth Strategy

1.4470

UK Eq & Bond Inc Inc ... C

81.99xd

0.61 3.34

Aggressive Strategy

1.7500

UK Higher Inc Acc ... C

898.50xd

8.00 4.17

Global USD Growth Strategy

$ 1.3470

UK Higher Inc Inc ... C

522.20xd

4.60 4.30

UK Managed Equity Acc

64.84xd

UK Managed Equity Inc

54.68xd

UK Smaller Cos Acc

389.10

Dealing Daily

M & G Securities Ltd

75.55

0.40 0.00

UK Strategic Eq Inc Acc ... C

150.30xd

1.10 3.60

UK Strategic Eq Inc Inc ... C

98.31xd

0.71 3.69

Lombard Odier Funds (Europe) S.A

UK Strategic Gth Acc

111.90

0.70 1.18

www.loim.com
Regulated
Lombard Odier Funds

114.80xd

1.00 2.19

94.56xd

1.07 2.28

US Equity Income Inc ... C

97.90xd

0.85 2.22

US Select Acc

105.90

1.30 0.00

1.20 0.00

US Smaller Cos Acc

359.50

8.20 0.00

US Smaller Cos Inc

94.20

2.16 0.00

JPMorgan Charity Funds

(UK)

60 Victoria Embankment, London EC4Y 0JP 020 7742 9175

Property & Other UK Unit Trusts
UK Equity Fund for Charities I...C 2.753960xd 2.764730 0.030270 3.46
1.339090xd 1.345830 0.000490 3.67

(UK)

Property & Other UK Unit Trusts

(LUX)

Charibond
(Accum Units)
NAACIF

124.63

0.05 5.21

3640.97

1.42 5.21

74.23

0.80 4.65

70.98 4.52

MFM SGWM Managed A Acc

119.01 119.01 0.16 0.16

MFM Techinvest Special Situations Acc

131.92 131.92 0.01 0.01

MFM Techinvest Technology Acc

348.19 348.19 -8.78 0.00

MFM UK Primary Opportunities A Inc

316.06 316.06 3.05 1.39

Slater Investments Ltd - Investment Adviser

Absolute Ret Bond (EUR) PA

12.05

0.00 0.00

(Accum Units)

6565.32

MFM Slater Growth

396.75 420.95 1.78 0.11

Absolute Ret Bond (USD) PA

$ 17.70

-0.01 0.00

M&G Property Portfolio A Acc

133.22 140.23 0.02 3.59

MFM Slater Income A Inc

165.15 165.15 0.84 3.74

122.22 128.65 0.02 3.70

MFM Slater Recovery

171.00 181.43 0.89 0.24

122.22 122.22 0.02 3.68

All Roads (CHF) PA

SFr 17.39

0.05 0.00

Property Portfolio A

All Roads (USD) PA

$ 11.07

0.03 0.00

Property Portfolio X

All Roads (GBP) PA

11.30

0.03 0.00

All Roads (EUR) PA

11.22

0.03 0.00

M & G (Guernsey) Ltd

Marlborough International Management Limited (GSY)

(GSY)

Alpha Japan (EUR) PA F

11.09

0.06 0.00

Regulated
The M&G Offshore Fund Range

Alpha Japan (CHF) PA F

SFr 13.85

0.07 0.00

Corporate Bond

1300.44 1340.66 1.00 3.13

Alpha Japan (JPY) PA F

1318.00

7.00 0.00

Global Basics

2187.71 2255.37 37.92 0.32

Alpha Japan (USD) PA F

$ 15.89

0.09 0.00

Global Leaders

3143.71 3274.70 48.01 1.21

Alternative Beta PA F

SFr 114.37

0.50 0.00

Global High Yield Bond

943.56 972.74 -0.98 4.53

Alternative Beta PA F

77.20

0.34 0.00

Global Macro Bond Fund

11089.65 11432.62 -7.49 0.81

Alternative Beta PA F

$ 115.49

0.52 0.00

North American Dividend Fund

148.53 154.72 2.54 2.34

0.03 0.00

Optimal Income Fund

138.91 143.20 0.09 1.91

Commodities (CHF) PA
Commodities (EUR) PA

SFr

5.22
5.28

0.03 0.00

Recovery Fund Limited 'A' Participating Shares

10202.41 10627.51 110.16 0.44

0.08 2.21

Commodities (USD) PA

5.46

0.03 0.00

Recovery Fund Limited 'I' Participating Shares

10215.45 10318.64 112.87 1.27

Invesco Continental Eurp Small Cap Eqty A $ 196.01

4.14 0.00

Convertible Bd P A

17.13

0.05 0.00

Strategic Corporate Bond Fund

131.59 137.07 0.08 2.98

Invesco Emerging Markets Equity A $ 34.46

0.73 0.00

Convertible Bd Asia PA F

SFr 13.31

0.02 0.00

UK Growth

1494.12 1556.37 20.92 1.23

Invesco Emerging Markets Bond A $ 20.64

0.09 4.91

Convertible Bd Asia PA F

14.20

0.03 0.00

Invesco Continental European Equity A

8.63

0.11 0.21

Convertible Bd Asia PA F

$ 14.30

0.03 0.00

15.11

-0.01 1.40

GAM

Emerg. Consumer (CHF) PA

SFr 11.37

0.10 0.00

Invesco Global Small Cap Equity A NAV $ 117.15

1.84 0.00

funds@gam.com, www.jbfundnet.com
Regulated

Emerg. Consumer (EUR) PA

11.51

0.10 0.00

Invesco Global High Income A NAV $ 12.09

0.00 5.60

JB BF ABS-EUR B

104.60

-0.05 0.00

Emerg. Consumer (USD) PA

$ 11.49

0.10 0.00

0.08 0.93

JB BF Abs Ret Def-EUR B

109.97

0.24 0.00

Emerg.Eq. Risk Par.(EUR) PA

7.42

-0.03 0.00

JB BF Abs Ret EM-USD B

$ 114.73

0.14 0.00

Emerg. Eq. Risk Par.(USD) PA

5.85

0.02 0.00

Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
FCA Recognised

8.52

8.52 -0.01 14.24

329.53

0.51 0.00

253.91

-0.43 0.00

Odey Allegra International EUR O 168.67

-0.07 0.00

Odey Allegra Developed Markets USD I $ 128.42

1.00 0.00

0.02 0.00

Odey European Focus Fund

16.99

0.06 0.55

0.00 4.33

Odey Atlas Fund GBP I S

1.14

0.01 0.00

0.91

0.00 4.46

Odey Giano European Fund EUR R 118.89

0.87 0.00

Loomis Sayles US Equity Leaders N/A (GBP)

1.38

0.02 0.29

Odey Naver Fund EUR I

125.31

-0.61 0.00

Seeyond Factor Plus Europe Ex U.K Equity Fund N/A (GBP)

0.97

0.02

Odey Odyssey USD I

$ 144.28

0.11 0.00

Seeyond Factor Plus U.K Equity Fund N/A (GBP)

1.00

0.01

Odey Orion Fund EUR I

120.58

0.95 0.00

Odey Swan Fund EUR I

105.40

-1.69 0.00

Odey European Absolute Return GBP S 103.14

-0.82 0.00

H2O MultiReturns Fund N/A (GBP)

1.36

0.00 1.51

Harris Associates Global Concentrated Equity Fund N/A (GBP)

1.00

Loomis Sayles Strategic Income N/D (GBP)

0.95

Loomis Sayles Strategic Income H-N/D (GBP)

NatWest (2230)F

(UK)

PO Box 23873, Edinburgh EH7 5WJ**

Enquiries: 0800 085 5588
Authorised Inv Funds
Series 1(Minimum initial investment 16375,000)

Odey Wealth Management (CI) Ltd

United Kingdom Equity Index Fund 12.18

0.09 2.81

UK Specialist Equity Inc

18.88

0.07 0.42

Contl Europe Spec Equity

15.32

0.06 0.00

13.02

0.12 0.00

Japan Specialist Fund X

9.32

0.07 0.00

Marlborough Tiger Fund Ltd F

Pacific Basin Specialist Equity Fund 21.12

0.30 0.68

UK Sovereign Bd Index Fund

(CYM)

Regulated
Marwyn Value Investors

478.35

-39.43 0.00

McInroy & Wood Portfolios Limited

11.08

0.04 2.59

9.59

0.04 3.85

Global Spec Inv Grade Bd Fund GBP 10.01

0.03 3.19

Inflation Lkd Sov Bd Fund

12.75

0.05 0.68

Global Emerg Mkts Equity Fund X 10.73

0.19 0.56

UK Specialist Equity Income Fund

Odey Opportunity EUR I

Estimated NAV

Optima Fund Management

Other International Funds

Balanced Fund Personal Class Units

3834.70

38.00 1.93

UK Specialist Equity Inc

0.08 1.76

Income Fund Personal Class Units

2349.60

18.60 2.93

Contl Europe Spec Equity

Emerging Markets Fund Personal Class Units

1558.60xd

28.20 2.50

US Spec Equity Fund

Smaller Companies Fund Personal Class Units

3485.80

44.10 1.78

Global Gold & Resources Fund

$ 175.96

Global Energy & Resources Fund $ 36.13

Japan Specialist Fund X

-4.06
-1.82

13.60

0.06 0.63
0.12 0.16

9.92

0.08 0.54

Pacific Basin Specialist Equity Fund 21.08

0.30 1.35

UK Sovereign Bd Index Fund

16.13

11.26

0.04 2.59

UK Specialist Equity Income Fund 10.35

0.04 3.79

Global Spec Inv Grade Bd Fund GBP 10.17

0.03 3.19

Inflation Lkd Sov Bd Fund

12.88

0.05 0.68

Cuttyhunk Fund II Limited

$ 1492.69

-91.49 0.00

JENOP Global Healthcare Fund Ltd $ 14.54

-2.36 0.00

OPTIKA Fund Limited - Cl A

$ 113.65

-5.27

Optima Fd NAV

$ 91.27

-1.76 0.00

Optima Discretionary Macro Fund Limited $ 87.21

-1.06 0.00

The Dorset Energy Fd Ltd NAV

$ 27.53

-1.20 0.00

Platinum Fd Ltd

$ 81.86

-1.45 0.00

Platinum Fd Ltd EUR

15.90

-0.29 0.00

Platinum Japan Fd Ltd

$ 51.71

-0.75 0.00

Optima Partners Global Fd (Est)

$ 14.20

0.00 0.00

Optima Partners Focus Fund A

$ 16.28

-0.21 0.00

3.14 1.60

Invesco Gbl R/Est Secs A GBP F F

Asian (No Trail) Inc F

154.86

2.86 1.62

Invesco Global Health Care A

Asian Equity Income (No Trail) Acc F

112.43

1.52 4.85

Invesco Global Select Equity A

$ 12.75

0.24 0.00

JB BF Abs Ret-EUR B

128.63

0.23 0.00

Emerg. Loc.Cur.&Bds DH (CHF) PASFr

7.84

0.01 0.00

Blend.Research Gb.Eq.Fd.

96.95

0.62

Asian Equity Income (No Trail) Inc

95.81

1.30 4.99

Invesco Jap Eqty Core A

1.77

0.01 0.00

JB BF Abs Ret Pl-EUR B

127.35

0.32 0.00

Emerg.Loc.Cur.Bd.Fdt PA

8.06

-0.03 0.00

Blend.Research Gb.Eq.Fd.

96.61

0.93

MGS -Master Series (Est)

$ 240.66

-2.89

Balanced Risk 6 No Trail Acc

105.79

0.74 0.16

Invesco Japanese Equity A

$ 18.05

0.19 0.00

JB BF EM Corporate-USD B

$ 106.40

0.13 0.00

Emerg.Loc.Cur.Bd.Fdt PA

10.62

-0.05 0.00

Blend.Research U.S.Core Eq.Fd.

9700.00

83.00

MEMO - Master Series

$ 501.03

-3.56 0.00

Other International Funds

Balanced Risk 8 No Trail Acc

108.57

1.03 0.44

Invesco Korean Equity A

$ 33.70

0.60 0.00

JB BF EM Infl Link-USD B

$ 79.21

0.50 0.00

Emerg.Loc.Cur.Bd.Fdt PA

8.32

0.02 0.00

Blend.Research Gb.Eq.Fd.

$ 96.50

1.22

MEMO - MEMV Series

$ 117.28

-0.07 0.00

NAV (Fully Diluted)

Balanced Risk 10 No Trail Acc

111.15

1.31 0.60

Invesco PRC Equity A

$ 50.50

0.74 0.00

JB BF EM Inv Grade-USD B

$ 98.12

0.50 0.00

Euro BBB-BB Fdt PA

SFr 15.22

0.01 0.00

Em.Mk.Eq.Fund Euro

105.83

0.69 0.00

Corporate Bond (No Trail) Acc F

162.50

0.05 3.90

Invesco Pacific Equity A

$ 45.24

0.82 0.20

JB Emerging (EUR)-EUR B

328.03

1.35 0.00

Euro BBB-BB Fdt PA

12.09

0.01 0.00

Em.Mk.Eq.Fund Sterling

92.30

0.89 0.00

Ministry of Justice Common Investment Funds (UK)

Corporate Bond (No Trail) Inc F

116.90

0.03 3.99

Invesco Global Technology A

$ 14.95

0.22 0.00

JB Emerging (USD)-USD B

$ 400.42

1.78 0.00

Euro BBB-BB Fdt PA

10.68

0.01 0.00

Em.Mk.Eq.Fd.US Dollar

$ 91.13

1.16 0.00

Property & Other UK Unit Trusts

Distribution (No Trail) Acc F

165.62

0.61 4.41

Invesco UK Eqty A

0.11 1.45

7713.00

46.00 5.79

Distribution (No Trail) Inc F

7.92

JB BF Local EM-USD B

$ 249.15

SFr

1.11 0.00

Euro BBB-BB Fdt PA

$ 17.16

0.01 0.00

Em.Mk.Loc.Ccy Debt Fd.FC

(LUX)

110.17

0.40 4.49

JB BF Total Ret-EUR B

97.64

0.03 0.00

Euro Credit Bd PA F

12.80

0.01 0.00

Em.Mk.Loc.Ccy Debt Fd.FD

9219.00

24.00 6.22

Emerging European (No Trail) Acc F

68.67

1.33 3.66

JB EF Abs Ret Eur-EUR B

120.63

-0.03 0.00

Euro Government Fdt PA

12.58

0.03 0.00

Gb.Conc.Eq.Fd.Euro

262.55

2.37 0.00

Emerging European (No Trail) Inc F

60.67

1.17 3.78

JB EF Euro Value-EUR B

165.54

1.79 0.00

Euro Inflation-Lk Fdt PA

11.95

0.01 0.00

Gb.Conc.Eq.Fd.Sterl.UK T

162.84

1.99 0.00

European Equity (No Trail) Acc F

145.52

2.85 2.90

JB EF Japan-JPY B

16571.00

192.00 0.00

Euro Resp.Corp. Fdt PA

17.95

0.01 0.00

Gb.Conc.Eq.Fd.Sterling

246.58

3.01 0.00

European Equity (No Trail) Inc F

122.91

2.41 2.98

JB EF Luxury B-EUR B

215.51

1.02 0.00

Europe High Conviction PA

10.97

0.04 0.00

Gb.Conc.Eq.Fd.US

$ 187.44

2.87 0.00

Invest AD

JB Ms EF Special Val. EUR/A

132.06

1.40 0.84

Eurozone Small&Mid Caps PA

49.87

0.13 0.00

Gb.Eq.Hdg Fd.Euro IRE T

174.61

2.10 0.00

Client services: +971 2 692 6101 clientservices@InvestAD.com

Other International Funds

JB Strategy Balanced-CHF/B

SFr 145.42

0.52 0.00

Fdmt.Eq.L/S SH Sd EUR PA

10.61

-0.01 0.00

Gb.Eq.Euro Hdg Fd.

247.49

2.98 0.00

JB Strategy Balanced-EUR

149.80

0.55 0.00

Fdmt.Eq.L/S SH Sd USD PA

$ 10.64

-0.01 0.00

Gb.Eq.Fund Euro

266.68

2.42 0.00

JB Strategy Balanced-USD/B

$ 126.34

0.75 0.00

Gbl.Gvt.Fdmt PA

10.39

-0.01 0.00

Gb.Eq. Fd Euro IRE T

168.69

1.52 0.00

SFr 88.45

0.45 0.00

Gbl.Gvt.Fdmt.(CHF) PA

SFr 22.75

-0.01 0.00

Gb.Eq.Fd.Sterling UK T

200.00

2.45 0.00

110.67

0.59 0.00

Gbl.Gvt.Fdt.SH (CHF) PA

SFr 26.74

0.05 0.00

Gb.Eq.Fd.US Dollar

$ 300.56

4.61 0.00

European Equity Income (No Trail) Acc F

148.71

2.74 3.64

European Equity Income (No Trail) Inc F

115.14

2.12 3.73

European High Income (No Trail) Acc F

163.60

1.26 3.48

European High Income (No Trail) Inc F

119.06

0.92 3.54

Invest AD - Iraq Opportunity Fund $ 66.40

2.66 0.00

Invest AD - Emerging Africa Fund $ 967.74

-2.38 0.00

European Opportunities (No Trail) Acc F

182.27

3.02 0.69

European Opportunities (No Trail) Inc F

172.97

2.86 0.69

European Smaller Companies (No Trail) Acc F

232.79

3.84 0.76

JB Strategy Inc-CHF/B

SFr 117.37

0.21 0.00

Gbl.5B Fdmt (EUR) PA

11.50

-0.02 0.00

Gb.Eq.Fund Sterling

197.78

2.43 0.00

Global Balanced Index (No Trail) Acc F

154.37

1.38 2.15

JB Strategy Inc-EUR/B

156.64

0.31 0.00

Gbl.5B Fdmt (CHF) PA

SFr 10.28

-0.01 0.00

Gb.Val.Ex-Jap.Fd.USD

$ 112.46

1.47 0.00

Invest AD - GCC Focus Fund

$ 1510.62

-0.15 0.00

JB Strategy Growth-CHF/B
JB Strategy Growth-EUR

-144.87 0.00

0.10 3.30

Other International Funds

FCA Recognised

Meridian Fund Managers Ltd

MFS Investment Funds

$ 834.23

United Kingdom Equity Index Fund 12.21

3.31 0.00

1.47 0.00

Other International Funds

170.31

Omnia Fund Ltd

Asian (No Trail) Acc F

$ 127.00

214.75

Easter Alderston, Haddington, EH41 3SF 01620 825867

Authorised Inv Funds

19.12

Global Emerg Mkts Equity Fund X 10.38

Other International Funds

The Equity Idx Tracker Fd Inc

1276.00 1276.00 8.00 3.06

Mirabaud Asset Management

(LUX)

www.mirabaud.com, marketing@mirabaud.com
Regulated
Mir. Conv. Bds Eur A EUR

134.21

0.26 0.00

Mir. Conv. Bds Glb A USD

$ 113.43

0.48 0.00

Mir. - Eq Glb Emrg Mkt A USD

$ 166.06
$ 86.50

2.89 0.00
1.93 0.00

Mir. - Eq Global Focus A USD

$ 98.45

1.23 0.00

Mir. -Eq Spain A

25.24

0.10 0.00

Mir. - Eq Swiss Sm/Mid A

Mir. - Glb High Yield Bds A

0.19 0.77

Distribution Units

Mir. - Eq Asia ex Jap A

The initial charge you will pay will depend on the amount you invest
**Address and Telephone number for series 1 only

Metage Capital

SFr 303.38
$ 106.44

1.23 0.00
-0.24

Mir. - Glb Eq High Income A USD $ 97.09

0.83 0.00

Mir. - Glb Strat. Bd A USD

-0.21 0.00

$ 103.20

(IRL)

www.odey.com/prices
FCA Recognised

Series 2 (Investment Management customers only)

(UK)

(IRL)

FCA Recognised

Odey Allegra European EUR O

(UK)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Authorised Funds

US Spec Equity Fund

Marwyn Asset Management Limited

Odey Asset Management LLP

Odey Pan European EUR R

Natixis International Funds

Marlborough North American Fund Ltd 29.65 29.95 0.27 0.00

24.74 24.99 0.30 0.00

(CYM)

$ 248.12 248.12 3.43 0.00

M&G Optimal Income A Acc

UK Eq & Bond Inc Acc ... C

Odey Asset Management LLP

Harris US Equity Fund R/A (USD) $ 197.01 197.01 0.16 0.00

M&G Optimal Income A Inc

UK Dynamic Inc

(UK)
40 Dukes Place, London, EC3A 7NH
Order Desk and Enquiries: 0345 300 2106
Authorised Corporate Director - Capita Financial Managers
Authorised Inv Funds

M&G Global Basics A Inc

0.0021 5.02

0.0010 0.15

0.07 1.91

3672.19

9.37

700.80

52.6000

0.14 0.33

Oasis Crescent Gbl Property Eqty $

CF Odey Opus GBP R Inc

3.8750xd

Lloyds Multi Strategy Fund Limited

CF Odey Continental European GBP R Acc

0.8585xd

Sterling Class

0.12 0.00

OasisCresGl Med Eq Bal A ($) Dist $ 11.71

50.01 50.01 0.00 0.32

International

1.50 1.47

49.73 52.62 0.07 4.92

High Income

$ 11.59

Cash

0.63 2.76

160.50xd

0.02 2.35

OasisCresGl LowBal D ($) Dist

Bond Income

2.60 2.80

UK Dynamic Acc

6.35 4.53

Lloyds Money Fund Limited

$ 10.91

1.02 3.74

0.60 3.10

0.04 0.60

OasisCresGl Income Class A

ETF Commodity A

3.20 3.10

0.30 0.00

2.63 3.58

Oasis Crescent Variable Balanced Fund 10.29

716.42xd

Oasis Crescent Global Equity Fund $ 26.63

112.61xd

142.81xd

52.21

0.32 0.24

Balanced

M&G Global Dividend Fund A Inc

276.90

0.01 0.65

1.23 3.66

0.1570 1.35

UK Active Index + E Inc

0.54 1.84

UK Active Index + E Acc

1.00

$ 26.22

7.3090xd

0.0010 1.90

-0.10 0.00

European

$ 38.76

50.80

1.11 0.12

1.2330xd

10.68

Global Bond A F

134.65xd

(UK)
Marlborough Fd Managers Ltd (1200)F
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
www.marlboroughfunds.com
Authorised Inv Funds

