TUESDAY 21 JULY 2020 WORLD BUSINESS NEWSPAPER MIDDLE EAST

Africa on the brink Scottish dawn Into the cloud

Virus surge threatens to overwhelm Johnson wakes up to danger of split Banks accelerate digital shift with
poorest continent — BIG READ, PAGE 15 from UK — ROBERT SHRIMSLEY, PAGE 17 tech alliances — INSIDE FINANCE, PAGE 6

Mean streets Briefing

Federal police i Chevron to buy Noble Energy for $13bn
The oil industry has seen its first big deal since
defy probe call geopolitical tension and the pandemic sparked the
crude price collapse. It is set to spark consolidation
across the indebted shale sector.— PAGE 6; LEX, PAGE 18
US federal agents disperse about 1,500
Black Lives Matter protesters near a i Iraq flags security threat from economy
court in Portland, Oregon, in the early Finance minister Ali Allawi has warned of “severe
hours of yesterday. security consequences” if the country’s economy is
Homeland Security officials said fede­- not “restructured radically”, as the pandemic and a
ral police — in unmarked cars and wear- weakened oil price wreak havoc.— PAGE 4
ing camouflage — had no intention of
pulling back after Democratic lawmak- i EU recovery talks run into fourth night
ers called for inquiries into their deploy- Negotiations in Brussels on an
ment by the Trump ad­ministration. economic package stretched
Portland has been the centre of pro- into a fourth night as the bloc’s
tests since the killing of George Floyd by leaders eyed a compromise
Minneapolis police in May. Weeks of figure of €390bn in grants for
demonstrations over police brutality stricken countries.— PAGE 2
and systemic racism intensified as fed-
eral officers used tear gas to disperse i Britain suspends Hong Kong extradition
crowds and take some protesters into Foreign secretary Dominic Raab has announced the
custody without explanation. freezing of the treaty in the wake of China’s security
‘Secret police force’ page 3 law. But premier Boris Johnson said the UK would
Noah Berger/AP
not “abandon our policy of engagement”.— PAGE 4

i EU diplomats pressed over China leak

Alibaba’s Ant payments group set

European parliamentarians have called on the bloc
to reveal the result of an inquiry into leaked emails
that suggested it diluted a report on alleged Chinese
disinformation after Beijing pressure.— PAGE 2

i Walmart revives push to sell UK stake

for one of Asia’s biggest flotations The world’s biggest retailer has rekindled moves to
sell a slice of supermarket chain Asda, after putting
the process on hold in April. It said it was talking to
“a small number of third-party investors”.— PAGE 6

i Putin makes ‘opposition’ figure governor

3 Dual listing in Shanghai and Hong Kong 3 Company’s implied value exceeds $200bn
Ryan McMorrow — Beijing
Henny Sender — Hong Kong
Mercedes Ruehl — Singapore
China’s Ant Group, the country’s domi-
nant mobile payments company owned
by Alibaba and most recently valued
at $150bn, has announced its long-
anticipated initial public offering with a
dual listing in Shanghai and Hong Kong.
Floating even a small portion of
shares in Ant, which was founded by
Chinese billionaire Jack Ma and has
about 900m annual users, would be one
of the biggest IPOs of an Asian company.
A senior Ant executive who did not
wish to be named said the company had
waited to announce its listing in order to
“secure the full support of Beijing”. Ant
has previously run into regulatory con-
cerns over its outsized role in the fin­-
The Russian president has chosen a politician from
the tightly controlled “systemic opposition” to run
the far eastern region of Khabarovsk, hit by protests
ancial sector and about its profitability. year-old Star board, an exchange 50 per cent of its revenue in the year to after the arrest of its popular governor.— PAGE 2
The company did not provide a time- focused on technology that China hopes March.
line for its listing nor say how much will rival Nasdaq. Its Alipay app has slowly turned into a
money it wanted to raise. One person Eric Jing, Ant’s executive chairman, “superapp”, or a hub for its growing eco- Datawatch
close to the listing plans suggested the said: “Becoming a public company will system of services, from restaurant
process was in its early stages. enhance transparency to our stakehold- reviews to online shopping on Alibaba’s
The company was last valued at ers, including customers, business part- A senior Ant Taobao marketplace. Dream on A key aspect of
$150bn two years ago after raising about ners, employees, shareholders and executive says In 2011, Mr Ma transferred Alipay — % of US children earning more than the American
$14bn from investors including ­regulators.” the company as Ant was then called — out of Alibaba their parents, by year of birth Dream is that
Temasek, General Atlantic, Warburg Ant has recently changed its name waited to into an entity he controlled, triggering a 100 children will have
Average rate of absolute higher standards
Pincus and Baillie Gifford. from Ant Financial to Ant Group. It has announce its dispute with Yahoo and SoftBank, two 90
income mobility of living than their
In recent transactions in secondary repeatedly stressed it is a tech company, listing in order of Alibaba’s largest shareholders at the 80 parents. But only
markets, small blocks of shares have rather than a financial one. to ‘secure the time. He said it was to comply with Chi- 70 half of children
changed hands at levels implying a valu- However, it retains a hefty footprint in full support nese regulations. 60 born in the 1980s
ation of more than $200bn, according to China’s financial system, with more of Beijing’ Mr Ma maintains his controlling stake 50 earn more than
several people familiar with the matter. than 600m users depositing funds into in Ant but last year Alibaba swapped its 50% threshold their parents, as
40
PayPal, the US fintech company, is val- its Yu’E Bao money market fund. Pro- right to 37.5 per cent of Ant’s pre-tax 1940 1950 1960 1970 1980 opposed to 90 per
ued at $204bn. viding digital financial services such as profits for a 33 per cent equity stake Sources: Harvard University Opportunity
cent of those
Ant said it would pursue a dual listing wealth management, online lending after gaining approval from regulators. Insights; Knoema born in the 1940s
in Hong Kong and on Shanghai’s one- and insurance contributed more than Markets Insight page 11

Britain secures 90m doses of potential

vaccines as breakthrough hopes rise
Anna Gross and buying 60m doses of a vaccine from Val- tolerated by all patients. Soumya Swa-
Clive Cookson — London
Joe Miller — Frankfurt neva of France, which is less advanced minathan, World Health Organization
in development and works in a different chief scientist, has described the drug as
The UK has moved to bolster its coro- way to the BioNTech drug. It will be the most advanced vaccine candidate.
navirus defences by striking deals to manufactured at Valneva’s Scottish The UK’s advance purchase deals give
Ambani declares mission secure 90m doses of potential vaccines plant in Livingston. it a stake in three leading Covid-19 vac-
accomplished on debt pile from companies in Germany and The financial terms of the two deals cine technologies. But all depend on the
France, on the day AstraZeneca and were not disclosed. outcome of clinical trials to demon-
Analysis i PAGE 9 Oxford university said another inocu- According to the World Health Organ- strate that they are safe and effective.
lation was showing promise. ization, 23 coronavirus vaccines are Matt Hancock, UK health secretary,
being evaluated in clinical trials around told MPs that Britain was putting more
Austria €3.90 Malta €3.70
Bahrain Din1.8 Morocco Dh45 The deals underline the urgency of glo- the world. More than 100 others are in money into the search for a vaccine than
Belgium
Bulgaria
€3.90
Lev7.50
Netherlands
Norway
€3.90
NKr40 bal efforts to acquire Covid-19 vaccines earlier stages of development. any other nation.
Croatia Kn29 Oman OR1.60 amid fears of a devastating second wave The deals with BioNTech and Valneva He said: “We’re working to ensure
Cyprus €3.70 Pakistan Rupee350
Czech Rep Kc105 Poland Zl 20 in some countries while others grapple follow London’s agreement to buy 100m that whoever’s vaccine is approved first,
Denmark
Egypt
DKr38
E£45
Portugal
Qatar
€3.70
QR15
with the virus’s first onslaught. doses of the Oxford university vaccine the whole world can have access. We
Finland €4.70 Romania Ron17 The UK became the first country to being developed with AstraZeneca. reject narrow nationalism. We support a
France €3.90 Russia €5.00
Germany €3.90 Serbia NewD420 secure supplies of a vaccine developed The Oxford drug has shown promise global effort.”
Gibraltar
Greece
£2.90
€3.70
Slovak Rep
Slovenia
€3.70
€3.70
by Germany’s BioNTech with the US in the first phase of its clinical trials. An Additional reporting by George Parker
Hungary Ft1200 Spain €3.70 pharma giant Pfizer, signing an agree- eagerly awaited study, published yester- Vaccine race page 9
India Rup220 Sweden SKr39
Italy €3.70 Switzerland SFr6.20 ment for 30m doses. day in The Lancet, showed it generated Editorial Comment page 16
Latvia
Lithuania
€6.99
€4.30
Tunisia
Turkey
Din7.50
TL19
At the same time, Britain pledged to “robust immune responses” and was Lex page 18
Luxembourg €3.90 UAE Dh20.00
North Macedonia Den220

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2 ★ FINANCIAL TIMES Tuesday 21 July 2020

INTERNATIONAL

EU marathon Beijing tension

Brussels
talks close in pressed over
leak inquiry
on recovery into alleged
self-censoring
fund agreement Michael Peel — Brussels

The EU faces pressure to reveal the

results of a leak inquiry it launched
Compromise in sight as €390bn in grants over internal emails suggesting it toned
down a report on alleged Chinese disin-
set to be released if deal on tie-ins agreed formation after pressure from Beijing.
European parliamentarians are con-
cerned the bloc’s diplomatic service has
Mehreen Khan and Sam Fleming reached. “These are incredibly tough focused more on how the documents
Brussels
negotiations. They will now continue. became public than on the substantive
Marathon talks over Europe’s financial But an extraordinary situation requires question of how it dealt with China’s
response to the pandemic stretched into extraordinary efforts. So far we’re done complaints.
a fourth night, as EU leaders battled justice to that. And I hope we can also The affair has crystallised fears
over the details of the bloc’s multibil- cover the remaining distance, although among some legislators, member state
lion-euro recovery fund. it won’t be easy,” she said. diplomats and analysts that the EU is
The leaders were by yesterday hom- Leaders have been locked in talks reluctant to fund its anti-disinforma-
ing in on a figure of €390bn in grants for since Friday as they try to forge a com- tion efforts properly or to push back
stricken countries following a fraught mon EU response to the worst economic strongly against Beijing.
weekend of discussions in Brussels. This crisis since the bloc’s inception. Not only The perceived hesitancy contrasts
was below the figure proposed before are they attempting to seal a deal with the economic countermeasures
the summit began but higher than ear- authorising the European Commission being drafted over China’s alleged fail-
lier demands from an alliance of “fru- to borrow unprecedented sums to seed ure to reciprocate the market access the
gal” nations such as the Netherlands. the recovery fund, they are also EU allows Chinese companies.
Diplomats said the grants figure, for- attempting to settle the EU’s forthcom- “I am perplexed and unhappy they
mally proposed by European Council ing €1tn seven-year budget. have not said anything about the leak
president Charles Michel, represented a Emmanuel Macron, France’s presi- inquiry,” Markéta Gregorová, a Czech
breakthrough in the talks that have dent, said there was a “spirit of compro- MEP who sits on the European parlia-
been beset by divisions. Sebastian Kurz, mise” in the negotiations but warned ment’s foreign affairs committee, said.
Austria’s chancellor who was one of the that the agreement had not been settled “The focus on the leak rather than the
advocates for a smaller fund, said he was yet. “I remain extremely cautious,” he Chinese pressure is also strange.”
“very happy” with the result after a day told reporters, pointing out that impor- Ms Gregorová called for the diplo-
of “tough negotiations”. tant elements such as respect for cli- matic service to divulge the outcome of
But there were still complex discus- mate targets and the rule of law were yet the leak inquiry launched in May and
sions ahead yesterday evening, on top- to be discussed. also what measures it had taken to
ics including climate change targets, a He added that a failure to agree would improve its “resilience against self-cen-
governance mechanism for disburse- risk a revival of the arguments at sorship and undue interference”.
ment of funds, and how to link pay- “harder moments” and at a higher cost. The EU’s diplomatic wing — known as
ments to adherence to rule of law princi- The main sticking point over the Tough evening, including the new €390bn fig- ‘I hope we the rule of law as long as the move has the European External Action Service —
ples. weekend had been the level of non-re- negotiations: ure, alongside proposals for budget the support of a qualified majority of has recently completed the final report
Governments were anticipating par- payable grants that the recovery fund German rebates for the frugal states and Ger- can also governments. on the leak, according to people familiar
ticularly difficult talks on whether to tie would be permitted to give hard- chancellor many. cover the One western diplomat said the frugal with the matter. An EU official said the
aid distribution to respect for the rule of pressed member states. Angela Merkel Dutch prime minister Mark Rutte countries would remain firm in the face inquiry had “identified clear evidence of
law in the face of resistance from Poland But yesterday morning leaders began arrives at the told journalists yesterday that he was remaining of threats from the Hungarian leader. unauthorised disclosure of informa-
and Hungary. to make progress as the frugal position EU summit “ready to do a deal”. distance, “We will resist and let’s see if Orban tion”, but had “not established evidence
The euro yesterday hit a four-month shifted and €390bn emerged as a satis- in Brussels By mid-afternoon, leaders began to really wants to block a deal,” said the of a leak directly by EEAS staff to a jour-
high against the US dollar as EU leaders factory compromise. yesterday grapple with the sensitive issue of how although it diplomat. nalist”. The EEAS insisted the inquiry
appeared to edge closer to a deal, Earlier in the weekend France, Ger- Francois Lenoir/AFP/Getty to connect the disbursement of funds won’t be Other issues to be resolved included a was not yet closed.
strengthening by 0.3 per cent to $1.146, many, Spain and Italy had sought to with respect for rule of law after Hun- move to tie aid to respect for the EU’s The affair burst into public after
its highest level against the dollar since keep the grants ringfenced at no less garian premier Viktor Orban threat- easy’ goal of hitting climate neutrality by internal diplomatic service emails, first
early March. than €400bn — a figure that was itself ened to veto a compromise that tied dis- 2050. Poland has not formally signed up disclosed by the New York Times,
Entering Brussels’ Europa building shy of the €500bn originally advocated tribution of money to respect to EU fun-
Angela Merkel, to the goal and does not want aid to be revealed a dispute over the editing of an
German leader
yesterday morning, German chancellor by Berlin and Paris in May. damental principles. made conditional on the net-zero target. April EU report that accused China of a
Angela Merkel said the talks overnight Mr Michel was preparing to propose a The current deal says money can be Additional reporting from Michael Peel in “global disinformation campaign” dur-
had created “hope” that a deal could be fresh negotiating blueprint yesterday withheld from member states who flout Brussels and Guy Chazan in Berlin ing the coronavirus pandemic. After a
draft of the document leaked to the
news organisation Politico, China made
at least three formal diplomatic com-
Russia plaints to the EU and warned bilateral
relations would be hit should the bloc

Putin names ‘opposition’ figure as governor of restive region publicly accuse it of spreading coronavi-
rus crisis propaganda.
A version of the report eventually
published made criticisms of China but
was shorn of any reference to the alleged
Max Seddon — Moscow Kremlin-appointed governor in an elec- Khabarovsk, a normally sleepy city of gal his popularity was outstripping Mr for the LDPR’s ageing ultranationalist “global disinformation campaign”.
toral upset in 2018. Demonstrators 600,000 on the Chinese border Putin’s. Khabarovsk gave the LDPR a leader, Vladimir Zhirinovsky. He told In the internal diplomatic service
Vladimir Putin has chosen a politician
chanted slogans calling for Mr Putin’s 8,000km east of Moscow, became the majority in the regional parliament last Mr Putin in a video call yesterday he was emails, Monika Richter, a disinforma-
from Russia’s tightly controlled “sys-
resignation. In a sign of the Kremlin’s jit- unlikely focal point for that anger this year and returned a low turnout for Mr “ready to fly to Khabarovsk immedi- tion analyst, raised concerns that
temic opposition” to run a far eastern
ters over the unexpected protests, offi- month after security services arrested Putin’s constitutional amendments. ately” and asked for additional support changes to the report showed the EU’s
region rocked by a week and a half of
cials let the crowds disperse peacefully Mr Furgal on charges of ordering two Yuri Trutnev, Mr Putin’s special for the region during the pandemic. “apparent willingness to self-censor in
protests following the arrest of its pop-
but claimed people were paid to attend. contract killings and a third attempted envoy for the far east, said last week that Mr Putin’s decision to appoint an response to Beijing’s threats”.
ular governor.
State TV suggested locals were egged on killing in the mid-2000s. “law enforcement would never have LDPR member was “compensation” for The diplomatic service responded by
The appointment of Mikhail Degtyarev, by paid provocateurs working for the US Murky score-settling between busi- arrested a sitting governor unless they Mr Zhirinovsky, a longstanding mem- launching an inquiry into how the
a 39-year-old lawmaker from the government. nessmen was rife in the metals and tim- had 100 per cent ironclad justification” ber of the “systemic opposition” the emails came to be disclosed.
nationalist Liberal Democratic Party of Though Mr Putin won overwhelming ber trade where Mr Furgal, who denies but admitted the Kremlin had “under- Kremlin uses to provide a valve for dis- Ms Richter left the EU diplomatic
Russia, as governor of Khabarovsk came support in a vote on constitutional the charges against him, made his estimated the extent to which people in sent and nationalist sentiment, political service last week of her own accord to
after tens of thousands of people took to amendments earlier this month that money in Khabarovsk before going into Khabarovsk were sick” of the previous scientist Ekaterina Schulmann said. take a job in the private sector. She told
the streets at the weekend for the sec- could potentially extend his rule until politics. But it was the heavy-handed Putin-appointed governor. “We put one guy from your party in jail, the FT she was not the source of the leak
ond Saturday running. 2036, the protests indicate that anger move against him that struck a chord in Mr Degtyarev, a native of Samara in so let’s make another one the governor. and was disillusioned by the EU’s insti-
Protesters braved 30-degree heat and with falling living standards and the the region, which has long chafed the Volga region who ran for mayor of “LDPR is quite a powerful political tutional response to Chinese pressure.
a bomb warning to demand that the Kremlin’s patchy coronavirus response against what locals see as imperious Moscow in 2013, has no previous con- force in Khabarovsk, not because it’s The diplomatic service has always
security services release Sergei Furgal, have sent Mr Putin’s approval ratings to micromanagement of their affairs. nection to Khabarovsk or the far east LDPR, but because it represents what maintained it did not bow to Chinese
the LDPR politician who defeated a their lowest level on record. Kremlin officials had warned Mr Fur- and is best known as a youthful proxy legal opposition is possible.” pressure to soften the report.

Dispute resolution
MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription Mexico’s WTO candidate vows to ease US-China trade tension
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
Jude Webber — Mexico City where the candidates last week pitched hizer several times during the USMCA ent philosophies” in Europe and the US
Trump vs the Valley A Five Star plan? Dear Don...
their programmes to the WTO’s general negotiations, including over Washing- about how it should work. “I think [the
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
Italy’s populists are trying to woo
the poor — BIG READ, PAGE 11
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12
Mexico’s pick to run the World Trade
HMRC warns Lloyd’s of Brussels Insurance market council, kicking off what is meant to be a ton’s desire for steel and aluminium problem] is extremely grave, super seri-
Organization says he can fix its broken
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

consensus-based selection process. quotas and labour inspections. But they ous but quite specific,” he said of the US
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
dispute resolution mechanism within
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

A multilingual Mexican and Lebanese hammered out compromises after set- objections, but this could be addressed
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017

Developing countries have sold record levels of

government debt in the first quarter of this year,
upsetting — LIFE & ARTS

100 days, use it to ease US-China trade

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

3 Confidence in IT plans ‘has collapsed’

3 Fivefold rise in declarations expected
JAMES BLITZ — WHITEHALL EDITOR
Credit Suisse Art of persuasion Mystery deepens
i London tower plans break records
How To Spend It
national, Mr Seade, 73, thinks his CV ting out what both sides could accept. “with good robust engaged discussion,
A survey has revealed that a
adjust its negotiation position with the
record 455 tall buildings are
planned or under construction
in London. Work began on
over disputed painting of Jane Austen
engulfed in
EU, a Whitehall official said. “If running almost one tower a week

tensions and keep Washington from

A computer system acquired to collect our own customs system is proving during 2016.— PAGE 4
duties and clear imports into the UK much harder than we anticipated, that
may not be able to handle the huge ought to have an impact on how we i Tillerson fails to ease Turkey tensions
surge in workload expected once Britain press for certain options in Brussels.” The US secretary of state has failed to reconcile

fresh tax probe

gives him the edge. He has had stints as “You need to respond to what is said negotiation . . . I would hope it can be
leaves the EU, customs authorities have In a letter to Andrew Tyrie, chairman tensions after talks in Ankara with President Recep
admitted to MPs.
HM Revenue & Customs told a parlia-
of the Commons treasury select com-
mittee, HMRC said the timetable for
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen.— PAGE 9
Chic new lodgings
mentary inquiry that the new system
needed urgent action to be ready by
delivering CDS was “challenging but
achievable”. But, it added, CDS was “a i Toshiba investors doubt revival plan
in Scotland

quitting the global trade body.

March 2019, when Brexit is due to be
completed, and the chair of the probe
said confidence it would be operational
in time “has collapsed”.
complex programme” that needed to be In a stormy three-hour meeting, investors accused MAGAZINE
linked to dozens of other computer sys- managers ofhaving an entrenched secrecy culture
tems to work properly. In November, 3 UK, France and Netherlands swoop
and cast doubt on a revival plan after Westinghouse
HMRC assigned a “green traffic light” to filed for Chapter 11 bankruptcy protection.— PAGE 16
3 Blow for bid to clean up Swiss image

Setting up a digital customs system
has been at the heart of Whitehall’s
Brexit planning because of the fivefold
increase in declarations expected at
British ports when the UK leaves the EU.
the WTO’s deputy director-general and to you, to engage. If there’s a suggestion resolved within my first 100 days”.
CDS, indicating it would be delivered on
time. But last month, it wrote to the i HSBC woos transgender customers
committee saying the programme had The bank has unveiled a range of gender-neutral
RALPH ATKINS — ZURICH it followed “a strategy offull client tax
been relegated to “amber/red,” which DUNCAN
titles such asROBINSON — BRUSSELS
“Mx”, in addition to Mr, Mrs, Misscompliance”
or but was still trying to
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
come from the EU, and do not require
checks because they arrive through the
single market and customs union. But
apparent in a number ofkey areas”. Credit
needs Suisse hascustomers.
of transgender been targeted by
— PAGE 20 HM Revenue & Customs said it had
HMRC said last night: “[CDS] is on sweeping tax investigations in the UK, launched a criminal investigation into
track to be delivered by January 2019, France and the Netherlands, setting suspected tax evasion and money laun-
and it will be able to support frictionless back Switzerland’s attempts to clean up dering by “a global financial institution
Datawatch

(Deposito Legal) M-32596-1995;

Theresa May announced in January that
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.
Jesús Seade, a veteran of three decades senior posts at the IMF and World Bank you need to say exactly what you buy Fixing the dispute resolution mecha-
international trade once the UK leaves its image as a tax haven. and certain ofits employees”. The UK
the EU . . . Internal ratings are designed The Swiss bank said yesterday it was tax authority added: “The international
to make sure that each project gets the
focus and resource it requires for suc-
Terror attacks inwith
co-operating western Europe after
authorities
offices in London, Paris and Amsterdam
Recent reach
itsattacks
notably the message
2011
— of this investigation sends a clear
that there is no hiding place for
The lure of the exotic
cessful delivery.” were contacted
Highlighted attack byOthers massacre bythose seeking to evade tax.”
local officials Robin Lane Fox on the flair
“concerning client tax matters”. Anders BreivikDutch in prosecutors, who initiated the
HMRC’s letters to the select commit- of foreign flora — HOUSE & HOME

Bracken House, 1 Friday Street, London EC4M 9BT.

The revelations about the system,
called Customs Declaration Service, are
likely to throw a sharper spotlight on
tee, which will be published today, pro-
vide no explanation for the rating
change, but some MPs believe it was
Lloyd’s of London chose Brus-
sels over “five or six” other
insurers to follow. Most of the
business written in Brussels
EU, with Dublin and Luxem-
bourg thought to be more likely
AFP
parts in Germany wereBrussels
while Australia’s revenue department
Norway
said it was investigating a Swiss
Publishing Director, Roula Khalaf;
Norway, the
Dutch authorities said their counter- action, said they seized jewellery, paint-
attacks in Paris
also involved,
and Nice, and
ings and gold ingots as part of their
Brussels suicide
Nice bank.
the while French officials said their
probe;
investigation had revealed “several

whether Whitehall can implement a
host of regulatory regimes — in areas
ranging from customs and immigration
to agriculture and fisheries — by the
time Britain leaves the EU.
Problems with CDS and other projects
essential to Brexit could force London to
caused by Mrs May’s unexpected deci-
sion to leave the EU customs union.
Timetable & Great Repeal Bill page 2
Scheme to import EU laws page 3
Editorial Comment & Notebook page 12
Philip Stephens & Chris Giles page 13
JPMorgan eye options page 18
cities in its decision to set up an
EU base to help deal with the
expected loss of passporting
rights after Brexit.
John Nelson, chairman of the
centuries-old insurance mar-
ket, said he expected other
will be reinsured back to the
syndicates at its City of London
headquarters, pictured above.
The Belgian capital had not
been seen as the first choice for
London’s specialist insurance
groups after the UK leaves the
of negotiating trade agreements — most working on “dozens and dozens of coun- and don’t buy . . . begin to find a way to nism could help settle US-China trade
homes for the industry. But Paris bombings — have
Mr Nelson said the city won on The inquiries threaten to undermine thousand” bank accounts opened in
bucked the trend
efforts by the country’s banking sector Switzerland and not declared to French
its transport links, talent pool
and “extremely good regula-
tory reputation”.
Lex page 14
Insurers set to follow page 18
to overhaul business models and ensure
customers meet international tax
requirements following a US-led clamp- Publishing Company, The Financial Times Limited,
of generally low

western Europe
tax authorities.
fatalities from
The Swiss attorney-general’s office
Sources: Jane’s Terrorism and Insurgency Centre terror incidents in
said it was “astonished at the way this
down on evaders, which resulted in operation has been organised with the
billions of dollars in fines. deliberate exclusion of Switzerland”. It

registered office as above. Local Representative office;

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City watchdog sends a clear message as

recently getting the USMCA trade pact tries” worldwide. He has lived in China converge. I prefer a negotiator that tensions. “Let’s put in place together the
general’s office expressed “astonish- In 2014, Credit Suisse pleaded guilty
ment” that it had been left out of the in the US to an “extensive and wide-
actions co-ordinated by Eurojust, the ranging conspiracy” to help clients THE RISE
Escape OF
the taper ECO-GLAM
trap
EU’s judicial liaison body. evade tax. It agreed to fines of $2.6bn.

banker loses job over WhatsApp boast How high earners can evade

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between the US, Mexico and Canada and gone head to head with tough US takes risks.” dispute settlement system and use it in
LAURA NOONAN — DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to
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Shutdown risk as border
A boastful WhatsApp message has cost
a London investment banker his job
and a £37,000 fine in the first case of
Christopher Niehaus, a former Jeffer-
ies banker, passed confidential client
information to a “personal acquaint-
ance and a friend” using WhatsApp,
according to the FCA. The regulator said
ban people from installing apps on their
private phones.
Andrew Bodnar, a barrister at Matrix
Chambers, said the case set “a precedent
in that it shows the FCA sees these mes-
1135-8262.
Brussels takes tough stance on Brexit
with Spain handed veto over Gibraltar
regulators cracking down on commu- 390_Cover_PRESS.indd 1 19/01/2017 13:57

wall bid goes over the top nications over Facebook’s popular Mr Niehaus had turned over his device saging apps as the same as everything

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Congressional Republicans seeking to
avert a US government shutdown after
April 28 have resisted Donald Trump’s
attempt to tack funds to pay for a wall
on the US-Mexico border on to
chat app.
The fine by the Financial Conduct
Authority highlights the increasing
problem new media pose for companies
that need to monitor and archive their
to his employer voluntarily.
The FCA said Mr Niehaus had shared
confidential information on the messag-
ing system “on a number of occasions”
last year to “impress” people.
Several banks have banned the use of
else”.
Information shared by Mr Niehaus
UAE: Masar Printing & Publishing, P.O. Box 485100,
across the line — is one of eight candi- trade representative Robert Lighthizer He would apply the same tactic to the relations including with China.”
included the identity and details of a
client and information about a rival of ALEX BARKER — BRUSSELS ambitious trade and airline access deals. mise. If Britain wants to prolong its
Jefferies. In one instance the banker GEORGE PARKER — LONDON Gibraltar yesterday hit back at the status within the single market after
boasted how he might be able to pay off STEFAN WAGSTYL — BERLIN clause, saying the territory had “shame- Brexit, the guidelines state it would

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stopgap spending plans. They fear
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Several large investment banks have
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information over messaging services
including WhatsApp, which uses an
new media from work-issued devices,
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his mortgage if a deal was successful.
Mr Niehaus was suspended from Jef-
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
Dubai. Editor in Chief: Roula Khalaf.
The EU yesterday took a tough opening
stance in Brexit negotiations, rejecting
Britain’s plea for early trade talks and
explicitly giving Spain a veto over any
arrangements that apply to Gibraltar.
fully been singled out for unfavourable
treatment by the council at the behest of
Spain”. Madrid defended the draft
clause, pointing out that it only reflected
“the traditional Spanish position”.
require “existing regulatory, budgetary,
supervisory and enforcement instru-
ments and structures to apply”.
Mr Tusk wants talks on future trade
to begin only once “sufficient progress”

Qatar: Dar Al Sharq, PO Box 3488, Doha-Qatar. Tel: +97 dates to succeed Brazil’s Roberto over USMCA. “Some candidates have appellate body amid “profoundly differ- China’s reluctance to relinquish “spe-
to accept the proposals. encryption system that cannot be as iPhone-loving staff spurn their work- Facebook did not respond to a request Senior EU diplomats noted that has been made on Britain’s exit bill and

Tel: +44 20 7873 4000 asiaads@ft.com,

US budget Q&A and
Trump attack over health bill i PAGE 8
accessed without permission from the
user. Deutsche Bank last year banned
WhatsApp from work-issued Black-
issued BlackBerrys.
Bankers at two institutions said staff
are typically trained in how to use new
for comment.
Additional reporting by Chloe Cornish
Lombard page 20
About 2.3m people will benefit from
today’s increase in the national living
wage to £7.50 per hour. But the rise
will pile pressure on English councils,
which will have to pay care workers a
European Council president Donald
Tusk’s first draft of the guidelines,
which are an important milestone on
the road to Brexit, sought to damp Brit-
ain’s expectations by setting out a
Mr Tusk’s text left room for negotiators
to work with in coming months. Prime
minister Theresa May’s allies insisted
that the EU negotiating stance was
largely “constructive”, with one saying it
citizen rights, which Whitehall officials
believe means simultaneous talks are
possible if certain conditions are met.
Boris Johnson, the foreign secretary,
reassured European colleagues at a

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lot more. Some 43 per cent of care
staff — amounting to 341,000 people
aged 25 and over — earn less than the
44557825
“phased approach” to the divorce proc-
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drawal terms.
was “within the parameters of what we
were expecting, perhaps more on the
upside”.
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had not intended to “threaten” the EU
when she linked security co-operation

Azevêdo as director-general after he terrific experience but my experience cial and differential treatment” status —
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Analysis i PAGE 4 300-year territorial dispute between tion deal could be problematic. Man in the News: David Davis page 11

