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WORLD BUSINESS NEWSPAPER

TUESDAY 31 MAY 2016

UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00

Pain barrier

Xi’s long march

Refugee returns

Nigeria on the economic edge

China’s president is leading the country
on a risky path — GIDEON RACHMAN, PAGE 13

Profits flow from Germany’s
migrant crisis — PAGE 14

BIG READ, PAGE 11

Cook passes
10,000 runs in
England win

Briefing
i Chief quits as Noble unit goes up for sale
The commodities trader has announced the exit of
Yusuf Alireza and unveiled plans to sell Noble
Americas Energy Solutions, one of its few remaining

crown jewels.— PAGE 17; LEX, PAGE 16; ANALYSIS, PAGE 19

England captain Alastair Cook celebrates victory over Sri Lanka with teammate Nick Compton yesterday, shortly
after he became the youngest player to
score 10,000 runs in test cricket.
Cook passed the landmark as he
scored 47 not out in the second innings
at Durham to help England win the
second Test against Sri Lanka by nine
wickets, adding to their victory at Headingley last week and sealing the series.
The 31-year-old left-hander is five
months younger than Sachin Tendulkar
was when the Indian player passed
10,000 runs. He is also the first England
player to reach the mark. “It’s a very
special moment for me,” Cook said.
“You forget about all the hard times you
have as a cricketer.”

i Multinational chiefs warn against Brexit
Fifty-one company leaders from the European
Round Table of Industrialists have written to the FT
warning of the consequences, for the continent and
UK, of an exit from the EU.— PAGE 2; LETTERS, PAGE 12

i Alliance confirms Rothschild approach
Alliance Trust has confirmed that it has received an
approach from Jacob Rothschild’s investment trust
about a takeover to create a group with a value of
more than £5bn.— REPORT AND ANALYSIS, PAGES 17 & 21

i School declaration plan riles Eton head

Jason Cairnduff/Livepic/Reuters

Brussels urges light-touch rules
for ‘sharing economy’ businesses
3 Push to harmonise regulation across EU 3 Bid to ease tension over Uber and Airbnb
DUNCAN ROBINSON — BRUSSELS

Brussels is to call on EU governments
not to ban or limit services such as Uber
and Airbnb, in a bid to head off a regulatory onslaught from national authorities on the “sharing economy”.
The European Commission will this
week set out guidelines to harmonise
the often wildly different treatment
faced by businesses shaking up sectors
ranging from accommodation to transport across the 28-country bloc.
While businesses such as ride-hailing
company Uber have been welcomed by
countries including the UK, their executives have been threatened with fines or
even jail in places such as France.
Coherent EU-wide regulation would
provide a big boost to these businesses,

negating the need for companies to have
fights with 28 separate watchdogs.
Bans on services should be a “measure of last resort” for governments,
according to draft guidelines seen by the
Financial Times and to be published on

Thursday.
The move to help new entrants will
ease some of the tension over technology regulation between Brussels and
Washington, where Europe’s efforts to
rein in the market power of the likes of
Google and Apple have caused friction.
Last year, US President Barack Obama
accused the EU of regulation that was
“designed to carve out some of their
commercial interests”.
But while the bulk of the new guidelines will be welcomed by the predominantly US groups that dominate the so-

called sharing economy sector, some
will cause concern in Silicon Valley. The
commission suggests that companies
that do not allow their operators to set
their own prices or that force them to
take customers could be considered an
“employment relationship”.
Any such definition would be resisted
by Uber, which has vociferously argued
that its drivers are not employees,
meaning that the company avoids issues
such as contributions to social insurance schemes on their behalf.
The commission move comes after
services such as Uber faced partial
prohibition in countries across the EU,
including Belgium, the Netherlands,
France and Germany.
Brussels criticised moves such as

Berlin’s attempt to crack down on

Bans on
services
should be a
‘measure of
last resort’
Draft guidelines
from Brussels

Airbnb hosts by introducing fines of up
to €100,000 for those who rent out their
entire apartments on the home-letting
website. The commission said such
rules were “generally difficult to justify”.
Instead, countries should consider
measures such as introducing limits on
the number of days someone can rent
out an apartment.
The commission also came out in
defence of rating systems used by the
likes of Uber, arguing that being able to
rate a driver can lead to safer services.
Companies such as Uber have already
complained to Brussels — which is
responsible for ensuring that the EU’s
treaties are enforced — about their
treatment in various countries. Results
of these investigations are expected in a
few months.

Hedge funds pay for exit polls to make
mint on early sign of referendum result
CHRIS GILES AND JIM PICKARD

Rhodes scholars struggle
with colonialism’s legacy
The scholarship set up by Cecil Rhodes
using money made from diamond
mines in southern Africa is making its
recipients uneasy. Amid a campaign in
Oxford to take down a statue of the
adventurer, scholars struggle to come
to terms with being given such giltedged opportunities that have their
origins in colonial exploits. The trust,
which is seeking to dish out awards
beyond the former empire, says it is
bound by the terms of Rhodes’ will.
Analysis i PAGE 3

Hedge funds and investment banks
have commissioned private exit polls
in a bid to make profits from the result
of the UK referendum on EU membership next month.
By finding out voting patterns early on
June 23 and predicting the outcome,
traders can lay big bets on the result.
They hope to be the first market participants to make a mint on a governmentinduced swing in sterling since George
Soros bet against the pound when it
crashed out of the then European

exchange rate mechanism in 1992.
Early indications of the likely result in
the referendum will be indirectly visible
from foreign exchange and sterling
derivative markets before the polls
close, if big money is bet on the result.
The hedge funds are exploiting rules

that permit exit polls on the day of the
referendum so long as they are not published until voting closes at 10pm.
Polling companies say demand is high
for their private services on referendum
day. “Hedge funds have asked for exit
polls and for hourly polls on the day.
Banks are certainly commissioning
polls for their own consumption that are
never released,” said one pollster.
Another said his company was receiving lots of calls from asset managers asking when its next research was coming
out. “We are also being asked if we will
do polls on the day,” he said. “People in
the City are wanting a head start.”
The cost of a basic exit poll is about
£500,000, said an investment industry
insider. That is far lower than potential
profits from finding out whether Leave
or Remain are likely to win.
A big move in sterling is guaranteed

STOCK MARKETS

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May 26

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Future of Europe page 2

Editorial Comment page 12
Janan Ganesh page 13
Lex page 16

World Markets

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on the result, with a modest rise
expected if Remain wins and a tanking
anticipated if there is a vote to leave.
Markets have all but discounted a
Leave vote, said Adam Cole of RBC Capital Markets.
“The UK’s implied EU exit risk premium has collapsed to the point where
the implied probability of exit is close to
the level before last May’s election,
when few thought there would even be a
referendum,” he said, raising the prospect of wild sterling swings if Leave
seems to be doing well on the day.
Voters will be able to deduce who
traders think is winning from the price
of insurance against large gains or losses
in the value of sterling on polling day.

Nasdaq Composite

FTSE All World $

2090.10

2090.54

May 30

INTEREST RATES
prev

May 30

price

yield

chg

97.96

1.85

0.00

99.45

1.56

0.00

1.313 Ger Gov 10 yr

123.715 122.285 Jpn Gov 10 yr

103.16

0.18

0.03

102.18

-0.12

0.00

97.00

2.65

0.00

102.93

-0.51

0.00

1.114

1.113 € per $

0.898

1.462

1.462 £ per $

0.684

0.25 £ per €
0.13 ¥ per $

0.762

0.762 € per £

1.313

0.41 ¥ per £
0.08 € index

111.075 109.855 ¥ per €
162.431 160.576 £ index
87.057

1.105
0.11 SFr per €
0.32 COMMODITIES

0.04 Gold $

86.822 $ index
1.105 SFr per £

prev
0.898 US Gov 10 yr
0.684 UK Gov 10 yr

-0.02 $ per €
0.65 $ per £

88.160

88.583 US Gov 30 yr
100.588 101.057 Ger Gov 2 yr
1.451

May 30

prev

49.57

49.33

50.28

49.95

1216.25

1223.85

1.451

price

prev

chg

Fed Funds Eff

0.37

0.36

0.01

%chg US 3m Bills
0.49 Euro Libor 3m

0.32

0.31

0.01

-0.28

-0.28

0.00

0.59

0.59

0.00

0.66 UK 3m
-0.62 Prices are latest for edition

Data provided by Morningstar

Lord Waldegrave, former Tory minister
and now provost of Eton College, has
threatened to quit the party over a
government proposal that employers
should find out if job candidates went
to a private school.— PAGE 3

i Iraqi army pushes into Isis-held Fallujah
Iraqi forces have made progress and hope to claim
their biggest victory against the militants but, with
thousands of civilians still inside the city, they face
their sternest test.— PAGE 4; HASSAN HASSAN, PAGE 13

i Europe’s Nato states lift defence spend
Spending by European members is set to rise for the
first time in nearly a decade, as secretary-general

Jens Stoltenberg warned that a British vote to exit
the EU would threaten the increase.— PAGE 6

i China drags profits down at Jaguar
Jaguar Land Rover profits have fallen 40 per cent
after slowing sales in China, where emissions
regulations in big cities and less favourable market
conditions have hurt performance.— PAGE 21

Datawatch
Population change in
eastern Europe
Annual % change

1.5
1.0
0.5
0
1951 60 70 80 90 2000
Source: UN population statistics

-0.5
15

Eastern Europe’s
population has
been falling for
over 20 years, a
feature unique to
the region. The

drop peaked in
the early 2000s
and has since
eased. Emigration
and low fertility
rates are the main
factors
blogs.ft.com/ftdata


★

2

FINANCIAL TIMES

Tuesday 31 May 2016

NATIONAL
Future of Europe

Prosperity fear

Cameron and Khan share Remain platform

EU would be
weaker and
poorer if UK
left, business
leaders warn

PM and Labour’s London
mayor join forces as civil
war rages in Tory party
KATE ALLEN

David Cameron was fighting to stop his
campaign to keep Britain in the EU from
being overwhelmed by internal strife in
the Conservative party as the Remain
camp hit back against highly personal
attacks against the prime minister.
Mr Cameron hit the campaign trail
yesterday with Sadiq Khan, Labour’s
London mayor, in an attempt to show
cross-party unity. Speaking in southwest London, Mr Cameron said the two
were campaigning together “because we

love our country, we want our country
to be the best we possibly can, to be the
strongest, to be the greatest”.
At the same time he was warned that
the referendum was doing serious damage to the Conservative party. Mervyn
King, former Bank of England governor,
blamed the government for the ill-tempered tone of the discussion, saying the
“wildly exaggerated claims” on both
sides “insult the intelligence of voters”.
Mr Cameron would find it “a lot more
difficult than [he] surely must have
hoped” to bring his party back together

again afterwards, Lord King predicted.
Ken Clarke, the former chancellor —
and a member of the John Major government that was hamstrung by Tory divisions over Europe — warned the Con-

servatives that infighting was “completely unhelpful” and “a diversion”.
“The public are getting fed up of Tory
civil wars when they thought they were
being asked about the future of this
country for their children and grandchildren,” he said.
But Mr Clarke fired a salvo of his own
when he said the Leave campaign had
turned into “a leadership bid” by Boris
Johnson, a leading Eurosceptic and Mr
Khan’s predecessor as London’s mayor.
Mr Johnson was “a much nicer version
of Donald Trump”, Mr Clarke said as he
accused Leave campaigners of adopting
tactics used by the US Republican.
Tory Eurosceptics launched attacks
against Mr Cameron over the weekend
in what appeared to be an orchestrated

campaign. Three Tory MPs — Sir Bill
Cash, Nadine Dorries and Andrew
Bridgen — said they would attempt to
launch a leadership challenge immediately after the referendum on June 23.
Mr Bridgen said that, whatever the
outcome of the referendum, Mr Cameron was “probably finished as party
leader”, while Ms Dorries said the prime
minister would be “toast within days” if

Remain won by a narrow margin. “He
has lied profoundly,” she said.
Mr Cameron said: “I will do everything I can in the next 24 days to speak
clearly, to speak positively about the
future of our country and why this matters so much.”
The prime minister’s joint appearance with Mr Khan was meant to dem-

onstrate what he called their “unity of
purpose”. The pair presented a new battle bus and a five-point pledge card in an
attempt to boost the campaign for Britain to remain in the EU.
It was an unexpected pairing after the
recent mayoral election campaign, in
which Mr Cameron accused Mr Khan of
“sharing platform after platform with
extremists and anti-Semites”. Yesterday
Mr Cameron hailed what he said was an
“extraordinary coalition” of campaigners and called Mr Khan a “proud Muslim and proud Brit”.
Douglas Carswell, the UK Independence party MP and former Tory, cited
Mr Cameron’s past remarks about Mr
Khan as evidence the prime minister
“cannot be trusted”.

Dorset. Referendum

Grey vote undaunted at prospect of Brexit
In Christchurch the Leave
campaign hopes it will win
support from 80% of electors
JOSHUA CHAFFIN — CHRISTCHURCH,
DORSET

As a young lawyer, Christopher Chope
campaigned for Britain to stay in
Europe in the 1975 referendum battle,
rallying voters with the slogan: “For
your children and your grandchildren!”
But as Britain prepares for another
national vote on what later became the
EU, he has changed sides.
Mr Chope, 69, is a long-serving Conservative member of parliament — and
a father — and he wants to leave the EU.
His change of heart is very much in
keeping with the views of his constituents in Christchurch, a town that boasts
the UK’s highest percentage of over-60s.
It also matches the sentiments of greying voters throughout Britain, who
could yet decide the fate of the country’s
ties with Brussels. “There is something
to be said for experience in these matters,” said Mr Chope.
There is plenty of experience in
Christchurch, a handsome Dorset town
where 50 is the new 30 and 70 year olds
refer to “the older generations”. It is rich
pickings for the Leave campaign, which
is betting it will take as much as 80 per
cent of the town’s vote on June 23.
That goal may not be so unreasonable. In an informal poll of the high street
this week, 15 older-looking voters said
they were determined to leave the EU
while only five wished to stay. Eight others were undecided.
Such attitudes mirror national trends.

UK polls have identified the over-60s as
among the EU’s most determined foes.
Their support is all the more valuable,
since older citizens are far more likely to
turn out than younger ones.
At first glance, the legions of greying
Brexit supporters seem to confound
expectations: older voters are generally
thought to be more conservative and
risk-averse. Yet many are opting for the
uncertain leap of British withdrawal
from the union over the continuation of
a stable — if uninspired — marriage.
Mr Chope has one explanation. Older
voters remember life before the EU, he
argues, while younger generations have
developed a Brussels version of Stockholm syndrome. “If you have served a
long prison sentence, when someone

Out and about:
a resident
makes her
feelings known
after a meeting
in Christchurch,
Dorset. Below,
Christopher
Chope — Sam Frost

opens the door and says you’re free to

go . . . people are conditioned to be nervousaboutsomethingdifferent,”hesaid.
Many voters in Christchurch also
complain they were misled in 1975 when
they voted to stay in the Common Market, believing it to be only an economic
project,not ever-closer politicalunion.
“We were sold on the idea that it was a
trading arrangement,” said Robin Grey,
the 66-year-old local head of the
anti-EU UK Independence party. Raised
on stories of sacrifice during the second
world war, Mr Grey cannot understand
how Britons could defend their sovereignty against German bombers only to
cede it later to diplomats in Brussels.
Older people voice the common Eurosceptic complaints about EU bureaucracy, financial waste and uncontrolled
immigration. These may be exacerbated in a town facing the closure of some bus routes and the
merger of two hospitals. But they
also suggest motivations that
may be unique to older voters.
One is that the resilience and

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perspective developed over the course
of a life makes the risks of Brexit appear
more, not less, tolerable.
“I have always found that when there
have been calamities in life and you’ve
been forced to change, it has always
worked out better,” said John Glazer, 69,

the owner of a care home. “There could
be problems — but we’ll get over them.”
Many similarly seasoned voters also
bristle at the tactics employed by David
Cameron, prime minister, and his allies,
who have issued incessant warnings
about the supposedly dire economic
and security consequences of leaving
the EU. Just last week, for instance, the
Treasury claimed millions of pensions
would be hit by a British exit.
At the nearby Bournemouth University, Darren Lilleker, a political scientist,
said older voters tended to be deeply
concerned about sweeping issues of sovereignty and democracy — even though
many would never see the long-term
consequences of an EU exit. By contrast,
his students, who were more pro-EU,
tended to take a narrow, utilitarian view

NOVEMBER 7 2015

Number One Southwark Bridge, London SE1 9HL
Published by: The Financial Times Limited,
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In a letter to the Financial Times, the
members of the European Round Table
of Industrialists — including Vittorio
Colao, chief executive of Vodafone, Ian
Davis, chairman of Rolls-Royce, Lakshmi Mittal, chairman of ArcelorMittal,
and the chief executives of MøllerMaersk, Royal Dutch Shell, Nestlé and
Siemens — said Europe was at a “fork in
the road” and that an “unravelling” of
the EU’s single market and its rules
would reduce prosperity.
“While respecting the decision of the
people in the United Kingdom, we
believe that a Europe without the UK
would be weaker, just as the UK itself
would be weaker outside Europe,” they
wrote. “We believe the case for Europe
has never been stronger.”
During the past 60 years, the group
said, “businesses have flourished and
families have generally become more
prosperous thanks to closer ties
between people and institutions across
Europe”.
It argued the EU’s size gave it “tremendous” bargaining power in international trade negotiations, as well as an
ability to defend jobs and industries
against external threats.
ERT members’ companies have

annual revenues of €2.1bn and sustain
about 7m jobs in Europe, including in
the UK. The group advocates policy
change and has close ties with national
and regional governments.
Benoît Potier, chief executive of
France’s Air Liquide and chairman of
the ERT, said Europe faced urgent challenges that could not be addressed by
member states acting alone.
From a business perspective, these
included ensuring the security of energy
supply, creating a digital single market,
strengthening oversight of the banking
system to avoid a repetition of the financial crisis, allowing small businesses to
tap into capital and human resources
across borders, and improving Europe’s
education systems.
Mr Potier said it was especially urgent
to co-operate across borders because of
the refugee crisis and terrorism.
“Policymakers both at European level
and in the member states should keep in
mind the need to foster European competitiveness and cohesion, especially
because markets [are becoming] more
and more global,” he said.
“That is the only way we can achieve
sustainable growth and enhance job
prospects, especially for young people
and future generations.”
The letter from the ERT adds to a chorus of concern from the big business

community, both inside and outside the
UK, about the consequences of a potential British exit from the EU. This
month, 15 business leaders, including
the heads of GE, Cisco, Mars and Airbus,
wrote to the FT to warn that economic
uncertainty caused by a British exit
“could materially affect major international businesses’ future investment
decisions” in the UK.
Letters page 12

Lucrative export

Parents of activist who died
consider taking legal action

Revamped ‘Top Gear’ stalls
on first lap of its relaunch

The parents of a Conservative activist,
who complained of bullying and then
committed suicide, said shortly before
the start of the inquest into their son’s
death that they are considering taking
legal action against those they hold
responsible for his fate.

21/10/2015 10:51

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Editorial Comment page 12
Janan Ganesh page 13
Lex page 16

Fifty-one chairmen and chief executives of Europe’s leading multinational
companies have warned of the negative
consequences of a British exit from the
EU, for the rest of Europe as well as the
UK.

Tory party

KATE ALLEN

FINANCIAL TIMES

‘Older
voters
remember
life before
the EU,
while
younger

generations
have
developed a
Brussels
version of
Stockholm
syndrome’

of the referendum, dwelling on possible
inconveniences such as mobile phone
roaming charges.
“Older people feel there is this tide
coming in from outside that’s changing
the country — whether it be immigration or regulation,” Mr Lilleker said.
Nostalgia played a big part in the debate,
too. “They look at Britain and think: ‘it’s
changed’, and they tie that to the EU.”
That would seem to describe Karen, a
“nearly 70” pensioner walking near
Christchurch’s priory.
Karen, who only gave her first name,
accepted that Britain’s withdrawal from
the EU might result in a decade of
upheaval. Still, she could not shake a
sense that something had been lost
through Britain’s four-decade experiment. “I don’t think I want to be European,”sheexplains.“IwanttobeEnglish.”
“Only over the past 10 years have I
begun to say, ‘bloody EU!’ ” she said.
“Maybe that’s because I turned 60.”

SARAH GORDON — BUSINESS EDITOR

Elliott Johnson, 21, took his life last September shortly after complaining to
Conservative party headquarters that he
had been bullied by Mark Clarke, a Tory
youth organiser. Mr Clarke was expelled
from the party last autumn and its entire
youth wing suspended as the scandal
spiralled into accusations of systemic
bullying and sexual harassment during
lastyear’sgeneralelectioncampaign.
Grant Shapps, who was the party’s cochairman before the election, resigned
from the government in November, saying: “The buck should stop with me.”
Ray and Alison Johnson, the parents,
have repeatedly called for Lord Feldman, the Conservative party chairman,
to stand down, saying he should bear

ultimate responsibility for the conduct
of party campaigners. Lord Feldman has
insisted he was unaware of the bullying
claims,whichhehascalled“abhorrent”.
The Conservatives have commissioned an independent inquiry into the
scandal, which is being carried out by
law firm Clifford Chance and overseen
by Lord Pannick QC. The Johnsons have
declined to participate in the inquiry
becausetheyfearitwillnotbeimpartial.
The inquest into Johnson’s death will
open today. Mr and Mrs Johnson said
they hoped the hearing would acknowledge the role that the alleged bullying

played. However, the coroner will not
question Conservative party members.
In a ruling in March, Tom Osborne, the
senior coroner for Bedfordshire and
Luton, said it would be “beyond the
proper scope” of the hearing, a decision
theJohnsonshavequestioned.
Mr Johnson, who will make a statement at the inquest, told the Guardian
newspaper that he was considering a
range of legal options to pursue those he
considersresponsibleforhisson’sdeath.

PETER CAMPBELL
MOTOR INDUSTRY CORRESPONDENT

The relaunch of the BBC’s Top Gear programme was watched by 4.4m people,
falling short of the 5m target Chris
Evans, its new host, had set.
The number is the lowest audience for
the opening episode of a Top Gear series
for a decade, indicating the scale of the
challenge facing the BBC to maintain the
popularity of one of its most lucrative
exports following the departure of hosts
Jeremy Clarkson, James May and Richard Hammond last year. The programme has an estimated global income
of £150m.
The total viewership for Sunday’s episode will rise in the coming days, however, after more people watch the show
on the BBC’s iPlayer catch-up service, an
increasingly popular platform.
Final figures will not be known for

another week. Mr Evans had said he
would be “disappointed” if the viewership figures failed to break 5m.
The corporation has poured

resources into the refreshed programme, with Mr Evans joined by Matt
LeBlanc, the star of Friends. The opening
episode of the new series saw the pair
race three-wheelers from London to
Blackpool, featured a dogfight between
American muscle cars at the Top Gun
training centre in Nevada, and saw a
British-built off-road desert buggy
chased across a desert by drones and a
racing bike.
In spite of the eye-catching stunts,
critical reception was poor, with reviews
noting the lack of chemistry between
the co-hosts. One report branded it
“Flop Gear”.
Mr Clarkson was sacked last year
after assaulting one of the programme’s
producers, while his co-hosts and the
show’s long-time producer, Andy
Wilman, quit. All four have since signed
with Amazon in a $250m deal to produce a motoring show called Grand Tour
for its Prime video service this year.
Top Gear was the second-most
watched programme on Sunday, after
Countryfile.

★

Tuesday 31 May 2016

3

FINANCIAL TIMES

NATIONAL

Rhodes Trust
tries to reach out
beyond empire
Oxford officials deny move is linked to
students’ anti-imperialist campaign
GONZALO VIÑA — OXFORD

The young Rhodes scholar pushing his
bicycle along Broad Street is one of several dozen young people chosen every
year for postgraduate study at Oxford
university. He has distinctly mixed feelings about the honour.
“I worry that 50 years down the road
I’m going to be embarrassed about being
here,” he says.
In Oxford, the name of Cecil Rhodes
has in recent months become highly
controversial. Last year a group of students campaigned to have his statue
removed, condemning him as a racist
imperialist and colonialist who brutally

exploited southern Africans.
But Rhodes also established a prestigious scholarship that for more than a
century has enabled international politicians, diplomats, scientists, thinkers
and activists to study at Oxford, opening
doors for them that have in many cases
led to eminent careers.
The young scholar, who did not want
his name to be revealed, said he struggled to come to terms with having such a
gilt-edged opportunity that had its origins in Rhodes’ colonial exploits.
“The Rhodes Trust [which administers the scholarships] needs to be doing
much more — it needs to reflect on its
origins,” he said. “What it is doing now
feels like it has no obligation towards
southern Africa. Rhodes was not ‘a man
of his time’, as he is often described, but
a man who exploited people. The
Rhodes Trust — like many other institutions around here — still has to work out
how to handle that.”
The trust, established more than a
century ago for the “education of young

colonists” who exhibited “moral force of
character and of instincts to lead”, today
runs an £184m endowment. Alumni
include Bill Clinton, the former US president, Susan Rice, US national security
adviser, and three Australian prime
ministers.
The trust acknowledges the problem
of Rhodes’ image. “Confronting historical legacies is something that we encourage,” says Charles Conn, warden of
Rhodes House.

This week the trust will increase the
number of scholarships, from 83 to 95,
and expand its reach to seek out young
leaders from beyond the Commonwealth and the US, from where most of
them hail, to countries including Syria,
the Palestinian territories, Jordan, Lebanon and Southeast Asia. An award pays
all educational expenses and living
costs.
Mr Conn, a Canadian and US national
who has been running the trust since
2013, says more announcements are
due shortly and adds that moving the
institution beyond empire is a “significant part” of the effort.
But he denies the impetus for change
is the result of the Rhodes Must Fall
campaign to have the statue of Rhodes
at Oriel College torn down. “No one has
protested about the trust giving money
to talented young people to study with
other talented people,” says Mr Conn, a
former Rhodes scholar. “No one has
protested outside Rhodes House. The
protest here is about this physical representation of Rhodes in a town that is full
of physical representations of people
who have different views from us.”
He has also ruled out changing the
trust’s name. Such a move would be

Cyclists ride
past the Oriel

College statue of
Cecil Rhodes,
the former
magnate and
politician,
below. Right:
an Oxford
protest in March
Carl Court/Getty Images

“fundamentally dishonest” and “rainbow washing” the truth. “The money
came from the development of diamond
and gold mines in southern Africa during colonial administration. We
shouldn’t pretend that isn’t so.”
Detractors say the move by the trust
to expand its programme beyond the
existing geographies is not confronting
the past but moving away from it. Given
that about 60 per cent of scholars are
white, they say, a more meaningful
measure would be to divert money away
from scholarships awarded to US, Australian or Canadian students in favour of

Private schools

Anger at Eton over social mobility plan
SARAH NEVILLE — PUBLIC POLICY EDITOR

A government proposal that employers
should find out whether prospective recruits attended a private school has so

angered Lord Waldegrave, a former
Conservative cabinet minister and now
provost of Eton College, that he has
threatened to relinquish his party’s
whip.
The idea, put forward by Matt Hancock,
the Cabinet Office minister and a close
ally of George Osborne, the chancellor,
chimes with David Cameron’s aim of
improving the life chances of those from
disadvantagedfamilybackgrounds.
“Name or type of school attended” is
just one of the questions that employees
would be expected to be asked under
the proposals, which are likely to be
adopted within Whitehall within a year,
and potentially by businesses and other
public sector employers thereafter.
Other information that might be
sought is the postcode in which applicants lived while attending secondary
school, and their parents’ “professions,
qualifications, and income or wealth”,
accordingtothe CabinetOffice.

What’sthe idea behind
theproposals?
They are part of efforts to make workplaces more socially diverse. Mr Hancock argues that unlike other diversity
measures, “there is no agreed way of

measuring socio-economic background

between employers acrosstheUK”.
He admits he is seeking to tackle “the
last workplace taboo” and that Britons
do not always like to discuss “our parents’ background, particularly at work”.
But he says: “You can’t manage what
you can’t measure.” He wants recruiters
to spot potential rather than “polish”.

‘It [is] quite wrong to run
the risk of choosing crucial
public service jobs on the
basis of social engineering’
Whydoesthepeer feel so strongly?
The peer also attended Eton, alma mater
to generations of prime ministers. Yesterday he was reported by the Daily Telegraph as saying he would relinquish
the party whip, and would no longer be
bound to back party policy in the Lords,
“if I believed that the government was
actively seeking to damage the charitable school of which I am a trustee”.
Lord Waldegrave clearly believes the
move is a way of imposing quotas on
employers. “It [is] quite wrong to punish children for decisions taken by their
parents, and to run the risk of choosing
crucial public service jobs not on the
basis of merit but of social engineering.

The ablest candidates come from all
possible backgrounds.”

Is recruitment so skewed towards

private school-educated recruits?
Thegovernment-appointedSocialMobility and Child Poverty Commission
would say so. In a report last year, the
cross-party body found an inbuilt bias
among recruiters at top law and accountancyfirmsfor themiddleclass.
Its chairman, Alan Milburn, complained that applicants were, in effect,
expected to pass a “poshness test”. The
same body has also found that most of
the UK’s top judges, military officers and
senior Whitehall officials were privately
educated even though only 7 per cent of
thepopulationwenttoprivateschool.

Will Mr Hancock’s plan work?
Conor Ryan, director of research at the
Sutton Trust, a social mobility charity,
believes it will. Asking potential employees about their educational background
“will help employers make fair judgments about their potential . . . There
are real economic and social benefits to
be gained from recruiting from a wider
talentpool”,hesaidyesterday.
The Cabinet Office points to consultancy McKinsey, which said that “inherent diversity” and “acquired diversity”
benefits the bottom line. Companies
with such “two-dimensional diversity”
had45percentmoremarketshare.

Higher education

Student visa applications fall after rule change
VANESSA HOULDER

Long-term immigration into the UK by
people wishing to study in Britain has
fallen to its lowest level since 2007, in a
sign that tighter restrictions on overseas students are having an effect.
The latest migration figures published
by the Office for National Statistics
showed a 6 per cent fall in student visa
applications from people outside the EU
to 222,609 in the year to March 2016.
The fall largely stemmed from a drop in
applications for further education institutions outside the university sector.
Applications to study at further education and other institutions fell 16 per
cent to 20,770 in the year to March 2016.
There was also a 3 per cent decline to
13,591 in visa applications to study at

independent schools. Part of the fall
reflects rules introduced in 2011 to stop
abuses of student visas that made it
harder for education providers to sponsor international students.
Critics of the policy say anti-immigration rhetoric has also deterred genuine
students from coming to Britain. Some
will also have been put off by changes
made in 2012 that meant they could no
longer stay in the UK and work for two
years after graduation.
The Home Office said most of the fall
in the further education sector’s sponsored visa applications since the peak in
mid-2011 was accounted for by licences

that had been revoked.
University-sponsored study visa
applications fell 1 per cent to 164,124,
after a 7 per cent increase for the Russell

Group of elite universities was more
than offset by a similar decrease for
other universities.
The figures are likely to concern universities that are seeing a stagnation or
decline in foreign student numbers —
despite a growing global market — as
they rely heavily on overseas students to
boost their incomes.
James Pitman, managing director of
the higher education division of Study
Group, which prepares international
students for university, said the drop
was significant given that the number of
non-EU students seeking an education
abroad was increasing by at least 6 per
cent every year.
The largest absolute decreases in the
number of study visas granted were to
Iraqi, Nigerian and Libyan nationals.

those from southern Africa, where
Rhodes’ critics say he did greatest harm.
A group of scholars known as Redress
Rhodes, which is working with the trust
to address issues of legacy, says on the

trust’s website it wants “reparative justice” to be a “more central theme” for
Rhodes scholars. Other critics say the
trust takes students from schools where
few black people attend.
While the trust may encourage tackling Rhodes’ legacy head on, few of
today’s scholars are happy to talk
openly, perhaps mindful of the vitriol
that greeted Rhodes scholar Ntokozo
Qwabe when he campaigned to have the
Oriel statue removed. Two other recipients of the award declined to speak, as
did several black Oxford students, while
the Redress Rhodes group refused to
comment for this article.
Mr Conn says the trust is bound by
Rhodes’ will, which spells out the
number of scholarships that should go
to American students and puts a cap on
the number for those from Africa. It is
unable to “willy nilly reallocate scholarships”, he says, while adding scholars is a
better answer to the legacy issue than
reallocating the awards.
Furthermore, Mr Conn insists the

trust today is a force for good. Scholars
are taught about leadership, character
and how to “build a life of service”; they
learn how to speak in public and are
coached in problem-solving skills; and
they are put on internship programmes
that open doors to high-flying careers in

numerous professions.
Many of the 5,000 living Rhodes
scholars are on hand to offer career
advice to today’s scholars.
“I am not trying to suggest a calculus
that by our good works we expunge the
founder’s historical sin,” says Mr Conn.
“Everyone of us who has been the
beneficiary of the scholarship carries
with us that knowledge of where the
money came from, and we all have to
come to terms with what it means to be a
Rhodes scholar and what duty that
imposes on us to do good in the world.”
The young Rhodes scholar who did
not wish to be identified is not convinced. “The trust should be taking a
harsh look at itself; its administrators
are mostly from white western countries,” he says. “The scholarship was set
up for white men to spread the
empire . . . [Rhodes] put in place institutions that led to apartheid. If that is
not bad, then what is good?”


★

4

FINANCIAL TIMES

Tuesday 31 May 2016

INTERNATIONAL
Middle East

Offshore allegations

Iraqi forces push into Isis-held Fallujah

Pakistan PM
to have heart
surgery as
calls grow for
him to resign

Retaking city would give
psychological boost to
under-pressure military
REBECCA COLLARD — BEIRUT

Iraqi forces pushed into Isis-held Fallujah yesterday, hoping to claim their biggest victory to date against the militants, but also facing their sternest test.
In the past week, the Iraqi army —
along with special forces and Shia militias — has been encircling the city, preparing to attack a stronghold that represented Isis’s first big conquest in Iraq in
January 2014.
There are believed to be fewer than
1,000 Isis fighters still in the city while
thousands of Iraqi soldiers and allied
militiamen are assembled outside.
Retaking Fallujah would provide a
psychological boost for Iraq’s unproved
military.

It would also push the militants further back from Baghdad, which lies only
50km to the east, and prepare the stage

for a bigger showdown in the northern
city of Mosul.
“Retaking Fallujah will mean that Isis
no longer has a position close to the
[capital],” says Ahmed Ali, a fellow with
the Institute of Regional and International Studies at the American University of Iraq Sulaimani.
Still, the battle will not be easy: there
are tens of thousands of civilians still
inside, Isis is in an advantageous position, and Iraqi national forces are
depending on the aid of sectarian militias reviled by many of the locals.
Iraqi forces laboured for eight months
to recapture Ramadi, a nearby western
city, late last year in a campaign that
revealed the government forces’ weakness and ultimately left the city in ruins.
“[Fallujah] is smaller and very populated,” says Mr Ali, predicting the task
would be more complicated.
Once a city of 300,000, mostly Sunni
residents, the city in Anbar province
was a focal point of the resistance that
followed the US-led invasion in 2003.
The population is still estimated at

around 50,000, making air support difficult without causing a high number of
civilian casualties.
Isis has controlled Fallujah for more
than two years, allowing militants to
install improvised explosive devices

and traps for advancing forces. On top of
that, says Christopher Harmer, a senior
analyst with the Institute for the Study
of War, who served several stints with
the US army in Iraq, Isis’s unconvenTURK E Y
I RA N
SY RI A

Mosul

IRAQ
Baghdad

Ramadi
Fallujah
200km

tional tactics will make the battle difficult. “In conventional war you can do
certain things to force people to surrender,” said Mr Harmer. “But as long as
[Isis] have bullets they will fight. As long
as they have suicide vests they will
fight.”
Washington has set up a $1.2bn programme to train and re-equip the Iraqi
military since it crumbled in the face of
Isis’s onslaught. The army is still reliant
on Shia paramilitary organisations to
move forward.
“The Iraqi security forces are operationally dependent on the Shia militias,”
said Mr Harmer.
That has raised questions about the

central government’s legitimacy and
authority. It also means local Sunni
inside Fallujah and the surrounding villages will be wary of the advancing
forces, even if they would otherwise be
happy to see Isis go.
The paramilitary forces, known as the
Hashd al-Shaabi, or Popular Mobilisation units — while effective — have been
accused of abductions, reprisal killings

and damaging civilian property.
“There are fears that what happened
in Tikrit will be repeated [in Fallujah],”
says Jaber al-Jaberi, a Sunni member of
parliament in Anbar province, referring
to another Sunni city liberated last year
by the government. “The mobilisation
forces burnt mosques in Tikrit.”
Isis is coming under pressure on other
fronts as Kurdish and Arab forces
launch offensives around the militants’
de facto capital Raqqa, in northern
Syria, and Mosul, the largest city under
their control.
Both Mr Jaberi and Mr Harmer
believe that Isis will be dislodged from
Fallujah, probably retreating to defend
Mosul, which has become even more
important for the organisation.
The Iraqi government has been saying
for more than year that Mosul operation

is imminent but there has been little
progress. That fight will be even more
difficult. A dense urban city, as many as
1m people remain there and the operation has been stalled by infighting.
Friends for Isis page 13

Holy ritual. Tehran-Riyadh tension

Hajj boycott underlines Gulf superpowers’ animosity
Iran’s bar on sending pilgrims
to Mecca this year is part of a
broader clash with the Saudis
NAJMEH BOZORGMEHR — TEHRAN
SIMEON KERR — DUBAI

Iran’s boycott of the annual Hajj pilgrimage in Saudi Arabia illustrates the
breakdown in relations between the
Gulf superpowers as they vie for
regional influence.
Tehran said its citizens would not
travel to Mecca this year, accusing Saudi
Arabia of failing to guarantee their
safety and placing politically-motivated
restrictions on Iranian pilgrims.
All able-bodied Muslims are obliged
to perform Hajj — a spiritual pilgrimage
central to the Islamic faith — at least
once in their lives if they can financially
afford it. Yet the wrangling between Iran
and Saudi Arabia shows how one of

Islam’s holiest rituals has become
entangled in regional politics.
The Hajj became a flashpoint in the
Iran-Saudi Arabis dispute last year
when hundreds of Iranians died in a
stampede near Mecca, prompting bitter
accusations from Tehran.
Riyadh subsequently broke diplomatic ties with Iran in January after its
Tehran embassy was stormed following
the Saudi execution of a Shia cleric. As
the two sides have clashed throughout
the region, Saudi Arabia has accused
Iran of unacceptable interference in
Syria, Yemen and Iraq.
On Sunday, Iran’s Hajj Association
said Riyadh had linked the pilgrimage
dispute to the political situation in the
region and had changed the text of its
agreement. “Considering the continuation of Saudi Arabia’s obstructive
moves, Iranian pilgrims will be deprived
of Hajj this year and its responsibility
falls with the Saudi government,” it said.
Saudi Arabia in turn blamed Tehran’s
intransigence for the failure to reach a
bilateral Hajj agreement. The country’s
Hajj ministry said that it had offered
many solutions to Iran’s demands

FARHAN BOKHARI — ISLAMABAD

Pakistan prime minister Nawaz Sharif
is due to undergo open heart surgery in
a London hospital today, at a time of
growing demands for his resignation
over the alleged offshore wealth accumulated by three of his four children.
Mr Sharif has been struggling to quell
rising public anger against him since last
month, when the Panama Papers
revealed his children had significant
overseas assets, including apartments
near London’s Hyde Park. His public
explanations that his family had merely
profited from the sale of its steel business in Saudi Arabia have failed to convince the public or his political rivals.
Mr Sharif’s heart surgery, three days
before the presentation of Pakistan’s
annual budget, risks further undermining the leader, with rivals questioning
his arrangements for ruling the country
during his surgery and recuperation.
Government officials said Ishaq Dar,
finance minister and a close ally of the
premier, would oversee governmental
affairs in Mr Sharif’s absence. But Mr
Dar will have no formal authority to
make decisions beyond the powers
granted to him as finance minister.
“Pakistan’s constitution has no provisions for an acting prime minister to
step in if the prime minister suffers from
a medical condition,” said Hasan Askari
Rizvi, a commentator on security and
political affairs.

Mr Sharif’s surgery has fuelled anxiNawaz Sharif has
been struggling to
quell rising anger
since last month’s
claims in the
Panama Papers

Pilgrimage:
Muslims at
Mecca last year.
This year Iran
has blocked
attendance by
its citizens,
accusing Saudi
Arabia of failing
to guarantee
their safety
Ozkan Bilgin/Anadolu
Agency/Getty Images

during two days of talks that ended on
Friday. A Saudi official said: “Iran has
converted Hajj into a political demonstration in an attempt to weaken Saudi
Arabia’s leadership role in the Islamic
world.”
Riyadh has been angered by the
involvement of Iran’s military in this
week’s attempt by the Iraqi army and
Shia paramilitary to oust Sunni militant

group Isis from the city of Fallujah outside Baghdad, which it branded “unacceptable”. Iran maintains that it is fighting terrorism and accuses Riyadh of
fomenting the Sunni extremism that
targets Shia Muslims.
This year’s Hajj is expected to fall in
mid-September.
Hossein Sheikholeslam, a senior
adviser to Iran’s parliament, said yester-

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day: “Our problems with Saudi Arabia
are not limited to Hajj. We have numerous problems — from Syria and Yemen
to oil prices and security of the Persian
Gulf. Saudis are playing a political game
and use Hajj, which should be a purely
religious matter, as a political leverage.”
Iran last boycotted the Hajj between
1988 and 1990 after 400 Shia pilgrims
died in clashes with Saudi security
forces in 1987. That deadly confrontation came as Saudi support for Baghdad
in the Iraq-Iran war of 1980-1988 coincided with increasingly politicised Shia
demonstrations during the Hajj after
the Islamic revolution of 1979.
Saeed Ohadi, head of Iran’s Hajj
Organisation, said yesterday Saudi Arabia had added 11 new clauses to the previous pilgrimage accord between the

Abenomics opponents pounce on expected sales tax delay
Premier Shinzo Abe intends to put off
raising Japan’s consumption tax by two
and a half years until October 2019

with a decision set to be announced as
early as tomorrow.

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Hossein
Sheikholeslam,
senior Iran
adviser

countries. These included issuance of
visas in a third country, limitations on
Iranian aircraft and a ban on displaying
Iranian flags. Saudi Arabia had insisted
on designing the identification wristband for Iranian pilgrims and denying
Iranians permits to gather publicly.
“Saudi Arabia displayed serious
determination [during negotiations]
not to accept Iranian pilgrims and
bought time [during negotiations] to
prevent Hajj pilgrimage for Iranians,”
said Mr Ohadi.

Iran officially blamed last year’s Hajj
deaths on “inefficient” management. In
a sign of the animosity between the two
countries some officials privately say
the incident was masterminded by Riyadh’s intelligence service to kidnap or
kill Iranian officials.

Japan

ROBIN HARDING — TOKYO

Read beyond the expected

‘Saudis use
Hajj, which
should be
a purely
religious
matter, as
a political
leverage’

ety in his own party over the sensitive
question of his political successor. For
three decades Mr Sharif has built his
political base from the populous Punjab
province where Shehbaz Sharif, his
younger brother, is chief minister. As
the two brothers have aged, questions
have emerged over younger members of

their families remaining as united as the
two elders. “The question of succession
comes into play whenever you have
power going from one generation to
another,” said one western diplomat.
“Rivalries can very well emerge
between Nawaz Sharif’s children and
Shehbaz Sharif’s children.”
The government gave no details of the
planned operation but Mr Sharif’s
daughter, Maryam, tweeted on Friday
that the procedure would fix a “perforation in the heart” left by previous heart
surgery in 2011.
A Pakistani diplomat based in London said his understanding was that Mr
Sharif could receive a “triple bypass
involving three cardiac arteries”.
In an apparent effort to demonstrate
he remains in control, Mr Sharif was due
to preside over a meeting of his cabinet
via Skype from London yesterday to
consider and approve the budget, which
will be presented to parliament on Friday. In the past the budget was approved
the day before it was announced.
Arif Nizami, a Lahore-based newspaper editor, said even after Mr Sharif
recovered, questions about his political
future would linger.

A consumption tax rise from 8 per cent
to 10 per cent was scheduled for April
next year. Delaying it prevents a big fiscal squeeze on a stuttering economy,

and comes ahead of upper house elections scheduled for July, although Mr
Abe is no longer expected to call lower
house elections on the same day.
As well as putting off the consumption
tax rise, Mr Abe is preparing a fiscal
stimulus that could amount to
¥5tn-¥6tn ($45bn-$54bn). Here are the
likely consequences for the main actors
in Japanese business and politics.

Prime Minister Shinzo Abe
Postponing the sales tax rise is something of a gamble for Mr Abe. The political upside is simple: voters dislike tax
rises. The risk is more subtle. Opponents are using the delay to argue that
his Abenomics programme has failed.
That is why Mr Abe was so eager to get

G7 endorsement for fiscal stimulus,
using alarming rhetoric about a new
Lehman Brothers crisis. The prime minister wants to sell the delay as bowing to
global necessity.
Opinion polls show he has reason for
concern: 38 per cent approve of Abenomics but 49 per cent disapprove. Yet
other factors, such as US president
Barack Obama’s visit to Hiroshima,
have boosted Mr Abe’s overall approval
rating to 56 per cent so he can afford to
take a chance.

Ministry of Finance
Postponing the sales tax increase underlines how Mr Abe has neutered the Ministry of Finance. Always worried about

Japan’s public debt — almost 240 per
cent of gross domestic product — the
ministry has fought a rearguard action
in favour of the tax rise.
According to a senior government
official, however, Mr Abe no longer
trusts the ministry or its projections,
after it told him a 2014 consumption tax
rise would have only a modest and transient effect on the economy. Instead, it
caused a recession.
Next year’s tax increase was supposed

to raise revenue by ¥5.4tn a year but Mr
Abe already gave up ¥1tn by exempting
food. That suggests a 30-month delay
could cost about 2 per cent of GDP —
immaterial to Japan’s debt, as long as the
tax rise goes ahead.

Bank of Japan
As a former Ministry of Finance bureau-

Postponing the sales tax
increase underlines how
Mr Abe has neutered
the Ministry of Finance
crat, Bank of Japan governor Haruhiko
Kuroda likes budget discipline but the
fiscal boost should make it easier for the
BoJ to hit its 2 per cent inflation target.

The central bank was forecasting
growth of 1.2 per cent for the year to
March 2017 and then 0.1 per cent for the
year to March 2018.
It is likely to revise down the first and
revise up the second.
Most analysts think a consumption
tax delay is not enough to prevent fur-

ther BoJ easing in July, but if the government adds a large spending package as
well, it will reduce the pressure for monetary stimulus.

Exporters and big business
The policy mix in 2014 — suppressing
demand at home with consumption tax
rises, while driving down the yen with
easy monetary policy — was ideal for
Japan’s exporters.
Fiscal stimulus is less helpful to the
export sector and big business in Japan
has long felt a sense of crisis about the
public debt.

Retailers and consumers
After the sales tax move in 2014, consumption plunged at an annualised rate
of 18.2 per cent in the second quarter.
Consumers, especially poorer consumers who spend every yen, are the big
winners from a delay. The sector-bysector impact is a little more complicated. Supermarkets have less to gain
from a delay because food was already
exempted. The likely gainers are other

domestic sectors: retail, restaurants,
construction and consumer goods.
Additional reporting by Kana Inagaki


Tuesday 31 May 2016

★

FINANCIAL TIMES

5


★

6

FINANCIAL TIMES

Tuesday 31 May 2016

INTERNATIONAL
Military alliance

Nato’s European states to lift defence spending
Secretary-general warns a
vote for Brexit would put
stability in Europe at risk
SAM JONES — BRUSSELS

Defence spending by Europe’s Nato
states is set to rise for the first time in
nearly a decade, figures show, as fears
over Russian aggression and the
migrant crisis in the Mediterranean
stoke anxiety over security across the
continent.
But Jens Stoltenberg, Nato secretarygeneral, warned in an interview with the
Financial Times that a UK vote to leave
the EU could throw the turnround into
jeopardy.
“The forecast for 2016, based on figures from allied nations, indicates that
2016 will be the first year with increased
defence spending among European
allies for the first time in many, many

years,” Mr Stoltenberg said. “We are
faced with uncertainty, we are faced
with more threats, more security challenges than in a generation, and we
need unity, we need strength, we need
stability.
“The UK is the largest European provider of defence capabilities in Nato, [it
has] the biggest defence spending, it has
the big gest defence investments . . . second only to the United
States in the whole alliance . . . a strong
UK in a strong Europe is important for
unity and stability,” Mr Stoltenberg
said.
The EU was becoming increasingly

important in almost all the challenges
Nato had to deal with, Mr Stoltenberg
added. The UK was “key” in developing
the relationship between the two.
“Nato and the European Union are
working in tandem. For the UK
[remaining] is a good position to be in,
to be able to sit at both the Nato table

and the EU table, since both organisations are so important to how we are
responding to the instability we are
faced with, both to the east and to the
south.”
Last year, Nato’s European allies
spent $253bn on defence compared with
a US spend of $618bn. According to the
2 per cent guideline, European countries should be spending an additional
$100bn annually on their militaries.
The current spend is equivalent to
around 1.43 per cent of gross domestic
product.
The aggregate figure has been steadily
sliding since 2008. That year, European
countries on average spent 1.7 per cent
of their GDP — $288bn — on defence.
The longer-term trend has been one of
even more significant decline.
Between 1985 and 1989, European
Nato states spent an average of 3.1 per
cent of GDP on defence. The figure

stayed above 2 per cent for the decade

following the end of the cold war, only
dipping below the threshold after the
millennium.
Nato did not provide exact figures for
2016 because it said the data were provisional and had been shared with the alliance on a confidential basis.
Several key Nato states have publicly
declared significant increases to their

On exercise: British troops take part
in Nato training in Poland this year

budgets, however. The Baltic states,
which border Russia, have made the
biggest changes.
Latvia’s budget will rise nearly 60 per
cent this year. Lithuania will see a 35 per
cent increase and Estonia 9 per cent.
Poland, eastern europe’s main military
power, is also raising defence expenditure by 9 per cent.
The UK’s military budget is also rising. The government has pledged to
increase spending in order to maintain
the alliance target of 2 per cent of GDP.
Falling military budgets and a fractured approach to defence procurement
and strategy in Europe have been a
source of concern for the alliance and
the US in particular. The issue has even
become an topic of the US presidential
race, after Republican presumptive

nominee Donald Trump declared the
alliance “expensive” and “obsolete” and
accused Europe of freeloading on US
military largesse.

Greece

Australia. Rehabilitation projects

Mine clean-ups aim to reset industry’s sullied image
Initiatives by some companies
follow centuries of poor
environmental practice

Greece’s leftwing government is under
fire for slipping a measure that allows
MPs to hold stakes in offshore companies into an economic reform package,
reversing a ban intended to discourage
tax avoidance by the political elite.

Rising from
the ashes
Changed
landscapes
for tourism

3 A century of lignite mining left the
area around German town Pritzen — a
90-minute drive south-east of Berlin —
scarred by open pits, dust and water

pollution. German authorities embarked
on a plan to create Europe’s largest
artificial lake district. They turned mines
into lakes, replanted forests and created
marinas and beaches to attract tourists.
3 The end of tin mining near English
town Pool in 1998 after four centuries
created an economic vacuum and an
environmental challenge. With National
Lottery support, the Heartlands project
was born, transforming the former
derelict mine at Robinson’s Shaft into a
19-acre cultural centre featuring
historical exhibitions, art galleries,
climb-on sculptures, cafés and shops.
3 Salina Turda in Romania was one of
the largest salt mines in the world until
mining ceased there in the 1930s. Over
20 years it has been transformed into an
underground theme park with museum,
swimming pool, spa, rowing boat lake, a
big wheel, bowling alley and mini golf
course.

strate that our operations can and do
successfully coexist with local communities and other industries.”
Mangoola’s licence extends to 2026
and any extension must be approved by
local authorities.
The pilot is taking place while mining

continues. This enables Glencore to integrate mining and rehabilitation, using
truck and digger fleets to shape a landform to match the surrounding countryside. Natural drainage lines are being reestablishedtopreventsoilerosion.
The project area stretches for 1,300
hectares and Glencore uses local
endemic seed collected to replant the
rehabilitated land.
It has installed 900 bird boxes and has
set up several orchid nurseries to
replant rare species.
“We recently identified a masked owl
— a threatened species in New South
Wales,” says Mr Ryba. “It’s a great result
we’reshowcasingtothecommunity.”
Glencore has also begun cattle-grazing trials on rehabilitated pastureland at
its nearby Liddell mine, successfully
selling the first batch of beef produced
for the export market. It is producing
wine and honey on its land in partner-

Land scar: an
open-pit mine
in Hunter
Valley. The
region produces
more than 100m
tonnes of coal
per year
Stefan Jannides/
Redbrickstock.com/Alamy

ship with local farmers as it seeks to
overturn perceptions of coal mining as a
dirty, polluting industry.
But anti-coal campaigners warn that
such showcase projects are designed to
capture positive publicity without
addressing the tens of billions of dollars
of costs associated with rehabilitation of
all abandoned mines.
“While individual rehabilitation
projects are a good start, it is important
to note that these represent a drop in the
ocean of what’s required,” says Nikola
Casule of Greenpeace, who adds it is
impossible to return former coal mines
fully to their natural state after mining.
Others say the fact big miners are still
only engaging in pilot rehabilitation
projects is disgraceful given that some
have been excavating sites for decades
or even centuries.
“There are ways to game the system.
For example, big resource companies
can sell on their mines and rehabilitation obligations to small players,” says
Tim Buckley, director at the Institute of
Energy Economics and Financial Analysis. “This is why it is essential that regulators push miners to progressively
rehabilitate sites as they mine them.”

European travel

Spain tourism leaps in April as sunseekers shun global terrorism hotspots
IAN MOUNT — BARCELONA

Spain is enjoying a surge in tourism as
fears over terrorism drive wary travellers away from destinations in Turkey
and north Africa, and back to former
favourites in southern Europe.
The number of foreign tourist arrivals in
Spain in April rose 11.3 per cent to 6.1m
compared with the same month in 2015,
according to data published yesterday
by INE, Spain’s national statistics
agency. Total tourist numbers over the
first four months of the year rose 13 per
cent to 18.1m.
Visitors from the UK were the primary driver behind the increase, with
some 4m visiting in the first four
months of this year, a 19.4 per cent
increase compared with the same
period in 2015.

Syriza’s move
over offshore
stakes for MPs
sparks anger
KERIN HOPE — ATHENS

JAMIE SMYTH — HUNTER VALLEY,
AUSTRALIA

A wedge-tailed eagle soars above a picturesque hillside blanketed with shrubs
and flowers, looking for prey.
“The animals are coming back,” says
Damien Ryba, environment and community officer for mining group Glencore. “This is a sign that the land is
returning to a natural state.”
Five years ago outsized trucks
crowded a track thick with coal dust
near the company’s Mangoola mine,
one of the biggest open-pit developments in Australia’s Hunter Valley. It is
now part of a pilot project by the Swissbased miner to rehabilitate former mining sites as it attempts to rebuild support in the community.
Alarmed by growing concerns about
new mines, some companies are placing
more emphasis on rehabilitating existing ones, particularly in the developed
world. These initiatives follow centuries
of poor practice that have caused environmental disasters, threatened health
andleft taxpayerswith bigclean-up bills.
There are about 50,000 abandoned
mines in Australia. The bill for cleaning
them up would stretch to tens of billions
of dollars, well beyond the level of financial assurances that miners provide to
state governments, analysts say.
“In the past many smaller companies
just disappeared and their mines were
abandoned with little or no rehabilitation,” says Peter Erskine, research fellow at the University of Queensland.
“But there has been a societal shift in
expectations towards mine rehabilitation, with more communities and governments pushing for miners to properly close operations and leave an
enduring positive legacy,” he says.
The Hunter Valley has been a coal
region since European colonisation, and
produces more than 100m tonnes per

year. But the industry has been stung by
a decision by planning authorities to
refuse permission to Anglo American to
expand a nearby mine. Farmers have
also won the right to refuse permission
for exploration drilling on their land.
“Successful rehabilitation of mined
lands costs millions of dollars over the
life of a mine,” says Tony Israel, Glencore operations manager at Mangoola.
“But it enables us to maintain our
social licence to operate and demon-

At Nato’s 2014 summit in Newport,
south Wales, amid alarm over Russia’s
invasion of Crimea and Moscow’s growing military actions, allies pledged to
freeze all further cuts in defence budgets and work towards hitting Nato
benchmarks for spending over the next
10 years.
The rise in European budgets has
come as a surprise to many inside Nato
in spite of the commitment made in
Wales. Many did not expect expenditure to grow at a time of economic
travails and political instability in
Europe.
“We still have a long way to go but the
picture’s better than it was before and
I’m inspired by the fact that one year
after the commitment in Wales we have
been able to stop the cuts in Europe.
Now it looks like, into the second year,

we will have the first real increase in
total European defence spending,” said
Mr Stoltenberg.

The shift to Spain comes as terrorist
attacks in Tunisia, Turkey and Egypt —
and government warnings for citizens to
avoid travel to some destinations — have
led many seeking an inexpensive beach
holiday to look elsewhere.
“Booking behaviour really changed
after those attacks. Bookings are moving from Turkey, Egypt and Tunisia to
Spain, and also to Bulgaria and Greece,”
said Dörte Nordbeck, head of travel and
logistics, Germany, at GfK, which tracks
travel bookings across Europe.
The attack in June last year in the
Tunisian town of Sousse, in which a gunman killed 38 tourists, brought the
country’s tourism industry to a halt.
Meanwhile Turkey, which has been hit
by a spate of bombings and cooling relations with Russia — a main source of
tourism to the country — suffered its

worst drop in visitor numbers since
1999, with arrivals in April falling 28 per
cent to 1.75m.
Mainland Spain and the Balearic and
Canary Islands have been among the
main beneficiaries. Reporting results
for the six months ending March 31

recently, Thomas Cook Group, the UKbased travel agent, said its summer
2016 bookings to Spain’s Balearic
Islands were up 14 per cent compared
with the previous year, while those to
the Canaries were up 23 per cent. Overall summer bookings were down 5 per

13%

28%

Rise in Spain’s
tourist numbers
over the first four
months of 2016

April’s drop in
foreign arrivals
to Turkey, falling
to 1.75m visitors

cent, but up 6 per cent excluding Turkey, the company said.
“Thomas Cook is trading well to destinations other than Turkey, with particularly strong bookings to Spain and the
US,” Peter Fankhauser, Thomas Cook
chief executive, said at the time. “However demand for Turkey — our secondlargest market last year — remains significantly below last year’s levels.”
Tui Group, the world’s largest tourism
operator, has also warned of substantial
drops in demand for Turkey and north
Africa. In November, Tui suspended
trips to the popular Egyptian resort of
Sharm el-Sheikh after a bomb brought

down a Russian airliner over the Sinai
desert, and 33 of the company’s customers were killed in the Sousse attack.
But Ramón Estalella, secretary-general of Cehat, Spain’s hoteliers union,

said security fears over terrorism were
not the only reason for the wave of UK
tourists visiting Spain. The increase in
tourism to the Canary Islands — where
38.3 per cent of the 4.5m visitors in the
first four months of 2016 came from the
UK — could be explained largely by a
movement of sunseekers away from
Egypt, he said.
However, UK visitors also made up
10.7 per cent of the 4.2m foreign tourists
visiting Catalonia — not primarily a
beach destination — in the same period.
Accessible prices, good marketing,
and word of mouth were behind much
of the increase, he said: “There are a big
number of British tourists who go to
Catalonia to visit Barcelona and to ski,”
he said. “The tourists are not just going
to islands but also to cities — and that
has nothing to do with Tunisia.”