ETF Global Growth A

Monthly Share

Eurozone Equity Alpha A F

8.36 4.41

3.33 3.48

0.0010 1.90

(IRL)

0.83 4.58

Oasis Global Mgmt Co (Ireland) Ltd

180.96xd

Lloyds Gilt Fund Quarterly Share 1.2800xd

0.04 0.00

M&G Global Dividend Fund A Acc

Lloyds Gilt Fund Limited

59.58

0.0030 2.93

0.1700 0.20

9.42

596.83

0.03 3.13

1.5920xd

14.9400xd

57.19 60.43 0.27 0.00

Oasis Crescent Equity Fund

Euro High Income

North American

MMIP - US EQUITY CLASS A 01 June 07 Series $ 1241.53 1245.22 -101.80 0.00

62.47xd

Lloydstrust Gilt

$ 20.81

Japanese Equity Fd Cl A Initial Ser 354917.00 354918.00 -19669.00 0.00

Multi-Asset Inc Acc... C

$ 17.19

European Equity Fd Cl A Initial Ser 2474.30 2484.22 -156.09 0.00

Multi-Asset Inc Mth Inc ... C

107.19

US Government Bond A1

MMIP Investment Management Limited

1763.74 1892.34 11.39 3.27

1.18 0.89

(UK)

163.73

Lothbury Property Trust GBP

M&G Dividend A Acc

US Equity Income hdg Inc ... C

Northwest Investment Management (HK) Ltd

Emerg Europ, Mid-East & Africa Eq A F 63.93

Value A1

M&G Dividend A Inc

US Equity Income Acc ... C

-6.85 0.00

9.81

0.62 0.81

1.07 0.00

0.66 0.81

$ 131.76

112.46

94.46

-1.85 0.00

Tactical Opps USD Cls

Global Allocation (GBP) PA F

7.70 0.00

Conservative (EUR) PA F

122.59

115.84

-6.60 0.00

128.99

682.50

-1.73 0.00

All Weather Fd GBP Cls

0.03 0.00

HC KB Endeavour Multi Asset Balanced A Inc

US Acc

-1.88 0.00

HC KB Endeavour Multi Asset Balanced A Acc

0.70 1.19

107.33

$ 10.31

1.06 0.00

$ 119.38

All Weather Fd EUR Cls

Global Credit Fund

4.50 0.00

104.40

All Weather Fd USD Cls

0.16 0.00

UK Strategic Gth Inc

New Capital Alternative Strategies

7.71

0.32 3.37

Morant Wright Sakura Fund Euro Acc Hedged 13.19

SFr 102.41

$ 27.06

Invesco Gilt A

Conservative (CHF) PA F

Bond Fund for Charities

$ 110.14

-5.83 0.00

68.57

(IRL)

Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200

FCA Recognised

Wealthy Nat Bd USD Ord Inc

284.90

104.50

0.15 0.00

123.95

Japan Inc

US Select Inc

Tactical Opps GBP Cls

Japan Acc

US Inc

0.32 3.39

Morant Wright Sakura Fund Sterling Acc Hedged 13.23

0.50 0.00

M&G Corporate Bond A Inc

UK Smaller Cos Inc

0.66 3.69

-0.02 3.10

113.17

$ 34.95

Wealthy Nat Bd GBP Ord Inc

Global Conc.A1

157.80

56.69xd

0.34 0.00

HC KB Enterprise Equity Income A Acc

Strategic Bond Inc

10.94

0.03 6.77

-0.02 3.10

121.69

0.30 3.58

Morant Wright Fuji Yield YEN Dist 1102.96

Balanced (EUR) PA F

46.10xd

67.93xd

Income Inc ... C

Strategic Bond Acc

107.76

110.43

HC KB Enterprise Equity Income A Inc

Wealthy Nat Bd EUR Ord Inc

Tactical Opps EUR Cls

0.04 6.72

51.48xd

0.35 0.00

Sterling Corporate Bond Inc

10.17

49.19xd

34.54

Income Acc ... C

81.92xd

0.32 3.66

Morant Wright Fuji Yield B YEN Acc 981.70

European Value A1

HC KB Capital Growth A Inc

Sterling Corporate Bond Acc

0.25 0.00

0.58 0.58

3.30 0.69

112.55

Wealthy Nat Bd GBP Inst Inc

SFr 104.84

49.49xd

196.50

Balanced (CHF) PA F

Global Property Secs Inc

Portfolio Acc

11.07

Invesco Emerging Mkt Quant.Eq. A $

0.11

1087.29

704.30

Invesco Emerging Local Currencies Debt A Inc $

Morant Wright Fuji Yield YEN Acc 1115.24

Strategic Global Bond A GBP Inc

Global Financials Acc

0.03 4.55

0.30 3.82

Morant Wright Fuji Yield USD Dist Hedged $ 10.96

4.12 3.54

13.17

75.13

3.11 0.00

108.53

Wealthy Nat Bd EUR Inst Inc

538.05

Gbl Financial Capital Inc

1065.13

UK Strategic Income (No Trail) Inc F

0.17 0.00

$ 186.15

Kames Global Equity Income B GBP Inc

1.41 0.17

US Growth USD Inst Acc

7.73

13.77

85.07

Invesco Emerging Europe Equity Fund A $

0.11

European Opportunities Inc F

0.05 4.42

1113.21

1.29 0.15

0.36 0.00

3.38 0.00

Morant Wright Fuji Yield USD Acc Hedged $ 10.82

Kames Global Equity Income B GBP Acc

17.40 0.16

87.50

1.49 2.49

Gbl Financial Capital Acc

European Smaller Companies A1 49.30

202.91

1.44 3.95

0.36 0.00

US Growth GBP Ord Acc

555.10

71.20

Investment Grade Global Bd A GBP Inc

958.10

95.09

31.38

0.11

Regulated
Oasis Global Investment (Ireland) Plc

Global Equity Acc

Global Equity Income Inc F

European Res.A1

-0.33 0.00

Global Equity Inc

0.16 0.00

0.27 0.00

3.20 0.00

Morant Wright Fuji Yield GBP Dist Hedged 10.89

-0.39 0.00

5.59 3.45

0.22 0.00

0.90 1.32

Invesco Balanced Risk Allocation Fund A 14.76

30.29

193.28

1.78 3.84

16.92

European Core Eq A1

US Growth EUR Ord Acc

41.05

European Concentrated A1

34.30

730.26

117.08

0.15 0.00

0.11

European Property A F

259.81

Global Equity Income Acc F

0.09 0.00

0.10

European Equity Alpha A F

UK Strategic Income (No Trail) Acc F

1.78 0.00

$ 10.13

0.10 0.00

Morant Wright Fuji Yield GBP Acc Hedged 11.12

155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900

Property & Other UK Unit Trusts

UK Smaller Companies Equity (No Trail) Inc F

Emerging Markets Eq.A1

$ 32.57

0.21 0.00

3.37 0.00

Morant Wright Fuji Yield EUR Dist Hedged 10.83

-1.89 4.23

0.44 3.54

Invesco Asia Opportunities Equity A $ 101.35

Emerging Markets Debt A1

$ 10.79

0.61 3.48

0.18 0.79

Emer Mkts Debt Lo Curr Fd A1

16.78

0.11 0.00

$ 201.83

US Growth USD Ord Acc

1063.36

Continental European Eqty A1

0.11 0.00

High Yield Global Bond B GBP Inc

$ 12.45

0.26 0.00

SFr 107.73

Lothbury Property Trust (UK)

57.81

Invesco Asia Infrastructure (A)

9.06

SFr 108.82

Swiss Select Equity Ord Acc

-0.93 3.74

79.44

6.57 0.71

Swiss Select Equity Inst Acc

European High Income Inc F

7.25 0.71

China Equity Fd A1

-0.02 0.00

511.68

European High Income Acc F

0.02 0.00

High Yield Global Bond A GBP Inc

0.50 3.69

153.27

411.94

$ 10.35

0.00 0.00

Global Val.Cr.Fd EUR Ord Acc

-2.30

60.06xd

454.40

Bond A1

Global Eq Income Inc ... C

Global Equity (inc) F

0.22 0.00

$ 164.38

1018.21

0.97 1.30

Global Equity (acc) F

0.00 0.00

Global Val.Cr.Fd USD Ord Acc

Eq Market Neutral Plus B Acc

0.20 0.25

$ 21.85

-0.05 0.00

0.11

0.00 0.00

FCA Recognised
-

0.18 0.00

281.63

Asia ex-Japan A1

(IRL)

$ 121.40
175.09

UK Smaller Companies Equity (No Trail) Acc F

Invesco Asia Consumer Demand Fund A income $ 12.55

Morant Wright Funds (Ireland) PLC

Global Val.Cr.Fd USD Inst Acc

Global Val.Cr.Fd GBP Ord Acc

$ 12.52

1.02 3.74

0.13 3.81

-0.01 3.66

Will.Blair Gbl. Ldrs PA

1.04

55.90

$ 14.01

109.93

-0.90

European Equity Income Inc F

Invesco Asia Balanced A dist

$ 91.56

3.92 0.00

Global Val.Cr.Fd GBP Ord Inc

1.70 2.60

3.76 1.08

MW Japan Fund PLC C

3.82 0.00

1013.08

4.17 1.07

$ 141.12

Eq Market Neutral B Acc

115.55

0.27

$ 137.48

China Equity USD Inst Acc

0.12 0.00

UK Growth (No Trail) Inc F

0.62 0.00

0.26

China Equity USD Ord Acc

Global Eq Income Acc... C

204.80

$ 24.01

+/- Yield

14.88

1.33 3.65

227.11

9.79

0.46 0.00

$ 23.79

MW Japan Fund PLC B

Offer

Will.Blair Gbl. Ldrs PA

13.65 2.42

Global Emerging Markets Inc F

MW Japan Fund PLC A

Bid

Global Emerging Markets Acc F

7.36

0.57 0.00

(IRL)

Fund

-0.43

0.00 0.00

19.65

+/- Yield

72.23

Absolute Return A1

(LUX)

Offer

1074.65

697.69

2.88

Bid

Absolute Return Bond B GBP Acc

European Equity Income Acc F

Invesco Active Multi-Sector Credit Fund A

9.23

LO Selection

Asset Management

0.15 2.47

Distribution Acc F

SFr

Fund

Morant Wright Fuji Yield EUR Acc Hedged 10.89

Asset Management

PrivilEdge

0.23 4.50

Regulated

169.53

0.22 4.49

MFS Meridian Funds SICAV

12.93

Monthly Income Plus (No Trail) Acc F

0.00 0.00

Technology PA

0.66 0.49

1.50

0.66 0.49

49.60

SFr 128.76

49.60

High Yield Bond A Acc

Glbl Distribution Inc (Gross)

75.00

0.01 0.00

56.57

Glbl Distribution Inc

53.72

Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282

FCA Recognised
Invesco Management SA

9020.00

$ 15.16

Ethical Equity A Acc

56.56

0.24 4.46

Low Volatility Gb.Eq.Fd.Yen

0.00 0.00

0.00 0.00

Fusion Growth + Inc

0.24 0.00

Fusion Growth + Acc

52.69

112.31

SFr 13.44

1.77 3.19

Glbl Distribution Acc (Gross)

$ 19.72

Sh.T- Money Mkt EUR PA

Tactical Alpha (USD) PA

Fusion Balanced Inc

(LUX)

Golden Age (USD) PA F

1.59 2.50

1.87 0.00

Invesco

-0.01 0.00

0.24 4.47

1.13

154.21

SFr 23.42

Managed Income (No Trail) Inc F

52.06

$ 96.99

Sw.Fr.Bd(For) PA

0.03 3.73

Glbl Distribution Acc

Low Volatility Gb.Eq.Fd.USD

0.86 2.50

0.06 3.63

0.12 1.18

0.18 0.00

165.09

80.58

14.22

Ethical Cautious Managed A Acc

88.70

Global Bond Inc F

Golden Age (EUR) PA

0.00 0.00

205.02

Global Bond Acc F

Corporate Bd Inc (Gross) F

Emerging European Inc F

0.84

0.45 0.48

Global Bond exUK Acc

173.77

0.85 0.00

-0.53 1.48

97.11

0.00 0.00

Low Volatility Gb.Eq.Fd.Sterl

$ 10.30

Corporate Bd Acc (Gross) F

118.95

0.26 0.00

Sh.T- Money Mkt USD PA

0.54 0.49

Tactical Bond (No Trail) Inc F

0.83 2.83

0.23 4.51

SFr 20.92

55.06

131.22

Fusion Growth Inc

63.12

0.53

Diversified Growth A Acc

2.14 3.13

Distribution Inc F

Fusion Income Inc...C

97.45

10.54

53.73

2.60 0.95

Low Volatility Gb.Eq.Fd.Euro

Tactical Alpha (EUR) PA

62.27

0.30 0.00

0.00 0.00

+/- Yield

2.67 1.33

171.47

1.36 0.00

10.27

Pacific (No Trail) Acc F

Sh.T- Money Mkt GBP PA

0.02 3.73

$ 99.28

0.49 0.00

186.60

Gb.Val.Fd.USD

0.54 0.00

173.42

88.38

0.21 0.00

Managed Income (No Trail) Acc F

Corporate Bond Inc F

Managed Growth (No Trail) Inc F

Corporate Bond Acc F

$ 14.51

1.50

Fusion Balanced Acc

Asset Management

FCA Recognised

100.61

5.40 1.90

set Management

1.16 0.00

109.53

0.64 0.13

Diversified Income B Inc

390.22

110.34

Diversified Income B Acc

Childrens Acc F

54.60

Gb.Val.Fd.Sterling

Sh.T- Money Mkt CHF PA

Fusion Growth Acc

Balanced Risk 10 Acc

0.15 0.00

Eur Smaller Cos Inc

1.21 0.83

MW Japan Fund Plc

Ethical Corporate Bond A Inc

2.50 0.82

126.17

0.90 0.00

0.00 0.00

172.34

126.00 0.00

160.10

Eur Dynamic exUK hdg Acc

122.15

SFr 10.25

0.92 1.50

1.71 4.33

(UK)

13184.00

Gb.Val.Fd. Euro

Tactical Alpha (CHF) PA

Income (No Trail) Inc F

18.88

Fund

6.59

Golden Age (CHF) PA F

Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA

0800 45 44 22 www.kamescapital.com
Authorised Funds

Gb.Val.Ex-Japan Fd.Yen

0.17 1.50

59.53

Income (No Trail) Acc F

46.82

0.11 0.00

0.71 2.50

0.13 5.07

Eur Dynamic exUK Inc

Asian Equity Income Inc F

0.01 0.00

0.77 5.75

Eur Dynamic exUK Acc

Offer

16.00 1.50

2.16 4.21

143.94

$ 10.80
SFr 12.53

Gbl.5B Fdmt SH (USD) PA

Bid

195.35

3.67 1.36

Japan (No Trail) Acc F

+/- Yield

136.58

0.74 4.87

0.53 0.00

Offer

Ethical Corporate Bond A Acc

1034.00

6.72 1.00

Bid

Ethical Cautious Managed A Inc

41.92xd

223.62

$ 144.44

Fund

Sw.Fr.Credit Bd(For) PA

Europe Acc

180.83

+/- Yield

Kames Capital ICVC

Emrg Mkts Inc Inc... C

Income & Growth (No Trail) Acc F

177.02

Offer

(UK)

0.17 4.95

Hong Kong & China (No Trail) Acc F

0.50 0.00

Bid

Global Energy (USD) PA F

Europe Inc

54.95

Fund
JB Strategy Inc-USD/B

2.74 1.72

365.21

53.33

+/- Yield

Asian Equity Income Acc F

Balanced Risk 8 Acc

Offer

148.78

Income & Growth (No Trail) Inc F

7.49 0.99

Bid

Gbl Emerging Markets (No Trail) Acc F

High Yield Fund (No Trail) Acc

Invesco Fund Managers Ltd

Fund

Oryx International Growth Fund Ltd

New Capital Fund Management Ltd

6.63

0.18 0.00

(IRL)

Leconfield House, Curzon Street, London, W1J 5JB

FCA Recognised
New Capital UCITS Funds
Asia Pac Bd USD Inst Inc

$ 90.30

0.14 3.36

Permal Investment Mgmt Svcs Ltd

Asia Pac Bd USD Ord Inc

$ 92.14

0.14 2.60

Asia Pac Eq EUR Ord Inc

84.09

0.63 3.51

www.permal.com
Other International Funds
Offshore Fund Class A US $ Shares

Asia Pac Eq GBP Ord Inc

87.07

0.66 3.99

Investment Holdings N.V.

$ 5501.67

-210.54 0.00

Asia Pac Eq USD Ord Inc

$ 87.60

0.66 3.34

Macro Holdings Ltd

$ 4245.42

47.63 0.00

Asia Pac Eq USD Inst Acc

$ 92.89

0.70 0.00

Fixed Income Holdings N.V.

$ 378.88

-8.07

Asia Pac Eq USD Inst Inc

$ 97.82

0.74 4.10

Permal Absolute Return Fund

$ 169.53

2.94 0.00

Dyn Europ Eq EUR Ord Inc

166.38

0.55 1.43

Dyn Europ Eq GBP Ord Inc

176.85

0.58 1.81

Dyn Europ Eq USD Ord Inc

$ 166.14

0.55 1.34

China Equity EUR Ord Acc

135.39

3.75 0.00

China Equity GBP Ord Acc

141.15

3.91 0.00

Tuesday 6 October 2015

33

FINANCIAL TIMES

MANAGED FUNDS SERVICE

Fund

Bid

Offer

+/- Yield

Fund

Pictet Asset Management (Europe) SA

+/- Yield

Fund

Bid

Offer

+/- Yield

Fund

Bid

Offer

+/- Yield

Fund

Bid

UK Growth

253.00

Low Average Duration - Inst Acc $ 14.74

0.01 0.00

Chinese Equities (EUR)

71.60

0.50 0.00

0.06 0.00

Em Stars Equities (EUR)

161.73

1.30 0.00

StocksPLUS{TM} - Inst Acc

$ 21.96

0.30 0.00

Emerging Markets Equities (EUR) 135.83

0.60 0.00

SIA (SIA Funds AG)

Total Return Bond - Inst Acc

$ 27.09

0.07 0.00

Flex-o-Rente (EUR)

110.14

0.24 0.00

Regulated

17.15

0.05 0.00

Glob.Consumer Trends Equities (EUR) 146.64

1.01 0.00

UK Long Term Corp. Bnd Inst-Inst Acc 19.01

0.08 0.00

High Yield Bonds (EUR)

121.78

0.49 0.00

UK Real Return - Inst Acc

15, Avenue J.F. Kennedy L-1855 Luxembourg

Tel: 0041 58 323 3000
FCA Recognised

Offer

Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.39

UK Corporate Bond - Inst Acc

(LUX)

Bid

23.26

0.11 0.00

Lux -O- Rente (EUR)

142.14

0.60 0.00

UK Sterling Long Average Duration - Inst Acc 22.19

0.11 0.00

New World Financials (EUR)

49.94

0.12 0.00

Santander Asset Management UK Limited (1200)F

(UK)

287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181

Authorised Funds
Santander Atlas Range

Offer

+/- Yield

1.70 0.00

(LUX)
311.89

2.36 0.00

LTIF Natural Resources

69.02

1.34 0.00

LTIF Stability A ACCU

157.81

-0.30

SIA (SIA Funds AG) (CH)

105.67

0.07 0.00

UK Sterling Low Average Duration - Inst Acc 13.96

0.00 0.00

US Premium Equities (EUR)

171.76

2.09 0.00

Santander Atlas Inc Port Acc Inst

286.10

0.80

Pictet-Absl Rtn Glo Div-I EUR F

123.61

0.12 0.00

Unconstrained Bond - Inst Acc

$ 11.82

0.03 0.00

US Premium Equities (USD)

