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Catastrophic Briefing
floods swamp i Opposition U-turn raises heat on May
Theresa Mays Brexit strategy is facing pressure
Houston from the UK prime ministers own party after the
Labour opposition announced it would campaign to
keep Britain in the EU single market, at least during
Torrential rain dumped by tropical a transitional period. PAGE 3
storm Harvey turned streets into rivers
in Houston yesterday, leaving a mount- i US envoy warns on Ukraine crisis
ing death toll. US-Russian relations will be crippled unless a
Parts of Texas had already recorded solution is found to the Ukraine crisis, the US envoy
more than 27 inches of rainfall by 9am for Ukraine talks has said. PAGE 4
local time. The US National Hurricane
Center called the flooding catastrophic i China rights lawyer in jailing appeal
and life-threatening and forecast that Liu Yao, a leading Chinese rights lawyer, will lodge
the heavy rain would continue for days. an appeal within two weeks against a 20-year
Authorities do not yet know the full sentence for alleged crimes including extortion and
scale of damage because the bad fraud, according to one of his lawyers. PAGE 2
weather has prevented emergency
crews reaching hardest-hit areas. Presi- i Modi under pressure after mob violence
dent Donald Trump in tweets yesterday Narendra Modi and his
hailed the co-ordination between gov- Bharatiya Janata party have
ernment agencies. We have an all out been criticised by one of Indias
effort going, and going well, he said. highest courts after mob
Report page 3 violence erupted in the north of
Mark Mulligan/Houston Chronicle/AP
the country, leaving 36 people
dead. PAGE 4
dissent over stance on racial issues i Big banks at odds over Noble CDS
The plight of Noble Group is pitching some of the
biggest investment banks against each other in a
tussle over credit default swaps. PAGE 13
INTERNATIONAL
GLOBAL INSIGHT
Dissident
EUROPE
I
Lius sentence is one of the harshest included endangering state security, lowing year he was jailed for against him. t seemed last week as if the spirit of Gerhard Schrder
handed out in a crackdown on civil soci- which allowed officials to hold him four years with prosecutors alleging Liu and Ms Lai were convicted of had returned to haunt Germanys election campaign.
ety that in the past five years has incommunicado for nine months. The that building materials worth child-trafficking related to their adop- In attacking President Donald Trump and vowing to
silenced dozens of legal, labour and charge was subsequently dropped. Rmb50,000 had been damaged in a con- tion of a boy. Ms Lai was held for a year secure the removal of US nuclear weapons from Ger-
ethnic activists. The accusation appears to have been frontation between Lius farmer clients but has since been reunited with her man soil, Martin Schulz, the Social Democrat candi-
Three years ago Ilham Tohti, an advo- based on a meeting in 2009 between Liu and guards at a hydropower station. adopted son. date for chancellor, was borrowing a leaf from the anti-
cate for the Uighurs, an ethnic group and Jerome Cohen of New York Such a sentence for a relatively minor Zhaoxing, 34, is serving four years for American book which contributed to Mr Schrders nar-
based in Chinas North West, was jailed University and Eva Pils of Kings incident led to an outcry in Chinas legal allegedly helping his father post materi- row victory for the SPD in the 2002 election.
for life for allegedly advocating inde- College London, both experts on Chinas community. Prominent lawyers such as als online. Fifteen years ago, Mr Schrder broke new ground for
pendence for the Xinjiang region. legal system. Mr Li and Pu Zhiqiang led a series of Additional reporting by Xinning Liu post-1945 German democracy with a campaign that
sought votes by criticising US foreign policy. At one elec-
tion rally after another, the SPD chancellor insisted that
Germany would have nothing to do with the George W
Bush administrations plans to invade Iraq.
Germany. Election campaign Arguably, history vindicated Mr Schrder on Iraq. But
some Germans worried in 2002 that his campaign risked
Merkel softly-softly tactic subdues rivals stoking broader anti-American feelings in a country reli-
ant on the US security umbrella. In any event, US-German
relations recovered and even flourished during the part-
nership of Barack Obama and Angela Merkel, Mr
Schrders successor.
Mr Schulzs dmarche on nuclear weapons appealed to
Polls signal fourth term for pacifist impulses similar to those tapped by Mr Schrder.
chancellor as SPDs Schulz But it drew scathing criticism from some quarters. That
would probably mean the end of Nato and the end of the
struggles to make big impact EU, tweeted Ulrich Speck, a Washington-based specialist
on transatlantic relations.
It was almost inevitable that Mr Schulz would play the
STEFAN WAGSTYL MNSTER
Trump card before election day on September 24. The
Before Angela Merkel took to the stage Republican president is phenomenally unpopular in Ger-
in the wealthy city of Mnster, the many. In an Infratest
cheerleaders were struggling to get a dimap survey published
decidedly middle-aged crowd to wave in June, 92 per cent of
Germans
their arms in a show of appreciation. Germans expressed dis- are growing
They need not have worried. Once the approval of Mr Trump
German chancellor stood before the and a mere 5 per cent
accustomed to the
microphones, there was no disguising approved of him. international role
the audiences enthusiasm. They According to that poll,
clapped and cheered while Ms Merkel 21 per cent of Germans
thrust upon them
spoke for 40 minutes and gave her a said the US was a trust-
rousing farewell as she left for her next worthy partner, and 74 per cent regarded the US as
campaign event. untrustworthy. These were the same levels of trust and
Tim Rohleder, who appears to be one mistrust recorded for German attitudes towards Russia.
of only two anti-Merkel protesters in a Mr Schulz knows full well that Ms Merkel has no choice but
5,000-strong crowd in the square by to deal with the elected leader of Germanys most impor-
Mnsters medieval cathedral, admitted tant ally. But he hopes to exploit voters aversion to Mr
it had been hard persuading people to Trump as a way to close the yawning gap in opinion polls
join his two-man demo. The govern- between Ms Merkels Christian Democrats and the SPD.
ment serves big business, he said. But Mr Schulzs gambit is even wider in scope. The SPD is
there is little protest because Germans campaigning on a pledge not to raise defence spending to 2
are satisfied. Things are going well with per cent of gross domestic product, the target to which all
Merkel and they want this to continue. Nato states committed themselves in 2014. By contrast,
As Ms Merkel runs for a fourth term Ms Merkel, aware that Mr Trump is hardly the first US
in the election on September 24, opin- president to criticise under-spending European members
ion polls show her conservative Chris- Crowd favourite: surrounding rich farmland, is prime year from three dramatic political SPD is on 24 per cent in the polls, far off of Nato, says Germany must honour its promises.
tian Democrat-led bloc is far ahead of its Angela Merkel CDU territory. But with 50,000 students changes. First, Donald Trumps election the CDU and its Bavarian sister party Part of the electorate is undoubtedly susceptible to Mr
rivals, including the Social Democrats gives a speech at its universities, there might have as US president reminded Germans of Christian Social Union on 38 per cent Schulzs message. Surveys reveal lukewarm support for
headed by Martin Schulz. What she this month in been scope for recruiting more than two the worlds uncertainties. It has helped Oskar Niedermayer, a politics profes- higher military expenditure and for German participation
warned only six months ago would be front of the protesters. The Greens and the Left rally support behind a 63-year-old sor at Berlins Free University, says there in combat missions abroad. In a Pew Research Center poll
the hardest election campaign I have cathedral in parties of choice for young radicals chancellor with 12 years in power as a is still time for election-shaking events. released in May, Germans were the nation least supportive
ever fought is looking comfortable, Mnster are both strong locally. predictable counterweight. The diesel scandal, in which Ms Mer- of using armed force to defend a Nato ally, if it found itself
assuming the polls are correct. Guido Kirchner/DPA
However, in Mnster as elsewhere, Next, the 2015-16 refugee crisis, kels government has been accused of in a serious military conflict with Russia.
Moreover, although Ms Merkel pre- the chancellor has succeeded in disarm- which rocked her chancellorship when giving the automakers too much On the other hand, Germans are slowly growing accus-
dicted as recently as a month ago that ing opponents with a softly-softly cam- more than 1m asylum seekers arrived in licence, could yet spring a surprise, he tomed to the larger international role which has been
she could not win by simply standing on paign style that avoids provoking rivals. Germany, has receded, at least in this says. So could a sudden surge in refu- thrust upon Ms Merkels governments since she took office
her long record, that is largely what she Lutz Meyer, who advised the CDU in part of Europe. Voters are broadly satis- gees. Or a big terrorist attack. But Mr in 2005. Over the past decade Germany has taken the lead-
is doing. The new ideas she promised 2013, says: This campaign is typical fied that Mr Merkel did the right thing, Niedermayer says it is hard to see how ing role in organising a financial rescue for Greece, striking
are few and vague, such as a pledge of Merkel. Focus on personality and play both in welcoming refugees and then in the SPD could profit, as it is in coalition a deal with Turkey to control refugee flows into Europe
full employment by 2025. down any themes. trying to cut the inflows. A 65-year-old with Ms Merkel and so shares responsi- and negotiating with Russia over the Ukraine conflict.
When Merkel announced in Decem- The CDU highlighted the chancellors retired nurse at the Mnster rally said: bility for government policies. Nor is Ms Merkel afraid to break with Mr Trump if she
ber 2016 that she was going to run again, personal role this week with a set of Of course, I am against everybody com- The refugee crisis may have faded but feels it necessary. She did this at last months G20 meeting
we expected a rather different cam- posters, exclusively focused on Ms Mer- ing here, but where people need help, as its unsettling political effects remain. in Hamburg over climate change. Where she draws the
paign more emotion, arguments, con- kel. Clever, calm and decisive, says with Syria, we must help. Germany is a The rightwing nationalist Alternative line is in declining to speak about German leadership on
stant quarrels, says Jens Spahn, a mem- one. So that our country stays on the rich country and we can afford it. for Germany has lost the support it had global issues. Some foreign policy experts in Berlin think it
ber of the CDUs ruling council who road to success. The main difference to Finally, Mr Schulz, who had looked at the height of the crisis but remains an is high time for a serious national debate about Germanys
joined Ms Merkel on the stage in Mn- four years ago is the background: Ger- like a serious challenger to Ms Merkel option for disgruntled Merkel voters. world role. For now, Ms Merkel seems more in tune with
ster. But then weve ended up with a manys national colours of red, black when he took over the SPD in January, Prof Niedermayer says: There are still the public than Mr Schulz with her combination of caution
campaign thats just like the one in [the and gold, chosen for their appeal to con- has failed to capitalise on his initial suc- many people who are undecided. So and acceptance of more German responsibilities.
past election in] 2013. servatives. cess. While he is by no means finished as there is a potential to change things
The western city of Mnster, and the The chancellor has also benefited this a campaigner, he faces tough odds. The around in the campaign. tony.barber@ft.com
Skills shortage
MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription Chinese alcohol maker brews plan for training university
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK 2.70 Channel Islands 3.00; Republic of Ireland 3.00
EMILY FENG BEIJING bers after a late-1990s push by Beijing to The problem of many grads and not worst students have been steered into
Trump vs the Valley A Five Star plan? Dear Don...
create world-class universities. enough jobs, and not enough people vocational training, and thats why most
Tech titans need to minimise
political risk GILLIAN TETT, PAGE 13
Italys populists are trying to woo
the poor BIG READ, PAGE 11
Mays first stab at the break-up
letter ROBERT SHRIMSLEY, PAGE 12
Chinese alcohol maker Kweichow
HMRC warns Lloyds of Brussels Insurance market The best students were funnelled to trained in right areas exist, but theres of them are run like prisons. Now China
Moutai is to open a Moutai university
UK 3.80; Channel Islands 3.80; Republic of Ireland 3.80 SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Briefing
to tap new talent pool with EU base
customs risks THE END
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border
universities rather than vocational also the broader underlying problem of is trying to turn these prisons into entre-
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE TECHNOLOGY IS
Atlantic. PAGE 15; CHINA CURBS HIT DEALS, PAGE 17
being swamped
as a dearth of skilled workers prompts
i Report outlines longer NHS waiting times
A report on how the health service can survive CHANGING AN
ROAD
more austerity has said patients will wait longer for
non-urgent operations and for A&E treatment while AMERICAN WAY OF LIFE Censors and sensitivity
by Brexit surge
some surgical procedures will be scrapped. PAGE 4
schools between 2011 and 2015 China working conditions; new grads cant preneurial hubs, which is mission im-
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017
The Chinese group is best known for The glut of new graduates has instead non-profit China Labour Watch. Moutai has tried to add a university-
Setting up a digital customs system CDS, indicating it would be delivered on
has been at the heart of Whitehalls time. But last month, it wrote to the i HSBC woos transgender customers
Brexit planning because of the fivefold committee saying the programme had The bank has unveiled a range of gender-neutral
RALPH ATKINS ZURICH it followed a strategy offull client tax
increase in declarations expected at been relegated to amber/red, which DUNCAN
titles such asROBINSON BRUSSELS
Mx, in addition to Mr, Mrs, Misscompliance
or but was still trying to
British ports when the UK leaves the EU. means there are major risks or issues Ms, in a move to embrace diversity and cater togather the information about the probes.
FINANCIAL TIMES
About 53 per cent of British imports apparent in a number ofkey areas. Credit
needs Suisse hascustomers.
of transgender been targeted by
PAGE 20 HM Revenue & Customs said it had
come from the EU, and do not require HMRC said last night: [CDS] is on sweeping tax investigations in the UK, launched a criminal investigation into
checks because they arrive through the track to be delivered by January 2019, France and the Netherlands, setting suspected tax evasion and money laun-
single market and customs union. But and it will be able to support frictionless back Switzerlands attempts to clean up dering by a global financial institution
Datawatch
making a fiery rice drink called baijiu, diluted the value of degrees and lowered Worried about youth unemployment, feel to its vocational school, whose
Theresa May announced in January that international trade once the UK leaves its image as a tax haven. and certain ofits employees. The UK
Brexit would include departure from
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
customs union, the number is expected
to hit 300m.
The revelations about the system,
the EU . . . Internal ratings are designed
to make sure that each project gets the
focus and resource it requires for suc-
cessful delivery.
HMRCs letters to the select commit-
tee, which will be published today, pro- AFP
Terror attacks inwith
co-operating
were contacted
Highlighted
western
attack byOthers
Europe after
authorities
offices in London, Paris and Amsterdam
Recent
330 Hudson Street, Presidents Day, Good Friday, Memorial Day, Labor
while Australias revenue department and Nice, and the while French officials said their
probe;
likely to throw a sharper spotlight on change, but some MPs believe it was sels over five or six other business written in Brussels bourg thought to be more likely Norway Brussels suicide
said it was investigating a Swiss
Nice bank. investigation had revealed several
and is the worlds most valuable alcohol wages for young workers. Further, grad- the government announced a shift back planned 13-hectare campus will have a
whether Whitehall can implement a caused by Mrs Mays unexpected deci- cities in its decision to set up an will be reinsured back to the homes for the industry. But Paris bombings have
host of regulatory regimes in areas sion to leave the EU customs union. EU base to help deal with the syndicates at its City of London Mr Nelson said the city won on The inquiries threaten to undermine thousand bank accounts opened in
bucked the trend
ranging from customs and immigration Timetable & Great Repeal Bill page 2 expected loss of passporting headquarters, pictured above. its transport links, talent pool efforts by the countrys banking sector Switzerland and not declared to French
of generally low
to agriculture and fisheries by the Scheme to import EU laws page 3 rights after Brexit. The Belgian capital had not and extremely good regula- to overhaul business models and ensure tax authorities.
fatalities from
time Britain leaves the EU. Editorial Comment & Notebook page 12 John Nelson, chairman of the been seen as the first choice for tory reputation. customers meet international tax The Swiss attorney-generals office
Sources: Janes Terrorism and Insurgency Centre terror incidents in
requirements following a US-led clamp- western Europesaid it was astonished at the way this
Problems with CDS and other projects Philip Stephens & Chris Giles page 13 centuries-old insurance mar- Londons specialist insurance Lex page 14
New York, NY 10013 essential to Brexit could force London to JPMorgan eye options page 18 ket, said he expected other groups after the UK leaves the Insurers set to follow page 18
billions of dollars in fines.
despite its sales being dented by Chinas areas; 40 per cent of new graduates expand total enrolment in vocational In the past, vocational schools have
LAURA NOONAN DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to
JENNIFER THOMPSON LONDON
wall bid goes over the top nications over Facebooks popular Mr Niehaus had turned over his device saging apps as the same as everything
chat app. to his employer voluntarily. else.
anti-corruption campaign. found jobs outside their training in high schools and colleges from 29.34m been poorly regulated, often turning
avert a US government shutdown after The fine by the Financial Conduct confidential information on the messag- included the identity and details of a
April 28 have resisted Donald Trumps Authority highlights the increasing ing system on a number of occasions client and information about a rival of ALEX BARKER BRUSSELS ambitious trade and airline access deals. mise. If Britain wants to prolong its
attempt to tack funds to pay for a wall problem new media pose for companies last year to impress people. Jefferies. In one instance the banker GEORGE PARKER LONDON Gibraltar yesterday hit back at the status within the single market after
on the US-Mexico border on to that need to monitor and archive their Several banks have banned the use of boasted how he might be able to pay off STEFAN WAGSTYL BERLIN clause, saying the territory had shame- Brexit, the guidelines state it would
stopgap spending plans. They fear staffs communication. new media from work-issued devices, his mortgage if a deal was successful. The EU yesterday took a tough opening fully been singled out for unfavourable require existing regulatory, budgetary,
that his planned $33bn increase in Several large investment banks have but the situation has become trickier as Mr Niehaus was suspended from Jef- stance in Brexit negotiations, rejecting treatment by the council at the behest of supervisory and enforcement instru-
uscirculation@ft.com, www.ft.com/subsusa
defence and border spending could
force a federal shutdown for the first
time since 2013, as Democrats refuse
banned employees from sending client
information over messaging services
including WhatsApp, which uses an
banks move towards a bring your own
device policy. Goldman Sachs has
clamped down on its staffs phone bills
feries and resigned before the comple-
tion of a disciplinary process.
Jefferies declined to comment while
Living wage rise to pile
pressure on care services
postage paid at New York, NY and at additional
Britains plea for early trade talks and
explicitly giving Spain a veto over any
arrangements that apply to Gibraltar.
Spain. Madrid defended the draft
clause, pointing out that it only reflected
the traditional Spanish position.
ments and structures to apply.
