FRIDAY 7 OCTOBER 2022 NATIONAL NEWSPAPER OF THE YEAR UK £3.30 Channel Islands £3.40; Republic of Ireland €3.

70

Quest to reuse millions of defunct data drives Four areas that threaten financial stability
BIG READ, PAGE 21 GILLIAN TETT, PAGE 23

BoE says UK United front European leaders assemble in

Prague to build common ground on security
Briefing
i Truss slims job cuts plan

was on brink
Prime minister Liz Truss is to
water down Boris Johnson’s plan
to slash 91,000 jobs in the UK
civil service with the target

of crisis after
unlikely to be hit by the end of
the current parliament.— PAGE 2

i Shell’s record run to end

Lower refining and chemicals

market turmoil
margins and weaker gas trading
have led Shell to signal that its
run of record profits is set to end
in the third quarter.— PAGE 9

i Home loan relief mooted

The Treasury could extend a
mortgage scheme aimed at first-
3 Gilt buying staved off ‘financial spiral’ time buyers beyond the end of
the year in response to recent
3 Fear over pension fund asset dumping turbulence.— PAGE 2

TOMMY STUBBINGTON
i IMF boss delivers warning
CAPITAL MARKETS CORRESPONDENT that their funds were likely to fall into IMF head Kristalina Georgieva
negative net asset value, forcing them to has warned falling incomes and
The Bank of England yesterday said that wind up leveraged bets on interest rates rising prices would mean many
its intervention in the UK government that they use to manage the swings in countries next year would feel like
debt market last week had prevented a the value of their long-term liabilities to they were in a recession.— PAGE 4
£50bn fire sale of gilts that would have pensioners. That in turn would have led
taken Britain to the brink of a financial banks that lent to the funds to sell the i Pension group told of risk
crisis. gilts used to back these bets, creating a The Universities Superannuation
The central bank defended its action, downward spiral in gilt prices. Scheme raised its exposure to
saying that had it not launched its emer- The BoE has spent just £3.8bn in the debt-fuelled strategies in spite of
gency bond-buying in the wake of chan- first seven days of its programme, far warnings that this would bring
cellor Kwasi Kwarteng’s “mini” Budget, below the potential maximum of £35bn. “significant risks”.— PAGE 12
pension funds would have been forced to Traders said the possibility of larger
sell £50bn worth of long-term UK gov- central bank purchases had been suc- i Porsche overtakes VW
ernment debt “in a short space of time”. cessful in backstopping the market. A week after one of Europe’s
This would far exceed the average However, yields have begun to move largest flotations, Porsche has
daily trading volume of £12bn. higher again this week after the BoE taken the crown of the region’s
The BoE’s defence of the scheme, in bought no bonds at all on Tuesday and most valuable carmaker from
which it said it would buy up to £65bn in Wednesday. Thirty-year borrowing parent group Volkswagen.— PAGE 9
gilts over a 13-day period, is the clearest costs traded at 4.37 per cent yesterday,
sign yet of how close the UK came to a up from a low of 3.64 per cent after the Datawatch
market meltdown following Kwarteng’s BoE’s intervention, but below the 20-
plan for £45bn in unfunded tax cuts. year high of more than 5 per cent that
Had the central bank not intervened, forced the central bank to act. Alcohol affordability rises
it feared there would have been a “self- Cunliffe also responded to concerns Real UK household disposable income
reinforcing spiral” that threatened that the gilt-buying intervention, which divided by real price of alcohol (Q1
“severe disruption of core funding mar- is due to end on October 14, undermines 1988=100, higher = more affordable)
All alcohol
kets and consequent widespread finan- the BoE’s fight to bring inflation under Wine
300
cial instability”, Sir Jon Cunliffe, the control. “These operations are not Spirits 250
BoE’s deputy governor for financial sta- intended to create central bank money Beer
bility, wrote to the chair of parliament’s on a lasting basis, nor are they designed Martin Divisek/ EPA-EFE/Shutterstock 200
Treasury committee. to cap or control long-term interest 150
The letter provided details on warn- rates,” he wrote. French president Emmanuel Macron by the European Council said. It would steer clear of Brexit, Dutch prime min-
ings received by the BoE ahead of its Alongside last week’s gilt purchases, and European Commission president also discuss energy security. ister Mark Rutte told reporters: “The 100
action. Cunliffe said managers of the the central bank also delayed the start of Ursula von der Leyen chat during Proposed by Paris as a means to co- relationship between the UK and the 1988 2000 2010 2022
Sources: ONS; @VictimofMaths
liability-driven investment strategies at sales of gilts from its portfolio in a bid to the first meeting yesterday of the ordinate views from London to EU will be on the agenda.”
the centre of a crisis in Britain’s pension shrink its balance sheet — a process that European Political Community in Ankara, the European Political Com- The 44 leaders also plan to show a Alcohol sold in the UK in 2022 was 92%
fund industry had warned on the day forms part of the BoE’s plans to tighten Prague, Czech Republic. munity group saw UK prime minister united front against Russia’s war in more affordable than it was in 1988.
Kwarteng made his fiscal statement that monetary policy. Cunliffe reiterated The summit brings together leaders Liz Truss and Turkish president Recep Ukraine with discussions on European Alcohol tax rises between 2008 and 2012
the huge moves in gilt yields would force that so-called quantitative tightening from across Europe, including non-EU Tayyip Erdoğan huddle with the EU’s defence: Moscow and Belarus were the halted this trend but tax cuts meant
affordability rose steeply again, albeit
them to dump large quantities of gov- was scheduled to begin on October 31. members, with the aim of strengthen- 27 leaders and those from 15 other only two continental powers not more modestly in pubs and restaurants
ernment debt. Households borrow more page 3 ing the continent’s security, stability states. invited to the forum.
A number of LDI investors warned Lex page 24 and prosperity, a statement released While British officials were keen to Report page 6

US weighs oil export ban to counter

Opec+ cuts as Saudi relations strain
FELICIA SCHWARTZ — WASHINGTON asked if the idea was under considera- on relations with Prince Mohammed.
tion. “What the president has directed Three Democratic members of Con-
The White House yesterday said there
us, and it continues to be the case, is to gress said they would introduce legisla-
was “nothing off the table” as it consid-
take nothing off of the table,” Deese said. tion that would mandate the removal of
ered responses to sharp cuts by Opec+
Opec+ approved its output cut after US troops and missile defence systems
to world oil supply, including new
Russia’s call-up blunders releases from the US Strategic Petro-
US president Joe Biden made a contro- from Saudi Arabia and the United Arab
feed disquiet in Moscow versial visit to Saudi Arabia in July in an Emirates. “We see no reason why Amer-
leum Reserve to contain energy prices.
effort to increase supplies of oil. ican troops and contractors should con-
With Russia losing ground in Ukraine, The Opec+ cartel led by Saudi Arabia He said after his meeting with Crown tinue to provide this service to countries
President Vladimir Putin has been and Russia on Wednesday agreed to Prince Mohammed bin Salman that he that are actively working against us,”
forced to admit that many Russians lower production targets by 2mn barrels expected Riyadh to “take further steps” House Democrats Tom Malinowski,
have been called up to fight in error. a day, or roughly 2 per cent of global oil to increase oil supplies. Sean Casten and Susan Wild said in a
The backlash has left the Kremlin consumption. Oil markets rose yester- Biden said yesterday that he did not statement. “If Saudi Arabia and the UAE
looking for scapegoats to deflect the day with Brent crude at $94 a barrel. regret his visit. “The trip was not essen- want to help Putin, they should look to
blame. Pundits are shining a light on a Brian Deese, director of the White tially for oil. The trip was about the Mid- him for their defence.”
system whose failings have grown House’s National Economic Council, dle East and about Israel and rationali- In August, US energy secretary Jenni-
apparent as Russia’s invasion stutters. described the decision as “unnecessary sation of positions. But it is a disappoint- fer Granholm told oil refiners to build
‘There’s no way out of this rat-trap,’ and unwarranted” and said the US was ment and says that there are problems.” domestic inventories rather than export
said one retired army colonel. ‘The looking at further sales from its strategic The Opec+ decision has given ammu- more fuel. Europe’s energy crisis would
Kremlin seems to have realised that.’ stockpile. He did not rule out an export nition to lawmakers critical of the US- probably be made worse by such a move.
Blame game i PAGE 4 ban or limiting exports on petrol and Saudi relationship. They have ques- Energy shock page 13
other refined products when reporters tioned the wisdom of Biden’s about-face FT View page 22

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2 ★ FINANCIAL TIMES Friday 7 October 2022

NATIONAL

Civil service Housing market

Truss dilutes Whitehall job cuts plan Treasury eyes

extending
PM backtracks on
guarantee
for first-time
grapple with the dual challenges of leav- no longer set in stone.” Instead, Truss’s ‘Getting Rees-Mogg argued in May that the
ing the EU and the Covid pandemic. administration will use a “hybrid proposed reductions did not represent a
Johnson target aimed at But Nadhim Zahawi, who last month model” to reduce Whitehall spending back to return to austerity but were instead
saving £3.5bn a year was made Cabinet Office secretary with
oversight of civil service reform, has
concluded that the target is a “blunt
through efficiency savings as well as
scrapping jobs. Rather than pursuing
redundancies, the government will
2016 levels
is still the
about effective government. “Every
penny we take in tax has to come off the
backs of people working hard,” he said.
home buyers
JIM PICKARD
CHIEF POLITICAL CORRESPONDENT instrument” and needs to be reviewed, shrink the size of the civil service overall Dave Penman, general secretary of
according to officials. through longer-term “churn” as people the FDA civil service union, said a limit EMMA DUNKLEY, JAMES PICKFORD, AND
Boris Johnson’s plan to slash 91,000 jobs Zahawi has told colleagues that Liz Truss’s leave without being replaced. ambition on proposed compulsory redundancies SIDDHARTH VENKATARAMAKRISHNAN
in the civil service is being watered although cutting 91,000 jobs could save government Meanwhile, the government is con- but that will was welcome but it was still “intellectu- The Treasury is considering extending
down by new prime minister Liz Truss the government £3.5bn annually, there plans to cut sidering reopening its flagship “fast ally bankrupt” to try to shrink White- a mortgage scheme aimed at first-time
with the target unlikely to be hit by the was likely to be an upfront cost of Whitehall jobs stream” civil service graduate recruit- now be hall to the size it was in 2016. buyers beyond the end of the year in
end of the current parliament. £6bn-£7bn in redundancy payments. through ‘churn’ ment programme, which was contro- done over a “Whatever the timeframe chosen for response to recent turbulence in the
Jacob Rees-Mogg announced earlier The new government, formed only a as people leave versially paused in the summer. cuts, if ministers want significant sav- home loan market that has led to a
this year, when serving as efficiency month ago, is instead expected to take a without being The decision to freeze the scheme, different ings from the civil service they need to sharp rise in interest rates.
minister under Johnson, that a fifth of more gradual approach to reducing the replaced which brings about 1,000 graduates into timescale’ decide what it’s going to stop doing,” he
civil service roles would be cut in the size of the civil service. Whitehall each year, for several years said. Prolonging the mortgage guarantee
next three years, taking numbers back “Getting back to 2016 levels is still the was part of broader plans to cut spend- “Pretending there is ‘fat to be scheme was one of the ideas put forward
to 2016 pre-Brexit levels. overall ambition but that will now be ing and roles. Asked if the fast stream trimmed’ without impacting on public by bank bosses at a meeting with Chan-
The size of Whitehall has swollen as done over a different timescale,” said could be reopened soon, one govern- services is simply being dishonest with cellor Kwasi Kwarteng yesterday,
the government hired more staff to one government figure. “That target is ment figure said: “Watch this space.” voters,” he added. according to people familiar with the
matter.
The chief executives of the UK’s larg-
est lenders were summoned by Kwart-
eng to discuss the turmoil in the home

Father figure loans market following his “mini”

Budget at the end of last month.

Chagall looted
Lenders withdrew more than 1,600
mortgage products as a result of volatile
gilt markets, which banks use to price

by Nazis goes fixed-rate loans.

The scheme, launched during the

on display
coronavirus pandemic, helps first-time
buyers and those with small deposits
secure loans.
It offers a guarantee on the portion of

A Chagall portrait of his father stolen

An extension would be
by the Nazis and now part of the ‘good news for anyone in
French government’s restitution
efforts is put on display at Phillips
need of a mortgage with
auction house in London yesterday. only a 5% deposit’
“Le Père” was owned by a Polish
violin maker who survived the mortgage over 80 per cent for prop-
Auschwitz. It was seized from him erties worth up to £600,000. Buyers
and its whereabouts were unknown must have a deposit of at least 5 per cent.
for many years. When it resurfaced One source close to the situation said
in the 1960s, Marc Chagall reacquired the Treasury had indicated it would
it for himself, as it was such an consider an extension to the scheme.
important work to him personally. Concerns were also raised at the meet-
France is taking action to restitute ing about the effect of fast-rising interest
works back to the families of Jewish rates on the buy-to-let sector and the
people whose homes were looted in impact on more vulnerable customers
the second world war. Of the 15 on interest-only mortgages.
works being restituted, “Le Père” is Ian Stuart, chief executive of HSBC
the first to come to auction. UK, Charlie Nunn, chief executive of
Estimated at $6mn to $8mn, it will be Lloyds Banking Group, Alison Rose,
sold in New York in November. chief executive of NatWest, and Matt
Hammerstein, chief executive of Bar-
Stephen Chung/LNP
clays UK, were at the meeting.
Ray Boulger, broker at John Charcol,
said an extension of the mortgage guar-
Climate change antee scheme would be “good news for
anyone in need of a mortgage with only

Greenpeace weighs legal challenge to North Sea oil and gas licences a 5 per cent deposit”.
Interest rates on mortgages have risen
sharply since the chancellor’s fiscal
statement on September 23. The aver-
age interest rate on five-year, fixed-rate
NATHALIE THOMAS — EDINBURGH mitment to net zero carbon emissions but was criticised as “meaningless” by bills for struggling families “this winter chief executive, said last week that, mortgages went above 6 per cent yester-
by 2050. climate groups because it was advisory or any winter soon nor provide energy given the “unusual” situation facing day for the first time since 2010, accord-
Environmental group Greenpeace
In its new licensing round, the NSTA is only and did not bind ministers to a par- security in the medium term”. western Europe after Russia cut off gas ing to Moneyfacts.
claimed a new round of licences ena-
prioritising four areas in the southern ticular outcome. He added: “New licences — and more exports via the Nord Stream 1 pipeline, The rate on two-year fixed-rate deals
bling companies to explore for oil and
part of the North Sea, where gas has Philip Evans, energy transition cam- importantly more fossil fuels — solve it was right to do “anything we can do to also continued to climb, reaching 6.11
gas in the North Sea was potentially
already been discovered. Business sec- paigner for Greenpeace UK, said new oil neither of those problems but will make bolster domestic production”. But he per cent.
“unlawful” and signalled it would aim
retary Jacob Rees-Mogg said the licences and gas licences would not lower energy the climate crisis even worse. They are also admitted that new licensing rounds Many banks have also increased the
to mount a legal challenge.
would boost “both [the UK’s] energy possibly unlawful and we will be care- would not change Britain’s overall interest rate “stress tests” they apply, to
The North Sea Transition Authority has security and our economy”. fully examining opportunities to take dependence on imports. see if borrowers can afford to repay a
fired the starting gun on the first oil and But Greenpeace said it was scrutinis- action.” Last year UK oil and gas accounted for mortgage, to about 8 per cent.
gas licensing round in nearly three ing the details of the permit process for The NSTA declined to comment on only 39 per cent of the country’s overall Lex page 24
years. It is expected to result in the regu- potential grounds for legal action. Greenpeace’s claims. supply mix, according to a government
lator awarding more than 100 permits Licensing rounds used to be a near The licensing round has also attracted assessment. Pipeline imports from Nor-
Money Clinic podcast
to energy companies by the end of June. annual event. But a pause was intro- criticism because of the length of time it way, the Netherlands and Belgium
Help! What should I do about my
The government is seeking to bolster duced after the previous round in can take for any oil and gas discovery to accounted for 44 per cent of the mix, mortgage? The FT’s money-
Britain’s self sufficiency in energy fol- 2019-20 as the government promised to reach production. The average is five with liquefied natural gas shipped from making expert Claer Barrett
lowing Russia’s invasion of Ukraine, design a “climate compatibility check” years, according to the NSTA, although destinations including the US, Qatar responds to real-life questions
partly by extracting more fossil fuels to ensure that the award of new permits it hopes that the fast-tracked licences and Russia making up the remainder. from a range of millennial guests
from the North Sea. was “consistent with the UK’s wider cli- could yield results in as little as 12 to 18 The government is seeking to strike battling the cost of living crisis
Climate campaigners claim this move mate objectives”. months from the time of their award. long-term gas contracts with countries ft.com/moneyclinic
conflicts with the government’s com- The check was published last month Climate campaigners in London Andy Samuel, the NSTA’s outgoing including Norway and Qatar.

Privacy claims

Prince Harry joins lawsuit against Daily Mail publisher

MAKE A WISE ALEX BARKER AND JANE CROFT “unsubstantiated and highly defama- utterly and unambiguously refute these Harmsworth, the fourth Viscount
INVESTMENT Prince Harry, Sir Elton John and the
tory claims”. The claim includes allega- preposterous smears which appear to be Rothermere.
tions that the news group hired private nothing more than a pre-planned and Most of the claimants have in the past
Subscribe today at mother of the murdered teenager
investigators to “secretly place listening orchestrated attempt to drag the Mail reached settlements over phone hack-
ft.com/subscribetoday Stephen Lawrence have launched a
devices inside people’s cars and homes”, titles into the phone- hacking scandal ing with Murdoch’s NewsUK, the owner
joint legal action against the publisher
according to a statement from the concerning articles up to 30 years old. of The Sun and the defunct News of the
of the Daily Mail, alleging “gross
group’s law firm, Hamlins. “These unsubstantiated and highly World. In total News UK has paid more
breaches of privacy” through unlawful
Other allegations include other forms defamatory claims — based on no credi- than half a billion dollars for settle-
FINANCIAL TIMES Reproduction of the contents of this newspaper in reporting.
of eavesdropping on telephone calls; ble evidence — appear to be simply a ments relating to phone hacking.
Bracken House, 1 Friday Street, London EC4M 9BT. any manner is not permitted without the publisher’s
prior consent. The lawsuit against Associated Newspa- payments to police officials for sensitive fishing expedition by claimants and Despite these payouts to phone-hack-
Published by: The Financial Times Limited, pers for the first time pulls the owner of information; impersonation of individ- their lawyers, some of whom have ing victims, News UK, which owns The
Bracken House, 1 Friday Street, ‘Financial Times’ and ‘FT’ are registered trade marks Britain’s top-selling print title into simi- uals to access private medical records; already pursued cases elsewhere.” Sun, The Times and The Sunday Times
London EC4M 9BT. of The Financial Times Limited.
Tel: 020 7873 3000
lar legal battles over phone hacking and and using illicit means to access finan- Associated Newspapers is part of the newspapers, is still facing dozens of law-
Editor: Roula Khalaf The Financial Times and its journalism are subject to unlawful reporting to those that have cial records. Daily Mail and General Trust, the hold- suits from sports stars, celebrities and
a self-regulation regime under the FT Editorial Code long beset Rupert Murdoch’s media Associated Newspapers said: “We ing company owned by Jonathan politicians more than a decade after the
Subscriptions and Customer Service of Practice: www.ft.com/editorialcode empire. scandal first broke. A number of claims
Tel 0800 028 1407; subscriptions@ft.com;
www.ft.com/subscribenow Reprints The suit was filed yesterday by a have recently been brought against
Are available of any FT article with your company group including the Duke of Sussex, In unison: The Sun.
Advertising logo or contact details inserted if required (minimum John and his husband David Furnish, Prince Harry Earlier this year it emerged that the
Tel: 020 7873 4000; advertising@ft.com order 100 copies).
Letters to the editor the actresses Elizabeth Hurley and and Sir Elton phone-hacking scandal cost News
letters.editor@ft.com One-off copyright licences for reproduction of FT Sadie Frost, and Baroness Doreen Law- John are among Group Newspapers a further £49mn in
Executive appointments articles are also available. rence, whose son was murdered in a rac- those alleging the year to June 2021.
Tel: 020 7873 4909; www.exec-appointments.com
For both services phone 020 7873 4816, or
ist attack in 1993. ‘gross breaches Reach, which owns the Daily Mirror,
Printed by alternatively, email syndication@ft.com The claimants allege Associated of privacy’ is also facing a number of claims. Prince
Newsprinters (Broxbourne) Limited, Hertfordshire, Newspapers, whose titles include the through Harry has a case working through the
Newsprinters (Knowsley) Limited, Merseyside, Newspapers support recycling Daily Mail, the Mail on Sunday and unlawful courts alleging wrongdoing at The Sun,
Newsprinters (Eurocentral) Glasgow, and Irish Times, The recycled paper content of UK newspapers in
Dublin, Ireland 2018 was 69.2% MailOnline, were involved in “abhor- reporting News of the World and against the pub-
rent criminal activity” that intruded on Patrick van Katwijk/Getty lishers of the Mirror. Lawrence has not
Images
© Copyright The Financial Times Limited 2022. All their private lives. previously been involved in any phone-
rights reserved.
Associated Newspapers dismissed the hacking related claims.
Friday 7 October 2022 ★ FINANCIAL TIMES 3