The policy was rushed through parliament earlier this month without being
debated, as part of a 7,500-page economic reform package agreed with
Greece’s international creditors — the
EU and International Monetary Fund —

and without being picked up by opposition lawmakers.
Its existence was first revealed on
Sunday by Proto Thema, an Athens
newspaper, a week after the reforms
were approved by lawmakers from the
governing Syriza party and its coalition
partner, the rightwing Independent
Greeks.
Opposition lawmakers said the specific clause lifting the ban was inserted
into a section on disclosure without
being flagged up by the justice ministry,
which would have been normal parliamentary practice. “We’ve submitted a
parliamentary question on the issue
signed by all our MPs and we expect
some explanations,” said Kyriakos Mitsotakis, leader of the centre-right New
Democracy, the main opposition party.
Under the new legislation cabinet
ministers and MPs can own shares in
companies across dozens of offshore
jurisdictions provided these are deemed
to co-operate with Greek tax and antimoney laundering authorities.
The move appears deeply at odds with
the Syriza government’s avowed policy
to curb tax evasion by Greeks holding
accounts abroad. Three separate lists
covering such accounts in Switzerland,
Luxembourg and Panama are being
investigated by the finance ministry’s
tax police.
The previous law enforced a blanket

ban on high-ranking officials and close
relatives owning stakes in companies
based outside Greece. Two cabinet ministers have had to resign in the past five
years after admitting they owned offshore companies based in Cyprus.
Giorgos Vasileiades, Greece’s top anticorruption official, defended the measure yesterday as “bringing more transparency” to the vexed issue of politicians’ financial dealings. “We’re open to
suggestions, including from political
parties, to make the system more rigorous,” Mr Vasileiadis said.
A Greek tax lawyer who declined to be
identified said the new legislation would
“effectively facilitate tax avoidance”
because many of the jurisdictions that
formally co-operated with Greece were
also geared to protect beneficial owners
of offshore companies.
“There are delays and obstacles even
when dealing with countries like Cyprus
and Ireland which are EU member
states,” the lawyer said.
Greek cabinet ministers, MPs, senior
ministry officials and executives of
state-controlled companies are already
required to make a detailed annual declaration of their own and close relatives’
assets, including funds held in bank
accounts abroad.
Some officials suspected of making
inaccurate declarations are investigated
by state auditors but just a few cases
have gone to court. Only one Syriza MP
is under investigation. George Stathakis, economy minister, is accused of
failing to declare two bank accounts and

part-ownership of almost 40 properties
around Greece. He denies wrongdoing.


Tuesday 31 May 2016

★

FINANCIAL TIMES

7


★

8

FINANCIAL TIMES

Tuesday 31 May 2016

INTERNATIONAL

Trump plans to insult his way
to victory over rival Clinton
Media-savvy tycoon applies technique that helped him oust 16 Republican opponents

Global trade

Washington accused of

damaging ‘impartiality’
of WTO by vetoing judge
SHAWN DONNAN — WORLD TRADE EDITOR

The US has been accused of being a
bully and undermining the World
Trade Organisation’s dispute system
after vetoing the reappointment of a
South Korean judge. The EU and legal
scholars have warned that the veto
threatens the impartiality of the global
trade court.

DEMETRI SEVASTOPULO — WASHINGTON

“Pocahontas & Crooked Hillary” sounds
like the name of a Disney movie. But the
words are some of the slurs that Donald
Trump has started hurling at the two
most powerful women in the Democratic party — Elizabeth Warren and
Hillary Clinton — as he gears up for
November’s presidential election.
During the Republican race, Mr
Trump often said that his wife urged
him to be presidential, but that he was
forced to mock rivals such as “Lyin’
Ted” Cruz and “Little Marco” Rubio to
close the deal. One month after, in
effect, securing the party nomination,
he is increasingly applying the technique that helped him oust 16 Republican opponents ahead of his battle with

Mrs Clinton, who is poised to become
the Democratic nominee, and Mrs Warren, the Massachusetts senator.
For months, the Clinton campaign salivated at the idea of Mr Trump as the
Republican nominee. But in recent
weeks, some Clinton allies have grown
concerned that she is underestimating
the media-savvy tycoon and struggling
to find his Achilles heel. Those concerns
have been exacerbated by polls showing
the two rivals running neck and neck.
Speaking at the Rolling Thunder
event in Washington on Sunday, Mr
Trump told thousands of veterans riding Harley-Davidsons that “we can’t
have Hillary Clinton be our president”.
Days before, he tweeted that “Crooked
Hillary” was a “disaster” following a
critical government report about her
use of a personal email account while
secretary of state.
Mr Trump is trying to tap into the

All revved up:
veterans and
bikers listen to
Donald Trump,
below bottom,
at the annual
Rolling Thunder
parade in
Washington,

where he railed
against Hillary
Clinton, right
Mladen Antonov/AFP/Getty

feeling among roughly two-thirds of
voters that Mrs Clinton is not honest,
but he has gone much further by resurrecting attacks from the years that Hillary and Bill Clinton were in the White
House that range from conspiracies
about the suicide of a business partner
to unproved claims that Mr Clinton
raped a woman.
“When you have two candidates possessing the highest unfavourable ratings
of any major candidates nominated by
their respective parties, you can expect
that this will be a race to see who hits the
bottom last,” said Kevin Madden,
spokesman for Mitt Romney in the 2012
campaign. “Both candidates will believe
it is in their interest to make sure that
their opponent maintains a poisoned
profile in the eyes of voters.”
Mr Trump has accused Mrs Clinton of
being an “enabler” for her husband’s
extramarital dalliances in a bid to blunt
her criticism of his record with women.
She recently said she would not fall into
the trap of responding, but his attacks
have posed a conundrum. Her attempts
to criticise him over policy have been

drowned out by his controversial statements that help him dominate television media.
The Clinton team has tried to tarnish
Mr Trump by highlighting his controversial comments about women, and
criticising his failure to release his tax
returns. Last week she attacked him for
saying years ago that he would gain from
a housing crash. He deflected the attack
with the same Teflon coating that
shielded him in the primaries.
One of the few Democrats who has
been an effective attack dog is Mrs Warren, a former Harvard professor whom

‘When you
have two
candidates
possessing
[poor]
ratings you
can expect
this will be
a race
to see who
hits the
bottom last’

he has called “Pocahontas” in response
to her claim that she is part nativeAmerican. After Mr Trump recently
tweeted that “I find it offensive that
Goofy Elizabeth Warren, sometimes
referred to as Pocahontas, pretended to

be Native American to get in Harvard”,
she fired back: “Get your facts straight,
@realDonaldTrump. I didn’t even go to
Harvard.”
Norm Ornstein, a politics expert at
the American Enterprise Institute, said:
“Clinton is going after Trump more on
issues and questions of his qualifications, and letting surrogates, especially
Elizabeth Warren, do more heavy lifting
and aggressive attacks on his persona
and moral and business failings.”
Some Clinton allies say she needs to
stop engaging Mr Trump on detail and
start assailing his character with more
venom. But Mr Ornstein believes Mrs
Clinton will continue leaving the most
abrasive attacks to others.
But while the Clinton team debates
the best way to confront Mr Trump, it is
clear Mrs Clinton faces a tougher election than expected, against a candidate
that her team never envisioned would
be the nominee. The same tendency has
been in evidence in the Democratic race
where she failed to realise the potency of
rival Bernie Sanders’ campaign.
“Clinton starts off with a slight advantage. She has the demographic trends on
her side and Trump has a higher
negative rating than she does with the
fastest-growing sectors of the electorate,” said Mr Madden. “But . . . if there
is one thing Hillary Clinton has shown in

her last two presidential runs, it’s that
she knows how to lose big leads and
squander advantages.”

Senegal prosecution

Chad’s ex-dictator given life term for crimes against humanity
JOHN AGLIONBY
EAST AFRICA CORRESPONDENT

Former Chad president Hissène Habré
has been convicted of crimes against
humanity, the first time an ex-leader
has been tried in an African Unionbacked prosecution in another African
country.
The court in Dakar, Senegal, also convicted Habré of rape, sexual slavery and
ordering killings while in power.
The former dictator, who seized
power in the central African nation in
1982 and ruled it repressively until
being toppled in 1990, was sentenced to
life imprisonment.
Habré, who was lauded in 1987 by
then US president Ronald Reagan at the
White House for expelling Libyan
troops from Chad, was responsible for
the deaths of about 40,000 people during his eight-year rule, according to a
1992 Chadian truth commission report.
Gaetan Mootoo, Amnesty International’s west Africa researcher, said the
verdict “demonstrates that when there

is enough political will, states can work
together effectively to end impunity in
even the most entrenched situations”.
He added: “This decision should also
provide impetus to the African Union or

individual African states to replicate
such efforts to deliver justice to victims
in other countries in the continent.”
Analysts are sceptical, however, that
the trial will serve as a precedent for
similar prosecutions because of the
unique circumstances surrounding the
case, which was brought by 4,000 victims of his oppression. Many of the victims faced repeated threats and intimidation to drop their campaign against
Habré. Dozens were in court to hear the
verdict yesterday.
The AU intervened only in 2006 after
a Belgian judge issued a warrant for
Habré’s arrest. The AU said Senegal,

Senegal
Dakar

1,000km

where Habré had been granted refuge
after fleeing there in 1990, should try
him “on behalf of Africa”.
After six years of further delays, the
International Court of Justice in The

Hague ordered Senegal in 2012 to either
try Habré or extradite him to Belgium.
Senegal’s stance on Habré only changed
with the election of Macky Sall as president that year. The AU and Dakar established the Extraordinary African Chambers the following year.
The trial lasted 10 months. Habré,
who dismissed the trial as politically
motivated, has two weeks to appeal.
“This court was called extraordinary

Chad
N’Djamena

Defiant: Hissène Habré gestures in
court during proceedings yesterday

for good reason, because the case was so
unique,” said a senior AU official.
“The issue of justice in Africa for Africans is so complex I doubt it will be
repeated soon. But, as the circumstances changed in Senegal, they might
change elsewhere, too.”
AU support for Habré’s prosecution
contrasts sharply with its opposition to
the International Criminal Court in The
Hague, which has sought to prosecute
many current and former African leaders for crimes against humanity.
Many African states argue the ICC is
biased against Africans and it recently
suffered the embarrassment of effectively having to drop charges against
William Ruto, Kenya’s deputy president, partly because of allegations of
witness interference.

The Extraordinary African Chambers
is also mandated to hold reparations
hearings and establish a trust fund for
all victims, not just those who participated in the case.
Reed Brody, a Human Rights Watch
lawyer who for years supported the victims, summed up many people’s views
when he wrote after the verdict:
“Today . . . will be carved into history as
the day that a band of unrelenting survivors brought their despot to justice.”

US opposition comes at a time when
many believe Washington has been losing faith in the WTO and is gearing up
for a big fight with China over how and
when economies can deploy anti-dumping defences against cheap imports.
The US told fellow WTO members last
week that it could not support the reappointment of Seung Wha Chang, a
respected South Korean expert in international trade law whose four-year term
on the seven-member resident appellate body ends today.
Washington cited the body’s decisions
in three cases involving the US, and one
other, as examples of what it said was a
pattern of WTO panels overreaching
and issuing “abstract” decisions.
“The appellate body is not an academic body that may pursue issues simply because they are of interest to them
or may be to certain members in the
abstract,” the US told WTO members.
“It is not the role of the appellate body to
engage in abstract discussions.”
But other WTO members, including
Brazil, Japan and the EU, say the US

objection to Mr Chang serving a second
four-year term, as is customary, risks
undermining the appellate body and its
independence and therefore the entire
dispute system.
That is of particular concern because
the WTO’s role in resolving trade disputes is widely seen as a great strength
of the intergovernmental organisation,
which was created in 1995 as a successor
to the post-second world war General
Agreement on Tariffs and Trade.
“This is unprecedented and poses a
very serious threat to the independence
and impartiality of current and future
appellate body members,” the EU told
the governing body for the WTO’s dispute settlement system last week.
In an interview, Roberto Azevêdo, the
WTO’s director-general, declined to
comment on the US objection to Mr
Chang’s reappointment. “They have
their concerns, which they made very
explicitly,” he said.
But he admitted the reappointment of

panellists was a sensitive issue and
raised the possibility of members
changing the way judges were selected
and their term limits.
Some at the WTO have proposed that
members of the appellate body serve a

single seven-year term.
The US intervention comes ahead of
what is likely to be an important period
for the appellate body. Among the
issues it is expected to decide are
whether China is entitled to “market
economy” status within the WTO, an
important designation that would help
Beijing fight back against anti-dumping
cases, such as those being mounted
against Chinese steel imports on both
sides of the Atlantic.
Beijing claims it should be awarded
the status automatically on the 15th
anniversary of the country joining the
WTO on December 15.
The US and some opponents in
Europe insist the text of China’s accesRoberto Azevêdo,
WTO’s directorgeneral, admits the
reappointment of
the body’s judges
is a sensitive issue

sion agreement is more ambiguous and
that eventually the issue will have to be
decided by the appellate body.
Such a dispute would be among the
most consequential the WTO has confronted since China became a member
of the WTO in 2001. It might also be one
of its most political.

Owing to a collapse in steel prices
blamed on Chinese overcapacity and
the shuttering of competing mills
around the world, the issue of China’s
market economy status has become
politically sensitive around the world,
particularly in Europe.
Greg Shaffer, an expert in WTO law at
the University of California Irvine, said
the US move to block the reappointment of Mr Chang risked injecting politics into what ought to be a purely legal
process.
It also, he said, was “making the US
look like a bully, and not an upholder of
rule of law principles”.
Prof Shaffer added: “The US response
and example will have ripple effects
around the world. Undermining the
independence of the WTO appellate
body will affect the entire rules-based
system to resolve trade disputes.”

Transatlantic accord

Protest against EU-Canada
deal heads to German court
STEFAN WAGSTYL — BERLIN

German activists are poised to take
their protest over an EU-Canada trade
deal to the country’s constitutional

court as opposition to transatlantic
trade pacts continues to rise.
German non-governmental organisations says the Comprehensive Economic
and Trade Agreement runs contrary to
the German constitution, the rule of law,
and parliamentary democracy.
The move comes amid a rising tide of
protest against the much larger Transatlantic Trade and Investment Partnership pact between the EU and US, which
world leaders pledged to conclude by
the year-end at last week’s G7 summit in
Japan.
“Ceta is TTIP through the back door,”
said Thilo Bode, one of the leaders of the
campaign against the agreement,
announcing the planned court case yesterday. “We must stop this.”
The move comes at a critical time
when public support for Ceta and, especially, the TTIP, is flagging on both sides
of the Atlantic. While Ceta talks were
concluded in 2014, the accord is still
awaiting ratification by the European
Parliament and the EU’s 28 national
parliaments.
To maintain political momentum, the
European Commission has asked member states to approve Ceta’s “temporary
implementation” this autumn. Officials
hope that if sceptics see Ceta in action,
some of their fears will be assuaged and
the way will be smoothed for the acceptance of the TTIP.
But the German activists are challengingthemove,sayingthepactisunconstitutional. They also object to the dispute
resolution mechanism proposed under

Ceta and the TTIP, in which foreign companies will be able to bypass national
courts and instead appeal directly to
international arbitration panels.
The NGOs have criticised what they
call “special pleading rights for investors, expert bodies without democratic
legitimacy and the missing participa-

tion of the German parliament”.
Bernhard Kempen, director of the
international law institute at Cologne
university, who is leading the campaigners’ legal case, said: “Ceta is not only
dangerous in democratic-political
terms but also alarming in constitutional law terms. The constitutional
court’s previous judgments lead only to
the conclusion that international legal
treaties of this kind do not correspond
with the constitution.”
The campaign brings together Campact, an anti-globalisation group that
claims 1.8m supporters, Foodwatch, a
consumer protection body, and More
Democracy, a group lobbying for greater
public participation in politics, such as
through referendums.
The planned legal action follows a
separate online grass roots campaign

‘International legal
treaties of this kind
do not correspond
with the constitution’

led by Andreas Fisahn, a law professor
at Bielefeld University, which has gathered 70,000 signatures for a constitutional court claim.
The number far exceeds the previous
record, held by opponents of the ESM,
the eurozone’s financial rescue mechanism, who secured 37,000 backers.
Yesterday’s announcement comes
after 30,000 protesters attended demonstrations against Ceta and the TTIP in
Hannover last month, staged during US
President Barack Obama’s visit to the
city’s trade fair.
During his visit, Mr Obama and
Angela Merkel, Germany’s chancellor,
asked for a push to conclude the TTIP
negotiations by the end of the year. But
with protectionist rhetoric flaring up in
the US presidential election, and both
Germany and France facing key
national polls next year, the political
conditions remain uncertain.


Tuesday 31 May 2016

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FINANCIAL TIMES

9

10

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FINANCIAL TIMES

Tuesday 31 May 2016


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Tuesday 31 May 2016

11

FINANCIAL TIMES

FT BIG READ. NIGERIA
President Muhammadu Buhari says his priority is to reconstruct ‘the spine’ of Africa’s biggest oil
producer. But, critics argue, his policies are adding to the country’s worst economic crisis in generations.
By Maggie Fick

I

n his former role as the managing
director of one of Nigeria’s leading
banks, Godwin Emefiele had a reputation for being soft-spoken and
unassuming. In the year since he
became governor of the central bank, he
has stood out for the opposite.

The change is being put down to one
thing: the control he wields over the
most scarce commodity in Africa’s biggest economy today: dollars. One businessman says Mr Emefiele has become
so central to the running of the country
that “no one can operate without him”.
Business, economists and indeed
former peers are blaming the policies he
has introduced — restrictions on
imports and tight control of the foreign
exchange market including its artificially pegged foreign exchange rate —
for compounding the worst economic
crisis Nigeria has experienced in generations. Many are equally critical of President Muhammadu Buhari’s endorsement of the governor’s unorthodox policies and say his repeated public backing
of them has undermined the independence of the central bank.
“The economy was a mess anyway
and Nigeria was heading for a hard fall,
but . . . should the fall be this hard?”
asks Kayode Akindele at TIA Capital, a
Lagos-based investment firm.
That question is nagging at a growing
section of the public, angered that Mr
Buhari, the ascetic former military ruler
elected on a wave of optimism last year,
has not only failed to react fast enough
to the changing climate but made matters worse by experimenting with out-

‘No one, even investors with
a long-term view, is going to
put money into Nigeria in
the expectation of losing a
third of its investment value’

moded remedies that have not
stemmed the economy’s freefall. Supermarkets in Lagos are struggling to keep
their shelves stocked, fuel is rationed
and food prices have soared.
“The pain level is going up,” says Olisa
Agbakoba, former head of the Nigerian
Bar Association. “Everything is in short
supply.”

Running on empty
Making a noise:
protesters in
Lagos demand
an end to fuel
price rises —
Pius Utomi Ekpei/AFP/Getty

‘Self-inflicted’ wounds
The fortunes of Africa’s most populous
nation and leading oil producer have
long ebbed and flowed with the price of
oil, on which Nigeria depends for more
than 90 per cent of hard currency earnings. But economists list several factors
that make the current downturn markedly more worrying.
The structural change in the global oil
industry since shale reserves were
opened up by the development of new
fracking techniques in the US makes it
unlikely that major oil producers like
Nigeria will see a significant price recovery any time soon.

In 2008, the last time crude prices
crashed, Nigeria had savings to fall back
on. This time it doesn’t: the administration of former president Goodluck
Jonathan squandered the proceeds of
the boom years in a bonanza of profligacy and corruption before he was voted
out of office.
Then there is what critics describe as
the “self-inflicted” wounds — the currency policies and associated import
controls set up to conserve hard currency by prioritising strategic imports
when Mr Buhari took power 12 months
ago. These have starved existing businesses of inputs, leading to a collapse in
supplies of everything from medicines
to spare parts, while incidents of price
gouging have risen. The policies are also
blamed for encouraging capital flight
while forestalling fresh investment.
Inflows dropped by nearly 75 per cent to
$711m in the first four months of 2016.
“No one, even investors like us with a
long-term view, is going to put money
into Nigeria in the expectation of losing
a third of the value of that investment,”
says a senior partner in a UK-based private equity fund. He and other investors
say that despite the president’s visceral
opposition to devaluation, it appears
inevitable.
The impact has been chilling.
Nigeria’s economy, which grew annually
at an average rate of 7 per cent in the
decade to 2014, contracted by 0.36 per

cent in the first quarter. According to
most forecasts it is heading into
recession.
The import controls and restrictions
on foreign exchange imposed by the
central bank have hit the manufacturing sector hard, eroding the credibility
of the Buhari administration’s ambition
to diversify the economy.
“Growing non-oil income is a key economic strategy of this government,”
says Keith Richards, a veteran of
Nigeria’s consumer goods industry who
used to run a subsidiary in the country
of Guinness, the brewer. “Blocking man-

520,000
Jobslostinthefirst
fourmonthsof2016
aseconomystalled

$1.42bn
Governmentrevenue
inApril2016,cutfrom
$5.2bninMay2014

0.36%
Thecontractionin
theeconomyinthe
firstquarterof2016

1.45m

Barrelsofoilperday
—wellshortofthe
2.2mb/dtargeted

ufacturers manufacturing will have the
opposite effect.”
More than half a million workers lost
their jobs in the first four months of this
year, according to official statistics. The
livelihoods of tens of millions more people employed in the informal sector
have been hit by inflation of nearly 14
per cent, spurred by escalating shortages of basic goods and the rapid devaluation of the naira on the parallel market,
where most traders are now compelled
to source their foreign exchange.
And while a new wave of militancy in
the oil-producing Niger Delta has triggered a rally in the global price — it hit
$50 per barrel last week for the first
time in seven months — the violence is
making matters worse at home, with
any gains offset by production losses. In
recent weeks, pipeline attacks have cut
production to 1.45m barrels a day — far
short of the 2.2m assumed in this year’s
expansionary budget.
Oil revenues typically account for
more than two-thirds of government
income. Collapsing prices and falling
production mean the government is
now operating on about one-quarter of
the $5bn in monthly revenues it had

before the price fall began in mid-2014.
Many state governments are now unable to pay salaries while power generation levels are at their lowest in years.
“Investors fear Nigeria is on a stagflationary road to Venezuelan-style multiple exchange rates and eventual melt-

down,” says Charlie Robertson, chief
economist at Renaissance Capital.
“[But] we think reformists will help
Nigeria swerve in time and avoid that
car crash,” he said, after a government
decision earlier this month to raise the
price of fuel by 67 per cent in response to
months of crippling shortages.
The price rise was interpreted as the
government accepting the reality of
severe dollar scarcity. But it fell short of
the deregulation of state-set fuel prices
that has long been urged by economists
seeking to ease the chronic distortions
in the economy. It left many observers
saying shortages will return unless the
government loosens its grip on the price
of both fuel and the naira.
In a speech on Sunday marking his
first year in office, Mr Buhari said he had
inherited a “state near collapse”, illequipped for the strain of low oil prices.
Insecurity was widespread, “corruption
and impunity were the order of the day”
and the treasury had been emptied. The
initial challenge for his government had
been to block leakages and reconstruct

“the spine of the Nigerian state”.
The central bank last week admitted
that the exchange rate cap — defended
by Mr Emefiele as a way of protecting
strategic imports from the low oil price
and shielding the poor from inflation —
is failing and should be abandoned. The
comments fuelled speculation of a policy switch. Mr Buhari, on Sunday,
appeared defensive about the approach

Under pressure
Naira exchange rates
against the dollar ($ per naira)

Oil production
(million barrels a day)

Official

Unofficial

2014

15

Brent crude
($ per barrel)

150

2.0

100

200

1.5

80

250

1.0

60

300

0.5

40

350

0

16

20
2014

15

16

Sources: Thomson Reuters Datastream; Haver Analytics

Oil fight
Delta
violence
hits
output

Who are the Niger Delta Avengers? What
do they want? How seriously should their
threats to shut down Nigeria’s oil and gas
sector be taken? The only question with
an unequivocal answer is the third one.
Its leadership, backers and motivations
remain unclear. But the devastating
economic impact of the group’s sabotage
campaign is plain to see. It has cut
Nigeria’s crude exports by at least
850,000 barrels per day with attacks this
year on pipelines and export terminals
across the Niger Delta, home of the
country’s oil industry, and no stranger to
clashes over calls for a fairer distribution
of oil revenues with the local community.
The shutdown in exports by the

Avengers is not yet on a par with that of

the militants of MEND at the height of
the previous insurgency that ended with
a ceasefire in 2009. But with state
finances already severely strained by low
oil prices, economists predict Nigeria will
fall more quickly into recession unless the
damage to energy infrastructure is
repaired and the sabotage ends.
President Muhammadu Buhari has
ordered army reinforcements to the Delta
and threatened to treat the militants like
the Boko Haram Islamists who have
terrorised the north-east of the country.
The comparison has angered many in the
Delta who argue that, even if the
sabotage damages the economy, it
should be seen as a cry for attention.
“[Buhari] tends to see the Delta as a

taken so far but acknowledged that he
had been forced to listen to advice to
change course. He said he supported the
central bank’s new, as yet undisclosed,
strategy “to ensure alignment between
monetary policy and fiscal strategy”.
The president also hinted in a briefing
with local media that he was open to
considering his options. “The . . . economists come and talk things to me, and

when I raise issues they talk over my
head instead of inside my head,” he was
quoted as saying in Nigeria’s ThisDay
newspaper. “On the value of the naira,
I’m still agonising over it . . . I need to be
educated on this . . . I am under pressure and we’ll see how we can accommodate the economists.”
Mr Emefiele has been crucial to the
president’s defence of tight currency
controls as the best response to the economic crisis. The two men meet frequently, according to one of Mr Buhari’s
spokesmen, and their statements on
monetary policy over the past year are
virtually indistinguishable.
Business argues that a controlled
devaluation would allow manufacturers
and traders to make informed pricing
decisions, less dependent on the central
bank governor’s will. Despite the recent
comments, however, companies are not
holding their breath.
Others in the government insist that
the new budget will kick-start the economy. External borrowing to finance it
has yet to be secured, however, and
business remains unconvinced that government spending alone will be enough.
“It’s a monumental waste of money to
be trying to stimulate the economy on
the one hand and slowing it down on the
other,” says Oyin Anubi, an Africa economist at Bank of America in London.

Losing allies
The damage is not just economic. The

country’s travails have overshadowed
progress the president has made on the
problems he most wanted to tackle: the
Islamist insurgency of Boko Haram and
pervasive corruption in government.
Most damaging though is the political
impact that is beginning to cost Mr
Buhari allies. His decision-making style
appears, even to senior members of the
security issue . . . it’s about handling
the ‘bad guys’,” says one western
diplomat. “You hear almost nothing on
the underlying grievances.”
The failure of the 2009 amnesty is
one point over which the Buhari
administration and many Deltans
could find common ground.
“It was a bribe for peace,” says
Charles Ekiyor, a former leader of the
Ijaw Youth Council. The deal was
supposed to include development of
the impoverished region, he says. But
under Mr Buhari’s predecessor,
Goodluck Jonathan — who is from the
Delta — it did not happen. Now the
same grievances are being exploited
by the Niger Delta Avengers.

Money men

‘On the value of the
naira, I am still
agonising over it . . . I
am under pressure
and we’ll see how we
can accommodate
the economists’
Muhammadu
Buhari

administration, overly secretive. Some
view his resistance to compromise as a
refusal to listen to alternative positions.
Obiageli Ezekwesili, who served as a
minister in two previous administrations and once led the World Bank’s
Africa division, recently criticised Mr
Buhari’s economic policies as “opaque”
and “archaic”, saying that something
that “did not work in 1984 cannot possibly be a solution in a global economy
that’s much more integrated”.
Advisers to the president say his original priority was to lift people out of poverty. It was not to please the wealthy
business community and skittish foreign portfolio investors. But those close
to the administration claim there are
signs of a shift in ideology within government: from the unbridled crony capitalism of the past to a more state-driven
vision for promoting industry and jobs.

Industrial revolution
Godwin Emefiele has
defended exchange
rate policy as a way

to protect imports
from the low oil price
and shield the poor
from price rises

Mr Buhari’s initial instinct, say advisers,
was to batten down the hatches, and
pursue capital and import controls similar to those pursued by China in the
1980s, while gradually building up
export capacity in sectors beyond oil.
The aim was to engineer the beginnings of an industrial revolution, create
jobs and dedicate investment towards
rebuilding infrastructure. Ethiopia, on
the other side of the continent, has
spurred the beginnings of an economic
transformation using similar methods.
In Nigeria’s case, however, it could
already be too late. The government’s
ability to control the capital account —
the deficit doubled to 3.7 per cent of GDP
in 2015 — and restrict imports in a country rife with smuggling is questionable.
A Venezuela-style meltdown — once
dismissed out of hand — now no longer
seems such an outlandish prospect.
Some observers argue that this doomsday scenario is forcing officials, including the president, to accept the need for
a course correction.
“The bunker mentality has changed
[in the past month] to a more open-todiscussion one” says Bismarck Rewane,
chief executive of Financial Derivatives,
a consultancy in Lagos. “Even if the

change [in policy] is involuntary, the
combination of inflation, slowing GDP,
exchange rate pressure and the drop in
oil production . . . will bring change.”

Cash shortage The oil price drop has
shredded government revenues and
left many states unable to pay wages
In control The central bank has
imposed import restrictions and tight
control of the foreign exchange market
Delta attacks Violence in the oilproducing Niger Delta has cut output
by at least 850,000 barrels per day


★

12

FINANCIAL TIMES

Tuesday 31 May 2016

Letters

Email: or
Fax: +44 (0) 20 7979 7790
Include daytime telephone number and full address
Corrections:

Europe without the UK would be weaker and less prosperous

TUESDAY 31 MAY 2016

For science, Brexit is
an experiment too far
Research collaboration has benefited hugely from EU membership
Few sections of British society favour
EU membership more strongly than
scientists. A recent poll of 907 active
UK researchers by the scientific journal
Nature found that 83 per cent want to
remain in the EU while only 12 per cent
will vote to leave in the June 23 referendum. Their enthusiasm reflects the scientific success of Britain within the EU.
Its universities and research labs are
highly productive by almost any measure: with 4 per cent of the world’s scientists, the UK produces almost 16 per
cent of its most cited research papers.
Although the country has been a scientific powerhouse since the 19th century, its recent performance owes a lot
to an inflow of EU funding, which has
compensated for flat UK government
support. Britain contributes 12 per cent
to the total EU budget but receives
more than 15 per cent of its science
funding — and it wins a particularly
large share of grants from the European Research Council set up in 2007
to support world-class science.
Some participation would survive
Brexit, because the EU permits nonmembers to take part in its flagship
Horizon 2020 research programme if
they pay an appropriate subscription.

Even so UK science would take a substantial financial hit, estimated at £1bn
a year by the technology consultancy
Digital Science. Leave campaigners
may argue the government could make
up the gap from money saved by Britain no longer having to contribute to
the EU. But in practice, there would be
so many other calls on this pot that science is extremely unlikely to receive
enough extra national funding to compensate for the loss.
Financial self-interest is not the only
reason why most researchers dread the
prospect of Brexit. Science today is a
supremely international activity and
leading UK labs are staffed with bright
young scientists from across Europe, as
well as homegrown researchers and
visitors from elsewhere in the world.
The past few years have also seen a welcome shift in the traditional British
academic attitude of automatically
looking across the Atlantic to an American university for postgraduate or
postdoctoral experience; many
research students now think first of a
post elsewhere in Europe.
Whatever the Leave campaign may

say, Brexit would inevitably damage
the international spirit of science in the
UK and across Europe. Even if the government made it easier for researchers
to come to Britain from non-EU countries, they would not make up for the
inevitable loss of people from elsewhere in Europe.
Beyond the academic world, Brexit

would cost Britain its role as host to two
EU institutions important for the life
sciences industry. Most damaging
would be the loss of the European Medicines Agency, which employs 600 people in London and, more importantly,
acts as a magnet for international pharmaceuticals groups to locate their
European base in Britain. If the EMA
leaves London and Britain’s own Medicines and Healthcare products Regulatory Agency has to pick up the pieces,
the disruption in the licensing and
approval of new drugs would be damaging for patients and medical practice,
as well as the pharma industry.
The other institution at risk is a new
one: the Unified Patent Court, due to
start work next year as part of a system
that would enable inventors to obtain a
“unitary patent” valid across most of
the EU, rather than having to register
the patent in each of 28 countries.
Brexit would scupper plans to locate
the court’s life sciences division in London and leave the whole project in turmoil — to the dismay of science-based
industries from pharma to electronics,
which favour the unitary patent as a
way to foster innovation by making it
easier to protect intellectual property.
Some scientists complain about misguided and excessive regulations from
Brussels, but the UK has been able to
improve many of them (the clinical trials directive, for example) from within
the EU. British researchers working in
Europe would still be subject to EU regulations after leaving but would have
no way to amend them.
There may be a remote possibility

that research would flourish after
Brexit in a new spirit of global collaboration, free of annoying Brussels regulations and with the UK government
making up for lost EU funding. But no
sensible scientist would go into an
experiment with such a small chance of
success. Research is a key driver of economic growth and prosperity — and
should not be put at risk.

A misplaced mea culpa
for neoliberalism
The International Monetary Fund should stick to its knitting
As an all-purpose insult, “neoliberalism” has lost any meaning it might
once have had. Whether it is a supposed sin of commission, such as privatisation; one of omission, such as allowing a bankrupt company to close; or
just an outcome with some losers, neoliberalism has become the catch-all
criticism of unthinking radicals who
lack the skills of empirical argument.
The greatest insult of all, however, is
that to our intelligence when august
international institutions hitch their
wagon to these noisy criticisms. This
sorry spectacle befell the International
Monetary Fund last week when it published an article in its flagship magazine questioning its own neoliberal tendencies and concluding that “instead of
delivering growth, some neoliberal policies have increased inequality, in turn
jeopardising durable expansion”.
The word “some” did a lot of work in
that sentence. When it came to
favoured IMF policies, the authors
from the fund’s research department
conclude that competition, global free
trade, privatisation, foreign direct

investment and sound public finances
in the vast majority of countries all pass
muster. That exonerates most of what
passes as neoliberalism.
Instead of this vast array of settled
good practice, the article calls into
question two policies: unfettered international flows of hot money, and excessively rapid efforts to reduce public
deficits. None of this navel-gazing is

remotely new or innovative. The IMF
has queried the value of international
portfolio investment since the Asian
crisis almost two decades ago, while a
horses-for-courses approach to fiscal
deficits has been the global consensus
for nigh on a decade.
It may appear easy to forgive and forget the criticisms as the childish rhetoric of the parts of the IMF which stand
aloof from the nitty gritty of helping
real countries in terrible circumstances. But the attack on neoliberalism is far more dangerous than that. It
gives succour to oppressive regimes
around the world which also position
themselves as crusaders against neoliberalism, subjugating their populations with inefficient economic policy
and extreme inequality using the full
power of the state.
Against this risk, what has the IMF
achieved? Some raised eyebrows from
those unaware of the fund’s work, a lot
of eye-rolling from the better
informed, and not even the grudging
approval of Naomi Klein on Twitter. In

seeking to be trendy, the IMF instead
looks as out of date as a middle-aged
man wearing a baseball cap backwards.
Worst of all, in seeking a public relations coup from relabelling existing
policies, the fund has taken its eye off
the ball. By far the most important global economic issue is the persistent
decline in productivity growth that
threatens to undermine progress for
all. This does not get a mention.

Sir, In Europe’s illustrious, but
sometimes fractious, history, there
have been many pivotal moments.
Right now, we are at another fork in
the road. Since the start of this decade,
Europe has been challenged —
problems with the euro, terrorism,
migration and now the consequences of
a potential Brexit. As the debate on
these issues continues, the value of the
EU has been questioned.
We, the European Round Table of
Industrialists (ERT), believe the case
for Europe has never been stronger.
Our organisation represents more than
50 European companies sustaining
nearly 7m jobs. Our continent has
benefited immeasurably from our EU.
Over the past 60 years, businesses have
flourished and families have generally

become more prosperous thanks to
closer ties between people and
institutions across Europe.

co-operate across borders on security
against terrorism and address the
refugee crisis. Europe requires an
integrated and efficient energy market
to secure our energy supply and to
lower carbon emissions while ensuring
the continent remains competitive.
Education and skills training need
improvement so that citizens can
succeed in the labour market. Small
businesses need access to capital and
human resource markets across
borders and we must realise the full
potential of digitisation and innovation
to create a true digital single market.
This will enhance the competitiveness
of all European businesses creating
jobs and fuelling economic growth.
An unravelling of the single market
and its rules for 28 countries would
reduce our prosperity. And, while
respecting the decision of the people in
the UK, we believe a Europe without

the UK would be weaker, just as the UK
itself would be weaker outside Europe.

As leaders of some of the largest
companies in Europe, we call for
renewed confidence in the EU as the
first step to addressing our shared
challenges. Only a joint approach to
common problems will achieve the
changes needed to improve the living
and working conditions of the people of
Europe, especially for young people
and future generations.
Benoît Potier
Chairman of ERT, Chief Executive Officer
and Chairman of Air Liquide
Nils S Andersen
Vice-chairman of ERT, Chief Executive
Officer of AP Møller-Mærsk
Vittorio Colao
Vice-chairman of ERT, Chief Executive
Officer of Vodafone Group
For full list of ERT signatories:
ft.com/letters

Israel is willing to cede
territory to true partners

Repel extremists in EU by
reducing economic woes

Sir, Your leader, “Netanyahu’s choice
puts Israel’s future in jeopardy”

(May 27), which indicated that prime
minister Benjamin Netanyahu’s choices
do not serve Israel’s long-term interests
and he will say anything to retain
office, was rather one-sided.
Surrounded by two terrorist entities
committed to its destruction, a failed
state propped up by Russian military
might on its northern border and
divisions of Isis on its southern border,
the Israeli people may simply feel it is
safer to have as its prime minister a
former special forces commando who
can forcibly deter those who wish to
dismember Israel.
Israel has shown with Egypt and
Jordan that it is willing to give up
territory to true partners who accept
its right to exist, the precondition to
any future Palestinian state.
Martin Spector
London NW11, UK

Bradford had a Muslim mayoress
five years ago.
Mr C Hewson
St Leonards-on-Sea, E Sussex, UK

Demagogues the answer
to what’s on our minds

Differences in aid levels to
Somalia are mind-boggling

Sir, Martin Wolf, in “How to defeat
rightwing populism” (May 25), makes
the statement that demagogues do not
give answers. They don’t have to. They
are the answer to what is on the
public’s mind: unpunished crime,
failing public schools, unemployment
— and no political party is doing
anything about it.
Mr Wolf then makes a comment that
at first glance sounds very intelligent —
that populist candidates are unaware of
the institutions upon which society is
based, and the extent to which those
institutions are responsible for today’s
prosperity. That intelligent statement
is not what it seems. It’s really fear of
democracy, of letting the masses vote
for whomever they choose.
David Parker
San Francisco, CA, US

Sir, Your article on Turkey’s economic
assistance to strife-ridden Somalia,
“Somalia reaps reward of Ankara’s
investment” (May 25), is eye-opening.

It notes that Turkey was the
third-largest assistance provider to
Somalia in 2013-14 after the US and
the UK, followed by Sweden, Norway,
Japan, Denmark, Canada, Germany
and Finland. I’m surprised that Saudi
Arabia, Kuwait and the United Arab
Emirates are not among the top 10
assistance providers despite the fact
that there is a critical need to help
ensure stability in a fellow member
state of the Arab League.
To think Denmark, Norway or
Finland provide more aid to Somalia
than the Saudis, Kuwaitis, or UAE is
mind-boggling.
A related thought: Turkey has taken
in about 2m refugees and displaced
persons from the Syrian civil wars,
while the House of Saud has taken in
few, if any, Syrian refugees.
Perhaps Turkey’s assistance to
Somalia is primarily a function of its
geostrategic ambitions, but is there a
moral or humanitarian aspect also
worth noting?
David Tomsovic
Daly City, CA, US

Sir, Your point in “Voters need a

credible alternative to populism”
(May 28) — that the only way to see off
the rise of extremists in Europe is to
provide effective policies to generate
economic activity that offers hope to
those who feel the economic system
has disadvantaged them — is crucial.
However, your call for pressing on
with monetary stimulus will need to be
of the kind that generates work across
the whole of Europe, rather than — as
has happened — mostly inflating assets
held by wealthier sections of society.
A parallel fiscal stimulus should
involve determined action to close the
tax gap by cracking down on evasion
as well as avoidance, which could
generate £20bn or more in the UK and
maybe €200bn across Europe, to help
fund the rebuilding of the EU.
At the same time the Green New
Deal group has outlined how such an
approach to fiscal and monetary policy,
including “green infrastructure QE”
could achieve this and in so doing help
reduce economic insecurity continentwide, which is one of the key recruiting
sergeants for the rise of populism.
Richard Murphy
Professor of Practice in International
Political Economy, City University, London

EC1, UK

Allied forces, I don’t think we should
apologise for what happened in
Hiroshima and Nagasaki. War is hell on
earth when our common humanity
breaks down into chaos, and decisions
must be made that can have
devastating consequences.
That said, we can only learn from
the past. The unprecedented use of
nuclear bombs in the second world war
demonstrated the terrifying power that
humans developed to destroy one
another that has the potential to make
this unique life-supporting world
sterile via a nuclear winter.
Dr Michael Pravica
Henderson, NV, US

Bradford was pioneer of
cosmopolitan outlook
Sir, Various contributors to the FT
have commented in congratulatory
fashion on the enlightenment of the
metropolitan elite in its recent London
mayoral election, some suggesting that
this cosmopolitan outlook would not
extend to the benighted provinces.

Four years
in incredible
India: our hates
and loves

New Delhi
Notebook
by Victor Mallet

The EU is now the world’s largest
economy and trading block. It accounts
for 16 per cent of the world’s imports
and exports and has negotiated trade
agreements with numerous countries
worldwide. This scale gives us
tremendous bargaining power in
international trade negotiations and
the ability to defend our jobs and
industries against external threats.
Market liberalisation in areas such as
telecoms, airlines and energy has
brought greater choice, competition
and efficiency. Travel by road, rail or
air has become easier thanks to EU
legislation. Collaboration on industrial
and scientific research projects has
been facilitated by EU initiatives, while
poorer regions have had their
economic prospects enhanced thanks
to EU funds.

However, the EU needs to be
improved in many areas. It must

“There’s some old Top Gear on
another channel”

You either love it or you hate it,
someone once said about Marmite. I
have heard the same cliché applied to
India. But it is untrue, whether you
are talking about the salty black goo
that Britons spread on their toast or
the world’s largest democracy.
For Marmite, there must be people
who neither adore it nor loathe it but
find it rather so-so. For India, the
cliché is wrong in a different way. Like
many friends here (Indian and
foreign) we realise this is not an
either/or choice: we love it and hate it
passionately at the same time.
So here — in my last column in this
slot before the end of a south Asia
posting — are four loves and four
hates for the four years we have
enjoyed and endured life in Delhi.
Hate: Pollution. I thought air
pollution in Hong Kong was bad when
we lived there a decade ago, but Delhi
has been worse, more vile even than

Beijing for carcinogenic particles. For
five months last winter we barely saw
blue sky through the pall of dust and
smoke generated by the burning of
wood, cattle dung, crop waste, coal
and diesel in one of the world’s biggest
megacities (25m inhabitants and
rising). Rivers and groundwater are
polluted too, but water filters work
better than air filters.
Love: Animals. Paradoxically, India
is also a refuge for wildlife in spite of
competition for space from 1.3bn
humans. It is not only the tame (the
urban elephants, camels and cows) or
the clever (like the swooping kites
that snatch burgers from the hands of

Expendable world leaders
have a short shelf life
Sir, World leaders travel around the
world in luxury, protected by an army
of security guards to get a family
photo at the G7. Yet they are the most
expendable people in the world.
When they leave or are removed
from office or pass into the next world,
they are replaced within seconds. So
why the fuss?
Peter Fieldman

Paris, France

No apology, but we must
learn from Hiroshima
Sir, I am writing in response to the
article headlined “Obama stops short
of Hiroshima apology” (May 27). Until
the Japanese government fully
acknowledges, apologises to and
compensates the many millions of
victims of crimes committed by its
forces against Japan’s neighbours and

baseball spectators at the American
school). You can see Sarus cranes, the
world’s tallest birds, mincing along
next to factories in Uttar Pradesh, or
watch hornbills and ibises from our
study window in New Delhi.
Hate: Trolls. In the internet age, it is
the fate of journalists (and historians,
politicians and academics) who write
about India to be deluged with online
abuse questioning their sanity and
objectivity. Most of the attacks are illinformed and many seem to come
from Hindu nationalists based in the
US and the Gulf. It would be nice if the
critics read more than the headlines
and engaged in a reasoned debate.
Love: Free speech. In some ways,

India is the easiest country in the
world to work as a journalist. An
Indian — whether soldier, politician or
farm labourer — is rarely lost for
words or reluctant to speak to the
press. Most Indian business leaders
eschew the spin-doctors and
corporate gobbledegook that make
talking to US chief executives so
painful. Indians just discuss what is
going on. Long may it last.
Hate: Bureaucracy. Just two
examples. First, babies born to
foreigners in India must pay fines for
overstaying their (non-existent) entry
visas: true, I promise. Second, Arvind
Subramanian, the government’s chief
economic adviser, complained
recently about the absurd multiplicity
of electricity prices in India. In one
state, which he politely did not name,
there was a special rate for mushroom
and rabbit farms. I looked it up, and it

Trump’s views sought on
UBI and helicopter money
Sir, Edward Luce’s column, “The
mystery of weak productivity” (May
30), concludes by recommending
universal basic income as a solution to

social and economic problems. Other
columnists have advocated variants of
helicopter money.
Who’s going to be the first politician
to seek to combine them: helicopter
money to finance UBI? Step forward
Donald Trump?
Michael Williams
Letchworth, Herts, UK

Private sector is hiding
behind bureaucracy
Sir, Edward Luce’s column “The
mystery of weak productivity” (May
30) does not recognise the effects on
employees of extortionate executive
pay, shenanigans in companies from
Pemex and Petrobras to BHS, G20
political ineptitude, immigration,
pensions, Greek debt, etc.
The private sector is more like the
old public sector — able to hide behind
bureaucracy and spreadsheets without
risking jobs.
Poor productivity may be an
economic measure but it is a
psychological phenomenon.
Alex Mackinnon
Dollar, Clackmannanshire, UK

Correction
c Italian prime minister Matteo Renzi
was wrongly identified as Mario Renzi
in an article on May 30. We apologise
for the error.

is Andhra Pradesh, which has 89
different prices, ranging from zero for
small farmers to 11.58 rupees per unit
for advertisement hoardings, all listed
in a 39-page document and no doubt
enforced by a large number of civil
servants. (The rate for rabbit farms is
Rs5.63). You can see why I admire
those who do business in India.
Love: Flying. Just over a decade ago,
you struggled through crowds of touts,
fixers, agents and weeping families to
get in and out of chaotic airports and
had to arrive hours in advance to be
sure of catching an international
flight. Now new airports have been
built, new airlines launched and order
has been restored. New private
entrants such as IndiGo are as efficient
and cheap as EasyJet in Europe.
Hate: Bad roads, bad mobile phone
connections, bad plumbing,
dangerous electric wiring and shoddy
brickwork. What happened to the

Mughals, with their waterways and
fine brickwork? (See below.)
Love: Ancient civilisations. The
remains of their rich art and
architecture are everywhere from
Orissa to Karnataka, and — with the
exception of Rajasthan and the
Mughals — surprisingly little known
even among Indians.
In sum, that most famous of
tourism advertising slogans,
“Incredible India”, was perfect
because it was true: India is incredibly
frustrating — but also incredibly
rewarding.



★

Tuesday 31 May 2016

†

13

FINANCIAL TIMES

Comment
Tory infighting abounds but nobody else cares

POLITICS

Janan
Ganesh

W

ith Cormac McCarthy’s
flair for stylised violence, a Conservative
MP told The Sunday
Times that he longs to
stab prime minister David Cameron in
the front, savour his expression, rotate
the blade and then withdraw it for subsequent use on George Osborne, the
chancellor of the exchequer. This is
presently the saner of Britain’s two great
political parties.
Like a Twitter troll with an egg for a
profile picture, the parliamentarian’s
swagger did not extend to identifying
himself. Other Tories pour their pestilence in open view. Andrew Bridgen MP
says his leader is “finished” after campaigning too brusquely to keep Britain
in the EU. Nadine Dorries, with the grav-

itas of someone who defied her party
whip to enter a reality television show
only to get voted off after 10 days, is
unmoved by Mr Cameron’s democratic
mandate. Anything shy of a 60-40 win
in next month’s referendum should, she

says, end a premiership that voters
renewed only last year.
Britain is not where history happens
any more but our two flirtations with
secession — Scotland’s from the UK, the
UK’s from the EU — pique the curiosity
of outsiders. They must look at the
intra-Tory venom and assume its seepage into wider society. If Scots were lastingly politicised, and riven, by their referendum, Britons as a whole might be
too. The stakes are as large, the facts as
contested, the principals on each side as
seethingly at odds as they were in Scotland in 2014.
And still we demur. The notable feature of this referendum is its lack of
notoriety. With three weeks to go, pubs
are not blazing with anticipation or rancour. Friends and relatives are not falling out. Campaign events are unmarred
by anything darker than cheeky heckles. On the morning of May 30, only one

referendum-related story made the 10
most-read on the BBC news website, and
that was trumped by a crocodile attack
in Queensland, Australia.
This is not indifference, as such. Most
voters, according to a recent survey by
Opinium, rate the referendum above a
general election in importance. But they
know the matter is theirs to settle. Virulent emotion makes no sense to them

The country cannot be
enduringly divided by a
vote that most people could
have lived without

before June 23 or, I suspect, after,
regardless of the result. They will decide
and move on, even if their governing
party cannot.
A certain kind of educated Englishman used to judge compatriots by which
side they would have taken at Marston
Moor, a patch of Yorkshire where parliamentarians defeated royalists in the
English civil war. Nations have these

moments, when identities are defined
and faultlines etched to last. Ireland’s
violent disagreement with itself over the
Free State Treaty in 1922 was one: the
belligerents spawned political parties
that still dominate. Scotland’s bloodless
but testy referendum was another.
Thatcherism, more a process than an
event, retains some of the same capacity
to energise and embitter.
On this emotional scale, Europe fails
to score. The country cannot be enduringly divided by a vote that most people
could have lived without in the first
place. This is why Leavers, in the event
of defeat, will have to abandon their
recourse of a second referendum. Even
if they could corral a parliamentary
majority for it — not a cinch, as most
Tories just want this damned question
out of the way — voters would need a
very good reason to go through the rigmarole again within a decade or two.

Britain is not Scotland and Euroscepticism is not nationalism. There is hardly
sufficient zeal out there to keep this
campaign going. There will not be
enough for a re-run.
If Mr Cameron legislated to gift Leavers

a five percentage-point top-up on whatever vote share they achieve next
month, they would deplore his refusal to
make it 10. The hatred some Tories feel
for the only winner they have had for a
generation, and the giver of their coveted referendum, beggars logic. But it is
his burden. Yes, the wreckers need only
number a dozen or so to disrupt the governance of the country. But similar toxins coursed through the last Tory
administration in the 1990s, and Britain
enjoyed a goldilocks economy regardless. Nations can succeed despite their
politics. The Tories’ distemper is no verdict on this land of bottomless sanity. It
is not our problem. Our equilibrium will
hold.
In his dotage, Mr Cameron may
remember this referendum as the
beginning of the end of a premiership
that should have lasted quite a bit
longer. The rest of us will remember it as
the time when, obeying GK Chesterton,
“a few men talked of freedom, while
England talked of ale”. That is, if we
remember it at all.


Xi has changed

China’s winning
formula
FOREIGN AFFAIRS

Gideon
Rachman

P

olitics in the west are so dramatic at the moment that
China can look relatively
staid and stable by comparison. But that impression is
deceptive. Xi Jinping is taking his country in radical and risky new directions.
If the president’s new policies succeed, then the Xi era will be remembered for the achievement of his oftenstated goal of the “great rejuvenation” of
the Chinese nation. But if Mr Xi’s experiments go wrong, then his legacy is likely
to be political turmoil, economic stagnation and international confrontation.
What Mr Xi has done is essentially to
abandon the formula that has driven
China’s rise over the past 30 years. That
formula was created by Deng Xiaoping,
after he came to power in late 1978, and
then refined by his successors. It consisted of three key ingredients — political, economic and international.
In economics, Deng and his successors emphasised exports, investment
and the quest for double-digit annual
growth. In politics, China moved away
from the charismatic and dictatorial
model created by Mao Zedong and
towards a collective leadership. And in
foreign affairs, China adopted a modest

and cautious approach to the world that
became colloquially known in the west
as “hide and bide”, after Deng’s famous
advice to his colleagues to “hide your
capacities, bide your time”.
Under Mr Xi, who assumed the leadership of the Chinese Communist party
towards the end of 2012, all three key
ingredients of the Deng formula have
changed. In politics, China has moved
back towards a model based around a
strongman leader — Mr Xi himself. In
economics, the years of double-digit
growth are over and China is groping
towards a new model, driven more by
domestic consumption than exports.
And in international affairs, the Xi era
has seen a move away from hide and
bide towards a foreign policy that challenges US dominance of the Asia-Pacific
region.
The three big policy shifts have different origins. In economics, the old model
of growth based on exports, high-rates
of investment and low wages could not
go on forever. The sheer size of the Chinese economy, combined with rising
costs in China and slower growth in the
west, made change inevitable. But the
shift to a new model is perilous. In the
aftermath of the 2008 financial crisis,
China launched an unsustainable
splurge of credit and investment that
could yet culminate in a financial crisis.

Even if that unpleasant fate is
avoided, China still has to get used to
lower rates of growth. The party leadership used to encourage the idea that
China had to grow at 8 per cent a year to
maintain social and political stability.

John
Greenwood

T

he Bank of Japan has now
been conducting quantitative easing — the buying of
financial assets by a central
bank — for just over three
years, while the European Central Bank
has been doing QE for a little more than
a year. In neither case have the results
been satisfactory — despite interest
rates in both Europe and Japan being
driven down into negative territory.
Why have these two central banks
achieved far less success than either the
US Federal Reserve or the Bank of England? Fundamentally, the reason is that
interest rates are not a solution to the
problems of the Japanese and eurozone
economies.
Among the major developed economies — the US, the eurozone, Japan and
the UK — two different types of QE have

been deployed in recent years. The QE
operations conducted by the Fed and
the BoE have largely been successful for
three reasons. First, because they were
targeted at the purchase of securities
from non-banks. Second, because they
therefore increased the stock of money
or purchasing power held by firms and
households directly. And third because
they were consistent with a reduction in
private sector leverage.
By contrast, the brand of QE implemented by the BoJ and the ECB has had
much less success. Again, there are
three main reasons for this. First, the
operations of both central banks were
targeted largely at the purchase of securities from banks. As a result, they have
not materially increased the stock of
money or purchasing power held by
firms and households. Nor have they
helped to reduce private sector leverage.
To restore economic growth and raise
inflation closer to the target of 2 per cent
in both Japan and the eurozone, policymakers need to achieve two sets of
results. They need to encourage the
repair of private sector balance sheets

OPINION

Hassan
Hassan

T

he tortuous war against Isis
is taking a treacherous turn.
Two years after the militant
Sunni group declared its
brutal caliphate, the US and
its allies in Iraq and Syria have begun a
two-front offensive to dislodge the militant group from its strongholds in the
Iraqi city of Falluja and Raqqa in Syria.
But, while the campaign has made
progress, the composition of the forces
leading the battles in the two Arab Sunni
cities is intensifying sectarian and ethnic tensions in the bitterly divided
nations and beyond. The danger is that
the US-led action will, ultimately, help
Isis gain legitimacy as a defender of Sunnis — even if it cedes territory.
Heightened fears in Syria, Iraq and
the wider region about the offensive in
Falluja and Raqqa bode ill for the longterm fight against the group. With western help channelled to militias
beholden to the Shia regime in Iran and
close to Tehran’s allies in Damascus, the
fight is widely seen in the region as
nakedly sectarian.
The US-backed offensive is the first of
its kind since the American-led anti-Isis
campaign began soon after the group
swept into Iraq. America has long
sought to avoid providing air support for

Shia and Kurdish militias to fight in two
Sunni areas at once: when Baghdad
launched the battle to retake the city of
Tikrit from Isis in March last year,
Washington refrained from providing
air strikes in support of the estimated
30,000 Shia fighters until the battle
stalled three weeks later.
The US is presenting the two offen-

Relying on groups abhorred
by local residents, the US
has privileged a tactical
victory over a strategic one
But now growth of 6-7 per cent would be
regarded as a good result.
A healthy economy is crucial to internal stability. The Communist party still
resolutely rejects any move towards
democratic elections as unsuitable for
China. Instead, the country’s leaders
have relied on rapid economic growth to
give the political system a “performance
legitimacy”, which party theorists have
argued is far deeper than the mandate
endowed by a democratic election. But a
faltering economy — or, worse, a financial crisis — could well undermine the
party’s legitimacy.
When it comes to politics, in the postMao era the Communist party has
sought a middle path between dictatorship and democracy. The idea was to
embrace a collective style of govern-

A faltering economy — or,
worse, a financial crisis —
could well undermine the
party’s legitimacy

ment, with smooth transitions of leadership managed by the party itself. Hu
Jintao, Mr Xi’s colourless predecessor,
epitomised this system. He never
encouraged a cult of personality, served
two terms in office, and then left power.
Mr Xi has broken with this model. He
is now widely said to be the most powerful leader of China since Mao. A sycophantic official media is encouraged, literally, to sing his praises. (The most
noted ditty is called “Uncle Xi Loves
Mama Peng”, a saccharine reference to
the president’s wife, Peng Liyuan.) At
the same time, Mr Xi has launched a
crackdown on corruption that has
resulted in hundreds of thousands of
convictions, terrifying much of China’s
business and political elite. The result is
fevered speculation in Beijing — including rumours of purges, attempted coups
and assassination attempts. Many pundits believe that Mr Xi is now determined to serve more than two terms in
office — a development that would overturn the model of collective leadership.
At the same time as economic and
political tensions within China have

(5-25 years) precisely so that these purchases would be from non-banks. In
doing so it guaranteed the success of its
programme.