Mr Tusk wants talks on future trade
to begin only once sufficient progress
Kweichow Moutai said it would spend 2016, according to Zhaopin, a recruit- to 38.3m by 2020. into suppliers of cheap labour for com-
to accept the proposals. encryption system that cannot be as iPhone-loving staff spurn their work- Facebook did not respond to a request Senior EU diplomats noted that has been made on Britains exit bill and
US budget Q&A and accessed without permission from the issued BlackBerrys. for comment. About 2.3m people will benefit from European Council president Donald Mr Tusks text left room for negotiators citizen rights, which Whitehall officials
Trump attack over health bill i PAGE 8 user. Deutsche Bank last year banned Bankers at two institutions said staff Additional reporting by Chloe Cornish todays increase in the national living Tusks first draft of the guidelines, to work with in coming months. Prime believe means simultaneous talks are
WhatsApp from work-issued Black- are typically trained in how to use new Lombard page 20 wage to 7.50 per hour. But the rise which are an important milestone on minister Theresa Mays allies insisted possible if certain conditions are met.
Rmb1.5bn ($220m) to build a self- ment website. For almost two decades, Chinas panies. In 2012 and 2013, investigations
www.ft.com/subscribenow new living wage and the increase is The decision to add the clause giving British officials admitted that the EUs after Brexit with a trade deal.
STOCK MARKETS CURRENCIES INTEREST RATES
Tel: 0800 298 4708 expected to cost councils care services Spain the right to veto any EU-UK trade insistence on a continuing role for the Reports & analysis page 3
Mar 30 prev %chg Mar 30 prev Mar 30 prev price yield chg
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360m in the coming financial year. deals covering Gibraltar could make the European Court of Justice in any transi- Jonathan Powell, Tim Harford &
For the latest news go to S&P 500 2365.93 2361.13 0.20 $ per 1.074 1.075 per $ 0.932 0.930 US Gov 10 yr 98.87 2.38 0.00
Analysis i PAGE 4 300-year territorial dispute between tion deal could be problematic. Man in the News: David Davis page 11
www.ft.com Nasdaq Composite 5902.74 5897.55 0.09 $ per 1.249 1.241 per $ 0.801 0.806 UK Gov 10 yr 100.46 1.21 -0.03
Madrid and London an obstacle to Brussels sees little room for compro- Henry Mance page 12
Dow Jones Ind 20703.38 20659.32 0.21 per 0.859 0.866 per 1.164 1.155 Ger Gov 10 yr 98.68 0.39 -0.01
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Fax: +44 20 7873 5938, Copyright The Financial Times Limited 2017. All
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ince, where the company is also based, model is likely to remain in place as poli-
Published by Times Limited. early next year. cymakers encourage industries to shift
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Monday 28 August 2017 FINANCIAL TIMES 3
INTERNATIONAL
INTERNATIONAL
foment uneasiness
and law and order are above everything.
We are one nation, not a party nation.
They added: It is the prime minister of
India, not the BJP.
Fur play Rise of pet-loving middle classes paves way for reign of cats and dogs
STEVE JOHNSON LONDON Similarly, cat ownership in emerging ple are struggling to buy food for them- said Ms Flores, who added that pet own- on pet care in Asia-Pacific excluding of Asia. Only 5.6 per cent of households
markets has leapt by 49 per cent to selves, they will not buy it for a pet. ers in emerging countries were typically Japan has risen 68 per cent to $6.5bn, own a dog and 1.5 per cent a cat. This is
Pet ownership has risen dramatically in 126m, far outstripping the 5 per cent rise Ms Flores also cited the importance of younger than those in the west, so the said Euromonitor, with rises of 20-30 little more than the rock-bottom rates of
developing countries since 2000, even to 155m in wealthy countries. lifestyle changes in much of the devel- impact of social media in encouraging per cent in the Middle East and Africa, 5.5 per cent and 0.5 per cent respectively
as it has remained little changed in the In poor countries people are more oping world, with people typically hav- ownership is that much greater. eastern Europe and Latin America. In in poorer India, which is catching up. Its
developed world. focused on a chicken that will lay eggs or ing children later, or not at all, and view- The west still accounts for most contrast, spending has risen only 12 per canine-owning population has expand-
The trend is indicative of a growing a pig that might eat their waste. Its only ing a pet as a child substitute. There has spending, with pet owners in the US ex- cent in North America, 8 per cent in ed by120 per cent since 2003, with dogs
middle class in emerging markets, as as they get a bit richer that that changes. also been a rise in people living alone pected to lavish $46bn on their compan- western Europe and 1 per cent in Japan. becoming a middle-class status symbol.
well as changing lifestyles and attitudes Pets might be seen as a relative luxury and seeking companionship. ions this year more than two and-a- China alone has seen annual spending The number of homes with a cat has
towards cats and dogs. purchase, said Charles Robertson at This has coincided with a change in half times the gross domestic product of rise by $1.3bn since 2012, with Brazil, risen by 67 per cent in the same period.
Since 2003, the number of pet dogs in Renaissance Capital, an emerging mar- attitude in cities, with cats and dogs North Korea, and larger than the econo- Russia and Mexico all seeing growth of Levels of dog ownership remain very
emerging market countries has jumped ket-focused investment bank. increasingly seen as indoor pets, rather mies of 122 countries, the UN found. above $500m, with only the US market low in Muslim countries, such as Saudi
51 per cent to 243m. It has inched up just Paula Flores at Euromonitor said: than animals that belong in a yard. But rising pet ownership in emerging expanding faster. Arabia, Egypt, Malaysia, Morocco and
5 per cent to 137m in the developed The rise in disposable income [particu- There are more places that are pet markets is creating opportunities for Despite 25.9m households owning Turkey, where they are often regarded
world, according to researcher Eurom- larly Asia] has been significant over the friendly; cat and dog cafs have been sales of pet food and related goods and dogs, bettered only by the US and Brazil, as unclean. Euromonitor said this reli-
onitor, based on data from 54 countries. past 10 years. Thats important. If peo- expanding exponentially across Asia, services. Since 2012, annual spending China has lagged behind most of the rest gious taboo appeared to be weakening.
Monday 28 August 2017 FINANCIAL TIMES 5
6 FINANCIAL TIMES Monday 28 August 2017
Interview: To some he is a miracle worker who ended the countrys genocide and launched an economic
revolution. To others he is suppressing dissent and storing up trouble. So who is Paul Kagame?
By David Pilling and Lionel Barber
P
aul Kagame, Rwandas
soldier-president, runs what
is arguably Africas most
orderly and disciplined soci-
ety. Flowerbeds are immacu-
late, villagers wear shoes (by decree)
Rwandans
and local officials strain to meet targets,
whether raising cassava yields or reduc-
ing maternal deaths. Yet despite the
seemingly clockwork system and care-
fully laid-out development plans
among the most ambitious on the conti-
understand
nent for Mr Kagame, the memory of
chaos and violence is never far away.
That is hardly surprising given
Rwandas harrowing history and his
own formative experiences as a refugee
the greater
and guerrilla. In 1994, the Hutu major-
ity attempted to exterminate the Tutsi
minority and its moderate Hutu sympa-
thisers, hacking as many as 1m people to
death, nearly 15 per cent of the popula-
tion, in 100 blood-soaked days.
goal
Mr Kagame, a Tutsi brought up in a
refugee camp in Uganda after his par-
ents had fled an earlier anti-Tutsi
pogrom, received his political education
in the bush, first as a soldier in the Ugan-
dan civil war and then, in 1990, leading a
ragged rebel force in Rwanda. Hiding for
Rwanda is catching up
with Uganda
GDP per capita ($000, purchasing
power parity)
5
Tanzania Forecast
Uganda 4
Rwanda
Burundi 3
D R Congo
2
1
Paul Kagame:
0 recently re-elected
1994 2000 05 10 15 22 for a third
Source: IMF seven-year term
as president
Thomas Mukoya/AFP
more than a year in the rugged Virunga
mountains he learnt to make strategy
where no obvious path existed.
It is that mixture of planning and When Mr Kagames Rwandan Patri- where former genocidaires were plotting citizens and target-setting for officials as progress. If you dont understand that,
improvisation that underpins what is Kagame on otic Front took over in July 1994, there raids into Rwanda. He also integrated evidence of a consensus-driven system. you cant understand Rwanda, why peo-
probably Africas most daring experi- a third term were bodies piled high in Kigali, the cap- former members of the Hutu regime Depending on your perspective, ple are giving up some freedoms for a
ment in nation building and social engi- ital, that were being eaten by rats, cats into the Rwandan army in an effort, ulti- Rwanda can feel stifling or socially cohe- greater goal.
neering, one that has born tangible fruit There is and dogs. The priority was pacification mately successful, to win over Hutu sup- sive. In the hillsides, where more than
but has bitterly divided opinion outside nothing that and to organise a traumatised society to port. Today, it is the same conviction two-thirds of its people live, there is lit- Personal sacrifices
Rwanda and occasionally within, is 100 per prevent crops rotting in the field. that makes his government wary of tle sense of private life and recommen- Rwandas continued progress is not
although outright dissent is rare. Rwanda has come a long way since untrammelled free speech in a country dations from the government guaranteed. Some describe gains,
It is not that we developed or grew up cent, maybe then. Kigali is now among the safest and where genocidaires once took to the air- whether on crop selection, living though impressive, as low-hanging
under normal conditions, Mr Kagame except this smartest cities in Africa. Since he for- waves to urge Hutus to hack their Tutsi arrangements or relocation can feel fruit. One of the most densely populated
says with some understatement during mally took over as president in 2000, neighbours to death. like edicts. Survivors and perpetrators countries in the world, Rwandans strug-
a three-hour interview on the eve of his
vote . . . growth in gross domestic product has Stamping out ethnic divisions has led of the genocide live cheek by jowl and gle to be self-sufficient in food, let alone
inauguration for a third presidential Now there is averaged 8 per cent a year, among the Mr Kagame to take radical measures. resentment can erupt over something as to earn scarce foreign exchange through
term. Sitting in his presidential mansion stability, a best on the continent, according to the He ordered schools to switch from simple as who gets a state-gifted cow. exports. Squeezed between much big-
in what was, in pre-genocidal times, an World Bank, though the economy has teaching French to English, though Nothing is perfect, says Mr Kagame, ger nations, Rwanda is a blip on the bor-
upmarket hotel, he is spidery thin but sense of recently slowed significantly. While French and Kinyarwanda remain offi- but I find [here] the principles and der of the mighty, dysfunctional Demo-
with an unmistakable authority. security, some critics quibble with the numbers, cial languages. He also pushed for fellow ingredients of a democratic society that cratic Republic of Congo, and heavily
Though he speaks in little above a whis- hope poverty has fallen sharply, as has child exiles, many Tutsis who had picked up a answers to its people. dependent on the co-operation of
per, each word hangs potent in the air. and maternal mortality. Unusually in first-class education abroad, to return. Kenya, Tanzania and Uganda for access
Officially, he won this months elec- rapidly developing countries, inequality In an effort to create a new sense of iden- SOUTH SUDAN ETHIOPIA to the outside world.
tion, which he fought against a few little- has narrowed, partly because of social tity, he has made it virtually taboo for The Kagame government is respond-
known candidates, with 98.7 per cent of On western programmes, including the provision of Rwandans to identify as either Hutu or UGANDA ing with a risky investment strategy
the vote. It was a pulverising sceptics a cow to the poorest citizens. Rwanda Tutsi. The new national anthem, writ- SOMALIA designed to turn Rwanda into a confer-
say unlikely victory, about which he democracy has developed smart new road and ten by repentant genocidaires, proclaims Kisangani KENYA ence-cum-tourism destination and
Kampala
deadpans: There is nothing that is 100 Im not fibre-optic networks and several indus- that our common culture identifies us, high-tech regional hub. It is banking on
per cent, maybe except this vote. Con- tries including tourism, coffee and tea, our single language unifies us. RWANDA Nairobi everything from cargo delivery drones
sidering where Rwanda has come from British. light manufacturing and mining. During the interview, Mr Kagame Kigali to wired-up villages to boost develop-
and where it is now, he insists, the result Im not Yet, as Mr Kagame, 59, embarks on a says it matters little whether there are ment. That has meant making heavy
should be taken at face value. Now new seven-year term, questions are real physical differences between Hutus Bujumbura investments in infrastructure, a state of
American.
there is stability, theres a sense of secu- being asked about the durability of a and Tutsis or whether these were arbi- BURUNDI the art convention centre and an ini-
rity, there is hope. Im not system so apparently dependent on one trary distinctions codified by race- TANZANIA tially lossmaking national airline.
No criticism French. man. Under the new constitution, he obsessed imperialists. We are trying to DEMOCRATIC
Dar es Salaam
Early investments in five-star hotels
could theoretically stay in office, subject reconcile our society and talk people out REPUBLIC and telecoms, since divested, came
A tiny, landlocked country where 12m
Whatever to elections, until 2034, though he has of this nonsense of division, he says. OF CONGO good, but that is no guarantee Rwanda
people are squeezed on to a thousand thing they indicated that this should be his last Some are short, others are tall, others ZAMBIA can repeat the trick. The countrys cur-
200 km
hills, the new Rwanda is a development practise term. Even admirers wonder whether are thin, others are stocky. But we are all rent account deficit last year was 14.5
state with echoes of east Asia. It is Mr he might be Rwandas equivalent of human beings. Can we not live together per cent according to IMF forecasts and
Kagames record of producing rapid
is their General Josip Tito, who kept Yugoslavia and happily within one border? Mr Not all Rwandans agree. Diane it remains dependent on aid for at least a
growth and of extracting maximum business. together only for it to shatter after he Kagame has taken a DNA test that, he Rwigara, daughter of a prominent busi- third of its budget, says the World Bank
social gain from minimum resources I am an was gone. says, reveals him to be of particularly nessman and would-be presidential though that is down sharply from previ-
that has endeared him to development Thats the central question that complex genetic mix. The implication, candidate, criticises what she calls the ous years. There is also criticism,
agencies, even if human rights organisa- African. I am envelops Rwanda, says Stephen Kinzer, he says, is that he, the ultimate symbol lack of political space. We are control- rejected by the government, that heavy
tions accuse him of stifling political Rwandese who wrote a favourable Kagame biogra- of Tutsi authority, has some Hutu in his led in all aspects of our lives from poli- state involvement is stifling the private
debate and running a police state. phy. It is the question that divides the genetic make-up. tics to business to agriculture, she says. sector, necessary for the next stage of
Rights groups have accused Mr Kag- people who support Kagame and those If Mr Kagame rejects the imposition Ms Rwigara, who alleges that her father development. Even the World Bank, a
ames administration of killing tens of who oppose him in the outside world. of western democracy is there some- was murdered by the state in 2016, saw strong supporter, noted in a quietly
thousands of Hutus in refugee camps in On ethnic Some think he is laying the foundations thing called democracy without putting her presidential run cut short when shelved report that foreign direct
the neighbouring Democratic Republic unity for peace, others think the opposite. the western thing [first]? he argues nomination signatures were declared investment was lagging.
of Congo, assassinating political oppo- Critics say efforts to stop talk of eth- that his government is creating a partici- invalid. Of Mr Kagames overwhelming Mr Kagame says his government is
nents abroad and even of rounding up We are nicity provides cover for Tutsi rule. But patory system rooted in tradition. presence, she says: They fear the presi- taking a calculated gamble, much as he
street vendors and prostitutes at home. trying to Mr Kagame sheds only faint light on Rwanda has been a sophisticated cen- dent more than they fear God. has done in politics, in pursuing what he
The president brooks no criticism talk people that question. In a rare flash of anger tralised state with its own tax and legal Will Jones, an expert on Rwanda at calls an integrated strategy where, for
from westerners who, he says, aban- during the interview, he says he finds it system since the 16th century. His min- the UKs Royal Holloway University, example, the airline feeds the tourism
doned the country in its darkest hour out of this bizarre that analysts personalise the isters cite regular consultations with takes a more benign view. Its not a per- sector and investments in alternative
and who fail to understand that pluralist nonsense of issue. Yet he quotes an anxious Rwan- fect Swiss watch, he says, but there are sources of energy support manufactur-
prescriptions could be fatal in a country dan businessman exhorting him to stay no parallels of Rwandan efficiency else- ing ambitions. In any case, he says, I
where the majority recently attempted
division. Can on because the social trust created since Forty per cent of Rwandans where in Africa. Mr Kagame, he says, dont see the alternative.
to expunge the minority. In poor coun- we not live the genocide could evaporate without live in poverty combines the Marxist ideology he If Mr Kagame gives the impression
Percentage of the population below
tries, democracy is more about access to happily him. If you go too early, Im afraid
the poverty line is falling
imbibed in Uganda with a self- that everything is under control, more
calories, schooling and healthcare than things will fall apart, the man said. appointed role as CEO of Rwanda Inc. than once during the interview he
about periodic voting exercises, say his within one Burundi The government is an extremely seri- betrays concern that things could
officials. Foreign critics, adds Mr Kag- border? Ethnic divisions ous bunch of technocrats, obsessed unravel. The problem, he says of who
DR
ame, can go and hang. Security is paramount. Rwandas geno- Congo with collecting data, setting perform- might succeed him, is preventing some-
Im not British. Im not American. cidaires those who organised the 1994 ance targets and fine-tuning policies. one from bringing down what we have
Kenya
Im not French. Whatever thing they killing under the slogan Hutu Power A central part of the strategy to eradi- built. Above all, he says, he wants to
practise, that is their business. I am an must never be allowed to regain a Rwanda cate ethnic divisions is nation building. avoid leaving behind a mess.
African. I am Rwandese, he says. foothold, physical or ideological, say Jean-Paul Kimonyo, a presidential Transcript The president insists it was never his
Attempts to impose cookie-cutter forms defenders of the state apparatus. Tanzania adviser, says the idea is underpinned by David Pilling and intention to stay on, but the party and
of liberal democracy on countries from It is this sense of precariousness that a strong sense of Rwandan nationalism. Lionel Barbers population insisted. We are not saying,
Uganda full interview
Afghanistan and Syria to Libya have led Mr Kagame, in 1996 and in defiance That explains, he says, the pull felt by with the We want you forever until you drop
proved disastrous, he adds. You think of international critics, to send 0 20 40 60 exiles in refugee camps to return home Rwandan leader dead, he says, imitating the voice of the
these countries will be countries again? Rwandas army to the east of what was 2015 estimates and the willingness to make personal people. Were only saying, Give us
Source: CIA Factbook ft.com/africa
Not maybe in our lifetime. then Zaire to attack refugee camps sacrifices in the interests of national more time.
