WORLD BUSINESS NEWSPAPER

THURSDAY 1 OCTOBER 2015

UK 2.70 Channel Islands 3.00; Republic of Ireland 3.00

Blame the machine

Saving life on Mars

Stranded assets

Market volatility and the rise of

computer trading BIG READ, PAGE 13

We must not contaminate other planets

with human germs ANJANA AHUJA, PAGE 15

Mark Carney ignites debate on

fossil fuel investment PAGE 3

BT rivals angry
after minister
casts doubts on
broadband split

Tensions rise as US rejects Russian

claims that Syria air strikes hit Isis

The UK minister overseeing the telecoms sector has poured cold water over
the idea of separating BT from its broadband network, dismaying rival companies who want to break up the former
national monopoly.
BT has come under attack from competitors such as Sky, Vodafone and
TalkTalk over its ownership of the
Openreach network, whose fleet of vans
and engineers most internet providers
use to deliver broadband. They want the
competition authority to investigate the
market arguing that broadband would
be better if run as a separate entity.
Ofcom, the telecoms regulator, has
indicated that splitting off Openreach is
among options in a once-in-a-decade
review of the telecoms market. Its recommendations will be published in the
new year, although submissions close
next week.
But Ed Vaizey, minister for the digital
economy, said he was a sceptic about
the need to split BT from Openreach. I
think full separation would be an enormous undertaking, incredibly time consuming [and have] lots of potential to
backfire, he told the Financial Times.
Ofcom is looking at it, I am a sceptic but
we will have to see what Ofcom comes
out with.
He added: We would go with the
trend of the [Ofcom] review, but regulations have proved very effective so
far.
BT is fighting for its future as rival
executives have ramped up calls for the

split of its fixed line network, which they

argue causes a conflict of interest given
its own retail internet business.
BT, they warn, is empire building
given its return to the mobile market
with the 12.5bn acquisition of EE and
its aggressive drive into pay-TV with the
purchase of Premier League and Champions League football rights.
Many in the industry will be unimpressed by the ministers remarks. Its
inappropriate for him to weigh in
while Ofcom is still doing its job, said
one executive.
However, analysts say Ofcom is more
likely to be swayed by evidence of
widespread dissatisfaction among
internet users in the UK in spite of
steady improvements in coverage and
speeds.
Mr Vaizey said he was happy with
progress on BTs subsidised rollout of
broadband in the UK. He added that the
company was on track to help deliver
superfast connections that is, speeds
of more than 24 megabits per second
to 95 per cent of the country by 2017.
If broadband is so terrible, why are
we the leading ecommerce nation in the
world? Mr Vaizey asked.
This month a group of telecoms and
media companies wrote to the FT to
raise what they said were serious problems with ownership of the national telecoms network by BT. These included
a conflict of interest in the role of BT,
poor quality of customer service and
difficulties in enforcing the existing regulatory regime.
Interview page 2

i Abbas abandons Oslo Accords

Mahmoud Abbas told the UN the Palestinian people
were no longer bound by agreements with Israel,
including the Oslo Accords meant to pave the way
for a two-state solution to their conflict. PAGE 9

i Corbyn pledges not to use Trident

Labour leader Jeremy Corbyn has become
embroiled in a new row with some of his most
senior colleagues after saying that he would never
order the use of Britains nuclear weapons. PAGE 4

i Australia poised to get tough on sharks

New South Wales authorities have
outlined plans to test some of the
most advanced shark deterrent
technology, including electronic
repellents, plastic shields and sonar
after a rise in attacks. PAGE 23

i Big US hedge funds take huge Valeant hit

Pershing Square, ValueAct and Paulson & Co have
suffered billions in losses after a sharp sell-off in the
shares of Valeant Pharmaceuticals, which is in the
spotlight over massive price hikes. PAGE 19

i IMF chief warns of uneven global growth

Christine Lagarde has warned that emerging
economies are set to be buffeted by a fifth year of
slowing expansion, but given a relatively positive
verdict on prospects for advanced nations. PAGE 10
Air force: a library picture of Russian bombers at a military air show this year
KATHRIN HILLE MOSCOW
GEOFF DYER NEW YORK
DEMETRI SEVASTOPULO
WASHINGTON
ERIKA SOLOMON BEIRUT

Washington has rejected

claims by Moscow that Russian
air strikes in Syria were aimed
at Islamic State of Iraq and the
Levant fighters, as Russia
added a dramatic edge to competition for influence with the
US in the Middle East.
Russia launched raids in Syria
for the first time yesterday in
what its defence ministry said
were precision strikes against
ground targets of the terrorists
from Isis.
But the attacks were in western Syria, far from Isis strong-

holds, suggesting that the aim

was to shore up Bashar alAssads regime.
Ashton Carter, US defence
secretary, said that the Russian
strikes appeared to hit areas
where there was no Isis
presence.
It does appear that they
were in areas where there probably were not Isil [Isis] forces
and that is precisely one of the
problems with this whole [Russian] approach, Mr Carter said
at the Pentagon.
John Kerry, US secretary of
state, said earlier yesterday
that Washington would have
grave concerns if Russia was
bombing groups other than Isis.
Syrian rebel groups said

100,000 Uber users lobby

against London clampdown
About 100,000 people have signed a
petition in support of Uber as the
ride-hailing company rallied its
customers to help it oppose moves by
Transport for London to tighten
regulation of private vehicle hire in the
capital. The California-based group
sent messages to users urging them to
let TfL know that riders and drivers
come first not black cabs, which
strongly oppose Ubers services.
Report i PAGE 6

Traders are quoting prices for Glencore

debt in a manner normally associated
with junk bonds as the miner and commodity trading house attempts to
restore investor confidence.
Prices for Glencores debt rebounded
yesterday alongside the share price as
investors debated its ability to manage
its debt pile in the commodity downturn. The group retains an investment
grade credit rating and its $36bn of outstanding bonds have up to now been
bought and sold on the basis of their
yield, which moves inversely to price.
But this week, dealers and investors
say trading in the bonds moved to a cash
basis, where prices are quoted in terms
of cents on the dollar of face value. This
form of pricing is generally used for junk

bonds, which have a higher risk of

default.
Pressure on the companys debt and
equity has intensified as analysts consider the effect of falling raw materials
prices and rising debt costs. The shares
fell nearly 30 per cent on Monday after
an analyst at Investec warned that its
equity might be worthless if commodity
prices did not recover swiftly.
The company has said it retains
strong lines of credit and access to
funding. It said yesterday that Tony
Hayward, chairman, had purchased
91,000 of stock, and also told a meeting of investors the group had repurchased an unspecified amount of shortterm debt maturing next year, according to attendees.
Unsecured senior Glencore debt due
in May 2016 had changed hands below
90 cents on the dollar on Tuesday,

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according to investors. Yesterday prices

had rebounded to 97 cents on the dollar.
A buyer of the debt should receive a
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One investor said the company reasserted itself yesterday. He said that
market concerns at the value of Glencore equity had not yet been resolved,
but it appears fears for its creditworthiness may have been overdone.
Glencores shares, the worst performed in the FTSE 100 this year
climbed 17 per cent on Tuesday after the
company issued a statement saying it
had strong lines of credit and access to
funding.
They rose a further 14.1 per cent yesterday to 91.55p although they remain
below the 125p at which Glencore placed
shares two weeks ago.
Additional reporting by David Sheppard

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Maxim Shemetov/Reuters

Russian targets included USbacked forces.

The US, which was informed
in advance of the strikes,
criticised the attacks, which
have created more uncertainties for the US-led coalition
that has been fighting Isis
in Syria and Iraq for the past
year.
Fighting Isil without
pursuing a parallel political
transition only risks escalating
the civil war in Syria and with it
the very extremism and
instability that Moscow claims
to be concerned about and
aspire to fighting, Mr Carter
said. That approach is tantamount . . . to pouring gasoline

Traders price Glencore debt like it was

junk as group looks to calm investors
DAN MCCRUM
AND GAVIN JACKSON

i Offshore trusts set to weather tax shift

The Treasury has published plans for changes to
non-dom regulations that would leave many
multimillion pound offshore trusts outside the UK
tax net as the government seeks to alter the rules
that emerged as an issue in the election. PAGE 2

Vaizey says he is a sceptic over plan to

separate Openreach arm from group
DANIEL THOMAS
TELECOMS CORRESPONDENT

Briefing

Data provided by Morningstar

i Rail electrification projects to resume

The electrification of the TransPennine and
Midland main lines is to resume three months after
its suspension and will end four years later than
planned, ministers have announced. PAGE 4

Datawatch
Youth unemployment
in the EU
Under 25s unemployed (000)
0
Spain
UK
France
Italy
Germany
Poland
Netherlands
Romania
Greece
Sweden
Portugal
Source: Eurostat

200

400

600

Spain and Greece

have the highest
proportion of
young people
800
without jobs in the
EU more than
48 per cent in both
countries. But the
situation is
improving in Spain,
where more than
100,000 youngsters
have found work in
the past year

FINANCIAL TIMES

Thursday 1 October 2015

NATIONAL
Treasury consultation

Air transport

Osborne flags targeted non-doms rules

Amazon
denies breach
of rules over
flammable
batteries

Chancellor set to leave

many large offshore trusts
outside the UK tax net
VANESSA HOULDER

George Osbornes plans to tighten the

tax rules for wealthy foreigners permanently living in Britain will be carefully
targeted and leave many multimillion
pound offshore trusts outside the UK
tax net, according to proposals published yesterday.
The Treasurys consultation on
changes to the rules for non-doms
people who live in Britain but do not
consider it to be their permanent home
would reassure clients in the wake of
the chancellors decision to axe perma-

nent non-dom status, tax advisers said.

David Kilshaw, a partner at professional services firm EY, said the planned
changes to the non-dom rules, which
exempt offshore income from UK taxation unless it is brought into the country,
reinforce the message that the government is keen to welcome new non-doms
without driving the existing ones away.
The chancellors move to crack down
on certain aspects of the non-dom rules
followed an election campaign in which
the Conservatives came under pressure
when Labour vowed to abolish the status, ridiculing aspects such as the ability
to inherit it.
It also followed controversy over the
tax affairs of Stuart Gulliver, chief executive of HSBC, who is a non-dom despite
being raised in Britain. The new propos-

als would mean that Britons who emigrate and become domiciled overseas
would become liable to tax on a worldwide basis if they return to the UK.
The proposals would also mean that a
non-dom living in Britain for at least 16
years would be deemed to have
acquired a UK domicile, making their
overseas income and capital gains subject to UK taxation. But if they set up an
offshore trust before that point, its
income and gains would be untaxed
unless any of their family receive a benefit from the trust.
The Treasury had signalled plans to
provide some protection for people
who had set up offshore trusts when it
first outlined the reforms in the summer.
It said that otherwise people would have
been forced to take punitive and

administratively burdensome measures to recreate a history of transactions in the trust that might have been
setupyearsago.
Mark Davies, of Mark Davies & Associates, said the proposed rules on offshore
trusts amounted to a welcome reprieveasitprovidedforaproportionate
tax charge on benefits received and not
thetaxpayers globalincomeandgains.
Arabella Murphy, head of wealth at
law firm Maurice Turnor Gardner,
warned that the technical difficulties of
drafting the offshore trusts rules would
potentially end up with the detailed legislation being delayed until the 2017
finance bill. The intention is excellent.
The reality is it will be a bit of an uphill
task to do the drafting.
Mr Kilshaw said the issue had been a

big concern to some non-doms who

had been worried the Treasury would
make it harder to put assets into trust.
He said the consultation was likely to
provide comfort to many non-doms.
Stephen Herring, of the Institute of
Directors, said members were likely to
approve of the move to strike a balance
between attracting talented individuals
to the UK and equalising their treatment
with that of British entrepreneurs after
theyhadlivedalongtime here.
Jolyon Maughan, a barrister who has
advised Labour on the non-dom issue,
said the Conservatives were unlikely to
go into the next election leaving themselves exposed to criticism over the generosityofthenon-domrules.Weshould
expect to see a gradual shortening of the
15-yearperiodovertheparliament.

Interview. Ed Vaizey

Scepticism shakes up debate on broadband

Ministers remarks likely to
alarm BT rivals such as Sky,
Vodafone and TalkTalk

Battle lines What the communications minister said . . .

On splitting Openreach
Full separation would be
an enormous undertaking,
incredibly time-consuming
[and have] lots of potential
to backfire

DANIEL THOMAS
TELECOMS CORRESPONDENT

The future of the British broadband

market has sparked a fierce debate as
politicians, regulators and industry
executives map out Britains digital
infrastructure for the next decade or
more.
At stake is Britains place among the
digital leaders of Europe when rival
nations are investing in their own
broadband and communications networks, but for homeowners and businesses it will be as much about securing
reliable and speedy internet services
amid widespread frustrations.
In an interview with the Financial
Times Ed Vaizey, the digital minister,
waded into an escalating conflict over
the future of BT ahead of submissions
next week to Ofcom, which is conducting a once-in-a-decade review of the telecoms sector. This will consider the
split of BT from its national broadband
network, among other options.
While he said he was sceptical about
splitting BT from its national broadband
network, Mr Vaizey made clear that the
decision rested with Ofcom, the independent telecoms regulator, even if BTs
rivals privately expressed disappointment over his words.
For Mr Vaizey, calls for BTs break-up
appear at least partly commercially
motivated, while he can point to a generally improving picture for broadband
under a government investment programme largely carried out with BT. He
points to Ofcoms means of comparison,
which show the UK is ahead of other
leading European countries on superfast
broadband coverage and
take-up. To an extent, as he
says, the onus is on rivals to
find compelling reasons why
Ofcom should risk upsetting
an improving broadband market with
the division of
Openreach.
But Sharon
White, Ofcoms
chief executive,
has said the

On broadband in the UK
If broadband is so terrible,
why are we the leading
ecommerce nation in the
world?
On his role
My job is to deliver
workable broadband to as
many people as possible.
I am not getting it in the
neck for fibre-to-thepremises, I am getting it in
the neck for the last 5-10
per cent [of the country]
A workman lays
cable for
TalkTalk and
Skys fibre-tothe-premises
trial in York.
Ed Vaizey,
below, says a
national FTTP
scheme would
be difficult
Mark Pinder/Guzelian

option is under serious consideration,

while BTs critics will hope the volume
of complaints about broadband in the
UK will sway the regulator.
Companies such as TalkTalk, Sky and
Vodafone have raised objections given
they need to use the BT network to supply customers with broadband, albeit
on the same wholesale terms as BTs
own retail arm. They accuse BT of a conflict of interest, while saying an independent Openreach would be well positioned to invest more in the network.
Even so, Mr Vaizey is already working
on the next phase of broadband
improvements, with plans being drawn
up to take superfast internet to the
remaining parts of the country.
He said a task force would be created
to advise cities on securing better broadband infrastructure, with extra funds
potentially available for communities.
We want to sit down city by city, work

A private bank unlike

any other.

out why they havent got broadband and

work out a programme to cut the red
tape and reduce the costs.
The government is considering
whether to set an obligation for
telecoms groups to provide a minimum
broadband speed of between 5 and 10
megabitspersecond(mbps).
He played down the need in the short
term to upgrade the UKs broadband
networks to provide fibre lines directly
to the home, which companies such as
TalkTalk argue will be needed to provide speeds of up to 1 gigabit per second
(gbps) given projected demand for
online services and entertainment.
TalkTalk and Sky are building a fibreto-the-premises (FTTP) network in
York as a trial, while companies such as
Gigaclear and Hyperoptic are providing
similar services already.
Mr Vaizey said a national FTTP
scheme would have been difficult.

Number One Southwark Bridge, London SE1 9HL

Published by: The Financial Times Limited,
Number One Southwark Bridge,
London SE1 9 HL, United Kingdom.
Tel: 020 7873 3000; Fax: 020 7407 5700
Editor: Lionel Barber
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Amazon UK Services yesterday denied

11 counts relating to carriage of dangerous goods on aircraft contrary to air
navigation regulations.
The case will go before a jury next
year for a three-week trial.
The retailer is accused of breaking
rules regarding transportation of lithium ion batteries which it knew or
ought to have known or suspected to be
goods capable of posing a risk to health,
safety, property or the environment
when carried by air . . . in contravention of air navigation rules, according to
the indictment.
Prosecutors also claim in the same
indictment that Amazon broke the
rules on car screen wash and flammable
gas aerosol. The charges relate to the
period from January 2014 until mid
2015.
Yesterday, Stephen Spence, a barrister acting for Amazon, formally entered
pleas of not guilty to all charges on
behalf of the company.
Lithium ion batteries are widely used
in mobile phones, laptops and in large
We are confident
in our safety
programmes and
are continually
reviewing and
improving them

power packs for electric and hybrid

vehicles and onboard aircraft.
The batteries can store more electric
charge in a smaller and lighter package
than other types of battery and can be
built in almost any size and shape.
However, their main drawback is the
risk of overheating they can catch fire
and once alight they can burn out of
control.
There have been several cases in
which batteries have caught fire, including in Sony and Dell laptops and on aircraft.
In the past five years, two cargo
aircraft, carrying large shipments of
lithium ion batteries, have crashed after
onboard fires a UPS freighter in Dubai
in 2010 and an Asiana Airlines freighter
in 2011.
The causes of the fires were never
determined but crash investigators
highlighted in both cases that the
aircraft were carrying large quantities
of lithium ion batteries.
Boeings newest aircraft, the 787
Dreamliner, was beset by problems with
the lithium-ion batteries that are used
to power the aircraft, after fires on two
aircraft in 2013 led to a temporary
grounding of the fleet.
Amazon said in a statement: The
safety of the public, our customers,
employees and partners is an absolute
priority. We are confident in our safety
programmes and are continually
reviewing and improving them.
The Civil Aviation Authority is tasked
by the Department for Transport to
investigate and prosecute breaches of
aviation safety rules.

Stamp duty receipts reach highest level since financial crisis

The amount of stamp duty raised from
British home sales has hit its highest
level since the financial crisis, but is set
to fall next year.

EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014)

FINANCIAL TIMES

ft.com/telecoms

Amazon is being prosecuted by

the Civil Aviation Authority over
allegations that it broke rules about
transporting lithium ion batteries,
which can be highly flammable, on aircraft.

Housing market

KATE ALLEN
PROPERTY CORRESPONDENT

30 global locations www.efginternational.com

Telecoms
A round-up
of news and
views from
the industry

Google has been rolling out fibre-tothe-premises to Kansas and its taken
five years. In Australia . . . it arguably
cost the government the last election, is
mired in massive controversy, he said.
My job is to deliver workable broadband to as many as possible.
Im not getting it in the neck for fibreto-the-premises, I am getting it in
the neck for the last 5-10 per cent [of
the country].
He did not see the need for broadband
speeds of up to 1 gbps. Most people
regard 24 mbps as the kind of broadband speeds they need. In reality, most
people can live with 6 to 8 mbps.
Mr Vaizey said the government was
still working with mobile groups to help
them cover 90 per cent of the UK with
a signal, although he admitted frustration with the timetable for a promised
revision to a code that would help operators build extra masts.

JANE CROFT

The government raised 7.5bn from the

tax in 2014-15, according to figures
released yesterday, topping the previous record of 6.7bn in 2007-08.
This is widely expected to be the high
point for the tax take. A government
reform last December has exacerbated
the slowdown at the top end of the London housing market, which generates
more than one pound in every five
raised by stamp duty.
The reform, which replaced the previous slab structure with a sliding scale,
means that purchasers of properties
below 1m pay less tax than previously,
but those buying more expensive homes
pay considerably more.
George Osborne, chancellor, in last
years Autumn Statement said the move
would tackle a badly designed tax on
aspiration.
In response, the Office for Budget
Responsibility reduced the amount it

expected the government to make from

the tax by 1.7bn in 2015-16 and 2bn
by 2016-17 17 per cent of the forecast
total receipts in that year.
Britains property market boom
pushed sales of the most expensive
homes to a record level last year. Some
19,000 properties worth more than 1m
were sold in 2014, up from 15,000 the
previous year and for the first time topping the 16,000 level reached in 2007.

But house prices in Londons most

expensive areas have begun to fall for
the first time since the financial crisis, as
the tax rise curbs demand and triggers
fears that the capitals luxury market
has peaked.
Prices in central Londons most
expensive areas such as Westminster
and Kensington and Chelsea fell by 4.6
per cent in the year to September,
according to figures from estate agent

Residential stamp duty receipts

House prices in
Increase by region (m)** Londons most
expensive areas

bn*
8
6
4

2001 05

10

15

345
London
South-east
288
East
195
South-west
99
East Midlands
72
Scotland
69
West Midlands
54
North-west
46
29 Yorkshire & the Humber
18
Wales
6
Northern Ireland
North-east
5

* Financial years
** From 2013/14 to 2014/15
Sources: HMRC; Savills

Change in value by
price bracket (%)***
500,000
to 1m

1m to 2m

0.9

2m to 3m

-1.1

3m to 5m

-2.4

Over 5m

-4.7

*** Year to September

Savills. Across Londons pricier districts,

including outlying areas such as Richmond and Hampstead, there was a
sharp difference between the performance of cheaper properties and more
expensive ones. Homes worth under
1m increased in value by 3 per cent in
the past year, while those above 2m fell
by 2.6 per cent.
Lucian Cook, head of residential
research at Savills, said the tax rise was
likely to continue to constrain the top
end of the market. Many buyers are
expecting a discount on last years prices
at least equivalent to the additional tax,
he said. By contrast, stamp duty
changes have benefited properties in
lower tiers of the prime market, which
have performed more strongly.
He added that it was questionable
whether the OBRs reduced forecasts for
stamp duty receipts would be met.
Receipts have become increasingly
reliant on the top end of the housing
market, where activity has been most
subdued post stamp duty reform, he
said. The cut in stamp duty for the
majority of the housing market has
failed to stimulate any significant additional market activity.

Thursday 1 October 2015

FINANCIAL TIMES

CENTRAL BANK INTERVENTION

Investors divided over Bank of England

chiefs warning on climate change
Carneys assertion that fossil fuel assets face being isolated by policy receives derision and praise in equal measure
PILITA CLARK LONDON

Mark Carney, the former Goldman

Sachs banker running the Bank of England, is either a far-sighted visionary or
a dangerously deluded fool.
Such were the wildly contrasting reactions to Mr Carneys warning this week
that fossil fuel investors face potentially huge losses if tougher action on
climate change make vast reserves of
coal, oil and gas unburnable.
His alert came in a speech to London
insurers that has instantly made him
the most prominent financial policymaker to endorse the contentious idea
that fossil fuel assets could be
stranded as governments try to curb
global warming.
The prospect that an idea confined
largely to realms of climate science and
environmental campaigners was going
mainstream drew a strong response
from Philip Lambert, founder of Lambert Energy Advisory, a London firm
involved in a slew of oil and gas deals.
How on earth can the governor of one
of the most responsible institutions in
the world think that the thing that produces 85 per cent of the current global
energy mix can just suddenly become
stranded at a time of rising energy
demand and the absence of an affordable alternative?hesaid.
The scale of what he was saying was
enormous, said Mr Lambert, adding
the BoE governor had failed to say what
might replace fossil fuels, nor point out
that coal had a much bigger impact on
the climate than gas.
Echoing a view held by many large gas
companies, Mr Lambert said if governments meeting in Paris in December to
broker a new UN climate accord really
wanted to lower carbon dioxide emissions, they should switch as fast as possible from coal to gas power.
Carney obviously hasnt looked at
that, because far from leaving the gas
business stranded, that would make gas
even more part of the mainstream mix
than it is today, he said.
This thought did not impress the chief
executive of the World Coal Association,
Benjamin Sporton, who also found Mr
Carneys warning unconvincing. We
need to look at the reality of whats happening on the ground, he said.
The WCA believes the number of coal
power plants being planned or built globally, especially in Asia, means there is
likely to be an extra 1.8bn tonnes of global coal demand by 2030.
Still, the stranded assets debate has
already begun to focus executives
attention in some large fossil fuel
companies. Royal Dutch Shell has
already produced a paper explaining
to investors why it believes the
stranded assets argument makes no
sense,consideringtheamount
of global demand for its
oiland gas.
BHP Billiton, a
coal miner, published a report
hours before Mr
Carney, right, spoke
showing it believed

Cause and effect What is left, and what can be used

The carbon budget

Global CO2 emissions

Gigatonnes of CO2

(GtCO2/year)

30

1,541

20

10

0
1850

The governors considerations have

caught the public by surprise, raising
questions over whether a central banker
should feel free to opine on topics that
are seemingly outside his mandate.
With central bankers in the UK and
elsewhere routinely wading into areas of
government policy, from corporate governance to structural reforms, critics
fear these interventions might be a
symptom of over-reach by unelected
technocrats.
[Carney] is not qualified to intervene, either as a scientist or an elected
representative, tweeted Tony Yates, a
professor of economics at Birmingham
University and a former BoE official.
Over-reach like this . . . increases the
risk that future governors get selected
for their views on things other than
money and finance.
The power of central bankers stems
from their prized independence, which
ensures that monetary policy decisions
are taken apart from partisan concerns.
Their might has increased since the
financial crisis as many institutions

1950

2000

Gas
Coal
Oil

2012 (%)

100

80

60

40

225

Amount which can be

emitted up until 2050 and
have an 80% chance of
meeting the global 2C goal

20

0
Energy supply

FT graphic Sources: Carbon Tracker; IPCC; IEA;

it could lose as much as 5 per cent of the

value of its mineral assets if governments decided to raise the price of carbon pollution to as much as $80 per
tonne of CO2. But its earnings should
still double by 2030 even if governments took tougher action to curb global warming, the company said.
Rival Rio Tinto said yesterday it recognised it needed to act on climate change,
but ultimately the problem also
needed to be addressed by
consumers. There will
also need to be trade-offs
and compromises from
all, and co-operation
across value chains if we
are to balance the challenges of climate change with
the worlds growth needs and
energy demands, especially from emerging
economies,itsaid.
A number of investors, however, said Mr
Carney was wise to call
for better disclosure of
carbon risks when fos-

adopted unconventional instruments

beyond interest rates and expanded
their remit outside monetary policy.
The Bank of England and the European Central Bank have moved into the
politically-charged area of banking
supervision, and have the ability to
impose tough curbs on how much people can borrow to buy a house.
Together with the US Federal Reserve,
the Bank of Japan and other authorities,
they have launched large-scale programmes of quantitative easing, which
are blurring the line between fiscal and
monetary policy.
Most critics concede that these assetpurchase schemes are legitimate, under
the central banks mandate of keeping
inflation stable while supporting
growth. But an unwarranted side-effect
has been to make financial markets ever
more dependent on the words and
actions of the monetary actors.
The central bankers newlyacquired rock star status has propelled
them into new debates, way beyond
monetary policy.
Mario Draghi, ECB governor, routinely chastises eurozone governments
for not doing enough to reform their
labour and product markets. He has
advocated that the currency union take
big steps to integrate further, for example moving the oversight of structural
reforms to Brussels.
Central bankers say these interven-

CO2 emissions

Photo: Mykhailo Shcherbyna/Dreamstime

sil fuel assets could be sharply repriced

if action to curb climate change accelerates after the Paris meeting, or if technological leaps in renewable energy gather
pace.
We welcome his focus on more consistent and reliable carbon disclosure
that will allow investors to make a more
informed assessment of the climate risks
in portfolios, said Stephanie Pfeifer,
chief executive of the Institutional InvestorsGrouponClimateChange.
And Alice Garton, a lawyer at the ClientEarth environmental legal group,
said there was another reason investors
should heed Mr Carney, and the BoEs
report on potential climate risks for the
insurance industry, which was released
at the same time as his speech.
The case for litigation brought
against those ignoring climate change
riskgrowsever stronger,shesaid.
If directors fail to manage the risks
and opportunities presented by climate
change, they could be found personally
liable for losses incurred by the
company.
Editorial Comment page 14

Governors comments fuel talk of over-reach

Mervyn King, the former Bank of England governor, said a successful central bank should be boring. Judging
from Mark Carneys surprise intervention in the climate change debate this
week, his predecessors views are out of
fashion at Threadneedle Street.

1900

Global energy supply and CO2

emissions by fuel
Other

Mandate concerns

FERDINANDO GIUGLIANO

40

Fossil fuels and cement

Forestry and other land use

Known fossil fuel

reserves of energy and
mining companies

tions are justified under the remit of

their institutions. Mr Draghi believes
the stability of the eurozone which the
ECB presides over hinges on the longterm measures he advocates.
Mr Carneys remarks on climate
change were centred around the
financial risks posed by global
warming, which he feels fall under his
regulatory lens.
Central bankers should not talk
about things which are not directly
linked to their mandate, but their mandate has expanded, said Grgory
Claeys, a research fellow at Bruegel,
a think-tank. If Carney thinks
climate change is an important risk and
has been overlooked, mentioning it
makes sense.
But others fear these issues may
divert attention from more immediate
responsibilities. The ECB and the Bank
of England like the Fed and the Bank
of Japan are struggling to hit their
inflation targets as low commodity
prices keep inflation around zero.
It is perfectly reasonable for an
important policymaker to talk about
long-term issues, said Jonathan Portes,
director of the National Institute of Economic and Social Research think-tank.
[But] if your job is monetary policy and
you are conspicuously not achieving
your objective, talking about what is the
responsibility of other people may not
be a terribly good idea.

Stranded reserves theory

based on carbon budget
Of all the recent ideas climate change
campaigners have come up with to
convince the world to do more to curb
global warming, none has been as
potent as stranded fossil fuel assets.
The theory is that vast reserves of
oil, gas and coal will be left stranded as
the world shifts towards cleaner fuels
to avoid the risk of climate change.
It is based on research scientists
have published over the past seven
years on the idea of a carbon budget.
This is the amount of carbon dioxide
already pumped into the atmosphere,
most of which came from burning
fossil fuels, and the amount left to
spend before global temperatures
rise to dangerous levels.
The world has already warmed
by nearly 1C since fossil fuel use
began increasing with the industrial
revolution. It was agreed at UN climate
talks five years ago that temperatures
should not rise more than 2C. At
around that time, the carbon budget
idea was plucked from academia by
Carbon Tracker, a London think-tank.
Applying the research to the worlds
coal mines, oil wells and gasfields, the
think-tank said that to have even a
small chance of meeting the 2C target,
only 565 gigatonnes of CO2 could be
emitted up to 2050. But the known
fossil fuel reserves of energy and
mining companies were equal to 2,795
gigatonnes of CO2. So if the world ever
took serious action to meet the 2C
goal, most of those reserves would
become unburnable stranded assets.
The carbon budget figure falls even
lower for a higher degree of certainty
that the 2C goal can be met. The group
published its first, widely ignored,
report on the idea in 2011. It helped
stoke a fossil fuel divestment
campaign that now claims to have
prompted investors controlling about
$2.6tn in total assets to cut back or sell
fossil fuel company holdings. Still, the
idea that Mark Carney would lend the
concept the weight he did on Tuesday
night would have seemed remarkable
only six months ago. Pilita Clark

FINANCIAL TIMES

Thursday 1 October 2015

NATIONAL
Transport

Labour conference

Corbyn sparks fresh row over defence

Shadow ministers balk
at party leaders refusal
to use nuclear weapons
JIM PICKARD
CHIEF POLITICAL CORRESPONDENT

Jeremy Corbyn was embroiled in a new

row with some of his most senior colleagues on the last day of Labour conference after he said he would never use
Britains nuclear weapons.
Mr Corbyn made clear that he would
never order defence chiefs to use the
Trident nuclear weapons system if he
became prime minister in 2020.
His stance was criticised by Hilary
Benn, shadow foreign secretary, Maria
Eagle, shadow defence secretary and
Lord Falconer, shadow justice secretary.
I dont think that a potential prime
minister answering a question like that,
in the way in which he did, is helpful,
Ms Eagle told the BBC.
She said Mr Corbyns remarks
undermined to some degree her
review of the partys defence policy,

adding that existing policy was for

retaining a nuclear deterrent.
Mr Benn said that while he wanted a
nuclear-free world you have to negotiate them out of existence and not give
them up independently.
Mr Corbyn made the comments in an
interview with BBC Radio 4s Today programme. He repeated his position that
he had a mandate from his election to
oppose the replacement of Trident.
Asked if he would use nuclear weapons if he was in Downing Street he said:
No . . . We are not in the era of the cold
war any more.
During the Labour leadership contest,
Mr Corbyn he said he could not see any
circumstances where he would back the
armed forces going to war. But he is surrounded by Labour MPs who believe
that Britain needs a nuclear deterrent.
John Woodcock, a Labour backbencher, said: The point of a nuclear
deterrent is to deter others firing.
That is not revelatory, it has been cornerstone of UK policy for 70 years.
Prime Minister David Cameron, visiting Jamaica, seized on Corbyns words.

Mr Cameron has repeatedly accused the

Labour leader of being a threat to
national security.
The independent nuclear deterrent
that we have in Britain is a vital insurance policy for our nation in what is a
very dangerous world, he said. And,
frankly, the way the Labour leader has

I dont think a potential

prime minister answering
a question in the way in
which he did, is helpful
answered that question demonstrates
that Labour cant be trusted with our
national security, which after all is the
most important duty of government.
Labour managed to avoid a public
debate on dropping support for Trident
after the annual conference in Brighton
voted not to discuss it.
However, Mr Corbyn raised the issue
again in his conference speech on
Tuesday, saying he had a mandate to
change the partys position after his

hands-down leadership election victory.

Because the Conservatives have a
majority in the Commons, Labour
would be unlikely to be able to block the
replacement of Trident when the decision is made in the next year.
Mr Corbyn has signalled that he could
allow a free vote on the issue.
The new leader was adamant that he
would lead the Labour party into the
next general election in 2020, despite
the latest eruption of dissent. But even
some of his most loyal backers believe
he is on a two-year probation.
The defence differences followed
other tensions that simmered at the
conference in Brighton between Corbynista loyalists and New Labour modernisers. It is like West Side Story the
Jets and Sharks circling each other,
warily, waiting to strike, said one senior
MP.
For now Mr Corbyn, encircled in the
parliamentary party by hostile MPs, is
talking of solidarity and compromise.
John McDonnell, his usually combative
shadow chancellor, expressed only sorrow at the talented MPs who have

refused to take front bench positions.

Some of Mr Corbyns idealism has
been diluted by the Labour machinery.
A number of the radical pledges from
the leadership campaign trail have been
discarded or buried.
His euroscepticism has mutated into
support for EU membership. Labour
still officially backs new nuclear power
despite Mr Corbyns hostility. MPs are
likely to be given free votes on bombing
Syria and on the renewal of Trident.
On Tuesday his shadow energy secretary mentioned there were no plans to
nationalise energy companies despite
Mr Corbyn raising it as a proposal in
August. As one of his most powerful
allies put it: He has no choice. If he
doesnt compromise there is going to be
constantinternalstrife.
There is only one issue where there
will be no compromise: where Ed Miliband promised what became known as
austerity lite, the new leader will be
given free rein to oppose any and all
Tory spending cuts; a risky strategy
given that the public doubts Labours
trustworthiness on the public finances.

Outreach workers Advisers with union background aim to woo rest of party
After three weeks as leader of the Labour
party, Jeremy Corbyn still has several key
posts to fill which may explain some of
the teething problems dogging the new
leader of the opposition.
Mr Corbyn still has no head or deputy
head of communications and no political
secretary. But there is already a clear
pattern to the advisers he does have:
almost all learnt their politics within the
trade union movement, with the
exception of Neale Coleman, director of
policy. Several, including Mr Coleman,
have worked for Ken Livingstone, the
former mayor of London.
While they tend to wear their
uncompromising socialism on their
sleeves, so far they have been at pains to
reach out to the rest of the party.
Other key figures behind Mr Corbyn
include: John McDonnell, the hardline
shadow chancellor; Jon Trickett, MP for
Hemsworth, who has worked with every
leader since Tony Blair; Len McCluskey,
general secretary of Unite, and the
leaders own son Seb Corbyn, who works
for Mr McDonnell.
Jim Pickard

Jeremy Corbyn on stage yesterday in Brighton

as Labours conference closed Charlie Bibby

Simon Fletcher
Chief of staff

Anneliese Midgley
Deputy chief of staff

Kevin Slocombe
Spokesman

Andrew Fisher
Political adviser

Neale Coleman Director

of policy and rebuttal

Fletch is the only

aide who has
crossed over from Ed
Milibands old team,
where he was the
former leaders link
man with the unions.
The bespectacled 45-year-old is the
key backroom man in Team Corbyn,
taking on the same role he played for Ken
Livingstone at City Hall for eight years.
Mr Fletcher, pictured in 2003, earned a
first-class degree at the old City of
London Polytechnic. He first worked for
Mr Livingstone in 1996 as his election
agent. When his mentor was elected
Londons mayor he became chief of staff
on a salary of more than 120,000.
He was one of several Livingstone
allies who belonged to a loose group
called Socialist Action. Mr Fletcher played
a big role in rewriting the Labour rule
book after the Falkirk scandal
allegations the partys candidate
selection process in Falkirk was fixed.
These new rules helped Mr Corbyn
triumph in the summers leadership race.

Anneliese Midgley is another figure

steeped in the politics of the trade
union movement, having previously
worked as head of political strategy at
Unite. That union, which is Labours
biggest single donor, endorsed Jeremy
Corbyn in July in a move that gave him
much greater credibility in the leadership
race.
Before working for Unite Ms Midgley
was head of events for Ken Livingstone
when he was London mayor. She also
helped on the failed campaign in late
2014 by Neil Findlay, MSP, to become
leader of the Scottish Labour party
against the more Blairite Jim Murphy.
Ms Midgley co-wrote the policy idea of
having women-only train carriages, which
Mr Corbyn floated towards the end of the
leadership race.
In the run-up to the Brighton
conference she was at the centre of an
unsuccessful attempt to get a debate on
Trident on to the schedule.

Jeremy Corbyns new

spokesman is
another trade union
veteran, having been
head of
communications at
the Communication
Workers Union under former leader Billy
Hayes.
There his priorities were handling the
press over the CWUs attempts to stop
job losses and to fight the privatisation of
Royal Mail.
After Mr Hayes retired, Mr Slocombe
returned to the West Country (he is a
Bristol Rovers fan) but was lured back to
London this summer by Mr Corbyn. He
has criticised mainstream newspapers as
cut off from the new world of social
media.
Mr Corbyn is still trying to recruit a
head and a deputy head of
communications to oversee media
strategy in the medium term.

Andrew Fisher, 35, has spent the last six

years as a political adviser to the PCS
union, where he brought academic rigour
to the anti-austerity instincts of general
secretary Mark Serwotka.
In the autumn of 2010 he penned a
pamphlet called There is an alternative,
which galvanised that years TUC
conference. Before working at the PCS he
worked as a parliamentary researcher on
behalf of trade unions such as Aslef, the
FBU and the NUJ. He has an
encyclopaediac knowledge of the Labour
movement and the unions, says one
friend. He brought a really academic
approach to what PCS was doing.
He has also been co-ordinator of the
Left Economics Advisory Panel, a
network of leftwing economists and
activists.
Mr Fisher has known Mr Corbyn since
the early 2000s by virtue of moving in
the same leftwing circles. He wrote a
book about the lead-up to the 2008
financial crash called The Failed
Experiment and How To Build a Future
That Works.

Neale Coleman has

worked under both
Labour and
Conservative mayors
of London. A cerebral
figure who studied
classics at Oxford, he
is a veteran of London local government.
As a Labour councillor in Westminster he
helped bring down Dame Shirley Porter in
the 1990s over the homes for votes
scandal.
Later he worked as housing director
and then Olympics adviser under Ken
Livingstone. After Mr Livingstones
defeat, he continued under Boris Johnson
as an adviser on Londons Olympics
legacy.
Despite their different political
outlooks, he became a key lieutenant to
the fellow classicist. Mr Johnson greeted
his new appointment by saying: His
unswerving dedication to this city
transcended party politics.

Northern Rail
to deliver
line projects
4 years late
CONOR SULLIVAN, TANYA POWLEY
AND JOHN MCDERMOTT

The modernisation of two major rail

lines in the Midlands and north of England, halted earlier this year amid a
funding crunch, will go ahead but be
completed four years later than originally planned.
Plans to electrify the TransPennine and
Midland main lines were shelved in June
as part of a wider shake-up at Network
Rail after it emerged that the stateowned infrastructure group was seriously behind schedule and over budget
on its 38bn investment programme.
The move, announced by the Department for Transport just days before the
start of the Conservative partys annual
conference in Manchester, allows the
government to reassert its commitment
to chancellor George Osbornes northern powerhouse project to reinvigorate
the north of England.
Critics had accused Mr Osborne of
lacking commitment to the northern
powerhouse when plans for the two big
rail upgrades were halted in the summer.
Yesterday, the DfT announced that
Network Rail would devise a new plan to
upgrade the TransPennine line, which
links Manchester, Leeds and York by
2022, four years after the original date.
Last week Mr Osborne had told the FT
he was pretty confident that Network
Rail would find a way to get the project
back on track.
Many northern leaders worried that
the pause was a straw in the wind, said
one person involved in the devolution of
control to Greater Manchester. The
chancellor needed to send a signal that
he was still fully committed to the infrastructure of the region.
Sir Peter Hendy, who was parachuted
in by the government from Transport
for London as Network Rail chairman in
June, said the infrastructure group will
begin working on a detailed plan for the
line, with electrification work expected
to start at the beginning of 2018.
The plan will deliver faster journey
times and more capacity between Manchester, Leeds and York.
Some industry experts were critical
that the decision had been rushed
through ahead of Sir Peters final review
of Network Rails 38bn investment
plans for 2014-19. I dont think it is the
right thing to do. Not until they have
assessed the whole situation at Network
Rail, said Roger Ford, industry and
technology editor of Modern Railways
magazine. They should have let Peter
Hendy put together a total plan.
Mr Ford said the announcement
could be seen as a panic measure following Labour leader Jeremy Corbyns
speech on Tuesday proposing the
nationalisation of the railways. They
want some good news ahead of their
party conference in Manchester next
week, he added.
In a letter to Patrick McLoughlin,
transport secretary, Sir Peter said he
had also found a way to resume work on
the Midland line, which runs from London to Sheffield.
The line to Corby could be electrified
by 2019 and to Derby, Nottingham and
Sheffield by 2023, four years later than
originally planned.
Network Rails current funding programme runs until 2019, meaning that
the future costs of the schemes still need
to be agreed by the government. Details
of the funding will be announced by the
end of the year, following the chancellors spending review on November 25,
according to the DfT.

Indicators

Data on workers pay and current account deficit boost confidence in health of economy
EMILY CADMAN

A notable improvement in two of the

weakest elements of the UK recovery,
workers incomes and the current
account deficit, has boosted confidence
in the overall health of the economy.
The balance of payments shortfall, a
measure of the UKs ability to pay its way
globally, narrowed sharply in the second
quarter to 3.6 per cent of gross domestic
product, down from 5.2 per cent in the
first quarter.
Household real disposable incomes,
meanwhile, rose 2 per cent quarter on
quarter, the fastest increase in three
years. Additionally, between the second
quarters of 2014 and 2015, employee
remuneration increased by 4.7 per cent,
confirming that workers are finally
starting to see pay rises.
Ian Stewart, chief economist at
Deloitte, said that while this was not the
perfectly balanced recovery policy-

makers wanted, low inflation, cheap

money and rising pay have rejuvenated
the UK consumer.
The fresh data were part of a number
of releases from the Office for National
Statistics, which also included revisions
to historical data. The overall impact of
these revisions means that the economy
grew more strongly than had been
thought between 2011 and 2013, surpassing its pre-downturn peak in the
second quarter of 2013, three months
earlier than previously estimated.
The economy as a whole is 5.9 per cent
larger than its pre-crisis peak, although
increases in population mean that on a
per person basis it is only 0.6 per cent
bigger.
Chris Hare, an economist at Investec,
said the data offered a rosier picture of
the UK recovery and Andrew Goodwin,
an economist at consultancy Oxford
Economics, said the revisions paint the
recovery in a better light.

Hopes dashed
Manufacturing stagnation
set to continue, says survey
Britains manufacturing sector is facing
an extended period of stagnation,
according to an industry survey that
hits any remaining hopes that the
economy would begin to rebalance
away from services.
The balance of manufacturing
companies who are exporting
products has fallen to a six-year low, a
quarterly survey from the British
Chambers of Commerce found, in the
latest sign that business is struggling
against weak overseas demand and a
strong currency.
While overall the BCC expects the
economy to continue to expand, John

Longworth, director-general, said the

outlook for manufacturing was of real
concern. Only action to help fix the
fundamentals skills, infrastructure
and access to capital can help end
the UKs two-tier growth pattern and
ensure all businesses can grow, he
said.
David Kern, chief economist at the
BCC, said that overall the survey of
about 7,500 companies pointed to
moderate growth being driven by
services and domestic demand.
Official data out yesterday
confirmed that manufacturing output
has contracted for two consecutive
quarters.
Simon Wells, chief UK economist for
HSBC, said growth was being driven
by consumers, raising questions about
the durability of growth.
Emily Cadman

Second-quarter GDP growth was left

unrevised as expected at 0.7 per cent,
while the annual rate was revised down
from 2.6 per cent to 2.4 per cent due to
slightly weaker growth last year.
A common economic concern has
been the wide current account deficit,
which last year hit 6 per cent; a joint
peacetime record. The worry is that
with the country reliant on financing
from foreign investors, it is vulnerable
to a sudden shock or loss of confidence.
The sharp improvement in the second
quarter was driven mainly by stronger
net trade figures. Martin Beck, senior
economic adviser to forecasting group
the EY Item Club, said that while the
data were reassuring at face value, he
urged caution.
The erratic nature of trade data and
gloomy signals coming from the recent
survey evidence leave us suspicious that
the UKs trade position has seen such a
dramatic improvement, he said.

Ross Walker, a senior US economist at

RBS, said the second-quarter data
already feel a little past their shelf-life
and the focus now should be on the coming slowdown signalled by surveys and
the extent of global pressures.
One of the biggest areas of concern is
manufacturing, which yesterdays data
confirmed is in technical recession, having shrunk for the past two quarters.
Lee Hopley, chief economist at the
manufacturers organisation EEF, said
while the overall picture was of a resilient domestic economy, it hasnt yet
managed to move the needle towards
one in which growth is broad based
across households, exports and investment.
The Treasury stressed that the figures
showed the UK had been the fastest
growing G7 economy in both 2013 and
2014, adding they offered further evidence its policies had laid the foundations for a stronger economy.

Thursday 1 October 2015

FINANCIAL TIMES

FINANCIAL TIMES

Thursday 1 October 2015

NATIONAL
World rankings

Regulation

Universities face rising overseas rivalry

Financial
watchdog tells
banks to act
on customer
complaints

European institutions are

investing more to attract
English-speaking students
HELEN WARRELL
PUBLIC POLICY CORRESPONDENT

UK universities face increased competition from European rivals that are

investing in higher education and offering courses in English to attract international students, a new league table has
shown.
According to the Times Higher Education World University Rankings, published yesterday, there are more European institutions in the world top 200
than ever and the Swiss Federal Institute

of Technology in Zurich has become the

first university outside the US or UK to
enter the top 10 foradecade.
Britain still has three in the top 10,
with Oxford in second place, Cambridge
in fourth and Imperial College London
eighth. Meanwhile, US institutions have
held on to their dominant position: California Institute of Technology kept its
first place, Stanford comes third, and
Massachusetts Institute of Technology,
Harvard, Princeton, and the University
of Chicago are all in the top 10.
However, European universities
climbing up the ranking are a threat and
the US this year has 39 institutions in the
top 100, down from 45 last year.
Separate data show that the number
of overseas students in Germany

increased by 6.7 per cent from 2013 to

2014, compared with a 2.4 per cent rise
in the UK during the same period.
Even though Britain is still the most
popular destination in Europe, with 34
universities in the top 200, Germany is
rising with 20, the Netherlands has 12,
Switzerland seven and France five.
Phil Baty, editor of the THE rankings,
said the combination of cuts to higher
education funding down by 150m
this year and visa restrictions on
international students risked hindering
the UKs performance in the long run.
The German universities are increasingly offering courses in English explicitly to attract students from China and to
get them into German campuses, the
Dutch are doing the same, they are offer-

ing more and more courses in English so

they are actively competing for market
share with Britain, he said. Their numbers are smaller but their growth is
larger . . . it comes down to this perception . . . thattheUKisnotwelcoming.
British universities have suffered a
particularly large drop in students from
India, whose numbers have halved over
the past five years following new curbs
on international graduates staying and
working after their studies.
While some parts of higher education
are expected to experience funding cuts
in this autumns review of departmental
spending, Jo Johnson, universities minister, said the rankings confirmed the
world-class standing of the UK higher
education sector. He also promised that

further reforms, such as a new focus on

teaching, would ensure that British universities continue to compete with the
very best internationally.
But Nicola Dandridge, chief executive
of the sector body Universities UK,
urged ministers to start matching other
countries increased investment. We
should also be presenting a welcoming
climate for genuine international students and academics and ensuring that
visa and immigration rules and procedures are proportionate, she said.
The sentiment was echoed by Wendy
Piatt, director-general of the Russell
Group of universities, who said that
increased funding for science, research
and innovation was critical if leading
universities were to stay ahead.

Transport services. Taxis

Uber fights back

with mass petition
against crackdown
Thousands of customers sign
in support of app-based group
amid moves to tighten rules
TANYA POWLEY
TRANSPORT CORRESPONDENT

About 100,000 people have signed a

petition in support of the ride-hailing
app Uber, just hours after Transport for
London proposed tough new rules that
could hit minicab businesses.
The San Francisco-based group was
quick to rally its London customers on
Tuesday night, sending out messages to
registered customers asking them to let
TfL know that riders and drivers come
first. Less than 24 hours later the petition had attracted huge support and was
creeping steadily to Ubers stated goal of
100,000 signatures.
TfL had announced plans for another
consultation for proposals to tighten the
regulation of private hire vehicles, following a surge in the number of minicabs in the capital. These include a proposal that private hire vehicles will have
to wait five minutes after booking
before they can pick up a customer.
Other plans include preventing operators from showing vehicles that are
available for immediate hire in an app,
and controls on ride sharing that could
threaten Ubers plans to introduce its
UberPool service in London.
TfL also wants to make the topographical test sat by minicab drivers
more difficult.
Many of Ubers customers took to
Twitter to express their annoyance at
the proposals and to tweet links to the
petition.

Licensed private hire

vehicles in London
000
60
50
40
30
20
10
0
2005 07

09

11

13

15

Source: Department for Transport

One user said: Ill vote next year for

whoever has a sensible position on
Uber, in reference to the London mayoral election, while another wrote:
Why are governments so anti-progress
when it comes to disrupter tech companies like Uber?
The proposals add to the problems
Uber faces in Europe, where its services
have been limited or banned in some
countries.
On Tuesday, Ubers European headquarters were raided by Dutch authorities for the third time over allegations
the company was running an illegal taxi
service. Yesterday, Uber executives
Pierre-Dimitri Gore-Coty and Thibaud
Simphal appeared in a Paris court. They
were charged in June with misleading
commercial practices and complicity
in the illegal exercise of the taxi profession.
In London, TfL has come under pressure from black cab drivers to take
action against minicab drivers and ridesharing apps. Parts of the capital were
brought to a standstill in May by a demonstration by taxi drivers, who feel the
lack of regulation is skewing the market
in favour of e-hailing apps.
Two weeks ago scuffles broke out in
City Hall during mayors questions
when Boris Johnson labelled opponents
of new technology Luddites, prompting heckling from black cab drivers who
had turned up to protest.
David Leam, infrastructure director
at the business group London First, said:
Black cabs are a great brand . . . but
they are expensive compared to taxis in
other major cities and are not always
available where and when consumers
want them.
These proposals do nothing to
address these shortcomings. By making
it harder for new companies to provide
what consumers want, TfL has put itself
on the wrong side of public opinion.
However, Steve McNamara, general
secretary of the Licensed Taxi Drivers
Association, denied TfLs proposals
were introduced to protect the black cab
trade.
The mayor is no friend of ours, Mr
McNamara said. TfL have done the
black cab trade no favours at all. This
regulation is aimed at public safety.
He added that proposals such as
requiring insurance to be checked at the
point of licensing, and making it mandatory for drivers to work for only one
operator at a time, were important for
the industry. This whole thing that

Gridlock: black cabs block Fleet Street in London yesterday in protest against Ubers taxi app Peter Macdiarmid/LNP

Ruling

Londons cab drivers to

challenge rivals in court
London cabbies fight against Uber
moves to the courts on Monday when
Transport for London will ask judges to
decide whether the way that the app
calculates fares breaks the law.
In return for spending years acquiring
a comprehensive knowledge of Londons
streets, taxi drivers have privileges such
as being able to pick up customers from
the street, use bus lanes and calculate
fares using a meter.
By contrast, minicab services such as
Uber, have to be pre-booked and cannot

use a meter, according to laws that were

written before smart phones were
invented.
Uber fares are calculated based on the
distance travelled and time taken, not
that dissimilar from how a taxi works.
But unlike a taxi, the app tracks the
journey using GPS and transmits it to a
server elsewhere, which then responds
with the fare.
Taxi fares are calculated with a meter
that is inside the car.
While TfL says it thinks Uber is not
breaking the law, it accepts the question
is open to interpretation.
TfL, Uber, minicab companies and taxi
drivers, will all argue their cases in front
of the High Court on Monday, which is
then expected to make a ruling.
When that happens, TfL says it will
enforce the law.
Conor Sullivan

Uber are going to go out of business, that

they will be driven out of town, it is hogwash. All TfL are trying to do is ensure
that drivers speak English, know
roughly where they are going and that
they are insured.
Addison Lee, Britains biggest taxi
company, was also in favour of the proposals. For too long, new entrants to
the market have been allowed to run
riot and make a mockery of the rules
that law-abiding private hire drivers
have been subjected to, said Liam Griffin, chief executive.
Garrett Emmerson, TfL chief operating officer for roads, said they were listening to customers. He said proposals
such as making it compulsory to wait
five minutes before picking up a passenger would not make a huge difference.
Additional reporting by Adam Thomson
in Paris
Lombard page 24

EMMA DUNKLEY

Banks are being urged by the City

watchdog to take action as customer
complaints over current accounts soar,
in spite of a major review to improve
competition in the sector.
The Financial Conduct Authority
revealed yesterday that the number of
complaints about banking products has
increased by nearly a quarter during the
six months to the end of June.
Complaints over current accounts
rose 31 per cent in the first half of the
year compared with the previous six
months, making it the second most
complained about product.
But banks are coming under scrutiny
as the Competition and Markets
Authority prepares to release its findings from a key inquiry into current
accounts, in an attempt to stoke competition and shed light on fees.
Christopher Woolard, director of
strategy and competition at the FCA,
said companies needed to look at the
causes for this rise in complaints and
take action to address the issue.
Richard Lloyd, director of consumer
group Which?, said it was particularly
worrying to see current account complaints rising.
The Competition and Markets
Authority has the opportunity to use its
inquiry to set out genuine solutions to
increase competition in retail banking
and give people access to better products and customer service, he said.
Barclays, National Westminster

31%

140,574

Rise in complaints
about current
accounts in first
half of year

Number of new
complaints
Barclays received
in the period

Bank, Lloyds, Santander and HSBC

were the top five banks with the most
complaints over banking and credit
cards in the first half of this year. Barclays received 140,574 new complaints,
while Lloyds and Santander had 85,504
and 80,566 respectively.
However, overall complaints in the
financial services sector dropped by 2.1
per cent, as the number relating to payment protection insurance, a product
tacked on to loans, dropped by 17 per
cent compared with the second half of
last year.
Mr Woolard said: While the ongoing
fall in PPI complaints is welcome, this is
the second half-year running that we
have seen complaints about banking
products rise.
PPI accounted for less than half of
complaints for the second time in three
years, falling below 1m in the first six
months of 2015.
Lloyds has been among the worst
offenders, as the biggest lender in the
country. The state-backed bank was
forced to set aside 1.4bn in the first half
of the year to cover PPI mis-selling, and
was hit with a 117m fine from the FCA
in June for failing to handle PPI customer complaints fairly.
However, banks could be over the
worst of regulatory fines, according to
research by Wolters Kluwer Financial
Services, a risk and regulatory technology company. The research shows fines
from the FCA amounted to 1.5bn last
year, but have only reached 827m so
far in 2015.
The regulator is currently reviewing a
landmark PPI mis-selling case. Findings
of the review, which are expected to be
released in the coming weeks, will come
at the same time as the decision on
whether to impose a time limit on customer claims for PPI mis-selling.

Off target Shoreditch hipsters baffled by Cereal Killer Caf protests but campaigners are unrepentant
HENRY MANCE

The general reaction in Shoreditch to

last weekends attack on the Cereal
Killer Caf by anti-gentrification protesters has been neither anger nor
approval, but bafflement.
Everyone agreed it was the wrong
target, said William Exley, who works
in a shop in Boxpark, a pop-up shopping
mall that fits well in trendy Shoreditch,
east London. I dont think [the caf]
has anything to do with the real issues of
gentrification. Its a gimmicky place.
Designed as a celebration of breakfast
nostalgia, the Cereal Killer Caf has
become the wrathful focus of anti-poverty campaigners who argue that by
charging 4.40 for a large bowl of Fruity
Cheerios, the caf is excluding the areas
long-term residents.
On Saturday night protesters barri-

caded the caf, daubed red paint on its

windows and accused it of serving the
no-good gentrifying rich hipsters.
The next anti-gentrification demo is
planned for Sunday, this time outside
the Jack the Ripper Museum, which
campaigners say glorifies violence
against women. Yes, hipster businesses
arent the actual problem capitalism
and landlords are but it is certainly a
good thing that these people were made
to feel unwelcome, wrote Adam Lawrence Barr, one of the protesters.
On that measure, however, the protesters are failing. The Cereal Killer has
become a local tourist attraction, and
thanks to the publicity now has more
than 40,000 fans on Facebook. That is a
sharp improvement in fortunes since
last year, when it raised just 1,015 on
crowdfunding site Indiegogo.
A second branch is open in Camden

and the Cereal Killer Caf Cookbook

goes on sale next month. The mob
wont win, wearing masks with pitch
forks and torches, its 2015, the caf,
owned by twins Alan and Gary Keery,
tweeted following the protests.

The other point the cafs defenders

make is that the protest, organised by
Class War, was a bit late: the Cereal
Killer Caf arrived when gentrification
in east London was already in full swing.
Its premises on Brick Lane were previ-

Daubed: paint adorns the Cereal Killer Caf after the attack Stephen Chung/LNP

ously occupied by an art house DVD

rental shop.
Next door is a shop selling chocolate
truffles; opposite is an art gallery; and a
new estate agent has opened a few doors
down. Nearby are large chains including Pret A Manger, Byron Burger and
Sainsburys. Its like someone pressed
fast-forward over the past three years,
said Emma Roussel, a teacher.
Shoreditch, once an area many poor
Bangladeshi immigrants lived in, now
has tech start-ups as well as public relations and advertising outfits. Beard
trims are on offer for 17.
There is always going to be a conflict, said Tom Curry, who works in PR
in Shoreditch. If an area is poor, you are
going to get artists and creatives moving
in. I dont understand how youre going
to stop it happening.
But the manager of one local business

said he understood the frustrations of

locals over the invasion of the wealthy.
Youve got Versace down the road
and a pile of mattresses under the
bridge. Theres something not quite
right, he said.
Campaign group Fuck Parade said it
did not target Cereal Killer and that protesters ended up outside by chance during confrontations with police. It said
the protest was against neighbourhoods
being decimated to provide investment
opportunities for those who already
have plenty of wealth.
Asked why an independent shop was
targeted instead of a nearby Pret A Manger, it said members liked Pret A Manger because its easy to steal from and
they give sarnies to the homeless and
they are a damn sight better value than
4.50 for a bowl of f***ing Coco Pops.
Additional reporting by Conor Sullivan

Thursday 1 October 2015

FINANCIAL TIMES

FINANCIAL TIMES

Thursday 1 October 2015

INTERNATIONAL
Financial regulation

Migrant crisis

Brussels eyes red tape cut to lift investment

Slovakia to
take action
in court over
sharing vote

EU programme to grow
capital markets signals
big shift in priorities
JIM BRUNSDEN BRUSSELS

The EU signalled an end to six years of

hitting banks and traders with tougher
rules, as Brussels announced a shift
in priorities towards growing capital
markets and cutting red tape that hampers investment.
In a sharp change of tone from that
which followed the 2008 financial crisis,
the European Commission yesterday
issued an open appeal for evidence of
unnecessary regulatory burdens and
other unintended consequences of its
banking and markets laws.
The call for evidence, made by

Jonathan Hill, European commissioner

in charge of financial regulation, was
announced alongside details of a programme aimed at creating a capital
markets union (CMU) across the EU
that would make it easier for businesses
to access financial markets.
The moves are part of an EU push
to improve its investment climate as it
tries to overcome sluggish economic
growth and high unemployment. In
addition to the CMU, the plans also
include a 315bn fund aimed at longterm investment.
The centrepiece of the CMU includes
cutting paperwork that companies
encounter when issuing shares, a push
to simplify the EUs complex web of
national insolvency laws and steps to
revive the securitisation market.
The EU has also pledged to look at fees

and other unjustified barriers that

make it harder for fund managers to
operate across borders, as well as to cut
capital charges for insurers investing in
infrastructure projects. Other measures
seek to promote venture capital.
During the past five years . . . regulators at European level have concentrated on crisis management, Jyrki
Katainen, vice-president of the commission responsible for jobs and investment, told the FT. Stability has come
back . . . now we are in the situation
where we have to use the European regulatory power to create new markets.
The CMU plans have been welcomed
by the UK, where the City of London
stands to benefit from policies aimed at
making it easier for funds to operate
across the common market. Harriett
Baldwin, economic secretary to the

Treasury, said the measures would

strengthen financial stability and
create new opportunity for financial
services, which Britain is particularly
well-placed to benefit from.
The UK has in recent years been at
loggerheads with Brussels, particularly
when Frances Michel Barnier was the
commissioner in charge of the financial
services portfolio from 2010-2014. Mr
Barnier oversaw more than 40 laws
aimed at toughening regulations on
banks and markets.
Lord Hill, who succeeded Mr Barnier,
has specific responsibility for delivering
the CMU. He said in an interview with
the FT yesterday that the call for evidence on regulatory problems did not
signify any lack of faith in legislation
adopted since the financial crisis.
It is not to say the big reforms . . .

the architecture we put in place [postcrisis] was wrong, Lord Hill said. It is
to say that when youve done 40 major
pieces of legislation in five years . . .
common sense tells you that you are
unlikely to have been able to work out
all the consequences and interconnections. It is sensible to look at it.
Banks and large investors have
warned of unintended consequences
from some post-crisis rules, notably that
plans to boost the transparency of bond
markets threaten their liquidity.
However, Lord Hill said it would be a
mistake for the financial services industry to see the call for evidence on regulatory problems as a free-for-all to water
down post-crisis rules. If people come
and simply try to re-fight old issues . . . I
dont think theyll get very far, he said.
See Markets

Eurozone. ECB strategy

Deflation raises prospect of more quantitative easing

The central banks hand might
be forced if the slowdown in
emerging markets continues
FERDINANDO GIUGLIANO LONDON
JAMES SHOTTER FRANKFURT

The eurozone has spent much of the

past year trying to shake off the risk of
falling into Japanese-style deflation.
Last January, the European Central
Bank announced a huge programme of
quantitative easing, buying up to 60bn
in assets per month, including government bonds, as it sought to return inflation to its target of close to 2 per cent.
So when Eurostat, the European statistics agency, showed that inflation had
slipped back into the negative in September, with prices 0.1 per cent lower
than a year earlier, it looked like the past
nine months had been wasted.
With inflation driven down primarily
by lower energy costs, however, economists remain confident that the
eurozone can still avoid a cycle of persistent falling prices.
But the ECB may still be forced to
expand QE, especially if the slowdown
in emerging markets continues, hitting
eurozone exports hard.
Just in the same way that a small positive print is not enough to pop the
champagne corks, a small negative
reading does not on its own presage a
broader deflationary spiral, said Timo
del Carpio, European economist at RBC
Capital Markets. The far bigger concern, in our view, still relates to weak
underlying price pressures. The ECB
will be increasingly wary about the
downside risks to its mandate.
The fall in inflation, which was from
0.1 per cent in August, marks the first
time in six months that the 19-nation
currency bloc has experienced deflation. The main driver was energy prices,
which were 8.9 per cent lower than a
year earlier, due to, in part, a slump in
the oil market.
Core inflation, which strips out the
most volatile items such as energy,
stood at 0.9 per cent, the same as in
August. Food, alcohol and tobacco
prices were up 1.4 per cent in September, while the price of services rose
1.3 per cent, marginally higher than in
August.

Prost!: beer
flows at the
Oktoberfest in
Munich, which
finishes on
Sunday. Alcohol
prices in the
eurozone rose
1.4 per cent in
September Josef
Hildenbrand/AFP/Getty

Economists were generally encouraged by the resilience of core inflation,

as well as by the improvement in services inflation.
The acceleration in services inflation
is good news because it comes amid [a]
slowly normalising labour market and
wage developments labour cost is the
main determinant of services inflation,
said Marco Valli, chief eurozone economist at UniCredit bank.
But analysts point out that such positive news has to be balanced against an
increasingly uncertain outlook.
The fall in oil prices is expected to
continue to boost domestic demand, as
consumers feel their pay cheques can go
further. But the recovery is still too weak
to generate the kind of sustained job creation that is needed for a broad-based
acceleration in consumption.
Yesterday, Eurostat also said that
unemployment in the currency bloc
remained high at 11 per cent in August,
the same level at which it stood in July.
There is a recovery and jobs are

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being created, said Guntram Wolff,

director at Bruegel, a think-tank. But it
is not a satisfying recovery and the pace
of employment growth is too slow.
Externally, companies fear the slowdown in emerging markets and China in
particular, is threatening to reduce the
pace of exports growth.
The other concern relates to the resilience of the euro, which has strengthened against the dollar after the US Federal Reserve delayed its first increase in
interest rates since the crisis.
Were the Fed to press ahead with liftoff in October or December, this would
help the ECB by weakening the single
currency, which would in turn push up
price pressures.
But the central bank might feel that
even this is not enough: future inflation
expectations have been slipping again,
and the central bank might want to raise
them again before they go too low.
For this reason, some economists
believe that the ECB could dramatically
step up its asset purchases.

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ft.com/weekendsub

Bratislava will file a case at the European Court of Justice, the EUs highest
court, by mid-December arguing the
proposals breach EU rules, a spokesman
for the Slovak justice ministry said.
Slovakia, a staunch opponent of quotas to share out migrants, was one of
four countries to oppose the plan, which
was passed after a majority vote by the
European Council, which comprises the
heads of the 28 member states.
The move to force the council vote
came after weeks of negotiations failed
to result in a compromise upon which
all member states could agree. Of the
four countries to oppose the scheme,
the Czech Republic and Romania have
ruled out legal action, while Hungary is
still considering it.
If Slovakia presses on with its legal
case, its chances of success are thin,
according to Brussels officials. Although
it is rare for countries to be outvoted on
controversial matters, it is perfectly
legal to do so under EU rules.
A spokesman for the European Commission said: It is of course a member
state prerogative to challenge council
decisions before the court. As long as
court proceedings are ongoing, member
states still have to comply with the law.
Slovakia is expected to base its case
around the notion that council decisions
such as the one taken on migrant quotas
are only allowed to bypass normal legislative procedure if the issue is urgent
and temporary.
Bratislava will argue that because
normal legislative procedures were not
attempted, the issue cannot be considered urgent enough to push it through
the council, and that the measure is not
temporary, as it covers a two-year
period of migrant sharing.
A Slovak ministry of justice official
said: They cannot make this kind of
decision based on a majority. It is illegal
and we will fight it. We will not accept
the councils decision.
Officials from across Europe will meet
this week in Brussels to discuss details of
the migrant sharing plan.
Under the plan, a total of 160,000
which includes a smaller scheme to relocate 40,000 people agreed this summer
will be redistributed from Italy and
Greece across the rest of the EU.
Yet despite months of argument over
the proposals, details of the scheme
ranging from how to process people
arriving to deciding where they are sent
are yet to be finalised.
Privately, EU officials admit that
there is little they can do if a country
refuses to accept its quota beyond
launching standard infringement proceedings, which take years to resolve.
Speaking at a press conference in Bratislava, Robert Fico, Slovakian prime
minister, said there was no way to force
a country to take its quota against its
wishes. We disagree with mandatory
quotas and we formalised that opinion
today, Mr Fico said.
Slovakia is required to take 802 asylum seekers under the scheme, with
those sent most likely to come from
Syria, Eritrea and Iraq.

US voices fears it will bear cost of extra EU corporate tax bills

The US Treasury has broken its silence
over the EUs flagship tax investigations into Apple, Starbucks and Amazon to voice concerns that it would ultimately bear the cost of any extra bills.

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there is something to delight all readers.

Slovakia plans to take Brussels to court

over an EU plan to share 120,000 asylum seekers, in the latest challenge to a
deeply divisive proposal that has shattered solidarity over the migrant crisis.

Brussels inquiry

VANESSA HOULDER LONDON

CHRISTIAN OLIVER BRUSSELS

Read beyond the expected

The ECB
will be
increasingly
wary
about the
downside
risks to its
mandate

Standard & Poors, the credit rating

agency, said yesterday that the central
bank could extend quantitative easing
beyond the planned cut-off in September 2016 until mid-2018, swelling the
programme to as much as 2.4tn in
total.
However, the ECB is likely to wait
until December at least before taking
any further step.
Mario Draghi, ECB president, made it
clear last week that the central bank was
prepared to take further action if there
were a risk of the slowdown becoming
entrenched.
Mr del Carpio said: The [ECBs]
governing council will look to cement
expectations over the continuation of its
asset purchase programmes beyond
their nominal end-date of September
2016.
However, it may not be until the
December meeting, when new staff
forecasts are released, that the governing council is prepared to make such a
judgment.

HENRY FOY WARSAW

DUNCAN ROBINSON BRUSSELS

A senior official said a move by Brussels

to force the multinationals to pay back
taxes would have wider implications for
the US because the company would
receive a credit for the levies paid overseas. Robert Stack, a deputy assistant
secretary, said the US was concerned
any retroactive tax would be borne by
US taxpayers in the form of a credit,
adding that a purely prospective remedy would alleviate these concerns.
The European Commission opened
in-depth investigations last year into
whether certain rulings comfort
letters that provide clarity on how a
companys tax bill will be calculated
complied with the EU rules on state aid.
The commissions competition arm is
expected to issue decisions shortly on
cases involving Amazon and Fiat in Luxembourg, Apple in Ireland and Starbucks in the Netherlands. If it rules that

governments treated companies

favourably, it has the power to force
states to claw back 10 years of unpaid
taxes, potentially hitting companies
with bills running into billions of euros.
Apple has warned its investors it
could suffer a material hit from the
EU probe if Ireland is forced to claw
back the money.
Mr Stack said he was delighted to hear
Margrethe Vestager, the competition
commissioner, tell a parliamentary
commission earlier this month that she
would not be rushed into a verdict
before she had a quality case.
People in Brussels close to the four
cases say the commission is steeling
itself for a court battle to defend its
approach in tackling tax avoidance.
The commission case officers working
on the dossiers have determined that
illegal state aid is involved, they said.
But, Ms Vestagers team is scrutinising
the cases, running through the counterarguments that are likely to be faced in
court. Some EU officials and lawyers
have cautioned the final decisions will
not necessarily announce a headline figure of the number of euros that must be
recovered. Instead, the decisions are

more likely to map out a methodology

that the member states must use to
work out how much to claw back.
Mr Stack told a meeting in London
that the US had been reluctant to be
drawn into the debate over EU state aid
but considered it important to express
its point of view. He would not comment
on whether high-level talks had been
held between Washington and Brussels.

Serving up: rulings are due soon over

Amazon, Fiat, Apple and Starbucks

The US also fears the Brussels investigations will diminish the role of its bilateral tax treaties with EU member states.
It does not want the commission to
override member states in deciding
companies tax bills, because it has no
treaty with Brussels that would allow it
to challenge its conclusions.
He attributed the interest in corporate tax in Europe to austerity and the
activities of non-governmental groups.
He said the political environment concerning corporate income tax was so different in the US it was almost like night
and day. He called on Europe to join the
US in focusing on the application of the
rule of law rather than succumbing to
short-term self-interest driven by the
political fads of the day.
Mr Stack, who represented the US in
the global effort to overhaul international corporate tax rules, also drew
attention to features of the EU system
which like certain US rules had fostered avoidance by companies. European law had also made it hard to
enforce rules against havens, which in
turn had allowed countries to justify
weak rules while protecting their real
goal of tax competition.

Thursday 1 October 2015

FINANCIAL TIMES

INTERNATIONAL

Iraq. Ethnic tensions

Arabs pay price after Isis withdrawal

Continued from page 1

As the displaced return, there

are concerns about a backlash
against Sunni Muslims
ERIKA SOLOMON SINOUNI, IRAQ

He nearly lost his family and his life

when jihadi militants seized his town
and slaughtered hundreds of Yazidi
kinsmen.
Now Ibrahim Hajj is willing to risk his
livelihood too, if it keeps out the Arab
neighbours he believes enabled the
attack.
If they try to come back, and we dont
have weapons to kill them, we will tear
them apart with our teeth and nails, he
says, standing in his empty mechanic
shop in Sinouni, a rare sign of life in this
nearly abandoned town of northwestern Iraq.
Mr Hajj holds his convictions despite
the cost: without those Arab neighbours, the 30-year-old mechanic is also
unable to remain. I havent made a single cent since I came back. With them
gone, I have no customers, he says. I
have to go back to the refugee camps.
During the past eight months, Iraqs
Kurdish peshmerga forces have wrested
back swaths of Iraqs north-west,
including parts of the semi-autonomous
region of Kurdistan, from Islamic State
of Iraq and the Levant (Isis), the largely
Sunni Arab group that forced hundreds
of thousands of people from all ethnic
and religious backgrounds to flee. Now,
as the displaced return, there are concerns about a backlash against Sunni
Muslims by victims of Isis, such as the
Yazidis and Kurds.
Rights groups have documented
attacks on Arab civilians and in some
instances Arabs in the Kurdistan region
have even been banned from returning
to recaptured towns.
The division of these communities is
not just a social tragedy; it is an economic threat too, hampering the revival
of this war-torn region. These communities are very intertwined economically, says Ahmed Ali, a senior fellow at
the Institute of Regional and International Studies of the American University of Iraq in Sulaimaniya.
Violence following the 2003 US invasion strained relations between Iraqs
myriad sects and ethnicities. Isiss
expansion across nearly half of Syria
and about a third of Iraq is bringing back

Yazidis search
for relatives
believed
murdered by
Isis and dumped
in a mass grave
near Sinouni in
February Safin
Hamed/AFP/Getty Images

divisions with full force. When Isis

attacked the Iraqi district of Sinjar,
where the town of Sinouni is located,
last summer, it killed thousands of
Yazidi men and enslaved thousands of
women, labelling members of the
ancient monotheistic religion apostates.
Sinouni is a ghost town of squat, concrete homes and corrugated tin shacks.
Some of their former Arab occupants
joined Isis, locals say, but many others
did not.
Arabs have been able to return to
some towns, such as Rabea on the border with Syria where they are in the
majority. Most Rabea residents are of
the Shammar tribe, which allied with
the Kurds against Isis and, as such, are
not seen as a threat.
But even in Rabea, Arabs were
dismayed to find the problems did not
end with their homecoming. They are
deeply mistrusted by Kurdish and
Yazidi neighbours. The electricity
hardly works: Rabea has been neglected
by the central government, and Kurdish
authorities have not hooked them up to
their own power grid.

Rabeas main market is bustling

despite dark reminders of the recent
past: down the road, a line of tin shack
shops is charred and mangled; residents
say the peshmerga suspected their
owners of being Isis members.
I used to eat and drink with Yazidis
from the other towns . . . But the trust is
gone, its not like before, says Mohammed al-Shammar, a young Arab man in
a white robe walking through the ramshackle market.
The former policeman tried to call
and check on a Yazidi co-worker, only to
face bitter accusations. He said: All of
you Muslims are Isis.
Most residents say they feel under
siege. The peshmerga bans them from
crossing into Syria to buy cheap food
and supplies. Most Rabea residents prefer to do business in Kurdish areas, but
they need permission to go.
We have to ask Kurdish businessmen
to buy everything for us from Dohuk or
Zakho, says one Arab grocer, wiping
sweat from his brow. Imagine the
unfair prices they impose. They profit
on us because we are trapped.

I used to
eat and
drink with
Yazidis
from the
other
towns. But
the trust is
gone

Farther east, near Erbil, Iraqi Kurdistans regional capital, Abu Sarwat
counts the cost of the divisions not just
financially, but on a personal level.
The Kurdish owner of a motorcycle
repair shop in Makhmour, he still prefers to speak to his wife in Arabic, a relic
of her childhood in the mostly Arab city
of Mosul, which is under Isis control.
After peshmerga recaptured
Makhmour from Isis, Mr Sarwat, who
asked his real name not be used, immediately returned home. He repaired broken doors, repainted the walls and
opened shop.
But with tensions between Arabs,
Kurds and Yazidis still high, and the surrounding Arab villages empty, his
income has dropped to about $13 a day
from $250-$450 before the fighting.
He plans to move his shop and his
family to Erbil for good. If the Arabs
dont return and everyones forced to go
their own way, we wont have a life
there. Its hopeless, he says. But you
cant say anything about that. If I tried to
make that argument, people would say,
youre Isis too.

Putin faces short-term gain for long-term pain in Syria

COMMENT

Gideon
Rachman
George W Bush said that he had looked
into Vladimir Putins eyes and got a
sense of his soul. Maybe he did, for the
former US and current Russian presidents are beginning to look like soulmates, when it comes to the idea of a
war on terror.
Like Mr Bush, Mr Putin has decided to
deploy his countrys military in the Middle East, as part of a war on terrorism.
And like Mr Bush, the Russian leader has
argued that he is fighting on behalf of the
civilised world, while appealing for globalsupport.

Russian air
strikes raise
US tensions

But with the Russians, as with the

Americans in 2003, the definition of
who is a terrorist seems to be a little
fuzzy. Mr Bushs critics pointed out that
there was no evidence to link Saddam
Hussein to the terrorist attacks of 9/11.
Similarly, Russias air strikes in Syria
seem to be targeting areas, such as
Homs, that are not controlled by jihadis.
Like their allies in the Syrian government of Bashar al-Assad, the Russian air
force seems to be keener on going after
the non-jihadi opposition than the
forces of the group known as the Islamic
State of Iraq and Levant (Isis). However,
the Russians are certain to continue to
insist that whoever they are striking are
terrorists, just as all the forces they are
fighting in Ukraine are said to be fascists.
Mr Putins moves have certainly
wrongfooted the US in Syria. For the

moment, the Russians appear to have

seized the initiative. They have warned
the US Air Force, which was already
bombing Isis in Syria, to stay on the
ground, while Russian planes conduct
bombing missions.
They have also complicated the
already fraught British debate about
whether to join in air strikes against Isis
in Syria.
Russias military moves, combined
with an assured (some might say, brazen) performance given by Mr Putin in
his speech at the UN earlier this week,

[Putin is] beginning

another military
adventure before
finishing his previous one

mean that the current journalistic fashion is to laud Mr Putin for his mastery of
international strategy. But if and when
Russian military personnel start dying
in Syria, the applause might fade. For
there is a good reason why the Americans have been reluctant to put boots
on the ground in Syria.
The Russians say they are restricting
themselves to air strikes, in support of
the Syrian army. But they seem to be
deploying up to 2,000 military personnel to Syria, in this first phase of the
operation. And, of course, they may
have to escalate if things go badly. For as
Mr Bush discovered in Iraq, it is much
easier to get involved in a war in the
Middle East than to extricate yourself.
The Russians might also think back to
their disastrous war with jihadis in
Afghanistan in the 1980s, which contributed so much to the fall of the Soviet

Union. What is more, Mr Putin is starting his own war on terror from a much
weaker position than that faced by Mr
Bush.
The Russian economy is shrinking,
smitten by a combination of international sanctions and low oil prices. Russia is also already involved in an unfinished war in Ukraine. One theory for
why Mr Putin is upping the ante in Syria,
is that the Russian leader wants to distract attention from a worsening situation in Ukraine.
I doubt that the calculation is quite
that simple. But as William Pomeranz of
the Wilson Center in Washington points
out, the Russian president is beginning
another military adventure before finishing his previous one and at a time of
profound economic weakness in Russia.
That does not sound like a masterstroke to me.

on the fire. France and the UK also

warned Moscow not to attack other
rebel factions.
The Russian air strikes add another
unpredictable factor to the multipronged civil war in Syria, which has
claimed more than 300,000 lives and
created millions of refugees, thousands
of whom are trying to enter Europe.
According to Hizbollah, the Shia militant group allied with Mr Assad, Russian
warplanes hit the towns of Talbisa,
Rastan, Zaafaraniya and Makramiya
near Homs. A US official said the target
of the first Russian air strikes appeared
to have been near Homs.
Manar, Hizbollahs television channel, said the Russian air force targeted
arms caches, ammunition, other military hardware and fuel belonging to
terrorist organisations in Syria.
One of the Russian targets was
Tajamaa al-Ezza (Dignity Gathering), a
rebel group assisted by the international
joint operations room in Jordan, a
military co-operation body that
includes the US.
Jamil al-Saleh, one of the groups commanders, said its positions in Hama
were hit after nearly a week of what he
said were Russian reconnaissance
flights in the areas.
Each strike was 10 rockets, done by
four planes and covered by one reconnaissance jet. The first strike hit the
Latamneh area and had mostly civilian
casualties. The second hit our head-

Russians appear to be
here not to fight Isis, but to
. . . help exterminate the
Free Syrian Army
quarters near the front. There was
heavy damage and eight wounded but
none of our fighters were killed.
I want the world to know that the
Russians appear to be here not to fight
Isis but to help the Assad regime exterminate the Free Syrian Army, destroy
the popular revolution and kill its civilians all for the sake of strengthening
the regime, he said.
Mr Saleh said his group concluded
that the warplanes were Russian after
intercepting regime forces radio communications and noting that they were
at higher altitudes and in different
formations from Syrian bombers.
Activists said that while there were
small groups of fighters from hardline
Islamist groups such as al-Qaedas
Syrian branch, Jabhat al-Nusra, the
main rebel presence belonged to more
moderate opposition groups.
The Revolutionary Forces of Syria,
another opposition body, said that a second group that co-operates with western forces was hit as well: The First
Coastal Division, near the town of Salma
in Latakia.
They co-operate with the northern
international joint co-operations room
based in Turkey, known as the Friends
of the Syrian People operations room or
MOM, a member of the activist group
said.
The Kremlin had said earlier yesterday that it was ready to begin military
action in support of Syrian government
forces, after rushing through parliament the steps required
The start of Russias air campaign was
accompanied by an appeal from President Vladimir Putin to Mr Assad, for
compromise on a political solution to
the conflict.
Notebook page 14

Middle East

Strained relations

Palestinian leader rejects Oslo Accords

China holds two Japanese on spying allegations

JOHN REED JERUSALEM

Mahmoud Abbas, the Palestinian president, told the UN yesterday that his
people were no longer bound by agreements signed with Israel, including the
two-decade-old Oslo Accords meant to
pave the way for a two-state solution to
their long-running conflict.
But Mr Abbas provided few details of
what this statement might mean in
practice, raising questions over the
implications of his remarks.
We have tried to oblige Israel to
implement the signed agreements and
to negotiate in conformity with the twostate solution through direct contacts
with the Israeli government and the
Middle East Quartet, comprising the US,
Russia, the EU and the UN, he said.
Mr Abbas asserted that Israel was
entrenching an apartheid regime
against Palestinians even as it provided
protection to Jewish settlers in the West
Bank and East Jerusalem.
We declare that as long as Israel
refuses to commit to the agreements
signed with us, which render us an

authority without real powers, and as

long as Israel refuses to cease settlement
activities . . . they leave us no choice but
to insist that we will not remain the only
ones committed to the implementation
of these agreements, while Israel continuously violates them, Mr Abbas said.
We therefore declare that we cannot
continue to be bound by these agreements and that Israel must assume all of
its responsibilities as an occupying
power because the status quo cannot
continue.
The Palestinian leader also called on
the UN to provide international protection for his people, in a speech to the
General Assembly that marked a further move in his administrations drive
to push the conflict outside the parameters of the faltering US-led peace process
and into the international arena.
Mr Abbas spoke shortly before the
Palestinian flag was raised for the first
time at the New York headquarters of
the world body, in which the state of
Palestine was accorded non-observer
member status in 2012. Before the
speech, Mr Abbass advisers had said

that the 80-year-old leader would be

dropping a bombshell, including the
possible abrogation of the Oslo Accords,
which were meant to lead to the establishment of a Palestinian state by 1999.
However, Mr Abbas did not lay down
any of the trump cards floated in the
past by Palestinian officials frustrated
by a dead-end in their drive for statehood: most notably a disbanding of the
Palestinian Authority, the Ramallahbased administration that he runs, or a
severing of security co-operation with
Israel that serves to maintain relative
quiet in the West Bank.
The latest round of Israeli-Palestinian
talks fell apart in April 2014 amid acrimony over a stalled release of Palestinian prisoners, Israels expansion of settlement housing and Israeli anger at Mr
Abbass push to join institutions such as
the International Criminal Court.
Members of the Quartet are meeting
on the sidelines of this weeks UN meeting to discuss ways of restarting the dialogue. Benjamin Netanyahu, Israeli
prime minister, is due to address the
General Assembly today.

CHARLES CLOVER BEIJING

China has detained two Japanese citizens and accused them of espionage,
the foreign ministry in Beijing confirmed yesterday, in a development
that could further worsen already
strained relations between the two
countries.
Tensions between China and Japan have
escalated in the past two years over
competing maritime claims in the East
China Sea as well as the unhealed memories of second world war atrocities for
which Japan says it has apologised and
China insists it has not.
The detentions were first reported in
Japanese newspaper the Asahi Shimbun, which said the detentions occurred
in May, with one man taken into custody
near a military facility south of Shanghai, and the other near the North
Korean border.
The Chinese foreign ministry confirmed the story to a press briefing
yesterday. China arrested two Japanese
on suspicion of carrying out espionage
activities, it said. We have notified

Japan on the relevant situation.

Japans ministry of foreign affairs said:
We are aware of the reports but we
refrain from commenting on the matter.
Yoshihide Suga, Japans chief cabinet
secretary, confirmed that two Japanese
citizens had been detained, and told a
press conference that the government

Tokyo has never done

such a thing, and it
is the same policy
towards all countries
was taking every effort to ensure the
safety of Japanese citizens overseas.
However, Mr Suga disputed the spying allegations, saying: The government has never done such a thing, and it
is the same policy towards all countries.
Japanese broadcaster NHK said it was
investigating reports that a third
national might have been detained
around the same time.

The publication of details of the case

in Japan may indicate that efforts
behind the scenes to secure the release
of the captives have not succeeded.
This month, tensions between Beijing
and Tokyo were laid bare when Japan
refused to send a representative to a
military parade in honour of the 70th
anniversary of the end of the second
world war.
The celebration was officially named
the Anniversary of victory in the peoples war of resistance against Japanese
aggression, although China insisted it
was not aimed against any third country.
In a separate development, the US
said it had brought home agents
working under diplomatic cover in
Beijing for the Central Intelligence
Agency, according to a report in The
Washington Post. The US newspaper
said their identities may have been compromised by cyber attacks on the US
Office of Personnel Management computers that were disclosed earlier this
year, which have been blamed on the
Chinese government.

10

FINANCIAL TIMES

Thursday 1 October 2015

INTERNATIONAL

Emerging markets face fifth

tough year, warns Lagarde

Outlook

IMF chief fears for growth as China slows, commodities fall and US eyes rate rise
SAM FLEMING WASHINGTON

International Monetary Fund chief

Christine Lagarde has warned of disappointing and uneven global growth,
with emerging economies set to be buffeted by a fifth consecutive year of slowing expansion.
Speaking in Washington ahead of
annual meetings in Lima, Peru, next
week, managing director Ms Lagarde set
a sombre tone for the gathering, warning that worldwide expansion this year
would fall short of last years figures and
that there would be only a modest
expansion in 2016.
She suggested that the IMFs key concerns surrounded emerging markets,
which are being hit by a China slowdown, falling commodity prices, the
prospects of higher US interest rates,
and the risk of more dollar appreciation.
By contrast, the IMF chief gave a relatively positive verdict on the advanced
economies, describing the US performance as reasonably robust alongside
the UK, and adding that the euro area is

now seeing a strengthening recovery. Ms

Lagarde said the world needed to
undergo two key economic transitions:
the first was the move by China to a less
investment-intensive growth model,
something that could lead to a prolonged period of low commodity prices.
The second was the shift to higher
interest rates in the US, where the Fed
Reserve is considering its first rate rise
since 2006.
The prospect of rising interest rates
in the United States and Chinas slowdown are contributing to uncertainty
and higher market volatility, Ms
Lagarde said. There has been a sharp
deceleration in the growth of global
trade. And the rapid drop in commodity
prices is posing problems for resourcebased economies.
While the IMF has urged the Fed not
to lift rates this year, Ms Lagarde said an
increase, when it came, would be a positive move because it reflected a stronger
US economy. She said the Fed faced a
delicate balancing act as it weighed up
when to act, saying it needed to normal-

ise the risk of financial market disruption when normalising rates. Rising US
interest rates and a stronger dollar
could reveal currency mismatches,
leading to corporate defaults and a
vicious cycle between corporates, banks
and sovereigns.
Over the past decade, the corporate
Christine Lagarde:
The rapid drop in
commodity prices
is posing problems
for resource-based
economies

debt of non-financial firm companies

across large emerging market economies has quadrupled from $4tn in 2004
to $18tn in 2014, according to IMF analysis. In the same period, the average
ratio of emerging market corporate debt
to gross domestic product grew by
26 percentage points.
Although by some other measures
those corporate debt levels remained
below historical peaks, the prospect of

an increase in rates and debt servicing

costs meant that the looming end of a
post-crisis era of cheap money posed a
big risk to emerging market companies,
the IMF warned this week.
Among emerging economies, Ms
Lagarde identified India as a bright spot.
But she added that countries such as
Russia and Brazil were facing serious
economic difficulties. The IMF was also
worried by signs of weaker activity in
low-income countries, she added.
Amid global worries about the depth
of Chinas economic problems, Ms
Lagarde struck a supportive note. China
was in the middle of a fundamental and
welcome transformation, she argued,
as it moved to slower but more sustainable growth.
However, as it invested less, China
would reduce its appetite for commodities, she argued.
This will contribute to what could be
a prolonged period of low commodity
prices a change that will need to be
managed by policymakers, particularly
in the large commodity exporters.

Finances. Monetary policy

Central bank vows to curb Brazil inflation

Senior official confident of
controlling rising prices as
Rousseff plans tax increases
JOE LEAHY BRASLIA

Brazils central bank is willing to do

whatever is necessary to control inflation while the country grapples with the
thorny issue of how to rebalance the
nations public finances, according to a
senior official.
Tony Volpon, head of international
affairs at the central bank, said while tax
increases to balance the budget could
raise prices, monetary policy would be
adapted to ensure that inflation eventually converged to the official target of
4.5 per cent. Annual inflation is currently running at 9.6 per cent.
I would much rather that we have a
sustainable fiscal situation even if that
means higher inflationary pressures
that we need to control at our end, said
Mr Volpon in an interview at the central
banks headquarters in Braslia. We
know how to deal with that and we are
ready and willing to deal with it again
and bring inflation down to target.
The comments come after Brazils
currency, the real, last week broke
through its all-time low against the dollar of over R$4 a fall in value that was
arrested only after Alexandre Tombini,
the central banks president, threatened
possible intervention using Brazils foreign exchange reserves.
The currencys moves reflected
bearishness on emerging markets after
the US Federal Reserve decided not to
raise interest rates, citing weakness in
Chinas economy. It also showed a lack
of confidence in Brazils fiscal sustainability after flip-flopping by the government on its budget deficit targets cost
the country its investment grade rating
from Standard & Poors.
President Dilma Rousseff has been
trying to put a fiscal adjustment through
congress to rein in Brazils growing public debt burden but rebellious lawmakers have rejected elements of the plan,
especially tax increases.
The Fed was maybe thinking it was
doing something helpful in not raising
interest rates, said Mr Volpon, former
head of emerging market research at
Nomura who joined the central bank
earlier this year. But by calling attention
to its concerns over China through its
decision, it all of a sudden accelerated
the selling of emerging markets.
Mr Volpon said despite the bearishness, markets were overpricing the risk
that Brazil would not be able to imple-

All-time low: Brazils currency, the real, fell last week to more than four to the dollar Dado Galdieri/Bloomberg

Current account balance on

goods

Brazil inflation
Annual % change on consumer prices
broad national Index

Fiscal balance
Bn real

Rolling 4 quarters sum ($bn)

% of GDP

-100

-2

-200

-4

-300

-6

-10

-400

20

10

7
6
5
13

14

15

2010 11

12

13

14 15

-8
2005 07 09 11 13 15*

* IMF April 2015 forecasts

Source: Thomson Reuters Datastream

ment a sustainable fiscal adjustment.