The fundamental problem is that the
ECB and the BoJ are trying to implement
QE through the normal credit creation
channels of the banking system. But the
traditional transmission channels are
broken — either because banks are riskaverse and do not wish to lend, or
because households and firms are still
significantly leveraged and do not want
to borrow.
In these circumstances, the policy of
relying on ever lower interest rates cannot be assured of success, even if rates
are negative. Given that the standard
transmission system for monetary policy through the banking system is broken, central banks need to circumvent
the banks if they are to create new purchasing power, restore normal economic growth and return to 2 per cent
inflation and normal interest rates.

sives as led by inclusive and national
coalitions. In the region, however, sectarian polarisation is only growing. Arabic media outlets — which tend to echo
Sunni political views — such as Londonbased al-Hayat newspaper, have
focused coverage of Falluja on reports
that Major General Qassem Soleimani,
the Iranian spymaster, was leading the
battle along with other militias
beholden to Tehran. Al-Araby published a cartoon depicting American
helicopters holding the people of Raqqa
hostage beside an image of an Isis member doing the same to a condemned
man.
More significant is a report from USbacked anti-Isis activist organisation,
Raqqa is Being Slaughtered Silently. It
announced last week that the fact that

the battle in the city is being led by the
People’s Protection Units (YPG) — with
ties to the Kurdistan Workers’ party, the
armed separatist group based in Turkey
— is pushing residents to join forces with
Isis. The YPG is seen as close to the Syrian regime and was allegedly engaged in
displacement of Arab families in northern Syria, which Amnesty International
said could amount to war crimes. The
fact that a US-backed group is criticising
the role of the Pentagon-backed YPG
against a group that killed some of its
colleagues is remarkable.
Such divisions offer Isis an opportunity to present itself as a custodian of the
Sunni — especially in Iraq, where it has
established itself as the only Sunni militant group able to stand up to militias
supporting the Shia-dominated government. The fear is that a similar scenario
will play out in Syria in the next few
years; primarily in places such as Raqqa,
where local resistance has been weak.
The sectarian situation emerging in
Falluja and Raqqa, and the responses
across the region, is one the US has long
sought to avoid. It began training Sunni
forces to retake cities such as Mosul and
Raqqa, an effort that faded when forces
in Baghdad resisted a bill to establish a
national guard including Sunni units.
But with this campaign, backed by
groups abhorred by residents of the two
cities, it seems to have privileged a tactical victory against Isis over a strategic

one.
It looks likely to provide Isis with a gift
it has long wanted, especially in Syria:
creating for ordinary people the perception that their choice is between its own
jihadis and militias they see as invaders.

The writer is chief economist at Invesco and
a member of the BoE’s shadow Monetary
Policy Committee

The writer is a fellow at the Tahrir Institute
for Middle East Policy in Washington and a
co-author of ‘Isis: Inside the Army of Terror’

risen under Mr Xi, so the country’s foreign policy has become more nationalistic and more willing to risk confrontation with the west and with China’s
Asian neighbours. Beijing’s increasingly
tough assertion of its territorial and
maritime claims, epitomised by its
“island-building” in the South China
Sea, has led to stand-offs with the US
and Japanese navies. These near-clashes
may serve a political purpose. In harder
economic times, the Communist party
may need new sources of legitimacy,
and confrontation with Japan and the
US at sea is liable to stir patriotic support for the government.
The key to the Deng formula that created modern China was the primacy of
economics. Domestic politics and foreign policy were constructed to create
the perfect environment for a Chinese
economic miracle. With Mr Xi, however, political and foreign policy imperatives frequently appear to trump economics. That change in formula looks

risky for both China and the world.


Successful central banks focus on expanding purchasing power
OPINION

America’s
Middle East
allies could win
friends for Isis

since spending will not resume normal
or potential growth rates unless excess
leverage is eliminated.
Additionally, liquidity needs to be
reinjected into these economies. Or else
they should be provided with additional
purchasing power, but without adding
to leverage.
There are two rules for central banks
to follow when designing a QE pro-

Interest rates are not a
solution to the problems of
the Japanese and eurozone
economies
gramme. The first is that the central
bank should only buy securities from
non-banks. The reason is that the primary purpose of doing QE is — or should
be — to expand purchasing power. If the

central bank buys securities from
banks, there can be no assurance that
the money supply will increase. However, if it buys securities from nonbanks, this guarantees that new depos-

its will be created, expanding the money
supply.
Of course, if firms or households are
deleveraging — repaying debt — the central bank may need to conduct even
larger scale asset purchases to counter
any reduction of deposits due to the
debt repayments.
The second rule is that the central
bank should buy only long-term securities. This ensures that the central bank’s
portfolio is not rapidly eroded by allowing a high proportion of its securities to
mature too soon. As a result the volume
of funds injected into the economy can
remain stable for a long period of time.
The BoJ has repeatedly broken both
these rules, while the ECB has mostly
violated the first rule. Under QE1 and
QE2 the Fed purchased treasury securities with maturities as short as two years
instead of solely longer-term debt and,
consequently, from September 2011 it
had to conduct $667bn of what was
called “Operation Twist” to unwind this
mistake. By contrast, when the Bank of
England announced its QE programme
in February 2009, it said explicitly that
it would buy gilts with longer maturities

★ †

14

FINANCIAL TIMES

Tuesday 31 May 2016

BUSINESS LIFE

Leaders facing
change need to
be expert
ghostbusters

Andrew Hill
Onmanagement

Every organisation has ghosts. Not
shrieking spooks exactly, but the sort
of behavioural ectoplasm that clings to
companies long after change has
supposedly swept through. Spectres of
past successes haunt the board and
frighten investors, while staff in pursuit
of new goals have to wade through
psychomagnotheric slime to get there.
Ghost structures and habits are
particularly persistent at established

companies. Whoever takes over at
UniCredit will find some skeletons: the
Italian banking group, which just
started a search for a new chief
executive, goes back nearly six
centuries and so, probably, do some of
the ways it works. But newer groups
also need ghostbusters. Twitter, which
continues to tinker with its hierarchy
and misfiring, is a good example of a
company still spooked by the spirit
that first enlivened it. Exorcists should
always be on standby at start-ups,
where behaviour that seemed fresh in
the first phase of growth often reeks of
recklessness by the second or third
round of funding.
Two big problems stand in the way of
ghostfinders-general. As leaders of the
organisation, they were often the
champions of the type of behaviour
that now holds it back. “We’re asking
them to change the things that got
them there in the first place,” says
Jonathan Trevor of Oxford’s Saïd
Business School.
The second related problem is that
outmoded habits are often the same
ones that knitted the old organisation
together. These informal frameworks

are sometimes referred to as “truces” —

uneasy coalitions between feuding
factions, based on embedded routines.
End the truce and you end the fragile
peace.
“Habits become institutionalised: a
set of routines, procedures and rules
which define us and give us identity,”
Sir Anthony Salz wrote in his 2013
report into how Barclays’ business
practices went bad. “Everyone defends
their identity.”
You do not have to look far to detect
phantoms. In the newspaper business,
for all our headline devotion to
digitalisation, we cling to the old jargon
(sections, pages), defer to old titles,
and show a near-pagan devotion to the
old print day. There is no real reason
why, as a columnist, I should be at my
desk as the first edition print deadline
nears, but here I almost always am.
Pressing technological change makes
it even more urgent to know how to
end the haunting. A pre-internet
episode from Citigroup’s history shows
how. When John Reed, then chief
executive of the banking group, sought
to tackle a crisis in commercial real

estate that took the company to the
brink of collapse, he needed several
goes to make the changes that saved it.
Despite the depth of the problem,
mere exhortation did not work. He had
to break the structure — by getting rid
of the three executives who oversaw
fiefdoms outside his control — and
destroy ingrained bad habits.
To cut costs, for instance, he
scrapped bonuses, but also forbade
staff from using cover sheets on faxes
(this was the early 1990s, remember),
told them to take taxis not limousines,

‘

Outmoded
habits are
often the
same ones
that knitted
the old
company
together

’

and started charging for canteen meals.
The signal was clear. As he put it in a

private memo: “Much of this waste is
habit. A style issue of ‘how we have
grown to run the place’ . . . We need
the courage to change our ways and
embrace them.”
Mr Reed opened his private
correspondence to Sarah Kaplan of
Toronto’s Rotman management school
for a recent study. She says another
important way to kill off zombie habits
is to adjust internal incentives.
The amount people are paid sends
one signal. At Barclays, the Salz review
found that “pay contributed
significantly to a sense among a few
[investment bankers] that they were
somehow unaffected by the ordinary
rules”. More important, though, is to
change the stimuli that affect
behaviour. At Citi, Prof Kaplan writes,
a new system of monthly meetings of
the CEO, the line managers and their
teams “created acute incentives” to
increase sales and cut costs.
As Prof Trevor has written, whether
the strategy, purpose and structure of
companies are aligned often makes the
difference between a good organisation
and a bad one. Expunging phantasms is
essential, but not enough. Leaders also

need to make new truces, lest the dead
hand of past behaviour strangles new
ways of working.

Twitter: @andrewtghill
The writer is the author of a new book,
Leadership in the Headlines: Insider
Insights into How Leaders Lead.

R

Germany’s
migrants
Part of a series:
ft.com/world

related trades, building and servicing
houses for the new arrivals.
The sudden influx has also profited
Germany’s propertied classes. Owners
of warehouses, hangars, hotels, B & Bs
and hostels have quickly converted
them into shelters, as municipalities
across the country scramble to house
the huddled masses pitching up on their
doorstep.
The crisis has also spawned a whole
new subspecies of entrepreneur — the
shelter manager. Mr Kuhirt is one of
hundreds of businessmen who have

won contracts to run hostels. Berlin’s
city government pays Die AkzenteSozial €25 per refugee per day, which
works out at nearly €5m a year — a sizeable revenue stream for a small enterprise.
Yet it has its sights on a much bigger
prize. Mr Kuhirt is bidding for contracts
to run the modular housing complexes
and container villages now springing up
across Germany, as refugees are gradually moved out of their ad hoc shelters.
“From the start it was clear this could
turn into a serious business,” he says.
“The only question was whether it was
just shortlived or something that had
real long-term prospects.”
Mr Kuhirt is a relatively small player.
There are also big operators, such as
European Homecare, which houses
some 20,000 asylum-seekers in more
than 100 shelters across Germany. The
company’s revenues increased from
€17m in 2013 to €100m in 2015.
“We are the Aldi of the shelter operators,” says Klaus Kocks, a spokesperson.

Tech products that help you
get a good night’s sleep
CHARLES WALLACE

Poor sleep has been
attracting a lot of attention
lately. Not only does it affect
your cognitive performance

at work but chronic
insomnia has been linked in
some studies to type 2
diabetes and can affect your
performance in endurance
sports such as cycling.
While just about every
sports watch and wearable
can measure your basic
sleep duration by recording
arm movements, innovative
technology is being
produced that makes it
easier to figure out what
your specific sleep problems
are and help you get a good
night’s rest. Here are some
of the best.
ResMed S+ This device sits
on your nightstand and
records light, temperature
and sound to help pinpoint
whether an overheated
bedroom or a snoring
partner is waking you. It also
prompts you to write about
difficult events from your
day to help reduce stress
and plays sounds that sync
with your breathing, helping

you drift off.
I was surprised by the
detail that goes into the
resulting sleep report, which
can be printed and taken to
a doctor — and particularly
by the number of times I
wake during the night
without being aware of it.

Guy Chazan meets the
entrepreneurs turning
Germany’s refugee crisis
into a lucrative business
opportunity
aif Kuhirt’s mobile phone
buzzes with news: some of
his refugees have gone to
Berlin City Hall to protest
about the catering at his
shelter. He rolls his eyes.
“It’s always the same 10-15 people
who complain,” he says. “Most of the
others are grateful they have a roof over
their heads.”
Fielding such calls is now part of Mr
Kuhirt’s daily routine. His company, Die
Akzente-Sozial, runs three refugee shelters in Berlin: the converted gyms house
530 people from as far afield as Afghanistan and Eritrea.
Mr Kuhirt says he is a big fan of Chancellor Angela Merkel’s open-door refugee policy. “It’s become my business,” he

says. “I live from it, and so do all my
employees.”
The migrant crisis is the greatest challenge Germany has faced since reunification. Last year, more than a million
migrants entered the country, placing
an unprecedented strain on social services and on local authorities tasked with
housing, feeding and integrating them
into German society.
But for some, the crisis has been a
boon. The bill for looking after Germany’s refugees came to €20bn last
year, and much of that money is being
paid to private companies and individuals. Purveyors of bedding and tents are
doing a roaring trade, as are caterers,
and construction companies and

The fit executive

Migrants bring in profitable
new era for shelter providers
Crisis creates
demand, says
Raif Kuhirt,
pictured here
talking to
refugees in one
of the three
shelters he runs
in Berlin
Jan Zappner

€25

Amount that Raif
Kuhirt’s AkzenteSozial receives per
refugee housed from
Berlin’s government

€5m
Estimated revenue
stream for the
company, which is a
relatively small
player in the market

“You can make good money from this,
but only if you do it on an industrial
scale.”
But some politicians think commercial companies should not be operating
hostels, a job best left to charities and
non-profit organisations such as the Red
Cross.
Fabio Reinhardt, a member of Berlin’s
parliamentary assembly from the alternative Pirate Party, says the city government has dished out contracts to “property speculators who have no experience of handling refugees”.
In the summer of 2015, the city government began seeking out property
developers with large empty buildings
and handed them contracts to operate
them as emergency shelters.
Big Berlin companies like PeWoBe,
which already had experience housing
refugees from the Yugoslav wars of the
early 1990s and ethnic German
migrants from the former Soviet Union,

quickly stepped in.
But the contracts have come under
intense scrutiny in recent months:
many of them were awarded without
public tenders. Berlin’s social affairs
ministry, known as LaGeSo, said it was
“inadvisable” to carry out tenders for
“emergency accommodation”: the main
priority was ensuring people had a roof
over their heads.
That excuse has failed to convince
critics. A recent report by the Berlin
Audit Office, an official watchdog, into
LaGeSo described the way it handled
contracts for refugee accommodation as
“unlawful”. “Shelters are put into operation before the contractual negotiations
are concluded and the price for accommodation has been agreed,” it said.
Deals were often clinched with a handshake, rather than a written contract.
Earlier this year one of LaGeSo’s officials was arrested on suspicion of taking

bribes from a security company seeking
contracts to guard refugee shelters. During searches at the official’s flat, police
seized a car and €51,000 in cash.
Meanwhile, questions have also been
raised about LaGeSo payments to private landlords to house asylum-seekers.
A recent investigation by ZDF, the German TV channel, found the city was
paying one owner €5,200 a month for a
three-room flat occupied by a Syrian
family, in an area where the average rent
was €1,000. Meanwhile, one hotelier

was receiving €200 a night for a room

Emergency cover
Juergen Wowra is one of many
businessmen for whom the refugee
crisis has created opportunities.
His small company Paranet has
made huge inflatable air domes
since 1997, mainly used as logistics
warehouses, or to cover open-air
swimming pools and tennis courts.
But in 2013 the company was
approached by the Berlin city
government to build a refuge for
homeless people during an
unusually cold winter. The following
year Berlin ordered an emergency
shelter for refugees. Soon, orders
came in from across Germany.
The company has so far built 35
domes for more than 10,000
refugees. Prices range from
€180,000 to €2m: caretakers,
security, catering, cleaning,
bedding, chairs and tables, lighting
and power are all provided by
Paranet. Mr Wowra says Paranet
revenues tripled to €6.2m in 2015
compared with the previous year,
and are expected to more than

triple this year, to €22m.

occupied by a family of five. The normal
tourist room rate was €75 a night.
Mr Kuhirt’s career in the shelter management business began last summer
when he received a call from LaGeSo.
Officials said they had requisitioned a
gym in one of Berlin’s central districts
and asked if he would take it on. Before
the day was out they had offered him a
second one. He says he still has no official contract with the city.
Within four hours, he and his team
had converted the first gym into emergency accommodation, helped by an
army of local volunteers, and the first
residents had moved in. Within days,
security personnel had been hired and a
management team installed.
Conditions are spartan: the place feels
like a refugee encampment, with mainly
young men lying on bunk beds separated by improvised screens covered
with sheets. “It’s still just a gym, not a
dorm or a hostel,” Mr Kuhirt admits.
“There’s little privacy: people are never
alone.” He tries to keep the noise level
down at night by switching off the WiFi.
Social workers and counsellors are on
hand to deal with those residents suffering from the after-effects of war and
civil strife. Mr Kuhirt recently watched
a group of children at the gym playing
with clay: one of them made a small dinghy, packed with people. “I got goose

bumps,” he says.
Some critics say anyone trying to
profit from a humanitarian crisis is
immoral. It’s an argument Mr Kuhirt
rejects. “No one goes into this line of
work to make loads of money,” he says.
“Margins are very tight.”
But this is an industry with a secure
future. “In the next 5-10 years there are
bound to be more refugee inflows,” he
says. “There are always crises in the
world, so this business will always be in
demand.”

Withings Aura This
intelligent bedside clock,
designed to look a bit like an
old steamship funnel,
connects to a long pad
placed under the mattress
to measure sleep patterns.
At night it bathes you in red
light and plays soothing
sounds or your own Spotify
playlist to help you drift off
(“Stairway to Heaven” is not
recommended).
It rouses you with blue
light and gentle music when
you are in a light sleep

phase, making the waking
process less jarring.
Night-time restlessness
and sleeplessness can often
stem from underlying

anxiety or stress, which no
wearable device can yet
eliminate. But there are a
couple of tech products that
can help and may be worth
trying:
Headspace.com This
smartphone app (paid by
subscription, but there is a
free 10-day trial) is a
beginner’s guide to
mindfulness meditation.
After the explanatory
opening sessions, there are
special practices to help
reduce anxiety and improve
sleep. While you could find
the same information in a
book, hearing Headspace
founder Andy Puddicombe’s
thorough explanations can
really help still a racing
mind.
Fisher-Wallace Stimulator

For hardcore insomniacs,
this is a more expensive,
drug-free way to try to
address any anxiety and
depression that may be
keeping you awake. The
device uses cranial-electrical
stimulation, a tiny current
that passes between two
electrodes that you place on
your head twice a day.
It looks ridiculous while
you wear it and takes about
two weeks to start having an
effect, but this FDA-cleared
device is based on Russian
research into “electrosleep”.
There have been several
research studies showing
that the current is safe and
effective for insomnia. If you
have regular insomnia, this
may be worth trying.
Acoustic Sheep
SleepPhones This cloth
band fits snugly around your
head and contains two tiny
speakers connected by
Bluetooth to your
smartphone or music player.

Put your head on the pillow
without the discomfort of
ungainly headphones, and
let Ralph Vaughan Williams’
“Serenade to Music” (or
“Stairway to Heaven” if you
must) help you to nod off.


Great place to meet

Zum Schwarzen Kameel

Philipp Horak

Where Bognergasse 5, 1010 Vienna
WiFi Yes / Plug sockets: No (phones can be charged at the counter)
Espresso €2.40 Privacy AAEEE

Austria has a claim to being
one of the world’s most
underrated wine-producing
countries, three decades
after the discovery that
some of its producers were
adulterating their wine with
an active ingredient of
antifreeze. The haul back to
respectability has been a
long one, but the country is

becoming known once more
for its excellent wines.
There are few better
places to enjoy a glass in
central Vienna than the bar
of Zum Schwarzen Kameel, a
short walk from the
imposing Hofburg palace
complex.
It is a Vienna institution,
dating back to 1618, when it
opened as a shop selling
exotic foods and spices,
hence its evocative name,
“At the Black Camel”. Its art
nouveau look is more recent,

following a 1901 makeover.
The bar at the front
bustles with a mixture of
suits, tourists, and regulars
enjoying wine, Illy coffee
from Trieste and classic
Viennese open sandwiches
made to recipes devised 50
years ago by the current
owner’s mother. Heartier
dishes are also available.
Most of the bar is open,
with drinkers and diners

sharing high counters,
making for a convivial
atmosphere, though the few
small booths are best suited
to more intimate
discussions. It is located
close to the offices of
several of the international
organisations that cluster in
Vienna, as well as
Parliament and the stock
exchange.
Andrew MacDowall


15

FINANCIAL TIMES

Tuesday 31 May 2016

ARTS

Tough love from a formidable pair of painters
the dustbin, with nothing in between”.
But Bacon is never simple. He also
admitted that his crucifixion compositions — the ghostly silver 1933 “Crucifixion” and “Three Studies for Figures at
the Base of a Crucifixion” (1944)
launched his oeuvre and open this exhibition — were “nearer to a self-portrait”.
The art-historical motifs, the twisted,

sprawling figures who howl, wrestle,
suffer, die, in the triptychs, transform
autobiographical experience — savage
beatings by his father, masochistic relationships with lovers Peter Lacy and
George Dyer, their lonely deaths — into
modern myths of alienation and futility.
A standout loan from the Hirshhorn in
Washington DC is “Triptych Inspired by
T.S. Eliot’s ‘Sweeney Agonistes’”, in
which battered dissolving bodies condense nihilism into vast sweeping formal rhythms, as Eliot did.

Tate Liverpool’s double bill of
Bacon and Lassnig is ‘a stroke
of curatorial inspiration’,
writes Jackie Wullschlager

T

he only reality is pain”:
Kafka’s summing up is
quoted by Maria Lassnig in
her writings on her own art,
and it informs all Francis
Bacon’s work. What a stroke of curatorial inspiration at Tate Liverpool to
show these painters together, in impressive solo presentations, independent yet
sparking myriad connections.
Bacon and Lassnig, born within a decade of each other — 1909, 1919 — fought
the same battles: to paint figuratively
during the heydays of abstraction and
pop, and to convey the anguish of the

human condition when irony and
conceptualgamesheldsway.Bothstaged
the figure in artificial space, both set out
totranslatebodilysensationsintopaint.
But on other fundamentals facing
mid-20th century painters — the uses of
photography, expression of self — they
were polarised. Tate’s juxtaposition sensitively unravels opposing strategies
and possibilities.
Lassnig’s is straightforwardly an art of
autobiography. Her most famous painting is the confrontational, bald, wrinkled, naked old-age self-portrait “You or
Me”, in which she holds two guns, one
pointing at her own head, the other at
the viewer. It says that her relationship
with the outside world is so troubled
that to express herself in paint was a
matter of survival.
Liverpool opens with the large-scale
1960s “Harlequin Self-portrait” and
“Figure with Blue Throat”, evocations of
Lassnig’s cropped body set down in economical, fluid, ravishingly coloured
painterly lines, with the white canvas as
torso. They take their stance from art
informel and are about subjectivity,
boundaries between self and exterior.
The show closes with blisteringly frank
self-depictions of extreme frailty: sagging body fragmented and doubled on
an institutional bed in “Hospital”
(2005), the defiant “Self-portrait with
Brush” (2010-13) where the left arm

Body shock:
‘Double Selfportrait with
Camera’ (1974)
by Maria
Lassnig.
Right: ‘After
Muybridge:
Woman
Emptying a
Bowl of Water
and Paralytic
Child on All
Fours’ (1965) by
Francis Bacon
DACS

and hand wielding the brush are incomplete because at the age of 94 Lassnig
could barely hold it.
An urgent yet loose, sensual handling,
and a Fauvish palette of heightened
flesh tones from rose to crimson, occasional brilliant yellow or bright blue
grounds, interspersed sometimes with
toxic greens or sickly yellows, lasted her
life. She could be witty, as in her selfportrait “Lady with a Brain”, in which
her brain is placed outside her head as a
difficult appendage, or sarcastic, as in
“Kitchen Bride”, which depicts a cheese
grater bowing in deference. But always
the drive was to depict what the body

feels like within.
A space-age techno-nun enclosed in a
plastic veil, Lassnig suffocates in “Selfportrait under Plastic”. Blind with

domestic rage, mouth shrieking, she
turns a cooking pot into a blindfold in
“Self-portrait with Saucepan”. “Pink
Electricity” is orgasmic, torso and upper
legs abstracted into luminous pulsating
pink waves.
So intensely does paint represent feeling here that you understand why Lassnig rejects photography as a mechanical
intrusion into what painting does. “Double Self-Portrait with Camera” shows
Lassnig as the camera would render her
(banal, moderate) and as she feels: a
monstrous, squat, depressed figure.
Repeatedly she draws attention to her
medium. In “Inside and Outside the
Canvas” a figure has climbed through
the canvas and wears it like a dress. In
“Self-portrait with Stick” an enormous
brush or crayon merges with her body,

Satisfying sandwich of Apaches and Edwardians
DANCE

Royal Ballet Triple Bill
Royal Opera House, London

aaaae

Louise Levene
Larousses at the ready for the latest
Wayne McGregor ballet, Obsidian Tear,
which had its world premiere at Covent
Garden on Saturday in a strong, wellbalanced trio of old, new and borrowed
choreography.
The title refers to nodules of volcanic
glass which in Native American legend

are the petrified tears shed by the
Apache tribe after their doomed army
galloped over a cliff. McGregor does not
attempt to dance this story but he
retains the sense of tribal ritual and the
climactic death plunge motif which
gives the action a spurious but not
unsatisfying structure.
The production is relatively spare,
with two strips of orange light marking
the front and back of the stage and the
usual lighting masterclass from Lucy
Carter. The nine male dancers are clad
in voguish kilts and divided skirts by a
fashionista who “curated a collection of
pieces” (frockspeak for “bought some
clothes”) but any catwalk vibe is dis-

Royal Ballet performs Wheeldon’s ‘Within the Golden Hour’ — Bill Cooper

while behind, on a canvas-within-acanvas, is a portrait of Lassnig’s elderly

mother, whose hands project into the
picture’s “real” space, resting on Lassnig’s shoulder: a psychodrama of control and liberation, artifice and emotion.
Little known outside her native Austria until her last decade (she died in
2014 at the age of 95), Lassnig is the revelation of this double bill. Her art does
not dwindle before the power of Francis
Bacon, the greatest postwar figurative
painter, because it is so subjective, even
narcissistic, that it demands to be taken
only on its own terms.
Bacon demands the opposite. “The
very great artists were not trying to
express themselves. They were trying to
trap the fact,” he said. Aping Velázquez’s
sumptuous surfaces and grandeur of
composition in the velvety purple 1950s
popes in “Figure Sitting” and “Study for
a Portrait”, or throwing in filmic and
photographic sources — in the wildly
cruel “After Muybridge: Woman
Emptying a Bowl of Water and Paralytic
Child on All Fours” — he went for
timelessness: pictures that would end
up in “either the National Gallery or

T

hat triptych also starred at
Tate’s Britain’s massive
2008 retrospective. Liverpool’s show, the largest
devoted to Bacon in the

north of England, feels like a scaleddown version of that exhibition, with a
welcome stronger focus on the earlier
period: Bacon’s greatest. Collaborating
with Stuttgart’s Staatsgalerie, Liverpool
has garnered stellar German-owned
works: Düsseldorf’s caged “Man in Blue
V”,Stuttgart’s“Chimpanzee”,eerilyclose
to Bacon’s bestialised human forms,
Frankfurt’s silky screaming “Nurse from
the Battleship Potemkin”, Berlin’s awkwardsexy“PortraitofIsabelRawsthorne
StandinginaStreetinSoho”.
The show’s subtitle, Invisible Rooms,
proposes a theme about trapping the
image in a space frame, but since Bacon
placed almost all his figures in such
transparent cages, this offers no fresh
illumination. Bacon insisted his reasons
were formal, which renders Tate’s
attempt to organise by content (Cage,
Arena, Body/Sculpture) irrelevant.
It doesn’t matter: Bacon is Bacon, his
nightmarish claustrophobic vision magnificently offset here by the open views
of the Mersey in the most compelling
and beautifully hung show I have seen at
Tate Liverpool.
To September 18, tate.org.uk

Trading Directory

pelled by the sheer power of McGregor’s

inspired choice of music: Esa-Pekka
Salonen’s violin chaconne Lachen
Verlernt and his symphonic poem Nyx.
The composer himself was in the pit.
McGregor is not an especially musical
dancemaker but the frantic strings,
jazzy brass, doomy kettledrums and
almost pastoral woodwind of Nyx colour
and dramatise the movement so that
even the more generic McGregorisms
seem new-minted. Ensembles become
gangs, duets are infused with emotional
powerplay, every kick is a gesture of
anger or despair.
The programme ended with Christopher Wheeldon’s joyously inventive
Within the Golden Hour but the meat in
the evening’s sandwich was a longoverdue revival of Kenneth MacMillan’s
1960 The Invitation. Zenaida Yanowsky
and Gary Avis make complete emotional sense of the loveless Edwardian
couple who seduce a pair of adolescent
cousins. Francesca Hayward is pitch
perfect as the flirtatious innocent whose
come-hither looks over her shoulder in
arabesque are all the invitation her rapist needs. During the nightmarish
assault Hayward’s tiny body becomes a
rag doll in Avis’s hands as he swings her
around his hips to the insistent blare of
Mátyás Seiber’s brasslike car horns
sounding their warning too late.
To June 11, roh.org.uk

TODAY’S TELEVISION & RADIO
TELEVISION
After a Beethoven-filled weekend,
Revolution and Romance (BBC4 9pm)
gives an overlap with Vienna, French
revolutionaries, Napoleon, the middle
classes and musicians inevitably
compared with rock stars (“Very Keith
Richards!” beams presenter Suzy Klein
of violinist Jack Liebeck).
The Brno Philharmonic provides
orchestral illustrations while Klein,
whose devotion to ordinariness tips
over into the banal, whisks us through
the Romantics and the idolisation of
composer and performer. We get the
arch-creators like Berlioz (“sex-crazed,
drug-filled musings about me-me-me”)
and superstar composer-performers like
Liszt (“I should have brought my
earplugs,” Klein prettily compliments
the pianist Daniel Grimwood). Yet

Klein does convey the excitement
of times when social and political
upheavals were reflected in the arts.
FILM
Sky Select’s all-day Clint Eastwood
birthday tribute starts with the chilling

Play Misty for Me (7.30am), a reminder
of how many actually very good films
he’s made. The spaghetti Westerns and
Million Dollar Baby (9pm) are here too,
as well as the underrated, haunting
Thunderbolt and Lightfoot (1.35am).

Make my day: Sky Select celebrates
Clint Eastwood’s 86th birthday

RADIO
Radio 4’s new series of My Teenage
Diary (6.30pm) starts with Robert
Peston, whose economics expertise,
idiosyncratic delivery and autonomous
hair the BBC lost to ITV.
Martin Hoyle

Trading Directory

Trading Directory
Runs Daily

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UK: +44 20 7873 4000 | Email:


FINANCIAL TIMES

★

16

Tuesday 31 May 2016

Not coming unstuck
Henkel's shares have outperformed both consumer goods
and chemicals indices. Although its sales and margins have
grown, the basic shape of the company has not changed
Twitter: @FTLex Email:

Total returns

Henkel’s main business areas

Rebased
350

A higher multiple implies that the
resulting earnings boost will flow
through more sharply to Wells’ share
price. That is a very real benefit of a
boring approach to the business.

Wells Fargo:
keeping it real
John Stumpf, chief executive of
Wells Fargo, says his bank serves the

“real economy”. That formulation is a
precise if subtle dig at its New Yorkbased rivals whose profitability lives
(and, of late, dies) by the alchemy of
trading stocks and bonds.
Wells, by contrast, emphasises its
deposit base ($1.1tn), loan book
($900bn) and number of branches
(6,000). Since the financial crisis, the
institution, with key outposts in San
Francisco and Charlotte, has steadily
thrived through its real, if boring,
business model. Its shares trade at a
premium to book value and its return
on equity has consistently exceeded the
magical 10 per cent threshold. None of
those highfalutin investment banks can
match that. But boring may not be best
in the eyes of investors. Wells shares are
off a tenth in the past year.
At its biennial investor day last week,
Wells lowered some of its key financial
return targets for the next two years.
Return on assets falls to an average of
1.25 per cent from 1.45 per cent,
correspondingly lowering its return on
equity a percentage point to 12.5 per
cent (the bridge from one to the other
is financial leverage, which
arithmetically, should fall slightly).
Wells’ business might be yawninducing but it is still massive and

hence subject to heightened regulation.
It attributed the lower forecast returns,
in part, to the additional liquidity its
overseers now require. Other factors
include higher provisions for bad loans
and slim net interest margins.
The bank has been asked whether it
has plans to expand into Europe, or
delve into the Wall Street casino
banking that it has mostly eschewed, in
order to boost its growth rate. It does
not; it is content to remain focused on
consumer banking (current accounts,
mortgages, car loans and money
management) as well as corporate
loans (it bought $24bn from GE Capital
this year).
Dull it may be but that strategy looks
right. Trying to increase absolute
earnings by moving into riskier
businesses would be a peculiar pivot
that could imperil the valuation
advantage it has earned. Interest rates
look like they might rise faster than
expected a few months ago.

Henkel

12
200

Investment post-Brexit:
some dismal science

1030

HIGH

2008 09

10

11

12

13

10

18

17

HIGH

19

22

2
25

31
1010
Wind speeds in

Wind speed in MPH at 12 BST
Temperatures max for day˚C

Sun
Fair
Sun
Rain
Fair
Fair
Fair
Sun

40 104 Belgrade
Sun
23 73 Berlin
Thunder
32 90 Brussels
Cloudy
17 63 Budapest
Sun
34 93 Buenos Aires Cloudy
23 73 Cardiff
Fair

28 82 Chicago
Fair
20 68 Cologne
Cloudy

27
27
19
26
14
22
29
21

81
81
66
79
57
72
84
70

Not every Silicon Valley company with
rich intellectual property bothers to
defend it. Altruistic, perhaps, but it is
also a recipe for an activist attack.
Unprotected IP is money on the table.
Qualcomm, the mobile chipmaker,
faced activist questions last year. Jana

Partners argued that the company
should consider spinning off its highermargin licensing division. But the Jana
idea, which was ultimately rejected,
only came about because Qualcomm is

2

LOW

9

PH

Sun
Sun
Sun
Sun
Fair
Fair
Shower
Sun

25
77 Hamburg
40 104 Helsinki
39 102 Hong Kong
20 68 Istanbul
19 66 Jersey
22 72 Lisbon
16

61 London
22 72 Los Angeles

Thunder
Sun
Fair
Sun
Shower
Sun
Rain
Fair

24
25
32
28
17
25
15
21

75
77
90
82
63
77
59
70

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

Rain

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

14 57
17 63

24 75
18 64
31 88
21 70
23 73
22 72
34 93
21 70
28 82
23 73
16 61
21 70
11 52
26 79
23 73
22 72
25 77
21 70
17 63
26 79
26 79
20 68
24 75
26 79
29 84
18 64

CROSSWORD
No. 15,254 Set by DANTE



























































JOTTER PAD

12

13

14

15

clear of courts and licensing despite
being almost half a century old.
There may be good reasons for
inaction, beyond friendliness or
indolence. Companies can be reluctant
to sue their own customers, for
example. But spinning off intellectual
property into a separate company can
work in some instances. The entities so
created would be freer to monetise the
technology — licensing it and suing
infringers. As tech companies mature,
they need to profit from their earlier
innovation. Nortel Networks spun off
its patents into a new vehicle;
unfortunately only after it entered
bankruptcy. AOL, under fire from
activists, sold a patent portfolio to
Microsoft in 2012. Less challenged
companies might be forced to look at
similar structures in future.

3

Copenhagen
Delhi
Dubai
Dublin
Edinburgh
Frankfurt
Geneva
Glasgow

11

already assertive, supplying the fruits
of its research and development to
other companies and demanding fat
royalties in return. Oracle, which last
week lost a court battle with Google,
also took an aggressive tack, accusing
the search giant of violating its
copyright to develop the Android
operating system. Oracle’s defeat was
applauded by software geeks prizing
openness. But Oracle’s shareholders
could have been $9bn better off.
Google itself is not known for its
proactivity. It has sued only twice over
patents — BT in 2013 and SimpleAir
this week — but both were retaliatory.
By contrast, since 2010 Microsoft has

sued 13 times over patents and brought
191 copyright cases, according to data
from Lex Machina. Google can point to
its relative youth but Intel also stays

Today’s temperatures
Abu Dhabi
Amsterdam
Athens
B’ham
Bangkok
Barcelona
Beijing
Belfast

10

production end and less will emerge as
an investment return. Grim premises
generally beget grim conclusions.

1010

6

09

by 2018, Liberum thinks it will have
net cash of almost €4.5bn. Personal
care products offset the inherent

cyclicality of industrial glues. But
they tend to be keenly fought over.
The P&G brands fetched about twice
their annual sales. Even Vogue,
whose $2.5bn revenues are much
smaller, is attracting bids from large
consumer products groups. There is
possibly less competition for
household products, such as washing
powders and detergents.
Henkel has been a disciplined
acquirer in the past. And if Mr Van
Bylen needed a warning about the
dangers of overpaying or lurching in
an unexpected strategic direction, he
needs only look at the investor
criticism directed at Mr Baumann.

4

24

0
2008

This time last year, Henkel missed
out on an acquisition that would have
changed this: a portfolio of P&G’s
haircare brands that went instead to
Coty for $12.5bn. That deal might also

have helped Henkel achieve its sales
target of €20bn by 2016, a goal that has
since been, in effect, abandoned. The
company now prefers to talk about
achieving a compound-average rate of
earnings growth instead.
It has not given up on acquisitions,
and is reportedly bidding on haircare
assets again. The target is Vogue
International, owner of OGX shampoos
and FX styling products. Vogue
represents a useful test case for Mr Van
Bylen. One of his main strategic
challenges will be to find uses for
Henkel’s growing financial firepower —

1

18

15 16

Bayer’s Werner Baumann was not the
only chief executive to take up his post
at the start of this month. On the same
day that Mr Baumann moved into the
top office in Leverkusen, Hans van
Bylen was tucking his feet under the
desk at Henkel’s Düsseldorf
headquarters. He too is a company

veteran and is also likely to be
contemplating acquisitions to help
drive growth — but perhaps not on the
scale of Bayer’s $62bn Monsanto bid.
Under Kasper Rorsted, Mr Van
Bylen’s predecessor, Henkel steadily
increased sales and improved
margins but did not fundamentally
change its shape. Its mix of revenues
— from adhesives to personal care
and household products — is broadly
the same now as it was in 2008.

Intellectual property:
patently obvious

16

17

14

Sources: Thomson Reuters Datastream; S&P Capital IQ

23

LOW

4
2

1010

2

6

50

12

1010

8

100

25

1

10

150

1020

26

1

17

14

EuroStoxx Consumer Goods

The hobgoblins summoned in Treasury
warnings about Brexit seem oddly
two-faced. House prices will fall! Bond
yields will shoot up! The pound will
drop! To which its antagonists reply
with a clever-clever smile: that is just
what we want. Cheaper property,
decent returns for savers and a
competitive currency.
Alas, this is too clever by half. Never
reason (purely) from a price change
but look to what made the price move.
Is a drop in the apple price good news?
Yes, if caused by a bumper crop of
Braeburns. No, if by a scare linking
apple consumption to throat cancer.
To the Treasury analysis, which is
premised upon GDP falling should
Britain leave the EU. The “shock”
scenario envisages GDP 3.6 per cent
lower than otherwise. This means
lower incomes, hence less demand for
housing. Increased risk premiums push

bond yields up about 40 bps. Sterling
would fall — a currency is a claim on
what a country can produce and reacts
poorly to higher risk premiums as well.
Scrambling for a silver lining, some
may suppose pensioners will benefit
from higher yields; higher rates
discount pension liabilities by more,
making it more likely that schemes
remain solvent. Again, it is more
complex than that. Prospective higher
yields are fine if supported by
increased investment incomes, less so
when they are needed as compensation
for a bump in inflation and greater
financial risk. The billions invested in
pension funds will certainly fall in
value. Future buyers of these assets
might welcome this but bear in mind
that these future buyers may also have
lower real incomes from which to save.
Look through all the causal spaghetti
to the start and end points. Investors
are ultimately paid out of a country’s
economic product. In between lies a
hodge-podge of mechanisms: assets,
currencies, what various instruments
yield. But shove less in at the economic

18

16

250

Forecasts by

7

Operating margin (%)
Adhesives
Health & personal care

300

EuroStoxx Chemicals

HI

22

Sales (€bn)
Adhesives
Health & personal care

ACROSS
1 Naturally designed to be
removed (3,3)
4 Wrong time to stop working
(5,3)
9 Unuusual anger about a former

US president (6)
10 True mien of a rebel (8)
11 Not out of touch, but not to be
taken seriously (2,4)
12 Exquisite soup mixed with rice
(8)
13 I write a note showing anger (3)
14 Made a face before being taken
outside (6)
17 Desperate doctor takes wine
cold (7)
21 Fake ring revealed by youth
leader (6)
25 Our first cardinal (3)
26 Rex inept, awkward and
unskilful (8)
27 Good centre to find wine in? (6)
28 Persistent roués let off (8)
29 Some variation in pocket money
(6)
30 No variety in the numbers
crawling (3,5)
31 Its disorder brings troubled
sleep to the north (6)

DOWN
1 Caller is redirected in city (8)
2 Vagrant in front gets trodden
on (8)
3 A French journalist covering a

sports’ club is being relentless
(8)
5 Art gallery for the blind (6)
6 Embrace large number left in
church (6)
7 Animal turns up to the French
company (6)
8 Bird disease affecting humans
(6)
12 A gift coppers dislike (7)
15 Dull, but not raining (3)
16 Go down for a swim (3)
18 Fast repeated punches (4-4)
19 Have effect that’s magical, if it’s
not way out (8)
20 Ornately turned out yodeller?
(8)
22 Opening secret codeword is rare
in operation (6)
23 Creature featured in pop song
(6)
24 Greek god’s head set in a ring
(6)
25 He’s happy to give people his
address (6)

Solution to Saturday’s prize puzzle on Saturday June 11
Solution to yesterday’s prize puzzle on Monday June 13
Winners’ names will be printed in Weekend FT

Noble Group:
trade-off
You can take the trader away from the
company but you cannot take the
company away from the trader. This
might be the tagline for Noble Group.
Yesterday, the commodities trader said
Yusuf Alireza, its chief executive, had
resigned. He will be replaced by Jeffrey
Frase and William Randall; his
departure is unlikely to change much
as long as chairman and founder
Richard Elman remains in charge.
There may be reasons for Mr Alireza
to go, not least his inability to produce
adequate disclosure to shareholders.
Last year, Noble poorly defended itself
against accusations it used accounting
methods that overstated near-term
profits. Despite attempts to improve
transparency, the market remains
unconvinced. This year, Noble stock
has fallen 25 per cent, even with a
rebound in commodity prices and a
profitable first quarter.
The accounting crisis distracted from
more sensible decisions. Mr Alireza has
undone purchases made after the 2007
crisis, with more than $5bn of asset
sales. A 2014 selldown of Noble Agri to

China’s Cofco left Noble with the
“strongest balance sheet” in its history.
That seems a long time ago now.
Standard & Poor’s has downgraded
Noble’s debt to junk status, citing its
volatile and opaque earnings. The
spread above US Libor for a mid-May
refinancing round was more than twice
as high as for similar debt priced last
year. Still, Fitch Ratings notes that as
Noble offloads assets (it said yesterday
it would sell Noble Americas Energy
Solutions) it should increase cheaper
short-term debt, offsetting higher
interest costs and leaving Noble’s
average cost of funds unchanged.
There are parallels with UK-listed
Glencore, a miner-cum-trader whose
shares collapsed last year on worries
about debt levels. It responded with a
clearly communicated plan to sell
assets and reduce borrowings. Its
shares are up 50 per cent this year.
Mr Elman and his new CEOs should
note: trading prowess is no substitute
for clear communication.
Lex on the web
For notes on today’s breaking
stories go to www.ft.com/lex

★

Tuesday 31 May 2016

17

Flight control How China is fuelling
competition in aircraft leasing — PAGE 18

Noble Group
to sell energy
arm as chief
Alireza quits

Distress signals Concerns mount over
peer-to-peer lending — PATRICK JENKINS, PAGE 18
Trust building Under-fire Alliance confirms
initial takeover approach from Rothschild’s RIT

Jennifer
Hughes

3 Sale of Americas business planned
3 Shares 2 cents above 13-year low
DAVID SHEPPARD AND NEIL HUME
LONDON
PETER WELLS — HONG KONG

Noble Group, the beleaguered commodities trader, announced the resignation

of Yusuf Alireza, its chief executive, yesterday and said it planned to sell Noble
Americas Energy Solutions, one of its
few remaining crown jewels.
Mr Alireza has presided over a difficult period for the Singapore-listed
commodities house — one of Asia’s largest by volume. Investors and analysts
have raised questions over its accounting practices and large debt pile, and
falling prices have knocked almost
90 per cent off Noble’s share price since
its 2011 peak.
The company said Mr Alireza, a
former Goldman Sachs banker, was
leaving for “family reasons”. But his
departure comes as it starts selling profitable operations to generate cash.
Noble has faced greater difficulty in
raising financing since the turn of the
year when its rating was cut to junk by
analysts who questioned its ability to
consistently generate cash and to return
to profitability.
Mr Alireza is to be replaced by two
company insiders, William Randall and
Jeff Frase, who will become joint chief
executives, the company said in a statement to the Singapore exchange. Mr
Randall is president of Noble and an
executive director. Mr Frase is a former
head oil trader at Goldman Sachs and
JPMorgan who has helped expand
Noble’s oil business in the Americas.
“Will Randall has been the golden child
in the castle for quite a while,” said a

banker who follows the company.
The planned sale of Naes — which sells
gas and power to customers in North

America — would mean the disposal of a
unit Mr Alireza viewed as core to Noble’s
ability to turn itself round. “Naes is the
jewelinthecrown,”saidanotherbanker.
“Management have suggested in the
past it is worth more than $1bn,” he
added, noting the unit was carried in the
company’s accounts at $300m-$400m.
“That’s a massive uplift. But can Noble
achieveafullprice?”
Noble said the Naes transaction was
“expected to generate both significant
cash proceeds and profits to substantially enhance the balance sheet”.
Founded by former scrap dealer Richard Elman 30 years ago, shares in Noble
fell 8 per cent yesterday to S$0.28, the
lowest since February and just 2 cents
above a 13-year low. The company
booked a $1.2bn writedown on longterm coal contracts in its 2015 annual
results as assessments of future energy
prices fell. That led to a $1.7bn net loss,
its first annual swing into the red in
more than two decades.
This month, Hong Kong-based Noble
secured a $1bn credit facility as part of
$3bn it raised to refinance debts due in
May. However, this was said by people

familiar with the deals to be $500m less
than it was seeking. It is also paying
higher interest than in previous years.
Iceberg Research, the firm that first
criticised Noble’s accounting, said the
switch at the top was long overdue.
Noble has denied any wrongdoing and
defended its accounting practice of
booking profits on long-term commodity contracts. In December Noble sold
the remaining 49 per cent stake in its
agricultural unit to Cofco, the Chinese
state-backed grain trader, for $750m.
See Lex page 16
Noble changes strategy page 19

Alliance Trust, one of
the UK’s oldest and
largest trusts, is
based in Dundee.
The 128-year-old
company has fought
off two attacks from
activist investors

Market value

£2.5bn
Jacob Rothschild
owns 18 per cent of
RIT Capital Partners,

which is based in
London’s Spencer
House

Market
arket vvalue
alue

£2.6bn

Any Bayer-Monsanto deal
to face regulatory scrutiny
Even if Bayer of Germany convinces
Monsanto to accept a deal, a merger
would face tough scrutiny from the US,
the EU and China. A tie-up would be
the third large deal to shake up the
agrochemicals sector since December,
raising competition concerns.
Analysis i PAGE 20

Zurich Insurance’s former chief executive Martin Senn has committed
suicide, less than six months after
stepping down and three years after
the group’s finance director also killed
himself.
Senn took his own life on Friday, the
Swiss insurer announced in a statement
yesterday. He was 59. “Our thoughts are
with his bereaved family and friends, to

whom we extend our deepest sympathies,” the company said.
Senn resigned in December after
coming under pressure over a failed bid
for RSA, the UK insurer, and a series of
problems in Zurich’s general insurance
division. He was replaced this year by

FT REPORTERS

Alliance Trust confirmed yesterday that it had received an
approach from the investment
trust of British financier Jacob
Rothschild about a takeover to
create a publicly listed company with a market value of
more than £5bn.
A takeover of Dundee-based
Alliance Trust, one of the UK’s
oldest and largest trusts, by RIT
Capital Partners, the 55-year-

old investment trust chaired by
Lord Rothschild, would end
years of speculation over Alliance, which has drawn criticism from US hedge fund Elliott
Advisors, which holds 16 per
cent of its shares.
In a statement, Alliance
Trust said RIT had approached
its board “with an informal proposal for a merger of the two
companies”, but added “no
detailed terms have been provided”. A deal would combine

two of the UK’s best-known
investment trusts, a type of
publicly listed closed-end fund
that dates back almost 150
years and allows investors to
avoid double taxation.
After protracted criticism
from Elliot, Alliance pushed
out then chief executive
Katherine Garrett-Cox in
March. Industry veteran Lord
Smith of Kelvin joined the
group as chairman in February.
In pursuit page 21

Mario Greco, former chief executive of
Italian rival Generali.
While Senn was Zurich’s chief executive, the company was hit by the suicide
of Pierre Wauthier, its finance director,
who was found dead in August 2013.
Wauthier had a series of disagreements
shortly before his death with then
Zurich chairman Josef Ackermann, who
stood down a few days later. Independent investigations later concluded that
there was no indication Wauthier had
been subjected to undue pressure by the
insurer’s leadership, including Mr Ackermann, and that there were no irregularities in its financial reporting.
Yesterday Zurich said that “out of
respect to Martin and to his family, we

will not be making any further com-

ment”. Senn committed suicide at his
holiday house in Klosters. He had
recently shown signs of depression and
had increasing difficulties adjusting to
life after his chief executive post,
according to one person who knew him.
Senn began his career in Swiss finance
as an 18-year-old apprentice at Swiss
Bank Corporation, which in 1998
became UBS. He joined Zurich from
Swiss Life in 2006, as chief investment
officer, and won plaudits for his cautious
handling of its $200bn investment portfolio. But as chief executive, Senn faced
a series of setbacks. In September he
was forced to abandon a planned £5.6bn
takeover of RSA after Zurich uncovered
costly problems in its own general insurance business.

Companies / Sectors / People
Companies

Credit Suisse.............................................20

Liberty Global............................................21

Three...............................................................21

Financial Services..............................18,21

Greco, Mario...............................................17

AerCap...........................................................18

Delta & Pine Land Company..........20

Lyft...................................................................21

Toyota.............................................................21

Financials..........................................18,19,20

Gulliver, Stuart.........................................20

Airbus.............................................................18

Delta Air Lines..........................................18

Monsanto....................................................20

Tui Group.......................................................6

Insurance.....................................................20

Kelly, Aengus.............................................18

Air France-KLM........................................18

Deutsche Bank.........................................20

Noble Group.....................................16,17,19

Twitter............................................................14

Oil & Gas.....................................................28

Malone, John..............................................21

Alliance Trust........................................17,21

Dow Chemical...........................................20

Oracle.............................................................16

Uber.................................................................21

Telecoms.......................................................21

McNamara, Steve.....................................21

Amazon...........................................................2

DuPont..........................................................20

Peugeot.........................................................21

UniCredit................................................14,20

Avolon............................................................18

Ford..................................................................21

People

Prosper..........................................................18

United Airlines..........................................18

BMW................................................................21

General Motors .......................................21

Alexander, Tom.........................................21

Qualcomm....................................................16

Volkswagen.................................................21

BOC Aviation.............................................18

Gett..................................................................21

Alireza, Yusuf.......................................16,19

RBS Aviation Capital.............................18

Wells Fargo.................................................16

Banco Popular..........................................20

Glencore..........................................................6

Álvarez-Pallete, José María...............21

RIT Capital Partners..............................21

Bank of China............................................18

Google............................................................16

Zopa................................................................18

Azevêdo, Roberto.....................................8

Saudi Aramco............................................28

Barclays........................................................20

HNA.................................................................18

Zurich Insurance......................................17

Baumann, Werner.............................16,20

Bayer..............................................................20

HSBC..............................................................20

Sectors

Carrión, Richard......................................20

Stumpf, John..............................................16

BlackRock.....................................................18

Henkel............................................................16

Elman, Richard.....................................16,19

Thiam, Tidjane.........................................20

Boeing............................................................18

Insight Investment.................................28

Stoneville Pedigreed Seed
Company......................................................20

Aerospace & Defence...........................18
Airlines...........................................................18

Elvidge, Tom...............................................21

Tomoyama, Shigeki................................21

Canaccord Genuity.................................21

International Airlines Group.............18

Syngenta......................................................20

Automobiles............................................2,21

Fankhauser, Peter.....................................6

Tyler, Tony...................................................18

ChemChina.................................................20

JPMorgan Chase......................................18

Tata Motors.................................................21

Banks.............................................................20

Flint, Douglas............................................20

Ulbricht, Ross William..........................20

Citigroup.......................................................14

Jaguar Land Rover.................................21

Telefónica.....................................................21

Chemicals....................................................20

Frase, Jeff.....................................................19

al-Falih, Khalid..........................................28

Create Research.......................................21

Lending Club.............................................18

Thomas Cook Group...............................6

Energy......................................................19,28

Garrett-Cox, Katherine.........................17

van Bylen, Hans.......................................16

© The Financial Times Limited 2016

Sky....................................................................21
Standard Chartered..............................20

Only in today’s market mood could the words “gradually”,
“cautiously” and “probably” be thought hawkish.
Janet Yellen’s USraterisehintson Friday were still enough
to weaken emerging market currencies in Asia yesterday.
Butlocalequitymarketsmanagedtoshrugthenewsaside.
Once again, comments by Federal Reserve officials highlight investors’ struggle to balance global macroeconomic
news with local conditions in emerging Asia.
Views on emerging markets still tend to be negative.
While currencies are bearing the brunt, analysts say they
find little interest in any bullish trading ideas and there are

periodicreportsofnetoutflowsfrombondandequityfunds.
If it is not the impact of weak commodity prices on
already-slowing economic growth, then it is the debt hangover that follows a multiyear credit binge. Net, EM Asia
actually gains from weaker commodity prices because,
Indonesia aside, it is an importer. Credit, meanwhile, is
more of a risk for both businesses and households in the
region following years of easy borrowing.
There is still a moderately bullish case to be made for
companies in EM Asia. Leverage is high but seems to have
peaked, margins are steadying and a decline in returns on
equity appears to have bottomed out, according to a study
by HSBC. Improvements to return on equity are, says the
bank, being held back by a regional tendency to hoard
cash, which now accounts for 18 per cent of total assets, up
from 12 per cent three years ago.
At least inefficient companies stuffed with cash are less
likely to default — and have easy room for improvement.
Earnings expectations for Asia are hardly excessive. After
years of forecasting growth per share of more than 10 per
cent and being disappointed, analysts are expecting growth
ofjust3percentinAsiaexcludingJapanforthisyear.
Last week global emerging markets began to outperform developed world equities in the year to date for the
first time in three months. Near-term performance will
continue to depend on the comments and actions of
Ms Yellen and the Fed. But borrowing the language of
Ms Yellen, investors should, gradually, and with caution of
course, consider the EM world more carefully. Probably
starting with Asia.

Getty Images; Dreamstime

Former Zurich chief Senn commits
suicide six months after departure
RALPH ATKINS — ZÜRICH

Short
View

Nauphal, Abdallah..................................28
Rajan, Amin.................................................21
Randall, William........................................19
Rothschild, Jacob...............................17,21
Senn, Martin...............................................17
Smith, Robert.............................................21
Speth, Ralf...................................................21

Week 22

Asia loses ground v dollar
% change over previous month
Philippine peso
0.26
Hong Kong dollar
-0.15
Taiwanese dollar
-1.09
Indian rupee
-1.47
Offshore Chinese renminbi
-1.54

Chinese renminbi
-1.58
Thai baht
-2.38
Singapore dollar
-2.76
Indonesian rupiah
-3.25
Japanese yen
-4.37
South Korean won -4.39
Malaysian ringgit -5.17
Source: Bloomberg



Janet Yellen’s US
rate rise hints on
Friday were
enough to further
weaken emerging
market currencies


★

18

FINANCIAL TIMES

Tuesday 31 May 2016

COMPANIES
INSIDE BUSINESS

Financials

Low volatility fund inflows top $10bn
Pair of BlackRock ETFs
account for more than
half total raised this year
STEPHEN FOLEY — NEW YORK

Equity funds that promise to shield
investors from market volatility
attracted inflows for the 11th straight
month in May, making them a marketing success story for the asset management industry but triggering warnings
that they might not behave as expected
in a market downturn.
More than $10bn has flowed into USlisted “low vol” funds this year so far,
more than the total for the whole of
2015, with two BlackRock exchange
traded funds accounting for more than

half of the total raised. These and similar funds say they have picked stocks
that will fall less steeply than the market
in a downturn and go up less than the
market during a bull run.
However, some investors expressed
concern that their newfound size

could change the behaviour of the
underlying stocks.
“Low volatility stock funds are probably the most dangerous thing out there”,
Jeffrey Gundlach, founder of DoubleLine, the Los Angeles asset manager, said.
“The big problem in markets is always
the same; not things that are known to
be risky but things that are thought to be
safe that turn out to be risky. People that
own them think they don’t go down. It’s
when you think it’s safe and it starts
going down that you get mass selling.”

‘The times
when these
strategies
perform
worst is
when it’s
peace, man
everywhere’

The research group Morningstar classifies 25 ETFs as low volatility funds,
with $35bn in assets at the end of April,
$9.8bn of which had been invested in the
first four months of the year.
The pace of inflows picked up sharply
in February, after stock markets gyrated
with fears of a global recession.
Money has kept being added,
even though the Vix index of market

volatility has fallen back close to a oneyear low.
The six largest low vol ETFs alone had
further inflows of $1.6bn in May.
The $13.1bn iShares Edge MSCI minimum volatility USA fund from BlackRock, which has doubled in size in the
past 12 months, has had inflows on all
but three days so far this year.
A $7.1bn sister fund that runs a mini-

mum-volatility portfolio of non-US
stocks has had inflows on every day but
one this year.
Andrew Ang, head of factor investing
strategies at BlackRock, said savers in
low vol funds were less likely to sell in a
panic if their fund was insulated from
the worst of a market swoon, and he predicted that demand for low vol funds
would remain robust as long as the
world remained uncertain.
He said: “The times when minimum
volatility strategies perform the worst is
when there is no risk of Britain leaving
the EU, no refugee crisis in Europe,
Greece is all good, there is no Isis,
no al-Qaeda, oil is back to $50 or $60,
China is growing at double digits
again, and it is the 1970s ‘peace, man’
everywhere.”