NATIONAL

Households borrow more money

BoE survey

Businesses
as cost of living crisis hits finances predict price
rises to offset
higher wages
Two-thirds of those surveyed say they have cut back on essentials, sold items or dipped into savings
VALENTINA ROMEI
VALENTINA ROMEI
ECONOMICS REPORTER More households are having to borrow more than last year A record number of people say they are unable to save Businesses expect to raise prices at the
Percentage of adults reporting they have had to borrow more money Percentage of adults reporting they do not think they fastest pace since records began to off-
One-fifth of Britons say they are being
or use more credit in the past month, compared with a year ago will be able to save any money in the next 12 months set higher wage costs driven by a tight
forced to borrow more money to meet
Aged 70 and over 50 labour market, according to an influ-
their payments, with half unable to save 3 to 14 November 2021
48 ential survey by the Bank of England.
at all, in a sign that households are feel- 14 to 25 September 2022
ing the pain of the cost of living crisis. Aged 50 to 69 46 Business leaders in the central bank’s
Inflation is rising at a near 40-year 44 decision maker panel forecast in Sep-
record pace while lenders are raising Aged 30 to 49 42 tember that they would increase prices
their mortgage rates after the 40 by 6.6 per cent in the year ahead, up
announcement of the government’s Aged 16 to 29 38 from 6.5 per cent in August, the highest
“mini” Budget pushed up expectations 36 since the survey began in 2017.
of further monetary tightening by the All people 34 The findings confirmed BoE concerns
Bank of England. 32 “that firms are finding it too easy to pass
The stress this is putting on house- 30 higher costs on to consumers”, said
holds is clearly visible with fresh data 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Simon Harvey, head of foreign exchange
% of respondents 2021 2022 Oct
showing the proportion that are in Source: ONS Source: ONS analysis at Monex Europe, a foreign
financial difficulty is increasing, with exchange company.
spending falling and consumer confi- Households are cutting their spending and energy use More people are at risk of poverty He noted that these worries had con-
dence at a record low. What people are doing because of the rising Percentage of adults reporting their household would be unable tributed to the central bank raising rates
While the “mini” Budget, released by cost of living (14 to 25 September 2022) to afford an unexpected, but necessary, expense of £850 by a combined 100 basis points at its
the chancellor last month, was intended Spending less on non-essentials Aged 70 and over 3 to 14 November 2021 past two monetary policy meetings.
to boost economic growth through tax Using less fuel such as gas or electricity at home 14 to 25 September 2022 The monthly survey of chief financial
cuts, some analysts argue it is having the Shopping around more
officers from small, medium and large
opposite effect. Aged 50 to 69 businesses is used by the BoE to monitor
Paul Dales, chief UK economist at Cutting back on non-essential journeys developments in the economy and sup-
Capital Economics, warned that the fis- Spending less on food shopping and essentials ports the case for interest rate rises at
cal plan risked “lengthening the cost of Aged 30 to 49 the November 3 meeting of the bank’s
Using savings
living crisis and overlaying [it with] a Monetary Policy Committee.
cost of borrowing crisis”. Making energy efficiency improvements Markets are currently pricing in a 100
The government’s approach to the Using credit more than usual, for example, credit cards, loans or overdrafts Aged 16 to 29 basis point increase on the current 2.25
economy will probably result in more per cent rate as the bank battles to rein
None of these
persistent inflation and higher interest in inflation, which is at a near 40-year
rates, leading to a deeper recession and Doing other things All people high. Interest rates are expected to rise
ultimately higher unemployment in the Using support from charities, including food banks to 5.7 per cent by June next year, accord-
medium term, said Dales. ing to market expectations.
But new data show that consumers 0 10 20 30 40 50 60 70 0 5 10 15 20 25 30 35 40 The survey revealed that business
are already struggling. In the two weeks Source: ONS
% of respondents Source: ONS
leaders predict inflation will hit 4.8 per
to September 25, some 22 per cent of the cent in the medium term, up from a pre-
population said they had to borrow UK private car registrations are down Two-thirds of households made at UK credit card spending on entertainment diction of 4.2 per cent in the previous
more money or take out credit — an month. Harvey noted that the more
increase of 6 percentage points
Rolling 12-month sum, mn least one adjustment to cover is still below pre-pandemic levels hawkish members of the MPC would
from November last year when the essential spending in the past month Index, February 2020=100 consider this “de-anchoring of medium-
survey was first conducted — according 2.6 Percentage cutting back on essentials, 140 term inflation expectations as particu-
to a report by the Office for National selling items or dipping into savings Total larly concerning”.
Statistics. 2.4 65 120 Businesses also expect wages to rise
The findings tie in with recent data 60 100 by a record 5.9 per cent in the year
from the BoE that show credit card bor- 2.2 ahead, up from 5.5 per cent in August.
55 80
rowing rose at its fastest pace in 17 years They reported that wages were already
2.0 50
in August. 60 increasing by 6.5 per cent in September,
Peter Tutton, head of policy, research 1.8 45 a percentage point higher than in July.
40
and public affairs at StepChange, a debt Entertainment Some 84 per cent reported that they
40
charity, said the “debt situation wors- 1.6 20 were finding it harder than usual to
ened in August”. 35 recruit new employees, down only mar-
The government has released an 2012 2014 2016 2018 2020 2022 Apr 2020 2021 2022 Sep Jan 2020 2021 2022 Sep ginally from 86 per cent in August.
energy support package, which limits Source: Refinitiv Sources: Revolut, ONS
The level of overall business uncer-
yearly household energy bills to £2,500 tainty also increased, with more than
on average, but this only came into two-thirds of respondents reporting
effect this month with many already Prices pressure: will be detrimental to consumer spend- rates are set to triple to about 6 per cent People are reported cutting back on groceries and that uncertainty for their business was
“significantly more stretched than they more than two ing, he said. next year following further monetary car usage, ONS data showed. “high” or “very high”, six percentage
were a year ago”, said Tutton. in five reported As many as half of respondents said tightening by the central bank. ‘vulnerable Consumer association Which? found points higher than in August.
He added that people were “vulnera- cutting back on they found it difficult to afford their Gabriella Dickens, economist at con- to panic the number of households making Businesses are less likely to invest in
ble to panic borrowing to try to fill the groceries and energy bills in September, according to sultancy Pantheon Macroeconomics, adjustments to cover essential spending periods of high uncertainty, which could
gap between their income and their car usage — Justin the ONS. said that a boost to consumer spending borrowing was at a 10-year peak. limit growth.
essential spending”. Tallis/AFP/Getty Images
Almost one-third had struggled to from the energy support scheme would to try to fill Its research showed that two-thirds of Separate data published by S&P Glo-
Nearly half the population think they meet mortgage payments. Mortgage likely be “offset by the market disrup- those surveyed, or around 18.2mn bal/Cips yesterday showed activity in
will be unable to save any money in the tion” following the “mini” Budget. the gap households, had cut back on essentials, the construction sector improved in
next 12 months, up from one-third last Dickens expects most households to between sold items or dipped into savings. September, with the output index rising
year, the ONS data showed. use more of their savings for debt repay- According to Google data, which track to 52.3, up from 49.2 in August.
A further one-third said they would ments rather than spending, forecasting their visits to retail and entertainment ven- But Tim Moore, economics director at
be unable to afford an unexpected but a 1.5 per cent contraction in household income and ues, numbers were down 11 per cent last S&P Global Market Intelligence, which
necessary expense of £850 — a measure expenditure next year. month compared with February 2020. compiles the survey, cautioned that the
of the risk of poverty — representing an In a sign that household budgets are their Meanwhile, spending on entertainment modest increase in business activity
increase of 5 percentage points since already tightening sharply, retail sales essential had fallen to 30 per cent below pre-pan- “was fuelled by delayed projects and
November. fell steeply in August. Meanwhile, the demic levels, even without adjusting for easing supply shortages rather than a
Martin Beck, chief economic adviser number of new car registrations was spending’ inflation, according to fintech company flurry of new orders”.
to the consultancy EY Item Club, said lower in September than in the same Revolut. He added: “Forward-looking survey
consumers were being affected by many period last year.
Peter Tutton, Yael Selfin, chief UK economist at indicators took another turn for the
StepChange
pressures. Data showed that two-thirds of Brit- KPMG, said: “Consumer spending is worse in September, with new business
“You’ve got high inflation, falling real ons said they had to reduce non-essen- weakening and margins are [being] volumes stalling and output growth
wages, you’ve got people with mort- tial spending and gas electricity or gas squeezed, as businesses are finding it expectations for the year ahead now the
gages paying more interest,” all of which usage, while more than two in five harder to pass on higher costs”. lowest since July 2020.”

Vacancies Blackouts warning

Recruitment frenzy slows to 19-month low National Grid urges public to curtail energy use
DELPHINE STRAUSS showing. Demand for temporary work- adverts was almost a fifth lower in late NATHALIE THOMAS — EDINBURGH ity imports from countries including us more exposed to the impact of Putin’s
JIM PICKARD — LONDON
ers was higher last month, especially for September than at the same time in Belgium and the Netherlands. use of energy as a geopolitical weapon.”
The hiring frenzy that drove vacancies
secretarial, care and hospitality staff 2021, with openings for managers, exec- Millions of British households will be Kathryn Porter, an analyst at Watt- Europe’s gas crisis has been com-
in the labour market to record levels
and for blue-collar workers, but had utives and consultants on a downward asked to cut back on energy consump- Logic, said National Grid’s assessment pounded by other problems, including
earlier in the year is petering out,
slowed almost to a standstill for tempo- trend since the start of the year. tion by National Grid this winter, as it looked “unreasonably optimistic”, add- outages at France’s large nuclear reactor
according to a survey showing recruit-
rary workers in executive and profes- However, the REC survey held little warned them to prepare for rolling ing that while it acknowledged some fleet and low water levels at Norway’s
ment activity fell to a 19-month low in
sional roles. relief for monetary policymakers who three-hour blackouts in the “extreme” chance of supply disruption, it appeared hydropower plants. France, usually a
September.
The survey, coupled with other data are concerned that a tight labour mar- case of gas shortages and reduced elec- to be understating the risks. net exporter of electricity in the colder
Last month, placements of permanent showing a similar slowdown in hiring, ket will allow workers to bargain for tricity imports from the rest of Europe. National Grid published several months, recently warned that it would
staff increased at their slowest pace adds to evidence that the labour market higher pay to a point that could fuel per- reports setting out possible scenarios for have to rely on imports over the winter.
since February 2021, a report published may be on the turn, as the cost of living sistent inflation. The bleak assessment presented Liz the winter, as Britain and the other The emergency blackout plan, under
yesterday by KPMG and the Recruit- crisis starts to bite and recession looms. The proportion of recruiters report- Truss’s increasingly unpopular pre- European countries it normally relies which supplies would be cut off in three-
ment & Employers Confederation, Real-time data published by the ing rising starting salaries was still high miership with another problem as it hour blocks in certain regions at differ-
which represents employment agen- Office for National Statistics yesterday by historical standards, with employers grapples with a cost of living crisis, ent times, would have to be approved by
cies, showed. showed that the number of online job linking the increases to higher competi- including a threat to household budgets
The aim is to try to reduce ministers.
This was partly because agencies are tion for staff and cost of living pressures, from rising mortgage rates. electricity demand by National Grid does not ascribe a prob-
still struggling to find candidates, the REC said. National Grid, which manages Brit- ability to any of the scenarios. Fintan
against a backdrop of labour shortages. Meanwhile a survey published by the ain’s power and gas systems, will launch
more than 2 gigawatts Slye, executive director of the National
But Claire Warnes, head of education, Bank of England yesterday showed that a voluntary scheme next month offering when supplies are low Grid subsidiary that oversees the coun-
skills and productivity at KPMG, said 59 per cent of companies were still find- financial incentives to domestic cus- try’s electricity system, said under the
economic uncertainty was making ing it “much harder” than normal to fill tomers with smart meters and busi- on for gas and power imports during the base case scenario he was “cautiously
workers more wary of moving jobs, vacancies — only slightly fewer than in nesses to reduce electricity usage during coldest months grapple with what the confident” that there would be ade-
damping growth in vacancies. August — with wages expected to grow peak hours when supplies are tight. company called an “unprecedented” quate margins between supply and
“Some employers, even those who by 5.9 per cent on average over the com- The aim is to try to reduce electricity energy crisis caused by Russia’s squeeze demand through winter.
anticipate that the recession may be ing year. demand by more than 2 gigawatts when on natural gas exports. The assessment by National Grid is
short, are taking steps now to contain “While any economic slowdown this supplies are low, the equivalent output Ed Miliband, shadow climate secre- likely to increase pressure on the gov-
costs, including hiring freezes,” she winter will affect the market, the extent of two of the UK’s fleet of five nuclear tary, said the warning showed the gov- ernment to follow other European
added. of shortages means that hiring will power stations. ernment had left the country vulnera- countries and launch a public informa-
The strongest increase in permanent remain a focus for employers,” said REC But it acknowledged for the first time ble to an energy shock. “Banning tion campaign to encourage households
vacancies was in nursing and care, and chief executive Neil Carberry. that it would have to impose rolling onshore wind, slashing investment in to conserve energy. Industry chief exec-
in hospitality — areas where labour He added: “Failing to address these power cuts in what it described as the energy efficiency, stalling nuclear and utives have privately questioned why
shortages have been acute — while the The construction sector had the issues could cost our economy mas- “extreme scenario” that generators closing gas storage have led to higher ministers have so far refused to do so.
construction sector put in the weakest weakest rise in permanent vacancies sively in the years to come.” could not secure enough gas or electric- bills and reliance on gas imports, leaving Europe’s energy woes page 6
4 ★ FINANCIAL TIMES Friday 7 October 2022

INTERNATIONAL

Recession warning Rising prices

IMF flags downgrade of global forecasts ECB fears

inflation for
Third of world’s economy recession, even if they avoided outright Kwarteng’s announcement of £45bn of entrenched, which would require future the managing director took a swipe at years because
of fiscal boosts
declines in output. The remarks signal unfunded tax cuts has sparked concerns interest rates to be much higher and their recent measures to tackle high
to suffer at least two that the IMF is set to downgrade its eco- that low growth and higher borrowing more sustained, causing massive harm energy prices that insulated households
quarters of contraction nomic forecasts again next week, for the costs will trigger market turmoil. on growth and massive harm on peo- and companies from much of the rise in

CHRIS GILES — TOKYO

fourth consecutive quarter.
Blaming “multiple shocks”, including
Russia’s invasion of Ukraine, high
However, the IMF wants central ple,” said Georgieva.
US Treasury secretary Janet Yellen
yesterday urged central banks, whose
prices. Georgieva’s speech showed the
fund was in no mood to offer more
nuanced advice ahead of the visits of
and weak euro
The global economy will feel like it is in energy and food prices and persistent
‘Not tightening enough “prime responsibility” is to restore price finance ministers and central bankers
recession next year, the head of the IMF inflationary pressures, she said that would cause inflation to stability, to “recognise that macroeco- to Washington next week. VALENTINA ROMEI — LONDON
warned yesterday, as the fund prepared growth in all of the world’s largest econ- nomic tightening in advanced countries High food prices were causing pain for
to downgrade economic forecasts again. omies was slowing, leaving “severe
become de-anchored can have international spillovers”. households in emerging economies and
The European Central Bank’s rate-
setters have expressed concerns over
Speaking ahead of the annual meet- strains” in some places. and entrenched’ Georgieva acknowledged it would be unsustainable debt crisis in many coun-
the potential for “self-reinforcing”
ings of the fund and the World Bank, The situation was “more likely to get very difficult for monetary policymak- tries, she added. She offered countries
inflation, with governments’ fiscal
Kristalina Georgieva said a third of the worse than to get better” in the short banks to continue to tighten monetary ers to judge the impact of their policies with urgent need for food this winter a
packages and the weakness of the euro
world’s economy would suffer at least term, she said, partly because there are policy at pace to deal with inflationary when they were moving in sync with new “food shock” borrowing line, where
threatening to push up prices for years
two quarters of economic contraction in emerging financial stability risks in pressures and to ensure rising prices do each other so quickly. Too many big rate countries could claim up to half of the
to come.
2023. Georgieva added that the combi- China’s property market, in sovereign not become ingrained in company atti- rises could lead to a “prolonged reces- money they have pledged to the IMF.
nation of “shrinking real incomes and debt and in illiquid assets. The near col- tudes to their charges and wages. sion”, but the risk of doing too little was Additional reporting by Colby Smith in Monetary policymakers, who are bat-
rising prices” would mean many other lapse of some UK pension funds last “Not tightening enough would cause at present greater, she said. Washington tling record high inflation of 10 per cent,
countries would feel like they were in week following Chancellor Kwasi inflation to become de-anchored and Without naming the UK or Germany, Gillian Tett see Opinion warned that the nature of the price-
setting process was changing, with price
growth becoming “self-reinforcing, to
the point that even a projected weaken-
Ukraine war. Invasion troops ing of growth was not sufficient to bring
inflation back to target”.
The comments came in the minutes

Botched Russian call-up triggers blame game from the ECB’s September monetary
policy meeting, when the benchmark
deposit rate was increased by 75 basis
points, a record margin for the central
bank, to 0.75 per cent.
The statements, which were pub-
Overzealous mobilisation has lished yesterday, will reinforce expecta-
forced the president to vow to tions of large interest rate increases in
the months ahead, despite concerns the
send ineligible draftees home region’s economy is edging towards a
recession.
The eurozone’s growth prospects have
MAX SEDDON — RIGA
been hit hard by Russia’s invasion of
In Dagestan, a poor Russian region in Ukraine, with the region’s energy crisis
the north Caucasus that has seen some also causing the surge in inflation.
of the biggest protests against Vladimir Rate-setters highlighted the priority
Putin’s mobilisation drive, governor placed on bringing price pressures
Sergei Melikhov knew who to blame: closer to their 2 per cent target, stating
overzealous local draft officers. that “growth concerns should . . . not
“Are you fucking morons?” Melikhov prevent a needed forceful increase in
asked in a televised government meet- interest rates”.
ing, reacting to a video showing a police They also argued that acting “force-
van driving around towns blasting a fully” now could avoid the need to
message ordering all men to report to increase interest rates more sharply
the draft office. later in the economic cycle when the
In Khabarovsk, in Russia’s far east, economy was slowing down.
the governor this week sacked the local “[The account] gives green light for
draft officer after half of those who had further large hikes,” said Ken Wattret,
been called up were sent back home head of European analysis and insights
when it emerged they had been selected at S&P Global Market Intelligence.
by mistake. Markets are pricing in a 66 per cent
Putin’s decision to bolster Russia’s probability of a 75 basis points increase
struggling forces in Ukraine has proved at the next meeting on October 27.
so unpopular that as many people have There is a 34 per cent probability of a
fled to neighbouring Kazakhstan as full percentage point rise.
have joined the army since the move The minutes warned that a number of
was announced two weeks ago, with indicators pointed to an increased risk
some 200,000 reported to have already of inflation staying high over the long
gone into exile. The backlash has left the term. “The longer high inflation per-
Kremlin looking for scapegoats to sisted, the higher the risk that inflation
deflect the blame from Putin and his Call to arms: amid reports of the grim conditions Mykhailo Podolyak, an adviser to ‘The already. That’s why they insist on invit- expectations could become unanchored
war. In doing so, officials and state tele- Russian men awaiting the draftees, some of whom Ukrainian president Volodymyr Zelen- ing Kyiv to negotiate,” Zhilin wrote. and the costlier it would be to bring
vision pundits have been forced to shine undergo have been told to pay for their own skyy, wrote on Twitter. “Someone won’t spiders in The mobilisation effort, however, has them back to target.”
a light on a system whose failings have military training equipment, according to reports on make it out alive.” the closed only highlighted the Russian state’s Despite the large rate increases over
grown apparent as Russia’s seven- in the Rostov- independent Russian media. With the annexation, formalised at a shortcomings and forced the Kremlin to the summer, the ECB members said the
month invasion stutters. on-Don region Sergei Mironov, the leader of a Krem- ceremony in the Kremlin last week, jar have calm the broader public. As many as 69 key policy rates remained “significantly
“The Russian defeat in Kharkiv and this month lin-controlled opposition party, said at a Putin sought to rekindle the euphoria started per cent of Russians are “worried”, below the neutral rate”, at which they
Lyman, combined with the Kremlin’s Arkady Budnitsky/EPA-EFE/
hearing on Monday in the Duma: “It’s a that met his 2014 seizure of the Crimean nearly double the total two weeks ear- neither stimulate nor limit activity.
failure to conduct partial mobilisation
Shutterstock
disgrace when everyone has to pass the peninsula from Ukraine. At a concert in working to lier, according to a survey by the Krem- Andrew Kenningham, chief Europe
effectively and fairly, are fundamentally hat around for mobilised people. Why Red Square last Friday, entertainers find the lin-linked pollster FOM late last month. economist at Capital Economics, said he
changing the Russian information can’t the greatest country in the world urged Russians to back a “holy war” in Margarita Simonyan, editor of Krem- now saw the deposit rate rising to 2.5 per
space,” the Institute for the Study of War supply them with what they need? I’m Ukraine before Putin declared the four culprit’ lin-funded news network RT, has regu- cent by the end of this year and a peak of
in Washington wrote. not even talking about flak jackets and regions had been reunited “with their larly posted stories of Russians she says 3 per cent early next year.
Less than a week after Putin pro- helmets, but we should be able to get historical motherland”. have been called up despite not meeting The weakness of the euro, which has
claimed four territories in south-east them decent winter duffel coats.” Ukraine’s victories on the battlefield, the draft criteria. That created the fallen to multi-decade lows against the
Ukraine as part of Russia, his army has The rising public disdain — for now however, have sapped the celebratory impression the state was responding to dollar in recent weeks, was also a con-
lost ground on two fronts, ceding terri- largely aimed at low and mid-ranking atmosphere. The situation at the front is popular opinion: Simonyan hailed cern for the ECB, the minutes showed.
tory he claimed was now Russia and had officials rather than the president — is reportedly so dire that Alexander Zhi- Putin’s admission of mistakes as the cre- Governments’ response to the energy
vowed to defend at all costs. Amid the the most significant since Russia in lin, a retired army colonel, wrote on a ation of “real civil society” in Russia. crisis constituted “an upside risk to
reports that many had been called up to March banned criticism of the war by popular Telegram channel lamenting But Ukraine’s advances have put inflation”, according to the ECB. Mem-
fight in error, Putin was forced to making it illegal to “discredit the armed that “the masters of strategic construc- those small victories in jeopardy. “All bers agreed that measures to tackle
acknowledge the problem and vow forces”. tion” had lured Russia into a trap, trick- I’m asking, comrade generals, is for you energy prices should not be too broad
those wrongly mobilised would be sent Now, as more bad news for Russia ing it into annexing Crimea and starting not to shame our anthem, our faith, our and instead should be “temporary and
home. pours in from Ukraine and the home the war, all to a disastrous end. desperation to keep these people and targeted at the most vulnerable house-
Kremlin supporters have been forced front, “the spiders in the closed jar have “There’s no way out of this rat-trap. territories with us, and return to normal holds and firms in order to limit the risk
to admit the war effort’s shortcomings started working to find the culprit”, The Kremlin seems to have realised that as an even bigger Russia,” she said. of fuelling inflationary pressures”.