$ 191.94

2.37 0.00

Santander Atlas Inc Port Inc Inst

221.60

0.60

LTIF Stability Growth

SFr 185.00

-1.80

Pictet-Agriculture-I EUR F

175.92

2.26 0.00

US Fundam.Index StocksPLUS Inst Inc $ 11.58

0.18 0.00

Santander Atlas Port 3 Acc Ret

147.00

0.50

LTIF Stability Inc Plus

SFr 164.30

-1.60 6.17

0.85 0.00

Pictet-Asian Local Currency Debt-I USD F $ 149.16

0.88 0.00

Pictet-Biotech-I USD F

$ 797.13

9.45 0.00

Pictet-Brazil Index I USD

$ 36.91

1.22 0.00

Pictet-CHF Bonds I CHF

US High Yield Bond Fund Inst Acc $ 26.91

SFr 504.26

0.59 0.00

$ 104.49

3.40 0.00

Pictet-Clean Energy-I USD F

$ 77.33

1.51 0.00

Platinum Capital Management Ltd

Pictet-Digital Communication-I USD F $ 240.85

5.28 0.00

Other International Funds

Pictet-Em Lcl Ccy Dbt-I USD F

254.32

-2.73 0.00

$ 152.83

0.99 0.00

Pictet-Emerging Markets-I USD F $ 453.59

8.65 0.00

Pictet-Emerging Markets Index-I USD F $ 208.87

3.09 0.00

Pictet-Emerging Corporate Bonds I USD $ 104.53

0.18 0.00

Pictet-Emerging Markets High Dividend I USD $ 89.77

1.14 0.00

Pictet-Emerging Markets Sust Eq I USD $ 83.09

0.72 0.00

Pictet-Environmental Megatrend Sel I EUR 149.09

1.06 0.00

Pictet-EUR Bonds-I F

551.83

1.39 0.00

Pictet-EUR Corporate Bonds Ex Fin i EUR 140.84

0.13 0.00

Pictet-EUR Corporate Bonds-I F

118.46

-0.02 0.00

Pictet-EUR Sov.Sht.Mon.Mkt EUR I 103.02

-0.01 0.00

Pictet-Euroland Index IS EUR

123.53

0.77 0.00

Pictet-Europe Index-I EUR F

161.36

0.79 0.00

Pictet-European Equity Selection-I EUR F 595.82

1.38 0.00

Pictet-European Sust Eq-I EUR F

0.90 0.00

230.54

Pictet-Global Bds Fundamental I USD $ 118.12

0.98 0.00

Pictet-Global Bonds-I EUR

-0.05 0.00

161.24

Pictet-Global Emerging Currencies-I USD F $ 95.75

-0.01 0.00

Pictet-Global Emerging Debt-I USD F $ 351.91

2.40 0.00

Pictet-Global Megatrend Selection-I USD F $ 214.82

3.18 0.00

Pictet-Greater China-I USD F

-2.17 0.00

Pictet-Health-I USD

$ 430.17

17.59

0.15 0.00

UK Sovereign Bd Index Fund

10.86

0.04 2.59

Platinum Global Dividend UCITS Fund $ 65.33

0.02 7.29

Inflation Lkd Sov Bd Fund

13.00

Platinum Essential Resources UCITs Fund $

5.20

0.04 0.00

UK Specialist Equity Income Fund

Platinum Maverick Enhanced Fund Limited $ 98.18

0.00

Biotechnology I USD

$ 17.27 17.27 0.49 0.00

European Income Acc EUR

11.04 11.04 0.05

European Ex UK Inc EUR Acc

Financial Opps I USD

$ 12.12

GEM Growth I USD

9.33

8.30
9.37

9.33 0.04
-

0.04 2.20
0.07 0.00

GEM Income I USD

0.06 0.00

Global Alpha I USD

$ 12.47 12.47 0.10 0.00

Global Convertible I USD

$ 11.34 11.34 0.07 0.00

Global Insurance I GBP

3.95

0.01 0.00

Global Technology I USD

$ 21.74

0.42 0.00

Healthcare Blue Chip Fund I USD Acc $ 10.64 10.64 0.21 0.00
Healthcare Opps I USD

$ 39.01

0.87 0.00

0.90

127.70

0.60

161.30

0.80

European Growth Trust A Class

503.50

8.40 0.75

Santander Atlas Port 5 Acc Ret

187.30

0.90

Far Eastern Income and Growth Trust A Class

407.80

4.90 3.37

Santander Atlas Port 5 Acc Inst

158.80

0.70

Fixed Interest Trust A Class

121.30

0.10 3.40

Santander Atlas Port 6 Acc Ret

254.90

1.50

Global Gold and Resource Trust A Class

133.60

7.90 0.00

Santander Atlas Port 6 Acc X

182.00

1.10

MM Endurance Balanced Fund A Class

207.40

0.60 1.24

2084.00

12.00 1.89

Santander Atlas Port 6 Acc Inst

156.70

0.90

MM Global Investment Fund A Class

Santander Atlas Port 7 Acc Ret

197.20

1.20

North American Trust A Class

1626.00

19.00 0.00

Santander Atlas Port 7 Acc Inst

156.40

1.00

Oriental Growth Fund A Class

142.80

2.60 1.10

UK Equity Growth Trust A Class

411.10

2.50 0.68

UK Equity Income Trust A Class

223.30

2.10 4.88

0.05 0.68
0.03 3.85

Global Emerg Mkts Equity Fund X 10.37

0.19 0.52

Authorised Inv Funds

Global Spec Inv Grade Bd Fund GBP

0.03 3.19

Max 70% Shs Acc Ret

163.90

Max 70% Shs Inc Ret

138.80

0.90

Investments Inc Acc Ret

154.00

0.00

Investments Inc Inc Ret

102.10

0.00

Equity Inc Inc Inst

241.30

2.20

Equity Inc Inc Ret

207.10

1.80

Equity Inc Acc Inst

145.70

1.30

N&P UK Gwth Inc Ret

162.80

1.20

Stckmkt 100 Track Gwth Acc Inst

90.49

1.16

Stckmkt 100 Track Gwth Acc Ret

167.70

2.10

UK Growth Acc Inst

284.50

2.20

UK Growth Acc Ret

329.90

2.40

UK Growth Inc Ret

219.50

1.60

9.86

19.12

0.12 3.30

0.08 1.76

Contl Europe Specialist Fund

23.60

0.08 0.63

Japan Specialist Fund X

14.89

0.11 0.54

US Spec Equity Fund

18.41

Pacific Basin Specialist Equity Fund 37.20

0.15 0.16

0.55 1.35

UK Sovereign Bd Index Fund

10.98

0.04 2.59

Inflation Lkd Sov Bd Fund

12.87

0.06 0.68

UK Specialist Equity Income Fund 10.35

0.04 3.79

Global Spec Inv Grade Bd Fund GBP 10.15

0.04 3.19

Global Emerg Mkts Equity Fund X 10.38

0.19 0.75

Address and telephone number for Series 5 only

(UK)
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777
Authorised Inv Funds

Royal London Sustainable World A Inc

Royal London Corporate Bond Mth Income

Managed OEIC

Royal London Unit Managers Ltd. (1200) F

Royal London Sustainable Diversified A Inc

1.10

Glob Em Shs Port Acc Ret

149.90

1.30

Max 70% Shs Port Acc Ret

250.50

1.00

Max 70% Shs Port Acc X

179.90

0.70

1.54

0.01 2.02

Max 70% Shs Port Acc S

145.40

0.50

166.10

1.50 0.71

Investment Port Acc Ret

230.90

0.20

Investment Port Acc X

163.60

0.10

88.64 93.30 0.14 4.18

-2.14

Equity & General C Acc

372.86

-5.05 0.06

Max 30% Shs Port Acc S

147.40

0.40

$ 832.61

-29.07 0.00

Equity & General C Inc

343.89

-4.66 0.06

Max 30% Shs Inc Port Inc Ret

152.90

0.30

$ 699.39 700.37 3.85 0.00

Equity & General O Inc

342.71

-4.67 0.00

Max 30% Shs Inc Port Inc X

153.10

0.30

Equity & General O Acc

369.35

-5.03 0.00

Max 30% Shs Inc Port Inc S

146.80

0.30

European C Acc

509.84

-0.95 0.24

Max 60% Shs Port Acc Ret

265.20

0.90

European O Acc

505.09

-0.97 0.00

Max 60% Shs Port Inc Ret

211.50

0.70

Japanese Fund C Acc

169.36

-3.30 0.00

Max 60% Shs Port Inc X

163.80

0.60

Pictet-Security-I USD F

$ 193.10

2.36 0.00

Polunin Developing Countries

Pictet-Select-Callisto I EUR

105.11

-0.36 0.00

Polunin Discovery - Frontier Markets $ 1382.59

Pictet-Small Cap Europe-I EUR F 1071.19

0.92 0.00

Polunin Small Cap

Pictet-ST.MoneyMkt-I

140.49

0.00 0.00

Pictet-ST.MoneyMkt JPY I USD

101531.55

3.53 0.00

Pictet-ST.MoneyMkt-ICHF

SFr 124.43

-0.01 0.00

Pictet-ST.MoneyMkt-IUSD

$ 135.14

0.00 0.00

Pictet-Timber-I USD F

$ 139.47

1.13 0.00

Pictet Total Ret-Agora I EUR

114.39

0.13 0.00

Pictet Total Ret-Corto Europe I EUR 135.14

-0.12 0.00

Pictet Total Ret-Divers Alpha I EUR 104.28

0.05 0.00

108.56

-0.16 0.00

Pictet Total Ret-Mandarin I USD $ 112.77

0.72 0.00

Pictet-US Equity Selection-I USD $ 180.92

2.81 0.00

Pictet-US High Yield-I USD F

-0.16 0.00

Pictet-USA Index-I USD F

$ 143.38

-2.96 0.00

$ 1276.30 1292.25 -23.48 0.00

Private Fund Mgrs (Guernsey) Ltd

(GSY)

Regulated
Monument Growth 29/09/2015

464.13 469.27 -1.05 1.06

Prusik Investment Management LLP

(IRL)

Enquiries - 0207 493 1331

Regulated
Prusik Asian Equity Income B Dist $ 154.36

2.05 4.02

Prusik Asia A

$ 190.29

3.55 0.00

Prusik Asian Smaller Cos A

$ 140.82

1.30 0.00

2.44 0.00

2.17 0.00

Pictet-USD Short Mid-Term Bonds-I F $ 130.06

0.29 0.00

Global Total Fd PCG A

157.19

2.07 0.37

Pictet-USD Sov.ST.Mon.Mkt-I

$ 102.59

0.00 0.00

Global Total Fd PCG B

155.83

2.04 0.13

Pictet-Water-I EUR F

259.03

1.29 0.00

Global Total Fd PCG INT

153.86

2.02 0.00

(IRL)

Capital Securities Inst Acc

$ 14.69

0.01 0.00

6.41

0.07 0.00

Credit Absolute Return Fund Inst Acc $ 11.04

-0.01 0.00

Diversified Income - Inst Acc

$ 18.96

0.02 0.00

Diversified Income Durat Hdg Fund Inst Acc $ 10.99

-0.02 0.00

EM Fundam.Ind StocksPLUS Fund Inst Acc $

8.21

0.09 0.00

Emerging Asia Bond Fund Inst Acc $

9.44

0.01 0.00

$ 10.66

0.08 0.00

Commodity Real Return Fund Inst Acc $

Emerging Local Bond - Inst Acc

Purisima Investment Fds (CI) Ltd

155.81

0.41 0.00

PCG C X

153.69

0.40 0.00

(IRL)

Regulated
Putnam New Flag Euro High Yield Plc - E 993.86

-1.08 4.39

Rathbone Unit Trust Mgmt (1200)F

Blue Chip Income Inc

0.19 0.00

Blue Chip Income Acc

0.01 0.00

Ethical Bond Inc

Emerging Markets Curr.Fd- Inst Acc $ 11.64

0.02 0.00

Ethical Bond Acc

222.77 229.80 2.75 4.30

90.32 92.31 0.08 5.34
171.15 174.57 0.16 5.23

22.62

0.06 0.00

Global Opportunities Acc

134.19 138.42 1.47 0.12

14.60

0.01 0.00

Income Inc

860.53 890.37 6.85 4.06

12.69

-0.01 0.00

Income Acc

1307.76 1351.66 10.41 3.88

Euro Long Average Duration - Inst Acc 21.91

0.18 0.00

Multi Asset Enhanced Growth Acc

117.00

1.12 0.00

Euro Low Duration Fund Inst Acc 11.21

0.01 0.00

Multi Asset Strategic Growth inc

144.62

0.75 1.44

Euro Real Return - Inst Acc

13.35

0.04 0.00

Multi Asset Strategic Growth acc

153.04

0.79 1.42

Euro Short-Term Inst Acc

12.25

0.00 0.00

Multi Asset Total Return inc

125.22

0.21 1.89

Euro Ultra Long Duration - Inst Acc 28.94

0.37 0.00

Multi Asset Total Return acc

137.99

0.23 1.87

0.06 0.00

Recovery Inc

416.56 432.56 2.40 2.38

8.45

0.06 0.00

Recovery Acc

503.39 522.16 2.90 2.34

$ 27.80

0.07 0.00

Strategic Bond I-Class Acc

124.19 124.82 0.08 4.22

$ 19.43

0.05 0.00

-0.61 0.59

Managed Investments OEIC 2

Pacific O Acc

282.79

-0.63 0.28

Investments Inc Port Inc Ret

162.20

0.00

Total Return C Acc

383.64

-1.44 1.31

Investments Inc Port Inc X

147.00

0.00

178.30

-0.10

146.40

-0.10

Strategic Bond I-Class Inc

108.93 109.56 0.07 4.28

144.70

0.50

Total Return C Inc

266.02

-1.00 1.32

Total Return O Inc

263.40

-1.00 1.33

Gov Bond Inc Inst

Total Return O Acc

380.01

-1.45 1.31

Gov Bond Acc Inst

147.80

-0.10 2.10

Strat Bond Inc Inst (gross)

179.40

0.10

Strat Bond Inc Inst

148.10

0.10

Strat Bond Acc Inst

149.20

0.20

S W Mitchell Capital LLP

(CYM)

Regulated
S W Mitchell European Fund Class A EUR 333.17

-22.51

S W Mitchell Small Cap European Fund Class A EUR 228.99

-6.11

The Charlemagne Fund EUR

-25.58

323.00

S W Mitchell Capital LLP

SWMC European Fund B EUR

14713.12

-124.75 0.00

11697.41

89.08 0.00

SWMC Small Cap European Fund B EUR 13562.04

102.59 0.00

SWMC Emerging European Fund B EUR 8482.48

-51.61 0.00

(LUX)

Tel. +41 44 653 10 10 http://www.robecosam.com/

Regulated

UK Equity Fund

1.9127

0.0202 2.71

10.49

0.24 1.42

RobecoSAM Sm.Energy/N

10.51

0.20 0.00

RobecoSAM Sm.Materials/A

115.73

1.23 2.16

RobecoSAM Sm.Materials/N

132.28

0.99 0.00

RobecoSAM Sm.Materials/Na

91.28

0.69

RobecoSAM Gl.Small Cap Eq/A

74.14

0.89 1.86

RobecoSAM Gl.Small Cap Eq/N

Global Real Return - Inst Acc

$ 18.11

0.09 0.00

Income Fund Inst Acc

$ 12.21

0.02 0.00

Inflation Strategy Fund Inst Acc

0.02 0.00

Asia-Pacific Equities (EUR)

125.82

0.72 0.00

$ 220.42

-7.60

Stenham Healthcare USD

$ 190.65

Stenham Managed Fund USD

$ 116.67

Stenham Macro UCITS USD

$ 102.34

Stenham Multi Strategy USD

0.01 0.00

Value Partners Classic Equity Fund EUR Hedged 11.62

0.09 0.00

AED 10.61

-0.02 0.00

$ 942.82

18.22 0.00

(IRL)
Veritas Asset Management LLP
HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Veritas Funds Plc
www.veritas-asset.com
+353 1 635 6799
FCA Recognised
Institutional
Veritas Asian Fund A USD H

$ 305.04

6.18 0.45

Veritas Asian Fund A GBP H

371.84

6.55 0.26

Veritas Asian Fund A EUR H

308.06

4.24 0.23

Veritas China Fund A USD

$ 141.19

0.33 0.36

(UK)
Thesis Unit Trust Management Limited
Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Authorised Funds

Veritas China Fund A GBP

146.12

0.34 0.37

Veritas China Fund A EUR

139.88

0.33 0.37

TM New Court Fund A 2011 Inc

MENA Hedge Fund

TNI Funds Plc (Ireland)
MENA UCITS Fund *

$ 1175.41

-7.17 0.00

12.72

0.01 0.00

Veritas Global Equity Income Fund D USD $ 112.28

2.45 4.42

TM New Court Fund - A 2014 Acc 12.75

0.01 0.00

Veritas Global Equity Income Fund D EUR 193.45

2.82 4.46

TM New Court Equity Growth Fund - Inc 12.77

0.01 0.00

Veritas Global Equity Income Fund D GBP 143.56

2.76 4.45

Veritas Global Focus Fund D USD $ 25.13

0.47 0.69

Veritas Global Focus Fund D EUR 22.50

0.25 0.70

Veritas Global Focus Fund D GBP 28.07

0.45 0.68

Veritas Global Focus Fund A GBP 27.12

0.43 0.39

Toscafund

(CYM)

Regulated

Veritas Global Focus Fund A EUR 13.12

0.14 0.40

Veritas Global Focus Fund A USD $ 24.26

0.45 0.40

Veritas Global Focus Fund C GBP 29.43

0.47 0.00

$ 301.78

-3.44 0.00

Veritas Global Focus Fund C EUR 23.70

0.27 0.00

-10.24 0.00

Tosca Mid Cap GBP

258.14

-9.62 0.00

Veritas Global Focus Fund C USD $ 26.40

0.49 0.00

-3.43

Tosca Opportunity B USD

$ 353.68

-18.15 0.00

Veritas Global Equity Income Fund A GBP 137.65

2.64 4.45

-0.16

Veritas Global Equity Income Fund A EUR 188.03

2.74 4.47

$ 121.31

-1.85

Veritas Global Equity Income Fund A USD $ 108.10

2.36 4.42

Stenham Quadrant USD A

$ 400.20

-2.72

Veritas Global Equity Income Fund C GBP 165.35

3.17

Stenham Trading Inc USD

$ 115.83

-0.71

Veritas Global Equity Income Fund C EUR 225.77

3.30

Stenham Universal USD

$ 449.78

-8.92

Veritas Global Equity Income Fund C USD $ 129.03

2.82

Stenham Universal II USD

$ 166.84

-3.37 0.00

Veritas Global Real Return Fund A USD $ 20.00

0.26 0.31

Veritas Global Real Return Fund A GBP 11.18

0.15 0.34

Veritas Global Real Return Fund A EUR 11.81

0.15 0.12

Stratton Street Capital (CI) Limited

(GSY)

Regulated

TreeTop Asset Management S.A.

(LUX)

Regulated
TreeTop Convertible Sicav
International A

292.32

1.21 0.00

Retail

Japan Synthetic Warrant Yen Class 1454.14

-21.40 0.00

International B

$ 375.94

1.70 0.00

Veritas Asian Fund B USD

$ 212.85

4.30 0.00

Japan Synthetic Warrant GBP Hedged Class 181.05

-15.63 0.00

International C

126.52

0.58 0.00

Veritas Asian Fund B GBP

274.39

4.83 0.00

Japan Synthetic Warrant USD Class $ 15.71

-0.16 0.00

International D

271.35

1.12 3.18

Veritas Asian Fund B EUR

227.22

3.12 0.00

Japan Synthetic Warrant USD Hedged Class $ 179.37

-16.46 0.00

Pacific A

262.38

1.82 0.00

Veritas China Fund B GBP

141.75

0.32 0.00

Renminbi Bond Fund AUD Cls A A$ 120.78

0.67 3.89

Pacific B

$ 330.86

2.42 0.00

Veritas China Fund B EUR

Renminbi Bond Fund AUD Cls B A$ 122.61

0.68 3.63

TreeTop Global Sicav

Renminbi Bond Fund CHF Cls A SFr 118.16

0.64 3.94

0.84 3.19

Global Opp.A

134.94

0.17 0.00

Global Opp.B

$ 133.99

0.38 0.00

Global Opp.C

169.40

0.42 0.00

Sequoia Equity A

144.86

0.28 0.00

Sequoia Equity B

$ 149.74

0.75 0.00

Sequoia Equity C

169.39

0.79 0.00

163.91

1.09 0.00

Veritas Global Focus Fund B USD $ 17.54

0.32 0.00

Veritas Global Focus Fund B GBP 20.75

0.33 0.00

Veritas Global Focus Fund B EUR 15.65

0.18 0.00

Veritas Global Equity Income Fund B GBP 126.73

2.43 4.47

Veritas Global Equity Income Fund B EUR 172.68

2.51 4.48

Veritas Global Equity Income Fund B USD $ 107.25

2.33 4.44

Veritas Global Real Return Fund B USD $ 19.42

0.25 0.00

Corp Bond Inc Inst

141.70

0.10

Renminbi Bond Fund CNH Cls B CNH 125.12

Corp Bond Acc Inst

143.20

0.10

Renminbi Bond Fund Euro Cls B

119.52

0.65 3.69

Renminbi Bond Fund GBP Cls B

121.47

0.67 3.48
0.67 3.44

Veritas Global Real Return Fund B GBP 10.98

0.14 0.00

Veritas Global Real Return Fund B EUR 12.64

0.17 0.00

Multi-Manager OEIC
Bal Intl Track Acc Ret

257.60

1.20

Renminbi Bond Fund SGD Cls B S$ 120.52

Bond Mthly Inc Acc Ret

142.60

0.10

Renminbi Bond Fund USD Cls B

$ 120.83

0.66 3.24

Bond Mthly Inc Inc Ret

91.71

0.09

Renminbi Bond Fund YEN Cls B

13328.56

71.27 0.00

Renminbi Bond Fund USD Cls A

$ 166.61

0.90 3.49

Renminbi Bond Fund GBP Cls A

161.91

0.89 3.73

Renminbi Bond Fund SGD Cls A S$ 159.65

0.89 3.69

Renminbi Bond Fund YEN Cls A

19730.70

105.62 0.00

Renminbi Bond Fund EUR Cls A

109.93

0.60 3.94

Poland Geared Growth

-0.04 0.00

Santander Asset Management UK Limited (1200)F (UK)

287 St Vincent Street, Glasgow G2 5NB 0845 605 4400
Authorised Inv Funds
Santander Premium Fund (OEIC)
A Shares
Europe (ex-UK)

271.10

4.40

Japan Equities

148.30

1.30

Pacific Bas (ex-Japan)

490.50

7.40

0.46

Veritas Asset Management LLP

Troy Asset Mgt Ltd

(UK)

40 Dukes Place, London EC3A 7NH

Order Desk and Enquiries: 0345 608 0950
Authorised Inv Funds
ACD Capita Financial Mgrs
156.54

0.28 0.28

Sterling Bonds

262.80

0.10

Spectrum Fund 'O' Inc

152.59

0.28 0.28

UK Equities

263.50

2.30

Spectrum Income Fund 'O' Acc

94.90

-0.01

Spectrum Income Fund 'O' Inc

94.45

-0.02

251.70

2.80

489.80

7.40

Trojan Fund O Acc

254.36

2.00 0.44

E.I. Sturdza Strategic Management Limited (GSY)

Trojan Fund O Inc

211.01

1.65 0.44

Regulated

Trojan Global Equity O Acc

207.49

2.53 0.94

Trojan Global Equity O Inc

176.74

2.15 0.94

Trojan Income O Acc

269.57

2.43 3.74

Trojan Income O Inc

170.76

1.54 3.86

B Shares

Saracen Fund Managers Ltd (1000)F

(UK)
19 Rutland Square, Edinburgh EH1 2BB
Dealing: 00 353 1 603 9921
Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Authorised Inv Funds
Saracen Growth Fd Alpha Acc

3.56

0.02 1.02

Saracen Growth Fd Beta Acc

5.68

0.03 1.52

146.96

1.29 0.00

Saracen Global Income & Growth Fund A - Acc

1.10

0.01 3.17

0.62 0.00

Saracen Global Income & Growth Fund A - Dist

1.03

0.01 2.90

RobecoSAM Sustainable Gl.Eq/N 145.63

0.54 0.00

Saracen Global Income and Growth Fund -Acc #

1.37

0.01 3.57

RobecoSAM S.HealthyLiv/B

2.03 0.00

Saracen Global Income and Growth Fund -Dist #

1.21

0.01 2.93

RobecoSAM S.HealthyLiv/N

156.36

1.89 0.00

Saracen UK Income Fund - Acc

1.00

0.00

RobecoSAM S.Water/A

158.53

1.64 2.40

Saracen UK Income Fund - Dist

0.99

0.00

RobecoSAM S.Water/N

151.72

1.08 0.00

97248.28

1579.28 0.00

Strat Evarich Japan Fd Ltd JPY

89465.00

1581.00 0.00

Strat Evarich Japan Fd Ltd USD

$ 885.76

15.70 0.00

130.67 136.64 0.17 3.18

(UK)
Scottish Friendly Asset Managers Ltd
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Authorised Inv Funds
232.40

1.20 0.00

Real Return Asian Fund USD (Est) 281.37

1.47 0.00

Real Return Asian Fund GBP

298.31

-1.62 0.00

Real Return Asian Fund EUR

$ 294.94

-1.60 0.00

Waverton Investment Funds Plc (1600)F

(IRL)

waverton.investments@citi.com
FCA Recognised
Waverton Asia Pacific A USD

$ 17.77

0.38 1.19

8.71

0.01 5.57

Waverton Global Equity Fund A GBP 13.36

0.15 0.40

Waverton UK Fund A GBP

13.04

0.12 1.92

Waverton Equity Fund A GBP

14.10

0.09 0.00

0.01 5.52

Waverton Global Bond Fund Cls A $

Waverton Sterling Bond Fund A GBP

9.44

Gross Net

Gross
AER Int Cr

Data Provided by

WA Fixed Income Fund Plc

www.morningstar.co.uk
Data as shown is for information purposes only. No
offer is made by Morningstar or this publication.