Aerospace & defence. Growing rivalry

Air leasing industry watches float’s flight path
BOC Aviation’s peers see
value in larger public equity
pool as fleet expands
PEGGY HOLLINGER — INDUSTRY EDITOR

When shares in BOC Aviation begin
trading tomorrow morning it will not
just be investors and the aircraft lessor’s
parent, Bank of China, that feel a frisson
of nervousness. Rivals in the leasing
industry will be hoping for a strong start
to BOC’s life as a listed company, and
Hong Kong’s first publicly traded lessor.
“It is good that there are more public
leasing companies,” says Aengus Kelly,
chief executive of AerCap, one of the
world’s biggest lessors of passenger aircraft. “I don’t think there are enough
companies of scale to cope with demand
for product.”
BOC’s smaller, Dublin-based rival,
Avolon, is equally enthusiastic about
the Bank of China’s decision to sell a 34.5
per cent stake in its Singapore-based
lessor. “There is value in having an
expanding public equity market,” says
John Higgins, Avolon’s chief commercial
officer. “There is $100bn in new aircraft
to deliver every year, so the more capital
the better. It opens a new equity market

of scale and that is a good thing.”
Flightglobal, the aviation news and
consultancy group, predicts the world’s
commercial aircraft fleet will increase
by 82 per cent to 48,760 aircraft in 2034
including nearly 41,000 passenger jets.
Roughly 40 per cent of the fleet is
expected to be operating in Asia-Pacific
and China, where traffic is growing by 5
per cent and 8 per cent respectively.
Lessors are crucial to this growth.
Under an operating lease, where the lessor retains ownership of the aircraft, airlines can expand without shelling out
huge sums upfront, and without carrying the risk of having to sell a second
hand jet at uncertain value later. Leasing companies already own roughly 40
per cent of commercial aircraft with 100
seats, up from 12 per cent in 1990.
BOC’s flotation is good news for an
industry that needs wider pools of capital to meet the requirements of airline
customers keen to expand. People close

to the float say the institutional offer
was 10 times subscribed and the retail
tranche more than 35 times, indicating
investors have a healthy appetite for the
sector. But its fundraising is also a sign
that competition is heating up.
Asia’s potential has drawn several
new competitors and encouraged wellestablished operators such as BOC to set
ambitious expansion targets. In China,
development of an aircraft leasing

industry is a national priority. PwC
noted in a report that Circular No. 108,
issued in 2013, sets out an ambition to
develop a number of “internationally
competitive aircraft leasing enter-

Legal Notices

The commercial
aircraft fleet is
likely to rise 82
per cent to
48,760 aircraft
in 2034,
including
41,000
passenger jets,
Flightglobal
predicts
Mohd Fyrol/AFP/Getty

prises” between 2020 and 2030, both
organically and through acquisition.
The decision by state-owned Bank of
China to float a stake in BOC fits into
that plan; as did the recent acquisition
by Bohai Leasing, part of China’s HNA
conglomerate, of Avolon.
Asian ambitions stretch beyond
China. Royal Bank of Scotland’s leasing

arm, RBS Aviation Capital, was acquired
by Japan’s Sumitomo Mitsubishi Banking Corporation in 2012.
Incumbent operators argue that these
deals did little to change the competitive
landscape. Avolon is still small, while
both BOC and RBS, now called SMBC
Aviation Capital, have operated in the
market for decades.
Few of the new entrants, in particular
in China, have what it takes to be successful, says Mr Martin. The key is a
broad portfolio of international clients,
which allows a lessor to move aircraft
when needed from struggling markets
or customers to those where there is
demand. “If we need to move aircraft we
can do that,” says Mr Martin. “We place
planes into China, Mexico, Canada and
Europe. This is not the first time we
have seen new competition come in.
The question is, do they have the staying
power? Very few appear to be global.”
But some analysts suspect that intensifying competition is having an impact

on lease rate factors — rent as a percentage of cost — in particular for the popular single aisle segment. Deals are
offered at margins of 0.7 and 0.8 per
cent, and sometimes even lower, says
Gueric Dechavanne, vice-president of
Collateral Verifications, a valuer and
assessor. Not all of the decline can be
blamed on low interest rates, he argues.

“I am definitely seeing the pressure
building from high levels of competition. I believe that the highly competitive market has pushed lessors and
investors to accept lower lease rate factors in order to get deals done,” he says.
There are concerns that the manufacturers could destabilise the market if
they continue to accelerate production
rates, perhaps prompting a flood of
older aircraft on to the second hand
market and forcing down residual values sooner than lessors might have calculated. “If manufacturers are producing too many aircraft, then operating
lease companies will start to struggle,”
says Joe Gill of Goodbody Capital Markets in Dublin.
The industry is not yet on high alert,
he says. “But because it has been so good
for the last six years, everyone is watching to see if it will come to a short sharp
halt. Liquidity and low-cost debt are still
in ample supply. But if those conditions
change you would be worried.”

FINANCE

Patrick
Jenkins

US peer-to-peer loan
model has parallels
with subprime crisis

I

nterest rates at record lows. Investors desperate for
decent returns. A whizzy new way of making money

by securitising risky consumer debt. Crash.
That is certainly a description of the US subprime
mortgage craze of a decade ago and the disaster that
followed, after a collapse in house prices and a rise in loan
defaults triggered a tidal wave of losses for banks around
the world.
It could equally be a doomsday extrapolation of the distress evident today among US peer-to-peer, or “marketplace”, lenders.
In mid-May, shares in Lending Club, the biggest US operator, halved after an employee fraud emerged and the
chief executive resigned amid a conflict of interest row.
A few months earlier the reputation of the number two
in the US market, Prosper, was hit when it was found to
have lent money to one of the San Bernardino gunmen and
suspected terrorists. At the same time, loan losses have
been edging up and the companies’ financial backers are
showing signs of nervousness. Now both companies are
eyeing capital raisings to shore up their finances.
At one level, it seems reactionary to question the P2P
blueprint. These are innovative platforms that use smart
technology to match investors and borrowers, skirting the
risks — and regulatory burdens — of a big balance-sheet
bank which keeps loans on its own books.
And more and more clients are falling in love with the
model. In the first quarter of 2016 Lending Club lent
$2.75bn, 68 per cent more than it did 12 months earlier.
JPMorgan Chase is many times bigger but expanded its
consumer lending by only 16 per cent.
Yet Lending Club, which had an $8bn valuation when it
floated in late 2014, is worth less than $1.7bn today, reflecting mounting doubts about the sustainability of the P2P
growth story.
The immediate issue is whether the platforms can find

the funding to back future lending at the same kind of clip.
Attracting additional money is crucial because their revenues increasingly rely on
new lending. Platforms
Most urgent is
receive as much as 90 per
cent of their fees on new the need for a
loans, rather than from
mechanism to
existing customers. Without
new loans, revenue would boost trust in
plunge.
credit quality
The original P2P model,
which matched retail investors with retail borrowers, was straightforward. But platforms struggled to find enough cash from small investors
to cope with rampant demand for credit. So they turned to
institutional investors — and increasingly to banks that
would repackage loan portfolios in the form of securitisations. Altfi, the data provider, estimates US platforms last
year received 20 per cent of their money from retail investors and 50 per cent from buy-and-hold institutional
investors, with the remaining 30 per cent coming from
securitisations.
It is here, following an increase in securitisation costs
triggered by the Federal Reserve rate rise last December,
and nervousness about the credit quality of some P2P
loans, that the crunch seems to be taking place.
The parallels with the subprime crisis are clear.
First, P2P platforms, like the originators of subprime
mortgages — and the banks that repackaged them — have
no skin in the game. They originate loans to distribute
them and have little reason to care whether the borrowers
can repay. Second, there is limited data on loan quality —

P2P credit deals are audited, but only summarily. Third,
for banks that are lending to hedge funds, who in turn are
buying P2P loans, there is scant information about loan
collateral — not unlike the poor-quality, overvalued real
estate underpinning many subprime loans in 2006.
There are potential fixes. Most urgent is the need for a
mechanism to boost trust in credit quality. The US Global
Debt Registry has launched a pilot scheme with some big
investors to vet loan portfolios and collateral.
A more prudent balance of funding, with less reliance on
flighty securitisation investors, less aggressive fee recognition, and maybe even a deliberate slowdown in loan
growth, would also reduce risk in the sector.
The UK, where P2P was born with the creation of Zopa in
2004, seems to have a healthier balance of funding, though
lately some operators may have embraced institutional
money too enthusiastically. UK law allows the platforms to
be pure matchmakers, whereas US platforms rely on an
elaborate string of third-party banks and promissory
notes, leaving investors exposed to counterparty risk and
financial losses if the platform collapses.
On the plus side, the P2P sector is still pretty small, and
with sensible de-risking, it will recover — at least until the
interest rate cycle really tests the robustness of the model.


Airlines

Iata warning over demand outlook set to unsettle sector
PEGGY HOLLINGER — INDUSTRY EDITOR

Global demand for air travel may be
“shifting down a gear”, according to
Iata, the aviation industry’s main trade
body, sounding a warning that will
send jitters through the sector.
The warning comes as airlines are taking delivery of new, bigger planes and
manufacturers step up aircraft production to record rates.
Tony Tyler, outgoing director-general
of Iata, signalled a more cautious outlook for passenger traffic after growth in
April of just 4.6 per cent over the same
period last year — the lowest pace since

January 2015. It is the second consecutive month of sharply slower growth
after February’s 8.6 per cent increase.
While some of the slowdown could be
attributed to the terrorist attacks at
Brussels’ airport and metro in March,
there were still signs that underlying
traffic growth could be slowing, he said.
Excluding the attacks, April’s traffic
growth was estimated at 5 per cent.
“The stimulus from lower oil prices
appears to be tapering off. And the global economic situation is subdued.
Demand is still growing, but we may be
shifting down a gear,” he said.
His comments come as airlines in

Europe and the US have signalled plans
to curtail capacity on certain routes
after a heady few years of expansion.

International Airlines Group, parent
to British Airways, Iberia and Aer Lingus, as well as Air France-KLM, and
Delta Air Lines, have all indicated that
they will moderate their capacity
growth, while United Airlines warned
its performance had been affected by
“passenger demand not growing at the
same pace as industry capacity”.
Lufthansa announced it would ground
three Airbus A340s during the summer
to cope with weaker demand.
The April slowdown follows growth in

the first quarter of 6.4 per cent, still
below Iata’s forecast for a rise in traffic
of 6.9 per cent this year. That target, and
its projection for global fleet expansion
of 7.1 per cent, may now have to be
revised when members gather for the
annual meeting next week in Dublin.
Overall Iata was still expecting passenger traffic to rise. Global airfares had
already come down by 6 per cent over
the past year as airlines passed through
the benefits of cheaper fuel.
“Investors are clearly aware that the
best is not getting better,” said Rob Stallard, aerospace analyst with RBC Capital
Markets.


★

Tuesday 31 May 2016

19

FINANCIAL TIMES

COMPANIES

Financials. Shake-up

Noble changes strategy along with chief
decades. It blamed a $1.2bn writedown
on weaker expectations for energy
prices. But the Naes division’s average
annual pre-tax profit has held up over
the past four years, averaging $174m.
The company said that comparable
transactions involving US energy companies indicate the business is worth in
excess of $1.25bn — the equivalent of
more than 80 per cent of Noble’s current
market capitalisation.
The company says much of the sale
proceeds will be used to reduce debt.
“Because the company is highly leveraged,” said Margaret Yang, market analyst at CMC Markets in Singapore, “refinancing the balance sheet is their top
priority.”
Noble plans to rely on its other businesses — including an expanding oil
trading operation, liquefied natural gas,
and many long-term coal deals — to generate profits.
Noble’s UK-born founder and chairman Richard Elman has elevated two

insiders to a joint chief executive position.

Naes sale to raise cash amid
questions over whether future
revenues are being sacrificed
JEEVAN VASAGAR — SINGAPORE
DAVID SHEPPARD AND NEIL HUME
LONDON

Just over a fortnight ago, when Yusuf
Alireza, Noble Group’s chief executive,
was asked about the prospect of selling
the company’s US retail energy unit, he
declared: “Definitely not.”
Yesterday, Noble announced Mr Alireza’s resignation and a decision to sell
Noble Americas Energy Solutions,
whose pre-tax profits from selling gas
and power to North American customers have grown steadily over the past
decade
The move highlights how the Singapore-listed trading house — one of Asia’s
largest by volume — is prepared to sell
cash-generating operations in order to
cut its net debt of $3.7bn and to raise
more money to finance its trading, analysts say.
Most of them agree that selling Naes
would generate significant cash for the
company — sources say Noble has been
approached in the past six months
about a sale. But they question whether
the company is now being forced to sacrifice future revenues simply to remain

afloat. “This [decision to sell Naes] is
quite surprising,” one analyst said. “I
guess any asset sale that generates some
liquidity is welcome.”
Noble has found it more difficult to
raise financing this year. The three
major credit rating agencies have cut its
debt to junk status amid a commodity
rout and criticism of its accounting
practices. The company is also facing
pointed questions about its ability to
generate cash and return to profit.
The share price has fallen almost 90
per cent since it peaked in 2011, with
losses accelerating in the past 15 months
as it has scrambled to sell operations,
raise cash, and fend off allegation it has
booked more profit on long-term supply
deals than is likely to ever be realised.
To Noble’s critics, the exit of Mr Ali-

Yusuf Alireza, second from right, saw Noble’s shares fall almost 90 per cent since 2011, with losses accelerating in the past 15 months — Edgar Su/Reuters

Noble
Ratio of net debt to capitalisation* (%)

Market cap ($bn)
60

12

50

10

40

8

30

6

20

4

10

2

0
2014

15

Source: Thomson Reuters Datastream

16

0
2010 11

12

13

14

15 16

* Net debt plus shareholders’ equity

reza and the decision to sell Naes are
confirmation of the depth of the crisis
after the company struggled to secure
all the financing it wanted this year.
Hedge funds have questioned how
much cash Noble has readily available
for trading after it paid off maturing
debt, reported a sharp drop in firstquarter results and slumped to a big loss
for 2015.
The company finalised $3bn in shortterm financing earlier this month but
that was about $500m less than initially
sought, according to people involved in
the deals. It had to pay far more than
rivals for similar facilities.
During the first-quarter results call,
Mr Alireza said it was looking to raise at

least $1bn in additional capital, which
would not “core” businesses sales.
To other analysts, the sale of Naes is
potentially a bold attempt to break the
cycle of bad news. Accounting questions
first raised more than a year ago have
helped prompt a crisis of confidence and
short-sellers have been betting that the
prices of its stock and bonds will fall.
Iceberg Research, an anonymous
group Noble says is the work of a disgruntled former employee, first questioned accounting last February saying
it had overvalued assets and long-term
supply contracts. The company has
denied any wrongdoing.
Noble posted a full-year net loss of
$1.7bn for 2015, its first in nearly two

‘Because the company is
highly leveraged,
refinancing the balance
sheet is their top priority’
William Randall, 41, has spent most
of his career at Noble, working out of its
headquarters in Hong Kong. Industry
and company sources say he was heavily involved in the company’s strategy of
investing in small miners and other
operators to secure the long-term supply deals.
Jeff Frase, the other joint chief executive, joined just three years ago. A
former head oil trader at Goldman
Sachs and JPMorgan, the Connecticutbased executive has successfully grown

Noble’s liquids trading operation. Oil
trading was profitable last year and seen
by some as central to growth plans.
Under Mr Frase, oil trading could take
on even greater importance.
See Lex


★

20

FINANCIAL TIMES

Tuesday 31 May 2016

COMPANIES

Antitrust concerns take root over
prospect of Bayer-Monsanto tie-up

Financials

Impact on competition, choice, farmers’ costs and R&D to be examined closely by global regulators
DAVID J LYNCH — WASHINGTON
GUY CHAZAN — BERLIN

In 2007, agricultural group Monsanto
was intent on gobbling up Delta & Pine
Land Company, a large cotton seed

producer.
But the US Department of Justice
refused to approve the $1.5bn acquisition on antitrust grounds until Monsanto agreed to sell off the Stoneville
Pedigreed Seed Company.
The sale — to German group Bayer —
was needed to prevent bulked-up Monsanto from raising prices for US farmers,
slowing development of new cotton
seeds, and posing “a serious threat to
competition”, the DoJ said.
Nine years on, Monsanto and Stoneville may be on the verge of a reunion.
Bayer has launched a $62bn bid, hoping
to form the largest seed and crop chemicals company.
So far, it is unclear how the bid will
pan out. Last week Monsanto rejected
Bayer’s $122-a-share offer as “incomplete and financially inadequate” while
opening the door to further discussions
on a deal. Bayer has yet to respond.
Any merger would be subjected to
intense scrutiny by regulators, not only
in the US but in the EU, China and Brazil.
The question of competitive danger is
just one of the issues authorities will be
confronting. For the combination would
be just one of three large deals that have
shaken up the agrochemicals sector.
Dow Chemical and DuPont last December announced a $130bn merger, while
ChemChina has launched a $43bn takeover of Syngenta.
If all of the deals were to be approved,
the number of big companies that supply farmers would shrink from six to
three: Bayer-Monsanto, which had

$23.1bn in revenues from crop protection and seed in 2015; SyngentaChemChina with $14.8bn; and Dow-Dupont with $14.6bn, according to data
provided by Bayer.
Farmers in the US worry about
reduced competition and choice. Crop
prices have more than halved over the
past three years, putting pressure on
farm incomes.
“The biggest . . . problem it creates is
that there almost certainly will be
higher costs [for farmers] as a result of
less competition in the marketplace,”
says Roger Johnson, president of the
National Farmers Union.
When several deals arise simultaneously in the US, the justice department
normally looks “holistically” at the
market consequences, says Christine
Varney, who headed the Obama administration’s antitrust division from 2009
to 2011 and is a partner at Cravath,
Swaine & Moore in New York.
If approving all would reduce competition, staffers consider alternative scenarios involving one or more rejections
or required spin-offs.
“You take the market as you find it.
We’ll look at the totality of the market,”
says Ms Varney. “It’s not sequential.”
The European Commission takes a
different approach. When faced with
simultaneous mergers, EU competition
regulators have established a principle
of “first come, first served”. They deal

Property

Killer deal

Australia
to auction
confiscated
bitcoins as
price surges
JAMIE SMYTH — SYDNEY

Australia is selling A$16m (US$11m) in
confiscated bitcoins in the first such
auction held outside the US, as demand
for the cryptocurrency surges to its
highest level in almost two years.

Monsanto’s Roundup among weedkillers at a French shop. The group last week branded Bayer’s $122-a-share offer ‘incomplete and inadequate’ — Charles Platiau/Reuters

Agribusiness shake-up
Per cent
Monsanto

Syngenta
AgReliant Dow
Other

DuPont

Crop sprays

Seeds

Corn
Bayer

Monsanto

Phytogen Americot Other

Cotton
Monsanto

DuPont

AgReliant
Syngenta Dow

Other

Soyabean
0

20

40

60

80

Before industry merger announcements
Sources: Verdant Partners; Bayer

ChemChina faces hurdles
Purchase of Syngenta
to trigger US review
ChemChina’s plan to acquire Syngenta
is expected to raise fewer competitive
issues than Bayer’s proposed tie-up
with Monsanto, but it could run into
US regulatory issues of a different
sort.
Although antitrust watchdogs will
take a look at the deal in a number of
big markets, Swiss-based Syngenta
argues that there is minimal overlap
between its portfolio and that of
ChemChina.
The two groups say they expect to
win approvals in time for the deal to
be completed by the end of the year.
Syngenta’s share of the crop
protection market is more than three
times that of ChemChina’s ADAMA
unit, which accounts for about 6 per
cent of sales. The Chinese group does
not have a seed business.
But Syngenta has substantial US
assets, so its purchase by a stateowned Chinese buyer will trigger a
separate review by the Committee on

Foreign Investment in the United
States.

Four senators are urging the
Treasury Department, which chairs the
panel, to add representatives of the
Agriculture Department and the Food
and Drug Administration to the panel’s
review of the Chinese bid.
“The risk of negative outcomes is
heightened to the extent that an
acquired US agricultural asset
becomes in some part governed by a
foreign government with clear
strategic interests,” Iowa senator
Charles Grassley and his colleagues
wrote in a March letter.
Regulators at China’s commerce
ministry are expected to clear
ChemChina’s purchase of Syngenta,
despite strong misgivings in China
about genetically modified crops. Very
few major GM crops are approved for
commercial planting in China.
China will make it clear to other
countries that they “shouldn’t create
extra complications” when reviewing
the deal, says Mei Xinyu, a researcher
at a think-tank affiliated with China’s
commerce ministry. “Should structural

reorganisation of the company be
necessary, the Chinese authority could
help speed up the process.”
David J Lynch, Lucy Hornby and
Luna Lin

100

Bayer/
ChemChina/
Monsanto Syngenta

with the first transaction they are formally notified about. They then analyse
the second deal on the assumption that
the first will be resolved to their satisfaction.
In China, all three deals will be subject
to an anti-monopoly review by a body
under the Ministry of Commerce. Mofcom regulators solicit feedback from
Chinese state-owned enterprises before
ruling on international mergers, a process that can take months.
“They’re being less ‘nationalistic’,”
says Becky Koblitz, special counsel at
Sheppard Mullin in Beijing.
Bayer expects its proposed tie-up to
clear all hurdles. In a letter to Monsanto
management, chief executive Werner
Baumann said Bayer and its lawyers had
analysed the regulatory issues and “are
very confident that we will be able to
obtain all necessary approvals in a

timely manner”.
Bayer executives argue that there is
little overlap in the two companies’
business. Bayer’s strength is in chemicals such as herbicides that protect
crops while Monsanto specialises in
seeds and genetic traits. Monsanto has a
much bigger presence in the US and
Latin America than Bayer, which is
stronger in Europe and the Asia-Pacific
region.
However, the confluence of big deals

Dow/
DuPont

BASF

in the same sector has increased the
odds of regulators balking at further
consolidation or ordering significant
divestitures, says Peter Carstensen, a
former DoJ antitrust attorney.
“You’re talking about a radical contraction in the total number of competitors in this field, where there are enormous barriers to entry.”
The proposed Bayer-Monsanto deal
would bring together the two largest US
cotton seed sellers in a single company
with almost 70 per cent of the market,
according to Verdant Partners, an agricultural consultancy.
Garrett Stoerger of Verdant says he
expects US regulators to order Bayer to

spin off some of its cotton seed and vegetable seed operations.
Antitrust officials are likely to raise
issues beyond competition in particular
seed markets. If the six big companies
shrink to three, the number of independent research and development laboratories will likewise fall.
“That’s the real story in these deals:
the elimination of parallel paths in R&D,
the elimination of head-to-head competition in research and development, in
traits and potentially even in chemicals,” says Diana Moss of the American
Antitrust Institute. “These mergers
would substantially diminish innovation competition.”

EY, the auditing and financial services
group, said yesterday it had been
engaged to sell 24,518 bitcoins, which
were confiscated as “proceeds of crime”
during 2015.
The auction comes as the value of the
most popular digital currency hit
$534.47, its highest since August 2014,
according to CoinDesk, which runs a bitcoin price index.
Prices have risen about 25 per cent
since the start of the year, putting the
market value of all bitcoin in circulation
at $8.29bn.
“The trading history of bitcoin has
been volatile,” Adam Nikitins, EY transactions partner, said. “But we are now
seeing a more steady increase in prices
and we are confident of having a hotly
contested auction.”

The US Marshals Service conducted
several similar bitcoin auctions in 2014
and 2015, which were recovered during
the prosecution of Ross William
Ulbricht, founder of a black market
website known as the Silk Road.
EY did not reveal the identity of the
vendor for its Australian auction, which
is believed to be an arm of the Australian government.
The Sydney Morning Herald reported
in October 2014 that criminal authorities had confiscated 24,500 bitcoins
from a Melbourne-based drug dealer.
Australia’s bitcoin sale will be conducted via a 48-hour sealed bid auction
beginning at 12.01am on June 20. Bidders are able to submit bids on 11 lots of
2,000 bitcoins and one lot of 2,518 bitcoins, and can bid on multiple lots.
Mr Nikitins expected interest from
digital asset managers, digital currency
exchanges, and investment banks and
hedge funds, which were experienced in
dealing with bitcoins. He said: “Interest
in this technology continues to grow.
The number of bitcoin transactions
since 2012 has quadrupled, and parties
are seeing more opportunities and uses
for the technology.”
Australia is positioning itself to
become a leader in digital currencies
and blockchain, the ledger technology
that sits behind bitcoin. Advocates say
this technology has the potential to revolutionise the financial system by

speeding transactions and cutting costs.
This month the Treasury said it would
team up with the Commonwealth Scientific and Industrial Research Organisation, the national science agency, to
study blockchain technology. It is also
reforming the taxation system with
regard to digital currency transactions.
“Blockchain has the potential to disrupt or change the way not only financial services transactions are carried
out, but also those across virtually any
other sector, including government,”
said Stefan Hajkowicz, principal scientist at CSIRO.
Additional reporting by Hudson Lockett

Banks

HSBC chief Gulliver tops European exit poll
MARTIN ARNOLD — BANKING EDITOR

HSBC’s Stuart Gulliver, pictured, is the
European bank chief whom investors
would most like replaced, according to
a poll of large shareholders.
When 74 institutional investors were
polled by Autonomous Research and
asked to name three banks in Europe
“most in need of a change in CEO”, Mr
Gulliver, who has run the region’s biggest lender since 2011, won by a chunky
margin.
The poll is not due to be released publicly, but two people who have seen the
results said Mr Gulliver won 26 votes —
almost double those of second-placed

Tidjane Thiam, appointed to head
Credit Suisse less than a year ago.
The findings underline the growing
frustration of shareholders at the performance of HSBC.
Its share price has dropped by onethird and it has missed several targets
since Mr Gulliver took over.
“Gulliver has two problems,” said one
top 20 investor in HSBC. “His manner is
too aggressive and he really does not like
criticism. He also built the problem
child of HSBC as the former boss of its
investment bank.”
HSBC said: “Our CEO has a clear mandate from shareholders, having received
over 99 per cent support for re-election
at April’s AGM.”

The board of HSBC met last
week and heard feedback from investors about issues of concern to them,
and the succession was not one of them,
according to a person involved in the
meeting.
The person pointed out that many of
the people polled by Autonomous may
not have been HSBC investors.
The woes of Europe’s banking sector
— hit by negative interest rates and a

‘Gulliver has two problems:
his manner is too
aggressive and he really

does not like criticism’

slump in investment banking income —
have caused several chief executives to
be replaced in the past two years,
including at Barclays, Standard Chartered, Deutsche Bank and, most
recently, UniCredit in Italy.
HSBC announced earlier this year
that it was looking for a chairman to
replace Douglas Flint by next year, and
would be replacing Mr Gulliver, its
former investment banking boss, “in
due course”.
Mr Gulliver said he aimed to see the
“pivot to Asia” plan he announced last
year — aimed at shifting resources to
more profitable activities — through to
its conclusion at the end of 2017.
The top 20 investor said: “He
deserves to be given until the end of next
year to see if he achieves the new targets. If he fails, he should be fired.”
The poll was carried out by Procensus
and sent to Autonomous clients last
week.
At Credit Suisse, Mr Thiam
has drawn criticism for a faltering start.
He complained that staff had “concealed risky exposures” and he needed
to change his strategic plan within only
months.
Third-place Richard Carrión, chief

executive of Spain’s Banco Popular, who
received eight votes, heads up one of the
sector’s worst performers and launched
a €2.5bn rights issue last week.


★

Tuesday 31 May 2016

21

FINANCIAL TIMES

COMPANIES
Automobiles

Technology

JLR profits drop 40% despite record sales
China slowdown puts dent
in carmaker and offsets
its rising UK popularity
PETER CAMPBELL
MOTOR INDUSTRY CORRESPONDENT

Annual profits at Jaguar Land Rover
have fallen 40 per cent, despite the carmaker reporting record sales and a 10
per cent rise in revenues.
The British carmaker, which is owned

by India’s Tata Motors, saw annual revenues rise to £22.2bn after sales

increased 13 per cent to 521,571, the first
time the company has broken through
the half-million sales barrier.
But pre-tax profits fell to £1.56bn,
down from £2.6bn a year earlier, “primarily reflecting market conditions
during the first half of the year — especially in China, model mix and continued investment”, JLR said.
The company’s growth in China has
been fuelled by sales of larger vehicles,
such as Range Rovers, which generally
have higher margins than smaller Jaguar cars or other models in the Land
Rover series. However, slowing growth

in the country’s larger cities, emissions
regulations and market conditions have
combined to dent JLR’s sales.
In 2015, the UK overtook China as
JLR’s largest market, demonstrating the
scale of the slowdown in China, as well
as its rising domestic popularity.
Ralf Speth, chief executive, has vowed
to push China back to the top of the list
this year, while recognising the importance of the UK market. “Jaguar Land
Rover has produced and sold more cars
than at any time in our history, ”he said.
“We are now the largest automotive
manufacturer in the United Kingdom.”

Telecoms

China still accounts for about a quarter of JLR’s sales, and the company
opened a factory there in October 2014.
Even though China’s car market is
growing, it is expanding more slowly
than previously, causing many companies to miss targets in the country.
Other factors have eaten into JLR’s
bottom line. During the year, it
launched the Jaguar XE, a model
designed to pitch the brand against
rivals in the premium market such as
Audi and BMW. But the car has lower
margins than JLR’s older vehicles.
Sales in the highly competitive US

market, where margins tend to be lower,
rose during the year. JLR booked a
£166m charge, largely for US recalls of
cars fitted with Takata airbags, and a
£157m exceptional item related to the
Tianjin port explosion last year.
During the fourth quarter of the year,
JLR sold 158,813 vehicles, up 28 per cent
on the same period a year earlier.
Last year, JLR outlined plans to cut
£4.5bn of costs by the end of the decade,
largely as a result of slowing Chinese
growth. The group also faces the prospect of falling appetite for diesel, which
accounts for 70 per cent of its sales.

Financials. Rothschild move

O2 seeks to
end merger
talks with
Three
DANIEL THOMAS

Telefónica is seeking to move on from
the blocked merger of its UK business
with CK Hutchison’s Three as the Spanish telecoms company plots a future
sale or flotation of O2.
Telefónica and Hutchison had agreed an
exclusivity deal that would have kept
them talking about the deal until the
end of June. But now that Brussels regulators have rejected the deal, Telefónica
wants to end the talks earlier.
The move, which could be agreed by
the two sides as early as this week, represents the end of a £10.5bn agreement
struck more than a year ago that aimed
to create the UK’s largest mobile group.
Telefónica and Hutchison both
declined to comment.
A merger between Three and O2 was
blocked by Europe’s antitrust regulator

PETER CAMPBELL
MOTOR INDUSTRY CORRESPONDENT

Uber is to more than double the scope

of its ride-sharing operations within
London in an effort to tempt commuters to leave their cars at home.
The expansion of the UberPOOL catchment area to cover zones one and two as
set out by London’s Tube service, further emphasises the motor industry’s
fears over falling vehicle ownership
fuelled in part by the increased availability of on-demand taxi services.
As ride sharing becomes more commonplace, manufacturers believe that
consumer habits will shift and overall
car ownership will begin to fall.
In the past week, both Toyota and
Volkswagen took stakes in ride-sharing
companies.
VW invested $300m into Gett, the
Israeli taxi app, while Toyota formed a
partnership with Uber. Announcing the
move, Shigeki Tomoyama, senior managing officer of Toyota Motor Corporation, said ride sharing had “huge potential in terms of shaping the future of
mobility”.
Earlier in the year, General Motors
took a $500m stake in Lyft, the US ridehailing service.
None of these arrangements are
exclusive, and several other carmakers
are understood to be in discussions with
Uber about co-operating.
Yesterday, Uber announced that it
would expand its ride-sharing service —
which had previously been constrained

The new area will reach all
regions delineated by
zones one and two of

London’s underground

Private equity groups
have already begun talking
to the Spanish company
about acquiring O2
In March Alliance Trust reported that its performance was improving, with total return outperforming an industry benchmark — Kris Miller
in May, given concerns about the impact
on pricing and infrastructure in the UK.
If the exclusivity agreement is ended,
Telefónica will be free to consider the
next step for its British business.
Private equity groups have already
begun talking to the Spanish group
about acquiring O2, potentially through
forming a consortium that could also
include former Orange and EE chief
executive Tom Alexander.
Liberty Global, the cable group controlled by John Malone, has said that it
would consider acquiring the business
to boost its own UK business.
Sky, which has an existing contract to
use O2’s network to launch a mobile
business later this year, has also spoken
to private equity firms about using the
future network with a guaranteed level
of capacity.
However, Telefónica made it clear
that all options were still open. José
María Álvarez-Pallete, chief executive

of Telefónica, said there were a number
of choices including a full or partial sale
or a flotation. He added that the business could also be kept.
The Spanish company is likely first to
seek to float its infrastructure division
Telxius in July before finalising any
future plans for O2 in the UK, according
to a person familiar with its plans.
The IPO of Telxius could raise as
much as €5bn to help the Spanish group
pay down its debt, and so alleviate any
urgent need to raise money through a
rapid sale of its British business. Telxius
will own about 15,000 cellular masts
and a submarine cable network.

Uber steps up
efforts to lure
more London
commuters

Approach marks new twist for Alliance Trust
RIT’s acquisition would be
likely to end investment
trust’s Dundee association
CHRIS NEWLANDS AND ARASH MASSOUDI

Jacob Rothschild’s informal approach to
take over Alliance Trust marks yet
another twist in the tale for one of the

UK’s oldest and largest investment
trusts, which has been beset with problems over the past five years.
RIT Capital Partners, the 55-year-old
investment trust chaired by financier
Lord Rothschild, has approached Alliance Trust about a tie-up that would
create a publicly listed company with a
market value of more than £5bn.
The move follows a protracted
upheaval for Dundee-based Alliance
Trust, which has had to fight off two
recent attacks from activist investors
regarding its lacklustre performance
and corporate governance record.
The latest assault by US hedge fund
Elliott Advisors, which holds 16 per cent
of Alliance Trust’s shares, resulted in
the company’s former chief executive
Katherine Garrett-Cox being ousted in
March. Industry veteran Robert Smith,
Lord Smith of Kelvin, was also brought

in as chairman to help lead a turnround
at the 128-year-old company in February.
One large shareholder in Alliance
Trust said: “The move makes sense.
Alliance Trust has come a long way in a
short space of time but there is still
much to be done in terms of investment
performance. The board would now be
much more receptive to offers given its

newfound independence.”
Alliance Trust yesterday confirmed it
had received an unsolicited approach
from RIT but that no “detailed terms
have been provided by RIT with regard
to the proposal” or in terms of its two
principal subsidiaries: Alliance Trust
Investments and Alliance Trust Savings.
Canaccord Genuity has been
appointed by Alliance Trust to carry out
a strategic review of the company.
Roger Lawson, deputy chairman of
Sharesoc, an association that represents
shareholders and was supportive of Elliott’s campaign in 2015 to appoint three
new independent directors to the board
of Alliance Trust, said: “Problems are
still unresolved at the company and a
merger with another trust must surely
make sense.
“One of the drawbacks with a deal,
however, would be who is on the board

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of any tie-up as RIT is dominated by
Lord Rothschild. He is aged 80 with no
obvious successor, and I think many
Alliance Trust investors would prefer a
merger with another trust unless that
issue could be resolved.”
An acquisition by RIT, which has its
headquarters in London, would also
likely bring an end to Alliance Trust’s
long association with Dundee. Alliance
Trust was formed in 1888 from the
amalgamation of the Dundee Mortgage

‘The board would now be
much more receptive to

offers given its newfound
independence’
and Trust Investment Company and the
Dundee Investment Company and
employs more than 300 people at its
headquarters at West Marketgait.
Lord Smith recently told local Scottish media that he was committed to
retaining Alliance Trust’s presence in
Dundee. Investment management
experts suggest this promise will be
hard to keep if a deal with RIT, which
last year disclosed a stake of less than 3
per cent in Alliance Trust, goes through.

Amin Rajan, chief executive of asset
management consultancy Create
Research, said: “There is a clear overlap
in the activities of the two companies.
Neither has a strong recent record of
which to be proud, and the deal only
makes sense if there is a significant
restructuring that eliminates duplication and focuses on core strengths. Slash
and burn may be inevitable.”
In March, Alliance Trust reported
that its performance was improving,
with the total return for the trust reaching 5.4 per cent in 2015, outperforming a
key industry benchmark. Alliance
Trust’s discount to net asset value of its
holdings also narrowed to 8.1 per cent
compared with 12.4 per cent a year earlier. It reported that total assets under

management rose to about £5bn.
Alliance Trust said: “The board will
incorporate any formal merger proposal received from RIT into its strategic
review, alongside the other options
being considered.
“There can be no certainty that any
transaction will result from the strategic
review. In the interim, shareholders are
strongly advised to take no action and to
await the outcome of the board’s strategic review.”
RIT and Elliott declined to comment.

to the city centre — to other areas of
Greater London including Hammersmith, Peckham and Putney.
The new area will reach all regions
delineated by zones one and two of London’s underground service, as well as
Heathrow airport.
“More than 1m people in the capital
drive to work each day so this larger
zone gives more commuters the option
to car pool rather than driving their own
vehicle into town,” said Tom Elvidge,
general manager of Uber in London.
“The more people share their journey
with another Londoner the more we can
help to reduce congestion and air pollution in our city.”
But not everyone is convinced by the
rise of ride sharing. Steve McNamara,
general secretary of the Licensed Taxi
Drivers Association, said: “Transport

for London hasn’t explained how, if at
all, it will regulate ride sharing in London, so of course Uber is taking advantage of this and expanding while it can.
“If they’re genuinely concerned about
congestion and pollution, they should
match black cabs’ commitment to go
emissions-free from 2018, and support
an expansion of the ultra-low emissions
zone, as we do.”
Yet despite growing opposition in cities around the world, Uber is not alone
in offering ride sharing.
Many carmakers are either trialling
or have launched services to appeal to
consumers without their own car.
BMW offers its DriveNow programme
and Mercedes-Benz has car2go, while
both Ford and VW are carrying out tests
on their own services.
The partnerships between ride apps
and carmakers also extends to working
on new projects. Uber has unveiled its
own self-driving car pilot, and expects
to work with Toyota on future models,
while GM and Lyft have said they will
test a fleet of self-driving electric taxis in
the US within a year.


22

FINANCIAL TIMES

Tuesday 31 May 2016

MARKET DATA
WORLD MARKETS AT A GLANCE

FT.COM/MARKETSDATA

Change during previous day’s trading (%)
S&P 500

Nasdaq Composite

-0.02%

Dow Jones Ind

0.65%

FTSE 100

0.25%

FTSE Eurofirst 300

0.08%

Nikkei

0.13%

Hang Seng

1.39%

FTSE All World $

0.26%

$ per €

0.04%

$ per £

No change

0.090%

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

May 01 - May 26
S&P 500

All World

New York

2,095.15

Index

May 01 - May 30
S&P/TSX COMP

All World

2,090.10
13,886.43

Day -0.02%

Month -0.07%

Year -0.72%

Day -0.16%

New York

IPC

Nasdaq Composite

Month 0.95%

Month 0.93%

Year -1.97%

Dow Jones Industrial

17,873.22

Day 0.25%
Country

46,101.81

Month -0.65%

Year -0.93%
Latest

Year 3.13%

Bovespa

London

Month -0.87%

Year -10.93%

FTSE Eurofirst 300

Day 0.13%

São Paulo

Month 2.41%

Year -13.32%

CAC 40

Month -9.18%

Previous

Month 2.27%

Country

Year -9.55%
19923.89
32125.05
18186.14
4348.83
16834.84
1100.67
1349.93
2107.57
3871.74
5368.25
631.03
515.74

1472.21
1637.19
46124.15
9745.69
450.94
691.54
6992.55
28877.47
672.10
36694.26

12727.46
5469.70
5405.90
2721.60
2263.51
3523.47
5988.13
49051.49
824.87
14105.23
511.74
19479.53
7856.95
9080.73
2952.64
336.30
2820.92
1890.28
1046.35

1302.13
1721.49

Latest

Day 0.32%

FTSE Italia All-Share
20042.08
CSE M&P Gen
67.27
67.45
Italy
FTSE Italia Mid Cap
32334.03
PX
892.68
890.47
OMXC Copenahgen 20
1000.44
996.75
FTSE MIB
18291.38
EGX 30
7531.15
7543.43
Japan
2nd Section
4383.13
OMX Tallinn

988.24
997.80
Nikkei 225
17068.02
Austria
OMX Helsinki General
8011.26
8012.07
S&P Topix 150
1114.07
Belgium
CAC 40
4529.40
4514.74
Topix
1366.01
SBF 120
3581.74
3571.76
Jordan
Amman SE
2107.75
Brazil
Germany
M-DAX
20801.13
20811.14
Kenya
NSE 20
3867.50

Canada
TecDAX
1691.83
1690.29
Kuwait
KSX Market Index
5392.81
XETRA Dax
10333.23
10286.31
Latvia
OMX Riga
639.11
Chile
Greece
Athens Gen
641.04
636.83
Lithuania
OMX Vilnius
517.15
China
FTSE/ASE 20
178.58
176.75
Luxembourg
LuxX
1505.62
Hong Kong
Hang Seng

20629.39
20576.77
Malaysia
FTSE Bursa KLCI
1629.87
HS China Enterprise
8624.76
8595.28
Mexico
IPC
46101.81
HSCC Red Chip
3586.35
3565.78
Morocco
MASI
9751.02
Hungary
Bux
27089.72
27011.72
Netherlands
AEX
451.79
India
BSE Sensex
26725.60
26653.60
AEX All Share
692.75

S&P CNX 500
6627.95
6634.30
New Zealand
NZX 50
7019.64
Colombia
Indonesia
Jakarta Comp
4836.03
4814.73
Nigeria
SE All Share
28902.25
Croatia
Ireland
ISEQ Overall
6502.27
6503.74
Norway
Oslo All Share
676.84
Israel
Tel Aviv 100
12.41
12.50
Pakistan
KSE 100
36234.69
(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.

12763.97
5473.60
5408.00
2709.20
2272.44
3535.14
6005.71
48933.91
823.55
14082.52
506.60
19499.59
7881.11
9028.53
2954.32
334.57
2822.45
1881.61
1045.54
1302.36
1712.06

Index

Index

Cyprus
Czech Republic
Denmark
Egypt

Estonia
Finland
France

Gold $

-0.48%

-0.62%

Year NaN%

Year -18.73%

FTSE MIB

Hang Seng

Day 0.58%
Country

Month -1.66%
Index

Philippines
Poland
Portugal

Manila Comp
Wig

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

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

Sweden
Switzerland

Year -22.15%
Latest

Previous

7464.34
46598.78
4979.45
2539.63
6362.94
1931.13
922.24
6482.48
2796.75
318.44
706.36
54474.09
32181.51
48447.60
1967.13
241.73
9116.90
6552.85
1377.76
489.58
8277.83

1,967.13
Day -0.10%

Hong Kong

Month -2.08%

USA

Venezuela
Vietnam

Singapore
2,796.75

Year -24.78%

Day -0.21%

Shanghai

Month -1.47%

Year -17.55%

BSE Sensex

Mumbai
26,725.60

25,606.62

Day 0.05%
Taiwan
Thailand
Turkey
UAE
UK

Year -6.98%

FTSE Straits Times

2,938.32

7411.68
46634.55
4961.16
2528.56
6472.80
1927.58
917.52
6516.49
2802.51
319.39
703.66
54105.37
31679.83
48069.78
1969.17

241.85
9107.30
6571.21
1376.50
489.19
8292.45

Month -1.35%

20,629.39

Shanghai Composite

Country

Seoul

2,862.30

Day 0.26%

18,291.38

All World

1,994.15

Year -17.00%

21,388.03

Milan

18,600.56

Month 2.41%

Index

May 01 - May 30
Kospi

17,068.02

Day 1.39%

Madrid

Month 1.01%

All World

Tokyo

17,439.30

9,116.90

Day 0.11%

Index

2,822.45
Year -38.80%

Month -3.94%
Index

Latest

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

Day 0.27%

Previous

8535.87
1424.12
78028.90
4297.19
2868.20
6270.79
5671.22
3448.45
3810.78
6254.02
17873.22
7772.28
656.28
4512.54
4933.50
10469.52
2090.10
21224.32
15453.26
614.50

Country

8463.61
1412.67

78035.63
4283.49
2861.30
6265.65
5664.30
3444.78
3813.82
6232.86
17828.29
7722.69
655.29
4487.96
4901.77
10439.61
2090.54
21238.05
15350.84
608.11

Month 4.37%
Index

Cross-Border

DJ Global Titans ($)
Euro Stoxx 50 (Eur)
Euronext 100 ID
FTSE 4Good Global ($)
FTSE All World
FTSE E300

FTSE Eurotop 100
FTSE Global 100 ($)
FTSE Gold Min ($)
FTSE Latibex Top (Eur)
FTSE Multinationals ($)
FTSE World ($)
FTSEurofirst 100 (Eur)
FTSEurofirst 80 (Eur)
MSCI ACWI Fr ($)
MSCI All World ($)
MSCI Europe (Eur)
MSCI Pacific ($)
S&P Euro (Eur)
S&P Europe 350 (Eur)
S&P Global 1200 ($)
Stoxx 50 (Eur)

Year -3.96%
Latest

Previous

236.85
3091.06
888.98
5332.52
266.27
1374.64
2704.76
1313.64

1499.48
2404.40
1502.67
472.64
3876.49
4191.17
402.93
1676.07
1366.36
2227.31
1398.19
1411.79
1855.15
2937.68

236.91
3078.48
886.50
5331.28
266.16
1372.90
2701.20
1313.02
1535.46
2432.00
1500.02
472.49
3868.91
4175.57
401.81

1672.12
1364.09
2219.94
1393.80
1410.20
1853.14
2933.05

UK MARKET WINNERS AND LOSERS

LONDON
ACTIVE STOCKS

stock
traded m's
Apple
36.5
Coca-cola Enterprises
32.1
Baxalta orporated
19.6
Facebook Class A
16.1
Amazon.com
16.0
Alphabet Class C Capital Stock
14.5
Alphabet Class A Common Stock
13.0
Hospira

11.8
Baidu
10.4
Netflix
9.4

close
price
100.35
51.55
45.53
119.38
712.24
732.66
747.60
89.95
185.01
103.30

Day's
change
-0.06
0.69
-0.17
-0.09
-2.67
8.54
10.67
-0.01
7.34

0.49

BIGGEST MOVERS
Ups
Ulta Salon Cosmetics & Fragrance
Hewlett Packard Enterprise
Jd.com
Baidu
Viacom Class B

Close
price

Day's
change

Day's
chng%

233.15
18.26
24.25
185.01
44.24

19.46
0.87
1.08
7.34
1.71

9.11
5.00
4.66
4.13
4.02

Ups
Paypoint
Synthomer
Softcat
B&m Eur Value Retail S.a.
Phoenix Holdings

Downs
Cf Industries Holding
Check Point Software Ltd
Marathon Oil
Freeport-mcmoran
The Mosaic

27.70
83.60
12.90
11.14
25.69

-1.26
-2.21
-0.27

-0.20
-0.44

-4.35
-2.58
-2.05
-1.76
-1.68

Downs
Acacia Mining
Centamin
Sophos
Clarkson
Anglo American

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

Month 4.99%

Ibex 35

STOCK MARKET: BIGGEST MOVERS
AMERICA
ACTIVE STOCKS

Oil Brent $ Sep

No change

1.111%

May 01 - May 30
Nikkei 225

10,333.23

Day 0.46%

Paris

4,428.96

Country

Frankfurt

9,025.70

1,342.59

4,529.40

Day -0.24%

All World

10,321.15

Europe

54,311.97
48,933.91
Year -7.20%

Index

May 01 - May 30
Xetra Dax

1,374.64

Previous

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

Shanghai Comp
Shenzhen A
Shenzhen B
COLCAP
CROBEX

Previous

Month 0.69%

All World

6,270.79

Day 0.08%

£ per €

ASIA
Index

Latest

Argentina
Australia

Index

Day -0.05%

New York

17,830.76

6,319.91

Mexico City

45,784.77

Day 0.65%

14,082.52

Year -6.20%

4,933.50
4,805.29

Toronto

May 01 - May 27
FTSE 100

¥ per $

Vodafone
Astrazeneca
Bp
Lloyds Banking

Shire
Reckitt Benckiser
Rio Tinto
Hsbc Holdings
Royal Dutch Shell
Royal Dutch Shell

EURO MARKETS
ACTIVE STOCKS

TOKYO
ACTIVE STOCKS

stock
traded m's
111.6
103.8
96.7
96.7
95.8
92.5
84.0
78.9
78.3
76.6

close
price
232.60
4022.50

361.95
72.45
4289.00
6873.00
1964.00
448.45
1675.00
1680.50

Day's
change
0.55
11.00
-2.50
-0.36
-60.00
-10.00
-5.00
2.50
-7.50
-12.50

stock
traded m's
Daimler Ag Na O.n.
221.6
Roche Gs
194.0
Bayer Ag Na
157.7

Nestle N
152.3
Novartis N
147.6
Intesa Sanpaolo
143.7
Telefonica
137.2
Volkswagen Ag Vzo O.n.
125.2
Siemens Ag Na
112.4
Total
110.6

close
price
60.68
238.34
85.33
67.18
72.03
2.36
9.54
135.65
98.69
43.77

Day's
change

0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
-0.13

stock
close
traded m's
price
Toyota Motor
498.9 5681.00
Mitsubishi Ufj Fin,.
220.9
546.00
Toshiba
216.5
278.60
Nissan Motor Co.,
206.5 1105.00
Softbank .
201.9 6175.00
Sumitomo Mitsui Fin,.
183.2 3529.00
Fuji Heavy Industries

165.6 4120.00
Hitachi,
152.9
501.00
Fast Retailing Co.,
139.9 29385.00
Sony
139.8 3082.00

Day's
change
92.00
3.30
12.30
40.50
122.00
25.00
149.00
17.40
385.00
4.00

Close
price

Day's
change

Day's
chng%

BIGGEST MOVERS

Day's
change

Day's
chng%

BIGGEST MOVERS

960.00
362.80
346.50
304.90
881.00

53.50
18.60
17.00
14.20
31.50

5.90
5.40
5.16
4.88
3.71

Ups

Deutsche Wohnen Ag
Rwe Ag
Pandora A/s
Ses
Delhaize Sa

Close
price
28.23
8.83
130.53
20.40
94.30

1.12
0.24
3.02
0.46
1.88

4.15
2.81
2.37
2.28
2.03

309.90
95.55
218.00
2320.00

612.00

-14.80
-4.45
-7.20
-68.00
-17.20

-4.56
-4.45
-3.20
-2.85
-2.73

Downs
Grifols Sa
B.popular
Bayerische Motoren Werke Ag
Abertis Infr
Industrivarden Ab

14.99
1.44
64.40
13.82
16.14

-14.40
-0.16
-4.15

-0.82
-0.82

-48.99
-9.75
-6.05
-5.57
-4.81

BIGGEST MOVERS

Based on the constituents of the FTSE 350 index

Based on the constituents of the FTSEurofirst 300 Eurozone index

Ups
Unitika
Taiheiyo Cement
Taiyo Yuden Co.,
Ajinomoto Co.,.
Hokuetsu Kishu Paper Co.,

Close
price

Day's
change

Day's
chng%

64.00
298.00
1202.00
2686.50
763.00

4.00
17.00
67.00
125.50
35.00

6.67
6.05
5.90
4.90
4.81

Downs
Furukawa Electric Co.,
Chiyoda
Showa Denko K.k.
Jgc
All Nippon Airways Co.,

267.00
784.00
112.00
1687.00

322.90

-3.00
-8.00
-1.00
-14.00
-2.50

-1.11
-1.01
-0.88
-0.82
-0.77

Based on the constituents of the Nikkei 225 index

FTSE 100
Winners
3i
Royal Bank Of Scotland
Royal Mail
Hargreaves Lansdown
Legal & General
Intu Properties
Schroders
Barclays
Easyjet
Int Consolidated Airlines S.a.
Old Mutual
London Stock Exchange

May 27
price(p)

%Chg
week

%Chg
ytd

552.00
251.20
532.50
1346.00
240.00
304.70
2736.00
186.20
1552.00
544.00
178.00
2724.00

9.2
8.4
8.3
6.6
6.5
6.4
6.3

5.9
5.6
5.3
4.9
4.8

Losers
Marks And Spencer
Fresnillo
Randgold Resources Ld
Rolls-royce Holdings
Intertek
Dcc
Coca-cola Hbc Ag
Carnival
Inmarsat
Whitbread
Gkn
Royal Dutch Shell

386.60
1017.00
5735.00
615.00
3150.00
6260.00
1326.00
3446.00
748.50
4249.00

273.40
1680.50

-13.1
-5.8
-4.9
-4.4
-4.3
-3.5
-2.9
-2.5
-0.9
-0.7
-0.7
-0.5

May 27
price(p)

%Chg
week

%Chg
ytd

13.8
18.0
-5.0
4.2
1.9

35.4
7.1
11.2
-12.4
35.3
-20.4
33.8

FTSE SmallCap
Winners
Gulf Marine Services
De La Rue
Cambian
Fdm (holdings)
Mothercare
Uk Mail
Georgia Healthcare
Sportech
Stobart Ld
Jpmorgan Mid Capital Investment Trust
Nanoco
Topps Tiles

55.25
566.50
61.00
637.00
136.00
320.00
252.00

79.00
125.50
1029.00
44.75
139.50

24.2
16.6
11.4
9.9
9.9
9.6
8.6
8.6
8.0
7.5
7.2
6.9

-46.7
27.8
-56.4
21.9
-38.2
28.0
62.6
32.8
17.3
-5.9
-22.2

-11.7

May 27
Industry Sectors
price(p)
Winners
Industrial Transportation
2980.07
Life Insurance
7134.56
Banks
3379.62
Technology Hardware & Equip. 1209.59
General Financial
9021.03
Gas Water & Multiutilities
6188.83
Health Care Equip.& Services 7197.50
Food & Drug Retailers
2743.70
Construction & Materials
5322.71
Personal Goods
27182.65
Fixed Line Telecommunication 5136.27
Support Services
6869.87

48.4
72.2

25.9
-11.9
-8.5
43.8
-11.4
-18.5
-3.3
-16.8
-6.3
-80.9

Losers
Hostelworld
Hochschild Mining
Game Digital
Trinity Mirror
Hss Hire
Puretech Health
Charles Taylor
Vitec (the)
Wireless
Johnston Press
Soco Int
Liontrust Asset Management

180.00
138.75
84.00
118.25
99.00

120.00
260.00
502.25
170.50
36.25
124.00
272.00

-32.3
-8.3
-7.7
-5.8
-5.7
-5.5
-5.5
-5.3
-5.3
-4.6
-4.2
-4.2

-17.4
187.6
-30.6
-28.8
37.5
-26.4
0.0
-16.6
-30.4

-28.0
-15.8
-2.7

Losers
Industrial Metals
1147.38
Oil Equipment & Services
13084.77
Aerospace & Defense
3998.39
Automobiles & Parts
6392.27
Oil & Gas Producers
6160.84
General Retailers
2810.25
Industrial Engineering
8189.53
Chemicals
10862.40
Food Producers
8246.61
Electricity
9044.90
Mining
8916.80
Equity Investment Instruments 7376.22

May 27

price(p)

%Chg
week

%Chg
ytd

14.6
-16.8
19.9
-10.6
-10.4
-4.0
-8.1
-14.9
-10.8
-10.9
-0.5
-0.7

FTSE 250
Winners
Serco
Homeserve
Aldermore
Paypoint
Softcat
Nmc Health
B&m Eur Value Retail S.a.