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The field is led by two female African negotiations,” he said. within the WTO despite also being a glo-
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Tuesday 21 July 2020
Democrats demand probe into
‘secret police force’ in Oregon
Trump administration faces rights backlash after federal agents round up protesters
James Politi — Washington
Senior Democratic lawmakers have
called for inquiries into the Trump ad­-
ministration’s use of federal law en­-
forcement officers to quell protests in
Oregon, saying it did not have “unfet-
tered authority” to crack down on
peaceful demonstrations.
The request from Jerry Nadler, chair-
man of the House judiciary committee,
and Carolyn Maloney, who chairs the
House oversight committee, came after
local officials in Oregon accused the
administration of using unlawful and
“abhorrent” tactics in Portland, the
state’s largest city.
“This is a matter of utmost ur­gen­-
cy. Citizens are concerned that the ad­-
ministration has deployed a secret
police force, not to investigate crimes,
but to intimidate individuals it views as
political adversaries, and that the use of
these tactics will proliferate throughout
the country,” stated Mr Nadler and Ms
Maloney.
The Democrats want internal watch-
dogs at the justice and homeland secu-
rity departments to investigate the
deployments.
On Sunday, Ted Wheeler, the mayor
of Portland, said the administration’s
tactics were “completely unconstitu-
tional”. The state of Oregon sued the
federal government on Friday for vio-
lating the protesters’ civil rights.
“People are being literally scooped off
the street into unmarked vans; rental
cars, apparently. They are being denied
probable cause, and they are denied due
process,” Mr Wheeler told broadcaster
CNN on Sunday.
Democratic lawmakers have repeat-
edly accused administration officials of
abusing power, including during earlier
Black Lives Matter protests.
“Last month, the administration tear-
gassed peaceful protesters in Washing-
ton, DC. Now videos show them kidnap-
ping protesters in unmarked cars in
Portland, all with the goal of inflaming
tensions for their own gain,” Nancy
Pelosi, the Democratic House Speaker,
and Earl Blumenauer, the congressional
representative from the city in Oregon,
said late on Saturday.
“While Portland is the presi-
dent’s current target, any city
could be next. We live in a
democracy, not a banana repub-
lic,” they said.
In a tweet on Sunday, Mr
Trump defended his adminis-
tration’s approach to the pro-
tests. The White House has con-
sistently sought to depict many
Contracts & Tenders
★ FINANCIAL TIMES
Mum’s the word: of the BLM protests that swept across
mothers link
arms in Portland
the US since the killing of George Floyd
in May as captured by violent rioters,
during a protest even though most have been peaceful.
against racial “We are trying to help Portland, not
discrimination hurt it. Their leadership has, for
on Saturday. months, lost control of the anarchists
Below, Jerry and agitators. They are missing in
Nadler action. We must protect Federal prop-
Caitlin Ochs/Reuters
erty, AND OUR PEOPLE. These were
not merely protesters, these are the real
deal!” Mr Trump wrote.
Mr Wheeler, however, said the federal
law enforcement officers, which inc­-
luded agents from US Customs and Bor-
der Protection, were making matters
worse. “What they are doing is sharply
escalating the situation, their presence
here is leading to more violence, and
more vandalism,” he said. “They are not
wanted here . . . in fact we have asked
them to leave.”
Criticism of the administra-
tion’s use of force in Oregon
mounted last week after Ore-
gon Public Broadcasting
reported that Mark Petti-
bone, a 29-year-old pro-
tester, was seized on the
streets by federal officers
in unmarked camouflage
gear.
“I am basically tossed
INTERNATIONAL
into the van,” he told OPB. “And I had
‘While
Portland
my beanie pulled over my face so I
couldn’t see and they held my hands
is the over my head.”
According to the report, Mr Pettibone
president’s realised he had been taken to a federal
current courthouse only after he was released a
few hours later.
target, any
Kate Brown, Oregon’s governor, des­-
city could be cribed the administration’s actions as
“absolutely unacceptable” and “purely
next. We
a photo-opportunity” for the White
live in a House. “He is trying to distract . . . They
only want to escalate. They want to
democracy, dominate the streets,” she told MSNBC
not a television.
Mr Trump faced similar criticism in
banana June after federal law enforcement
republic’ officers cleared the area of protesters
around Lafayette Square near the White
House in Washington to allow the US
president to make remarks in front of
the local church, triggering a sharp
rebuke from Muriel Bowser, the mayor
of the US capital.
According to a Pew Research Center
study released last month, 67 per cent of
Americans support the BLM move-
ment. However, Republicans are more
likely to be opposed and the use of
aggressive tactics against protesters is
popular with parts of Mr Trump’s politi-
cal base.
US shooting
Gunman kills son of judge
overseeing Epstein lawsuit
James Politi — Washington
A gunman shot and killed the son of a
federal judge overseeing a lawsuit
linked to disgraced financier Jeffrey
Epstein.
The FBI is investigating the shooting at
the New Jersey home of Judge Esther
Salas, which also resulted in injuries to
her husband.
Ms Salas, who was not hurt, had last
week been assigned to oversee a lawsuit
filed by investors against Deutsche
Bank. They alleged the bank had made
false and misleading statements with
regards to its anti-money-laundering
practices and had improperly moni-
tored high-risk customers, including the
late Epstein, a convicted sex offender.
Authorities have not linked the shoot-
ing to the Deutsche Bank case. The FBI
did not offer any motive for the attack
but said it was looking for “one subject”.
“Judge Salas and her family are in our
thoughts at this time as they cope with
this senseless act,” Phil Murphy, gover-
nor of New Jersey, wrote on Twitter.
According to CNN, the gunman was
disguised as a FedEx delivery driver,
and opened fire as the door of the home
Presidential vote
Poland’s foreign minister to
step down as reshuffle looms
James Shotter — Warsaw
Poland’s foreign minister, Jacek Cza-
putowicz, says he expects to step down
later this summer, as the ruling Law
and Justice party prepares for a reshuf-
fle after success in last week’s presiden-
tial election.
The presidential vote was won by
Andrzej Duda, backed by the conserva-
tive-nationalist Law and Justice, giving
the party a spell of three years without
national elections in which to press on
with an agenda that has frequently left
Warsaw at loggerheads with Brussels.
Mr Czaputowicz, one of the govern-
ment’s more moderate figures, told the
newspaper Rzeczpospolita that he had
agreed earlier this year to stay on until
the election, but that the reshuffle,
expected by the autumn, would be a
“good moment for a change at the top of
our diplomacy”.
Asked if this could lead to a change in
tone in Poland’s foreign policy, the 64-
year-old — who became foreign minis-
ter in 2018 and previously worked in
academia — said that the current line
Public Notice
3
was opened. Daniel Anderl, Ms Salas’s
20-year-old son, was fatally struck.
Husband Mark Anderl, a criminal
defence lawyer, was taken to hospital
near their home in North Brunswick,
New Jersey.
Bob Menendez, the Democratic sena-
tor from New Jersey, said he knew Ms
Salas and her husband well and had
been “proud” to recommend her to
Barack Obama, then president, for the
judicial post, which she took up nine
years ago. While on the federal bench,
Ms Salas presided over a fraud trial that
resulted in the convictions of Teresa
Giudice, a reality television star and a
member of the cast of Real Housewives of
New Jersey, and husband Joe Giudice.
This month, Deutsche Bank agreed to
pay a $150m fine for compliance failures
in its dealings with Epstein, as well as
Danske Bank Estonia and FBME Bank.
Linda Lacewell, the New York super-
intendent of financial services, said:
“Despite knowing Mr Epstein’s terrible
criminal history, the bank inexcusably
failed to detect or prevent millions of
dollars of suspicious transactions.”
A few days later, plaintiffs filed the
lawsuit being overseen by Ms Salas.
was likely to continue. “After the victory
of Andrzej Duda, a period of several
years of political stability is opening up,
which will help the further strengthen-
ing of Poland’s position in the interna-
tional arena,” he said.
The election campaign was marked
by a series of attacks on Germany by
senior politicians from the ruling camp,
with Mr Duda accusing German-owned
media of trying to influence the result.
Poland summoned the German chargé
d’affaires over the matter. It has also yet
to confirm the country’s incoming
ambassador, to the frustration of Berlin.
Mr Czaputowicz played down the fric-
tion, saying that Germany still wanted
to work closely with Warsaw. “They
have come to terms with the fact that
the current ruling camp will stay in
power in Poland for longer,” he said.
Jaroslaw Kaczynski, the founder of
Law and Justice, made clear that the
party planned to return to the vexed
question of “repolonising” the media,
some of which is owned by German
groups such as Axel Springer and Ver-
lagsgruppe Passau.
4 ★
Austerity
Iraq warns of crisis woes stoking insecurity
Finance minister calls for
radical reform to avert
‘disaster’ after crude crash
Chloe Cornish — Beirut
Iraq’s finance minister has warned of
“severe security consequences” if its
economy is not “restructured radically”,
as the coronavirus crisis wreaks havoc
on business and an oil price crash hits
state revenues.
“Issues, which were buried because of
large and growing oil revenues, are now
crystallising,” said Ali Allawi, the coun-
try’s new Harvard and MIT-educated
finance minister, referring to bloated
Lift off
UAE sends
probe to Mars
A rocket carrying the Hope probe
blasts off from the Tanegashima
Space Center in Japan yesterday as
the United Arab Emirates launched
its first mission to Mars.
The probe will make a seven-
month journey to the red planet,
where it will orbit and send back data
about the atmosphere.
The mission is designed to help the
UAE develop its scientific and
technology capabilities and move
away from a reliance on oil.
There are eight active missions
exploring Mars. Some orbit the
planet and some have landed on its
surface. China and the US each plan
missions this year. Reuters
Budget deficits
Virus spending leaves developing nations in debt hole
Jonathan Wheatley — London
Some of the largest developing econo-
mies will face a fiscal crisis in coming
years unless they can roll back huge
increases in public spending enacted in
response to Covid-19, analysts say.
The economic downturn caused by the
pandemic, combined with rising health-
care spending to tackle the spread of the
virus, have caused budget deficits to
soar in many countries. They will face
the choice of risking unrest by cutting
spending or negotiating with investors
to restructure their debts.
On average, emerging and developing
economies have announced support
packages worth 5.4 per cent of gross
domestic product, according to World
Bank figures last month. In some coun-
tries — including India, Malaysia,
Poland, Qatar, South Africa and Thai-
land — pandemic-related public spend-
ing has topped 10 per cent of GDP.
Tourism-dependent economies and
big commodity producers were particu-
larly vulnerable, the World Bank said,
warning that across emerging and
developing economies government debt
Rural return
India’s reverse migration drains largest cities of labourers
Benjamin Parkin and Jyotsna Singh
New Delhi
Sachin Kumar went hungry for four
days after India entered into an abrupt
nationwide coronavirus lockdown in
March. The 30-year-old had lost his job
earning around Rs9,000 ($120) a
month at an electric bulb factory in the
capital, New Delhi.
By April, out of money and food, Mr
Kumar borrowed Rs3,000 to hitch a
truck ride back to his home village some
500 miles east in the state of Uttar
Pradesh after nine years in Delhi. He
had been the sole breadwinner, remit-
ting money back to his family of six.
He is one of millions of destitute
labourers who have left India’s cities for
their rural homes in recent
months. “Lockdown snatched our
bread from us,” he said. “I had no choice
but to leave.”
Shaken by the ordeal, Mr Kumar
hopes he does not have to return to the
city. He has been reunited with his wife
and young daughters, and found work
labouring on farms. “I am so relieved to
be back,” he said. “It is much better than
starving in the city. But I hope the gov-
ernment is able to give us more work.”
As India reopens from its lockdown,
spending and a monthly wage bill of
$5bn for its vast public payroll. This
includes payments for what he esti-
mated are 300,000 “ghost” or fictional
employees.
While austerity is a “hard message” to
sell to politicians, Mr Allawi detects a
growing political awareness that “if you
over-milk [a cow] it might die”. He
added: “All you can do is to point out the
disaster before us if we continue along
this path.”
Mr Allawi added: “[My] firm opinion
is that the economy, if it’s not restruc-
tured radically in a very consistent and
well-implemented medium-term pro-
gramme, can lead to really severe secu-
rity consequences.”
had hit a record 51 per cent of GDP and
many countries previously in surplus
had moved into deficit in recent years.
Gabriel Sterne, chief economist at
Oxford Economics, a research firm,
said: “If your response [to the pan-
demic] is more fiscal spending, then you
have to fund it somewhere. So you start
to stretch arguments about countries’
capacity to fund themselves.”
In the early stages of the pandemic,
the IMF warned emerging and develop-
ing countries would need fiscal support
of at least $2.5tn to see them through the
crisis — in particular, for healthcare
spending and social protection.
That figure is now widely regarded as
an underestimate: the fund’s latest fore-
cast is that the global economy will suf-
fer a cumulative output loss of $12.5tn in
2020 and 2021, and the majority of the
hit will occur in developing countries.
As a result of the strains on public
finances, as many as 37 per cent of the
bonds in the benchmark JPMorgan
index of emerging market sovereign
external debt could be at risk of default
in the next year or so, said Adam Wolfe
of Absolute Strategy Research. Egypt,
policymakers and businesses are reck-
oning with the economic — and humani-
tarian — consequences of this epic
reverse migration. It has left millions
without work, drained metropolises of
labourers and cut off flows of internal
remittances that are lifelines to rural
communities.
India’s gross domestic product is
expected to contract by 3 per cent this
year, according to financial information
firm Moody’s, while the International
Labour Organization estimated that
400m informal workers were at risk of
falling deeper into poverty during the
lockdown.
While cities have been the worst hit,
coronavirus is spreading in rural com-
munities partly due to returning
migrants. The country of 1.3bn has the
world’s third highest caseload at over
1.1m confirmed infections.
The World Bank says that a large pro-
portion of India’s 40m internal migrants
were badly impacted by the draconian
shutdown. In the absence of concrete
data on movement, Irudaya Rajan, a
professor at India’s Centre for Develop-
ment Studies, estimates that as many as
30 per cent of migrant labourers in
Indian cities have left and expects out-
flows to continue through 2020.
FINANCIAL TIMES
INTERNATIONAL
Crude prices have more than halved
compared with last year, dealing a dev-
astating blow to the finances of Opec’s
second-biggest producer. The country’s
oil export revenues fell from $6.1bn in
January to lows of $1.4bn in April,
according to the Oxford Institute for
Energy Studies.
While global oil price crashes hurt
Iraq’s economy before, Mr Allawi says
Baghdad can no longer count on prices
to bounce back, arguing this may spur
reforms. “There’s a growing recognition
that we’re moving into an environment
of relatively low oil prices . . . It is really
imposed on us that we find an alterna-
tive to restructure our public finances,
to account for this new normal.”
Zambia and Ghana are most vulnerable,
according to his analysis, while large
economies such as South Africa, India,
Nigeria and Brazil also face elevated lev-
els of risk, and Turkey, Indonesia and
Mexico are not far behind. Brazil and
South Africa will each this year rack up
budget deficits in excess of 15 per cent of
GDP, according to Oxford Economics.
So far, many governments have been
Emerging economies spend
big to combat pandemic
Size of economic support measures
in 2020 (% of GDP)
0 2 4 6 8 10
South Asia
Middle East and
north Africa
Latin America and
the Caribbean
East Asia
and Pacific
Europe and
central Asia
Sub-Saharan
Africa
Source: World Bank
“This is the first time in the history of
migration [in independent India] that
returning migrants are going back to
rural areas with empty hands,” he said.
“Whenever they used to go home, they
used to take money and gifts for family,
neighbours and distant relatives. This
time they were begging for train tickets
and bottles of water.”
Many factories report shortages of
Migrant workers
return by truck to
their home state
of Uttar Pradesh
after being laid
off in Mumbai
workers as they try to resume activity, a
task complicated as the raging virus
forces some of the largest metropolises
back into lockdown.
Venu Srinivasan, chairman of leading
motorcycle maker TVS, said factories
and their suppliers faced shortages of
workers such as welders and spray
painters. Mr Srinivasan said the auto-
mobile industry around cities such as
Delhi was likely to be even harder hit by
the shortages of migrants.
Yet authorities hope some unex-
pected bright spots, particularly in rural
The 73-year-old minister is part of a
transitional cabinet appointed to steer
Iraq towards fresh elections after mass
anti-establishment protests toppled the
previous administration. After three
decades of war and turbulence, Mr
Allawi is not alone in fearing economic
freefall could destabilise Iraq again.
“Unemployment is going through the
roof,” said a western diplomat in Bagh-
dad, adding this could have an “impact
on radicalisation” as extremist groups
prey on jobless Iraqis.
Underscoring Iraq’s economic fragil-
ity, the country’s poverty rate is set to
rise to 31.7 per cent this year, from 20
per cent in 2018, as the coronavirus
emergency pushes 4.5m more Iraqis
able to finance their rising debts in the
bond markets thanks to a surge of
liquidity in global financial markets and
local investors’ deep pockets.
The trillions of dollars of stimulus
injected into financial markets by cen-
tral banks in advanced economies has in
part flowed through into emerging
economies, helping to reverse the mas-
sive outflows triggered by the early
stages of the crisis.
While $33.5bn left emerging bond
markets in March, nearly $50bn has
since flowed back in, according to the
Institute of International Finance. Gov-
ernments in developing economies have
raised almost $90bn in international
bond markets since the start of April.
Although the capital flows have
helped ease countries’ immediate situa-
tion, they have also reduced the pres-
sure to find longer-term solutions, while
exacerbating future budget problems.
Phoenix Kalen, an emerging markets
strategist at Société Générale in London,
said: “We are kicking the can down the
road in refinancing the debt problem,
which is ballooning dramatically . . . It
is very tough trying to wrap your head
areas where migrants have returned,
could shield India’s economy from the
worst effects of the pandemic.
The government has ramped up its 15-
year-old National Rural Employment
Guarantee Act, which provides a mini-
mum 100 days of work per year to infor-
mal labourers. This has created a record
number of jobs under the scheme and
helped rural employment to rebound
faster than in cities.
A good monsoon season is also
expected to help produce bumper
crops. Improving rural demand has con-
tributed to an uptick in sales for every-
thing from tractors to biscuits.
Kamlesh Kumar, 49, who returned to
eastern Uttar Pradesh after losing his
job as a carpenter in the western city of
Pune, secured work building roads
through the government’s rural jobs
scheme, as well as sowing rice on farms.
Scarred by his experience of running
out of food and money in the city, he is
determined to stay put but worries des-
peration will pull him back.
“It would be wonderful if I can stay
home and wouldn't have to work in the
city. But the farm work is not reliable.
We are poor, we don't choose. We just
live life as it comes.”
Additional reporting by Andrea Rodrigues
below the poverty line, according to a
new joint assessment by the govern-
ment, UN, World Bank and Oxford uni-
versity.
Plunging oil prices leave the govern-
ment little room to manoeuvre. Accord-
ing to the World Bank, if oil prices
remain under $30, Iraq will go from hav-
ing a fiscal surplus to a deficit equivalent
to more than a quarter of its gross
domestic product.
The government can tap $68bn of
foreign reserves to cover bills in dollars,
such as imports and debt servicing,
and is expected to borrow $18bn domes-
tically and abroad to cover gov-
ernment wages for the next few months,
analysts said.
Mitsubishi Heavy Industries
around the extraordinary surge in fiscal
deterioration. We have never seen any-
thing on this scale before.”
The IMF and World Bank have pro-
vided emergency funding for the poor-
est countries, and G20 states agreed ear-
lier this year to give them a moratorium
on debt repayment. But critics say the
focus on the debts of poor nations has
diverted attention from the fiscal needs
of middle-income countries.
Mr Wolfe said: “In a lot of cases,
restructuring will not be enough and
countries will need the support of offi-
cial lending. The size of the problem will
be in the trillions [of dollars] while the
size of the response has been in the bil-
lions, and there doesn’t seem to be much
of a plan [to do more].”
Some analysts have warned the scale
of the hit to middle-income countries
has not yet been widely appreciated.
Richard Kozul-Wright, director of glo-
balisation and development strategies
at Unctad, the UN’s trade and develop-
ment agency, said: “For developing
countries, the worst is yet to come.”
See FT Big Read/Editorial Comment/
Opinion/Lex
Basic resources
Australian mining and energy
sales to China rise despite row
Jamie Smyth — Sydney
Australia has been shielded from an
even worse Covid-19 downturn by a
record demand for resources from
China, despite the souring of diplo-
matic relations between the two.
Keith Pitt, Australia’s minister for res­-
ources, said the mining and energy sec-
tors were underpinning the domestic
economy, which has been hit by a sec-
ond wave that has forced many busi-
nesses in Melbourne to shut again.
“Resources have been a shining light
of Australia’s economic story. The sector
has managed to keep pretty much all its
people employed and engaged; that’s
over 240,000 direct jobs,” said Mr Pitt.
“If you look at iron ore specifically, 62
per cent of China’s iron ore imports
came from Australia in 2019-20.”
After Beijing imposed trade sanctions
on some Australian farm products, Mr
Pitt acknowledged that there were fears
China would target the resources sector,
too. To help mitigate the fallout from
sanctions, Canberra is expanding its
trading partners to provide new mar-
kets for its resources. But Mr Pitt said
Tuesday 21 July 2020
Security law
UK suspends
extradition
treaty with
HK as Beijing
ties strained
Laura Hughes — London
The UK suspended its extradition
treaty with Hong Kong “immediately
and indefinitely” yesterday as relations
with China deteriorated further after
Beijing’s imposition of a security law on
the territory.
Dominic Raab, foreign secretary, also
said the arms embargo against China,
which was imposed after the 1989
Tiananmen Square massacre, would be
extended to Hong Kong.
The moves follow pressure from MPs
amid fears that the new security law
could be used by Beijing to demand the
extradition of anyone who criticised the
communist regime.
The UK has criticised the legislation —
under which terrorism, subversion and
collusion with foreign elements attract
penalties of up to life imprisonment —
for undermining the freedoms that
China had promised to Hong Kong.
Mr Raab told MPs the extended arms
embargo would block exports of poten-
tially lethal weapons and equipment
such as firearms and smoke grenades,
which could be used for “internal
repression”.
Canada and Australia have already
suspended extradition agreements with
Hong Kong while the US and New Zea-
land are reviewing arrangements.
Mr Raab told the Commons the UK
“wants a positive relationship” with
China, but that the measures were a
“reasonable and proportionate
response” to China’s “failure” to live up
to international obligations in respect to
Hong Kong.
He added: “There remains considera-
ble uncertainty about the way in which
the new national security law will
be enforced. I would just say this: the UK
is watching and the whole world is
watching.”
Earlier yesterday, UK prime minister
Boris Johnson vowed to be “tough” with
Beijing but added that the government
would not “completely abandon our
policy of engagement” with China. His
remarks came a week after the UK
banned Chinese telecoms company
Huawei as a long-term supplier for its
5G networks.
Urging the need to strike a “balance”,
Mr Johnson insisted he was not going to
be “pushed into a position of becoming a
knee-jerk Sinophobe on every issue,
somebody who is automatically anti-
China”.
He added: “China is a giant factor of
geopolitics, it’s going to be a giant factor
in our lives and in the lives of our chil-
dren and grandchildren. You have got to
have a calibrated response and we are
going to be tough on some things but
also going to continue to engage.
“But we do have serious concerns. We
have concerns about the treatment of
the Uighur minority obviously, about
the human rights abuses.”
Mike Pompeo, US secretary of state,
will today meet backbench MPs from
the Conservative and Labour parties
before meeting Mr Johnson during a
visit to the UK.
Members of the China Research
Group of Tory MPs said the US politician
was in London to forge “new alliances”
with British politicians.
China would probably continue to buy
Australian resources owing to the high
quality of products and its reliability.
Data due to be released this week by
Australia’s industry department will
show mining and energy exports hit a
record of almost A$300bn ($210bn) in
the 12 months to end-June.
Exports of iron ore alone will top
A$100bn, as Australian producers BHP,
Rio Tinto and Fortescue cash in on surg-
ing Chinese demand for steelmaking
ingredients and disruption to supply
from Brazil caused by Covid-19.
Australia’s economy has been
dragged into its first recession in almost
30 years by the pandemic and hopes of a
V-shaped recovery are fading after fur-
ther social-distancing curbs in Victoria.
On Thursday, Canberra is expected to
forecast a budget deficit of A$191.5bn or
about 10 per cent of gross domestic
product, the worst since the second
world war, according to Bloomberg.
Mr Pitt ruled out imposing new min-
ing taxes on resources companies to
help cover the cost of Covid-19, which
was recently proposed by IGF, a body of
more than 75 governments.
Tuesday 21 July 2020 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Tuesday 21 July 2020

Ed Cole The People’s Bank of China has more firepower in its stimulus options than the US Federal Reserve y MARKETS INSIGHT

Chevron to Restricted viewing Chinese cinemas reopen

but coronavirus curbs put survival at stake
Walmart
revives talks
buy US energy to sell its stake
in UK’s Asda
group Noble Alistair Gray — new york

Walmart, the world’s biggest retailer,

in $13bn tie-up
has revived talks to sell a stake in its UK
supermarket chain Asda, having
paused the process in April at the peak
of the coronavirus disruption.
The US group said yesterday that it was
in talks with “a small number of third-
3 First big energy deal since virus crisis party investors” to take an interest in
the grocer, “following renewed inbound
3 Move expected to trigger M&A wave interest”. It added: “There is no cer-
tainty that a transaction will happen
Derek Brower, Myles McCormick and where several countries are racing to and we will not be providing any further
David Sheppard — London
James Fontanella-Khan — Pavia
develop the region’s huge gas reserves comments on these discussions.”
for export. It also gives Israel’s energy Walmart has also been considering a
Chevron has agreed to buy Noble sector the supermajor investor — with float of Asda, based in the northern Eng-
Energy for $13bn including debt in the political clout — that its government has lish city of Leeds, which has more than
oil and gas industry’s first big deal since craved since Noble began finding huge 600 stores, after UK competition
geopolitical tensions and the global pan- offshore gas reserves there more than authorities last year blocked a proposed
demic sparked a collapse in crude 20 years ago. Chevron will now become tie-up with local rival J Sainsbury.
prices. the operator of the giant Leviathan field While Walmart put the sale talks on
Under the terms of the all-share and take over Noble’s other Mediterra- hold for the pandemic, it remained keen
tie-up, which values the independent oil nean assets, including in Cyprus. to reduce its exposure to the highly com-
and gas producer’s equity at $5bn, The deal comes despite the com- petitive UK market and focus on faster-
investors will receive 0.1191 shares in pany’s wider investments in the Middle growing areas such as China and India.
the supermajor for each one they hold in East, where it has a leading role in the The company did not identify Asda’s
its smaller US rival. neutral zone shared between Saudi Ara- suitors. Private equity firms including
The acquisition is expected to trigger bia and Kuwait, and a position in Iraq. KKR have considered making a move
a string of deals in the oil sector as deep- Total chief executive Patrick Pouy- for the chain. One of KKR’s advisers,
anné said last year that Israel was too Tony de Nunzio, previously ran the UK
“complex” a market to invest in because company.
‘This is a cost-effective of his group’s assets elsewhere in the Asda, which Walmart bought in 1999,
opportunity to acquire region. is the third-largest supermarket in the
The deal also significantly expands US UK, with £23bn of annual sales and has
additional proved reserves’ Chevron’s shale position, including in generated plenty of cash for its parent.
Michael Wirth, Chevron chief Texas’s Permian, the world’s most pro- China’s cinemagoers must wear masks and sit at least one seat apart, with food and drinks banned — Alex Plavevski However, it is a small contributor to
lific oilfield, where it said that Noble’s Walmart, which produced $524bn in
pocketed groups such as Chevron and acreage would be contiguous with its Sun Yu — Beijing “The worst days are not over,” said condition that allows us to make ends total revenues last year.
ExxonMobil lead a wave of consolida- own assets. “We really like unconven- Cheng Hang, the owner of Brilliance meet.” Asda has had to reduce prices and
Chinese cinema operators have said
tion across the heavily indebted US tionals,” said Mr Wirth, referring to the Cinema in Hangzhou. “We can’t run a AMC Entertainment, the world’s invest in new ranges to stay competi-
that restrictions to prevent the
shale patch. addition of Noble’s US shale oil assets. normal business with no blockbusters biggest chain, was forced to tap tive. The revived sale talks come at a
spread of Covid-19 as the industry
Vitol, the world’s largest independent “This gives us another piston in the and more than half of the seats being capital markets for $500m early in time of investor interest in grocers,
reopens after six months of closure
oil trader, announced yesterday that it unconventional engine.” unavailable.” the pandemic. which have emerged as corporate win-
mean that they will struggle to sur-
was establishing a US oil production Chevron said that it was buying “low- China Film Administration, the reg- Cineworld of the UK has backed out ners in the pandemic. Unlike clothing
vive financially.
business called Vencer Energy looking capital, cash-generating offshore assets” ulator, said last week that film-goers of a $2.3bn deal to buy Canadian rival chains and other discretionary retailers,
to acquire “mature, producing oil and as well as “de-risked acreage” in the US, Cinemas posted Rmb3.3m must sit at least one seat apart, leaving Cineplex. authorities allowed grocers to stay open
gas assets”. adding that the deal would generate ($472,200) in takings yesterday after occupancy rates at or below 30 per China is the second-largest cinema through lockdown.
“Our strong balance sheet and finan- “run-rate cost synergies of approxi- Beijing’s announcement last week cent for many theatres. market, with takings rising to While Asda said there had been a fall-
cial discipline gives us the flexibility to mately $300m” and be “accretive to free that the sector could reopen in “low- CFA has asked for the number of Rmb63.6bn last year, up from off in demand for non-essential items,
be a buyer of quality assets during these cash flow, earnings, and book returns risk” areas. daily showings to be reduced by half Rmb5.4bn a decade ago. and it had to close 33 of its homewares
challenging times,” said Chevron chair- one year after close”. China’s cinemas earned an average and that films should be no more than The country had 12,408 cinemas as and clothing stores in March, Britons’
man and chief executive Michael Wirth. The acquisition will increase Chev- of Rmb174m a day last year, according two hours long. of last year and media reports showed rush to stockpile compensated for the
“This is a cost-effective opportunity for ron’s total reserves base by almost a fifth to Wind, a financial data provider. Food and beverages are also cur- that between 25 and 75 per cent of the- decline, according to its most recent
Chevron to acquire additional proved at a cost of less than $5 a barrel of oil Cinemas that have reopened have rently banned in auditoriums. atres had reopened yesterday. results. Like-for-like sales, excluding
reserves and resources.” equivalent, while offering further done so with limited seating, a ban on Mr Cheng said that the measures The industry in China is dominated petrol, rose 3.5 per cent in the three
The purchase fits with Chevron’s plan growth potential in west Africa, where food and a shortage of new releases. meant that he would only make up to by a few large participants, with months to the end of March.
to focus on the international natural gas Noble has a position in Equatorial Audiences and staff must wear masks roughly Rmb1,000 in revenue a day, Wanda Film accounting for 13 per The chain, which has a large presence
business and US shale production. It is Guinea. Noble’s debt, included in the and they are subject to temperature less than half of what he needed to cent of the market last year. in the north of England and Scotland,
already one of the largest natural gas acquisition, amounts to almost $9bn checks. break even. This month, the company said that also said there had been a surge in
producers. against assets currently valued at just Operators say the rules have crip- “The government has given us the its business had been badly hit and demand for home shopping. Asda.com
The deal significantly expands its over $17bn, according to S&P Capital IQ. pled cinemas even as the government green light to reopen,” he said. that it would fall to a loss in the first had more than 3,500 visits per minute
position in the eastern Mediterranean, Lex page 18 has allowed the industry to reopen. “But it hasn’t created a favourable six months of the year. in late March.

Pandemic spurs change in banks’ attitude to cloud-based services

100,000 staff across Santander’s global
inside business operations, building on a cloud contract
struck with the Spanish bank last year.
finance The pandemic is also accelerating the
trend towards digital banking. Dutch
Patrick group ING said this month it would close
a quarter of its branches. Cloud provid-
Jenkins ers are increasingly casting themselves
as “digitisation partners” for the banks.
Pre-pandemic, the banking sector
was more reluctant than most to move
to the cloud. A Bank of England report
Over the past couple of years, though,
the mood has gradually brightened.
Tech giants have engaged with regula-
tors. Their pitch to win bank business
has been helped by a broader trend in
cloud computing towards so-called
“container technology”. This allows
companies to use multiple cloud provid-
ers as back-up. Banks and their supervi-
sors have also been persuaded that
cloud systems, backed by vast well-fi-
nanced tech companies with the most

A
s their booming share
prices testify, technology
groups have been brim-
ming over with new busi-
ness during the pandemic.
For banks, there has been a special
tech awakening: to the merits of cloud
computing. After years of foot-
dragging, many have been abandoning
their cautious approach to cloud-based
services and signing up with gusto to
outsource their storage of data and
other activities that demand high-
intensity computing power.
In the past few days alone, Amazon
Web Services struck a deal with HSBC
while Google announced partnerships
with Goldman Sachs and Deutsche
Bank. Why now? As banks come under
pressure from the financial costs of
lockdown — a decline in economic activ-
ity, an explosion of loan losses — they
are seizing any opportunity to cut costs.
Businesses For Sale Cloud services tend to be priced in
ways that mean you pay for what you
use, rather than committing to billions
of dollars of investment upfront.
But the enthusiasm for cloud comput-
ing is not just about scrimping. Banks
Business for Sale, Business Opportunities, Business Services, have been among the most enthusiastic
Business Wanted, Franchises adopters of cloud-based software and
Runs Daily videoconferencing services to facilitate
.........................................................................................................................................................................................................................................................................
Classified Business Advertising working from home. Just as the pan-
UK: +44 20 7873 4000 | Email: acs.emea@ft.com demic hit, Microsoft completed the roll-
out of its Teams video service to
on digital finance last year — authored
by Huw van Steenis, an adviser to
former governor Mark Carney — esti-
mated that only a quarter of the activi-
ties of the largest global banks were
cloud-based.
That tally is far lower than in other
sectors, though McKinsey has forecast
that 40-90 per cent of banks’ workloads
could move to the
cloud in a decade. Banks’ reluctance reflects
Bankers believe
coronavirus will regulatory concerns about
hasten that shift. the robustness of cloud
An executive at one
big cloud provider services and concentration
says: “So far it’s risk in the sector
been high-com-
pute intensity areas, such as risk man-
agement modelling, that have moved on
to the cloud. Personally sensitive data
and trading data have not moved. But
we’re starting to see that change.”
Banks’ historic reluctance stems in
part from their nervousness about secu-
rity and privacy. But it also reflects long-
standing regulatory concerns about the
robustness of cloud-based services.
Thirty of the biggest banks, deemed
systemically important, are subject to
regulatory capital surcharges in the
name of safety. If 90 per cent of bank
data move to the cloud, how much more
risky is it that a few largely unregulated
companies dominate that space?
sophisticated cyber security, should be
especially secure.
A step change in attitudes was evi-
denced by that 2019 Bank of England
report. It concluded that the BoE
“should embrace cloud technologies,
which have matured to the point they
can meet the high expectations of regu-
lators and financial services”.
If it all sounds too good to be true, it
may be. Capital One, the US bank, still
declares in a case study advertised by
AWS: “The most important benefit of
working with AWS is that we don't have
to worry about building and operating
the infrastructure.” But that insouci-
ance backfired last year when it suffered
a vast cloud breach exposing the per-
sonal details of more than 100m credit
card customers and applicants and
access to 80,000 bank accounts.
A different kind of privacy threat
emerged in Hong Kong last week, with
the big cloud companies fighting off reg-
ulatory attempts to gain access to cus-
tomer data. It remains to be seen
whether hostile regulators have more or
less leverage over big tech than over big
banks. But given that the dominant glo-
bal cloud companies are all American,
mounting geopolitical tensions between
the US and China, and other parts of the
world, will not be helpful.
patrick.jenkins@ft.com
Tuesday 21 July 2020 ★ † FINANCIAL TIMES 7

COMPANIES & MARKETS

Technology Technology

Ebay nears $9bn deal with Adevinta Investor anger

Tie-up with classified ads
unit ends multi-month
auction after activist heat
Arash Massoudi and Kaye Wiggins
London
Richard Milne — Oslo
Ebay is nearing a $9bn agreement to
combine its classified advertising busi-
ness with Norway’s Adevinta in a deal
that would give it a significant stake in
the European group, five people with
knowledge of the matter said.
The decision to combine eBay’s classi-
fied business with Adevinta, a former
unit of Norwegian publishing group
Schibsted, would end a multi-month
auction that was launched after activists
pressured eBay to slim its business.
The eBay classifieds business includes
Gumtree and Canada’s Kijiji, along with
vehicle marketplaces in Denmark, Ger-
many, Italy and the UK, such as
motors.co.uk.
The selection of Adevinta came after a
series of board meetings on Friday and
Saturday in which Jamie Iannone, eBay
chief executive, convinced the US com-
pany’s directors that it should retain
exposure to the classifieds unit.
The exact terms of the $9bn deal with
Adevinta could not be learnt but the
proposal included a significant stock
component that made its offer stand out
against rival bidders.
Technology. Ecommerce
Those bidders, a private equity con-
sortium that included Hellman & Fried-
man, Blackstone and Prosus, the Dutch-
listed arm of South Africa’s Naspers,
offered mostly cash to eBay for the unit,
other people in the auction told the
Financial Times.
By merging rather than selling the
unit, eBay would also save on taxes that
would have been due from a disposal.
Adevinta was spun-off from Schib-
sted in April 2019 and currently has a
market capitalisation of NKr79bn
($8.5bn). Schibsted owns about 60 per
cent of the company before any dilution
that will result from the eBay deal.
Ebay and Adevinta did not respond to
an email seeking comment. Oslo-traded
shares in Adevinta were suspended
after the Wall Street Journal reported
that the two sides were closing in on a
deal. Prosus, Hellman & Friedman and
Blackstone declined to comment.
It would mark the second big disposal
of an eBay asset since calls to focus
solely on its marketplace, which had
“weathered prolonged, self-inflicted
misexecution”, according to a letter
from activist investor Elliott Manage-
ment at the start of last year.
Ebay announced in March 2019 that it
would seek buyers for its StubHub tick-
et-reselling business and its classifieds
group. The group sold its StubHub busi-
ness to Viagogo for $4bn last year.
Classifieds contributed just over 10
per cent — $248m — of eBay’s total reve-
nue in the first quarter of 2020. Pre-
pandemic, the segment was valued by
analysts at between $8bn and $12bn.
Ebay’s business has benefited from
coronavirus lockdown conditions but it
is still being outpaced by its rivals. Its
market share growth has languished
behind Target, Walmart, Best Buy and
others, which have adapted their physi-
cal retail offerings to cater to the appe-
tite for click-and-collect shopping.
Schibsted first entered the classified
business in 2000 when it launched
finn.no, an ad platform in Norway that
is popular for selling everything from
houses to vinyl records and which the
media company still owns.
at Line puts
Japan’s merger
protections
to the test
Kana Inagaki — Tokyo
Robert Smith — London
Japanese WhatsApp rival Line is facing
a potential revolt over a deal to create a
$30bn technology group with Soft-
Bank-backed Z Holdings.
Minority shareholders are unhappy
with the low pricing of a tender offer
that has been delayed by coronavirus.
Investors say the deal, agreed in
November, is one of the sternest tests
yet of Japan’s “fair mergers and acquisi-
tions guidelines”, aimed at strengthen-
ing protection for minority sharehold-
ers. If mishandled, they add, the issue
risks curtailing progress on governance

Battle is joined for SE Asia’s online shoppers
China heavyweights
place large bets on Lazada,
Shopee and Tokopedia
Mercedes Ruehl — Singapore
Henny Sender — Hong Kong
Lazada, the south-east Asian online
shopping site owned by Alibaba, should
have benefited when the virus crisis hit
Singapore in April.
But as the country went into lock-
down, Lazada was unable to meet
demand, cutting the number of goods
on its grocery platform and limiting cus-
tomers to 35 items.
“Lazada restricted supply and
reduced the range of goods just when
they were most needed,” said the head
of a Singapore-based venture capital
fund with many ecommerce invest-
ments. “Everyone was fighting over
delivery slots, and it just angered peo-
ple. I didn’t hear about Alibaba doing
that in China.”
By June, Pierre Poignant, Lazada’s
chief executive, had been replaced.
Chun Li, the new incumbent, is the site’s
fourth boss in just over two years.
The reshuffle was the latest distress
sign from the eight-year-old company,
which Alibaba bought from Berlin-
based Rocket Internet and other inves-
tors, including Tesco, in 2016.
At the time of the deal, it seemed a
straightforward task to replicate the
China heavyweight’s success at home
across south-east Asia, where Amazon
is yet to make significant progress.
But after injecting at least $4bn into
the company to date, making it one of its
costliest overseas ventures, Alibaba has
not found a winning formula.
While it does not break out Lazada’s
performance, Alibaba warned in its
annual report this year that Lazada was
one of the companies that it expected
“to have a negative effect on our finan-
cial results at least in the short term”.
Lazada appears to be falling behind its
biggest rival Shopee in some, if not all, of
its key markets.
According to research from iPrice
Group, App Annie, and SimilarWeb,
Shopee overtook Lazada as the region’s
most used online shopping app in 2019
and was downloaded more often in the
year to May 2020 in the six countries in
which both companies operate: Indone-
sia, Malaysia, the Philippines, Thailand,
Vietnam, and Singapore.
In the two biggest markets, Indonesia
and Vietnam, Shopee had more active
users than Lazada in May.
“You do see faster growth off a small
base by Shopee. Lazada was signifi-
cantly bigger four years ago,” said Simon
Wintels, a partner at McKinsey.
Staff pack items Lazada said it had more than 70m
for delivery at unique customers across the six coun-
Lazada’s godown tries on its platform in the 12 months to
in Depok, March.
West Java It said: “App downloads and web traf-
Darren Whiteside/Reuters
fic are neither investor-recognised met-
rics nor our focus.”
Shopee’s parent is the $50bn Singa-
pore-based Sea Group, a conglomerate
of gaming and ecommerce businesses in
which Tencent, Alibaba’s rival in China,
has a significant stake.
Last year Shopee had more than 1.2bn
orders worth $17.6bn, but its rapid
growth has been partly driven by gener-
ous subsidies.
In its annual report, Sea Group, which
recorded a $1.45bn loss for 2019,
warned that “revenue generated from
monetising our Shopee marketplace
may not offset its significant operating
costs, causing it to operate with losses
for the foreseeable future”.
Mr Wintels said: “You can get pretty
far if you’re willing to spend this
money.”
Nowhere has the expensive battle
played out more intensely than in Indo-
nesia, the most promising emerging
market in the region given its 267m pop-
ulation and a per capita income that is
four times India’s.
Here, Lazada has found itself compet-
ing with not only Shopee but local
online shopping app Tokopedia, which
is also backed by Alibaba, as well as Soft-
Bank. There is a fourth performer in
Bukalapak.
Analysts believe consolidation is inev-
itable. One option is a merger between
Lazada and Tokopedia, since both com-
panies share Alibaba as an investor.
But instead of being the most fear-
some operator, Lazada was a potential
acquisition target, said Paul McKenzie,
analyst at CLSA.
“By 2023, Shopee . . . and Tokopedia
will control two-thirds of the market,”
he said.
There is the difficulty in rolling out
Lazada’s model, which focuses like
Alibaba and Amazon on high-quality
customer service and running its own
logistics.
Lazada had always been “top-heavy”,
said Willson Cuaca, founder of venture
capital firm East Ventures, which is
invested in Tokopedia. “They always
did everything themselves, like owning
their own warehouses.”
By contrast, Shopee and Tokopedia
are “marketplaces” on which small
businesses list their goods for sale and
arrange delivery themselves.
To win back customers, Lazada is
looking to leverage Alibaba’s tech.
Rivalry is Lucy Peng, Lazada’s chair and a co-
founder of Alibaba, said last month that
intense in the group would step up its innovation,
Indonesia such as merging shopping with enter-
tainment and social experiences includ-
with its ing live-streaming.
267m But relying more heavily on Alibaba
brings its own worries. Wary south-east
population Asian shoppers perceive Lazada as a for-
and per eign company, first German, now Chi-
nese, compared with Shopee, which has
capita emphasised local hiring programmes.
income Lazada’s upper and middle managers
— for tech roles at least — tend to be
four times imported from China. They “may not be
India’s as familiar” with the region, said Taohai
Lin, a consumer and retail analyst at
Fitch Solutions.
The competition is set to intensify.
Investors and rivals are preparing for
Amazon, which has launched in Singa-
pore, to continue its advance in the
region. Tokopedia is raising at least
another $1bn from investors.
“If I had to back one company, I would
pick Tokopedia,” said Yinglan Tan,
founder of Insignia Ventures Partners in
Singapore.
It “has the model of Taobao [consum-
er-to-consumer], while Lazada started
with the business-to-consumer model
of T-Mall. It is the wrong timing. It is too
sophisticated for Indonesia.”
that was made before the pandemic.
The dispute comes as SoftBank has
promised to improve oversight of its
subsidiaries and the vast web of compa-
nies in which it invests following the cri-
sis at US property group WeWork.
The controversy was deepened in late
June by an announcement from Z Hold-
ings, a subsidiary of SoftBank’s telecoms
arm formerly known as Yahoo Japan,
and Line, which is 73 per cent owned by
South Korean internet search group
Naver. The pair said they were delaying
the October closing date because of
coronavirus-related delays in obtaining
regulatory approvals.
In separate letters sent to Line’s board
this month, several overseas hedge
funds questioned both the deal’s valua-
At the heart of
the disagreement is
the tender offer price
for Line’s shares
tion and the process by which the tender
offer price was reached, according to
three people involved in writing the let-
ters. The funds declined to be identified
for this article.
These investors argued that Line’s
three-member special committee was
not independent, as defined by the gov-
ernment guidelines, since two of its
members were appointed to the board
of Z Holdings last month despite being
in charge of evaluating the integration
on behalf of minority shareholders.
The M&A guidelines, drawn up by
Japan’s Ministry of Economy, Trade and
Industry, take aim at transactions that
involve separately listed parent compa-
nies — such as the Line-Z Holdings deal
— given the strong potential for abuse of
minority shareholders and conflicts of
interest.
At the heart of the disagreement is the
tender offer price for Line’s shares.
Investors have complained it is too low,
especially in light of the coronavirus-
driven rally in global internet stocks.
Since the deal was first reported,
shares in Z Holdings have risen 30 per
cent while Naver has climbed 66 per
cent. But Line has hovered near its ten-
der offer price of ¥5,380 ($50), only
briefly rising to ¥5,670 on expectations
the pricing could be reviewed.
The original ¥5,380 tender offer price
was a 17 per cent premium to the closing
price of November 13 before shares
surged on media reports of the deal.
Since Line’s minority shareholders
are being pushed out at ¥5,380 a share
under the tender offer, they argue they
have been unable to benefit from the
market rise while SoftBank’s mobile
unit and Naver are getting better terms
under the integration.
Line declined to comment, pointing
to its statement last month in which it
said “no change is currently anticipated
to the tender offer prices”.