Upward moves in credit markets last
week, such as credit default swap rates
for Brazil that showed the cost of insuring the countrys debt was above that of
unstable Lebanon, were due to technical
factors, such as cross-hedging of positions. This is a country . . . where the
public sector is still a net creditor in dollars, said Mr Volpon. We have about
$50bn of overall external sovereign debt
against $370bn of reserves. Mr Volpon
said the country was already adjusting
across three important areas.
The sharp depreciation in the currency was lowering the current account

The Fed was maybe

thinking it was doing
something helpful in not
raising interest rates

deficit to more sustainable levels. It was

also reviving net exports after years of
them being crushed by a strong
exchange rate during the commodities
supercycle of the past decade, when
Brazil sold iron ore and soyabeans to a
booming China at record prices.
Monetary policy was also holding
tight with the central bank maintaining
its benchmark Selic rate at a high of
14.25 per cent. Where there had been a
lag was in the fiscal adjustment. This
was because of a structural shift in the
economy that had created a shortfall in
government revenues a gap that
would have to be met through deeper
spending cuts or higher revenues.
You saw the tax burden go up continually while we had the China-led boom,
said Mr Volpon. We were sort of in a
win-win situation. There was enough
money for profits, there was enough
money for salaries, there was enough
money for taxes.

But with the end of the boom, corporate Brazils ability to produce the same
tax revenue had disappeared. This new
reality was dawning on society, fuelling
the debate between Ms Rousseff and
congress about where the axe should
fall. Mr Volpon said that while this
debate was not proceeding as fast as
markets would like, it was progressing.
In particular, the market turbulence
last week had tempered resistance in
congress to fiscally responsible measures. Last week, lawmakers did not
oppose presidential vetoes of a series of
populist bills known as the fiscal
bomb that if passed would have
sharply increased the budget deficit.
Mr Volpon said the central bank
hoped to have more clarity before its
next Monetary Policy Committee meeting on October 21, at which it would
debate what was needed to deal with the
implications for inflation.
FT Big Read page 13

Automobiles

China cuts car sales tax in half to rev up decelerating demand

CHARLES CLOVER AND REUTERS

China has halved its sales tax on small

cars to boost sagging demand, as the
economy continues to slow.
The step comes as Chinas automobile
sector, the largest in the world since
2009, looks set to contract in 2015 for
the first time since the 1990s. Car sales
in China were flat in the first eight
months of the year.

The sector, with its high employment,

is a priority for Beijing in a time of economic uncertainty. The move mirrors a
similar tax cut on cars made during the
global economic crisis in 2008 in an
effort to save sales and jobs.
Experts said it was unclear whether
the tax cut would have much effect this
time. Sanford Bernstein said in a
research note: The fact that growth has
remained weak this year in spite of a

SHAWN DONNAN
WORLD TRADE EDITOR

The World Trade Organisation has

downgraded its forecast for global
trade growth this year.
A steeper than expected slowdown in
China and other emerging economies is
dragging on world trade with exports
and imports expected to increase at a
slower pace than the global economy as
a whole this year, say new WTO forecasts.
Yesterday, WTO economists estimated growth this year of 2.8 per cent,
from 3.3 per cent previously, and
warned that their prediction remained
vulnerable to a cloudy outlook for the
world economy. They also warned that
even that pessimistic view of the global
economy may be subject to further
downgrades.
If the slowdown in emerging markets
worsens, the revised forecasts . . . could
still prove to be overly optimistic, they
said. In particular, a slower rebound
from recent declines in developing
economies imports could shave half a
percentage point off global trade growth
in 2015.
The dim view of global commerce
came ahead of the release next week of
the International Monetary Funds latest forecasts, which are expected to see a
downgrade in its 3.3 per cent growth
prediction for the global economy this
year. It also reinforced what some have
seen as a grim shift in the world economy since the 2008 global financial crisis.
For decades before the crisis global
trade reliably grew at twice the rate of
the global economy as part of what some
have called an era of hyperglobalisation, fed by the rise of China and other
emerging markets.
But by some measures it contracted in
the first half of this year and WTO economists said they expected 2015 to be the
fourth year in a row that the volume of
global trade grew at, or below, the rate of
the broader economy. Some economists
have pointed to that trend as evidence
that globalisation has peaked, particularly as technological advances such as
3D printing and higher labour costs in
places like China cause corporations to
shorten global supply chains and bring
production closer to home.
The WTO said it expected a rebound
in trade next year, forecasting trade
growth of 3.9 per cent in 2016.
It also said it expected stronger
exports from developed economies

this year than developing ones.

Exports from developed economies
should rise 3 per cent this year while
those of developing economies would
grow more slowly, by 2.4 per cent.
According to the WTO, the biggest
cause of the slowdown in global trade
remains the worlds slow recovery from
the 2008 financial crisis and the shifting
patters of that recovery.
If in the recent past it was the slowing
economies in Europe or the US that
dragged most on global trade, that role
appears to be played by China.
The biggest shift in the WTOs forecasts came in Asia where, thanks largely
to Chinas slowing imports and exports,
the predicted growth in exports was
lowered to 3.1 per cent from the 5 per
cent WTO economists predicted in
April. On the import side, the forecast
was almost halved to 2.6 per cent from
5.1 per cent previously because of the

If the emerging markets

slowdown worsens, the
revised forecasts . . . could
still be overly optimistic
impact of Chinese imports which were
down 2.2 per cent year on year in the
second quarter of 2015.
WTO economists said the composition of Chinas trade also illustrated the
impact its rebalancing from an exportled to a more consumption-led growth
model was having on its neighbours and
the global economy.
The customs statistics for August
pointed to large year-on-year falls for
items like iron and steel and imported
machinery. At the same time China had
record big increases in demand for agricultural products with its imports of
cereal grains growing 130 per cent.

Wuhan port: Chinas slowdown has

been a drag on world trade

30

10

2012

WTO downgrades
its forecast for
global trade in 2015

period of sharply falling retail prices

suggests that poor consumer sentiment
and economic uncertainty, rather than
pricing and affordability, are to blame
for weak demand.
Last month, carmakers gained support from the central bank, when it
slashed the amount of reserves car
financing companies needed to hold
against loans by 3.5 percentage points.
The tax cut applies to vehicles with

engines sizes less than 1.6 litres, which

account for nearly 70 per cent of total
sales in China.
The cut is to take effect on October 1
and last to the end of 2016.
Volkswagen, under fire for its emission testing scandal in the US, makes
five of the 10 best-selling models in the
category, according to Reuters, although
sales overall in China for the German
company have fallen this year.

Abenomics

Japan edges nearer recession

as industrial production falls
ROBIN HARDING TOKYO

Japan is on the verge of a technical

recession after data on industrial production raised the prospect of a second
consecutivequarterofnegativegrowth.
Industrial production for August a
crucial input into gross domestic product unexpectedly fell by 0.5 per cent
on the previous month after a 0.6 per
cent fall in July.
The figures suggest the shock from
Chinas economic slowdown, combined
with sluggish consumption at home, is
in danger of overwhelming the stimulus
known as Abenomics.
Its likely were already in technical
recession, said Masamichi Adachi, a
senior economist at JPMorgan in Tokyo,
who forecast an annualised contraction
of 1 per cent in the third quarter after
1.2 per cent in the second.
With companies expecting a rise in
industrial production of just 0.1 per cent
in September, an overall contraction for
the third quarter is almost certain,
prompting a number of economists to
predict a fall in GDP.
A second Japanese recession in the
space of two years would be a bitter blow
to Shinzo Abe, prime minister, whose
political appeal rests on his promise to
end two decades of deflation and restore
economic growth.
In an interview with the Financial
Times this week, Mr Abes economic
adviser, Etsuro Honda, said additional
fiscal stimulus was an urgent task,
while an increasing number of analysts
are expecting the Bank of Japan to
expand its monetary stimulus at the end
of October.
I dont want to say this is a really serious recession thats changing the broad
dynamics of the economy, said Mr
Adachi, pointing out that with the
growth trend of only 0.5 per cent, Japan
was always on the verge of a technical
recession. However, he went on: This

should be a trigger for the BoJ to move.

The Bank of Japan is reluctant to ease
further because it believes its policy is
working, with steady falls in the domestic unemployment rate, higher wages
and signs of an increase in domestic
inflationary pressure.
But a series of demand shocks, from
last years consumption tax rise to the
slowdown in China, are undermining
that progress.
The BoJs dilemma is especially acute
because its policy is supposed to work
by generating public expectations of
future inflation. Weak demand undermines that public belief.
Last week Janet Yellen, US Federal
Reserve chair, implicitly criticised the
BoJs policy, noting in a speech: I am
somewhat sceptical about the actual
effectiveness of any monetary policy

0.5%

0.8%

Decrease in
industrial output
for August

Rise in retail sales

compared with an
expected 1.5%

that relies primarily on the central

banks theoretical ability to influence
the publics inflation expectations.
The BoJ has a wide range of policy
options for further easing. It could
increase the rate of asset purchases
from the current Y80tn ($665bn) a
year; expand the range of assets it buys;
or use communication tools to signal
how long it will keep monetary policy
loose.
There was another sign of weak
domestic demand yesterday with retail
sales up just 0.8 per cent on the previous
year compared with market expectations of a 1.5 per cent rise.
Today the Bank of Japan will publish
its crucial Tankan survey of business
sentiment, while employment data are
due tomorrow.

Thursday 1 October 2015

FINANCIAL TIMES

11

12

FINANCIAL TIMES

Thursday 1 October 2015

MILAN AND PARIS FASHION WEEKS

King Giorgio: 40 years on the throne

The designers empire is
more powerful than ever.
But does he have succession
plans? By Rachel Sanderson
On the Sunday morning before the start
of this Milan Fashion Week, Giorgio
Armani sat in the entrance of his Armani coffee house within his three-storey
Armani emporium, an Aperol Spritz on
the table in front of him. Italians and
tourists passing by stopped. They
whipped out smartphones to snap photos of the figure who sat impassively,
instantly recognisable from a thousand
images: white-haired and permatanned, wearing a tight black T-shirt
and black trousers. Have you seen? Its
Giorgio Armani! they exclaimed.
Forty years since he started his business, Armani, 81, has his place assured
in popular culture. In the past year he
has opened an exhibition space, Armani/Silos, curated by him, and published a vast coffee-table book about his
life, written by him. His legacy as a fashion revolutionary who in the 1980s gave
women freedom in the trouser suit and
introduced Hollywood to fashion by
putting Richard Gere in his clothes in
American Gigolo is certain. At the opening of the Armani/Silos in a former
1950s Nestl granary on Milans via Bergognone, movie A-listers of the kind
dreamt of by other houses fflocked to
him in their droves.
He is the only emperor Italian fashion has had, says Lapo Elkann, Fiat
dynasty heir and founder of eyewear
brand Italia Independent, who was front
row at this weeks show. He is also an
example to us entrepreneurs, that with
very hard work, things do happen.
King Giorgio, as he is known in Italy,
has a life story unequalled in fashion.
From an upbringing in war-ravaged
Italy with his brother Sergio and sister
Rosanna, he gave up his medical studies
in 1957 and started out as an assistant
buyer for La Rinascente department
store in Milan, before trying his hand at
designing. By 1982, he was on the cover

of Time magazine. Today at his emporium in Milan, his branding is on a luxury hotel, restaurant, chocolates and
flowers.
His business skills show no signs of
abating. Revenues rose 16 per cent at
Giorgio Armani SpA to 2.5bn in 2014
as it rolled out more than 200 new stores
to bring its total to 2,700, far outflanking
Louis Vuitton, Prada and Gucci, which
have fewer combined. Operating earnings rose 5.7 per cent to 507m year on
year. Armani said its strongest markets
were Asia and the Middle East. You
know designers, they are always bickering about who is the best, but none of
them ever dared to say they were better

Designers bicker
about whos best. None
dared say they were
better than Armani
than Giorgio Armani, says Mario
Boselli, honorary chairman of Milans
fashion association Camera della Moda.
Yet in todays rapidly evolving fashion
and luxury industry, Armanis future is
less clear. At a press conference by publisher Rizzoli to mark the launch of the
book, Suzy Menkes, the fashion critic,
noted that Armanis trademark of consistency is countercurrent to the digital
age, when many designers are frenziedly pumping out items to feed social
media and drive sales.
And where the broader luxury trend
is to shun ubiquity and push prices to
eye-watering highs, Giorgio Armani
SpA, the group, sells across price points:
from haute couture line Armani Priv
and its two main, ready-to-wear lines
Giorgio Armani and Emporio Armani,
down to Armani Collezioni, Armani
Exchange and Armani Jeans, where it
competes more directly with accessible
luxury or fast-fashion brand Zara.
But the most persistent question is,
after Armani who still owns the
entirety of his business what happens
to Armani? Bankers talk of interest from

Clockwise from above:

Armani arrives at his 40th
anniversary party; in 1979;
models backstage at the
Armani SS16 show; the
designers book SGP srl; Rex
private equity and Asia and Middle East
sovereign wealth funds. The Italian state
may consider taking a stake to keep it
Italian, according to some executives.
The question has grown more prescient in light of empire shifts across the
industry.Thissummer,DonnaKaranleft
the design studio she founded in 1984 to

focus on her philanthropic causes; Roberto Cavalli flogged the empire he

launched in 1970 (or at least 90 per cent
ofit)earlierthisyeartoClessidra,anItalian private equity firm, while Diane von
Furstenberg, the 68-year-old who has
helmed her eponymous label since 1970,
told the FT last month that the appointment of a new chief executive this summer was paving the way for her to take a
step back from the day-to-day running
ofthebusiness.
Inevitably, Armani, who still micromanages the business and refuses talk
of succession, was asked the question
again this week at his 40th anniversary
book launch, where images of his life
from blue-eyed baby to white-haired
and trim octogenarian cuddling the cats
he considers his closest companions
flickered across the walls. This job is
beautiful and I am continuing to do it,
he said in his unmistakable Milanese
accent. My ego tells me to answer that
there is no one like Giorgio Armani.
Comments that bring to mind
the words of another king: Aprs

moi, le
dluge.

Paris Fashion Week: Maison Margiela

FASHION

Jo
Ellison
With John Galliano at
the helm, the label goes
on a galactic trip and
weaves fables of
the reconstruction
In fashion, as with so many things,
placement is all. Where a show falls in
the schedule can be almost as essential
to its success or significance as the
clothes showcased within it. And Paris,
the most important of the fashion
weeks, is one of the toughest arenas in
which to get the right billing.
This season, however, a number of
minor tweaks have seen the week
recalibrated and much for the better.
Chlo has been one of the beneficiaries:
the house, often eclipsed by Cline,
which has traditionally shown an
hour before it, has escaped from the
shadow of a Sunday afternoon
billing to shine anew today
Thursday being a day which
offers comparatively little
competition. And the absence
of Givenchy, which showed in
New York this season, will
also allow a little more
wiggle room for those cruising
through the weekend catwalks.
Others are less advantaged. At
Dries Van Noten, whose show has
previously been recognised by the press
as marking the unofficial start of Paris
Fashion Week, a funny little interloper
upstaged proceedings yesterday:
Maison Margielas Tuileries show was
held several hours before it. The label,
now helmed by John Galliano, is
sufficiently exciting that all the major
buyers, editors and writers were sat
front-row. Well, we all knew Galliano
doesnt want for attention.

In his fourth show as the creative

director of the label, which is owned by
OTB Italian entrepreneur Renzo Rosso,
Maison Margiela SS16 continued to
build on the houses current love for
reinterpretation and reconstruction
with a collection made in simple
furnishing fabrics, jumble and
occasionally clingfilm. The shows
notes, written in Gallianos typically
romantic but opaque style, described
it thus: Garments touched by the
patina of time, as archetypes are
refracted through a whitewashed
mirror. Antique technology is reverseengineered beneath a soft filter to
collide with rogue handicraft. Lo-fi, scifi, with a hi-fi finish.
The looks were ladylike with a hint of
otherworldliness astronauts wife
Catwalking

meets Martian. Jackets were curveshouldered and 1950s in style, while

neat pencil skirts were over-layered
with filmy tiers of texture. The flow was
then interrupted by more sculptural
details: dresses tied at the bust with soft
cord details; a mini bag suspended
between the shoulder blades; a dress
embellished with smashed-mirror
appliqu; a jacket in palest glacier green
hung with metallic threads; another
stuck with pretty safety-pin blooms.
Dresses revealed both heirloom
ornaments hidden in their folds and
great daubs of colour, as though the
models had sat on wet paints or leaned
against newly whitewashed walls while
they were waiting backstage. While the
looks were demure, there was
subversion here: the models wore
distressed birds-nest beehives dyed
pale pistachio, and had silver Bowie
eyes. Many of the most feminine looks
were worn by hairy-legged men.
Curiously, it recalled the Prada show,
another study in feminine dress codes
and the rigour of ladylike silhouettes:
there were similar riffs on the skirtsuit here, and devilish little
touches. The petals on a floral
skirt had been snipped to create
a spiky layer of intrigue, just as
Pradas brown skirt panels
hinted at a glimpse of something
other; the metallic make-up,
filmy layers and mirrored
embellishment reminded me of
Pradas glittery paillettes. With
running water now a fact on
Mars, maybe these designers
have got on eye on our
intergalactic futures? Memo to
Major Tom: bring fishnets and a
stiletto heel.
This was a softer show of
femininity though, with lots of
quilting and silky layers. An ochre,
bias-cut two-piece glided over the
body and swept the floor. It looked
perfectly lovely and then you saw
the paint stains on the rear. The look,
like the shows new time slot, was a
nice disruption.
For more reports from the shows, go to our
fashion weeks page on FT.com

Thursday 1 October 2015

13

FINANCIAL TIMES

FT BIG READ. MARKETS

Investors have poured money into systematic investment strategies designed to maximise returns even
in tough times. But some say these computer-driven models have only made the turbulence worse.
By Robin Wigglesworth

Can they really be tamed?

obras are revered in Indian

culture, but the British Raj
took a dimmer view of the
poisonous snake. Officials
promised a lucrative reward
for every dead serpent a scheme that,
according to economic lore, backfired
horribly.
Enterprising Indians began breeding
cobras to collect the bounty, which
forced the colonial government to abandon the plan. The frustrated breeders
then released the worthless cobras,
worsening the infestation. The story has
never been fully confirmed by historians, but was seized on by German economist Horst Siebert, who in 2001 published The Cobra Effect on perverse
incentives and unintended consequences. The book turned the anecdote
into a potent example of how solutions
to a problem can make it worse.
A similar phenomenon has arguably
taken place in the financial markets.
Since the bruising losses of the financial crisis investors have sought out
novel and complex ways to play markets more safely. Many have increasingly turned to computer-driven systematic investment strategies that aim
to maximise returns while mitigating
risks whatever the market conditions.
The attractions are understandable.
Many traditional fund managers
investment returns have consistently
underperformed, though this has not
diminished their hefty fees. This has
burnished the appeal of the systematic
investment industry, the creation of a
new generation of scientist asset managers who use complex algorithms to beat
the market. Freed from the shackles of
human bias and slow reaction, their
funds harness computer power to constantly and automatically exploit millions of minuscule investment opportunities, using sophisticated risk management tools that aim to tame volatility
rather than be terrorised by it.
But the recent stock market turbulence has raised new concerns that these
automated and algorithmically-driven
strategies are compounding problems,
not insulating investors from them.
Some analysts and investors fret that
the systematic strategies are a financial
version of the Cobra Effect.
We have been breeding cobras, and
we are now releasing them into the
wild, says Andrew Lo, a finance professor at MITs Sloan School of Management. We ought to be very concerned
about this growing phenomenon
. . . This is no longer a cottage industry.
Some analysts fear that the rise of systematic investment strategies has made
markets even less predictable, more
volatile and potentially susceptible to
sudden, inexplicable crashes should the
role of algorithmic, automated trading
continue to climb.
Every investment cycle is defined by
the collective desire to avoid the mistakes of the last one. Taken to extremes,
that often becomes the catalyst for the
next crisis, warns Vadim Zlotnikov,
chief strategist at AllianceBernstein, an
asset manager.

Unintended
consequences:
participants fear
that some
systematic
investment
strategies are
tantamount to
releasing cobras
into the wild
Dibyangshu Sarkar/AFP/Getty

Market panic
August was one of the most torrid
months on record for global stock markets. Wall Streets fear gauge, the Vix
index that measures investor expectations of volatility, jumped to a six-year
high. The turbulence continued into
September, making the third quarter
the worst for stocks since 2011.
There were several fundamental reasons for the turbulence notably a lack
of confidence in the Chinese economy
but some analysts and fund managers
have blamed systematic investment
strategies for magnifying the severity of
the crash.
There are no clean definitions, but
systematic investing is a part of a
broader quantitative finance industry, which relies on immense strides in
computing power to mine markets for
lucrative opportunities. Some of the
high-profile proponents are Bridgewater and AQR, the two biggest hedge fund
groups in the world; and in the UK Winton Capital and Man Groups AHL arm.
One of the most popular risk mitigation techniques has attracted particular
scrutiny. Many systematic funds target
a specific level of volatility in markets,
based on academic evidence that turmoil tends to breed more turmoil, and
tranquillity tends to lead to more stability. So when markets turn choppy, volatility-targeting funds turn cautious, and
when markets simmer down, systematic investors dive back in again.
For example, if a systematic equity
fund is aiming to keep its volatility con-

stant at 10 per cent, it has to use leverage

to double its exposure if the average turbulence of stocks falls to 5 per cent. On
the other hand, if stock market choppiness doubles, then they have to halve
their exposure. This has proven a winning strategy for most of the past decade, helping investors dodge losses.
If there is something better than targeting a fixed volatility target short of
trying tarot cards or astrology then Id
be very interested in hearing it, says the
head of one systematic hedge fund.
Nonetheless, many analysts and rival
fund managers fret that volatility-focused investment strategies actually
exacerbate the turbulence they aim to
sidestep, by automatically forcing funds
to ratchet down exposure in the middle
of a sell-off, worsening the volatility and
creating a feedback loop.
The machines seem to be taking
over, Leon Cooperman, a well-known
hedge fund manager, told CNBC in early
September. The Omega Advisors chief
blamed what he termed systemic/
technical investors for his poor performance in August, and argued these
computer-driven strategies magnified
the downturn. In the world I grew up
in, and the world Warren Buffett grew
up in, when something went down you
wanted to own more, and in the world
that were in now, it goes up you want to
own more and it goes down you want to
own less, and that is just counter-intuitive, he told the television channel. It
lacks common sense.
Some fund managers and analysts are

Algorithm-powered futures
trading industry swells

more reluctant to blame the machines

for aggravating the August squall, but
are increasingly spending more time
trying to understand this new, more
computer-driven reality. The big question is what impact all these automated
strategies have on the market. We just
dont know, admits Luca Paolini, chief
strategist at Pictet Asset Management.
Were doing more work on this now.

Rebalancing risk
A strategy known as risk parity has
attracted particular attention. Risk parity funds invest a variety of asset classes
according to their choppiness, aiming to
keep the volatility contribution of each
constant and equal to the next. The
strategy has proven successful in recent
decades, but some critics fear that by
rebalancing in response to turbulence it
can in fact accentuate market routs.
Some investment traditionalists even
see parallels to portfolio insurance,
another strategy that was designed to
give investors more safety in the 1980s,
but eventually helped fuel the Black
Monday crash in 1987. Its an old idea
in a new bottle, argues Ralph Segall, the
chief investment officer of Segall Bryant
& Hamill, an asset manager in Chicago.
Just like portfolio insurance, it works
until it doesnt work.
Yet risk parity probably rebalances
too slowly to have contributed meaningfully to last months carnage. Risk parity
fund managers have fought hard against
the allegations, with some pointing the
finger towards another high-profile sys-

Volatility rockets in August

VVix (volatility of the volatility index)

Commodity trading advisers,

assets under management ($bn)

05

10

15

100

Investment
pioneers

Nikkei 225

20

Where the money is JPMorgan says

there is about $500bn of assets in risk
parity strategies, and $350bn in CTAs
Following trends Even bigger pools of
funds are geared to sell in volatility
spikes and buy during placid periods
Watchdog call With choppier markets
here to stay, some analysts urge more
robust oversight of systematic trading

We ought
to be very
concerned
. . . This is
no longer a
cottage
industry

Comparing strategies

Ninety-day realised volatility in US,

European and Japanese stock markets
25

Eurofirst
300

15

Indices rebased (000)

CTA funds
Hedge funds,
weighted
composite
Quantitative
funds
S&P 500

16
14
12
10
8
6
4
2
0

50
10
0
2006 08

10

12

Sources: BarclayHedge; Bloomberg; Hedge Fund Research; Thomson Reuters Datastream

Industry
leaders

Stock market turbulence

jumps

150
300
250
200
150
100
50
0

2000

tematic investment industry socalled commodity trading advisers.

Despite the name, CTAs are actually
trend-following hedge funds that use
algorithms and derivatives to play a
variety of markets. Securities that have
fallen tend to fall further, and those that
are climbing tend to continue doing so,
giving rise to the investment clich that
the trend is your friend. CTAs turn the
truism into their core investment thesis.
The sector rejects the allegation that it
makes markets more prone to wild
swings. Its possible were breeding
cobras, doing something that makes the
system risky. I do think about that a lot.
But I dont think thats the case, says the
head of one CTA. Were not stupid, we
do try to minimise the impact.
JPMorgans analysts reckon there is
about $500bn of assets in risk parity
strategies globally, and another $350bn
in CTAs. But there is a potentially even
bigger pool of money that even more
swiftly responds to volatility spikes by
selling, and to placid markets by buying.
Data on the broader pool of passive
equity funds with some sort of a volatility targeting overlay is sparse, but
JPMorgan estimates there is about
$360bn just in insurance products
called variable annuity that target a
certain level of turbulence and respond
swiftly to turmoil. The overall universe
of volatility-sensitive funds is probably
much larger.
Nick Baltas, a UBS analyst, is sceptical
that systematic funds played a major
role in Augusts crash. While they can

The quantitative investment world is a

big and broad church, but there are some
fund managers that stand out.
3 Renaissance Technologies Possibly the
most successful and secretive computerdriven hedge fund group, set up by
former Pentagon codebreaker and
mathematician James Simons.
3 AHL The flagship fund arm of Man
Group, the worlds biggest listed hedge
fund manager, has enjoyed a rebound
lately after years of underwhelming
performance. It manages more than $12bn.
3 Winton Capital A $30bn investment
group founded by David Harding, a
Cambridge-educated physicist who also

14 15

S&P 500

5
Oct
2014

helped set up AHL before selling it to

Man Group and one of the founding
fathers of the CTA strategy.
3 Systematica Investments Systematica
is the result of the spin-off of BlueCrests
leading quantitative fund led by Leda
Braga, an engineering PhD and one of
the most high-profile women in hedge
funds. The standalone groups assets
under management are almost $9bn.
3 DE Shaw This US hedge fund group
was set up by computer scientist David
Shaw in 1988, and now manages more
than $37bn. Fortune magazine has called
Shaw the king quant.
3 AQR The firm founded by quantitative

2015

Sep

Renaissance
man James
Simons

1990 95 2000 05

10

15

finance pioneer Clifford Asness is now

one of the biggest investment groups,
with $130bn under management. Of that
about $30bn is in risk parity funds, but
AQR also manages CTA and other
quantitative funds.
3 Bridgewater Ray Dalios Bridgewater,
the worlds largest hedge fund group, is
mostly known for its classic macro fund
Pure Alpha, but the success of its $70bn
All Weather risk parity fund has also
helped swell Bridgewaters size and fame.
3 Two Sigma A systematic investment
group run by DE Shaw alumni David
Siegel and John Overdeck, which now
controls about $25bn.

absolutely exacerbate a crash in theory, in practice it is highly questionable, he argued in a recent report. But he
offers up another potential culprit:
high-frequency trading firms.
HFT groups also deploy ultra-fast
algorithms to capitalise on fleeting price
discrepancies, and have attracted regulatory scrutiny for their role in allegedly
destabilising markets most prominently in the flash crash of 2010. In a
turbulent period that lasted not more
than two weeks, with significant intraday activity, we believe HFT funds could
have played a role, Mr Baltas wrote.

Human error
Systematic investment groups scoff at
the accusations, arguing that analysts
and rival fund managers grossly overestimate how responsive their algorithms
are to spikes in volatility, their tendency
to rebalance and their overall heft.
There is about $18tn just in US mutual
funds, compared to JPMorgans estimate
of about $1.2tn globally in volatility-sensitive strategies. Moreover, human
investors are even more susceptible to
turmoil-aggravating panic attacks.
Equity mutual fund investors tend to
sell in response to price declines
because they get nervous, and they are
much larger, Bridgewater, the worlds
biggest hedge fund group and inventor
of risk parity, said in a recent report.
And, suppose they did tend to do that;
what should be done about it prevent
those who want to sell when prices fall
from doing that?
Nonetheless, whether or not parts or
all of the systematic, volatility-targeting
investment universe is to blame for the
stock market swings of August, analysts
and fund managers say this is the new
reality of markets that investors simply
have to adapt to: choppier, more technically-driven, where algorithms are as
important as a human trader sitting on
the dealing floor of a Wall Street bank or
Bostonian asset manager.
Not everyone is thrilled at the prospect. Systematic trading is not inherently bad and its here to stay, but the
issue is that no one is out there keeping
an eye on this, Sloans Mr Lo says. We
dont have the regulatory framework to
deal with this kind of trading. We need
to address this urgently.

14

FINANCIAL TIMES

Thursday 1 October 2015

Letters
Share buybacks are unlikely to move markets

THURSDAY 1 OCTOBER 2015

Carneys warning on
carbons financial risks
The BoE is rightly worried about the dangers posed by climate change
The Bank of Englands mission is
expressed in one succinct phrase:
maintaining monetary and financial
stability. The brevity of this remit is
well surpassed by the powers it confers
on the BoE. Governor Mark Carney sits
atop not just the Monetary Policy Committee but the Prudential Regulation
Authority, which oversees 1,700 institutions, and the Financial Policy Committee, charged with preventing the
financial system imploding, again.
One might have thought this enough,
without Mr Carney also having to
glance nervously at the weather forecast. But the threat of global warming is
growing into the potential financial
risk that it is the BoEs job to contain.
On Tuesday, in a speech to the insurance industry, the governor warned
bluntly of the huge losses faced by any
investor blindsided by climate change.
He picked the right audience. Insurers are every year on the hook for billions lost when droughts devastate
farmland or hurricanes crash into
unprotected shorelines. They have just
as much at stake if global warming is
curtailed. The insurance industry
holds 2tn of assets, up to a third of
which are in some way invested in
carbon-heavy means of production. To
stop the planet warming beyond a
certain point, all this will become subject to a tightening regulatory ratchet.
One natural response is a breezy
caveat emptor. Insurers are paid well
for worrying about risks like climate
change. Industry more broadly has had
plenty of warning about governments
determination to tackle the problem.
In 2008 the UK passed the Climate
Change Act which binds it to steep cuts
in carbon emissions by 2050.
Not all risks are equally quantifiable,
not least because of politics. The pace
at which carbon is regulated away will
be determined in a continuous negotiation between dozens of different nation

states. This creates the sort of political

uncertainty that finance directors cannot abide. As an example of what can
go wrong, consider how Germanys
power sector was devastated by the
decision in 2011 to close its nuclear
industry years earlier than had been
expected.
Gradually, but more likely in fits and
starts, the decades ahead will see the
same treatment meted out to the
worlds fossil fuel industries, chemical
and industrial goods manufacturers,
and much beyond. It takes faith in free
markets too far to expect a smooth
adjustment to such a change, and it is
well within the BoEs remit to fret about
the turmoil that may result.
Given the political heat emanating
from arguments about climate change,
Mr Carneys intervention comes dangerously close to taking sides. But after
painting such a lurid picture, his ideas
for greater corporate disclosure of
carbon risks are something of an anticlimax. This is sensible. It would take
littleimaginationfortheBoEtoreframe
each and every commercial matter as a
potential financial risk. Its considerable
authority should not be lightly spent
commenting on matters beyond its
direct responsibility. Mitigating climate
change will be expensive and contentious, creating technological winners
and losers along the way. Warning of the
risks falls one side of the line, advocating concrete stepsontheother.
Any insurer who ignored the dangers
posed by climate change would not be
doing their job, and a central banker
unconcerned by the ramifications
would be neglecting his. Mr Carneys
speech has introduced a credible voice
into an important debate. He is right
that greater disclosure can help to
smooth the transition to a lower carbon
world. But how to force the economy
along this path is a matter for governments, not central banks to dictate.

The cyborg brains are

heading this way, soon
World must look beyond medical marvels of memory enhancement
Computing and neuroscience are coming together fast a convergence illustrated vividly by the first use of a computer algorithm to process electrical
signals in the human brain, disclosed
this week. The implant developed at
the University of Southern California
helps a damaged brain to encode memories and offers the hope of banishing
extreme forgetfulness, whether caused
by injury or disease.
Recent advances are taking neurotechnology into realms that would
have seemed science fiction a decade or
two ago. For example, paralysed people
can operate robotic arms and even
move their own limbs when their
thoughts are channelled through electronic implants. Superscanners are
beginning to unlock the minds of some
patients who were thought to be in a
permanently vegetative state. And
experiments with lab animals, free of
ethical constraints that apply to human
subjects, give a peek at future possibilities, such as rewriting memories to
obliterate bad experiences and reinforce good ones.
Apart from expressing sheer wonder
at the speed of progress in bioelectronics, how should society respond? Using
information technology to manipulate
human thoughts and memories clearly
raises moral and ethical issues, but first
we should welcome the promised medical benefits. If clinical trials confirm
that the USC prosthesis can restore
memory in relatively young patients
with head injuries or stroke, by encoding their brain signals to bypass the
damaged brain region, that would be a
fantastic advance.
But the researchers have also mentioned Alzheimers disease as a possible
long-term application of the technology. Restoring memory through an
implant in Alzheimers patients, who
suffer from widespread and diffuse
neurodegeneration, is likely to be more

difficult technically than rerouting

neural signals past a localised lesion
caused by head injury or stroke.
Even if this becomes possible, there
are troubling questions about the
resources that should be devoted to
using neural implants to treat progressive diseases in the elderly and more
generally about who should receive
bioelectronic therapy.
As we look forward, excitement
about neurotechnology should not
blind us to the probability, little discussed in scientific circles, that the
commercial production and surgical
implantation of these devices will
make them much more expensive than
todays relatively simple devices such
as cochlear implants and heart pacemakers. People who blanch at the price
of conventional biological medicines
now may get a shock.
Beyond resource allocation and
patient selection lie broader questions
about human identity as computerised
implants enter our minds and bodies.
Although human-machine hybrids
worthy of the name cyborg are
unlikely to appear in the real world for
decades, even if research continues to
accelerate and the cost of the technology begins to fall, it is not too soon to
think about the implications of electronic enhancement of the healthy as
well as the sick.
Some of the questions are similar to
those that people have been asking for
some time about future genetic
enhancement. For instance, there will
be issues of equity if a privileged few
can afford to implant an electronic
memory and mental performance
booster beyond the means of the
majority. On the other hand, human
computerisation will raise some problems of its own, above all security and
privacy. Sooner or later we will have to
face up to the threat of malicious hacking into personal memories.

Sir, Lex is correct to point out in

Share buybacks: dont panic; worry
(September 25) that there are a lot of
silly theories about what moves the
stock market. Unfortunately, focusing
on the flow effect buybacks have on
the levels of key share price indices is
arguably one of them.
If companies decide to use cash to
repurchase their shares instead of
investing in growing their business,
their purchasing amounts to
incremental demand for shares in the
market. However, the fact that
companies repurchased 3 per cent of
their shares in 2014 is not necessarily
a lot of incremental demand. Our
estimates suggest that total trading in
the S&P 500 companies exceeded 150
per cent of the shares outstanding

during 2014. Company share

repurchases, therefore, added about 2
per cent to average volumes. Hardly
earth-shattering and unlikely to move
the indices meaningfully.
What is more interesting to us about
share repurchases is that they are, by
definition, carried out by people who
are extremely well informed about the
company. Given the informational
advantage that boards have about their
companies before they authorise a
share repurchase programme, one
might expect (or at least hope) that
they would only do so when the shares
are undervalued and that, over time,
studies would be able to prove that
share repurchases are clearly beneficial
for shareholders. If this evidence exists,
we are not aware of it!

As long-term investors who consider

our holdings to be fractional
ownerships in real businesses, we find
it much more interesting to look back
and see who was repurchasing shares
back in 2008-09 when stock markets
were generally considerably lower than
they are today. Management teams
that were willing and able to act in a
contrarian manner and exploit
depressed valuations back then are far
more likely to be the great capital
allocators of their generation.
We would much prefer to invest in
businesses run by these managers than
by those who are buying back shares
near all-time highs today.
Dan Brocklebank
Director, Orbis Access
London SW19, UK

Minsk terms need to be

met by all participants

Ageing populations
require fresh policies

Sir, The FTs editorial on Vladimir

Putin (September 30) says the Kiev
government is meeting its obligations
under the February Minsk accord. The
accord explicitly requires Kiev to
negotiate autonomy for the rebel areas
as agreed with representatives of
those areas. Kiev has made no attempt
to find such an agreement, and seems
to be proceeding to establish an
autonomy arrangement of its own
devising.
Russia takes this breach of the
agreement sufficiently seriously for Mr
Putin to mention it in his UN speech
earlier this week. Unless Kiev changes
its approach, Russia will almost
certainly hold back from (as also
required by Minsk) closing its frontier
to the rebel areas at the end of the year.
At a time when everybody concerned
(including, finally, the US) is looking to
the implementation of Minsk to get us
out of the Ukraine quagmire, it is
important that an eagle eye is kept as
closely on Kiev as on Moscow to make
sure everyone is delivering on their
promises.
Tony Brenton
Cambridge, Cambs, UK

Sir, The FTs editorial on Abenomics

(Abe must keep the focus on his first
three arrows, September 28) obscures
what must be Japans principal
immediate target: a truly flexible
labour market to keep the over-55
demographic working. Has it occurred
to anyone that Japans depopulation
dramatically coincides with its twodecade economic malaise?
A government budget is not fiscally
sustainable, and there certainly can be
no prospect of real economic growth
across its society, when well over a
third of the population is not working.
Japans 21st-century demographics is
where we are all headed as the
modernisation trends lead to 100-yearlong lives and plummeting birth rates,
which describes Japan today. How
Japan reimagines its way of life in an
ageing society holds lessons for all of
us.
If Japan can keep its older citizens
working, it will also keep them
healthier, multiplying the positive
effects for fiscal sustainability and
economic growth. Conventional 20thcentury approaches on monetary, fiscal
or structural policy miss the central
need for an overarching ageing policy
that is still to be invented.
Michael Hodin
Chief Executive, Global Coalition on Aging
New York, NY, US

Skills demand and supply

data for jobs already exist
Sir, The UK has long been lacking a
joined-up skills demand and supply
system and big data does provide a
solution but using HM Revenue &
Customs income and tax data is a very
crude and imprecise way of going
about it (September 30).
We already have two sets of
pioneering work being undertaken in
the UK to address this very problem.
One is the JPMorgan Foundation
funded work at the Institute of Public
Policy Research working with US
business Burning Glass; while the
second is the creative use of the US
data set O*NET by researchers at the
Centre for Vocational Education
Research, based at the London School
of Economics and funded by the
Department for Business Innovation
and Skills.
So before we pursue a third option,
we should make use of two well
established research programmes, both
of which are viewing actual skills which
make up a job rather than using some
crude occupational proxy.
Michael Cross
Didcot, Oxon, UK

The tortuous
diplomacy
behind Russias
Syrian bombs

Notebook
by Roula Khalaf

Learning to avoid errors

is not brain surgery
Sir, Lucy Kellaway (Listen to brain
surgeons, not bankers, for the truth on
errors, Business Life, September 28)
has chosen the wrong professional class
to follow to avoid mistakes.
A better choice would be the airline
industry where, in common with brain
surgery, mistakes typically result in
life-changing events and/or deaths.
The airline industrys focus on safety
and the avoidance of incidents has
been due to detailed analysis and
apportionment of blame of every
incident driven by an external body
like the Civil Aviation Authority or the
National Transportation Safety Board
but with full industry co-operation.
The safety bodies findings result in
compulsory changes to operating
procedures and technical standards for
all pilots, airlines and manufacturers
which is to the benefit of all travellers.
It is not left to individuals to make the
same mistake elsewhere and carry the
memory of all their mistakes as part of
their own internal score sheet.
If you want to minimise mistakes,
particularly mistakes that can have
material impacts on third parties, there
has to be a willingness to call out
mistakes, however minor, when they
are made, as well a concerted effort to
share the causes of and lessons arising
from them across an industry. As a
result, 2014 was one of the safest years
on record for air travel, with only one
fatal crash for every 1.3m flights, and
that was not driven by being OK . . . to
make mistakes. Other industries have
a lot to learn from this approach.
Luke Bordewich
London SW4, UK

He wasnt there and he was

everywhere. Hes the leader whose
government has been valiantly
fighting terrorism, according to
Russian president Vladimir Putin.
Hes the tyrant who drops barrel
bombs on innocent children,
according to Barack Obama, US
president.
Bashar al-Assad did not attend the
UN general assembly. Hes too toxic to
mingle with other world leaders, and
too afraid to leave home.
And yet the Syrian president was
the main topic of conversation in New
York this week, with world powers
clashing over whether to talk or not
talk to him, co-operate or not cooperate with him.
Mr Assads unlikely resurrection
was delivered thanks to Mr Putin, who
has used him to propel himself back
on to the world stage. The Russian
leader has been sending the Syrian
regime new tanks and military aircraft
in a dramatic ramping up of support
that has wrongfooted the US and given
the regime a new lease on life. On
Wednesday, his jets launched the first
raids in Syria.
A much-anticipated UN speech that
had been billed as the unveiling of a
Russian peace plan to end a
devastating four-year civil war was
little more than a reinforcement of
existing policy that Syria could not
be saved, nor the Islamic State of Iraq
and the Levant (Isis) defeated,
without Mr Assad.
The Syrian president is no doubt
delighted by the attention only last

Calling time on gay bars

marks a positive change
Sir, I read with interest your article
Gay bars fall victim to soaring
property prices (September 29).
When I came to London in the late
1970s, gay bars were a remnant of
clandestine meeting places dating from
a time when homosexuality was illegal,
and they still in the 1970s served a
need as being gay was still not accepted
with bars continuing to be raided by
the police. In fact, gay bars have been
declining since the advent of gay
meeting sites and apps in the early
1990s and property prices have only
been part of the equation.
In many ways it should be celebrated
that gay bars are no longer needed: as
gays are not only welcomed but
applauded in most bars, clubs, and
restaurants and society as a whole.
We simply do not need to hide any
more.
Bill Portlock
London NW1, UK

week, the diplomatic talk was that

Russias intervention was a sign it was
already planning a post-Assad era.
Now a weakened Mr Assad can look
forward to solidifying his strongholds
in Damascus and the Mediterranean
coast with Russian assistance, though
hes unlikely to be strengthened
enough to recapture the vast territory
lost to rebels.
Meanwhile, Syria will continue to be
the hopeless, bloody mess that has
spawned Isis and created Europes
refugee crisis. Its skies will be more
overcrowded everyone wants to
bomb Isis, including the French and
soon the Russians, too. In addition to
the Syrian conflict, we will hear a lot
about deconflicting; that is,
ensuring the prevention of accidents
between air operations carried out by
different countries.
This weeks diplomacy is already
beginning to look like a mirage, the
focus on Mr Assad misplaced, and the
hopes of the US and Russia rescuing
Syria from disintegration overblown.
It was, in any case, far from clear
that the conditions for talks between
Syrias warring parties exist today. No
rebel group will contemplate a return
to a state ruled by Mr Assad, whatever
Mr Obamas position. The strongest
rebel coalition is made up of radical
Islamists some allied to al-Qaeda
may be on the same side as the US, but
Washington wont talk to them any
more than it is willing to negotiate
with the regime.
Those with greater influence are the
sponsors and financiers of the forces

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

Insurers committed to a
climate-resilient future
Sir, As leaders from across the global
insurance industry, we share the view
of Mark Carney, governor of the Bank
of England, that climate change poses
one of the greatest challenges to the
long-term health of global economies
and societies and, as such, demands
urgent action. Consequently, we have
voluntarily committed to ClimateWise
the insurance industry leadership
group on climate change risk to help
identify ways that the industry can
support the transition to a low-carbon,
climate-resilient future.
As members of ClimateWise, we
welcome the UK insurance regulator,
the Prudential Regulation Authority,
taking the initiative to examine the
impact of climate change from the
perspective of the insurance industry.
We are already trying to respond to
climate change as framed by reports
such as the World Economic Forum
2015 Global Risks Survey which
identified a failure of climate
adaptation as one of the top four highimpact, high-likelihood risks.
We commend the PRA for leading
insurance regulators globally. We also
look forward to this engagement being
only the first step in a much broader
journey of collaboration aimed at
managing the impact of climate change
risk for the industry and its clients.
As members of the insurance
industry, we want to work together
towards achieving a regulatory regime
that allows our industry to fulfil its full
potential as societys risk manager and
to help maintain risk exposure within
insurable levels. Such a regime is one
that would enable us to better align our
investment and risk management
capabilities, while maintaining the
financial security of our clients.
Andrew Kendrick
President, ACE European Group
Charles Philipps
Chief Executive, Amlin
Dominic Christian
Executive Chairman, Aon Benfield
John Spencer
Non-Executive Chairman, ArgoGlobal
Syndicate 1200
Maurice Tulloch
Chief Executive, Aviva UK & Ireland
General Insurance
Phil McNeilage
Chief Executive, Cunningham Lindsey
Bronek Masojada
Chief Executive, Hiscox
Torbjrn Magnusson
President and Chief Executive, If P&C
Andrew Roberts
Chief Executive, Innovation Group
Inga Beale
Chief Executive, Lloyds of London
Stephan Coward
President of Technical Risk, Navigators
Richard Murphy
Chief Executive, Renaissance Re
Stephen Hester
Chief Executive, RSA Insurance Group
Gary Shaughnessy
Chief Executive, Zurich UK

The road ahead for testing

Sir, Failures of independent testing and
regulation are as much of concern as
events within VW, and these appear to
extend to the UK hence the need for
retesting here (September 30). A way
forward would be a regime of multiple
independent tests of vehicles certified
by the carmakers chief executive as
being in ordinary roadgoing condition.
Harry Boggis-Rolfe
London N1, UK

fighting on the ground: Gulf states and

Turkey, backers of the rebels; and
Iran, without whom Mr Assad would
be long gone. Perhaps a more useful
debate at the UN would have fixated
less on Mr Assad and more on drawing
Tehran into talks.
Iran has invested billions of dollars
in Syria, from weapons to manpower,
from loans to credit lines. It has
worked through proxies primarily
Lebanons Hizbollah, which has lost
perhaps 1,000 fighters in Syria. But
also, unusually, by sending some of its
own Revolutionary Guard troops into
battle. It has also set up militias
independently of the Syrian armed
forces, with Shia Iraqi, Lebanese and
local recruits.
The Iranian involvement has been
so extensive that according to the USbased Institute for the Study of War,
Tehrans strategy was designed to
ensure that it can continue to pursue
its vital interests if and when the
regime collapses.
Where convenient, Iran has also
played a role in truce negotiations on
the ground. The most significant
ceasefire, covering some northern
villages and a southern town, was
reached days before Syria dominated
the UN debates. Iran represented the
regime and Turkey acted on behalf of
the rebels.
A small breakthrough but
potentially more substantive than
what world leaders accomplished in
New York.
roula.khalaf@ft.com

Thursday 1 October 2015

15

FINANCIAL TIMES

Comment
Silicon Valley reveals the depth of Modis digital delusions
AMERICA

Edward
Luce

n public relations terms, Narendra

Modis Digital India campaign is a
world beater. Few national leaders
can pull crowds of 20,000 or more
at home, let alone overseas. On
Monday, Indias prime minister
attracted 18,000 at San Joses SAP arena
in Silicon Valley.
Officials estimate that 75,000 will
show up to hear him speak at Londons
Wembley Stadium in November. Last
year New Yorks midtown ground to a
halt when he generated the political
equivalent of Beatlemania in Madison
Square Garden. Meanwhile Xi Jinping,
Chinas president, had to make do with
dutiful lines of flag-waving expatriates
along his route into Washington last
week.
Yet leaders are not measured by the

number of Facebook likes they

attract. In contrast with the visits of Mr
Xi and Pope Francis, Mr Modis US visit
was mostly commercial.
Along with his digital theme, his
Make In India campaign aims to emulate the level of manufacturing investment that has created millions of jobs in
China. In this respect his brilliant marketing is a double-edged sword.
Unlike China, which has few wellknown figures in US business, the
boardrooms of Silicon Valley and Wall
Street are replete with Indian success
stories. Satya Nadella, the chief executive of Microsoft, is Indian born. So too is
Sundar Pichai, who last month took
over as Googles chief executive. Indians
also head Adobe, MasterCard, Pepsi and
many other companies.
The executive suite gap was on full
view last week at the White House state
dinner for Mr Xi. No fewer than three
Indian chief executives were on the
guest list Indra Nooyi of Pepsi, Mr
Nadella and Ajay Banga, chief executive
of MasterCard.
In contrast, there were no Chineseborn S&P 500 leaders. Mr Xi was feted

last week in Seattle by US business leaders, such as Apples Tim Cook and Amazons Jeff Bezos, en route to his summit
with President Barack Obama. Yet it is
hard to imagine him receiving the adulation Mr Modi received at Facebooks
Silicon Valley headquarters this week.
The Indian prime ministers town hall
conversation with Mark Zuckerberg
began with chants of Modi, Modi from
the companys Indian-born employees.

Impressive parts of the US

economy are led by people
made in India. Few show
signs of wanting to go home
Here, however, Mr Modis Make in
India drive hits a ceiling. Impressive
portions of the US economy are led by
people made in India. But they show few
signs of wanting to go home.
Indian-Americans are thriving in the
US. They are now the richest ethnic
group with a median household income
of about $88,000. That compares with

economic output of less than $1,600 a

head in India. They are also starting to
make an impact in US politics. Nikki
Haley, governor of South Carolina, is of
Indian origin; as is Bobby Jindal, governor of Louisiana and a Republican presidential contender. They are also thriving in education. Nine of the last nine US
national spelling bee contests were won
by children of Indian origin.
According to a survey by the Pew
Research Center, Asian-Americans will
overtake Hispanics to make up the largest share of US immigrants by 2065. A
growing number will be Indian.
Can Mr Modi leverage their US success in India? He may have it back-tofront. Companies led by Indian-born
executives are no fonder of Indias
bureaucratic minefields than any other.
At the US-India strategic and commercial dialogue last week the counterpart to the US-China annual meetings US investors read out a depressingly familiar list of complaints.
Foreign businesses must still navigate
a Kafkaesque maze of permissions to
receive project approvals. Even then,
however, they are vulnerable to arbi-

trary and retrospective tax bills. Amazon, which is putting large sums into its
growing India operation, is already
mired in a dispute with New Delhi. Its
travails are hardly an advertisement to
do business in India.
The high point of Mr Modis US visit
was Mr Zuckerbergs unexpected confession of Indophilia. Facebooks chief
executive disclosed he had been planning to sell Facebook in its early days
but had been advised by Steve Jobs,
Apples co-founder, to visit the Hindu
temple where he had meditated decades
earlier. Mr Zuckerberg returned from
his month-long India trip with a sense of
renewal.
If Facebook was a country it would
be the third largest in the world and
the most connected, said a delighted
Mr Modi.
True enough. But countries are a little
more complex than social media
groups. It is not enough for India to be
liked, or even loved. To attract Chinese
levels of investment, it must generate
returns.

unabated. He would like Google, one of

the biggest beneficiaries of digital
advertising, to wield the big stick
retaliate against the young, male, technically sophisticated users who disproportionately use ad-blockers by blocking them from seeing YouTube videos
and hitting them where it hurts.
But not even Google has the power to
change the world by itself. It requires
concerted action by publishers to say
what kind of adverts they will allow on
their sites standards which can then
be approved as legitimate by both
advertisers and consumers.
Ad-blocking companies seized the
chance, defining what they regard as
acceptable ads the kind they will set
software not to block. In some cases,
they have taken payments from large
publishers and ad brokers. Eyeo, which
sells the popular Adblock Plus software,
then white-lists their ads.
This has two problems. One is that
standards are influenced by a subset of
users with a pronounced antipathy to
commerce. A survey of Adblock Plus
users found that 21 per cent would not

even accept unobtrusive ads, while

more than half partly or completely
agreed that all content should be published free and without ads.
Second, asking for money to unblock
ads bears a nasty resemblance to extortion. Eyeo insists that no publisher can
buy approval and everyone has to meet
the same standard, but it has undermined its own claim to be acting responsibly. It now intends to appoint an independent review board to make these
decisions instead.
Publishers, which have a long-term
interest in not alienating users, need to
impose tighter rules for advertisers
themselves. If they do not, the tensions
will descend into warfare among advertisers, consumers, ad blockers, and software companies that nullify ad blocking, such as PageFair.
Mr Blodget has navigated his way
through testing challenges already, and
will remain at Business Insider under its
new owner. Perhaps he could offer
moral leadership.

edward.luce@ft.com

Publishers are
in peril from
annoying ads
BUSINESS

John
Gapper

here is nothing so inspiring

as a person triumphing over
disaster the narrative of
many books and films. So
the sight of Henry Blodget,
the former Wall Street analyst who was
disgraced in the 1990s dotcom bubble,
selling Business Insider, the news site he
founded in 2007, at a valuation of
$390m is heartwarming.
Even more remarkably, Mr Blodget
has achieved the equivalent of swimming through shark-infested seas by
luring millions of readers with brash
headlines about market movements
(and quite a lot of sober stuff) while
funding his enterprise with advertising.
He has floated on the choppy, murky
waters of online commerce.
The deal shows not only Mr Blodgets
endurance and ingenuity but also the
size of the challenge. Axel Springer, the
German publisher, is buying a website
with 76m monthly users and projected
revenues this year of $43m which
amounts to 57 cents per user per year, or
5 cents a month; a modest haul. There
are no profits, although they are anticipated in 2018.
These revenues are a fraction of sub-

scription-based businesses such as Netflix, which charges US users $8.99 per

month and Mr Blodget hopes to triple
revenues from his own subscription
research service by 2018. But it is not his
fault that the return from online advertising is so meagre or that the yields are
so tiny. Online ads have not delivered
the financial rewards that many publishers once expected.
Now they face a revolt by users who
are tired of screens being occupied by
flashing banners and video ads that play
without warning, of personal information being harvested in unknown ways
for ad targeting, and of download speeds
being sapped by bulky software. About
200m people already use adblocking
extensions on their browsers, both for
desktops and mobiles.
Ad blocking put paid to $22bn in
potential revenue last year, according to
one study, and Apple has added to the
challenge by approving adblocking
applications for its mobile browser. This
has provoked complaints from publishers that users are breaking an unwritten
contract they receive free news and
information in return for being served
ads and that blocking is unethical.
As someone whose salary is partly
met by digital advertising, I do not
agree. There is also an unwritten contract between publishers and their readers not to allow advertisers to litter sites
with time-wasting and annoying messages. Too many publishers, eager for
revenue, have breached it.
This has caused a vicious cycle. Pub-

lishers have placed ever more slots for

ads on their pages some in places that
consumers are unlikely even to see
them and allowed them to be filled
through ad exchanges with limited control over who uses them and how the ads
operate. Business Insider gains 30 per
cent of its advertising revenues from
programmatic ad placement.
Even some in the advertising industry
express sympathy. A number of publishers have been so anxious to take
every cent from anyone that they have
abused the consumers trust, says Rob
Norman, chief digital officer of GroupM,
the worlds biggest media buying
agency. I see why people use blockers.
You would, wouldnt you?
Mr Normans sympathy does not
extend to letting ad blocking continue

The sale of Business Insider

shows the challenge
facing anyone who relies
on digital advertising

john.gapper@ft.com

The far-flung fallout from the capture of Kunduz

OPINION

Ahmed
Rashid

he Talibans capture of the

northern Afghan city of
Kunduz is a catastrophic
blow to the beleaguered
government of President
Ashraf Ghani, who has been in office for
a year. But it has much wider implications for the region.
It is a significant setback for the US
and Nato, who have spent much blood
and money on trying to secure Afghanistan since 2001 but withdrew most of
their forces this year despite clear warnings that the situation in the north was
deteriorating. There are still 9,800 US
and Nato personnel in the country, and
President Barack Obama has promised
to pull them out by early next year.
It will strengthen Mullah Akhtar

Mohammed Mansour, the new Taliban

leader, and help reunite the insurgents,
who have been divided by factionalism
since he was chosen last month. His
rivals can now do little but agree to his
leadership. Proposed peace talks
between the Taliban and the Afghan
government are put in jeopardy.
But the greatest threat is to central
Asia and western China. Kunduz borders both regions and could become a
hub for central Asian militants who
helped the Taliban conquer the city.
Senior officials in central Asia say the
insurgents and their allies pose the biggest risk to stability there.
When a few hundred Taliban
advanced on Kunduz at dawn on 28 September, they met little opposition from
the estimated 7,000 government forces
stationed there. By midday they had
captured half the city, freed hundreds
from jail, looted banks, government
buildings and UN and Red Cross offices,
and set up the first Taliban administration in a large Afghan city since their
defeat by US forces in 2001.
Yet the move was hardly a surprise.

The Taliban have held 70 per cent of

Kunduz province all year and in June
launched an abortive attack on the city
of an estimated 300,000 people. Their
forces have since been sitting in villages
just five miles from the city of Kunduz,
but the Afghan army, police and local

The city gives the Taliban

an ideal base from which to
send fighters to destabilise
China and central Asia
government militias made no attempt
at a counter offensive. Western intelligence has been sporadic and there is no
fully quipped Afghan air force.
The fallout from Kunduz is likely to be
felt across the region. Western and central Asian intelligence and diplomatic
officials agree that many Taliban militants are not Afghans. They are Uzbeks,
Tajiks, Turkmen, Kyrgyz and Kazakhs
from the five central Asian republics,
who have been fighting for the Taliban

in their own designated groups, such as

the Islamic Movement of Uzbekistan,
the Islamic Jihad Union and Jamaat
Ansarullah. There are also Chechens
and Dagestanis from the Caucasus and
Uighurs Chinese Muslims fighting
under the banner of the East Turkestan
Islamic Movement but trying to free
their homeland in the province of Xinjiang from Beijings control. There are
even elements of al-Qaeda, the Islamic
State of Iraq and the Levant (Isis), and
Pakistani fighters.
For a decade these militants have
been based in the tribal areas between
Afghanistan and Pakistan. Operations
by the Pakistani army have since June
2014 pushed these jihadis into Afghanistan. The Afghan army made no
attempt to stop them. Within months
they had regrouped to capture strategic
territory in north and east Afghanistan.
Their broad aim is to conquer central
Asia and establish a caliphate there.
Kunduz will give the Taliban and their
allies an ideal base from which to send
fighters, explosives and money to destabilise China and central Asia. Russia,

which has 7,000 troops stationed in

southern Tajikistan, would become
embroiled, along with China. The dangers of increased terrorism and a wider
regional conflict will increase. The capture of Kunduz fits strategically into
recent Taliban conquests of the northeastern Afghan provinces of Badakhshan, Kunar and Nuristan. These
neighbour Pakistan and China, and
allow access to Tajikistan and central
Asia. Already militants, drugs, money
and weapons flow freely across borders.
The US and Nato show little interest in
retaining a presence in this volatile
region. Russia and China have huge
armies but are ill equipped to deal with
terrorism and prolonged guerrilla war
here. Yet all four big powers could cooperate militarily and diplomatically to
help strengthen Afghanistan and secure
central Asia. Unless much greater attention is paid to the region we can expect
more Taliban conquests.
The writer is author of several books about
Afghanistan, Pakistan and central Asia,
most recently Pakistan on the Brink

Earthlings
and Martians
have to avoid
trading germs
OPINION

Anjana
Ahuja

abulous discoveries are often

followed by exceedingly dull
paperwork, such as the checking and rechecking of data,
graphs, statistical analyses
and conclusions. This weeks announcement that scientists had found evidence
of briny water on Mars will have had
many experts reaching for the small
print of Nasa Policy Directive 8020.7G.
The directive is required reading for
those who send spacecraft to hunt for
extraterrestrial life. It codifies the etiquette for planetary protection: preventing earthlings and their emissaries
from contaminating their celestial bodies (known as forwards contamination); and, arguably more importantly,
guarding against the encroachment of
alien microbes into the terrestrial biosphere (backwards contamination).
While concerns about our germs
hitchhiking to other worlds date back to
the 1950s, this weeks revelation and
its implications for the possibility of life
elsewhere in the solar system should
prompt an urgent reappraisal of how we
maintain the absolute integrity of both
the Martian and terrestrial biospheres.
The evidence for water flowing on the
red planet was gathered by the Mars
Reconnaissance Orbiter, a Nasa spacecraft launched in 2005, with images that
showed dark streaks down the walls of a
crater. The streaks were found to carry
the infrared signature of hydrated salts,
which is regarded as a proxy for water.
The results were published on Monday in Nature Geoscience. They were
prefigured, however, in images dating
back to Mariner 9, which began orbiting
Mars in 1971. These revealed a world
seemingly sculpted by liquid: valleys
and canyons, ancient river beds and
branching canals. Even in the 1960s,
Earth-based observations suggested the
spectral signature of water vapour in
the thin Martian atmosphere.

We need an urgent
reappraisal of how
we defend the integrity
of our biosphere
A succession of orbiters and landers
added layers of evidence: polar caps
comprising vast quantities of water ice;
rocks and pebbles rounded and
smoothed as if by water; clumps of
material, dug up by a robotic arm,
which subsequently vaporised, indicating subsurface water; and permafrostlike patterns beneath the scarlet dust.
What made Mondays announcement
significant was its confirmation that liquid water flows on the planets surface
today, albeit only seasonally. Mars is
smaller than Earth, with a much weaker
gravitational field; it had been postulated that liquid water would just float
away.
Astrobiologists, who study the origins
of life in the universe, are thrilled: their
guiding principle is to follow the
water, since all known life, or life
forms, need water for survival.
There is a class of extremophiles
organisms that survive in extreme environments that thrive in salty, dehydrated surroundings. Scientists have
found such halophiles in the ultra-dry
Atacama Desert in Chile, in the form of
microbes living in salt crystals (they
absorb moisture from the atmosphere).
Halophiles often contain a protein
called bacteriorhodopsin; this might
narrow the search for a smoking gun for
life on Mars.
The obligation of space agencies to
prevent contamination of Earth and
other planets is stated in the 1967 UN
Outer Space Treaty, which started life as
a means of preventing the Moon and
planets being used for hostile purposes.
Earlier this year, astrobiologists raised
concerns that ultra-sensitive space
instruments and their associated electronics were now made of materials too
delicate to withstand heat sterilisation.
While that is usually fine for orbiters,
which do not land, it poses a challenge to
missions such as Nasas Mars 2020 mission, due to touch down on the red
planet after 2020.
There is an urgent need to develop the
technology required to make sure
future landers are not the bringers of
bacterial doom. As humanity embarks
on a search for Martian life in the brine,
we must ensure that our methods are
ethically watertight.
The writer is a science commentator

16

FINANCIAL TIMES

Thursday 1 October 2015

BUSINESS LIFE

Volkswagen, its
software and
the psychology
of cheating

Michael Skapinker
Businessandsociety

Shortly after I joined the Financial

Times in 1986, the Guinness affair
exploded. The company had offered
financial inducements to associates to
support its share price during the
takeover of Distillers, another drinks
company. The chief executive and two
others went to jail.
I have followed many corporate
scandals since: banks mis-selling
financial products, drug companies
hiding adverse research results and
bribing doctors, dodgy accounting,
Libor manipulation.
Even amid this list of shame,
Volkswagens use of sophisticated
software to detect when its diesel cars
were being tested, and to spew out
illegal levels of nitrogen oxides when
they were not, is striking in its
apparent villainy.
Most corporate scandals follow one
of three patterns. The first is that the
law is unclear. Many have been testing
its boundaries, and those who are
finally blamed, fired or jailed either
went too far or were selected by
prosecutors or regulators to be made
examples of.
The Guinness affair fell into this
category. As Richard Lambert, later the
FTs editor, wrote then, there were
grey areas between the boundaries of
the law and accepted City practice and
the actions of those arrested were not
so different from those which had
earned them plaudits and rich rewards
in other times.
Some, but not all, accounting
scandals fall into this category too.
Accounting is not an exact science and
clients may be desperate for a slight

extension of what the auditor accepted

last year. The stretching goes on until
the company collapses and the auditors
are, humiliatingly, fined.
The second category of scandal is
where the miscreant company sells
customers something that does not
help them, or hurts them. The
company doing the selling rationalises
that it is really up to the customer to
decide whether they want to buy it or
not. Some of the financial service misselling fell into this category, although
some involved outright deception.
The third category of scandal occurs
because everyone is doing it and your
company will suffer if you do not. This
covers everything from possibly legal
but reputation-damaging manoeuvres
such as routing profits through low-tax
jurisdictions to crass immorality such
as covering up adverse drugs trials and
criminal activities such as Liborrigging and bribe-paying.
If we do not do it, when everyone else
does, the justification goes, we, our
employees and our shareholders will
all be worse off.
Assigning malpractices to these
categories does not excuse or justify
them in any way. But it helps to explain
how they happen.
There are few outright crooks in
business. Most people who end up
doing wrong drift into it. They push the
limits and then, when that years sales
target is a little out of reach, they push
a little more.
Their misbehaviour is adjacent to
their previously acceptable behaviour
and, when the regulator levies a huge
fine, or the police arrive at the door, it

What is
startling is
that it does
not appear
to fit in any
category of
corporate
scandal

takes some time, thinking back, to

identify the moment when they
crossed the line.
What is startling about the
Volkswagen affair is that it does not
appear to fit into any of these
categories. There was no grey area. The
law set an emissions limit, and the VW
models, when they were on the road,
exceeded them. The company covered
this up with an algorithm that reduced
emissions to legal limits during testing.
VWs behaviour also did not fall into
the category of letting the customers
decide. The customers were as
deceived as everyone else.
As to the third category, was
everyone doing it? We will have to see
what emerges. But while other
manufacturers may have been gaming
the emissions regime by, for example,
recharging batteries before testing, so
far no other company has been found
to have used VW-type defeat devices.
Devising a system to detect when a
car is being tested surely required
planning, expertise and a specific
decision. It must have required
forethought. It is not something you
can drift into through incrementally
deteriorating behaviour.
We will find out more about who at
VW was responsible and why they
behaved as they did through regulatory
inquiries, class action suits, and
surely criminal prosecutions.
All corporate misbehaviour is
reprehensible. But VWs has taken us
into different territory.
michael.skapinker@ft.com
Twitter: @Skapinker

An ambitious expansion
plan has seen footy soar
in popularity, writes
Jamie Smyth, and overseas
growth is the next aim

t is fast paced, at times brutal, and

played by tall, lithe men wearing
tight shorts and singlets. But few
outside Australia have heard of
Australian rules football, a sport
which this weekend will hold its grand
final in front of 100,000 fans at the Melbourne Cricket Ground.
As a young kid I used to dream of AFL
footy, says Leon Cameron, head coach
of the Greater Western Sydney Giants,
the newest of 18 clubs in the Australian
Football League, the sports elite competition. Grand final day is huge not only
for the winner but the spectacle in itself
and the build-up in the week. Australian
rules football is the greatest game in
Australia. It is the national game.
Some might disagree but still, AFL,
known locally as footy, did not always
hold this status in sports-mad Australia,
where rugby league, cricket, soccer and
many other outdoor pursuits are popular. But an ambitious expansion plan by
the sports authorities, grassroots development by community clubs and the
increasing involvement of women have
given the sport a big boost over the past
decade.
A record 1m people played the sport
last year, including almost 200,000
women. Average attendance for an AFL
match was 32,246, which made it the
fourth most-attended league in the
world behind only American footballs NFL, and soccers Bundesliga in
Germany and English Premier League.
The sports rising popularity is wooing
big sponsors such as Toyota and Citigroup. Last month, News Corp chairman Rupert Murdoch jetted in to clinch
a A$2.5bn television rights deal over six
years a record for any sport Down
Under and a sign footy has overtaken
its rivals rugby league and soccer.
Weve always preferred Aussie
rules, said Mr Murdoch at the time,
expressing his view that AFL has always
been a more valuable sport than rugby
league. The rights deal agreed with Foxtel a pay TV company which is a 50-50
joint venture between News Corp and
Telstra and the free-to-air TV station
Channel 7, is significant by global standards. It surpasses an international TV
rights deal struck with the Indian Premier League cricket in 2008 and is
almost on a par with a Canadian/US
National Hockey League deal last year.
Rupert had a personal interest in this
deal, says Gillon McLachlan, the
smooth-talking AFL chief executive,
who is overseeing the rise of the sport.
He says the big challenge now is to
invest the TV rights money in the right
areas to ensure the game grows over
coming decades.
AFL was pioneered by Tom Wills, a
cricketer who formalised the sport, initially as a way to keep cricketers fit during their off-season. The first documented match was held in 1858 and the
game grew rapidly, becoming the dominant sport in Victoria and South Australia by the late 19th century. It is now a
national franchise, which is so popular
that tickets for this weekends grand

Masterminding the rise of

Australian rules football
final between West Coast Eagles and
Hawthorn Hawks are such hot property
they do not go on general sale, instead,
they are distributed through a lottery
system by local clubs.
The basic fundamentals [of the
game] are you have to be able to handle
the ball and run really, really well, says
Mr Cameron, who played for the
Richmond AFL club in Victoria before
joining the Giants. Players must be
extremely fast, possess lots of stamina,
and be agile, he adds.
Along with co-captain Phil Davis, Mr
Cameron is leading the AFLs charge
into New South Wales, Australias richest state and a traditional heartland of
rugby league. The Giants joined the AFL
in 2012 and are working hard to build a
following through a vibrant grassroots
development programme in the sprawling suburbs of west Sydney. This year
we had a membership record. Our
crowds are up 20 per cent, says Mr
Davies. We do about 20 appearances a

The game
Footy is played on oval pitches
about double the length of a soccer
pitch. Its rugby-shaped ball is
indented at both ends to make it
bounce better. Players can tackle
and impede opposition players.
The game is split into four
quarters of 20 minutes with time
added on, which means a match
lasts about 2 hours with a half-time
break. Each team is made up of 18
players, including forwards, backs
and centres. There are four
goalposts. Players kick six-point
goals through the central posts or
one-point behinds through the
outer posts.

year where we go out to the schools

and so we spend about 20,000 hours
cumulatively spreading the game of
AFL . . . the understanding of the game
and the Giants brand has improved
enormously.
On the pitch the Giants had a good
season, narrowly missing out on the
finals. They have benefited from financial investment forecast at A$100m
over five years from the AFL and preferential treatment through a draft system,
similar to those used in US sports to distribute rookies across leagues.
This gives the Giants the right to
acquire unsigned players before other
teams during the off season and other
benefits. The AFL is pushing a similar
strategy in Queensland, where the Gold
Coast Suns set up in 2008.
Mr McLachlan says the TV rights deal
vindicates the AFLs strategy to invest
heavily more than A$200m in the
Giants and Suns over five years to
spread the sport nationwide. A salary
cap that restricts player payments has
been crucial to supporting the development of the game, he says. The average
salary for AFL players was about
A$283,000 last year.
It means regardless of size, all clubs
and their supporters, have an ability to
compete, says Mr McLachlan. That is
at the core of our game, giving all supporters of a club an equal opportunity
for their team to win. Between 1999
and 2009 all 16 clubs playing in the AFL
made a preliminary final, an achievement that reflects a predominant theme
in Australian cultural life, giving everyone a fair go.
The sport is important to the indigenous community, who make up 11 per
cent of players in the league but only 2
per cent of the Australian population.
I started playing footy when I was 8
years old, says Jarrod Pickett, a tal-

Speed, stamina,
agility: the
Greater Western
Sydney Giants
during a
training session
Graham Jepson

Video
Jamie Smyth
meets the
Greater Western
Sydney Giants
ft.com/
aussie-rules

ented young player at the Giants, who

was drafted in last year from Western
Australia. Footy suits our build
because most indigenous people are
fast. It suits how we want to play.
Yet the sport has challenges. Every
year the AFL celebrates its aboriginal
players by holding an indigenous round
of matches. However, this year the sport
became embroiled in a dispute over racism when opposition fans at games
began repeatedly booing Adam Goodes,
a Sydney Swans player and prominent
advocate for indigenous rights. Some
critics accused the AFL leadership of not
moving fast enough to tackle racism.
Sport has always been at the centre
of a community discussion and racial
discussion and this is no exception,
says Mr McLachlan, who denies the AFL
was slow to condemn the booing. It
meant Australia had an important conversation about race on the back of that
controversy, he says.
As support for the game grows at
home, the AFL wants to increase the
popularity of the game overseas. There
are already 30,000 registered players in
New Zealand, which is an initial target
for expansion. And every two years the
league plays matches using compromise
rules against an all-star Gaelic football
team from Ireland. The compromise
rules games use a round, rather than
oval ball, and a mix of both sports rules.
Nick Walsh is one of many young
Gaelic footballers who have moved to
Australia to play in the AFL during the
past two decades. He now works as a
coach for the Giants and is confident the
game can expand abroad.
It is very important that the AFL
drive it not just in Ireland and Europe
where it is really growing but also in the
US, right through Canada and places
like that where it will really take off in
terms of population and demand.

The review

Tips on being a better friend

and more intimidating enemy
ANDREW HILL

Friend & Foe: When to

Cooperate, When to
Compete, and How to
Succeed at Both
Adam Galinsky; Maurice Schweitzer
Crown Business
$27

Much of modern life seems

geared towards forcing us to
compete rather than cooperate. But this book is
based on the simple truth
that humans are wired to do
both, sometimes in the same
interaction.
In explaining when to shift
between the two modes of
negotiation, Galinsky and
Schweitzer, respectively
professors at the Columbia
and Wharton business
schools, focus more on the
individual than the
organisation.
Their approach yields
fascinating and often
counter-intuitive examples
of when it makes sense to
be friendly in any
negotiation, and when it
does not. Sometimes, for
instance, it can be the right
thing to lie (when your
grandmother asks if you
enjoyed her meat loaf).
Putting yourself in anothers
shoes perspectivetaking, in the jargon is
important in any
negotiation, be it haggling
over salary or buying a
house. But too much
empathy, they write, will
lead you to give away more
than you should.
Differences between how
men and women behave
owe more to power than to
gender, so the book offers
tips for how organisations
should work to avoid bias
and backlash when women
assert themselves.
There are broad corporate
lessons, particularly about
trust. But if you are, say, a
Volkswagen executive, you
will find little comfort here.
The authors crushing lesson
for companies hit by scandal
is that while non-core

violations of trust do not

cause long-term harm, core
violations can devastate.
They point out that home
decor and cookery goddess
Martha Stewart bounced
back after her imprisonment
for perjury, but Andersen
the more relevant parallel
for the carmaker
disintegrated after the
collapse of its audit client
Enron because it was seen
to have betrayed the central
reason for customer
confidence in its services.
Recovery from such
shattering blows to trust is
possible, they say and
may even help build trust if
handled properly but it is
a long road. It starts with
successful apologies (do it
quickly, with candour, show
vulnerability, focus on the
victim, and promise to
change) and ends with an
extended period of penance.
Ex-employees of scandalhit companies will, on the
other hand, pick up plenty of
tips about how to sell their
home or go about nailing
their next job: for instance, if
you have a choice of when
to be interviewed, it is often
best to be last in a list of
candidates; if running for
office, being first on the
ballot paper is an
advantage.
The authors lay down a
barrage of social science
research to illustrate these
points. Occasionally, this can
be overwhelming. No sooner
have you digested the
revelation that people who
come third in Olympic finals
look happier than those
placed second than you are
standing with hands on hips,
adopting one of the
postures that can prime you
to act more powerfully.
The book aims high and
largely fulfils its promise of
handing the reader tools to
be a better friend and a
more formidable foe. It lacks
the definitive hard line of
more simplistic manuals of
social behaviour. But that is
the point: if you cannot shift
between competition and
co-operation according to
the situation, you are
doomed to lose out.
The reviewer is an FT
columnist

The riff

Laurens licensing wisdom

ANDREW HILL

When the FT first

interviewed Ralph Lauren in
1989, he laid down a maxim
that every designer who
puts his or her name on a
garment should commit to
memory. You have to be
very, very careful with
licensing. You must concern
yourself with every detail:
the quality of the product;
how it is delivered to the
stores; and how they
present your lines.
Most of all you have to be
sure that you control
everything. Otherwise the
licensee might think that
they have a hot name and
sell in all the wrong places.
Before you know it, your
name has gone.
Mr Laurens name has not
gone. But come December,
he will have stepped down
as chief executive of the
empire he built on an
idealised vision of how
Americans see English
tailoring. He will still be
executive chairman and
chief creative officer, which
gives him ample opportunity
to monitor the day-to-day
decisions of his successor.
The designer told Womens

Wear Daily: This is

important to say: there is no
toe in the water [of
retirement].
Ralph Lauren, the
company, faces short-term
challenges from fast
fashion. Its founders step
back from operational
management must increase
the risk of brand abuse,
despite rigorous policing of
trademarks such as the
famous polo player (Mr
Lauren even has the right to
the brand on meat and
living animals, herds of
which roam his Double RL
Ranch in Colorado).
But the best insurance
against abuse of his name is
not Mr Laurens continued
involvement, but the fact he
founded the label at the
zenith of hot the late
1960s with a deliberately
timeless look. It should
easily outlast him. That is
more than can be said for
other designer brands. If Mr
Lauren wants reassurance,
he need only Google Pierre
Cardin, currently adorning
an extensive range offered
by the UKs biggest discount
clothing chain, Sports Direct.

Thursday 1 October 2015

17

FINANCIAL TIMES

ARTS

Wizardry in
three dimensions

OPERA

Il ritorno dUlisse in patria

Barbican, London

aaaee

Hugo Shirley

world out of detritus. During one particularly mischievous period in the 1940s,
he gathered pebbles and carved cartoon
eyes and features into their polished surfaces, turning them into prehistoric talismansorCycladicfigurines.
I was taught to think of Picasso as the
Ur-modernist, the first and best of the
20th-century avant-garde. But his
sculpture teaches an entirely different
lesson. The radical cubist phase, when
he dissected space and time, was just
one short episode in a quicksilver career
that spilled into every conceivable style.
Baroque, classical, rococo, primitive,
outsider all run through a body of
work united by his unmistakable hand
and rare sense of humour. I can think of
only a handful of other artists Leonardo, Daumier, Klee, Dal, Koons
whose work twinkles with the same
good cheer, and none with such an
extensive comic arsenal. He was a virtuoso at caricature, visual puns, and the
wild assemblage of unlikely parts into a
flawless whole. The giant neoclassical
Head of a Warrior (1933) charms us
with its bulbous nose, hint of a grin, and
protuberant tennis ball eye.
One of my favourites is Baboon and
Young (1951), in which the simian
mamas smiling muzzle is composed of
two model cars. Her ears come from
broken cup handles, and her tail is
an automotive suspension spring.
MoMAs bronze iteration smooths over
the rough meeting of materials, but the
spirit of sublime silliness persists.
Maybe thats the secret of his genius:
Picassos gifts were cosmic, but he
treated them like toys.

The final instalment in the Academy of

Ancient Musics three-year Barbican
cycle of Monteverdi operas, this performance of Il ritorno dUlisse in patria
was dedicated to the memory of Andrew
Porter, long-serving critic of the Financial Times, who died in April. It was a fitting tribute, even if it ultimately failed to
convey the power of a work long considered the weakest of the composers
three surviving operas.
Semi-staged by Alexander Oliver and
Timothy Nelson, the action flowed
around a small island of instruments
marooned at the centre of the stage and
led from the harpsichord by Richard
Egarr. With minimal resources a few
sashes, headdresses, shepherds staffs
the drama was effectively conveyed.
That it felt somewhat flat, though,
must be put down to Egarr, who performed Monteverdis 1640 score
which survives only in skeletal form
relatively unembellished. Quite how
many instruments, and of what sort,
one throws at such a score represents
one of the great performance practice
dilemmas: there are no right or wrong
answers. This austerity approach, however, felt inadequate for the space. And
with barely a dozen musicians on stage,
and just strings beyond a continuo
group of theorbos, harp and harpsichord, we only rarely got a sense of the
musics full emotional power or potential for sensuous beauty.
Thesingerswouldhavebenefitedfrom
more lavish support. Nevertheless, Ian
Bostridges Ulisse was often compelling,
a gnarly, careworn creation, whose every
gesture reflected the characters experience of conflict. As Penelope, Barbara
Kozelj performed with sincerity, though
her voice lacked the necessary richness
and colour. Elizabeth Watts enlivened
proceedings as the scheming Minerva.
But it was the veteran Oliver who, as well
as being co-director, threatened to steal
the show as the comic hanger-on Iro, the
role with which he had made his Glyndebournedebutmorethan40yearsago.

To February 7, moma.org

barbican.org.uk

A dizzying exhibition of Picassos sculpture delights in the

artists playful imagination, Ariella Budick writes

icasso, that perpetual wizard,

enchants New York once
again with a show of his exuberantly creative, categorybusting, mind-expanding
sculpture. Just when things at the
Museum of Modern Art were starting to
get really depressing, curators Ann
Temkin and Anne Umland have
mounted a heady expedition across
what seemed like well-scouted terrain.
Not another Picasso blowout! I muttered when it was first announced, but I
was wrong to grumble. This show burbles with the joy of an artist cavorting in
his own imagination. I wended my way
through each gallery with a smile affixed
to my face, savouring the jokes, the sensuous physicality of his labours, and the
obvious pleasure he took in his talents.
I thought I knew Picasso, but I had no
idea of the riches his sculptures contain.
They make up a relatively small proportion of his massive output: only 700
works, compared with 4,500 paintings.
Still, even if he had never put brush to
canvas if he had never produced
Guernica or invented cubism or had a
Blue Period I would revere him on the
strength of this show alone.
Picasso spat out sculptures in brief
bursts, then abandoned the medium for
years at a time. Each phase in his paintings finds a parallel in wood, paper, plaster, ceramic, and bronze but the sculpture exudes an expansive spirit, a freeflowing experimentation that he kept
consolidating in paint. In the first room,
we see the influence of African sculpture on his early wood carvings, whose
ravaged surfaces make Gauguins look
polished. A female Head from 1907
resembles a figure from Les Demoiselles dAvignon, painted that same
year, but she looks more crazed and jagged, her eyes gouged with passion, her
mouth scooped into a hideous leer.
Picasso tapped into the sacred and mag-

ical aspects of African sculpture even as

he thrilled to its purely formal qualities.
Later on, long after he had left primitive art behind, he cherished his sculptures totemic presence, keeping them
around the house as domestic spirits
until his death.
Untrained as a sculptor, he felt none of
the academys constraints. From the
scarred wood statuettes he progressed
immediately to the classic forms of
Apple, a deconstructed plaster fruit
that might have sprung from Czannes
boldest futuristic dreams. In Guitar
(1912), Picasso broke new ground with
disarming nonchalance. A few scissorclips were all he needed to free the line
from the page, yanking it into three
dimensions and springing it from the
constraints of illusionism. The sound
hole juts forward not a void but a thing
projected into the viewers domain
while the instruments body dissolves,
plane by plane, into space.
Early viewers were mystified by this
cardboard construction and a sheetmetal sequel of 1914: What is that?
they asked, according to the poet Andr
Salmon: Does that rest on a pedestal?
Does that hang on the wall? Is it a painting or sculpture?
Picasso blasted open the gate between
painting and sculpture. We were . . .
liberated from the imbecilic tyranny of
genres, Salmon wrote. The Orator, a
plaster-and-stone construction from
1933, confronts us with the sweep of an
urgent arm. But walk around him and
youll see that he is all faade; his flattened rear remains as unadorned as the
back of a canvas. Other pieces are thoroughly conceived in the round. The
museum has gathered all six versions of
the painted bronze absinthe bottles,
which corkscrew spasmodically,
demanding to be circled.
Picasso swings dizzyingly from commanding volumes to feathery wisps.

Clockwise from above:

Guitar (1924); Head of a
Warrior (1933); Baboon
and Young (1951) 2015
Estate of Pablo Picasso/ARS New York

The heavy bronze Woman with Vase

(1933), is an assembly of blobbish body
parts shooting off in all directions. Later,
he tore a crumpled napkin, poked it
with a burning cigarette to create
haunted eyes and a twitching nose, and
dubbed it Head of a Dog.
But even such a small and perishable
scrap can loom. Brassa photographed
the paper pooch, turning it into something huge, ancient and menacing, like
the golden mask of Agamemnon. He
performed the same trick on Relief,
transforming a small corrugated wedge
of plaster into a great ruined temple.
(The curators have put 25 Brassa photos of Picassos sculptures into a separate show that, unbelievably, manages
to enhance the prodigious originals.)
However he flirted with abstraction,
Picasso always cherished his subjects:
people, beasts, bottles and guitars
emergeoutoflinesandplanes.Hecomes
across here as a godlike imp, blowing life
into inanimate materials, building a

THIS EVENINGS TELEVISION

Pick of the day

A benign beardie lovingly
describes a benevolent
growth, its roots, battles and
defences . . . Not Jeremy
Corbyn but George McGavin
(pictured) on Oak Tree:
Natures Greatest
Survivor (BBC4 9pm).
A four-centuries-old tree
proves a marvel of science:
digital scans estimate
its leaves (700,000);
microphotography shows the
gall wasp producing what
provided the ink for Magna
Carta. We learn that whisky

is basically oak-flavoured
alcohol and that the oaks
internal alarm system talks
to itself . . . chattering goes
on across the whole canopy.
A many-stranded film that
makes you want to hug a tree.
8 (Sky Arts 9.30pm)
found Fellini still in brilliant
form: Marcello Mastroianni
portrays an artistically
blocked director, his visions
confirming the critic
Giuseppe Marottas verdict
that Fellini was cinemas only
true poet. MARTIN HOYLE

BBC 1

BBC 2

ITV London

Channel 4

6.00 BBC News.

6.30 BBC Regional News
Programmes.
7.00 The One Show.
7.30 EastEnders.
8.00 Eat Well for Less? Gregg
Wallace and Chris Bavin
help a Loughborough
family who currently eat a
diet of convenience food
that is not only
unwholesome, it is also
very expensive. Last in the
series.
9.00 Who Do You Think You
Are? Anita Rani travels to
India to find out about her
maternal grandfather,
investigating his first wife
and family before
Anitas grandmother and
what happened to them.
10.00 BBC News.
10.25 BBC Regional News and
Weather.
10.35 Question Time. Topical
debate from Cardiff,
chaired by David Dimbleby.
11.35 This Week.

6.00 Eggheads.
6.30 Strictly Come Dancing
It Takes Two.
7.00 Mary Berrys Absolute
Favourites. R
7.30 Great British Menu. Central
chefs prepare their
desserts.
8.00 Worlds Weirdest Events.
Amazing facts and
occurrences, including how
deadly poisonous frogs can
save lives, why people see
faces in everything and the
woman whose pants
spontaneously burst into
flame.
9.00 Cradle to Grave.
9.30 Boy Meets Girl.
10.00 Mock the Week. Ellie
Taylor, Josh Widdicombe,
Rob Beckett and James
Acaster join Dara O Briain,
Hugh Dennis and Andy
Parsons for the show.
10.30 Newsnight.
11.10 Weather.
11.15 The Naked Choir with
Gareth Malone. R

6.45 ITV News London.

6.55 ITV News and Weather.
7.00 Emmerdale.
8.00 The Pride of Britain
Awards 2015. Carol
Vorderman hosts the awards
show, where Prince Charles
joins David Cameron, Simon
Cowell, Shirley Bassey and
Cheryl Fernandez-Versini in
celebrating the nations
heroes.
10.00 ITV News at Ten and
Weather.
10.30 ITV News London.
10.40 Uefa Europa League
Highlights. Mark Pougatch
presents action from the
second round of groupstage fixtures in European
footballs second club
competition.
11.55 Rugby World Cup
Highlights. Wales v Fiji.
Mark Durden-Smith
presents action from the
Pool A match.

6.00 The Simpsons. R

6.30 Hollyoaks.
7.00 Channel 4 News.
8.00 George Clarkes Amazing
Spaces. George meets a
young man who bought a
70-year-old boat for
5,000 that he intends to
turn into a home, and to
help with the restoration,
he turns to an internet
dating site.
9.00 Hunted. As friends Stephen
Hardiker and Martin Cole
use canal towpaths to
travel to Wales, they come
up with a clever way to
contact their loved ones
risking detection by the
cyber team.
10.00 First Dates. Clay-pigeon
enthusiast Emma and
financier Jeremy seem like
a good match until his
work phone gets in the
way and 82-year-old
Harvey romances lifelong
singleton Dinah.
11.05 Gogglebox. R

Regional variations apply

Other channels
BBC3
7.00 Top Gear. 8.00 Dont
Tell the Bride. 9.00 Being
Human. 10.00 EastEnders.
10.30 Russell Howards Good
News Extra. 11.15 Family Guy.
11.35 Family Guy.
BBC4
7.00 World News Today.
7.30 Top of the Pops: 1980.
8.00 Ian Hislops Age of the
Do-Gooders. 9.00 Oak Tree:
Natures Greatest Survivor.
10.30 Detectorists.
11.00 Detectorists. 11.30
After Life: The Strange
Science of Decay.

Channel 5
6.00 Home and Away. 6.30
5 News Tonight. 7.00 Secrets
of Underground Britain.
8.00 Building the London
Underground. 9.00 Chris
Tarrant: Extreme Railway
Journeys. 10.00 The
Expendables. 11.50 Criminals:
Caught on Camera.
More4
6.50 A Place in the Sun:
Home or Away. 7.55 Grand
Designs. 9.00 Titchmarsh
on Capability Brown. 10.00
24 Hours in A&E. 11.05 24
Hours in A&E.

Film4
7.00 Journey to the Center
of the Earth. 9.00 Zombieland.
10.45 Under the Skin.
Sky Atlantic
6.00 House. 7.00 Without a
Trace. 8.00 Blue Bloods.
9.00 Scientology: Going Clear.
The Prison of Belief. 11.25 Last
Week Tonight with John Oliver.
Sky Sports 1
6.00 NFL A Football Life.
7.00 Barclays Premier League
World. 7.30 Live Super 8s SemiFinal. 10.30 La Liga Show.
11.00 Live NFL Pre-Game Show.

Sky 1
6.00 Futurama. 6.30 The
Simpsons. 7.00 The Simpsons.
7.30 The Simpsons. 8.00 Modern
Family. 8.30 Modern Family.
9.00 Boat Trip. 10.50 NCIS: Los
Angeles. 11.50 Hawaii Five-0.
Sky Arts
6.30 South Bank Masterclasses:
Patrick Ness. 6.45 British
Legends of Stage and Screen.
7.45 Dance Dance Dance:
Ghost Tracks. 7.50 Hollywood:
Singing and Dancing.
9.00 Playhouse Presents:
The Dog Thrower. 9.30 Eight
and a Half.