Paysafe
Pendragon
Bgeo
Ip
Zoopla Property

107.50
488.00
220.00
960.00
346.50
1138.00
304.90
413.40
40.96
2577.00
163.10
320.50

18.3
16.7
12.0
11.6
10.0
8.9
8.6
8.5
7.7
7.4
7.4

7.2

-14.5
43.6
38.4
7.0
13.4
10.6
-8.4
-10.9
-34.2
-3.5
-11.3
8.9

Losers
Centamin
Acacia Mining
Cairn Energy
Paragon Of Companies
Ibstock
Tullow Oil
hcape
Dairy Crest
Hikma Pharmaceuticals
Sophos
Britvic
Melrose Industries

95.55

309.90
198.50
311.60
203.20
238.20
695.50
554.00
2225.00
218.00
682.00
380.30

-14.8
-7.0
-4.9
-4.4
-4.1
-3.6
-3.5
-3.4
-3.1
-3.1
-2.8
-2.6

%Chg
week

%Chg
ytd

6.1
4.6
4.3
4.0
3.7
2.4
2.3
2.1
2.1
2.1
1.9
1.9

14.5
-8.9
-11.6
-5.2
-4.7
4.1
-0.9
9.6
2.9
5.1
-3.5
0.9

-2.6
-1.7
-1.0

-0.8
-0.3
0.2
0.2
0.5
0.7
0.7
1.0
1.0

58.1
0.4
-3.6
-11.5
8.8
-6.5
14.3
0.9
-7.0
2.6
21.2
-1.3

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

CURRENCIES
May 30
Argentina
Australia
Bahrain

Bolivia
Brazil
Canada
Chile
China
Colombia
Costa Rica
Czech Republic
Denmark
Egypt
Hong Kong
Hungary
India

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

Indian Rupee

DOLLAR
Closing
Mid
13.9250
1.3923
0.3771
6.8850
3.5956
1.3073
689.2500
6.5825
3068.0000
536.8500
24.2602
6.6773
8.8805
7.7691
281.9851
67.2150

Day's
Change
-0.0900
0.0015
0.0000
-0.0050
-0.0200
0.0040

2.2050
0.0228
0.8500
-0.0164
-0.0034
0.0171
0.0029
-0.9597
0.1775

EURO
Closing
Mid
15.5096
1.5507
0.4200
7.6685
4.0047
1.4560
767.6844
7.3316
3417.1281
597.9417
27.0209
7.4372
9.8910
8.6531
314.0741
74.8638

POUND
Day's
Closing
Day's
Change
Mid
Change
-0.0912
20.3632
-0.1226
0.0025
2.0360
0.0030
0.0003
0.5514
0.0003
-0.0011
10.0683
-0.0029
-0.0199
5.2580
-0.0269
0.0053
1.9117
0.0067
2.8989 1007.9260
3.6650
0.0296
9.6259
0.0375

1.9781 4486.4959
1.9677
1.2923 785.0636
1.5867
-0.0027
35.4769
-0.0085
0.0006
9.7646
-0.0006
0.0247
12.9863
0.0306
0.0082
11.3611
0.0092
-0.8865 412.3614
-1.2220
0.2409
98.2920
0.3026

May 30
Indonesia
Israel
Japan
..One Month
..Three Month
..One Year
Kenya

Kuwait
Malaysia
Mexico
New Zealand
Nigeria
Norway
Pakistan
Peru
Philippines

Currency
Indonesian Rupiah
Israeli Shekel
Japanese Yen

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

DOLLAR
Closing
Mid
13645.0000

3.8460
111.0750
111.0749
111.0747
111.0732
100.8500
0.3025
4.1170
18.4804
1.4921
199.0800
8.3467
104.8250
3.3620
46.7550

Day's
Change
62.0000
0.0030
1.2200
1.2198
1.2193
1.2165
0.2000
0.0002
0.0370
0.0140
0.0027
0.0111

0.0200
0.0065
0.1225

EURO
Closing
Mid
15197.7763
4.2837
123.7150
123.7150
123.7150
123.7148
112.3264
0.3369
4.5855
20.5834
1.6619
221.7346
9.2965
116.7537
3.7446
52.0756

POUND
Day's
Closing
Day's
Change
Mid

Change
77.8297 19953.8268
99.3995
0.0058
5.6242
0.0069
1.4297 162.4307
1.8545
1.4297 162.4306
1.8542
1.4297 162.4303
1.8537
1.4294 162.4306
1.8524
0.2876 147.4782
0.3570
0.0004
0.4423
0.0005
0.0438
6.0205
0.0567
0.0275
27.0248
0.0323
0.0039
2.1820
0.0048
0.1283 291.1250
0.1277

0.0177
12.2057
0.0216
0.0898 153.2910
0.0965
0.0094
4.9164
0.0117
0.1665
68.3723
0.2090

May 30
Currency
Poland
Polish Zloty
Romania
Romanian Leu
Russia
Russian Ruble
Saudi Arabia
Saudi Riyal
Singapore
Singapore Dollar
South African Rand
South Africa
South Korea
South Korean Won
Sweden
Swedish Krona

Switzerland
Swiss Franc
Taiwan
New Taiwan Dollar
Thailand
Thai Baht
Tunisia
Tunisian Dinar
Turkey
Turkish Lira
United Arab Emirates
UAE Dirham
United Kingdom
Pound Sterling
..One Month

DOLLAR
Closing
Mid
3.9452
4.0434
65.9650
3.7503
1.3815
15.8400
1191.8000
8.3383
0.9922
32.6390
35.7355

2.1034
2.9525
3.6730
0.6838
0.6839

Day's
Change
0.0023
-0.0039
-0.4006
0.0000
0.0057
0.1845
12.6500
0.0018
-0.0005
0.1305
0.0900
0.0043
0.0001
-0.0003
-0.0003

EURO
Closing
Mid
4.3941
4.5035
73.4716

4.1771
1.5387
17.6425
1327.4229
9.2872
1.1052
36.3532
39.8021
2.3428
3.2884
4.0910
0.7616
0.7616

POUND
Day's
Closing
Day's
Change
Mid
Change
0.0051
5.7692
0.0059
-0.0018
5.9128
-0.0032
-0.4035
96.4640
-0.5433

0.0024
5.4843
0.0023
0.0072
2.0202
0.0092
0.2156
23.1637
0.2798
14.8498 1742.8310
19.2550
0.0074
12.1936
0.0081
0.0000
1.4510
-0.0002
0.1663
47.7297
0.2117
0.1232
52.2579
0.1545
0.0062
3.0759
0.0077
0.0019
4.3175
0.0019
0.0024

5.3712
0.0024
0.0001
0.0001
-

May 30
..Three Month
..One Year
United States
..One Month
..Three Month
..One Year
Venezuela
Vietnam
European Union
..One Month
..Three Month
..One Year

Currency

United States Dollar

Venezuelan Bolivar Fuerte
Vietnamese Dong
Euro

DOLLAR
Closing

Mid
0.6839
0.6844
9.9900
22416.5000
0.8978
0.8977
0.8975
0.8961

Day's
Change
-0.0003
-0.0002
0.0100
23.5000
-0.0005
-0.0005
-0.0005
-0.0006

EURO
Closing
Mid
0.7615
0.7608
1.1138
1.1137
1.1134
1.1121

11.1268
24967.4799
-

POUND
Day's
Closing
Day's
Change
Mid
Change
0.0001
0.0001
0.0006
1.4624
0.0006
-0.3479
1.4624
0.0006
-0.3479
1.4624
0.0006
-0.3480
1.4630
0.0007
0.0176
14.6089
0.0210
40.6401 32780.8665
48.7137

1.3129
-0.0002
1.3129
-0.0002
1.3128
-0.0002
1.3121
-0.0002

Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata

UK SERIES

FTSE ACTUARIES SHARE INDICES

www.ft.com/equities

Produced in conjunction with the Institute and Faculty of Actuaries

£ Strlg Day's
Euro
£ Strlg
£ Strlg
Year
Div
P/E
May 27 chge%
Index
May 26
May 25

ago yield% Cover
ratio
FTSE 100 (100)
6270.79
0.08 6423.35 6265.65 6262.85 7040.92 3.98 0.71 35.18
FTSE 250 (250)
17232.26
0.23 17651.50 17192.83 17232.64 18237.00 2.66 2.10 17.90
FTSE 250 ex Inv Co (208)
18743.30
0.23 19199.29 18700.12 18739.04 19854.83 2.67 2.24 16.69
FTSE 350 (350)
3500.46
0.11 3585.62 3496.70 3496.80 3890.51 3.76 0.88 30.16
FTSE 350 ex Investment Trusts (308) 3477.18
0.10 3561.77 3473.54 3473.32 3869.33 3.78 0.88 30.10
FTSE 350 Higher Yield (105)
3197.95
0.05 3275.75 3196.22 3193.22 3680.84 5.27 0.45 42.49
FTSE 350 Lower Yield (245)
3472.68
0.16 3557.17 3466.97 3470.68 3720.39 2.13 2.04 22.99
FTSE SmallCap (284)
4577.56
0.08 4688.93 4573.69 4571.23 4792.41 2.97 1.27 26.45
FTSE SmallCap ex Inv Co (152)
4174.13 -0.08 4275.68 4177.65 4185.67 4290.28 2.93 1.60 21.29
FTSE All-Share (634)
3448.45
0.11 3532.35 3444.78 3444.81 3824.67 3.73 0.89 30.02

FTSE All-Share ex Inv Co (460)
3411.61
0.10 3494.61 3408.17 3408.09 3790.49 3.77 0.89 29.86
FTSE All-Share ex Multinationals (569) 1163.96
0.23
988.18 1161.26 1161.87 1276.65 2.99 1.43 23.32
FTSE Fledgling (98)
7667.86
0.16 7854.40 7655.73 7659.59 7881.69 2.70 0.65 57.18
FTSE Fledgling ex Inv Co (49)
10438.37
0.25 10692.31 10412.25 10426.89 10521.09 2.79 0.12 291.18
FTSE All-Small (382)
3174.16
0.09 3251.38 3171.36 3169.82 3320.30 2.96 1.24 27.19
FTSE All-Small ex Inv Co Index (201) 3113.45 -0.07 3189.19 3115.66 3121.58 3196.49 2.93 1.55 22.09
FTSE AIM All-Share Index (825)
735.84
0.20
753.74
734.38
733.50
770.26 1.72 0.50 117.10
FTSE Sector Indices
Oil & Gas (17)
6499.44
Oil & Gas Producers (10)
6200.20
Oil Equipment Services & Distribution (7)13418.04
Basic Materials (27)

3235.73
11619.22
Chemicals (7)
Forestry & Paper (1)
15973.05
Industrial Metals & Mining (2)
1158.83
Mining (17)
8616.88
Industrials (119)
4435.27
Construction & Materials (14)
5483.05
Aerospace & Defense (9)
4147.58
General Industrials (6)
3782.14
Electronic & Electrical Equipment (10) 5405.79
Industrial Engineering (14)
8619.09
Industrial Transportation (8)
4497.04
Support Services (58)
6717.56
19189.07
Consumer Goods (41)
Automobiles & Parts (1)
6425.03
Beverages (6)
15834.77

Food Producers (10)
8322.72
Household Goods & Home Construction (14)14453.14
Leisure Goods (2)
5369.72
Personal Goods (6)
23666.75
Tobacco (2)
50440.88
Health Care (20)
9198.10
Health Care Equipment & Services (8) 7263.84
Pharmaceuticals & Biotechnology (12)12386.20
Consumer Services (96)
4771.13
Food & Drug Retailers (7)
2861.57
General Retailers (32)
2758.36
Media (22)
7393.47
Travel & Leisure (35)
8374.40
Telecommunications (6)
3991.72
Fixed Line Telecommunications (4) 5217.15
Mobile Telecommunications (2)
5207.24
Utilities (7)
8728.40

Electricity (2)
9024.36
Gas Water & Multiutilities (5)
8179.17
Financials (282)
4240.33
Banks (9)
3337.03
Nonlife Insurance (10)
2930.92
Life Insurance/Assurance (10)
7237.84
Index- Real Estate Investment & Services (21) 2776.39
Real Estate Investment Trusts (26) 2892.02
General Financial (32)
7710.26
Equity Investment Instruments (174) 7591.20
Non Financials (352)
4094.16
Technology (19)
1422.29
Software & Computer Services (13) 1896.23
Technology Hardware & Equipment (6) 1511.44

-0.63
-0.64
-0.39
-0.93
0.65
0.30

-0.55
-1.26
0.03
0.81
-0.39
0.57
-0.24
-0.58
1.08
-0.08
0.36
-0.44
0.48
0.16
-0.11
-0.62
0.82
0.48
-0.23
0.24
-0.28
0.39
-0.04
0.73
0.19
0.50
0.40
0.68
0.24
0.51

-0.25
0.71
0.32
0.22
0.43
0.56
0.09
0.29
0.43
0.25
0.04
0.23
0.11
0.35

6657.56
6351.04
13744.48
3314.45
11901.90
16361.65
1187.02
8826.52
4543.18
5616.44
4248.49
3874.15
5537.31
8828.78
4606.44

6880.99
19655.91
6581.34
16220.00
8525.19
14804.76
5500.35
24242.52
51668.02
9421.88
7440.56
12687.53
4887.21
2931.19
2825.47
7573.34
8578.13
4088.83
5344.07
5333.93
8940.75
9243.91
8378.15
4343.49
3418.22
3002.23
7413.92
2843.94
2962.37
7897.84

7775.88
4193.76
1456.89
1942.36
1548.21

6540.84
6240.20
13471.00
3266.15
11543.70
15926.03
1165.26
8726.64
4434.14
5438.78
4163.72
3760.88
5418.62
8669.68
4449.19
6722.81
19119.39
6453.23
15758.89
8309.31
14469.62
5403.27
23473.51
50201.15

9219.51
7246.74
12421.59
4752.42
2862.66
2738.28
7379.22
8332.63
3975.62
5181.87
5195.03
8684.07
9047.33
8121.26
4226.68
3329.71
2918.30
7197.46
2773.85
2883.67
7677.15
7572.63
4092.67
1418.97
1894.13
1506.13

6561.95
6257.71
13682.93

3239.90
11486.33
15808.50
1194.76
8649.80
4433.07
5481.50
4151.32
3752.53
5449.54
8690.42
4495.64
6706.37
19068.98
6429.73
15724.15
8297.09
14395.83
5400.72
23351.67
50176.60
9214.06
7252.75
12412.25
4764.67
2837.22
2742.80
7371.90
8410.57
3938.86

5165.14
5127.77
8650.53
9008.63
8090.78
4243.05
3350.99
2918.92
7244.52
2781.27
2880.83
7684.57
7578.81
4087.57
1415.38
1890.20
1501.66

7669.07
7252.98
20097.20
4759.52
13322.63
17548.02
1796.15
13395.82
4860.30
5114.53
5461.98
3613.40

5890.09
9966.99
4605.23
7194.04
17643.03
8664.62
14607.10
8061.09
12838.22
4952.58
23637.20
44482.10
9881.20
7008.72
13451.34
5140.18
3243.69
3221.25
7711.58
8704.37
4243.49
5225.69
5746.78
8998.27
9886.03
8295.14
5085.15
4606.00
2475.95
8488.56

3176.73
3101.59
8580.65
8040.06
4420.56
1470.37
1691.64
1765.10

6.84
6.91
5.01
4.25
2.55
2.93
0.49
4.63
2.55
2.31
2.80
3.04
2.28
3.15
3.70
2.30
2.84
3.18
2.45
1.97
2.14

4.81
2.90
3.70
3.85
1.59
4.10
2.45
1.39
2.66
2.86
2.30
4.14
3.01
4.85
4.62
5.45
4.41
3.95
5.03
2.83
4.08
2.43
3.15
3.20
2.76
3.66
1.53
1.96
1.12

X/D
adj
120.35
207.49
227.18
62.79
62.91
81.40
34.36
53.92
48.51
61.13
61.29
14.05
73.50
89.88
37.04
35.82
4.21

Total
Return
5011.32
12142.68
13468.64
5631.14
2880.62
5316.81
3713.31
6351.38

6080.48
5610.58
2872.71
2009.06
13952.19
18455.70
5654.22
5745.73
796.64

-0.68 -21.53 228.00 5643.03
-0.70 -20.64 218.77 5567.81
0.25 81.20 387.17 10141.86
0.26 91.72
48.76 3224.80
2.12 18.51 125.71 10101.77
2.97 11.50 347.94 16963.52
2.79 72.58
0.00 1011.29
-0.02-1340.71 132.94 4499.87
1.45 27.05
55.55 4463.72
0.05 807.12
83.33 5693.81
1.51 23.63
71.61 4358.10
1.56 21.11
48.86 4171.66
1.92 22.86
49.42 4831.26

1.31 24.29 163.97 10297.95
0.91 29.83
40.84 3820.62
1.77 24.55
67.83 6811.30
1.78 19.79 260.84 13725.34
1.81 17.35 136.30 6032.39
1.59 25.69 102.47 10856.73
1.86 27.27
11.14 6973.60
2.67 17.51 151.56 9940.13
1.22 17.09 129.52 4654.65
2.93 11.76 316.89 15478.09
1.19 22.81 1163.34 31480.12
0.56 46.20 207.65 6863.06
1.80 34.98
53.78 6204.66
0.51 47.95 300.81 8223.56
1.76 23.18
54.75 4357.12
2.56 28.07
22.92 3299.54
2.12 17.70
19.08 3044.94
1.32 26.49
99.84 4424.04
1.85 23.50 110.78 7736.82
-0.28 -85.88
3.65 4186.71
1.80 18.52

0.00 4524.58
-1.08 -19.16
7.87 4877.84
1.55 13.93
79.68 9384.54
1.26 14.61 146.48 12230.41
1.65 13.76
59.90 8810.46
1.54 16.43
97.46 3792.78
0.86 23.18 101.66 2374.88
2.31 15.28
53.63 5020.23
1.53 16.00 201.97 6834.95
5.38
7.64
34.17 7228.91
4.98
6.36
42.61 3471.11
2.02 15.46 125.72 8509.72
1.05 34.53
89.13 4040.52
0.67 41.09
65.56 5828.70
1.69 38.55
12.72 1795.27
1.59 32.00
24.03 2519.81
1.87 47.98

8.47 1744.89

8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00 High/day Low/day
Hourly movements
FTSE 100
6263.81 6267.68 6258.44 6268.78 6264.43 6262.55 6254.60 6257.87 6263.60 6275.78 6250.40
FTSE 250
17189.72 17180.91 17167.50 17182.40 17201.13 17209.54 17196.05 17196.40 17212.94 17232.26 17164.87
FTSE SmallCap
4572.82 4575.83 4576.42 4576.78 4576.66 4578.25 4577.37 4577.65 4578.49 4580.18 4571.23
FTSE All-Share
3443.84 3445.33 3440.84 3445.89 3444.60 3444.09 3440.13 3441.58 3444.67 3449.24 3438.23
Time of FTSE 100 Day's high:09:36:00 Day's Low13:05:30 FTSE 100 2010/11 High: 6410.26(20/04/2016) Low: 5536.97(11/02/2016)
Time of FTSE All-Share Day's high:09:36:00 Day's Low13:05:00 FTSE 100 2010/11 High: 3504.16(20/04/2016) Low: 3046.53(11/02/2016)
Further information is available on © 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
Amount
Latest
Issue

paid
renun.
price
up
date
High
Low
Stock
There are currently no rights offers by any companies listed on the LSE.

FT 30 INDEX

FTSE SECTORS: LEADERS & LAGGARDS

May 27 May 26 May 25 May 24 May 23 Yr Ago
High
Low Year to date percentage changes
FT 30
2868.20 2861.30 2859.10 2857.60 2815.10
0.00 2876.90 2547.10 Industrial Metals &
58.42
FT 30 Div Yield
1.70
1.71
1.71
1.71
1.73
0.00
3.93
2.74 Mining

22.25
P/E Ratio net
26.21
26.17
26.09
26.11
25.77
0.00
19.44
14.26 Basic Materials
18.00
FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35
Industrial Transport
14.26
FT 30 hourly changes
Industrial Eng
12.74
8
9
10
11
12
13
14
15
16
High
Low Food & Drug Retailer
9.66
2861.3 2858.8 2855 2861.2 2857.9 2860.1 2857.9 2862.7 2866.4 2868.2 2855.0 Tobacco

9.56
FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30
Oil & Gas Producers
8.87
Oil & Gas
8.52
Personal Goods
5.22
Household Goods & Ho
4.86
4.85
May 26 May 25 Mnth Ago
May 27 May 26 Mnth Ago Consumer Goods
Gas Water & Multi
4.22
Australia
88.31
88.12
94.64 Sweden
79.62
79.70
80.87 Utilities
3.91
Canada
89.94
89.29
92.21 Switzerland
156.04 156.22 157.86 Nonlife Insurance
3.40
Denmark

106.46 106.37 106.52 UK
88.16
88.58
86.38 NON FINANCIALS Index
2.79
Japan
139.20 138.63 137.07 USA
100.59 101.06 100.07 Software & Comp Serv
2.72
New Zealand
111.03 111.51 111.86 Euro
87.06
86.82
87.76
Norway
86.59
86.32
87.15
Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100.
Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk

FX: EFFECTIVE INDICES

Electricity
Beverages
Mobile Telecomms
Construct & Material
Forestry & Paper
Industrials
Chemicals

Support Services
Electronic & Elec Eq
FTSE 100 Index
FTSE All{HY-}Share Index
Telecommunications
FTSE 250 Index
FTSE SmallCap Index
Technology
Equity Invest Instr
Health Care Eq & Srv
Media

+or-

Oil Equipment & Serv
Leisure Goods
Real Est Invest & Tr
Consumer Services
Health Care
Pharmace & Biotech
Fixed Line Telecomms
Aerospace & Defense
Financial Services
Tech Hardware & Eq
Travel & Leisure
General Retailers
Food Producers
Financials
Life Insurance
Real Est Invest & Se

Automobiles & Parts
Banks

-1.69
-1.98
-2.09
-2.91
-3.06
-3.25
-3.49
-3.73
-4.63
-5.02
-5.35
-6.22
-6.68
-7.27
-8.85
-9.98
-11.35
-11.48

FTSE GLOBAL EQUITY INDEX SERIES
May 27
Regions & countries
FTSE Global All Cap
FTSE Global All Cap
FTSE Global Large Cap
FTSE Global Mid Cap
FTSE Global Small Cap

FTSE All-World
FTSE World
FTSE Global All Cap ex UNITED KINGDOM In
FTSE Global All Cap ex USA
FTSE Global All Cap ex JAPAN
FTSE Global All Cap ex Eurozone
FTSE Developed
FTSE Developed All Cap
FTSE Developed Large Cap
FTSE Developed Europe Large Cap
FTSE Developed Europe Mid Cap
FTSE Dev Europe Small Cap
FTSE North America Large Cap
FTSE North America Mid Cap
FTSE North America Small Cap
FTSE North America
FTSE Developed ex North America
FTSE Japan Large Cap
FTSE Japan Mid Cap
FTSE Global wi JAPAN Small Cap
FTSE Japan
FTSE Asia Pacific Large Cap ex Japan
FTSE Asia Pacific Mid Cap ex Japan
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
FTSE Emerging Large Cap
FTSE Emerging Mid Cap
FTSE Emerging Small Cap
FTSE Emerging Europe

FTSE Latin America All Cap
FTSE Middle East and Africa All Cap
FTSE Global wi UNITED KINGDOM All Cap In
FTSE Global wi USA All Cap
FTSE Europe All Cap
FTSE Eurozone All Cap
FTSE RAFI All World 3000
FTSE RAFI US 1000
FTSE EDHEC-Risk Efficient All-World
FTSE EDHEC-Risk Efficient Developed Europe

No of
US $
stocks indices
7703 456.08
7079 462.39
1425 401.03
1642 617.20
4636 644.34
3067 266.16
2543 472.49
7382 469.33
5748 414.71
6440 466.78
7058 471.00
2094 430.10
5665 452.08
899 396.59
223 322.59
305 509.84

695 725.20
291 448.50
395 671.55
1483 673.23
686 300.45
1408 220.83
176 307.48
307 481.22
780 523.90
483 129.06
549 536.04
422 736.67
1430 489.45
971 425.22
2038 582.96
526 550.60
447 736.80
1065 608.75
112 303.34
238 672.62
221 629.23
321 327.28
1955 514.78
1411 375.87
645 350.31
3049 5489.19
1006 9192.85
3067 322.84
528 278.02

Day
%
0.3
0.3
0.3
0.2
0.5
0.3
0.2
0.3
0.1
0.3
0.4
0.2
0.3
0.3
-0.2
-0.5
-0.2
0.4
0.4
0.7
0.4
0.0
0.4
0.5
0.1
0.4
0.7
0.7

0.5
0.7
0.6
0.7
0.2
0.5
-0.5
-0.8
0.3
-0.3
0.5
-0.3
-0.4
0.1
0.4
0.2
-0.4

Mth
%
-0.9
7.3
-0.9
-1.1
-0.4
-0.9
-0.8
-0.9
-2.0
-0.8

-0.7
-0.6
-0.6
-0.6
-1.5
-0.6
0.6
0.3
-0.7
-0.5
0.1
-1.8
-1.8
-0.9
1.6
-1.6
-2.8
-3.5
-2.4
-2.9
-3.9
-3.8
-5.1
-3.0
-3.9
-8.7
-6.5
0.1
0.1
-1.2

-2.4
-2.6
-1.2
-0.8
-0.6

YTD
%
1.1
-0.3
0.6
2.5
2.7
0.9
1.0
1.3
-0.6
1.7
1.5
0.8
1.1
0.5
-2.3
-0.6
-0.9
2.8
4.9
4.9
3.1
-2.6

-6.2
-2.1
-0.5
-5.3
-0.9
-1.4
-2.0
-1.0
2.0
2.2
3.8
-1.1
13.6
12.4
1.7
-0.5
2.7
-1.4
-2.4
1.2
4.0
2.3
-0.4

Total
retn
631.80
624.68
568.82
814.58

824.57
389.17
927.88
640.85
611.82
652.44
640.27
600.82
624.41
561.89
521.59
743.85
1027.35
596.24
835.08
814.36
409.17
350.59
388.62
586.71
660.52
183.23
809.92
1072.87
701.78
682.84
837.64
795.67
1056.20
843.20

448.98
1006.00
952.43
526.97
665.63
587.71
554.19
7021.51
11747.47
438.60
412.90

YTD Gr Div May 27
No of
US $
Day
Mth
YTD
Total
YTD Gr Div
% Yield Sectors
stocks indices
%
%
%
retn
% Yield
2.4
2.6 Oil & Gas
152 335.86

-0.1
-0.1
10.1 522.01
12.0
3.8
0.2
2.5 Oil & Gas Producers
110 315.41
-0.2
-0.2
10.5 499.10
12.5
3.9
1.9
2.7 Oil Equipment & Services
32 303.76
0.0
0.0
9.4 430.18
11.2
3.4
3.6
2.2 Basic Materials
256 368.76
-0.4
-0.4
4.9 548.46
6.5
3.0
3.6

2.1 Chemicals
124 580.68
-0.1
-0.1
-1.9 867.61
-0.2
2.8
2.2
2.6 Forestry & Paper
16 199.83
0.2
0.2
1.9 329.19
4.5
3.8
2.4
2.6 Industrial Metals & Mining
62 290.80
0.0
0.0
13.0 430.84
13.7
2.8
2.5
2.5 Mining
54 409.41
-1.5
-1.5
26.5 608.09
28.2

3.8
1.0
3.1 Industrials
536 309.39
0.2
0.2
3.4 435.20
4.7
2.3
3.0
2.6 Construction & Materials
111 449.79
0.2
0.2
7.3 662.55
8.7
2.2
2.7
2.5 Aerospace & Defense
26 514.47
-0.1
-0.1
1.6 717.85
2.9
2.4
2.2
2.6 General Industrials
55 224.75
0.4
0.4

3.6 340.13
5.0
2.6
2.4
2.5 Electronic & Electrical Equipment
69 310.30
0.6
0.6
-1.9 401.10
-1.1
2.0
1.9
2.7 Industrial Engineering
104 565.43
0.0
0.0
5.5 783.28
6.9
2.5
0.3
3.7 Industrial Transportation
98 516.37
0.2
0.2
4.3 724.94
5.6
2.5
1.3
2.8 Support Services
73 284.72

0.2
0.2
3.2 384.34
4.3
2.0
424 421.08
0.1
0.1
1.1 606.12
2.3
2.5
0.7
2.6 Consumer Goods
3.8
2.2 Automobiles & Parts
104 342.06
0.1
0.1 -10.4 474.70
-9.0
3.1
5.6
1.8 Beverages
48 593.31
0.0
0.0
3.8 862.91
4.6
2.5
5.7
1.7 Food Producers

103 584.28
-0.1
-0.1
4.6 868.50
6.2
2.2
4.1
2.2 Household Goods & Home Construction
48 419.02
0.1
0.1
4.4 599.58
5.6
2.3
-0.7
3.2 Leisure Goods
31 135.92
0.1
0.1
3.1 175.74
3.5
1.5
-5.2
2.3 Personal Goods
79 604.32
0.2
0.2
1.1 827.01
2.1
2.1

-1.2
1.9 Tobacco
11 1337.84
0.0
0.0
9.9 2648.47
11.4
3.6
0.6
2.1 Health Care
178 447.55
0.5
0.5
-2.3 630.85
-1.2
2.0
-4.4
2.2 Health Care Equipment & Services
64 693.72
0.4
0.4
6.8 798.46
7.2
1.0
0.1
3.3 Pharmaceuticals & Biotechnology
114 329.58
0.5
0.5
-5.3 484.05

-3.9
2.4
-0.4
3.2 Consumer Services
392 389.84
0.3
0.3
0.0 510.72
0.9
1.8
-1.2
2.8 Food & Drug Retailers
54 295.09
0.1
0.1
-1.6 402.68
-0.6
1.9
0.0
3.3 General Retailers
122 531.61
0.2
0.2
-0.2 678.98
0.5
1.6
2.8
3.2 Media
86 297.94
0.7

0.7
3.0 391.35
3.9
2.0
2.9
3.2 Travel & Leisure
130 374.26
0.2
0.2
-1.9 495.18
-1.0
1.9
4.8
3.0 Telecommunication
91 165.23
0.2
0.2
4.9 295.69
6.7
4.1
-0.4
3.1 Fixed Line Telecommuniations
42 141.68
0.3
0.3
6.9 278.24
9.1
4.4
14.5
4.0 Mobile Telecommunications

49 168.32
0.0
0.0
2.2 271.80
3.4
3.5
13.8
3.3 Utilities
163 253.59
0.1
0.1
6.9 471.70
8.5
3.8
111 276.59
0.1
0.1
6.8 509.05
8.5
3.7
3.3
3.0 Electricity
52 269.36
0.2
0.2
7.0 513.70
8.6
4.0
1.4
3.8 Gas Water & Multiutilities

689 194.48
0.4
0.4
-3.1 307.18
-1.5
3.2
3.6
2.1 Financials
246 167.62
0.3
0.3
-6.1 282.92
-4.2
3.8
0.9
3.5 Banks
68 216.50
0.3
0.3
1.0 307.01
2.8
2.5
0.0
3.3 Nonlife Insurance
50 184.72
0.7
0.7
-6.8 285.11
-5.2
3.3

2.7
3.3 Life Insurance
150 220.31
0.8
0.8
-0.9 296.40
0.0
2.1
5.1
2.5 Financial Services
186 175.89
0.6
0.6
0.9 211.52
1.8
1.8
3.4
2.3 Technology
89 317.04
0.8
0.8
2.2 365.95
2.8
1.1
1.3
2.7 Software & Computer Services
Technology Hardware & Equipment
97 125.71
0.4
0.4

-0.5 155.92
0.6
2.7
Alternative Energy
10
99.36
0.9
0.9
-3.9 132.41
-3.3
1.3
Real Estate Investment & Services
103 273.75
0.1
0.1
-3.2 443.10
-1.8
2.7
The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
(US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Group companies and is used by FTSE International Limited under licence.

UK COMPANY RESULTS
closing
Price p

2.69

2.64
2.10
2.02
1.87
1.60
0.91
0.71
0.59
0.46
0.12
-0.17
-1.13
-1.23
-1.34
-1.50
-1.51
-1.60

FTSE 100 SUMMARY

Company
Hargreave Hale AIM VCT 1
Inch Kenneth Kajang Rubber
Octopus AIM VCT

FTSE 100

Closing Day's
Price Change FTSE 100

3I Group PLC
Admiral Group PLC
Anglo American PLC
Antofagasta PLC
Arm Holdings PLC
Ashtead Group PLC
Associated British Foods PLC
Astrazeneca PLC
Aviva PLC
Babcock International Group PLC
Bae Systems PLC
Barclays PLC
Barratt Developments PLC
Berkeley Group Holdings (The) PLC
Bhp Billiton PLC
BP PLC
British American Tobacco PLC
British Land Company PLC
Bt Group PLC
Bunzl PLC
Burberry Group PLC
Capita PLC
Carnival PLC
Centrica PLC
Coca-Cola Hbc AG
Compass Group PLC
Crh PLC
Dcc PLC
Diageo PLC
Direct Line Insurance Group PLC

Dixons Carphone PLC
Easyjet PLC
Experian PLC
Fresnillo PLC
Gkn PLC
Glaxosmithkline PLC
Glencore PLC
Hammerson PLC
Hargreaves Lansdown PLC
HSBC Holdings PLC
Imperial Brands PLC
Informa PLC
Inmarsat PLC
Intercontinental Hotels Group PLC
International Consolidated Airlines Group S.A.
Intertek Group PLC
Intu Properties PLC
Itv PLC
Johnson Matthey PLC
Kingfisher PLC
Land Securities Group PLC

552.00
1947
612.00
436.60
982.00
986.00
2950
4022.5

455.70
1032
483.00
186.20
598.50
3330
840.30
361.95
4205.5
760.00
451.90
2024
1097
1075
3446
205.30
1326
1288
2082
6260
1883
371.80
445.90
1552
1291
1017
273.40
1452.5
134.30
588.50

1346
448.45
3786
668.50
748.50
2671
544.00
3150
304.70
220.50
2883
374.60
1188

9.00
3.00
-17.20
-11.30
4.00
4.00
10.00
11.00
3.90
0.70
1.40
1.00
-45.00
-11.50
-2.50
20.50

-0.50
3.30
10.00
15.00
-23.00
67.00
-1.10
-4.00
1.00
22.00
-85.00
16.00
2.60
0.50
20.00
4.00
-15.00
-1.20
-4.50
-1.65
9.00
2.50
17.00
1.50
1.50
33.00
-0.50
0.60
1.70
7.00

3.70
-1.00

Closing Day's
Price Change

Legal & General Group PLC
Lloyds Banking Group PLC
London Stock Exchange Group PLC
Marks And Spencer Group PLC
Mediclinic International PLC
Merlin Entertainments PLC
Mondi PLC
Morrison (Wm) Supermarkets PLC
National Grid PLC
Next PLC
Old Mutual PLC
Paddy Power Betfair PLC
Pearson PLC
Persimmon PLC
Provident Financial PLC
Prudential PLC
Randgold Resources LD
Reckitt Benckiser Group PLC
RELX PLC
Rexam PLC
Rio Tinto PLC
Rolls-Royce Holdings PLC
Royal Bank Of Scotland Group PLC
Royal Dutch Shell PLC

Royal Dutch Shell PLC
Royal Mail PLC
Rsa Insurance Group PLC
Sabmiller PLC
Sage Group PLC
Sainsbury (J) PLC
Schroders PLC
Severn Trent PLC
Shire PLC
Sky PLC
Smith & Nephew PLC
Sse PLC
St. James's Place PLC
Standard Chartered PLC
Standard Life PLC
Taylor Wimpey PLC
Tesco PLC
Travis Perkins PLC
Tui AG
Unilever PLC
United Utilities Group PLC
Vodafone Group PLC
Whitbread PLC
Wolseley PLC
Worldpay Group PLC
WPP PLC

240.00
72.45
2724

386.60
870.50
423.00
1359
198.00
1009
5535
178.00
9145
828.50
2112
2914
1394
5735
6873
1250
627.00
1964
615.00
251.20
1680.5
1675
532.50
482.10
4283.5
604.50
269.30
2736
2291
4289

971.50
1179
1544
932.00
542.80
342.80
206.00
167.25
1927
1050
3152.5
971.00
232.60
4249
4088
272.20
1583

1.40
-0.36
-1.00
-4.00
2.50
0.70
4.00
1.20
9.00
90.00
45.00
3.00

-9.00
17.00
6.00
-120.00
-10.00
9.00
1.50
-5.00
-10.50
2.60
-12.50
-7.50
10.50
0.50
6.50
1.70
18.00
9.00
-60.00
5.00
-3.00
5.50
-6.40
0.90
1.40
-1.35
-6.00
11.00
25.00
16.00

0.55
7.00
-2.00
-0.50
-2.00

UK STOCK MARKET TRADING DATA
May 27
May 26
May 25
May 24
May 23
Yr Ago
SEAQ Bargains
5321.00
5330.00
5330.00
6001.00
5295.00
4214.00
Order Book Turnover (m)
158.39
158.37
158.37
349.08
56.72
194.53
Order Book Bargains
658755.00 658650.00 658650.00 777247.00 875187.00 815102.00
Order Book Shares Traded (m)

1230.00
1226.00
1226.00
1513.00
1616.00
1530.00
Total Equity Turnover (£m)
2581.68
2662.60
2662.60
2907.72
2741.75
2727.76
Total Mkt Bargains
731770.00 733153.00 733153.00 866005.00 958830.00 888991.00
Total Shares Traded (m)
5456.00
5418.00
5418.00
6480.00
6125.00
5487.00
† Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
(c) Market closed.

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

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

UK RECENT EQUITY ISSUES
Int
1st
Pre

Turnover
0.113
0.145
1.862
1.815
0.703
0.816

Pre-tax
0.092L
0.105L
2.699L
3.755L
0.017L
0.02

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

EPS(p)
0.2L
0.009L

0.03

0.22L
0.007L
0.03L

Div(p)
Pay day
1.75
Jul 8
1.75
2.8
Jul 22
2.5

Total
4.25
3.988
5.3
5

Issue
date
05/27
05/26
05/18
05/13
05/12
05/10
05/10

05/06
05/05

Issue
price(p)
75.00
160.00
130.00
200.00
9.00
148.00
8.00
208.00
108.00

Sector
AIM
AIM
AIM
AIM
AIM

Stock
code
ONC
MOTR
GSH
HOTC
TOOP
MIDW

MCL

Stock
Directa Plus PLC
Joules Group PLC
Oncimmune Holdings PLC
Motorpoint Group PLC
Green & Smart Holdings PLC
Hotel Chocolat Group PLC
Toople PLC
Midwich Group PLC
Morses Club PLC

§Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For a full explanation of all the other symbols please refer to London Share Service notes.

Close
price(p)
105.50
195.50
130.50
230.50
10.38
202.50
8.50
262.38
99.88

+/-0.50
1.00

-4.75
0.00
13.50
-0.13
6.75
-5.50

High
107.00
197.00
140.00
238.00
11.00
225.00
10.00
270.00
116.50

Low
83.00
160.00
126.00
200.00
10.00
148.00
8.00
209.48
100.00

Mkt

Cap (£m)
4664.5
17106.2
6658.7
23050.0
2870.4
22849.7
0.0
20845.2
12933.8


23

FINANCIAL TIMES

Tuesday 31 May 2016

MARKET DATA
FT500: THE WORLD'S LARGEST COMPANIES
Stock
Australia (A$)
ANZ♦
BHPBilltn
CmwBkAu
CSL
NatAusBk♦
Telstra
Wesfarmers
Westpc♦

Woolworths
Belgium (€)
AnBshInBv
KBC Grp
Brazil (R$)
Ambev
Bradesco
Cielo
ItauHldFin
Petrobras
Vale
Canada (C$)
BCE
BkMontrl
BkNvaS
Brookfield♦
CanadPcR
CanImp
CanNatRs
CanNatRy
Enbridge♦
GtWesLif
ImpOil
Manulife♦
Potash
RylBkC
Suncor En
ThmReut♦
TntoDom
TrnCan

ValeantPh
China (HK$)
AgricBkCh
Bk China
BkofComm
BOE Tech
Ch Coms Cons
Ch Evrbrght
Ch Rail Cons
Ch Rail Gp
ChConstBk
China Vanke
ChinaCitic♦
ChinaLife
ChinaMBank
ChinaMob
ChinaPcIns
ChMinsheng
ChMrchSecs RMB
Chna Utd Coms RMB
ChShenEgy
ChShpbldng RMB
ChStConEng RMB
ChUncHK♦
CNNC Intl RMB
CSR
Daqin RMB
Gree Elec Apl
GuosenSec RMB
HaitongSecs

Hngzh HikVDT RMB
Hunng Pwr
IM Baotou Stl RMB
In&CmBkCh
IndstrlBk RMB
Kweichow RMB
Midea
New Ch Life Ins
PetroChina
PingAnIns
PngAnBnk RMB
Pwr Cons Corp RMB
SaicMtr RMB
ShenwanHong
ShgPdgBk RMB
Sinopec Corp
Sinopec Oil RMB
Denmark (kr)
DanskeBk
MollerMrsk
NovoB

52 Week
High
Low

Price Day Chg

Yld

P/E MCap m

25.69
19.24
78.18
116.41
27.25
5.67
41.50
30.88
22.39

-0.16
-0.13
-0.72
0.68
-0.05
0.33
-0.10
0.31

33.86
29.59
88.88
117.61
34.90
6.53
44.14
35.15
29.22

21.86 10.97 10.63 53834.47
14.06 11.90 22.76 44382.87
69.79 7.69 14.81 96310.21
85.40 1.42 27.92 38252.86
23.82 11.31 10.63 51773.06
4.98 7.72 16.29 49788.86
36.65 6.92 18.88 33567.08
27.69 9.40 12.00 73986.19
20.50 8.91-262.09 20564.55

114.45
53.49

0.50
-0.09

124.20
66.00

87.73
44.15

3.05 25.90 205009.09
3.89 14.61 24908.36

19.08
25.58
30.98
26.09

10.51
14.26

-0.22
0.04
-0.67
-0.14
0.02
-0.03

20.46
32.00
38.56
33.78
15.05
22.19

15.99
16.27
23.36
21.49
5.67
8.60

2.87
4.19
1.57
2.89
7.70

23.90
7.77
18.85
5.87
-3.53
-2.21

83406.47
19755.13
19507.21
22109.9
21754.74
12759.4

60.87
83.17
64.90
46.59
170.52
102.14
38.56
78.29
51.98
35.97
42.15
19.42
21.66
80.46
35.78
55.09

57.73
54.00
37.69

0.39
-0.27
-0.10
0.05
0.69
-0.05
-0.34
0.07
-0.80
0.14
-0.11
-0.09
0.07
-0.09
-0.12
-0.01
0.06
-0.52
0.61

61.10
84.55
66.99
47.27
217.41
104.30

39.59
83.81
61.18
37.70
50.23
24.20
40.47
80.97
40.35
55.92
58.13
54.72
347.84

51.56
64.01
51.17
37.70
140.02
82.19
21.27
66.62
40.03
30.42
37.25
15.32
20.03
64.52
27.32
47.25

47.75
40.58
30.22

4.45
4.16
4.07
1.40
0.84
4.63
2.45
1.72
3.81
3.78
0.87
3.68
9.33
4.09
3.31
3.25
3.75
4.05
-

18.73
11.99
11.98
18.36
16.65
10.74

-83.76
16.77
28.15
13.00
58.11
15.61
13.99
11.65
-36.17
27.03
12.62
-27.01
-34.14

40459.54
40944.49
59711.05
35175.8
19967.31
30835.74
32369.7
46681.85
36944.19
27325.18
27329.36
29300.28
13904.02
91601.09
43300.32
31703.17

81792.67
29013.83
9889.78

2.80
3.16
4.75
2.05
8.71
3.30
9.64
5.84
4.97
18.18
4.48
17.06
15.92
88.00
26.20
7.37
15.52
3.89
12.32
5.94
5.30
8.43
6.75
7.37
6.37
0.17

14.60
12.42
20.49
5.20
2.85
4.10
15.87
256.13
1.75
26.00
5.32
33.90
10.28
5.84
19.91
0.17
17.95
5.35
3.87

0.02
-0.02
0.05
0.11
-0.02
0.03
0.20
0.03
0.14
0.85

0.25
0.03
0.01
0.02
-0.12
0.02
0.17
0.03
0.12
0.03
0.00
-0.02
0.22
-0.01
0.17
0.02
0.10
3.69
0.04
0.30
-0.03
0.25
0.01
0.05
0.16
0.00
0.21
0.06
0.01

4.32
5.48
8.61
4.78
14.02
5.30
15.20
10.76
7.98
24.10
6.78
38.30
26.85
104.90
42.20
11.12
34.59
10.67
20.75
19.97
10.55
13.72
14.38
16.98
15.15
0.45
34.20
25.80
49.19
11.08

7.34
6.88
20.82
283.00
2.68
51.10
9.27
58.60
17.45
16.85
27.36
0.40
20.12
6.96
14.23

2.50
2.83
4.24
1.55
5.77
3.07
6.72
4.21
4.31
15.52
4.00
16.12
12.72
79.00

23.70
6.13
13.45
3.82
10.12
5.66
4.88
7.87
4.07
6.61
6.30
0.13
13.28
10.00
20.28
4.96
2.66
3.72
11.90
166.20
1.65
22.00
4.16
30.50
9.30
5.60
14.00
0.12
11.91
3.86

3.77

8.07
7.46
7.05
0.97
2.41
7.00
1.93
1.66
7.52
3.39
2.87
5.23
3.18
2.27
3.10
5.13
1.79
7.34
0.66
3.36
2.94
1.99
7.80
1.42
2.50
1.35
9.02
7.74

3.72
1.77
5.68
0.97
3.67
2.48
1.75
1.77
6.76
4.37
4.60
-

4.23 11078.27
4.69 34012.52
4.32 21406.25
35.11
52.50
7.35 4963.76
4.28 2917.56
8.10 2576.31
9.06
3162.7
4.47 153799.77
9.00 3077.06
4.16
8581.8
14.28
16340
5.57 9407.49

13.99 231925.8
11.28 9359.31
4.71 6577.47
9.40 11324.61
30.97 12526.34
13.46
5389.4
-37.29 16204.99
6.03 24074.36
20.97 25984.26
26.12 3990.03
14.05 4146.57
8.31 14386.89
-3.45
299.94
10.12 4868.64
8.47 5450.71
20.14 9873.52
4.99 3146.06
-20.39 6815.82
4.36 45804.69
5.74 45934.04
19.38 48879.61
10.27
48.44
7.95 3460.75
51.80 14447.89
9.12 32497.28
6.28 18434.63
14.68 2927.76

7.00 33348.92
-0.23
54.71
6.28 50866.71
14.34 17569.32
-36.12 1048.46

192.80
8570
373.30

0.30
40.00
2.30

218.00
13560
415.00

168.30
7355
305.10

4.31 13.80 28403.46
- -49.96 13659.54
1.78 26.72 112513.22

Stock

Price Day Chg

Week
change change %
232.00
18.5
27.50
16.0
5.19
13.3
1.51
13.0
10.81
11.7
24.40
11.1
2700.00
10.3
4.35
9.5
0.52
9.4
11.30
9.3
0.41
9.0
0.94
9.0
0.41
8.9
3.40

8.5
0.18
8.5
0.34
8.4
0.98
8.1
26.15
7.9
7.97
7.9
6.17
7.8

Month
change %
18.53
5.21
1.03
3.21
13.47
3.19
3.02
8.74
1.45
8.44
-0.40
6.69
-0.49
8.32

-1.90
-0.16
-1.05
9.71
16.48
1.03

INTEREST RATES: OFFICIAL
Current
0.25-0.50
3.50
0.75
0.00
0.50
0.00-0.00
0.00-0.25

May 27 (Libor: May 26)
US$ Libor
Euro Libor
£ Libor
Swiss Fr Libor
Yen Libor
Euro Euribor
Sterling CDs
US$ CDs
Euro CDs

Stock

52 Week
High
Low

Price Day Chg

Yld

P/E MCap m

Japan (¥)
AstellasPh
1493.5 27.50
2009
1358 1.96 19.10 29874.35
Bridgestne
3734 40.00
5180
3561 3.50 10.79
27334
Canon
3160 29.00
4334 2977.5 4.77 16.02 37944.57
CntJpRwy
19300 -5.00 22960 18255 0.57 13.65 35793.83
Denso
4341 21.00
6530
3879 2.60 14.41 34550.91
EastJpRwy

10080 138.00 12815
9162 1.14 18.54 35619.17
Fanuc
16735 385.00 28200 15300 4.24 19.27 31028.07
FastRetail
29385 385.00 61970 26320 1.27 55.45 28061.89
Fuji Hvy Ind
4120 149.00
5223
3275 2.42 8.57 29038.1
Hitachi
501.00 17.40 856.80 431.00 2.19 9.72 21801.19
HondaMtr
3122 95.00
4499
2726 2.58 11.81 50914.05
JapanTob
4383 71.00
4850
3551 2.71 17.80 78919.64
KDDI
3193 19.00
3446
2519 1.72 18.34 75329.62
Keyence
69330 90.00 70100 50500 0.26 38.06 37950.91
MitsbCp
1936.5 17.00
2837
1565 2.60 10.45 27721.67

MitsubEst
2125 32.00
2968 1962.5 0.65 58.34 26599.99
MitsubishiEle
1314 34.00
1713 947.00 1.88 12.73 25401.05
MitsuiFud
2673.5 19.50
3879 2260.5 0.96 23.13 23862.92
MitUFJFin
546.00
3.30 936.80 431.90 3.02 5.75 69648.42
Mizuho Fin
172.10
0.80 280.40 149.30 4.13 6.44 38789.69
Murata Mfg
12740 415.00 22220 11610 1.44 13.85 25837.12
NipponTT
4846 31.00
5419
4005 1.80 16.63 91461.88
Nissan Mt
1105 40.50
1350 922.00 3.11 8.85 44714.46
Nomura
475.10
2.70 909.20 435.10 4.43 8.23 16350.21
Nppn Stl
2251.5 -8.50
3505 1773.5 2.64 10.54 19263.1

NTTDCMo
2744.5 13.50
2888
1961 2.34 22.37 97809.78
Panasonic
995.30 30.30 1826.5 799.00 1.84 12.62 21980.86
Seven & I
4702
2.00
5998
4168 1.69 25.02 37524.65
ShnEtsuCh
6350 57.00
7790
5160 1.51 20.36 24702.93
Softbank
6175 122.00
7800
4133 0.59 14.51 66748.4
Sony
3082
4.00
3905
2199 0.67 31.29 35031.09
SumitomoF
3529 25.00
5770 2819.5 4.02 9.44 44926.43
Takeda Ph
4819 22.00
6609

4682 3.42 -36.89 34286.55
TokioMarine
3840
3.00
5504
3310 2.56 14.76 26188.56
Toyota
5681 92.00
8593
5256 3.63 8.40 170723.95
Mexico (Mex$)
AmerMvl
11.53
0.03 16.94 10.87 2.48 22.06 26215.38
FEMSA UBD 168.43 -0.76 176.84 133.52 1.43 35.12 32611.88
WalMrtMex
44.15 -0.25 47.44 35.50 1.39 26.53 41717.24
Netherlands (€)
Altice
15.49
0.12 47.73
9.98 - -50.74 14168.1
ASML Hld
89.48 -0.30 104.85 70.25 0.81 31.34
43187
Heineken
83.93
0.07 86.95 64.54 1.36 26.27 53845.27
ING
11.41

0.03 16.00
9.19 3.05 8.54 49273.2
Unilever♦
40.88
0.17 42.84 32.86 2.82 24.56 78074.98
Norway (Kr)
DNB
108.00
0.20 138.80 90.10 3.61 7.45 21075.55
Statoil
135.50
0.40 148.00 97.25 5.47 55.37 51764.69
Telenor
142.90
2.10 186.10 116.80 2.73 54.93 25705.92
Qatar (QR)
QatarNtBk
135.50 -0.50 163.17 122.50 2.63 9.77 31253.71
Russia (RUB)
Gzprm neft
149.62 -0.26 170.43 122.75 4.31 4.88 53695.55
Lukoil
2698 16.00
2902 2040.1 5.28 7.48 34788.45
MmcNrlskNckl
9166 26.00 11284
7840 17.71 11.54 21988.6
Novatek
666.20
6.30 668.80 517.30 8.83 15.70 30664.57

Rosneft
320.35 -0.25 356.95 214.80 2.30 10.67 51468.57
Sberbank
133.85
0.65 135.08 66.50 0.33 14.85 43802.29
Surgutneftegas
33.74 -0.06 41.16 30.31 2.96 18273.13
Saudi Arabia (SR)
AlRajhiBnk
57.90 -0.82 69.00 44.70 2.65 12.08 25087.66
Natnlcombnk
41.15 -0.57 69.00 36.60 3.85 8.82 21944.62
SaudiBasic
82.43
0.84 107.25 59.50 6.81 13.25 65937.84
SaudiTelec
63.31 -0.10 73.25 52.75 6.45 13.57 33762.18
Singapore (S$)
DBS♦
15.55
0.01 21.50 13.01 4.03 8.57 28198.84
JardnMt US$
56.00
0.50 61.30 45.00 2.57 11.75 39826.96
JardnStr US$
29.49
0.18 33.41 25.24 0.93 9.13 32802.61
OCBC♦
8.55 -0.01 10.48
7.41 4.39 9.01 25464.24

SingTel
3.90 -0.03
4.44
3.38 4.34 16.67 45008.96
UOB
18.21 23.60 16.80 4.87 9.14
21187
South Africa (R)
Firstrand
43.50 -0.40 57.80 34.08 4.90 10.75 15404.83
MTN Grp
126.03
0.19 237.32 109.56 11.99 6.23 14683.56
Naspers N
2269.66 -0.34 2280.7 1521.98 0.23 64.49 62748.09
South Korea (KRW)
HyundMobis 254500-1000.00 272000 185500 1.46 12.78 20787.06
KoreaElePwr
63000 400.00 63700 40800 4.96 3.02
33935
SK Hynix
29000 350.00 51700 25650 1.83 6.15 17179.1
SmsungEl
1280000-2000.00 1393000 1033000 1.55 9.67 153549.88
Spain (€)
BBVA
6.07
0.01
9.48
5.24 6.35 22.43 43812.08

BcoSantdr
4.41
0.01
6.89
3.31 7.07 10.87 70964.3
CaixaBnk♦
2.48 -0.02
4.50
2.33 5.05 19.92 16292.47
Iberdrola
6.17
0.00
6.71
5.66 2.65 15.24 43962.37
Inditex
30.24
0.14 35.38 26.00 1.33 32.69 104955.25
Repsol
11.88
0.04 17.76
7.95 8.32 -10.49 19077.53
Telefonica
9.54
0.01 14.31
8.48 8.13-240.83 52881.19

Last
1.00
3.50
0.75

0.05
0.50
0.00
0.00-0.75

Mnth Ago
0.25-0.50
3.50
1.00
0.05
0.50
0.00-0.10
-1.25--0.25

Year Ago
0.00-0.25
3.50
0.75
0.05
0.50
0.00-0.10
0-0.25

Day
-0.001
0.001
0.000

Change
Week

0.001
0.001
0.000

Month
0.002
0.000
-0.001
0.000
-0.007
0.000
0.000
0.000
0.000

One
month
0.45665
-0.35286
0.51381
-0.76760
-0.04914
-0.34900
0.50000
0.43000
-0.39500

Three
month
0.67305

-0.28171
0.58888
-0.73320
-0.02493
-0.26000
0.60000
0.62500
-0.30500

Six
month
0.97810
-0.16129
0.73500
-0.64060
-0.00329
-0.14900
0.77500
0.87500
-0.20500

One
year
1.31670
-0.03386
1.01025
-0.51640
0.09143
-0.01500

Short
7 Days
One
Three
Six
One
May 27
term
notice
month
month
month
year
Euro
-0.45 -0.35 -0.45 -0.35 -0.47 -0.32 -0.38 -0.23 -0.28 -0.13 -0.09 0.06
Sterling
0.45 0.55 0.45 0.55 0.55 0.65 0.70 0.85 0.93 1.08
Swiss Franc
Canadian Dollar
US Dollar
0.35 0.45 0.35 0.45 0.40 0.50 0.55 0.65 0.90 1.00 1.25 1.35
Japanese Yen
-0.10 0.10 -0.35 -0.15 -0.30 -0.10 -0.30 -0.10 -0.20 0.00 -0.10 0.10
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs:
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA.