Monday 28 August 2017 FINANCIAL TIMES 7
Letters
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Include daytime telephone number and full address
Corrections: corrections@ft.com
Comment
Labour exposes the false promises of Britains exit What would a
Cohn-led
OPINION
straitjacket the UK government would
be incapable of negotiating it anyway.
that it has now. The only basis on which
this might ever be possible is for Britain
governments chosen path. But revers-
ing this depends on what others in par-
the economic costs, because for them
taking back control is more impor- Federal Reserve
Peter
Mandelson
It would, in any case, prolong the
uncertainty for businesses, which
would have to adjust not once but twice
to remain in the single market and the
customs union, rejection of which is the
only thing that unites the Cabinet.
liament do, including those on the Tory
benches who know the risks of turning a
crisis into an economic calamity. Given
tant, the conundrum is easily solved
just leave and let the future look after
itself. Yet for Labour, and those in other
look like?
to changes in their export and import It could have been different if Mrs Labours neutral stance to date, there parties who care about jobs and the con-
arrangements in their biggest market. It May had from day one made the more had not been a chance to take a mean- sequences for the less-protected in soci-
T
he Labour party announce- would create a raft of complex and honest and serious proposition to leave ingful stand against it. Until now. ety, the dilemma is more acute. They
ment that it will now sup- expensive new customs procedures to the EU but retain a very important foot Instead of using a transitional period want to prioritise the economy but OPINION
port staying in the single replace the existing frictionless trade we in the tent. Alive to this possibility, the merely to postpone the inevitable cliff worry about becoming in effect a satel-
market when Britain leaves have in place. And, because the EU will edge following departure from the EU, lite jurisdiction of the EU. Jason
the EU is a significant move. never offer equivalent terms to those we as Philip Hammond, the chancellor, and This is particularly irksome to many Cummins
It frees the UKs main opposition party
from its submissiveness and potentially
have at the moment in the single mar-
ket, Britain would end up paying
It is now possible to Liam Fox, the international trade secre-
tary, say they agree on, it is now possible
City interests and some prominent fig-
ures in the Bank of England who want
construct a mutually
I
opens the way to a different Brexit out- through the nose for an inferior to maintain the stability of the status free passage of services into Europe but n the wake of the weekends Jack-
come. The question is whether Labours
commitment will hold and succeed in
arrangement that would then be
replaced by an equally suboptimal one.
beneficial long-term quo, as Labour is proposing, while con-
structing a mutually beneficial long-
want to retain regulatory autonomy as
well. But it is the price of leaving the EU
son Hole conference, where Federal
Reserve chair Janet Yellen
creating a head of steam in parliament. That is what leaving the single market partnership with the EU term partnership with the EU. without foregoing much of our trade. defended the core regulatory archi-
Most importantly the move exposes would mean and therefore Labour is This will buy much needed time but it Labour has done parliament and the tecture put in place after the finan-
the sheer impracticality and lack of right to say that the starting point Brexiters and their media supporters will not remove Britains difficult public a big favour in starting what will cial crisis, the markets attention will
grasp by Theresa Mays government in should be to stay in it for the foreseeable immediately sent up a pre-emptive cry choices, at the heart of which is that any- be a complicated debate. It should con- start to turn to who President Donald
imagining that Britain, having left the future and take time in working out of betrayal. Mrs May took fright and thing that approximates to the same tinue it with this autumns EU with- Trump may appoint to replace her. By
single market and customs union in what, if anything, would be acceptable went instead with the swim of hardline trade in goods and services we have at drawal bill by establishing the clear most accounts, Gary Cohn, the head of
March 2019, could negotiate by then an to replace our present membership. Brexit opinion. present in Europe will bring with it principle that Britain should not decide the National Economic Council, is the
alternative transitional deal with the EU The Labour shift also exposes the At the time, Labours front bench did broadly the same conditions, rules and to leave the EU and its single market frontrunner. If he were to take over
as a precursor to negotiating a further false promise of the government that, in not stand in the way. By reversing that legal demands that exist now except until it knows just where it is leaving to. what should the markets expect?
bespoke relationship in the years to the words of David Davis, Britains chief position, Labour has created an oppor- without the same influence over them In a detailed interview with the Finan-
come. What it wants will not be on offer Brexit negotiator, Britain will have the tunity for Britain to avoid inflicting on once we leave the EU. The writer is a former UK cabinet minister cial Times on Friday, Mr Cohn described
from Brussels and in its present political exact same benefits in European trade itself the economic costs inherent in the For Brexiters who do not care about and EU trade commissioner his major push for tax reform for
households and businesses. Those
efforts highlight his willingness to work
with Congress, an important qualifica-
tion that some previous Fed chairs have
I
n the early days of the commercial tion. Section 230 of the Communica- as Google and Facebook, says: The ket bulls.
internet, back in the mid 1990s, one tions and Decency Act (CDA) was entire internet industry wants to end Putting these three ingredients
of the things that technology plat- crafted in 1996 to allow tech firms human trafficking. But, there are ways together low interest rates, a weak US
form companies lobbied hard for exemption from liability for nearly all to do this without amending a law foun- dollar, and strong stock market we
was the notion that they were like kinds of illegal content or actions perpe- dational to legitimate internet services. can use the Feds own macroeconomic
the town square passive conduits for trated by their users (there are a few Still, Big Tech itself realises the cogni- model to predict the impact a Cohn Fed
the actions of others, facilitating a vari- small carveouts for things like copyright tive dissonance involved in censoring might have on the economy.
ety of activities and thoughts, but not violations and rare federal criminal online activity while continuing to por- Let us imagine a scenario where Mr
responsible for any of them. The idea prosecutions). In recent years, the tech tray itself as the town square. See, for Cohn leaves unchanged the central
was that the garage entrepreneurs start- industry has thrown a tremendous example, the recent Electronic Frontier banks federal funds rate over the next
ing message boards and chat rooms, or amount of money and effort into ensur- Foundation statement fretting about two years. Then assume that the
the nascent search engines, simply did ing that it maintains section 230 as a the slippery slope of censorship. The exchange value of the US dollar falls 10
not have the legal or economic band- get out of jail free card. industry simply does not have the abil- per cent to 2014 levels and the stock
width to monitor or be liable for the But this law is being challenged by ity, or the right, to self-police any longer. market grows by 10 per cent, bringing it
actions of users, and that to require In a world where Big Tech has the power
them to do so would stymie the develop- not only to fan the flames of hate speech
ment of the internet itself.
How times have changed. Not only
Companies have the power and fake news, but also remove it when
and where it likes, it is clear that the
He is no fan of a strong US
can the largest internet companies like to fan the flames of fake internet is a fundamentally different dollar and his Wall Street
Facebook and Google monitor nearly
everything we do, they are also policing
news and also to remove it place than it was in 1996 one that
needs fundamentally different rules.
roots would align him with
the net with increasing vigour. Witness when and where they like The conversation about what those stock market bulls
the variety of actions taken by Face- rules should look like is heating up.
book, Google, GoDaddy and PayPal, in powerful politicians. On August 1, a Olivier Sylvain, an associate professor of further into record-setting territory.
the wake of racially charged violence in bipartisan group of senators, led by law at Fordham University, notes that as Such assumptions seem reasonable,
Charlottesville, to block or ban right- Democrat Claire McCaskill and Republi- the business model and power of tech- perhaps even conservative. Yet the Feds
wing hate groups from their platforms. can Rob Portman, introduced legisla- nology change and grow, so too should model says that a combination of that
You can argue that this is laudable, or tion that would create a carve-out in the law. kind would deliver real gross domestic
not, depending on your relative concern section 230 for tech firms that know- The concept of immunity in 230 as product growth of nearly 3 per cent a
about hate speech versus free speech. ingly facilitate sex trafficking. The originally conceived is no longer rele- year, a lower unemployment rate bot-
But theres a key business issue that has impetus for this was the horror of back- vant in a world in which the largest tech toming out at a multi-decade low of 3.5
been missed in all the hoopla. It is one page.com, a firm that actively created a firms are engineering an environment per cent and higher inflation rising
that was summarised well by Matthew platform for online sex trafficking for its in which they can extract all kinds of above the Feds 2 per cent target. That is
Prince, the chief executive of Cloud- own profit. information about users for their own before the possible beneficial effects of
flare, a web-infrastructure company It is a piece of legislation that every- profit, says Prof Sylvain. He recently tax reform and deregulation.
that dropped the rightwing Daily one, it seems, can get behind except proposed that the CDA be recrafted to For the markets, what is there not to
Stormer website as a client, under mas- the largest tech companies and their shield providers from liability for like?
sive public pressure and against the industry lobbying groups . They are con- third-party user online conduct only to But Fed chairs are not judged by the
firms own stated policies. I woke up in cerned that it would open a Pandoras the extent such providers operate as baseline of some oversimplified eco-
a bad mood and decided someone box of legal issues for them. These true passive conduits. nomic model. It also matters whether
shouldnt be allowed on the internet, groups had the rough copy of the bill for Regulators and politicians, take note: they know what to do when there are
said Mr Prince following the decision. months before its introduction, yet Big Tech should no longer have its cake severe shocks to that economy. In the
No one should have that power. refused to offer edits during its crafting. and eat it too. event of a recession, a future Chairman
Powerful tech companies do. Yet they Keith Smith, a spokesperson in Mr Port- Cohn could draw on the considerable
also continue to benefit, in the US at mans office, says: We did our due dili- rana.foroohar@ft.com expertise built during the Bernanke and
Yellen terms. Based on their playbooks,
he would likely be successful in avoiding
a disastrous liquidity trap and steering
the economy to safety.
Brexit still poses a threat to long-term European unity But what if the economy overheats?
The rate of unemployment may be
below the 4.5 to 5 per cent range that
Fed policymakers estimate, but proba-
bly not much lower given the anecdotes
omy has performed dismally since join- UK leaves and stops contributing to the known inside the eurozone as freedom tre in a number of areas, notably the about tight labour markets. In the past,
europe ing the single currency. The entire polit- EU budget, the assessment of the pros of movement is considered in the UK as governance of the eurozone, driven by the Fed has been unable to achieve per-
ical system in Italy is now rebelling. and cons of EU membership, especially immigration. Inevitably conflicts the agenda of Emmanuel Macron, the manently below-target unemployment
Wolfgang Matteo Renzi, the former prime minis- by non-eurozone countries, will change. between a dominant eurozone and a French president, rather than by Brexit. without stoking inflationary pressures.
Mnchau ter and general secretary of the centre-
left Democratic party, wants the EU to
The UK, Italy, Greece, Poland and
Hungary may have different reasons to
weaker and disaffected fringe will
become more acute.
I am fairly confident that France and
Germany will agree on a reform, but one
Mr Cohn, or whoever Mr Trump
appoints, would be well served in fol-
dump some of its fiscal rules. Silvio Ber- be disillusioned with the EU, but one Another reason why there is no rush that will be very much based on German lowing the advice of another former Fed
lusconi, another former prime minister unifying theme is variable geometry a for the exit is the lack of clarity over ideas for a more powerful European Sta- chairman William Martin, who said the
and leader of the centre-right Forza Ita- notion that became popular in the Brexit. We do not yet know the precise bility Mechanism, the eurozones bail- role of a central banker is to take away
B
rexit has not yet found any lia, wants a parallel currency. Others are nature of the exit agreement. Nor can out fund, and stricter supervision of the punch bowl just as the party gets
imitators. The real threat to demanding a referendum on euro mem- we be sure of its economic impact. A national fiscal policies, tempered by going.
the cohesion of the EU, posed
by the UKs vote to quit, was
bership or even complete withdrawal.
Poland and Hungary, both run by
Once Britain actually long transition leading to a comprehen-
sive trade deal the most likely sce-
some token concessions to Paris. The
changes may bring France and Ger-
Unfortunately, he did not follow his
own advice in the late 1960s, falling
always more likely to come ultra-right governments, have also been leaves, the assessment of nario would minimise the costs. many closer together politically, but under the spell of President Lyndon B
over time rather than immediately.
The Brexit referendum was preceded
distancing themselves from the main-
stream. The EU has launched a sanc-
the pros and cons of EU If it becomes clear that leaving does
not necessarily trigger an economic cri-
they may drive Italy further away.
As for the non-eurozone countries, I
Johnson, who demanded loyalty to fund
his spending on social programmes and
by a long process of political alienation tions procedure against Poland in pro- membership will change sis, other countries may feel less inhib- would not be surprised if they were the Vietnam war. The subsequent infla-
between the UK and the EU, which had test at reforms that would leave the gov- ited. Brexit could set a precedent for fur- starting to question the value of a union tion should remind markets that while
its origins in the 1980s and early 1990s. ernment largely in control of the judici- 1990s, denoting integration at different ther exit agreements under Article 50 of that is likely to bring fewer material there is ample mental muscle memory
The same process is now under way in ary. Listening to Viktor Orban, the speeds. As it turned out, the eurozone is the Lisbon treaty as an EU exit comes to financial benefits in the future and that for avoiding deflation, an under-appre-
some other European countries, albeit Hungarian prime minister, one wonders not a club within a club, as some pro-Eu- be seen as a less scary prospect. That is run primarily in the interest of the ciated risk is that the next Fed chair
for different reasons. Euroscepticism how long his country will want to stay in ropeans in the UK naively thought. Over assessment will obviously be different if eurozone. The EU is not bound to break could miss the warning signs about
has been on the rise in Greece which the EU. When Hungary ceases to be a time, interests diverge in many areas. Brexit were to lead to an economic mess. up, but it would be foolish to assert that inflation until it is too late.
has been in a state of permanent depres- net beneficiary of EU funds, his Euro- Within the eurozone free movement of Over the next few years I expect the Brexit implies the opposite.
sion thanks to the eurozones crisis man- scepticism may no longer be tempered labour is needed as a partial offset to EU to make another attempt to shift The writer is chief US economist at Brevan
agement and Italy, where the econ- by financial considerations. Once the economic imbalances. Yet what is power from the national level to the cen- munchau@eurointelligence.com Howard
10 FINANCIAL TIMES Monday 28 August 2017
ARTS
T
here arent many happy present. The film asks the audience to
couples dotted through follow her into the very troubling space
Benedict Andrews work. A she lives in.
quick scan of the award- It is, indeed, a very troubling space. At
winning Australian direc- one point in the story, Una attempts to
tors recent stage productions throws up rekindle a relationship with Ray. I tell
the blood-soaked Macbeths, Euripides Andrews that I found this distressing to
tormented Medea and her faithless hus- watch. He nods.
band Jason, and Maggie and Brick, who I want it to be troubling and not pro-
are currently tearing strips off each vide easy answers, he says. Some peo-
other in Andrews blistering staging of ple are upset that Ray is not portrayed
Tennessee Williams Cat on a Hot Tin entirely as a monster. Its monstrous
Roof in Londons West End. what he did and completely unaccepta-
Ray and Una, however, draw him into ble and the film works very hard to
new and distressing territory. This cou- never condone what happened. But
ple at the heart of Una, Andrews first Unas experience is that she hasnt
feature film (based on David Harrowers recovered from it. It had meaning and it
stage play Blackbird), are yoked together has scarred her life but it is still the core
by events that happened some 15 years experience so far of her life. If we had an
before the audience meets them. When easy answer about him we wouldnt
Una was 13, Ray, then in his 30s, per- be recognising the complexity of her
suaded her to run away with him. emotional space. Thats what the film
Its an incredibly difficult subject to is about.
approach, camera in hand. Moreover, [Child abuse] is a topic that needs to
Harrowers original script seems be talked about, he adds. It was very
defiantly uncinematic: it basically con-
sists of two people arguing in a small
room. Andrews is celebrated for his raw,
exhilaratingly physical theatre (Jack
OConnells Brick, in Cat on a Hot Tin
Journey into a troubling space taboo for a long time. People are now
beginning to tell their stories. But the
film is not trying to say everything: I
didnt want to make an op-ed piece
about paedophilia.
Roof, for example, spends much of the Andrews was born in Adelaide
play naked under a shower; his 2012 Above: Rooney Mara and Ben Berlin Schaubhne in 2005 and was theatre audiences understanding of around her. Where theatre can use but now lives in Iceland, where he
Young Vic staging of A Streetcar Named Mendelsohn in Una. Below: Benedict clear from the outset that he didnt want the emotional prison in which Una physical proximity, Andrews says, cin- goes to decompress. Following the
Desire featured a revolving set) and for Andrews. Below right: Jack OConnell to make filmed theatre. still lives. Andrews explains that his ema can find a different sort of intimacy opening of Cat on a Hot Tin Roof he
the dazzling confidence with which he in Cat on a Hot Tin Roof Saga Sig I can go and watch NT Live and thats challenge in translating the story to not only by focusing closely on facial went camping and walking an experi-
tears classic plays from their original a recording of a theatre production, he film was to open the story out, to expression but also by peering into a ence he describes as offering a kind
settings and rehouses them in new, says. Im not trying to do that here. switch between past and present and characters thoughts and memories. of clearing.
allegorical spaces. All the more surpris- They have to be different: different introduce other characters without The countrys stark and primal land-
ing, then, to find him choosing this pre- translations of that core mate- losing that intensity. scape, he says, encourages a sense of
cise, intensely focused chamber drama rial . . . [Ingmar] Bergman as a theatre The emphasis is shifted from that perspective, and he has written about
for his much-anticipated debut on the director starting to make film is a great boxing match in an empty room to fol- the value of making yourself a stranger,
big screen. role model. Every time he made a film, lowing Una in pursuit of trying to of seeing the familiar with an outsiders
Its like a verbal boxing match in the he was interrogating What is cinema, reclaim her life, he says. The Kubrick- eye. Its this instinct that pulls him
theatre, he agrees, good-naturedly, set- what can cinema be? And every time he ian idea of the labyrinth was one of the towards characters on the edge.
tling on to a settee with a cup of tea. Its did a play he was asking, What is the ways into that. The film plays out as a Theyre all people going to bounda-
incredibly rhetorical and the audience is role of this play in the contemporary labyrinth: the woman walking through ries in themselves and in life, whether
put into a position where theyre like a world? Its the same enquiry across the the various rooms of the factory, by choice or not, he says. They go to a
jury weighing up whats true. Thats two different spaces but hes not trying through the rooms of his house, through point where they have a kind of moment
something very specific to the theatre; to mimic the theatre in the cinema or a tunnel . . . That was my exploration of of revelation. I am interested in charac-
thats not the space of the cinema. What vice versa. And thats a very important what an allegorical, but real, space felt ters who we follow to a place where they
fascinated me was the encounter touchstone for me. like on screen. kind of become strangers to themselves
between these two people and every- In the play, Una has tracked Ray down His film follows Una through the land- and their own world.
thing thats been unspoken for 15 years. to his workplace and we are, in essence, scape, but the camera focus, the mini-
How could the camera explore that in a trapped in the room with them as she mal dialogue, and Rooney Maras Una is released on September 1. Cat on a
way that the stage cant? confronts him. The physical sense haunted performance all highlight her Hot Tin Roof runs at the Apollo Theatre,
Andrews directed the play at the of claustrophobia is crucial to the sense of separation from the events London, to October 4
The orchestral scores, expertly played Kandace Springs. Her husky torch song
JA Z Z by the Dutch Metropole Orchestra, delivery on the early work conjured
largely mixed bouncy big-band brass monochrome film noir; the mix of soul
Beneath the Underdog: with orchestral strings that veered from and vocalese on the late pieces con-
Charles Mingus Revisited the lush to the softly dissonant. Fables firmed her assured technique.