18

FINANCIAL TIMES

Thursday 1 October 2015

Ready for take-off?

Rocket Internet's share price has declined even as the value

of its cash holdings and proven winners has risen - although
much of that rise in value has come from two companies

Rocket Internet

Valuation, proven winners & cash (bn)

Share price ()
60

Twitter: @FTLex Email: lex@ft.com

Rio Tinto:
out of a hole
Pressure makes diamonds. So said
George Patton. Rio Tinto, the AngloAustralian miner, felt pressure from
the markets to reduce exposure to coal.
Yesterday, the company announced the
sale of its Bengalla mine in Australias
Hunter Valley for $606m. It also
restructured its remaining Hunter
Valley holdings, which may open the
door to a bigger sale. Good.
The impetus to quit coal has various
sources. As fossil fuels go, thermal coal
has a serious image problem. A 55 per
cent drop in its price over the past four
years, coupled with the fact that it is
one of the filthier ways to generate
energy, offers good reasons to sell. Debt
reduction would have had a hand in
the decision, too even though Rio
hardly has any leverage compared with
most of its peers. Its multiple of net
debt to estimated earnings before
interest, tax, depreciation and
amortisation is a buttoned-up 1 times.
Selling Bengalla, which Rio says went
for more than its book value, will bring
down the ratio further.
It is fortunate, then, that Rio found a
locally-listed cash buyer a coal miner
appropriately named New Hope. Given
its strong balance sheet, New Hope
could easily cover the outlay without
debt or shares. Citigroup had valued
Rios stake in Bengalla at about a third
of the sale price.
That price works out to about $7 per
ton of reserves. Add in an estimated
cash cost (before any investment) of
$39 per ton, using Wood Mackenzie
estimates, and production cost totals
$46. As Australian coal trades around
$55, the mine is only marginally
profitable. New Hope must be one of
the rare bulls about the outlook for
coal prices.
Rios moves to restructure its Hunter
Valley joint venture, known as Coal &
Allied, deserve attention. To simplify
the shareholding structure, Rio gave
joint venture partner Mitsubishi an
increased holding in an underlying
mine in return for the Mitsubishis
stake in Coal & Allied. This leaves Rio
with 100 per cent ownership at the
holding company level. So should
another cash buyer such as X2
Resources, run by former Xstrata chief
Mick Davis come along, selling all of
Hunter Valley would be easier.

The pressure put upon Rio to divest

coal assets looks to have worked. Might
it have sold at the bottom? Possibly. But
wherever the coal price goes, its
environmental profile is a liability that
Rio will remain glad to be rid of.

50

ComScore/Rentrak:
measure for measure

30

Hello
Fresh

5
Cash

40

ComScores takeover of Rentrak has

been long and eagerly anticipated by
media and advertising companies, who
like to moan about the current leader
in audience measurement, Nielsen.
CNBC, the financial news channel,
has complained that its viewing figures
of less than 200,000 were a gross
distortion because the Nielsen ratings
measured only homes, not gyms or
offices where potentially millions of
viewers are glued to Jim Cramer et al.
Viacom, owner of MTV and Comedy
Central, which has also suffered ratings
declines, went as far as to define a
non-Nielsen advertising goal for sales
on digitally delivered content. WPP,
the worlds largest advertising group,
which has stakes in ComScore and
Rentrak, has advocated a combination
of the two and said Nielsen is not up to
scratch. CBS has accused it of a
blatant attempt to hide the impact of
flawed audience data a year ago.
It is true that Nielsen has struggled to
adjust to new viewing habits. The shift
to on-demand is not being captured by
Nielsens method of sampling
households. ComScore is ahead online,
and Rentrak brings video-on-demand
and cinema measures.
And yet if Rentrak is the answer, why
has it not been able to demand a better
price? ComScores all-share offer values
the target at about $800m, after a 9 per
cent after-hours jump in the ComScore
stock, a 20 per cent premium.
Rentraks shares were already rated
more highly than ComScore or
Nielsens, but they have traded above
the acquisition price as recently as
August. It is the fastest growing of the
three, with annual revenues rising at
36 per cent compared with Nielsens
10 per cent and ComScores 15 per cent.
Rentraks failure to meet revenue
expectations in recent quarters shows
that success is not assured. Nielsen,
meanwhile, has renewed reason to
succeed with its new Total Audience
Measurement, targeted for release at

1
Home24
Other proven
winners 0

20
Oct
2014

Apr
2015

FT graphic Sources: Rocket Internet; FT Research; Thomson Reuters Datastream

the end of the year and aiming to

capture TV and digital. The moaning is
sure to continue, either way.

domestic product, tax income and

employment, according to Bernstein, a
pick-up in car sales could be helpful.
The most quantifiable of the
measures, a halving of purchase tax for
cars with engines under 1.6 litres, will
encompass 70 per cent of Chinas car
sales by volume. It should particularly
help domestic manufacturers.
Unlike foreign marques, which
dominate the high end of the market,
domestic brands such as Geely and
Great Wall generate about four-fifths of
revenues from smaller engines.
It is not all good news. The domestic
manufacturers have been winning
market share with their SUVs, many of
which have larger engines and so will
not benefit from the new incentives.
In the longer run, despite the positive
market reaction Hong Kong-listed

Chinese motor stocks rose between a

fifth and a tenth the benefits of the
tax cut are unlikely to last beyond the
December 2016 expiry.
After the financial crisis, Chinas
government cut taxes on car purchases
from 2009 to 2010. Industry sales
volumes jumped over those two years
only to slow sharply afterwards.
There may be more meaningful
structural beneficiaries. As well as
reiterating state support for new
energy vehicles such as electric and
hybrid-powered, Tuesdays statement
encouraged new car rental and sharing
business models. The rental industry is
still young in China, but market leader
by revenue (according to ICBC) Car Inc
is listed in Hong Kong. Its prospects
look strong even without the promise
of temporary government support.

China cars:
turbo boost
Challenging times beget frenetic
policymaking. Consistency is often left
behind. China has tried various odd
couples: clamping down on loans for
share buying while propping up the
stock market with forced buying, for
example. The latest contradiction
came on Tuesday. Despite
commitments on emission cuts, Chinas
State Council announced stimulus for
the motor sector. With the industry
accounting for about one-tenth of gross

17

11

17

19

17

18

18

18

26

27

23

25

15
23
20

1020

23

21

25

LOW

30
4

28

25

Wind speed in MPH at 12 BST

Temperatures max for dayC

17

23

19

16

17
20
17

1020

16

14

16

15

31

18

15

HIGH

15

15 13

16

16

16

16

27
Wind speeds in KPH

32

27

Todays temperatures
Abu Dhabi
Amsterdam
Athens
Bham
Bangkok
Barcelona
Beijing
Belfast

Sun
Sun
Sun
Fair
Shower
Shower
Sun
Sun

38 100 Belgrade
Sun
17 63 Berlin
Sun
25
77 Brussels
Sun
18 64 Budapest
Sun
34 93 Buenos Aires Fair
23 73 Cardiff
Sun
22
72 Chicago
Fair
16
61 Cologne
Sun

18
16
16
17
20
18
15
17

64
61
61
63
68
64
59
63

Copenhagen
Delhi
Dubai
Dublin
Edinburgh
Frankfurt
Geneva
Glasgow

CROSSWORD

No. 15,050 Set by ORENSE






































JOTTER PAD





Fair
Sun
Sun
Sun
Fair
Sun
Sun
Fair

14
35
37
15
17
18
16
16

57
95
99
59
63
64
61
61

Hamburg
Helsinki
Hong Kong
Istanbul
Jersey
Lisbon
London
Los Angeles

Stake in Delivery Hero was acquired in February 2015

Cash holdings increased following a convertible bond issue in July 2015

over 500m in the first half, so

profit-based valuations are not much
use. Nor is book value; the assets are
largely intangible.
Peers may offer some clues. Rocket
values online takeaway unit Delivery
Hero at 32 times 2014 sales; the UK
stock market values JustEat at 17
times sales (though it grew at half the
rate of Delivery Hero last year).
Rockets managers said yesterday
that 2015 would be the peak year for
losses among the winners, and that at
least one would go public within 18
months. They also said no further
capital would be needed. The shares
responded with a 25 per cent rise.
When conventional metrics are of
limited use, a little diplomacy goes a
long way.

20

15

17

Sep
2015

Rockets ventures are in emerging

markets (hardly popular over the past
few months) or because investors are
selling out of anything that looks highly
speculative. At the same time, Rockets
last portfolio value, a figure derived
from the amounts raised in funding
rounds, has risen by 3bn since IPO.
But how reliable is that figure?
Almost all of the latest 1.2bn increase
in the value of its winners was
ascribed to grocery delivery business
HelloFresh after an investment of
just 75m. That transaction followed
one by Rocket, at a similar valuation.
Funding rounds are at best an
imperfect guide. Other metrics are no
less problematic. Rockets winners
made a combined loss before interest,
tax, depreciation and amortisation of

Forecasts by

1030

Jun
2015

Buying something for less than its

underlying worth is the foundation of
value investing. On that basis,
Germanys Rocket Internet (an
investor in unlisted businesses)
should be worth a look. Its market
capitalisation is almost 30 per cent
below the value of what it terms
proven winners (its most mature
investments) plus its cash holdings.
Previously, the shares have traded at
a premium to the winners portfolio
value and group cash.
What has changed? Most obviously,
the shares have fallen; they are a
third below their 42.50 initial public
offering price of last October. That
might be because the market did not
like a convertible bond issue this
year. It may be because many of

13
17

3
Delivery
Hero
2
Lazada
foodpanda

56

1010

Fair
Cloudy
Fair
Cloudy
Sun
Sun
Sun
Sun

ACROSS
1 Married woman having admitted
a complaint (6)
4 Frequently putting papers on
top of order (8)
10 Denounce fitted carpet being
dumped in river (9)
11 Knotty question ultimately
spreading load (5)
12 Particular couple? (4)
13 Good girls will chase star in
shades (10)
15 Cover broadcast on charge to
supply water (7)
16 Last of bait, and some bread for
fishes (6)
19 Sons put on short pants (6)
21 Financial penalties with case of
severe and skilful manipulation
(7)
23 Priors van initially replaced by
vehicle thats unstable (10)
25 Land in water (4)
27 Precise demand (5)
28 Short-lived macho types mainly
accepted by pearl divers (9)
29 Put order in place for project (8)
30 Feel sleepy from run in search
for water (6)
DOWN
1 Slow to get up almost time, but
what time? (8)
2 One who looks for understanding
(3,6)
3 Couple about to give birth left at
last (4)
5 Battle involving soldiers gets
consignment (7)

14
16
31
20
16
27
19
29

57
61
88
68
61
81
66
84

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

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

15
18
26
18
32
17
15
11
34
16
17
21
17
14
10
28
20
21
16
19
24
24
15
16
16
14
19
17

6 Equivalent shifts ultimate

worker gets a rise (10)
7 Mostly understated fashions?
(5)
8 Hack covering Portugal gets
spread in paper (6)
9 Source of lipids found in quicklyfried toast (6)
14 Agent in pursuit of man is a
criminal (10)
17 Endures temperature, bitterly
cold, but thats the limit (4,5)
18 In France she welcomes one after
vicars early morning call (8)
20 Allowance from crown included
in dispatch (7)
21 Have an obligation to support
France, but struggled! (6)
22 At university, continue getting
maintenance (6)
24 English artists to find inspiration
from her? (5)
26 Person ruling eastern border
going north? (4)
Solution 15,049
) 5 , 3 3
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9
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7
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CROSSWORD
No. 14,845 Set by NEO





































JOTTER PAD



ACROSS
1 Important Viking one among best
friends (5,4)
6 Socialite with appeal makes leftside entry (5)
9 Brazilian city as far as were
concerned ungovernable (7)
10 Obscure English knight against
European rebuffed (7)
11 Poor nations little island in hot
current (5)
12 Caught flamboyant cardinal in
Seventh Heaven? (5,4)
14 Notice flock encircles houses (3)
15 Alarmist financier reversed into
second vehicle bearing right (11)
17 German poets the writer
embracing pub vocalist (11)
19 Moggy fur with hole concealed? (3)
20 Earl, King and Queen on
Hampshire rivers banks (9)
22 Ambassador in temple finds grain
(5)
24 Ardent Green must change leader
(7)
26 As ones despicably mean, small
tips for servants materialise (2,5)
27 Sauce unfortunately knocked over
contains sulphur (5)
28 Related martial artist stops at
Bedouin residence (9)

DOWN
1 Hard maths topic written up to find
circumference (5)
2 Love comes in no time, wildly, for
passion (7)
3 Disagreed also with a thousand
children (4,5)
4 Bond gets to a casino and is
beaten (11)
5 Beast summarising Tokyo-LondonTokyo trip? (3)
6 Painter died hungry (5)
7 Discount supermarket name in
GBs upturn with loss on top (7)
8 As 007 mission to Spectre might
be? (3-6)
13 Dope sheathes weapon in open
coat (11)
14 Soul an unknown factor in some
men? Fearless pilots? (9)
16 Girl having paddle round saw
manor demolished (9)
18 Mistress Gwynne about to be
announced in sport (7)
19 Side issue for Clintons (7)
21 Having ducks in horses area
causes commotion (3-2)
23 Crime article Financial Times
provides (5)
25 Sick at first, old man here for
healthy holiday (3)

Solution to Saturdays prize puzzle on Saturday February 14

Solution to yesterdays prize puzzle on Monday February 16
Winners names will be printed in Weekend FT

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J Sainsbury:
ripening nicely
The ripeness of the avocados, the
texture of the juices and the sugar (or
lack of it) in the yoghurts. British
supermarket chain J Sainsbury has
plenty of explanations for its better
than expected sales performance in the
past few months. But ignore all that
and look at the prices. The company
has said it is cutting 150m off prices
this year (for context, its annual
operating profit is about 800m). So
although volumes are up as customers
snap up those well-textured juices,
like-for-like sales are still falling in
the 16 weeks to the end of September
they were down 1.1 per cent.
It is a sign of the times in the UK
grocery industry that such a decline is
reason for celebration. The shares rose
14 per cent on the back of yesterdays
sales numbers, after a dreadful few
months they had fallen a fifth from
their 2015 peak in April. Tesco and
Morrison had done worse.
Still, Sainsburys jump was not just
down to the sales numbers. Cost cuts
are also better than expected so pre-tax
profits this year will be moderately
ahead of consensus forecasts.
Sainsbury is planning to cut 500m
from the annual cost base of 24bn
over the next three years. Cutting
product wastage as it moves from
(unpredictable) promotional activity
to more regular lower prices is one of
the ways it plans to achieve this.
The cuts should help to keep
Sainsburys operating margin 3 per
cent last year and slowly declining
stable. There is no end in sight to the
intense price competition in the UK
grocery market, so expect top-line
pressure to continue. Sainsbury cannot
afford to be seen as more expensive
than its rivals. What will really
differentiate the company and its
shares is its ability to absorb those
price cuts by keeping down costs.
With that in mind, news that
Sainsbury has given its in-store staff an
(above inflation) 4 per cent pay rise,
while no doubt welcomed on the shop
floor, is more than a little concerning
for owners of the shares.
Lex on the web
For notes on todays breaking
stories go to www.ft.com/lex

Thursday 1 October 2015

US earnings season Bears

may have a reason to growl
JOHN AUTHERS, PAGE 34

19

Nestl

Sainsbury

ComScore

Copper
(LME 3-month)

Euro / dollar

Gold

Xetra Dax

Br real/ dollar

2.88%
SFr73.25

13.82%
261p

11.29%
$46.15

3.8%
$5,160

0.7%
$1.1163

$11
$1,115

2.2%
9,660.44

2.3%
R$3.9697

Valeant proves bitter pill for funds

3 Three US investors hit by drugs group sell-off 3 Democrats seek disclosure on pricing
MILES JOHNSON
HEDGE FUND CORRESPONDENT

Three of the biggest US hedge funds

have suffered billions of dollars in losses
from their portfolios after a sharp
sell-off in the shares of Valeant Pharmaceuticals.
Bill Ackmans Pershing Square, Jeff
Ubbens ValueAct and John Paulsons
Paulson & Co have been hit hard this
week because of their concentrated bets
on Valeant, with Mr Ackman holding
30 per cent of his fund in the pharmaceutical companys shares.
Valeant shares fell a further 5 per cent
on Tuesday, adding to a 16.5 per cent
plunge on Monday, as investors took

fright after Democrat politicians called

for a subpoena to force the company to
hand over documents relating to massive price hikes for its drugs.
One US investor in hedge funds said:
Large, focused bets on single companies can lead to huge returns for managers when they go well, but destroy years
of gains when they go wrong.
2It is always a risky strategy, no matter how much of an edge a hedge fund
thinks it has.
According to US regulatory filings, Mr
Ackman held $4.3bn of Valeant stock at
the end of June, implying that the 39 per
cent fall in Valeants share price since
the August peak has cost his Pershing
Square fund as much as $1.6bn.

Pershing Square started building its

Valeant position in the first quarter of
this year, with the companys shares
priced roughly where they are now at
that point. As of the middle of last
month, Pershing Square was narrowly
down for the year, losing 0.2 per cent,
according to data compiled by HSBC
before the sharp fall in Valeant shares.
Other hedge funds with large chunks
of their portfolios invested in Valeant
include Tiger Ratan and Brave Warrior
Advisors, both of which held more than
a fifth of their assets in its shares,
according to the most recent US filings.
Mr Ackman has been a vocal advocate
of Valeant, whose takeover-fuelled
growth has attracted criticism from

Pershing
Square,
ValueAct and
Paulson & Co
knocked due
to their
concentrated
bets on
company

some other hedge fund managers such

as the shortseller Jim Chanos, who has
argued that these deals mask a lack of
organic growth.
Pershing Square was last year one of
the worlds best-performing large hedge
funds, gaining almost 40 per cent as it
benefited from its large, concentrated
bets on companies such as Allergan.
Mr Ubbens ValueAct accumulated its
Valeant stake in 2006 at a far lower cost,
meaning even with the recent sell-off it
has made many times its initial investment. He joined its board last year, and
ValueAct has held a seat since 2007.
Paulson & Co had a 2.6 per cent stake
of Valeant worth $2bn at the end of June,
according to the most recent US filing.

Chocs away
Nestl launches
premium chocolate
Nestl, the maker of KitKat bars, is
seeking to challenge the likes of Godiva
and Lindt for a slab of the premium
chocolate market with the launch of an
upmarket Cailler brand today, writes
Scheherazade Daneshkhu in London.
The Swiss food group, the worlds
biggest by sales, is best known for its
workaday chocolate products such as
Aero, but Sandra Martinez, head of
confectionery at Nestl, said the group
hoped that Cailler would soon become
synonymous with luxury chocolate.
Nestl, which is selling off
underperforming food brands to
concentrate on faster-growth areas, is
looking to the launch to help boost its
performance in confectionery.
It has missed out on the expansion of
premium chocolate a segment that
commands prices 50 per cent higher
than the mainstream and which has
been growing annually at 10 per cent.
Cailler chocolate is already sold in
Switzerland but Nestl is taking the
product beyond its home borders with
an ecommerce strategy.
The chocolate will be sold on Amazon.
Sales will initially be limited to the US,
UK and Germany and in airport shops in
Geneva, Zurich, Dubai and Singapore
instead of grocery stores.

Short
View
James
Mackintosh
October is a time of anxiety for investors. The month has
been disproportionately disastrous, from the 1907 Knickerbocker crisis to 1929s Great Crash, Black Monday in
1987 or the 2008 hit as the financial system wobbled.
It arrives with markets in a febrile state. As one hedge
fund manager put it: Were panicking and we dont even
know why.
History is not reassuring. More than a quarter of US
monthly losses of a tenth or more since 1871 happened in
October (using average share prices over the month).
There are lots of stories about why this should be the
case. Investors returning to work may be prone to worry
about the illiquidity-induced volatility of the summer
months. They may just be miserable about going back to
work. Either way, September has the next worst record.
This might be mere chance; the small sample size would
horrify a statistician. And October can be wonderful, as in
2011. Then, equities rebounded a tenth after a dire third
quarter even worse than the dismal quarter weve just had.
There are other parallels. In 2011 investors were deeply
fearful, crowded in defensive positions and worried after
the US near-default and the renewed crisis in the eurozone. Today, investors are scared, crowded into defensive
assets as they worry about contagion from China and
emerging markets. Wall Streets fear gauge, the Vix index
of implied volatility, is coming down from levels last seen
at the start of October 2011.
The chart shows another measure of fear: the gap
between US investment newsletters that are bullish or
bearish. Pessimists outnumber optimists by the most since
September 2011, when the deep gloom provided a solid
basis for sentiment to improve and shares to rise.
Fear has led to big price swings, both down and up, as the
crowds race between selling and short squeezes as the
wild moves in Glencore shares on little or no news showed.
Big falls in the market can generate their own reality, as
Valentijn van Nieuwenhuijzen at NN Investment Partners
points out. Steep price drops can create financial distress
and even lower prices. But if nothing awful emerges soon,
the sense of panic should abate. A few more bounces like
Tuesdays could make October a month to relish.

Bears come out to play

Investors Intelligence,
bulls % - bears %
40
20
0
-20
2009

11

13

Source: Thomson Reuters Datastream

james.mackintosh@ft.com

Digicel blocks Caribbean network ads

to force payment from big web groups
ROBERT COOKSON
DIGITAL MEDIA CORRESPONDENT

Immelt warns over curbs

to transatlantic data flows
General Electric chief executive Jeff
Immelt has warned that bigger
European restrictions on transatlantic
data flows would hobble groups that
use data collected by manufacturers to
improve performance and invent new
ways of doing business.
Report i PAGE 23

Mobile operator Digicel has started

blocking advertisements on its networks in the Caribbean as part of a plan
to force internet companies including
Google, Yahoo and Facebook to pay for
access to its customers.
The company, controlled by Denis
OBrien, Irelands richest man, is the
first mobile operator to deploy the
blocking technology against big Silicon
Valley groups that rely on advertising.
Digicel suggested that if those companies wanted their ads to be unblocked,
they should contribute to the costs of
the mobile telecoms infrastructure
required to deliver them.

Companies like Google, Yahoo and

Facebook talk a great game and take a
lot of credit when it comes to pushing
the idea of broadband for all but they
put no money in, said Mr OBrien.
Instead they unashamedly trade off
the efforts and investments of network
operators like Digicel to make money
for themselves.
Thats unacceptable, and we as a network operator are taking a stand against
them to force them to put their hands in
their pockets.
Digicel is working with Shine, an
Israeli start-up, whose software prevents online ad networks such as those
operated by Google from delivering ads
to mobile browsers and apps. However,
it does not interfere with native ads of

the kind used by Facebook that sit

within the social networks own app.
Digicel has 13.6m subscribers across
the Caribbean, Central America and
the South Pacific. It said that it had
started blocking ads in Jamaica, and
would roll out the technology to other
markets in the coming months.
For website owners, the rise of blocking threatens to cut off their revenues.
Marketers will spend almost $69bn this
year on mobile ads, according to
research group eMarketer.
Digicel operates in 31 markets, including some of the worlds poorest countries. It is preparing to raise about
$1.7bn in an initial public offering on the
New York Stock Exchange that could
value the group at as much as $5bn.

Companies / Sectors / People

Companies
AQR..................................................................13
Addison Lee.................................................6
Adobe.......................................................15,24
Advance Auto Parts..............................33
Advent International.............................25
Adyen............................................................20
Alcoa..............................................................34
Alipay.............................................................20
AllianceBernstein.....................................13
Altria..............................................................20
Amazon......................................................2,15
Apple........................................................15,24
Asda................................................................25
Aviva...............................................................33
Axel Springer.............................................15
BHP Billiton...................................................3
BT........................................................................1
Bain Capital................................................25
Bank of Scotland....................................24
Barclays....................................................6,24
Berkshire Hathaway..............................19
Bridgewater.................................................13
CME Group.................................................34
Chase.............................................................20
Citigroup......................................................24

Co-operative Bank.................................25
Coal & Allied..............................................25
ComScore.....................................................18
Darty........................................................24,25
Deutsche Bank.........................................24
Digicel.............................................................19
EY.....................................................................25
Entertainment One..........................24,33
ExxonMobil....................................................3
Eyeo.................................................................15
Facebook.................................................15,19
Fnac..........................................................24,25
Friends Life.................................................33
Gap.............................................................21,33
Gazprom......................................................20
Geely...............................................................18
General Atlantic......................................20
General Electric........................................23
Glencore..............................................1,25,33
Google................................................15,19,24
Great Wall....................................................18
Guinness.......................................................16
H&M................................................................21
HSBC...........................................................6,33
Hailo..................................................................6
HelloFresh...................................................20
Hennes & Mauritz..................................33

The Financial Times Limited 2015

Imperial Tobacco....................................20
Ingenico........................................................25
Intercontinental Exchange................34
J Sainsbury.....................................18,25,33
JPMorgan Chase.....................................24
Japan Tobacco.........................................20
JustEat...........................................................18
Kaz Minerals..............................................33
Kering.............................................................21
Lloyds Bank...........................................6,24
Lorillard........................................................20
Man Group...................................................13
MasterCard..................................................15
Michael Kors .............................................21
Microsoft.......................................................15
Mind Candy................................................24
Mitsubishi.....................................................18
Morrison........................................................18
Mozilla...........................................................24
Nestl.............................................................19
Netflix.............................................................15
New Hope.............................................18,25
Paymentech...............................................20
Pepsi................................................................15
Polyus Gold................................................24
Procter & Gamble...................................21

Quindell........................................................24
Ralph Lauren..................................16,21,33
Rentrak..........................................................18
Reynolds American .............................20
Rio Tinto..........................................18,25,33
Rocket Internet..................................18,20
Royal Bank of Scotland......................25
SABMiller.....................................................20
Sainsbury.....................................................25
Shell...................................................................3
Shine...............................................................19
Sky...................................................................1,2
SoFi.................................................................20
SoftBank Group.......................................20
TalkTalk........................................................1,2
Temasek.......................................................20
Tesco.........................................................18,33
Tesla................................................................22
Tsinghua Unigroup................................33
UBS.................................................................24
Uber............................................................6,24
Unilever.........................................................21
Unisplendour.............................................33
Valeant Pharmaceuticals....................19
Vedanta Resources................................33
Vodafone.....................................................1,2
Volkswagen....................................16,22,32

WPP.................................................................18
Western Digital.........................................33
Winton Capital...........................................13
Worldpay...............................................20,25
X2 Resources.............................................25
Yahoo........................................................19,33

Sectors
Automobiles...................................16,22,32
Banks......................................6,20,24,25,33
Beverages..............................................15,20
Consumer Goods.....................................21
Financials..................................19,20,24,25
Food Producers........................................19
Gen Retailers...........................18,21,25,33
Industrials....................................................23
Media.............................................15,19,24,33
Mining.............................................3,18,25,33
Mobile & Telecoms................................1,2
Oil & Gas..................................................3,20
Pharmaceuticals.......................................19
Retail...........................................................2,25
Software........................................................15
Support Services.................................6,24
Technology.....................................15,20,24
Tobacco........................................................20
Travel & Leisure.....................16,18,21,33

People
Ackman, Bill................................................19
Acton Smith, Michael...........................24
Bompard, Alexandre.............................24
Davis, Mick..................................................25
Dimon, Jamie.............................................32
Hayward, Tony............................................1
Immelt, Jeff.................................................23
Jansen, Philip............................................25
Knowles, Divinia......................................24
Larsson, Stefan...................................21,33
Lauren, Ralph.............................................21
Musk, Elon..................................................22
OBrien, Denis............................................19
Parker, Alan................................................24
Paulson, John............................................19
Samwer, Oliver.........................................20
Schwarzman, Stephen..........................32
Smith, Jeff...................................................33
Sporton, Benjamin....................................3
Tombini, Alexandre................................10
Ubben, Jeff..................................................19
Van der Does, Pieter............................20
Varley, Steve..............................................25
Volpon, Tony..............................................10
Woolard, Christopher..............................6

Week 40

15

When it comes to
the gap between
US investment
newsletters that
are bullish or
bearish, pessimists
outnumber
optimists by the
most since
September 2011

20

FINANCIAL TIMES

Thursday 1 October 2015

COMPANIES
INSIDE BUSINESS

Technology

Iconiq injection lifts Adyen valuation

Silicon Valley funds
investment takes Dutch
company to $2.3bn
ROBERT COOKSON

Dutch payment processing company

Adyen has raised funds at a $2.3bn valuation from an investment vehicle representing many of Silicon Valleys wealthiest individuals including Facebook
founder Mark Zuckerberg.
Adyen did not disclose the size of the
funding round, which makes the company one of the most highly valued technology start-ups in Europe. But it comes
less than a year after the Amsterdambased business, whose clients include
Netflix, Spotify and Uber, raised $250m
at a $1.5bn valuation from institutional
investors including General Atlantic,

the private equity group, and Temasek,

Singapores state investment company.
The new investment came from Iconiq, a secretive investment company
that acts for many of the most influential executives in Silicon Valley, such as
LinkedIns co-founder Reid Hoffman
and early Facebook backer Sean Parker.
Pieter van der Does, Adyen chief executive, said that many of the people
behind Iconiq are clients of ours and
decided to invest after seeing the benefits of the companys technology.
He added Adyen had not been looking
to raise funds but said the opportunity
was impossible to pass up. If Iconiq
wants to invest in you, youre not going
to say no, he said. Iconiq is the most
connected network in the Valley and its
a massive vote of confidence.
The companies did not disclose the
size of the investment.

Founded in 2006, Adyen handles payments for many international ecommerce companies and has been extending its technology to allow merchants to
take payments in physical stores too, via
internet-connected devices.
The company allows merchants to
plug in to a single global platform that
accepts multiple currencies and more
than 250 different payment methods,
including credit cards, Apple Pay and
Alipay.
This enables Adyen to capture data
about shoppers as they buy across multiple devices and in-store, allowing the
company to provide fraud detection,
loyalty schemes and even services such
as accepting returned items in a different country to where they were purchased.
The companys rivals include Chase
Paymentech and Worldpay, which is

If Iconiq
wants to
invest in you,
youre not
going to say
no

preparing for an initial public offering in

London next month at a valuation of as
much as 3.5bn.
Mr van der Does said that Adyen was
processing total transactions of about
$45bn per year at the current run rate.
The company expects to generate revenues of 330m in 2015, up from 150m
last year. It forecasts earnings before
interest, tax, depreciation and amortisation this year of 40m.
Before starting Adyen, the founders
built and sold the payments group Bibit
to Royal Bank of Scotland in 2004.
The company is one of a small but
growing collection of European startups with valuations above $1bn. Spotify,
the Swedish music streaming service,
has raised more than $1bn and is valued
at more than $8.5bn, while German food
delivery group Delivery Hero has raised
about $1.4bn and is valued about $3bn.

Tobacco. Takeover test

Altria well placed to light up SABMiller talks

Marlboro owners 27% holding
suggests it will have a crucial
voice in any AB InBev deal
LINDSAY WHIPP CHICAGO

Beer and cigarettes are not the healthiest combination, but for Marlboro
maker Altria owning 27 per cent of
brewer SABMiller has proven lucrative.
The stake has contributed 10-19 per
cent of Altrias annual pre-tax profits
over recent years, so the prospect of a
bid for SAB by Anheuser-Busch InBev,
its larger rival, has left investors watching keenly to see what Altria opts to do
with its holding.
The size of the stake also means that
the tobacco group could be an important influence over SABs discussions on
whether to accept an offer, and how the
deal should be structured.
Most analysts say that the best outcome for Altria, the biggest tobacco
company in the US, is to push for terms
that allow it to keep a stake in an AB
InBev-SABMiller combination. Vivien

Altrias earnings goal

seems to imply growing
equity contributions
from SABMiller
Azer, an analyst at Cowen & Company,
expects Altria to use its three board
members to lobby for a 50-50 stock and
cash deal that would allow it to maintain
a meaningful position in the merged
company one reason being that selling Altrias stake for cash would incur
significant tax costs, analysts noted.
They would have a tremendous tax
bill if they were to sell, says Michael
Zbinovec, an analyst at Fitch, the rating
agency. They have repeatedly said
they are happy with earnings from the
business.
Morningstars Adam Fleck estimates
that the stake in SAB could be worth
roughly $24bn in a takeover, with the
research company estimating a fair
value for the brewer of 36 per share.
Others suggest the price could be higher.
This is close to where SAB trades now,
standing at 37.30 yesterday afternoon.
It is difficult to determine the companys undisturbed share price, however. It has rallied nearly 20 per cent
since an approach was confirmed on
September 16, but speculation about an
offer was rife even before this, bolstering the stock.
Regardless, any final price would be
far higher than the $6.2bn book value of
the asset as recorded on Altrias balance
sheet. And the tax rate on its gains

Plenty of fizz:
SABMiller
accounts for up
to 19% of Altrias
pre-tax profits,
so it is likely to
push to keep a
stake in any
AB InBev tie-up
One Red Eye/Philip Meech

would be 35 per cent, analysts say.

Altria, then Philip Morris, gained a 36
per cent share in SAB worth $3.4bn,
after it sold Miller Brewing to SAB in
2002. This was gradually diluted to 27.3
per cent by 2009, according to its annual
reports.
But tax is not the only reason that
holding on to a stake would be in Altrias
interest, according to analysts. SABs
contribution to Altrias earnings provides steady cash flow as it seeks to bolster shareholder returns amid a secular
decline in its core tobacco business.

It has also been a form of diversification for Altria, given that most of the
groups profit still comes from cigarettes, despite expanding its smokeless offerings and wine business.
The groups geographic spread has
also narrowed since it spun off Philip
Morris International to focus on the US
market.
By securing a stake in a combined AB
InBev-SABMiller, Altria could share in
the gains that analysts expect from a
deal backed by 3G Capital, the cost-cutting Brazilian private equity group that

SABMiller
Contribution to Altrias pre-tax profit
$bn
1.2

Per cent
20

1.0

18

0.8

16

0.6

14

0.4

12

0.2
0

2010

11

12

13

Source: Company

Technology

14

10

owns 22.7 per cent of AB InBev. Fitchs

Mr Zbinovec also notes that AB InBevs
dividend yield exceeds SABs at 3.17 per
cent and 2.07 per cent respectively, suggesting a continued stake could increase
its dividend income.
Altrias long-term goal of earnings per
share growth of 7-9 per cent seems to
imply growing equity contributions
from SABMiller, Morningstars Mr
Fleck points out. Altrias Marlboro
brand, which accounts for almost all of
its smokable cigarette sales, has
nearly 44 per cent of the US market. But
with limited ability to advertise and regulation only likely to get stiffer, tobacco
is a difficult industry.
One key focus for investors and analysts if Altria maintains an investment
in brewing through an AB InBev-SAB
deal, is how big its holding will be.
At the moment, its 27.3 per cent stake
gives it significant influence. While
letting its stake fall below 20 per cent
could force it to change the way it
accounts for its holding and only count
dividends, there is no hard and fast rule,
analysts say.
As the Marlboro Man said of his
smokes back in 1954: You get a lot to
like. For Altria, when it comes to maintaining a stake in a newly formed AB
InBev-SAB, the same probably applies.

EUROPE

Neil
Buckley

Political clashes in the

pipeline as Gazprom
refocuses on Europe

nvestors seeking to understand the strategy of

Gazprom over the past couple of years might be forgiven for throwing up their hands in bewilderment.
For much of last year, the Russian gas group seemed
to be pivoting towards Asia, and cooling towards
Europe, traditionally its biggest export market and not
just because of east-west tensions over Ukraine.
Gazprom faced both an EU antitrust probe and the socalled Third Energy Package market liberalisation laws
that it saw as aimed specifically at curbing its own ambitions to control gas infrastructure inside Europe.
In May last year, Moscow signed a long-awaited gas supply deal with China. Then, in December, Gazprom
scrapped South Stream, its project to pipe Russian gas
under the Black Sea and into the heart of the EU. It
replaced that plan with Turkish Stream, a proposed pipeline to the Turkish-EU border that would leave it to Europe
to work out how to take the gas further. It also cancelled an
asset swap with Germanys BASF aimed at giving it control
of a German gas trading business and storage facilities.
But with negotiations over Turkish Stream stalled and
questions being raised over
the China deal, Gazprom has
Gazproms plans
pivoted back to Europe. On
September 4, it agreed with could turn
partners BASF, Eon, Royal
Germany into a
Dutch Shell, OMV and Engie
to add two more lines to the Russian gas
huge Nord Stream pipeline
transit hub
that brings gas under the
Baltic Sea to Germany.
That would double Nord Streams capacity by 2019 to
the equivalent of two-thirds of current Russian exports to
Europe. Since that capacity far exceeds German domestic
needs, the deal could turn Germany into a Russian gas
transit hub for Europe. Underscoring the potential,
Gazprom revived its asset swap with BASF.
Capping it all, Gazprom this month signalled a desire to
make peace with the European Commission over antitrust
charges after long refusing to acknowledge Brussels
jurisdiction.
The developments may be linked to broader Kremlin
moves seemingly aimed at ending Russias isolation and
rolling back Ukraine-related sanctions. The moves also
highlight just how keen German companies, in particular,
are to get back to business as usual with Russia, apparently
with Berlins tacit blessing.
Thane Gustafson, a Russian energy expert at IHS
Energy, suggests that for all the twists and turns, Gazprom
has in fact been groping for some time towards a strategy
that protects its position in a changing European market.
The new market is one where Europes gas is increasingly traded on hubs at spot prices challenging
Gazproms model of long-term supply contracts with
prices linked to oil. [There is an] understanding inside
Gazprom that there is a new world of gas out there, says
Mr Gustafson. And also there is some realisation within
the Kremlin that China is not a magic trump card, and
Europe is going to remain the main market for the foreseeable future.
Gazprom also sees an
Brussels has
opportunity in Europe
with falling domestic gas made clear it will
output creating an opening
not allow
for more Russian imports. It
seems to regard its various Ukraine to be
pipeline projects as options
circumvented
that depend on how different
political and regulatory scenarios play out. People familiar with Gazproms thinking
suggest it still hopes to build at least two of Turkish
Streams mooted four lines, if Ankara will engage.
Nord Stream II, meanwhile, would still require winning
over EU and national regulators. To get the most from the
project, Gazprom needs permission to use the full capacity
of a dedicated transmission pipeline in Germany, called
Opal. But it currently faces EU restrictions.
Indeed, the companys efforts to settle the EU antitrust
case may be a tactical concession aimed at helping secure
approval for the bigger prize of an enlarged direct supply
route into western Europe, with Germany as a partner.
There could be further clashes, not least since part of the
rationale for enlarging Nord Stream like South Stream
and Turkish Stream is to enable Russian gas exports to
bypass Ukraine. But Brussels has made clear it will not
allow Ukraine to be circumvented.
So Gazprom may be reassessing prospects in its core
European market, and even making conciliatory noises to
Brussels. But the EU-Gazprom relationship will remain
combative at best and as shareholders know to their cost
one into which politics will regularly intrude.
neil.buckley@ft.com

Financial services

Rocket looks to build scale ahead of units IPO Student loans provider SoFi raises $1bn
JEEVAN VASAGAR BERLIN

Rocket Internet, the German start-up

incubator, does not plan to raise new
capital in the next three years, its chief
executive said yesterday.
Oliver Samwer said the ecommerce
group would continue to focus on building scale at its companies and there
would be no significant mergers or
acquisitions in the next 24 months.
Given that we have a strong balance
sheet we expect no diluted capitalisation in the next three years at group
level, Mr Samwer said.
Rocket had 1.7bn of gross cash at the
end of August, including the proceeds of

a 550m convertible bond issued in July.

Rocket, Europes most valuable technology company by stock market capitalisation, said its most established
start-ups had seen their average operating margin rise by six percentage points
in the first half, compared with 2014.
However, all continue to lose money. Mr
Samwer said he expected three to reach
break-even in the next 24 months.
Rocket added that one of them
planned to launch an initial public offering in the next 18 months.
HelloFresh, a grocery delivery
start-up, is one business that has been
touted to float this year. Net revenue at
HelloFresh grew from 22m to 112.5m

in the first half of this year, while its

adjusted earnings before interest, tax,
depreciation and amortisation swung
from a 2.5m loss to a 20.3m loss.
Rocket swung from a 92.9m profit to
a 45.9m loss in the first half of 2015.
Sarah Simon, analyst at Berenberg,
said losses at Rocket companies were
consistent with management guidance
for when its start-ups would break even.
First-half revenues at Global Fashion
Group, which brings together five of
Rockets emerging markets fashion
retailers, rose from 256.9m to
418.3m, while adjusted ebitda losses
grew from 103.5m to 151.2m.
See Lex

KADHIM SHUBBER NEW YORK

SoFi, the San-Francisco based student

loans provider, has raised $1bn from
investors in a funding round that will
help its transformation into a depositholding rival to traditional banks.
The funding round was led by SoftBank
Group, the Japanese telecoms company,
and comes as SoFi expands into an
arena that has typically been the realm
of the regulated banking industry.
We want to give people all the capability they have with a banking
account, said Mike Cagney, chief executive, who said SoFi was not becoming a
bank. Were becoming a replacement

for a bank, he said. Although SoFis

core business is in student loans, it
expanded into the mortgage market late
last year, becoming the first US-based
peer-to-peer lender to offer mortgages.
Over the next 12 months, the company will offer credit and debit cards, as
well as accounts that pay interest, in
addition to its lending business.
Mr Cagney said the accounts would
not be covered by Federal deposit insurance, but may be privately insured. He
dismissed the suggestion the move
could attract the attention of regulators.
Were just nowhere near big enough
yet. What were talking about doing in
terms of transaction accounts is

unlevered, liquid and transparent, he

said. Federal insurance covers deposits
for up to $250,000 at banks that have
signed up. Federal Deposit Insurance
Corporation said it was not necessary
for deposit-holding institutions to apply
for federal coverage, though they do
have to make that clear to customers.
The latest funding round included
existing investors Third Point Ventures
and Wellington Management Company.
A valuation was not disclosed, but Mr
Cagney said it was a significant bump
up from the $1.3bn at its February funding round. He added the latest funding
takes away any urgency we have in
termsofhittingthepublicmarket.

Thursday 1 October 2015

21

FINANCIAL TIMES

COMPANIES

Ralph Lauren recruit makes move upmarket

Larsson joins as chief executive with brief to bring his expertise from less-expensive chains to luxury group
LINDSAY WHIPP CHICAGO

At first glance Ralph Lauren and Stefan

Larsson appear an odd couple.
Mr Laurens estimated $6bn net
worth is built on designs that created
consumer aspirations of American
country club luxury. Mr Larsson,
though similarly dapper, made his
name in the mass market through successful tenures at H&M and most
recently Gaps Old Navy.
But the pairing at Ralph Lauren,
which will begin in November when Mr
Larsson takes over as chief executive,
should bring important lessons from the
mass market, leaving 75-year-old Mr
Lauren to step back to a creative role.
Mr Larssons achievements at Gap
and the expectations riding on him at
Ralph Lauren were crisply expressed by
the two companies share price reaction
yesterday. Shares in Ralph Lauren had
jumped 12.9 per cent to $117.46 by
lunchtime, clawing back some of the
44 per cent lost so far this year, while
Gaps shares tumbled 5.9 per cent.
Im quite excited about it, said Daniela Nedialkova, an analyst at Atlantic
Equities, of Mr Larssons move. He
brings exactly what the company needs
at this time.
There has been a revolution in fashion
retailing in past years across the globe as
younger shoppers increasingly choose
fast fashion clothes from H&M, Inditexs Zara and Forever 21, over more
sedate brands such as Gap and J Crew.
Fast fashion companies copy catwalk
looks and tend to use extremely efficient supply chains to release more collections each year than other retailers.
It is the know-how of improving such
unsexy back office areas as supply chain
management and his global retailing
experience that Mr Larsson can bring to

Walk-on parts

Top of the range: Ralph Lauren models in New York last month. There has been a revolution in fashion retailing in past years Joshua Lott/AFP

Ralph Laurens fast fashion challenge

Share price and index
(rebased)
S&P 500 index

12.9%

Fall in sales
at Ralph Lauren
in the three
months to June

Rise in Ralph
Lauren shares
by lunchtime
yesterday

Ralph Lauren, analysts said, rather than

prompting the luxury brand to take
style cues from fast fashion upstarts.
Ralph Lauren cant be copying other
people, its the brand that gets copied,
said Michelle Grant, Euromonitors global head of retailing industry research.
[Its about] how much of those skill sets
can be applied without degrading the
brand.
Mr Larssons three years at Old Navy
transformed that brand from being a
weight around Gaps neck to being its
star, as the namesake brand struggles.
In fiscal 2014 Old Navy pulled in $6.6bn
in sales, more than the Gap brand for the
first time in four years.
Analysts put this down partly to Mr
Larssons focus on speed to market. The
longer it takes to get from the sketching
phase to the shop floor or website, the
more vulnerability there is to changes in
consumer tastes and the economy.

Net profits
($m)
250

100

10

200

90

150

80

100

70

-5

50

34

60

-10

32

Sep 2014

2015

Sep

2010 11

12

13

14

15

FT graphic. Sources: Thomson Reuters Datastream; Bloomberg

This tardiness can have a damaging

effect on inventory and margins. Ralph
Laurens earnings before interest, tax,
depreciation and amortisation have
fallen from 20 per cent of revenues in its
2013 fiscal year to an estimated 15.5 per
cent for 2016.
The company has already been
investing to improve its supply chain
and technology to reduce the time it
takes to get its designs to market, which
one analyst said is longer than the
industry average.
Speed to market is critical and thats
what the fast fashion guys are really
good at. If Ralph Lauren can be a bit
quicker and flexible, itd be great for
margins and the top line, Ms Nedialkova said.
Mr Larsson arrives at Ralph Lauren as
sales and profit are falling and as it
moves to simplify its structure into six

global brands Polo, Luxury, Home,

Club Monaco, Lauren and Denim & Supply while expanding overseas and cutting $100m in annual costs.
Sales at Ralph Lauren dropped 5.4 per
cent in the three months to June as profits plunged 60 per cent to $64m. This
was partly due to restructuring but also
reflected its decision to hold out against
discounting, unlike some of its luxury
rivals, Euromonitors Ms Grant said.
Ralph Lauren is looking to expand
sales further in overseas markets, and
Mr Larssons new colleagues will hope
he can replicate his success at H&M,
where he spent 15 years. As head of global sales he was instrumental in
expanding the Swedish company into a
$17bn powerhouse in 44 countries.
Analysts said Ralph Lauren should
ideally have the key regions of the US,
Europe and Asia each contributing 30

Trafigura founder dies after cancer fight

HENRY SANDERSON,
DAVID SHEPPARD AND NEIL HUME

Claude Dauphin, one of the most prominent commodities traders of his generation and founder of the Switzerlandbased Trafigura, has died at the age of
64. The French citizen died in Bogot,
Colombia, after a two-year battle with
cancer, the company said.
We owe him an enormous debt of
gratitude for a career full of achievement and entrepreneurial endeavour
and for his energy, inspirational leadership, generosity of spirit, humility and
humour, said Jeremy Weir, Trafigura
chief executive.
Along with its rivals Glencore, Mercuria and Gunvor, Trafigura rode the decade-long boom in commodity demand
from China and other emerging markets, becoming one of the largest privately owned traders of oil and metal.
The hard-driving Mr Dauphin was
instrumental in the companys growth,
criss-crossing the globe to negotiate
deals and striking up relationships with
fellow executives and heads of state.
The private company always
remained closely held and Mr Dauphin
had a reputation for loyalty to employees who showed the same to him. Trafigura reported a net profit of $1bn last
year and handed almost $900m of it
back to staff.

44

15

Energy. Commodity trading

Dauphin criss-crossed globe in

a career that saw booms and
big profits as well as challenges

Old Navy
Sales contribution to Gaps total
revenues (%)

42
40
38

Ralph Lauren

5.4%

110

Same store sales*

(%)

Mr Dauphin was among prominent

commodities traders who honed their
skills under Marc Rich, the godfather of
modern commodities trading who for
almost two decades was one of the US
governments most wanted fugitives.
Born in Houlgate, Normandy, on June
10 1951, Mr Dauphin joined Mr Richs
firm in 1977 as country manager for
Bolivia. He was later promoted to head
of lead and zinc trading. In 1988, he
became head of the petroleum division
where he worked with the now Glencore
chief executive, Ivan Glasenberg.
He founded Trafigura in 1993 after he
and five partners left Marc Rich, the
company that would become Glencore.
He was a respected competitor, Mr
Glasenberg said in a statement. Our
thoughts and condolences are with his
family and friends.
Trafigura started off with a focus on
Latin America, buying a small metals

Claude Dauphin: famously hard

working with a reputation for loyalty

warehouse company in Peru in 1993. It

later expanded into mid- and downstream oil assets, as well as logistical
infrastructure across the globe.
The biggest challenge of Mr Dauphins
career came in 2006 when a local contractor hired by Trafigura dumped
waste at dozens of sites around the Ivory
Coast city of Abidjan. Ivory Coast officials estimated at the time that 15 deaths
were linked to the dumping something Trafigura has always denied and
tens of thousands sought medical treatment for nausea, vomiting, diarrhoea
and breathing difficulties.
That year the notoriously publicity
shy Mr Dauphin travelled to the country
to try to resolve the crisis. He and two
other employees were seized by authorities and imprisoned for five months.
He continued to run Trafigura from
jail using a mobile phone.
In 2007 Trafigura agreed to pay
$200m to the government of Ivory
Coast in relation to the spill but did not
accept any liability. Mr Dauphin was
released without charge.
Known for his sharp tongue and
exacting standards, Mr Dauphin
throughout his career insisted male
Trafigura employees wore a suit and tie
to the office. Brown shoes were banned.
Despite stepping back from day-today running of the business eighteen
months ago to undergo medical treatment, Mr Dauphin was still intimately
involved in the company.
Famously hard working, Mr Dauphin
was in Colombia on business, Trafigura
said. He is survived by a wife and three
children.

2010 11

12

13

14

15

36

2010 11

12

13

14

15

* Total like-for-like stores

per cent of sales. At the moment,

Europe stands at 20 per cent and Asia
just 12 per cent. The group has been
overhauling its Chinese operations since
it took direct control of the business in
2010, after it was unhappy with the way
that its licensee was handling the brand.
While Ralph Lauren is predominantly
seen as a luxury brand, its Polo shirts
offer a more affordable entry point, and
it operates more of its cheaper outlet
stores than retail stores.
Barclays analysts were encouraged by
Mr Larssons experience in womens
fashion in the affordable segment, in
which Ralph Lauren is attempting to
build a larger business to complement
its high concentration in menswear.
However, not all are happy with the
new Lauren-Larsson partnership.
Robin Lewis, author of the Robin Report
on retail strategy, cautioned that Mr
Larsson could drag the company away
from luxury and even affordable fashion and towards the mass market.
Larsson will simply take the brand
closer to the greasy slope down to competing in the world of commodities,
which apparel is becoming. Bye bye
Ralph, he said.
Most analysts find it hard to see that
happening while Mr Lauren, who built
his company up on dreams of American
luxury leisure, is still ultimately in control of the creative side.
And Mr Larsson is not the first executive to shift from mass market to luxury
over the past decade or so, but there
have not been many. Grita Loebsack left
Unilever this year to become CEO of
Kerings luxury couture and leather
goods emerging brands division, while
Chanel hired Maureen Chiquet from
Gaps Banana Republic in 2003 and she
became the companys CEO in 2007.
Ralph Laurens chief financial officer is
from Procter & Gamble.
Mr Larssons moves will be watched
closely by industry experts to see just
how much mass market expertise stays
in the nuts and bolts of the industry and
away from the catwalk.
Additional reporting by Eric Platt

22

FINANCIAL TIMES

Thursday 1 October 2015

COMPANIES
Volkswagen scandal

VWs claim cheating

was limited to a few
engineers is queried
The introduction of defeat
devices over different years
and models raises eyebrows
ROBERT WRIGHT NEW YORK

EU certification procedures allow carmakers to choose the national regulator that will approve vehicles through testing Patrik Stollarz/AFP/Getty Images

Testing regime up in the air

Fears grow that toothless European rules allow evaluations to be gamed
FT REPORTERS

The Volkswagen scandal has exposed

failures by the European Commission
and several EU national regulators to
enforce legislation outlawing the defeat
devices used to cheat in diesel vehicle
emissions tests.
The Financial Times contacted regulators responsible for vehicle certification in seven of Europes biggest carmaking countries to ask whether they
had ever conducted inspections for
defeat devices since the European Commission declared them illegal in 2007.
Germany, Spain, Slovakia and the
Czech Republic said that they had not
done so. Britain and France were unable
to comment. Only Italy said that it had
carried out some inspections.
Europes failure to crack down on software-based defeat devices is triggering
calls by some politicians for a US-style
regulator to police exhaust fumes.
The EUs weak regulatory regime
around certification allows carmakers
to shop around country by country and
choose the national regulator that will
approve vehicles through testing. That
decision is then applied across the EUs
28-member states.
Some politicians are concerned that
these arrangements allow carmakers to
seek out the most lenient national certification regime.

Politicians are particularly worried

about potential conflicts of interest arising from how the carmakers pay for the
certification work. They say these payments create an incentive for national
regulators or the private companies
often tasked with doing the work to
grant approvals too easily.
The problem is the system we have
created in the EU, where there seems to
be a very perverse incentive for national
testing authorities to be as easy going as
possible to attract [car companies],
said Gerben-Jan Gerbrandy, a Dutch
member of the European Parliaments
environmental committee.
Mr Gerbrandy is calling for the European Commission to have sweeping new
powers to conduct intrusive vehicle
inspections.
The revelations about VW are an
acute embarrassment for EU policymakers, who have been compelled to
ask why it took the Environmental Protection Agency, a US regulator, to
expose defeat devices.
The EPA said on September 18 that
VW used software-based defeat devices
to understate harmful emissions of
nitrogen oxides, or NOx, by diesel vehicles in US laboratory tests. The regulator found that on the road, VWs vehicles emitted up to 40 times the permitted level of NOx.
The European Commission, which is

supposed to oversee the implementation of its own legislation, made no

attempt to find defeat devices in its
research into testing, saying that was
the responsibility of member states.
Brussels has argued that its focus was
on proposing legislation that would
render defeat devices ineffective. In
2007, the EU adopted laws that would
shift testing for NOx emissions away
from laboratories and on to roads, where
software tricks should prove useless.
However, MEPs complain that intense

European Commission
scientists warned in 2013
that defeat devices could
skew laboratory tests
lobbying from the industry has delayed
implementation of this legislation for
years. The rules are not due to be fully in
place until late 2017 at the earliest.
National authorities have provided a
range of reasons why they have not
looked for defeat devices during the certification of new vehicles.
The German authorities said they
only had a mandate to oversee the current EU framework on NOx emissions
through laboratory tests, and could not
conduct their own on the road monitor-

ing. A significant discrepancy in a cars

NOx emissions during laboratory and
subsequent on the road tests would
point to the use of a defeat device
something the EPA identified with VW
in the US.
Regulators in Italy and the Czech
Republic said some VW-branded cars
were certified by the German authorities. The KBA, Germanys federal motor
transport authority, could not confirm
this.
The Czech Republic and Slovakia
EUs fifth and sixth biggest car making
countries said all the manufacturers
with operations in the two states chose
to conduct certification tests elsewhere.
For example, koda, which builds cars
in the Czech Republic and is part of VW
group, has its cars certified in Britain.
Spain said that it had no right to delve
into a cars software programmes.
Bas Eickhout, another MEP on the
environment committee, said that the
European Commission probably considered that it was difficult enough to
pass the legislation promoting realworld road testing for NOx emissions,
without picking another fight with the
car industry by cracking down on cheating.
Reporting by Christian Oliver, Jim
Brunsden, Jeevan Vasagar, Henry Foy,
Tobias Buck, James Politi and Michael
Stothard

Legal Notices

When Berthold Huber, Volkswagens

interim chairman, commented last
week on the companys diesel emissions
crisis he portrayed it as a serious one
but the fault of a limited group. The
unlawful behaviour of engineers and
technicians had shocked Volkswagen
as much as the public, he said.
The line reflected the narrative that
VW has followed since it emerged on
September 18 that defeat devices had
been fitted to 482,000 Volkswagen and
Audi diesel vehicles in the US. The
devices turn off emissions controls at all
times except when the systems sense
that the vehicle is undergoing an emissions test.
The company has portrayed the decision to install the software cheat as a single one made by a small group undetected by senior executives. Yet rivals, analysts and a growing body of evidence
from the regulators who detected the
issue all suggest that the defeat devices
were introduced steadily between 2008
and 2011 and regularly modified and
adapted to work in different models.
VW has acknowledged the software is
installed in 11m models worldwide.
Such a long-term effort appears far
less likely to have been the decision of
low-level engineers than if the installations had all been made in a single year.
Some vehicles emit up to 40 times the
permitted levels of nitrogen oxides
when the controls are disabled.
Jack Nerad, executive director of
Kelley Blue Book, the car information
service, says the picture suggests the
deception was a concerted effort over a
number of years.
Based on this, it is hard to argue that
this was not Volkswagens de facto policy with regard to diesel emissions
requirements, Mr Nerad says. It
refused to apply what are generally
regarded as industry-standard emissions-treatment efforts.
Information about the exact series of
events that led to the cheating softwares
installation remains scant and neither
the Environmental Protection Agency
nor Volkswagen responded to repeated
requests to comment on the nature of
the decision. But the EPA made clear
when it announced its discovery of the
deception that the software involved
appeared over several years.
It said the defeat device first appeared

in the US with the diesel version of the

Jetta in the 2009 model year which
went on sale in 2008. It then appeared in
the 2010 model year Audi A3 and
Volkswagen Golf before being introduced in the 2012 Beetle and Passat.
It is unclear so far whether the more
than 10m non-US vehicles had their
defeat devices installed at the same time
as the US models.
Motor industry members say that,
although all the vehicles involved were
four-cylinder diesels, the control software is likely to have required considerable modification for such different
cars. In particular, the Jetta, Golf and
Beetle all used VWs distinctive emissions-control technology known as a
Lean Nox Trap.
The Passat and A3, meanwhile, used a
technology known as Selective Catalytic
Reduction that is far more similar to the
system other carmakers deploy. It uses
the chemical urea to break down nitrogen oxides.
An executive at a rival carmaker
who asked not to be identified said
that engineers viewed this pattern as a
sign that the software must have been
regularly modified.
See Markets

Software hack
Carmaker confirms 1.2m
UK vehicles are affected
3 Volkswagen has said that almost
1.2m vehicles in Britain contain the
software the German carmaker
used to cheat US emissions tests.
The figure equivalent to
almost half the annual total new car
sales in the UK includes more
than 500,000 VW brand cars;
390,000 Audis; 130,000 Skodas;
and about 75,000 Seat cars, as well
as 80,000 VW commercial vehicles.
3 Audi said it had contacted the
prosecutors office in its home town
of Ingolstadt to request that an
official investigation be started into
all possible violations of German
law. German prosecutors had been
weighing up whether to investigate
the Volkswagen subsidiary after it
admitted that more than 2m of its
cars are affected by the
manipulated emissions scandal
3 Separately, sports car division
Porsche has chosen board member
Oliver Blume to replace Matthias
Mller, its outgoing head who has
become the chief executive of
Volkswagen.

Automobiles. Tesla Motors

Model X launched after 2-year delay

Falcon-winged electric SUV
takes to the road after a
particularly challenging build
RICHARD WATERS FREMONT

Contracts & Tenders

Businesses
For Sale

Business for Sale, Business Opportunities,

Business Services,
Business Wanted, Franchises
Runs Daily

.............................................................................................................................

Classified Business Advertising

UK: +44 20 7873 4000 | Email:
acs.emea@ft.com

Tesla Motors has delivered the first of its

new Model X electric sport-utility vehicles, nearly two years behind schedule,
as it tries to become the worlds first
mass-market electric carmaker.
Elon Musk, Teslas chief executive,
handed over the keys of the first handful
of vehicles at a party at the companys
California headquarters, on the eastern
side of San Francisco bay, on Tuesday
night.
A raucous crowd of employees and
hopeful customers, some of whom have
waited years to buy one of the vehicles,
was on hand to confirm the passionate
following the company has built for its
racy vehicles.
Peter Geelofs, who put down a deposit
for a Model X three years ago, was
among those to travel to the event to
soak up the buoyant mood. Like others
whose faith has been unshaken by the
delays, he said he believed Tesla was set
to remain a highly disruptive force in
the car industry, though the company
has yet to confirm when his vehicle will
be delivered.
A crossover between an SUV and a
saloon car, the X is built on the same
platform as the Model S, the car that catapulted Tesla into the limelight and galvanised other car companies to accelerate their own electric plans.
Unanticipated complexity much of
it of Teslas own making led to delays
in the launch.
Last month, Mr Musk called the X a
particularly challenging car to build.
Maybe the hardest car to build in the

world. Im not sure what would be

harder.
The distinctive gull-wing doors,
which the company calls falcon-wing
because they have two sets of hinges
that allow them to lift almost vertically,
without swinging out, posed particular
difficulties because of the stresses they
put on the roof structure.
Mr Musks demonstrations of some of
the Xs features were greeted with loud
cheers, not least when the car door
opened automatically as he walked
towards it and closed after he climbed
into the drivers seat.
He showed off the falcon-wing doors
opening even when the vehicle was
hemmed in to a parking spot, and said
the door design made it easier to access
a third row of seats and strap a child into
a baby seat without getting backache.
It also looks cool, he said.

Unanticipated complexity
much of it of Teslas
own making led to
delays in the launch

The X plays a key part in Teslas

attempt to turn itself from a specialised,
low-volume producer into the first
mass-market electric carmaker.
Mr Musk has said in the past that the
X could double the companys sales, to
about 100,000 vehicles a year, as it prepares for the launch of its next car to
take its sales to 500,000 by 2020.
However, he has cut his forecast for
production next year to 1,600-1,800 a
week to account for the challenges of
running two different products from its
Fremont factory.
The Tesla founder, who is known for
his bold predictions, has struck an
uncharacteristically cautious stance in
the run-up to this weeks first deliveries
of the X.
Last month, he shaved his forecast of
55,000 deliveries this year by up to
5,000, to take account of what could be a
difficult ramp-up in production of the X
model.
The launch also led Tesla to back
away from its forecast that it would hit
cash flow break-even in the fourth quarter of this year, as well as its target of a 30
per cent gross margin for the Model S.
Mr Musk has said Tesla is planning a
particularly rapid increase in production of the new vehicle in the first quarter of next year.

Thursday 1 October 2015

23

FINANCIAL TIMES

COMPANIES
Industrials

Technology

GE chief warns
against Brussels
data flow curbs
Immelt says proposal
from EU adviser would
hurt smaller businesses
RICHARD WATERS SAN FRANCISCO

Greater European restrictions on transatlantic data flows after the Edward

Snowden internet surveillance revelations would hobble a source of rising
industrial productivity, the chief executive of General Electric has warned.
Jeff Immelt told the Financial Times
that using data collected by manufacturing companies to improve performance and invent new ways of doing business part of the so-called internet of
things was key to a rejuvenation of
industrial productivity.

If its the way the world

works we would be better
off as a big company
than a small company
If the industrial internet world was
just bilateral, or country by country, I
dont think it would be good for society,
he said. Preventing the free flow of data
would slow the benefits from the new
technology, though it could not prevent
them being realised in the long term, he
predicted.
An adviser to Europes top court
called last week for an end to the legal
umbrella that shelters much of the
transfer of European data to the US. Its
removal would force many US technology companies to overhaul their European businesses.
The GE boss said that tighter regulations would mainly hurt smaller businesses. It would be OK for us, because

were so big. Its not what I hoped for, but

if its the way the world works we would
be better off as a big company than a
small company trying to navigate that
terrain, Mr Immelt said.
Mr Immelt was speaking on the sidelines of an event in San Francisco this
week to promote GEs push into the data
business. The company announced in
April that it would sell most of its financial arm, known as GE Capital, to focus
on its industrial roots. It is now seeking
to add analytics and other new services
to its traditional equipment sales and
servicing.
No doubt in my mind, by 2020 well
be a top 10 software company, he said.
Were going to intersect in the same
markets now, whether its Accenture or
IBM or SAP or Oracle.
He brushed off the risks of internet
disruption to GEs own business, playing
down the possibility that customers
would buy less equipment, as technology enabled them to use their existing
assets more effectively.
If thats where customers are going to
go, wed better be there anyhow, he
said. Nothing can come between us and
the industries were in. Weve got to be
driving change faster than anyone else.
Well let the chips fall where they may.
The increasing importance of software has produced a race by tech startups, many of them based in San Francisco and nearby Silicon Valley, to take
on industries far beyond technology,
media and communications. Venture
capitalist Marc Andreessen has supplied
the rallying cry, with a prediction that
software is eating the world.
Asked about how Mr Andreessens
remarks are a challenge to traditional
companies, Mr Immelt said: Lets see
him make a jet engine he should call
me when he makes his first jet engine,
then well talk.

Fatal shark attacks in Australia

Over the past two years

Dec 15 2014
Rudder Beach, QLD
Spearfishing

AUSTRALIA

Sep 9 2014
Byron Bay, NSW
Swimming

Nov 30 2013
Feb 9 2015
Riecks Point,
Shelly
Campbells
Beach, NSW
Beach, NSW
Surfing
body boarding
Apr 3 2014
Feb 8 2014
Dec 29 2014
Tathra, NSW
Goldsmith Beach,
Three Stripes
Swimming
Yorke Peninsula, SA
Beach, near
Spearfishing
Jul
25 2015
Cheynes Beach, WA
Tasmania
Spearfishing
Scallop fishing
Nov 23 2013
Gracetown, WA
Surfing

Sources: Taronga Zoo; Global Shark Attack File

Sea solutions: Australian tech specialists are creating advanced forms of repellents, shields and devices that can keep people safe in the water Alamy

Australian innovators try to keep sharks at bay

JAMIE SMYTH SYDNEY

Australia is to begin trialling some of

the worlds most advanced shark
deterrent technologies in the next few
months in an effort to curb a rise in
attacks that threaten its beach tourism
industry.
After nine deaths in two years, authorities in New South Wales on Tuesday outlined plans to test electronic repellents,
plastic shields, sonar and other technologies to detect or repel sharks.
Business is also tapping into global
interest in shark deterrents, which has
been heightened by a spate of recent
attacks in the US and elsewhere.
Scientists say the rise in attacks may
be linked to the growing popularity of
surfing and other watersports, bait fish
moving closer to shore or a recovery in
large species such as Great White sharks
following conservation efforts.
We are seeing a lot of interest in our
products from divers and spear fisher-

men due to these attacks, said Lindsay

Lyon, managing director of Shark
Shield, a company in Western Australia.
Shark Shield has developed a device
that emits an electrical field that disturbs the gel-filled sacs in sharks
snouts, causing them to spasm. Divers,
swimmers or surfers attach the 1.8m
long antenna-like device to their ankle
to create a field measuring several feet.
Tests by researchers at the University
of Western Australia found the shield
had a significant effect in deterring
sharks, but they said further testing is
needed to be confident about speciesspecific effects of the device.
Uptake of Shark Shield has been limited so far due to its bulky nature. But
the company has signed a deal with surfing equipment company Oceans &
Earth to embed the device within
boards, which may raise its popularity.
Shark Shields technology is based on
research originating in South Africa, a
country also trialling deterrent technol-

ogies. Last year the KwaZulu-Natal

Sharks Board installed a 100m long
cable at a beach in Cape Town. It emits a
similar low-frequency pulsed electronic
signal to repel Great White sharks.
Advocates of electronic barriers say
that if it can be proved they work, they
would be preferable to shark nets that
kill marine life that become entangled.
Shark nets are another way of culling
sharks and marine life, said Daniel
Bucher, marine ecologist at Southern
Cross University. It is similar to setting
drum lines and baited hooks.
Last year the Western Australia state
government ditched a shark cull policy
after community protests. Local councils have sought alternatives with the
City of Cockburn trialling an Eco Shark
Barrier at Coogee beach.
The beauty of the product is it
doesnt kill marine life, its cost effective
and has a 10-year lifespan, said Craig
Moss, inventor of the Eco Shark Barrier.
The barrier is made from flexible

nylon that stretches from seabed to surface, but is probably best suited to protecting swimmers on enclosed beaches
rather than surfers, divers or spear fishers further from shore, who tend to be
most at risk from shark attacks.
New South Wales is at the forefront of
the search for solutions following 13
shark attacks this year. On Tuesday at a
summit in Sydney, 70 experts discussed
detection and deterrent technologies,
including real-time tracking of tagged
sharks using satellite technologies.
Shark Attack Mitigation Systems
(SAMS) has developed a shark detection system that does not rely on tagging
sharks. Its Clever Buoy system deploys
sonar technology around beaches and
uses software to determine if a sharksized object is in the area.
It is a type of facial recognition software for marine life, said Craig Anderson, SAMS co-founder. We use multi-dimensionalsonarandthesoftwaretosend
awarningmessagetolocallifeguards.

24

FINANCIAL TIMES

Thursday 1 October 2015

UK COMPANIES

Briefs

Eurocrat Whisperer must offer meatier slice of capital market reform

The determination of quiet men has

been routinely discounted since Iain
Duncan Smith warned against doing so
and was fired as leader of the
Conservative party. Ominously, fellow
Tory Lord Hill delivered an agendasetting speech on freeing up European
Union capital markets in a breathy
whisper. The colour it would have
evoked to a synaesthesia sufferer
would have been beige.
Maybe the European commissioner
for financial services aims to drone
enemies of markets capitalism,
plentiful within the commission and
European Parliament, into
unsuspecting torpor. Lord Hill has
some vivid, splashy reforms in mind.
He wants to standardise securitisations
and insolvency rules. He plans to raise
insurers returns on infrastructure
investment. And whisper it if you

dare he will study whether taxation

of debt and equity should be equalised.
The Association for Financial Markets
in Europe described his ideas as
pragmatic and market-led. Those are
just two of the reasons some MEPs and
policy wonks will hate them. Lord Hill
intends to tilt the financing of business
away from bank loans and towards
securities markets. Insurers would
sometimes supplant governments in
funding roads and hospitals.
It is all very Anglo-Saxon and thus
very un-European in the eyes of those
who would prefer banks and treasuries
to continue as financiers of first resort,
even though most of them have no
money.
Lord Hill provided fine detail on
some issues and fine words alone on
others. For example, he plans to cut the
notional loss on infrastructure
investments that insurers reserve
against from 49 per cent to 30 per cent
of value. This will hearten the likes of
Legal & General. The need for
insolvency regimes to converge is, in
contrast, acknowledged but not
anatomised.
As for capital markets union, Lord

Hills purported do-or-die, he supplied

barely enough beef to make one of
those bite-sized hamburgers served at
corporate drinks parties. A common
set of listing rules would be a start.
Maybe the eurocrat Whisperer needs
to pacify his skittish colleagues further
first. Soft speech is one gambit. Soon
enough he will also need to wield a big
stick in pursuing necessary reforms.

No Gallic shrug for Fnac

Fnac! sounds like an oath an angry
paysan might utter when his truffle
hound eats the rare black Perigord he
coveted for himself. Instead, it stands
for Fdration Nationale Dachats des
Cadres, a French retailer that has made
a cheeky approach for London-listed
rival Darty.
Fnac describes itself as an agitateur
de curiosit. The company has lived
up to its billing by suggesting a
takeover of Darty, a white goods seller
with a patchy record. It is offering one
share for every 39 Darty shares. That
was equivalent to 101p for each Darty
share, or 533m at Tuesdays closing

prices. The premium is a decent 27 per

cent. But shares in Darty, known as
Kesa until it controversially sold
struggling UK subsidiary Comet, have
fallen by more than one-third since last
February. Darty has been hampered by
the morosit of French consumers.
Fnac has not. For this reason, UK
investors should think twice before
uttering the mythic exclamation bof!
to the idea of swapping quasi-French
paper for the real thing. Shares in Fnac,
which sells electronic goods and books,
have doubled since it listed two years
ago. The company is 42 per cent owned
by the Pinault family that also controls
luxury goods group Kering. It is run by
Alexandre Bompard, who is gaining a
reputation for executing the kind of
turnround eluding Darty.
A Darty board led by City veteran
Alan Parker should pour some cold
water on Mr Bompards boyish
enthusiasm, even as it negotiates a sale.
Fnacs statement made it sound like
the deal was in the bag. Antitrust issues
may be trickier than envisaged. Cash
would improve the payment mix. But
Mr Parker, like that paysan, would kick
himself if he lost this prize.

Metered charge
Misguided heroism has a kind of
pathos to it. Think of the Charge of the
Light Brigade. Or Transport for
Londons plans to make Uber less
convenient in the transparent hope
that fewer people will use the online
minicab service.
Proposals include a pointless
five-minute wait before a Uber vehicle
can pick up a fare. TfL should go
further in narrowing the competitive
gap with traditional London cabs. It
should require: Uber drivers to rant
against blooming immigrants,
even if they belong to that group;
technology that propels passengers into
the air when passing over speed
bumps, replicating the sensation of
travelling in an elderly black cab; and a
midnight cut-off for journeys from
central London to anywhere sarf of
the river.
Uber is a nastier company than its
fanboy supporters care to admit. But
rigging the market to suit incumbents
is not the way to deal with it.
jonathan.guthrie@ft.com

Banks

CAROLINE BINHAM FINANCIAL

REGULATION CORRESPONDENT

A multibillion pound deal to settle a

probe into the manipulation of foreignexchange benchmarks was based on
incomplete inquiries and misinterpreted evidence, a tribunal heard.
The Financial Conduct Authority was
accused by a former spot-forex trader at
Barclays and UBS of not respecting the
normal investigative process in the
forex-rigging scandal.
A lawyer for Chris Ashton a member of a chatroom the cartel told a
tribunal yesterday that he had never
been questioned over evidence relied on
by the FCA, which misinterpreted Cockney rhyming slang as proof of a collusive
code.
The outcome of the case and a
number of other cases on the matter
could fundamentally change how the
UKs financial watchdog investigates.
For there to be public confidence, it
is important that regulatory action is
based on a sound evidential basis; here
we have significant doubts that there
was any proper investigation, Sara
George told the Upper Tribunal, which
hears challenges to FCA decisions. Its
quite possible that the settlements
which have had such a disastrous effect
on the reputation of the City of London
may simply have been based on a set
of facts that simply did not exist.
The FCA in response said that there
was no chance an Exocet missile will be
put through all of these settlements,

which have seen six banks settle with

the regulator for a combined 1.4bn. In
total, banks have paid about $10bn to
authorities around the world as a result.
Mr Ashton is one of at least eight traders caught up in FCA investigations who
allege that the watchdog improperly
identified them in notices published
when fining banks for wrongdoing.
The issue has been acute for traders
caught up in parallel criminal investigations, both in the UK and the US, where
similar notices detailing wrongdoing are
published when banks are fined.
The UKs Serious Fraud Office has
launched a criminal probe into alleged
manipulation of forex and has begun its
interviews under caution, say people
familiar with the investigation. Two
other members of the cartel chatroom
Rohan Ramchandani, formerly of Citigroup, and Richard Usher, an ex-JPMorgan Chase trader will be interviewed at the end of October, those people added. The pairs lawyers declined to
comment. Mr Ashton has had no contact to date from the SFO, Ms George
told the tribunal.
FCA findings are meant to anonymise
individuals to avoid any prejudice in
cases against them. But evidence citing
emails and instant messages included in
settlements is often attributed to particular traders by the media. If the regulator does identify an individual named
or otherwise it is meant to give that
person a right to make representations
before findings are published. It must
also turn over certain evidence to those
individuals.
This is not the be-all and end-all; this
is not some huge public interest case,
Paul Stanley QC for the FCA told the
London tribunal.

Customer complaints against UK

banks related to the payment
protection insurance scandal that
has proved hugely costly for the
industry are declining, latest data
from the financial regulator show,
although they still dominate gripes
against lenders.
Complaints relating to the misselling of PPI dropped 17 per cent in
the first half of the year from the
last six months of 2014 to 883,043,
the Financial Conduct Authority
said. This had the effect of reducing

overall complaints by 2.1 per cent,

although excluding PPI issues they
rose 12 per cent.
While PPI gripes have been
falling steadily since the second
half of 2012, they still dominate
complaints, making up 41 per cent
of the total, the FCAs data showed.
Barclays, pictured, was the most
complained-about bank, followed
by Lloyds Bank and Bank of
Scotland. Naomi Rovnick

Quindell
Losses increase

FCA forex rigging

investigation
comes under fire
Tribunal told evidence
on the cartel based on
incomplete inquiries

Financial regulator
PPI complaints down

Losses at Quindell rose in the first

half of the year, as the insurance
software group struggled with the
reputational damage of its stock
market turmoil.
Losses before interest, tax,
depreciation and amortisation at
Quindells remaining businesses
nearly tripled to 15.6m in the first
six months of 2015, after excluding
exceptional costs and share-based
payments. Pre-tax losses were
roughly flat at 35.5m.
The Aim-quoted company sold
most of its operations for 637m to
Australian firm Slater & Gordon
earlier this year. It has promised to
return most of the proceeds to
shareholders, while focusing on its
remaining insurance technology
operations. Quindell is also cooperating with a Serious Fraud
Office investigation into its past
business and accounting practices.
Indro Mukerjee, new chief
executive, said he would deal with
losses as quickly as possible, while
identifying opportunities for growth.
I plan to share an outline strategy
around the turn of the year, he said.
Henry Mance

Polyus Gold
Takeover move

Pig spenders
Entertainment
One lifts stake
in TVs Peppa

Entertainment One has strengthened

its hold on Peppa Pig, paying 140m
for a 70 per cent stake in the company
that produces the cartoon show.
The film and television distributor
said yesterday that it had issued
200m in shares to finance the deal.
The acquisition values Astley Baker
Davies, the maker of Peppa Pig, at 11.6
times its expected underlying earnings
before interest, tax, depreciation and
amortisation this year.
That is well above the multiple of less
than nine times that Entertainment
One paid for the Mark Gordon
Company, maker of Greys Anatomy, in
a deal announced in January.
Shares in Entertainment One opened

down 5 per cent at 256p after the

news yesterday.
Astley Baker Davies was set up by
Mark Baker, Phil Davies and Neville
Astley three animators who met
at Middlesex Polytechnic before
devising Peppa Pig in the late 1990s.
The trio, sole shareholders in
ABD, are in line for up to 47m
each from the Peppa Pig deal.
Entertainment One has been
looking to increase its ownership of
programming rights, amid pressures
at its film distributor division.
It hopes to double retail sales of
Peppa Pig in the medium term from
current levels, which the group says
are in excess of $1bn annually.

Polyus Golds largest shareholder

has launched a widely anticipated
offer to take the UK-listed miner
private, but has drawn criticism for
the disappointing level of its bid.
Yesterday, Wandle a vehicle of
the foundation of Suleiman
Kerimov, the Russian billionaire, and
his son Said offered $2.97 per
share for the remaining equity,
valuing Polyus at $9bn.
This price is the same at which
Wandle had announced a possible
offer four weeks ago, and is 2 per
cent higher than the share price
before that was announced.
However, the independent
committee of Polyuss board said
the offer materially undervalues
the company and its prospects, and
therefore is not capable of being
recommended. James Wilson

Technology

Moshi Monsters developer begins search for a new leader

MURAD AHMED EUROPEAN
TECHNOLOGY CORRESPONDENT

Mind Candy, the British start-up

behind childrens game Moshi Monsters,
is looking for new leadership after its
president revealed that she is leaving
the lossmaking group.
Divinia Knowles, also the companys
chief operating officer, has run the company for more than a year. She took the
helm after founder Michael Acton
Smith, one of Londons best-known
technology entrepreneurs, stepped
down as chief executive in July 2014 to
take a creative role at the group.
The company said it had begun the
search for a managing director.
Ms Knowles said she was leaving her
decade-long employment at the

company to explore new challenges.

She will remain on its board of directors
as an adviser. I continue to be a huge
supporter of Mind Candy, she said.
Mr Acton Smith said: Divinia has
been with us from the beginning, and to
say her contribution to the company has
been huge is an understatement.
According to the latest figures available through Companies House, the company swung from a profit of 8.1m in
2012 to a loss of 2.2m in 2013, with revenues down by a third to 30.6m. The
company has previously said that revenues have declined throughout 2014.
The business has reduced its workforce by half from its 2012 peak and
employs slightly more than 100 people.
Mind Candy has struggled to adapt to
the consumer shift away from desktops

to mobile devices, as well as the advent

of competitors using a free-to-play
model. Moshi Monsters, a web-based
game aimed at children aged six to 12, at
its peak had more than 80m registered
users. It can be played for free, but
access to all its features costs 4.95 a
month.
The group has expanded Moshi Monsters into an entertainment franchise
featuring an animated television series,
film, album and merchandise. More
than 40 per cent of Mind Candys
Game on
The lossmaking
games group Mind
Candy is preparing
to relaunch Moshi
Monsters

revenues come from subscriptions, with

the rest from licensing for toys and other
products. The game faces a struggle to
survive. It is built on Adobes Flash software, which the US software group has
abandoned developing. Makers of
browsers such as Apple, Google and
Mozilla have also stopped supporting it.
Mind Candy has attempted to
respond to its revenue decline by
launching a new mobile game, World of
Warriors, and expanding into physical
merchandise, such as trading cards and
books. The new game is free, with users
buying upgrades in the app. The company said last year that the game was
bringing in more than $100,000 a day.
Yesterday, Ms Knowles told the
Guardian newspaper the company was
preparing to relaunch Moshi Monsters.