Corruption probe

Ukraine serves former central bank chief ‘notice of suspicion’

MEHUL SRIVASTAVA — KYIV A person familiar with the matter The allegations come at a crucial time terday from the Kyiv-based offices of
claimed Shevchenko, 49, had travelled for Ukraine’s central bank. It has the Specialized Anti-Corruption Prose-
Ukraine’s recently departed central
to western Europe around the time of printed money to help finance the war cutor’s Office, and the Anti-Corruption
bank governor was alleged to have fled
his public resignation. effort against the Russian invasion, Bureau.
the country this week as anti-
Shevchenko said in a Facebook post stoking inflation as the country awaits a The scheme described by the investi-
corruption investigators served “a
that he had resigned on health grounds. steady flow of western financial aid. The gators involved more than 1,000 trans-
notice of suspicion” at the National
“Dear friends, due to health-related bank kept rates at 25 per cent at its most fers to 52 “pseudo intermediaries” that
Bank of Ukraine’s headquarters for a
issues that cannot be ignored any recent meeting to rein in consumer were supposed to have brought new
senior official matching his career
longer, I made a difficult decision. I am price inflation, which accelerated to business to the bank.
description.
resigning from my position as the 23.8 per cent in August.
Investigators at Ukraine’s Anti- National Bank of Ukraine governor,” the For western donors, Shevchenko’s
Corruption Bureau did not specifically former governor said in the Facebook senior position in the government, and
The accused are suspected
name Kyrylo Shevchenko, who resigned post. “The war was yet another difficult the fact that he managed to escape ques- of embezzlement, abusing
two days ago citing ill health. But they test for our team and for me personally. tioning in a criminal investigation, will
their official position,
MAKE A WISE INVESTMENT said yesterday that they served the
notice to the former head of the national
I think we have passed it with dignity.” raise serious questions about Ukraine’s
anti-corruption credentials, especially and of ‘official forgery’
bank. at a time when the country is entirely
They added that the individual they dependent on donors. In fact, prosecutors said, the new
Choose the Financial Times subscription for you sought had been the chair of the board Investigators said they built their case business was coming to the bank “on
• React to trusted global news everywhere you at state-owned Ukrgasbank from 2014 by “questioning witnesses, searches, their own initiative”.
go, with ft.com and FT apps to March 2020. The notice related to a temporary access, information received Shevchenko became governor of the
• Get the iconic FT newspaper delivered to your $5.6mn scam at the state-owned bank. from the bank’s clients, computers and central bank in July 2020. It is unclear
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• Enjoy our award-winning lifestyle journalism Ukrgasbank, where investigators allege detailed emails between participants of since men between 18 and 60 are barred
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by authorising payments to intermedi- his deputies — were informed that they The Financial Times could not locate
aries for bringing new clients to the were suspected of embezzlement, abus- a lawyer for Shevchenko. The central
bank. The statement said the ex-chair’s Kyrylo Shevchenko is alleged to have ing their official position, and of “official bank spokesperson did not reply to a
whereabouts were unknown. left Ukraine around the time he quit forgery”, according to a statement yes- message seeking comment.
Friday 7 October 2022 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Friday 7 October 2022

INTERNATIONAL

Germany’s big energy package raises

Solidarity call

Belgian PM
worries of higher gas costs in Europe fears social
unrest over
soaring
Berlin says its €200bn ‘protective shield’ is justified but EU leaders warn of adverse effects on bloc
power prices
VALENTINA ROMEI
ALICE HANCOCK AND VALENTINA POP
BRUSSELS
European leaders have been quick to
condemn Germany’s bumper energy Europe risks a huge reduction in indus-
package, a €200bn “protective shield” trial activity and social unrest if it does
announced last week to cushion its busi- not act quickly to bring down energy
nesses and consumers from the impact prices as winter approaches, Belgium’s
of the continent’s energy crisis. prime minister has said.
They claim that Berlin’s decision to go
it alone undermines the EU’s efforts to Without an intervention on gas mar-
co-ordinate its response to the crisis and kets, “we are risking a massive deindus-
puts households and companies in the trialisation of the European continent
rest of the bloc at risk of paying higher and the long-term consequences of that
energy prices. might actually be very deep”, Alexander
“Faced with the common threats of De Croo told the Financial Times.
our times, we cannot divide ourselves Belgium is one of the EU countries
according to the space in our national that have called for a ceiling on the price
budgets,” said Mario Draghi, Italy’s out- of wholesale gas since the spring. The
going prime minister. proposal had been resisted by the Euro-
France’s finance minister Bruno Le pean Commission, fearing that gas
Maire and his Irish counterpart, euro- exporters could send much-needed
group chair Paschal Donohoe, echoed supplies to higher-paying regions, but
Draghi’s calls for a more co-ordinated on Wednesday it suggested it could back
response. Ursula von der Leyen, EU the idea.
commission president, called for a bloc- De Croo said a layered approach to gas
wide ceiling on the price of gas — a meas- prices should be taken. This included a
ure rejected by Germany. hard cap on the price of Russian gas,
Hungary’s prime minister Viktor bilateral negotiations with friendly sup-
Orbán, who has spent much of this year pliers such as Norway and Algeria and a
locked in disputes with Brussels, dynamic limit on the price of liquefied
decried the package as “cannibalism”. natural gas that could be pegged far
Poland’s prime minister Mateusz enough above prices in the US or Asia to
Morawiecki yesterday said “it cannot be Most European countries have seen their borrowing costs surge Germany’s energy package is relatively large in Europe ensure continued flows to Europe.
the case that the EU’s energy policy is 10-year government bonds yield (%) Governments allocated funding (Sep 2021- Sep 2022) to shield households and He also called for a “solidarity mecha-
dictated by Germany”. businesses from the energy crisis* nism” to ensure supplies to countries
-2 0 2 4 6 8 10
Non-eurozone Eurozone that still receive Russian gas, such as
Is flak over Berlin’s plan justified? Hungary Austria and Greece, in the event that the
Poland 10
Germany’s finance minister Christian Germany** Kremlin retaliates by cutting remaining
Lindner might have insisted the Com- Czech Republic 8 gas exports to Europe.
prehensive Protection Shield was “pro- Italy UK Commission president Ursula von der
6
% GDP

portionate” to the size and vulnerability Greece Leyen signalled in a letter to European
of the German economy but, by any rea- UK Sep 2021 4 leaders on Wednesday that support
sonable standards, the package is large. Spain Sep 2022 2 from a wider base of EU member states
The €200bn plan, much of which will Portugal meant that Brussels was willing to move
be financed with debt, corresponds to 0.04 0 forward with a gas price cap.
France
5.6 per cent of the country’s economic Germany 0 50 100 150 200 250 300 350 But she said it would need to be
output in 2021. €bn accompanied by bigger mandatory cuts
Although Lindner has said the pack- * Figures updated to Sep 21, plus Germany’s Comprehensive Protection Shield ** The German figure does not reflect possible overlaps between the government’s €100bn and €200bn packages to gas consumption than the 15 per cent
Sources: OECD; Refinitiv; Bruegel
age will cover two years of spending, it voluntary reduction agreed by EU min-
comes on top of the €100bn of support isters in July.
already allocated by Berlin, meaning Power push: energy costs of Russia’s invasion of fit from lower energy prices, their coun- ‘While become “more challenging to devise “More demanding gas savings obliga-
that German companies and house- wind turbines Ukraine. Some defenders of Germany’s terparts across much of Europe will pay and a great deal less effective in execu- tions will need to be prepared.”
holds have received about 8.4 per cent and a power policy say this justifies its fiscal largesse. more, undermining their competitive- German tion, adding to the fragmentary forces at In 2021, Europe received 155bn cubic
of GDP in energy subsidies. plant operated Others argue that, while a pan-Eu- ness,” said Andrews. companies work in the eurozone”. metres of gas from Russia, about 40 per
Together, the €300bn figure is more by RWE near rope solution to the energy crisis would Berlin claims that the package will cent of its total imports. That has fallen
than double the support provided by Niederaussem in have been the best solution, the package maintain the incentives to save energy will benefit Does it risk a market panic? to 9 per cent in recent weeks as Moscow
Italy and France combined, the region’s west Germany would benefit other countries in the as it will subsidise only a basic allowance from lower Since Germany launched its pro- has steadily cut off supplies.
largest economies after Germany. In Ina Fassbender/AFP/Getty
region — especially those with close of gas and electricity. It would also have gramme, its borrowing costs have fallen. To counter the impact, the EU has
GDP terms, the package is at least three
Images
trading relationships. “It is still prefera- to comply with state aid rules on energy energy Other countries are not in such an envi- signed off a series of plans to reduce gas
times as big as the support offered by ble to lack of fiscal support at all and a subsidies, which were revised in July. prices, their able position. The market turmoil in the demand and support industries and
most other eurozone countries. deep economic contradiction in Ger- The package could also complicate UK, triggered by unfunded tax cuts, is a consumers under pressure from high
Antonio Fatas, professor of econom- many,” said Silvia Ardagna, chief Euro- life for the region’s policymakers. counterparts reminder of the perils many countries electricity prices, which are pegged to
ics at INSEAD, said the size of the pack- pean economist at Barclays Bank. Energy is the main reason why eurozone across much face if they try to support households the cost of gas.
age “raised valid questions about “It is in no EU country’s interest, given inflation reached a fresh record high of and businesses with greater generosity. De Croo warned that governments
whether this constitutes state aid in sup- close trade ties within the single market, 10 per cent in the year to September, of Europe will With German chancellor Olaf Scholz had to be “prudent” not only to counter
port on its business”. to have Germany’s economy weaken more than five times the European Cen- pay more’ yesterday defending the package, soaring inflation, which is largely being
The figures that were announced are a excessively,” said Sandra Horsfield, tral Bank’s 2 per cent target. claiming other states were also passing fuelled by energy price rises, but also to
cap, however, and the German govern- economist at Investec, an asset man- France’s 30 cent a litre rebate on the measures to offer relief to citizens strug- contain the risk of social unrest.
ment could end up spending less should ager. “A massive terms of trade shock price of fuel at the pump that came into gling with energy bills, some countries, “Our populations are getting invoices
energy costs fall. This is indeed what [such as the European energy crisis] effect in September, an increase on the particularly in eastern and southern which are completely insane. At some
happened in the case of the country’s leaves only undesirable options on the previous rebate of 18 cents that was Europe, may end up having to risk a bor- point, it will snap. I understand that
Covid-era economic stabilisation fund, table. It is a matter of choosing the least introduced in April, combined with the rowing crisis and spend extra funds to people are angry . . . people don’t have
which was also criticised by member bad among them.” maintenance of a tariff shield on gas and subsidise households and businesses. the means to pay it.”
states for its largesse. electricity prices, pushed down national Claus Vistesen, chief eurozone econo- One of the options von der Leyen sug-
Will it push up prices elsewhere? energy inflation to below 20 per cent in mist at Pantheon Macroeconomics, said gested to lower prices was to roll out a
What is Germany’s justification? That is possible. Nick Andrews, Europe September — far lower than the euro- national initiatives were justified model used in Spain and Portugal,
Germany is the eurozone’s manufactur- analyst at Gavekal Research, argued zone average. because “the EU can’t act quickly which caps the price of gas used for elec-
ing engine. Its factory output in 2021 that by lowering bills, the German pack- Given the size of Berlin’s package, the enough”. But INSEAD’s Fatas said, while tricity consumption, across the EU. But
was larger than that of Italy, France and age was likely to result in stronger divergence in inflation between Ger- co-ordination was hard, given the sever- several member states have pointed out
Ireland combined. Its energy-intensive demand, pushing up gas prices on many and the rest of the bloc could be ity of what Europe potentially faced this that this will only increase demand at a
companies have, therefore, been hit Europe’s wholesale markets. even greater. A one-size-fits-all mone- winter, there was “no other way to move time when Europe needs to preserve
particularly hard by the impact on “While German companies will bene- tary policy would, Andrews said, forward” than a common solution. supplies.

Supply pledge. Market stability Pay dispute

EU and Norway agree ‘joint tools’ to tackle crisis French drivers start panic
buying as strikes hit stocks
Oslo will take steps to help cut leaders in Prague yesterday aimed at Putin in his war in Ukraine. Russia and in Northern Ireland that could solve the
showing a united front against Russia’s its client state, Belarus, are the only two dispute. London’s non-compliance with
‘excessively high prices in war was overshadowed by rifts inside continental powers that were not the deal it signed has triggered legal SARAH WHITE — PARIS Total to make additional discounts —
the EU on whether to impose a price cap invited to the forum, which will discuss action by Brussels. but that has now added to the scramble
the short and longer term’ Strikes by energy sector workers are
on wholesale gas. other issues such as European defence. But the UK’s commitment to the EPC at some fuel stations.
beginning to wreak havoc on French
Støre used his speech to the summit The participation of Truss was seen could wane if there are not concrete Drivers are rushing to refill at Total
fuel and power supplies, with petrol
HENRY FOY AND ANDY BOUNDS plenary to say Oslo had “flexibility” to by many EU officials as a sign that Lon- achievements, British officials have forecourts, causing gridlock on the
stations that cut prices at the pump in
PRAGUE increase exports and that it was “ready don could be open to compromise over said. One ally of Truss said: “The PM roads of Paris and north-east France
recent weeks hit hard as they struggle
Norway and the EU have agreed to to explore” EU proposals, according to trading arrangements that have dogged remains sceptical for a number of rea- close to the border with Belgium, where
with soaring demand and low stocks.
“jointly develop tools” aimed at reduc- two people briefed on his remarks. the post-Brexit relationship. sons; it can’t just be a talking shop, it people have been crossing to refuel at
ing Europe’s high gas prices, as Brussels Kaja Kallas, prime minister of Esto- needs to not cut across Nato and the G7, The fuel shortages have been the most better rates. The prefect’s office in the
rushes to find both effective and politi- nia, said EU states would today discuss and must have strong involvement from acute in northern France, where one Hauts-de-France region asked people to
cally acceptable measures to tackle a the wider implications of Norway’s com- Kaja Kallas: Estonia non-EU countries. It has to show it can major TotalEnergies storage facility is at refrain from panic buying to help essen-
premier says EU
looming energy crisis this winter. mitment, adding that Tallinn was keen states will today deliver. a standstill as workers demand higher tial services fill up.
Oslo said it would work with Brussels to bring down prices but also afraid of discuss the wider “But, given the situation in Ukraine wages to cope with inflation. Total said demand at its forecourts
to “stabilise energy markets and limit driving away suppliers. implications of and the energy crisis, it’s right we Local authorities said yesterday they had risen 30 per cent since last month. It
the impact of market manipulation and “[Liquefied natural gas] can go to Oslo’s commitment attend. We played a huge role in setting had obtained access to strategic fuel said it did not lack fuel stocks, even
of price volatility”, in a move that could anywhere in the world. So if there is a the agenda on energy and migration.” stocks to ease the situation as queues though some 60 per cent of France’s
spur efforts to narrow EU divisions on price cap, then our security of supply Charles Michel, president of the Euro- Truss’s key demand is that the EU and formed outside petrol stations and some refining capacity has been affected by
how to tackle soaring prices caused by could be in danger,” she told the Finan- pean Council, hailed the event as Norway keep supplying power to the ran dry. They have also banned the sale stoppages. Two Total refineries have
Russia’s full-scale invasion of Ukraine. cial Times. “extremely important”. The meeting UK. Truss has also said she wanted joint of petrol and diesel in jerry cans. been disrupted by industrial action.
Norway, which replaced Russia as the Proposed by Paris as a means to co- would “try to renew the co-ordination action with France and the Netherlands But strains are being felt elsewhere in Total workers are demanding a 10 per
EU’s biggest supplier of gas after the ordinate views from Lisbon to Ankara, and co-operation in order to have more to stop criminal gangs helping migrants the country and have exposed the limits cent pay rise. Inflation in France peaked
invasion, said it would continue to boost the European Political Community stability, more security, more peace”, he cross the English Channel. She was of government efforts to contain the at a record level in July, at an EU-harmo-
production and take steps “to reduce grouping saw UK prime minister Liz said. scheduled to meet French president fallout from Europe’s energy crisis. nised rate of 6.8 per cent, before falling
excessively high prices in a meaningful Truss and Turkish president Recep While British officials were keen to Emmanuel Macron and Rutte. Workers in several industries, includ- back in August and September.
way in the short and longer term”, in a Tayyip Erdoğan huddle with the EU’s 27 steer clear of Brexit, Dutch prime minis- EU leaders were staying on for an ing at oil refineries and at nuclear power Workers at state-controlled EDF also
joint statement released by Norwegian leaders and those from 15 other states. ter Mark Rutte told reporters yesterday: informal European Council meeting operator EDF, are staging walkouts to walked out yesterday over pay. That hit
prime minister Jonas Gahr Støre and Ahead of the meeting, Truss said it “The relationship between the UK and today, which is likely to focus on the push for higher wages. The government about 4 per cent of its total nuclear pro-
European Commission president Ursula was a chance to “find common cause the EU will be on the agenda.” energy crisis. has sought to shield consumers from ris- duction and four of its reactors, just as
von der Leyen. with our European friends and allies” as The UK and EU have agreed to restart Additional reporting by George Parker in ing living costs by spending €7.5bn on the group is under pressure to increase
Oslo’s pledge came as a meeting of 44 they try to defeat President Vladimir technical talks over trade arrangements London and Valentina Pop in Prague fuel subsidies this year and leaning on its faltering output.
Friday 7 October 2022 ★ FINANCIAL TIMES 7
8 ★ FINANCIAL TIMES Friday 7 October 2022

INTERNATIONAL

Human rights Mediterranean

UN blocks debate on Xinjiang abuse claims Israel rejects

Lebanese
Vote is victory for China, voted against the motion, with 17 coun- defeat threw into doubt the UN’s ability cical position of ignoring the findings of included Ukraine, India, Brazil bid to change
maritime
tries in support and 11 abstentions. The to arbitrate human rights issues under the UN’s own human rights office”. and Mexico.
which rejects criticism 47-member council is the UN’s top the rising influence of China. “The UN Human Rights Council has “Today China is targeted; tomorrow
of its conduct in region human rights body. “We are disappointed that, by a nar- today failed the test to uphold its core any other developing country could be

YUAN YANG — LONDON

In August, the UN’s former rights
chief, Michelle Bachelet, published a
report concluding that the large-scale
row margin, the council was unable to mission,” Amnesty said.
Raphaël Viana David of the Interna-
tional Service for Human Rights said:
targeted,” Chen Xu, China’s ambassador
to the UN office in Geneva, told the
council before the vote was held.
border deal
The UN Human Rights Council has nar- arbitrary detention of Uyghurs and
‘It puts the UN’s human “While the council has been able to Uyghur victims’ groups and human
rowly voted against holding a debate on other Muslims in Xinjiang amounted to rights body in the farcical scrutinise international crimes in Pales- rights advocates are considering alter- JAMES SHOTTER — JERUSALEM
RAYA JALABI — BEIRUT
China’s north-east region of Xinjiang, “serious human rights violations”. tine, Ukraine or Myanmar, and to inves- native avenues for action within the UN
blocking it from discussing a UN report The report, which was only published
position of ignoring the tigate systemic racism and police vio- system. “Nothing in the rules of proce- Israel has accused Lebanon of seeking
that found Beijing’s abuses against its after a protracted internal battle, also findings of its own office’ lence in the United States, council mem- dure prevent this question from being “substantial changes” to a proposed
Muslim Uyghur population could con- said Beijing’s actions could constitute bers sent today a dreadful message: brought again,” said Alice Edwards, the US-brokered deal on the two countries’
stitute “crimes against humanity”. crimes against humanity. It detailed agree to hold a discussion . . . No coun- China remains so far untouchable.” UN’s special rapporteur on torture. maritime border, throwing into doubt
Yesterday’s vote was a diplomatic vic- what it called “cruel, inhuman or try should be immune from a discus- Several Muslim-majority countries “The road to justice is never an easy hopes of an imminent resolution of the
tory for China, which has rejected criti- degrading” treatment of detainees and sion,” said Michèle Taylor, US ambassa- including Indonesia, Pakistan, one,” said Omer Kanat of the Uyghur long-running dispute.
cism of its conduct in Xinjiang as “credible” allegations of sexual and gen- dor to the council. Kazakhstan and Uzbekistan voted Human Rights Project. “The Chinese
unfounded. The US, UK, Germany and der-based violence. Amnesty International called the out- against having a debate on Xinjiang. government’s singular goal has been to Amos Hochstein, the US envoy mediat-
other allies had proposed holding the Nations that supported the debate come a “dismaying result that puts the President Xi Jinping visited the latter silence even a discussion of the issue. We ing talks between the two countries —
debate, but 19 members of the council motion and human rights groups said its UN’s main human rights body in the far- two countries last month. Abstentions cannot allow this to happen.” which are formally at war — sent a draft
agreement to both sides last week,
which was positively received by both
Israeli and Lebanese leaders, with one
China. Corruption trials Lebanese official suggesting a deal could
be reached this month.
A deal would clear the way for the use