Oilfield services Mining

Halliburton slashes costs as losses hit $1.7bn
Myles McCormick — LONDON
Halliburton took a writedown of
$2.1bn yesterday, even as it managed to
slash spending, as the crash in crude
prices caused work to dry up in the oil-
field services sector.
The group, one of the biggest oilfield
services providers, is the latest com-
pany to account for the crude price col-
lapse on its balance sheet. Analysts
expect hundreds of billions of dollars
worth of writedowns across the sector
before the year is out.
The impairment pushed Halliburton
to a net loss of $1.7bn in the three
months to June, although efforts to cut
costs allowed it to post an adjusted oper-
ating income of $236m — beating ana-
lysts estimates and sending shares up 8
per cent in early trading.
“Halliburton’s second-quarter per-
formance in a tough market shows we
can execute quickly and aggressively to
deliver solid financial results and free
cash flow despite a severe drop in global
activity,” said Jeff Miller, Halliburton’s
chief executive.
“Our results demonstrate a significant
and sustainable reset to the power of our
business to generate positive earnings
and free cash flow.”
Services groups carry out the oil ind­-
ustry’s essential work, from drilling
wells to installing pipes and supplying
sand and maintaining roads. They tend
to be hit hard by downturns, as produc-
ers cut expenditure and put any new
work on hold.
But analysts lauded Halliburton for
managing to impose discipline in the
face of the downturn.
Stephen Gengaro at Stifel Financial
said the “aggressive cost-cutting initia-
tives” had allowed Halliburton to beat
market expectations “despite the very
stiff macro headwinds”.
Nonetheless, with oil prices remain-
ing historically low, the performance is
significantly weaker than last year. The
net loss of $1.7bn compares with a $75m
profit in the June quarter of 2019. Total
revenue of $3.2bn was down 45 per cent
on the same period last year.
In line with the rest of the services sec-
tor, the company has been forced to cut
thousands of jobs. In March it said it
would furlough 3,500 employees at its
Houston headquarters, before cutting
1,000 jobs in May.
The bulk of the 100,000 jobs lost in
the US oil and gas industry since the
beginning of the crash, triggered by the
pandemic and a price war between Rus-
sia and Saudi Arabia, have been in
­services.
Glencore zinc chief prepares to bow out
Neil Hume
Natural Resources Editor
Glencore’s top zinc executive is to step
down as the generational shift at the
top of the most powerful commodity
trader continues.
Daniel Maté will leave the Switzerland-
based company at the end of the month,
handing responsibility for zinc and lead
trading to Nikola Popovic, according to
people with knowledge of the situation.
The imminent retirement of Mr Maté
brings closer the break-up of the “bil-
lionaire boys’ club”, the members of
which built Glencore into the commod-
ity industry’s dominant participant and
became very wealthy when the com-
pany listed in London.
Only two of the divisional heads from
the time of Glencore’s initial public
offering in 2011 — chief executive Ivan
Glasenberg and Tor Peterson, head of
coal trading — are still at the company.
The rest, including copper kingpin Telis
Mistakidis and head of oil Alex Beard,
have left.
Mr Glasenberg, who has led the group
since 2002, has said he will complete the
transition before considering retire-
ment. “I’ve always said I don’t want to be
an old guy running this company,” Mr
Glasenberg, 63, told analysts and inves-
tors in December.
In the almost half-century that Glen-
core has traded commodities, the com-
pany has had just three chief executives,
including founder Marc Rich.
Mr Maté, a Spaniard in his late 50s,
joined the company from university in
1988 and was appointed head of zinc
“marketing”, or trading, in 1991.
He is Glencore’s fifth-largest share-
holder, with a 3.41 per cent stake worth
more than $1bn at the company’s cur-
rent share price of 182p. Only Mr
Glasenberg has a larger personal hold-
ing, with a 9 per cent per cent stake
worth $2.75bn.
While Glencore’s zinc business rarely
attracts the attention of copper, coal or
oil divisions, it is an important source of
income.
Mr Maté hit the headlines in 2015
when he slashed more than a third of
Glencore’s zinc production in response
to a crash in commodity prices.
Last year, Glencore traded 3.1m
tonnes of zinc. It produced 1m tonnes of
the metal, which accounted for about 20
per cent of the earnings generated by
Glencore’s “industrial”, or mining, arm.
Mr Maté has already handed over
most of his responsibilities to Mr Popo-
vic, who most recently ran Glencore’s
zinc business in Kazakhstan.
8 ★ FINANCIAL TIMES Tuesday 21 July 2020

COMPANIES & MARKETS

Banks

Asia’s richest man declares mission Julius Baer

over after erasing Reliance debt pile
Ambani’s Jio digital unit raises $20bn in months but stalled Saudi refining deal casts a cloud
Benjamin Parkin — New Delhi
Anjli Raval — London
Last August, Mukesh Ambani made an
onstage pledge in front of thousands of
applauding shareholders. He would
bring in global investors to eradicate
Reliance Industries’ net debt, which had
ballooned above $20bn as the conglom-
erate expanded its young telecoms and
digital venture, Jio, within 18 months.
Now, as coronavirus rages in India
and upends business operations, Asia’s
richest man has declared mission
accomplished. Jio’s $4.5bn investment
from Google, announced last week,
extends a three-month deal run in
which 13 global investors from Face-
book to KKR to Mubadala have poured
$20bn into the company. “Never have I
felt more optimistic,” Mr Ambani said.
Reliance, which also completed a
$7bn rights issue last month, says its net
debt — total debt minus cash — is now
zero in what observers say marks the
culmination of one of the world’s swift-
est and most unexpected deleveraging
drives, all amid the throes of the pan-
demic.
It came despite Mr Ambani conceding
that a deal announced last year for Saudi
Aramco to invest roughly $15bn in Reli-
ance’s core refining unit had stalled
because of turbulence in energy mar-
kets. The revelation on what had
become a protracted source of uncer-
tainty for shareholders knocked the
company’s stock 4 per cent off its record
perch on Wednesday, although it has
since regained much of the lost ground.
Mr Ambani, however, says Reliance
has now met its equity requirements.
Private equity and venture capital
investments in Jio in May and June alone
exceeded in value all other Indian PE
and VC deals so far this year, according
to EY, reversing a sharp drop in inflows
when the pandemic hit in March.
“This isn’t something I’ve seen in
India, and I suspect the entire fundraise
would be unprecedented globally as
well,” said Amit Tandon, founder of
Institutional Investor Advisory Serv-
ices.
For US groups such as Google and
Facebook, India has often proved a
tricky regulatory market. At a time
when Chinese competition has been
sharply curtailed, analysts say Reliance
is best placed to dominate the fast-grow-
ing digital economy, combining a
sprawling on-ground operation with
political savvy and a favourable image
as India’s would-be national champion.
Since launching in 2016, Jio has grown
into India’s largest telecoms operator by
users with 388m subscribers. It is push-
ing ahead with new ventures from an
ecommerce platform to digital
payments and even a videocon-
ferencing service, JioMeet.
Reliance has “got a vision to
give data consumption and
services to the Indian house-
holds and businesses at their
doorstep at the most afforda-
ble prices”, said Sanjay
Nayar, India chief exec-
utive at KKR, which
invested $1.5bn in Jio
in May. “What’s
affordable for China
and America is not
affordable for India.”
Over the past dec-
ade, Reliance has
used its lucrative
petrochemicals and
refining operations
to borrow billions of
Reliance has been able to cut debt as tech groups plough into its Jio platform
Debt ($bn)
Net debt Net debt + other liabilities
2010 15
Sources: FT research; CSLA
Jio’s investment dollars to expand Jio, from laying a
push has been nationwide fibre network to producing
helped by cheap mobile phones, muscling out
Mukesh incumbents that could not match its low
Ambani’s prices.
daughter Isha, But the company’s mounting leverage
below — Sanjit Das/ — its net debt to equity ratio rose tenfold
Bloomberg; Indranil
between 2013 and last year, according to
Mukherjee/AFP
Bernstein Research — unnerved inves-
tors and analysts.
Shortly before Mr Ambani made last
year’s debt pledge, Credit Suisse, for
example, had lowered its rating on the
stock to “underperform”.
Reliance did not respond to a request
for comment.
Scrutiny of Reliance’s debt contrib-
uted to Mr Ambani’s decision to
announce the Saudi Aramco deal last
August, despite the parties having only
signed a non-binding letter of intent,
according to one person familiar with
the agreement.
By then, it was also clear internally
that Reliance’s strategy would be to
court US west coast investors and sover-
eign wealth funds for investments in Jio,
according to another person.
That plan became more urgent in the
early months of 2020 when the pan-
demic caused a plunge in oil prices and
Deal value ($bn)
40 Vista Equity Partners 1.5
Silver Lake 0.8
30
Facebook
20 5.8
10
Apr
0 2020 General Atlantic 0.9
20
a sharp drop in demand for Reliance’s
energy products, still its main source of
revenues. Reliance’s representatives
contacted some would-be investors
around this time, one person said.
Mr Ambani was clear Jio needed to
secure a big investor first, and reached a
$5.7bn deal with Facebook in April. Oth-
ers followed at a rate of about one a
week, with negotiations conducted over
Zoom and some deals put together in as
little as 10 days, the people said.
The talks were mostly led by Manoj
Modi, Mr Ambani’s publicity-shy
former classmate and veteran confi-
dant, with Mr Ambani’s 28-year-old
twin children, Akash and Isha, also
involved.
Mr Ambani has proudly told insiders
the plan was executed “like clockwork”
despite the global crisis, according to
one of the people briefed. “No one
expected it to happen so soon,” the per-
son said. “He didn’t need to clock all
those air miles.”
While Reliance says it is net debt free,
the bulk of the funds raised through the
rights issue will only be received next
year. Several analysts, including those at
Nomura, also have higher estimates of
Reliance’s leverage, putting net debt
Abu Dhabi Investment Authority 0.8
TPG Capital 0.6
Mubadala 1.2 Public Investment Fund 1.5
Intel 0.3
KKR
1.5
Qualcomm 0.1
May Jun Jul
Google 4.5
Silver Lake
(additional investment) 0.6 L Catterton 0.3
Mukesh before the fundraising above $30bn on
account of obligations such as spectrum
Ambani liabilities that it calculates separately.
has proudly The fate of the Saudi Aramco deal,
Reliance’s biggest, remains unclear.
told While neither side has said it is off, one
insiders the of the people said the nature of the part-
nership was now uncertain, with the
plan was pandemic hit to the Saudi state energy
executed giant’s finances exacerbating reserva-
tions about the deal. Bernstein says Reli-
‘like ance will probably have to accept a
clockwork’ lower valuation if it is to go ahead.
Having cut the debt, observers say
Reliance now needs to deliver on Jio’s
nascent digital forays to boost its valua-
tion ahead of a planned public listing.
These include its hyperlocal ecom-
merce service, which it has paired with
Facebook’s WhatsApp messaging serv-
ice, and a new 5G project.
But such is Reliance’s heft that private
equity investors reason a stake in Jio will
prove a reliable bet, said Jayanth Kolla,
founder of Bangalore-based consul-
tancy Convergence Catalyst.
With coronavirus, “fund managers’
strategies are out of the window”, he
said. “For their scale and ticket sizes,
[investing in Jio] is as stable as it gets in
the current environment.”
bolstered by
volatility
in first half
Owen Walker
European Banking Correspondent
Heavy trading by ultra-wealthy clients
helped Julius Baer achieve record prof-
its in the first half.
The Swiss private bank announced yes-
terday SFr491m ($523m) of net profits,
up 43 per cent year on year, while earn-
ings per share rose 45 per cent to
SFr2.28.
“With the political risk and effects of
stimulus, we are in for a pretty [unset-
tled] second half of the year, which will
add volatility and be good for trading,”
Philipp Rickenbacher, chief executive,
said. “You sense a degree of optimism
from my side.”
The results are an early indication of
how fellow Swiss banks dedicated to
serving rich clients performed through-
out the crisis. UBS reports its quarterly
results today, while rival Credit Suisse
will publish on July 30.
Net commission and fee income
increased 8 per cent for Julius Baer in
the first half of the year, during which
markets swung sharply.
The company said that this had
been “driven by significantly higher
brokerage commissions and income
from securities underwriting following
a strong increase in client transaction
volumes”.
Switzerland’s third-largest lender
benefited from a boost in trading in cur-
rencies, derivatives, precious metals
and structured products.
But analysts at Vontobel, the private
bank, said they expected “much lower
Trading in currencies,
derivatives, precious
metals and structured
products received a boost
gross margin and profits” in the second
half.
“Julius Baer [was] able to significantly
benefit from high levels of client activity
and a favourable market environment.
Such an environment is unlikely to be
sustained, and the full impact from
lower US dollar rates will be felt,” wrote
Andreas Venditti.
Analysts expected strong results from
Julius Baer after the group published an
interim management statement in May
showing a big increase in client trading.
But yesterday’s results indicated that
activity fell off in May and June, sending
the company’s share price down 3 per
cent by lunchtime in Europe.
In February, Mr Rickenbacher, who
became chief last year, unveiled a shift
in emphasis for the bank away from
asset gathering. The strategy included
300 job cuts and plans to end relation-
ships with clients that were no longer
profitable.
Just weeks later, Julius Baer was hit by
sanctions from Finma, the Swiss mar-
kets regulator, tied to its connections in
alleged cases of corruption between
2009 and 2018, involving Petróleos de
Venezuela, a state-owned energy group,
and Fifa, international football’s gov-
erning body.
“We are on the right track to resolving
the issues of the past. We will do so with
a lot of energy as we go into the next
year,” said Mr Rickenbacher. “It is our
intention to work very, very closely with
[Finma] to lift those restrictions as soon
as we can.”
This month the bank announced
plans to launch a division selling private
equity and debt investments to its ultra-
wealthy clients.

Pharmaceuticals. Covid-19

GSK acquires 10% of German drugmaker in race to produce vaccine

Tie-up with CureVac reflects
deepening sector interest in
infectious disease investment
Donato Paolo Mancini —Rome
GlaxoSmithKline has agreed to buy
nearly 10 per cent of German drug-
maker CureVac, a participant in the race
to produce a coronavirus vaccine.
The FTSE 100 drugmaker said yester-
day that it would pay £130m for the
stake in CureVac.
It will also make a cash payment
of £104m to fund research and
development of mRNA vaccines, a tech-
nology that scientists believe could
be harnessed for immunisation against
the virus.
The agreement does not include
CureVac’s existing Covid-19 and rabies
vaccine programmes. But the equity
stake in CureVac makes GSK well
placed to benefit from increases in
the German group’s valuation fuelled
by investor optimism about its corona-
virus product.
The mRNA technology, when used in
vaccines, allows the body to fend off
infections by expressing proteins that
are called antigens. Some efforts to
investigate a Covid-19 vaccine also rely
on this process.
Adam Barker, an analyst at Shore
Capital, said the move was a recognition
of the potential of mRNA vaccine tech-
nology, which has gained more promi-
nence in the pandemic.
He noted that it potentially signalled a
greater interest from large pharmaceu-
tical companies in investing in infec-
tious diseases, a field they have mostly
been retreating from in recent years.
Last month, Berlin said it planned to
invest €300m for a 23 per cent stake in
CureVac, a move that was disclosed on
Boost for Synairgen
Interferon beta increases
likelihood of recovery
An initial trial showing that an
immunosuppressant drug can greatly
increase the likelihood of recovery
among patients hospitalised by Covid-
19 sent the share price of biotech
company Synairgen soaring yesterday.
In a study of 101 patients from nine
UK hospitals, those given interferon
beta, commonly used to treat multiple
sclerosis and thyroid dysfunction,
were more than twice as likely to
recover and were 79 per cent less
likely to develop a more severe version
of the disease.
Their breathlessness was “markedly
reduced”, the company said.
The results have not yet been peer-
reviewed or publicly published, but
other studies have indicated that beta
interferon can inhibit Sars-Cov-2
reproduction in human cells and mice,
and may protect against disease.
Interferons are produced by the
body as part of the immune response.
Synairgen, which spun out from
Southampton University, conducted
the trial from March 30 to May 27.
The share price rose more than 480
per cent to 212p in early trading on the
news but eased to 174p later on.
Richard Marsden, chief executive,
said that the trial of another drug
to treat patients with Covid-19 who
have not yet been hospitalised was
under way. “We want to get them
earlier in the course of the infection
with the aim of keeping them out of
hospital,” he said. Anna Gross and
Donato Paolo Mancini
the day the privately held biotech said it
was planning an initial public offering.
The company had attracted the inter-
est of the White House in March, Ger-
man media reported, after an executive
met Donald Trump.
The report sparked outrage from
Berlin, although the group later denied
that there had been an approach from
Washington. The executive reported to
have met Mr Trump eventually left the
company.
That investment valued the group at
€1.3bn, said Mr Barker. But GSK’s deal
increased that to €1.5bn, “a sign of
progress in the past few weeks and
months”.
Governments have been jostling to
acquire preferential access to experi-
mental vaccines and drugs to treat Cov-
id-19. Last month, for example, Wash-
ington bought nearly all company-made
supplies of an antiviral drug made by
Gilead Sciences, shown to reduce hospi-
tal stays for Covid-19 patients, until the
end of September.
Under the terms of its deal with GSK,
CureVac would be eligible to receive up
to £606m in various milestone pay-
ments, as well as tiered royalties on rev-
enues, said the companies.
The UK group declined to comment
further on the milestones.
GSK will make a reimbursable pay-
ment to CureVac of £26m for the reser-
vation of manufacturing capacity once
the drugmaker wins certification for a
plant under construction in Germany.
The UK-based group has been work-
ing with France’s Sanofi to develop a
Covid-19 vaccine, and it has increased
manufacturing capacity for its adju-
vant, which can help give longer lasting
immunity, in preparation for when a
vaccine is shown to work — something
that could make large-scale immunisa-
tion quicker.
See Lex
Tuesday 21 July 2020 ★ FINANCIAL TIMES 9

COMPANIES & MARKETS

Fixed income. Covid crisis Fixed income

Italian bonds
Moody’s clashes with UN rally on hope
for eurozone
over G20 debt-relief drive recovery deal
Tommy Stubbington

A key measure of risk in eurozone bond

Rating agency says repayment
freeze scheme raises risks of
losses for private creditors
Camilla Hodgson
Moody’s has clashed with the UN after
putting five countries on review for a
downgrade in recent weeks, saying that
a G20-backed debt suspension scheme
poses risks to private creditors.
The rating agency took action against
Ethiopia, Pakistan, Cameroon, Senegal
and the Ivory Coast after the countries
opted into a G20-backed initiative that
allows them to freeze official bilateral
debt repayments due this year to
member nations and members of the
Paris Club, a group representing major
credit countries.
Moody’s said participation in the
scheme — which has been endorsed by
the World Bank — raises the risk of
losses for investors in the countries’
bonds because the G20 has called
on private sector creditors to offer
“comparable” relief.
Any such renegotiation with private
lenders could constitute a default and
cause investors to lose money, the
agency said.
The United Nations’ Department of
Economic and Social Affairs has taken
issue with Moody’s stance — saying the
scheme “should improve countries’
debt sustainability and therefore should
not be a basis for credit downgrades”.
It added: “Borrowing countries
should come out of the programme with
stronger credit than if they had not
participated.”
David Malpass, World Bank president,
urged the G20 last weekend to extend
the debt-relief scheme to the end of
2021, adding that commercial creditors
Scheme participants in Moody’s cross hairs
G20-backed debt suspension scheme, debt payments deferred in 2020 ($bn)*
0 0.5 1.0
Pakistan
Ethiopia
Cameroon
Ivory Coast
Senegal
* Estimate as of Jul 15 2020
Source: World Bank
of governments taking part in the
scheme should “discontinue their
collection” of principal and interest.
The scheme was launched in April as a
way to help some of the world’s poorest
countries manage the impact of the
Covid-19 pandemic.
It allows eligible borrowers to pause
debt repayments to official bilateral
creditors until the end of the year and
then to repay that money over a four-
year period. None of the debt is
cancelled.
The World Bank has estimated that
up to $11.5bn in repayments could be
postponed this year if all 73 eligible
countries were to take part in the
initiative.
To date, though, only 42 have applied
for relief, according to the G20, and 18
have signed agreements with the Paris
Club.
Analysts said the lack of sign-ups
could indicate some wariness among
governments in taking part in the
programme.
Some of those that have not yet signed
up are at “high risk” of debt distress,
including Ghana, Haiti and Kenya,
1.5 2.0 2.5 3.0
while two — South Sudan and Somalia —
are already in distress, according to the
World Bank.
Charles Robertson, chief economist at
Renaissance Capital, said there could be
a stigma attached to participation in the
scheme and that some governments
want to “avoid being lumped in with
countries that have borrowed
excessively in recent years”.
The G20 said sign-ups to the pro-
gramme had “significantly accelerated”
since last month when it clarified that
opting in did not oblige countries to ask
private creditors to renegotiate terms.
Moody’s said its reviews, which are
open-ended, indicate that the agency is
uncertain about whether private sector
creditors would incur losses as a result
of countries signing up to the scheme.
Matt Robinson, head of the sovereign
risk group’s Middle East and Africa
team at Moody’s, said it would not be
appropriate, in that context, to assign
the usual “stable outlook” to the rating.
“We need to acknowledge there’s a
risk,” he said. “The IMF and the World
Bank are in a very influential position,
[able] to exert pressure on sovereigns to
Moody’s has put implement measures that could
five countries on ultimately be credit-negative for the
review for a private sector.”
downgrade due Moody’s acknowledged that the
to the scheme governments of Senegal and the Ivory
Emmanuel Dunand/AFP/Getty
Coast had committed to repaying
private creditors, rather than asking
them to renegotiate terms, but noted
that those promises were at odds with
the G20’s call for private sector lenders
“to participate in the initiative on
comparable terms”.
Fitch, another major rating agency,
said last week that relief from private
sector creditors could qualify as a
default but that it did not view this
as “sufficiently likely” to affect its
sovereign ratings.
Neither it nor S&P Global, the third
leading agency, have put any countries
on watch as a result of their participa-
tion in the scheme.
The Institute of International
Finance, a trade group created in the
wake of the Latin American debt crisis
of the early 1980s, said last week that
none of the banks and asset managers it
had surveyed about the initiative —
which together manage almost $25tn in
assets — had received any formal
requests for debt suspension from
borrowers, though a few had received
informal inquiries about the process.
Daniel Bradlow, professor of
‘Borrowing international development law and
African economic relations at the
countries University of Pretoria, said it was
should come sensible for borrowers to seek whatever
flexibility is available to manage the
out of the Covid crisis.
programme Such nations will be “best positioned
to get new lending” in future, he said,
with rather than those that have “carefully
stronger paid back their debts on time, all the
way through the crisis — at the expense
credit’ of people’s health”.
markets that spiked when the Covid
crisis intensified in March has returned
to levels seen at the start of the year, on
optimism that EU leaders are close to
striking a deal to fund the bloc’s recov-
ery from the pandemic.
Italy’s 10-year government bond yield
sank sharply yesterday, along with bor-
rowing costs in other southern Euro-
pean countries seen as riskier bets by
bond investors. The move pushed the
extra yield demanded by investors to
hold Italian debt, rather than ultra-safe
German bonds, to just 1.58 percentage
points, almost exactly the same level
seen at the beginning of January.
The spread between German and Ital-
ian 10-year yields had spiked to more
than 4 percentage points in March as
investors worried that the economic
fallout from the Covid-19 crisis would
lead to an unsustainable surge in bor-
rowing by Rome.
A weekend summit ended early yes-
terday after Charles Michel, president of
the European Council, floated a new fig-
ure of €390bn in grants for stricken
countries from the recovery fund.
This was lower than proposals going
into the summit but higher than earlier
demands from an alliance of nations
including the Netherlands, which have
‘It’ll be the first time I can
remember that Europe as
a whole gets together and
beats market expectations’
resisted plans to allow the EU to borrow
unprecedented sums to support the
countries worst hit by the pandemic.
Despite the deadlock, investors were
encouraged by optimistic comments
from leaders including Dutch prime
minister Mark Rutte over breaking the
impasse once negotiations resumed
later yesterday. The euro hit a four-
month high against the US dollar follow-
ing the remarks.
Iain Stealey, international chief
investment officer for fixed income at
JPMorgan Asset Management, said mar-
kets had not anticipated any agreement
until later in the summer. “If they get
there it’ll be the first time I can remem-
ber that Europe as a whole gets together
and beats market expectations,” said Mr
Stealey, who favours Italian bonds in his
portfolios. “We’re so used to eleventh-
hour deals with the EU.”
The latest gains for Italian bonds —
seen as a bellwether for risks of a euro-
zone break-up, because of the country’s
enormous debt pile — complete a vola-
tile round trip since January. In addition
to the impact of coronavirus, which has
hit Italy’s economy harder than most in
the EU, investors have shrugged off a
FastFT downgrade by Fitch to just one notch
Our global above junk in April, raising the alarming
team gives you prospect of the country losing its cov-
market-moving eted “investment grade” status.
news and views, Investors have also been reassured by
24 hours a day the European Central Bank’s vast emer-
ft.com/fastft gency bond-buying programme, which
was expanded to €1.35tn last month.

Currencies Equities

US dollar dominance likely to amplify US regulator fines Citadel Securities

pandemic crisis impact, IMF warns
Eva Szalay
The dollar’s exchange rate will be a key
factor in the pace of global economic
recovery while domestic currencies
will have a smaller impact as the world
struggles to bounce back from the pan-
demic, according to a study by the IMF.
The findings come in a fund discussion
note called “Dominant Currencies and
External Adjustment”, which said the
US currency’s role in trade and finance
would exacerbate the impact of corona-
virus on the global economy.
Emerging markets currencies have
seen their value plummet against the
dollar during the pandemic, raising
hopes that weaker exchange rates will
make their exports more competitive
and boost struggling economies.
But the IMF found that weaker
exchange rates would be less effective
shock absorbers than in the past, due to
the dollar’s role as the dominant invoic-
ing and financing currency.
Because exports are priced mostly in
dollars, demand does not go up when
the domestic currency weakens.
Some 23 per cent of global exports are
invoiced in US dollars, not counting
commodity markets, which are largely
priced in the currency.
The “outsize” reliance on the dollar
for trade has also made the US cur-
rency’s value a key driver of global eco-
nomic growth.
When the greenback strengthens, it
becomes more expensive for countries
outside the US to pay for imports, reduc-
ing demand and, in turn, economic
activity.
“The dominance of the US dollar in
trade and finance is likely to amplify the
impact of the Covid crisis,” said the
authors of the paper, including IMF
chief economist Gita Gopinath and
senior economist Gustavo Adler.
In March, equity markets sold off
sharply as investors digested the impli-
cations of the pandemic, leading to a
worldwide scramble for dollars that
squeezed the exchange rate higher and
eventually forced the US Federal
Reserve to launch emergency swap lines
with more than a dozen central banks.
Since the end of May, the dollar has
weakened and demand for the Fed’s
swap lines has eased.
But emerging markets currencies
remain significantly weaker against the
dollar than before the crisis. The Brazil-
ian real has lost a third of its value this
year while the Mexican peso has slipped
some 20 per cent against the dollar.
Sectors such as tourism, which tend to
be the most sensitive to local exchange
rate changes, continue to be heavily
constrained by the coronavirus, adding
to woes.
“For the ongoing Covid crisis, the
dominance of the US dollar implies that
the observed weakening of emerging
and developing countries’ currencies is
unlikely to provide material boost to
their economies in the short term,” the
paper said.
Despite a recovery in markets and
budding optimism about the prospects
of the global recovery, there is a risk that
another surge in the dollar’s exchange
rate could drag on activity.
Flare-ups in the virus and renewed
demand from safety-seeking investors
could push the dollar’s exchange rate to
strengthen, which will “amplify the
short-term fall in global trade and eco-
nomic activity”.
“[A strong dollar] has a contraction-
ary effect on global economic activity,”
the IMF said.
after ‘over the counter’ trading breach
Richard Henderson
The US financial industry regulator has
fined Citadel Securities $700,000 for
trading ahead of customer orders,
dealing a blow to the market-making
firm that has benefited from a big rise
in retail trading this year.
Chicago-based Citadel Securities
delayed certain equity orders from
clients to buy or sell shares while contin-
uing to trade the same stocks in its own
account, as part of its market-making
activities, Finra said.
The claims relate to “over the coun-
ter” equity trades, which are carried out
away from public stock exchanges and
then reported to regulators.
Over a two-year period until Septem-
ber 2014, the market-maker removed
hundreds of thousands of large OTC
orders from its automated trading proc-
esses, according to Finra. That rendered
the orders “inactive”, so they had to be
handled manually by human traders.
Citadel Securities then “traded for its
own account on the same side of the
market at prices that would have
satisfied the orders”, without immedi-
ately filling the inactive orders at the
same or better prices as required by
Finra rules, the regulator said.
In February 2014, a sample month
reviewed by Finra, the market-maker
traded ahead in nearly three-quarters of
the inactive orders. “Based on this
review, in 559 instances, Citadel Securi-
ties traded ahead of 415 inactive OTC
customer orders,” the regulator said.
Citadel Securities will pay a fine of
‘Based on this review, in
559 instances, Citadel
Securities traded ahead of
415 inactive OTC orders’
$700,000 under the terms of a settle-
ment with the regulator without admit-
ting or denying the claims. The com-
pany is also required to make good any
customers affected.
In a statement, Citadel Securities said:
“We have addressed all of Finra’s con-
cerns and take very seriously our obliga-
tions to comply fully with its rules. The
issue relates to a limited number of
manually handled orders, most of
which occurred in 2012-2014.”
Citadel Securities is majority-owned
by Ken Griffin, the billionaire investor,
and is the sister firm to Citadel,
the hedge fund he runs.
The company is the biggest US retail
market-maker with a 40 per cent share
and has emerged as one of the big
winners from the boom in retail invest-
ing through the pandemic.
The company makes money from the
difference between orders to buy and
sell a stock, known as the spread, and
buys up orders from the big retail trad-
ing platforms including Charles Schwab
and Robinhood that have attracted
record numbers of new customers this
year.
Finra also said Citadel Securities fell
short of supervisory requirements and
failed to display certain OTC customers’
limit orders — instructions to buy or sell
at a specific price, or better.
Nearly half of the 467 limit orders
reviewed by the regulator in the six
years until September 2018 were found
to violate Finra’s requirements to dis-
play orders. The bulk of the violations
were for failing to execute trades against
existing quotations in a timely manner,
Finra said.
10 ★ FINANCIAL TIMES Tuesday 21 July 2020

COMPANIES & MARKETS

The day in the markets China’s central bank

What you need to know
has better stimulus
3 Promising coronavirus medical
options than US Fed
Spread between Italian and German bonds narrows
developments help to lift sentiment
3 Italian core debt rallies on hopes of EU Italy-Germany 10-year yield spread (percentage points)
leaders striking funding deal
3 Chinese stocks climb following reports
of Beijing support
3.0
Ed Cole
Optimism around vaccine headlines and
hope that EU emergency funds would be 2.5 Markets Insight
agreed helped to lift stocks yesterday.
Two potential medical breakthroughs

W
helped the FTSE All-World index rise 0.4 estern depictions of the credit impulse increased to 20 per cent quarters relate to credit. Meanwhile, it
per cent, near its highest level since late 2.0 relative performance of in the wake of the 2008 crisis and rose is notable that the non-bank share of
February. the US Federal Reserve again during the sovereign debt crisis of overall “total social financing”, a broad
Shares in Synairgen soared more than and the People’s Bank 2012 and the 2015 deflation scare. measure of liquidity and credit in the
400 per cent after a drug produced by of China invariably In periods of relative calm, mean- economy, has ex­panded again.
the UK-based biotech group was shown 1.5 present the former as sophisticated and while, the credit impulse tends to fall: Gains are driven mostly by the issu-
to significantly increase the likelihood of proactive, while the latter is portrayed to -8 per cent in 2011, -7 per cent in 2014 ance of corporate bonds but even trust
recovery among Covid-19 patients. as reactive and bureaucratic. and -6 per cent in 2018. and entrusted loans — the bread and
AstraZeneca, meanwhile, rose 1.5 per If you take a moment to examine In this latter period, the PBoC tried to butter of the shadow banking system
cent following reports that a coronavirus these preconceptions, you can see how rein in some of the excesses in credit whereby non-banking institutions lend
1.0
vaccine it was developing with Oxford wrong they are. that it viewed as a threat to longer term to one another — have recovered.
university had generated “robust immune Jan 2020 Jul The firepower of central banks is systemic stability. This year, non-bank financing is on
responses” and was “tolerated” among
Source: Refinitiv
under scrutiny as countries look for The move was largely aimed at the pace to contribute 16 per cent of overall
patients in a phase 1 trial. ways to claw themselves out of recession shadow banking sector, which encom- growth in TSF.
“This vaccine is regarded by many to induced by the spread of Covid-19. passes all loans extended by financial That is a significant increase from 6
be the furthest along of all candidates,” pandemic led to Friday’s negotiations The continent-wide Stoxx Europe 600 While the Fed has taken to loading its companies that do not typically have a per cent last year and a negative contri-
said analysts at BMO Capital Markets. spilling over into the weekend and index rose 0.8 per cent while Frankfurt’s balance sheet with bonds and taking bution in 2018. The acceleration should
AstraZeneca is up more than 20 per yesterday as a group of richer member Xetra Dax climbed 1 per cent and corporate credit risk for the first time, lift the credit impulse and, in turn, boost
cent this year. states locked horns with countries such London’s FTSE slipped 0.5 per cent. the PBoC has resisted traditional quan- China can recover faster economic activity.
Fraught talks among EU leaders also as Italy and Spain that were likely to be On Wall Street, the S&P 500 was up 0.4 titative easing. from Covid-19 and suffer Critics will argue that the PBoC is
triggered sharp moves from the single the biggest recipients of the funds. per cent at lunchtime in New York as With US equity markets soaring and pushing on a string. Maybe, but it was a
currency and the continent’s bonds. Expectations a deal would be struck President Donald Trump faced mounting credit spreads tightening materially, less economic impairment common argument three months ago
The euro rose more than 0.3 per cent helped Italian government debt rally with pressure to approve new funding for most of the plaudits have gone to the than large parts of the west that the Fed was out of options.
to touch a four-month high against the the yield on the 10-year bond falling 6 coronavirus testing to tackle outbreaks. Fed. It appears to us that the PBoC has
US dollar, hitting $1.1467 in the morning, basis points to 1.17 per cent. In Asia, China’s CSI 300 index of But when you take a more nuanced more avenues open to it than its
“driven by fresh optimism that EU leaders The gap between the 10-year yield of Shanghai and Shenzhen-listed stocks look, it becomes clear that the PBoC is banking licence and do not collect US counterpart, particularly if it
are moving closer to an agreement on the Italian debt and the equivalent German rose 3 per cent following reports that successfully engineering a recovery deposits. supplements its use of credit channels
EU recovery fund”, said Lee Hardman, bond, viewed as the safest debt on the Beijing would allow insurers to invest without recourse to unconventional Before the onset of Covid-19, I was with the “whatever works” approach
currency analyst at MUFG Bank. continent, also narrowed to its lowest more of their assets in domestic equity policy and the moral hazard that comes starting to get more optimistic about a that seems to be the default mode for
The proposed €750bn response to the level since March. markets. Ray Douglas with it. Chairman Yi Gang has more cyclical recovery globally and one com- western central banks.
options at his disposal than his US coun- ponent was the diminishing drag from a It is true that stimulation through
terpart in the event the crisis worsens. shadow banking crackdown in China. relatively opaque, non-bank credit
Markets update In 2014-15, there was a deflationary Since the outbreak, the PBoC has channels might do little to resolve
scare in China as falling oil and metals stood apart from the trend seen in many longer term questions over the
prices cut costs for China’s factories. developed economies and even some structure of the economy. But in a crisis
The policy response was to stimulate emerging markets to use its balance such as this, such concerns must be
US Eurozone Japan UK China Brazil the economy by dramatically expand- sheet to buy government bonds. saved for another day.
Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa ing credit through the system, which the There has been fierce policy debate on In the meantime, the PBoC’s ability to
Level 3236.68 1463.56 22717.48 6261.52 3314.15 104016.00 PBoC did in the early months of 2016. this point and orthodoxy has prevailed. steer the dynamics of its credit impulse
% change on day 0.37 0.73 0.09 -0.46 3.11 1.10 A good way of illustrating this is the Instead, the PBoC is reverting to its may mean China can recover faster
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ so-called credit impulse, which calcu- familiar response, which is to lean on from Covid-19 and suffer less economic
Level 95.831 1.144 107.195 1.265 6.990 5.354 lates the annual change in new credit as the credit channel to stimulate the impairment than large parts of the west.
% change on day -0.116 0.175 0.047 0.877 -0.140 0.112 a percentage of gross domestic product economy. Of the 30 or so different
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond and typically leads economic activity. policies announced by the central bank Ed Cole is an investment strategist at Man
Yield 0.614 -0.462 0.020 0.150 3.025 6.218 On my definition of this measure, the over recent months, more than three- GLG
Basis point change on day -1.150 -1.300 0.810 -1.200 1.000 -3.500
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 362.92 43.13 40.73 1807.35 19.16 2833.00
% change on day 0.50 0.07 0.32 -0.02 -0.44 -0.39
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.

Main equity markets

S&P 500 index Eurofirst 300 index FTSE 100 index
3360 1520 6720

3200 1440 6400

3040 1360 6080

| | | | | | | |
2880 || | | | | | | | | | | | | | | | | | |
1280 || | | | | | | | | | | | | | | | | | | 5760 | | | | | | | | | | | |

May 2020 Jul May 2020 Jul May 2020 Jul

Biggest movers
% US Eurozone UK
Halliburton 6.50 Philips 5.30 Aveva 2.77
Noble Energy 5.91 Danske Bank 5.16 Polymetal Int 2.54
Ups

Citrix Systems 5.90 Atlantia 5.09 Rightmove 2.12

Servicenow 5.62 Telenor 4.48 Hargreaves Lansdown 1.86
Apache 5.42 Dassault Systemes 3.78 Avast 1.79
%
Alliance Data Systems -5.46 Natixis -7.43 Int Consolidated Airlines S.a. -3.61
Healthpeak Properties -5.29 Accor -2.64 Itv -3.32
Downs

Ventas -5.21 Seadrill -2.43 British American Tobacco -2.85

Sl Green Realty -5.14 Oci -2.16 Prudential -2.75
Apartment Investment And Management -5.12 Publicise -1.89 Burberry -2.56
Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.

Wall Street Eurozone London

Halliburton jumped after adjusted Life sciences groups rose following news Drugmakers were buoyed by promising
earnings of 5 cents a share in the second related to potential coronavirus results from trials for potential
quarter topped analysts’ expectations of treatments. French drugmaker Valneva coronavirus treatments.
an 11 cent loss. gained sharply after receiving an order AstraZeneca spiked ahead of revealing
Meanwhile, total revenue of $3.2bn was from the UK government for 60m vaccine results for its Covid-19 drug that it is
down 45 per cent on last year, broadly in doses. developing with Oxford university.
line with analysts’ estimates. Meanwhile, Sweden’s Enzymatica Preliminary results in The Lancet said its
Chevron slipped after the oil major soared after revealing promising trial vaccine was safe and induced an immune
agreed to buy Noble Energy for $13bn results that showed that its mouth spray reaction. But investor RA Capital
including debt. could deactivate the virus. It has already Management said the number of
The all-stock deal valued Noble’s produced a similar product that forms a neutralising antibodies produced by the
equity at $5bn. Jefferies said Chevron protective barrier in the mouth that vaccine was “fairly weak” compared with
was “prudent” to use its balance sheet to reduces the risk of catching a common other treatments.
acquire resources in the stressed cold. Synairgen rose more than fivefold after
environment. Renault rose after it said that sales had the respiratory drug developer reported
Moderna slumped after JPMorgan picked up in June. The gains came positive results from a trial of one of its
downgraded the biotech group from despite sales falling more sharply than drugs aimed at treating the virus.
“neutral” to “overweight” due to concerns those of rivals in the first half of the year GlaxoSmithKline was slightly lower on
over its soaring valuation. as the pandemic hit demand for new news that it planned to take a near 10 per
The Massachusetts company is a vehicles. It sold 1.26m cars in the six cent stake in CureVac, a German biotech
frontrunner in producing a Covid-19 months to June, a drop of 34.9 per cent. group developing a Covid-19 vaccine.
vaccine but has never gone to market Philips was up after second-quarter Retailers Ted Baker and Marks and
with a medicine. results beat expectations. Earnings fell Spencer slumped after confirming that
Shares in Zoom recovered from a almost a quarter to €418m but were 22 they would cut hundreds of jobs. Ocado
recent dip, which was triggered in part by per cent higher than analysts’ consensus. also slid.
Facebook launching a videoconferencing A surge in demand for medical Rightmove, the property website, was
service. equipment should help sales and profits up after it reported a “mini-boom” in the
Airlines fell as Southwest Airlines and to rebound, it said. wake of the housing market reopening.
Delta attempted to reduce headcounts. UBI Banca shot higher after Intesa Travel companies were down on
Reports said nearly 17,000 Southwest Sanpaolo improved its offer for its smaller reports that Spanish and French leaders
workers accepted buyouts or took rival late on Friday. Italy’s largest retail were discussing closing the border after
extended leave while 2,235 pilots at Delta lender added a cash component to the an uptick in virus cases in Catalonia.
volunteered for an early departure offer to value UBI Banca shares at €4.82. British Airways owner IAG, easyJet and
package. Harry Dempsey Harry Dempsey Tui all slipped. Harry Dempsey
Tuesday 21 July 2020 ★ FINANCIAL TIMES 11

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-0.21% -0.46% -0.12% -0.659% -0.47% -0.02%

0.37% 1.47% 0.73% 0.09% 0.50% 0.175% 0.877% 0.047%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jun 21 - - Index All World Jun 21 - Jul 20 Index All World Jun 21 - Jul 20 Index All World Jun 21 - Jul 20 Index All World Jun 21 - Jul 20 Index All World Jun 21 - Jul 20 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
3,236.70 16,160.29 13,046.92
2,198.20
3,097.74 6,292.60 6,261.52 22,717.48
15,479.83 12,330.76 22,478.79 2,141.32

Day 0.37% Month 4.50% Year 8.75% Day 0.23% Month 4.45% Year -1.96% Day -0.46% Month -0.51% Year -16.62% Day 0.99% Month 1.93% Year NaN% Day 0.09% Month 1.06% Year 5.83% Day -0.14% Month 2.66% Year 4.96%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
10,658.09 1,463.56
38,404.63 7,414.20 7,478.00 25,057.99 2,669.62
9,943.05 1,426.08 24,643.89 2,616.30
36,323.27
Day 1.47% Month 7.13% Year 30.80% Day -0.01% Month -5.35% Year -12.63% Day 0.73% Month 2.61% Year -3.94% Day 0.51% Month -0.23% Year -18.46% Day -0.12% Month 1.64% Year -12.92% Day -0.08% Month -0.74% Year -22.58%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
104,016.00 20,621.48 37,418.99
26,615.32 5,093.18 3,314.15
26,080.10 96,572.10 4,979.45 19,618.93 2,935.87 34,731.73
Day -0.21% Month 2.91% Year -1.95% Day 1.10% Month 7.68% Year 0.52% Day 0.47% Month 2.28% Year -8.27% Day 0.99% Month 5.22% Year -4.62% Day 3.11% Month 11.68% Year 13.34% Day 1.08% Month 7.74% Year -2.39%

Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 45674.12 45475.24 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 22419.92 22237.66 Philippines Manila Comp 6150.70 6088.75 Taiwan Weighted Pr 12174.54 12181.56 Cross-Border DJ Global Titans ($) 387.43 383.49
Australia All Ordinaries 6112.30 6144.90 Czech Republic
PX 952.85 949.03 FTSE Italia Mid Cap 33668.16 33553.84 Poland Wig 51956.73 51046.47 Thailand Bangkok SET 1358.29 1359.58 Euro Stoxx 50 (Eur) 3390.09 3365.60
S&P/ASX 200 6001.60 6033.60 DenmarkOMXC Copenahgen 20 1336.58 1313.85 FTSE MIB 20621.48 20419.39 Portugal PSI 20 4533.49 4479.76 Turkey BIST 100 119280.87 118786.09 Euronext 100 ID 1012.81 1006.21
S&P/ASX 200 Res 4674.80 4667.70 Egypt EGX 30 10281.16 10441.20 Japan 2nd Section 6477.89 6511.12 PSI General 3332.20 3286.72 UAE Abu Dhabi General Index 4255.78 4274.46 FTSE 4Good Global ($) 8150.62 8098.33
Austria ATX 2311.60 2313.30 EstoniaOMX Tallinn 1231.29 1234.37 Nikkei 225 22717.48 22696.42 Romania BET Index 8489.21 8511.80 UK FT 30 2271.80 2273.10 FTSE All World ($) 362.92 361.13
Belgium BEL 20 3526.91 3491.16 FinlandOMX Helsinki General 9522.12 9432.17 S&P Topix 150 1315.57 1314.40 Russia Micex Index 2794.11 2774.79 FTSE 100 6261.52 6290.30 FTSE E300 1463.56 1452.90
BEL Mid 7619.61 7624.82 France CAC 40 5093.18 5069.42 Topix 1577.03 1573.85 RTX 1232.46 1216.17 FTSE 4Good UK 5802.59 5820.26 FTSE Eurotop 100 2790.96 2776.53
Brazil IBovespa 104016.00 102888.25 SBF 120 4010.46 3989.91 Jordan Amman SE 1582.10 1578.59 Saudi-Arabia TADAWUL All Share Index 7423.23 7426.76 FTSE All Share 3461.01 3472.74 FTSE Global 100 ($) 2158.26 2136.63
Canada S&P/TSX 60 972.05 Germany
970.07 M-DAX 27118.42 26937.43 Kenya NSE 20 1906.43 1906.43 Singapore FTSE Straits Times 2616.30 2618.48 FTSE techMARK 100 5525.04 5471.95 FTSE Gold Min ($) 2589.27 2543.49
S&P/TSX Comp 16160.29 16123.48 TecDAX 3152.30 3098.57 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 336.70 336.70 USA DJ Composite 8664.47 8723.95 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 448.99 444.27 XETRA Dax 13046.92 12919.61 Latvia OMX Riga 1071.48 1052.16 Slovenia SBI TOP 873.85 - DJ Industrial 26615.32 26671.95 FTSE Multinationals ($) 2295.92 2291.67
Chile S&P/CLX IGPA Gen 19986.74 Greece
20217.82 Athens Gen 653.15 641.48 Lithuania OMX Vilnius 750.38 750.10 South Africa FTSE/JSE All Share 56265.36 55911.80 DJ Transport 9767.50 9900.09 FTSE World ($) 644.08 641.34
China FTSE A200 12245.69 11889.49 FTSE/ASE 20 1581.47 1549.77 Luxembourg LuxX 1015.72 1019.53 FTSE/JSE Res 20 55393.48 54569.82 DJ Utilities 817.58 828.60 FTSEurofirst 100 (Eur) 3779.30 3759.22
FTSE B35 9000.71 Hong Kong
8988.96 Hang Seng 25057.99 25089.17 Malaysia FTSE Bursa KLCI 1589.45 1596.33 FTSE/JSE Top 40 51852.22 51515.88 Nasdaq 100 10818.64 10645.22 FTSEurofirst 80 (Eur) 4599.28 4564.16
Shanghai A 3473.75 3368.90 HS China Enterprise 10295.32 10203.57 Mexico IPC 36323.27 36327.84 South Korea Kospi 2198.20 2201.19 Nasdaq Cmp 10658.09 10503.19 MSCI ACWI Fr ($) 548.05 546.40
Shanghai B 239.08 232.33 HSCC Red Chip 4054.31 4040.67 Morocco MASI 10280.63 10280.98 Kospi 200 290.81 291.57 NYSE Comp 12385.98 12402.74 MSCI All World ($) 2293.92 2288.81
Shanghai Comp 3314.15 3214.13
Hungary Bux 35181.69 35200.88 Netherlands AEX 579.14 573.79 Spain IBEX 35 7478.00 7440.40 S&P 500 3236.68 3224.73 MSCI Europe (Eur) 1520.69 1518.08
Shenzhen A 2320.05 2259.56
India BSE Sensex 37418.99 37020.14 AEX All Share 829.78 822.03 Sri Lanka CSE All Share 5038.85 4988.50 Wilshire 5000 33045.59 32906.97 MSCI Pacific ($) 2602.35 2606.11
Shenzhen B 929.62 912.92 Nifty 500 8985.10 8895.30 New Zealand NZX 50 11553.16 11584.05 Sweden OMX Stockholm 30 1784.54 1770.15 Venezuela IBC 319082.25 317448.84 S&P Euro (Eur) 1536.04 1523.17
Colombia COLCAP 1156.16 1153.15
Indonesia Jakarta Comp 5051.11 5079.59 Nigeria SE All Share 24287.66 24330.06 OMX Stockholm AS 697.23 690.35 Vietnam VNI 861.40 872.02 S&P Europe 350 (Eur) 1498.51 1488.01
Croatia CROBEX 2013.05 Ireland
2011.29 ISEQ Overall 6265.73 6221.24 Norway Oslo All Share 923.96 920.17 Switzerland SMI Index 10470.92 10410.52 S&P Global 1200 ($) 2552.27 2542.88
Israel Tel Aviv 125 1375.24 1385.86 Pakistan KSE 100 37650.57 37330.85 Stoxx 50 (Eur) 3092.70 3081.47
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Jul 20 %Chg %Chg Jul 20 %Chg %Chg Jul 20 %Chg %Chg Jul 20 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Amazon.com 120.4 3121.58 159.61 Astrazeneca 481.0 9320.00 133.00 Asml Holding 243.5 338.90 5.80 Softbank . 1628.8 6272.00 -143.00 Fresnillo 1097.00 10.5 70.3 Hochschild Mining 251.80 27.2 42.7 Xaar 77.00 37.7 46.9 Oil Equipment & Services 4413.18 8.1 -
Apple 39.4 389.83 4.52 Prudential 133.0 1218.00 -34.50 Sap Se O.n. 239.5 139.24 3.34 Tokyo Electron 390.4 29120.00 675.00 Astrazeneca 9320.00 8.8 21.7 Oxford Biomedica 865.00 16.9 28.5 Batm Advanced Communications Ld 146.50 17.2 278.6 Index - Technology Hardware & Equipment 2137.43 6.9 7.6
Microsoft 32.0 208.56 5.68 Glaxosmithkline 110.4 1648.40 -11.80 Bayer Ag Na O.n. 227.9 62.25 -0.75 Sony 332.4 8249.00 134.00 Sse 1417.50 6.8 -2.7 Future 1378.00 14.1 -5.7 Oxford Biomedica 865.00 16.9 28.5 Electricity 8195.58 6.3 -2.4
Netflix 32.0 495.41 2.42 Rio Tinto 103.6 4959.50 18.50 Intesa Sanpaolo 201.1 1.85 0.02 Fast Retailing Co., 279.6 58600.00 -940.00 Crh 3077.00 6.4 -0.7 Aston Martin Lagonda Global Holdings 55.10 13.0 -68.7 Connect 20.30 15.7 -42.9 Pharmaceuticals & Biotech. 19351.79 6.2 8.3
Facebook 25.8 243.15 1.12 Bp 99.0 303.20 -6.10 Total 199.4 33.20 -0.62 Fujitsu 191.7 13920.00 530.00 Spirax-sarco Eng 10645.00 5.6 17.8 Energean 557.00 12.5 -40.0 Motorpoint 260.00 15.0 -10.0 Automobiles & Parts 2890.10 5.8 -
Boeing 21.4 174.26 -1.40 British American Tobacco 97.9 2705.50 -79.50 Enel 179.8 8.32 -0.10 Toyota Motor 173.8 6794.00 -19.00 Hikma Pharmaceuticals 2237.00 5.5 12.7 Gamesys 954.00 12.1 32.5 Gamesys 954.00 12.1 32.5 Construction & Materials 6709.13 5.2 -5.0
Nvidia 14.3 416.59 8.53 Flutter Entertainment 84.1 11485.00 -120.00 Allianz Se Na O.n. 177.0 188.28 2.76 Daikin Industries, 173.6 19660.00 625.00 Bhp 1798.00 5.5 0.4 Renishaw 4800.00 11.3 22.8 Cmc Markets 364.50 10.5 147.0 Health Care Equip.& Services 6855.53 4.8 -
Advanced Micro Devices 12.6 56.79 1.75 Bhp 68.6 1798.00 -1.40 Iberdrola 169.2 11.24 0.16 Mitsubishi Ufj Fin,. 170.6 423.50 -1.50 Intermediate Capital 1407.00 5.3 -14.2 Wood (john) 223.40 10.9 -42.3 Funding Circle Holdings 77.30 10.3 -20.0 Industrial Engineering 12327.43 4.7 -8.1
Alphabet 12.2 1556.00 40.45 Diageo 64.9 2793.00 -23.00 Novo Nordisk B A/s 168.7 60.17 1.69 Takeda Pharmaceutical 143.9 3788.00 77.00 Smith & Nephew 1638.50 5.2 -10.5 Aj Bell 417.00 8.6 -3.0 Alfa Fin Software Holdings 80.00 9.6 -33.1 Mining 19156.29 3.6 0.6
Alphabet 10.2 1553.57 36.72 Hsbc Holdings 60.0 374.30 -5.25 Siemens Ag Na O.n. 166.1 113.96 1.82 Nec 142.5 5790.00 130.00 Next 5042.00 5.0 -27.5 Rhi Magnesita N.v. 2676.00 8.3 -29.9 Aberforth Split Level ome Trust 51.30 9.3 -45.1 Mobile Telecommunications 2933.27 3.5 -
Antofagasta 1047.50 4.7 10.8 John Laing 302.80 8.0 -21.9 Rdi Reit P.l.c. 93.40 9.1 -28.7 Fixed Line Telecommunication 1410.63 3.3 -
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Flutter Entertainment 11485.00 4.7 23.6 888 Holdings 200.00 7.9 20.9 Cqs New City High Yield Fund 51.60 9.1 -13.4 Forestry & Paper 17072.00 3.3 -
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Halliburton 13.93 0.85 6.50 Future 1378.00 168.00 13.88 Assa Abloy Ab Ser. B 20.77 1.10 5.59 Fujitsu 13920.00 530.00 3.96 Burberry 1425.50 -8.8 -35.2 Bank Of Georgia 860.00 -16.5 -48.3 Mitie 35.85 -57.7 -52.0 Tobacco 28308.65 -5.8 -
Noble Energy 10.23 0.57 5.91 Hochschild Mining 251.80 18.00 7.70 Philips Kon 45.73 2.30 5.30 Nitto Denko 6230.00 200.00 3.32 British American Tobacco 2705.50 -6.7 -17.1 Tbc Bank 770.00 -12.4 -40.7 Amigo Holdings 6.92 -19.5 -90.2 Equity Investment Instruments 10998.74 -1.9 0.3
Citrix Systems 165.03 9.20 5.90 Weir 1154.00 43.00 3.87 Ericsson, Telefonab. L M Ser. B 10.00 0.49 5.16 Daikin Industries, 19660.00 625.00 3.28 Scottish Mortgage Investment Trust 915.00 -4.6 56.1 Dixons Carphone 79.90 -10.6 -43.8 Reach 68.80 -12.9 -50.2 Banks 2264.40 -1.7 -
Servicenow 445.53 23.72 5.62 Equiniti 150.20 5.20 3.59 Danske Bank A/s 14.24 0.70 5.16 Daiwa Securities . 482.50 14.70 3.14 Itv 64.60 -4.4 -57.2 Morgan Sindall 1126.00 -9.6 -30.5 Card Factory 44.15 -12.1 -69.4 Real Estate Investment Trusts 2511.13 -1.6 -
Apache 14.01 0.72 5.42 Ao World 164.80 5.40 3.39 Atlantia 14.56 0.71 5.09 Denki Kagaku Kogyo Kabushiki Kaisha 2709.00 75.00 2.85 British Land 369.60 -3.1 -41.2 Hg Capital Trust 238.00 -9.3 -8.5 Georgia Capital 395.00 -10.7 -56.4 Real Estate & Investment Servic 2371.87 -1.4 -
Barclays 116.22 -2.8 -37.2 Trainline 399.40 -9.1 -20.8 Marston's 45.10 -10.2 -65.2 Travel & Leisure 6259.41 -0.9 -
Downs Downs Downs Downs
Informa 425.00 -2.7 -51.0 Pphe Hotel 1090.00 -8.8 -43.2 Morgan Sindall 1126.00 -9.6 -30.5 Media 7046.26 -0.6 -
Alliance Data Systems 40.19 -2.32 -5.46 Mitchells & Butlers 155.60 -9.80 -5.93 Natixis 2.34 -0.19 -7.43 Unitika 358.00 -15.00 -4.02
Compass 1114.50 -2.7 -41.4 Firstgroup 33.30 -8.5 -73.9 Petra Diamonds 1.57 -9.4 -82.3 Food Producers 6441.31 -0.6 -
Healthpeak Properties 25.68 -1.44 -5.29 Firstgroup 33.30 -1.96 -5.56 Accor 23.56 -0.64 -2.64 Suzuki Motor 3760.00 -142.00 -3.64
Sainsbury (j) 190.75 -2.6 -17.8 Mitchells & Butlers 155.60 -8.5 -65.9 Mccoll's Retail 36.50 -9.3 -3.9 Life Insurance 6383.86 0.0 -20.9
Ventas 34.27 -1.89 -5.21 Ssp 233.20 -12.60 -5.13 Seadrill 0.34 -0.01 -2.43 All Nippon Airways Co., 2398.00 -79.50 -3.21
Royal Bank Of Scotland 119.45 -2.5 -51.1 Micro Focus Int 292.50 -8.4 -73.7 Bmo Real Estate Investments 58.00 -9.1 -31.4 Food & Drug Retailers 3989.30 0.0 -5.0
Sl Green Realty 46.34 -2.51 -5.14 Trainline 399.40 -20.20 -4.81 Svenska Handelsbanken Ser. A 8.60 -0.21 -2.37 Nissan Motor Co., 426.30 -13.20 -3.00
Taylor Wimpey 140.10 -2.5 -28.9 Hicl Infrastructure 165.60 -8.1 -3.8 Restaurant 52.80 -8.4 -68.3 Personal Goods 35840.91 0.1 -5.9
Apartment Investment And Management 35.28 -1.91 -5.12 Cineworld 54.78 -2.58 -4.50 Sandvik Ab 16.82 -0.37 -2.18 Tokyu 1348.00 -40.00 -2.88
Intercontinental Hotels 3789.00 -2.5 -27.5 Frasers 284.00 -8.0 -38.2 Dignity 251.50 -8.2 -58.1 Beverages 21904.94 0.3 -
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Jul 20 Currency Mid Change Mid Change Mid Change Jul 20 Currency Mid Change Mid Change Mid Change Jul 20 Currency Mid Change Mid Change Mid Change Jul 20 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 71.6561 0.1781 81.9741 0.3316 90.6236 1.0263 Indonesia Indonesian Rupiah 14785.0000 90.0000 16913.9772 129.2580 18698.6488 278.5414 Poland Polish Zloty 3.8953 -0.0235 4.4561 -0.0199 4.9263 0.0141 ..Three Month 0.7908 -0.0071 0.9044 -0.0067 - -
Australia Australian Dollar 1.4264 -0.0053 1.6318 -0.0035 1.8040 0.0093 Israel Israeli Shekel 3.4229 -0.0151 3.9157 -0.0112 4.3289 0.0194 Romania Romanian Leu 4.2320 -0.0081 4.8414 -0.0016 5.3522 0.0373 ..One Year 0.7910 -0.0071 0.9040 -0.0067 - -
Bahrain Bahrainin Dinar 0.3771 -0.0001 0.4313 0.0006 0.4769 0.0042 Japan Japanese Yen 107.1950 0.0500 122.6305 0.2490 135.5697 1.2641 Russia Russian Ruble 71.4075 -0.5731 81.6898 -0.5268 90.3092 0.0819 United States United States Dollar - - 1.1440 0.0018 1.2647 0.0112
Bolivia Bolivian Boliviano 6.9100 - 7.9050 0.0124 8.7391 0.0774 ..One Month 107.1950 0.0499 122.6305 0.2491 135.5697 1.2641 Saudi Arabia Saudi Riyal 3.7505 0.0000 4.2905 0.0067 4.7432 0.0420 ..One Month - - 1.1439 -0.1095 1.2647 0.0112
Brazil Brazilian Real 5.3536 0.0060 6.1245 0.0164 6.7708 0.0675 ..Three Month 107.1949 0.0497 122.6306 0.2492 135.5697 1.2639 Singapore Singapore Dollar 1.3890 -0.0012 1.5890 0.0011 1.7567 0.0140 ..Three Month - - 1.1438 -0.1095 1.2648 0.0112
Canada Canadian Dollar 1.3543 -0.0039 1.5493 -0.0020 1.7128 0.0103 ..One Year 107.1944 0.0487 122.6308 0.2495 135.5697 1.2636 South Africa South African Rand 16.6725 0.0068 19.0733 0.0377 21.0857 0.1955 ..One Year - - 1.1431 -0.1095 1.2650 0.0112
Chile Chilean Peso 787.2700 -0.3000 900.6327 1.0667 995.6621 8.4477 Kenya Kenyan Shilling 107.6500 0.2500 123.1510 0.4783 136.1452 1.5199 South Korea South Korean Won 1203.3000 -1.8000 1376.5688 0.0982 1521.8161 11.2303 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.9904 -0.0098 7.9970 0.0013 8.8408 0.0661 Kuwait Kuwaiti Dinar 0.3073 -0.0003 0.3515 0.0003 0.3886 0.0031 Sweden Swedish Krona 8.9801 -0.0596 10.2732 -0.0521 11.3572 0.0259 Vietnam Vietnamese Dong 23189.0000 -3.0000 26528.1543 38.0881 29327.2333 256.1137
Colombia Colombian Peso 3652.8100 5.4300 4178.7956 12.7417 4619.7186 47.7487 Malaysia Malaysian Ringgit 4.2625 -0.0020 4.8763 0.0053 5.3908 0.0453 Switzerland Swiss Franc 0.9395 -0.0004 1.0748 0.0013 1.1882 0.0101 European Union Euro 0.8741 -0.0014 - - 1.1055 0.0081
Costa Rica Costa Rican Colon 581.6100 0.0750 665.3587 1.1268 735.5635 6.6127 Mexico Mexican Peso 22.6495 0.1507 25.9109 0.2127 28.6449 0.4428 Taiwan New Taiwan Dollar 29.4690 -0.0180 33.7124 0.0322 37.2695 0.3077 ..One Month 0.8740 -0.0014 - - 1.1055 0.0081
Czech Republic Czech Koruna 23.2649 -0.0611 26.6149 -0.0282 29.4232 0.1841 New Zealand New Zealand Dollar 1.5223 -0.0058 1.7415 -0.0039 1.9253 0.0098 Thailand Thai Baht 31.8125 0.1000 36.3933 0.1712 40.2333 0.4819 ..Three Month 0.8739 -0.0014 - - 1.1054 0.0081
Denmark Danish Krone 6.5081 -0.0114 7.4453 -0.0013 8.2309 0.0587 Nigeria Nigerian Naira 388.9000 0.1500 444.8995 0.8675 491.8427 4.5468 Tunisia Tunisian Dinar 2.8139 -0.0108 3.2190 -0.0072 3.5587 0.0181 ..One Year 0.8732 -0.0014 - - 1.1050 0.0081
Egypt Egyptian Pound 15.9860 0.0816 18.2879 0.1218 20.2175 0.2815 Norway Norwegian Krone 9.2478 -0.0431 10.5794 -0.0326 11.6957 0.0497 Turkey Turkish Lira 6.8555 -0.0050 7.8427 0.0066 8.6702 0.0706
Hong Kong Hong Kong Dollar 7.7521 -0.0016 8.8683 0.0120 9.8040 0.0848 Pakistan Pakistani Rupee 168.4500 1.0750 192.7059 1.5294 213.0391 3.2355 United Arab Emirates UAE Dirham 3.6732 - 4.2021 0.0066 4.6454 0.0412
Hungary Hungarian Forint 308.2605 -0.9673 352.6484 -0.5530 389.8577 2.2425 Peru Peruvian Nuevo Sol 3.5190 0.0100 4.0257 0.0177 4.4505 0.0520 United Kingdom Pound Sterling 0.7907 -0.0071 0.9046 -0.0067 - -
India Indian Rupee 74.9094 -0.1131 85.6959 0.0049 94.7381 0.6978 Philippines Philippine Peso 49.3825 -0.0875 56.4933 -0.0115 62.4542 0.4438 ..One Month 0.7907 -0.0071 0.9045 -0.0067 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Jul 17 Jul 16 Jul 15 Jul 14 Jul 13 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2271.80 2273.10 2290.70 2250.60 2250.50 0.00 3314.70 1337.80 Leisure Goods 32.27 Chemicals -10.32 Food Producers -19.59 FTSE 100 Price Change FTSE 100 Price Change
Jul 20 chge% Index Jul 17 Jul 16 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Tech Hardware & Eq 25.37 Industrial Eng -10.70 Life Insurance -19.61 3I Group PLC 865.00 2.20 Kingfisher PLC 227.80 0.50
FTSE 100 (100) 6261.52 -0.46 5395.27 6290.30 6250.69 7508.70 4.74 1.44 14.65 119.28 5898.97 P/E Ratio net - - - - - 0.00 19.44 14.26 Pharmace & Biotech 8.13 Technology -11.27 Telecommunications -19.88 Admiral Group PLC 2374 11.00 Land Securities Group PLC 549.20 -0.80
FTSE 250 (251) 17385.85 0.22 14980.60 17347.93 17321.29 19621.66 3.83 1.64 15.89 165.10 13663.40 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Health Care 5.14 Mobile Telecomms -11.82 FTSE 250 Index -20.73 Anglo American PLC 1963.4 4.20 Legal & General Group PLC 225.50 -1.90
FTSE 250 ex Inv Co (184) 17573.93 0.27 15142.66 17525.93 17493.27 20580.73 4.26 1.32 17.77 136.74 14094.99 FT 30 hourly changes Electronic & Elec Eq 1.31 Industrials -12.48 Media -22.19 Antofagasta PLC 1047.5 12.50 Lloyds Banking Group PLC 30.41 -0.16
FTSE 350 (351) 3501.72 -0.35 3017.27 3513.88 3494.51 4156.95 4.59 1.47 14.84 61.12 6579.53 8 9 10 11 12 13 14 15 16 High Low Household Goods & Ho 0.75 Beverages -12.82 Financials -23.13 Ashtead Group PLC 2667 14.00 London Stock Exchange Group PLC 8482 82.00
FTSE 350 ex Investment Trusts (283) 3425.11 -0.38 2951.26 3438.06 3418.51 4108.43 4.71 1.41 15.00 60.61 3320.46 2273.1 2253.1 2275 2348.3 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Mining 0.49 Software & Comp Serv -13.93 Real Est Invest & Se -24.05 Associated British Foods PLC 1929.5 13.00 M&G PLC 178.75 0.75
FTSE 350 Higher Yield (153) 2715.52 -0.83 2339.84 2738.12 2730.60 3675.97 7.09 1.28 11.03 68.94 5576.68 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Basic Materials -1.44 Forestry & Paper -14.53 Consumer Services -24.90 Astrazeneca PLC 9320 133.00 Melrose Industries PLC 116.75 -0.05
FTSE 350 Lower Yield (198) 4100.77 0.14 3533.44 4094.84 4060.69 4286.36 2.06 2.13 22.82 43.71 4815.58 Electricity -1.46 NON FINANCIALS Index -15.07 Real Est Invest & Tr -25.73 Auto Trader Group PLC 537.00 1.00 Mondi PLC 1516.5 1.50
FTSE SmallCap (259) 5038.24 -0.08 4341.23 5042.50 5033.42 5552.78 4.72 1.03 20.60 68.77 7914.84 Equity Invest Instr -2.18 Financial Services -15.19 Industrial Transport -29.34
FTSE SmallCap ex Inv Co (140) 3810.60 -0.30 3283.42 3822.03 3815.90 4431.43 6.20 1.22 13.25 36.71 6272.83 FX: EFFECTIVE INDICES Food & Drug Retailer -4.27 FTSE SmallCap Index -15.26 Aerospace & Defense -33.67
Avast PLC 596.50 10.50 Morrison (Wm) Supermarkets PLC 183.05 -0.90
Aveva Group PLC 4194 113.00 National Grid PLC 896.20 4.60
FTSE All-Share (610) 3461.01 -0.34 2982.19 3472.74 3454.00 4098.32 4.60 1.45 14.97 59.95 6569.57 Personal Goods -5.59 Industrial Metals & -15.40 Fixed Line Telecomms -37.58
Jul 17 Jul 16 Mnth Ago Jul 20 Jul 17 Mnth Ago Aviva PLC 291.50 -1.00 Next PLC 5042 12.00
FTSE All-Share ex Inv Co (423) 3355.24 -0.38 2891.06 3367.88 3348.96 4021.93 4.74 1.41 14.96 58.88 3303.84 Support Services -6.43 Nonlife Insurance -15.80 Travel & Leisure -38.11 Bae Systems PLC 489.90 3.70 Ocado Group PLC 2099 -41.00
FTSE All-Share ex Multinationals (536) 1035.76 0.00 739.69 1035.78 1032.56 1153.52 4.08 1.28 19.10 12.46 2051.24 Australia - - - Sweden - - - Construct & Material -7.34 Tobacco -15.81 Banks -39.62 Barclays PLC 116.22 -0.18 Pearson PLC 553.20 -1.40
FTSE Fledgling (95) 8279.91 0.21 7134.42 8262.37 8222.80 9530.67 4.89 0.72 28.54 131.21 16875.25 Canada - - - Switzerland - - - Utilities -7.42 FTSE 100 Index -16.60 Oil & Gas Producers -40.16 Barratt Developments PLC 547.40 5.80 Pennon Group PLC 1093 4.50
FTSE Fledgling ex Inv Co (45) 9605.73 0.35 8276.82 9571.82 9488.43 11458.40 7.01 0.86 16.50 105.50 19167.82 Denmark - - - UK 76.32 76.67 77.43 Gas Water & Multi -9.22 FTSE All{HY-}Share Index -17.25 Oil & Gas -40.25 Berkeley Group Holdings (The) PLC 4488 63.00 Persimmon PLC 2614 -15.00
FTSE All-Small (354) 3489.37 -0.07 3006.63 3491.76 3484.92 3855.58 4.73 1.01 20.91 48.09 7033.42 Japan - - - USA - - - Consumer Goods -9.25 Health Care Eq & Srv -18.19 Oil Equipment & Serv -46.30 Bhp Group PLC 1798 -1.40 Phoenix Group Holdings PLC 666.40 0.40
FTSE All-Small ex Inv Co (185) 2846.65 -0.27 2452.83 2854.45 2849.08 3310.80 6.23 1.20 13.36 27.55 5936.34 New Zealand - - - Euro - - - General Retailers -18.64 Automobiles & Parts -46.87 BP PLC 303.20 -6.10 Polymetal International PLC 1655 41.00
FTSE AIM All-Share (727) 886.11 0.96 763.52 877.70 875.40 914.24 1.50 1.29 51.69 3.73 1013.68 Norway - - -
British American Tobacco PLC 2705.5 -79.50 Prudential PLC 1218 -34.50
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British Land Company PLC 369.60 -3.10 Reckitt Benckiser Group PLC 7836 82.00
Oil & Gas (11) 4888.62 -2.04 4212.30 4990.37 5047.04 9425.32 9.81 1.41 7.22 206.26 5373.07 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bt Group PLC 115.50 -1.25 Relx PLC 1786 -25.00
Oil & Gas Producers (8) 4745.03 -2.04 4088.57 4843.99 4900.81 9121.47 9.77 1.42 7.19 202.92 5405.98 Bunzl PLC 2283 21.00 Rentokil Initial PLC 554.40 -
Oil Equipment Services & Distribution (3) 4574.26 -1.76 3941.44 4656.05 4583.42 10688.31 12.10 0.74 11.24 6.80 3938.79 FTSE GLOBAL EQUITY INDEX SERIES Burberry Group PLC 1425.5 -37.50 Rightmove PLC 586.40 12.20
Basic Materials (22) 6275.20 0.30 5407.05 6256.18 6132.90 6845.81 5.49 2.20 8.29 143.43 7410.00 Coca-Cola Hbc AG 2063 -29.00 Rio Tinto PLC 4959.5 18.50
Chemicals (7) 12770.67 0.35 11003.91 12726.41 12652.71 14032.78 2.34 2.95 14.50 139.21 12202.14 Jul 18 No of US $ Day Mth YTD Total
YTD Gr Div Jul 18 No of US $ Day Mth YTD Total YTD Gr Div Compass Group PLC 1114.5 -20.50 Rolls-Royce Holdings PLC 264.80 0.40
Forestry & Paper (1) 18628.68 0.10 16051.49 18610.26 18217.17 21650.55 1.66 5.96 10.10 0.00 22041.80 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Crh PLC 3077 35.00 Royal Bank Of Scotland Group PLC 119.45 -1.15
Industrial Metals & Mining (2) 3415.32 -0.82 2942.82 3443.45 3428.69 6548.58 16.18 1.05 5.90 302.71 4413.89 FTSE Global All Cap 8863 611.83 0.3 3.5 -3.9
-2.6 935.88
2.4 Oil Equipment & Services 32 179.23 -0.7 -0.7 -33.1 295.56 -31.1 5.8 Croda International PLC 5638 34.00 Royal Dutch Shell PLC 1217.4 -23.20
Mining (12) 18328.00 0.33 15792.41 18268.25 17880.24 19698.54 5.83 2.16 7.93 444.07 11426.93 FTSE Global All Cap 7079 462.39 0.3 7.3 -0.3
0.2 624.68
2.5 Basic Materials 349 497.13 0.5 0.5 -3.3 835.14 -1.4 3.3 Dcc PLC 7002 -86.00 Royal Dutch Shell PLC 1272.8 -30.40
FTSE Global Large Cap 1769 555.20 0.3 3.7 -2.2
-0.8 874.57
2.4 Chemicals 159 720.90 0.2 0.2 -3.9 1202.75 -2.0 2.9 Diageo PLC 2793 -23.00 Rsa Insurance Group PLC 433.70 0.90
Industrials (100) 5272.30 0.50 4542.90 5246.06 5227.60 5451.31 2.61 1.43 26.72 24.59 5803.58
Construction & Materials (15) 6902.51 0.85 5947.58 6844.50 6826.10 6143.30 2.86 0.51 68.17 95.82 7929.90 FTSE Global Mid Cap 2176 759.11 0.3 2.9 -8.5
-7.4 1092.30
2.2 Forestry & Paper 20 232.34 0.4 0.4 -16.4 437.01 -14.7 3.4 Evraz PLC 304.40 -3.00 Sage Group PLC 690.20 10.20
Aerospace & Defense (9) 3490.60 0.92 3007.69 3458.77 3447.81 4983.71 3.55 1.03 27.31 2.61 3960.19 FTSE Global Small Cap 4918 785.77 0.5 3.1 -9.2
-8.2 1088.27
2.0 Industrial Metals & Mining 92 316.62 0.2 0.2 -16.3 533.29 -14.9 3.7 Experian PLC 2849 21.00 Sainsbury (J) PLC 190.75 -3.50
General Industrials (7) 4277.64 -0.44 3685.85 4296.48 4292.87 4793.50 3.45 1.09 26.64 0.00 5268.60 FTSE All-World 3945 361.13 0.3 3.6 -3.2
-1.9 584.54
2.4 Mining 78 778.64 1.3 1.3 6.8 1334.61 9.2 3.7 Ferguson PLC 6922 12.00 Schroders PLC 2957 -2.00
Electronic & Electrical Equipment (10)10409.90 0.43 8969.74 10365.38 10219.12 9382.00 1.32 2.12 35.70 0.00 9909.86 FTSE World 2592 641.34 0.2 3.3 -3.5
-2.2 1393.03
2.4 Industrials 747 421.67 0.4 0.4 -6.1 645.23 -5.0 2.1 Flutter Entertainment PLC 11485 -120.00 Scottish Mortgage Investment Trust PLC 915.00 12.00
Industrial Engineering (13) 13330.14 1.25 11485.98 13166.00 13056.34 13757.00 2.57 1.69 22.96 40.37 17257.86 FTSE Global All Cap ex UNITED KINGDOM In 8561 645.98 0.3 3.7 -2.9
-1.6 970.59
2.3 Construction & Materials 147 512.51 -0.1 -0.1 -7.6 823.26 -6.3 2.3 Fresnillo PLC 1097 5.50 Segro PLC 931.00 9.80
Industrial Transportation (6) 2760.09 -0.69 2378.24 2779.40 2792.99 3662.72 8.80 0.68 16.82 0.00 2792.19 FTSE Global All Cap ex USA 7084 475.38 0.2 3.3 -8.4
-6.7 793.00
3.1 Aerospace & Defense 37 623.20 -0.2 -0.2 -30.4 938.57 -29.8 2.7 Glaxosmithkline PLC 1648.4 -11.80 Severn Trent PLC 2437 11.00
Support Services (40) 8572.00 0.47 7386.10 8532.02 8510.84 8296.55 1.99 2.18 23.04 44.99 9467.55 FTSE Global All Cap ex JAPAN 7514 631.71 0.3 3.9 -3.6
-2.4 975.54
2.4 General Industrials 67 199.71 0.2 0.2 -12.4 334.25 -11.0 2.8 Glencore PLC 183.34 -0.48 Smith & Nephew PLC 1638.5 -2.50
FTSE Global All Cap ex Eurozone 8215 643.03 0.3 3.5 -3.4
-2.1 963.10
2.3 Electronic & Electrical Equipment 142 503.84 0.6 0.6 -1.0 699.41 -0.1 1.7 Gvc Holdings PLC 872.00 -8.00 Smith (Ds) PLC 278.60 -3.30
Consumer Goods (42) 18124.05 -0.83 15616.67 18274.87 18223.94 20356.62 4.44 1.70 13.22 344.68 15104.89
FTSE Developed 2168 587.84 0.2 3.3 -2.9
-1.7 906.43
2.3 Industrial Engineering 142 820.64 -0.3 -0.3 -1.0 1251.30 0.4 2.2 Halma PLC 2270 12.00 Smiths Group PLC 1486 -5.00
Automobiles & Parts (2) 2904.91 -0.54 2503.03 2920.78 2857.95 6248.08 0.84 5.55 21.34 0.00 2972.36
FTSE Developed All Cap 5633 610.64 0.2 3.2 -3.7
-2.4 928.46
2.3 Industrial Transportation 125 737.73 0.9 0.9 -2.6 1134.50 -1.6 2.3 Hargreaves Lansdown PLC 1589 29.00 Smurfit Kappa Group PLC 2460 -52.00
Beverages (6) 21956.41 -0.81 18918.84 22135.91 22129.80 26824.56 2.60 2.14 18.03 230.59 16619.98
FTSE Developed Large Cap 880 553.80 0.2 3.4 -1.8
-0.4 869.02
2.4 Support Services 87 528.03 1.1 1.1 4.6 763.42 5.5 1.3 Hikma Pharmaceuticals PLC 2237 -21.00 Spirax-Sarco Engineering PLC 10645 170.00
Food Producers (10) 6496.02 0.05 5597.32 6492.79 6516.63 7384.92 2.76 2.08 17.40 57.48 6001.80
FTSE Developed Europe Large Cap 232 348.94 0.1 3.4 -9.1
-7.2 648.26
3.6 Consumer Goods 535 495.34 0.3 0.3 -2.9 793.17 -1.5 2.5 Homeserve PLC 1349 -1.00 Sse PLC 1417.5 -18.50
Household Goods & Home Construction (14)15284.93 0.77 13170.33 15168.02 15129.00 13855.00 3.27 2.16 14.13 141.01 12164.38
FTSE Developed Europe Mid Cap 356 565.95 -0.1 3.7 -10.5
-9.3 919.17
3.0 Automobiles & Parts 126 386.09 0.1 0.1 1.4 603.87 2.9 2.6 HSBC Holdings PLC 374.30 -5.25 St. James's Place PLC 969.00 0.40
Leisure Goods (2) 21395.78 -2.74 18435.78 21997.80 21605.72 13312.74 2.37 1.19 35.43 109.33 22184.48
FTSE Dev Europe Small Cap 693 760.47 0.0 2.6 -15.3
-14.2 1191.01
3.2 Beverages 67 629.50 0.5 0.5 -11.1 1015.24 -10.0 2.6 Imperial Brands PLC 1408.5 -11.50 Standard Chartered PLC 442.30 -0.70
Personal Goods (6) 30959.74 -1.01 26676.61 31275.09 30807.73 37572.87 3.29 2.69 11.29 447.31 22856.11
FTSE North America Large Cap 253 709.49 0.2 4.0 1.8
2.9 1028.04
1.9 Food Producers 131 680.70 0.6 0.6 -0.2 1114.76 1.6 2.4 Informa PLC 425.00 -11.00 Standard Life Aberdeen PLC 261.40 -4.00
Tobacco (2) 28308.70 -2.50 24392.32 29034.29 29115.56 34284.92 8.75 1.10 10.37 1238.36 22336.41
FTSE North America Mid Cap 411 886.26 0.6 3.2 -6.3
-5.5 1184.31
1.8 Household Goods & Home Construction 58 512.16 0.4 0.4 1.1 813.38 2.4 2.4 Intercontinental Hotels Group PLC 3789 -89.00 Taylor Wimpey PLC 140.10 -1.60
Health Care (15) 13601.07 0.49 11719.43 13534.41 13150.56 11436.82 3.14 0.98 32.41 247.69 11681.00
FTSE North America Small Cap 1302 875.00 0.7 3.3 -8.3
-7.6 1129.93
1.6 Leisure Goods 42 268.43 -0.5 -0.5 10.8 368.41 11.7 1.1 Intermediate Capital Group PLC 1407 7.00 Tesco PLC 214.10 -0.50
Health Care Equipment & Services (6) 6908.19 -0.08 5952.48 6913.56 6754.70 7875.80 1.99 1.72 29.26 77.97 6324.19
FTSE North America 664 460.35 0.3 3.8 0.3
1.4 681.60
1.9 Personal Goods 98 854.83 0.2 0.2 -5.1 1266.41 -4.3 1.8 International Consolidated Airlines Group S.A. 211.00 -7.90 Unilever PLC 4339 -37.00
Pharmaceuticals & Biotechnology (9) 19240.00 0.55 16578.23 19135.16 18582.47 15624.22 3.25 0.94 32.75 363.15 14836.48
FTSE Developed ex North America 1504 248.32 0.0 2.2 -8.7
-7.1 446.17
3.3 Tobacco 13 846.98 -0.1 -0.1 -15.0 2081.79 -11.7 7.1 Intertek Group PLC 5496 2.00 United Utilities Group PLC 878.80 5.20
Consumer Services (82) 4224.20 -1.01 3639.81 4267.17 4270.03 5266.53 3.65 1.48 18.53 48.64 4301.90 FTSE Japan Large Cap 179 375.98 -0.3 -0.1 -5.2
-3.9 522.58
2.5 Health Care 279 644.41 1.2 1.2 5.5 986.74 6.9 1.8
Food & Drug Retailers (5) 4144.10 -0.75 3570.78 4175.31 4183.63 4138.98 3.22 1.19 26.14 78.41 5208.24 Itv PLC 64.60 -2.22 Vodafone Group PLC 129.28 -0.52
FTSE Japan Mid Cap 327 557.15 -0.7 -2.8 -11.3
-10.2 735.34
2.3 Health Care Equipment & Services 96 1208.08 1.5 1.5 3.0 1450.76 3.5 0.9 Jd Sports Fashion PLC 636.60 -10.00 Whitbread PLC 2280 -34.00
General Retailers (25) 1961.71 0.13 1690.32 1959.23 1947.58 2018.31 2.81 2.07 17.19 6.13 2448.80
FTSE Global wi JAPAN Small Cap 843 614.23 -0.1 -0.9 -11.7
-10.5 840.03
2.3 Pharmaceuticals & Biotechnology 183 437.42 1.0 1.0 6.6 710.90 8.4 2.4 Johnson Matthey PLC 2296 -11.00 Wpp PLC 596.60 -11.60
Media (17) 7165.86 -0.83 6174.50 7225.62 7222.54 8887.71 3.80 1.56 16.85 80.73 4798.52
FTSE Japan 506 156.36 -0.4 -0.6 -6.5
-5.2 243.33
2.4 Consumer Services 450 587.38 -0.4 -0.4 5.3 819.88 6.0 1.3 Just Eat Takeaway.Com N.V. 8390 -14.00
Travel & Leisure (35) 6137.93 -1.97 5288.78 6261.39 6291.82 9400.53 4.23 1.29 18.29 79.44 6295.92
FTSE Asia Pacific Large Cap ex Japan 925 714.34 0.8 5.6 -1.7
-0.1 1227.06
2.7 Food & Drug Retailers 67 273.72 0.1 0.1 -7.2 410.51 -5.8 2.6
Telecommunications (6) 1811.96 -0.51 1561.29 1821.29 1791.06 2071.11 7.47 -0.46 -29.41 43.50 2450.29 FTSE Asia Pacific Mid Cap ex Japan 835 807.13 0.2 4.9 -6.8
-5.3 1330.02
3.0 General Retailers 147 1110.98 -0.1 -0.1 22.7 1492.08 23.3 0.8
Fixed Line Telecommunications (3) 1462.39 -0.90 1260.07 1475.59 1454.13 2305.93 12.21 1.27 6.47 3.51 1602.47
Mobile Telecommunications (3) 2928.83 -0.39 2523.64 2940.31 2889.60 2948.71 5.97 -1.57 -10.69 90.67 3570.98
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
1787
1760
534.18
556.01
0.2
0.8
4.9
5.6
-1.6
-0.2
-2.1
-0.5
859.75
2.9 Media
1014.54
2.8 Travel & Leisure
85 370.54
151 400.07
-1.6
-0.5
-1.6 -3.6 520.75
-0.5 -22.8 570.68 -22.0
-2.9 1.5
2.4
UK STOCK MARKET TRADING DATA
Utilities (8) 7153.24 0.07 6163.62 7148.23 7031.44 6609.46 6.07 0.55 29.83 195.73 9768.65 FTSE Emerging All Cap 3230 744.80 0.8 6.3 -5.7
-4.0 1216.69
2.8 Telecommunication 96 146.73 0.2 0.2 -8.5 315.15 -5.8 4.6 Jul 20 Jul 17 Jul 16 Jul 15 Jul 14 Yr Ago
Electricity (3) 8176.97 -1.07 7045.73 8265.53 8054.93 6819.68 6.46 0.53 29.18 151.05 14427.08 FTSE Emerging Large Cap 889 720.08 0.9 6.2 -5.0
-3.2 1184.33
2.7 Fixed Line Telecommuniations 43 114.86 0.2 0.2 -15.2 276.84 -12.1 5.7 - - - - - -
Gas Water & Multiutilities (5) 6503.99 0.44 5604.19 6475.30 6388.84 6199.08 5.95 0.56 30.05 196.53 8831.87 FTSE Emerging Mid Cap 888 854.78 0.4 6.7 -12.2
-10.5 1393.81
3.4 Mobile Telecommunications 53 168.39 0.2 0.2 1.0 316.54 3.1 3.4 Order Book Turnover (m) 69.99 57.22 57.22 140.87 268.03 74.13
Financials (308) 3942.75 -0.32 3397.29 3955.33 3965.06 4973.92 4.34 1.68 13.69 49.25 4074.41 FTSE Emerging Small Cap 1453 716.64 0.1 6.0 -5.2
-3.6 1120.12
3.0 Utilities 189 299.42 1.6 1.6 -5.8 647.93 -3.9 3.6 Order Book Bargains 802419.00 774130.00 774130.00 761772.00 1010443.00 936693.00
Banks (11) 2234.59 -0.94 1925.45 2255.89 2285.51 3822.10 5.97 1.98 8.46 0.02 1840.44 FTSE Emerging Europe 75 323.58 -0.7 -3.7 -26.5
-24.0 600.92
7.6 Electricity 132 339.11 1.8 1.8 -4.8 722.70 -2.9 3.4 Order Book Shares Traded (m) 1461.00 1520.00 1520.00 1538.00 1851.00 1629.00
Nonlife Insurance (8) 3116.05 -0.18 2684.96 3121.76 3145.98 3856.59 4.53 1.56 14.13 31.79 6042.92 FTSE Latin America All Cap 244 671.29 1.2 3.1 -31.9
-30.9 1135.35
3.4 Gas Water & Multiutilities 57 295.37 1.0 1.0 -8.0 661.15 -6.1 3.8 Total Equity Turnover (£m) 3754.04 4829.75 4829.75 7494.38 7845.90 4879.19
Life Insurance/Assurance (7) 6498.54 -1.58 5599.50 6602.59 6625.32 8094.48 5.67 1.74 10.13 154.93 7278.30 FTSE Middle East and Africa All Cap 327 565.34 0.0 2.5 -18.0
-16.0 4.2 Financials
972.06 862 213.83 -0.3 -0.3 -19.2 384.52 -17.6 3.8 Total Mkt Bargains 1028710.00 956712.00 956712.00 931917.00 1233351.00 1140843.00
Real Estate Investment & Services (17) 2245.25 0.67 1934.63 2230.41 2236.65 2404.71 2.59 2.70 14.27 19.55 6418.86 FTSE Global wi UNITED KINGDOM All Cap In 302 277.82 0.1 0.1 -22.3
-21.0 4.7 Banks
523.55 280 151.85 -1.0 -1.0 -28.9 299.07 -27.3 5.7 Total Shares Traded (m) 6748.00 5653.00 5653.00 5252.00 5642.00 5783.00
Real Estate Investment Trusts (39) 2244.01 0.20 1933.56 2239.47 2225.17 2608.35 4.44 -0.24 -92.07 40.16 3159.54 FTSE Global wi USA All Cap 1779 787.88 0.3 3.8 -0.2
0.8 1.8 Nonlife Insurance
1102.36 74 260.34 -0.3 -0.3 -15.7 406.84 -14.0 2.4 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (39) 9290.41 0.52 8005.12 9242.79 9191.70 9655.49 3.35 1.11 26.90 186.53 11858.21 FTSE Europe All Cap 1430 407.53 0.0 3.2 -10.4
-8.7 3.6 Life Insurance
727.61 56 191.65 -0.6 -0.6 -20.6 339.20 -18.6 4.2 (c) Market closed.
Equity Investment Instruments (187) 11021.97 0.21 9497.13 10999.08 10975.51 10734.39 2.57 2.57 15.13 154.47 6526.33 FTSE Eurozone All Cap 648 396.62 -0.1 4.1 -8.8
-7.1 3.2 Financial Services
706.80 210 350.98 0.2 0.2 -5.2 512.74 -4.1 2.1
Non Financials (302) 4217.47 -0.34 3634.01 4232.05 4198.07 4884.69 4.68 1.38 15.46 79.86 7028.77 FTSE EDHEC-Risk Efficient All-World 3945 397.29 0.3 2.2 -8.2
-7.0 2.7 Technology
593.58 292 424.82 0.5 0.5 18.1 542.76 18.9 1.0
Technology (16) 2043.82 1.77 1761.07 2008.30 1983.87 2239.92 3.33 0.05 640.81 25.23 2841.29 FTSE EDHEC-Risk Efficient Developed Europe 588 308.62 0.0 3.0 -8.7
-7.4 3.3 Software & Computer Services
511.51 154 734.52 0.3 0.3 20.8 877.41 21.2 0.6 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 2166.79 1.60 1867.02 2132.72 2113.29 2503.46 3.55 -0.05 -539.16 27.75 3187.27 Oil & Gas 146 239.47 -0.8 -2.9 -34.2
-32.2 438.38
6.1 Technology Hardware & Equipment 138 319.83 0.7 0.7 15.0 435.18 16.2 1.6 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (2) 5640.57 3.40 4860.23 5454.85 5229.92 2993.30 1.21 2.76 29.82 43.15 6969.33 Oil & Gas Producers 104 228.62 -0.9 -3.4 -35.3
-33.2 427.85
6.3 Alternative Energy 10 146.58 1.6 1.6 15.8 208.07 17.4 1.2 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Real Estate Investment & Services 161 313.46 -0.2 -0.2 -15.1 572.83 -13.1 3.4 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment Trusts 81 421.61 1.1 1.1 -15.0 915.12 -13.2 4.1 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6273.04 6242.09 6270.72 6268.74 6242.22 6261.40 6272.20 6244.61 6258.33 6291.60 6222.89 Real Estate Investment & Services 152 258.63 2.8 2.8 -30.0 463.40 -29.7 4.2
FTSE 250 17330.31 17260.27 17331.83 17362.74 17311.17 17318.55 17355.86 17370.11 17383.34 17402.06 17246.61 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 5042.76 5040.11 5040.56 5039.09 5033.09 5037.19 5034.40 5031.26 5031.53 5046.42 5027.71
FTSE All-Share 3464.48 3448.36 3463.44 3463.51 3449.89 3458.78 3464.73 3452.80 3459.36 3473.95 3439.96 (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,
Time of FTSE 100 Day's high:13:33:15 Day's Low07:26:15 FTSE 100 2010/11 High: 7674.56(17/01/2020) Low: 4993.89(23/03/2020) 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 All-Share Day's high:13:33:00 Day's Low07:26:00 FTSE 100 2010/11 High: 4257.93(17/01/2020) Low: 2727.86(23/03/2020) www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Group companies and is used by FTSE International Limited under licence.
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Amigo Holdings Pre 294.200 270.700 37.900L 111.000 5.700L 19.400 0.00000 7.45000 - 3.100 9.320 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- ReNeuron Group Pre 6.065 0.049 13.858L 17.235L 35.900L 45.300L 0.00000 0.00000 - 0.000 0.000 07/09 217.00 AIM ELIX Elixirr International PLC 200.00 0.00 227.00 185.00 9039.6
There are currently no rights offers by any companies listed on the LSE. SThree Int 602.639 653.268 12.965 22.674 5.900 12.700 0.00000 5.10000 - 0.000 14.900