Thursday 1 October 2015

25

FINANCIAL TIMES

UK COMPANIES
Mining

Retail

Rio eyes NSW coal exit with $600m stake sale

Darty shares
soar after
rival Fnacs
takeover
approach

Mines restructuring is
likely to make it easier
for other divestments
JAMIE SMYTH ADELAIDE
JAMES WILSON LONDON

Rio Tinto is selling a 40 per cent stake in

an Australian coal mine for $606m as
part of a reshuffle of assets that paves
the way for further divestments.
The sale of the Bengalla mine to Australias New Hope, a specialist coal
miner, is part of a divestment by the
Anglo-Australian group aimed at ditching coal operations in New South Wales,

which could be worth between $3bn and

$4bn.
Announcing the Bengalla sale, Rio
also said it had restructured one of its
main Australian coal businesses; Coal &
Allied, where Mitsubishi Development
of Japan previously held a 20 per cent
stake, will now be solely owned by Rio.
This restructuring is likely to make it
easier for Rio to sell Coal & Allied. Rio
has been in talks with X2 Resources, an
investment company run by former
Xstrata head Mick Davis, over a possible
sale of coal assets.
Rio has said it will sell assets at the
right price and analysts interpreted the
sale of Bengalla as a signal of greater

determination to reshape its portfolio

away from struggling coal.
This looks like Rio is preparing to
exit the coal industry, said Daniel Morgan, UBS commodities analyst. It could
also be a signal that asset sales in the
depressed coal sector are finally beginning to happen.
Coal has become much more marginal for Rio since a big fall in prices that
started in 2011. This year, the AngloAustralian diversified miner folded its
coal operations into its copper division
in a step that was widely seen as signalling a reduced focus on the fossil fuel.
The sale comes amid turmoil in commodities markets and concerns over

slowing growth in China, which has ravaged the share price of Glencore and
other miners saddled with debt following a decade-long mining investment
boom.
New Hope is one of a handful of cashrich coal miners, with A$1.1bn
($772.6m) in reserves, that is seeking to
buy cheaply during what it sees as a
cyclical rather than a structural downturn. It is betting Asian demand will
remain sufficiently robust to offset oversupply, plunging prices and environmental pressures.
Shane Stephan, New Hopes managing director, said: This offer demonstrates New Hopes positive long-term

outlook for the global export thermal

coal market driven by increasing
demand from Asia.
Bengalla produced 8.6m tonnes of
thermal coal in 2014 and is the smallest
of the three coal mines in New South
Waless Hunter Valley in which Rio
holds a controlling interest.
Rio has announced or completed
$4.5bn of divestments since January
2013, when it began slashing costs and
streamlining its operations following a
decade of big spending.
Rios shares closed up 2.8 per cent at
2,210p in London.
Additional reporting by Arash Massoudi
See Lex

Technology. Payments

Worldpay sets out plans for tapping IPO cash

Purchasing system provider
expects deal openings after
raising 890m in flotation
MARTIN ARNOLD BANKING EDITOR

Worldpay says
the switch
from cash to
mobile and
internet
payments will
accelerate

It has always been

our intention to
IPO this business
Philip Jansen, chief executive

chasing system for Apple in China and

to expand Airbnbs reach in Brazil. By
helping customers to use mobile and
contactless payments it helped Twickenham rugby stadium to more than treble credit and debit card sales at its bars.
Worldpay is set to publish its prospectus this week, setting out plans to raise
at least 890m mostly to repay debt,
but also to allow its US private equity
owners Bain Capital and Advent International to sell part of their stakes.
It is already growing at a healthy pace.
Since 2012 its net revenues have
increased 9.7 per cent a year on average.
Earnings before interest, tax, depreciation and amortisation have risen by 10.9
per cent a year on average.
Mr Jansen says the switch from cash

to card or mobile and internet payments

will multiply underlying economic
growth. Tapping his Apple Watch, he
says: Just this will drive more people to
buy their coffees, lunches or sandwiches
on their iPhones or their Samsung
phones or watches.
So you have got GDP growth of
whichever country it is we are operating
in, we get that; plus we get the continued
drive away from cash to cards or alternative payments like Apple Pay or Samsung Pay; plus we get our own growth as
we have some of the fastest growing clients in the world in Google, Netflix,
Emirates, Airbnb.
While revenues are set to keep growing at about 10 per cent a year, Mr
Jansen expects capital expenditure and

interest costs to fall, which should lift

profits even faster. Money from the IPO
will mostly be used to cut debt to 3.75
times ebitda, lowering the interest bill.
Since being spun out of RBS, Worldpay has invested more than 1bn in
overhauling its technology, making
acquisitions and doubling its workforce
to 4,500 people.
After this investment programme
ends with a final 100m to be spent next
year, analysts expect capex to drop to
about 10 per cent of net revenues in
2017, which is still above the 6 per cent
spent by most rivals.
Analysing data on the 31m transactions it handles a day means Worldpay
can often help companies to sell more.
For instance, Mr Jansen says it can tell a

Retail

Support services

Sainsburys strong sales lift

hopes of supermarket sector

Pick-up in EY audit business

pushes UK revenues to 2bn

ANDREA FELSTED,
SENIOR RETAIL CORRESPONDENT

Shares in J Sainsbury rose 13.8 per cent

yesterday after the grocer offered a
glimmer of hope to the struggling
supermarket sector, reporting better
than forecast sales and saying that
profits would be ahead of expectations.
Although, Sainsbury, which is battling
the rise of the German discounters and a
supermarket price war, said that sales
from stores open at least a year, and
excluding fuel, had fallen 1.1 per cent in
its second quarter. This was not as steep
a decline as analysts had expected.
Sainsbury also said that full-year
underlying pre-tax profit was now
expected to be moderately ahead of
published consensus of 548m.
Earlier this year Mike Coupe, chief
executive, said that Sainsbury was seeing some green shoots of recovery
after the worst conditions in the supermarket sector for decades.
Lets say the green shoots are about
the same height, he said yesterday. We
are making the statement about our
profitability, about the moderately
improved picture relative to the consensus, on the basis that perhaps things
have been a little bit better than we had
been expecting.
He said that Sainsbury had in particular seen a stabilisation in the underlying performance of its core supermarkets, which had been hit hardest by the

Shares in London-listed Darty, the

French white goods retailer, jumped to
their highest level in more than a year
yesterday after an all-share takeover
offer from rival Fnac.
Darty shares closed up 19.14 per cent to
96.5p after electronic goods and media
retailer Fnac said it had made an offer
that valued each Darty share at 101p.
The takeover proposal, in which Fnac
said it would offer one of its shares for
every 39 Darty shares, represents a premium of about 27 per cent compared
with the 81p that Darty shares were
trading at before the approach was
made public. The proposal values
Dartys existing share capital at about
533m.
Fnac said the proposed takeover
would create a group spanning seven
countries with combined annual sales
exceeding 7bn, and would bring about
significant potential synergies. It would

Fnac believes that the

combination constitutes a
compelling strategic and
financial opportunity

Few companies can boast of helping Chinese people to download music faster
from Apples iTunes, while allowing
more Brazilians to rent a house on Airbnb and even shortening the queues for
a beer at the Rugby World Cup.
Yet Philip Jansen, the quick-talking
chief executive of Worldpay, says that
once the payment technology company
completes its plans for the UKs biggest
initial public offering of the year it will
have the capacity to do much more.
It has always been our intention to
IPO this business, Mr Jansen said
almost a fortnight after rejecting a
6.6bn offer from Frances Ingenico.
There are going to be huge opportu-

nities in a fragmented market and we

want to be a leader in that, he says,
pointing out an IPO will provide more
options to fund acquisitions. There are
lots of consolidation options.
While likely to keep making one
acquisition roughly every year as it
has since being bought from Royal Bank
of Scotland in 2010 it is not relying on
deals to achieve its target of doubling in
size over the next five years.
Mr Jansen, who is set to earn about
50m from the IPO, says Worldpays
key competitive advantage is a new
technology platform that cost 400m to
build and can handle 326 different payment methods, from China UnionPay, to
Qiwi in Russia and Boleto in Brazil.
This helped it to build a one-click pur-

ADAM THOMSON PARIS

NATHALIE THOMAS LONDON

growth of the discounters, as well as

online and convenience shopping.
Bruno Monteyne, an analyst at
Sanford Bernstein, said that the profit
upgrade represented a change of tone
for Sainsbury. It has tried to take a
cautious message up to now, that it will
go toe to toe with whatever price
investment anyone else makes. That it is
talking up guidance is now showing they
are more confident in their strategic
position, he added.
Cutting prices and moving away from
promotions such as three meat items for
10, to lower regular prices, had also
driven an increase in customer transactions and just over a 1 per cent rise in the
volume of goods sold.
This had also helped availability and
made the supply chain more efficient
cutting waste for example because
demand was easier to predict.
Mr Coupe estimated that Sainsbury
had invested about 200m in price cuts
the 150m planned plus extra money
generated by a higher volume of sales. It
had cut its price premium to the discounters by 5-10 percentage points over
the past year.
Shares in Sainsbury rose 31.7p to
261p. Rivals stock also climbed amid
hopes that the worst was over for the big
supermarkets, which have been
battered by the growth of the no-frills
discounters and a vicious price war in
response.
See Lex

NICHOLAS MEGAW

EY, the professional services firm, has

achieved 2bn of annual revenues
from its UK operations for the first
time, as changes in the audit market
enabled it to pick up business from
large UK groups.
UK fee income in the year to July 31 grew
8 per cent compared with the previous
12-month period to reach 2.01bn,
helping to boost distributable profit by 6
per cent from 412m to 437m.
Revenues rose across all operations

Were feeling very good

about the UK as a great
place for a global company
to do business
and regions, with double-digit increases
recorded in the transaction advisory
services and tax units: income was up
12.1 per cent and 10 per cent,
respectively.
In assurance services, which carries
out financial reporting and auditing
work for clients, revenues rose 6.4 per
cent. Advisory fees grew 4.5 per cent.
Within the assurance division, financial accounting and forensic services
both grew fastest, increasing their
income by more than 20 per cent. Steve
Varley, EYs UK and Ireland chairman,

said expansion in these areas was an

incredible opportunity for the firm.
EU regulation that will come into
force next year is already bringing more
competition for auditing contracts.
Mr Varley said: Weve seen higher
demand from clients for an extended
assurance service that not only looks at
economic performance but also areas
like corporate culture and integrity.
Winning new auditing work with
Royal Bank of Scotland, J Sainsbury and
the Co-operative Bank helped EYs
audit revenues grow 8 per cent to
407m. EYs performance stands in
contrast to that of rival Deloitte, which
last month warned that continued fee
pressure and less special project work
was making it difficult to achieve
growth in the audit market.
Average distributable profit per partner was 700,000, a 3.7 per cent fall
from 727,000 in 2014. However, EY
attributed the decline to a record
number of new equity partners, which
Mr Varley said was a sign of the firms
confidence in its UK business. Were
feeling very good about the UK as a great
place for a global company to do business, and it can serve as a bridge into the
United States, Europe and India.
Globally, EYs revenue reached
$28.7bn in the year to June 30. Although
this represented an 11.6 per cent
increase, continued growth at this rate
will not be enough to achieve the companys goal of $50bn revenue by 2020.

florist at what time of day other similar,

small businesses in the same area are
selling most of their products.
By allowing sales staff at Heathrow
airports stores to sell through tablet
devices as they walk around assisting
customers, Worldpay has helped boost
the value of sales by 40 per cent.
Mr Jansensays cyber security is an
increasingly vital area of focus and the
company has a team monitoring for any
suspicious payments.
He cites the example of a rare breach
in the systems of a company it acquired
that allowed hackers to steal $500,000
of the groups own money. We tracked
the transaction very quickly and went
through the authorities to get it all
back.

also create Frances largest electrical

goods retailer.
Fnac believes that the combination
of Fnac and Darty constitutes a compelling strategic and financial opportunity, said the group, which was once
part of Frances French luxury and retail
conglomerate PPR. Fnac shareholders
appeared unconvinced: its shares
dropped 3.6 per cent to 51.09.
Knight Vinke, the activist investor
and a shareholder in Darty, came out in
favour of the deal. Knight Vinke
strongly supports the principle of combining Darty with Fnac, and encourages
both sides to pursue their discussions in
good faith, it said.
Liberum analyst Wayne Brown called
Fnacs approach opportunistic given
the lack of a cash component and the
implied premium compared with the
previous days closing price.
We feel there is scope for a much
improved offer with certain regulatory
and competition issues which may also
need to be addressed, he said.
Despite its London listing, Darty withdrew from the UK retail market after it
controversially sold the Comet chain to
OpCapita for the sum of 2 in 2011. It
has more than 220 stores in France and
135 in Belgium and Holland.
Dartys board said that it would focus
on reviewing deal execution risks in
order to determine whether an offer is
likely to be deliverable on a basis which
could be capable of being recommended
to Darty shareholders.
See Lombard

26

FINANCIAL TIMES

Thursday 1 October 2015

MARKET DATA
WORLD MARKETS AT A GLANCE

FT.COM/MARKETSDATA

Change during previous days trading (%)

S&P 500

Nasdaq Composite

1.91%

Dow Jones Ind

2.28%

FTSE 100

1.47%

FTSE Eurofirst 300

2.58%

Nikkei

2.56%

Hang Seng

2.70%

FTSE All World $

1.41%

$ per

$ per

-0.535%

2.02%

0.066%

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

Aug 31 - Sep 30
S&P 500

All World

New York

Index

Aug 31 - Sep 30
S&P/TSX COMP

All World

Toronto

1,920.03

Day 1.91%

Month -3.46%

13,306.96

Year -2.92%

Nasdaq Composite

Day 2.07%

New York

Month -4.03%

Year -11.05%

All World

London

IPC

Mexico City

43,721.96

4,776.51

42,632.54

4,620.16

Day 2.28%

Month -4.31%

Year 2.54%

Dow Jones Industrial

New York

16,528.03

16,284.70

Day 1.47%
Country

Day 1.21%

Month -2.15%
Index

Year -4.61%

Bovespa

45,059.35

Day 2.10%

1,392.57

1,370.54

Day 2.56%

Month -4.44%

Year -16.74%
Latest

Previous

Year -0.74%

CAC 40
4,541.16

4,455.29

Day 2.57%
Country

Month -4.70%
Index

Year 2.23%

Cyprus
Czech Republic
Denmark
Egypt
Estonia
Finland
France

close
price
110.30
89.90
511.89
271.81
103.26
638.37
98.19
44.26
42.40
608.42

Day's
change
1.24
3.23
15.82
19.71
4.91
15.76
2.19
0.82
1.84
13.45

BIGGEST MOVERS

Close
price

Day's
change

Day's
chng%

79.44
69.28
118.16
54.33
63.94

10.07
8.71
14.11
5.24
5.98

14.52
14.38
13.56
10.67
10.32

Ups
Kaz Minerals
Glencore
Sainsbury (j)
Aggreko
Tesco

28.50
82.00
11.24
52.14
17.30

-1.72
-3.00
-0.39
-1.57
-0.50

-5.69
-3.53
-3.35
-2.92
-2.81

Downs
Entertainment One
Vedanta Resources
Bba Aviation
Ted Baker
Cranswick

Downs
The Gap
Alcoa $3.75 Pfd
Navient
Keurig Green Mountain
Diamond Offshore Drilling

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

Oil Brent $ Sep

-0.540%

Gold $

-1.60%

0.31%

Index

Aug 31 - Sep 30
Nikkei 225

Frankfurt

All World

Ibex 35

Day 2.70%

Madrid

Month -9.14%

Year 6.61%

Hang Seng

Month -7.66%

Year -10.54%

FTSE MIB
21,451.37
Day 2.74%
Country
Philippines
Poland
Portugal
Romania
Russia
Saudi-Arabia
Singapore
Slovakia
Slovenia
South Africa
South Korea
Spain
Sri Lanka
Sweden
Switzerland

Month -3.18%
Index
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

Singapore

2,790.89

Year -10.26%

Day 0.11%

Shanghai

Month -5.58%

Year 11.76%

BSE Sensex

Mumbai

26,392.38

26,154.83

3,052.78
Day 0.48%

Previous

6893.98
49824.59
5047.29
2331.00
6981.62
1642.97
789.73
7404.14
2790.89
268.87
668.47
50088.86
31641.03
44881.18
1962.81
236.71
9559.90
7050.87
1416.89
475.68
8513.41

FTSE Straits Times

3,166.62

Year 1.93%
Latest

Month -3.54%

Shanghai Composite

21,294.98

Year -3.15%

20,846.30

Day 1.41%

Milan

Month 1.30%

2,955.94

9,559.90
Day 1.77%

Day 1.03%

Hong Kong

21,612.39

9,992.80

Seoul

1,914.23

17,388.15

Year 1.96%

All World

1,962.81

18,574.44

Month -6.20%

Index

Aug 31 - Sep 30
Kospi

Tokyo

Country

6859.29
49257.71
4896.39
2260.48
7041.20
1630.51
784.11
7337.21
2787.94
268.87
668.61
49383.93
31412.73
44159.46
1942.85
233.79
9393.90
7085.38
1391.88
466.99
8323.48

Taiwan
Thailand
Turkey
UAE
UK

USA

Venezuela
Vietnam

Month -5.56%

Year 29.48%

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 0.65%

Previous

8181.24
1349.00
74257.65
4502.79
2729.30
6061.61
5533.27
3335.92
3712.83
5812.93
16284.70
7785.63
576.83
4181.06
4620.16
9799.69
1920.03
20119.28
11871.34
562.64

Country

8132.35
1348.84
73314.99
4475.98
2655.10
5909.24
5408.37
3260.46
3652.16
5733.05
16049.13
7700.71
567.43
4083.37
4517.32
9622.07
1884.09
19737.25
12136.90
561.19

Month -0.90%
Index
DJ Global Titans ($)
Euro Stoxx 50 (Eur)
Euronext 100 ID
FTSE 4Good Global ($)
FTSE All World
FTSE E300
FTSE Eurotop 100
FTSE Global 100 ($)
FTSE Gold Min ($)
FTSE Latibex Top (Eur)
FTSE Multinationals ($)
FTSE World ($)
FTSEurofirst 100 (Eur)
FTSEurofirst 80 (Eur)
MSCI ACWI Fr ($)
MSCI All World ($)
MSCI Europe (Eur)
MSCI Pacific ($)
S&P Euro (Eur)
S&P Europe 350 (Eur)
S&P Global 1200 ($)
Stoxx 50 (Eur)

Cross-Border

Year -1.66%
Latest

Previous

218.21
3100.67
858.55
5154.92
251.94
1370.54
2724.62
1221.31
838.25
2379.70
1368.07
446.31
3855.84
4154.27
374.06
1550.43
1347.27
2130.92
1378.58
1404.86
1746.75
2976.73

214.19
3029.86
838.45
5062.61
246.96
1336.34
2656.18
1198.51
842.36
2306.50
1374.59
437.45
3755.00
4059.47
376.40
1560.04
1316.54
2079.65
1346.88
1370.33
1712.63
2905.25

UK MARKET WINNERS AND LOSERS

LONDON
ACTIVE STOCKS

stock
traded m's
Apple
72.9
Facebook Class A
32.4
Amazon.com
20.4
Allergan
18.7
Netflix
17.5
Google Class A
16.8
Gilead Sciences
15.5
Microsoft
15.3
Dow Chemical
15.2
Google Class C Capital Stock
14.6

Ups
Western Digital
Endo Int
Ralph Lauren
Sandisk
Mallkrodt

-0.133%

9,660.44

Day 2.22%

STOCK MARKET: BIGGEST MOVERS

AMERICA
ACTIVE STOCKS

All World

10,015.57

Paris

22282.69
31303.46
20726.75
4442.80
16930.84
1138.89
1375.52
2063.49
4189.22
5751.20
570.32
478.14
1347.21
1603.32
42121.51
9155.76
412.11
634.10
5612.42
30762.29
611.63
32214.58

9659.57
4958.10
4918.40
2598.80
2187.68
3296.76
5417.70
44131.82
767.00
13036.96
344.64
17956.66
8201.78
9217.53
3182.02
307.64
3038.10
1790.24
1027.90
1203.12
1672.32

Index

Month -4.56%

Index

Aug 31 - Sep 30
Xetra Dax

Europe

FTSE Italia All-Share

22844.59
CSE M&P Gen
74.51
74.68
Italy
FTSE Italia Mid Cap
31648.83
PX
971.10
959.37
OMXC Copenahgen 20
922.31
911.65
FTSE MIB
21294.98
EGX 30
7331.53
7409.06
Japan
2nd Section
4493.15
OMX Tallinn
863.21
869.96
Nikkei 225
17388.15
Austria
OMX Helsinki General
7682.49
7563.22
S&P Topix 150
1167.29
Belgium
CAC 40
4455.29
4343.73
Topix
1411.16
SBF 120
3500.26
3415.22
Jordan
Amman SE
2045.23
Brazil
Germany
M-DAX
19279.74
18904.49
Kenya
NSE 20
4173.52
Canada
TecDAX
1747.74
1713.75
Kuwait
KSX Market Index
5725.96
XETRA Dax
9660.44
9450.40
Latvia
OMX Riga
571.39
Chile
Greece
Athens Gen
654.20
650.33
Lithuania
OMX Vilnius
479.82
China
FTSE/ASE 20
189.77
189.48
Luxembourg
LuxX
1361.44
Hong Kong
Hang Seng
20846.30
20556.60
Malaysia
FTSE Bursa KLCI
1621.04
HS China Enterprise
9405.50
9230.50
Mexico
IPC
42632.54
HSCC Red Chip
3901.65
3793.17
Morocco
MASI
9133.67
Hungary
Bux
20893.96
20932.82
Netherlands
AEX
421.14
India
BSE Sensex
26154.83
25986.52
AEX All Share
646.97
S&P CNX 500
6646.10
6552.35
New Zealand
NZX 50
5593.36
Colombia
Indonesia
Jakarta Comp
4223.91
4178.41
Nigeria
SE All Share
30825.00
Croatia
Ireland
ISEQ Overall
6167.41
6055.96
Norway
Oslo All Share
622.72
Israel
Tel Aviv 100
13.03
13.33
Pakistan
KSE 100
32287.41
(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.
9814.62
5058.60
5021.60
2654.00
2229.49
3344.50
5491.67
45059.35
784.51
13306.96
353.40
18056.22
8272.90
9396.25
3197.37
309.71
3052.78
1795.36
1050.74
1202.27
1685.63

Country

FTSE Eurofirst 300

So Paulo

46,625.52

Year -8.61%

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

Year -5.23%

Month -3.13%

Latest

Argentina
Australia

Latest

Month -1.52%

6,061.61

6,058.54
Day 2.58%

per

ASIA
Index

Aug 31 - Sep 30
FTSE 100

13,859.12

1,972.18

per $

EURO MARKETS
ACTIVE STOCKS

TOKYO
ACTIVE STOCKS

stock
traded m's
Glencore
165.1
Hsbc Holdings
158.5
Bg
154.0
Vodafone
149.5
British American Tobacco
149.4
Sabmiller
147.4
Royal Dutch Shell
143.7
Rio Tinto
136.5
Lloyds Banking
133.2
Royal Dutch Shell
123.6

close
price
91.55
498.70
951.00
208.45
3643.00
3737.00
1563.00
2210.00
75.16
1554.00

Day's
change
11.30
13.15
1.40
4.10
122.00
37.00
20.00
60.50
1.80
17.00

stock
traded m's
Nestle N
517.1
Novartis N
476.8
Roche Gs
411.0
Santander
368.7
Volkswagen Ag Vzo O.n.
357.9
Total
345.2
Intesa Sanpaolo
341.9
Daimler Ag Na O.n.
326.9
Sanofi
310.1
Unicredit
294.6

close
price
67.16
80.09
230.50
4.74
95.20
40.20
3.16
63.26
84.89
5.57

Day's
change
1.88
0.00
0.00
0.08
0.00
1.02
0.09
0.00
1.80
0.18

stock
close
traded m's
price
Toyota Motor
939.6 6971.00
Mitsubishi Ufj Fin,.
519.0
716.40
Softbank .
503.3 5477.00
Japan Tobacco .
471.2 3695.00
Tokyo Electric Power ,orporated
408.5
797.00
Sumitomo Mitsui Fin,.
396.5 4512.00
Fast Retailing Co.,
394.7 48490.00
Mizuho Fin,.
390.4
222.90
Sony
368.2 2898.50
Kddi
349.2 2667.00

BIGGEST MOVERS

Close
price

Day's
change

Day's
chng%

BIGGEST MOVERS

Day's
change

Day's
chng%

BIGGEST MOVERS

84.65
91.55
261.00
951.00
183.20

11.95
11.30
31.70
75.00
11.90

16.44
14.08
13.82
8.56
6.95

Ups
Peugeot
Valeo
Zodiac Aerospace
Exor
Christian Dior

Close
price
13.46
120.75
20.50
38.98
167.05

0.81
6.50
1.10
1.93
7.85

6.41
5.69
5.64
5.21
4.93

248.00
425.20
267.70
3207.00
1596.00

-24.00
-15.10
-7.30
-53.00
-24.00

-8.82
-3.43
-2.65
-1.63
-1.48

Downs
Fortum
Tenaris
Altice
Bankia
Arcelormittal

13.23
10.73
18.72
1.16
4.66

-0.19
-0.14
-0.20
-0.01
-0.04

-1.42
-1.29
-1.06
-1.03
-0.83

Based on the constituents of the FTSE 350 index

Based on the constituents of the FTSEurofirst 300 Eurozone index

Day's
change
252.00
16.90
76.00
-266.00
2.00
82.00
1340.00
5.00
145.00
147.00

Ups
Kyowa Hakko Kirin Co.,
Taiyo Yuden Co.,
Mazda Motor
Gs Yuasa
Kddi

Close
price

Day's
change

Day's
chng%

1778.00
1554.00
1880.00
450.00
2667.00

128.00
92.00
105.00
25.00
147.00

7.76
6.29
5.92
5.88
5.83

Downs
Japan Tobacco .
Toho Z Co.,
Mitsui Eng & Shipbuilding Co.,
Sharp
Ntn

3695.00
273.00
172.00
137.00
490.00

-266.00
-5.00
-3.00
-2.00
-7.00

-6.72
-1.80
-1.71
-1.44
-1.41

Based on the constituents of the Nikkei 225 index

Sep 30
price(p)

%Chg
week

%Chg
ytd

5.8
-9.8
-3.1
0.1
5.9
2.9
11.2
8.9
-1.3
2.2
1.0
-5.1

FTSE 250
Winners
Synergy Health
Evraz
Ophir Energy
Mitie
Wizz Air Holdings
Just Eat
Pennon
Ao World
Diploma
Tate & Lyle
Elementis
Victrex

2170.00
72.90
89.85
305.20
2047.00
410.40
777.00
168.40
665.00
588.00
223.20
1772.00

38.7
11.6
9.9
9.7
8.9
8.3
8.1
7.5
6.7
6.6
6.3
6.2

4.3
-52.8
-36.5
9.8
32.5
-15.5
-15.9
-6.2
-2.5
-14.7
-14.9

FTSE SmallCap
Winners
Norcros
Findel
Darty
Utilico Emerging Markets
Hansard Global
City Of London Investment
Mj Gleeson
Exova
Quintain Estates And Development
Energy Assets
Moss Bros
Communisis

-54.1
-69.4
4.7
15.2
-31.4
12.8
-33.6
-33.5
-0.6
-27.6
-6.4
-8.5

Losers
Kaz Minerals
Allied Minds
Petra Diamonds
Entertainment One
Euromoney Institutional Investor
Brewin Dolphin Holdings
Just Retirement
Poundland
Vedanta Resources
Worldwide Healthcare Trust
Ip
Greencore

84.65
352.00
84.20
248.00
950.00
257.00
163.80
280.00
425.20
1690.00
230.00
273.20

-20.4
-20.2
-14.9
-13.9
-10.7
-10.0
-9.7
-9.6
-9.4
-8.7
-8.4
-8.4

-67.2
-4.1
-56.6
-23.1
-9.3
-13.8
10.7
-14.7
-26.0
-1.4
12.2
-4.5

Losers
Johnston Press
Lonmin
Assura
Int Biotechnology Trust
Biotech Growth Trust (the)
Partnership Assurance
Puretech Health
Flybe
Oxford Biomedica
Blackrock Commodities ome Investment Trust
Acal
Kenmare Resources

FTSE 100
Winners
Sainsbury (j)
Morrison (wm) Supermarkets
Tesco
National Grid
Associated British Foods
Relx
Sabmiller
Severn Trent
Intu Properties
Unilever
United Utilities
Bae Systems

Sep 30
price(p)

%Chg
week

%Chg
ytd

261.00
166.10
183.20
918.90
3340.00
1132.00
3737.00
2184.00
329.60
2686.00
925.00
447.70

14.1
8.8
8.7
6.6
6.4
5.8
4.8
4.4
4.2
4.1
4.0
3.8

Losers
Anglo American
Glencore
Wolseley
Hikma Pharmaceuticals
Aberdeen Asset Management
Crh
Antofagasta
Standard Chartered
Shire
Bhp Billiton
Vodafone
Smiths

550.90
91.55
3858.00
2280.00
296.50
1741.00
499.70
640.80
4504.00
1005.00
208.45
1005.00

-16.3
-16.1
-8.4
-6.1
-5.2
-5.0
-4.7
-4.0
-3.6
-3.5
-3.5
-3.3

Sep 30
price(p)

%Chg
week

%Chg
ytd

185.00
243.00
96.50
157.75
114.00
348.75
475.00
180.00
140.75
550.00
94.25
55.00

848.7
30.6
18.4
14.7
8.6
8.6
8.2
7.8
7.4
6.2
5.9
5.8

920.7
8.4
40.9
3.6
29.5
5.6
33.1
12.5
47.8
22.2
7.1
10.3

Industry Sectors
Winners
Industrial Metals
Food & Drug Retailers
Gas Water & Multiutilities
Food Producers
Personal Goods
Beverages
Tobacco
Electricity
Chemicals
Automobiles & Parts
Oil Equipment & Services
General Retailers

75.00
16.25
54.75
455.00
640.00
132.50
123.00
73.50
8.08
57.25
249.00
1.93

-17.6
-16.7
-13.4
-13.2
-12.7
-11.2
-10.5
-10.4
-9.2
-8.0
-7.8
-7.7

-54.8
-90.9
7.4
2.7
-5.6
-5.0
-33.8
53.9
-35.9
3.8
-40.4

Sep 30
price(p)

%Chg
week

%Chg
ytd

717.97
2812.68
5885.88
8535.72
24537.04
14464.94
44258.49
8634.26
10069.91
6266.02
15470.02
3083.86

11.8
7.7
5.1
4.4
3.4
3.0
2.4
2.4
2.4
2.3
1.8
1.7

-52.8
-0.9
-4.3
4.6
-0.6
2.2
8.8
-12.3
-11.0
-22.4
-6.0
3.5

Losers
Mining
8611.73
Construction & Materials
4679.92
Mobile Telecommunications
4785.26
Software & Computer Services 1423.41
General Industrials
4161.42
Pharmaceuticals & Biotech.
11948.65
General Financial
8867.20
Industrial Transportation
2633.53
Industrial Engineering
7042.92
Equity Investment Instruments 7019.24
Support Services
6433.80
Oil & Gas Producers
5570.72

-5.7
-4.5
-3.4
-2.1
-1.6
-1.6
-1.6
-1.6
-1.3
-0.7
-0.4
-0.4

-39.8
13.2
-4.7
13.7
6.5
-6.3
3.8
-7.0
-20.6
-3.1
-0.2
-22.0

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

CURRENCIES
Sep 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
Day's
Mid
Change
9.4187
0.0059
1.4240
-0.0024
0.3776
0.0001
6.9100
0.0100
3.9820
-0.1265
1.3407
-0.0004
697.6700
-7.2800
6.3571
-0.0065
3087.1250
-32.0500
534.9500
2.2500
24.3449
0.1130
6.6833
0.0335
7.8282
0.0222
7.7500
-0.0001
280.6003
0.8774
65.6400
-0.3025

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
10.5136
-0.0470
14.2671
0.0200
1.5895
-0.0109
2.1570
-0.0020
0.4214
-0.0020
0.5719
0.0006
7.7133
-0.0282
10.4670
0.0232
4.4448
-0.1646
6.0317
-0.1868
1.4966
-0.0081
2.0308
0.0010
778.7713 -12.1433 1056.8036
-10.2031
7.0961
-0.0435
9.6295
-0.0024
3445.9908 -53.5497 4676.2580
-44.9009
597.1357
-0.5239 810.3216
4.0311
27.1749
-0.0119
36.8767
0.1995
7.4602
-0.0004
10.1235
0.0586
8.7381
-0.0198
11.8578
0.0427
8.6510
-0.0443
11.7395
0.0089
313.2189
-0.6145 425.0424
1.6561
73.2704
-0.7134
99.4289
-0.3811

Sep 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
Day's
Mid
Change
14650.0000
-32.5000
3.9249
-0.0033
119.7650
-0.1600
119.7650
-0.1601
119.7648
-0.1605
119.7639
-0.1622
104.7000
-0.5000
0.3023
0.0001
4.3957
-0.0608
16.9468
-0.1130
1.5632
-0.0061
199.2500
8.5300
0.0428
104.4750
-0.0200
3.2210
-0.0160
46.7400
-0.1800

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
16353.0158 -119.9290 22191.3023
-32.0557
4.3812
-0.0261
5.9453
-0.0004
133.6872
-0.8620 181.4154
-0.1021
133.6872
-0.8619 181.4153
-0.1023
133.6871
-0.8621 181.4150
-0.1030
133.6871
-0.8622 181.4153
-0.1041
116.8709
-1.1576 158.5955
-0.6344
0.3374
-0.0017
0.4579
0.0004
4.9067
-0.0932
6.6585
-0.0868
18.9167
-0.2233
25.6703
-0.1512
1.7449
-0.0158
2.3679
-0.0075
222.4120
-1.1354 301.8162
0.2330
9.5216
-0.0006
12.9209
0.0748
116.6198
-0.6178 158.2547
0.0919
3.5954
-0.0363
4.8790
-0.0205
52.1733
-0.4683
70.7999
-0.2178

Sep 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
3.8026
3.9580
65.6059
3.7503
1.4219
13.8270
1185.3000
8.3871
0.9771
32.9275
36.2950
1.9689
3.0278
3.6729
0.6602
0.6601

Day's
Change
0.0214
0.0194
-0.0206
-0.0003
-0.0060
-0.1274
-9.4000
-0.0217
0.0043
-0.0865
-0.1550
0.0068
-0.0108
-0.0002
-0.0005
-0.0005

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
4.2446
0.0023
5.7600
0.0368
4.4182
-0.0008
5.9955
0.0340
73.2323
-0.3970
99.3773
0.0455
4.1862
-0.0217
5.6807
0.0039
1.5872
-0.0148
2.1538
-0.0074
15.4343
-0.2217
20.9446
-0.1767
1323.0863 -17.3003 1795.4469
-12.8416
9.3620
-0.0722
12.7044
-0.0231
1.0907
-0.0007
1.4801
0.0077
36.7552
-0.2847
49.8773
-0.0924
40.5141
-0.3807
54.9783
-0.1922
2.1978
-0.0035
2.9824
0.0127
3.3797
-0.0294
4.5863
-0.0129
4.0998
-0.0212
5.5635
0.0040
0.7369
-0.0043
0.7369
-0.0043
-

Sep 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
0.6601
0.6600
6.3000
22477.5000
0.8959
0.8958
0.8957
0.8949

Day's
Change
-0.0005
-0.0005
0.0100
-9.0000
0.0045
0.0046
0.0045
0.0045

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
0.7368
-0.0043
0.7362
-0.0043
1.1162
-0.0057
1.5148
0.0012
1.1162
-0.3973
1.5147
0.0012
1.1161
-0.3973
1.5147
0.0012
1.1153
-0.3974
1.5146
0.0012
7.0323
-0.0247
9.5430
0.0225
25090.4511 -138.1834 34048.1168
12.6314
1.3570
0.0079
1.3570
0.0079
1.3569
0.0079
1.3563
0.0079

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
Sep 30 chge%
Index
Sep 29
Sep 28
ago yield% Cover
FTSE 100 (100)
6061.61
2.58 6405.62 5909.24 5958.86 6557.52 4.00 1.49
FTSE 250 (250)
16683.02
1.46 17629.83 16442.49 16614.16 15210.89 2.54 2.16
FTSE 250 ex Inv Co (211)
18188.68
1.48 19220.94 17923.72 18114.83 16393.03 2.55 2.26
FTSE 350 (350)
3384.68
2.38 3576.77 3306.01 3334.98 3560.19 3.74 1.57
FTSE 350 ex Investment Trusts (311) 3363.32
2.40 3554.20 3284.40 3313.17 3542.57 3.77 1.57
FTSE 350 Higher Yield (107)
3081.45
2.47 3256.33 3007.26 3016.76 3549.81 5.59 1.24
FTSE 350 Lower Yield (243)
3367.84
2.29 3558.97 3292.40 3339.93 3221.99 1.87 2.57
FTSE SmallCap (294)
4482.84
0.64 4737.26 4454.43 4478.53 4349.73 2.84 1.69
FTSE SmallCap ex Inv Co (158)
4112.00
0.38 4345.37 4096.38 4111.94 3851.62 2.75 2.41
FTSE All-Share (644)
3335.92
2.31 3525.24 3260.46 3288.62 3498.96 3.71 1.57
FTSE All-Share ex Inv Co (469)
3301.17
2.36 3488.53 3225.08 3252.98 3469.13 3.75 1.59
FTSE All-Share ex Multinationals (579) 1161.13
1.97 1016.98 1138.65 1153.24 1079.10 2.72 2.05
FTSE Fledgling (106)
7682.41
0.21 8118.41 7666.32 7721.32 6837.25 2.44 0.88
FTSE Fledgling ex Inv Co (54)
10891.88 -0.06 11510.03 10898.87 10969.18 8411.86 2.45 0.75
FTSE All-Small (400)
3112.18
0.62 3288.80 3093.13 3110.15 3007.32 2.82 1.65
FTSE All-Small ex Inv Co Index (212) 3074.20
0.36 3248.66 3063.09 3075.06 2855.28 2.74 2.35
FTSE AIM All-Share Index (837)
725.26
0.67
766.42
720.44
726.72
743.83 1.45 0.86
FTSE Sector Indices
Oil & Gas (18)
5934.63
Oil & Gas Producers (11)
5605.21
Oil Equipment Services & Distribution (7)16054.98
Basic Materials (31)
3085.35
10786.54
Chemicals (8)
Forestry & Paper (1)
16255.13
Industrial Metals & Mining (2)
766.26
Mining (20)
8255.25
Industrials (117)
4191.27
Construction & Materials (13)
4887.88
Aerospace & Defense (9)
4373.79
General Industrials (6)
3383.55
Electronic & Electrical Equipment (11) 5089.71
Industrial Engineering (14)
7551.82
Industrial Transportation (8)
3952.82
Support Services (56)
6319.92
17427.73
Consumer Goods (40)
Automobiles & Parts (1)
6298.12
Beverages (6)
14499.92
Food Producers (10)
8577.97
Household Goods & Home Construction (13)13224.64
Leisure Goods (2)
5472.98
Personal Goods (6)
21363.33
Tobacco (2)
44258.56
Health Care (20)
8805.38
Health Care Equipment & Services (8) 6958.71
Pharmaceuticals & Biotechnology (12)11860.81
Consumer Services (98)
4801.89
Food & Drug Retailers (7)
2932.70
General Retailers (33)
3014.43
Media (23)
7166.25
Travel & Leisure (35)
8241.85
Telecommunications (7)
3682.43
Fixed Line Telecommunications (5) 4854.00
Mobile Telecommunications (2)
4778.02
Utilities (8)
8301.32
Electricity (3)
8587.26
Gas Water & Multiutilities (5)
7778.79
Financials (284)
4430.78
Banks (9)
3763.73
Nonlife Insurance (10)
2672.20
Life Insurance/Assurance (11)
7273.45
Index- Real Estate Investment & Services (22) 3128.26
Real Estate Investment Trusts (25) 3031.18
General Financial (32)
7591.93
Equity Investment Instruments (175) 7292.84
Non Financials (360)
3857.22
Technology (21)
1300.25
Software & Computer Services (14) 1598.04
Technology Hardware & Equipment (7) 1488.19

1.41
1.40
1.68
3.52
2.07
3.91
1.91
3.75
2.04
1.47
2.93
0.98
0.57
1.07
0.39
2.37
2.60
4.89
2.10
2.86
1.97
2.59
3.12
3.10
1.76
1.95
1.75
2.92
6.68
2.39
2.49
2.52
1.72
1.45
1.91
2.57
4.00
2.21
2.38
2.50
1.70
4.23
0.70
1.60
1.95
1.18
2.29
1.78
0.61
2.80

6271.44
5923.33
16966.15
3260.45
11398.71
17177.66
809.74
8723.76
4429.14
5165.28
4622.01
3575.58
5378.57
7980.41
4177.15
6678.60
18416.81
6655.56
15322.83
9064.80
13975.18
5783.59
22575.76
46770.37
9305.11
7353.64
12533.94
5074.41
3099.14
3185.50
7572.95
8709.60
3891.42
5129.48
5049.18
8772.44
9074.61
8220.26
4682.24
3977.33
2823.86
7686.24
3305.80
3203.21
8022.80
7706.73
4076.13
1374.04
1688.74
1572.65

5851.89
5527.69
15789.29
2980.53
10567.38
15643.95
751.88
7956.67
4107.52
4817.17
4249.21
3350.68
5060.66
7471.67
3937.53
6173.84
16986.39
6004.37
14201.81
8339.60
12969.30
5334.58
20716.64
42925.72
8652.68
6825.49
11657.34
4665.63
2749.19
2943.99
6992.23
8039.61
3620.01
4784.64
4688.63
8093.24
8257.32
7610.90
4327.90
3672.07
2627.65
6978.47
3106.52
2983.36
7446.67
7207.83
3770.80
1277.53
1588.30
1447.63

5771.64
5452.73
15516.02
2920.35
10624.43
15984.80
742.21
7737.99
4184.51
4957.70
4313.21
3374.47
5089.56
7454.59
3973.36
6326.14
17192.68
6037.27
14177.50
8441.49
13322.35
5482.70
20791.93
43656.57
8800.95
6931.13
11859.10
4716.46
2704.76
2975.53
7106.79
8154.98
3665.74
4827.38
4759.35
8069.46
8249.30
7584.70
4384.85
3713.08
2652.72
7129.78
3137.73
3008.05
7597.73
7267.22
3797.27
1303.50
1625.21
1473.37

8548.68
8081.52
22760.29
5063.59
9991.99
11894.57
1405.08
15054.15
4195.15
3985.22
4918.75
3199.71
4601.84
9947.36
3963.45
6076.06
15528.04
7320.39
13902.73
7109.13
9945.57
4992.13
20647.02
39819.05
9339.37
5841.88
12851.58
4154.78
2653.86
2569.67
6273.18
7031.72
3458.02
4408.59
4581.53
8617.27
9622.57
7907.21
4504.15
4379.28
2160.39
7205.94
2561.18
2495.40
6470.05
7271.96
4089.02
1116.77
1239.62
1372.93

P/E
ratio
16.76
18.24
17.36
17.00
16.85
14.42
20.78
20.84
15.06
17.12
16.81
17.94
46.55
54.50
21.45
15.53
80.41

X/D
adj
204.42
352.40
389.09
106.65
106.89
140.99
60.73
98.70
89.90
103.96
104.24
26.40
129.98
157.30
67.74
66.15
6.36

Total
Return
4715.95
11548.23
12839.82
5309.10
2716.34
4941.69
3552.09
6105.19
5885.53
5293.33
2710.34
1966.78
13759.21
18951.42
5442.29
5574.70
777.10

6.38 1.16 13.45 283.94 4904.22

6.45 1.16 13.40 270.00 4788.65
4.79 1.40 14.95 642.59 11705.55
6.58 1.88
8.08 197.88 3024.79
2.48 2.48 16.29 230.16 9267.65
2.22 3.37 13.36 360.52 16885.39
1.50 -18.64 -3.57
11.18
668.70
7.60 1.84
7.15 615.70 4237.95
2.64 1.20 31.45
85.30 4136.63
2.63 -0.77 -49.70 118.43 4991.66
2.58 0.96 40.37
77.52 4485.31
3.32 1.71 17.54
68.53 3632.40
2.28 2.02 21.74
88.79 4478.16
3.21 1.61 19.29 209.92 8804.92
4.15 1.14 21.20 128.90 3293.18
2.41 1.52 27.20 119.64 6299.90
2.92 1.88 18.21 466.77 12238.97
3.17 1.53 20.59 199.75 5792.01
2.43 1.78 23.18 345.28 9852.75
1.88 1.55 34.23
93.65 7122.97
2.10 2.64 18.05 225.85 8954.26
4.13 1.26 19.16 182.47 4588.15
3.05 3.01 10.92 484.64 13681.68
4.04 1.35 18.31 1786.68 26851.10
3.93 0.64 39.48 293.32 6381.68
1.42 2.42 29.13
64.84 5866.32
4.19 0.58 40.99 424.60 7635.86
2.29 1.75 24.99
87.81 4309.77
2.41 -0.94 -44.31
42.92 3341.41
2.21 2.38 18.97
50.13 3278.14
2.74 1.69 21.63 159.32 4202.22
1.91 2.40 21.81 140.47 7481.55
4.39 1.89 12.08 108.88 3806.95
3.13 1.82 17.53 101.81 4169.70
5.22 1.91 10.03 168.70 4396.48
4.98 1.35 14.91 307.49 8736.40
5.92 1.43 11.84 504.89 11423.51
4.74 1.32 16.00 243.90 8194.10
3.46 1.96 14.76 138.70 3848.40
4.07 1.31 18.82 145.16 2577.27
2.83 2.06 17.16
75.75 4490.93
3.76 1.76 15.12 270.72 6658.04
1.83 6.02
9.08
47.23 8004.50
2.73 6.73
5.45
68.57 3559.25
3.02 2.24 14.73 167.85 8187.86
2.67 1.17 32.13 149.85 3809.21
3.80 1.45 18.16 120.03 5362.86
1.48 2.07 32.58
18.19 1624.19
2.00 1.70 29.36
32.24 2091.83
1.03 2.70 35.97
13.22 1707.12

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
6008.27 6008.59 6029.40 6030.54 6042.11 6040.47 6030.71 6033.11 6044.80 6061.61 5998.64
FTSE 250
16667.15 16633.76 16650.31 16642.12 16654.33 16635.51 16631.90 16633.54 16650.63 16683.02 16619.40
FTSE SmallCap
4477.50 4483.10 4486.49 4484.89 4483.86 4491.62 4491.42 4492.20 4492.47 4493.65 4477.50
FTSE All-Share
3311.96 3311.11 3320.85 3321.03 3326.46 3325.32 3320.93 3322.05 3327.75 3335.92 3307.71
Time of FTSE 100 Day's high:15:35:30 Day's Low07:05:00 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 5898.87(24/08/2015)
Time of FTSE All-Share Day's high:15:35:29 Day's Low07:05:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3245.99(24/08/2015)
Further information is available on http://www.ftse.com FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. Values are negative.

UK RIGHTS OFFERS
Issue
price
133

Amount
paid
up
Nil

Latest
renun.
date
26-10-15

FT 30 INDEX

FTSE SECTORS: LEADERS & LAGGARDS

Sep 30 Sep 29 Sep 28 Sep 25 Sep 24 Yr Ago

High
Low Year to date percentage changes
FT 30
2729.30 2655.10 2694.50 2747.10 2671.50
0.00 3110.40 2575.90 Forestry & Paper
33.05
FT 30 Div Yield
1.81
1.86
1.82
1.78
1.84
0.00
3.93
2.74 Household Goods & Ho
26.11
P/E Ratio net
24.69
23.94
24.57
25.00
24.31
0.00
19.44
14.26 Nonlife Insurance
20.39
FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35
Software & Comp Serv
20.26
FT 30 hourly changes
Construct & Material
18.49
8
9
10
11
12
13
14
15
16
High
Low Real Est Invest & Se
18.40
2655.1 2703.8 2709.3 2709.6 2717.4 2716.6 2714.8 2718.2 2722 2729.3 2655.1 Real Est Invest & Tr
10.87
FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30
Tobacco
9.43
Leisure Goods
9.14
Technology
8.23
Media
7.88
Consumer
Goods
7.46
Sep 29 Sep 28 Mnth Ago
Sep 30 Sep 29 Mnth Ago
Financial Services
6.54
Australia
88.36
88.21
90.13 Sweden
78.55
78.16
77.86 Travel & Leisure
5.42
Canada
87.45
87.73
88.69 Switzerland
159.06 158.83 160.96 Fixed Line Telecomms
5.09
Denmark
106.60 106.65 106.33 UK
90.81
91.14
91.96 FTSE 250 Index
4.44
Japan
127.14 127.23 125.76 USA
103.86 103.81 103.61 Consumer Services
4.30
New Zealand
107.96 107.41 109.30 Euro
87.66
87.56
87.20
Norway
84.68
84.20
86.81
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

General Retailers
Health Care Eq & Srv
FTSE SmallCap Index
Food Producers
Telecommunications
Support Services
Tech Hardware & Eq
Electronic & Elec Eq
Beverages
Mobile Telecomms
Personal Goods
Industrials
Equity Invest Instr
Health Care
Pharmace & Biotech
Financials
Industrial Transport
Life Insurance

3.88
3.85
3.39
3.06
1.53
1.02
0.46
0.08
-0.10
-0.54
-1.38
-1.74
-1.99
-2.44
-3.06
-3.30
-3.52
-4.22

Low
262.40

Stock
BBA Aviation PLC

closing
Price p
267.70

+or-7.30

FTSE All{HY-}Share Index

NON FINANCIALS Index
Gas Water & Multi
Oil Equipment & Serv
FTSE 100 Index
Food & Drug Retailer
Utilities
Chemicals
Banks
Aerospace & Defense
Electricity
Industrial Eng
Oil & Gas
Oil & Gas Producers
Automobiles & Parts
Basic Materials
Mining
Industrial Metals &

-4.85
-5.38
-6.48
-6.63
-6.96
-8.25
-8.29
-9.81
-11.40
-12.75
-14.62
-17.97
-21.31
-21.82
-23.49
-33.20
-37.84
-50.81

FTSE GLOBAL EQUITY INDEX SERIES

Sep 30
Regions & countries
FTSE Global All Cap
FTSE Global All Cap
FTSE Global Large Cap
FTSE Global Mid Cap
FTSE Global Small Cap
FTSE All-World
FTSE World
FTSE Global All Cap ex UNITED KINGDOM In
FTSE Global All Cap ex USA
FTSE Global All Cap ex JAPAN
FTSE Developed
FTSE Developed All Cap
FTSE Developed Large Cap
FTSE Developed Europe Large Cap
FTSE Developed Europe Mid Cap
FTSE Dev Europe Small Cap
FTSE North America Large Cap
FTSE North America Mid Cap
FTSE North America Small Cap
FTSE North America
FTSE Developed ex North America
FTSE Japan Large Cap
FTSE Japan Mid Cap
FTSE Global wi JAPAN Small Cap
FTSE Japan
FTSE Asia Pacific Large Cap ex Japan
FTSE Asia Pacific Mid Cap ex Japan
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
FTSE Emerging Large Cap
FTSE Emerging Mid Cap
FTSE Emerging Small Cap
FTSE Emerging Europe
FTSE Latin America All Cap
FTSE Middle East and Africa All Cap
FTSE Global wi UNITED KINGDOM All Cap In
FTSE Global wi USA All Cap
FTSE Europe All Cap
FTSE Eurobloc All Cap
FTSE RAFI All World 3000
FTSE RAFI US 1000
FTSE EDHEC-Risk Efficient All-World
FTSE EDHEC-Risk Efficient Developed Europe

No of
stocks
7759
7123
1411
1650
4698
3061
2551
7431
5740
6500
2116
5753
917
217
306
718
322
401
1525
723
1393
174
303
782
477
526
433
1433
959
2006
494
451
1061
99
241
219
328
2019
1400
636
3011
1005
3061
523

US $
indices
423.17
434.74
372.72
568.17
597.63
246.96
437.45
433.79
396.09
432.70
397.91
418.26
367.43
317.74
483.36
691.69
403.95
609.49
617.47
270.95
212.34
291.83
437.86
472.42
121.42
506.91
698.08
469.15
402.18
558.07
528.73
694.77
580.28
280.76
598.54
652.35
319.77
465.48
366.05
340.69
5140.38
8278.89
297.40
264.99

Day
%
-0.7
-0.7
-0.6
-0.8
-0.7
-0.7
-0.6
-0.6
-1.4
-0.3
-0.6
-0.7
-0.6
-0.5
-0.7
-0.8
0.1
-0.1
-0.4
0.1
-1.7
-4.6
-4.0
-3.3
-4.5
-1.7
-1.1
-0.8
-1.7
-0.7
-0.8
-0.5
-0.6
0.7
-0.7
-0.3
-1.1
0.0
-0.5
-0.3
-0.7
0.2
-0.7
-0.8

Mth
%
-6.3
-6.2
-6.4
-6.3
-6.1
-6.4
-6.4
-6.3
-7.0
-5.9
-6.4
-6.4
-6.4
-7.1
-5.8
-4.9
-5.4
-6.4
-7.0
-5.6
-7.6
-11.3
-8.7
-7.0
-10.8
-4.9
-3.7
-2.1
-4.7
-5.4
-6.0
-4.4
-1.4
-5.2
-12.0
-8.0
-6.6
-5.7
-6.6
-7.0
-7.2
-5.2
-5.6
-5.4

YTD
Total
%
retn
-9.9 576.25
-10.2 581.53
-10.6 519.01
-8.0 739.37
-8.4 755.05
-10.1 354.76
-10.0 843.64
-9.9 582.62
-11.4 572.49
-10.6 594.25
-9.2 545.76
-9.0 567.56
-9.7 510.68
-10.1 498.63
-3.4 690.27
0.5 962.14
-9.2 528.71
-10.2 749.21
-10.4 738.46
-9.3 363.52
-9.0 329.25
-4.3 364.43
3.0 528.31
0.8 588.20
-2.9 170.38
-17.7 754.23
-13.4 1002.46
-12.2 664.81
-17.2 636.07
-19.1 793.48
-19.2 756.30
-19.3 983.38
-18.0 795.76
-9.9 410.30
-33.6 876.96
-15.2 966.68
-11.0 501.93
-8.5 593.43
-8.1 557.21
-7.5 524.90
-12.7 6439.85
-10.9 10398.82
-7.0 397.94
-4.9 385.34

YTD Gr Div Sep 30

No of
US $
Day
Mth
YTD
Total
YTD Gr Div
% Yield Sectors
stocks indices
%
%
%
retn
% Yield
-8.2
2.7 Oil & Gas
165 301.22
0.1
0.1 -24.4 456.48 -22.2
4.4
-8.5
2.6 Oil & Gas Producers
117 276.38
0.4
0.4 -23.7 426.24 -21.5
4.5
-8.7
2.9 Oil Equipment & Services
39 302.91
-1.4
-1.4 -26.9 418.67 -25.1
4.4
-6.5
2.2 Basic Materials
264 336.54
-0.6
-0.6 -22.7 491.41 -20.8
3.7
-7.0
2.1 Chemicals
124 543.91
-0.3
-0.3 -12.8 796.42 -11.0
2.8
-8.3
2.7 Forestry & Paper
16 183.91
-1.2
-1.2 -11.7 293.42
-9.6
3.2
-8.2
2.7 Industrial Metals & Mining
67 258.19
-1.5
-1.5 -37.4 378.09 -35.9
3.8
-8.2
2.6 Mining
57 350.35
-0.9
-0.9 -38.5 512.54 -35.9
6.6
-9.3
3.2 Industrials
536 278.01
-0.6
-0.6 -11.7 384.75 -10.1
2.4
-8.8
2.7 Construction & Materials
109 398.57
-1.3
-1.3
-7.6 578.25
-5.9
2.3
-7.5
2.7 Aerospace & Defense
28 468.94
0.2
0.2
-5.7 642.54
-4.2
2.2
-7.3
2.6 General Industrials
56 192.86
0.3
0.3 -11.3 286.42
-9.4
2.9
-7.9
2.8 Electronic & Electrical Equipment
69 284.96
-1.5
-1.5 -12.4 364.64 -10.9
2.1
-7.5
3.7 Industrial Engineering
105 498.84
-0.7
-0.7 -19.3 679.08 -17.8
2.8
-1.3
2.8 Industrial Transportation
96 497.67
0.0
0.0 -16.6 686.39 -15.3
2.4
2.5
2.4 Support Services
73 256.23
-1.8
-1.8
-6.0 341.11
-4.5
2.0
-7.7
2.4 Consumer Goods
426 384.47
-1.0
-1.0
-5.1 544.03
-3.2
2.6
-9.1
1.9 Automobiles & Parts
103 336.99
-1.6
-1.6 -13.5 458.45 -11.8
2.8
-9.3
1.8 Beverages
48 523.33
-0.5
-0.5
-2.7 750.31
-0.8
2.6
-7.9
2.3 Food Producers
106 526.82
-0.7
-0.7
-4.5 768.37
-2.8
2.3
-6.7
3.2 Household Goods & Home Construction
48 373.70
-0.8
-0.8
-5.7 525.53
-4.0
2.5
-2.6
2.1 Leisure Goods
28 119.79
-2.3
-2.3
-4.9 153.05
-4.1
1.5
4.5
1.7 Personal Goods
80 574.03
-1.0
-1.0
-1.6 774.85
0.0
2.1
2.4
1.9 Tobacco
13 1128.78
-1.2
-1.2
5.2 2185.86
8.7
4.2
172 419.21
-0.4
-0.4
-3.5 582.03
-2.0
2.0
-1.2
2.0 Health Care
-15.5
3.5 Health Care Equipment & Services
61 593.38
0.2
0.2
0.5 678.96
1.3
1.1
-11.4
3.0 Pharmaceuticals & Biotechnology
111 318.36
-0.6
-0.6
-4.7 459.10
-3.0
2.3
-10.2
2.9 Consumer Services
389 364.36
-0.8
-0.8
-2.6 471.77
-1.3
1.8
-15.0
3.4 Food & Drug Retailers
55 287.66
-0.5
-0.5
-4.4 387.46
-3.0
1.9
-16.9
3.3 General Retailers
121 492.10
-0.9
-0.9
2.9 622.00
4.2
1.6
-17.0
3.4 Media
91 276.27
-0.4
-0.4
-8.1 358.25
-6.9
1.9
-17.4
3.0 Travel & Leisure
122 348.78
-1.3
-1.3
-3.1 456.09
-1.8
1.8
-15.9
3.1 Telecommunication
91 151.37
-1.4
-1.4
-9.4 263.90
-6.5
4.4
-6.6
4.5 Fixed Line Telecommuniations
44 125.73
-0.7
-0.7
-8.2 239.06
-5.1
4.9
-32.2
3.8 Mobile Telecommunications
47 161.28
-2.3
-2.3 -10.8 255.91
-8.3
3.6
163 231.99
-0.5
-0.5 -13.2 421.63 -10.6
4.1
-13.3
3.0 Utilities
112 254.34
-0.5
-0.5 -10.3 457.87
-7.7
3.9
-8.4
3.9 Electricity
51 244.21
-0.4
-0.4 -17.9 454.17 -15.4
4.6
-7.2
2.2 Gas Water & Multiutilities
670 190.65
-0.6
-0.6 -11.6 294.66
-9.5
3.1
-5.6
3.5 Financials
242 172.25
-0.7
-0.7 -14.3 283.42 -12.1
3.6
-5.2
3.3 Banks
70 198.88
-0.3
-0.3
-7.1 276.29
-5.2
2.5
-10.6
3.4 Nonlife Insurance
49 184.74
-1.2
-1.2 -12.5 279.29 -10.4
3.0
-9.3
2.7 Life Insurance
139 208.62
-0.3
-0.3
-9.9 276.69
-8.6
2.1
-5.3
2.4 Financial Services
185 157.52
-0.8
-0.8
-8.5 187.20
-7.2
1.9
-2.8
2.9 Technology
Software & Computer Services
83 267.61
-0.5
-0.5
-1.4 306.31
-0.6
1.2
Technology Hardware & Equipment
102 119.88
-1.0
-1.0 -14.4 146.38 -12.9
2.6
The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index and RAFI are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
(US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). EDHEC is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the London Stock Exchange
Group companies and is used by FTSE International Limited under licence.

UK COMPANY RESULTS
High
279.60

FTSE 100 SUMMARY

Company
Alecto Minerals
Alpha Returns Group
Ambrian
Andes Energia
Andrews Sykes Group
Ariana Resources
Armstrong Ventures
Ascent Resources
Avingtrans
blur Group
Clear Leisure
Corero Network Security
Crimson Tide
Saga

FTSE 100

Closing Day's
Price Change FTSE 100

Closing Day's
Price Change

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

466.30
9.30 Kingfisher PLC
296.50
3.50 Land Securities Group PLC
1502 47.00 Legal & General Group PLC
550.90
7.80 Lloyds Banking Group PLC
499.70
8.00 London Stock Exchange Group PLC
947.50 28.50 Marks And Spencer Group PLC
930.00 22.00 Meggitt PLC
3340 135.00 Merlin Entertainments PLC
4181.5 52.00 Mondi PLC
452.00 23.60 Morrison (Wm) Supermarkets PLC
912.50 21.00 National Grid PLC
447.70 10.80 Next PLC
244.15
5.15 Old Mutual PLC
644.50
7.00 Pearson PLC
3340
5.00 Persimmon PLC
951.00
1.40 Prudential PLC
1005 26.00 Randgold Resources LD
334.00
7.80 Reckitt Benckiser Group PLC
3643 122.00 RELX PLC
838.50 17.00 Rio Tinto PLC
419.60
6.35 Rolls-Royce Holdings PLC
1770 31.00 Royal Bank Of Scotland Group PLC
1368 52.00 Royal Dutch Shell PLC
1198
8.00 Royal Dutch Shell PLC
3423 111.00 Royal Mail PLC
229.20
6.40 Rsa Insurance Group PLC
1397 30.00 Sabmiller PLC
1053 38.00 Sage Group PLC
1741 41.00 Sainsbury (J) PLC
1770.5 52.50 Schroders PLC
374.90
8.30 Severn Trent PLC
424.40 13.20 Shire PLC
1777 33.00 Sky PLC
1058 27.00 Smith & Nephew PLC
591.50 -5.00 Smiths Group PLC
230.70
3.30 Sports Direct International PLC
268.00 12.50 Sse PLC
1266 28.50 St. James's Place PLC
91.55 11.30 Standard Chartered PLC
623.50 11.00 Standard Life PLC
1207 28.00 Taylor Wimpey PLC
2280 47.00 Tesco PLC
498.70 13.15 Travis Perkins PLC
3413 79.00 Tui AG
982.00
6.50 Unilever PLC
2284 75.00 United Utilities Group PLC
588.00 18.00 Vodafone Group PLC
2431 85.00 Whitbread PLC
329.60
8.20 Wolseley PLC
246.00
2.80 Wpp PLC
2448 38.00

358.60 10.70
1259 25.00
238.10
7.70
75.16
1.80
2419 56.00
501.00 12.60
476.20 12.10
371.60
5.70
1383 52.00
166.10 10.00
918.90 18.00
7610 140.00
189.10
7.00
1127 28.00
2008
9.00
1393.5 63.00
3862 18.00
5987 167.00
1132 37.00
2210 60.50
677.00 26.00
315.00
6.40
1563 20.00
1554 17.00
458.80
7.20
402.70 10.80
3737 37.00
499.40
8.00
261.00 31.70
2805 89.00
2184 48.00
4504 73.00
1044 26.00
1153 31.00
1005 10.50
757.00 16.50
1496 59.00
850.00 20.50
640.80 16.70
387.80 12.30
195.50
2.40
183.20 11.90
1966 39.00
1218 26.00
2686 83.00
925.00 19.50
208.45
4.10
4668 91.00
3858 202.00
1373 48.00

UK STOCK MARKET TRADING DATA

Sep 30
Sep 29
Sep 28
Sep 25
Sep 24
Yr Ago
SEAQ Bargains
4509.00
4514.00
4035.00
4035.00
4035.00
4721.00
Order Book Turnover (m)
35.03
35.18
29.78
29.78
29.78
64.23
Order Book Bargains
907980.00 862823.00 801715.00 801715.00 801715.00 894623.00
Order Book Shares Traded (m)
1621.00
1421.00
1446.00
1446.00
1446.00
1440.00
Total Equity Turnover (m)
2370.49
0.01
0.01
0.01
0.03
Total Mkt Bargains
1051541.00 976258.00
8.00
8.00
8.00
7.00
Total Shares Traded (m)
3940.00
4087.00
0.00
0.00
0.00
0.00
Excluding intra-market and overseas turnover. *UK only total at 6pm. UK plus intra-market turnover. (u) Unavaliable.
(c) Market closed.

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

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

UK RECENT EQUITY ISSUES

Int
Int
Int
Int
Int
Int
Int
Int
Pre
Int
Int
Int
Int
Int

Turnover
0.045
1.728
920.691 1528.402
20.357
32.488
26.759
28.24
60.265
57.819
1.847
1.674
0.048
3.672
4.032
0.614
0.673
440.1
478.3

Pre-tax
0.437L
0.264L
0.123L
0.1
1.165
6.35L
0.161L
0.485
4.148
4.679
0.225L
0.621L
0.086L
0.148L
1.886L
2.684L
2.526
1.871
6.308L
4.739L
0.395L
15.573L
5.211L
5.619L
0.025
0.06
42.2
101.3

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)
0.057L
0.026L
0.021L
0.008
0.008
0.053L
0.005L
0.006L
7.59
8.83
0.04L
0.09L
0.004L
0.004L
0.13L
0.17L
10.6
6.4
0.2L
0.09L
0.002L
0.065L
0.059L
0.047L
0.01
0.01
2.4
7

Div(p)
11.9
2
2.2

11.9
1.8
-

Pay day
Nov 4
Dec 11
Nov 19

Total
23.8
3
6.3

23.8
2.7
-

Issue
date
09/22

Issue
price(p)
184.00

Sector

Stock
code
OTB

Stock
On The Beach Group PLC

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

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

Close
price(p)
218.00

+/2.34

High
223.95

Low
199.00

Mkt
Cap (m)
28434.8

Thursday 1 October 2015

27

FINANCIAL TIMES

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

52 Week
High
Low

Price Day Chg

Yld

P/E MCap m

27.08
22.22
72.72
89.20
29.98
5.61
39.22
29.70
24.84

0.70
0.61
2.57
1.40
0.78
0.12
0.90
0.60
0.61

37.25
34.98
96.69
102.43
39.71
6.74
46.95
40.07
36.00

26.38 10.42 9.33 55200.89

21.61 10.91 24.81 50115.36
70.15 8.57 13.05 86751.57
71.04 1.65 22.23 29124.15
29.15 10.33 11.38 55281.38
5.23 8.05 15.52 48164.56
38.06 8.87 17.25 30950.76
29.10 9.72 11.47 66406.41
24.11 7.21 13.84 22094.76

94.92
56.37

1.37
0.99

119.65
66.00

78.75
36.53

19.42
23.62
36.66
24.52
8.54
16.58

0.06
0.22
0.28
0.14
0.69
0.10

20.29
33.23
46.27
32.66
21.15
28.74

54.62
72.78
58.83
41.99
191.54
95.88
25.99
75.78
49.55
31.97
42.28
20.64
27.43
73.79
35.69
53.64
52.60
42.20
238.20

0.22
2.05
0.82
1.87
6.04
2.23
-0.24
1.36
1.02
0.31
0.40
0.33
0.18
1.79
0.19
0.95
1.17
0.82
26.14

60.20
84.39
71.17
48.64
247.56
107.32
44.26
88.89
66.14
37.70
55.76
24.20
47.10
83.87
42.47
54.47
57.89
59.50
347.84

46.43
64.01
52.60
32.21
172.01
83.10
25.01
68.81
47.43
29.30
40.55
18.91
26.48
68.05
30.89
39.45
47.75
41.10
125.50

2.93
3.33
5.37
1.79
9.53
3.37
11.38
7.03
5.15
4.49
26.80
18.70
91.80
28.65
7.14
16.03
6.01
11.84
10.01
5.78
9.81
9.07
9.80
8.83
0.23
11.16
3.55
4.46
14.56
190.31
1.96
33.30
5.37
38.35
10.49
7.37
16.80
0.20
16.63
4.71
9.61

0.03
0.03
0.06
0.02
0.12
0.03
0.34
0.11
0.05
0.04
0.25
0.74
-0.25
0.35
0.08
-0.10
0.36
0.26
0.01
0.26
0.13
0.46
0.01
0.00
0.16
0.02
0.06
0.37
0.14
-0.01
0.70
0.18
0.30
0.11
0.01
0.64
0.00
0.66
0.23
-0.15

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

2.87 7.59 4.42 11621.12

3.25 6.98 4.77 35929.98
5.17 6.15 5.01 24259.72
1.12 2.15 25.16
45.95
5.45 2.51 8.54 5444.36
3.22 12.89 4.44
2986.8
6.92 2.99 10.17 3048.79
4.03 2.49 11.59 3816.48
5.02 7.14 4.65 159759.71
4.36 4.24 8621.98
21.00 1.80 13.89 25731.88
13.12 4.38 6.70 11077.34
85.00 3.33 14.13 242528.38
24.80 2.10 13.91 10259.59
6.70 3.17 4.67 6387.77
11.07 2.57 9.63 12111.45
3.36 1.11 32.42 20039.26
11.30 7.52 7.24 5192.12
5.70 - 155.62 28276.8
3.18 2.94 7.48 27185.43
9.45 2.49 16.00 30312.22
4.07 26.19 22207.98
6.81 21.04 5527.26
7.33 5.37 9.32 20649.97
0.13 -2.52
331.25
10.00 2.74 6.07 4909.75
2.52 0.35-265.22 8790.82
4.30 7.01 4.75 49948.24
9.99 6.99 5.71 37056.99
145.50 14.43 37606.31
1.65 4.91 12.80
54.38
26.30 0.77 9.19
4443.3
5.10 5.93 12.67 14619.43
28.53 0.39 5.59 36853.29
8.32 1.64 6.84 19478.11
3.21 1.34 14.84 3825.79
14.00 7.05 6.57 29137.38
0.17 -2.62
63.07
9.40 4.49 6.51 39037.54
4.46 5.15 11.82 15505.54
3.97 - 279.55
680.27

201.50
2.50
10270 220.00
358.20
0.90

218.00
16450
415.00

139.20
9815
244.50

Stock

14.99 10.55 19.66 76654.97

22.84 5.11 6.39 14973.95
30.18 3.28 14.41 17369.77
23.81 2.31 5.06 18763.03
7.66 -3.75 15961.68
14.77 14.21 -8.34 13395.7
34587.46
34868.32
52985.88
30747.02
22174.57
28413.08
21214.01
44976.68
31662.66
23782.62
26729.68
30347.37
17082.6
79432.12
38507.55
31079.52
72736.55
22314.69
60618.85

2.62 32.74 30409.89

2.73 8.17 16354.68
1.34 31.06 110546.58

FT 500: TOP 20
Day
change change %
32.50
1.52
0.66
4.13
11.90
6.95
18.00
2.00
6.25
4.20
3.30
2.76
135.00
4.21
1.99
4.19
9000.00
4.04
37.00
3.38
229.00
4.39
4.91
4.99
1340.00
2.84
0.90
3.08
37.00
1.00
0.00
0.00
2.58
2.42
7.85
4.93
2.95
3.72
0.00
0.00

Week
change change %
1931.50
815.0
1.58
10.5
14.65
8.7
56.90
6.6
9.60
6.6
7.54
6.5
200.00
6.4
2.94
6.3
13500.00
6.2
62.00
5.8
286.00
5.5
5.19
5.3
2330.00
5.0
1.40
4.9
169.50
4.8
1.10
4.7
4.49
4.3
6.80
4.2
3.30
4.2
1.42
4.2

Month
change %
-15.90
16.78
-4.26
6.84
1.47
9.31
4.31
3.19
14.89
8.33
1.34
-12.22
-4.68
6.05
22.36
6.31
4.81
-0.03
-1.62
-3.04

INTEREST RATES: OFFICIAL

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

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

Over
night
0.13350
-0.18000
0.48125

P/E MCap m

2.18
2.31
4.22
2.75
1.95
3.28
2.56
8.35
0.90
0.90
5.77
0.87
1.67
2.18
4.27
1.75
2.85
1.71
3.23
1.54
3.69
2.90
6.14
4.05
3.29
9.10

15.81 46522.34
20.76 40574.59
10.78 59046.56
9.78 72974.5
12.20 33886.44
8.51 30205.97
38.74 41247.9
7.52 32731.72
39.55 26272.93
39.55 26272.93
46.56 46717.29
38.22 38298.46
30.74 96872.04
12.89 86315.97
-50.76 20193.74
37.01 39976.02
28.95 26718.15
7.19 21126.32
-21.25 31328.66
24.11 124371.66
27.01 24796.55
17.99 32801.86
10.15 35857.27
31.33 108339.61
13.66 25464.98
12.16 37959.92
86.53 32258.35

115.05
63.00
96.83
72.05
136.85
55.10
22.66
10.07
21.55
7.08
50.75
36.00
66.70
140.05
141.10
50.08
77.95
102.00

4.70
3.88
1.89
3.52
1.64
3.63
3.00
3.03
1.75
1.06
0.71
1.57
2.09
4.27
1.82
4.05
4.40

9.94 71544.94
13.14 70044.95
28.12 105646.17
10.09 53233.83
15.70 42440.94
8.95 77443.97
21.07 37058.37
39.39 81683.17
16.88 33495.18
-5.93 17147.41
23.29 24246.31
28.99 36497.29
20.62 22892.29
26.58 30051.6
9.62 32190.5
23.50 79467.58
11.63
78614
4.97 34569.77

38.85
22.30
20.10
50.10
11.64
12.82
97.50
7.41
123.60
162.00
29.95
22.85
93.25
104.50

1.08
4.74
2.26
1.47
2.50
3.51
6.89
3.87
2.17
3.01
8.22
3.24
0.27

18.60 62259.1
9.65 31035.97
6.70 29772.45
12.33 28063.42
6.91 52925.08
6.40 4056.86
4.10 49901.6
7.13 45684.17
10.35 34338.93
31.45 27570.04
12.81 25358.13
13.18 24259.3
9.47 37304.13
38.68 156842.73

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

1.01
0.74
1.77
0.16
3.64
3.18
1.95
1.04
4.32
1.15
1.47
0.17
1.50

24.17
27.50
37.76
21.31
12.05
20.93
25.60
26.70
10.00
10.74
10.37
30.08
25.57

11000

1.28 16.65 20657.94

187.00

2.22 20.18 55251.71

3.20 81.25
7.66-666.68
3.53 13.01
1.56 28.26
1.12 41.05
2.07 15.42

20574.66
41003.11
26858.62
29148.61
23919.71
40459.55
40205.84
20788.89
29893.4
42542.61
27335.91
31836.53
77228.61

41859.89
56995.84
28431.28
55857.72
33455.95
37100.87

52 Week
High
Low

Price Day Chg

Japan ()
AstellasPh
1545
Bridgestne
4126
Canon
3454
CntJpRwy
19225
Denso
5036
EastJpRwy
10055
Fanuc
18315
FastRetail
48490
Fuji Hvy Ind
4283
Hitachi
600.90
HondaMtr
3539
JapanTob
3695
KDDI
2667
Keyence
53200
MitsbCp
1953.5
MitsubEst
2435.5
MitsubishiEle
1090
MitsuiFud
3263
MitUFJFin
716.40
Mizuho Fin
222.90
Murata Mfg
15370
NipponTT
4178
Nissan Mt
1094
Nomura
688.10
Nppn Stl
2168.5
NTTDCMo
1993
Panasonic
1203.5
Seven & I
5444
ShnEtsuCh
6115
Softbank
5477
Sony
2898.5
SumitomoF
4512
Takeda Ph
5237
TokioMarine
4442
Toyota
6971
Mexico (Mex$)
AmerMvl
14.02
FEMSA UBD 151.27
WalMrtMex
41.51
Netherlands ()
Altice
18.73
ASML Hld
78.16
Heineken
72.24
ING
12.65
Unilever
35.89
Norway (Kr)
DNB
110.70
Statoil
124.10
Telenor
158.90
Qatar (QR)
QatarNtBk
187.50
Russia (RUB)
Gzprm neft
134.55
Lukoil
2242.9
MmcNrlskNckl
9500
Novatek
597.00
Rosneft
242.95
Sberbank
75.30
Surgutneftegas
33.50
Saudi Arabia (SR)
AlRajhiBnk
54.99
Natnlcombnk
53.95
SaudiBasic
78.68
SaudiTelec
61.25
Singapore (S$)
DBS
16.21
JardnMt US$
47.25
JardnStr US$
26.84
OCBC
8.79
SingTel
3.60
UOB
18.55
South Africa (R)
Firstrand
49.15
MTN Grp
178.00
Naspers N
1730.66
South Korea (KRW)
HyundMobis 231500
KoreaElePwr
49000
SK Hynix
33550
SmsungEl
1134000
Spain ()
BBVA
7.58
BcoSantdr
4.74
CaixaBnk
3.45
Iberdrola
5.95
Inditex
29.93
Repsol
10.41
Telefonica
10.83

2.27 15.24 24906.95

4.33 14.97 26996.25

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

3.36
12.98
14.40
2.00
34.74
4.82

Stock

Yld

P/E MCap m

27.00
117.00
49.00
230.00
70.00
59.00
350.00
1340
212.00
8.90
62.00
-266.00
147.00
2250
56.00
35.50
27.00
53.00
16.90
5.00
195.00
172.00
58.00
13.80
32.50
32.00
24.00
229.00
309.00
76.00
145.00
82.00
123.00
202.00
252.00

2047
5182
4539
24800
6548
12815
28575
61970
4827.5
939.90
4499
4848
3375
70100
2837
2975
1718
3879
936.80
280.40
22220
5066
1350
909.20
3505
2873.5
1853.5
5998
8529
8400
3970
5770
6657
5504
8783

1482
3328
3172
13320
4500.5
7623
17635
36120
3050
585.70
3239
3101
2041
42660
1887.5
2151.5
1063
2854.5
546.20
178.10
10800
3001.5
917.40
576.20
2122.5
1612.5
1130
3794.5
5801
5370
1782
3823
4337.5
3102
5710

1.83
2.74
4.37
0.59
2.06
1.13
3.28
0.64
1.50
1.73
2.34
2.76
2.00
0.38
2.90
0.54
2.52
0.72
2.37
3.43
1.19
2.03
2.84
1.78
2.39
3.07
1.13
1.28
1.54
0.69
0.81
2.93
3.24
2.02
2.70

-0.04
1.42
1.08

17.37
155.65
41.90

13.48
116.20
28.26

1.78 25.61
35169
0.76 28.76 31939.96
1.33 31.77 42822.63

-0.20
2.72
2.72
0.23
1.08

143.20
104.85
77.77
16.00
42.75

17.43
68.29
54.03
9.68
28.75

3.00
3.80
0.30

143.00
176.50
186.10

100.90
113.90
128.90

3.58 7.80 21138.11

6.06 -9.64 46390.51
2.50 21.80 27969.72

4.90

237.00

159.90

3.85 12.41 36023.47

1.35
-18.10
175.00
10.80
3.25
-0.20
0.20

166.94
3297.7
12247
646.30
294.20
80.98
39.80

113.73 6.07 7.10 48551.53

1913 3.04 11.87 29078.61
6766 14.14 11.78 22914.59
392.60 9.88 29.89 27629.75
183.95 6.09 7.03 39246.85
47.21 5.27 24776.64
21.82 2.03 1.28 18242.41

0.09
1.45
1.33
-

72.50
72.75
131.50
76.50

48.40
48.80
70.25
52.75

3.40
6.53
5.90

-0.16
0.25
-0.19
0.05
0.05
-

21.50
67.88
37.03
10.92
4.57
25.05

16.08
45.02
26.11
8.62
3.43
18.20

3.64 17.80 28535.72

2.96 11.41 33012.24
0.97 9.88 30063.55
4.17 8.45 25037.36
4.75 14.54 40366.27
3.84 9.28 20903.21

0.41 58.47 40.27

1.57 250.00 161.10
50.66 2029.97 1130.01

4.11 11.73 19939.71

7.67 9.73 23757.7
0.29 42.94 52524.8

9000 271500 185500

-50.00 53100 38750
-800.00 51700 30300
22000 1510000 1033000

1.33 11.35 19012.15

1.04 6.76 26538.63
0.92 5.11 20606.14
1.85 8.49 123715.98

0.08
0.08
0.04
0.08
1.00
0.18
0.14

9.77
7.68
4.88
6.49
32.54
18.86
14.31

24.95 28662.1
11.31 28012.03
17.60 38465.48
14.43 33067.67
15.83 37174.21
21.68 32952.76
17.83 31493.61
43.15 42946.7
12.07 27996.61
11.04 24251.08
12.53 53526.86
16.06 61704.18
46.17 59922.4
26.15 27008.41
9.20 25935.92
50.40 28274.64
9.78 19542.02
28.50 27011.39
6.87 84753.97
6.96 46196.05
19.04 28909.13
16.84 79307.32
9.77 41294.74
9.93 21962.23
8.80 17206.79
18.98
67991
52.56 24650.37
28.59 40293.82
20.72 22062.64
8.41 54907.66
-50.08 30547.42
10.06 53272.82
-28.24 34550.75
14.43 28096.05
10.45 198946.77

- -108.88
0.86 26.19
1.30 26.06
27.94
3.10 22.04

13.94
12.91
10.00
11.75

15665.33
37806.43
46447.47
54638.32
68695.52

23827.41
28694.22
62939.79
32664.48

7.21 1.01 11.86 53349.5

4.55 12.12 10.28 75813.3
3.32 1.12 22.62 22181.78
5.11 2.51 15.81 42066.11
19.29 1.29 35.41 104124.97
9.90 14.73 15974.11
10.53 3.55 17.35 58804.73

Last
0.13
3.25
0.75
0.15
0.50
0.03
0.00-0.75

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

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

Day
-0.001
0.000
0.000

Change
Week
-0.002
0.000
0.000

Month
-0.001
-0.001
0.000
0.000
0.015
-0.002
0.000
0.000
0.000

One
month
0.19300
-0.11929
0.50819
-0.79600
0.04657
-0.11300
0.51000
0.18000
-0.13500

Three
month
0.32550
-0.04071
0.58313
-0.73300
0.07714
-0.04100
0.60000
0.30000
-0.06500

Six
month
0.53460
0.01986
0.75125
-0.67300
0.12514
0.02900
0.78500
0.48000
-0.00500

One
year
0.85235
0.12643
1.04088
-0.56000
0.24186
0.14300

Short
7 Days
One
Three
Six
One
Sep 30
term
notice
month
month
month
year
Euro
-0.25 -0.15 -0.20 -0.10 -0.21 -0.06 -0.15 0.00 -0.08 0.07 0.07 0.22
Sterling
0.40 0.55 0.40 0.55 0.46 0.56 0.55 0.65 0.71 0.86 1.03 1.18
Swiss Franc
Canadian Dollar
US Dollar
0.12 0.22 0.12 0.22 0.15 0.25 0.25 0.35 0.50 0.60 0.80 0.90
Japanese Yen
-0.15 0.00 -0.15 0.00 -0.20 0.00 -0.20 0.00 -0.15 0.05 -0.05 0.15
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs:
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA.

COMMODITIES
Energy
Price*
Crude Oil
Oct
45.34
Brent Crude Oil
48.55
RBOB Gasoline
Oct
1.37
Heating Oil
Oct
1.53
Natural Gas
Oct
2.53
Ethanol
Uranium
Oct
36.75
Carbon Emissions
Diesel
Dec
121.25
Unleaded
Nov
Base Metals ( LME 3 Months)
Aluminium
1573.00
Aluminium Alloy
1700.00
Copper
5157.50
Lead
1673.50
Nickel
10330.00
Tin
15500.00
Zinc
1687.50
Precious Metals (PM London Fix)
Gold
1114.00
Silver (US cents)
1465.00
Platinum
908.00
Palladium
661.00
Bulk Commodities
Iron Ore (Platts)
55.65
Iron Ore (The Steel Index)
54.40
GlobalCOAL RB Index
49.50
Baltic Dry Index
900.00

www.ft.com/commodities

Change
0.14
0.59
0.01
0.00
-0.06
0.00
0.00
6.00
0.00
176.00
8.50
450.00
100.00
23.00
-18.10
9.00
-3.00
11.00
-0.20
-0.30
-0.55
-26.00

Agricultural & Cattle Futures

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

S&P GSCI Spt

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

Dec
Nov
Oct
Oct
Oct
Oct

Price*
388.75
513.00
892.75
308.20
2140.00
3117.00
1557.00
121.25
370.00
12.83
60.31
105.20
534.00
124.68
177.83
73.30

Change
-0.75
9.25
8.50
2.40
-39.00
-68.00
-19.00
0.55
8.40
0.44
0.00
-1.35
-14.25
-4.50
-2.95
-0.08

Sep 29
359.34
87.82
194.29
2283.42
265.39
13.44
7.96
0.50
1455.00

% Chg
Month
-0.82
0.17
-1.69
5.46
-1.47
0.00
0.00
-35.30

% Chg
Year
-31.54
-34.59
-30.72
38.68
316.67
-37.71

Dec
Dec
Nov
Oct
Dec
Dec
Nov
Dec

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

Stock

Price Day Chg

52 Week
High
Low

Yld

P/E MCap m

Sweden (SKr)
AtlasCpcoB
187.00
5.10 270.00 165.20 1.56 17.88 8700.43
Ericsson
82.20
2.95 120.00 77.45 4.03 26.90 32391.71
H&M
305.70
6.60 368.50 269.60 3.11 24.06 60325.8
Investor
287.10
3.10 363.40 219.30 3.05 4.29 26261.43
Nordea Bk
93.20
1.25 115.50 82.40 5.99 10.81 44800.63
SEB
89.35
1.70 111.50 82.30 5.18 10.23 23117.93
SvnskaHn
119.90
0.90 426.00 114.10 3.38 15.88 26758.85
Swedbank
184.90
0.90 223.90 166.20 5.98 12.95 24369.6
TeliaSonera
45.04
0.55 55.85 43.69 6.48 14.32 23253.33
Volvo
80.10
1.35 120.50 71.00 3.65 21.05 15498.33
Switzerland (SFr)
ABB
17.22
0.30 22.31 16.49 16.33 40794.06
CredSuisse
23.42
0.20 28.94 18.57 3.01 10.23 39270.52
Nestle
73.25
2.05 77.00 64.15 2.80 16.95 239023.95
Novartis
89.40
2.05 103.20 78.60 2.87 23.64 244932.12
Richemont
75.70
2.00 92.25 66.40 1.64 29.97 40441.51
Roche
257.00
5.60 295.80 238.80 3.13 24.59 184790.31
Swiss Re
83.60
1.30 96.95 69.25 5.09 36.21 31717.43
Swisscom
486.20
7.20 587.50 474.80 4.56 14.90 25776.38
Syngent
312.10
7.20 435.20 273.20 3.44 18.69 29688.2
UBS
18.01
0.25 22.57 13.58 4.19 14.09 70945.87
Zurich Fin
239.20
5.30 334.60 232.60 9.97 36819.04
Taiwan (NT$)
Chunghwa Telecom
98.80
0.80 99.80 90.00 4.71 19.82 23276.45
HonHaiPrc
85.60
1.30 99.70 77.90 1.84 8.89 41576.95
TaiwanSem
130.00
3.00 155.00 112.50 5.93 10.75 102374.96
Thailand (THB)
PTT Explor
240.00 -3.00 398.00 240.00 3.77 15.17 18887.22
United Arab Emirates (Dhs)
Emirtestele
14.20
0.05 15.85
9.41 4.53 15.38 33623.31
United Kingdom (p)
AscBrFd
3340 135.00
3344
2407 1.02 46.80 40053.2
AstraZen
4181.5 52.00 4931.68
3746 4.27 70.50 80047.97
Aviva
452.00 23.60 578.68 428.40 4.00 11.83 27700.53
Barclays
244.15
5.15 289.90 204.05 2.66 113.19 62066.5
BG
951.00
1.40
1420 780.55 1.92 -47.96 49233.13
BP
334.00
7.80 499.25 252.55 7.73 -15.17 92637.52
BrAmTob
3643 122.00
3894 3231.5 4.07 16.91 102871.71
BSkyB
850.50 -12.00 954.00 782.50 3.80 10.88 23005.52
BT
419.60
6.35 481.75 351.90 2.72 15.81 53211.18
Compass
1053 38.00 1223.36 924.41 2.57 20.44 26282.09
Diageo
1770.5 52.50
2055 1592.5 3.02 18.72 67432.1
GlaxoSmh
1266 28.50
1645 1227.5 6.32 6.37 93326.88
Glencore
91.55 11.30 345.70 66.67 12.50-212.91 19962.05
HSBC
498.70 13.15 674.57 478.35 6.51 11.25 147782.35
ImpTob
3413 79.00
3538 2482.72 3.75 17.09 49480.45
LlydsBkg
75.16
1.80 89.35 70.90 1.00 40.85 81350.41
Natl Grid
918.90 18.00 965.00 806.40 4.60 17.22 52105.99
Prudential
1393.5 63.00 1761.5 1045.99 2.65 14.18 54270.71
RBS
315.00
6.40 414.00 300.30 - -21.96 30889.79
ReckittB
5987 167.00
6300
4895 2.32 25.44 64475.55
RELX
1132 37.00
1199 921.50 2.20 106.52 35292.89
RioTinto
2210 60.50
3280 2090.5 6.17 21.99 46507.24
RollsRoyce
677.00 26.00
1061 636.00 3.41 -49.79 18855.36
RylDShlA
1554 17.00 2376.5 1497.5 7.81 11.52 92789.47
SABMill
3737 37.00 3884.5
2773 1.89 27.26 91646.04
Shire
4504 73.00
5870 3448.28 0.31 13.64 40390.89
StandCh
640.80 16.70
1166 612.60 8.62 14.26 24722.1
Tesco
183.20 11.90 252.52 155.40 6.16 -2.61 22580.27
Vodafone
208.45
4.10 258.00 179.10 5.31 9.73 83824.25
WPP
1373 48.00
1616
1091 2.78 14.19 26878.49
United States of America ($)
3M
141.77
0.22 170.50 130.60 2.55 19.22 88570.16
AbbottLb
40.22
0.72 51.74 39.00 2.20 26.53 59945.56
Abbvie
54.41
1.62 71.60 51.88 3.26 43.82 90063.59
Accenture
98.26
1.66 105.37 73.98 78370.3
Ace
103.40
1.81 117.89 96.00 3.05 12.07 33481.44
Actavis
298.98 -2.94 317.72 201.91 - -34.92 117333.1
Adobe
82.22
2.39 87.25 58.51 85.57 41011.28
AEP
56.86
0.73 65.38 51.96 3.54 16.59 27893.22
Aetna
109.41
3.10 134.40 71.81 0.84 17.22 38149.97
Aflac
58.13
0.41 65.10 51.41 2.55 10.14 25036.25
AirProd
127.58
1.76 158.20 118.20 2.39 27.74 27427.46
Alexion
156.39
8.64 208.88 142.02 55.46 35368.32
Allstate
58.24 -0.12 72.87 54.12 1.92 10.17 23318.71
Altria
54.40
0.17 56.70 44.59 3.68 21.85 106661.81
Amazon
511.89 15.82 580.57 284.00 - -1314.56 239416.18
AmerAir
38.83 -0.35 56.20 28.10 0.99 6.96 26086.79
AmerExpr
74.13
1.03 94.89 71.71 1.73 13.41 74225.13
AmerIntGrp
56.82
1.10 64.93 48.56 0.85 11.59 73518.65
AmerTower
87.98
0.97 105.20 86.83 1.75 54.91 37240.09
Amgen
138.32
4.50 181.81 127.67 1.95 19.03 104881.19
Anadarko
60.39
1.35 104.05 58.10 1.72 -12.64 30678.86
Aon Cp
88.61
0.21 107.08 78.26 1.14 21.00 24814.6
Apple
110.30
1.24 134.54 92.00 1.69 13.24 629010.24
ArcherDan
41.45
0.43 53.91 40.66 2.42 11.87 25240.54
AT&T
32.58
0.51 36.45 30.97 5.53 33.49 200399.58
AutomData
80.36
1.27 90.23 64.29 2.34 28.87 37389.37
Avago Tech
125.01
5.34 150.50 68.75 1.13 34.14 34502.61

Stock

52 Week
High
Low

Yld

P/E MCap m

1.57 70.45 44.11

0.23 18.48 14.60
0.16 43.44 32.22
0.43 41.90 34.50
1.77 154.98 112.98
1619 229374 190007
13.58 480.18 265.00
0.71 45.45 35.06
3.95 382.84 275.00
2.20 158.83 115.14
0.62 70.54 47.55
0.91 57.70 34.50
0.97 92.10 67.73
0.10 91.91 71.72
1.47 54.05 33.11
1.05 107.12 62.99
0.93 63.95 38.51
2.83 140.72 83.16
0.98 35.72 23.35
2.63 120.51 69.58
2.52 170.68 85.75
0.61 30.31 22.49
0.61 60.95 46.60
2.35 100.87 75.94
0.46 44.87 36.56
2.03 69.35 42.94
0.39 71.56 50.84
1.74 64.99 49.33
1.39 77.64 41.10
0.42 25.16 15.42
0.85 156.85 117.03
1.34 89.44 74.45
0.96 37.99 24.47
1.36 113.65 77.40
2.14 92.92 70.12
0.38 98.23 73.37
3.10 90.57 58.23
0.83 51.06 30.12
1.36 95.51 82.04
0.89 66.75 50.36
2.78 122.08 78.54
1.09 80.89 65.53
1.84 53.80 35.11
1.21 89.97 67.27
0.70 76.61 47.11
0.64 73.82 49.21
0.36 29.35 19.50
1.36 118.27 97.78
1.03 30.92 22.66
0.71 65.94 42.80
2.67 103.04 68.15
1.57 82.53 60.92
0.55 38.93 28.41
0.16 94.61 68.06
1.38 97.20 66.55
3.23 99.24 70.32
2.05 185.19 130.01
0.42 16.74 10.44
0.90 59.43 36.15
2.36 153.76 114.73
0.65 28.68 19.37
0.57 59.87 47.43
0.87 39.00 24.62
2.19 123.37 85.95
1.90 218.77 167.49
15.76 713.33 490.91
0.67 66.25 30.93
3.28 95.49 43.91
0.96 41.10 24.30
1.04 31.60 20.72
2.58 123.80 86.35
2.17 107.41 82.89
3.24 219.79 121.04
2.50 190.89 140.62
0.97 100.14 78.79
6.00 242.37 145.12
7.20 246.39 193.42
0.90 37.90 24.87
1.92 109.21 77.96
0.31 109.49 81.79
1.56 54.52 38.48
1.13 70.61 50.07
1.30 119.01 99.57
1.52 44.71 25.81
-0.11 91.32 53.33
0.46 39.43 25.42
0.74 95.78 64.47
0.16 65.83 37.40
0.45 58.66 39.95
3.41 92.85 60.58
4.84 213.34 166.28
2.15 76.25 49.85

1.26
1.24
6.10
2.68
1.70
1.67
2.66
2.41
2.39
0.97
1.73
1.77
2.00
4.13
1.45
0.81
5.23
0.03
2.96
0.16
2.01
3.05
2.22
1.61
5.86
2.48
1.01
3.43
2.36
1.25
0.53
3.15
1.27
0.77
1.85
1.71
3.41
3.70
4.26
3.80
3.91
1.11
1.83
4.01
0.83
2.70
4.02
3.63
0.58
3.90
1.47
1.83
3.48
2.98
4.04
0.42
1.33
1.88
2.49
1.78
2.04
0.61
3.06
2.27
0.84
2.97
1.09
2.94
2.33
2.59
3.04
6.26
2.45
0.97
1.81
5.83
2.28
2.71
1.37

90.67 22683.32
17.25 162630.58
10.80 17920.96
13.36 26111.91
34.23 27892.35
18.55 158487.05
20.50 68624.73
16.20 43320.17
15.58 48676.93
18.47 88979.89
57.50 98716.16
30.15 31313.32
10.64 39336.95
22.09 25261.51
27.29 29456.6
11.61 39388.06
17.81 17731.89
42.51 85512.73
31.05 37574.22
12.64 148431.23
17.37 34767.03
15.50 132858.95
12.35 149318.42
27.22 31323.5
24.43 174522.15
26.20 38162.63
26.45 57122.35
17.45 121219.12
36.94 59156.67
8.85 20988.01
27.94 63536.73
54.03 26323.81
13.92 26576.7
24.08 107525.63
24.36 58240.02
11.70 24284.3
17.58 21621.87
20.57 35689.52
16.82 47176.52
11.16 22631.6
22.05 172499.08
24.98 41828.38
12.95 49103.52
22.23 49518.49
14.94 43613.19
11.52 23982.75
10.60 29773.49
28.03 32377.52
20.38 46501.39
12.74 29025.88
29.89 39979.68
32.83 27349.86
11.40 25590.05
27.64 54707.18
13.73 309998.51
95.38 203150.31
38.46 40656.99
15.26 52882.1
10.38 22870.86
16.56 44520.21
50.87 254631.94
26.92 33548.2
11.50 47493.54
10.77 144104.18
10.68 75215.66
32.95 185054.7
21.50 30215.38
16.45 32119.25
10.75 46052.54
36.09 22652.13
23.21 148301.09
17.62 74025.08
21.99 26530.45
10.02 142002.44
17.19 30132.75
55.80 25441.15
25.02 25963.71
13.27 143285.56
63.06 24465.61
17.07 258496.07
15.80 27052.31
11.42 225471.17
64.01 39720.55
40.32 60672.82
45.49 52233.16
18.96 35111.78
24.10 26171.83
13.30 30279.22
-27.62 10842.69
45.11 92773.76
19.12 64376.91
23.99 64280.7

Price Day Chg

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

52.04
15.58
32.85
35.60
132.66
195240
291.81
39.15
297.47
130.95
59.20
51.43
72.52
76.82
49.70
65.36
39.90
108.17
28.56
78.88
135.02
26.25
49.61
92.74
40.12
62.61
63.46
56.88
47.96
17.12
144.57
78.87
26.90
96.48
85.21
74.00
76.04
44.87
93.55
51.99
102.20
70.38
42.40
71.94
48.20
51.30
24.44
109.72
24.16
44.17
72.80
75.12
29.70
80.96
74.35
89.90
143.98
13.57
37.26
137.95
25.22
56.13
30.02
98.19
173.76
638.37
35.35
77.36
25.61
22.94
115.49
94.69
179.00
144.97
82.31
175.82
234.99
30.14
88.75
93.35
41.36
60.97
109.04
27.68
88.19
36.07
90.13
37.97
42.94
83.69
207.31
68.92

BONDS: HIGH YIELD & EMERGING MARKET

Close
Prev
price
price
DirectTV
93.55
92.19
Firstrand
49.15
48.74
MTN Grp
178.00
176.43
Naspers N
1730.66
1680.00
ValeantPh
212.06
212.06
Glencore
91.55
80.25
SandsCh
23.30
24.25
Regen Pharm
465.14
451.82
Williams Cos
36.85
34.93
Volkswgn
103.30
103.30
Vale
16.48
16.48
Softbank
5477.00
5401.00
Altice
18.73
18.93
MylanNV
40.26
39.80
LibertyGbl
42.94
42.49
Denso
5036.00
4966.00
Sinopec Oil
9.61
9.76
NTTDCMo
1993.00
1961.00
Fanuc
18315.00 17965.00
Panasonic
1203.50
1179.50
Based on the FT Global 500 companies in local currency

Day
Week
change change %
change change %
1.36
1.48
0.41
0.84
-5079.85
-99.0
1.57
0.89 -17587.00
-99.0
50.66
3.02 -169950.34
-99.0
0.00
0.00
-77.70
-26.8
11.30
14.08
-17.55
-16.1
-0.95
-3.92
-3.85
-14.2
13.32
2.95
-71.36
-13.3
1.92
5.50
-5.62
-13.2
0.00
0.00
-15.60
-13.1
0.00
0.00
-2.42
-12.8
76.00
1.41
-793.00
-12.6
-0.20
-1.06
-2.68
-12.5
0.46
1.16
-5.15
-11.3
0.45
1.06
-5.41
-11.2
70.00
1.41
-599.00
-10.6
-0.15
-1.54
-1.08
-10.1
32.00
1.63
-207.00
-9.4
350.00
1.95
-1885.00
-9.3
24.00
2.03
-123.00
-9.3

Month
change %
0.42
-7.07
0.10
0.14
-23.67
-38.27
-14.81
-13.33
-24.67
-11.73
-4.22
-23.12
-17.14
-20.07
-12.94
-8.35
31.82
-20.68
-10.08
-9.82

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

INTEREST RATES: MARKET

Sep 30 (Libor: Sep 29)
US$ Libor
Euro Libor
Libor
Swiss Fr Libor
Yen Libor
Euro Euribor
Sterling CDs
US$ CDs
Euro CDs

5.65
34.77

Yld

FT 500: BOTTOM 20

Close
Prev
price
price
Nppn Stl
2168.50
2136.00
ShgPdgBk
16.63
15.97
Tesco
183.20
171.30
Natl Grid
918.90
900.90
LOreal
155.05
148.80
Nike
122.97
119.67
AscBrFd
3340.00
3205.00
TexasInstr
49.52
47.53
HyundMobis
231500.00 222500.00
RELX
1132.00
1095.00
Seven & I
5444.00
5215.00
Netflix
103.26
98.35
FastRetail
48490.00 47150.00
Intel
30.14
29.24
SABMill
3737.00
3700.00
DeutsPost
24.41
24.41
Raytheon
109.26
106.68
ChristianDior
167.05
159.20
Ericsson
82.20
79.25
Suncor En
35.50
35.50
Based on the FT Global 500 companies in local currency

Sep 30
US
US
US
Euro
UK
Japan
Switzerland

52 Week
High
Low

Finland ()
Nokia
6.19 -0.11
7.87
SampoA
43.28
0.89 49.40
France ()
Airbus Grpe
52.91
0.65 67.88
AirLiquide
105.65
2.65 123.95
AXA
21.64
0.56 25.24
BNP Parib
52.46
1.56 61.00
ChristianDior 167.05
7.85 195.35
Cred Agr
10.26
0.15 14.49
Danone
56.42
2.24 67.74
EDF
15.77
0.29 26.12
Essilor Intl
108.90
3.40 121.10
Esslr Intl
108.90
3.40 121.10
GDF Suez
17.56
0.67 20.57
Hermes Intl
325.00 13.90 365.55
LOreal
155.05
6.25 181.30
LVMH
152.20
6.65 176.60
Nmrcble-SFR
41.28
0.21 60.01
Orange
13.52
0.10 16.45
PernodRic
90.18
1.89 117.75
Renault
64.00
1.28 100.25
Safran
67.30
0.51 71.35
Sanofi
84.89
1.80 101.10
Sant Gbn
38.71
0.71 44.84
Schneider
50.01
1.05 75.29
SocGen
39.85
1.12 48.77
Total
40.20
1.02 51.74
UnibailR
231.30
3.35 262.00
Vinci
56.71
0.53 60.35
Vivendi
21.13
0.68 24.83
Germany ()
Allianz
140.25
2.95 170.15
BASF
68.32
1.66 97.22
Bayer
114.45
1.90 146.45
BMW
79.22
2.85 123.75
Continental
190.10
7.10 234.25
Daimler
64.85
1.59 96.07
Deut Bank
24.07
0.56 33.42
Deut Tlkm
15.89
0.37 17.63
DeutsPost
24.78
0.37 31.19
E.ON
7.68
0.36 15.46
Fresenius Med
69.82
1.02 82.32
Fresenius SE
60.00
0.50 66.56
HenkelKgaA
78.94
1.93 99.44
Linde
144.95
2.45 195.55
MuenchRkv
166.75
1.90 206.50
SAP
57.95
1.17 70.81
Siemens
79.94
0.94 106.35
Volkswgn
104.95
1.65 254.50
Hong Kong (HK$)
AIA
40.05
0.70 58.20
BOC Hold
22.75
0.35 33.70
Ch OSLnd&Inv
23.40
0.65 34.05
ChngKng
56.35
1.00 77.55
Citic Ltd
14.10
0.10 16.40
Citic Secs
13.80
0.64 40.50
CK Hutchison 100.20
1.60 174.90
CNOOC
7.93
0.49 13.78
HangSeng
139.20 -0.30 162.10
HK Exc&Clr
176.80 -0.90 311.40
MTR
33.60
0.25 40.00
SandsCh
23.30 -0.95 49.30
SHK Props
100.50
1.55 137.60
Tencent
129.30
2.00 171.00
India (Rs)
Bhartiartl
337.85 15.20 452.45
HDFC Bk
1068.8
4.00
1128
Hind Unilevr 814.75 30.40 981.00
HsngDevFin 1212.75 -4.05 1402.3
ICICI Bk
270.35
1.35 393.40
Infosys
1161.95 40.10
2336
ITC
328.80
8.40 409.95
L&T
1466.25 20.00 1893.8
OilNatGas
229.35
2.95 429.00
RelianceIn
862.30 21.55 1067.85
SBI NewA
237.15 -4.75 336.00
SunPhrmInds 868.40 20.15 1200.8
Tata Cons
2588.05 -0.20 2839.7
Indonesia (Rp)
Bk Cent Asia
12275 375.00 15600
Israel (ILS)
TevaPha
226.00 -12.50 275.90
Italy ()
Enel
3.99
0.12
4.50
ENI
14.05
0.36 18.90
Generali
16.36
0.53 19.21
IntSPaolo
3.16
0.09
3.65
Luxottica
62.00
2.35 67.80
Unicred
5.57
0.18
6.61

3.15 19.05 170399.79

11.28 26287.92

4.80 17.96
4.40 11.20
5.71 11.15
1.37 9.90
0.76 20.05
4.36 10.73
3.62 17.41
1.54 18.16
3.40 202.06
4.10 11.43
1.22 16.19
3.18 13.07
6.73 11.76
4.12 11.26
3.25 36.02
3.20 17.06
3.73 12.62
5.02 16.16
76.44

Price Day Chg

Red
date Coupon

Sep 30
High Yield US$
Windstream Services, LLC

11/17

7.88

High Yield Euro

Kazkommerts Intl BV

02/17

6.88

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

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

8.38
11.40
8.00
11.00
7.13
7.88
5.63
5.13
4.38
4.25

Mth's Spread
chge
vs
yield
US

F*

Bid
price

Bid
yield

BB-

B2

BB

103.98

5.90

0.00

0.00

5.30

Caa1

97.50

0.00

0.00

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

A3
A3
Baa3
Ba1
A3
Baa3
Baa3
A2
Baa2
Baa3

BBB+
BBB+
BBB
BBBBBB+
BBB
BBBABBB
BBB-

104.15
109.65
104.95
120.16
115.63
93.70
104.04
112.36
101.15
90.25

1.25
1.16
5.64
3.44
2.45
6.39
4.84
2.73
4.19
5.56

0.00
0.00
-0.18
0.00
0.00
0.00
0.00
0.00
0.00
0.00

-0.28
0.22
1.15
-0.52
0.05
1.66
0.31
-0.10
0.21
0.27

0.66
0.56
5.04
2.84
1.07
5.01
3.46
1.35
2.81
3.49

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
0.90
Mexico
02/20
5.50
BBB+
BBB+ 109.13
3.23
0.00
-0.07
1.85
Bulgaria
09/25
5.75
BB+
BBB- 111.86
4.33
0.00
0.36
2.26
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poors, M - Moodys, F - Fitch.