Xi crackdown signals warning on disloyalty of a disputed gasfield in the eastern

Mediterranean Sea that Lebanon’s Iran-
backed Hizbollah group had threatened
to attack if Israel brought it online
before a border deal was reached.
But yesterday, a senior Israeli official
Death sentences and jail terms said that Lebanon had requested “sub-
given to former top officials stantial changes” to the US proposal and
that Israeli prime minister Yair Lapid,
ahead of 20th party congress who faces an election next month, had
instructed Israeli negotiators to reject
EDWARD WHITE — SEOUL the suggested changes.
Xi Jinping has delivered a blunt message “Prime Minister Lapid made it clear
to the top ranks of the ruling Chinese that Israel will not compromise on its
Communist party: no one is beyond security and economic interests, even if
reach. that means that there will be no agree-
In the weeks leading up to this ment soon,” said the senior official.
month’s party congress, at which Xi is Elias Bou Saab, Lebanon’s deputy
expected to secure a third term as party Speaker of parliament and lead negotia-
leader and head of the military, China’s tor, told Reuters yesterday that the deal
courts have orchestrated a series of was “90 per cent done but the remain-
high-profile corruption trials of senior ing 10 per cent could make or break it”.
cadres from the state’s police and secu- Lebanese officials had previously said
rity apparatus. their suggested revisions were minor
Death sentences — which can be com- technical adjustments.
muted to life in prison after two years — US-mediated talks to resolve the dis-
were last week handed down to Fu pute restarted in June after a vessel
Zhenghua, Xi’s former justice minister, operated by London-listed Greek oil
Sun Lijun, the former deputy minister and gas explorer Energean arrived at
of public security, and Wang Like, a the Karish gasfield from which Israel
former top official in Jiangsu. expects to start producing gas this year.
Jail terms of more than 10 years were Israel says the gasfield lies in an area
also issued to at least three other former recognised by the UN as the country’s
police and security chiefs. While the exclusive economic zone and that it has
sentences were mostly for corruption, a right to develop the territory.
authorities noted that the cases were all However, Lebanon says the area is
related to a “political gang” disloyal to disputed, and Hizbollah warned that if
the Chinese president. Israel started drawing gas from Karish
“This clearly was a warning before the maritime border dispute was
. . . against overt acts of factionalism resolved, it would take action.
and disobeying Xi Jinping diktats in the Hassan Nasrallah, leader of Hizbol-
run-up to the 20th party congress, and lah, has said that the group’s missiles are
beyond,” said Victor Shih, professor of “locked on” Karish. The senior Israeli
Chinese political economy at the Uni- official said that if Hizbollah targeted
versity of California, San Diego. Karish or threatened Israel, the negotia-
Over the past two months, the Central tions on the maritime border would
Commission for Discipline Inspection, stop.
the party’s deeply feared internal Sentenced stock market manipulation, was the “iron fist” against corruption. But ‘Sometimes Beijing police chief in 2010, he oversaw a The deal put forward by the US would
watchdog, has begun dozens of investi- to death: detained in April 2020. His downfall their cases have also focused attention raid on the Passion nightclub, which was have cleared the way for Israel to pro-
gations and publicly confirmed a spate Sun Lijun hears came amid a purge of top security offi- on the dangers and contradictions at the corruption popular with China’s establishment. duce gas from Karish and allow Leba-
of proceedings against central govern- his fate at a cials. This helped pave the way for Xi to heart of Xi’s corruption campaign. crackdowns “Their jobs were to collect a large non to develop the neighbouring Qana
ment officials. court in consolidate power by appointing long- Experts said that in taking down top amount of very sensitive information gasfield in exchange for compensation
Among them is Liu Yanping, a former Changchun, time ally Wang Xiaohong as public secu- cadres, graft busters had little option are about about the Chinese population but also payments to Israel for its share of that
anti-corruption chief, who stands north-eastern rity minister in June. but to act illegally themselves. curtailing the Chinese elite. While some of these field, although the exact mechanism for
accused of “participating” in Sun’s China, last Two of the distinguishing characteris- “It’s a very dirty business,” Shih said. officials who ended up in jail are no such payments was still under discus-
clique, according to state media. month. Below, tics of Xi’s decade in power have been “A lot of money changes hands. Obvi- graft and longer a threat, others were waiting for sion.
Yuen Yuen Ang, an expert on China’s Xi Jinping his success in stacking his own support- ously you have to pay people off to make other times an opportunity to retaliate,” said Shih. On Tuesday, Bou Saab said Lebanon
political economy at the University of CCTV/AP ers in important party and state posi- them do things you want them to do.” With Xi set to rule without rivals, had secured all the maritime blocs it
Michigan, said it was “hard to believe” tions, and the concentration of power in Lynette Ong, a China expert at the they are a many critics warn his strongman ten- considered its own, and that it would
the latest cases were “routine”, given the his own hands, Wu Guoguang, who University of Toronto, said there was a political dencies will only worsen. not pay “one cent” to Israel over Qana.
sensitivity of the timing. “Sometimes worked as an adviser to former Chinese belief within the party that the “entire John Delury, a professor of Chinese David Schenker, the former US state
corruption crackdowns are about cur- premier Zhao Ziyang, wrote recently. society” was at the disposal of anti-cor- instrument’ studies at Yonsei University in Seoul, department official for the Middle East
tailing graft and other times they are a “As Leninist regimes are ruled by ruption officials. noted that Xi came to power following a under Donald Trump and Hochstein’s
political instrument,” she said. man, not laws, any new leader over- “The CCDI can mobilise, by exten- period of “deep discontent” across the predecessor as US mediator in the talks,
Since assuming leadership of the whelmingly must rely on a purge of sion, a state-owned enterprise located party under Hu Jintao. said this draft agreement would give
party in 2012, Xi’s clampdown has his rivals and promotion of loyalists in a foreign country in order to track “It was openly derided as a lost dec- Lebanon all of its demands.
targeted “tigers and flies”, or high- within the regime to consolidate down a fugitive in hiding,” she said. ade. There was this widespread feeling “I don’t see how Israel and the US
and low-ranking government offi- power and to implement his pro- “There is much ‘outsourcing’ to state that things had gotten too technocratic, could accept the deal as is,” he said.
cials. Four million, mostly low-rank- grammes,” said Wu, now at Can- entities at home and abroad, and even that Hu Jintao was too weak, and was “Israeli assets in the Mediterranean will
ing officials have been investigated, ada’s University of Victoria. private entities may be called upon contributing to the corruption prob- not be cordoned off from Hizbollah
but hundreds of senior officials have In earlier, separate proceedings, if the targets are sufficiently important.” lem,” said Delury. attacks. And this deal does not alleviate
been purged, too. Sun and Fu pleaded guilty to taking In targeting elite politicians, their “The party wanted a strongman. The tensions along the land border.”
Sun, who was found guilty of illegal bribes of Rmb646mn ($91mn) and families and their powerful business party wanted a more charismatic and Lapid’s rival in next month’s election,
arms possession as well as bribery and Rmb117mn respectively. The criminal interests, officials such as Fu and Sun forceful single leader. Xi Jinping gave Benjamin Netanyahu, has lambasted
courts have a conviction rate higher would inevitably draw a target on their the party what it wanted.” the proposed deal as “surrendering” to
than 99 per cent. own backs. Fu, especially, had a reputa- Additional reporting by Maiqi Ding in Hizbollah. He said that he would not be
State media hailed the convictions as tion for zealotry. As the newly installed Beijing bound by it if he won the vote.
Contracts & Tenders

Annie Ernaux

French author hailed as ‘voice of women’s freedom’ wins Nobel literature prize
LAURA BATTLE — LONDON has written 23 books, with her work ious award after the Goncourt, for La “auto-socio-biography” by sociologist French writers such as Edouard Louis
translated into 36 languages. She has Place (A Man’s Place), a portrait of her Isabelle Charpentier. Les Années (The who, like her, is driven by his working-
Annie Ernaux, the French author
often drawn on her own experiences in father. Years), an autobiographical saga span- class upbringing and status of class
known for her exploration of female
her writing and is considered one of the The book marked her choice to ning six decades that mixes personal “defector”.
sexuality and the lives of women, has
pioneers of autofiction, a term used to embrace a minimalist style, which she details, historical facts and sociological Her books are now regarded as clas-
won this year’s Nobel Prize for Litera-
describe autobiographical novels. observations, was shortlisted for the sics but for years she faced strong criti-
ture.
French president Emmanuel Macron International Man Booker prize in 2019. cism in French literary circles for being
Ernaux, 82, was given the award “for the saluted the author’s entry into “French
‘In France, literature is One of her most recent books, too crude in her depictions of some of
courage and clinical acuity with which literature’s great circle of Nobel” win- a man’s world. All the Mémoire de Fille (A Girl’s Story), recalled her most intimate and traumatic expe-
she uncovers the roots, estrangements ners. “Annie Ernaux has been writing, her sexual experiences in the summer of riences — attracting epithets such as
and collective restraints of personal for 50 years, the novel of our country’s
prizes, everything is 1958. Le Jeune Homme (The Young Man), “Madame Ovary”.
memory”, the Nobel committee said collective and intimate memory,” he controlled by men’ which recounts her affair with a man 30 She saw sexism in some of the reac-
yesterday. tweeted. “Her voice is that of women’s years her junior, was published this year tions. “In France, literature is a man’s
Anders Olsson, the committee’s chair, freedom and the century’s forgotten.” labelled “écriture plate” or flat writing. in France. world. All the prizes, everything is con-
said that “her oeuvre consistently Ernaux’s career began with the publi- This literary approach underpinned Ernaux is regarded as a towering fig- trolled by men. Now people say I have
explores the experience of a life marked cation of Les Armoires Vides (Cleaned her goal to remain as objective as possi- ure in French literature, inspiring a gen- legitimacy, but I’ve had to wait to be
by great disparities regarding gender, Out), which drew on her abortion at the ble in investigating her past as she drew eration of female authors who have over 50,” she said in a 2020 interview.
language and class”. age of 23. In 1984, she received the on memories as well as diaries and old found encouragement in her success as Additional reporting by Anne-Sylvaine
Born in Normandy in 1940, Ernaux Renaudot prize, France’s most prestig- photographs — a method described as a woman. She has also influenced other Chassany
Friday 7 October 2022 ★ FINANCIAL TIMES 9

Tax tactic Stocks and bonds rout boosts popularity of ‘loss-harvesting’ strategy as banks help the rich lighten their bills y PAGE 10

Fall in refining Up a gear Porsche overtakes Volkswagen to

become Europe’s most valuable carmaker
Munich Re
cuts coverage
margins to end for oil and
gas projects
Shell’s record KENZA BRYAN

Munich Re, the world’s biggest

run on profits
reinsurer, has cut back its coverage of
oil and gas projects, as activists step up
pressure on the industry to do more to
tackle climate change.
The German reinsurance group said
yesterday that from April next year, it

3 Chemicals and gas trades also suffer would no longer invest in or insure the
planning, financing, construction or

3 Recession fears weigh on oil price operation of new oil and gasfields, new
oil-fired power plants or developments
in “midstream” oil infrastructure, such
as storage and transport. But it did not
TOM WILSON nificantly lower” than in the second rule out offering coverage for new gas
quarter because of lower seasonal pipelines, liquefied natural gas plants
Shell has signalled that its run of record demand and the impact of a “volatile and gas-fired power plants.
profits is set to end after lower refining and dislocated” market, the company Its listed equities and corporate bond
and chemicals margins and weaker gas added. Shell is the world’s biggest trader portfolio will also end new direct invest-
trading weighed on earnings in the third of liquefied natural gas. ments in companies where oil and gas is
quarter. Shares dropped nearly 4 per cent in the main activity. The group’s Lloyd’s of
Europe’s biggest oil and gas company early London trading yesterday, chip- London syndicate, an underwriter for
reported consecutive quarterly profit ping into gains of about 41 per cent for areas including offshore energy, said last
records in the first half of the year as the the year, but ended 2.8 per cent down. week it would stop underwriting a wider
disruption in energy markets from “Overall, we see the statement as dis- range of oil and gas contracts from Janu-
Russia’s invasion of Ukraine in February appointing given the weaker integrated ary. It already excludes activities such as
drove up prices for fossil fuels. gas trading result, coupled with another Arctic drilling.
But oil prices have dropped from working capital outflow,” said Biraj Insurers and reinsurers Swiss Re,
more than $120 a barrel in June to about Borkhataria, head of oil and gas equity Hannover Re, Scor, Axa XL, Mapfre,
$90 a barrel as recession fears in Europe research at RBC Capital Markets. Italy’s Generali and Fidelis have all
hit economic activity. In July, Shell reported quarterly earn- introduced restrictions on reinsuring oil
In the three months to the end of Sep- ings of $11.5bn, breaking the record and, in some cases, gas since June.
tember, Shell said margins in its refining $9.1bn recorded in the first three Following Munich Re’s decision, 43
months of the year and more than dou- per cent of the global reinsurance mar-
ble the $5.5bn achieved in the same ket by premiums has restricted cover
‘We see the statement as period a year earlier. It used the profits Ahead of the curve: Porsche sells 300,000 cars a year, compared with the 10mn sold by VW — Krisztian Bocsi/Bloomberg for oil, according to analysis of industry
disappointing given the to launch a $6bn share buyback scheme, data by campaign group Insure Our
on top of the $8.5bn of buybacks it com- valuation to Porsche, a luxury brand 300,000 cars a year versus the 10mn Future. Munich Re’s global premium
weaker integrated gas pleted in the first half of the year.
PATRICIA NILSSON
AND PETER CAMPBELL
that produces far fewer cars than that VW does, had dipped below their share is 13 per cent.
trading result’ The bumper earnings have led gov- Porsche has become Europe’s most its parent. IPO price earlier this week. Reinsurers provide coverage for pri-
ernments in several countries, includ- valuable carmaker, taking the crown The shift in valuations between the VW said measures to support the mary insurers and have been grappling
business were expected to be $15 a ing the UK, to impose additional taxes from parent company Volkswagen two groups echoes what happened stock in the early days of trading were with the fallout from increasingly fre-
barrel, down from $28 a barrel in the on energy companies this year, with just a week after going public in one with Italian sports car maker Ferrari, necessary because “September infla- quent extreme weather events such as
previous quarter. This would reduce some calling for another round of addi- of the region’s largest-ever flotations. whose valuation eclipsed that of its tion data, renewed concern about Hurricane Ian, which caused wide-
that division’s third-quarter adjusted tional levies as long as energy prices parent Fiat following its 2015 IPO. energy supplies in Europe . . . and a spread destruction across Cuba and the
earnings before interest, tax, deprecia- remain elevated. Shares in the sports car group climbed After being sold for €82.50 each, worsening of the situation in south-eastern US last week.
tion and amortisation by $1bn to $1.4bn Outgoing Shell chief executive Ben 3.5 per cent to €91 yesterday, giving Ukraine”, had made the market back- Munich Re estimates insurers cov-
compared with the previous three- van Beurden told an energy conference Porsche a market capitalisation of drop tougher. ered $120bn of the $280bn in global
month period. in London this week that governments €82.9bn and eclipsing Volkswagen,
By passing parent group VW plans to return some of the losses from natural disasters in 2021,
At the same time, margins at the FTSE were right to increase taxes to help pro- which was valued at €78.3bn. VW’s market cap, Porsche €9.4bn it raised through the Porsche and has flagged growing demand for
100 group’s chemicals unit have col- tect the poorest parts of society from VW braved a grim economic back- IPO to its shareholders via a special catastrophe insurance in Europe. It has
lapsed from $86 a tonne in the last quar- soaring energy costs. “One way or drop and the downturn in global stock
provides vindication for dividend, as well as ploughing money previously committed to reducing car-
ter to an expected minus $27 a tonne, another there needs to be government markets to sell 12.5 per cent of Por- its initial public offering into electric vehicles. bon emissions associated with its oil and
after a fall in global demand for plastics. intervention,” he said. sche, its most profitable brand, as the Former VW boss Herbert Diess set gas coverage by 5 per cent relative to
The trading update, which comes The oil major ended months of specu- group tries to fund a major push into shares in Porsche climbed on their a company target of beating Tesla 2019 by 2025.
ahead of the release of Shell’s third- lation when it announced in September electric vehicles. debut and have outperformed Ger- in electric sales by 2025, which Lindsay Keenan, European co-ordina-
quarter earnings at the end of the that Wael Sawan, head of gas and renew- While VW has lost its title, Porsche’s many’s benchmark Dax index since. requires the group to sell millions of tor at Insure Our Future, said Munich
month, is the first sign that oil industry ables, would replace van Beurden as rapid ousting of its parent company as However, the share price has been battery models. Re’s decision sent a message to the insur-
profits may drop this quarter from the chief executive at the end of the year. Europe’s most valuable car group pro- supported by the banks that advised Diess was replaced this summer by ance industry and energy companies
record levels set earlier this year. Additional reporting by Mark Wembridge vides vindication for the initial public on the IPO, which purchased the stock Porsche chief executive Oliver Blume, that they could struggle for cover if they
Earnings from Shell’s integrated gas in London offering. VW executives had hoped between September 29 and October 4. who will lead the sports car maker as did not “align their business with climate
business were also expected to be “sig- Markets page 13 that investors would attach a higher Shares in Porsche, which sells roughly well as its German parent. scienceandthe1.5Cclimatetarget”.

Text and image advances promise to write a new chapter for AI

erative models such as this have been all make it possible to achieve high-quality
INSIDE BUSINESS the rage in AI. The ethical issues they results by training neural networks with
raise are profound, ranging from the fewer layers of artificial neurons are
TECHNOLOGY biases they could imbibe from the data changing the picture. The computing
they are trained on, to the risk that they resources used to train Stable Diffusion
Richard could be used to spew out misinforma-
tion. But that hasn’t prevented the hunt
would have cost only $600,000 at mar-
ket prices, according to Mostaque.
Waters for practical uses.
Three things have changed to turn
The third change has been in the
availability of the technology. Google
these systems from clever party tricks and OpenAI have been wary about mak-
into potentially useful tools. ing their technology widely available,

F
One is that the AI systems have partly out of concern about possible
or all its huge potential, the moved beyond text. Last week, Meta misuses. By contrast, Midjourney’s
field of artificial intelligence unveiled the first system capable of pro- image system is available to all users
has been something of a back- ducing a video from a text or image through a freemium pricing model. Sta-
water in the investment world. prompt. That breakthrough was ble Diffusion has gone further, open-
There are certainly companies thought to be two years or more away. sourcing its software and releasing
that have ridden the AI wave in impor- Not to be outdone, Google responded details of how it trained its system. That
tant ways: Google claims to have refined with not one but two AI video systems of makes it possible for other organisa-
many of its services with the help of AI, its own. tions to train an image model on their
machine learning has boosted sales of This year’s biggest AI breakthrough, own data sets.
Nvidia’s graphics processing units and though, has come The risks that stem from such genera-
TikTok’s algorithm is reputedly a big in image genera- The trick will be to find tive systems have received much atten-
part of what keeps users coming back to tion, thanks to sys- tion. They churn out fresh images or
its short videos. t e m s s u c h a s ways to embed the tech in text based on the millions of examples
But it’s hard to find the pure AI com- OpenAI’s Dall-E 2, existing work processes, from which they have learnt, with no
pany that has risen on the back of the Google’s Imagen understanding of the underlying mate-
technology, or to identify a big new mar- and the start-up creating tools that can rial. That can lead to nonsensical results
ket that has been created. Midjourney. Emad suggest new ideas as well as deliberate misinformation.
That picture may be about to change, Mostaque, the Lon- But in a business setting, at least some
and in a big way. don hedge fund manager behind Stable of these shortcomings could be control-
According to Pat Grady, a partner at Diffusion, the latest image-generating led. The trick will be to find ways to
Sequoia Capital, something significant system to take the AI world by storm, embed the technology in existing work
has happened in AI in recent weeks. claims pictures will be the “killer app” processes, creating tools that can sug-
Generative systems — ones that auto- for this new form of AI. gest new ideas or speed up creative pro-
matically produce text and images from For the generation that grew up with duction, with human workers filtering
simple text prompts — have advanced TikTok and Snapchat, this new creative the output. The idea is already being
to a level where they could have wide- tool could be profound, he says. It also used to generate computer code.
ranging business uses. A partner at presents an obvious threat to anyone The big question now, says one inves-
another leading Silicon Valley venture whose livelihood rests on creating tor, is: will the existing giants of indus-
capital firm, who describes the recent images in other ways. tries such as marketing, media and
history of AI as a graveyard for start-up The second big change comes from entertainment be the first to make use
investors, also reports that the race is on the rapidly falling cost of training giant of these powerful new creative tools? Or
to find breakthrough applications for AI models. Microsoft’s $1bn backing of will they be disrupted by a new genera-
this new technology. OpenAI three years ago highlighted the tion of upstarts with their roots in AI?
Since the launch of OpenAI’s GPT3 prohibitive expense of this for ever-
text-writing system two years ago, gen- larger models. New techniques that richard.waters@ft.com
10 ★ FINANCIAL TIMES Friday 7 October 2022

COMPANIES & MARKETS

Telecoms Industrials

Watchdog flags Inmarsat deal concern Debut of China

battery group
spun off from
UK regulator says Viasat
takeover risks pricier
the growing area of supplying on-board
WiFi for passenger use.
It is not yet clear if Viasat and Inmar-
sat will put forward any remedies. They
ciencies, lowering costs, and increasing
[in-flight connectivity] availability.”
operator SES has been in talks with US
group Intelsat about a potential combi- arms supplier
proves weak
The regulator said airlines could be counter they must build scale to com- Viasat announced the takeover in nation, according to people familiar
and poorer in-flight WiFi forced to pay more for WiFi as a result pete with US challengers. November, a tie-up that combined two with the discussions.
and be offered “lower quality connectiv- “The CMA’s decision to proceed to a of the largest geostationary satellite The CMA found that although
KATE BEIOLEY AND ANNA GROSS ity solutions”, “ultimately affecting the Phase 2 review is not unexpected, even operators. entrants such as Starlink, OneWeb and
cost, quality and availability of services though [in-flight communication] rep- The merger was the first in a flurry of Telesat were trying to target the aviation
The UK competition regulator has said for airline passengers”. deal discussions across the industry, as sector, it was one of the most difficult EDWARD WHITE — SEOUL
CHENG LENG — HONG KONG
California-based satellite operator Via- CMA senior director Colin Raftery some of the older and more traditional industries for satellite groups to
sat’s $7.3bn takeover of Britain’s Inmar- said: “Ultimately, airlines could be faced
A potential impact was groups look to gain scale and fortify enter. It was also difficult for airlines to One of China’s biggest electric vehicle
sat could lead to airlines facing more with a worse deal because of this cited on ‘the cost, quality against challengers such as Elon Musk’s switch internet providers, the CMA said, battery producers has made a weak
expensive and worse quality on-board merger, which could have knock-on SpaceX and Amazon’s Kuiper. meaning the merged group might be
WiFi, in a finding that is set to substan- effects for UK consumers as in-flight
and availability of services SpaceX and Kuiper have shaken up able to “lock in” a large part of the cus-
debut on Hong Kong’s stock market
after investors shunned a group spun
tially delay the closure of the deal. connectivity becomes more wide- for airline passengers’ the industry, attracting attention by bet- tomer base. off from a company that makes mis-
In an update yesterday, the Competi- spread.” ting on cheaper and smaller satellites “There is no lack of competition in siles and fighter jets for the Chinese
tion and Markets Authority said it ViaSat and Inmarsat have five work- resents less than 10 per cent of the reve- that run from low Earth orbit. Older satellite connectivity for the aviation military.
planned to open an in-depth investiga- ing days to offer a solution to allay the nues of the combined company,” said groups are more eager than ever to gain sector,” said Rajeev Suri, chief executive
tion into the tie-up, which would create concerns, then the CMA has five days in Mark Dankberg, chief executive and scale and adopt a multi-orbit strategy of Inmarsat. “Strong players are already China Aviation Lithium Battery’s shares
one of the biggest space-based broad- which to respond. Otherwise the deal chair of Viasat. that spans different altitudes. offering in-flight connectivity, and the fell as much as 2.2 per cent on Monday,
band providers. will face a probe that could take several “We intend to work closely with the In July, French operator Eutelsat new low Earth orbit players . . . are marking the latest disappointing first
Viasat and Inmarsat compete closely months and would push the timeframe CMA to show that our transaction will announced its intention to acquire UK aggressively and successfully targeting day of trading for a mainland Chinese
in the aviation sector and particularly in for closure well into next year. benefit customers by improving effi- rival OneWeb, and Luxembourg-based aviation.” company in Hong Kong.
The initial public offering of CALB,
which sold 8 per cent of the company,
raised HK$10.1bn ($1.3bn) after pricing
Technology. Buyout battle at the bottom of its range, with a pre-
IPO valuation at Rmb70bn ($9.8bn).
More than half of the share offer, or

Investors cash in after Musk agrees Twitter deal about $735mn, was covered by 15 cor-
nerstone investors.
CALB is a spin-off from the Aviation
Industry Corporation of China, a state-
owned defence group and supplier to
China’s People’s Liberation Army.
Activist Icahn among the big Despite becoming China’s third-larg-
est and the world’s seventh biggest EV
winners after predicting Tesla battery group, analysts have questioned
CALB’s profitability and raised concerns
chief would close on takeover about allegations of intellectual prop-
erty theft from rival Chinese battery
ORTENCA ALIAJ, ANTOINE GARA maker Contemporary Amperex Tech-
AND SUJEET INDAP — NEW YORK
ARASH MASSOUDI — LONDON

