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Europe edition

Newspaper of the Year SATURDAY 18 AUGUST / SUNDAY 19 AUGUST 2018

LIFE & ARTS

Apprentice
to antagonist
Omarosa
Manigault
Newman takes
on Trump

How Hollywood woke up to Asia’s wealth

PERSON IN
THE NEWS

Scrap quarterly reports, says Trump LIFE & ARTS

3 SEC told to study ditching earnings rule 3 Practice blamed for corporate short-termism
ANDREW EDGECLIFFE-JOHNSON
AND MAMTA BADKAR — NEW YORK
President Donald Trump has asked the
Securities and Exchange Commission to
consider scrapping the demand that
public companies in the US report their
earnings every three months, weighing
in on a practice many blame for corpo-
rate short-termism.
The unexpected intervention in a
debate that has exercised executives
and big investors came in a tweet, in
which Mr Trump said he had asked
“some of the world’s top business lead-
ers” what would improve business and
the US job market.
The president said Indra Nooyi, Pepsi
chief executive, had suggested shifting
from quarterly reporting to a “six-
month system”, he said, predicting that
such a move would “allow greater flexi-
bility & save money”. Mr Trump said he
had asked the SEC to study the matter.
Critics of the quarterly system have
argued that the longstanding tradition
is costly, distracts companies from
focusing on longer-term goals, and may
deter companies from going public.
Its defenders say it improves trans-
parency and argue that longer intervals
between financial disclosures create
more incentive for insider trading.
Pressure for a more long-term
approach to business has been building,
Summer
weddings
Photo
special
with a coalition of business leaders and harming the economy. “The pressure to
asset managers calling two years ago for meet short-term earnings estimates has
US companies to end quarterly earnings contributed to the decline in the
guidance. US companies are not obliged number of public companies in America
to provide such forecasts but most do, over the past two decades,” they wrote.
running the risk of being punished by The US is an outlier in demanding
investors if they miss their targets. Donald Trump public companies issue reports every
Paul Polman, chief executive of Uni- says a ‘top three months. The European Commis-
lever, scrapped the company’s quarterly business leader’ sion abolished the requirement in 2013.
reports on his first day in the job in he canvassed for The Trump administration’s business-
2009, and BlackRock’s Larry Fink has
talked of “quarterly earnings hysteria”.
ideas suggested
a ‘six-month
friendly reputation has been tested by
his trade policy. Several business groups
The perils of
In June, Jamie Dimon, JPMorgan system’ to allow have spoken out over the cost of tariffs. Erdogan’s
Chase chief executive, and Warren Buf- ‘flexibility & Additional reporting by Peter Smith
fett of Berkshire Hathaway led a group save money’ in London power grab
of nearly 200 US chief executives in Notebook page 6
arguing that such short-termism was John Authers page 16 FT BIG READ

Emotional Tesla shares

Musk sparks Aug 13 2018

$360
investor fright
Shares in Tesla have dropped sharply In search of
after Elon Musk gave an emotional
interview in which the electric car happiness
group’s founder and chief executive said
he was overworked.
On tour in
The stock fell as much as 8 per cent Bhutan
yesterday morning. Some investors said
it was time to take pressure off Tesla’s
leader, saying they supported efforts to
hire a number-two executive to help run
the business. A person familiar with the 4:20pm GMT
board’s thinking said it was already con-
sidering that idea, although it had no Aug 17 2018
intention of forcing Mr Musk out. $311
Report page 8 LIFE & ARTS
Jonathan Guthrie page 9
Source: Thomson Reuters Datastream
On Wall Street page 12
FT montage; Reuters; Getty Images

Fresh plunge for Turkish lira as US

toughens stance on detained pastor
KATRINA MANSON — WASHINGTON weeks after Mr Brunson’s release — after working on a diplomatic reset intended
which Turkish authorities were to solve a multitude of problems, from
The Turkish lira fell sharply again yes- expected to release at least four other tensions over US support for Turkish
terday as Ankara and Washington US citizens it is holding in detention. enemies in Syria to the release of a host
remained locked in a stand-off over an But Ankara is still insisting that the of detained US citizens, thought to
UK to deport UBS trader American pastor’s detention, which entire sanctions-busting case against number about 20.
who ran up record losses President Donald Trump said he would state-owned Halkbank, including the When it fell apart, the Trump admin-
not take “sitting down”. possibility of a fine of billions of dollars, istration imposed sanctions on two
Analysis i PAGE 3 Relations between the Nato allies have is dropped altogether. US officials have Turkish ministers. Last week it said it
deteriorated sharply since a carefully repeatedly told Ankara they cannot would double tariffs on imports of steel
sequenced deal to secure the release of interfere in the proceedings brought by and aluminium on Turkey.
Austria €4.70 Malta €4.30 evangelical preacher Andrew Brunson, the Southern District of New York. “They should have given him
Bahrain Din2.20 Morocco Dh55
Belgium €4.70 Netherlands €4.70 who was detained by Turkish authori- The continued impasse threatens to [Brunson] back a long time ago, and
Bulgaria
Croatia
Lev8.75
Kn31
Norway
Oman
NKr42
OR2.20
ties in 2016, fell apart last month. undermine Ankara’s strenuous efforts Turkey has in my opinion acted very,
Cyprus €4.30 Pakistan Rupee400 Mr Trump might be prepared to this week to reassure markets on its eco- very badly,” Mr Trump told reporters at
Czech Rep Kc130 Poland Zl 25
Denmark DKr45 Portugal €4.30 revive the deal, but only if Mr Brunson is nomic policy after recent sharp falls in the White House yesterday. “So, we
Egypt
Finland
E£40
€5.70
Qatar
Romania
QR20
Ron19
released first, people familiar with the the lira. The Turkish currency was haven’t seen the last of that. We are not
France €4.70 Russia €5.00 matter said. down a further 3.5 per cent in late Euro- going to take it sitting down. They can’t
Germany €4.70 Serbia RSD520
Gibraltar £3.80 Slovak Rep €4.50 Under that deal, Mehmet Hakan pean trading to TL6.07. That trimmed take our people.”
Greece
Hungary
€4.30
Ft1390
Slovenia
South Africa
€4.10
R90
Atilla, a Turkish banker jailed for sanc- gains made over the week, following a Additional reporting by Laura Pitel
India Rup250 Spain €4.30 tions-busting, would be returned to package of central bank measures, to Turkey turmoil page 11
Italy €4.30 Sweden SKr53
Latvia €7.59 Switzerland SFr7.00 Turkey to serve out his sentence several 5.5 per cent. US officials spent months Day in markets page 12
Lebanon LBP9000 Tunisia Din9.00
Lithuania €5.00 Turkey TL17
Luxembourg €4.70 UAE Dh23.00
Macedonia Den240
World Markets
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 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
2 ★ FTWeekend 18 August/19 August 2018

INTERNATIONAL

Jackson Hole

WORLD|
Corporate power tops bankers’ agenda
WEEK IN REVIEW| Policymakers look for whether antitrust authorities need to cussions have dwelt on the low rates, has happened alongside record corpo-
take a tougher line. Economists will also low growth conundrum that has bedev-
‘These rate profits.
reasons behind labour’s discuss the shift of commercial activity illed policymakers since the crisis, but shifts Concentration has grown in about 75
Trump revokes security clearance falling share of income online, and the implications for infla- this year the economic backdrop is likely have per cent of US industries in the past two
tion as they seek to disentangle the driv- more auspicious, at least in the US. decades, according to academics includ-
of former CIA director Brennan SAM FLEMING — WASHINGTON ers behind low price growth. With growth running at an annualised important ing Gustavo Grullon of Rice University.
The gathering is one of the big events pace exceeding 4 per cent, and fiscal linkages to “These shifts should concern central
Donald Trump has taken the unprecedented step of The potential for swelling corporate of the central banking calendar and it policy poised to deliver a further kick to bankers, since they likely have impor-
revoking the security clearance held by John Bren- power to depress workers’ wages will be attracts intense attention from activist the economy in the second half of the observed tant linkages to observed structural
nan, a former director of the CIA and fierce critic of debated by central bankers from groups as well as the media and finan- year, some US policymakers have been structural changes in the global economy, includ-
the US president. around the world next week when poli- cial markets. Protesters from the Fed Up suggesting rates may need to be lifted ing lower capital investment, a declining
The White House said the president had decided to cymakers gather for their annual meet- group will once again be on hand this into restrictive territory. changes in labour share, slow productivity growth,
revoke the security clearance — which allows retired ings in Jackson Hole, Wyoming. year as they campaign for central bank- That will have implications not only the global slow wage growth and declining dyna-
officials to maintain access to secret information — The agenda for the event, titled ers to focus more on inequality and for the US but for emerging markets, mism,” the Kansas City Fed said.
and was considering similar action against other Changing Market Structure and Impli- depressed wages. which have come under strain as west- economy’ Not all academics are convinced that
Trump critics, including Michael Hayden, another cations for Monetary Policy, takes the The Federal Reserve Bank of Kansas ern central banks tee up tighter policy higher concentration is a wholly malign
former CIA director, and Jim Clapper, a former head symposium into some of the more polit- City announced the topics of its sympo- and as the dollar rises. phenomenon though.
of the entire US intelligence community. ically charged areas of modern econom- sium yesterday. Jay Powell will make his Despite the recent consumer-driven The debate has implications for mon-
Mr Brennan accused Mr Trump of being “treason- ics. Scholars have been asking whether first address to the event as chairman of acceleration in the US economy, the etary policy, given central bankers have
ous” during last month’s summit with Russian presi- the massive market power of big com- the US central bank on Friday, opening longer-term doubts about the US’s been struggling to understand why
dent Vladimir Putin in Helsinki. panies is having malign effects on the proceedings with a discussion of mone- potential have by no means been dis- unemployment below 4 per cent has
Editorial Comment page 6 broader economy, including by depress- tary policy in a changing economy. pelled. A key area of debate is the failed to spur more wage growth.
ing labour’s share of income, and In recent years the Jackson Hole dis- declining labour share of income, which Tim Harford page 7

Co-ordinated arson attacks across

Sweden put crime in poll spotlight
Civil war. Relatives’ anguish
Masked gangs used Molotov cocktails to set fire to
about 100 cars in Swedish towns and cities in what
appeared to be co-ordinated attacks, thrusting crime
into the heart of next month’s election campaigns.
Police in Gothenburg, where the greatest number
Syria death notices fail to bring closure for families
of cars were burnt out, arrested several youths. They
said they suspected social media was used to plan the
fires spread across towns and suburbs, home to sig- Assad regime releases names
nificant immigrant populations. of thousands believed killed
A rise in the number of deadly shootings in Stock-
holm, Gothenburg and Malmo has benefited the but mass confusion reigns
rightwing populist Sweden Democrats, who look set
to be the big winners of September’s elections and
ASSER KHATTAB — BEIRUT
perhaps even challenge the Social Democrats to
become the largest party. The last time Rajaa saw her husband,
Mazen, he had been starved and tor-
tured so badly that their young son was
unable to recognise his father.
Eurozone GDP growth lifted That was August 2012, when Mazen
by higher German spending was being held in Syria’s notorious Sed-
naya prison — one of thousands of peo-
ple detained after a popular uprising
Quarter-on-quarter change (%)
0.8
against President Bashar al-Assad
erupted a year earlier.
Since that last visit, multiple attempts
0.6 by Rajaa to contact her husband or find
Expected out information about him ended in
failure. She was never even sure
0.4 whether he was dead or alive.
That abruptly changed this month
when she received official notification
0.2
that Mazen died in January 2013 — just
months after she last saw him.
0 Now the 28-year-old is filled with
2016 2017 2018 anguish, unsure what to believe. She Missing: to check with local government offices months is a sign of pressure from Mos- age to secure his release after his family
Source: FactSet does not trust the regime that jailed her a bus displays to find out the fate of their loved ones. cow to finally address the issue of the bribed an official, he said.
husband and clings to hope that it might photos of Those among the more than 6m Syr- disappeared. “I spent six long days in a room with
A jump in spending in Germany boosted growth in the be a mistake. Syrians ian refugees living outside the country “The Russians want to whitewash the others waiting to be executed. The
eurozone, easing slowdown concerns. Estimated “If he’s really dead, I want to know who have have to rely on relatives or others to regime’s human rights records, regulate atmosphere was intolerable, innocent
second-quarter GDP growth was 0.4 per cent, in line where his body is,” said Rajaa, who disappeared, establish if their missing husbands, its detention procedures and allow people waiting for their inevitable
with the previous quarter and higher than expected. asked that her real name not be used for at a protest wives, sons and daughters have been Damascus to open a new page,” said death, unable to bid their loved ones
fear of reprisals against her family. in London confirmed as deceased. Rajaa, who fled Mazen Darwish, a Syrian lawyer. farewell,” Mr Mahmoud said.
“He deserves a headstone, not to be last year to Lebanon several years ago, received Rajaa said her husband joined the After fleeing to Turkey he made con-
thrown in a mass grave somewhere.” Carl Court/Getty Images notification of Mazen’s death from her uprising that began in Darayya province tact with the family of one of his former
Afghan forces regain control of Similar emotions are felt by other Syr- lawyer. in south-west Syria in the spring of 2011, cellmates to reassure them that their
Ghazni after clashes with Taliban ian families, inside and outside the Many Syrians believe the regime’s as popular unrest swept the Arab world. son was alive. The news shocked them:
country, as Damascus begins for the first decision to begin issuing the death “If he was not leading a demonstra- the family had an official document say-
time to release the names of some of the notices now is tied to its battlefield tion, he was roaming the area in his car, ing their son had died in 2015.
The Afghan army regained control on the south- tens of thousands of people detained successes, and efforts by Russia, the ready to let others know of any signs of Mr Darwish, the lawyer, said this was
eastern city of Ghazni following days of clashes and killed during the civil war. government’s main foreign backer, to security forces,” she said. Mazen was probably because the regime issued the
between government forces and the Taliban that The Syrian Network for Human shift the focus from fighting to recon- arrested a few months later by the secu- death certificate at the time of sentenc-
killed at least 150 soldiers and dozens of civilians. Rights, a non-government agency, esti- struction. rity forces and taken to Sednaya prison. ing, rather than waiting for the detainee
The assault on the strategically important city mates that the regime “forcibly disap- With the war unquestionably tilted in “The Syrian regime fears thought to be executed. For his family, however,
exposed the weak grip that President Ashraf Ghani’s peared” 82,000 people during the war. Mr Assad’s favour, Moscow is pushing to much more than they fear weapons,” it means enduring yet another cycle of
western-backed government has on security. Even The number of detainees certified as end its direct military support and for a Rajaa said. emotional trauma, unsure of the fate of
though the Taliban were pushed back from the city, dead is not known, but it is estimated to semblance of normality to return to Abu Mahmoud, a 29-year-old carpen- their son.
they still hold sway in much of Ghazni province. The be in the thousands. Syria. ter, was another from Darayya detained The knowledge that such confusions
Taliban attack on the city has clouded hopes for The government has not commented As part of this process, a “working at the military institution described by take place adds another layer of anguish
peace in Afghanistan. on the detainees or the issuing of death group” was set up late last year to inves- Amnesty International as a “human and uncertainty for Rajaa. “My mind
Separately, Isis claimed responsibility for a suicide notices. There has been no coverage of tigate the fate of detainees as part of slaughterhouse”. tells me I should accept the fact that he’s
bombing at an education centre in Kabul where teen- the matter in state media. peace talks brokered by Russia, Turkey Arrested in the wake of the 2011 passed on, but my heart refuses to
agers had been studying for an entrance exam. The Instead, lists of the dead are revealed and Iran. Some activists and human uprising and then again last year, he says believe it. I don’t want to break his heart
public health ministry put the death toll at 40. on updated state registers, meaning rights workers believe that the unex- he was tortured in Sednaya, before if he comes back one day and sees that
those whose relatives disappeared have pected issuing of death notices in recent being sentenced to death. But he man- we accepted he is dead.”

Pilgrimage technology
MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription ‘Hajj hackathon’ captures Saudi Arabia’s spirit of social change
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
AHMED AL OMRAN — JEDDAH and Drones (SAFCSP), which organised entered the venue wearing blue jeans, a pilgrims who are either unconscious or
Trump vs the Valley
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
A Five Star plan?
Italy’s populists are trying to woo
the poor — BIG READ, PAGE 11
Dear Don...
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12
With 1.6m Muslims arriving in Saudi the hackathon. “What’s new is getting white shirt with the sleeves rolled up to have a language barrier. “Medical staff
HMRC warns Lloyd’s of Brussels Insurance market
to tap new talent pool with EU base
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80
Briefing
SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017

Arabia in the coming days for the people involved, not just Saudis but all her shoulders and a baseball cap. Secu- can then intervene in a confident way
customs risks THE END
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border

nationalities who want to serve hajj. rity guards ushered her in without bat- and not fear doing something that could
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE TECHNOLOGY IS
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17

being swamped CHANGING AN

annual hajj pilgrimage to Mecca, thou-
i Report outlines longer NHS waiting times
A report on how the health service can survive

ROAD
more austerity has said patients will wait longer for
non-urgent operations and for A&E treatment while AMERICAN WAY OF LIFE Censors and sensitivity
by Brexit surge
some surgical procedures will be scrapped.— PAGE 4

They get a chance to offer apps and solu- ting an eye. make the situation worse,” he said.
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017

Developing countries have sold record levels of

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

sands of programmers and developers

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

3 Confidence in IT plans ‘has collapsed’

3 Fivefold rise in declarations expected
JAMES BLITZ — WHITEHALL EDITOR
Credit Suisse Art of persuasion Mystery deepens
i London tower plans break records
How To Spend It
tions that improve the experience.” Rami Taibah, a Saudi developer, and While organising a peaceful hajj sea-
A survey has revealed that a
adjust its negotiation position with the
record 455 tall buildings are
planned or under construction
in London. Work began on
over disputed painting of Jane Austen
engulfed in
EU, a Whitehall official said. “If running almost one tower a week

have been hard at work to come up

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

fresh tax probe

leaves the EU, customs authorities have
admitted to MPs.
HM Revenue & Customs told a parlia-
mentary inquiry that the new system
With a record number of developers his team developed an application that son with no big incidents remains the
In a letter to Andrew Tyrie, chairman tensions after talks in Ankara with President Recep
of the Commons treasury select com-
mittee, HMRC said the timetable for
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen.— PAGE 9
Chic new lodgings
delivering CDS was “challenging but
i Toshiba investors doubt revival plan
in Scotland

with ideas that could transform the

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

Setting up a digital customs system
has been at the heart of Whitehall’s
Brexit planning because of the fivefold
increase in declarations expected at
and programmers from Muslim nations would use facial recognition technology goal, the government hopes to increase
CDS, indicating it would be delivered on
time. But last month, it wrote to the i HSBC woos transgender customers
committee saying the programme had The bank has unveiled a range of gender-neutral
RALPH ATKINS — ZURICH it followed “a strategy offull client tax
been relegated to “amber/red,” which DUNCAN
titles such asROBINSON — BRUSSELS
“Mx”, in addition to Mr, Mrs, Misscompliance”
or but was still trying to
Ms, in a move to embrace diversity and cater togather the information about the probes.

face of this ancient religious ritual.

British ports when the UK leaves the EU. means there are “major risks or issues

FINANCIAL TIMES
About 53 per cent of British imports
come from the EU, and do not require
checks because they arrive through the
single market and customs union. But
apparent in a number ofkey areas”. Credit
needs Suisse hascustomers.
of transgender been targeted by
— PAGE 20 HM Revenue & Customs said it had
HMRC said last night: “[CDS] is on sweeping tax investigations in the UK, launched a criminal investigation into
track to be delivered by January 2019, France and the Netherlands, setting suspected tax evasion and money laun-
and it will be able to support frictionless back Switzerland’s attempts to clean up dering by “a global financial institution
Datawatch

(Deposito Legal) M-32596-1995; Publishing Director,

Theresa May announced in January that
Brexit would include departure from
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
customs union, the number is expected
to hit 300m.
such as Egypt, Algeria, Morocco and to retrieve medical information of the inflow of visitors to support the
international trade once the UK leaves its image as a tax haven. and certain ofits employees”. The UK
the EU . . . Internal ratings are designed The Swiss bank said yesterday it was tax authority added: “The international
to make sure that each project gets the
focus and resource it requires for suc-
Terror attacks inwith
co-operating western Europe after
authorities
offices in London, Paris and Amsterdam
Recent reach
itsattacks
notably the message
2011
— of this investigation sends a clear
that there is no hiding place for
The lure of the exotic
cessful delivery.” were contacted
Highlighted attack byOthers massacre bythose seeking to evade tax.”
local officials Robin Lane Fox on the flair
“concerning client tax matters”. Anders BreivikDutch in prosecutors, who initiated the
HMRC’s letters to the select commit- of foreign flora — HOUSE & HOME

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

whether Whitehall can implement a
host of regulatory regimes — in areas
caused by Mrs May’s unexpected deci-
sion to leave the EU customs union.
cities in its decision to set up an
EU base to help deal with the
will be reinsured back to the
syndicates at its City of London
homes for the industry. But Paris
Mr Nelson said the city won on The inquiries threaten to undermine
efforts by the country’s banking sector
At a so-called hajj hackathon in Jeddah, Oman, as well as the UK and Japan, the kingdom’s economic reform plans.
bombings — have
thousand” bank accounts opened in
bucked the trend
Switzerland and not declared to French

London SE1 9HL

ranging from customs and immigration
to agriculture and fisheries — by the
time Britain leaves the EU.
Problems with CDS and other projects
essential to Brexit could force London to
Timetable & Great Repeal Bill page 2
Scheme to import EU laws page 3
Editorial Comment & Notebook page 12
Philip Stephens & Chris Giles page 13
JPMorgan eye options page 18
expected loss of passporting
rights after Brexit.
John Nelson, chairman of the
centuries-old insurance mar-
ket, said he expected other
headquarters, pictured above.
The Belgian capital had not
been seen as the first choice for
London’s specialist insurance
groups after the UK leaves the
its transport links, talent pool
and “extremely good regula-
tory reputation”.
Lex page 14
Insurers set to follow page 18
to overhaul business models and ensure
customers meet international tax
requirements following a US-led clamp- Limited, registered office as above. Local Representative
of generally low

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

office; C/ Infanta Maria Teresa 4, bajo 2, 28016, Madrid.

The probes risk sparking an interna- demanded a written explanation from
tional dispute after the Swiss attorney- Dutch authorities.

City watchdog sends a clear message as

inventors competed for prize money of three-day hackathon highlighted the It hopes to increase the number of
general’s office expressed “astonish- In 2014, Credit Suisse pleaded guilty
ment” that it had been left out of the in the US to an “extensive and wide-
actions co-ordinated by Eurojust, the ranging conspiracy” to help clients THE RISE
Escape OF
the taper ECO-GLAM
trap
EU’s judicial liaison body. evade tax. It agreed to fines of $2.6bn.

banker loses job over WhatsApp boast How high earners can evade

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Credit Suisse, whose shares fell 1.2 per

subject ofinvestigations in the Nether-

lands, France and the UK. The bank said in Paris ISSN 1135-8262.
Additional reporting by Laura Noonan in
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
Houlder in London, and Michael Stothard
Austen’s descendants insist the Rice portrait depicts her as a girl — see magazine Bridgeman Art Library
a pension headache — FT MONEY

$420,000 as part of a push by the king- social changes in Saudi Arabia over the Muslims coming for umrah, known as
LAURA NOONAN — DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to
JENNIFER THOMPSON — LONDON

Tel: +44 207 775 6000, fte.subs@ft.com,

Shutdown risk as border
A boastful WhatsApp message has cost
a London investment banker his job
and a £37,000 fine in the first case of
Christopher Niehaus, a former Jeffer-
ies banker, passed confidential client
information to a “personal acquaint-
ance and a friend” using WhatsApp,
according to the FCA. The regulator said
ban people from installing apps on their
private phones.
Andrew Bodnar, a barrister at Matrix
Chambers, said the case set “a precedent
in that it shows the FCA sees these mes-
UAE: Al tough
Brussels takes Nisrstance
Publishing
on Brexit LLC, P.O.Box 6519. Dubai. Editor
inwithChief:
Spain handed veto over Gibraltar
regulators cracking down on commu- 390_Cover_PRESS.indd 1 19/01/2017 13:57

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

www.ft.com/subscribetodayCongressional Republicans seeking to

avert a US government shutdown after
April 28 have resisted Donald Trump’s
attempt to tack funds to pay for a wall
on the US-Mexico border on to
chat app.
The fine by the Financial Conduct
Authority highlights the increasing
problem new media pose for companies
that need to monitor and archive their
to his employer voluntarily.
The FCA said Mr Niehaus had shared
confidential information on the messag-
ing system “on a number of occasions”
last year to “impress” people.
Several banks have banned the use of
else”.
Information shared by Mr Niehaus
Lionel Barber.
dom’s authorities for a wider use of tech- past two years as Crown Prince Moham- the lesser pilgrimage and which can be
included the identity and details of a
client and information about a rival of ALEX BARKER — BRUSSELS ambitious trade and airline access deals. mise. If Britain wants to prolong its
Jefferies. In one instance the banker GEORGE PARKER — LONDON Gibraltar yesterday hit back at the status within the single market after
boasted how he might be able to pay off STEFAN WAGSTYL — BERLIN clause, saying the territory had “shame- Brexit, the guidelines state it would

Advertising
stopgap spending plans. They fear
that his planned $33bn increase in
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Several large investment banks have
banned employees from sending client
information over messaging services
including WhatsApp, which uses an
new media from work-issued devices,
but the situation has become trickier as
banks move towards a “bring your own
device” policy. Goldman Sachs has
clamped down on its staff’s phone bills
his mortgage if a deal was successful.
Mr Niehaus was suspended from Jef-
feries and resigned before the comple-
tion of a disciplinary process.
Jefferies declined to comment while
Living wage rise to pile
pressure on care services
Qatar: Dar Al Sharq, PO Box 3488, Doha-Qatar. Tel: +97
The EU yesterday took a tough opening
stance in Brexit negotiations, rejecting
Britain’s plea for early trade talks and
explicitly giving Spain a veto over any
arrangements that apply to Gibraltar.
fully been singled out for unfavourable
treatment by the council at the behest of
Spain”. Madrid defended the draft
clause, pointing out that it only reflected
“the traditional Spanish position”.
require “existing regulatory, budgetary,
supervisory and enforcement instru-
ments and structures to apply”.
Mr Tusk wants talks on future trade
to begin only once “sufficient progress”

44557825 nology to make the pilgrimage experi- med bin Salman opens up the country. performed year round, from 6.8m visi-
to accept the proposals. encryption system that cannot be as iPhone-loving staff spurn their work- Facebook did not respond to a request Senior EU diplomats noted that has been made on Britain’s exit bill and

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

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

emeaads@ft.com Subscribe In print and online World Markets

lot more. Some 43 per cent of care
staff — amounting to 341,000 people
aged 25 and over — earn less than the
France: Publishing Director, Jonathan Slade, 46 Rue La
“phased approach” to the divorce proc-
ess that prioritises progress on with-
drawal terms.
was “within the parameters of what we
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upside”.
Nato summit in Brussels that Mrs May
had not intended to “threaten” the EU
when she linked security co-operation

ence safer and more enjoyable. The top prize went to an all-female tors to 15m by 2020.
www.ft.com/subscribenow new living wage and the increase is The decision to add the clause giving British officials admitted that the EU’s after Brexit with a trade deal.
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Analysis i PAGE 4 300-year territorial dispute between tion deal could be problematic. Man in the News: David Davis page 11

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7369.52
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1.164
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111.295 111.035 ¥ per € 119.476 119.363 Jpn Gov 10 yr
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5376 8253; Commission Paritaire N° 0909 C 85347; ISSN

While hajj organisers have for years team. They designed an app that pro- Some people worry the increased use
Frankfurt, Brussels, Milan, Madrid, New York, FTSE All-Share 4011.01 4011.80 -0.02 SFr per € 1.069 1.072 SFr per £ 1.244 1.238 price prev chg

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Chicago, San Francisco, Washington DC, Orlando,
Tokyo, Hong Kong, Singapore, Seoul, Dubai
CAC 40
Xetra Dax
Nikkei
Hang Seng
FTSE All World $
5089.64 5069.04 0.41 COMMODITIES
12256.43 12203.00 0.44
19063.22 19217.48 -0.80 Oil WTI $
24301.09 24392.05 -0.37 Oil Brent $
297.99 297.73 0.09 Gold $
Mar 30
50.22
52.98
1248.80
prev
49.51
52.54
1251.10
Fed Funds Eff
%chg US 3m Bills
1.43 Euro Libor 3m
0.84 UK 3m
-0.18 Prices are latest for edition
0.66
0.78
-0.36
0.34
0.66
0.78
-0.36
0.34
0.00
0.00
0.00
0.00
Data provided by Morningstar
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Mar 31
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letters.editor@ft.com
© THE FINANCIAL TIMES LTD 2017
No: 39,436 ★
Printed in London, Liverpool, Glasgow, Dublin,
1148-2753.
Dow Jones Ind
FTSEurofirst 300
Euro Stoxx 50
FTSE 100
20689.64 20728.49 -0.19 £ per €
1503.03 1500.72 0.15 ¥ per $
3495.59
7322.92
3481.58 0.40 ¥ per £
7369.52 -0.63 € index
0.855 0.859 € per £
111.430 111.295 ¥ per €
139.338 139.035 £ index
88.767 89.046 $ index
1.169 1.164 Ger Gov 10 yr
119.180 119.476 Jpn Gov 10 yr
77.226 76.705 US Gov 30 yr
104.536 104.636 Ger Gov 2 yr
99.27
100.36
99.27
102.57
0.33
0.07
3.04
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-0.01
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used technologies for simulation to pre- vides real-time translation of text and of technology could take away from the
Frankfurt, Brussels, Milan, Madrid, New York, FTSE All-Share 3990.00 4011.01 -0.52 SFr per € 1.071 1.069 SFr per £ 1.252 1.244 price prev chg
Chicago, San Francisco, Washington DC, Orlando, CAC 40 5122.51 5089.64 0.65 COMMODITIES Fed Funds Eff 0.66 0.66 0.00

Turkey: Dunya Super Veb Ofset A.S. 100. Yil Mahallesi

Tokyo, Hong Kong, Singapore, Seoul, Dubai Xetra Dax 12312.87 12256.43 0.46 Mar 31 prev %chg US 3m Bills 0.78 0.78 0.00

Executive appointments Nikkei

Hang Seng
FTSE All World $
18909.26 19063.22 -0.81 Oil WTI $
24111.59 24301.09 -0.78 Oil Brent $
297.38 298.11 -0.24 Gold $
50.46
53.35
1244.85
50.35
53.13
1248.80
0.22 Euro Libor 3m
0.41 UK 3m
-0.32 Prices are latest for edition
-0.36
0.34
-0.36
0.34
0.00
0.00
Data provided by Morningstar

Tel: +44 20 7873 4909 34204, Bagcilar- Istanbul, Tel. +90 212 440 24 24.
www.exec-appointments.com dict the movement and flow of crowds, signage without connecting to the inter- spirituality of a religious duty.
©Copyright The Financial Times 2018.
Reproduction of the contents of this newspaper in any
this has not prevented accidents such as net. “We managed to destroy the impos- Amal Dokhan, director of the Babson
Published by: The Financial Times Limited, 1 Southwark
Bridge, London SE1 9HL, United Kingdom. Tel: +44 20 manner is not permitted without the publisher’s prior the stampede that left hundreds of pil- sible and prove that Saudi women can Global Center for Entrepreneurial Lead-
7873 3000; Fax: +44 20 7407 5700. Editor: Lionel Barber.
Germany: Dogan Media Group, Hurriyet AS Branch
consent. ‘Financial Times’ and ‘FT’ are registered trade
marks of The Financial Times Limited.
grims dead in 2015. Officials hope that achieve anything,” said developer ership, said the use of technology should
Germany, An der Brucke 20-22, 64546 Morfelden - opening the door to ideas from outside Bayan al-Ghamdi. focus on “eliminating pain points, not
The Financial Times and its journalism are subject to a
Walldorf. Responsible Editor, Lionel Barber. Responsible
for advertising content, Jon Slade. self-regulation regime under the FT Editorial Code of the government could provide innova- There was no gender segregation and changing the experience” of hajj.
Italy: Monza Stampa S.r.l., Via Michelangelo Buonarroti, Practice: www.ft.com/editorialcode tive solutions to complex, old problems. the usual strict dress code for women (a “This is not about technology, this is
153, Monza, 20900, Milan. Tel. +39 039 28288201
Owner, The Financial Times Limited; Rappresentante e Reprints are available of any FT article with your “Most apps or existing technologies long-flowing cloak in public) was about what technology will do when
Direttore Responsabile in Italia: I.M.D.Srl-Marco Provasi - company logo or contact details inserted if required
(minimum order 100 copies).
used now in hajj are usually developed relaxed. About a third of participants necessary and if necessary,” she said,
Via G. Puecher, 2 20037 Paderno Dugnano (MI), Italy.
Milano n. 296 del 08/05/08 - Poste Italiane SpA-Sped. in One-off copyright licences for reproduction of FT articles by government entities,” said Reda Ban- were women, Mr Banjar said, a much “because nobody wants this to be highly
Abb.Post.DL. 353/2003 (conv. L. 27/02/2004-n.46) art. 1
.comma 1, DCB Milano.
are also available.
For both services phone +44 20 7873 4816, or email
jar, head of technology events at a gov- higher rate than is typical in such events systematic where it loses its spirit.
Spain: Bermont Impresion, Avenida de Alemania 12, CTC, syndication@ft.com ernment entity called the Saudi Federa- abroad in a sector traditionally domi- Mecca: hundreds of thousands make There is also some mystery into this
28821, Coslada, Madrid. Legal Deposit Number tion for Cybersecurity, Programming nated by men. One female participant the journey every year for the hajj journey.”
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
18 August/19 August 2018 ★ FTWeekend 3

INTERNATIONAL

Bridge disaster
shines light on
Italy’s perceived
inequalities
Coalition divide over infrastructure exposed
as families voice disquiet on state intrusion
HANNAH ROBERTS — ROME
DAVIDE GHIGLIONE — GENOA
Days after 38 people were killed in a
motorway bridge collapse that shocked
Italy, Saturday’s funeral for some of its
victims has been turned into a state
occasion, with President Sergio Matta-
rella leading mourners.
But for some of the families of those
killed when part of Genoa’s Morandi via-
duct plunged 45 metres into a valley —
one of its pillars crumbling within sec-
onds in heavy rain — the state’s involve-
ment is an unwelcome intrusion. For
them, Italy’s state is culpable.
“We don’t want a funeral that is a
farce,” Roberto Battiloro, whose 29-
year-old son Giovanni was killed with
three friends while travelling to Barce-
lona for a holiday, wrote on Facebook.
“My son will not join a list of the deaths
caused by Italian failures.”
Denise Vittone, whose brother And-
rea Vittone died with his wife and her
two children, said: “I don’t have faith in
the state any more.”
Five months after Italy’s electorate
sent a strong message of discontent to
their ruling classes — rejecting the usual
political parties and voting in droves for
anti-establishment forces — the catas-
trophe in Genoa has laid bare some of
the reasons for that protest vote. It has
brought to the fore an emotional
response to years of perceived inequal-
ity and corporate cronyism, as well as a
decline in the country’s standard of liv-
ing as the economy has stagnated.
An editorial in La Repubblica newspa-
per yesterday that called the site of the
bridge collapse “Italy’s Ground Zero” —
referring to the idea that it could be a
catalyst for deep transformation —
found echoes in Genoa. “We need a radi-
cal intervention, which will be difficult,
politically, socially and economically,”
said Enrico Scofone, a 35-year-old law-
yer at the city’s Principe train station.
Nunzia, the mother of Giovanni’s
friend Gerardo Esposito, 26, who was
also killed, said the “catwalk of politi-
cians” visiting the city had been “shame-
ful”. She told La Stampa: “The state
caused the tragedy. They should not be
allowed to show themselves in public.”
Italy’s populist government, com-
posed of the far-right League and the
anti-establishment Five Star Move-
ment, was also quick to point the finger
after the bridge’s collapse at corporate
interests: Autostrade, Italy’s largest pri-
vate sector motorway operator, was car-
rying out maintenance work.
Shares in its parent company Atlan-
tia, part of the Benetton family’s web of
industrial holdings, tumbled more than
20 per cent as the government threat-
ened to take away Autostrade’s conces-
sion to run roads for the next 20 years.
Autostrade said it was confident of
showing it had always fulfilled its obliga-
tions as a concession holder and had
maintained “the best international
standards”.
The Benetton family was caught in the
storm. Luigi Di Maio, Five Star’s leader
Mourners sit by and deputy prime minister, said that he
coffins of the would feel free to act against Autostrade
victims of Italy’s compared with other politicians who
Morandi bridge had been funded by the family. The Ben-
collapse, below etton group denied having funded any
Gregorio Borgia/AP Italian party.
But while the tragedy played into
some parts of the government’s narra-
tive about the state of Italy — which they
have frequently blamed on spending
cuts imposed by Europe and the privi-
leges of a political and business estab-
lishment — it also drew attention to
some of its contradictions.
The country’s infrastructure has been
in long-term decline — investment in
roads in Italy fell from about €14bn in
2007 to €5bn in 2015, according to the
OECD. Five Star, which won the largest
share of the vote in Liguria in the March
election, has historically been sceptical
of new infrastructure projects — a point
of difference with Matteo Salvini’s
League, the other party in the coalition.
Giovanni Orsina, professor of political
history at Luiss University in Rome,
said: “This is the first major disaster that
the government has faced . . . they have
reacted very fast to an outburst of emo-
tion and finding scapegoats, but when it
comes to actually doing things there are
major differences about how to cope.
“Five Star has always been against
any large infrastructure works and the
League is in favour of infrastructure
development. So when it comes to long-
er-term plans to tackle Italy’s problems,
the two will struggle to make progress as
they have very different approaches.”
In Genoa, a road project known as the
“Gronda”, an alternative route to the
current motorway, has been stalled for
years by local opposition — with the
backing of Five Star founder Beppe
Grillo.
The Morandi bridge itself was a prod-
uct of boom years. Flaviano Angeloni, a
77-year-old retired bus driver from the
‘The state city, this week recalled having attended
its inauguration in 1967.
caused the “It was a cutting-edge project, pre-
tragedy. sented in grand style,” he said, staring at
the space over the Polcevera river that
They the bridge spanned until this week.
should not “During those years the city was grow-
ing and everyone felt that anything was
be allowed possible. But then everything stopped
to show and we got stuck in the past.”
Now, as well as the loss of life, more
themselves than 600 people who lived under the
in public’ remains of the bridge have been made
homeless and the city’s main artery has
Mother of been severed. “We feel isolated,” said
victim Giancarlo Noris, a 71-year-old resident.
“The city has been torn apart.”
Francesco Ferrari, business editor at
Il Secolo XIX, Genoa’s main newspaper,
feared the city would be “paralysed”
because of restricted access to its port —
one of the busiest in the Mediterranean.
Many city residents now doubt that
solutions to its problems come from pol-
iticians. “The reactions have been com-
pletely sterile and devoid of any con-
science about what has happened. It is
as if they are using a phrase book of
things to say in similar situations,” said
Alessia Bruzzo, a 30-year-old teacher.
Tony Barber page 7

Pakistan

Khan to press on with corruption fight

FARHAN BOKHARI — ISLAMABAD
Imran Khan has pledged to press ahead
with plans for a sweeping anti-corrup-
tion campaign after winning a vote of
confidence from lawmakers to become
Pakistan’s 22nd prime minister.
The former cricket captain won the sup-
port of 176 lawmakers in the vote yester-
day against 96 votes for Shehbaz Sharif,
leader of the Pakistan Muslim League-
Nawaz (PML-N). The victory was made
possible after the opposition Pakistan
People’s party, led by former president
Asif Ali Zardari, and some smaller
regional groups abstained.
Mr Khan’s Pakistan Tehreek-e-Insaf
(PTI) party won the largest number of
seats in parliamentary elections last
month but fell short of a majority in the
342-seat assembly.
In a speech, Mr Khan promised “strict
accountability” and a new push against
“the people who looted this country”,
continuing his hard-hitting line of
attack against his political opponents.
The PTI leader has relentlessly sought to
highlight corruption allegations against
former prime minister Nawaz Sharif,
the PML-N leader and brother of Sheh-
baz Sharif.
Nawaz Sharif was arrested last month
on his return from London and is serv-
ing a 10-year prison term on corruption
charges. His daughter and son-in-law
are also in jail on corruption-related
charges.
However, analysts warned that Mr
Khan’s tough remarks aimed at the
PML-N could lead to a period of domes-
tic political instability if more opposi-
tion figures are arrested for corruption.
Pakistan is seeking to tap global lenders,
including the IMF, to stave off a balance
of payments crisis. The country’s liquid
foreign currency reserves of about
$10bn are barely enough to cover two
months of imports.
“Imran Khan’s message doesn’t augur
well for the smooth running of parlia-
ment,” said Arif Nizami, a respected
commentator. “If this kind of confronta-
tional politics continues in Pakistan, the
country will be paralysed”.
Others said Mr Khan was seeking to
appeal to the large number of PTI sup-
porters, especially young voters, who
expect him to deliver visible changes in
their daily lives blighted by rampant
corruption. “He [Mr Khan] has been
elected because of his tough position on
corruption. He cannot just forget the
message that attracted such a large
number of people to vote for him,” one
PTI MP said.
Ahead of Mr Khan’s formal inaugura-
tion today, leaders of the PML-N-led
opposition promised to continue to
oppose him on claims that last month’s
vote was rigged. The Pakistan army,
which has been accused by the PML-N
of covertly backing Mr Khan, and the
PTI have both denied the claims.
Shehbaz Sharif said after Mr Khan
spoke in parliament: “This is the worst
election in history in terms of rigging.
The authorities must act against those
responsible.”

Adoboli legal fight

UK set to deport former UBS rogue trader

LINDSAY FORTADO — NEW YORK
Kweku Adoboli, the former UBS trader
who was sentenced to seven years in
prison after running up the largest
unauthorised trading loss in UK his-
tory, is on the verge of being deported
to Ghana.
The 38-year-old, who caused a $2.3bn
trading loss by vastly exceeding his risk
limits, has lived in the UK since he was
12 but is a national of Ghana, where he
was born and where he lived until he
was four years old.
On Monday, he is due to report to the
Home Office for a check-in and could be
detained then. He has exhausted almost
all his legal options since his release
from prison into probation three years
ago, after serving half his sentence.
“Being banished from your friends,
family, community, country and the
west is by far the worst punishment that
can be enforced upon someone,” Mr
Adoboli said. “I fear it is something that
nobody can ever truly recover from.”
Earlier this week, a court denied him
permission for a judicial review of the
deportation proceedings, and granted a
request by the Home Office to allow it to
deport him even if he renews his appli-
cation for a review.
“The current challenge is very sub-
stantially out of time,” Mr Justice Peter
Lane said in the ruling.
He called the “nature and timing” of
the motion “an abuse of process on the
part of the claimant”.
Under British law, foreign nationals
‘Being banished from your
friends, family, community,
country and the west is by
far the worst punishment’
who are sentenced to more than four
years in prison are automatically sub-
ject to being deported, unless they can
argue that there are compelling reasons
to allow them to stay in the country.
In late June, the Court of Appeal
refused his application to appeal against
an immigration tribunal ruling that
upheld his deportation.
Mr Adoboli left Africa when he was
four to join his father, who worked for
the UN, in the Middle East. He was sent
to a boarding school in the north of Eng-
land when he was 12, and has lived in the
country ever since. He studied at Not-
tinghamuniversityandthenjoinedUBS,
where he worked until his arrest in 2011.
“Kweku has already paid a heavy
price for a non-violent crime and repre-
sents no threat to society,” said his law-
yer, Jacqueline McKenzie. “The idea
that someone settled in the UK, particu-
larly from a young age, could be
removed to a country they barely
remember is plainly wrong.”
Under a deportation order, Mr Ado-
boli would not be allowed to re-enter the
country as a visitor potentially for the
rest of his life, and he would also likely
be barred from entering Europe, North
America and other countries, she said.
“This is something that a civilised
country should not be supporting on the
facts of this particular case,” she added.
The Home Office said: “All foreign
nationals who are given a custodial sen-
tence will be considered for removal.
Foreign nationals who abuse our hospi-
tality by committing crimes in the UK
should be in no doubt of our determina-
tion to deport them.”
Mr Adoboli’s lawyers are working on
several last-ditch applications.
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
4 ★ FTWeekend 18 August/19 August 2018

INTERNATIONAL

Extreme weather Security report

India state’s severe floods leave scores dead Cyber spying

Fatalities expected to rise
with much of Kerala
remaining under water
SIMON MUNDY — MUMBAI
More than 160 people have died in the
south Indian state of Kerala’s worst
floods for nearly a century, the latest in a
series of extreme rain events to hit the
subcontinent.
Pinarayi Vijayan, Kerala’s chief minis-
ter, said yesterday that 164 people had
been killed by the floods. With swaths of
the state still under water, the death toll
is expected to rise.
Officials told local media that more
than 165,000 people had taken refuge in
relief camps, while the state’s main air-
port at Kochi had been closed.
A World Bank report earlier this year
warned that South Asia appeared
increasingly vulnerable to flooding as a
result of rising average temperatures
and changes in rainfall patterns. Mega-
cities such as Mumbai and Dhaka in
Bangladesh faced a growing risk of sig-
nificant damage, it said.
Last year more than 1,000 people
were killed in the subcontinent by
severe flooding that temporarily para-
lysed Mumbai. The worst hit part of
India was eastern Bihar, the country’s
poorest state, where more than 500 peo-
ple died in the floods.
In contrast with Bihar, Kerala is one of
the more prosperous parts of India, with
one of the country’s highest literacy
rates and successful tourism and agri-
cultural export industries.
But the state has struggled to cope
with unusually heavy rainfall, which
was 257 per cent of normal levels in the
Crackdown. Anti-Ortega protests
week to August 15, and more than seven
times the average in the large city of
Thiruvananthapuram.
The Kerala State Electricity Board has
cut power to most of the state, while
flooding victims are seeking assistance
‘A lot of our climate
models tell us the
future will not be
what the past was’
from military helicopters and fishing
boats enlisted in the relief effort. Naren-
dra Modi, prime minister, was due to
arrive in the state late yesterday.
Kerala’s government is now estimat-
ing the total cost of the flooding damage
at more than Rs500bn ($7bn), India’s
Mint newspaper reported yesterday, cit-
ing an anonymous state government
official. Beyond the extensive infra-
structural damage, the disaster has
wreaked havoc on the state’s important
tea and rubber crops.
This month’s rubber production in
the state would be about 80 per cent
lower than usual, said India’s Automo-
tive Tyre Manufacturers’ Association.
Arindam Chakraborty, a professor at
the Indian Institute of Science’s Divecha
Centre for Climate Change, said that full
analysis would be required to establish
whether Kerala’s unusually high rainfall
levels in recent days were linked to cli-
mate change. However, he said there
was now a consensus that rising temper-
atures were increasing India’s vulnera-
bility to flooding.
A study last year led by researchers at
the Indian Institute of Tropical Meteor-
ology found the frequency of extreme
traced to
rain events in central India had tripled
between 1950 and 2015. They pointed to
computer
rapid warming of the Arabian Sea,
which led to changes in rain and wind
at Chinese
patterns.
The flooding has sparked criticism of
the development policy of Kerala’s gov-
university
ernment, which had rejected an expert
committee’s recommendations to halt YUAN YANG — BEIJING
development of ecologically sensitive
China’s top engineering university,
zones, partly to reduce the flooding risk.
Planners in India would increasingly
Tsinghua University, was the origin of
multiple recent cyber-espionage cam-
need to take into account the risk of
paigns targeting groups such as the
extreme weather events, said Hem
Tibetan community in India and the
Dholakia, a researcher at New Delhi’s
Alaskan state government, research
Council of Energy, Environment and
has found.
Water.
“Often when we plan infrastructure, Attacks originating from Tsinghua Uni-
we look at the historical information versity’s infrastructure also targeted
and then make choices,” he said. “But a German carmaker Daimler a day after it
lot of our climate models tell us the issued a profit warning blaming the US-
future will not be what the past was.” China trade war, according to cyber
security company Recorded Future.
Chinese cyber espionage against the
US is increasing, US security companies
say, giving credence to Washington’s
fears that Beijing is stealing technology
from US companies, fears that have in

Nicaragua braced for next eruption
Fragile calm returns after
president tightens grip but
few believe unrest is over
JUDE WEBBER — MASAYA, NICARAGUA
At the foot of Masaya volcano in Nicara-
gua, shoppers and children in school
uniform bustle about town. But the omi-
nous rumble from deep inside the crater
is a reminder it could blow at any time.
The same could be said for the town
itself, still recovering after four months
of protests against President Daniel
Ortega. While a fragile calm has been
restored after paramilitary forces loyal
to the government broke up protesters’
roadblocks last month, few believe the
unrest here and across the country is
over yet.
“Things are not normal, and we don’t
know whether they will get better or
worse,” sighed Kenex, 32, a social
worker who, with his wife Ingrid, was
one of only a handful of visitors to the
normally busy volcano national park on
a recent public holiday.
Once upon a time the dramatic vol-
cano, just a 20-minute drive from the
capital city of Managua, would have
drawn hundreds of visitors a day. No
longer.
Terrified by attacks on protesters
after demonstrations against pension
reform began on April 18 and swiftly
snowballed, Ingrid had not ventured
farther than her home, her work or her
mother’s house since the crisis began.
“People aren’t calm. It’s terrible to
have seen so many people suffer, so
many mothers cry,” she said, standing
near the deserted site museum where a
forlorn fruit seller and souvenir stand
also had no takers. “The scars are still
open.”
Mr Ortega — a Sandinista revolution-
ary who helped topple dictator Anasta-
sio Somoza in 1979, then headed the
junta that ruled Nicaragua and is now on
his second term as president — is under
fire at home and abroad for a brutal par-
amilitary crackdown on civilian pro-
testers. ANPDH, a rights group, says
nearly 450 people have died, including
police.
The government has put the death toll
at 197 and blames the violence and eco-
Under the nomic damage on coup-mongers. Nica-
volcano: an anti- ragua’s legislature, which like other
government state institutions is under presidential
protester holds control, last month rushed through a
a banner bill to try protesters for terrorism.
reading ‘I am Mariela Cerrato’s daughter, María
Masaya, they Adilia Peralta, detained three weeks
kill us’ as he ago, faces trial on terrorist charges on
takes part in a August 24 for her role in protests in
march Masaya. “She said, ‘how long will they
demanding the give me, 30 years?’ and started crying,”
release of said her mother, who had been allowed
political a brief recent visit. “I told her, ‘yes, but
prisoners in you won’t serve it . . . because Daniel
Managua will be out this year’.”
last week Many share her optimism that the
Inti Ocon/AFP/Getty Images protests — which are still continuing
nationwide, though in smaller numbers
— are the beginning of the end for the 72-
year-old president. But by breaking up
the roadblocks that protesters had
thrown up across the country, Mr
Ortega appears to have strengthened his
hand. Even at this low point he has a
solid base of about 30 per cent support,
according to a recent poll.
“It’s better for him to stay, to avoid a
war and more bloodshed,” said José
Ramón Centeno, in Monimbó, an indig-
enous neighbourhood of Masaya that
was both a Sandinista stronghold in
1979 and the last bastion of the road-
blocks in this year’s protests. “Things
are looking better,” he said. “For me, the
terrorism was when there were road-
blocks.”
The roadblocks are gone but fear per-
sists. Vladimir Gómez, a primary school
teacher in Monimbó who became
involved in the protests “because it was
necessary”, said that only 20 of the 250
students enrolled at his school in the
mornings were attending class. School
hours have also been cut.
‘Things are It is not just in Masaya that normality
is only skin-deep. In Managua, “for
not normal, rent” signs have mushroomed. Bars and
and we restaurants are shut or empty and traf-
fic is light as the economy quietly crum-
don’t know bles. “Consumption is down, there are
whether daily lay-offs,” said Mario Arana, a
former central bank president and
they will finance minister. “The adjustment
get better we’re going to have to make is going to
be brutal.”
or worse’ The government has trumpeted a
return to normality but at the same time
rushed to pass draconian budget cuts
and approve the issue of emergency
domestic bonds to guarantee financial
stability. Indignation at Mr Ortega con-
tinues to seethe despite the veneer of
business as usual. “It’s like a pot on the
boil with a thin lid that bursts off,” said
Ms Cerrato. “There’s no going back until
he goes.”
part pushed both countries into a global
trade war.
Although cyber security companies
had seen a lull in attacks following a
2015 bilateral agreement to end govern-
ment-sponsored hacking for commer-
cial purposes, attacks are back at or
above the pre-accord level, experts say.
Recorded Future found that from
March this year, a series of attacks ema-
nated from an IP address — an identifi-
cation number given to every computer
connecting to the internet — that
belongs to Tsinghua University. Tsing-
hua is among the world’s best computer
science universities, and owns compa-
nies and projects tied to Beijing’s indus-
trial policies, which pursue technologi-
cal upgrading.
Tsinghua was not immediately availa-
ble for comment due to the university
holiday season. It is possible that the
attacks come from an unauthorised
member of the university who is abus-
ing the university network, or — less
likely — an external attacker who has
managed to penetrate the university’s
infrastructure. The IP address in ques-
tion had engaged in “aggressive scan-
ning” of networks including the govern-
ment of the US state of Alaska and the
Kenya Ports Authority.
It also attempted to attack a server
used by the Tibetan community in
India, which had previously been the
target of Chinese surveillance as a result
of Beijing’s attempts to undermine sup-
porters of the Dalai Lama, the Tibetan
spiritual leader.
Recorded Future said it had “medium
confidence” that the activity it saw was
“conducted by Chinese state-sponsored
actors in support of China’s economic
development goals”.
Scanning the ports on a network is
usually the first step in an attempt to
penetrate that network by seeing what
openings there are. However, Recorded
Future did not find evidence the
attacker had successfully obtained sen-
sitive information.
“It makes sense that spy activities are
more common now, given the tense eco-
nomic situation,” said one Chinese secu-
rity professional, who wished to remain
anonymous. However, he questioned
why the attackers did not cover their
tracks at all.
Public records show the IP address in
question was first registered in 1993 as
part of a block of IP addresses belonging
to the domain tsinghua.edu.cn, with a
street address belonging to Tsinghua
University.

Sudanese community

Immigrant sports stars tackle Australian fears of crime by ‘African gangs’

JAMIE SMYTH — SYDNEY
When Australian Rules footballer Aliir
Aliir kicked the winning goal for the
Sydney Swans in a critical match last
month, it was a special moment for the
23-year-old.
But it was the sight of him walking off
the pitch arm in arm with opponent
Majak Daw, a fellow Sudanese refugee,
that he hoped people remembered
most. “Majak is a good mate,” said Mr
Aliir, a 6ft 4in defender.
“Who would have ever thought that
two Africans could be playing the top
sport in a different country? It shows we
can come to Australia and make a differ-
ence. We can be role models.”
Sudanese people are one of the fast-
est-growing ethnic groups in Australia,
which resettled thousands of refugees
following a civil war in Sudan between
1983 and 2005, which led to 2m deaths.
But positive depictions of Australia’s
45,000-strong Sudanese community
are hard to find in the media, which has
focused relentlessly this year on crime
committed by “African gangs”.
The campaign was sparked by Peter
Dutton, the home affairs minister, who
alleged in January that people were too
scared to go to restaurants in Melbourne
because they were “followed home by
African gangs”.
He vowed to deport or jail perpetra-
tors — and his comments were backed
by Malcolm Turnbull, prime minister,
despite ridicule on social media.
It is part of a wider debate about
immigration, which some blame for
pushing up house prices, traffic conges-
tion and eroding traditional values.
This debate exploded on the floor of
parliament this week when one senator
called for “a final solution to the immi-
gration problem” — an apparent refer-
ence to the Nazi era.
Many migrants said that the uptick in
inflammatory rhetoric risked under-
mining social cohesion in the country,
where more than a quarter of residents
were born abroad. “It’s unfair,” said Mr
Aliir, who was born in a Kenyan refugee
camp to South Sudanese parents. The
family moved to Australia in 2005.
“I read it on Twitter and all you hear is
Sudanese gang this and that and all Afri-
cans should be deported.
“That hurts me because I’m an Afri-
can and I’m sure it hurts others. African
communities are hurting because of crime statistics in proportion to their leaflet circulated in July stated: “Only
what is said in the media, which is population size in Victoria, accounting the Liberals will stop gangs hunting in
untrue. This is a small group of kids who for 1.1 per cent of all offences in the year packs” and depicted a group of young
do this and Australian kids are doing the to the end of March when they make up men with their faces blacked out by
same thing.” 0.15 per cent of the community. hoodies. Labor criticised the Liberals
Police in Victoria, of which Mel- They are responsible for 8.5 per cent for “fear-mongering”.
bourne is the state capital, have played of aggravated robberies — figures that But experts say the small size of the
down concerns about organised African conservative politicians say are proof Sudanese community in Victoria —
gangs, although they say there is a core that African gangs represent a threat to roughly 6,500 people — and its youth-
group of young offenders that is causing the community. fulness mean it is difficult to draw firm
problems. They have seized on the data before a conclusions from the data.
Crime statistics show that Sudanese- state election in November, when a Most crime, 71 per cent, is undertaken
born offenders are over-represented in Labor government faces re-election. A by Australian-born people, who are also
over-represented in the crime statistics
in proportion to their total population.
People born in New Zealand, India, Viet-
nam, Ireland and Britain perpetrate
more crime than people from Sudan. All
these groups commit above-average
levels of crime, relative to their weight-
ing to the total population.
“All this focus by politicians on gangs
has drawn attention to the Sudanese
community in a very negative way — it’s
really exaggerated,” said Maker Mayek,
a Sudanese-born lawyer who this week
joined eight Melbourne mayors to call
for a stop to racist commentary.
He says that the campaign is stoking
Role model: Aussie Rules star Aliir Aliir was born in a refugee camp — Graham Jepson racism against the community, who
have reported an increase in abuse and
greater difficulties in securing jobs or
rental properties. Race-related com-
plaints surged by a third in 2017-18,
compared with a year earlier, according
to the Victorian Equal Opportunity and
Human Rights Commission.
Studies show that the Sudanese com-
munity is marginalised with an unem-
ployment rate more than five times the
average rate of 5.3 per cent. School drop-
out rates are 38 per cent, compared with
14 per cent for Australians, with racism
pinpointed as a main cause.
In this hothouse atmosphere, com-
munity leaders hope positive role mod-
els such as Mr Aliir and Mr Majak can
make a difference, encouraging young
Sudanese people to fulfil their ambi-
tions and present a positive image to
Australians.
“Kids and teenagers can get easily
influenced by others, in terms of going
the wrong way,” said Mr Aliir.
“My job as a role model is trying to
help them set the right path — it doesn’t
have to be sport, it could be education or
study. I’m an example that shows if they
have focus they can do it without any-
one stopping them.”
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
18 August/19 August 2018 ★ † FTWeekend 5

FT BIG READ. TURKEY

Turkey’s economic crisis has been blamed on sanctions imposed by the Trump administration. But many
experts believe the roots of the problem lie in the growing concentration of power by President Erdogan.
By Laura Pitel

R
ecep Tayyip Erdogan had with the announcement of US sanctions
never even heard of a pastor on Turkey as long-simmering tensions
from North Carolina called between the two countries came to a
Andrew Brunson until last head. As Mr Trump and Mr Erdogan
spring, according to one sen- locked horns, Turkish assets suffered a
ior Turkish official. It was during a brief- heavy sell-off. Although it has recovered
ing ahead of a visit to the White House, some ground from its lowest point, the
the official claims, that the Turkish lira is down 38 per cent against the dol-
president first encountered the name of lar since the start of the year.
the evangelical preacher who has been Investors clamoured for a drastic
trapped in the Turkish court system and interest rate rise to stem the crisis. But
whose fate has triggered a diplomatic Mr Erdogan publicly restated his infa-
meltdown, thrust Turkey into a cur- mous opposition to high rates, deriding
rency crisis and sparked fears of global them as a “tool of exploitation”.
contagion. Analysts believe Mr Erdogan’s influ-
“The idea that he is somehow respon- ence has grown as his powers have
sible for every single case like this is increased. In May, he sparked a smaller
ridiculous,” says the official. currency crisis by telling London finan-
The government insider uses this ciers that he would take greater control
story to challenge the notion that Mr of monetary policy after impending
Erdogan — who has dominated Turkish elections. His victory in the June poll
politics for 16 years and in June took to triggered the transition to a new execu-
the helm of a powerful new executive tive presidential system that gives him
presidency — has power over every the power to directly appoint the gover-
institution in the country. nor of the central bank.
Yet that is exactly the charge laid Dani Rodrik, a Turkish economist at
against him by his opponents. In fact, Harvard, says that the problem is not
they argue, many of the root causes of authoritarianism per se, given that
the turmoil that has gripped the country some authoritarian countries have well-
can be traced back to the steady erosion run economies. The issue is, he says,
of its institutions, disregard for the rule “the subjugation of every aspect of gov-
of law and the concentration of power in ernance to the political aggrandisement
the hands of one man. of one man, come what may”.
“The pastor Brunson case is just one Ozgur Yasar Guyuldar, head of
example of the dysfunctional nature of emerging markets sales at Austria’s
the Turkish judiciary,” says Faruk Log- Raiffeisen Centrobank, draws a com-
oglu, a former Turkish ambassador to parison with Russia, where President
Washington and a senior member of the Vladimir Putin has “kept his full faith”
in the central bank governor and
‘The subjugation of every allowed her to take steps against infla-
tion. The beleaguered rouble has per-
aspect of governance formed better than the Turkish lira
since March 2014, despite the imposi-
to the political tion of US sanctions from that date. Mr
aggrandisement of one Guyuldar says that Turkey should learn
from Russia’s experience.
man, come what may’ Others question whether Turkey has
the expertise to handle the crisis. They
main opposition party. Mr Brunson has say that the steady politicisation of insti-

The perils of a power grab

been accused of espionage and abetting
terrorists — charges he calls “slander”.
“If there had been a speedy trial, a
proper trial, maybe he would have been
convicted — I don’t know. But the case
would have been closed.”
Daron Acemoglu, an MIT economist
and co-author of the book Why Nations
Fail, argues that the origins of a currency
crisis that has seen the lira plunge by a
third against the dollar this year, also lie
in the disembowelling and disempower-
ment of bodies such as the central bank.
Mr Acemoglu says that they are vital to
“create the right kind of economic dyna-
mism and create the buffers for any
kind of fluctuations”. He adds: “The
buffers are not there in the Turkish
case.”
In a symbol of the power-accumula-
tion that has taken place, the official at
the sharp end of the economic turmoil
over the past ten days has been the man
Mr Erdogan appointed last month to be
treasury and finance minister — his 40-
year-old son-in-law Berat Albayrak.
The Trump effect
The Turkish lira had been steadily
declining this year even before the crisis
that erupted when Donald Trump
announced sanctions at the start of
August on a fellow Nato member state in
a bid to force the release of the jailed
pastor. But the extreme swings since the
row began — falling as much as 17 per
cent in a single day last week — have
wreaked havoc.
Warehouses filled up with stock as
businesses struggled to set prices. Fami-
lies cancelled holidays because they
could no longer afford to buy euros.
Even Turkey’s football clubs were
Turkish affected, in an echo of the problems fac-
president Recep ing Turkish companies struggling with
Tayyip Erdogan, foreign currency debt. “The top players’
who critics say salaries cost €2m or €3m a year,” said a
has weakened panicked executive at one of the coun-
key institutions. try’s biggest teams. “All our revenues
Below, US pastor are in lira.”
Andrew For years Turkey was held up by some
Brunson — AFP investors as a success story. Mr Erdogan,
whose Justice and Development party
(AKP) swept to power in 2002, sought
to protect his party from secularists
opposed to its Islamist roots by casting
himself as a democrat and pro-business
reformer who was open to the west.
Even AKP critics concede that, in the
early years, the government allowed a
flourishing debate on minorities and
made overtures to the EU. It brought
down inflation that was running at 45
per cent the year it took power and
imposed fiscal discipline. Money flowed
in. At its 2007 peak, foreign direct
investment reached $22bn. The econ-
omy created jobs and brought new-
found prosperity to millions, especially
those from the country’s poorer or more
marginalised segments.
Over time, however, Mr Erdogan has
faced accusations of growing authoritar-
ianism and intolerance towards those
outside his core support base. Embold-
ened by successive election victories
and shaken by attempts to topple him
by the military and the courts, he
moved to tighten his grip.
His solution to Turkey’s politicised
institutions, critics say, was to fill them
with his own people. Mr Erdogan him-
self admits that he empowered the
Gulen movement, a secretive network
of followers of a Turkish Muslim cleric,
allowing the rapid promotion of its
members in the police, the courts and
the armed forces. They later fell out and
the Gulen movement was blamed for
the violent 2016 coup attempt, prompt-
ing a vast purge which has seen 130,000
sacked from state jobs.
Over time, economic discipline also
began to unravel. Mr Erdogan, who
since 2007 has faced nine local, parlia-
mentary or presidential elections and
three referendums, ignored calls for
new reforms and pushed instead for
vote- winning growth. He achieved it —
with the exception of 2008-09, gross
domestic product growth has averaged
7 per cent.
But over the past decade, much of the
growth has been powered by cash that
flooded the markets after the global
financial crisis. Instead of funding
investments in productive, high-tech
sectors that could boost Turkey’s
exports, the money was funnelled
mainly into construction and consump-
tion. When Mr Erdogan took power
there were 53 shopping malls in Turkey,
according to Turkey’s Council of Shop-
ping Centres. Today that figure is 403.
One result has been an increase in
inflation. Another has been a surge in
imports, causing a larger trade deficit
that needs to be financed with inflows of
foreign money. With foreign direct
investment down sharply in recent
years, most of that funding comes from
“hot money” flows that can change
direction sharply at a moment’s notice.
These factors have made Turkey one
of the economies considered most vul-
nerable to rising rates as the US Federal
Reserve and other central banks
unwind a decade of monetary stimulus.
Keeping it in the family
For much of the past decade, the pres-
ence of people like Mehmet Simsek, a
former Merrill Lynch banker who held
the finance brief from 2009 until this
summer, helped to soothe investor con-
cerns. Party insiders, however, claim
that Mr Erdogan has grown more domi-
neering and more paranoid over the
years and increasingly surrounded him-
self with loyalists and family members.
Last month, after winning five more
years in office, Mr Simsek left the gov-
ernment and Mr Erdogan put his son-
in-law in charge of the economy.
Then came a huge shock to the system
tutions, which accelerated after the
coup attempt, has damaged its ability to
respond to the unexpected.
Wolfango Piccoli, co-president of the
consultancy Teneo, believes institu-
tional competence has declined. “In an
environment where you need a credible,
multiyear plan [to tackle the crisis],
there is a question mark as to whether
or not Turkey has the right people in
7% office to draw up this plan,” he says.
Average annual The government bridles at criticism
GDP growth in
Turkey under Recep of the purges. Ruling party officials say
Tayyip Erdogan’s they have confronted a series of extraor-
rule apart from dinary threats. Foreign minister Mevlut
2008-09 Cavusoglu said last month that Europe-
ans still did “not fully understand” the
38% trauma that Turkey went through dur-
ing the coup attempt.
Fall in the value of
the lira versus the Some highly talented bureaucrats do
dollar since the remain, according to those who deal
start of this year regularly with ministries. This week, the
banking regulator sought a creative
403 alternative to an interest rate rise by
curbing short selling — a measure that
Number of
shopping malls in helped the lira to rise for three days. But
Turkey, up from 53 investors say that such measures are
in 2002 only a sticking plaster. On Friday, the
currency came under fresh pressure
amid mounting concerns of more US
sanctions.
Mr Erdogan has responded to the
events of recent weeks by accusing Mr
Trump of waging “economic warfare”
against an ally, a charge that fits neatly
into his long-held narrative that west-
ern powers are trying to destroy the
country. One irony of Mr Trump’s
aggressive actions, argues Mr Acemo-
glu, is that the Turkish president now
has a scapegoat for a crisis that some
economists see as largely self-inflicted.
“It is playing into his rhetoric,” he says.

Obituary It is not often that a chief executive can

claim to have been serenaded by a full
choir, surrounded by samba dancers, to
now a biographer and historian, and the
couple had three children.
Natalie Massenet, Net-a-Porter’s
watch, the company made a number of
innovative moves.
He helped launch new business
grew nearly 31 per cent. Soon after, it
raised €100m in capital to expand into
the Middle East and, last summer, it
A beloved boss mark his or her retirement. Rarer still is
it to be confronted, on what you thought
former chairman — who founded the
company in 2000, was made a dame,
including the The Outnet, a sister site to
Net-a-Porter that sells luxury brands
announced the industry shaking news
that the company had adopted a com-

who drove was to be a normal day at the office, with

thousands of staff clapping and dancing
along to Aloe Blacc’s song “The Man”,
and left on the eve of its merger with the
Italian online fashion retailer Yoox
group in 2015 — marked Sebba’s contri-
such as Balenciaga and Valentino for
discounted prices — saving its custom-
ers the hassle of typical discount outlet
pletely fur-free policy.
For his own part, after leaving Net-a-
Porter, Sebba went on to support a
Net-a-Porter’s and waving placards plastered with
images of your own face.
bution to the company in an interview
with Time in 2014, calling him her
shopping. He was also instrumental in
launching Mr Porter, a menswear-fo-
number of other entrepreneurial busi-
nesses including an online florists,

early success Mark Sebba, however, was an excep-

tion to the rule. When he retired in 2014
as chief executive of Net-a-Porter, the
luxury e-commerce company, a video of
his lavish farewell party, titled, “Amaz-
Mark Sebba ing Surprise for the World’s Most Loved
Entrepreneur and accountant CEO”, was uploaded to YouTube and
1948-2018 went viral. It has since been viewed near
1.3m times.
Sebba, who has died aged 69 at his
home in Crete, was no ordinary entre-
preneur. Born in 1948, and brought up
in London, he studied accountancy at
City of London College. He then became
an investment banker in London and
New York, before moving into early
stage media and new technology busi-
nesses. He worked as Net-a-Porter’s
chief operating officer before taking the
job as chief executive in 2003.
greatest influence after her father.
In an Instagram tribute after his
death, she wrote: “I am shocked . . . at
the sudden loss of my friend Mark
Sebba — mentor, father-figure and part-
ner in building the Net-a-Porter Group.
For those of you fortunate enough to
have known him, we share an incredible
loss — described by everyone as elegant,
charming, kind, funny, generous,
inspiring and humble, he has left this
world too soon.”
Sebba and Dame Natalie’s close work-
ing relationship was forged over more
than a decade. “I always got the press
and glory,” she acknowledged in her
tribute, “despite everyone who worked
under [him] knowing how pivotal he
was.” Sebba was the driving force
behind many of Net-a-Porter’s most
cused section, as well as an in-house
clothing label Iris & Ink and a fashion
magazine, Porter.
In 2009, Net-a-Porter launched the
first retail app for smartphones, initially
for iPhone use, as well as configuring
Porter for tablet use — a first for an e-tail
magazine. Three years later, it acquired
the ecommerce platform Shouke to take
the group into Asia.
In 2010, the Swiss luxury goods group
Richemont, a longtime shareholder,
acquired a 93 per cent interest in the
company, in a deal which valued Net-a-
Porter at £350m. (Today, the company
is known as Yoox Net-a-Porter and is
owned entirely by Richemont.)
Sebba’s influence would lead to the
etailer becoming a global powerhouse
after he left. In 2015, the first year of
Flowerbx, and a plus-size e-commerce
brand, Eloquii. He was also a board
member of GP Bullhound, a technology
and advisory firm, and a non-executive
director for private equity group LMS
Capital. In 2014, he was appointed a
trustee of the Victoria and Albert
Museum in London, and he later
became the chairman of V&A enter-
Mark Sebba guided the ecommerce prises, the museum’s commercial arm.
site through its rapid expansion But Sebba was valued as much for his
personal qualities as his business acu-
men. Dame Natalie described him as “a
‘He was a man of man of incredible integrity, wisdom and
strength. Not only has he grown our
incredible integrity, business exponentially and healthily
wisdom and strength. and guided us through our sale to Rich-
emont — he has also brought calm and
He brought calm and confidence to the core of our group.”

In 1975, he married Anne Rubinstein, important ventures and, under his Net-a-Porter’s merger with Yoox, sales confidence to our group’ Flora Macdonald Johnston

6 ★
SATURDAY 18 AUGUST 2018
The high cost of dissent
in Trump’s America
The president is eroding institutions with his revenge against critics
“Erratic conduct and behaviour,” said
Donald Trump, cost John Brennan his
security clearance this week. The
former director of the CIA would be
excused a wry smile as he surrenders
his accreditation to this most erratic of
US presidents.
Mr Brennan is not the victim of a
human rights violation. Clearance is a
perk, not an entitlement, and enables
its holders to profit through consul-
tancy work for private firms. A man of
his distinction will have other ways to
earn a crust. His attacks on Mr Trump,
whose behaviour he has described as
“nothing short of treasonous”, might
have been more measured, if only to
keep the intelligence services out of an
ugly political row.
All the same, Mr Trump’s sensitivity
to criticism is undermining the integ-
rity of his office. He has bullied the
press, floated changes to the tax treat-
ment of the National Football League
and threatened a list of people beyond
Mr Brennan with the removal of their
security credentials.
The list’s inclusion of Bruce Ohr, a
justice department lawyer whose liveli-
hood depends on clearance, is espe-
cially malicious. Mr Ohr’s wife has
worked for the research firm that com-
missioned a “dossier” alleging links
between Mr Trump and Moscow. It
would debauch US public life if individ-
uals’ and organisations’ fate hinged on
their relationship with the president.
The blurring of lines between personal
vendetta and discharge of public duties
is irreconcilable with democracy.
It is irreconcilable, too, with compe-
tent government. The freedom to dis-
sent is more than a nice-to-have. It is
indispensable to good policymaking.
Officials must feel free to contradict the
political wing of the executive. This
includes those who leave the govern-
ment but retain enough access to make
informed criticism the public might
Web influencers should
be open about incentives
UK competition regulator is right to scrutinise a fast-evolving ad fad
Attempts to regulate the digital world
are like a game of whack-a-mole: no
sooner have regulators caught up with
one social media novelty than they are
off chasing after the next. Credit to the
UK Competition and Markets Author-
ity, then, for setting off in pursuit of
celebrity “influencers”, some of whom
are allegedly blurring the boundary
between enthusiastic endorsement
and paid marketing of products and
brands. The US Federal Trade Commis-
sion last year asked celebrities such as
the model Naomi Campbell to reveal
when they have been paid to endorse
items on Twitter, Instagram and other
social media channels.
Keeping pace with the use of algo-
rithms, artificial intelligence and big
data, as a new CMA unit intends to do,
is hard. By insisting on clear labelling of
online endorsements — for example,
through the use of hashtags such as
#sponsored — regulators are doing
their bit to maintain trust between
companies and customers bombarded
with fake news, fake reviews and prod-
uct placement.
Companies are eager to trade on the
influencers’ reach, but some sound as
worried about the phenomenon as the
regulators. “We need to take urgent
action now to rebuild trust before it is
gone forever,” said Keith Weed, Uni-
lever’s chief marketing officer, in June,
announcing that the conglomerate
would cease working with influencers
who buy followers.
In the days of memorable television
ads and eye-catching glossy magazines,
the space assigned for marketing was at
least relatively clearly delineated. Even
then, peer-to-peer advertising was
always effective. Surveys have long
suggested that “people like me” are
among the most trusted sources of
information. Once upon a time, the
message was passed by unregulated
word of mouth. But social media allow
otherwise never hear. National secu-
rity, in particular, rests on a measure of
plain-spokenness. Mr Trump’s politici-
sation of clearance could have a chilling
effect on dissent in public and private,
as officials fear excommunication or
worse from a capricious, over-sensitive
White House.
While existing officials watch their
mouths, people who may have applied
to join them in public service could also
be discouraged because of past criti-
cisms of Mr Trump. A state that is
inhospitable to all but loyalists cannot
recruit the best. On his election, there
were fears that Mr Trump spelt an
immediate and existential crisis for the
republic. Two years on, the true nature
of his threat has become clearer. It is
the erosion of once-hallowed institu-
tions over time. The damage to the US
is no less serious for being slow.
As ever with Mr Trump, there is no
effort to disguise a cynical motive. He
holds Mr Brennan partly responsible
for the launch of the special counsel
probe into Russian meddling in the
2016 election. In his mission to sully
the investigation led by Robert Mueller
the president has proven disturbingly
successful. Public faith in the process
has fallen, especially among Republi-
can voters, who see it, in Mr Trump’s
words, as “a rigged witch hunt”.
Going after Mr Brennan and others
in the intelligence world rallies those
voters behind their man and against
the “deep state” of lurid imagination.
The mistrust felt by the supposed
party of national security for the peo-
ple who guard that security is among
the saddest developments of the
Trump era. “Republican Patriots:
Where are you???” tweeted Mr Bren-
nan last month, after the president’s
over-friendly summit with Russian
president Vladimir Putin in Helsinki.
As presidential powers are used to set-
tle grudges, it remains a fair question.
millions to feel they have a direct rela-
tionship with a tweeting celebrity or
well-viewed vlogger. In turn, unscru-
pulous companies and influencers can
use that power to push brands and
products at scale without declaring
their commercial relationship.
The regulators’ job is complicated by
many factors. One is the global nature
of the internet. In the absence of a glo-
bal standard on social media advertis-
ing, it will take clever co-ordination by
regulators to enforce discipline.
A second is the sheer volume of con-
tent. It would take eight years to watch
the content uploaded in 24 hours on
YouTube alone. You do not have to
scroll far on Instagram to realise that
there simply are not enough regulators
in the world to scrutinise every celeb-
rity holiday picture for hidden adverts.
Making it mandatory for influencers
to declare their sponsors, and clearly
identify them, is a start. An investiga-
tion of the kind the CMA has begun is
overdue. It might seem overly harsh to
impose jail sentences on transgressors
— in the UK a maximum two-year sen-
tence is allowed. But if the regulators
are to have any hope of imposing order,
the occasional stiff penalty, or public
shaming of both advertising company
and influencer, could act as a deterrent.
History suggests that a public back-
lash against over-intrusive advertising
can force change. In his recent book
The Attention Merchants, Tim Wu con-
cluded that to “stem the sprawl” of
marketing messages via our smart-
phones required “mostly an act of will
on the part of the individual”. There
seems little likelihood, though, that
individuals will censor their own access
to the online celebrities they love. That
is reason enough for regulators to con-
tinue their endless, thankless quest to
identify and if necessary punish tech-
nology-fuelled abuses of our own
eagerness to be entertained.
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FTWeekend
Letters
US wage earners suffered
a devastating blow
Alexandra Scaggs, in “Corporate
consolidation of market power
provides clue to riddle of anaemic wage
growth” (On Wall Street, August 11),
rightly points an accusatory finger at
the titanic corporate consolidations for
the anaemic wage growth that has
occurred in the US during the
corporate earnings resurgence and
stock market rally which has followed
the Great Recession of 2008.
However, one factor that has not
received any meaningful attention in
efforts to come to grips with the
anaemic wage growth enigma is the
psychological devastation that the
Great Recession inflicted on wage
earners. While big business was saved
by the government, very little was
done to help the victims of massive lay-
offs, home foreclosures and tenant
evictions which occurred on a scale
totally out of proportion to anything
experienced by the victims, who were
not alive during the Great Depression.
What has happened is that the
trauma inflicted on the worker by
unemployment and the months or
years of trying to get a job has instilled
a collective fear in the American labour
force of taking any steps such as
supporting unions which might
increase wages for fear of losing the job
that took so long to secure. What has
resulted is a collective doomsday
acceptance of inequality and a release
of anger by joining Donald Trump
rallies to blame all of this on helpless
immigrants and other minorities.
Contrast the above to the 1930s when
Franklin Roosevelt fought the
Depression by leading a social
revolution designed to help workers by
enabling labour unions and to reduce
inequality.
Unfortunately, while experts ponder
over the quandary of anaemic wage
growth, I doubt that much will change
without social turbulence and the
emergence of a leader of FDR’s calibre.
Harold J Smith
White Plains, NY, US
Jamie Dimon’s
‘listening’ bus?
Get on board
Notebook
by Gillian Tett
Lowering the risk of geriatric syndromes
Your editorial “Adapting to the world
of the 100-year lifespan” (August 12)
warns of life turning “nasty, brutish
and long” unless adequate actions are
taken.
In 1980 Professor James Fries
presented his “compression of
morbidity” theory, ie it would be
possible to pack chronic illnesses and
disability to a short period at end of
life. According to our studies at the
Polite Japanese manage to
respect each other’s space
Janan Ganesh’s thesis about Americans’
politeness arising from their wide open
spaces cannot be correct (“Why
America is the world’s genteel giant”,
Life & Arts, August 11). He does not
mention Japan, an equally polite
nation, whose crowded togetherness
obliges them to respect other people’s
body-space.
Alan Locke
Bassan, France
Simple solution to the
mobile phone problem
Tim Harford omits to mention a simple
and effective solution to the mobile
phone/vaporetto conundrum (“How to
resist the seduction of the mobile”,
Undercover Economist, August 11).
Leave the bloody thing in the hotel
room and enjoy Venice.
Laurie Elks
London E9, UK
The serious business
of Hungarian sailors
Edwin Heathcote’s reminiscences
(August 4) on his life in Budapest — “a
Hungarian sailor? Have these people
never looked at a map?” — reminded
me of the joke about a Comecon
meeting in the good old days. Under
“any other business”, the Hungarian
This summer, Jamie Dimon, the head
of JPMorgan, has been trundling
across the US heartland in a bus. Yes,
you read that right: he spent part of
July with his top managers in a coach,
visiting the west coast and the Rockies
to listen to real-life customers and
staff.
“We wanted to go off the beaten
path — go to call centres, operating
centres, do town halls and talk to
tellers, loan officers, branch
managers, whoever,” Mr Dimon
recently told me in a meeting at the
Aspen Institute in Colorado. “So we
brought local staff into this bus and
gave them beer — and immunity — to
hear what they had to say. Then we
talked to customers too.”
Now, I dare say some FT readers
might scoff at this, just as some
observers sneered when Facebook
founder Mark Zuckerberg declared
last year that he was embarking on a
“listening tour” of America.
But Mr Dimon has been trying to
tour his regional offices, from the
ground level up, for about a decade.
And he insists that his travels have
produced genuine insights: last month
he discovered that employees love the
idea of launching a JPMorgan website
in Mandarin for Chinese-speaking
clients, but are horrified by the
prospect of abolishing low-paid teller
jobs, since these are often key entry
positions for people from lower-
income households.
Whatever you think about the bus
If you are not satisfied with the FT’s response to your complaint, you can appeal
to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com
University of Helsinki, that seems
feasible, but a life-course attitude is
needed.
For example, overweight and higher
cardiovascular risk in mid-life predict
not only mortality but also an
important geriatric syndrome called
frailty, and worse quality of life in old
age. Supporting this, the effect of
cardiovascular risk has recently been
demonstrated in large UK studies (UK
delegate announced that the
Hungarian People’s Republic had just
established a ministry of the merchant
marine. In response to laughter, he
pointed out the Union of Soviet
Socialist Republics had a ministry of
justice and the People’s Republic of
Bulgaria had a ministry of culture —
“So why not?”
And as Richard Carter reminds us
(Letters, August 11), the interwar ruler
of Hungary, Miklós Horthy, was an
admiral. During the first world war he
had been commander of the Austro-
Hungarian fleet, based in Rijeka (now
in Croatia), that had inflicted a
crushing defeat on the allies at the
battle of the Strait of Otranto.
Bernard H Casey
Frankfurt am Maine, Germany
Final sentence
that revealed all
In your Lunch with the FT interview
with Ian Taylor (Life & Arts, August 4),
it was immediately clear that Mr
Taylor has had a colourful career and
that he thrives on adventure. For most
of the interview, I tried to understand
what it was that had shaped Mr.
Taylor’s character and made him the
adventurer he is.
All was revealed in the last sentence.
It turns out this corporate buccaneer is
“Scottish”.
James Marshall
Bangkok, Thailand (ex-Edinburgh)
trip, it highlights a much bigger
question that hangs over our power
structures today: can lofty chief
executives ever find a way to get out of
the C-suite and view life from a
completely different perspective?
And, if so, what tactics could — or
should — they use?
The need to do this is pressing in
these paradoxical times. To some
extent, the internet has created the
impression that we are all constantly
connected, and that we have new
ways to peer into each other’s lives.
But digital bonds have not saved us
from a sense of social and mental
fragmentation: economic inequality is
rife, and social and political tribalism
are on the rise.
Recent history suggests that there
are precious few CEOs or corporate
leaders who have the skills to truly
understand how others might
perceive them — or empathise with a
different point of view. This is partly
because it takes enormous amounts of
time and patience to see the world
through other people’s eyes.
Anthropologists and psychologists
aspire to do this by patiently
observing and listening to people for
hours, if not years. But most business
leaders rise through the ranks
precisely because they are able to
display a maniacal focus on narrow
goals and supreme confidence in their
own abilities. This is not a skill set that
encourages people to listen to
alternative viewpoints.
18 August/19 August 2018
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
Biobank and CPRD): low
cardiovascular risk at an average age of
63 years predicted clearly reduced risk
of frailty and other geriatric syndromes
(falls and fractures, dementia,
incontinence, chronic pain) during
follow-up. Geriatric syndromes are also
vascular disorders and we have ways to
prevent them.
Prof Timo Strandberg
Helsinki, Finland
The word ‘starving’ should
not be used frivolously
I always enjoy reading The Frequent
Flyer. However in the most recent
column (August 4) I was disappointed
to see the word “starving” used
inappropriately, something that is all
too common these days by journalists
and by too many people in general.
When talking about a trip to Hong
Kong and interviewing a controversial
pro-Beijing figure, Michael Skapinker
states that he was “starving”. May I
politely suggest he wasn’t. He was
merely very hungry.
Andrew Bracewell
Brereton, Cheshire, UK
Best advice ever
from my father
Further to “Humanity’s drinking
game” (Life & Arts, August 11): the
best advice I ever received during a
long life was when my father bellowed
one night, many decades ago: “Son, the
four most important words in the
English language are: ‘Make mine a
double!’”
Paul Bloustein
Cincinnati, OH, US
OPINION ON FT.COM
A week of Turkey’s financial turmoil
Read the best of our opinion as Erdogan
clings to his strategy despite the lira crisis
www.ft.com/opinion
However, a lack of lateral vision
comes at a cost — particularly in a
world where technology is giving
shareholders, customers, employees
and politicians the ability to organise
protests at lightning speed. Just think,
for example, of how quickly the
#MeToo movement spread, or about
the viral nature of the protests over
the ejection of some black customers
from Starbucks, or how taken aback
CEOs on Wall Street were by the
political backlash after the past
decade’s financial crisis.
In almost all these cases, company
leaders suffered from a lack of lateral
vision. If only a few more executives
had spent time really listening to what
people outside the C-suite said, there
would have been fewer surprises.
So, chuckle if you like at Mr Dimon’s
bus. I, for one, remain a little dubious
about how the hard-charging,
extrovert banker, who typically
dominates any room, can be silent
long enough to listen to or empathise
with his staff.
But the concept of his bus deserves
at least one cheer, for the symbolism if
nothing else. And if other CEOs or
leaders have better ideas on how to
understand the mindset of critics,
employees and customers, maybe
they should share them. In an age of
endless cyber noise, it increasingly
pays to listen; even if doing that takes
a bus.
gillian.tett@ft.com