VOLATILITY INDICES
Index

Day's
change

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

169.33
292.24
250.41
208.70
224.32
290.84
244.75
293.85
226.69
289.04
219.57
219.02

0.68
-0.10
-0.07
0.12
0.04
-0.15
0.20
-0.10
0.09
-0.13
0.05
0.19

-0.57
-0.09
0.59
-0.74
1.34
1.29
-0.37
0.23
0.75
0.96
0.76
0.97

-5.02
-0.43
-0.03
-1.88
1.19
1.82
-2.43
0.12
1.12
1.31
0.49
1.84

-0.91
-0.05
0.59
-0.89
1.06
1.31
-0.45
0.26
0.75
0.99
0.54
0.97

-5.23
3.86
-0.03
-0.53
3.95
8.57
-2.50
4.47
1.12
7.28
2.69
1.84

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

110.52
105.42
802.77
113.69

-0.18
0.10
13.40
0.15

-0.28
-1.12
-4.12
0.83

-0.03
-3.22
-9.53
1.21

Index

Day's
change

Week's
change

Month's
change

Series
high

Series
low

372.25
90.47
82.01
95.72

-11.59
-1.34
-1.11
-1.28

39.07
10.51
8.31

389.82
95.40
83.13
99.56

310.39
76.52
70.70
84.55

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

Month's
change

Year
change

Return
1 month

Return
1 year

Markit CDX
Emerging Markets 5Y
401.24
-0.77
39.66
0.00
402.01
348.78
Nth Amer High Yld 5Y
509.34
3.99
0.00
0.00
509.34
505.35
Nth Amer Inv Grade 5Y
93.27
0.69
10.00
0.00
93.27
81.33
Nth AmerHiVol 5Y
0.00
0.00
0.00
0.00
228.00
100.00
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.

BONDS: INDEX-LINKED
Price
Month
Value
No of
Yield
Sep 29
Sep 29
Prev
return
stock
Market
stocks
Can 4.25%' 21
128.74
-0.353
-0.347
0.09
5.18
70560.42
7
Fr 2.25%' 20
114.19
-0.641
-0.692
0.61
20.31 206649.65
14
Swe 0.25%' 22
108.02
-0.808
-0.840
0.56
30.88 217563.29
6
UK 2.5%' 16
UK 2.5%' 24
340.39
-0.792
-0.815
0.65
6.82 480458.91
25
UK 2%' 35
233.40
-0.799
-0.783
0.80
9.08 480458.91
25
US 0.625%' 21
101.34
0.391
0.435
-0.21
35.84 1076811.49
36
US 3.625%' 28
132.71
0.867
0.435
-0.67
16.78 1076811.49
36
Representative stocks from each major market Source: Merill Lynch Global Bond Indices Local currencies. Total market
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
amount.

BONDS: TEN YEAR GOVT SPREADS

Bid
Yield

Spread Spread
vs
vs
Bund T-Bonds

Australia
2.69
2.10
0.63 Italy
Austria
0.90
0.31 -1.17 Japan
Belgium
0.90
0.31 -1.16 Netherlands
Canada
1.59
1.00 -0.47 Norway
Denmark
0.87
0.28 -1.19 Portugal
Finland
0.87
0.28 -1.19 Spain
France
0.98
0.39 -1.08 Switzerland
Germany
0.59
0.00 -1.47 United Kingdom
Greece
8.13
7.54
6.06 United States
Ireland
1.23
0.64 -0.84
Data provided by SIX Financial Information & Tullett Prebon Information

Bid
Yield
1.82
0.35
0.78
1.45
2.40
1.89
-0.06
1.77
2.06

Spread Spread
vs
vs
Bund T-Bonds
1.23
-0.24
0.19
0.86
1.81
1.30
-0.65
1.18
1.47

-0.25
-1.71
-1.28
-0.61
0.34
-0.17
-2.12
-0.30
0.00

BONDS: BENCHMARK GOVERNMENT

Red
Bid
Date Coupon
Price
10/18
3.25 104.17
04/26
4.25 114.20
Austria
10/18
1.15 103.64
10/25
1.20 102.89
Belgium
06/18
0.75 101.69
06/25
0.80 99.06
Canada
11/17
0.25 99.41
06/26
1.50 99.10
Denmark
11/16
2.50 103.13
11/25
1.75 108.48
Finland
05/18
1.00 100.00
09/25
0.88 100.04
France
11/16
0.25 100.50
11/20
0.25 100.14
11/25
1.00 100.20
05/45
3.25 130.72
Germany
04/18
0.25 101.22
10/20
0.25 101.26
08/25
1.00 103.93
08/46
2.50 129.55
Greece
07/17
3.38 88.72
02/26
3.00 68.70
Ireland
10/17
5.50 111.65
03/25
5.40 137.01
Italy
05/18
0.25 99.89
05/20
0.70 99.77
12/25
2.00 101.77
09/46
3.25 109.04
Japan
09/17
0.10 100.17
10/20
0.05 99.80
09/25
0.40 100.47
09/45
1.40 99.99
Netherlands
04/17
0.50 101.14
07/25
0.25 94.99
New Zealand
12/17
6.00 107.46
Norway
05/17
4.25 106.03
03/25
1.75 102.64
Portugal
02/16
6.40 102.37
10/25
2.88 104.17
Spain
04/18
0.25 99.71
10/25
2.15 102.36
Sweden
01/18
0.88 99.89
05/25
2.50 116.60
Switzerland
10/16
2.00 102.81
05/26
1.25 113.99
United Kingdom
07/18
1.25 101.34
01/21
1.50 100.99
09/25
2.00 102.13
01/45
3.50 121.35
United States
07/17
0.63 100.05
09/20
1.38 99.98
08/25
2.00 99.45
08/45
2.88 100.04
Data provided by SIX Financial Information & Tullett Prebon Information

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

Yld

P/E MCap m

83.36
46.33
52.22
90.12
98.53
86.50
185.03
66.94
49.39
47.15
44.26
135.14
41.87
85.34
31.50
40.26
103.26
26.98
97.55
122.97
76.40
165.95
87.07
66.15
36.12
94.30
157.27
31.41
76.84
79.33
89.20
87.69
101.86
229.71
1236.86
71.94
76.21
211.63
53.73
109.26
465.14
44.27
69.43
68.97
222.78
183.72
26.72
56.84
67.21
94.10
31.30
78.66
59.89
248.40
49.52
99.53
122.28
68.75
179.37
71.42
39.81
88.41
98.69
41.01
116.01
88.99
60.10
43.51
104.14
68.21
43.15
69.66
83.10
64.84
128.71
51.35
36.85
28.91
79.95

2.40
0.79
0.43
1.36
1.05
1.10
0.26
0.57
0.74
0.81
0.82
0.59
1.06
1.74
0.49
0.46
4.91
1.18
0.76
3.30
1.49
2.40
4.75
1.68
0.61
1.26
2.37
0.39
2.33
0.69
1.35
1.74
1.31
0.47
36.54
-0.34
1.22
2.37
1.30
2.58
13.32
0.80
1.05
-0.13
3.84
1.29
0.63
1.12
0.59
0.87
0.26
0.68
2.29
1.75
1.99
0.06
2.44
2.15
5.37
1.94
0.25
1.86
0.55
0.36
1.79
1.01
1.36
-0.02
4.31
0.98
0.32
1.13
1.04
1.06
0.94
0.46
1.92
0.65
3.80

112.69
60.38
59.99
99.18
101.88
109.13
243.61
79.50
63.62
58.23
50.05
155.83
48.58
126.00
41.04
76.69
129.29
39.27
112.64
125.95
117.64
176.83
114.00
93.55
46.71
100.76
215.73
36.46
84.85
90.25
100.52
118.95
132.95
245.05
1395
93.89
92.60
217.99
78.53
113.36
605.93
44.44
78.46
104.38
294.35
206.31
33.31
59.32
81.26
105.34
36.40
85.81
73.73
286.65
59.99
110.49
141.25
91.34
194.22
76.93
43.43
124.52
114.40
46.26
126.21
124.45
71.50
51.73
143.45
77.83
78.00
76.92
97.30
90.97
129.96
58.77
61.38
52.62
95.90

70.06
37.32
48.66
69.64
87.50
73.96
160.10
55.54
45.69
44.49
39.72
89.56
31.83
81.22
30.40
39.16
45.08
22.81
90.33
83.85
72.10
118.24
53.81
63.60
35.14
76.48
142.38
27.51
57.33
75.27
76.69
84.40
98.55
186.17
990.69
65.02
73.95
164.60
52.17
92.96
320.06
28.14
51.04
67.75
202.01
163.17
23.41
35.39
64.21
77.87
23.76
58.72
51.03
181.40
41.47
90.83
107.33
65.25
128.78
58.96
24.26
79.31
93.64
38.10
80.72
85.50
42.53
38.06
96.43
61.75
36.32
48.80
58.39
61.50
81.84
46.44
34.64
27.20
65.81

3.33 9.93 38835.32

2.08 8.38 24840.14
2.07 20.21 27676.21
0.63 28.70 99932.64
3.28 23.74 94442.47
1.40-148.21 23571.25
0.50 23.15 43001.57
1.88 31.98 94627.37
3.49 14.98 139113.6
2.91 8.28 52660.94
2.63 31.11 353990.64
51.51 27771.06
1.38 34.25 67465.43
2.21 16.01
39925
1.38 16.57 61531.64
20.19 19789.72
- 241.35 43989.26
0.98 7.13 32940.96
2.95 15.49 44102.71
0.87 33.48 83364.58
2.92 13.61 23025.96
1.68 17.44 31097.79
47.67
21920
4.24 -21.47 50535.37
1.47 17.25 154038.37
2.72 22.63 138526.05
0.28 178.34 23005.37
3.31 23.15 193716.39
2.58 10.26 41313.76
4.86 17.24 122896.9
2.11 12.66 45813.1
1.50 22.48 23739.56
2.58 20.60
29180
0.05 23.17 31584.58
28.59 62710.77
3.47 24.41 195141.69
2.87 13.88 34370.71
2.69 38.38 36605.08
3.12 15.28 84420.69
2.25 16.33 33165.65
- 121.60 47321.73
2.92 17.00 31633.16
- -454.81 45823.8
2.51 21.25 87278.02
1.05 23.48 20765.47
2.88 39.73 57184.83
1.59 18.04 21296.22
1.03 33.26 84361.93
1.78 16.51 27429.28
1.37 40.06 35434.13
12.47 26096.84
2.57 17.89 49432.32
1.93 13.61 24098.81
- -62.29 31582.11
2.57 18.19 50826.62
2.19 9.41 30974.3
0.47 25.94 48727.07
1.87 16.93 56071.22
2.01 26.85 50757.1
1.00 22.50 48163.56
- 122.24 32440.16
2.29 15.78 76712.61
2.73 23.90 68929.86
2.33 13.61 72218.78
1.35 19.17 110622.79
2.66 13.26 79254.29
2.16 7.14 29876.42
4.87 18.84 176898.24
- -35.17 25478.43
1.73 29.31 29033.04
3.10 10.44 14992.9
0.64 30.34 135933.64
1.61 21.50 90768.69
2.92 13.97 207873.27
1.64 12.65 34744.16
2.67 12.99 263598
6.01 14.01 27626.86
4.15 27215.61
1.93 40.64 34474.88

118.00
4000
-

5.00
-

143.95
4400
-

27.00
840.00
-

31878.65
0.88 53.28 31948.88
-

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

Sep 30
US$
Burlington Resources, Inc.
Merrill Lynch & Co., Inc.
Korea Electric Power Corporation
SouthTrust Bank
FleetBoston Financial Corp.
Duke Energy Florida, Inc.
Euro
Goldman Sachs Group, Inc. (The)
Citigroup Inc.
Credit Agricole S.A.
Philip Morris Intl, Inc.
Yen
Wal-Mart Stores, Inc.
Sterling
IPIC GMTN Limited
B.A.T. Intl Fin plc (Re - British American Tobacco)

Red
date Coupon

S*

Ratings
M*

F*

Bid
price

Bid
yield

Day's
chge
yield

Mth's Spread
chge
vs
yield
US

02/26
09/26
08/27
12/27
01/28
02/28

6.88
6.22
6.75
6.57
6.88
6.75

A
BBB+
A+
A+
BBB+
A-

A2
Baa3
Aa3
Aa3
Baa3
A3

A
AAAA+
AA-

119.94
115.47
99.17
119.64
120.25
119.41

4.50
4.47
6.97
4.51
4.74
4.72

0.00
0.00
0.00
0.00
0.00
0.00

0.07
-0.06
-0.15
-0.01
-0.04
0.50

2.44
2.41
-

06/26
09/26
03/27
05/29

2.88
2.13
2.63
2.88

AABBB
A

A3
Baa1
Baa3
A2

A
A
AA

104.75
97.55
91.43
106.37

2.37
2.38
3.55
2.32

0.00
0.00
0.00
0.00

-0.03
0.07
0.21
-0.05

0.30
0.32
-

07/15

0.94

NR

WR

NR

100.00

0.31

0.00

0.00

03/26
09/26

6.88
4.00

AA
A-

Aa2
A3

AA
A-

124.30
106.70

3.98
3.26

0.00
0.01

0.10
-0.13

1.92
1.20

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

GILTS: UK CASH MARKET

Sep 30
Day Chng
Prev
52 wk high
52 wk low
VIX
24.50
-2.33
26.83
53.29
10.88
VXD
22.53
-1.90
24.43
56.32
7.04
VXN
26.82
-2.12
28.94
46.72
11.15
VDAX
27.50
-0.69
28.19
29.94
CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility.
Deutsche Borse. VDAX: DAX Index Options Volatility.

Australia

52 Week
High
Low

Price Day Chg

BONDS: GLOBAL INVESTMENT GRADE

Day's
chge
yield

Ratings
M*

S*

Stock

Bid Day chg Wk chg Month

Year
Yield
yield
yield chg yld chg yld
1.83
0.01
-0.08
0.03
-1.06
2.69
0.02
-0.07
-0.09
-0.93
0.05
0.00
0.00
0.00
0.00
0.90
-0.01
0.01
-0.21
0.00
0.12
0.00
0.00
-0.01
-0.24
0.90
-0.02
-0.01
-0.24
0.00
0.54
0.03
0.01
0.07
0.00
1.59
0.01
-0.05
-0.01
0.00
-0.28
0.00
0.00
0.00
0.00
0.87
0.00
0.00
-0.14
-0.34
1.00
0.00
-0.06
-0.11
0.00
0.87
-0.01
0.00
-0.18
0.00
-0.18
0.00
0.00
0.00
0.00
0.22
-0.01
0.00
0.00
0.00
0.98
-0.02
0.00
0.00
0.00
1.89
0.00
-0.01
-0.19
-0.47
-0.23
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.59
0.01
-0.01
-0.19
0.00
1.33
0.02
0.01
-0.15
-0.55
10.60
-0.03
0.20
-1.23
6.50
8.13
0.00
0.03
-1.03
1.08
-0.18
0.00
0.00
0.00
0.00
1.23
0.00
0.02
-0.22
-0.63
0.29
0.02
0.00
-0.10
0.00
0.75
0.00
-0.01
-0.21
0.00
1.82
-0.01
-0.02
-0.25
0.00
2.83
0.00
-0.03
-0.22
0.00
0.02
0.00
0.00
0.00
0.00
0.09
0.00
0.01
0.00
0.00
0.35
0.01
0.00
-0.04
0.00
1.40
0.03
0.00
0.00
0.00
-0.24
0.00
0.00
0.00
0.00
0.78
0.00
0.00
-0.21
0.00
2.50
0.00
0.04
-0.05
-1.40
0.51
-0.01
-0.14
-0.09
-1.01
1.45
-0.02
-0.16
-0.14
0.00
-0.01
0.00
0.00
0.00
0.00
2.40
-0.02
-0.19
-0.26
0.00
0.37
-0.01
-0.04
-0.07
0.00
1.89
-0.01
-0.07
-0.25
0.00
0.93
0.00
-0.05
-0.11
0.00
0.71
0.02
0.00
-0.04
-0.78
-0.71
0.00
0.00
0.00
0.00
-0.06
0.00
0.00
0.00
0.00
0.77
0.00
-0.02
-0.13
-0.79
1.31
0.00
-0.04
0.00
0.00
1.77
0.01
-0.03
-0.16
0.00
2.47
0.01
-0.04
-0.08
-0.60
0.60
-0.01
-0.06
-0.08
0.00
1.38
-0.01
0.00
0.00
0.00
2.06
0.00
-0.09
-0.12
0.00
2.87
0.01
-0.08
-0.08
0.00

Red
52 Week
Amnt
Change in Yield
Sep 30
Price
Yield
Day
Week
Month
Year
High
Low
m
Tr 2pc '16
100.47
0.47
4.44
2.17
-2.08
-30.88 101.97 100.47
0.32
Tr 1.75pc '17
101.67
0.47
2.17
-2.08
-12.96
-53.47 102.68 101.58
0.29
Tr 5pc '18
110.73
0.56
0.00
-5.08
-21.13
-59.71 113.65 110.45
0.35
Tr 4.5pc '19
112.44
0.82
1.23
-3.53
-16.33
-49.69 115.07 111.71
0.36
Tr 4.75pc '20
116.01
1.05
0.96
-1.87
-13.93
-42.62 119.04 114.68
0.33
Tr 1.5pc '21
100.98
1.31
0.77
-2.96
-9.03
-34.17 142.92 100.01
0.04
Tr 4pc '22
116.34
1.34
0.75
-2.19
-12.42
-35.89 119.85 113.32
0.38
Tr 5pc '25
129.32
1.63
0.62
-2.40
-10.44
-32.64 134.70 124.02
0.35
Tr 4.25pc '27
125.57
1.89
0.53
-1.56
-8.25
-27.86 131.90 118.41
0.31
Tr 4.25pc '32
128.19
2.22
0.91
-1.33
-5.13
-21.83 136.85 119.82
0.35
Tr 4.25pc '36
130.29
2.37
0.85
-1.25
-4.44
-19.93 140.37 120.68
0.28
Tr 4.5pc '42
140.62
2.45
0.82
-1.21
-3.16
-18.87 153.16 128.19
0.26
Tr 3.75pc '52
132.55
2.41
0.84
-1.23
-3.21
-20.72 145.21 116.14
0.22
Tr 4pc '60
144.17
2.38
0.85
-1.24
-2.46
-20.93 159.23 124.61
0.21
xd Ex dividend. Closing mid-prices are shown in pounds per 100 nominal of stock. Red yield: Gross redemption yield.
This table shows the gilts benchmarks & the non-rump undated stocks.

GILTS: UK FTSE ACTUARIES INDICES

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

Day's
chg %
-0.01
-0.08
-0.13
-0.09
-0.32
-0.16

Sep 30
98.53
180.37
209.79
187.07
302.22
173.79
Sep 30
310.75
575.25
431.94
709.68
532.48
Sep 30
1.11
1.79
2.20

Day's
chg %
0.01
-0.24
-0.06
-0.32
-0.21
Sep 29
1.11
1.78
2.19

Yr ago
1.75
2.44
2.78

Total
Return
2366.59
3252.55
3835.88
3392.45
4349.93
3240.37

Month
chg %
0.38
-0.46
0.27
-0.76
-0.34

Return
1 month
0.45
1.23
1.71
1.34
1.65
1.16

Year's
chg %
-2.13
10.90
1.94
15.37
9.55

20 Yrs
45 Yrs

inflation 0%
Sep 30
Dur yrs Previous
Yr ago
Sep 30
Real yield
Up to 5 yrs
-0.77
2.60
-0.77
-1.10
-1.50
Over 5 yrs
-0.81
23.66
-0.82
-0.32
-0.84
5-15 yrs
-0.73
9.81
-0.74
-0.44
-0.84
Over 15 yrs
-0.83
29.31
-0.84
-0.31
-0.84
All stocks
-0.81
20.54
-0.82
-0.33
-0.86
See the FTSE website for more details: http://www.ftse.com/products/indices/gilts

Total
Return
2362.85
4239.12
3274.40
5135.00
3972.47
Sep 30
2.39
2.40

Return
1 year
2.70
6.62
9.68
7.44
14.04
8.21

Yield
0.90
1.51
1.88
1.61
2.38
2.12

Return
1 month
0.38
-0.41
0.28
-0.69
-0.29

Return
1 year
-0.79
11.80
3.28
16.07
10.52

Sep 29
2.38
2.38

Yr ago
2.95
3.03

inflation 5%
Dur yrs Previous
2.62
-1.50
23.76
-0.86
9.82
-0.85
29.36
-0.86
20.70
-0.87

Yr ago
-1.90
-0.37
-0.57
-0.33
-0.38

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

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

28

FINANCIAL TIMES

Thursday 1 October 2015

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week
High
Low

Price +/-Chg

Yld

P/E

Vol
000s

Aerospace & Defence

AvonRub
BAE Sys
Chemring
Cobham
Meggitt
RollsRoyceX
Senior
UltraElc

914.00
447.70
223.00
285.70
476.20
677.00
251.20
1713

4.00
10.80
4.75
8.70
12.10
26.00
6.10
36.00

954.50
549.00
248.00
349.10
593.50
1061
361.70
1914

615.00
419.30
197.48
250.50
421.70
636.00
243.50
1627

0.61
4.58
1.84
3.73
2.89
3.41
2.24
2.59

20.74
51.7
20.22 7774.9
-25.51
90.1
-165.91 2382.5
19.82 1993.8
-49.79 7185.0
16.89 822.3
-150.28
99.3

Automobiles & Parts

FordMtr $X
GKN

13.57
268.00

0.42 16.74 10.44 3.90 15.26 40195.4

12.50 389.00 248.56 3.13 29.83 6287.1

27.08
349.63
15.58
1804
0.35
58.83
244.15
95.88
498.70
75.16
73.79
315.00
640.80
116.00
124.00
52.60
386.50
29.70

0.70
3.38
0.23
35.00
0.01
0.82
5.15
2.23
13.15
1.80
1.79
6.40
16.70
1.17
3.80
0.60

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

37.25
758.00
18.48
2601.83
0.39
71.17
289.90
107.32
674.57
89.35
83.87
414.00
1166
128.00
141.00
57.89
472.90
40.07

26.38 10.42
335.57 12.14
14.60 1.24
1609 2.54
0.07 52.60 5.71
204.05 2.66
83.10 4.36
478.35 6.51
70.90 1.00
68.05 4.12
300.30 612.60 8.62
108.50 6.36
119.50 6.65
47.75 3.73
278.00 29.10 9.72

9.33 8851.0
10.28 1189.9
17.25 71221.8
9.05 123.6
16.54 10685.2
11.15 3055.1
113.19 40715.6
10.73 1864.1
11.25 31783.7
40.85 177155.7
11.26 3411.1
-21.96 9281.7
14.26 7088.2
24.0
26.5
12.62 5152.3
-966.25
433.1
11.47 7886.3

Basic Resource (Ex Mining)

Ferrexpo
IntFerMet#
Mondi
Vale BRLX

35.50
0.90
1383
16.58

2.25 114.70 29.40 11.82 3.64 641.8

0.06
8.35
0.76 -0.55 562.4
52.00 1614.36 919.00 2.15 17.93 1526.7
0.10 28.74 14.77 14.21 -8.34 6656.9

Chemicals
Alent
Bayer X
Carclo
Croda
Elemntis
Syngent SFrX
Synthomer
Victrex

486.00
0.10
114.45
1.90
144.25
-0.25
2709 53.00
223.20
6.90
312.10
7.20
340.20
-0.30
1772 110.00

499.70
146.45
169.75
3150
324.10
435.20
364.10
2202.55

294.56
96.83
80.00
1965
206.70
273.20
176.64
1542

1.88
1.89
1.84
2.42
2.37
3.44
2.29
2.55

22.59 1507.1
28.12 2149.0
-4.34
69.5
21.09 418.0
9.70 880.7
18.69 305.2
22.95 485.8
17.91 326.2

208.00
-4.50 221.83
251.50
-0.70 272.50
116.00
0.75 124.50
222.00
2.00 245.00
74.88
84.01
363.00
1.50 404.88
1741 41.00 2478.5
1586 32.00
1824
864.50
1.00
1105
1350
3.00
1779
21.60
0.50 24.00
65.25
-1.25 76.00
356.80
0.70 379.80
738.00 13.00 865.00
185.00 166.00 195.08
38.71
0.71 44.84
277.75
-6.25 342.00

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

2.40
2.23
8.34
2.52
4.14
2.62
2.54
3.34
2.91
4.26
0.72
4.14
1.68
3.66
2.84
1.54
2.88

17.97
-4.21
13.58
15.35
32.57
16.16
27.29
34.92
28.58
16.80
29.09
-21.59
14.23
27.01
40.28

398.00
145.44
557.50
258.10
531.00
1520
1606
96.00
1340

2.36
1.98
1.59
3.86
2.19
2.10
2.75
4.14
3.88

34.01
85.8
20.95 580.9
26.26 825.8
48.84 399.9
-52.75 107.4
12.04
33.6
15.66 1208.6
-68.10
87.1
15.90
2.2

Construction & Materials

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

156.1
1430.3
88.0
27.3
71.1
40.1
3094.6
324.7
104.0
112.9
70.0
1499.3
187.0
39.3
39.1
2344.9
85.8

Electronic & Electrical Equip

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

635.50
227.00
721.50
282.30
582.00
2016
1691
133.00
1600

13.00
-0.25
0.50
3.10
-8.00
37.00
16.00
-1.00
16.00

940.00
268.00
786.50
375.84
1114
2672.9
2420
164.00
1750

Financial General
3i
AberAsM
Ashmore
BrewDlph
Canaccord
CtyLonInv

466.30
296.50
246.50
257.00
262.50
348.75

9.30
3.50
3.10
-3.10
-27.50
12.25

571.50
509.64
335.00
361.00
630.00
380.37

343.61
288.80
236.96
236.80
265.05
251.25

3.43
6.07
6.71
3.85
3.88
6.88

52 Week
High
Low

Yld

6.39 1911.9
13.06 4778.1
12.76 797.4
39.06 205.6
-14.42
0.0
13.40
11.9

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

1493
24.90
1207
92.00
260.20
457.20
146.80
516.50
388.00
505.50
433.40
270.00
153.20
94.65
395.00
3140
2063
37.00
2480
2805
2163
467.10
373.90
59.50
44.50

23.00
-0.42
28.00
-0.60
6.50
10.20
3.10
6.00
8.50
9.30
8.60
4.00
4.60
0.10
-0.30
82.00
18.00
-0.38
20.50
89.00
47.00
1.80
2.70
-0.25
-

52 Week
High
Low
1857.39
34.50
1299
113.50
303.30
573.00
183.50
712.83
512.00
649.50
478.20
393.50
217.80
99.75
461.50
3268
2348
41.00
2568
3441
2629
535.00
415.90
383.90
55.00

1298.48
20.20
827.00
80.50
180.10
365.89
111.40
421.98
348.00
477.20
313.70
210.00
108.30
93.90
313.70
1942
1816
29.00
1879
2086
1692
226.00
242.60
52.49
37.50

Yld

P/E

Vol
000s

3.28
1.54
1.88
3.46
4.81
4.14
4.81
3.09
3.86
3.05
1.48
4.16
3.93
2.28
3.12
2.52
4.05
2.66
2.78
3.61
4.51
3.57

13.68
9.73
36.50
4.33
18.15
35.87
6.87
8.80
11.28
18.75
12.96
19.88
10.38
24.23
12.16
23.43
26.57
13.97
14.75
17.22
13.28
11.66
7.99
-2.26
65.15

353.7
41.1
616.2
2.8
2045.3
989.2
588.2
434.4
257.8
1091.3
807.9
68.8
5181.8
1193.4
1589.0
370.8
9.7
8.5
0.3
371.1
5.2
236.0
328.5
884.0
25.0

Food & Beverages

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

565.00
-2.00 690.00 521.00 0.53 -44.11
15.3
3340 135.00
3344
2407 1.02 46.80 888.5
524.50
-2.00 699.36 515.97 2.31 19.92
40.3
678.50 10.50 788.00 600.72 3.08 16.86 503.9
3.55
0.05
4.29
3.16 2.83 -14.73
14.8
147.00
-3.00 178.50 136.00 2.31 11.29
33.7
1397 30.00
1497
1051 3.62 22.19 574.2
1596 -24.00
1730 1213.14 2.04 19.04
12.5
608.50
2.50 630.00 367.39 3.52 40.84 195.4
295.00
-0.50 328.00 230.00 2.98 52.71 291.6
16.55
0.15 19.59 10.75 0.64 31.69
20.8
273.20
-1.50 359.40 228.50 1.99 18.45 2736.2
457.63
-4.38 500.00 342.25 2.91 18.25
0.2
66.84
2.33 71.88 49.30 0.84 23.40
57.5
73.25
2.05 77.00 64.15 2.80 16.95 7700.1
32.00
1.25 47.79 26.13 -1.26 231.1
269.00
-1.00 430.00 250.80 2.87 56.36
4.1
3737 37.00 3884.5
2773 1.89 27.26 3945.4
185.50
-2.50 316.00 172.00 0.95 27.77
79.2
588.00 10.50 682.50 492.20 4.76 90.46 1453.0
107.87
0.24 174.50 106.39 4.10 10.71 385.5
2686 83.00
3087
2397 3.07 22.38 3336.7
35.92
1.14 42.98 28.81 3.10 22.05
20.7

Health Care Equip & Services

Bioquell
ConstMed
GNStre kr
UDGHlthC

134.50
935.00
119.90
503.00

0.50
12.00
1.70
-2.50

155.50 80.00 2.45 134.23

1004.69 650.00 1.94 61.92
158.50 113.70 0.72 28.60
551.50 315.20 1.46 14.22

14.4
7.1
575.6
316.8

184.50
213.00 78.44 644.50
7.00 673.50 360.90 1.60
2486 30.00
2619
1445 2.09
3340
5.00
3570
2033 5.39
1007
5.00
1206 723.00 3.48
571.00 11.00 598.50 291.98 2.50
545.50
4.50 614.50 487.25 9.53
475.00
-7.00 486.95 324.66 1.26
502.50
1.00 515.50 390.00 3.48
151.00
1.75 158.00 74.00 2008
9.00
2156 1247.08 21.05
0.26 28.00 20.48 290.50
3.40 377.98 283.00 2.70
5987 167.00
6300
4895 2.32
456.20
5.80 504.50 248.64 0.88
195.50
2.40 207.40 104.60 0.80
3207 -53.00
3438 1813.3 1.11
551.00
432.75
164.75
2290.5
703.00
948.50
264.20
71.38
164.80

15.50
-2.25
-1.00
15.50
4.00
4.00
2.80
0.13
-0.70

797.59
470.00
322.50
3611.75
735.00
1454.55
314.78
86.00
279.20

52 Week
High
Low

Yld

P/E

Vol
000s

-9.50 500.00 351.00 7.08

41.68 26.75 1.94
10.00 431.50 400.00 2.40
-3.50 65.00 16.50 130.00 79.00 1.95

14.73
340.43
14.46
28.26
39.44

15.3
3.4
3.6
39.9
13.2

-1.00
1.00
10.00
-5.00

13.61 3350.2
24.59
13.4
331.00 582.6
60.00
29.7
14.86
4.5

P/E
1354.17

2.25
-0.30
23.00
0.25
14.50
26.00

73.00
231.70
3767.56
117.00
134.00
670.85
2554

57.00
134.80
2698.37
86.30
88.63
540.00
1037.33

3.48
2.39
5.56
1.47
3.84
3.76

-5.00
0.75
0.25
-0.19
-0.75
6.50
7.00
1.30
10.50
-0.03
7.80

755.00
31.50
67.88
37.03
53.00
592.50
696.24
423.70
1280
30.31
530.00

571.35
19.00
45.02
26.11
34.00
424.60
488.20
231.82
965.50
14.92
332.80

2.19
2.96
0.97
3.37
3.38
2.24
2.67
4.00
2.22
4.58

Vol
000s

38.9
14.41 3861.3
21.49 261.2
7.68
0.4
15.35 672.1
24.72
5.7
1254.0

730.00
26.75
47.25
26.84
49.00
523.50
633.50
393.90
1005
24.01
352.40

11.74

-399.25

11.41
9.88
11.88
18.52
30.46
24.02
17.83
22.13
9.92

12.8
354.7
266.7
164.3
160.2
1600.6
3116.5
2019.7
1452.8
403.5
184.5

267.70
430.25
2037
12.17
931.00
73.50
100.00
765.00
458.80
355.00

-7.30
5.38
24.00
0.22
-24.00
0.50
-0.50
7.20
-15.00

362.10
513.86
2855
14.57
1442
135.75
362.00
1144.4
532.50
569.00

254.40
390.00
1835
8.62
930.00
52.00
97.00
760.00
388.00
355.00

3.87
6.04
2.95
1.42
2.36
5.23
4.36
6.06

15.90 4027.7
46.91
5.4
41.99
13.1
62.37 1673.1
12.06
51.9
-6.68 391.2
-0.36
0.7
70.33
2.6
14.12 2381.9
12.28
6.0

1502
656.50
452.00
357.00
336.50
374.90
136.25
114.00
942.00
1019
691.00
238.10
865.00
189.10
0.06
817.50
1393.5
402.70
54.00
850.00
387.80

47.00
0.50
23.60
3.30
-0.75
8.30
0.25
1.88
9.00
16.00
2.50
7.70
-12.00
7.00
8.00
63.00
10.80
20.50
12.30

1640
663.50
578.68
361.90
367.81
388.70
146.00
116.39
959.00
1112
715.50
296.02
914.39
241.60
0.10
935.00
1761.5
528.00
68.00
1008
505.68

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

3.08
1.23
4.00
2.64
5.47
3.84
6.33
7.37
2.50
2.84
1.28
4.72
2.87
4.60
6.53
2.65
0.50
4.71
2.74
4.71

14.31
14.31
11.83
12.42
13.19
11.75
18.87
11.56
19.92
9.90
13.87
11.35
13.13
-0.08
17.19
14.18
62.03
5.21
25.30
28.63

2.00
1.13

1350
87.09
366.00
163.00
989.50
192.00
204.75
281.90
7830
17.55
17.11
1517.42
239.00
24.17
1199
494.00
54.47
222.00
1616

651.00
56.20
239.00
108.00
699.00
103.00
125.00
192.10
74.00
12.16
12.33
1010
138.25
13.85
921.50
322.00
39.45
137.00
1091

1.65
3.27
2.31
2.53
2.71
6.98
5.25
1.91
4.53
3.87
2.20
1.86
3.20
4.25
2.78

28.44
1.5
11.79
1.0
127.90
47.9
12.86
18.3
10.25 443.3
12.41
16.9
11.27 294.4
18.80 15236.9
-156.58
535.4
-51.09 3129.7
-51.90 1144.2
48.27 2602.8
8.32
1.0
3278.3
106.52 5411.7
13.13
15.7
17.06 3291.5
30.48
89.4
14.19 4628.0

0.30 318.90 191.70 1.08

7.80
1432 542.60 9.91
145.00 74.75 11.08
0.49 149.99 71.59 8.00 811.50 476.43 2.73
0.60
0.60833.33
-0.15 21.00
5.53 0.15 16.80
7.89 2.28

24.81 473.6
-1.59 13995.7
-3.06 232.5
-174.72 1723.5
32.46 4220.8
-2.78 642.2
-2.86 3643.7

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

968.2
2716.6
16821.8
686.8
43.0
6063.6
55.8
71.4
831.9
25.9
435.2
21818.1
40.4
9798.1
0.0
333.3
5155.6
7837.9
1.0
1505.6
4459.5

Media

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

2.61
3.02
7.28
1.85
2.56
3.96
3.15
3.04

Yld

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

17.64 345.4
13.61
1.5
799.76 402.3
13.26
0.2
27.29
35.4
14.66 1027.4
41.34 3913.6
28.94 146.0
14.36 3659.3

528.50
360.00
156.00
2063.5
520.00
923.00
242.70
49.00
162.60

65.00
153.70
2801
108.00
108.50
624.50
1170

52 Week
High
Low

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

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

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

Severfd
SKF SKr
Spirax-S
Tex
Trifast
Vitec
Weir

-39.95
36.7
17.07 3697.5
12.85 188.5
10.67 555.7
12.36 254.5
12.78 310.3
14.25
1.3
14.85
48.3
16.70
19.0
-393.23 7644.0
13.95 1358.5
88.39 4558.5
23.36 429.0
25.44 1244.0
10.28 398.6
15.39 18225.1
39.58
35.3

House, Leisure & Pers Goods

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

Price +/-Chg

1240
79.63
363.50
160.00
753.50
107.50
141.00
246.00
75.00
12.62
12.82
1127
214.00
14.36
1132
430.00
53.64
170.50
1373

1.00
11.00
2.25
2.80
-5.00
0.36
0.40
28.00
1.50
0.18
37.00
-7.50
0.95
-0.50
48.00

Mining
248.00
550.90
76.25
109.49
499.70
0.60
6.55
8.49

52 Week
High
Low

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

1005
89.50
72.90
591.50
116.75
8.63
70.00
1.93
16.25
84.20
5.90
568.50
3862
2210
0.33
425.20

26.00
0.90
-5.00
3.75
-0.48
-0.25
-0.13
1.50
-0.60
-0.10
10.50
18.00
60.50
-15.10

1735.68
96.00
209.90
939.50
198.75
38.50
141.30
10.25
196.90
210.80
27.71
634.00
5752.1
3280
0.79
1006

1.79
1.73
951.00
334.00
11.88
140.00
235.25
27.75
112.00
74.35
277.25
3.05
260.38
32.00
5.35
400.90
42.28
18.25
114.00
462.50
89.85
768.00
2242.9
66.65
1554
1563
68.97
71.00
157.75
42.20
169.10

-0.05
0.05
1.40
7.80
-0.10
0.25
3.63
1.38
5.25
-0.01
0.50
2.75
0.11
4.90
0.40
0.25
4.20
4.80
5.50
-18.10
2.50
17.00
20.00
-0.13
-3.75
7.75
0.82
2.50

114.22
2.92
1420
499.25
13.25
210.00
289.50
0.02
110.40
175.57
97.20
872.50
9.87
548.50
85.00
5.65
902.50
55.76
51.13
169.50
771.50
234.60
1203
3297.7
338.50
2376.5
2460.5
104.38
235.00
386.70
59.50
660.00

Yld

P/E

Vol
000s

7.93
4.47
0.33
2.72
2.39
0.97
6.17
9.81

24.20
6.89
-1.41
125.05
9.57
-1.13
-4.31
-0.87
-2.13
10.18
-0.86
-17.53
26.92
21.99
-0.66
-0.96

10962.5
15.5
2884.6
1641.8
154.5
1756.1
162.8
1564.2
5207.8
1891.7
4514.2
231.2
748.3
6175.0
564.5
934.2

1.28 1.46 780.55 1.92

252.55 7.73
8.25 135.20 177.00 5.95
0.02 21.50 90.00 66.55 3.63
268.54 2.70 256.25 20.25 3.35 376.20 4.93
40.55 1.22
10.23 93.50 370.00 3.67
78.00 594.00 5.53
1913 3.04
60.60 1497.5 7.81
1502.5 7.76
67.75 2.51
67.25 13.24
117.00 6.17
41.10 5.02
153.50 2.49

-20.29
-47.96
-15.17
-0.72
-2.29
12.95
-2.43
6.88
13.73
-3.40
-2.91
21.16
-1.52
-10.68
-25.21
16.19
-0.49
9.10
19.23
-2.07
-20.77
11.87
-0.71
11.52
11.58
21.25
4.76
-13.62
16.16
-1.56

9090.3
5273.8
16189.7
36272.7
224.4
983.5
28.7
3502.5
47.5
18160.4
1317.9
1.5
2.0
1960.7
63.1
343.9
692.8
207.8
223.7
91.8
1205.5
1273.9
1486.0
4988.4
7953.9
9194.6
11775.9
10.0
448.8
2490.7
7397.7

951.00
60.15
60.30
569.63
112.00
8.40
60.97
1.90
14.50
83.55
4.21
424.20
3546
2090.5
0.27
353.21

Oil & Gas

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

Pharmaceuticals & Biotech

BTG
653.00
CathayIn
18.25
Dechra
939.00
Genus
1420
1266
GlaxoSmhX
2280
HikmaPhm
Oxfd Bio
8.08
RichterG $
15.90
4504
ShireX
VecturGp
175.00

11.00 835.87 556.00 72.55 648.5

33.50 16.00 -18.99
3.6
-1.50
1068 702.50 1.68 42.70
52.0
41.00
1535 1058.35 1.25 27.20 139.4
28.50
1645 1227.5 6.32 6.37 8516.7
47.00
2617
1627 0.61 29.51 745.2
0.17 13.38
3.60 -20.66 1639.1
-0.06 17.28 12.20 0.72 22.15
0.0
73.00
5870 3448.28 0.31 13.64 1669.8
-0.60 187.50 113.25 - 194.66 249.8

Real Estate
Harworth Gr

12.50

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

54.75
724.00
838.50
66.25
502.00
3639
855.00
1.47
623.50
120.70
1.27
990.00
329.60
1259
164.10
250.25
465.00
405.00
52.65

REITs

14.00

0.50
3.00
17.00
-0.75
2.20
47.00
10.50
11.00
2.50
0.02
8.20
25.00
2.90
0.25
-9.88
0.15

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

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

3.02

186.7

3.38
2.60
3.28
1.43
2.99
1.09
1.04
3.27
4.14
3.64
4.16
2.51
4.27
3.44
4.35
4.88
6.08

11.65
10.07
5.30
4.03
25.00
5.04
5.80
7.20
5.95
18.14
17.23
4.13
6.43
7.05
5.41
11.35
5.20

6428.5
417.2
4084.9
243.3
252.6
195.7
857.6
21.8
2345.5
787.4
4110.8
0.0
2786.0
2523.0
910.7
5.7
12.1
92.3
1623.6

Yld

P/E

Vol
000s

Price +/-Chg

52 Week
High
Low

Yld

P/E

SEGRO
Shaftbry
Town Ctr
Wkspace

429.50
917.00
306.00
938.00

466.70
975.50
324.65
988.00

3.52
1.43
3.41
1.17

4.01 1494.4
5.09 530.0
5.73
8.9
4.12
83.9

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

434.30
7.60 475.10 313.00 0.34 6.38 992.2
1045
1085.5 950.00 1.24 4.53
0.1
1900 60.00
2037
1270 4.05
3.6
6360 170.00 6614.2
4700 1.29 4.65
3.9
245.00
-5.25 293.00 179.00 2.29 9.15
84.5
238.00
2.10 256.00 167.80 1.05 27.60 598.5
410.25
-2.00 460.00 320.00 1.67 6.75
71.3
6.61
8.80
6.40 2.77 12.64 2567.3
35.00
44.00 33.36 0.45 -4.94
11.4
157.00
-1.88 253.00 155.00 -3.71
37.7
11307 -293.00 12900 7481.95 2.21 13.86
0.8
140.75
141.50 75.00 19.55 230.5
38.00
-0.75 67.38 37.25 -2.68 325.1
126.25
146.00 101.50 9.50 14.5
27.50
-0.50 45.00 25.00 1.6
294.75
-1.75 323.25 185.25 2.53 6.06 685.9
912.50 12.50 991.46 577.00 1.21 21.33 113.3
58.25
63.00 54.50 4.26 5.16 584.4
101.50
112.40 86.00 2.92 42.17
0.4
415.40
-0.30 499.40 324.59 1.11 3.92 1385.7
653.00
2.50 706.00 395.60 1.72 5.27 344.9
268.00
-2.00 278.00 215.00 0.56 8.73 474.0

7.00
11.00
-9.00
10.50

Real Estate Inv & Services

330.90
648.00
251.50
592.00

Vol
000s

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

-169.60
283.40
2.20 434.50 275.00 873.4
-281.61
168.40
9.40 240.00 106.86 118.6
26.25
-0.25 36.00 24.94 7.62 10.21 215.0
306.20
-0.10 399.00 247.19 4.65 14.46 535.5
540.00
665.00 480.00 3.47 1.63
15.9
392.00
6.00 401.50 215.00 1.73 22.82 765.7
6.07
0.04
9.77
5.99 3.65 18.26 1617.1
79.00
0.75 96.80 56.85 4.30 10.74 1494.6
2378 20.00
2643
1454 0.84 -27.33 110.1
424.40 13.20 490.80 351.20 20.02 3621.1
900.00 11.50 970.00 767.00 2.22 19.16
75.5
243.00 15.00 265.44 162.00 -33.75 100.2
461.80
6.10 563.51 417.10 3.16 13.85 411.2
719.00 15.00 906.65 589.50 2.80 19.36 737.2
955.00
8.50 958.50 410.00 0.74 22.00 544.5
166.70
-1.00 185.30 117.50 1.70 13.60 530.9
501.00 12.60 600.00 380.80 3.43 16.96 4800.2
94.25
-0.88 112.00 77.50 5.57 21.19 299.6
7610 140.00
8055
6130 1.97 17.93 501.2
320.00
3.60 478.50 216.80 - 280.46 2147.6
41.50
1.25 46.17 28.25 2.17 7.27 937.4
157.25
5.50 159.50 107.85 2.73 21.18 195.6
205.50
4.40 225.10 143.75 2.00 16.75 961.2
8953 56.00
9499
6371 0.57 27.45
6.5
1362 24.00
1579 750.00 24.41
55.6
183.20 11.90 252.52 155.40 6.16 -2.61 37673.1
67.00
0.25 74.40 50.50 1.27 14.03 221.5

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

249.00
-2.00 334.75 180.00 2.88 51.88
7.8
951.00 75.00 1724.15 866.00 2.85 12.59 1129.7
79.25 13.25 599.50 49.98 4.30 -0.14 330.7
930.00 22.00
1231 838.00 1.32 14.19 1917.9
1388 18.00 1580.34
1225 2.47 16.25 139.1
912.50 21.00
1207 868.50 2.40 17.33 882.2
1003 24.50
1161 895.50 2.99 19.70 226.9
259.00
2.75 420.50 250.00 4.13 36.15 309.6
1770 31.00
1969
1517 2.01 25.93 769.6
1198
8.00
1336 1000.5 2.44 32.48 1575.3
301.70
3.30 371.40 294.03 5.88 24.12 1997.8
55.00
-1.00 63.00 44.65 3.64 -7.55
56.0
157.00
-6.25 191.45 128.02 5.98 12.31
48.1
4989 147.00
5320
3050 1.59 32.80 120.3
481.75
-0.50 606.00 445.03 7.58 14.40 131.9
665.00
8.50 916.50 617.00 2.56 20.30
96.9
179.10
6.30 263.10 170.50 6.56 11.23 651.9
550.00
5.75 640.00 375.00 20.67
6.9
786.00 22.00
1069 624.50 2.33 28.13 524.5
1058 27.00
1264 909.95 2.45 20.67 2299.2
667.50 10.50 868.00 570.00 1.61 17.30 127.5
98.00
0.50 107.00 66.32 3.63 14.22
10.9
153.30
1.90 173.70 108.15 1.72 22.78 1804.7
405.80
-2.30 447.84 312.10 3.00 22.42 248.1
486.50 10.50 532.00 309.00 1.73 20.71 1363.1
574.00
8.50 878.50 487.20 4.01 15.60
67.4
2431 85.00
2797
2141 2.02 20.64 466.2

52 Week
High
Low

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

1085
155.75
-0.75
15.88
386.00
-2.75
413.25
6.50
474.00
7.60
305.20 11.30
1022
104.75
1.50
147.10
1.70
880.00 -11.50
411.00
1.00
224.75
1.75
91.75
2.00
173.60
3.60
33.75
1.75
180.75
2.75
117.50
0.50
743.00
71.00
3858 202.00

1094
211.50
25.99
475.00
525.00
568.00
329.90
1112.15
204.60
154.20
967.50
478.00
271.37
113.50
212.20
80.50
204.25
188.00
816.00
76.00
4398

Yld

705.01
150.00
13.25
354.75
306.25
358.70
263.90
779.82
99.25
110.90
605.50
270.00
181.50
85.19
143.40
30.00
156.68
116.00
560.00
50.00
2990

3.65
2.95
5.20
2.59
3.92
2.32
3.70
3.55
9.93
1.76
1.77
1.46
3.77
3.76
2.53
1.93
3.96
1.53
2.07
1.41
2.14

P/E

Vol
000s

28.65 107.5
16.43
35.4
-77.44
1.1
14.92
45.8
36.74
50.7
22.94 680.2
32.24 852.4
17.82
46.6
8.82 588.5
20.60 1752.0
25.03
12.1
23.97 348.1
15.89 226.4
-19.95 135.4
31.10 563.8
865.38 289.4
51.89
44.2
-19.99
10.8
15.81
1.6
54.20
12.3
34.83 2300.7

Tech - Hardware
ARM Hldgs
CSR
Laird
Pace
SpirentCM

947.50
899.50
376.50
360.50
75.50

28.50
1233 778.50 0.74 44.98 6584.4
0.50 900.00 550.00 1.02 25.43 2323.5
7.50 413.30 281.50 3.32 18.32 316.0
3.50 520.80 316.34 1.21 10.32 441.0
1.50 98.75 65.95 3.27 83.61 319.6

Tech - Software & Services

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

125.75
2036
756.00
12.00
65.50
1203
274.00
162.00
499.40
325.00
1088
32.00

36.00
1.50
3.00
1.25
-6.00
8.00
3.50
-5.00
-

129.75
2344
802.40
15.90
79.00
1442
276.75
185.00
584.00
472.00
1250
43.00

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

1.51
1.35
2.62
3.05
2.54
1.34
2.47
2.43
0.77
1.24
-

39.36 4191.0
31.36 208.6
8.23
25.1
-5.06
20.0
21.79
3.9
32.69 328.7
34.93 716.1
10.19
0.5
27.34 2700.8
30.86
71.7
86.45 639.8
13.78
43.7

Telecommunications
BTX
Inmarsat
KCOM Gp
TalkTalk
TelePlus

419.60
982.00
89.00
314.50
1117

6.35 481.75 351.90 2.72 15.81

6.50
1056 653.00 3.17 21.89
1.25 101.00 78.50 5.66 36.46
0.50 415.10 261.00 4.01 40.93
43.00
1460 725.50 3.40 27.79

23096.9
1609.0
1975.3
1551.6
85.2

Tobacco
BrAmTobX
ImpTobX

3643 122.00
3413 79.00

3894 3231.5 4.07 16.91 4100.3

3538 2482.72 3.75 17.09 3532.6

Travel & Leisure

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

165.25
426.00
111.20
555.00
1053
108.20
97.70
1107
2456
795.50
4.35
95.70
1.53
149.90
284.80
667.50
267.30
675.00
56.25
337.60
115.70
1218
4668
350.80

0.25
7.00
3.80
11.50
38.00
1.30
1.35
-57.00
7.00
11.00
2.35
0.01
2.90
2.30
-14.50
0.20
9.50
1.00
4.00
3.30
26.00
91.00
5.50

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

118.75
245.00
70.40
298.40
924.41
96.85
88.65
900.00
2264
712.00
2.63
92.85
1.44
134.50
213.40
369.00
151.90
607.00
47.00
331.60
99.05
996.74
3767
333.40

3.08
5.18
3.21
2.43
2.57
1.42
3.49
3.61
2.32
9.30
4.35
4.47
3.62
2.65
1.78
2.28
2.90
1.55
3.48

22.00
14.92
307.18
18.59
20.44
18.12
15.69
21.95
20.55
19.59
12.42
-36.64
19.98
-31.74
17.65
10.18
17.70
24.11
-1.34
13.98
-29.87
68.09
23.02
17.52

338.8
7.0
8172.4
243.8
3283.5
429.5
1597.6
0.4
73.3
744.1
20.0
2710.7
98.3
522.3
393.8
18.3
238.9
932.2
0.0
1226.2
4437.3
1208.0
571.3
2037.7

229.20
1407.5
244.00
918.90
777.00
925.00

6.40 309.00
1450
6.40 649.50
18.00 965.00
16.00 925.00
19.50
1045

218.60
1135
230.10
806.40
711.90
784.00

5.89
4.44
4.88
4.60
3.86
3.96

-23.06
18.68
5.71
17.22
24.82
23.30

16070.0
1.0
2104.0
10274.6
1460.6
2632.3

P/E

Vol
000s

Utilities
Centrica
DeeVally
Drax
Natl GridX
Pennon
UtdUtils

AIM
P/E

Vol
000s

-2.50 390.00 197.50 1.19 26.90

126.7

Price +/-Chg

Aerospace & Defence

Cohort

369.50

Banks
BCB Hldgs
STB

5.50
2850

-1.50
-31.00

13.50
3024

4.00 -0.93
2270 2.39 20.71

120.2
0.5

610.00 355.00 1.32 29.70

4.1

0.50 225.25 120.00 0.52 30.78

107.7

Basic Resource (Ex Mining)

CropperJ

597.50

Chemicals
Scapa

191.00

Construction & Materials

Abbey
AccsysTch
Aukett

1035
64.00
6.13

0.75

1075 800.00 0.77 7.71

81.50 56.00 -6.31
8.50
5.50 3.43 8.04

0.0
6.6
116.1

Electronic & Electrical Equip

CeresPow
Densitrn
ElektronT
FlowGp
LPA
ThorpeFW
Zytronic

8.25
10.63
7.63
11.88
66.00
218.75
305.00

10.75
6.50 10.99
3.50 8.70
4.00 50.00
9.75 112.00 58.00 2.35
-1.75 227.38 120.00 1.49
319.00 228.00 3.28
-

0.15

0.25
0.63

-6.00 187.4
366.38
35.0
11.52
35.7
-2.47 2125.9
58.30
0.6
24.21
10.9
14.91
3.0

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

5.38
1450
9.13
143.50
1727
9700
177.00
35.25
610.00
26.50
300.00
235.00
79.75

-0.13
-13.50
0.50
0.50
0.25
7.50
-3.50
0.13

12.05
1650
12.88
156.75
1956.47
9992
185.00
43.79
630.00
37.61
309.26
278.00
82.50

5.10
1000.00
8.00
121.00
1300
8500
105.66
30.00
414.00
18.50
160.00
196.09
47.00

1.86
1.92
1.68
1.30
3.62
1.53
2.26
4.47
3.20

-1.40 169.5
19.91
2.0
-0.93
17.1
8.50
1.9
25.35
2.0
329.14
0.3
25.46
11.0
9.23
75.5
31.13
24.5
9.21
54.8
31.29
8.3
17.85
55.6
17.33 1363.7

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

374.25
32.00
417.50
52.50
102.50

Food & Beverages

FinsbryFd
Nichols
PureCircle
RealGdFd
Wynnstay

101.50
1420
425.00
51.00
527.50

110.00 56.00 0.99

1496.81 834.56 1.58
605.00 352.24 59.40 23.00 607.25 474.52 1.93

Health Care Equip & Services

Advnc Med
AVO
CareTech
ImmunDiag
SphereMed
Tristel

153.50
7.00
244.50
305.00
13.50
98.50

-0.75
-0.13
-1.00
10.00
3.00

161.00 111.00 0.46

16.90
3.60 262.15 190.00 3.27
356.00 264.40 2.79
30.22 12.00 107.99 65.00 1.64

23.97
93.5
-8.86 1685.1
11.53
99.6
38.16
1.7
-1.72
15.0
24.55
30.5

House, Leisure & Pers Goods

Airea
Churchll
gamingrealm
Mulberry
Portmern
TelfordHms
WalkerGb

21.75
665.00
24.63
900.00
900.00
412.00
203.00

10.00
-1.00
-2.50
3.00
1.00

23.00
665.00
41.00
969.00
960.00
495.00
244.85

10.25
502.00
20.00
562.50
840.00
327.50
151.05

2.76
2.42
0.56
2.94
2.48
0.95

14.18
20.63
-5.27
14.73
12.64
24.53

15.9
5.4
63.2
4.4
2.0
81.2
97.1

20.00 14.60 6.07

2.00 137.00 66.10 8.03 -16.70
-1.50 197.00 116.00 4.55 21.47
-6.00 750.00 164.00 5.03 10.13
6.75
3.00 -3.67

136.0
20.7
3.6
10.6
66.9

92.00
45.00
7.38

-0.50
-0.50
-

96.00
73.00
11.22

110.1
841.5
102.9

104.63
691.50
430.25
216.00
150.38
1032.5
673.00
256.00
932.50
146.00
115.25
215.38
119.40
163.10
76.38
192.50
556.50
4.73
418.40
13.00
438.00
15.50
8.50
19.25
813.75
782.50
221.00
89.50
987.75
849.50
268.75
354.00
172.00
115.88
967.25
626.00
680.00
152.30
145.50
346.00
130.90
165.50
274.63
69.75
115.50
151.50
103.00
165.00
377.00
89.50
89.50
363.50
115.40
257.00
202.88
34.88
150.75
100.00
580.50
99.50
524.50
232.25
125.25
233.25
565.00

0.13
12.50
6.25
1.75
10.00
0.50
6.00
1.00
2.50
3.50
3.90
2.90
1.38
1.13
8.50
0.08
8.30
13.50
-0.13
6.00
2.88
-0.50
14.00
13.00
2.75
9.63
1.25
1.13
7.25
13.50
5.50
4.50
0.60
3.50
4.25
-1.00
1.00
-0.13
1.75
4.00
4.70
4.63
1.63
2.88
-1.50
1.00
11.50
4.38
2.00
8.00

107.89
706.00
502.44
262.10
188.00
1160
849.00
277.00
1028.92
158.00
130.00
285.50
179.78
187.50
88.25
217.00
609.36
8.70
467.90
26.00
575.00
26.00
35.00
34.32
988.00
930.00
253.00
95.50
1148.5
957.00
362.00
416.81
195.25
137.69
1059.1
696.00
742.50
161.40
167.75
368.00
140.59
213.58
305.00
79.00
123.00
172.00
104.00
174.39
390.46
102.00
103.00
404.95
128.60
296.14
268.92
69.03
233.96
101.99
635.00
110.00
674.65
263.00
147.50
256.00
645.18

-383.47

Industrial Engineering
600 Grp
Molins
MS Intl
Pres Tech
TP Group

15.63
68.50
176.00
167.00
3.88

Industrial General
Powerflte
RM2
Symphny

36.75 1.16 29.62

36.50 -4.53
6.50 -20.66

Price +/-Chg

52 Week
High
Low

Yld

P/E

Vol
000s

Insurance
Gable
Helios

23.75
190.00

0.75

72.77 16.75 -3.45

200.00 120.00 0.79 24.68

118.7
1.0

201.50
81.00
329.00
44.50
185.00
115.50

0.50
-1.50
1.50
2.50
-

233.00 95.00 2.98 14.04

106.70 79.00 3.21 75.63
395.00 260.25 1.91 -45.04
50.95 37.00 2.25 9.87
198.00 117.00 1.49 119.66
133.00 98.50 0.69 207.73

2.8
38.1
2.5
34.2
26.8
4.7

13.00
0.90
157.75
1.33
0.65
5.25
0.10
52.00
1.00
1.33
5.00
18.50
19.00
1.73
2.03
0.25
7.63

-0.25 44.58
4.04 3.83
0.72 -0.75 198.00 135.16 7.85
2.80
0.25 1.60
0.50 16.80
5.25 0.33
0.08 1.50 58.00 17.73 8.74
-0.03
2.08
0.80 2.00
0.25 11.75
4.00 1.25 38.00 16.06 0.25 29.50
6.40 -0.08
6.00
1.66 -0.03
3.00
1.00 0.03
0.49
0.06 -0.75 18.00
6.00 -

12.95 2029.3
-1.93
49.1
16.22
0.5
-3.76 676.1
-7.07
18.0
-5.05
73.6
-1.08 300.0
-8.60 412.3
-14.29 822.5
-8.49 2752.0
-10.31 265.5
-15.93 186.3
-37.77 2431.4
-3.27 1390.8
-4.19 288.3
-3.77 137625.6
-0.63 238.7

Media
Avesco
Cello Gp
M&Csaatc
MissionMk
Next15Cm
YouGov

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

Oil & Gas

AlkneEng
AmeriRes
AndesEnrg
BahamasP
BorSthnPet
Circle Oil
ClontarfEn
Egdon Res
Enegi Oil

35.50
25.00
23.38
1.40
3.15
4.38
0.33
9.25
0.63

0.50
0.25
-0.13
0.03
-0.13
0.08

38.60
57.50
46.23
4.70
10.90
23.15
1.40
20.55
3.35

19.50
19.10
16.50
1.37
2.07
4.23
0.20
6.24
0.42

0.85
-

-22.26
-38.64
-17.23
-5.98
-6.36
-0.64
-6.77
-5.93
-0.24

598.4
4214.7
0.0
4939.6
125.7
2071.5
400.0
450.0
4839.2

JPMGIConv
JPM GEI
JPM I&C Uni
JPM Inc&Gr
JPM Ind
JPM JpSm
JPM Jap
JPM Mid
JPM O'seas
JPMRussian
JPMSnrSec
JPM Smlr
JPM US Sml
JupUSSmCo
KeystoneInv
Law Deb
LinTrain
Ln&StLaw
Lowland
M&GHighInc
Majedie
Man&Lon
MCGlobPort
MCurPac
MercantIT
MrchTst
Mid Wynd
MitonUKMic
MitonWw
MMP
Monks
MontanSm
Mur Inc
Mur Int
..B
NB DDIF $
NewCtyEgy
..Sub
NewCityHY
NewIndia
New Star IT
NorthAmer
NthAtSml
Oryx Int
PacAsset
PacHorzn
Perp I&G
PerAsset

94.75
1.00
87.00
1.50
349.00
104.50
-0.50
502.00
6.50
230.25
4.50
257.25
2.25
981.50
5.50
984.00 21.00
293.50
5.63
87.50
0.25
885.00
7.50
170.50
0.75
572.50 -11.50
1776
8.50
495.50 13.25
493.50
339.63
6.25
1287 29.50
151.25
0.75
257.25
7.25
230.00
-1.00
165.50
2.13
253.00
4.50
1687 18.00
421.50
7.00
320.00
0.50
54.00
158.13
3.13
378.90
4.00
517.00
2.00
655.00
8.00
820.50
7.50
725.00
1.16
0.00
11.75
-2.00
0.13
56.50
-0.50
306.00
4.00
73.00
3.00
761.50 12.50
2069 17.00
585.00
178.75
3.00
161.63
4.38
402.00
7.30
33535 -195.00

109.58
125.05
370.00
115.85
605.50
261.75
307.95
998.10
1159
405.25
100.61
895.00
193.75
704.03
1900
545.50
537.00
384.00
1440
179.95
283.00
259.28
195.00
336.00
1762.96
500.00
352.50
56.25
164.65
4.93
458.90
544.00
796.60
1099
1445.47
1.23
32.45
0.15
66.25
371.30
77.91
906.45
2070
598.50
226.15
223.77
431.00
36313.1

90.00
84.25
330.06
98.50
430.00
184.00
195.00
669.10
890.95
223.25
87.00
527.00
135.77
572.50
1651.76
452.50
365.00
330.80
1219
145.00
206.41
219.00
155.00
236.73
1316.55
406.22
260.07
50.00
149.00
3.00
348.40
390.50
637.04
784.00
650.00
1.00
10.50
0.06
52.00
263.00
65.45
729.50
1625.86
375.00
156.25
142.50
350.81
33000

5.94
5.63
2.11
1.09
2.09
1.52
4.43
7.03
1.08
2.84
3.17
1.37
4.06
2.95
3.04
2.92
3.25
2.48
2.96
2.55
5.67
1.20
1.04
1.35
4.77
5.48
7.49
4.01
1.45
0.87
3.01
1.67

-3.5
-4.6
0.3
-3.9
-12.1
-13.2
-10.0
-3.4
-6.1
-16.0
-4.6
-14.6
-1.6
-13.3
-5.6
10.4
23.2
-4.5
-2.4
-8.2
5.0
-17.7
-0.2
-13.4
-10.7
-3.3
2.6
-8.5
-11.2
-9.6
-6.6
0.7
-11.0
-27.9
0.4
-10.9
-32.4
-9.3
-21.1
-6.7
-4.1
-9.8
-0.3
-0.6

PolarFins
..Sub
PolarHealth
PolarTech
ProspJap $
QatarInvF $
RIT Cap
RobecoNV
RolincoNV
Ruffer Inv
SchdrAsiaP
Schdr Inc
SchdrJap
SchdrOrient
SchdrUK
SchdrUKMd

101.50
5.25
168.25
533.00
0.97
1.25
1499
30.38
28.32
207.00
246.50
258.00
140.50
170.00
149.00
462.50

98.2
91.2
347.8
108.7
571.1
265.2
285.9
1016.0
1047.4
349.3
91.7
1036.9
173.3
660.0
1880.5
448.8
400.6
355.7
1318.1
164.8
245.0
279.4
165.9
292.2
1888.2
435.9
311.8
172.9
426.7
572.2
701.6
814.7
814.7
16.3
56.3
343.5
108.0
840.0
2622.4
626.7
186.3
179.1
403.2
33734.
5
107.0
174.2
555.9
1.2
1.4
1539.0
205.9
282.6
265.0
150.2
173.6
166.7
509.5

52 Week
High
Low

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

3.13
24.25
46.00
1.63
18.25
31.50
117.00
0.16
2.75
63.25
3.88
155.00
9.30
39.75
14.25
0.15
6.13
0.24
61.00
44.00

1.00
-0.88
1.50
-1.00
-0.08
-11.00
-0.57
1.25
-0.13
0.01
0.50
0.05
2.00
-

10.75
3.05 45.00 16.75 65.00 32.00 4.78
8.65
1.32 57.90 13.62 126.06 26.25 130.31 77.00 0.85
1.35
0.08 6.70
2.00 224.00 42.75 6.65
3.60 267.00 155.00 0.71
39.48
9.00 89.75 37.00 26.73
8.75 0.88
0.09 79.10
2.92 0.48
0.14 89.05
1.21 117.00 40.00 7.23

-4.44 128.0
-52.26 452.8
6.97
86.0
-1.42
5.5
-6.29 249.0
-5.88 392.9
29.67
12.3
-0.08 634.1
-1.34
40.3
-0.85
50.7
-5.70 584.0
24.95
65.5
5.14 766.7
-7.77 992.6
-9.04 1877.3
-0.68 13196.2
-0.07 133.6
-9.23 39522.1
-1.77 378.5
10.69
17.0

Pharmaceuticals & Biotech

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

581.00
57.75
180.00
27.25
499.00
1775
39.50
4.13
0.25
37.75
78.00

12.00 619.00 355.25 1.33

63.00 31.65 1.73
-5.00 339.00 170.00 0.25 49.40 24.25 9.00 708.55 299.11 -22.50
2020
1040 0.50 67.00 37.00 6.50
2.80 0.01
0.68
0.19 0.75 48.00 23.30 4.75 88.29 44.45 -

33.07
18.50
-6.02
-8.81
-37.42

1584.82

-13.29
-8.28
-4.31
-14.47
-117.29

383.2
72.8
22.1
60.6
580.6
5.5
153.3
654.1
3113.6
224.0
2367.3

Real Estate
Conygar
FltchKng
InlandHms
Lok'nStor
LXB Retail

166.50
47.50
71.00
294.00
85.75

0.50 195.00 160.00 1.05 8.44

68.6
0.50 65.00 38.00 6.32 6.61
9.9
-0.88 74.00 45.00 0.85 22.45 479.1
300.30 199.17 2.38 124.95
35.3
149.00 77.00 3339.5

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

241.50
575.00
241.20
708.00
123.50
141.00
224.75
439.00
320.00
229.00
1044
399.40
101.75
160.50
564.00
69.38
157.75
109.75
237.25
735.00
216.50
231.50
1690

-0.13
10.50
5.20
15.50
0.50
2.63
4.75
-4.25
1.38
21.00
8.40
-0.50
-2.00
1.38
2.50
1.00
0.38
13.00
6.88
-1.50
55.00

NewRiver
Palace Cap
PnthrSec
PSPI
SiriusRE
SumGermny
TaliesinPr
Winkworth

52 Week
High
Low

Yld

P/E

Vol
000s

2.42
2.28
3.10
2.04
3.47
4.27

18.99
4.65
17.11
-7.51
11.21
14.97
8.42
13.38

322.3
0.3
1.5
27.5
589.6
12.6
0.1
20.0

2764 164.00
4259
1742 63.54
43.00 -21.00 171.00 42.44 377.25
6.50 480.00 280.00 4.24 18.52
145.00
4.00 322.00 135.00 5.00 36.47

707.2
66.5
97.0
144.9

Price +/-Chg
351.00
372.50
387.50
36.00
0.51
0.87
2325
147.50

6.75 351.00
405.00
400.00
1.50 37.50
0.53
-0.01
0.99
2545
1.50 180.00
-

271.00
295.00
300.00
23.50
0.28
0.50
1750
115.00

Retailers
ASOS
Koovs
Majestic
StanlGib

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

327.50
52.25
47.50
133.00
79.50
343.25
43.50
805.00
206.00
87.00
166.50
2100
495.50
3.43
166.00
322.25
221.50
12.50
5.63
324.88
245.50
275.00
24.00
184.25

10.00
-1.00
-1.50
4.75
10.00
2.00
-1.75
10.50
0.10
2.00
5.00
1.88
13.00
-8.75

Albion Ent
AlbionTech
AlbionVCT
ArtemisVCT
Baronsmd
..VCT 2
..VCT 3
..VCT 4
..VCT 5
BSC VCT
..VCT2
Crown Place
FrsightSol
Inc&GthVCT
KingsAYVCT
Maven I&G
MavenVCT2
MavenVCT3
MavenVCT4
MavenVCT5
Nthn 2 VCT
Nthn 3 VCT
NthnVent
ProVenGI
ProVenVCT
UnicornAIM

90.50
76.00
66.00
63.50
72.63
95.38
100.13
92.63
76.63
88.00
55.00
29.00
103.50
93.50
18.50
67.50
60.50
73.75
84.00
35.75
69.25
90.00
76.00
78.50
94.38
137.00

355.00
62.00
51.08
162.00
91.50
710.00
90.25
859.60
356.00
95.41
181.95
2400
587.80
4.93
170.08
575.00
230.00
13.75
15.50
348.00
289.00
297.00
26.03
311.05

270.00 7.27
37.65 0.96
38.50 4.63
115.00 1.69
38.13 0.88
280.00 7.78
38.33 10.57
455.00 0.78
140.00 4.59
56.00 1.95
113.00 1.79
1800 2.95
485.00 4.04
1.85 2.19
120.00 3.07
215.00 116.00 1.58
9.75 5.50 237.00 1.54
212.00 0.98
224.00 1.94
11.00 142.00 2.17

14.07
7.0
10.54
3.1
-76.74
94.9
11.61
1.8
9.59
31.2
5.34
84.4
-12.82
9.8
13.15
5.5
-7.52
23.6
59.35
80.5
13.22
0.1
21.95
1.3
15.45
0.5
8.02 2774.7
13.03
3.2
49.29 2697.7
14.68
12.0
9.94 227.6
-0.23
74.7
18.83 402.2
44.82
79.7
29.96
71.6
17.86
11.7
12.85 790.1

52 Week
High
Low

Price +/-Chg

Yld

Tech - Hardware
AminoTech
IQE

158.00
24.75

0.25

171.00
26.50

75.24 3.16 14.07

10.2
12.08 - 102.70 1156.7

Tech - Software & Services

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

27.50
119.50
89.50
302.00
2.13
41.13
67.50
278.50
298.50
41.25
2.75
128.50
67.25
127.50

1.50
-1.00
-50.50
19.00
0.25
-2.50

40.50
148.25
110.13
370.00
4.50
48.00
79.00
280.00
303.00
49.00
9.75
208.00
95.51
545.00

14.75
83.00
64.00
261.25
1.25
33.00
62.00
159.93
205.00
26.00
2.00
114.00
38.50
125.00

1.84
2.07
3.64
0.76
0.63
0.42
1.21
2.39
-

-7.87 4445.5
22.25
10.5
-70.31
43.2
12.65
14.3
-2.20 270.5
48.61
43.4
-46.84
3.7
33.79 163.3
27.94
8.5
118.88
36.1
2.91
48.6
-3.96
3.0
-58.73
0.7
-1.40
12.8

Telecommunications
AltNetwks
AvantiCom
Peoples Op

521.50
212.75
135.00

-0.50 545.00 415.00 2.78 28.15

2.50 325.00 170.25 -3.80
9.00 147.60 120.00 -59.60

13.9
84.3
111.1

14.00
-1.00
-2.50

71.4
0.5
0.5
0.5
195.8
393.5
32.3
125.0
40.0

Travel & Leisure

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

32.50
73.50
65.00
135.00
330.00
484.00
150.50
6.63
102.50

41.25
79.00
80.00
150.00
335.00
505.00
242.00
15.73
110.00

17.00
70.75
35.00
120.00
111.15
200.00
147.74
6.51
75.00

4.98
0.60
1.33
1.46

5.80
-19.13
177.90
21.80
10.54
-10.50
20.21

28.83
67.83
6.25
33.25

8.25
38.50
1.10
4.53

5.61
-

-0.41
2.9
-27.43
0.0
-0.51 2089.6
-0.49 235.5

Utilities
ModernWtr
RenEnGen
Rurelec
SeaEnergy

9.00
39.25
1.38
4.63

Marwyn Val
TerraCat

220.50
106.00

0.13
-0.48
-

Investment Companies
Conventional (Ex Private Equity) 52 Week
Price +/-Chg
High
Low Yld
3i Infra
167.30
0.10 189.56 154.78 4.47
AbnAsianIn
155.00
1.00 208.50 142.50 5.29
AbnAsian
704.00 12.00 998.00 653.77 1.42
AbnJapInv
441.25
7.50 571.00 357.50 1.02
AbnLatAmIn
45.50
1.13 77.79 43.35 9.34
..Sub
0.15
-0.05
2.60
0.10 AbnNewDn
144.50
3.25 205.23 136.00 2.49
AbnNewThai 355.00
3.63 489.88 324.00 2.25
AbnSmlCo
216.50
229.00 174.00 3.00
Abn UK
289.50
4.63 334.75 281.83 3.52
Abf Gd Inc
197.25
2.25 212.00 138.25 3.73
Abf Sml
1092
8.00
1235 966.00 2.27
AcenciADbt $
1.60
-0.02
1.80
1.51 3.81
AdvDvpMk
376.63
8.75 483.00 350.00 Alliance
458.20
7.10 531.50 420.20 2.16
AllianzTech
560.50
6.50 640.43 463.07 AltAstsOps
41.50
47.00 37.25 Art Alpha
264.75
4.25 300.00 249.50 1.23
..Sub
19.00
42.00 18.00 6.32
AsianToRt
178.25
4.50 224.00 163.25 1.82
Aurora
157.50
162.00 144.00 2.41
BG Japan
412.00 10.75 493.25 316.50 BG Shin
368.50
7.75 424.00 282.50 BSRT
18.25
-0.38 34.07 17.15 Bankers
595.00
8.00 674.50 506.00 2.54
BrngEmEu
487.00
6.63 620.00 432.00 3.90
BH Global
1280
5.00 1343.6
1185 ..EUR
12.00
14.00 11.80 ..USD $
12.63
0.08 13.35 11.70 BH Macro
2052
2191
1970 ..EUR
19.86
21.10 19.20 ..USD $
19.74
0.05 21.10 18.80 BiotechGth
640.00 16.00 898.92 492.52 BlckRCom
57.25
1.38 107.33 55.00 10.50
BlckREmEur
183.50
-1.00 240.00 164.58 BlckRFrnt
103.75
1.75 132.93 95.25 4.01
BlckRGtEur
236.00
3.00 264.50 201.75 1.99
..Sub
10.25
-0.13 25.63
8.75 BlckR I&G
175.25
-1.25 193.00 158.01 3.25
BlckRIncStr
130.50
-1.00 140.50 119.25 4.95
BlckRckLat
271.00
4.88 477.50 262.11 7.11
BlckRckNrAm 104.38
2.13 124.50 98.75 3.83
BlckRSmlr
879.00
-3.50 983.00 697.00 1.47
BlckRThrmt
328.50
3.25 352.00 238.00 1.34
BlckRWld
205.75
5.75 444.98 185.75 10.21
Bluecrest A
188.60
0.20 194.60 183.20 Brit Emp
456.50 10.50 557.08 440.10 2.30
Brunner
519.00
8.75 584.12 486.00 2.31
Calednia
2180 39.00 2517.66
2104 2.27
CanGen C$
18.19
0.24 22.00 17.08 2.96
Cap Gear
3285 52.50
3575
3125 0.49
City Merch
179.50
-1.88 194.00 179.00 5.57
CityNatRs
79.25
2.13 132.00 75.00 7.07
City Lon
377.00
9.00 418.35 345.00 4.02
DexionAb
186.25
0.75 191.00 167.00 ..EUR
2.59
0.05
2.65
2.40 ..USD $
3.85
3.89
3.70 DiverseInc
90.00
1.75 93.00 73.02 2.61
Dun Inc
224.00
3.75 273.00 217.50 5.02
Dun Sml
196.00
-3.38 229.00 171.30 2.68
EcofinWatr
114.00
-1.50 169.67 113.10 6.14
..CULS
102.50
109.50 101.75 EdinDragn
226.50
2.25 311.00 212.50 0.97

NAV
163.0
819.9
456.0
51.2
166.0
422.3
243.8
304.6
211.0
1246.6
1.7
425.1
520.1
580.2
44.6
317.5
199.7
158.9
395.0
372.3
39.7
593.0
535.8
1358.0
13.4
2160.0
20.9
20.7
666.8
57.2
209.6
106.9
245.5
176.8
129.6
310.4
115.7
1020.1
381.6
222.9
201.4
521.1
572.8
2702.0
24.9
3247.9
177.3
102.5
369.4
194.1
2.7
4.1
90.8
241.6
235.5
141.2
259.7

Dis(-)
or Pm
-4.9
-14.1
-3.2
-11.1
-13.0
-15.9
-11.2
-5.0
-6.5
-12.4
-5.9
-11.4
-11.9
-3.4
-7.0
-16.6
-10.7
-0.9
4.3
-1.0
-54.0
0.3
-9.1
-5.7
-5.7
-5.0
-5.0
-4.6
-4.0
0.1
-12.5
-2.9
-3.9
-0.9
0.7
-12.7
-9.8
-13.8
-13.9
-7.7
-6.4
-12.4
-9.4
-19.3
-26.9
1.1
1.2
-22.7
2.1
-4.0
-4.1
-6.1
-0.9
-7.3
-16.8
-19.3
-12.8

..CULS
Edin Inv
Edin WWd
EP Global
Estabmt
Euro Ast
EuroInvT
F&C Cp&I
F&CGblSmlr
F&CMgdG
F&CMgdI
FidAsian
FidChiSpS
Fid Euro
Fid Jap
Fid Spec
FinsG&I
FstPacfic H HK$
For & Col
Geiger
GenEmer
GFIS
GRIT
GoldenPros
Hansa
..A
Hend Alt
Hen Div
HenEuroF
HenEuro
HenFarEs
HendGlob
HenHigh
HenInt Inc
Hen Opp
HenSmlr
Herald
HICL Infra
Impax Env.
Ind IT
Intl PP
InvAsTr
Inv Inc
InvPerp
IPST BalR
IPST Gbl Eq
IPST Mngd
IPST UK Eq
InvPpUK
Invs Cap A
Invs Cap B
Invs CapU
JLaingInf
JPM Amer
JPM Asn
JPM Brazil
JPM China
JPMElct MC
..MG
..MI
JPM Emrg
JPM EurGth
JPM EurInc
JPM EuSm
JPM Clavr

102.00
565.20
332.25
207.04
138.00
800.00
659.33
231.75
781.00
130.00
110.00
195.50
105.06
137.40
64.00
159.37
464.25
4.56
365.00
11.50
391.70
14.00
7.00
18.00
795.00
770.00
215.00
87.50
816.47
678.25
238.25
334.86
156.50
103.00
755.00
468.13
594.00
143.80
136.00
268.50
130.09
147.00
255.00
68.40
114.00
138.00
101.00
143.00
281.00
87.00
87.03
347.00
113.99
236.05
182.00
32.25
136.30
97.01
507.66
92.00
486.00
193.00
104.75
164.00
534.51

3.41
0.46
1.53
3.13
5.07
2.08
3.87
0.87
4.30
0.51
0.96
1.90
1.71
2.10
4.27
2.25
2.33
1.36
5.70
2.37
2.06
6.88
2.82
5.06
3.71
1.29
1.84
5.93
0.96
1.45
4.81
2.08
3.64
7.17
3.04
3.73
4.55
5.01
1.28
5.74
1.26
1.08
2.44
1.06
1.22
1.71
1.05
2.88
2.04
1.24
3.63

679.4
445.7
219.5
200.9
1014.4
739.7
251.3
926.8
143.3
113.0
246.3
139.3
170.7
88.5
557.7
445.7
14.8
495.1
42.6
21.4
1092.6
1092.6
270.0
87.2
984.8
840.9
268.9
397.5
170.8
113.3
1001.0
710.8
853.1
136.9
162.4
362.5
125.8
185.6
294.1
69.1
114.9
148.1
103.2
163.7
399.9
95.0
95.0
380.3
104.3
262.8
228.7
38.4
180.8
101.3
584.3
100.7
599.3
242.4
128.9
274.1
608.8

1.8
-3.5
-1.6
-25.1
1.8
-9.0
1.9
0.6
1.9
2.0
-12.6
-14.3
-4.5
-13.7
-0.2
-6.1
-12.2
-11.5
-63.6
-10.0
-25.5
-28.4
-18.1
2.6
0.3
1.0
-0.1
-10.9
0.7
2.3
-3.4
-11.9
-20.3
11.2
-10.4
-4.6
4.1
-10.8
-6.6
0.9
0.5
2.3
-0.2
0.8
-5.7
-5.8
-5.8
-4.4
10.6
-2.2
-11.3
-9.2
-16.6
-1.3
-0.7
-1.2
-12.5
-4.2
-2.8
-14.9
-7.2

1.75 112.84 92.00 3.05

0.50 12.00
4.00 3.00 187.50 142.50 2.11
9.00 614.00 458.80 1.09
0.90 1.49
1.09 2.71
14.00
1615 1265.55 1.98
226.00 193.50 2.75 321.50 226.25 1.12
5.25 348.25 235.50 3.91
3.75 165.00 115.25 1.28
3.00 215.25 154.00 4.50
1.63 174.00 145.00 3.19
6.63 504.50 402.49 1.84

-5.1

-3.4
-4.1
-19.2
-10.7
-2.6
0.5
-12.8
-2.6
-6.5
-2.1
-10.6
-9.2

221.99
536.00
204.00
660.00
120.50
131.00
214.00
362.50
256.00
160.75
1020
370.00
99.00
156.00
438.00
60.00
119.11
103.00
228.50
642.00
203.03
212.00
1355

4.37
2.09
1.20
1.62
3.89
3.97
5.34
3.19
1.45
0.34
4.48
1.82
5.98
2.71
1.15
3.28
3.87
6.83
3.67
2.13
2.10
0.23
0.83

233.6
642.7
232.1
817.1
133.0
141.6
235.2
441.3
357.6
215.0
1078.8
452.9
178.6
647.3
68.8
179.6
145.0
293.8
735.9
250.2
268.7
1779.2

3.4
-10.5
3.9
-13.4
-7.1
-0.4
-4.4
-0.5
-10.5
6.5
-3.2
-11.8
-10.1
-12.9
0.8
-12.2
-24.3
-19.2
-0.1
-13.5
-13.8
-5.0

Conventional - Private Equity

Price +/-Chg
AbnPvtEq
89.13
-0.38
Altamir
9.90
0.19
Dun Ent
330.88
5.00
Electra
3265 -10.00
ElectraPrf
151.50
F&C PvtEq
227.00
GraphEnt
575.00
-1.00
HVPE
830.00
1.50
HgCapital
1060
-3.00
JPM Pvt Eq $
0.92
-0.01
JZ Capital
404.00
-2.00
Mithras
131.00
NB PE Ptnr $
11.21
-0.02
Nthn Invs
590.00
Pantheon
1302
2.00
PantheonR
1235
PrincssPE
7.49
0.03
Riverstone
906.50
-8.50
StdLfEuPv
214.00
-

52 Week
High
Low
96.00 81.04
11.82
9.43
395.97 305.00
3349.01
2338
152.05 144.50
230.00 197.00
605.00 536.10
899.46 783.86
1169
1006
1.07
0.78
480.00 390.00
151.91 126.50
12.20 10.80
675.00 385.25
1355
1140
1300
1074
8.12
6.50
1114 822.00
236.42 198.00

Yld
2.51
4.86
1.42
4.78
1.74
3.02
0.76
1.69
6.93
2.34

NAV
123.5
16.2
508.0
3619.1
146.6
285.3
714.2
1089.8
1305.6
1.3
699.1
165.1
526.7
1622.3
1622.3
9.1
1077.6
277.2

Dis(-)
or Pm
-27.8
-38.9
-34.9
-9.8
3.3
-20.4
-19.5
-23.8
-18.8
-29.2
-42.2
-20.7
12.0
-19.7
-23.9
-17.7
-15.9
-22.8

Conventional - Property ICs

Price +/-Chg

52 Week
High
Low

NAV

Dis(-)
or Pm

Direct Property

Yld

AseanaPr $
AXA Propty
CustdnREIT
F&CComPrp
F&CUKRealE
InvistaERET#
Longbow
PictonProp
SLIPropInc
UKComPrp

0.52
50.00
108.50
138.20
100.00
0.30
106.00
69.00
84.25
85.80

0.13
-0.80
0.05
-0.50
-0.75
-

SchdrGlbRe
TR Prop

115.13
293.00

0.50 132.98 98.88 1.89 126.5

6.00 325.00 232.40 2.58 313.9

Property Securities

276.50
670.00
283.40
898.50
148.00
150.00
261.00
471.46
346.00
241.50
1235.01
607.78
109.00
180.00
661.00
74.71
171.74
126.00
274.00
850.00
274.75
285.25
2108.5

VCTs
AlbionDev

Price +/-Chg
69.00
-

0.58
0.43 0.5
51.01 39.45 110.50 104.00 3.46 149.00 123.00 4.34 129.6
105.50 88.00 5.00 95.8
2.65
0.03 2.4
106.75 101.25 5.66 74.75 60.50 4.35 69.7
90.25 74.75 5.51 78.0
94.00 80.75 4.29 84.3

52 Week
High
Low Yld
70.89 66.00 7.25

NAV
71.2

4.0

6.6
4.4
-87.5
-1.0
8.0
1.8
-9.0
-6.7

Dis(-)
or Pm
-3.1

91.75 85.00 5.52

78.49 71.25 6.58
68.00 63.00 7.58
70.52 59.23 6.30
75.60 69.50 4.82
99.00 91.00 4.72
101.50 94.00 7.49
95.19 86.75 3.24
78.88 72.00 5.22
91.00 82.00 6.25
59.00 51.98 8.18
30.50 27.75 8.62
106.00 95.00 5.80
104.00 88.25 19.25
19.00 17.25 5.41
75.00 59.50 8.74
1.00 64.00 49.00 6.61
79.00 70.00 2.71
88.39 80.00 5.95
36.43 32.00 2.80
88.00 67.25 2.89
104.00 86.50 6.11
85.36 74.50 7.89
81.25 76.00 5.10
97.89 89.50 4.77
138.00 122.00 4.38

99.6
79.7
67.1
71.5
76.2
99.4
104.0
95.9
79.3
97.0
60.5
28.3
109.0
103.4
19.9
65.1
62.6
89.2
96.2
40.0
72.2
94.3
79.2
87.6
105.4
154.2

-9.1
-4.6
-1.6
-11.2
-4.7
-4.0
-3.7
-3.4
-3.4
-9.3
-9.1
2.5
-5.0
-9.6
-7.0
3.7
-3.4
-17.3
-12.7
-10.6
-4.1
-4.6
-4.0
-10.4
-10.5
-11.2

HR
Ordinary Income Shares
52 Week
Price +/-Chg
High
Low Yld WO GRY 0%
JPM I&C
87.00
-1.00 106.00 85.00 7.47 -14.6
-2.6
JupiterDv&G
3.75
5.50
3.00 19.73
9.7
-26.2
M&GHI&Gt
56.75
66.70 54.00 -15.4
-19.0
Rghts&Icp
4775 -30.00
4900
3800 -82.6
-6.6
Income Shares
JPM In&Gr
M&GHghIc
Rghts&I

HR
52 Week
Price +/-Chg
High
Low Yld WO GRY 0%
96.75
0.25 100.50 90.15 4.55 -71.3
11.0
54.25
63.00 51.00 -15.4
-12.1
1170 10.00
1245 895.00 3.08 25.0

Capital Shares
JPM Inc&Gr
M&GHghIc

Price +/-Chg
10.25
0.50
2.85
-

HR
52 Week
High
Low SP WO TAV 0%
15.19
9.00 5.9 -0.6
1.1
5.30
2.00 15.7 14.5
-

Zero Dividend Preference Shares 52 Week

Price +/-Chg
High
Low
Abf Gd Inc
150.88
153.25 143.25
EcofinWatr
154.50
155.10 150.75
JPM I&C
174.13
175.00 165.50
JupiterDv&G 110.00
114.00 99.50
JZ Capital
359.25
361.40 344.00
M&GHghIc
115.00
115.50 110.01
UtilicoFn16
185.88
0.13 186.85 178.30
UtilicoFn18
139.63
-0.38 146.50 129.00
UtilicoFn20
117.63
-0.38 123.75 104.93

HR
SP
-46.0
-70.5
-18.8
-4.8
-89.4
-19.3
-70.2
-20.7
-9.3

WO TAV 0%
159.7
-88.7 160.7
192.1
-98.6 122.7
-98.6 369.8
-97.3 122.8
192.8
-34.0 160.5
-12.0 154.9

Investment Companies - AIM

AdFrntMkt
CrysAmber
GLI Finance
IndiaCap
Infra India
MMP

Price +/-Chg
49.75
0.25
169.00
-0.25
51.00
-0.50
58.50
19.50
3.13
-

52 Week
High
Low
65.50 48.20
172.00 129.81
65.00 49.00
69.40 46.00
21.99 10.50
4.93
3.00

Yld NAV
56.0
0.3 168.7
9.8 72.5
52.1
-

Dis(-)
or Pm
-11.2
0.2
-19.3
-62.6
-

251.93 196.00 110.89 90.00 -

ISDX
ArsenalFC
ShephdNm
Thwaites

52 Week
Price +/-Chg
High
Low Yld
P/E
1567000
1600000 1400000 48.64
1170
1260 1000.00 2.23 24.00
108.50
132.00 102.00 4.11 9.77

Vol
000s
0.0
0.8
0.0

Guide to FT Share Service

For queries about the London Share Service pages e-mail
ft.reader.enquiries@morningstar.com.
All data is as of close of the previous business day. Company classifications
are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
100 constituent stocks are shown in bold.
Closing prices are shown in pence unless otherwise indicated. Highs & lows
are based on intra-day trading over a rolling 52 week period. Price/earnings
ratios (PER) are based on latest annual reports and accounts and are updated
with interim figures. PER is calculated using the companys diluted earnings
from continuing operations. Yields are based on closing price and on dividends
paid in the last financial year and updated with interim figures. Yields are
shown in net terms; dividends on UK companies are net of 10% tax, non-UK
companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
capital changes where appropriate.
Trading volumes are end of day aggregated totals, rounded to the nearest
1,000 shares.
Net asset value per share (NAV) and split analytics are provided only as a
guide. Discounts and premiums are calculated using the latest cum fair net
asset value estimate and closing price. Discounts, premiums, gross redemption
yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
are displayed as a percentage, NAV and terminal asset value per share (TAV)
in pence.
X

FT Global 500 company

trading ex-dividend
trading ex-capital distribution
price at time of suspension from trading

The prices listed are indicative and believed accurate at the time of publication.
No offer is made by Morningstar or the FT. The FT does not warrant nor
guarantee that the information is reliable or complete. The FT does not accept
responsibility and will not be liable for any loss arising from the reliance on
or use of the information.
The London Share Service is a paid-for-print listing service and may not be
fully representative of all LSE-listed companies. This service is available to all
listed companies, subject to the Editors discretion. For new sales enquiries
please email stella.sorrentino@ft.com or call 020 7873 4012.