BBC Proms, Royal Albert Hall, London of Faubus, which opened the second All the instrumental guests
aaaee half, turned a protest against segrega- impressed. Trumpeter Christian Scott
tion into a merry jaunt, while the ballad played imperious blues with a bur-
Mike Hobart Celia was reconfigured to sound like nished tone, Shabaka Hutchings, here
Charlie Parker with strings. In contrast, playing bass clarinet, reached the emo-
Charles Minguss music pulsates with Goodbye Pork Pie Hat, a showcase for tional extremes that Minguss music
inner torments and the pressures of liv- guitarist Peter Tiehuis, resonated with demands, and trombonist Bart Van Lier
ing under social duress. It is dense with the delta blues, Boogie Stop Shuffle, delivered energy and finesse.
rich textures and rhythms that surge the evenings sprightly opener, had its The crowd-pleasing finale, Moanin,
from within. Played as conceived, his lines tweaked intriguingly, and the featured the flamboyantly pink-haired
work pushes emotions to extremes and beautiful melody of I x Love ended in a Leon Pellegrinos riffs, whoomps and
musicians to the limits of their tech- buzz of alto sax. split-note phonics on baritone sax. As he
nique and powers of expression. The programme included the classi- played, he pirouetted and cavorted
This concert, named after Minguss cally influenced Weird Nightmare round the stage, a prodigious feat that
autobiography Beneath the Underdog, from 1947 as well as God Must be a smacked more of juke joint rhythm and
smoothed the edges, substituted mood Boogie Man and The Dry Cleaner from blues than the religious ecstasy that was
for passion and transformed an expres- Des Moines, both written in collabora- the pieces inspiration. The image stuck
sionist aesthetic into a series of engaging tion with Joni Mitchell in 1979, shortly beyond the encore, Better Git It In Your
set pieces. With rage conspicuously before Mingus died. These pieces, along Soul, and lingers still.
absent, the evening hovered too close to with a haunting Duke Ellingtons
Mingus: the Musical for comfort. Sound of Love, featured vocalist bbc.co.uk/proms
Monday 28 August 2017 FINANCIAL TIMES 11
W
hen her father devel- To keep her colleagues informed of
oped Parkinsons dis- her whereabouts, she lists all her com-
ease dementia, Mary mitments in an open electronic calen-
Bright did her best to dar: attending sports day (available for
help with his care. As calls), meeting over grandmas care
his illness progressed, her weekends set- (taking calls after 3pm).
tled into a joyless routine: a dash from If you cant attend a meeting in an
work on Friday to collect her two chil- emergency everyone understands. But
dren from their after-school club in the subtext is that work must be done
Bristol in the south-west of England, for when the client expects it, she
feed them supper and get them into explains.
their pyjamas for the four-hour journey As the pressures on working-age
eastward, in heavy traffic, to their adults mount, some employers have
grandparents home in Essex. added emergency elderly care services
By the time her father died three to employee benefits. However, these
years ago she felt drained by the worry, are the exception. Ben Black, co-
the long hours on the motorway and the founder of My Family Care, a leading UK
nights at her fathers bedside so that her provider, says his company supplies 20
mother could sleep. But at no time did hours of childcare for every hour of
the 47-year-old, a senior manager with back-up care for the elderly.
Aviva, the insurer, tell her employer. I Mary Bright with her mother, Anne. Ms Bright would travel from her home in Bristol to Essex every weekend to help care for her late father Charlie Bibby From a corporate perspective, Ms
worried that people might think I wasnt Wilson urges employers to include con-
coping, she says. the US, more than 1 in 6 adults have car- KPMG, the professional services group. sideration for carers in all aspects of pol-
Then last year, her mother was hospi- ing responsibilities. Across Europe, 58 To spare the awkwardness of repeat- Sponsoring carers networks icy, from training to leave policies and
talised after a fall. Ms Bright emailed her per cent of working-age carers are in edly having to explain themselves, car- Agenda Providing physical and online spaces provision for flexible working.
boss, explaining the situation and paid employment, according to Euro- ers at a number of businesses, including where carers can share practical tips In practice, this means that whenever
emphasising that everything was under found, an EU agency, but many find it BT, receive a document called a carers and experiences can help working a business talks about working parents,
control. His reaction surprised her. He unsustainable and cease work. Carers passport, which describes their cir- carers. At KPMG, the carers network it ought also to talk about carers.
picked up the phone and said: Go and suffer financially and employers lose cumstances and working arrangements. How can advises management on carers issues Anna Gavriel, 37, despaired of re-es-
be a carer. For the moment, thats what experienced workers. However, as Emma Codd, managing employers and helps to shape HR policy. tablishing herself in real estate planning
you need to do. Agile working can help. Swapping an partner for talent at Deloitte, observes: after a two-year career break to care for
Ms Bright is one of a generation of office desk in Bristol for a home office in You can have all the policies in the help? Funding employee assistance her father, who suffered a stroke.
workers caught in a demographic pin- South Wales allowed Andrew Parfitt world, but if someone believes that Helplines and websites can be a useful Though she kept up her professional
cer, caring for elderly parents and rais- Jones, an IT test manager with Lloyds [being labelled a carer] will damage first port of call in a crisis, summarising accreditation, recruiters saw her as
ing children. Since November, she has Banking Group, to keep an eye on his their career, the chances are they will go what help is available internally and semi-retired.
helped to develop a programme at Aviva elderly father, who suffered from a under the radar. providing pointers to outside expertise. It was only when she saw an adver-
to support working carers and create heart condition and arthritis and lived This is why Katherine Wilson, head of tisement last year for Deloittes Return
carers networks. The company is one of on the floor below. Employers for Carers, an employers Publicising carers stories to Work programme, a 20-week
a growing number of employers engag- Carers can still encounter problems, membership group backed by Carers Encouraging carers to share their scheme to help professionals restart
ing in such activities as the population of even when employers are supportive. UK, encourages bosses to lead by exam- stories through blog posts, interviews their careers, that things looked up.
elderly dependants increases. Line managers who are new to the role ple. For a really senior figure to say Im and talks. This helps inform others who Now a real estate senior planner at
In the UK about 6.5m people are car- are prone to making policies up rather a carer would be fantastic, Ms Wilson are struggling they are not alone and Deloitte, she hopes other employers
ers of adults, which the charity Carers than ask questions, says Hugh Neal, says. To any candidates, she says: gives non-carers some insight into the recognise careers dont always run
UK predicts will rise to 9m by 2037. In who chairs the carers network at Please step forward. Hearing senior challenges that carers face. smoothly because life happens, too.
12 FINANCIAL TIMES Monday 28 August 2017
T
hree years ago, on the 2017, 70 per cent in three years. In a There may be an element of justifying Davies believes, will help in a business Citigroup is
London Tube, I ran into a curious twist on the industrial history his decision retrospectively, but he that has one foot in the fashion world. the big Some European
chap I know, Tom Davies. of recent decades, teams of Chinese believes he can lower prices by making The Americans will love it, and it 30 exception banks have shrunk
I met him first in 2001 staff are coming over to train British in Britain. Labour costs in China have could also help us in the Far East. In to the US dramatically
when I wrote about his workers. It may seem almost a suicide risen. Many Chinese businesses I speak China itself, customers love things not growth and a
new, eponymous mission on their part, but Mr Davies to are thinking beyond manufacturing made in China. story number
n umber of Some big US banks
company which made upmarket is not closing the Shenzhen factory, in established cheaper bases like Finally, Mr Davies told me, he is European
European n acquired their rivals
glasses frames. The business later grew just no longer expanding it as the Vietnam and Bangladesh and are tired, as the boss and head designer, of lenders
lendeers have
ha during the crisis
from being so niche it was practically business grows. looking elsewhere. travelling. Im 42 now, I live in 40
bucked
b ucked th
the
secret to having its own factory in There has been much noise in The Shenzhen average [annual perpetual jet lag and Ive had enough of
trend
d to shrink
shrin
China, shops across London and spots Donald Trumps US about bringing salary] in 2007 was 2,500, said Mr it. He expects the Shenzhen factory to
in 1,000 opticians worldwide. manufacturing back to developed Davies. Its now 8,000, and I have be a self-running satellite.
It even gained me as a customer for countries, or reshoring. Is Mr Davies key people earning up to 55,000. Our This initiative is a mere pixel in a
its made-to-measure service, with my riding a fresh trend in the UK? car park is now full of workers cars. panorama. I wonder, though, if it
oversized head and lopsided ears as I asked the China-Britain Business The differential in premises costs is became a trend, whether this would be 50
well as celebrity clients, from Heston Council in London about other UK also not startling. His Shenzhen plant good or bad for China?
Blumenthal to Ed Sheeran. companies moving production from costs 2 per sq ft, but would go beyond My guess is that it would be good.
So, I asked back in 2014 as we strap- China. Remarkably, they had no record 4 if he renewed his lease. His London Younger Chinese people are tiring of
hung on the District Line, what Mr of any such thing. Its something cost is 8 per sq ft, although this being the worlds workshop. And
Davies business was up to? Well, he businesses talk about, but it never factory also needed a 600,000 refurb. judging by the quality and design of
said, Im thinking of moving seems to happen, said an official. Logistics costs will be lower making Chinese consumer technology I see, 60
61 ABN Amro*
production from China to the UK. Its Your guy may be a pioneer. glasses in London. But the biggest they are ready to become, like Japan
not as cheap as it was, and Made in The most surprising reason Mr saving will be because technology in his and South Korea, originators rather China
England would be a great sales point. Davies has for his move is economic. industry has moved on. A computer- than subcontractors. US
He is now doing just that. Last week, controlled machine tool once costing An upgrade to China 2.0, a confident, Europe
I visited Mr Davies as builders were In a curious twist on 250,000 is now a twsntieth of that, developed country making its own,
70
scrambling to finish converting a
derelict factory in west London to
the industrial history of he says ironically, from Chinese
makers. The software is also cheaper
globally desired products would have
its problems, but it would ultimately be
which he and 30 staff are moving recent decades, Chinese and easier to use. All this means he a progressive, stabilising development. *ABN Amro was acquired in a three-way deal by RBS, Fortis and Santander in 2007, but the Dutch rump of
the business re-emerged under the ABN name when Fortis collapsed and was nationalised in 2008
shortly, with 20 more to join later. He
plans to have 30 per cent of
staff are coming over to needs fewer staff, Chinese or British,
than he used to. jonathan.margolis@ft.com
Non-US asset valuations are affected by exchange rate changes
manufacturing in the UK by the end of train British workers The Made in England cachet, Mr @TheFutureCritic Source: The Banker FT visual journalism: Patrick Jenkins, Ian Bott
COMPANIES
INSIDE BUSINESS
Aerospace & defence
ON MONDAY
C
long-running row over a fighter jet con- A formal bidding process had not if it had been aware of evidence it uncov- the companys helicopter division. Its an chief executives make a difference to the
tract escalates. been launched for the helicopter con- ered in a subsequent internal investiga- Superpuma military transport and companies they run? Yes, well sometimes they
The European aerospace and defence tract, the ministry added, although tion, which it alleges shows 183m in NH90 Tiger attack rotorcraft have ben do, albeit not quite in ways investors necessar-
group issued the warning after the Aus- requests for information had been costs were illegally hidden in the pricing grounded during the past year after ily want or expect.
trian defence ministry said last week it sent to helicopter manufacturers, of the jets. crashes. Take the case of Peter Crook, who was until
would like to bar Airbus if possible from including the Airbus group. In April it was revealed that Tom End- Airbus Helicopters has also struggled last week the chief executive of Provident Financial, a Brit-
the 50m-60m tender, because of a Potential bidders have until Septem- ers, Airbus chief executive, was being against a severe downturn in the off- ish subprime lender. For a decade after the financial crisis,
continuing investigation into an alleg- ber 26 to indicate their interest in bid- investigated as part of the Eurofighter shore oil and gas market. In the first half Mr Crook was seen by the companys board as a bit of a
edly fraudulent 2bn sale of Eurofighter ding, say what product they would offer fraud probe, along with dozens of oth- of this year, earnings tumbled more superstar, smoothly piloting its affairs as the share price
jets in 2003. and give an approximate price. ers. He had been in charge of the than a third. more than tripled. The remuneration committee paid roy-
ally to retain his services, figuring perhaps that a few mil-
lion was chump change for someone who was adding bil-
lions to the market capitalisation. Over the past five years,
he earned a princely 30m.
Technology. Hardware Then Mr Crook did something that really made a differ-
ence. Earlier this year, he reorganised Providents core
Chinese groups answer call for digital assistants home lending division, aiming to replace its army of old
fashioned door-to-door, commission-based agents with a
smaller number of full-time, technology-enabled employ-
ees. The intention was sensible: to reduce costs and boost
recoveries, thus generating higher profits. In practice, the
initiative achieved the opposite. Providents part-timers
Multiple sectors use listening turned out not to want to become ear-chipped employees
devices to tie in consumers but and defected, sometimes to competitors. The technology,
unsurprisingly, experienced teething troubles.
profitability poses a question Two profit warnings followed in swift succession, and
the second led to a scrapped dividend and a rout of the
LOUISE LUCAS HONG KONG share price, which plummeted back to levels last seen in
2007, when Mr Crook took over. Last week he left with
Voice-controlled digital assistants immediate effect.
across the globe appear to have been Several observations flow from this parable. One is that
given a single order: Proliferate! And it explodes the picture of Mr Crook as the unique author of
nowhere are they scrabbling faster to Providents successes. For when he lost the services of
follow the procreation path pioneered some of its far less well remunerated (but crucial) front-
by Amazons Echo smart home speaker line troops, it did not take long for the company to be
than in China. dropped firmly in the soup. The very circumstances of his
Some 43m Chinese-made digital departure are also awkward. How, one might ask, could
assistants were in place last year, the same person be both the miracle-working boss worth
according to the telecoms consultancy all that performance-based pay and the bungler who mis-
Ovum. Alibaba, the technology giant, is managed a restructuring so badly that he had to go?
entering the fray; last month handset The answer, of course, is that Mr Crook was neither.
maker Xiaomi revealed a smart speaker While his management qual-
(at a bargain $45), not long after PC ities would have influenced
maker Lenovo launched a version. Providents performance,
As with most
The world is going to be populated the effects were much CEOs, Crooks
with [such] devices. People are going to smaller than the remunera-
make a lot of hardware, said one indus- tion committee recognised.
tenure was,
try participant. Theres going to be tech As with the majority of to a great extent,
companies that serve hundreds of mil- CEOs, what most marked his
lions of consumers. tenure was, to a great extent,
marked by luck
Digital assistants are the latest ploy by luck. He was a hero in the
tech companies to pull consumers into post-crisis years, when rivals such as the high street banks
their ecosystems and keep them there vacated Providents markets, allowing the company to
longer making calls, shopping, listen- make superior returns. He became a villain when competi-
ing to music or navigation. tion increased, forcing him to embark upon the doomed
restructuring. It was not that Mr Crook changed or that his
management virtues became shortcomings. His luck sim-
As such gadgets evolve, ply ran out.
its all about data The same vagaries of chance explain why a study of For-
tune magazines most admired companies finds that,
the more you have, the over two decades, companies with the lowest ratings go on
better you can train to earn much higher stock market returns than those at
the top. The stellar performance that drew praise at the
outset was mainly due to luck and hence bound to dimin-
It is early days for the Chinese groups, Special delivery: The winners, according to Chwee director at Gartner, adds the real value tent. Worse, he argues, the smart ish. Statisticians refer to this as reversion to the mean.
but most have begun with offerings JD.com has Chua, an analyst covering big data ana- for Chinese customers is third-party speakers could wipe out sources of reve- What conclusions might one draw from this? Well, it
linked to their own products to which launched a lytics and cognitive AI at consultancy offerings: ordering meals, booking nue by diverting users away from ad- kicks away the principal plank supporting very high pay
additional skills, such as weather fore- device that can IDC in Singapore, will be those who have flights and calling taxis. But that would bearing screens. If tomorrow everyone for top executives: the belief that they are vital to the suc-
casts, can be added. JD.coms assistant be used to buy been around longest and boast the most take quite some time . . . because it did searches by voice, what would that cess of the enterprise, and that their loss would spell doom
can be used to shop on its ecommerce goods from its data. To develop [the relevant] capa- takes a lot of training and data to get the mean for the digital [ad] display mar- for shareholders. After all, if the boss is just a replaceable
platform. ecommerce bility, its all about the data. The more machine up to speed and to understand ket? he asks. You could look at it in technician running a bureaucracy, there is little need to
China benefits from being virgin terri- platform you have, the better you can train. customers, she says. two ways. Digital assistants could be pay them many millions just to stay in post.
tory, says Radio Free Mobile analyst Mark Andrews / Alamy
In China the data sent back from lis- Stalwart smart speakers include cannibalising or negating revenues. It also damns the complex performance-based packages
Richard Windsor. Foreign competition tening smart devices can be especially Baidus Xiaoyu Zaijia, which had a As such, he views the plethora of that allow bosses to reach vertiginous totals. There is little
is almost non-existent, partly a result of useful. Those in the English-speaking screen predating Amazons Echo Show, devices as a means of protecting busi- evidence that these serve a purpose other than enrich-
protected markets and also a function of world are largely monoglot or bilingual. and JD.coms DingDong speaker, com- ness lines and keeping consumers ment. A recent Lancaster University Management School
language capability, given Chinas hun- In China where as well as dialects manding an 80 per cent market share, within the companys ecosystem, much survey found that, over a decade, the correlation between
dreds of dialects. there are distinct cultural references, according to Canalysis. as Apple hardware encourages use of performance and pay among FTSE 350 company bosses
Yet analysts are divided on how recep- sports heroes, culinary specialities and Like Xiaomi, whose speaker links up iTunes and other services. was negligible. Returns on capital barely budged, yet pay
tive the market will prove to be to digital other cultural foibles platforms have to its smart home appliances, DingDong Analysts also note that as a regional- rose 80 per cent.
assistants. Mr Windsor says the Chinese more to learn. talks to 100 brands that have smart ised business unlike, say, smart- For all the talk of pay restraint in the C-suite, nothing
predominantly access services through This factor, analysts reckon, could devices, so can take orders to switch on phones Chinas voice-controlled dig- will change while boards still cling to the cult of the indis-
their mobiles: so while a digital assistant play to the strengths of Tencent, the lights or cook two cups of rice. ital assistants are difficult to scale. The pensable CEO. Each bosss pay will be bid up until the com-
at home beats the PC and web browser, social media giant, and its Xiaowei voice But it is clear profitability will be in only one that is truly global today is pany hits a share price-crunching glitch, whereupon the
it offers less of an advantage over the assistant. Not only does it own the popu- shorter supply than devices. In most [Apples] Siri, says Mr de Renesse. This next miracle worker will be identified to fix it, who will in
smartphone in your pocket. lar WeChat messaging app, with more cases, there is no revenue generation means many speakers will fall silent turn be showered in cash. Yet the truth is that none of them
Despite this, surveys show that usage than 900m users, but Chinese often dic- directly from digital assistants, says Mr among the Chinese ranks of wannabes. is irreplaceable, and they should be paid more simply and
is far higher in China than in the US or tate rather than write their texts de Renesse. Its just a new user inter- Says Mr Chua: You will see massive modestly. It is time boards reminded themselves of this.