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.
12 ★ FINANCIAL TIMES Tuesday 21 July 2020

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T 29.95 -0.31 39.70 26.08 7.02 14.98 215098.1 Lowes 143.77 -0.63 144.94 60.00 1.53 24.14 108542.97
ANZ 18.25 -0.22 28.79 14.10 7.81 13.20 36286.56 Nokia 3.88 0.04 5.12 2.08 2.52 63.44 25086.18 AstellasPh 1728.5 1.00 1987 1375 2.12 15.65 30020.98 AtlasCpcoB 361.80 -2.50 381.20 223.20 1.61 28.55 15721.56 AutomData 146.41 -1.19 182.32 103.11 2.37 24.62 62923.27 Lyondell 67.17 -1.33 98.91 33.71 6.38 8.41 22415.05
BHPBilltn 38.38 0.46 41.98 24.05 4.70 15.14 79262.05 SampoA 33.24 0.28 42.46 21.34 8.39 20.47 21072.39 Bridgestne 3458 -37.00 4734 2861.5 4.69 9.56 23023.17 Ericsson 102.70 5.04 103.15 59.54 0.68 179.17 35137.15 Avago Tech 312.37 -0.34 331.58 155.67 3.44 53.90 125630.62 Marathon Ptl 37.60 -0.33 69.65 15.26 5.89 -3.59 24449.81
CmwBkAu 71.99 -0.61 91.05 53.44 5.73 16.53 89341.6 France (€) Canon 2163.5 16.00 3131 2005 7.49 19.67 26919.13 H&M 134.75 -0.70 214.35 98.13 6.64 16.72 21917.97 BakerHu 22.08 0.09 31.26 20.09 3.38 -1.38 11412.93 Marsh&M 113.28 -0.41 119.88 74.34 2.01 31.82 57333.14
CSL 282.70 -0.72 342.75 215.24 0.90 46.70 89986.59 Airbus Grpe 65.71 -0.19 139.40 48.12 2.46 -27.87 58939.63 CntJpRwy 15215 -215.00 23455 14340 0.93 7.03 29239.14 Investor 525.20 6.40 568.60 370.10 2.29 16.75 26638.93 BankAm 23.48 0.26 35.72 17.95 3.00 9.39 203659.97 MasterCard 310.15 6.09 347.25 199.99 0.46 38.89 307995.95
NatAusBk 17.81 -0.29 30.00 13.20 8.30 17.90 41076.28 AirLiquide 140.10 1.30 140.70 94.86 1.61 31.62 75881.99 Denso 4124 -41.00 5174 3021 3.20 17.10 30313.77 Nordea Bk 69.78 0.18 86.73 48.00 - 17.80 31470.19 Baxter 87.55 -0.01 95.19 69.10 1.03 44.94 44405.89 McDonald's 190.87 -0.61 221.93 124.23 2.58 24.53 141922.57
Telstra 3.40 -0.06 4.01 2.87 2.82 20.53 28348.51 AXA 18.51 0.14 25.62 11.84 6.78 13.02 51215.14 EastJpRwy 7155 -139.00 10830 7056 2.07 10.49 25226.05 SEB 90.26 -1.32 104.90 59.80 - 11.89 21811.1 BB & T 54.24 0.75 55.66 40.68 3.42 14.79 41564.3 McKesson 152.10 -2.71 172.18 112.60 1.09 29.88 24657.78
Wesfarmers 46.20 -0.33 47.42 29.75 3.69 27.48 36723.44 BNP Parib 38.01 0.04 54.22 24.51 7.77 6.84 54345.28 Fanuc 20705 315.00 22030 12020 1.59 51.71 39001.79 SvnskaHn 88.30 -2.14 113.80 71.80 - 11.72 19122.7 BectonDick 267.38 0.40 286.72 197.75 1.19 78.02 75808.95 Medtronic 96.15 -2.43 122.15 72.13 2.12 25.44 128965.89
Westpc 17.68 -0.21 30.05 13.47 8.76 14.91 44765.32 ChristianDior 391.20 1.80 492.80 252.40 1.48 25.67 80782.65 FastRetail 58600 -940.00 70180 39910 0.81 40.86 57987 Swedbank 149.16 3.26 162.70 99.14 - 14.22 18802.68 BerkshHat 284500.02-1639.98 347400 239440 - 46.75 197125.8 Merck 79.30 -0.57 92.64 65.25 2.98 19.68 200161.22
Woolworths 38.89 0.03 43.96 32.12 2.51 36.45 34436.77 Cred Agr 9.13 0.02 13.80 5.70 7.39 6.46 30129.62 Fuji Hvy Ind 2267 -30.00 3184 1671.5 5.98 13.05 16266.82 Telia Co 36.15 -0.12 44.90 30.29 8.34 24.14 16463.1 Biogen 282.62 0.74 374.99 215.78 - 8.57 46120.05 Metlife 37.87 -0.60 53.28 22.85 4.74 3.95 34370.39
Belgium (€) Danone 60.76 0.66 82.38 50.26 2.99 21.99 47691.65 Hitachi 3500 -23.00 4693 2524 2.42 17.88 31602.21 Volvo 159.55 -0.55 175.10 95.00 - 11.72 29376.28 BkNYMeln 35.79 -0.33 51.60 26.40 3.45 7.60 31690 Microsoft 208.56 5.68 216.38 130.78 0.95 34.08 1581602.3
AnBshInBv 47.00 0.02 92.71 29.03 3.55 13.04 91041.82 EDF 9.76 0.05 13.61 5.98 2.98 6.31 34646.03 HondaMtr 2797 -19.00 3259 2120 3.77 11.04 47264.93 BlackRock 582.07 -5.65 592.48 323.98 2.37 21.16 89791.72 Mnstr Bvrg 74.38 0.16 74.95 50.06 - 35.23 39165.8
Switzerland (SFr)
KBC Grp 53.50 1.58 73.56 33.44 6.40 11.34 25484.9 Engie SA 11.40 0.26 16.80 8.63 3.12 35.79 31759.87 JapanTob 1933.5 -15.00 2555 1862 8.07 10.79 36074.44 Boeing 174.26 -1.40 391.00 89.00 4.81 -28.38 98337.25 MondelezInt 53.34 -0.73 59.96 41.19 2.13 20.59 76140.93
ABB 23.34 0.13 24.69 14.11 6.64 54.13 53863.31
EssilorLuxottica 117.25 -0.80 145.00 86.76 1.63 51.30 58691.99 KDDI 3347 33.00 3451 2629 3.09 12.89 71944.48 BrisMySq 59.51 -0.88 68.34 42.48 2.95 92.61 134652.67 Monsanto 127.95 0.02 127.97 114.19 1.64 23.62 56462.29
Brazil (R$) CredSuisse 10.05 -0.01 13.80 6.18 2.59 6.55 26184
Hermes Intl 759.20 8.40 788.20 516.00 0.56 55.70 91689.22 Keyence 44610 510.00 46740 28905 0.21 56.26 101212.69 CapOne 61.20 -0.79 107.59 38.00 2.67 11.86 27864.98 MorganStly 51.79 -0.62 57.57 27.20 2.66 10.56 81603.24
Ambev 14.27 0.11 20.77 10.36 3.62 21.07 41941.48 Nestle 108.56 -0.18 113.20 83.37 2.09 27.26 332901.91
LOreal 290.00 -0.30 297.20 196.00 1.24 46.48 185549.23 MitsbCp 2309.5 -5.50 2979 2094.5 5.18 7.34 32009.69 CardinalHlth 52.58 -0.55 60.69 39.05 3.73 -3.63 15352.68 MylanNV 16.58 -0.23 23.11 12.75 - 135.46 8570.99
Bradesco 20.95 0.16 32.45 14.05 1.11 7.28 17355.55 Novartis 82.71 0.35 96.38 65.09 3.53 26.72 217190.64
LVMH 412.80 2.55 439.05 278.70 1.41 30.97 238494.6 MitsubEst 1597 -26.50 2283 1291 1.89 18.76 20728.12 Carnival 15.05 -0.43 51.94 7.80 13.16 5.63 9036.98 Netflix 495.41 2.42 575.37 252.28 - 98.32 217883.32
Cielo 5.24 -0.02 9.07 3.23 4.16 11.24 2659.14 Richemont 61.22 0.22 87.44 44.64 3.17 35.37 34014.73
Orange 11.11 0.11 15.38 8.84 5.90 11.63 33808.73 MitsubishiEle 1402 6.00 1658 1096.5 2.69 14.04 28083.18 Caterpillar♦ 134.99 -1.91 150.55 87.50 2.98 13.98 73061.89 NextEraE 274.75 -0.63 283.35 174.80 1.91 37.36 134476.4
ItauHldFin 25.40 0.31 32.79 19.46 4.06 9.93 23524.26 Roche 342.80 1.40 357.85 261.45 2.35 23.69 256347.52
PernodRic 140.00 0.85 179.50 112.25 2.09 27.07 42509.72 MitsuiFud 1860 -24.50 3035 1538 2.33 11.48 16991.52 Celgene 108.24 0.11 110.70 58.59 - 12.71 77035.98 Nike 96.16 -0.12 105.62 60.00 0.96 35.84 119240.08
Petrobras 23.64 -0.01 33.65 10.50 2.78 -19.68 32863.5 Swiss Re 76.20 0.38 117.05 52.68 6.46 35.55 26554.8
Renault 24.27 0.41 58.10 12.77 13.70 -49.83 8210.66 MitUFJFin 423.50 -1.50 603.00 380.00 5.65 6.90 53658.93 CharlesSch 33.60 0.16 51.65 28.00 2.09 12.87 43257.07 NorfolkS 185.75 -2.50 219.88 112.62 2.02 19.77 51359.86
Vale 61.15 0.11 62.93 32.45 3.14 279.96 60359.85 Swisscom 502.20 2.00 577.80 446.70 - 15.61 27690.19
Safran 93.20 0.08 152.30 51.10 1.83 17.67 45552.02 Mizuho Fin 137.30 1.10 173.10 108.40 5.14 47.19 32523.73 Charter Comms 568.50 3.84 571.60 345.67 - 67.97 117371.11 Northrop 301.62 -5.22 385.01 263.31 1.79 22.22 50280.88
Canada (C$) Syngent 453.40 0.90 471.20 402.50 - 28.99 43035.76
Sanofi 94.29 1.07 95.06 67.65 3.05 43.53 135501.98 Murata Mfg 6580 70.00 6920 4304 2.68 94.43 41482.38 Chevron Corp 86.39 -0.80 127.00 51.60 5.74 40.72 161288.29 NXP 121.55 -1.16 139.59 58.41 1.15 141.87 33912.59
BCE 56.65 -0.93 65.45 46.03 5.50 17.69 37827.78 UBS 11.27 -0.10 13.28 7.00 5.84 9.26 46271.69
Sant Gbn 33.09 0.52 39.57 16.41 3.77 13.69 20618.88 NipponTT 2569 10.50 2908 2153 3.48 12.09 93485.02 Chubb 134.28 -1.67 167.74 87.35 2.28 16.44 60608.25 Occid Pet 15.88 -0.41 54.05 9.00 20.24 -3.44 14576.46
BkMontrl 74.33 -0.27 104.75 55.76 5.50 10.15 35290.34 Zurich Fin 349.20 3.10 439.90 248.70 4.90 14.06 55924.1
Schneider 101.15 0.20 105.50 61.72 2.18 24.92 65618.37 Nissan Mt 426.30 -13.20 784.30 311.20 8.50 42.43 16785.19 Cigna 176.84 -2.97 224.64 118.50 0.02 13.31 65250.6 Oracle 55.10 0.20 58.79 39.71 1.73 17.72 169069.03
BkNvaS♦ 56.14 -0.44 76.75 46.38 6.22 9.44 50214.91 Nomura 499.10 3.80 586.40 342.70 3.40 7.00 16266.03 Taiwan (NT$) Cisco♦ 46.66 -0.09 58.10 32.40 3.03 18.39 197012.34 Pepsico 132.26 -2.41 147.20 101.42 2.95 25.13 183503.87
SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81
Brookfield 46.26 -0.65 60.48 31.35 1.31 43.61 53755.67 Nppn Stl 1037 -11.00 1789 798.10 4.91 5.32 9193.37 Chunghwa Telecom♦ 110.00 - 123.50 103.00 4.05 26.16 28956.53 Citigroup 49.94 -0.28 83.11 32.00 4.04 6.77 103965.49 Perrigo 58.30 -0.24 63.86 40.01 1.34 57.07 7947.07
SocGen 15.70 -0.01 32.23 11.35 13.71 8.77 15325.21
CanadPcR♦ 368.48 -2.44 373.83 252.00 0.87 21.81 36905.29 NTTDCMo 2993.5 13.00 3475 2528.5 3.62 17.37 90161.87 Formosa PetChem♦ 86.00 0.90 108.00 66.10 5.55 47.03 27799.8 CME Grp 166.60 -0.03 225.36 131.80 1.90 24.52 59738.5 Pfizer 36.34 0.09 43.23 27.88 4.10 12.72 201834.88
Total 33.21 -0.62 50.93 21.12 7.89 12.33 100782.47
CanImp♦ 93.21 -0.33 115.96 67.52 6.02 10.48 30649.49 Panasonic 1014 -5.50 1264 691.70 2.79 8.71 23209.24 HonHaiPrc 86.80 -1.20 101.50 65.70 4.58 12.51 40833.02 Coca-Cola 46.03 -0.80 60.13 36.27 3.57 19.45 197672.37 Phillips66 63.79 -0.06 119.92 40.04 5.76 93.34 27853.3
UnibailR 190.00 0.35 236.45 177.35 5.49 24.87 22215.04
CanNatRs 23.44 -0.11 42.57 9.80 6.42 9.08 20441.19 Seven & I 3511 -5.00 4485 3113 2.76 14.45 29033.98 MediaTek 601.00 -8.00 674.00 273.00 1.49 37.72 32403.66 Cognizant 61.36 -0.07 71.48 40.01 1.36 18.86 33169.99 PhilMorris 73.08 -1.95 90.17 56.01 6.49 14.59 113795.03
Vinci 82.22 -0.24 107.35 54.76 3.09 15.08 57101.12
CanNatRy 129.61 0.11 129.99 92.01 1.64 21.65 68059.02 ShnEtsuCh 12925 85.00 13945 8751 1.53 18.25 50238.97 TaiwanSem 366.00 -4.00 370.00 235.50 3.39 23.32 322050.92 ColgtPlm 74.44 -0.76 77.41 58.49 2.36 24.91 63760.83 PNCFin 102.70 -0.33 161.79 79.41 4.37 9.38 43569.43
Vivendi 23.94 0.25 26.42 16.60 1.96 19.99 32468.25
Enbridge 41.57 -0.04 57.32 33.06 7.06 43.71 62160.09 Softbank 6272 -143.00 6577 2609.5 0.50 -12.33 122275.43 Thailand (THB) Comcast♦ 41.88 -0.31 47.74 31.71 2.09 16.29 190728.62 PPG Inds 110.39 -1.49 134.36 69.77 1.86 21.95 26043.59
GtWesLif 24.20 -0.10 35.60 18.88 6.73 11.35 16576.72 Germany (€)
Sony 8249 134.00 8322 5297 0.46 16.88 97042.53 PTT Explor 38.50 -0.25 48.00 23.60 5.14 18.37 34567.51 ConocPhil 40.11 0.15 67.13 20.84 3.69 12.29 43014.97 Praxair 164.50 -0.99 169.75 140.00 2.28 36.76 47306.22
ImpOil 21.83 -0.25 37.46 10.27 3.91 10.00 11832.61 Allianz 188.28 2.76 232.60 117.10 4.68 10.97 89855.4
SumitomoF 3066 -16.00 4145 2507.5 5.68 8.49 39275.56 United Arab Emirates (Dhs) Corning 29.04 -0.01 34.25 17.44 2.88 83.73 22094.12 Priceline 1905.64 -1.38 2067.99 1612.41 - 21.75 92937.2
Manulife 19.00 -0.14 27.78 12.58 5.26 8.44 27209.49 BASF 52.56 0.51 72.17 37.36 5.96 22.29 55226.62
Takeda Ph 3788 77.00 4562 2894.5 4.47 -58.25 55705.07 Emirtestele 16.78 0.04 17.80 11.04 4.82 16.60 39729.29 Costco 325.29 0.50 329.32 262.71 0.83 38.04 143623.25 ProctGmbl 124.82 -0.81 128.09 94.34 2.44 66.51 309009.71
Nutrien 44.27 -0.80 72.84 34.80 5.55 20.41 18627.54 Bayer 62.25 -0.75 78.34 44.86 4.40 23.57 69962.01
TokioMarine 4723 -36.00 6317 4167 3.69 12.64 30930.04 United Kingdom (p) CrownCstl 170.76 1.80 180.00 114.18 2.78 94.58 71162.36 Prudntl 63.24 -0.90 103.56 38.62 6.61 8.62 24979.8
RylBkC 95.00 -0.86 109.68 72.00 4.32 12.44 99844.72 BMW 59.10 -0.63 77.06 36.60 5.79 8.10 40700.94
Toyota 6794 -19.00 8026 5771 3.05 8.34 206808.19 CSX 71.42 -0.74 80.62 46.81 1.40 16.87 54669.57 PublStor 187.99 -4.31 266.76 155.37 4.34 25.08 32859.29
Suncor En 22.71 -0.29 45.12 14.02 7.37 -16.96 25574.96 Continental 88.16 0.76 133.10 51.45 5.27 -11.94 20171.52 AscBrFd 1929.5 13.00 2730 1554 2.40 21.58 19318.77
Mexico (Mex$) CVS 64.00 -1.37 77.03 52.04 3.19 11.37 83647.28 Qualcomm 92.13 -0.10 96.17 58.00 2.75 26.72 103639.61
ThmReut 95.21 -0.80 109.99 75.91 2.12 21.01 34901.09 Daimler 38.89 -0.45 54.50 21.02 8.18 113.58 47597.01 AstraZen 9320 133.00 10120 5871 2.38 100.49 149276.63
AmerMvl 14.75 0.40 16.82 12.33 2.34 53.47 29178.94 Danaher♦ 192.63 1.68 193.49 119.60 0.37 52.17 134361.58 Raytheon 116.96 -5.47 233.48 103.00 2.98 10.60 32566.46
TntoDom♦ 61.45 -0.23 77.91 49.01 4.79 11.03 81784.14 Deut Bank 8.88 0.14 10.37 4.45 1.21 -3.24 20986.22 Aviva 291.50 -1.00 439.40 205.70 10.38 4.62 14795.25
FEMSA UBD 130.03 -0.78 188.80 127.25 2.27 11.01 12407.26 Deere♦ 174.40 -2.11 181.99 106.14 1.75 19.74 54562.55 Regen Pharm 656.59 12.53 664.64 271.37 - 32.35 72666.99
TrnCan♦ 59.95 -0.42 76.58 47.05 4.95 14.04 41606.69 Deut Tlkm 15.41 0.14 16.75 10.41 - 19.21 83939.56 Barclays 116.22 -0.18 192.99 73.04 2.58 9.72 25081
WalMrtMex 56.03 -0.40 62.71 47.76 1.48 25.32 43195.84 Delphi 15.75 0.11 19.62 5.39 - -23.76 1360.01 S&P Global 357.01 2.32 357.97 186.06 0.68 36.58 86017.75
ValeantPh 30.80 -1.06 36.02 14.01 - -4.10 8158.48 DeutsPost 35.30 0.14 35.43 19.11 3.19 20.86 49933.86 BP 303.20 -6.10 556.20 222.90 10.88 -22.97 76425.7
Delta 26.27 -0.78 63.44 17.51 6.05 4.80 16752.19 Salesforce 193.85 6.07 202.82 115.29 - -773.33 174654.35
E.ON 10.58 0.09 11.56 7.60 3.81 47.04 31953.99 Netherlands (€) BrAmTob 2705.5 -79.50 3507 34.85 7.50 10.87 63795
China (HK$) Devon Energy 10.53 0.24 28.42 4.70 3.49 -2.72 4029.83 Schlmbrg 18.89 0.27 41.14 11.87 10.80 -1.43 26215.79
Fresenius Med 77.00 0.64 81.10 53.50 1.49 19.53 26817.11 Altice 3.69 -0.02 6.86 2.26 - 20.23 4458.14 BSkyB 1727.5 1.50 1740 893.50 0.76 36.60 38843.72
AgricBkCh♦ 2.91 0.02 3.50 2.69 6.68 4.35 11538.74 DiscFinServ 47.63 -1.36 92.98 23.25 3.68 6.99 14589.11 Sempra Energy 122.44 -2.38 161.87 88.00 3.29 18.05 35819.25
Fresenius SE 44.39 0.11 51.54 24.25 1.76 13.39 22958.06 ASML Hld 338.90 5.80 355.50 177.52 0.91 55.52 165028.17 BT 115.50 -1.25 212.25 98.39 13.33 5.30 14493.22
Bk China♦ 2.78 0.01 3.39 2.71 7.43 4.09 29987.78 Disney 117.61 -1.04 153.41 79.07 1.53 50.36 212442.98 Shrwin-Will 610.62 0.53 613.13 325.43 0.79 33.96 55444.3
HenkelKgaA 76.10 -0.35 90.30 54.65 2.25 16.96 22617.31 Heineken 84.32 0.48 105.00 68.82 1.83 23.88 55562.15 Compass 1114.5 -20.50 2150 20.62 3.59 17.17 23180.67
BkofComm♦ 4.51 0.03 5.93 4.20 7.42 4.17 20369.2 DominRes 77.45 -1.13 90.89 57.79 4.86 35.48 64999.99 SimonProp 60.75 -1.65 164.46 42.25 14.02 9.22 18566.06
Linde 212.00 0.70 215.20 130.45 1.51 55.56 127371.55 ING 6.57 0.02 11.26 4.23 10.12 7.60 29326.07 Diageo 2793 -23.00 3633.5 2050.6 2.46 21.77 88924.05
BOE Tech 0.60 - 0.98 0.47 - -9.58 15.40 DowDupont 30.52 -0.65 48.38 30.06 4.40 -19.00 68559.76 SouthCpr 43.61 -0.07 44.82 23.43 3.74 25.15 33713.1
MuenchRkv 239.10 3.10 284.20 141.10 3.78 15.10 38321.14 Unilever 47.30 -0.10 57.77 38.42 3.21 23.60 79040.65 GlaxoSmh 1648.4 -11.80 1857 1328.19 4.85 15.39 102524.26
Ch Coms Cons♦ 4.74 0.18 6.96 4.32 5.57 4.05 2707.19 DukeEner 81.14 -1.27 103.79 62.13 4.73 15.69 59622.26 Starbucks 74.08 -0.08 99.72 50.02 2.12 25.94 86547.66
SAP 139.24 3.34 139.72 82.13 1.01 53.47 195688.21 Norway (Kr) Glencore 183.34 -0.48 282.00 109.76 8.18 -80.94 33446.65
Ch Evrbrght♦ 3.14 0.06 3.97 2.65 5.72 4.54 5135.52 Eaton 93.02 -1.55 105.78 56.42 3.14 17.92 37208 StateSt 60.45 -1.26 85.89 42.10 3.43 10.18 21275.76
Siemens 113.96 1.82 119.90 58.77 3.35 20.29 110814.18 DNB 146.45 -0.10 178.10 94.26 5.66 9.36 25025.97 HSBC 374.30 -5.25 673.70 369.35 6.41 25.78 94912.92
Ch Rail Cons 6.67 0.29 9.99 5.91 3.51 4.76 1786.49 eBay 58.30 0.17 61.06 26.02 1.01 26.34 40967.43 Stryker♦ 190.96 -2.09 226.30 124.54 1.17 32.90 71577.19
Volkswgn 148.60 0.10 185.00 99.16 3.16 7.03 50164.56 Equinor 139.95 -1.20 187.20 95.20 6.93 -87.28 50525.06 Imperial Brands 1408.5 -11.50 2256 1258.2 14.67 15.60 16989.23
Ch Rail Gp 4.24 0.12 5.84 3.45 3.37 4.08 2301.23 Ecolab 211.23 0.87 231.36 124.60 0.90 39.15 61088.09 Sychrony Fin 22.70 -0.51 38.18 12.15 3.91 5.00 13250.17
Hong Kong (HK$) Telenor 155.15 6.65 189.65 130.75 4.86 44.86 23478.65 LlydsBkg 30.41 -0.16 73.66 25.68 3.68 12.67 27718.2
ChConstBk♦ 6.09 -0.03 6.85 5.55 5.63 5.15 188871.85 Emerson 62.50 -1.03 78.38 37.75 3.23 17.51 37342.21 T-MobileUS 105.79 0.44 111.58 63.50 - 25.55 147194.61
AIA 71.95 -0.20 87.90 60.05 1.55 17.65 112222.42 Natl Grid 896.20 4.60 1073.8 8.90 5.28 20.99 38044.22
China Vanke 26.05 0.90 34.75 21.65 4.49 6.72 6363.04 Qatar (QR) EOG Res♦ 48.51 1.35 89.54 27.00 2.28 13.10 28235.05 Target 119.59 -2.09 130.24 80.03 2.20 22.21 59794.35
BOC Hold 22.45 -0.25 31.50 20.30 6.21 7.76 30618.88 Prudential 1218 -34.50 1509 682.80 3.96 21.49 39854.7
ChinaCitic 3.59 0.03 4.79 3.30 7.15 3.58 6891.93 QatarNtBk 18.20 0.05 21.25 15.71 3.37 12.29 46169.49 EquityResTP 55.30 -1.68 89.55 49.62 4.25 17.21 20579.92 TE Connect 84.42 -1.16 101.00 48.62 2.22 39.98 27845.76
Ch OSLnd&Inv 24.75 0.45 31.00 21.80 3.65 6.13 34978.53 RBS 119.45 -1.15 265.00 100.34 1.67 5.31 18076.9
ChinaLife♦ 19.52 1.50 22.90 11.64 0.87 8.96 18737.18 Russia (RUB) Exelon 38.19 -1.21 50.54 29.28 3.93 13.97 37212.64 Tesla Mtrs 1496.18 -4.66 1794.99 211.00 - -1982.29 277348.54
ChngKng 44.35 -0.60 63.20 33.40 4.18 5.92 21130.21 ReckittB 7836 82.00 8191.3 5130 2.21 -19.94 69788.16
ChinaMBank 38.60 0.85 43.40 29.80 2.72 9.31 22859.61 Gzprm neft 185.71 -3.02 272.68 158.17 10.00 3.11 58976.64 ExpScripts 92.33 -3.47 101.73 66.93 - 11.10 52061.19 TexasInstr 135.09 1.20 135.89 93.09 2.52 25.37 123977.32
Citic Ltd♦ 7.72 - 10.74 6.88 5.41 4.39 28970.12 RELX 1786 -25.00 2109 1382.86 2.42 23.22 43626.26
ChinaMob 53.75 -0.40 70.15 45.20 5.17 9.77 141969.83 Lukoil 4745.5 -157.00 6810 3663 6.94 7.65 44107.51 ExxonMb 43.01 -0.51 76.05 30.11 8.25 15.79 181863.82 TheTrvelers 118.46 -0.70 153.65 76.99 2.82 12.54 29950.93
Citic Secs♦ 18.70 1.20 21.45 12.60 2.09 17.12 5495.94 RioTinto 4959.5 18.50 5152 2954 5.04 13.47 84125.04
ChinaPcIns 23.95 0.90 34.75 17.90 4.67 6.34 8574.32 MmcNrlskNckl 20150 -66.00 23656 13352 12.39 7.95 42774.79 Facebook 243.15 1.12 250.15 137.10 - 32.70 585213.93 ThrmoFshr 403.56 8.16 404.86 250.21 0.20 43.38 159386.47
CK Hutchison 50.85 -0.10 76.90 45.05 5.92 5.18 25295.24 RollsRoyce 264.80 0.40 899.60 235.50 4.42 -3.83 6228.48
ChMinsheng♦ 4.99 0.01 6.06 4.91 7.75 3.61 5355.77 Novatek 973.20 -3.20 1382.2 682.80 3.03 6.81 39639.58 Fedex 164.02 -1.96 178.50 88.69 1.96-129.42 42850.19 TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69
CNOOC 8.55 -0.06 14.04 6.24 8.10 5.87 49243.02 RylDShlA 1272.8 -30.40 2636 946.10 11.77 12.97 74000.7
ChMrchSecs 23.31 -5.28 26.04 12.61 1.14 25.21 19070.43 Rosneft 324.00 -11.00 489.90 229.80 7.81 8.59 46063.6 FordMtr 6.62 -0.18 10.35 3.96 9.24 -8.32 25858.96 TJX Cos 51.77 -1.14 64.95 32.72 1.64 20.21 62012.42
HangSeng 128.50 -1.00 196.90 117.50 5.77 10.59 31691.2 Shire# 4690 111.00 4780 2944 0.58 11.63 56567.13
Chna Utd Coms 5.30 0.15 6.96 4.82 1.01 34.24 16300.75 Sberbank 188.91 -2.03 270.80 172.15 9.47 4.04 54705 Franklin 20.45 -0.61 35.77 14.91 5.29 10.28 10126.54 UnionPac 177.61 -3.64 188.96 105.08 2.18 20.25 120520.47
HK Exc&Clr 346.00 -0.80 373.60 206.00 1.86 48.77 56587.83 StandCh 442.30 -0.70 740.80 368.40 1.28 11.40 18441.47
ChShenEgy♦ 13.66 0.36 17.18 11.94 7.41 6.02 5988.68 Surgutneftegas♦ 35.13 -0.76 54.89 24.06 2.07 11.47 16833.73 GenDyn♦ 145.86 -3.05 193.76 100.55 2.85 12.07 41842.06 UPS B 117.99 -0.56 125.31 82.00 3.36 23.42 83078.75
MTR 38.80 -0.30 54.30 36.20 2.94 21.06 30922.44 Tesco 214.10 -0.50 332.67 203.70 3.15 22.44 22170.13
ChShpbldng 5.07 0.46 6.26 3.98 0.185213.45 13260.95 GenElectric 6.88 -0.19 13.26 5.48 0.59 11.06 60179.99 USBancorp 35.69 -0.35 61.11 28.36 4.66 9.04 53751.93
SandsCh 31.00 -0.80 45.45 25.15 6.06 16.67 32347.69 Saudi Arabia (SR) Vodafone 129.28 -0.52 169.46 92.76 6.16 -19.56 43611.94
ChStConEng 5.22 0.17 6.20 4.76 3.23 5.58 30805.72 GenMills 63.53 -1.11 65.41 46.59 3.05 18.44 38744.99 UtdHlthcre 303.52 -3.01 315.84 187.72 1.45 20.82 287852.15
SHK Props 95.40 -1.25 135.30 87.60 4.93 7.30 35661.3 AlRajhiBnk 57.30 -0.10 72.40 51.00 5.28 14.27 38194.9 WPP 596.60 -11.60 1085.5 450.00 10.06 11.98 9553.07
ChUncHK 4.49 -0.04 8.76 3.84 3.24 11.42 17722.43 GenMotors 25.91 -0.54 41.90 14.33 5.98 7.79 37079.19 UtdTech 86.01 -5.36 158.44 69.02 3.41 18.14 74498.84
Tencent 522.50 1.50 564.00 312.20 0.18 51.00 644032.74 Natnlcombnk 36.00 0.10 56.90 30.50 9.53 9.67 28796.16 United States of America ($)
CNNC Intl 4.48 0.17 5.67 4.02 2.69 16.95 9975.59 GileadSci 77.87 0.36 85.97 60.89 3.37 19.58 97677.93 ValeroEngy 55.53 0.06 101.99 31.00 6.76 56.71 22639.5
SaudiBasic 87.90 -0.30 113.60 61.90 5.05 223.33 70310.64 21stC Fox A 24.47 -0.82 39.74 19.81 2.88 11.16 8382.74
CSR♦ 3.69 0.14 6.34 3.14 4.55 9.20 2080.63 India (Rs) GoldmSchs 211.00 -0.41 250.46 130.85 2.22 11.22 72560.07 Verizon♦ 55.81 -0.49 62.22 48.84 4.47 12.35 230941.52
SaudiTelec 95.90 -0.10 113.20 72.30 4.21 17.53 51139.84 3M 156.99 -2.84 187.72 114.04 3.76 18.06 90297.43
Daqin 6.69 0.13 8.26 6.43 7.21 8.12 14227.97 Bhartiartl 575.75 9.00 612.00 321.15 - -10.64 41931.14 Halliburton 13.93 0.85 25.47 4.25 5.27 -5.21 12220.48 VertexPharm 299.49 4.96 306.08 165.23 - 50.89 77650.78
Gree Elec Apl 0.10 0.00 0.37 0.01 - -0.03 4.35 HDFC Bk 1133.05 34.60 1305.5 738.75 0.66 23.78 83043.81 Singapore (S$) AbbottLb 99.41 0.16 100.71 61.61 1.35 49.22 175840.91 HCA Hold 103.63 -2.43 151.97 58.38 1.60 11.56 34987.45 VF Cp 58.33 -1.39 100.25 45.07 3.32 36.43 22723
GuosenSec 13.87 0.54 15.59 10.38 0.87 27.60 16270.03 Hind Unilevr 2330.95 -3.60 2614.3 1659.05 1.04 73.95 73056.88 DBS 21.29 -0.09 27.04 16.65 7.01 12.74 38917.76 Abbvie 99.73 -1.10 101.28 62.55 4.49 17.31 147278.45 Hew-Pack 17.53 -0.03 23.93 12.54 3.85 8.57 25059.99 ViacomCBS 24.52 -0.67 52.62 10.10 3.49 8.09 13804.76
HaitongSecs 7.70 0.33 9.58 5.79 2.17 9.87 3386.69 HsngDevFin♦ 1806.05 0.20 2499.9 1473.45 1.16 14.34 41821.07 JardnMt US$ 39.96 -0.40 65.19 39.66 4.11 5.54 29261.94 Accenture 222.41 0.47 223.37 137.15 1.36 29.29 147614.58 HiltonWwde 77.92 -1.98 115.48 44.30 0.79 29.84 21604.21 Visa Inc 197.92 2.83 214.17 133.93 0.57 34.90 333913.46
Hngzh HikVDT 35.03 -0.08 40.09 27.00 1.72 26.05 40541.65 ICICI Bk 363.00 9.20 552.20 268.30 0.28 25.07 31380.62 JardnStr US$ 19.94 -0.18 37.10 17.81 1.65 5.41 22099.66 Adobe 451.19 18.77 470.61 255.13 - 69.04 216418.96 HomeDep 258.59 -1.79 261.29 140.63 2.16 25.64 278115.8 Walgreen 40.47 -0.95 64.50 36.65 4.43 10.48 35068.63
Hunng Pwr♦ 3.40 0.21 4.75 2.24 3.22 321.11 2061.54 Infosys 934.30 31.15 955.50 509.25 2.16 22.23 53121.88 OCBC 9.18 0.01 11.82 7.80 5.20 15.91 29113.45 AEP 86.94 -0.57 104.97 65.14 3.21 22.91 43086 Honywell 153.68 -1.32 184.06 101.08 2.28 17.32 107859.97 WalMartSto 131.59 -0.15 134.13 102.00 2.03 24.95 372886.83
IM Baotou Stl 1.20 0.06 1.62 1.04 0.59-266.14 5437.71 ITC 192.70 -1.35 273.35 134.60 2.99 15.79 31621.03 SingTel 2.53 0.02 3.54 2.19 6.82 32.93 29741.87 Aetna - - - - - - - HumanaInc♦ 395.74 -8.75 412.70 208.25 0.59 19.90 52319.23 WellsFargo 24.54 -0.42 54.75 22.00 8.23 8.41 100593.44
In&CmBkCh♦ 4.87 0.01 6.11 4.70 5.74 5.02 54525.75 L&T 919.60 -5.95 1551 661.00 1.96 13.38 17234.37 UOB 20.55 -0.01 27.02 17.28 5.04 8.20 24699.07 Aflac 35.85 -0.37 56.49 23.07 3.10 8.83 25722.66 IBM 125.75 0.64 158.75 90.56 5.26 12.21 111652.41 Williams Cos 19.55 -0.23 27.80 8.41 8.04 159.68 23711.93
IndstrlBk 16.48 0.39 20.42 14.93 4.21 5.19 46243.35 OilNatGas 80.30 -0.05 149.65 50.00 8.73 4.71 13485.56 South Africa (R) AirProd♦ 291.74 -2.26 295.90 167.43 1.69 32.43 64432.13 IllinoisTool 177.98 -4.10 190.85 115.94 2.41 22.66 56229.59 Yum!Brnds 90.09 -0.48 119.72 54.95 1.96 24.67 27115.83
Kweichow 1636.96 -11.09 1787 923.80 0.89 47.49 294167.13 RelianceIn 1919.9 8.20 1978.8 867.40 0.34 27.19 173303.58 Firstrand 42.20 0.89 69.90 31.13 7.85 7.31 14198.23 Alexion 110.46 1.22 125.52 72.67 - 10.23 24392.6 Illumina 397.97 14.33 400.00 196.78 - 61.54 58501.59 Venezuela (VEF)
Midea 0.77 - 1.42 0.58 - -2.72 21.36 SBI NewA 190.75 2.55 359.55 149.45 - 12.77 22725.72 MTN Grp 64.25 0.40 114.43 26.25 9.21 11.50 7261.32 Allergan 193.02 0.03 202.22 114.27 1.54 -25.19 63659.11 Intcntl Exch 93.42 -0.41 101.93 63.51 1.23 24.49 51121.46 Bco de Vnzla 7000 -298.99 9000 419.98 662.71 - 112.77
New Ch Life Ins♦ 33.90 3.30 40.00 20.45 2.54 5.99 4522.19 SunPhrmInds 483.80 -19.80 512.70 312.00 0.57 28.97 15496.03 Naspers N 3170.54 35.34 3643 1843.8 0.25 25.52 82819.33 Allstate 90.94 -0.73 125.92 64.13 2.29 7.51 28565.72 Intel 60.40 0.40 69.29 43.63 2.15 11.50 255733.6 Bco Provncl 487000.01 0.01 530000 37500 - 47.87 231.97
PetroChina♦■ 2.68 0.03 4.46 2.20 5.55 22.89 7294.31 Tata Cons 2207.9 7.15 2333 1506.05 2.06 25.36 110598.8 Alphabet 1553.57 36.72 1576.36 1008.87 - 30.75 466147.87 Intuit 295.67 6.40 314.73 187.68 0.65 49.87 77102.26
South Korea (KRW) Mrcntl Srvcs 510000 - 596000 65000 0.01 16.26 137.16
PingAnIns 86.05 1.45 101.00 69.00 2.45 10.59 82670.26 Altria 40.64 -0.90 52.45 30.95 8.33 -84.78 75524.08 John&John 149.11 -0.24 157.00 109.16 2.60 22.81 392844.39
Indonesia (Rp) HyundMobis 224000 3500 268500 126000 1.80 9.72 17694.88
PngAnBnk 14.73 0.59 17.60 11.91 0.99 9.83 40891.41 Amazon 3121.58 159.61 3344.29 1626.03 - 146.231556969.29 JohnsonCn 37.02 -0.66 44.65 22.78 2.87 26.49 27534.07
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26 KoreaElePwr 19950 200.00 29500 15550 - -8.28 10643.39 Closing prices and highs & lows are in traded currency (with variations for that
Pwr Cons Corp 4.54 0.29 5.11 3.40 2.17 10.28 7237.84 AmerAir 11.49 -0.42 34.99 8.25 3.55 -5.99 5839.45 JPMrgnCh♦ 97.85 -0.31 141.10 76.91 3.65 10.84 298151.19
Israel (ILS) SK Hynix 82200 -700.00 106000 65800 1.23 35.79 49731.4 country indicated by stock), market capitalisation is in USD. Highs & lows are
SaicMtr 19.08 0.52 26.32 16.90 6.64 12.01 31889.54 AmerExpr♦ 94.19 -1.00 138.13 67.00 1.82 13.99 75816.24 Kimb-Clark 142.73 -1.64 149.23 110.66 2.97 20.43 48606.29
TevaPha 42.25 -0.25 46.45 21.75 - -16.10 13442.9 SmsungEl 54200 -200.00 62800 42300 2.63 17.15 268895.72 based on intraday trading over a rolling 52 week period.
ShenwanHong 0.04 - 0.13 0.03 - -0.16 45.20 AmerIntGrp 31.75 -0.38 58.66 16.07 4.11 6.33 27341.67 KinderM 14.70 -0.22 22.58 9.42 6.94 24.85 33243.86
Italy (€) Spain (€) AmerTower 258.82 -0.29 269.73 174.32 1.49 59.29 114736.57 ♦ ex-dividend
ShgPdgBk 11.52 0.25 13.33 9.82 3.05 6.00 46314.16 Kraft Heinz 34.07 -0.95 35.19 19.99 4.79 21.41 41621.74 ■ ex-capital redistribution
Enel♦ 8.32 -0.11 8.61 5.15 3.53 40.51 96790.05 BBVA 3.19 -0.02 5.34 2.46 12.86 163.23 24363.92 Amgen 260.35 1.89 264.97 173.12 2.33 19.99 153150.21
Sinopec Corp 3.31 0.02 5.23 3.20 13.08 15.30 10893.73 Kroger 33.84 -0.02 36.84 20.70 1.70 17.29 26321.12 # price at time of suspension
ENI 8.78 -0.03 14.60 6.26 9.36 -8.31 36506.92 BcoSantdr 2.21 -0.01 4.26 1.78 7.30 8.34 42014.42 Anadarko 72.77 0.56 76.23 40.40 1.50 -63.37 36563.54
Sinopec Oil 1.84 0.05 2.61 1.67 - 65.45 3169.87 L Brands 18.13 -0.37 26.63 8.00 6.64 -7.09 5013.55
Generali 13.78 0.09 19.63 10.20 6.12 10.66 24845.28 CaixaBnk 2.11 0.02 2.94 1.50 4.64 11.59 14424.48 Anthem 260.17 -6.20 309.10 171.03 1.31 13.79 65593.04
Denmark (kr) Iberdrola♦ 11.24 0.16 11.35 7.76 3.20 19.81 82983.51 LasVegasSd 47.06 -1.63 74.29 33.30 6.72 16.79 35941.12
IntSPaolo 1.85 0.02 2.63 1.31 10.39 7.73 37145.49 Aon Cp 203.51 -0.15 238.19 143.93 0.88 28.67 47119.09 LibertyGbl 22.83 0.02 28.62 15.24 - -97.30 4160.01
DanskeBk 106.00 5.20 123.60 68.04 - 8.60 14042.63 Inditex 22.99 - 32.28 18.51 0.92 29.90 81969.32
Unicred 8.84 0.03 14.44 6.01 2.86 11.01 22580.82 Apple 389.83 4.52 399.82 192.58 0.81 29.881689653.81 Lilly (E) 166.39 0.43 170.75 101.36 1.64 27.23 159143.79
MollerMrsk 8478 44.00 10555 4976 1.73 33.61 12287.54 Repsol 7.74 -0.14 15.67 5.92 11.74 -2.48 13862.98 ArcherDan 40.49 -0.69 47.20 28.92 3.55 14.59 22489.26 Lockheed 364.98 -3.52 442.53 266.11 2.57 16.24 102353.28
NovoB 448.00 12.60 456.30 316.05 1.82 26.89 124771.05 Telefonica 4.16 0.02 7.38 3.53 9.42 60.69 24685.68