Guide to Data
The fund prices quoted on these pages are supplied by
the operator of the relevant fund. Details of funds
published on these pages, including prices, are for the
purpose of information only and should only be used
as a guide. The Financial Times Limited makes no
representation as to their accuracy or completeness
and they should not be relied upon when making an
investment decision.
The sale of interests in the funds listed on these pages
may, in certain jurisdictions, be restricted by law and
the funds will not necessarily be available to persons
in all jurisdictions in which the publication circulates.
Persons in any doubt should take appropriate
professional advice. Data collated by Morningstar. For
other queries contact reader.enquiries@ft.com +44
(0)207 873 4211.
The fund prices published in this edition along with
additional information are also available on the
Financial Times website, www.ft.com/funds. The
funds published on these pages are grouped together
by fund management company.
Prices are in pence unless otherwise indicated. The
change, if shown, is the change on the previously
quoted figure (not all funds update prices daily). Those
designated $ with no prefix refer to US dollars. Yield
percentage figures (in Tuesday to Saturday papers)
allow for buying expenses. Prices of certain older
insurance linked plans might be subject to capital
gains tax on sales.
Guide to pricing of Authorised Investment Funds:
(compiled with the assistance of the IMA. The
Investment Management Association, 65 Kingsway,
London WC2B 6TD.
Tel: +44 (0)20 7831 0898.)
OEIC: Open-Ended Investment Company. Similar to a
unit trust but using a company rather than a trust
structure.
Different share classes are issued to reflect a different
currency, charging structure or type of holder.
Selling price: Also called bid price. The price at which
units in a unit trust are sold by investors.
Buying price: Also called offer price. The price at
which units in a unit trust are bought by investors.
Includes managers initial charge.
Single price: Based on a mid-market valuation of the
underlying investments. The buying and selling price
for shares of an OEIC and units of a single priced unit
trust are the same.
Treatment of managers periodic capital charge:
The letter C denotes that the trust deducts all or part
of the managers/operators periodic charge from
capital, contact the manager/operator for full details
of the effect of this course of action.
Exit Charges: The letter E denotes that an exit charge
may be made when you sell units, contact the
manager/operator for full details.
Time: Some funds give information about the timing of
price quotes. The time shown alongside the fund
managers/operators name is the valuation point for
their unit trusts/OEICs, unless another time is
indicated by the symbol alongside the individual unit
trust/OEIC name.
The symbols are as follows: 0001 to 1100 hours;
1101 to 1400 hours; 1401 to 1700 hours; # 1701 to
midnight. Daily dealing prices are set on the basis of
the valuation point, a short period of time may elapse
before prices become available. Historic pricing: The
letter H denotes that the managers/operators will
normally deal on the price set at the most recent
valuation. The prices shown are the latest available
before publication and may not be the current dealing
levels because of an intervening portfolio revaluation
or a switch to a forward pricing basis. The
managers/operators must deal at a forward price on
request, and may move to forward pricing at any time.
Forward pricing: The letter F denotes that that
managers/operators deal at the price to be set at the
next valuation.
Investors can be given no definite price in advance of
the purchase or sale being carried out. The prices
appearing in the newspaper are the most recent
provided by the managers/operators. Scheme
particulars, prospectus, key features and reports: The
most recent particulars and documents may be
obtained free of charge from fund
managers/operators. * Indicates funds which do not
price on Fridays.
Charges for this advertising service are based on the
number of lines published and the classification of the
fund. Please contact data@ft.com or
call +44 (0)20 7873 3132 for further information.

(IRL)

Regulated

E.I. Sturdza Funds PLC

(IRL)

UBS Global Asset Mgmt Fds Ltd

European Multi-Sector

115.85

Nippon Growth (UCITS Fund Euro Hedged Class EUR) 1044.86

Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) 1229.38

-2.71 0.00

Nippon Growth (UCITS) Fund JPY Class A shares 96426.00

-199.00 0.00

(UK)
21 Lombard Street, London, EC3V 9AH
Client Services 0800 587 2113, Client Dealing 0800 587 2112
www.ubs.com/retailfunds
Authorised Inv Funds
OEIC

Nippon Growth (UCITS) Fund JPY Class B Acc shares 80844.00

-166.00 0.00

Global Emerg Mkts Eqty B Acc

1.27

Nippon Growth (UCITS) Fund JPY Class C Dis shares 78568.00

-162.00 0.00

Global Optimal B Acc

0.94

0.01 0.71

Nippon Growth (UCITS Fund Class D Institutional JPY) 52321.00

-107.00 0.00

UBS UK Opportunities Fund B Acc

0.86

0.02 3.23

Yuki International Limited

Strategic China Panda Fund USD $ 2145.56

87.23 0.00

US Equity B Acc

1.41

0.03 0.32

Strategic China Panda Fund Hedged EURO 2090.14

84.83 0.00

UBS S&P 500 Index C Acc

0.51

0.01

Tel +44-20-7269-0207 www.yukifunds.com

Regulated
Yuki Mizuho Umbrella Fund

Strategic China Panda Fund Hedged Sterling 2116.82

86.75 0.00

UBS Targeted Return B Acc

Strategic Euro Bond Accumulating Class CHFSFr 981.85

-0.54 0.00

UBS Sterling Corporate Bond Indexed Fund

Strategic Euro Bond Institutional Class EUR 1005.80

-0.54 0.00

Strategic Euro Bond Fund Accumulating Class Shares 1128.37

Strategic Euro Bond Fund Distributing Class Shares 1018.35

Strategic Global Bond RMB Acc
Strategic Global Bond USD Acc

Regulated

Asset Management

.
For Save & Prosper please see Countrywide Assured

Managed Growth

Nippon Growth Fund Limited

www.veritas-asset.com
Other International Funds

Trojan Investment Funds

Spectrum Fund 'O' Acc

Money Market
Trusts and
Bank Accounts

0.08 0.00

Tosca

0.84 3.42

Indirect Real Estate SIRE

Coolsingel 120, 3011 AG Rotterdam, The Netherlands.

www.robeco.com/contact
FCA Recognised

Stenham Growth USD

0.64 3.69

-0.02 0.00

(LUX)

1.02 0.00

Other International Funds

Robeco Asset Management

Schroder Property Managers (Jersey) Ltd

0.13 0.00

$ 148.16

Renminbi Bond Fund CNH Cls A CNH 125.40

0.04 3.69

Stenham Equity UCITS USD

Renminbi Bond Fund CHF Cls B SFr 117.93

-0.06 0.00

$ 14.13

Global Multi-Asset - Inst Acc

-0.70 0.00

0.05 0.00

-8.73

0.20

Global Investment Grade Credit - Inst Income $ 12.08

1.50

Global High Yield Bond - Inst Acc $ 19.49

Global Investment Grade Credit Fund Inst Acc $ $ 16.52

$ 126.64

Stenham Credit Opportunities A Class USD $ 103.92

RobecoSAM Sustainable Gl.Eq/B 168.97

168.05

Stenham Asia USD

0.14 0.00

8.83

TNI Funds Ltd (BMU)

210.60

Pacific Bas (ex-Japan)

RobecoSAM Sm.Energy/A

0.09 0.00

1.31

0.0119 1.91

172.00

US Equities

RobecoSAM

Global Eq (Ex Japan) Index Fund

0.0182 1.08

Corp Bond Acc Inst (gross)

(IRL)

Regulated

Value Partners Classic Equity Fund CHF HedgedSFr 11.51

The National Investor (TNI)

Div Inc Port Inc Ret

Managed Investments OEIC 3

Global Fundam.Index StocksPLUSInst Acc $ 10.39

Global Investment Grade Credit Fund Inst Acc 11.41

Gov Bond Inc Inst (gross)

149.43 154.30 1.85 4.44

Euro Credit - Inst Acc

Global Bond Ex-US - Inst Acc

(UK)

Euro Bond - Inst Acc

Global Bond - Inst Acc

285.74

PO Box 9948, Chelmsford, CM99 2AG

Order Desk: 0845 300 2101, Enquiries: 0207 399 0399
Authorised Inv Funds

$ 12.08

Pacific C Acc

SWMC UK Fund B

Putnam Investments (Ireland) Ltd

Global Advantage - Inst Acc

Max 60% Shs Port Inc S

(JER)

PCG B X

Emerging Markets Corp.Bd Fund Inst Acc F $ 12.48

Global Advantage Real Return Fund Inst Acc $

-3.27 0.00

Regulated

Emerging Markets Bond - Inst Acc $ 37.02

Euro Income Bond - Inst Acc F

(UK)
40 Dukes Place, London EC3A 7NH
Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds
Authorised Corporate Director - Capita Financial Managers

$ 171.96

PIMCO Europe Ltd,11 Baker Street,London W1U 3AH

http://gisnav.pimco-funds.com/
Dealing: +44 20 3640 1000
PIMCO Funds: +44 (0)20 3640 1407
FCA Recognised

167.56

Purisima Investment Fds (UK) (1200)F

Pictet-USD Government Bonds-I F $ 641.95

Pimco Fds: Global Investors Series Plc

Japanese Fund O Acc X

Value Partners Classic Equity Fund USD Z Unhedged $ 10.97

-0.30 0.00

1591.13

1.68 0.00

$ 42.54

1.97 0.00

1556.22

Gilt

Luxcellence Em Mkts Tech

UK Corporate Bond

1.8141

77.76

Emerging Markets Active

(IRL)

www.valuepartners.net, fis@vp.com.hk
Regulated

Global Equity Fund

CF Ruffer Gold Fund O Acc

-1.03 0.00

Value Partners Hong Kong Limited

5.01 0.00

Gbl Govt Bond (Ex Japan) Index (GBP) 1616.02

Global Balanced Fund - Income Units 1.3220

0.52 0.00

-1.04 0.00

(IRL)

Regulated

TNI Blue Chip UAE Fund *

Managed Investments OEIC

The Hartford International Funds

0.0069 3.05

1.70 0.00

0.0118 2.03

$ 38.88

0.03

78.51

$ 46.21

CF Ruffer Gold Fund C Acc

Pictet-Russian Equities-I USD F

1.12

1.1683

CF Ruffer Investment Funds

Pictet-Russia Index I USD

1.5781

3.10 0.00

1.69 6.16

CGV Inc B

Diversified Assets Fund

0.40

Bridge Fund

249.30

0.03

www.tni.ae
Other International Funds

1.20

153.50

UK Income B Inc X F

0.01 0.00

1.30

Max 30% Shs Port Acc X

Senator House 85 Queen Victoria Street, London EC4V 4ET

COIF Charities Deposit Fund
0.45
- 0.45 Qtr

1.12

Other International Funds

1.88 5.93

1.22

1.54 0.00

CGV Inc A

155.50

CCLA Fund Managers Ltd

277.75

Japan Equity Class JP3

168.00

0.50

1.58 6.21

UK Income B Acc X F

2.60

Enhanced Inc Acc Inst

1.75 5.97

2.60

Enhanced Inc Inc X

153.80

234.92

111.10

0.07

www.stenhamassetmanagement.com
Other International Funds

Max 30% Shs Port Acc Ret

261.85

UK Income A Inc X F

112.00

CGV Acc X

0.07

Polunin Capital Partners Ltd

UK Income A Acc X F

CGV Acc S

1.50

1.53 0.00

Senator House 85 Queen Victoria Street, London EC4V 4ET

CBF Church of England Deposit Fund 0.50
- 0.50 Qtr

0.23 0.00

CCLA Investment Management Ltd

2.64 0.76

8.82

197.70

2.67 0.08

6.20 0.85

8.79

Enhanced Inc Inc Ret

433.46

Value Partners Health Care Fund USD Class A Unhedged $

40 Dukes Place, London EC3A 7NH

Order Desk and Enquiries: 0345 601 9610
Authorised Inv Funds
Authorised Corporate Director - Capita Financial Managers

151.30

443.99

UK Smaller Cos B Inc X F

273.50

Continental

Value Partners Health Care Fund HKD Class A UnhedgedHK$

Stenham Asset Management Inc

182.26

UK Smaller Cos A Inc X F

EGV - Acc Z

0.00 0.00

European Forager A EUR

1.22 1.18

6.20

0.01 0.00

1.70

European Conviction A EUR

0.84 0.00

250.65

273.50

209.20

0.90 0.00

1.16 0.46

Outstanding British Cos B Acc X F

EGV - Acc S

1.01

Enhanced Inc Inc Ins

1.31

240.15

0.40

$ 49.77

2.71 0.41

Outstanding British Cos A Acc X F

Japan Equity Index Fund

Pictet-LATAM Lc Ccy Dbt-I USD F $ 106.13

4.34 0.22

Gbl Govt Bond (ex Japan) Class JP4

139.80

-0.55 0.00

316.20

92.24 92.83 1.05 4.89

Max 100% Shs Port Acc S

415.81

Mastertrust B Inc X F

137.00 137.80 1.60 4.76

$ 128.50

UK Growth B Inc

7.20 1.66

Charity Value and Income Fund Inc

0.40

ALVA Convertible A USD

7.90 2.46

Charity Value and Income Fund Acc

190.98 0.00

396.10

0.10

191.70

(UK)

427.40

IGV - Acc Z

Max 100% Shs Port Acc X

Ruffer LLP (1000)F

IGV - Acc Y

9.12

Regulated

3.01 0.00

Value Partners Health Care Fund RMB Class Z UnhedgedCNH

0.60

(CYM)

4.30 0.00

0.00 0.00

Polar Capital LLP

353.21

267.10

131.53 0.00

415.02

Mastertrust A Inc X F

1.34

Max 100% Shs Port Acc Ret

200.30 0.00

UK Growth A Inc

7.40 1.95

145.90 153.40 2.50 0.00

6.00 1.65

Gbl Govt Bond (Ex Japan) Index

0.0006 3.11

-0.82 0.00

0.11 0.00

0.0009 3.97

0.23 0.00

-1.19 0.00

Zebedee Focus Fund Limited Class A USD $ 170.38

398.70

-0.96 0.00

325.80

Value Partners Classic Equity USD Hedged $ 13.49

0.8360

Zebedee Focus Fund Limited Class B USD Shares $ 197.30

IGV - Acc X

0.01 0.00

0.9816

Zebedee Focus Fund Limited Class A EURO Shares 169.78

IGV - Inc B

Sterling Fixed Interest Fund

(CYM)

6.00 2.50

1.34

Global Fixed Interest Fund

0.63 0.00

Global Eq Ex Japan Index Fund (Hedge)

0.0138 1.88

326.40

182.50 193.10 1.10 1.96

(LUX)

IGV - Inc A

S & W Marathon Trust

Global Balanced Fund - Accumulations Units 1.5344

+/- Yield

(UK)
PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Authorised Inv Funds

0.10 0.00

Royal London US Growth Trust

Unicorn Asset Management Ltd

15461.84

Zebedee Capital Partners LLP

Regulated

0.40

Pictet-Japan Index-I JPY F

Value Partners Classic Equity Fund GBP Unhedged 12.21

(JER)

108.12

Value Partners Classic Equity Fund GBP Hedged 11.88

PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130

FCA Recognised
Standard Life Offshore Strategy Fund Limited

Memnon European Fund I GBP

Investments IV - Global Private Eq. 416.23 437.04 -20.82

0.01 0.00

Standard Life Wealth

Offer

FCA Recognised

Investments IV - European Private Eq. 292.33 306.94 2.23

0.01 0.00

Bid

0.58 0.00

Pictet-Japanese Equities Opp-I JPY F 9186.85

146.00

Additional Funds Available

Please see www.royallondon.com for details

27.41

1.46

Max 50% Shs Port Acc S

10.79 0.00

(UK)

50 Bank Street, Canary Wharf, London E14 5NT

Admin: 50 Bank Street, Canary Wharf, London E14 5NT
Dealing & Enquiries: 0870 870 8433
Authorised Inv Funds
THS Growth & Value Funds

Investments III

1.36

219.20 230.70 2.00 4.57

12.64 12.64 -0.03 0.00

(LUX)

Royal London UK Income With Growth Trust

UK Absolute Equity I GBP

Taube Hodson Stonex Ptnrs UT (1200)F

Fund

Zadig Gestion (Memnon Fund)

Unicapital Investments

$ 16.88 16.88 0.21 0.00

4.49 0.00

0.00 6.27

Global Eq (ex Japan) Class JP5

0.40

North American I USD

0.35

Global Eq (ex Japan) Class HJ4

24.56 0.00

Strategic US Momentum and Value CHF Hedged Class CHFSFr 557.79

UBS Emerging Markets Equity Income B Inc

-48.00 0.25

174.30

4.46 0.00

+/- Yield

368.50 389.60 3.50 2.03

Max 50% Shs Port Acc X

2011.30

4.50 0.87

4.33 0.00

Offer

1995.00

477.50 502.60 4.30 1.53

Japan I JPY

Strategic US Momentum and Value EUR Hedged Class EUR 559.72

Bid

S&W Deucalion Fd (OEIC)

Royal London UK Growth Trust

1.71 0.01 0.00

199.70 199.70 2.77 0.00

Strategic US Momentum & Value Fund USD I Class $ 531.57

Fund

S & W Magnum

1.71

Japan Alpha I JPY

(UK)

25 Moorgate, London, EC2R 6AY 0141 222 1150

Authorised Inv Funds

0.50

Pictet Total Ret-Kosmos I EUR

Smith & Williamson Fd Admin Ltd (1200)F

Income Opportunities B2 I GBP Acc

+/- Yield

European

Santander Atlas Port 4 Acc Inst

UK Specialist Equity

$ 280.42 280.42 4.54 0.00

177.70

Santander Atlas Port 4 Inc Ret

Series 6 (Investment Management Customers Only)

Asian Financials I USD

25 Moorgate, London, EC2R 6AY 020 7131 8100

www.sandwfunds.com
Authorised Inv Funds

9.56

United Kingdom Equity Index Fund 15.07

(IRL)

Smith & Williamson Investment Management (1200)F (UK)

214.50

$ 448.42

US Spec Equity Fund

Max 50% Shs Port Inc Ret

Pictet-Indian Equities-I USD F

Pictet-Quality Global Equities I USD $ 128.88

0.11 0.00

0.50

452.10

0.35 0.00

Royal London Sustainable Leaders A Inc

152.12

14.11

161.50

Pictet-India Index I USD

Pictet-Premium Brands-I EUR F

Japan Specialist Fund X

Santander Atlas Port 3 Acc Inst

0.60

0.75 0.00

0.08 0.00

4.72 0.00

Pictet-Pacific Ex Japan Index-I USD F $ 308.26

0.30

240.80

Pictet-LATAM Index I USD

22.62

Max 50% Shs Port Acc Ret

Contl Europe Specialist Fund

101.80

107.60 113.30 1.70 0.96

$ 270.70

Pictet-Japanese Equity Selection-I JPY F 13750.33

0.07 0.42

Other International Fds

Santander Atlas Port 3 Inc Ret

Santander Atlas Port 4 Acc Ret

Offer

International

Royal London European Growth Trust

Pictet-High Dividend Sel I EUR F 146.74

$ 97.83

Platinum Global Dividend Fund - A $ 56.85

Regulated

Pictet-EUR Short Term HY I EUR

18.89

0.54 0.70

Polar Capital Funds Plc

0.04 0.00

UK Specialist Equity Inc

0.45 0.00
-0.08 0.00

0.12 2.80

Pacific Basin Specialist Equity Fund 37.25

Pictet-EUR Government Bonds I EUR 157.89

United Kingdom Equity Index Fund 15.24

0.22 0.00

237.38

(UK)