UK, says Ronan de Renesse, who leads partly because characters are time-con- face . . . and will only facilitate online consolidation because you need size to
the consumer tech practice at Ovum. suming to write. Sandy Shen, research purchases of goods, services and con- keep developing the technology. jonathan.ford@ft.com
COMPANIES
Banks
COMPANIES
Banks
MARKET DATA
S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,475.42 15,171.39 2,443.24
12,212.04 12,167.94 20,050.16
15,055.99 7,443.01 7,401.46 2,378.51
2,443.05 19,452.61
Day 0.17% Month -1.09% Year 12.30% Day -0.13% Month -0.96% Year 2.91% Day -0.08% Month -0.31% Year 8.72% Day -0.11% Month -0.79% Year 15.56% Day 0.51% Month -2.62% Year 17.20% Day 0.11% Month -2.98% Year 16.38%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
51,257.36 51,355.15 1,501.05 27,848.16 3,336.72
6,382.19
10,603.40
6,265.64 1,470.30 10,345.30 26,941.02 3,259.57
Day -0.09% Month -2.26% Year 20.08% Day -0.22% Month -0.69% Year 7.59% Day -0.14% Month -1.68% Year 9.38% Day -0.12% Month -0.97% Year 19.52% Day 1.20% Month 3.73% Year 22.03% Day -0.38% Month -1.55% Year 13.59%
Dow Jones Industrial New York Bovespa So Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
71,073.65 3,489.14
5,186.95 21,746.50 32,228.27
21,796.55 21,813.67 21,577.56 3,397.18 31,596.06
5,104.33
65,497.13
Day 0.14% Month 1.40% Year 18.03% Day -0.08% Month 8.23% Year 23.13% Day -0.17% Month -0.46% Year 15.08% Day 0.08% Month 1.35% Year 30.13% Day 1.84% Month 2.49% Year 7.96% Day 0.09% Month -1.35% Year 12.88%
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Australia All Ordinaries 5803.40 5801.70 Czech RepublicPX 1036.56 1034.15 FTSE Italia Mid Cap 40307.68 40286.20 Poland Wig 64135.52 63886.54 Thailand Bangkok SET 1575.85 1575.96 Euro Stoxx 50 (Eur) 3438.55 3444.73
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S&P/ASX 200 Res 3585.20 3575.20 Egypt EGX 30 12926.40 12996.20 Japan 2nd Section 6585.71 6577.11 PSI General 2872.05 2887.12 UAE Abu Dhabi General Index 4493.81 4487.41 FTSE 4Good Global ($) 6169.64 6157.57
Austria ATX 3231.20 3205.09 Estonia OMX Tallinn 1277.47 1274.43 Nikkei 225 19452.61 19353.77 Romania BET Index 8378.93 8348.76 UK FT 30 3201.90 3211.60 FTSE All World 313.82 312.94
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Brazil Bovespa 71073.65 71132.80 SBF 120 4078.60 4086.05 Jordan Amman SE 2105.71 2110.20 Saudi-Arabia TADAWUL All Share Index 7245.66 7263.75 FTSE All Share 4054.63 4058.44 FTSE Global 100 ($) 1527.56 1525.99
Canada S&P/TSX 60 886.34 887.75 Germany M-DAX 24452.30 24431.27 Kenya NSE 20 4069.20 4101.67 Singapore FTSE Straits Times 3259.57 3272.16 FTSE techMARK 100 4392.38 4382.86 FTSE Gold Min ($) 1544.08 1535.54
S&P/TSX Comp 15055.99 15076.16 TecDAX 2188.25 2173.22 Kuwait KSX Market Index 6885.17 6922.48 Slovakia SAX 329.87 329.87 USA DJ Composite 7464.85 7429.05 FTSE Latibex Top (Eur) 4236.50 4231.50
S&P/TSX Div Met & Min 798.07 769.54 XETRA Dax 12167.94 12180.83 Latvia OMX Riga 1024.81 1024.27 Slovenia SBI TOP 826.86 828.68 DJ Industrial 21813.67 21783.40 FTSE Multinationals ($) 1783.74 1784.77
Chile IGPA Gen 25842.31 25726.00 Greece Athens Gen 835.30 835.55 Lithuania OMX Vilnius 653.42 653.52 South Africa FTSE/JSE All Share 56655.88 56588.99 DJ Transport 9133.75 9021.12 FTSE World ($) 554.36 552.92
China FTSE A200 9854.24 9682.31 FTSE/ASE 20 2196.19 2197.93 Luxembourg LuxX 1667.85 1663.23 FTSE/JSE Res 20 35105.01 34885.55 DJ Utilities 746.48 743.25 FTSEurofirst 100 (Eur) 4131.97 4136.57
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 27848.16 27518.60 Malaysia FTSE Bursa KLCI 1769.17 1775.50 FTSE/JSE Top 40 50175.33 50101.48 Nasdaq 100 5822.53 5834.44 FTSEurofirst 80 (Eur) 4771.11 4778.21
Shanghai A 3489.14 3426.02 HS China Enterprise 11288.36 11051.00 Mexico IPC 51355.15 51470.06 South Korea Kospi 2378.51 2375.84 Nasdaq Cmp 6265.64 6271.33 MSCI ACWI Fr ($) 473.81 473.99
Shanghai B 339.15 336.44 HSCC Red Chip 4313.35 4307.64 Morocco MASI 12202.67 12174.39 Kospi 200 311.21 310.73 NYSE Comp 11812.03 11773.80 MSCI All World ($) 1939.65 1942.15
Shanghai Comp 3331.52 3271.36 Hungary Bux 38011.33 37954.41 Netherlands AEX 517.42 519.10 Spain IBEX 35 10345.30 10357.40 S&P 500 2443.05 2438.97 MSCI Europe (Eur) 1562.36 1560.63
Shenzhen A 1997.79 1977.18 India BSE Sensex 31596.06 31568.01 AEX All Share 783.41 785.36 Sri Lanka CSE All Share 6409.37 6382.54 Wilshire 5000 25334.83 25283.88 MSCI Pacific ($) 2624.08 2637.00
Shenzhen B 1153.90 1153.30 Nifty 500 8605.75 8585.00 New Zealand NZX 50 7857.81 7868.41 Sweden OMX Stockholm 30 1540.82 1537.99 Venezuela IBC 199748.94 198170.53 S&P Euro (Eur) 1587.57 1590.24
Colombia COLCAP 1477.41 1481.24 Indonesia Jakarta Comp 5915.36 5894.12 Nigeria SE All Share 36575.86 37059.21 OMX Stockholm AS 554.29 552.57 Vietnam VNI 771.63 771.63 S&P Europe 350 (Eur) 1512.78 1514.66
Croatia CROBEX 1901.35 1903.47 Ireland ISEQ Overall 6643.52 6715.61 Norway Oslo All Share 805.69 805.27 Switzerland SMI Index 8906.18 8943.04 S&P Global 1200 ($) 2175.02 2166.92
Israel Tel Aviv 100 12.64 12.63 Pakistan KSE 100 42641.75 42268.62 Stoxx 50 (Eur) 3042.38 3046.07
(c) Closed. (u) Unavaliable. Correction. Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.
CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Aug 25 Currency Mid Change Mid Change Mid Change Aug 25 Currency Mid Change Mid Change Mid Change Aug 25 Currency Mid Change Mid Change Mid Change Aug 25 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 17.2150 0.0290 20.4376 0.1496 22.1703 0.1747 Indonesia Indonesian Rupiah 13346.0000 -3.0000 15844.3452 85.8659 17187.6235 102.8643 Poland Polish Zloty 3.5788 -0.0345 4.2487 -0.0168 4.6089 -0.0156 ..Three Month 0.7769 -0.0048 0.9217 -0.0005 - -
Australia Australian Dollar 1.2595 -0.0058 1.4952 0.0016 1.6220 0.0026 Israel Israeli Shekel 3.5866 -0.0069 4.2581 0.0159 4.6191 0.0199 Romania Romanian Leu 3.8744 -0.0085 4.5997 0.0160 4.9897 0.0202 ..One Year 0.7781 -0.0049 0.9210 -0.0005 - -
Bahrain Bahrainin Dinar 0.3771 -0.0001 0.4476 0.0024 0.4856 0.0029 Japan Japanese Yen 109.2550 -0.1100 129.7072 0.6021 140.7037 0.7326 Russia Russian Ruble 58.8250 -0.3400 69.8369 -0.0073 75.7576 0.0351 United States United States Dollar - - 1.1872 0.0067 1.2878 0.0080
Bolivia Bolivian Boliviano 6.9100 - 8.2035 0.0463 8.8990 0.0552 ..One Month 109.2549 -0.1103 129.7073 0.6021 140.7036 0.7325 Saudi Arabia Saudi Riyal 3.7502 -0.0001 4.4522 0.0250 4.8297 0.0299 ..One Month - - 1.1870 -0.0927 1.2880 0.0080
Brazil Brazilian Real 3.1436 0.0034 3.7320 0.0251 4.0484 0.0295 ..Three Month 109.2545 -0.1109 129.7073 0.6022 140.7035 0.7322 Singapore Singapore Dollar 1.3558 -0.0056 1.6096 0.0024 1.7461 0.0036 ..Three Month - - 1.1866 -0.0927 1.2882 0.0080
Canada Canadian Dollar 1.2496 -0.0027 1.4835 0.0052 1.6093 0.0066 ..One Year 109.2528 -0.1143 129.7073 0.6023 140.7036 0.7315 South Africa South African Rand 13.0763 -0.1125 15.5241 -0.0452 16.8402 -0.0395 ..One Year - - 1.1847 -0.0927 1.2894 0.0080
Chile Chilean Peso 636.3400 -1.9900 755.4612 1.9137 819.5084 2.5401 Kenya Kenyan Shilling 103.2000 -0.0500 122.5188 0.6323 132.9058 0.7610 South Korea South Korean Won 1128.2500 0.2500 1339.4554 7.8533 1453.0130 9.3393 Venezuela Venezuelan Bolivar Fuerte 10.0993 0.1293 11.9898 0.2202 13.0063 0.2462
China Chinese Yuan 6.6645 0.0038 7.9121 0.0491 8.5829 0.0581 Kuwait Kuwaiti Dinar 0.3019 -0.0001 0.3584 0.0020 0.3888 0.0023 Sweden Swedish Krona 7.9979 -0.0575 9.4951 -0.0143 10.3001 -0.0097 Vietnam Vietnamese Dong 22734.5000 -4.0000 26990.4076 147.5804 29278.6330 176.6334
Colombia Colombian Peso 2930.9850 -47.2550 3479.6576 -36.1497 3774.6603 -37.0489 Malaysia Malaysian Ringgit 4.2725 -0.0070 5.0723 0.0204 5.5023 0.0252 Switzerland Swiss Franc 0.9584 -0.0062 1.1378 -0.0009 1.2342 -0.0003 European Union Euro 0.8423 -0.0048 - - 1.0848 0.0006
Costa Rica Costa Rican Colon 574.9300 0.0150 682.5553 3.8692 740.4216 4.6152 Mexico Mexican Peson 17.6173 -0.0786 20.9152 0.0252 22.6883 0.0402 Taiwan New Taiwan Dollar 30.2350 -0.0295 35.8949 0.1677 38.9380 0.2039 ..One Month 0.8421 -0.0048 - - 1.0847 0.0006
Czech Republic Czech Koruna 21.9866 -0.1299 26.1024 -0.0061 28.3154 0.0095 New Zealand New Zealand Dollar 1.3801 -0.0054 1.6384 0.0029 1.7773 0.0042 Thailand Thai Baht 33.3050 -0.0400 39.5396 0.1759 42.8917 0.2150 ..Three Month 0.8417 -0.0048 - - 1.0846 0.0006
Denmark Danish Krone 6.2663 -0.0343 7.4393 0.0014 8.0700 0.0061 Nigeria Nigerian Naira 359.5000 - 426.7974 2.4083 462.9809 2.8739 Tunisia Tunisian Dinar 2.4309 -0.0178 2.8860 -0.0047 3.1306 -0.0033 ..One Year 0.8398 -0.0048 - - 1.0840 0.0006
Egypt Egyptian Pound 17.7040 0.0330 21.0181 0.1576 22.8000 0.1838 Norway Norwegian Krone 7.7737 -0.0653 9.2290 -0.0250 10.0114 -0.0214 Turkey Turkish Lira 3.4508 -0.0321 4.0968 -0.0148 4.4441 -0.0135
Hong Kong Hong Kong Dollar 7.8218 -0.0034 9.2861 0.0484 10.0733 0.0582 Pakistan Pakistani Rupee 105.3750 - 125.1009 0.7059 135.7068 0.8424 United Arab Emirates UAE Dirham 3.6731 0.0002 4.3607 0.0248 4.7304 0.0296
Hungary Hungarian Forint 256.8270 -0.9155 304.9043 0.6398 330.7538 0.8814 Peru Peruvian Nuevo Sol 3.2360 - 3.8418 0.0217 4.1675 0.0259 United Kingdom Pound Sterling 0.7765 -0.0049 0.9218 -0.0005 - -
India Indian Rupee 64.0375 - 76.0251 0.4290 82.4705 0.5119 Philippines Philippine Peso 51.0925 0.0725 60.6569 0.4279 65.7993 0.5012 ..One Month 0.7766 -0.0049 0.9218 -0.0005 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Aug 25 Aug 24 Aug 23 Aug 22 Aug 21 Yr Ago High Low Year to date percentage changes Closing Week's Closing Week's
Strlg Day's Euro Strlg Strlg Year Div P/E X/D Total FT 30 3201.90 3211.60 3207.90 3225.60 3193.90 0.00 3391.10 3060.90 Industrial Metals & 54.03 FTSE SmallCap Index 10.30 Industrial Transport 0.44 FTSE 100 Price Change FTSE 100 Price Change
Aug 25 chge% Index Aug 24 Aug 23 ago yield% Cover ratio adj Return FT 30 Div Yield 1.78 1.78 1.79 1.78 1.80 0.00 3.93 2.74 Personal Goods 32.76 Support Services 9.79 Construct & Material 0.27 3I Group PLC 951.00 10.50 London Stock Exchange Group PLC 3976 32.00
FTSE 100 (100) 7401.46 -0.08 6256.57 7407.06 7382.65 6838.05 3.87 1.04 24.93 228.27 6224.28 P/E Ratio net 25.00 25.08 24.90 25.08 24.85 0.00 19.44 14.26 Leisure Goods 27.03 Life Insurance 9.52 Consumer Services -0.30 Admiral Group PLC 1932 -33.00 Marks And Spencer Group PLC 312.90 -4.20
FTSE 250 (250) 19671.33 -0.20 16628.50 19710.30 19743.22 17930.79 2.68 1.70 22.01 354.31 14339.39 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Forestry & Paper 25.81 Industrials 9.46 Telecommunications -1.32 Anglo American PLC 1339.5 59.50 Mediclinic International PLC 753.00 32.50
FTSE 250 ex Inv Co (206) 21026.20 -0.19 17773.80 21065.55 21109.07 19345.38 2.74 1.73 21.05 387.65 15639.05 FT 30 hourly changes Beverages 23.53 Travel & Leisure 9.20 Gas Water & Multi -2.11 Antofagasta PLC 1022 78.50 Merlin Entertainments PLC 460.50 0.00
FTSE 350 Higher Yield (117) 3763.00 0.02 3180.93 3762.43 3749.11 3544.21 5.16 0.89 21.80 146.20 6670.27 8 9 10 11 12 13 14 15 16 High Low Electronic & Elec Eq 21.22 Financials 9.14 Food & Drug Retailer -2.39 Ashtead Group PLC 1586 15.00 Micro Focus International PLC 2314 140.00
FTSE 350 (350) 4107.77 -0.10 3472.36 4111.73 4101.66 3786.33 3.67 1.12 24.38 117.65 6933.79 3211.6 3210.2 3211 3212.1 3214.3 3212.5 3211.2 3212.5 3204.8 3215.1 3201.9 Mining 17.33 Mobile Telecomms 9.07 Health Care -2.78 Associated British Foods PLC 3184 44.00 Mondi PLC 2096 28.00
FTSE 350 Lower Yield (233) 4068.81 -0.22 3439.43 4077.66 4072.48 3658.42 2.06 1.74 27.98 69.41 4479.74 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Basic Materials 16.78 FTSE 250 Index 8.82 Automobiles & Parts -3.23 Astrazeneca PLC 4498.5 51.50 Morrison (Wm) Supermarkets PLC 251.40 7.80
FTSE 350 ex Investment Trusts (305) 4070.95 -0.09 3441.24 4074.72 4064.59 3759.98 3.71 1.11 24.21 118.17 3540.42 Household Goods & Ho 16.67 Technology 8.76 Utilities -3.86 Aviva PLC 521.50 -0.50 National Grid PLC 970.20 9.90
FTSE AIM All-Share (797) 1005.21 0.02 849.72 1004.98 1003.20 792.81 1.63 0.85 72.47 7.64 1107.65 Financial Services 15.18 Food Producers 7.73 Pharmace & Biotech -4.81
FTSE All-Share (636) 4054.63 -0.09 3427.45 4058.44 4048.99 3728.71 3.64 1.13 24.38 114.49 6918.86 FX: EFFECTIVE INDICES Nonlife Insurance 14.71 Banks 7.61 Media -6.89
Babcock International Group PLC 803.00 -12.00 Next PLC 4143 -7.00
Bae Systems PLC 599.00 15.50 Old Mutual PLC 210.10 6.40
FTSE All-Share - Aerospace & Defense (9) 5367.17 -0.39 4536.96 5388.13 5371.26 4807.97 2.24 0.92 48.70 66.44 5766.99 Health Care Eq & Srv 14.40 Real Est Invest & Se 5.52 General Retailers -7.00
Aug 24 Aug 23 Mnth Ago Aug 25 Aug 24 Mnth Ago Barclays PLC 194.30 -1.35 Paddy Power Betfair PLC 6805 -375.00
FTSE All-Share - Automobiles & Parts (1) 7543.65 0.25 6376.77 7524.85 7564.80 7268.69 2.80 3.52 10.13 211.50 7342.17 Industrial Eng 12.97 FTSE All{HY-}Share Index 4.68 Oil & Gas Producers -8.79 Barratt Developments PLC 613.00 3.00 Pearson PLC 621.50 16.50
FTSE All-Share - Banks (11) 4396.44 0.07 3716.38 4393.27 4387.48 3455.11 4.05 0.84 29.56 148.38 3298.95 Australia 96.28 96.10 96.79 Sweden 80.13 79.92 78.84 Consumer Goods 12.93 Chemicals 4.24 Oil & Gas -9.42 Bhp Billiton PLC 1437 86.00 Persimmon PLC 2616 95.00
FTSE All-Share - Basic Materials (30) 5899.62 0.27 4987.05 5883.74 5850.53 4185.82 2.76 2.07 17.48 149.56 6091.09 Canada 93.10 92.77 93.22 Switzerland 155.59 155.43 159.91 Equity Invest Instr 12.04 FTSE 100 Index 3.62 Electricity -10.27 BP PLC 445.50 5.50 Provident Financial PLC 916.00 -936.00