Data provided by Morningstar

www.morningstar.co.uk

Thursday 1 October 2015

29

FINANCIAL TIMES

MANAGED FUNDS SERVICE

Fund

Bid

Offer

+/- Yield

ACPI Global UCITS Funds Plc

(IRL)

www.acpishard.com
Regulated
ACPI Emerging Mkts FI UCITS Fund USD A $ 104.28

-0.55 0.00

ACPI Global Credit UCITS Funds USD A $ 13.75

-0.06 0.00

ACPI Global Fixed Income UCITS Fund USD A $ 151.05

-0.25 0.00

Q ACPI India Fixed Income UCITS Fund USD A $ 10.00

0.08

ACPI India Fixed Income UCITS Fund USD A3 $ 84.81

0.25 0.00

ACPI International Bond UCITS Fund USD A $ 18.01

0.02 0.00

ACPI Select UCITS Funds PLC

(IRL)

Regulated

Fund

Bid

Artemis Pan-Euro Abs Ret GBP

110.33

Offer
-

+/- Yield
-0.65

CAF Financial Solutions

Artemis Strategic Bond R M Acc

82.31 87.42 -0.04 4.05

Kings Hill, West Malling, Kent 03000 123 222

Property & Other UK Unit Trusts

Artemis Strategic Bond R M Inc

53.37 56.68 -0.03 4.12

Artemis Strategic Bond R Q Acc

82.39 87.50 -0.04 4.04

Artemis Strategic Bond R Q Inc

53.62 56.94 -0.02 4.12

Artemis UK Growth R Acc

447.83 474.42 2.96 0.55

Artemis UK Smaller Cos R Acc

1112.76 1198.65 -2.50 0.50

Artemis UK Special Sits R Acc

493.80 524.72 3.50 1.68

Artemis US Abs Ret I Acc

104.69

-0.32

Artemis US Equity I Acc

106.06

-1.59

Artemis US Select I Acc

108.57

-1.82

96.97

-1.62

Artemis US Select I Inc

ACPI Balanced UCITS Fund EUR Retail 10.09

-0.10 0.00

Artemis US Smlr Cos I Acc

113.84

-2.63

ACPI Balanced UCITS Fund GBP Retail 10.20

-0.10 0.00

Artemis US Ex Alpha I Acc

110.48

-1.95

ACPI Balanced UCITS Fund USD Institutional $ 10.00

ACPI Balanced UCITS Fund EUR Institutional 10.00

ACPI Balanced UCITS Fund GBP Institutional 10.00

-0.03 0.00

Abbey Life Assurance Company Limited

(UK)
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900
additional fund prices can be found @ www.abbeylife.co.uk
Insurances
Life Funds

Artisan Partners Global Funds PLC

(IRL)
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
Tel: 44 (0) 207 766 7130
FCA Recognised
Artisan Partners Global Funds plc
Artisan Emerging Markets I USD Acc $

+/- Yield

-0.14 0.00

Offer

71.33 75.62 0.85 0.00

$ 12.62

Bid

Artemis Strategic Assets R Acc

ACPI Balanced UCITS Fund USD Retail $ 13.36

ACPI Horizon UCITS Fund

Fund

(UK)

CAF UK Equitrack Inc Fd

67.52 67.52 1.01 3.50

CAF UK Equitrack Acc Fd

94.05 94.05 1.41 3.50

FP CAF Alternative Strategies A Class Acc

110.62

-0.12 0.49

FP CAF Alternative Strategies A Class Inc

109.78

-0.12 0.52

FP CAF Fixed Interest A class Acc

113.69

-0.02 2.91

FP CAF Fixed Interest A class Inc

100.02

-0.01 2.97

FP CAF Fixed Interest B class Acc

114.20

-0.01 2.91

FP CAF Fixed Interest B class Inc

100.34

-0.01 2.96

FP CAF International Equity A Class Acc

130.83

-1.53 0.68

FP CAF International Equity A Class Inc

127.20

-1.49 0.68

FP CAF UK Equity A Class Acc

142.71

-1.00 2.18

FP CAF UK Equity A Class Inc

130.51

-0.92 2.21

FP CAF UK Equity B Class Acc

142.71

-1.00 2.18

FP CAF UK Equity B Class Inc

130.49

-0.92 2.21

Fund

Bid

Offer

+/- Yield

Asia Pacific Ops W-Acc

1.00

0.02 0.45

Fidelity Asian Dividend Fund A-Accumulation

1.03

0.03 1.50

FIL Fund Management

Cavendish Asia Pacific Fund A Class

146.50

-2.00 0.75

Fidelity Asian Dividend Fund A-Income

0.97

0.02 3.70

Cavendish Asia Pacific Fund C Acc

151.60

-2.20 1.62

China Consumer

1.35

Cavendish European Fund B Class

133.80

-0.60 1.28

Emerging Asia

1.09

Cavendish European Fund A Class

131.90

-0.60 0.37

Emerg Eur, Mid East & Africa H

Cavendish Japan Fund B Class

143.40

-5.80 0.80

Enhanced Income - Acc

Cavendish Japan Fund A Class

142.00

-5.70 0.00

c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Fund information, dealing and administration: funds@dragoncapital.com
Other International Funds

Cavendish North American Fund B Class

177.10

-5.20 0.61

Vietnam Enterprise Inv. (VEIL) NAV $

Cavendish North American Fund A Class

171.60

-5.00 0.00

Vietnam Growth Fund (VGF) NAV $ 22.35

Cavendish Technology Fund B Class

261.20

-6.80 0.09

Vietnam Property Fund (VPF) NAV $

Cavendish Technology Fund A Class

248.40

Cavendish UK Balanced Income Fund B Class

134.70

Cavendish UK Balanced Income A Class

128.00

-1.40 5.61

Cavendish UK Select Fund B Class

145.90

-1.20 1.86

Cavendish UK Select Fund A Class

145.30

-1.20 1.01

International S-PA Acc

3.78

3.98 -0.06

0.02 0.08

2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg

Phone: 800 22 089, 800 22 088
Regulated

International S-EU Acc

3.05

3.21 -0.04

0.03 0.15

China Consumer A-GBP

13.19

-0.05 0.00

Managed S-PR Acc

6.41

6.75 -0.09

1.33

0.02 1.00

China Focus A-GBP

3.86

-0.04 0.75

Fixed Interest S-IL Acc

6.44

6.77 -0.03

1.84

0.03 5.95

Global Financial Services A-GBP

0.42

0.00 0.12

Deposit Accum

4.44

4.68 0.00

Enhanced Income - Inc

1.19

0.02 7.55

Global Health Care A-GBP

0.52

0.00 0.00

Guardian Pensions Management Ltd

0.08 0.00

European - Inc

1.37

0.03 0.80

Global Industrials A-GBP

0.58

0.00 0.00

Pens. Managed Acc.

21.93 23.08 -0.26

0.48 0.00

European

15.55

0.25 1.21

Global Inflation-Linked Bd A-GBP-Hdg

1.15

0.00 0.56

Pens. Equity Acc.

32.39 34.09 -0.42

-0.01 0.00

European Opportunities

3.62

0.05 0.25

Global Real Asset Securities

1.28

-0.01 0.00

-6.50 0.00

Extra Income

0.26

0.00 3.29

Global Technology A-GBP

0.23

0.00 0.00

HPB Assurance Ltd

-1.40 5.34

Extra Income - Gross

0.26

0.00 3.30

Global Telecomms A-GBP

0.26

-0.01 1.19

Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
International Insurances

-3.32 0.00

Cedar Rock Capital Fd Plc

315.08

-5.55 0.00

Artisan Global Opportunities I USD Acc $ 11.18

-0.06 0.00

Artisan Global Value Fund Class I USD Acc $ 14.82

0.08 0.00

CCLA Investment Management Ltd

0.01 0.00

Senator House 85 Queen Victoria Street London EC4V 4ET

Authorised Inv Funds
The Public Sector Deposit Fund

1556.70 1638.70 -29.60

Ashmore Sicav
2 rue Albert Borschette L-1246 Luxembourg
FCA Recognised

(LUX)

The Public Sector Deposit Fund-share class 2 F

100.00
100.00

0.00 0.31

Equity Ser. 4

533.50 561.60 -6.50

European Ser 4

543.00 571.60 -1.80

Fixed Int. Ser. 4

895.90 943.10 2.00

Intl Ser. 4

409.90 431.50 -6.70

Japan Ser 4

337.80 355.60 -13.70

Man. Ser. 4

1587.90 1671.50 -14.70

Money Ser. 4

524.30 551.90 0.00

Prop. Ser. 4

1101.20 1159.10 0.00

Investment Inc

1282.15 1296.34 -21.33 3.78

Custodian Ser 5

460.70 484.90 -2.40

Investment Acc

2611.98 2640.87 -43.43

-0.77 8.00

Ashmore SICAV Emerging Market Frontier Equity Fund $ 137.17

0.09 0.94

Ashmore SICAV Emerging Market Total Return Fund $ 78.22

-0.55 5.63

Ashmore SICAV Global Small Cap Equity Fund $ 112.64

0.37 0.00

Ashmore SICAV Local Currency Fund $ 80.40

-0.10 0.32

EM Mkts Corp.Debt USD F

-0.83 7.80

$ 89.82

EM Mkts Loc.Ccy Bd USD F

$ 73.97

-0.43 4.46

The Public Sector Deposit Fund-share class 3 F

100.00

(IRL)
0.00 0.01

3.47

0.81

0.00 0.36

The Public Sector Deposit Fund-share class 4 F

100.00

0.00 0.41

The Public Sector Deposit Fund-share class 5 F

100.00

0.00 0.31

(LUX)

1.50

0.02 3.31

India Focus A-GBP

4.26

0.08 0.00

Holiday Property Bond Ser 1

0.49

0.00 0.00

Global Dividend - Inc

1.33

0.02 3.46

Latin America A-GBP

1.24

-0.01 0.65

Holiday Property Bond Ser 2

0.59

0.00 0.00

Global Focus

12.45

0.10 0.00

Global High Yield Fund - A Gross Acc 11.72

-0.02 4.98

Findlay Park Funds Plc

Global High Yield Fund - A Gross Inc

9.82

-0.02 5.63

30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900

FCA Recognised

40 Dukes Place, London EC3A 7NH

Order Desk and Enquiries: 0345 608 0941
Authorised Corporate Director - Capita Financial Managers
Authorised Inv Funds

Global High Yield Fund - A Net Acc 11.31

-0.02 5.03

American Fund USD Class

$ 75.91

-0.04 0.00

Asian Market Leaders - USD

$ 23.78

0.62 0.00

Global High Yield Fund - A Net Inc

-0.02 5.63

American Fund GBP Hedged

41.35

-0.02 0.00

Asian Market Leaders - GBP

12.27

0.33 0.00

American Fund GBP Unhedged

50.12

0.11

Greater China - USD

9.98

0.18 0.00

CF Eclectica Agriculture A EUR Acc

Global Property W Inc

Latin American Fund USD Class

$ 10.90

0.12 0.00

Greater China - GBP

4.16

0.08 0.00

0.10

Selected Asian P'folio

$ 42.92 42.93 -0.74 0.00

Global Growth I2 Acc

Global Growth I1 Eur

120.41
90.08

-0.68 0.00
-0.50

Eclectica Asset Management

(UK)

Global Property - Acc

$ 266386.01 266386.01 -2750.68 0.00

CAM GTi Limited

$ 637.97

Raffles-Asia Investment Company $

1.59

0.01 0.00
0.71 0.00

Global Special Sits

23.65

0.23 0.00

CF Eclectica Agriculture A USD Acc $

1.47

0.02 0.00

Index Emerging Markets P-Acc

0.93

0.03 2.79

CF Eclectica Agriculture C EUR Acc

1.36

0.01 0.36

Index Europe ex UK P-Acc

0.98

0.02 2.50

100.25

0.74 0.41

Index Japan P-Acc

1.04

0.01 1.59

1.51

0.01 0.43

Index Pacific ex Japan P-Acc

0.95

0.02 4.10

Index UK A-Acc

0.80

0.01 3.02

Index UK P-Acc

0.98

0.02 3.28

Index US A-Acc

1.51

0.01 1.56

1.59 -0.13 8.14

EdenTree Investment Management Ltd

(UK)

PO Box 3733, Swindon, SN4 4BG, 0800 358 3010

Authorised Inv Funds

Cheyne Capital Management (UK) LLP

(IRL)

Amity UK Cls A Inc

208.10

1.10 1.51

Amity UK Cls B Inc

208.20

1.20 2.33

Higher Income Cls A Inc

119.60

1.10 5.13

Higher Income Cls B Inc

123.10

1.10 5.05

UK Equity Growth Cls A Inc

230.90

1.30 0.62

UK Equity Growth Cls B Inc

236.30

1.30 1.26

393.80 414.50 -6.40

Global Equity Inc

Managed Ser 5

1525.40 1605.70 -14.20

Global Equity Acc

211.83 214.17 -3.79

Money Ser 5

513.40 540.40 0.00

UK Equity Inc

139.99 141.39 -2.68 4.05

Property Ser 5

1057.80 1113.50 -0.10

UK Equity Acc

207.59 209.68 -3.99

Fixed Interest Inc

162.99 163.64 0.97 3.96

Amity Balanced For Charities A Inc

105.80

0.50 6.21

Fixed Interest Acc

494.39 496.37 2.92

Amity European Fund Cls A Inc

191.90

2.30 1.30

Property Fund Inc

132.40 136.84 1.37 6.51

Amity European Fund Cls B Inc

194.20

2.40 2.20

Property Fund Acc

234.22 242.07 2.73

96.13

0.65 4.28

Aspect Capital Ltd (UK)

American

1771.00 1864.20 -41.40

4649.90 4894.70 -73.70

Equity
European

1082.10 1139.00 -6.70

Fixed Int.

1646.00 1732.70 5.40

860.70 906.00 -16.30

International

Japan

351.70 370.20 -14.50

Managed

4076.50 4291.00 -48.00

Property

2850.20 3000.20 -0.30

Security

1476.40 1554.10 0.00

Selective

1973.20 2077.00 -14.10

Formerly Hill Samuel Life Assurance Ltd

100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603

Other International Funds

Aspect Diversified USD (Est)

$ 425.01

19.15 0.00

Aspect Diversified EUR (Est)

255.74

11.58

Aspect Diversified GBP (Est)

130.71

5.96 0.00

Aspect Diversified CHF (Est)

SFr 122.36

5.51 0.00

Aspect Diversified Trends USD

$ 126.41

1.84 0.00

Aspect Diversified Trends EUR

126.57

1.84 0.00

Aspect Diversified Trends GBP

131.26

1.91 0.00

Atlantas Sicav

(LUX)

Regulated

144.91 146.51 -2.60 4.31

CCLA Fund Managers Ltd

(UK)

Senator House 85 Queen Victoria Street London EC4V 4ET

Property & Other UK Unit Trusts
COIF Charity Funds (UK)
Investment Inc

1192.01 1205.19 -18.83 3.62

Investment Acc

11360.06 11485.72 -179.46

Ethical Invest Inc

183.34 185.37 -3.10 3.73

American Dynamic

$ 3232.04

-166.65 0.00

Ethical Invest Acc

233.73 236.31 -3.94

Regulated
Cheyne Convertibles Absolute Return Fund 1315.95

-7.85 0.00

Cheyne Global Credit Fund

116.02

-0.45 0.00

Cheyne European Mid Cap Fund

1152.90

5.37 0.00

Cheyne Capital Management (UK) LLP

Other International Funds
Cheyne European Event Driven Fund 137.14

Amity International Cls A Inc

188.70

2.40 1.49

Cheyne Malacca Asia Equity Fund Class A $ 1386.92

-50.24 0.00

Amity International Cls B Inc

190.50

2.40 2.43

Cheyne Multi Strategy Liquid Fund $ 125.37

-2.62

Amity Sterling Bond Fund A Inc

106.10

-0.10 5.23

Cheyne Real Estate Credit Holdings Fund 152.99

1.01 0.00

Amity Sterling Bond Fund B Inc

114.60

0.00 5.21

Cheyne Real Estate Debt Fund Class A1 131.64

-0.05 0.00

Cheyne Total Return Credit Fund - December 2017 Class $ 186.98

-10.55 0.00

Cheyne Total Return Credit Fund December 2019 $ 136.64

-6.86

American One

$ 2960.99

-164.89 0.00

Global Equity Inc

138.63 140.16 -2.71 4.41

Cohen & Steers SICAV

Managed Ser A (Pensions)

1007.00 1060.00 -4.40

Bond Global

1360.44

-18.26 0.00

Global Equity Acc

203.58 205.84 -3.99

Regulated

Eurocroissance

811.29

-32.54 0.00

Fixed Interest Inc

134.71 135.25 1.13 4.14

Managed (Life)

1542.80 1624.00 -5.30

Managed Growth (Life)

480.70 506.00 -2.80

Managed (Pensions)

6043.20 6361.30 -26.00

Managed Growth (Pensions)

582.40 613.00 -4.10

additional fund prices can be found on our website

Alceda Fund Management S.A.

www.alceda.lu
FCA Recognised
AC Opp - Aremus Fund EUR A

111.70

-0.89 0.00

AC Risk Parity 7 Fund EUR A

117.61

0.23 0.00

AC Risk Parity 12 Fund EUR A

139.44

0.44 0.00

AC Risk Parity 17 Fund EUR A

84.80

0.33 0.00

-27.40 0.00

BLME Asset Management

(LUX)

BLME Sharia'a Umbrella Fund SICAV SIF

Regulated

(IRL)

1.08

0.00 5.01

0.01 3.77

Global Opportunities A GBP

0.94

-0.01 1.50

Multi Asset Income A Net Inc

1.08

0.00 5.03

Pan European Opportunities I EUR

1.42

-0.01

South East Asia

7.50

0.19 0.13

Special Situations

29.26

0.20 0.82

Strategic Bond

0.00 2.88

8.82 1.14

1.01 1.53

Corporate Bond B Inc

203.22

-0.22 4.07

Algebris Financial Equity Fund - Class B EUR 99.06

-0.14

Multi Asset A Inc ... C

142.50

-1.50 1.25

Algebris Asset Allocation Fund - Class B EUR 96.82

-0.91

Charity Fund
Enquiries 020 7214 1763

Global High Yield Bond B Inc

Targeted Return Fund Acc

139.30 140.20 0.90 3.30

Global Infrastructure B Acc

Targeted Return Fund Inc

107.10 107.70 0.70 3.36

Global Resource B Acc

Global Bond B Inc

Global Equity B Acc
Global Equity Income B Inc

Japan B Acc

Amundi Funds

(LUX)
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332
www.amundi-funds.com
FCA Recognised

-0.02 0.00

Baring European Opportunities Fund Class A EUR Acc 12.91

0.10 0.00

Baring Global Mining Fund - Class A GBP Inc

3.60

0.04 0.58

Dynamic Emerging Markets A GBP Acc F

8.46

0.03 0.00

38.92

0.62 1.87

Bd. Euro Corporate AE Class - R - EUR 18.05

-0.10 0.00

Eastern Europe A GBP Inc

Bd. Global AU Class - R - USD

$ 25.57

-0.01 0.00

Emerging Mkt Debt LC A GBP Hedged Inc

7.11

0.03 6.82

Eq. Emerging Europe AE Class - R - EUR 26.83

-0.24 0.00

Emerging Opportunities A GBP Inc H 16.58

0.35 0.00

Eq. Emerging World AU Class - R - USD $ 77.07

-0.31 0.00

Glb Emerging Markets A GBP Inc H 17.09

0.35 0.00

Eq. Greater China AU Class - R - USD $ 512.58

-10.28 0.00

Glb Resources A GBP Inc H

9.95

0.15 0.38

6.27

0.00 7.00

Eq. Latin America AU Class - R - USD $ 308.78

-0.72 0.00

High Yield Bond A GBP Hedged Inc H

Gl. Macro Bds & Curr Low Vol AHG - GBP 98.67

-0.02 0.00

Hong Kong China A GBP Inc

532.87

9.57 0.64

India Fund - Class A GBP Inc

14.27

0.21 0.00

Latin America A USD Inc H

$ 25.88

0.63 0.21

MENA A GBP Inc F *

12.40

0.12 0.64

The Antares European Fund Limited

Other International
AEF Ltd Usd

$ 651.23

4.70

AEF Ltd Eur

654.25

4.79 0.00

Baring International Fd Mgrs (Ireland)

(IRL)

Regulated
China A-Share A GBP Inc

Arisaig Partners

5.70

0.14 0.00

Other International Funds

Arisaig Africa Consumer Fund Limited $ 14.74

0.01 0.00

Arisaig Asia Consumer Fund Limited $ 60.85

0.12 0.00

FCA Recognised

Arisaig Global Emerging Markets Consumer Fund $

9.71

0.03 0.00

Russia A GBP Inc F

Arisaig Global Emerging Markets Consumer UCITS 11.15

0.02 0.00

Arisaig Global Emerging Markets Consumer UCITS STG 10.54

0.05 0.00

Arisaig Latin America Consumer Fund $ 19.10

-0.08 0.00

Barings (Luxembourg)

(LUX)
23.29

Artemis European Growth R Acc

(UK)
40 Dukes Place, London, EC3A 7NH
Authorised Corporate Director - Capita Financial Managers
Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds
113.09

-0.07 0.00

1224.45 1294.17 8.37 1.29

233.83 247.02 2.57 1.21
72.17 76.16 1.02 0.85

Artemis Global Emg Mkts I GBP Acc

77.56

-0.81

Artemis Global Emg Mkts I GBP Dist

77.56

-0.81

Artemis Global Energy R Acc

20.71 21.95 0.21 0.00

Artemis Global Growth R Acc

173.49 183.05 2.40 0.84

Artemis Global Income R Acc

90.44 95.55 0.41 4.29

Artemis Global Income R Inc

72.82 76.94 0.32 4.47

Artemis Global select R Acc

67.79 71.54 0.76 0.00

Artemis High Income R Inc

77.18 82.19 0.09 5.84

Artemis Income R Inc

199.25 211.16 2.52 4.44

Artemis Income R Acc

333.89 353.84 4.22 4.32

60.64 64.35 0.09 4.85

Comgest Gth Emerging Mkt DIS F $

Comgest Gth Europe DIS F

19.04

Comgest Gth GEM PC DIS F

-0.19 0.00
-

0.16

242.21

3.18 1.64

90.73

-0.18 2.96

558.55

2.82 1.14

115.48

0.24 1.32

0.03 0.00

0.00
0.00

UK Growth

Saudi Arabia Equity Fund

SR 13.54

Electric & General (1000)F

(UK)

960.14 983.94 10.01 4.01

5 Kensington Church St, London W8 4LD 020 7368 4220

FCA Recognised

135.60

Ennismore European Smlr Cos Hedge Fd

Other International Funds

0.68 1.39
0.98 1.50
1.23 1.22

Crediinvest SICAV Money Market Eur I 11.18

Crediinvest SICAV Money Market Usd A $ 10.01
Crediinvest SICAV Fixed Income Eur 10.54

0.00 0.00
-0.01 0.00

NAV

482.14

Equinox Russian Opportunities Fund Limited $ 110.69

-0.69 0.79

Crediinvest SICAV Fixed Income Usd $ 10.36

-0.05 0.00

Euronova Asset Management UK LLP

0.46 0.00

Crediinvest SICAV Spanish Value 235.46

0.12 0.00

Regulated

99.16

-0.01 2.98

Crediinvest SICAV International Value 202.39

-0.34 0.00

UK Equity B Acc

105.43

1.15 1.76

Crediinvest SICAV Big Cap Value 14.86

0.00 0.00

UK Equity & Bond Income B Inc

226.83

1.81 5.31

Crediinvest SICAV US American Value $ 16.87

0.02 0.00

UK Equity Income B Inc

403.77

4.31 5.32

Crediinvest SICAV Sustainability 14.09

-0.24 0.00

(UK)

40 Dukes Place, London EC3A 7NH

Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds
CF Heartwood Cautious B Acc X

125.52

-0.08 0.12

CF Heartwood Cautious Income B Inc X

109.01

-0.14 2.08

Davis Value A

$ 37.42

0.00 0.00

Davis Global A

$ 26.21

-0.05 0.00

(UK)

0.00 0.69

109.70

0.10 2.55

Disc Inc

1570.50 1619.10 -11.00 0.00

CF Heartwood Balanced B Acc X

120.87

0.04 0.35

Do Accum

5892.30 6074.50 -41.40 0.00

CF Heartwood Defensive Multi Asset Fund B Accumulation

108.28

-0.07 0.01

CF Richmond Core X

167.56

-0.89 0.00

CF Seneca Diversified Growth A ACC

207.12

-0.44 1.39

CF Seneca Diversified Growth B ACC

122.42

-0.25 1.42

CF Seneca Diversified Growth N ACC

121.26

-0.25 1.22

CF Seneca Diversified Income A INC

86.55

0.00 5.64

CF Seneca Diversified Income B INC

102.60

0.00 5.69

CF Seneca Diversified Income N INC

101.64

0.00 5.69
-0.05 0.00

The Westchester Class 1 GBP Acc 17.92

-0.04 0.00

The Westchester Class 2 GBP Acc 17.96

-0.04 0.00

Investment Adviser - Morant Wright Management Limited

2.04

0.00 0.19

0.96

0.00 0.66

Fidelity PathFinder Foundation 1 Gross Acc (clean)

1.08

0.00

Fidelity PathFinder Foundation 1 Acc (clean)

1.08

0.01

Fidelity PathFinder Foundation 2 Acc (clean)

1.06

0.00

Fidelity PathFinder Foundation 3 Acc (clean)

1.04

0.01

Fidelity PathFinder

Fidelity PathFinder Foundation 4 Acc (clean)

1.04

0.01

Fidelity PathFinder Foundation 5 Acc (clean)

1.10

0.01

Fidelity PathFinder Focussed 1 Gross Acc (clean)

1.09

0.00

Fidelity PathFinder Focussed 1 Acc (clean)

1.09

0.00

Fidelity PathFinder Focused 2 Acc (Clean)

1.09

0.00

Fidelity PathFinder Focussed 3 Acc (clean)

1.08

0.01

Fidelity PathFinder Focussed 4 Acc (clean)

1.08

0.01

Fidelity PathFinder Focussed 5 Acc (clean)

1.08

0.00

Fidelity PathFinder Freedom 1 Gross Acc (clean)

1.06

0.00

Fidelity PathFinder Freedom 2 Acc (clean)

1.04

0.00

Fidelity PathFinder Freedom 1 Acc (clean)

1.05

-0.01

Fidelity PathFinder Freedom 3 Acc (clean)

1.02

0.00

Fidelity PathFinder Freedom 4 Acc (clean)

1.00

-0.01

Fidelity PathFinder Freedom 5 Acc (clean)

1.04

-0.01

Fidelity PathFinder Income 1 Income (clean)

1.01

0.00 3.88

-0.12 0.00

Fidelity PathFinder Income 1 Gross Income (clean)

1.02

0.01 4.75

Smaller Cos Cls Two Shares (Est) 23.71

-0.07 0.00

Fidelity PathFinder Income 2 Income (clean)

1.02

0.01 3.61

Smaller Cos Cls Three Shares (Est) 11.94

-0.03 0.00

Fidelity PathFinder Income 2 gross

1.02

0.00 4.55

Smaller Cos Cls Four Shares (Est) 15.31

-0.06 0.00

Eurobank Fund Management Company (Luxembourg) S.A.

Discretionary Unit Fund Mngrs (1000)F

137.13

WealthBuilder A Acc

(LUX)

CF Heartwood Growth B Acc X

$ 25.13

UK Smaller Companies

Smaller Cos Cls One Shares (Est) 33.73

Regulated

CF Heartwood Balanced Income B Inc X

Investment Adviser - DSM Capital Partners

0.00 0.29

Regulated
(LF) Absolute Return

1.29

0.00 0.00

(LF) Balanced - Active Fund (RON)RON 16.28

0.01 0.00

(LF) Cash Fund

(LF) Cash Fund (RON)
(LF) Eq Emerging Europe
(LF) Eq Flexi Style Greece
(LF) Global Bond Fd
(LF) Global Equities
(LF) Eq Mena Fund

Dodge & Cox Worldwide Funds

(IRL)

6 Duke Street,St.James,London SW1Y 6BN

www.dodgeandcox.worldwide.com 020 3713 7664
FCA Recognised
Dodge & Cox Worldwide Funds plc - Global Bond Fund
EUR Accumulating Class
EUR Accumulating Class (H)

11.24

9.06

-0.03 0.00
-0.01 0.00

(LF) Greek Government Bond

(LF) Income Plus $
(LF) Greek Corporate Bond
(LF) FOF Balanced Blend
(LF) FOF Equity Blend

1.22

RON 15.61

0.70
0.94

12.11

1.07

13.61
17.93
$

1.22

10.76

1.36
1.22

0.00

0.00 0.00
0.01 0.00
-0.05 0.00
-0.02 0.00
0.00 0.00
-0.13 0.00
-0.01

0.00 0.00
-0.04

-0.01 0.00
-0.01 0.00

EUR Distributing Class

10.78

-0.03 2.86

(LF) FOF Glob. Emerging Mkts

0.79

-0.01 0.00

EUR Distributing Class (H)

-0.01 3.07

(LF) FOF Dynamic Fixed Inc

11.30

-0.10 0.00

8.68

Fidelity PathFinder Income 2 Gross Income (clean)

1.02

0.00 4.48

Fidelity PathFinder Income 3 Income (clean)

1.02

0.00 4.21

Braemar Group PCC Limited

(GSY)

Regulated

Cavendish Opportunities Fund C Acc

1105.00

-4.00 1.20

Cavendish Worldwide Fund B Class

280.90

-5.00 0.84

UK Agricultural Class A

1.26

0.00 0.00

Cavendish Worldwide Fund A Class

279.90

-5.00 0.07

UK Agricultural Class B

1.38

0.00 0.00

Cavendish Worldwide Fund C Acc

287.20

-5.10 0.80

Cavendish AIM Fund B Class

161.00

-0.80 0.38

Student Accom Class B

0.55

-0.17 0.00

17.07

0.04 0.00

10.87

0.03 0.53

EUR Accumulating Share Class

19.19

0.00 0.00

-0.03 0.00

GAM Star Global Rates USD Acc F $ 12.39

-0.09 0.00

GAM Star Global Selector USD Acc F $ 12.23

0.00 0.00

GAM Star Japan Eqty USD Acc F $ 11.86

-0.55 0.00

GAM Star Keynes Quant Strat USD Acc F $ 12.15

-0.01 0.00

GAM Star Local EM Rates and FX USD Acc $ 10.39

0.00 0.00

GAM Star North of South EM Equity Acc F $

9.25

-0.08 0.00

GAM Star Technology USD Acc F $ 13.74

-0.03 0.00

GAM Star US All Cap Eqty USD Acc F $ 12.39

-0.03 0.00

GAM Star Worldwide Eqty USD Acc F $ 3014.91

-15.16 0.00

0.01 1.88

Select Global Equities

2.80

0.02 1.20

South East Asia

3.33

0.08 2.17

Sterling Core Plus Bond Gr Accum

2.05

0.00 3.45

Sterling Core Plus Bond Inc

1.33

0.00 5.17

UK

3.47

0.04 2.33

UK Long Corp Bond - Gross

2.44

0.00 4.26

Gross Accum Cash

1.28

1.28 0.00 0.00

UK Long Corporate Bond Fund - Gross Income 10.84

-0.02 4.39

MoneyBuilder Cash ISA

1.00

1.00 0.00 0.13

UK Specialist

MoneyBuilder Global

2.45

2.45 -0.01 0.21

Retail Share Classes

Asset Management

0.00 4.42

0.07 0.00

GAM Star GAMCO US Equity Acc F $ 12.15

1.73

-0.09 0.00

1.35

10.77

Select European Eqts

American Special Sits

GAM Star Flexible Gbl Port GBP Ac 12.07

0.02 1.76

UK Long Corp Bond

0.05 0.00

-0.24 0.00

1.00 0.00 0.13

1.08

1.00

25.61

GAM Star European Eqty USD Acc F $ 22.22

Select Emerging Markets Equities

American

0.01 0.00

-0.02 3.41

Cash Fund

OEIC Funds

0.00 1.92

GBP Distributing Share Class

GAM Star Emerg. Market Rates USD Acc F $ 11.30

9.80

GBP Accumulating Share Class

0.00 0.00

Reduced Duration UK Corp Bond Gross Inc

2.03

-4.00 0.61

-0.02 3.41

-0.05 0.00

9.95

UK Gilt Gross

1063.00

GAM Star Dynamic Gbl Bd USD Acc H $

9.78

0.00 1.95

Cavendish Opportunities Fund A Class

GAM Star Discretionary FX USD Acc F $ 12.63

Reduced Duration UK Corporate Bond Inc

-342.00 0.93

-0.07 0.00

-0.03 3.41

1.28

Bonhte Alternative - Multi-Performance (USD) Classe (EUR) 9805.00

10.64

Reduced Duration UK Corporate Bond Gross 10.50

UK Gilt Bond

186.37 186.37 0.00 0.00

GAM Star Defensive GBP Acc

-0.03 3.41

-0.01 3.99

Cash Accum Units

-0.02 4.60

0.02 0.00

Reduced Duration UK Corporate Bond 10.33

UK Corporate Bond Fund Gross Inc 10.95

GAM Star Cred Opportunities GBP Acc 12.27

0.04 2.16

0.00 3.88

$ 16.63

-0.01 0.00

USD Accumulating Share Class

2.53

2.23

Dodge & Cox Worldwide Funds plc-U.S. Stock Fund

3.36

-4.00 1.40

GAM Star Cont European Eqty GBP Acc F

Pan European

UK Corporate Bond - Gross

-0.47 0.00

0.05 2.08

0.02 0.76

1071.00

-0.02 0.00

Cavendish Opportunities Fund B Class

GAM Star China Equity USD Acc F $ 20.52

3.23

-36.00 2.23

-0.09 0.00

Pacific (Ex Japan)

19.58

Other International Funds

10.08

0.00 2.83

11.62

Bonhte Alternative - Multi-Arbitrage (USD) Classe (EUR) 6770.00

GAM Star Cautious GBP Acc

EUR Accumulating Share Class

-0.03 0.00

0.02 0.00

11.32

GBP Distributing Share class

Long Bond Fund Gross Inc

4.18 2.23

13.39

-0.13 0.00

$ 12.64

EUR Accumulating Share Class

GAM Star Cat Bond USD Acc

Global Bond USD

238.44

Chelsea House, Westgate, London W5 1DR

IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502
Authorised Inv Funds

GAM Star Cap.Appr.US Eqty USD Inc F $ 15.49

0.00 2.77

CF Morant Wright Nippon Yield Fund B Inc X

0.00 0.00

-0.11 0.00

0.00 4.01

0.83

$ 12.80

9.96

1.21

USD Accumulating Share Class

GAM Star Balanced GBP Acc

Long Bond Gross

Cavendish Asset Management Limited (1200)F (UK)

-0.21 0.00

UK Corporate Bond

BONHOTE

EU Multi-Strategy Managed

4.02 2.24

130, Tonbridge Rd, Tonbridge TN11 9DZ

Callfree: Private Clients 0800 414161
Broker Dealings: 0800 414 181
Authorised Inv Funds
Unit Trust

GAM Star Asian Eqty USD Ord Acc F $ 12.22

0.00 2.83

Dodge & Cox Worldwide Funds plc-International Stock Fund

-0.45 0.00

230.07

4.04 0.05 0.00

0.51

CF Morant Wright Nippon Yield Fund A Inc X

3.83

GAM Star Asia-Pacific Eqty USD Acc F $ 10.85

0.00 4.75

GAM Star Fund Plc

Long Bond

BLK Intl Gold & General

(IRL)
FCA Recognised
GAM Fund Management Ltd
Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927

4.73

1.21

FIL Investment Services (UK) Limited (1200)F (UK)

GAM Limited

5.39 0.00

-0.29 1.05

UK Multi-Strategy Managed

UK Aggregate Bond Inc

21.69 22.75 -0.01 5.48

0.01 0.87

0.02 0.00

1063.18

94.66

Fixed Interest Monthly Income A Inc

Blackrock UK Long Lease

European Special Situations A Acc

1.88

15.92

0.08 3.52

GBP Accumulating Share Class

-16.28

1721.03

Japan

4.76 2.19

40.42

GAM UK Diversified Acc

5.01 -0.09 0.00

BlackRock UK Property

2.50 0.56
20.00 0.70

4.65

271.55

1.79

0.02 3.37

Emerging Markets - retail

1.17

0.03 0.08

Europe Long Term Growth

1.54

0.00 1.84

{*}CAR - Net income reinvested

1.90 0.82

CF Morant Wright Nippon Yield ACC B X

Regulated

11.80 0.44

1238.00

Global Multi-Strategy Managed

0.00 4.63

European Selected Opportunities A Acc

0.01 0.72

747.40

1.80

1.00 3.35

China Opportunities A Acc

-13.26

Index-Linked Bond Fund Gross Inc 12.41

1.60 3.30

PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
International Insurances

UK Aggreg Bond Gr Accum

2956.13

0.01 0.72

0.01 0.00

145.10

GAM North American Gwth Acc

232.70

Cautious Managed A Inc

3.18

$ 14.67

Cautious Managed A Acc

USD Accumulating Share Class

Dodge & Cox Worldwide Funds plc-Global Stock Fund

8.80 0.98

158.10

Index Linked Bond Gross

4.59 2.20

79.09 83.47 1.26 7.20

136.80

0.00 0.72

655.10

European Growth A Acc

0.02 1.75

262.09

Asia Pacific Capital Growth A Acc

Emerging Markets Opportunities A Acc

CF Morant Wright Nippon Yield ACC A X

(UK)
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
www.henderson.com
Authorised Inv Funds

-46.72 0.00

4.58 0.58

Henderson Global Investors

2.63

-0.46 0.00

3641.90

2.65

252.33

GAM Global Diversified Acc

CF Morant Wright Japan B Inc X

(JER)

(UK)

GAM Sterling Management Limited

12 St James's Place London SW1A 1NX. 0800 919 927
Internet: gam.com
Authorised Inv Funds
GAM Funds OEIC

4.86 0.56

-0.01 0.00

GAM Limited (2300)F

Index Linked Bond

136.79

Asian Dividend Income Inc

Global Focus

267.58

2.06 1.28

-0.10 3.05

CF Morant Wright Japan B X

9.12

2.18 1.26

-0.07 0.00

193.37

Fidelity Pre-Retirement Bond Fund 116.90

USD Accumulating Class

204.75

Fundsmith Equity T Inc

Regulated

109.87

-0.01 3.02

Fundsmith Equity T Acc

GYS Investment Management Ltd

The Castleton Growth Fund Ret Inc X F

Heartwood Caut Multi Asset B Acc

(UK)
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Authorised Inv Funds

0.06 1.62

4.50 0.00

(IRL)

Fundsmith LLP (1200)F

0.06 0.87

Other International Funds

Regulated

247.98

Haussmann

Heartwood Wealth Management Limited

3.96

CF Morant Wright Japan A Inc X

8.75

-0.07 0.00

-0.50

Europe

GBP Distributing Class (H)

0.02 0.57

109.42

-0.03 0.00

45.26

The Castleton Growth Fund Ret Acc X F

Global Real Estate-GBP C Class

4.57 0.00

15.49

2.93

(LF) FOF Real Estate

-0.53

3.70

251.71

0.00 2.96

CF Morant Wright Japan A X

71.42

-0.07 0.00

9.74

Commercial Property-GBP Class

Emerging Markets

Other International

America

111.75

GBP Distributing Class

Frontier Capital (Bermuda) Limited

Asset Management

Institutional OEIC Funds

1 Poultry, London EC2R 8JR 020 7 415 4130

Authorised Inv Funds

The Westchester X

(CYM)

-0.01 1.97

DAVIS Funds SICAV

Capita Asset Services

-2.88 0.00

-0.05 0.00

97.22

(GSY)

Regulated

761.87

47.40

6.07 0.00

Equinox Fund Mgmt (Guernsey) Limited

Strategic Return B Acc

UK Government Bond B Inc

0.70 2.12

(IRL)

North American B Acc

Total Return B Acc

-0.27 0.00

Practical Investment Acc

www.creditandorra.com
FCA Recognised

100.43

Ennismore Smaller Cos Plc

Crdit Andorr Asset Management

3.44

196.61 201.48 2.05 4.12

0.57 2.24

103.92

$ 29.93

Middle East & Developing Africa Fund (Final) $ 19.81

Practical Investment Inc

0.31 2.04

The EFG-Hermes Egypt Fund

0.03 0.89

Electric&General Net Income A

105.29

0.00 0.27

53.34 53.97 0.68 4.85

0.00 0.52

2.38

124.32 125.78 1.58 4.70

106.65

UK Select

Consistent UT Acc

(LUX)

0.55

Consistent UT Inc

0.94 0.94

0.15 0.00

68.94

0.00 0.30

1.33

-0.29 0.00

0.27 0.95

0.00 0.27

1.26

-0.60 4.92

0.50

0.50

Ennismore European Smlr Cos NAV 131.27

Target 2015 - Gross

Target 2030

Ennismore European Smlr Cos NAV 97.31

92.68

0.00 2.88

Target 2025

1.06 4.02

105.15

47.21

(UK)

DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Other International Funds

Stuart House St.John's Street Peterborough PE1 5DD

Orders & Enquiries: 0845 850 0255
Authorised Inv Funds
Authorised Corporate Director - Carvetian Capital Management

105.77

Portfolio VII B Acc

0.46

0.31

Target 2015

Target 2020

PO BOX 10117, Chelmsford, Essex, CM1 9JB

Dealing & Client Services 0845 0264281
Authorised Inv Funds

Portfolio IV B Acc

Portfolio VI B Acc

Consistent Unit Tst Mgt Co Ltd (1200)F

Portfolio III B Acc

Portfolio V B Acc

-0.04 0.13

0.31

The Castleton Growth Fund Ret Inc 2

BlackRock

Artemis European Opps R Acc

Artemis Monthly Dist R Inc

0.28 0.00

(UK)

57 St. James's Street, London SW1A 1LD 0800 092 2051

Authorised Inv Funds
Artemis Capital R ACC

Barmac Asset Management Ltd

The Castleton Growth Fund Ret Acc 2

Artemis Fund Managers Ltd (1200)F

Strategic Bond Gross

(UK)

1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180

Authorised Inv Funds

European B Acc

-4.03 0.00

0.00 1.26

1.46

141.30

9.15

769.99

Baring Emerging Markets Corporate Debt Fund $

SFr 1281.32

Balanced B Acc

-0.03 0.00

Haussmann Cls D

Multi Asset Income A Net Acc

Asia Pacific B Acc

0.00 0.83

Multi Asset Income A Gross Inc

Sterling Bond F

9.98

-0.02 2.06

Canada Life Investments

0.45

-0.01 1.99

(JER)
Barclays Investment Funds (CI) Ltd
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FCA Recognised
Bond Funds

Baring China Bond Fund

-7.13 0.00

Multi Asset Open Growth A-Acc

-1.60 1.24

103.21 103.21 -2.42

-7.48 0.00

2416.90

1.35

148.90

Allianz Global Small Cap Equity

Haussmann Cls C

1.00

0.00 0.29

1.36 2.10

$ 2760.48

0.00 0.56

Regulated

Haussmann Cls A

99.62 102.70 -1.25 0.17

1.09

Global Opportunities I EUR

7.27

96.31 99.26 -0.72 0.14

HL Multi-Manager UK Growth A Acc

Global Opportunities I GBP

Comgest Gth Asia Pac ex Jap DIS F $

HL Multi-Manager European A Acc

MultiManager Balanced

Property

(IRL)

-0.32 6.43

0.01 0.36

Local Authorities Property Fd (LAMIT) (UK)

46 St Stephen's Green, Dublin 2, Ireland

FCA Recognised

EFG Hermes

81.29 83.78 -0.98 0.00

Franklin Emg Mkts Debt Opp USD $ 17.43

1.32

0.00 3.74

(IRL)

HL Multi Manager Emerging Markets A Acc

-0.02 0.00

Comgest AM International Ltd

-0.27 6.36

Multi Asset Growth

128.64 128.64 0.49 0.27

0.00 0.36

Capital Value Fund Cls V

138.94 143.22 -0.29 0.13

Franklin Emg Mkts Debt Opp SGD S$ 22.71

0.01 0.36

1.54

130.83 130.83 2.61 1.62

HL Multi-Manager Strategic Bond Trust M Inc

1.11

Dollar Fund Cls D

0.00 6.52

-2.10 0.00

1.21

Multi Asset Income A Gross Acc

138.93 143.22 -0.30 1.51

Franklin Emg Mkts Debt Opp GBP 10.28

1.21

Open World A-Acc

Gl Sukuk Fund - Share Class A Acc $ 1226.52

HL Multi-Manager Strategic Bond Trust A Inc

1.20

-0.11 0.00

-0.30 6.67

0.00 1.57

Multi Asset Defensive - Gross

-0.03 2.10

17.83

166.10 171.23 -0.36 0.13

Franklin Emg Mkts Debt Opp EUR 12.32

Multi Asset Defensive

Comgest Magellan

HL Multi-Manager Strategic Bond Trust M Acc

Franklin Templeton International Services Sarl (IRL)

0.01 0.00

Multi Asset Open Strategic A-Acc

17 square Edouard VII - 75009 Paris

FCA Recognised

-0.36 6.60

-0.35 0.00

0.00 2.26

(FRA)

1.16

Comgest SA

166.10 171.23 -0.35 1.49

Franklin Emg Mkts Debt Opp CHFSFr 17.49

$ 32.95

2.28

Capital Gearing Portfolio Fund Plc 26405.69 26405.69 92.03 0.63

142.61 149.88 -1.42 0.17

HL Multi-Manager Strategic Bond Trust A Acc

(GSY)

Multi Asset Alloc Growth A

1.51

169.07 169.07 2.74 2.38

61.96

0.00 0.25

Real Return Cls A

Australia A GBP Inc

0.00 0.28

Multi Asset A Acc ... C

1.10

Global Opportunities I USD

-1.16 0.00

Allianz Global Fundamental Strategy 100.90 100.90 -0.58

1.10

European Opportunities A EUR

-4.45

0.76 0.00

Multi Asset Alloc Def - Net A

-0.0023 0.00

Multi Asset Alloc Def - Gross A

-0.0019 1.49

Income Fund - Share Class W DisA$ 1031.90

40.42

0.01 0.29

CG Portfolio Fund Plc

Asia Growth A GBP Inc H

0.05 2.44

1.15

$ 12.1804

Algebris Financial Income Fund - Class I EUR 114.96

Allianz Best Styles Global Equity 99.81 99.81 0.86

3.61

Multi Asset Alloc Strategic A-Acc

$ 10.2990

-0.32 0.00

0.78 0.62

Multi Asset Alloc Adventurous A-Acc

Gbl RealEstate Sec. IX

0.01 0.48

Gbl RealEstate Sec. I

Income Fund - Share Class M Acc 1013.66

98.28

0.00 3.23

0.00 2.56

-0.32 0.00

ASEAN Frontiers A GBP Inc

1.27

0.01 0.54

-0.84 0.00

(LUX)

0.35

0.00 3.23

FCA Recognised

Multi Asset Adventurous A-Acc

Algebris Financial Credit Fund - Class I EUR 129.33

Allianz Global Investors GmbH(1200) F

MoneyBuilder Income -Gross

0.35

HL Multi-Manager Equity & Bond Trust M Acc

Foord Asset Mgt (Guernsey) Ltd

0.00 2.54

1.50

(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

142.59 149.87 -1.42 2.03

JPMorgan House - International Financial Services Centre,Dublin 1, Ireland

Other International Funds
Franklin Emerging Market Debt Opportunities Fund Plc

Foord International Trust

0.29

274.76 295.14 2.73 4.81

105.87 111.27 -1.06 0.18

HL Multi-Manager Equity & Bond Trust A Acc

0.04 4.59

105.87 111.27 -1.05 2.06

HL Multi-Manager Equity & Bond Trust M Inc

Multi Asset Strategic

248.62 256.95 2.77

175.20 184.27 -2.37 0.00

2.52

95.91 100.90 -1.39 3.77

HL Multi-Manager Equity & Bond Trust A Inc

0.01 2.72

158.02 166.24 -2.29 0.30

HL Multi-Manager Income & Growth Trust A Inc

HL Multi-Manager Balanced Managed Trust M Acc

Money Builder Dividend

MoneyBuilder Income

158.02 166.25 -2.29 3.67

HL Multi-Manager Income & Growth Trust M Acc

95.91 100.90 -1.39 0.30

Regulated

5.19 0.01

255.04 268.46 -3.86 0.00

HL Multi-Manager Income & Growth Trust A Acc

175.19 184.26 -2.37 0.95

0.01 4.12

0.72

5.19

255.03 268.45 -3.86 0.40

HL Multi-Manager Special Situations Trust M Acc

HL Multi-Manager Balanced Managed Trust A Acc

0.01 0.53

HL Multi-Manager Special Situations Trust A Acc

HL Multi-Manager Income & Growth Trust M Inc

Multi Asset Open Strategic A-Inc

113.72 117.53 1.09 5.79

Fleming Fund

0.00 1.98

Property Acc

Incorporated in New Zealand, Reg No 5141841

Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand
www.fftinvestmentfund.com
info@fftinvestmentfund.com
Other International Funds
Fleming FT Investment Fund

0.50

MoneyBuilder Growth ISA

Unit Trust

1.16

Fleming Financial Trust Investment Fund Limited (NZ)

0.71

Other International Funds

(UK)
PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Enquiries 0117 90090000
www.hl.co.uk
Authorised Inv Funds
Hargreaves Lansdown Funds

7.20

Hamon Investment Group

Hargreaves Lansdown Fd Mgrs (1100)F

MoneyBuilder Balanced

0.01 2.44

Property Inc

Latin American Fund GBP Unhedged

MoneyBuilder Asset Allocator

MoneyBuilder Growth

(IRL)

0.02 0.00

-0.28 1.22

(IRL)
Baring International Fd Mgrs (Ireland)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004
FCA Recognised

(UK)

1.84

1.72

Baring Fund Managers Ltd (1200)F

2.62

Income Fund - Share Class G Acc 1079.07

0.00 2.49

Japan Smaller Companies

Income Fund - Share Class D Dis $ 997.06

0.02 0.00

-0.29 0.00

0.45

0.02 2.06

European Opportunities I USD

2.57

European Opportunities I GBP

764.50 767.56 6.39

Income Fund - Share Class C Acc $ 1006.94

1.09

-0.1093 0.00

Fixed Interest Acc

-0.32 0.00

1.00

Japan

-0.0817 1.68

-0.32 0.00

2.33

Index World P-Acc

Global Liquidity USD

0.01 1.94

Bank of America Cap Mgmt (Ireland) Ltd

European Opportunities I EUR

0.01 1.78

22.4236

Dealing and Enquiries 020 7214 1004

Fund Information: www.barings.com
Authorised Inv Funds

Regulated

(LUX)

(IRL)
27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143
Dealing - Fax only - +353 1 434 5230
FCA Recognised
Edinburgh Partners Opportunities Fund PLC

1.33

0.02 3.20

30.0198

ACQ Risk Parity Bond Fund EUR A 94.90 94.90 -0.05 0.00

Algebris Investments

Edinburgh Partners Limited

1.17

European Real Estate Securities

Income Fund - Share Class B Acc $ 1159.36

Gl Sukuk Fund - Share class B Acc 1094.09 1094.09 -1.91 0.00

1.17

Europ.RealEstate Sec. IX

Income Fund - Share Class A Acc $ 1139.03

Amity Global Equity Inc for Charities A Inc

-2.80 0.00

$ 619.39

0.99 0.00

1518.80 1607.20 -5.40

Far East

Cheyne European High Yield Fund 133.92

Managed Ser A (Life)

Formerly Target Life Assurance Ltd

100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603

Index US P-Acc

(UK)

0.02 1.36

-9.83 0.00

Senator House 85 Queen Victoria Street London EC4V 4ET

Property & Other UK Unit Trusts
CBF Church of England Funds

Index World A-Acc

CCLA Investment Management Ltd

1.43

1.31

International Ser 5

Pension Funds

9.81

96.66

Other International Funds

CAM-GTF Limited

(LUX)

Global Dividend - Acc

www.dsmsicav.com
Regulated

CF Eclectica Agriculture C USD Acc $

Chartered Asset Management Pte Ltd

DSM Capital Partners Funds

CF Eclectica Agriculture C GBP Acc

0.00 0.51

479.60 504.80 -2.50

Charles Schwab Worldwide Funds Plc

Regulated

Custodian Ser. 4

Ashmore SICAV Emerging Market Debt Fund $ 90.95

Dragon Capital Group

CF Eclectica Agriculture A GBP Acc

The Public Sector Deposit Fund-share class 1 F

+/- Yield
-

-0.04 0.00

American Ser. 4

Offer

6.59 -0.09

$ 341.80

Bid

6.26

(IRL)

1.00

Fund

Cedar Rock Capital Fd Plc

+/- Yield

12.19 12.83 -0.17

Regulated

Schwab USD Liquid Assets Fd

Offer

International S-NA Acc

Bid

International Acc

Artisan Global Equity Fund Class I USD Acc $ 13.59

9.86

Fund

-2.00 1.64

-3.61 0.00

Artisan US Value Equity Fund Class I USD Acc $

+/- Yield

-0.80 0.00

Offer

348.69

Bid

Cedar Rock Capital Fd Plc

1546.60 1628.00 -10.80

Fund

147.50

0.00 0.00

1547.20 1628.60 -0.10

+/- Yield

156.10

Cedar Rock Capital Limited

(UK)

Offer

Cavendish AIM Fund A Class

Selective Acc. Ser 2

Bid

Cavendish Asia Pacific Fund B Class

6.14

Prop. Acc. Ser 2

Fund

Taurus Emerging Fund Ltd

0.46 4.06

Global Growth Fund

1915.49 2002.21 7.93 0.00

Global Technology A Acc

862.60

-1.60 0.00

Multi-Manager Absolute Return A Acc

133.90

-0.10 0.31

Multi-Manager Active A Acc

166.20

0.80 0.00

Multi-Manager Distribution A Inc

124.10

-0.90 3.18

Multi-Manager Diversified A Acc

77.01

-0.38 2.70

Multi-Manager Global Select Acc

168.90

-0.50 0.00

Multi-Manager Income & Growth A Acc

147.60

-1.10 2.13

Multi-Manager Income & Growth A Inc

136.50

-1.10 2.15

Multi-Manager Managed A Acc

219.10

1.10 0.43

Multi-Manager Managed A Inc

215.20

1.20 0.42

Sterling Bond Acc

193.23 201.90 -0.36 2.82

Sterling Bond Inc

60.25 62.95 -0.11 2.86

Strategic Bond A Inc

125.70

-0.20 5.38

UK & Irish Smaller Companies A Acc

553.80

-0.10 0.00

UK Absolute Return A Acc

147.00

0.60 0.00

UK Alpha A Acc

109.70

1.00 1.94

UK Equity Income & Growth A Inc

590.70

5.10 3.91

UK Index A Acc

471.30

7.20 2.69

UK Property A Acc

193.08 203.24 0.05 4.04

UK Property A Inc

97.68 102.81 0.03 4.16

UK Tracker A Acc

210.40

3.70 2.36

US Growth A Acc

707.20

-4.00 0.00

(IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
FCA Recognised
1.00

1.00 0.00

1.94

1.94 -0.01

Hermes Active UK Inflation Fund Class F Acc

1.29

1.29 -0.01 0.00

Hermes Asia Ex-Japan Equity Fund Class F Acc

1.38

1.38 -0.02 0.00

5.10 -0.09 0.00

Hermes Asia Ex-Japan Equity Fund Class R Acc

2.97

2.97 -0.05 0.00

2.95

3.18 -0.04 0.00

Hermes Global Emerging Markets Fund Class F Acc

1.06

1.06 -0.01 0.00

3.46

3.73 -0.01 0.00

Hermes Global Emerging Markets Fund Class R Acc

2.65

2.65 -0.04 0.00

Hermes Global Equity Fund Class F Acc

1.38

1.38 -0.03 0.00

Hermes Global Equity Fund Class R Acc

3.59

3.59 -0.10 0.00

Hermes Global ESG Equity Fund Class F Acc

1.06

1.06 -0.03 0.00

Hermes Global High Yield Bond Fund Class F Acc

1.07

1.07 0.00 0.00

Hermes Global High Yield Bond Fund Class R Acc

2.75

2.75 -0.03 0.00

Hermes Global Small Cap Fund Class F Acc

0.92

0.92 -0.02

Hermes Global Small Cap Fund Class R Acc

1.80

1.80 -0.04

Hermes Multi Asset Inflation Fund Class F GBP Acc

0.98

0.98 -0.01

Hermes Multi Strategy Credit Fund Class F Acc Hed

1.02

1.02 0.00 0.00

Hermes Sourcecap EU Alpha Fund Class F Acc

1.21

1.21 -0.01 0.00

Hermes Sourcecap EU Alpha Fund Class F Dis

1.18

1.18 0.00 1.36

Hermes Sourcecap EU Alpha Fund Class R Acc

2.90

2.90 -0.04 0.00

Hermes Sourcecap EX UK Fund Class F Acc

1.26

1.26 -0.01 0.00

Hermes Sourcecap EX UK Fund Class R Acc

2.93

2.93 -0.03 0.00

Hermes UK Small & Mid Cap Fund Class F Acc

1.60

1.60 -0.02 0.00

Hermes UK Small & Mid Cap Fund Class R Acc

4.75

4.75 -0.08 0.00

Hermes US All Cap Equity Class F Stg Acc

0.91

0.91 -0.03

Hermes US All Cap Equity Class R Acc

1.78

1.78 -0.05

Hermes US SMID Equity Fund Class F Acc

1.50

1.50 -0.04 0.00

Hermes US SMID Equity Fund Class R Acc

3.17

3.17 -0.10 0.00

Asset Management

4.89

-0.01 0.00

Guardian

(UK)
Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Insurances
Guardian Assurance
Equity S-GH Class B

11.57

0.18

Managed Fund Bond

22.23 23.16 -0.21

Choices Wth-Pfts Lg-tm

320.00 336.80 0.00

Choices Wth-Pfts St-tm

271.10 285.40 0.00

Choices Managed

580.58 611.14 -6.86

Choices Equity

643.09 676.94 -8.27

Freedom With Pfts Long-Tm

219.60 231.10 0.00

Freedom With Pfts Short-Tm

197.40 207.80 0.00

Freedom Managed

341.75 359.73 -3.20

Freedom Equity

380.16 400.17 -3.92

Corp Pens Mananged

204.96 204.96 -2.42

Corp Pens Equity

209.96 209.96 -2.70

Corp Pens Fixed Interest

297.06 297.06 -0.33

Corp Pens Index Linked

334.16 334.16 -2.94

Corp Pens Deposit

190.84 190.84 0.00

363.94 363.94 0.31

1.10 0.13

Hermes Abs Return Credit Fund Class R Acc

Other International Funds

Corp Pens UK Index Tracker

46.42

Hermes Abs Return Credit Fund Class F Acc

Genesis Asset Managers LLP

Corp Pens Protector

185.70

Global Equity Income A Inc

Hermes Investment Funds Plc

$ 170.45 173.93 2.75 0.00

Global Care Growth A Inc

(GSY)

Generali International Limited

Emerging Mkts NAV

Asset Manageme

1.82

Hermes Property Unit Trust

Property

1.82 -0.02

Managed Acc

16.87 17.76 -0.25

Property & Other UK Unit Trusts

Equity Acc

30.71 32.32 -0.50

VISTA UK Residential Real Estate

Fixed Interest Acc

17.04 17.93 -0.08

Guardian Linked Life Assurance Ltd

Asset Management

(UK)

Property & Other UK Unit Trusts

5.64

6.00 0.06 4.08

Hermes UK Residential Real Estate

1.02

1.06 0.03

(UK)
-

Asset Management

30

FINANCIAL TIMES

Thursday 1 October 2015

MANAGED FUNDS SERVICE

Fund

Bid

Offer

+/- Yield

Impax Asset Management

(IRL)

Norfolk House, 31 St James's Square, London, SW1Y 4JR

FCA Recognised
Env Mkts (Ire) Stl A

2.07

-0.01 0.00

Env Mkts (Ire) Euro A

1.92

-0.01 0.00

Env Mkts (Ire) USD A

1.64

-0.01 0.00

INDIA VALUE INVESTMENTS LIMITED (INVIL)

www.invil.mu
Other International Funds
NAV

7.66

-0.05 0.00

Intrinsic Value Investors (IVI) LLP

(IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised
IVI European Fund EUR

16.59

-0.08 0.00

IVI European Fund GBP

16.68

-0.02 1.03

Fund

Bid

(UK)

Perptual Park, Henley-On-Thames, Oxon, RG9 1HH

Dealing: 0800 085 8571
Investor Services: 0800 085 8677
www.invescoperpetual.co.uk
Authorised Inv Funds
INVESCO PERPETUAL Funds
Asian Acc F
Asian Inc F

393.23

Fund

Bid

Offer

$ 143.06

+/- Yield

Gb.Val.Ex-Japan Fd.Yen

12862.00

27.00 0.00

Gb.Val.Fd. Euro

118.94

-0.23 0.00

MW Japan Fund Plc

Glbl Distribution Acc (No Trail)

103.59

0.37 4.00

Generation Global (EUR) PA F

18.41

-0.09 0.00

Gb.Val.Fd.Sterling

107.37

0.20 0.00

FCA Recognised

Glbl Distribution Inc (No Trail)

98.98

0.36 4.08

Generation Global (USD) PA F

$ 14.08

-0.05 0.00

Gb.Val.Fd.USD

$ 96.19

-0.09 0.00

Gbl Emerging Markets (No Trail) Acc F

143.88

2.55 1.72

Global Energy (USD) PA F

6.12

0.00 0.00

Low Volatility Gb.Eq.Fd.Euro

95.10

-0.33

Gbl Emerging Markets (No Trail) Inc F

133.70

2.38 1.74

SFr 20.14

-0.14 0.00

Low Volatility Gb.Eq.Fd.Sterl

94.71

0.02

Global Equity (No Trail) acc F

193.99

2.57 1.04

Golden Age (EUR) PA

13.69

-0.09 0.00

Low Volatility Gb.Eq.Fd.USD

$ 94.19

-0.23

Global Equity (No Trail) inc F

179.49

2.38 1.05

Golden Age (USD) PA F

$ 18.99

-0.13 0.00

Low Volatility Gb.Eq.Fd.Yen

8810.00

-20.00

Global Equity Income (No Trail ) Acc F

235.96

3.22 3.33

60 Victoria Embankment, London EC4Y 0JP

Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)

Sh.T- Money Mkt EUR PA

112.31

0.00 0.00

Global Equity Income (No Trail) Inc F

191.65

2.62 3.41

America Equity Acc

56.40

-0.12 0.00

SFr 128.77

0.00 0.00

MFS Meridian Funds SICAV

Global ex UK Core Equity Index ( No Trail) Acc F

160.06

2.34 1.36

America Equity Inc

56.40

-0.12 0.00

Regulated

Global ex UK Enhanced Index ( No Trail) Acc F

187.86

2.62 1.79

Asia Acc

111.10

1.90 0.35

Gbl Fin Cap No Trail Acc

176.44

-0.10 4.40

Asia Inc

61.64

1.05 0.34

Gbl Fin Cap No Trail Inc

151.54

-0.09 4.53

Cautious Managed Rt Acc

66.93xd

0.06 0.21

Global Opportunities (No Trail) Acc F

227.90

3.35 1.02

Cautious Managed Rt Inc

58.89xd

0.05 0.21

Global Smaller Companies (No Trail) Acc F

231.42

1.96 0.77

Diversified Real Ret Acc

50.33xd

0.17 1.07

Global Smaller Companies (No Trail) Inc F

221.13

1.88 0.78

Diversified Real Ret Inc

48.88xd

0.15 1.08

Global Targeted Rets (No Trail) Acc

114.06

0.80 0.84

Emerging Mkts Acc

127.40

2.00 0.81

High Income (No Trail) Acc F

170.26

1.57 3.44

Emerging Mkts Inc

54.81

0.90 0.82

High Income (No Trail) Inc F

125.18

1.16 3.53

Emrg Mkts Inc Acc... C

46.12xd

0.65 5.75

218.28

High Yield Fund (No Trail) Inc

162.72

JB Strategy Inc-USD/B

JPMorgan Asset Mgmt (1200)F

172.12
168.71

1.52 3.27

125.44

1.13 3.35

Eur Smaller Cos Acc

Latin American (No Trail) Acc F

90.57

0.18 0.00

Latin American (No Trail) Inc F

81.34

Japan (No Trail) Acc F

139.51

Japanese Smaller Companies (No Trail) Acc F

160.45

Managed Growth (No Trail) Acc F

182.89

0.00 0.00

Ethical Cautious Managed A Acc

162.96

0.65 2.50

Sw.Fr.Bd(For) PA

SFr 23.36

-0.03 0.00

SFr 13.40

-0.02 0.00

-0.07 1.50

Tactical Alpha (EUR) PA

10.57

0.03 0.00

Ethical Equity A Acc

169.55

1.39 2.50

Tactical Alpha (USD) PA

$ 15.20

0.05 0.00

1.50

Technology PA

12.50

-0.14 0.00

50.87

Asset Management

-0.39 1.50

Technology PA

$ 18.95

-0.20 0.00

Investment Grade Bond A Acc

158.22

-0.21 1.50

Wld Gold Expertise PAF

Investment Grade Bond A Inc

115.93

-0.15 0.00

Wld Gold Expertise PA

Sterling Corporate Bond A Acc

69.21

-0.10 1.50

Wld Gold Expertise PA

177.70

2.30 0.74

71.87

0.81 0.83

468.80

3.40 0.00

60.96

0.44 0.00

4.08 0.00

Fusion Balanced Acc

52.78

-0.21 0.49

0.87 2.33

Fusion Balanced Inc

52.77

-0.21 0.49

0.78 2.35

Fusion Conservative Acc

52.57

-0.20 0.67

$ 10.30

Eur Smaller Cos Inc

Sh.T- Money Mkt USD PA

110.71

2.03 0.78

0.42 2.83

Ethical Corporate Bond A Inc

1.70 0.84

Income (No Trail) Inc F

0.03 0.00

Income (No Trail) Acc F

129.28

156.50

Eur Dynamic exUK Inc

Diversified Growth A Acc

SFr 10.28

0.77 1.54

Eur Dynamic exUK hdg Acc

0.00 0.00

Tactical Alpha (CHF) PA

2.20 4.30

0.54 2.50

58.13

10.27

-0.15 1.50

-0.30 5.07

Eur Dynamic exUK Acc

Sh.T- Money Mkt GBP PA

0.57 5.95

2.78 4.18

0.45 0.00

13.50 1.54

0.92 1.34

0.49 0.00

195.06

100.17

134.82

108.65

Diversified Income B Inc

Ethical Corporate Bond A Acc

1010.00

217.43

Diversified Income B Acc

Sh.T- Money Mkt CHF PA

Ethical Cautious Managed A Inc

40.56xd

170.71

(UK)

Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA

0800 45 44 22 www.kamescapital.com
Authorised Funds

Sw.Fr.Credit Bd(For) PA

Europe Acc

Income & Growth (No Trail) Acc F

2.01 1.27

Fusion Conservative Inc

52.51

53.88

-0.14 0.50

High Yield Bond A Acc

High Yield Bond A Inc

Sterling Corporate Bond A Inc

30.92

-0.04 1.50

Strategic Bond A Acc

176.20

-0.31 1.50

Strategic Bond A Inc

117.04

-0.20 1.50

UK Equity Absolute Return A Acc

118.38

-0.09 0.00

UK Equity A Acc

222.58

3.18 2.50

UK Equity Income A Acc

196.27

2.32 2.50

UK Equity Income A Inc

153.39

1.81 2.50

UK Opportunities A Acc

158.33

2.22 2.50

UK Smaller Companies A Acc

272.11

-0.23 2.50

-0.20 0.69

Managed Growth (No Trail) Inc F

168.19

1.85 1.28

Childrens Acc F

375.74

5.31 1.82

Managed Income (No Trail) Acc F

182.49

1.46 3.20

Fusion Growth Inc

53.88

-0.14 0.50

Corporate Bd Acc (Gross) F

204.89

-0.20 3.63

Managed Income (No Trail) Inc F

150.81

1.20 3.26

Fusion Growth + Acc

55.09

-0.16 0.50

Corporate Bd Inc (Gross) F

88.64

-0.09 3.73

Monthly Income Plus (No Trail) Acc F

168.53

0.13 4.74

Fusion Growth + Inc

55.09

-0.16 0.50

Property Income B Acc

117.71

-2.42 4.31

Corporate Bond Acc F

182.54

-0.18 3.65

Monthly Income Plus (No Trail) Inc F

106.82

0.09 4.84

Fusion Income Acc...C

52.57

-0.10 2.48

Property Income B Inc

110.41

-2.33 4.43

Corporate Bond Inc F

88.33

-0.09 3.73

Pacific (No Trail) Acc F

165.40

2.97 0.91

Fusion Income Inc...C

50.29

-0.09 2.49

Distribution Acc F

106.82

0.46 4.42

Pacific (No Trail) Inc F

156.98

2.81 0.99

Global Allocation Acc

51.77

0.18 0.68

Distribution Acc (Gross) F

122.16

0.53 4.40

Tactical Bond (No Trail) Acc F

139.59

-0.05 1.46

Global Allocation Inc

51.43

0.18 0.68

Distribution Inc F

62.59

0.27 4.51

Tactical Bond (No Trail) Inc F

119.03

-0.04 1.48

Global Bond exUK Acc

250.70xd

0.20 0.81

Distribution Inc (Gross) F

62.62

0.27 4.51

UK Aggressive (No Trail) Acc F

154.48

2.06 2.53

Global Bond exUK Inc

197.20xd

0.20 0.81

Emerging European Acc F

32.75

0.31 3.05

UK Aggressive (No Trail) Inc F

129.99

1.74 2.58

Global Bond Opport. Acc

48.47xd

-0.04 2.91

29.86

0.29 3.13

UK Enhanced Index (No Trail) Acc F

380.98

4.72 3.63

Global Bond Opport. Inc

47.75xd

-0.04 2.95

European Equity Acc F

801.71

14.41 2.37

UK Enhanced Index (No Trail) Inc F

242.05

3.00 3.71

Global Eq Income hdg Acc... C

64.07xd

0.63 3.73

European Equity Inc F

UK Growth (No Trail) Acc F

135.82

1.94 2.44

Global Eq Income hdg Inc ... C

46.14xd

0.45 3.81

67.35xd

0.61 3.70

678.30

12.20 2.42

European Equity Income Acc F

70.05

0.81 3.65

UK Growth (No Trail) Inc F

111.14

1.59 2.49

Global Eq Income Acc... C

European Equity Income Inc F

54.22

0.62 3.74

UK Smaller Companies Equity (No Trail) Acc F

277.39

-0.28 1.30

Global Eq Income Inc ... C

58.68xd

0.52 3.78

European High Income Acc F

78.37

0.32 3.48

UK Smaller Companies Equity (No Trail) Inc F

255.90

-0.25 1.32

Global Equity Acc

915.80

4.40 0.17

European High Income Inc F

57.18

0.23 3.54

UK Strategic Income (No Trail) Acc F

716.64

4.94 3.47

Global Equity Inc

68.07

0.34 0.16

European Opportunities Inc F

82.18

0.81 0.17

UK Strategic Income (No Trail) Inc F

537.26

3.71 3.55

Global Financials Acc

686.30

7.80 0.91

European Opportunities Acc F

84.15

0.83 0.17

US Equity (No Trail) Acc F

204.33

1.32 0.04

Global Financials Inc

39.03

0.44 0.92

Kames Capital Investment Portfolios ICVC (UK)

Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds

(IRL)

1 North Wall Quay, Dublin 1, Ireland +35 3162 24493

FCA Recognised

-0.02 0.00

Global High Yield Fund

15.64

-0.02 0.00

-0.03 0.00

Global Multi-Asset A1

$ 14.87

0.00 0.00

US Advantage A F

$ 53.51

0.32 0.00

$ 39.32

0.91 0.00

11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Other International Funds

Asset Management

$ 17.26

0.21 0.00

Northwest $ class

$ 2338.93

7.42 0.00

0.12 0.54

Northwest Warrant $ class

$ 1969.35

-444.40 0.00

CNH 101.66

-0.04 0.00

Inc.Pt.RMB Dt.SH CHF PA

SFr

9.85

0.04 0.00

Inc.Pt.RMB Dt.SH EUR PA

9.93

0.04 0.00

Inc.Pt.RMB Dt.USD PA

9.99

0.04 0.00

Jenn. US Eq.Opp. USD PA

8.86

-0.02 0.00

Neubrg.Berman US Core PA

$ 12.88

0.01 0.00

Sands US Growth PA

12.58

0.01 0.00

Sands US Growth PA

$ 15.21

0.02 0.00

615.17

Strategic Global Bond B GBP Inc

Kleinwort Benson Bank

(UK)

159.97

42.18

-0.07 5.09

High Yield Fund Inc

High Yield Fund Inc (Gross)

42.28

-0.07 5.08

Hong Kong & China Acc F

430.72

2.33 0.80

Income & Growth Acc F

924.13

11.78 4.19

Income & Growth Inc F

400.93

5.11 4.31

Income Acc F

3072.09

27.62 3.29

Income Inc F

1735.11

15.60 3.36

Japan Acc F

293.79

4.28 0.31

Japanese Smlr Cos Acc F

63.02

1.60 0.00

Latin America Acc F

93.73

0.90 1.53

Latin America Inc F

78.02

0.75 1.54

Managed Growth Acc F

150.92

1.66 0.73

Managed Growth Inc F

125.64

1.38 0.73

Managed Income Acc F

152.34

1.21 3.21

Managed Income Inc F

93.88

0.75 3.27

Money Acc F
Money Acc (Gross) F
Monthly Income Plus Acc F

90.14

0.00 0.22

95.26

0.00 0.22

292.36

0.22 4.76

Monthly Income Plus Acc (Gross) F

343.35

0.26 4.73

Monthly Income Plus Inc F

108.44

0.08 4.85

Monthly Income Plus Inc (Gross) F

108.64

0.09 4.85

Pacific Acc F

892.14

16.00 0.40

Pacific Inc F

819.42

14.70 0.40

Tactical Bond Acc F

68.24

-0.02 0.97

Tactical Bond Inc F

59.39

-0.02 0.97

Tactical Bond Acc (Gross) F

Tactical Bond Inc (Gross) F
UK Focus Acc F

70.77
59.47
187.89

-0.02 0.97
-0.02 0.98
2.52 1.95

UK Aggressive Inc F

156.47

2.09 1.98

UK Growth Acc F

513.84

7.35 1.90

UK Growth Inc F

326.00

4.66 1.93

UK Smaller Cos Equity Acc F

852.54

-0.84 0.80

UK Smaller Cos Equity Inc F

652.86

-0.65 0.80

UK Strategic Income Acc F

180.53

1.25 3.48

UK Strategic Income Inc F

135.33

0.93 3.57

US Equity Acc F

490.98

3.15 0.00

Invesco Perpetual Funds (No Trail)

0.83 0.00

Invesco Global Inc Real Estate Sec A dist $

9.01

0.06 2.19

Invesco Global Inv Grd Corp Bond A Dist $ 11.61

-0.03 3.07

$ 34.27

0.21 0.00

Invesco Global Smaller Comp Eq Fd A $ 53.51

Invesco Global Leisure A

0.47 0.00

Invesco Global Structured Equity A $ 44.24

0.61 0.76

Invesco Global Total Ret.(EUR) Bond Fund A 13.08

-0.01 0.00

Invesco Gold & Precious Metals A $

3.50

0.00 0.00

Invesco Greater China Equity A

$ 41.21

0.60 0.00

Invesco India Equity A

$ 53.48

0.88 0.00

Invesco Japanese Equity Adv Fd A 3442.00

92.00 0.00

Invesco Japanese Value Eq Fd A 1155.00

30.00 0.00

Invesco Latin American Equity A $

5.46

0.05 0.00

Invesco Nippon Small/Mid Cap Equity A 970.00

27.00 0.00

Invesco Pan European Equity A EUR Cap NAV 18.15

0.33 0.00

Invesco Pan European High Income Fd A 13.52

0.03 2.20

Invesco Pan European Small Cap Equity A 21.79

0.17 0.00

Invesco Pan European Structured Equity A 16.31

0.23 0.00

Invesco UK Eqty Income A

30.72

Invesco UK Investment Grade Bond A

0.98

0.28 0.00

0.00 2.93

Invesco US Structured Equity A

$ 20.13

0.31 0.00

Invesco US Value Eq Fd A

$ 29.14

0.40 0.00

Invesco USD Reserve A

$ 87.02

0.00 0.00

Invesco Global Asset Management Ltd

Invesco Stlg Bd A QD F

2.58

-0.01 3.37

Invesco Asian Equity A

5.78

0.11 0.55

Invesco ASEAN Equity A

$ 84.61

0.67 0.44

Invesco Bond A

Other International Funds

0.03 0.00

Euro Strategic Bond A F

42.91

-0.08 0.00

0.10 0.00

European Currencies High Yield Bd A F 20.97

-0.16 0.00

Lloydstrust Gilt

US Government Bond A1

$ 17.14
$ 20.23

(GSY)
Regulated
Multi-Manager Investment Programmes PCC Limited

Pacific Basin Fd Cl A Initial Ser

$ 2061.34 2071.01 -206.65 0.00

UK Equity Fd Cl A Series 01

2333.69 2357.37 -71.58 0.00

(UK)

Manek Investment Mgmt Ltd (1000)F

62.09

-0.09 3.11

P.O.Box 100, Swindon SN1 1WR 0844 800 9401

Authorised Inv Funds

39.25

Growth Fd Acc

56.79 59.99 -0.40 0.00

$ 92.64

1.57 0.00

Global Convertible Bond A F

$ 41.29

0.04 0.00

$ 27.09

0.30 0.00

Indian Equity A F

$ 35.82

Latin American Equity A F

$ 36.99

0.74 0.00
1.21 0.00

Short Maturity Euro Bond A F

20.33

-0.01 0.00

US Dollar Liquidity A F

$ 13.03

0.00 0.00

US Growth A F

$ 61.90

0.14 0.00

US Growth AH F

42.84

-0.88 0.00

US Growth AX F

40.76

-0.78 0.00

US Property A F

$ 64.74

0.80 0.00

703.42

4.99 0.19

3611.88

31.19 0.00

Other International Funds

Phaeton Intl (BVI) Ltd (Est)

$ 401.33

-10.89 0.00

5733.02xd

50.20 4.50

80.60 84.84 -0.59 1.35

CF Odey Absolute Return GBP R

306.75

-2.59 0.00

572.65xd

6.11 0.64

Defensive A Inc

116.04 116.04 -0.24 0.98

CF Odey Portfolio Fund GBP R Inc

140.79

0.88 0.07

M&G Global Basics A Acc

869.85xd

9.29 0.59

Emerging Markets

212.15 212.15 4.21 1.79

0.0000 2.97

M&G Global Dividend Fund A Acc

175.15

1.14 3.60

ETF Global Growth A

151.71 151.71 -1.09 0.00

0.0950 1.43

M&G Global Dividend Fund A Inc

139.23

0.91 3.67

ETF Commodity A

0.8586

-0.0027 5.05

M&G Glbl Emrgng Mkts A Acc

174.25

2.87 0.99

European Multi-Cap

3.7380

0.0410 1.27

M&G Glbl Emrgng Mkts A Inc

168.35

2.77 1.00

-0.0200 2.41

Cautious Inc

70.07 70.07 0.22 0.00

262.29 262.29 0.66 0.20

Extra Income

77.78 82.31 0.46 4.46

167.18 175.98 -2.70 0.00

-0.07 2.60

0.0740 1.40

M&G Global High Yield Bond X Inc

48.15

-0.09 4.53

Global Bond Inc

135.08 142.94 -0.13 3.22

Lloyds Gilt Fund Limited

M&G Global High Yield Bond X Acc

Lloyds Gilt Fund Quarterly Share 1.2820

-0.0020 1.91

1.2310

-0.0030 1.91

52.5990

0.0010 0.15

112.92

M&G Managed Growth X Inc

71.78

-0.20 4.53
0.80 0.72

Natixis International Funds (Lux) I SICAV (LUX)

Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
FCA Recognised

Regulated

Harris Global Equity R/A (USD)

OEI Mac Inc GBP A

390.96

OEI Mac Inc GBP B

213.38

4.53 0.00

Harris Concentrated US Equity R/A (USD) $ 145.73 145.73 1.14 0.00

OEI MAC Inc USD

$ 2093.37

45.78 0.00

Loomis Sayles Strategic Alpha R/A (USD) $ 110.81 110.81 -0.15

Odey European Inc EUR

905.87

19.90 0.00

Odey European Inc GBP A

347.94

7.86 0.00

Odey European Inc GBP B

197.44

4.46 0.00

Odey European Inc USD

$ 418.28

9.36 0.00

Giano Capital EUR Inc

4466.83

42.95 0.00

High Yield Fixed Interest

72.82 77.26 -0.13 5.71

Multi Cap Income A Inc

155.53 155.53 0.66 4.33

Natixis International Funds (Dublin) I plc (IRL)

Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Regulated

141.13

-0.15 1.89

Nano-Cap Growth A Acc

101.8447 111.8400 -0.0445 0.00

Loomis Sayles Global Opportunistic Bond R/D (USD) $ 12.45 12.45 0.00 1.16

185.03

-0.20 1.89

Special Situations A Acc

1147.69 1214.49 -1.79 0.38

Loomis Sayles High Income R/D (USD) $

M&G Recovery GBP A Inc

114.42

1.12 0.77

UK Multi-Cap Growth A Inc

231.44 244.91 1.77 0.40

Loomis Sayles Multisector Income R/D (GBP) $ 12.15 12.15 -0.03 5.54

-0.0040 1.97

M&G Recovery GBP A Acc

256.93

2.53 0.76

UK Micro Cap Growth A

470.47 497.85 0.25 0.00

-0.0110 1.32

M&G Strategic Corp Bond A Inc

72.39xd

-0.09 2.99

US Multi-Cap Income

298.35 298.35 -0.23 0.18

-0.0130 0.00

M&G Strategic Corp Bond A Acc

103.93xd

-0.14 2.99

MFM - Third Party Funds

-0.0080 0.00

M&G Global Leaders GBP A Inc

176.26xd

3.12 1.46

Junior Oils

69.08 73.10 4.82 0.00

M&G Global Leaders GBP A Acc

415.13xd

7.35 1.45

Junior Gold C Acc

20.61 20.61 -0.10 0.00

0.94 2.12

M&G UK Inflation Lnkd Corp Bnd A Acc

110.78

-0.11 0.09

MFM Artorius Fund

148.02 148.02 -0.59 0.19

0.79 2.14

M&G UK Inflation Lnkd Corp Bnd A Inc

109.19

-0.10 0.09

MFM Bowland

153.69 166.15 -0.91 0.00

386.20

0.40 0.00

MFM Hathaway Inc

102.67 107.51 -1.56 1.58

74.99

0.07 0.00

MFM SGWM Managed A Acc

116.53 116.53 -1.51 0.16

UK Strategic Eq Inc Acc ... C

146.70xd

1.50 3.69

MFM Techinvest Special Situations Acc

131.92 131.92 0.01 0.01

UK Strategic Eq Inc Inc ... C

95.98xd

1.03 3.78

Lombard Odier Funds (Europe) S.A

MFM Techinvest Technology Acc

348.19 348.19 -8.78 0.00

UK Strategic Gth Acc

109.90

1.00 1.20

MFM UK Primary Opportunities A Inc

308.23 308.23 2.63 1.43

UK Strategic Gth Inc

102.50

0.90 1.21

www.loim.com
Regulated
Lombard Odier Funds

US Acc

659.90

1.30 0.00

3.70 3.19

50.66

0.72 3.19

Sterling Class

UK Dynamic Acc

156.60xd

1.50 1.51

Lloyds Multi Strategy Fund Limited

UK Dynamic Inc

128.10xd

1.30 1.52

Conservative Strategy

1.0820

UK Eq & Bond Inc Acc ... C

136.90xd

1.10 3.34

Growth Strategy

1.4190

UK Eq & Bond Inc Inc ... C

80.42xd

0.62 3.41

Aggressive Strategy

1.6990

UK Higher Inc Acc ... C

877.70xd

9.40 4.27

Global USD Growth Strategy

$ 1.3030

UK Higher Inc Inc ... C

510.10xd

5.40 4.41

UK Managed Equity Acc

62.94xd

UK Managed Equity Inc

53.08xd

UK Smaller Cos Acc

UK Smaller Cos Inc

0.31 2.28
0.00 0.00

US Select Inc

100.30

0.10 0.00

US Smaller Cos Acc

344.00

-5.10 0.00

US Smaller Cos Inc

90.15

-1.32 0.00

JPMorgan Charity Funds

(UK)

60 Victoria Embankment, London EC4Y 0JP 020 7742 9175

Property & Other UK Unit Trusts
UK Equity Fund for Charities I...C 2.700400 2.710670 0.030800 3.53
Bond Fund for Charities

1.348590 1.355700 -0.001390 3.65

Lloyds Money Fund Limited

Dealing Daily

M & G Securities Ltd

(UK)

Property & Other UK Unit Trusts

(LUX)

Charibond
(Accum Units)
NAACIF

124.41

-0.14 5.22

3634.54

-3.98 5.22

72.47

0.57 4.76

50.17 4.63

Absolute Ret Bond (EUR) PA

12.06

0.01 0.00

(Accum Units)

6408.97

MFM Slater Growth

390.40 414.22 -0.49 0.11

Absolute Ret Bond (USD) PA

$ 17.73

0.03 0.00

M&G Property Portfolio A Acc

133.14 140.14 0.80 3.59

MFM Slater Income A Inc

163.12 163.12 0.96 3.79

122.98 129.45 0.75 3.68

MFM Slater Recovery

168.45 178.73 -0.17 0.24

122.98 122.98 0.75 3.66

All Roads (CHF) PA

SFr 17.28

-0.01 0.00

Property Portfolio A

All Roads (USD) PA

$ 11.00

-0.01 0.00

Property Portfolio X

All Roads (GBP) PA

11.23

-0.01 0.00

All Roads (EUR) PA

11.15

0.00 0.00

M & G (Guernsey) Ltd

Marlborough International Management Limited (GSY)

(GSY)

Alpha Japan (EUR) PA F

10.51

-0.45 0.00

Regulated
The M&G Offshore Fund Range

Alpha Japan (CHF) PA F

SFr 13.13

-0.56 0.00

Corporate Bond

1308.77 1349.25 -2.66 3.11

Alpha Japan (JPY) PA F

1249.00

-53.00 0.00

Global Basics

2098.84 2163.76 -28.62 0.31

Alpha Japan (USD) PA F

$ 15.05

-0.65 0.00

Global Leaders

3010.18 3135.60 -81.23 1.20

Alternative Beta PA F

SFr 113.07

-0.05 0.00

Global High Yield Bond

948.46 977.79 -9.62 4.45

Alternative Beta PA F

76.31

-0.03 0.00

Global Macro Bond Fund

11074.67 11417.19 5.99 0.81

Alternative Beta PA F

$ 114.15

-0.03 0.00

North American Dividend Fund

142.89 148.84 -4.28 2.28

0.01 0.00

Optimal Income Fund

140.00 144.33 -0.55 1.88

Commodities (CHF) PA
Commodities (EUR) PA

SFr

5.21
5.27

0.01 0.00

Recovery Fund Limited 'A' Participating Shares

9815.00 10223.96 -126.86 0.45

-0.05 2.20

Commodities (USD) PA

5.45

0.01 0.00

Recovery Fund Limited 'I' Participating Shares

9822.12 9921.33 -127.88 1.28

Invesco Continental Eurp Small Cap Eqty A $ 190.75

1.62 0.00

Convertible Bd P A

16.97

-0.06 0.00

Strategic Corporate Bond Fund

131.61 137.09 -0.32 2.98

Invesco Emerging Markets Equity A $ 33.20

0.48 0.00

Convertible Bd Asia PA F

SFr 13.25

-0.04 0.00

UK Growth

1424.79 1484.16 -21.27 1.22

Invesco Emerging Markets Bond A $ 20.47

-0.08 4.87

Convertible Bd Asia PA F

14.13

-0.04 0.00

Invesco Continental European Equity A

8.41

0.14 0.20

Convertible Bd Asia PA F

$ 14.23

-0.04 0.00

15.08

-0.01 1.46

GAM

Emerg. Consumer (CHF) PA

SFr 11.10

-0.06 0.00

Invesco Global Small Cap Equity A NAV $ 114.52

1.11 0.00

funds@gam.com, www.jbfundnet.com
Regulated

Emerg. Consumer (EUR) PA

11.23

-0.07 0.00

JB BF ABS-EUR B

104.79

-0.02 0.00

Emerg. Consumer (USD) PA

$ 11.21

-0.06 0.00

0.08 0.94

JB BF Abs Ret Def-EUR B

109.43

-0.16 0.00

Emerg.Eq. Risk Par.(EUR) PA

-0.01 0.00

JB BF Abs Ret EM-USD B

$ 114.06

0.04 0.00

Emerg. Eq. Risk Par.(USD) PA

5.71

0.00 0.00

7.81

0.00 0.00

Blend.Research Gb.Eq.Fd.