18 August/19 August 2018
EUROPE
Tony
Barber
A
nyone who lives in Minne-
apolis will understand the
anger and grief of people in
Genoa this weekend.
Eleven years ago, an eight-
lane interstate highway bridge over the
Mississippi river in downtown Minne-
apolis collapsed, killing 13 people. The
similarities between the tragedy in Min-
nesota and that in the northern Italian
city on Monday are painfully striking.
They underline that decaying infra-
structure is not a purely Italian prob-
lem, but a scourge found in many of the
world’s most advanced economies.
Like Genoa’s Morandi bridge, whose
collapse killed at least 38 people, the
bridge in Minneapolis was opened in
The US president’s former
protégé has turned on the
White House’s ‘cult of
personality’, writes
Courtney Weaver
D
onald Trump likes to brag
about the superior size of
his nuclear weapons. Omar-
osa Manigault Newman
likes to boast about her own
arsenal: a collection of audio recordings
she secretly made of the US president
and his staff.
Eight months after her abrupt depar-
ture from the White House, the former
Apprentice star has, predictably, turned
on her erstwhile boss by airing some of
those surreptitiously recorded private
conversations.
“There are things I’m going to save to
share when the time is right,” Ms New-
man explained on Thursday, in the lat-
est of several television interviews.
“Believe me,” she cooed. “My tapes are
much better than theirs.”
Having pioneered the role of the type-
cast reality television villain, Ms New-
man, 44, has reinvented herself as a
Trumpian prophet of doom, eager to
warn the world of the US president’s
latent racism, failing mind and destruc-
tive capabilities.
The publicity tour is tied to the release
of her memoir Unhinged, which has
already inspired legal action from the
Trump campaign and the ire of the pres-
ident. Long Mr Trump’s apprentice, Ms
Newman appears to have finally out-
done her former mentor, underscoring
the liabilities he incurs by surrounding
himself with people who remind him of
himself and share some of the same
potent talents.
“Omarosa is playing Donald Trump
smartly, strategically and for her bene-
fit,” says David Cay Johnston, author of
The Making of Donald Trump. “That
makes her just like Donald, whose presi-
dency is all about Donald.”
Jeff Johnson, a star of the BET cable
network who has known Ms Newman
for years, says Mr Trump probably saw
some of himself in his television appren-
tice, while the president had inevitably
influenced her as well. “We love and
hate the ride of the ‘O-show’ all at the
same time, and that’s what makes her
loveable, hateable and intriguing,” he
says.
Born in Youngstown, Ohio, Ms New-
man says her family grew up using food
stamps. A fire devastated her grand-
mother’s house when she was a child,
killing her cousin. Her father was mur-
dered when she was seven.
She graduated from Ohio’s Central
State University with a degree in broad-
cast journalism, before moving to Wash-
ington. By the late 1990s, she had landed
a job in vice-president Al Gore’s office
before being transferred to the White
House Office of Personnel Management
and then the commerce department.
While she has touted those White
House roles, they do not appear to have
gone smoothly. A former office adminis-
trator for Mr Gore told The New York
Times that appointing Ms Newman was
“the worst hire we ever made”. A former
commerce department official told the
NYT that Ms Newman was eventually
removed from her post after being seen
as “unqualified and disruptive”.
Ms Newman’s life assumed an upward
trajectory again in 2004, when she
Genoa’s bridge collapse highlights a wider scourge
1967. Just as the US National Transpor-
tation Safety Board concluded that a
design flaw in the bridge had contrib-
uted to the 2007 collapse, so Italian
prosecutors are investigating whether
the Genoa disaster had a similar cause.
In each case, the volume of traffic
passing over the bridge in the years
before its collapse was much greater
than had been foreseen during its con-
struction in the 1960s.
The parallels between the US and Ital-
ian experiences do not stop there. In a
nutshell, neither country spends as
much public money as it should on
bridges, roads, tunnels and other infra-
structure. More than once, President
Donald Trump has likened the US to a
“Third World country” when it comes to
infrastructure. Ray LaHood, transpor-
tation secretary under Barack Obama
from 2009 to 2013, says the US is “one
big pothole”. Every four years the Amer-
ican Society of Civil Engineers publishes
a report card on the nation’s infrastruc-
ture. Last year the association awarded
the US a miserable D+.
Person in the news | Omarosa Manigault Newman
Trump’s apprentice
takes her revenge
appeared in the first-season of The
Apprentice and gamely set a new stand-
ard for reality TV villainy.
In the intervening years, she held on
to faint corners of the limelight, appear-
ing on Celebrity Apprentice, writing a
book and, separately, becoming
ordained as a Baptist minister. Her next
big break, like the previous one, was
tethered to Mr Trump. She served as the
Republican presidential nominee’s
director for African-American out-
reach. After his victory, she was
appointed as an assistant to the presi-
dent and the director of communica-
tions for the Office of Public Liaison.
Ms Newman has offered competing
explanations for why she chose to attach
herself to the Trump White House. To
some extent, she claims, she was caught
up in a “cult of personality”. Mr Trump
also appeared to fill a kind of hole. “In
some ways I was looking for a father fig-
ure,” she told PBS NewsHour. “And I
found that in Donald Trump.”
While her time at the White House
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Opinion
The story is no different in Italy. Pub-
lic investment in infrastructure
slumped after the 2008 financial crisis,
which plunged the nation into succes-
sive recessions. But the problem has
deeper roots.
In 2009, Mario Draghi, the European
Central Bank president, who was then
governor of Italy’s central bank, said:
“In the last 20 years the gap between
Italy’s infrastructure endowment and
that of the other leading EU countries
has more than tripled . . . The list of
high-priority strategic infrastructure
projects, originally 21, has now swollen
to over 200. The time and the costs for
high-speed rail lines and motorway net-
work extensions, and even for short
road links and bypasses, are far greater
than in other European countries.”
It is a far cry from the 1950s and
1960s, when Italy’s post-second world
war economic boom enabled govern-
ments to build a motorway network
that was the envy of Europe. The Chris-
tian Democrat-led governments of that
era were close to Fiat, Italy’s iconic car
was unremarkable, her departure was
not. After being fired by Mr Trump’s
chief of staff John Kelly in December,
she immediately set to work on
Unhinged, aided by her recordings.
The White House has not taken the
book lightly. Press secretary Sarah
Huckabee Sanders, has condemned it,
After being fired by the
chief of staff, she set to
work on a memoir, aided
by secret recordings
while the Republican National Commit-
tee has released an attack advert target-
ing Ms Newman. Most rattled of all, it
seems, is the president, who denounced
her on Twitter as a “dog” and a “crazed,
crying low-life”. The Trump campaign
has threatened legal action against Ms
Newman, saying she violated a 2016
confidentiality agreement.
company. It was never far from politi-
cians’ minds that a modern motorway
system, as well as low petrol prices and
lukewarm encouragement of competi-
tion from public transport, would bene-
fit Fiat.
For several decades, however, Italy
was the winner. The Morandi bridge was
an unforgettable part of the journey for
The case for more public
spending is unanswerable
in Germany, the US
and UK, not just Italy
countless holidaymakers driving their
cars from southern France through
Genoa to the cities and coastlines of the
rest of Italy. However, if the bridge once
drew praise as a model of Italian engi-
neering, its collapse now stands as a
grim metaphor for national decline.
After Monday’s disaster Matteo Sal-
vini, Italy’s interior minister and leader
In the meantime, no one appears to be
relishing the public attention more than
Ms Newman. She has met her press obli-
gations with the discipline of a mara-
thon runner who just happens to be very
slowly handing out incredibly juicy sur-
reptitiously recorded audio tapes. Just
when it appears that she and the news
cycle have run their course, Ms New-
man is back for more.
Mr Johnson joked that it was only a
matter of time before Ms Newman
heard from Guinness World Records.
“Clearly her 15 minutes have lasted a lot
longer than anyone in the history of
entertainment.”
In the meantime, he predicted, there
was no one better prepared than Ms
Newman to meet the returning fire from
the White House. After all, he said: “She,
better than anybody, knows the depth
to which the president will go to have
vengeance.”
The writer is the FT’s US political
correspondent
of the far-right League party, blamed
the eurozone’s strict rules on budget
deficits for Italy’s under-investment in
infrastructure. It was a cheap political
point, and the European Commission
swiftly rejected his claim. A bigger con-
straint is the crushing burden of interest
payments on Italy’s public debt, which
amounts to about 132 per cent of annual
economic output. Every year Italy must
spend tens of billions of euros on inter-
est payments, some of which could in
principle be allocated to building and
repairing bridges and roads.
However, even Germany, which
effortlessly runs annual budget sur-
pluses, has an infrastructure problem.
The bridge over the Rhine at
Leverkusen, one of Germany’s busiest
transport arteries, was closed to heavy
goods vehicles in 2012 after cracks were
discovered in its concrete. A replace-
ment is not due to open until 2020.
According to KfW, a state-owned devel-
opment bank, Germany’s cities, towns
and rural areas have an “investment
gap” of €126bn.
All things are not equal
in measuring inequality
Tim
Harford
The undercover
economist
B
ill Gates has more money
than I do. JK Rowling sells
more books. Katy Perry has
more Twitter followers.
Usain Bolt is faster. And I can
only presume that Buddhist monk Mat-
thieu Ricard, reportedly “the happiest
man alive”, is more cheerful. The world
is an unequal place.
Exactly how unequal, though,
depends on what we measure and how
we measure it. Researchers concerned
about the concentration of money in the
hands of a small number of people tend
to focus on the income or wealth share
of high earners.
In the US, the income share of the top
1 per cent has soared from 11 per cent in
1980 to 20 per cent in 2016, according to
the World Inequality Report 2018. But
in western Europe it has merely moved
from 10 per cent to 12 per cent.
The top income share highlights
something important, but it misses
changes elsewhere in the income distri-
bution. If you want a single number to
summarise the whole distribution, the
natural choice is the Gini coefficient,
which varies between zero (equality)
and 100 per cent (one person has every-
thing).
The coefficient of post-tax income in
the US is nearly 40 per cent, and has
been increasing for years. This rise —
alongside the increase in the US top
income share — has created a percep-
tion that inequality is rising everywhere
and by every measure. That is not true.
Globally, the Gini coefficient of
income is a shockingly high 65 per cent,
but it is falling, helped by strong growth
in large emerging economies. In France,
the Gini coefficient of income has been
broadly falling since the 1950s; it is now
about 29 per cent.
In the UK, the Gini increased sharply
in the 1980s, but not since; it is around
35 per cent today. And as the website
Our World In Data observes, the Gini
coefficient was also much higher a cou-
ple of centuries ago in the UK, perhaps
50 or even 60 per cent.
So that is the story for income ine-
quality. But the Gini coefficient can be
applied to inequality in any set of num-
bers you like, from the number of storks
in each country to the body weights of a
family of hippos.
For example: authoritative data on
sexual activity in the UK are available
from Natsal-3, the third National Sur-
vey of Sexual Attitudes and Lifestyles.
Natsal-3 reports the number of oppo-
site-sex partners we say we’ve had in
our lives, and the number of times we
say we’ve had heterosexual sex in the
past four weeks. (It will surprise nobody
to hear that men and women make
rather different claims, so I’ve averaged
their responses.)
Top reads at FT.com/comment
3 Elon Musk’s latest salvo raises more
questions than it answers
A blog by the Tesla founder is sure to
attract scrutiny, writes Brooke Masters
7
Matters stand somewhat differently,
but no better, in the UK. Governments
of all political stripes tend to neglect
unglamorous, small-scale infrastruc-
ture projects and repair work in favour
of ostentatious schemes with predicta-
bly spiralling costs. The High Speed 2
railway link between London and
northern England, and the Hinkley
Point nuclear power plant, are cases in
point. The UK led the world in experi-
menting with private sector involve-
ment in infrastructure projects, but it
turns out that the use of private finance
is more expensive than old-fashioned
public expenditure.
Across much of the western world the
case for more government spending on
infrastructure is unanswerable. Of
course, it requires politicians to address
controversial questions of taxation,
spending priorities and state borrowing.
But unless these questions are
addressed, the next catastrophic bridge
collapse is only a matter of time.
tony.barber@ft.com
Since I know you may be curious, I
have made my own calculations, based
on these data. For 35-44 year olds, the
Gini coefficient of recent sexual activity
is 58 per cent. The Gini coefficient of life-
time opposite-sex partners is lower: 50
per cent. Both are much higher than
income inequality in the UK.
Nor are these figures driven by a few
outliers with thousands of partners.
When it comes to the bedroom, we don’t
need to consider extremes to witness
considerable inequality: many perfectly
ordinary people have had only one sex-
ual partner, or none, and many per-
fectly ordinary people have had at least
10. Bigger variations exist in income,
but only at the extremes of distribution.
Of course, while one can measure
income and sex using the same statisti-
cal method, that does not mean the
moral or political implications are com-
parable. Most of us wouldn’t mind hav-
ing more money, but it is far from obvi-
ous that we all want more lovers. Who
has the time?
I would be pleased if the Financial
Times decided to increase my salary,
but unsettled if they set up a profile for
me on Ashley Madison, the marital
affairs site. And while the government
can redistribute money, it cannot redis-
tribute consenting adults.
There is more to life than money and
sex. What about — well, life itself? Some
people die young; others endure.
Researchers have computed Gini coeffi-
cients for longevity. The economist Sam
Peltzman found that inequality of life
Most of us wouldn’t mind
having more money, but it
is far from obvious that we
all want more lovers
expectancy has declined enormously
since the mid-19th century. The Gini
coefficient was then around 50 per cent
in the US, because so many people died
in infancy. It is now about 10 per cent.
Across the world — according to Jer-
oen Smits and Christiaan Monden —
longevity inequality is just 18 per cent.
Looking only at those who survive to
adulthood, it is 12 per cent. Recall that
the Gini coefficient of income is 65 per
cent globally. Since life cannot be reallo-
cated, it is cheering to see that it is far
more equally distributed than income.
I have given into temptation in com-
paring Gini coefficients across domains.
Such comparisons can lead us astray.
Yes, Perry has a thousand times as many
Twitter followers as I do, but Bolt will
never be a thousand times faster, nor
Ricard a thousand times happier — not
according to the oft-used life satisfac-
tion scale of 0-10, anyway.
Does that make Twitter more unequal
than happiness? I am not sure. There
lies a statistical lesson: measuring ine-
quality is just a step on the road to
understanding it. Or so a Zen statistician
might say.
tim.harford@ft.com
3 The recent arrivals to Australia are
unfairly blamed for social ills
The ‘lucky country’ should celebrate, not
fear, its immigrants, writes Jamie Smyth

8 ★
Nio approach Electric car start-up seeks
$1.8bn in IPO to fuel growth — ANALYSIS, PAGE 10
Tesla gloom as investors scatter
after emotional Musk interview
3 Overwork takes heavy toll 3 ‘Excruciating’ year 3 Talk of bringing in help
Some investors say it is time to take pressure off Tesla’s leader, backing efforts to hire a number two to run day-to-day business — Stefan Wermuth/Bloomberg
SHANNON BOND — SAN FRANCISCO
PETER CAMPBELL — LONDON
JAMES FONTANELLA-KHAN — NEW YORK
Shares in Tesla dropped sharply after
Elon Musk gave an emotional interview
in which the electric car company’s
founder and chief executive said he was
overworked.
The stock fell as much as 8 per cent
yesterday morning after the New York
Times published the first interview with
Mr Musk since he set off a firestorm last
week with a tweet about taking the com-
pany private.
Some investors said it was time to
take pressure off Tesla’s leader, saying
they supported efforts to hire a number
two executive to run the business day to
day. That structure is already in place at
SpaceX, Mr Musk’s private space com-
pany, where Gwynne Shotwell is chief
operating officer.
A person familiar with the Tesla
board’s thinking said they were consid-
ering such an arrangement, although
planning was at an early stage and no
names had been shortlisted. The board
has no intention of forcing Mr Musk out,
US grocers scramble for position in ecommerce battleground
Chains bet on automated
warehouses, click-and-collect
and same-day deliveries
SHANNON BOND — SAN FRANCISCO
Does the future of grocery shopping
depend on driverless cars, meal kits or
automated warehouses?
Kroger, one of America’s largest gro-
cers, is betting on all of the above. Since
May, it has unveiled a series of initia-
tives to strengthen its hand in ecom-
merce, the grocery industry’s next bat-
tleground.
It is testing self-driving delivery vehi-
cles, it bought meal-kit maker Home
Chef, and it took a £183m stake in Ocado
that will see the UK company provide
logistics technology for online orders.
This month Kroger launched a delivery
service in four cities, with plans to
expand across the US. It is also making
its first global foray through a partner-
ship with ecommerce site Alibaba to sell
its private label products in China.
“What we’re really focused on is,
when somebody decides to eat some-
thing, they can get it from us,” Rodney
the person added, but his interview
would probably speed up deliberations
about bringing in help.
In the interview, an emotional Mr
Musk described how an “excruciating”
year at Tesla has weighed deeply on his
personal life and health. He described
120-hour work weeks, days spent inside
his factory and reduced contact with his
children and friends.
“It is hard to imagine Tesla without
Musk. He has made a superhuman con-
tribution to the company, and we regard
him as an incredible leader,” said Ham-
ish Chamberlayne, who holds the stock
in his $1bn Global Sustainable Equity
fund at Janus Henderson, a top-50 Tesla
investor. “He is human, however, and it
is becoming increasingly apparent he is
over-stretched. We would welcome the
creation of a strong COO role. We won-
der why the SpaceX model has not
already been emulated.”
Mr Musk’s unexpected proposal to
delist and his claim that he had
“secured” funding for his plan has
rocked markets and made Tesla the
subject of shareholder lawsuits and an
McMullen, Kroger’s chief executive,
told analysts on the company’s latest
earnings call.
Kroger is not alone in its eagerness to
plough money into new technologies in
the year since Amazon shook the gro-
cery sector with its unexpected $13.7bn
purchase of Whole Foods. Walmart is
rolling out same-day delivery across the
US and testing robots to assemble “click
and collect” orders, where shoppers
order items online and pick them up at
stores. Target paid $550m to acquire
Shipt, a same-day delivery service.
Regional and local grocery chains that
cannot afford to buy or build their own
delivery operations are entering part-
nerships with Instacart, the venture-
backed delivery group valued at
$4.35bn in its latest funding round.
The escalating competition was
underscored by Amazon’s announce-
ment this month that subscribers to its
Prime service in two small cities could
order groceries from Whole Foods via a
mobile app for roadside pick-up 30 min-
utes later.
Click-and-collect and same-day deliv-
ery services are becoming a basic expec-
tation of shoppers, said Randy Burt,
a partner in the consumer and retail
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
investigation by the US Securities and
Exchange Commission.
The latest pressures come in a turbu-
lent year for Tesla as Mr Musk tries to
show he can scale manufacturing of the
Model 3, the company’s attempt to
break into the mass market. He
assumed control of the production line,
battled with short sellers, berated Wall
Street analysts and resisted calls for an
injection of new funds as Tesla burnt
through cash.
Another shareholder, Ross Gerber
from Gerber Kawasaki, who is often one
of Mr Musk’s biggest proponents, said
the board had a responsibility to protect
the chief executive.
“The Tesla board of directors needs to
step up and hire a COO ASAP,” he wrote
on Twitter. “Makes no sense to let Elon
‘They can have the job. Is
there someone who can do
the job better? They can
have the reins right now’
Retail. Technology push
practice of consulting firm AT Kearney.
Rather than dominating the grocery
business, Amazon’s move looks likely to
increase fragmentation as sales shift
online. The proliferation of options is
allowing customers to spend less time in
stores and divide their shopping among
multiple retailers, making it hard for
any one company to corner the market,
according to analysts and investors.
While online food shopping has
become ever more common across
The US grocery market is less
consolidated than in other
countries
Aggregate market share of top four
supermarkets (%)
2016 2017
US* Germany
* Of which 26% is Walmart
Sources: Coresight Research; eMarketer
FTWeekend
Turkish assets sell-off Funds of blue-chip
financial houses nurse losses — MARKETS, PAGE 11
burn out.” Mr Musk acknowledged in
his interview that Tesla’s board had
explored recruiting a deputy in the past.
He said the company had approached
Facebook chief operating officer Sheryl
Sandberg a few years ago about the role.
While Mr Musk said he was commit-
ted to remaining chairman and chief
executive, he said: “If you have anyone
who can do a better job, please let me
know. They can have the job. Is there
someone who can do the job better?
They can have the reins right now.”
Among former Tesla executives there
is a consensus that, if the electric car-
maker was run by the leader of a rival
car company, Tesla could become more
profitable, but that its share price would
collapse without the sparkle of its ebul-
lient founder.
“The key question is this,” said one
former company executive. “If Elon
stepped down and remained a share-
holder, and if [General Motors CEO]
Mary Barra stepped in would the shares
go up or down?”
The Top Line page 9
On Wall Street page 12
Europe and Asia, Americans have
remained stubbornly loyal to physical
grocery stores. Online sales accounted
for about 2 per cent of the $800bn US
grocery market last year, compared
with more than 5 per cent in France,
more than 7 per cent in the UK and
nearly 17 per cent in South Korea,
according to Kantar Worldpanel.
But Kroger and other food retailers
are making big bets that the US market
is ripe for change — spurred in large part
Food and beverage is Amazon’s
fastest growing category
US sales growth by category, 2018 (%)
Food & beverage 40.1
Apparel & accessories 38.2
80
Health, personal care & beauty 37.9
Furniture & home furnishings 37.2
60
Toys & hobby 30.7
Auto & parts 29.4
40
Office equipment & supplies 29.4
Computer & consumer electronics 23
20
Books, music & video 18.9
Other 29.4
0
UK
Unions throw down the
gauntlet to KLM chief
JOSH SPERO — LONDON
DAVID KEOHANE — PARIS
Air France-KLM unions launched chal-
lenges to Benjamin Smith, the chief
executive-designate whose appoint-
ment was announced this week, with
the Dutch pilots’ union rejecting KLM’s
labour deal — saying it would ballot for
industrial action — and French unions
rejecting a foreign leader.
The VNV union said yesterday it would
“take action to change the KLM man-
agement’s mind”.
The airline had “inadequately
addressed pilots’ pain points”.
William Schmid, VNV vice-president,
said: “Apparently making profits is
more important than growth and
investing in their own people who
helped KLM through the crisis.”
The union will ballot its members on
industrial action, which would happen
by the end of September — when Mr
Smith starts — at the earliest.
The dispute is over whether a 4 per
cent reduction in working hours starts
in September 2018 or September 2019.
KLM said it was “incomprehensible”
that the union had so quickly rejected
its latest proposal “to reduce work pres-
sure and improve work-life balance”.
It expressed “disbelief and disap-
pointment regarding VNV’s attitude”.
On Thursday, a joint statement by
nine Air France unions suggested that
Industrials
Maersk closes out revamp by
spinning off oil rig business
RICHARD MILNE
NORDIC CORRESPONDENT
AP Moller-Maersk declared its radical
transformation and break-up all but
over as it decided to spin off its oil drill-
ing rig business rather than sell it.
The Danish industrial conglomerate
tried to sell Maersk Drilling but received
disappointing bids, leading it to start the
spin-off that should generate cash pro-
ceeds of about $1.2bn next year.
Maersk has staked its future on global
trade, concentrating on its shipping,
port terminals and logistics businesses
and deciding to sell off its oil-related
companies such as production, drilling
and tankers.
But since it made the decision to
break the conglomerate up in 2016, oil
prices have recovered from their slump
while container shipping has entered a
difficult period in part due to higher fuel
costs as well as weaker global trade.
“We set out on this journey almost
two years ago. With this drilling transac-
tion, we are done with the vast majority
of the separation. We have a lot going on
so I’m quite happy to be able to focus on
by Amazon. The move by America’s
dominant ecommerce company into
groceries has traditional supermarket
chains scrambling to avoid the fate of
bookshops and music retailers.
It has also encouraged upstarts that
spot an opportunity to grab a share of
online sales that Nielsen forecasts will
hit $100bn, or 20 per cent of the total US
grocery market, by 2022.
Whole Foods has a relatively small
footprint but the combination of its
nearly 500 locations with Amazon’s
estimated 18 per cent share of online
food sales, according to market research
group Packaged Facts, has been a pow-
erful motivator for incumbent grocers.
When Amazon announced it was buy-
ing the upmarket chain in June 2017,
$40bn was wiped from the market val-
ues of grocers across the US and Europe.
Those shares took another tumble two
months later when Amazon closed the
deal and said it would begin lowering
prices on items from bananas to beef.
Over the past year, it has rolled out addi-
tional price cuts, as well as in-store dis-
counts and free two-hour delivery for
subscribers to its Prime service.
The share prices of traditional food
retailers have recouped some of their
18 August/19 August 2018
Mr Smith — who joins from Air Canada,
where he is chief operating officer —
might face a hostile reception.
“The inter-union organisation main-
tains that it is inconceivable that
the company Air France, French since
1933, falls into the hands of a foreign
leader pushed by a rival industrial
group,” they said.
The unions pointed to alliance part-
ner Delta Air Lines, which holds 8.8 per
cent of AFKLM. China Eastern holds
another 8.8 per cent, while the French
French unions
are opposed to
the appointment
of Benjamin Smith
as chief of
Air France-KLM
state holds 14.3 per cent, together with
outsized voting rights.
“The choice of a candidate must be
focused on the defence of interests of
our national company” and they would
be meeting on August 27, with further
strikes threatened.
The Dutch union called its French
counterpart’s rejection of Mr Smith
“one-dimensional” for judging him by
his nationality.
Twelve days of strikes cost the airline
€335m in the first half, and its stock has
lost 36.5 per cent in the year to date,
including a 4 per cent drop yesterday.
our [remaining] business,” said Soren
Skou, Maersk’s chief executive.
Maersk issued a profit warning last
week, cutting its full-year guidance as
lower freight rates and $1.2bn in higher
fuel prices than last year hurt business.
On Friday, it reported full second-quar-
ter numbers revealing a 24 per cent rise
in revenues to $9.5bn but a 57 per cent
fall in underlying net profit to $88m.
Mr Skou said that the talk of a trade
war between the US and China had yet
to hit container shipping volumes,
which increased 4 per cent in the fourth
quarter. However, he added: “For a busi-
ness whose raison d’être is to facilitate
global trade, all this talk about protec-
tionism trade barriers is not good
news.” He hailed the sharp increase in
revenues as boosting top-line growth
following a decade of stagnation.
Maersk has secured debt financing
of $1.5bn for its drilling unit and is aim-
ing to spin it off to existing shareholders
in 2019.
Shares in Maersk, which rose 4 per
cent to DKr8,950, have fallen by a third
in the past year.
Lex page 16
losses in the past year. But grocers face
fresh challenges, from the cost of pick-
ing and delivering orders to the invest-
ment required to overhaul stores to
function more like distribution centres.
Further complicating the picture is a
crop of new, well-funded companies pil-
ing into the market. Organic grocery
delivery company Good Eggs raised
$50m in May, led by venture capital
firm Benchmark, to expand its business
in California. The funding came less
than three years after the company was
forced to close operations outside San
Francisco after overextending itself.
Brandless, an ecommerce start-up
that sells packaged food, household
goods and personal care products for $3
an item, raised $240m from SoftBank’s
Vision Fund to expand its inventory and
delivery service.
They and other online food compa-
nies are taking a leaf out of Amazon’s
playbook by using data to manage
inventory and customise ranges, while
emphasising transparency in where
products come from. “Amazon and
Whole Foods is a catalyst for the shift of
consumer behaviour online,” said Bent-
ley Hall, Good Eggs chief executive. “Far
from being fearful, I am excited.”

18 August/19 August 2018
Time for Musk
to move down a
gear at Tesla
The Top Line
Jonathan
Guthrie
Lu returns home to tap China’s technological talent
Corporate
person in
the news
Lu Qi
China head, Y Combinator
Sam Altman, the founder of
Y Combinator, the leading Silicon
Valley start-up incubator, first met
Lu Qi in 2005 when the Chinese-born
technologist was at Yahoo — and Mr
Altman was still a teenager.
This week, Mr Altman announced
that he had hired Mr Lu to establish a
beachhead in China for Y Combinator
and help identify start-ups on the
mainland to nurture and invest in.
“He will be perfectly aligned with
founders of young companies,” Mr
Altman said, pointing to Mr Lu’s
approach to negotiation and dealing
with young companies.
“He told me that his grandfather
always said, ‘never wipe the table
clean. Always leave something for the
other side.’ Qi understands you need
to put founders first. And he will
build a brilliant company in China.”
Mr Lu has never founded his own
company, but he has had a brilliant
career spearheading breakthroughs
in artificial intelligence on both
sides of the Pacific. After leaving
Yahoo, he spent three years at
Microsoft in Seattle — where Satya
Nadella, chief executive, used to
work for him.
His rise was also seen at home as
evidence that a Chinese could make it
in the best US companies.
When Mr Lu left to become chief
operating officer at Baidu, one of
China’s leading internet companies,
and moved to Beijing in 2017, many
of his compatriots took it as
confirmation of the ascendancy of
their tech industry.
“China has a structural advantage
Under the hood Wealth funds in search for new investments
Goal is to shift away from petro-dollars and offer economies broader revenue streams
Elon Musk’s “take Tesla private”
tweet after securing a deal with
Saudi Arabia’s Public Investment
Fund caused a stir. It also brought
sovereign wealth investment funds
back into focus.
The funds, spanning about
50 nations, have $7tn in assets,
according to the Sovereign
Wealth Fund Institute. They are
shareholders in some of the largest
companies including Apple, Uber
and Nestlé, and China has the
largest sovereign wealth assets —
$2.2tn across five funds.
About half of the funds by assets
are from the Middle East. But with
oil prices lower over the past few
years and the emergence of US
shale, a lack of new discoveries and
the shift to renewable energy, the
funds face an uncertain future.
Consultancy Rystad estimates
that the 2tn barrels of oil reserves,
including undiscovered fields, might
run dry in 70 years at today’s rate of
output. It is no wonder the funds are
hunting for new investments, eager
to shift away from petro-dollars and
offer their economies broader
revenue streams.
Norway’s oil fund, the largest,
which owns on average 1.3 per cent
of every listed group, is reviewing
its investments in other oil and gas
assets over fears of excess
exposure to the commodity. And as
the FT revealed last week, Saudi
Arabia’s PIF fund has taken almost
5% of Tesla stock, while Abu Dhabi’s
investment fund has been dipping
its toes into biotech investments.
Patrick Mathurin
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★ FTWeekend
COMPANIES. WEEK IN REVIEW
T
he simplest solution to a
problem is the one that is
most likely to be right.
Apply that rule, known as
Occam’s Razor to the
puzzle that is Elon Musk and there is
just one conclusion. He should step
back from running Tesla for a while.
Mr Musk gave an interview to the
New York Times this week. He asked
rhetorically whether anyone else could
do his job better. The uninvited answer
is Yes. The electric vehicle business
could be run better by someone who is
not exhausted from working a 120-
hour week, taking the mind-bending
sedative Ambien and prone to making
off-the-cuff comments that invite
market abuse investigations.
Tesla has devoured $14.5bn in
investment, according to Crunchbase,
and has delivered only a trickle of cars.
It is valued at $53bn, about the same as
General Motors. Last week Mr Musk
‘I view myself in artificial intelligence development
and commercialisation. Only China
as a piece of has the US combination of talent, risk
software. capital, technology and the market,”
Tomorrow’s Mr Lu said last year.
When he left Baidu this year, it
version has to triggered a debate on Chinese social
be better media. His departure seemed to imply
than today’s’ shortcomings at one of China’s
homegrown giants and questions were
raised about which other mainland
company he might join instead, with
Tencent a seemingly strong possibility.
Instead, he has chosen to take
advantage of his links between both
worlds to tap into the next generation
of Chinese entrepreneurialism.
Mr Lu, 56, is one of the first of a
generation of technologists who
Largest sovereign wealth funds
Assets under management
Oil fund Non-oil fund
China has five funds totalling $2.2tn,
making it the nation with the largest
sovereign-wealth assets
China Investment Corp: SAFE Investment
$941.4bn Co: $441bn
CHINA
Hong Kong Monetary
Authority: $522.6bn
Abu Dhabi Investment
Authority: $683bn
UAE
Apart from its 5% stake in Tesla, the Public Investment
Fund has stakes in Uber, Virgin Galactic and reality
headset maker Magic Leap, while pledging tens of billions
of dollars to funds run by SoftBank and Blackstone
Source: Sovereign Wealth Fund Institute
tweeted that he was considering taking
Tesla private with “funding secured”.
Financiers failed to flourish a
confirmatory deal sheet while crying
“ta dah!”.
A flurry of activity from the board
and financial advisers looked
suspiciously like an attempt to reverse
engineer the dispassionate appraisal
process that should have preceded the
delisting suggestion. The US Securities
and Exchange Commission served
Tesla with a subpoena.
This back-story will inevitably colour
perceptions of the NYT interview,
whose authors are to be congratulated
on a notable scoop. One defensive
strategy of public figures who are in a
hole is to claim victimhood. Mr Musk is
certainly in a hole.
Occam’s Razor is useful here. It is
simpler — and kinder — to assume Mr
Musk is suffering the anguish he
describes. Business is bad at dealing
combine the best of both worlds. He
dreamt of becoming a philosopher,
then after touring a shipbuilding
factory as a student, he decided that
working there seemed a “most
glamorous job. But only 3 per cent of
students at the time made it to that
type of school. I didn’t weigh enough to
meet their minimum requirement.”
When he asked his parents if he
should study maths or computer
science instead, they advised him that
the former would lead to a teaching
career, but that technology might get
him a job at a radio factory. The latter
was more appealing.
He ended up studying computer
science at the elite Fudan University in
Shanghai, before going on to earn a
Norway’s Oil Fund, the largest,
owns on average 1.3% of every listed
company
The Oil Fund:
$1,035.2bn
NORWAY
SINGAPORE
SAMA Foreign Public
Holdings: $494bn Investment
Fund: $250bn
SAUDI ARABIA
with stress-related illness, particularly
when it affects chief executives.
In 2011, António Horta-Osório, the
chief executive of Lloyds Banking
Group, was found in his office so
exhausted he could barely speak. He
took sick leave, slept for nine days,
returned to work a few weeks later and
has run the business creditably since.
The board of the UK bank should
have supported its chief executive
better. The same applies to the board of
Tesla, which features James Murdoch
and venture capitalist Ira Ehrenpreis.
Mr Musk can be overbearing and
difficult. But his personality type is
hardly one that the directors have
never encountered elsewhere.
Nor have directors been earning
their share payouts if there is no one
working at Tesla capable of keeping the
show on the road in the absence of Mr
Musk. The latter needs medical
attention and time off if he is in as bad
Lu Qi has been at the forefront of
breakthroughs in artificial
intelligence on both sides of the
Pacific — Reuters/Aly Song
PhD at Carnegie Mellon University in
Pittsburgh.
Mr Lu joined Yahoo, where he
became head of search before joining
Microsoft in 2013. His responsibilities
there included running Bing, the
company’s search engine, and
overseeing Office.
One of his projects involved working
with his engineering team on a
“backward-brain bicycle”, which
worked in the opposite to conventional
bikes — if you wanted to turn left, you
would have to turn right.
The team believed that the muscle
memory required to learn how to
adapt to the new bike might generate
insights into how algorithms behave.
Unfortunately though, Mr Lu broke a
hip while on the bike and left Microsoft
in part because the injury required
several operations to repair.
Neither Mr Lu’s arrival at Baidu nor
his departure came as a surprise.
Robin Li, chief executive of Baidu, is
steeped in AI and has a long history of
finding the best Chinese talent abroad
and luring that talent back home.
But, although Mr Li gave Mr Lu
responsibility for the company’s
initiatives in artificial intelligence and
autonomous driving, he never
provided the resources he needed to
fulfil those responsibilities, according
to people with knowledge of the
matter both inside Baidu and outside.
At Y Combinator, Mr Lu will
continue to bounce between both sides
of the Pacific, spending half of his time
in China and half in the US.
“I view myself as a piece of
software,” he said. “Tomorrow’s
version has to be better than today’s. I
don’t want tomorrow to be the same as
today.” Henny Sender
Kuwait Investment
Authority: $592bn
QATAR
KUWAIT
KAZAKHSTAN
REST
OF
US WORLD
The US has some of the oldest
sovereign wealth funds, with
three dating back to the 1800s
9
‘The business a state as the NYT article suggests. This
is the simple solution prescribed by
could be run Occam’s Razor. A fiddlier and therefore
better by
someone who
is not
less satisfactory fix would be to keep
the entrepreneur in harness while
shifting some of his duties to
working a
120-hour
subordinates.
Tesla needs to hire a chief operating
officer, preferably one who has worked
at BMW, or some other recruiting
week’ ground for automotive trouble
shooters. Either way, a delisting should
be out of the question. There was never
a strong argument for it in the first
place, discounting Mr Musk’s over-
entitled resentment of the public
scrutiny a listing brings.
Tesla, for all its faults, is a
magnificent affirmation of faith in the
future. It would amount to very little if
Mr Musk was no longer present. A brief
absence could forestall a longer one.
jonathan.guthrie@ft.com
BEST OF
BUSINESS
Benettons face steep loss
3 The implications of the deadly collapse of a Genoa
motorway bridge spread to Italy’s Benetton business
empire, making it a political target after the govern-
ment threatened to strip the concession from a road
operator partly owned by the family group.
Rome’s determination to act against Autostrade
sent shares in Atlantia, its parent, down 22 per cent
and left investors led by the Benetton family facing
steep losses.
Edizione, a Benet-
ton family holding
company, has a 30.25
per cent stake in
Atlantia.
3 Walmart unveiled
its strongest US sales
growth in more than a
decade as traffic to its
stores climbed and
ecommerce accelerated.
The result sent shares up 10 per cent.
Doug McMillon, Walmart’s chief executive, said:
“Customers tell us that they feel better about the cur-
rent health of the US economy as well as their per-
sonal finances.”
3 Corona beer maker Constellation Brands doubled
down on its bet on the budding marijuana industry,
pumping just under $4bn into a Canadian group that
has sought to capitalise on the spreading legalisation
of weed.
The company said it would buy 104.5m shares of
Canopy Growth, lifting its stake to 38 per cent.
The deal comes shortly before Canada legalises
recreational cannabis use on October 17.
Constellation pumped $4bn
into a Canadian group
that has sought to capitalise
on cannabis legalisation
3 Bayer shares fell to their lowest level in five years
after the group was hit by another US legal setback
linked to Monsanto’s weedkiller Roundup.
The California supreme court declined to hear
Monsanto’s appeal to have the main chemical in the
product — which will become part of the Bayer port-
folio in the wake of its $62.5bn acquisition of Mon-
santo — removed from an official list of carcinogenic
substances.
The decision came days after a separate California
court ruling that awarded $289m in damages to a
school groundskeeper with terminal cancer.
3 Uber’s losses widened in the second quarter as it
ramped up spending on food delivery, bike sharing
and expansion in competitive international markets.
Adjusted net losses increased to $659m as rising
expenses outpaced revenue growth.
Dara Khosrowshahi, chief executive, has been
focused on stemming heavy losses ahead of an initial
public offering he hopes to complete next year.
$659m £3.9m
Uber’s adjusted Median pay of
net losses, as it bosses of the UK’s
ramped up biggest listed
spending groups — up 11%
3 La Liga, Spain’s top football league, will hold com-
petitive matches in the US as early as this season as
part of radical plans to secure greater revenues from
international audiences.
The matches are an effort by the league to chal-
lenge the global popularity of rival tournaments,
such as the English Premier League, which has
gained a strong following in the US.
The overseas games form part of a joint venture
between La Liga and Relevent Sports, a US promoter
backed by Stephen Ross, the billionaire owner of
NFL team the Miami Dolphins.
3 The chief executives of the UK’s biggest listed com-
panies received an 11 per cent raise last year, pushing
their median pay up to £3.93m, according to a report
that found full-time workers received a 2 per cent
increase during the same period.
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10 ★ FTWeekend 18 August/19 August 2018

COMPANIES

Nio hopes IPO will help it steer clear of rivals

Chinese start-up eyes potential investors with plan to develop new battery vehicles and revolutionise car-owning experience
PETER CAMPBELL
MOTOR INDUSTRY CORRESPONDENT Gathering momentum
In the great Chinese electric car race, Profile
Nio is gambling on using the stock mar-
ket to help it pull away from the pack.
Nio, a start-up backed by Chinese
internet groups Tencent and Baidu, Guilt trip prompted Li’s
began producing its own vehicles in
June, and is seeking $1.8bn in an initial
change of gear on cars
public offering on the New York Stock
Exchange that will help it scale up and
develop a suite of new battery vehicles. William Li is a serial entrepreneur who
It is banking on a surge in electric has listed three companies and
car sales in China, the price difference founded dozens more.
between its vehicles and those of its Now 44, he founded his first
international competitors, its unique company while studying sociology
customer app and its emphasis on user with law at Peking University 20 years
experience to clean up in a ferociously ago using funds from numerous
competitive industry. computer programming side-jobs.
Nio is the first in a potential wave of Before Nio, which receives several
Chinese-based electric-vehicle upstarts types of Chinese government
to tap the public markets, and its filing subsidies, he had never taken a bank
comes as established US rival Tesla loan for one of his ventures.
seeks to leave the glare of the stock mar- His largest company before Nio
ket to fuel its own growth. was Bitauto, China’s first online car
Financial details in the document sales channel, which he founded
revealed revenues of just $7m for the in 2000 and floated on Nasdaq in
first half — largely because it only began 2010.
deliveries on June 28 — and a combined After a sense of guilt at fuelling even
loss of $1.6bn over the past three years. higher car sales in China’s heavily
polluted cities, he began working on
‘We believe that improved an electric vehicle company.
NextEV, which became Nio,
smart electric car launched in 2014. A year later, it had
technologies . . . will drive won the first-ever Formula E electric
racing series, and in 2016 produced the
adoption of these cars’ EP9 hypercar that set a lap record at
Germany’s revered Nürburgring.
The company has more than 6,000
But the promise to its potential inves- Nio’s unprofitability Growth of Chinese car market China dominates sales of battery electric staff across the world.
tors in its US depositary shares — who In December, the company unveiled
will join early backers such as Tencent,
Net earnings (Rmb bn) Sales by type of passenger vehicle, units (m) vehicles its first consumer product, a large
Economy Mid-range Premium Breakdown by region, unit sales (m)
Baidu and Sequoia Capital — is to revo- 0 premium family sport utility vehicle.
lutionise the experience of owning a car. The premium segment is taking market share from cheaper Rest of world China accounts for over half of BEV “William Li has a very acute sense of
alternatives with the rise of China’s upper and middle classes
“We believe that improved smart Asia ex-China sales and its market share is expected when to seek fundraising and when to
-0.5 20 Europe to increase to 65%
electric car technologies, coupled with Forecast US tap into the public market,” said a
better experience of car ownership, will 4 source familiar with Nio’s chairman,
15 China
drive increased appreciation and adop- -1.0 adding that eight years ago Mr Li had
tion of smart electric cars, leading to the 3 pushed his previous company, Bitauto,
fulfilment of our vision of blue skies and 10 an internet content and marketing
-1.5 2
a more sustainable future for our provider, to IPO in New York despite
planet,” wrote founder and chief execu- 5 not being fully ready, successfully
tive William Li in a letter to potential -2.0 1 crushing competitors.
investors at the front of the 314-page Q1 Q2 Q3 Q4 Q1 Q2 0 The company’s name translates as
document. 2017 2017 2017 2017 2018 2018 2013 15 16 17 18 19 20 21 22 0 “blue sky coming”, a reference to Mr
2017 2022*
The group is focusing on the interior Li’s vision of clearing the smog from
Sources: company; SEC filing; Frost & Sullivan * Forecast
of the cars, an area it believes it can spe- the country’s major cities.
cialise in. It hopes to use the background
of its founders in ecommerce to design Fast work: Nio’s from white goods retailers to social of June, and in the first half of the year closed the books on a six-month period omous driving will be a huge boost for
pleasant user interfaces that will help it Formula E media apps. had burnt through $461m of cash. It also that saw it lose $500m and sell just 400 car sales, going against conventional
take some of the $2.6bn market for in- racing team The competition in electric vehicles is warned that costs “will increase signifi- cars. Some customers have already can- industry wisdom that private car sales
car services it forecasts for connected takes part in the also becoming increasingly fierce. A del- cantly in the future” — it plans to spend celled orders, it said. will be partly replaced by robotaxis over
and, eventually, autonomous vehicles. electric car uge of such cars is coming to market, $600m next year, and $1.8bn over the Theoretically the best time for Nio to More on ft.com time in dense cities.
To help it achieve its goal, Nio has out- championship in both from established international next three years. go public is after it has delivered at least For the latest According to its IPO filing, the com-
sourced the things it cannot do — such as Rome in April. manufacturers, and from the roughly The company is also obliged to 1,000 vehicles, as the market would news, comment pany believes self-driving cars will “not
and analysis on
making the cars — to Chinese manufac- The company is 300 start-ups in China hoping to ride the compensate JAC, its manufacturing have enough confidence to support a the car industry, only relieve drivers from the monotony
turer JAC, and focused its efforts on its the first in a rising demand for battery cars. partner, for any losses it incurs in the valuation like this, analysts say. go to of their daily commutes, but will also
apps, stores and designing the cars. potential wave More than 200,000 public chargers first 36 months of production at the At this point, when the company has ft.com/companies
make cars safer and more environmen-
Indications exist that the scope of its of China-based are in China, of which more than half are new factory. delivered fewer than 500 vehicles /automobiles tally friendly and transform the car into
brand appeal goes beyond potential car electric-vehicle high-speed superchargers that can The IPO filing reveals it paid JAC according to company filing, Nio will a mobile living space, ultimately becom-
buyers. While it has only received upstarts to tap replenish the majority of a battery in Rmb100m ($14.5m) to compensate for probably be questioned by the market ing a broader part of a user’s lifestyle”.
17,000 orders for its first car, 490,000 public markets under an hour. losses in the last three months, includ- for the proposed valuation. Nio calls itself a “global start-up”, with
people have downloaded its social net- Andreas Solaro/AFP/Getty
But Nio also plans to offer its own ing another Rmb34.9m for expected “Nio is probably making too big a step offices in Britain, Germany, California
work app, and posted more than a quar- recharging services. As well as home losses in the coming quarter. A second in this move,” said Robin Zhu, Hong and China. Yet one area of the com-
ter of a million photos. charging for those with garages, it plans plant is “under construction by certain Kong-based analyst at Bernstein. pany’s hefty ambitions that appear to
It has opened seven Nio Houses — the to offer mobile charging vans, the ability Shanghai government entities” and will The other area in which Nio hopes to have been scaled back in its filing are its
company’s innovative take on dealer- to swap batteries quickly, and even a be ready in 2020. move ahead from competitors is auton- international aspirations.
ships that feature charge points, but also concierge service that tows the cars It warns its manufacturing ability is omous technology. Nio is working on its When interviewed by the Financial
working spaces, lecture theatres, kitch- away to charge and return them. “unproven and still evolving”, and that own self-driving systems, with 737 regis- Times last year, president and co-
ens and childcare. Its aim is that customers will “enjoy a many of the 1,700 parts that go into the tered patents, and 1,995 pending in HK, founder Lihong Qin said the business
It plans to open five more this year, level of convenience similar to or better car from 160 suppliers are from a single China, US and Europe. In April, it was in aimed to be “a real global company”,
also in China, with the eventual aim that than fuel charging”. But this emphasis source, which means the company is the first batch of companies winning with plans to enter the US market by
its customers will always have access to on customer service threatens to drain more exposed if the supplier encounters permission to test autonomous vehicles 2020.
a Nio House in major world cities. the business’s resources. a problem. in Beijing. Yet the IPO document states that the
Its attempt to strike up a “relation- For Nio, raising $1.8bn is more than It has experienced delays at the newly Unlike international rivals that are business “only expects to sell our vehi-
ship” with consumers inevitably pushes about expanding — it is about surviving. built 120,000-a-year capacity plant that developing self-driving cars to sell into cles in China in the near future”.
Nio up against other groups competing According to its IPO documents, the led to the first vehicles being delivered taxi services, or operate their own ride- Additional reporting by Sherry Fei Ju in
to interact directly with consumers, company had $668m of cash at the end on June 28 — just two days before Nio hailing offers, the group believes auton- Hong Kong

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 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
18 August/19 August 2018 ★ FTWeekend 11

MARKETS & INVESTING

Analysis. Currencies

Blue-chip funds caught out by Turkish turmoil

Turkish portfolio assets held by non-residents
$bn

160

140

120

100

80

60

40
2012 13 14 15 16 17 18

BIST 100 equity index

Year-to-date performance in Turkish lira and dollars
(rebased)

110

100

90

80
In lira
70
In $
60

50

40
Jan 2018 Aug
Sources: CBRT; Takasbank; banks; Central Bank of Turkey;
Thomson Reuters Datastream
Kostas Tsironis/Bloomberg

Lira has edged up after a
steep decline but equities and
bonds have fallen sharply
STEVE JOHNSON, KATE ALLEN AND
ROBIN WIGGLESWORTH
Funds run by blue-chip financial houses
including Fidelity and Goldman Sachs
were among those with a significant bet
on Turkish debt as the country’s cur-
rency crisis deepened after the re-elec-
tion of President Recep Tayyip Erdogan.
Although the lira ended the week up
5 per cent, the currency is still down
33 per cent since the start of July, while
Turkish equities and bonds have fallen
sharply as a diplomatic row with the US
adds to investors’ longstanding con-
cerns about the economy’s imbalances
and runaway inflation.
Goldman Sachs Asset Management’s
$8bn Emerging Markets Debt Portfolio
had a 7.8 per cent weighting to Turkish
debt at the end of June, its third-largest
position, according to Bloomberg data.
Fidelity had the country as its second-
largest weighting, at 6.9 per cent in its
$5bn New Markets Income Fund.
The yield on the Turkish 10-year sov-
ereign dollar bond, which moves in the
opposite direction to its price, has
jumped 1.8 percentage points to 8.7 per
cent since the end of June, leaving these
positions severely under water. Fidelity
and GSAM declined to comment.
Although Turkey’s problems have
worsened since its central bank alarmed
investors by not raising interest rates at
its first meeting since the June 24 elec-
tion, some foreign investors had already
begun to cut their exposure before it
plunged into a currency crisis that some
fear will result in recession.
Between February and early August,
foreign portfolio investors sold a net
$3.4bn of Turkish equities, sovereign
and corporate bonds, according to cen-
tral bank data. Factoring in market
losses and the lurching lira, non-resi-
dents’ ownership of Turkish financial
assets has fallen from $92bn in August
2017 to $51bn at the start of this month.
“Most real money accounts went into
the currency dislocation underweight
their benchmark indices, but still have
room to reduce their exposure,” said Ed
Al-Hussainy, senior interest rate and
currency analyst at Columbia Thread-
needle, who put the odds of a recession
in Turkey before the year is out at 50-50.
Emerging market equity funds cut
their average Turkey weighting to 1.42
per cent in July, before the worst of the
sell-off, based on analysis of 180 funds
with combined assets of $355bn tracked
by Copley Fund Research, the lowest
level since its records began in 2011.
Yet the tumble in the Istanbul BIST
100 index, Turkey’s benchmark — it is
down 32 per cent in dollar terms since
the end of June — has caused disruption.
J. Safra Sarasin Fund Management’s
Systematic fund, an equal-weighted
vehicle with holdings of about 5 per cent
in each of 20 EM countries, has retained
its Turkish exposure. But Andrea Nar-
don, head of quant at Sarasin & Part-
ners, said the fund had beaten its bench-
mark this month as the benefit of an
underweight position in China more
than outweighed its Turkish losses.
Invesco Perpetual’s $2.7bn Develop-
ing Markets Fund had 5.2 per cent of its
assets in Turkish stocks as of June 30,
half of it in conglomerate Haci Omer
Sabanci, where the share price has fallen
38 per cent in dollar terms since then.
Managers of that fund declined to
comment but Nicholas Mason, who
runs Invesco Perpetual’s Emerging
European Fund, said his off-benchmark
Turkey position had cost his fund 2 per
cent of its assets this year, after making a
positive contribution in 2017.
Even though Washington and Ankara
Pain on Japanese retail investors have suffered
two levels significant losses on so-called “double-
Losses for decker” funds linked to the Turkish lira
Japanese as the crisis in the currency
retail reverberates around the world.
A cluster of the popular trusts, heavily
investors marketed to individuals in search of
income, have fallen by 30-50 per cent
this year as the situation in Turkey
deteriorates.
The losses highlight a build-up of
risks in the global financial system as
investors hunt for returns in a low-
interest rate environment and Turkey’s
problems begin to infect other
emerging markets.
“As retail investors have been taking
on risk via foreign bonds and foreign
exchange margin trades in search
of higher yields, a continued
slump in emerging market
currencies — including
the Brazilian real —
could delay a
recovery in
depressed retail
investor sentiment,”
said Masao Muraki, a
senior analyst at
Deutsche Bank in Tokyo.
Amundi’s European high-
yield bond fund, with a Turkish
lira wrapper, is down by 33 per cent
year-to-date. The Turkey Bond Open
fund from Daiwa Securities is down
51 per cent over the same period.
Japanese investors have poured
several billion dollars into similar funds,
which have been criticised by the
Financial Services Agency, as they seek
to escape rock bottom interest rates at
home.
“There are a lot of older Japanese
investors who want a regular income
but don’t trust equities,” said Hidetoshi
Fujii, president of Kabuchie, a website
for retail investors. With Japanese
equity funds a tough sell, brokers have
instead designed bond-based funds
that combine risks in a bid to generate
higher returns.
Some funds directly invest in Turkish
assets. Double-deckers buy an
underlying asset, such as European
high-yield debt, then swap the income
flows from the bond into a currency
with high interest rates such as the
Turkish lira.
Investors gain if the underlying bonds
perform well and the lira appreciates
against the yen. However, they suffer
capital losses if the bonds default or the
lira falls against the yen. The lira has
lost a third of its value against the
Japanese currency so far this year.
Double-decker funds often
promise double-digit income
yield and some older
vehicles pay monthly
dividends. There are
also triple-decker
funds in currencies
such as the Brazilian
real, where the fund
generates even more
income by selling call
options on possible
currency appreciation.
Last year, FSA commissioner
Nobuchika Mori accused asset
managers of designing the double-
decker funds in order to rake in sales
commissions. “Of the products which
have become popular in the past, most
are complex theme-based funds,
including double-decker funds that
bundle high-return assets and high-
yielding currencies, and are unsuitable
for long-term holding,” he said.
Mr Fujii said the issue was one of
financial literacy. “These funds are only
suitable if people have proper
diversification and understand the
risks,” he said. Robin Harding
Problems are still at loggerheads over the deten-
tion of Andrew Brunson, the US pastor,
worsened and the modest measures taken by the
after the central bank, some investors eye an
opportunity in the turmoil. Others are
central simply having to rebalance their EM
bank opted portfolios after the sell-off.
With the Sarasin fund’s Turkey
not to put weighting now down to to 3.5 per cent as
up interest a result of the market crash, Mr Nardon
expected to be a big buyer of Turkish
rates equities in early September when the
fund next rebalances.
Indeed, Mr Mason said he had been
selling defensive Turkish stocks such as
food retailer BIM and carrier Pegasus
Airlines and buying potentially higher
growth stocks that have sold off “dra-
matically”, such as Coca-Cola Icecek,
“the fastest growing Coke bottler in the
world” that “is now also the cheapest”.
Mr Mason remained “concerned”
about banks, given that high levels of
foreign currency debt could lead to a
“serious asset quality issue”, and was
braced for a “hard landing”.
William Blair, the $62bn Chicago-
based fund house, admitted to having
bought the lira in late May, since when it
has fallen about 18 per cent against the
dollar. But Edouard Senechal, senior
analyst, argued the lira is trading at half
its fair value while offering a real inter-
est rate carry of 7.5 per cent, creating a
“significant investment opportunity”.
Yet with Turkey still lacking foreign
reserves to cover its short-term external
financing needs and Donald Trump
declaring yesterday that the country
had “acted very badly”, Mr Al-Hussainy
believes most investors “are still selling
assets into rallies”.
An equally bearish Damien Buchet,
head of total return strategy at London’s
Finisterre Capital, said there was the
“risk of continued deterioration in the
pricing of Turkish assets over the
medium term” and that he had started
buying sovereign credit default swaps.

Equities Equities

Vaccine scandal drags down China healthcare Global markets shrink as buybacks surge
ALICE WOODHOUSE — HONG KONG
A fall in the healthcare sector sent
Chinese stocks to a two-year low yes-
terday, leaving the market down 20 per
cent this year.
The CSI 300, comprising Shanghai and
Shenzhen stocks, fell 1.5 per cent, with
the healthcare sector the day’s worst-
performing segment, dropping 3.3 per
cent. The Shanghai Composite lost 1.5
per cent to reach a near 31-month low.
Since their high in late January, Chi-
nese equities have plunged 26 per cent.
The healthcare sector has been hit by
the arrest of officials over a vaccine
scandal in the country. Regulators last
month said vaccine maker Changsheng
Biotech had forged data during the pro-
duction of 110,000 rabies vaccines and
sold more than 250,000 substandard
vaccines against other diseases.
On Thursday the vice-governor of
Jilin province — where Changsheng is
based — was removed from his post fol-
lowing a meeting of China’s Politburo
Standing Committee presided over by
Xi Jinping.
Jin Yuhui, the vice-governor, oversaw
the food and drug administration in the
province since April 2017. The former
head of the Chinese food and drug
administration, Bi Jinquan, resigned
from his post as head of the national
market supervision agency after the
meeting.
Local officials and departments were
found in “dereliction of duty”, and that
the case had revealed “inadequate
Data was forged during production
of rabies vaccines, regulators said
supervision” and “institutional defects
in the production, circulation and use of
vaccines”, state news agency Xinhua
reported of the meeting.
Changsheng shares fell 5 per cent yes-
terday in Shenzhen. The company has
lost more than 77 per cent of its value
since the scandal broke.
Shares in China Reform Health Man-
agement led the sector lower yesterday
with a loss of 8.7 per cent. Shanghai
Fosun Pharmaceuticals lost 6.7 per cent
and Meinian Onehealth fell 8.3 per cent.
The declines for China’s mainland
indices were broad, with every sector on
the CSI 300 falling overall. Stocks offset-
ting the losses shared defensive charac-
teristics in line with the uneasy mood,
with pockets of support for utility and
energy companies.
Shenzhen and Shanghai’s plight was
all the more notable as a positive show-
ing on global markets tracked hopes
that trade talks between the US and
China could ease the dispute between
the countries.
Additional reporting by Michael Hunter
in London
ROBIN WIGGLESWORTH
US MARKETS EDITOR
The global equity market is shrinking
at the fastest pace in at least two dec-
ades, as a wave of corporate share buy-
backs swamps the overall volume of
companies going public, issuing new
stock or selling convertible debt.
US companies have been particularly
hyperactive buyers of their own stock,
thanks to the earnings boost delivered
by tax cuts and the robust economy.
Goldman Sachs forecasts that the over-
all volume of US buybacks will reach a
record-breaking $1tn in 2018.
But companies in the UK, Europe and
Japan are also aggressively repurchasing
their shares at a faster pace than new
companies are going public or older
ones are raising fresh capital through
secondary share issues.
Bernstein, a research house, esti-
mates that the total value of buybacks in
western Europe, Canada, Japan and the
developed countries of Asia totalled
$248bn by the end of July — double the
volume over the same period last year.
“The boom in US buybacks this
year is widely known and commonly
reported. Less well known, however,
is the elevated net purchases by corpo-
rates occurring in developed markets
outside of the US,” Inigo Fraser-Jenkins,
a senior analyst at Bernstein, wrote
in a report.
At the same time, “the increase in
stock buyback activity globally has
‘Less well known is the
elevated net purchases by
corporates occurring in
developed markets’
coincided with subdued equity issuance
activity”, he noted. “This explains why
net issuance is at historic low levels
across most of the developed world.”
As a percentage of the overall pool of
stocks worldwide, the trailing 12-month
value of all equity issuance — initial
public offerings, rights issues and debt
that can be converted into shares —
compared with the 12-month trailing
value of all buybacks is currently the
most negative on record, according to
Bernstein, which has calculations going
back 22 years.
The overall value of the global equity
market is still increasing, thanks largely
to rising stock prices — something that is
partly attributable to buybacks. The
total market capitalisation of the FTSE
All-World index has climbed from
about $35tn a decade ago to $57tn on
Wednesday.
Bernstein’s analysts reckon that the
buyback splurge should continue to
support global equity markets for
the foreseeable future, but others
disagree.
Andrew Lapthorne at Société Géné-
rale warned that with cash balances
being drawn down to finance the repur-
chases, they have to end eventually.
“Yes, the overall payout ratio is high
when you add buybacks to dividend
payments, but a large chunk of this
increase is being funded by cash from
the balance sheet and the selling of
liquid investment,” Mr Lapthorne said.
“Net debt is therefore on the rise.”
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
12 ★ FTWeekend 18 August/19 August 2018

MARKETS & INVESTING

Musk’s ill-judged tweet gives The day in the markets

potential suitors a chance
to take the wheel at Tesla What you need to know
3 Stocks mixed at end of nervous week Italian stocks at 16-month low as worries mount over
3 Turkish lira suffers further decline
3 Italian stocks and bonds under fire coalition government

James Fontanella-Khan 3 Copper has worst week since July

US and European stocks put in mixed

FTSE MIB index (’000)
25
performances at the end of a week in
On Wall Street which worries about Turkey’s currency
crisis morphed into wider concerns about
the potential risks from emerging
24

23
markets.

E
lon Musk could yet lose it. No,
not his mind, but Tesla.
The mercurial entrepre-
neur’s tweet that he is consid-
ering taking the electric car-
maker private has accidentally put his
company in play, to use the jargon of
M&A bankers. And in mentioning a
price of $420 a share, he has even given
a deep-pocketed suitor a target at which
to aim.
It would not be the first time a chief
executive’s efforts to take a company off
the public markets has inadvertently
triggered an auction. Just consider how
F Ross Johnson ended up losing control
of RJR Nabisco, the cigarettes to cookies
conglomerate, in the late 1980s.
After shocking his board with a plan
to take the company private, Mr John-
son set in motion a chain of events that
quickly ran away from him. The auda-
cious move by the colourful business-
man led to a fierce $25bn takeover bat-
tle with private equity group KKR that
was depicted in the book Barbarians at
the Gate. Johnson lost.
Seasoned Wall Street advisers who
were around at the time of the Nabisco
fight, which produced what was then
the biggest-ever leveraged buyout, told
me that Mr Musk risked being pounced
on by new barbarians willing to get
behind Tesla’s wheel.
So who might these new barbarians
be? Given that many large US compa-
nies are sitting on huge piles of cash —
and could raise some additional debt —
there are potential buyers. Apple and
Alphabet, Google’s parent company, are
the most logical and oft-speculated-
about suitors. Both are working on their
own autonomous/electric car projects
and have the financial firepower to exe-
cute what would be one of the most
spectacular transactions in history.
For now there is no evidence that such
a plan is being hatched, although several
bankers are entertaining the idea and
will probably pitch it to Alphabet and
Apple. What is so stunning is that just 10
days ago any corporation could only
daydream about buying Tesla. The
impulsive nine-word tweet has at least
opened up a different outcome for Tesla
and Mr Musk, who admitted in a tearful
interview this week with the New York
Times that the past year has been
“excruciating”.
In contrast to the likes of Facebook
and Google that have a dual-class share
structure that tightens the control of
their founders, the 47-year old Tesla co-
founder has no straightforward way of
blocking a bear hug offer.
His roughly 20 per cent stake in Tesla
would not, for example, be enough to
stop other shareholders warming to an
offer that values the carmaker at gener-
ous premium to the $420 a share he said
in a tweet.
Mr Musk could, of course, lean on a
Tesla board that includes his brother
and friends to reject a hostile bid. But if
the special committee the board formed
this week were to receive a higher offer
than anything Mr Musk might put on
the table, they would have a fiduciary
duty to recommend it.
That would leave Mr Musk having to
make the existential case to investors:
lose me and the company is finished.
Tesla evangelists who see Mr Musk as a
modern genius trying to revolutionise
the world in the same way Henry Ford
did with the Model T at the turn of the
20th century might be ready to accept a
lower offer if it keeps their hero at the
wheel. But many disciplined investors In spite of the uncertain backdrop, the
would probably be open to taking the S&P 500 was on track to register a 22
money because they are losing confi- modest rise for the week. But the pan-
dence in a chief executive who seems to European Stoxx 600 closed within sight 21
struggle dealing with the pressures of of a one-month low amid lingering
running a big public company. worries over the exposure of European
Having somebody at the helm of an banks to Turkey. 20
Feb 2018 Aug
unprofitable business who spends time The lira, which had rallied strongly after
Source: Thomson Reuters Datastream
disparaging critics on Twitter — Mr hitting a record low of TL7.2149 a dollar
Musk recently went so far as to lash out on Monday, resumed its downward path
at a British diver who helped rescue yesterday — falling 5 per cent over the
boys trapped in cave in Thailand — session to TL6.1168. even after Beijing this week agreed to Brussels, and will do little to squash
should be problematic for investors. The latest leg lower came after the US resume talks with Washington. The news concerns that the new government
So should the fact that US regulators on Thursday threatened further followed data releases showing a further remains on collision course with its EU
have issued subpoenas as part of a deep- sanctions against Turkey if the American gradual slowdown in Chinese growth. partners.”
ening probe into Mr Musk’s tweets, pastor at the centre of the row between The broader concerns over emerging In Milan, the FTSE MIB index ended the
including one that claimed he had the countries was not released. markets was highlighted by news that week at its lowest point since April 2017
secured funding for a possible move to The lira’s latest decline put further MSCI’s benchmark EM index had dipped after falling some 6.6 per cent over the
make Tesla private. It is an epic distrac- pressure on other emerging currencies, into bear market territory this week after previous seven sessions. Italy’s 10-year
tion for a company that should be including the South African rand, Russian falling 20 per cent from January’s high. bond yield rose to 3.13 per cent, the
focused on reining in costs. rouble and Mexican peso. Meanwhile, Italian stocks and bonds highest in more than two months.
Will Apple or Alphabet or anybody “Contagion risks from Turkey have suffered sharp falls this week as But analysts at Capital Economics
see an opportunity here? It is hard to impacted other emerging markets with participants remained focused on noted that contagion to the bonds of
say. Large companies hate going hostile most high yielders and consensus long domestic politics. other countries in the eurozone’s
because it is tough to win bitter takeover positions coming under material pressure “Italian assets are once again under periphery had so far been limited. “And
battles. in recent days,” said Mark Dowding at pressure as the Genoa bridge disaster we suspect that this will remain the case.”
And the circumstances in which John- BlueBay Asset Management. highlights the faultlines running through The dollar’s strength earlier this week
son was dethroned at Nabisco by Henry “Volatility has been elevated and those the populist coalition,” noted analysts at — it hit a 13-month high against a basket
Kravis and George Roberts, the co- countries with large current account Action Economics. of peers — put commodity prices under
founders of KKR, are different to those deficits and substantial short-term “[Deputy prime minister Matteo] pressure across the board. Copper had its
that confront Tesla today. funding needs appear the most exposed.” Salvini’s suggestion that EU budget worst week since July, while Brent oil hit
Nabisco was a well established, cash- Uncertainty about the trade conflict restrictions are partly to blame, as they its lowest level since April.
generating company operating in a sta- between the US and China also returned prevented maintenance spending, has Gold sank below $1,200 an ounce to its
ble market; Tesla is a cash-burning com- to cast a shadow over global markets, been met with a sharp rebuttal from lowest for 19 months. Dave Shellock
pany that could change the world or end
in failure. But it is still naive to assume
that the hurdles now facing a suitor are Markets update
insurmountable.
Mr Musk, clearly a chief executive
in need of rest, could do worse turning US Eurozone Japan UK China Brazil
off Twitter and opening up Barbarians at Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa
the Gate.
Level 2846.33 1490.78 22270.38 7558.59 2668.97 75892.84
% change on day 0.20 -0.09 0.35 0.03 -1.33 -1.21
james.fontanella@ft.com
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $
Level 96.461 1.141 110.455 1.274 6.881 3.938
% change on day -0.190 0.176 -0.262 0.079 -0.235 1.508
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond
Yield 2.859 0.304 0.090 1.233 3.665 11.641
Basis point change on day -2.720 -1.400 -0.530 -0.500 -0.800 12.800
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 338.29 71.76 65.82 1180.40 14.61 2887.60
% change on day 0.20 0.49 0.52 -0.14 -1.48 2.41
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.

Main equity markets

S&P 500 index Eurofirst 300 index FTSE 100 index
2880 1560 7840

2800 1520 7680

2720 1480 7520

| | | | | | | | |
2640 | | | | | | | | | | | | | | | | | | | |
1440 | | | | | | | | | | | | | | | | | | | | 7360 | | | | | | | | | | |

Jun 2018 Aug Jun 2018 Aug Jun 2018 Aug

Biggest movers
% US Eurozone UK
Nordstrom 11.19 Atlantia 5.68 Rsa Insurance 1.59
Coty 4.66 Grifols 1.99 Associated British Foods 1.34
Ups

Deere & 3.11 Bayer 1.75 Compass 1.34

Perrigo 2.87 Schindler 1.67 Evraz 1.15
Hewlett Packard Enterprise 2.77 Henkel 1.49 British American Tobacco 1.08
%
Applied Materials -6.69 Vopak -6.42 Antofagasta -1.97
Nvidia -3.93 Aegon -3.90 Next -1.16
Downs

Gilead Sciences -3.41 Saipem -3.33 Sainsbury (j) -1.06

Lam Research -3.10 Heidelbergcement -2.62 Scottish Mortgage Investment Trust -1.02
Abiomed -2.35 Norsk Hydro -2.59 Ocado -0.99
Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.

Wall Street Eurozone London

Tesla shares tumbled after Elon Musk Atlantia rose 6 per cent after reports Takeover speculation helped squeeze
described in an interview an that the Italian infrastructure operator, RSA Insurance to the top of the FTSE
“excruciating” year of work at the electric controlled by the Benetton family, was in 100. United First Partners, the special
carmaker in the run-up to his talks with the government to potentially situations broker, spurred the talk by
controversial tweet last week about avoid losing its motorway concession. arguing that RSA’s slimmed-down profile
taking the company private. Shares Italy’s populist coalition government has and focus on the UK, Canada and
dropped 7.4 per cent at $310, having been laid blame for this week’s bridge collapse Scandinavia should appeal to many
down as much as 7.3 per cent. in Genoa, which killed 39 people, with bidders within a consolidating sector. It
Shares are now well below the levels Autostrade per l’Italia, the Atlantia named Allianz as a potential predator.
the stock was at before the Financial subsidiary that was maintaining and A mixed wider market left the FTSE
Times reported on August 7 that Saudi operating the structure. But the 100 little changed on slim volumes. For
Arabia’s sovereign wealth fund had taken politicians were split over whether or not the week the index was down 1.4 per cent,
a stake in the company. to revoke Autostrade’s concessions. Italy’s its sharpest weekly fall since March.
US tractor maker Deere & Co said La Repubblica reported that the company Kaz Minerals hit a one-year low on
replacement demand for large was in talks with deputy prime minister growing concerns about the group’s
agricultural equipment was lifting sales Matteo Salvini to negotiate potential $900m purchase of a greenfield Russian
despite trade fears, even as it reported financial penalties. Shares are down copper prospect from Roman
lower than expected adjusted earnings 20 per cent on the week. Abramovich. Credit Suisse downgraded
amid raw material and freight cost Vopak dropped 6 per cent after the oil Kaz to “neutral”, saying the cost and risks
pressures. storage company said second-quarter of expanding into Russia had turned the
The Illinois-based company said global earnings before interest, taxation, investment case on its head. Merrill Lynch
revenues rose 32 per cent from a year ago depreciation and amortisation fell 5 per said institutional investors were “almost
in its fiscal third quarter to $10.31bn. cent to €180.7m. Analysts polled by universally negative on the deal” and
Equipment sales rose 36 per cent to Reuters were expecting a smaller dip, to called management “indifference” to their
$9.3bn, ahead of analysts’ forecasts. €188m ebitda. complaints “surprising”.
On Friday its shares rose 2.1 per cent. The company said the occupancy rate Kingfisher slipped to its lowest since
Apple, meanwhile, climbed to an all- of its tanks at oil terminals had fallen to 2012. UBS repeated “sell” advice, saying
time intraday high of $216.20, up 1.4 per 86 per cent in the first half of this year, the B&Q owner’s update on Thursday
cent. Over the week, it was up more than compared with 91 per cent in the first half indicated an unexpected 14 per cent drop
4 per cent. Peter Wells and Mamta Badkar of 2017. Chloe Cornish in half-year underlying profit. Bryce Elder
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
18 August/19 August 2018 ★ FTWeekend 13

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-0.07% -0.09% -0.262% -0.14%

0.20% 0.41% 0.03% 0.35% 0.42% 0.20% 0.176% 0.079% 0.112% 0.76%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jul 18 - - Index All World Jul 18 - Aug 17 Index All World Jul 18 - Aug 17 Index All World Jul 18 - Aug 17 Index All World Jul 18 - Aug 17 Index All World Jul 18 - Aug 17 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,846.33
16,477.40 7,683.97 12,686.29 22,764.68 2,282.29
2,804.49 16,262.02 7,558.59 22,270.38
12,210.55 2,247.05
Day 0.20% Month 1.72% Year 15.33% Day 0.22% Month -1.55% Year 8.17% Day 0.03% Month -0.95% Year 2.25% Day -0.22% Month -1.72% Year NaN% Day 0.35% Month -1.45% Year 12.88% Day 0.28% Month -2.39% Year -4.31%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid
9,867.90 Hang Seng Hong Kong FTSE Straits Times Singapore

7,825.30 7,800.90 1,512.89 28,010.86

48,747.79 3,240.50 3,209.44
1,490.78 27,213.41
48,063.10
Day -0.07% Month -0.05% Year 22.95% Day 0.01% Month -1.32% Year -5.75% Day -0.09% Month -1.13% Year 0.66% Day 0.90% Month 2.39% Year -6.69% Day 0.42% Month -4.65% Year -0.71% Day -0.08% Month -0.72% Year -2.12%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
25,663.95 21,972.22 37,947.88

25,064.50 77,486.84 5,417.07 2,772.55 36,373.44

5,344.93 20,415.27
75,892.84 2,668.97
Day 0.41% Month 2.37% Year 16.49% Day -1.21% Month -2.89% Year 11.61% Day -0.08% Month -1.19% Year 3.25% Day -0.53% Month -7.11% Year -6.30% Day -1.33% Month -5.16% Year -17.79% Day 0.75% Month 4.47% Year 19.44%

Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 26169.54 26938.75 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 22620.60 22742.58 Philippines Manila Comp 7583.52 7517.36 Taiwan Weighted Pr 10690.96 10683.90 Cross-Border DJ Global Titans ($) 317.49 316.83
Australia All Ordinaries 6426.20 6412.60 Czech RepublicPX 1058.05 1061.38 FTSE Italia Mid Cap 40165.86 40405.14 Poland Wig 58210.77 58921.44 Thailand Bangkok SET 1690.04 1680.96 Euro Stoxx 50 (Eur) 3371.30 3377.56
S&P/ASX 200 6339.20 6328.30 Denmark OMXC Copenahgen 20 997.94 1002.22 FTSE MIB 20415.27 20524.13 Portugal PSI 20 5461.30 5486.99 Turkey BIST 100 116840.94 116315.98 Euronext 100 ID 1051.14 1052.91
S&P/ASX 200 Res 4248.60 4259.40 Egypt EGX 30 15357.44 15356.81 Japan 2nd Section 7109.23 7103.55 PSI General 3225.35 3234.01 UAE Abu Dhabi General Index 4886.14 4830.22 FTSE 4Good Global ($) 6853.60 6840.95
Austria ATX 3264.07 3263.13 Estonia OMX Tallinn 1237.45 1233.12 Nikkei 225 22270.38 22192.04 Romania BET Index 8176.78 8127.85 UK FT 30 3259.00 3227.20 FTSE All World ($) 338.29 337.60
Belgium BEL 20 3768.50 3775.63 Finland OMX Helsinki General 9936.60 9948.81 S&P Topix 150 1383.92 1376.46 Russia Micex Index 2285.53 2285.76 FTSE 100 7558.59 7556.38 FTSE E300 1490.78 1492.07
BEL Mid 7225.01 7230.17 France CAC 40 5344.93 5349.01 Topix 1697.53 1687.15 RTX 1056.36 1066.51 FTSE 4Good UK 6762.64 6764.46 FTSE Eurotop 100 2856.18 2859.23
Brazil Bovespa 75892.84 76818.72 SBF 120 4288.07 4290.51 Jordan Amman SE 1981.67 1991.36 Saudi-Arabia TADAWUL All Share Index 7867.16 7865.68 FTSE All Share 4153.82 4153.09 FTSE Global 100 ($) 1744.44 1742.92
Canada S&P/TSX 60 969.99 967.71 Germany M-DAX 26377.37 26430.24 Kenya NSE 20 3323.88 3334.57 Singapore FTSE Straits Times 3209.44 3211.93 FTSE techMARK 100 4733.86 4731.35 FTSE Gold Min ($) 1166.27 1181.87
S&P/TSX Comp 16262.02 16225.65 TecDAX 2881.17 2888.33 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 333.42 330.64 USA DJ Composite 8661.94 8628.38 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 837.48 837.48 XETRA Dax 12210.55 12237.17 Latvia OMX Riga 1000.71 999.13 Slovenia SBI TOP 877.01 878.31 DJ Industrial 25663.95 25558.73 FTSE Multinationals ($) 1988.16 1975.12
Chile S&P/CLX IGPA Gen 26577.82 26582.79 Greece Athens Gen 710.35 707.77 Lithuania OMX Vilnius 709.46 711.63 South Africa FTSE/JSE All Share 56647.52 56562.34 DJ Transport 11236.40 11190.43 FTSE World ($) 601.49 600.35
China FTSE A200 8491.89 8607.94 FTSE/ASE 20 1877.36 1869.87 Luxembourg LuxX 1664.88 1672.41 FTSE/JSE Res 20 41733.70 41406.22 DJ Utilities 742.90 741.02 FTSEurofirst 100 (Eur) 4170.92 4176.92
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 27213.41 27100.06 Malaysia FTSE Bursa KLCI 1783.47 1777.27 FTSE/JSE Top 40 50601.89 50506.38 Nasdaq 100 7364.18 7374.30 FTSEurofirst 80 (Eur) 4732.12 4740.39
Shanghai A 2794.91 2832.54 HS China Enterprise 10513.83 10479.68 Mexico IPC 48063.10 48059.06 South Korea Kospi 2247.05 2240.80 Nasdaq Cmp 7800.90 7806.52 MSCI ACWI Fr ($) 511.50 508.32
Shanghai B 283.14 284.91 HSCC Red Chip 4036.68 4024.89 Morocco MASI 11603.72 11610.79 Kospi 200 288.57 288.24 NYSE Comp 12885.42 12841.28 MSCI All World ($) 2131.05 2115.70
Shanghai Comp 2668.97 2704.84 Hungary Bux 36436.96 36472.99 Netherlands AEX 552.95 556.38 Spain IBEX 35 9867.90 9780.00 S&P 500 2846.33 2840.69 MSCI Europe (Eur) 1581.89 1571.70
Shenzhen A 1507.91 1533.84 India BSE Sensex 37947.88 37663.56 AEX All Share 815.24 820.08 Sri Lanka CSE All Share 6051.10 6083.59 Wilshire 5000 29666.13 29610.05 MSCI Pacific ($) 2720.74 2730.37
Shenzhen B 991.92 996.85 Nifty 500 9770.20 9685.65 New Zealand NZX 50 9052.77 8998.91 Sweden OMX Stockholm 30 1616.21 1611.33 Venezuela IBC 219356.30 140157.22 S&P Euro (Eur) 1593.28 1596.13
Colombia COLCAP 1525.29 1520.61 Indonesia Jakarta Comp 5783.80 5816.59 Nigeria SE All Share 35069.34 35288.23 OMX Stockholm AS 596.57 594.55 Vietnam VNI 968.88 964.28 S&P Europe 350 (Eur) 1536.82 1538.09
Croatia CROBEX 1818.15 1820.63 Ireland ISEQ Overall 6698.59 6672.08 Norway Oslo All Share 1006.51 1004.04 Switzerland SMI Index 9003.91 8997.72 S&P Global 1200 ($) 2373.04 2366.23
Israel Tel Aviv 125 1403.61 1411.72 Pakistan KSE 100 42446.62 41960.80 Stoxx 50 (Eur) 3058.73 3063.08
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Aug 17 %Chg %Chg Aug 17 %Chg %Chg Aug 17 %Chg %Chg Aug 17 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Amazon.com 42.8 1877.63 -8.89 Royal Dutch Shell 457.8 2472.50 -3.50 Bayer Ag Na O.n. 551.5 78.40 1.35 Softbank . 359.2 10020.00 35.00 Hargreaves Lansdown 2172.00 3.9 19.1 Syncona 290.00 11.8 43.9 Vp 1167.50 4.2 33.1 Nonlife Insurance 3263.24 2.6 1.2
Nvidia 40.4 247.33 -10.11 Sky 218.8 1532.50 2.50 Intesa Sanpaolo 249.9 2.18 -0.02 Mitsubishi Ufj Fin,. 324.9 671.00 12.50 Glaxosmithkline 1617.00 3.4 22.3 Bank Of Georgia 1739.80 1.7 -50.9 Ten Entertainment 243.00 3.8 -5.1 Construction & Materials 6309.21 1.4 -3.7
Apple 39.6 217.32 4.00 Hsbc Holdings 181.1 696.90 -6.00 Unicredit 247.1 12.94 -0.06 Toyota Motor 317.4 6803.00 28.00 Wpp 1276.00 3.3 -4.5 Grafton 768.00 1.5 -3.5 Phoenix Spree Deutschland 383.00 4.9 -1.0 Tobacco 46848.17 1.3 -
Facebook 21.8 173.04 -1.66 Glencore 142.7 305.00 0.15 Bnp Paribas Act.a 241.7 50.99 -0.41 Fast Retailing Co., 311.3 48200.00 -1070.00 Direct Line Insurance 332.40 3.1 -10.6 Vedanta Resources 849.60 1.4 2.4 Robert Walters 760.00 6.7 31.0 Health Care Equip.& Services 7824.41 1.2 3.2
Netflix 19.8 319.14 -3.30 British American Tobacco 134.6 4203.00 45.00 Asml Holding 227.3 171.68 -2.22 Sony 266.5 6040.00 93.00 Admiral 2037.00 2.5 4.5 Stobart Ld 229.50 1.1 -19.0 Apax Global Alpha 137.25 1.7 -9.1 Personal Goods 39127.51 0.9 7.8
Applied Materials 13.7 44.26 -3.17 Rio Tinto 129.3 3706.00 16.50 Atlantia 223.5 19.34 1.04 Suzuki Motor 250.4 7507.00 -100.00 Rsa Insurance 640.80 2.0 3.5 John Laing Infrastructure Fund 145.40 0.0 17.8 Jupiter Us Smaller Companies 1085.00 2.6 22.6 Gas Water & Multiutilities 4975.98 0.8 -3.9
Micron Technology 9.9 47.31 0.21 Royal Dutch Shell 122.9 2511.50 -2.00 Ing Groep N.v. 209.5 11.69 -0.14 Tokyo Electron 221.8 18275.00 -255.00 Melrose Industries 221.10 2.0 4.7 Pantheon Int 2040.00 0.0 9.1 Nb Private Equity Partners 1135.00 3.4 9.1 Media 8424.50 0.6 11.4
Alphabet 9.6 1214.00 -10.06 Bhp Billiton 120.1 1629.40 -2.60 Daimler Ag Na O.n. 206.6 54.92 -0.37 Sumitomo Mitsui Fin,. 186.0 4348.00 54.00 Severn Trent 2014.00 1.9 -5.8 Baillie Gifford Japan Trust 839.00 -0.6 1.8 Reach 73.20 1.7 -8.4 Fixed Line Telecommunication 2608.83 0.3 -
Microsoft 8.7 107.20 -0.45 Astrazeneca 115.0 5930.00 -6.00 Total 201.3 52.40 0.04 Takeda Pharmaceutical 181.7 4537.00 -76.00 United Utilities 752.20 1.9 -7.9 Mercantile Investment Trust (the) 214.45 -0.8 -1.4 Ao World 137.40 2.2 27.7 Pharmaceuticals & Biotech. 14989.26 0.1 16.7
Alphabet 8.4 1197.50 -8.99 Bp 114.8 548.60 0.00 Allianz Se Na O.n. 200.2 184.24 -1.64 Mizuho Fin,. 176.2 193.60 2.10 Compass 1697.50 1.8 7.4 Tr Property Investment Trust 430.50 -0.7 9.0 F&c Private Equity Trust 342.50 2.2 1.5 Industrial Transportation 3206.62 -0.2 -3.7
Smith & Nephew 1379.00 1.7 9.2 Caledonia Investments 2810.00 -0.7 0.2 Polar Capital Global Healthcare Trust 221.00 2.1 9.4 Beverages 22316.35 -0.2 2.7
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Easyjet 1574.50 1.5 4.9 3i Infrastructure 235.45 -0.7 -11.3 Circassia Pharmaceuticals 79.50 2.1 -19.3 Household Goods 17119.40 -0.3 -8.0
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Nordstrom 58.13 5.85 11.19 Btg 534.00 25.50 5.01 Atlantia 19.34 1.04 5.68 Familymart Co., 11530.00 590.00 5.39 Antofagasta 827.00 -14.0 -17.4 Kaz Minerals 478.50 -21.9 -46.4 Chemring 198.00 -16.1 10.0 Industrial Metals 4199.02 -8.7 9.2
Coty 12.02 0.54 4.66 Syncona 290.00 9.00 3.20 Grifols 24.55 0.48 1.99 Kawasaki Kisen Kaisha, 2003.00 91.00 4.76 Evraz 466.60 -8.5 31.5 Rank 164.20 -12.1 -33.9 Dp Eurasia N.v. 88.00 -17.8 -59.0 Mining 16727.68 -4.9 -
Deere & 141.62 4.27 3.11 Fisher (james) & Sons 1814.00 46.00 2.60 Bayer Ag Na O.n. 78.40 1.35 1.75 Pacific Metals Co., 3845.00 155.00 4.20 Anglo American 1534.00 -8.0 -3.8 Ferrexpo 155.15 -10.3 -48.8 Lonmin 37.28 -9.1 -55.4 Life Insurance 8172.46 -3.9 -9.0
Perrigo 72.42 2.02 2.87 Hikma Pharmaceuticals 1818.00 43.00 2.42 Schindler N 192.70 3.17 1.67 Kyowa Hakko Kirin Co., 1985.00 79.00 4.14 Kingfisher 273.30 -7.1 -20.4 Cairn Energy 225.20 -9.0 7.0 Findel 257.00 -7.2 25.7 Mobile Telecommunications 3934.17 -3.6 -
Hewlett Packard Enterprise 16.72 0.45 2.77 Weir 1835.00 43.00 2.40 A.p. M__ller - M__rsk A A/s 1105.45 18.10 1.66 Jgc 2147.00 79.00 3.82 Randgold Resources Ld 5038.00 -6.8 -32.3 Just 91.95 -8.6 -44.3 Capital & Regional 45.25 -7.8 -22.1 Forestry & Paper 23629.49 -3.3 13.7
Fresnillo 924.80 -6.5 -35.6 Indivior 273.70 -8.0 -32.0 Mothercare 25.05 -6.7 -24.4 Banks 4145.59 -3.2 -
Downs Downs Downs Downs
Tui Ag 1475.50 -5.7 -4.7 Playtech 514.40 -7.5 -40.9 Acacia Mining 113.85 -6.4 -43.9 General Retailers 2396.75 -3.0 -5.8
Applied Materials 44.26 -3.17 -6.69 Kaz Minerals 478.50 -81.70 -14.58 Vopak 38.46 -2.64 -6.42 Dainippon Screen Mfg.co., 7690.00 -230.00 -2.90
Standard Chartered 644.80 -5.2 -17.1 Tullow Oil 216.00 -6.3 5.4 Int Personal Finance 228.40 -6.0 12.8 Industrial Engineering 13068.86 -2.4 4.5
Nvidia 247.33 -10.11 -3.93 Rank 164.20 -6.80 -3.98 Aegon 5.27 -0.21 -3.90 Fast Retailing Co., 48200.00 -1070.00 -2.17
Glencore 305.00 -5.0 -22.6 Moneysupermarket.com 287.60 -6.6 -19.9 Raven Property 41.70 -6.2 -14.7 General Industrials 6809.27 -2.4 6.8
Gilead Sciences 73.01 -2.58 -3.41 Ip 120.60 -4.40 -3.52 Saipem 4.41 -0.15 -3.33 Eisai Co., 9569.00 -166.00 -1.71
Prudential 1719.00 -4.4 -8.7 Centamin 104.25 -6.7 -34.5 Nostrum Oil & Gas 243.00 -5.4 -24.5 Real Estate & Investment Servic 2653.38 -2.3 -9.5
Lam Research 168.88 -5.41 -3.10 Aa 112.50 -4.10 -3.52 Heidelbergcement Ag O.n. 68.50 -1.84 -2.62 Takeda Pharmaceutical 4537.00 -76.00 -1.65
Smith (ds) 490.00 -4.3 21.2 Intu Properties 160.15 -5.8 -36.2 Foxtons 54.00 -5.4 -34.9 Food & Drug Retailers 4275.11 -2.3 30.9
Abiomed 360.29 -8.69 -2.35 Ferrexpo 155.15 -5.40 -3.36 Norsk Hydro 4.62 -0.12 -2.59 Comsys Holdings 2937.00 -47.00 -1.58
Paddy Power Betfair 6955.00 -4.1 -21.9 Card Factory 177.50 -5.2 -39.7 Blackrock Frontiers Investment Trust 145.50 -5.8 -9.9 Oil & Gas Producers 9166.37 -2.2 1.5
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Aug 17 Currency Mid Change Mid Change Mid Change Aug 17 Currency Mid Change Mid Change Mid Change Aug 17 Currency Mid Change Mid Change Mid Change Aug 17 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 29.7450 -0.0550 33.9361 -0.0105 37.8937 -0.0271 Indonesia Indonesian Rupiah 14610.0000 - 16668.5836 25.6331 18612.4424 21.1078 Poland Polish Zloty 3.7737 -0.0067 4.3054 -0.0010 4.8075 -0.0031 ..Three Month 0.7855 -0.0009 0.8953 0.0004 - -
Australia Australian Dollar 1.3735 -0.0013 1.5671 0.0009 1.7498 0.0003 Israel Israeli Shekel 3.6666 -0.0061 4.1832 -0.0006 4.6710 -0.0025 Romania Romanian Leu 4.0796 -0.0097 4.6544 -0.0039 5.1971 -0.0065 ..One Year 0.7872 -0.0009 0.8944 0.0003 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4302 0.0007 0.4804 0.0005 Japan Japanese Yen 110.4550 -0.2900 126.0183 -0.1366 140.7142 -0.2097 Russia Russian Ruble 67.4338 0.6743 76.9353 0.8865 85.9072 0.9554 United States United States Dollar - - 1.1409 0.0018 1.2740 0.0014
Bolivia Bolivian Boliviano 6.9100 - 7.8836 0.0121 8.8030 0.0100 ..One Month 110.4548 -0.2904 126.0183 -0.1365 140.7141 -0.2099 Saudi Arabia Saudi Riyal 3.7505 -0.0002 4.2790 0.0064 4.7780 0.0052 ..One Month - - 1.1407 -0.1316 1.2741 0.0014
Brazil Brazilian Real 3.9377 0.0585 4.4926 0.0735 5.0165 0.0801 ..Three Month 110.4543 -0.2914 126.0183 -0.1364 140.7138 -0.2104 Singapore Singapore Dollar 1.3727 -0.0015 1.5661 0.0008 1.7487 0.0001 ..Three Month - - 1.1401 -0.1316 1.2744 0.0014
Canada Canadian Dollar 1.3086 -0.0059 1.4929 -0.0045 1.6670 -0.0057 ..One Year 110.4518 -0.2964 126.0184 -0.1362 140.7141 -0.2114 South Africa South African Rand 14.7819 0.1681 16.8647 0.2175 18.8314 0.2353 ..One Year - - 1.1373 -0.1316 1.2762 0.0014
Chile Chilean Peso 668.5200 3.9200 762.7154 5.6384 851.6613 5.9528 Kenya Kenyan Shilling 100.8300 0.0800 115.0371 0.2680 128.4524 0.2473 South Korea South Korean Won 1124.7500 -5.2000 1283.2289 -3.9501 1432.8756 -4.9943 Venezuela Venezuelan Bolivar Fuerte 136865.0000 -111335.0000 156149.4581-126586.772 174359.203 -141477.1525
China Chinese Yuan 6.8812 -0.0162 7.8508 -0.0064 8.7663 -0.0107 Kuwait Kuwaiti Dinar 0.3035 - 0.3463 0.0005 0.3866 0.0004 Sweden Swedish Krona 9.1811 -0.0072 10.4747 0.0080 11.6962 0.0041 5 0
Colombia Colombian Peso 3022.1500 4.6450 3447.9751 10.5933 3850.0691 10.2701 Malaysia Malaysian Ringgit 4.1065 0.0015 4.6851 0.0089 5.2315 0.0078 Switzerland Swiss Franc 0.9952 0.0006 1.1354 0.0024 1.2678 0.0021 Vietnam Vietnamese Dong 23294.0000 -19.0000 26576.1660 19.1973 29675.4397 9.4198
Costa Rica Costa Rican Colon 567.1000 -0.1850 647.0052 0.7843 722.4572 0.5828 Mexico Mexican Peson 19.0459 0.0545 21.7295 0.0955 24.2635 0.0968 Taiwan New Taiwan Dollar 30.7925 -0.0350 35.1312 0.0142 39.2281 -0.0001 European Union Euro 0.8765 -0.0014 - - 1.1166 -0.0005
Czech Republic Czech Koruna 22.5537 -0.0430 25.7315 -0.0094 28.7323 -0.0222 New Zealand New Zealand Dollar 1.5130 -0.0025 1.7261 -0.0002 1.9274 -0.0010 Thailand Thai Baht 33.2500 -0.0400 37.9350 0.0128 42.3588 -0.0029 ..One Month 0.8762 -0.0014 - - 1.1165 -0.0005
Denmark Danish Krone 6.5373 -0.0090 7.4585 0.0012 8.3283 -0.0021 Nigeria Nigerian Naira 361.0000 -0.5000 411.8654 0.0638 459.8961 -0.1154 Tunisia Tunisian Dinar 2.7651 -0.0042 3.1547 0.0001 3.5226 -0.0014 ..Three Month 0.8757 -0.0014 - - 1.1163 -0.0005
Egypt Egyptian Pound 17.8980 0.0180 20.4199 0.0519 22.8012 0.0487 Norway Norwegian Krone 8.4747 0.0210 9.6688 0.0388 10.7963 0.0390 Turkey Turkish Lira 6.0922 0.3037 6.9506 0.3566 7.7612 0.3952 ..One Year 0.8729 -0.0014 - - 1.1154 -0.0005
Hong Kong Hong Kong Dollar 7.8494 -0.0001 8.9554 0.0136 9.9998 0.0111 Pakistan Pakistani Rupee 123.5000 0.2500 140.9013 0.5015 157.3329 0.4963 United Arab Emirates UAE Dirham 3.6732 - 4.1907 0.0064 4.6794 0.0053
Hungary Hungarian Forint 283.1011 -1.3390 322.9904 -1.0287 360.6567 -1.2955 Peru Peruvian Nuevo Sol 3.3222 0.0110 3.7903 0.0184 4.2323 0.0188 United Kingdom Pound Sterling 0.7850 -0.0009 0.8956 0.0004 - -
India Indian Rupee 70.2963 - 80.2011 0.1233 89.5539 0.1014 Philippines Philippine Peso 53.4100 -0.0630 60.9355 0.0219 68.0417 -0.0031 ..One Month 0.7851 -0.0009 0.8955 0.0004 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Aug 17 Aug 16 Aug 15 Aug 14 Aug 13 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 3259.00 3227.20 3260.50 3272.30 3284.10 0.00 3384.10 2974.50 Automobiles & Parts 44.36 Equity Invest Instr 3.31 Real Est Invest & Tr -3.62 FTSE 100 Price Change FTSE 100 Price Change
Aug 17 chge% Index Aug 16 Aug 15 ago yield% Cover ratio adj Return FT 30 Div Yield 1.86 1.88 1.86 1.86 1.85 0.00 3.93 2.74 Tech Hardware & Eq 30.82 Electronic & Elec Eq 3.01 Gas Water & Multi -3.81 3I Group PLC 922.20 -3.80 London Stock Exchange Group PLC 4408 10.00
FTSE 100 (100) 7558.59 0.03 6574.30 7556.38 7497.87 7323.98 3.93 2.01 12.68 233.90 6614.46 P/E Ratio net 24.02 23.79 24.02 24.02 24.09 0.00 19.44 14.26 Food & Drug Retailer 30.56 Health Care Eq & Srv 2.67 Consumer Goods -5.22 Admiral Group PLC 2037 -13.00 Marks And Spencer Group PLC 299.00 -2.40
FTSE 250 (250) 20444.36 -0.09 17782.09 20462.26 20320.35 19626.46 2.79 2.26 15.82 343.89 15289.30 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Pharmace & Biotech 16.74 Beverages 2.47 Financials -5.96 Anglo American PLC 1534 -9.00 Melrose Industries PLC 221.10 1.40
FTSE 250 ex Inv Co (197) 21794.78 -0.10 18956.65 21816.17 21661.15 20977.23 2.91 1.96 17.54 379.55 16640.42 FT 30 hourly changes Chemicals 16.12 Oil & Gas 1.73 General Retailers -6.09 Antofagasta PLC 827.00 -16.60 Micro Focus International PLC 1245.5 2.50
FTSE 350 (350) 4207.82 0.01 3659.88 4207.40 4175.39 4070.49 3.74 2.04 13.11 120.21 7373.41 8 9 10 11 12 13 14 15 16 High Low Health Care 15.11 Oil & Gas Producers 1.61 Basic Materials -7.10 Ashtead Group PLC 2322 - Mondi PLC 2099 10.00
FTSE 350 ex Investment Trusts (296) 4164.65 0.01 3622.33 4164.03 4132.34 4033.39 3.80 1.99 13.24 121.09 3761.89 3227.2 3237.7 3245.7 3251.1 3251.9 3250.9 3251 3254.5 3261.6 3262.2 3227.2 Forestry & Paper 13.61 Nonlife Insurance 1.23 Household Goods & Ho -8.33 Associated British Foods PLC 2338 31.00 Morrison (Wm) Supermarkets PLC 263.30 0.40
FTSE 350 Higher Yield (105) 3816.29 -0.01 3319.33 3816.56 3789.77 3723.14 5.24 1.78 10.72 147.11 7119.54 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Aerospace & Defense 13.35 NON FINANCIALS Index -0.01 Life Insurance -8.81 Astrazeneca PLC 5930 -6.00 National Grid PLC 829.40 4.90
FTSE 350 Lower Yield (245) 4212.57 0.03 3664.01 4211.35 4176.55 4038.57 2.08 2.76 17.41 74.85 4743.28 Media 11.17 FTSE 250 Index -1.36 Real Est Invest & Se -9.51 Aviva PLC 484.80 2.30 Next PLC 5460 -64.00
FTSE SmallCap (284) 5827.55 0.22 5068.69 5814.75 5799.56 5652.66 3.25 2.37 13.01 119.50 8631.95 Industrial Metals & 9.08 Electricity -1.38 Banks -10.23
FTSE SmallCap ex Inv Co (155) 4961.01 0.28 4314.98 4947.33 4937.73 4971.83 3.36 1.65 18.08 103.53 7725.64 FX: EFFECTIVE INDICES Personal Goods 7.80 FTSE SmallCap Index -1.43 Mining -10.80
Bae Systems PLC 624.60 -1.00 Nmc Health PLC 4060 -2.00
Barclays PLC 182.60 0.42 Ocado Group PLC 1046 -10.50
FTSE All-Share (634) 4153.82 0.02 3612.91 4153.09 4122.24 4018.66 3.73 2.05 13.10 117.45 7356.18 Oil Equipment & Serv 7.12 FTSE All{HY-}Share Index -1.61 Food Producers -13.48
Aug 16 Aug 15 Mnth Ago Aug 17 Aug 16 Mnth Ago Barratt Developments PLC 537.00 -0.40 Paddy Power Betfair PLC 6955 35.00
FTSE All-Share ex Inv Co (451) 4085.17 0.02 3553.20 4084.34 4053.73 3959.38 3.79 1.98 13.31 118.11 3749.22 Consumer Services 5.19 FTSE 100 Index -1.68 Tobacco -14.03 Berkeley Group Holdings (The) PLC 3737 20.00 Pearson PLC 917.40 1.40
FTSE All-Share ex Multinationals (567) 1229.21 -0.01 886.12 1229.37 1221.99 1222.79 3.56 1.82 15.43 32.14 2291.15 Australia - - - Sweden - - - Leisure Goods 4.68 Travel & Leisure -1.80 Fixed Line Telecomms -16.44 Bhp Billiton PLC 1629.4 -2.60 Persimmon PLC 2462 -7.00
FTSE Fledgling (103) 11127.63 -0.40 9678.59 11172.06 11184.54 10346.23 3.05 1.99 16.48 191.02 21501.59 Canada - - - Switzerland - - - Industrial Eng 4.68 Utilities -3.29 Technology -18.47 BP PLC 548.60 - Prudential PLC 1719 -15.00
FTSE Fledgling ex Inv Co (51) 16419.17 -0.64 14281.06 16524.92 16551.23 14945.37 3.58 -0.88 -31.64 287.86 31033.61 Denmark - - - UK 77.09 77.17 78.47 Industrials 4.14 Construct & Material -3.31 Software & Comp Serv -21.00 British American Tobacco PLC 4203 45.00 Randgold Resources LD 5038 6.00
FTSE All-Small (387) 4067.82 0.19 3538.11 4060.25 4050.48 3937.29 3.24 2.35 13.17 82.72 7733.48 Japan - - - USA - - - Support Services 3.47 Industrial Transport -3.51 Telecommunications -21.87 British Land Company PLC 639.20 3.00 Reckitt Benckiser Group PLC 6783 10.00
FTSE All-Small ex Inv Co (206) 3741.28 0.24 3254.09 3732.36 3725.66 3735.56 3.37 1.54 19.30 77.59 7381.13 New Zealand - - - Euro - - - Financial Services -3.60 Mobile Telecomms -23.95 Bt Group PLC 225.85 0.10 Relx PLC 1714 9.50
FTSE AIM All-Share (805) 1078.13 0.03 937.74 1077.83 1080.44 999.29 1.27 1.26 62.41 8.44 1203.77 Norway - - -
Bunzl PLC 2338 13.00 Rentokil Initial PLC 338.00 1.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Burberry Group PLC 2244 -15.00 Rightmove PLC 4930 -21.00
Oil & Gas (15) 9567.26 -0.07 8321.41 9574.29 9486.62 7991.17 5.14 1.22 15.98 366.31 9473.97 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Carnival PLC 4616 17.00 Rio Tinto PLC 3706 16.50
Oil & Gas Producers (10) 9206.15 -0.07 8007.32 9212.40 9128.32 7697.69 5.18 1.23 15.70 355.96 9444.91 Centrica PLC 145.90 -0.50 Rolls-Royce Holdings PLC 1023.5 8.50
Oil Equipment Services & Distribution (5)14549.18 -0.32 12654.58 14596.10 14442.77 11610.19 3.37 0.36 83.20 312.40 11737.74 FTSE GLOBAL EQUITY INDEX SERIES Coca-Cola Hbc AG 2613 -18.00 Royal Bank Of Scotland Group PLC 240.90 0.30
Basic Materials (29) 5868.97 -0.14 5104.71 5877.07 5812.19 5648.34 4.25 2.23 10.53 210.09 6309.86 Compass Group PLC 1697.5 22.50 Royal Dutch Shell PLC 2472.5 -3.50
Chemicals (8) 17486.60 -0.78 15209.49 17623.69 17405.75 13497.81 1.78 2.19 25.70 221.53 16024.07 Aug 16 No of US $ Day Mth YTD Total
YTD Gr Div Aug 16 No of US $ Day Mth YTD Total YTD Gr Div Crh PLC 2555 13.00 Royal Dutch Shell PLC 2511.5 -2.00
Forestry & Paper (1) 25784.11 0.48 22426.50 25661.27 25477.01 24306.30 2.64 3.22 11.76 463.33 28925.11 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Croda International PLC 5138 -32.00 Royal Mail PLC 464.40 2.70
Industrial Metals & Mining (2) 4523.01 0.40 3934.02 4505.18 4723.89 3398.24 7.93 2.81 4.49 519.85 4685.45 FTSE Global All Cap 7852 579.98 0.6 -0.7 -0.3 847.41
1.3 2.3 Oil & Gas Producers 110 381.32 0.6 0.6 1.3 654.78 3.8 3.5 Dcc PLC 6905 5.00 Rsa Insurance Group PLC 640.80 10.00
Mining (18) 15968.51 -0.09 13889.08 15982.63 15787.22 15882.47 4.62 2.19 9.89 616.12 9008.96 FTSE Global Large Cap 1449 510.30 0.6 -0.4 -0.2 766.16
1.5 2.5 Oil Equipment & Services 28 295.49 0.2 0.2 -6.1 444.26 -4.0 3.7 Diageo PLC 2793.5 5.50 Sage Group PLC 665.80 1.40
FTSE Global Mid Cap 1739 771.09 0.6 -1.5 -1.8 1064.83
-0.4 2.1 Basic Materials 258 498.12 0.3 0.3 -8.6 785.49 -6.6 3.0 Direct Line Insurance Group PLC 332.40 -3.30 Sainsbury (J) PLC 334.60 -3.60
Industrials (105) 5724.41 0.10 4978.97 5718.96 5670.99 5361.91 2.35 1.92 22.18 84.23 6062.79
Construction & Materials (15) 6639.72 0.34 5775.09 6617.36 6472.92 6842.79 2.51 0.74 54.26 118.19 7247.69 FTSE Global Small Cap 4664 835.69 0.6 -1.1 1.1 1115.04
2.3 1.8 Chemicals 121 761.67 0.5 0.5 -5.5 1202.46 -3.7 2.6 Easyjet PLC 1574.5 1.50 Schroders PLC 3066 14.00
Aerospace & Defense (9) 5755.73 0.04 5006.22 5753.67 5723.61 5296.97 2.16 3.48 13.30 69.29 6313.78 FTSE All-World 3188 337.60 0.6 -0.6 -0.5 521.44
1.2 2.4 Forestry & Paper 16 313.60 1.2 1.2 1.8 550.85 4.2 2.8 Evraz PLC 466.60 5.30 Scottish Mortgage Investment Trust PLC 542.70 -5.60
General Industrials (8) 5515.73 -0.08 4797.47 5519.98 5450.22 5018.99 2.66 1.30 28.92 83.17 6476.18 FTSE World 2607 600.35 0.7 -0.3 0.2 1244.69
1.9 2.4 Industrial Metals & Mining 67 416.33 -0.5 -0.5 -14.6 654.77 -12.7 3.3 Experian PLC 1902 -2.50 Segro PLC 657.60 2.20
Electronic & Electrical Equipment (10) 8312.92 0.02 7230.40 8311.19 8246.48 7471.50 1.66 2.22 27.15 82.22 7730.47 FTSE Global All Cap ex UNITED KINGDOM In 7533 604.58 0.6 -0.4 0.1 868.88
1.7 2.2 Mining 54 565.54 0.1 0.1 -13.9 896.49 -11.4 3.9 Ferguson PLC 6071 -5.00 Severn Trent PLC 2014 15.50
Industrial Engineering (11) 14394.71 0.85 12520.22 14273.52 14299.25 12489.25 2.04 1.78 27.54 220.68 18002.59 FTSE Global All Cap ex USA 5997 487.17 0.4 -3.0 -7.6 767.24
-5.6 3.0 Industrials 575 404.45 0.7 0.7 -2.6 595.46 -1.2 2.0 Fresnillo PLC 924.80 5.20 Shire PLC 4442.5 -0.50
Industrial Transportation (6) 5092.75 0.60 4429.57 5062.49 5010.69 4725.99 4.21 1.05 22.73 141.66 4790.93 FTSE Global All Cap ex JAPAN 6523 594.70 0.7 -0.6 0.1 877.51
1.8 2.4 Construction & Materials 118 506.72 0.3 0.3 -8.9 780.46 -7.5 2.2 Glaxosmithkline PLC 1617 7.00 Sky PLC 1532.5 2.50
Support Services (46) 8155.23 -0.09 7093.25 8162.50 8114.45 7635.63 2.29 2.03 21.50 116.48 8691.49 FTSE Global All Cap ex Eurozone 7183 603.55 0.5 -0.2 0.5 864.20
2.0 2.2 Aerospace & Defense 28 831.51 2.0 2.0 8.1 1211.67 9.5 1.8 Glencore PLC 305.00 0.15 Smith & Nephew PLC 1379 10.50
FTSE Developed 2141 548.08 0.7 -0.2 0.8 807.32
2.4 2.3 General Industrials 60 215.93 0.6 0.6 -10.0 344.57 -8.6 2.5 Gvc Holdings PLC 1099 3.00 Smith (Ds) PLC 490.00 -1.00
Consumer Goods (42) 21193.03 0.41 18433.26 21107.43 20893.90 21904.20 3.45 4.54 6.38 531.35 16365.78
FTSE Developed All Cap 5691 577.71 0.7 -0.3 0.9 840.03
2.6 2.3 Electronic & Electrical Equipment 76 440.24 0.1 0.1 -4.5 592.16 -3.5 1.5 Halma PLC 1410 6.00 Smiths Group PLC 1591.5 7.00
Automobiles & Parts (1) 10804.04 0.08 9397.13 10795.91 10893.46 7419.10 1.45 0.00 0.00 291.29 10818.52
FTSE Developed Large Cap 917 506.80 0.7 0.0 1.1 758.71
2.8 2.4 Industrial Engineering 109 756.70 0.8 0.8 -12.4 1099.82 -11.1 2.3 Hargreaves Lansdown PLC 2172 19.00 Smurfit Kappa Group PLC 3190 -12.00
Beverages (5) 22348.55 0.13 19438.32 22320.38 22137.58 20535.81 2.34 1.83 23.36 506.17 16375.20
FTSE Developed Europe Large Cap 242 356.78 1.1 -3.4 -7.6 622.17
-4.7 3.5 Industrial Transportation 105 719.91 0.3 0.3 0.4 1061.99 1.8 2.1 HSBC Holdings PLC 696.90 -6.00 Sse PLC 1265 1.00
Food Producers (12) 7262.79 0.82 6317.03 7204.05 7187.53 8679.22 2.39 2.45 17.10 88.60 6410.49
FTSE Developed Europe Mid Cap 318 603.33 1.3 -3.7 -5.4 933.16
-3.3 2.8 Support Services 79 418.57 0.6 0.6 9.2 587.50 10.4 1.5 Imperial Brands PLC 2987.5 4.00 St. James's Place PLC 1126.5 -1.00
Household Goods & Home Construction (15)14300.95 0.18 12438.67 14275.67 14191.38 15385.08 4.54 2.01 10.93 487.73 10664.79
FTSE Dev Europe Small Cap 715 852.03 1.1 -4.1 -6.2 1273.47
-4.2 2.6 Consumer Goods 441 472.63 0.5 0.5 -7.3 719.01 -5.7 2.6 Informa PLC 778.60 4.60 Standard Chartered PLC 644.80 -6.30
Leisure Goods (2) 10449.74 0.93 9088.97 10353.69 10285.65 7004.76 4.44 1.38 16.27 229.96 10034.40
FTSE North America Large Cap 281 609.66 0.8 1.6 6.3 849.22
7.7 2.0 Automobiles & Parts 108 391.05 0.2 0.2 -13.1 576.88 -11.4 3.0 Intercontinental Hotels Group PLC 4750 21.00 Standard Life Aberdeen PLC 317.20 1.20
Personal Goods (5) 34109.91 0.00 29668.10 34111.56 33781.60 33490.08 2.80 3.27 10.92 724.59 23920.28
FTSE North America Mid Cap 399 866.56 0.7 -0.3 3.3 1118.44
4.3 1.7 Beverages 45 644.03 0.6 0.6 -4.4 990.50 -3.1 2.6 International Consolidated Airlines Group S.A. 688.60 -1.20 Taylor Wimpey PLC 170.90 0.65
Tobacco (2) 46848.25 0.86 40747.65 46446.83 45735.50 52220.41 3.92 8.00 3.19 1154.85 31825.51
FTSE North America Small Cap 1387 918.87 0.8 0.5 6.9 1150.45
7.8 1.4 Food Producers 109 592.27 0.4 0.4 -6.5 925.41 -4.5 2.5 Intertek Group PLC 5278 -6.00 Tesco PLC 256.50 0.30
Health Care (22) 10951.71 0.17 9525.57 10932.80 10866.21 9459.65 3.12 1.21 26.49 286.11 8841.09
FTSE North America 680 404.70 0.8 1.3 5.8 576.50
7.1 1.9 Household Goods & Home Construction 47 411.56 1.2 1.2 -12.6 623.41 -10.8 2.9 Itv PLC 166.60 0.25 Tui AG 1475.5 -4.00
Health Care Equipment & Services (10) 7948.10 0.34 6913.10 7921.53 7811.44 8305.24 1.56 2.76 23.24 84.02 7012.19
FTSE Developed ex North America 1461 257.47 0.5 -2.6 -6.8 436.31
-4.6 3.1 Leisure Goods 34 225.45 -1.1 -1.1 -5.8 301.78 -5.0 1.7 Johnson Matthey PLC 3566 -34.00 Unilever PLC 4415 4.00
Pharmaceuticals & Biotechnology (12)14889.31 0.15 12950.42 14866.39 14789.26 12550.87 3.30 1.12 26.93 415.58 10756.82
FTSE Japan Large Cap 193 377.71 -0.6 -0.8 -4.5 499.62
-3.3 2.1 Personal Goods 85 795.93 0.7 0.7 5.4 1139.18 6.8 1.9 Just Eat PLC 787.20 7.80 United Utilities Group PLC 752.20 3.80
Consumer Services (90) 5448.44 0.11 4738.94 5442.31 5393.06 4939.49 2.56 2.18 17.93 101.69 5285.18 FTSE Japan Mid Cap 316 612.45 -1.2 -1.9 -7.5 774.30
-6.6 1.7 Tobacco 13 1171.87 1.4 1.4 -16.8 2531.55 -14.7 4.4
Food & Drug Retailers (6) 4450.26 -0.20 3870.74 4458.97 4401.52 3044.81 1.46 1.96 34.91 45.07 5308.38 Kingfisher PLC 273.30 -1.20 Vodafone Group PLC 175.78 -1.22
FTSE Global wi JAPAN Small Cap 820 682.05 -1.7 -1.7 -8.4 892.81
-7.4 1.8 Health Care 193 538.21 0.7 0.7 7.0 792.78 8.6 1.9 Land Securities Group PLC 923.50 0.50 Whitbread PLC 3979 14.00
General Retailers (26) 2331.25 -0.27 2027.67 2337.45 2338.68 2412.59 3.48 1.71 16.76 50.82 2774.35
FTSE Japan 509 159.86 -0.8 -1.0 -5.1 237.08
-4.0 2.1 Health Care Equipment & Services 73 1004.64 0.7 0.7 14.2 1183.76 15.0 0.9 Legal & General Group PLC 253.90 -1.00 Wpp PLC 1276 -5.50
Media (20) 8529.94 0.17 7419.17 8515.65 8448.24 7568.04 2.54 2.58 15.25 170.90 5448.82
FTSE Asia Pacific Large Cap ex Japan 535 681.27 -0.3 -3.2 -8.6 1106.96
-6.7 2.9 Pharmaceuticals & Biotechnology 120 366.67 0.8 0.8 3.9 567.67 5.8 2.4 Lloyds Banking Group PLC 60.16 0.06
Travel & Leisure (38) 9795.22 0.32 8519.68 9763.49 9646.26 9383.42 2.66 2.15 17.55 192.28 9589.59
FTSE Asia Pacific Mid Cap ex Japan 465 860.39 -0.1 -2.0 -11.8 1339.31
-10.0 3.3 Consumer Services 398 496.85 0.8 0.8 4.9 675.02 6.0 1.5
Telecommunications (6) 2643.48 -0.46 2299.25 2655.60 2621.96 3337.40 7.17 1.12 12.44 126.49 3220.65 FTSE Asia Pacific Small Cap ex Japan 1499 558.18 -0.1 -4.6 -9.4 852.10
-7.9 2.7 Food & Drug Retailers 59 282.26 1.1 1.1 -3.5 403.72 -1.9 2.3
Fixed Line Telecommunications (4) 2676.62 0.11 2328.07 2673.59 2631.18 3455.47 6.61 1.25 12.11 119.53 2654.35
Mobile Telecommunications (2) 3928.21 -0.69 3416.68 3955.63 3910.77 4912.90 7.40 1.07 12.59 193.51 4303.32
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
1000 535.50
2161 715.73
-0.3
0.0
-3.1
-4.2
-8.9 924.14
-7.1 3.0 General Retailers
-11.3 1105.76
-9.3 2.9 Media
130 808.00
78 331.16
0.9
1.1
0.9
1.1
16.7 1064.44
-3.5 451.85
17.5
-2.3
1.0
1.7
UK STOCK MARKET TRADING DATA
Utilities (8) 7093.15 0.33 6169.48 7069.65 7037.07 8284.33 6.05 1.47 11.23 328.49 8705.15 FTSE Emerging Large Cap 532 682.49 -0.1 -4.3 -10.9 1062.00
-8.9 2.8 Travel & Leisure 131 458.19 0.2 0.2 -4.3 630.94 -3.2 1.9 Aug 17 Aug 16 Aug 15 Aug 14 Aug 13 Yr Ago
Electricity (3) 7616.21 -0.15 6624.42 7627.28 7570.47 8458.32 6.91 0.94 15.33 520.61 12138.43 FTSE Emerging Mid Cap 515 852.67 0.2 -3.3 -14.0 1309.58
-11.9 3.4 Telecommunication 92 152.74 1.0 1.0 -8.1 300.70 -5.1 4.6 - - - - - -
Gas Water & Multiutilities (5) 6576.27 0.48 5719.90 6545.07 6520.52 7786.21 5.80 1.66 10.39 261.91 8017.39 FTSE Emerging Small Cap 1114 745.25 0.0 -5.0 -11.1 1103.13
-9.3 2.9 Fixed Line Telecommuniations 39 124.09 1.5 1.5 -8.1 270.53 -4.7 5.3 Order Book Turnover (m) 118.95 82.16 118.24 135.37 170.11 170.11
Financials (303) 5091.41 -0.23 4428.41 5103.22 5087.03 5196.34 3.76 1.84 14.45 153.04 4945.66 FTSE Emerging Europe 126 324.38 0.9 -7.8 -16.8 536.82
-13.7 4.8 Mobile Telecommunications 53 167.42 0.3 0.3 -8.0 293.59 -5.7 3.7 Order Book Bargains 720198.00 931059.00 829552.00 785232.00 879119.00 879119.00
Banks (11) 4094.08 -0.50 3560.94 4114.78 4116.39 4355.73 4.40 1.29 17.63 155.59 3203.17 FTSE Latin America All Cap 240 828.01 0.7 -1.3 -10.7 1317.76
-8.9 3.1 Utilities 169 271.97 0.9 0.9 -1.5 550.62 1.1 3.6 Order Book Shares Traded (m) 1235.00 1734.00 1518.00 1362.00 1380.00 1380.00
Nonlife Insurance (10) 3730.05 0.11 3244.33 3725.85 3718.61 3610.54 3.28 1.50 20.33 98.13 6849.40 FTSE Middle East and Africa All Cap 241 656.14 1.5 -6.0 -16.4 1055.56
-14.8 3.3 Electricity 111 301.07 1.0 1.0 -0.4 601.37 2.0 3.6 Total Equity Turnover (£m) 4340.77 4575.99 4946.48 5093.52 6292.88 6292.88
Life Insurance/Assurance (7) 8292.20 -0.39 7212.39 8324.44 8272.27 8763.63 4.17 1.48 16.27 286.72 8531.12 FTSE Global wi UNITED KINGDOM All Cap In 319 341.42 1.2 -4.6 -7.7 599.44
-4.9 3.8 Gas Water & Multiutilities 58 281.29 0.5 0.5 -3.3 586.91 -0.5 3.8 Total Mkt Bargains 816320.00 1056074.00 946638.00 909638.00 1015638.00 1015638.00
Real Estate Investment & Services (19) 2615.55 -0.16 2274.95 2619.79 2613.74 2676.87 2.86 2.70 12.97 46.47 7200.21 FTSE Global wi USA All Cap 1855 701.41 0.8 1.3 6.5 946.29
7.8 1.8 Financials 715 245.62 0.8 0.8 -4.9 415.31 -2.8 3.1 Total Shares Traded (m) 3800.00 3999.00 4023.00 4454.00 4554.00 4554.00
Real Estate Investment Trusts (37) 2758.82 0.31 2399.56 2750.40 2733.40 2693.28 4.01 1.84 13.58 75.57 3610.04 FTSE Europe All Cap 1476 422.41 1.1 -3.6 -7.4 709.61
-4.8 3.4 Banks 242 213.41 0.8 0.8 -8.0 390.11 -5.5 3.6 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (36) 9137.30 0.07 7947.44 9130.52 9079.54 9252.77 3.28 2.32 13.13 222.82 10903.22 FTSE Eurozone All Cap 669 415.00 1.2 -4.4 -7.6 700.24
-5.1 3.1 Nonlife Insurance 74 269.80 1.3 1.3 -0.9 401.79 1.0 2.3 (c) Market closed.
Equity Investment Instruments (183) 10436.09 -0.04 9077.10 10439.83 10376.53 9727.43 2.43 4.13 9.97 161.05 5873.13 FTSE RAFI All World 3000 3187 6846.79 0.7 -0.6 3.0 Life Insurance
-3.3 9353.69
-1.2 55 224.12 0.5 0.5 -11.2 370.61 -9.2 3.2
Non Financials (331) 4933.44 0.10 4291.00 4928.33 4884.48 4682.61 3.71 2.12 12.70 136.47 7651.29 FTSE RAFI US 1000 1040 11880.64 1.0 1.7 3.0 15994.72
4.5 2.4 Financial Services 155 313.80 0.8 0.8 2.1 441.24 3.4 1.9
Technology (14) 1876.84 0.18 1632.44 1873.55 1869.29 1986.45 2.90 1.53 22.47 45.08 2493.12 FTSE EDHEC-Risk Efficient All-World 3188 402.38 0.6 -0.8 -0.8 574.18
0.7 2.3 Technology 200 294.68 0.1 0.1 9.8 367.15 11.0 1.3 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (12) 2098.75 0.21 1825.45 2094.37 2089.14 2278.91 2.93 1.55 21.98 51.79 2947.22 FTSE EDHEC-Risk Efficient Developed Europe 560 324.03 1.3 -3.3 -4.3 510.13
-2.0 2.8 Software & Computer Services 99 510.04 -0.3 -0.3 10.1 601.24 10.8 0.8 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (2) 2443.63 -0.68 2125.42 2460.26 2468.37 1768.79 2.33 0.85 50.62 39.43 2930.65 Oil & Gas 147 391.95 0.5 -3.9 0.2 658.29
2.5 3.5 Technology Hardware & Equipment 101 220.96 0.6 0.6 9.5 288.79 11.1 2.0 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Alternative Energy 9 90.85 -1.2 -1.2 -5.7 125.47 -4.0 2.0 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment & Services 111 333.20 0.5 0.5 -9.5 571.46 -7.9 2.9 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 7556.70 7567.91 7563.44 7542.10 7550.89 7529.97 7524.96 7535.62 7533.72 7577.67 7514.40 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
FTSE 250 20435.12 20438.44 20459.19 20400.43 20421.45 20396.11 20380.92 20393.24 20403.82 20473.17 20368.37 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
(US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 5825.43 5819.88 5821.72 5816.48 5820.71 5824.98 5825.15 5823.05 5817.94 5827.55 5815.25
FTSE All-Share 4152.63 4157.55 4156.29 4144.82 4149.49 4139.54 4136.83 4141.96 4141.27 4162.76 4132.03 WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Time of FTSE 100 Day's high:08:14:15 Day's Low14:27:00 FTSE 100 2010/11 High: 7877.45(22/05/2018) Low: 6888.69(26/03/2018) www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE All-Share Day's high:08:14:00 Day's Low14:27:00 FTSE 100 2010/11 High: 4324.41(22/05/2018) Low: 3810.81(26/03/2018) Group companies and is used by FTSE International Limited under licence.
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing AIREA Int 9.132 8.073 1.323 1.148 2.310 1.760 1.75000 1.75000 Oct 25 5.125 1.750 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- BlackRock World Mining Trust Int 0.741L 0.795 0.620L 0.130L 3.00000 3.00000 Sep 21 9.600 12.000 08/17 175.00 Sensyne Health PLC 187.50 - 190.00 175.00 0.0
There are currently no rights offers by any companies listed on the LSE. British Smaller Companies VCT 2 Int 1.721 0.772 1.630 0.780 1.50000 1.50000 Sep 28 1.500 1.500 08/08 35.00 AIM JSE Jadestone Energy Inc 35.40 -0.40 36.00 35.00 16319.7
Dukemount Capital Pre 0.000 0.000 0.286L 0.177L 0.084L 0.052L 0.00000 0.00000 - 0.000 0.000 08/03 16.00 ARB Argo Blockchain PLC 9.25 0.25 17.40 8.80 2717.2
Global Ports Holding Int 56.556 49.747 2.111L 6.532L 0.060L 0.113L 0.00000 28.10200 - 27.200 28.100 08/02 4.50 DISH BigDish PLC 4.88 0.12 5.63 3.85 1393.5
JPMorgan US Smaller Companies IT Int 14.809 2.582 25.690 4.260 0.00000 0.00000 - 2.500 0.000 07/19 1.00 WRKS TheWorks Co uk PLC 170.01 0.49 180.00 166.00 10625.6
MediaZest Pre 2.819 3.013 0.256L 0.146L 0.020L 0.010L 0.00000 0.00000 - 0.000 0.000 07/12 10.00 AIM IMMO Immotion Group PLC 13.38 0.13 15.39 11.75 2612.8

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
14 ★ FTWeekend 18 August/19 August 2018

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T 33.02 -0.07 39.80 30.13 5.81 6.67 239817.38 Lockheed 326.58 0.72 363.00 291.52 2.31 38.72 93003.8
ANZ 30.28 0.22 30.80 26.08 5.06 13.06 63601.97 Nokia 4.57 0.01 5.44 3.81 4.11 -22.02 29336.55 AstellasPh 1882.5 25.00 1887 1366.5 1.84 22.20 33742.4 AtlasCpcoB 228.70 2.85 339.70 213.85 4.50 15.60 9720.36 AutomData 142.00 0.76 142.04 102.81 1.71 40.21 62207.75 Lowes 98.14 0.46 108.98 70.76 1.55 23.17 80097.35
BHPBilltn 32.74 -0.10 35.29 25.30 3.26 28.73 76555.12 SampoA 43.12 0.02 48.92 40.80 5.22 11.27 27261.87 Bridgestne 4129 -15.00 5605 4026 3.73 11.17 28467.56 Ericsson 71.70 -0.04 75.26 43.75 1.38 -8.67 23994.06 Avago Tech 209.26 0.57 285.68 197.46 2.45 8.90 90333.54 Lyondell 112.27 0.32 121.95 85.35 3.27 7.86 43709.41
CmwBkAu♦ 74.29 0.17 82.66 67.22 5.67 14.58 95184.47 France (€) Canon♦ 3517 26.00 4472 3451 4.24 15.64 42468.39 H&M 128.70 1.66 223.00 117.10 7.54 15.47 20475.7 BakerHu 57.68 3.17 68.59 43.09 - -101.47 24541.87 Marathon Ptl♦ 77.19 0.50 83.33 49.30 2.15 9.96 34813.05
CSL 215.85 -0.82 217.74 125.40 0.87 42.77 71094.71 Airbus Grpe 107.72 0.16 111.16 68.42 1.23 31.08 95405.07 CntJpRwy 22470 85.00 24390 18055 0.60 11.44 41906.84 Investor 400.50 1.80 419.90 348.00 2.73 16.82 19869.34 BankAm 30.67 -0.05 33.05 22.75 1.51 16.56 306370.58 Marsh&M 83.78 0.15 87.89 76.68 1.30 27.13 42305.97
NatAusBk 28.85 0.05 32.98 25.90 6.57 13.41 57425.25 AirLiquide 105.85 -0.30 113.10 91.64 2.43 20.46 51720.39 Denso 5295 -45.00 7218 5128 2.36 13.36 38066.12 Nordea Bk 93.36 0.28 111.30 82.92 7.53 10.87 41183.03 Baxter 71.70 0.12 76.51 60.53 0.90 44.76 38306.88 MasterCard 203.02 -0.59 214.28 130.36 0.46 47.07 208101.49
Telstra 3.08 0.02 3.99 2.60 7.31 10.48 26669.53 AXA 21.53 -0.07 27.69 20.50 5.34 8.73 59512.43 EastJpRwy 10110 -5.00 11615 9470 1.33 14.38 34948.37 SEB 95.34 -0.42 107.30 79.16 5.97 9.75 22534.41 BB & T♦ 52.37 0.17 56.31 43.03 2.60 15.78 40557.78 McDonald's 161.02 -0.71 178.70 146.84 2.38 24.47 124919.3
Wesfarmers 52.53 0.03 52.77 40.29 4.16 23.34 43363.18 BNP Parib 50.99 -0.41 69.17 50.39 5.18 9.00 72706.48 Fanuc 21855 310.00 33450 20420 2.48 23.69 40372.2 SvnskaHn 110.15 0.15 126.60 92.84 4.94 12.73 22902.39 BectonDick 252.83 0.20 253.90 191.53 1.14 104.39 67648.1 McKesson 129.06 1.97 178.86 122.63 1.02 -72.30 25783.24
Westpc 30.33 0.15 33.68 27.24 5.93 13.41 75846.46 ChristianDior 369.00 -6.30 383.80 249.75 0.81 30.02 75992.32 FastRetail 48200-1070.00 54510 30000 0.76 34.30 46288.08 Swedbank 207.90 0.10 226.30 177.15 6.19 11.45 25633.67 BerkshHat 314290 1290 326350 259040 - 11.28 230854.49 Medtronic 90.98 -0.12 91.50 76.41 1.87 43.33 122978.49
Woolworths 29.60 -0.10 31.48 24.45 4.10 25.04 28302.54 Cred Agr 11.80 -0.04 15.05 11.11 4.79 11.12 38576.71 Fuji Hvy Ind 3343 37.00 4114 3064 4.14 14.52 23279.66 Telia Co 42.16 -0.15 44.02 35.42 5.05 19.44 19884.05 Biogen 342.42 -0.52 388.67 249.17 - 25.11 68977.05 Merck 69.22 0.37 69.24 52.83 2.66 143.47 184092.34
Belgium (€) Danone 67.69 0.02 72.13 62.58 2.77 16.28 52905.18 Hitachi 724.90 -7.30 944.20 712.40 1.99 9.03 31721.3 Volvo 148.25 1.65 171.30 131.60 2.84 11.96 26624.48 BkNYMeln 51.61 0.09 58.99 49.39 1.79 12.86 51607.14 Metlife♦ 45.60 0.03 55.91 43.09 3.43 9.57 45359.64
AnBshInBv 86.97 0.27 107.40 78.61 4.20 25.71 168010.58 EDF 13.37 -0.03 13.55 8.76 3.40 17.36 45918.17 HondaMtr 3313 21.00 4151 3000 2.99 5.61 54332.2 BlackRock 473.27 -1.34 594.52 408.62 2.19 14.81 75526.27 Microsoft♦ 107.20 -0.45 111.15 71.70 1.49 52.16 821994.56
Switzerland (SFr)
KBC Grp 62.50 -0.36 78.80 62.22 4.39 10.88 29656.13 Engie SA 13.08 -0.07 15.16 12.17 6.44 29.31 36327.83 JapanTob 3093 -15.00 3902 2784.5 4.51 15.05 56004.7 Boeing♦ 346.79 0.81 374.48 234.29 1.74 22.60 199233.74 Mnstr Bvrg 62.00 0.33 70.22 47.61 - 40.67 34256.43
ABB 22.37 0.13 27.24 20.96 3.51 22.62 48735.4
Esslr Intl 122.85 -0.10 127.60 100.60 1.23 36.81 30715.52 KDDI 3137 7.00 3260 2551.5 2.76 13.64 71910.72 BrisMySq 61.11 -0.01 70.05 49.96 2.51 263.86 99878.47 MondelezInt 42.70 0.59 46.54 37.42 1.99 21.90 62614.82
Brazil (R$) CredSuisse 14.71 -0.16 18.81 13.65 1.64 -52.45 37780.28
Hermes Intl 544.60 -2.20 614.60 415.70 0.68 47.28 65593.95 Keyence 59830 80.00 72400 52690 0.16 34.46 65868.98 CapOne 98.96 0.04 106.50 76.98 1.56 15.47 47344.94 Monsanto 127.95 0.02 127.97 114.19 1.64 23.62 56462.29
Ambev 19.08 0.07 24.56 17.79 2.80 38.64 76180.25 Nestle 81.48 0.22 86.40 72.92 2.71 36.52 250776.97
LOreal 203.40 -1.20 214.90 170.30 1.72 28.68 129972.3 MitsbCp 3146 25.00 3318 2470 3.36 8.04 45288.87 CardinalHlth 51.41 0.96 75.75 48.14 3.27 10.56 15972.23 MorganStly 48.41 0.11 59.38 43.84 1.99 12.70 84457.94
Bradesco 25.32 -0.48 36.80 22.33 1.50 9.33 21604.58 Novartis 82.48 0.76 88.30 71.84 3.47 14.58 211390.2
LVMH 296.90 -0.90 313.70 213.15 1.40 29.42 171070.1 MitsubEst 1789 11.00 2218 1682 1.40 20.20 22530.14 Carnival 60.17 0.34 72.70 56.45 2.86 16.03 31924.24 MylanNV 38.13 0.28 47.82 29.53 - 45.95 19658.58
Cielo 14.79 -0.19 28.25 13.04 7.25 9.19 10204.22 Richemont 84.20 -0.40 99.02 80.42 2.08 35.10 44164.39
Orange 14.15 -0.07 15.24 13.32 4.54 21.07 42928.13 MitsubishiEle 1480 18.00 2179 1385.5 2.60 12.57 28770.61 Caterpillar♦ 138.93 2.67 173.24 112.69 2.17 27.96 82566.65 Netflix 319.14 -3.30 423.21 164.23 - 150.34 138971.91
ItauHldFin 38.44 -0.70 45.81 33.50 2.23 10.75 32268.29 Roche 239.95 0.75 252.85 206.35 3.35 20.37 169393.01
PernodRic 138.95 -0.25 147.75 112.10 1.44 22.87 42076.82 MitsuiFud 2449 4.50 3082 2274.5 1.57 15.72 21981.8 CBS 53.25 0.27 65.94 47.54 1.30 15.59 18026.48 NextEraE 174.92 0.13 175.65 144.70 2.31 10.49 82493.09
Petrobras♦ 20.98 -0.31 31.80 13.62 0.24 22.09 39652.8 Swiss Re 86.72 -0.78 98.80 81.65 5.27 89.83 29506.71
Renault 72.20 1.01 100.80 70.26 4.86 4.28 24359.55 MitUFJFin 671.00 12.50 894.40 607.60 2.72 7.38 84000.92 Celgene 89.87 -0.28 147.17 74.13 - 25.52 63211.23 Nike 80.05 - 81.88 50.35 0.93 71.46 102503.13
Vale♦ 50.26 0.54 56.75 30.73 2.09 14.07 36121.3 Swisscom 449.10 -3.80 530.60 432.90 4.62 15.62 23376.46
Safran 106.80 -0.05 108.95 80.36 0.77 11.34 54061.71 Mizuho Fin 193.60 2.10 220.70 183.90 3.73 8.23 44506.7 CharlesSch♦ 50.70 -0.44 60.22 38.06 0.69 26.67 68492.13 NorfolkS♦ 174.66 1.19 174.87 116.77 1.47 9.11 48908.6
Canada (C$) Syngent 453.40 0.90 471.20 402.50 - -437.40 43035.76
Sanofi 73.30 0.64 86.39 62.88 4.08 28.66 104664.22 Murata Mfg 17545 15.00 20255 13680 1.43 25.58 35782.78 Charter Comms 301.07 -0.93 404.72 250.10 - 8.96 69807.27 Northrop 295.36 3.37 360.88 264.35 1.40 23.99 51428.74
BCE 53.90 -0.13 62.90 52.90 5.24 18.41 36988.91 UBS 15.34 -0.12 19.77 14.82 4.10 44.06 59416
Sant Gbn 35.50 -0.20 51.40 35.19 3.62 9.80 22381.52 NipponTT 5210 -26.00 5905 4545 2.39 13.02 98883.85 Chevron Corp♦ 117.63 -0.03 133.88 105.30 3.61 19.20 225396.38 NXP 89.95 0.31 125.93 86.67 - 33.29 31122.96
BkMontrl♦ 105.70 0.84 105.77 88.63 3.27 15.66 51749.45 Zurich Fin 295.50 -1.20 321.80 275.80 3.58 15.84 44939.05
Schneider 67.86 0.64 78.56 65.29 2.98 17.22 44823.7 Nissan Mt 1038 -2.00 1197 999.50 4.91 5.80 39664.13 Chubb 134.43 0.02 157.50 123.96 2.05 17.03 62275.9 Occid Pet 78.70 0.68 87.67 58.44 3.78 28.03 60183.58
BkNvaS 77.21 0.59 85.50 73.91 3.86 11.92 72723.63 Nomura 506.90 6.60 756.50 492.90 3.80 11.06 16721.04 Taiwan (NT$) Cigna 188.16 -0.03 227.13 163.02 0.02 18.88 45791.48 Oracle 48.25 0.15 53.48 42.57 1.51 56.00 192090.73
SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81
Brookfield 57.29 -0.38 57.77 46.71 1.28 17.12 43440.81 Nppn Stl 2228.5 29.00 3132 2063.5 3.02 9.29 19173.34 Chunghwa Telecom♦ 107.00 0.50 115.00 102.00 4.50 22.73 26956.12 Cisco 45.82 0.66 46.37 30.36 2.42-176.90 215462.56 Pepsico 114.72 0.47 122.51 95.94 2.81 37.04 162250.98
SocGen 35.24 -0.24 49.87 34.82 6.11 11.69 32478.02
CanadPcR 262.11 -1.29 269.56 189.57 0.86 17.42 28558.33 NTTDCMo 2952 -13.50 3024 2501.5 2.82 16.49 101085.04 Formosa PetChem 121.00 0.50 129.00 102.00 5.07 13.28 37432.55 Citigroup♦ 69.43 -0.13 80.70 64.38 1.78 -31.70 174727.91 Perrigo 72.42 2.02 95.93 67.53 0.93 44.94 9909.42
Total 52.40 0.04 56.27 42.28 4.77 16.30 159281.23
CanImp 121.21 0.71 124.37 103.84 4.05 11.67 41060.03 Panasonic 1369 8.00 1800 1333.5 2.11 13.57 30403.61 HonHaiPrc♦ 81.10 -0.10 119.00 79.50 5.41 10.86 45639.74 CME Grp 169.24 0.76 174.36 123.88 1.55 13.53 57639.29 Pfizer♦ 42.19 0.77 42.19 32.32 3.02 11.69 247293.09
UnibailR 190.00 0.35 236.45 177.35 5.43 8.02 22215.04
CanNatRs 44.19 -0.07 49.08 36.88 2.65 21.51 41235.83 Seven & I 4608 59.00 5067 4234 1.90 22.01 36980.9 MediaTek 247.00 -0.50 374.50 246.00 - 15.74 12667.92 Coca-Cola 46.55 0.33 48.62 41.45 3.15 92.77 197973.54 Phillips66 115.12 0.18 123.97 80.73 2.43 10.24 53445.89
Vinci 81.92 0.70 88.80 74.79 2.61 16.83 55787
CanNatRy 116.16 -0.05 118.29 90.84 1.43 16.14 65171.94 ShnEtsuCh 10530 -145.00 13175 9500 1.28 16.31 40765 TaiwanSem 239.50 0.50 266.00 210.00 2.80 18.66 201683.13 Cognizant 75.44 0.34 85.10 69.24 0.90 31.53 43773.01 PhilMorris 84.84 0.16 119.43 76.21 4.95 21.34 131884.36
Vivendi 21.40 0.09 24.87 18.40 1.85 22.11 31873.53
Enbridge♦ 46.96 1.04 52.59 37.36 5.24 33.74 61561.22 Softbank 10020 35.00 10600 7540 0.42 8.79 99847.15 Thailand (THB) ColgtPlm 67.45 0.73 77.91 61.28 2.32 27.96 58524.64 PNCFin 144.61 0.15 163.59 119.77 2.00 13.08 67140.44
GtWesLif 32.64 0.03 36.65 31.79 4.45 13.28 24664.73 Germany (€)
Sony 6040 93.00 6239 4039 0.44 12.76 69409.48 PTT Explor 51.50 1.00 59.50 38.30 3.75 12.00 44240.37 Comcast 35.68 0.02 44.00 30.43 1.88 7.32 163123.55 PPG Inds♦ 108.71 0.81 122.07 100.36 1.60 22.81 26310.93
ImpOil 40.45 -0.21 44.91 33.43 1.59 36.96 24809.44 Allianz 184.24 -1.64 206.85 170.12 4.09 12.20 90359.74
SumitomoF 4348 54.00 5333 3973 3.76 8.42 55691.63 United Arab Emirates (Dhs) ConocPhil♦ 69.65 0.24 73.76 42.27 1.52 19.35 80939.82 Praxair 155.10 0.57 168.54 129.74 2.01 33.49 44601.57
Manulife 24.52 -0.03 27.77 23.11 3.33 25.80 37170.62 BASF 77.57 0.11 98.80 76.25 3.83 11.84 81285.1
Takeda Ph 4537 -76.00 6693 4203 3.82 30.89 32642.43 Emirtestele 16.90 0.20 18.20 15.75 4.54 17.27 40013.42 Corning 33.03 0.31 35.10 26.11 1.96 -32.29 26754.8 Priceline 1905.64 -1.38 2067.99 1612.41 - 32.36 92937.2
Potash 25.78 -0.05 26.41 20.68 6.78 14.75 16841.05 Bayer 78.40 1.35 118.04 75.50 3.32 20.02 83413.66
TokioMarine 5371 114.00 5579 4192 2.87 13.77 36373.54 United Kingdom (p) Costco 225.12 1.93 225.48 150.06 0.88 34.43 98724.43 ProctGmbl 83.79 0.10 94.67 70.73 3.21 23.66 208470.47
RylBkC♦ 102.65 0.65 108.52 90.13 3.34 13.92 113049.31 BMW 81.41 -0.39 97.50 76.50 4.85 6.37 55913.78
Toyota 6803 28.00 7806 6067 3.11 8.30 200970.27 CrownCstl 113.26 0.57 114.97 98.85 3.49 124.87 46984.77 Prudntl 98.20 0.10 127.14 92.05 3.24 5.89 40949.4
Suncor En 52.36 0.09 55.47 38.34 2.49 20.35 65132.59 Continental 182.65 -1.40 257.40 181.25 2.28 12.56 41678.37 AscBrFd 2338 31.00 3387 2295 1.75 17.71 23579.98
Mexico (Mex$) CSX 74.08 0.64 74.10 48.11 1.09 11.22 63620.69 PublStor 222.78 1.91 234.90 180.48 3.47 32.15 38816.41
ThmReut 55.88 -0.21 61.11 46.69 3.12 20.88 29998.4 Daimler 54.92 -0.37 76.48 54.22 6.56 6.24 67034.2 AstraZen♦ 5930 -6.00 6122 4388 3.30 37.54 95674.19
AmerMvl 15.67 0.09 18.44 15.26 1.79-289.61 36940.32 CVS 73.55 0.35 84.00 60.14 2.62 26.10 74878.59 Qualcomm 65.79 0.03 69.28 48.56 3.42 -23.92 96646.65
TntoDom 78.73 0.36 78.86 63.13 2.96 14.76 110021.12 Deut Bank 9.76 -0.13 17.13 8.76 1.11 -11.76 23009.22 Aviva♦ 484.80 2.30 554.60 479.20 5.65 17.50 24786.21
FEMSA UBD 182.71 0.70 189.49 158.17 1.37 18.26 20732.48 Danaher 100.75 0.27 106.08 80.45 0.57 27.70 70500.3 Raytheon 199.20 0.69 229.75 175.26 1.19 24.87 56823.79
TrnCan 57.20 -0.43 65.18 50.28 4.41 17.63 39660.47 Deut Tlkm 13.95 -0.06 15.88 12.72 4.21 18.03 75754.19 Barclays♦ 182.60 0.42 220.10 177.30 1.64-456.50 39694.24
WalMrtMex 53.21 -0.06 57.60 41.02 1.18 28.48 48783.32 Deere 141.62 4.27 175.26 112.87 1.57 27.39 45925.18 Regen Pharm 374.89 3.11 505.49 281.89 - 28.15 39792.7
ValeantPh 30.80 -1.06 36.02 14.01 - -4.99 8158.48 DeutsPost 30.75 0.18 41.36 27.23 3.34 14.82 43106.4 BP♦ 548.60 - 593.50 4.80 5.48 20.52 139293.16
Delphi♦ 39.78 0.25 60.39 31.83 0.82 11.51 3531.89 ReynoldsAm 65.40 -1.49 - - - - -
E.ON 9.52 0.09 10.81 7.88 3.11 7.69 23906.97 Netherlands (€) BrAmTob 4203 45.00 5108 3553 4.70 2.30 122810.91
China (HK$) Delta 55.68 0.23 60.79 44.59 2.11 12.02 38493.33 S&P Global 202.70 0.01 217.31 149.04 0.87 32.93 50979.05
Fresenius Med 85.02 0.10 93.82 77.22 1.23 13.41 29886.59 Altice 2.36 -0.04 19.55 2.27 - -3.19 3643.63 BSkyB 1532.5 2.50 1548.5 893.42 - 32.40 33560.87
AgricBkCh 3.63 -0.05 5.02 3.49 5.29 5.43 14215.17 Devon Energy 40.65 -0.03 46.54 29.79 0.62 -67.95 20682.72 Salesforce 144.88 -0.85 149.35 90.28 - 248.63 106327.51
Fresenius SE 65.00 0.02 72.76 58.96 1.14 18.39 41141.25 ASML Hld 171.68 -2.22 189.50 126.35 0.81 32.14 83713.56 BT♦ 225.85 0.10 295.75 201.25 6.82 11.07 28547.5
Bk China 3.54 0.02 4.96 3.49 5.35 5.48 37712.81 DiscFinServ 77.47 0.17 81.93 57.50 1.74 12.72 26545.74 Schlmbrg 62.36 -0.13 80.35 61.02 3.09-119.68 86313.66
HenkelKgaA 95.45 1.40 110.65 90.45 - 17.23 28291.52 Heineken 86.00 -0.90 93.54 79.60 1.57 25.59 56515.94 Compass 1697.5 22.50 1697.5 1396.5 2.00 23.74 35564.76
BkofComm 5.57 0.10 7.13 5.33 5.52 5.34 24844.42 Disney 112.44 -0.05 117.90 96.20 1.44 14.66 167218.12 Sempra Energy 116.95 0.93 122.98 100.49 2.83 -46.80 31980.97
Linde 173.50 -1.20 199.40 158.20 2.09 22.29 36765.21 ING 11.69 -0.14 16.69 11.63 5.66 9.03 51919.93 Diageo♦ 2793.5 5.50 2885 2345.5 2.27 23.07 88437.33
BOE Tech 1.45 0.05 1.78 1.29 1.30 15.81 36.75 DominRes 71.53 0.40 85.30 61.53 4.31 16.29 46763.86 Shrwin-Will♦ 444.17 1.82 450.83 326.68 0.74 23.45 41477.05
MuenchRkv 184.35 -0.50 200.30 166.60 4.61 41.30 31451.7 Unilever♦ 49.55 -0.05 52.31 42.13 2.92 23.12 96936.4 GlaxoSmh♦ 1617 7.00 1617.4 1236.4 4.95 48.41 101306.75
Ch Coms Cons 8.01 -0.01 10.76 6.96 2.70 5.75 4518.04 DowChem 66.65 1.75 - - - - 81542.6 SimonProp♦ 177.73 0.94 179.45 145.78 4.10 25.37 54955.84
SAP 101.98 -0.08 105.28 82.05 1.36 29.01 142935.39 Norway (Kr) Glencore 305.00 0.15 416.90 297.55 3.38 9.59 56048.05
Ch Evrbrght♦ 3.17 0.01 4.76 3.15 3.50 4.91 5120.31 DukeEner♦ 82.16 0.37 91.80 71.96 4.18 21.45 58526.99 SouthCpr♦ 43.34 0.43 58.09 38.34 2.20 34.82 33503.75
Siemens 110.00 -0.08 125.95 99.78 3.29 13.84 106674.27 DNB 166.00 -0.10 169.00 138.90 4.29 11.70 31425.87 HSBC♦ 696.90 -6.00 798.60 650.60 5.50 18.78 178069.34
Ch Rail Cons 9.15 -0.15 10.36 7.53 1.96 7.19 2420.32 Eaton 81.04 0.53 89.85 69.82 3.00 11.88 35114.63 Starbucks♦ 53.41 0.37 61.94 47.37 2.08 17.24 72055.43
Volkswgn 137.10 -0.40 191.80 128.10 1.43 6.24 46157.23 Equinor 212.20 1.20 225.50 142.40 3.44 18.80 83597.51 Imperial Brands 2987.5 4.00 3352 2298 5.71 23.30 36298.52
Ch Rail Gp 6.67 -0.10 6.98 5.25 1.48 8.49 3575.19 eBay 33.99 0.22 46.99 32.86 - -39.14 33634.79 StateSt 84.67 0.46 114.27 82.43 1.91 14.48 30972.79
Hong Kong (HK$) Telenor 160.30 0.15 191.70 153.10 4.82 14.85 27832.81 LlydsBkg♦ 60.16 0.06 72.68 59.41 5.07 11.57 55235.32
ChConstBk 6.79 0.04 9.39 6.45 4.64 6.12 207968.19 Ecolab 147.10 0.41 150.46 125.74 1.05 28.71 42499.12 Stryker 169.95 1.26 179.84 137.70 1.04 62.24 63559.68
AIA 65.90 0.30 75.00 56.95 1.28 17.49 101385.69 Natl Grid 829.40 4.90 981.77 733.00 5.38 8.03 35523.51
China Vanke♦ 24.80 1.10 42.85 21.40 3.59 8.56 4154.55 Qatar (QR) Emerson♦ 74.83 0.87 75.25 57.47 2.50 23.79 47028.08 Sychrony Fin 30.32 -0.11 40.59 28.33 1.91 10.69 22457.6
BOC Hold 37.55 -0.20 42.15 35.25 2.95 14.74 50577.75 Prudential 1719 -15.00 1992.5 1696.5 2.73 19.74 56659.47
ChinaCitic 4.83 0.01 6.82 4.63 5.03 4.96 9157.44 QatarNtBk 163.52 0.02 179.97 115.01 3.33 12.88 41481.48 EOG Res 115.39 -0.52 131.60 81.99 0.57 17.93 66833.98 Target♦ 83.75 1.68 84.14 53.90 2.72 16.64 44650.04
Ch OSLnd&Inv 23.20 0.40 32.20 22.50 3.14 6.60 32382.37 RBS 240.90 0.30 304.20 238.40 - 41.53 36723.03
ChinaLife 18.44 -0.06 28.20 18.08 1.46 14.38 17480.88 Russia (RUB) EquityResTP 67.55 0.16 70.46 54.97 2.98 44.03 24877.45 TE Connect 93.01 0.22 108.23 77.15 1.70 25.64 32410.15
ChngKng 55.35 -0.15 75.30 55.05 2.97 5.31 26072.73 ReckittB♦ 6783 10.00 7457 5255 2.42 13.90 60851.79
ChinaMBank 28.65 0.20 39.50 25.25 2.92 8.75 16756.51 Gzprm neft 141.46 0.58 151.65 115.07 6.05 3.90 49661.35 Exelon♦ 44.71 0.38 45.05 35.57 2.90 11.70 43180.86 Tesla Mtrs 312.81 -22.64 389.61 244.59 - -20.04 53363.24
Citic Ltd 10.96 -0.08 12.80 10.22 2.93 7.68 40618.15 RELX♦ 1714 9.50 1784 1399 2.30 20.88 43178.6
ChinaMob 73.30 0.80 88.90 67.85 4.15 11.19 191204.77 Lukoil 4387.5 -8.50 4648 2803.5 7.89 6.29 55340.93 ExpScripts 87.32 -0.02 87.69 55.80 - 11.13 49093.84 TexasInstr 109.40 - 120.75 79.60 2.08 26.00 106358.14
Citic Secs♦ 14.04 -0.04 22.95 13.82 2.82 12.78 4075.15 RioTinto♦ 3706 16.50 4541 3374.2 5.87 8.46 63322.35
ChinaPcIns 29.60 0.05 42.40 28.05 2.67 14.43 10465.55 MmcNrlskNckl 10852 -49.00 11970 8701 6.65 12.66 25466.18 ExxonMb♦ 77.91 -0.09 89.30 72.16 3.88 16.44 329855.74 TheTrvelers 130.43 0.09 150.55 113.76 2.17 18.27 34913.92
CK Hutchison 89.55 0.40 107.00 80.60 3.07 9.62 44010.1 RollsRoyce 1023.5 8.50 1104.5 800.20 1.14 9.07 24250.24
ChMinsheng 5.53 0.02 7.79 5.39 4.87 4.28 5861.73 Novatek 977.80 -1.00 988.80 590.20 1.59 18.06 44026.92 Facebook 173.04 -1.66 218.62 149.02 - 27.76 417317.03 ThrmoFshr 230.26 -0.53 236.29 172.15 0.27 40.27 92747.86
CNOOC 11.98 - 14.64 8.66 3.49 19.19 68141.84 RylDShlA♦ 2472.5 -3.50 2755 2096.5 5.75 13.83 144802.52
ChMrchSecs RMB 12.83 -0.54 22.35 12.52 1.46 18.25 9142.95 Rosneft 427.20 4.90 441.45 281.65 2.55 9.57 67140.62 Fedex 247.30 1.05 274.66 204.69 0.77 15.38 65395.81 TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69
HangSeng♦ 207.20 1.70 216.80 171.90 3.17 18.23 50466.43 Shire 4442.5 -0.50 4514.5 2940.5 0.60 11.11 51701.29
Chna Utd Coms RMB 5.41 -0.21 9.29 4.63 0.37 80.57 16664.76 Sberbank 189.58 -2.02 285.00 168.13 3.37 4.86 60688.47 FordMtr♦ 9.50 -0.01 13.48 9.35 6.09 5.83 37191.31 TJX Cos♦ 99.90 0.37 101.49 66.44 1.16 24.83 62457.75
HK Exc&Clr 220.00 1.20 306.00 206.40 1.97 38.65 34943.46 StandCh♦ 644.80 -6.30 864.20 639.60 1.29 24.82 27081.18
ChShenEgy 16.72 0.16 25.75 16.10 3.10 6.61 7239.29 Surgutneftegas 27.87 -0.13 30.92 26.12 2.29 3.02 14765.2 Franklin 32.68 0.34 45.96 31.28 2.63 27.99 17224.26 T-MobileUS 65.87 -0.12 66.52 54.60 - 12.59 55802.9
MTR 39.80 0.15 46.80 38.50 2.54 14.93 30948.13 Tesco 256.50 0.30 266.80 173.75 0.39 21.23 31913.16
ChShpbldng RMB 4.04 -0.02 6.83 3.81 - 84.72 10780.32 GenDyn 193.48 1.04 230.00 184.21 1.77 20.27 57469.79 UnionPac 150.07 0.82 151.10 102.87 1.76 10.92 110975.93
SandsCh 36.10 -0.60 49.35 34.00 5.24 24.60 37161.92 Saudi Arabia (SR) Vodafone 175.78 -1.22 239.65 173.50 7.47 12.67 59731.98
ChStConEng RMB 5.40 -0.14 7.75 4.93 2.82 7.05 32664.74 GenElectric 12.26 -0.04 25.30 11.94 4.72 -18.69 106590.02 UPS B♦ 121.22 1.02 135.53 101.45 2.77 21.11 84052.61
SHK Props 118.10 -0.60 139.60 115.60 3.28 6.68 43589.43 AlRajhiBnk 84.00 0.80 92.40 61.80 4.32 16.21 36393.21 WPP 1276 -5.50 1605 1074 4.68 8.96 20581.41
ChUncHK 8.98 -0.16 13.24 8.83 0.67 49.10 35005.17 GenMills 47.05 0.45 60.69 41.01 3.99 13.50 28040.5 USBancorp 53.27 0.11 58.50 48.49 2.17 14.41 86779.23
Tencent 337.00 11.20 476.60 314.60 0.18 35.36 408817.46 Natnlcombnk 41.45 - 49.95 30.43 3.06 14.07 33153.81 United States of America ($)
CNNC Intl RMB 5.77 -0.02 7.93 5.43 1.89 20.17 13051.92 GenMotors 36.13 -0.16 46.76 34.50 4.06 -53.49 50975.39 UtdHlthcre 262.71 -0.39 264.30 186.00 1.16 22.65 252851.47
SaudiBasic 123.00 -0.80 131.40 94.90 3.08 19.98 98381.64 21stC Fox A 45.45 -0.22 50.15 24.81 0.76 19.54 47906.72
CSR 6.77 -0.17 8.82 5.81 3.51 16.15 3769.96 India (Rs) GileadSci 73.01 -2.58 89.54 64.27 2.88 45.04 94645.83 UtdTech♦ 134.57 1.26 139.24 109.10 2.01 21.96 107668.55
SaudiTelec 78.40 -0.60 93.40 65.10 4.92 15.85 41805.52 3M 204.06 0.91 259.77 190.57 2.40 29.25 119703.29
Daqin RMB 8.73 -0.19 10.48 7.84 2.84 9.06 18861.05 Bhartiartl 371.40 - 564.80 331.00 1.02 181.26 21119.66 GoldmSchs 233.45 0.45 275.31 214.64 1.26 18.84 88140.54 ValeroEngy♦ 111.15 -0.17 126.98 64.22 2.60 11.18 47505.29
Gree Elec Apl 0.04 0.00 0.08 0.04 - -0.93 76.50 HDFC Bk 2077.35 - 2220 1736.8 0.62 29.64 80093.58 Singapore (S$) AbbottLb 64.39 0.23 65.90 48.58 1.63 145.07 112960.62 Halliburton 39.72 -0.06 57.86 38.18 1.75 330.31 34945.05 Verizon 54.89 0.62 54.97 43.97 4.15 7.53 226796.57
GuosenSec RMB 8.20 -0.11 14.67 8.20 2.42 17.57 9771.53 Hind Unilevr 1784.75 - 1788.45 1165 0.99 75.75 54957.84 DBS♦ 25.09 -0.01 31.28 20.01 3.60 12.42 46848.11 Abbvie 98.45 0.23 125.86 69.47 2.89 25.25 149081.66 HCA Hold 130.60 1.58 131.25 71.18 0.52 16.98 45193.61 VertexPharm 175.19 0.23 183.39 136.50 - 114.19 44771.55
HaitongSecs 7.01 -0.10 13.58 6.98 3.53 8.84 3044.95 HsngDevFin 1885.65 - 2052.95 1638 0.96 19.48 45341.63 JardnMt US$♦ 64.91 -0.84 68.11 59.73 2.36 15.64 47796.17 Accenture 165.05 2.16 168.95 127.26 1.54 27.63 111246.97 Hew-Pack 24.47 0.33 24.75 18.36 2.06 10.13 39401.19 VF Cp 91.28 0.15 97.00 61.56 1.75 52.08 36188.96
Hngzh HikVDT RMB 30.64 -0.38 44.59 28.90 1.64 27.39 35207.87 ICICI Bk 340.00 - 365.70 255.00 0.65 29.21 31112.16 JardnStr US$♦ 36.75 -0.57 46.48 35.30 0.85 13.13 40713.39 Adobe 244.91 -3.98 263.83 143.95 - 58.94 119923.28 HiltonWwde♦ 76.88 -0.36 88.11 60.54 0.75 17.86 22924.55 Viacom 30.68 0.58 35.55 22.13 2.52 6.48 10843.33
Hunng Pwr 5.08 0.06 6.18 4.55 2.20 23.39 3041.99 Infosys 1430.35 - 1437.65 860.00 1.91 20.37 44441.44 OCBC♦ 11.22 0.02 14.04 10.83 3.20 10.71 34259.6 AEP♦ 72.49 0.15 78.07 62.71 3.26 19.21 35732.79 HomeDep 195.44 0.05 207.61 146.89 1.75 27.44 225448.56 Visa Inc♦ 141.33 0.68 143.14 101.94 0.53 35.81 251095.13
IM Baotou Stl RMB 1.55 -0.03 3.02 1.45 - 29.47 7135.29 ITC 313.75 - 315.30 250.00 1.48 34.84 54557.96 SingTel 3.11 - 3.80 3.02 5.47 9.71 36996.81 Aetna 198.61 0.14 199.22 149.69 0.97 19.42 65024.91 Honywell♦ 154.95 0.85 165.13 134.50 1.81 72.99 115067.5 Walgreen♦ 69.88 0.26 83.89 59.07 2.19 17.09 69349.74
In&CmBkCh 5.62 0.02 7.64 5.33 4.69 6.20 62141.93 L&T♦ 1240.15 - 1470 1113.05 2.21 24.14 24731.66 UOB♦ 26.81 0.12 30.37 22.95 2.90 11.45 32808.99 Aflac 46.69 0.19 47.08 39.58 1.98 7.89 35848.59 HumanaInc 327.04 -3.04 331.09 231.90 0.53 34.73 45054.14 WalMartSto 99.60 0.96 109.98 77.50 1.90 35.89 293891.12
IndstrlBk RMB 14.68 -0.16 19.98 13.73 4.13 5.45 40645.3 OilNatGas 163.05 - 212.85 151.80 3.63 9.67 29766.3 South Africa (R) AirProd 165.67 0.95 175.17 143.79 2.39 25.63 36326.87 IBM♦ 145.84 0.50 171.13 137.45 4.02 24.22 133118.11 WellsFargo♦ 58.74 0.08 66.31 49.27 2.56 15.49 282899.9
Kweichow RMB 634.86 -13.58 803.50 469.98 1.74 25.19 115896.92 RelianceIn 1203.75 - 1231.7 765.00 0.45 20.20 108525.02 Firstrand 62.97 -0.72 77.25 50.79 4.55 12.35 23896.08 Alexion 116.00 -1.28 149.34 102.10 - -261.34 25851.66 IllinoisTool 139.34 0.39 179.07 134.66 2.16 26.26 46728.08 Williams Cos 30.41 0.40 33.67 24.00 4.06 13.02 25174.52
Midea 1.51 - 1.90 1.40 3.13 14.60 41.37 SBI NewA 302.10 - 351.30 232.35 0.84 -57.79 38353.68 MTN Grp 101.00 -0.50 140.00 98.71 7.79 37.27 12874.61 Allegran♦ 184.95 0.74 237.41 142.81 1.48 -45.85 62778.55 Illumina 326.85 -0.13 341.08 189.15 - 77.16 48046.95 Yum!Brnds♦ 83.88 0.04 88.07 72.61 1.52 18.57 26619.79
New Ch Life Ins 32.55 -0.05 57.85 30.25 1.65 14.51 4288.22 SunPhrmInds 623.50 - 633.35 435.00 0.55 70.00 21281.07 Naspers N 3180 33.86 4142.99 2680.01 0.18 9.07 94367.18 Allstate 99.90 0.01 105.36 85.59 1.60 10.90 34588.61 Intcntl Exch 73.82 0.54 77.22 63.93 1.15 17.96 42331.09 Venezuela (VEF)
PetroChina 5.71 -0.03 6.74 4.79 0.97 33.59 15348.18 Tata Cons 2012.75 - 2024.6 1210.75 1.06 28.61 109621.3 Alphabet 1214 -10.06 1291.44 918.60 - 54.35 362881.93 Intel♦ 47.02 -0.15 57.60 34.38 2.35 17.53 216809.22
South Korea (KRW) Bco de Vnzla 110000 39800 110000 1105 - - -
PingAnIns 68.70 0.25 98.85 58.85 1.71 11.80 65182.76 Altria 60.96 0.13 74.38 53.91 4.31 11.38 114920.26 Intuit 207.11 -2.58 219.46 133.60 0.67 49.11 53142
Indonesia (Rp) HyundMobis 232000 -500.00 283000 197000 1.45 18.00 20078.93 Bco Provncl 330000001300000033000000 31910 - - -
PngAnBnk RMB 8.81 0.03 15.24 8.45 1.80 6.51 21983.07 Amazon 1877.63 -8.89 1925 931.75 - 154.19 915797.49 John&John 133.93 1.45 148.32 118.62 2.46 266.92 359301.52
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26 KoreaElePwr 30650 -100.00 45000 30200 2.47 132.71 17493.84 Mrcntl Srvcs 314455682300000032000000 80000 - - -
Pwr Cons Corp RMB 5.41 -0.08 8.90 5.10 1.57 11.34 8761.73 AmerAir♦ 37.96 -0.20 59.08 35.64 1.02 12.73 17480.93 JohnsonCn 38.23 0.61 42.60 32.89 2.60 16.31 35359.77
Israel (ILS) SK Hynix 74500 -200.00 97700 64800 1.29 4.63 48220.65
SaicMtr RMB 28.03 -0.31 37.66 28.01 5.85 9.20 46858.31 AmerExpr 103.05 0.40 104.24 84.02 1.31 27.74 88731.64 JPMrgnCh 114.65 -0.12 119.33 88.08 1.89 15.84 385325.36
TevaPha 80.66 -0.30 91.11 38.20 0.75 -2.26 22270.33 SmsungEl♦ 44100 -150.00 57520 43700 2.31 6.94 251693.44 Closing prices and highs & lows are in traded currency (with variations for that
ShenwanHong 0.11 0.00 0.30 0.11 - 9.24 124.21 AmerIntGrp 52.34 -0.12 65.55 49.57 2.36 -7.87 46501.28 Kimb-Clark 119.15 0.89 124.15 97.10 3.19 25.20 41422.49
Italy (€) Spain (€) AmerTower 150.15 0.43 155.28 130.37 1.85 61.75 66191.38 country indicated by stock), market capitalisation is in USD. Highs & lows are
ShgPdgBk RMB 9.98 -0.08 14.00 9.17 1.53 5.55 40759.73 KinderM 17.92 0.10 19.85 14.69 3.10-103.17 39546.38 based on intraday trading over a rolling 52 week period.
Enel 4.43 -0.01 5.59 4.37 4.31 11.90 51326.38 BBVA 5.44 -0.05 7.73 5.34 4.36 10.59 41384.24 Amgen♦ 197.93 1.49 201.23 163.31 2.41 55.29 128111.32
Sinopec Corp 7.21 0.02 8.35 5.40 4.21 14.56 23435.11 Kraft Heinz♦ 60.96 0.93 85.28 54.11 3.96 7.25 74325.37 ♦ ex-dividend
ENI 15.82 -0.09 16.89 12.97 4.99 17.05 65610.2 BcoSantdr 4.34 -0.03 6.09 4.30 5.01 11.35 79889.13 Anadarko 62.25 -0.07 76.70 39.96 0.93 83.78 31874.11
Sinopec Oil RMB 1.91 - 3.52 1.82 - -2.95 3342.68 Kroger♦ 31.21 0.68 31.45 19.69 1.47 8.15 24864.17 ■ ex-capital redistribution
Generali 14.46 -0.15 17.13 13.86 5.49 9.92 25756.92 CaixaBnk 3.78 -0.01 4.47 3.50 3.91 10.92 25822.88 Anthem 266.16 -0.37 268.04 179.40 1.05 16.79 69189.27
Denmark (kr) Iberdrola 6.50 - 7.02 5.71 2.13 14.08 47443.92 L Brands 32.37 0.26 63.10 30.42 6.86 10.73 8971.71 # price at time of suspension
IntSPaolo 2.18 -0.02 3.35 2.15 4.40 4.89 43591.88 Aon Cp 143.43 0.61 152.78 130.87 1.00 44.64 34804.06 LasVegasSd 65.49 0.38 81.45 59.16 4.36 14.17 51602.46
DanskeBk 183.00 1.20 253.70 173.30 5.40 8.49 25080.42 Inditex 27.55 0.23 33.94 23.00 1.90 25.90 97962.08
Luxottica 56.20 -0.08 58.60 45.32 1.77 27.10 31105.91 Apple 217.32 4.00 217.68 149.16 1.16 20.361049624.06 LibertyGbl 26.51 -0.16 39.73 26.28 - -14.61 5475.26
MollerMrsk 8750 114.00 13560 7520 - -92.11 13465.58 Repsol 16.21 -0.04 17.51 13.67 4.92 12.57 29519.65
Unicred 12.94 -0.06 18.25 12.77 2.44 8.51 32924.68 ArcherDan♦ 50.62 0.47 50.66 38.59 2.50 15.34 28333.91 Lilly (E)♦ 105.50 1.14 105.51 73.69 1.98-911.14 113305.72
NovoB♦ 309.85 -4.10 354.80 278.15 2.50 19.62 90649.57 Telefonica 7.31 -0.08 9.39 7.16 5.40 12.83 43320.08

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
WalMartSto 99.60 98.64 0.96 0.97 9.42 10.4 13.02 Bayer 78.40 77.05 1.35 1.75 -14.96 -16.0 -16.02 Aug 17 date Coupon S* M* F* price yield yield yield US Aug 17 date Coupon S* M* F* price yield yield yield US
Telstra 3.08 3.06 0.02 0.65 0.26 9.2 10.39 ShenwanHong 0.11 0.11 0.00 -2.65 -0.02 -14.1 -19.12 High Yield US$ US$
SunPhrmInds 623.50 623.50 0.00 0.00 52.05 9.1 16.77 Tesla Mtrs 312.81 335.45 -22.64 -6.75 -42.68 -12.0 -2.95 Qwest Capital Funding, Inc. 08/21 7.63 B+ WR BB 102.45 6.70 0.00 -0.25 - Barclays Bank plc 01/29 4.50 A A2 A 98.08 4.73 0.01 0.54 1.87
Kimb-Clark 119.15 118.26 0.89 0.75 9.06 8.2 11.86 MediaTek 247.00 247.50 -0.50 -0.20 -28.00 -10.2 -12.57 High Yield Euro General Electric Company 01/29 5.00 A A2 A 102.40 4.71 -0.03 0.21 1.85
CSL 215.85 216.67 -0.82 -0.38 15.24 7.6 8.66 Tencent 337.00 325.80 11.20 3.44 -35.60 -9.6 -11.64 Astaldi S.p.A 12/20 7.13 CCC - B 72.09 23.56 0.68 7.26 21.00 Barclays Bank plc 01/29 4.50 A A2 A 98.08 4.73 0.01 0.54 1.87
CVS 73.55 73.20 0.35 0.48 4.50 6.5 8.23 Citic Secs 14.04 14.08 -0.04 -0.28 -1.32 -8.6 -7.63 Barclays Bank plc 01/29 4.50 A A2 A 98.43 4.69 -0.04 0.50 1.83
CardinalHlth 51.41 50.45 0.96 1.90 3.01 6.2 2.87 Kweichow 634.86 648.44 -13.58 -2.09 -57.02 -8.2 -15.88 Emerging US$ Westpac Banking Corporation 11/31 4.32 BBB Baa1 A+ 96.32 4.87 0.02 0.03 -
Walgreen 69.88 69.62 0.26 0.37 3.39 5.1 6.46 Netflix 319.14 322.44 -3.30 -1.02 -26.73 -7.7 -16.03 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Westpac Banking Corporation 11/31 4.32 BBB Baa1 A+ 96.72 4.81 -0.06 -0.03 -
AirProd 165.67 164.72 0.95 0.58 7.80 4.9 6.08 CNOOC 11.98 11.98 0.00 0.00 -0.98 -7.6 -7.85 Turkey 09/22 6.25 - Ba2 BB 88.54 9.69 0.00 3.07 6.98
Mexico 09/22 8.00 BBB+ A3 BBB+ 118.50 3.16 0.00 0.15 0.45 Euro
McKesson 129.06 127.09 1.97 1.55 5.92 4.8 -4.11 MollerMrsk 8750.00 8636.00 114.00 1.32 -710.00 -7.5 8.82 Barclays plc 08/29 2.29 BBB Baa3 A 90.97 3.28 0.01 -0.05 0.42
Novatek 977.80 978.80 -1.00 -0.10 44.80 4.8 10.17 Hunng Pwr 5.08 5.02 0.06 1.20 -0.40 -7.3 -9.29 Brazil 01/23 2.63 BB- Ba2 BB- 91.88 4.70 0.07 0.19 1.99
Colombia 03/23 2.63 BBB- Baa2 BBB 95.10 3.80 -0.02 0.18 1.09 Barclays plc 08/29 2.29 BBB Baa3 A 91.18 3.26 -0.02 -0.08 0.40
Merck 69.22 68.85 0.37 0.54 3.15 4.8 10.66 SandsCh 36.10 36.70 -0.60 -1.63 -2.80 -7.2 -13.64 AT&T Inc. 12/29 2.60 BBB Baa2 A- 104.07 2.18 0.02 0.02 -0.68
Cielo 14.79 14.98 -0.19 -1.27 0.67 4.7 -16.44 IM Baotou Stl 1.55 1.58 -0.03 -1.90 -0.12 -7.2 0.00 Poland 03/23 3.00 BBB+ A2 A- 98.01 3.47 0.01 0.01 0.76
Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07 AT&T Inc. 12/29 2.60 BBB Baa2 A- 104.07 2.18 0.02 0.02 -0.68
Wesfarmers 52.53 52.50 0.03 0.06 2.37 4.7 5.80 ChShenEgy 16.72 16.56 0.16 0.97 -1.28 -7.1 -2.34
Peru 08/27 4.13 BBB+ A3 BBB+ 102.65 3.78 0.00 0.16 0.92 Yen
Apple 217.32 213.32 4.00 1.87 9.79 4.7 13.53 Ch Evrbrght 3.17 3.16 0.01 0.32 -0.24 -7.0 -3.35
Russia 06/28 12.75 BBB- Ba1 BBB- 159.51 5.02 -0.10 0.48 2.16 Poland 11/27 2.50 - A2 A- 108.99 1.46 0.00 0.06 -1.40
Cisco 45.82 45.16 0.66 1.45 2.04 4.6 8.20 ChinaMBank 28.65 28.45 0.20 0.70 -2.15 -7.0 1.78
Verizon 54.89 54.27 0.62 1.14 2.42 4.6 6.67 Anadarko 62.25 62.31 -0.07 -0.10 -4.58 -6.8 -12.92 Brazil 02/47 5.63 BB- Ba2 BB- 87.75 6.58 0.02 0.16 - £ Sterling
WalMrtMex 53.21 53.27 -0.06 -0.11 2.28 4.5 -1.34 Ch Rail Cons 9.15 9.30 -0.15 -1.61 -0.66 -6.7 19.76 Emerging Euro Cooperatieve Rabobank U.A. 05/29 4.63 BBB+ Baa1 A 111.39 3.35 0.00 0.01 0.49
ExpScripts 87.32 87.34 -0.02 -0.02 3.68 4.4 9.29 ChStConEng 5.40 5.54 -0.14 -2.53 -0.38 -6.6 6.09 Mexico 02/20 5.50 BBB+ A3 BBB+ 108.10 0.11 0.02 0.03 -2.45 Cooperatieve Rabobank U.A. 05/29 4.63 BBB+ Baa1 A 111.87 3.30 -0.05 -0.04 0.44
Lockheed 326.58 325.86 0.72 0.22 13.46 4.3 2.82 SaicMtr 28.03 28.34 -0.31 -1.09 -1.97 -6.6 -20.03 Brazil 04/21 2.88 BB- Ba2 BB- 104.13 1.26 -0.03 -0.17 - Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 BBB+ A3 BBB+ 107.75 1.05 0.00 0.04 -1.67 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 113.29 1.50 0.01 -0.05 -1.36
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Aug 17 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Aug 17 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 1.50-1.75 14-06-2018 1.00 1.50-1.75 1.00-1.25 Index change change change 1 month 1 year VIX 12.77 -0.68 13.45 50.30 8.56 Aug 17 Price £ Yield Day Week Month Year High Low £m
US Prime 5.00 14-06-2018 5.00 4.75 4.5 Markit IBoxx VXD 13.06 -0.43 13.49 40.09 3.93 - - - - - - - - -
US Discount 2.25 22-03-2018 0.75 2 1.50 ABF Pan-Asia unhedged 184.86 0.11 -0.65 -2.93 -0.94 0.69 VXN 15.92 -0.51 16.43 38.11 11.67 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 344.33 -0.10 0.88 -0.68 0.86 0.04 VDAX - - - - - Tr 4.5pc '19 102.11 0.64 3.23 4.92 10.34 204.76 106.65 102.11 36.35
UK Repo 0.75 02-11-2017 0.25 0.50 0.25 Corporates($) 274.09 0.21 0.36 -1.99 0.36 -1.99 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.75pc '20 106.29 0.66 1.54 3.13 0.00 247.37 111.66 106.29 33.31
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 226.44 -0.11 0.36 -0.05 0.30 0.53 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 1.5pc '21 101.81 0.74 1.37 0.00 0.00 131.25 104.33 101.42 32.46
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 232.75 0.01 -0.25 -0.05 -0.70 0.34 Tr 4pc '22 111.21 0.79 1.28 0.00 3.95 102.56 116.70 110.93 37.95
Gilts( £) 326.22 -0.10 0.88 0.89 0.64 1.10 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 124.81 1.07 0.00 -0.93 4.90 37.18 131.77 123.75 35.08
INTEREST RATES: MARKET Global Inflation-Lkd 260.70 0.02 -1.21 -3.02 -1.97 0.50 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 99.78 1.28 0.00 -0.78 4.07 12.28 102.18 96.41 23.45
Over Change One Three Six One Markit iBoxx £ Non-Gilts 339.23 -0.09 0.81 -0.37 0.76 0.15 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 133.92 1.52 0.66 -0.65 3.40 3.40 138.95 129.40 35.44
Aug 17 (Libor: Aug 16) night Day Week Month month month month year Overall ($) 236.84 0.24 0.53 -1.26 0.53 -1.26 Australia 11/20 1.75 99.44 2.00 0.00 -0.08 -0.05 0.01 Tr 4.25pc '36 139.96 1.62 0.00 -0.61 3.18 -1.22 144.09 134.34 29.76
US$ Libor 1.92000 0.006 0.004 0.017 2.07738 2.32225 2.51350 2.81663 Overall( £) 327.02 -0.10 0.86 0.51 0.68 0.82 11/28 2.75 101.32 2.60 0.01 -0.07 -0.04 -0.09 Tr 4.5pc '42 155.30 1.71 0.59 -0.58 3.64 -2.84 159.30 147.31 26.64
Euro Libor -0.44214 -0.001 -0.001 0.006 -0.39414 -0.36129 -0.30829 -0.22514 Overall(€) 229.43 -0.03 0.00 0.03 -0.33 0.48 Austria - - - - - - - Tr 3.75pc '52 154.04 1.66 0.61 0.00 3.75 -1.78 159.09 144.61 23.59
£ Libor 0.69750 0.000 0.000 -0.002 0.72025 0.80450 0.89475 1.03869 Treasuries ($) 222.69 0.29 0.70 -0.88 0.70 -0.88 10/19 0.25 100.91 -0.52 0.00 -0.05 0.01 0.03 Tr 4pc '60 172.95 1.59 0.63 0.63 3.25 -1.85 179.15 162.07 23.61
Swiss Fr Libor -0.001 -0.77660 -0.72560 -0.65080 -0.51760 FTSE Belgium 12/20 1.80 105.27 -0.47 -0.01 -0.03 -0.02 -0.06 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor -0.006 -0.07317 -0.03317 0.03017 0.13833 Sterling Corporate (£) 112.81 -0.16 - - 0.09 -4.49 03/28 5.50 145.89 0.58 0.00 -0.03 0.07 -0.08
Euro Euribor
Sterling CDs
-0.001
0.000
-0.36900
0.75000
-0.31900
0.80000
-0.26600
0.92500
-0.16600 Euro Corporate (€) 105.81 0.04 - - 0.05 -1.39 Canada 02/20 1.25 98.87 2.04 -0.03 -0.04 0.14 - GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 356.67 -16.69 - - -15.22 -53.21 06/28 2.00 97.27 2.31 0.01 -0.06 0.17 0.36
US$ CDs 0.000 2.03000 2.21000 2.40000 Eurozone Govt Bond 109.69 0.01 - - -1.22 -2.10 Denmark 11/20 0.25 101.77 -0.53 0.01 -0.04 0.02 -0.09 Price Indices Day's Total Return Return
Euro CDs - - - - 11/27 0.50 102.09 0.27 -0.03 -0.10 -0.04 -0.24 Fixed Coupon Aug 17 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series 1 Up to 5 Years 92.86 -0.01 2419.66 0.13 -0.48 0.80
Short 7 Days One Three Six One Index change change change high low Finland 09/20 0.38 101.98 -0.57 0.00 -0.05 -0.01 -0.09
09/27 0.50 100.27 0.47 0.00 -0.06 0.04 - 2 5 - 10 Years 180.67 0.01 3489.36 0.31 -0.63 1.14
Aug 17 term notice month month month year Markit iTraxx 3 10 - 15 Years 211.45 0.01 4285.98 0.40 0.57 1.44
Euro -0.61 -0.31 -0.61 -0.31 -0.55 -0.25 -0.49 -0.19 -0.47 -0.17 -0.40 -0.10 Crossover 5Y 305.70 0.51 1.98 13.78 329.08 267.17 France 11/20 0.25 101.77 -0.52 0.01 -0.05 0.00 -0.10
4 5 - 15 Years 187.70 0.01 3686.90 0.34 -0.21 1.28
Sterling 0.45 0.55 0.70 0.80 0.75 0.85 0.85 1.00 0.98 1.13 Europe 5Y 71.05 0.45 3.12 6.98 76.53 52.58 05/23 1.75 109.23 -0.18 -0.03 -0.08 0.00 -0.19
5 Over 15 Years 338.89 -0.14 5283.86 0.27 2.53 1.65
Swiss Franc - - - - - - - - - - - - Japan 5Y 55.49 -0.10 0.93 2.01 57.34 49.41 05/28 0.75 101.45 0.60 -0.02 -0.07 0.04 -
7 All stocks 179.14 -0.06 3618.95 0.24 0.91 1.54
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 86.83 1.06 0.88 10.63 94.14 55.32 Germany 10/20 0.25 101.95 -0.64 -0.01 -0.06 -0.02 -0.06
US Dollar 1.84 2.14 1.84 2.14 1.96 2.26 2.18 2.48 2.37 2.67 2.64 2.94 08/23 2.00 111.60 -0.30 0.01 -0.09 -0.02 -0.12 Day's Month Year's Total Return Return
Markit CDX 08/27 0.50 102.61 0.21 0.01 -0.08 -0.01 -0.20
Japanese Yen -0.35 -0.05 -0.35 -0.05 -0.10 0.20 -0.05 0.25 -0.05 0.25 0.00 0.30 Index Linked Aug 17 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 204.46 -6.20 21.70 29.42 220.25 132.91 08/48 1.25 107.40 0.97 -0.03 -0.10 -0.04 -
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 1 Up to 5 Years 309.83 0.00 0.26 -1.53 2471.39 0.26 0.02
Nth Amer High Yld 5Y 335.47 -3.27 8.23 -4.11 370.10 323.96 Greece - - - - - - -
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 2 Over 5 years 722.24 -0.28 1.25 1.92 5409.14 1.25 2.43
Nth Amer Inv Grade 5Y 61.47 -1.16 2.31 -0.30 69.04 57.69 01/28 3.75 96.02 4.27 0.01 0.29 0.42 -
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. 3 5-15 years 479.30 -0.02 0.75 -0.48 3750.37 0.75 0.51
Ireland 10/20 5.00 111.95 -0.47 -0.01 -0.06 0.00 -0.10 4 Over 15 years 931.18 -0.36 1.42 2.72 6810.21 1.42 3.06
05/30 2.40 115.05 1.03 -0.02 -0.05 0.02 -0.15 5 All stocks 651.70 -0.25 1.16 1.61 4957.34 1.17 2.21
Italy 06/20 0.35 98.15 1.39 0.14 0.45 0.70 1.24
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 08/22 0.90 94.88 2.26 0.13 0.43 0.73 1.38 Yield Indices Aug 17 Aug 16 Yr ago Aug 17 Aug 16 Yr ago
08/27 2.05 92.40 3.03 -0.03 0.18 0.51 0.97 5 Yrs 0.91 0.90 0.42 20 Yrs 1.72 1.72 1.77
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
03/48 3.45 95.52 3.70 0.06 0.16 0.28 - 10 Yrs 1.35 1.35 1.13 45 Yrs 1.57 1.56 1.61
Crude Oil† Aug 65.98 0.50 Corn♦ Sep 365.50 0.00 Aug 16 Aug 16 Prev return stock Market stocks
Japan 11/19 0.10 100.27 -0.11 0.00 -0.01 0.01 - 15 Yrs 1.62 1.62 1.59
Brent Crude Oil‡ 71.76 0.35 Wheat♦ Sep 553.50 11.50 Can 4.25%' 21 112.43 0.436 0.434 -0.03 5.18 77213.06 8
09/22 0.10 100.74 -0.08 0.01 0.00 0.03 -
RBOB Gasoline† Aug 2.00 0.01 Soybeans♦ Sep 881.50 -3.75 Fr 2.25%' 20 107.84 -1.694 -1.735 -0.09 20.31 245653.58 15
09/27 0.10 100.32 0.07 -0.01 -0.02 0.05 - inflation 0% inflation 5%
Heating Oil† Aug 1.74 0.00 Soybeans Meal♦ Sep 334.50 0.20 Swe 0.25%' 22 115.64 -2.166 -2.181 0.06 33.45 233077.64 7
09/47 0.80 99.57 0.82 0.01 -0.01 0.14 - Real yield Aug 17 Dur yrs Previous Yr ago Aug 17 Dur yrs Previous Yr ago
Natural Gas† Aug 2.93 0.02 Cocoa (ICE Liffe)X Sep 1533.00 -6.00 UK 2.5%' 20 361.08 -2.195 -2.198 0.12 6.58 680335.72 30
Netherlands 01/20 0.25 101.32 -0.68 -0.01 -0.05 -0.01 -0.08 Up to 5 yrs -1.90 2.63 -1.89 -2.23 -2.45 2.65 -2.45 -3.16
Ethanol♦ - - Cocoa (ICE US)♥ Sep 2087.00 -14.00 UK 2.5%' 24 362.79 -1.908 -1.909 0.79 6.82 680335.72 30
01/28 5.50 148.42 0.28 -0.03 -0.10 -0.03 -0.23 Over 5 yrs -1.64 24.29 -1.65 -1.61 -1.68 24.39 -1.69 -1.65
Uranium† Aug 22.10 0.00 Coffee(Robusta)X Sep 1648.00 -19.00 UK 2%' 35 270.42 -1.654 -1.655 0.98 9.08 680335.72 30
Carbon Emissions‡ - - Coffee (Arabica)♥ Sep 101.30 -0.55 New Zealand - - - - - - - 5-15 yrs -1.73 8.90 -1.73 -1.90 -1.87 8.92 -1.87 -2.05
US 0.625%' 21 99.86 0.674 0.658 0.28 35.84 1287568.69 39
White SugarX 308.40 -2.60 04/20 3.00 102.09 1.72 0.00 -0.09 -0.13 -0.35 Over 15 yrs -1.63 29.34 -1.65 -1.59 -1.66 29.39 -1.67 -1.61
Diesel† - - US 3.625%' 28 125.74 0.845 0.658 0.50 16.78 1287568.69 39
Sugar 11♥ 10.29 0.02 Norway - - - - - - - All stocks -1.65 22.43 -1.66 -1.62 -1.68 22.55 -1.70 -1.66
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 2036.50 -1.50 Cotton♥ Oct 81.95 0.00 - - - - - - - See FTSE website for more details www.ftse.com/products/indices/gilts
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium Alloy 1759.00 -31.00 Orange Juice♥ Sep 154.10 0.10 Portugal - - - - - - - ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 5925.00 34.50 Palm Oil♣ - - 06/20 4.80 109.04 -0.14 -0.02 0.03 -0.01 -0.31 Gilt Closing Prices information contained herein is proprietary to
Lead 2013.50 7.00 Live Cattle♣ Aug 108.43 -0.18 BONDS: TEN YEAR GOVT SPREADS Spain 01/21 0.05 100.32 -0.08 -0.04 0.04 0.07 -0.02 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 13425.00 85.00 Feeder Cattle♣ Aug 150.30 0.83 10/27 1.45 101.18 1.31 0.02 0.03 0.11 -0.35 accurate, complete or timely; and does not constitute investment advice.
Tin 18730.00 120.00 Lean Hogs♣ Oct 55.48 0.00 Spread Spread Spread Spread Sweden 12/20 5.00 112.83 -0.55 0.01 -0.04 0.02 -0.21 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2368.50 -9.50 Bid vs vs Bid vs vs 11/26 1.00 105.65 0.30 0.01 -0.07 0.03 -0.32
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 07/20 2.25 105.75 -0.76 0.00 -0.03 -0.04 -0.02 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1180.40 -1.60 Aug 16 Month Year 04/28 4.00 139.59 -0.09 0.01 -0.06 -0.01 0.01 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 2.60 2.40 -0.26 Italy 3.03 2.82 0.17
Silver (US cents) 1460.50 -22.00 S&P GSCI Spt 450.96 0.05 20.48 United Kingdom 01/21 1.50 101.85 0.73 -0.02 -0.06 -0.04 0.42 Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria - - - Japan 0.07 -0.14 -2.80
Platinum 781.00 6.00 DJ UBS Spot 83.24 0.49 0.80 Belgium 0.58 0.37 -2.28 Netherlands 0.28 0.07 -2.58 07/23 0.75 98.93 0.97 -0.04 -0.08 -0.06 0.32 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 885.00 36.00 TR/CC CRB TR 193.66 -1.25 - Canada 2.31 2.10 -0.55 Norway - - - 12/27 4.25 126.14 1.27 0.00 -0.07 -0.01 0.19 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Denmark 0.27 0.06 -2.59 Portugal - - - 07/47 1.50 94.72 1.73 0.00 -0.03 0.01 0.01
Iron Ore (Platts) 67.50 0.60 UBS Bberg CMCI TR 14.69 -0.24 6.83 Finland 0.47 0.26 -2.39 Spain 1.31 1.11 -1.55 United States 11/19 1.75 98.97 2.56 0.01 -0.02 0.04 - Data provided by Morningstar | www.morningstar.co.uk
Iron Ore (The Steel Index) 76.55 -1.30 LEBA EUA Carbon 14.04 27.29 178.57 France 0.60 0.39 -2.26 Switzerland -0.09 -0.29 -2.95 10/22 2.00 97.20 2.71 -0.04 -0.11 0.00 -
GlobalCOAL RB Index 96.00 0.00 LEBA CER Carbon 0.23 -23.33 15.00 Germany 0.21 0.00 -2.65 United Kingdom 1.27 1.06 -1.60 11/27 2.25 95.11 2.86 -0.04 -0.11 0.02 -
Baltic Dry Index 1723.00 3.00 LEBA UK Power 745.00 -68.16 -49.01 Greece 4.27 4.06 1.41 United States 2.86 2.65 0.00 11/47 2.75 94.66 3.03 -0.04 -0.09 0.09 -
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Ireland 1.03 0.83 -1.83 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
unless otherwise stated. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
18 August/19 August 2018 ★ FTWeekend 15