FTSE All-Share - Beverages (5) 20712.99 -0.10 17509.04 20734.25 20795.69 17248.72 2.38 1.65 25.50 478.02 14812.46 Denmark 109.76 109.84 109.47 UK 74.62 74.58 76.41 Software & Comp Serv 11.48 NON FINANCIALS Index 3.14 Tech Hardware & Eq -14.21 British American Tobacco PLC 4835 83.00 Prudential PLC 1821.5 10.50
FTSE All-Share - Chemicals (8) 13649.26 -0.24 11537.94 13681.73 13655.12 13016.18 2.28 2.31 18.96 220.59 12261.07 Japan 138.04 138.43 136.20 USA 98.97 98.94 99.73 Aerospace & Defense 11.46 Real Est Invest & Tr 0.87 Fixed Line Telecomms -19.22 British Land Company PLC 603.00 -8.00 Randgold Resources LD 7570 75.00
FTSE All-Small Index (382) 3951.95 -0.01 3340.65 3952.44 3955.36 3399.54 2.80 1.44 24.80 70.18 7295.16 New Zealand 117.14 117.01 121.32 Euro 94.88 94.97 93.51 Tobacco 0.72 Oil Equipment & Serv -30.58 Bt Group PLC 290.15 -2.35 Reckitt Benckiser Group PLC 7381 124.00
FTSE All-Small ex Inv Co Index (199) 3723.05 -0.16 3147.16 3729.21 3738.03 3266.01 2.97 1.79 18.76 67.02 7126.27 Norway 89.93 89.52 88.82
Bunzl PLC 2332 26.00 Relx PLC 1667 -3.00
FTSE Fledgling Index (96) 10407.54 0.22 8797.67 10384.75 10366.28 8241.70 2.91 0.98 35.10 185.55 19595.36 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Burberry Group PLC 1786 40.00 Rentokil Initial PLC 294.40 -1.10
FTSE Fledgling ex Inv Co Index (46) 15132.69 0.44 12791.91 15066.31 14996.98 10835.85 3.68 0.97 27.92 260.05 27775.05 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Carnival PLC 5320 30.00 Rio Tinto PLC 3661 231.50
FTSE SmallCap Index (286) 5673.06 -0.02 4795.53 5674.45 5679.36 4901.61 2.80 1.46 24.43 100.74 8157.74
Centrica PLC 197.10 -4.50 Rolls-Royce Holdings PLC 906.50 5.50
FTSE SmallCap ex Inv Co Index (153) 4952.15 -0.19 4186.14 4961.51 4974.59 4380.55 2.94 1.84 18.52 89.27 7481.78
FTSE GLOBAL EQUITY INDEX SERIES Coca-Cola Hbc AG 2600 46.00 Royal Bank Of Scotland Group PLC 255.80 -1.70
FTSE Sector Indices Compass Group PLC 1638 8.00 Royal Dutch Shell PLC 2172.5 27.00
Construction & Materials (16) 6924.48 -1.72 5853.38 7045.94 6876.92 6360.12 2.16 0.53 87.73 112.89 7368.38 Aug 25 No of US $ Day Mth YTD Total
YTD Gr Div Aug 25 No of US $ Day Mth YTD Total YTD Gr Div Convatec Group PLC 286.70 0.40 Royal Dutch Shell PLC 2142.5 28.00
Consumer Goods (42) 22227.82 -0.11 18789.55 22251.48 22062.10 20687.95 3.12 1.35 23.80 602.03 16594.50 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Crh PLC 2720 49.00 Royal Mail PLC 393.20 1.00
Consumer Services (93) 4888.16 -0.51 4132.04 4913.00 4928.54 4817.47 2.80 1.97 18.18 97.45 4618.38 FTSE Global All Cap 7725 537.12 0.3 -0.614.0 12.1 766.88
2.4 Oil & Gas Producers 109 321.91 0.6 0.6 -8.4 533.88 -6.0 3.9 Croda International PLC 3896 88.00 Rsa Insurance Group PLC 666.00 14.00
Electricity (2) 8268.43 -1.62 6989.44 8404.45 8452.95 8886.82 6.03 1.81 9.16 494.42 12309.17 FTSE Global Large Cap 1444 473.69 0.3 -0.314.7 12.6 693.97
2.5 Oil Equipment & Services 28 299.36 0.4 0.4 -14.4 434.80 -13.5 3.6 Dcc PLC 6920 105.00 Sage Group PLC 693.50 -0.50
Electronic & Electrical Equipment (10) 7500.76 -0.01 6340.51 7501.72 7500.06 6303.09 1.71 2.23 26.27 75.36 6858.04 FTSE Global Mid Cap 1647 721.70 0.3 -1.013.6 12.0 976.82
2.1 Basic Materials 259 493.75 0.6 0.6 17.0 757.00 19.3 2.5 Diageo PLC 2568 18.50 Sainsbury (J) PLC 236.10 -1.00
Equity Investment Instruments (178) 9795.18 -0.08 8280.03 9803.03 9792.38 8316.01 2.35 1.23 34.51 154.00 5382.00 FTSE Global Small Cap 4634 752.23 0.3 -2.110.8 9.5 985.67
1.9 Chemicals 122 727.47 0.5 0.5 15.4 1120.72 17.6 2.5 Direct Line Insurance Group PLC 386.00 0.90 Schroders PLC 3376 -4.00
FTSE All-World 3091 313.82 0.3 -0.414.5 12.5 473.35
2.4 Forestry & Paper 16 281.76 0.8 0.8 18.3 481.31 21.5 3.2 Easyjet PLC 1216 -74.00 Scottish Mortgage Investment Trust PLC 429.00 8.50
Financials (292) 5215.49 -0.03 4408.75 5216.88 5203.49 4319.68 3.49 1.24 23.09 142.80 4883.41
Fixed Line Telecommunications (4) 3431.93 -0.56 2901.07 3451.21 3464.81 4585.04 5.30 1.01 18.62 122.44 3201.02 FTSE World 2545 554.36 0.3 -0.614.0 12.0 1122.38
2.4 Industrial Metals & Mining 70 435.53 0.3 0.3 20.3 663.78 22.1 2.3 Experian PLC 1520 5.00 Segro PLC 527.50 5.50
Food & Drug Retailers (7) 3138.53 -1.05 2653.05 3171.80 3170.19 2791.07 1.37 2.14 34.13 31.53 3679.29 FTSE Global All Cap ex UNITED KINGDOM In 7401 557.63 0.3 -0.614.2 12.4 783.82
2.3 Mining 51 607.33 0.8 0.8 18.4 929.36 21.1 2.4 Ferguson PLC 4540 -40.00 Severn Trent PLC 2249 28.00
Food Producers (10) 8702.68 0.54 7356.52 8655.91 8765.68 8671.42 1.94 2.16 23.85 94.93 7525.10 FTSE Global All Cap ex USA 5838 492.99 0.4 0.518.6 16.1 754.48
2.9 Industrials 546 379.40 0.3 0.3 14.5 547.73 16.2 2.1 Fresnillo PLC 1580 47.00 Shire PLC 3750 -14.50
Forestry & Paper (1) 24635.40 -0.43 20824.72 24741.18 24658.91 18770.39 2.37 3.15 13.41 582.72 27101.36 FTSE Global All Cap ex JAPAN 6440 549.22 0.3 -0.814.1 12.2 791.73
2.4 Construction & Materials 114 519.36 0.2 0.2 12.8 783.85 14.5 2.1 G4S PLC 290.00 -8.30 Sky PLC 955.00 3.00
Gas Water & Multiutilities (5) 7827.39 -0.34 6616.62 7854.21 7842.32 8753.43 4.80 1.28 16.29 249.14 9022.09 FTSE Global All Cap ex Eurozone 7075 552.15 0.3 -0.813.0 11.2 773.15
2.3 Aerospace & Defense 26 694.35 -0.1 -0.1 22.9 994.00 24.7 2.0 Gkn PLC 321.00 5.30 Smith & Nephew PLC 1391 23.00
General Financial (31) 9159.57 0.55 7742.74 9109.86 9057.24 7954.18 3.36 1.90 15.68 194.20 10573.31 FTSE Developed 2100 501.91 0.3 -0.813.5 11.6 722.26
2.4 General Industrials 57 238.85 0.3 0.3 1.5 372.33 3.2 2.6 Glaxosmithkline PLC 1519.5 29.50 Smiths Group PLC 1565 16.00
General Industrials (6) 5130.30 0.22 4336.73 5119.29 5098.83 4298.98 2.63 1.30 29.20 75.29 5852.58 FTSE Developed All Cap 5660 527.13 0.3 -1.013.1 11.2 749.33
2.3 Electronic & Electrical Equipment 71 432.79 0.3 0.3 25.9 573.63 27.6 1.6 Glencore PLC 352.80 9.35 Smurfit Kappa Group PLC 2349 65.00
General Retailers (28) 2359.55 -0.27 1994.57 2366.04 2420.15 2644.48 3.33 2.09 14.38 53.82 2720.78 FTSE Developed Large Cap 914 463.33 0.2 -0.713.6 11.6 677.02
2.5 Industrial Engineering 101 741.70 0.6 0.6 17.7 1055.29 19.4 2.0 Hammerson PLC 561.00 -5.00 Sse PLC 1404 -33.00
FTSE Developed Europe Large Cap 226 367.26 0.5 -0.218.4 15.0 618.65
3.4 Industrial Transportation 99 650.94 0.4 0.4 15.6 939.69 17.3 2.2 Hargreaves Lansdown PLC 1371 31.00 St. James's Place PLC 1189 0.00
Health Care (22) 9602.41 -0.06 8117.08 9608.61 9580.73 10547.17 3.64 0.85 32.39 296.45 7482.69
FTSE Developed Europe Mid Cap 315 596.16 0.4 1.123.7 21.1 897.92
2.6 Support Services 78 335.18 0.2 0.2 13.5 462.32 14.9 1.8 HSBC Holdings PLC 742.80 6.60 Standard Chartered PLC 777.10 25.70
Health Care Equipment & Services (10) 8526.83 -0.02 7207.87 8528.78 8468.71 7777.92 1.20 2.59 32.11 71.49 7404.93
FTSE Dev Europe Small Cap 706 847.21 0.6 0.424.5 22.1 1235.01
2.4 Consumer Goods 428 479.20 0.2 0.2 14.6 711.04 16.5 2.4 Imperial Brands PLC 3242 72.50 Standard Life Aberdeen PLC 441.60 10.00
Household Goods & Home Construction (16)15646.94 -0.41 13226.62 15711.75 15562.99 14164.43 3.14 2.09 15.26 425.49 11194.21
FTSE North America Large Cap 291 525.14 0.1 -1.011.3 9.8 717.13
2.1 Automobiles & Parts 105 399.32 0.5 0.5 8.5 572.93 10.6 2.8 Informa PLC 686.50 -10.50 Taylor Wimpey PLC 196.80 4.00
Industrial Engineering (12) 12649.48 0.28 10692.82 12613.87 12498.31 10314.24 2.13 1.63 28.91 218.07 15504.61
FTSE North America Mid Cap 386 764.87 0.3 -2.5 7.6 6.5 971.54
1.7 Beverages 46 645.13 0.2 0.2 16.9 969.80 18.7 2.5 Intercontinental Hotels Group PLC 3852 -72.00 Tesco PLC 184.20 7.65
Industrial Metals & Mining (2) 3729.53 -0.57 3152.63 3751.04 3688.32 1454.97 5.63 2.22 8.00 211.81 3471.28
FTSE North America Small Cap 1428 777.11 0.2 -3.7 5.1 4.1 958.72
1.6 Food Producers 107 606.60 -0.2 -0.2 6.6 924.97 8.5 2.3 International Consolidated Airlines Group S.A. 616.50 5.00 Tui AG 1306 -19.00
Industrial Transportation (7) 4745.54 -0.42 4011.49 4765.34 4780.92 4745.53 4.21 1.25 19.03 135.28 4283.93
FTSE North America 677 350.10 0.2 -1.310.7 9.2 489.26
2.0 Household Goods & Home Construction 49 460.92 0.4 0.4 14.0 679.65 16.2 2.4 Intertek Group PLC 4948 114.00 Unilever PLC 4510.5 57.00
Industrials (111) 5395.29 -0.47 4560.73 5420.67 5402.47 4909.88 2.31 1.50 28.96 79.41 5584.70
FTSE Developed ex North America 1423 258.13 0.4 0.018.0 15.4 424.63
3.0 Leisure Goods 31 219.65 -0.5 -0.5 37.3 289.20 38.5 1.3 Itv PLC 160.90 -5.80 United Utilities Group PLC 913.00 15.50
Leisure Goods (2) 7075.76 -0.26 5981.26 7094.53 7041.95 5337.59 5.22 1.10 17.36 158.08 6441.66
FTSE Japan Large Cap 180 358.70 0.4 0.911.3 2.1 Personal Goods
10.1 464.32 79 710.16 0.3 0.3 22.8 996.52 24.5 1.9 Johnson Matthey PLC 2809 28.00 Vodafone Group PLC 219.60 0.55
Life Insurance/Assurance (9) 8795.49 0.04 7434.97 8792.37 8739.66 6967.78 3.49 1.72 16.59 263.55 8692.16
FTSE Japan Mid Cap 313 593.11 0.4 0.415.9 14.8 736.84
1.7 Tobacco 11 1375.37 0.4 0.4 8.6 2852.34 11.0 3.7 Kingfisher PLC 295.40 2.30 Whitbread PLC 3677 -116.00
Media (22) 7388.39 -0.52 6245.53 7427.08 7384.11 7777.81 3.17 1.91 16.48 162.83 4589.07
FTSE Global wi JAPAN Small Cap 792 669.35 0.5 2.221.2 19.9 860.99
1.8 Health Care 184 479.23 0.1 0.1 13.3 692.22 15.1 2.0 Land Securities Group PLC 988.50 -13.50 Worldpay Group PLC 419.00 -4.60
Mining (19) 16656.08 0.37 14079.66 16595.13 16496.24 11451.92 2.78 2.00 17.93 430.83 9003.46
FTSE Japan 493 152.40 0.4 0.812.3 2.0 Health Care Equipment & Services
11.1 221.36 68 816.42 0.1 0.1 18.7 952.20 19.4 1.1 Legal & General Group PLC 263.20 -3.60 Wpp PLC 1437 -127.00
Mobile Telecommunications (2) 4922.22 -0.18 4160.84 4931.12 4938.73 5237.56 5.80 -0.48 -35.60 194.42 5051.56
FTSE Asia Pacific Large Cap ex Japan 552 693.95 0.4 0.825.2 22.4 1096.63
2.8 Pharmaceuticals & Biotechnology 116 340.24 0.1 0.1 11.2 514.34 13.3 2.5 Lloyds Banking Group PLC 64.91 1.00
Nonlife Insurance (10) 3612.74 -0.35 3053.91 3625.56 3616.36 3065.94 3.10 1.56 20.70 82.34 6415.34
FTSE Asia Pacific Mid Cap ex Japan 413 907.54 0.3 -0.721.5 19.3 1371.66
2.7 Consumer Services 384 431.62 0.2 0.2 9.4 577.56 10.7 1.7
Oil & Gas (17) 8090.81 0.43 6839.30 8056.07 8081.30 7568.77 6.41 0.49 32.11 384.36 7604.44 FTSE Asia Pacific Small Cap ex Japan 1452 558.61 0.4 -0.417.0 14.9 831.76
2.6 Food & Drug Retailers 56 283.41 0.0 0.0 0.2 396.16 1.7 2.1
Oil & Gas Producers (10) 7796.51 0.44 6590.52 7762.39 7784.37 7216.02 6.44 0.50 31.17 374.08 7588.72
Oil Equipment Services & Distribution (7)11566.27 0.06 9777.16 11559.42 11750.58 15895.34 5.46 -0.20 -92.11 306.86 9028.35
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
965 547.60
2065 760.43
0.4
0.5
0.6
2.7
24.8
24.2
22.1 918.93
2.8 General Retailers
21.4 1143.20
2.7 Media
122 590.82
79 333.74
0.2
0.4
0.2
0.4
8.5 769.32
9.7 447.77
9.7
10.9
1.6
1.6
UK STOCK MARKET TRADING DATA
Personal Goods (6) 33952.36 -0.12 28700.50 33991.63 33945.26 26843.02 2.55 0.27 144.65 655.11 23094.43 Aug 25 Aug 24 Aug 23 Aug 22 Aug 21 Yr Ago
FTSE Emerging Large Cap 530 722.88 0.5 3.125.1 22.2 1094.89
2.7 Travel & Leisure 127 442.03 0.1 0.1 16.1 598.22 17.5 1.8
Pharmaceuticals & Biotechnology (12)12719.76 -0.07 10752.23 12728.73 12699.33 14301.78 3.99 0.77 32.44 431.81 8847.44 SEAQ Bargains 4072.00 5289.00 4815.00 5209.00 4678.00 4678.00
FTSE Emerging Mid Cap 461 945.29 0.4 2.021.4 18.9 1407.73
2.8 Telecommunication 95 165.51 0.4 0.4 2.8 311.72 5.7 4.1
Real Estate Investment Trusts (34) 2673.93 -1.05 2260.31 2702.20 2697.66 2708.55 3.50 1.57 18.23 68.57 3361.37 Order Book Turnover (m) 183.87 260.96 179.01 244.33 198.28 198.28
FTSE Emerging Small Cap 1074 772.44 0.4 0.921.7 19.2 1114.74
2.7 Fixed Line Telecommuniations 43 134.46 0.6 0.6 -4.4 278.82 -1.3 4.7
Software & Computer Services (12) 2335.65 0.52 1974.37 2323.64 2318.21 2203.01 2.21 1.32 34.40 48.45 3198.87 Order Book Bargains 797367.00 866723.00 831966.00 765448.00 842249.00 842249.00
FTSE Emerging Europe 116 373.15 1.0 5.714.7 11.0 589.72
4.0 Mobile Telecommunications 52 181.47 0.3 0.3 13.6 306.83 16.2 3.4
Support Services (51) 7624.35 -0.40 6444.99 7655.02 7677.04 7149.02 2.25 2.00 22.26 109.30 7953.10 Order Book Shares Traded (m) 1101.00 1160.00 1249.00 1059.00 1271.00 1271.00
FTSE Latin America All Cap 236 949.41 0.1 5.426.0 23.6 1468.38
2.7 Utilities 167 283.20 0.3 0.3 14.9 553.33 17.8 3.5
Technology (16) 2027.07 0.48 1713.52 2017.43 2014.37 1988.53 2.30 1.30 33.60 40.63 2626.94 FTSE Middle East and Africa All Cap 241 713.36 0.7 -0.910.6 3.1 Electricity
8.5 1116.01 109 311.36 0.3 0.3 14.5 601.15 17.3 3.4 Total Equity Turnover (m) 7412.06 7745.05 6917.78 6954.26 6962.10 6962.10
Technology Hardware & Equipment (4) 1717.27 0.02 1451.64 1716.89 1730.79 2457.27 3.30 1.15 26.37 20.22 2021.95 FTSE Global wi UNITED KINGDOM All Cap In 324 338.05 0.5 -1.711.8 3.7 Gas Water & Multiutilities
8.6 571.42 58 296.59 0.3 0.3 15.6 595.52 18.7 3.7 Total Mkt Bargains 907021.00 995703.00 936250.00 874263.00 954225.00 954225.00
Telecommunications (6) 3334.96 -0.29 2819.10 3344.80 3352.37 3821.37 5.65 -0.06 -281.14 127.81 3805.82 FTSE Global wi USA All Cap 1887 600.74 0.2 -1.710.1 1.9 Financials
8.7 796.00 701 240.22 0.5 0.5 12.6 394.33 15.1 2.9 Total Shares Traded (m) 3571.00 3689.00 4317.00 3524.00 3794.00 3794.00
Tobacco (2) 53194.01 -0.02 44965.79 53206.49 52120.68 56281.61 3.90 1.11 23.13 1883.35 34791.24 FTSE Europe All Cap 1441 432.18 0.5 0.319.8 3.2 Banks
16.6 702.64 247 215.01 0.5 0.5 11.6 379.69 14.5 3.4 Excluding intra-market and overseas turnover. *UK only total at 6pm. UK plus intra-market turnover. (u) Unavaliable.