Investors have been betting heavily on

‘The electric battery
the outcome of the Twitter deal since industry is not an industry
Elon Musk offered to buy the social
media company for $44bn in April.
you can crack into
The result has been anything but cer- with cheap products’
tain since the Tesla chief executive
sought to terminate the transaction in nology. CALB denies the accusations.
July. But some big winners have In 2021, CALB reported an operating
emerged after Musk told Twitter on loss of Rmb479mn. Its net profit of
Tuesday that he intended to close the Rmb112mn was driven by government
buyout at the agreed price of $54.20 per grants totalling Rmb365mn. CALB’s
share, sending the stock price soaring. gross profit margin of 7 per cent last year
In the intervening months, Wall trailed margins of about 20 per cent for
Street’s deal experts had studied the industry peers, according to Bernstein.
transaction’s legal contract and previ- Neil Beveridge, an analyst with Bern-
ous tie-ups to assess whether Musk stein in Hong Kong, said the group’s his-
could walk away. tory and state ties stood as a potential
The overwhelming consensus was “obstacle” to winning over foreign cus-
that Twitter was on solid ground. Virtu- tomers as it pursued a $26bn interna-
ally no one believed that Musk’s pro- tional push.
fessed concerns over excessive fake Avic group still owns a 10 per cent
accounts or a whistleblower alleging stake in CALB through a listed subsidi-
regulatory problems could be sufficient ary. The Changzhou city government
grounds for the billionaire to renege on remains CALB’s biggest shareholder,
the agreement. with a 30 per cent stake. CALB’s biggest
The only surprise was that Musk customer, state-backed carmaker
caved seemingly without winning any Guangzhou Automobile Corp, holds a
concessions. stake of about 4 per cent.
Over the past few months, billionaire CALB relies on Chinese customers for
activist investor Carl Icahn built a posi- Tweet deal: Elon would reach this conclusion. “It is sort of Whenever a large merger is ann- ‘You could founder of short selling firm Hinden- the majority of its sales, in contrast with
tion of more than $500mn in Twitter, Musk said he simplistic. You could obviously see he ounced, so-called merger arbitrage burg Research. “It connotes a low-risk CATL, the world’s largest battery
said a person familiar with the situation, would honour wants this platform and, in my mind, he funds place bets that seek to profit from obviously endeavour but Musk lives in an Alice in maker, which boasts foreign clients
after its share price fell below $40 on his $44bn very well could afford it,” he said. the deal eventually closing. see he Wonderland kind of world.” including Tesla, Peugeot and BMW.
mounting investor uncertainty and Twitter buyout “To be a successful investor you have There is usually a spread between the Hindenburg has placed two winning Analysts noted the company did not
fears of a protracted legal battle Rafael Henrique/Sopa/
LightRocket/Getty
to see the forest from the trees. You look takeover price and the price at which wants this bets on Twitter, initially shorting the spend as much on R&D as its competi-
between the two parties. at the obvious, which is often missed.” shares are trading, reflecting both the platform shares in May when it became apparent tors, with expenditure at 4 per cent of
Florida-based hedge fund Pentwater risk that a deal collapses along with the to them that Musk would try to walk revenue in 2021, trailing industry lead-
Capital Management built a position in Twitter stock cost of the trade until it completes. and, in my away from the deal after shares in both ers including CATL and South Korea’s
Twitter of about 22mn shares but In the days after Musk agreed to buy mind, he Tesla, his electric car company, and the Samsung SDI, which spent 6 per cent of
hedged it using put options, said a per- $ Twitter, the available return grew as social media platform started to fall. their sales on R&D.
son familiar with the matter. 55 investors priced in the prospect that he very well Having closed out that bet, the firm But company chair Liu Jingyu insisted
Icahn and Pentwater both stand to Musk says would not actually buy the company.
make hundreds of millions of dollars if
he is terminating
When Musk said he would back out of
could disclosed Twitter as its first public long
position on the premise that there was
CALB was investing in line with its
peers. “The electric battery industry is
deal, while Twitter 50
Musk keeps his word and closes the counters that the takeover and Twitter’s share price afford it’ little hope that Musk could get out of the not an industry you can crack into with
takeover, said those familiar with the it will sue tumbled, the arbitrage became a losing transaction. cheap products, it’s an industry that
trades. Other large hedge funds such as 45 trade. The New York-based firm sold all of needs strong back-up in technology
DE Shaw are also in line for big windfalls. Some large hedge funds lost money its Twitter holdings on Tuesday, reaping knowhow,” she said.
Musk and Twitter are in negotiations 40 for months before adding to their bets huge gains that Anderson was reluctant The listing comes as the Biden admin-
about how to tie up the loose ends and Musk Musk confirms over the summer in the belief Twitter’s to quantify. But he did say that he was istration is increasing pressure on US
formalise a closing, with the Tesla chief bids he will close 35 lawyers had negotiated an ironclad “happy to be stepping off the roller- companies to reduce their reliance on
executive stating he wants a formal halt $54.20 initial deal agreement that Musk would be com- coaster”. Chinese industry. Companies across the
a share
to the litigation in exchange for taking 30 pelled to close on. Others are staying in, more certain clean tech supply chain are also compet-
the steps to get Twitter shareholders Jan 2022 Nov “Anyone who uses the term arbitrage than ever that Musk will keep his word ing for resources as EV demand booms.
their cash. for any deal involving Elon Musk is mis- and pay the full $54.20 a share. Additional reporting by Maiqi Ding in
Source: Refinitiv
Icahn said he never doubted the deal using the term,” said Nathan Anderson, See Lex Beijing and William Langley in Hong Kong

Banks

Wall Street lenders offer wealthy clients ‘tax-loss harvesting’ during market downturn
JOSHUA FRANKLIN — NEW YORK market. There’s economic value in a same investment. “With 10 years of bull of direct indexing providers such as tax-loss harvesting opportunity in personal tax bills. David Henry, invest-
MARY MCDOUGALL — LONDON
loss,” said one wealth adviser at a big US markets, this is an opportunity where Morgan Stanley-owned Parametric and decades”. ment manager at UK wealth firm Quil-
Wall Street banks have found a silver bank, who remarked that the majority clients are able to utilise tax-loss har- BlackRock’s Aperio. By the end of August, 99 per cent of ter Cheviot, said tax-loss harvesting
lining in this year’s market rout — mak- of client calls in recent weeks have been vesting,” said another private banker. These enable investors to own a group mutual funds and exchange traded could be “very, very powerful” and was
ing money by helping wealthy clients about tax-loss harvesting. Tax-loss harvesting is one of several of stocks that mimic the performance of funds were trading at a loss for the year, currently popular among buy-to-let
sell some investments at a loss to Tax-loss harvesting is geared towards strategies US banks and money manag- an index, and customise the portfolio to according to State Street estimates. Ris- landlords in the UK sitting on large gains
lighten their tax bills. investors who have been steadily adding ers employ to minimise taxes for well- manage for tax losses. ing interest rates from central banks but selling in anticipation of mortgage
to their holdings over years. Recently heeled investors. Some clients also hold Investors in the US pay tax at their around the world have also hit bond rate rises leading to a drop in house
This so-called “tax-loss harvesting” acquired stocks that have fallen in value on to profitable positions and use them investments. prices.
strategy has been around nearly as long are sold at a loss, which can be deducted as collateral for loans from big banks, “It has created a really, really bounti- They also make greater savings
as the federal tax code — which came from any capital gains made in this or thereby generating cash for expenses
‘A priority this year is ful harvest of losses for investors this because capital gains tax in the UK is
into force in the second decade of the future years. The S&P 500 stock index is without reporting taxable income. making sure that at least year,” said Matthew Bartolini, managing charged at a higher rate for taxable
20th century — but has surged in popu- down 21 per cent this year. “There’s an overall big picture issue director at State Street Global Advisors. property than all other assets, at 28 per
larity this year as stocks and bond prices “A priority this year is making sure about our tax code and the way it treats
people don’t pay taxes In the 2020 tax year, there were cent and 20 per cent respectively, for
have plunged. that at least people don’t pay taxes on the wealthy,” said Steve Wamhoff, direc- on their portfolios’ $19.3bn of net capital losses that could higher and additional-rate taxpayers.
JPMorgan Chase last week launched a their portfolios,” said one private tor of federal tax policy at the Institute be used to offset capital gains, up 19 per Henry added that recent days had
new “tax-smart” platform focused on banker at a Wall Street firm. on Taxation and Economic Policy, a marginal income tax rate on gains from cent from $16.2bn in 2019, according to presented opportunities in the UK gov-
tax-loss harvesting, joining financial Typically, investors will sell then Washington-based think-tank. “They assets held for up to a year, with lower the most recently available data from ernment bond market.
groups such as Morgan Stanley and repurchase a portfolio with a similar have this incentive to realise losses as capital gains tax rates applying to assets the IRS. Investors nursing losses in exchange
BlackRock in offering automated prod- risk profile. Under the Internal Revenue soon as possible. But then they have this held for longer. Tax-loss harvesting is not just for US traded funds can sell them, crystallise
ucts that help investors benefit from the Service’s “wash-sale” rule, investors are incentive to avoid realising gains.” In a note to clients in May, the asset clients — in the 2020-21 UK tax year, the loss and buy back bonds directly;
strategy. banned for 30 days from selling a secu- The strategy has become more main- manager State Street Global Advisors more than £2bn of investment losses any difference between a bond price and
“It’s the only gift you have in a down rity at a loss and then repurchasing the stream in recent years through the rise wrote that this might be “the largest were offset against capital gains to lower its maturity value can be kept tax-free.
Friday 7 October 2022 ★ FINANCIAL TIMES 11

COMPANIES & MARKETS

Incoming EDF boss faces barrage of

Oil & gas

Venture signs
deal on lifting
problems as Paris takes full control gas exports
to Germany
Rémont arrives as the energy crisis rages, nuclear outages cripple output and reactor rollout looms MYLES MCCORMICK — NEW YORK

SARAH WHITE — PARIS

The newest US exporter of liquefied
natural gas has signed a deal to increase
exports to Germany, one of a flurry of
When EDF board members joined a
sales to Europe amid a scramble to
video call in late August to discuss a UK
replace Russian energy supplies.
nuclear project, they were instead
treated to a stand-off between the util- Venture Global said yesterday it would
ity’s outgoing boss and the French state. expand a 20-year contract with German
Rather than signing off the Sizewell C utility EnBW by 500,000 tonnes of LNG
plant in Suffolk as Jean-Bernard Lévy a year to 2mn tonnes.
had pushed for, the biggest French US companies have executed about
power producer’s controlling share- 47mn annual tonnes of sale and pur-
holder demanded more time to finish chase agreements with various coun-
new audit reports and the meeting tries this year, according to Webber
descended into acrimony, according to Research and Advisory.
people familiar with the discussions. LNG is a central part of Germany’s
“Some people didn’t understand what plans to cut Russian gas supplies, which
they were doing there and why there accounted for 55 per cent of total
wasn’t going to be a decision on any- imports before Moscow’s invasion of
thing,” one of the people said. “It was Ukraine. It has recently chartered five
messy.” specialised vessels that will allow
The episode, one of several clashes at imports by sea.
the company to have spilled into the Until the invasion of Ukraine, Ger-
open in recent months, will provide lit- many was planning to import more fuel
tle comfort to Lévy’s successor, Luc from Russia via the Nord Stream 2 pipe-
Rémont, who is due to take over as chief line under the Baltic Sea. Those plans
executive and chair just as Paris exe- have been suspended.
cutes a plan to buy the 16 per cent of Venture Global’s deal with EnBW is
EDF it does not already own. the only long-term LNG contract locked
While the nationalisation clarifies the in between Germany and the US. Other
ownership structure, the company German companies — including Uniper
could still be subject to demands from and RWE — have signed earlier-stage
the French state that have not always deals to import US LNG.
been in its immediate interest, includ- Venture Global’s shipments would
ing that it shield consumers from soar- begin in 2026 from the exporter’s
ing energy prices. planned Plaquemines and CP2 plants in
Big strategic questions on everything Louisiana.
from Sizewell to renewable energy “We’ve always believed that, over
investments still loom large. time, [US LNG] was what global distri-
EDF declined to comment on those bution would trend to in terms of cus-
plans or the August board meeting. Luc Rémont must prepare EDF for some of France’s industrial workers and nuclear engi- ‘It is that had been seen as a precursor to a tomers around the world building up
Rémont, an executive at conglomer- biggest nuclear construction projects in two decades neers, in part due to a hiatus in big break-up and job losses. portfolios,” said Mike Sabel, Venture
ate Schneider Electric, will need to FT montage/Schneider Electric/EDF Energy
orders. absolutely Rémont has experience of govern- chief executive. “That’s changed obvi-
tackle the group’s short-term problems To repair corrosion problems at 12 crucial . . . ment dealings with Brussels, another ously — dramatically — recently because
while preparing EDF to take on some of EDF output French reactors that EDF pledged to get front he will have to revisit to try to fix a of the invasion.”
France’s biggest nuclear construction TWh back online for the winter, the group that the litany of state aid and antitrust discus- Venture Global began operations at its
projects in two decades, a period when it had to resort to flying in teams of spe- nuclear sions, including a long-running drive by Calcasieu Pass plant in Louisiana earlier
has struggled to complete any on time 450 cialist welders from the US. the European Commission to make this year, bringing the number of US liq-
or on budget. Range “There are two elements that, com- capacity get EDF open its hydroelectric business to uefaction facilities — where gas is chilled
The company’s electricity output is on bined, make this a complicated job. One back online’ competition. and loaded on to tankers for export — to
course to reach all-time lows this year, 400 is that the nuclear sector is inherently Bigger-picture decisions, however, seven. Once fully built it will have peak
after corrosion problems at the com- complex, with very long investment may revert to the highest echelons of the capacity of about 12mn tonnes a year,
pany’s nuclear plants added to mainte- cycles,” said Patrice Geoffron, an eco- French state and Emmanuel Macron. bringing total US capacity to about
nance stoppages and led to the outage at 350 nomics professor at Paris-Dauphine EDF, created in 1946, controls not 105mn tonnes.
one point of more than half the French university. “The other is that the French ‘We don’t only much of France’s power generation The recent surge in interest in LNG
fleet of 56 reactors. That has strained state has not always had a consistent but also its transmission. It has from the US marks a significant reversal
supplies across Europe as the region piv- 300 line on its nuclear policy.” know what expanded into renewable energy at of fortune for an industry that just two
ots from Russian gas, while turning Building reactors in France will entail kind of home and elsewhere while trying to years ago was facing a crisis over envi-
France into a net power importer for the training thousands more workers, compete as a nuclear player interna- ronmental concerns and slack demand.
first time. 250 among several challenges in having the pathway tionally, pushing its technology from But it has since benefited from a tight
“It is absolutely crucial that EDF get 2010 15 20 24 plants ready by 2035 when some of will be set Finland and Britain to the Czech Repub- gas market and Moscow’s weaponisa-
their act together and that the nuclear EDF’s older sites will be reaching the lic and Poland. tion of gas exports in the wake of its
capacity get back online,” said Jean-Paul One terawatt hour equals 1,000 gigawatt hours end of their lifespans. out for him’ French officials have so far insisted invasion of Ukraine, which has forced
Harreman of consultancy EnAppSys, Sweden overtakes France on power exports Little known to the French public, that Sizewell C will go ahead, adding Europe to look for alternative sources.
adding that countries such as Belgium, Total net exports/imports by selected countries (TWh) Rémont started as an industry aide in that the state has commissioned extra “The fundamentals were moving in
the Netherlands and Spain were partic- the cabinet of several economy minis- audits simply to calculate the financial LNG’s favour prior to the invasion,” said
ularly dependent on French output. H2 2021 H2 2022 ters before a stint of several years as an consequences of removing a Chinese Michael Webber at Webber Research
The production falls are set to wipe investment banker at Merrill Lynch. His state-backed company from the project. and Advisory, a consultancy. “But it
€29bn off EDF’s core profits this year. -30 -20 -10 0 10 20 bosses in government included Nicolas But the government might want to reinforces the strategic significance of
The group has been forced to buy supply Sweden Sarkozy before he became president revisit some of its choices, bankers and US LNG — particularly into Europe.”
on soaring wholesale markets instead. and Thierry Breton, now EU commis- union representatives close to EDF said, Despite the strong demand, the land-
Government measures made EDF’s Germany sioner for internal markets. particularly as the group grapples with scape remains competitive. Tellurian, a
plight worse, through a move to make it “He has a sense of economic patriot- costly investments. By the end of this developer chaired by US LNG pioneer
carry the can for price caps on electric- Spain ism,” said Gervais Pellissier, an execu- year, EDF’s net debt is forecast to swell Charif Souki, has struggled to raise
ity bills for consumers. The state has yet tive at French telecoms group Orange to about €60bn, while its French con- funds for its Driftwood export plant
to rule out a repeat in 2023. France who met Rémont in 2002 when he struction programme alone could cost near Venture’s facilities in Louisiana.
Like his predecessors, Rémont will helped ailing computer company Bull another €52bn. The $25bn project’s future is unclear
have far from full sway over some of GB negotiate a bailout. “He’s someone who Martine Faure, a member of the CFE- after two big buyers pulled out last
EDF’s strategic questions. can listen, who is not dogmatic.” CGC union who also chairs two EDF month.
But getting EDF on track to meet a Italy That might help Rémont at EDF, a employee shareholder funds, said: “Will Sabel said Venture Global had been
plan to build at least six reactors in heavily unionised company where Rémont have to sell assets? We still don’t involved in “extremely active negotia-
France will fall on his shoulders — no labour representatives fiercely opposed know what kind of pathway the French tions and discussions” over potential
Sources: EDF; EnAppSys
small task amid a dearth of skilled one attempt under Lévy to restructure state will set out for him.” deals for the past six to nine months.

Technology Technology

Kalanick-linked lobbyist battles delivery apps Ex-Uber security chief convicted in data case
DAVE LEE — SAN FRANCISCO Kalanick has become a force in the service to share with it information DAVE LEE — SAN FRANCISCO Prosecutors said Sullivan had taken take responsibility when damaging
digital restaurant business through his about transactions. steps to make sure data compromised in breaches occur.
A US lobbying group with ties to Travis Uber’s former head of security has
CloudKitchens venture, a market that A leader at Tusk Holdings disputed the attack would not be revealed. “This verdict is misplaced,” said Katie
Kalanick’s dark kitchen start-up has been convicted of covering up a 2016
grew rapidly during the pandemic. At its the characterisation that there were According to court documents, two Moussouris, founder and chief execu-
set itself up to battle food delivery apps, data breach at the rideshare group, hid-
most recent funding round, CSS was val- links between the DRA and Kalanick’s hackers approached Sullivan’s team to tive of Luta Security, which specialises
including the entrepreneur’s former ing details from US regulators, and pay-
ued at $15bn. It has more than 4,000 CSS, saying the lobby group was notify Uber of a security flaw that in managing “bug bounty” programmes
company Uber, over fees and customer ing off a pair of hackers in return for
employees across the US, Latin Amer- “fully operated and funded” by Tusk exposed the personal information of for large organisations. “The role of
data. their discretion.
ica, the UK and the Middle East. Holdings. almost 60mn drivers and riders on the chief security officer cannot become
The Digital Restaurant Association’s But growing demand has caused fric- Tusk Holdings is a lobbying firm The trial, closely watched in cyber secu- platform. chief sacrificial officer if we want those
stated goals — to challenge fees and gain tion between digital restaurants and founded by Bradley Tusk, an early Uber rity circles, is believed to be the first The hackers, one of whom testified roles to be effective.”
access to customer data fiercely pro- food delivery apps over which has investor and former adviser who spear- criminal prosecution of a company during the trial, turned down the com- Uber did not respond to requests
tected by food delivery apps — pits it access to customers’ personal data. headed efforts by the ride-hailing app executive over the handling of a data pany’s offer of $10,000 — the maximum for comment.
against Uber, from which Kalanick was The DRA’s website said that it aimed founded by Kalanick to bat away regula- breach. payout under Uber’s “bug bounty” pol- “Sullivan affirmatively worked to
ousted as chief executive in 2017 follow- to support city and state laws that tion in New York. Joe Sullivan, who was fired in 2017 icy designed to encourage private dis- hide the data breach from the Federal
ing a string of scandals, as well as Door- benefited restaurants and would “fight More recently, the lobby group has over the incident, was found guilty on closure of security flaws — and threat- Trade Commission and took steps to
Dash and Grubhub. to ensure restaurants have access” to worked for CSS. In Chicago, a Tusk Tuesday by a San Francisco jury of ened to release the data if a larger fee prevent the hackers from being caught,”
The association was formed in March customer information. Delivery apps Holdings managing director helped obstructing an investigation by the Fed- were not paid. said Stephanie Hinds, US attorney for
by executives at Tusk Holdings, a lobby- have resisted such calls, citing privacy organise a protest opposing local legisla- eral Trade Commission. The parties negotiated a $100,000 the northern district of California, in a
ing firm hired by Kalanick’s City Storage concerns. tion that put tighter restrictions on suit- At the time of the 2016 breach, the payment, which required signing a non- statement.
Systems — parent of CloudKitchens — to The association says it will push for able locations for dark kitchens. regulator had been investigating the disclosure agreement and a commit- “We will not tolerate concealment of
help it fight regulatory battles around permanent caps on delivery fees It comes as the growth of dark kitch- car-booking service over a different ment to delete any user data that had important information from the public
dark kitchens, which buy property to charged by third-party apps. Some mar- ens has caused controversy in certain cyber security lapse that had occurred been obtained. by corporate executives more inter-
use as space to cook food to be sold via kets have taken this step, such as San cities, raising the prospect of regulatory two years earlier. The two hackers later pleaded guilty ested in protecting their reputation and
delivery apps. Francisco and Philadelphia, where battles that could affect CSS’s ambitions. Jurors also convicted Sullivan of to the attack. that of their employers than in protect-
CSS executive Guido Gabrielli, who delivery fees cannot exceed 15 per cent Though in its early stages, the DRA a second count related to having knowl- Lawyers for Sullivan defended his ing users.”
heads the group’s payment platform of each order. would be “looking at all major cities” for edge of but failing to report the 2016 actions in court, saying he had acted to Sullivan, a former government
Otter, was listed as being on the DRA’s A greater amount of customer data its lobbying efforts, the person at Tusk breach to the appropriate government protect users and had notified his supe- prosecutor specialising in cyber crime,
board but was removed this week after about orders and consumer habits could Holdings said, aiming to position itself authorities. riors — including then-CEO Travis previously worked at Facebook and
the Financial Times’ inquiries into its be lucrative for CSS for advertising pur- as “the national organisation focused on The incident eventually became pub- Kalanick — of the data breach. Cloudflare.
formation and leadership. A promotion poses. Otter, which helps restaurants the future of restaurants”. The website lic in 2017 when Dara Khosrowshahi, The result will send shockwaves A date for his sentencing has not yet
for Otter remains on the DRA website, manage orders from several food apps lists six restaurant companies as mem- who had just taken over as chief execu- through the cyber security industry, been set. He could face up to eight years
where it is described as a “partner”. at once, requires restaurants that use its bers, including Hooters and IHOP. tive, disclosed details of the attack. raising questions over who should in prison.
12 ★ FINANCIAL TIMES Friday 7 October 2022