Pictet-EUR High Yield-I F

Royal Bank of Scotland (2230)F

$ 117.46

Platinum All Star Fund - A

196.64

Pictet-EUR Short Mid-Term Bonds-I F 136.58

-0.09 0.00

PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072

Authorised Inv Funds
Series 5 (Minumum Initial Investment 75,000)

Pictet-China Index I USD

Pictet-Eastern Europe-I EUR F

Bid

Regulated

LTIF Classic

Pictet-Absl Rtn Fix Inc-HI EUR

Pictet-Asian Equities Ex Japan-I USD F $ 190.23

Fund

-2.31 0.00

0.39 0.00

0.04 1.86

Asset Management
-

(IRL)

1.21

0.00 1.30

Yuki Mizuho Japan Dynamic Growth 6675.00

79.00 0.00

50.81

0.50 3.36

Yuki Mizuho Japan Large Cap

6642.00

76.00 0.00

UBS Multi Asset Income B Inc (net)

0.48

0.00 3.73

Yuki Japan Low Price

25949.00

528.00 0.00

-0.62 0.00

UBS UK Equity Income B Inc Net

0.38

0.01 5.14

Yuki Japan Value Select

12576.00

178.00 0.00

-0.56 1.34

Corporate Bond UK Plus B Inc Net

0.51

0.00 4.00

YMR Umbrella Fund

$ 1079.94

3.74 0.00

UBS Global Allocation (UK) B Acc

1.05

0.01 1.94

16401.00

192.00 0.00

$ 1050.61

1.61 0.00

UBS Global Enhanced Equity Income C Inc

0.44

0.00

Yuki Japan Rebounding Growth Fund JPY Class 22985.00

304.00 0.00

Strategic US Momentum and Value Fund $ 801.21

6.51 0.00

UBS US Growth Fund B Acc

1.43

0.02 0.00

Yuki Japan Rebounding Growth Fund USD Hedged Class $ 921.25

11.89

YMR N Growth
Yuki Asia Umbrella Fund

Asset Management

34

FINANCIAL TIMES

Tuesday 6 October 2015

MARKETS & INVESTING

SMART MONEY

Capital markets

Stephen
Foley

Cyprus seeks 1.5bn in 10-year bond sale

Hedge fund managers

fail to prove prowess
in volatile quarter

t is easy to look smart when the equity market is soaring. The time when stock pickers really shine is when
markets take a turn for the worse, or so they claim.
The quarter just ended was certainly that a 7 per
cent slide by the US S&P 500 and its weakest performance since 2011. So did the worlds biggest and best remunerated hedge fund managers pick the best stocks for
weathering the downturn? The evidence suggests not.
Of the 10 stocks most heavily owned by the largest hedge
funds at the end of the second quarter, only two were up at
the end of the third, and both of those by less than 1 per
cent. Their biggest holding, Apple, which was in the portfolios of 26 of the 50 largest hedge funds, according to
FactSet, lost 12 per cent of its value in three months.
Worse was Valeant Pharmaceuticals, which was the second most heavily owned stock at the start of the quarter,
accounting for 1.5 per cent of the value of the long positions
of the 50 funds almost as much as Apple. Valeants backers include industry stars John Paulson and Bill Ackman.
Its shares plunged 20 per cent on the political backlash
against high drug prices. Allergan, another popular healthcare stock, was down 10 per cent.
Worst of all was Williams Companies, another of the top
10 hedge fund holdings, which fell 36 per cent. Even its
planned merger with fellow gas pipelines group Energy
Transfer Equity could not offset the gloom enveloping the
energy infrastructure sector.
Go further down the list of hedge fund-owned stocks and
the picture gets no better. The top-50 most popular stocks
at the end of the second quarter, as revealed by the funds
13F regulatory filings, averaged a decline of 8.4 per cent in
the third. To be fair, hedge funds are more than the sum of
their equity holdings. By definition, they are able to hedge,
placing offsetting negative bets that should mean their
actual performance is much better than the average of the
long positions shown in their
13F filings.
The time stock
It is also true that the 13Fs
show only a snapshot at the pickers shine is
end of the quarter, one that is
when markets
already stale when they are
published. Maybe we will dis- take a turn for
cover that many managers
the worse
were smart enough to sell out
of Apple, Valeant, Williams et
al before their shares plummeted.
The indications are that the difference between the best
and worst managers was wider than usual in the third
quarter. The market has been particularly treacherous not
just because of fears over Chinese growth, but because of
computer-driven trading that has increased volatility.
Timing ones trades correctly has been decisive. Already
some big losers are known: David Einhorns Greenlight
Capital is down about 17 per cent year to date; Mr Ackman
is down 13 per cent. Funds of a more bearish bent, such as
Passport Capital, are up strongly. How these performances
average out for the industry as a whole remains to be seen.
One of the more bizarre investment phenomena of
recent years is the creation of mutual funds that purport to
track or clone hedge fund performance based on 13F filings. Individual investors, too, scour the filings for ideas.
Yet the perceived undervaluation that attracted a hedge
fund into a stock at some point in the preceding three
months may be long gone by the time their holding
becomes public.
Meanwhile, there is precious little evidence that their
picks subsequently outperform. The third-quarter performance of stocks that appeared most often in the
second-quarter 13F filings was disappointing but not atypical. The average performance of the top 50 most popular
shares was worse than that of the S&P 500 in three of the
past four quarters, according to FactSet.
It is sometimes claimed that stocks widely owned by
hedge funds are more prone to volatility, either because
hedge funds leverage their positions or because they are
more short term in their trading. That might make the
stocks overshoot on the way up and underperform when
the market turns down. But the FactSet data cover two
up quarters and two down quarters.
The truth might, therefore, be more prosaic: hedge fund
stock picks do not do significantly better or worse than the
market on average. That argues against rushing to invest
based on 13F filings, for sure. It also rather raises the question of whether their stock picking prowess justifies their
two and 20 fees.
stephen.foley@ft.com

Long-dated government
debt offered as interest
from investors returns
ELAINE MOORE LONDON
KERIN HOPE ATHENS

Cyprus is planning its first sale of longdated government debt since the financial crisis that left the island in need of a
10bn bailout.
According to one Cypriot official, the
country plans to raise about 1.5bn
before the end of the year as stimulus
measures from the European Central
Bank and economic recovery spur
renewed investor interest, pushing
down the countrys borrowing rate.
The sale planned is a benchmark,
10-year bond. Two years ago, Cyprus
suffered a banking collapse that

resulted in capital controls, the unexpected imposition of losses on depositors and rescue funding by international
creditors.
However, in contrast with fellow bailout recipient Greece, the country swallowed the reforms demanded by its
creditors, including new foreclosure
and insolvency laws, and has been subsequently praised by the International
Monetary Fund for accepting difficult
change and producing positive results.
Last year, Cyprus made the swiftest
debt market comeback of any bailed out
country in Europe, selling 750m in
five-year debt at a lower than expected
rate of 4.85 per cent.
Finance minister Harris Georgiades
told the Financial Times that Cyprus
had been successfully implementing an
ambitious reform agenda.
The public finances have been

consolidated, the banking sector stabilised and the economy has exited the
recession and is registering positive
growth, he said.
Confidence has been restored and
market access re-established. Market
conditions permitting, we are planning
a new bond issuance by the end of the
year in line with our annual funding
programme, but the exact timing and
details have yet to be determined.
Officials in Nicosia say the maturity of
the next bond issued will depend on
international market appetite, but
according to one Cypriot financial analyst close to the government it pretty
much has to be a 10-year issue.
Earlier this year, the IMF declared
that Cypruss economic and fiscal outlook was better than expected, as the
economy eases out of recession, growing
0.2 per cent in the first quarter of the

1.5bn
The sum Cyprus is
planning to raise
from the sale of
long-dated
government debt

3.69

%
Current yields on
the 2021 year bond
issued by Cyprus
down from 5.75 per
cent in February

year. President Nicos Anastasiades has

stated that his country is sufficiently
robust to withstand the tremors caused
by renewed political instability and economic uncertainty in Greece, where the
government has railed against austerity
measures set by lenders.
Yields on the existing 2021 year bond
issued by Cyprus have dropped from
5.75 per cent in February this year to
3.69 per cent as prices for the countrys
bonds rise.
One analyst forecasts that Cyprus will
be able to borrow over 10 years at a rate
of 3.5 per cent.
In September, the global credit rating
agency Standard & Poors lifted its longterm rating on Cyprus one notch from B
plus to double B minus, a decision that
the agency said reflected economic and
financial stability from the removal of
capital controls in April 2015.

Analysis. Emerging markets

Developing economies at mercy of shifting flows

As investors pull out and
petrodollars dry up, a rising
dollar helps some nations

Fall and rise

Commodities dominate the non-nancial issuance of EM USD bonds
Per cent

Expect net capital outows in 2015/16;

the rst time since 1988
Total outows excludes reserves ($bn)

DAN MCCRUM

Paul Volcker took over as chairman of

the Federal Reserve in 1979 with a mission to tame US inflation after the oil
price and commodity shocks of the decade then coming to a close.
Ultimately, Mr Volcker was successful, but not before the effects of his policies reverberated around the world,
helping to trigger crises in what were
then called developing countries.
Problems in Latin America came to a
head three years after he took office,
driven by a rising debt burden, falling
commodity prices and capital flight. In
August 1982 Mexico told the commercial banks that had funded its industrialisation it could not pay its debts.
Alarmed bankers in effect stopped lending, prompting a Latin American financial crisis. More than 30 years later the
question for emerging markets is where
the similarities and differences lie.
The Fed has said US monetary policy
should start to tighten this year, but it is
the threat of falling prices, not inflation,
which exercises policymakers. Recession in China, both an emerging market
and the worlds second-largest economy, may determine the direction for
global growth and whether commodity
prices continue to fall.
Central banks have accumulated
reserves of hard currency, focusing
attention on whether the regions corporate borrowers are most vulnerable to
shifts in the flow of money. Changes in
the movement of dollars through the
global financial system appear set to be
the biggest shift to the status quo.
Capital flows have slowed sharply in
recent months and the prospects for an
immediate turnround are dim, says
Christian Keller, head of economics
research for Barclays. This risks creating a negative feedback loop in which
capital flows depend on growth, but
growth itself depends on the resumption of capital flows.
He cited a report from the Institute of
International Finance. Falling foreign
direct investment and outflows by private investors will combine to pull
$540bn from emerging markets this
year, the first year of overall capital
flight since the 1980s.
The estimate compares with net
inflows of $32bn last year, and $319bn in
2013, according to the IIF, which warns

Banks/nancials

Other

Total inflows
Total outflows
Net capital flows

IIF forecast
1,000
500
0
-500

26

25

-1,000
-1,500
1978

Real estate

Forest products

19

TMT

83

88

93

03

08

13

Corporate issuance from EM* countries

has grown substantially after the crisis
Oil/gas

Total issuance in US$, and ($bn)

Investment Grade

98

High Yield

200
150
100
50

Food/beverage

Metals/mining
0
1993 95 97 99 2001 03 05 07 09 11 13 15
YTD

FT graphic Sources: Citi Research; RBS Macro Credit Research, IIF; Dealogic

Capital flows
have slowed
sharply in
recent
months and
the
prospects for
an immediate
turnround
are dim

Commodities

that for emerging markets growth

remains well below trend and monetary
policy divergences remain a concern.
A bout of nerves is also apparent from
investors in mutual funds dedicated to
emerging markets, who have redeemed
7 per cent of assets lodged with bond
funds so far this year, and almost 12 per
cent of equities funds, says BNP Paribas.
Meanwhile, in terms of hot money
flows, exchange traded funds are popular vehicles for investors to express
investment positions. According to
JPMorgan, investors redeemed $1.6bn
from emerging market bond ETFs in
just the past three months, about 8 per
cent of the total.
Adding to the pressure is another
throwback to the 1970s: petrodollars.
High prices for crude then resulted in oil
producers having large surpluses of dollars to invest, much of which went to
emerging markets. Falling prices mean
fewer petrodollars cycling back into the
system, and the flow may even reverse,

* EM includes China, Brazil, Mexico, India, Chile, Turkey, Russia,

Columbia, Venezuela, indonesia, Poland, Peru, Thailand, Malaysia,
Argentina, the Philippines, S Africa, Romania

as countries such as Saudi Arabia spend

reserves built up in the past five years.
Alberto Gallo, macro credit strategist
for RBS, says some investors holding
dollar bonds issued by companies based
in emerging markets may be in denial,
given commodity and agricultural businesses are the largest non-financial dollar borrowers. So far, hard currency
emerging market corporate debt has
remained very resilient and saw only a
fraction of outflows, he says, adding
but some emerging market and commodity/infrastructure focused corporates are hurting.
The effect is complicated by the dollar, which has risen in value against all
emerging market currencies this year.
Commodity producers have seen prices
for their output collapse as the pace of
growth has slowed in China. The rise in
the value of the dollar has offset the
effect for those whose costs are measured in soft local currency.
So while some emerging market

countries such as Brazil and Turkey are

vulnerable to political factors as well as
economic ones a fragile and unpopular coalition in one, and regional violence in the other fears of widespread
stress might be overdone.
The risks are concentrated in a handful of economies. Balance sheets in the
majority of EMs look healthy, says Neil
Shearing of Capital Economics.
In that sense, it is not the turn of
emerging markets to have a crisis, after
the US panic of 2008 and the European
debt crisis of 2011. Economic growth figures from China for the third quarter,
due this month, may settle nerves or
prompt a co-ordinated policy response
that has the same effect.
Still, the diminishing effect of monetary stimulus has prompted Matt King,
credit strategist for Citigroup, to ask
whether the world has reached its credit
limit. Credit growth requires willing
borrowers as well as lenders; we may be
nearing the limits for both, he says.

Trading room

Copper and aluminium battle for Chinas grid SGX custom indices to target tracker products
LUCY HORNBY BEIJING

Chinas copper and aluminium industries are battling it out to secure lucrative tenders to wire up the countrys
growing cities amid waning demand for
the metals.
The rout in commodities has seen copper and aluminium prices drop about
20 per cent since the beginning of the
year on the back of Chinas slowdown.
Both aluminium and copper are saddled
with overcapacity, making any pockets
of demand all the more sought after.
Hence the interest in this summers
publication of national standards for
aluminium alloy to be used in cables in
local electricity distribution grids.
China targets investment of Rmb300bn
in city power distribution this year
alone, and Rmb2tn by 2020 to keep
pace with rapid urbanisation.

Switching to aluminium alloy for factories and city distribution networks

could potentially replace up to 2m
tonnes of copper demand annually, or
two-thirds of the roughly 3m tonnes of
copper currently consumed by copper
cable manufacturers, according to the
International Copper Association.
It would add about 1m tonnes of
demand for aluminium, a far cry from
the estimated 8m tonnes of surplus aluminium capacity in China today.
State Grid increased the disbursement of new tenders last month, in
anticipation of investment in distribution grids under the forthcoming fiveyear plan.
Both industries are lobbying heavily.
Substituting aluminium alloy for copper wont solve the overcapacity problem for aluminium and it will undermine the copper industry, said Wu

Yuneng, vice-president of Jiangxi Copper Corp, which is leading coppers lobbying effort.
Copper has previously lost out to aluminium, when Chinas State Grid
adopted the lighter, cheaper aluminium
for its long-distance transmission grid.
But that shift happened several years
ago when the economy was booming,
and strong demand for air conditioners,
household appliances and electronics
buoyed copper prices.
The latest new standards for distribution cables are good news for aluminium, but the degree to which it can
help reduce overcapacity is limited,
when you compare power with
construction businesses and transportation, said analyst Mo Xinda of the
China Nonferrous Metals Industry
Association.
Additional reporting by Owen Guo

JENNIFER HUGHES HONG KONG

Singapores stock exchange will begin

offering custom indices in an effort to
tap the rapidly growing market for
index tracking products as it battles a
slowdown in its namesake operations.
The move into index compilation is the
first by an exchange in Asia but is the
latest worldwide in a series of shifts by
bourse operators keen to capitalise on
the demand for specialist market data
to support booming products such as
exchange traded funds.
The Singapore Exchange will create
customised indices for asset managers
and investors in the region, eventually
expanding into thematic and strategybased indices, it said.
Of the $2.8tn currently following
exchange traded products, less than a
tenth tracks Asia-focused products,

according to Deutsche Bank research.

However, the amount of funds tracking
Asia-based products has risen almost 14
per cent this year the fastest rate
recorded worldwide.
The rise of tracking products has
pushed index providers into a battle
over technology as well as the methodology they use to create indices.
Being on the ground means we have
real local knowledge and it also means
we will be the fastest in calculating data
too, said Tinku Gupta, head of market
data and connectivity at SGX. The big
index names are all global and Asia is
underserved.
Passive tracker funds need accurate
and carefully tailored indices to support
them. Exchanges that own the intellectual property behind popular indices
can launch derivatives and other products based on those. Earlier this year,

Deutsche Brse paid SFr650m ($697m)

to take complete ownership of the Stoxx
indices and accompanying IT platform,
while in 2014, London Stock Exchange
paid $2.7bn for Russell Investments,
another index provider.
Successful indices are also valued by
other participants. Bloomberg last year
acquired a collection of commodity
indices from UBS as banks retreated
from setting benchmarks in the wake of
the Libor-fixing scandal.
SGXs move comes as its core cash
securities business has suffered from a
sluggish local market.
Trading volumes in Singapore have
been weak and new listings so far this
year have totalled just $1.6bn according
to Thomson Reuters the poorest year
since 2004 as interest focused on Chinese listings in Hong Kong and on the
mainland.

Tuesday 6 October 2015

35

FINANCIAL TIMES

MARKETS & INVESTING

Global overview

TRADING POST

Michael
Hunter
How best to spot the difference
between the end of a bull run and a
buying opportunity?
Its long been a vexed question for
investors and there is rarely any
shortage of opinion or money at
stake on the difference between the
two. Research from Citigroup calls the
recent equities sell-off a correction,
with marked differences to previous
turning points in the cycle.
Central banks are now more
sensitive to, and responsive to, global
financial conditions than they were in
the past, says Citis Mark Schofield.
It is extremely unusual to have
interest rates as low as they are after
the type of move we have seen in
equity markets since 2009. Outright
valuations are far less relevant when
investors have so few alternative ways
to generate returns, while relative
valuations to fixed income remain
extremely attractive.
Citi concedes it is tough to buy into
a dip that has such momentum, but its
summary on the current state of the
market is clear. Given the overall
policy stance, the extreme low level of
risk-free returns and the current
position in the earnings cycle, it seems
too soon to call an end to the equity
bull market.
The upcoming US earnings season
will provide a big test for bulls.
Barclays has already warned that
the US earnings cycle is far more
extended than in other advanced
economy regions. It, too, had some
clear advice for October: [Go] Long
dividend yield, [and] short high
international sales and buybacks.
michael.hunter@ft.com

US and global stocks

Indices rebased

200

S&P 500
FTSE
All-World

2009 10 11 12 13 14 15

100
0

Source: Thomson Reuters Datastream

Bulls in charge as Wall Street

follows European stocks rally
Dollar inches higher
and gold retreats as
speculation mounts that
the BoJ and the ECB will
extend stimulus moves
DAVE SHELLOCK

Global stocks started the week on a firm

note as follow-through buying after Wall
Streets strong rally on Friday put equity
bulls firmly in charge.
Participants largely shrugged off disappointing service sector data on both
sides of the Atlantic, focusing instead on
the prospect of the US Federal Reserve
leaving interest rates lower for longer
following Fridays weak non-farm payrolls report.
Furthermore, expectations continued
to mount that both the Bank of Japan
and the European Central Bank will
increase their stimulus measures with
observers noting that the former was
due to hold a policy meeting this week.
Our thesis continues to be that central banks are trapped into additional
stimulus measures given the extraordinary measures already propping up
markets artificially in many cases,
said Jim Reid, macro strategist at Deutsche Bank. They cant afford to allow
the plates to crash now, having spun
them so aggressively for so long.
It might be too early for [BoJ governor Haruhiko] Kuroda to signal
further easing, but with a recent return
to deflation and the 2 per cent [inflation] target a long way off, surely they
have forced themselves into further
action very soon.
As far as the Fed is concerned, interest
rate futures show the market is pricing
in hardly any chance of a rate rise this
month, and only a 31 per cent likelihood
of a move in December, according to
Bloomberg. The odds of an increase
do not rise above 50 per cent until the

Wall Street
Viacom shares shrug off
Goldman downgrade
Kadhim Shubber
Viacom investors shrugged off bearish
research from Goldman Sachs
yesterday as the broader market started
the week in a positive fashion. Declining
TV advertising, a slowdown in share
repurchases and share losses to digital
led the bank to cut ratings and target
prices across the sector.
Shares in Viacom traded 0.8 per cent
higher at $44.70 by lunchtime in New

Bad payrolls equal weaker dollar? FT.com/video

The FTs John Authers discusses the disappointing
unemployment data in the US and a volatile market reaction
US central banks meeting in March.
But Lee Hardman, currency analyst
at Bank of Tokyo-Mitsubishi UFJ, said it
was still too early to rule out a US rate
rise this year although the likelihood
had diminished.
The NFP report could exaggerate the
weakening of US labour market conditions, with other leading indicators still
signalling a more favourable outlook,
he said. At the same time employment
growth averaging 138,000 jobs per
month will still result in a tightening of
US labour market conditions, although
more gradually.
For now, at least, equity markets are
in strong form. By midday in New York,
the S&P 500 was up 1.1 per cent at 1,973,

catalyse an effort to reinstate

conservative, returns focused
strategies. In this context, BP looks to
have been harshly sold off in the
quarter, while Shell is addressing the
competitiveness of upstream portfolio
via the proposed BG acquisition.
Shell B closed up 5.2 per cent at
17.06, BG rose 4.8 per cent to 10.35
and BP added 4.7 per cent to 368p.
Every other member on the FTSE 100
ended the day in positive territory, with
the index putting on 2.8 per cent, or
168.94 points to 6,298.92. Since testing a
two-year low last week, the index has
rebounded 6.6 per cent.
Glencore led the gainers, up 21 per
cent to 115p, on expectations that the
commodity trader would move
formally to address the markets
concerns about its leverage and

York after opening down 0.7 per cent on

Goldmans downgrade from Buy to
Neutral. The banks target price is $46.
Scripps Networks Interactive gained
1.3 per cent to $50.45 despite a
downgrade from Neutral to Sell. The
gains reflected a broad rally across all
three leading US equity indices
yesterday, with the benchmark S&P 500
up 1.1 per cent to 1973.49 by lunchtime,
led by energy, materials and industrial
stocks.
The Dow Jones Industrial Average was
up 1 per cent to 16,643.84, while the
Nasdaq Composite Index gained 0.8 per
cent to 4,746.
Implied market volatility as
measured by Wall Streets fear gauge,
the Vix index, was down from 20.94 to
19.8, falling below 20 for the first time
since a brief intraday drop in
mid-September. The Vix has closed
above 20 since August 21, a reading
that represents the long-term average
for the gauge.
Despite the broad uptick in equities,
Apple shares shed 0.6 per cent to 109.67,
with Citi lowering estimates for fourthquarter iPhone sales ahead of the

companys results later this month.