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence Indvardn SKr 185.40 0.55 220.80 168.60 2.94 17.70 286.9 TaylorWm 170.90 0.65 211.90 165.95 2.77 8.85 18596.6 AngloPacif 128.00 3.00 168.00 114.64 5.86 21.77 1940.9 Shaftbry 917.50 4.50 1055 895.50 1.74 8.13 278.1 MearsGp 375.00 11.00 512.85 300.00 3.20 18.13 18.2
Avon Rubber♦ 1330 -5.00 1485 885.00 0.93 18.07 18.2 ICG 1011 -3.00 1226 834.00 2.82 11.39 343.9 TedBaker 2174 38.00 3244 2044 2.55 18.38 45.4 AnGoldA R 107.70 0.05 145.79 100.21 1.23 -17.03 1096.3 Town Ctr 276.00 2.00 318.75 266.00 4.17 8.85 4.2 MenziesJ 618.00 -9.00 750.00 572.00 3.32 21.02 105.1
BAE Sys 624.60 -1.00 680.20 534.00 3.49 26.47 4564.9 Investec 498.50 -5.10 649.40 451.20 4.71 10.01 1747.5 Antofagasta 827.00 -16.60 1171.5 818.00 0.92 16.47 3676.6 TritaxBBOX 149.00 -0.50 158.00 139.36 4.35 7.35 2043.3 MITIE 145.00 0.60 278.70 144.00 0.92 -19.08 1360.6
Jupiter♦ 420.40 -1.60 638.80 412.10 4.07 12.26 709.4
Industrial Engineering Barrick C$ 13.16 0.17 22.70 12.81 1.16 -45.16 143.4 Wkspace 1050 - 1176 843.36 2.20 10.10 76.3 PageGroup 605.00 -2.50 617.00 418.20 2.07 21.08 361.3
Chemring 198.00 -7.00 239.50 162.00 1.16 180.00 334.5
Liontrust 656.00 -4.00 694.00 460.30 2.44 39.09 4.6 Bodycote 1000.00 10.50 1077 835.00 1.74 18.28 338.4 BHP Billito 1629.4 -2.60 1803.6 1292.5 3.78 25.02 7068.4
Meggitt 530.80 -2.20 583.80 415.50 2.99 14.50 1507.7
Castings 411.00 1.00 480.00 395.00 3.40 18.30 1.0
Real Estate Inv & Services Renewi 65.50 -1.10 109.00 64.10 4.66 -10.92 718.9
RollsRoyceX 1023.5 8.50 1104.5 800.20 1.14 9.07 3819.1 LSE Gp 4408 10.00 4620 3612 1.17 25.87 413.2 BisichMg 95.00 5.00 108.50 68.00 4.21 13.53 3.0 Cap&Count 255.30 -0.20 320.70 251.90 0.59 -170.201879.6 Rentokil♦ 338.00 1.00 356.40 257.40 1.15 33.57 3618.1
Man♦ 172.40 0.40 219.20 160.35 4.68 14.14 2841.4 Goodwin 2530 -10.00 2740 1510 1.67 21.42 0.5 EVRAZ♦ 466.60 5.30 572.00 249.80 11.82 5.13 2407.0 Ricardo 754.00 -20.00 1085 687.87 2.56 16.57 59.5
Senior 317.60 -1.20 336.60 249.50 2.19 20.60 647.9 CLS 223.00 1.00 255.00 195.91 2.85 7.66 430.3
NB GFRIF♦ 93.00 -0.30 95.55 91.00 3.59 958.76 3721.4 Hill&Sm 1100 2.00 1538 1007 2.73 17.27 286.6 Fresnillo♦ 924.80 5.20 1673 890.20 3.30 18.67 1034.5 RbrtWlts 760.00 40.00 794.00 496.25 1.59 17.51 31.8
UltraElc 1586 -15.00 1910 1138 3.13 32.63 134.2 Daejan 6050 20.00 6540 5500 1.62 4.86 1.9
NEX Group 1036 -4.00 1069 556.00 2.94 35.72 251.6 IMI♦ 1149 25.00 1453 1004 3.43 21.36 848.7 GemDmnd 112.00 - 125.00 66.00 - 38.85 186.1 RPS 235.00 -4.00 307.50 225.50 4.20 -34.92 59.4
Grainger 305.20 -0.20 323.20 248.70 1.59 15.62 280.4
Automobiles & Parts Paragon 486.80 -2.20 558.50 400.09 3.23 10.82 185.6 MelroseInd 221.10 1.40 248.80 194.70 1.49 -184.25 21830.5 GlencoreX 305.00 0.15 416.90 297.55 3.38 9.59 45598.4 Harworth Gr 128.50 - 130.00 91.36 0.60 8.13 79.7 SIG 120.30 -0.50 184.90 118.10 2.56 -11.91 956.5
FordMtr $X♦ 9.50 -0.01 13.48 9.35 6.09 5.83 10260.1 Providnt 665.40 5.40 1406.18 312.14 - -7.36 430.1 Renold 34.05 -0.15 55.00 22.00 - -34.05 1.6 Harmony R 22.07 -0.26 29.08 19.00 3.86 -26.22 4200.8 St Ives 95.80 0.70 110.00 65.84 2.04 -2.46 113.7
RHIM 4720 -42.00 5350 3200 - -118.16 260.6 Helical 329.50 -0.50 399.00 290.25 2.64 14.91 17.9
RathbnBr 2422 14.00 2836 2254 2.52 20.49 13.7 Lonmin 37.28 -0.70 109.50 36.00 - -0.17 327.2 HK Land $♦ 6.94 0.09 7.85 6.72 2.81 4.71 1654.2 Vp 1167.5 27.50 1230 680.00 1.95 19.16 0.0
Banks Rotork 329.00 0.10 363.20 221.30 1.64 48.38 1241.2
Record 38.05 -0.50 53.42 37.40 6.11 12.77 122.1 Petra 37.78 3.88 73.45 33.14 - -3.21 8509.6 Lon&Assc♦■ 25.00 - 31.00 17.50 0.66 2.77 1.0
ANZ A$X 30.28 0.22 30.80 26.08 5.05 13.06 4815.8
S&U 2525 - 2790 1925 3.76 12.48 0.3 Severfd♦■ 77.90 0.10 89.40 58.23 3.21 13.05 30.5 Petropvlsk 6.72 0.32 8.75 6.25 - 7.09 1505.7
Tech - Hardware
BcoSant 390.10 -2.00 558.70 383.65 4.99 11.39 3122.5 Tex 113.00 0.50 140.70 100.00 7.52 14.87 2.2 MacauPrp 184.00 1.00 206.00 154.00 - 7.76 7.5 SpirentCM♦ 115.00 - 131.00 89.50 2.68 29.03 97.2
Schroder♦ 3066 14.00 3784 3024 3.69 13.99 255.2 PolymtIntl 644.60 3.40 983.50 577.80 3.64 10.77 1162.5 Mntview 10350 -800.00 12300 10300 2.90 13.50 0.8
BnkGeorgia 1739.8 11.00 3884 1570.4 - 5.75 85.3 Trifast 230.00 8.00 277.00 191.37 1.57 18.85 35.4
..N/V 2410 -10.00 2730 2200 1.41 10.99 216.9 RndgldRs 5038 6.00 8255 4916.51 3.12 27.26 621.1 Palace Cap 323.00 1.00 397.00 208.00 7.35 9.02 49.8 Tech - Software & Services
BankIre Grp € 7.22 0.04 8.25 6.18 1.57 12.43 272.4 Vitec 1255 5.00 1420 930.00 2.43 40.35 37.8
Strd Life A♦ 317.20 1.20 448.60 301.00 6.72 10.94 9685.8 Rio TintoX♦ 3706 16.50 4541 3374.2 5.87 8.46 3372.8 Raven Prope 41.70 -0.40 52.63 41.00 - 6.80 101.9 Computcnt 1546 -8.00 1632 860.00 1.45 23.25 101.6
BkNvaS C$X 76.65 0.03 85.50 73.91 3.91 11.79 48.3 Weir 1835 43.00 2333 1710.66 2.40 25.43 1349.1
TP ICAP 286.70 2.70 560.60 245.80 5.88 37.23 2897.8 Sirius Min 36.00 -0.48 39.78 21.00 - -19.78 6512.2 RavenR CNV 119.50 - 125.01 113.00 - - 0.4 MicroFoc♦ 1245.5 2.50 2749 782.20 5.85 8.95 1460.2
BarclaysX♦ 182.60 0.42 220.10 177.30 1.64 -456.50 23442.6
WlkrCrip 38.00 1.50 50.00 31.25 4.92 21.71 172.3 Industrial General Troy Res A$ 0.12 -0.01 0.18 0.08 - -0.69 950.4 RavenR Prf 148.00 - 156.00 120.00 - 165.73 47.5 NCC Grp 218.00 -2.00 239.25 175.60 2.13 -10.39 179.0
CanImp C$X 120.63 0.13 124.37 103.84 4.08 11.58 23.8
Coats Group 81.50 -0.30 90.00 72.00 1.34 20.58 1164.6 VedantaRs♦ 849.60 1.20 981.80 624.60 4.87 -102.70 1552.2
RavenR Wrt 21.00 - 27.55 19.00 - - 0.6 RM♦ 216.00 - 244.00 153.50 3.06 12.13 1.7
HSBCX♦ 696.90 -6.00 798.60 650.60 5.50 18.78 24970.7 Food & Beverages
LlydsBkgX♦ 60.16 0.06 72.68 59.41 5.07 11.57 168671.7 AngloEst 695.00 -23.00 886.00 668.00 0.42 10.30 1.9 JardnMt $X♦ 64.91 -0.84 68.11 59.73 2.36 15.66 190.4 Oil & Gas Safestre 550.00 5.00 585.00 383.80 2.55 11.11 253.9 Sage 665.80 1.40 825.20 536.20 2.32 28.05 2208.7
PermTSB € 2.10 0.05 2.44 1.64 - 33.09 71.0 AscBrFdX 2338 31.00 3387 2295 1.75 17.71 2024.6 Jard Str $X♦ 36.75 -0.57 46.48 35.30 0.85 13.15 178.5 BPX♦ 548.60 - 593.50 4.80 5.48 20.52 19861.0 Savills 800.00 -11.00 1046 795.50 1.89 14.49 282.9 SDL 495.00 -5.00 560.00 333.00 1.25 26.35 57.2
RylBkC C$X♦ 102.03 0.03 108.52 90.13 3.37 13.79 46.0 Barr(AG) 675.00 5.00 712.00 599.00 2.16 20.94 47.2 Macfrlne 95.50 0.50 114.00 64.50 2.09 18.30 68.2 CairnEng 225.20 -1.60 270.40 166.60 - 6.84 816.6 SchroderRE♦ 63.00 1.00 65.10 57.80 3.94 9.69 329.4 TriadGp 70.00 - 77.00 50.40 1.43 6.99 6.9
RBSX 240.90 0.30 304.20 238.40 - 41.53 11429.8 Britvic 787.00 -2.00 844.00 658.00 3.37 19.58 311.8 RPC♦ 756.80 -1.80 1032 642.40 3.40 12.35 623.9 ExxonMb $X♦ 77.91 -0.09 89.30 72.16 3.87 16.46 3567.1 SiriusRE 57.40 -0.40 68.60 51.60 4.72 7.57 244.5
Smith DS 490.00 -1.00 516.20 360.52 2.94 21.24 3635.6 Smart(J) 112.50 - 114.70 105.00 2.77 12.81 8.4 Telecommunications
STB 1735 5.00 2120 1490 4.55 13.97 7.0 CarrsGroup 144.50 -0.50 165.00 118.00 2.77 14.31 5.5 GeoPark $ 15.98 -0.32 21.88 7.45 - -124.32 102.8
Smiths 1591.5 7.00 1810 1354 2.72 17.22 682.3 StModwen♦ 380.00 0.20 431.20 336.10 1.65 16.17 168.3 BTX♦ 225.85 0.10 295.75 201.25 6.82 11.07 15720.0
StandChX♦ 644.80 -6.30 864.20 639.60 1.29 24.82 5756.7 Coca-Cola H 2613 -18.00 2817 2176 1.83 24.02 503.1 GulfKeyst 263.00 0.50 285.00 86.25 - 58.13 924.7
SmurfKap 3190 -12.00 3306 2139.4 2.43 15.98 223.0 U+I 216.50 -5.00 253.00 176.00 2.73 6.72 75.9 Inmarsat 544.80 -4.20 749.00 334.30 4.63 239.79 1181.6
..7.375%Pf 126.55 - 143.25 123.00 5.83 - 9.4 Cranswk♦ 3322 -4.00 3502 2724 1.39 24.23 36.8 HellenPet € 6.80 0.09 8.88 6.60 5.04 6.43 49.4
Vesuvius♦ 608.50 -1.50 656.50 514.50 2.96 27.04 448.1 UNITE Gp 874.50 3.00 892.50 641.00 2.60 7.90 237.5 KCOM Gp 95.50 0.60 111.25 85.30 6.28 17.92 88.7
..8.25%Pf 135.50 -0.10 158.90 134.00 6.09 - 5.0 Dairy Cr 468.00 -1.80 628.00 450.15 4.83 4.43 146.3 Hunting 738.00 -6.50 934.50 376.50 - -60.88 295.3
Urban&C 296.00 -1.00 348.00 237.00 1.08 9.64 127.2 TalkTalk 120.00 1.80 220.00 88.60 6.25 -14.81 1277.6
TntoDom C$X 78.50 0.13 78.60 63.13 2.98 14.67 95.3 Devro 188.00 -1.60 247.00 185.20 4.68 22.12 124.3 Industrial Transportation ImpOil C$X 40.66 0.01 44.91 33.43 1.59 37.03 9.1 TelePlus 1032 - 1292 1008 4.75 26.74 87.7
VirginMoney♦ 402.70 -2.20 423.80 256.20 1.49 10.57 938.8 DiageoX♦ 2793.5 5.50 2885 2345.5 2.27 23.07 1884.7 OphirEgy 40.70 0.65 82.00 36.90 - -3.48 1309.8 Retailers
BBA Aviat 313.00 -0.20 370.40 289.80 2.35 35.14 1022.0 Vodafone GpX 175.78 -1.22 239.65 173.50 7.47 12.67 44165.2
Westpc A$X 30.33 0.15 33.68 27.24 5.93 13.41 3679.6 Grncore 174.50 0.80 233.70 120.00 3.13 349.00 1154.8 PremOil 115.20 1.50 135.20 52.15 - -2.96 4061.8 AA 112.50 -4.10 191.00 69.92 8.27 6.18 1785.7
Braemar 260.00 -5.00 322.00 236.00 3.85 -32.46 16.6
HiltonFd 940.00 18.00 1000.00 720.00 1.86 28.66 17.5 RylDShlAX♦ 2472.5 -3.50 2755 2096.5 5.75 13.83 18473.6 AO World 137.40 6.00 180.20 98.00 - -46.89 160.5 Tobacco
Basic Resource (Ex Mining) Clarkson 2660 50.00 3475 1970 2.74 27.82 163.5
Kerry € 96.90 0.90 96.99 76.72 0.64 29.38 22.7 Eurotunnl € 10.89 0.07 12.49 9.64 2.37 54.89 425.7 ..B♦ 2511.5 -2.00 2844.5 2130.5 5.66 14.05 4845.1 AshleyL 4.13 0.23 9.50 3.65 12.12 24.26 134.1 BrAmTobX 4203 45.00 5108 3553 4.70 2.30 3056.4
Ferrexpo 155.15 -5.40 326.60 150.85 3.22 3.66 3815.3
Nestle SFrX 81.48 0.22 86.40 72.92 2.71 36.58 4476.7 Fisher J 1814 46.00 1940 1340 1.49 22.82 7.2 Schlmbrg $X 62.36 -0.13 80.35 61.02 3.09 -119.82 1856.0
Caffyns 425.00 - 489.00 371.00 5.29 11.15 0.8 Imperial BrX 2987.5 4.00 3352 2298 5.71 23.30 1350.9
Mondi 2099 10.00 2250 1684 2.58 17.09 1841.5
PremFds 42.40 -0.55 46.86 35.80 - 49.59 161.6 OceanWil 1090 - 1310 1001.5 4.25 6.66 3.9 SEPLAT 146.50 -2.50 160.00 97.50 2.55 3.28 3.6 Dairy Fm $♦ 8.80 0.05 9.39 7.40 2.28 29.73 533.4 Travel & Leisure
Chemicals PureCircle 405.00 7.50 517.00 333.00 - 246.80 40.9 RoyalMail♦ 464.40 2.70 632.60 367.80 5.02 18.07 2529.2 Soco Int 97.00 - 129.80 87.60 4.88 -2.75 97.3 Debenhams 13.23 0.89 51.44 11.28 25.89 -14.70 12712.5
REA 307.00 - 360.00 282.00 - -6.20 2.9 TrnCan C$X 57.18 -0.45 65.18 50.28 4.43 17.56 85.1 888 Hldg 230.60 1.00 326.60 226.20 2.92 91.76 648.3
Carclo 91.40 -0.10 170.00 62.40 - 7.88 42.1 Dignity 1041 19.00 2475 735.50 2.34 9.94 311.1
StckSpirit 200.50 -0.50 320.00 196.25 3.57 3.84 588.1 Insurance AirPrtnr 115.25 1.00 153.00 65.00 4.60 17.46 15.0
Croda 5138 -32.00 5282 3661 1.58 27.85 216.4 Pharmaceuticals & Biotech DixonsCar 167.90 -0.65 254.30 145.72 - 7.92 3112.5
Tate&Lyl 642.60 3.00 713.50 522.60 4.39 11.45 1186.5 Admiral 2037 -13.00 2110 1766 2.60 17.41 1029.4 Carnival 4616 17.00 5435 4210 2.93 15.67 796.2
Elemntis 255.60 -1.00 321.80 238.00 2.56 14.80 339.1 Dunelm 505.00 -4.00 760.00 460.60 5.15 13.84 187.9
TongtHu R 82.89 1.74 121.00 75.00 4.05 11.99 180.5 AvivaX♦ 484.80 2.30 554.60 479.20 5.65 17.50 9314.8 AstraZenecaX♦ 5930 -6.00 6122 4388 3.30 37.54 1853.2 Cineworld 287.00 -9.00 673.00 96.27 1.99 30.07 4000.1
Johnsn Mtth 3566 -34.00 3873 2677.68 2.14 23.01 547.4 Findel 257.00 2.00 312.00 150.00 - 11.33 12.5
Unilever♦ 4415 4.00 4557.5 3678.5 2.92 60.92 1477.8 Beazley♦ 588.00 2.00 621.50 440.70 1.95 89.23 2568.0 BTG 534.00 25.50 784.00 467.40 - 136.92 1753.5 CompassX 1697.5 22.50 1697.5 1396.5 2.00 23.74 4515.3
Victrex 3098 -48.00 3256 1998.29 1.74 23.07 186.2 Halfords♦ 324.60 -0.60 391.00 305.40 5.45 11.80 280.8
..NV €♦ 49.50 -0.30 52.29 42.10 2.92 23.09 1.6 Chesnar 394.00 4.50 424.50 334.75 5.00 7.56 28.6 CathayIn 6.00 - 12.11 5.00 - -4.43 0.5 Dalata Hote 625.00 -1.00 650.00 442.57 - 19.08 4.0
Inchcape♦ 703.00 -2.00 885.00 660.50 3.81 12.06 499.2
Construction & Materials Direct Line♦ 332.40 -3.30 400.00 321.00 6.14 11.79 3722.9 Dechra 3126 -24.00 3180 1840 0.69 68.02 132.8
JDSportsF 478.00 0.10 489.00 300.08 0.33 20.06 1103.2
easyJet 1574.5 1.50 1808.5 1135.25 2.60 14.06 1103.9
Alumasc 128.50 - 182.84 118.40 5.56 7.69 3.7 Health Care Equip & Services Eccles prf 151.50 1.00 160.94 110.00 5.69 - 37.0 Genus 2856 -4.00 2998 1769 0.83 26.52 56.2 EI Group 158.60 -0.20 162.40 114.20 - 9.55 436.5
Bioquell 472.50 -44.50 529.00 214.10 - 36.63 84.7 GlaxoSmhX♦ 1617 7.00 1617.4 1236.4 4.95 48.41 6637.5 Kingfisher 273.30 -1.20 366.00 267.00 3.83 12.42 15628.6 FirstGrp 91.80 0.60 119.70 76.15 - -3.73 702.6
Boot(H) 270.50 5.50 350.00 253.00 2.70 8.51 0.2 Hansard 61.50 0.10 94.00 57.00 14.47 12.55 18.8 Marks&Sp 299.00 -2.40 355.30 262.10 6.25 186.88 3835.9
CRH 2555 13.00 2894 2326 2.27 13.53 1900.2 ConstMed 1164 14.00 1294 1040 1.77 35.60 18.9 Hiscox♦ 1655 -4.00 1704 1208 1.75 99.04 467.6 HikmaPhm 1818 43.00 1846 814.20 1.39 -7.14 1103.2 Fuller A 957.00 19.00 1050 896.00 2.00 14.84 0.8
ConvaTec 212.40 -0.80 294.70 181.98 2.03 23.37 2984.4 Oxfd Bio 857.20 -32.70 1062.6 387.50 - -59.12 95.1 Morrison (W 263.30 0.40 266.10 203.30 2.09 20.21 5135.2 Go-Ahead 1600 10.00 2004 1310 6.38 7.42 45.1
GalfrdT 956.00 11.00 1427 772.50 9.03 19.90 240.1 JardineL 1436 -8.00 1468 1128 2.37 28.16 43.5 MossBros 45.55 0.05 101.25 39.00 13.19 8.58 27.4
KierGp 904.00 6.00 1230.1 887.94 7.47 291.61 280.0 GNStre kr 314.50 -5.80 336.70 190.55 0.39 39.24 338.9 Lancashire♦ 593.50 2.00 768.50 522.50 1.93 -24.49 516.5 RichterG $ 18.90 0.10 27.00 16.30 1.24 54.73 0.0 GreeneKg♦ 481.90 -2.30 690.50 454.00 6.89 9.21 440.8
Mediclinic 466.10 -4.50 771.50 460.20 1.69 -6.99 1536.0 ShireX 4442.5 -0.50 4514.5 2940.5 0.60 11.11 1100.5 Next 5460 -64.00 6224 4023 2.89 13.13 434.0 IntCon Htel 4750 21.00 5050 3656 1.62 20.74 344.4
Kingsp € 39.98 1.02 44.00 28.63 0.86 25.63 22.4 Leg&Gen♦ 253.90 -1.00 287.60 248.80 6.05 9.30 16358.2 Ocado 1046 -10.50 1163 235.80 - -403.86 1586.2
LowBonr♦ 49.35 2.25 88.75 43.00 6.18 -4.16 216.7 NMC Health 4060 -2.00 4086 2293 0.25 60.82 246.2 Old Mut 153.00 -3.34 176.62 148.00 - 19.37 5427.2 VecturGp 78.80 -0.20 127.20 68.00 - -6.25 557.7 Intl Cons A 688.60 -1.20 727.00 578.88 3.47 5.94 3158.3
Smith & Nep 1379 10.50 1442 1173 1.94 22.23 1879.0 Photo-Me 119.00 0.60 194.00 98.10 6.43 11.23 781.0 IrishCtl € 5.01 -0.24 6.00 5.00 2.33 11.54 0.9
Marshlls 481.40 -2.00 502.00 380.40 2.12 21.34 802.0 PhoenixGrp 687.00 -1.00 698.00 491.79 6.41 -109.13 939.3 Real Estate Saga 120.00 0.50 203.24 108.00 7.33 9.30 2610.2
MorgSdl 1476 14.00 1554 1078 3.05 11.73 51.2 UDGHlthC 777.00 4.50 963.00 728.50 1.22 65.03 601.5 PrudntlX 1719 -15.00 1992.5 1696.5 2.73 19.74 2725.3 JPJ GROUP 880.00 10.00 1048 691.63 - -13.33 221.6
REITs Sainsbury ( 334.60 -3.60 339.30 223.60 2.90 26.35 4532.3 MandarO $♦ 2.13 -0.01 2.86 1.89 1.34 44.83 487.2
Norcros 218.00 -2.00 234.00 138.75 3.39 15.46 63.9 House, Leisure & Pers Goods RSA Ins 640.80 10.00 693.20 591.40 3.06 21.80 3104.2 TescoX 256.50 0.30 266.80 173.75 0.39 21.23 21852.0
Tyman♦ 344.50 2.00 387.00 280.00 3.27 21.30 2194.8 SagicFin 77.50 - 98.00 70.00 4.60 4.92 3.0 Assura 57.70 0.70 67.02 55.00 4.35 15.59 2783.4 Marstons 93.25 -0.75 121.30 90.90 8.04 13.51 1386.5
BarrttDev 537.00 -0.40 705.50 479.10 4.54 8.68 2344.5 BigYellw 948.00 3.00 997.50 736.00 3.10 11.23 217.6 Merlin Ents♦ 370.50 2.50 469.40 317.10 2.00 18.43 2043.1
StJmsPl 1126.5 -1.00 1279.5 1051 3.80 39.25 1293.5 Support Services
Electronic & Electrical Equip Bellway 2894 18.00 3805 2803 4.22 7.30 397.9 BritLand 639.20 3.00 703.00 589.00 4.67 13.18 2035.1 Aggreko 834.00 4.80 994.50 636.80 3.25 19.68 545.2 Natl Exp 410.80 2.40 426.60 336.28 3.29 15.39 362.5
Dialight 540.00 12.00 860.00 460.00 - 174.19 2.2 Berkeley 3737 20.00 4338 3462 2.90 6.79 567.1 Media Cap&Reg 45.25 0.70 59.50 43.85 8.04 19.18 876.3 Paddy Pwr B 6955 35.00 9180 6572.5 2.88 27.09 106.3
BovisHme 1137 8.00 1311.5 990.50 3.96 16.77 374.2 AshtdGp♦ 2322 - 2441 1542 1.22 11.94 1196.1
Discoverie 395.00 -5.00 456.00 285.25 2.20 25.00 619.5 4imprint♦ 1930 5.00 2110 1555 2.28 23.47 114.3 Civitas SH♦ 107.50 1.50 113.50 95.60 - - 476.9 Babcock 717.20 -2.80 868.00 604.00 3.97 10.78 4685.1 PPHE Htl 1495 -5.00 1550 890.00 1.47 26.23 6.2
Halma 1410 6.00 1470 1064 1.00 34.65 445.3 Burberry Gp 2244 -15.00 2297 1481.5 1.76 32.81 1562.7 Centaur 44.90 - 56.75 42.00 6.68 224.50 2.0 Countrywd 14.60 0.18 72.90 10.00 - -0.15 2914.9 Restaurt 265.80 -1.40 362.80 229.20 6.55 16.25 376.2
Cairn Homes € 1.55 0.01 2.00 1.53 - 261.00 747.1 Bunzl 2338 13.00 2363.57 1918.5 1.84 25.01 348.4
Morgan Ad 350.20 -0.80 370.00 284.90 3.14 17.78 254.0 DlyMailA 756.50 6.00 781.00 500.00 3.00 -29.21 352.6 DrwntLdn 3081 -3.00 3241 2608 1.94 11.42 131.7 Capita 137.20 -2.45 662.00 118.55 4.93 -3.12 7054.7 Stagech 168.70 1.20 188.20 124.30 7.05 13.83 654.4
OxfordIn 977.00 -8.00 1174 676.00 1.33 28.65 25.1 CtrySide 328.00 - 387.00 295.00 2.56 11.63 626.8 HaynesPb 221.00 - 247.94 170.10 3.39 19.56 3.2 GREAT PORTL 705.70 -0.40 805.04 658.20 1.71 38.77 565.2 ThomasCook 85.15 1.10 150.00 81.80 0.70 53.22 4145.1
CrestNic 386.80 7.00 591.50 369.00 8.53 5.99 909.5 Comnsis 54.20 -1.80 73.00 47.67 4.91 10.11 132.3
Renishaw 5290 -20.00 5820 4366 0.98 28.00 43.0 Informa♦ 778.60 4.60 869.60 657.00 2.63 22.90 2205.3 Green Reit € 1.50 -0.03 1.64 1.41 3.30 7.58 37.0 DCC 6905 5.00 7760 6445 1.67 26.71 270.7 TUI 1475.5 -4.00 1816 1238 3.90 12.07 1126.9
Spectris 2305 -1.00 2957 2220.5 2.45 9.46 247.7 GamesWk 3365 35.00 3385 1552.09 3.57 18.46 45.8 ITE Grp 81.90 0.30 93.10 44.09 3.03 -30.04 173.4 Hammersn 491.40 3.20 578.20 430.40 5.19 24.92 2349.1 Whitbrd 3979 14.00 4573 3499.9 2.45 16.64 260.6
Gleeson 722.00 -4.00 830.00 605.00 3.32 13.89 102.6 DeLaRue 496.00 -3.00 704.50 446.00 5.04 5.34 103.8
TT Elect 265.00 4.50 270.00 197.00 2.19 23.25 675.5 ITV 166.60 0.25 183.05 141.00 4.68 16.02 9107.9 Hansteen 105.10 -0.10 147.90 95.85 5.71 10.84 706.3 Diploma 1310 -10.00 1388 1003.2 1.76 29.77 245.9 Willim H 254.30 -2.00 345.00 239.10 5.19 -2.26 3596.2
XP Power 3150 -40.00 3780 2590 2.51 19.15 10.2 Headlam 448.00 -9.50 635.00 408.50 5.22 11.52 44.0 Pearson♦ 917.40 1.40 973.20 563.00 1.85 12.06 2328.1 HIBERNIA € 1.49 - 1.57 1.38 1.68 9.88 1811.1
McBride 134.00 0.80 235.00 108.80 3.21 -89.33 51.4 Elctrcmp 741.80 -1.80 779.20 562.40 1.69 22.08 589.3 Utilities
RELX NV €♦ 19.06 0.07 19.65 15.86 2.32 20.78 1252.9 INTU 160.15 0.15 256.60 157.55 8.74 -5.32 3894.4 Experian 1902 -2.50 1963 1428 1.57 29.26 1091.6
Financial General McCarthy&S 109.80 -0.60 172.20 96.05 4.92 9.15 682.0 LandSecs 923.50 0.50 1100.8 900.20 4.56 40.06 1195.5 Centrica 145.90 -0.50 205.63 123.10 8.22 15.52 13506.1
RELX PLCX♦ 1714 9.50 1784 1399 2.30 20.88 2702.0 Ferguson 6071 -5.00 6312.22 4672.94 1.74 17.12 370.0
3i 922.20 -3.80 1038 845.20 2.87 6.11 1011.3 Persimn 2462 -7.00 2913 2366 5.48 10.13 932.1 LondonMtrc 183.60 0.20 197.40 162.90 4.17 6.83 629.3 Drax 373.80 -6.40 385.40 218.00 3.29 -21.99 984.5
SkyX 1532.5 2.50 1548.5 893.42 - 32.40 1249.4 G4S 252.40 1.80 304.60 233.80 3.84 20.52 4867.3
BrewDlph 356.20 1.00 399.40 330.20 3.76 22.26 243.3 Philips € 37.35 0.04 38.42 29.25 2.12 44.47 1235.0 McKaySec 275.00 9.00 289.00 192.25 3.31 5.99 15.6 Natl GridX 829.40 4.90 981.77 733.00 5.38 8.03 5078.4
STV Grp 423.50 1.50 458.00 295.40 3.78 14.31 2.7 Hays 198.60 -1.40 213.00 168.30 1.62 19.15 1239.1
CtyLonInv 382.00 16.00 459.00 366.00 6.54 9.74 5.5 PZCusns♦ 233.80 -0.80 353.80 199.70 3.54 14.81 267.3 MucklGp 542.00 3.00 574.00 471.00 4.08 6.81 0.0 Pennon♦ 780.20 8.20 830.63 577.40 4.72 16.32 828.7
ThmReut C$X 55.92 -0.17 61.11 46.69 3.13 20.82 15.9 Homesve 1005 -4.00 1037 699.00 1.58 33.84 325.9
CloseBrs 1577 - 1627 1315 3.80 12.01 154.1 ReckittBX♦ 6783 10.00 7457 5255 2.42 13.90 846.4 PrimyHth♦ 113.80 0.40 117.60 103.95 4.68 8.49 1874.0 Severn Tren 2014 15.50 2291.4 1664 4.15 19.76 388.1
WPPX 1276 -5.50 1605 1074 4.68 8.96 3183.9 HowdenJny 471.90 1.70 541.80 398.30 2.35 15.52 1218.8
DBAG € 37.25 -0.50 52.30 33.20 3.68 8.72 11.0 Redrow 533.00 1.00 673.50 513.50 3.19 6.79 542.5 RDI REIT 33.45 0.05 40.02 31.25 7.77 7.78 1640.8 SSE♦ 1265 1.00 1470.81 1176.5 7.30 15.58 2564.7
Hargr Lans 2172 19.00 2175 1319 1.34 46.02 624.6 Superdry Pl♦ 1152 8.00 2102 1086 2.56 18.61 577.5 Mining Intertek 5278 -6.00 6084 4526 1.35 29.74 198.2 UtdUtils 752.20 3.80 928.00 648.60 5.21 14.49 1300.6
SEGRO♦ 657.60 2.20 682.40 519.00 2.52 5.87 1336.6 MngCnslt 1.40 0.20 2.70 0.89 - -0.41 0.2
AngloAmer♦ 1534 -9.00 1948 1253 5.03 8.58 4722.0

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence BP Marsh 285.00 - 294.00 208.37 1.31 4.13 1.4 Churchll 1005 5.00 1270 780.00 2.21 17.36 2.7 Oil & Gas PnthrSec♦ 355.00 - 400.00 295.00 3.94 2.95 2.7 Tech - Hardware
Cohort 397.50 5.00 494.50 310.00 1.87 20.21 9.3 Gresham Hou 456.00 - 458.00 321.00 - -27.25 2.2 Mulberry 569.00 - 1145.7 532.00 0.88 69.39 0.0 AmeriRes 14.56 0.16 22.50 13.14 - 19.13 1030.9 SIR 384.00 2.00 392.00 334.00 3.54 6.58 193.8 AminoTech♦ 184.00 - 220.90 173.68 3.74 20.13 65.7
Leeds 30.00 1.00 41.00 26.30 - 12.00 5.0 Portmern 1160 - 1320 880.00 2.99 17.03 1.4 BorSthnPet 4.15 0.08 6.00 1.49 - -22.41 2869.5 SumGermny €♦ 1.14 -0.01 1.29 1.05 1.74 5.32 10.0 IQE 103.00 -0.90 181.50 89.00 - 52.82 3027.2
Banks MattioliWds 810.00 2.50 872.00 701.21 1.74 26.91 2.3 TelfordHms 421.00 2.00 474.50 361.75 3.92 8.52 89.4 ClontarfEn 0.20 0.01 0.49 0.17 - -0.42 3572.2
Caribbean I 20.00 - 30.00 11.00 - 2.44 1.4 Miton 60.60 0.10 70.90 34.75 1.65 19.80 331.1 WalkerGb 77.00 - 245.39 75.00 4.87 4.64 84.8
Retailers Tech - Software & Services
Egdon Res 8.25 - 12.50 5.42 - -11.79 155.4
Numis 410.50 -5.50 449.00 261.25 2.92 12.48 73.0 ASOS 6122 4.00 7770 5403 - 77.01 231.6 Eckoh 36.25 1.00 54.00 34.75 1.32 35.19 160.7
Basic Resource (Ex Mining) Industrial Engineering PetrelRes 1.60 - 3.75 1.50 - -0.41 15.7
Park Grp 69.00 0.25 90.00 68.00 4.28 12.32 84.6 Phoenix Glo 22.50 0.05 64.25 16.50 - -1.60 251.7 Support Services Elecosoft 83.00 4.00 92.90 38.90 0.54 33.56 59.0
CropperJ 1675 -25.00 1975 1350 0.70 38.95 0.7 600 Grp 18.10 - 18.50 13.15 - 9.13 10.9 Ingenta 136.50 - 177.04 110.00 0.73 23.62 0.1
PolarCap 610.00 4.00 738.00 421.50 4.18 17.58 194.0 Rockhop 37.65 0.45 44.95 18.25 - -37.99 358.8 Begbies 69.40 1.50 77.00 58.81 3.17 - 88.6
MS Intl 216.00 - 238.00 172.00 3.82 10.54 0.8 Iomart♦ 407.50 10.50 422.50 305.00 2.02 36.35 62.4
Chemicals Share 25.25 0.25 29.00 22.00 1.58 -3156.25 7.6 Sound Energ 39.92 -0.58 58.90 34.10 - -25.92 563.3 Christie 125.00 - 164.00 90.02 2.00 13.26 4.5
ShoreCap 245.00 - 305.00 200.00 4.08 19.14 0.1 Pres Tech 120.00 - 207.44 100.00 - -7.06 39.9 Oxford Metr 76.00 0.80 83.00 57.00 1.58 41.53 134.2
Scapa 427.00 7.20 510.00 397.00 0.47 28.85 95.2 UnJackOil 0.09 - 0.17 0.08 - -4.25 5121.6 Empres 85.50 -1.50 148.00 69.00 1.35 10.82 5.5
STM Group 68.50 2.00 75.04 32.05 2.34 10.75 141.7 Media RhythmOne 188.00 -8.60 420.00 157.00 - -10.29 56.9
Gattaca 145.25 -1.50 324.75 114.50 15.83 -4.99 42.7
Construction & Materials Pharmaceuticals & Biotech SciSys 188.50 -2.00 199.90 92.00 1.07 16.68 26.1
Food & Beverages Cello Hlth 131.50 - 138.40 106.67 2.62 32.63 159.8 HarvyNah 131.25 0.25 132.50 76.00 3.18 27.93 5.9
Abbey 1380 - 1429 1230 1.02 6.32 0.1 Abcam 1460 8.00 1513 946.77 0.70 54.60 202.2 WANdisco 950.00 - 1268 495.00 - -35.70 27.0
Camellia 10600 50.00 13700 10000 1.25 39.55 0.1 M&Csaatc 330.00 - 430.00 290.00 2.60 99.70 9.2 Impellam 645.00 -5.00 655.00 430.00 3.18 10.54 6.8
AccsysTch 92.20 -0.30 102.00 72.00 - -13.15 2.5 AllcePharm 93.80 0.40 102.50 50.25 1.33 15.56 331.4
Aukett 2.23 - 3.20 1.00 - -3.48 0.0 FinsbryFd 123.50 - 132.00 98.75 2.43 154.38 12.2 MissionMk 49.00 - 53.92 37.00 3.16 9.51 11.2
e-Thera 8.25 - 10.75 5.80 - -4.13 11.2
JhnsnSrv 139.00 1.00 151.75 125.20 1.87 20.14 58.1 Travel & Leisure
Nichols♦ 1420 -30.00 1887.3 1386 2.36 22.20 16.4 YouGov 486.50 -11.50 505.20 255.00 0.41 99.29 94.3 LonSec 2090 - 2200 2000 3.83 17.91 0.0 Celtic 137.00 - 138.00 124.00 - 30.04 3.7
Mereo Bio 292.00 -3.00 352.00 290.00 - -6.35 0.2
Electronic & Electrical Equip Mining Reneuron 92.50 -0.50 220.00 1.95 - -1.66 18.3
NewmkSec 0.85 - 1.29 0.65 - -0.82 70.3 ..6%CvPf 121.50 - 142.00 107.00 - - 2.9
CeresPow 148.24 - 179.50 97.09 - -16.85 36.4 Health Care Equip & Services NWF 181.50 - 215.00 85.00 3.31 14.76 17.9 ..Cv Pf 255.00 1.00 275.00 229.20 - - 0.8
AMC 3.85 0.0511.63 3.00 - -25.98 489.7 Sareum 0.80 - 1.15 0.70 - 32.00 1578.4
ElektronT 44.00 0.50 45.90 13.50 - 43.35 209.0 Advnc Med 359.00 -11.00 373.50 280.50 0.27 38.23 135.4 Petards 24.00 - 30.00 17.20 - 10.34 0.0 Dart 967.00 - 1030 493.50 0.56 13.02 267.5
BotswanaD 1.03 - 2.65 0.90 - -11.39 306.1 Vernalis 6.08 -0.01 17.40 2.80 - -0.67 22034.5
LPA 103.00 0.50 184.00 95.00 2.48 7.68 3.4 AVO 50.00 - 64.80 15.00 - -2.85 18.8 RedhallGp 6.50 - 10.00 6.13 - -6.72 150.0 gamingrealm 8.73 - 13.50 5.50 - -4.06 32.0
CentAsiaM 212.00 2.00 345.50 205.00 7.50 10.13 648.7
ThorpeFW 320.00 -2.00 393.75 290.00 1.53 25.58 14.0 CareTech 373.00 -3.50 445.00 365.00 2.65 14.49 80.8 Real Estate Renew 385.00 -2.00 464.75 355.00 2.34 27.66 168.4 GoalsSocc 69.00 - 106.25 58.66 - 7.50 2.0
Tristel 265.00 - 393.00 220.00 1.52 32.64 12.6 Connema 2.23 -0.13 5.60 1.85 - -9.27 800.0 Restore 494.00 - 601.00 368.50 0.88 73.73 218.6
Zytronic 515.00 5.00 635.00 380.00 3.69 19.14 15.1 InlandHms 61.20 - 74.00 51.00 2.78 7.89 69.8 IDE Group H 3.85 - 31.47 2.72 - -0.71 16.5
GrekaDrill 1.34 - 3.20 1.04 - -2.83 8.1 SafeCharge 323.00 - 355.00 217.00 4.05 27.69 41.2
House, Leisure & Pers Goods Lok'nStor 420.00 -7.50 450.00 345.00 2.38 40.08 6.2 MinoanGp 5.45 0.55 9.75 4.50 - -3.32 631.4
Financial General HighldGld 130.10 1.90 181.00 125.10 7.76 8.76 1101.3
LXB Retail 15.80 -0.35 30.75 15.20 - -2.01 3.5 PeelHtls 73.50 - 116.13 55.10 - -12.25 0.6
Arbuthnot 1460 -5.00 1650 1254.65 2.26 29.74 4.0 Airea 60.00 5.50 74.40 28.51 2.50 17.44 213.3

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) Edin Inv 691.00 - 739.50 608.00 3.78 764.6 -9.6 JPM Amer 462.50 -2.50 466.50 368.50 1.19 485.7 -4.8 PolarHealth♦ 221.00 3.00 221.00 175.50 1.20 237.6 -7.0 Conventional - Property ICs 52 Week Dis(-)
Price +/-Chg High Low Yld NAV or Pm Edin WWd 930.00 -6.00 974.00 614.50 - 917.0 1.4 JPM Asn 338.50 0.50 381.00 335.00 4.37 386.9 -12.5 PolarFins♦ 140.00 1.50 147.50 128.99 2.79 147.8 -5.3 Price +/-Chg High Low Yld NAV or Pm Guide to FT Share Service
3i Infra 235.45 1.80 272.33 197.00 4.14 209.8 12.2 EP Global 322.00 2.00 331.00 288.00 1.34 340.1 -5.3 JPM Brazil 61.00 - 74.50 52.11 1.31 68.4 -10.8 PolarTech 1308 -6.00 1344 993.67 - 1371.6 -4.6 Direct Property
AbnAsianIn 206.00 - 225.00 196.50 4.37 228.5 -9.8 Euro Ast 121.50 -0.25 136.00 115.00 5.43 - - JPM China 262.50 0.50 345.00 259.24 0.61 303.0 -13.4 RIT Cap 2050 - 2130 1828 1.59 1918.0 6.9
AEW UK REIT♦ 94.70 - 103.50 93.80 8.45 63.5 49.1
AbnAsian 1055 -5.00 1085 988.00 1.14 1253.2 -15.8 EuroInvT 896.00 6.00 974.00 854.00 2.40 1013.8 -11.6 JPMElct MC 101.00 - 103.00 98.00 0.35 102.3 -1.3 Ruffer Inv 232.50 -0.50 242.00 220.00 0.77 230.2 1.0
CustdnREIT♦ 120.40 0.20 122.80 111.00 5.34 106.2 13.4 For queries about the London Share Service pages e-mail
Abrdn Div I 122.50 -0.50 126.00 115.00 3.21 123.9 -1.1 F&C Cp&I 326.50 -6.50 350.00 305.00 3.28 330.3 -1.2 ..MG 852.50 - 867.75 740.60 1.32 870.7 -2.1 Schroder To 356.50 -2.50 383.00 322.25 1.26 347.9 2.5
F&CComPrp♦ 147.00 - 155.00 133.90 4.08 142.2 3.4 ft.reader.enquiries@morningstar.com.
AbnEmgMkts 561.00 -3.00 658.00 558.00 2.72 659.4 -14.9 F&CGblSmlr 1430 - 1490 1255 0.88 1463.3 -2.3 ..MI 112.50 -1.00 120.99 104.00 4.09 115.0 -2.2 SchdrAsiaP 440.00 -1.00 486.00 422.75 1.27 501.5 -12.3
F&CUKRealE 96.60 -1.20 109.00 94.60 5.18 105.6 -8.5
AbnJapInv 587.50 2.50 680.50 555.00 1.02 668.8 -12.2 F&CMgdG 219.00 - 222.00 189.00 - 211.7 3.4 JPM Emrg 860.00 -11.00 935.00 801.50 1.28 996.7 -13.7 Schdr Inc 293.50 1.50 310.00 263.30 3.95 318.4 -7.8 All data is as of close of the previous business day. Company classifications
Longbow 102.25 -0.25 106.00 100.00 5.87 99.1 3.2
AbnLatAmIn 64.20 -0.30 79.92 59.40 5.45 75.4 -14.9 F&CMgdI 138.00 - 146.00 127.00 4.06 135.3 2.0 JPM EurGth 299.50 4.50 339.00 288.00 2.29 333.2 -10.1 SchdrJap 209.00 3.00 237.00 190.00 1.67 232.5 -10.1 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
SLIPropInc♦ 94.40 0.20 97.00 87.90 5.04 88.9 6.2
AbnNewDn♦ 226.50 -0.50 248.00 219.00 1.77 263.8 -14.1 F&C UK HIT 103.00 - 108.00 94.50 4.74 110.7 -7.0 JPM EurInc 155.00 -2.00 178.00 147.50 3.74 171.8 -9.8 SchdrOrient 249.00 -3.00 271.00 237.00 3.73 254.8 -2.3 100 constituent stocks are shown in bold.
UKComPrp♦ 89.10 - 92.10 84.60 4.13 93.6 -4.8
AbnNewIndia 482.00 -1.00 547.00 408.00 - 566.8 -15.0 F&C UK HIT 103.00 - 108.00 95.00 4.74 110.7 -7.0 JPM EuSm 393.00 3.00 448.00 378.75 1.20 455.8 -13.8 SchdrUKMd 545.00 3.00 584.00 500.00 2.40 647.5 -15.8 Closing prices are shown in pence unless otherwise indicated. Highs & lows
AbnNewThai 557.00 -13.00 596.00 513.48 1.85 672.3 -17.2 F&C UK HIT 412.00 - 427.00 382.00 - 442.7 -6.9 JPM Clavr♦ 758.00 -2.00 790.00 671.00 3.50 739.4 2.5 ScotAmer♦ 379.50 0.50 393.00 341.00 2.95 370.1 2.5 Property Securities are based on intra-day trading over a rolling 52 week period. Price/earnings
FidAsian 408.00 2.00 423.00 352.00 1.23 420.2 -2.9 JPMGIConv 93.20 -0.20 102.75 92.80 4.83 96.3 -3.2 Scottish In 875.00 -1.00 902.00 771.00 2.86 959.9 -8.8 TR Prop 430.50 -0.50 435.50 355.79 2.57 426.3 1.0
AbnSmlInCo 277.50 -1.00 304.00 249.00 2.54 338.6 -18.0 ratios (PER) are based on latest annual reports and accounts and are updated
Abf Sml♦ 1336 -8.00 1444 1240 2.16 1522.9 -12.3 FidChiSpS 216.50 -3.50 269.50 213.00 1.15 245.5 -11.8 JPM GEI 120.50 - 143.00 118.00 4.07 131.7 -8.5 ScottMort 542.70 -5.60 563.00 407.53 0.55 531.5 2.1 VCTs 52 Week Dis(-) with interim figures. PER is calculated using the company’s diluted earnings
Abf Spl Inc♦■ 95.20 0.80 109.38 89.00 - 99.2 -4.0 Fid Euro 229.00 - 239.00 199.50 1.90 256.6 -10.8 JPM Gl Gr&I 329.00 -1.00 341.00 300.00 3.19 327.0 0.6 ScottOrtll 1005 5.00 1095 936.00 1.14 1174.5 -14.4 Price +/-Chg High Low Yld NAV or Pm from continuing operations. Yields are based on closing price and on dividends
Alliance 772.00 -2.00 788.00 686.00 1.72 828.9 -6.9 Fid Jap 155.50 0.50 164.50 120.50 - 173.1 -10.2 JPM I&C Uni 388.00 - 394.00 347.20 - - - Seneca I&G 174.00 - 179.89 167.00 3.63 171.3 1.6 ArtemisVCT■ 67.00 -2.00 82.00 62.00 5.97 62.5 7.2 paid in the last financial year and updated with interim figures. Yields are
AllianzTech 1515 -25.00 1575 1015 - 1519.3 -0.3 Fid Spec 267.00 -2.00 281.00 234.20 1.72 270.7 -1.4 JPM Ind 725.00 4.00 785.00 644.00 - 850.5 -14.8 Shires Inc 260.00 -1.50 368.10 239.00 4.90 277.5 -6.3 Baronsmead 90.00 - 91.59 84.50 5.00 94.5 -4.8 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
Art Alpha♦■ 331.50 -1.50 358.00 284.00 1.36 387.7 -14.5 FinsG&I 842.00 1.00 846.00 715.00 1.73 836.4 0.7 JPM JpSm 446.00 -1.00 468.00 360.00 - 469.1 -4.9 StdLf Eqt 475.00 5.00 514.00 435.00 3.73 482.6 -1.6 BSC VCT 74.50 2.00 76.00 69.00 7.72 75.5 -1.3 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
Aurora Inv 218.00 - 224.00 196.00 0.92 214.8 1.5 FstPacfic H HK$ 3.54 0.03 6.34 3.46 3.61 - - JPM Jap 456.00 1.00 473.00 367.25 1.10 493.6 -7.6 StrategicEq 218.50 4.50 242.00 212.00 0.36 258.1 -15.3 ..VCT2 56.50 1.50 57.43 53.00 5.31 59.2 -4.6 capital changes where appropriate.
Axiom♦ 98.75 -1.25 109.00 92.81 6.23 94.9 4.1 For & Col 720.00 - 744.00 593.00 1.47 723.6 -0.5 JPM Mid 1210 - 1295 1045.62 1.90 1294.4 -6.5 Temp Bar 1276 2.00 1358 1170 3.36 1358.1 -6.0 Inc&GthVCT 69.50 - 74.00 67.00 8.63 76.8 -9.5 Trading volumes are end of day aggregated totals, rounded to the nearest
BG Japan 839.00 -3.00 886.00 682.93 - 805.0 4.2 Geiger 21.70 - 28.00 17.00 - 19.6 10.7 JPM Mlti-As 97.70 -1.10 103.56 91.00 - 101.7 -3.9 TempEmerg 699.00 - 830.00 683.00 1.18 810.2 -13.7 KingsAYVCT 20.00 - 22.80 19.00 5.00 21.5 -7.0 1,000 shares.
BG Shin 192.01 -0.99 998.00 181.00 - - - GenEmer 679.00 -1.00 751.00 665.00 1.55 774.9 -12.4 JPMRussian 497.00 -3.00 561.70 446.00 4.23 603.3 -17.6 Tetragon $♦ 13.23 - 14.02 12.05 4.94 22.3 -40.7 Nthn 2 VCT 60.00 - 68.50 58.00 9.17 63.4 -5.4 Net asset value per share (NAV) and split analytics are provided only as a
Baillie Gif 192.75 -0.25 200.00 163.52 2.96 203.2 -5.1 GRIT 8.00 - 15.20 7.25 - 17.4 -54.0 JPM Smlr 1192.5 7.50 1290 954.00 1.93 1404.5 -15.1 TRIG♦ 109.80 - 112.00 101.00 5.85 103.9 5.7 Nthn 3 VCT 87.00 - 94.25 85.00 6.32 90.5 -3.9 guide. Discounts and premiums are calculated using the latest cum fair net
Bankers♦ 880.00 2.00 926.00 799.88 2.17 915.9 -3.9 GoldenPros 23.00 - 38.50 21.75 - 32.7 -29.7 JPM US Sml 324.50 -2.50 328.96 251.75 0.77 337.6 -3.9 TREurGth 972.00 -12.00 1279 970.00 1.18 1122.6 -13.4 NthnVent 66.00 - 74.90 62.75 4.55 68.7 -3.9 asset value estimate and closing price. Discounts, premiums, gross redemption
BH Global 1472.5 2.50 1500 1316 - 1544.0 -4.6 Gulf Invest $ 1.05 -0.01 1.09 0.82 2.69 1.2 -12.5 KeystoneInv 1707.5 7.50 1845 1633.8 3.22 1956.5 -12.7 TroyInc&G 79.00 0.40 80.80 72.60 3.33 79.2 -0.3 ProVenGI 69.00 - 83.00 60.50 3.62 71.7 -3.8 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
..USD $ 14.70 - 14.90 13.11 - 15.5 -5.2 Hansa 1070 - 1160 925.00 1.50 1441.6 -25.8 Law Deb♦ 614.00 4.00 652.00 550.00 2.82 675.6 -9.1 Utilico Eme 201.00 -1.60 233.00 196.50 4.33 236.1 -14.9 ProVenVCT 106.00 - 105.00 84.00 2.36 111.7 -5.1 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BH Macro 2215 -5.00 2220 1932 - 2377.0 -6.8 ..A 1020 - 1080 787.70 1.57 1441.6 -29.2 Lazard Worl♦ 367.00 -5.00 396.00 343.69 2.98 386.6 -5.1 Utilico Eme 201.00 -1.60 233.00 196.50 4.33 236.1 -14.9 UnicornAIM 143.00 - 147.00 132.00 4.55 164.4 -13.0 in pence.
..EUR € 18.57 -0.10 20.85 18.10 - - - Hend Alt 280.00 - 305.00 265.00 1.70 346.1 -19.1 LinTrain £♦■ 1225 -7.50 1270 760.00 1.26 804.4 52.3 UIL Inv 181.50 2.00 183.00 151.00 4.13 323.1 -43.8
..USD $ 21.90 - 22.20 19.20 - 24.2 -9.5 Hen Div Inc 88.20 0.20 97.67 86.00 5.78 86.1 2.4 Lowland 1475 - 1590 1440 3.39 1610.0 -8.4 VEIL 430.00 6.00 502.00 384.10 - 522.8 -17.8 Ordinary Income Shares 52 Week HR
Price +/-Chg High Low Yld WO GRY 0%
X FT Global 500 company
BiotechGth 810.00 -2.00 883.50 650.00 - 882.5 -8.2 HenEuroF 1235 -5.00 1430 1175 2.39 1369.1 -9.8 Majedie 290.00 - 311.00 270.89 3.36 326.8 -11.3 Witan 1116 -2.00 1140 991.00 1.93 1133.6 -1.6
♦ trading ex-dividend
BlckRCom 78.90 0.10 86.00 68.00 5.07 83.5 -5.5 HenEuro 1112.5 2.50 1235 1030 2.25 1235.2 -9.9 Man&Lon 517.00 1.00 542.00 359.00 0.69 555.8 -7.0 WitanPac 317.50 -0.50 354.00 308.00 1.51 379.4 -16.3 JPM I&C 99.50 - 103.99 83.50 7.64 - -
■ trading ex-capital distribution
BlckREmEur 316.00 -0.50 396.53 299.00 1.68 332.5 -5.0 HenFarEs 361.00 - 390.75 345.00 5.82 359.1 0.5 Marwyn Val 135.00 - 172.75 122.00 - 203.0 -33.5 WwideHlth 2810 -15.00 2860 2320 0.80 2810.6 0.0 Zero Dividend Preference Shares 52 Week HR # price at time of suspension from trading
BlckRFrnt 145.50 -1.50 169.50 141.00 3.31 145.5 0.0 HenHigh 180.00 -0.50 196.50 165.00 5.28 189.0 -4.8 MercantIT 214.45 0.15 227.00 196.30 2.18 - -
Conventional - Private Equity 52 Week Dis(-) Price +/-Chg High Low SP WO TAV 0%
BlckRGtEur 352.50 3.50 364.00 308.00 1.55 372.6 -5.4 HenInt Inc♦ 165.50 - 172.00 154.00 3.02 166.3 -0.5 MrchTst♦ 503.00 3.00 542.00 450.00 4.89 531.9 -5.4 The prices listed are indicative and believed accurate at the time of publication.
Price +/-Chg High Low Yld NAV or Pm Abf Spl Inc 107.00 - 110.00 104.00 - - -
BlckR I&G♦ 201.00 -1.00 214.00 185.00 3.28 211.8 -5.1 Hen Opp♦ 1070 -7.50 1142.3 934.00 1.87 1293.8 -17.3 Mid Wynd 532.50 - 540.00 456.00 0.94 519.9 2.4 No offer is made by Morningstar or the FT. The FT does not warrant nor
Altamir € 16.50 -0.02 17.34 12.70 3.91 21.1 -21.8 JPM I&C 189.50 - 191.00 186.00 - - -
BlckRckLat♦ 418.00 -1.00 501.50 370.00 2.63 491.5 -15.0 HenSmlr 920.00 - 986.00 775.00 2.07 1030.3 -10.7 Miton Globa 282.00 0.50 298.00 245.00 - 280.5 0.5 guarantee that the information is reliable or complete. The FT does not accept
BGUSGROWTH 129.00 -0.90 131.20 99.60 - 126.1 2.3 JZ Capital 434.00 - 438.00 414.67 -18.7 -21.5 483.7
BlckRckNrAm 176.50 0.50 178.00 144.00 3.26 184.7 -4.4 Herald 1310 - 1380 1054 - 1534.7 -14.6 MitonUKMic 66.70 -0.20 69.20 60.00 0.54 69.5 -4.0 responsibility and will not be liable for any loss arising from the reliance on
Electra 915.00 3.00 1884 818.00 - 1084.0 -15.6 UIL Limited 106.25 0.25 108.70 100.00 -10.3 -13.3 138.4
BlckRSmlr 1485 -20.00 1600 1205 1.55 1585.9 -6.4 HICL Infra 160.90 -0.30 164.00 133.00 4.85 148.3 8.5 Monks♦ 832.00 -4.00 874.00 690.00 0.15 830.0 0.2 or use of the information.
F&C PvtEq 342.50 0.50 389.00 308.00 5.99 346.7 -1.2 UILFn18 159.50 - 160.00 156.00 - - 160.5
BlckRThrmt♦ 544.00 -2.00 578.00 437.25 1.65 602.1 -9.6 Highbridge 223.00 -0.50 228.00 210.75 - 223.4 -0.2 MontanSm♦ 912.50 7.50 935.00 760.00 0.90 1039.5 -12.2
HVPE 1378 4.00 1384 1174 - 1713.8 -19.6 UILFn20 143.50 -0.50 145.00 139.50 -51.2 -64.1 154.9
BlckRWld 354.50 -3.50 425.00 354.00 4.40 412.2 -14.0 Impax Env. 275.00 1.00 285.00 235.00 0.91 288.1 -4.5 Mur Inc 780.00 - 818.00 710.00 4.33 867.2 -10.1 The London Share Service is a paid-for-print listing service and may not be
HgCapital 1880 10.00 1950 1615 3.30 2007.7 -6.4 UIL Finance 125.00 -0.50 127.85 118.00 -23.5 -30.9 147.0
Brit Emp 761.00 -1.00 767.00 679.98 1.58 841.2 -9.5 Ind IT♦ 696.00 24.00 810.00 575.00 0.86 645.9 7.8 Mur Int 1134 -4.00 1314 1110 4.45 1163.2 -2.5 fully representative of all LSE-listed companies. This service is available to all
ICG Ent Tr♦ 850.00 2.00 888.00 735.00 2.35 987.7 -13.9
Brunner♦ 781.00 7.00 818.00 711.00 2.11 875.0 -10.7 IntBiotech♦
Intl PP
664.00
155.60 -
8.00 678.00
166.80
518.00
138.20
3.77
4.33
676.9
141.9
-1.9
9.7
NewCtyEgy
NewCityHY♦
16.50
60.40
-
-0.20
17.25
63.60
9.00
56.60
-
7.28
-
57.4
-
5.2 IGC 98.50 -1.50 120.00 86.60 - 112.9 -12.8 Investment Companies - AIM listed companies, subject to the Editor’s discretion. For new sales enquiries
Caledonia I 2810 - 2890 2515 1.97 3451.2 -18.6 please email stella.sorrentino@ft.com or call 020 7873 4012.
Inv AsiaTr 275.50 0.50 312.00 269.00 1.56 315.0 -12.5 New Star IT 110.00 - 119.90 98.50 0.73 161.2 -31.8 JZ Capital 443.00 2.00 524.50 420.00 - 761.0 -41.8
CanGen C$ 25.10 -0.15 26.00 20.51 2.84 35.8 -29.9 52 Week Dis(-)
Inv IncGro 278.00 3.00 304.00 260.00 3.94 328.4 -15.3 NorthAmer 1375 - 1400 1155 2.73 1489.9 -7.7 Mithras 245.00 - 267.20 215.80 0.41 249.8 -1.9
City Merch♦ 190.50 - 201.00 177.00 5.25 188.1 1.3 Price +/-Chg High Low Yld NAV or Pm
CityNatRs♦ 105.75 0.25 130.00 105.45 5.30 121.8 -13.2 IP EnInc 75.30 - 84.15 70.00 6.64 73.4 2.6 NthAtSml 3045 25.00 3080 2370 - 3820.3 -20.3 NB PE Ptnr
Nthn Invs
1135 30.00
203.00 -1.00
1135 886.00 -
249.00 200.00 14.78
1334.5
230.1
-14.9
-11.8 AbnFrntrMkt 54.25 - 67.25 53.00 2.8 61.7 -12.1 Data provided by Morningstar
City Lon♦ 423.50 0.50 497.69 392.00 4.00 421.0 0.6 IPST BalR 137.50 0.50 144.00 130.25 - 137.3 0.1 Oryx Int 832.50 - 844.50 685.02 - 936.9 -11.1 CrysAmber 230.00 -1.00 239.12 165.00 2.2 240.4 -4.3
IPST Gbl Eq 208.00 - 214.00 194.00 3.22 210.9 -1.4 PacAsset 275.50 2.50 292.00 234.00 0.94 284.9 -3.3 Pantheon 2040 - 2070 1747 - 2523.3 -19.2
DiverseInc 103.50 0.50 111.00 96.80 3.04 102.9 0.6 Infra India 6.40 -0.55 7.80 1.62 - 34.3 -81.3
IPST Mngd 101.50 - 103.00 101.00 - 103.6 -2.0 PacHorzn 340.00 -2.00 395.00 285.00 - 334.8 1.6 PantheonR 1895 - 1911.25 1460 - - -
Dun Inc♦ 255.00 - 270.00 234.00 4.59 289.3 -11.9
IPST UK Eq 181.00 -1.00 194.00 167.00 3.56 184.9 -2.1 PerpInc&Gr 356.50 - 395.40 329.50 3.87 413.1 -13.7 PrincssPE € 10.05 -0.03 10.95 9.36 5.53 - -
Dun Sml 290.50 2.50 318.00 228.01 2.20 327.7 -11.4
IP UKSmall♦ 509.00 7.00 538.00 472.00 3.40 532.4 -4.4 PerAsset 40450 50.00 41240 38700 1.38 39950. 1.3 StdLfPv 333.00 -0.50 356.00 315.00 4.53 393.6 -15.4
EcofinGloba♦ 126.00 2.00 137.93 109.00 5.08 147.6 -14.6
EdinDragn 369.00 2.00 394.00 341.55 0.89 415.7 -11.2 JLaingInf 145.40 0.20 146.20 109.00 4.79 123.7 17.5 6
www.morningstar.co.uk
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
16 ★ FTWeekend 18 August/19 August 2018

MANAGED FUNDS SERVICE

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

Ashmore SICAV Emerging Market Frontier Equity Fund $ 168.71 - -1.78 0.72 Multi Asset Open Defen N-GACC-GBP £ 1.23 - 0.00 1.03

Ashmore SICAV Emerging Market Total Return Fund $ 82.52 - 0.12 4.93 Multi Asset Open Growth N-ACC-GBP £ 1.36 - 0.01 1.19
Abbey Life Assurance Company Limited (UK) Candriam Investors Group (BE) Ennismore European Smlr Cos Hedge Fd Genesis Asset Managers LLP
1 Wythall Green Way, Wythall, Birmingham, B47 6WG Ashmore SICAV Global Small Cap Equity Fund $ 150.90 - -2.96 0.62 FCA Recognised Other International Funds Multi Asset Open Strat N-ACC-GBP £ 1.31 - 0.00 1.27 Other International Funds
additional fund prices can be found @ www.abbeylife.co.uk
Candriam Sust Euro Bonds Cap € 364.08 - -0.32 0.00 NAV € 529.70 - -2.49 0.00 Emerging Mkts NAV £ 7.73 - -0.02 0.00
Insurances EM Mkts Corp.Debt USD F $ 92.58 - 0.14 6.02 Multi Asset Strategic N-ACC-GBP £ 1.32 - 0.00 1.19
Life Funds Candriam Sust North America Cap $ 48.75 - -0.01 0.00
EM Mkts Loc.Ccy Bd USD F $ 76.42 - -0.20 5.50 Open World Fund N-ACC-GBP £ 1.70 - 0.00 0.34
Prop. Acc. Ser 2 1627.90 1713.50 0.20 -
Candriam Sust World Cap € 30.69 - -0.13 0.00
EM Short Duration Fund Acc USD $ 134.89 - 0.30 0.00 Dodge & Cox Worldwide Funds (IRL) Special Situations Fund W-ACC-GBP £ 37.82 - -0.06 1.55 Kames Capital ICVC (UK)
Selective Acc. Ser 2 1916.80 2017.70 0.90 - 6 Duke Street,St.James,London SW1Y 6BN
Equinox Fund Mgmt (Guernsey) Limited (GSY)
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
Regulated
www.dodgeandcox.worldwide.com 020 3713 7664 Sterling Core Plus Bond GMACC £ 12.52 - 0.04 2.34 0800 358 3009 www.kamescapital.com
American Ser. 4 2652.30 2791.90 17.90 - FCA Recognised Equinox Russian Opportunities Fund Limited $ 175.97 - -3.78 0.00 Authorised Funds
Dodge & Cox Worldwide Funds plc - Global Bond Fund Sterling Core Plus Red Dur £ 11.44 - 0.00 1.89
Custodian Ser. 4 574.90 605.10 1.00 - Candriam Investors Group Diversified Monthly Inc B Acc 135.73 - 0.03 5.07
Other International Funds EUR Accumulating Class € 12.98 - -0.01 0.00
Strategic Bond Fund Y-ACC-GBP £ 1.19 - 0.00 2.16
Equity Ser. 4 706.50 743.70 1.40 - Diversified Monthly Inc B Inc 107.35 - 0.03 5.19
Candriam Eqts L Emerging Mkts Cap € 792.67 - -23.27 0.00
EUR Accumulating Class (H) € 10.04 - 0.02 0.00 Global Investment House
Euronova Asset Management UK LLP (CYM) Strategic Bond Fund Y-GACC-GBP £ 1.22 - 0.00 3.03
European Ser 4 772.20 812.80 2.60 - Diversified Growth B Acc £ 1.65 - 0.01 2.86
Candriam Eqts L Europe Cap € 1045.24 - -6.07 0.00 Regulated Global GCC Islamic Fund $ 110.80 - 0.92 0.00
EUR Distributing Class € 11.19 - -0.01 3.69
Strategic Bond Fund Y-GINC-GBP £ 1.24 - -0.01 2.70
Smaller Cos Cls One Shares € 46.85 - -0.01 0.00 Ethical Cautious Managed B Acc £ 1.36 - 0.00 2.01
Fixed Int. Ser. 4 956.70 1007.00 1.50 - Candriam Eqts L Japan Cap ¥ 23178.00 - 111.00 0.00 Global GCC Large Cap Fund $ 169.03 - 0.98 0.00
EUR Distributing Class (H) € 8.64 - 0.01 3.81
Aspect Capital Ltd (UK) Strategic Bond Fund Y-INC-GBP £ 1.21 - 0.00 2.09
Smaller Cos Cls Two Shares € 31.43 - -0.01 0.00 Ethical Cautious Managed B Inc £ 1.22 - 0.00 2.04
Intl Ser. 4 629.50 662.60 2.80 - Other International Funds Candriam Bonds Credit Opportunities € 197.04 - 0.07 0.00 Global Saudi Equity Fund SR 262.89 - -0.24 0.00
GBP Distributing Class £ 12.17 - 0.00 3.67
Target 2020 A-ACC-GBP £ 0.67 - 0.00 0.45
Aspect Diversified USD $ 394.36 - 2.90 0.00 Smaller Cos Cls Three Shares € 15.83 - 0.00 0.00 Ethical Corporate Bond B Acc £ 1.90 - 0.01 3.07
Japan Ser 4 513.00 539.90 2.60 - Candriam Bds Euro Conv. Classic Cap € 3294.19 - 22.37 0.00
GBP Distributing Class (H) £ 8.95 - 0.02 3.39
Target 2025 A-ACC-GBP £ 1.67 - 0.01 0.50
Aspect Diversified EUR € 224.80 - 1.50 0.00 Smaller Cos Cls Four Shares € 20.32 - -0.01 0.00 Ethical Corporate Bond B Inc £ 1.02 - 0.00 3.07
Man. Ser. 4 2092.80 2202.90 5.00 - Candriam Bds Euro Corp ExFin Cap € 170.83 - -0.13 0.00

Money Ser. 4 525.80 553.40 0.00 -

Aspect Diversified GBP £ 118.27 - 0.83 0.00
Candriam Bds Euro Gov.Cl.Cap € 2299.18 - -2.57 0.00
USD Accumulating Class $ 10.65

Dodge & Cox Worldwide Funds plc-Global Stock Fund

- 0.02 0.00
Target 2030 A-ACC-GBP £ 1.88 - 0.00 0.56 HPB Assurance Ltd
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Asset Management Ethical Equity B Acc £ 2.30 - 0.00 2.04

UK Invest Grade Long Credit GACC £ 117.90 - 0.30 2.41 International Insurances
Aspect Diversified CHF SFr 105.82 - 0.71 0.00 USD Accumulating Share Class $ 21.68 - 0.14 0.00 High Yield Bond B Acc £ 2.74 - 0.01 4.15
Prop. Ser. 4 1154.90 1215.70 0.10 - Candriam Bds Euro High Yield Cap € 1120.00 - -0.22 0.00
Holiday Property Bond Ser 1 £ 0.53 - 0.00 0.00
UK Opportunities Fund W-ACC-GBP 241.20 - -0.20 1.26
Aspect Diversified Trends USD $ 116.98 - -0.33 0.00 GBP Accumulating Share Class £ 28.05 - 0.14 0.00 High Yield Bond B Inc £ 0.97 - 0.00 4.15
Custodian Ser 5 548.30 577.20 1.00 - Candriam Bds Euro High Yield R Cap € 125.72 - -0.02 0.00
Holiday Property Bond Ser 2 £ 0.65 - 0.00 0.00
UK Opportunities Fund W-INC-GBP 134.40 - -0.10 1.31
Aspect Diversified Trends EUR € 111.44 - -0.34 0.00 GBP Distributing Share class £ 19.98 - 0.09 0.75 Investment Grade Bond B Acc 179.21 - 0.22 2.19
International Ser 5 600.40 631.90 2.70 - Candriam Bds Euro Long Term Cap € 8432.78 - -10.48 0.00
UK Select Fund W-ACC-GBP £ 3.03 - -0.01 1.62
Aspect Diversified Trends GBP £ 118.76 - -0.35 0.00 EUR Accumulating Share Class € 28.63 - 0.11 0.00 Investment Grade Bond B Inc £ 1.23 - 0.00 2.69
Managed Ser 5 1996.00 2101.00 4.70 - Candriam Bds Euro Sh.Term Cap € 2085.52 - -0.44 0.00
Eurobank Fund Management Company (Luxembourg) S.A. UK Smaller Companies W-ACC-GBP £ 2.61 - -0.01 1.29 Haussmann
Money Ser 5 514.80 541.90 0.00 - GBP Distributing Class (H) £ 11.53 - 0.07 0.59 Sterling Corporate Bond B Acc £ 0.83 - 0.00 2.98
Candriam Bds International Cap € 977.26 - 0.70 0.00 Regulated Other International Funds
Dodge & Cox Worldwide Funds plc-International Stock Fund WealthBuilder Fund N-ACC-GBP £ 1.64 - 0.00 1.22
Property Ser 5 1101.50 1159.50 0.10 - (LF) Absolute Return € 1.37 - 0.00 0.00 Haussmann Cls A $ 2938.25 - -19.36 0.00 Sterling Corporate Bond B Inc £ 0.33 - 0.00 2.98
Candriam Bds USD Cap $ 953.33 - 1.98 0.00
Atlantas Sicav (LUX) USD Accumulating Share Class $ 16.37 - 0.07 0.00 Institutional OEIC Funds
Pension Funds Regulated Strategic Bond B Acc £ 1.23 - 0.00 1.92
(LF) Eq Emerging Europe € 0.83 - 0.00 0.00 America £ 6.29 - 0.01 0.32 Haussmann Cls C € 2432.97 - -19.48 0.00
American 3304.80 3478.80 26.00 - American Dynamic $ 4873.90 4873.90 83.08 0.00 EUR Accumulating Share Class € 16.94 - 0.03 0.00
(LF) Eq Mena Fund € 12.78 - 0.15 0.00 Haussmann Cls D SFr 1270.05 - -10.61 0.00 Strategic Bond B Inc £ 1.20 - 0.00 1.92
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Emerging Markets £ 4.45 - -0.02 0.90
Equity 6368.30 6703.50 15.60 - American One $ 4446.45 4446.45 -48.29 0.00
USD Accumulating Share Class $ 26.96 - 0.25 0.00 (LF) Greek Government Bond € 28.45 - -0.09 0.00 UK Equity B Acc £ 3.19 - 0.01 2.29
Europe (ex-UK) Fund ACC-GBP £ 5.53 - 0.00 1.18
European 1629.20 1714.90 6.30 - Bond Global € 1439.27 1439.27 25.77 0.00
GBP Accumulating Share Class £ 32.98 - 0.24 0.00 (LF) Greek Corporate Bond € 14.86 - -0.01 0.00 UK Equity Absolute Return B Acc £ 1.13 - 0.00 0.00
Fidelity Pre-Retirement Bond Fund £ 140.20 - 0.40 2.21
Fixed Int. 1799.70 1894.40 3.50 - Eurocroissance € 1071.04 1071.04 -4.99 0.00
GBP Distributing Share Class £ 20.58 - 0.16 0.73 (LF) FOF Dynamic Fixed Inc € 12.33 - 0.05 0.00 UK Equity Income B Acc £ 2.66 - 0.01 4.54
Global Focus £ 4.67 - 0.01 0.52
International 1410.40 1484.60 8.00 - Far East $ 886.76 - -23.71 0.00
Carmignac Gestion (FRA) EUR Accumulating Share Class € 30.74 - 0.21 0.00 (LF) FOF Real Estate € 17.01 - 0.19 0.00 UK Equity Income B Inc £ 1.82 - 0.00 4.68
Index Linked Bond £ 3.33 - 0.01 0.32
Japan 568.60 598.50 3.30 - www.carmignac.co.uk
FCA Recognised GBP Distributing Class (H) £ 12.05 - 0.10 0.55 UK Opportunities B Acc £ 2.10 - 0.00 1.50
Index Linked Bond Gross £ 4.08 - 0.03 0.33
Managed 5654.90 5952.50 19.20 -
Carmignac Emerg A EUR Acc € 814.53 - -21.38 0.00 Hermes Investment Funds Plc (IRL) UK Smaller Companies B Acc £ 4.00 - 0.01 1.38
Bank of America Cap Mgmt (Ireland) Ltd (IRL) Japan £ 3.15 - 0.01 0.35
Property 3022.90 3182.00 0.20 - Regulated Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
Carmignac Invest A EUR Acc € 1220.30 - -29.28 0.00 FCA Recognised
Global Liquidity USD $ 1.00 - 0.00 0.61 Long Bond £ 0.58 - 0.00 2.00
Security 1479.10 1557.00 0.00 - Hermes Abs Return Credit Fund Class F Acc £ 1.27 1.27 0.00 0.00
Carmignac Patrim A EUR Acc € 636.19 - -7.09 0.00
Long Bond Gross £ 1.01 - 0.00 1.98 Kames Capital Investment Portfolios ICVC (UK)
Selective 2455.20 2584.40 4.80 - Hermes Abs Return Credit Fund Class F Acc USD € 1.92 1.92 -0.01 0.00 Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA
Formerly Hill Samuel Life Assurance Ltd Long Bond Fund Gross Inc £ 12.70 - -0.08 2.16 0800 358 3009 www.kamescapital.com
1 Wythall Green Way, Wythall, Birmingham, B47 6WG Barclays Investment Funds (CI) Ltd (JER)
FIL Investment Services (UK) Limited (1200)F (UK) Hermes Asia Ex-Japan Equity Fund Class C Acc GBP £ 2.65 2.65 0.01 0.00 Authorised Funds
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Carmignac Gestion (FRA) Pacific (Ex Japan) £ 5.37 - -0.01 1.83
Managed Ser A (Life) 1982.40 2097.80 0.00 - 130, Tonbridge Rd, Tonbridge TN11 9DZ Property Income B Acc 133.89 133.89 0.01 4.35
FCA Recognised www.carmignac.co.uk Dragon Capital Group Hermes Asia Ex-Japan Equity Fund Class C Acc USD € 4.60 4.60 -0.02 0.00
Callfree: Private Clients 0800 414161
Bond Funds Regulated Pan European £ 4.41 - 0.02 1.92
1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Broker Dealings: 0800 414 181
Managed Ser A (Pensions) 1356.30 1427.70 0.00 - Hermes Europe Ex-UK Equity Fund Class F Acc £ 2.17 2.17 0.00 0.00 Property Income B Inc 109.78 109.78 0.01 4.46
Sterling Bond F £ 0.47 - 0.00 2.65 Carmignac Eur-Entr A EUR Acc € 365.69 - -0.23 0.00 Fund information, dealing and administration: funds@dragoncapital.com OEIC Funds
Select Emerging Markets Equities £ 1.85 - 0.00 0.76
Formerly Target Life Assurance Ltd Other International Funds
1 Wythall Green Way, Wythall, Birmingham, B47 6WG Allocator World Fund N-ACC-GBP £ 1.64 - -0.01 0.99 Hermes Europe Ex-UK Equity Fund Class F Acc EUR € 4.09 4.09 -0.01 0.00
Carmignac LS Eur Eq A EUR Acc € 368.67 - 0.04 0.00 Vietnam Property Fund (VPF) NAV $ 0.80 - 0.03 0.00 Select Global Equities £ 4.51 - 0.00 0.96
Managed (Life) 1997.20 2102.30 0.00 - American Fund W-ACC-GBP £ 42.80 - 0.08 0.36 Hermes European Alpha Equity Fund Class F Acc £ 1.80 1.80 0.01 0.00
CarmignacSécurité A EUR Acc € 1731.92 - -0.20 0.00 South East Asia £ 5.77 - 0.01 1.47 Kames Capital VCIC (IRL)