UK COMPANIES

Climate seems not to be a global issue for auditors Financials

Woodford
Climate was highlighted by auditors cies between their US and international Wright, founder of US-based Decatur of Institutional Investors in 2019 com-
fund investors
Helen as a challenging issue in vetting some
companies’ accounts — the type of thing
audit reports, said Carbon Tracker.
These are not one-line disclaimers.
Capital Management.
“It’s inexplicable to me that there is
mented that based on early evidence the
regime was “providing less useful dis- told illiquid
Thomas
holdings will
that required complex, subjective judg- Shell’s UK audit report had a dedicated useful information being disclosed that closure than many investors sought”.
ments, or that might carry the risk of climate section of nearly 3,000 words is not captured in the US audit report,” Others point to the wrangling over cli-
misstatements. But not consistently explaining the “pervasive impact” of cli- said one US regulatory expert. mate in the US. Asset managers that
everywhere. mate-related risks on “areas of account- One possible explanation is that a liti- have taken the lead on climate issues
curb payouts
U
A longer, meatier report from audi- ing judgment”, that did not feature in gious US business climate leads to a cau- have come under fire politically. The
N secretary-general tors was introduced over the past dec- the US filing. EY, which audits Shell, tious, by-the-book approach (although Securities and Exchange Commission is
António Guterres said: “Cli- ade in the US and Europe. This aimed to pointed to the fact that the two audit still working on its reporting require-
mate change is moving open up the black box of the audit proc- reports “are prepared in accordance ments on climate, which could elevate
faster than we are. Its speed ess, giving investors an insight into with different laws and regulations”.
Auditors, given a choice, these issues: none of the audit reports
JOSHUA OLIVER

Investors in Neil Woodford’s frozen

has provoked a sonic boom tricky areas that might affect the future This is the typical response from the may just be avoiding produced under US rules included any
fund will receive another £20mn but
SOS across our world.” value of the company. profession; the other Big Four firms significant discussion of climate, noted
Unless — that is — you’re an auditor. For several companies that file were also named by Carbon Tracker in
a hot-button issue Carbon Tracker. Auditors, given a
face dwindling prospects for recover-
ing more as the market downturn cuts
Overall, the record on incorporating accounts in the US and Europe, climate relation to similar variations. The US while they still can choice, may just be avoiding a hot-
the value of the remaining companies
climate-related risks and the effects of featured prominently as a so-called rules, under the Public Company button issue while they still can.
backed by the former star stockpicker.
net zero policies into company accounts “key audit matter” in the audit report to Accounting Oversight Board, are indeed the standards expressly set a minimum But the outcome is odd. Climate
is poor, according to Carbon Tracker’s investors internationally, only for that somewhat different to the regulations level for disclosure rather than discour- change is as global as it gets. The Link Fund Solutions, the administrator
annual review of filings from 134 heavy- information to vanish or shrink in the internationally. But the PCAOB itself aging extra information). Research firm response to it could obviously affect overseeing the closure of Woodford’s
emitting companies. The independent same company’s US filings. These are has called them “analogous”, pointing to Audit Analytics has found that there companies, their operations and their fund, said in a letter to investors yester-
non-profit said 98 per cent of company generally the same accounts, signed off “commonalities in the underlying crite- tend to be fewer key audit matters asset values the world over. You just hap- day it was ready to pay out another
accounts analysed did not provide suffi- by the same audit firm, under the stew- ria” that should identify many of the (known as “critical audit matters” in the pen to get more information about that tranche of cash after the sale of the small
cient evidence that their financial state- ardship of the same lead partner. Com- same issues. When push comes to US) disclosed in American reports: 1.7 insomepartsoftheplanetthanothers. clutch of equities still held in the fund.
ments took into account the potential panies such as Eni, Unilever, Shell, BP shove, “if it is material, then it should be on average compared with 2.8 in the UK The value of the fund shrank by a
impact of climate change. and TotalEnergies showed discrepan- reported in both places”, says Degas in 2020. US investor group the Council helen.thomas@ft.com third between June and September,
Link said, as it marked down the price of
its remaining portfolio of eight mostly
early-stage companies, curbing the
Financials amount investors can expect to recover

Pension scheme
when they are sold. The valuation of
start-ups and those companies promis-
ing rapid growth have been slashed this
year as rising interest rates and a slow-
ing global economy prompt investors to

USS was warned

become more defensive.
“Investors are reminded that the
assets that remain to be sold are the less
liquid assets of the fund and it is

on debt strategy
expected that some of these assets may
not be sold before mid-2023,” wrote
Link managing director Karl Midl.
The update from Link comes as the
legal recriminations over the demise of
the Woodford fund gather pace. Link
faces a deadline this week to respond to
Plan raised exposure this of any assets through the turmoil, which a draft warning notice from the Finan-
was triggered by Chancellor Kwasi cial Conduct Authority over its “failings
year despite ‘significant Kwarteng’s unfunded tax cut announce- in managing the liquidity” of the Wood-
risks’ being signalled ment on September 23, but it had ford fund. The regulator is seeking more
“taken actions to rebalance” its portfo-
lio exposures.
JOSEPHINE CUMBO
“While navigating market conditions
‘Investors are reminded
The UK’s largest private-sector pension was challenging — in terms of the speed that the assets that remain
scheme increased its exposure to debt- of response required — it was managea-
fuelled investment strategies earlier ble,” said USS, adding it had received
to be sold are the less
this year in spite of warnings that the broad support for its proposals. liquid assets of the fund’
move would bring “significant risks”. The USS proposed to increase its
The £90bn Universities Superannua- investment appetite for LDI from 35 per than £350mn in penalties and redress
tion Scheme ploughed more of its mem- cent to 52 per cent of its portfolio, with payments. Link has said it disagrees
bers’ assets into leveraged hedging, the leverage more than doubling from with the regulator’s view, and it can
strategy that was engulfed by crisis last 17 per cent to 37 per cent of weighted challenge the draft warning, a process
week after a surge in government bond assets, according to a consultation letter that could take months.
yields prompted an emergency inter- sent in February. The company, which was responsible
vention by the Bank of England. USS said it was unable to provide cur- for supervising the Woodford fund,
The proposal was spearheaded by rent levels of leverage or LDI, as these froze the £3.7bn vehicle in June 2019
changed on a near-daily basis. However, after the UK stockpicker struggled to
in a March 2022 implementation meet investors’ demands to withdraw
Cambridge, Oxford and update, leverage was 27 per cent of the their cash. Link has since returned
ICL opposed the move on portfolio weight and LDI 34.8 per cent. £2.54bn to investors from the sale of
USS noted that “from a funding per- assets but has not been able to sell some
fears it might lead to a fire spective, interest rate rises are having a of those smaller companies.
sale in volatile conditions positive impact”. However, volatility in A large chunk of the recent write-

USS chief executive Bill Galvin, who

the UK market, “clearly driven” by
recent government announcements, Smoke signal Imperial Brands has launched a £1bn
share buyback programme after a year
Chief executive Stefan Bomhard
said the buyback programme
downs come from BenevolentAI, an AI
drug discovery company that listed in

Imperial lights
before joining the plan was head of The made it “very difficult to establish a in which investors seeking refuge in Big marked an “important milestone” in Amsterdam this year, whose shares
Pensions Regulator. long-term view”. Tobacco helped the UK-based cigarette the management’s five-year have plunged from €8 to €3.91 as its
Several of the scheme’s highest- Renewed scrutiny of USS’s invest- maker rank among the FTSE 100’s strategy, in which the company has progress on new treatments disap-
profile sponsoring employers, including
Cambridge and Oxford universities and
ment strategy, particularly its increased
use of leverage, comes as regulators face way in returns best-performing stocks.
Imperial, behind brands from
cut its net debt to ebitda (earnings
before interest, tax, depreciation
pointed investors. The share price fall
cut the value of the Woodford fund’s

to investors
Imperial College London, had opposed calls to more strictly supervise the use of Gauloises to Davidoff, said yesterday and amortisation) ratio to 2-2.5 stake in the group by £31.2mn.
the move after it was proposed in Febru- leverage by pension funds. trading had been in line with times and vowed to return surplus Toronto-based software group Dye &
ary out of concern that a greater reliance The Pensions Regulator does not expectations in the year to the end of capital to shareholders. Durham pulled out of a deal to buy
on leverage could lead to a fire sale of record in-depth data on the scale of col- September, adding it had benefited The company is also increasing Link’s parent company this month after
assets in volatile markets. lateral or leverage agreed to by defined- from a weakening pound and buoyant investment in its five major markets the FCA tried to require the Canadian
“We believe the increase in leverage benefit schemes, nor does it ask every duty free sales as travel returned. and in next-generation products, company to backstop payouts over the
may introduce potentially significant scheme to provide these data. The tobacco group announced it including vape and tobacco-heating Woodford saga. Link faces two lawsuits
risks into the scheme in a period of high Bernard Casey, a retired academic would repurchase £1bn in shares — products, as part of its plan. on behalf of investors. Link has denied
market volatility,” wrote Cambridge, and founder of Social Economic about 5.5 per cent of the group’s equity Bomhard said the buyback the legal claims.
Oxford and Imperial College in a letter Research, a think-tank, said: “Pension — over the next 12 months. Combined scheme was “underpinned” by Investors in the fund are also waiting
to Galvin in February. funds using leverage are acting like with its ordinary dividend, it is set to Imperial’s “improving performance” for the filing of a lawsuit against Har-
Gilt yields soared last week, forcing shadow banks, which themselves are return £2.3bn of capital to and its “confidence in being able to greaves Lansdown, the fund supermar-
many pension schemes that use liabili- insufficiently regulated. What we have shareholders over the next year. continue generating strong cash ket, over its promotion of Woodford.
ty-driven investing strategies to sell seen over the past few weeks is the Imperial’s shares were up nearly flows to support growing Hargreaves Lansdown rejects the
assets to raise cash to meet collateral chickens coming home to roost.” 2.5 per cent at £19.44 yesterday. shareholder returns”. Oliver Barnes claims, which are expected to be filed in
calls. USS said it was not a “forced” seller See Lex court in the coming weeks.
Leonhard Foeger/Reuters

Mining Telecoms

Former Rusal chief launches metals Spac BT hit by fresh strikes as rival agrees pay rise
LESLIE HOOK to raise money through an IPO then unaffected by the Spac craze, with only ANNA GROSS that the chief executive received a 32 for BT staff. The BT action comes amid a
merge with another company, in effect a handful of significant deals so far. per cent pay increase in the last finan- wave of public and private strikes across
One of the most prominent Anglo-Rus- The union representing frontline staff
taking the target public. The most prominent of these was cial year, to £3.5mn, because of previous the UK, as staff struggle with the rising
sian executives in the metals industry at BT has launched a fresh round of
Volynets, who led the listing of the Metals Acquisition Corp. It listed in New share awards. cost of living.
is seeking to raise $125mn for a mining strike action just as rival Virgin Media
Russian aluminium giant Rusal in Hong York in 2021 and agreed to buy Glen- On the day the CWU’s new wave of About 115,000 staff at Royal Mail will
venture through a London-listed spe- O2 announced a 10 per cent pay rise for
Kong in 2010, said Spacs were suited for core’s CSA copper mine in Australia for industrial action began, Virgin Media withhold their labour for several days
cial purpose acquisition company. its lowest-paid staff.
mining ventures because they offered a $1.1bn earlier this year. O2 said it was planning to introduce a this month and next and British railway
Artem Volynets, former chief executive relatively quick path to going public. “I Vision Blue Resources, a fund About 40,000 BT staff represented by £1,400 payment for employees earning workers have continued their strike
of EN+ Group, believes it is a good time have done IPOs with mining companies. founded by former Xstrata chief execu- the Communication Workers Union are £35,000 and less. Including a 3 per cent action throughout the week.
for mining deals, particularly for critical tive Mick Davis, backed a Spac that set to strike on four days this month, the pay rise earlier in the year, and bonus BT said last month it was “profoundly
metals such as copper and cobalt, raised $300mn in New York last year. first of which was yesterday. disappointed that the CWU is prepared
despite difficult market conditions.
‘Valuations are depressed. One of the downsides of Spacs comes For the first time since the industrial to take this reckless course of action by
“This is a great time. The valuations The next 12 months in the event shareholders choose to action started, 999 emergency call han- ‘Disappointed’:
BT said it was
including 999 services in strikes”.
are depressed,” Volynets said. “The next exercise their redemption rights, in dlers are joining the walkouts. It added: “We made the best pay
12 months is a terrific time to negotiate a
is a terrific time to which case the company would have to “We’re never going to walk away from
unhappy the CWU
action would award we could in April and we have
transaction . . . It has been placed into negotiate a transaction’ repurchase their shares, potentially pre- this,” said Dave Ward, general secretary include emergency held discussions with the CWU to find a
our hands.” senting a liquidity challenge. Volynets of the CWU, adding that the anger was call services way forward from here.”
The new blank-cheque fund, ACG, It is very difficult . . . and you don’t say ACG could avoid that by exercising a not “going to dissipate”. Ward said the union had received
was seeking to raise up to $125mn in its know whether it is going to happen, $100mn forward-purchase agreement The union is disputing a £1,500 pay payments, the new offer equates to a some criticism for its decision to include
initial public offering yesterday and will until the last moment,” he said. it has agreed with IXM, a subsidiary of rise offered to 58,000 frontline workers, pay rise of more than 10 per cent for the 999 call centre staff in the latest round of
identify a target mine producing copper, Last year, the London listing of Rus- China Molybdenum. including engineers, call centre staff and company’s lowest-paid staff. industrial action and he was conscious
nickel, cobalt or another metal. Prices of sian miner Nordgold was pulled at the The company will look for a target retail workers, across BT Group in April, Last month, Sky also announced it of the fact that striking members would
these metals have all fallen in recent last moment because of commodity mine that is already producing ore or which equated to an average 4.8 per would be offering 70 per cent of its staff be suffering from loss of pay.
months following fears of recession, but price fluctuations. very close to production. Copper, nickel cent pay rise at a time when inflation is a fresh £1,000 “winter payment”. “Taking strike action is very difficult
demand is expected to rise in the next Volynets was deputy chief executive and cobalt were “at the top of our list” around 10 per cent. Andy Kerr, deputy general secretary during a cost of living crisis,” he said,
decade because of demand for clean at Rusal until 2010 and worked for min- for a target that could be anywhere in The CWU has highlighted the discrep- of the CWU responsible for telecoms, adding that it was BT management, not
energy products and electric vehicles. ing magnate Oleg Deripaska until 2013. the world outside Russia, Volynets said. ancy between frontline workers’ pay said the Virgin Media O2 offer was “the the unions, that were “the reckless
The Spac structure allows executives The mining sector has been largely LME applies sanctions page 13 and that of senior management, given kind of thing we’d be willing to look at” ones”.
Friday 7 October 2022 ★ FINANCIAL TIMES 13

COMPANIES & MARKETS

Commodities. Crude supply

Energy shock as Opec+ moves ahead

with aggressive output reductions
Cartel on collision course with Opec+ meeting — appears to have hit
a wall.
US as bond between Riyadh Saudi Arabia is also understood to be
upset over what it believes is a luke-
and Moscow strengthens warm US commitment to its security,
including the limited US response to the
DAVID SHEPPARD — VIENNA attack on its oil facility of Abqaiq in
DEREK BROWER — SAN FRANCISCO
TOM WILSON — LONDON
2019, widely believed to have been car-
JAMES POLITI — WASHINGTON DC ried out by Iran.
Riyadh has looked to diversify alli-
Deep oil production cuts approved by ances, from China to Russia, with the
Opec+ have sent shockwaves across former a far bigger customer for its
energy markets, put the cartel on a colli- crude than the US.
sion course with Washington and Washington still has leverage as Saudi
pointed to a strengthening bond Arabia’s biggest supplier of military
between Saudi Arabia and Russia. equipment.
The Opec cartel and allied producers The price of Brent crude oil reached
agreed on Wednesday collectively to $93.96 a barrel after Opec+ announced
reduce output by 2mn barrels a day. The its cut, up from $84 a barrel last
move threatens further inflationary week. Jorge León, a former Opec analyst
pressures in a world economy already who is now at consultancy Rystad,
burdened by an energy crisis. expects oil to surpass $100 a barrel
The implications are far-reaching, by Christmas.
from the price of oil to the relationship More price rises are possible as Euro-
between the US and Saudi Arabia. pean sanctions tighten on Russian oil
The group led by Saudi Arabia and sales in December. Moscow has also
Russia lowered its collective oil warned that it could cut oil exports to
production target by 2mn barrels countries participating in the US price
a day, or about 2 per cent of global cap plan. Opec’s new cuts, due to start in
consumption. November, could therefore coincide
The actual cut to supply will be less — with further falls in supply.
probably closer to 1mn barrels — as Years of under-investment across the
many members such as Nigeria are industry meant supply was still con-
already producing below their targets. strained and spare capacity “extremely
The move is an aggressive attempt to low”, the head of state-backed oil com-
raise oil prices. pany Saudi Aramco warned this week.

The decision threatens Gulf producers have been

further inflationary irritated by Washington’s
pressures in an already releases of crude from
burdened world economy its emergency stockpile
At $90 a barrel, crude is well below While the production cuts would put
levels reached soon after Russia’s inva- “upward pressure” on prices, Christyan
sion of Ukraine but higher than at any Malek at JPMorgan said that the Opec+
point between 2015 and early 2022. intervention to keep oil prices high was
The pain of higher oil prices has been designed to encourage all producers to
compounded by the stronger dollar for start investing.
many countries, which must buy oil in “The sheer size of the cut sends
the US currency. Petrol prices in the UK an important message to the industry,”
are above levels in 2008, when oil hit a he said.
record of almost $150 a barrel, stoking A nodding The cartel’s Gulf producers have been “reduce Opec’s control over energy in recent days to stop the cartel from Prince Abdulaziz, the older half-
inflation and a cost of living crisis. donkey at a irritated by Washington’s repeated prices”. The announcement suggested announcing new cuts. Biden travelled to brother of Prince Mohammed, has set
Suhail Al Mazrouei, energy minister Tatarstan field releases of crude from its emergency reviving “Nopec” legislation, which Saudi Arabia in July to patch up rela- the kingdom on a more assertive course
of the United Arab Emirates, said Opec+ in Russia. The stockpile. would crack down on oil cartels by tions with Riyadh ahead of US midterm in oil policy.
was cutting to avert a price plunge such pain of higher The US has also spearheaded efforts allowing the Department of Justice to elections in November. People briefed on Saudi Arabia’s
as the one that took place in the second oil prices is to impose a price cap on oil exported by sue countries for anti-competitive Sullivan and Deese did not question thinking believe Prince Abdulaziz is
half of 2008, when oil collapsed to $30 a compounded by Russia. If the plan works, the Gulf pro- behaviour. the US strategic and defence relation- under pressure from his half-brother,
barrel during the financial crisis. the stronger ducers fear the cap could drive down Helima Croft at RBC Capital Markets ship with Saudi Arabia. Yet the split the country’s de facto ruler, to ensure an
“We need to pre-empt a crash in the dollar for many prices for their own oil — or one day be said that on top of the “dog-whistle” between Riyadh and Washington points oil price of about $100 a barrel to fund
oil market because of the slowdown,” countries, which extended to them. to a broader disintegration in the dec- reform programmes.
Mazrouei said, arguing that long-term must buy in The White House accused Opec+ of ades-old energy alliance. Saudi Arabia and its allies in the Gulf
investment in the industry would suffer the US currency “aligning” with Russia and damaging 2 mn $94 Biden described Saudi Arabia as a are unlikely to turn their back on Rus-
without action. Andrey Rudakov/Bloomberg
the global economy. Group’s agreed Brent crude “pariah” during his election campaign — sia. The Gulf states have not spoken out
Saudi Arabia’s energy minister, Prince Jake Sullivan, Joe Biden’s national reduction in after the move, a reaction to the murder of journalist against the Ukraine invasion, and bring-
Abdulaziz bin Salman, suggested that security adviser, and Brian Deese, the collective b/d up from $84 Jamal Khashoggi. Crown Prince ing Russia closer to the Opec fold has
the group did not want to repeat the top economic adviser, pointed to possi- production target last week Mohammed bin Salman has said he been a long-term aim. Saudi Arabia and
mistakes of central banks, which he ble responses, including more releases “does not care” if the US president mis- Russia are the largest oil producers after
implied had erred by not reacting from the national Strategic Petroleum Nopec hint, she believed that the “more understands him. The leaders’ carefully the US.
quickly enough to curb inflation. Reserve — a possibility that the White clear risk” was that the US would move choreographed meeting in the kingdom Our global Questioned about Russia’s role in the
But high energy prices are a driver of House dismissed just a day ago. to restrict exports of refined products, made clear there is little affection team gives you energy crisis and whether it compli-
economic pessimism. The most damag- “Responsible action” to boost domes- such as petrol, in an attempt to prevent between them. market-moving cated their partnership, Mazrouei said:
ing price surge was created by Russia as tic energy production was also on the fuel price inflation. Months of petro-diplomacy to patch news and views, “In Europe, they have their own story, in
it curtailed gas supplies to Europe in an table. The blustery reaction reflected the up ties, with White House officials 24 hours a day Russia they have their own story. We
attempt to weaken the west’s support The Biden administration has vowed depth of disappointment in Washing- repeatedly shuttling to Riyadh — ft.com/markets can’t be siding with this country or that
for Ukraine. to consult with Congress on ways to ton, where diplomats had lobbied hard including in the run-up to this week’s country.”