General Electric shares gained 4.2 per
cent to $26.53 after activist investor
Trian Fund Management confirmed its
stake in the conglomerate.
Clothing and accessories brand Fossil
Group fell 2.4 per cent to $54.08 on
concerns about competition from
wearables and the trading environment
in Asia, with analysts at Piper Jaffray
noting the company makes 16 per cent
of sales in Asia-Pacific.
Pharmaceutical companies Allergan
and Endo International weighed on
the S&P, falling 4.7 per cent to $274.54
and 7.4 per cent to $65.79 despite an
uptick in the S&P Healthcare index.
The Nasdaq biotech index was down
1.9 per cent.
Micron Technology, the Idaho
manufacturer of memory chips, was
the biggest riser on the S&P, gaining 8.7
per cent to $17.29 as momentum
continued to build following last weeks
earnings beat. The gain adds to Fridays
7.7 per cent jump after Micron reported
earnings per share of 42 cents after the
bell on Thursday, ahead of analysts
expectations of 28 cents.

Oct

2014

2015

500
450
400
350
300
Oct

Source: Thomson Reuters Datastream

Day's
Indices

Close

change

FTSE 100

6298.92

168.94

FTSE 250

17110.28

314.20

FTSE 350

3509.09

88.93

FTSE All-Share

3456.60

85.94

FTSE All-Share Yield

Energy companies lent the support

yesterday as the FTSE 100 rallied to its
best level in six weeks.
Royal Dutch Shell and BP climbed in
tandem with oil prices, which firmed for
a second session after the US rig count
had slipped to a five-year low.
Sector valuations are beginning to
look interesting, said UBS.
Assuming a 2017 oil price of $70 a
barrel, it calculated that the European
energy majors were being valued at a
discount to cash flow of between 12 and
16 per cent against the historical
average, in spite of their new found
focus on capital productivity.
We see valuations more closely
reflecting new lower oil prices but
historic cost bases, UBS told its clients.
One might reasonably argue that the
fall in oil prices has come just in time to

LM Otero/AP

liquidity. We understand the concerns

about the company seeing its Lehman
moment but believe that the analogy is
stretched, said Socit Gnrale, which
added Glencore to its buy list.
Our analysis suggests that with the
initiatives taken, Glencore should be
safe on the credit side even in the event
of further material decline in
commodity prices.
Playtech dropped 2.6 per cent to
806.5p on news that the Central
Bank of Ireland had opposed its
$105m acquisition of Ava Trade,
the online contracts-for-difference
broker.
The Irish central banks objection
raised concerns that the Financial
Services Authority might block
Playtechs $715m takeover of Plus 500,
which has already been delayed by
regulatory problems.
Failure to buy Plus 500 would be a
serious blow to Playtechs ambitions in
financials, said Peel Hunt.
Al Noor Hospitals jumped on bid
rumours, then pared the gain to 7.6 per
cent at 919p after the Abu Dhabi-based
hospital operator said it was working on
a possible reverse takeover of South
African peer Mediclinic.
Xchanging, the business outsourcer,
rose 49.9 per cent to 166p after it said US
buyout group Apollo Global
Management had made a 170p offer.
Farringdon Capital Management,
Xchangings 4.4 per cent shareholder,
said that the offer was too low and called
on Xchangings management to
consider splitting the companys two
divisions instead.

Share price (pence)

Bryce Elder

S&P 500 index

Change on day

3.70

6258.00

159.00

10 yr Gilt Yield

2.53

-0.29

20yr Gilt All-Share Ratio

0.64

FTSE 100 Futures

following a big turnround on Friday

when the benchmark index converted
a 1.6 per cent decline into a 1.4 per
cent advance.
The CBOE Vix volatility index was
down 5.7 per cent and heading for its
first close below its long-term average of
20 since the bout of extreme market
turbulence in mid-August.
In Europe, the pan-European FTSE
Eurofirst 300 index put in an even
stronger performance, rising 3 per cent,
as energy, mining and metals stocks
were bolstered by strength in industrial
commodity prices.
Glencore shares jumped 21 per cent in
London, and have more than recouped
the steep fall incurred a week ago.

Trading Directory

Asian stock markets were similarly

bullish, with the Nikkei 225 in Tokyo
and the Hang Seng in Hong Kong both
gaining 1.6 per cent.
Broad equity strength weighed on
government bonds, even as service sector data disappointed.
The US Institute for Supply Managements non-manufacturing index fell to
a three-month low of 56.9 in September,
from 59.0, but was still at a level that
historically has been consistent with
GDP growth of 3.5 per cent, according
to Paul Ashworth at Capital Economics.
Even allowing for the weaker ISM
manufacturing index, which is only just
above the 50 mark now, a weighted
average of the two indices points to GDP
growth of between 2.5 per cent and
3 per cent annualised, which is above
the 2-2.5 per cent we anticipate for the
second half of this year.
Accordingly, there are no signs of any
genuine concern in this report as far as
the domestic outlook is concerned.
US government bond prices retreated
following Fridays post-payrolls gains.
The yield on the 10-year Treasury,
which moves inversely to its price, was
up 4 basis points at 2.03 per cent, while
the two-year yield was 2bp higher at
0.60 per cent.
The 10-year German Bund yield rose
4bp to 0.56 per cent, even after the final
reading for the eurozone services purchasing managers index for September
showed expansion in the sector slowing
more than originally reported.
The data had little initial impact on
the euro, although by the close of trade
in Europe the single currency was down
0.3 per cent against the dollar at $1.1179.
The US unit was up 0.4 per cent versus
the yen at Y120.41, helping to push gold
down $4 to $1,133 an ounce after Fridays $24 rally.
Industrial commodities had a strong
session, with Brent oil up 3 per cent at
$49.58 a barrel and copper 1.5 per cent
higher in London at $5,178 a tonne.

0.79%
2000
1950
1900

Sep

BP

London
Shell and BP jump on
energy optimism as
oil prices firm up

Markets update

2015

Oct

1850

US equities The basic materials,

energy and telecoms sectors led the
S&P 500 higher as the index added to
Fridays advance and headed for its
fifth successive daily gain

FTSE 100 index

Change on day

Sep

0.34%

2015

Oct

6300
6200
6100
6000
5900

UK equities Glencore once grabbed

the headlines as the companys shares
leapt more than 21 per cent amid
reports it could sell some of its assets
to reduce its debt

Eurofirst 300 index

Change on day

0.30%

1450
1400
1350

Sep

2015

Oct

1300

European equities Expectations that

global monetary policy would remain
accommodative helped push the
Eurofirst 300 to its highest close in a
fortnight, with miners leading the way

Nikkei 225 index

(000) Change on day

Sep

2015

0.87%

Oct

19.0
18.5
18.0
17.5
17.0

Japanese equities The Tokyo market

took its cue from Wall Streets strong
recovery on Friday, with the Nikkei 225
reaching a two-week high

36

Tuesday 6 October 2015

Analysis. Currencies

INSIGHT

Fed finds it tough to make predictions

Mohamed
El-Erian

Institutional funds
role as stabilisers
risks being impaired

ith US stocks experiencing their worst

quarterly performance since 2011 (7 per
cent losses for the leading indices), equity
investors including in the emerging
world where the financial carnage has
been notable now find themselves under water for the
first nine months of the year.
A diversified investment portfolio has also been put
under pressure by the bond markets inability to offer sufficient consolation, given the relatively low starting level of
government rates and corporate spreads, as well as the
debacle in commodities, including a 23 per cent fall in oil.
Yet, when it comes to forward-looking analyses, one
development that may be just as consequential as the
recent price declines in broad markets is the increase in
volatility. It is especially worth assessing the extent to
which higher market volatility affects the behaviour of key
investors in the future particularly as this could potentially impair the ability of institutional funds to serve their
traditional counter-cyclical role as market stabilisers.
After a prolonged period of calm, volatility has risen
within and across financial markets including in the US,
which hosts the deepest, most liquid, and architecturally
most stable markets. The Vix, the index of stock market
volatility that measures the implied volatility of S&P index
options, has been on a steady march upwards from an
average of 14 in 2014 to an average of almost 17 this year.
Currently standing at 24.5, it has already spent 27 days
above 20 this year, or twice as
many days as the previous two
After a period of
years combined. US government bonds have also become calm, volatility
more volatile. Whereas in
has risen within
2014 there were only three
days in which the yield on the and across
10-year Treasury moved by
financial markets
more than 10 basis points, this
has already occurred 17 times
this year. In the process, the average daily movement in
yield has increased so far in 2015 by more than 50 per cent.
These movements are part of a more generalised change
in the volatility paradigm for financial markets as a whole.
As I have argued before, higher volatility is being driven by
a combination of fundamental and technical factors. It will
be with us for a while and, inevitably, will contribute to
price overshoots for individual securities, contagion both
within and across markets, and unstable correlations
between asset classes.
When thinking about the consequences of such a regime
shift, it is tempting to segment the investor universe into
three: fast money that sees higher volatility as enhancing trading opportunities; volatility driven strategies, such
as value-at-risk and risk parity strategies that are vulnerable to disorderly deleveraging; and long-term institutional
funds, whose first inclination is to treat volatility bouts as
noise rather than consequential events that affect their
investing behaviour in any lasting manner.
Given the degree to which the third pool of money dominates the first two in size, and to the extent that it tends to
rebalance on a periodic basis (by shifting more assets into
core equity holdings whose prices have declined sharply
relative to bonds), this characterisation is an inherently
reassuring one. It suggests that damage from higher volatility should prove temporary, contained and reversible.
But it may also be misleading for this moment in markets.
While the counter-cyclical rebalancing of institutional
investors is stabilising, it does not stick if a structural
shift in volatility causes a more generalised reduction in
risk exposures. Specifically, a significant and durable shift
(which I believe this is) affects the methodology that
anchors the neutral asset allocations of many institutions (also known as their policy portfolios). It is only a
matter of time until this new volatility paradigm lowers
the average risk levels of neutral asset allocations.
All of this is yet another reason why, after a remarkably
prolonged period of volatility suppression, the US Federal
Reserve and the European Central Bank are loath to create
(or even tolerate) a huge increase in market volatility.
However, the ability of these central banks to combat
higher volatility is challenged by negative economic
growth developments outside their direct policy purview,
and now that they themselves are on divergent paths.
Mohamed El-Erian is chief economic adviser to Allianz and chair of
President Barack Obamas Global Development Council

More comment and data on ft.com

Y Fast FT Our global
team gives you marketmoving news and views,
24 hours a day, five days
a week. ft.com/fastft
Y Alphaville Our
irreverent financial blog.
Join Paul Murphy and
Bryce Elder for the daily
Markets Live session at
11am. ft.com/alphaville
Y beyondbrics News and
comment from more
than 40 emerging

economies, headed
by Brazil, Russia, India
and China.
ft.com/beyondbrics
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Currency podcast takes a
look at what is driving
the global currency
market. ft.com/podcasts
Y Lex Video Analysis
and opinion from the
team on the hot issues
affecting companies and
markets. ft.com/lexvideo

Septembers poor jobs data

have undermined the case for
a 2015 rise in interest rates

Payrolls and the dollar

Dollar trade
weighted index
100

ROGER BLITZ

300
90

100
2015 Oct

Implied path of Fed Funds

rate*
Per cent

2.5
At 2nd Oct 2014

2.0
1.5
1.0
0.5

At 2nd Oct 2015

2015

16

17

* From futures prices

Source: Thomson Reuters Datastream

Fed chair Janet

Yellen could not
have forecast
that the US jobs
bandwagon
would suddenly
slow last week
Lucas Jackson/Reuters

Banks lose share to

electronic FX venues

EBS, the trading venue

owned by ICAP, yesterday
revealed that average daily
volume at its electronic currency-matching service last
month had risen to $1.4bn
from 279 deals, compared
with just over $200m from
60 deals a year ago.
It was the first time the
London-based venue had
released such figures and
underlined a trend towards
computerised trading of
orders around a reference
point and away from conducting deals on the phone.
The Financial Stability
Board, a grouping of world
banking regulators, noted
last week that the trend
had begun in the third quarter of last year.
EBSs volume growth also
shows how the FX industry is
exploring the use of a centralised electronic utility,
owned by a company independent of banks, for benchmark trading following a
demand for reform from
the FSB.
Global banks have paid
more than $10bn in fines to
settle allegations that traders
tried to manipulate the WM/
Reuters industry benchmark. The daily set window
for trading is used to price
currency derivatives contracts and as a reference
point for value investment
portfolios.
The FSB called for a global
hub to match buy and sell
orders from around the

200

85
Oct 2014

Currencies

The dominant banks in currency trading face losing

market share to independent venues as telephonebased business focused
on industry benchmarks
declines after the forex market rigging scandal.

400

95

Of all the mangled quotes baseball legend Yogi Berra bequeathed to the world,
the one about forecasting was his most
succinct. Its tough to make predictions, he said, especially about the
future.
If only Federal Reserve chair Janet
Yellen could have foreseen last Fridays
abject jobs data, which have rapidly
cooled market expectations of a rate
rise this year.
Had she known the contents of the
September payrolls report, she would
surely have toned down her optimism
the previous week for rates lift-off later
this year.
She did not know, and nor did anyone
else predict, that the US jobs bandwagon
would suddenly slow. From the perspective of traders and investors, the Feds
communication policy has been tarnished.
In a confusing past few weeks, the
central bank kept rates on hold due in
part to the risk of a global slowdown.
Subsequently, a number of Fed officials
in speeches arguing the pros and cons of
raising rates, claimed that a slowdown
would not affect US monetary policy
anyway.
Then came the September jobs data,
which have undermined the case for a
2015 rate rise. Last month, the US economy generated 142,000 new jobs, well
below the 201,000 forecast, while
Augusts total was revised sharply
downwards.
The markets judgment has been
swift, with the benchmark 10-year
Treasury yield back below 2 per cent, its
lowest since April. While yields have
retraced some of Fridays sharp decline,
interest rate futures show the probability of a rate rise has been pushed back to
next March.

PHILIP STAFFORD

Non-farm payrolls
(monthly change,
000)
500

world and reduce the likelihood that traders who conduct business over the phone
will manipulate prices.
Doubts remain about the
long-term success of such a
hub. Companies such as EBS
and State Street have
launched their own benchmark services. However, the
FSBs FX foreign exchange
group, headed by Guy
Debelle assistant governor
of the reserve Bank of Australia last week noted that
more needed to be done to
reform the market.
Historically fund managers would give banks orders
to buy or sell set amounts of
currency at the fix, and the
banks would aggregate those
orders. If they had more buy
than sell orders, they would
try to hedge their exposure
in the market before the fix.
However, the FSB remains
concerned about residual
trades that are left by a central electronic system,
according to a person familiar with its thinking. A bank
would not necessarily be
able to hedge trades that
could not be matched, or
take the risk on to its own
balance sheet.
The FSB is keen for residual trades to be executed in a
continuous market or sent
through auction. About
60 per cent of the orders of
the EBS eFix window are
filled, with the remainder
currently sent back to banks.
For State Street the proportion of residual trades
going back to banks has risen
as high as 54 per cent.
Some of the largest dealers
and industry lobby groups
have raised doubts about the
scheme, saying a global platform would hinder competition and innovation, create
risks and push up prices.

The delay in a policy shift has also bolstered equity prices ahead of a crucial
quarterly earnings season in the coming
weeks that could well see executives
paint a challenging global outlook for
S&P 500 companies. Whatever the
motivations, the Fed and the market are
drawing up two very different interpretations on what the data say about the
state of the US economy.
Traditionally, the Fed has been more
optimistic than the market on US
growth, says Steven Saywell, head of
FX strategy at BNP Paribas. This could
be the same situation again, but the key
fact remains that slack is coming out of
the US economy with monetary policy
at extremely low levels.
According to FX strategist Ulrich
Leuchtmann at Commerzbank, the
market is steadily losing confidence in
the ability of major central banks to

bolster higher rates of inflation. Expectations that the US will meet the Feds
2 per cent inflation target are also down,
according to the five-year, five-year forward swap rate.
I do not understand the arrogance
with which the majority of FOMC [Federal Open Market Committee] members have so far brushed aside marketbased inflation expectations, he says.
Fed members still talk about a rate
rise before the end of the year, Mr
Leuchtmann adds, even if the response
in the wake of Fridays jobs data suggests the market no longer believes
them.
Charles St-Arnaud, G10 FX strategist
at Nomura, wonders whether the swings
in rhetoric from Fed members is a product of the FOMC trying too hard to get
the tone right. Perhaps they came out
of the September meeting thinking their

statement was balanced, then saw the

market reaction and concluded that
they may have sounded too dovish.
Of course, Fridays jobs data may justify the caution of the Feds dovish members and prove the Fed was right to hold
fire on a rates rise last month.
Give the Fed a break, argues Marc
Chandler of Brown Brothers Harriman.
The Fed had courage to back away
when it thought facts on the ground
were changing or less clear, he says.
But the situation is perhaps too
urgent to rely on a perfectly aligned set
of data. Yellen needs to start reducing
such extreme stimulus soon, even taking into account two months of subtrend growth, says Mr Saywell at BNP
Paribas.
Another Yogi Berra malapropism
sums up the Feds quandary: When you
come to a fork in the road, take it.

FT SPECIAL REPORT

The UKs Entrepreneurs

Tuesday October 6 2015

www.ft.com/reports | @ftreports

Once-in-a-century opportunity
The UK wants to be a
technology leader,
but can it rise to
the challenge?
By Jonathan Moules

nyone who wants to understand how much the UKs

business landscape has
changed in the past 50
years should read the Bolton Report, a 1971 government document on the state of British enterprise.
John Bolton, a leading industrialist,
calculated that at that time the country
had about 820,000 small and mediumsized companies (SMEs), accounting for
barely 30 per cent of private-sector
employment. He found the sector in a
state of long-term decline and forecast
further falls in the number of such
companies.
Today, business numbers are at a
record high of 5.2m registered companies, helped by a national fascination
with entrepreneurship.
Business start-up rates in OECD countries have generally risen since the
banking crisis of 2008 but they have
grown faster in the UK. SMEs account
for just over 60 per cent of private sector
employment, says the Department for
Business.
The US-based Global Entrepreneurship and Development Institute in its
latest index ranked the UK as providing
the strongest environment for start-ups
in Europe and the fourth most-successful worldwide. Meanwhile, the Conservative government, elected in May, is
committed to extending the gains made.
There is a good deal of hope that the

Londons Silicon Roundabout: the UK capital has yet to produce a company the size of Facebook or Google
UK can move to a yet higher level of
entrepreneurial activity and, in recent
years, several new businesses have risen
to unicorn status passing the $1bn
valuation mark.
But creating a company of the size of
Google or Facebook, which could shift
the centre of gravity for entrepreneurs
from the west coast of the US to the UK,
has proved elusive.
Many business owners and investors
express concern that Conservative policies such as controls on immigration

undermine Britains position as entrepreneur-friendly. Finding talent is one

of the most difficult things for start-ups,
and it makes it much easier if we can
look abroad, says Nic Brisbourne, managing partner of Forward Partners, an
incubator for start-ups providing funding, workspaces and expertise.
He recalls the hiring problems suffered by a retailer he had backed, after it
found a candidate it saw as the ideal
chief architect to oversee the building
of its technology platform.