Asset Management
Managed Growth (Life) 671.20 706.50 -0.10 - American Special Sits W-ACC-GBP £ 16.37 - 0.04 0.55 Hermes European Alpha Equity Fund Class F Dis £ 1.68 1.68 0.01 1.21 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
FCA Recognised
Asset Manageme
Sterling Core Plus Bond Gr Accum £ 2.55 - 0.01 2.34
Managed (Pensions) 8140.90 8569.30 0.30 - DSM Capital Partners Funds (LUX) Asia Pacific Ops W-Acc £ 1.89 - -0.01 1.05 Hermes European Alpha Equity Fund Class F Acc EUR € 3.49 3.49 0.00 0.00 Absolute Return Bond B GBP Acc 1111.38 - -0.14 1.27
www.dsmsicav.com Sterling Core Plus Bond Inc £ 1.54 - 0.01 2.38
Managed Growth (Pensions) 855.50 900.50 -0.20 - Carmignac Portfolio (LUX) Regulated Hermes Global Emerging Markets Fund Class F Acc £ 1.90 1.90 0.00 0.00
Cash Fund Y-Acc-GBP £ 1.00 - 0.00 0.20 Eq Market Neutral B Acc 938.75 - -0.06 0.00
www.carmignac.co.uk UK £ 4.35 - 0.00 2.14
additional fund prices can be found on our website FCA Recognised DSM Global Growth I2 € 193.11 - -2.79 0.00
Cash Fund Y-Inc-GBP £ 1.00 - 0.00 0.29 Hermes Global Emerging Markets Fund Class F Acc USD € 3.88 3.88 -0.02 0.00 High Yield Global Bond A GBP Inc 509.08 - 0.49 3.18
Brown Advisory Funds plc (IRL)
UK Aggreg Bond Gr Accum £ 2.10 - 0.00 2.05
Carmignac Cap + A EUR Acc € 1161.92 1161.92 -1.65 0.00 DSM Global Growth I2 A$ 110.04 - -1.66 -
http://www.brownadvisory.com Tel: 020 3301 8130
Asian Dividend Fund W-ACC-GBP £ 1.81 - 0.00 2.22 Hermes Global Equity Fund Class F Acc £ 2.42 2.42 -0.02 0.00 High Yield Global Bond B GBP Inc 1072.49 - 1.06 3.83
FCA Recognised
Carmignac UGlbBd A EUR Acc € 1392.12 1392.12 0.06 0.00 UK Corporate Bond £ 1.30 - 0.01 2.56
DSM Global Growth I1 € 117.64 - -1.71 -
Brown Advisory US Equity Growth Fund USD B $ 33.64 - 0.12 0.00 Asian Dividend Fund W-INC-GBP £ 1.58 - 0.00 3.20 Hermes Global Equity Fund Class R Acc USD € 5.11 5.11 -0.06 0.00 Investment Grade Global Bd A GBP Inc 557.62 - 0.56 2.09
Carmignac Em Pat A EUR Acc € 108.45 108.45 -0.96 0.00 UK Corporate Bond - Gross £ 2.62 - 0.01 2.52
DSM US Large Cap Growth A $ 154.94 - -1.57 0.00
Brown Advisory American Fund USD B $ 22.37 - 0.13 0.02 China Consumer Fund W-ACC-GBP £ 2.70 - -0.01 0.45 Hermes Global ESG Equity Fund Class F Acc £ 1.80 1.80 -0.01 0.00 Kames Emerging Market Bond Fund - B Acc USD $ 11.26 - -0.03 0.00
Some Funds have distribution units and/or units denominated in other currencies UK Corporate Bond Fund Gross Inc £ 11.77 - 0.02 2.85
The full list can be found at www.carmignac.com DSM US Large Cap Growth I2 € 136.22 - -1.61 0.00
Brown Advisory US Smaller Companies Fund USD B $ 25.99 - 0.19 0.00 Emerging Asia Fund W-ACC-GBP £ 1.48 - 0.00 0.52 Hermes Global High Yield Credit Fund Class F Acc £ 1.48 1.48 0.00 0.00 Kames Global Equity Income B GBP Acc 1726.00 - 7.06 0.00
UK Gilt Fund Inc £ 1.37 - 0.00 1.50
Brown Advisory US Small Cap Blend Fund USD B $ 17.67 - 0.12 0.00 Emerging Eur Mid East and Africa W £ 1.99 - -0.02 1.66 Hermes Global High Yield Credit Fund Class F Acc EUR € 3.10 3.10 0.00 0.00 Kames Global Equity Income B GBP Inc 1455.44 - -8.32 3.19
Algebris Investments (IRL) UK Gilt Gross £ 2.30 - 0.01 1.49
Regulated Brown Advisory US Flexible Equity Fund USD B $ 15.73 - 0.09 0.00 Charles Schwab Worldwide Funds Plc (IRL) Enhanced Income Fund W-ACC-GBP £ 1.47 - 0.00 6.24 Hermes Global Small Cap Fund Class F Acc £ 1.64 1.64 -0.01 0.00 Kames Global Diversified Growth Fund - B Acc EUR € 11.42 - 0.02 0.00
Algebris Financial Credit Fund - Class I EUR € 150.92 - -0.03 0.00 Regulated UK Long Corp Bond £ 1.53 - 0.01 2.85
Brown Advisory Global Leaders Fund USD C $ 14.16 - 0.01 0.00 Enhanced Income Fund W-INC-GBP £ 1.00 - 0.00 6.75 Hermes Global Small Cap Fund Class F Acc USD € 2.17 2.17 -0.01 0.00 Kames Global Equity Market Neutral Fund - B Acc GBP £ 10.03 - -0.02 0.00
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.65 UK Long Corp Bond - Gross £ 3.04 - 0.01 2.79
Algebris Financial Income Fund - Class I EUR € 138.46 - 0.70 0.00
Brown Advisory Latin American Fund USD B $ 14.00 - -0.07 0.00 European Fund W-ACC-GBP £ 16.66 - 0.03 1.45 Hermes Impact Opportunities Equity Fund F $ 1.98 - 0.01 - Global Sustainable Equity B Acc GBP £ 15.66 - 0.05 0.00
Algebris Financial Equity Fund - Class B EUR € 118.15 - 0.30 0.00 UK Long Corporate Bond - Gross Inc £ 12.23 - 0.04 2.99
Brown Advisory US Sustainable Growth Fund USD C $ 13.78 - 0.05 0.00 European Fund W-INC-GBP £ 18.44 - 0.04 1.48 Hermes Impact Opportunities Equity Fund F £ 1.05 - 0.00 - Global Sustainable Equity C Acc GBP £ 15.75 - 0.04 0.00
Retail Share Classes
Algebris Asset Allocation Fund - Class B EUR € 98.18 - -0.05 0.00 Chartered Asset Management Pte Ltd E.I. Sturdza Strategic Management Limited (GSY)
Brown Advisory US Mid-Cap Growth Fund USD C $ 13.08 - 0.10 0.00 +44 1481 722 322 European Opportunities W-ACC-GBP £ 4.80 - -0.01 0.80 Emerging Markets - retail £ 1.74 - -0.01 0.28 Hermes Multi Asset Inflation Fund Class F GBP Acc £ 1.03 1.03 -0.01 0.00 Kames Absolute Return Bond Global Fund - B Acc GBP £ 10.30 - 0.00 0.00
Other International Funds
Algebris Macro Credit B EUR Acc € 104.94 - 0.10 0.00 info@eisturdza.com {*}CAR - Net income reinvested
CAM-GTF Limited $ 300034.49 300034.49 2254.05 0.00 eisturdza.com Extra Income Fund Y-ACC-GBP £ 1.27 - 0.00 3.54 Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.13 1.13 0.00 0.00 Short Dated High Yld Bd B Acc GBP £ 10.12 - 0.00 0.00
Algebris Core Italy Fund - Class R EUR € 96.68 - -0.23 - Regulated
CAM GTi Limited $ 639.75 - -13.89 0.00 Extra Income Fund Y-GACC-GBP £ 1.31 - 0.00 3.73 Hermes SDG Engagement Equity Fund F $ 2.17 - 0.01 - Short Dated High Yld Bd C Acc GBP (Hdg) £ 10.15 - 0.00 0.00
Strat Evarich Japan Fd Ltd JPY ¥ 78159.00 - -2091.00 0.00
Raffles-Asia Investment Company $ 1.55 1.55 -0.01 1.28 Extra Income Fund Y-GINC-GBP £ 1.29 - 0.00 3.61 Findlay Park Funds Plc (IRL) Hermes SDG Engagement Equity Fund F £ 1.14 - 0.00 - Strategic Global Bond A GBP Inc 1107.72 - 0.34 1.23
Strat Evarich Japan Fd Ltd USD $ 779.67 - -20.52 0.00 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
The Antares European Fund Limited Extra Income Fund Y-INC-GBP £ 1.26 - 0.00 3.52 FCA Recognised Hermes US All Cap Equity Class F Stg £ Acc £ 1.64 1.64 -0.01 0.00 Strategic Global Bond B GBP Inc 628.47 - 0.20 1.88
Other International American Fund USD Class $ 115.20 - 0.66 0.00
Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.04 - 0.00 - Hermes US All Cap Equity Class F Acc USD € 2.18 2.18 0.00 0.00
AEF Ltd Usd (Est) $ 705.98 - -4.88 - Cheyne Capital Management (UK) LLP
E.I. Sturdza Funds PLC (IRL) American Fund GBP Hedged £ 60.86 - 0.35 0.00
CCLA Investment Management Ltd (UK) Other International Funds Fidelity Short Dated Corporate Bond Fund Y - Gross Inc £ 9.74 - 0.01 3.98 Hermes US SMID Equity Fund Class F Acc £ 2.69 2.69 -0.02 0.00
AEF Ltd Eur (Est) € 687.51 - -5.01 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Regulated
Cheyne European Event Driven Fund (M) € 144.16 - -0.70 - American Fund GBP Unhedged £ 90.52 - 0.12 0.00 Kleinwort Hambros Bank Limited (UK)
Authorised Inv Funds Fidelity Short Dated Corporate Bond Fund Y - Gross Acc £ 10.36 - 0.01 3.96 Hermes US SMID Equity Fund Class F Acc USD € 4.60 4.60 -0.06 0.00 5TH Floor, 8 St James's Square, London, SW1Y 4JU
Nippon Growth (UCITS) Fd - B ¥ 88267.00 - -511.00 0.00
price updated (D) daily, (W) weekly, (M) monthly Dealing and enquiries: 033 0024 0785
Diversified Income 1 Units GBP Inc £ 1.58 1.58 0.01 3.10
Strategic China Panda Fd - USD $ 3034.83 - -4.79 0.00 Global Dividend Fund W-ACC-GBP £ 2.15 - 0.01 2.70 Authorised Inv Funds
Diversified Income 2 Units GBP Inc £ 1.52 1.52 0.00 3.10 Asset Management Unit Trust Manager/ACD - Host Capital
Arisaig Partners
Other International Funds
Diversified Income 3 Units GBP Inc £ 1.53 1.53 0.01 - Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
Strategic Euro Bond Fd - Acc € 1111.37 - -0.30 0.00 Global Dividend Fund W-INC-GBP £
Asset Management 1.81 - 0.00 2.96
First State Investments (UK) (1200)F
23 St Andrew Square, Edinburgh, EH2 1BB
(UK)
Hermes Property Unit Trust Asset Management (UK) HC Kleinwort Hambros Growth A Acc 210.16 - 0.23 1.36
Arisaig Africa Consumer Fund Limited $ 12.78 - -0.08 0.00 Strategic Europe Value Fd - EUR € 227.91 - 1.83 0.00 Global Enhanced Income W-ACC-GBP £ 1.75 - 0.01 3.66 Property & Other UK Unit Trusts
Stuart House, St John's Street, Peterborough, PE1 5DD enquiries@firststate.co.uk HC Kleinwort Hambros Growth A Inc 190.99 - 0.21 1.38
The Public Sector Deposit Fund
Dealing & Client Services 0345 850 8818 Client Services: 0800 587 4141 Dealing Line: 0800 587 3388 Property £ 6.59 7.08 0.07 2.85
Arisaig Asia Consumer Fund Limited $ 91.72 - 0.06 0.00 Strategic European Smaller Companies Fd - EUR € 1252.78 - -0.16 0.00 Global Enhanced Income W-INC-GBP £ 1.39 - 0.00 4.80
The Public Sector Deposit Fund-share class 1 ♦ F * 100.00 - 0.00 0.71 Authorised Inv Funds Authorised Funds HC Kleinwort Hambros Equity Income A Inc 113.00 - 0.14 3.06
Arisaig Global Emerging Markets Consumer Fund $ 11.26 - -0.06 0.00 Consistent UT Inc 52.13xd 53.27 0.07 2.76 Strategic Global Bond Fd - USD $ 1051.58 - 0.17 0.00 Global Focus Fund W-ACC-GBP £ 23.64 - 0.12 0.33 Asia-All Cap Acc GBP £ 1.52 - 0.00 0.56
The Public Sector Deposit Fund-share class 4 ♦ F * 100.00 - 0.00 0.65 HC Kleinwort Hambros Equity Income A Acc 188.58 - 0.22 4.00
Arisaig Global Emerging Markets Consumer UCITS € 12.67 - -0.15 0.00 Consistent UT Acc 136.00xd 139.00 0.20 2.76 Strategic Global Quality Fd - USD Inst $ 144.27 - 1.80 0.00 Global High Yield Fund Y-ACC-GBP £ 14.23 - 0.00 3.58 Asia Focus Acc GBP £ 1.80 - 0.00 0.79
INDIA VALUE INVESTMENTS LIMITED (INVIL) HC Kleinwort Hambros Multi Asset Balanced A Acc 161.85 - 0.16 0.81
www.invil.mu
Arisaig Global Emerging Markets Consumer UCITS STG £ 14.40 - -0.14 0.00 Practical Investment Inc 240.70 256.20 0.60 3.20 Strategic Quality Emerging Bond Fd - USD $ 1042.87 - -0.14 0.00 Global High Yield Fund Y-GACC-GBP £ 14.69 - -0.01 3.57 Diversified Growth B Acc £ 1.08 - 0.00 1.53
Other International Funds HC Kleinwort Hambros Multi Asset Balanced A Inc 152.96 - 0.15 0.81
CCLA Investment Management Ltd (UK)
Arisaig Latin America Consumer Fund $ 24.67 - 0.09 0.00 Practical Investment Acc 1274.00 1356.00 3.00 3.20 Strategic US Momentum and Value Fd - USD Class $ 897.51 - 4.84 0.00 Global High Yield Fund Y-GINC-GBP £ 10.70 - -0.03 3.59 Emerging Markets Bond A Accumulation £ 1.28 - 0.00 5.76 NAV £ 8.83 - 0.02 0.00
Senator House 85 Queen Victoria Street London EC4V 4ET
HC Kleinwort Hambros Fixed Income A Acc 129.37 - -0.03 3.44
Property & Other UK Unit Trusts
Strategic Japan Opportunities Fund ¥ 59565.00 - -851.00 0.00 Global High Yield Fund Y-INC-GBP £ 10.67 - 0.00 3.34 Emerging Markets Bond A Income £ 0.96 - 0.00 5.97
CBF Church of England Funds HC Kleinwort Hambros Fixed Income A Inc 108.83 - -0.02 3.44
Investment Inc 1735.52 1742.54 4.07 3.15 Strategic Beta Flex Fund € 1010.38 - 3.73 0.00 Global Property Fund W-ACC-GBP £ 1.85 - 0.00 1.92 Global Listed Infrastructure Acc 259.58 - 0.41 3.02
Intrinsic Value Investors (IVI) LLP (IRL)
Investment Acc 3900.03 3915.81 9.15 0.00 Global Property W Inc £ 1.56 - 0.00 2.73 Global Listed Infrastructure Inc 184.75 - 0.29 3.10 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised
Global Equity Inc 200.22 200.53 0.70 3.61 Global Special Sits W-ACC-GBP £ 39.95 - -0.01 0.62 Global Property Securities A Accumulation 217.45 - 0.71 2.43
IVI European Fund EUR € 22.95 - 0.07 0.00

Global Equity Acc 326.99 327.49 1.15 0.00 Index Emerging Markets P-Acc £ 1.52 - 0.00 1.94 Global Property Securities A Income 157.90 - 0.51 2.47
IVI European Fund GBP £ 27.49 - 0.19 0.00

Artemis Fund Managers Ltd (1200)F (UK) UK Equity Inc 176.65 177.06 0.00 3.45 Coronation Fund Managers Index Emerging Markets P-Inc-GBP £ 1.26 - -0.01 2.04 Global Resources A Shares 274.33 - -1.02 0.34
57 St. James's Street, London SW1A 1LD 0800 092 2051 +44 (0)20 7389 8840 www.coronation.com
Authorised Inv Funds UK Equity Acc 290.37 291.04 0.01 0.00 Enquiries: +27 (21) 680 2837/2457 coronationfunds@coronation.co.za Index Europe ex UK Fund P-Inc-GBP £ 1.35 - 0.00 2.30 Greater China Growth A Shares 814.50 - -1.27 0.73
Other International Funds Lazard Fund Managers Ltd (1200)F (UK)
Artemis Capital R ACC 1608.09 1616.46 -4.66 1.54 Janus Henderson Investors (UK) P.O. Box 364, Darlington, DL1 9RD
Fixed Interest Inc 163.95 164.81 0.26 4.04
Global Emerging Markets - Class A $ 15.82 - 0.18 0.00 EdenTree Investment Management Ltd (UK) Index Europe ex UK P-Acc £ 1.45 - 0.00 2.06 Japan Focus Acc GBP £ 1.89 - 0.00 0.07
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 Dealing: 0870 6066408, Info: 0870 6066459
PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 www.janushenderson.com
Artemis European Growth R Acc 330.54 331.21 -1.55 0.85 Authorised Inv Funds
Fixed Interest Acc 555.77 558.67 0.89 0.00 Authorised Inv Funds Index Japan Fund P-Inc-GBP £ 1.58 - 0.00 1.79
All Africa $ 17.99 - -0.50 0.00 Authorised Inv Funds Lazard Investment Funds (OEIC) B Share Class
Artemis European Opps R Acc 110.64 110.88 0.35 0.70 Amity UK Cls A Inc 245.60 - 0.10 1.37
Property Fund Inc 136.15 140.71 0.06 5.46 Index Japan P-Acc £ 1.67 - 0.00 1.63 Janus Henderson Asia Pacific Capital Growth Fund A Acc 1140.00 - 5.00 0.03 Developing Markets Acc 116.40 - -0.31 0.00
Africa Frontiers $ 20.42 - -0.26 0.00
Artemis Global Emg Mkts I GBP Acc 134.04 - -0.62 - Amity UK Cls B Inc 245.60 - 0.10 2.13
Index Pacific ex Japan P-Acc £ 1.62 - 0.00 3.27 Janus Henderson Asian Dividend Income Unit Trust Inc 107.04 112.45 0.92 5.43 Developing Markets Inc 114.89 - -0.31 0.00
Artemis Global Emg Mkts I GBP Dist 123.92 - -0.57 - Higher Income Cls A Inc 136.80 - 0.10 4.49
Index Pacific ex Japan P-INC-GBP £ 1.25 - 0.00 3.50 Janus Henderson Cautious Managed Fund A Acc 269.10 - 0.10 3.20 Emerging Markets Acc 322.60 - -2.70 1.34
CCLA Fund Managers Ltd (UK)
Artemis Global Energy R Acc 34.86 34.96 0.09 0.35 Senator House 85 Queen Victoria Street London EC4V 4ET Higher Income Cls B Inc 142.80 - 0.00 4.40
Index UK Fund P-INC-GBP £ 1.20 - 0.00 2.97 Janus Henderson Cautious Managed Fund A Inc 152.20 - 0.10 3.26 Emg Mkts Inc 275.37 - -2.26 1.36
Property & Other UK Unit Trusts
Artemis Global Growth R Acc 270.47 270.98 0.59 0.89 UK Equity Growth Cls A Inc 295.50 - 0.50 0.98 Foord Asset Management
COIF Charity Funds (UK) Index UK P-Acc £ 1.36 - 0.00 2.58 Janus Henderson China Opportunities Fund A Acc 1382.00 - 7.00 0.47 European Alpha Acc 863.75 - -1.20 0.77
Website: www.foord.com - Email: info@foord.com
Artemis Global Income R Acc 134.95 135.24 0.30 3.28 Investment Inc 1555.51 1561.81 -7.17 2.47 UK Equity Growth Cls B Inc 302.60 - 0.60 1.71 FCA Recognised - Luxembourg UCITS
Index US Fund P-Inc-GBP £ 1.95 - 0.01 1.46 Janus Henderson Emerging Markets Opportunities Fund A Acc 200.00 - -1.10 0.30 European Alpha Inc 773.63 - -1.08 0.79
Artemis Global Income R Inc 98.34 98.55 0.21 3.37 Investment Acc 16491.63 16558.39 -75.99 0.00 Amity Balanced For Charities A Inc 111.90 - 0.00 5.17 Foord International Fund | R $ 39.33 - -0.21 -
Index US P-Acc £ 2.19 - 0.01 1.43 Janus Henderson European Growth Fund A Acc 239.00 - 0.70 0.82
CP Global Asset Management Pte. Ltd. European Smaller Cos Acc 649.24 - 0.47 0.62
Artemis Global select R Acc 111.90 112.08 0.53 0.00 Ethical Invest Inc 238.45 239.42 -0.94 2.52 www.cpglobal.com.sg, Tel: +65 6466 6990 Amity European Fund Cls A Inc 266.20 - -0.50 1.44 Foord Global Equity Fund (Lux) | R $ 12.77 - -0.18 -
Index World Fund P-Inc-GBP £ 1.66 - 0.00 1.80 Janus Henderson European Selected Opportunities Fund A Acc 1695.00 - 0.00 0.33 Global Equity Income Acc 175.63 - 0.24 4.50
International Mutual Funds
Regulated
Artemis High Income R Inc 76.66 77.29 0.03 5.69 Ethical Invest Acc 338.97 340.34 -1.33 0.00 CP Multi-Strategy Fund $ 161.25 - -1.89 - Amity European Fund Cls B Inc 269.10 - -0.50 2.24
Index World P-Acc £ 1.86 - 0.00 1.71 Janus Henderson Fixed Interest Monthly Income Fund Inc 21.39 22.32 0.03 4.76 Global Equity Income Inc 104.20 - 0.15 4.65
Foord Global Equity Fund (Sing) | B $ 15.45 - 0.06 0.00
Artemis Income R Acc 438.45 440.77 0.25 3.88 Global Equity Inc 188.09 188.38 -0.91 - Amity Global Equity Inc for Charities A Inc 133.10 - 0.50 3.36
Japan Fund W-ACC-GBP £ 3.83 - 0.00 0.45 Janus Henderson Global Sustainable Equity Fund A Inc 312.80 - 1.30 0.05 Managed Bal Inc 173.42 - 0.14 1.71
Foord International Trust (Gsy) $ 39.03 - 0.26 0.00
Artemis Income R Inc 231.55 232.78 0.12 4.00 Global Equity Acc 310.63 311.10 -1.49 0.00 Amity International Cls A Inc 279.90 - 1.00 1.27
Japan Smaller Cos Fund W-ACC-GBP £ 3.46 - 0.01 0.26 Janus Henderson Global Equity Income Fund A Inc 63.04 - 0.22 3.27 UK Income Acc 1458.98 - 0.62 4.18
CP Capital Asset Management Limited
Artemis Monthly Dist R Inc 71.25 71.66 0.08 4.06 Fixed Interest Inc 136.27 136.98 0.74 2.46 www.cpgbl.com, email: fundservices@cpgbl.com Amity International Cls B Inc 282.80 - 1.00 1.99
MoneyBuilder Balanced Y-ACC-GBP £ 0.57 - 0.00 3.43 Janus Henderson Global Equity Fund Acc 3321.19 3464.26 -3.09 0.00 UK Income Inc 635.74 - 0.27 4.30
International Mutual Funds
Artemis Pan-Euro Abs Ret GBP 121.59 - -0.04 - Fixed Interest Acc 861.70 866.19 4.63 0.00 Amity Sterling Bond Fund A Inc 104.90 - 0.00 4.12 Franklin Templeton International Services Sarl (IRL)
MoneyBuilder Balanced Y-INC-GBP £ 0.59 - 0.00 4.14 Janus Henderson Global Technology Fund A Acc 1920.00 - 5.00 0.00 UK Omega Acc 263.32 - 0.48 1.71
CPS Master Private Fund $ 247.67 - -0.25 - JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Artemis Strategic Assets R Acc 85.34 85.78 -0.44 0.00 Property Inc 116.66 120.57 0.05 5.49 Amity Sterling Bond Fund B Inc 115.30 - 0.00 4.12 Other International Funds
MoneyBuilder Dividend Y-INC-GBP £ 1.33 - 0.01 4.58 Janus Henderson Multi-Asset Absolute Return Fund A Acc 141.60 - -0.30 0.81 UK Omega Inc 239.07 - 0.44 1.73
CP Global Alpha Fund $ 200.14 - -0.19 - Franklin Emerging Market Debt Opportunities Fund Plc
Local Authorities Property Fd (LAMIT) (UK)
Artemis Strategic Bond R M Acc 95.42 96.07 0.01 3.39
MoneyBuilder Growth Fund Y-INC-GBP £ 0.81 - 0.00 2.20 Franklin Emg Mkts Debt Opp CHFSFr 17.04 - 0.36 9.18 Janus Henderson Multi-Manager Active Fund A Acc 230.80 - 0.50 0.00 UK Smaller Cos Inc 2162.41 - -1.51 0.94
Property 298.81 324.00 -0.09 4.81
Artemis Strategic Bond R M Inc 56.22 56.60 0.01 3.46
MoneyBuilder Income Fund Y-ACC-GBP £ 12.91 - 0.02 3.20 Franklin Emg Mkts Debt Opp GBP £ 10.72 - 0.26 6.72 Janus Henderson Multi-Manager Distribution Fund A Inc 135.90 - 0.10 3.09
Edinburgh Partners Limited (IRL)
Artemis Strategic Bond R Q Acc 95.60 96.25 0.02 3.39 DAVIS Funds SICAV (LUX) 27-31 Melville Street, Edinburgh EH3 7JF
Regulated MoneyBuilder Income Fund Y-GACC-GBP £ 14.90 - -0.04 3.24 Franklin Emg Mkts Debt Opp SGD S$ 22.94 - 0.52 5.30 Janus Henderson Multi-Manager Diversified Fund A Acc 85.75 - 0.05 3.01
Tel: +353 1 434 5143 Dealing - Fax +353 1 434 5230
Artemis Strategic Bond R Q Inc 56.33 56.71 0.01 3.46 CG Asset Management Limited (IRL) FCA Recognised
LF Funds (Banque Libano-Francaise Group) (LUX)
Davis Value A $ 55.22 - -0.35 0.00 MoneyBuilder Income Fund Y-GINC-GBP £ 1.25 - 0.00 3.30 Franklin Emg Mkts Debt Opp USD $ 17.81 - 0.41 6.89 Janus Henderson Multi-Manager Global Select Fund Acc 251.40 - 0.00 0.00 www.eblf.com - lffunds@eblf.com
25 Moorgate, London, EC2R 6AY Edinburgh Partners Opportunities Fund PLC
Artemis UK Select Fund Class R Acc 549.99 553.57 0.13 1.12 Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 Regulated
Davis Global A $ 40.40 - -0.58 0.00 MoneyBuilder Income Fund Y-INC-GBP £ 1.22 - 0.00 3.25 Janus Henderson Multi-Manager Income & Growth Fund A Acc 178.20 - 0.00 2.20
FCA Recognised Emerging Opportunities I USD $ $ 1.30 - 0.00 1.41
Lebanon Income Fund (USD) Class A $ 104.46 - 1.01 1.67
Artemis UK Smaller Cos R Acc 1731.43 1767.59 5.05 1.19
Capital Gearing Portfolio Inc £ 32860.43 32860.43 288.99 0.72 European Opportunities I EUR € 2.68 - 0.00 1.82 Multi Asset Adventurous N-ACC-GBP £ 1.48 - 0.01 1.02 Janus Henderson Multi-Manager Income & Growth Fund A Inc 155.00 - 0.00 2.23
LF Total Return Bond Fund - Class A $ 129.48 - 0.10 0.00
Artemis UK Special Sits R Acc 606.31 610.93 -0.02 1.46 CG Portfolio Fund Plc
European Opportunities I GBP £ 2.40 - 0.02 1.58 Multi Asset Alloc Advent N-ACC-GBP £ 1.37 - 0.00 1.23 Janus Henderson Multi-Manager Managed Fund A Acc 284.60 - 0.50 0.03
LF Total Return Bond Fund - Class D $ 119.12 - 0.10 2.89
Artemis US Abs Ret I Acc 113.77 - 0.06 0.00 Absolute Return Cls M Inc £ 121.08 121.08 0.16 1.24
European Opportunities A EUR € 2.63 - 0.00 0.90 Multi Asset Alloc Def N-ACC-GBP £ 1.17 - 0.00 1.02 Janus Henderson Multi-Manager Managed Fund A Inc 277.30 - 0.50 0.02

Artemis US Equity I Acc 200.41 - -0.06 0.14 Capital Value Cls V Inc £ 159.87 159.87 1.43 0.43
Global Opportunities I USD $ 1.92 - 0.01 1.35 Multi Asset Alloc Def N-GACC-GBP £ 1.18 - 0.00 1.02 Janus Henderson Sterling Bond Unit Trust Acc 222.80 232.42 1.41 2.19

Artemis US Ex Alpha I Acc 217.40 - 1.21 0.00 Dollar Fund Cls D Inc £ 157.14 157.14 -0.84 1.63
Global Opportunities I GBP £ 1.51 - 0.00 1.09 Multi Asset Alloc Growth N-ACC-GBP £ 1.26 - 0.00 1.12 Fundsmith LLP (1200)F (UK) Janus Henderson Sterling Bond Unit Trust Inc 65.13 67.93 0.41 2.22
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Artemis US Extended Alpha I Hedged Acc £ 1.45 - 0.01 0.00 Dollar Hedged GBP Inc £ 96.75 96.75 -0.09 1.74 Deutsche Asset Management (LUX)
Pan European Opportunities I EUR € 1.88 - 0.01 - Multi Asset Alloc Strat N-ACC-GBP £ 1.23 - 0.00 1.01 www.fundsmith.co.uk, enquiries@fundsmith.co.uk Janus Henderson Strategic Bond Fund A Inc 121.70 - 0.10 3.59
Tel: + 44 207 545 9070 www.dws.co.uk Authorised Inv Funds
Artemis US Select I Acc 207.94 - -0.11 0.07 Real Return Cls A Inc £ 200.09 200.09 -0.74 2.17 FCA Recognised Multi Asset Balanced Inc N-GINC-GBP £ 1.11 - -0.01 4.08 Janus Henderson UK & Irish Smaller Companies Fund A Acc 659.70 - -0.60 0.60
Fundsmith Equity T Acc 409.02 - 1.70 0.52
Artemis US Select I Hedged Acc £ 1.48 - 0.00 0.07 Deutsche Invest I Top Dividend GBP RD £ 139.13 139.13 0.39 2.60
Multi Asset Balanced Inc N-INC-GBP £ 1.11 - 0.00 3.76 Janus Henderson UK Absolute Return Fund A Acc 157.30 - -0.10 0.00
Fundsmith Equity T Inc 377.98 - 1.57 0.53 Link Asset Services (UK)
Artemis US Select I Inc 184.59 - -0.09 0.07 Deutsche Invest I Top Euroland GBP RD £ 135.36 135.36 -0.84 2.04 Electric & General (1000)F (UK)
65 Gresham Street, London, EC2V 7NQ
Stuart House St.John's Street Peterborough PE1 5DD Multi Asset Defensive N-ACC-GBP £ 1.23 - 0.00 1.02 Janus Henderson UK Alpha Fund A Acc 153.10 - -0.20 1.78
Order Desk and Enquiries: 0345 922 0044
Deutsche Invest I Multi Opportunities GBP CH RD £ 101.09 101.09 -0.64 0.00 Orders & Enquiries: 0845 850 0255
Artemis US Smlr Cos I Acc 230.81 - 0.35 0.00 Authorised Inv Funds
Authorised Inv Funds Multi Asset Defensive N-GACC-GBP £ 1.22 - 0.00 1.02 Janus Henderson UK Equity Income & Growth Fund A Inc 622.60 - -1.30 3.57
Deutsche Invest I Global Bonds GBP CH RD £ 102.12 102.12 -0.03 0.00 Authorised Corporate Director - Carvetian Capital Management GAM LF Heartwood Balanced MA B Acc X 148.23 - 0.04 0.53
Multi Asset Growth Fund N-ACC-GBP £ 1.37 - 0.01 1.03 funds@gam.com, www.funds.gam.com Janus Henderson UK Index Fund A Acc 644.00 - 0.10 2.41
Electric&General Net Income A 206.40xd - 1.00 1.19 LF Heartwood Cautious MA B Acc X
Regulated 142.05 - 0.11 0.69
Multi Asset Inc & Growth N-INC-GBP £ 1.13 - 0.00 4.03 Janus Henderson UK Property PAIF A Acc £ 2.30 2.42 0.00 2.34
Candriam Investors Group (LUX) LAPIS TOP 25 DIV.YLD-D £ 110.26 - 0.92 1.84 LF Heartwood Defensive MA B Acc 115.49 - 0.05 0.15
FCA Recognised Multi Asset Income Fund N-GINC-GBP £ 1.08 - 0.00 4.12 Janus Henderson UK Property PAIF A Inc £ 1.03 1.08 0.00 2.39

Asset Management
LF Heartwood Growth MA B Acc X 180.85 - -0.16 0.33
Candriam Eqts L Australia Cap A$ 1323.14 - -0.03 0.00 Ennismore Smaller Cos Plc (IRL)
Multi Asset Income Fund N-INC-GBP £ 1.08 - 0.00 4.04 Janus Henderson UK Tracker Fund A Acc 290.10 - 0.10 2.50

Candriam Bds Euro Cap € 1163.54 - -1.22 0.00

5 Kensington Church St, London W8 4LD 020 7368 4220
FCA Recognised Fidelity Asia Fund W-ACC-GBP £ 13.27 - -0.01 0.74 GYS Investment Management Ltd (GSY) Janus Henderson US Growth Fund A Acc
Asset Management 1175.00 - 2.00 0.00
LF Heartwood Income MA B Inc X 112.22 - 0.10 2.93

Regulated LF Heartwood Income Plus MA B Inc X 119.52 - 0.13 3.51

Ashmore Investment Management Limited (LUX) Ennismore European Smlr Cos NAV £ 129.43 - -0.51 0.00
Candriam Bds Gbl Infl Sh Dur Cap € 138.54 - -0.04 0.00 Multi Asset Open Advent N-ACC-GBP £ 1.41 - 0.01 0.61
2 rue Albert Borschette L-1246 Luxembourg Taurus Emerging Fund Ltd $ 114.50 116.83 -26.74 0.00
FCA Recognised Ennismore European Smlr Cos NAV € 144.59 - -0.93 0.00 LF Seneca Diversified Growth A Acc 273.97 - 0.18 2.15
Candriam Qt-Eqts Europe Cap € 2625.71 - -24.67 0.00 Multi Asset Open Defen N-ACC-GBP £ 1.23 - 0.00 1.03
Ashmore SICAV Emerging Market Debt Fund $ 93.74 - 0.14 5.11 LF Seneca Diversified Growth B Acc 164.97 - 0.11 2.77
Candriam Qt-Eqts USA Cap $ 3171.81 - 3.27 0.00
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
18 August/19 August 2018 ★ FTWeekend 17

MANAGED FUNDS SERVICE

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

LF Seneca Diversified Growth N Acc 162.25 - 0.10 2.53 MFM Techinvest Special Situations Acc 210.45 210.45 -1.70 0.00 Strategic Portfolio UCITS Fund - USD Inst Acc. $ 121.49 - 0.27 0.00 LF Ruffer Pacific & Emerging Markets C Acc 361.10 - -5.94 0.97 Value Partners Greater China Equity Fund USD A (Acc) Unhedged $ 10.80 - 0.03 0.00

LF Seneca Diversified Income A Inc 92.20 - -0.12 5.00 MFM Techinvest Technology Acc 587.37 587.37 19.75 0.00 Wealthy Nations Bond Fund - USD Inst Inc. $ 112.81 - 0.05 4.43 LF Ruffer Pacific & Emerging Markets C Inc 101.53 - -1.67 1.13 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 11.85 - -0.17 0.00
Polar Capital LLP (CYM)
LF Seneca Diversified Income B Inc 110.95 - -0.15 4.98 MFM UK Primary Opportunities A Inc 431.30 431.30 0.54 1.33 Swiss Select Equity Fund - CHF Ord Acc.SFr 164.38 - 0.68 0.00 Regulated LF Ruffer Pacific & Emerging Markets O Acc 354.30 - -5.86 0.65 Value Partners Health Care Fund USD Class A Unhedged $ 12.02 - -0.15 0.00
European Forager A EUR € 193.45 - 2.79 0.00
LF Seneca Diversified Income N Inc 109.28 - -0.14 4.99 US Growth Fund - USD Ord Acc. $ 294.45 - 1.31 0.00 LF Ruffer Total Return C Acc 444.60 - -3.42 1.44

Investment Adviser - Morant Wright Management Limited

All Weather Fund - EUR Inst Acc € 99.30 - 0.12 0.00 LF Ruffer Total Return C Inc 297.44 - -2.29 1.44
LF Morant Wright Japan A Acc X 410.27 - 5.00 0.08 Marwyn Asset Management Limited (CYM) WA Fixed Income Fund Plc (IRL)
Regulated Dynamic UK Equity Fund - GBP Inst Acc. £ 113.74 - 0.84 0.00 Pictet Asset Management (Europe) SA (LUX) LF Ruffer Total Return O Acc 436.62 - -3.39 1.43 Toscafund Asset Management LLP (UK) Regulated
15, Avenue J.F. Kennedy L-1855 Luxembourg
Private Fund Mgrs (Guernsey) Ltd (GSY)
www.toscafund.com
LF Morant Wright Japan A Inc X 400.37 - 4.88 0.34 Regulated
Marwyn Value Investors £ 441.12 - 4.49 0.00 European Multi-Sector € 115.10 - -0.01 3.53
US Small Cap Growth Fund - USD Inst Acc $ 150.03 - 1.13 0.00 Tel: 0041 58 323 3000 LF Ruffer Total Return O Inc 291.94 - -2.26 1.46 Authorised Funds
LF Morant Wright Japan B Acc X 442.52 - 5.40 0.83 FCA Recognised Monument Growth 14/08/2018 £ 535.84 541.67 1.74 3.06
Aptus Global Financials B Acc £ 4.46 - 0.00 4.59
Global Alpha Fund - USD Ord Inc $ 105.62 - 0.13 0.91
Pictet-Absl Rtn Fix Inc-HI EUR € 106.44 - 0.03 0.00
LF Morant Wright Japan B Inc X 406.57 - 4.96 0.86 Aptus Global Financials B Inc £ 3.39 - 0.00 4.77
McInroy & Wood Portfolios Limited (UK) Pictet-Asian Equities Ex Japan-I USD F $ 283.03 - -1.09 0.00
LF Morant Wright Nippon Yield A Acc X 437.02 - 4.81 2.32 Easter Alderston, Haddington, EH41 3SF 01620 825867
Prusik Investment Management LLP (IRL)
Authorised Inv Funds Pictet-Asian Local Currency Debt-I USD F $ 161.11 - -0.44 0.00
LF Morant Wright Nippon Yield A Inc X 356.01 - 3.92 2.36 Enquiries - 0207 493 1331
Balanced Fund Personal Class Units 5037.40 - 9.70 1.36 Regulated
Pictet-Biotech-I USD F $ 835.11 - 0.85 0.00 Toscafund Asset Management LLP
LF Morant Wright Nippon Yield B Acc X 459.33 - 5.07 2.31 Prusik Asian Equity Income B Dist $ 189.54 - 0.31 3.98 www.toscafund.com
Income Fund Personal Class Units 2665.70 - 3.70 2.71
Pictet-CHF Bonds I CHF SFr 504.77 - 0.30 0.00 Other International Funds
LF Morant Wright Nippon Yield B Inc X 374.29 - 4.13 2.35 Prusik Asia A $ 252.45 - -1.32 0.00 Yapi Kredi Asset Management (TUR)
Emerging Markets Fund Personal Class Units 2105.80 - -8.00 1.68 S W Mitchell Capital LLP (IRL) Tosca A USD $ 376.21 - 5.57 -
www.yapikrediportfoy.com.tr Tel: + 90 (212) 385 48 48
Pictet-China Index I USD $ 142.86 - -4.27 0.00
Regulated
Prusik Asian Smaller Cos A $ 150.50 - 0.37 0.00 Other International Funds
Smaller Companies Fund Personal Class Units 5827.80 - 24.50 0.92 Northwest Investment Management (HK) Ltd Tosca Mid Cap GBP £ 311.44 - 3.42 -
Pictet-Clean Energy-I USD F $ 96.23 - -0.50 0.00 SWMC European Fund B EUR € 17804.93 - 134.08 0.00
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9331 9220 Eurobond Fund TRY 0.120729 - -1.574543 -
Lloyds Investment Fund Managers Limited (1000)F (JER) Other International Funds Tosca Opportunity B USD $ 462.53 - 5.50 -
Pictet-Digital-I USD F $ 409.67 - -2.10 0.00 SWMC Small Cap European Fund B EUR € 15477.77 - 57.91 0.00
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Koc Affiliate and Equity Fund TRY 0.787466 - -0.907806 -
Northwest China Opps Class T $ $ 2795.13 - 36.85 0.00
Other International Funds Pegasus Fund Ltd A-1 GBP £ 74.49 - 1.27 0.00
Pictet-Em Lcl Ccy Dbt-I USD F $ 164.32 - -0.90 0.00 Purisima Investment Fds (UK) (1200)F (UK)
Emerging Markets Managed Accounts PLC (IRL) 65 Gresham Street, London, EC2V 7NQ
DPM Bonds and Bills Fund (FX) $ 0.922076 - -0.783695 0.00
Lloydstrust Gilt £ 12.5600xd - 0.0200 1.86 Northwest Feilong Class T $ $ 1706.21 - 29.77 0.00
emma@milltrust.com, +44(0)20 8123 8369, www.milltrust.com
Pictet-Emerging Europe-I EUR F € 330.96 - -3.67 0.00 Order Desk and Enquiries: 0345 922 0044
Lloyds Investment Funds Limited Regulated
Northwest Fund Class T $ $ 2544.17 - 34.86 0.00 Authorised Inv Funds
Euro High Income € 1.5590xd - 0.0000 2.87 Milltrust ASEAN A $ 106.05 - -0.46 0.00 Pictet-Emerging Markets-I USD F $ 588.39 - -5.64 0.00 Authorised Corporate Director - Link Fund Solutions
Northwest Warrant Class A $ $ 1969.35 - -444.40 0.00
Global Total Fd PCG A 264.03 - 1.81 0.50
High Income £ 0.8541xd - 0.0012 4.11 Milltrust India A $ 167.22 - 0.64 0.00 Pictet-Emerging Markets Index-I USD F $ 280.36 - -5.73 0.00

Global Total Fd PCG B 261.70 - 1.79 0.28

Sterling Bond £ 1.5160xd - 0.0020 2.49 Milltrust Latin America A $ 97.58 - -2.75 0.00 Pictet-Emerging Corporate Bonds I USD $ 121.50 - 0.28 0.00

Lloyds Gilt Fund Limited Global Total Fd PCG INT 258.34 - 1.77 0.06 RobecoSAM (LUX)
Milltrust Keywise China Fund $ 135.77 - -3.07 0.00 Pictet-Emerging Markets High Dividend I USD $ 114.01 - -0.95 0.00
Tel. +41 44 653 10 10 http://www.robecosam.com/
Lloyds Gilt Fund Quarterly Share £ 1.3230 - 0.0030 1.40
Milltrust SEDCO MENA Fund (Class A) * $ 104.29 - -0.05 0.00 Pictet-Emerging Markets Sust Eq I USD $ 102.93 - -0.18 0.00 Regulated
Yuki International Limited (IRL)
Monthly Share £ 1.2700xd - 0.0020 1.40 RobecoSAM Sm.Energy/A £ 17.82 - -0.17 1.17 Tel +44-20-7269-0207 www.yukifunds.com
Pictet-EUR Bonds-I F € 582.92 - 0.83 0.00 Regulated
Lloyds Money Fund Limited Purisima Investment Fds (CI) Ltd (JER)
Regulated RobecoSAM Sm.Energy/N € 15.81 - -0.21 0.00 TreeTop Asset Management S.A. (LUX) Yuki Mizuho Umbrella Fund
Sterling Class £ 52.5140 - 0.0010 -0.20 Pictet-EUR Corporate Bonds-I F € 211.23 - -0.05 0.00 Regulated
Milltrust International Managed Investments ICAV (IRL) Oasis Crescent Management Company Ltd PCG B X 218.69 - -1.15 0.00 TreeTop Convertible Sicav Yuki Mizuho Japan Dynamic Growth ¥ 9624.00 - -2.00 0.00
RobecoSAM Sm.Materials/A £ 208.69 - -2.01 1.26
Lloyds Multi Strategy Fund Limited mimi@milltrust.com, +44(0)20 8123 8369 www.milltrust.com Other International Funds Pictet-EUR Government Bonds I EUR € 162.34 - 0.01 0.00
Regulated PCG C X 214.63 - -1.13 0.00 International AH € 295.56 - 1.68 0.00 Yuki Japan Low Price ¥ 47767.00 - 978.00 0.00
Conservative Strategy £ 1.2470 - 0.0010 0.43 Oasis Crescent Equity Fund R 10.87 - 0.09 0.00 RobecoSAM Sm.Materials/N € 210.32 - -2.82 0.00
Pictet-EUR High Yield-I F € 271.55 - -0.22 0.00
MAI - Buy & Lease (Australia) A$ 99.42 - -0.58 - International BH $ 400.19 - 2.23 0.00 Yuki Japan Value Select ¥ 19615.00 - 119.00 0.00
Growth Strategy £ 1.8550 - 0.0020 0.23 RobecoSAM Sm.Materials/Na € 141.40 - -1.89 1.27
Pictet-EUR Short Mid-Term Bonds-I F € 136.49 - -0.04 0.00
MAI - Buy & Lease (New Zealand)NZ$ 98.95 - -0.49 0.00 International CH £ 121.06 - 0.69 3.19 Yuki Asia Umbrella Fund
Aggressive Strategy £ 2.5280 - 0.0030 0.00 RobecoSAM Gl.Small Cap Eq/A £ 117.92 - -0.79 1.05
Pictet-EUR Short Term HY I EUR € 127.13 - 0.00 0.00 Yuki Japan Rebounding Growth Fund JPY Class ¥ 37274.00 - 173.00 0.00
British Innovation Fund £ 98.71 - -1.03 - Oasis Global Mgmt Co (Ireland) Ltd (IRL)
International DH € 251.55 - 1.43 3.07
Global USD Growth Strategy $ 1.6260 - 0.0050 0.00 Regulated RobecoSAM Gl.Small Cap Eq/N € 204.79 - -2.15 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 101.31 - -0.01 0.00 TreeTop Global Sicav Yuki Japan Rebounding Growth Fund USD Hedged Class $ 1472.53 - 6.88 0.00
EICM South Asia Hospitality 1 $ 101.98 - 4.50 - Oasis Crescent Global Investment Fund (Ireland) plc
Dealing Daily
RobecoSAM Sustainable Gl.Eq/B € 227.70 - -0.80 0.00
Oasis Crescent Global Short Term Income Fund I - Class A Dist $ 0.98 - 0.01 - Pictet-Euroland Index IS EUR € 154.90 - -1.84 0.00 Global Opp.AH € 157.08 - 0.84 0.00
Milltrust Global Emerging Markets Fund - Class A $ 85.17 - -0.20 -
RobecoSAM Sustainable Gl.Eq/N € 200.21 - -0.70 0.00
Oasis Crescent Global Equity Fund $ 30.80 - 0.19 0.70 Pictet-Europe Index-I EUR F € 192.31 - -1.66 0.00 Global Opp.B $ 162.04 - 1.06 0.00
Ram Active Investments SA
Lothbury Property Trust (UK) RobecoSAM S.HealthyLiv/B € 203.68 - -0.76 0.00
Global Opp.C £ 232.39 - 0.58 0.00
Oasis Crescent Variable Balanced Fund £ 10.19 - 0.03 0.14 Pictet-European Equity Selection-I EUR F € 780.26 - -5.01 0.00 www.ram-ai.com
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Other International Funds
Property & Other UK Unit Trusts Ministry of Justice Common Investment Funds (UK) OasisCresGl Income Class A $ 10.37 - 0.01 2.78
RobecoSAM S.HealthyLiv/N € 193.63 - -0.72 0.00
Sequoia Equity AH € 150.52 - 1.35 0.00
Pictet-European Sust Eq-I EUR F € 270.84 - -1.42 0.00 RAM Systematic Emerg Markets Core Eq $ 98.31 - -1.18 -
Property & Other UK Unit Trusts Zadig Gestion (Memnon Fund) (LUX)
Lothbury Property Trust GBP £ 1986.32 2140.87 5.82 3.08
RobecoSAM S.HealthyLiv/Na £ 147.54 - 0.02 1.27 FCA Recognised
The Equity Idx Tracker Fd Inc 1771.00 1771.00 1.00 2.61 OasisCresGl LowBal D ($) Dist $ 12.09 - 0.04 0.16 Pictet-Global Bds Fundamental I USD $ 124.54 - 0.01 0.00 Sequoia Equity B $ 162.05 - 1.50 0.00
RAM Systematic Emerg Markets Eq $ 172.61 - -1.63 -
Distribution Units RobecoSAM S.Water/A £ 246.68 - -1.70 1.38 Memnon European Fund I GBP £ 168.67 - -2.93 0.00
OasisCresGl Med Eq Bal A ($) Dist $ 12.78 - 0.06 0.45 Pictet-Global Bonds-I EUR € 168.79 - -0.09 0.00 Sequoia Equity C £ 197.56 - 0.96 3.20
RAM Systematic European Eq € 461.09 - -3.29 -
RobecoSAM S.Water/N € 208.29 - -2.23 0.00
Oasis Crescent Gbl Property Eqty $ 9.35 - 0.04 1.86 Pictet-Global Defensive Equities I USD $ 179.07 - 0.96 0.00 RAM Systematic Global Shareholder Yield Eq $ 130.98 - -0.65 0.00 Money Market
Pictet-Global Emerging Debt-I USD F $ 393.15 - 0.36 0.00 RAM Systematic Long/Short Emerg Markets Eq $ 120.01 - 0.19 -
Trusts and
Pictet-Global Env.Opport-I EUR € 207.41 - -1.05 0.00 RAM Systematic Long/Short European Eq € 155.58 - 0.05 -

Pictet-Global Megatrend Selection-I USD F $ 298.66 - -1.34 0.00 RAM Systematic North American Eq $ 314.21 - -0.13 -
Bank Accounts Gross
M & G Securities (1200)F (UK)
Gross Net AER Int Cr
PO Box 9038, Chelmsford, CM99 2XF Pictet-Global Sust.Credit HI EUR € 148.87 - 0.07 0.00 RAM Tactical Convertibles Europe € 145.82 - -0.43 -
www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472 Mirabaud Asset Management (LUX)
Authorised Inv Funds www.mirabaud.com, marketing@mirabaud-am.com Pictet-Greater China-I USD F $ 613.89 - -20.85 0.00 CCLA Investment Management Ltd
RAM Tactical Global Bond Total Return € 142.42 - -0.04 -
Conviction based investment vehicles details available here www.mirabaud-am.com Senator House 85 Queen Victoria Street, London EC4V 4ET
Charifund Inc 1595.92 - 1.37 4.81 Rubrics Global UCITS Funds Plc (IRL)
Regulated Odey Asset Management LLP (UK) Pictet-Health-I USD $ 311.24 - 0.74 0.00 CBF Church of England Deposit Fund 0.50 - 0.55 Qtr
RAM Tactical II Asia Bond Total Return $ 138.84 - 0.07 - www.rubricsam.com
65 Gresham Street, London, EC2V 7NQ
Charifund Acc 25006.99 - 21.31 4.66 Mir. - Glb Strat. Bd I USD $ 109.47 - 0.02 0.00 Order Desk and Enquiries: 0345 300 2106
Regulated Troy Asset Mgt (1200) (UK)
Pictet-High Dividend Sel I EUR F € 178.46 - 0.21 0.00 65 Gresham Street, London, EC2V 7NQ CCLA Fund Managers Ltd
Authorised Inv Funds Rubrics Emerging Markets Fixed Income UCITS Fund $ 133.74 - 0.24 0.00
Mir. - EqPanEuropeSm&Mid £ 163.90 - -1.20 0.00 Order Desk and Enquiries: 0345 608 0950 Senator House 85 Queen Victoria Street, London EC4V 4ET
Authorised Corporate Director - Link Fund Solutions Pictet-India Index I USD $ 126.76 - -1.16 0.00 Authorised Inv Funds COIF Charities Deposit Fund 0.50 - 0.55 Qtr
Rubrics Global Credit UCITS Fund $ 15.95 - 0.01 0.00
Mirabaud - UK Equity High Alpha £ 123.54 - 0.32 0.00 LF Odey Continental European GBP R Acc 1024.63 - -0.74 0.60 Rathbone Unit Trust Mgmt (1200)F (UK) Authorised Corporate Director - Link Fund Solutions
M & G Securities Ltd (UK) Pictet-Indian Equities-I USD F $ 597.42 - -5.86 0.00 PO Box 9948, Chelmsford, CM99 2AG
Rubrics Global Fixed Income UCITS Fund $ 163.23 - -0.05 0.00 Trojan Investment Funds Data Provided by
UK Charity Funds LF Odey Opus GBP R Inc 4524.80 - 7.10 0.00 Order Desk: 0845 300 2101, Enquiries: 0207 399 0399
Pictet-Japan Index-I JPY F ¥ 18338.60 - 103.12 0.00 Authorised Inv Funds Spectrum Fund O Acc 224.95 - -0.30 0.61
Charibond 123.02xd - 0.11 2.27 Q Rubrics India Fixed Income UCITS Fund $ 10.46 - 0.00 0.00
LF Odey Absolute Return GBP R 283.21 - -2.74 0.00
Pictet-Japanese Equities Opp-I JPY F ¥ 11471.23 - 31.30 0.00 Blue Chip Income Inc 150.80 155.64 0.19 4.18 Spectrum Fund O Inc 215.68 - -0.28 0.62
(Accum Units) 3996.46xd - 3.86 2.27 Rubrics India Fixed Income UCITS Fund $ 90.33 - -0.05 0.00
LF Odey Portfolio Fund GBP R Inc 160.21 - 0.02 0.00
Pictet-Japanese Equity Selection-I JPY F ¥ 16465.79 - 40.38 0.00 Blue Chip Income Acc 253.03 260.68 0.31 4.04 Trojan Ethical Income O Acc 122.75 - 0.52 2.93
NAACIF 87.95xd - 0.19 3.87
Pictet-LATAM Lc Ccy Dbt-I USD F $ 129.88 - -0.81 0.00 Ethical Bond Inc 93.18 95.07 0.07 4.12 Trojan Ethical Income O Inc 113.64 - 0.48 3.01
(Accum Units) 8825.72xd - 19.78 3.77
Scottish Friendly Asset Managers Ltd
Odey Asset Management LLP (CYM) Pictet-Multi Asset Global Opportunities-I EUR € 123.41 - -0.11 0.00 Ethical Bond Acc 198.43 201.85 0.15 4.01 (UK)
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Trojan Fund O Acc 306.65 - 0.80 0.45 www.morningstar.co.uk
Morgan Stanley Investment Funds (LUX) Regulated
Authorised Inv Funds
6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 Pictet-Nutrition-I EUR € 228.88 - 0.24 0.00 Global Opportunities Acc 231.77 238.36 0.76 0.00 Trojan Fund O Inc 251.28 - 0.65 0.45 Data as shown is for information purposes only. No
OEI Mac Inc GBP A £ 182.96 - 2.98 0.00 offer is made by Morningstar or this publication.
www.morganstanleyinvestmentfunds.com Managed Growth ♦ 287.50 - 0.50 0.00
M&L Capital Management Limited Pictet-Pacific Ex Japan Index-I USD F $ 435.49 - 0.69 0.00 Income Inc 930.87 961.60 1.40 3.87
FCA Recognised Trojan Global Equity O Acc 335.57 - 0.81 0.63
c/o Capita Financial Administrators (Ireland) Limited OEI Mac Inc GBP B £ 113.35 - 4.54 0.00
UK Growth ♦ 326.90 - 0.40 0.00
Tel:+353 1 400 5300 US Advantage A F $ 88.48 - -0.30 0.00 Pictet-Premium Brands-I EUR F € 185.21 - -0.71 0.00 Income Acc 1584.58 1633.94 2.37 3.48 Trojan Global Equity O Inc 279.37 - 0.67 0.63
FCA Recognised OEI MAC Inc USD $ 978.44 - 16.39 0.00

Slater
Asian Equity A F $ 49.25 - 0.08 0.00 Pictet-Russia Index I USD $ 70.86 - -0.97 0.00 Multi Asset Enhanced Growth Acc 166.26 - 0.42 0.07
M&L Global Growth Class A USD Accumulation $ 1.57 - 0.00 0.00 Trojan Global Income O Acc 115.72 - 0.83 2.89
Odey European Inc EUR € 424.06 - 7.84 0.00

Investments
Asian Property A F $ 20.30 - 0.02 0.00 Multi Asset Strategic Growth inc 176.95 - 0.46 1.46
M&L Global Growth Class B GBP Accumulation £ 1.66 - -0.01 0.00
Odey European Inc GBP A £ 170.46 - 3.19 0.00
Pictet-Russian Equities-I USD F $ 69.05 - -0.73 0.00 Trojan Global Income O Inc 109.76 - 0.79 2.95
Guide to Data
Emerg Europ, Mid-East & Africa Eq A F € 70.07 - -0.97 0.00 Pictet-Security-I USD F $ 270.63 - 0.52 0.00 Multi Asset Strategic Growth acc 195.51 - 0.52 1.45
M&L Global Growth Class C USD Income $ 1.48 - 0.00 3.85 Trojan Income O Acc 335.28 - 0.91 3.90
Odey European Inc GBP B £ 96.63 - 1.81 0.00
Emerging Markets Debt A F $ 83.19 - 0.07 0.00 Pictet-Select-Callisto I EUR € 103.08 - -0.11 0.00 Multi Asset Total Return inc 131.22 - 0.30 1.10 The fund prices quoted on these pages are supplied by
M&L Global Growth Class D GBP Income £ 1.57 - -0.01 3.71 Trojan Income O Inc 188.80 - 0.51 4.04
Odey European Inc USD $ 204.86 - 3.90 0.00 the operator of the relevant fund. Details of funds
Emerging Markets Domestic Debt AX F £ 11.16 11.16 -0.10 6.17 Multi Asset Total Return acc 150.76 - 0.34 1.09 published on these pages, including prices, are for the
M&L Global Growth Class E USD Accumulation $ 1.52 - 0.00 0.00 Pictet-Small Cap Europe-I EUR F € 1367.66 - -0.88 0.00
purpose of information only and should only be used
Slater Investments Ltd (UK) as a guide. The Financial Times Limited makes no
Emerging Markets Equity A F $ 40.04 40.04 -0.13 0.00 Pictet-ST Emerg Local Currency Debt-I USD F $ 98.79 - 0.10 0.00 Rathbone UK Opportunities Inc 503.10 521.60 -0.37 2.34 www.slaterinvestments.com; Tel: 0207 220 9460
M&L Global Growth Class F GBP Income £ 1.54 - -0.01 3.77 representation as to their accuracy or completeness
FCA Recognised UBS Asset Management (UK) and they should not be relied upon when making an
Euro Bond A F € 16.27 16.27 0.00 0.00 Odey Asset Management LLP (IRL) Pictet-ST.MoneyMkt-I € 139.11 - -0.01 0.00 Rathbone UK Opportunities Acc 642.63 665.31 -0.47 2.27 5 Broadgate, London, EC2M 2QS investment decision.
FCA Recognised Slater Growth 525.63 557.70 0.87 0.00
Client Services 0800 358 3012, Client Dealing 0800 358 3012
Euro Corporate Bond AX F £ 27.71 27.71 0.07 1.25 Pictet-ST.MoneyMkt JPY I USD ¥ 101026.89 - -3.09 0.00 Strategic Bond I-Class Acc 143.28 143.89 0.07 2.97 www.ubs.com/retailfunds The sale of interests in the funds listed on these pages
Odey Pan European EUR R € 329.81 - -0.57 0.00 Slater Income A Inc 156.97 156.97 0.02 0.00 may, in certain jurisdictions, be restricted by law and
Authorised Inv Funds
Euro Strategic Bond A F € 46.06 46.06 -0.02 0.00 Strategic Bond I-Class Inc 115.01 115.63 0.05 3.06 the funds will not necessarily be available to persons
Odey Allegra International EUR O € 184.17 - -1.44 0.00 Pictet-ST.MoneyMkt-ICHF SFr 121.50 - 0.00 0.00 OEIC
Slater Recovery 245.86 260.86 0.40 0.00 in all jurisdictions in which the publication circulates.
Persons in any doubt should take appropriate
European Currencies High Yield Bd A F € 24.49 24.49 0.01 0.00 Pictet-ST.MoneyMkt-IUSD $ 140.22 - 0.02 0.00 UBS Global Emerging Markets Equity C Acc £ 0.79 - 0.00 1.14
Odey Allegra Developed Markets USD I $ 164.15 - 0.58 0.00 Slater Artorius 208.63 208.63 -1.37 0.23 professional advice. Data collated by Morningstar. For
other queries contact reader.enquiries@ft.com +44
European Equity Alpha A F € 44.92 - 0.03 0.00 Pictet-Timber-I USD F $ 206.45 - 1.94 0.00 UBS Global Optimal C Acc £ 1.08 - 0.00 0.84 (0)207 873 4211.
Odey European Focus Fund € 19.80 - 0.07 0.00

European Property A F € 36.17 36.17 0.05 0.00 UBS UK Opportunities C Acc £ 0.90 - 0.00 2.98 The fund prices published in this edition along with
Majedie Asset Management LTD (UK) Odey Odyssey USD I $ 92.21 - -0.62 0.00 Pictet TR-Agora I EUR € 126.20 - 0.01 0.00
additional information are also available on the
www.majedie.com
Eurozone Equity Alpha A F € 12.87 12.87 0.02 0.00 Standard Life Wealth (JER) UBS US Equity C Acc £ 1.33 - 0.00 0.21 Financial Times website, www.ft.com/funds. The
Authorised Inv Funds Odey Swan Fund EUR I € 48.54 - -0.87 0.00 Pictet TR-Corto Europe I EUR € 146.51 - -0.18 0.00
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 funds published on these pages are grouped together
Global Equity X Acc GBP £ 1.73 - 0.00 0.63 FCA Recognised by fund management company.
Global Bond A F $ 41.16 41.16 0.02 0.00 Pictet TR-Divers Alpha I EUR € 109.62 - 0.00 0.00 UBS S&P 500 Index C Acc £ 0.92 - 0.00 1.40
Odey Absolute Return Focus Fund $ 100.86 - 2.51 0.00
Standard Life Offshore Strategy Fund Limited
Prices are in pence unless otherwise indicated. The
Global Focus X Acc GBP £ 1.67 - 0.01 0.76 Global Brands A F $ 134.58 - 0.32 0.00 Pictet TR-Kosmos I EUR € 109.32 - 0.09 0.00 Robeco Asset Management (LUX)
Bridge Fund £ 1.9389 - 0.0024 1.96 UBS Targeted Return C Acc £ 14.03 - 0.03 1.29 change, if shown, is the change on the previously
Weena 850, 3014 DA Rotterdam, The Netherlands quoted figure (not all funds update prices daily). Those
UK Equity X Acc 182.14 - -0.28 2.68 Global Convertible Bond A F $ 45.06 - 0.04 0.00 Pictet TR-Mandarin I USD $ 162.25 - -0.49 0.00 www.robeco.com/contact UBS Sterling Corporate Bond Indexed C Acc £ 0.60 - 0.00 2.86 designated $ with no prefix refer to US dollars. Yield
Global Equity Fund £ 2.5410 - 0.0067 1.05
FCA Recognised percentage figures (in Tuesday to Saturday papers)
Odey Wealth Management (CI) Ltd (IRL)
allow for buying expenses. Prices of certain older
UK Focus X Acc 208.81 - 0.17 1.90 Global Property A F $ 30.57 - 0.11 0.00 Pictet-US Equity Selection-I USD $ 255.31 - -1.57 0.00 UBS Multi Asset Income C Inc Net £ 0.49 - 0.00 3.94
www.odey.com/prices Asia-Pacific Equities (EUR) € 161.88 - -0.10 0.00 Global Fixed Interest Fund £ 0.9591 - 0.0019 4.68 insurance linked plans might be subject to capital
FCA Recognised gains tax on sales.
UK Income X Inc 163.24 - -0.06 4.73 Indian Equity A F $ 42.90 - 0.38 0.00 Pictet-US High Yield-I USD F $ 166.62 - -0.07 0.00 UBS UK Equity Income C Inc Net £ 0.70 - 0.00 3.97
BP US Premium Equities (EUR) € 231.05 - 2.09 0.00 Income Fund £ 0.5878 - 0.0005 3.12
Odey Opportunity EUR I € 242.22 - -0.06 0.00
Guide to pricing of Authorised Investment Funds:
UK Smaller Companies A Acc 306.67 - -0.60 1.45 Latin American Equity A F $ 48.40 - -1.01 0.00 Pictet-USA Index-I USD F $ 259.10 - 0.15 0.00 UBS Corporate Bond UK Plus C Inc Net £ 0.53 - 0.00 4.16 (compiled with the assistance of the IMA. The
BP US Premium Equities (USD) $ 271.47 - 2.40 0.00 Sterling Fixed Interest Fund £ 0.8591 - 0.0014 3.47
Investment Management Association, 65 Kingsway,
Short Maturity Euro Bond A F € 20.12 20.12 0.00 0.00 Pictet-USD Government Bonds-I F $ 645.91 - 1.09 0.00 UK Equity Fund £ 2.2668 - 0.0029 3.15 UBS Global Allocation (UK) C Acc £ 0.83 - 0.00 1.70 London WC2B 6TD.

Asset Management
Chinese Equities (EUR) € 89.92 - -0.65 0.00
Tel: +44 (0)20 7831 0898.)

set Management US Dollar Liquidity A F $ 13.24 - 0.00 0.00 Omnia Fund Ltd Pictet-USD Short Mid-Term Bonds-I F $ 132.04 - 0.04 0.00 Em Stars Equities (EUR) € 206.68 - -0.61 0.00
UBS Global Enhanced Equity Income C Inc £ 0.44 - 0.00 7.25

Asset Management Asset Management

Majedie Asset Management LTD (IRL) Other International Funds OEIC: Open-Ended Investment Company. Similar to a
FCA Recognised unit trust but using a company rather than a trust
US Growth A F $ 115.76 - -0.50 0.00 Pictet-USD Sov.ST.Mon.Mkt-I $ 105.69 - 0.02 0.00 UBS US Growth C Acc £ 1.49 - -0.01 0.00
Estimated NAV $ 914.90 - -24.10 0.00 Emerging Markets Equities (EUR) € 181.85 - -0.77 0.00 structure.
US Equity Z Acc GBP £ 1.94 - 0.01 0.00
US Growth AH F € 76.44 76.44 -0.34 0.00 Pictet-Water-I EUR F € 345.34 - 1.00 0.00 UBS Emerging Markets Equity Income C Inc £ 0.51 - 0.00 3.99 Different share classes are issued to reflect a different
Glob.Consumer Trends Equities (EUR) € 217.83 - -0.15 0.00
Tortoise Z Acc GBP £ 0.98 - -0.01 0.00 currency, charging structure or type of holder.
US Growth AX F £ 90.96 90.96 -0.29 0.00 UBS FTSE RAFI Dev 1000 Index J Acc £ 154.20 - 0.65 2.32
High Yield Bonds (EUR) € 144.14 - 0.07 0.00
Selling price: Also called bid price. The price at which
US Property A F $ 74.54 - 0.55 0.00 UBS MSCI World Min Vol Index J Acc £ 163.00 - 0.40 2.10 units in a unit trust are sold by investors.
New World Financials (EUR) € 70.13 - 0.34 0.00
Buying price: Also called offer price. The price at
MMIP Investment Management Limited (GSY) Stenham Asset Management Inc which units in a unit trust are bought by investors.
Regulated www.stenhamassetmanagement.com Includes manager’s initial charge.
Multi-Manager Investment Programmes PCC Limited Other International Funds
Morgens Waterfall Vintiadis.co Inc Unicapital Investments (LUX) Single price: Based on a mid-market valuation of the
UK Equity Fd Cl A Series 01 £ 3017.25 3043.27 7.88 0.00
Royal London Unit Managers Ltd. (1200) F (UK) Stenham Credit Opportunities A Class USD $ 117.97 - 1.42 0.00
Other International Funds Regulated underlying investments. The buying and selling price
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777
for shares of an OEIC and units of a single priced unit
Phaeton Intl (BVI) Ltd (Est) $ 535.46 - 5.22 0.00 Authorised Inv Funds Stenham Equity UCITS USD $ 182.16 - -6.42 0.00 Investments IV - European Private Eq. € 126.72 - -1.24 0.00 trust are the same.
Diversified Absolute Rtn Fd USD Cl AF2 $ 1646.07 - -23.06 0.00 Platinum Capital Management Ltd
Other International Funds Royal London Sustainable Diversified A Inc £ 1.99 - 0.01 1.13
Stenham Growth USD $ 227.46 - 0.07 - Investments IV - Global Private Eq. € 170.83 - -3.11 0.00 Treatment of manager’s periodic capital charge:
Diversified Absolute Return Stlg Cell AF2 £ 1621.34 - -26.78 0.00 Optima Fund Management
Platinum All Star Fund - A (Est) $ 131.89 - - - The letter C denotes that the trust deducts all or part
Other International Funds Royal London Sustainable World A Inc 251.80 - 0.50 0.30 of the manager’s/operator’s periodic charge from
Global Equity Fund A Lead Series £ 1509.96 1516.05 35.25 0.00 Stenham Healthcare USD $ 222.77 - 1.57 0.00
Cuttyhunk Fund II Limited $ 1746.54 - 23.71 0.00 capital, contact the manager/operator for full details
Platinum Global Dividend Fund - A (Est) $ 46.29 - - -
Royal London Corporate Bond Mth Income 92.13 93.53 0.11 3.66 of the effect of this course of action.
Stenham Managed Fund USD $ 123.80 - 0.53 0.00
JENOP Global Healthcare Fund Ltd $ 18.37 - 2.32 0.00 Platinum Global Growth UCITS Fund $ 10.00 - - - Unicorn Asset Management Ltd (UK)
Royal London European Growth Trust 165.30 167.80 0.90 0.00 Exit Charges: The letter E denotes that an exit charge
Stenham Quadrant USD A $ 438.20 - 1.22 - PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
may be made when you sell units, contact the
OPTIKA Fund Limited - Cl A $ 155.41 - 1.83 0.00 Authorised Inv Funds
Marlborough Fd Managers Ltd (1200)F (UK) Royal London Sustainable Leaders A Inc 606.90 - -0.20 1.13 manager/operator for full details.
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 Stenham Trading Inc USD $ 125.89 - 0.33 - UK Growth A Inc 626.51 - 0.96 0.68
www.marlboroughfunds.com Optima Fd NAV $ 99.12 - 0.18 0.00 Time: Some funds give information about the timing of
Royal London UK Growth Trust 582.30 591.20 0.50 1.47
Natixis International Funds (LUX) I SICAV (LUX) Stenham Universal USD $ 466.91 - 3.09 -
price quotes. The time shown alongside the fund
Authorised Inv Funds Mastertrust A Inc X F 524.05 - 1.78 0.23
FCA Recognised Optima Discretionary Macro Fund Limited $ 83.75 - -0.78 0.00 manager’s/operator’s name is the valuation point for
Balanced 201.52 212.37 0.01 0.36 Royal London UK Income With Growth Trust 223.60 227.00 0.00 4.56 their unit trusts/OEICs, unless another time is
ASG Managed Futures Fund I/A (USD) $ 100.15 100.15 -0.47 0.00 Stenham Universal II USD $ 170.68 - 1.06 0.00 UK Growth B Inc 631.66 - 0.97 1.28 indicated by the symbol alongside the individual unit
The Dorset Energy Fd Ltd NAV $ 24.61 - -0.29 0.00 trust/OEIC name.
Bond Income 50.79 53.63 0.05 3.45 Royal London US Growth Trust 243.90 247.60 1.40 0.00
Harris Global Equity Fund R/A (USD) $ 316.46 316.46 -3.18 0.00 Mastertrust B Inc X F 472.12 - 1.61 0.87
Platinum Fd Ltd $ 104.74 - -0.78 0.00 Additional Funds Available The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Cautious Inc 93.32 98.29 -0.11 1.78 Please see www.royallondon.com for details 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Loomis Sayles Global Growth Equity Fund I/A (USD) $ 137.53 137.53 -1.54 0.00 Outstanding British Cos A Acc X F 324.12 - 1.25 0.70
Platinum Fd Ltd EUR € 19.03 - -0.16 0.00 Polar Capital Funds Plc (IRL) midnight. Daily dealing prices are set on the basis of
Defensive A Inc 114.11 114.11 -0.10 0.34 Regulated the valuation point, a short period of time may elapse
Loomis Sayles U.S. Growth Equity Fund I/A (USD) $ 143.79 143.79 -0.51 0.00 Outstanding British Cos B Acc X F 345.19 - 1.33 1.32
Platinum Japan Fd Ltd $ 65.84 - -0.26 0.00 before prices become available. Historic pricing: The
Automation & Artificial Intelligence CL I USD Acc $ 10.64 10.64 0.02 - letter H denotes that the managers/operators will
Emerging Markets 312.78 312.78 0.20 1.07
UK Smaller Cos A Inc X F 561.92 - 0.67 1.12 normally deal on the price set at the most recent
Optima Partners Global Fd $ 17.01 - -0.01 0.00
Asian Financials I USD $ 365.16 365.16 2.03 0.00 valuation. The prices shown are the latest available
ETF Global Growth A 190.37 190.37 0.14 0.14
UK Smaller Cos B Inc X F 552.19 - 0.66 1.76 before publication and may not be the current dealing
Natixis Investment Funds (UK) Optima Partners Focus Fund A $ 17.82 - 0.03 0.00 levels because of an intervening portfolio revaluation
Biotechnology I USD $ 24.63 24.63 0.28 0.00
ETF Commodity A 87.72 87.72 0.48 0.00 Superfund Asset Management GmbH or a switch to a forward pricing basis. The
Authorised Funds UK Income A Acc X F 303.66 - 1.16 3.93
Optima STAR Fund (hedged) $ 103.64 - -0.44 0.00 www.superfund.com, +43 (1) 247 00 managers/operators must deal at a forward price on
DNCA European Select Equity Fund £ 1.00 - 0.00 0.82 European Income Acc EUR € 12.44 12.44 0.04 0.00
European Multi-Cap 483.87 483.87 0.55 0.31 Regulated request, and may move to forward pricing at any time.
UK Income A Inc X F 243.25 - 0.93 4.03 Forward pricing: The letter F denotes that that
Optima STAR Long Fund $ 145.52 - 0.55 0.00 Ruffer LLP (1000)F (UK)
Harris Global Concentrated Equity Fund £ 1.72 - 0.00 1.27 European Ex UK Inc EUR Acc € 11.38 11.38 0.03 0.00 Superfund Green EUR SICAV € 885.75 - -5.66 0.00 managers/operators deal at the price to be set at the
Extra Income 85.48 90.45 0.24 3.68
65 Gresham Street, London, EC2V 7NQ UK Income B Acc X F 329.12 - 1.27 3.91 next valuation.
Financial Opps I USD $ 14.04 - 0.12 1.91 Order Desk and Enquiries: 0345 601 9610 Superfund Red EUR SICAV € 776.09 - -1.23 0.00
Far East Growth A Inc 231.11 231.11 0.47 1.23 H2O MultiReturns Fund N/A (GBP) £ 1.51 - -0.02 1.18
Authorised Inv Funds UK Income B Inc X F 263.78 - 1.02 4.01 Investors can be given no definite price in advance of
GEM Income I USD $ 11.54 - 0.04 0.00 Authorised Corporate Director - Link Fund Solutions the purchase or sale being carried out. The prices
Global 252.26 265.61 -0.75 0.00 Loomis Sayles U.S. Equity Leaders N/A (GBP) £ 2.66 - 0.00 0.12 Oryx International Growth Fund Ltd Superfund Blue EUR € 721.29 - 4.29 0.00
appearing in the newspaper are the most recent
Other International Funds LF Ruffer European C Acc 605.88 - -6.50 0.29 Other International Funds provided by the managers/operators. Scheme
Global Convertible I USD $ 13.07 13.07 -0.03 0.00
Global Bond Inc 154.06 162.80 0.22 3.13 particulars, prospectus, key features and reports: The
NAV (Fully Diluted) £ 9.60 - 0.06 0.00 Superfund Green Gold SICAV $ 865.12 - -18.33 0.00 most recent particulars and documents may be
LF Ruffer European C Inc 111.76 - -1.20 0.58
Global Insurance I GBP £ 6.52 - 0.04 0.00 obtained free of charge from fund
High Yield Fixed Interest 73.44 77.92 -0.01 4.46
Superfund Red Silver SICAV $ 361.92 - -8.64 0.00 managers/operators. * Indicates funds which do not
LF Ruffer European O Acc 595.01 - -6.43 0.00
Global Technology I USD $ 45.16 - -0.05 0.00 price on Fridays.
Multi Cap Income A Inc 156.27 156.27 0.28 4.42

Healthcare Blue Chip Fund I USD Acc $ 12.90 12.90 0.09 0.00
LF Ruffer Equity & General C Acc 456.40 - -1.93 0.04 Value Partners Hong Kong Limited (IRL) Charges for this advertising service are based on the
Nano-Cap Growth A Acc 168.5908 184.9200 -0.1636 0.00 www.valuepartners-group.com, fis@vp.com.hk number of lines published and the classification of the
LF Ruffer Equity & General C Inc 420.77 - -1.79 0.04 Regulated fund. Please contact data@ft.com or
Healthcare Opps I USD $ 48.41 - 0.34 0.00 Thesis Unit Trust Management Limited (UK)
Special Situations A Acc 1757.69 1859.99 6.62 0.30 call +44 (0)20 7873 3132 for further information.
Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP Value Partners Classic Equity Fund USD Z Unhedged $ 13.95 - -0.08 0.00
LF Ruffer Equity & General O Acc 448.25 - -1.92 0.00
New Capital UCITS Fund PLC (IRL) Income Opportunities B2 I GBP Acc £ 2.29 2.29 0.00 0.00 Authorised Funds
UK Multi-Cap Growth A Inc 362.92 384.04 0.32 0.19
Leconfield House, Curzon Street, London, W1J 5JB LF Ruffer Equity & General O Inc 415.89 - -1.79 0.00 Value Partners Classic Equity Fund CHF HedgedSFr 13.39 - -0.07 0.00
Japan Alpha I JPY ¥ 249.53 249.53 1.67 0.00 TM New Court Fund A 2011 Inc £ 15.37 - 0.04 0.39
UK Micro Cap Growth A 738.87 781.87 15.49 0.00 www.newcapitalfunds.com
FCA Recognised Orbis Investments (U.K.) Limited (GBR) Value Partners Classic Equity Fund EUR Hedged € 13.65 - -0.08 0.00
28 Dorset Square, London, NW1 6QG LF Ruffer Gold C Acc 137.64 - -6.79 0.09 TM New Court Fund - A 2014 Acc £ 15.47 - 0.04 0.45
Japan I JPY ¥ 2462.98 - 22.92 0.00
US Multi-Cap Income 516.84 516.84 3.87 0.45
Euro Value Credit Fund - EUR Inst Acc € 100.19 - -0.07 - www.orbis.com 0800 358 2030
LF Ruffer Gold C Inc 83.30 - -4.11 0.13 Value Partners Classic Equity Fund GBP Hedged £ 14.25 - -0.08 0.00
MFM - Third Party Funds Regulated North American I USD $ 25.38 25.38 0.13 0.00 TM New Court Equity Growth Fund - Inc £ 16.18 - 0.05 0.51
Asia Pacific Equity Income Fund - USD Ord Inc. $ 100.56 - -0.26 2.74
Junior Oils 93.05 98.47 1.04 0.00 Orbis OEIC Global Balanced Standard £ 15.68 - 0.01 0.00 LF Ruffer Gold O Acc 135.13 - -6.67 0.00 Value Partners Classic Equity Fund GBP Unhedged £ 17.87 - -0.08 0.00
UK Absolute Equity I GBP £ 21.90 21.90 0.02 0.00
Dynamic European Equity Fund - EUR Ord Inc. € 188.05 - 0.70 2.75
Junior Gold C Acc 30.85 30.85 -0.49 0.00 Orbis OEIC Global Equity Standard £ 17.43 - 0.04 0.00 LF Ruffer Japanese C Inc 117.99 - -2.56 0.25 Value Partners Classic Equity USD Unhedged $ 17.06 - -0.09 0.00
UK Val Opp I GBP Acc £ 12.02 12.02 0.00 0.00
China Equity Fund - USD Ord Acc. $ 148.93 - 0.59 0.00
MFM Bowland 265.82 287.37 1.52 0.89 Orbis OEIC UK Equity Standard £ 9.32 - 0.10 2.26 LF Ruffer Japanese C Acc 251.17 - -5.45 0.23 Value Partners Global Emerging Market Bond Fund USD A Acc Unhedged $ 10.04 - 0.00 0.00

Global Value Credit Fund - USD Ord Acc. $ 182.93 - 0.13 0.00
MFM Hathaway Inc 142.62 149.34 -0.64 1.41 LF Ruffer Japanese O Acc X 246.36 - -5.36 0.00 Value Partners Global Emerging Market Equity Fund USD V Unhedged $ 9.92 - -0.02 0.00

Global Equity Conviction Fund - USD Ord Acc. $ 128.57 - 0.60 0.00

18
Twitter: @FTLex Email: lex@ft.com
Monzo:
gonzo banking
Monzo is a new kind of bank with an
old kind of problem.
So far the UK start-up has followed a
familiar route in fintech. First, build a
small but evangelistic customer base
among mostly young people by
developing an app with a nice interface
that seems smarter and kinder than
the dinosaurs on the high street. Then,
as the rate of customer growth starts to
taper, work like hell to make some
money from them.
Easier said than done. Three and a
half years on from launch, Monzo has
begun to offer overdrafts at a flat rate
of 50p a day. It is also experimenting
with bigger, longer-term loans: up to
£1,000, due back in a year, to buy a
laptop or fix a boiler. But selling loans
to credit-wary millennials, many of
whom are burdened by student debt, is
a tall order. Products such as savings
accounts and wealth management tools
may not be instant money-spinners
either, given the average Monzo balance
was a mere £150 a few months ago.
Customer ties with the big banks can
be hard to sever, however badly they
treat people. About four-fifths of
Monzo’s almost 900,000 customers still
appear to pay their salary into another
bank, for example. Many use Monzo
like a “burner” account: for use on
holiday, to minimise foreign exchange
fees; or in a restaurant, to split a bill.
Equity investors seem undaunted.
Monzo is raising more funds that
should avoid the dreaded “down
round”, when new money values the
company at less than the last time. An
equity valuation of $1.5bn, as
rumoured, would be heroic: equivalent
to 652 times last year’s revenues, or 20
times better than listed UK financials.
It would also value account-holders at
about $1,700 each. That is about half
the rough valuation implied by the
market capitalisation of JPMorgan
Chase, the biggest bank by assets in
America. Monzo is a British upstart,
whose customers are young and
stretched. Such a flattering comparison
is not yet justified.
Subprime mortgages:
say a little prayer
They are a diverse bunch over at
Neuberger Berman. In one corner of
the Wall Street firm is Steve Eisman,
the fund manager immortalised in The
Big Short who did his best to demolish
the lower tiers of America’s mortgage
market a decade ago. In another corner
is a team of people dedicated to
building the market back up.
A fund managed by Neuberger has
just issued its first mortgage-backed
securities that fall outside the criteria
set eight years ago by the Dodd-Frank
Act. Back then, Congress tried to cut
out many of the risky features that
helped to bring the world’s financial
system to the brink of collapse.
But that rigid regime created room
for loans to people who do not fit the
banks’ traditional boxes. Maybe they
are self-employed, on irregular
incomes, or have thin or damaged
credit files. Or maybe they have plenty
of assets but since their debt-to-income
ratio exceeds a certain level, they do
not qualify for a regular loan.
Such “non-qualified” mortgages are
beginning to fly off the shelves. One of
US cannabis: disjointed
Marijuana prices on the east and west coast*
Baltimore
0 10
Boston
San Francisco
Seattle
Portland, Maine
Los Angeles
Denver
Portland, Oregon
* $ per 1/8 ounce, June 2018
Source: Wikileaf
America’s legal recreational pot
business is only five years old. Prices
are fast-changing and chaotic. Dope is
more than a fifth cheaper on the west
coast than the east. As a multibillion-
dollar industry emerges, what scope
for arbitrageurs to profit from weed?
The green rush has already sparked
interest from derivative traders. In
2016 entrepreneurs in Chicago looked
at setting up financial contracts. They
focused on hemp, a cannabis plant
used for industrial purposes, before
their attention turned to
cryptocurrencies instead.
Cannabis users can already make
the most of low prices elsewhere — by
travelling out of state. Marijuana
shops in Washington used to supply
Portland’s enthusiasts. When Oregon
legalised the drug, sales dropped
dramatically. Drug traffickers take
the biggest of the non-bank originators,
Angel Oak of Atlanta, produced more
than $500m of non-QM loans in the
second quarter, up 90 per cent from a
year earlier. Advocates say it is a
completely different kind of product
from last time around: lower loan-to-
value ratios, higher interest rates, and
no spivvy features like teaser rates.
The non-QM segment is still a tiny
fraction of America’s $1.7tn mortgage
market — a total of some $12bn in
originations this year. But it is worth
watching nonetheless. Big banks are
increasingly keen to get into it, as they
face a drop-off in volumes of regular
refinancings caused by higher interest
rates. A new suite of regulators seems
reluctant to do anything that might
staunch the flow of credit. On Wall
Street, there are the same old
incentives at play: investors keen for
yield, and fee-hungry intermediaries
like Neuberger, spreading default risk
far and wide.
Maersk/conglomerates:
driller killer
Some businesses are diversified. Others
are focused. Most sit somewhere
between the two. AP Moller-Maersk, an
ocean-going Danish conglomerate, will
migrate towards the obsessive
end of the spectrum by spinning off an
oil rigs business next year. Is it right
to do so?
There is thematic consistency in
teaming a shipping line with a drilling
contractor and an oil company. All rely
on the seafaring skills that won foreign
dominions for the Vikings and a
business empire for the Moller family.
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★ 18 August/19 August 2018
20 30 40 50
East coast
West coast
advantage too. The black market,
though shrinking, is still big. High
taxes fuel illicit sales.
But rules are strict for licensed
growers. Plants are barcoded and
tracked, to stop them from being sold
illegally. It is an offence to drive
excess supply across state lines —
even between two states where the
drug is legal. Nor can it be flown
across the country, as flights are
governed by federal rules.
The plight of farmers in Oregon,
hard hit by plummeting prices after a
glut in supply, underlines the
localised nature of the industry.
Survivors will be well positioned to
succeed if the federal ban is lifted and
a national market opened up.
Meanwhile, smaller growers are being
weeded out. In a young industry, high
times are not for all.
Diversification reduces the volatility
of earnings and of share prices. Brokers
and fund managers espouse focus
partly because they earn fees for
assembling balanced portfolios.
However, a controlling family trust is
behind the break-up of Maersk rather
than financial fly-by-nights. It will be
left with roughly the same exposure to
three main industries. So will minority
shareholders who hold on.
In March, the company sold Maersk
Oil to Total of France for $7.5bn in
cash and shares. Owning an energy
business was meant to hedge against
the fuel costs of the shipping division.
The disposal signalled that the
owners valued this less than
corporate clarity.
The drilling business, which makes
holes in the seabed for oil companies,
looks as if it would amplify volatility
rather than the reverse. Trade buyers
have spurned it. True, profits should
surge when the oil price is strong. But
earnings are prone to collapse when the
oil price is weak. Seadrill, another rigs
business, has only just relisted its
shares after a spell in Chapter 11
bankruptcy.
UBS ascribed an enterprise value of
$4.8bn to Maersk Drilling earlier this
year. That suggests an equity worth of
some $3.6bn. This would be stingy in
comparison to implied earnings of
$600m for 2018, but generous
measured against a 2017 loss of $1.5bn.
Maersk will sail more smoothly
without this shifting ballast.
Lex on the web
For notes on today’s breaking
stories go to www.ft.com/lex
Trump is right to stir
up debate on ending
quarterly reporting
John Authers
The Long View
T
he presidential tweet is a
feared weapon. Many fear it
because it wreaks destruc-
tion on the dignity of the
presidential office, as hap-
pens when it is turned against former
White House employees looking for
publicity. But the president has just pro-
vided an example of what can happen
when it is aimed in the right direction —
at rescuing US and hence world public
stock markets from damaging short-
termism.
“In speaking with some of the world’s
top business leaders,” President Donald
Trump wrote on Twitter yesterday
morning, “I asked what it is that would
make business (jobs) even better in the
US.” One reply was: “Stop quarterly
reporting and go to a six-month sys-
tem,” on the argument that this would
“allow greater flexibility and save
money”.
The president concluded: “I have
asked the SEC [Securities and Exchange
Commission] to study!”
Mr Trump’s tweet is receiving push-
back. An allegedly populist president is
in the pocket of big business and making
life easier for executives.
But in this case, the president is using
his bully pulpit on Twitter to push pub-
lic debate in the right direction.
The arguments against him are clear.
All else equal, more transparency is
good. Quarterly earnings plainly con-
tain information that often surprises
investors. They are not totally massaged
and manipulated by companies.
For the most recent example, look at
share price gyrations in US retailing,
which is deeply disrupted by Amazon.
The strength of Walmart’s grocery sales,
unveiled in its quarterly report on
Wednesday, prompted an immediate
9.3 per cent rally in its market value; the
day before, results from Macy’s this
year, prompted a fall of 16 per cent.
Shareholders are entitled to want to
hear such important news more fre-
quently, rather than less.
For those who complain that “earn-
ings season” is a manipulated event in
which companies abuse accruals
accounting to talk down their prospects
so that they can “beat” a lower bar,
note that this can be handled by abolish-
ing the practice of corporate guidance,
without reducing regulatory require-
ments on them for information.
Why, then, should we support the
president in his latest tweet? First, com-
plaints over short-termism have grown
overwhelming. If being part of the pub-
lic market means having to feed the
beast every three months, and always
avoid the embarrassment of an appar-
ently bad quarter as you make big
expenditures necessary for long-term
competitiveness, then maybe life would
be better in the private market.
Increasingly, long-termism is identi-
fied with private, not public, markets.
Private equity managers, once regarded
as irresponsible financial engineers,
now style themselves as guardians of
long-term investing. Pension funds, the
ultimate long-term investors, increas-
ingly invest in private equity.
Elon Musk, possibly the highest-
profile entrepreneur of the moment and
one who famously thinks for the long
term is now ardent in his desire to take
his firm private. Like the president, he
uses Twitter not wisely; but the excite-
ment over his desire to take Tesla pri-
vate is only the latest sign that public
market capitalism is in retreat.
We have seen the rise of the “uni-
corns” — companies that stay private
even as their value exceeds a billion dol-
lars. Their ranks include influential
companies, such as Uber, and compa-
nies that exploited their lack of trans-
parency to perpetuate fraud.
Public markets are shrinking. As AB
Bernstein pointed out this week, the
global equity market is now shrinking at
its fastest rate on record, with equity
retirements outstripping new issuance.
This means fewer opportunities for
most people to share in corporate suc-
cess, as opportunities for savers to
invest in private companies are limited.
it also reduces the transparency and
accountability of the corporate sector. A
few little-known private equity manag-
ers grow troublesomely powerful. Capi-
talism as a whole, whose legitimacy is
increasingly called into question,
appears even less legitimate.
The president is therefore right to stir
up debate on changes that will
make public markets more attractive
for companies. Six-monthly reporting
should probably not be the priority.
To cite the non-profit group FCLT Glo-
bal — set up by a group of businesses
to promote long-termism — the SEC’s
priority should be to make clear that
quarterly guidance is undesirable and
should stop.
Broader research by the US govern-
ment on why public stock markets are
shrinking is needed. The US should ask
whether it should make it easier for pen-
sion funds to give small savers a stake in
private equity and other long-term
investments. Compensation schemes
for executives, as the non-profit group
Better Markets pointed out, often
encourage short-termism and manipu-
lation, and need to be re-examined.
All of these should take priority over
six-monthly reporting. But the greatest
problems with it can be overcome by a
requirement that companies disclose
material changes continuously.
The bottom line remains: business is
too short-termist, and public markets
are shrinking. Any presidential effort to
deal with those problems is welcome.
john.authers@ft.com

Saturday 18 August / Sunday 19 August 2018
Singapore bling
With its all-Asian cast, the film ‘Crazy Rich Asians’ has opened up
a new era for Hollywood. It also offers a timely insight into how
the wealth of the world is shifting eastward, writes James Crabtree
H
aving arrived at a Singa-
porean airstrip in garish
Ferraris and Lamborghinis,
the bridal group head off by
private jet to a tropical
island. Meanwhile the groomsmen com-
mandeer a fleet of helicopters and fly to
a nearby container ship, its deck filled
with imported showgirls and trans-
formed into an exclusive nightclub-at-
sea. As the evening’s celebrations reach
their zenith, one reveller nonchalantly
fires a bazooka into the night sky.
This bachelor party is just one of the
scenes of absurd bling scattered
throughout the new film Crazy Rich
Asians, which opened in the US on
August 15. It is also a scene of excess
reminiscent of those I have encountered
myself during five years of writing about
Asia’s corporate hierarchies, and the
vast fortunes they have made.
There are few more potent symbols of
Asia’s new wealth than Antilia, the 170-
metre residential skyscraper where I
used to live in Mumbai. Often dubbed
the world’s first “billion-dollar home”,
rising amid the notorious slums of
India’s finance centre, it belongs to
industrial tycoon Mukesh Ambani, now
crowned the continent’s richest man.
The relatively old money on show in Sin-
gapore, the setting for Crazy Rich Asians
and my own home for the past three
years, can be a fraction more discreet.
But the scale of the affluence accumu-
lated over the last few decades is clear
enough here too. “Remember, these
people aren’t just rich. They are CRAZY
rich,” as one character in the film puts it.
Since the financial crisis of 2008,
much has been written about the grow-
ing power of the ultra-wealthy. Taken
Weddings special Photographers and writers on our most hopeful of rituals — PAGES 16-18
China alone is all but
certain to overhaul
America’s billionaire lead,
and in time, perhaps India
too. Enter Hollywood
Photography by Kevin WY Lee
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together, the rising sway of global bil-
lionaires — there were 2,208 in this
year’s Forbes list, up from a mere 1,062 a
decade back — has exacerbated prob-
lems from rising inequality to the popu-
list politics this has engendered.
Yet such has been the concern about
the super-rich in general that arguably
rather less attention is paid to their
changing composition, notably the shift
to the world’s rising eastern giants. The
US still boasts more “three-comma
club” members than any other country,
but the Asia-Pacific region now easily
surpasses North America and Europe.
China alone is all but certain to overhaul
America’s billionaire lead, and in time,
perhaps India too. Enter Hollywood.
Based on a best-selling novel of the
same name, Crazy Rich Asians is a Jane-
Austen-meets-Jimmy-Choo affair — a
traditional romantic comedy set amid
Singapore’s moneyed aristocracy. It tells
Follow us on Twitter @FTLifeArts
and hand production over to Jon M Chu,
a US-born director of mixed Chinese
and Taiwanese heritage. Well aware of
the paucity of Asian actors within the
existing US studio system, the duo ran
an open casting call, turning up a
number of unknowns, most notably in
their choice of debutant Golding as their
romantic lead.
Their efforts draw easy comparison
with this year’s breakthrough superhero
flick Black Panther, which featured a
largely black cast led by a black director.
Yet even that movie featured a handful
of Caucasians, including Martin Free-
man’s comic turn as a CIA operative, in a
role that almost seemed designed to give
a small measure of comfortable cultural
familiarity to predominantly white
American cinema-going audiences.
Chu’s film, by contrast, has no Cauca-
sian characters at all.
That this should be so is all the more
remarkable, given Hollywood’s racially
chequered heritage with Asian-Ameri-
cans, a group too often relegated to the
roles of martial-arts aces or purveyors of
ancient wisdoms, or indeed both, in the
‘I can’t believe this place has
a cinema,’ says a character
of Changi airport. ‘JFK is
just salmonella and despair’
case of The Karate Kid’s Mr Miyagi. At its
worst, many ostensibly Asian roles were
handed to white actors, notoriously in
the the case of Mr Yunioshi, a minor
character in 1961’s Breakfast at Tiffany’s,
played in “yellow face” by Mickey
Rooney. A number of more recent films
that could have had prominent Asian
characters have been accused of “white-
washing”, as when Scarlett Johansson
appeared as the lead in last year’s
remake of the Japanese anime classic
Ghost in the Shell.
Yet beyond the boldness of its casting,
Crazy Rich Asians is significant precisely
for the light it shines on the rising power
of Asian money. Kwan’s is a high society
dominated by Chuppies (Chinese yup-
pies) and Henwees (high-net worth
individuals, or HNWIs). His book opens
with a proverb from the 14th-century
Muslim scholar Ibn Batuta, who notes
Continued on page 2
the story of Rachel Chu, an economics
professor at New York University and
ABC (or “American-born Chinese”),
played by Constance Wu.
As the film begins, she is dating Nicho-
las Young (Henry Golding), a dashing
US-based Singaporean and fellow aca-
demic, described in the book as having
“chiselled Cantonese pop-idol features
and impossibly thick eyelashes”. Young
invites Chu to visit his homeland, where
he is to be best man at the wedding of an
old school friend, albeit while failing to
mention his place as the scion of one of
Asia’s wealthiest families. Young’s
mother, the family matriarch Eleanor,
played with steely cool by Malaysian
actor Michelle Yeoh, looks dimly on the
American interloper.
The story that follows will be perfectly
familiar to readers of Pride and Prejudice,
as its low-born but morally virtuous
female protagonist battles to find her
place amid the snobbery of the upper
strata. It turns an established Holly-
wood pattern on its head too, by featur-
ing an entirely Asian cast — the first con-
temporary-set Hollywood film to do so
since 1993’s The Joy Luck Club. The result
has been hailed as a milestone for its
portrayal of under-represented Asian-
American minorities as much as a fable
of Asia’s economic rise.
Blockbuster movies often feature
minor Asian characters, routinely
handing sidekick roles to Chinese
A-listers to win over audiences in Beijing
or Shanghai. But Kevin Kwan, the Singa-
porean author who wrote Crazy Rich
Asians in 2013, had a different idea. “I
felt it was so important to do this right,”
he said last year. “There was a lot of con-
cern at the beginning that [Hollywood]
would change all these crazy rich Asians
. . . that Reese Witherspoon would be
cast as the lead character.”
The 44-year-old Kwan has been criti-
cal of US film studios more broadly, both
for their failure to develop Asian-
American actors and also their inability
to produce the kind of scripts that would
let them flourish. In his own case, he
passed up a lucrative payday from Net-
flix and optioned his book rights for $1,
allowing him to retain creative control
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
2 ★ FTWeekend 18 August/19 August 2018