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
Halliburton 13.93 13.08 0.85 6.50 2.14 18.2 7.22 ChMrchSecs 23.31 28.59 -5.28 -18.47 -5.28 -18.5 31.47 Jul 20 date Coupon S* M* F* price yield yield yield US Jul 20 date Coupon S* M* F* price yield yield yield US
Infosys 934.30 903.15 31.15 3.45 137.25 17.2 32.42 ShenwanHong 0.04 0.04 0.00 0.00 -0.01 -11.1 42.86 High Yield US$ US$
Ericsson 102.70 97.66 5.04 5.16 14.90 17.0 19.31 BkNYMeln 35.79 36.12 -0.33 -0.91 -3.07 -7.9 -8.73 HCA Inc. 04/24 8.36 BB- Ba2 BB 114.50 4.13 0.00 0.08 - The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 115.89 2.68 0.02 0.01 -
HyundMobis 224000.00 220500.00 3500.00 1.59 31500.00 16.4 20.75 BrAmTob 2705.50 2785.00 -79.50 -2.85 -194.50 -6.7 -99.15 High Yield Euro Nicor Gas Company 02/28 6.58 A Aa3 AA- 125.38 2.83 0.02 -0.06 -
Nissan Mt 426.30 439.50 -13.20 -3.00 51.50 13.7 1.41 StateSt 60.45 61.71 -1.26 -2.04 -4.14 -6.4 -7.52 Aldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98 NationsBank Corp. 03/28 6.80 BBB+ Baa1 A- 128.41 2.67 0.00 -0.31 -
L Brands 18.13 18.50 -0.37 -2.00 1.74 10.6 25.35 IndstrlBk 16.48 16.09 0.39 2.42 -1.12 -6.4 4.50 GTE LLC 04/28 6.94 BBB+ Baa2 A- 127.94 2.88 -0.01 -0.13 -
Delphi 15.75 15.64 0.11 0.70 1.44 10.1 13.45 Ch Rail Gp 4.24 4.12 0.12 2.91 -0.27 -6.0 0.72 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 127.78 2.98 0.01 -0.23 -
FordMtr 6.62 6.80 -0.18 -2.65 0.56 9.2 6.42 HaitongSecs 7.70 7.37 0.33 4.48 -0.48 -5.9 19.07 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Barclays Bank plc 01/29 4.50 A A1 A+ 96.40 5.02 0.02 -0.03 -
Swedbank 149.16 145.90 3.26 2.23 12.32 9.0 23.95 Netflix 495.41 492.99 2.42 0.49 -30.09 -5.7 9.10 Colombia 01/26 4.50 BBB- Baa2 BBB- 110.38 2.39 -0.07 -0.43 2.02
Brazil 04/26 6.00 BB- Ba2 BB- 115.25 3.07 -0.10 -0.38 2.70 Euro
JohnsonCn 37.02 37.67 -0.66 -1.74 3.02 8.9 7.81 China Vanke 26.05 25.15 0.90 3.58 -1.55 -5.6 1.96 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
AstraZen 9320.00 9187.00 133.00 1.45 752.00 8.8 -86.93 Hngzh HikVDT 35.03 35.11 -0.08 -0.23 -1.93 -5.2 16.07 Poland 04/26 3.25 A- A2 A- 112.63 0.97 -0.01 -0.12 0.60
Turkey 04/26 4.25 - B1 BB- 90.50 6.25 0.00 0.13 5.88 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
MitsuiFud 1860.00 1884.50 -24.50 -1.30 150.00 8.8 -9.93 HK Exc&Clr 346.00 346.80 -0.80 -0.23 -17.80 -4.9 14.78 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
Schlmbrg 18.89 18.62 0.27 1.45 1.51 8.7 -4.00 ChConstBk 6.09 6.12 -0.03 -0.49 -0.30 -4.7 -2.72 Mexico 05/26 11.50 BBB+ Baa1 BBB- 146.00 2.86 0.00 -0.35 2.49
Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07 Finland 04/31 0.75 AA+ Aa1 AA+ 110.35 -0.20 0.02 -0.02 -
Cognizant 61.36 61.43 -0.07 -0.11 4.90 8.7 13.35 SvnskaHn 88.30 90.44 -2.14 -2.37 -4.30 -4.6 -3.75
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
Corning 29.04 29.04 -0.01 -0.02 2.32 8.7 8.82 SimonProp 60.75 62.40 -1.65 -2.64 -2.94 -4.6 -9.46
Russia 06/28 12.75 BBB- Ba1 BBB 172.80 2.55 0.00 -0.12 - Mexico 06/26 1.09 BBB+ Baa1 BBB- 95.94 1.82 -0.01 -0.03 1.44
Telenor 155.15 148.50 6.65 4.48 12.20 8.5 6.12 Ch Evrbrght 3.14 3.08 0.06 1.95 -0.15 -4.6 4.33
EOG Res 48.51 47.16 1.35 2.86 3.56 7.9 -7.07 Kweichow 1636.96 1648.05 -11.09 -0.67 -76.89 -4.5 13.69 Brazil 02/47 5.63 BB- Ba2 BB- 106.75 5.16 -0.09 -0.19 - £ Sterling
Illumina 397.97 383.64 14.33 3.74 28.84 7.8 7.90 Tencent 522.50 521.00 1.50 0.29 -24.00 -4.4 13.49 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
Canon 2163.50 2147.50 16.00 0.75 156.50 7.8 -4.04 Citigroup 49.94 50.22 -0.28 -0.56 -2.26 -4.3 -5.57 Brazil 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
MTN Grp 64.25 63.85 0.40 0.63 4.53 7.6 14.88 AIA 71.95 72.15 -0.20 -0.28 -3.15 -4.2 0.07 Mexico 02/22 1.88 BBB+ Baa1 BBB- 101.75 0.76 -0.02 -0.19 0.60 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Jul 20 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Jul 20 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.25 15-03-2020 1.00-1.25 1.50-1.75 1.25-1.50 Index change change change 1 month 1 year VIX 24.89 -0.79 25.68 85.42 11.42 Jul 20 Price £ Yield Day Week Month Year High Low £m
US Prime 4.75 30-10-2019 5.25 5.25 4.25 Markit IBoxx VXD 27.70 -0.23 27.93 71.05 2.47 - - - - - - - - -
US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 211.76 0.01 0.22 2.02 0.80 5.53 VXN 30.97 0.20 30.77 84.67 13.58 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 390.90 -0.07 0.94 3.86 0.79 6.13 VDAX 25.65 -1.54 27.19 93.30 - - - - - - - - - -
UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) 332.66 0.22 1.79 6.77 1.79 6.77 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 2pc '20 100.00 2.00 0.00 9900.00 3900.00 244.83 102.62 100.00 32.53
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 236.50 0.00 0.74 -0.49 0.50 -0.27 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 1.5pc '21 100.76 -0.02 100.00 0.00 -200.00 -103.85 101.58 100.76 32.84
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 256.77 -0.12 0.28 2.33 1.00 2.30 Tr 4pc '22 106.68 -0.09 12.50 0.00 125.00 -118.37 109.49 106.67 38.77
Gilts( £) 380.67 -0.18 -0.44 9.25 -1.02 10.20 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 123.59 -0.08 14.29 60.00 -900.00 -114.81 126.04 121.74 35.84
INTEREST RATES: MARKET Global Inflation-Lkd 293.45 -0.26 1.07 4.97 1.37 7.43 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 108.86 -0.01 -50.00 -133.33 -116.67 -101.49 108.90 103.96 30.03
Over Change One Three Six One Markit iBoxx £ Non-Gilts 381.18 -0.09 0.68 4.04 0.57 5.93 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 146.52 0.27 -3.57 -10.00 -20.59 -72.45 148.26 137.84 38.71
Jul 20 (Libor: Jul 17) night Day Week Month month month month year Overall ($) 283.65 0.17 1.02 8.26 1.02 8.26 Australia - - - - - - - Tr 4.25pc '36 157.41 0.44 -2.22 -6.38 -15.38 -62.39 160.46 145.12 30.41
US$ Libor 0.08563 -0.001 -0.840 -0.007 0.17988 0.27138 0.33363 0.47000 Overall( £) 376.84 -0.16 -0.12 7.51 -0.57 8.77 11/22 2.25 104.61 0.27 0.00 0.01 0.02 -0.69 Tr 4.5pc '42 180.74 0.63 -1.56 0.00 -3.08 -52.99 186.37 162.55 27.21
Euro Libor -0.58071 -0.004 -0.155 0.006 -0.49329 -0.44414 -0.40114 -0.29343 Overall(€) 247.91 -0.09 0.33 1.59 0.78 1.53 Austria 10/25 1.20 109.21 -0.53 0.01 0.01 -0.02 -0.11 Tr 3.75pc '52 189.55 0.65 -1.52 3.17 1.56 -51.49 198.36 164.59 24.10
£ Libor 0.05425 0.004 -0.170 -0.001 0.06588 0.07763 0.18738 0.32925 Treasuries ($) 265.85 0.15 0.57 9.77 0.57 9.77 02/47 1.50 132.42 0.24 0.02 0.02 -0.03 -0.41 Tr 4pc '60 218.97 0.61 -1.61 5.17 5.17 -53.44 231.12 184.78 24.12
Swiss Fr Libor -0.005 -0.77580 -0.69340 -0.64980 -0.52100 FTSE Belgium 09/22 1.00 103.38 -0.58 0.01 -0.01 -0.02 0.03 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.004 -0.07000 -0.04550 -0.02850 0.10217 Sterling Corporate (£) - - - - - - 06/47 1.60 126.47 0.54 0.02 0.02 -0.03 -0.37
Euro Euribor
Sterling CDs
-0.005
0.000
-0.50600
0.75000
-0.44300
0.83000
-0.35100
0.89500
-0.29000 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 Canada 11/22 2.00 104.09 0.23 0.00 -0.05 -0.02 -1.64 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 669.23 5.66 - - 8.72 53.15 06/30 1.25 106.94 0.53 0.02 -0.02 0.00 -
US$ CDs - - - - Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 Denmark - - - - - - - Price Indices Day's Total Return Return
Euro CDs - - - - 11/21 3.00 104.73 -0.56 0.00 -0.01 -0.03 0.18 Fixed Coupon Jul 18 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series 1 Up to 5 Years 90.45 -0.03 2491.32 0.11 1.55 -0.08
Short 7 Days One Three Six One Index change change change high low Finland 09/22 1.63 104.88 -0.62 0.01 0.01 0.00 0.03
09/29 0.50 107.22 -0.28 0.02 0.01 -0.02 -0.22 2 5 - 10 Years 188.68 -0.15 3833.45 0.18 4.69 0.02
Jul 20 term notice month month month year Markit iTraxx 3 10 - 15 Years 229.96 -0.25 4950.35 0.17 7.93 0.27
Euro -0.74 -0.44 -0.71 -0.41 -0.68 -0.38 -0.62 -0.32 -0.59 -0.29 -0.55 -0.25 Crossover 5Y 346.11 -21.74 -22.47 -35.46 743.22 330.61 France 10/22 2.25 106.54 -0.61 0.01 -0.01 -0.01 0.06
4 5 - 15 Years 198.13 -0.19 4108.61 0.18 5.65 0.15
Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04 Europe 5Y 59.14 -2.72 -1.90 -6.53 131.25 59.11 05/26 0.50 105.70 -0.46 0.02 0.00 0.00 -0.12
5 Over 15 Years 408.97 -0.24 6683.03 -2.25 16.54 0.62
Swiss Franc - - - - - - - - - - - - Japan 5Y 60.60 0.03 0.78 3.79 188.33 56.17 05/48 2.00 139.44 0.48 0.02 0.03 -0.04 -0.38
7 All stocks 196.95 -0.17 4187.52 -0.99 9.57 0.51
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 68.28 -2.81 -4.91 -7.02 150.83 66.65 Germany 09/22 1.50 104.71 -0.69 0.01 0.03 0.02 0.07
US Dollar 0.07 0.37 -0.02 0.28 0.03 0.33 0.11 0.41 0.16 0.46 0.26 0.56 02/26 0.50 106.67 -0.67 0.02 0.02 0.02 -0.10 Day's Month Year's Total Return Return
Markit CDX 08/29 0.00 104.81 -0.52 0.02 0.03 0.01 -0.23
Japanese Yen -0.25 -0.05 -0.20 0.00 -0.15 0.05 -0.15 0.15 -0.10 0.20 -0.05 0.25 Index Linked Jul 18 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 191.94 -4.92 -3.95 -1.15 205.64 176.51 08/50 0.00 100.24 -0.01 0.03 0.05 0.00 -
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 303.25 -0.07 -0.44 -2.71 2497.26 -0.07 -1.01
Nth Amer High Yld 5Y 471.83 -10.55 -27.59 - 506.41 471.83 Greece 02/26 3.65 116.46 1.17 -0.08 -0.02 -0.07 -1.39
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 2 Over 5 years 837.04 -1.28 -3.09 6.21 6320.86 -3.04 6.60
Nth Amer Inv Grade 5Y 71.44 -1.12 -2.29 -6.51 150.81 64.87 02/26 3.65 116.46 1.17 -0.08 -0.02 -0.07 -1.39
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. 3 5-15 years 517.08 -0.40 -0.37 1.46 4111.35 -0.18 2.20
Ireland 10/22 0.00 101.21 -0.54 0.01 -0.01 -0.02 -0.05 4 Over 15 years 1105.42 -1.60 -4.06 7.94 8129.55 -4.06 8.20
05/30 2.40 124.28 -0.06 0.02 0.00 -0.02 -0.30 5 All stocks 743.45 -1.17 -2.86 5.23 5716.62 -2.79 5.78
Italy 08/22 0.90 101.68 0.07 0.00 -0.03 -0.03 -0.33
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 02/25 0.35 99.04 0.56 0.01 -0.01 -0.03 - Yield Indices Jul 18 Jul 17 Yr ago Jul 18 Jul 17 Yr ago
05/30 0.40 96.85 0.73 -0.01 -0.11 -0.07 - 5 Yrs -0.12 -0.14 0.45 20 Yrs 0.66 0.64 1.34
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
03/48 3.45 128.80 2.07 0.00 -0.05 -0.11 -0.48 10 Yrs 0.20 0.17 0.83 45 Yrs 0.60 0.60 1.31
Crude Oil† Aug 40.40 -0.19 Corn♦ Sep 329.50 -4.00 Jul 17 Jul 17 Prev return stock Market stocks
Japan - - - - - - - 15 Yrs 0.50 0.48 1.18
Brent Crude Oil‡ 43.13 0.03 Wheat♦ Sep 528.00 -7.00 Can 4.25%' 21 105.33 0.346 0.346 0.27 8.51 93717.75 8
11/22 0.05 99.97 0.06 0.00 0.00 -0.01 -
RBOB Gasoline† Jul 1.21 -0.01 Soybeans♦ Aug 901.25 3.00 Fr 0.10%' 21 104.40 -0.829 -0.829 0.21 11.35 242367.62 15
06/26 0.10 101.36 -0.13 0.00 -0.02 -0.03 0.08 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ Aug 285.90 -0.90 Swe 0.25%' 22 109.81 -0.978 -0.978 -0.10 31.92 200902.44 7
09/47 0.80 106.13 0.56 -0.01 0.02 0.01 0.20 Real yield Jul 18 Dur yrs Previous Yr ago Jul 18 Dur yrs Previous Yr ago
Natural Gas† Jul 1.69 -0.02 Cocoa (ICE Liffe)X Sep 1561.00 12.00 UK 1.875%' 22 110.87 -2.592 -2.592 -0.07 15.74 787987.24 28
Netherlands 07/22 2.25 105.78 -0.64 0.01 0.02 0.01 0.10 Up to 5 yrs -2.44 3.24 -2.46 -2.50 -2.86 3.24 -2.88 -2.83
Ethanol♦ - - Cocoa (ICE US)♥ Sep 2146.00 -21.00 UK 2.5%' 24 359.81 -3.444 -3.444 -0.04 6.82 787987.24 28
07/26 0.50 106.41 -0.55 0.01 -0.01 -0.01 -0.13 Over 5 yrs -2.27 24.53 -2.33 -1.98 -2.30 24.59 -2.36 -2.00
Uranium† Jul 33.80 0.00 Coffee(Robusta)X Sep 1280.00 15.00 UK 2%' 35 303.90 -2.662 -2.662 -0.76 9.08 787987.24 28
Carbon Emissions‡ - - Coffee (Arabica)♥ Sep 102.25 0.80 New Zealand - - - - - - - 5-15 yrs -2.72 9.89 -2.76 -2.41 -2.83 9.89 -2.87 -2.49
US 0.625%' 21 101.79 -1.161 -1.161 0.08 35.84 1577972.08 42
White SugarX 350.10 -3.00 - - - - - - - Over 15 yrs -2.22 29.58 -2.27 -1.93 -2.24 29.60 -2.29 -1.94
Diesel† - - US 3.625%' 28 135.87 -0.847 -0.847 1.09 16.78 1577972.08 42
Sugar 11♥ 11.70 -0.06 Norway - - - - - - - All stocks -2.28 22.66 -2.33 -1.99 -2.31 22.75 -2.36 -2.01
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 1664.00 1.00 Cotton♥ Oct 62.10 0.00 02/26 1.50 106.08 0.40 0.00 0.04 0.01 -0.98 See FTSE website for more details www.ftse.com/products/indices/gilts
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium Alloy 1250.00 10.00 Orange Juice♥ Sep 126.70 -0.60 Portugal 10/22 2.20 105.91 -0.42 0.01 0.01 0.05 -0.09 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 6465.00 28.00 Palm Oil♣ - - 02/26 3.30 118.68 -0.03 0.01 0.00 -0.01 -0.17 Gilt Closing Prices information contained herein is proprietary to
Lead 1829.50 16.00 Live Cattle♣ Aug 103.25 0.00 BONDS: TEN YEAR GOVT SPREADS Spain 10/22 0.45 101.88 -0.37 0.00 0.02 0.01 0.01 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 13175.00 60.00 Feeder Cattle♣ Aug 134.88 - 10/29 0.60 102.81 0.29 0.01 0.00 -0.06 -0.16 accurate, complete or timely; and does not constitute investment advice.
Tin 17375.00 110.00 Lean Hogs♣ Aug 52.50 0.00 Spread Spread Spread Spread Sweden - - - - - - - Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2198.50 17.00 Bid vs vs Bid vs vs 06/22 3.50 107.16 -0.33 0.01 0.03 0.02 0.23
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 05/22 2.00 105.13 -0.75 0.04 0.03 -0.09 0.18 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1807.35 -0.35 Jul 17 Month Year 05/30 0.50 109.56 -0.45 0.02 0.03 -0.01 0.07 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia - - - Italy 0.73 1.25 -
Silver (US cents) 1916.00 -8.50 S&P GSCI Spt 336.60 2.73 -19.08 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria -0.53 - - Japan - - -
Platinum 824.00 2.00 DJ UBS Spot 66.21 2.54 -16.59 Belgium 0.54 - - Netherlands -0.55 - - 07/22 0.50 101.19 -0.09 0.01 0.02 -0.01 -0.60 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2023.00 31.00 TR/CC CRB TR 149.06 1.75 -20.49 Canada 0.53 1.05 - Norway 0.40 - - 07/26 1.50 109.29 -0.05 0.02 0.02 0.01 -0.65 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Denmark - - - Portugal -0.03 - - 07/47 1.50 120.27 0.68 0.01 0.06 0.04 -0.71
Iron Ore 109.50 -0.95 UBS Bberg CMCI TR 12.61 3.04 -12.90 Finland -0.28 0.24 - Spain 0.29 0.81 - United States - - - - - - - Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 54.25 0.25 LEBA EUA Carbon 23.51 -4.62 5.43 France 0.48 - - Switzerland -0.45 0.07 - 10/22 2.00 104.18 0.16 0.00 -0.01 -0.01 -1.66
Baltic Dry Index 1678.00 -32.00 LEBA CER Carbon 0.24 26.32 0.00 Germany -0.52 0.00 - United Kingdom - - - 05/26 1.63 107.20 0.37 0.01 -0.02 -0.02 -1.57
LEBA UK Power 3376.00 81.02 23.98 Greece 1.17 - - United States - - - 11/47 2.75 133.18 1.30 0.02 0.00 -0.09 -1.28
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
unless otherwise stated.
Tuesday 21 July 2020 ★ FINANCIAL TIMES 13

MANAGED FUNDS SERVICE

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

American Fund GBP Hedged £ 70.28 - 0.44 0.00 M&G Charity Multi Asset Fund Inc £ 0.78 - -0.01 - GEM Income I USD $ 10.77 - 0.11 0.00 Data Provided by
American Fund GBP Unhedged £ 110.84 - 1.27 0.00 M&G Charity Multi Asset Fund Acc £ 84.48 - -0.30 - Global Convertible I USD $ 14.68 14.68 0.09 0.00
Global Insurance I GBP £ 6.82 - 0.00 0.00
Global Technology I USD $ 69.95 - 0.35 0.00
Healthcare Blue Chip Fund I USD Acc $ 15.43 15.43 0.18 0.00
Healthcare Opps I USD $ 57.87 - 0.70 0.00

Slater
Income Opportunities B2 I GBP Acc £ 2.08 2.08 -0.02 -
Japan Value I JPY ¥ 100.76 100.76 0.28 0.00
Aberdeen Standard Capital (JER) CG Asset Management Limited (IRL) Oryx International Growth Fund Ltd

Investments
North American I USD $ 25.54 25.54 0.06 0.00
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 25 Moorgate, London, EC2R 6AY Other International Funds
UK Absolute Equity I GBP £ 15.47 15.47 0.00 0.00
FCA Recognised Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 Foord Asset Management MMIP Investment Management Limited (GSY) NAV (Fully Diluted) £ 9.10 - -0.52 0.00
Aberdeen Standard Capital Offshore Strategy Fund Limited FCA Recognised Website: www.foord.com - Email: info@foord.com Regulated
UK Val Opp I GBP Acc £ 10.17 10.17 -0.02 0.00
www.morningstar.co.uk
Bridge Fund £ 2.1215 - 0.0004 1.78 CG Portfolio Fund Plc FCA Recognised - Luxembourg UCITS Multi-Manager Investment Programmes PCC Limited
Foord International Fund | R $ 43.93 - 0.18 - UK Equity Fd Cl A Series 01 £ 2160.67 2196.82 78.29 0.00
Data as shown is for information purposes only. No
Global Equity Fund £ 2.9744 - -0.0064 1.10 Absolute Return Cls M Inc £ 128.91 128.91 0.38 1.45
Global Fixed Interest Fund £ 0.9543 - 0.0012 4.30 Foord Global Equity Fund (Lux) | R $ 15.00 - 0.10 - Diversified Absolute Rtn Fd USD Cl AF2 $ 1552.27 - 8.97 0.00 offer is made by Morningstar or this publication.
Capital Gearing Portfolio GBP P £ 34816.69 34816.69 127.94 0.53
Income Fund £ 0.6199 - -0.0005 2.91 Capital Gearing Portfolio GBP V £ 169.32 169.32 0.62 0.59 Regulated Diversified Absolute Return Stlg Cell AF2 £ 1468.22 - 8.68 0.00
Sterling Fixed Interest Fund £ 0.9003 - 0.0004 2.98 Dollar Fund Cls D Inc £ 179.44 179.44 1.13 1.76 Foord Global Equity Fund (Sing) | B $ 18.25 - 0.12 0.00 Global Equity Fund A Lead Series £ 1495.10 1499.96 33.55 0.00
UK Equity Fund £ 1.8021 - -0.0007 3.04 Dollar Hedged GBP Inc £ 105.29 105.29 0.12 1.83 Foord International Trust (Gsy) $ 43.67 - 0.18 0.00
Real Return Cls A Inc £ 217.14 217.14 1.27 2.03
Polar Capital LLP (CYM) Guide to Data
Regulated Slater Investments Ltd (UK)
European Forager A EUR € 172.86 - 5.01 0.00 www.slaterinvestments.com; Tel: 0207 220 9460
FCA Recognised The fund prices quoted on these pages are supplied by
Slater Growth 543.86 543.86 1.77 0.00 the operator of the relevant fund. Details of funds
published on these pages, including prices, are for the
Slater Income A Inc 114.91 114.91 -0.56 5.22
Marwyn Asset Management Limited (CYM) purpose of information only and should only be used
Slater Recovery 258.17 258.17 1.47 0.00
Regulated as a guide. The Financial Times Limited makes no
Franklin Templeton International Services Sarl (IRL) Slater Artorius 220.19 220.19 -1.47 0.45
Chartered Asset Management Pte Ltd Marwyn Value Investors £ 340.40 - -14.66 0.00 representation as to their accuracy or completeness
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
and they should not be relied upon when making an
Other International Funds Other International Funds investment decision.
CAM-GTF Limited $ 289181.81 289181.82 15202.76 0.00 Franklin Emerging Market Debt Opportunities Fund Plc Private Fund Mgrs (Guernsey) Ltd (GSY)
CAM GTi Limited $ 792.71 - 5.51 0.00 Franklin Emg Mkts Debt Opp CHFSFr 13.66 - 0.49 11.06 Regulated The sale of interests in the funds listed on these pages
Raffles-Asia Investment Company $ 1.36 1.36 0.07 2.20
Orbis Investments (U.K.) Limited (GBR)
Franklin Emg Mkts Debt Opp GBP £ 8.86 - -0.30 7.91 Monument Growth 14/07/2020 £ 477.01 481.56 -3.19 1.61 may, in certain jurisdictions, be restricted by law and
28 Dorset Square, London, NW1 6QG
Franklin Emg Mkts Debt Opp SGD S$ 19.33 - 0.71 5.53 the funds will not necessarily be available to persons
www.orbis.com 0800 358 2030 in all jurisdictions in which the publication circulates.
Franklin Emg Mkts Debt Opp USD $ 15.18 - 0.65 7.72
Regulated Persons in any doubt should take appropriate
Milltrust International Managed Investments ICAV (IRL) Orbis OEIC Global Cautious Standard £ 9.94 - 0.01 0.03 professional advice. Data collated by Morningstar. For
mimi@milltrust.com, +44(0)20 8123 8369 www.milltrust.com Orbis OEIC Global Balanced Standard £ 14.17 - 0.02 0.00 other queries contact reader.enquiries@ft.com +44
Orbis OEIC Global Equity Standard £ 17.50 - 0.04 0.00 (0)207 873 4211.
Regulated
Algebris Investments (IRL)
British Innovation Fund £ 123.94 - 23.92 0.00 Orbis OEIC UK Equity Standard £ 6.63 - -0.04 0.00
Regulated The fund prices published in this edition along with
Dodge & Cox Worldwide Funds (IRL) MAI - Buy & Lease (Australia) A$ 123.94 - 21.42 0.00 additional information are also available on the
Algebris Core Italy I EUR Acc € 104.17 - -0.41 0.00 Prusik Investment Management LLP (IRL)
6 Duke Street,St.James,London SW1Y 6BN MAI - Buy & Lease (New Zealand)NZ$ 98.28 - 0.99 0.00 Financial Times website, www.ft.com/funds. The
Algebris Allocation Fund - Class I EUR € 95.53 - 0.23 0.00 Enquiries - 0207 493 1331
www.dodgeandcox.worldwide.com 020 3713 7664 Milltrust Global Emerging Markets Fund - Class A $ 96.92 - -2.56 0.00 funds published on these pages are grouped together
Algebris Core Italy Fund - Class R EUR € 97.68 - -0.39 0.00 GAM The Climate Impact Asia Fund (Class A) $ 94.29 - 7.55 - Regulated
FCA Recognised by fund management company.
Algebris Financial Credit Fund - Class I EUR € 175.23 - 0.63 0.00 funds@gam.com, www.funds.gam.com Prusik Asian Equity Income B Dist $ 157.32 - -0.51 5.30
Algebris Financial Credit Fund - Class R EUR € 152.87 - 0.55 0.00 Dodge & Cox Worldwide Funds plc - Global Bond Fund Regulated Prusik Asia Emerging Opportunities Fund A Acc $ 143.36 - -0.24 0.00 Prices are in pence unless otherwise indicated. The
Algebris Financial Credit Fund - Class Rd EUR € 104.13 - 0.38 5.03 EUR Accumulating Class € 14.95 - -0.06 0.00 LAPIS GBL TOP 50 DIV.YLD-Na-D £ 99.32 - 0.57 - Prusik Asia Fund U Dist. £ 207.85 - 0.37 0.00 change, if shown, is the change on the previously
Algebris Financial Income Fund - Class I EUR € 132.53 - -1.56 0.00 EUR Accumulating Class (H) € 11.01 - 0.01 0.00 LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 95.24 - 0.32 - quoted figure (not all funds update prices daily). Those
Algebris Financial Income Fund - Class R EUR € 123.22 - -1.45 0.00 EUR Distributing Class € 11.85 - -0.05 3.87
Stonehage Fleming Investment Management Ltd (IRL) designated $ with no prefix refer to US dollars. Yield
Algebris Financial Income Fund - Class Rd EUR € 82.17 - -0.96 5.41 www.stonehagefleming.com/gbi percentage figures (in Tuesday to Saturday papers)
EUR Distributing Class (H) € 8.70 - 0.01 4.11
Algebris Financial Equity Fund - Class B EUR € 90.29 - -1.19 0.00 GBP Distributing Class £ 13.14 - -0.01 3.91 enquiries@stonehagefleming.com allow for buying expenses. Prices of certain older
Algebris Global Credit Opportunities Fund - Class I EUR € 120.50 - 0.07 0.00 GBP Distributing Class (H) £ 9.14 - 0.01 4.44 Regulated insurance linked plans might be subject to capital
Algebris Global Credit Opportunities Fund - Class R EUR € 118.63 - 0.07 0.00 USD Accumulating Class $ 12.34 - 0.02 0.00
Milltrust International Managed Investments SPC SF Global Best Ideas Eq B USD ACC $ 212.77 - 1.56 - gains tax on sales.
Algebris Global Credit Opportunities Fund - Class Rd EUR € 118.63 - 0.07 0.00 em@milltrust.com, +44(0)20 8123 8369, www.milltrust.com SF Global Best Ideas Eq D GBP INC £ 257.52 - 3.23 -
Dodge & Cox Worldwide Funds plc-Global Stock Fund
Algebris IG Financial Credit R EUR Acc € 103.99 - 0.06 - Regulated Guide to pricing of Authorised Investment Funds:
USD Accumulating Share Class $ 20.39 - -0.04 0.00 Purisima Investment Fds (CI) Ltd (JER) (compiled with the assistance of the IMA. The
Algebris IG Financial Credit B EUR Acc € 104.50 - 0.06 - Milltrust Alaska Brazil SP A $ 72.04 - 0.87 -
GBP Accumulating Share Class £ 26.69 - -0.09 0.00 Genesis Investment Management LLP Milltrust Laurium Africa SP A $ 82.42 - -0.87 -
Regulated Investment Management Association, 65 Kingsway,
GBP Distributing Share class £ 18.46 - -0.06 1.61 Other International Funds PCG B 254.06 - -1.19 0.00 London WC2B 6TD.
Milltrust Singular ASEAN SP Founders $ 110.15 - -2.63 -
EUR Accumulating Share Class € 26.77 - -0.19 0.00 Emerging Mkts NAV £ 7.21 - -0.16 0.00 PCG C 248.43 - -1.16 0.00 Tel: +44 (0)20 7831 0898.)
Milltrust SPARX Korea Equity SP A $ 114.35 - -1.74 -
GBP Distributing Class (H) £ 10.00 - -0.02 1.30
Milltrust Xingtai China SP A $ 130.56 - -6.65 -
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Pictet Asset Management (Europe) SA (LUX) OEIC: Open-Ended Investment Company. Similar to a
15, Avenue J.F. Kennedy L-1855 Luxembourg unit trust but using a company rather than a trust
USD Accumulating Share Class $ 25.32 - -0.13 0.00
Tel: 0041 58 323 3000 structure.
GBP Accumulating Share Class £ 31.33 - -0.22 0.00
GBP Distributing Share Class £ 19.17 - -0.14 1.11 FCA Recognised
The Antares European Fund Limited Different share classes are issued to reflect a different
EUR Accumulating Share Class € 28.70 - -0.30 0.00 Pictet-Absl Rtn Fix Inc-HI EUR € 111.43 - 0.11 0.00 currency, charging structure or type of holder.
Other International GBP Distributing Class (H) £ 10.57 - -0.05 1.60 Pictet-Asian Equities Ex Japan-I USD F $ 341.30 - 5.29 0.00
AEF Ltd Usd $ 596.00 - 3.74 - Pictet-Asian Local Currency Debt-I USD F $ 180.92 - 0.09 0.00 Selling price: Also called bid price. The price at which
HPB Assurance Ltd
AEF Ltd Eur € 559.21 - 3.32 0.00 Pictet-Biotech-I USD F $ 1112.80 - 22.67 0.00 units in a unit trust are sold by investors.
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Pictet-CHF Bonds I CHF SFr 511.63 - 1.88 0.00
International Insurances Pictet-China Index I USD $ 179.52 - 1.89 0.00 Buying price: Also called offer price. The price at
Holiday Property Bond Ser 1 £ 0.50 - 0.00 0.00 Pictet-Clean Energy-I USD F $ 126.32 - 1.15 0.00 which units in a unit trust are bought by investors.
Holiday Property Bond Ser 2 £ 0.63 - 0.01 0.00 Pictet-Digital-I USD F $ 518.52 - 1.66 0.00 Includes manager’s initial charge.
Pictet-Em Lcl Ccy Dbt-I USD F $ 178.61 - -0.50 0.00
Pictet-Emerging Europe-I EUR F € 400.65 - 6.14 0.00 Single price: Based on a mid-market valuation of the
Pictet-Emerging Markets-I USD F $ 694.73 - 9.36 0.00 Toscafund Asset Management LLP (UK) underlying investments. The buying and selling price
www.toscafund.com for shares of an OEIC and units of a single priced unit
Arisaig Partners Pictet-Emerging Markets Index-I USD F $ 302.10 - 2.62 0.00
Authorised Funds trust are the same.
Pictet-Emerging Corporate Bonds I USD $ 132.93 - 0.21 0.00
Other International Funds Aptus Global Financials B Acc £ 3.11 - 0.02 6.70
Pictet-Emerging Markets High Dividend I USD $ 126.99 - 0.84 0.00 Treatment of manager’s periodic capital charge:
Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 101.92 - 1.24 - Pictet-Emerging Markets Sust Eq I USD $ 101.27 - 0.88 0.00 Aptus Global Financials B Inc £ 2.15 - 0.01 9.41
Arisaig Asia Consumer Fund Limited $ 100.11 - 1.24 0.00
Ram Active Investments SA The letter C denotes that the trust deducts all or part
Intrinsic Value Investors (IVI) LLP (IRL) Pictet-EUR Bonds-I F € 643.72 - -0.35 0.00 www.ram-ai.com of the manager’s/operator’s periodic charge from
Arisaig Global Emerging Markets Consumer Fund $ 12.74 - 0.18 0.00 New Capital UCITS Fund PLC (IRL) Pictet-EUR Corporate Bonds-I F € 218.18 - 0.01 0.00
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 Other International Funds capital, contact the manager/operator for full details
Arisaig Global Emerging Markets Consumer UCITS € 12.85 - -0.01 - Leconfield House, Curzon Street, London, W1J 5JB Pictet-EUR Government Bonds I EUR € 178.99 - -0.22 0.00
FCA Recognised RAM Systematic Emerg Markets Eq $ 178.05 - 0.53 - of the effect of this course of action.
Arisaig Global Emerging Markets Consumer UCITS STG £ 14.50 - -0.10 - www.newcapitalfunds.com Pictet-EUR High Yield-I F € 276.05 - 0.41 0.00
Arisaig Latin America Consumer Fund $ 22.30 - 0.28 0.00 IVI European Fund EUR € 22.00 - -0.05 0.00 RAM Systematic European Eq € 425.80 - 1.27 -
FCA Recognised Pictet-EUR Short Mid-Term Bonds-I F € 137.08 - -0.01 0.00 Exit Charges: The letter E denotes that an exit charge
IVI European Fund GBP £ 26.69 - 0.06 0.36 RAM Systematic Funds Global Sustainable Income Eq $ 115.57 - 0.10 0.00
New Capital UCITS Funds Pictet-EUR Short Term HY I EUR € 123.63 - 0.10 0.00 may be made when you sell units, contact the
RAM Systematic Long/Short Emerg Markets Eq $ 103.68 - 0.26 -
New Capital China Equity Fund $ 220.82 - 3.94 0.00 Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 100.17 - 0.00 0.00 manager/operator for full details.
Dragon Capital Group RAM Systematic Long/Short European Eq € 135.46 - 0.24 -
New Capital Dynamic European Equity Fund € 125.13 - -0.42 0.00 Pictet-Euroland Index IS EUR € 156.38 - 0.23 0.00 Toscafund Asset Management LLP
1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam RAM Systematic North American Eq $ 319.40 - 3.37 - Time: Some funds give information about the timing of
New Capital Dynamic UK Equity Fund £ 110.36 - 0.65 0.00 Pictet-Europe Index-I EUR F € 195.53 - 0.29 0.00 www.toscafund.com
Fund information, dealing and administration: funds@dragoncapital.com RAM Tactical Global Bond Total Return € 153.58 - 0.05 - price quotes. The time shown alongside the fund
New Capital Global Alpha Fund £ 110.65 - 0.21 0.00 Pictet-European Equity Selection-I EUR F € 616.95 - 0.10 0.00 Tosca A USD $ 283.29 - 6.90 -
RAM Tactical II Asia Bond Total Return $ 152.16 - 0.15 - manager’s/operator’s name is the valuation point for
Other International Funds New Capital Global Equity Conviction Fund $ 168.44 - 1.67 - Pictet-European Sust Eq-I EUR F € 292.18 - 1.80 0.00 Tosca Mid Cap GBP £ 154.14 - -18.84 - their unit trusts/OEICs, unless another time is
Vietnam Equity (UCITS) Fund A USD $ 19.46 - -0.30 0.00 New Capital Global Value Credit Fund $ 155.38 - 0.20 0.00 Pictet-Global Bds Fundamental I USD $ 134.72 - -0.46 0.00 Tosca Opportunity B USD $ 237.01 - -30.21 - indicated by the symbol alongside the individual unit
Artemis Fund Managers Ltd (1200)F (UK) New Capital Japan Equity Fund ¥ 1357.55 - -1.52 0.00 Pictet-Global Bonds-I EUR € 195.09 - -0.14 0.00 Pegasus Fund Ltd A-1 GBP £ 36.90 - -4.48 0.00 trust/OEIC name.
57 St. James's Street, London SW1A 1LD 0800 092 2051 Janus Henderson Investors (UK)
New Capital US Growth Fund $ 360.87 - 2.51 0.00 Pictet-Global Defensive Equities I USD $ 194.35 - 0.90 0.00
Authorised Inv Funds PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 Pictet-Global Emerging Debt-I USD F $ 452.82 - 3.67 0.00
New Capital US Small Cap Growth Fund $ 163.32 - 1.43 0.00 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Artemis Corporate Bond I Acc £ 1.07 - 0.00 - www.janushenderson.com New Capital Wealthy Nations Bond Fund $ 150.73 - 0.29 0.00 Pictet-Global Env.Opport-I EUR € 260.85 - 1.26 0.00 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Artemis Target Return Bond I Acc £ 1.03 - 0.01 - Authorised Inv Funds Pictet-Global Megatrend Selection-I USD F $ 351.02 - 1.84 0.00 midnight. Daily dealing prices are set on the basis of
Janus Henderson Instl UK Idx Opps A Acc £ 0.88 - 0.00 - Pictet-Global Sust.Credit HI EUR € 162.61 - 0.15 0.00 the valuation point, a short period of time may elapse
Pictet-Greater China-I USD F $ 844.32 - 3.77 0.00 Ruffer LLP (1000)F (UK) before prices become available. Historic pricing: The
Pictet-Health-I USD $ 364.48 - 1.83 0.00 65 Gresham Street, London, EC2V 7NQ letter H denotes that the managers/operators will
Ennismore Smaller Cos Plc (IRL)
Order Desk and Enquiries: 0345 601 9610
Pictet-SmartCity-I EUR € 208.68 - 0.09 0.00 normally deal on the price set at the most recent
5 Kensington Church St, London W8 4LD 020 7368 4220 Troy Asset Mgt (1200) (UK)
Pictet-India Index I USD $ 116.29 - 1.85 0.00 Authorised Inv Funds valuation. The prices shown are the latest available
FCA Recognised 65 Gresham Street, London, EC2V 7NQ before publication and may not be the current dealing
Pictet-Indian Equities-I USD F $ 531.48 - 4.28 0.00 Authorised Corporate Director - Link Fund Solutions
Ennismore European Smlr Cos NAV £ 128.31 - -0.02 0.00 Pictet-Japan Index-I JPY F ¥ 18042.80 - 28.14 0.00 Order Desk and Enquiries: 0345 608 0950 levels because of an intervening portfolio revaluation
Ennismore European Smlr Cos NAV € 140.81 - -0.65 0.00 LF Ruffer European C Acc 638.82 - 5.09 0.63 or a switch to a forward pricing basis. The
Pictet-Japanese Equities Opp-I JPY F ¥ 11131.62 - 41.64 0.00 Authorised Inv Funds
LF Ruffer European C Inc 116.69 - 0.93 0.70 managers/operators must deal at a forward price on
Pictet-Japanese Equity Selection-I JPY F ¥ 15909.51 - -73.34 0.00 Authorised Corporate Director - Link Fund Solutions
Kames Capital ICVC (UK) LF Ruffer European O Acc 623.76 - 4.92 0.33 request, and may move to forward pricing at any time.
Pictet-LATAM Lc Ccy Dbt-I USD F $ 130.89 - -0.54 0.00 LF Ruffer Equity & General C Acc 442.55 - -3.42 0.52
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Trojan Investment Funds Forward pricing: The letter F denotes that that
Pictet-Multi Asset Global Opportunities-I EUR € 129.11 - 0.23 0.00 LF Ruffer Equity & General C Inc 405.54 - -3.13 0.52
0800 358 3009 www.kamescapital.com managers/operators deal at the price to be set at the
Pictet-Nutrition-I EUR € 248.66 - 0.96 0.00 Trojan Ethical O Acc 116.53 - 0.11 0.14
Authorised Funds LF Ruffer Equity & General O Acc 432.15 - -3.37 0.20 next valuation.
Pictet-Pacific Ex Japan Index-I USD F $ 420.84 - 1.03 0.00 Trojan Ethical O Inc 116.38 - 0.11 0.12
Kames Global Equity GBP B Acc £ 2.57 - 0.00 0.21 LF Ruffer Equity & General O Inc 400.10 - -3.12 0.22
Pictet-Premium Brands-I EUR F € 204.22 - -0.63 0.00 LF Ruffer Gold C Acc 327.41 - 2.52 0.00 Investors can be given no definite price in advance of
Pictet-Russia Index I USD $ 83.41 - -0.64 0.00 LF Ruffer Gold C Inc 198.16 - 1.53 0.00 the purchase or sale being carried out. The prices
Ennismore European Smlr Cos Hedge Fd Pictet-Russian Equities-I USD F $ 83.83 - 0.98 0.00 LF Ruffer Gold O Acc 319.60 - 2.44 0.00 appearing in the newspaper are the most recent
Other International Funds Pictet-Security-I USD F $ 327.47 - 4.57 0.00 LF Ruffer Japanese C Inc 146.70 - 2.54 0.29 provided by the managers/operators. Scheme
NAV € 510.43 - -0.15 0.00 Pictet-Small Cap Europe-I EUR F € 1390.42 - 11.92 0.00 particulars, prospectus, key features and reports: The
LF Ruffer Japanese C Acc 315.03 - 5.46 0.28
Pictet-ST Emerg Local Currency Debt-I USD F $ 102.74 - -0.25 0.00 most recent particulars and documents may be
Northwest Investment Management (HK) Ltd LF Ruffer Pacific & Emerging Markets C Acc 362.76 - -6.53 1.28
Pictet-ST.MoneyMkt-I € 137.98 - 0.00 0.00 obtained free of charge from fund
Ashmore Investment Management Limited (LUX) 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9331 9220 LF Ruffer Pacific & Emerging Markets C Inc 99.70 - -1.79 1.38
Pictet-ST.MoneyMkt JPY I USD ¥ 100714.93 - 0.40 0.00 managers/operators. * Indicates funds which do not
LF Ruffer Pacific & Emerging Markets O Acc 353.90 - -6.39 1.00 WA Fixed Income Fund Plc (IRL)
2 rue Albert Borschette L-1246 Luxembourg Other International Funds Pictet-ST.MoneyMkt-ICHF SFr 119.74 - 0.00 0.00 price on Fridays.
LF Ruffer Total Return C Acc 482.05 - 3.69 1.40 Regulated
FCA Recognised Northwest China Opps Class T $ $ 2801.82 - -37.22 0.00 Pictet-ST.MoneyMkt-IUSD $ 145.96 - 0.00 0.00 LF Ruffer Total Return C Inc 313.03 - 2.40 1.41 European Multi-Sector € 120.92 - -0.16 3.34 Charges for this advertising service are based on the
Ashmore SICAV Emerging Market Debt Fund $ 87.58 - 0.22 6.03 Northwest Feilong Class T $ $ 2003.00 - -3.00 0.00 Pictet-Timber-I USD F $ 187.40 - 3.50 0.00 LF Ruffer Total Return O Acc 470.68 - 3.57 1.40 number of lines published and the classification of the
Ashmore SICAV Emerging Market Frontier Equity Fund $ 138.79 - -0.29 1.70 Northwest Fund Class T $ $ 2525.23 - -39.56 0.00 Pictet-US High Yield-I USD F $ 174.88 - 0.51 0.00 LF Ruffer Total Return O Inc 305.47 - 2.32 1.42 fund. Please contact data@ft.com or
Ashmore SICAV Emerging Market Total Return Fund $ 76.39 - 0.03 5.14 Northwest Warrant Class A $ $ 1330.60 - 12.11 0.00 Pictet-USA Index-I USD F $ 300.88 - 0.86 0.00
Equinox Fund Mgmt (Guernsey) Limited (GSY) call +44 (0)20 7873 3132 for further information.
Ashmore SICAV Global Small Cap Equity Fund $ 157.39 - 0.73 0.03 Pictet-USD Government Bonds-I F $ 771.86 - -1.13 0.00
EM Active Equity Fund Acc USD $ 130.21 - 0.75 0.00 Regulated Pictet-USD Short Mid-Term Bonds-I F $ 144.58 - 0.01 0.00
EM Equity Fund Acc USD $ 114.31 - 1.09 0.00 Equinox Russian Opportunities Fund Limited $ 163.96 - 5.30 0.00 Pictet-USD Sov.ST.Mon.Mkt-I $ 109.68 - -0.01 0.00
EM Mkts Corp.Debt USD F $ 84.66 - 0.25 6.94 Pictet-Water-I EUR F € 413.83 - 1.57 0.00
EM Mkts Loc.Ccy Bd USD F $ 73.77 - -0.27 5.29
EM Short Duration Fund Acc USD $ 113.57 - -0.01 0.00