Bloomberg

We found a Ukrainian candidate who

had the mathematical and statistical
academic background, led teams of
engineers and worked in a consumer
tech start-up on the US west coast after
finishing his degree. But the visa situation was too problematic and he ended
up taking a role back on the west coast.
Jamie Coleman is managing director
of CodeBase, an Edinburgh-based tech
start-up incubator and creator of the
Turing Festival, a celebration of digital
entrepreneurship held during the citys

annual arts festival. He agrees that the

UK has some of the most attractive
schemes in place for building companies, not least the Seed Enterprise
Investment Scheme (SEIS), a tax break
for investors in early stage ventures.
But such schemes, Mr Coleman notes,
could be made to work better. The
unintended consequence of SEIS is that
it effectively put a cap on early stage
investing of 150,000, he says. Raising
the top limit of SEIS would be incredibly
useful, especially as many UK start-ups
are business-to-business models, where
both developer costs and customer
acquisition costs are felt upfront.
While cities such as Edinburgh have
become entrepreneurial hotspots with a
critical mass of founders and investors
to nurture further business growth, the
UKs entrepreneurial revival has been
led by London, which has cast itself as a
global capital for digitally driven, fastgrowing new ventures.
London has successfully promoted
itself as a diverse location, claiming
leadership in myriad niche markets for
new companies.
These range from fintech ventures
challenging mainstream banks with
peer-to-peer lending, to fashion tech
businesses enabling retailers to react
speedily to fast-changing trends
through clever use of sales data.
Food delivery has been another London success stories. Deliveroo, a company that delivers restaurant food to
homes, completed a $70m funding
round in January; takeaway food aggregator Just Eat listed on the London Stock
Exchange last year with a valuation of
1.5bn.
An important advantage is talent
diversity, says Jonathan Ortmans,
Continued on page 2

Inside
Challenges of endurance
How to avoid risks when
half of ventures fail
within the first five years
Page 2

Catch them early

Business must step up
to help educate the next
generation of founders,
says Alex Chesterman
of Zoopla
Page 2

Entrepreneur of the
Year
Richard Steeves of
Synergy Health wins top
prize, plus winners in full
Page 3

The blue-chip benefits

of hiring via Tinder
Matching Generation Y
job-seekers and bosses
through social networks
Page 4

Meet the class of 2015

Three founders of
early-stage
start-ups
explain their
business
models and
plans
Page 4

FINANCIAL TIMES

Tuesday 6 October 2015

The UKs Entrepreneurs

Staying in business proves greatest challenge

Strategy

Failure rates are high, but

common mistakes can be
avoided, writes Brian Groom
The UK has a record 5.2m private sector
businesses, up by more than half since
2000. This is the golden age for small
firms, said Lord Young, the prime ministers enterprise adviser, in a report earlier this year.
While many see a high start-up rate as
evidence of entrepreneurial vigour, it is
not the whole story. More than half of
new businesses cease to trade within
five years and, more importantly, the
UK has a relatively poor record in building them into bigger companies.
Enterprise is not just about the
number of start-ups, says the UK
Treasurys productivity plan. In fact,
most new businesses are no more productive than existing businesses, even
after five years. Raising the productivity
of the whole economy depends on facilitating the growth of new and existing
businesses with the greatest potential.

Since 2000, 90 per cent of the extra

businesses have been self-employed,
sole traders and other non-employing
businesses. The proportion of start-ups
that fail to survive beyond five years has
crept up to almost 59 per cent since the
recession, according to the Office for
National Statistics, though one- and
two-year survival rates are improving.
Among employer enterprises those
with at least one employee half disappear within three years and 90 per cent
after 10 years, says Professor Mark
Hart, deputy director of the Enterprise
Research Centre, a consortium of five
university business schools.
But he adds, however: I dont think
we should get terribly excited by failure
rates as a headline. I think thats just the
natural churn that we see in the private
sector.
More important, he thinks, is encouraging the small proportion of businesses
with growth prospects, perhaps
200,000, to reach their potential: We
have got a huge volume of micro enterprises coming into the market place, but
we just cant grow them.
Among the OECD group of developed
nations, the UK has one of the lowest

rates of start-ups with between one and

nine employees that grow to 10 or more
within three years.
Not all of those that cease to trade are
failures: some owners close businesses
in order to take a job or retire, or sell
them to other entities. Failure can be
part of a Darwinian process whereby
those who cannot succeed make room
for those that can.
Every individual failure is painful,
though. Emma Jones, founder of small
business network Enterprise Nation,
says the most common causes she sees
are overspending and failure to achieve
enough sales, typically through lack of
knowledge of the market, or failure to
seek early advice.
When people start a business, they
think they should take an office and hire
people and buy the best equipment,
she says. You shouldnt do any of those
things. You should start from home, do
everything you can first of all and then
outsource to freelancers, so that you can
manage the budget. Beg, borrow and
barter when it comes to expensive kit.
A founder whose strength is in devising products, she says, may need advice
on financial management or sales and

marketing. Those that access small

business networks go on to blogs, go to
events and meet other entrepreneurs
tend to grow at a quicker rate.
Ms Jones, who co-founded StartUp
Britain, the campaign to encourage
entrepreneurs, is optimistic that more
new businesses will go on to create
employment as their confidence grows.
Research by CB Insights among
founders of 101 failed start-ups in the US
found that the number one reason for

59%

90%

Percentage of
start-ups that fail
to survive beyond
five years

Proportion of new
businesses that
do not employ
staff

failure, cited by 42 per cent, was lack of

a market need for their product. After
that came: ran out of cash (29 per cent);
not the right team (23 per cent); got outcompeted (19 per cent); pricing/cost
issues (18 per cent); poor product (17
per cent); lack of business model (17 per
cent); poor marketing (14 per cent);
and ignoring customers (14 per cent).
David Mellor, a business mentor and

honorary senior visiting fellow at Cass

Business School, says that often they
come up with a solution that has to go
and find a problem, because they
havent done enough research.
Failure to appreciate what they are
getting into, particularly among people
who have left larger institutions, is a
problem, Mr Mellor says.
A second is bad debt, because founders tend to be naive about getting paid
on time.
When Mr Mellor set up his consultancy in 2001, after leaving Deutsche
Bank, it was eight months before I got
my first cheque and my first client
turned into a bad debt. Now he outsources invoicing to a specialist.
A third common source of failure, he
adds, is choosing the wrong partner or
hiring the wrong staff.
Ask business owners about barriers to
growth and they often cite external factors such as a scarcity of skilled staff, or
red tape and tax, but one big problem
lies closer to home: a lack of leadership
and entrepreneurial skills.
We have an issue over the capability
of owners to grow the business and take
it on to the next step, says Prof Hart.

Founders face
dilemma over
right path to
growth
Expansion Is it best to expand a business
organically or via acquisitions? By Hugo Greenhalgh

or once, entrepreneurs are

agreed. Notoriously a fractious bunch, particularly
when it comes to discussing
the best way to build a business, founders of small and mid-sized
enterprises (SMEs) have reached a
broad consensus: the best route to success is to grow organically, rather than
through acquisitions.
An informal FT survey of 39 SMEs
determined that founders were in
favour of not rushing businesses into
growing too quickly. Twenty-six said
organic growth was more appropriate,
with only six favouring acquisitions.
Seven said both approaches could work.
History is awash with tales of businesses that expanded too quickly and
too far. In 2010, Toyota was plagued by a
series of recalls. Akio Toyoda, the president and chief executive, said at the
time that he feared the pace at which
we have grown may have been too
quick.
Krispy Kreme, the US doughnut
maker, faced similar problems in the
mid-2000s, albeit on a smaller scale.
According to authors Louis E Boone and
David L Kurtz in their book, Contemporary Business, the company expanded

too fast as a result of poor decisions

made by management. The companys
near-failure had nothing to do with the
quality of its doughnuts. Instead, as the
company grew bigger, so did its debt.
Too much too soon can kill any business. For midsized companies, the question of whether to scale up and grow
internationally is pertinent, particularly in the UK. According to Mills &
Reeve, the law firm, a third of midsized
companies in the UK which produce a
combined 237bn of turnover are
looking to sell.
Some may want to grow fast, others
dont, says Patrick Reinmoeller, an
associate professor at the Rotterdam
School of Management, Erasmus University. SMEs in Silicon Valley, for
example, share the dream of being the
next unicorn [a start-up valued at
more than $1bn] so growth matters
above all. Other SMEs may want to
serve local markets with locally sourced
things that matter only locally. Ambitions may be limited and acquisitions
not an obvious choice.
The internet has fundamentally
altered these considerations, says
Sarah Drinkwater, head of Googles
Campus London, a hub for budding

Google Campus London: ecommerce has accelerated organic growth for many businesses Jeff Gilbert/Alamy
entrepreneurs. Being able to trade digitally has rewritten the rule book, she
says. The naysayers will always argue
that organic growth is too slow, or the
true costs of scaling up are far too excessive. But the fact is the internet is speeding things up and making things
cheaper. This is spearheading the rise of
the micro-multinational.
Ecommerce gives small businesses
the power to ramp up their operations
incredibly fast, so while they may be
small in headcount, theyre supersized
in growth, servicing and talent.
Part of the process of deciding
whether or not to move to an acquisition
will depend on where the company is in
its life cycle. Businesses might indeed
have the power to expand their operations, but it is not always appropriate.
Motorclean, which offers car valeting
for dealerships, grew organically for 25
years. But a secondary management

buyout in 2011 allowed the company to

pursue a more assertive strategy, says
chief executive Steve McBrierty, featuring an acquisition that helped us
almost double turnover and attain
record profits over the next four years.
Many may favour organic growth but
the approach can present a number of
difficulties, points out Malcolm Williamson, commercial and enterprise
director at Exemplas. A limited
amount, or lack, of resources in terms of
funding and talent is the main reason,
he says. For example, the cost of marketing for new client acquisition or
expanding into new markets can be prohibitively expensive.
Fundamentally, though, a factor that
often comes into play is confidence.
Sometimes, Mr Williamson says, the
business erroneously believes that purchasing a competitor outright is out of
their league.

There is another route to developing a

company: get someone to buy it.
In this scenario, its vital to be clear
on why you set up the business in the
first place, argues Rich Preece, vicepresident and managing director of
Intuit UK, a financial software provider
for SMEs.
Are you a serial entrepreneur, looking to create something, sell for the optimum price and move on to the next
project? Mr Preece asks.
Is the business your baby, one that
bears your fingerprint and one that you
never want to let go? Or is there a halfway house can you retain a salaried
senior position in the organisations
next phase under new ownership?
Instinct will guide this decision, Mr
Preece says. But you should reflect on
the reason you started the business in
the first place and the goals you set out
to achieve with it.

Catch them early and catch them young

COLUMN

Alex
Chesterman

The creators of an inflatable incubator

for premature babies, a biodegradable
tent and a medical device to simplify
kidney dialysis are some of this years
finalists in the Launchpad
Competition, organised by the Royal
Academy of Engineering to honour
innovations and the inventors behind
them. The contest seeks to identify
clever ideas that not only have strong
business potential, but also could have
a positive impact on society, and there
is a twist: it is only open to 16-25-yearolds.
The UK is the most entrepreneurial
country in Europe, says the Global
Entrepreneurship Index, which ranks
the UK fourth in the world after the US,
Canada and Australia. UK
entrepreneurs greatest strength, the
index notes, is their ability to provide
unique products or services.
Research by Enterprise Nation, an

organisation providing support and

advice for start-ups, showed a 70 per
cent increase in the number of
company founders aged 35 or under
between 2006 and 2013.
The same research showed more
than half of young people aged 16-25
want to start their own business. Many
cannot wait to finish their studies. An
estimated 80,000 university students
in the UK run their own business or
joint venture, according to Santander.
And why should they not? There has
never been a better time, with a
revolution in digital communications
creating easier methods to raise
finance and to market and sell goods
and services. Lower corporation taxes
and tax breaks are allowing wealth
creators to plough more of their
returns back into their businesses.
Young entrepreneurs are at the perfect
point in life to start a business: they are
likely to have fewer financial burdens
such as mortgages and family expenses
and they often have a higher
propensity to take risks, hence are
more likely to innovate.
It is vital that established businesses
support them and encourage more
students to become entrepreneurs.
In doing so, we will help create

opportunity, stimulate social mobility

and instil confidence.
It is also good for our economic
wellbeing as we emerge from the worst
financial crisis since the second world
war. Britains fastest growing small
companies created two in every three
jobs and generated almost 40 per cent
of the UKs economic growth in 2013,
according to the Centre for Economic
and Business Research. Some of these
companies will grow to become
unicorns, the start-ups that defy the
odds to achieve billion dollarvaluations, such as Uber, Airbnb and
Snapchat.
The government offers some help. It
Alex Chesterman:
entrepreneurs can
and should help
educate the next
generation of
founders

is cutting taxes and red tape and its

Start-Up Loans programme, set up to
provide growth finance for young
entrepreneurs, has been extended with
a new target to lend to 75,000 small
and medium-sized businesses.
But young entrepreneurs and

innovators need more than cash and

tax breaks. They need mentoring,
advice and role models. They need
nurturing from a very young age.
Richard Branson says he believes
entrepreneurs struggle with formal
education and suggests that traditional
schooling can be anathema to being an
entrepreneur. Setting up a business
entails trying new things out and
making mistakes, yet making
mistakes flies against the expectations
of traditional schooling.
I am not suggesting we do away with
traditional schools, even if some people
would say entrepreneurship is not
something that can be taught in them.
Leadership, persistence and innovation
cannot be instilled through exams.
However, I do believe that there is an
opportunity for businesses to work
with schools to create programmes that
complement the curriculum.
Successful entrepreneurial ventures
can and should provide know-how by
directly engaging with children and
teenagers on a practical level, rather
than through textbooks.
Young Enterprise, a leading
enterprise and financial education
charity, is already doing this. Its Fiver
Challenge programme encourages

children aged 5 to 11 to set up a minibusiness to provide products or

services to their local communities.
The scheme provides 5 in start-up
capital for children who want to learn
skills such as financial literacy,
teamwork, problem solving and, of
course, enterprise.
The Aldridge Foundation helps to
sponsor entrepreneur academies and
colleges in areas of Britain where startup opportunities are limited. It
encourages an entrepreneurial mindset
among students, teaches them to
engage with their communities and
promotes active citizenship.
These charitable endeavours deserve
our support. And we should go further,
by offering children the opportunity to
meet us so they will regard business
leaders and entrepreneurs as role
models, and believe setting up a
business to be a goal within their reach.
The potential rewards are immense:
stronger, more sustainable job and
wealth creation; social justice and
mobility; and more rounded young
people, better prepared for the
challenges of life.
Alex Chesterman is founder and chief
executive of Zoopla Property Group

Once-in-acentury
chance to be
tech leader
Continued from page 1
director of the Kauffman Foundation, a
US-based charity set up to promote
entrepreneurship worldwide. He cites
the latest Global Startup Ecosystem
ranking, produced by Compass, a San
Francisco-based benchmarking company. London offers the most diverse
ecosystem for start-ups in the world,
according to the ranking. About 53 per
cent of Londons start-up employees are
foreign and 18 per cent of their founders
are female.
But entrepreneurial success in London and in cities such as Edinburgh,
Bristol and Manchester is in stark
contrast to other parts of the country.
Erkko Autio, professor in technology
venturing and entrepreneurship at Londons Imperial College Business School,
describes the UKs start-up culture as
dynamic but unevenly distributed.
While London is a clear leader, the
north-east is a clear laggard, Prof Autio
says. The differences are large.
Brent Hoberman, the tech entrepreneur and founder of Lastminute.com
and Made.com, warns that the UK cannot afford to be complacent as foreign
governments embrace founder-friendly
policies. The French have copied a lot
of what we have done in the UK and
have done a bit more in terms of marketing French tech, he notes.
Mr Hoberman believes the UK government could do more to cut red tape
and support smaller companies that
want to export. Large corporates could
play a greater part in helping to nurture
small companies, he adds. He points to
the Google Campus in Londons Old
Street, providing space for technology
entrepreneurs to network, and refers to
such initiatives as good citizenship.
Saul Klein, founder of European technology start-up incubator Seedcamp
and until recently a partner at Index
Ventures, one of Europes most successful tech venture capital firms, says the
UK entrepreneurial revolution has only
just begun, driven by innovations in
product and service delivery made possible by digital technology.
The growth of the UKs digital economy has taken place in no small part
because English is the language of the
internet, Mr Klein says. This creates a
chance for the UK to grab the productivity advantages offered by online networks and clever use of data to build
business models.
Brent Hoberman:
founder-friendly
policies are on
offer from foreign
governments
eager to copy UK

We have the chance to be one of the

great tech nations, he says. For the UK,
this is a massive soft-power opportunity.
This comes around once a century.
Compared with the era of the 1971
Bolton report, the past may feel like a
foreign country for those creating companies in the UK today. The concern for
policymakers must be that they do not
allow the UK to fritter away its opportunities by undermining what has been
achieved.

Contributors
Jonathan Moules
FT business correspondent
Hugo Greenhalgh
FT Wealth correspondent
Charlotte Clarke
FT business education communities
editor
Brian Groom
Freelance journalist
Helen Barrett
Commissioning editor
Peter Chapman, Christina Madden
Subeditors
Steven Bird
Designer
Andy Mears
Picture editor

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FINANCIAL TIMES

Tuesday 6 October 2015

The UKs Entrepreneurs

Shrewd
operator
keeps an eye
on the details
Award winner Synergy Healths Richard Steeves
explains why vision is not enough. By Brian Groom

reat entrepreneurs need

more than big ideas, says
Richard Steeves, who built
Synergy Health, the FTSE
250 outsourcer that he
founded in 1991, into a global medical
hygiene business.
Equally important is paying
attention to the detail and, as part of
that, being able to assess the
risk/reward ratio, he says. What I see a
lot with entrepreneurs is they have the
big ideas and see the vision, but they
dont always have the ability to pay
attention to the detail. That can
undermine the implementation of some
of the visions.
Both qualities have played their role
in the career of Mr Steeves, 54, Synergy
Healths Canadian-born chief executive,
which has led to him winning the 2015
UK EY Entrepreneur of the Year award.
It comes after a US court cleared the
way to a $1.9bn cash-and-share
takeover of Synergy by Steris, an Ohiobased sterilisation equipment maker,
rejecting an attempt by US antitrust
regulators to block the deal. The
acquisition was subject to votes by both
companies shareholders on October 2.
The new company, in which Mr
Steeves will become a non-executive
director, is expected to have a combined
revenue of $2.6bn, employing 14,000
people in 60 countries. It would allow
Steris to move its tax domicile to the UK
and cut its corporation taxes.
Mr Steeves believes the combination

Friends seize
opportunities
in borderless
world
Financial services

Estonian pair take on banks

by offering low exchange
rates, writes Brian Groom
Taavet Hinrikus and Kristo Krmann,
two Estonian friends, set out to solve a
problem for themselves and ended up
aiming to solve it for the world. In 2011
they created TransferWise, a peer-topeer international money transfer company and one of Europes fastest-growing financial technology start-ups.
TransferWise, based in Londons Tech
City, is among the biggest of a clutch of
companies using digital technology to
let customers transfer money between
different currencies at cheaper rates
and more quickly than services
offered by banks and institutions such
as Western Union and MoneyGram.
It moves more than 500m across the
world every month, taking 2 per cent of
the UK global remittance market, and is

will be good for both companies: It

gives us additional scale, particularly in
the US, and gives Steris the
infrastructure it needs outside the US to
grow its business.
He established Synergy Health, with
the help of a government-backed loan of
125,000, to sell protective medical
gowns for surgeons at the height of
concern about HIV infection. Now the
Swindon-based company has
operations in Europe, the Middle East,
Asia, Africa and the Americas,
employing 5,600 people worldwide
including 2,400 in the UK and Ireland.
There is no doubt it has been a great
success, Mr Steeves says. The company
has been in the FTSE 250 since 2008. Mr
Steeves owns 3 per cent of Synergy, plus
some share options.
Synergy operates from 150 sites
around the world, providing services
including medical device sterilisation,
infection control products, specialist
laboratory and healthcare linen services
Mr Steeves entrepreneurial streak
was there from an early age. He left
home at 16 and bought a franchise to
clean a bank, health spa and warehouse
in his native Vancouver, employing
three staff. He sold it two years later to
study for a BSc in human physiology at
the University of British Columbia.
When he came to the UK to do a PhD
in biochemistry at St Johns College,
Cambridge, he started a part-time
business renting televisions and video
players to fellow students. While there,

pushing into markets such as the US,

Germany and Australia. TransferWises
last investment round is thought to have
valued it at nearly $1bn. Backers include
Sir Richard Branson of Virgin and PayPals Peter Thiel and Max Levchin.
Mr Hinrikus was the first employee of
Skype, the company that revolutionised
long-distance calling by offering it free
over the internet, in 2002. Later he
moved from its Estonian base to London
but, because he was still paid in euros,
he lost 5 per cent in bank charges every
time he changed money into pounds.
He met Mr Krmann, who had the
same problem in reverse: he was paid in
sterling in London and had a mortgage
in euros in Estonia. In 2007, they found a
solution. Each month, using a mid-market rate, Mr Hinrikus put euros into his
friends account while Mr Krmann
topped up Mr Hinrikuss account with
pounds. Both got the currency they
wanted and neither paid hidden fees.
Four years later, they created TransferWise, which matches people transferring money in one direction with
people sending it in the other so called
peer-to-peer transfers.
It was a leap of faith from solving it
for ourselves to can we solve it for the
entire world? What makes us proud is
that we have earned the trust of so many
people, Mr Krmann says.
TransferWise says it is up to 90 per
cent cheaper than banks and brokers,
which typically charge 5-8 per cent,
often concealed within the exchange
rate. That can mean a saving of more

Ex-roughneck aims
to pass oil price test
Energy

Saltire founder says you just

take whatever life throws at
you, writes Brian Groom

Richard Steeves: an entrepreneur from an early age Jakob Appel Gronkjaer

The winners
The EY UK Entrepreneur of
the Year Awards 2015
Overall winner
Richard Steeves, Synergy
Health
UK winners
Andrew Kerr, CMS Windows;
Mark Payton, Mercia
Technologies; Jim McCarthy,
Poundland; Peter Roberts,
Pure Gym; Mark Egerton,
Quotient Clinical, The
Translational Pharmaceutics
Company;
Mike Loggie, Saltire Energy;
Gareth Mobley, DW3
Products;
Taavet Hinrikus and Kristo
Krmann, TransferWise;
James Wilkinson, Zuto
Social Enterprise winner
Dai Powell, HCT
Family Business Award of
Excellence
Wates

than 200 on a 5,000 transfer from

pounds to euros.
Mr Hinrikus, who was Skypes director of strategy, is executive chairman at
TransferWise, looking after marketing
and product development. Mr Krmann is chief executive, in charge of
operations, development and compliance. He was previously a management
consultant at PwC and Deloitte, working
with European banks and insurers to
modernise their processes and systems.
We are still very much at the beginTaavet Hinrikus
and Kristo
Krmann:
problem-solving
for all required a
leap of faith

ning, says Mr Krmann. We saved

22m for our customers in August. The
banks worldwide still got to take more
like 800m from their customers.
TransferWise has 400 staff and covers 30 currencies or 400 currency
routes. I think we will accelerate the
pace, notes Mr Hinrikus. This year we
have only launched the business in one
new country the US. We expect to be
launching in multiple new countries
very soon.
Mr Krmann says: We are really at
the beginning of the borderless world of
money, where you move seamlessly
between the dollar and pound and euro
and you dont even have to think
about this.