Life
Luke Waller

As the climate Like all reasonable townspeople,

I’m scared of the country. I fear the
city too, obviously; it’s teeming and
changes, how poxy and dangerous, and I’m not
insane. But the countryside, by

will humans? which I mean anywhere outside the

inner suburbs of any considerable
conurbation, is infinitely more
frightening.
Admittedly, on holiday rural life
Leslie Hook can be bearable even for ridiculous
townies like me. In Greece or Spain
or Italy there are distractions: the
Opening shot possibility of spotting woodland
creatures; movingly unmodernised
food markets; sign language with
friendly farmers; the steady drip of

I
t has, by all accounts, been an
unusual summer. Not just the
politics of it, nor the fact that the
world order has been lurching
from crisis to crisis. But also,
crucially, the weather.
Having moved to London only a few
months ago, I arrived just in time for a
tremendous heatwave. Coming from
California, I was surprised to notice the
mania with which everyone initially
greeted the sun, stripping off their
clothes at the faintest ray. Peak
heatwave syndrome struck in late July,
when the BBC helpfully ran an article
titled “Sun cream: how much to use
and what to do if you burn”.
After several weeks of this, I realised
the changes went deeper than the
sunburn. Between the heatwave and
the World Cup, everyone had become
cheerful, friendly — downright sunny.
“If we had four months of sunshine a
year,” a British friend declared, “it
would change the national psyche.”
Weather has an impact on all sectors
of the economy as well, from farming
to energy to sales of ice cream. In the
UK, the heatwave helped to boost
spending on food, drink, bars and
hotels during July. The hot weather has
hardly been limited to this country,
although it has been much more
damaging in other places. This summer
has seen global heat records set from
California, where it contributed
to devastating wildfires, to Japan,
which has reported more than 80
heat-related deaths.
Economists are increasingly studying
how heatwaves affect economic output
— what hot weather means for crop
yields, labour productivity and crime —
because these are seen not as one-time
events but as harbingers of things to
come. The world has warmed about
one degree since pre-industrial times
and it is expected to keep on warming.
Even while the experts research what
this means for global trade or
insurance premiums, living through
heatwaves has highlighted how climate
has an impact on life in ways that are
harder to measure. Plenty of numbers
have been crunched when it comes to
global warming, but what does it mean
for daily life, literature or art?
Looking back, there are some
curious examples of the artistic and
political consequences of great climatic
change. The years of crop failure that
preceded the start of the French
Revolution in 1789 were exacerbated
by the combination of a “little ice age”
in Europe, an El Niño event and a
volcanic eruption in Iceland that sent
ash into the atmosphere.
Volcanic eruptions are in some ways
the opposite of today’s heatwaves: by
sending ash and sulphuric gases into
the air, they create global cooling that
can last years. But they can also serve
as a guide to the way sudden changes in
climate alter the way that people think,
behave and create.
In 1815, the eruption of Mount
Tambora spewed so much gas into the
atmosphere that the following year was
called “the year without summer”, a
meteorological freak that scientists
have been studying ever since — and
which left a unique artistic legacy in
Europe. Mary Shelley, on holiday at
Lake Geneva but stuck inside due to
the weather, penned Frankenstein, a
grim horror tale. The changes in the
weather were so great that many
thought the world might be ending.
“I had a dream, which was not all a
dream / The bright sun was extinguished,
and the stars / Did wander darkling in the
eternal space,” begins Lord
Byron’s “Darkness”, a poem written
that summer. Meanwhile, Schubert
composed dozens of Lieder that echo
the coldness of the period.
Given all that gloomy romanticism,
perhaps it is time to consider what the
cultural output of the recent heatwaves
will be. For Britain, some hints could
come from the summer of 1976 — a
scorcher that remains the hottest on
record. That year saw groups such
as Abba and Queen peak in popularity.
Novels such as Ian McEwan’s The
Cement Garden, published in 1978,
featured unusual heatwaves.
This is not to suggest that global
warming means Abba are going to
make a comeback. Nor is the yardstick
of cultural output the only way that
climate change will influence our lives.
As the world warms, evidence
suggests that more people will become
refugees, and conflict will increase.
Islands will sink beneath the rising
seas, and mass extinctions will
continue. It’s sobering to consider that
we could be moving towards an era
that feels apocalyptic. Literature will
be no antidote.
But it’s still worth asking, as the
Earth changes, how will humans
change? Even a few warm weeks is
enough to show the subtle ways that
personality, creativity and social
patterns can shift. For all the climate
models and statistics that are used to
describe our future on a warmer
planet, the most personal effects may
be ones that we cannot yet imagine.
Leslie Hook is the FT’s environment
and clean energy correspondent
wine. But, bucolic Britain: you
terrify me. I never feel more foreign
than on a small-town high street: so
white, so riddled with haberdashery.
What if I try to join in, buying
chutney, contributing to the second-
hand bookstall, and I’m rejected?
I’ve seen the Ukip posters; I know
my kind aren’t welcome here.
I have no fond childhood
recollections of visiting tea rooms or
picking apples with kindly rustic
grandparents; mine lived in flats on
roaring London A-roads, and our
outings involved buying the Beano
in Notting Hill WH Smith. So, rather
than nostalgia, the country
generates waves of metropolitan
panic; if I urgently need to go to a
Korean film festival, or look
something up in the British Library,
or eat Georgian dumplings, what
then? There are spiders everywhere;
pubs stop serving deep-fried
halloumi at 8pm, just after one has
given up hope of finding a better
option; there’s nowhere to buy really
pretentious Swedish stationery.
While vast out-of-town Asdas offer
some air-conditioned pleasure, what
if Armageddon hits and we’re all
looting the same sullen village shops
for their off-brand BBQ chicken
lattices?
The deeper country is worse: the
roar of all those idiotic birds; the
frightening local customs, like
saying hello to strangers. But most
alarming of all is the British seaside:
bleakness, but not the Scandinavian
literary kind; decrepitude, but not
attractively Aegean; fish, but
battered. Add the militant grot of
the English south coast, the
Trustafarian anarchists and the
racist new wave, and I’m out of
there.
Or so I thought.
A heatwave brought me to
Whitstable; now I don’t want to
leave. Unlike richer areas of
coastline, sugary with bunting and
faux beach huttery, or more touristy
zones, thrumming with arcades,
larceny, sunburn, this stretch of
north Kent isn’t quite posh enough
for the most irritating second-
homers, or as fully hipsterised as St
Ives, or Margate, or Southwold.
While Whitstable is hardly
untouched by annoying urbanites
like, well, me, it retains some of the
more interesting features of
unglobalised England: the vacuum
cleaner shop; the individually
‘Now I don’t want to leave’
bagged pounds of birdseed and
WHITSTABLE compost; the higgledy-piggledy
beachfront cottages; the pub named
DIARY The Peter Cushing. It’s interesting,
not pretty, and isn’t that always
CHARLOTTE best?
Whitstable is the noticer’s
MENDELSON paradise, the forager’s Shangri-La.
Who needs a choice of Korean chilli
pastes when the roadsides are thick
with blackberries, every third berry
precociously ripened, so one’s walk
to the Co-op provides that gambler’s
rush? In London, I know one and a
half damson trees and fixate on
them every summer; here, they stud
front gardens and hedgerows,
smoky-purple, tantalisingly hard.
The sea is perfect, a bracing seaweed
broth; wild fennel and sea kale and
wall rocket dot the stony beaches, so
much more interesting than boring
old sand. Every flinty pebble and
multistorey oyster shell is beautiful;
sit me in a pile of sea stones and, like
the perfect toddler, I’m happy for
hours.
So soothed was I, salty, driftwood-
dazed, that I made a terrible
mistake. I relaxed.
Have you ever been to a country
festival? Whether it’s calçots in
Málaga, porchetta in Umbria or
chowder in Maine, aren’t they a
merry cacophony of greed and
booze and tradition, where the
visitor is welcomed and faith in
All human life was humankind is, glancingly, restored?
There is also a high possibility of
there: knee-high plastic retail thrills: an oyster knife, a spider
windmills; inexperienced plant cutting, interesting culinary
antiques. How extraordinarily lucky
majorettes; pensioners that this weekend was Whitstable’s
in Elvis-themed own festival weekend; the 121st
carnival. Surely even I, with my
mobility scooters outsider’s fear of Englishness, would
be comfortable here.
The kerbside was lined with
excited children and tolerantly
pissed parents; a small thrilled man
raced up the street, yelling: “They’re
on their way! From Tankerton!” The
air was thickening with pop, diesel,
spatters of cheering; there was
no point in hurrying home ahead
of the parade. Uncharacteristically,
I strayed into a chippy, where a
Sikh family sold me the best
chips I’ve ever eaten; sitting on
a wall, like a normal person, I
began to wait.
Poor, naive fool. I’d visualised
merry pastoral floats, like a cross
between the Notting Hill Carnival,
The Wind in the Willows and Pride.
But the Whitstable Carnival features
princesses, in courts, comprising
self-conscious teenagers in tiaras
and sashes, waving cursorily from
the back of a ply-and-cardboard
castle pulled by their uncle’s four-
by-four Dacia Duster.
All human life was there:
knee-high plastic windmills;
inexperienced majorettes; flowing-
haired male pensioners in heavily
decorated Elvis-themed mobility
scooters; immense purchasable
teddy bears; the inevitable fire
engine; shouting dance-school
women; infants with buckets for
charitable donations (the recipients
remain a mystery, despite my close
reading of the carnival programme);
and a fairly spurious air of
competition — not all the sateen-
covered princess chairs were
occupied.
Even the rumoured participants in
blackface, by which I was ready to
be appalled, were confusingly
replaced by a black woman in
whiteface. As the last prepubescent
gymnasts in velveteen shortlets and
sequinned boob tubes cavorted
wiltingly in the exhaust fumes, the
children rose from their kerbside
viewing platforms, as did I. I hadn’t
the faintest idea of what I had just
witnessed, yet I was strengthened. I
had gazed into the gaping maw of
Englishness, and lived.
Charlotte Mendelson is the author of
‘Rhapsody in Green’

Singapore bling book The Billionaire Raj. India’s billion-

Continued from page 1
that “nowhere in the world are there to
be found people richer than the Chi-
nese” — a slice of ancient wisdom that at
some point in the next few years will be
true once again. The Asia-Pacific region
has already overtaken North America as
the world’s leading home for HNWIs,
meaning those who have more than $1m
in assets in addition to their main home.
Collectively this group enjoyed wealth
amounting to $22tn in 2017, according
to consultants Capgemini.
Whatever its cultural significance,
Crazy Rich Asians is most likely to win
over audiences for the joyousness of its
portrayal of Asia’s nouveau riche. One
‘It is dawning on the west
that Asians used to make
things for us and now we
are making things for them’
character thinks nothing of buying a
pair of earrings for more than $1m,
before scurrying home and ordering a
team of servants to hide her purchases
from her censorious husband. Another
shells out $30,000 on plastic surgery for
a treasured pet fish. A third dotes on pet
dogs named Astor and Rockefeller, one
of many nods to the ostentation of
America’s Gilded Age. “I heard this wed-
ding cost $40m,” an elderly matriarch
says midway through the film, as she
enters a church decked out extrava-
gantly to resemble a tropical lagoon.
“That’s too much,” her companion
replies, shocked. “$20m is our limit.”
Crazy Rich Asians deals with the anxie-
ties of immigrant identities, and it
should come as no surprise that the
effects of these financial changes are
often felt most keenly among émigrés.
The world’s two most important emerg-
ing economies, China and India, also
boast its largest and richest diasporas,
notably in the US. Families who moved
from these countries to the US have long
enjoyed a position of financial superior-
ity. Yet as their nations of origin grow
more prosperous, these tables are being
turned, as the wealth of the homeland
catches up with — and often exceeds —
its once-privileged members abroad.
The most important player in this
wealth shift from west to east will unde-
niably be China, and here Crazy Rich
Asians is intriguing for the specifically
Chinese nature of the wealth it displays.
The film might be set in Singapore, but
all of its characters are of Chinese
descent, giving western viewers a rare
insight into the interconnected nature
of China’s own diaspora business elite,
which dominates commercial life not
just in China but throughout much of
east and south-east Asia. At one point
early in the film, Chu is introduced to a
group of Young’s rich friends. A desper-
ate game begins, in which she is
assumed to be linked to one of
the web of ultra-wealthy fami-
lies that bear her name. Was
she not one of the Malaysian
packaging Chus? What about
the Taiwanese electronics
Chus? The Chinese
instant noodle Chus?
There is a similar
pattern to be found
in India, a nation
whose bulging
ultra-wealthy
class I came to
know in research-
ing my recent
aire list boasts more members than any
country bar the US or China. Indeed,
despite still being relatively poor, India
has created wealth at the very top of its
society more quickly than China did at a
comparable stage in its development,
and now suffers levels of inequality that
by most measures exceed its fellow
Asian giant. Yet even among India’s elite
there are patterns not widely under-
stood by outsiders, with particular con-
stellations of families or regional and
caste groupings dominating the net-
works of wealth that stretch out from
New Delhi and Mumbai towards finan-
cial hubs such as London and Singapore.
The lack of Indians in Crazy Rich
Asians has even caused a minor contro-
versy in Singapore itself. In the after-
math of the publicity earned by the
island nation’s Trump-Kim summit ear-
lier this year, the film serves as a glossy
two-hour advert for Asia’s richest nation
in financial assets per capita. But that
has not stopped criticism of its racial
politics, most notably for its absence of
ethnic Indian or Malay origin charac-
ters, two groups that make up nearly a
quarter of the country’s population.
“While I understand how tremendous
Crazy Rich Asian is for Asian-Americans,
they don’t seem to acknowledge that
their film does the same sort of erasure
of ethnic minorities that Holly-
wood does with white people,”
says Kirsten Han, a Singapore-
based writer.
Elsewhere Crazy Rich Asians
has raised hackles for the
nature of its Asian-ness,
drawing questions about
whether casting a bi-
racial actor such as Gold-
ing — Malaysian mother
but British father — was
appropriate for a sup-
posedly Chinese char-
acter. Yet the rise of
the Asian super-rich
the film represents
From above: a still from the film; Kevin Kwan, who wrote the bestselling
novel ‘Crazy Rich Asians’ (2013) on which the film is based Warner Bros Entertainment;
Rex/Shutterstock
will ultimately matter for its economic
consequences too.
Both the film and book open with a
flashback to the 1980s, in which the
young Nick Young watches aghast as his
mother is turned away by the racist
manager of a fancy London hotel. She
retaliates by calling her husband and
having him buy the property on the spot
—foreshadowingthemorerecentbuying
spree undertaken by Chinese tycoons
scooping up western trophy assets, from
luxuryhotelchainstofootballclubs.
The backlash against developments
such as these is unlikely to be confined
to the west. As yet Asia has seen little of
the populist turn that has of late come to
dominate western politics, in part per-
haps because the region’s economies
continue to grow strongly. But over the
coming decade, if the yawning gap
between the rich and poor continues to
grow at the pace it has over the last, a
sense of resentment about the yawning
divide between the elite and the rest-
could well brew.
At the heart of the film there then lies
the larger dilemma of those torn
between western and eastern values,
most prominent in matriarch Eleanor
Young. Although she sends her favoured
son to be educated first in Britain and
then America, Young fears that the val-
ues with which he returns will ulti-
mately destroy their dynasty, and the
wealth it has amassed.
“All Americans think about is their
own happiness. It is an illusion,” she says
with evident disgust. Referring to
Asians of Chinese descent, she contin-
ues: “We understand how to build
things which last.”
“This tension between western values
and Asian values is something every
young person in my situation struggled
with,” says Aun Koh, a Singaporean with
a distinct American twang, who grew up
mostly in the US but eventually returned
home to set up Straits Clan, an elite pri-
vate members’ club. “Our country is now
extremely westernised, but many of my
friendsstillhavegrandparentswhodon’t
speak English, and who still believe in a
quitedifferentsetofvalues.”
Such sentiments are often found
among Asia’s wealthy elite. On the one
hand, despite their wealth, there
remains a residual air of insecurity and
unease linked to a deep-rooted, long-
standing status anxiety relative to the
west. Then there is the fear that despite
their rising power, traditional Asian cul-
tures are gradually being corrupted by
pernicious outside influences, be they
the risks of foreign girlfriends or profli-
gate consumption.
Alongside this is an undeniable sense
of rising Asian confidence, and with it a
recognition of the growing failings of
those once-admired nations of Europe
and North America. “I can’t believe this
place has a cinema and a butterfly gar-
den,” Chu says early in the film, as she
looks around with awe upon first land-
ing at Singapore’s glistening Changi air-
port. Comparing it with the decrepit ter-
minal she left from in New York, she
adds: “JFK is just salmonella and
despair.” Sitting around a lavish dining
table, another character later cajoles his
own spoiled offspring to eat their din-
ner. “There are a lot of children starving
in America,” he notes.
Although they may be charmed by
the romance of Crazy Rich Asians, west-
ern cinema-goers are ultimately
unlikely to be comfortable with the geo-
political rebalancing upon which this
rising Asian self-assurance is based,
argues Parag Khanna, Singapore-based
author of The Future is Asian, a forth-
coming book. “This is a huge change, as
it dawns on the west that Asians used to
make things for us and now we are mak-
ing things for them,” he says. “The point
is there are more crazy rich Asians being
created every day. This film will wake
people up to that.”
James Crabtree is an associate professor of
practice at Singapore’s Lee Kuan Yew
School of Public Policy. His book ‘The
Billionaire Raj’ was released in July

18 August/19 August 2018
Lunch with the FT Vernon Jordan
‘It’s not a crime to be
close to Wall Street’
After a lauded role in the civil rights struggle,
the lawyer and banker has spent decades as a
Wall St and White House powerbroker. Over
sea bass in New York, he talks to Sujeet Indap
about race, his friends Bill and Hillary Clinton
— and being the ultimate Washington insider
W
e have barely sat down
and the mobile phone of
one of the most con-
nected men in America
is ringing. Vernon Jor-
dan and I have just arrived at San Pietro,
the homey Italian power lunch spot in
Midtown Manhattan where he is a regu-
lar. He apologises but really must take
this call. Is it perhaps a senator or cap-
tain of industry? By the time the call
ends San Pietro is humming with Mas-
ters of the Universe, and I soon have to
move to Jordan’s side of the table to hear
him above the din. My back is to the
throng, but occasionally I turn my
head and confirm that — yet again — he
is the only black person in the room.
It is Thursday, and Jordan will later
take the train back to his home in Wash-
ington. Now 83, he splits his time
between the two cities that have defined
his life for almost five decades. His
career has taken him from the White
House to Wall Street and back. From
Monday to Thursday, he is in New York
at Lazard, the venerable investment
bank he joined nearly 20 years ago. On
Fridays, he can be found at Akin Gump,
the Washington law and lobbying firm
to which his mentor, the super-lawyer
and Democratic party grandee Bob
Strauss, lured him over 35 years ago.
Jordan is, strictly speaking, neither
attorney nor banker. Rather he is a whis-
perer to the powerful, the man who can
make the introduction, give the straight
talk and soothe the egos of business
titans. His powerbroker persona is most
manifest in his decades-long friendship
with Bill and Hillary Clinton. To jaded
voters on the left and right, he is the ulti-
mate Washington insider, a man whose
seamless waltz between business and
politics has fuelled resentment at an
incestuous system. Yet his successes in
the boardroom and the smoke-filled
backroom have, by now, obscured a dis-
tinguished role in the civil rights move-
ment — and an upbringing in the segre-
gated Deep South. Born into a world that
had little use for his talents, Vernon Jor-
dan would make himself indispensable.
Henry Louis Gates, the celebrated
Harvard historian, tells me he regards
Jordan as the man most responsible
for breaking down the colour barrier in
corporate America. “Historians will
remember Vernon Jordan as the Rosa
Parks of Wall Street,” he says.
We have a corner spot against the win-
dow facing 54th Street, a relatively quiet
section where Jordan can take the whole
scene in. Nibbling at the crudités on our
table, Jordan asks if I’ll have a drink. I
stick to mineral water, as does he. “I’ve
been going to 21 for a long time but the
food is better here,” he says, referring to
the fabled 21 Club, his other favourite
haunt just down the street.
This will be our second lunch
together. The first came during my time
as an MBA intern at Lazard, when our
group would gather each week in the
partners’ dining room to meet the firm’s
heavy-hitters. Vernon’s easy manner at
San Pietro is familiar from that June day
in 2005. Dressed as impeccably as ever
in a blue suit and monogrammed dress
shirt, his handkerchief folded neatly in
his breast pocket, he is also showing his
age: the 6ft 4in frame is leaner, the stride
slower, and the booming baritone voice
that won oratory competitions as a teen-
ager has softened considerably.
I wonder how Jordan compares Wash-
ington with New York, where he first
moved in 1970. “One is a company town,
Washington. There is only one conver-
sation,” he says. “New York, on the other
hand, is about business. But it’s also
about culture. It’s about entertainment.
And I feel like as I go back and forth
between the two, that I have the best of
both worlds.”
In the weeks after our lunch, reports
of payments made to Donald Trump’s
fixer Michael Cohen by companies such
as AT&T and Novartis revived memo-
ries of how the president railed against
the nexus of politics and big business
during his 2016 campaign. As one of
the smoothest operators on Washing-
ton’s K Street, does Jordan think the
seamy culture of influence-peddling
that Trump labelled “the Swamp” is a
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
★ FTWeekend
real phenomenon? “The word ‘swamp’
SA N P I E T R O is an insult to dedicated public servants
18 East 54th Street, who chose to go to Washington and
New York serve,” he says. “I think ‘the Swamp’
negates that dedication.”
Sea bass (branzino) x 1 $54 It’s a curious answer. I point out that
Grilled salmon x 1 $52 the term is generally taken to refer less
Asparagus x 1 $24 to the civil service than to the lobbyists,
consultants and grifters who relent-
Green salad x 1 $18
lessly advocate on behalf of moneyed
San Pellegrino x 1 $14 interests. “I think they’re all part of the
Ginger ale x 1 process and they’re on every side of
Complimentary every issue,” the Akin Gump man
Fruit and dessert plate replies, unruffled.
Complimentary
T
Total (in tax and tip) $216.38 he proprietor arrives at our
table to hand us menus. But
San Pietro is a place where
insiders know you have to
order from the specials, and
there are enough to fill what seems like
five minutes of description. Jordan lis-
tens patiently and decides on the aspar-
agus to start and then the sea bass. I go
with a green salad and grilled salmon.
“Are you a big eater?” Jordan asks. “I
love eating,” he beams. “My mother had
the best catering business in Atlanta
when I was growing up.”
Jordan was born in the Georgian capi-
tal just six years after another eminent
Atlantan, Dr Martin Luther King Jr. His
father was a postal worker who frowned
on his son’s ambition, with his mother
serving as his ultimate inspiration. As a
teenager, he waited tables at events
where she was working. He was mes-
merised by the world of the white law-
yers and businessmen he served.
When Jordan left Georgia for DePauw
University in rural Indiana in 1953, he
was the only black student in his class;
he recalls that at the time of his arrival,
the town had no barbers willing to cut a
black person’s hair. His segregated edu-
cation left him unprepared for college
too: “We were reading the history of civ-
ilisation and my classmates, who’d gone
to private schools and fine township
high schools, were on chapter six; I was
struggling to get out of the preface.” But
he persevered and went on after gradu-
ation to Howard University, the histori-
cally black university in Washington
that was the training ground for many of
the era’s finest civil rights lawyers.
More on FT.com In 1960, by then married and with a
Watch how child, he returned to Atlanta to work for
James Ferguson a civil rights attorney, Donald Hollowell,
puts together for $35 a week. It was a galaxy away
the drawings
for Lunch with
from San Pietro. He remembers defend-
the FT in a new ing a young black man arrested and sen-
video at tenced to death in a rural Georgian town
ft.com/ftlife where no restaurant served black cus-
tomers; Jordan and his colleagues would
go to the market to buy a loaf of bread,
cold meat and a soft drink, and retreat
to the parking lot.
Working for Hollowell, Jordan helped
winthe1961legalchallengethatdesegre-
gated the University of Georgia. In a
scene that played out across the south,
angry white crowds demonstrated as
black students attempted to enrol. Jor-
danescortedhisclientCharlayneHunter
through the mob, a moment captured in
a now-famous photograph. Later that
year, he became Georgia’s field office
head for the National Association for the
Advancement of Colored People and
then moved on to the Southern Regional
Council and the Voter Education Project.
This was dangerous work, criss-crossing
Georgia organising black voter registra-
tion efforts, running the risk of lynchings
bytheKuKluxKlan.
The civil rights movement employed
a range of tactics, from litigation to civil
disobedience to more militant action.
Jordan favoured working through the
system, and his high-profile jobs in New
York — first at the United Negro College
Fund in 1970, then as president of the
National Urban League, an organisation
with roots in social work that promoted
opportunity for black Americans —
earned him rebuke from some quarters
for being too conciliatory.
He addresses that criticism when I ask
him about Hillary Clinton’s cosiness
with high finance — which perhaps cost
her the 2016 presidential election. “It is
not a crime to be close to Wall Street,” he
says. “If you are a politician, you have to
have relationships with every kind of
entity. And so, I have also been criticised
about being a banker at Lazard, just like
I was criticised for going to DePauw Uni-
versity in 1953. They said, ‘You want to
be white.’ Well, all I wanted was a good
education that I couldn’t get at Georgia
Tech, the University of Georgia or
Emory [which all admitted only white
students]. Just like they said to Jackie
Robinson, just stay here in the Black
League . . . You cannot be deterred.”
A
waiter brings the sea bass
whole for Jordan to inspect.
He nods and, minutes later,
itreturnsfilleted,alongwith
myperfectlygrilledsalmon.
While Jordan is most associated with
Bill Clinton, he met Hillary first, in 1969,
when she was a college student attend-
ing a League of Women Voters event in
Colorado. I ask him what he observes to
be the foundation of the Clintons’ rela-
tionship. “I think it’s that mutual inter-
est in social progress,” he says, noting
that the couple travelled to Texas to vol-
unteer in 1972 for the quixotic presiden-
tial campaign of George McGovern, the
Bernie Sanders of his day.
The nostalgia is a reminder thatJor-
dan and both Clintons alike began as
social activists. Yet all three came to
symbolise the gilded Democratic party
establishment that the American left
has increasingly rejected. Jordan is
unapologetic and defends Hillary’s
handsomely paid speeches to Goldman
Sachs. “Roosevelt was a rich, rich man
and he got us through the Depression.
We got the New Deal . . . I don’t know of
any politician who would have turned
down Goldman Sachs on principle.”
The main courses have now gone and
dessert — fruit, cookies, chocolate souf-
flé — is brought to the table, unsolicited
and on the house. Jordan selects the ber-
ries and citrus, sipping at a ginger ale he
has ordered and leaving the sugary
treatstome.
Clinton’s 2016 campaign refocused
attention on her husband’s stint in office
at a time when new activist movements
such as Black Lives Matter were voicing
harsh criticism of his 1990s policies on
welfare and criminal justice, arguing
that they punished minorities dispro-
portionately. Jordan, while at the Urban
League, scolded President Jimmy Carter
for ignoring the plight of black Ameri-
cans. But predictably, he is protective of
his friend. “I thought [Bill] Clinton was a
very good president and there was no
issue for me about his caring about the
issues that were confronting the black
community,” he says. “I knew Lyndon
Johnson well. The Johnson era was
about the right to check into the hotel.
Clinton’s era was about getting the right
kind of education to get the job, so you
would have the money to check out.”
Jordan deploys the hotel metaphor
often. After the legal and legislative vic-
tories of the 1960s, the prize of racial
equality became more complex. His
approach was to find a spot in the elite
establishment — the boardrooms, Dem-
ocratic party politics, Akin Gump,
Lazard. “I would see these guys get their
friends’ children jobs, so I learnt the
process and I got my people jobs. When
the SNCC [Student Nonviolent Coordi-
nating Committee] kids were raising
hell in the streets, Roy Wilkins was in
the courtroom and Whitney Young was
in the boardroom,” he says, referring to
two less militant 1960s civil rights fig-
ures. “To make it all work, we cannot
have the same roles and competencies.”
His New York jobs brought him into
contact with chief executives just as cor-
porate America finally got interested in
diversity. Jordan would go on to serve on
as many as 10 boards at a time, working
for such blue-chips as Xerox, Dow Jones,
American Express and Revlon. At the
last of these, he secured a job for Monica
Lewinsky, the former White House
intern with whom Bill Clinton had an
extra-marital affair. Jordan himself was
called to testify in front of special prose-
cutor Ken Starr’s grand jury about alle-
gations that he found Lewinsky work in
exchange for her silence about the affair.
Have big, powerful institutions been
guilty of tokenism? “For the most part,”
he says. “They never really worked at it
[meaningful diversity] and it is repre-
sented in the numbers. You’ll see liber-
3
Life
als going down to march in Mississippi,
but when it came to desegregating Forest
Hills [an affluent area of New York], it’s
too much. And once you open the door,
you can’t decide when you’ll close it.”
T
he Trumpian age might
seem to be Jordan’s night-
mare: his close friend
defeated by a man who rose
by challenging the legiti-
macy of the first black president, even
as Republican states roll back the vot-
ing protections for African-Americans
that Jordan risked his life for.
“TheTrumpthingisverybadforblack
people and for the country as a whole,”
he says. “But we have been here before.
That is the story of our lives.” He lists the
litany of injustices suffered by black
Americans on the road to achieving legal
equality, from slavery to the Dred Scott
SupremeCourtdecisiontoJimCrow.
Jordan does not feel defeated. “I am
the ultimate optimist. Because you have
to believe that you can make something
happen. I always knew that I was going
to be somebody. So I concentrated on
getting prepared rather than being
angry. And the one thing I’m certain of is
that wherever I am in life, whatever I
may have accomplished, I did not get
here by myself.” He then rattles off a
succession of teachers, bosses and col-
leagues who pushed him forward.
Not everyone heeds Jordan’s advice.
He told Barack Obama he was too callow
‘The Trump thing is
very bad for black people
and for the country as a
whole. But we have been
here before. That is the
story of our lives’
to run for president in 2008. “If you
want to do it, you shouldn’t be dis-
suaded by me,” he told Obama. “But
what you should understand is that I am
too old to trade friendship for race. And
Bill and Hillary have been my friends.
We have been through a few things
together. But if you beat her, I will be
with you 100 per cent.”
Jordan pauses as the proprietor walks
over and politely interrupts. “Can I tell
you a small story?” he says. One night, a
few years back, a nondescript business-
man from the Midwest comes for dinner
without a reservation. He is informed he
will have to wait for a table to open. Jor-
dan, who is dining there that night, looks
up and spots the gentleman. “Mr Jordan
said to me, ‘You are going to have to give
him my table now, because this man is
very important!’ ” — the man being his
friendfromOmaha,WarrenBuffett.
We are now more than two hours in,
and San Pietro has emptied. How much
longer, I ask, will Jordan keep working?
“Waking up wondering about my tee
time and bridge game scares the hell out
of me. So I’m going to keep going for a
while. Lazard is not suggesting I hang it
up and neither is Akin Gump. I’ll be
there tomorrow.”
And with that, it is time to go: there is
a three o’clock train to catch.
Sujeet Indap is US editor of the Lex column
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
4 ★ FTWeekend 18 August/19 August 2018

Style

Accessories | For a year,

Natalie Whittle has been on
a quest to find the perfect
The handbag holy grail SHOPPING

BAGS

K Lutz Morris
purse. But does it exist? Elise Croco,
£675,
lutzmorris.com

A
bag, like any other burden,
feels personal. In her hilari-
ously accurate essay “I
Hate My Purse”, the great
Nora Ephron even
remarked that “your purse is, in some
absolutely horrible way, you. Or, as
Louis XIV might have put it, but didn’t
because he was much too smart to have
a purse, Le sac, c’est moi.”
So very true. And yet, surveying my
collection of bags as I began a new FT
job a year ago, I found each one a dis-
likeable stranger to my current tastes.
Among the crumpled, crinkled, dated
and rain-ruined assortment, I also
lacked a right-sized work bag, some-
thing that could contain all my handbag
items (one of everything useful), but
not take a bite much bigger than £500
(which may sound like a lot, but is con-
sidered mid-range).
Twelve months on, I still have the
same problem. I have spent hours
dithering: over chic Parisian labels
(Jérôme Dreyfuss, Polène, RSVP), over
brands championed by retail sites such
as Net-a-Porter (Wandler, Nico Giani,
Mansur Gavriel), and, briefly, over
the supremely unaffordable but beauti-
ful category — from Loewe to Céline
and Hermès.
In the late 1990s, the pursuit of the
ideal handbag was an even pricier affair,
with fashion houses such as Fendi and
Gucci reissuing classic bag designs and
creating demand through limited avail-
ability. The names of these bags spoke of
a kind of borderline silliness (the Fendi
Baguette, the Gucci Jackie, the Mulberry
Roxanne) and prompted a raft of arti-
cles trying to understand the handbag
trend like sociologists try to understand
moral panic. (“Across Britain, there are
thousands of women from all walks of
life who will make any sacrifice for the
perfect designer handbag,” observed
Daily Mirror writer in 1999.)
By the time I started work in 2001,
there was a marginally more affordable
set of swishy “It” bags, embodied by the
boxy Kate Spade holdalls beloved of
early noughties go-getting Manhattan-
ites. Now, the bag sector is much more
settled at a relatively reasonable price
point. And yet, the expansion of choice
has arguably put pressure on the pur-
chase. It’s less a search for a good hand-
bag, more a quest for the ideal handbag.
The internet feels very much like a
false catalogue when it comes to leather
goods, so I set about looking for perfec-
tion in person. Given how much of the
bag world I’d already surveyed, I
decided to look at the newest designs,
and the newest designers.
First, though it’s nice to imagine the
accessories that my more groomed alter
ego might carry, I don’t want a bag that
upstages me by virtue of being too
sophisticated. Naturally, this was one of
the first convictions to fall.
Danse Lente AW18 campaign — David Luraschi
Givenchy’s Pocket Mini Pouch (£780,
in stores September) combines two fea-
tures I would instinctively avoid:
quilted, cross-hatched stitching on the
front, and a strap that is part gold-linked
chain. More to the point, it can also be
worn — fearful cringe — as a belt bag
(this costs more, too).
Once past the ignominy of buckling it
into the last belt hole, I appreciated the
unintended corsetry effect. It also had
impossibly neat proportions, not more
than a wallet wide, nor an iPhone tall. In
truth, this bag is just a bit too tiny for a
grown woman, even if the jam-red
leather had a pleasing lipstick quality,
and was perfectly made.
Second, my ideal handbag should be
neither too dull and featureless nor too
daring and gimmicky; nothing that says
“experimental fun”. Again, I didn’t
appear to know myself that well. British
designer Sophia Webster’s new Romy
bag (£470) is not only designed around
a bugbear — a drawstring strap — but
the strings are also garlanded with rose-
gold baubles. Both features, when I saw
them in the flesh, hit some unknown
weakness, and I felt buoyed by the bag
on a sandwich sortie. On the downside,
it has a bubblegum-pink leather inte-
rior, but isn’t lined: it wouldn’t take long
for a lidless biro to make its mark.
Third, as a person of non-Amazonian
height, I want the strap to be adjustable,
or else to be the right, short length in the
first place. It was Coco Chanel who took
the purportedly radical step of adding a
strap to the shoulder bag, and her
famous “2.55” bag, with its gold-linked
chain, has an echo in the new Elise bag
(£675) by Lutz Morris. This brand was
launched by designer Tina Lutz in her
German homeland, capitalising on the
skill of a small leatherworking factory.
Shaped in a petite rectangle, the Elise
has a super-soft back and a hard-croc
print top, opening like a little box. With
its hand-linked chain strap, it tucks
Choice has put pressure
on the purchase. It’s less a
search for a good handbag
than for the ideal handbag
snugly under the arm, and is a bag I very
much covet, but in a larger size.
Fourth, much as I can see the point of
designer cachet (I felt a definite
Givenchy elevation on a trip to Pret A
Manger), I would also like to support a
newer business. Lutz Morris is one such,
but so is Ferian, a sturdy bag-maker
based in the West Midlands, using sad-
dlery techniques and vegetable-dyed
leather. The Chatham (£895) is a simple
design at first glance, a boxy shoulder
bag with a flap cover, but closer inspec-
tion reveals thoughtful details: a snap-
fastened interior pocket, and a doubly
reinforced strap with hidden buckles.
Just one snag: like a horse’s bridle, it
creaks stiffly when bent. This bag will
I JW Pei
Fiona, £129,
jwpei.com
K Wandler
Hortensia,
€800,
wandler.com
I Mansur
Gavriel
Bucket bag,
£570,
mansurgavriel
.com
K Danse
look terrific leather-worn in 100 years, Lente
so could technically be an heirloom Mini Phoebe,
item. Its little sister, the Penzance £355,
(£585), would just about hit my budget. luisaviaroma
Other roomier options include the Mini .com
Phoebe by London label Danse Lente
(£355), which would work best for
someone tall and lean, given the atten-
tion it draws to the hips with its concer- I Polène
tinaed doctor’s bag shape. N°1 Trio Bordeaux
Fifth, a non-leather option. Or rather, Grainé, €330,
a vegan leather design by LA brand JW polene-paris
Pei. This brand uses “ultra microfibre” .com
vegan leather and recycled plastic bot-
tles instead of animal leather. The Fiona
($129) is a sweet boxy shape, and has
two well separated compartments, a zip
pocket, an open pocket easily accessible
from the front cover, plus card holders.
Ten out of 10 for pockets, and there are
some nice candy colours.
Sixth, had I overlooked something
good at the beginning of my quest? K Ferian
Jérôme Dreyfuss’s new Azure Bobi bag Chatham, £895,
(£520), in a bright, fishing boat-blue, ferian.co.uk
has plenty of pockets and a good strap.
Amsterdam brand Wandler’s new Mia
tote (£580) also looks tempting, with its
excellent trapezoid shape — perfect for
hiding variable kilos of detritus. But I
haven’t taken the plunge.
Which brings me back to square one, I Nico
or “I still hate my purse”. Perhaps not Giani
totally true: I now have designs, with Adenia, £373,
some future riches, on the larger Lutz farfetch.com
Morris. It is one for the heart, not the
head, but from an ideal handbag, it’s
probably unreasonable to expect both.

The man who changed the face of fashion

Beauty | Kevyn Aucoin’s ‘For Aucoin, make-up

F
talent for transformation
made him the first
megastar make-up artist.
We’re still learning from him
today, says Lou Stoppard
ifty years ago, make-up artists
were unheard of in fashion.
Models back then would sim-
ply do their own hair and
make-up. Today, doyennes
such as Pat McGrath and Charlotte
Tilbury have become celebrities in their
own right, overseeing billion-dollar
beauty empires. But who was the first
megastar make-up artist? According to
a new documentary, Larger Than Life,
that title belongs to Kevyn Aucoin.
Beginning his working life on fashion
magazine editorials, Aucoin paved the
way for those who were a dab hand with
a compact to earn big money. He devel-
oped looks on the runway and sold
them to the masses via three glossy
books and an eponymous product line,
which was launched in 2001. “When we
went into [beauty store] Make Up For
Ever, it was like Brad Pitt walked in,”
says Cher, who appears in the docu-
mentary alongside many of Aucoin’s
clients and admirers.
The film’s title points to Aucoin’s
uninhibited personality, which earned
him the friendship of everyone from
Liza Minnelli to Naomi Campbell,
Gwyneth Paltrow to Isabella Rossellini.
It’s also a reference to the rare condition
that would lead to his death at the age of
40: Aucoin suffered from a pituitary
adenoma, which played havoc with his
hormones and meant that his body con-
tinued to grow well into his thirties.
Perhaps it was his awareness of his
own appearance that made Aucoin such
an empathetic make-up artist. “I got
called ugly most of my childhood,”
Aucoin would later say. “I was told I was
ugly constantly.” Larger Than Life details
his rise from an awkward adopted child
in Lafayette, Louisiana — not the easiest
place to be a gay Barbra Streisand obses-
sive — to the summit of the beauty
industry. And it shows how his influence
continues, sparking both make-up
trends and business models.
Look, for instance, at the cover of this
September’s British Vogue, which fea-
tures Rihanna sporting pencil-thin eye-
brows. It was Aucoin who revived the
look last time around, plucking the
brows of a host of supermodels at an
Isaac Mizrahi show in the 1990s. It was
a radical move — Cindy Crawford’s
agent threatened to sue. “It was a real
crisis for her career,” remembers Miz-
rahi. “But then she started getting more
wasn’t about covering up —
it was a way to experiment
with your identity’
jobs because she had skinny eyebrows.
Then everybody started tweezing their
eyebrows! Kevyn invented so many
things that we look at today as just stuff
that exists. He was a completely bril-
liant experimental risk-taker.”
Skinny brows weren’t the only one of
Aucoin’s creations to change the face of
fashion. Long before Kim Kardashian
started peddling contour kits, advising
her 115m Instagram followers to use
light and dark pencils to accentuate
shadows and highlights, Aucoin was
blending backstage, using lines to thin
out a nose or boost a cheekbone.
Kardashian’s make-up artist Mario
Dedivanovic is regularly credited as the
king of contouring, but he defers to
Aucoin in the documentary. “Kevyn was
the first one to put that out for the world
to see,” he says. Aucoin turned his
expertise into a range of contour kits
that are still stocked in beauty stores.
Aucoin was also a pioneer of the
make-up tutorial. Today, YouTube and
Instagram are filled with everyone from
teens to professional make-up artists
offering advice on the proper applica-
tion of lipstick or the perfect smoky eye.
In the pre-internet age, Aucoin shared
his wisdom in a series of coffee-
table books, beginning with The Art of
Makeup in 1994.
Using only his brushes, Aucoin turned
a fifty-something Martha Stewart into a
dead ringer for 1940s femme fatale
Veronica Lake, and transformed his
own 66-year-old mother Thelma into
Kevyn Aucoin
making up
Cindy Crawford
at a New York
fashion show,
November 1997
Ron Galella Ltd/WireImage
Marlene Dietrich. “This was the first
time that you really saw those kind of
makeover books,” says make-up artist
Lisa Eldridge. “The transformations
were mind-blowing.”
For Aucoin, make-up wasn’t about
covering up — it was a way to experi-
ment with identity. In 1990, decades
before fashion’s current penchant for
gender-bending, Aucoin turned super-
model Brooke Shields into a boy — com-
plete with five o’clock shadow — on the
cover of Paper magazine, showing the
power of make-up in performing one’s
gender. He loved working with unusual
faces. “I have been working towards
acceptance of diversity in this business,”
he said, “because I don’t believe that one
person at Vogue magazine should be
able to say, ‘This is the new look and eve-
ryone has to wear that.’”
Early on, he saw the gap in the market
for make-up that catered to all skin
tones. He became creative director of
Revlon’s Ultima II brand in 1983; a year
later the brand launched The New
Nakeds, a groundbreaking line that was
designed for women of every race.
But perhaps Aucoin’s most pivotal
contribution wasn’t a single look or
product but a way of doing make-up —
loudly, publicly and with maximum fan-
fare. He was his own best creation. In the
film, Isabella Rossellini remembers see-
ing the news of his death on American
morning television. “No make-up artist
has ever [had that] announcement —
like you are a prime minister or a presi-
dent,” she says. “It didn’t console me,
but it made me feel like he had left a big-
ger impact.”
‘Larger Than Life: The Kevyn Aucoin Story’
is available on iTunes and Amazon

18 August/19 August 2018
It takes two to tailor
How husband-and-wife
duo Gerardo Cavaliere
and Margherita Cardelli
upended women’s suiting.
By Flora Macdonald Johnston
C
risp poplin shirts paired
with silk-lined waistcoats;
oversized and impeccably
tailored tweed jackets: Ital-
ian brand Giuliva Heritage
Collection is bringing men’s tailoring
into the realm of womenswear — and
the clean, masculine aesthetic looks
good. In only a year and a half, the
brand has expanded from a capsule
range of six items to a collection of more
than 80 ready-to-wear pieces. Earlier
this week, the brand launched on online
retailers Net-a-Porter and Matches
Fashion. The secret to its success? The
marriage, in business and in life, of hus-
band and wife Gerardo Cavaliere and
Margherita Cardelli.
The pair met three and half years ago
in Cavaliere’s Neapolitan tailoring atel-
ier Sartoria Giuliva. Thirty-six-year-old
Cardelli, founder of a luxury and life-
Exhibition | The celebrated potter
Lucie Rie is being feted in the fashion
world for one of her lesser-known
endeavours: buttons. By Aimee Farrell
T
he British ceramicist Lucie
Rie was best known for her
sublimely simple, single-
fired and raw-glazed pots.
Hawk-eyed, sharp-tongued
and tiny (she stood at under 5ft tall), Rie
cut an indomitable figure in the mid-
century ceramics scene. “I don’t like
pots,” she said contrarily in 1975. “I just
like some pots.”
As rigorous and disciplined in life as
she was in her work, Rie invariably
appeared pristinely turned out in a uni-
form palette of white or grey, with her
mornings dedicated to pottery and her
afternoons to studio-based socialising.
Rie’s unequivocal style is currently
having a moment. Last September, a
bronze-rimmed 1980s bowl glazed in
her signature “American Yellow” sold at
Sotheby’s for a mammoth £125,000 (a
figure since smashed by her one-time
apprentice Hans Coper). Now an exhibi-
tion at York Art Gallery, Lucie Rie:
Ceramics & Buttons, spotlights Rie’s sar-
torial credentials, focusing for the first
time on her overlooked incarnation as a
prolific wartime button-maker.
There’s beauty to behold in this 550-
strong survey of Rie’s buttons. Cir-
cular beads and glass cubes are
shown alongside ceramic but-
tons shaped like fans, flags
and flowers, decorated in
every glaze imaginable,
from vivid gold to naturalis-
tic, earthen tones. Seen
alongside 70 of her career-
defining pots, these minuscule
ceramic artworks are both jewel-like
and fantastically sculptural.
Perhaps unsurprisingly, Rie isn’t short
on fashion fans. Jonathan Anderson, an
avid admirer, kick-started his growing
collection of her ceramics with a
sinuous 1950s salad bowl. The
designer cites the potter as a
reference for his work as the
creative director of Loewe as
well as his eponymous brand.
He’s not alone. Issey Miyake
firstcameacrossRie’screations
in the late 1980s, and soon vis-
ited her at her studio for tea. So
inspired was he by their meeting that he
organised a major exhibition of her work
inTokyoin1989,anddedicatedhisentire
1989/90 runway collection to her aes-
thetic, in a show featuring her buttons.
“Seeing some of her work,” Miyake
told an interviewer in 2016, “I
sensed that this is what it means
to create − I remember feeling
suddenlyenergised . . . ”
Born in Vienna in 1902 to
an affluent Jewish family, Rie
was forced to flee her Nazi-
occupied native city for Lon-
don aged 36. While at home
she was already a star, her work chiming
with the flourishing Modernist move-
ment, in Britain she was an unknown
style communication consulting busi-
ness, went to meet a mutual friend at 38-
year-old Cavaliere’s studio. Although
their first encounter only lasted 10 min-
utes, within six months the pair were
dating. “We were officially a couple in
June,” says Cardelli. “By March we were
engaged, and we married in July the
following year.”
It was clear from the start that the pair
had a shared interest. Both are tailoring
obsessives. Cavaliere set up his label in
2012, leaving a career in the law to pur-
sue his passion project. This is a man
who has never worn a pair of jeans, nor
even an item of clothing with a zip: eve-
rything he owns is handmade. Cardelli,
meanwhile, has loved menswear since
she was a child. “I would always borrow
my grandfather’s clothes when I was
young and I still wear them now,” she
says. “So I asked Gerardo if he would
make a suit for me.”
The result — the first women’s suit
that Cavaliere had ever designed —
delighted them both. “It was a double-
breasted, pinstripe navy-blue-and-
beige suit made from flannel using only
wool,” says Cardelli. “It was completely
made to measure and hand-sewn, and
took a month and a half to create.” The
The art of the button
entity, completely at odds with the rus-
tic sensibilities of the contemporary stu-
dio potters. Bernard Leach, the
leading light of British studio
pottery, thought her glazes
too thick and her pots too
thin, dismissing her work
as lacking humanity.
Undeterred, Rie set
about recreating her Vien-
nese studio at her home in
Albion Mews, close to Hyde
Park, where she lived until her
death in 1995. But there was little place
for pottery in London at the outbreak of
the second world war. In what she
named “the cabbage years”, Rie instead
found work designing buttons at
the Bimini Glass workshop in
Soho, where from 1940-43
she helped supply everyone
from Liberty to Harrods.
“Although there were aus-
terity measures in place,”
says the show’s curator Helen
Walsh, “accessories and buttons
could still be produced because
women needed access to those frivolous
materials to keep their spirits up.”
It was Rie’s boss at the factory, George
Schenker, who suggested that she give
ceramic button-making a go. So success-
ful were her efforts, produced both
by hand and using plaster of
Paris moulds, that she took on
assistants to accommodate the
demands of the couturiers who
soon came knocking.
“Rie always had a strong Mod-
ernist aesthetic, from her home to
the way she dressed,” says Walsh. “Her
buttons were totally different from any-
thing that was being produced at the
time.” Her mastery of colour, which
meant she could instinctively match her
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
★ FTWeekend
‘Margherita and Gerardo
take their skills and make
sharp tailored garments
that will last for generations’
pair swiftly realised that their combined
skill set could be a potent combination.
Cavaliere would look after the design,
fabrics and production side of the com-
pany; Cardelli would oversee business,
sales and strategy.
Translating bespoke men’s tailoring
into a ready-to-wear women’s collection
was a complicated process. For a cap-
sule range they developed for last
March’s Paris Fashion Week, the pair
focused on outerwear, which meant the
From top: Lucie Rie, photographed
in the 1960s; intricate buttons
feature on a Chanel AW18 jacket;
porcelain bowl, 1955-60
Left: an assortment of Rie’s buttons
Stella Snead/Kathy Fehl; Jason Lloyd-Evans; Phil Sayer
fit could be more generous. “We took
inspiration directly from classic mens-
wear,” says Cardelli, “we made a double-
breasted blazer, a camel coat, a dinner
jacket in velvet velour, a sharp single-
breasted three-button jacket in pin-
stripe, a perfect trench, and we even
added a classic-style robe, which now is
one of our bestsellers.”
The pieces were an instant success.
“We said that if we only sold one coat,
we would just stop,” says Cardelli, “but
on day one we sold to [US boutique]
The Webster, luxury fashion boutique
Alex Eagle and other boutiques from
Italy. So we decided to continue with
the brand.”
After their triumph in Paris, they set
to work on creating a Spring/Summer
2018 collection, adding dresses, trou-
sers, shirts, waistcoats and dress coats to
the mix. After the duo presented their
Autumn/Winter 2018 collection, the
brand’s sales grew 1,034 per cent in a
single week.
This sudden spike in sales attracted
interest from online retailers The
Modist and Moda Operandi, both of
which now stock the brand. “Now we
have 30-35 super-luxury clients” says
Cardelli. “It has been crazy.”
Currently the coats and sharp suits
are their biggest sellers, and the brand
has acquired a devoted celebrity follow-
ing, with fans including Poppy Delev-
ingne, Alexa Chung, Léa Seydoux and
ceramic glazes to fashion designers’ fab-
rics, put her in high demand. In 1941,
International Textiles magazine cele-
brated Rie’s “Chinese white, royal blue
[and] scarlet” button glazes, reporting
that the House of Worth had decorated a
red winter coat in her natural clay but-
tons, while Edward Molyneux had
bedecked his “Debris” dress with
ceramic buttons that she had fashioned
after air-raid wreckage.
It’s a moment that Jonathan Anderson
seemingly nodded to in his recent AW18
men’s show, when he covered a simple
white Loewe shirt with a bevy of minus-
cule 3D terracotta pots. The designer,
who has over the years determinedly
amassed many of Rie’s original buttons,
has also recreated her ceramic knots
and coined glass buttons in plastic.
“What was interesting is how feminine
some of them were,” Anderson has said
of Rie’s fastenings. “Buttons for me are
very sculptural things.”
In his appreciation for the art of the
button, Anderson has company. At
Chanel AW18, Karl Lagerfeld applied
knotted brass fastenings to tweed jack-
ets in much the same way as its founder
did in the 1920s and 1930s. And with the
renaissance of the blazer, which fea-
tured in the Resort 2019 collections of
everyone from Fendi to Chloé, and the
recent rise of women’s tailoring, the but-
ton is once again centre stage.
At its peak it’s estimated that Rie’s
Albion Mews workshop was producing
around 6,000 buttons a month. Yet
these miniature money-spinners never
really captivated the ceramicist, who
saw them as a distraction from her true
calling. “Rie never really valued the but-
tons or saw them as art,” says Walsh.
“For her they were simply a means to an
end. Despite their popularity, she wasn’t
Top left: Gerardo Cavaliere and
Margherita Cardelli
Above: Giuliva Heritage Collection
pre-fall 2018 — Margherita Chiarva
‘Rie ushered in a New
Look for pottery in
much the same way
that Dior did for fashion’
prepared to give up the dream of being a
potter.” In fact, when demand waned
after the war, Rie’s buttons and accom-
panying moulds lay shelved in her stu-
dio until her death in 1995, when she
bequeathed them to Issey Miyake.
It’s only today that their real artistic
worth is being fully recognised. “Rie
5
Style
Margherita Missoni. The Maria coat is
their most popular item, a classic single-
breasted trenchcoat (£1,500) that
comes in multiple colourways and fab-
rics, from camel beige herringbone to a
strawberry-hued corduroy. What is it
that makes their brand so unique? “Eve-
rything we make must have quality and
functionality,” says Cardelli. “If some-
thing is not functional, Gerardo does not
add that detail.”
Net-a-Porter’s global buying director
Elizabeth von der Goltz agrees: “Margh-
erita and Gerardo take their impeccable
skills in men’s Italian tailoring and apply
these to their womenswear label, mak-
ing the most sharp and striking tailored
garments that will last for generations.
Not only are their coats and suiting per-
fect for the Scottish Highlands or the
English countryside, they’re equally as
chic and sophisticated when worn in
any major city.”
Both Cardelli and Cavaliere have had
to adapt quickly to deal with the bur-
geoning demand. “It has been busy for
us,” says Cardelli, “and on top of that I
am pregnant with a baby girl due
November!” What is the future for
Giuliva Heritage? “Gerardo and I are
investing our money into the brand to
keep it sustainable,” she says. “Fast
fashion does not apply to luxury tailor-
ing. Our clothing is relaxed, well made
and beautiful. It is something you want
to wear forever.”
ushered in a New Look for pottery in
much the same way that Dior did for
fashion,” says Walsh. “The buttons are
really crucial to her development as a
potter. Not only did they help to keep
her going during the war, you can see in
them the beginnings of her later work.
They are a crucial stepping stone in
terms of form and decoration.” And
compared with the eye-watering auc-
tion prices of her pots, you can pick one
up for buttons.
‘Lucie Rie: Ceramics & Buttons’ is at the
York Art Gallery to May 12 2019,
yorkartgallery.org.uk
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
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Travel

D
anger,” declares one sign. tankers and container ships seemingly stuck close to Dawson because there
POSTCARD “Warning: this area may floating in some shimmering mirage are also quicksands on Maplin Sands,
contain unexploded on the horizon. and muddy bogs known as the Black
FROM . . . objects,” says another. Low tide was at 12.30pm, giving us Grounds, and shell holes filled with
“Any person who finds four hours to get to Foulness and back. water or soft sand into which humans
ESSEX any shot, shell, bomb or any Though Dawson occasionally finds can allegedly vanish. “If I disappear,
unidentifiable explosive object, unexploded ordnance, that is the least turn round,” Dawson quips.
should report the finding.” of the Broomway’s dangers. When the After 90 minutes or so we reached

Britain’s most The signs offer an unlikely start to

perilous path
i / DETAIL S
For more information see broomway.org.uk. For
dates and times of public access to Foulness and
the Broomway call Qinetiq, which manages the
range for the MoD, on 01702 383211. Brian
Dawson occasionally guides groups; he does not
charge but invites guests to make a £15 donation
to Foulness Heritage Centre; he can be reached
via email at b.dawson540@btinternet.com
a public footpath — but then nothing
about the Broomway is “normal”. It is
less a track than a sequence of compass
bearings. Though marked on maps as a
public right of way, it is invisible to the
naked eye. For much of each day it is
submerged. It has been called the most
perilous path in Britain, but was starkly
beautiful when I walked it with Brian
Dawson, who, at 76, is one of the last
guides to the ancient route.
The Broomway, first recorded in
1419, runs for six miles across Maplin
Sands, parallel to the Essex coastline
and almost half a mile offshore. For
much of its existence it provided the
only route for man or cart to the farms
of Foulness (a low-lying island
separated from the mainland by
narrow creeks). In 1915 the Ministry of
Defence turned the area into an
artillery testing range. In 1922 the MoD
built a bridge to Foulness across
Havengore Creek, but it could not
remove that ancient right of way and
must still, reluctantly, allow public
access to it most weekends.
tide turns, the water races in faster
than a man can run. The Foulness
Burial Register alone records 66 bodies
Asplins Head, where another
crumbling causeway leads on to
Foulness past old concrete blocks and
recovered from the sands since 1600.
“You’ve got to understand. That’s the
rusting ironmongery. Access is
forbidden except on the first Sunday
North Sea out there, and this is the first of each summer month, which this
place it makes landfall,” our genial was, but we lacked the time to reach
guide observed as he led us eastwards the island’s last surviving village,
to a tiny island of cordgrass. Churchend, and get back before the
Matthew Cook There are other perils too. The tide turned.
Broomway was once marked by We instead retraced our steps to
Some friends and I met Dawson at “brooms” — posts with bundles of Wakering Stairs and drove across
its start, Wakering Stairs, just outside sticks on top that were stuck in the the bridge to Churchend. Like the
Shoeburyness and some 40 miles east sand every 30 paces, but no longer. Broomway, it is unique. Its church,
of London, at 10am on a brilliantly On foggy days, or when sea mists roll shop, post office, school and pub all
clear and sunny Sunday earlier this in, it is easy to lose all sense of direction closed years ago, but some 150 people
month. We walked down an old,
crumbling causeway on to a great
Although our guide finds in this featureless expanse. Dawson
assiduously studies the weather
still live there or on neighbouring
farms, requiring special passes to
expanse of wet sand that stretched
away into the far distance, bare and
unexploded ordnance from forecasts. “I only decide the day before
whether to go ahead,” he said as he
come and go and seemingly
unbothered by the batteries and
boundless, beneath a vast blue sky.
We could not see the sea itself, but to
time to time, that is the turned north-eastwards towards the
“Maypole” — a lone navigation post
ranges all around them.
After a couple of hours we drove
our right the wreck of a boat protruded
from the sandy flats. Before us, in the
least of the dangers. When with several stubby crossbars.
From there we splashed northwards
back across the bridge. Havengore
Creek, bare mud when we arrived, was
distance, we could make out second
world war artillery platforms guarding
the tide turns, it races in on a base of solid sand, across the
empty mouth of Havengore Creek and
now full of water, and with frightening
speed the Broomway had vanished
the mouth of the Thames estuary, and
wind farms off the Kent coast, and tiny
faster than a man can run beside a shoreline punctuated by
mysterious towers and bunkers. We
beneath the sea.
Martin Fletcher

I Eastern promise
n the vineyards above the village of
Mád, we are tearing about in an
open-sided 4x4. The boisterous rat-
tling of the John Deere 855D seems at
odds with the ordinarily genteel pur-
suit of wine-tasting; a fine layer of dust is
being kicked up by the vehicle, coating
my skin and clothes.
Perhaps our mode of transport is
appropriate: the story of winemaking in Hungary | Can Tokaj reinvent its wines and restore its reputation? Jamie Lafferty joins a new tour
Hungary’s Tokaj (pronounced “tok-
eye”) region is one of ancient roots and
august history, but also of new begin- Michael Skapinker
nings and reinvention. It is early
autumn, and the ground is parched and
golden, the vines heavy with grapes. Business Travel
Before long, Tokaj will be awash with
pickers, tractors and great clouds of
drunken bees hoping for a final hurrah

before the frost sets in. For now, though,
my guide Gergely Somogyi and I have
the vines almost to ourselves as we
explore the region on a new tour run by
a company called Smooth Red.
We pull over among the rows of vines
and Gergely — or Greg, as he insists I call
him — pours me a glass of furmint, its
golden liquid glinting in the morning
sun. It is a 2012 from the vines that sur-
round us, the property of the Szepsy
family, celebrated hereabouts — though I
confess I’ve never heard of them, nor of
Mádand,tobehonest,haveonlysketchy
20km Kosice
SLOVAKIA
UKRAINE
Mád
Tokaj wine
region
Eger HUNGARY
Debrecen ROMANIA
maps4news.com/©HERE
knowledge of Tokaj itself. Listening to
Greg, it becomes increasingly clear that I
shouldbeatleastalittlereverent.
While several grape varieties are
thought to have originated in Hungary,
he explains, many have gone extinct, or
were lost in the chaos of the Communist
era. Two survive, and thrive, today:
harslevelu, which is well-suited to com-
plex dry whites, and this predominant
varietal, furmint, which makes up
around 66 per cent of all Tokaj wine.
The region is famous for its hyper-sweet
wines but that is being increasingly left
behind in favour of easier-to-market
dry whites.
Greg is aware that his home region
may never be regarded in the same
terms as say, Bordeaux or Mendoza, but
he feverishly tries to explain why it
should, machine-gunning out words in
flawless English. “There’s a furmint
craze going on in Tokaj,” he says from
under a dapper Panama hat as he gently
cups a bunch of grapes still on the vine.
“Before the phylloxera plague [which
arrived in Tokaj in 1885], it was found
across the country but people never
really planted much of it because it’s
really a pain to grow. This grape is sensi-
tive to all sorts of rots . . . you cannot
overload it, you have to keep the yield
down otherwise you lose the quality.
Really, very difficult.”
The way Greg speaks about them, I’m
surprised that the grapes don’t blacken
and die in protest at his slanders. But the
hope for some of these grapes is that
they will indeed shrivel — a large part of
the industry needs them to. Although
susceptible to all kinds of blights and
bugs, furmint is also especially prone to
contracting botrytis, the “noble rot”
needed to produce the sweet dessert
wines that in the 18th and 19th centuries
put Tokaj on the global map of wine-
making. With sugar then still regarded
as a luxury, the Tokaj wines were sought
after by nobles and royals across Europe.
The region covers 27 towns and vil-
lages, almost all linked to the wine
industry, sharing 5,800 hectares of pro-
ductive vines, and, Greg admits, pro-
ducing “many forgettable wines”. That
night, over dinner in a restaurant called
Gusteau in the centre of Mád, Greg
explains that this land has produced
wines for centuries, since the Magyars
marauded across it 1,000 years ago.
Why, then, do they feel like a new dis-
covery? Why are they treated with sus-
picion while American, South African,
and Australian wines have been well
established in just a few decades?
The answer lies in the Communist era,
when Moscow decided that Tokaj would
be one of the eastern bloc’s key wine-
producing regions. Quickly, volume
became all important, talented viticul-
turists were replaced with unskilled
From top: labourers, and bottling and distribution
the village of was handed over to a state monopoly.
Mád, seen from The regime did a fine job of destroying
the local the region’s hard-won knowledge.
vineyards; guide Despite the lack of care and under-
Gergely Somogyi standing through that unhappy time,
with a map of the land didn’t stop being fertile, the
the Tokaj wine hills were no less rolling, the people no
region; less keen to make good wine. And once
the John Deere the Berlin Wall fell, that’s what they did.
4x4 used to tour “We lost the continuity that the wine
the vineyards of regions of France have enjoyed over the
the Szepsy last 500 years,” says Greg. “We had these
family 40 years of communism and lots of
— Jamie Lafferty
knowledge was lost about the wine and
the making. We lost the markets com-
pletely. Now, we have to build Tokaj
from scratch.”
Villages like Mád and neighbouring
Tarcal, with their whitewashed, terra-
cotta-roofed buildings backing on to
oceans of vineyards, look as though they
could be in California’s Napa Valley, or
South Africa’s Stellenbosch region, even
if they don’t have the conspicuous
wealth of those rivals. They may not
have Michelin-starred restaurants yet,
and a visitor needs a guide like Greg to
navigate most of the vineyards, but at
least there aren’t the crowds of tourists
i / D E TA I L S and the wines are generally a lot more
affordable.
Jamie Lafferty was a Still, as more people visit and the
guest of Smooth Red infrastructure and restaurants
(smoothred.com). Its
four-night Hungarian
improve, there’s no reason why Tokaj
Collection trip costs couldn’t take a step back towards its
from £1,889, including former glory days. Just so long as people
return flights from aren’t looking for red wine — here in
London, private Gusteau, they’re so set on local whites
transfers, five-star that they suggest pairing the confit of
hotels in Budapest beef with one.
and Tokaj, and various
wine tastings, tours,
The next morning, we reconvene to
tasting menus and a visit some more local producers.
meal at the Michelin- They’re all cautiously hopeful that 2017
starred Borkonyha will prove an excellent vintage, but now,
Winekitchen in in the nervous days before harvesting
Budapest reaches its peak, a lot can still go wrong.
(borkonyha.hu) Autumnal storms can bring disastrous
I
hail; migratory birds may yet descend
on the grapes like locusts.
Sarolta Bárdos of the Tokaj Nobilis
Winery, in the village of Bodrogkeresz-
tur, is looking forward to getting her
wine in her cellar as soon as possible. “At
this moment it looks like a good year,
but tomorrow we have rain . . . I need
only one more month [of luck].” As she
talks, the sound dies against stone walls
covered in cellar mould — the building
dates from the 19th century though the
winery was founded only in 2000.
Over at the Abraham Pince winery in
Erdobenye, winemaker Robert Peter
isn’t quite sure what he’ll be producing
from one year to the next. Walking into
his chaotic garden feels a bit like an
intrusion, but he and Greg greet each
other as old friends. All of Robert’s
wines are bottled in his garage, the con-
sistency varying wildly, but when he
gets the combination right, specialist
shops in Budapest are quick to snap up
his limited stock. He drives it there him-
self for sale in the domestic market.
Robert clearly isn’t in the industry to
make his fortune, and his nation’s wine’s
ability to sell abroad is of little conse-
quence to him. As we drive back to the
hotel, I get the impression that it weighs
heavier on Greg’s mind. He’s a guide
around the region but, I sense, he feels
like an ambassador for Tokaj too. When
searching online, he tells me he’s found
outstanding Hungarian vintages still
available from overseas sellers — not
because they’ve been purposely kept
hidden in a secret cellar, but because
demand is so low. He can’t hide his dis-
appointment. “If you want to start sell-
ing furmint from Hungary, you have to
explain what it is — is it the name of the
region, or the grape, or the wine style?” I
think I see his mouth tighten a little
under his powerful moustache. “You
even have to explain that Hungary is a
winemaking country.”
t is peak holiday time in the northern
hemisphere. Holidays are important.
They are a time to relax, to be with family,
to think about the past and the future.
But on holiday you are a consumer, not
a participant. You are being served.
You may have a guide book or a travel app, but
you are just looking. You can have a conversation
with a taxi driver or hotel keeper or waiter, but
they have other customers to look after and they
need to move on, especially in high season. Active
holidays — hiking, cycling, sailing — are a little
better. At least you are taking part in something.
But you are still on the outside, looking in.
Business travel is the real deal. You remain
a visitor, but you are entering people’s lives.
Business trips can be exhausting. I have done
back-to-back days with eight meetings in each,
as well as a working breakfast and dinner. And
business travel takes you away from family.
But on business trips you meet people at work,
you see them where they spend the bulk of their
days. When you talk to them about their services,
their products and their supply chains, you find
out about their country: its strengths and
inefficiencies, its ambitions and defects.
Walking the factory floor and inspecting the
products, you take in what the tourists never
see. You begin to understand how the country
operates. Years ago, I noticed how full of bustling
workers Boeing’s Seattle factories were, compared
with Airbus’s assembly plants in Toulouse, where
more of the aircraft
was put together
by robots. On holiday you are
This was the a consumer, not a
result of the
countries’ participant. You
respective labour are being served.
laws. Boeing would
announce lay-offs Business travel is
and the re- the real deal
employment of
thousands of
workers from one year to the next, depending on
the buoyancy of the aircraft market. Because
French regulations made it hard to fire workers,
companies didn’t hire them in the first place. That
made Airbus an innovative user of automation.
Business travel doesn’t just help you learn
about companies and countries. Towards the end
of a business chat, talk inevitably drifts to the
personal: where people were educated, how they
got to where they are, how they met their spouses.
In a noisy restaurant in Shanghai, a local banker
told me he was an evangelical Christian. He and
his co-religionists met and prayed in people’s
homes. How had he come to religion? China’s
Cultural Revolution had erased not just the
country’s history but its ethical sense, he said.
He had found those in Christianity.
In Belfast, shortly after the conclusion of the
Good Friday Agreement, I had lunch with the
executives of an important local company. The
executives talked about their hope that the laying-
down of arms would last, that business would
grow, that tourists would come — and about their
fears that it would all break down. Nearly 20 years
later, I remember that conversation as people
worry about the return of an Irish hard border in
the wake of Brexit.
These aren’t insights you get on holiday.
For all the tedium of getting there and getting
around, business travel is a privileged way to see
the world. It may not be relaxing, but it is
intellectually and culturally invigorating.
Meanwhile, enjoy the summer. It will be back
to work before you know it.
michael.skapinker@ft.com; @skapinker
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
18 August/19 August 2018 ★ FTWeekend 7

Travel

Bhutan | The kingdom’s national flower

grows on high, remote mountainsides and
blooms only briefly. Ruaridh Nicoll goes on
a quest in search of the elusive blue poppy

E
xhausted and wet through,
with legs like lead, we push
along a narrow, vertiginous
trail high above a forest
of pine and rhododendron.
Grazing on grass sprouting in the sum-
mer rain are a herd of yak, each the size
of a van, with an emperor’s fly-whisk of
a tail at one end and perfectly set horns
at the other.
John Reed, our captain, our Ahab, is
ahead of me; Jumo, his Tibetan mastiff,
by his side. Reed is obsessively hunting
for a Himalayan blue poppy — not quite
as fearsome as Ahab’s leg-chomping
white whale, you might think — but as

CHINA
Jomolhari

BHUTAN
Punakha

Jigme Khesar Thimphu

Strict Nature Paro
Reserve
Haa
Wangjithang
Nubtshonapatta
maps4news/©HERE 20km

A bloom with a view

Reed scans the slopes, as he has been
doing for two days, a yak swivels above
and behind him, and with a surprisingly
dainty flick of her back, begins to charge
down the precipitous slope.
A shout goes up along the line and
Reed turns, Jumo tucking in behind.
Half a tonne of lean beef accelerates,
and then comes up short, digging in,
man and beast facing each other down.
Guides run in and the yak frolics off with
little rodeo kicks, and we are walking
again through the high thin air, our
search continuing.
I have to admit this wasn’t what I was
expecting. I had been asked to join
Aman resorts, the epitome of luxury, on
a “summer poppy trek” in Bhutan, and
visions of being carried through high
passes like a well-massaged Kublai
Khan flitted through my head. “Bhutan?
Isn’t that famous for a death march?” a
friend had asked. I’d replied “No, that’s
Bataan. Bhutan is renowned for its hap-
piness.” Little did I know.
All seemed well at first. An easy flight
into Delhi and then Drukair up into the
high peaks before descending through a
series of wingtip-to-mountain turns
into this last independent kingdom of
the Himalayas. I was met by my guide,
devout Buddhist Kesang Dawa, and
taken to Aman’s lodge in the capital
Thimphu, to be greeted with a lemon-
grass-scented wet flannel and a glass of
hot apple juice.
Since 2004 Aman, which now has 33
hotels in 21 countries, has offered a Bhu-
tanese “kora”, a pilgrimage around five
lodges scattered among the most beau-
tiful valleys of this nation squeezed
between India and Tibet. Only open to
visitors since 1974, Bhutan maintains its
otherworldliness by discouraging mass
tourism; every guest must spend a mini-
mum of $250 a day (although this is
waived for Indians).
Kesang and driver Phuntso Pauatsho
took me on part of the pilgrimage to get
me used to the altitude. This involved
skilfully driving me up and down vomi-
tous roads and stopping at stalls to eat
freshly chopped cucumber sprinkled
with chilli.
I reeled under the visual assault,
climbing to highly perched temples —
including the famed Tiger’s Nest — on
hillsides awash with prayer flags flicker-
ing under an unruly sky. And when we
arrived at a new lodge — Punakha, hid-
den across a narrow suspension bridge,
where cheeky mynah birds nicked my
breakfast; or Paro, under the eaves of an
ancient Buddhist dzong (or fortress) — I
would be told “welcome home”, and met
with a drink I had shown a random pref-
erence for in a previous lodge. “Ah, more
masala chai, thank you,” I’d say.
There is something religious, even
sepulchral, about Aman’s monolithic
buildings, with their towering concrete
walls, slit windows, echoing halls, sim-
ple wooden furniture set on floors of
polished champ. And the silent figures
who waited, ready to serve, whenever I
turned my head. It wasn’t just the alti-
tude I was getting used to.
On the fifth morning, we parked just
outside Haa, a frontier town in the far
west of this already wild country.
Around us was the clutter of camping:
tents, gas canisters, collapsible tables.
Horses and mules fretted as they were
loaded. We were 13 people, and 15 beasts
of burden.
The blue poppy — Bhutan’s national
flower and inspiration for our trek —
grows above 3,700 metres and only
blooms during June and July’s monsoon
season, a time when all the guide books
warn of incessant rain (and swarms of
leeches — but fortunately we were too
high for those). Aware the weather
could be an issue, we visited a local tem-
ple and offered up prayers and cash to
the local deity, Chungdue.
Then we started to climb, the forest
crowding around us, sun-dappled
branches dripping wispy lichens. As we
walked, Kesang told me about the mon-
archy in this nation of 800,000, that the
fourth king introduced democracy in
2007, and abdicated in favour of his son.
“His Majesty said we can’t always count
on there being a just king and we should
choose our own leaders,” he said.
The former king was also responsible
for the celebrated policy that the coun-
try should prioritise “Gross National
Happiness” over GDP. It’s really just a
benchmark of environmental responsi-
bility and good governance, but he lives
it, spending a lot of time mountain bik-
ing in his gho, Bhutan’s national dress, a
sort of dressing gown/skirt that reminds
me of my native kilt.
By the time we emerged from the
tree-line, I was gasping. Altitude sick-
ness can be like a hook pulled into the
base of the skull. As I fought to recover,
weather swirled through the high
mountain passes, rain storms building
and then releasing. The guide books are
wrong: in July the sun belts down in the
morning, burning any exposed skin,
before clouds build in the afternoon.
Come evening, we nestled under a
3,900-metre mountain pass at a place
called Tshojo. On the hillside above was
the blue tarpaulin of a yak-herder’s
camp, his charges ranged across the
high ground. Rain was falling heavily
now and after the comforts of Aman, it
became clear this really was camping,
with clammy tents, a gag-inducing out-
door loo, and the spooky night beyond.
I’m ashamed to say I didn’t take it very
well. After a meal of chilli chicken, red
rice and something called bitter gourd,
the guides settled in with Reed to play
cards. I left them to it. I lay in my sleep-
ing bag, the gamblers’ laughter keeping
me awake, rain drumming on the
canvas, the horses’ bells ringing beside
my head.
Dawn arrived and I dragged myself
from the tent. The sky had cleared, and
in every direction mountainsides
burned with a dark clarity. The mead-
ows around about were swept with high
alpine flowers.
Come breakfast of fried rice, eggs and
butter tea, I asked Reed if any of his
guests had ever managed to complete
this trek. With his architect’s glasses and
designer stubble, the 54-year-old New
Orleans native projects a top hotelier’s
refined equanimity, but I was discover-
ing it covers a deep yearning for the
wild. He pursed his lips, thought, and
shook his head, saying one group actu-
ally ordered in a helicopter at $5,000 an
hour to get them off the mountain.
We moved off up the slope, chewing
candied ginger to keep the dizziness at
bay, and were met at the pass by a sea of
buttercups, ragwort and fleece-flower.
A vast valley opened up, and down we
plunged. There was no sign of humanity
anywhere — in four days we saw no one
except yak-herders. Reed searched the
crevices for blue poppies, offering up a
bounty for finding one. I wasn’t that
fussed, already delighted by the del-
phinium, delicate and exquisite, and the
overwhelming scent of juniper.
After crossing a stream we arrived at
Wangjithang, a glade where wild pheas-
ant clucked, and pika, small hamster-
like creatures, rustled about in the
undergrowth. Jumo, slowed by the rav-
ages of altitude, occasionally lumbered
into chase, but so slowly the creature
had already long gone.
Sadly we had to leave that Eden. It
was only 11am. Twenty kilometres
later, seesawing between 3,000 and
4,300 metres and crossing four high
passes, it was all we could do to reach
camp, silently eat what our altitude-
suppressed appetites would allow and
fall soaked into our tents. And still no
blue poppies: a Chelsea Flower Show
extravaganza of other flowers, but no
national bloom.
My God though, the dawn. Jhomol-
hari, a 7,326-metre colossus, rose angel-
white from the horizon, while sinuous
fingers of cloud reached through the
lower passes. I stood with Ellie Boul-
stridge, Aman’s new reservations man-
ager, while Kesang pointed out a Chi-
nese road cut into a distant mountain-
side. The Chinese are encroaching on
this tiny country, and India has sent
troops to warn them off. When not suf-
fused with happiness, the Bhutanese are
rightly anxious about being entirely sur-
rounded by these two great powers.
A lake lay below our camp, a sacred
place called Nubtshonapatta, and we
climbed down. The guides poured in
milk as an offering, which spread as if
through tea. Kesang talked me through
the legend of the place. Apparently a
guru inhaled all the water of this lake so
More high-end Himalayas
Ladakh In remote villages in India’s
arid far north, Shakti has converted
traditional houses into stylish
retreats. There are six in all —
guests move between them by 4x4
or on foot, as well as heading out
on trekking expeditions with tents,
porters and guides. A nine-night
trip, including three under canvas
while trekking, costs from $9,195;
shaktihimalaya.com
Everest The world’s most famous
trek — to Everest base camp — can
now be done in relative style,
thanks to the emergence of a series
of more comfortable lodges along
the route. A distinct step up from
the traditional tea house, they have
well-tended gardens, proper
restaurants and en-suite
bathrooms with hot showers. The
Mountain Company offers a 19-day
trip from £2,795 per person;
themountaincompany.co.uk
Clockwise from main:
Aman’s Punakha Lodge,
Bhutan; a bedroom at the
lodge; the Himalayan blue
poppy; the group emerge
from the trees on the first
day of the trek; archery,
the national sport; a view
of the mountains
Simon Buxton/Nana Enchill; Jigme Thinley
he could make off with a golden tower
hidden in its depths, but then he was
chased away by an angry mermaid, and
coughed up lakes all the way home.
After breakfast, we started climbing
again, topping out at 4,600 metres. As I
caught my breath I discovered I was in a
land of the gods. Around us grew rheum
nobile, what the Bhutanese call
“chuka”, a plant that creates its own
leafy greenhouse, three-foot-tall, to
counteract the cold and exposure of its
mountain environment. And then we
spotted a large herd of blue sheep, prey
of the most fabled of all big cats, the
snow leopard.
My legs were finally working, and
although the rain came in, I was now
entranced by the fearful beauty of the
place. We traversed scree slopes,
lunched under dripping canvas, and
visited lakes where few people have
ever set foot. And then, out of the mist,
at the top of a sheer cliff, a yak-herder’s
camp emerged.
Inside, two herders sat under a wheel
of yak’s-milk cheese curing in the thick
smoke. They invited us in, and Reed
asked about the poppies. “The season
ended two days ago,” came the reply.
Our captain was downcast. Shortly
afterwards he was charged by the yak.
We topped a misty pass and were dis-
consolately heading down to our camp
when there was a shout. Phuntso had
found a last holdout. At the end of that
day’s 26km, a single spiny stem was hid-
den among low-lying rhododendron, its
pale blue petals a mass of raindrops.
We laughed a lot that night, buoyed by
our stories, the cards and cheap Bhuta-
nese whisky. Our captain looked happy.
A day later and I was lying in the huge
bath in my room at Aman’s Paro lodge.
My soaking clothes — even my boots —
had been taken off to be cleaned. The
mountains rose beyond the windows,
clouds forming and reforming around
their peaks, and, gazing out at them, I
felt all at once bereft, yearning to be
back in the wilderness. Then I reached
down for the cup of masala chai waiting
by my side, and settled back.
i / D E TA I L S
Ruaridh Nicoll was a guest of Abercrombie &
Kent (abercrombiekent.co.uk) and Aman
(aman.com). Abercrombie & Kent offers a week’s
“blue poppy package” including four nights at
Aman’s lodges and three nights on the trek, from
£6,250 including British Airways and Drukair
flights from London, transfers and guiding
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identity, fate and free will. You don’t

need to know Sophocles to appreciate
Everything Under, but doing so intensifies
theappreciation.
Johnson writes with a mesmerising
blend of the naturalistic and the surreal,
spinning physical descriptions of mus-
cular beauty. “There were the final shad-
ings of a moon, already fading. The heat
was coiled beneath the weight of the
morning. The river was effing along,
“Men must learn by suffering./ Drop by heavy with sprung.” Her first book, Fen,
drop in sleep upon the heart/ Falls the a collection of short stories, was set in the
laborious memory of pain,/ Against waterlogged, liminal landscape of rural
one’s will comes wisdom.” East Anglia, a world in which a girl can,
and unremarkably does, one day turn

S
o says the Chorus in Aesch-
ylus’s play Agamemnon, as
translated by Louis MacNeice
in 1936 under the darkening
shadow of war. Today, with
extremist politics once more on the rise
and our modern democratic processes
and institutions under threat, it is per-
haps no coincidence, two and a half
thousand years after they were first per-
formed, that the Ancient Greek trage-
diesstillspeaktous so powerfully.
New translations and adaptations for
the stage have proliferated in recent dec-
ades,andanincreasingnumberofnovel-
ists are also finding inspiration in these
ancient texts, drawn by their universal
themes, timeless characters and con-
temporary relevance, be it politics and
warfare,orissues of gender and identity.
Pat Barker’s new novel, The Silence of
the Girls, a feminist revisioning of The
Iliad, continues her exploration of the
deep emotional scars of warfare on both
combatants and civilians. The Regenera-
tion Trilogy, which brought Barker liter-
ary fame in the 1990s and won her the
Booker Prize in 1995, focused on men’s
experiences in the first world war. Later
into an eel. Everything Under centres on
the similarly fluid between-spaces of
Oxfordshire’s waterways. Boundaries of
all kinds are mutable in this novel, prone
todissolutionandtransformation.
Gretel, the central narrator, is a 32-
year-old lexicographer, a woman who
pins down the meanings of words, but
also seeks for slippage in their meaning.
As a child, she and her mother invented
words of their own, such as “Bonak”, the
nametheygavetothemonsterthatlurks
in the river depths beneath their house-
boat. It is 16 years since Gretel’s wild-
child mother, Sarah, abandoned her and
vanished without trace. Now Gretel is
trying to track her down, in search of
explanations. “The past did not die just
because we wanted it to . . . The past was
not a thread trailing behind us but an
anchor.” Sarah, when she eventually
finds her, is half-crazed and suffering
from dementia, unable to provide the
Essay | What if ‘The Iliad’ had been narrated by a woman? Or transported to 1990s Northern Ireland? clarity or love that Gretel craves. Sarah’s
memories “flash like broken wine
A generation of writers is reworking the great Ancient Greek texts for a new era. By Rebecca Abrams glasses in the dark and then are gone”. Or
perhaps she knows that truth can be
unbearable and, as her Sophoclean pro-
totype Jocasta pleads to Oedipus, the

novels such as Noonday, set in London
during the Blitz, examined the devastat-
ing impact of war on women’s lives. Set in
the Bronze Age in the Greek camp on the
devastated plains of Troy, The Silence of
the Girls retells the final stages of the Tro-
jan war primarily from the perspective of
Briseis, the Trojan queen enslaved after
the Greek conquest of Lyrnessus and
giventoAchillesasavictoryprize.
“Men carve meaning into women’s
faces; messages addressed to other
men,” Briseis wryly observes — her
account of the war, however, is firmly
rooted in what war means for women,
and her depiction of powerlessness both
unsparing and potent. Briseis appears
only twice in Homer’s Iliad, in Book 1
when Achilles is forced to give her up to
Agamemnon, which triggers his refusal
to fight the Trojans and the disastrous
consequences that ensue, and in Book 19
in hersorrowful lament for Patroclus.
In Barker’s rendition, she is the central
narrative voice and a key witness to
action off the battlefield. Through Bri-
seisweareprivytothethoughtsandfeel-
ings of the captured women, many of
them still young girls: Tecmessa, Ajax’s
“prize”; Chryseis, the daughter of a
priest and now Agamemnon’s slave;
Iphis, slave of Patroclus. Through their
eyes we see the Greek encampment as a
“rape camp”. We hear them at their
looms, in the laundries and kitchens,
tending the sick and dying, laying out
the dead, breast-feeding babies born to
their captors, trading gossip about the
sexual proclivities of their masters. The
camp’s riches and squalor are depicted
with clear-eyed precision, from the
“bedcovers embroidered with gold and
silver thread” to the stinking latrines
“coveredinapelt of black buzzing flies”.
Whereas Homer’s Achilles professes
his love for Briseis, weeps bitter tears
over her loss and refers to her as “my
wife, my darling”, Barker strips out any
suggestion of emotional closeness
between master and slave. Her Achilles
is a man not just brutalised by war, but
fatally maimed in mind and soul long
before he came to Troy. “The most beau-
tiful man alive, as he was certainly the
most violent . . . the beauty and the ter-
ror were two sides of a single coin.” It is
Modern classics
An illustration after
Flaxman of Homer’s
‘Odyssey’, depicting
Penelope, wife of Ulysses
(Odysseus), carrying
the bow of Ulysses to
the Suitors
Bridgeman Images
The Silence of the Girls
by Pat Barker
Hamish Hamilton £18.99/
Doubleday $27.95
336 pages
Country
by Michael Hughes
Hodder & Stoughton £12.99
320 pages
Everything Under
by Daisy Johnson
Jonathan Cape £14.99
272 pages
not love, but public humiliation and
wounded pride that make Achilles
refusetofight.
Barker’s Briseis has few illusions that
she is anything more than a commodity
of fluctuating value. “Nobody wins a
trophy and hides it at the back of a cup-
board,” as she puts it. “You want it
where it can be seen, so that other men
will envy you.” Achilles is her danger-
ous owner, the man who killed her
father and brothers and whose sexual
attentions she has no choice but to
endure. Her own understanding of her
volatile worth is grimly pragmatic and
serves to underscore the bitter absurd-
ity of the war and the human misery it
has unleashed.
Barker is not the first novelist to give
voice to the women in these ancient sto-
ries. In The Penelopiad, Margaret Atwood
gave the long-suffering Penelope new
agency in her acerbic version of her hus-
band’s homecoming at the end of The
Odyssey. East German author Christa
Wolf, in her 1983 novel, Cassandra, bril-
liantly deployed a woman’s perspective
to challenge political authoritarianism
and patriarchal control of both texts and
culture. In The Silence of the Girls, Barker
is predominantly faithful to the plot of
The Iliad, expanding or contracting the
action to suit the integrity of the novel.
Her choice of a flattened narrative voice
with very little introspection is also true
to the flavour of Homer’s “extraordinary
impartiality”, as Simone Weil described
it. But making the main voice that of a
woman gives it a new inflection. Homer’s
“plainness and naturalness of thought”,
so admired by Matthew Arnold, now
articulates the experience of psychologi-
cal dissociation, the dampened emo-
tional range of the traumatised victim of
thisandeverywar.
Writing from within the constraints of
an ancient historical setting leaves the
reader to infer contemporary relevance.
Other authors open up new perspectives
more explicitly by recasting the themes
and characters in modern settings. Coun-
try, Michael Hughes’s second book,
transports The Iliad to Northern Ireland
and the fragile ceasefire of 1996. Its
opening words, however, are an overt
homage to Homer’s own: “Fury. Pure
Fury. The blood was up. Lost the head
completely.” The Achaeans are now the
squabbling factions of the IRA, headed
respectively by Pig and Achill, “the best
sniper the IRA ever seen”. The Trojans
are the British soldiers and their superi-
ors, barricaded behind barbed wire
fences or despatching orders from the
safety of London. The premise is a neat
one, and Hughes uses it to drive home
the fine line between ideological intran-
sigence and licence to thuggery. The
civilian population has tired of killing,
but violence has become a way of life;
generation-oldhatredsstickhard.
This is, unrelentingly, a male world,
hard-boiled and reeking of alcohol, stale
cigarettes and rampant testosterone.
The men hunker down and argue for
hours about what to do next. Hughes’
revamp of Achilles’ ghoulish refusal to
bury his beloved Patroclus is darkly
comic, with the grief-drunk Achill prop-
ping up the bedraggled corpse of Pat at
the bar, one arm looped lovingly around
the dead man’s shoulder. Women barely
feature. Sexual relations are perfunctory
and transactional. Briseis, now Brigid,
does not speak at all. The only female
characters with any presence in this ver-
sion are Nellie (aka Helen), entrapped to
tout for the British in exchange for an
abortion, and Anna (aka Andromache),
the wretchedly unhappy wife of SAS
officer Henry, the man fated to take
downAchillatthecostofhisownlife.
Mapping the Trojan war on to the
armed conflict in Northern Ireland
should work, yet somehow it doesn’t.
The modern-day setting never quite
manages to cut free from its source to
establish a life of its own. Part of the
reason is that Hughes’s central decision
to translate the Trojans as the British is
inherently problematic. Yes, the IRA
want to drive them out, but then it was
their country in the first place; having
the Irish stand in for the invading
Greeks severely strains the novel’s
internal credibility.
Comparison with Colm Tóibín’s House
of Names, a magnificent reworking of The
Oresteia, also set during the Troubles, is
perhaps inevitable and highlights a fur-
ther weakness. For retellings of this kind
to succeed, the characters must be newly
imagined and fully realised, but the
characters in Country seldom seem more
Barker strips out any
emotional closeness
between master and slave.
Her Achilles is a man fatally
maimed in mind and soul
long before he came to Troy
than thinly disguised ciphers for their
originals, distracting and frustratingly
insubstantialintheirownright.
Daisy Johnson’s debut novel, Every-
thing Under, longlisted for the 2018 Man
Booker Prize, is a weird and wonderful
revisioning of Sophocles’ Oedipus Rex, in
which the son of King Laius and Queen
Jocasta is famously fated to kill his father
and marry his mother. The two works
seem at first to have nothing in common,
but gradually — and aptly — the novel
reveals its connections to its progenitor,
proving a deeply thoughtful response to
it, raising questions about gender and
past“isbestforgotten”.
Gretel’s quest is entwined with that of
a second narrator, Marcus, a young man
who lived briefly with her and her
mother when Gretel was a child and who
also abruptly disappeared. In Johnson’s
strange, dreamlike world, Marcus is
sometimes Margot, with terrible truths
of his/her own to evade. Gender fluidity
is one way in which Margot/Marcus
tries to escape definition and reshape
reality. Johnson’s subtle handling of the
relationship between sexuality and gen-
der is one of the strengths of this render-
ing of the Oedipus story. Sophocles’
Tiresias comes in the shape of Fiona, a
troubled artist who suffers from visions
of the future that, despite all efforts,
cannot be averted.
Everything Under flows with unforced
energy from its literary source, tracing
the dark currents of the subterranean
fears that hold us back and drive us for-
ward, the selves we conceal and reveal,
the knowledge we try to hide from our-
selves and others, the limits of our
choices about the lives we live, the
selves we become. At its heart is the
entanglement between parents and
children, particularly mothers and
daughters, with its ferocious mix of love,
hate and longing.
This is a novel that drives to its tragic
outcome with the twisting but unstopp-
able logic of a river to the sea. It is not
irrelevant to recall that Sophocles’ great
tragedy was written and performed on
the edge of the Aegean, and that when
Percy Shelley, who himself translated
Oedipus Rex, drowned off the coast of
Italy in 1822, he did so with a copy of
Sophocles in his pocket.
The enduring appeal of these great
foundational Greek texts lies in the
thread of human experience that con-
nects us in both directions across the
centuries. The success of their modern
offspring rests on an author’s ability to
invigorate them in new ways for our
own time. Whether we can learn from
past suffering, distant or recent,
remains open to question.
Rebecca Abrams is author of ‘The Jewish
Journey: 4000 Years in 22 Objects from the
Ashmolean Museum’ (Ashmolean)