COMMODITIES
Energy
Price*
Crude Oil†

Jun
49.28
Brent Crude Oil‡
50.28
RBOB Gasoline†
Jun
1.63
Heating Oil†
Jun
1.50
Natural Gas†
Jun
2.16
Ethanol♦
Uranium†
Jun
28.20
Carbon Emissions‡
Diesel†
Unleaded (95R)
Base Metals (♠ LME 3 Months)
Aluminium
1557.50
Aluminium Alloy
1540.00
Copper
4687.00
Lead
1698.50
Nickel

8385.00
Tin
16155.00
Zinc
1904.50
Precious Metals (PM London Fix)
Gold
1216.25
Silver (US cents)
1630.00
Platinum
984.00
Palladium
546.00
Bulk Commodities
Iron Ore (Platts)
50.20
Iron Ore (The Steel Index)
50.30
GlobalCOAL RB Index
54.25
Baltic Dry Index
606.00

www.ft.com/commodities

Change
-0.24
0.88
0.00

-0.01
-0.01
0.00
2.50
-60.00
25.00
21.00
35.00
395.00
27.50
-7.60
-16.00
-19.00
1.00
-1.60
-0.60
-0.25
5.00

Agricultural & Cattle Futures
Corn♦
Wheat♦
Soybeans♦
Soybeans Meal♦
Cocoa (ICE Liffe)X
Cocoa (ICE US)♥
Coffee(Robusta)X
Coffee (Arabica)♥
White SugarX
Sugar 11♥

Cotton♥
Orange Juice♥
Palm Oil♣
Live Cattle♣
Feeder Cattle♣
Lean Hogs♣

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

Jun
Aug
Jun

Price*
413.25
480.75
1087.25
402.40
2205.00
2993.00
1642.00
121.35

486.10
17.72
64.39
146.85
119.70
146.48
80.45

Change
0.00
0.00
0.00
0.00
35.00
49.00
4.00
-0.45
1.40
0.08
0.11
-1.65
0.00
1.25
0.00

May 26
371.88
85.47
186.92
2205.97

231.14
13.33
5.01
0.40
1950.00

% Chg
Month
5.75
1.94
2.02
-9.84
2.27
-0.99
0.00
-51.62

% Chg
Year
-14.03
-15.19
-15.33
-33.05
-14.10
-26.32
-4.76
17.82

Jul
Jul

Jul
Jul
Jul
Jul
Jul
Jul
Jul
Jul

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

Stock

Price Day Chg

Sweden (SKr)
AtlasCpcoB
196.80 -1.50
Ericsson
64.85
0.45
H&M
260.30
1.60
Investor
291.45 -1.55
Nordea Bk
82.13 -0.03
SEB

81.05 SvnskaHn
107.40 -0.50
Swedbank
186.60
1.00
Telia Co
39.88
0.36
Volvo
92.30 -0.20
Switzerland (SFr)
ABB
20.96 CredSuisse
13.98 -0.17
Nestle
74.15 -0.10
Novartis
79.55 -0.05
Richemont
58.95
0.20
Roche
262.00 -1.40
Swiss Re
89.40
0.10
Swisscom
479.90
1.20
Syngent

393.50 -1.50
UBS
15.28 -0.06
Zurich Fin
244.20
0.30
Taiwan (NT$)
Chunghwa Telecom 110.00 -0.50
Formosa PetChem
90.10
0.20
HonHaiPrc
79.50
1.10
MediaTek
216.50
4.00
TaiwanSem
157.00
0.50
Thailand (THB)
PTT Explor
310.00
3.00
United Arab Emirates (Dhs)
Emirtestele
17.45
0.05
United Kingdom (p)
AscBrFd

2950 10.00
AstraZen
4022.5 11.00
Aviva
455.70
3.90
Barclays
186.20
1.40
BP♦
361.95 -2.50
BrAmTob
4205.5 20.50
BSkyB
971.50 BT
451.90
3.30
Compass
1288
1.00
Diageo
1883 16.00
GlaxoSmh♦
1452.5 -4.50
Glencore
134.30 -1.65
HSBC♦
448.45
2.50
Imperial Brands

3786 17.00
LlydsBkg
72.45 -0.36
Natl Grid
1009
9.00
Prudential
1394
6.00
RBS
251.20
2.60
ReckittB
6873 -10.00
RELX
1250
9.00
RioTinto
1964 -5.00
RollsRoyce
615.00 -10.50
RylDShlA♦
1675 -7.50
SABMill
4283.5
6.50
Shire
4289 -60.00
StandCh
542.80 -6.40

Tesco
167.25 -1.35
Vodafone
232.60
0.55
WPP
1583 -2.00
United States of America ($)
21stC Fox A
28.93
0.17
3M♦
168.89 -0.02
AbbottLb
39.30
0.41
Abbvie
62.71
0.81
Accenture
118.94
0.53
Adobe
100.14
0.77
AEP♦
64.31 -0.02
Aetna
113.25
0.18

Aflac♦
69.56
0.38
AirProd
143.06 -0.01
Alexion
150.42
2.25
Allegran
235.94
3.58
Allstate
67.68
0.17
Alphabet
747.60 10.67
Altria
63.96 -0.04
Amazon
712.24 -2.67
AmerAir
31.65
0.14
AmerExpr
65.52
0.29
AmerIntGrp
58.32
0.57
AmerTower

106.06
0.76
Amgen♦
156.74
1.19
Anadarko
51.53 -0.75
Anthem
130.70
1.09
Aon Cp
108.63
1.65
Apple
100.35 -0.06
ArcherDan♦
43.23
0.16

52 Week
High
Low

Yld

P/E MCap m

234.30
97.60
362.00

343.70
114.60
111.10
137.10
208.00
52.95
115.70

162.60
60.70
252.00
256.80
72.40
72.75
95.85
150.80
36.61
72.20

3.19
5.49
3.82
3.23
7.53
5.63
4.38
5.84
7.87
3.40

20.11
14.34
21.33
-8.08
10.23
10.53
12.38
13.79
19.14
12.30

22.16
28.94
76.95
103.20
86.75
283.90
99.75
572.00
435.20
22.57
307.10

15.94
12.23
65.70
67.00
55.65
229.90
76.85

452.70
288.50
14.01
194.70

5.19
2.92
3.44
2.66
3.00
5.10
4.83
2.93
5.17
-

24.55 48895.97
-5.50 27577.89
26.08 238266.42
28.08 210619.29
19.41 31012.24
25.91 185509.12
8.08 33400.05
17.15 25053.92
27.52 36859.78
11.20 59289.81
24.15 37035.44

112.00
94.50

99.70
439.50
163.00

93.10 4.56 19.15 26144.15
63.90 0.97 14.69 26296.41
72.50 4.70 8.45 38090.8
192.00 10.48 14.23 10424.58
112.50 2.96 13.67 124730.32

367.00

197.00

19.10

11.35

4.26 18.00 41317.84

3606
2850
4634
3746
537.50 400.10
289.90 143.91
456.90 249.44
4357.13 3231.5
1180 917.97
502.60 404.00

1312 963.00
1964.38 1592.5
1532.1 1227.5
290.35 66.67
633.22 413.95
3898
2926
89.35 55.84
1015.5 806.40
1665.19 1045.99
370.00 204.30
7069.82
5403
1323 988.50
2923
1557
1023 497.00
1973.5
1256
4590.8
2773
5870
3423
1102.75 373.40
227.35 137.00
258.00 197.70
1690
1273

1.15 41.34 34152.33

4.67 25.04 74384.59
4.17 20.43 26982.98
3.49 -91.19 46039.72
7.72 -9.89 98691.69
3.57 18.26 114648.89
3.38 26.60 24421.4
2.85 15.22 65603.41
2.28 23.48 30946.64
3.00 19.16 69308.96
5.51 115.62 103457.67
9.09 -5.31 28270.41
7.84 11.03 129928.92
3.72 32.09 53078.68
3.11 -1.22 75618.33
4.25 17.59 55284.16
2.73 13.82 52446.23
-6.68 42974.7
1.88 28.53 70860.93
2.11 26.38 36979.86
7.82 -60.99 39474.57
2.29 137.28 16536.31
7.76 -78.46 104722.19
1.74 35.48 101581.89
0.42 27.41 37209.18
8.27 -9.36 26046.4
60.60 19992.11
4.82 -43.56 90343.26
2.68 17.91 29900.82

34.70

171.27
51.74
71.60
119.72
100.33
67.19
134.40
70.09
152.16
208.88
340.34
69.48
810.35
65.53
722.45
47.09
81.92
64.93
107.24
181.81
85.43
173.59
109.00
132.97
53.31

22.66
134.00
36.00
45.45

88.43
71.27
52.29
92.42
51.41
114.64
124.16
195.50
54.12
538.85
47.31
419.14
30.99
50.27
50.20
83.07
130.09
28.16
115.63
83.83
89.47
29.86

9209.87
23668.68
45598.1
15920.52
39888.26
21092.91
24109.22

25332.62
20709.58
17964.86

3.33 40.76 24777.97

1.05 24.44 31699.35
2.52 21.32 102434.24
2.54 27.14 57737.67
3.41 18.48 101424.56
1.87 20.76 96687.86
60.55 50090.98
3.45 18.86 31596.36
0.67 16.79 39705.45
2.34 11.27 28796.94
2.34 21.61 30912.57
- 226.24 33697.11
- -37.38 93327.7
1.85 16.26 25337.17
30.95 219551.54
3.52 22.68 125132.93
- 288.91 336054.75
1.29 2.79 18299.14
1.80 12.88 62311.69
1.75-175.77 65261.97
1.74 67.59 45035.71
2.19 16.31 117745.76
1.70 -5.78 26302.28
1.96 14.45 34367.96
1.12 21.83 28778.45

2.11 11.00 549659.6
2.68 16.36 25401.17

Stock

52 Week
High
Low

Price Day Chg

AT&T
AutomData
Avago Tech
BakerHu♦
BankAm
Baxter
BB & T♦
BectonDick
BerkshHat
Biogen
BkNYMeln
BlackRock
Boeing♦
BrisMySq
CapOne
CardinalHlth
Carnival♦
Caterpillar
CBS

Celgene
CharlesSch
Charter Communications
ChevrnTx♦
Chubb
Cigna
Cisco
Citigroup
CME Grp
Coca-Cola
Cognizant
ColgtPlm
Comcast
ConocPhil♦
Corning♦
Costco
CrownCstl
CSX♦
CVS
Danaher
Deere
Delphi
Delta♦
Devon Energy
DiscFinServ
Disney
DominRes
DowChem
DukeEner♦
DuPont♦

Eaton
eBay
Ecolab
EMC
Emerson♦
EOG Res
EquityResTP
Exelon♦
ExpScripts
ExxonMb♦
Facebook
Fedex
FordMtr♦
Franklin
GenDyn
GenElectric
GenMills
GenMotors
GileadSci
GoldmSchs♦
Halliburton♦
HCA Hold
Hew-Pack
HiltonWwde♦
HomeDep
Honywell♦
HumanaInc
IBM♦
IllinoisTool
Illumina

Intcntl Exch
Intel♦
Intuit
John&John♦
JohnsonCn
JPMrgnCh
Kimb-Clark
KinderM
Kraft Heinz♦
Kroger♦
L Brands
LasVegasSd
LibertyGbl

38.99
0.15 39.72 30.97
88.04
0.34 91.00 64.29
153.30
0.28 159.65 100.00
46.04
0.64 65.90 37.58
14.88
0.18 18.48 10.99
43.31 -0.12 46.95 32.18
36.35
0.22 41.90 29.95
166.99 -0.20 169.08 128.87
214303 -297.00 221985 186900
282.79

0.79 420.99 242.07
42.27
0.24 45.45 32.20
365.09
1.99 369.76 275.00
129.22 -0.09 150.59 102.10
71.31
0.58 73.06 51.82
73.83
1.27 92.10 58.49
78.15
0.86 91.23 74.73
48.60
1.01 55.77 40.52
71.96 -0.12 88.81 56.36
54.87
0.52 62.97 38.51
106.43
0.65 140.72 92.98
30.63
0.48 35.72 21.51
219.97
0.93 233.70 156.13
102.02
0.52 104.26 69.58
127.22
0.85 128.14 96.00
128.82 -0.05 170.68 123.54
28.92
0.02 29.62 22.46

46.58
0.47 60.95 34.52
98.61
1.14 100.87 81.87
44.78
0.09 47.13 36.56
62.46
0.20 69.80 51.22
70.59
0.10 72.72 50.84
62.88
0.59 64.99 50.01
44.33 -0.40 64.47 31.05
20.51
0.38 21.29 15.42
149.08 -0.63 169.73 117.03
90.80 -0.01 91.97 75.71
25.89
0.11 35.67 21.33
96.94 -0.01 113.65 81.37
98.91 -0.29 100.50 81.25
80.50
0.23 98.23 70.16
67.78
0.59 90.57 55.59
43.12
0.36 52.77 34.61
35.90 65.95 18.07
56.78
0.59 59.88 42.86

100.29
0.48 122.08 86.25
71.61
0.04 76.59 64.54
52.18
0.19 57.10 35.11
77.98
0.02 81.39 65.50
67.17
0.21 75.72 47.11
61.63
0.11 73.28 46.19
24.36
0.24 29.83 21.52
118.34
0.14 122.48 98.62
27.83 -0.01 28.77 22.66
52.20
0.18 61.28 41.25
81.57 -0.73 91.48 57.15
68.72 -0.02 82.39 61.90
34.33
0.16 35.95 25.09
74.97
0.26 94.61 65.55
90.01
0.21 90.46 66.55
119.38 -0.09 121.08 72.00
164.47
1.07 185.19 119.71

13.45 -0.01 15.84 10.44
37.36
0.33 51.94 31.00
143.13
0.30 153.76 121.61
30.12
0.10 32.05 19.37
62.87 65.49 47.43
31.39
0.10 36.88 24.62
85.82
0.53 123.37 81.28
159.53
0.96 218.77 139.05
42.58
0.12 46.69 27.64
77.36
0.16 95.49 43.91
13.17
0.13 15.56
8.91
20.75
0.25 29.55 16.16
133.94 -0.11 137.82 92.17
114.33
0.14 116.56 87.00
173.74 -0.51 219.79 155.24
152.84
0.40 173.78 116.90
105.34

0.08 106.19 78.79
143.85
0.73 242.37 127.10
270.21
2.21 271.72 220.28
31.57
0.08 35.59 24.87
107.89
1.06 108.20 79.63
113.06
0.16 115.00 81.79
44.10
0.05 54.52 33.62
65.43
0.40 70.61 50.07
128.45
0.53 138.76 103.04
17.85 -0.07 41.84 11.20
84.10
0.29 86.66 61.42
35.71
0.12 42.75 27.32
67.92
1.47 101.11 60.00
46.19
0.77 57.77 34.88
37.31
0.79 58.56 30.65

BONDS: HIGH YIELD & EMERGING MARKET

Close
Prev
price
price
MTN Grp
126.03
125.84
Firstrand
43.50
43.90
Naspers N
2269.66
2270.00
Gree Elec Apl
0.17
0.17
Charter Communications
219.97
219.04
Petrobras
10.49
10.49
BOE Tech
2.05
2.05
Marathon Ptl
35.11
34.55
Anthem

130.70
129.61
MollerMrsk
8530.00
8530.00
Wesfarmers
41.50
41.17
RollsRoyce
615.00
625.50
Williams Cos
21.48
20.81
Carnival
48.60
47.59
ValeroEngy
54.57
54.09
CVS
96.94
96.95
Sinopec Oil
3.87
3.86
Cigna
128.82
128.87
NorfolkS

84.00
83.83
ChMrchSecs
15.52
15.51
Based on the FT Global 500 companies in local currency

Day
Week
change change %
change change %
0.19
0.15 -12620.97
-99.0
-0.40
-0.91
-4166.50
-99.0
-0.34
-0.01 -210126.34
-98.9
0.00
0.58
-0.01
-7.5
0.93
0.42
-13.14
-5.6
0.00

0.00
-0.55
-5.0
0.00
0.00
-0.10
-4.7
0.56
1.62
-1.52
-4.1
1.09
0.84
-5.03
-3.7
0.00
0.00
-295.00
-3.3
0.33
0.80
-1.36
-3.2
-10.50
-1.68
-20.00
-3.1
0.67
3.22
-0.67

-3.0
1.01
2.12
-1.43
-2.9
0.48
0.89
-1.56
-2.8
-0.01
-0.01
-2.52
-2.5
0.01
0.26
-0.08
-2.0
-0.05
-0.04
-2.46
-1.9
0.17
0.20
-1.44
-1.7
0.01
0.06
-0.23
-1.5

Month
change %
-15.09
-5.08
16.22
-15.20
6.56
-20.65
-4.65
-15.13
-9.71
-6.24
-2.97
-8.62
7.40
-1.80
-12.25
-5.61
-14.19
-7.50
-9.90
-7.23

BOND INDICES
Since
16-12-2015
16-12-2008
16-12-2015
10-09-2014
05-03-2009

05-10-2010
15-01-2015

INTEREST RATES: MARKET
Over
night
0.38500
-0.39714
0.48375

P/E MCap m

FT 500: BOTTOM 20
Day
change change %
0.00
0.00
0.00
0.00
1.71
4.02
0.13
1.00
0.49
0.48
0.00
0.00
350.00
1.22
0.52

1.03
0.01
0.20
0.00
0.00
0.03
0.61
0.03
0.26
0.00
0.00
0.16
0.37
0.00
0.00
0.01
0.32
0.00
0.00
0.00
0.00
-0.13
-0.12
1.21
1.44

Close
Prev
price
price

L&T
1487.10
1487.10
SBI NewA
198.85
198.85
Viacom
44.24
42.53
Hew-Pack
13.17
13.04
Netflix
103.30
102.81
ICICI Bk
244.50
244.50
SK Hynix
29000.00 28650.00
BNP Parib
50.28
49.77
BBVA
6.07
6.06
Sberbank
133.20
133.20
ChConstBk

4.97
4.94
ING
11.41
11.38
Nokia
5.06
5.06
ArcherDan
43.23
43.07
IntSPaolo
2.36
2.36
BcoSantdr
4.41
4.40
Generali
13.12
13.12
ITC
356.50
356.50
Monsanto
109.49
109.62
Renault
85.15
83.94
Based on the FT Global 500 companies in local currency

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

Yld

Finland (€)
Nokia
5.12
0.06
7.11
4.52 2.85 28.26 32938.14
SampoA
40.37 47.67 36.76 5.03 13.72 25125.87
France (€)
Airbus Grpe
56.30
0.28 68.50 49.96 2.22 18.50 48884.35
AirLiquide
98.60
0.87 123.65 90.77 2.50 19.98
37823
AXA
22.70 -0.01 26.02 18.80 4.05 10.19 61392.51

BNP Parib
50.28
0.52 61.00 37.00 3.11 9.18 69799.67
ChristianDior 146.65
0.40 195.35 140.80 2.11 17.73 29682.98
Cred Agr♦
9.10
0.01 14.48
7.59 4.00 7.02 26742.21
Danone
63.56
0.43 66.50 51.73 2.28 31.26 46432.5
EDF
12.22 -0.02 22.81
9.13 9.51 6.91 26156.26
Engie SA
13.98
0.10 18.90 12.96 6.92 -7.26 37919.53
Esslr Intl♦
118.25 125.15 95.01 0.83 34.96 28511.54
Hermes Intl
324.25 -0.25 365.55 281.20 0.88 36.21 38126.24
LOreal
167.45
0.55 178.95 140.40 1.56 29.63 104999.34
LVMH
145.40
0.35 176.60 130.75 2.20 21.23 82124.55
Nmrcble-SFR
28.45

0.50 56.64 25.57 - -36.15 13884.46
Orange
15.58
0.12 16.98 12.21 3.73 21.47 45965.98
PernodRic
99.19
0.95 114.90 88.00 1.76 28.43 29323.11
Renault
85.15
1.21 98.87 59.59 2.16 8.55 28046.24
Safran
63.36
0.40 72.45 48.87 1.89 -64.48 29429.84
Sanofi
73.91
0.11 101.10 66.44 3.73 22.87 105933.47
Sant Gbn
40.02 -0.04 44.84 31.47 1.50 62.66 25003.57
Schneider
58.19 -0.11 71.29 45.32 3.19 24.45 38156.95
SocGen
37.31
0.36 48.77 26.61 3.35 7.88 33562.54
Total
43.77 -0.14 47.40 35.21 5.70 27.75 120827.75
UnibailR
244.75 -0.25 257.85 212.05 3.80 10.87 27015.83
Vinci
68.15 -0.03 68.29 50.08 2.54 19.21 45105.2
Vivendi

17.95
0.05 24.83 16.30 17.40 15.10 27354.73
Germany (€)
Allianz
147.00
0.25 170.00 126.55 4.51 10.43 74823.74
BASF
70.08
0.16 86.96 56.01 4.16 14.76 71691.74
Bayer
86.44
1.11 138.00 83.45 2.71 16.31 79615.71
BMW
75.76
0.60 105.45 66.00 3.98 7.37 50797.1
Continental
192.45
0.85 231.90 171.30 1.76 13.18 42871.31
Daimler
61.60
0.92 88.87 56.19 5.49 8.10 73401.41
Deut Bank
16.39
0.10 32.31 13.03 4.76 -2.97 25171.13
Deut Tlkm♦
16.00
0.11 17.57 13.39 3.25 12.56 82093.99
DeutsPost
26.64 -0.04 29.10 19.55 19.18 35984.27
E.ON

8.93
0.03 13.79
7.08 1.63 -2.42 19900.13
Fresenius Med
78.60
0.26 83.17 63.10 0.99 25.06 26816.08
Fresenius SE
68.30
0.27 70.00 52.39 0.67 25.67 41515.66
HenkelKgaA
92.51
0.45 95.37 75.76 1.45 19.53 26768.67
Linde
134.85
1.00 182.55 113.50 2.43 20.87 27896.28
MuenchRkv
169.70
0.25 193.65 154.65 4.42 9.36 31535.39
SAP
72.93
0.16 75.75 53.91 1.57 26.06 99790.4
Siemens
98.35 -0.34 100.90 77.91 3.25 16.14 93110.62
Volkswgn
141.35
1.30 228.05 95.00 3.29 -46.29 46457.51
Hong Kong (HK$)
AIA
44.80 -0.05 53.50 36.85 1.15 26.48 69482.79
BOC Hold

23.70
0.45 33.30 18.82 4.70 10.51 32253.01
Ch OSLnd&Inv♦
23.25
0.20 29.15 20.45 2.35 6.48 29509.17
ChngKng♦
48.65
0.45 77.55 38.20 0.72 11.03 24084.67
Citic Ltd
11.18
0.10 15.28 10.02 2.67 6.97 41862.05
Citic Secs
16.40
0.20 33.65 12.82 2.13 8.97 6160.42
CK Hutchison♦
90.30 -0.05 124.70 87.95 4.09 7.66 44861.2
CNOOC
9.26 -0.18 12.64
6.41 5.92 17.22 53215.75
HangSeng♦
137.40
0.20 162.10 121.10 4.05 9.61 33812.01
HK Exc&Clr♦ 183.10
0.80 303.20 160.10 2.84 27.73 28482.63
MTR♦■
36.35
0.05 39.25 33.10 2.87 16.47 27500.24
SandsCh
29.55
0.60 37.55 20.75 6.69 21.20 30693.67

SHK Props
90.95
1.70 134.80 79.00 2.62 8.76 33891.49
Tencent♦
169.90 -1.30 172.50 124.00 0.21 42.24 205728.07
India (Rs)
Bhartiartl
355.90 452.45 282.30 0.63 25.91 21166.03
HDFC Bk
1179.75 1195 928.00 0.68 25.92 44392.84
Hind Unilevr 854.35 944.00 766.40 1.67 40.06 27505.15
HsngDevFin 1233.95 1372.4 1011.45 1.23 20.82 29013.49
ICICI Bk
244.50 321.00 180.75 2.06 11.03 21156.08
Infosys
1267.6 2064 932.65 3.32 20.65 43317.83
ITC♦■
356.50 364.00 268.00 1.78 28.08 42681.42
L&T
1487.1 1888 1016.05 1.01 27.39 20616.41
OilNatGas
213.45 337.20 187.75 4.59 9.41 27169.07
RelianceIn
968.70 1089.75 818.00 1.04 10.63 46713.27
SBI NewA
198.85 291.80 148.25 1.77 9.58 22965.55
SunPhrmInds 812.10 979.00 704.00 0.37 49.83 29077.97
Tata Cons
2636.4 2770
2115 1.53 23.84 77286.86

Indonesia (Rp)
Bk Cent Asia
13200 200.00 14300 11000 1.14 18.39 23851.01
Israel (ILS)
TevaPha♦
196.20 -3.50 275.90 189.40 2.69 25.96 52313.94
Italy (€)
Enel
4.12
0.02
4.50
3.33 3.54 16.48 46630.6
ENI
13.94
0.11 16.99 10.93 7.17 -5.31 56425.52
Generali
13.18
0.06 18.29 10.90 4.74 10.24 22898.84
IntSPaolo
2.37
0.02
3.65
2.12 3.07 14.92 41935.1
Luxottica
49.43
0.48 67.80 46.58 1.41 30.62 26632.32
Unicred
3.00
0.01
6.61

2.76 4.17 10.24 20614.95

FT 500: TOP 20

May 27
US
US
US
Euro
UK
Japan
Switzerland

52 Week
High
Low

Bid
yield

Mth's Spread
chge
vs
yield
US

May 27
High Yield US$
Navient Corporation

S*

F*

Bid
price

06/18

8.45

BB-

Ba3

BB

108.07

4.32

-0.02

-0.46

3.40

High Yield Euro
Kazkommerts Intl BV

02/17

6.88

B

Caa1

B

97.50

-

0.00

0.00

-

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

Turkey

09/16
01/18
07/18
03/19
03/19
07/21
01/22
03/22
09/22
10/26

11.40
8.00
11.00
7.13
7.13
4.38
12.50
5.00
6.25
4.88

BBB+
BB+
BB+
BBB+
BBB+
BBB

BB+
A-

A3
Ba2
Ba1
A3
A3
Baa2
Ba2
A2
Baa3
Baa3

BBB+
BB
BBBBBB+
BBB+
BBB
BB
ABBBBBB-

106.80
104.96
117.50
128.75
114.01
104.03
106.39
117.38

110.11
100.56

1.49
4.83
2.58
1.95
2.60
3.54
10.97
2.80
4.45
4.86

0.03
0.00
-0.01
0.00
0.00
-0.01
0.00
0.00
-0.01
0.00

0.01
0.00
-0.26
0.00
0.20

0.14
0.00
0.00
0.32
0.32

0.44
3.91
1.66
1.03
0.84
2.14
9.57
1.40
3.05
3.01

Emerging Euro
Brazil
02/15
7.38
BBBBaa2
BBB 111.75
0.73
0.00
0.00
0.09
Mexico
07/17
4.25

BBB+
A3
BBB+ 111.13
1.50
0.00
0.00
0.58
Mexico
02/20
5.50
BBB+
A3
BBB+ 121.63
2.06
0.00
0.00
0.66
Bulgaria
09/25
5.75
BB+
BBB- 118.14
3.49
0.00
-0.14
1.64
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

VOLATILITY INDICES

Index

Day's
change

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

180.15
308.20
260.82
217.48
232.85
301.95
248.32
307.62
232.92
300.88
227.41

223.51

0.26
0.30
-0.05
0.15
0.33
0.36
0.15
0.27
-0.08
0.34
0.25
-0.10

-2.20
0.72
-0.54
0.13
1.05
1.33
-0.73
0.86
-0.27
1.19
0.79
-0.11

3.96
4.41

4.55
2.93
3.35
5.26
4.19
4.30
3.51
4.98
3.04
3.10

-1.81
1.09
-0.54
-0.02
0.99
1.39
0.64
1.14
-0.27
1.32
0.71
-0.11

0.02
3.80
4.55
1.98
4.22
6.45

0.42
3.87
3.51
5.67
3.44
3.10

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

112.66
108.00
883.86
115.82

0.05
-0.15
9.30
-0.26

-

-

1.07
0.01
-4.58

0.89

-0.68
-0.94
-11.42
0.91

Index

Day's
change

Week's
change

Month's
change

Series
high

Series
low

305.52
70.78
65.80
88.71

0.07

-0.19
-0.90
-0.35

-26.75
-7.43
-5.10
-8.49

3.61
0.10
-1.87
1.59

339.86
82.07
93.03
102.83

288.69
67.59
64.39
80.36

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

Month's
change

Year
change

Return
1 month

Return
1 year

Markit CDX
Emerging Markets 5Y
298.89
-0.77
-6.76
21.52
313.33
271.25
Nth Amer High Yld 5Y
431.68
3.01
-31.86
3.34
463.54
415.17
Nth Amer Inv Grade 5Y
77.04

-0.11
-8.04
0.77
85.25
72.99
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.

BONDS: INDEX-LINKED
Price
Month
Value
No of
Yield
May 27
May 27
Prev
return
stock
Market
stocks
Can 4.25%' 21
126.16
-0.435
-0.493
0.48
5.18
74017.54
7
Fr 2.25%' 20
114.21

-1.073
-1.090
0.23
20.31 227151.12
15
Swe 0.25%' 22
111.96
-1.404
-1.396
1.17
29.90 242715.36
8
UK 2.5%' 20
359.66
-1.493
-1.520
0.10
6.58 512180.00
27
UK 2.5%' 24
341.87
-1.010
-1.035
0.90
6.82 512180.00
27
UK 2%' 35
233.25
-0.843
-0.866

1.44
9.08 512180.00
27
US 0.625%' 21
104.22
-0.193
-0.214
-0.43
35.84 1148930.08
37
US 3.625%' 28
136.47
0.466
-0.214
-0.66
16.78 1148930.08
37
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
amount.

BONDS: TEN YEAR GOVT SPREADS
Bid
Yield

Spread Spread
vs
vs
Bund T-Bonds

Australia
2.40
2.23
0.55 Italy
Austria
0.53
0.36 -1.32 Japan
Belgium
0.54
0.36 -1.31 Netherlands
Canada
1.35
1.18 -0.50 Norway
Denmark
0.41
0.24 -1.44 Portugal
Finland
0.44
0.27 -1.41 Spain
France
0.51
0.33 -1.34 Switzerland
Germany
0.18
0.00 -1.68 United Kingdom
Greece
7.17
7.00
5.32 United States
Ireland

0.80
0.63 -1.05
Data provided by SIX Financial Information & Tullett Prebon Information

Bid
Yield
1.47
-0.12
0.25
1.40
3.05
1.50
-0.32
1.56
1.85

Spread Spread
vs
vs
Bund T-Bonds
1.29
-0.29
0.08
1.22
2.88
1.32
-0.49
1.39
1.68

-0.39
-1.97
-1.60
-0.46
1.20
-0.36
-2.17
-0.29
0.00

Stock

4.96 16.26 240022.44
2.36 27.27 40105.28
1.10 29.52 59855.67
1.50 -8.43 20161.55
1.37 11.75 152846.1
2.03 6.42 23918.5
3.02 13.98 28439.48
1.53 43.91 35435.61
14.13 172869.23
17.09 61945.57
1.64 15.03 45528.28
2.46 19.02 59643.56
3.01 17.17 82314.58
2.14 74.84 119038.3
2.20 10.57 37808.3
2.01 18.35 25462.47
2.48 19.45 27319.86
4.25 37.33 42016.84

1.11 17.42 22788.24
50.86 82440.84
0.80 27.32 40483.4
- -57.97 68351.13
4.27 145.12 192277.34
2.14 17.30 59090.95
0.03 15.57 33044.02
3.07 14.43 145459.27
0.44 9.13 136709
2.17 25.53 33393.27
3.04 26.59 193727.18
22.38 37842.61
2.19 45.72 63038.12
1.66 18.72 152028.2
5.64 -8.78 54897.71
2.45 54.97 22055.4
1.13 27.22 65451.35
3.82 71.71 30650.42
2.83 13.22 24747.4
1.55 20.66 104115.7
0.58 24.43 68118.87
2.97 16.17 25297.84
1.56 15.60 18502.38
1.17 7.11 33271.06
2.72 -1.08 18811.6
2.01 10.75 23406.15
1.39 18.16 162714.58
3.75 22.23 44127.39
3.43 10.13 58589.16
4.26 19.47 53720.72

2.47 28.21 58673.8
3.66 14.69 28226.54
14.58 27987.31
1.17 34.95 34709.74
1.68 26.66 54357.46
3.68 17.45 33582.92
0.84 -9.08 44886.06
3.20 6.03 25117.31
3.67 17.52 30461.49
19.39 47421.22
3.30 28.47 373236.49
72.12 275990.46
0.61 44.36 44147.66
4.54 6.10 52481.67
1.80 13.31 21853.04
2.50 15.17 43747.25
3.11 46.95 276973.19
2.94 24.41 37370.02
4.73 4.66 48335.12
2.04 7.21 114296.92
1.66 17.74 66267.81
1.72 -14.69 36587.5
14.33 30251.93
4.98 5.24 22740.08
1.03 12.91 20537.69
1.83 23.56 166622.34
1.98 18.24 87132.66
0.68 23.84 25893.63
3.46 11.31 146720.57
2.06 19.87 37856.07

50.84 21174.72
1.17 22.81 32167.32
3.16 13.21 148928.36
1.06 39.28 27605.95
2.70 20.28 310987.84
2.54 66.49 28593.12
2.74 10.90 239255.19
2.82 42.32 46258.42
9.14 524.78 39833.27
2.75 154.16 102261.83
1.14 16.66 34059.72
3.03 15.62 19493.31
5.88 20.39 36708.06
- -33.42 9448.14

52 Week
High
Low

Price Day Chg

Lilly (E)♦
74.99
Lockheed♦
240.09
Lowes
80.35
Lyondell♦
81.40
Marathon Ptl♦

35.11
Marsh&M
65.93
MasterCard
97.18
McDonald's
123.25
McKesson
181.22
Medtronic
81.69
Merck
56.48
Metlife♦
45.77
Microsoft♦
52.32
Mnstr Bvrg
150.51
MondelezInt
44.78
Monsanto
109.49
MorganStly
27.53
MylanNV
43.06
Netflix
103.30
NextEraE♦

119.84
Nike
56.19
NorfolkS♦
84.00
Northrop
214.42
NXP
92.12
Occid Pet
76.15
Oracle
40.07
Pepsico
101.96
Perrigo♦
96.61
Pfizer♦
34.61
Phillips66♦
80.63
PhilMorris
99.18
PNCFin
90.24
PPG Inds♦
108.60
Praxair
110.77
Priceline

1273
ProctGmbl
81.43
Prudntl♦
79.54
PublStor
255.23
Qualcomm♦
55.27
Raytheon
130.22
Regen Pharm 396.22
ReynoldsAm
50.13
S&P Global♦ 111.47
Salesforce
83.77
Schlmbrg♦
77.17
Sempra Energy 105.35
Shrwin-Will♦ 291.79
SimonProp♦
197.77
SouthCpr
26.61
Starbucks
55.15
StateSt
63.33
Stryker

111.77
Sychrony Fin
31.16
Target♦
68.90
TE Connect♦
59.64
Telsa Mtrs
223.04
TexasInstr
61.02
TheTrvelers
114.18
ThrmoFshr
152.13
TimeWrnr♦
75.28
TJX Cos♦
76.65
T-MobileUS
42.54
UnionPac♦
82.97
UPS B♦
102.98
USBancorp
42.95
UtdHlthcre
134.00
UtdTech♦

100.76
ValeroEngy♦
54.57
Verizon
50.62
VertexPharm
90.38
VF Cp
62.40
Viacom
44.24
Visa Inc♦
79.66
Walgreen♦
77.00
WalMartSto
70.75
WellsFargo♦
50.85
Williams Cos
21.48
Yahoo
37.82
Yum!Brnds
82.59
Venezuela (VEF)
Bco de Vnzla 127.98
Bco Provncl
3750
Mrcntl Srvcs

5500

-0.53 92.85
0.20 245.37
0.19 80.69
0.03 106.50
0.56 60.38
0.36 66.09
0.80 101.76
-0.54 131.96
1.65 239.60
0.51 82.00
0.09 61.70
0.69 58.23
0.43 56.85
0.50 160.50
0.43 48.58
-0.13 120.00
0.11 41.04
0.20 74.66
0.49 133.27
0.02 121.51
0.35 68.20
0.17 98.75
0.47 218.84
0.79 114.00
0.04 79.86
0.12 45.24
0.06 106.94
0.41 198.42

0.18 36.46
0.59 94.12
0.17 102.55
0.75 100.52
0.90 118.69
0.20 124.17
3.98 1476.52
0.21 83.87
1.07 92.60
1.09 277.60
-0.47 71.32
0.19 132.43
2.68 605.93
-0.28 52.54
1.08 112.00
0.42 84.48
-0.21 92.61
0.58 108.36
3.37 309.00
0.64 214.80
-0.08 31.35
-0.14 64.00
0.46 81.26
0.19 113.85
0.27 36.40
-0.01 85.81
0.48 69.94
-2.08 286.65
0.25 61.08
0.58 118.28

0.93 152.17
1.21 91.34
0.73 79.20
-0.09 43.43
0.63 102.89
0.53 107.32
0.28 46.26
1.02 135.11
0.35 119.12
0.48 73.88
0.46 54.49
1.19 143.45
0.33 77.40
1.71 69.17
0.66 81.73
0.22 97.30
-0.10 75.20
0.30 58.77
0.67 61.38
1.06 43.78
0.14 93.33
12.98
-

143.95
4400
6200

Yld

P/E MCap m

67.88 2.73 33.86 82776.74
181.91 2.67 20.89 73096.13
62.62 1.37 28.59 72109.19
69.10 3.90 8.38 34735.59
29.24 3.50 9.45 18602.5
50.81 2.34 21.59 34364.9
74.61 0.73 28.74 104790.65
87.50 2.87 23.32 108195.94
148.29 0.61 18.11 40778.22
55.54 1.82 46.64 114451.22
45.69 3.28 33.99 156338.07
35.00 3.33 9.67 50285.97
39.72 2.60 39.59 411259.63
113.08 42.10 30559.95
35.88 1.50 9.50 69501.28
81.22 1.97 33.62 47830.16
21.16 2.22 11.87 53326.28
37.59 27.03 21890.31
79.95 - 351.02 44243.27
93.74 2.70 19.69 55299.68
47.25 1.12 24.84 74815.3
64.51 2.86 15.20 24841.98
152.31 1.52 19.15 38692.44
61.61 20.34 31873.78
58.22 4.01 -6.90 58158.91
33.13 1.57 18.84 166285.09
76.48 2.80 28.63 147272.76
84.85 0.48 99.16 13836.74

28.25 3.35 27.95 209904.44
69.79 2.83 11.86 42377.63
76.54 4.16 22.94 153854.4
77.67 2.30 12.08 45058.97
82.93 1.35 20.15 28894.49
95.60 2.66 21.08 31598.79
954.02 24.64 63190.93
65.02 3.31 26.06 216754.6
57.19 3.27 7.25 35156.68
182.08 2.71 40.28 44252.3
42.24 3.53 17.21 81186.94
95.32 2.14 20.02 38672.74
348.96 61.82 40876.22
35.39 2.99 10.42 71552.62
78.55 1.23 26.02 29494.96
52.60 - -4391.54 56754.18
59.60 2.64 60.23 96642.63
86.72 2.76 21.12 26284.48
218.27 0.99 25.21 26989.15
170.99 3.21 34.10 61191.79
21.55 1.03 32.21 20588.35
42.05 1.33 32.06 80789.24
50.73 2.18 14.23 25074.9
86.68 1.32 25.79 41799.87
23.74 11.41 25984.96
65.50 3.19 13.08 41062.25
51.70 2.25 19.25 21328.23
141.05 - -28.02 31640.37
43.49 2.40 20.96 61277.93
95.21 2.17 10.54 33385.62

117.10 0.40 30.05 59865.02
55.53 1.96 15.01 59199.76
63.53 1.09 22.53 50768.82
33.23 28.64 34975.77
67.06 2.70 15.26 69780.62
87.30 2.93 18.44 71102.67
37.07 2.42 13.34 74149.01
95.00 1.52 21.19 127407.75
83.39 2.58 22.42 84322.59
51.68 3.54 7.45 25637.13
38.06 4.51 11.31 206341.7
75.90 - -53.94 22355.48
52.21 2.25 21.97 26021.94
30.11 3.68 7.80 15327.23
60.00 0.66 27.76 151735.65
71.50 1.93 23.93 84333.92
56.30 2.85 15.02 222461.71
44.50 3.00 12.29 258167.87
10.22 11.88 -22.43 16122.23
26.15 -7.82 35925.94
64.58 2.14 26.85 33650.53
85.00
2200
4300

0.63
0.22 20.79

911.16
789.34

637.77

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

May 27
US$
Cummins Inc.
Korea Electric Power Corporation
Archer Daniels Midland Company
FleetBoston Financial Corp.
SunTrust Banks, Inc.
E.I. du Pont de Nemours and Company
Euro
Credit Agricole S.A.
Electricite de France (EDF)
BHP Billiton Fin Ltd
B.A.T. Netherlands Fin B.V. (Re - British American Tobacco)
Yen
Wal-Mart Stores, Inc.
£ Sterling
IPIC GMTN Limited
B.A.T. Intl Fin plc (Re - British American Tobacco)

Red
date Coupon

Ratings
M*

Bid
yield

Day's
chge
yield

Mth's Spread
chge
vs
yield
US

F*

Bid
price

02/27
08/27
12/27
01/28
01/28
01/28

6.75

6.75
6.75
6.88
6.00
6.50

A+
AAA
BBB
BBB+
A-

A2
Aa2
A2
Baa3
Baa1
A3

A
AAA
AAA

124.29
103.03
124.92
122.09
116.91
123.61

3.98
6.47
4.07
4.47
4.19
3.98

0.00
0.00
0.00
0.00
0.00
0.00

0.24
-0.04
-0.14
0.07
-0.12
0.68

2.13
4.62
2.22
-

03/27
03/27
09/27
03/29

2.63
4.13
3.25
3.13

BBB
A+
A+
A-

Baa3
A2
A3
A3

AA
A+
A-

100.31
122.21
115.30
117.12

2.59
1.91
1.75
1.63

0.00
0.00
0.00
0.00

0.02
0.00
0.11
-0.06

0.74
0.06
-0.10
-

07/15

0.94

NR

WR

NR

100.00

0.31

0.00

0.00

-

03/26
09/26

6.88
4.00

AA
A-

Aa2
A3

AA
A-

122.65
104.67

4.11
3.47

0.06
0.06

0.12

0.29

1.82
1.18

S*

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

GILTS: UK CASH MARKET

May 26
Day Chng
Prev
52 wk high
52 wk low
VIX
13.43
-0.47
13.90
53.29
10.88
VXD
12.81
-0.33
13.14
56.32
7.76
VXN
14.71

-0.30
15.01
46.72
12.06
VDAX
19.15
0.41
18.74
32.55
16.71
† CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility.
‡ Deutsche Borse. VDAX: DAX Index Options Volatility.

BONDS: BENCHMARK GOVERNMENT
Red
Bid
Date Coupon
Price
Australia
10/18
3.25 103.73
11/27
2.75 103.45
Austria
10/19
0.25 99.98
10/26
0.75 102.19
Belgium
06/18

0.75 101.43
06/26
1.00 104.52
Canada
08/18
0.50 99.64
06/26
1.50 101.39
Denmark
11/18
0.25 101.64
11/25
1.75 112.37
Finland
05/18
1.00 99.83
04/26
0.50 100.56
France
05/19
1.00 104.13
11/20
0.25 102.17
05/26
0.50 99.93
05/45
3.25 141.82
Germany
04/19
0.50 102.91

10/20
0.25 102.95
02/26
0.50 103.12
08/46
2.50 142.54
Greece
07/17
3.38 96.51
02/26
3.00 75.74
Ireland
10/17
5.50 108.14
05/26
1.00 101.86
Italy
04/19
0.10 100.10
06/21
0.45 99.97
06/26
1.60 101.29
03/47
2.70 102.93
Japan
05/18
0.10 100.65
05/21
0.05 101.33

03/26
0.10 102.13
03/46
0.80 113.02
Netherlands
01/19
1.25 104.50
07/25
0.25 99.97
New Zealand
03/19
5.00 107.79
04/27
4.50 117.99
Norway
05/19
4.50 111.39
02/26
1.50 100.94
Portugal
06/19
4.75 110.99
07/26
2.88 98.47
Spain
01/19
0.25 100.62
04/26
1.95 104.16
Sweden

10/18
1.00 99.69
05/25
2.50 116.95
Switzerland
05/19
3.00 111.50
05/26
1.25 115.93
United Kingdom
07/18
1.25 101.68
01/21
1.50 102.62
07/26
1.50 99.41
12/46
4.25 145.02
United States
04/18
0.75 99.68
04/21
1.38 99.90
05/26
1.63 97.95
05/46
2.50 96.98
Data provided by SIX Financial Information & Tullett Prebon Information

P/E MCap m

BONDS: GLOBAL INVESTMENT GRADE
Day's
chge
yield

Ratings
M*

Red
date Coupon

Yld

Bid Day chg Wk chg Month
Year
Yield
yield
yield chg yld chg yld
1.65
-0.02
0.00
-0.25
-0.33
2.40
-0.01
-0.03
-0.27
0.00
0.26

0.00
0.00
0.00
0.00
0.53
0.03
-0.02
0.00
0.00
0.04
0.00
0.00
0.00
-0.16
0.54
0.02
-0.03
-0.10
0.00
0.67
0.00
0.00
0.00
0.00
1.35
0.00
0.00
0.00
0.00
-0.41

0.00
0.00
0.00
0.00
0.41
0.03
-0.03
-0.06
0.00
1.09
0.00
-0.05
0.06
0.00
0.44
0.03
-0.02
0.00
0.00
-0.37
0.00
0.00
0.00
0.00
-0.23
0.00
0.00
0.00
0.00
0.51

0.03
-0.01
-0.10
0.00
1.47
0.04
-0.01
-0.11
0.00
-0.51
0.00
0.00
0.00
0.00
-0.42
0.00
0.00
0.00
0.00
0.18
0.03
0.00
-0.08
0.00
0.89
0.04
-0.01
-0.07
0.00
6.68

-0.05
-0.99
-2.69
0.00
7.17
0.01
0.04
-1.24
0.00
-0.37
0.00
0.00
0.00
0.00
0.80
0.03
-0.05
-0.13
0.00
0.07
0.00
-0.02
-0.03
0.00
0.46
0.02
-0.06
-0.06
0.00
1.47

0.02
-0.10
-0.08
0.00
2.58
0.01
-0.10
-0.06
0.00
-0.23
0.00
0.00
0.00
0.00
-0.22
0.00
0.00
0.00
0.00
-0.12
0.00
0.00
0.00
0.00
0.32
0.01
-0.01
0.03
0.00
-0.45

0.00
0.00
0.00
0.00
0.25
0.03
-0.01
-0.10
0.00
2.11
0.00
-0.11
-0.05
0.00
2.59
0.00
-0.13
-0.28
0.00
0.62
0.01
0.01
0.00
0.00
1.40
0.01
-0.01
-0.06
0.00
1.05

0.02
0.00
-0.05
0.00
3.05
0.02
-0.03
0.00
0.00
0.02
0.01
0.00
0.01
0.00
1.50
0.00
-0.10
-0.09
0.00
1.14
0.00
-0.04
0.07
0.00
0.55
0.03
0.02
-0.07
0.00
-0.84

0.00
0.00
0.00
0.00
-0.32
0.00
0.00
0.00
0.00
0.46
0.00
0.00
0.00
0.00
0.92
0.00
0.00
0.00
0.00
1.56
0.00
0.00
0.00
0.00
2.21
0.00
0.00
0.00
0.00
0.92

0.00
0.00
0.00
0.00
1.40
0.00
0.00
0.00
0.00
1.85
0.00
0.00
0.00
0.00
2.65
0.00
0.00
0.00
0.00

Red
52 Week
Amnt
Change in Yield
May 27
Price £
Yield
Day
Week
Month

Year
High
Low
£m
Tr 4pc '16
100.96
0.42
0.00
0.00
5.00
-14.29 102.23 100.00
0.35
Tr 1.75pc '17
100.87
0.39
0.00
-2.50
-13.33
-25.00 102.05 100.87
0.29
Tr 5pc '18
108.25
0.32
6.67
3.23
-13.51
-56.76 111.74 108.25
0.35
Tr 4.5pc '19
111.08

0.47
4.44
4.44
-12.96
-53.92 112.97 111.04
0.36
Tr 4.75pc '20
115.11
0.68
3.03
1.49
-6.85
-45.16 117.12 114.45
0.33
Tr 1.5pc '21
102.64
0.92
3.37
2.22
-6.12
-35.21 138.06
99.91
0.26
Tr 4pc '22
117.04
0.96
3.23
1.05
-5.88
-36.42 119.14 113.65

0.38
Tr 5pc '25
130.32
1.33
2.31
-0.75
-10.14
-27.32 132.97 124.47
0.35
Tr 4.25pc '27
127.65
1.61
1.26
-1.83
-8.52
-21.84 130.43 119.79
0.31
Tr 4.25pc '32
131.35
1.96
1.03
-2.49
-6.67
-15.88 134.41 121.93
0.35
Tr 4.25pc '36
133.98
2.13
0.47
-2.29

-6.58
-12.70 137.18 123.52
0.29
Tr 4.5pc '42
145.64
2.22
0.45
-2.63
-6.72
-11.55 148.39 132.20
0.26
Tr 3.75pc '52
140.85
2.12
0.00
-3.64
-7.42
-15.54 142.78 121.95
0.23
Tr 4pc '60
155.52
2.06
0.00
-4.19
-7.62
-16.60 157.42 131.72
0.22
xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
This table shows the gilts benchmarks & the non-rump undated stocks.

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

Day's
chg %
-0.05
-0.14
-0.19
-0.16
-0.14
-0.12

May 27

98.21
182.48
210.56
189.13
314.72
177.04
May 27
308.98
586.68
436.30
726.57
541.09
May 27
0.83
1.55
2.01

Day's
chg %
-0.04
-0.52
-0.20
-0.64
-0.45

May 26
0.80
1.52
1.99

Yr ago
1.31
1.98
2.34

Total
Return
2397.05
3355.17
3986.93
3508.41
4636.27
3370.10

Month
chg %
-0.10
3.01
1.01
3.81
2.56

Return
1 month
0.23
0.96
1.90
1.25
3.60
1.87

Year's
chg %
-1.00
2.96
1.01
3.76
2.38

20 Yrs
45 Yrs

inflation 0%
May 27
Dur yrs Previous
Yr ago
May 27
Real yield
Up to 5 yrs
-1.23
1.98
-1.25
-0.92
-1.85
Over 5 yrs
-0.92
23.64
-0.94
-0.78
-0.95

5-15 yrs
-0.91
9.26
-0.93
-0.78
-1.03
Over 15 yrs
-0.92
29.20
-0.94
-0.78
-0.94
All stocks
-0.92
20.67
-0.94
-0.79
-0.96
See the FTSE website for more details: />
Total
Return
2381.99
4344.52
3335.03
5275.58
4061.70
May 27
2.20
2.08

Return
1 year
2.11
5.26
6.99
5.74
9.86
6.16

Yield
0.64
1.18
1.71
1.41
2.14
1.89

Return
1 month
0.04
3.16
1.25
3.93
2.71

Return
1 year
0.79
3.65
2.08

4.31
3.24

May 26
2.18
2.08

Yr ago
2.50
2.53

inflation 5%
Dur yrs Previous
1.98
-1.89
23.73
-0.97
9.27
-1.06
29.24
-0.96
20.80
-0.98

Yr ago
-1.59
-0.82
-0.88
-0.81
-0.83

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


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


24

FINANCIAL TIMES

Tuesday 31 May 2016

FINANCIAL TIMES SHARE SERVICE
Main Market
Price

52 Week
High
Low

+/-Chg

Yld

P/E

Vol
000s

0.83
4.29
2.62
6.57
3.63
2.29
2.67
2.57

14.50
16.68
-57.93
-49.15
16.99
137.28
18.93
49.07

24.8
5973.3
450.9
2390.8
651.2
4012.8
480.5
78.9

Aerospace & Defence
AvonRub
BAE Sys♦
Chemring
Cobham
Meggitt
RollsRoyceX
Senior♦
UltraElc

882.50
483.00
137.00
164.40
388.50
615.00
217.20
1748

11.00
0.70
2.00
-0.60
1.20
-10.50
1.50
4.00

1180
535.89

240.45
309.10
517.00
1023
327.80
2044

705.50
419.30
113.75
146.30
337.60
497.00
189.50
1627

15.84
374.90

10.44 4.54 6.10 17251.6
245.80 3.11 23.34 2900.0

Automobiles & Parts
FordMtr $X♦
GKN

13.45
273.40

-0.01

-1.20

25.69
335.75
2577
0.27
64.90
186.20
102.14
448.45
72.45
80.46
251.20
542.80
111.50
124.50
57.73
378.00
30.88

-0.16 33.86
3.25 514.00
-4.00
2650
0.39
-0.10 66.99
1.40 289.90
-0.05 104.30
2.50 633.22
-0.36 89.35

-0.09 80.97
2.60 370.00
-6.40 1102.75
126.75
140.50
0.06 58.13
6.50 472.90
-0.10 35.15

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

21.86
238.69

1538
0.23
51.17
143.91
82.19
413.95
55.84
64.52
204.30
373.40
99.00
109.00
47.75
267.30
27.69

10.97
7.11
1.90
4.07
3.49
4.63
7.84
3.11
4.09
8.27
6.61
6.63
3.75
0.37

9.40

10.63 5558.0
10.86 348.6
10.12
49.4
13.04 26127.5
11.98 433.5
-91.19 27230.0
10.74 149.2
11.03 17597.1
-1.22 133488.8
11.65 415.6
-6.68 11925.4
-9.36 5128.8
52.2
60.4
12.62 518.6
16.65 295.1
12.00 3899.3

Basic Resource (Ex Mining)
Ferrexpo
Mondi

32.50
1359

-

81.25
4.00 1614.36

12.50 13.78 8.51
1108 2.35 14.90

361.1
882.0

138.00 83.45 2.71 16.31
159.75 105.00 1.77 51.80
3262.5 2729.11 2.35 21.53
312.40 196.90 2.71 15.13
435.20 288.50 2.93 27.52
374.80 272.66 2.21 20.57
2142 1275.58 3.22 15.56

1848.2
12.7
295.6
678.8
62.5
348.5
130.9

221.83
245.00
91.00
2101
1824

1105
1520
26.07
76.00
379.80
865.00
227.60
44.84
337.25

88.4
823.9
22.7
1234.6
106.3
77.4
62.3
54.8
61.6
134.9
3.4
22.4
734.0
12.7

Chemicals
Bayer €X
Carclo
Croda♦■
Elemntis

Syngent SFrX
Synthomer
Victrex

86.44
155.00
2950
209.80
393.50
362.80
1456

1.11
-2.00
6.00
2.50
-1.50
18.60
2.00

Construction & Materials
Alumasc
Boot(H)♦
ClarkeT
CRH
GalfrdT
Keller♦
KierGp
Kingsp €
LowBonr

Marshlls
MorgSdl
Norcros
StGobn €X
Tyman

152.00
207.50
83.63
2082
1404
949.50
1250
25.33
57.00
329.70
792.00
178.50
40.02
268.00

2.50
-1.50
0.63
22.00
10.00
-7.50
2.00
0.33
-1.63

6.20
7.00
2.50
-0.04
-2.00

135.62
121.00
72.00
1581
1256
720.50
1145.1
18.50
55.00
258.41
695.00
158.20
31.47
221.25

3.95
2.80
3.71
2.21
4.84
2.70
4.41
0.69
4.79

1.90
3.41
3.14
1.50
3.23

9.58
11.98
12.89
31.83
11.61
27.00
49.76
24.93
33.53
23.39
-35.04
12.57
62.66
58.90

Electronic & Electrical Equip
Dialight
e2v Tech
Halma
MorganAd
OxfordIn
Renishaw
Spectris♦
TT Elect♦

XP Power

520.00
199.00
933.50
249.30
640.00
1970
1664
125.00
1650

-10.00
2.50
-2.10
-7.00
-19.00
-11.00
-1.00
30.00

760.00
268.00
935.74
375.84
1114
2550
2375
168.25
1750

380.00
192.00
707.61
187.50
502.62
1577
1441
122.50
1396.8

1.88
2.56
1.28
4.41
2.03
2.36
2.87
4.40
3.88

-84.51
18.09
33.12
21.00
-74.71
14.70
17.44
19.15
16.06

6.7
90.9
501.2
228.3
60.2
32.2
251.8
253.8
6.2

552.00
281.30
253.00
304.50
1359
27.75

9.00
-1.70
0.40
-5.00
7.00
0.02

571.50
453.50
332.60
380.37
1663

30.05

389.10
208.50
240.10
265.00
1159
23.30

1.47
6.93
4.74
7.88
3.94
1.34

8.81
17.03
19.94
12.71
11.40
11.21

1728.7
2638.9
289.2
1.7
132.8
12.8

Price

+/-Chg

52 Week
High
Low

Yld

P/E

Vol
000s

Financial General
3i
AberAsM♦
BrewDlph♦
CtyLonInv
CloseBrs
DBAG €

Price
Hargr Lans
HBM Hlth SFr
HenderGp
ICAP
Indvardn SKr
ICG

IPF
Investec
Jupiter
Liontrust
Man
NB GFRIF
Paragon
Providnt♦
RathbnBr
Record
S&U
Schroder
..N/V
SVG Cap
TullettPre
WlkrCrip

1346
99.90
267.20
429.40
142.00
670.00
274.40
487.40
443.00
272.00
136.50
92.85
311.60

2914
1975
24.50
2272.5
2736
2074
541.00
332.50
46.25

52 Week
High
Low

Yld

P/E

Vol
000s

1.60
3.56
5.12
4.61
3.83
4.52
4.10
3.05
2.94

5.69
4.25
3.53
3.54
2.73
6.73
3.04
3.03
4.00
5.07
3.68

39.02
6.40
18.95
21.32
-10.42
10.50
10.33
13.91
15.52
20.17
20.18
23.15
8.27
19.46
20.45
8.83
17.16
16.43

12.46
10.51
9.98
27.51

297.1
4.4
754.0
839.0
433.1
776.5
149.5
1374.9
1127.5
2.2
2311.2
1954.9
1234.2
240.0
15.9
106.1
11.5
197.4
3.4
22.1
164.1
255.4

0.75 679.00 420.00 0.69 -18.09
10.00

3606
2850 1.15 41.34
1.50 642.50 482.80 2.26 18.52
-3.00 761.50 632.00 3.37 16.60
0.02
4.21
3.30 2.69 -16.03
1.00 178.25 136.43 2.59 10.76
-4.00
1638
1236 2.00 23.44
7.00 2608.91 1512.48 1.47 27.27
-4.50 700.00 503.00 3.92 40.05
-3.25 328.00 245.50 3.51 28.95
0.08 19.59 15.50 0.61 33.24
-2.20 396.70 262.80 1.74 27.77
5.00 610.00 410.00 2.27 22.10
-0.83 84.80 62.17 0.56 27.70
-0.10 76.95 65.70 2.92 26.08
-0.25 62.00 29.65 -1.62
-10.00 449.00 272.50 87.39
-1.50 326.27 232.00 1.42 -37.24
6.50 4590.8
2773 1.74 35.48
-1.75 208.00 97.75 1.74 22.37
2.00 630.50 492.20 4.47 64.96
0.03 137.84 77.85 3.72 13.19
25.00 3334.5
2450 2.82 24.87
0.31 42.79 32.92 2.82 24.56

6.7
466.4
34.7
536.0
27.4
4.7
343.5
96.2
185.8
105.5
21.6
686.0
9.8
25.3
2266.4
1194.5
1313.6
19.0
1599.5
219.9
1186.4
196.1
1637.2
6.4

+/-Chg
-

0.70

1.10
4.80
-0.50
0.50
-1.10
-1.60
2.80
2.00
2.00
0.60
0.70
17.00
5.00
2.50
18.00
15.00
1.00
1.00
-

1533
112.30
314.30
566.00
171.50
712.83
502.00
624.50
481.30
393.50

184.80
98.85
449.00
3654
2373
41.00
2595
3439
2616
565.00
415.90
55.00

1024
90.70
209.90
390.30
122.10
485.70
215.60
402.20
359.70
245.00
126.50
84.25
284.70
2641
1891
20.30
1996.5

2320
1792
435.30
287.10
38.00

Food & Beverages
AngloEst
AscBrFdX
Barr(AG)♦
Britvic♦
C&C €♦
CarrsGroup
Coca-Cola HBC
Cranswk
Dairy Cr
Devro
Glanbia €
Grncore
HiltonFd
Kerry €
Nestle SFrX
PremFds
PureCircle
REA
SABMillX
StckSpirit
Tate&Lyl
TongtHu R
Unilever♦

..NV €♦

461.25
2950
546.50
682.00
4.09
143.00
1326
2307
554.00
251.00
16.80
352.80
600.00
79.97
74.15
41.25
350.00
282.50
4283.5
158.50
626.00
113.06
3152.5
40.88

Health Care Equip & Services
Bioquell
ConstMed

GNStre kr
UDGHlthC♦

171.50
970.00
136.60
601.50

1.00
-3.00
0.10
-10.50

178.00
1155
152.50
629.50

126.00
872.50
108.20
452.20

1.92
1.87
0.75
1.45

114.33
96.44

24.56
34.63

57.3
1.6
214.5
301.9

House, Leisure & Pers Goods
BarrttDev
Bellway♦
Berkeley
BovisHme
Cairn Homes €
CtrySide
CrestNic
GamesWk♦
Gleeson
Headlam
McBride
McCarthy&S♦
Persimn
Philips €♦
PZCusns
ReckittBX
Redrow
TaylorWm
TedBaker♦

598.50

2760
3330
1023
1.09
275.00
597.00
503.75
545.00
494.50
153.00
238.00
2112
24.31
348.90
6873
426.70
206.00
2471

1.00 673.50
2897.51
-45.00
3788
7.00
1206
0.01
1.23
287.00
-0.50 607.50
1.50 625.00

-0.50 630.00
-0.50 550.00
-3.25 181.50
0.10 295.00
-9.00
2255
-0.03 26.10
370.00
-10.00 7069.82
-2.50 504.50
1.40 211.90
-8.00
3650

493.90
2218
2823
813.50
1.00
218.43
462.29
455.00
408.00
456.00
96.80
180.00
1772
20.48
240.70
5403

351.30
166.01
2244

2.52
2.79
5.41
3.59
2.78
10.32
1.83
3.70
2.29
1.88
1.41
0.88
1.71

11.61
10.00
11.05
10.74
-7.04
63.06
12.34
13.16
16.23
14.67
87.28
19.95

12.69
62.62
27.22
28.53
8.99
13.78
24.89

2592.4
223.2
793.4
359.9
1348.2
728.2
330.7
0.5
25.1
5.7
71.3
1637.6
656.6
1202.5
160.4
1346.2
282.8
7932.0
46.1

489.90 2.39 20.64
385.00 2.88 13.53

95.25 8.33 -12.75

517.4
2.9
308.7

Industrial Engineering
Bodycote♦■
Castings
Fenner

610.50
462.00
144.00

11.00
-1.00
-0.75

Price

+/-Chg

777.00
514.50
237.00

Price
Goodwin
Hill&Sm♦

IMI
MelroseInd
Renold
Rotork
Severfd
SKF SKr
Spirax-S
Tex
Trifast
Vitec
Weir♦

1952.5
947.50
1003
380.30
40.50
195.90
49.38
148.50
3445
128.50
132.00
502.25
1212

+/-Chg

52 Week
High

Low

Yld

P/E

Vol
000s

1.50 2908.2
-4.00 1000.00
-13.00
1282
-0.70 2046.17
86.00
-3.70 260.30
0.63 75.00
-0.20 211.50
-20.00 3725.04
132.00
-2.00 140.50
7.25 670.85
-4.00
2045

1410
636.00
717.00
274.00
28.20

150.30
48.00
120.00
2664
99.30
101.96
495.00
764.50

2.17
1.97
3.78
14.61
2.57
1.01
3.88
1.96
4.67
1.59
4.82
3.63

15.99
30.98
22.59
-34.66
15.85
22.75
107.57
16.78

26.63
7.01
15.79
17.19
-

0.1
41.3
420.7
781.9
18.2
1504.3
132.7
607.7
83.7
25.5
139.3
675.2
800.1

9.00
-0.50
1.50
0.50
0.18
1.50
2.00
6.60
4.00
32.00

-2.50

755.00
31.00
195.00
61.30
33.41
69.82
644.50
864.50
423.70
1243
1948
453.50

606.25
21.25
123.00
45.00
25.24
40.00
502.50
609.46
329.10
858.00
18.24
265.10

2.33
1.72

2.57
0.93
2.69
2.82
1.80
2.95
3.65
2.49
4.70

11.42
23.59
25.58
11.75
9.13
14.36
24.40
40.72
28.07
15.48
13.63
19.79

0.4
6585.8
3.1
120.6
274.6
22.5
2450.4

1368.4
3382.1
555.8
350.1
82.9

238.65
513.86
2855
13.90
1523
99.00
925.00
535.00
543.00

149.70
410.00
1710
8.84
894.50
49.98
696.50
412.80
245.25

3.95
5.82
2.63
1.50

1.58
5.24
3.94
6.81

Industrial General
BritPoly
Coats Group
ExovaGroup♦
JardnMt $X
Jard Str $X
Macfrlne♦
REXAM
RPC
Smith DS
Smiths
SmurfKap
Vesuvius

729.00
28.50
174.50
56.00
29.49
62.50
627.00
794.50
386.30
1123
1914

346.40

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

202.40
446.63
2320
11.62
1438
53.50
815.00
532.50
320.00

1.50
6.13
-68.00
-0.06
-15.00
0.25
10.50

7.38

25.87
21.27
34.49
60.04
18.17
17.83
27.46
18.52
21.20

1458.8
7.5
11.4
383.5
6.0
187.1
0.4
2877.4
263.6

1947
455.70
368.10
305.75
138.25
112.50
975.50
920.00

570.50
240.00
843.50
178.00
2.15
881.00
1394
482.10
63.50
932.00
342.80

3.00
1993
1370 2.44 18.17
3.90 537.50 400.10 4.17 20.43
2.60 402.08 290.80 2.71 11.49
-1.75 367.81 265.75 6.08 9.71
145.00 123.50 6.24 1.50 123.24 93.00 7.78 11.71
-0.50
1067 819.00 2.36 13.84
8.00
1075 769.50 3.20 19.58
1.00 772.90 512.00 1.79 10.60
1.40 277.50 199.50 4.92 13.30
0.50 914.39 695.00 3.02 10.66
230.00 148.07 5.00 14.13
0.02
5.46
1.81 -2.22