93.90

3.06 1.60

Invesco Gbl R/Est Secs A GBP F F

Asian (No Trail) Inc F

149.75

2.78 1.62

Invesco Global Health Care A

$ 119.76

0.72 0.00

Asian Equity Income (No Trail) Acc F

109.74

1.79 4.85

Invesco Global Select Equity A

$ 12.35

0.17 0.00

JB BF Abs Ret-EUR B

127.96

-0.23 0.00

Emerg. Loc.Cur.&Bds DH (CHF) PASFr

7.28

-0.31

-5.96 0.00

-5.88 0.00

Odey Allegra International EUR O 165.72

-2.91 0.00

0.01 1.51

Odey Allegra Developed Markets USD I $ 123.86

-1.59 0.00

0.03 0.00

Odey European Focus Fund

16.85

-0.11 0.53

0.95

0.00 4.33

Odey Atlas Fund GBP I S

1.13

-0.01 0.00

Loomis Sayles Strategic Income H-N/D (GBP)

0.91

0.00 4.46

Odey Giano European Fund EUR R 119.22

-1.44 0.00

Loomis Sayles US Equity Leaders N/A (GBP)

1.33

0.00 0.29

Odey Naver Fund EUR I

126.41

-0.85 0.00

Seeyond Factor Plus Europe Ex U.K Equity Fund N/A (GBP)

0.95

0.02

Odey Odyssey USD I

$ 145.00

-1.44 0.00

Seeyond Factor Plus U.K Equity Fund N/A (GBP)

0.97

0.01

Odey Orion Fund EUR I

119.31

-0.69 0.00

Odey Swan Fund EUR I

109.03

-0.34 0.00

Odey European Absolute Return GBP S 105.67

-0.96 0.00

H2O MultiReturns Fund N/A (GBP)

1.35

Harris Associates Global Concentrated Equity Fund N/A (GBP)

0.96

Loomis Sayles Strategic Income N/D (GBP)

NatWest (2230)F

(UK)

PO Box 23873, Edinburgh EH7 5WJ**

Enquiries: 0800 085 5588
Authorised Inv Funds
Series 1(Minimum initial investment 16375,000)

Odey Wealth Management (CI) Ltd

United Kingdom Equity Index Fund 11.78

-0.10 2.90

UK Specialist Equity Inc

18.37

-0.22 0.43

Contl Europe Spec Equity

14.94

-0.06 0.00

-0.07 0.00

-0.15 0.00

Marlborough Tiger Fund Ltd F

Pacific Basin Specialist Equity Fund 20.49

0.40 0.70

UK Sovereign Bd Index Fund

Regulated
Marwyn Value Investors

517.78

-17.91 0.00

McInroy & Wood Portfolios Limited

0.03 2.59

UK Specialist Equity Income Fund

11.03
9.33

-0.11 3.96

Global Spec Inv Grade Bd Fund GBP

9.98

0.01 3.19

12.58

0.04 0.68

Global Emerg Mkts Equity Fund X 10.36

0.19 0.58

Inflation Lkd Sov Bd Fund

Odey Opportunity EUR I

Estimated NAV

Optima Fund Management

Other International Funds

Balanced Fund Personal Class Units

3752.00

23.70 1.98

UK Specialist Equity Inc

-0.23 1.81

Income Fund Personal Class Units

2309.50

14.10 2.98

Contl Europe Spec Equity

Emerging Markets Fund Personal Class Units

1523.80

16.90 2.56

US Spec Equity Fund

Smaller Companies Fund Personal Class Units

3405.90xd

15.00 1.82

$ 175.96

Japan Specialist Fund X

-4.06
-1.82

13.21

-0.06 0.65
-0.07 0.17

9.55

-0.16 0.56

Pacific Basin Specialist Equity Fund 20.45

0.40 1.40

UK Sovereign Bd Index Fund

15.73

11.21

0.03 2.59

UK Specialist Equity Income Fund 10.08

-0.12 3.90

Global Spec Inv Grade Bd Fund GBP 10.13

0.00 3.19

Inflation Lkd Sov Bd Fund

12.70

Global Emerg Mkts Equity Fund X 10.02

0.04 0.68
0.18 0.80

The initial charge you will pay will depend on the amount you invest
**Address and Telephone number for series 1 only

Metage Capital
Other International Funds

Cuttyhunk Fund II Limited

$ 1584.18

12.44 0.00

JENOP Global Healthcare Fund Ltd $ 16.90

0.37 0.00

OPTIKA Fund Limited - Cl A

$ 118.92

1.69

Optima Fd NAV

$ 93.03

0.44 0.00

Optima Discretionary Macro Fund Limited $ 87.21

-1.06 0.00

The Dorset Energy Fd Ltd NAV

$ 27.53

-1.20 0.00

Platinum Fd Ltd

$ 83.31

0.63 0.00

Platinum Fd Ltd EUR

16.19

0.12 0.00

Platinum Japan Fd Ltd

$ 52.46

0.14 0.00

Optima Partners Global Fd

$ 14.38

-0.04 0.00

Optima Partners Focus Fund A

$ 16.49

0.02 0.00

1.53 4.99

Invesco Jap Eqty Core A

1.72

0.03 0.00

JB BF Abs Ret Pl-EUR B

126.43

-0.25 0.00

Emerg.Loc.Cur.Bd.Fdt PA

7.99

-0.04 0.00

Blend.Research Gb.Eq.Fd.

93.52

0.05

MGS -Master Series (Est)

$ 240.66

-2.89

0.36 0.16

Invesco Japanese Equity A

$ 17.26

0.41 0.00

JB BF EM Corporate-USD B

$ 106.02

-0.26 0.00

Emerg.Loc.Cur.Bd.Fdt PA

10.54

-0.03 0.00

Blend.Research U.S.Core Eq.Fd.

9429.00

11.00

MEMO - Master Series

$ 501.03

-3.56 0.00

Other International Funds

Balanced Risk 8 No Trail Acc

106.71

0.44 0.44

Invesco Korean Equity A

$ 32.67

0.43 0.00

JB BF EM Infl Link-USD B

$ 77.57

0.06 0.00

Emerg.Loc.Cur.Bd.Fdt PA

8.22

-0.01 0.00

Blend.Research Gb.Eq.Fd.

$ 93.01

-0.21

MEMO - MEMV Series

$ 117.28

-0.07 0.00

NAV (Fully Diluted)

Balanced Risk 10 No Trail Acc

108.78

0.58 0.59

Invesco PRC Equity A

$ 48.28

0.91 0.00

JB BF EM Inv Grade-USD B

$ 96.56

-0.28 0.00

Euro BBB-BB Fdt PA

SFr 15.17

-0.07 0.00

Em.Mk.Eq.Fund Euro

101.99

0.25 0.00

Corporate Bond (No Trail) Acc F

162.41

-0.16 3.90

Invesco Pacific Equity A

$ 43.64

0.82 0.19

JB Emerging (EUR)-EUR B

323.05

-1.01 0.00

Euro BBB-BB Fdt PA

12.04

-0.06 0.00

Em.Mk.Eq.Fund Sterling

88.90

0.55 0.00

Ministry of Justice Common Investment Funds (UK)

Corporate Bond (No Trail) Inc F

116.83

-0.12 3.99

Invesco Global Technology A

$ 14.36

0.10 0.00

JB Emerging (USD)-USD B

$ 393.78

-1.05 0.00

Euro BBB-BB Fdt PA

10.64

-0.05 0.00

Em.Mk.Eq.Fd.US Dollar

$ 87.39

0.30 0.00

Property & Other UK Unit Trusts

Distribution (No Trail) Acc F

163.78

0.71 4.41

Invesco UK Eqty A

0.11 1.37

7593.00

-35.00 6.15

Distribution (No Trail) Inc F

$ 244.59

-0.43 0.00

Euro BBB-BB Fdt PA

$ 17.10

-0.08 0.00

109.24

0.47 4.49

JB BF Total Ret-EUR B

97.32

-0.03 0.00

Euro Credit Bd PA F

12.76

-0.02 0.00

Em.Mk.Loc.Ccy Debt Fd.FD

9126.00

-38.00 6.45

Emerging European (No Trail) Acc F

68.10

0.66 3.66

JB EF Abs Ret Eur-EUR B

120.59

-0.48 0.00

Euro Government Fdt PA

12.51

0.00 0.00

Gb.Conc.Eq.Fd.Euro

254.43

1.25 0.00

Emerging European (No Trail) Inc F

60.17

0.58 3.78

JB EF Euro Value-EUR B

160.67

0.40 0.00

Euro Inflation-Lk Fdt PA

11.90

-0.02 0.00

Gb.Conc.Eq.Fd.Sterl.UK T

157.70

1.36 0.00

European Equity (No Trail) Acc F

141.47

2.55 2.90

JB EF Japan-JPY B

15959.00

425.00 0.00

Euro Resp.Corp. Fdt PA

17.89

-0.06 0.00

Gb.Conc.Eq.Fd.Sterling

238.80

2.06 0.00

European Equity (No Trail) Inc F

119.49

2.15 2.98

JB EF Luxury B-EUR B

208.76

-1.97 0.00

Europe High Conviction PA

10.69

-0.07 0.00

Gb.Conc.Eq.Fd.US

$ 180.74

1.06 0.00

Invest AD

JB Ms EF Special Val. EUR/A

128.93

-0.42 0.80

Eurozone Small&Mid Caps PA

48.84

-0.33 0.00

Gb.Eq.Hdg Fd.Euro IRE T

169.23

0.29 0.00

Client services: +971 2 692 6101 clientservices@InvestAD.com

Other International Funds

JB Strategy Balanced-CHF/B

SFr 143.41

-0.42 0.00

Fdmt.Eq.L/S SH Sd EUR PA

10.59

-0.12 0.00

Gb.Eq.Euro Hdg Fd.

239.86

0.41 0.00

JB Strategy Balanced-EUR

147.79

-0.33 0.00

Fdmt.Eq.L/S SH Sd USD PA

$ 10.62

-0.12 0.00

Gb.Eq.Fund Euro

258.88

0.30 0.00

JB Strategy Balanced-USD/B

$ 124.39

-0.20 0.00

Gbl.Gvt.Fdmt PA

10.34

0.01 0.00

Gb.Eq. Fd Euro IRE T

163.76

0.19 0.00

SFr 86.72

-0.24 0.00

Gbl.Gvt.Fdmt.(CHF) PA

SFr 22.61

-0.02 0.00

Gb.Eq.Fd.Sterling UK T

194.02

0.94 0.00

108.59

-0.20 0.00

Gbl.Gvt.Fdt.SH (CHF) PA

SFr 26.66

0.02 0.00

Gb.Eq.Fd.US Dollar

$ 290.32

0.61 0.00

European Equity Income (No Trail) Acc F

144.23

1.67 3.64

European Equity Income (No Trail) Inc F

111.67

1.29 3.73

European High Income (No Trail) Acc F

161.38

0.66 3.48

European High Income (No Trail) Inc F

117.75

0.49 3.54

Invest AD - Iraq Opportunity Fund $ 63.74

-0.30 0.00

Invest AD - Emerging Africa Fund $ 975.74

-8.28 0.00

European Opportunities (No Trail) Acc F

176.07

1.74 0.69

European Opportunities (No Trail) Inc F

167.09

1.66 0.69

European Smaller Companies (No Trail) Acc F

225.70

1.78 0.76

JB Strategy Inc-CHF/B

SFr 116.45

-0.26 0.00

Gbl.5B Fdmt (EUR) PA

11.49

-0.06 0.00

Gb.Eq.Fund Sterling

191.87

0.93 0.00

Global Balanced Index (No Trail) Acc F

151.18

0.90 2.15

JB Strategy Inc-EUR/B

155.34

-0.28 0.00

Gbl.5B Fdmt (CHF) PA

SFr 10.25

-0.07 0.00

Gb.Val.Ex-Jap.Fd.USD

$ 109.07

0.20 0.00

Invest AD - GCC Focus Fund

$ 1497.74

-18.12 0.00

JB Strategy Growth-CHF/B
JB Strategy Growth-EUR

-144.87 0.00

-0.11 3.41

JB BF Local EM-USD B

Em.Mk.Loc.Ccy Debt Fd.FC

$ 834.23

United Kingdom Equity Index Fund 11.79

93.52

7.62

-0.78 0.00

Other International Funds

104.41

SFr

Omnia Fund Ltd

Balanced Risk 6 No Trail Acc

Asian Equity Income (No Trail) Inc

210.74

Easter Alderston, Haddington, EH41 3SF 01620 825867

Authorised Inv Funds

18.59

The Equity Idx Tracker Fd Inc

1237.00 1237.00 -17.00 2.85

Distribution Units

Mirabaud Asset Management

(LUX)

www.mirabaud.com, marketing@mirabaud.com
Regulated
Mir. Conv. Bds Eur A EUR

133.35

-0.47 0.00

Mir. Conv. Bds Glb A USD

$ 112.30

-0.16 0.00

Mir. - Eq Asia ex Jap A

Mir. - Eq Glb Emrg Mkt A USD

$ 160.95
$ 83.61

3.16 0.00
1.35 0.00

Mir. - Eq Global Focus A USD

$ 94.61

-0.71 0.00

Mir. -Eq Spain A

24.64

0.06 0.00

Mir. - Eq Swiss Sm/Mid A

Mir. - Glb High Yield Bds A

SFr 295.86
$ 106.63

-2.75 0.00
-0.60

Mir. - Glb Eq High Income A USD $ 93.96

-1.09 0.00

Mir. - Glb Strat. Bd A USD

-0.48 0.00

$ 103.31

(IRL)

www.odey.com/prices
FCA Recognised

Series 2 (Investment Management customers only)

(UK)

(LUX)

FCA Recognised

250.92

8.98

Global Energy & Resources Fund $ 36.13

MFS Investment Funds

322.90

(CYM)

(IRL)

FCA Recognised

Odey Allegra European EUR O

(UK)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Authorised Funds

12.64

Marwyn Asset Management Limited

Odey Asset Management LLP

Odey Pan European EUR R

Natixis International Funds

Japan Specialist Fund X

24.44 24.69 -0.31 0.00

8.71 0.00

8.59 -0.05 13.86

US Spec Equity Fund

Global Gold & Resources Fund

-0.04 5.46

8.59

Marlborough North American Fund Ltd 29.38 29.67 -0.04 0.00

Other International Funds

164.69

Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
FCA Recognised

Meridian Fund Managers Ltd

Invesco Global High Income A NAV $ 12.08

Asian (No Trail) Acc F

Slater Investments Ltd - Investment Adviser

(CYM)

$ 238.28 238.28 -0.65 0.00

M&G Optimal Income A Acc

268.60

UK Active Index + E Inc

Odey Asset Management LLP

Harris US Equity Fund R/A (USD) $ 193.18 193.18 1.01 0.00

M&G Optimal Income A Inc

UK Active Index + E Acc

(UK)
40 Dukes Place, London, EC3A 7NH
Order Desk and Enquiries: 0345 300 2106
Authorised Corporate Director - Capita Financial Managers
Authorised Inv Funds

M&G Extra Income A Acc

6.3660

0.01 1.91

CF Odey Opus GBP R Inc

UK

101.50

9.26

CF Odey Continental European GBP R Acc

151.27 151.27 3.17 1.97

95.34xd

-0.01 0.33

Oasis Crescent Gbl Property Eqty $

50.01 50.01 0.00 0.32

Global

US Select Acc

-0.01 0.00

49.69 52.58 0.05 4.93

Far East Growth A Inc

US Equity Income Inc ... C

Cash

-0.14 0.81

0.34 2.34

$ 11.40

OasisCresGl Med Eq Bal A ($) Dist $ 11.48

Bond Income

-0.09 0.81

0.40 2.25

OasisCresGl LowBal D ($) Dist

6.13 4.63

-0.02 2.31

0.54 3.80

73.80

92.13xd

$ 10.90

106.36

111.80xd

-0.02

OasisCresGl Income Class A

700.61xd

M&G Global Macro Bond Fund A Inc

US Equity Income hdg Inc ... C

-0.06 0.00

111.04

M&G Global Macro Bond Fund A Acc

US Equity Income Acc ... C

Oasis Crescent Variable Balanced Fund 10.19

Odey Asset Management LLP

Morgens Waterfall Vintiadis.co Inc

148.83 157.37 -0.52 0.05

-0.0050 3.70

0.19 0.00

Oasis Crescent Global Investment Fund (Ireland) plc

Oasis Crescent Global Equity Fund $ 25.90

Balanced

0.0600 0.26

-0.06 0.24

0.65 3.72

91.34

0.01 0.49

0.66 1.88

US Inc

M&G Global Basics A Inc

12.3300

Monthly Share

Global Brands A F

Global Property A F

1.00

$ 25.56

1.4590

-0.02 3.10

Oasis Global Equity

14.4800

Oasis Crescent Global Short Term Income Fund $

-0.07 0.00

49.80

Sterling Bond

56.68xd

-0.10 0.00

132.39

(UK)
Marlborough Fd Managers Ltd (1200)F
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
www.marlboroughfunds.com
Authorised Inv Funds

North American

Strategic Bond Inc

$ 38.41

8.79 4.55

0.50 0.72

-0.03 3.10

10.59

Global Bond A F

0.88 4.71

-0.11 2.60

(IRL)

67.91xd

Oasis Global Mgmt Co (Ireland) Ltd

Strategic Bond Acc

0.02 0.00

57.85

81.73xd

Eurozone Equity Alpha A F

9.17

579.44

190.60

51.36xd

-0.06 3.11

Sterling Corporate Bond Acc

Sterling Corporate Bond Inc

Oasis Crescent Equity Fund

7.54

0.08 1.71

200.34 4.75

$ 26.97

Invesco Gilt A

Portfolio Acc

(IRL)

Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200

FCA Recognised

21.76

14.76 4.89

International

-0.04 0.00

Euro Corporate Bond AX F

High Income

0.07 0.00

0.32 2.78

18907.36

1.30 2.81

Invesco Global Equity Income Fund A $ 56.47

$ 14.14

1393.27

Invesco Global Conservative Fund 90 (EUR) A 11.86

Oasis Crescent Management Company Ltd

US Conc.Growth A1

Charifund Inc

-0.23 4.93

-0.01 0.00

-0.88 1.36

30.48

-0.19 4.97

-35.29 0.00

128.20

15.61

Emrg Eur Eq Inc

Euro Bond A F

Diversified Absolute Return Stlg Cell AF2 1632.66

Emrg Eur Eq Acc

122.82

-0.03 0.00

PO Box 9039, Chelmsford, CM99 2XG

www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Authorised Inv Funds

7.0780

105.40

-35.49 0.00

European

High Yield Fund Acc (Gross)

0.00 0.00

7.55

0.21 0.13

High Yield Fund Acc

Diversified Absolute Rtn Fd USD Cl AF2 $ 1611.86

0.00 0.97

$ 16.57

UK Equity A1

(UK)

M & G Securities (1200)F

22.47

0.69 0.00

Research Bond A1

MMIP Investment Management Limited

1752.68 1880.36 20.87 3.30

-0.87 1.38

Natural Resources Inc

5.49

MMIP - US EQUITY CLASS A 01 June 07 Series $ 1241.53 1245.22 -101.80 0.00

-0.04 5.78

$ 32.45

Emerging Markets Equity A F

Japanese Equity Fd Cl A Initial Ser 354917.00 354918.00 -19669.00 0.00

1.5970

Invesco Global Bond A Inc

-1.54 0.89

Euro High Income

4.06 3.53

-0.43 0.00

Emerging Markets Domestic Debt AX F 10.12

3.00 0.13

-0.01 0.00

1084.05

439.50

$ 72.96

Strategic Global Bond A GBP Inc

317.30

High Income Inc F

Emerging Markets Debt A F

$ 14.41

European Equity Fd Cl A Initial Ser 2474.30 2484.22 -156.09 0.00

Natural Resources Acc

0.03 0.00

0.00 0.00

Prudent Wealth Fd A1

Lloyds Investment Funds Limited

9.29

6.50 0.49

Invesco Global Absolute Return Fund A Class 11.48

$ 14.03

7.37 3.45

$ 11.09

Limited Maturity A1

1037.44

638.10

Latin American Equity Fd A1

Kames Global Equity Income B GBP Inc

Multi-Manager Growth Inc

796.73

-0.24 0.00

6.90 0.49

High Income Acc F

0.11 0.00

9.71

0.32 0.00

0.18 0.00

Emerg Europ, Mid-East & Africa Eq A F 63.79

683.70

1084.27

Multi-Manager Growth Acc

Invesco European Growth Equity A 23.21

30.25

Kames Global Equity Income B GBP Acc

Lothbury Property Trust GBP

PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Other International Funds

0.40 0.29

10.50

Diversified Alpha Plus A F

-0.33 2.49

-0.03 0.00

Asian Property AX F

-0.13 0.00

56.48

0.03 0.00

9.25

553.63

67.20

Global Targeted Rets Acc

Investment Grade Global Bd A GBP Inc

Multi-Asset Macro Inc

-0.01 0.00

$ 13.87

Japan Equity A1

Regulated
Oasis Global Investment (Ireland) Plc

Lloyds Investment Fund Managers Limited (1000)F (JER)

Inflation-Adjusted Bond A1

0.31 0.00

M&G Extra Income A Inc

7.02

Asian Property A F

-0.58 0.00

M&G Episode Income A Inc

0.06 0.00

0.21 3.87

Invesco Euro Bond A

-0.04 0.00

0.00 0.00

16.63

40.50

-0.04 0.00

34.61

322.78

Northwest Investment Management (HK) Ltd

European Property A F

67.19

Invesco Euro Reserve A

$ 23.95

Asian Equity A F

European Equity Alpha A F

62.28xd

12.81 0.21

Global Total Return A1

Value A1

Multi-Asset Macro Acc

13.42 0.21

Global Res.A1

Inc.Pt.RMB Dt.CNH PA

Multi-Asset Inc Inc... C

-6.85 0.00

M&G Episode Income A Acc

10.26

M&G Episode Growth X Inc

1513.46

$ 131.76

10.17

0.24 3.44

1584.98

-1.85 0.00

Tactical Opps USD Cls

Vantage 3000 (EUR) MA

0.27 3.44

Global Smaller Cos Acc F

Vantage 1500 (EUR) MA

Global Smaller Cos Inc F

0.32 0.00

115.84

(LUX)
Morgan Stanley Investment Funds
6b Route de Trves L-2633 Senningerberg Luxembourg (352) 34 64 61
www.morganstanleyinvestmentfunds.com
FCA Recognised

0.01 0.00

-1.73 0.00

All Weather Fd GBP Cls

0.13 0.00

109.29

Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 12.77

-1.88 0.00

-0.10 0.00

122.42

Invesco Euro Inflation Linked Bond A 15.40

0.32 0.00

107.33

HC KB Enterprise Fixed Income A Inc

-0.01 0.00

$ 119.38

All Weather Fd EUR Cls

$ 24.10

HC KB Enterprise Fixed Income A Acc

Morant Wright Sakura Fund Dollar Acc Hedged $ 12.83

All Weather Fd USD Cls

Global High Yield Fund

0.27 3.80

Invesco Euro Corporate Bond Fund (A) 16.83

32.53 0.00

-0.55 0.00

0.21 4.18

1.30 0.49

Asset Management

-0.05 5.11

Morant Wright Sakura Fund Yen Acc Unhedged 1313.67

New Capital Alternative Strategies

128.05

0.32 0.00

Growth (EUR) PA F

82.31xd

0.11 0.00

62.09xd

74.78

-0.40 3.37

Morant Wright Sakura Fund Euro Acc Hedged 12.86

Multi-Asset Inc Acc... C

88.62

23.79

Multi-Asset Inc Mth Inc ... C

Global Opportunities Acc F

$ 109.52

Global Equity A1

M&G Dividend A Acc

Gbl Financial Cap Inc Gross

Wealthy Nat Bd USD Ord Inc

-0.53 0.00

M&G Dividend A Inc

0.31 0.00

0.32 0.00

-0.04 0.81

SFr 106.88

-0.04 0.81

$ 16.70

-0.43 3.39

Morant Wright Sakura Fund Sterling Acc Hedged 12.89

Growth (CHF) PA F

Invesco Energy A

0.04 0.00

-0.05 4.93

112.53

121.32

Wealthy Nat Bd GBP Ord Inc

127.65

90.47

$ 11.82

HC KB Endeavour Multi Asset Balanced A Inc

Gbl Financial Cap Acc Gross

19.15

$ 42.11

HC KB Endeavour Multi Asset Balanced A Acc

0.14 0.00

Global Equity A1

1.76 0.00

0.05 7.07

-0.40 3.58

Morant Wright Fuji Yield YEN Dist 1074.38

Global Energy Fund A1

7.30 0.00

-0.06 0.00

107.18

-0.35 0.00

8.88

Wealthy Nat Bd EUR Ord Inc

65.39

6.76

271.70

Invesco Emerging Mkt Quant.Eq. A $

17.97

9.71

Japan Inc

Invesco Emerging Local Currencies Debt A Inc $

Japan Acc

-0.05 4.55

-0.42 3.66

Morant Wright Fuji Yield B YEN Acc 954.88

111.82

M&G Corporate Bond A Inc

Global Allocation (GBP) PA F

-0.92 3.69

74.39

111.91

Conservative (EUR) PA F

Gbl Financial Capital Inc

Wealthy Nat Bd GBP Inst Inc

-6.60 0.00

156.05

0.11 0.00

-0.02 0.00

HC KB Enterprise Equity Income A Acc

19.37

-0.06 6.76

7.70

0.19

$ 10.29

Invesco Emerging Europe Equity Fund A $

Morant Wright Fuji Yield YEN Acc 1086.34

Global Credit Fund

46.22

-0.05 4.42

-0.41 3.82

Morant Wright Fuji Yield USD Dist Hedged $ 10.67

-0.36 0.00

Income Inc ... C

M&G Corporate Bond A Acc

86.63

-1.63 0.00

107.93

Wealthy Nat Bd EUR Inst Inc

SFr 101.81

-0.62 3.78

Gbl Financial Capital Acc

Conservative (CHF) PA F

-0.83 1.38

1.27 3.43

$ 177.72

-5.83 0.00

US Growth USD Inst Acc

92.70

123.95

106.00

Global Equity Income Inc F

0.19

Tactical Opps GBP Cls

149.79

0.05 0.00

0.20 0.00

HC KB Capital Growth A Inc

-1.84 0.00

Morant Wright Fuji Yield USD Acc Hedged $ 10.54

HC KB Enterprise Equity Income A Inc

Invesco Balanced Risk Allocation Fund A 14.49

$ 33.77

0.72 0.60

1.56 3.34

193.61

Global Conc.A1

-0.07 6.73

US Growth GBP Ord Acc

-0.45 0.00

114.14

Global Equity Income Acc F

0.19

120.26

49.11

1.10 0.00

Balanced (EUR) PA F

48.36xd

-1.70 0.00

Morant Wright Fuji Yield GBP Dist Hedged 10.61

Income Acc ... C

Invesco Asia Opportunities Equity A $ 98.10

110.43

Global Property Secs Inc

0.20 1.55

184.54

Tactical Opps EUR Cls

0.19 4.52

US Growth EUR Ord Acc

-0.19 0.00

0.00 1.18

$ 12.15

Invesco Asia Infrastructure (A)

0.19

33.44

5.28 0.51

0.19

European Value A1

51.45

5.83 0.51

Morant Wright Fuji Yield GBP Acc Hedged 10.83

-0.46 0.00

80.17

-1.77 0.00

Morant Wright Fuji Yield EUR Dist Hedged 10.55

Glbl Distribution Acc

-0.39 0.00

SFr 103.58

Global Bond Inc F

398.64

-0.62 0.00

$ 192.69

Balanced (CHF) PA F

Charifund Acc

439.73

European Smaller Companies A1 47.92

+/- Yield

US Growth USD Ord Acc

155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900

Property & Other UK Unit Trusts

HC KB Capital Growth A Acc

Global Equity (inc) F

-0.01 0.00

-3.40 4.23

0.84 0.60

Global Equity (acc) F

-0.11 0.00

SFr 105.34

0.19 0.20

Swiss Select Equity Ord Acc

1065.65

56.03xd

30.27

0.19

High Yield Global Bond B GBP Inc

Global Property Secs Acc

Invesco Asia Consumer Demand Fund A income $ 12.04

European Res.A1

Lothbury Property Trust (UK)

0.01 1.17

0.07 3.79

-0.10 0.00

-0.62 0.00

FCA Recognised

-1.65 3.74

-0.01 0.00

(IRL)

121.81

$ 13.72

Morant Wright Funds (Ireland) PLC

512.81

-0.13 6.87

Invesco Asia Balanced A dist

29.32

SFr 106.41

High Yield Global Bond A GBP Inc

3.52 1.05

16.30

European Core Eq A1

-1.03 0.00

Swiss Select Equity Inst Acc

2.20

36.52xd

3.89 1.07

European Concentrated A1

-1.87

Global High Yield Bd Inc C

9.16

-0.01 0.00

0.05 0.00

152.99

$ 89.45

0.01 1.18

-1.10 0.00

Global Val.Cr.Fd EUR Ord Acc

MW Japan Fund PLC C

1024.27

198.08

6.89

-0.01 0.00

9.71

-0.14 0.00

Eq Market Neutral Plus B Acc

80.28

219.65

0.00 0.00

$ 164.04

0.52

-0.12 0.00

Global Bd Inc (Gross) F

Global Emerging Markets Inc F

Emerging Markets Eq.A1

$ 32.31

-0.02 0.00

-1.20 0.00

Global Val.Cr.Fd USD Ord Acc

-0.35 6.87

Global Emerging Markets Acc F

Emerging Markets Debt A1

$ 10.62

$ 23.46

$ 11.98

-0.01 0.00

Emer Mkts Debt Lo Curr Fd A1

16.22

174.73

MW Japan Fund PLC B

Will.Blair Gbl. Ldrs PA

95.42xd

Continental European Eqty A1

-0.80 0.00

Global Val.Cr.Fd GBP Ord Acc

Global High Yield Bd Acc C

2.87

-0.06 0.00

0.51

-0.71

0.01 1.17

Invesco Active Multi-Sector Credit Fund A

8.60

$ 121.15

0.18 4.54

-0.76 3.62

Global Val.Cr.Fd USD Inst Acc

$ 23.24

1015.40

129.60

0.17 4.54

China Equity Fd A1

Eq Market Neutral B Acc

Global Bd Acc (Gross) F

-0.01 0.00

109.71

-0.16 0.00

14 St. George Street, Mayfair, London W1S1FE

Dealing and enquiries: 0800 024 2400
Authorised Inv Funds
Unit Trust Manager/ACD - Host Capital

-4.05 0.00

Global Val.Cr.Fd GBP Ord Inc

-0.14 6.90

49.18

$ 10.35

-3.95 0.00

14.31

49.15

Bond A1

$ 134.05

Will.Blair Gbl. Ldrs PA

36.39xd

Glbl Distribution Inc (Gross)

-0.09 0.00

$ 130.60

China Equity USD Inst Acc

Global High Yield Bd Mth Inc C

Glbl Distribution Inc

8.65

China Equity USD Ord Acc

-0.03

1.45 0.24

Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282

FCA Recognised
Invesco Management SA

$ 21.00

0.05 0.00

Offer

0.18 4.52

Asia ex-Japan A1

Bid

MW Japan Fund PLC A

Fund

1075.26

183.89

(LUX)

19.49

+/- Yield

Absolute Return Bond B GBP Acc

European Smlr Cos Acc F

Invesco

SFr

LO Selection

Asset Management

Kames Capital VCIC

Absolute Return A1

(LUX)

Offer

(IRL)

Morant Wright Fuji Yield EUR Acc Hedged 10.61

Asset Management

PrivilEdge

Fusion Growth Acc

Asset Management

Gbl.5B Fdmt SH (USD) PA

Golden Age (CHF) PA F

Kames Capital ICVC

Emrg Mkts Inc Inc... C

Hong Kong & China (No Trail) Acc F

-0.14 0.00

(UK)

-0.41 4.95

Europe Inc

Bid

-0.08 0.00

51.28

52.06

Fund

-0.04 0.00

Balanced Risk 6 Acc

Glbl Distribution Acc (Gross)

+/- Yield

0.74 5.00

Global Bond Acc F

Offer

Emerging European Inc F

Bid

$ 10.77

45.70

set Management

Fund

SFr 12.20

Asian Equity Income Inc F

0.29 0.13

+/- Yield

Generation Global (CHF) PA F

0.88 4.87

Offer

0.00 1.43

6.54 1.00

53.44

Bid

0.00 1.42

Balanced Risk 10 Acc

Fund

0.21 0.00

+/- Yield

53.64

Offer

124.44

353.18

52.42

Bid

136.85

Asian Equity Income Acc F

Balanced Risk 8 Acc

Fund

Global Bond (No Trail) Acc F

Income & Growth (No Trail) Inc F

7.29 0.99

+/- Yield

Global Bond (No Trail) Inc F

High Yield Fund (No Trail) Acc

Invesco Fund Managers Ltd

Offer

Oryx International Growth Fund Ltd

New Capital Fund Management Ltd

6.63

0.18 0.00

(IRL)

Leconfield House, Curzon Street, London, W1J 5JB

FCA Recognised
New Capital UCITS Funds
Asia Pac Bd USD Inst Inc

$ 89.72

-0.27 3.32

Permal Investment Mgmt Svcs Ltd

Asia Pac Bd USD Ord Inc

$ 91.55

-0.28 2.57

Asia Pac Eq EUR Ord Inc

81.92

-1.23 3.44

www.permal.com
Other International Funds
Offshore Fund Class A US $ Shares

Asia Pac Eq GBP Ord Inc

84.78

-1.29 3.90

Investment Holdings N.V.

$ 5501.67

-210.54 0.00

Asia Pac Eq USD Ord Inc

$ 85.33

-1.27 3.27

Macro Holdings Ltd

$ 4245.42

47.63 0.00

Asia Pac Eq USD Inst Acc

$ 90.48

-1.35 0.00

Fixed Income Holdings N.V.

$ 378.88

-8.07

Asia Pac Eq USD Inst Inc

$ 95.28

-1.41 4.01

Permal Absolute Return Fund

$ 169.53

2.94 0.00

Dyn Europ Eq EUR Ord Inc

163.04

-1.99 1.40

Dyn Europ Eq GBP Ord Inc

173.23

-2.18 1.77

Dyn Europ Eq USD Ord Inc

$ 162.79

-1.98 1.31

China Equity EUR Ord Acc

128.58

-3.99 0.00

China Equity GBP Ord Acc

134.03

-4.15 0.00

Thursday 1 October 2015

31

FINANCIAL TIMES

MANAGED FUNDS SERVICE

Fund

Bid

Offer

+/- Yield

Fund

Pictet Asset Management (Europe) SA

+/- Yield

Fund

Bid

Offer

+/- Yield

Fund

Bid

Offer

+/- Yield

Fund

Bid

UK Growth

248.40

Low Average Duration - Inst Acc $ 14.72

-0.01 0.00

Chinese Equities (EUR)

68.46

1.23 0.00

-0.07 0.00

Em Stars Equities (EUR)

157.02

0.97 0.00

StocksPLUS{TM} - Inst Acc

$ 21.13

0.00 0.00

Emerging Markets Equities (EUR) 131.96

1.92 0.00

SIA (SIA Funds AG)

Total Return Bond - Inst Acc

$ 26.93

-0.01 0.00

Flex-o-Rente (EUR)

109.82

0.05 0.00

Regulated

17.07

-0.04 0.00

Glob.Consumer Trends Equities (EUR) 141.21

-0.89 0.00

UK Long Term Corp. Bnd Inst-Inst Acc 18.90

-0.02 0.00

High Yield Bonds (EUR)

120.87

-0.83 0.00

UK Real Return - Inst Acc

15, Avenue J.F. Kennedy L-1855 Luxembourg

Tel: 0041 58 323 3000
FCA Recognised

Offer

Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.24

UK Corporate Bond - Inst Acc

(LUX)

Bid

22.85

0.07 0.00

Lux -O- Rente (EUR)

141.20

0.31 0.00

UK Sterling Long Average Duration - Inst Acc 21.76

0.07 0.00

New World Financials (EUR)

48.70

0.09 0.00

Santander Asset Management UK Limited (1200)F

(UK)

287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181

Authorised Funds
Santander Atlas Range

Offer

+/- Yield

1.40 0.00

(LUX)
302.52

-0.36 0.00

LTIF Natural Resources

66.14

0.33 0.00

LTIF Stability A ACCU

157.34

0.04

SIA (SIA Funds AG) (CH)

105.40

0.07 0.00

UK Sterling Low Average Duration - Inst Acc 13.95

-0.02 0.00

US Premium Equities (EUR)

166.76

0.47 0.00

Santander Atlas Inc Port Acc Inst

282.70

-0.70

Pictet-Absl Rtn Glo Div-I EUR F

123.05

-0.15 0.00

Unconstrained Bond - Inst Acc

$ 11.75

-0.01 0.00

US Premium Equities (USD)

$ 186.34

0.52 0.00

Santander Atlas Inc Port Inc Inst

220.50

-0.50

LTIF Stability Growth

SFr 185.00

-1.80

Pictet-Agriculture-I EUR F

171.55

0.49 0.00

US Fundam.Index StocksPLUS Inst Inc $ 11.18

0.01 0.00

Santander Atlas Port 3 Acc Ret

146.00

-0.20

LTIF Stability Inc Plus

SFr 164.30

-1.60 6.13

Pictet-Asian Local Currency Debt-I USD F $ 148.28

1.32 0.00

Pictet-Biotech-I USD F

$ 750.93

-5.76 0.00

Pictet-Brazil Index I USD

$ 33.57

-0.53 0.00

Pictet-CHF Bonds I CHF

0.85 0.00

US High Yield Bond Fund Inst Acc $ 27.02

SFr 504.56

1.44 0.00

$ 99.12

-3.06 0.00

Pictet-Clean Energy-I USD F

$ 74.02

0.00 0.00

Platinum Capital Management Ltd

Pictet-Digital Communication-I USD F $ 228.90

0.15 0.00

Other International Funds

254.81

1.34 0.00

Pictet-Em Lcl Ccy Dbt-I USD F

$ 149.80

-0.25 0.00

Pictet-Emerging Markets-I USD F $ 453.59

8.65 0.00

Pictet-Emerging Markets Index-I USD F $ 204.96

0.91 0.00

Pictet-Emerging Corporate Bonds I USD $ 104.05

-0.47 0.00

Pictet-Emerging Markets High Dividend I USD $ 89.77

1.14 0.00

Pictet-Emerging Markets Sust Eq I USD $ 81.69

0.27 0.00

Pictet-Environmental Megatrend Sel I EUR 145.34

-0.35 0.00

Pictet-EUR Bonds-I F

548.35

-0.26 0.00

Pictet-EUR Corporate Bonds Ex Fin i EUR 140.62

-0.02 0.00

Pictet-EUR Corporate Bonds-I F

195.73

0.25 0.00

-1.28 0.00

Pictet-EUR Short Mid-Term Bonds-I F 136.53

-0.03 0.00

Pictet-EUR Short Term HY I EUR

118.28

-0.73 0.00

Pictet-EUR Sov.Sht.Mon.Mkt EUR I 103.03

0.00 0.00

Pictet-Euroland Index IS EUR

120.98

-0.70 0.00

Pictet-Europe Index-I EUR F

157.26

-0.99 0.00

Pictet-European Equity Selection-I EUR F 583.34

-3.32 0.00

Pictet-European Sust Eq-I EUR F

225.24

-1.53 0.00

Pictet-Global Bds Fundamental I USD $ 116.79

0.04 0.00

Pictet-Global Bonds-I EUR

160.59

-0.11 0.00

Pictet-Global Emerging Currencies-I USD F $ 95.34

0.03 0.00

Pictet-Global Emerging Debt-I USD F $ 347.52

-2.73 0.00

-0.10 0.00

Japan Specialist Fund X

13.60

-0.22 0.00

US Spec Equity Fund

17.08

-0.10 0.00

Pacific Basin Specialist Equity Fund 36.13

0.70 0.72

Platinum Global Dividend Fund - A $ 56.85

UK Sovereign Bd Index Fund

0.03 2.59

10.81

Platinum Global Dividend UCITS Fund $ 65.75

-0.77 5.36

Inflation Lkd Sov Bd Fund

Platinum Essential Resources UCITs Fund $

5.06

-0.11 0.00

UK Specialist Equity Income Fund

Platinum Maverick Enhanced Fund Limited $ 98.18

0.00

12.82

$ 15.92 15.92 -0.11 0.00

European Income Acc EUR

10.78 10.78 -0.06

European Ex UK Inc EUR Acc

Financial Opps I USD

$ 11.90

-0.04 2.11

GEM Growth I USD

-0.04 0.00

9.11

8.04
9.09

9.11 0.00

GEM Income I USD

Global Alpha I USD

$ 12.15 12.15 -0.04 0.00

-0.06 0.00

Global Convertible I USD

$ 11.23 11.23 -0.06 0.00

Global Insurance I GBP

Global Technology I USD

3.93

$ 20.81

0.02 0.00
-0.17 0.00

Healthcare Blue Chip Fund I USD Acc $ 10.07 10.07 0.00

Santander Atlas Port 4 Inc Ret

126.00

-0.50

25 Moorgate, London, EC2R 6AY 020 7131 8100

www.sandwfunds.com
Authorised Inv Funds

159.20

-0.70

European Growth Trust A Class

492.60

5.50 0.74

Santander Atlas Port 5 Acc Ret

183.80

-0.70

Far Eastern Income and Growth Trust A Class

393.90

7.10 3.32

Santander Atlas Port 5 Acc Inst

155.90

-0.60

Fixed Interest Trust A Class

121.00

-0.20 3.39

Santander Atlas Port 6 Acc Ret

248.80

-1.30

Global Gold and Resource Trust A Class

124.80

0.10 0.00

Santander Atlas Port 6 Acc X

177.60

Santander Atlas Port 7 Acc Ret

191.50

-1.20

North American Trust A Class

1563.00

-8.00 0.00

Santander Atlas Port 7 Acc Inst

151.90

-0.90

Oriental Growth Fund A Class

137.30

1.80 1.09

UK Equity Growth Trust A Class

402.90

2.80 0.66

UK Equity Income Trust A Class

218.20

2.40 6.20

0.00 3.19

161.20

Max 70% Shs Inc Ret

136.50

Investments Inc Acc Ret

153.70

Investments Inc Inc Ret

-0.23 1.81

Contl Europe Specialist Fund

23.02

-0.09 0.65

Japan Specialist Fund X

14.35

-0.23 0.56

US Spec Equity Fund

17.88

Pacific Basin Specialist Equity Fund 36.07

-0.10 0.17

0.69 1.39

UK Sovereign Bd Index Fund

10.93

0.03 2.59

Inflation Lkd Sov Bd Fund

12.69

0.04 0.68

UK Specialist Equity Income Fund 10.07

-0.12 3.90

Global Spec Inv Grade Bd Fund GBP 10.10

-0.01 3.19

Global Emerg Mkts Equity Fund X 10.02

0.18 0.77

Address and telephone number for Series 5 only

0.90

0.80

-0.10

101.90

-0.10

Equity Inc Inc Inst

235.50

2.40

Equity Inc Inc Ret

202.20

2.10

Equity Inc Acc Inst

142.20

1.40

N&P UK Gwth Inc Ret

159.30

1.40

Stckmkt 100 Track Gwth Acc Inst

87.40

1.44

Stckmkt 100 Track Gwth Acc Ret

162.00

2.70

UK Growth Acc Inst

278.30

2.50

UK Growth Acc Ret

322.80

2.80

UK Growth Inc Ret

214.80

1.90

144.50

-0.40

Managed OEIC
Glob Em Shs Port Acc Ret

Royal London Unit Managers Ltd. (1200) F

(UK)
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777
Authorised Inv Funds
Royal London Sustainable Diversified A Inc
Royal London Sustainable World A Inc

5.00 1.84

Max 70% Shs Acc Ret

-1.50 1.21

-0.70

Authorised Inv Funds

18.59

2049.00

0.18 0.54

-0.13 3.41

203.90

153.00

MM Endurance Balanced Fund A Class

Santander Atlas Port 6 Acc Inst

Global Emerg Mkts Equity Fund X 10.01

MM Global Investment Fund A Class

0.04 0.68

9.82

-0.90

Max 70% Shs Port Acc Ret

246.80

-0.90

Max 70% Shs Port Acc X

177.20

-0.70

1.51

0.00 2.02

Max 70% Shs Port Acc S

143.30

-0.50

162.90

1.30 0.70

Investment Port Acc Ret

230.60

-0.50

Royal London Corporate Bond Mth Income

88.69 93.36 -0.09 4.20

Royal London European Growth Trust

Max 30% Shs Port Acc Ret

152.80

-0.30

77.76

1.68 0.00

Max 30% Shs Port Acc X

152.50

-0.30

0.44 0.00

Emerging Markets Active

$ 42.54

-2.14

Equity & General C Acc

372.86

-5.05 0.06

Max 30% Shs Port Acc S

146.40

-0.30

0.29 0.00

Luxcellence Em Mkts Tech

$ 832.61

-29.07 0.00

Equity & General C Inc

343.89

-4.66 0.06

Max 30% Shs Inc Port Inc Ret

152.30

0.20

Pictet-Security-I USD F

$ 187.01

-0.07 0.00

Polunin Developing Countries

$ 694.82 695.79 -5.45 0.00

Equity & General O Inc

342.71

-4.67 0.00

Max 30% Shs Inc Port Inc X

152.50

0.20

Pictet-Select-Callisto I EUR

105.47

-0.36 0.00

Polunin Discovery - Frontier Markets $ 1385.55

Equity & General O Acc

369.35

-5.03 0.00

Max 30% Shs Inc Port Inc S

146.20

0.10

Pictet-Small Cap Europe-I EUR F

1055.72

-6.34 0.00

Polunin Small Cap

European C Acc

509.84

-0.95 0.24

Max 60% Shs Port Acc Ret

261.50

-0.50

European O Acc

505.09

-0.97 0.00

Max 60% Shs Port Inc Ret

208.60

-0.30

Japanese Fund C Acc

169.36

-3.30 0.00

Max 60% Shs Port Inc X

161.50

-0.30

Pictet-ST.MoneyMkt-I

140.49

0.00 0.00

Pictet-ST.MoneyMkt JPY I USD

101529.09

-3.46 0.00

Pictet-ST.MoneyMkt-ICHF

SFr 124.45

0.00 0.00

Pictet-ST.MoneyMkt-IUSD

$ 135.13

-0.01 0.00

Pictet-Timber-I USD F

$ 136.70

-0.80 0.00

Pictet Total Ret-Agora I EUR

114.24

-0.26 0.00

Pictet Total Ret-Corto Europe I EUR 135.14

-1.23 0.00

Pictet Total Ret-Divers Alpha I EUR 104.23

-0.14 0.00

108.71

0.02 0.00

Pictet Total Ret-Mandarin I USD $ 111.40

-0.37 0.00

Pictet-US Equity Selection-I USD $ 172.28

-8.40 0.00

$ 1276.30 1292.25 -23.48 0.00

Private Fund Mgrs (Guernsey) Ltd

(GSY)

Regulated
Monument Growth 29/09/2015

464.13 469.27 -1.05 1.08

Prusik Investment Management LLP

(IRL)

Enquiries - 0207 493 1331

Regulated
Prusik Asian Equity Income B Dist $ 151.02

2.58 3.99

$ 184.55

2.65 0.00

Prusik Asia A
Prusik Asian Smaller Cos A

$ 137.56

$ 143.58

-0.12 0.00

Pictet-USA Index-I USD F

$ 166.01

0.21 0.00

Pictet-USD Government Bonds-I F $ 639.67

0.96 0.00
0.08 0.00

Global Total Fd PCG A

151.81

0.79 0.38

0.00 0.00

Global Total Fd PCG B

150.51

0.79 0.14

Global Total Fd PCG INT

148.60

0.77 0.00

-0.41 0.00

Pimco Fds: Global Investors Series Plc

(IRL)

PIMCO Europe Ltd,11 Baker Street,London W1U 3AH

http://gisnav.pimco-funds.com/
Dealing: +44 20 3640 1000
PIMCO Funds: +44 (0)20 3640 1407
FCA Recognised
Capital Securities Inst Acc

$ 14.62

Commodity Real Return Fund Inst Acc $

6.34

-0.09 0.00

0.01 0.00

151.68

-3.39 0.00

PCG C X

149.62

-3.34 0.00

Putnam Investments (Ireland) Ltd

$ 18.87

-0.07 0.00

Diversified Income Durat Hdg Fund Inst Acc $ 10.96

-0.07 0.00

EM Fundam.Ind StocksPLUS Fund Inst Acc $

7.93

-0.05 0.00

Emerging Asia Bond Fund Inst Acc $

9.34

-0.04 0.00

$ 10.44

-0.06 0.00

Emerging Markets Bond - Inst Acc $ 36.40

-0.21 0.00

Blue Chip Income Acc

Emerging Markets Corp.Bd Fund Inst Acc F $ 12.44

-0.07 0.00

Ethical Bond Inc

-0.03 0.00

(IRL)

Regulated

Diversified Income - Inst Acc

Putnam New Flag Euro High Yield Plc - E 992.48

-5.45 4.30

Rathbone Unit Trust Mgmt (1200)F

217.22 224.09 2.93 4.30

90.19 92.17 -0.14 5.34

Ethical Bond Acc

170.90 174.31 -0.26 5.23

0.00 0.00

Global Opportunities Acc

130.42 134.57 0.13 0.12

14.55

-0.02 0.00

Income Inc

842.06 871.51 9.54 4.06

12.66

-0.07 0.00

Income Acc

1279.70 1323.01 14.50 3.88

Euro Long Average Duration - Inst Acc 21.59

0.06 0.00

Multi Asset Enhanced Growth Acc

114.23

Euro Low Duration Fund Inst Acc 11.18

-0.02 0.00

Multi Asset Strategic Growth inc

143.21

0.03 1.44

Euro Real Return - Inst Acc

13.22

-0.03 0.00

Multi Asset Strategic Growth acc

151.35

0.04 1.42

Euro Short-Term Inst Acc

12.25

-0.01 0.00

Multi Asset Total Return inc

125.00

-0.34 1.89

0.00 0.00

Euro Ultra Long Duration - Inst Acc 28.43

0.16 0.00

Multi Asset Total Return acc

136.96

Global Advantage - Inst Acc

-0.01 0.00

Recovery Inc

415.89 431.44 2.03 2.38

8.26

Global Bond - Inst Acc

$ 27.66

Global Bond Ex-US - Inst Acc

-0.06 0.00

Recovery Acc

-0.38 1.87

493.73 511.74 2.42 2.34

0.01 0.00

Strategic Bond I-Class Acc

1.24

1.25 0.00 4.22

Strategic Bond I-Class Inc

1.10

1.10 0.00 4.28

-0.20

282.79

-0.63 0.28

Total Return C Acc

383.64

-1.44 1.31

Investments Inc Port Inc X

146.70

-0.10

Total Return C Inc

266.02

-1.00 1.32

Gov Bond Inc Inst (gross)

178.10

-0.10

Total Return O Inc

263.40

-1.00 1.33

Gov Bond Inc Inst

146.20

-0.10

-1.45 1.31

Gov Bond Acc Inst

147.60

-0.10 2.13

Total Return O Acc

380.01

(CYM)

Regulated
S W Mitchell European Fund Class A EUR 333.17
S W Mitchell Small Cap European Fund Class A EUR 228.99
323.00

-22.51

-6.11
-25.58

S W Mitchell Capital LLP

SWMC European Fund B EUR

14810.24

-306.46 0.00

SWMC UK Fund B

11695.72

-119.90 0.00

SWMC Small Cap European Fund B EUR 13340.73

-39.89 0.00

SWMC Emerging European Fund B EUR 8433.72

-107.76 0.00

RobecoSAM

(LUX)

Tel. +41 44 653 10 10 http://www.robecosam.com/

Regulated
10.06

0.06 1.37

RobecoSAM Sm.Energy/N

10.09

0.03 0.00

RobecoSAM Sm.Materials/A

112.21

-0.12 2.10

RobecoSAM Sm.Materials/N

128.32

-0.62 0.00

RobecoSAM Sm.Materials/Na

88.54

-0.43

RobecoSAM Gl.Small Cap Eq/A

72.12

RobecoSAM Gl.Small Cap Eq/N

143.04

RobecoSAM Sustainable Gl.Eq/B 165.29

Inflation Strategy Fund Inst Acc

-0.05 0.00

8.65

Asia-Pacific Equities (EUR)

122.25

1.80 0.00

-7.60

Stenham Healthcare USD

$ 190.65

Stenham Managed Fund USD

$ 116.67

Stenham Macro UCITS USD

$ 102.34

Stenham Multi Strategy USD

3.30 0.69

360.35

5.02 0.51

Veritas Asian Fund A EUR H

299.35

3.20 0.44

Veritas China Fund A USD

$ 141.64

-0.04 0.00

(UK)
Thesis Unit Trust Management Limited
Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Authorised Funds

Veritas China Fund A GBP

146.59

-0.05 0.00

Veritas China Fund A EUR

140.34

-0.05 0.00

TM New Court Fund A 2011 Inc

MENA UCITS Fund *

$ 1173.69

-6.59 0.00

12.66

-0.07 0.00

Veritas Global Equity Income Fund D USD $ 108.37

-1.56 4.86

TM New Court Fund - A 2014 Acc 12.69

-0.03 0.00

Veritas Global Equity Income Fund D EUR 187.21

-2.83 4.12

TM New Court Equity Growth Fund - Inc 12.71

-0.08 0.00

Veritas Global Equity Income Fund D GBP 138.49

-2.09 4.75

Veritas Global Focus Fund D USD $ 24.26

-0.02 2.78

Veritas Global Focus Fund D EUR 21.78

0.02 2.60

Veritas Global Focus Fund D GBP 27.09

-0.03 2.42

Veritas Global Focus Fund A GBP 26.17

0.04 2.21

Veritas Global Focus Fund A EUR 12.70

0.04 2.06

Veritas Global Focus Fund A USD $ 23.43

0.05 2.34

Veritas Global Focus Fund C GBP 28.40

0.15 0.00

Toscafund

(CYM)

Regulated
$ 301.78

-3.44 0.00

Veritas Global Focus Fund C EUR 22.94

0.18 0.00

-10.24 0.00

Tosca Mid Cap GBP

258.14

-9.62 0.00

Veritas Global Focus Fund C USD $ 25.49

0.15 0.00

-3.43

Tosca Opportunity B USD

$ 353.68

-18.15 0.00

Veritas Global Equity Income Fund A GBP 132.80

-2.00 4.78

-0.16

Veritas Global Equity Income Fund A EUR 181.97

-2.74 4.15

$ 121.31

-1.85

Veritas Global Equity Income Fund A USD $ 104.34

-1.49 4.89

Stenham Quadrant USD A

$ 400.20

-2.72

Veritas Global Equity Income Fund C GBP 159.52

2.21

Stenham Trading Inc USD

$ 115.83

-0.71

Veritas Global Equity Income Fund C EUR 218.48

3.52

Stenham Universal USD

$ 449.78

-8.92

Veritas Global Equity Income Fund C USD $ 124.53

1.78

Stenham Universal II USD

$ 166.84

-3.37 0.00

Veritas Global Real Return Fund A USD $ 19.45

-0.04 0.00

Veritas Global Real Return Fund A GBP 10.87

-0.03 0.00

Veritas Global Real Return Fund A EUR 11.49

0.00 0.00

Stratton Street Capital (CI) Limited

(GSY)

Regulated

TreeTop Asset Management S.A.

(LUX)

Regulated
TreeTop Convertible Sicav
International A

287.55

-1.75 0.00

124.49

-0.70 0.00

Veritas Asian Fund B GBP

265.93

4.43 0.04

International D

266.92

-1.63 3.11

Veritas Asian Fund B EUR

220.81

3.10 0.00

Japan Synthetic Warrant USD Hedged Class $ 179.37

-16.46 0.00

Pacific A

259.11

0.48 0.00

Veritas China Fund B GBP

142.11

0.44 0.00

Renminbi Bond Fund AUD Cls A A$ 119.76

0.57 4.00

Pacific B

$ 326.64

1.00 0.00

Veritas China Fund B EUR

Renminbi Bond Fund AUD Cls B A$ 121.57

0.58 3.73

TreeTop Global Sicav

Renminbi Bond Fund CHF Cls A SFr 117.20

0.55 4.04

Renminbi Bond Fund CHF Cls B SFr 116.97

0.54 3.79

0.20 3.46

Global Opp.B

$ 131.52

0.35 0.00

Global Opp.C

166.45

0.86 0.00

Sequoia Equity A

142.56

0.50 0.00

Sequoia Equity B

$ 146.98

0.58 0.00

Sequoia Equity C

166.45

1.10 0.00

-2.51 4.20

Veritas Global Equity Income Fund B USD $ 103.53

-1.47 4.95

Veritas Global Real Return Fund B USD $ 18.89

0.02 0.00

0.57 3.54

Veritas Global Real Return Fund B GBP 10.68

0.01 0.00

Veritas Global Real Return Fund B EUR 12.29

0.01 0.00

Renminbi Bond Fund CNH Cls B CNH 124.32

0.20 3.22

Renminbi Bond Fund Euro Cls B

118.54

0.56 3.79

Renminbi Bond Fund GBP Cls B

120.45

0.57 3.57

Bal Intl Track Acc Ret

251.70

0.00

Renminbi Bond Fund SGD Cls B S$ 119.48

Bond Mthly Inc Acc Ret

142.50

-0.30

Renminbi Bond Fund USD Cls B

$ 119.83

0.56 3.33

Bond Mthly Inc Inc Ret

91.86

-0.16

Renminbi Bond Fund YEN Cls B

13219.79

59.09 0.00

Renminbi Bond Fund USD Cls A

$ 165.23

0.78 3.58

Renminbi Bond Fund GBP Cls A

160.55

0.75 3.82

Renminbi Bond Fund SGD Cls A S$ 158.27

0.76 3.79

Renminbi Bond Fund YEN Cls A

19569.75

87.89 0.00

Renminbi Bond Fund EUR Cls A

109.02

0.51 4.04

Poland Geared Growth

-0.04 0.00

Veritas Asset Management LLP

Troy Asset Mgt Ltd

(UK)

40 Dukes Place, London EC3A 7NH

Order Desk and Enquiries: 0345 608 0950
Authorised Inv Funds
ACD Capita Financial Mgrs

Europe (ex-UK)

264.50

3.50

Japan Equities

142.70

2.30

Pacific Bas (ex-Japan)

474.90

6.80

Spectrum Fund 'O' Acc

153.63

-2.42 0.29

149.75

-2.36 0.29

Sterling Bonds

262.30

-0.30

UK Equities

256.90

2.50

Spectrum Income Fund 'O' Acc

94.60

0.00

US Equities

242.80

-0.40

Spectrum Income Fund 'O' Inc

94.16

0.00

Trojan Fund O Acc

251.18

0.68 0.45

474.20

6.80

Trojan Fund O Inc

208.38

0.57 0.45

Trojan Global Equity O Acc

202.58

0.93 0.96

Trojan Global Equity O Inc

172.56

0.79 0.96

Trojan Income O Acc

264.07

2.81 3.82

Trojan Income O Inc

167.28

1.79 3.94

B Shares

E.I. Sturdza Strategic Management Limited (GSY)

Regulated
Nippon Growth Fund Limited

95669.00

-5205.00 0.00

Strat Evarich Japan Fd Ltd JPY

87884.00

-1011.00 0.00

Strat Evarich Japan Fd Ltd USD

$ 870.06

-9.92 0.00

E.I. Sturdza Funds PLC

5.60

-0.04 1.48

Regulated

-0.90 0.00

Saracen Global Income & Growth Fund A - Acc

1.07

-0.02 3.05

-0.45 0.00

Saracen Global Income & Growth Fund A - Dist

0.99

-0.02 2.79

RobecoSAM Sustainable Gl.Eq/N 142.44

-0.39 0.00

Saracen Global Income and Growth Fund -Acc #

1.33

-0.02 3.43

RobecoSAM S.HealthyLiv/B

163.40

-0.83 0.00

Saracen Global Income and Growth Fund -Dist #

1.17

-0.02 2.82

RobecoSAM S.HealthyLiv/N

152.02

-0.78 0.00

Saracen UK Income Fund - Acc

0.98

-0.01

Saracen UK Income Fund - Dist

-0.01

130.67 136.64 0.17 3.09

(UK)
Scottish Friendly Asset Managers Ltd
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Authorised Inv Funds
Managed Growth

229.00

1.30 0.00

Real Return Asian Fund USD

279.90

-1.53 0.00

Real Return Asian Fund GBP

298.31

-1.62 0.00

Real Return Asian Fund EUR

$ 294.94

-1.60 0.00

Waverton Investment Funds Plc (1600)F

Waverton Asia Pacific A USD

$ 17.00

-0.23 1.16

8.70

-0.03 5.51

Waverton Global Equity Fund A GBP 12.92

-0.28 0.39

Waverton UK Fund A GBP

12.57

-0.17 1.90

Waverton Equity Fund A GBP

13.83

-0.13 0.00

-0.03 5.48

Waverton Sterling Bond Fund A GBP

9.43

WA Fixed Income Fund Plc

(IRL)

UBS Global Asset Mgmt Fds Ltd

European Multi-Sector

114.90

Nippon Growth (UCITS Fund Euro Hedged Class EUR) 1000.35

-50.07 0.00

Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) 1176.93

-58.89 0.00

Nippon Growth (UCITS) Fund JPY Class A shares 92272.00

-4638.00 0.00

(UK)
21 Lombard Street, London, EC3V 9AH
Client Services 0800 587 2113, Client Dealing 0800 587 2112
www.ubs.com/retailfunds
Authorised Inv Funds
OEIC

Nippon Growth (UCITS) Fund JPY Class B Acc shares 77359.00

-3882.00 0.00

Global Emerg Mkts Eqty B Acc

1.21

Nippon Growth (UCITS) Fund JPY Class C Dis shares 75184.00

-3778.00 0.00

Global Optimal B Acc

0.90

0.00 0.71

Nippon Growth (UCITS Fund Class D Institutional JPY) 50065.00

-2515.00 0.00

UBS UK Opportunities Fund B Acc

0.82

0.01 3.23

Yuki International Limited

Strategic China Panda Fund USD $ 2000.19

-51.70 0.00

US Equity B Acc

1.34

-0.01 0.32

UBS S&P 500 Index C Acc

0.49

0.00

Tel +44-20-7269-0207 www.yukifunds.com

Regulated
Yuki Mizuho Umbrella Fund

Gross
AER Int Cr

Data Provided by

www.morningstar.co.uk
Data as shown is for information purposes only. No
offer is made by Morningstar or this publication.

Guide to Data
The fund prices quoted on these pages are supplied by
the operator of the relevant fund. Details of funds
published on these pages, including prices, are for the
purpose of information only and should only be used
as a guide. The Financial Times Limited makes no
representation as to their accuracy or completeness
and they should not be relied upon when making an
investment decision.
The sale of interests in the funds listed on these pages
may, in certain jurisdictions, be restricted by law and
the funds will not necessarily be available to persons
in all jurisdictions in which the publication circulates.
Persons in any doubt should take appropriate
professional advice. Data collated by Morningstar. For
other queries contact reader.enquiries@ft.com +44
(0)207 873 4211.
The fund prices published in this edition along with
additional information are also available on the
Financial Times website, www.ft.com/funds. The
funds published on these pages are grouped together
by fund management company.
Prices are in pence unless otherwise indicated. The
change, if shown, is the change on the previously
quoted figure (not all funds update prices daily). Those
designated $ with no prefix refer to US dollars. Yield
percentage figures (in Tuesday to Saturday papers)
allow for buying expenses. Prices of certain older
insurance linked plans might be subject to capital
gains tax on sales.
Guide to pricing of Authorised Investment Funds:
(compiled with the assistance of the IMA. The
Investment Management Association, 65 Kingsway,
London WC2B 6TD.
Tel: +44 (0)20 7831 0898.)
OEIC: Open-Ended Investment Company. Similar to a
unit trust but using a company rather than a trust
structure.
Different share classes are issued to reflect a different
currency, charging structure or type of holder.
Selling price: Also called bid price. The price at which
units in a unit trust are sold by investors.
Buying price: Also called offer price. The price at
which units in a unit trust are bought by investors.
Includes managers initial charge.
Single price: Based on a mid-market valuation of the
underlying investments. The buying and selling price
for shares of an OEIC and units of a single priced unit
trust are the same.
Treatment of managers periodic capital charge:
The letter C denotes that the trust deducts all or part
of the managers/operators periodic charge from
capital, contact the manager/operator for full details
of the effect of this course of action.
Exit Charges: The letter E denotes that an exit charge
may be made when you sell units, contact the
manager/operator for full details.
Time: Some funds give information about the timing of
price quotes. The time shown alongside the fund
managers/operators name is the valuation point for
their unit trusts/OEICs, unless another time is
indicated by the symbol alongside the individual unit
trust/OEIC name.
The symbols are as follows: 0001 to 1100 hours;
1101 to 1400 hours; 1401 to 1700 hours; # 1701 to
midnight. Daily dealing prices are set on the basis of
the valuation point, a short period of time may elapse
before prices become available. Historic pricing: The
letter H denotes that the managers/operators will
normally deal on the price set at the most recent
valuation. The prices shown are the latest available
before publication and may not be the current dealing
levels because of an intervening portfolio revaluation
or a switch to a forward pricing basis. The
managers/operators must deal at a forward price on
request, and may move to forward pricing at any time.
Forward pricing: The letter F denotes that that
managers/operators deal at the price to be set at the
next valuation.
Investors can be given no definite price in advance of
the purchase or sale being carried out. The prices
appearing in the newspaper are the most recent
provided by the managers/operators. Scheme
particulars, prospectus, key features and reports: The
most recent particulars and documents may be
obtained free of charge from fund
managers/operators. * Indicates funds which do not
price on Fridays.
Charges for this advertising service are based on the
number of lines published and the classification of the
fund. Please contact data@ft.com or
call +44 (0)20 7873 3132 for further information.

(IRL)

-49.96 0.00

Strategic China Panda Fund Hedged Sterling 1971.43

-50.41 0.00

UBS Targeted Return B Acc

Strategic Euro Bond Accumulating Class CHFSFr 981.04

-2.02 0.00

UBS Sterling Corporate Bond Indexed Fund

Strategic Euro Bond Institutional Class EUR 1004.86

-2.01 0.00

Strategic Euro Bond Fund Accumulating Class Shares 1127.35

Strategic Euro Bond Fund Distributing Class Shares 1017.43

Strategic Global Bond RMB Acc

$ 1079.00

-0.24 0.00

0.01 1.83

Asset Management

Strategic China Panda Fund Hedged EURO 1947.83

(IRL)

1.19

0.00 1.30

Yuki Mizuho Japan Dynamic Growth 6453.00

207.00 0.00

50.57

-0.05 3.36

Yuki Mizuho Japan Large Cap

6346.00

180.00 0.00

UBS Multi Asset Income B Inc (net)

0.48

0.00 3.73

Yuki Japan Low Price

25085.00

441.00 0.00

-2.26 0.00

UBS UK Equity Income B Inc Net

0.37

0.01 5.14

Yuki Japan Value Select

12163.00

279.00 0.00

-2.04 2.91

Corporate Bond UK Plus B Inc Net

0.51

0.00 4.00

YMR Umbrella Fund

5.57 0.00

UBS Global Allocation (UK) B Acc

1.02

0.01 1.94

15830.00

518.00 0.00

0.43

-0.01

Yuki Japan Rebounding Growth Fund JPY Class 22098.00

589.00 0.00

1.36

-0.01 0.00

Yuki Japan Rebounding Growth Fund USD Hedged Class $ 886.08

23.38

$ 1048.52

1.29 0.00

UBS Global Enhanced Equity Income C Inc

Strategic US Momentum and Value Fund $ 773.47

-2.65 0.00

UBS US Growth Fund B Acc

Strategic Global Bond USD Acc

(IRL)

waverton.investments@citi.com
FCA Recognised

Waverton Global Bond Fund Cls A $

Gross Net

Regulated

Asset Management

0.97

.
For Save & Prosper please see Countrywide Assured

www.veritas-asset.com
Other International Funds

Trojan Investment Funds

Spectrum Fund 'O' Inc

(UK)
19 Rutland Square, Edinburgh EH1 2BB
Dealing: 00 353 1 603 9921
Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Authorised Inv Funds

0.10 1.75

Veritas Global Equity Income Fund B EUR 167.13

Saracen Fund Managers Ltd (1000)F

0.12 1.65

-0.20

0.46

0.10 1.70

Veritas Global Focus Fund B GBP 20.02

-1.84 4.84

-0.20

A Shares

0.32 0.00

287 St Vincent Street, Glasgow G2 5NB 0845 605 4400

Authorised Inv Funds
Santander Premium Fund (OEIC)

1.09 0.00

Santander Asset Management UK Limited (1200)F (UK)

132.51

Veritas Global Focus Fund B EUR 15.15

142.90

Multi-Manager OEIC

Global Opp.A

163.91

Veritas Global Focus Fund B USD $ 16.94

Veritas Global Equity Income Fund B GBP 122.27

141.40

Retail

International C

-0.73 0.00

$ 295.63

Veritas Asian Fund A GBP H

Tosca

Saracen Growth Fd Beta Acc

-0.19 2.37

Corp Bond Acc Inst

Indirect Real Estate SIRE

Coolsingel 120, 3011 AG Rotterdam, The Netherlands.

www.robeco.com/contact
FCA Recognised

$ 220.42

Corp Bond Inc Inst

Other International Funds

0.00 0.00

Stenham Growth USD

-0.02 0.00

-0.02 0.00

1.02 0.00

-0.30

Global Investment Grade Credit Fund Inst Acc 11.39

$ 148.16

210.10

Schroder Property Managers (Jersey) Ltd

$ 12.15

Stenham Equity UCITS USD

Corp Bond Acc Inst (gross)

-0.13 3.61

$ 17.86

-0.70 0.00

-70.43 0.00

Renminbi Bond Fund CNH Cls A CNH 124.60

Income Fund Inst Acc

-0.30 0.00

Global Investment Grade Credit - Inst Income $ 12.02

Global Real Return - Inst Acc

Stenham Credit Opportunities A Class USD $ 103.92

$ 924.60

Veritas Asian Fund A USD H

MENA Hedge Fund

TNI Funds Plc (Ireland)

-15.63 0.00

-0.10

-0.08 0.00

(LUX)

-8.73

-0.09 0.00

Robeco Asset Management

(IRL)
Veritas Asset Management LLP
HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Veritas Funds Plc
www.veritas-asset.com
+353 1 635 6799
FCA Recognised
Institutional

149.00

Global High Yield Bond - Inst Acc $ 19.54

-0.08 0.00

$ 126.64

AED 10.49

Japan Synthetic Warrant USD Class $ 15.87

Strat Bond Acc Inst

0.01 0.00

Stenham Asia USD

-0.18 1.78

0.17 0.00

Japan Synthetic Warrant GBP Hedged Class 181.05

-0.06 0.00

$ 13.76

0.0201 2.79

-0.02 0.99

3.23 0.50

Global Multi-Asset - Inst Acc

147.73

Value Partners Classic Equity Fund EUR Hedged 11.32

-0.10

-0.01 0.00

1.8596

3.51

154.27

0.00 0.00

$ 206.30

-0.10

$ 19.31

UK Equity Fund

RobecoSAM S.Water/N

The National Investor (TNI)

-0.0012 3.08

Saracen Growth Fd Alpha Acc

RobecoSAM S.Water/A

1.27

Veritas Asian Fund B USD

Pacific Bas (ex-Japan)

RobecoSAM Sm.Energy/A

-2.14 0.00

(IRL)

Regulated

0.17 0.00

Global Eq (Ex Japan) Index Fund

Money Market
Trusts and
Bank Accounts

0.16 0.00

Managed Investments OEIC 3

S W Mitchell Capital LLP

$ 369.85

1.70

Value Partners Classic Equity Fund CHF HedgedSFr 11.21

International B

147.90

Value Partners Classic Equity Fund USD Z Unhedged $ 10.71

-0.35 0.00

-8.36 0.00

179.20

168.00

-3.03 0.00

Strat Bond Inc Inst

Div Inc Port Inc Ret

1589.41

Japan Synthetic Warrant Yen Class 1475.54

Strat Bond Inc Inst (gross)

Global Fundam.Index StocksPLUSInst Acc $ 10.00

Global Investment Grade Credit Fund Inst Acc $ $ 16.44

Pacific O Acc

145.70 150.47 1.96 4.44

Blue Chip Income Inc

22.47

Global Advantage Real Return Fund Inst Acc $

(UK)

Euro Credit - Inst Acc

$ 11.94

-0.10

PO Box 9948, Chelmsford, CM99 2AG

Order Desk: 0845 300 2101, Enquiries: 0207 399 0399
Authorised Inv Funds

Euro Bond - Inst Acc

Euro Income Bond - Inst Acc F

(JER)

PCG B X

-0.04 0.00

161.90

142.70

Investments Inc Port Inc Ret

Regulated

Emerging Markets Curr.Fd- Inst Acc $ 11.51

Managed Investments OEIC 2

The Charlemagne Fund EUR

Purisima Investment Fds (CI) Ltd

Credit Absolute Return Fund Inst Acc $ 11.04

Emerging Local Bond - Inst Acc

Max 60% Shs Port Inc S

-0.61 0.59

(UK)
40 Dukes Place, London EC3A 7NH
Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds
Authorised Corporate Director - Capita Financial Managers

-3.27 0.00

Purisima Investment Fds (UK) (1200)F

$ 102.59
252.77

285.74

0.48 0.00

Pictet-USD Short Mid-Term Bonds-I F $ 129.76

Pictet-Water-I EUR F

167.56

Pacific C Acc

-0.15 0.00

Pictet-US High Yield-I USD F

Pictet-USD Sov.ST.Mon.Mkt-I

Japanese Fund O Acc X

1551.96

Gilt

TNI Funds Ltd (BMU)

CF Ruffer Gold Fund O Acc

UK Corporate Bond

0.0116 1.94

Managed Investments OEIC

$ 39.68

www.valuepartners.net, fis@vp.com.hk
Regulated

0.0117 1.12

1.70 0.00

$ 47.35

7.38 0.00

Pictet-Russian Equities-I USD F

(IRL)

78.51

Pictet-Russia Index I USD

Value Partners Hong Kong Limited

Gbl Govt Bond (Ex Japan) Index (GBP) 1610.37

1.7576

CF Ruffer Gold Fund C Acc

Other International Funds

(IRL)

Regulated

Global Equity Fund

CF Ruffer Investment Funds

Polunin Capital Partners Ltd

The Hartford International Funds

Global Balanced Fund - Income Units 1.2962

-7.79 0.00

0.89 0.00

TNI Blue Chip UAE Fund *

-1.47 0.00

0.00

www.tni.ae
Other International Funds

1.50

0.0032 3.07

1.07

0.0098 2.09

151.90

148.02

Enhanced Inc Acc Inst

Pictet-Quality Global Equities I USD $ 125.58

1.07 6.13

CGV Inc B

1.53 0.00

1.1602

1.60

249.21

0.00

1.5384

182.26

UK Income B Inc X F

Diversified Assets Fund

166.20

European Forager A EUR

Senator House 85 Queen Victoria Street, London EC4V 4ET

COIF Charities Deposit Fund
0.45
- 0.45 Qtr

1.07

Bridge Fund

Enhanced Inc Inc X

0.23 0.00

1.18 5.89

0.03 0.00

www.stenhamassetmanagement.com
Other International Funds

CGV Inc A

151.30

CCLA Fund Managers Ltd

274.90

1.18

2.00

European Conviction A EUR

1.00 6.17

UK Income B Acc X F

-0.10

-0.72 0.00

1.11 5.93

-0.10

Japan Equity Class JP3

195.70

-0.30 0.00

234.86

106.70

Enhanced Inc Inc Ret

259.19

UK Income A Inc X F

107.60

CGV Acc X

40 Dukes Place, London EC3A 7NH

Order Desk and Enquiries: 0345 601 9610
Authorised Inv Funds
Authorised Corporate Director - Capita Financial Managers

UK Income A Acc X F

CGV Acc S

-0.12

Stenham Asset Management Inc

$ 46.88

Senator House 85 Queen Victoria Street, London EC4V 4ET

CBF Church of England Deposit Fund 0.50
- 0.50 Qtr

-0.13

Pictet-LATAM Lc Ccy Dbt-I USD F $ 102.61

CCLA Investment Management Ltd

2.56 0.77

2.10

-0.55 0.00

2.61 0.08

-0.70 0.83

433.54

8.73

207.00

$ 128.50

440.66

UK Smaller Cos B Inc X F

262.00

Continental

8.70

Enhanced Inc Inc Ins

ALVA Convertible A USD

UK Smaller Cos A Inc X F

EGV - Acc Z

Value Partners Health Care Fund USD Class A Unhedged $

297.45 0.00

-0.25 1.16

-0.70

Value Partners Health Care Fund HKD Class A UnhedgedHK$

-0.90

0.00 0.00

(UK)

246.86

262.00

0.02 0.00

136.60

Ruffer LLP (1000)F

Outstanding British Cos B Acc X F

EGV - Acc S

Max 100% Shs Port Acc S

Regulated

-0.25 0.45

221.77 0.00

0.97

-1.20

(CYM)

236.54

1.31

Polar Capital LLP

1.96 0.40

Outstanding British Cos A Acc X F

187.40

382.76 0.00

1.20 0.23

Japan Equity Index Fund

Max 100% Shs Port Acc X

312.93

Gbl Govt Bond (ex Japan) Class JP4

14884.54

410.98

Mastertrust B Inc X F

90.90 91.53 0.64 4.86

-1.70

Pictet-Japan Index-I JPY F

UK Growth B Inc

-4.90 1.60

133.50 134.40 1.00 4.72

Additional Funds Available

Please see www.royallondon.com for details

-5.30 2.37

Charity Value and Income Fund Inc

261.00

9.22 0.00

378.50

Charity Value and Income Fund Acc

Max 100% Shs Port Acc Ret

408.30

IGV - Acc Z

-0.21

139.00 146.20 -0.70 0.00

$ 439.33

IGV - Acc Y

Royal London US Growth Trust

Pictet-Indian Equities-I USD F

2.17 0.00

8.98

1.19 0.00

Value Partners Health Care Fund RMB Class Z UnhedgedCNH

-0.40

12.74 12.74 -0.08

346.87

0.01 0.00

UK Absolute Equity I GBP

408.14

Mastertrust A Inc X F

144.50

0.54 0.00

UK Growth A Inc

-4.90 1.88

1.34

Max 50% Shs Port Acc S

-4.00 1.59

-0.82 0.00

Gbl Govt Bond (Ex Japan) Index

0.8429

180.60 191.10 0.30 1.92

Sterling Fixed Interest Fund

-1.19 0.00

Zebedee Focus Fund Limited Class A USD $ 170.38

380.90

0.19 0.00

-0.0034 3.94

-0.96 0.00

311.30

0.0135 1.91

Zebedee Focus Fund Limited Class B USD Shares $ 197.30

IGV - Acc X

Value Partners Classic Equity USD Hedged $ 13.13

Zebedee Focus Fund Limited Class A EURO Shares 169.78

IGV - Inc B

0.00 0.00

(CYM)

-4.00 2.41

0.9906

-0.24 0.00

1.30

Global Fixed Interest Fund

311.80

Global Eq Ex Japan Index Fund (Hedge)

Global Balanced Fund - Accumulations Units 1.5045

(LUX)

IGV - Inc A

0.17 0.00

(JER)

+/- Yield

(UK)
PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Authorised Inv Funds

-0.20 0.00

216.20 227.60 0.50 4.57

$ 16.38 16.38 0.05 0.00

Unicorn Asset Management Ltd

Royal London UK Income With Growth Trust

North American I USD

46.16 0.00

Zebedee Capital Partners LLP

Regulated

Value Partners Classic Equity Fund GBP Unhedged 11.81

PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130

FCA Recognised
Standard Life Offshore Strategy Fund Limited

105.70

Value Partners Classic Equity Fund GBP Hedged 11.56

Standard Life Wealth

Memnon European Fund I GBP

Investments IV - Global Private Eq. 416.23 437.04 -20.82

0.00 0.00

S & W Marathon Trust

Offer

FCA Recognised

Investments IV - European Private Eq. 292.33 306.94 2.23

-0.01 0.00

Bid

0.58 0.00

-0.50

1929.46

Japan I JPY

27.41

1.42

172.60

-0.69 0.00

(UK)

50 Bank Street, Canary Wharf, London E14 5NT

Admin: 50 Bank Street, Canary Wharf, London E14 5NT
Dealing & Enquiries: 0870 870 8433
Authorised Inv Funds
THS Growth & Value Funds

Investments III

1.32

Max 50% Shs Port Acc X

(LUX)

462.20 486.50 5.60 1.51

143.69

Taube Hodson Stonex Ptnrs UT (1200)F

Fund

Zadig Gestion (Memnon Fund)

Unicapital Investments

Royal London UK Growth Trust

Pictet-High Dividend Sel I EUR F

-1.81 0.00

0.01 6.05

Global Eq (ex Japan) Class JP5

5.00 0.86

0.36

Global Eq (ex Japan) Class HJ4

-0.60

Strategic US Momentum and Value CHF Hedged Class CHFSFr 538.52

UBS Emerging Markets Equity Income B Inc

-48.00 0.24

190.07 190.07 4.30 0.00

-1.81 0.00

+/- Yield

360.10 381.00 1.90 1.98

213.40

1.69 -0.01 0.00

Japan Alpha I JPY

-1.71 0.00

Offer

1995.00

Max 50% Shs Port Inc Ret

1.69

-0.33 0.00

Strategic US Momentum and Value EUR Hedged Class EUR 540.60

Bid

S&W Deucalion Fd (OEIC)

440.60

Income Opportunities B2 I GBP Acc

Strategic US Momentum & Value Fund USD I Class $ 513.25

Fund

S & W Magnum

Royal London Sustainable Leaders A Inc

0.22 0.00

$ 36.76

(UK)

25 Moorgate, London, EC2R 6AY 0141 222 1150

Authorised Inv Funds

-2.17 0.00

Pictet Total Ret-Kosmos I EUR

Smith & Williamson Fd Admin Ltd (1200)F

-0.60

Healthcare Opps I USD

+/- Yield

European

Santander Atlas Port 4 Acc Inst

-0.11 3.96

UK Specialist Equity

Biotechnology I USD

Smith & Williamson Investment Management (1200)F (UK)

Series 6 (Investment Management Customers Only)

$ 270.27 270.27 -1.72 0.00

-0.70

United Kingdom Equity Index Fund 14.56

Asian Financials I USD

-0.20

9.31

Global Spec Inv Grade Bd Fund GBP

(IRL)

175.40

Pictet-Premium Brands-I EUR F

22.06

160.40

Santander Atlas Port 4 Acc Ret

238.50

Contl Europe Specialist Fund

Santander Atlas Port 3 Acc Inst

Max 50% Shs Port Acc Ret

$ 430.17

Pictet-Pacific Ex Japan Index-I USD F $ 299.64

-0.23 0.43

105.20 110.70 1.30 0.95

$ 256.99

Pictet-LATAM Index I USD

-0.10

Pictet-Health-I USD

Pictet-Japanese Equity Selection-I JPY F 13132.24

18.37

-0.30

Pictet-Greater China-I USD F

UK Specialist Equity Inc

101.10

-0.31 0.00

Pictet-Japanese Equities Opp-I JPY F 8772.84

-0.13 2.90

Santander Atlas Port 3 Inc Ret

163.50

$ 95.22

Offer

International

Other International Fds

Investment Port Acc X

Pictet-Global Megatrend Selection-I USD F $ 207.15

Pictet-India Index I USD

United Kingdom Equity Index Fund 14.73

Regulated

236.38

(UK)

Polar Capital Funds Plc

Pictet-EUR High Yield-I F

Royal Bank of Scotland (2230)F

$ 117.46

Platinum All Star Fund - A

-0.58 0.00

Pictet-EUR Government Bonds I EUR 157.02

-0.09 0.00

PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072

Authorised Inv Funds
Series 5 (Minumum Initial Investment 75,000)

Pictet-China Index I USD

Pictet-Eastern Europe-I EUR F

Bid

Regulated

LTIF Classic

Pictet-Absl Rtn Fix Inc-HI EUR

Pictet-Asian Equities Ex Japan-I USD F $ 190.23

Fund

YMR N Growth
Yuki Asia Umbrella Fund

Asset Management

32

FINANCIAL TIMES

Thursday 1 October 2015

MARKETS & INVESTING

INSIGHT

Capital markets

Frederic
Neumann

NY Fed urges no rollback in bank rules

Productivity gains are

crucial as credit and
commodities sputter

he world has been firing on two cylinders over

recent years: commodities and credit. These
did not quite deliver soaring growth, but were
enough to keep things sputtering along. The
tank, however, is running dry. Asia is especially exposed. While this need not portend imminent
financial stress, growth is bound to disappoint for a while.
Consider the big picture. With the collapse of demand in
the west following the global financial crisis, China has
been holding up the roof. The mainlands contribution to
world growth occurred mainly through commodities.
True, China imported everything from German cars and
French handbags to Japanese excavators, but it was its
appetite for raw materials that powered the world.
Exporters from Latin America to Africa, and Southeast
Asia to Australia, New Zealand and Canada, enjoyed soaring incomes, driving up consumption and investment.
Even economies that do not possess natural riches benefited: South Korea, for example, which sends 60 per cent of
its exports to emerging markets, got a lift from global mining investment and rising consumer demand in developing countries.
The boom, unfortunately, has come to an end. It is not so
much that China stopped buying commodities, but that its
slowdown sent prices tumbling and put many projects on
ice. Even a rebound in mainland construction, the principal driver for raw material demand, might not deliver a fix:
such is the growth in supply that prices are unlikely to
recover to their earlier, lofty levels.
This leaves the world with an awkward problem. Commodity exporters, with their high propensity to spend,
have suffered. Meanwhile, commodity importers, China
above all but also the west and Japan, are not able to translate their savings into greater demand. Usually a tumble in
commodity prices, after a short delay, would be self-correcting, prodding importers
to spend. This time it is not:
Public policy
the debt overhang is delaying
the adjustment.
plays a critical
Take the US consumer. Fallrole in raising
ing energy prices should ordinarily have spurred house- efficiency: so
hold purchases. But this time,
reforms are vital
most of the gains have been
saved rather than spent as
consumers deleverage. Balance sheet repair takes time,
leaving the world short of demand in the meantime.
But it is not just commodities. Robust growth in emerging markets, particularly Asia, was also fuelled by cheap
credit. That driver, too, is fading: not so much because
funding costs are climbing again, although they are, but
because many borrowers have already extended themselves to uncomfortable levels. With the Federal Reserve
set to tighten, and currencies in emerging markets feeling
the pinch, credit will no longer provide the customary fuel.
A bleak picture, then, and one for which no obvious solution exists. Few economies are in a position to provide sufficient stimulus to boost demand. China has ammunition
and looks ready to use it. But without a recovery in commodity prices, many exporters will be left short of income.
The good news, at least, is that none of this needs to push
the world to the brink again. Weaker growth is the most
likely result, at least in Asia. As long as interest rates
remain low, credit is bound to slow, rather than contract.
And with emerging markets limping along, inflation is
unlikely to rise sharply. That, in turn, should keep the largest central banks in accommodative mode, with interest
rates anchored long enough to prevent calamity.
But all this points to a more uncomfortable truth: that
credit and commodities were not going to fuel the world
indefinitely was always plain to see. Sustained growth
requires gains in productivity. Public policy plays a critical
role in raising efficiency, and it is here where too little has
happened: reforms must be adopted to refill the tank.
In Asia, the list is long, and the work has barely begun.
State-owned enterprises, not just in China, need to be
revamped. Despite the regions export success, local economies remain too sheltered from foreign competition.
Labour markets are too rigid. At the same time, parts of
the region lack the roads, ports and energy infrastructure
to encourage manufacturing.
This is not a purely liberalising agenda: social security,
education and healthcare need an urgent overhaul as well.
Hope remains that the latest financial turmoil in Asia will
provide the reminder that the engine needs retooling.
Frederic Neumann is co-head of Asia Economics Research at HSBC

Chief sees little evidence

that onerous regulations
have hit markets liquidity
ROBIN WIGGLESWORTH NEW YORK

There should be no rollback in banking

regulation as there is little evidence that
onerous rules are holding backing trading in financial markets, the head of the
New York Federal Reserve says.
The so-called liquidity of markets has
emerged as one of the hottest topics in
the finance industry in recent years,
with some analysts and fund managers
complaining that even areas that were
easy to trade before the financial crisis
such as currencies, Treasuries and
stocks have shown some signs of
declining liquidity.
The biggest concern, however, is the

corporate bond market, where trading

conditions have deteriorated markedly
and led industry luminaries from
JPMorgans Jamie Dimon to Blackstones
Stephen Schwarzman to predict that it
could aggravate or even trigger a financial crisis.
Nonetheless, speaking at an industry
conference yesterday morning, William
Dudley, head of the Federal Reserves
New York branch, argued against rolling
back some regulations to help ameliorate the trading downturn.
First, the evidence to date that
liquidity has diminished markedly is, at
best, mixed. Second, even if one were to
interpret the evidence as indicating that
liquidity has been reduced, it is not clear
whether regulation is the primary
driver, as other changes have played
important roles as well, he said.
The New York Fed president said

there should be further examination of

the issue, but argued that even if higher
capital and liquidity requirements
slapped on banks in recent years have
led to trickier trading conditions it
would probably be worth the cost.
Mr Dudley said there was little evidence of a significant deterioration of
liquidity in the US Treasury or corporate bond markets.
However, he conceded that the
liquidity risk the danger that a particular bond cannot be sold at a reasonable price in the midst of a downturn
may be increasing, especially in the corporate bond market.
In Treasuries, that is probably being
driven by the increasingly important
role of high-frequency trading firms,
which on the whole benefits the market
but can step away in times of stress, Mr
Dudley indicated. In corporate debt,

issues such as the decline of creditdefault swaps, redemption risks and the
rise of exchange traded funds might
have increased liquidity risks, according
to the Fed president.
Defining liquidity is a contentious
issue, and analysts and fund managers
disagree on the extent and cause, but
most say it is problematic, and has been
mainly driven by regulatory pressures
that forced banks to shutter their own
internal trading arms and curtain their
market-making operations, and
increasing herding by asset managers.
In other words, while money management groups are larger than ever, they
tend to gather in the same securities and
markets, buying and selling at the same
time and causing prices to gap higher
or lower. The financial industry has primarily focused on paring back or easing
some of the regulatory burden on banks.