Slow bleed
Fees have helped lenders between Wall Street and Washington
that continues today.
boost profits — at That is a topic that often gets lost in
considerable social cost, the conventional blame game about the
rise of debt, the stagnation of income,
writes Rana Foroohar and the increasing concentration of
wealth in a handful of sectors. Politi-
cians point the finger at careless, ruth-
Land of the Fee: But financialisation is a bipartisan phe- Banks would be able to bypass state laws money to fund college education was
Hidden Costs nomenon, something that Fergus, who and offer whatever interest rate they considered a national security issue.
and the Decline is clearly a liberal, might have pointed chose. Unfortunately, this set the Since then, we’ve moved towards a
of the American out more explicitly. To the extent that groundwork for an explosion in finan- society in which every individual con-
Middle Class Washington has unleashed the financial cial “innovation”, which ultimately led sumer is on his own. No wonder college
by Devin Fergus sector, it’s usually done so in service to to the subprime crisis, which of course graduates, who now come out with
Oxford University some voting block. “For governments hit the poorest and most indebted roughly $30,000 in debt, are now
Press, $27.95 and corporations,” he writes, “fees were Americans the hardest. among those in the payday lenders’

D
evin Fergus begins his book
with a quote from the St
Louis Federal Reserve:
“How you finance an asset
can be as important as the
asset.” How true. While Land of the Fee
bills itself as a look at the rise of preda-
tory fees charged by the financial indus-
try for the debt that Americans increas-
ingly use to pay for homes, cars, educa-
tion and all the trappings of a middle-
class life, it’s really a history of the finan-
cialisation of the US economy. The book
does a good job of explaining how
finance became the tail that wags the
dog of Main Street. And it is a timely
work, one with important lessons about
the multi-decade dysfunctional dance
less bankers who put profits above peo-
ple. Financiers say that they are only
playing by the rules Washington sets —
ones that incentivise debt and leverage.
But as Land of the Fee makes clear, both
have come together in a Faustian bar-
gain to prop up the US economy in a
house of cards built on credit.
The fees for that credit are, Fergus
argues, bleeding us all dry and enriching
mainly the financial sector itself. From
the late 1970s onwards, as finance went
from being a dull industry with single-
digit profit margins to a much larger and
more profitable one, the sector began
capturing rents in the form of increasing
interest payments and hidden fees on
the debt that Americans need to supple-
264 pages
ment their incomes. While Fergus
doesn’t quite land on this fact, it’s telling
that as new technologies made their way
into the business, radically decreasing
operating costs for financial companies,
fees have continued to rise sharply.
Finance has become less efficient and
costlier as it has grown.
How did this happen? Much of the
blame rests with Ronald Reagan, the
rise of trickle-down economics during
his presidency in the 1980s, and the var-
ious policy and regulatory changes that
shifted power from labour to capital.
a backdoor way to generate revenue
while avoiding unpopular discussions
over taxes or sticker price hikes.”
Indeed, the ballooning of consumer
credit in the US, which helped the finan-
cial sector grow to such an extent that by
the 2000s it was capturing 40 per cent
of all corporate profits while creating
only 5 per cent of all jobs, actually began
as an attempt make consumers feel a bit
richer. Consider the 1980 Depository
Institutions Deregulation Act, signed
into law by Democratic president
Jimmy Carter. The act, whose support-
ers ranged from financial institutions to
the aged activist group the Grey Pan-
thers, was meant to address a perceived
social necessity: improved savings rates.
Fergus has much to say about per-
verse incentives in America’s housing
market, which encourages people to
over-extend and fuels financial bub-
bles by allowing interest payments to
be written off against tax. But he
focuses much of the book on three
other apocalyptic villains — student
debt, subprime auto loans, and payday
lenders — that are today’s most press-
ing debt problems. The story of student
debt, which has surpassed credit card
debt in the US and is now a major head-
wind to consumption, touches wisely
on the way in which government and
private sector attitudes towards
human capital changed. During the
Eisenhower era, investing federal
fastest-growing customer base, which
makes up 20 per cent of the financial
industry, according to Fergus.
How to fix all this? The answer is the
same one given to so many problems in
the US right now — get rid of money in
politics. Throughout the book, Fergus
lays out the way in which lobbyists pour
billions into Washington to create mis-
guided policies that suit their own aims.
Perhaps the new generation of millen-
nial socialists rising in the US should
make this the issue they tackle first.
Rana Foroohar is the FT’s global
business columnist and author of
‘Makers and Takers: How Wall Street
Destroyed Main Street’
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18 August/19 August 2018 ★ FTWeekend 9

Books

T
here are books to read and

White-
books to have. Ian Ker-
shaw’s history of postwar
Europe falls into the “have”
category, which is not a put-
down, but a compliment. This weighty
tome does not make for easy night-time
reading, but it should have a prominent

knuckle
place on the shelf of anybody, profes-
sional or layperson, who wants to make
sense of present-day Europe — whence
it came, where it might go.
Roller-Coaster is the biography of a
continent that once ruled the world and

ride
almost killed itself in two world wars. It
does not offer a grand sweep that would
press myriad events into a tidy pattern,
let alone a destiny. Hegelian history — a
tale with a telos — has long gone out of
fashion. Instead, Kershaw lays out a set
of carefully researched stories that can
be consulted piece by piece. All told, the
book is a much-needed antidote to the
breathless headlines of the day, not to
speak of the 24/7 onslaught of the elec-
tronic news media, fake and real.
Take Brexit and read up on Britain’s
tortuous course as it lost its empire after
1945. At first, it refused to join what is
today the EU. Then it came knocking,
only to be turned away by its ancient
continental rival France in 1963. Admit-
ted in 1973, it is now on the way out. Brit-
ain’s European venture from Harold
Macmillan to Theresa May has been a
perfect roller-coaster ride. Olaf Kowalzik/Alamy

How did the authoritarian regimes of

Spain and Portugal yield to democracy
30 years after the demise of fascism?
Why did the Soviet empire in eastern
Europe collapse along with the USSR?
Most of us who watched the Berlin Wall
fall in 1989 had to suspend disbelief.
Wasn’t Europe’s partition forever? Ker-
shaw takes us by the hand, leading us
from the crushed democratic revolts of
East Germans, Hungarians, Poles and
Czechs in the 1950s and 1960s to their
liberation in the 1990s.
Europe’s postwar history is one of cri-
ses, and Kershaw dissects them one by
one: from the partition of Germany to
the country’s reunification in 1990; from
decolonisation to globalisation; from the
revolt of the “68ers” to the imported ter-
rorism of the 2000s; from the longest
period of European peace to the revival
of Russia’s imperial ambitions. The final
chapter naturally deals with mass
migration. Overturning traditional poli-
tics as we speak, this peaceful invasion
from the Middle East and Africa has
empowered isolationist populism from
Narvik to Naples. It will shape Europe’s
fate for the rest of this century.
Then there is the demise of social
democracy, once a fixture of European
politics. Ten or 20 years ago, the political
map was inked in red. Today, there are
just a few patches left. The French and
Italian socialists are practically extinct,
and the German SPD that once brought
An expert and meticulous history of the events that made modern Europe
is a must for anyone interested in the continent, writes Josef Joffe
Roller-Coaster:
Europe,
1950-2017
by Ian Kershaw
Allen Lane, £30
704 pages
Willy Brandt and Helmut Schmidt to
power now gets around 18 per cent in
the polls. The odd one out is the British
Labour party, which might yet expel
May’s Tories from 10 Downing Street.
On all these questions, Roller-Coaster
brings a perspective to bear that deftly
weaves national histories into an all-
European tapestry stretching from Por-
tugal to Poland, and into Russia. This is
the book’s most impressive achieve-
ment — a far cry from the encapsulated
histories we learnt in school. The prob-
lem of the craft has gotten worse. Aca-
demic history now produces more and
more about less and less — the minutiae
of the discipline. So teachers of contem-
porary European history should rejoice.
Roller-Coaster will help to close a gaping
lacuna in their syllabuses.
Kershaw presents three grand themes.
First, what is this Europe, basically the
EU of the 28, soon to be 27? Second, how
did this new enterprise manage to estab-
lish itself on a continent where for the
last 500 years peace was just a pause
between two wars? Third, how can this
“blessed plot” — to borrow Shake-
speare’s famous celebration of England
— endure and flourish into an “ever
closer union,” a goal that the then 10
member states proclaimed in 1983?
To ask “what is Europe?” begs a prior
question: is there even such a thing?
Kershaw praises the EU for many rea-
sons, but concedes that it has failed to
create a “genuine sense of a European
identity”. But why wonder, if the “main
emotional allegiance” of citizens is “still
to their national state”. Hence, the “obit-
uary of the nation-state was, in fact,
written prematurely.” Europe is back-
sliding, and not only because Britain is
absconding. While Paris and Berlin keep
invoking the old European faith, the
general mood these days is for less, not
more integration, though the recalci-
Welfare has shouldered
aside warfare; remnants of
Europe’s ancient warrior
culture have survived only
in France and Britain
trant new members in eastern Europe
are happy to pocket the ample subsidies
handed out by Brussels.
Why did this construction, neither a
state nor a nation, even come about?
Kershaw, whose scepticism about
America (and neo-liberalism) surfaces
throughout the book, hardly gives credit
to the US as Europe’s unifier.
Yet by deciding to become a power in
Europe, the US, with some 300,000
troops in place at the peak, was able to
protect its wards not only from the
Soviets, but also from each other. Long-
time “arch-enemies” such as France
and Germany could link hands across
the Rhine because there was suddenly
a new player, stronger than either, who
could insure both against the deadly
consequences of misplaced trust. Act-
ing as both protector on the outside
and as pacifier on the inside, the US
took the existential sting out of the
enduring rivalry of states. In this dual
role, America secured the new stage
where community could replace fear
and suspicion.
Peace did not grow from integration,
but the other way round. Security
“Made in USA” bred trust, then peace
and integration. The cultural conse-
quences of this free gift have been enor-
mous. “By the 1960s,” Kershaw notes in
an all-too-brief passage, “European
societies had become largely demilita-
rised. The army has lost its influence as
a central feature of society.” Welfare has
shouldered aside warfare; remnants of
Europe’s ancient warrior culture have
survived only in France and Britain.
Europe’s happy days under America’s
strategic umbrella are over. But don’t
just blame Donald Trump. The
retrenchment from Europe began
under Barack Obama with the gnawing
away of decades-old certainties. Europe
takes pride in its role as a “civilian
power.” Yet conflict is converging on this
grand project from all sides: from neo-
imperial Russia, Islamist terror and
endemic war in the Middle East that has
drawn in European powers.
At the same time, Trump’s America is
attacking the EU on trade while also
threatening the continent’s traditional
security system, demanding that its
allies pay in more or face US with-
drawal. The sorry fact is that this Euro-
pean “civilian power” cannot defend
itself, nor seek safety in abstentionism.
“More Europe” should be the “logi-
cal” response”, Kershaw muses. The
signs, though, portend “less Europe”.
Europe once conquered the four cor-
ners of the Earth; expansion was its
business. Today, it is in the grip of what I
would call defensive nationalism —
inward-looking and protectionist. The
battle-cry runs: let us guard at all costs
what we have — our sovereignty and
identity, our borders and welfare states.
Such a mindset does not lend itself to
“more Europe”. Its lodestar is not
“Europe”, but the obstreperous old
nation-state. Kershaw does not like the
roller coaster’s new twist, but the histo-
rian in him knows that a new chapter
has opened.
Josef Joffe serves on the editorial council
of Die Zeit and is a fellow of Stanford’s
Hoover Institution

Club Med Books do furnish a life

How southern Europe has captured English hearts and minds. By Suzi Feay A celebration of reading proves an education in itself, writes Andrew Dickson

R I
eading Warm South during
the recent heatwave was an
odd experience, as the one
thing Robert Holland does
not stress about Britain’s cul-
tural fascination with southern climes is
the weather. There is also the fact that
for centuries life was cheaper on the
continent. For consumptive John Keats,
who provides the book’s title (“O for a
beaker full of the Warm South”) both
were key factors in his flight to Italy. He
was to die in Rome in 1821.
But Holland begins with another
doomed Romantic. The cremation of
Shelley on the beach at Viareggio was,
he contends, “a totemic moment in the
history of the Anglo-Mediterranean cul-
tural encounter”, in which the radical
outcast poet became quasi-sanctified by
the place and manner — drowning — of
his death. The Mediterranean, Holland
avers, has always “lent itself as a labora-
tory for ideological, political and cul-
tural struggles within Britain”.
The first great wave of British visitors
were the well-off Grand Tourists for
whom the journey south formed a large,
peripatetic finishing school, based on
the classical studies that were the core
curriculum for the aristocracy in the
18th century. However, the Tourists
rarely ventured further than Italy; for
many, even Sicily with its ruined Greek
temples was a jaunt too far. Only later
did Greece form part of the itinerary;
while under Ottoman rule, it was just
too foreign, too difficult to access. As
late as Forster’s A Room With a View, his
characters were stating that Greece was
“absolutely out of our . . . focus”.
Spain also eventually became a viable
destination for the culturally adventur-
ous. Adding to the so-called “Black Leg-
end” — grisly religious art, political
repression, the Inquisition — was its
proud insularity and impenetrable
social life. Towards the end of the book,
the south of France begins to make an
appearance. As for Africa, for Holland’s
purposes the Mediterranean might as
well not have a southern coast at all.
Holland’s focus is thus circumscribed,
but within these limits is wide-ranging
and erudite. The Mediterranean meant
The Warm
South: How the
Mediterranean
shaped the
British
Imagination
by Robert Holland
Yale University Press
£25, 320 pages
different things at different times, but
broadly speaking he argues that the
almost lemming-like impulse south was
due to a profound cultural insecurity
that endured even as the British empire
began to hold sway. The Victorians’
swagger and national self-confidence, in
Holland’s view, were illusory.
Whereas on the continent the rich tra-
dition of religious art continued without
interruption, Britain’s artistic heritage
was ruptured by the Reformation. This
forced successive generations of artists
to make the pilgrimage south to drink at
‘St Mark’s, Venice, Sketch after rain’,
by John Ruskin (1846) — Alamy
the fount of the Renaissance. Worship of
past glories was usually accompanied by
fastidious disgust at the state of contem-
porary Italy. For the Victorian author
Edward Bulwer-Lytton, who began a
novel with the immortal phrase “It was
a dark and stormy night”, Florence was
“inferior to Cheltenham”; George Eliot
thought Rome “odious; built on shams”.
The Catholicism of southern Europe
frequently triggered what Holland calls
“Protestant horror” but also frisson:
“the very strangeness of the encounter
was part of the enthralment”. Political
progress would puncture this allure.
Rising anti-clericalism in the wake of
the unification of Italy paradoxically
disconcerted Protestant sensibilities.
Holland also reminds us that Italy and
Greece were countries of the mind.
George Grote, author of a 12-volume his-
tory of ancient Greece, declined the
opportunity to visit, and Dante Gabriel
Rossetti never saw the need to go to
Italy, the land of his forebears, at all.
Many curious characters populate
these dense but enjoyable
pages. Well-known ones
such as Byron or Ruskin get
no more space than figures
such as bumptious Victorian
autodidact George Borrow or
art critic and writer Vernon
Lee. The vista stretches from
the idea of the Palladian villa
transplanted to England,
down to John Tavener’s
Greek Orthodox-inflected
“Song for Athene”, played at
Princess Diana’s funeral, and
Damien Hirst’s exhibition of
classical pastiches shown in
Venice in 2017.
As this sweeping survey
shows, Britain has for centu-
ries emulated, envied, deni-
grated and defined itself in
opposition to its southern
cousins. Brexit, Holland sug-
gests, far from representing
a moment of national self-
confidence, is quite the
reverse, a mark of “insecure
bravado” if not “the most dis-
mal of dead ends”.
n his 2001 book The Flâneur,
Edmund White took us on a
genial ramble around his ver-
sionofParis.
Along the way, we encoun-
tered the writer Louis-Sébastien
Mercier, who patrolled the city
obsessively in the years before the
French Revolution. We sampled fra-
grant saffron and melons at the Arab
quarter’s old market in Barbès.
Balzac, Walter Benjamin and Michel
Foucault rubbed shoulders; Jose-
phine Baker tangled promiscuously
with White’s own memories of the
gay demi-monde in the early 1980s.
The book isn’t much more than 200
pages long, but you sense that White
could have ambled on almost for
ever, nosing his way into shadier and
shadier alleyways and indulging in
ever more imaginative flights of
exploratoryfancy.
Seventeen years later, The Unpun-
ished Vice is a continuation of the
journey by another means. Subtitled
“A Life of Reading”, it maps not a
metropolis, but White’s cavernous
and idiosyncratic mind. Culled from
essays and criticism, it is something
between a tell-all confessional, a
piece of after-dinner table talk, a lec-
ture series on Great Writers You
Should Know, and a rallying cry for
thepleasuresofreading —something
that is, as White observes, “at once a
lonely and intensely sociable act”.
Whatever the bibliographical equiv-
alent of a Bildungsroman is, this
appearstobeit.
The author of numerous semi-
autobiographical novels and at least
four memoirs, White has never been
shy about throwing open the shut-
ters on his own life. Here too there
are plenty of glimpses behind the
scenes. There are precocious child-
hood brushes with Maurice Maeter-
linck and Romola Nijinsky’s biogra-
phy of her dancer-choreographer
husband Vaslav (the last a gift from
White’s ambitious, over-involved
mother). Later, there are Ezra
Pound’s Cantos, which White discov-
ered by virtue of his first lover, an
The
Unpunished
Vice: A Life
of Reading
by Edmund White
Bloomsbury
£18.99/$28
240 pages
advertisingmanobsessedbythem.
The literary trysts that follow are
many and varied. White admits to
passions for Herman Melville, Mar-
tha Nussbaum, Marcel Proust, Jean
Cocteau, JDSalinger, Colette, Stend-
hal, Junichiro Tanizaki, German-
Italian film-maker and writer Curzio
Malaparte, the experimental French
author Pierre Guyotat (“the only
incontestably avant-garde novelist
in France today”). And his interest in
the pleasures of the body, as well as
the pleasures of the page, is as una-
bashedly frank as ever; as the title
Faulkner is attacked
for windbaggery, and
American ‘coffee-cup
realism’ is taken to task
suggests, they seem, in White’s view,
to proceed from the same source.
Libraries are “erotically charged”;
writing is another form of “mastur-
bation”. “Once,” the author
announces apropos of very little, “I
was being banged so noisily for so
long that the landlady, who lived
downstairs, came up at 3am to com-
plain. My resourceful roommate said
Iwaspilingbooks.”
Despite an approximately bio-
graphical arc, The Unpunished Vice
resists chronology or theme; not on
purpose, White assures us, but
because that simply isn’t how his
mind operates: “I never get to the
bottom of anything but just step
fromonelilypadtoanother.”
In truth, it’s when he lingers that
the book is at its most illuminating.
Anaccountofthegreat,undervalued
Rebecca West is alive to her pecu-
liarly piercing phrasemaking (from
This Real Night: “I was overcome by
an abstract sense of grief, something
like the moan of shingle dragging
back to sea between breakers”). A
few pages later, a section on the simi-
larly underrated Henry Green
makes it clear how much White owes
to that brittle, sharp-eyed chronicler
of English mores. That White first
came across Green’s works in the
Carnegie library in Evanston, Illi-
nois, is one of the serendipitous
delights of reading celebrated by The
UnpunishedVice.
By comparison, an essay on Anna
Karenina, set up as the climax of the
book, comes across as undercooked.
Though he can be tart when he wants
to be — Faulkner is attacked for
windbaggery, and American “coffee-
cup realism” is taken to task — per-
haps it’s simply that White is a better
enthusiastthanacritic.
Is The Unpunished Vice any more
than reheated journalism? It’s diffi-
cult to say. Despite thematic link-
ages, no large theme emerges; what
statements there are tend towards
the numinous, or the plain obvious.
“We live in a world of accidents, con-
tingency, constant change; fiction
prepares us for that,” White writes.
Later, he suggests that writers often
find themselves betraying the people
they love. No Pulitzers on criticism
awaitthesepronouncements.
But perhaps that is to misconstrue
the purpose of the book, as well as to
diminish its own considerable pleas-
ures. Halfway through, the author
quotes his friend Peter Carey, who
compares writing to “wading in the
flooded basement of my mind”. In
White’s case, it seems to be the
library that is drowned; the best
writers are energetic readers, con-
stantly diving for buried treasure. In
turn, anyone who encounters this
book is likely to emerge with some-
thingnewandgleaming.
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
10 ★ FTWeekend 18 August/19 August 2018

Books

A
llow me to begin again,
for the record. I have
walked this earth for eight-
een years. I am a Freeman
now in possession of my
Chemical sisters
own person.” Adam Lebor enjoys a tense thriller about two ambitious young
Washington Black begins with Wash’s
memories of his life as a field slave on scientists that unfolds under the fluorescent light of the lab
Faith, a Barbados plantation. He was, he
writes, “a black-skinned brute born for
hard toil”, and by the age of 11, he is Give Me sic movies of 1930s and 1940s Holly-
already on intimate terms with death, Your Hand wood, the plot of her own novel twists
toil and fear. by Megan Abbott like a python. She also writes for televi-
In the first five chapters of Canadian Picador £14.99 sion; her work on The Deuce, a series
novelist Esi Edugyan’s Man Booker- 352 pages about the pornography industry in
longlisted third novel, she lays down the 1970s New York, is the latest stage in her
brutality of life on a plantation around explorationofthedarksideofdesire.
1829: the vicious fields of Faith see Diane reappears in Kit’s life after a
maimings, casual killings, the bodies of decade, working with her in the labora-
slaves who commit suicide deliberately tory under the tutelage of the aptly
desecrated as a reminder that they named Dr Severin, a no-nonsense scien-
remain property,evenindeath. tist with scythe-shaped earrings. Severin

Washington Black is named contemp-
tuously by his first master: “With great
ridicule, he’d said he glimpsed in me the
birth of a nation and a warrior-president
and a land of sweetness and freedom.”
This is a tale to be entered
without disbelief or doubt,
despite the contrivances
and coincidences
His only source of comfort is Big Kit, a
fellow slave feared for her towering
strength, a Saltwater witch in old Daho-
mey before she was taken, whom he
loves and fears, and who, for reasons of
her own, gives Wash scraps of comfort.
Edugyan made her soaring reputation
early, with The Second Life of Samuel Tyne
and the 2011 Scotiabank Giller Prize-
winner, Half-Blood Blues. Her growing
command of her craft was evident, and
so was her ability to bring up the bodies,
to shine a light on people “lost in the
dark maw of history”, as a character
says of the Afro-German Jews under the
Third Reich in Half-Blood Blues.
In Washington Black, she takes what
might have been a historical novel, a
slavery narrative resting solidly on true
accounts of plantation life, and spins it
in the direction of steampunk. This
won’t trouble readers of science fiction,
accustomed to tackling novels embed-
ded in history but obsessed with the
technology and innovations of the era,
but others might stumble as Washington
Black takes flight.
The unlikely source of his deliverance
is a contraption called the Cloud-cutter,
a fantastical boat attached to a hot-air
balloon. The plantation’s new master,
Erasmus Wilde, whose cruelty brings
new horrors to Faith every week, has a
kinder brother, Christopher “Titch” or
Mister Titch, who is obsessed with sci-
ence and who dreams of flight. He
enlists Wash as his assistant, allowing
Edugyan to introduce a slave who is let-
tered, and who can explore his own,
life-long passion for science as well. “I
had long seen science as the great equal-
iser. No matter one’s race, or sex, or
faith — there were facts in the world
waiting to be discovered,” Wash writes
at a later stage in his journey.
Flights of fancy
The atrocities of life for a young slave on a plantation are leavened with a
steampunk escapade in Esi Edugyan’s epic new novel. By Nilanjana Roy
And what a fantastical voyage it is. In
The Steam House, an early steampunk
minor classic, Jules Verne sent his Brit-
ish protagonists romping across India in
a steam house drawn by a mechanical
elephant with paddle-wheels attached
to its feet. Edugyan sends her protago-
nists much further — into the air, into
the ocean, rescued by a passing ship,
from Norfolk to the Arctic, to Nova Sco-
tia, to Amsterdam and beyond.
Washington Black Edugyan’s magnificent and strikingly
by Esi Edugyan visual prose carries the reader along a
Serpent’s Tail £14.99 certain distance — this is a tale to be
417 pages entered without disbelief or doubt,
despite the contrivances and coinci-
dences that stitch together the rough
cloth of the plot. In a terrible accident,
Wash is badly burnt. “But from behind
me came a great whoosh, and I turned
towards Titch in surprise, the air
exploding suddenly in a glistening
swarm, as if a cloud of glass bees had
burst forth. Then my face was afire, and
I was lifted and thrown back in the shud-
dering milk-white flash of light...”
But as Wash and Mister Titch are
driven to and fro by a gleefully baroque
series of unfortunate events — Wash
pursued by a slave-hunter, Titch
haunted by the ghosts of acts of cruelty
Jane Webster
that he and his brother once committed
— the novel stands in danger of losing a
more subtle track.
As Wash, a talented artist, sits sketch-
ing an ocean creature, he is suddenly
astonished at himself — “at what I could
create with these thin, tremulous fin-
gers with their nail beds lined always in
dirt.” What he creates, though, he can-
not keep; he finds love, but his life has
not prepared him for intimacy; he’s
travelled the world and seen a glimmer
of a more equal age, but he lacks a sense
of belonging.
In a beautiful passage towards the
end, Wash discovers, in a set of ledgers,
what has happened to Big Kit: “And yet
to see her name logged so plainly here,
as if it were a list of stored goods I looked
at, or weekly sugar yields — it was pecu-
liarly agonising. I felt the wrongness, the
disgustingness of the life granted her...”
Washington Black draws its power
from this agony, though these matters of
the heart sit uneasily with the swash-
buckling adventures. But by placing a
black slave at the heart and centre of
this epic romp, by making Wash the
explorer of lands, science and art, Edug-
yan reclaims long-lost terrain in this
ambitious, headspinning work.
G
ive Me Your Hand is a finely
crafted story of obsession.
Kit Owens and Diane Flem-
ing are high school friends
and rivals. Both are outsid-
ers: hyper-intelligent and ambitious,
each is determined to make a name for
herself as a scientist. Kit is the daughter
of a feckless, absent father and a hard-
scrabble but determined mother. Diane
is blonde, sleek, glamorous and mon-
eyed, and comes from a broken home.
The two girls forsake boys and parties to
study chemistry together in Kit’s
cramped bedroom, in a house that reeks
of cleaning fluid and rescue animals. “It
feltlikeshesawahungerinme,butthere
wasahungerinhertoo,”saysKit.
Diane’s near-perfect appearance dis-
guises a fractured psyche. Sensing that
something wicked this way comes, Kit’s
mother warns her off. Some people are
trouble, she tells her daughter: “let them
in and they will swallow you.” She turns
out to be right, for Diane has a secret.
When she shares it with Kit, both of their
lives are changed forever. Diane moves
away and their friendship ends, but Kit,
furious with the weight of knowledge she
neverwanted,ishauntedforever.
Thanks in part to bestsellers such as
Gillian Flynn’s Gone Girl and Paula
Hawkins’ The Girl on the Train, psycho-
logical thrillers are booming. Give Me
Your Hand, Megan Abbott’s ninth novel,
is more than a gripping story. The writ-
ing is of a quality not often seen in com-
mercial fiction, full of evocative phrases
that transform the everyday to the
poetic. “The wind-whisked highway has
a kind of sombre beauty at that hour,”
observes Kit early in the novel, “the con-
crete streaked with oddities, forlorn
trash, a forty of Olde English, the plastic
bags wrapped tight around light posts or
soaringlikedoves”.
Her prose has the vividness of cinema,
which is no coincidence. Abbott is an
expert on film noir and, as with the clas-
FT WEEKEND FESTIVAL 2018
The FT Weekend Festival returns to London’s Kenwood House,
on September 8, where Simon Schama, Mishal Husain, Will
Carling, Martha Lane Fox, Julian Barnes and more join your
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is researching PMDD, pre-menstrual
dysphoric disorder, a real-life ailment
that afflicts sufferers with surging mood
swings. Diane’s career, meanwhile, has
skyrocketed — but at a cost, observes
Kit. “Under the harsh fluorescents, she’s
like a saint mortified. And that blue look
we all have — from vampiric lab life — is
even bluer, conjuring a tubercular
beauty.Asunkenglamour.”
Abbott gives a powerful sense of the
lab atmosphere: the sinks and work-
tops, fume hoods and the stink of chlo-
roform to be used on the “fleecy legions”
of doomed rodents. Beyond the lab walls
is a mundane American town — there
are none of the far-flung locations we
would encounter in a thriller by John le
Carré or Dan Brown. Abbott instead
takes her characters on an immersive
inner journey.
Kit and Diane are richly drawn, com-
plex characters. With such a small cast,
they have to do most of the narrative
heavy lifting, and Abbott mostly pulls
this off with verve. But beyond that,
what fascinates is how the writer forensi-
cally dissects their friendship and
rivalry, taking the reader through dark
thickets of admiration and antagonism,
jealousy and resentment. The barely
concealed rivalry that lurks under the
mateyjoshingisdeftlyrendered.
For all Abbott’s skill at storytelling and
layered characterisation, it’s no spoiler
to say that most reasonably observant
readers will notice that Diane’s secret is
well flagged and turns out to be rather
obvious. So, in the middle of the story,
when the narrative starts to lag, Abbott
drops in a shocking, unexpected event to
further heighten the stakes for Kit and
Diane and bind them even tighter
together. “There will be blood,” predicts
one of their laboratory co-workers. And
soitproves.
AdamLeBorisauthorof‘DistrictVIII’
(HeadofZeus)

Poetic justice Hothouse days

From Manchester to Grenfell Rise Like Lions: Manchester bombing a month before, Overripe oranges and intrigue Bitter Orange relationship with a glamorous couple,
Poetry for when Tony Walsh read “This is the Cara and Peter. All three are spending
Tower, protest verse gives the Many Place” in a crowded city square, again it make for a heady mix in a by Claire Fuller
Fig Tree £14.99 the summer living on site at Lyntons.
voice to the disempowered. compiled by
Ben Okri
was a poet who gave voice to the public’s gripping tale of the summer 288 pages Peter is supposed to be cataloguing the
shock,griefandanger. house and its fittings for a new American
By Maria Crawford Hodder & Stoughton It is fitting, then, that Okri has com- of 1969. By Isabel Berwick owner, while Frances, a self-taught
£18.99 (in paperback
from September 20, piled Rise Like Lions. He divides his expert on garden design and architec-
£9.99), 288 pages selection into five phases — Ideas, ture,isloggingtheexteriorfeatures.

M C
ainstream poetry anthol-
ogies have a bad rap.
Anniversary commemo-
rations and seasonal gift
editions have been trot-
ting out the same works since Harold
Bloom first sprinkled magical canon-
dust on a favouredfew.
Political poetry, however, has claimed
a new spot in both bookstore displays
and the critical consciousness. Claudia
Rankine’s reflections of racism in the US
have won awards on both sides of the
Atlantic; Trump’s policies have
prompted a rising tide of creative activ-
ism. Last year, Ben Okri made headlines
rarely given over to poets with “Grenfell
Tower, June, 2017”, his devastating
response to the fire that killed 72 Lon-
doners in their homes. Just as with the
Vision, Protest, Change, Truth — each
introduced with his case for how these
elements cross back and forth over the
seemingly impassable gulf between
poetry and the off-page world of power,
politics and reality. Each impacts the
other: “True change must happen in the
invisible realm,” he writes, and “poetry
speaks to that secret world”.
Okri opens the book by questioning
the idea that it seems a contradiction to
speak of “political poetry”, and his
choices expose the folly in the percep-
tion of poetry as an introspective act, a
shying away from the world. He features
Emily Dickinson, the epitome of the
poet writing in isolation from society,
and the 19th-century romantics loom
large (“inherent in Romanticism is the
belief that the world can be changed”).
There are song lyrics, too: Joni Mitch-
ell’s “Big Yellow Taxi”, Bob Marley’s
“Redemption Song” among them. But
it’s no low bar. Okri elevates the role of
the poetic, insisting on form and merit
before message. Beyond that, Okri is
careful not to position himself between
reader and text; he introduces, then
steps back. The poems, geographically
and stylistically far-reaching, appear
with neither dates nor context, bringing
into focus the timelessness of once
timelyworks.
The final section is “Truth”, possibly
the most loaded term of our times. It’s no
accident that the book closes with Shel-
ley’s “The Masque of Anarchy”, his
response to the massacre of 15 protesters
in Manchester in 1819. When our leaders
seem to have run dry of truth and vision,
weshouldheedthecallofourpoets.
laire Fuller’s third novel, Bit-
ter Orange, is a novel of high
summer, capturing the heat
and ennui of the days when
overripe turns into outright
decay. Cannily, it has been published in
time to catch the August poolside crowd:
Fuller, who won the Desmond Elliott
debut novel prize in 2015 for Our Endless
Numbered Days, knows how to hook the
readerfrompageone.
The oranges of the title are growing in
southern England in an abandoned hot-
houseonahalf-derelictestatecalledLyn-
tons.Thebitterfruitis,welearn,“Oldand
a bit dried up . . . They would have been
ready for picking months ago.” Many
years’ worth of fallen oranges are now
“greymounds”onthefloor.
The events of Bitter Orange take place
over a few weeks in 1969 but Frances Jel-
lico, the narrator, is recalling them in
vivid detail 20 years later: “I flapped my
hand in front of my face to keep away the
tiny flies and wasps which buzzed
aroundtherottingfruit.”
Fuller also used a dual narrative in her
debut — in that case between a young
girl’s perspective as she is abducted by
her father to live off-grid in a forest, and
her teenage self once she is back within
society,livingwithhermother.
We learn at the start that the older
Frances is dying of a wasting disease
which has “eaten away more than flesh”.
It has taken her short-term memory but
“it is kind enough to leave the summer of
1969intact”.
The events of that summer form the
basis of the book — and, foreshadowed
from the start, we know they will change
thecourseofFrances’slifeirrevocably.
Fuller’s skill is in building up the detail
and tension so that we want to know
what happens, and why — and along the
way we realise just how damaged
Frances is. No spoilers, but there is a
twist —anditisn’toneIsawcoming.
This is a smart creation
from a skilled writer: a
psychological novel that
builds its layers carefully
The 1969 story finds Frances, aged 39,
in her first summer of freedom. She has
spent her entire life in a claustrophobic
relationship with her mother. “I believed
I would be transformed,” Frances says of
life after her mother’s death. As the
novel progresses, disturbing details of
her past emerge. After an early child-
hood in wealthy west London, Frances’s
father left the family, forcing his wife and
daughter to downshift to a flat with a
shared bathroom in unfashionable Dol-
lis Hill. “Mother and I had shared the
bedroom and the bed at the front of the
house, since the second bedroom was
full of furniture and clothes that she had
brought with us from Notting Hill.”
Frances’s mother thought less of her
daughter than she did of the detritus of
theirformerlife.
The events of 1969 focus on Frances’s
Not much cataloguing gets done.
Frances, hemmed in by old-fashioned
underwear and her stifling background,
is no match for the counter-cultural free-
dom the couple represents. When
Frances is formally introduced to Cara
for the first time, “She took me by the
shoulders and leaned in as if to kiss me
on the lips. I stiffened, but at the last
minutesheembracedme.”
The three spend the summer eating
fine food, drinking and smoking —
hedonistic pleasures that Frances has
neverknown.
Gradually Cara’s troubled history
becomes apparent, and truth, fiction
and the supernatural seem to merge.
Fuller expertly builds suspense through
Frances’s eyes — most tellingly through
disturbing details of the dilapidated
grand house with a macabre edge. Glori-
ous chinoiserie, for example, has sur-
vived, but its pattern of peacocks “sur-
rounded by garlands and dimpled
oranges” is blighted. All the birds have
hadtheireyescutoutwithablade.
While exploring in the orangery, the
three make an extraordinary discovery
thattriggersacrimonyandfataljealousy.
The reader is put on full alert as Frances
even smells something awry in her bed-
room: “perfume that had been sprayed
in a room to cover up the odour of some-
thingrotten”.
Bitter Orange is a smart creation from a
skilled writer: a heady psychological
novel that builds its layers carefully to
allow gradual revelations and stomach-
churning surprises. It is a predictable
formula, but no less enjoyable for that,
andaperfectsummerread.
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Books

‘I’m sacrificing
voice trails off in thought before he con-
tinues, visibly excited: “I guess what I’m
saying is that if I have to sacrifice the
aesthetic or the political, I’m sacrificing
the political. I cannot accept any dimi-

the political for

nution in the aesthetic value of the work
in trade for greater social utility.”
This is, perhaps, somewhat surpris-
ing, when the subtitle of Lost Empress is
“a protest”. But as other passages in the

the aesthetic’
novel show, de la Pava’s protest is philo-
sophical in nature. Echoing Ralph Elli-
son, de la Pava explains: “Writing a
novel, creating art in any way, is a pro-
test against nullity. It’s a protest against
silence, absence, death, finality. It’s just
a way of protesting against the fact that
it all ends.”
Surprisingly, de la Pava is optimistic
Antonia Cundy talks to lawyer and novelist Sergio about the battle against mass incarcera-
tion. Not only because of the planned
de la Pava about fiction as a protest against silence closure of Rikers Island, but also
because “the fact that this term ‘mass
incarceration’ and these concepts are
gaining popularity is the first and vital
necessary step”. And then what? “Then

M
idway through my dis- contrasting plot lines — set in Paterson,
cussion with American New Jersey, and New York’s Rikers ‘Racism is a wildly ignorant
lawyer Sergio de la Pava, Island Prison, a comic football narrative
at his office in Lower sits beside a searing critique of Ameri- thing. It’s intractable and
Manhattan, one of his can society. This critical thrust is not feels like a powerful beast,
colleagues comes in and congratulates new in de la Pava’s work; alongside its
him. “Thanks, brother,” de la Pava says, thrilling heist plotline, A Naked Singular- especially in this country’
and congratulates him back. What was ity exposed the rife discrimination
surprising about this seemingly normal within America’s criminal justice sys-
exchange was the co-workers’ very dif- tem. In Lost Empress, he focuses on what the policing has to change. The decrimi-
ferent reasons to celebrate. While his he sees as “the addiction of a particular nalisation of a lot of drug offences would
colleague had secured a jury’s “not segment of humanity to the capture and help . . . getting private commerce out
guilty” verdict, de la Pava was being bondage of their fellow humans” — that of our jails . . . ” he gestures at the enor-
congratulated on a review of his latest is, mass incarceration in the US today. mity of these challenges. “These are
novel, Lost Empress, in the New Yorker. In the novel, de la Pava uses his examples, but not a panacea.”
This unusual combination of tri- insider’s knowledge as a public defender But reversing mass incarceration is
umphs isn’t unheard of in the life of de la to outline the inhumane treatment of more complicated than just the practi-
Pava, a 48-year-old US public defender inmates, and the prejudiced policing calities. “A lot of this is made possible by
whose 2008 self-published debut novel, and prosecuting that puts a dispropor- Sergio de la Pava fiction is unlikely to hold sway over gov- some it’ll be a rollicking good yarn about racism,” he continues. “So now you’re
A Naked Singularity, garnered late recog- tionate number from America’s minor- Brian Harkin
ernmental decision-making. As he says a football team, to others it will be a pas- talking about education, because rac-
nition after rejections from 88 publish- ity and poor neighbourhoods behind himself, politics are “just not the realm sionate critique about mass incarcera- ism is just a wildly ignorant thing. It’s
ing houses. Set around the streets and bars. It’s a situation that de la Pava says of the novel. I wish the novel had that tion, to a third person it will be both, or also intractable and feels like a powerful
law courts of New York City, the maxi- leads to legalised discrimination post- kind of direct power. I just don’t see any neither,” he says. Unlike A Naked Singu- beast, especially in this country.” A
malist epic was finally picked up in 2012 incarceration rather than rehabilita- evidence of it.” Why then, when he cares larity, which enraptured readers with its country, I suggest, whose current presi-
and reprinted by the University of Chi- tion. “In 2018, you could never say, ‘I deeply about injustice, does he write fic- first-person protagonist, Lost Empress dent might make matters worse.
cago Press. De la Pava was swiftly don’t want to give you the job because tion, rather than non-fiction, or polemi- suffers for this nebulous, messianic fer- “Trump is more symptom than illness,”
dubbed “New York’s Dostoyevsky” by you’re African-American’,” he explains, cal articles? “Remember, I have this job vour. The interlinking plot lines — the de la Pava responds. “A great many of us
The Times, among others, and went on “but you could say, ‘I’m not giving you too,” he answers, tapping his desk. “I get theft of a Dalí painting, the meteoric rise have been saying, ‘Hey, this place is
to win the 2013 PEN prize for debut fic- the job because you have a misdemean- my fill of the large-scale criminal justice of an underdog football team, and an sick.’ The American way is to say,
tion. Lost Empress is his third novel. our conviction from 12 years ago.’” But, reform and advocacy, the direct repre- impending apocalypse — are told ‘What? This is America, everything’s
De la Pava’s legal practice gives his lit- as he puts it, “if this conviction is largely sentation of people here, every day. So through an extensive and eclectic cast great!’ Then Trump gets elected and it’s
erary work a freedom seldom experi- the result of what neighbourhood you when I go to the novel, I’m looking to get whose characterisations are occasion- what we’ve been saying all along, that
enced by full-time novelists. “Without grew up in, or being part of this disad- away from that, I’m looking for the aes- ally lost to the narrator’s dominating this country is the same country that
this job, I would have to consider mak- vantaged class, then the functional thetic experience of creating.” voice. But it is impossible not to admire would elect that kind of person.”
ing the compromises that publishing result is civil rights abuse.” It is the breadth and depth of this cre- the novel’s denouncement of injustice As for what he does next, all de la
demands, to find a way to do this as a liv- Born in New Jersey to parents who ation that makes de la Pava’s fiction so anditsfloodofhumanempathy. Pava knows is that he aims to write
ing,” he tells me. Instead, he’s able to immigrated from Colombia, de la Pava singular. Boxing, football, Joni Mitchell, In person, for all his rousing mono- “something unlike anything I’ve ever
stick to his desire to push at literary — like the narrator of Lost Empress slapstick humour — all these are logue responses, de la Pava also listens created before”, and that he will remain
boundaries, rather than pander to com- themself — speaks in bursts of torren- addressed with the same intensity he attentively and reveals moments of self- a public defender. If de la Pava com-
mercial appeal. tial, unapologetically intelligent prose. expends on didactic passages about doubt during our conversation: “Should mands courtrooms like he does fic-
In Lost Empress, this ambition is clear He realises that the days of Uncle Tom’s mass incarceration, existential ques- I write more non-fiction stuff about tional worlds, then the prosecution
from the start. The novel marries two Cabin and Invisible Man are over and that tions, or metaphysical theories. “To this . . ? I probably should . . . ” His doesn’t stand a chance.

Diversions
Dealer: North Love All
CHESS LEONARD BARDEN BRIDGE PAUL MENDELSON discard in time for South to
North East South West avoid four losing tricks.
8 9 7 6 2 NB NB 1S NB
The biennial team Olympiad Austria’s Andreas Dückstein Andrei Filatov, and A long suit in dummy Q J 5 2S NB 4S This suit establishment
opens in Batumi, Georgia, on in 1958, bad light was blamed 7 replaced by an Olympiad often proves decisive in A J 9 must be undertaken before
September 23 with Russia, and the Munich organisers 6 novice. It could prove a declarer’s task to rid 8 7 4 any suit which is longer in tackling trumps. At trick 2,
N
traditionally the strongest had to install a special lamp 5
high-risk gamble. himself of losers. Such are AK 5 3
one hand than the other. declarer must play K♥ and,
chess nation, trying to halt a by Botvinnik’s board. 2277 the vagaries of our game, 10 9 3 2 A 8 7 6 Usually it is better for if ducked, follow with 4♥.
W E
remarkable negative run. But from 2004 onwards 4
White mates in three even a short suit can 64 2 8 7 5 3 dummy to contain the long East will probably win and
For half a century its team Russia, though top-seeded 3 moves, against any defence sometimes be a long suit. Q J 10 9 6 5 3 suit so losers can be return a club. South can
S
was totally dominant. In 26 every time, has failed at all 2 (by Fritz Giegold, 1963). The West led Q♣, and down Q J 10 8 4 discarded from declarer’s cross to dummy with A♦,
Olympiads from Helsinki seven Olympiads. Armenia black king is trapped in the came dummy. Declarer K4 hand but, sometimes, it cash J♥, and pitch his 2♣ on
1952 to Bled 2002 USSR/ has won three, Ukraine two,
1
white camp and will surely counted two losers in K Q 10 works just as well the other it. Finally, he can attack the
A B C D E F G H
AK2
Russia won every time and China and the US once fall victim to the queen and spades, A♥, and the third way around. Here, hearts trump suit.
except for 1976 and 1978. each. The Americans are the Alexander Grischuk has rooks. It does happen, but round of clubs. With no the club lead and led a are the long suit (with three
At their zenith, the golden reigning champions, and been dropped amid only after an improbable shortage in dummy and trump. West won and cards in dummy and only An error meant last week’s
generation hated to lose a will be hard to dislodge. rumours of a rift with the sequence. Can you find the no apparent long suit, continued with J♣. Now the two in hand) and, if card symbols did notappear.
single game. When Mikhail Russia’s response seems team captain, the hidden mate? the situation seems contract was doomed. established immediately, Forthecorrectversion, go to
Botvinnik was beaten by strange. The experienced millionaire entrepreneur Solution, back page discouraging. South won A “long suit” is defined as will provide the crucial ft.com/bridge-card-game

POLYMATH 983 SET BY GOZO CROSSWORD 15,940 SET BY GOLIATH

Polymath 983 Set by Gozo Crossword 15,940 Set by Goliath
ACROSS DOWN         
1 Athene noctua (6,3) 1 Protective camera ACROSS DOWN        

6 Financial products bought or attachment (4,3) 1, 4 Thain’s mirthful soundtrack? 1 , 22 Without compiler rejecting
sold at an agreed price at a 2 Handel in --- ------, jaunty (6,8) clue on troubled city (8,6)
 
later date (7) composition by Percy 9 Tiny slice of tomato in fried 2 Seeing only cake? (8)  
10 Julius, Tanzanian president Grainger (3,6) onion: there’s an idea (6) 3 Corrected heart valve using
from 1964 to 1985 (7) 3 Belgian indistrial port at the  
10 Briefly order colliery to be run nothing for a change (6) 

11 Clever Dick’s alter ego! (5,4) junction of rivers Ourthe and down (8) 5 Cuts neckbones (4)  
12 Queen of France, wife of Meuse (5) 12 So, after the end of winter, 6 Large organisation presrves
Henri II (9,2,6) 4 12 1/2% (3,6)   
green improvement (8) gentile carving (8) 
13 Title of the ancient Kings of 5 Moliere’s 1672 comedy about 13 Blue instant bloomer (6) 7 It upset poet terribly to move
 
Egypt (7) blue-stockings (3,6,8) 15 Bite biter back (4) with discretion (6)
15 A supposedly worthwhile 6 A Parisian loafer (7)   
16 Labour leader in hotel, upset 8, 19 Endless prose about   
discovery which proves to be 7 Newmarket-based authority after love tragedy (7) naturalist wiping out a corrupt
illusory (5,4) established to settle 20 Dad’s following message about group of constituencies (6,8)  
16 Booker Prize winning novel questions on bets in horse- you, said in error (4,3) 11 Excuse for telegram,
       
about Indian independence racing (11) 21 See 27 presumably? (7)
(9,8) 8 Relating to coots, crakes and 25 Relax with Macron’s one victory 14 Large banks prohibit working  
19 Tenzin Gyatso, who won the rails (7) finally reversed (6) in this country (7)
  
Nobel Peace Prize in 1989 9 Church official who cares for 26 Parasite’s work pattern very 17 Glove challenge (8) 
(5,4) vestments and holy vessels much includes leave (8) 18 Peril of dice curtailed on this  
22 “Can I do you now, sir?” (9) 28 Problems from men cavorting kind of table (8)
character in ITMA (3,4) 14 Item received or bought  
with girls (8) 19 See 8
24 Donizetti’s three-act opera without prior knowledge or 22 See 1 down
29 Almighty ally turns into a
based on a Sir Walter Scott sight (1,3,2,1,4)  
docile creature (6) 23 Pluck of delicate zone ongoing
novel (5,2,10) 16 Location of the incus, stapes  

26 Student of plants and and malleus (6,3) 30, 31 Playing slick soccer, the (6)
animals in relation to the 17 Amateur film watched with current results? (8,6) 24 Sport drink (6)
environment (9) the family? (4,5) 27, 21 Role model he ain’t, or
Solution Polymath 981 otherwise (8) Solution 15,939 Solution 15,928
27 Baltic capital city on the river 18 Pale violet variety of garnet
Neris (7) used as a gemstone (9) ' $ 6 / , ( ' 9 2 1 ' ( 5 ( 5 ' ( + 2 6 3 , 7 $ / & 2 5 1 ( 5 6 3 $ 5 6 ( 2 % ( , 6 $ 1 7
28 Rarer term for a Ukrainian 20 Factory closure to prevent 4 2 = ( 2 ; 5 , 2 7 0 5 ) 9 , 2 $ 5 3 ' ( 1 6 (
7 2 5 1 $ ' 2 * 5 ( & , $ 1
people living both sides of striking workers from ) $ / & + , 2 1 5 2 & . ( 7 5 < 7 + 5 8 0 % 2 5 ' ( 5 ( $ 8
% $ 1 8 1 $ : . $ , ( 8 $ 5 & 1 , ( 6 3 ( % ' 8
the Carpathians (7) entering (7) Copies of How to Sound Really Clever by Hubert 1 ( 3 + 5 , 7 , 6 & 5 ( ( ' 5 ( $ ' < ( 6 7 ( 5 < ( $ 5
3 $ 1 7 + ( , 6 0 6 7 5 $ : % 6
29 Former naval dockyard, now 21 Product of coal tar used in , 6 6 0 + 6 2 van den Bergh and The Superior Person’s Book of ' / 6 8 ( 2 7 , 5 1 < 7 , (
a container port on the Isle dyeing (7) : $ & 2 6 * 5 $ 9 ( 1 + $ * ( Words by Peter Bowler, published by A&C Black 0 , 1 , 0 6 5 ( 0 $ 7 & + 6 + $ . ( 1 ' ( ) $ & ( 5
of Sheppey (9) 23 Incomplete or slight paralysis The first correct entry drawn / 1 * , * ' $ % 1 2 3 $ ( 7 * 8 , 5 7 & 3
on Wednesday August 29 and Bloomsbury, will be awarded to the senders 2 5 * $ 1 , & 6 , ( 5 5 $ 6 ( ; 7 2 1 6 5 ( ' 2 1 (
of motor functions (7) 0 ( $ 6 8 5 ( 5 * 8 5 ' : $ 5 $
of the first three correct entries opened on / 5 9 9 ' 1 (
25 Begum, shogun or suzerain, wins a copy of The Chambers ; , ' , $ $ '
7 + $ 7 1 $ :
( ; 7 5 $ / ( * $ / 6 2 $ 5
Dictionary. Entries should be ' $ , 6 < 0 , / / ( 5 / 2 ( % Wednesday August 29. Entries marked Crossword + ( $ 9 ( * / , 6 6 $ 1 ' ,
eg (5) addressed to Polymath No 983, 1 & 5 ( / : ' 15,940 on the envelope, should be sent to ( ' $ , ) $ 7 & 6 2 / , / 6 0 /
5 2 $ 6 7 % ( ( ) 7 + , & . 6 8 1 . , 1 * ( ; $ 0 , 1 (
Weekend FT, One Southwark $ ' 9 2 : ( ( - $ / $ 3 ( 1 2 6 Weekend FT, One Southwark Bridge, London SE1 ( 0 ( 5 ( ( 1 ( ( , 6 / 7 * 6 6
Bridge, London SE1 9HL. The 5 1 $ 3 8 7 1 ; ( 6 & + ( : ( ' 3 $ 6 7 , 6
' , 6 & , 3 / ( ' $ 7 $ 6 ( 7 6
9HL. Solution on September 1. ' ( 6 ( 5 7 2 1 ( 6 3 2 6 7
Name..................................................................................................................... solution and winner’s name will 1 ( ( / ( / ( (
Address................................................................................................................ be published on September 1. 0 ( $ 6 8 5 ( ) 2 5 0 ( $ 6 8 5 (
Jotter pad Name..............................................................................................................................
Winners
.................................................................................................................................. Address.........................................................................................................................
The 13th edition (2014) retains the much-loved features of The Cham- Crossword 15,928: Richard Moon, Edinburgh; Tara Rooney,
................................................................................................................................... bers Dictionary, including the unique quirky definitions for certain words. ...........................................................................................................................................
Co Carlow, Ireland; Karsten Buecker, Bromley ...........................................................................................................................................
.................................................................................................................................. There are more than 1,000 new words and meanings, and there is also a
new Word Lover’s Ramble, showing how English words and definitions Polymath 981: GA Jones, Southport, Merseyside ...........................................................................................................................................
..................................................................................................................................
have changed over the history of the dictionary.

12
Behind the screens at the museum
Video games | London’s V&A is determined
to make the case for games as important
design objects, and part of design history,
in an upcoming show. By Edwin Heathcote
F
ive years ago London’s Victo-
ria and Albert Museum
acquired the “Liberator”. It is a
pasty-looking 3D-printed gun
designed by the Texan liber-
tarian Cody Wilson. The version put on
display however, dismantled and dis-
played in a vitrine, is a copy printed in
London. It is not an original but, of
course, that is the point. This is a
weapon that could be printed by any-
one, anywhere, with access to a widely
available 3D printer. It would be un-
detectable by an airport security X-ray,
and all that is needed to make it func-
tional is a single steel off-the-shelf nail
and a bullet.
The acquisition sparked a fierce con-
troversy. Wilson was described in head-
lines as the most dangerous man on the
internet. It brought accusations of
“clickbait collecting”: it was, some
argued, the acquisition of a gimmick
From below: whose impact had yet to be assessed,
screenshot from whose design was poor and which repre-
WeChat mobile sented a dangerous future.
phone app; The then curator of architecture and
Gears Studios’ design, Kieran Long, argued that the
‘Flappy Bird’ gun does precisely what the museum
mobile game has always sought to do: to bring
(2013) — Victoria and together contemporary culture, con-
Albert Museum
cerns, conflicts and politics, and to
show the impact of new technology on
design. He pointed out that the V&A has
a long-established arms and armour
department.
The acquisition of this difficult arte-
fact highlighted the problems inherent
in the collection, curation and conserva-
tion of the digital. And, as almost every
aspect of contemporary design involves
some engagement with the digital, it
revealed the increasing difficulties —
and opportunities — for the contempo-
rary design museum in the digital
world. As it turns out, the “Liberator” is
back in the news, as US legislators, law-
makers and attorneys battle over the
future of these DIY weapons.
“The gun became a touchstone for
what the digital can enable and, indeed,
what digital design is,” says Corinna
Gardner, senior curator of design, archi-
tecture and digital at the V&A.
“We have the file, a version printed by
Cody Wilson and the version printed
here in London. We are well able to look
after the objects here, but what about
the digital file?”
That is the big question. The file, in
this case, is the essence, its distributed
nature inscribed in the code rather than
the material.
So what are design institutions collect-
ing now? All modern production is
entangled with digital technology;
almost all contemporary documentation
also exists in the digital world — as do
security, interactive exhibition design
andconservationimagingtechnology.
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★ FTWeekend
At MoMA, senior curator of design
Paola Antonelli caused a stir in 2013
when she acquired 14 video games
(including Tetris and Pong). Critics
slammed the move, saying video games
could not be art. But she had never
claimed they were; she was acquiring
them as design.
Antonelli has also “acquired” the “@”
symbol. But what does that mean? It’s
still there on my keyboard. “Well,
‘anointed’ might be a better word,” she
told me at the time. “Of course, we don’t
actually possess it, it’s everywhere, but
that’s an advantage — it’s as if the shar-
ing economy had entered the museum.”
Back at the V&A, the team acquired
the astonishingly successful Chinese
app WeChat. “It had become so per-
vasive in China that it was changing the
way people live,” Gardner says. “It was
being used not only for messaging but
for social media, banking, payments,
everything . . . ”
Yet an app on its own, however inter-
esting, is a disembodied thing; it can
exist only in conjunction with a device.
“When we acquired Flappy Bird [the
mobile game phenomenon designed by
Dong Nguyen],” Gardner tells me, “it
Clockwise from main:
artwork from the
computer game ‘No Man’s
Sky’ (2016); gamers
competing at an event in
Beijing last year; René
Magritte’s ‘The Blank
Signature’ (1965);
screenshot from ‘Splatoon’
(2015); Cody Wilson’s
‘Liberator’ gun (2013)
— Hello Games; Riot Games/David Lee;
National Gallery of Art, Washington;
Nintendo; Defence Distributed
was on an Android platform so we
needed permission to use that. Now we
have the file, but we also bought the
most inexpensive and most popular
Android phone at the time as a means of
showing it, because it’s also about how
we access that game, about the experi-
ence of it.”
Which brings us to the V&A’s next big
exhibition, Videogames: Design/Play/
Disrupt. It is not the first big games exhi-
bition at a major museum, but it indi-
cates the increasing importance of video
games in the wider culture.
“This is not a retrospective,” says the
show’s curator Marie Foulston. “It isn’t
about nostalgia. It’s something very con-
temporary, starting in the mid-2000s
up to now. That period has seen the
[ubiquity] of broadband, social media
and smartphones, a democratisation of
a discipline once associated with con-
soles and, perhaps, teenagers in their
bedrooms.”
“We’re trying to position games as
design,” says Foulston. But how do you
display games? Surely the point is to
play them, and that hardly needs a
museum. Wouldn’t it be better suited to
a website?
“As with all design,” says Foulston
“the process usually begins with a note-
book, with pencil sketches. Games
designers are always looking at other
parts of the culture: at film, painting and
architecture. We have the Magritte
painting ‘The Blank Signature’ [from
In a connected age, the digital
is becoming an inescapable
essential of the museum. Yet it is
difficult to pin down and needs
constant work to maintain
18 August/19 August 2018
1965], which influenced the design of
the game Kentucky Route Zero. Then
there’s the controller for the game Line
Wobbler, which was inspired by its
designer watching a cat on YouTube
playing with a sprung doorstop. It’s such
a tactile thing.”
There is also, Foulston points out, an
increasing crossover, a leak from games
to the world beyond, as well as in the
other direction. Architects, for instance,
now often employ Unity, a cross-
platform engine used by developers of
3D and 2D games, to help design real
world spaces.
The museum is a place of fragile arte-
facts — porcelain, paintings, old silk
dresses, pencil drawings — things that
might degrade or crumble. Its digital
artefacts are, arguably, more fragile
than even the most sensitive of these.
“A lot of the things we would have
liked to have shown have been lost: for
instance, early prototypes where the
hard drives have failed, or designs on
image-hosting sites which are now obso-
lete,” says Foulston.
The formats move so fast that they
leave piles of defunct tech in their wake
and become increasingly difficult to
display. “This leads to the question of
‘emulation’,” says Gardner. “We’re seek-
ing to give a true experience of the
object. You can experience an artwork
as the artist intended by being smart
with the technology, even as it develops
— and we’re working towards a digital
approach. You can emulate what you
see on the screen.”
Sarah Barack, head of conservation at
the Cooper Hewitt, New York’s design
museum, describes the conservation of
the digital using the analogy of garden-
ing. “We make annual interventions to
keep it going,” she tells me. “We’re
learning from the art world about the
importance of the designer’s and artist’s
interview, so we capture and under-
stand the intentions, how they origi-
nally thought of the work . . . part of our
research is how we develop new proto-
cols. Once an object enters the collec-
tion, how do we maintain its inter-
activity? The data might continue to
morph and change.”
In a connected age, when everything
is enmeshed with the constantly
expanding web, the digital is becoming
an inescapable essential of the museum.
Yet it is difficult to pin down and needs
constant work to maintain.
In a way, the digital world is a parallel
to the museum: a world in which all
knowledge is present and appears to be
freely available. In another way, it is its
diametric opposite: a realm of the
ephemeral and the unscholarly, in
which all opinions and designs exist
simultaneously and with equal weight.
A museum can’t just display an
iPhone — without much doubt, the most
influential product design of this mil-
lennium so far — when most visitors
have one in their pocket. It is a field
which is developing fast. And it is trans-
forming museums, forcing them to
react ever faster.
“Design,” says Gardner, “is the lens
through which we understand society,
and we live in a digital world. So we need
a critical understanding of today and we
need to capture it for tomorrow.”
September 8-February 24 2019, vam.ac.uk
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18 August/19 August 2018 ★ FTWeekend 13

Arts

Oh, to be young again

of Shane Meadows’ skinheads. But the
biggest crossover is a setting in the same
year, 1983.
For both Elba and Meadows — each
now into the marrow of their forties —
there would be an obvious potency to
the memory of that moment right
before their adolescence. Something
else comes with the timeframe, though.
Film | With Idris Elba’s The tensions of the era simmer in the
background: the young hero of This Is
England lost his father in the Falklands
‘Yardie’ about to hit our war, the London of Yardie had recently
been convulsed by riots.
With hindsight, it feels like the end-
screens, Danny Leigh muses point of a type of publicly lived subcul-
ture, the kind that saw recognisable
tribes on every British street corner.
on the strange phenomenon Rave, the next real youth movement,
was tucked away in clubs and ware-
of the youth movie houses — and a whole other conversa-
tion may need to be had as to why Brit-
ish film has been unwilling to tell stories
about Grime, while setting Yardie back

A
dvance reviews for Yardie in the era of Babylon. The 1980s is where
have not been good. The time stood still for most British youth
word out of the Sundance cinema — the memory it can’t get past.
film festival was chilly, the Something similar happens inter-
write-ups from Berlin no nationally. The American youth movie
more enthused. The lack of love was all also turns the clock back, although the
the more striking because of the hubbub decades carry a different weight. If Brit-
that first greeted the news that Idris ain lingered around the 1960s and
Elba was to make his debut as a director 1980s, the US stood in the quiffed
with this tale of a young Jamaican gang- shadow of the 1950s, expressed on
ster in 1980s London, adapted from the screen in The Outsiders and Rumble Fish,
cult novel by Victor Headley. An open bookend adaptations of writer SE
casting session last year was forced to Hinton directed by Francis Ford Cop-
close early after thousands filled the pola, stories of doomed youth told to
streets around the Whitmore Commu- another cohort years later. For Genera-
nity Centre in Hackney, east London. tion X there was Richard Linklater’s
The film, which is soon to be released in Dazed and Confused, a rear-view mirror
the UK, premiered at festivals to giddy vision of stoned high schoolers in 1976,
excitement. Then came the critics. released in 1993.
There is a catch. In fact, Yardie is richly Now, in 2018, we have a new film
enjoyable. Oh, there are rough edges. made for and about American teenagers
Stephen Graham’s performance as a — set in 1993. The Miseducation of
cocaine kingpin freezes your eyebrows Clockwise from ated a stripped-down account of life for Cameron Post is directed by Desiree
in stunned astonishment halfway up main: Aml a callow mod in 1964 that has struck a Akhavan, who fits the profile of the
your forehead. Scenes sometimes play Ameen in chord with teenagers ever since. Just a youth movie director having been nine
out in dead air. Nothing is subtle. But ‘Yardie’; year after Quadrophenia, Stellman wrote at the time her film takes place. But
subtlety is not always the point. A ram- director Idris the script for Babylon, the story of a from there the comparison needs
bunctious plot, a young and magnetic Elba on the set young Rastafarian facing racism and nuance: Akhavan is doing something a
cast, the sense of a world ignored by of the film; ‘The police harassment amid a London little different, her film informed by the
mainstream culture, a beast of a sound- Miseducation of sound system scene that offers another young adult novel it was based on, tak-
track — all are in place. In other words, it Cameron Post’ direct line to Yardie. ing on the flavour of both the youth
is the kind of film that can, occasionally, Alex Bailey
That critics missed the provenance of movie and the hugely popular YA genre.
make you feel 16 again. the film might say uneasy things about The result is politicised, the period
As it will if you actually are 16. Yardie what they expected Elba to make — touches lightly delivered: there are flan-
is that kind of film — somewhere something a little more earnest, per- nel shirts but no Smashing Pumpkins.
between crime story and coming-of- haps. But then, films like Yardie just The mood of the time lies instead in atti-
age, made to be consumed in a rowdy don’t get made much any more. Despite tudes to sexuality that still ruined lives,
space filled with a peer group. In fact, it a continued liking for teenagers’ money captured in the Christian “conversion
is part of an important tradition: the — in Britain, 15-24-year-olds are still by therapy” centre the teenage heroine is
British youth movie, bound up with the some distance the country’s most fre- forced to attend having been discovered
messy business of being young, usually quent cinemagoers — the movies don’t to buy tickets, intriguingly distant for with her girlfriend. Akhavan does what
tied to some form of subculture, not a always take much interest in their lives. the teenagers who are the real target. the makers of all good period films do —
musical as such but loaded with the In Britain, the last film successfully to When Quadrophenia came out in 1979, speaking to the now in the guise of then.
stuff. As Yardie slips into scenes of sound channel youth subculture was This Is some of the audience were middle-aged In place of subculture, it could be that
system parties it calls back to a famous England, the ensemble drama from Who fans with Parkas in mothballs, but the youth movies of the future are con-
sequence in mod classic Quadrophenia director Shane Meadows that saw a much more visible were a new crowd of cerned with music, clothes and the cli-
(1979), a Brighton ballroom filled with troubled 12-year-old from the industrial adolescents watching the 1960s at one mate (of all kinds) we leave them to
strutting bodies, Green Onions by Booker Midlands stumble into the company of a remove. The film’s influence spilled inherit. It’s an intriguing thought even
T and The MG’s chugging away in the mob of local skinheads, some loveable, from the cinema, helping inspire a fully- before you imagine the hit teen movie of
dark. As such, eager reviews from mid- others far less than. Quadrophenia was a fledged mod revival throughout the 2038, with the writer at this very
dlebrow critics could well be a sign of reference point; the poster for This is secondary schools of suburban Britain. moment perhaps peering at you from
having done it all wrong. England riffed on the earlier film and For This Is England the past was just as the corner of the room, bored and
While Elba is the star draw with became a fixture on the bedroom walls vital — as it is in Yardie. Their Britains watchful in the final stages of their
Yardie, a key name appears further of another generation of schoolkids can feel very different, one the emptied- school summer holiday.
down the credits: Martin Stellman, the and students. out provinces, the other a hectic east
veteran screenwriter who also wrote The curious thing about the youth London. In fact, there are common ‘Yardie’ is released on August 31,
Quadrophenia, a film that took The movie is that it is usually a period piece, threads. One is musical, the reggae of ‘The Miseducation of Cameron Post’
Who’s gargantuan rock opera and cre- set in an era recent enough for nostalgics Yardie having a cousin in the ska beloved on September 7, both in the UK

Why the sound of hate can be heard once more

Alt-right rock | Pop music as a vehicle for the message of Racist hate music’s effectiveness has
been hobbled by several factors. One is
white supremacism is again emerging from the shadows — the simple fact that most of its acts are
and seeking new audiences, warns Ludovic Hunter-Tilney not very good. Charismatic musicians
such as Donaldson are a rarity. “As an
ethnomusicologist you’re not supposed
rock, folk and metal as old sounds that
don’t speak to a millennial base and have
turned to a new genre, fashwave, which
isprimarilyelectronicmusic.”
“Fashwave” is a curious mixture of
easy listening and synth-pop, a deliber-

P
op music is celebrated as an
emancipatory force, spear-
heading youthful rebellion
against a reactionary adult
world. Its political values are
understood to tilt leftward. Rock’n’roll
challenged racial segregation, rock
music protested against the Vietnam
war, disco promoted sexual liberation,
hip-hop gave voice to people of colour,
and so on. The narrative is summed up
by an event that took place 40 years ago
in London when an estimated 100,000
people gathered for a march and free
concert organised by the campaign
group Rock Against Racism. A slogan on
one placard read, “Queer Jew boy social-
ist seeks a better world”.
This view of pop music contains some
truth, but also a large degree of romanti-
cisation. It ignores the troubling use of
pop to promote prejudice, to erect or
reinforce barriers rather than dismantle
them. Another event that took place 40
years ago in Britain, just as definitive in
its own sinister fashion, shows how
music can be deployed to foster hatred.
It was the first in a series of punk and
skinhead concerts held under the name
Rock Against Communism, organised
by the racist political party the National
Front as a riposte to Rock Against Rac-
ism. What became known as “white
power music” was born.
Forty years later, it is a marginal scene
at the murkiest fringes of popular cul-
ture. But it has not gone away. With the
revival of the far-right in Europe and
North America, the use of music to
incite racial violence should not be
ignored. Instead it requires vigilant
monitoring and an understanding of
how pop came to beharnessedbyracists.
Kirsten Dyck is an American ethno-
musicologist whose 2016 book Reich-
srock charts the emergence of neo-Nazi
rock in late-1970s Britain and its subse-
quent spread across the world. “My feel-
ing is that the music now is still as popu-
lar as it used to be,” she says. “It is really
difficult to get your hands on any num-
bers but, in terms of worldwide listener-
ship, it’s probably 200,000 people who
are listening casually and about 25,000
who are really into it.”
The National Front’s attempt to infil-
trate the UK’s punk and skinhead scenes
in the 1970s marked a shift in tactics by
the far-right. Before then, in Britain, it
had failed to gain traction among the
nation’s youth tribes. Teddy boys, noto-
rious for carrying out racist attacks on
West Indian and Asian immigrants in
the 1950s and 1960s, were alienated by
the fusty attitudes of the far-right of
their day. “We, the youth of Britain,
have finer, more noble things in our
lives than rock and roll,” a member of
the minuscule youth wing of Oswald
Mosley’s fascist Union Movement
declared in 1956.
A similar situation held true in the US.
“Prior to the spread of racist rock music
from the UK, different genres were
involvedwiththefar-right,suchascoun-
try and folk,” says Nancy S Love, profes-
sor of political science at Appalachian
State University and author of the book
Trendy Fascism. “But not rock. Its roots
were seen to be tooAfrican-American.”
In 1978 the National Front set up an
organisation called “Punk Front” whose
supporters leafleted gigs and attacked
anti-fascist activists. A National Front
Neo-Nazi skinhead band Skrewdriver, performing in 1988 — Rex/Shutterstock
record label was established in 1983,
White Noise Records. It was shortlived,
but the white power music scene contin-
ued to develop.
A key personality in its evolution was
Ian Stuart Donaldson, the British leader
of neo-Nazi skinhead band Skrewdriver.
An evangelist for white supremacism,
he believed that “[o]ur fight begins in
Europe, and spreads across the White
World”. He set up a spin-off rockabilly
band called The Klansmen for American
audiences and was working with a biker-
themed heavy metal one called White
Diamond at the time of his death in 1993
in a car crash.
“Unlike some racist skinhead musi-
cians, his lyrics were decipherable and
his voice had this deep growl to it, a
gravelly sound, that many former racist
skinhead musicians say reached them
in a way that no one else had,” Love says.
“His music was a conversion experience
for some of the youth who were drawn
into the movement.”
Donaldson’s ambition for a pan-
national white power music scene has to
a degree been realised. It moved to the
US in the 1980s and found new recruits
in Russia and former Iron Curtain coun-
tries in the 1990s. The musical style
evolved from basic punk rock to encom-
pass other genres. Far-right black metal
bands came to prominence in Nordic
countries in the 1990s. A less aggres-
sively loud neo-Nazi acoustic folk style
also took shape.
“It was used to move young people
more gradually into the movement, to
draw them in with softer sounds and
then shift them to the harder-hitting
sounds of the racist skinhead music that
would get them amped up and was often
followed by violent acts,” Love says.
to say they’re bad,” Dyck says, “but with
a lot of these bands, even their fans are
saying that they don’t really know how
to play their instruments.”
Disruptive actions by anti-fascist
activists have made it hard for white
power acts to organise and tour. Promo-
tion of Nazism is illegal in a number of
countries. Most of the bigger labels such
as Rock-O-Rama Records are now
defunct. “File-sharing killed revenues
for these labels. They didn’t do a very
good job of transitioning into the digital
age,” Dyck says.
But there are signs of renewed activ-
ity. George Burdi, Canadian leader of
one of the biggest racist skinhead bands
of the 1990s, RaHoWa, re-emerged with
a new band last year after a long period
of inaction. “He had been silent for
almost 20 years but in 2017 resurfaced,
emboldened by the Trump presidency
and also the turn to the right in Europe,”
Love says.
The South Tyrol “Deutschrock” band
Frei.Wild have gained popularity in cen-
tral Europe. Their latest album, Rivalen
und Rebellen [Rivals and Rebels], this
year topped the German-language
charts in Germany and Austria, and
became the second best-selling album
in any language in Germany. Though
the band eschews the far-right label,
their message of pride in the traditional
Christian values of the homeland reso-
nates with far-right sympathisers. A
recent tour provoked anti-fascist pro-
tests in German cities.
The alt-right, whose name echoes a
musicscene,alt-rock,hasalsoopenedup
a new front. “They are continuing to use
music,” Love says. “They are dismissing
ate shift in tone from the overtly violent
sound of traditional white power music.
“It’s an attempt to create a sub-genre
that is less explicitly ideological,” Love
says. “Part of the goal is also to eliminate
African-American musical influences.”
Racist hate music these days is under-
ground and online. Far-right ideas have
not infected the mainstream as in the
1970s, when David Bowie conducted a
dangerous flirtation with Nazi imagery,
‘Music affects the brain’s
most primitive regions . . .
The appeal is insidious —
especially to youth’
describing Adolf Hitler as “one of the
first rock stars”, and Eric Clapton com-
plained that Britain was becoming “a
black colony”. When US white suprema-
cist Richard Spencer called Depeche
Mode “the official band of the alt-right”
in 2017, the British synth act immedi-
ately denounced his unwelcome
endorsement. But the attempted co-op-
tion showed how pop music retains its
role in the far-right imagination.
“Music affects the most primitive
regions of the brain,” Love says. “It trig-
gers fight or flight responses before the
higher brain has the opportunity to
process the message. The appeal is
insidious and dangerous, especially to
youth who may not have developed a
sophisticated ideology or a strong sense
of personal identity.” There is no room
for complacency in the musical battle
for hearts and minds.
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Arts
The art of
I
feel about internet art the way I
feel about cryptocurrency: it’s
important, yes, and probably
the avatar where things are headed, but it
seems so impenetrable, so up in
the air still, that I’d rather retreat into
a white cube gallery and wait for the
pixels to settle.
But the internet matters when it
comes to female artists, because the
internet is a feminist utopia. This, at
least, is what women once believed
possible. In 1991, the same year that
the world wide web became publicly
available, a collective of radical
academics who went by the name
VNS Matrix published their influential
“Cyberfeminist Manifesto”.
“The future is unmanned,” they
wrote, declaring themselves “saboteurs
of big daddy mainframe”. The
manifesto was anarchic and often
contradictory (also full of anatomical
analogies too blue for these pink
pages), but the thrust was this: if
computers could free women from
the demands of the physical body,
Harriet Fitch Little they could liberate them from
the patriarchy.
The collective toyed with the
Opinion possibilities of computer-generated
bodies in their projects throughout the
early 1990s. One game installation
began by asking users whether they
were male or female — and booted out
anyone guilty of not selecting the
option “other”.
A quarter-century on, what does
cyber space look like? Dreams of utopia
have faded fast. Rather than women’s
bodies becoming irrelevant, they have
been turbocharged through online
circulation: contorted into impossible
proportions by gaming avatars,
airbrushed by Instagram, pummelled
into supplication by porn.
This has had a profound effect on
women who make art online. Digitally
rendered avatars have indeed become
a popular mode of artistic exploration,
but the female form has not been cast
off. In fact, the bodies that artists
generate with the help of computers
often conform to the strictest of
beauty standards.
Take LaTurbo Avedon, a widely
exhibited artist who exists solely in the
digital sphere. (This means Avedon
creates art as an avatar; we do not
know who generated her.) Avedon
appears on our screens as young, white
and blonde, with legs so long they are
anatomically impossible. She is glassy-
eyed, her movement seductive but
machine-like. Looking at her, you get
the impression that she was specifically
designed to resemble a robotic woman
rather than a real one.
But Avedon is not a droid, even if she
looks like one. The contemporary
artists who choose to assume digital
bodies often do so in order to rail
against them. In one video, Avedon
vogues in front of a giant projection of
her Facebook page — a droll reflection
on our online peacocking.
The British artist Kate Cooper
presents her perfectly proportioned
female avatar in situations of
confinement: banging her head against
a glass box, or with limbs protruding
from a cloudy jelly. In a recent show at
the Serpentine Gallery, the African-
American artist Sondra Perry appeared
on a screen as an avatar, ostensibly of
herself, but explained to the audience
that she was an inaccurate rendering:
the artist is fatter and less Caucasian
sounding than the software templates
would allow for.
I thought of these artists when the
photographer Cindy Sherman made
her Instagram account public last year.
Sherman, now 64, is famous for taking
self-portraits in which she adopts
various disguises, and her Instagram
revealed more of the same: she uses
filters and photo editing to transform
herself into a punk princess, a teenage
ingénue, a past-it glamour puss.
Not all artists of Sherman’s cohort
have found continued relevance in
Rather than our digital age: when Richard
Prince lucratively applied his
women’s bodies appropriative formula to Instagram, it
becoming mainly generated headlines about
copyright infringement. Sherman, on
irrelevant, they have the other hand, has been lauded as a
been turbocharged returning messiah. I don’t think this is
because she is a “selfie artist” well
through online suited to a generation of hopeless
circulation narcissists, as critics have suggested.
Sherman has always been adamant
that she doesn’t see herself reflected in
her photographs: “I feel I’m
anonymous in my work,” she once told
the New York Times.
In my mind, Sherman has more in
common with Avedon, Cooper and
Perry than with anyone taking selfies:
she identifies iconic representations of
femininity, then casts them on and off
like clothes.
One day, we may look at this work
and find its fixation on the female
body odd and old-fashioned. One
day, perhaps, but the internet doesn’t
mark its dawn.

THE LIFE OF A SONG

Lost in music THESE BOOTS ARE MADE

FOR WALKIN ’

Susanne Sundfør performs at Union Chapel in Islington, London — Robin Little/Redferns
herself and her inner life?
Pop | Two lauded albums, a breakdown, an astounding stage show: what next She puts on a singsong voice. “Lovey
dovey stuff! Just kidding. Maybe. I like
to knit together personal experiences
for Norwegian singer-songwriter Susanne Sundfør? She talks to Michael Hann with bigger topics, just to put things in
perspective. I’m reading War and Peace
and I think it’s really fascinating. One of
the characters is shot in the battlefield
T
he 1960s had a
thing for
boots, which
occasion-
ally erupted
into song. Patrick
Macnee and Honor
Blackman, stars of The
Avengers, babbled a
breathless homage to
“Kinky Boots”. Soul group
The Orlons lamented “Them
Terrible Boots”, and mod band
The Artwoods confessed “I’m
Looking for a Saxophonist record’s character: it sounded
Doubling French Horn Wearing slack and sarcastic. This matched
Size 37 Boots”. But the decade’s Nancy’s disdainful vocal,
dominatrix of leather zip-ups was delivering lyrics that made her
Nancy Sinatra, whose “These sound like a pyromaniac as well
Boots Are Made for Walkin’” took as an ass-kicker. Another
pop to places it had previously masterstroke was a go-go climax,
only fantasised about. This launched by Nancy’s command:
oddball song was a tough-talkin’, “Are you ready, boots? Start
heavy-stridin’, even fetishistic walkin’.” “These Boots Are Made
assertion of grrrl power — and for Walkin’”, released in February
Nancy’s father approved of it. 1966, strolled to number one in
Nancy Sinatra in calf-high the US, UK, Canada and Australia.
scarlet patent is as much a part of Nancy charted again, duetted
1960s iconography as Ronnie with Hazlewood and her father,
Spector’s beehive hairdo and Julie and sang the theme for You Only
Driscoll’s cheekbones, but the Live Twice. Meanwhile, “These
celebrity status of Frank Sinatra’s Boots Are Made for Walkin’”
boot-wearing daughter was never marched on.
a shoo-in. Nancy had dropped out Hazlewood’s own recording of
of stage school, appeared in lousy the song featured commentary
teen movies, and had released 11
singles. All flopped, but this did Hazlewood told her it
not deter her record label, Reprise
— perhaps because her father
‘wasn’t really a girl’s
owned it. But it bothered Frank song’, but Nancy
that the public ignored Nancy’s
records, and he told
Sinatra disagreed
Jimmy Bowen,
Reprise’s A&R
executive, to find
her a hit. Bowen

I
t’s usual to meet musicians at the
point their album is coming out,
before they’ve started touring,
when the world feels new to them,
and they want to share that feeling
with the world. It’s a year, though, since
Susanne Sundfør released her fifth stu-
dio album, Music for People in Trouble,
and she’s not going to pretend.
“I know people who say they hate
change, who don’t like to let go of
things,” she says when we meet in
Gothenburg, where she played the Way
Out West festival last weekend. “But I
need to get rid of my old skin. Touring is
something I love and I hate: I love travel-
ling and performing, but then there’s a
line where I can’t take it any more.
Sometimes you’re just emotionally
drained. If you take your music seri-
ously and you want to give everything
on stage, doing that every day for weeks
is going to drain you.”
Sundfør is an extraordinary talent:
both a wonderful, expressive singer, and
a remarkable and peculiar songwriter.
She’s 32, and has been a proper star in
her native Norway for 12 years: her first
album reached number three in the
Norwegian chart, every subsequent
album has been a number one. That
debut was largely Sundfør and her
piano, singing recognisably Laurel
Canyon-inspired songs; you could sense
a change in its follow up from its title,
The Brothel, which began to introduce
synths and martial rhythms. By 2015’s
astounding Ten Love Songs, the transfor-
mation into a form of mechanised mel-
ancholy was complete, with a 10-
minute centrepiece, “Memorial”, that
managed to encompass choral music,
power balladry and an extended classi-
cal section led by Sundfør’s piano. It’s
hard to be original in pop music, but
Sundfør had managed it. The album
won her rapturous attention outside
Norway for the first time, and there was
a palpable sense of a star being born.
And then, a nervous breakdown.
The process of making Ten Love Songs
— programming synths, working alone
— caused her to hit what she calls
“ground zero”, and once she finished
touring it, she stopped. She packed her
camera and set out to go around the
world — to the Amazon, Iceland, Nepal,
North Korea — to take photographs of
places that might lose their identity in
the near future, and to forget about
being a musician. She reset her life.
“I’ve always liked to go alone into new
situations or new worlds,” she says. “I
don’t know why. It’s painful to peel off
your own skin, but it’s also liberating.
It’s like death and rebirth.”
On her return, she began work on
Music for People in Trouble, shedding the
synths and the programming, returning
to more conventional singer-songwriter
material, though in a slightly apocalyp-
tic vein: global warming was a recurrent
theme. And in between small scale gigs
featuring her and one other musician,
she promoted it with an astounding
stage show, with her and a large band of
jazz-trained musicians in hoods and
cloaks, behind a gauze screen on which
visuals were projected.
“I’ve done maybe 20 of these shows,”
she says. “I wish I could have performed
it more abroad, but it’s a very expensive
production and it demands a certain
number of people to come to the show
because of the size of venue it needs.
Other than Stockholm and the Barbican
[recorded and to be released as a live
album later this year], we’ve only been
able to do it in Norway.” The third of the
shows outside Norway followed last Sat-
urday, late at night in a church in
Gothenburg, as part of Way Out West.
Just as at the Barbican, it’s engrossing,
the 40 or so minutes of the album
stretched into 70, with sections of band
improvisation. If this makes Sundfør
sound a little worthy, she’s not. She’s just
in her own world. She laughs a lot, and
describes how she thinks she is too
engrossed in art, because she treats it as
reality. “Today I was thinking about the
film Notting Hill and how the guy who
works in the bookshop with Hugh Grant
will never be able to take care of himself.
He’s just there because Hugh Grant
takes care of the store. So Hugh Grant
gets Julia Roberts, they marry, and he’s
not going to run the store any more, So
what’s going to happen to that guy? He’s
probably going to fall into the gutter.”
I suggest that way of thinking isn’t
uncommon. That I had watched a
Bourne movie the previous night and
been concerned by how long central
‘The new album is not
going to be about the
apocalypse. I’m tired
of the apocalypse’
Paris would have been gridlocked after
the car chase, and that I can’t watch Die
Hard without fretting about the insur-
ance nightmare to follow all those
explosions in the Nakatomi Plaza.
“So I’m not alone! Maybe this is a
thing that artists do, and people who
care about art do. Maybe they’re emo-
tionally engaged in the art to the extent
that it’s real.”
Or maybe we’re just very pedantic
and anally retentive.
“True. That could be it as well.”
She’s started writing for her next
album, she says. “I see a lot of red.”
You what? Do you mean you’re going
full apocalypse?
“I think it will be continuing the
sound I developed on this last album. It’s
not going to be about the apocalypse.
I’m tired of the apocalypse.” More about
and he’s looking up at the sky and he turned to Lee
understands what true love is, which is Hazlewood, a
to not love anyone specific, but to love singer-songwriter
anyone, everything and everyone. It’s who’d produced
such a modern way of thinking. That’s Duane Eddy.
like what all the” — she goes into a Cali- Hazlewood was
fornia vocal fry voice — “‘yoga instruc- sceptical, but
tors’ are saying. It’s like you need to agreed to meet
detach from the world and be part of the Nancy at her
Hindu god of everything.” mother’s
That leads, via Russian nationalism Hollywood home.
and Jane Austen, through the tearing Sinatra père
down of the male canon (“I don’t give a arrived and
shit. Sorry, I don’t mean that. I’m just so expressed his
tired of gender discussions”) into how delight that Hazlewood
the music industry has changed over was working with
Sundfør’s dozen years in it. In 2008 she his daughter. You didn’t argue
won a Norwegian award for best female with Frank.
performance, and observed in her Days later, Hazlewood was in
acceptance speech that she wanted to be the same room auditioning songs
an artist, not demarcated as a female for Nancy. Frank, apparently
artist. “I was called sulky, I was called uninterested, sat reading a
bitchy. There were a lot of comments in newspaper. One tune caught
Norwegian newspapers that were not Nancy’s fancy. Hazlewood told
flattering, including from women. The her it “wasn’t really a girl’s song”
women were saying: ‘What are you com- but the singer disagreed. A guy
plaining about? Stop complaining!’ And walking over a girl sounded
the guys were telling me not to be so abusive, she said, but delivered by
uptight. I don’t think that would happen a woman, it would take on an
today. If women object to being treated entirely different slant. When
in a discriminatory way they will be Hazlewood had left, Sinatra Sr,
heard. That’s the biggest difference. not fazed by its strange subject,
They are not ridiculed and seen as announced: “The song about the
uptight shrews.” boots is best.”
Later on, in that Gothenburg church, Nancy had always sung with a
Sundfør comes to the seventh track of “girly” voice, but at rehearsals,
Music for People in Trouble, “Undercover”, Hazlewood told her to “sing like a
a lambent piano ballad, with a breath- 16-year-old who f***s truck
taking, overwhelming ending. She pulls drivers”. Nancy grinned, “I can do
back her hood, and a spotlight picks her that,” surely relieved that
out. Talking about travelling she had someone connected with her
told me. “I think there’s something recording career had decided that
about losing yourself so you are not daddy’s little girl, then 25, had at
present any more.” That’s how it feels least reached the age of consent.
watching her, in that moment onstage. The session’s hired hands
included Chuck Berghofer, who
‘Music for People in Trouble’ is out now on played the tumbling double bass
Bella Union. line that helped shape the
Nancy Sinatra, c1966 Alamy
suggesting that the arranger of Ms
Sinatra’s version, Billy Strange,
considered it too strong;
nevertheless, Strange released his
own take. Ella Fitzgerald’s
interpretation began as if it was
about shoe shopping. Reggae
group Symarip replaced
“walkin’” with “stomping” to
match the 1970 skinhead
moonstomp dance craze.
TV presenter Paula Yates
“sang” it in 1982 with British
Electric Foundation.
Three years later, thrash-
metal band Megadeth made the
song’s lyrics more explicit and
incurred Hazlewood’s wrath;
perhaps he had forgotten his
own singing advice for Nancy.
German industrial act KMFDM
cut three versions for a single.
Geri Halliwell, Jessica Simpson
and Lil’ Kim all covered it,
drawing girl power inspiration
from Ms Sinatra’s definitive
performance of “These Boots Are
Made for Walkin’”.
Ian McCann
For podcasts and more in the series,
go to ft.com/life-of-a-song
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18 August/19 August 2018 ★ FTWeekend 15

Arts

Delayed exposure
developed a very clever way of negoti-
ating that line between the political
Censorship | As a 1999 show and non-political.”
Liu Heung Shing is a Pulitzer Prize-
closed by the authorities winning photographer who founded the
Shanghai Centre of Photography in May
2015. “The Chinese economy acceler-
in Shanghai is re-staged, ated at a speed no one expected,” he says
of the decades following Wùshìrénfēi.
“Suddenly contemporary art became
Tom Seymour looks at the part of the mass culture of owning mate-
rial possessions.” And this commodifi-
cation, he says, has helped to alleviate
state of photography in China the censors’ fears around art. “Com-
pared to [the art] the government saw
in 1989, the government [today] is
breathing a sigh of relief.”