31.50 952.00 777.00 6.06 9.83
6.00 1665.19 1045.99 2.73 13.82
0.50 528.00 371.00 1.14 69.87
3.50 63.00 53.00 8.77 5.10
5.50
1031 800.50 2.69 24.17
0.90 496.90 309.58 5.09 25.58

361.6
5683.7
571.8
41.9
94.6
14.9
320.9
55.2
368.4
9448.6
23.0
5071.5
36.3
1156.6
2407.9
1072.6
4.0
605.4
2619.8

1361
51.25

90.50
675.50
99.00
140.00
220.50
36.25
828.50
236.00
15.62
1250
360.00
55.09
170.50
1583

-7.00
1.50
11.50
1.70
-0.63
3.00
0.06
9.00
12.00
-0.01
-5.75
-2.00

1385
87.09

163.00
989.50
129.90
196.00
281.90
160.38
1347.5
274.00
16.75
1323
520.00
55.92
267.92
1690

1039.3
47.93
86.00
601.50
95.00
125.25
201.64
35.00
644.50
183.38
12.64
988.50
344.33
47.25
160.00

1273

309.90

-14.80

355.18

154.00 0.93

Price

+/-Chg

Insurance
Admiral♦■
AvivaX
Beazley
Chesnar
Eccles prf♦
Hansard
Hiscox
JardineL
Lancashire
Leg&Gen♦
NovaeGp
Old Mut
PermTSB €
PhoenixGrp
PrudntlX

RSA Ins
SagicFin
StJmsPl
Stan Life

Media
4imprint
Centaur
Creston
DlyMailA
HaynesPb
ITE Grp
ITV
JohnstnP
Pearson
Quarto♦
RELX NV €
RELX PLCX
STV Grp
ThmReut C$X♦
Wireless Group♦■
WPPX

1.69
5.46
4.64
3.17
7.58
5.29
2.36

6.28
3.64
2.40
2.11
2.50
3.25
5.95
2.68

24.84
1.9
-10.64
81.1
11.76 112.0
9.73 938.6
-1.90
0.5
13.77 1199.3
17.83 17618.2
-75.68
11.7
-19.13 1788.2
7.74
1.4
25.11 479.4
26.38 1961.0
12.41 219.9
27.03
46.9
6.74

44.9
17.91 3190.7

Mining
Acacia

-7.02

637.9

P/E

Vol
000s

Price
AngloAmer
AngloPacif
AnGoldA R
Barrick C$♦
BHP Bltn
BisichMg
EVRAZ
Fresnillo
GemDmnd♦■
Harmony R
Hochschild
Kenmr
Lonmin
Petra

Petropvlsk
PolymtIntl
RndgldRs
RioTintoX
Troy Res A$
VedantaRs

52 Week
High
Low

+/-Chg

612.00 -17.20 1058.53
75.00
97.00
213.65
-1.85 244.44
21.42
-0.25 25.44
840.30 -11.50 1418.03
64.00
-1.50 94.75
116.50
-0.70 176.70
1017 -15.00
1171
133.75
2.50 159.75
45.88

0.03 62.89
138.75
-6.00 163.15
0.85
0.05
4.10
182.00
-2.75 14790
115.75
-1.50 177.40
7.93
-0.07
9.11
817.50
-8.00 836.00
5735 -120.00
6885
1964
-5.00
2923
0.52
-0.07
0.77
380.30
8.00 628.00

215.55
49.00
71.59
7.89

571.60
60.00
54.00
569.63
94.75
7.92
38.75
0.27
35.75
52.77
5.09
424.20
3546
1557
0.19
195.16

Yld

P/E

Vol
000s

9.50
10.67
0.68
9.48
7.81
0.34

2.54
1.76
1.76
0.78
7.82
10.95

-2.07
-5.33
169.92
-6.30
20.24
-26.38
-3.83
156.63
5.37
-3.35
-3.92
-0.58
-0.22
61.73
-1.67
23.08
39.45
-60.99
-1.12
-0.75

6110.4
179.6

953.7
526.4
8474.2
0.2
4417.7
889.4
34.2
1070.1
915.0
1622.6
994.0
648.4
1736.2
320.7
338.3
4274.5
2401.2
380.9

Oil & Gas
Aminex
BPX♦
Cadogan
CairnEng
Cape♦
ExxonMb $X♦
GenelEgy
GeoPark $
GrnDnGas
GulfKeyst

HellenPet €
Hunting
ImpOil C$X
IE Hldgs
JKX
Nostrum
OphirEgy
PremOil
RylDShlAX♦
..B♦
Schlmbrg $X♦
SEPLAT♦
Soco Int♦
TrnCan C$X
Tullow

1.30
361.95
8.25
198.50
209.75
90.01
125.00
2.32
255.00
4.78
4.18
307.75
42.15
12.50

22.25
323.00
70.00
72.75
1675
1680.5
77.17
88.75
124.00
54.00
238.20

0.05
-2.50
-0.13
-2.20
-2.75
0.21
-9.25
-0.03
2.50
-0.23
-0.05
1.50
-0.11
0.25
1.00
-0.35
-2.25
-7.50

-12.50
-0.21
-3.00
-2.50
-0.52
-4.00

2.33
1.18 -9.56 2276.7
456.90 249.44 7.72 -9.89 26723.2
13.25
7.75 -1.21
69.5
232.00 124.70 -3.24 1089.3
262.50 199.00 6.67 12.34
38.7
90.46 66.55 3.30 28.47 7505.7
564.50 71.75 -0.44 5250.9
5.43
1.90 -0.63 120.6
7083.33
375.00 200.00 0.0
40.99
3.52 -0.49 8389.0
5.65
2.74 20.19 107.5
677.00 232.00 5.95 -2.91 336.4
50.23 37.25 0.87 58.11
76.1
127.99

4.00 -0.55 230.6
31.25 14.40 -0.69
26.5
623.50 203.00 5.75 -8.14
71.9
136.70 63.49 -2.19 1424.8
170.50 19.00 -0.51 7136.3
1973.5
1256 7.76 -78.46 4672.2
2005.5 1261.03 7.74 -78.72 4559.9
92.61 59.60 2.64 60.23 5050.3
126.90 54.80 10.04 30.57 185.6
201.40 117.00 8.38 -17.80 390.5
54.72 40.58 4.05 -27.01 145.0
400.50 116.26 -3.09 4607.7

Pharmaceuticals & Biotech
BTG
CathayIn
Dechra
Genus
GlaxoSmhX♦
HikmaPhm
Oxfd Bio
RichterG $
ShireX
VecturGp

677.50
17.25

1169
1546
1452.5
2225
5.51
20.55
4289
165.50

-

0.25
1.00
10.00
-4.50
-1.00
-0.12
0.04
-60.00
-0.70

730.50
28.29
1250
1629
1532.1
2520
10.96
20.58
5870

200.10

504.00
7.10
902.50
1256
1227.5
1575
5.00
14.10
3423
145.30

Harworth Grp

95.00

0.50

143.70

92.00

Assura
BigYellw
BritLand
Cap&Reg
Countrywd
DrwntLdn♦
Gt Portld

Green Reit €
Hammersn
Hansteen
HIBERNIA
Highcrft♦
INTU
LandSecs
LondonMtrc
McKaySec

56.80
837.00
760.00
60.25
370.10
3355
765.00
1.48
588.50
105.20
1.30
955.00
304.70
1188
164.60
235.50

-0.45
-9.50
-0.50

-0.75
0.20
10.00
3.00
0.02
9.00
-0.10
0.01
0.60
-1.00
0.60
2.00

64.00
893.50
879.50
71.50
608.00
3891
892.50
1.64
689.50
126.16
1.45
1090
355.70
1355
172.10
279.75

50.00
620.00
642.27
55.00
312.20
2904
681.00
1.30
531.00
99.68
1.18
910.00
269.20
963.00
152.20
216.00

1.45
1.26
5.51
0.79
0.60
0.42
-

56.92
-7.07
50.95
31.24
115.62

26.16
-10.89
20.11
27.41
137.46

1060.5
7.0
187.3
17.1
5104.3
702.9
984.8
0.0
2233.8
915.2

3.07

22.7

3.43 10.29
2.59 9.96
3.66 5.54
3.49 4.40
4.05 19.67
1.21 4.85
1.18 4.16
3.59 6.35
4.85 5.93

3.88 17.19
4.50 8.26
2.70 4.50
4.25 6.67
3.69 4.11

1721.2
123.5
3683.5
313.0
205.8
125.7
1573.5
45.6
2302.6
668.0
220.8
0.2
2219.0
2234.8
1355.6
45.0

Yld

Vol
000s

Real Estate

REITs

-

Price
MucklGp
PrimyHth
Redefine♦
SEGRO
Shaftbry
Town Ctr♦
Wkspace

471.38
107.00
44.89
438.80
935.00
305.00
873.00

52 Week
High
Low

Yld

530.00
113.50
57.95

466.70
975.50
336.75
989.50

445.00
95.00
41.83
394.51
809.36
272.00
705.50

4.42 6.88
4.67 10.12
7.24 15.75
3.38 4.91
1.47 7.11
3.42 7.27
1.38 4.05

5.5
662.1
1823.1
1251.9
502.8
1.3
183.5

-5.10 475.10

2037
5.00 6614.2
1.30 256.00
-0.75 475.50
-0.10
8.80
40.10
-0.25 222.00
137.50 12439.08
0.75 58.56
143.50
34.00
-2.40 370.00
2.00 991.46
62.00
114.80
2.80 499.40
-1.25 293.00
3.50 706.00
0.25 291.00

312.10
195.00
5380
201.40
355.00
5.55
19.50
111.00
10900

28.50
115.00
12.00
269.00
650.85
54.50
97.25
285.60
178.50
567.00
235.50

0.44
1.38
1.14
1.86
3.12
0.62
2.46
9.50
2.35
1.45
4.20
2.77
1.53
3.11
2.19
1.02

1751.0

35.8
0.9
2028.0
147.6
2793.3
22.2
18.7
0.1
23.1
14.5
3.6
297.3
62.5
509.6
7.5
275.3
90.1
260.6
323.2

+/-Chg
10.38
0.25
0.39
4.60
6.50
1.00
9.50

Real Estate Inv & Services

Cap&Count♦
CLS
Daejan
Grainger
HelclBar
HK Land $
Lon&Assc
MacauPrp
Mntview
RavenRuss
RavenR Prf♦
RavenR Wrt
Safestre
Savills
SchroderRE♦
Smart(J)♦
StModwen
U+I■
UNITE Gp
Urban&C

343.10
1600
5960
242.10
390.00
6.05
25.00
113.75
11162.5

32.75
126.25
15.50
353.00
777.00
59.00
107.00
329.00
190.00
663.50
260.00

P/E

6.74
5.23
6.13
19.30
4.14
7.13
-8.77
-1.78
12.15
-1.68
6.79
16.76
7.22
16.60
3.75
10.88

4.42
8.47

Vol
000s

Retailers
AA♦
AO World
AshleyL
Brown N
Caffyns
Card Factory♦
Dairy Fm $
Debenhams
Dignity♦
DixonsCar
Dunelm
Findel
Halfords
Inchcape♦
JDSportsF
Lookers♦
Marks&Sp
MossBros
Next
Ocado
Photo-Me
Saga♦
SuperGroup

TescoX

286.50
170.00
24.25
252.00
595.00
368.00
6.54
74.80
2550
445.90
947.50
174.88
449.10
695.50
1296
148.10
386.60
107.88
5535
271.10
159.50
212.70
1393
167.25

-0.10 423.30 246.00 1.22 284.51 870.9
0.10 198.00 118.60 -73.66
79.1

0.13 35.50 22.00 8.25 9.44 248.0
3.40 400.00 231.30 5.65 16.95 260.1
25.00 665.00 480.00 3.40 1.73
32.0
2.00 401.50 269.00 2.53 18.91 136.4
0.03
9.22
5.56 3.49 21.01
87.9
1.10 96.35 63.75 4.55 9.38 2090.7
-25.00
2643 2038.44 0.79 22.27
51.3
0.50 506.50 398.90 21.03 2272.1
-5.50
1023 803.50 2.16 20.04
47.5
1.88 254.75 162.00 -25.26 7234.9
4.50 563.51 310.80 3.25 13.47 277.7
4.50 874.00 657.50 2.96 17.64 740.7
-4.00 1307.09 624.50 0.54 29.85 117.5
1.70 188.80 130.28 1.99 11.78 295.3
-4.00 599.35 385.00 4.66 14.81 9852.2
2.88 112.00 88.00 4.96 23.97 289.8
90.00
8175
4900 2.76 12.74 480.4
0.30 478.50 226.80 - 237.60 848.7
-1.75 185.50 131.75 3.06 22.95
55.4

0.10 225.10 170.80 2.96 16.11 1392.2
12.00 1733.49
1103 28.47
61.1
-1.35 227.35 137.00 60.60 13714.6

Support Services
Acal
Aggreko
AshtdGp
AtknsWS
Babcock
Berendsen
Brammer
Bunzl♦
Capita♦
Carillion♦
Comnsis
ConnectGp
DCC♦
DeLaRue
Diploma♦
Elctrcmp
EnergyAst
Essentra
Experian
HarvyNah
Hays
Homesve
HowdenJny♦

257.38
1135
986.00
1354
1032
1201
189.00
2024
1075
277.80
39.38
159.75
6260
566.50
745.00
288.60
680.00
833.50
1291
68.50
137.00
488.00
508.50

-0.63 334.75 235.25 2.95 24.18
-13.00
1642 762.05 2.39 17.94
4.00
1231 749.00 1.65 13.32

2.00
1677
1110 2.70 13.91
1152.76 840.00 2.29 19.26
-6.00
1233 946.50 2.54 23.19
1.00 330.00 136.50 5.66 26.39
10.00
2108
1665 1.79 28.85
-23.00
1336 982.00 2.80 136.79
1.80 363.90 243.80 6.43 9.94
0.63 57.00 36.25 5.23 5.65
0.75 175.00 129.75 5.76 15.01
-85.00
6740 4522.72 1.35 40.78
1.00 585.00 395.50 4.41 14.60
-11.50 846.50 600.29 2.44 23.07
-1.10 293.86 167.55 4.07 30.37
695.00 433.64 23.24
-1.00
1038 660.00 2.27 32.31
4.00
1304
1017 2.04 28.48
-1.50 107.00 68.00 5.20 9.94
2.00 173.70 112.60 2.01 17.88
-0.70 493.20 353.68 2.54 27.89
0.50 538.50 440.46 1.83 18.69

4.6
598.8
1376.4
133.1
1109.1
211.5
228.2
443.3
1364.0
947.2
134.4
41.3
327.6
364.7
71.0
491.1
3.4
391.2
1335.6
83.6
2593.4
312.2
574.0

Price
Intserve
Intertek♦
Lavendon
MngCnslt

MearsGp
MenziesJ♦
MichaelPge♦
MITIE
PayPoint
PremFarn♦
Rentokil
Ricardo
RbrtWlts♦
RPS
Shanks#
SIG
SpeedyHr
St Ives
Vp
Watermn
Wolseley

333.40
3150
127.50
16.75
386.50
503.00
401.80
282.50
960.00
120.00
179.30
840.00

330.00
183.25
80.50
134.70
39.25
98.25
719.75
96.50
4088

52 Week
High
Low

+/-Chg

2.00 673.00
3377
-0.50 211.50
0.25 17.25
0.75 475.00
-5.00 535.00
-1.70 568.00
1.20 341.00
53.50 1112.15
197.40
0.30 183.30
-10.00 967.50
478.00
0.75 246.75

-0.50 113.50
1.40 209.90
0.25 77.00
-1.25 248.17
9.75 816.00
100.49
-2.00
4398

Yld

276.00
2296
120.75
12.94
361.75
357.50
358.30
236.50
709.00
87.75
138.70
764.60
298.00
162.00
68.75
117.00
27.94
98.00
640.00

65.00
3214

7.02
1.59
3.84
3.55
2.65
2.60
2.78
4.14
4.01
8.67
1.50
1.98
1.91
4.95
4.29
3.47
1.78
7.28
2.29
2.07
2.22

P/E

Vol
000s

7.06
-14.05
26.10
-10.47
19.23
30.58
19.04
14.13
32.55
10.10
26.33
20.92
17.63
59.30
-42.17
22.12
-14.27
28.21
14.52
14.90
18.33

727.5
421.8
122.5
77.8
2.3
85.2
467.9
828.6

66.6
405.9
2434.9
5.7
8.8
108.4
0.7
892.8
38.4
228.2
0.2
19.3
373.8

811.50 0.78 40.27
314.90 3.58 -113.59
64.25 3.28 54.27

3257.9
209.5
32.0

2.00
-4.70
-1.50
4.00
-

2350
885.00

13.95
79.60
1623.5
326.00
185.00
639.00
463.75
43.00

1221
705.00
7.10
62.00
1150
208.00
130.00
363.39
315.00
12.58

1.90
2.30
5.44
1.94
1.37
3.06
2.17
0.60
-

36.23
10.32
-1.32
30.82
40.28
45.53
7.78
37.26
-11.04
8.91

134.4
289.9
9.0
13.9
400.0
147.4
62.3
1851.4
13.7
7.4

451.90
748.50
108.25
242.50
1023

3.30
1.50

-0.75
-1.50
13.00

502.60
1153
124.50
412.70
1215

404.00
708.63
86.00
184.00
780.00

2.85
4.53
4.96
5.69
3.91

15.22 10674.9
19.56 1820.1
43.35 504.8
45.64 1253.7
24.93 136.7

4205.5
3786

20.50 4357.13
17.00
3898

Tech - Hardware
ARM Hldgs
Laird
SpirentCM

982.00
352.80
80.00

4.00
-1.10
-0.25

1332.5
413.30
98.75

Tech - Software & Services
AVEVA
Computcnt
DRS Data
Elecdata
MicroFoc
NCC Grp
RM

Sage♦
SDL♦
TriadGp

1602
847.00
8.00
73.50
1600
290.00
138.50
604.50
417.75
25.50

-

2.00
4.00

Telecommunications
BTX
Inmarsat
KCOM Gp
TalkTalk
TelePlus

Tobacco
BrAmTobX
Imperial BrX

3231.5 3.57 18.26
2926 3.72 32.09

1304.1
1011.0
398.6
5.8
480.9
2099.2
583.0
1489.3
0.4
29.8
270.0
2.5
2671.7
96.0
884.5
241.1
5.3
2337.9
942.1
7390.8
817.5
562.3
1428.9

Travel & Leisure
888 Hldg

AirPrtnr
Cineworld
CompassX
EntInns
FirstGrp
Fuller A
Go-Ahead
GreeneKg
IrishCtl €♦
Ladbrokes
MandarO $
Marstons♦
Natl Exp
PPHE Htl
Restaurt
Stagech
ThomasCook
TUI
Whitbrd♦
Willim H♦

227.00
426.13
563.00
1288
99.00
108.90
1038
2584
893.00

5.31
136.30
1.48
157.00
339.20
795.00
360.20
258.30
76.40
1050
4249
312.50

-0.75
1.63

1.00
2.50
0.40
-17.00
14.00
2.50
0.15
-0.20
-0.02
1.80
-0.20
6.90
3.50
1.30

11.00
7.00
-0.10

235.00 146.08 2.40 40.80
470.00 345.00 5.33 22.43
599.00 451.32 2.40 18.86
1312 963.00 2.28 23.48
135.10 69.80 -13.76
129.90 79.55 19.67
1250 993.75 1.51 20.59
2758 2134.59 3.48 19.28
985.00 766.00 3.22 21.99
5.60
3.80 1.95 19.25
150.00 92.85 4.11 259.62
1.72
1.18 4.69 20.12
177.00 142.70 4.27 -33.24
353.10 268.50 3.14 16.27
825.00 464.50 2.52 11.14
728.00 265.00 4.47 10.52
420.20 240.60 4.07 11.21
147.77 69.96 20.90
1287 956.50 4.23 50.74
5315
3641 2.01 19.85
432.10 294.10 3.94 14.57

205.30

1295
312.30
1009
869.50
971.00

-1.10
-3.10
9.00
9.50
16.00

286.67
1484
401.00
1015.5
901.00
1010

-

Utilities
Centrica♦
DeeVally
Drax
Natl GridX
Pennon
UtdUtils

182.50

1270
205.10
806.40
711.90
816.50

5.83
4.83
3.94
4.25
3.62
3.88

-13.77 11412.1
16.89
2.0
22.59 515.7
17.59 4193.7
30.06 669.3
23.66 1623.5

AIM
Aerospace & Defence
Cohort

365.00

-1.50

432.04

259.50 1.37 26.87

29.9

7.75
2600 -200.00

9.50
3425

3.25 -0.70
2537 2.65 24.98

0.7
28.4

783.00

430.00 1.15 33.95

2.7

Banks
Caribbean Inv
STB

Basic Resource (Ex Mining)
CropperJ

737.50

-

Chemicals
Scapa

272.50

-5.50

279.75

174.75 0.55 54.98

1306.9

Construction & Materials
Abbey
AccsysTch
Aukett

1062.5
65.50
6.50

-37.50
-0.13
-

1300
78.47
8.50

845.00 0.81 6.45
56.00 -41.91
5.50 3.38 6.50

1.1
3.1
80.0

Electronic & Electrical Equip
CeresPow
ElektronT
FlowGp
LPA
ThorpeFW
Zytronic

9.20
5.88
12.75
125.00
237.50
377.50

0.05
0.50
-3.13

-3.50

10.00
8.70
28.40
142.00
250.70
440.00

4.20 -6.56
5.05 8.87
9.75 -2.40
58.00 1.24 22.81
165.00 1.54 22.26
273.00 3.18 14.99

66.6
120.0
6181.6
1.0
1.9
27.4

87.50
-2.00
0.50
2.75

10.50
3.25 -0.91

1650 1251.29 1.78 30.70
167.00 131.00 1.67 7.31
9812 7844.85 1.55 18.03
195.00 120.22 5.06 -9.06
41.00 30.25 10.42
653.00 509.00 1.62 33.99
36.00 23.50 2.33 34.11
278.00 191.00 7.67 10.01

4.0
13.6
3.4
2.7
28.9
25.0
17.7
127.1
69.7

Financial General
Ambrian
Arbuthnot
BP Marsh
Camellia
Fairpoint♦
Leeds
MattioliWds
Miton
Numis

3.50
1575
164.50
8124.5
129.50
39.50
646.50
25.75
221.75

Park Grp
PolarCap
Share♦
ShoreCap
STM Group♦
WH Ireland

70.00
326.00
28.00
317.50
45.00
92.00

-

0.50
3.25

52 Week

High
Low
97.97
489.75
38.35
429.40
73.00
130.00

52.00
317.00
25.00
300.00
40.00
81.10

Yld

P/E

Vol
000s

3.43
7.67
2.21
1.57
2.17

13.92

12.72
61.14
12.17
11.88
-32.81

144.6
5.1
28.4
200.0
49.8
5.1

115.00
1436
36.00
420.00

-

124.00
6.00 1496.81
59.40
610.00

79.08 2.17 17.12
1086 1.62 23.83
34.10 26.07
405.10 2.50 12.26

43.3
19.0
6.8
4.6

Health Care Equip & Services
Advnc Med♦
AVO
CareTech
CircleHldgs
ImmunDiag
Tristel

194.75
8.00
241.00
20.25
149.00
115.00

-1.75
0.50
-0.50
-0.63
4.00
-0.50

199.75
10.25
262.15

48.98
320.69
152.00

135.00
4.75
210.00
9.00
135.00
80.50

0.37
3.32
2.01
2.37

29.14
-10.13
17.47
-4.30
34.21
29.83

478.1
5527.8
8.3
3.8
36.3
119.9

23.00
860.00
34.80
1050
1275
494.00
244.85

15.50
502.00
17.50
825.00
880.00
306.85
184.00

4.62
2.13
2.34
3.07
1.24

14.52
21.12
-4.46
17.68
7.53
20.27

10.0

50.2
57.0
0.2
9.3
143.7
34.3

-0.25
-0.13

19.50
227.50
287.74
6.75

7.00 6.66
137.40 4.41 22.14
90.00 6.25 27.95
1.76 -8.55

108.2
0.7
5.6
104.1

1.50

261.36
183.36
1197

844.36
275.00
1025
158.00
129.50
271.96
174.24
187.50
92.00
217.00
613.00
7.30
459.00
20.33
542.00
20.53
17.00
37.75
917.00
863.02
241.75
93.50
1119
928.00
348.00
195.25
129.75
1059.1
703.00
750.00

166.00
200.00
175.50
410.00
620.00
148.20
207.00
305.00
78.00
120.89
168.89
104.00
175.50
395.35
100.00
103.00
394.00
126.50
379.75
252.51
56.50
216.48
101.72
634.01
110.00
614.50
259.51
140.25
294.46
645.18

204.29
138.00
950.00
593.85
234.00
859.00
137.01
107.50
195.50
105.06
152.00
70.25
174.50
522.00
4.56
390.00
10.00
391.70
11.00
1.67
17.00
722.00
706.00
199.00
84.50
891.00
775.00
238.25
159.83

103.77
740.68
561.00
617.00
149.90
180.00
139.00
317.40
369.33
130.00
147.00
245.00
63.00
108.50
144.50
100.00
155.00
335.75
81.00
83.00
330.00
113.10
238.90
182.00
32.25
134.51
98.25
541.40
92.00
478.20

211.75
110.00
219.85
526.38

-4.7
-25.0
0.1
-13.0
0.3
-0.5
0.7
-2.8
-14.1
-17.3
-7.5
-15.7
0.7
-9.5
-25.1
-10.7
-66.0
-19.3
-33.9
-35.2
-17.5
1.7
-5.4
-6.1
-2.3

0.7
-1.8
-14.5
-15.5
-22.3
16.8
-9.7
-12.0
-4.5
-13.4
12.7
-13.4
-10.1
3.3
-2.7
-2.1
-2.0
-1.7
-5.4
-8.5
-10.0
-9.9
13.8
-1.3
-13.5
-9.4
-16.0
-1.2
-3.2
-3.1

-12.4
-7.6
-8.5
-11.5
-9.3

House, Leisure & Pers Goods
Airea
Churchll
gamingrealms
Mulberry
Portmern
TelfordHms
WalkerGb

19.50
780.00
20.88
1034
1157.5
361.25
193.00

-0.13
-3.50
-3.25
1.50

-711.14

Industrial Engineering
600 Grp
MS Intl
Pres Tech
TP Group

9.25
181.50
134.50
3.88

EP Global
Estabmt
Euro Ast♦
EuroInvT
F&C Cp&I
F&CGblSmlr
F&CMgdG
F&CMgdI
FidAsian
FidChiSpS
Fid Euro
Fid Jap
Fid Spec
FinsG&I
FstPacfic HK HK$
For & Col
Geiger
GenEmer
GFIS

GRIT
GoldenPros
Hansa♦
..A
Hend Alt
Hen Div
HenEuroF♦
HenEuro
HenFarEs♦
HenHigh
HenInt Inc♦
Hen Opp
HenSmlr
Herald
HICL Infra♦
Highbridge Multi
Impax Env.
Ind IT
IntBiotech
Intl PP
InvAsTr
Inv Inc
InvPerp
IPST BalR
IPST Gbl Eq
IPST Mngd
IPST UK Eq
InvPpUK♦
Invs Cap A
Invs Cap B

Invs CapU
JLaingInf
JPM Amer
JPM Asn
JPM Brazil
JPM China
JPMElct MC
..MG♦
..MI♦
JPM Emrg
JPM EurGth
JPM EurInc
JPM EuSm
JPM Clavr♦

223.50
159.50
1052.5
656.00
263.50
995.00
148.00
112.00
256.00
134.80
168.90
87.88
193.50
597.50
4.84

437.60
13.25
492.50
12.50
6.25
31.00
736.25
722.50
221.38
90.00
961.50
848.00
279.00
175.00
123.50
828.00
617.00
690.00
163.00
181.00
169.00
384.00
440.50
146.80
181.00
272.00
71.38
119.25
155.50
101.00

162.25
388.00
89.50
88.00
353.00
122.80
290.00
207.13
43.38
152.75
100.25
592.50
98.50
568.00
235.50
121.13
271.38
558.75

Yld

Industrial General
Powerflte
RM2

75.00
24.00

-

100.98
73.00

64.00 1.47 11.70
23.00 -2.42

106.5
196.2

182.50

-

210.00

157.00 0.82 23.70

3.0

214.50
98.50
332.00
41.00
270.50
178.00

1.00
0.50
-2.00
-

254.00
106.70
374.75
50.00
305.00
181.00

140.00
77.10
278.75
38.14
177.00
101.50

17.44
28.60
36.73
8.76
48.55
39.72

18.4
54.9
19.9
7.0
4.1
68.9

4.75

2.15
163.75
2.65
25.50
3.50
87.25
1.00
2.63
5.88
22.38
19.00
1.93
0.68

-0.15
1.00
0.15
0.13
-0.50
0.08
-0.08
0.13
0.25
-

44.58
2.99
188.00
4.30
38.50

8.95
100.25
1.54
3.20
8.75
30.33
29.50
2.66
18.00

3.89 4.73
0.63 -14.83
118.21 7.62 12.20
1.00 -7.53
0.28 -5.90
2.50 -3.37
37.00 4.76 -40.54
0.50 -37.04
1.10 -22.25
4.00 -2.32
15.00 -13.05
10.28 -56.21
1.06 -22.38
0.47 -0.18

2818.2
775.0
11.6
1826.0
11.6

68.0
1038.6
3041.6
1426.7
481.6
21.4
2456.5
276.5
65.7

27.50
19.25
1.73
1.95

-0.25
-0.13
-0.02
-

39.75
35.00
3.25
6.50

JPMGIConv♦
JPM GEI
JPM I&C Uni♦■
JPM Inc&Gr
JPM Ind

JPM JpSm
JPM Jap
JPM Mid
JPM O'seas
JPMRussian
JPMSnrSec
JPM Smlr
JPM US Sml
KeystoneInv♦
Law Deb
Lazard WorldTst
LinTrain £
Ln&StLaw♦
Lowland
M&GHighInc
Majedie
Man&Lon
MCGlobPort
MCurPac
MercantIT
MrchTst
Mid Wynd
Miton Global
MitonUKMic
MMP
Monks
MontanSm
Mur Inc
Mur Int
..B

NB DDIF $
NewCtyEgy
NewCityHY
NewIndia
New Star IT
NorthAmer♦
NthAtSml
Oryx Int
PacAsset
PacHorzn
Perp I&G
PerAsset

90.25
91.50
321.00
101.00
524.50
267.50
287.50
1029
207.50
340.25
87.00
815.25
175.13
1643
483.00
245.75
618.75

339.50
1255
161.00
255.63
242.50
179.00
266.00
1715
401.00
343.00
166.00
56.75
2.38
421.00
560.75
660.50
946.00
835.00
1.05
11.50
57.50
321.75
77.00
900.00
2330
605.00
193.00
162.25
379.90
36880

-0.25
-0.13
-3.50
-0.75
11.50
-1.25
0.50
4.00
-0.50
-0.50
-0.38
-1.50
0.50
-7.00
3.00
0.50
-1.00
-11.00
2.00
0.13
3.00
0.25
1.50
1.00
-1.25
0.25
-1.00
3.75
4.50

6.50
0.01
-0.25
-0.50
3.00
-2.50
2.50
0.63
-2.00
0.40
40.00

PolarFins
..Sub
PolarHealth♦
PolarTech
ProspJap $
QatarInvF $
RIT Cap
RobecoNV €
RolincoNV €
Ruffer Inv Pr
SchdrAsiaP
Schdr Inc
SchdrJap
SchdrOrient
SchdrUK

96.75
2.50

171.00
590.00
0.99
1.07
1619
30.38
28.32
205.50
261.00
244.00
134.50
186.00
151.50

Insurance
Helios

Media

Food & Beverages
FinsbryFd
Nichols
RealGdFd
Wynnstay

52 Week
High
Low

Avesco

Cello Gp
M&Csaatc
MissionMk
Next15Cm
YouGov

3.03
2.68
1.95
2.80
1.37
0.56

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

Oil & Gas

AmeriRes
AndesEnrg
BahamasP
BorSthnPet

16.69
14.94
0.92
1.25

-

-16.17
-14.19
-6.56
-3.94

2157.9
1.5
948.3
284.0

104.75 84.25 4.99 96.7
117.25 72.94 5.36 96.3
370.00 318.25 343.4
115.85 96.00 4.65 108.7
554.50 430.00 600.7
289.00 210.00 313.3
305.00 233.50 0.97 331.9
1100 876.09 1.94 1043.4

221.40 170.50 1.54 365.00 259.50 3.82 402.3
101.05 82.00 7.07 88.0
929.20 805.00 1.35 986.3
185.22 148.00 198.3
1900 190.00 3.10 1826.4
538.00 432.50 3.35 518.0
281.75 227.00 1.41 288.9
644.10 435.00 1.04 460.6
374.10 314.76 4.24 362.5
1440
1095 3.35 1329.9
176.90 140.00 4.16 167.0
283.00 230.75 3.13 270.0
250.25 225.00 1.32 308.0
192.00 155.00 2.29 181.1
320.00 236.73 2.82 313.7
1845 1532.56 2.74 1944.9
496.75 374.50 5.99 433.8
346.00 312.00 1.17 340.6
166.44 145.00 182.5
60.97 51.50 3.73
2.25 446.90 360.50 0.94 478.6
590.00 458.03 1.34 641.4
773.50 595.00 4.84 724.2
1050 739.42 5.97 914.3
960.00 307.95 914.3
1.21
0.95 19.50
8.00 15.7
61.66 51.00 7.55 54.6

350.00 263.00 371.7
81.90 65.00 0.39 119.1
919.90 729.50 3.50 1002.1
2385 1898.35 - 2725.8
660.00 480.00 695.1
211.75 156.25 1.35 200.7
201.75 142.50 0.22 188.7
431.00 358.00 3.26 400.3
37600 33000 1.52 36731.
0
112.84 83.50 3.31 108.8
9.50
1.00 187.50 151.50 2.16 180.0
647.00 487.40 635.3
1.07
0.90 1.3
1.32
0.90 6.97
1.3
1703 1393.64 1.85 1540.2
225.00 196.50 1.65 205.4
297.50 226.25 1.05 299.5
348.25 220.29 4.22 271.0
165.00 127.00 1.49 155.3
206.79 154.00 4.30 187.8
173.09 136.63 3.30 174.3

-6.7
-5.0
-6.5

-7.1
-12.7
-14.6
-13.4
-1.4
-15.4
-1.1
-17.3
-11.7
-10.0
-6.8
-14.9
34.3
-6.3
-5.6
-3.6
-5.3
-21.3
-1.2
-15.2
-11.8
-7.6
0.7
-9.0
-12.0
-12.6
-8.8
3.5
-8.7
-26.8

5.3
-13.4
-35.3
-10.2
-14.5
-13.0
-3.8
-14.0
-5.1
0.4

Price
ClontarfEn
Egdon Res
EuropaOil
GETECH
Infrastrata
Iofina
Ithaca Engy
PetrelRes
Petroceltic#
PetroNeft
Rockhop
Sound Oil
UnJackOil
VictorOil

0.22
11.13
4.13

26.00
2.40
17.38
55.00
4.75
7.50
2.08
37.00
15.88
0.17
35.00

52 Week
High
Low

+/-Chg
-0.01
-0.13
0.50
-0.38
-1.25
-0.13
-1.50
-0.88
-1.00

0.62
17.00
9.72

61.00
4.45
33.17
56.95
5.05
123.00
5.00
83.00
21.75
0.27
75.00

P/E

0.13 -4.48
6.60 -5.21
2.31 -7.05
21.75 8.46 21.21
1.01 -0.48
4.25 -10.98
16.00 38.65
2.00 -2.32
3.50 -0.10
1.86 -3.05
24.00 14.97
12.50 -10.07
0.10 -7.08
23.11 32.80

3413.1

206.3
204.3
128.2
40.2
101.6
2763.7
46.1
49.0
20.0
1531.6
778.3
1649.7
380.7

Pharmaceuticals & Biotech
Abcam
AllcePharm
Epistem
e-Thera
GW Phrms
HtchChMd
ReNeuron
Sareum
SinclairIS
Vernalis

631.00
47.38
90.00
14.75

512.50
1730
3.38
0.83
35.25
45.25

1.00
-0.13
0.50
9.00
-0.13
-0.02
-1.00
0.38

690.00
63.00
288.00
42.40
708.55
2896.6
6.50
1.20
61.33
88.29

493.75 1.30 34.79 391.6
38.00 2.18 10.42 347.0
70.00 -2.06

0.8
12.00 -4.42
98.4
211.00 -19.46 227.6
1560 -39.81
1.1
2.26 -7.02 487.1
0.17 -17.29 16474.1
32.00 -14.43 967.8
41.58 -68.05 284.8

FltchKng
InlandHms♦
Lok'nStor♦
LXB Retail
NewRiver
Palace Cap
PnthrSec
PSPI

47.50
75.88
329.00
61.00
319.00
360.00
392.50
52.50

-3.50

-5.00
0.50

62.00
89.00
374.00
104.00
362.00
405.00
403.00
54.52

38.00
64.37
279.04
60.50
300.00
320.00
303.00
28.20

4.74 4.08
1.32 3.64
2.43 22.40
5.41 8.47
3.61 6.20
4.59 10.15
-15.66

4.0

88.1
10.0
417.6
185.6
3.6
2.1
10.0

SchdrUKMd
ScotAmer♦
Scottish Inv
ScottMort
ScottOrtll
SecTstScot♦
Seneca I&G♦
Shires Inc
StdLf Eqt
StdLf Sml
StrategicEq
Temp Bar
TempEmerg
TRIG♦
ThreadUKSel
TREurGth
TroyInc&G
UtilicoEmg
UtilEmSubs
UIL Inv
ValAndInc
Witan♦

WitanPac♦
WwideHlth

442.13
270.50
614.00
261.30
743.50
133.00
146.75
204.13
424.75
352.00
213.00
1067
442.50
99.00
164.50
646.50
72.50
171.00
15.50
113.25
224.75
744.00
231.00
1760

2.13
0.50

504.50
277.59
665.00
281.90
880.55
144.19
150.00
255.75
471.46
386.00
241.50
1229
549.02
109.00
179.50
661.00
74.71
199.25
22.89
122.00
264.75
836.00
265.25
2108.5

415.00
230.00
540.00
218.80

660.00
118.00
136.35
180.78
402.00
294.25
179.61
921.96
368.60
93.80
156.00
559.80
64.43
142.94
7.01
92.50
219.00
676.78
203.03
1541

1.92
3.94
1.99
1.12
1.55
4.36
3.91
6.00
3.51

1.65
0.37
4.42
1.86
6.22
2.67
1.08
3.28
3.57
6.62
4.00
2.17
1.99
0.71

522.4
256.8
693.1
257.0
871.1
142.7
147.0
234.2
437.4
376.2
216.8
1138.5
515.9
190.9
740.6

72.1
194.0
296.6
735.5
269.9
1910.9

-15.4
5.3
-11.4
1.7
-14.6
-6.8
-0.2
-12.8
-2.9
-6.4
-1.8
-6.3
-14.2
-13.8
-12.7
0.6
-11.9
-24.2
1.2
-14.4
-7.9

Conventional - Private Equity

Price +/-Chg
AbnPvtEq
88.00
-0.13
Altamir €
11.00
0.11
Dun Ent
329.50
-0.50
Electra♦
3807
-3.00
ElectraPrf
153.38
F&C PvtEq♦
257.00
HVPE
942.50
-0.50
HgCapital
1245 14.00
ICG Ent Tr
543.50
3.50
JPEL Pvt Eq $
0.94
JZ Capital♦
390.00
Mithras

156.00
NB PE Ptnr $
10.28
Nthn Invs
705.00 15.00
Pantheon
1297.5
7.50
PantheonR
1175
PrincssPE €♦
7.47
-0.15
Riverstone
884.00
-1.00
StdLfEuPv
228.13
1.38

52 Week
High
Low
91.50 82.00
11.35
8.86
360.00 285.00
3968
3131
153.60 148.55

264.00 214.00
949.00 822.00
1250 981.00
615.94 506.86
1.07
0.90
480.00 376.00
166.00 126.50
12.11
9.85
719.60 465.00
1395
1175
1295
1120
8.15
5.72
1068 719.50
229.50 191.00

Yld
2.54
4.40
1.43
3.05
4.29
2.57
2.76
0.64
2.41

7.00
2.30

NAV
129.1
18.6
482.6
4349.9
153.4
291.8
1154.0
1351.3
724.0
1.2
681.1
171.6
685.3
1718.2
1718.2
9.5
1079.8
306.7

Dis(-)
or Pm
-31.8
-40.9
-31.7
-12.5
0.0

-11.9
-18.3
-7.9
-24.9
-21.7
-42.7
-9.1
2.9
-24.5
-31.6
-21.4
-18.1
-25.6

Conventional - Property ICs
Price +/-Chg

52 Week
High
Low

Yld

NAV

Dis(-)
or Pm

Real Estate

SIR
SiriusRE €
SumGermny €
TaliesinPr

52 Week
High
Low

Yld

P/E

Vol
000s

Price

+/-Chg

283.50
0.52
1.01
2870.5

-

-0.50
0.02

300.00
0.54
1.03
2915

235.40 13.90
0.41 3.02 8.42
0.84 3.48 7.84
2208.5 5.43

102.8
1083.8
2.4
0.3

22.00
8.50
-0.13

4076
75.18
262.00

2443 77.72
10.66 -1.35
13.75 35.71 -6.27

532.8
1137.2
1058.9

-

0.50
-4.00

355.00
51.08
155.00
106.90
406.50
870.00
99.75
208.72
2400
587.80
4.93
206.75
15.00
13.25
418.00
335.50
297.00
34.75
164.00
288.25

236.00
38.50
91.00

63.25
155.00
692.00
81.50
140.00
1800
410.00
2.65
128.13
10.00
5.00
297.40
235.29
229.89
19.67
19.16
115.00

12.52
-34.92
9.32
9.31
7.64
12.25
30.63
16.95
20.74
14.43
10.54
12.33

6.21
-1.02
15.92
49.32
23.17
14.98
-1.55
7.55

1.0
71.3
4.4
50.3
29.5
0.3
102.6
10.0
0.0
7.3
50.3
27.2
33.9
142.2
63.2
66.0
4.8
90.0
591.5
234.2

101.00
19.25

-0.50
-

171.00
27.00

100.00 5.06 167.77
15.78 6.63

159.5
867.7

Price
68.00
87.50
69.00
66.50
68.00
96.63
77.63
91.25
94.00
59.00
27.50
93.50
95.75
18.50

65.50
47.50
90.00
74.25
97.00
83.00
75.25
93.50
134.50

+/-Chg
4.13
1.25
0.50
1.50
1.75

Retailers
ASOS
Koovs
StanlGib

3507
40.25
14.00

Support Services
AndSyks♦
Begbies
Christie

Empres♦
Hargreaves
Impellam
JhnsnSrv
JourneyGp
LonSec
Matchtech♦
NewmkSec
NWF
Petards
RedhallGp
Renew
Restore
SafeCharge
Servoca
Tribal Grp
Utilityws♦

320.00
44.00
94.00
85.50
177.25
750.00
98.00
194.50
2075
434.63
2.95
152.00

13.63
6.38
357.75
325.50
232.50
26.00
53.75
156.00

-

0.50
2.50
1.25
0.75
5.38
1.00
4.75

7.44
5.00
2.66
0.82
16.93
0.83
1.89
0.85
3.28
5.06
3.39

3.55
1.96
0.80
2.76
2.55
3.21

Tech - Hardware
AminoTech
IQE

Price

52 Week
High
Low

+/-Chg

Yld

P/E

Vol
000s

Tech - Software & Services
Blinkx
BondInt
Brady

Datatec
DDD
Eckoh
EgSoltns
Ingenta
Iomart
K3BusTc
mporium
OMG
Progility
SciSys
WANdisco

23.00
87.50
66.50
210.50
0.60
48.50
56.00
127.00
268.00
345.50
8.50
45.00
0.78
71.50
180.00

0.50

-1.00
0.08
2.50
-0.50
-

36.50
144.73
110.13
370.00
3.94
56.00
75.40
150.00
310.00
377.00
11.25
51.56
6.09
84.50
265.00

14.75
84.00
33.60
158.00
0.25
35.89
48.00
114.00

198.82
232.00
3.62
39.00
0.55
38.50
69.75

2.51
2.78
2.47
0.76
0.93
0.43
1.44
1.64
-

-1.44
16.29
-31.86
9.90
-0.47
71.11
75.57
-11.26
31.36
27.23
-5.22
26.90

-0.51
59.58
-2.55

261.4
5.1
287.1
1.0
6704.9
99.2
10.0
17.5
66.9
19.7
24.1
85.3
84.3
5.0
0.1

-1.00
-

545.00
147.60

279.16 4.62 14.02
16.00 -1.65

7.9

20.0

148.00
74.00
65.00
135.00
37.25
375.00
640.00
102.50
7.13
99.00

2.50
-9.50
-0.13
-

186.00
79.00
80.00
150.00
41.50
410.00
684.00
222.00
14.47
110.00

54.30

70.68
35.00
120.00
26.00
251.50
385.77
83.14
6.00
90.00

ModernWtr
SeaEnergy#

5.88
2.38

-0.13
-

14.00
21.59

5.60
1.00

Marwyn Val

166.00

251.93

162.00

Telecommunications
AltNetwks
Peoples Op

327.00
18.25

Travel & Leisure
32Red PLC
Celtic
..6%CvPf
..Cv Pf
Cortex Holdings
Dalata
Dart
GoalsSocc
MinoanGp
PeelHtls♦

1.69
4.98
0.47
1.95
1.52

129.60
88.84

6.64
35.16
10.12
-9.85
-8.01
19.52

160.5
0.9
0.5
0.8
8.5
4.0
489.2
171.2
23.2
0.0

-

-1.24
-0.25

18.1
70.5

-

-

Utilities

Investment Companies
Conventional (Ex Private Equity)
52 Week
Price +/-Chg
High
Low
3i Infra♦
171.80
0.80 189.56 163.40
AbnAsianIn
160.25
2.00 198.76 137.50
AbnAsian
782.00
879.50 653.77
AbnEmgMkts 397.50
-2.38 472.50 350.00
AbnJapInv
454.50
6.50 571.00 400.00
AbnLatAmIn
50.75
-0.13 66.00 41.25
AbnNewDn
152.00
0.75 189.00 128.25
AbnNewThai 371.50
-8.00 434.00 324.00

AbnSmlInCo
199.50
229.00 186.00
Abn UK
291.00
-1.63 334.75 265.19
Abf Gd Inc
195.38
0.38 212.00 165.50
Abf Sml
1068
6.00
1235 965.00
AcenciADbt $♦
1.38
0.01
1.72
1.25
Alliance
508.50
1.00 523.50 437.00
AllianzTech
594.00 10.00 650.00 507.00
AltAstsOps
37.00
1.00 46.95 29.00
Art Alpha
232.88
0.25 283.00 214.00
..Sub

4.50
19.83
3.50
AsianToRt
203.00
212.00 163.25
Aurora Inv
167.00
170.00 146.00
Axiom
95.50
103.00 90.00
BG Japan
444.00
-3.00 482.75 385.00
BG Shin
517.75
2.00 547.50 318.50
BSRT
22.75
0.25 28.00 12.00
Bankers♦
584.00
1.00 674.50 522.00
BH Global
1255
1343.6
1227
..USD $
12.38

-0.08 13.19 12.15
BH Macro
1976
7.00
2110
1925
..EUR €
18.85
20.39 18.65
..USD $
18.80
20.43 18.36
BiotechGth
615.00
8.00 898.92 524.64
BlckRCom
61.88
1.63 90.50 43.25
BlckREmEur
219.75
-0.50 236.18 164.58
BlckRFrnt
112.25
0.25 118.00 93.00
BlckRGtEur
248.75
1.00 262.00 224.00
..Sub#
0.26
20.63

0.10
BlckR I&G
179.50
192.98 160.50
BlckRIncStr
123.00
141.00 114.19
BlckRckLat
314.00
3.00 375.95 242.50
BlckRckNrAm♦ 123.13
0.63 127.00 101.00
BlckRSmlr♦
901.75
6.75
1010 827.00
BlckRThrmt
330.75
-0.25 370.00 300.00
BlckRWld
228.00
-0.25 313.90 157.17
Brit Emp
465.00
-1.10 533.50 405.00
Brunner
520.00
-8.25 584.12 463.66
Caledonia Inv
2400 -10.00

2530 2098.85
CanGen C$♦
17.89
0.12 22.00 15.73
Cap Gear
3435
-2.50
3575 3152.28
City Merch
180.00
192.50 167.00
CityNatRs
90.63
-0.88 105.37 63.70
City Lon
382.90
-0.10 418.35 338.46
DiverseInc
93.38
97.50 84.00
Dun Inc
215.00
2.00 266.75 190.00
Dun Sml
197.13
229.00 179.50
EcofinWatr♦
126.00
1.00 147.81 104.00
..CULS

100.00
104.50 98.63
EdinDragn
242.00
0.25 287.50 211.00
..CULS
104.00
-0.25 107.89 99.50
Edin Inv
697.00
0.50 737.00 630.85
Edin WWd
426.13
-0.25 502.44 378.00

Yld
4.45
5.37
1.34
0.57
8.13
2.50
2.21
4.16
3.75
4.09
2.35
4.35
1.98
1.52

26.67
1.60
2.31
2.67
9.76
3.95
2.01
3.29
5.48
6.48
3.41
1.77
1.42
9.21
2.52
2.94
2.11
3.65
0.47
5.56
6.18
4.03
2.68
5.23
2.69
5.75
1.24
3.42
0.35

NAV
173.9
893.3
467.2
527.4
57.8
177.5
460.1
242.4
317.8
216.5
1199.2
1.6
570.7
660.8
49.6
303.3
217.4
167.0
457.5
500.6
36.4
620.6
1349.0
13.3
2090.0
20.3
20.1
660.6
62.2

249.7
110.5
261.7
183.6
126.7
351.3
130.4
1040.7
392.8
257.5
529.2
617.6
2838.2
25.2
3384.9
177.9
114.4
377.8
91.0
242.8
234.9
145.6
280.7
701.0
474.3

Dis(-)
or Pm
-7.8
-12.5

-14.9
-13.8
-12.2
-14.4
-19.3
-17.7
-8.4
-9.8
-10.9
-13.8
-10.9
-10.1
-25.4
-23.2
-6.6
0.0
-3.0
3.4
-37.5
-5.9
-7.0
-6.9
-5.5
-7.1
-6.5
-6.9
-0.5
-12.0
1.6
-4.9

-2.2
-2.9
-10.6
-5.6
-13.4
-15.8
-11.5
-12.1
-15.8
-15.4
-29.0
1.5
1.2
-20.8
1.3
2.6
-11.4
-16.1
-13.5
-13.8
-0.6
-10.2

-

7.50
5.50

0.50
0.30

-0.10
0.13
1.00
1.50
0.03
2.60
-0.25
5.50
0.25
-0.75
-11.25
10.50
0.63
-1.50
0.50
5.00
-0.10
1.00
0.25
0.20
2.00
3.50
0.25
0.50
-0.50
3.00
0.50
0.63
-0.13
4.00

3.50
0.13
-0.50
1.50

1.48
3.07
5.31
2.13
3.85
0.97
5.58
0.78
0.96
1.84
1.73
2.13
4.31
2.19
2.17
1.49
5.67
2.56
2.18
6.95
5.09
3.68
1.67
2.19
4.51

0.83
1.30
4.34
2.02
3.73
8.76
3.22
3.85
4.88
5.14
5.23
3.91
5.50
1.29
1.06
0.92
1.18
0.35
1.16
3.86
1.06
2.59
3.92
1.18
3.85

234.6
212.7
1051.6
754.1

262.8
999.6
146.9
115.2
297.9
163.0
182.5
104.3
593.4
483.3
17.7
551.5
36.8
38.4
1114.2
1114.2
268.5
88.5
1016.3
902.8
285.6
173.7
125.8
968.3
730.3
887.8
139.5
200.5
192.1
402.3

508.5
130.3
209.1
302.5
69.1
122.5
158.9
103.1
165.1
410.2
97.8
97.8
391.6
107.9
293.8
239.5
47.9
181.9
101.5
612.1
101.7
648.5
254.8
132.4
306.5
616.3

-

1.00

1.00
0.02
0.01
-2.00
-0.50
1.00
-1.00
1.50
1.00
0.50

-11.1
-5.0
-7.1
-23.8
-17.7
5.1
0.0
-12.9
-10.0
-13.4
-1.0
-13.1

Direct Property

AXA Propty
CustdnREIT
F&CComPrp♦
F&CUKRealE

Longbow
PictonProp
SLIPropInc♦
UKComPrp♦

54.25
105.75
129.30
99.25
101.25
73.00
88.00
82.75

Property Securities

SchdrGlbRe#
TR Prop

135.00
302.50

-

-

1.30
4.00
0.25

0.88
0.50
-0.88
0.25
-7.00
2.50
-0.10
12.50
0.50
-0.38
5.00
2.75
8.00

-1.25
0.25
-0.10
0.75
-0.75
0.25
0.40
-

1.80

58.00
109.75
149.00
105.50
106.75

74.75
88.50
92.00
137.00
316.00

43.75
104.50
124.60
92.75
100.79
64.75
80.25
77.00

5.20 4.64 136.5
5.04 99.1
5.93 4.32 76.8
6.44 83.3
4.45 85.3

111.90 1.61 258.32 2.55 337.4

-

-5.3
0.2
-4.9
5.6
-3.0

-10.3

VCTs
AlbionDev♦
Albion Ent
AlbionTech
AlbionVCT
ArtemisVCT
Baronsmead 2nd VT♦
Baronsmead VCT 5♦
Baronsmead VT♦
BSC VCT
..VCT2
Crown Place
FrsightSol
Inc&GthVCT
KingsAYVCT
Maven I&G
MavenVCT2♦
MavenVCT4
Nthn 2 VCT
Nthn 3 VCT
NthnVent
ProVenGI
ProVenVCT
UnicornAIM

52 Week
High

Low
70.89 66.00
92.90 85.50
77.99 67.50
68.50 63.00
74.00 55.00
103.49 91.50
82.49 73.50
99.00 87.50
96.00 82.00
60.97 53.00
30.44 27.00
106.00 89.00
105.00 88.25
19.00 17.50
75.00 60.00
64.00 42.00
93.00 80.00
88.00 67.25
104.00 86.50
85.36 74.00
81.25 73.00
97.89 90.50
145.00 127.00

Yld
7.35
5.71
7.25
7.52

5.88
7.76
7.73
10.96
5.85
7.63
9.09
6.42
12.53
5.41
9.01
8.74
5.67
7.41
5.67
7.23
5.98
5.35
4.65

NAV
71.1
98.0
72.6
71.5
71.7
97.8
86.9
102.8
101.7

61.2
27.3
105.4
104.4
19.6
67.5
50.8
98.1
77.9
102.2
82.9
81.1
101.1
154.7

Dis(-)
or Pm
-4.4
-10.7
-5.0
-7.0
-5.2
-1.2
-10.7
-11.2
-7.6
-3.6
0.7
-11.3
-8.3

-5.6
-3.0
-6.5
-8.3
-4.7
-5.1
0.1
-7.2
-7.5
-13.1

Ordinary Income Shares
Price +/-Chg
JPM I&C♦■
77.50
JupiterDv&G
3.00
M&GHI&Gt
46.50
Rghts&Icp
5600
-

52 Week
High
Low Yld
105.90 70.00 8.77
5.40
1.75 27.67
65.50 40.00 5660

4268 -

HR
WO GRY 0%
-19.8
2.3
10.8
-28.0
-30.3
-0.7
-22.4
-0.1

Income Shares

52 Week
High
Low Yld
101.20 92.50 4.76
63.00 38.25 7.62
1407.5 985.00 2.51

HR
WO GRY 0%
-94.3
14.8
-30.3
-6.9
-53.4
4.8

JPM In&Gr♦
M&GHghIc
Rghts&I

Price
98.75
47.25
1432.5

+/-Chg
0.25
10.00

Price
4.63
1.10

+/-Chg
-0.13
-

Capital Shares
JPM Inc&Gr
M&GHghIc

HR
52 Week
High
Low SP WO TAV 0%

15.15
3.00 4.1 -2.5
1.9
5.16
0.50 22.2 21.4
-

Zero Dividend Preference Shares 52 Week
Price +/-Chg
High
Low
Abf Gd Inc
154.25
0.25 154.50 148.75
EcofinWatr
158.13
0.13 159.00 153.50
JPM I&C
178.25
179.15 171.91
JupiterDv&G
116.50
118.00 108.17
JZ Capital
371.00
1.75 370.00 354.75
M&GHghIc
118.25
118.29 112.75
UILFn16

190.00
190.50 183.50
UILFn18
147.13
147.50 137.00
UILFn20
127.50
128.00 116.65

HR
SP
-61.8
-24.5
-6.3
-33.7
-

WO TAV 0%
159.7
160.7
192.1
128.5
373.5
122.8
-

Price
53.00
160.00
31.25

61.00
14.00
2.38

+/-Chg
-0.50
-

52 Week
High
Low Yld NAV
54.41 52.50 58.3
173.96 141.00 1.6 163.0
59.24 27.05 16.0 63.17 52.00 74.8
21.99 12.00 48.4
3.73
2.25 -

ShephdNm
Thwaites

Price
1215
128.50

+/-Chg
-

52 Week
High

Low Yld
P/E
1250
1090 2.14 24.92
133.00 112.00 3.47 7.74

Dis(-)
or Pm
-9.1
-1.8
-18.4
-71.1
-

-

Vol
000s
5.8
15.0

Guide to FT Share Service
For queries about the FT Share Service pages e-mail

All data is as of close of the previous business day. Company classifications
are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
100 constituent stocks are shown in bold.
Closing prices are shown in pence unless otherwise indicated. Highs & lows
are based on intra-day trading over a rolling 52 week period. Price/earnings
ratios (PER) are based on latest annual reports and accounts and are updated

with interim figures. PER is calculated using the company’s diluted earnings
from continuing operations. Yields are based on closing price and on dividends
paid in the last financial year and updated with interim figures. Yields are
shown in net terms; dividends on UK companies are net of 10% tax, non-UK
companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
capital changes where appropriate.
Trading volumes are end of day aggregated totals, rounded to the nearest
1,000 shares.
Net asset value per share (NAV) and split analytics are provided only as a
guide. Discounts and premiums are calculated using the latest cum fair net
asset value estimate and closing price. Discounts, premiums, gross redemption
yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
are displayed as a percentage, NAV and terminal asset value per share (TAV)
in pence.
X
♦
■
#

FT Global 500 company
trading ex-dividend
trading ex-capital distribution
price at time of suspension from trading

The prices listed are indicative and believed accurate at the time of publication.
No offer is made by Morningstar or the FT. The FT does not warrant nor
guarantee that the information is reliable or complete. The FT does not accept
responsibility and will not be liable for any loss arising from the reliance on
or use of the information.
The FT Share Service is a paid-for-print listing service and may not be fully

representative of all LSE-listed companies. This service is available to all listed
companies, subject to the Editor’s discretion. For new sales enquiries please
email or call 020 7873 4012.