Crypto Commodities

Terraform Labs’ Kwon denies more of Copper and zinc climb after LME curbs
his assets have been frozen by Seoul UMMC delivery under Russia sanctions
SONG JUNG-A — SEOUL worth about $67mn had been trans- belonged to Kwon, who denied the HARRY DEMPSEY The stream of sanctions has provoked day that it would temporarily shut a
ferred from that luna wallet to KuCoin assets were his. a debate among the LME’s users over zinc smelter in Germany from Novem-
Do Kwon, the co-founder of collapsed Copper and zinc prices jumped yester-
and OKX over three days. Seoul’s foreign ministry said on whether the exchange should ban prod- ber 1 because of high energy prices.
cryptocurrency operator Terraform day after the London Metal Exchange
Last month, South Korean prosecu- Wednesday that Kwon’s passport would ucts from Russia. Policymakers in the west have been
Labs, has denied that South Korean restricted delivery of the metals by
tors froze about $27.4mn of bitcoin held be revoked if he did not return it within The LME said last week it was consid- careful to avoid imposing sanctions on
prosecutors froze an additional Ural Mining and Metallurgical Com-
two weeks, putting pressure on the fugi- ering banning new Russian metals from Russian producers of metals such as
$39.6mn of his cryptocurrency assets pany in response to UK sanctions on its
tive crypto entrepreneur to return to entering the market. It would need to nickel, palladium and aluminium
as South Korean authorities began the ‘I don’t get the motivation South Korea and face charges of finan-
co-founder.
make formal proposals to its members. directly, in part because of the country’s
process to revoke his passport.
behind spreading this cial fraud and breach of the country’s The LME said it would ban UMMC’s cop- US aluminium producer Alcoa has important role as a supplier.
The Seoul Southern District Prosecu- capital market laws. per and zinc from its warehouses and encouraged the exchange to ban Makhmudov was among the targets
tors’ Office said yesterday that Kwon’s
falsehood — muscle Interpol has issued a red notice for prevent the metals from being used to in the UK’s package of sanctions, intro-
bitcoin holdings, worth a total of $67mn flexing? But to what end?’ Kwon after he allegedly refused to co- fulfil futures contracts unless the owner
The UK hit the group’s duced on Russia in response to the refer-
and held in exchanges OKX and KuCoin, operate with a South Korean investiga- of the metal could prove to the exchange endums in four regions of Ukraine that
had now been frozen. in the KuCoin wallet. OKX recently tion into the meltdown of his algorith- that it would not violate UK sanctions. co-founder with sanctions Nato called “a sham”.
The prosecutors have launched a accepted authorities’ demands to freeze mic coins. Kwon has yet to be located The ruling came after the UK imposed UMMC said several months ago that
manhunt for the 31-year-old crypto an additional $39.6mn. but has denied that he is on the run. He sanctions on UMMC president Iskander
last month as part of Makhmudov, with an estimated net
entrepreneur behind the $40bn implo- But the prosecutors’ office declined to could not be reached for comment. Makhmudov at the end of last month as its penalties on Moscow worth of £2.7bn, was no longer a con-
sion of the terraUSD and luna tokens. say how it determined that the assets South Korean prosecutors said Kwon part of its sweeping penalties on Russia trolling beneficiary and had left the
“I don’t get the motivation behind left for Singapore at the end of April. since it invaded Ukraine. material from Russia but rival Rusal board. The LME said yesterday it
spreading this falsehood — muscle flex- Police in the city-state said last month The move is the biggest intervention has warned that the move would fuel believed Makhmudov owned or con-
ing? But to what end?” Kwon wrote on that he was no longer there. yet by the LME, the largest metals mar- volatility. trolled UMMC.
Twitter on Wednesday. “I don’t know South Korea was one of the most ketplace, to restrict the flow of Russian “The LME seems to be proceeding by UMMC copper in the LME warehouse
whose funds they’ve frozen, but good enthusiastic adopters of cryptocurren- metal through its market. UMMC is the book, moving against companies system would not be subject to restric-
for them, hope they use it for good.” cies but the collapse of Terraform Labs Russia’s second-largest copper pro- and their metal only when they or their tions since the Russian company did not
His denial came after CryptoQuant, a has led to greater scrutiny of the sector. ducer, supplying just under half of the principals are sanctioned,” said Edward retain ownership over the metal and
blockchain data analytics platform, said Crypto experts said investment in dig- country’s refined copper production. Meir of Commodity Research Group. none of its subsidiary’s zinc was held in
last month that the Luna Foundation ital assets had slowed. “Venture capital After the LME’s move, copper gained Metals have tumbled this year on the system, the exchange said.
Guard — a non-profit organisation set has slashed its investment in the sector as much as 2 per cent to trade at $7,853 fears of an economic slowdown but tight A ban on LME warranting does not
up in Singapore to promote terraUSD’s as the macroeconomic environment per tonne yesterday, its highest level in supply caused by energy shortages and necessarily prevent Russia from export-
growth — had created a digital wallet deteriorates amid high inflation and as just under a month, while zinc rose as “self-sanctioning” of Russian metal has ing material but the restrictions will
on crypto exchange Binance on Septem- bitcoin prices continue to fall,” said much as 2.3 per cent to $3,148 a tonne. put a floor on prices. make it harder for Russian metal to
ber 15. Whereabouts unknown: Interpol has Donghwan Kim of Blitz Labs, a Seoul- Prices slipped back as investors worried Zinc gained further support yesterday reach the market and could encourage
CryptoQuant added that 3,313 bitcoin issued a red notice for Do Kwon based crypto advisory firm. about slowing economic growth. after Glencore announced on Wednes- more “self-sanctioning” by buyers.
14 ★ FINANCIAL TIMES Friday 7 October 2022

COMPANIES & MARKETS

The risks from The day in the markets

derivatives What you need to know
have morphed 3 Wall Street losses deepen as S&P 500 Pound resumes its retreat against the dollar
and Nasdaq slip
3 Sterling slides 1.8 per cent as dollar £ per $

Satyajit Das extends gains

3 Government debt markets come under
pressure after days of sharp swings
1.16

Markets Insight Wall Street stocks turned lower yesterday,

extending losses as sentiment faltered
1.14

after an upbeat start to the new month.

I
The S&P 500 was down 0.7 per cent by 1.12
n recent financial crises, derivatives turn, this may trigger asset sales, trans- and risks by increasing gains and losses midday in New York after the broad index
have amplified and propagated mitting price changes across markets. from a given event, such as small price ended the previous session down 0.2 per
losses in markets. They are now When positions have to be closed out, moves or remote events. cent, a decline that put the brakes on the
posing risks again but with a shift in subsequent price moves can be exagger- And with some structured derivatives strongest two-day advance for US 1.10
their underlying nature. ated and participants left unhedged. At — sold with esoteric names such as tar- equities in more than two years. The
Vulnerabilities in the financial system a time when overall monetary condi- geted redemption products, accumula- technology-heavy Nasdaq Composite
have emerged, ironically, through some tions are tightening, increased collateral tors, auto-callables — customers, know- slipped 0.4 per cent. 1.08
well-intentioned initiatives to reduce calls absorb liquidity more broadly, too. ingly or not, take on additional risk In Europe, the Stoxx 600 lost 0.6 per
risk. Since the 2008 financial crisis, Higher collateral requirements also often without an identified worst case. cent after the regional gauge closed 1 per
there have been moves designed to are one factor in the declining use of These products have repeatedly caused cent lower on Wednesday.
reduce the level of credit between coun- derivatives for genuine risk manage- problems in the past resulting in losses, Equities have sold off broadly in recent 1.06
terparties in markets. ment, increasing overall systemic vul- expensive litigation and penalties for months, with last week capping the Sep 2022 Oct
The new regulations penalise so- nerabilities. They add to other deter- banks selling them. longest streak of quarterly losses since
Source: Refinitiv
called over-the-counter trades, deals rents to the use of hedges by companies Another systemic vulnerability arises the 2008 crisis. As central banks twist the
conducted privately between parties, such as the complex accounting rules from industry consolidation since 2008. screws to curb inflation, the prospect of
which are not secured by collateral. for them. The fair market value of deriv- This has meant most market segments ever higher borrowing costs has hit expectations of the main Fed interest rate bonds, with the yield on the 10-year gilt
They also interpose “central counter- are now dominated by a few perform- companies’ valuations. peaking at 4.5 per cent in March 2023, adding 0.13 percentage points to 4.17 per
party clearing”, or CCPs, on more trades, ers, typically large dealers and inves- A report yesterday offered fresh down from estimates in late September of cent as its price fell. The gilt market was
requiring them to be processed through Vulnerabilities have tors, restricting trading liquidity and figures on the state of US unemployment, almost 4.7 per cent. The Fed’s current last week gripped by crisis as the British
independent houses. emerged, ironically, concentrating risk. The growth of CCP with first-time jobless claims coming in at target range stands at between 3 per government’s “mini” Budget sparked
The system requires traders to post and clearing houses, which aggregate 219,000 for the week to October 1 — cent and 3.25 per cent after three straight fears over borrowing to fund big tax cuts.
initial and subsequent margins, or col- through well-intentioned counterparty credit exposures, further higher than the expected 203,000 and up large jumps of 0.75 percentage points. In currencies, the dollar added 1.1 per
lateral, to cover current mark-to- initiatives to reduce risk localises exposure. from 190,000 a week earlier. Government debt markets came under cent against a basket of six peers,
market and potential future losses. As In addition, as clearing is a product That weaker than forecast picture pressure yesterday after days of sharp extending gains from the previous
much as 80 per cent of OTC trades, that is largely undifferentiated between came hot on the heels of a disappointing swings. The yield on the 10-year US session. The pound slid 1.8 per cent to
depending on type, now use CCPs. If atives that are not compliant with the providers, there are adverse incentives Tuesday release on job openings in the Treasury note added 0.05 percentage $1.112, but continued to trade well above
bilateral collateral is included, a high rules must be separately reported in for industry operators to undercut each world’s largest economy, which had eased points to 3.81 per cent, while the policy- the record low of $1.035 that it tumbled to
portion of the $12tn of current exposure accounts, resulting in unwelcome earn- other on required margins or default concerns over interest rate rises and, in sensitive two-year yield rose 0.07 after UK Chancellor Kwasi Kwarteng
to derivatives (based on fair market val- ings volatility. On interest rate hedges, fund contributions, undermining the turn, fuelled a rally in Wall Street equities. percentage points to 4.22 per cent. unveiled his fiscal plans on September 23.
ues after netting positions) is covered. some parties might also be deterred integrity of the system. Mutualisation of Current market pricing reflects Moves were more pronounced in UK Harriet Clarfelt
Such moves have implications. Rising from using them after the shift away risk also creates moral hazard. Strong
use of collateral creates liquidity risk. from the use of Libor as a benchmark for firms find themselves forced to bear the
Sharp moves in prices result in large debt pricing. This transition has created liabilities of weaker clearing members. Markets update
cash calls to meet current losses and potential mismatches between the In 2018, losses on energy futures posi-
higher margins due to raised volatility. benchmarks used on underlying bor- tions traded on Nasdaq consumed
Commodity traders have been forced rowings and derivatives. about two-thirds of its mutual default
to seek additional credit lines or govern- With genuine hedging demand stag- fund. All this means that the risk of US Eurozone Japan UK China Brazil
ment support to cover collateral needs. nant, derivative activity has shifted to derivatives — the wild beasts of finance Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa
Substantial moves in interest rates and speculative applications that increase or weapons of mass destruction — Level 3759.19 1572.27 27311.30 6997.27 3024.39 117873.90
currencies have affected investors using risk. Key users are hedge funds, wealthy remains a “known unknown” in a future % change on day -0.64 -0.64 0.70 -0.78 -0.55 0.58
derivatives to hedge long-duration lia- people and small to medium-sized financial crisis. Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $
bilities, as seen with UK pension funds. enterprises, which are less concerned Level 111.518 0.984 144.885 1.120 7.091 5.186
Such scenarios raise the prospect of about accounting treatment and disclo- Satyajit Das is a former banker and author % change on day 1.320 -0.203 0.083 -0.356 0.000 -0.883
counterparties being unable to find the sures. Such counterparties often use of ‘Traders, Guns and Money’ and ‘A Ban- Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond
necessary collateral and defaulting. In exotic options that magnify leverage quet of Consequences Reloaded’ Yield 3.812 2.080 0.239 4.158 2.756 12.466
Basis point change on day 3.660 5.100 -0.590 12.900 0.000 1.200
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 380.75 93.76 88.04 1700.50 20.44 3662.40
% change on day -0.56 0.42 0.32 -0.84 -2.34 0.07
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
4480 1760 7680

1680 7360
4160
1600
3840 7040
1520
| | | | | | | | |
3520 || | | | | | | | | | | | | | | | | | | 1440 || | | | | | | | | | | | | | | | | | | 6720 | | | | | | | | | | |

Aug 2022 Oct Aug 2022 Oct Aug 2022 Oct

Biggest movers
% US Eurozone UK
Cf Industries Holding 2.88 Porsche 2.45 Segro 2.62
Take-two Interactive Software 2.58 Volkswagen 2.16 Imperial Brands 2.48
Ups

Apa 2.30 Asml Holding 2.10 Haleon 2.05

Old Dominion Freight Line 2.13 Tenaris 2.07 Informa 1.95
Albemarle 2.11 Renault 1.81 Ashtead 1.78
%
Digital Realty Trust -5.01 Arcelormittal -3.88 Kingfisher -4.92
Vf -4.80 Enel -3.51 Centrica -4.44
Downs

Centerpoint Energy -4.60 Telecom Italia -3.38 Rolls-royce Holdings -3.56

Seagate Technology Holdings -4.46 Muench Rueckvers -3.26 Smith (ds) -3.52
Carnival -4.24 Rwe -3.17 St. James's Place -3.25
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 Europe London

Twitter slid following a report that its Spanish infrastructure group Sacyr The announcement that it would be
deal to be bought by Elon Musk might climbed on news it was “actively” returning more money to investors sent
have hit a snag. The Wall Street Journal exploring the divestments of several tobacco group Imperial Brands near the
said Musk’s team was wrestling with the divisions in order to reduce its debt. top of the FTSE 100 benchmark.
terms of a deal, adding that On the cards was a 49 per cent The end of a two-year “strengthening”
representatives of the Tesla chief had divestment of its environmental and phase was making way for a three-year
earlier held unsuccessful talks about waste management business alongside “improving returns” phase that would
trimming the offer price. the search for a partner that would take a begin with the repurchase of up to £1bn
Apollo Global Management and Sixth 49 per cent stake in Sacyr Water “to of shares, which would continue until the
Street Partners — investors that were promote growth in this sector”. end of September next year.
lined up to help finance the purchase — Sacyr said it expected to achieve these Combined with its dividends, Imperial
said they were no longer in talks with aims within the next year. said it would be paying more than £2.3bn
Musk, said Reuters, quoting people Sweden’s Castellum rose sharply on to shareholders for its fiscal 2023 year.
familiar with the matter. announcing that Akelius was buying 12.2 Trading platform CMC Markets rallied
Some positive regulatory news lifted per cent of the real estate company from off the back of a “positive” trading
drug group Annovis Bio, which M2 Asset Management for SKr115 per update, said Shore Capital.
announced that the Food and Drug share, which was above Wednesday’s Half-year operating income leapt 21 per
Administration had authorised a late- SKr113.25 closing price. Ralf Spann, chief cent year on year to £153mn, driven by “a
stage study into buntanetap, its executive at the Stockholm buyer, said pick-up in market volatility and client
experimental treatment for those the purchase was “a financial investment trading volumes”, said Peter Cruddas,
suffering from moderate Alzheimer’s that offers diversification as well as a chief executive.
disease. Maria Maccecchini, chief good dividend yield”. Car retailer Motorpoint dived after
executive, said: “We are on a clinical The news triggered a rally in other reporting a pre-tax profit of £3mn for the
development pathway to bring forward a Swedish property groups, lifting half year, much lower than £13.5mn for
promising treatment.” Wihlborgs Fastigheter, Sagax, Fabege, the same period a year earlier. This was
Satellite group Viasat slid after the UK Fastighets and Wallenstam. due, in part, to “the costs of maintaining
competition regulator said its $7.3bn A cautious assessment weighed on market-leading finance rates”, it said.
takeover of Britain’s Inmarsat could lead Italy’s Mediobanca, with Jefferies The Derby-based group said
to airlines facing more expensive and initiating coverage on the investment macroeconomic conditions had continued
worse quality on-board WiFi. bank with a “hold” rating. Mediobanca’s to worsen, which was causing increasing
Compass Inc rallied after an Insider sensitivity to rates was less than peers’, consumer uncertainty. It was “therefore
article that said buyout group Vista although “the right M&A approach could likely that this will reduce used-car sales
Equity Partners was looking at taking the enhance [its] valuation”, said the broker. volumes in the UK for the foreseeable
real estate broker private. Ray Douglas Ray Douglas future”, it added. Ray Douglas
Friday 7 October 2022 ★ FINANCIAL TIMES 15

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 $

-0.64% -0.39% -0.69% -0.78% -0.64% -0.42% -0.56% -0.203% -0.356% -0.22% -0.84%
0.70% 0.083% 0.228%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Sep 07 - - Index All World Sep 07 - Oct 06 Index All World Sep 07 - Oct 06 Index All World Sep 07 - Oct 06 Index All World Sep 07 - Oct 06 Index All World Sep 07 - Oct 06 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
3,979.87 19,241.44 19,163.68 27,619.61 27,311.30 2,376.46
7,300.44 12,915.97
3,759.19 6,997.27 12,470.78 2,237.86

Day -0.64% Month -10.72% Year -14.84% Day -1.04% Month -5.39% Year -7.14% Day -0.78% Month -7.28% Year 1.40% Day -0.37% Month -4.72% Year NaN% Day 0.70% Month -5.46% Year -10.33% Day 1.02% Month -10.22% Year -28.74%

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

11,791.90 45,902.89 45,829.40 1,626.29 7,855.90 19,202.73 3,210.83

1,572.27 7,511.10 18,012.15 3,151.56
11,105.14

Day -0.39% Month -12.19% Year -25.84% Day 0.94% Month -4.55% Year -9.85% Day -0.64% Month -8.64% Year -10.05% Day -0.91% Month -9.92% Year -14.27% Day -0.42% Month -8.82% Year -27.65% Day -0.05% Month -2.94% Year 2.60%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
117,857.59 3,202.14
31,581.28 6,105.92
30,065.24 109,763.77 5,936.42 21,489.36 21,140.55 59,196.99 58,222.10
3,024.39

Day -0.69% Month -10.46% Year -12.74% Day 0.58% Month 5.71% Year 8.28% Day -0.82% Month -8.61% Year -9.65% Day -1.03% Month -6.00% Year -17.61% Day -0.55% Month -7.17% Year -16.31% Day 0.27% Month -2.45% Year -1.41%