Travel & Leisure (36) 9319.26 -0.43 7877.73 9359.73 9387.80 8475.43 2.71 1.93 19.14 186.44 8889.26 FTSE Eurozone All Cap 650 428.99 0.4 1.124.2 3.0 Nonlife Insurance
21.2 702.64 68 260.13 0.5 0.5 12.2 378.58 14.3 2.3 (c) Market closed.
Utilities (7) 8279.39 -0.61 6998.71 8330.14 8330.25 9187.72 5.05 1.41 14.02 310.94 9578.00 FTSE RAFI All World 3000 3032 6554.11 0.4 -0.312.1 2.9 Life Insurance
9.8 8696.65 52 229.98 0.9 0.9 14.8 369.82 17.6 2.9
Index- Real Estate Investment & Services (19) 2633.18 -0.96 2225.87 2658.62 2666.60 2473.20 2.70 1.88 19.72 47.65 7077.37 FTSE RAFI US 1000 996 10499.32 0.3 -1.7 5.0 2.4 Financial Services
3.5 13812.32 151 277.92 0.4 0.4 15.3 383.64 16.9 1.9
ex Inv Co Index (458) 3995.19 -0.09 3377.20 3998.97 3989.43 3686.93 3.70 1.12 24.06 115.09 3530.77 FTSE EDHEC-Risk Efficient All-World 3091 376.58 0.3 -0.614.2 2.2 Technology
12.5 525.69 181 239.78 0.0 0.0 23.5 294.68 24.9 1.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
ex Multinationals Index (575) 1223.92 -0.22 857.49 1226.60 1227.42 1145.34 3.18 1.35 23.28 28.31 2204.19 FTSE EDHEC-Risk Efficient Developed Europe 541 318.74 0.4 0.521.6 2.6 Software & Computer Services
19.1 488.30 87 413.74 0.0 0.0 24.3 483.70 25.3 0.9 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Non Financials (344) 4733.54 -0.12 4001.34 4739.14 4728.52 4510.08 3.69 1.09 24.89 135.12 7072.99 Oil & Gas 146 341.04 0.6 -1.8 -7.0 -9.1 553.32
3.8 Technology Hardware & Equipment 94 180.44 0.0 0.0 22.6 231.11 24.6 2.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Alternative Energy 9 104.29 0.3 0.3 13.5 141.42 14.6 1.8 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment & Services 107 340.92 0.1 0.1 23.5 569.95 25.9 2.5 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 7419.21 7426.82 7431.60 7432.89 7436.75 7435.12 7432.33 7430.29 7411.88 7439.34 7401.46 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/
FTSE 250 19738.14 19736.30 19736.82 19729.60 19734.35 19731.40 19723.01 19717.01 19691.02 19749.15 19671.33 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,
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 5673.77 5659.17 5664.16 5668.14 5669.92 5677.96 5679.29 5678.14 5674.18 5679.88 5658.95
FTSE All-Share 4064.68 4067.56 4069.81 4070.23 4072.16 4071.53 4070.06 4069.03 4059.89 4073.16 4054.63 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
Time of FTSE 100 Day's high:10:31:15 Day's Low15:35:30 FTSE 100 2010/11 High: 7547.63(29/05/2017) Low: 7099.15(31/01/2017) www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the London Stock Exchange
Time of FTSE All-Share Day's high:10:32:00 Day's Low15:35:30 FTSE 100 2010/11 High: 4130.15(29/05/2017) Low: 3858.26(31/01/2017) Group companies and is used by FTSE International Limited under licence.
Further information is available on http://www.ftse.com FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. Values are negative.
Figures in m. Earnings shown basic. Figures in light text are for corresponding period year earlier. Placing price. *Intoduction. When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Monday 28 August 2017 FINANCIAL TIMES 19
MARKET DATA
FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
Chna Utd Coms 8.38 8.36 0.02 0.24 0.91 12.2 12.18 Infosys 912.15 912.15 0.00 0.00 -108.70 -10.6 -6.93 Aug 25 date Coupon S* M* F* price yield yield yield US Aug 25 date Coupon S* M* F* price yield yield yield US
ChinaMBank 28.60 28.00 0.60 2.14 2.80 10.9 15.09 WPP 1437.00 1462.00 -25.00 -1.71 -127.00 -8.1 -7.94 High Yield US$ US$
Ch OSLnd&Inv 27.55 27.80 -0.25 -0.90 2.30 9.1 6.78 Medtronic 79.06 79.24 -0.18 -0.23 -4.35 -5.2 -7.99 Navient Corporation 03/20 8.00 B+ Ba3 BB 109.71 4.03 0.01 0.31 2.69 SunTrust Banks, Inc. 01/28 6.00 BBB+ Baa1 A- 112.57 4.52 0.01 0.16 2.35
BOE Tech 1.40 1.39 0.01 0.72 0.11 8.5 3.70 Nomura 610.10 607.80 2.30 0.38 -31.70 -4.9 -6.91 High Yield Euro FleetBoston Financial Corp. 01/28 6.88 BBB Baa3 A- 120.73 4.42 0.01 -0.05 2.25
ChinaPcIns 37.50 36.80 0.70 1.90 2.80 8.1 9.65 Kroger 21.74 21.10 0.64 3.03 -1.12 -4.9 -8.19 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - Nicor Gas Company 02/28 6.58 A Aa3 AA- 117.58 4.51 0.01 -0.03 2.34
CNOOC 9.36 9.11 0.25 2.74 0.65 7.5 8.58 MitsubishiEle 1624.00 1635.00 -11.00 -0.67 -81.50 -4.8 -4.13 NationsBank Corp. 03/28 6.80 BBB Baa3 A- 121.56 4.29 0.01 -0.07 2.12
RioTinto 3661.00 3645.50 15.50 0.43 231.50 6.8 5.35 MitUFJFin 664.30 660.00 4.30 0.65 -28.80 -4.2 -5.83 Emerging US$ GTE Corporation 04/28 6.94 BBB+ Baa2 A- 124.96 4.07 0.01 -0.08 1.90
PngAnBnk 11.11 10.93 0.18 1.65 0.69 6.6 1.46 GenMills 55.02 55.68 -0.66 -1.19 -2.12 -3.7 -0.18 Mexico 09/16 11.40 BBB+ A3 BBB+ 106.80 1.49 0.03 0.01 0.44 United Utilities PLC 08/28 6.88 BBB+ Baa1 A- 122.64 4.31 0.01 -0.22 2.14
ChinaLife 25.00 24.00 1.00 4.17 1.55 6.6 -1.38 Nppn Stl 2584.00 2555.00 29.00 1.14 -94.00 -3.5 -2.27 Peru 03/19 7.13 BBB+ A3 BBB+ 109.10 1.43 -0.01 -0.05 0.09
Peru 03/19 7.13 BBB+ A3 BBB+ 114.01 2.60 0.00 0.20 0.84 Euro
Sberbank 180.51 179.80 0.71 0.39 11.01 6.5 12.66 MondelezInt 41.48 41.88 -0.40 -0.96 -1.46 -3.4 -6.24 AT&T Inc. 12/29 2.60 BBB+ Baa1 A- 103.63 2.27 0.01 0.00 -
AtlasCpcoB 284.20 277.30 6.90 2.49 17.20 6.4 5.34 Woolworths 26.08 26.02 0.06 0.23 -0.89 -3.3 -0.65 Brazil 01/20 12.75 BB Ba2 BB 123.25 2.60 -0.01 -0.93 1.26
Brazil 01/22 12.50 BB Ba2 BB 112.50 8.96 0.00 0.24 7.20 AT&T Inc. 12/29 2.60 BBB+ Baa1 A- 103.52 2.26 0.01 0.02 -
In&CmBkCh 5.96 5.76 0.20 3.47 0.36 6.4 10.58 EDF 9.10 9.12 -0.03 -0.27 -0.31 -3.3 5.42 Citigroup Inc. 02/30 4.25 BBB Baa3 A- 117.17 2.29 0.01 -0.04 -
New Ch Life Ins 53.35 51.55 1.80 3.49 3.15 6.3 5.33 Ericsson 47.50 47.81 -0.31 -0.65 -1.60 -3.3 -9.70 Poland 03/22 5.00 BBB+ A2 A- 108.50 2.99 0.00 -0.11 1.23
Turkey 03/23 3.25 - Ba1 BB+ 84.81 6.55 0.00 0.03 4.79 HBOS plc 03/30 4.50 BBB- Baa2 A- 117.74 2.39 0.01 -0.11 -
Vale 33.52 33.88 -0.36 -1.06 1.97 6.2 9.57 MitsubEst 1886.50 1897.00 -10.50 -0.55 -60.00 -3.1 -6.19
Colombia 03/23 2.63 BBB Baa2 BBB 98.00 3.04 0.01 -0.06 1.28 Yen
PingAnIns 62.80 62.80 0.00 0.00 3.45 5.8 8.65 Stryker 139.88 138.77 1.11 0.80 -4.41 -3.1 -4.23
Russia 05/26 4.75 - - BBB- 105.43 4.05 0.01 -0.12 1.88 Enagas Transportes, S.A.U. 09/39 3.23 A- Baa2 A- 106.57 2.85 0.00 0.01 -
Keyence 56020.00 56850.00 -830.00 -1.46 2830.00 5.3 9.07 Sony 4199.00 4168.00 31.00 0.74 -129.00 -3.0 -6.38
BOC Hold 39.70 38.45 1.25 3.25 2.00 5.3 5.17 CVS 75.35 75.39 -0.04 -0.05 -2.31 -3.0 -4.50 Turkey 03/27 6.00 - Ba1 BB+ 108.35 4.96 0.01 -0.14 2.79 Sterling
ChConstBk 6.97 6.74 0.23 3.41 0.35 5.3 8.74 Costco 152.45 151.33 1.12 0.74 -4.63 -2.9 -0.47 Emerging Euro Electricite de France (EDF) 05/28 6.25 A- A3 A- 134.87 2.51 0.02 -0.15 0.34
China Vanke 22.95 23.05 -0.10 -0.43 1.15 5.3 1.32 Gree Elec Apl 0.07 0.07 0.00 -2.94 0.00 -2.9 -57.42 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 HSBC Holdings plc 08/28 2.63 A A1 AA- 103.25 2.34 0.03 -0.08 0.17
IndstrlBk 17.96 17.44 0.52 2.98 0.84 4.9 -0.22 Fanuc 21085.00 21030.00 55.00 0.26 -625.00 -2.9 -6.25 Mexico 02/20 5.50 BBB+ A3 BBB+ 112.25 0.50 -0.01 -0.05 -0.84 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poors, M -
Mexico 04/23 2.75 BBB+ A3 BBB+ 108.25 1.23 0.00 -0.10 -0.53 Moodys, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BB+ Baa2 BBB- 111.05 1.84 0.01 -0.15 -0.33
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.
INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Aug 25 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Aug 25 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 1.00-1.25 15-06-2017 1.00 1.00-1.25 0.25-0.50 Index change change change 1 month 1 year VIX 11.28 -0.95 12.23 23.01 8.84 Aug 25 Price Yield Day Week Month Year High Low m
US Prime 4.25 15-06-2017 3.75 4.25 3.50 Markit IBoxx VXD 11.19 -0.40 11.59 23.23 3.59 Tr 1pc '17 100.02 0.14 133.33 133.33 100.00 55.56 105.16 100.00 32.03
US Discount 0.75 15-06-2017 0.75 1.75 1.00 ABF Pan-Asia unhedged 184.66 0.05 -0.03 6.61 0.07 -1.76 VXN 15.52 -0.45 15.97 23.35 9.75 Tr 5pc '18 102.57 0.10 -9.09 -28.57 -56.52 -9.09 107.45 102.57 35.24
Euro Repo 0.00 16-03-2016 0.05 0.00 0.00 Corporates( ) 345.64 0.07 1.13 4.70 1.44 0.59 VDAX - - - - - Tr 4.5pc '19 106.62 0.15 -11.76 -25.00 -31.82 114.29 111.19 106.62 36.35
UK Repo 0.25 04-08-2016 0.25 0.25 0.25 Corporates($) 275.99 -0.13 0.28 4.84 0.28 4.84 CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.75pc '20 111.62 0.14 -12.50 -22.22 -30.00 55.56 116.42 111.59 33.31
Japan O'night Call 0.00-0.00 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates() 225.57 -0.01 0.54 1.94 0.74 0.59 Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 1.5pc '21 104.17 0.27 -3.57 -10.00 -20.59 22.73 105.71 103.47 32.46
Switzerland Libor Target 0.00-0.25 15-01-2015 0.00-0.75 -1.25--0.25 -1.25--0.25 Eurozone Sov() 232.14 -0.03 0.60 -0.23 0.79 -3.15 Tr 4pc '22 116.45 0.33 -5.71 -10.81 -23.26 37.50 120.79 115.73 37.95
Gilts( ) 324.96 0.09 1.83 2.48 2.07 -3.52 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 131.19 0.73 -1.35 -3.95 -15.12 37.74 137.51 129.09 35.08
INTEREST RATES: MARKET Global Inflation-Lkd 261.02 0.05 0.63 5.61 0.92 -0.71 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 101.42 1.10 0.00 -0.90 -12.00 42.86 137.98 98.71 13.04
Over Change One Three Six One Markit iBoxx Non-Gilts 340.18 0.06 1.17 4.23 1.43 0.29 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 137.50 1.43 0.00 -0.69 -8.92 43.00 147.95 131.34 35.44
Aug 25 (Libor: Aug 24) night Day Week Month month month month year Overall ($) 239.29 -0.12 0.57 3.62 0.57 3.62 Australia 10/19 2.75 101.91 1.84 0.00 0.03 0.02 0.41 Tr 4.25pc '36 142.34 1.60 -0.62 -0.62 -8.05 40.35 154.94 134.98 29.76
US$ Libor 1.17778 0.000 -0.001 -0.001 1.23389 1.31722 1.45389 1.72344 Overall( ) 326.39 0.08 1.63 2.99 1.88 -2.42 11/28 2.75 100.23 2.73 0.00 0.03 -0.03 0.00 Tr 4.5pc '42 156.99 1.71 -0.58 -1.16 -7.57 37.90 173.69 147.41 26.64
Euro Libor -0.42900 0.000 0.000 -0.001 -0.40000 -0.37257 -0.30700 -0.20471 Overall() 228.59 -0.02 0.60 0.25 0.75 -2.13 Austria 10/19 0.25 101.79 -0.58 0.00 0.00 0.00 0.00 Tr 3.75pc '52 156.06 1.64 -0.61 -1.20 -7.87 38.98 176.37 143.66 23.59
Libor 0.22250 0.000 -0.001 0.000 0.25131 0.27994 0.40575 0.59881 Treasuries ($) 225.51 -0.13 0.76 2.92 0.76 2.92 04/27 0.50 99.18 0.60 0.02 0.01 -0.12 0.00 Tr 4pc '60 175.09 1.57 -0.63 -1.26 -7.65 41.44 201.19 160.01 23.21
Swiss Fr Libor -0.001 -0.78500 -0.72640 -0.65340 -0.50360 FTSE Belgium 09/19 3.00 107.49 -0.57 0.00 0.00 0.00 0.00 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per 100 nominal of stock.