The biggest
concern is
corporate
bonds,
where
trading
conditions
have
deteriorated

Analysis. Capital markets

Europe faces challenges in bid to revive ABS

Fate of securitisation tied up in
grand economic themes that
are beyond Brussels influence

Bte noire to panacea?

Securitised products placed in Europe

ABS purchase programme

Value (bn)

Eurozone, ECB (bn)

JIM BRUNSDEN AND THOMAS HALE

In 2009, Rob Ford, a portfolio manager

at TwentyFour Asset Management, had
a tough job on his hands: marketing
asset-backed securities to clients.
On one occasion I turned over the
front page of the presentation, and a
potential investor said: RMBS [residential mortgage-backed securities] isnt
that the devils instrument?, he says.
Asset-backed securities provide a
stream of income through their underlying assets, such as mortgages, car
loans or credit card debt. During the
financial crisis, the devastation wreaked
by packaged US subprime mortgages
scarred the industry, deterred investors
and prompted stricter regulation.
But six years on, the industrys association with occult malevolence has
waned. Much of that negative stigma
has now been removed, says Mr Ford.
The client in question, he adds, is now a
significant investor in ABS.
It is not just individual investors who
have come around. The European Central Bank has been buying ABS since last
November. The European Commission
yesterday unveiled regulatory proposals designed to help boost the securitisation industry. This forms part of a capital markets union designed to help
rejuvenate the continents economies.
How has securitisation gone from the
bte noire of recent financial history to a
perceived panacea for an ailing European economy? And can it be revived in
the way regulators intend?
Asset-backed securities involve moving assets from a banks balance sheet to
a special purpose vehicle, which issues
securities to investors. This technically
makes it easier for banks to originate
new loans, which they can then securitise again without encumbering their
balance sheets. In a European economy
where bank lending is still low, securitisation, theoretically at least, offers a
means of increasing the flow of credit
without necessarily leading to an overleveraged banking system.
The European ABS market is still
moribund. For the EU, reviving it goes to
the heart of several of the key policy
challenges it faces after six years of comprehensively regulating the financial
system. These include addressing areas
where the post-crisis toughening of capital requirements and other rules is seen

15

Sep 2008 US government 2009 Issuance collapses

bails out Fannie Mae and in the aftermath of the
financial crisis
Freddie Mac

Sep 2014 European

Central Bank announces
it will begin buying
asset-backed securities

418.4

Jun 2015 European

Banking Authority
proposes reduced
capital charges on
qualifying
securitisations
Sep 2015 European
Commission unveils
details of its Capital
150
Markets Union

10

100

50

0
2007

08

09

10

11

12

13

14

15
(H1)

Nov
2014

2015

FT graphic: Sources: AFME; ECB

We need to
. . . look
at the
cumulative
impact of
different
rules

as having gone too far, as well as the task

of promoting investment in an environment where the banks face tougher regulatory constraints on risk taking.
Lord Hill, the UKs member of the
European Commission, and the official
charged with steering the development
of the plans, has made clear that Europe
needs stability not rigor mortis in its
financial markets. We have already
started to look at individual pieces of
legislation for example, the capital
requirements for banks, he says.
But we also need to do something
more comprehensive to look at the
cumulative impact of different rules.
A leaked draft of the commissions
plans identifies securitisation as an
important element of well-functioning
capital markets. The EUs goal is to
restart markets on a more sustainable
basis by favouring ABS that meet key
criteria on simplicity and transparency.
This involves reducing the capital
charges on the securities, which affect

the balance sheets of major investors.

This revival is likely to be a tall order,
though, and a task that is, to a large
extent, outside the commissions hands.
The financial services industry has
been quick to tell the commission that
its plans do not go far enough. Particular
concerns include that securitisation
would still be treated less favourably
than covered bonds a similar security
that provides bank funding, but does
not involve moving assets off bank balance sheets and the securities would
still face tougher capital requirements
compared with the underlying assets,
had they been left unbundled.
Some fear that the measures will be
unworkable because of a lack of certainty over which securities qualify for
lighter treatment, and on what banks
have to do to show they have genuinely
moved risks off their balance sheets.
Regulations over the past few years
have greatly hindered the placement of
securitisation bonds, at least when it

comes to insurance companies, Alex

Batchvarov, head of International Structured Finance Research at Bank of
America Merrill Lynch Global Research
says.
The fate of ABS is tied up in grand economic themes outside the commissions
influence, such as the current low interest rate environment that discourages
investment, and a lack of bank lending,
which limits the volume of loans that
could be securitised.
While the commission hopes the
plans will allow for further lending to
the economy, one of the short-term
results could be for banks to use a
revised ABS market to deleverage.
After facing successive waves of
tougher requirements, the industry now
finds itself in the unusual position of
egging EU regulators on. What remains
to be seen is whether European authorities can resuscitate the securitisation
industry, or whether it will continue to
be crippled by the legacy of the crisis.

Capital markets

Commodities

VW vehicle loan securities at risk of losses

Oil inventories still too high, says Pira head

THOMAS HALE

Investors in securities sold by Volkswagen may incur losses if prices of secondhand cars fall sharply due to the emissions scandal, Fitch Ratings has
warned.
Yields on the companys asset-backed
securities, which move inversely to
price, have increased by around 10-15
basis points over the past week, according to market participants.
Asset-backed securities are bond-like
instruments backed by underlying
loans. In this case, the securities are
based on loans used for the purchase or
lease of Volkswagen vehicles.
The German companys emissions
crisis could have an impact on these
complex structures an important part
of the way Volkswagen funds loans and
leases to consumers and small busi-

nesses because of the role of secondhand sales in the transaction structures.

When people borrow money on a car,
they may have the option to return it at
the end of the loan period in lieu of a
final payment. If they exercise that
option, the loan is discharged and the
car companys finance arm reclaims the
vehicle. The car company then needs to
sell the car to repay investors who have
funded the initial loans through securitisation transactions.
The risk is market prices of the vehicles turn out to be substantially lower
than was anticipated, said Andreas
Wilgen, head of consumer ABS at Fitch.
But they would need to drop a lot to
have a noticeable impact on ABS transactions, he added. The rating agency
suggested the impact would not be
direct and immediate.
Volkswagen is the largest issuer of

Sep

auto ABS in Europe. Four of the companys European ABS deals that Fitch
rates are exposed to residual value
risk meaning investors in the securities are potentially at risk if the underlying price of the cars falls sharply.
The majority of the companys ABS
transactions do not take on residual
value risk and therefore do not depend
on resale at maturity, but only the ability of the borrower to service their debt.
Securitisation deals are made up of
huge numbers of contracts, and it is
unclear how many cars may be affected
by the emissions scandal. Everyone in
securitisation is currently asking how
many cars in each transaction are
affected, Mr Wilgen said.
Andrew Dennis, a portfolio manager
at Aberdeen Asset Management, said
the market movements were not cataclysmic but not comfortable.

ANJLI RAVAL AND GREGORY MEYER

NEW YORK

A fragile global economy threatens the

progress of rebalancing an oversupplied oil market, says Gary Ross, executive chairman of Pira Energy Group,
the research company,
Cuts in oil production were happening
more slowly than expected after crude
prices collapsed in the past year, said Mr
Ross. Even with oil companies pulling
the plug on big projects and deploying
fewer rigs to drill for oil, supply remains
robust.
Its all going in the right direction but
this takes time, Mr Ross said. US shale
oil and non-Opec production overall has
been more resilient than initially
thought.
His comments came ahead of Piras
annual seminar in New York next week.

A year ago, his bearish presentation at

the gathering helped cement negative
sentiment in the oil market.
New York-based Pira expects global
benchmark Brent crude to average
$56.65 a barrel in 2016, and US benchmark West Texas Intermediate $52.10,
according to a forecast published last
week. This was slightly higher than
prices suggested by the futures market.
Mr Ross said that, even as production
growth was set to slow, the oil market
would turn higher only when consumers began to burn off surplus inventory
stored in tanks and ships. Oil stocks in
the most industrialised countries stand
at a record 2.9bn barrels, according to
the International Energy Agency.
Its one thing to see rigs go down. You
need to see inventories go down. The
bottom line is its all about inventories,
Mr Ross said. Piras published report

forecast world oil stocks declining late

this year, then building again in the first
half of 2016.
Although Mr Ross did not think it was
likely that oil would drop to $20 a barrel,
as has been suggested by some analysts,
he warned that an extended run of low
prices would come back to haunt the
world, as investment cuts by energy
companies lead to a reduction in supply.
In recent months, deferred oil prices
have lost some of their premium to spot
prices. For example, WTI for delivery in
two years cost about $8 more than spot
US crude, half the premium in March.
Mr Ross was puzzled that the socalled back months of futures prices
was so relatively weak, especially at a
time of bulging global inventories. He
said that this may have been due to the
retreat of formerly big buyers in the oil
market, such as banks.

Thursday 1 October 2015

33

FINANCIAL TIMES

MARKETS & INVESTING

TRADING POST

Jamie
Chisholm
Japans Tankan survey of corporate
activity is due for release today.
It follows yesterdays disappointing
industrial production data and the
news that core consumer price
inflation turned negative in August.
Barclays has cut to zero its forecast
for Japans third-quarter GDP growth.
If the Tankan is poor it increases
expectations that the Bank of Japan
will introduce further stimulus.
In case of an extra easing before
the year-end, the October 30 meeting
would be the most likely timing, in our
view, when the BoJ will release the
semi-annual outlook report on the
economy and prices, says Crdit
Agricole.
That said, we also have to be aware
that the BoJ may try to stage a
surprise. And in this case, the
possibility is not ruled out that the
bank may move at the meetings on
October 6-7, depending on the equity
market conditions, the bank adds.
If the latter transpired, and if it
followed a solid US jobs report
tomorrow that cements Fed rate rise
expectations this year, then the
USD/JPY would be vulnerable to a
spike higher.
Forex strategists at RBC Capital
Markets believe that investors at the
beginning of the week were placing
only about a 30 per cent probability of
more BoJ easing and its positioning
indicators suggest the market is
outright short USD/JPY for the first
time since the Abe/Kuroda era began.
It increases the risk of an
exaggerated, stop-driven move if
news is generally supportive.
jamie.chisholm@ft.com

Yen

Against the dollar ( per $)

Sep 2014

100
110
120
130
2015 Sep

Source: Thomson Reuters Datastream

Global overview

US and European equities rise as

worst quarter for four years closes
Copper and oil prices
advance as risk appetite
improves amid hopes for
further stimulus measures
in Europe and Japan
DAVE SHELLOCK

Global stocks, industrial commodities

and emerging market currencies rose
across the board as what was a
miserable quarter for most risk assets
drew to a close.
Indeed, it was the worst quarterly
showing by US and European equities
since 2011, as slowing growth in China,
uncertainty over Federal Reserve policy
and worries about corporate earnings
rattled markets.
Yesterday, however, growth bulls
managed to brush off such concerns, as
optimism about further stimulus
measures in Europe and Japan was
fuelled by economic data releases.
Furthermore, encouraging job figures
in the US boded well for tomorrows
non-farm payrolls report, which could
be crucial in shaping expectations for
when the Fed might raise interest rates.
In New York, the S&P 500 equity
index was up 1.9 per cent at the close at
1,919, but still down 7 per cent since the
end of June.
The turbulence seen over the period
was reflected by the CBOE Vix volatility
index, which measures the S&P 500
options cost. The so-called fear gauge,
although down 9.4 per cent in late trade
at 24.31, was up a hefty 34 per cent on
the quarter.
Across the Atlantic, the FTSE
Eurofirst 300 climbed 2.6 per cent, led
by mining stocks as Glencore bounced
another 14 per cent, but suffered a quarterly drop of 9.2 per cent. Tokyos Nikkei
225 rallied 2.7 per cent after Tuesdays
4.1 per cent slide, but was down 14.1 per
cent since the end of June.

Wall Street
Ralph Laurens raid on
Gap appeals to investors
Richard Blackden
Fashion wars erupted with Ralph
Lauren shares up 13.6 per cent to
$118.16 after it poached Stefan Larsson,
who has led the revival of Gaps Old
Navy brand, to be its chief executive.
Investors welcomed the appointment
of a retail executive who also enjoyed
success at Swedish retailer Hennes &
Mauritz. The instant verdict from Ralph
Lauren shareholders on Mr Larssons

Allegations of manipulation in US Treasuries: FT.com/video

The US Treasury market is the worlds largest bond market
it is also the latest to face allegations of manipulation
Perhaps the best thing about September is that it is coming to an end,
said Lena Komileva at G+ Economics.
But she added: A more constructive
markets tone at the month and quarterend implies that stock market valuations have become attractive after the
recent turmoil and bond markets have
become overly reflective of downside
tail-risks to global stability.
It was a similar story in the industrial
commodities arena, where copper
jumped 3.8 per cent in London to $5,160
a tonne, but was 10.5 per cent down
since the start of July. Brent oil pared an
early rise after data showed US crude
production had unexpectedly risen in
July, but still settled 0.3 per cent higher

lifted the FTSE 100 by 2.6 per cent, or

152.37 points, to 6,061.61. That meant
the index closed out the third quarter
showing a 7 per cent decline.
J Sainsbury jumped 13.8 per cent to
261p after it said that full-year earnings
would beat expectations. Tesco, which
has results due on October 7, rose 6.9 per
cent to 183.2p in tandem.
HSBC rose 2.7 per cent to 498.7p after
an upgrade to buy from UBS. It set a
550p target on the shares.
With as much as half of HSBCs capital
making subpar returns, a tougher
economic outlook might accelerate the
banks retrenchment to higher-return
markets in Asia and the UK, said UBS. In
the meantime, the shares offer a 5 per
cent post-scrip dividend yield that
appears sustainable, the broker said.
Glencore led the bounce among

switch was near euphoric. But Gap

shares fell 5.7 per cent to $28.50, leaving
the stock down 32 per cent this year.
Analysts at Japanese bank Mizuho did
not hide their assessment of the fallout
for Gap, which under Mr Larssons
leadership has proved a bright spot in a
testing backdrop for US retailers. The
exit of the executive was a bad omen
for Old Navys performance (especially
facing tougher compares), they said.
Analysts cut their rating on Gap to
underperform and lowered its price
target to $26. Shares of the retailers
swung in sharply different directions in
what proved a strong finish to a testing
quarter for US stock markets.
The S&P 500 closed up 1.9 per cent at
1,920.03 points, but it is down 7 per cent
for the quarter in its worst three-month
showing since 2011. The Dow Jones
Industrial Average, home to just 30 US
companies, was 1.5 per cent firmer at
16,284.70 points as the quarter drew to a
close, but it has weakened 7.6 per cent
during the quarter, marked by anxieties
over a global slowdown.
The Nasdaq Composite, the
benchmark index for the worlds largest

technology companies, closed up 2.3 per

cent at 4,620.17 points, bringing its
quarterly losses to 7.4 per cent.
It was a technology company that was
one of the biggest risers. Shares of
Western Digital, a computer hard disk
manufacturer, jumped 15.4 per cent to
$79.44 after Unisplendour, a Chinese
information technology company, took
a stake in the company. The $3.8bn
investment by Unisplendour, a
subsidiary of state-backed Tsinghua
Unigroup, is the latest deal by the
acquisitive Chinese company.
Steve Milligan, the chief executive of
Western Digital, said the investment
would help facilitate our growth as we
look to capitalise on the many
opportunities and changes within the
global storage industry.
Activist investing has been an
important trend in US equity markets
this year, and the final day of the quarter
saw another company targeted.
Shares in Advance Auto Parts surged
11.1 per cent to $189.53 after Starboard
Value, an activist firm that has
previously pushed Yahoo to make
changes, disclosed a 3.7 per cent stake.

Sep

2014

2015

1000
800
600
400
Sep

Source: Thomson Reuters Datastream

Day's
Indices

Close

change

FTSE 100

6061.61

152.37

FTSE 250

16683.02

240.53

FTSE 350

3384.68

78.67

FTSE All-Share

3335.92

75.46

FTSE All-Share Yield

Yield hunters helped lift Aviva

yesterday as the FTSE 100 showed its
biggest advance in a month.
A US management tour reinforced
hopes that buying Friends Life will be
truly transformational for Avivas
cash generation, Barclays told clients.
Better than expected capital
synergies with Friends means that
Aviva already meets tougher EU capital
requirements, so excess cash can go to
shareholders, said the broker.
Share buybacks would be tangible
evidence of a 180 degree rehabilitation
from Avivas 2013 dividend cut, it said.
We believe the company can return
circa 1bn of annual buybacks from
2017, on top of 1.2bn of dividends: an
effective yield of 12.5 per cent.
Aviva shares jumped 5.5 per cent to
452p in a buoyant wider market, which

Chip Somodevilla/Getty

mining stocks, up 14.1 per cent to

91.55p, with JPMorgan saying liquidity
concerns have been overstated.
Glencore has $13bn of available
liquidity to refinance $6.4bn of bonds
maturing next year, said JPMorgan.
At current metals prices the
commodities trader will still need to
raise $10bn to avoid its debt being cut to
junk but the gap can be closed with
disposals alone and rating agencies will
probably hold fire until mid 2016, it
said.
Firmer metals prices helped the rest
of the miners, leading Kaz Minerals to
rally 16.4 per cent to 84.7p and lifting
Rio Tinto 2.8 per cent to 22.10.
But Vedanta Resources lagged
behind peers, down 3.4 per cent to
425.2p, amid fears that its attempt to
free up trapped cash by merging two of
its Indian businesses was near to
collapse.
Shares in Vedantas 60 per centowned Cairn India have been trading at
a sharp premium to Vedanta Ltd, its
Mumbai-listed subsidiary, with the
former outperforming the latter by 84
per cent since the merger was
announced in June.
Vedanta Ltds one-for-one share swap
offer requires approval from more than
half of Cairn Indias minority
shareholders.
Vedantas balance sheet already looks
fragile so the group may ask lenders to
relax debt covenants or temporarily
waive an imminent test, analysts said.
Entertainment One lost 8.8 per cent
to 248p, a two-year low, after launching
a 201m rights issue.

Share price (pence)

Bryce Elder

S&P 500 index

Change on day

3.74

6018.50

128.50

10 yr Gilt Yield

2.53

-0.29

20yr Gilt All-Share Ratio

0.64

FTSE 100 Futures

at $48.37 a barrel, leaving it 24 per cent

down over the past three months.
Julian Jessop at Capital Economics
suggested that the fall in Glencore
shares, fuelled by fears that its equity
value could be wiped out if metals prices
stay at current levels, might actually
mark a trough for the costs of many
industrial commodities.
The problems at Glencore provide
one of the clearest illustrations yet of
the challenges faced by commodity
producers at the current low prices, Mr
Jessop said. The resulting supply
response slower growth in output, if
not outright cuts should feed back
into a recovery in prices.
Many emerging market currencies

Trading Directory

also ended the quarter on a positive note

after their recent battering.
The dollar was down 2.4 per cent
against the Brazilian real, 1.4 per cent
against the Malaysian ringgit and 0.7 per
cent versus the South African rand.
The improvement in risk appetite
curbed demand for US and German
government bonds.
The yield on the 10-year Treasury was
flat at 2.05 per cent while that on then
10-year Bund held steady at 0.59 per
cent. At the end of June, they stood at
2.33 per cent and 0.77 per cent, respectively. The more policy-sensitive twoyear Treasury yield was unchanged at
0.64 per cent, even as data from ADP
Employer Services showed 200,000
jobs were created in September.
Nick Stamenkovic, macro strategist at
RIA Capital Markets, said the report was
encouraging for the September employment survey.
We expect payrolls to post a decent
230,000 rise in September, pointing to a
further erosion of slack in the labour
market, keeping the door ajar for a
possible Fed tightening in December.
The figures offered solid support to
the dollar, with the US currency up
0.5 per cent against a basket of peers.
Gold was down $11 at a two-week low of
$1,116 an ounce.
The euro was down 0.7 per cent at
$1.1169 after data showed that eurozone
consumer prices had fallen 0.1 per cent
in the year to September.
Renewed eurozone deflation in September will fuel expectations that the
European Central Bank will ultimately
step up its quantitative easing
although stable core inflation eases
pressure for immediate action, said
Howard Archer, chief European economist at IHS Global Insight.
Pressure on Japan to employ further
stimulus measures increased after data
showed industrial production fell
0.5 per cent against an expected
increase of 1 per cent.

1.91%
2000
1950
1900

Sep

Vedanta Resources

London
Avivas prospects
transformed with a
little help from Friends

Markets update

1850

2015

US equities Wall Street found support

from solid private sector jobs figures
ahead of tomorrows official non-farm
payrolls report, with energy stocks
outperforming on the S&P 500

FTSE 100 index

Change on day

Sep

2.58%
6200
6100
6000
5900
5800

2015

UK equities J Sainsbury jumped 13.8

per cent after the food retailer upped
its full-year profit forecast, while
Glencore rallied another 14.1 per cent
following Mondays 29 per cent slide

Eurofirst 300 index

Change on day

2.56%

1450
1400
1350

Sep

1300

2015

European equities The Eurofirst 300

closed out its worst quarter in four
years with a solid bounce, helped by
hopes that the European Central Bank
might increase its asset purchases

Nikkei 225 index

(000) Change on day

2.7%

19.0
18.0
17.0

Sep

2015

16.0

Japanese equities The Nikkei rallied

after Tuesdays 4.1 per cent slide to an
eight-month low, but still ended with a
quarterly loss of more than 14 per cent

34

Thursday 1 October 2015

Analysis. Commodities

SMART MONEY

Futures trading incentives under scrutiny

John
Authers

Slowing momentum
adds importance to
US earnings season

eaders complain that journalists overhype predictable market events, and they have a point.
Virtually every meeting of the Federal Open
Market Committee is the most important ever.
The same is true for US non-farm payrolls data.
So it is worth stating that this weeks payrolls data are
not the most important on record. Factors other than the
labour market are more important. Octobers FOMC meeting is also of limited importance, as December is a far more
likely date for the Fed to tighten at last.
But the third-quarter US earnings season, beginning
next Thursday with Alcoa, could be one of the most important as US stocks dangle on the cusp of a bear market.
As I write, the low for the year, set in August, remains
intact, but only just. More than any other single factor, we
need to look to earnings to work out whether this turns
into a bear market. And so far, the course of earnings gives
better reason than almost anything else to suppose that
the bear market is indeed under way. What US companies
tell us next month could conceivably reverse that or,
more likely, tip into a bear market.
For the third quarter in a row, brokers are braced as it
heads for an outright year-on-year decline in earnings.
According to Thomson Reuters, the consensus calls a 4.3
per cent fall, compared with 0.4 per cent when the quarter
began. This is mostly because hopes for the materials sector have tanked as metals and energy prices have fallen.
Some of this is the tired game of earnings management,
talking down prospects to
beat a lower bar. After drastic
Brokers are
writedowns in forecasts, both
the first quarter (when a pro- braced for an
jected 2.8 per cent fall turned
outright yearinto a 2 per cent rise), and the
second (a projected 3 per cent on-year decline
fall turned into a 1.3 per cent
in earnings
rise), saw more than the customary beat.
But earnings tend to be cyclical, and growth in earnings
per share has flattened almost completely. Margins tend to
be even more mean-reverting and are also falling.
That, in turn, plays into the concept that Vadim Zlotnikov, chief market strategist at AllianceBernstein, suggests has driven the sell-off: pricing power. Deflation or
slower inflation, of the kind that is feared as a result of the
falls in metals prices and the evidence of slowing economic
growth in China, attacks pricing power.
The latest US sell-off has been led by the one sector
pharmaceuticals that has led the market by demonstrating dramatic pricing power. It is government intervention
to combat what looks like an abuse of that pricing power
that sparked the sell-off. Signs that pricing power remains
intact, through sustained margins, could be a strong reassurance. Lack of it would have the opposite effect.
Also, a more detailed look at earnings momentum, or
the way forecasts are changing by sector, is troublesome.
Forecasts are being written down not only for the month
coming, but for 2016 as a whole. According to Andrew Lapthorne of Socit Gnrale, 2016 forecasts for the highly
cyclical semiconductors sector in the US have been written
down by 8.3 per cent over the past three months (while
materials have been written down by 4.8 per cent).
This is dreadful earnings momentum, and suggests that
the market is braced for negative forward guidance. This
could counteract the likely success in exceeding earnings
expectations for the third quarter.
Another important point concerns share purchases.
Corporations have at the margin been the greatest buyers
of their own stock. Data from David Kostin, US equity
strategist at Goldman Sachs, shows that buybacks are seasonal, are lowest in the months when companies report
earnings and highest in November and December.
Buybacks have kept earnings per share buoyant during
an unimpressive recovery. According to Howard Silverblatt of S&P, there has been a run of six quarters in which at
least 20 per cent of the S&P 500 companies have reduced
their share count by at least 4 per cent and boosted earnings per share by 4 per cent. If companies are still producing enough cash to play this trick, it would be quite a relief.
It is hard to be optimistic about earnings, although there
is ample scope for information that could turn the market
up. It is also hard to overstate their importance. At the risk
of overhyping it, the next earnings season really matters.
john.authers@ft.com

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Global futures and options

volume

Calls for more transparency

over discounts, rebates and
payments made by exchanges

By category, contracts (bn)

Commodities
Currency
Equity index
Individual
equity
Interest rates

GREGORY MEYER NEW YORK

If the energy market was a vast sea, Nasdaqs new futures exchange would be a
puddle: it handles one in 500 US oil
futures transactions.
Nasdaq wants to improve its status. It
is doing so partly through a fee holiday
and, for a select group of 20 marketmaking companies, monthly payments
for volume. Such incentives may be the
only way to wrest business from established exchanges.
But incentives in futures markets,
such as volume discounts, rebates and
payments, are attracting scrutiny. Sharon Bowen, a commissioner at the US
Commodity Futures Trading Commission, recently said that exchanges
should reveal more about them.
Among her concerns is that incentives
could induce a firm to trade with itself
just to rack up exchange payments. The
CFTC should set more concrete restrictions on market maker programmes,
she said in a recent speech in New York.
The stakes of the debate are huge. A
total of 21.87bn futures and options contracts were traded worldwide in 2014,
according to FIA, the industry body
more than double the volume of 10
years before. At exchange operator CME
Group, $1,100tn worth of derivatives
changed hands last year.
We understand the CFTC will be
issuing a new rule designed to further
improve transparency, and we look forward to reviewing it and responding,
CME said.
Exchanges often offer incentives to
bring liquidity into a fledgling contract.
CME offers them to customers ranging
from electronic-trading firms to central
banks. The existence of incentive programmes highlights the interdependency of exchanges and traders.
Exchanges need market makers to pro-

After trending lower over the

first half of the year, Asian
currencies outside of Japan
plunged much lower after
the August 11 devaluation of
the renminbi, which weighed
heavily on Chinas regional
trading partners.
Their fall is illustrated in
JPMorgans trade weighted
Asia dollar index, which follows 10 major Asian currencies. These include Chinas
renminbi, given a weighting
of more than 40 per cent.
The index reached a quarterly high of 111.67 in July but
quickly faded. On Monday,
the index hit a low of 106.60,
a level not touched for six
years, although there were
signs yesterday of a pick-up.
The expectation is that
Asian currencies will continue to decline. Currencies
of emerging Asian economies would face the brunt
of slowing Chinese growth
and a weaker renminbi, Barclays predicted, with South
Korea and Taiwan particularly exposed to China.
The banks forex strategists pointed out that the current falls were modest compared to the declines in
emerging market currencies
in the late 1990s. After stripping out the renminbi, Asian
currencies had fallen only 5
per cent in the past two
years, said Barclays.
Aroop Chatterjee, foreign
exchange strategist at Barclays, said with Asian growth
trending lower, led by China,
and the end of the renminbis

15

5
0
2002 04 06
By region (%)

08 10

12

14

Other 2.0
Latin America
6.9
Europe

30.4

Asia Pacific

North
America

37.6

33.2

Source: FIA

Nasdaq believes
it must offer
incentives in
order to raise
the profile of its
new futures
exchange
Emmanuel Dunand/Getty

Asian currencies end

quarter at six-year low
Asian currencies can expect
another period of downward pressure after ending
the quarter at their lowest
level since 2009, foreign
exchange analysts predicted.

20

10

Currencies

ROGER BLITZ

25

effective peg to the dollar,

currencies in the region
would continue to fall.
From a policy perspective, we can expect greater
tolerance for currency
depreciation and more
accommodative monetary
policy from central banks.
We have seen a need for
Asian central banks to
address the deflationary
shocks to their economies,
Mr Chatterjee said.
HSBC analysts said one
consequence of a shift in Chinese policy was permanent
two-way renminbi volatility.
That would transfer to
higher volatility for Asian
currencies and make it
harder to outperform EM
and G3 currencies.
The quarter has seen the
Malaysian ringgit down 14.2
per cent against the dollar, as
prime minister Najib Razak
confronts threats to his
authority, although the fall
in the Korean won is a more
respectable 5.7 per cent,
while Taiwans dollar is down
more than 6 per cent.
Indonesia, also facing
political uncertainty, has
seen its rupiah fall to its lowest since the height of the
1998 Asian crisis. Reserves
have been cut by around 10
per cent since February.
Daniel Tengauzer, head of
EM FX strategy at RBC Capital Markets, said: Investors
were most bearish about
Malaysia and less concerned
about Indonesia. India
remains the darling.
Indias rupee has been one
of the weaker Asian currencies but has been an outperformer since the US Federal
Reserve kept rates on hold.
The rupee has gained some
solidity since Monday after
the Reserve Bank of India cut
rates by 50 basis points.

vide an attractive spread between

prices at which they would buy or sell a
commodity or financial index.
For example, an Intercontinental
Exchange programme in US oil futures
obliges applicants to show the bid-ask
spread they would maintain and commit to trading 20,000 contracts of the
product.
For market makers, the chance to collect incentives comes with a cost. Prices
can move violently against them in thin,
erratic markets.
Market making is a risky and complex activity that requires significant
time, resources and skilled human capital, says Jim Overdahl, partner at lobbyists Delta Strategy Group and an
adviser to the FIA PTG, an industry
group of proprietary traders.
Exchange incentive programmes
arent perks they are one of a variety

of tools that exchanges use to encourage

the activity required to build and sustain healthy, successful markets.
Not all activity has been healthy. To
capture rebates from ICE, a manager at
Chicago-based Gelber Group directed
his stock index traders to trade opposite each other until they reached the
necessary volume, then had an
employee create a computer program
that automatically matched the two
traders orders, the CFTC said in 2013.
Gelber was fined $750,000 over these
wash sales and other alleged abuses.
The main concern is that the programmes dont lead to non-bona fide
trading, where there are just people executing trading for the sole purpose of
getting the incentive and not really
assuming risk, says Richard Shilts, who
was director of CFTCs Division of Market Oversight between 2004-13. He says

that commission staff discussed putting

out rules or guidance on what might
constitute an acceptable incentive programme. That wasnt done, he adds.
Participants in exchange incentive
programmes must comply with rules
banning wash sales and other violations.
After the Gelber case, ICE imposed selftrade prevention functionality for proprietary traders.
The use of incentives is not limited to
new contracts such as the energy
futures that Nasdaq launched in July to
challenge CME and ICE. ICE recently
extended two dozen oil market maker
and liquidity provider programmes that
date as far back as 2006.
ICE says: We currently file details for
our market making programmes with
the CFTC and will work with the commission as they consider any changes to
that process.

EXECUTIVE

APPOINTMENTS
THURSDAY 1 OCTOBER 2015

www.exec-appointments.com

www.ft.com/recruit

Twitter: @carola_hoyos

Inside

Useless exit
interviews
carry a
heavy cost

In a Blink
At the gym, with family
or napping. How would
you spend a free hour?
PAGE 2

Workplace Haiku
Our winning poets use
prayers and begging
bowls to deal with failure
PAGE 2

Careers Counsel
Even at Google,
persuading a team to
work together is about
more than technology
PAGE 2

Leveraging leavers Many companies deal with

resignations badly, reports Maxine Boersma

xit interviews may be the best

way to cut staff turnover, but
so few companies get them
right that most are a waste of
time and many employers
are giving up on them altogether.
However, Thomas Giles, an HR consultant, believes that when done right
exit interviews can have a bigger
impact than employee engagement surveys.
Not only do they reveal insights into
why valued talent leaves, and what a
company can do to prevent future
occurrences, they can also highlight
potential areas of liability for an
employer, in terms of workplace conduct, safety and compliance, he says.
But many HR departments fail to garner much useful information from
them, let alone manage to analyse the
data the practice produces over time.
Some 20 per cent of senior executives
think their HR strategy does not include
enough hard data, such as exit interview
analysis, a survey of 375 global executives conducted by KPMG in April
revealed. This lack of credible evidence
is one of the reasons a board often
ignores its HR departments advice even
when making big decisions about its
companys workforce.

Adrian Brady, managing director of

communications agency Eulogy, says
getting serious about exit interviews,
not only made the board listen, but persuaded two ex-employees to return.
In the past, we didnt invest the
appropriate time and energy we should
have into exit interviews. It was often
considered a tick-box exercise and we
certainly didnt make the most of the
feedback we received, he admits. But
that changed when the company
expanded.
We now take a far more structured
approach and feedback is shared at
board level, with appropriate changes
made as a result and weve definitely
learnt from it.
There are several ways to fix a broken
employee exit ramp, experts say.
One way is to do it digitally. Some
organisations conduct automated interviews with leavers completing an online
form through email or text message
soon after they depart. Responses can
either be anonymous or named.
The feedback is then relatively easily
collated, providing reports that can be
used to plan engagement strategies.
Mark Williamson of KPMG says more
companies are using software that picks
out themes emerging from these

People who
express a
view tend
to be either
furious or
unnaturally
positive

interviews, for example, around the

behaviour of managers or a perceived
lack of promotion opportunities.
Online interviews may have the
advantage of allowing confidentiality,
but they lack the ability to observe body
language, which often sends a more
accurate message than what a person
says. This can, of course, only be done
face to face.
But extracting useful data from a personal exit interview is not as easy as
many people assume. In fact, Steve
Newhall, partner at Korn Ferry, the
search firm, argues it is too tricky to be
left to generalist HR staff.
They often dont understand enough
about the context to be able to dig
deeper into areas that may be interesting, he says. A lot of the data provided
is bimodal people who express a view
tend to be either pathologically furious
or unnaturally positive, he explains.
He adds that many interviewees will
only give useful feedback if asked the
right questions because they are reluctant to speak frankly for fear of ruining
their references.
Patrick Reinmoeller, professor of
strategic management at Cranfield University, meanwhile maintains that a single interview may not be enough.

He believes the exit interview should

be the start of a far lengthier departure
process of offboarding. A longer
handover could also help prepare a successor or prompt structural changes to
make the position more effective.
He suggests retaining the leaving
employee as a temporary part-timer, as
a consultant or coach.
This more drawn- out approach could
also smooth bumpy exits, minimising
reputational damage caused by disgruntled employees or those going to competitors.
Having no exit interview can be just as
bad. One Oxfordshire-based advertising
company missed a chance to turn a leaving employee into a client after he quit.
The former employee, who worked
there for 12 months and did not want to
be named, says he was given little HR
help and no exit interview: They had
the nerve to contact me at my new
agency as if nothing had happened. I
could have been a client for them.
Even when things go well and regardless of who conducts the interview HR
staff, an outside expert or a piece of software Prof Reinmoeller suggests scanning comments on personal web pages,
Twitter and LinkedIn to find the real
story behind a decision to leave.

Mass exodus: a
better exit
strategy may not
have saved
Lehman Brothers
but it could have
thrown up some
warning signs
Getty

At Work with the FT

Ron Wackrow
oversees
the USs
largest
private
building
site
PAGE 3

Stern on Boards
VW lost its way because
it ignored all its
stakeholders bar one
the investor
PAGE 3

Mrs Moneypenny
Many of the UKs
best
scientists
are
giving
up
before
they have
started
PAGE 3

FINANCIAL TIMES

Thursday 1 October 2015

Executive Appointments

Career Counsel It takes more than

technology to foster collaboration

In a Blink: Id rather be...

If you were to have 60 minutes of additional free time, what would you do with it?
(Respondents could select three)

How can I create a collaborative

environment for my team?
Nina Bjornstad, country manager at
Google For Work, UK and Ireland, says:
For years, techies have talked about
cloud technology and its power to boost
collaboration. Allowing employees to
share files quickly and to work on
documents together using many types
of devices has transformed the way we
work; as has using video calls to bring
teams together when they are apart.
Still, productivity levels in the UK
have stagnated in the past seven years
and many organisations are stuck in the
past. It is clear that despite the
proliferation of productivity tools,
teams are neither working more closely
together nor more quickly.
Creating a collaborative environment
takes more than technology. Having the
right workplace culture and habits is
crucial to getting the magical moments
we know are possible.
I learnt this when I first joined Google.
I was leading my first team strategy
meeting and was determined to get
everyone on board. I started putting my
ideas on a whiteboard when the group
suggested we jot down ideas in a Google
document so they could all pile in.
At first I was anxious, being used to
working in an environment where ideas

were communicated not co-created. But

in an hour we reached a significantly
better conclusion than my own.
It was liberating. It taught me the
importance of having a transparent and
open working culture. But how do you
create one? Here are three lessons from
companies that have successfully
embraced new ways of working.
First, get all levels on board. Make
your leaders walk the talk and explain
the benefits of collaboration. But do not
forget to involve employees. People
often resist change because they feel
they have no control over it. Create a
network of collaboration champions.
Inspire them to get involved by ensuring
they receive recognition for their
efforts.
Second, respect the past. Many
people will have built their personal
brand around being an expert in the old
ways of working. Put training
programmes in place and organise
immersive experiences for employees.
And make it fun. You will be surprised
by the creativity you uncover.
Finally, reward collaborative
behaviour. If your goal is to have more
transparent communication, reward
and recognise people who embrace this
new way of working.
Send queries to Janina Conboye at
workplace.questions@ft.com

Exercise

52.6
Spend time with family

Haiku at Work
Weekly Competition

47.4
The many ways we deal with failure
were reflected in this weeks poems.
Ernesto Santiagos winning poem
is neatly constructed and
profoundly provocative, says Jim
Kacian, founder of the Haiku
Foundation, adding that Mr
Santiago puts philosopher and
Jesuit priest Teilhard de Chardin to
shame in nine words.

Pursue a hobby

21.8
Run an errand

20.8
Take a nap/relax

16.5

end of rope
the clutching hands
opted to pray

Do household chores

16.0

Samuel Sibony, our runner-up,

mixes humility with humour, says
Mr Kacian.

Learn a new skill

15.2

Out of a job
Bring out the Rolodex
Bring out the begging bowl

Spend time with friends

The current theme is man versus

machine. Send entries to
workplace.haiku@ft.com by Oct 8

12.7
FT graphic; Source: PGi survey of 624 UK knowledge workers, 2015

Thursday 1 October 2015

FINANCIAL TIMES

Executive Appointments

Conductor ensures USs biggest

construction project keeps time
At Work with the FT
Ronald Wackrow
EVP, Related Companies

The man co-ordinating the

NYC development likens it
to controlling an orchestra,
writes Sarah Murray

or a man in charge of the largest private real estate development in US history, Ron Wackrow seems remarkably calm.
As long as I leave here at night
knowing Ive done everything that can
be done for the big issues, I dont lose
sleep, he says.
The word big is somewhat of an
understatement. Standing in his office,
we gaze on to a tangle of cranes and a
forest of colossal girders. From these
will rise New Yorks Hudson Yards, a set
of skyscrapers the tallest having 90storeys, making it about as tall as the
Empire State Building housing offices,
residences, shops, restaurants, a hotel
and a school.
A small-framed man (construction
workers tower over him) with a strong
Bostonian twang, Mr Wackrow relishes
his task. Im the luckiest guy in
the world, he tells me with a
smile.
Plans for the 28-acre, $20bn
complex prompted the extension of the 7 Line subway and
the first new station to be
added to the system since
1989. Hudson Yards wouldnt
have happened without the 7,
says Mr Wackrow, an executive vice-president at Related
Companies, which is behind
the development.
But the subway is not part
of Mr Wackrows remit. For
him, the challenge is that the
entire development will sit
on top of 30 commuter rail
tracks and three rail tunnels,
with a fourth being added.
This has meant building
two enormous platforms
supported by caissons
made from six-inch steel
plates welded together.
The columns required so
much steel (100,000
tonnes) that it had to be purchased from three countries
Mexico, Canada and Italy.
Naively, I thought it was
going to be easy, he says. But
the complexity of the platform
was much more challenging
than I ever anticipated.
Mr Wackrow has overseen big
projects before, including the

Career Clips
What should young people expect
entering this business today?
It has become much more specialised.
As I was advancing in my career, Id
deal with development, design and
construction. Now, you have people
who are dedicated solely to
development, design or construction.

everyone Ive worked with I treated

with a degree of honesty.

What advice would you give them?

Aside from the obvious things hard
work, education and experience
maintain your integrity. As I get older,
its a wonderful feeling to know that

How do you manage the stress?

You will find me at the gym every
morning at a quarter to six. I forget
about everything. I just work out.
I find that its cleansing.

Are you ever overwhelmed by scale?

I dont think about it too much
because youre focused on the pieces
and the elements all the time. You
rarely step back and put it all together.

Somebody will get off beat,

so Ill tap them with my little
baton and get them back
on the right page

On the wall
Mounted on the back wall of Mr
Wackrows office is a set of digital clocks.
Each represents one of the Hudson Yards
construction projects and each is ticking
down the days, hours, minutes and
seconds until the projects scheduled
completion date.
Does this make Mr Wackrow nervous?
For us in the business, it doesnt create
anxiety, he says. But its a constant,
subtle awareness of schedule.
So far, things are on track. But
sometimes, plans need to shift.

Every week, we review it because

schedules change and sequences
change and you simply have
to adjust.
The biggest the enemy
is the weather. If we hit
a horrible winter, well
scramble. But with
normal weather, well be
fine.
This is not the first time
Mr Wackrow has put
timekeepers above his desk.

When working on the Cosmopolitan

resort in Las Vegas, he hung clocks
on the wall of the field office.
They did not stay there
for long: The construction
people got it. But the
operations people
freaked out. So, at the
request of the director of
operations, we removed
them. It made them too
nervous.
Sarah Murray

VW has myopic view of stakeholders

STERN ON BOARDS

Stefan
Stern
What were they thinking? The
engineers, the technicians, the senior
managers who may have been dragged
into Volkswagens great deception over
the true level of emissions from its
diesel engines. Why did they put their
undoubted skill and expertise to such
ignoble use?
This is not how Volkswagen achieved
its pre-eminent position in the
international car market. Something
has gone terribly wrong. The company
has lost its way.
In a dash for greater market share,
and profitability, it has cheated. And
one set of stakeholders the
shareholders has received undue
attention at the expense of others.
The narrow pursuit of profit
maximisation and shareholder value

so often leads to trouble in the end.

Volkswagen has been undermined by
tensions at the top, which came to a
head at the end of April with the
departure of the former chairman
Ferdinand Pich. But nothing happens
suddenly in big corporations. This
decline and loss of direction must have
taken place over several years.
Arguably, what has been missing in
the boardroom is effective stakeholder
management. As well as shareholders,
customers, employees, suppliers and
the environment all need to be
considered in board-level discussions.
Claiming to have produced a greener
car while in fact emitting illegal
quantities of nitrogen dioxide doesnt
just shame the company it damages
air quality and with it peoples lives. A
business that thinks about profits to
the exclusion of other factors is likely
to get things wrong in this sort of way.
But how to avoid this? The
distinguished South African judge
Mervyn King, chairman of the
International Integrated Reporting
Council, has suggested that a board
level role of corporate stakeholder

relationship officer (CSRO) could help

achieve that.
The CSROs job, Mr King says, would
be to communicate with the
companys key stakeholders; find out
what their legitimate needs, interests
and expectations are and report that
information to management. Every
board meeting should have an agenda
item on stakeholder relationships, he
says.
You can see how this approach might
have prevented the Volkswagen
emissions disgrace. If the board had
been demanding regular, accurate
information on the true environmental
impact of its diesel engines, it would
have been far harder for engineers to
cover up the reality. Indeed, a culture
would have been established that
would not have tolerated such actions.
Now, several heads, not just that of the
chief executive, will roll.
And what am I thinking? I see the
Volkswagen Passat outside my house,
which I bought two years ago, thinking
it was a wise and responsible purchase.
I am a concerned and disappointed
stakeholder.

Cosmopolitan, a 6.5m square foot

luxury resort in Las Vegas. But Hudson
Yards requires different skills. Developing multiple buildings with multiple
partnerships versus a single-building,
single-ownership structure adds an
entirely different layer, he explains.
He compares himself to a symphony
conductor. Every now and then,
somebody will get off beat or off tone,
he says. So Ill walk over with my little
baton, tap them on the shoulder and get
them back on the right page.
The 68-year-old Mr Wackrow grew up
in Somerville, Massachusetts, the son of
a truck mechanic. One summer, he
worked at his fathers company replacing brake linings on trucks. You take
a chisel and sledgehammer and
you knock the rivets out, he explains.
I kept slamming my thumb and I realised I didnt want to grow up and do
this.
So, armed with a degree in mechanical engineering, he joined ITT Sheraton.
There, a two-year training programme
exposed him to every aspect of the hotel
industry but also helped him realise I
didnt have the people skills to be in the
hospitality business.
Instead of managing hotels, he started
building them. He oversaw the construction of his first hotel aged 23 and
has since been involved in developing
more than 100 hotels across the world.
He loves pulling it all together and
working through the problems, he says.
Though he retired from Sheraton with
a package that meant he would never
need to work again, Mr Wackrow
started his own consultancy and was
then persuaded by Stephen Ross,
Relateds founder, to join the company.
Mr Wackrows wife was not pleased as
one of their children was still in school.
She said to me Are you out of our
mind? and was chilly to me for about 30
days.
But she has since warmed to the
project and the family live within walking distance of the site, so Mr Wackrow
need not even bother with the 7 train on
his commute.

Mrs Moneypenny We need to stem

the loss of girls to stem subjects

Eight out of
10 girls who
get an A*
in physics
GCSE
do not
continue it
to A-level

Is maths necessary
for every career?
Maths Action, a
not for profit
organisation,
thinks so.
The lack of
maths skills is a
social justice
issue and
creates both
challenges
with money
and barriers
to
progression
in work, it
concluded in a recent report.
The problem is greater
among women than men. It
starts early, and we all need to
help. Even girls who do very
well at GCSE maths are less
likely than boys to take maths
at A-level. Similar trends
plague broader participation
in the important science,
technology, engineering and
maths (stem) subjects. Some
80 per cent of girls who
achieve an A* grade in physics
GCSE do not continue it to
A-level. What a terrible waste.
Maths Action believes this
is because society in general
thinks it is OK for girls to be
bad with numbers. When boys
and such damaging biases are
taken out of the class room,
things improve radically:
single-sex state schools send
2.5 times more girls on to do
A-level physics than do
coeducation state schools.
I tried this statistic out
through an unrepresentative
poll of one respondent, my
youngest son. He has just
started sixth form at a
comprehensive school,
studying maths, physics,
chemistry and computer
science. Girls make up a tiny
minority in his classes for
every subject other than
computer science, where I was
pleased to hear that they

make up 50 per cent of the

class except the class only
has four people in it.
In chemistry, out of 14
pupils, there is only one girl.
What are girls studying, I
asked. In his school they are
more likely to take music,
dance, media studies, and
sociology than maths or
science.
If we are to prosper as a
nation, we cannot have so
much talent walk away from
stem subjects at 16. There are
many organisations engaged
in trying to show young
people that such subjects are
enjoyable and worthy of
pursuing. The Engineering
Development Trust (also a not
for profit organisation) runs
more than 30,000 stem
programmes each year, for
young people aged 11-21
across the UK. I urge sixth
formers to apply for its
Headstart programme. It
provides university taster
courses in stem subjects and
starts taking applications
today.
Girls need to be encouraged
early, and have their interest
and self-confidence in stem
subjects reinforced. This is not
so difficult, even if you decide
against sending your
daughter to an all-girls
school. For example, the
Cambridge Coding Academy
offers some courses for girls
only. Whether you pay or find
a free alternative, youll be
making a worthy investment.
So if you have a daughter, a
niece, or granddaughter who
might abandon maths or
science at 16, please
encourage them to think
again. They will find key
careers far harder to access if
they do walk away.
For more resources, including
on stem courses, go to
www.ft.com/recruit

FINANCIAL TIMES

EXECUTIVE

APPOINTMENTS

Thursday 1 October 2015

FT SPECIAL REPORT

Private Business
Thursday October 1 2015

www.ft.com/reports | @ftreports

Investors scramble to
buy into nimble sector
These companies
have a variety of
ownership structures
but form the backbone
of the UK economy,
reports Andrew Bounds

he confidence and can-do

attitude of many owners of
established private businesses is summed up by
Michael Oliver, who
founded his company in his garage after
being made redundant in the 1970s.
Ive never thought of selling out.
Why would I want to work for someone
else? he says, after 36 years in charge of
Oliver Valves, which supplies the offshore oil and gas industry
I compare running a lean, private business to a commando
unit, he adds. A business
saddled with private
equity investors and
external advisers is more
like a large regiment
far harder to manage and
manoeuvre.
Mr Olivers own Cheshirebased business might soon be
regimental size. It employs 300
people and has annual revenues of
almost 100m.

Opening the cash valves: Mr Olivers

products earn almost 100m a year

Private businesses come in all shapes

and sizes from individual or family
ownership to private equity, partnerships and employee trusts. All but about
2,000 of Britains 5.2m businesses are
privately owned.
They range from the Big Four
accountancy firms to Warburtons, the
family-owned baker that is Britains second-most frequently purchased brand
after Coca-Cola.
And they are back in fashion. While
the stock market was once the destination of choice for a successful business,
investors are now eager to buy in to private businesses. In Europe, late-stage
investment in the first half of 2015
reached 4.1bn, compared with 2.3bn
in the same period of 2014, according to
PitchBook, the US research company.
Some investors believe that in a rapidly changing world, private businesses can react more swiftly
than listed entities, which are
often heavily
encumbered by
layers of management and
accountability.
Technology
companies such as the British-owned Shazam, the
music recognition app, have
been valued at more than $1bn in
early stage funding rounds.
Another sign of the growing importance of private businesses is the
election this year of Paul Drechsler as

president of the CBI, Britains biggest

business lobby.
Apart from Dame Helen Alexander,
who held the post soon after leaving the
Economist Group in 2008, he is the first
private business leader appointed to the
role since the mid-1970s. Traditionally,
CBI presidents are drawn from large
listed companies.
Mr Drechsler is chairman of Bibby
Line, a family-owned conglomerate in
Liverpool. He says the CBI is right to
focus on private companies.
He points out that family businesses
employ 9.4m people equivalent to 40
per cent of private sector employment.
The percentage of business that
comes from new products is 8-9 per
cent, he says. That is three times the
rate for business overall. They have a lot
of entrepreneurial spirit. Bigger, listed
companies often rely on innovations
from the sector.
Bibby Line is an example. Still almost
entirely owned by the Bibby family, it
was founded as a shipping line, but now
encompasses a logistics business, assetbasedlenderandtheCostcuttersupermarket chain. But Mr Drechsler points out
that private businesses continue to face
particular and pressing problems. Capital is a challenge, especially long-term
capital.
A survey, Stepping Up, published in
August by accountancy firm BDO and
the CBI, found that half of mediumsized businesses struggle to secure a
loan for longer than five years.
Continued on page 2

Inside
Whisky a go-go Distillery rocks awards

Standing up for
Brittelstand
CBI calls for support and
funds to create Germanstyle export bedrock
Page 2

Incubators or enemies?
Big companies link with
start-ups to harvest
ideas and talent and
keep competition out
Page 2

Family-oriented
women at the top
Female board members
are more prevalent in
private firms
Page 2

Riding high on the

crest of a wave
Griffon, the UKs sole
hovercraft engineer,
exports 95% of its goods
Page 3

Winner: Scotlands BenRiach Distillery scooped the High Growth Business of the
Year prize at the UK Private Business awards, held in London last night. For a full
list of winners and runners-up, and judges comments, please turn to page 4.

Meet the winners

UK Private
Business
Awards
celebrate
sectors
social and
economic
contribution
Winners list, Page 4

FINANCIAL TIMES

Thursday 1 October 2015

Private Business

Brittelstand stymied by lack of growth and skills

Mid-sized companies

Latent capability in the

sector may not have been
realised, writes Brian Groom
John Cridland once described mediumsized companies as the UKs forgotten
army. Four years on, the CBI directorgeneral is blunt about how much further there is to go to build a British version of Germanys Mittelstand its
famed cadre of exporting powerhouses.
They are not quite as forgotten as
they used to be, but they are still starved
of ammunition, pay and rations, says
Mr Cridland, who steps down as head of
the employers organisation in November. I think there is a latent capability
in the British Mittelstand that has not
yet been realised.
The CBI defines the sector the Brittelstand as companies with between
10m and 100m annual turnover.
Largely private or family-owned, these
businesses represent just 1.8 per cent of
companies, but generate nearly a quar-

ter of private-sector revenue and make

up 16 per cent of total employment. The
CBI believes they could add 20bn to
annual economic output by 2020 if their
potential were realised.
Fast-growing companies in the
10m-100m range include BrewDog,
the craft brewer, Pure Gym, the gym
operator and Notonthehighstreet.com,
the online retailer.
Some analysts define the sector more
widely as companies with turnover up
to 800m, which brings in the likes of
Aston Martin, the carmaker, the Pret A
Manger sandwich chain and Edinburgh
Woollen Mill, the clothing retailer.
Millward Brown, the research agency,
says 51 per cent of 200 midsized companies surveyed grew by 10 per cent a year
in the past three years. GE Capital found
the average UK mid-market company
increased revenue by 3.9 per cent last
year, almost matching Germanys 4 per
cent, but there were indications of
slower growth in the coming year.
While mid-market companies can
prove resilient in a downturn, they tend
to have a conservative attitude to risk, in
some cases, a small appetite for interna-

tional expansion and face difficulties in

finding the right external funding.
The government is trying to help the
sector, which often complains of being
ignored. George Osborne, the chancellor, has abolished stamp duty on buying
shares traded on AIM, the alternative
investment market. He is also introducing an exemption from withholding tax
for interest on private placements.
This year the government launched
Help to Grow, a 100m pilot for the British Business Bank to supply loans to
companies needing between 500,000
and 2m to achieve their potential. The
banks 2.5bn Business Growth Fund,
set up in 2011, makes long-term equity
investments of 2m to 10m.
The CBI believes long-term finance is
still in short supply and is urging the
Treasury to create a Long Term Lending
Trust, which would offer tax incentives
to savers investing for at least five years.
These trusts would offer returns based
on yield, instead of capital gain.
Mr Cridland says too many mid-market businesses are growth sleepers
which do not have the appetite to grow,
because they are not talking to the peo-

ple who can enthuse them and help

them with the consequences of growth.
They face skills shortages in areas
such as professional management and
project leadership. Mr Cridland believes
organisations such as universities could
do more to work with them.
Ian Stuart, HSBCs head of UK commercial banking, says growing companies often face a trepidation factor.
They reach a certain size and the next
step may involve significant invest-

A dislike of formal structure

stops the UK matching
Germanys strength
ment, expanding into new markets or
bringing in management. Sometimes
you have just got to put your foot on the
ice and go for it, Mr Stuart says.
But, he adds: I think the foundations
are there for these companies to really
push on and have a good few years.
Trying to match Germanys performance does not mean copying its model.

The Mittelstand has historical roots that

make it hard to imitate. Companies are
based in strong regional clusters and
supported by a banking system, and
public policies, attuned to their needs.
The UK has different strengths including Californian-style gazelles, or fastgrowth companies, that create a large
proportion of new jobs.
Its very difficult to transfer culture,
says Bob Bischof, chairman of the German-British Forum. In the UK we have
a shareholder value model but in Germany the company is there for the
stakeholders, including employees.
He says UK midsized companies lack
support in areas such as export finance,
while a dislike of formal structures stops
the UK matching Germanys strength in
training and apprenticeships.
Mr Bischof adds: It would probably
be better to try to go by British strengths
and use entrepreneurs and support
them better with tax write-offs and
other stuff, try to make them take a
long-term view and support them with
better facilities, particularly in exports,
rather than trying to copy something
built up over generations.

Big businesses
keep a close
eye on their
start-up peers
Incubators Larger companies harvest ideas, talent
and edge from fledgling rivals, says Jonathan Moules

he frontage of Wickhams, a
department store in east
London, is a reminder of
the humiliation large companies can face when they
ignore their smaller peers.
Designed in the early 1900s as a grand
row of neoclassic colonnades, Stepneys
Harrods of the East End was forced to
adopt a gap-tooth faade when it
opened, because a jeweller in the middle
of the terrace refused to vacate its shop.
Wickhams closed its doors in the
1960s, when the era of independent UK
department stores drew to a close. The
small jewellery shop, however, continued trading until 1982.
Recently, Barclays took a lease on the
upper floors of the Wickhams site. This
time, the big company arrived to help
small businesses, turning the space into
the London Accelerator, with open-plan
areas for technology start-ups. The
project provides fledgling companies
with mentoring and practical help, such
as introductions to potential clients.
This model has been adopted by multinational companies around the world.
Attempts by a big business to immerse
itself in a start-up community allows the
larger entity to harvest ideas and build
positive links with those nimble companies that might otherwise steal its corporate lunch.

Derek White, chief digital officer at

Barclays, oversaw the creation of the
Wickhams site and similar projects in
Manchester and New York. He talks of
reciprocity and forging new ways of
managing money with mutual support.
Its connecting large corporates and
start-ups in co-creation, he enthuses.
A recent study into innovation centres by the IT services group Capgemini
noted that start-ups in such hubs tend
to be inherent risk-seekers, in
contrast to their risk-averse parent
organisations.
Jerome Buvat, one of the reports
authors, claims that the growth of innovation centres in start-up clusters such
as Londons East End, downtown San
Francisco and the former East Berlin are
driven by both the threat and the opportunities created by small businesses
launching in these often gritty areas.
If start-ups are only really in your
innovation centre to innovate, then the
large company will have failed, Mr
Buvat says. A major objective of these
centres is to tap into the ecosystem of
start-ups which means venture capital firms and angel investors as much
as the companies.
Leanne Kemp, an Australian entrepreneur, joined Barclays programme to
develop her latest venture, Everledger,
which uses bitcoin technology to help

Companies
link with
start-ups
that may
be out to
steal their
lunch

insurers track diamonds. One of the biggest benefits of the programme was the
connections she made through introductions made by senior Barclays executives, she says: I had relationships
with companies for 15 years in Australia
who would not have given us the access
Barclays gave to their senior executives,
after just a few days.
Not all innovation centres (often categorised as accelerators or incubators) are explicitly run as places to nurture early stage companies.
Walmart Labs, for instance, is an
innovation centre created 15 years ago
by the US-based supermarket group as a
self-contained division within the larger
company. It now employs 2,200 people
in four offices in Silicon Valley, and has
acquired, rather than backed, 13 small
businesses in the past four years.
These purchases were driven by the
need to gain access to technologies and
talent that Walmart had already identified it needed, rather than a concern
that the smaller companies might disrupt it, according to the company.
Walmart says that having that talent
internally means it can move faster. It
notes that Walmart Labs was created in
part in recognition that the traditional
way of innovating getting IT suppliers
to adjust software to the retailers needs
took too much time.

Fintech in action:
inside the east
London Barclays
Accelerator

Innovation centres are not the only

environment in which creators thrive.
Pingit, a mobile payments platform
launched by Barclays in 2012, was
developed entirely by the banks internal research and development team.
But not every creative wants to set up
operations in such an environment. Stefan Ebner is founder and chief executive
of cloud computing business Braintribe,
which offers companies document
management as an alternative to them
paying to install IT systems.
Mr Ebner has built a 75-person operation using his savings, customer revenue
and funds from previous ventures; his
client list includes Credit Suisse and
Johnson & Johnson.
He is about to move his headquarters
from Vienna to London to be closer to
customers and potential investors, but
he has no plans to base himself within a
companys innovation centre.
Most of these big corporates are
making start-up investments because
they felt forced to do it, he says. It is
not coming out of a real belief, it is just
ticking their innovation box.
Evidently, while much progress has
been made in the years since the illfated expansion of Wickhams in Londons East End, distrust of large businesses offering partnerships with small
companies still runs deep.

Families find executive talent and drive in female lines

Gender diversity

Across the world, female

board members are more
evident in family businesses.
Sarah Murray reports
Some countries have imposed quotas.
Many public corporations have invested
in expensive diversity programmes. But
for family businesses, the answer to
achieving a more equitable gender balance on their boards can be simpler:
hire female relatives.
The recruitment of family members
as well as women from outside the
family is having an impact on the gender diversity of family-owned business
boards.
Among these companies, 55 per cent
have at least one woman on their board,
according to recent research by EY, the
consultancy. This compares with the
global figure of just 12.7 per cent at the
end of 2013.
The research which was based on a
survey of 525 of the worlds largest family businesses in the worlds top 21 markets also found that on 8 per cent of

family business boards, at least half the

members were women.
While many non-family businesses
would look with envy at these figures,
not all the factors behind the propensity
of family businesses to favour female
board membership can be replicated by
publicly listed companies.
For a start, by its very nature, a family
business is made up of relatives both
male and female. And both boys and
girls tend to be immersed in the operations of the company from an early age.
The conversation starts around
the breakfast table when they
are very young, says Mark
Hastings, director-general
of the Institute for Family
Business. So they are
very much aware that
theyre part of a family
business.
And when all members of a family are
involved, the female
members can provide
ready-made role
models, something
many argue is
important
when it

comes to encouraging women to

become leaders.
As greater numbers of women take on
leadership roles in family businesses,
this appears to encourage others to follow, according to EY. In its research, 41
per cent said that in the past three years
they had seen an increase in the interest
of female family members who wanted
to be involved in the business. That figure rose to 72 per cent in India, 59 per
cent in Spain and 58 per cent in South
Korea.
However, while family ties
clearly play a big role in the
promotion of women in
these businesses, other
factors lie behind their
ability to increase gender diversity. Its not
just women family
members but also
non-family women,
says Carrie Hall,
family business
Wider benefits:
Carrie Hall

leader for the Americas at EY. Not only

do [family businesses] believe in the
value of women family members, they
are also looking more broadly.
In fact, family businesses often look to
women when wanting to add the views
of an outsider to their board through the
non-executive directors they select.
Its about being diplomatic but firm
and being able to read the situation. It
requires a bit more fingertip feeling of
the room and being able to say things
that are uncomfortable, says Lucy Marcus, founder and chief executive of Marcus Venture Consulting. And women do
very well in those circumstances.
Moreover, as for other privately held
businesses, the freedom from shareholder demands for short-term profitability mean family businesses tend to
take a longer-term view when developing their business strategy.
A long-term approach allows them to
spend time developing the professional
skills of the young women they want to
promote within the business.
This can be a more successful way of
increasing gender diversity than other
approaches, says Ms Hall.
A company trying to reach diversity
goals more quickly might promote

women when they arent ready, with

bad results, she says.
Mr Hastings argues that non-family
companies could learn lessons from
their family-owned peers.
Start identifying womens talent in
the business at a very early stage, he
advises. And its not about suddenly
saying we need more women in the
boardroom. Its about finding the talent
in the workforce regardless of who they
are.
The strategy also appears to have a
positive impact on the bottom line. In
the EY research, a correlation emerged
between the desire among family companies to have women as part of their
leadership teams, their long-term outlook and their profitability.
This study has shown that having
more women being groomed for executive-level positions leads to higher
growth targets, says Ms Hall.
Profitability aside, Ms Marcus, who
has advised many family companies,
recommends the experience to women.
On a family board, everything is
heightened and the relationships are
stronger, she says. And sitting on the
board of a family business is wonderful
because theres a sense of ownership.

Investors
scramble to
buy into
nimble sector
Continued from page 1
It can be tough for a private business
to find experienced managers, so more
could be done to promote the sector, Mr
Dreschler adds. It is a fantastic sector to
work in.
The CBI is hoping to encourage a British Mittelstand the German privately owned companies that form the
backbone of the countrys economy and
export success (see story, left).
The governments British Business
Bank, meanwhile, has invested 2.3bn
in smaller businesses. The big private
banks have formed the Business Growth
Fund, which takes long-term equity
stakes in growing companies.
The biggest peer-to-peer lenders have
lent a cumulative 3.2bn since 2005.
However, net lending to SMEs by members of the Peer to Peer Finance Association fell from 78m in the second quarter of 2014 to 67m a year later.
More and more private companies are
issuing retail bonds for direct sale to private investors . The UK Bond Network is
an online platform that allows sophisticated private investors to buy them. It
has raised 6m so far.
Chris Maule, its founder, says it scrutinises issuers and can run auctions to
decide the interest rate on the bond. It
has 800 investors, who each have to
invest at least 5,000. I would have
done more deals, but we make sure we
pick the right companies, he says.
Pemberton Asset Management raised
550m in six months for its direct lending fund, with pension provider Legal &
General among the investors.
Pemberton provided a seven-year
loan to Daisy Group, a telecommunications and IT services provider, to allow it
to delist from Aim. Symon DrakeBrockman, chief executive, says: We
firmly believe that asset managers and
institutional investors will become
increasingly important in providing
long-term capital to mid-market and
growth companies.
In the current low interest rate environment, real money investors such as
pension funds, family offices and insurers are actively looking for ways to
diversify their investments, match their
liabilities and generate higher yields.
Private investors can also use the taxfriendly Enterprise Investment Scheme
(EIS) and Seed Enterprise Investment
Scheme (SEIS) to take equity stakes in
start-ups. In 2013-14, 2,710 companies
raised a record 1.5bn through the EIS
scheme. This was up from 1bn the year
before, while 164m was raised through
SEIS almost double the previous year.
But Mr Deacon of accountancy firm
BDO, who worked on the Stepping Up

800

550m

The number of
investors signed
up to the UK
Bond Network

Amount raised in
six months by
Pemberton direct
lending fund

report, says as the UK economy recovers, companies need money to hire staff
and pay for machinery to meet greater
numbers of orders. Many turn to assetbased lenders, who advance money
against equipment or unpaid invoices.
The Asset Based Finance Association
(ABFA), the body that represents the
industry in the UK, said in June that a
record 4.2bn is now secured against
physical assets, up 9 per cent on a year
ago. Overall asset based lending was up
more than 6 per cent to 19.3bn.
Jeff Longhurst, chief executive of
ABFA, says: Borrowing against hard
assets is one of the innovative forms of
alternative finance that has really gone
mainstream in the last couple of years.
However, Mr Deacon points out that
asset-based lending is seen as a panacea
for funding the recovery, but argues that
it is not. It is very easy and quick to get.
It is difficult to get out of, he says.
But Mr Oliver remains unconvinced. There has always been the
option of taking on debt or external
equity investors. But you only grow a
business within the constraints of
cash and people many companies
overextend themselves, run out of
cash and fail.

Thursday 1 October 2015

FINANCIAL TIMES

Private Business

Beware the pitch from equitys cheerleaders

COLUMN

Jonathan
Guthrie

Equity markets are theatres of

capitalism. At the New York Stock
Exchange, the boss of a big business that
is floating gets to ring the opening bell as
trading starts. Distraught investors in
Shanghai stocks are a visual shorthand
for the media when reporting Chinese
economic wobbles. In the UK, the share
price performance of consumer-facing
companies is watched intently, even as
rises and falls in bond prices remain a
niche interest.
But the sound and fury surrounding
quoted shares signifies less than one
might imagine. Equities are on the back
foot. Private business owners must

therefore dispassionately consider

floating their companies, however
enthusiastically investment bankers
pitch the idea. Fees of up to 7 per cent in
the US and 3 per cent in the UK
encourage professional advisers to
downplay the disadvantages.
Public equities have been undergoing
a long-run contraction. In the US, the
value of shares repurchased by
corporates through buybacks has
consistently exceeded the value of
issuance. The running total, according
to statistics from Dealogic, was $1.9tn
between 2010 and the year to date.
Evidence of this for the UK is a little
harder to extract. But when the value of
shares removed from the market
through takeovers is added to the sum,
it is evident that in most years, more
equity is retired by value than is issued.
The gold base is growing faster
than the equity base, remarks
Robert Buckland, global equity
strategist at Citi, who coined the word

de-equitisation in the early Noughties

to describe the imbalance between
issuance and cancellation.
The phenomenon raises an existential
problem for professionals whose
livelihood depends on equities. What is
the point of a form of capital that
appears to be in permanent decline?
From the point of view of many chief
financial officers, shares simply arent
very efficient. In most developed
economies, interest is paid out before
tax, while dividends are deducted
afterwards. Leverage, if kept at sensible
levels, should impose less of a strain
than a progressive dividend policy
meaning payouts that rise steadily
year upon year.
Shareholders, meanwhile, clamour
for the buybacks that shrink companies
equity bases. Critics say these purchases
are too often conducted at market peaks
few businesses have the discipline of
UK retailer Next, which imposes strict
hurdle rates on its buybacks.

The other truism is that stock

repurchases raise earnings artificially,
without contributing to underlying
growth as capital expenditure might.
The buyback trend has been fuelled in
recent years by the ability of corporates
to raise debt at rock-bottom interest
rates. Stronger US growth means the era
of cheap money could be grinding to an
end, albeit with that process prolonged
by Chinas economic woes. The question
is whether the cult of the equity, as it
was termed by Alastair Ross Goobey, an
influential British investor, will then be
in a position to make a comeback.
There is a supplementary, as
analysts describe one more question
than they are officially allowed to ask in
an earnings call with a chief executive. If
equities enjoy a revival as a form of
capital among quoted businesses, what
are the incentives for privately-held
companies to abandon that status?
The theatricality of equities has its
downsides; quoted shares are volatile.

From attracting scientists and engineers

with rare specialist knowledge to finding motivated young people with good
communication and timekeeping skills,
UK employers are focused on the war
for talent.
The challenge cuts across businesses
of all types but can be acute for small
and midsized companies which are
likely to lack financial and human
resources and the profile of plcs.
Finding and retaining skilled staff is a
problem for UK businesses, but a coherent approach to tackling it has proved
challenging. David Nash, senior policy
adviser at the Federation of Small Businesses, says his organisation has identified 790 different publicly backed business support schemes at local and
national level in the UK, many of them
with a skills-related element.
Having so many different schemes,
you find a situation where there is lots of
duplication in the system and take-up is
really variable, he says.
The latest European Family Business
Barometer from KPMG and European
Family Businesses, whose UK body is
the Institute for Family Business,
reports that, despite a general increase
in optimism about prospects, UK
respondents in particular expressed
deep concerns about their abilities to

attract and retain skilled workers. The

report, to be published on October 9,
shows that 56 per cent of family business leaders in the UK voiced worries
about this, compared to a European
average of 33 per cent. In the UK, it was
the number one issue.
Gary Deans, KPMGs UK head of family business, says that to tackle this, family businesses must address negatives in
how they may be perceived; potential
recruits may see them as conservative,
even nepotistic. They need to set out
the positives, he advises. These can
include willingness to take a long-term
view, to be good corporate citizens and
to embrace local autonomy. Examples
from Scotland to the south-west of England include Baxters, the food company,
and Clarks, the shoemaker.
They have a commitment to their
communities and the workforce which
is commendable, says Mr Deans.
He adds; We recognise that family
business ownership structures can
make competing to recruit, select and
retain exceptional individuals a particular issue. Some may need to focus on
developing motivational offers for the
very best employees.
Among small and medium-sized
companies, fears of poaching, of cost
and of the relevance of the training

COLUMN

Sajid
Javid

Training: private companies must think strategically Oli Scarff/Getty Images

available are among the main constraints affecting skills, says Mr Nash of
the FSB. While some SMEs are very
good at developing employees technical skills, worries about poaching the
risk that employees with enhanced
skills will then defect to other employers combine with practical and financial difficulties to deter many others.
They tend to look at recruiting in
rather than developing skills, he says.
Part of the challenge is getting small
firms to think more strategically about
investing in their people.
For the growing numbers of UK self-

Family businesses may be

perceived as conservative,
and even nepotistic
employed, improving their own skills is
a problem, too. When you are running
a business, how do you develop yourself? asks Ted Salmon, north-east
regional chairman of the FSB, who is a
self-employed marketing consultant.
Current government reforms of
apprenticeship funding, making them
more employer-led, have the FSBs support, although it has voiced concern

about added burdens on businesses and

the need to safeguard quality.
While funding of adult training
remains complex, one vital contribution which private companies make to
skills is on-the-job learning. In small
companies in particular, says Mr Nash,
employees may be exposed to many different aspects of the business and
acquire new skills as they do so, benefiting both individuals and their
employers.
The benefit of real business experience is also an aspect of one of the UKs
longest running skills-related schemes
Knowledge Transfer Partnerships. Set
up 40 years ago and part-funded today
by Innovate UK, the government
agency, these place graduates now studying for masters or PhDs in businesses,
to work on strategic projects.
Costing an average of 60,000 for a
company to host a graduate for up to
two years, the partnerships are not for
everybody. But Renown Engineering in
north-east England shows the potential.
Two Northumbria University graduates who came in via KTPs to implement
a business and marketing strategy and
new product development capability
helped boost annual sales from 11m to
15m and increase profits. They
became company employees.

British-made hovercraft ride crest of a wave

Case study

Griffon, the UKs only maker

of commercial hovercraft,
exports 95 per cent of its
production. By Clare Dowdy
Inside a drab building on the south coast
of England, a 20-strong team is building
the latest version of a marine vessel
once seen piloted by James Bond as he
fled a hail of bullets in the 2002 film Die
Another Day.
The two hovercraft have been commissioned at a cost of 10m and incorporate design and technology developed for use by security forces chasing
real-life waterborne criminals. They
may have a whiff of the action hero
about them, but these two hovercraft
are destined for a less hair-raising existence they will be used to carry passengers on the four-mile journey between
Portsmouth and the Isle of Wight.
The vehicles manufacturer, Griffon
Hoverwork, is a privately owned company and the UKs only maker of commercial hovercraft. It is one of two main
companies globally that produce the
craft. Their rival is Textron, a US manufacturer that supplies that countrys

navy with big craft costing about 50m

apiece. Griffons range of craft may be
physically smaller and sell at up to
11m each but the company is world
leader by volume.
Griffon exports up to 95 per cent of its
craft, still made according to principles
devised by the late Sir Christopher
Cockerell in the 1950s. The company
has deep roots some of its 140 staff
(headcount rises to 280 at peak production times) worked on the hovercraft in
its early days.
Since 2008, when two small UK hovercraft businesses were bought by Bland
Group, a privately owned group, and

80%
Proportion of
Griffons output
bought by
security forces

3.5m
Amount invested
in research and
development
since 2008

merged into Griffon Hoverwork, about

3.5m has been invested in research
and development.
The hovercrafts amphibious and versatile nature makes it highly suited to
the activities of security services around
the world, for example, in the Niger
delta. Adrian Went, managing director
of Griffon, made a recent trip to discuss

Uber, can eat their cake and still have it.

They need not float for their every move
to be pored over by fanboys and geek
girls. They can raise equity at eyewatering multiples from venture
capitalists.
Equity is supposed to be for people
with romantic ideals and long-term
time horizons, says Mr Buckland at
Citi, but financing is taking place offmarket in Silicon Valley.
If equity has any real social value, it is
when it has an appetite for the new, the
untested, the project that is seen as
more likely to go horribly wrong rather
than stunningly right except when
viewed through the rose-tinted goggles
of the entrepreneur.
If equity has been losing ground to
debt, it is partly because stock markets
have become too hidebound, too yielddriven and too intolerant of mavericks.
But an equalisation of the tax
treatment of debt and equity is needed
to help revive the cult of equity, too.

Full of potential
but held back

Persuading
talent to join
the sector
remains tough
Recruitment Finding and retaining skilled staff is a
problem for mid-sized businesses. By Chris Tighe

When a business is struggling, they fall

and investors may kick out the chief
executive. But the hive mind of the
market gives a solidity to pricing that
transactions in unquoted shares
inevitably lack. Unless big synergies are
available, acquirers typically buy
private companies at a 20-30 per cent
discounttopricesforquotedbusinesses.
Doing business can be easier for a big
quoted company than a big private one.
Suppliers, customers and debt investors
are reassured by the scrutiny and
standards imposed by a listing.
The rarely used but useful corollary of
recruiting a coachload of rear-seat
drivers is that shareholders can be
called on for a cash injection with very
few strings attached in an emergency.
Chief executives also seem to like the
attention that comes with a stock
market quote not that such people are
egotistical. Heaven forbid.
Bosses of Silicon Valley tech
companies, such as Travis Kalanick at

using the craft in a mangrove swamp,

where there are plans to extract natural
gas. Hovercraft could bring in equipment and materials, Mr Went says.
Some 80 per cent of Griffons output is
put to work by the security forces of governments around the world. Colombian
and Peruvian marines use hovercraft in
counter-narcotic activities. Small,
nippy versions can zoom along the
Amazon in pursuit of criminals.
In northern Canada, passenger craft
serve an Inuit community operating on
the water, or ice, of a river that freezes.
Other customers include the British
Royal Marines, the Swedish coastguard
and Lithuanias border police.
The technology behind such operations is being honed in Griffons research
and development department, where
staff have backgrounds from nuclear
submarine design to aeronautics and
mechanical engineering. But finding
new recruits can be difficult.
We get some excellent practical engineers from the new universities with
great vocational skills in computer
aided design, Mr Went says.
But engineering graduates from the
top universities, who could become our
future thought leaders, like to either go
to the big-name companies or depart
engineering to become management

consultants, accountants and the like.

Griffon would be a good start for an
ambitious graduate who wants to
become an engineering entrepreneur,
he believes.
This is a niche sector, and for a small,
private company, developing new markets is a slow process. Its very volatile,
says Mr Went. Turnover in 2013 was
34m, but fell to 17m the next year. It
will be even lower this year, he says, but
adds: We have some strong prospects.
Mr Went, who spent 22 years as a British army officer, foresees opportunities
arising from improved living standards
in the developing world and the effects
of climate change. Hovercraft do not
need the costly investment of a port,
instead, plastic matting is placed on the
beach. And, as the ice cap melts, shipping lanes open up in the Northwest
Passage around the north of the Americas and the Russian land mass.
Hovercraft are an ideal coastal patrol
and rescue service that could access
those shipping lanes regardless of ice
conditions, he says.
Until then, Griffon must persuade
potential customers, many with little
experience of hovercraft, that theres a
cheaper, better way of doing things than
dredging or consolidating land or using
a helicopter, Mr Went says.

The UK is home to more businesses than

at any point in history. The private
sector now comprises around 5.2m
companies, official statistics showed last
year.
When politicians and the media talk
about the private sector, they are
usually thinking of the corporate titans
of the stock market. But the truth is that
of those 5.2m British companies, only
around 2,000 are publicly listed the
vast majority are in private hands.
Most are small, many are tiny, but
theres no shortage of household names:
Brompton Bicycle, Motorpoint, and
Butterfly Twists will be familiar to
many, while it has taken Tangle Teezer
less than a decade to go from Dragons
Den reject to an international brand
worth an estimated 65m.
Family-owned businesses employ
9.4m people, pay 102bn in tax and
generate revenues in excess of 1tn. It is
a serious sector of the economy, and we
overlook its needs at our peril.
The private business sector covers a
huge range of companies, but whether
they are making folding bicycles or
folding ballet pumps, whether they are a
kitchen-table start-up or a centuries-old
family enterprise, anyone running a
private business faces a similar set of
challenges.
You are more exposed to the ups and
downs of the economy. A new product
line could expand the business if it
works, or bring it crashing down if it
fails. One late payment from a major
client can wreak havoc with your cash
flow. Expert advice is hard to come by
and, even if you have got a great idea,
finance from sceptical banks can be
hard won.
Britains private businesses are full of
potential, but surveys consistently show
them being held back by problems such
as a shortage of skills, difficulties in
accessing finance, a lack of marketing
and the high cost of premises.
In 21st century Britain none of these
challenges should be insurmountable.
And that is why the government is
taking real action to help.
Not by picking winners or deciding
which companies are worthy of support.
Not by assuming that Whitehall
knows best or telling people how they
should be running their companies.
But by listening to business leaders,
responding to them, and creating the
environment they need in order to
thrive.
So we are making it easier for
businesses to access finance. British
Business Bank
programmes are
already supporting
2.3bn of finance to
40,000 smaller
businesses.
The Start-Up Loans
programme has
provided entrepreneurs
with more than 30,000
loans worth well over
155m, kick-starting the
next generation of private
companies.
And we are increasing
permanently the Annual
Investment Allowance from
Brompton:
a British
private-business
success story

January 2016, so private businesses can

spend more on the equipment they
need to expand. We are also reducing
the cost of doing businesses. We have
cut corporation tax, so businesses can
invest more money in continued
success. We have introduced a new
employer national insurance
contribution allowance, lifting 450,000
employers out of NICs altogether. And
we have put a 2 per cent cap on increases
in business rates.
Of course, no business can succeed if
it does not have a skilled workforce.
That is why we helped create 2m new
apprenticeships in the last parliament
and why we are planning to create 3m
more between now and 2020.
Apprenticeships allow employers to
develop the talent of tomorrow, while
providing young people with a real job
and a real wage. And, from next April,
we are abolishing employer national
insurance contributions on apprentices
under the age of 25, making it easier
than ever to take one on.
We are rolling out Growth Hubs
across the country, helping business
leaders access support where and when
they need it most.
The Business Growth Service has
brought together a huge range of advice
and expertise in one place. UK Trade
and Investment is pulling out all the

You are more exposed to

the ups and downs of the
economy one late
payment can wreak havoc
stops to help British businesses of all
shapes and sizes access new markets
overseas.
And then there is the Enterprise Bill,
which started its passage through
parliament last month. The bill will
cement the UKs position as the best
place in Europe to start and grow a
business. It will make it easier for small
businesses to resolve disputes, reward
entrepreneurship and generate jobs.
It is not just good news for the
companies. Private businesses have a
phenomenal record of getting involved
with their communities, making a
positive contribution that goes way
beyond creating employment and
delivering services.
So, as government support helps
businesses to become stronger, they in
turn can do more to support others.
Private businesses are the lifeblood of
the British economy and a vital part of
British society, driving growth, creating
wealth, and improving the lives of
millions of people. They deserve both
our respect and our support.
Sajid Javid is secretary of state for business,
innovation and skills

FINANCIAL TIMES

Thursday 1 October 2015

Private Business

Recognition for strong engine of UK economy

Winners 2015 Awards
celebrate the dynamic,
the profitable and the
innovative. By Meimei
Qin and Nisha Dillon

second year. It now holds about 30

patents worldwide, and has its eyes on
global growth. Long hair that tangles
easily isnt limited to any one country
says Matthew Lumb, chief executive.
It exports to 70 countries and at April
2015, over 80 per cent of its revenues
were generated outside the UK.

Social Enterprise Business of the Year

Winner: Glencraft (Aberdeen)
Shortlisted: Carecall NI; Shared Interest
Society; Student@Home

ith more than 2,000

nominations, the UK
Private Business
Awards have continued
to grow. This year, they
attracted almost double the number of
entries achieved in 2014.
Now five years old, the awards were
set up at a time of economic uncertainty
to recognise outstanding privately
owned businesses in the UK. There are
10 different categories, allowing the
judges to focus on enterprises of
different sizes and approach.
Private business is a major engine of
the UK economy, driving growth, jobs
and wealth creation. We need to
celebrate this, says Charlie Hoffman,
managing director at HSBC Private
Bank (UK), who led the judging panel.
Previous winners in various
categories include Dyson, the
manufacturer of household appliances;
BrewDog, a Scottish craft beer
company, and Euromonitor, the
London-based market intelligence firm.
The sector often doesnt receive the
recognition or coverage commensurate
to its economic and social contribution.
These awards and the related publicity
go some way to addressing this, says
Ruby Parmar, a partner at PwC who
served on the judging panel.

Glencraft is an Aberdeen-based
employer of disabled people that
manufactures high-quality mattresses,
divans and furniture. The company was
founded in 1843, when it was known as
The Blind Asylum, according to
Duncan Skinner, chairman. It has
supplied beds to four generations of the
royal family at Balmoral as well as to
premium hotels such as Gleneagles.
It is a registered charity that has
turned around its fortunes since it
emerged from liquidation in April 2010.
Revenue has increased from 675,000
in 2011 to 1.2m in 2014.
As a non-profit organisation focused
on social responsibility it employs 45
people, 80 per cent of whom are
disabled or disadvantaged.

Emerging Entrepreneur of the Year

Winner: Alice Hall ne Blackie
Pink Boutique
Shortlisted: Imran Akram Asons
Solicitors; Lee Biggins CV Library;
Mike Wilson Ecosse Subsea Systems

Private Business of the Year

Winner: Usborne Publishing
Shortlisted: Argus Media; BrewDog;
Kelway
Mr Hoffman says the flagship award is
always hard to choose, but this year was
particularly difficult. You have to be
the best of the best, says Mr Hoffman.
Yet who can ignore Peter Usborne?
Mr Usborne, 78, has led Usborne
Publishing for more than 40 years. The
company has become the UKs largest
independent childrens book publisher
by sales. From baby books to young
adult novels, there are now more than
2,600 Usborne books in print in the UK.
The decision to nurture in-house
editors and designers has been a very
successful strategy for Usborne over the
years, says Anna Howorth, marketing
and publicity manager.
The company has retained copyright
on the vast majority of its books,
allowing it to maximise and reinvest
profits. Turnover increased from
40.3m in 2011 to 50.5m in 2014.

Peter Usborne of book publisher

Usborne (above); Cheryl Williams of
Yorkshire Wildlife Park (below)
Vicki Couchman

Vision RT provides technology for use

during radiotherapy. It highlighted its
system AlignRT to the judges, which
detects small movements in real time,
and substantially reduces risks to
patients. The technology means the
radiographer or therapist can stop
treatment as soon as a patient moves,
and recommence when they are back in
the correct position crucial for using
modern radiotherapy, which relies on
fewer but higher doses of radiation.
Vision RT is experiencing significant
sales growth, says Norman Smith, chief
executive. In the financial year ending
July 31, 2014, the company sold over 80
systems and turned over 9.4m. In the
last financial year, Vision RT shipped
over 200 systems, and turnover almost
doubled.

CEO of the Year

Winner: Phil Doye, Kelway
Shortlisted: Will Butler-Adams
Brompton Bicycle; Tom Joule Joules;
Colin Stevens Better Bathrooms (UK)
Established in 1990, Kelway provides IT
services to more than 130 countries
from four international hubs. Kelway
supplies many big name brands such as
Dell, Microsoft and HP.
Kelway, arguably the UKs leading
supplier of IT solutions and services, has
had extraordinary revenue and profit
growth driven by the CEO Phil Doye,
says Mr Hoffman.
In August, CDW, the US IT solutions
group that owned 35 per cent of Kelway,
bought the remaining 65 per cent stake.
The acquisition makes Kelway part of a
group with a large international reach.
CDWs net sales for the 12 months to the
end of June 2015 were almost $12.4bn.

High Growth Business of the Year

Winner: BenRiach Distillery
Shortlisted: Bullitt Group; First Utility;
Motorpoint
BenRiach Distillerys impressive growth
caught the judges attention. The
company was established in 2004 when
it purchased the distillery from Chivas.
Marketed as a boutique single malt
whisky, the brand quickly established a
global following. In 2008 it acquired
GlenDronach Distillery from Chivas. A
bottling facility was purchased in 2010
and the company added Glenglassaugh
Distillery to its portfolio in 2013.
This category asked companies to
supply compound annual growth rates
for the three most recent years of
trading. BenRiach reported turnover in

Technology Innovation of the Year

Winner: Vision RT
Shortlisted: 11 Health & Technology;
AnTech; GBUK Enteral

Private Businesswoman of the Year

Winner: Cheryl Williams, Yorkshire
Wildlife Park
Shortlisted: Susan Barratt Natures
Way Foods; Joanne Smith The
Consulting Consortium; Abi Wright
Spabreaks.com

2011 of 20.2m, which grew to 25.3m

in 2012 (at a compound annual growth
rate of 25.3 per cent), to 35.3m in 2013
(39.4 per cent) and 41.6m in 2014 (17.7
per cent).
Single Malt whisky is in a golden
period, says Alan Gilchrist, BenRiachs
finance controller.

Rising Star of the Year

Winner: Emoderation
Shortlisted: Butterfly Twists; Metcalfes
Food Company; The Knowledge
Academy

Cheryl Williams is one of the lucky few

who turned their childhood hobby into
a private business. Yorkshire Wildlife
Park had 556,000 visitors in 2014 and a
turnover of 7.8m. The park made
headlines last year for its attempts to
save Marius, a giraffe who was
euthanased at Copenhagen zoo.
I am quite used to being the only
woman or being in the minority on a
committee, council or board. But to be
honest, I dont even notice, says Ms
Williams. My motivation to succeed is
to keep going towards the original vision
of creating a different world for visitors
to see and engage with animals.

Emoderation, a social media

management agency, was founded in
2002 before Facebook and Twitter.
The company now manages clients
online reputations 24 hours a day in
more than 50 languages for brands
including Oreo, Toyota and Lego.
The companys model a central
account management team with local
specialists is one of its advantages.
We dont have to open new offices each
time we go into a new market, says
Tamara Littleton, chief executive and
founder. It makes us much more agile.
Revenue rose from just over 3m at
the end of March in 2011, to nearly
9.5m at the same point in 2015.

Family Business of the Year

Winner: Kolak Snack Foods
Shortlisted: Abraham Moon & Sons;
Boodles; Frank Roberts & Sons;

Nisha Dillon, Clare Dowdy, Brian Groom,

Meimei Qin
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Founded by Ashok Lakhani and his

brother Bharat in 1984, Kolak Snack
Foods is a UK manufacturer of snacks
and crisps. It sells to supermarkets in
the own-label market including Asda,
Waitrose and Marks and Spencer.
Although it employs more than 1,000,
Kolak calls itself as a family business
with family values. Ashoks son Rikin is
now managing director.
Family businesses with multigenerational members again appeared

Contributors
Andrew Bounds
FT Enterprise editor
Jonathan Guthrie
FT City editor
Jonathan Moules
FT Business education correspondent
Chris Tighe
FT north-east England correspondent

Emma Boyde, Helen Barrett

Commissioning editors
Steven Bird
Designer
Andy Mears
Picture Editor

to drive success by taking decisions with

a longer-term horizon. This is true
patient capital, says Mr Hoffman.

International Business of the Year

Winner: Tangle Teezer
Shortlisted: Brompton Bicycle; Gripple;
Peak Scientific Holdings
Shaun Pulfrey, founder of Tangle
Teezer, was turned down on Dragons

Den, a UK TV series in which budding

entrepreneurs pitch ideas to millionaire
investors. He proved them wrong and
built a huge international business.
Whoever knew how much everyone
needed a Tangle Teezer hairbrush?,
says Mr Hoffman, adding: One brush is
now sold every three seconds.
Tangle Teezer, which produces
brushes that allow users to comb hair
without pulling, turned a profit in its

Pink Boutique founders Julie and Alice

Blackie (now Alice Hall) launched their
clothes business from a living room. The
days of storing their stock on Ikea
shelving are over, with the fast fashion
retailer generating revenue of 1.4m in
2014, up from 565,000 in 2013, its first
year of trading.
Alice Blackie along with her mum
Julie invested 45 each to buy a pack of
dresses from a wholesaler in London,
says Mr Hoffman, leader of the judging
panel. She sold them on eBay and then
bought two boxes, then four, then eight.
Now three years later she has a 30,000
sq ft warehouse, employs 50 staff and
ships 2,000 dresses a day.