Kames Capital VCIC (IRL)

1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
FCA Recognised
Euronova Asset Management UK LLP (CYM) Absolute Return Bond B GBP Acc 1129.34 - 0.74 1.61
Regulated High Yield Global Bond A GBP Inc 482.80 - 0.66 4.49
Smaller Cos Cls One Shares € 49.82 - 1.22 0.00 High Yield Global Bond B GBP Inc 1030.00 - 1.37 5.23
Atlantas Sicav (LUX) Smaller Cos Cls Two Shares € 32.94 - 0.73 0.00 Kames Global Equity Income B GBP Acc 1930.99 - 3.55 0.00
Regulated Smaller Cos Cls Three Shares € 16.59 - 0.37 0.00 Kames Global Equity Income B GBP Inc 1455.44 - -8.32 3.19
American Dynamic $ 5333.25 5333.25 -129.81 0.00 Smaller Cos Cls Four Shares € 21.31 - 0.47 0.00 Kames Global Equity Market Neutral Fund - B Acc GBP £ 11.30 - -0.03 0.00
American One $ 5231.43 5231.43 -82.98 0.00 Kames Inv Grd Gbl Bond A Inc GBH 616.57 - 1.34 1.81
Yuki - Co, LLC (IRL)
Bond Global € 1520.98 1520.98 -1.39 - Global Sustainable Equity B Acc GBP £ 22.25 - -0.17 0.00
Tel +18015545191 www.yukifunds.com
Eurocroissance € 1158.27 1158.27 5.16 0.00 Global Sustainable Equity C Acc GBP £ 22.54 - -0.16 0.00
RobecoSAM (LUX) Regulated
Far East $ 1020.90 - 8.81 0.00 Short Dated High Yld Bd B Acc GBP £ 10.46 - 0.00 0.00 Oasis Crescent Management Company Ltd
Tel. +41 44 653 10 10 http://www.robecosam.com/ Yuki Mizuho Umbrella Fund
Short Dated High Yld Bd C Acc GBP (Hdg) £ 10.56 - 0.01 0.00 Other International Funds
Strategic Global Bond A GBP Inc 1241.45 - 2.27 2.70 Regulated Yuki Mizuho Japan Dynamic Growth ¥ 6038.00 - 34.00 0.00
Oasis Crescent Equity Fund R 10.99 - 0.02 0.72 RobecoSAM Sm.Energy/A £ 23.11 - 0.28 -
Strategic Global Bond B GBP Inc 705.12 - 1.31 3.45 Yuki Japan Low Price ¥ 32068.00 - 65.00 0.00
RobecoSAM Sm.Energy/N € 21.13 - 0.17 -
FIL Investment Services (UK) Limited (1200)F (UK) Platinum Capital Management Ltd Yuki Asia Umbrella Fund
RobecoSAM Sm.Materials/A £ 196.30 - 2.01 -
130, Tonbridge Rd, Tonbridge TN11 9DZ Other International Funds Yuki Japan Rebounding Growth Fund JPY Class ¥ 28357.00 - 153.00 0.00
RobecoSAM Sm.Materials/N € 203.51 - 1.19 -
Callfree: Private Clients 0800 414161 Platinum All Star Fund - A $ 127.55 - - - Yuki Japan Rebounding Growth Fund USD Hedged Class $ 1165.13 - 6.29 0.00
RobecoSAM Sm.Materials/Na € 132.72 - 0.78 -
Broker Dealings: 0800 414 181 Platinum Global Growth UCITS Fund $ 11.92 - 0.08 0.00 RobecoSAM S.HealthyLiv/B € 230.41 - 1.21 -
Barclays Investment Funds (CI) Ltd (JER) OEIC Funds Platinum Essential Resources UCITS Fund SICAV USD Class E $ 7.32 - 0.04 0.00 RobecoSAM S.HealthyLiv/N € 222.21 - 1.17 -
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Platinum Global Dividend UCITS Fund $ 52.34 - 0.37 0.00 RobecoSAM S.HealthyLiv/Na £ 167.52 - 1.62 -
Fidelity American Fund W-ACC-GBP £ 49.43 - -0.20 0.35
FCA Recognised Fidelity Cash Fund Y-ACC-GBP £ 1.02 - 0.00 0.66 Oasis Global Mgmt Co (Ireland) Ltd (IRL) RobecoSAM S.Water/A £ 282.14 - 3.07 -
Bond Funds Lloyds Investment Fund Managers Limited (1000)F (JER) Regulated RobecoSAM S.Water/N € 244.88 - 1.61 -
FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.09 - 0.02 4.62
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Sterling Bond F £ 0.50 - 0.00 2.30 Fidelity Global Enhanced Income Fund W-ACC-GBP £ 2.00 - 0.00 3.77 Oasis Crescent Global Investment Fund (Ireland) plc
Other International Funds
Fidelity Global Focus Fund W-ACC-GBP £ 29.10 - 0.05 0.24 Oasis Crescent Global Short Term Income Fund I - Class A Dist $ 0.99 - 0.00 2.33
Fidelity Global High Yield Fund Y-ACC-GBP £ 14.39 - 0.03 - Lloyds Investment Funds Limited Zadig Gestion (Memnon Fund) (LUX)
Oasis Crescent Global Equity Fund $ 31.55 - 0.09 0.51
Fidelity Japan Fund W-ACC-GBP £ 4.42 - -0.01 0.64 Euro High Income € 1.5270xd - 0.0000 2.64 FCA Recognised
Oasis Crescent Variable Balanced Fund £ 9.03 - 0.04 0.12
Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 3.74 - 0.01 0.39 High Income £ 0.8753xd - 0.0003 3.70 Memnon European Fund - Class U2 GBP £ 186.91 - 3.38 0.00
OasisCresGl Income Class A $ 10.85 - 0.01 2.80
Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.10 - 0.00 0.77 Sterling Bond £ 1.6000xd - 0.0000 2.09 OasisCresGl LowBal D ($) Dist $ 11.88 - 0.02 1.04
Fidelity Special Situations Fund W-ACC-GBP £ 29.74 - -0.06 3.81 Lloyds Multi Strategy Fund Limited OasisCresGl Med Eq Bal A ($) Dist $ 12.78 - 0.03 0.37
Short Dated Corporate Bond Fund Y ACC GBP £ 10.82 - 0.01 3.96 Conservative Strategy £ 1.2910 - 0.0010 0.00 Oasis Crescent Gbl Property Eqty $ 7.32 - 0.05 1.90 Rubrics Global UCITS Funds Plc (IRL)
Fidelity Sustainable Water & Waste W Acc £ 1.01 - 0.01 - www.rubricsam.com
CCLA Investment Management Ltd (UK) Growth Strategy £ 1.8070 - 0.0050 0.00
Fidelity Sustainable Water & Waste W Inc £ 1.00 - 0.00 - Aggressive Strategy £ 2.4520 - 0.0110 0.00 Regulated
Senator House 85 Queen Victoria Street London EC4V 4ET
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14
Where virtual and real worlds meet
London’s Serpentine Gallery
is reopening with its
mischievous, satirical show
by Chinese multimedia artist
Cao Fei. By Alistair Hicks
S
he is on our side. The Chinese
multimedia artist Cao Fei is
on the side of her audience. In
her feature-length (1hr 45
min) film, “Nova”, she often
cuts to the audience, in particular the
father and son watching the film, who
are also the main characters.
Her solo exhibition, Cao Fei: Blue-
prints, which opened at the Serpentine
Gallery in London in March before clos-
ing for the duration of the lockdown,
reopens on August 4. The show’s first
room is transformed into the foyer of a
cinema in the Beijing district of
Hongxia. The artist is welcoming you in.
It takes a while to get into “Nova”, but
as it plays out, one realises that it is a
modern day Frankenstein. Mary Shelley
and Cao are both feminists for their
times. Li Nova, the child taken to the
Hongxia cinema, is no monster, but like
Victor Frankenstein’s creature he
believes he is unloved.
He spends his time, and he has 40
years of it, wandering space in a
deferred timezone that his scientist
father created for him as a safety net. As
a young man he laments that “for my
father I was a kilometre wave, a decame-
tre wave, data.” There is a pathetic scene
where he sees his father following the
graphs and data on the other side of the
screen and says: “Dear daddy, keeping a
strong connection with you will help me
understand why I keep going . . . I am
just a test subject.”
Life is tough in Cao’s world. A succes-
sion of brutalised urban environments
and space-scapes dominate. The wan-
dering boy feels “sorry for time as it
cannot take its own life”. When his
father, the Professor, is dying, he is still
trying to make sense of the endless data
with which he was bombarded. His
dying words are a litany, trying to
★ FINANCIAL TIMES
transform emotions into energy levels
(sadness 203 hertz, hunger 130 hertz
and amour 14 hertz). Yet he does think
of the Russian love of his life. His son too
is alive and “does not know that a young
girl is thinking about him”.
arts
Top: a scene from Cao Fei’s
‘Nova’ (2019). Above: the
show features a recreation
of a cinema foyer
Courtesy the artist, Vitamin Creative Space and
Sprüth Magers; Gautier Deblonde
At the heart of the exhibition is a
virtual reality piece, “The Eternal
Wave”, created in collaboration with
Acute Art. A site-specific work, it uses
archival material and actual elements
of the artist’s studio in Beijing. Fellow
artist Marina Abramović endorsed
it, saying it was the best VR piece she
had experienced.
During the gallery’s shutdown, the
piece has been extended with a new aug-
mented reality version, to be seen
through visitors’ smartphones, of the
kitchen space in which “The Eternal
Wave” begins. It’s an interlinked work
that further expands on Cao’s explora-
tion of her key themes, the interplay of
the real and the virtual and the ways in
which technology has changed our
understanding of human realities.
I had always assumed that Cao was
more about sharing our realities than
virtual reality per se. Yet she does
understand the difficulties of technol-
ogy. Her “RMB City” (2008-11), re-
presented in the Serpentine Gallery
lobby, is perhaps the most successful
artwork to have used the internet. Of
course, technology marches on, so it is
almost impossible to appreciate fully
the work’s attempt to involve a wide
audience in building and living in a vir-
tual city on the online platform Second
Life. We can only view it now like an
archived ruin, as the people are not liv-
ing it any more.
Ironically, when the exhibition was
closed, it was in some ways easier to
understand Cao’s achievements, with
key works online. The main reason is
that the museum/gallery system still
does not know how to present some
innovative artists like Cao, artists who
are actually revealing the flaws in the
way we live.
Curators have to develop new ways to
Kaufmann explores a new operatic area
OPERA
Jonas Kaufmann in concert
Metropolitan Opera, New York (online)
aaaee
Richard Fairman
Over the past few months, opera compa-
nies have undergone a crash course in
the potential of the internet. Already a
frontrunner in this field, New York’s
Metropolitan Opera scored a bigger suc-
cess than it can have foreseen with its
online opera gala in April — $3m in
donations, 30,000 new donors — and
now it has returned to the fray.
For the next 12 weeks, the Met is offer-
ing a weekly live concert online with a
dozen of the top international singers.
As befits the world’s biggest opera
house, and one of New York’s prestige
cultural organisations, it is bringing its
mighty pulling power to bear. That will
help sell tickets at $20 per concert, mak-
ing this the first big, live operatic series
online that is solely pay-per-view.
For the first concert, the cameras
went to the high-vaulted, late-Gothic
church of Polling Abbey, a former mon-
astery in Bavaria, Germany. This may
not be the most obvious place for opera
to take wing, but it made an imposing
setting, eerily hushed with no audience
present. The world would probably be
happy to see German tenor Jonas
Kaufmann sing anywhere.
The problem for opera during the
coronavirus pandemic has been that it
does not easily flourish away from the
operatic stage. A recital of arias with
piano accompaniment, even when it is
show works like “Nova”. It is not a
straightforward film. A whole exhibi-
tion could be devoted to it. The film
needs to be accessed in multiple ways,
so that the viewer can interact more
effectively with the themes about time
and how we are using it.
Cao’s mischievous sense of joy is
sometimes well hidden, but it gives
The museum/gallery
system still does not
know how to present
artists like Cao Fei
bite to her satire on the legacies of
capitalism and communism, two dis-
credited but not replaced systems. In a
lavish film she made for a BMW com-
mission, the main character strides
through history, to a pounding beat.
He starts off as a self-assured monk
and transforms into an equally confi-
dent modern man. Yet the title is
“Unmanned”. The male chauvinism
Cao Fei’s ‘Whose Utopia?’ (2006) — Courtesy the artist, Vitamin Creative Space and Sprüth Magers
the exemplary pianist Helmut Deutsch
teasing precious beauties out of Italian
verismo as if from songs by Schubert,
can feel half-baked compared with the
real thing.
It may seem a cop-out to interleave
Kaufmann’s arias with clips from
archive films of his appearances at
the Met, but this is where opera came
to life again. What a fabled Siegmund
he was in Wagner’s Die Walküre. What
a romantic idol he made in Werther,
just as Goethe and Massenet must
have imagined.
More worryingly, he sounded in
fresher voice in the film clips than he did
in Polling Abbey. There was a run of
those poetic, soft, high endings, spun on
a wisp of breath, that are a Kaufmann
speciality — the arias from Carmen and
Roméo et Juliette predictably floated
away into the ether — but they sat along-
side passages that sounded strained.
Tuesday 21 July 2020
Above: a scene
from Cao Fei’s
‘Asia One’
(2018). Left:
installation view
of Cao Fei’s
‘Blueprints’
Gautier Deblonde; Vitamin
Creative Space and Sprüth
Magers
invested in the car business takes a hit.
Is it the machine that is sexy or the man?
Cao has had a meteoric career. She
was number seven on the 2019 Art
Review Power 100. She has just been
included in a children’s book, Women’s
Art Work, of 30 female artists who have
changed the world. She has had recent
exhibitions at key institutions such as
MOMA (New York), the Pompidou
(Paris) and K2 (Düsseldorf).
Most importantly, her work has con-
sistently jumped out of the box that we
like to put artworks in. The Serpentine
has arranged for us to see online her Art
Basel Hong Kong commission of 2015.
She took over the surfaces of one of the
city’s biggest skyscrapers and turned
them into a video game. In “Same Old,
Brand New” (2015), the skulls, running
men, clouds, missiles, and the repeti-
tive, addictive robotic muzak take over
one of Hong Kong’s largest buildings. It
radiates a perverse liberation. Yes, Cao
Fei is on our side.
August 4-September 13
serpentinegalleries.org
Maybe this is the price we will have to
pay following a pandemic that has left
singers rusty after months away from
regular work.
The generous programme lasts nearly
90 minutes and includes operas that are
unfamiliar in Kaufmann’s repertoire,
such as Meyerbeer’s L’Africaine, Mass-
enet’s Le Cid and Cilea’s L’arlesiana. All
performances in this series will be avail-
able on demand for 12 days following
the live relay.
Next up, on Saturday, will be Renée
Fleming live from the Dumbarton Oaks
Museum in Washington DC, followed
by, among others, Joyce DiDonato, Anna
Netrebko, Bryn Terfel and Angel Blue,
each promised in picturesque settings
around the world. So long as opera
houses remain shuttered, at least in the
UK and US, this is where the action is.
metopera.org
Jonas
Kaufmann
performing
at Polling
Abbey in
Bavaria, in
the first of
the Met’s
weekly live
concerts
Tuesday 21 July 2020
The recent rise in cases is dashing hopes that the continent’s younger population would spare it from
the worst of the pandemic. Will African governments and public health systems be able to cope?
W
i t h i n d ays o f h i s
inauguration in June,
Evariste Ndayishimiye,
Burundi’s president,
ended months of official
denial about coronavirus by ordering
mass testing in the commercial capital
of Bujumbura. Well he might. His pred-
ecessor, Pierre Nkurunziza, who had
scoffed at the virus and entrusted
Burundi’s protection to God, paid a
heavy price for his nonchalance. He
died, almost certainly of Covid-19 itself.
After months in which Africa escaped
the worst of the coronavirus pandemic
as the global centre shifted from Asia to
Europe and then to the Americas, the
number of African infections — and
deaths — has begun to increase sharply.
At least 15,200 people have now died
out of 723,000 confirmed infections.
That has raised concern among some
experts that the world’s poorest conti-
nent may be about to enter a critical
phase of the coronavirus outbreak.
“The pandemic is gaining full
momentum,” says John Nkengasong,
director of the Africa Centers for
Disease Control and Prevention, which
has mounted an effective continent-
wide response. As transmission of the
virus gathers pace, he warns, the danger
is that “our hospital systems will be
overwhelmed”.
That is already happening in South
Africa, the worst affected country on the
continent, where confirmed cases are
doubling every two weeks and intensive
care wards in Johannesburg and Cape
Town are overflowing. At the current
rate, more than 1m people will be
infected by early August.
Deaths have topped 5,000, and the
number of fatalities is escalating
sharply. One health official caused panic
‘I don’t really see any
evidence that we’re
seeing a qualitatively
different course of the
pandemic in Africa’
by suggesting, erroneously, that Gau-
teng province was preparing 1.5m
graves for the dead. Cyril Ramaphosa,
the president, in a speech in which he
compared the virus to a storm blowing
in with the cold winter winds of the
southern hemisphere, warned that few
parts of the country would be spared.
Not all of Africa has been severely
struck. Some countries, such as Bot-
swana, Namibia and Gambia, have reg-
istered few infections and barely any
deaths. The island of Mauritius success-
fully stamped out an early rash of
imported infections and has not
recorded a single case of local transmis-
sion for nearly three months.
“At the beginning, we thought we
were going to see a massive disaster,”
says Mo Ibrahim, a Sudanese business-
man who is the head of an eponymous
foundation. “The numbers so far don’t
show that,” he says. “African govern-
ments probably responded better than
governments in the UK or the US. And
fortunately, in Africa, the virus doesn’t
seem to like us.”
‘A new phase’
However, new spikes of infections in
several African countries are clouding
such optimism. Of the states that have
been harder hit, more than half of
recorded cases have been in just five
countries — South Africa, Egypt, Alge-
ria, Nigeria and Ghana — although that
partly reflects their higher testing
capacity.
But the pandemic has spread much
further than that. According to the
World Health Organization, in 22 of the
continent’s 54 countries, cases have
more than doubled in a month, with
states such as Ethiopia, Kenya, Cam-
eroon and Djibouti showing sharp rises.
After a long period in which most infec-
tions in Africa were imported, mainly
from Europe, two-thirds of countries on
the continent are now reporting com-
munity transmission, the WHO says.
Malawi, a tea-producing country of
18m people in southern Africa, is a case
in point. On the face of it, its numbers
look reassuring, with just 59 deaths and
around 2,900 infections by July 20. But
healthcare workers say they are starting
to see a significant rise in infections.
“Our first case was in early April and
since that time we have had this very
gradual trickle, trickle, trickle,” says
Mina Hosseinipour, professor of medi-
cine at the University of North Carolina
and director of UNC’s Malawi project in
Lilongwe, the capital. “We were like:
when is this thing going to come?”
The lack of deadly infections was all
the more remarkable, she says, given a
series of blunders that might have been
expected to spell disaster. Many of the
Malawians who were sent home by the
busload from South Africa, where they
had been working, returned with
★ FINANCIAL TIMES 15
FT BIG READ. CORONAVIRUS
By David Pilling
A woman walks past graffiti on a cases thanks to its young population. An
wall in Conakry, the capital of antibody study conducted by the
Guinea, telling people to wear a Mozambican government in the north-
mask to curb the spread of the ern city of Nampula with a population of
coronavirus — AFP via Getty Images 750,000 found that some two-thirds of
people infected had suffered only very
mild symptoms or no symptoms at all.
In addition, the study found that 5 per
cent of people in the community and
10 per cent of market vendors had been
infected with coronavirus. Yet only
four Covid-19 deaths have been
recorded in Nampula province out of
nine in the country as a whole.
Even Mr Nkengasong at the Africa
CDC, who has strongly cautioned
against complacency, acknowledges
that the continent’s young population
means the death rate is likely to be
lower. “We see these young people run-
ning around with Covid, just living their
lives normally,” he says. “But we need to
back this up with appropriate studies.”
A plea for more testing
This competing evidence makes it diffi-
cult for African governments to deter-
mine what to do next. But, say research-
ers, they must persevere with policies to
‘We see young people
running around with
Covid, living their lives
normally. But we need
[research] to back this up’
mitigate risk. There is a middle way
between full lockdowns — difficult to
maintain in poor communities — and
letting the pandemic take its course,
they say.
Cooper/Smith, a Washington-based
professional services organisation that
uses data to inform policymakers, has
run statistical models indicating that
social distancing could stop millions of
infections and save 9,000 deaths in
Malawi alone. Hannah Cooper, its man-
aging director, says: “African countries
don’t need to make a Sophie’s choice”
between damaging lockdowns and “let-
ting the epidemic run rampant”. Even in
the absence of robust data, she says,
there is enough information to tailor
Virus surge tests Africa
responses to specific communities.
Ibrahima Kassory Fofana, the prime
minister of Guinea, says his government
has implemented mitigating measures
that stop short of full lockdown. Its
experience with the 2014-16 Ebola epi-
demic — which killed more than 11,000
people in west Africa — has stood it in
good stead, he says. Guinea has closed
19.4
Median age in Africa,
Covid-19. Some escaped from ill-
equipped quarantine camps, risking
community transmission. Nor was
of urgency the rise in infection has
engendered. “We have entered a new
phase.”
its airspace, encouraged hand washing,
banned mass gatherings, including in
churches and mosques, and sealed off
against 38 in the US Malawi’s government able to impose a the capital, Conakry, from the rest of its
and 43 in Europe lockdown after civil society groups, con- Huge gaps in the data territory. The country of 13m people has
cerned at the dire impact on livelihoods, The recent experience of Malawi, and recorded 6,500 cases with 39 deaths.
successfully challenged the measure in many other African countries like it, has “In terms of managing the pandemic,
0.55%
Africa’s estimated
court. Like Burundi, Malawi even ran a
national election, the incumbent losing
tempered, if not entirely scotched, early
hopes that the continent might some-
so far it is under control,” says Mr Kas-
sory Fofana. “We are optimistic because
average Covid-19 power in a rerun of last year’s poll. how avoid the worst of the pandemic. our population is much younger.”
infection fatality Yet, despite these potential super- “What we are seeing is just the effect The second lesson is that more testing
rate, compared with spreader events, deaths from the virus of the delayed timeline,” says Francesco is urgently required. South Africa is test-
1.3% in the US
in Malawi remained stubbornly low, Checchi, professor of epidemiology and ing around 50,000 people a day and
says Prof Hosseinipour. Until now. “The international health at the London countries such as Djibouti, Ghana and
10%
Market vendors in
last two weeks is changing our perspec-
tive,” she says, adding that more deaths
are being registered and many more
School of Hygiene and Tropical Medi-
cine, who adds that the disease came
late to the continent. “I don’t really see
Morocco have made concerted efforts to
test widely. Yet, according to an analysis
by Reuters, African countries had on
Mozambique’s people are coming to hospital seeking any evidence that we’re seeing a qualita- average tested 4,200 per 1m people by
Nampula province emergency respiratory care. “The new tively different course of the pandemic oxygen and ventilators as well as for co- Residents in July 7, compared with 74,255 in Europe.
who were infected
with Covid-19. The government is mandating face masks in Africa.” morbidities, such as HIV/Aids, it puts Bujumbura, the Strive Masiyiwa, a Zimbabwean busi-
region has only across the country and recommending Prof Checchi says that countries with the infection fatality rate at an average Burundi capital, nessman appointed as a special envoy of
recorded four more serious isolation and social dis- good air links to the rest of the world, 0.55 per cent, with the best countries in wait to be tested the African Union, says that a pan-Afri-
deaths from the virus tancing measures,” she says of the sense such as South Africa, Egypt and Africa at 0.22 and the worst at 0.76 per for Covid-19 can medical supplies digital platform he
Morocco, were the first to import “seed cent. That compares with 1.3 per cent in Cellou Binani/AFP via Getty
has helped establish should enable a
cases”, causing the pandemic to spread the US, meaning that an African massive ramp-up in testing capacity.
Covid-19 deaths begin to rise in Africa ... more quickly. He praises early efforts by infected with Covid-19 is between twice The platform, which went live in July, is
Proportion of daily deaths by region (%) many African governments — all too and six times more likely to survive backed by a $3.8bn credit line from the
Middle East familiar with the threat of infectious dis- than an American. African Export-Import Bank. It allows
100 eases such as tuberculosis and Ebola — Still, even if those lower estimates African governments and organisations
N America to contain the virus through screening, prove correct, it implies that, if 60 per to pool their orders, making it easier to
80 public health campaigns, curfews and cent of Africans eventually become benefit from bulk pricing.
Latin America/ lockdowns. But in the end, he says, this infected, more than 4m will die. “There is now no excuse to say we
Caribbean 60 is just a delaying tactic. “Lockdowns Such calculations are guesses at best. can’t get test kits and therefore we can’t
only gain you time.” Researchers have to take into account test,” says Mr Masiyiwa, who adds that
40 Sema Sgaier, executive director of estimates for the rate of non-communi- governments can also use the platform
Surgo Foundation, a non-profit organi- cable diseases for which data is almost to equip hospitals with oxygen units,
Europe 20 sation, agrees that the pandemic has non-existent in many countries. Dis- protective equipment, medicines and
much further to run in Africa. Her foun- eases such as hypertension and diabe- ventilators in preparation for a coming
Asia
dation has compiled an index from open tes, which raise the probability of death wave of infections.
0 source data of regions most vulnerable in Covid-19 patients, are almost cer- Armed with greater testing capacity
Mar 2020 May Jun Jul Africa to the social, economic and health tainly lower in many African countries and policies aimed at slowing the spread
... and the continent's testing capacity impacts of Covid-19. Among those high- than in relatively affluent South Africa, of the disease, many African govern-
is a cause for concern lighted are Cameroon, the Democratic where such co-morbidities help explain ments are gearing up for the next, possi-
50 Republic of Congo, Madagascar, Malawi, the higher number of deaths. With a bly more serious, phase of the pan-
Algeria Ethiopia and Uganda — countries where median age of 28, South Africans are demic.
the pandemic is yet to really take hold. also nearly a decade older than the rest In the coming months, says Prof Chec-
% of tests that are positive*
40 There remains some cause for cau- of the continent. chi of the London School of Hygiene and
Sudan
São Tomé and Príncipe tious optimism, Prof Sgaier says. Even if The task of modellers — who must Tropical Medicine, some countries will
30 the virus ends up spreading as widely in also juggle factors such as malnutrition have to move from the suppression
Guinea-Bissau Circle size shows Africa as in Europe and the Americas, it and HIV — is further impeded by lim- stage to one where they seek to reduce
Covid-19-related is likely to kill fewer people, she says, ited records of deaths in many coun- the impact of the virus.
20 deaths
Guinea because of the continent’s more youth- tries. This has forced statisticians “There is no shame in saying that we
South Africa 4,669 ful population. Africa has a median age researching some countries to turn to cannot suppress this epidemic for
Cameroon of 19.4 years against 38 in the US and 43 satellite imagery of graveyards for clues another year and a half until we get a
10
WHO has previously suggested in Europe. about the so-called “excess deaths” that vaccine,” says Prof Checchi. “That we
a positive test rate of 3–12% is
indicative of adequate testing Based on age and gender distribution, may be down to Covid-19. are going to try to mitigate it through
0 the Surgo Foundation estimates Africa’s “We’re really fumbling around in the social distancing, curtailing unneces-
0 100 200 300 400 500 600 infection fatality rate — the proportion dark here,” says Prof Sgaier. sary gatherings and subsidising soap
Cases per 100,000 people of deaths among those infected — at 0.1 There is also tentative evidence and water,” he says. “A few policies like
*In some cases testing data may lag behind case data, inflating the % figures to 0.15 per cent. Adjusting for the poor emerging that African countries may that can make a significant difference in
Updated on Jul 17 2020 Sources: Africa CDC; ECDC, Covid Tracking Project, DHSC
quality of health services with a lack of have a high prevalence of asymptomatic terms of the ultimate death toll.”
16
TUESDAY 21 JULY 2020
Japan takes a welcome
step away from coal
It is time for China to follow suit and turn its rhetoric into action
Japan says it has changed its mind
about coal. Its decision to rein in official
support for coal-fired power plants in
developing countries marks a “turning
point” in the country’s climate change
policy, according to environment min-
ister Shinjiro Koizumi.
The step is overdue. The World Bank
and other development bodies have
become increasingly reluctant to back
projects that burn coal, the fossil fuel
responsible for more than 0.3°C of the
roughly 1°C increase in global tempera-
tures since the late 1800s. So have pri-
vate banks and OECD export credit
agencies.
Yet until now Tokyo has remained a
source of financing for coal projects
abroad using Japanese equipment —
and is still building new coal plants for
itself at home. Its new policy does not
entirely outlaw support abroad, which
is regrettable, but Mr Koizumi says it
will make it much more difficult.
Now it is China’s turn. The vast Belt
and Road Initiative that President Xi
Jinping launched in 2013 is also driving
infrastructure projects around the
world and despite official claims that
the programme is “green and clean”,
too much of this infrastructure burns
coal. One study published last year
found 36 per cent of the $51bn spent on
power generation and transmission
between 2014 and 2017 went on coal,
while just 11 per cent was spent on solar
and wind power.
The same report estimated that
China — a renewables juggernaut —
was backing more than a quarter of the
coal plants being developed worldwide
outside its own borders.
There are many reasons why this
must stop, starting with global temper-
atures. A host of new coal plants under-
mines the main goal of the 2015 Paris
climate agreement, which aims to keep
global warming well below 2°C. China’s
development model relied heavily on
A two-stage inquiry into
the UK’s virus handling
An interim review should start now, followed by a fuller accounting
A fundamental task of any government
should be to protect its citizens’ health
and wellbeing. The UK’s bungled
response to the Covid-19 pandemic —
with an official direct death toll already
more than twice the 20,000 that the
chief scientific adviser suggested would
be a “good outcome” — amounts to one
of the most egregious failures of British
governance in decades. Prime Minister
Boris Johnson last week pledged an
independent inquiry, though not
immediately because of the distraction
it would cause. The government should
not delay, but instead launch a two-
stage inquiry beginning with a rapid,
interim review of actions to date and
lessons learned.
It is imperative in due course to hold
a full public inquiry to examine in
detail the decisions and mis-steps of
the government, its advisers, the civil
service, and branches of the health sys-
tem. Particular scrutiny should be
given to botched early planning, the
delay in ordering a full lockdown —
which some scientists say cost thou-
sands of lives — and whether the gov-
ernment dallied for too long with a
strategy of “herd immunity”.
An inquiry should interrogate, too,
the systemic failures that led to errors
in political decision-making and imple-
mentation. It should make detailed
recommendations for reforms of
organisations and processes to ensure
the UK is far better equipped to con-
front future health emergencies.
Mr Johnson is right to say that a typi-
cal UK public inquiry now, involving
weeks of testimony and thousands of
pages of documents, would tie up too
much official time in the midst of a
pandemic. Yet there are clearly already
vital lessons to heed in tackling and
preventing further waves of infection.
The solution is a phased approach.
The government should launch an
inquiry process headed by an inde-
coal and led its annual emissions to
more than double in the first decade of
this century. China is now the world’s
largest emitter by far and if its model is
followed by countries signed up to the
Belt and Road Initiative, it is hard to see
how the Paris agreement targets could
be met. Like Japan, it still plans to build
new coal plants at home as well.
This is not the only problem. Each
new coal plant in a developing country
risks locking that nation into a fossil-
fuelled energy system for decades.
That makes scant financial sense at a
time when clean energy costs are fall-
ing so much that new renewables are
cheaper than new coal plants in many
parts of the world. In China itself, 43
per cent of the existing coal power fleet
is already uncompetitive, one study
claimed this month. On top of that, coal
plants usually worsen air pollution and
raise healthcare costs.
In the past, China could argue it was
backing coal-fired power abroad
because developing countries them-
selves wanted it. That claim is growing
more complicated. In Kenya last year, a
court halted construction of a Chinese-
backed coal-fired power station on
environmental grounds. Supporters of
the $2bn project said it would sharply
boost the African country’s power out-
put and help to ease blackouts. It would
cut costs for consumers at the same
time, they argued.
Critics countered that the power sta-
tion would also cause air pollution and
destroy the breeding grounds of endan-
gered species. Those claims held sway
then and are likely to do so again — not
just in Africa.
President Xi has repeatedly said
China is committed to tackling climate
change and building an “ecological civi-
lisation”. The rest of the world depends
on the country achieving that goal fast,
not just inside its own borders but well
beyond them as well.
pendent former judge or senior public
servant, or a scientific expert with pub-
lic policy experience. The first phase of
its remit should be to conduct a short
review of policy implementation, to
provide administrative recommenda-
tions for the near future, rather than
apportion blame, and report within
months or even weeks. This stage could
focus on defined issues such as provi-
sion of protective equipment, hospital
readiness, protecting care homes and
shortcomings in the test and trace sys-
tem. It would be followed once the pan-
demic has waned — but no later than an
agreed date — by a full public probe.
Such a process may be without Brit-
ish precedent. Now, however, is a time
for creative approaches. Scandinavia
may provide useful models. Sweden
has launched a commission of experts
led by a former president of the
supreme administrative court to inves-
tigate the country’s controversial “lib-
eral” approach to virus containment. It
will issue a final report in early 2022
and two interim reports, in November
this year — on care homes — and in
October 2021. Norway has set up an
independent commission to assess the
overall adequacy of its virus response,
which kept death rates well below Swe-
den’s or Britain’s, to report by March
2021, or issue an interim report then if
final conclusions require more time.
The prospect of even a light-touch
review might send ministers and offi-
cials scurrying to cover up earlier
errors, rather than grappling with the
task at hand. A more enlightened
approach, faced with both immediate
and later, more detailed, scrutiny,
would be to try to make up for past mis-
steps by redoubling efforts to avoid a
resurgence of the virus. Either way, a
full accounting for the government’s
actions is the least the public deserves.
Setting that in train now is the best way
to hold Mr Johnson to his pledge.
★ † FINANCIAL TIMES
Letters
Quality of British justice system is undersold
David Lammy made the case for
investment in the provision of legal
services (“We must maintain the UK as
a world leader in the law”, Opinion,
July 11).
We believe there is a more
fundamental and far-reaching
investment need: investment in the
brand of English law and the justice
system which underpins it. This brand
is recognised as a key factor in the
sustainability of our banking, capital
and insurance markets. It also
underpins the attraction of the UK as a
destination for inward investment.
Many of our competitor nations —
Germany, France and the Netherlands
It is unrealistic to make
wage demands now
Martin Buttle of ShareAction does not
explain who created the “new
consensus” he announces “that
business must serve the needs of a wide
range of stakeholders” (Letters, July
16). Pressure groups like ShareAction
may wish such a world, but the rest of
us must hope it does not come about.
In a healthy economy, businesses are
free to make their own decisions, while
respecting regulations that protect
employees and the public good.
Companies should operate in the
interests of the shareholders. Those
without skin in the game should not
influence their policies.
Mr Buttle calls for increased wages.
No doubt, business would welcome
such an outcome, but only within the
bounds of economic reality. Decisions
about pay levels must be left to
individual companies and are
determined by the labour market.
Mr Buttle ignores that the pandemic
has driven national debt above 100 per
cent of gross domestic product and the
Office for Budget Responsibility’s
forecast of an additional 2m
unemployed. This suggests the need for
austerity and a fall, not a rise, in real
wages. This is therefore the wrong time
for unrealistic demands.
Gregory Shenkman
London W8, UK
ESG cannot be useless if
investors are wanting it
Brad Cornell provided the right
intellectual chassis but left me
unconvinced (“ESG concept has been
overhyped and oversold”, July 17).
Prof Cornell correctly identifies that
environmental, social and governance-
related returns are difficult to
determine given the lack of
standardised disclosure. In addition,
it’s worth considering if the Covid case
study simply cherry-picks a time series
to support a desired narrative.
That said, the ivory tower falls in two
areas. The first is risk management.
Prof Cornell did not fully debunk ESG
as an inappropriate risk management
tool. The second underpins investor
demand: why are investors clamouring
for ESG disclosure if it is useless?
Arguably more disclosure is better,
but the investment community does
not merely seek longer annual reports.
Shareholders are incentivised to focus
management’s attention on
profit-maximising endeavours. It
seems their view is ESG fits the bill.
Gray Schweitzer
Brooklyn, NY, US
Harvard’s
immigration
win prompts
hope of further
resistance
US
Notebook
by Siddarth
Shrikanth
in the EU and farther afield in
Singapore and Dubai — recognise this
brand attraction better than we do.
These countries are already spending
significant sums to compete with the
UK brand and to offer viable
alternatives.
Our international competitor states
must wonder why we fail to
differentiate between selling legal
services, which benefits lawyers and is
actively promoted, and promoting the
brand of English law and its justice
system, which benefits our economy
across a wide range of sectors but is not
so well publicised.
There is a huge opportunity for the
Advanced countries could
do more to assist the IMF
Yi Gang, the governor of the People’s
Bank of China, makes a strong case for
an allocation of special drawing rights
(SDRs) by the IMF to help deal with
the financial effects of coronavirus
(July 16). An SDR allocation was made
in 2009 in the wake of the financial
crisis to supplement the lending
operations of the IMF at that time.
One disadvantage of this proposal is
that most of an SDR allocation goes to
the advanced countries, which have the
largest quota shares in the IMF. Mr Yi
proposes that “developed countries can
use their SDR allocations to ease
domestic fiscal pressures, leaving more
resources for international aid”.
This recommendation would violate
the spirit and purpose of the SDR
instrument, as it is intended to help
IMF members deal with their balance
of payments needs. Instead, it would be
better if the advanced countries agreed
to donate, or lend, some or all of their
SDR allocations to the IMF. It could
then use these resources in its low
conditional, concessional lending
operations to help fill the large gap
between its lending capacity and the
financing needs of its membership.
This proposal would go some way
towards redirecting an SDR allocation
in favour of the developing countries
that have a greater need for balance of
payments assistance.
Such a response would also help to
achieve the desired result Mr Yi cites in
his proposal that a “special allocation
of SDRs would be specifically tailored
to the needs of IMF members rather
than to the size of their IMF quotas”.
Anthony Elson
Chevy Chase, MD, US
As Covid-19 cases in the US surged to
new highs this month, Harvard
University announced plans for online
instruction in the autumn to limit
health risks, following similar
decisions by dozens of other
universities. Hours later, Immigration
and Customs Enforcement (ICE)
slipped out a notice that blindsided
nearly everyone in higher education.
Universities were given a stark
choice: abandon plans for an all-
online curriculum, or face having
international students ejected from
the country. “The order came down
without notice — its cruelty surpassed
only by its recklessness”, said
Lawrence Bacow, Harvard’s president.
A week later, the directive was dead.
Amid perhaps the most broad-based
backlash against any of US president
Donald Trump’s immigration
crackdowns, ICE reversed course in
response to a lawsuit filed by Harvard
and MIT. It returned to an earlier,
more flexible policy issued at the start
of the Covid-19 crisis.
Mr Bacow called the eventual
outcome “a significant victory”.
Stories of the potential human cost of
the directive played a part in securing
the result. Muath Ibaid, a Palestinian
student at Harvard who first came to
the US as an undergraduate in 2013,
says he had simply ‘“run out of
options”, given the lack of diplomatic
representation from Palestine in the
US, the Jordanian border closure to
non-nationals, and a Palestinian
passport that severely limits travel.
Another student describes having to
If you are not satisfied with the FT’s response to your complaint, you can appeal
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UK to lead the world’s thinking: on new
and alternative approaches to
governance; the rule of law; societal
responsibility of the bailed-out
boardroom; competition law in failing
markets; supranational regulatory
responses to technology; climate
change through private law; and a host
of other issues.
These issues would feed into a
central brand of English law as
supporting business growth and
providing the home for global dispute
resolution.
Guy Beringer
Dame Elizabeth Gloster
LegalUK, London WC2, UK
Hong Kong deserves
better from investors
I thought Darren Mann was to write on
investing (Brave Hong Kongers deserve
better from investors, July 20) but he
did not. Hong Kong really deserves
better from the investor community.
The Hang Seng index is trading at a
price-to-earnings ratio of about 10
times (while Shanghai is 16 times, the
Stoxx-600 16 times and Dow Jones
Industrial Average 23 times). If Hong
Kong had adopted fully the system in
China, the Hang Seng index would go
up by 60 per cent from the current
level. And if it had been entirely like a
city in the west, again the Hong Kong
stock market should go up by at least
the same percentage. Hong Kong is
having the worst of the two worlds.
The investor community has been
underpricing equities listing on the
Hong Kong stock exchange for decades.
The newly introduced law to Hong
Kong for safeguarding the national
security of China attempts to deal with
some of the social and political risks
that have been bothering Hong Kong.
Those risks have drastically
increased in the past 12 months when
the mass transportation systems and
the aviation system were brought to a
halt by violent demonstrations.
This is the reason why companies
like HSBC and Standard Chartered
Bank welcome the new law. Banks
want to operate in a more predictable
sociopolitical environment. And most
people in Hong Kong would like to live
that way too.
Tony SK Li
Hong Kong
London can talk tough
and procure Huawei kit
In the 1980s I worked for a British
company that sold railway signalling
equipment to the Chinese (“Huawei
and the hard facts facing global
Britain”, July 16).
At the time ours was the best kit.
Rather to our chagrin though, the
Chinese sensibly looked to the future
and avoided technological dependence
on us by demanding two conditions: a
proportion of local manufacture, and
full design visibility.
Now that the engineering roles are
reversed, and Huawei would very
much like our market, it is time for us
to adopt a tough negotiating position.
Design visibility can assure us about
possible security back-doors. We do
not need to deny ourselves what is
evidently the best telecoms technology.
Tim Molloy
Chippenham, Wilts, UK
return to a “profoundly unsafe home”
in Australia, having escaped a family
situation marked by violence and
alcoholism. “It’s a place I worked so
hard to leave . . . I can’t imagine being
forced to go back there for being a
threat to security, or whatever [ICE]
thinks I am.”
The Harvard-MIT lawsuit was
bolstered by “friends of the court”
briefs from more than 60 US
universities; 17 states and the District
of Columbia also sued ICE. The tech
industry threw its weight behind the
suit: the US Chamber of Commerce,
Google, Microsoft, Twitter and others
argued that the rule jeopardised the
international talent pool they had
come to rely on.
Reflecting a partisan divide over
reopening the economy, university
leaders have been notably more
cautious than the Trump
administration, which is set on
restoring some semblance of
normality ahead of the November
election. Universities’ refusal to bow
to Mr Trump’s demands has added to
the disdain his inner circle feel for
these supposed liberal bastions.
“Schools must reopen in the fall!!!”,
the president tweeted just hours
before ICE put out the harsher policy,
and he later called Harvard’s plans for
online education an easy way out.
With no legal power to compel private
institutions to reopen, the
administration turned to
international students as leverage.
Many students, myself included,
assumed naively that they might be
Tuesday 21 July 2020
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
Renewables are cheaper to
produce than fossil fuels
Anne Bradbury chides green
campaigners for fighting gas pipelines
(Opinion, July 12). But by attempting
to place the blame for the cancellation
of the US Atlantic coast pipeline on
environmentalists, Ms Bradbury elides
the much more significant question of
why companies are choosing to
abandon plans for new fossil fuel
projects.
Renewables are displacing fossil
energies such as gas because they are
simply cheaper to produce — according
to Lazard, the levelised cost of
electricity from baseload gas is 42 per
cent more expensive than from wind,
and solar is comparably cheap.
Lazard also points out that the costs
of storage to complement renewables is
continuing to fall.
Indeed, the Financial Times reported
that the decision by Dominion Energy
and Duke Energy to scrap the Atlantic
coast pipeline marks a clear strategic
shift by these developers away from
natural gas, and a firm bet on the
transition to clean energy.
Gas is not “coal-lite”. So-called
natural gas might have lower carbon
dioxide emissions than coal when
combusted, but research from the
International Energy Agency suggests
gas could well be at least as climate
damaging as coal due to the release of
indirect “fugitive” methane emissions
throughout its extraction, transport
and processing. Methane is a far more
potent greenhouse gas, with over 80
times more global warming potential
than CO2.
In today’s economic and climate
context, we will continue to see
developers shifting their focus to clean
energy. Pipeline cancellations are not
aberrations, nor do they stem purely
from campaigns by activists. They are a
rational response to evolving policy
settings and priorities.
Charlotte Hanson
ClientEarth, London E8, UK
People will listen if you
are interesting enough
Timoth Garton Ash suggests to
supplement freedom of speech with
the obligation to listen to those who
cannot attract people’s attention with
what they say (Free speech is about
listening as well as talking, July 14).
I think that whether people listen to
someone should be a matter of the
speaker’s ability to attract their
interest, rather than a matter of
people’s obligation.
Lenny Gengrinovich
Oradell, NJ, US
Older people do not want
to be put out to pasture
The welcome idea that older citizens’
housing should feature in the
refashioning of the centres of our small
towns was first broadcast by educator-
theorist Joan Erikson in 1993 (“UK
high streets set to swap shops for
retirement homes”, July 15).
Erikson abhorred the idea of housing
elders in remote, grassy communities.
What she wanted for herself, and what,
in my view, most of us would want, is
the ability to walk to the shops, the
post office, the bank, and to sit on a
bench in a small park, people-
watching, and chatting to passers-by of
diverse ages.
Peter Geiger
Edinburgh, UK
spared from the Trump
administration’s immigration policies.
Successive crackdowns on refugees,
undocumented immigrants, those
from Muslim-majority countries, and
foreign workers, and the nativist
rhetoric, appeared not to apply to fee-
paying students, who are said to
contribute nearly $41bn annually to
the US economy. But if there is one
lesson to be learnt from the past three
years of this White House, it is that
neither humanitarian nor economic
logic can reliably defeat Mr Trump’s
ideas.
Speculation has already turned to
the ways in which the administration
might reimpose restrictions, for
instance by prohibiting only new
students, rather than existing ones,
from entering the US for online
courses. America’s loss could well be
the UK’s or Canada’s gain: both
countries have recently eased legal
requirements for international
students, and their leaders have
publicly welcomed rather than
rebuffed foreign talent.
While international students in the
US may be spared for now, some hope
that momentum will build and
encourage the powerful to advocate
for other groups that may not have
deep-pocketed defenders.
“People with good intentions defend
us by saying we pay money . . . are
highly educated and go to elite
institutions,” says Mr Ibaid. “But what
if they don’t go to elite institutions —
what then? No one who built a life in
the US should be deported.”
Tuesday 21 July 2020
Negative interest rates cannot save indebted economies
Jacques
de Larosière
C
an interest rates be elimi-
nated to avoid servicing
monumental debts? The
Covid-19 crisis, exacerbated
by the consequences of hav-
ing hyper-accommodative monetary
policy for too long, has led to entire
economies becoming over-indebted.
To deal with this situation where pub-
lic leverage has broken all peacetime
records, some advocate monetising the
debt through central bank purchases of
new bond issues and negative interest
rates. This is despite the historical
record which shows that debt restruc-
turings have proven to be the most
effective way to address unsustainable
debts.
In the context of economic depres-
sion, low inflation and interest rates
already at zero, central banks of course
cannot achieve negative real interest
Scotland may
be the price of
Johnson’s legacy
britain
Robert
Shrimsley
B
oris Johnson’s place in history
is already assured. Less clear
is what the British prime min-
ister will be remembered for.
At first it looked like Brexit;
more recently he seemed set to be the
pandemic premier. But this week, as he
celebrates his first year in office, a new
fear is that he might be known as the
leader who lost the Union.
Not before time, the prime minister’s
team is waking up to the renewed threat
of Scottish independence, jarred by the
strong pandemic performance of Scot-
land’s nationalist first minister Nicola
Sturgeon and recent opinion polls show-
ing a majority for separation.
Mr Johnson helped cause the prob-
lem. The 2014 independence referen-
dum should have killed the issue for a
generation. But Brexit, which Scotland
voted against, revived it. Scots then saw
Mr Johnson topple Theresa May,
because her approach prioritised saving
the Union above a hardline Brexit. In
the 2017 election, Mrs May and Ruth
Davidson, the Tory party’s then Scottish
leader, had reduced the Scottish
National party to 37 per cent of the vote.
In 2019, against Mr Johnson and his
Brexit strategy, the SNP bounced back
to 45 per cent. It is now focused on
securing a second referendum.
The Johnson team’s instinct is to
UK
Sinha
F
ear has stalked global efforts to
fight Covid-19 — fear of infec-
tion, unemployment and eco-
nomic decline. But another
fear has hamstrung policy-
makers trying to address these prob-
lems: that of sovereign rating agencies.
Policymakers, particularly in the
developing world, are concerned that
spending what is needed on pandemic
response could invite ratings down-
grades. These in turn can lead to mas-
sive capital outflows and potentially
trigger macro-financial instability and a
currency crisis.
They are not wrong to worry. Fitch
has downgraded a record 33 sovereign
ratings this year, including the UK, and
placed 40 countries on negative watch
rates. So, instead, they may want to
retrieve some margin by deliberately
setting negative rates. Monetary policy
would then regain its traditional driving
role, as it would be able to recreate nega-
tive real rates, despite a lack of inflation.
Proponents of this approach have
anticipated some of the objections.
First, the liquidity trap. When rates
are negative, investors tend to shun
bonds to avoid the “tax” caused by nega-
tive rates. One result of this is an accu-
mulation of savings, held in liquid assets
such as banknotes or cash accounts. But
these barely help foster productive
investment.
Proponents of negative interest rates
argue that the response to this problem
is to eliminate large denomination
banknotes and ensure that banks pass
on the full cost of negative rates to their
depositors.
But should depositors be taxed and
made to pay most of the cost of emerg-
ing from this crisis? That would create
major economic and political problems
in a country like France, where house-
hold savings historically finance about
85 per cent of national investment.
tough it out. In the words of one senior
Downing Street strategist: “No new ref-
erendum in any circumstances regard-
less of shouting from the SNP.” But this
may be a hard line to hold if the nation-
alists win a majority in next year’s Scot-
tish parliamentary elections.
The Conservatives had hoped 2020
would be bad for the SNP. The trial of its
former leader, Alex Salmond, would, in
theory, tarnish his party and damage Ms
Sturgeon who he blamed for his fall.
There were splits over when to push for
a referendum, and voters were weary-
ing of a party which had run Scotland for
more than a decade. But Mr Salmond
was acquitted and Covid-19 struck.
While Mr Johnson has floundered, Scots
have been impressed by Ms Sturgeon,
though this owes more to her communi-
cations skills than any wild difference in
approach. Scotland's crisis has not been
meaningfully better than England’s.
Threats still loom, not least of retribu-
tion from Mr Salmond, but as long as the
UK has Mr Johnson, the nationalists
have a chance. He is now discussing a
Scottish tour but this might go down as
well as a royal progress by the conquer-
ing knights of Edward I. Mr Johnson is,
in the words of one Unionist, “irredeem-
ably toxic to Scots”. His allies say Scots
want to see him engaging.
One leading unionist observes. “I am
very pessimistic. The only real grounds
for optimism is that people in London
are now very worried and that the cabi-
net office is getting engaged.” Another
adds: “London has now seen what they
are dealing with. The SNP are not the
Liberal Democrats.” As if to prove this
point, hardliners are setting up a new
party to take advantage of Scotland’s
Rating agencies owe the market more transparency
for a downgrade. S&P has downgraded
the outlook for Thailand and Indonesia,
among others. In recent weeks, Moody’s
has placed several countries, including
Côte d’Ivoire, Cameroon and Pakistan
on negative watch for a downgrade. The
rating agency cited as its reason that the
countries could potentially avail them-
selves of the G20’s offer to suspend debt
payments for developing countries that
need to focus those funds on Covid-19
relief. As the economic pain grows,
more countries are potentially vulnera-
ble to similar actions.
The IMF is projecting that world out-
put will fall nearly 5 per cent this year, as
will the gross domestic product of more
than 170 countries. Developing coun-
tries will see even sharper declines.
These unprecedented challenges
have evoked unprecedented responses.
The IMF has pledged $1tn in lending
support. Banking and securities regula-
tors have deferred the implementation
of some global standards. Central banks
have opened the liquidity taps.
★ FINANCIAL TIMES
Opinion
Then there is the risk of inflation. In
the long run, any anti-recessionary
monetary policy must eliminate the dif-
ference between potential growth and
currently depressed growth rates
through money creation.
The risk of inflation is nonetheless
considered unlikely given the scale of
the Covid-19 crisis, the slow recovery,
and structural forces such as ageing,
They encourage companies
to take on cheap debt and
allow zombies to survive,
lowering productivity
unemployment and technological
progress. Even if inflation does return,
there will still be time to turn the tide
and return to more traditional mone-
tary policy.
Surprisingly, such proposals — which
are designed to eliminate an economic
fundamental, namely the price or cost
of saving — fail to consider an essential
question: the value of money. Money is
complex voting system to maximise the
Nationalist vote.
Michael Gove, the cabinet office min-
ister who leads on constitutional affairs
and is the government’s senior Scot, has
accelerated work on a review of inter-
governmental relations, which had lan-
guished for two years. UK dealings with
the devolved administrations are char-
acterised by an almost colonial mindset
and need a rethink. One former Down-
ing Street staffer said: “This is not just
about politicians. Whitehall also too
often treats the first ministers of Scot-
land and Wales like regional mayors
rather than the leaders of countries.”
Last week’s publication of the govern-
ment’s plan for a fully functioning UK
internal market after Brexit was a case
in point. This work needed to be done,
but neither Ms Sturgeon nor Mark
Drakeford, the Welsh first minister, saw
the document before the morning of
The structure of devolution
was not designed for a
leadership antagonistic to
the union itself
Now rating agencies need to step up
and disclose their parameters. Sover-
eign ratings are complex business and
the methodologies are not transpar-
ently shared. Data is not always compa-
rable across nations and often the same
jurisdiction is rated differently by dif-
ferent agencies at the same time. Devel-
In a crisis, investors want
information about relative
strengths and weaknesses,
not just downgrades
oping countries, most of which are just a
notch above being non-investment
grade, are most vulnerable to down-
grades.
Countries need to know the relative
importance rating agencies give to per
capita income, reserves, structural
reforms and policy stability. How will
they weigh an immediate rise in fiscal
based solely on trust. But the risk of los-
ing that trust will loom if those responsi-
ble for it resign themselves to a role that
leaves them as suppliers of an unlimited
commodity rather than as vigilant
guardians of its stability.
Moreover, the moral hazard of a sys-
tem where indebtedness can be perma-
nent and infinite, regardless of debtors’
credit quality, poses serious moral and
political problems as it nationalises risk
and responsibility.
Negative rates also damage produc-
tive investment. They encourage com-
panies to take on cheap debt to pay for
share buybacks instead of investment;
allow zombie companies to survive,
lowering overall productivity; encour-
age asset bubbles; obliterate the distinc-
tion between profitable and unprofita-
ble activities; and make little or no dis-
tinction between good or poor quality
debtors.
An economy where interest rates
remain negative for decades will not
inspire confidence in entrepreneurs.
Paradoxically, it will create more pre-
cautionary savings.
The monetisation of government debt
publication. Ministers counter that the
SNP had walked out of earlier talks.
The difficulty is that there is no trust
between the two sides and the structure
of devolution was not designed for a
leadership antagonistic to the union
itself. This will only get worse as the US
trade talks reach a head. With vocal
Scottish opposition to weakening food
standards, Mr Johnson may be forced to
choose between shoring up the Union
and the prize of a US trade deal.
That Unionists are waking up to the
danger does not mean they are any closer
to finding solutions. Most agree that they
must find “an emotional argument” for
the union. One also argues for small sig-
nals like changing the name of the Bank
of England to the UK Central Bank.
Mrs May and Ms Davidson success-
fully argued that 2017 was not the time
for more upheaval. With Covid, Brexit
and Scotland’s deteriorating fiscal posi-
tion, this might work again.
But money remains the strongest
argument, though there is a pleasing
irony in Brexiters playing on the eco-
nomic fears of nationalist Scots. It was
striking that chancellor Rishi Sunak’s
emergency Budget emphasised that the
UK government had funded Scotland’s
deficit against a country’s fiscal trajec-
tory and medium-term growth or judge
between foreign currency debt and local
currency debt? A jurisdiction with the
majority of debt falling due next year
cannot be on the same footing as one
with most of its debt due in 10 years.
The rating agencies run the risk of los-
ing relevance if they fail to provide more
guidance about relative risks. Right now
there is essentially a fail or a pass crite-
rion: is a jurisdiction investment-grade
or not? In a crisis, investors want infor-
mation about relative strengths and
weaknesses, rather than a binary decla-
ration of a downgrade at a time when
everyone is suffering.
Sovereign ratings also guide the global
movement of trillions of dollars in debt
investment funds. Most major govern-
ment bond indices — those calculated
by Citigroup, JPMorgan, FTSE and MSCI
— filter out countries that are non-in-
vestment grade. Inclusion or exclusion
from a bond index can substantially
affect a country’s capital flow, currency
— most of which will end up on central
bank balance sheets — will also lead to
creeping economic nationalisation and
crowd out profitable economic activity.
Everyone knows how excessive debt
can lead to crisis. We have paid the price
of this causality for decades. And yet
negative interest rates open the credit
floodgates to both governments and the
private sector. They are a source of
financial instability and help to create
asset bubbles.
A more reasoned policy response to
over-indebtedness is clear. Undertake,
where necessary, debt restructurings
with a co-operative spirit and a sense of
market priorities. Scrutinise public
budgets and prioritise certain future
expenditures, such as education, health
and research.
Last, undertake the structural
reforms that have been postponed for
too long but are the only measures that
can deliver a sound, sustainable and
better future.
The writer, a former IMF managing
director, was governor of the Bank of
France 1987-93
furlough scheme. Unionists want more
demonstrations of what Scots are get-
ting from the UK. Mr Johnson will also
seek to extend his “levelling-up agenda”
of investment in the country’s less pros-
perous regions to Scotland.
Whether this will be enough is debata-
ble. Generationally and politically the
tide appears to be flowing towards inde-
pendence. Mr Johnson’s temptation will
be to smother Scotland with cash, and
hope to prevent an SNP majority next
year. It would, though, be very typical of
Johnson to refuse a second referendum
even if the SNP does prevail to goad
nationalists into demanding an illegal
poll, not sanctioned by the UK govern-
ment. This might create splits and also
alienate EU nations with separatist
movements. But it would also fuel the
grievance culture the nationalists are so
skilled at exploiting.
Mr Johnson is drawn to such brink-
manship and sets great store in his polit-
ical charm, but he knows his Brexit
vision has powered the nationalist
surge. If Scotland goes, it will be a calam-
ity he has largely visited upon him-
self. And history will not be kind.
robert.shrimsley@ft.com
strength and macro financial situation.
The 2019 decision by Bloomberg Bar-
clays Global Aggregate Bond to include
China in the index, led to more than
$100bn being reallocated there. The
MSCI-EM index is tracked by close to
$1.9tn in assets. While there are multi-
ple factors for indice inclusion, the first
filter is being investment grade.
On the flipside, if a country that is part
of the index becomes non-investment
grade, the velocity and volume of out-
flows can be punishing. The pandemic
throws the critical role of rating agencies
and bond indices into sharp focus.
The industry must rise to the occa-
sion. Their response to this crisis should
be quick and transparent. Failure to act
now would exacerbate one of the worst
challenges we have confronted, and dig
a much deeper ditch for humanity to
climb out of.
The writer formerly chaired the Securities
and Exchange Board of India and headed
India’s largest mutual fund
17
Refugees face
consequences
of diminishing
EU compassion
Jacqueline
Bhabha
E
very second, three people
become refugees somewhere
in the world. The most
astounding aspect of this
number is that it no longer
shocks most people — probably because
much of it takes place far away, at a safe
distance.
Large numbers of Syrian and Afghani
migrants, for example, are no longer
rushing across EU borders, as they once
did. But there is still a refugee crisis in
Europe: a crisis of protection, of care,
and of social inclusion.
Its current epicentre is Greece. It is the
EU state with the highest unemploy-
ment, one of the weakest economies and
the largest number of recent arrivals. It
should be part of an EU-wide humani-
tarian plan. But is not, because there
isn’t one.
Instead, this February, as Covid-19
spread across the continent, the Greek
government proceeded to evict over
11,000 registered refugees from their
EU-funded accommodation.
In accordance with tacit EU priorities
to act tough on migrants, Greece’s justi-
fication was that this would free up
resources for newer asylum seekers,
stuck in overcrowded and pandemic
prone camps on the islands. Bailiffs
started to remove families from their
homes on June 1.
Where were they supposed to go? The
evicted refugees were left to fend for
themselves. There are almost no jobs for
them to find, or integration or aid pro-
grammes to apply for. Lockdown
restrictions have also delayed the issue
of tax identification numbers, essential
Wealthier states refuse to
share Greece’s burden fairly
and have reneged on a 2015
relocation programme
for enrolment in language courses or to
get rent subsidies. Within days of the
first evictions, more than 800 refugees,
including families with newborns and
pregnant women, were homeless. Many
camped in Victoria Square in central
Athens. They have been transferred to
temporary shelter, but more will follow.
All this has worsened relations
between refugees and locals. Anti-
migrant rhetoric has grown. The Greek
government argues refugees cannot be
‘pampered’ and must ‘fend for them-
selves’. But the circumstances of the
pandemic make self-reliance, let alone
building a new life, virtually impossible.
Social inclusion is a two-way process
that takes time and support.
Germany showed this in 2015 when it
created classrooms, and language and
vocational training programs for almost
1m refugees. Within a year, 95 per cent
of children were in school; within two,
75 per cent of refugees had taken at least
one language course and a third were in
full time employment.
Today, neither Greece nor the EU
have the resources or the political will of
that initial refugee response. Germany’s
borders are now also closed. Greece, by
contrast, has had to confront a surge of
arrivals transiting through Turkey.
Although arrivals are down from
2019, almost 10,000 migrants have
arrived in Greece this year, encouraged
by Recep Tayyip Erdogan, the Turkish
president, for whom distressed
migrants are a bargaining chip in the
geopolitical strategic conflagration over
Syria.
Greece of course should not have to
meet this challenge alone. Yet other,
much wealthier EU states refuse to
share the burden fairly and have dra-
matically reneged on a relocation pro-
gramme set up in 2015. Less than half of
the 66,400 relocations promised to
Greece have since materialised. As of
May, there remain 84,500 migrants liv-
ing on the Greek mainland and 37,000 in
unsanitary and overflowing camps on
the islands.
There they confront the withering
consequences of Europe’s diminishing
sense of compassion through the evic-
tions, destitution, despair and growing
xenophobia that they must face every
day. How long until fellow Europeans
realise that this crisis, on its own door-
step, is their crisis too?
The writer is professor of the practice
of health and human rights at Harvard
University. Vasileia Digidiki, of Harvard’s
FXB Center for Health and Human Rights,
contributed
18 ★ FINANCIAL TIMES Tuesday 21 July 2020