Yen Libor -0.003 -0.04121 -0.02850 -0.00721 0.11100 Sterling Corporate () 118.22 -0.01 - - 0.82 -4.11 06/27 0.80 100.99 0.70 0.00 -0.03 -0.12 0.00
Euro Euribor
Sterling CDs
0.000
0.000
-0.37100
0.23000
-0.32900
0.27000
-0.27200
0.41500
-0.15900 Euro Corporate () 107.40 -0.09 - - 0.56 -3.29 Canada 08/19 0.75 99.03 1.27 -0.02 0.01 -0.08 0.00 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts () 773.91 2.97 - - -4.98 -11.29 06/28 2.00 100.62 1.94 -0.02 -0.01 0.00 0.00
US$ CDs 0.000 1.19000 1.27000 1.39000 Eurozone Govt Bond 111.94 -0.12 - - 0.50 -5.80 Denmark 11/20 0.25 102.37 -0.48 0.00 0.00 0.00 0.00 Price Indices Day's Total Return Return
Euro CDs 0.000 -0.43500 -0.39500 -0.32500 11/27 0.50 99.94 0.51 0.00 -0.02 -0.17 0.00 Fixed Coupon Aug 25 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series 1 Up to 5 Years 96.32 0.03 2434.43 0.38 0.14 0.25
Short 7 Days One Three Six One Index change change change high low Finland 09/19 1.75 100.36 1.58 0.01 0.03 -0.02 0.44
07/28 2.75 122.37 0.63 0.02 0.00 -0.14 0.00 2 5 - 10 Years 186.75 0.06 3523.18 1.33 -0.43 0.76
Aug 25 term notice month month month year Markit iTraxx 3 10 - 15 Years 218.47 0.07 4282.91 2.07 -2.12 1.26
Euro -0.50 -0.35 -0.50 -0.35 -0.51 -0.36 -0.47 -0.32 -0.40 -0.25 -0.38 -0.13 Crossover 5Y 369.26 -12.07 35.21 40.34 390.04 288.69 France 11/20 0.25 102.22 -0.43 0.00 0.00 0.00 0.00
4 5 - 15 Years 194.22 0.06 3709.82 1.65 -1.04 1.03
Sterling 0.18 0.28 0.18 0.28 0.22 0.32 0.34 0.49 0.45 0.60 Europe 5Y 85.00 -1.98 7.21 7.01 90.43 67.59 10/22 2.25 112.27 -0.12 0.00 0.00 0.00 0.00
5 Over 15 Years 342.91 0.23 5209.48 3.53 -7.08 1.64
Swiss Franc - - - - - - - - - - - - Japan 5Y 70.05 -2.51 2.21 -0.87 93.03 64.22 05/27 1.00 102.87 0.69 0.00 -0.02 -0.11 0.00
7 All stocks 183.66 0.12 3607.51 1.97 -3.33 1.43
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 111.86 -3.89 10.86 12.50 121.66 80.36 Germany 10/19 0.25 102.08 -0.72 0.00 0.00 0.00 0.00
US Dollar 1.20 1.30 1.13 1.23 1.21 1.31 1.25 1.35 1.46 1.56 1.68 1.78 08/23 2.00 113.25 -0.21 0.00 0.00 0.00 0.00 Day's Month Year's Total Return Return
Markit CDX 08/27 0.50 101.18 0.38 0.00 -0.04 -0.16 0.00
Japanese Yen -0.15 0.05 -0.20 0.00 -0.25 0.05 -0.20 0.10 -0.15 0.15 -0.10 0.20 Index Linked Aug 25 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 198.09 -3.26 -11.46 -11.68 218.09 197.56 08/46 2.50 133.40 1.14 0.01 -0.02 -0.18 0.69
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 1 Up to 5 Years 314.92 0.03 0.29 0.10 2473.22 0.29 1.55
Nth Amer High Yld 5Y 328.29 0.17 -17.13 -10.17 353.95 327.35 Greece 04/19 4.75 102.66 3.05 0.02 -0.12 1.14 -5.36
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 2 Over 5 years 720.96 0.52 3.98 -0.63 5372.52 3.98 -0.11
Nth Amer Inv Grade 5Y 63.53 0.28 -4.09 -3.35 69.24 62.53 02/27 3.00 87.90 5.49 -0.01 -0.10 0.31 -2.53
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. 3 5-15 years 483.67 0.14 1.76 0.50 3747.27 1.76 1.55
Ireland 10/19 5.90 113.70 -0.46 0.00 0.00 0.00 0.00 4 Over 15 years 926.24 0.65 4.73 -1.02 6751.33 4.73 -0.67
05/26 1.00 102.27 0.73 0.01 -0.01 -0.10 0.31 5 All stocks 651.71 0.48 3.69 -0.56 4928.26 3.69 0.03
Italy 10/19 0.05 100.16 -0.03 0.00 0.00 0.00 0.00
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 11/21 0.35 99.20 0.55 -0.01 0.05 -0.04 0.00 Yield Indices Aug 25 Aug 24 Yr ago Aug 25 Aug 24 Yr ago
06/27 2.20 100.98 2.10 -0.01 0.07 -0.03 0.00 5 Yrs 0.38 0.39 0.16 20 Yrs 1.73 1.74 1.25
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
03/47 2.70 90.06 3.25 -0.01 0.08 -0.02 1.10 10 Yrs 1.09 1.09 0.69 45 Yrs 1.56 1.57 1.12
Crude Oil Sep 47.80 0.19 Corn Sep 338.50 -3.75 Aug 24 Aug 24 Prev return stock Market stocks
Japan 08/19 0.10 100.51 -0.16 0.00 0.00 0.00 0.00 15 Yrs 1.55 1.56 1.08
Brent Crude Oil 52.30 0.18 Wheat Sep 409.50 0.75 Can 4.25%' 21 117.00 0.243 0.245 0.39 5.18 72495.60 7
06/22 0.10 101.13 -0.13 0.00 0.00 0.00 0.00
RBOB Gasoline Aug 1.68 0.00 Soybeans Sep 939.75 -1.50 Fr 2.25%' 20 111.23 -1.491 -1.462 0.16 20.31 221212.29 15
06/27 0.10 100.85 0.01 -0.01 -0.03 -0.06 0.00 inflation 0% inflation 5%
Heating Oil Sep 1.61 0.02 Soybeans Meal Sep 296.90 -0.70 Swe 0.25%' 22 114.03 -1.793 -1.789 0.89 29.26 238832.67 8
06/47 0.80 99.20 0.83 0.01 -0.02 -0.04 0.00 Real yield Aug 25 Dur yrs Previous Yr ago Aug 25 Dur yrs Previous Yr ago
Natural Gas Aug 2.90 -0.05 Cocoa (ICE Liffe)X Sep 1512.00 23.00 UK 2.5%' 20 370.12 -2.720 -2.717 0.33 6.58 645477.76 27
Netherlands 01/20 0.25 102.14 -0.64 0.00 0.00 0.00 0.00 Up to 5 yrs -2.32 1.72 -2.29 -2.19 -3.18 1.72 -3.18 -2.75
Ethanol - - Cocoa (ICE US) Sep 1937.00 0.00 UK 2.5%' 24 370.45 -2.155 -2.153 1.32 6.82 645477.76 27
07/27 0.75 102.25 0.52 0.01 -0.03 -0.14 0.00 Over 5 yrs -1.69 24.46 -1.66 -1.77 -1.71 24.55 -1.69 -1.80
Uranium Sep 18.10 0.00 Coffee(Robusta)X Sep 2143.00 26.00 UK 2%' 35 271.89 -1.722 -1.713 2.84 9.08 645477.76 27
Carbon Emissions - - Coffee (Arabica) Sep 129.95 3.55 New Zealand 04/20 3.00 102.45 2.04 -0.01 0.03 -0.08 0.22 5-15 yrs -1.96 8.25 -1.94 -1.96 -2.09 8.26 -2.07 -2.09
US 0.625%' 21 102.75 -0.082 -0.110 0.07 35.84 1230519.82 38
White SugarX 384.30 1.90 04/27 4.50 113.39 2.90 -0.01 0.06 -0.09 0.61 Over 15 yrs -1.66 29.57 -1.64 -1.75 -1.68 29.61 -1.66 -1.77
Diesel - - US 3.625%' 28 131.80 0.545 -0.110 0.62 16.78 1230519.82 38
Sugar 11 14.04 0.03 Norway 05/19 4.50 106.74 0.57 -0.02 -0.02 -0.04 0.01 All stocks -1.69 22.74 -1.67 -1.77 -1.72 22.86 -1.70 -1.80
Unleaded (95R) - - Representative stocks from each major market Source: Merill Lynch Global Bond Indices Local currencies. Total market
Base Metals ( LME 3 Months) Cotton Oct 68.88 -1.24 02/27 1.75 101.74 1.55 0.00 -0.02 -0.10 0.00 See FTSE website for more details www.ftse.com/products/indices/gilts
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium 2067.50 -30.50 Orange Juice Sep 135.35 -2.90 Portugal 06/20 4.80 113.00 0.14 -0.04 0.02 -0.10 -1.42 2017 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Aluminium Alloy 1800.00 175.00 Palm Oil - - 04/27 4.13 110.63 2.84 0.00 0.10 -0.03 0.00 Gilt Closing Prices information contained herein is proprietary to
Copper 6699.00 3.00 Live Cattle Oct 106.80 -0.08 BONDS: TEN YEAR GOVT SPREADS Spain 01/19 0.25 100.85 -0.35 0.00 0.00 0.00 0.00 Tradeweb; may not be copied or re-distributed; is not warranted to be
Lead 2326.00 -33.00 Feeder Cattle Sep 142.85 0.80 10/27 1.45 98.61 1.60 0.00 0.06 0.00 0.00 accurate, complete or timely; and does not constitute investment advice.
Nickel 11445.00 -300.00 Lean Hogs Oct 62.93 -1.00 Spread Spread Spread Spread Sweden 07/19 1.50 100.01 1.50 0.01 0.02 -0.07 0.00 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Tin 20325.00 -150.00 Bid vs vs Bid vs vs 11/26 1.00 103.52 0.61 0.01 -0.02 -0.10 0.50
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 07/20 2.25 108.65 -0.74 0.00 0.00 0.00 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Zinc 3067.50 -44.00
Precious Metals (PM London Fix) Aug 24 Month Year 06/27 3.25 133.55 -0.13 0.00 0.00 0.00 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Australia 2.73 2.35 0.56 Italy 2.10 1.72 -0.07
Gold 1285.30 -3.70 S&P GSCI Spt 379.06 1.12 - United Kingdom 07/19 1.75 102.98 0.18 -0.01 -0.06 -0.08 0.04 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Austria 0.60 0.22 -1.57 Japan 0.01 -0.37 -2.16
Silver (US cents) 1702.00 9.00 DJ UBS Spot 83.29 0.74 - Belgium 0.70 0.32 -1.47 Netherlands 0.52 0.14 -1.65 07/23 0.75 100.78 0.61 0.00 0.00 0.00 0.00 loss arising from the reliance on or use of the listed information. For all queries e-mail
Platinum 977.00 -2.00 R/J CRB TR 179.93 1.00 -3.61 Canada 1.94 1.56 -0.23 Norway 1.55 1.17 -0.62 07/27 1.25 101.37 1.10 0.00 -0.03 -0.17 0.00 ft.reader.enquiries@morningstar.com
Palladium 940.00 5.00 M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Denmark 0.51 0.13 -1.66 Portugal 2.84 2.46 0.67 07/47 1.50 95.15 1.71 -0.01 -0.05 -0.15 0.00
Bulk Commodities UBS Bberg CMCI TR 13.97 2.30 - Finland 0.63 0.25 -1.54 Spain 1.60 1.22 -0.57 United States 07/19 1.38 100.07 1.34 0.00 0.02 -0.02 0.00 Data provided by Morningstar | www.morningstar.co.uk
Iron Ore (Platts) 76.85 0.40 LEBA EUA Carbon 5.04 0.00 -13.55 France 0.69 0.32 -1.48 Switzerland -0.13 -0.50 -2.29 07/22 1.88 100.54 1.76 -0.02 0.00 -0.08 0.00
Iron Ore (The Steel Index) 76.50 0.00 LEBA CER Carbon 0.20 0.00 -50.00 Germany 0.38 0.00 -1.79 United Kingdom 1.10 0.72 -1.07 08/27 2.25 100.72 2.17 -0.03 -0.03 0.00 0.00
GlobalCOAL RB Index 87.00 0.00 LEBA UK Power 635.00 -64.02 -73.81 Greece 5.49 5.11 3.32 United States 2.17 1.79 0.00 08/47 2.75 99.95 2.75 -0.02 -0.03 0.00 0.00
Baltic Dry Index 1209.00 9.00 Ireland 0.73 0.35 -1.44 Data provided by SIX Financial Information
Sources: NYMEX, ECX/ICE, CBOT, X ICE Liffe, ICE Futures, CME, LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information
unless otherwise stated.
20 Monday 28 August 2017
The agriculture
chief sowing because the opposition from consumers
Swiss expertise
and environmental groups is so intense.
Were not pushing GMOs. It is not our
priority to spend money and effort to try
to convince European consumers to
encourage their politicians to start
in China
accepting GMOs, Mr Fyrwald adds.
Were better off providing GM technol-
ogy in countries that want it.
In Europe Mr Fyrwald has another
priority: A bigger challenge than GMOs
that European farmers face is if they
B
ees brought me to Basel. Erik ChemChina, which is part of a current The proposed Bayer-Monsanto and is to improve the environment in China, tively at the evidence, will find that
Fyrwald, chief executive of wave of global agribusiness mergers. DuPont-Dow combinations are the lead- where farmers apply excessive amounts neonicotinoids are an effective use of
Syngenta, the Swiss agricul- Mr Fyrwald joined Syngenta in 2016, ers in seeds, where the commercial of toxic old pesticides and use water modern technology for sustainable agri-
tural group, wanted to chal- after many years in senior management value lies mainly in improvement inefficiently. Technology from Syngenta culture, including bee health.
lenge recent negative cover- with US-based chemical companies, through GM. To compete more effec- will give them access to more modern He marshals several arguments. One
age of neonicotinoid pesticides in the most recently as chief executive of Uni- tively, Syngenta is planning to acquire pesticides and crop protection products, is simply that the recent neonic field
media, including the Financial Times. var, a global chemicals distributor. The seeds companies, Mr Fyrwald says: better seeds, better genetics and in com- studies, taken as a whole, do not show a
These neonics, manufactured by his $44bn Chinese deal had been signed but [The deals] havent been made yet but ing years biotechnology. In China, harmful impact. And insists that we
company and others, protect crops from not yet received regulatory approval. were in discussions. where decades of rampant industriali- should look at neonics as part of an inte-
harmful insects but studies cited by Now it is in the final straight, with sation has resulted in polluted soils and grated crop protection system. A study
environmental campaigners show that ChemChina holding more than 98 per waterways, public pressure to clean up Week ahead commissioned by Syngenta and Bayer
they also kill bees and other pollinators. cent of Syngenta shares and completion Andrew Liveris, chief executive of Dow the countryside is growing. The FTs take found that the EUS moratorium on
So Mr Fyrwald invited me to his cor- expected before the end of 2017. Second Chemical, describes Erik Fyrwald as an China has been very slow to approve on what to look neonics, is costing growers of oil seed
opinion out for in the
porate headquarters, a sober sandstone Ive been doing business in China industry veteran with a vast array of GM products for many years, he con- coming week rape (who are most dependent on these
building opposite Basel train station, to since 1990, says the 58-year-old Ameri- experiences from private equity to a cedes, but there are signs of change. now runs online pesticides) 900m a year through
argue the case for neonics. We feel very can of Norwegian ancestry, who started public company and now a state-owned Recently the Chinese government only. For reduced crop quantity and quality.
strongly about bee health, he insists. out as a chemical engineer. I went for The enterprise. approved imports of some GM crop guidance on This is not solely about profit, he says.
Regulatory scrutiny of these chemi- the first time 27 years ago . . . Ive seen competitor In these roles, Mr Fyrwald has applied varieties and Mr Fyrwald expects what is If you take away the best crop protec-
cals has increased recently. The EU the country develop over a long period. his high intellectual and emotional approvals for cultivation in China to fol- happening tion technologies, the newer technolo-
restricted the use of some neonics in The state-owned company is keen to intelligence and proved himself to be low. The prospect for growing geneti- in markets, gies, farmers wont be competitive and
economics,
2013, saying they were harmful to transfer Syngenta technology to China extremely flexible, says Mr Liveris. That cally modified organisms (GMOs) in companies and theyll use a larger volume of pesticide,
Europes honeybee population. to improve farm productivity there. has meant that the Syngenta CEO can Syngentas home continent are bleaker. politics, go to: he says. That is a problem for me living
However, Mr Fyrwald insists: Syngenta will remain an independent adapt his approach and style to suit the In Europe we are unlikely to see GM ft.com/weekahead
in Europe now, as a citizen, as a scientist
Theres plenty of data suggesting that subsidiary, with two ChemChina repre- situation. crops for many years to come, he says, and as a business person.