Joint approach drives lasting change

EY programme

We share responsibility for

keeping the UK in a prime
role, writes Steve Varley
Entrepreneurs are our economys backbone. A competitive tax system, business-friendly regulations and a skilled
workforce place the UK among the top
five countries in the G20 for entrepreneurs, according to EYs G20 Barometer.
The foundations for a strong entrepreneurial environment in the UK are
well established and our position is positive against our global competition.
To ensure that the UK remains a hub
for businesses with a positive impact on
employment and growth, government,
business and entrepreneurs themselves
need to join forces.
No one can go it alone when it comes
to fostering high impact entrepreneur-

ship and it is through this joint approach

that the UK will create opportunities for
young entrepreneurs to start their businesses and drive lasting change.
At EY we support entrepreneurship
through the Entrepreneur of the Year
programme, now in its 18th year in the
UK. Every year we embark on a nationwide search for the best and most
dynamic entrepreneurs. This year 129
entrepreneurs with combined revenues
of 8bn employing over 80,000 people
were shortlisted.
The programme starts at a regional
level. Once regional winners are chosen
they compete at the UK final, where
they are evaluated by an independent

The Entrepreneur of the

Year programme is now in
its 18th year in the UK

judging panel that changes every year.

Each entrepreneur is evaluated
against criteria ranging from entrepreneurial spirit, financial performance,
strategic direction and global impact to
innovation, personal integrity, and
influence.
The UK winner will compete against
the best entrepreneurs from all over the
world at EYs World Entrepreneur of the
Year Awards.
There is no easy fix when it comes to
ensuring a pipeline of entrepreneurial
talent. Government, business and
entrepreneurs must continue to work
together to maintain a competitive
financial and regulatory environment
and develop an entrepreneurial culture
in every aspect of business life.
Ensuring that the UK remains a prime
destination for new and growth businesses should be a shared responsibility.
Steve Varley is UK chairman and managing
partner for UK & Ireland at EY

he set up another business, selling

rowing kit and other sports gear in
college colours, borrowing the St Johns
college crest, which had me expelled
for a day.
In the early 1990s recession, he and a
colleague sought assets they could buy
cheaply with which to create a business.
They found a clean room that had been
used to make surgical packs and, amid
anxiety about HIV, Mr Steeves saw an
opportunity to introduce from the US
the idea of supplying protective clothing
for surgeons and patients. Synergy
Health was created in 1991.
It was not a trouble-free beginning.
Within a couple of years, Synergy lost
one of its biggest NHS customers to a
new rival that had undercut its prices.
Since then, the company has
expanded through organic growth and
selective acquisitions. It began its
European expansion by buying Lips, a
Dutch company, in 2004; entered the
Chinese market by setting up a
sterilisation businesses in 2007 and
moved into the US with the acquisition
of BeamOne, a sterilisation company, in
2011.
Mr Steeves, who holds dual Canadian
and UK nationality, thinks Britain has a
good climate for entrepreneurs but
wants to see them celebrated more. I
could be criticised for not celebrating
success enough, he says.
Part of it is paranoia. I always worry
about what might be around the corner
to undermine the work we have done.

The sharp drop in the oil price is a test

for everyone in the industry. Mike Loggie, founder and chief executive of Aberdeen-based Saltire Energy, a supplier of
drilling tools and rental equipment to
the global oil and gas sector, is determined to see it as an opportunity.
We are very fleet of foot, we are a
small organisation, our costs are tight
and we are out there aggressively looking for business, he says.
We are going to grow through this.
We are not battening down the hatches
and waiting for the good times to return,
we are taking the opportunity while everyone else is laying people off and getting rid of equipment.
Saltire, which Mr Loggie established
in 1986, saw its turnover grow by 68 per
cent to 36.3m in the three years to
2014. It employs 82 staff. About 60 per
cent of its business is international, with
a focus on the Middle East, Africa, Asia
Pacific and the Caspian region as well as
the North Sea.
Mr Loggie worked in a jute mill and
the Royal Air Force after leaving school
at 16. He then went to the Middle East to
work as a roughneck or manual
labourer on an oil rig in order to make
enough money to get started in business
on his own. Returning to his native
Aberdeen as the oil industry was
becoming established, he spotted a need
for high-quality rental equipment.
The entrepreneurial thing evolves
when you start taking risks, because
when you go into business on your own
all you are doing is working longer
hours, he says. Then you realise that
to make anything out of this that you
wouldnt make by working for someone
else, you have to take risks and see
opportunities. You have to be innovative.
Operating in an industry as volatile as
energy means coping with its vicissitudes. You have been at the bottom of

so many holes and you have climbed out

of them, only to fall in yet another one,
not necessarily of your own doing but
thats what life throws at you.
Saltire has succeeded, Mr Loggie
believes, by delivering high standards of
customer service: You have to be different from everybody else in the pack.
You have to offer the customer what
they really need, not just what you want
to give them. You have to take risks and
put your money where your mouth is.
He adds: You have got to do things
not just a bit better but an awful lot better instead of following the pack. You
have to start raising the bar. There are
lots of opportunities. I dont think being
in one industry is very different from
another, as long as you learn what you
are doing.
Mr Loggie says would-be entrepreneurs must do their homework in
researching the market they want to get
into, but if they really feel their idea has
potential and believe in themselves,
they should have a go. You mustnt
regret something you havent done.
He is a philanthropist, having set up a
community programme in 2008 to support local and international projects,
Mike Loggie: My
dreams increase
every day, so Ill
just carry on what I
am doing

primarily helping disadvantaged young

people. One initiative was to offer children at Aberdeen primary schools a
chance to take part in sports such as
swimming and football.
He also built a school in Thailand for
the children of Burmese refugees, helping them to get enough education to get
into Thai schools.
Ive been lucky, Mr Loggie says. All
I want to do is give people, kids in particular, an opportunity.
Now 71, he has no plans to call it a day.
When my achievements are greater
than my dreams, then its time to hand
over to somebody. My dreams increase
every day, so Ill just carry on what I am
doing.

FINANCIAL TIMES

Tuesday 6 October 2015

The UKs Entrepreneurs

Flexibility and
passion appeal
to Generation Y
Recruitment

Creative approaches
to hiring are a necessity,
writes Jonathan Moules

Sebastian Steinhauser: Parcelly, his fledgling parcel delivery business, raised 300,000 in start-up capital

Meet the venture class of 2015

Early stages Charlotte Clarke meets three founders who have set up businesses in the past 12 months
Sebastian Steinhauser wrote a business
plan for Parcelly after being forced to
choose between collecting his online
orders from a remote delivery depot or
from the local dry cleaners.
He arrived in the UK from Germany
in 2009 to work as an investment
banker. He describes how he would
often shop online and came to rely on
his local dry cleaners in Londons
Bayswater to accept his deliveries, as he
worked very long hours.
They would open the door and call
out to me as I walked past, he says. And
the staffs friendly community service
prompted the idea for his Parcelly app.
I decided to create a company that
would deliver items in the most
effective way possible and with the most
short-term impact, says Mr
Steinhauser.
He raised 300,000 in start-up
capital, which included a seed and
growth funding round with a strategic
group of experienced investors.
To expand the technology, he found
three developers in his native Germany.
With their help, he created an app
that offered customers a range of
addresses close to home or work that
would look after their deliveries for a
small fee.
The app is free to download, then
charges consumers for collections.
Prices start at 1.99 per parcel, or 7.99
per month. Parcelly shares those fees
with its collection points.
The first [partner] was my dry
cleaners, which they were pleased about
as they could now charge me, he says.
Over the past seven months, the
number of drop-off points has grown to
150, mainly in greater London.
There is a cupcake shop in
Lewisham, for example, and a
hairdressers in Primrose Hill, plus a
small chain of petrol stations in Wales
and Scotland, Mr Steinhauser says.
We are trying to find the most
convenient places for customers, as
well as turning online shoppers back
into footfall for businesses.
However, Mr Steinhauser is most
proud of his companys environmental
efforts.
When ordering three parcels online
two of which will [contain clothes or
shoes] to try on and send back
everyone forgets the CO2 emissions. UK
retailers send out a billion parcels in the
UK annually, yet one in every 10 is not
delivered on the first attempt, he says.
Mr Steinhausers method means that
a single driver can drop off 40 parcels
for a whole street in one go.

Jas Chana: aiming

for partnerships
with insurance
companies to sell
her wearable device
for new mothers

Jas Chanas wearable device for new

mothers is called Maat, after the
Egyptian goddess of balance. A tech
solution to poor posture, it is about the
size of a 50p coin and clips discreetly on
to underwear.
Its motion sensors provide real-time
prompts and feedback to the wearer
about movement and back strain. It also
suggests exercises.
In the same way that people use
technology to count their steps, Maat
tracks your posture to lead you away
from back pain, says Ms Chana. It is a
new way of capitalising on tech.
She points to the shift brought about
by fitness trackers in what consumers
now know can be measured digitally.
Maat is at the development stage.
Next comes a fundraising round, which
Maats team of six hopes will be secured
through an entrepreneurship challenge
at Londons Imperial College Business
School this month. The winner will
receive 10,000 and the Maat business
plan is on the shortlist.
The team comprises a gender split of
50/50 and skills ranging from product
development and marketing to service
design and finance. Weve really gelled
since we started working together last
summer, says Ms Chana.
Her plan is to launch a website to sell
the device directly to consumers, for
149. She wants to establish
partnerships with insurance companies
to offer consumers who use Maat
discounts on their health insurance.
Ms Chana became aware of the health
problems of new mothers while
studying for an executive MBA at
Imperial College London. One of my
classmates, Greg Chadbourne, said his
wife had just given birth and was
suffering from a wrist injury de
Quervains tenosynovitis or Mummys
thumb brought on by repetitive tasks
such as picking up the baby, she says.
The pair were studying innovation,
entrepreneurship and design. The idea
of creating a wearable fix was developed
with classmates.
Our original solution [to Mummys
thumb] was to create a baby harness or
new line of ergonomically designed
baby clothing, which would include a
handle to help parents lift their child.
But of all aches and pains reported,
Mummys thumb was only the tip of the
iceberg. The biggest pain reported was
in the lower back, she says.
And 80 per cent of mothers were
interested in technologies that could
[offer] feedback on preventing strains
and injuries.

Vera Wei: previous

career in the
financial industry in
China eased the
path to unlocking
start-up capital

Vera Wei, a Chinese entrepreneur based

in London, set up her educational travel
company for children while studying at
London Business School.
I arrived there after 18 years
experience in the financial industry in
mainland China and didnt expect to
learn much, she says.
Inspired by her Sloan masters in
leadership and strategy at LBS, she
asked the schools entrepreneur
mentor-in-residence, Jurek Sikorski, to
help her work out how she could share
her experience of life in the UK with her
fellow Chinese.
Mr Sikorski helped her to develop the
company, Sloan Culture & Education
Exchange, providing educational trips
to the UK for Chinese children. She
named the company after the schools
programme.
Ms Wei initially spent 50,000 of
savings on research in preparation for
launching the business. She then set up
a China affiliate Shanghai Sloan
Education & Technology in April,
which cost a further 100,000.
Ms Wei raised the money through her
contacts in the financial industry.
Its never easy [securing finance] but
I had a track record before LBS and
people believe in what Im doing, she
says.
The companys first trip took place in
July, with 17 Chinese students aged 11
16 travelling to an English language
summer camp at Stowe School in
Buckinghamshire, hosted and operated
by Regent Young Learners, an English
language school. The children studied
English in the morning and played
sports and pursued extracurricular
activities in the afternoon.
For most students, it was the very
first time that learning English stopped
being stressful preparation for exams
and became communicating with the
world, says Ms Wei.
Ms Weis marketing professor guided
her research, which she used for her
management report before graduating.
It [became] a kind of dissertation for a
start-up, she says.
She is focusing on expanding the
business, with plans to increase the
number of UK visits to cater for up to
200 Chinese students next summer.
Expansion is not Ms Weis biggest
challenge. Rather, it is balancing the
requirements of business with the
demands of pastoral care.
This is a mission; the children come
first, she says. We do need to make
decent money but thats the reward, not
the starting point.

Under normal circumstances, finding

the boss swiping through pictures on the
Tinder app could be embarrassing.
But at Beringer Tame, a small but fastgrowing recruitment agency specialising in finding ecommerce and online
operations executives, Patrick Tame,
the founder, is using the dating app as a
way of headhunting potential employees. My best people are, like me, people
who somehow stumbled into recruitment, the former soldier turned entrepreneur explains. He has a former barrister, an ex-estate agent and a retired
naval officer on the payroll.
A creative approach to hiring staff is a
necessity for many early-stage entrepreneurs because resources are tight.
But companies such as Mr Tames also
find that breaking with convention can
often lead to hiring more suitable
employees. He is looking for independent and resourceful types who might be
interested in becoming headhunters
themselves. The Tinder profiles of prospective candidates may offer better
clues about a potential employees suitability than a conventional CV submitted
in response to a recruitment advertisement.
Others stick with traditional job
adverts but adopt a more creative
approach.
Gareth Lofthouse, managing director
of Longitude, which helps client companies convert their internal data and
ideas into reports, articles and infographics, advertises for people looking
to change what they do as well as who
they work for, something not usually on
offer in the traditional job advert.
These days people dont just stay in
one career, so we try to tap into peoples
desire to develop a new skill set or area
of experience, Mr Lofthouse says. We
hire seasoned journalists and train them
in how to mine data to tell good stories.
We might also mix and match different
skill sets from the worlds of publishing,
marketing and digital design to develop
new types of research and content for
our clients.
Longitude pledges to look after its
recruits. The business has only been
trading since 2011 but it has offered a
pension scheme, private
healthcare and other bluechip benefits from the day
it hired its first employee.
Its a hefty investment
for a start-up but its
helped us attract some of
the best talent out there, Mr
Lofthouse says, adding that
incentives have been
designed so staff boost their
pay by making a bigger contribution to the businesss
growth.
Such actions would be a
struggle for most small and
medium-sized enterprises
(SMEs), notes Duncan
Cheatle, a serial entrepreneur who founded The
Supper Club, a private networking group for established company founders.
He recently launched
Rise To, a matchmaking
service for young people looking to work
for entrepreneurial

ventures. Often, but not always, SMEs

are able to sell the passion and purpose
of the founders where corporates fail.
This is appealing to Generation Y, Mr
Cheatle says.
SMEs can offer flexibility, faster
advancement, great sense of making a
real impact . . . and often have quirky,
low cost benefits that work.
SMEs tend to make the task of hiring
more difficult for themselves because
they recruit in a one-off way, placing job
adverts when vacancies arise and paying scant attention to the wider perception of the organisation as an employer,
Mr Cheatle adds.
Just as customers expect an ongoing,
authentic dialogue with a business or
brand, [employees] prefer an employer
they know and believe in, he says. Corporates have understood this for a while
and so often attract the best talent.
Rise To was designed in part to solve
this problem because the website
encourages job hunters to return to it,
like LinkedIn, by offering a social network, Mr Cheatle says.
He adds that there are other low-cost
ways for SMEs to improve their chances
of attracting the best talent that do not
involve signing up to a website.
Entrepreneurs who are members of
the Supper Club have run open days at
their company offices, accepted guest
speaker invitations at local universities
and run competitions to attract talented
individuals to their businesses.
For Charlie Mowat, managing director of The Clean Space, which has 300
cleaning staff on its books, the priority is
treating people with respect. The Clean
Space pays 1.35 an hour more than the
UK Living Wage, which outside of London is 7.85 an hour, but there are also
policies in place to ensure personal matters, such as an employees birthday, are
remembered.
Mr Mowat writes in person to cleaners
whenever the company gets a compliment from a client.
Its the basics of good human
resources, he says. The tangible
results have been in lower staff turnover, but also better team morale, team
development and better recruitment of
people that suit the business better.
Too few small businesses invest in HR
advice, according to Mr Mowat.
We have a dedicated HR manager,
who we decided to [hire] two years ago
and has been massively helpful. This is
something I regret not having in
place sooner.
Mr Mowat believes one of
the most important hiring lessons he has learnt is that people tend to divide between
those who are happiest in
large corporates and those
who prefer small businesses, and it is no good trying to convert people to
what they are not.
Ive had a string of
failed appointments where
Ive recruited corporate people who I thought had great
experience, who turned out to
be terrible at thinking for themselves, he says.
Small-business people who
end up in corporates feel constrained in how little freedom
they get. Of course, they get paid
a bit more, which may be good
news and that is a fact of life. But
Id take freedom over pay any day of
the week.
Happy: employees at The Clean Space
are often thanked

Equity crowdfunding market no longer the preserve of start-ups

Expansion

Mid-sized companies raise

millions but mistakes are
common, writes Brian Groom
For enterprises seeking seed capital or
money to expand, intriguing possibilities are on offer by the fast-growing UK
equity crowdfunding market, which
enables individual investors to buy
stakes in companies online sometimes putting in as little as 10.
Equity crowdfunding websites such as
Crowdcube, Seedrs and SyndicateRoom, enable businesses to pitch to
communities of backers. They offer
companies an innovative route to raising capital, often from enthusiastic customers, and open new investment areas
to the public.
Questions have been raised, though,
about whether inflated valuations are

leaving investors at risk of failing to

make a return in proportion to risks and
whether in some cases they have adequate protection against dangers, such
as heavy dilution of their shareholdings.
The Financial Conduct Authority,
which regulates the sector, has warned
that crowdfunding is risky for investors,
with the message: you are very likely to
lose all your money, because most
start-ups fail.
The sector, barely five years old, is
small but expanding. Last year it raised
84m, up from 3.9m in 2012, according to Nesta, an innovation charity.
That was out of a total UK alternative
finance market estimated at 1.74bn.
The UK is ahead of the US, which is still
developing rules for retail equity crowdfunding.
Equity crowdfunding is quite capable of raising 1bn a year, maybe more,
says Stephen Hazell-Smith, who cofounded Aim and is chairman of Business Agent, a crowdfunding aggregator.

But, he adds: People will be eagleeyed looking for failures.

There are more than 30 platforms.
Nesta found the average amount raised
was almost 200,000, with 125 investors putting in 1,599 each.
Augmentum Capital, a venture capital fund backed by Lord Rothschild and
Neil Woodford, the fund manager,
recently led a 10m investment round
into Seedrs, while corporate brokers
Numis bought 8.49 per cent of Crowdcube as part of a 6m funding round.
Equity crowdfunding is also attracting established companies. Sugru, a
company that makes a mouldable putty,
raised more than 3.5m via Crowdcube,
the largest platform, in July. ISDX-listed
Chapel Down winery, a UK wine producer, raised nearly 4m via Seedrs last
year. Crowdcube plans to offer retail
investors the chance to invest in London
stock market floats.
Its about having options and being
able to get the money quickly, says

Luke Lang, Crowdcubes co-founder. It

can be quicker than protracted conversations with venture capitalists and
angel investors.
Companies see a benefit in having
customers as shareholders, who can
turn into brand ambassadors for their
products and services. Investors often
support businesses they identify with,

84m

4m

Total raised last

year via the UK
crowdfunding
sector

Amount raised by
Chapel Down
winery through
Seedrs

whether it be craft beer, solar energy or

computer games. It is less clear how well
that might work for, say, a machine tool
manufacturer.
Crowdfunding can help to fill the
equity gap for start-ups but it is not
necessarily easy. Crowdcube rejects
85 per cent of businesses that apply, for

reasons such as being unable to substantiate claims in a pitch. Nearly half of

pitches on the platform fail to reach
their targets, meaning fundraising fails.
They have to work at it, says Tom
Davies, chief investment officer at
Seedrs, where six out of 10 fail to reach
their target. They have to do a lot of
marketing around the crowdfunding
campaign.
Platforms have various models: on
Crowdcube, investors hold shares in
companies directly. Seedrs acts as a
nominee shareholder on behalf of investors, managing the investment for
them. On SyndicateRoom, a business
angel acts as lead investor and negotiates terms before funding is opened on
the same terms to the crowd.
On Crowdcube, all but the largest
investors receive Class B shares, with
no voting rights or contractual protections against dilution, such as preemption rights, whereby existing
investors must be offered shares before

they are made available to anyone else.

Crowdcube says the 2006 Companies
Act gives adequate protection from
unlawful dilution.
Some companies have been criticised
over valuations, notably craft brewers
BrewDog and Camden Town Brewery.
Valuations matter, because even if
investors have diversified portfolios
they need to earn good returns from the
few that do well.
But Stian Westlake, executive director of research at Nesta, says: It isnt
clear to me that there is something
inherent about equity crowdfunding
that is more likely to generate unrealistic valuations.
It may take at least five years before
rates of return can be properly gauged
as the initial cohort of businesses is sold
or floated. It is likely that the bad news
will come before the good news, Mr
Westlake says. By then we hope there
will have been some success stories,
even if these are anecdotal.