A
n installation by the Chi-
nese artist Xiao Lu entitled
“Dialogue” consists of two
phone booths, one contain-
ing a life-size photograph of
a man and the other a life-size photo-
graph of a woman. Both figures are seen
from the back; neither seems to notice
the other. “Dialogue” was included in
China Avant-Garde, a group exhibition
that opened at the National Art
Museum of China in Beijing on February
5 1989, the eve of the Chinese new year.
Two hours after the show opened to
the public, Xiao, 26 at the time, smug-
gled a gun into the gallery and fired two
bullets at the centre of her piece. Her
actions later became known as “the first
gunshots of Tiananmen”: four months
later, those famous protests and their
violent reprisals unfolded in Beijing’s
main square.
Xiao’s shooting performance led the
authorities to close the entire exhibition
permanently. A photograph of Xiao’s
dramatic intervention, taken by an
anonymous friend, is the only remain-
ing document of China Avant-Garde. It is
currently on display at Tate Modern in
London, and is in the process of being
acquired by the museum.
“Xiao Lu, and the group of New Wave
artists she was part of, are integral to
understanding the development of Chi-
nese contemporary art,” says Victor
Wang, curator of Shanghai Photofairs.
Next month at the fair he is restaging a
1999 exhibition of contemporary Chi-
nese photography inspired by Xiao’s
protest called Wùshìrénfēi, which trans-
lates as Things Have Remained The Same,
But People Have Changed.
After Xiao fired the shots, she was
detained, and later left China for Aus-
tralia, where she spent the next decade.
She then returned to China and contin-
ues to practise installation art, along
with performance and video art.
“Throughout the 1990s, there was a
huge explosion of art in Shanghai and
across China,” Wang says. “The art-
works created throughout that time
were both a legacy and product of the
New Wave.”
Wang and his colleague Davide Quad-
rio, founder of Shanghai’s BizArt Art
Centre, estimate that up to 100 exhibi-
tions in the city were closed by the
authorities in the 1990s. “The majority
of contemporary art in China therefore
sits in an unofficial history,” Wang
explains. “An oral history that is not
necessarily state-backed or sponsored.”
Wùshìrénfēi was scheduled to open at
859 Tian Yao Qiao Road, Shanghai, on
September 4 1999. But, on the day of the
opening, it was abruptly shuttered by
the Chinese authorities. It would have
been one of the city’s first exhibitions
dedicated to fine art and conceptual
photography. When Wùshìrénfēi opens
— in full for the first time — next month,
it will be shown alongside an exhibition
of work from a new generation of Chi-
nese photographic artists.
That Wùshìrénfēi has passed the cen-
sorship test has surprised many, not
least the artists themselves. It is being
billed as the great unseen exhibition,
showcasing a generation of artists —
including Geng Jianyi, Yang Fudong, Liu
Wei, Hu Jieming, Xu Zhen, Liang Yue,
Chen Xiaoyun, Yang Zhenzhong and
Xiang Liqing — now recognised as piv-
From top: otal to the development of contempo-
Chen Xiaoyun’s rary Chinese art and integral to the way
‘AH, , , ,AO’ (1999); Chinese society is viewed by the rest of
Yang Fudong’s the world. “At that time, for an exhibi-
‘The Evergreen tion to be cancelled was a very normal
Nature of Romantic thing,” says Liu, who took part in the
Stories’ (1999); original exhibition. “Basically, no exhi-
Yang Zhenzhong’s bitions were permitted to be on display
‘Cycle Aerobics I’ for more than a few days.”
(1999) Xu, who also exhibited, says: “In 1999,
Shanghart Gallery
the art world in China was relatively
simple — there were no art institutions,
no galleries. There were only artists with
a passion for art.”
Shanghai PhotoFairs, now in its fifth
year, has proved popular, with 30,000
visitors last year. The fair’s presence in
Shanghai has coincided with a dra-
matic expansion of artistic infrastruc-
ture in the city. Since the fair’s first edi-
tion, four dedicated photography
museums have opened in the city and
there have been more than 70 photog-
raphy exhibitions.
With this new-found interest comes
a burgeoning native art market.
Increasingly, Chinese collectors are
buying Chinese art. And photography
has become the medium of choice for
many collectors.
Juliet Hacking, a photography spe-
cialist at Sotheby’s Institute of Art and
author of the forthcoming Photography
and the Art Market, says there has a been
a fundamental shift in the attitude of
western auction houses and dealers
towards the Chinese art market.
“[They] used to ask how [they] could
encourage western collectors to buy
Chinese works,” she says. But now it’s
about “how we can encourage Chinese
collectors to buy Chinese works”.
But this rapidly developing market
exists under a one-state system that
retains a high level of censorship. Since
Tiananmen Square, Chinese photogra-
phers have mastered the art of creating
multivalent, metaphorical or symbolic
work, which evades censorship by dint
of ambiguity. Hacking says: “[Chinese
artists] always have to ask themselves:
‘If I want to get my work seen, how can
I say what I want to say?’ They’ve
Sarah Fisher is director of Open Eye
Gallery in Liverpool, Shanghai’s official
“twin” city, and curator of the current
This Is Shanghai exhibition, which
includes many of the same artists as
Wùshìrénfēi. “Chinese artists are inter-
ested in evolution, and why wouldn’t
they be?” she says. “They tried revolu-
tion, and it didn’t really work . . . We
should understand that the Chinese
people are bringing their government
with them.”
The mere existence of Wùshìrénfēi in
2018 might suggest a softening of the
country’s censorship programmes and
a more tolerant attitude towards its
artistic communities. But many artists
‘Chinese artists are very
astute at engaging and
observing the government’s
invisible hand’
who have spent their careers in China
would disagree. Liu says the Chinese
government’s quest for control has not,
in his opinion, subsided. “The invisible
hand of the Chinese government is
always there,” he says. “And Chinese
artists are very astute at engaging and
observing this invisible hand.”
As China looks set to strengthen its
position in the global photography mar-
ket, Wùshìrénfēi could prove a landmark
moment — a timely recognition of a
movement of artists who created work
without hope of being seen, heard or
shared, but who nevertheless laid the
foundations for the fertile and inter-
nationally-facing artistic community in
Shanghai today.
Jiehong Jiang, director of the Centre
for Chinese Visual Arts at Birmingham
City University, grew up in Shanghai
and has worked closely with many of the
artists who exhibited in Wùshìrénfēi. “All
the artists are surprised that [Photo-
Fairs] are going to reproduce this partic-
ular show,” he says. “I don’t know how
this is going to go down [with the
authorities]. In my view, it’s pretty
impossible . . . because it was shut.
Unless the authorities forgot about it,
or have completely changed their
strategy . . . Let’s wait and see.”
Shanghai Photofairs, September 21-23,
photofairs.org/shanghai; ‘This is
Shanghai’, venues across Liverpool, to
September 7, chinadreamliverpool.com

Who’s in charge of the narrative?

Edinburgh Fringe| The meaning of ‘meninism’; women Neema (AAAAE) is basically a love story, trac-
Bickersteth in ing a Manchester man and woman’s
take control; tales of addiction. By Alice Saville ‘Century Song’ relationship as it’s crushed and sus-
John Lauener
tained by their shared addiction. The
play’s politics come in quietly, as they

T
he cover of the 2018 Edin-
burgh Fringe programme
ushers us “Into the
Unknown”, an appropriate
slogan for a festival that’s
predictably unpredictable. Tying its
line-up of over 3,000 shows into any one
single theme is a struggle. But one ines-
capable strand is embattled masculinity
in a post-#MeToo society, and narra-
tives of female independence.
On at the Traverse, Penelope Skin-
ner’s Meek is an unconvincing story of a
woman rebelling against a fictional gen-
dered dystopia. Her other play at this
year’s festival, Angry Alan (AAAEE),
has more topical bite. Built on intensive
research into the world of men’s rights
activists, it introduces us to a thwarted
man who gets sucked into their world.
It’s full of intriguing, often hilarious
insights into “meninism”, but ulti-
mately shies away from the real-world
harm these keyboard warriors do.
It might be set in 17th-century Italy,
but the consistently exciting Breach
Theatre’s new show It’s True, It’s True,
It’s True (AAAAA) feels equally, uneas-
ily current. It follows the artist Artemi-
sia Gentileschi, who at the age of 17 is
facing down her rapist in court. Three
women re-enact a trial that’s weighted
against her, their narrative given furious
momentum by a soundtrack of songs
by The Breeders and Patti Smith. There
are more period-accurate cultural
references, too. In one deeply powerful
sequence, Gentileschi plays Susanna
and the Elders (the subject of one of her
paintings) from two perspectives. First,
she’s Susannah as painted by her male
contemporaries, all coy, bubbling, look-
at-me flirtation. Then, Gentileschi por-
trays Susannah as she sees her, arm held
up in defence, furious at the male atten-
tion she’s desperate to repel. Being
looked at isn’t something Gentileschi
can escape, but her paintings give her
control over her own narrative.
Century Song (AAAAE) is another
work which puts a woman in control of
how she presents herself, in a way that’s
unclassifiable but entirely beautiful.
Soprano Neema Bickersteth explores
different facets of the 20th-century
African-American experience by sing-
ing wordless songs as she shape-shifts
from 1930s cabaret singer, to 1970s pro-
tester, to present-day businesswoman
who hurtles over rooftops. She wears
her virtuoso performance skills lightly,
winking at the audience as the giant
video screen behind her fills with flick-
ering avatars of herself. But that light-
ness never undermines the show’s emo-
tional power. It’s made rich by the
weight of the forgotten black women’s
lives she’s embodying, and by the enno-
bling beauty of her voice.
Jess Love’s Notorious Strumpet &
Dangerous Girl (AAAAE) is a similarly
genre-crossing show. She’s a cabaret star
who has toured with the likes of La
Soirée and Circa, but this piece gives her
a chance to sprawl out from the trapeze
turns that made her name into some-
thing messier and freer. It’s about alco-
holism, with the whole show styled as an
AA meeting where the audience are
given tea and biscuits. It’s also a moving
exploration of family and genetic inher-
itance, as Love tries to make sense of her
family’s convict past in Australia. One
section contrasts the brutal punish-
ments given to her great-grandmother’s
great-grandmother with the torments
that Love’s addiction has put her
through, a century-spanning connec-
tion made physical.
Coming to the Edinburgh Fringe after
opening in London, Isley Lynn’s witty,
tender play Skin a Cat (AAAAE) is the
story of a body that rebels against its
owner. Alana has vaginismus, a condi-
tion that makes any kind of vaginal pen-
etration almost impossible, but both she
and her male partners are determined
to overcome it. Pretty much since its
beginnings, people have been keen to
paint the Fringe as a home of fevered
wall-to-wall nudity, but what’s impres-
sive about this play is how its awkward,
vivid sex scenes rely on less intimate
body parts: a fist stands in for a penis,
enmeshed fingers for a vulva. It’s both
effective and fitting for a performance
that focuses on Alana’s psychological
distress and recovery, rather than the
physical realities of her body.
Despite the name, Ed Edwards’ The
Political History of Smack and Crack
remember a climactic day: the 1981
Moss Side riots, where the city erupted
against the police. And then they talk
about the policies which penalised the
drug users rather than the gangsters
who flooded the city with heroin. Eve
Steele and Neil Bell’s performances are
agonisingly realistic: this play takes
their lives seriously, showing their diz-
zying highs without shying away from
the grimness of their world.
There’s something deeply political
buried in Sam Ward’s [insert slogan
here] (AAAAE) too. It’s a riff on the
seduction of advertising, specifically the
Volvo adverts that Ward fixated on as a
kid. Now, he searches their shiny sur-
faces for deeper meaning, exploring
their reflections on love, freedom and
fulfilment by re-enacting them with
audience members. This is a strange,
moving homage to the most polished,
ambitious kind of car adverts, showing
how they can make viewers feel that
their deepest longings will be satisfied
with one, four-wheeled purchase.
Ward’s show feels like an arch com-
ment on a festival where there’s a con-
stant pressure for attendees to buy more
tickets, and see more shows. But it’s also
this kind of experimental, subtly dis-
ruptive work that makes diving into
Edinburgh’s festival of the unknown feel
so worthwhile.
Until August 27, edfringe.com

16
Weddings special
In this special edition
of Spectrum we
feature some of the
photographers and
writers who put our
nuptials under the
microscope. The
ridiculous cakes, the
exhausted bridesmaids,
the overexcited guests
— all of them dance
through these pages in
celebration of our most
hopeful of traditions
On FT.com
More stories and pictures,
including lavish cakes and
brides’ dresses for sale on
ft.com/magazine/weddings
I Marriage, Tijuana-style
n Tijuana during the 1970s, the
upper middle class was still under
construction, and the inhabitants
of this young city were seeking new
ways to identify themselves. The
photographers who dedicated them-
selves to documenting the weddings of
the day divided into two types. There
were those who would wait outside the
church and photograph the newly-weds
as they appeared amid expressions of
joy, in the hope of selling the prints at
the wedding party later. And then there
were the studio photographers, in
charge of taking pictures of the newly-
weds and their families, usually in
black-and-white.
My parents, José Luis Venegas and
Julia Edith de Venegas, opened their
photographic studio in Colonia Cacho, a
residential area of Tijuana, with a fresh
idea. Drawing on their experience of
working with photographers in Los
Angeles, they offered newly-weds a full
album, with colour photographs of the
whole event, from the moment the
bride was getting ready at home to the
time the couple left together for their
honeymoon. Young affluent couples
loved the idea, and this was how the
work of José Luis Venegas Studio
became a social marker in Tijuana.
During my childhood, I witnessed my
father editing these wedding photo-
graphs, holding the 5x5 prints (some-
times up to 1,000 of them) in his hands
and dropping the ones that he thought
didn’t work to the floor. He was getting
rid of images he believed his customers
would consider mistakes, and would not
buy, or the ones he thought were ambig-
uous and lacking in narrative.
His quest coincided with a need in the
market: to create a clean memory, one
that eliminated anything that could
Something old, something new, something cheap
Essay
Geoff
Dyer
Champagne? Limousines?
No way. Here’s to the joys
of a bare-bones wedding
I
’ve been to quite a lot of weddings,
all of them enjoyable, some lavish
and a few low-cost, but I have
never been to one as lacklustre as
my own. It was a budget-airline-
in-the-age-of-austerity-type wedding.
No expense was not spared. Everything
that could be trimmed was lopped off,
anything inessential was excluded.
If Rebecca, my bride-to-be, and I could
somehow have removed ourselves
from proceedings as part of the
relentless de-escalation of costs, we
would have done that too. The full
itinerary and cast list was: bus to
Marylebone Register Office, two
friends as witnesses, lunch, bus back
In the 1970s, José Luis Venegas changed the way weddings were photographed in the Mexican city, capturing
the day in colour. His daughter, artist Yvonne Venegas, explains how she draws on those methods in her work
to Rebecca’s flat. Done and dusted:
married after knowing each other for
about four months.
I do regret a few of the exclusions.
We didn’t invite our parents. Not
because of any issues or ill feeling. We
just didn’t bother. What was the point?
Well, the point is that it would have
made Rebecca’s parents happy, so I
wish we had asked them along. If we’d
asked them, then we would have asked
my parents too, but their position
was more ambiguous. It would have
involved their travelling to London and
that would have involved expenditure
and that would have been at odds with
what became the most important thing
in my Dad’s life: saving money.
In some ways the apotheosis of
everything Dad had instilled in me in
terms of cost-cutting, the wedding
remained unsurpassed until the
posthumous anti-masterpiece of his
funeral, which, as instructed, was
pruned back so ruthlessly that there
was almost nothing to do except stand
around and think that the odd flower
or hymn might have been good value
in a filling-the-void sort of way. If the
total expenditure of the wedding was
reduced by his not being there, then
that, so to speak, was one of the rare
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
★ FTWeekend
prices he was more than willing to pay.
It wasn’t really about the money,
though — money is never really about
the money. Coincidentally, two of
Rebecca’s friends were getting married
the night after us and were doing so in
default high style: dinner, marquee,
fine outfits, champagne, speeches.
This meant that we could have all the
fun of a wedding without being the
ones getting married. We were glad it
wasn’t us up there, making public
protestations of undying love. We’ve
felt the same at every wedding we’ve
been to since, even the ones where we
had a fantastic time, such as the one in
Tucson, Arizona — a lot of fun, even
though the marriage itself lasted such
a ridiculously short time that if I’d had
the decency to buy a present, I’d have
asked for a refund. Then there was the
weird one down in Hardy country that
looked like the marriage might not last
as long as the wedding. They are such
Illustration by Laura Carlin
Clockwise from main picture:
‘Nirvana, 2006,’ by Yvonne Venegas;
‘Afife Baloyan, 1973’, by José Luis Venegas;
‘Reloj, 2006’, by Yvonne Venegas;
‘Debutantes, 2003’, by Yvonne Venegas;
‘Gutierrez-Soler, 1973’, by José Luis Venegas
strange things, weddings, that you half
expect to see a naked hunter-gatherer
from deep in the Amazon rainforest
filming the ceremony for the purposes
of anthropological analysis.
Was it mean of us doing it as we did?
Is having a big wedding an obligation
to friends who either have had or will
be having one of their own, a lavish
version of getting your round in at the
pub? If it is, then I can only apologise
for a citizenly shortcoming. To what
‘If we could, Rebecca and I
would have taken ourselves
out of the picture as part of
the de-escalation of costs’
extent is the wedding a component of
the marriage? Do some people get
married because they like the idea of
starring in a wedding? And if we were
averse to the idea of a wedding, why
did we get married at all?
The answer to this last question is:
I don’t know. We just wanted to and —
I’ve fact-checked this with Rebecca so
it’s not just me speaking on our behalf
— have never regretted it. Not for a
18 August/19 August 2018
remind his clients of their more vulner-
able selves.
His editing process remains in my
imagination as an essential ingredient
for the projects that I myself now pro-
duce. For more than two decades, I have
focused on finding those vulnerable
moments in my own work. I have photo-
graphed the types of people who might
be his customers and looked for the
moments that linger between what
could be a perfect image and its oppo-
site. In that space there is a life to be pho-
tographed.
Now I am editing my father’s archive,
covering the years between 1970 and
‘I look for the moments
that linger between
the perfect image
and its opposite’
1990, seeking images that give impor-
tance to emotions and gestures pro-
voked by bodies learning how to appear
for the camera. I am also interested in
seeing how he went about learning his
trade as a social photographer. I want to
retrace his steps, going back through an
inherited history, which is also part of
my way of seeing the world.
‘San Pedro Garza Garcia’ by Yvonne
Venegas, is published next month by
RM Editorial; editorialrm.com
‘Reinterpretations’, the archive of José Luis
Venegas is at Zona Maco, Mexico City,
August 22-26; zsonamaco.com
José and Yvonne Venegas’s work is
included in ‘Noches Fieras’, Museo
Universitario del Chopo, September-
December, chopo.unam.mx
moment. We hardly knew each other
when we got married 18 years ago this
October — the exact date escapes me
and Rebecca is not able to recall it
offhand — and when you get married
in a rush, all crazed and loved-up like
this, it’s possible that the hangover can
set in even before the intoxication has
worn off. That didn’t happen for us and
I wonder if, in some inexplicable way,
the wedding may have played a part in
our marriage working out so well.
Oh, and I should have said, there
was one exceptionally nice thing we did
— it was Rebecca’s idea, naturally —
which was to make sure we had
identical wedding rings. I’m looking
at mine now, in Berlin, while Rebecca
is sleeping in Los Angeles. It’s just . . .
nice! If we are on a bus together in
London, going past a church as a
bride and groom spill out in a blizzard
of confetti, kisses and almost
unimaginable expense, we will look at
each other and clink our nice wedding
rings together. “Look! They’re just like
us,” one of us will say. “Just like we
were on our special day.”
Geoff Dyer’s new book ‘Broadsword
Calling Danny Boy’ will be published
by Penguin in October
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18 August/19 August 2018 ★ FTWeekend 17

Spectrum | Weddings special

Wedding, schmedding
among my siblings as the only one born backstage bride carefully putting on I’ve been in a relationship now for a
Essay inside the walls of a steadfast wedlock. her shoe. Clichés fling all of those decade, and it can feel petulant to turn
All of this is to say: it’s hard to involved light years from the bonding down the hard-won opportunity of a
Laurence generalise about weddings. of two people, while the best weddings cake topped with two grooms. My
Scott But one generalisation that I would
like to suggest is that a wedding is
find the images and metaphors with
which to approximate it. On such
boyfriend and I have the running joke
that whenever we’re alone in some
always late for a marriage that’s occasions, this crocodile’s eyes have place of natural beauty, one of us says,
already in full swing. I’m talking about been known to fill with real tears. “I’ve brought you here for a special
secular occasions; summoning a deity These tears are an achievement, reason.” I’m writing this from Lake
Those key moments in casts things in a different light and, given that in addition to my descent Huron in Canada, and in the midst of
I assume, makes the event more of my thinking about weddings, we went
a relationship often come a watershed. But in the secular west, ‘In the secular west, it for an evening swim. “I’ve brought you
long before ‘the big day’ and setting aside a suite of legal
seems to me that people
here for a special reason,” I said, and
protections, it seems to me that people his bobbing seal’s face flashed with real
are already wed by the time they arrive are already wed by the time worry. He knew that the child of

A
s the offspring of double
adultery, I’m not
predisposed to take
weddings fully seriously.
On two different days,
the precarious but (as it turned out)
unbreakable promise of me menaced
two different banquets. I was the
crocodile waiting downriver. My life
depended on the meeting of two people
who were sufficiently open to betrayal.
And yet my parents eventually had
their own simple, charming wedding,
at which no crocodiles were present.
Five years later I arrived, unique
at the ceremony.
It’s fun to imagine that there’s a
moment when the real wedding
actually happens. Does the transparent
veil fall over two colliding, sideways
glances on a drive to the shops? Or
during a Tuesday-night summit about
toppings for a takeaway pizza — the
shared excitements (’nduja sausage)
and the concessions (no mushrooms)
— when deep love becomes vivid, not
just from successful negotiation but
from simultaneously feeling the pathos
of one another’s smiling, stuffed-crust
anticipation, the small pleasures of two
mortals doomed to die, and from truly
seeing one another as digesting,
defecating creatures, and not minding?
The official “wedding”, then, is for
atheists the public echoing of a much
more mysterious occurrence. As with
any ritual, the line between potent
symbol and the bad poetry of cliché is
Illustration by Laura Carlin
a tricky one. Some clichés are to be
avoided for moral reasons: the after-
dinner bride reduced to a silent void
around which a ring of male voices
circle. Other clichés are social or
aesthetic: the resentful guest feeling
roundly ignored and totting up their
expenses, or the snapshot of the
they arrive at the ceremony’
from divorcees, the society of my youth
didn’t encourage my reverence for
official wedding days. I came of age in
the 1990s with, let’s say, progressive
homosexual ambitions. And so my own
wedding, then an illegal proposition,
was never on my roster of fantasies.
If I daydreamed of anything, it was that
unadorned, unannounced moment of
kinship, the invisible ceremony at the
side of the road.
broken vows might well propose in
earnest, if only to get some copy out of
it. “That’ll be a hard no from me,” he
replied, paddling away. With some
water between us and a restored faith
in our shared irony, he looked back and
said, “Well, a soft no.”
I realised later that his qualification
had all the features of my ideal nuptial
promise: oblique tenderness, necessary
equivocation and room for manoeuvre.
Laurence’s Scott’s book ‘Picnic Comma
Lightning: In Search of a New Reality’
was published by Heinemann in July

Domestic
bliss
John Paul Evans’s pictures of himself
and his partner offer a wry take on
family portraits and gender relations

T
ill Death Us Do Part is a
series of performative
photographs that depict
my marriage partner Peter
and me in a number of
absurd scenarios in and around the
domestic environment.
The idea for the works originated in
2013 as a personal reflection on social
change in Britain, Europe and the US
around notions or definitions of mar-
riage. This is still something unresolved
in the UK, with Northern Ireland claim-
ing that it wants to be treated in exactly
the same way as the rest of the UK when
it comes to Brexit — but then stating that
it wants to make its own laws in terms of
abortion and same-sex marriage with-
out acknowledging a contradiction in
these legal distinctions.
As an artist and academic, I have
been critical of the way photography is
used to reaffirm notions of belonging
and otherness in relation to family
portraiture. As a consequence, there is
little photographic evidence of the 29
years that Peter and I have spent
together.
As Peter has entered his eighties, and I
my early fifties, there seemed to be an
urgency to address this in my own mind
and explore alternatives to the couple/
marriage/wedding portrait, if for no
other reason than to leave a trace of our
presence in the world.
The suited figures enacting scenes of
domesticity evoke a sense of the
uncanny, which Freud talks about in
terms of “heimlich and unheimlich” or
the “homely and un-homely”. Within a
gay culture that takes flamboyance as a
“norm”, these images subvert through
the transgression of ordinariness.
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Spectrum | Weddings special

Indian weddings are often

Bollywood-influenced
fantasies. Photographer
Mahesh Shantaram reports
from his ringside seat

W
hen Avni’s first wedding
ended in divorce, her
father wasted no time in
arranging a new one for
her. The year was 2006.
I had just returned home from photog-
raphy school. While most Bangaloreans
of my age were paying off their housing
loans, I was looking for a future in pho-
tojournalism. There was none to be
found. That’s when a door opened.
“Mahesh! It seems you’re free these
days. Why not come and take some pic-
tures at Avni’s wedding next week?
We’re not hiring a photographer . . . ”
I was not really the weddingy kind.
The last time I attended a wedding
(which happened to be my own), I got
my first dose of exuberant irrationality,
enough to put me off for life. My mother,
in a fit of enthusiasm, invited the whole
neighbourhood bank to what I thought
was my wedding. And they all came.
With their relatives.
In India, family bonds run marathons.
When invited to a wedding, you’d better
attend. Or else . . . Like my sister’s, for
instance. I had a choice between flying
across two oceans to be with the family.
Or holiday in Peru. Let’s say I chose
wisely. It became such a big deal!
But I took up this offer, if only because
Avni was my wife’s cousin. And that’s
how I became a wedding photographer.

Weddings in Technicolor
In the years since, my role has shifted:
now I not only fulfil the expectations of
the genre but also document contempo-
rary Indian culture.
I enjoy this position, it gives me a ring-
side view on the theatre of society. Eve-
rything that’s great about the country

Weddings will always

be the greatest enterprise
of consumption in India,
no holds barred

and everything that’s wrong with it can

be summarised in a single wedding.
Young men and women take on the role
of prince and princess in a Bollywood
fantasy. On the periphery, a multitude
of workers facilitate the creation of
Disneyland-like sets, entertain crowds,
cater to thousands of guests and gener-
ally keep the show going for days.
The answer to just about any socio-
economic question can be explained as
a cause or effect of wedding culture.
Clockwise Weddings will always be the greatest
from main: enterprise of consumption in India, no
‘Bangalore holds barred.
2012’; ‘Gwalior “Matrimania” is my take on 21st-cen-
2011’; ‘Mumbai tury India seen through the prism of its
2009’; ‘Greater wedding culture. Using real photo-
Noida, 2011’ graphs from years of wedding shoots, I
have put together a journey through one
dreary fictional wedding night in an
India tearing at its seams. A dark coun-
ter-narrative to the Great Coming
Together — and what is left in its wake.

‘Matrimania’ will be published in October

Second act
little short on company. No matter. In
Essay six days we’re doing it all over again,
but this time on a grander scale.
Olivia I got my dress in the depths of
Laing winter. There was snow on the ground
and I couldn’t imagine ever feeling hot
again, so I bought a full-length black
fil coupé frock by Simone Rocha.
It has a nipped waist, huge skirt and is
We’ve had the register covered in tiny roses: the sort of thing
you might wear to mooch around an
office warm-up. Now comes Elizabethan castle. Last week I tried
the grand-scale event it on and realised the puffed sleeves
made me look like I was going to a
child’s party. Luckily, my mother was
The vibe I really want is the wedding
fantasia that takes place at the end of
Derek Jarman’s film of The Tempest.
Toyah Willcox as Miranda looks elfin
and cheerfully bewildered in a picture
hat, dozens of sailors dance a chaotic
hornpipe and Elisabeth Welch appears
in a buttercup-yellow headdress to
sing “Stormy Weather”. I love it for its
abundance, its ridiculous fabulosity.
Can we make it like that?
I think we can. Ian is a Cambridge
don, and we’re getting married in
his college, Queens’, with its 16th-
century galleries and courts, its green
lawns running smoothly to the river.
Illustration by Laura Carlin
It couldn’t be more beautiful, even if
the grass has got a little brown after
the recent heatwave. We’ll have
tumbles of dahlias and sweet peas
courtesy of the Flower Appreciation
Society. My friend Joseph Keckler, who
has the most extraordinary voice, is
coming over from New York to sing
‘After a year of marriage
I’ve learnt something
about not needing to rise
to every irritation’
impetuous and headstrong, full
speed ahead, while Ian is circumspect
and cautious. Yesterday we had a
screaming row about what a DJ is. Ian
claims he’s never heard one. God only
knows what he’s been doing with his
70 years. But after the second wedding
I won’t shout. I’ll only smile a calm,
tolerant, married smile.
The sun probably won’t shine.
Sure, there’s been a global heatwave
for three months, but it’s got to break
sometime, and I feel in my bones that
it might be on our parade. But we’ll go
on undaunted, in our satin and tat.

L
ike Elizabeth Taylor and
Hilary Mantel, I’m marrying
the same man twice. The
only difference is that we
didn’t get divorced first.
Round one was in August last year:
the register office special. First we
had a slightly nerve-racking interview
about whether we knew each other’s
birthdays and parents’ names.
A few weeks later, there was a tiny
ceremony: three guests, a blast of
Maria Callas, a quick signature and we
were legally bound. It was beautiful,
giggly and private, but definitely a
on hand, a former convent girl with a We’ll cram into the Old Hall, with its
knack for darts and tucks. William Morris tiles, and hopefully
The dress isn’t the only thing that’s Handel’s “Largo”. We’ll walk up the we’ll be too soused to worry about
sent me for a loop. I swore I’d treat the aisle to Purcell and back down to the length of the supper queue. My
wedding just like a party, that I’d be the Arthur Russell. There’ll be cod roe and only real sadness is that dogs are
epitome of chill, unflustered grace, but radishes, quails’ eggs and rare roast banned. I wanted to be walked down
instead I’m writing playlists at dawn beef, late-night cheese and limitless the aisle by my mother’s black
and having panic attacks on Twitter champagne. whippet Hugo, resplendent in a scarlet
about an incipient spot (toothpaste is We thought about writing vows bow. But we will have my friend Jon’s
the cure, apparently). People keep and then found them too mortifying, racing pigeons, Eggy and Orange, to
giving me advice. “Don’t drink for a but after a year of marriage I do feel give us a lap of honour before
week,” my friend Carole told me, “it’s like I’ve learnt something about not vanishing into thin air. I do, we’ll say,
all about the skin”, an imprecation that needing to rise to every irritation. and it’s true, we do.
made me so nervous I promptly got Maybe my husband’s legendary
stuck into a bottle of wine. patience is rubbing off on me. I’m Olivia Laing’s latest book is ‘Crudo’

18 August/19 August 2018
A peach of a pizza
Honey & Co | The topping on this creation bakes beautifully with cheese
— perfect for a summer evening. By Sarit Packer and Itamar Srulovich
I
t’s Saturday afternoon and we
are boarding a train to Cardiff to
cook Middle Eastern pide
(pizza). This, apparently, is
what we do now, and there are
far worse ways to spend a Saturday.
It’s our first time here and there is
nothing more exciting to us than
seeing a great city for the first time.
And what a great city: the sky is
blue, the rugby is on, the streets and
beautiful arcade are buzzing and the
stone animals on the castle walls
gaze down at the whole scene like
chaperones at a teenage party.
On the mezzanine floor of the
Castle Arcade, we have a perfect
Recipe: peach and feta pizza
To make a 28cm-round pizza,
enough for six generous slices
For the dough
1 tsp dry active yeast
3 tbs warm water
½ tsp sugar
300g strong wholemeal flour
½ tsp salt
150ml-180ml sparkling water
2 tbs olive oil, plus a little more for
oiling the bowl
Topping
100g feta, finely grated or crumbled
150g ricotta or mascarpone
½ tsp roughly ground whole
fennel seeds
½ tsp cracked black pepper
A couple of pinches of sea salt
3-4 nectarines or peaches
Few sprigs of mint
Drizzle of olive oil
Method
To make the dough, mix the yeast
with the warm water and sugar in a
cup and set on a warm windowsill
until it starts to froth. On a hot day,
10 minutes will do; on a cold day, up
to 20 minutes. Transfer to a large
mixing bowl and add the remaining
ingredients, knead for about five or
plate of tomatoes with a glass of
funky white from Wright’s Wine —
possibly the cutest wine shop in the
UK — before heading to Pontcanna
to find our pizza place.
A city can call itself lucky if it has a
place like Dusty Knuckle: just a few
tables in a parking lot covered with
stretched tarpaulin, a little bar, a big
pizza oven and Phil at the entrance,
giving everyone the warmest wel-
come. Phil makes the dough, while
we set to work on the toppings:
roasted peppers and rose harissa,
delicious Welsh mutton seasoned
with our own spice mix, salty cheese
and sweet figs. The place is packed
six minutes until a lovely dough has
formed. (We use a hook attachment
from an electric mixer, but it’s easy
to knead by hand.) Pick up the ball
of dough and drizzle a little extra oil
into the mixing bowl, move the
dough around so it is coated with
the oil, cover with a cloth and set
aside to prove for a couple of hours.
Mix the grated feta with the
ricotta or mascarpone and add the
fennel seeds, black pepper and one
pinch of salt. Mix well to combine
and form a cream. Quarter the fruit
and remove the pits; cut each
quarter into three slices.
Heat your oven to 220C (fan
assist) and lightly oil a flat pizza
tray or baking tray (we used a 28cm
round one but it will work well in a
rectangle too).
Lightly oil your palms and turn
the dough on to the tray, then with
the tips of your fingers press it out
until it reaches the edge of the tin.
Cover the middle of the dough
(leaving a 2cm rim) with the feta
cream and spread well. Top with the
sliced peaches and drizzle with
olive oil. Sprinkle a little sea salt and
black pepper on top. Set aside and
prove again for about 20-30
minutes. Place in the oven and bake
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★ FTWeekend
W
Photography by Patricia Niven
and we meet such kind, welcoming
people, make new friends and meet
up with old ones (hi Felicity!).
It feels like all of Cardiff’s here, but
we don’t make enough toppings for
all of Cardiff: a quick nip to the shops
produced two bags of peaches; a
rummage through the fridge
brought forth delicious local-style
feta cheese — and this pizza is born.
The peaches bake so beautifully in
the wood oven, their juices concen-
trated in the fierce heat and melding
with the cheese, hot and salty like
the summer evening around us.
We’re not travelling far this summer,
but we are travelling very well.
for 12 to 15 minutes or until the rim
of dough is golden. Remove from
the oven, top with the mint leaves,
if using, and serve.
honeyancdo@ft.com
Death on
the vine
Andrew Jefford
Wine
hen the wealthy
Pinault family’s
Artemis group bought
a Burgundy vineyard
called Clos de Tart in
October 2017, it was only the fourth
change of ownership for this Grand
Cru in 875 years. The 7.5ha vineyard
was already planted when the first
recorded transfer of ownership took
place in 1141: vines then, vines now.
Distinguished vineyards are fiercely
monocultural, planted for centuries
with one plant species alone (Vitis
vinifera). This carries risks. When
problems bite, they bite hard.
The horticultural globalism of the
19th century posed three near-fatal
challenges to wine production: the
arrival of two fungal diseases — downy
and powdery mildew — and then, most
catastrophically, the vine insect pest
commonly known as phylloxera. As
a consequence, vines in most global
locations today are a grafted union of
two separate species: vinifera above
ground, and a phylloxera-resistant
vine species below. It is slowly
dawning on the wine world that it
faces a new disease problem, one that
those most seriously affected don’t
hesitate to call “the next phylloxera”:
grapevine trunk disease (GTD).
This time, there is no insect villain.
Four separate fatal vine diseases are
clustered together under the GTD
heading: esca, eutypa, botryosphaeria
and cylindrocarpon. They involve a
small army of fungal pathogens. Esca
kills suddenly — the French call it
“the heart attack of the vines”. Eutypa
or “dead arm” is debilitating but not
immediately fatal; one Australian wine
grower, Chester Osborn of d’Arenberg,
names a wine after the disease,
claiming that the lower yields in
vineyards mean that “the grapes
display amazing intensity”. The other
two are asymptomatic until too late:
they destroy from within. Diagnosis
requires cutting into the vine wood.
“It’s not as dramatic as phylloxera,”
says global viticultural consultant
Richard Smart. “It’s well described
by the word ‘insidious’. Like some
cancers.” For Smart, though, there are
villains. Complacent viticulturalists
are one; the other is the specialist
nursery trade. “Grapevine trunk
disease,” he told me recently, “is spread
fundamentally by nurserymen. When
you plant a vineyard, you are almost
invariably planting infected vines.”
David Amblevert, president of France’s
nurserymen’s federation, contests this,
saying that the problem is latent in
vineyards rather than in new plant
material. No one, though, under-
estimates its seriousness. The
International Organisation of Vine and
Wine suggests that up to 20 per cent
of the world’s vineyards are affected,
implying that the years ahead will
require a vast programme of replanting
if production isn’t to fall significantly.
Replanting means five years’ loss of
production and colossal expense.
As imagined by Leon Edler
For wine drinkers, there are two
practical consequences: rising prices
and a loss of quality as fewer vines
survive to maturity, still less to the old
age with which the highest wine
quality is often associated. Some
varieties are more vulnerable to GTD
than others. If you enjoy Sauvignon
Blanc with your fish, Cabernet
Sauvignon with your beef and a
brandy distilled from Ugni Blanc (as
Cognac is) afterwards, you are in the
front line: these are the worst affected
varieties. Chenin Blanc, Grenache and
Syrah are also notably susceptible.
No variety, though, is immune.
The best solution, vineyard
replanting, is the most expensive and
time-consuming. Other solutions
include regrafting, trunk renewal and
remedial surgery: all are laborious, but
at least you don’t lose total production
It is slowly dawning on
the wine world that it
faces a new problem —
‘the next phylloxera’
for five years. Strict hygiene when
pruning, especially the protection of
pruning wounds, is vital — yet far from
standard practice. All this work is in
vain unless nurseries can guarantee
clean plant material.
“There will be an existential crisis in
California,” warns John Dyson, owner
of leading Russian River Pinot Noir
winery Williams Selyem, who is having
to replant a valuable Pinot vineyard
for the second time in a decade after
having been sold infected plants, and
who can find no leading California
nursery prepared to guarantee GTD-
free vines for an upcoming Sauvignon
Blanc project at another of his
19
Food & Drink
vineyards. “A lot of replanting in the
1980s was hastily done, and now needs
redoing. If growers replant with
infected material, they are in for a
shock. To me it’s mind-boggling — an
outrage.” He has longer-term worries
too. “The big issue is that the fine wine
world depends on a small number of
distinguished sites, which are replanted
over and over again. With other crops,
if you have a problem, you can go off
and find another field. That doesn’t
work for fine wines. We can’t do crop
rotation, either, as the vine’s cycle is
long and the best wine comes from
older vines. So if high-quality
viticultural land becomes infected,
there will always be danger for new
plantings and for replanting. That’s the
real challenge.”
The solution is one the wine world
would rather not hear: breeding for
disease resistance. “Classic wine grape
cultivars . . . have spread throughout
the globe,” plant scientist Tim
Martinson recently pointed out in
Wines & Vines magazine, “but their
genetics are frozen in the Middle Ages.
This is in stark contrast to other
horticultural and agronomic crops.
What if fruit breeding had stopped in
the 1600s? Peaches would be the size of
cherries, watermelons would have six
small pockets of red flesh divided by
fleshy white tissue, and bananas would
have large seeds. Are traditional wine
grape varieties — wonderful as they are
— impervious to improvement?”
Fine wine grapes are such a valuable
crop, and the wine they produce is
subject to such intense scrutiny, that
the wariness of wine growers towards
“new varieties” is understandable.
Many researchers, though, believe that
breeding disease-resistant clones,
cultivars and rootstocks is the only
long-term means of controlling GTD —
and indeed controlling other diseases.
Should producers, nurseries and
legislators therefore embrace new
varieties? This is the wine quandary of
our times.
Andrew Jefford’s weekly blog ‘Jefford
on Monday’ appears on decanter.com.
Jancis Robinson is away
For Andrew Jefford’s list
of wines, spirits, regions and
appellations threatened by
GTD, read this story online
at ft.com/food-drink
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20 ★ 18 August/19 August 2018

How we judge Naipaul

SNAPSHOT
is a test of our culture
‘Peonies’ (1980)
by Cy Twombly
Janan Ganesh
When editing his
photographs, the late
American artist Cy Twombly
Citizen of nowhere
would use specialised copiers
to enlarge his Polaroids on to

U
matt paper, subtly distorting pon the death of Augustus,
the proportions and focus of his superbly named cat,
the originals. VS Naipaul took out a
Twombly, who is best notice in The Times to
known for his sprawling inform the world. This
calligraphic paintings and his biographic detail would be too twee to
influence on artists such as mention if it were about anyone else.
Basquiat, would train his In this case, it stands out as the closest
Polaroid lens on objects and thing to sentimentality in a life that
scenes more commonly was devoted to its opposite.
associated with landscapes The word “curmudgeon” has
or still lifes: vases sitting in a peppered the obituaries of the Nobel
yellowing light; an empty laureate since he died last week. He
beach stretching out under a would have winced at the imprecision
grey sky; a pair of peonies of the word. A curmudgeon skimps on
blooming out of the restaurant gratuities and tuts at
darkness. As a result, his modern music. To understand how far
photographs have the lyrical beyond this Naipaul went in his
quality of his paintings. personal dealings, consult Patrick
Baya Simons French’s The World Is What It Is. Now
10 years old, it remains the “frankest
Cy Twombly’s photographs are authorised biography of anyone alive
on show at the Château La and in possession of their senses”, in
Coste, Provence, from August the sound judgment of one critic.
26, chateau-la-coste.com Once you have laid down the book,
rubbed your disbelieving eyes with
your knuckles and steadied yourself
with a drink, consider that Naipaul
saved an extra level of coldness for his
work. He wrote unsparingly about
India (his ancestral home), Trinidad
parts fiction and non-fiction. Having
mastered each, he elided the two in
The Enigma of Arrival. His
breakthrough was a comedy (A House
for Mr Biswas) and his 1970s pomp was
as a dealer in the heaviest subjects.
Next to the great but domestically
focused Americans — the Roths, the
Bellows — he had a global scope,
writing books about, or set in, each
continent bar Australasia. Such was
his stature that a writer as successful
as Paul Theroux devoted a whole book,
I hope he makes it through
the sieve of politics. His
writing is too good to be
withheld from the young
Sir Vidia’s Shadow, to his quest to keep
a grip on Naipaul’s social coat-tails.
Against all this, Naipaul is the least
“woke” writer of them all. A
politicised culture could marginalise
him over time. His reactionary
instincts were not just a private matter
— the Richard Wagner problem — they
infuse his work, too. Just as Europe’s
sieve of politics to become a staple of
the curriculum, and not just because
we who took a circuitous route from
the subcontinent to Britain have to
stick together. His writing is too good
to be withheld from the young. His
range is too broad.
And even his reactionary streak is a
useful corrective in one respect.
Naipaul stood against the
romanticisation of the developing
world. In Britain more than America,
the upper-middle classes can be soft-
headed about poor countries — their
pre-industrial picturesqueness, their
thrilling religiosity. TE Lawrence was
the patron saint of this voyeurism, but
it informs the annual gap year hordes,
too, and the journalists who pass up
western capitals to serve somewhere
dangerous and equatorial.
There are good intentions among
these people, but a whole load of
credulity too. The reality of life in
these places can be lost on the dabbler
or adventurer. To see it clearly took a
writer drained of all romance by
childhood hardship, intercontinental
displacement and memories of his
semi-educated father’s attempts at
self-improvement on an island with

Why artwashing (his birthplace) and much of the rest

of what was not yet called the
developing world. “I came to join
is a dirty word civilisation,” he said, about his longed-
for move to London. This distaste for
all that he left behind marked him out
as a self-loathing colonial in some
eyes, or even a racist.
old colonies tingled with optimism
about their sovereign futures, he
dramatised them as half-formed
places teetering on the lip of chaos in
Guerrillas and the Booker Prize-
winning In a Free State. A Bend in The
River envisages an Africa that will
“return to bush”. It is something when
few opportunities, however nice the
view, however charming the locals.
Different ways of seeing the
developing world are captured in a
letter that French uncovered from the
1960s. Naipaul and his English wife
had just completed a tour of the
subcontinent. “She saw dignity and

Jan Dalley What happens to his reputation now

is a test of our culture. He leaves us
perhaps the greatest body of English
John Updike, nobody’s idea of a
relativist, accuses you of
“metropolitan superiority”.
beauty and things like that,” he writes.
“I saw the calamity.”

prose since the war. It is almost equal I hope Naipaul makes it through the More columns at ft.com/janan-ganesh
Trending

W
hen I hear the word
‘culture’ I reach for
my gun.”
It’s a great phrase,
much reworked and
requoted. It’s sometimes quite wrongly
attributed to Mae West, who had an
entirely different kind of pocketed
weapon in mind. Closer to the truth,
it’s variously attributed to those
refined thinkers, Hermann Göring,
Heinrich Himmler or Joseph Goebbels.
Or, more accurately, a play of that era
by Hanns Johst.
We don’t much care, since we don’t
much care to rehearse the sayings of
Nazis anyway. Yet its echoes have lived
on in various forms.
Recently, journalist Jonathan Jones
quipped: “When you hear the word
‘culture’, do you reach for your copy of
Das Kapital?” He was describing an
issue of our moment, “artwashing”.
Rather like the pistol quip, it’s a phrase
that’s somehow too good to waste. Even
if its generously varied usage shows
how the social media era’s love of
phrasemaking often outruns its
capacity for thoughtful commentary.
“Artwashing” was coined amid the
anti-gentrification protests that began
two years ago in the Boyle Heights
district of Los Angeles. The coming
of art galleries, claimed the protesters
(although of course they had nothing
against art per se), forces out local
shops and services and drives up
property prices. More, that this is a
deliberate policy on the part of
greedy property companies, whose aim
is to “artwash” an area to prime it
for development to a smarter
demographic.
This is a terrible conundrum. I feel
deep sympathy for a single mother of
three who sees an art gallery oust the
only laundromat within walking
distance. She might well be moved to
the kind of dirty protest (I mean that
literally) some Los Angelenos resorted
to. Or for someone desperate for
accommodation who sees the stock of
affordable apartments wither as
affluent millennials move in, seduced
by arty cool.
Yet it seems very unfair that this
should be blamed on art. Why call it
artwashing; why not call it
coffeewashing? I think we can be sure
that the profits from the coffee outlets
and eateries that cluster around any
cultural activity are making far more
money than a beleaguered little art
gallery — which has, in any case, only
done what art has done for centuries,
which is to go where property is cheap.
There is only ever one reason for a
lack of affordable housing and proper
amenities, and that is the lack of
effective policies to ensure a supply of
affordable housing and proper
amenities. To finger art and artists as
the thin end of the laissez-faire wedge
is just disingenuous. (My favourite
polite word for lying.)
No, artwashing is very different, as I
was reminded this week when a lavish
Art can encompass politics,
but politics can co-opt
art into its machinations
with insulting ease
invitation to a cultural event in
Istanbul dropped into my inbox just
before the next email, which was an
update on the case of Zehra Dogan, a
Turkish artist sentenced to almost
three years’ imprisonment for the
content of one of her paintings.
Logical, or what? It puts me in mind
of the Qataris, who gave millions to
the British Library in London while
imprisoning a poet with a savage
sentence, just for what he wrote; of
Saudi Arabia, proclaiming new
cultural freedoms while continuing to
mete out harsh punishments to artists;
of the recent imprisonment of
photographer Shahidul Alam in
Bangladesh, while Dhaka’s fledgling
cultural initiatives expect the
admiration of the world’s press.
This, surely, is artwashing: using the
veneer of cultural engagement to
whitewash tyrannical behaviour, often
towards the very cultural sector it
makes use of. Julian Barnes once
wrote that literature encompasses
politics but not vice versa. I’m not sure
if that works if you extend it to more
tangible and visible forms of culture:
art certainly can encompass politics,
even if it doesn’t always choose to do
so, and might even then struggle to
make its message heard — but politics
can co-opt art into its machinations
with insulting ease.
Recently, the V&A was charged with
an insensitive form of “artwashing” for
putting a section of the former council
housing estate called Robin Hood
Gardens on display at the Venice
Biennale of Architecture — thereby,
according to protesters, obscuring
ordinary Venetians’ (and others’)
urgent need of affordable housing
behind a veil of aesthetics.
I’m not sure this is artwashing, in
any meaningful sense. For the rich to
revel in misery or crime or deprivation
in a cultural setting is nothing new:
bejewelled operagoers watching as
Puccini’s Mimi dies her poverty-
stricken death is an irony of a
complicated kind, but you can’t say
they are glorifying tuberculosis. That
would be daft: so, so much else is going
on — as it was in the display of Robin
Hood Gardens in the context of an
architectural discussion precisely
about the provision of such housing.
But it was enough to make people
angry, even so. They are right to be
angry, and if they found a useful means
of expressing it, fair enough. It’s hard
on the arts, and culture is an easy
target. Yet . . . if art’s mission is to
make concrete (oops, no pun) our deep
feelings, and to set them in a form that
we respond to powerfully, then it can’t
be sorry if it succeeds. If culture makes
people reach for their guns, perhaps it
is just doing its job.
jan.dalley@ft.com. Jo Ellison is away

FT WEEKEND FESTIVAL 2018

The FT Weekend Festival returns to London’s
Kenwood House, on September 8, where
writers, columnists, designers, artists,
adventurers, and, yes, experts, debate the ideas
and passions of 2018. Simon Schama, Mishal
Husain, Will Carling, Martha Lane Fox, Julian
Barnes and many more join your favourite FT
writers to discuss everything from Brexit to the
perfect Lunch with the FT. This year, we
introduce a ninth stage: Tech Tonic, where we
will be hosting tech titans and provocateurs
debating the march of the robots and the
battles over Big Tech.
Tickets and programme details
at ftweekendfestival.com

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Re6 2 Rf3! with the same mate. If Be4 2 Rf3 dxe2 3 Kxe2 mate.

Saturday 18 August / Sunday 19 August 2018
The home of prime property: propertylistings.ft.com
The home of prime property: propertylistings.ft.com
Expat lives | Jerusalem to Bangkok
Playground
with perfect
manners
The Thai capital can be overwhelming, but its friendly
population, world-class food scene and cosmopolitan vibe
make it a plum posting for FT correspondent John Reed
K
hun John krab krab”, began
the email from my condo
manager, containing my
lease. I had just moved from
Jerusalem to Bangkok, and
seeing my name encased in a courtly
krab sandwich was a pleasant, if baf-
fling, surprise about life in the new city.
Germán,myhusband,andIhavesince
begun learning Thai. Khun is an honor-
ific, and krab an all-purpose politeness
particle Thai men sprinkle over every-
thing (women use ka). Whereas people
in the Holy Land sometimes communi-
cate in shouts or throw rocks at one
another, Thais have immaculate man-
ners. In overpriced Jerusalem, a new
lease involved intense negotiations; in
Bangkok, we found our flat quickly,
without fuss,andrightonbudget.
For what we would have paid for one
bedroom in Jerusalem or London, we
i / BUYI NG GUIDE
Foreigners are allowed to buy freehold
condominiums subject to a quota of 49
per cent of the total sellable area of
any building
All the funds used to buy the property
must be remitted to Thailand as foreign
currency; this effectively prevents foreign
buyers from borrowing money to fund a
property purchase in Thailand
Registration fees of 2 per cent and 0.5 per
cent stamp duty are usually split by the
buyer and vendor on acquisition. Taxes
on a sale depend on the length of time the
property has been held and other factors
What you can buy for . . .
$500,000 A one-bedroom unit in the
high-end Saladaeng residence in Soi
Saladaeng, Sathorn District close to
Lumpini Park
$1m A two-bedroom apartment in
Athenee Residence on Wireless Road in
the Lumpini district
$2m A two-bedroom condominium at the
Banyan Tree Residences, due to be
completed by the end of 2018
Source: CBRE
Michael S Smith White House designer at his New York penthouse — AT HOME PAGE 2
got a 200 sq metre flat at the top of a
high-rise in a lively and central, if some-
what louche, area off Sukhumvit Road,
Bangkok’s main expat stretch. Through
the window, about 300 metres from our
dining table, a Peruvian-Japanese fusion
skybar pulses to life with torches and
Latin dance music at night. There are
rooftop pools and condos with helipads
that I have never seen a helicopter land
on. On the other side of our living room,
a balcony opens on to a skyline punctu-
ated by LED billboards that show
adverts day and night. Bangkok looks
like a slightly dated vision of the future;
Thailand’s economic boom was in the
1990s, and some foreigners say the city
reminds them of the Blade Runner films.
Germán and I have lived together in
seven cities around the world. As kids
growing up in Colombia and Connecti-
cut we each dreamt of exotic, faraway
places. We both moved to Europe
in our twenties, met when we were
working in Vienna and have not looked
back. Installed in Bangkok, we bought
some rakish ceiling fans for the flat,
planted orchids on the balcony, and
released George, our enormous tomcat
— at 9.5kg he had to travel in the
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
Above: John hold on El Al — into his new home.
Reed, the FT’s We both like hot weather, and were
south-east Asia happy to push our winter clothes to the
correspondent back of the closet. In the “cold” season
(December to January) Thais melodra-
Above left: John matically put on scarves, hats and down
and his husband, jackets, but the temperature rarely falls
Germán below 20C — nicer than cold, rainy Jeru-
Angulo-Salom salem, where it can dip below zero.
News matters aside, I think there are
Photography three elements of the foreign corre-
by Peduckk spondent’s ideal posting: the climate,
for the FT the food and the social life. London,
where we lived for six years, is endlessly
engaging but we hated the weather.
Johannesburg and Jerusalem were
unforgettable places to live, but both
provincial and tense in their own ways.
Bangkok delivers on all three counts.
It has 8m people and can accurately call
itself a world city. It pulls in foreigners
from the region and overseas, whether
Burmese builders, Australian restaura-
teurs or “ladyboys” from the Philippines
who work at the clubs off Silom Road
(fluent English is a plus when imperson-
ating Beyoncé or Britney Spears). We
have made more friends and acquaint-
ances here in less than a year than we did
in Jerusalem in nearly five. Bangkok’s
food scene rivals any big western city’s,
and exceeds most in range. For the
equivalent of £3, you can dine on noo-
dles, rice or Thai omelette on the street,
or pay much more for the tasting menu
at a Michelin-starred restaurant.
In between there are Thai foods of all
kinds, while Japanese and Korean res-
taurants cater to two of Bangkok’s big-
gest expat communities. Our favourite
place to eat and drink is Chinatown,
whose edgy new bars and restaurants in
or on the roofs of low-rise “shop houses”
Follow us on Twitter @FTProperty
Follow us on Twitter @FTProperty
i / INSIDE KNOWLEDGE
Chinatown Bangkok’s liveliest place in
the evening is Chinatown, especially Soi
Nana. Nearby in old Bangkok, the street
chef Raan Jay Fai, famous for her crab
omelette, was awarded a Michelin star
Tuk-tuk tour Tuk-tuks are a cliché, but
also a thrilling way to see the city at night.
Bangkok Food tours takes you via tuk-tuk
to sample delicacies like Isaan (eastern
Thai) food, and to Wat Pho temple, minus
the crowds info@bangkokfoodtours.com
Green Bangkok A respite from the city
lies across the Chao Phraya river on a
peninsula called the Green Lung. You can
take a boat from Wat Khlong Toey pier,
then rent a bicycle on the shore
A Saturday parade in Chinatown
remind us of London’s East End, our old
home. In December and January, there
are alfresco classical concerts in
Lumpini Park, where you can picnic on
the grass, within steps of the khlongs
(canals) frequented by two-metre-long
monitor lizards.
In April, the height of the hot season,
Thais and expats put on flowery shirts
and arm themselves with squirt guns for
Songkran, the Thai new year and water
festival, which includes an enormous
water fight on Silom Road. It’s tremen-
dous fun, and something we struggle to
imagine working in London or New
York without descending into violence.
A lot of westerners retire to Bangkok,
whether “Old Filth”-type business peo-
ple who worked their careers in Hong
Kong or Singapore, or the old hacks who
attend evening talks at the Foreign Cor-
respondents’ Club of Thailand (FCCT).
Engage one of the latter in conversation,
Below: behind and you may find he or she covered the
the scenes at 1988 uprising in Burma, or the 1975 fall
the acclaimed of Saigon.
chicken noodle Thailand is not under democratic
purveyor Ann rule, and unauthorised gatherings of
Guay Tiew more than five people are banned. The
Kua Gai country has seen three military coups
since 1991, most recently four years ago.
The generals have promised to hold an
election next year, but set no date. (My
Lonely Planet-style capsule description
of Bangkok is: “decadent urban play-
ground ruled by a military junta”.)
A notable down-side of life here is the
air quality. While not as bad as Beijing or
Delhi, there were several weeks last win-
ter when Bangkok was shrouded in yel-
low haze and everyone donned surgical
masks. It is also strange to work in a
place where everyone else seems to be
on holiday; sometimes, I am the only one
wearing a suit on a flight full of
Continued on page 6
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
2 ★ FTWeekend 18 August/19 August 2018

House Home

The return of
R
udy Giuliani. He’s back
again. Like a bad smell. A
bad penny. The boulder has
Rudy Ghouliani rolled from his political
tomb and — like Lazarus
wrapped in his graveclothes — he has
risen. Again. And yet. What else should
we expect from a man who has the
invulnerability of a cockroach?
Giuliani’s career has weathered a storm
of scandals. Withstood his extramarital
affairs. Survived the murder contract
issued against him by La Cosa Nostra.
Not bad for a grown-up whose name-
sake is Santa’s red-nosed reindeer.
American comeback narratives are
— customarily — uplifting stories that
root for the underdog. Rooting for
Giuliani’s comeback would be like
cheering for the reanimation of the
undead. He embodies an entire movie
genre — the zombie comedy. The
zomedy. If his comeback was a film, the
tagline would be “Rudy Ghouliani —
starring in a comeback zomedy of his
own making.” Previous ghoulish
Jenny Lee roles have included: proud lobbyist for
the oil industry; unflinching lead
counsel for Purdue Pharma which —
Metropolitan life says the Justice Department — misled
the public about OxyContin’s addictive
properties; adviser to the president
on what Giuliani dubbed his “Muslim
Ban”.
He wasn’t always a ghastly partisan
bogeyman. He took on the mafia as US
attorney. Indicted the heads of New
York’s “Five Families”. After 9/11
Oprah called him “America’s mayor”.
He was one of the good guys. Every
Democrat’s favourite Republican. The
man who led his city through its
greatest crisis. But — after losing the
Republican party’s presidential
nomination in 2008 — Giuliani
metamorphosed from underdog to dog.
He had started his campaign as the
frontrunner, but ended it $3.6m in
arrears. All without winning a single
primary. Republicans disliked his
liberalism. Democrats mocked his
opportunism. As Joe Biden put it —
there’s “three things [Giuliani]
mentions in a sentence —a nounand a
verb and 9/11”.
Today Giuliani is President Donald
Trump’s personal lawyer. His job? To
educate us all to tears about collusion
and how it’s definitely “not a crime”.
Other official responsibilities include
contradicting the president and
accidentally spilling the beans. The
origin of Giuliani’s relationship with
the president is obscure. They have
certainly known each other since 1989,
when Trump donated $3,000 to
Giuliani’s mayoral fundraiser. Both are
synonymous with New York. Both have
been married three times. Both have
divorced at least twice. And both have
made conspicuous comebacks. Trump
even wrote a book on his. Trump: The
Art of The Comeback opens with his
“Top Ten Comeback Tips”. These range
from “Play Golf” to “Always have a
prenuptial agreement”. Here they are
— reduplicated — and in no way
tampered with by yours truly.
Number one: Play Golf. Every
mulligan is a mini comeback.
Number two: Stay Focused. Especially
when tweeting. Covfefe.
Number three: Be Paranoid. No one
will be able to tell if you’re crazy like a
fox, or crazy like a Fox TV show.
Number four: Be Passionate.
Stormy, even.
Number five: Go Against the Tide. Or
just command it to halt. Like King
Canute. Great guy, Canute. Did an
AMAZING job on the tide.Totalwinner.
Number six: Go With Your Gut. I have
He wasn’t always a
ghastly partisan
bogeyman. He took
on the mafia as US
attorney. After 9/11
Oprah called him
‘America’s mayor’
the best gut. It’s because I refuse to eat
crow. Or dirt.
Number seven: Work With People You
Like. Why else would I hire my family?
Number eight: Be lucky. Not to be
confused with Get Lucky. (See four).
Number nine: Get Even. With China.
Number ten: Always have a prenuptial
agreement. Ivana my money back!
Trump: The Art of The Comeback was
published in 1997. Two decades later
Trump’s blond ambition — and
Giuliani’s bald ambition — have
embraced a new vision of the American
comeback. “Our American comeback
story begins 11/8/16,” tweeted the
president, pre-inauguration. “Together,
we will MAKE AMERICA SAFE &
GREAT again for everyone!” As mayor,
Giuliani was instrumental in New
York’s comeback. He really did make
the city great again. Reducing crime.
Holding the city together during 9/11
and through its aftermath. His own
comeback has — so far — proved less
heartening. The same could be said of
America’s latest reincarnation. Is the
country making a comeback? Or will it
never come back from this?
Jenny Lee is taking up golf

I
f Michael S Smith had got his way,
this interview would be happening
in Paris, where he fell in love with
an apartment 11 years ago.
“I started going to France a lot
and buying all this furniture for the
apartment, but then I got overbid at the
last minute,” recalls the interior
designer, who is best known for redeco- The main living room, with a drawing of plants by Ellsworth Kelly
rating the White House for the Obamas.
In 2008 Smith decided to “trans-
plant” the Paris apartment to this New
York penthouse on the top floor of a
salubrious building in the Upper East
Side. He arranged for French-made
parquet flooring and wood panelling
to be sent across the Atlantic, along
with the individual pieces he had
already bought.
“The whole apartment was essen-
tially created like a series of boxes and
then it was shipped here,” he says.
“They closed 72nd Street and craned it
all up. It was like taking a puzzle and
putting it together.”
The effect is distinctly un-New York.
Although the apartment’s wraparound
terrace boasts stunning views of the Living Room mantel with Japanese Imari vase The master bathroom
Manhattan skyline, the interior feels
Ike Edeani for the FT

‘I object to all this desire

for conformity. Anything
people try to follow as a
recipe can be very limiting’
At home | Interior designer Michael S Smith, known for decorating
like it is straight out of Old Europe.
“People come all the time and are like,
the Obama White House, has created a little piece of Paris on the
‘Oh, how great, you have this prewar
apartment!’” he says. “But nothing is Upper East Side. David Crow meets him in his New York penthouse
original. It was all built.”
The same cannot be said of the White
House, which Smith redecorated for the
Obama family in 2009. Asked to define

‘The White House

their style, he pauses before settling on
“thoughtful”.
In consultation with Michelle Obama, The apartment’s former dining room, converted into a bedroom
Smith borrowed a series of paintings
from national museums and art galler-
ies that echoed the message of the Obama presidency. “We really love was a very busy time, but I don’t think it

44th presidency.
“It was a big thing to be so inclusive, to
bring in women artists, LGBT artists,
African-American artists. That had not
really been done before,” says Smith.
“Most presidents borrow one painting.
We borrowed dozens and dozens.”
A self-described “history obsessive”,
Smith prepared for the White House
redecoration by reading all the corre-
spondence pertaining to previous refur-
bishments, including letters from Mary
Todd Lincoln and Jacqueline Kennedy.
He too had to send copies of his own
emails about the project to the National
Archive, and soon became conscious
that he was engaged in an endeavour
that “history would freeze in amber”.
“I was a little more polite than I
would normally be,” he says of the
tone he adopted in the emails. “A little
flowerier.”
Although Smith says the experience
“was incredibly amazing”, he does not
want to dwell on his time working in the
White House. “It’s like being Miss
America or something: it’s great but
there’s a finite amount of time and then
you’re done.”
Would he accept a commission to
decorate the White House for the
Trumps? “I don’t think so, probably
not,” he says, before insisting the
question is too hypothetical for him to
give a proper answer.
However, Smith, who counts the likes
of Rupert Murdoch and Cindy Crawford
among his clients, says there are people
he has refused to work with — normally
because of aesthetic or personality dif-
ferences but occasionally because he
disagrees with their politics.
is a living thing’
The dining terrace
An 18th-century chair and
desk near the south terrace
Very little is known about what
changes have been made to the White
House personal quarters by the
Trumps, who have not released any
photographs (although the pair have
apparently altered the space so they can
sleep in separate bedrooms, according
to Michael Wolff’s explosive book Fire
and Fury).
Smith says he has spoken to his suc-
cessor, Tham Kannalikham, since she
was appointed as interior designer to
the Trumps: “She’s super-lovely and
super-appreciative of what I did, but I
haven’t seen anything she’s done.”
Still, Smith says he is relaxed about
the fact that his work will disappear.
“If you take away the politics of it and
talk about aesthetics, the White House
has been so many different things,” he
says. “Theodore Roosevelt had animal
trophy heads and oak panelling; Louis
Comfort Tiffany did work for President
Chester Arthur.”
“It’s meant to be flexible,” he says.
“It’s a living thing, it’s a living house.”
The subject of politics is the only thing
that seems to make Smith uneasy. When
I arrive, he is Zen personified, sitting
barefoot on a pale sofa in a navy T-shirt
and white shorts. (Later, he will change
into something more formal for the
keeping an apartment in Madrid. It’s a
whole floor of a 19th-century palace,
which is amazing,” he says. “We had the
Obamas come in July on their way to
Africa and we gave a cocktail party.”
The Obamas count the couple as per-
sonal friends, and went to vacation at
their house in Palm Springs immedi-
ately after leaving the White House.
“There was a lot of emotion to it, a lot
photographs.) The soothing songs of going on,” he says of the holiday, which
Anita Baker are playing on the sound happened during a period that some
system, controlled by an iPad perched Americans found impossibly dark. “It
on a Regency writing table alongside a
collection of 19th-century Chinaware.
Despite his calm demeanour, the Favourite thing
apartment is a hive of activity. Smith
spends just one week in six in New York, Asked to name his favourite
meaning his schedule is often tightly thing, Michael S Smith insists it is
packed. A cast of business associates impossible to pick one item
and employees flit in and out, while his before settling on a painting of
mobile phone does not stop ring- ferns by Philip
ing. “I come for horrifyingly Taaffe, the
concentrated amounts of time,” contemporary
he explains by way of apology. American
“So I’ll take the 3am flight from artist, which is
LA which gets in at 1am the mounted on
morning and then I’ll have an an antique
8am meeting” glass panel.
A freestanding clothes rack is “It’s a
parked in the bedroom, and modern
Smith cuts away from a tour of interpretation
the apartment to add a couple of of ferns, and I
shirts to the collection. Later, love them —
they will be packed away in prep- they’re weird,”
aration for a trip to Maine, where he says. “There
he will stay at Martha Stewart’s house. was this 19th-century obsession
Smith also has an apartment in with ferns but then this is so cool,
Madrid, which he bought with his so modern — a piece by someone I
partner James Costos, a television love that still has the essence of
executive who was the US ambassador something older.”
to Spain for the last three years of the
was particularly depressing.”
During Costos’ ambassadorship, he
and Smith had a long-distance relation-
ship and they have since become used to
a “gypsy-esque existence” that involves
them always shuttling between differ-
ent cities.
Asked to name his main home, Smith
says “an aeroplane”, before settling on
Los Angeles: “that’s where my dogs are,
and it’s where I sleep really well.”
At a time when many interior design-
ers have adopted a modernist aesthetic,
some see Smith’s more classical style as
a reaction against prevailing tastes.
“I don’t object to all-white rooms, con-
temporary paintings, mid-century
pieces of furniture or any of that — I’ve
done houses that have incorporated all
of them.”
“What I do object to is all this desire
for conformity,” he says. “I think any-
thing that people try to follow as a recipe
can be very limiting.”
So while Smith might decorate a room
with some mid-century touches — like a
painting by Mark Rothko hung on blank
walls — he says he would want to then
personalise it by adding a pair of neo-
classical chairs and a Chinese lacquer
table from the 17th century.
“Otherwise, all you’re doing really is
just buying a look,” he says. “I can tell
you 20 styles that have existed in the
last 20 years and then reduce them to a
series of things that you could easily go
out and acquire.”
“It’s not bad taste I object to, it’s no
taste.”
David Crow is the FT’s senior US business
correspondent

18 August/19 August 2018
UK property An influx
of young newcomers to
‘posh Peckham’ is being
underpinned by support
from mum and dad.
By Melissa Lawford
H
ipsters in Peckham have
had something of a dust-up
over the fate of a multi-
storey carpark. The site
will be given over to devel-
opers in 2020, but in the meantime, the
council received a sparring of pitches
from the creative community over who
could forge the best artistic hub. Bold
Tendencies, which still runs the art gal-
lery and hangout Frank’s Café on the
roof, proposed a plan for 800 low-rent
artist studios. They lost out to a com-
pany now known as Make Shift, which
brought in only 50 studios, but also a
yoga studio, a craft beer bar and some
pricey (but cruelty-free) street food.
It seems Make Shift know their audi-
ence. The southeast London neighbour-
hood is dealing with an influx of young,
wealthy newcomers. Though they are
the types who come with their parents
in tow.
First-time buyers, who accounted for
just under half of the market in 2014,
now make up 60 to 70 per cent of sales,
says Anthony Finn, assistant sales man-
ager at Kinleigh Folkard and Hayward
in Peckham Rye. The government’s
2016 London Help to Buy scheme,
which gives first-timers deposit loans on
new homes up to £600,000, is a big
player, says Kash Ijaz, new homes and
land manager at Gareth James Property.
The 2017 introduction of stamp-duty
relief for first-time buyers has helped
too, says Finn, but so has family wealth.
He estimates that three-quarters have
financial help from their parents.
“I had a tattoo artist looking with
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★ FTWeekend
Parental guidance
The outdoor rooftop bar in Frank’s Café in Peckham, south London, with a view of the City — Alamy
Munday’s is marketing a one-bedroom
House prices in Southwark flat for £435,000.
Rebased House prices have been growing rap-
160 idly. Average second-hand sale prices in
Southwark Peckham increased 45.7 per cent in the
140
four years to April 2018, according to
Greater London
120 Savills research using Land Registry
data. Transactions are markedly down,
100 however — as they are across the capital.
2013 15 16 17 18
There were 591 sales in the 12 months to
Source: Savills using Land Registry data
March 2018 in Peckham’s SE15 post-
Four-bedroom code, a 23.3 per cent fall since 2014,
house, near £900,000 in the bank,” says Becky according to Knight Frank.
Queens Road Munday, managing director of Mun- One reason is the disappearance of
Peckham day’s. From tattooing? “No, from mum buy-to-let investors. In 2014, they
station, £2.15m and dad.” accounted for about one in five sales,
Pleasing the parents has become cru- says Michael Walker, sales manager at
cial, she says. “We are almost insisting Gareth James Property, “now it’s one in
on getting the parents around [to 25”. Agents blame the 3 per cent sur-
inspect the property] before the offer is charge on second homes from 2016 and
accepted,” she says. “Historically, they the reductions to tax relief on buy-to -let
put a spanner in the works.” mortgages, phased in from April 2017.
The magnet for a lot of these buyers “We haven’t sold a family house to a
are the streets around Bellenden Road,
sometimes called “Bellenden Village”. ‘I had a tattoo artist looking
(In fact, some estate agents prefer to call
it simply “posh Peckham”, perhaps in an with £900,000 in the bank.’
attempt to evade too many rude jokes.) ‘From tattooing?’
Asking prices here can reach £1,000 per
sq foot, says Finn. On Maxted Road, ‘No, from mum and dad’
family in a long time,” says Munday,
who is marketing a four-bedroom ter-
race on Denman Road for £1.75m
(right). Several agents say that friends
and siblings clubbing together is becom-
ing increasingly common. “I’ve got two
sisters looking to spend up to £1m
together in cash,” says Finn.
Crime rates might make the area less
appealing to buyers with children.
There were 32,919 crimes reported in
Southwark in 2017, making it London’s
third most dangerous borough, accord-
ing to Churchill Security. In the 12
months to June, according to the Metro-
politan Police, Southwark had the high-
est knife crime count in London.
Some developers have been targeting
Peckham’s young, artistic crowd. In
Blenheim Grove, a five-unit develop-
ment by Unboxed Homes on the market
with Rare Space, which will complete
next summer, homes are being sold as
“customisable” shells. The developer
claims this saves buyers 20 per cent —
though the difference may need to be
spent making said home habitable.
Nearly all of Peckham’s buyers are
UK-based, say agents. “They’re migrat-
ing from areas such as Hackney, Dal-
3
House Home
i / BUYING GUIDE
TFL has proposed an extension of the
Bakerloo line to two new stops along Old
Kent Road. If successful, construction
would start in 2023 for 2028 completion
The average price per sq foot in SE15 in
the first half of 2018 was £677, according
to Hamptons International
Peckham Rye station has a 10-minute
Southern rail link to London Bridge, and is
on the Overground line (Canary Wharf is a
19-minute journey via Canada Water)
What you can buy for . . .
£500,000 A two-bedroom period flat in
Nunhead in the south of Peckham
£1m A six-bedroom terraced house with a
garden in Peckham Rye
£2.5m A five-bedroom Georgian town-
house overlooking Peckham Rye Park
More homes at propertylistings.ft.com
Old Kent
Road
PECKHAM
Denman Road
Frank’s Cafe
PECKHAM
RYE
Kirkwood
Rye Lane Road
Bellenden
Road NUNHEAD
Peckham
Rye Park 500 m
ston, Angel, Islington, Brixton and
southwest London,” says Finn. Many
are after gardens large enough to build a
studio in, says Walker. Near Queens
Road Peckham station, Knight Frank is
marketing a four-bedroom house with a
separate home office space in the gar-
den and an outdoor shower in a con-
verted 1900s hosepipe factory for
£2.15m. It seems Peckham’s creative
community lives on.

4 ★
House Home
Netherlands property
Rapid price gains in the
city have been stoked
by a shortage of supply
nationwide. By Hugo Cox
F
or anyone who thinks the UK’s
exit from the EU has been pro-
ceeding in a haphazard fash-
ion, spare a thought for Milan.
The Brexit fallout includes the
decision to move the European Medi-
cines Agency — the drugs regulator
which currently employs about 900
staff — from its base in London to a new
EU location. In November, following
bids from a range of European cities,
Milan tied with Amsterdam in a vote by
EU foreign ministers. The winner —
pulled out of a hat — was Amsterdam.
While Milanese authorities may be
cursing their luck, the EMA’s top brass
will be eyeing up homes around Amster-
dam’s central waterways and the
Museum Quarter further south, the two
most desirable residential districts.
While for many wealthy buyers the
draw of owning a home in the 17th-cen-
tury canal ring area — a World Heritage
site — is irresistible, these homes come
with challenges, says Barbara van der
Grijp, of Engel & Völkers’ Amsterdam
office. Besides the preservation rules
conserving the interiors, many of the
homes are very narrow, “especially at
the front, to avoid the window tax in
place at the time they were built” says
van der Grijp.
On the Herengracht canal E&V is
selling a five-bedroom house for €2.1m.
Sotheby’s International is selling a
four-bedroom house on Prinsengracht
for €4.95m.
The Museum Quarter, meanwhile,
contains many of the city’s most prized
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Artwork by Joseph Klibansky in Amsterdam’s Museumplein. Right: a canal and the Zuiderkerk
Amsterdam’s space race
Five-bedroom cultural jewels, including the Van Gogh
apartment at the Museum and the Rembrandt-stuffed
top of a converted Rijksmuseum, but fewer of its period
townhouse, near homes. Generally quieter and with a
the Museumplein good crop of international schools, buy-
€4.9m ers here pay the city’s highest prices: the
average home in the second quarter of
this year went for €9,175 per sq metre,
according to E&V. Beside the Muse-
umplein, Sotheby’s International Realty
is selling a five-bedroom apartment at
the top of a converted townhouse for
€4.9m.
EMA’s executives are not the only
ones who will be fretting about the cost
of buying a new home near the office.
With average Amsterdam prices surg-
ing, up 13 per cent in the year to the sec-
ond quarter of 2018 and 47 per cent in
the past three years, according to
Rabobank, most rank-and-file employ-
ees will be wishing the EU’s foreign min-
FTWeekend
— Romy Arroyo Fernandez/NurPhoto via Getty Images
isters had made their minds up sooner quence of the move, it is no wonder the
— to say nothing of the struggle felt by organisation reckons it will lose three
people already living there. The average out of 10 employees.
property price in the city is €459,000: Amsterdam’s rapid price gains have
since some EMA employees are facing been stoked by a nationwide shortage of
salary cuts of up to a quarter as a conse- supply. “New home construction is lag-
ging what is required just to accommo-
date the country’s household growth, to
Amsterdam say nothing of relieving the existing
Central station housing shortage,” says Christian
Lennartz, a senior housing economist
at Rabobank.
AMSTERDAM The financial crisis stopped the con-
Singelgracht struction industry in its tracks, with a
Prinsengracht quarter of the Netherlands’ 400,000
construction workers laid off in the
MUSEUM CANAL
DISTRICT years that followed, he says. “Most of
DISTRICT
Van Gogh
them have not come back. Added to the
Rijksmuseum scarcity of labour are high material
Museum
costs, a slow planning process and little
Museumplein 2 km interest from private developers and
land owners (often municipalities
18 August/19 August 2018
i / BUYING GUIDE
The average price of a homes sold in the
Museum Quarter in Q2 2018 was €1.54m.
The Eurostar connects London with
Amsterdam in 3 hrs 40m. Direct flights
from New York take 7 hrs 20m.
The transaction tax on a home purchase
in the Netherlands is 2 per cent (the same
for foreign and domestic buyers).
What you can buy for . . .
€400,000 A one-bedroom flat on First,
Second or Third Helmersstraat, Oud-West
€1.8m A three-bedroom apartment with
balcony in the Museum Quarter
€5m A recently renovated five-bedroom
house from the early 17th century with a
garden in the canal ring area.
More homes at propertylistings.ft.com
themselves), who don’t want prices to
fall.” To make matters worse, govern-
ment austerity is trimming the budgets
of housing associations, which own a
large share of homes in the Netherlands’
major cities.
Few believe that the government will
meet the current nationwide target of
75,000 new homes per year necessary to
keep step with the country’s population
growth (as well as old homes no longer
fit to live in). In Amsterdam, an infor-
mal agreement between developers, the
city and the housing associations
(among others) to add at least 5,000 per
year is faring better — last year the city
managed 7,500, says Lennartz. “With
many of the homes that can be created
from converting offices, hotels and
retail units now complete the search is
now on for new brownfield sites”.
While Amsterdam’s agents and devel-
opers will be rubbing their hands, EMA
employees will be praying they manage
to dodge a salary cut.
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6 ★ FTWeekend 18 August/19 August 2018

House Home
K Former Hacienda de San Pedro
Mártir, Coyoacán, Mexico City,
Mexico, $12m Expats: Bangkok
Hot property Where In the Coyoacán neighbour-
hood, south of Mexico City’s centre.
The airport is 15km away.
What The hacienda dates from the
Continued from page 1

passengers in shorts, singlets or

bikes, which are the fastest way
to weave through traffic —
though, for safety’s sake, not

Glorious 1500s. There are four en suite

bedrooms, a dining room, reading
room, artist studio and games
room. There is also an independent
guesthouse and a chapel.
flip-flops. Another thing that is
ubiquitous, and at times awk-
ward, is the sex trade: we live
next door to a hotel that rents
advisable if you have alcohol in
your system. For my commute,
I take the boats that tear down
the canal behind my house.

gardens Why The property is organised

around courtyards with trees and
water features. A painting of one of
its Norfolk Island pine trees, which
still stands in the garden, hangs in
rooms by the hour, and there is
a gay brothel around the block.
The city is kind to farang (for-
eign) expats with money, but
When the boat reaches the
pier, it docks for mere seconds
and you need to be sure-footed
to avoid landing in the dark,
By Nicola Davison can be intensely cruel if you are sticky, malodorous khlong.
Mexico’s National Museum of Art.
Who Mexico Sotheby’s International
a migrant worker or one of the Germán and I have enjoyed
Realty, sothebysrealty.com, unfortunate animals, fish or every stop on our expat lives,
tel +52 55 5929 5252 insects sold live out of a cage or but we don’t have a place we
tub at the noisome, intense call home; Theresa May would
Khlong Toey market. probably call us “citizens of
I Badgemore Grange, Henley-on- Living in a hot, congested nowhere”. Although neither of
Thames, Oxfordshire, UK, £6.95m city requires sartorial and us plan to retire anytime soon,
transport planning. Walking we are now at the age where we
Where One mile from Henley town
centre, in a secluded setting.
even a few streets can leave you talk about it. We have added
Heathrow airport is 24 miles away. dripping with sweat. Bangkok’s Bangkok to the list. Come to
What A 19th-century country excellent, air-conditioned Sky- the FCCT in 20 years, and you
house with six bedrooms, five train is the default option, but may see us there: we’ll be the
bedrooms and five reception gets packed at rush hour. One old men across the table wear-
rooms. Features include sash bay M Saumane-de-Vaucluse, workaround is motorcycle ing jaunty Cambodian scarves.
windows, herringbone woodblock Vaucluse, Provence, France, taxis. Germán and I have learnt
flooring and a carved staircase. €3.2m
Why Included in the grounds are a
to keep 20 baht 60 cents) notes John Reed is the FT’s south-east
‘rose walk’, two paddocks and Where In the countryside, near handy to hop on the back of the Asia correspondent
mature trees such as yew, cedar, L’Isle-sur-la-Sorgue. Marseille
Wellingtonia, lime, cherry and oak. airport is about an hour’s drive.
There is also a tennis pavilion with What A renovated five-bedroom Expet lives
an ornamental fountain. house on four hectares of land. It
Who Savills, savills.com, has a summerhouse, pool and No foreign correspondent’s enough to survive the Holy
tel +44 1491 843 000 views of the mountains of the Mont
life would be complete City’s mean streets is the
de Vaucluse, Luberon and Alpilles.
Why The main garden has two without trailing animals, and victor of thousands of years
lines of cypress trees, a fountain, we have shuffled paperwork of Darwinian struggle. Israelis
orchard, flowerbeds, topiaries, and shelled out transport and Palestinians leave pita
sculptures and a pond with bridge. fees for quite a few. Call bread at the bins, and George
Who Knight Frank, knightfrank.com, them the expets. imbibed with his mother’s
tel +44 20 7861 5034 In high-crime Johannesburg milk an insatiable taste for
we got Oskar, a huge loaves, which he will tear
Rhodesian Ridgeback, mainly through grocery bags to
K Constantia, 1599 East Valley as a security deterrent. (His remove. Good genes and
Road, Montecito, California, fearsome size belied quality kibble
US, $16.8m a meek personality.) conspired to make
Where In Montecito, east of Santa In Warsaw, we had him a very large cat
Barbara. Los Angeles airport is 93 two obstreperous and, while devoted
miles, or about two hours by car. lovebirds, Ike and to us, he hates
What Built in 1930, the design was Tina, who tore up strangers. Our friend
inspired by Groot Constantia, one books to build their P, a tough, storied
of South Africa’s oldest wine nests and enlivened war correspondent,
estates. It has six bedrooms and
gloomy central won’t go near him.
10,354 sq ft of living space.
Why Landscape architect European afternoons YetasGeorgenears
Lockwood de Forest Jr designed with their shrieks. middle age he may
the gardens, which include an In Jerusalem in be softening, thanks
olive-lined drive, a pond and a 2014 we adopted to our newest expet:
sunken garden bordered by roses. George (top), a a sweet-tempered
Who Riskin Partners at Village street cat. Any Thai street kitten
Properties, villagesite.com, tel +1
animal tough called Pierre (left).
805 565 8600 / +44 20 7467 5330

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8 ★
House Home
Which flowers
make the cut?
One plant can still be turned into dozens next
year — let’s just hope for a kinder summer in 2019
I
hate dry weather. This year,
Sweden has had even more of it
than Britain and Portugal has been
impossibly over-heated. American
gardeners must be smiling wryly
while British ones learn what
Americans have to endure more often
than not. A long drought is even worse
for farmers whose barley has failed to
form on the stalk and whose animals
have been living for weeks on highly
priced hay. None of those points stops
it being bad for me.
In a dry crisis I try to look ahead. No
job looks further ahead than
propagation. One plant can still be
turned into dozens, whether or not the
summer is remorselessly sunny. I lost
heart with this job in late July, one of
the best times for taking cuttings, but I
am back on track now that some of the
heat has moderated. It is still a good
moment to make a new generation in
the hope of a kinder 2019.
Plants vary in their willingness to
root, so it pays to begin with easy ones.
Fuchsias are as easy as they come and
so are varieties of free-flowering
verbena. Hebes root for almost anyone,
as do most plants with silver leaves,
invaluable in dry summers. The
dianthus family is a classic subject for
cuttings, as are the penstemons of late
summer. Salvias and lavenders are
extremely obliging and so are all hardy
chrysanths, plants that I love although
the uninitiated claim to dislike them.
Here are some easy candidates that I
have just handled. The best of all
cut-leaved silvery plants for pots and
bedding is Senecio viravira, a recently
changed name. It costs up to £5 a plant
but is wonderfully easy to root, even by
poking a bit of it into damp soil near
the parent where you will not forget it.
Perennial verbenas are also a pushover.
They are so much better than the seed-
raised ones with smaller flowers that
come on sale in May as bedding plants.
All the dark-flowered ones are classy,
especially Claret and the excellent
Diamond Merci, which is a dark
maroon–red. They root extremely
quickly from two-inch cuttings, pulled
off as side shoots and stripped of most
of their leaves. Salvias are also willing
rooters, so I have set about the
excellent Royal Bumble, the one with
small evergreen leaves and a very long
season of deep scarlet flowers.
If you remember what cuttings like
in order to root, you will begin on the
right footing. Rooting powder, a plastic
cover, fine compost and perlite are
basic ingredients that I recommend,
but they are not absolutely necessary.
Fuchsias and hebes will even root in a
glass of fresh water. My basics help
them to make better roots, so I stay
loyal to them. The aim is to give
cuttings an open, well-drained compost
so that they can take up nutrients and
remain fresh. A covering greatly helps
them to do so and none is simpler than
a plastic bag, propped on sticks above
the pots and boxes in which the
cuttings are to sit. Be sure that it stands
above all leaves as it will sweat and
soak them and cause the cuttings to
rot. Gardeners sometimes use plastic
water or lemonade bottles instead,
having knocked out the bottoms so
that they can be slipped over a pot. If I
am well prepared, I use Stewart plastic
covers with ventilating slits that can be
closed at first, then opened. Garden
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FTWeekend
Dianthus Memories — GAP Photos/Lynn Keddie Lavender — Alamy
Salvia Royal Bumble — Alamy Verbena and Senecio viravira — Alamy
centres usually stock them cheaply.
The cuttings’ soil has to retain
moisture but not be too wet. White
granules of perlite are an excellent
ingredient for the purpose, but they
have to be soaked thoroughly before
any cuttings go into them. Mix together
a rooting medium of about half perlite,
half soil-based compost and then wet it
all very fully about two hours before
you want to put cuttings into it. It is
absolutely fatal to use dry perlite or to
try to wet it after the cuttings have
gone in. As it needs to be soaked, the
Robin Lane Fox water will dislodge all the cuttings you
have carefully inserted. Wet the mix
first and plant into it when it is still
On gardens fully damp. It holds the damp for a long
while and keeps the soil open, just
Fuchsia — GAP Photos/Virginia Grey
Verbena — GAP Photos/Sabina Ruber
what cuttings like. Taking the right
pieces is not at all difficult. Try to use
side-shoots that have not yet flowered
and cut them off sharply where they
join a main stem. Try not to take
cuttings off a plant that is struggling or
turning yellow in the drought. Healthy
parents give healthy cuttings.
At this time of year, a good length to
take is about two to three inches,
with the lower leaves cut off. If the
cuttings are too long, reduce their tops.
If they are too leafy to fit well under a
hat or bag, cut off most of the leaves.
Be sure that no leaves rest on the soil
when planted.
If the cutting is not a piece attached
to a plant’s main stem, cut it just below
a joint at which the main stem bulges
18 August/19 August 2018
slightly. That is the point at which to
take cuttings of dianthus. I find
secateurs too clumsy for them as they
crush the stems, so prefer to use
scissors. I have just been snipping the
best of all hybrid pinks, the newish
double white-flowered Memories,
which flowers from May till October.
Books will tell you to take a cutting
with a “heel” attached, a bit of stem
that you have pulled off from the
parent. It is quite difficult to take a heel
from a soft-stemmed dianthus.
Rooting powder is not a dispensable
item of faith even if some cuttings root
without it. Branded powders are
readily available, Miracle-Gro Fast
Root being one of the best. There is no
advantage in buying ones called
“organic” and there is even less
advantage in following digital tipsters
and using honey, cinnamon or vinegar
instead. The honey has to be raw honey
and although it helps to keep off fungal
rot, it has none of the acids that
promote rooting. Vinegar and
cinnamon are useless too.
Unsurprisingly, chemical companies
have worked out what rooting really
needs. So, dip cuttings into some of
their rooting powder tipped on to a
saucer so that the cuttings do not mess
up the parent jar. See that it coats the
very bottom tip of their stems.
Three major reasons for failure are
wobbly planting, over-watering and
excessively hot sunlight on the boxes
after planting. Never leave cuttings
lying around after snipping. Insert
them immediately by pressing their
lower stems firmly into the soil and
then testing that they will not promptly
come out when pulled. It is amazing
how often beginners plant them too
loosely, causing them to rot and fail.
This year of all years, keep cutting-
boxes out of the greenhouse and off
windowsills in direct sun.
If you prepare the basics well and
keep the coverings firmly in place,
cuttings will root in about three
weeks. They seldom need watering
meanwhile. You will have dozens of
senecios, verbenas, salvias and pinks at
an average cost of about 10p each. In
the shops these excellent plants now
cost at least £5 each. A fifty-fold gain is
not one you will achieve in the market
in the next six months.
Robin Lane Fox will be speaking at the
FT Weekend Festival, September 8, at
Kenwood House, London. For more
information, visit ftweekendfestival.com