Coronavirus vaccines: top shots

Developing vaccines involves heavy costs and a high failure rate. Normally it takes at least a decade. But the
urgent need to tackle the Covid-19 pandemic has accelerated the process. Leading developers such as the
University of Oxford and AstraZeneca are working fast, executing many steps in parallel.

Twitter: @FTLex The development of Covid-19 vaccines is being accelerated

Chevron/Noble:
lying in wait
Chevron boss Mike Wirth’s decision to
bow out of a bidding war for Anadarko
Petroleum last year has proved
prescient.
The future of the victor, Occidental
Petroleum, looks increasingly in doubt
as it struggles with the debt-load from
the $55bn deal. Meanwhile, Chevron
has been busy bulking up its balance
sheet and waiting to snap up prime
assets on the cheap.
Yesterday it pounced. The $163bn oil
major is buying Houston-based Noble
Energy in an all-stock deal for $13bn,
including debt.
Chevron’s offer values Noble at
$10.38 per share. That is a mere 7.5 per
cent premium to the company’s closing
price on Friday and far below the $27
per share that Noble was trading at just
15 months ago. A good thing has come
to one who waited.
Chevron has not been fully spared
from the energy price rout bankrupting
smaller players. Still, tight cost control
has allowed it to maintain its dividend
payout. It makes sense for Chevron to
use its stock as currency. A 28 per cent
decline in its share price this year still
puts it comfortably above the wider
S&P 500 energy sector, down 38 per
cent year to date.
Buying Noble may not give Chevron
the “big bang” it was looking for in
Anadarko. But the acquisition will add
to its presence in the shale-producing
Permian Basin of Texas and New
Mexico and give it a foothold in the DJ
Basin of Colorado. Noble’s huge natural
gas operation offshore in Israel, which
offers a steady stream of revenue
thanks to fixed contracts, will also help
Chevron to diversify its portfolio.
Taxed and capitalised, the potential
annual cost savings of $300m forecast
by Chevron are worth perhaps $1.5bn.
This will more than cover the $345m
in premium it is paying for Noble.
Another way to look at the bargain:
Noble shareholders will end up owning
about 3 per cent of the combined
company, which will contribute about
8 per cent of group ebitda.
Bankers will be quick to point to
today’s deal as a sign that the energy
sector is about to enter another wave of
consolidation. They should not get
ahead of themselves. Times have
changed and shareholders are
demanding more discipline. A sector
built on risk-taking is now steering
clear of big gambles, even ones that
look tempting. To contemplate deals at
all is bold. Not all companies have the
balance sheet strength of Chevron.
Yamana Gold:
the hard bit
Peter Marrone, founder of Yamana
Gold, has managed to find a fortune in
gold not reflected in the price of the
metal itself.
Since Yamana was listed in Toronto
in 2003 Mr Marrone has been paid
handsomely. Yamana now wants to
relist in London — it left in 2013 — as a
sizeable miner with less “jurisdictional
risk” than rivals. London’s largest gold
miners by market value are Russia’s
Polymetal and Centamin of Egypt.
They may be located in less secure
countries than Canada, but at least
neither has to answer the sort of
awkward questions about executive
pay that Yamana faces.
Both Polymetal and Centamin have
delivered strong cash flow and
dividend growth in recent years. Both
have lower costs (at least a tenth) than
Yamana’s roughly $1,000 per ounce.
They also pay their bosses less. Last
year, Mr Marrone earned $6.7m —
triple the combined remuneration of
Polymetal and Centamin chief
executives. Polymetal and Centamin
also offer dividend yields far above
Yamana’s paltry 1 per cent.
Over five years, Yamana’s Canadian
share price (sterling adjusted) has
trailed the other two. But it has more
than caught up in the past year or so.
Yamana now looks twice as pricey at 27
times this year’s earnings. To be fair,
Yamana has changed its remuneration
practices, instituting clearer financial
performance targets. Mr Marrone says
also that, if the group underperforms,
Yamana will hold back executive pay.
Not so long ago, Yamana wanted to
cut its dependence on gold. Production,
estimated this year at 776,000 ounces
by BMO Capital Markets, is expected to
be a quarter lower than it was in 2018
following asset sales.
But Mr Marrone has a glint in his eye
for good reason. He is giving London
portfolio managers a chance to buy
into production in safer areas such as
Chile and Canada. The test of Mr
Normal development:
10 years
Discovery Pre-clinical
2-5 years 2 years
The high failure rate of vaccines in development
and the candidates leading the way
Discovery research 100
Clinical development
Phase I: Phase II: Does it activate Regulatory review
Is it safe? an immune response? and approval
10 5 1
FT graphic Sources: Wellcome Collection; Milken Institute
Vaccines, once seen as a neglected
Cinderella industry, have never been
so hot. Yesterday, the UK’s
GlaxoSmithKline paid £130m for a
stake in German jab maker CureVac.
Early-stage trial data of an Oxford
Covid-19 vaccine made by rival
AstraZeneca showed promise.
Last week, news of a “robust”
immune response to a vaccine
developed by Boston’s Moderna
pushed its shares up. Those of
Germany’s BioNTech also jumped
when it received “fast track” status
from US regulators a day earlier.
There are vast differences in
approach. AZ is ambitious, targeting
2bn doses. But it is not a vaccine
specialist and does not expect to
profit from the jabs developed at
Marrone’s mettle is whether he can get
costs down and dividends up to prove
that he is worth his generous salary.
Cadbury: honey, I shrunk
the chocolate bars
Cadbury claims it is saving British
waistlines by shrinking its chocolate
bars. By the end of next year a Double
Decker sold in a multipack will contain
no more than 200 calories — much the
same as a handful of carrots.
The confectioner, now owned by
Mondelez, appears to be cleaving to its
Quaker roots. Yet it is not being
altogether paternalistic: list prices will
remain at more calorific levels.
Shrinkflation, the stealth inflation
Clinical development Regulatory Covid-19 Fast-track:
Phase I Phase II Phase III approval 12-18 months
Is it Immune
Protection?
safe? response?
1-2 years 2-3 years 2-4 years 3 months
Farthest along Clinical phase
University of Oxford/AstraZeneca II*
Wuhan Institute/Sinopharm II
Pre-clinical 20
CanSino Biologics II
Moderna II
Institute of Medical Biology II
Sinovac/Instituto Butantan II
Beijing Institute/Sinopharm II **
BioNTech/Fosun/Pfizer I in response to the sweetener, which
Imperial College London I gives the group a market value of
Novavax I €4.2bn. After rejecting Intesa’s initial
*At phase 2, combined with phase 3 **At phase 1, combined with phase 2
Oxford university — though success vaccine ahead of its approval. If
would enhance its reputation. successful, the payback would be
Moderna and BioNTech are using substantial. At least 50m people
lab-made molecules that code for could be vaccinated in 2021 at $50
protein molecules on the virus’s surface per dose, thinks Jefferies. Moderna’s
to stimulate the body’s immune share price has quadrupled this year,
response. This messenger-RNA though some are sceptical of hype.
approach is novel. Proof of concept Short sellers have borrowed nearly 10
would boost other vaccines in the per cent of Moderna’s available float.
companies’ portfolios. GSK’s Making money from vaccines is
collaboration with CureVac focuses on difficult, because of the high risk of
the same technology, though the failure, heavy sunk costs and
German biotech’s existing Covid-19 uncertain markets. With 170 Covid-
mRNA vaccine is not part of the deal. 19 vaccines under development,
Pfizer, which has teamed up with many also-rans will suffer losses.
BioNTech, intends vaccines to make a Investors should hedge bets; it is
profit. Moderna also wants its worth backing various approaches to
investors, including those who took spread risks. Moreover, this is not a
part in a $1.3bn capital raise, to be winner-takes-all market. There is a
rewarded for the risks of producing the need for multiple success stories.
brought about by offering consumers downsizing. Today the price of cocoa
less for their money, is not new. British beans, core for Cadbury’s chocolate
statisticians turned up more than 2,500 products, are far from the peak prices
examples over a five-year shopping of 2016, or even the mini-peaks a few
spree from 2012 to 2017. By far the years later. But markets are tightening.
bulk was foodstuffs. Côte d’Ivoire and Ghana — together
Confectioners are masters. Yorkie, behind two-thirds of global supply —
from Swiss group Nestlé’s pantry, came are imposing a $400-per-tonne
in at 58g in the 1970s and grew as large premium this year to help farmers.
as 70g, according to Appliance City. It is Several quotidian goods are veering
now a modest 46g. Mondelez’s from traditional supply and demand
Toblerone put more space between its dynamics to what economist Diego
triangular blocks in 2016. Aparicio dubs “quantum pricing” —
Yet food does not have a monopoly. existing in units rather than along a
Think of depleted legroom on flights or continuum. His example is Japanese
55-minute spa appointments. retailer Uniqlo’s sub-20 price points on
Shrinkflation helps companies 4,000 items. Two conclusions can be
absorb higher input costs at times of drawn: more stealth price rises and
stagflation. The UK’s Brexit vote, and ever harder-to-measure inflation. On
then the fall in sterling, has taken the the plus side, a chocolate pick-me-up
blame for some of last decade’s can be burnt off with a 25-minute run.
Intesa Sanpaolo/UBI:
light relief
Effective drama requires an element of
surprise. Intesa Sanpaolo is therefore at
risk of losing its audience. After an
audacious hostile bid for rival Italian
bank UBI in February it has waited a
long time to deliver its denouement.
The finale is an additional €0.57 per
share (€647m) of cash to its previously
all-share pursuit of the smaller bank.
UBI shares rose 14 per cent yesterday
bid on the grounds it was undervalued,
UBI’s board will struggle to turn down
the new offer.
UBI chief executive Victor Massiah is
unlikely to be pleased. He saw UBI as a
contender to rival Intesa’s local
dominance. Those ambitions have
come too late. Intesa’s cash addition all
but negates Mr Massiah’s promises of
improved payouts in years to come.
Intesa has managed to both up the deal
and promise earnings improvement,
perhaps as much as a tenth.
Note that there is also still “negative
goodwill” in the deal. Negative goodwill
is generated when paying below book
value. The discount, worth around
€2.6bn according to UBS, can be used
to offset bad loans.
The combined group needs all the
help it can get on that front. UBI’s focus
on the industrialised north means its
customer base has been hard hit by the
coronavirus outbreak. Intesa’s bid is
the only thing propping up UBI’s share
price while Intesa’s own share price has
fallen by a quarter this year. That has
dragged the value of the initial deal
lower. But it has also amplified the
value of expected cost savings, worth
€3.2bn taxed and capitalised.
There could be some more positive
surprises. Plenty of overlap likely exist.
Almost half of UBI’s branches are less
than 500m from an Intesa branch, says
Jefferies. Additional closures could
push cost savings from one-third of
UBI’s cost base up to almost half.
Considering the alternative outcomes
possible, UBI shareholders should start
to applaud.
Lex on the web
For notes on today’s breaking
stories go to www.ft.com/lex

CROSSWORD ACROSS
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5 Pro golfer’s first round – tee left breeding (5)
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9 Miles before chicane, broken (8)
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13 Sign of hesitation over drinks nuts (9)
 
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(6) 20 Blast up and down? (4)
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