Data provided by Morningstar

Investment Companies - AIM
AbnFrntrMkts
CrysAmber
GLI Finance♦
IndiaCap
Infra India
MMP

-

ISDX

www.morningstar.co.uk


25

FINANCIAL TIMES

Tuesday 31 May 2016

MANAGED FUNDS SERVICE
Fund

Bid

Offer

+/- Yield

ACPI Global UCITS Funds Plc

(IRL)

www.acpishard.com
Regulated
ACPI Emerging Mkts FI UCITS Fund USD A $ 113.67

-

-0.22 0.00

ACPI Global Credit UCITS Funds USD A $ 14.33

-

0.00 0.00

ACPI Global Fixed Income UCITS Fund USD A $ 155.86

-

0.03 0.00

Q ACPI India Fixed Income UCITS Fund USD A $ 10.22

-

0.02 0.00

ACPI India Fixed Income UCITS Fund USD A3 $ 87.13

-

0.15 0.00

ACPI International Bond UCITS Fund USD A $ 18.46

-

-0.02 0.00

Fund

Bid

+/- Yield

Artemis UK Smaller Cos R Acc

1171.76 1259.68 -0.45 0.95

Artemis UK Special Sits R Acc

522.38 555.04 0.91 1.68

Artemis US Abs Ret I Acc

107.73

-

0.03 0.00

Artemis US Equity I Acc

117.86

-

0.36 0.43

Artemis US Ex Alpha I Acc

128.08

-

0.39 0.02

1.02

-

0.00

117.68

-

0.21 0.25

1.00

-

0.00

-

104.91

-

0.18

-

Artemis US Extended Alpha I Hedged Acc £
Artemis US Select I Acc
Artemis US Select I Hedged Acc £
Artemis US Select I Inc

123.96

Artemis US Smlr Cos I Acc

ACPI Select UCITS Funds PLC

Offer

-

-

0.24 0.00

(IRL)

Regulated

Artisan Partners Global Funds PLC

(IRL)
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
Tel: 44 (0) 207 766 7130
FCA Recognised
Artisan Partners Global Funds plc

ACPI Balanced UCITS Fund USD Retail $ 14.18

-

0.07 0.00

ACPI Balanced UCITS Fund EUR Retail € 10.63

-

0.05 0.00

ACPI Balanced UCITS Fund GBP Retail £ 10.79

-

0.05 0.00

ACPI Balanced UCITS Fund USD Institutional $ 10.00

-

-

-

Artisan Global Equity Fund Class I USD Acc $ 14.30

-

0.11 0.00

ACPI Balanced UCITS Fund EUR Institutional € 10.00

-

-

-

Artisan Global Opportunities I USD Acc $ 12.57

-

-0.02 0.00

-

Artisan Global Value Fund Class I USD Acc $ 16.35

-

0.00 0.00

Artisan US Value Equity Fund Class I USD Acc $ 11.67

-

-0.01 0.00

Artisan Global Opportunities Class I EUR Acc € 16.89

-

-0.08 0.00

ACPI Balanced UCITS Fund GBP Institutional £ 10.00

-

ACPI Horizon UCITS Fund

-

$ 12.73

-

0.02 0.00

Abbey Life Assurance Company Limited

(UK)
100 Holdenhurst Road, Bournemouth BH8 8AL 0345 9600 900
additional fund prices can be found @ www.abbeylife.co.uk
Insurances
Life Funds
Prop. Acc. Ser 2

1511.70 1591.30 0.30

-

Selective Acc. Ser 2

1580.90 1664.10 -0.80

-

American Ser. 4

1760.20 1852.80 4.00

-

Custodian Ser. 4

494.30 520.30 1.10

-

Equity Ser. 4

560.60 590.10 -0.20

-

European Ser 4

580.10 610.60 3.30

-

Ashmore Sicav

(LUX)

2 rue Albert Borschette L-1246 Luxembourg
FCA Recognised

Fund

Bid

The Public Sector Deposit Fund-share class 5 ♦ F

100.00

Offer

+/- Yield

-

0.00 0.36

924.50 973.20 4.10
448.50 472.10 1.40

-

Japan Ser 4

372.70 392.40 2.80

-

Man. Ser. 4

1682.60 1771.20 3.90

-

Money Ser. 4

524.60 552.20 0.00

-

Prop. Ser. 4

1080.00 1136.80 0.20

-

Custodian Ser 5

474.10 499.00 1.10

-

International Ser 5

430.20 452.80 1.40

-

Managed Ser 5

1613.70 1698.70 3.70

-

Money Ser 5

513.60 540.60 0.00

-

Property Ser 5

1035.80 1090.30 0.20

-

Pension Funds

CCLA Investment Management Ltd

(UK)

Senator House 85 Queen Victoria Street London EC4V 4ET
Property & Other UK Unit Trusts
CBF Church of England Funds
Investment Inc

Investment Acc

1320.39 1335.00 -5.81 3.78
2745.10 2775.46 -12.07

-

143.02 144.31 1.77 4.05

UK Equity Acc

216.70 218.66 2.67

164.81 165.64 -0.86 3.96

Fixed Interest Acc

511.88 514.44 -2.65

134.25 138.75 0.08 6.51

Property Fund Acc

234.22 242.07 2.73

-

(UK)

Senator House 85 Queen Victoria Street London EC4V 4ET

Property & Other UK Unit Trusts
COIF Charity Funds (UK)
1209.30 1222.68 11.61 3.62

0.68 0.00

-

-

Global Equity Acc

219.14 221.57 3.00

Cheyne Real Estate Debt Fund Class A1 £ 131.56

-

0.31 0.00

Ashmore SICAV Emerging Market Total Return Fund $ 82.15

-

-0.23 6.00

Fixed Interest Inc

135.65 136.33 0.12 4.14

Cheyne Total Return Credit Fund - December 2017 Class $ 186.74

-

14.87 0.00

Ashmore SICAV Global Small Cap Equity Fund $ 121.99

-

0.00 0.00

Fixed Interest Acc

794.01 797.99 0.71

Cheyne Total Return Credit Fund 2020 $ 106.21

EM Mkts Corp.Debt USD F

$ 86.22

-

-0.13 9.17

Property Inc

116.16 120.05 0.84 5.79

EM Mkts Loc.Ccy Bd USD F

$ 78.78

-

-0.27 2.93

Property Acc

248.62 256.95 2.77

-

-

-

Property

(IRL)
CG Asset Management Limited
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland
00 353 1 434 5098
FCA Recognised

Aspect Capital Ltd (UK)

Capital Gearing Portfolio Fund Plc £ 27573.65 27573.65 -135.06 0.60

Other International Funds
Aspect Diversified USD

$ 411.97

-

-21.78 0.00

Aspect Diversified EUR

€ 246.87

-

-13.34

Aspect Diversified GBP

£ 127.11

-

-6.60 0.00

-

SFr 117.52

-

-6.44 0.00

Aspect Diversified Trends USD

$ 120.60

-

0.13 0.00

Aspect Diversified Trends EUR

€ 120.36

-

0.12 0.00

Aspect Diversified CHF

288.86 313.21 0.51 4.81

£ 178.22 178.22 -3.72 1.64

Dollar Fund Cls D

£ 137.08 137.08 0.76 1.55

Capital Value Fund Cls V

£ 133.80 133.80 -0.75 0.26

729.74

-

Japan

391.80 412.50 3.40

-

Bond Global

€ 1400.22

-

7.12 0.00

Balanced B Acc

151.15

-

£ 125.66

-

0.13 0.00

(LUX)

Regulated

Canada Life Investments

-9.14 0.00

European B Acc

257.54

-

1.66 1.67

Security

1477.70 1555.50 0.00

-

97.21

-

0.43 2.89

Selective

2021.60 2128.00 2.30

-

Global Equity B Acc

630.39

-

3.26 1.23

Global Equity Income B Inc

126.60

-

0.49 3.70

Atlantis China Healthcare Fund

$

6.44

-

0.00 0.00

$

1.83

-

0.01 0.00

Atlantis Japan Opportunities Fund $

2.96

-

0.03 0.00

94.69

-

0.20 4.96

120.19

-

0.66 1.44

Global Resource B Acc

90.13

-

-0.34 0.68

Japan B Acc

52.26

-

0.68 0.48

Global Infrastructure B Acc

Managed (Life)

1615.90 1701.00 3.80

-

Managed Growth (Life)

505.10 531.70 1.00

-

Portfolio III B Acc

110.68

-

0.18 2.07

Managed (Pensions)

6371.20 6706.50 18.70

-

BLME Asset Management

Portfolio IV B Acc

112.27

-

0.21 2.46

Managed Growth (Pensions)

618.90 651.50 1.60

-

BLME Sharia'a Umbrella Fund SICAV SIF
Regulated

Portfolio V B Acc

111.58

-

0.24 1.69

Atlantis Asian Fund

$

6.18

-

0.02 0.00

(LUX)

Income Fund - Share Class A Acc $ 1140.47

-

0.12 0.00

Portfolio VI B Acc

109.14

-

0.33 1.76

Income Fund - Share Class G Acc £ 1081.68

-

0.12 0.00

Portfolio VII B Acc

104.36

-

0.38 1.46

Gl Sukuk Fund - Share Class A Acc $ 1254.07

-

0.37 0.00

North American B Acc

Gl Sukuk Fund - Share class B Acc £ 1119.43 1119.43 0.34 0.00

Strategic Return B Acc

Bank of America Cap Mgmt (Ireland) Ltd

(IRL)

Global Liquidity USD

$

1.00

-

0.00 0.61

7.42 0.00

-

-3.27 0.00

Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.63

-

Other International
AEF Ltd Usd (Est)

AEF Ltd Eur (Est)

$ 621.84
€ 624.10

-

17.73

-

17.96 0.00

Arisaig Partners

-

0.29 1.58

107.69

-

-0.31 1.96

UK Equity & Bond Income B Inc

232.68

-

-0.28 5.24

UK Equity Income B Inc

415.52

-

-0.64 5.18

40 Dukes Place, London EC3A 7NH
Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds

£

0.47

-

0.01 3.24

Baring Asset Management

(UK)

Arisaig Africa Consumer Fund Limited $ 13.60

-

0.04 0.00

Arisaig Asia Consumer Fund Limited $ 63.35

-

0.37 0.00

Arisaig Global Emerging Markets Consumer Fund $ 10.13

-

0.02 0.00

Arisaig Global Emerging Markets Consumer UCITS € 11.80

-

0.08 0.00

Arisaig Global Emerging Markets Consumer UCITS STG £ 11.47

-

0.07 0.00

Arisaig Latin America Consumer Fund $ 22.08

-

-0.04 0.00

48.47

-

Capita Asset Services

€ 24.0770

-

0.1200 1.81

Europ.RealEstate Sec. IX

€ 32.2907

-

0.1609 0.00

Gbl Listed Infrastructure I

$ 10.4112

-

0.0297

-

Gbl Listed Infrastructure IX

$ 10.4565

-

0.0299

-

Gbl RealEstate Sec. I

$ 11.1590

-

0.0429 1.60

Gbl RealEstate Sec. IX

$ 13.2867

-

0.0511 0.00

Consistent Unit Tst Mgt Co Ltd (1200)F

(UK)

PO BOX 10117, Chelmsford, Essex, CM1 9JB
Dealing & Client Services 0845 0264281
Authorised Inv Funds

Consistent UT Acc

126.78 128.25 -0.09 4.70

Practical Investment Inc

200.10 205.06 0.08 4.10
989.05 1013.55 0.39 3.98

Crèdit Andorrà Asset Management
www.creditandorra.com
FCA Recognised
Crediinvest SICAV Money Market Eur I € 11.21

-

0.00 0.00

Artemis European Growth R Acc

247.75 261.48 0.71 1.31

Artemis European Opps R Acc

77.06 81.34 0.20 0.80

Artemis Global Emg Mkts I GBP Acc

82.06

-

0.64

-

Artemis Global Emg Mkts I GBP Dist

79.95

-

0.63

-

Artemis Global Energy R Acc

23.48 25.16 -0.18 0.00

Artemis Global Growth R Acc

183.46 193.63 0.63 1.06

Artemis Global Income R Acc

94.48 99.84 0.31 4.18

Artemis Global Income R Inc

75.21 79.48 0.25 4.35

Artemis Global select R Acc

74.40 78.53 0.43 0.00

Artemis High Income R Inc

75.97 80.97 0.03 6.01

128.10

-

0.18 0.34

CF Heartwood Cautious Income B Inc X

109.07

-

0.19 2.90

1.32

-

-

0.90 2.47

Index Europe ex UK P-Acc

£

1.04

-

0.01 2.74

UK Gilt Gross

£

2.12

-

0.10 5.22

Index Japan Fund P-Inc-GBP

£

1.12

-

0.01 1.86

UK Long Corp Bond

£

1.41

-

0.10 5.22

Index Japan P-Acc

£

1.13

-

0.01 1.80

UK Long Corp Bond - Gross

£

Index Pacific ex Japan P-Acc

£

1.08

-

0.01 3.72

Index Pacific ex Japan P-INC-GBP £

0.91

-

0.01 3.86

-

0.00 0.00

DAVIS Funds SICAV

(LUX)

Regulated

Davis Value A
Davis Global A

$ 28.87

-

0.15 0.00
0.17 0.00

Discretionary Unit Fund Mngrs (1000)F

(UK)

1 Poultry, London EC2R 8JR 020 7 415 4130
Authorised Inv Funds

European Opportunities I USD

$

2.63

-

0.01 1.67

Index World P-Acc

£

1.21

-

0.00 2.15

American Fund GBP Hedged

£ 45.56

-

-0.06 0.00

Japan Fund W-ACC-GBP

£

2.76

-

0.02 0.59

American Fund GBP Unhedged

£ 57.06

-

0.07

$ 12.69

-

0.00 0.00

-

-0.01

€

2.30

-

0.01 1.03

Global Opportunities I USD

$

1.56

-

0.00 1.25

Japan Smaller Cos Fund W-ACC-GBP £

2.32

-

0.02 0.28

Latin American Fund USD Class

Global Opportunities I GBP

£

1.07

-

0.01 1.46

MBuilder Inc Red Duration Y-ACC £ 10.50

-

0.01 2.63

Latin American Fund GBP Unhedged £

Global Opportunities A GBP

£

1.01

-

0.01 0.87

MBuilder Inc Red Duration Y-GACC £ 10.68

-

0.01 2.58

Pan European Opportunities I EUR €

1.42

-

0.01

MBuilder Inc Red Duration Y-GINC £

9.75

-

0.01 2.70

Mbuilder Inc Red Duration Y-INC £

9.74

-

0.01 2.70

MoneyBuilder Balanced Y-ACC-GBP £

0.52

-

0.01

MoneyBuilder Balanced Y-INC-GBP £

0.58

-

0.00 4.45

-

EFG Hermes
DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Contact: Telephone + 971 4 363 4029 Email

Other International Funds
$ 29.93

-

-

0.00

EFG-Hermes Frontier Equity UCITS Fund Class I $ 1024.86

-

0.77

-

EFG-Hermes MENA Equity UCITS Fund Class A $ 1007.81

-

-18.80

-

Middle East & Developing Africa Fund (Final) $ 19.81

-

-

0.00

Saudi Arabia Equity Fund

-

SR 11.99

-0.20 0.00

(UK)

Stuart House St.John's Street Peterborough PE1 5DD
Orders & Enquiries: 0845 850 0255
Authorised Inv Funds
Authorised Corporate Director - Carvetian Capital Management
154.10

-

1.00 2.27

1.30

-

0.00 5.04

MoneyBuilder Growth Fund Y-INC-GBP £

0.73

-

0.00 3.09

MoneyBuilder Income Fund Y-ACC-GBP £ 11.85

-

0.04 3.57

MoneyBuilder Income Fund Y-GACC-GBP £ 13.59

-

0.04 3.56

MoneyBuilder Income Fund Y-GINC-GBP £
MoneyBuilder Income Fund Y-INC-GBP £

Clairdenstrasse 34, Postfach CH-8022 Zurich
Tel: +41 (0)44 286 17 17
www.eniso-partners.com
Other International Funds
-

0.45 0.00

€ 116.13 120.78 0.12

-

-

1.20
1.20

-

0.00 3.63

1.14

-

0.01 1.19

Multi Asset Alloc Advent N-ACC-GBP £

1.09

-

0.00 1.18

Multi Asset Alloc Def N-ACC-GBP £

1.11

-

0.00 1.32

1.12

-

0.00 1.31

Multi Asset Alloc Growth N-ACC-GBP £

1.08

-

0.00 1.15

Multi Asset Alloc Strat N-ACC-GBP £

1.10

-

0.00 1.26

Multi Asset Balanced Inc N-GINC-GBP £

1.05

-

0.00 4.03

Multi Asset Balanced Inc N-INC-GBP £

1.05

-

0.01 3.61

1.12

-

0.00 0.98

€ 501.33

-

4.17 0.00

Equinox Fund Mgmt (Guernsey) Limited
Equinox Russian Opportunities Fund Limited $ 116.66

-

(GSY)

5.99 0.00

Euronova Asset Management UK LLP

(CYM)

Smaller Cos Cls One Shares

€ 35.01

-

0.21 0.00

Smaller Cos Cls Two Shares

€ 24.44

-

0.13 0.00

Smaller Cos Cls Three Shares

€ 12.22

-

0.08 0.00

Smaller Cos Cls Four Shares

€ 15.82

-

0.10 0.00

Multi Asset Income Fund N-INC-GBP £

1.03

-

0.01 4.92

Multi Asset Open Advent N-ACC-GBP £

1.06

-

1.09

-

0.00 1.40

Multi Asset Open Defen N-GACC-GBP £

1.10

-

0.01 1.40

Open World Fund N-ACC-GBP

1.14

-

0.01 0.96

£

1.14

-

0.01 0.21

South-East Asia Fund W-ACC-GBP £

8.05

-

0.11 1.23

Special Situations Fund W-ACC-GBP £ 28.59

-

0.01 1.96

Sterling Core Plus Bond GMACC £ 10.88

-

0.06

£ 10.28

Strategic Bond Fund Y-ACC-GBP £
Strategic Bond Fund Y-GACC-GBP £

1.14

-

0.02

0.00 3.26

-

0.00 3.25

Strategic Bond Fund Y-GINC-GBP £

1.23

-

0.01 3.31

Strategic Bond Fund Y-INC-GBP

1.23

-

0.01 3.31

£

Target 2020 A-ACC-GBP

£

0.57

-

0.00 0.52

Target 2025 A-ACC-GBP

£

1.33

-

0.00 0.32

Target 2030 A-ACC-GBP

£

1.43

-

0.00 0.40

UK Growth Fund W-ACC-GBP

£

3.34

-

-0.05 1.26

109.80

-

-0.50 1.31

2.43

-

0.00 1.96

UK Smaller Companies W-ACC-GBP £

1.94

-

0.00 1.49

Eurobank Fund Management Company (Luxembourg) S.A.

WealthBuilder Fund N-ACC-GBP £

1.18

-

0.00 1.36

Regulated

Fidelity PathFinder

(LF) Eq Emerging Europe
(LF) Eq Flexi Style Greece

€
€
€

1.32
0.75
0.94

-

0.00 0.00
0.00 0.00
-0.05 0.00

Fidelity PathFinder Foundation 1 Gross Acc (clean) £

1.13

-

0.00

-

Fidelity PathFinder Foundation 1 Acc (clean) £

1.12

-

0.00

-

Fidelity PathFinder Foundation 2 Acc (clean) £

1.12

-

0.00

-

(LF) Eq Mena Fund

€ 12.43

-

0.05 0.00

Fidelity PathFinder Foundation 3 Acc (clean) £

1.11

-

0.00

-

(LF) Greek Government Bond

€ 20.23

-

-0.09

Fidelity PathFinder Foundation 4 Acc (clean) £

1.13

-

0.00

-

Baring German Growth Trust

607.70

CF Richmond Core X

171.05

-

0.42 0.00

EUR Distributing Class (H)

€

-

0.00 3.93

(LF) FOF Real Estate

€ 12.64
€ 11.86
€ 16.78

-

-0.01

-

0.02 0.00
0.08 0.00

Fidelity PathFinder Foundation 5 Acc (clean) £

1.22

-

0.00

-

Fidelity PathFinder Focussed 1 Gross Acc (clean) £

1.13

-

0.00

-

Fidelity PathFinder Focussed 1 Acc (clean) £

1.13

-

0.01

-

Baring German Growth Trust GBP

553.80

1.20 0.28

CF Seneca Diversified Growth A ACC

215.45

-

0.22 1.64

GBP Distributing Class

£ 10.33

-

0.03 3.81

Fidelity PathFinder Focused 2 Acc (Clean) £

1.15

-

0.01

-

Baring Global Growth Trust

386.80 407.40 0.80 0.00

CF Seneca Diversified Growth B ACC

127.89

-

0.13 2.54

GBP Distributing Class (H)

£

8.93

-

-0.01 3.95

Fidelity PathFinder Focussed 3 Acc (clean) £

1.14

-

0.00

-

Baring Japan Growth Trust

141.00 148.50 1.60 0.01

CF Seneca Diversified Growth N ACC

126.47

-

0.13 2.26

USD Accumulating Class

$

9.54

-

-0.01 0.00

Fidelity PathFinder Focussed 4 Acc (clean) £

1.16

-

0.00

-

Baring Korea Trust

257.90 273.10 2.40 0.00

CF Seneca Diversified Income A INC

87.33

-

0.08 5.76

Fidelity PathFinder Focussed 5 Acc (clean) £

1.18

-

0.00

-

Baring UK Growth Trust

243.00 257.10 -0.70 1.38

CF Seneca Diversified Income B INC

103.88

-

0.10 5.88

Fidelity PathFinder Freedom 1 Gross Acc (clean) £

1.10

-

0.00

-

Baring Strategic Bond Fund

115.10 121.10 0.10 0.72

CF Seneca Diversified Income N INC

102.77

-

0.10 5.89

Fidelity PathFinder Freedom 2 Acc (clean) £

1.09

-

0.00

-

Baring Dynamic Capital Growth Fund

655.90 692.20 1.50 2.02

Fidelity PathFinder Freedom 1 Acc (clean) £

1.09

-

0.00

-

Baring Dynamic Capital Growth Fund

260.00 274.30 0.60 2.06

Fidelity PathFinder Freedom 3 Acc (clean) £

1.08

-

0.00

-

Fidelity PathFinder Freedom 4 Acc (clean) £

1.08

-

0.01

-

Fidelity PathFinder Freedom 5 Acc (clean) £

1.15

-

0.01

-

Fidelity PathFinder Income 1 Income (clean) £

1.03

-

0.00 3.93

Fidelity PathFinder Income 1 Gross Income (clean) £

1.03

-

0.00 4.89

Fidelity PathFinder Income 2 Income (clean) £

1.05

-

0.01 3.21

154.80

Baring Multi Asset Fund

146.80

-

0.30 1.27
0.40 1.05

The Westchester Class 2 GBP Acc £ 20.17

CF Morant Wright Japan A X

Common Investment Fund

-

0.11 0.00

Investment Adviser - Morant Wright Management Limited
275.98

-

2.66 0.19

Baring Targeted Return Fund

145.40 146.20 0.20 2.90

CF Morant Wright Japan A Inc X

271.41

-

2.62 0.19

Baring Targeted Return Fund

110.80 111.30 0.20 2.95

CF Morant Wright Japan B X

294.38

-

2.85 0.80

CF Morant Wright Japan B Inc X

275.44

-

2.67 0.77

(LUX)
£ 29.60

-

0.12 0.00

(JER)

CF Morant Wright Nippon Yield ACC A X

286.19

-

2.59 2.44

CF Morant Wright Nippon Yield ACC B X

297.49

-

2.69 2.44

CF Morant Wright Nippon Yield Fund A Inc X

244.92

-

2.22 2.49

CF Morant Wright Nippon Yield Fund B Inc X

254.68

-

Dodge & Cox Worldwide Funds plc-Global Stock Fund
0.08 0.00

EUR Accumulating Share Class

€ 13.89

-

0.11 0.00

£ 41.78

-

0.02 3.37

Blackrock UK Long Lease

£ 1079.11

-

2.93 0.00

BLK Intl Gold & General

$

6.28 -0.06 0.00

5.95

BONHOTE
Other International Funds
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6419.00
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 9539.00

-

Braemar Group PCC Limited

-58.00 1.71
-93.00 0.84

(GSY)

Regulated
UK Agricultural Class A

£

1.24

-

0.01 0.00

UK Agricultural Class B

£

1.36

-

0.01 0.00

£

0.55

-

Cavendish Asset Management Limited (1200)F (UK)

USD Accumulating Share Class
GBP Accumulating Share Class

$ 18.43
£ 19.62

-

0.15 0.00
0.23 0.00

Cash Fund

£

1.00

1.00 0.00 0.17

Gross Accum Cash

£

1.28

1.28 0.00 0.00

MoneyBuilder Cash ISA

£

1.00

1.00 0.00 0.16

MoneyBuilder Global

£

GBP Distributing Share Class

£ 12.45

-

0.15 0.65

EUR Accumulating Share Class

€ 21.51

-

0.32 0.00

Allocator World Fund N-ACC-GBP £

1062.00

-

3.00 1.63

Vietnam Property Fund (VPF) NAV $

0.91

-

-0.01 0.00

Cavendish Opportunities Fund C Acc

1112.00xd

-

4.00 1.60

Vietnam Enterprise Inv. (VEIL) NAV $

3.88

-

0.03 0.00

Cavendish Worldwide Fund B Class

296.10

-

1.40 0.70

Cavendish Worldwide Fund C Acc

306.00xd

-

1.50 0.70

DSM Capital Partners Funds

Cavendish AIM Fund B Class

165.60

-

0.30 0.70

www.dsmsicav.com
Regulated

Cavendish Asia Pacific Fund B Class

152.80

-

1.50 1.74

Global Growth I2 Acc

€ 133.36

-

1.56 0.00

Cavendish Asia Pacific Fund C Acc

159.70

-

1.60 1.71

Global Growth I1 Eur

€ 99.67

-

1.16

Cavendish European Fund B Class

145.80

-

0.40 1.09

Cavendish Japan Fund B Class

161.90

-

1.60 0.73

-

0.00 0.96

Fidelity PathFinder Income 2 Gross Income (clean) £

1.05

-

0.00 3.95

£ 28.13

-

0.06 0.00

Fidelity PathFinder Income 3 Income (clean) £

1.05

-

0.00 3.74

American Special Sits W-ACC-GBP £ 11.30

-

0.02 0.82

Institutional OEIC Funds

American Fund W-ACC-GBP

£

1.20

-

0.01 1.46

Asian Dividend Fund W-ACC-GBP £

1.17

-

0.02 2.30

Cavendish North American Fund B Class

196.00

-

0.10 0.51

-0.80 2.26

-

73.58 77.82 -0.51 0.00

CCLA Investment Management Ltd

Artemis Strategic Bond R M Acc

85.11 90.41 0.07 4.06

Artemis Strategic Bond R M Inc

53.99 57.34 0.05 4.13

Senator House 85 Queen Victoria Street London EC4V 4ET
Authorised Inv Funds
The Public Sector Deposit Fund

(UK)

The Public Sector Deposit Fund-share class 1 ♦ F

100.00

-

0.00 0.54

The Public Sector Deposit Fund-share class 2 ♦ F

100.00

-

0.00 0.36

-

Cedar Rock Capital Limited

(IRL)

Regulated

EdenTree Investment Management Ltd

(UK)

PO Box 3733, Swindon, SN4 4BG, 0800 358 3010
Authorised Inv Funds
Amity UK Cls A Inc

212.30

-

0.10 1.73

Amity UK Cls B Inc

212.00

-

0.10 2.66

Cedar Rock Capital Fd Plc

$ 380.12

-

0.77 0.00

Higher Income Cls A Inc

123.00

-

0.20 5.17

Cedar Rock Capital Fd Plc

£ 415.93

-

9.35 0.00

Higher Income Cls B Inc

127.00

-

0.10 5.13

Cedar Rock Capital Fd Plc

€ 350.24

-

5.44 0.00

UK Equity Growth Cls A Inc

234.60

-

-0.50 0.90

UK Equity Growth Cls B Inc

239.80

-

-0.50 1.81

0.00 0.48

Amity Balanced For Charities A Inc

107.20

-

0.30 6.15

-

0.01 3.30

1.62

-

0.02 1.16

Emerging Asia Fund W-ACC-GBP £

0.94

-

0.02 0.81

Emerging Eur Mid East and Africa W £

1.53

-

0.00 2.12

Enhanced Income Fund W-ACC-GBP £

1.35

-

0.00 7.61

Enhanced Income Fund W-INC-GBP £

European Fund W-INC-GBP

1.06

£ 11.32
£ 13.00

European Opportunities W-ACC-GBP £

3.55

-

0.00 8.10
0.06 1.99

-

0.07 2.02

-

0.03 1.56

Extra Income Fund Y-ACC-GBP

£

1.13

-

0.00 4.02

Extra Income Fund Y-GACC-GBP

£

1.16

-

0.01 4.00

Extra Income Fund Y-GINC-GBP

£

1.22

-

0.01 4.14

Extra Income Fund Y-INC-GBP

0.00 0.41

440.93 467.06 -1.65 1.54
100.00

-

1.09

China Consumer Fund W-ACC-GBP £

European Fund W-ACC-GBP
(LUX)

-0.17 0.00

-

100.00

Dragon Capital Group

Cavendish Opportunities Fund B Class

147.00

2.67 0.01 0.19

1.19

Asia Pacific Ops W-Acc

1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Fund information, dealing and administration:
Other International Funds

Cavendish UK Select Fund B Class

2.67

OEIC Funds

Chelsea House, Westgate, London W5 1DR
IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502
Authorised Inv Funds

62.73 66.57 0.12 4.63

The Public Sector Deposit Fund-share class 4 ♦ F

186.53 186.53 0.00 0.00

Cash Accum Units

£

1.22

-

0.01 4.14

Global Dividend Fund W-ACC-GBP £

1.59

-

0.01 3.24

Global Dividend Fund W-INC-GBP £

1.43

-

0.00 3.36

Global Enhanced Income W-ACC-GBP £

1.32

-

0.01 4.34

Global Enhanced Income W-INC-GBP £

1.17

-

0.00 5.52

£ 14.67

-

0.07 0.66

Global High Yield Fund Y-ACC-GBP £ 12.14

Global Focus Fund W-ACC-GBP

-

0.00 5.71

Global High Yield Fund Y-GACC-GBP £ 12.69

-

0.01 5.67

Global High Yield Fund Y-GINC-GBP £ 10.06

-

0.00 5.85

Global High Yield Fund Y-INC-GBP £ 10.07

-

0.01 5.85

Global Property Fund W-ACC-GBP £
Global Property W Inc

£

1.41
1.26

-

0.00 2.06
0.01 2.96

0.11 0.00

Haussmann Cls D

SFr 1163.02

-

-0.19 0.00

Heartwood Wealth Management Limited

0.10 3.27

-

0.10 3.33

0.30 0.61
0.50 0.52

JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Other International Funds
Franklin Emerging Market Debt Opportunities Fund Plc

European Selected Opportunities A Acc

1273.00

-

12.00 0.68

Franklin Emg Mkts Debt Opp CHFSFr 16.87

-

-0.17 9.07

Global Care Growth A Inc

204.20

-

1.10 0.00

Franklin Emg Mkts Debt Opp EUR € 11.89

-

-0.12 7.00

Global Equity Income A Inc

50.94

-

0.23 3.98

Franklin Emg Mkts Debt Opp GBP £ 10.15

-

-0.13 6.99

Global Growth Fund

2095.20 2189.55 3.35 0.00

Franklin Emg Mkts Debt Opp SGD S$ 22.01

-

-0.20 5.46

Global Technology A Acc

983.20

-

6.00 0.00

Franklin Emg Mkts Debt Opp USD $ 17.00

-

-0.15 6.98

Multi-Manager Absolute Return A Acc

135.10

-

0.00 0.34

Multi-Manager Active A Acc ▲

177.80

-

0.50 0.00

Multi-Manager Distribution A Inc

126.30

-

0.10 3.45

Multi-Manager Diversified A Acc

78.32

-

0.02 3.41

Multi-Manager Global Select Acc

177.90

-

0.30 0.00

Multi-Manager Income & Growth A Acc

154.20

-

0.10 2.33

Multi-Manager Income & Growth A Inc

140.10

-

0.10 2.37

Multi-Manager Managed A Acc

230.70

-

0.30 0.21

Multi-Manager Managed A Inc

226.10

-

0.30 0.21

Sterling Bond Acc

200.90 209.92 0.59 2.81

Franklin Templeton International Services Sarl (IRL)

Frontier Capital (Bermuda) Limited
Other International

Fundsmith LLP (1200)F

(UK)
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
www.fundsmith.co.uk,
Authorised Inv Funds

Fixed Interest Monthly Income A Inc

61.58 64.33 0.19 2.85

Strategic Bond A Inc

124.70

-

0.30 4.82
-0.20 0.00

Fundsmith Equity T Acc

247.52

-

0.54 1.06

UK & Irish Smaller Companies A Acc

523.00

-

Fundsmith Equity T Inc

233.01

-

0.50 1.07

UK Absolute Return A Acc

153.30

-

0.10 0.00

UK Alpha A Acc ♦

115.20

-

-0.30 1.90

UK Equity Income & Growth A Inc

591.40

-

-0.10 4.12

UK Index A Acc

498.80

-

-1.20 2.92

UK Property A Acc

193.08 203.24 0.05 4.04

GYS Investment Management Ltd

(GSY)

Regulated
Taurus Emerging Fund Ltd

$ 181.92 185.63 -5.71 0.00

97.68 102.81 0.03 4.16

Generali Worldwide

UK Property A Inc

PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
International Insurances

UK Tracker A Acc

223.10

-

-0.50 3.00

Global Multi-Strategy Managed

$

4.73

5.10 0.04 0.00

US Growth A Acc

768.60

-

3.60 0.00

UK Multi-Strategy Managed

£

4.85

5.23 0.07 0.00

EU Multi-Strategy Managed

€

2.95

3.19 0.05 0.00

Global Bond USD

$

3.52

3.79 0.00 0.00

Asset Manageme

Genesis Asset Managers LLP
Other International Funds
Emerging Mkts NAV

Hermes Investment Funds Plc
£

5.48

-

0.05 0.00

Guardian

(UK)
Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Insurances
Guardian Assurance
Equity S-GH Class B
Managed Fund Bond

£ 12.10

-

-0.02

-

£ 23.80 24.79 0.03

-

323.20 340.20 0.10

-

Choices Wth-Pfts Lg-tm

273.30 287.70 0.00

Choices Wth-Pfts St-tm

626.86 659.85 0.85

Choices Managed

-

Hermes Abs Return Credit Fund Class F Acc £ £

1.05

1.05 0.00

-

Hermes Abs Return Credit Fund Class R Acc € €

1.97

1.97 0.01

-

Hermes Active UK Inflation Fund Class F Acc £

1.31

1.31 0.01 0.00

Hermes Asia Ex-Japan Equity Fund Class F Acc £

1.59

1.59 0.01 0.00

Hermes Asia Ex-Japan Equity Fund Class R Acc €

3.29

3.29 0.01 0.00

Hermes Global Emerging Markets Fund Class F Acc £

1.19

1.19 0.01 0.00

Hermes Global Emerging Markets Fund Class R Acc €

2.88

2.88 0.02 0.00

Hermes Global Equity Fund Class F Acc £

1.58

1.58 0.01 0.00

Hermes Global Equity Fund Class R Acc €

3.96

3.96 0.01 0.00

Hermes Global ESG Equity Fund Class F Acc £

1.20

1.20 0.00 0.00

Hermes Global High Yield Bond Fund Class F Acc £

1.14

1.14 0.00 0.00

Hermes Global High Yield Bond Fund Class R Acc €

2.84

2.84 0.00 0.00

Hermes Global Small Cap Fund Class F Acc £ £

1.06

1.06 0.00

-

Hermes Global Small Cap Fund Class R Acc € €

2.00

2.00 0.01

-

Hermes Multi Asset Inflation Fund Class F GBP Acc £

0.99

0.99 0.00 0.00

Hermes Multi Strategy Credit Fund Class F Acc Hed £

1.05

1.05 0.00 0.00

Hermes Sourcecap EU Alpha Fund Class F Acc £

1.33

1.33 0.01 0.00

Hermes Sourcecap EU Alpha Fund Class F Dis £

1.29

1.29 0.01 1.30

Hermes Sourcecap EU Alpha Fund Class R Acc €

3.07

3.07 0.01 0.00

Hermes Sourcecap EX UK Fund Class F Acc £

1.40

1.40 0.00 0.00

Hermes Sourcecap EX UK Fund Class R Acc €

3.15

3.15 0.01 0.00

Asset Management

690.29 726.62 -1.28

Choices Equity

-

Freedom With Pfts Long-Tm

221.40 233.00 0.00

-

Freedom With Pfts Short-Tm

198.70 209.20 0.00

-

Freedom Managed

364.95 384.15 0.38

-

406.15 427.53 -0.71

Freedom Equity

-

Corp Pens Mananged

221.29 221.29 0.30

-

Corp Pens Equity

225.37 225.37 -0.41

-

Corp Pens Fixed Interest

309.76 309.76 0.92

-

Corp Pens Index Linked

334.16 334.16 -2.94

-

191.45 191.45 0.00

Corp Pens Deposit

386.30 386.30 3.32

Corp Pens Protector
Corp Pens UK Index Tracker

(IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
FCA Recognised

£

1.95

1.95 0.00

-

Managed Acc

£ 18.17 19.13 0.00

-

Hermes UK Small & Mid Cap Fund Class F Acc £

1.52

1.52 0.03 0.00

Equity Acc

£ 32.93 34.67 -0.07

-

Hermes UK Small & Mid Cap Fund Class R Acc €

4.30

4.30 0.08 0.00

Fixed Interest Acc

£ 17.61 18.54 0.04

-

Hermes US All Cap Equity Class F Stg £ Acc £

1.05

1.05 0.00

-

International Acc

£ 13.64 14.36 0.05

-

Hermes US All Cap Equity Class R € Acc €

1.97

1.97 -0.01

-

International S-NA Acc

£

7.01

7.38 0.02

-

Hermes US SMID Equity Fund Class F Acc £

1.78

1.78 0.01 0.00

International S-PA Acc

£

4.23

4.45 0.01

-

Hermes US SMID Equity Fund Class R Acc €

3.63

3.63 0.00 0.00

International S-EU Acc

£

3.41

3.59 0.01

-

Managed S-PR Acc

£

6.90

7.27 0.00

-

Hermes Property Unit Trust

Fixed Interest S-IL Acc

£

6.65

7.00 0.01

-

Deposit Accum

£

4.43

4.67 0.00

-

Pens. Managed Acc.

£ 23.68 24.92 0.04

-

Property & Other UK Unit Trusts

Pens. Equity Acc.

£ 34.77 36.60 -0.06

-

VISTA UK Residential Real Estate £

Property

0.02 0.80

Europe (ex-UK) Fund ACC-GBP

£

4.04

-

0.02 1.58

Fidelity Pre-Retirement Bond Fund £ 123.30

-

0.60 2.94

Global Focus

£

2.90

-

0.02 1.60

Index Linked Bond

£

2.70

-

0.01 0.77

Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
International Insurances

www.invil.mu
Other International Funds

Index Linked Bond Gross

£

NAV

Guardian Pensions Management Ltd

-

0.01 0.77

Holiday Property Bond Ser 1

£

0.52

-

0.01 0.00

-

0.03 0.77

Holiday Property Bond Ser 2

£

0.61

-

0.01 0.00

Japan

£

2.05

-

0.02 0.82

Long Bond

£

0.53

-

0.00 2.80

Long Bond Gross

£

0.89

-

0.01 2.75

Long Bond Fund Gross Inc

£ 11.89

-

0.10 2.80

Pacific (Ex Japan)

£

3.62

-

0.02 1.81

Pan European

£

9.74

-

0.02 3.47

9.75

-

0.02 3.47

Select Emerging Markets Equities £

1.18

-

0.02 1.58

Select Global Equities

£

3.08

-

0.01 1.10

South East Asia

£

3.68

-

0.05 1.95

Sterling Core Plus Bond Gr Accum £

2.21

-

0.01 2.88

Sterling Core Plus Bond Inc

£

1.42

-

0.01 2.96

UK

£

3.63

-

-0.01 2.28

UK Aggreg Bond Gr Accum

£

1.88

-

0.01 4.52

UK Aggregate Bond Inc

£

1.24

-

0.00 3.13

5.91

6.36 0.01 5.48

1.02

(UK)

1.06 0.03

-

INDIA VALUE INVESTMENTS LIMITED (INVIL)

HPB Assurance Ltd

3.27

Reduced Dur UK Corp Bond Gross Inc £

£

Hermes UK Residential Real Estate

Index-Linked Bond Fund Gross Inc £ 12.71

Reduced Duration UK Corp Bond Inc £

(UK)

Property & Other UK Unit Trusts

-

0.02 3.47

21.64 22.70 0.06 5.73

Sterling Bond Inc

3.20

-

7.60 0.16

-

£

Reduced Duration UK Corp Bond Gross £ 10.73

-

84.99 89.69 1.16 6.79

145.90

Emerging Markets

0.02 3.47

730.80

239.50

0.01 0.51

0.01 2.04

0.00 0.00

Cautious Managed A Inc

-

-

-

Cautious Managed A Acc

4.17

-

139.25

Asian Dividend Income Inc

£

2.68

(IRL)

Regulated

America

Reduced Duration UK Corporate Bond £ 10.51

0.85 0.00

-

Guardian Linked Life Assurance Ltd

Dodge & Cox Worldwide Funds plc-U.S. Stock Fund

2.30 2.49

0.10 5.06

The Public Sector Deposit Fund-share class 3 ♦ F

130, Tonbridge Rd, Tonbridge TN11 9DZ
Callfree: Private Clients 0800 414161
Broker Dealings: 0800 414 181
Unit Trust

Asian Dividend Fund W-INC-GBP £

BlackRock UK Property

Student Accom Class B

FIL Investment Services (UK) Limited (1200)F (UK)

-

176.30

Asset Management

1.15

-

€ 2204.59

European Growth A Acc

-

$ 2535.25

Haussmann Cls C

12.80 0.68

0.00 0.68

Multi Asset Open Defen N-ACC-GBP £

Haussmann Cls A

-

0.00 4.22
0.00 4.85

Other International Funds

-

-

-

Haussmann

149.00

-

1.03

-

816.90

-0.50

Multi Asset Income Fund N-GINC-GBP £

99.83 102.91 0.21

China Opportunities A Acc

-0.53

-

HL Multi-Manager High Income A Acc

Emerging Markets Opportunities A Acc

-

£

(LF) FOF Dynamic Fixed Inc

Baring Multi Asset Fund

0.13 0.00

-

Sterling Core Plus Red Dur

0.07 4.04

0.01 0.00

-

Other International Funds

-

-

Foord Global Equity Fund_Class B $ 12.46

£ 71.42

Multi Asset Strategic N-ACC-GBP £

€ 11.16

$ 13.11

-0.02 0.00

£ 45.26

0.00 1.66

EUR Distributing Class

USD Accumulating Share Class

-

Global Real Estate-GBP C Class

-

0.13 0.03

0.12 0.00

$ 34.65

Commercial Property-GBP Class

1.09

-

-

Foord International Trust

0.00 1.08

Multi Asset Open Strat N-ACC-GBP £

109.67

The Westchester Class 1 GBP Acc £ 20.12

Other International Funds

0.01 0.99

5 Kensington Church St, London W8 4LD 020 7368 4220
FCA Recognised

0.09 0.00

Foord Asset Management

-

1.05

-

Asia Pacific Capital Growth A Acc

11.19 0.00

-

Multi Asset Inc & Growth N-INC-GBP £

99.83 102.91 0.22

(UK)
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
www.henderson.com
Authorised Inv Funds

1.12

0.00 1.39

-

-

-

Henderson Global Investors

5th Floor, Barwa Bank Building, Grand Hamad Street
, P.O. Box 16034, Doha, State of Qatar
+ 974 4459 6111
/>Other International Funds

1.13

-

0.01 0.00

The First Investor QSCC

TFI GCC Equity Opportunities Fund (Q)QAR 1245.70

+/- Yield

HL Multi-Manager High Income A Inc

Heartwood Caut Multi Asset B Acc

Multi Asset Growth Fund N-ACC-GBP £

1.06

-

-

Multi Asset Defensive N-GACC-GBP £

Multi Asset Open Growth N-ACC-GBP £

(IRL)

8.77

Offer

-

0.00 3.63

Multi Asset Adventurous N-ACC-GBP £

Multi Asset Defensive N-ACC-GBP £

ENISO Partners AG

-

MoneyBuilder Dividend Y-INC-GBP £

Multi Asset Alloc Def N-GACC-GBP £

Electric & General (1000)F

CF Heartwood Defensive Multi Asset Fund B Accumulation

UK Authorised Open-Ended Investment Company

(IRL)

European Opportunities A EUR

1024.00 1079.00 7.00 1.44

0.27 0.00

{*}CAR - Net income reinvested

-0.11 0.00

Baring European Growth Trust

-

0.01 0.07

-

(LF) Greek Corporate Bond

€ 21.40

-

$ 83.77

0.00 0.00

EUR Accumulating Share Class

1.27

American Fund USD Class

-

Dodge & Cox Worldwide Funds plc-International Stock Fund

£

0.00 2.20

9.42

0.08 0.00

Emerging Markets - retail

-

€

-

105.12 108.37 0.12 1.84

1.13

EUR Accumulating Class (H)

$ 27.20

HL Multi-Manager UK Growth A Acc

£

0.19 0.32

0.12 0.86

0.07 4.22

Index World Fund P-Inc-GBP

-

-

-

Retail Share Classes

0.01 1.68

124.73

£ 12.94

UK Long Corporate Bond - Gross Inc £ 11.34

-

CF Heartwood Balanced B Acc X

GBP Distributing Share class

105.43 108.68 0.30 0.59

1.78

12.00 0.62

Investment Adviser - DSM Capital Partners

HL Multi-Manager European A Acc

£

2864.00

0.16 0.00

0.02 4.09

European Opportunities I GBP

UK Select Fund W-ACC-GBP

-

-

30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
FCA Recognised

UK Opportunities Fund W-INC-GBP

£ 17.82

89.53 92.29 0.42 0.51

2.61

Findlay Park Funds Plc

6382.71 6851.59 26.74 0.00

GBP Accumulating Share Class

140.31 144.64 0.15 1.68

HL Multi Manager Emerging Markets A Acc

0.00 1.89

Do Accum

-

HL Multi-Manager Strategic Bond Trust M Inc

0.01 4.24

0.00 1.86

0.70 1.65

$ 15.83

0.01 1.94

-

-

-0.80 1.26

USD Accumulating Share Class

-

-

Baring Europe Select Trust

-

140.32 144.65 0.15 1.81

1.24

-

8.82

169.96 175.21 0.19 1.66

HL Multi-Manager Strategic Bond Trust A Inc

1.34

-

0.08 0.00

HL Multi-Manager Strategic Bond Trust M Acc

0.01 1.98

£

190.40

-

0.03 3.83

£

UK Opportunities Fund W-ACC-GBP

€ 11.91

169.97 175.22 0.18 1.79

Index US P-Acc

UK Invest Grade Long Credit GACC £ 102.80

EUR Accumulating Class

104.07 107.25 0.20

HL Multi-Manager Strategic Bond Trust A Acc

Index US Fund P-Inc-GBP

1680.01 1803.43 7.03 0.00

(IRL)

HL Multi-Manager Strategic Assets A Inc

0.01 1.60

Disc Inc

Dodge & Cox Worldwide Funds

0.01 3.85
0.01 3.72

-

Regulated
$ 40.65

0.00 3.67

Bid

2.35

Regulated
Crediinvest SICAV Sustainability € 15.19

0.00 3.76

-

Fund

€

NAV

0.09 0.00

-

1.04

+/- Yield

European Opportunities I EUR

0.57 0.00

-

0.98

£

Offer

0.01 0.95

-

Crediinvest SICAV US American Value $ 18.30

£

Index UK P-Acc

Bid

-

Crediinvest SICAV International Value € 230.27

-0.08 0.00

Index UK Fund P-INC-GBP

Fund

1.05

Ennismore European Smlr Cos Hedge Fd

0.18 3.56

1.70 0.02

Artemis UK Select Fund Class R Acc

£

-1.34 0.00

-

-

54.06 57.43 0.04 4.14

-

UK Gilt Fund Inc

-

109.95

-

85.20 90.50 0.07 4.06

UK Corporate Bond Fund Gross Inc £ 11.23

0.01 2.85

Crediinvest SICAV Spanish Value € 250.13

CF Heartwood Balanced Income B Inc X

135.50

Artemis Strategic Bond R Q Inc

0.01 2.54

-

0.00 0.00

8.90 0.00

292.90

Artemis Strategic Bond R Q Acc

-

1.04

-

-

Cavendish UK Balanced Income Fund B Class

Artemis Strategic Assets R Acc

0.87

Index Europe ex UK Fund P-Inc-GBP £

Crediinvest SICAV Fixed Income Usd $ 10.70

-

+/- Yield

$

Ennismore European Smlr Cos NAV € 140.01

Crediinvest SICAV Big Cap Value € 15.47

Fund

Emerging Opportunities I USD $

0.01 0.00

637.00

Cavendish Technology Fund B Class

-0.43

Index Emerging Markets P-Inc-GBP £

0.90 1.60

(IRL)

-

Baring Eastern Trust

199.34 211.17 -0.15 4.33

-

0.40 4.21

Edinburgh Partners Limited

Crediinvest SICAV Fixed Income Eur € 10.75

0.30 0.76

Artemis Income R Inc

111.70

113.30

(LF) Absolute Return

347.90 368.55 -0.27 4.21

Artemis Pan-Euro Abs Ret GBP

Amity Sterling Bond Fund B Inc

Ennismore European Smlr Cos NAV £ 106.62

(UK)

Artemis Income R Acc

Artemis Monthly Dist R Inc

104.50

0.00 0.00

Regulated

1254.30 1324.93 -3.12 1.71

209.90

Amity Sterling Bond Fund A Inc

-

-

BlackRock

Artemis Capital R ACC

Amity International Cls B Inc

Crediinvest SICAV Money Market Usd A $ 10.06

143.58

Russia A GBP Inc F

57 St. James's Street, London SW1A 1LD 0800 092 2051
Authorised Inv Funds

-

Ennismore Smaller Cos Plc

CF Heartwood Growth B Acc X

1.30 0.28

-

(LUX)

9.20 0.00

FCA Recognised

(UK)

-

207.90

ENISO Forte E

-

-

2.33

53.66 54.28 -0.04 4.86

649.20

Barings (Luxembourg)

Artemis Fund Managers Ltd (1200)F

101.20

Amity International Cls A Inc

Electric&General Net Income A

Baring Eastern Trust

-

-

£

0.18 1.87

CF Heartwood Cautious B Acc X

The Westchester X

Other International Funds

European Real Estate Securities

6 Duke Street,St.James,London SW1Y 6BN
www.dodgeandcox.worldwide.com 020 3713 7664
FCA Recognised
Dodge & Cox Worldwide Funds plc - Global Bond Fund

Authorised Funds
UK Authorised Unit Trust

0.03 0.00

The Antares European Fund Limited

101.73

Sterling Bond F

0.47 0.00

-

Amity Global Equity Inc for Charities A Inc

The EFG-Hermes Egypt Fund

0.67 0.00

UK Equity B Acc

UK Government Bond B Inc

-0.24 0.00

Eq. Latin America AU Class - R - USD $ 327.70

-

2.58 0.85

Total Return B Acc

(JER)
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FCA Recognised
Bond Funds

Barclays Investment Funds (CI) Ltd

-0.04 0.00

Eq. Greater China AU Class - R - USD $ 534.10

104.87

-

Regulated

Amundi Funds

-

943.68

1.24

UK Corporate Bond - Gross

0.00

-

Atlantis China Fund

£

0.01 2.44

-

$ 651.90

Global High Yield Bond B Inc

UK Corporate Bond

-

€ 95.71

Far East

2nd Floor, 13 St Swithin's Lane, London EC4N 8AL
www.atlantis-investmenet.com, Tel: 0207 877 3377
Regulated

0.08 0.57

0.99

ENISO Systematic Risk Class 1

-

(IRL)

-

£

0.36 1.92

2791.80 2938.80 0.50

Atlantis Investment Management Ltd

£ 24.85

0.73 0.83

Property

Global Bond B Inc

Global Special Sits W-ACC-GBP
Index Emerging Markets P-Acc

-

0.51 4.10

Eq. Emerging World AU Class - R - USD $ 81.18

1.40 2.50

€ 123.82

-

-

1.30 1.61

-

ENISO Forte G (CHF)

207.06

Eq. Emerging Europe AE Class - R - EUR € 26.83

-

208.40

7.16 1.36

Corporate Bond B Inc

-

206.10

0.59 0.53

10.14 0.00

$ 26.62

Amity European Fund Cls B Inc

Offer

-

-

Bd. Global AU Class - R - USD

Amity European Fund Cls A Inc

Bid

SFr 137.23

€ 876.11

0.00 0.00

+/- Yield

ENISO Forte G (CHF)

Eurocroissance

-

(LUX)

(UK)

-

Bd. Euro Corporate AE Class - R - EUR € 18.84

Offer

ENISO Forte CH SMI Expanded SFr 149.95

4366.80 4596.60 15.20

(LUX)
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332
www.amundi-funds.com
FCA Recognised

-

Regulated

Practical Investment Acc

Managed

-

4.68

Cohen & Steers SICAV

Consistent UT Inc

Asia Pacific B Acc

Aspect Diversified Trends GBP

-

CG Portfolio Fund Plc
Real Return Cls A

Bid

-5.05 0.00

0.50 1.18

-15.03 0.00

-0.17

-

-

-

-

Other International Funds

Ashmore SICAV Emerging Market Frontier Equity Fund $ 144.22

$ 3231.75

Algebris Asset Allocation Fund - Class B EUR € 97.43

Cheyne Capital Management (UK) LLP

144.89 146.50 1.98 4.41

American One

-

4.00 0.00

Global Equity Inc

-

-0.59

-

-0.10 8.52

956.30 1006.60 4.20

-

€ 1128.18

-

International

Algebris Financial Equity Fund - Class B EUR € 94.14

0.21 0.00

Ashmore SICAV Emerging Market Debt Fund $ 95.13

1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180
Authorised Inv Funds

0.12 0.00

-

€ 120.57

1.13 0.00

-6.40 0.00

-

Cheyne Global Credit Fund

-

-

Algebris Financial Income Fund - Class I EUR € 115.32

2.30 0.00

-

$ 3430.98

0.54 0.00

-

Cheyne Real Estate Credit Holdings Fund £ 166.60

American Dynamic

-

Regulated
Cheyne Convertibles Absolute Return Fund € 1342.17

243.93 246.63 2.20

-

Algebris Financial Credit Fund - Class I EUR € 135.56

(IRL)

Ethical Invest Acc

1704.20 1793.90 9.00

Regulated

Cheyne Capital Management (UK) LLP

Cheyne European Event Driven Fund € 130.50

Fixed Int.

(IRL)

53.03 0.00

185.98 188.04 1.68 3.73

Atlantas Sicav

Algebris Investments

-

1.61 0.00 5.34

11847.76 11978.81 113.73

-

additional fund prices can be found on our website

1.61

Investment Acc

1170.00 1231.50 8.70

Formerly Target Life Assurance Ltd
100 Holdenhurst Road, Bournemouth, BH8 8AL 0345 6023 603

$ 725.46

Ethical Invest Inc

European

-

$ 282850.33 282850.33 -8863.08 0.00

Fund

27-31 Melville Street, Edinburgh EH3 7JF

Tel: +353 1 434 5143 Dealing - Fax +353 1 434 5230
FCA Recognised
Edinburgh Partners Opportunities Fund PLC

Cheyne European Mid Cap Fund

Investment Inc

-

1061.80 1117.70 3.20

0.00 0.01

-

Property Fund Inc

CCLA Fund Managers Ltd

-

-

Fixed Interest Inc

4913.50 5172.10 -2.60

Managed Ser A (Pensions)

CAM-GTF Limited
CAM GTi Limited

UK Equity Inc

1.00

Other International Funds

Raffles-Asia Investment Company $

-

(IRL)

Chartered Asset Management Pte Ltd

228.62 231.14 -0.41

Equity

-

$

152.98 154.67 -0.27 4.31

-

1592.80 1685.50 3.90

Schwab USD Liquid Assets Fd

Global Equity Acc

2048.20 2156.00 5.40

Managed Ser A (Life)

+/- Yield

Regulated

Global Equity Inc

American

Formerly Hill Samuel Life Assurance Ltd
100 Holdenhurst Road, Bournemouth, BH8 8AL 0345 6023 603

Offer

Cheyne Real Estate Credit Holdings Fund III £ 109.71

-

Intl Ser. 4

Bid

Charles Schwab Worldwide Funds Plc

Local Authorities Property Fd (LAMIT) (UK)
Fixed Int. Ser. 4

Fund

(UK)
Hargreaves Lansdown Fd Mgrs (1100)F
PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Enquiries 0117 90090000
www.hl.co.uk
Authorised Inv Funds
Hargreaves Lansdown Funds

£

7.84

-

0.09 0.00

Intercapital Asset Management Ltd

(HRV)

Masarykova ul. 1, 10000, Zagreb, Croatia
www.icam.hr, Tel; +385 1 4825 868
Other International Funds

Capital One Bond Fund (Ex-YU) HRK 209.69

-

-0.07

-

Capital Two Equity Fund (Ex-YU) HRK 92.39

-

0.18

-

Unit Trust
HL Multi-Manager Special Situations Trust A Acc

272.41 286.74 0.77 0.51

HL Multi-Manager Special Situations Trust M Acc

272.42 286.75 0.77 0.51

HL Multi-Manager Income & Growth Trust A Acc

165.50 174.10 0.31 3.95

HL Multi-Manager Income & Growth Trust M Acc

165.51 174.10 0.31 3.65

HL Multi-Manager Income & Growth Trust A Inc

97.70 102.78 0.18 4.04

HL Multi-Manager Income & Growth Trust M Inc

97.69 102.77 0.18 3.73

HL Multi-Manager Balanced Managed Trust A Acc

186.59 196.25 0.50 1.11

HL Multi-Manager Balanced Managed Trust M Acc

186.60 196.26 0.50 1.11

HL Multi-Manager Equity & Bond Trust A Inc

108.49 114.05 0.12 2.28

HL Multi-Manager Equity & Bond Trust M Inc

108.50 114.05 0.12 2.11

HL Multi-Manager Equity & Bond Trust A Acc

148.48 156.08 0.17 2.25

HL Multi-Manager Equity & Bond Trust M Acc

148.48 156.07 0.16 2.09

HL Multi-Manager Strategic Assets A Acc

104.07 107.25 0.19

-

(IRL)
Intrinsic Value Investors (IVI) LLP
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised
IVI European Fund EUR

€ 18.35

-

-0.02 0.00

IVI European Fund GBP

£ 18.83

-

-0.02 0.62

Invesco Fund Managers Ltd

(UK)

Perptual Park, Henley-On-Thames, Oxon, RG9 1HH
Dealing: 0800 085 8571
Investor Services: 0800 085 8677
www.invescoperpetual.co.uk
Authorised Inv Funds
INVESCO PERPETUAL Funds
Asian Acc ♦ F

456.39

-

3.78 0.57