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 145868.76 146722.87 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 23035.55 23218.31 Philippines Manila Comp 5934.27 5988.59 Taiwan Weighted Pr 13892.05 13801.43 Cross-Border DJ Global Titans ($) 406.81 408.86
Australia All Ordinaries 7033.50 7030.90 Czech Republic
PX 1177.72 1176.15 FTSE Italia Mid Cap 35548.39 35785.18 Poland Wig 47176.52 47160.97 Thailand Bangkok SET 1589.18 1580.27 Euro Stoxx 50 (Eur) 3436.96 3447.72
S&P/ASX 200 6817.50 6815.70 Denmark OMXC Copenahgen 20 1588.42 1576.73 FTSE MIB 21140.55 21360.72 Portugal PSI 20 5407.18 5444.09 Turkey BIST 100 3559.71 3484.42 Euronext 100 ID 1149.93 1156.86
S&P/ASX 200 Res 5543.70 5488.50 Egypt EGX 30 10010.78 9923.81 Japan 2nd Section 7228.27 7239.06 PSI General 4216.06 4260.56 UAE Abu Dhabi General Index 9222.93 9251.11 FTSE 4Good Global ($) 9033.55 9087.61
Austria ATX 2786.16 2797.11 Estonia OMX Tallinn 1690.89 1677.28 Nikkei 225 27311.30 27120.53 Romania BET Index 10943.69 10966.71 UK FT 30 2249.50 2255.80 FTSE All World ($) 380.75 382.91
Belgium BEL 20 3434.81 3446.50 Finland OMX Helsinki General 10169.15 10216.67 S&P Topix 150 1643.85 1636.00 Russia Micex Index 2436.57 2445.30 FTSE 100 6997.27 7052.62 FTSE E300 1572.27 1582.40
BEL Mid 8916.88 8895.18 France CAC 40 5936.42 5985.46 Topix 1930.17 1935.49 RTX 1245.71 1212.57 FTSE 4Good UK 6265.32 6317.33 FTSE Eurotop 100 3092.45 3112.96
Brazil IBovespa 117873.90 117197.82 SBF 120 4567.80 4601.78 Jordan Amman SE 2473.10 2475.71 Saudi-Arabia TADAWUL All Share Index 11770.32 11780.41 FTSE All Share 3826.39 3848.67 FTSE Global 100 ($) 2376.30 2389.14
Canada S&P/TSX 60 1149.78 1162.56Germany M-DAX 23020.74 22982.70 Kenya NSE 20 1698.97 1717.68 Singapore FTSE Straits Times 3151.56 3153.23 FTSE techMARK 100 5990.86 5957.50 FTSE Gold Min ($) 1514.09 1536.07
S&P/TSX Comp 19034.36 19235.09 TecDAX 2803.19 2797.08 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 344.38 344.38 USA DJ Composite 10119.58 10187.31 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 1354.38 1350.14 XETRA Dax 12470.78 12517.18 Latvia OMX Riga 1066.86 1058.64 Slovenia SBI TOP - - DJ Industrial 30065.24 30273.87 FTSE Multinationals ($) 2495.00 2502.64
Chile S&P/CLX IGPA Gen 28060.60 28112.76Greece Athens Gen 820.69 819.14 Lithuania OMX Vilnius 898.57 897.37 South Africa FTSE/JSE All Share 65832.67 65612.76 DJ Transport 12905.64 12853.48 FTSE World ($) 688.78 692.73
China FTSE A200 10253.86 10312.52 FTSE/ASE 20 1977.12 1974.69 Luxembourg LuxX 1288.43 1295.13 FTSE/JSE Res 20 63279.38 63687.28 DJ Utilities 886.64 909.40 FTSEurofirst 100 (Eur) 4120.71 4153.94
FTSE B35 9000.71 8988.96Hong Kong Hang Seng 18012.15 18087.97 Malaysia FTSE Bursa KLCI 1420.43 1420.55 FTSE/JSE Top 40 59416.01 59202.29 Nasdaq 100 11530.21 11573.18 FTSEurofirst 80 (Eur) 4701.19 4725.45
Shanghai A 3169.60 3187.27 HS China Enterprise 6185.58 6224.61 Mexico IPC 46278.56 45845.83 South Korea Kospi 2237.86 2215.22 Nasdaq Cmp 11105.14 11148.64 MSCI ACWI Fr ($) 580.85 582.14
Shanghai B 283.63 284.04 HSCC Red Chip 3457.41 3476.38 Morocco MASI 11617.87 11617.87 Kospi 200 291.26 289.05 NYSE Comp 14129.07 14262.03 MSCI All World ($) 2500.08 2511.72
Shanghai Comp 3024.39 3041.20Hungary Bux 39256.29 39385.30 Netherlands AEX 661.38 664.45 Spain IBEX 35 7511.10 7579.90 S&P 500 3759.19 3783.28 MSCI Europe (Eur) 1611.45 1627.20
Shenzhen A 2000.08 2026.46India BSE Sensex 58222.10 58065.47 AEX All Share 902.88 905.73 Sri Lanka CSE All Share 9182.23 9319.01 Wilshire 5000 37617.87 37845.13 MSCI Pacific ($) 2412.10 2394.63
Shenzhen B 1136.38 1148.10 Nifty 500 15053.05 14965.80 New Zealand NZX 50 11125.24 11180.01 Sweden OMX Stockholm 30 1883.04 1882.92 Venezuela IBC 8648.35 8625.28 S&P Euro (Eur) 1563.08 1570.72
Colombia COLCAP 1261.61 1260.21Indonesia Jakarta Comp 7076.62 7075.39 Nigeria SE All Share 49171.70 49161.45 OMX Stockholm AS 722.71 719.79 Vietnam VNI 1074.52 1104.26 S&P Europe 350 (Eur) 1608.70 1620.29
Croatia CROBEX 2013.05 2011.29Ireland ISEQ Overall 6533.96 6549.80 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 10391.13 10477.69 S&P Global 1200 ($) 2736.43 2757.78
Israel Tel Aviv 125 1878.20 1839.71 Pakistan KSE 100 42160.57 41611.42 Stoxx 50 (Eur) 3407.16 3426.27
(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 Oct 06 %Chg %Chg Oct 06 %Chg %Chg Oct 06 %Chg %Chg Oct 06 %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
Tesla 86.7 237.87 -2.94 Rentokil Initial 367.3 489.80 -2.30 Nestle N 295.6 109.23 -0.74 Softbank . 977.0 5494.00 139.00 Intermediate Capital 1081.50 13.5 -50.7 Telecom Plus 2255.00 33.7 41.8 Halfords 168.80 33.4 - Personal Goods 29650.82 1.0 -
Nvidia 50.4 132.50 0.41 Shell 348.4 2312.00 -66.50 Asml Holding 246.6 476.30 9.80 Tokyo Electron 616.4 39140.00 1050.00 Burberry 1912.50 10.3 5.3 Essentra 225.50 28.7 - Ao World 49.34 19.1 -54.7 Aerospace & Defense 4726.17 1.0 13.1
Apple 50.0 145.89 -0.51 Bp 302.9 460.35 0.15 Roche Gs 234.0 334.39 -2.52 Nintendo Co., 552.4 6056.00 45.00 Ashtead 4400.00 10.2 - Aj Bell 315.40 23.6 - Reach 79.25 18.2 - Oil & Gas Producers 8055.38 0.1 41.2
Advanced Micro Devices 37.2 68.53 0.59 Vodafone 224.5 101.60 -0.98 Novartis N 229.3 77.59 -0.83 Toyota Motor 532.1 2000.00 -1.00 Taylor Wimpey 93.02 9.3 - Liontrust Asset Management 853.00 21.2 - Hochschild Mining 62.75 15.3 - Industrial Transportation 3205.99 0.1 -
Amazon.com 24.3 120.25 -0.70 Glencore 194.1 494.10 -6.20 Novo Nordisk B A/s 174.8 107.48 0.90 Nippon Yusen Kabushiki Kaisha 495.3 2631.00 21.00 Whitbread 2489.00 8.9 - Volution 324.50 17.8 -41.6 Pharos Energy 23.40 15.3 -5.2 Industrial Metals 6842.54 -0.9 7.3
Microsoft 22.7 248.45 -0.75 Hsbc Holdings 186.6 471.30 -1.10 Ubs N 168.2 15.09 -0.39 Sony 484.7 9925.00 162.00 Prudential 939.00 8.9 - Auction Technology 796.00 17.4 -46.8 Capita 27.18 15.1 - Electronic & Electrical Equip. 8429.31 -1.8 -
Exxon Mobil 13.6 100.65 1.53 Astrazeneca 149.5 9838.00 -106.00 Eni 166.5 11.73 0.01 Fast Retailing Co., 393.0 79740.00 1160.00 Barratt Developments 352.00 8.8 - Hilton Food 621.00 17.4 - Restaurant 32.18 14.9 - Beverages 28276.95 -2.1 -8.9
Alphabet 11.9 101.96 0.53 Gsk 110.9 1322.60 -6.40 Intesa Sanpaolo 156.0 1.71 -0.03 Mitsui O.s.k.lines, 373.6 2822.00 51.00 Auto Trader 537.20 8.5 -27.2 Currys 65.00 17.0 - Enquest 29.75 14.2 58.7 Media 8722.76 -2.3 -
Twitter 10.5 50.73 -0.57 British American Tobacco 104.2 3266.00 -15.50 Totalenergies 156.0 51.42 -0.45 Keyence 369.3 52180.00 560.00 Fresnillo 810.00 8.3 -7.7 Molten Ventures 316.60 16.3 - Senior 124.40 12.1 - Mining 9879.85 -2.8 -
Alphabet 9.2 102.81 0.59 Rio Tinto 98.2 5060.00 -24.00 Enel 148.9 4.17 -0.15 Mitsubishi Ufj Fin,. 311.4 667.70 2.30 Pearson 906.20 8.1 50.2 Watches Of Switzerland 753.50 15.2 - On The Beach 110.60 11.9 - Industrial Engineering 13513.01 -3.0 -
Rs 1016.00 7.6 - Syncona 183.40 15.2 - Tt Electronics 154.00 11.9 - Health Care Equip.& Services 10686.61 -3.1 29.3
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Halma 2160.00 7.4 - Hill & Smith Holdings 1028.00 15.1 - Norcros 184.00 11.5 - Support Services 9670.71 -4.1 -
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Cf Industries Holding 105.50 2.95 2.88 Volution 324.50 18.00 5.87 Sartorius Ag Vzo O.n. 402.60 11.60 2.97 Shizuoka Bank Ltd 889.00 42.00 4.96 Centrica 68.44 -5.2 -4.1 Carnival 557.00 -24.6 - Motorpoint 148.00 -17.8 - Automobiles & Parts 1167.34 -30.0 -
Take-two Interactive Software 120.33 3.03 2.58 Cmc Markets 235.00 12.50 5.62 Cs N 4.33 0.11 2.60 Rakuten . 685.00 30.00 4.58 Unilever 3932.00 -3.6 -0.9 Aston Martin Lagonda Global Holdings 101.80 -18.9 -78.8 Lsl Property Services 248.00 -14.2 - Real Estate Investment Trusts 2101.87 -20.2 -
Apa 41.45 0.93 2.30 Chemring 320.50 16.50 5.43 Prosus 57.15 1.37 2.46 Credit Saison Co., 1796.00 58.00 3.34 Reckitt Benckiser 5940.00 -3.0 -6.4 Drax 542.50 -10.6 - Stv 252.00 -9.4 - Real Estate & Investment Servic 1997.09 -19.7 -
Old Dominion Freight Line 278.29 5.80 2.13 Royal Mail 207.00 10.60 5.40 Volkswagen Ag St O.n. 174.75 3.70 2.16 Eisai Co., 7790.00 221.00 2.92 National Grid 909.60 -3.0 -15.8 Wizz Air Holdings 1449.50 -9.5 - Rank 69.30 -9.3 - Electricity 9247.57 -17.3 -8.6
Albemarle 282.63 5.83 2.11 Puretech Health 256.00 12.00 4.92 Asml Holding 476.30 9.80 2.10 Advantest 7420.00 210.00 2.91 Ocado 458.60 -2.3 - Ascential 194.10 -8.1 - Aptitude Software 365.00 -6.9 - Gas Water & Multiutilities index 4997.73 -16.7 -
United Utilities 864.40 -2.2 - Asos 551.50 -7.3 - Twentyfour Select Monthly ome Fund 70.80 -6.6 - Household Goods 9220.69 -13.5 -
Downs Downs Downs Downs
Diageo 3728.50 -1.4 -7.7 Tui Ag 111.95 -6.9 - Medica 128.00 -6.6 -19.5 Food Producers 4934.06 -11.7 -
Digital Realty Trust 94.04 -4.96 -5.01 Synthomer 103.20 -9.30 -8.27 Enel 4.17 -0.15 -3.51 Aeon Co., 2681.50 -71.50 -2.60
Schroders 382.50 -1.4 - Mitchells & Butlers 109.40 -5.0 - Dignity 371.00 -6.2 - Banks 2987.07 -11.0 -1.9
Vf 30.37 -1.53 -4.80 Kingfisher 214.40 -11.10 -4.92 Muench.rueckvers.vna O.n. 249.60 -8.40 -3.26 Unitika 280.00 -6.00 -2.10
Sainsbury (j) 169.95 -1.4 -38.2 Hikma Pharmaceuticals 1293.00 -4.2 - Helical 319.50 -6.0 -28.4 General Industrials 5457.63 -8.5 -
Centerpoint Energy 27.49 -1.33 -4.60 Centrica 68.44 -3.18 -4.44 E.on Se Na O.n. 7.86 -0.26 -3.15 Mitsubishi Motors 522.00 -9.00 -1.69
Astrazeneca 9838.00 -1.0 13.4 Vinacapital Vietnam Opportunity Fund Ld 456.00 -3.9 -11.9 Saga 85.55 -5.7 - Chemicals 11313.38 -7.6 -
Seagate Technology Holdings 54.87 -2.56 -4.46 Vistry 579.00 -24.00 -3.98 Kbc 48.37 -1.39 -2.79 Tokyo Electric Power ,orporated 461.00 -7.00 -1.50
Next 4631.00 -0.9 - Workspace 385.40 -2.2 - Dwf 83.00 -5.6 - Life Insurance 6102.62 -7.5 -
Carnival 7.12 -0.32 -4.24 Ferrexpo 126.70 -5.20 -3.94 Ubs N 15.09 -0.39 -2.49 Chubu Electric Power ,orporated 1275.00 -19.00 -1.47
Bae Systems 818.60 -0.8 49.2 Primary Health Properties 106.00 -2.0 - Vh Global Sustainable Energy Opportunities 102.00 -5.6 -4.5 Nonlife Insurance 2979.91 -7.2 -9.4
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
Oct 6 Currency Mid Change Mid Change Mid Change Oct 6 Currency Mid Change Mid Change Mid Change Oct 6 Currency Mid Change Mid Change Mid Change Oct 6 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 149.2110 0.2930 146.8453 0.0789 167.0410 -0.4031 Indonesia Indonesian Rupiah 15187.5000 -5.0000 14946.7224 -26.2738 17002.3497 -80.1622 Poland Polish Zloty 4.9599 0.0575 4.8812 0.0497 5.5525 0.0403 ..Three Month 0.8935 0.0039 0.8786 0.0026 - -
Australia Australian Dollar 1.5551 0.0041 1.5304 0.0019 1.7409 -0.0030 Israel Israeli Shekel 3.5327 -0.0147 3.4766 -0.0194 3.9548 -0.0338 Romania Romanian Leu 5.0194 0.0135 4.9398 0.0062 5.6191 -0.0095 ..One Year 0.8928 0.0038 0.8766 0.0025 - -
Bahrain Bahrainin Dinar 0.3774 - 0.3714 -0.0005 0.4225 -0.0019 Japan Japanese Yen 144.8850 0.1200 142.5879 -0.0855 162.1980 -0.5763 Russia Russian Ruble 61.6500 0.8500 60.6726 0.7510 69.0169 0.6531 United States United States Dollar - - 0.9841 -0.0014 1.1195 -0.0049
Bolivia Bolivian Boliviano 6.9100 - 6.8004 -0.0097 7.7357 -0.0339 ..One Month 144.8845 0.1191 142.5878 -0.0858 162.1976 -0.5771 Saudi Arabia Saudi Riyal 3.7585 -0.0020 3.6989 -0.0073 4.2076 -0.0207 ..One Month - - 0.9839 -0.1403 1.1196 -0.0049
Brazil Brazilian Real 5.1861 -0.0462 5.1039 -0.0528 5.8058 -0.0774 ..Three Month 144.8834 0.1167 142.5874 -0.0866 162.1965 -0.5794 Singapore Singapore Dollar 1.4273 -0.0013 1.4047 -0.0033 1.5979 -0.0085 ..Three Month - - 0.9834 -0.1402 1.1197 -0.0050
Canada Canadian Dollar 1.3722 0.0033 1.3504 0.0013 1.5362 -0.0030 ..One Year 144.8781 0.1062 142.5844 -0.0925 162.1976 -0.5851 South Africa South African Rand 17.9000 0.0350 17.6162 0.0093 20.0390 -0.0485 ..One Year - - 0.9818 -0.1401 1.1190 -0.0050
Chile Chilean Peso 946.9000 2.3250 931.8873 0.9597 1060.0498 -2.0342 Kenya Kenyan Shilling 120.8500 0.0500 118.9340 -0.1207 135.2910 -0.5371 South Korea South Korean Won 1402.3500 -7.7000 1380.1163 -9.5610 1569.9238 -15.5422 Vietnam Vietnamese Dong 23880.0000 5.0000 23501.4312 -28.6449 26733.6076 -111.5976
China Chinese Yuan 7.0912 - 6.9788 -0.0100 7.9386 -0.0348 Kuwait Kuwaiti Dinar 0.3100 0.0002 0.3050 -0.0002 0.3470 -0.0013 Sweden Swedish Krona 11.0796 0.0928 10.9039 0.0759 12.4036 0.0500 European Union Euro 1.0161 0.0015 - - 1.1375 -0.0034
Colombia Colombian Peso 4625.0750 75.8250 4551.7484 68.2255 5177.7496 62.5528 Malaysia Malaysian Ringgit 4.6375 0.0070 4.5640 0.0004 5.1917 -0.0149 Switzerland Swiss Franc 0.9892 0.0035 0.9736 0.0021 1.1075 -0.0009 ..One Month 1.0159 0.0014 - - 1.1374 -0.0034
Costa Rica Costa Rican Colon 637.0650 4.7950 626.9646 3.8298 713.1910 2.2640 Mexico Mexican Peso 20.0840 -0.0535 19.7656 -0.0810 22.4839 -0.1588 Taiwan New Taiwan Dollar 31.5150 -0.0625 31.0153 -0.1059 35.2809 -0.2250 ..Three Month 1.0154 0.0015 - - 1.1370 -0.0034
Czech Republic Czech Koruna 24.9098 0.0562 24.5149 0.0203 27.8864 -0.0592 New Zealand New Zealand Dollar 1.7634 0.0064 1.7354 0.0038 1.9741 -0.0015 Thailand Thai Baht 37.3325 -0.0800 36.7406 -0.1313 41.7935 -0.2732 ..One Year 1.0138 0.0016 - - 1.1350 -0.0034
Denmark Danish Krone 7.5595 0.0117 7.4396 0.0009 8.4628 -0.0239 Nigeria Nigerian Naira 435.7500 - 428.8414 -0.6128 487.8199 -2.1392 Tunisia Tunisian Dinar 3.2882 0.0050 3.2361 0.0003 3.6811 -0.0105
Egypt Egyptian Pound 19.6587 0.0337 19.3470 0.0056 22.0078 -0.0586 Norway Norwegian Krone 10.6651 0.0368 10.4960 0.0212 11.9395 -0.0110 Turkey Turkish Lira 18.5765 -0.0040 18.2820 -0.0301 20.7963 -0.0957
Hong Kong Hong Kong Dollar 7.8498 0.0001 7.7254 -0.0109 8.7879 -0.0384 Pakistan Pakistani Rupee 220.8750 -2.3750 217.3731 -2.6513 247.2684 -3.7548 United Arab Emirates UAE Dirham 3.6731 - 3.6148 -0.0052 4.1120 -0.0180
Hungary Hungarian Forint 429.4061 1.4724 422.5981 0.8472 480.7179 -0.4525 Peru Peruvian Nuevo Sol 3.9857 0.0241 3.9225 0.0181 4.4620 0.0075 United Kingdom Pound Sterling 0.8933 0.0039 0.8791 0.0026 - -
India Indian Rupee 81.8888 0.3738 80.5904 0.2532 91.6740 0.0182 Philippines Philippine Peso 58.6800 0.0250 57.7497 -0.0579 65.6920 -0.2600 ..One Month 0.8933 0.0039 0.8790 0.0026 - -
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 Oct 06 Oct 05 Oct 04 Oct 03 Sep 30 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 2249.50 2255.80 2305.20 2230.80 2220.20 0.00 2880.10 2174.60 Oil & Gas Producers 41.17 Beverages -9.09 Industrials -21.17 FTSE 100 Price Change FTSE 100 Price Change
Oct 06 chge% Index Oct 05 Oct 04 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Oil & Gas 40.49 Mobile Telecomms -10.17 Support Services -23.84 3I Group PLC 1130 3.50 International Consolidated Airlines Group S.A. 99.66 -0.05
FTSE 100 (100) 6997.27 -0.78 6207.83 7052.62 7086.46 6995.87 3.85 1.94 13.36 234.13 7152.41 P/E Ratio net - - - - - 0.00 19.44 14.26 Tobacco 19.68 Media -13.15 Consumer Services -23.85 Admiral Group PLC 1973.5 -37.50 Intertek Group PLC 3808 12.00
FTSE 250 (250) 17632.64 0.40 15643.31 17562.42 17822.15 22386.62 3.35 1.24 24.15 455.55 14604.43 FT 30 hourly changes Aerospace & Defense 12.44 Telecommunications -13.17 FTSE 250 Index -24.91 Airtel Africa PLC 131.40 -2.00 Jd Sports Fashion PLC 104.10 -0.40
FTSE 250 ex Inv Co (174) 17682.60 0.41 15687.63 17610.50 17899.81 23412.19 3.53 1.50 18.88 492.49 14948.82 8 9 10 11 12 13 14 15 16 High Low Mining 7.16 Software & Comp Serv -13.92 Construct & Material -25.61 Anglo American PLC 2780.5 -89.50 Kingfisher PLC 214.40 -11.10
FTSE 350 (350) 3860.66 -0.61 3425.10 3884.53 3908.75 4010.66 3.78 1.85 14.29 124.85 7830.88 2255.8 2267.3 2267.6 2261.4 2257.4 2255 2257.1 2248.4 2249.6 2279.3 2240.0 Basic Materials 0.09 Utilities -14.13 Food Producers -26.48 Antofagasta PLC 1126 -10.50 Land Securities Group PLC 511.60 1.80
FTSE 350 ex Investment Trusts (271) 3793.74 -0.67 3365.72 3819.41 3842.55 3912.15 3.85 1.92 13.52 125.41 3977.02 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Beverages 31.66 Technology -14.23 Household Goods & Ho -27.30 Ashtead Group PLC 4400 77.00 Legal & General Group PLC 224.20 -1.50
FTSE 350 Higher Yield (131) 3336.60 -0.86 2960.16 3365.64 3381.95 3157.38 5.28 1.87 10.13 138.04 7612.77 Pharmace & Biotech -0.70 Nonlife Insurance -15.96 Industrial Eng -28.12 Associated British Foods PLC 1257.5 -17.00 Lloyds Banking Group PLC 42.53 -0.33
FTSE 350 Lower Yield (219) 3987.82 -0.35 3537.91 4001.91 4032.73 4632.20 2.20 1.81 25.15 86.91 4904.21 FT WILSHIRE 5000 INDEX SERIES Health Care -1.23 Gas Water & Multi -16.07 Electronic & Elec Eq -31.42 Astrazeneca PLC 9838 -106.00 London Stock Exchange Group PLC 7682 -108.00
FTSE SmallCap (241) 5971.27 0.74 5297.59 5927.39 5996.31 7305.63 3.48 0.65 44.56 167.21 9981.95 Banks -2.07 Travel & Leisure -16.36 Chemicals -32.32 Auto Trader Group PLC 537.20 -7.20 M&G PLC 168.45 -1.35
FTSE SmallCap ex Inv Co (128) 4715.98 0.43 4183.92 4695.87 4751.96 6214.21 3.70 2.26 11.94 132.55 8203.79 Oct 05 Oct 05 Personal Goods -2.36 Tech Hardware & Eq -16.90 Leisure Goods -35.27 Aveva Group PLC 3161 9.00 Melrose Industries PLC 102.85 -0.20
FTSE All-Share (591) 3826.39 -0.58 3394.69 3848.67 3873.21 3995.37 3.77 1.82 14.55 123.27 7837.16 FTSE 100 Index -5.24 Financials -17.00 Real Est Invest & Tr -37.52
FT Wilshire 5000 38536.94 FT Wilshire Mid Cap 5180.95 Aviva PLC 401.70 -3.80 Mondi PLC 1381.5 0.50
FTSE All-Share ex Inv Co (399) 3725.66 -0.66 3305.33 3750.30 3773.33 3857.42 3.85 1.93 13.50 122.89 3965.42 Consumer Goods -6.45 Oil Equipment & Serv -17.80 Real Est Invest & Se -38.40
FT Wilshire 2500 4934.32 FT Wilshire Small Cap 4713.76 B&M European Value Retail S.A. 310.20 -9.30 National Grid PLC 909.60 -15.20
FTSE All-Share ex Multinationals (528) 996.97 -0.16 733.35 998.54 1016.36 1287.55 4.16 1.86 12.90 34.13 2111.60 NON FINANCIALS Index -7.72 Financial Services -19.68 General Retailers -41.26
FT Wilshire Mega Cap 4918.67 FT Wilshire Micro Cap 4600.79 Bae Systems PLC 818.60 -2.80 Natwest Group PLC 229.60 0.70
FTSE Fledgling (83) 11329.17 0.28 10051.00 11297.13 11350.24 13193.50 3.72 5.14 5.23 286.16 24395.70 Electricity -8.33 Equity Invest Instr -19.76 Food & Drug Retailer -42.49
FT Wilshire Large Cap 4962.45 Barclays PLC 144.80 -2.82 Next PLC 4631 -131.00
FTSE Fledgling ex Inv Co (33) 14265.70 0.69 12656.23 14167.53 14235.26 18020.72 3.44 8.06 3.61 365.43 29824.56 Health Care Eq & Srv -8.56 FTSE SmallCap Index -19.95 Industrial Transport -47.03
Source: Wilshire. Wilshire Advisors LLC (Wilshire) is an investment advisor registered with the SEC. Further Barratt Developments PLC 352.00 -0.90 Ocado Group PLC 458.60 2.50
FTSE All-Small (324) 4168.37 0.72 3698.09 4138.77 4185.32 5086.34 3.49 0.91 31.57 116.13 8937.32 FTSE All{HY-}Share Index -9.07 Life Insurance -20.14 Automobiles & Parts -67.82
information is available at https://www.wilshire.com/solutions/indexes . Wilshire® is a registered service Berkeley Group Holdings (The) PLC 3390 -5.00 Pearson PLC 906.20 1.00
FTSE All-Small ex Inv Co (161) 3548.36 0.44 3148.03 3532.90 3574.18 4668.48 3.69 2.46 11.03 99.43 7817.08 Fixed Line Telecomms -20.81 Industrial Metals & -82.07
mark. Copyright ©2022 Wilshire. All rights reserved. BP PLC 460.35 0.15 Pershing Square Holdings LTD 2755 35.00
FTSE AIM All-Share (767) 816.20 0.09 724.12 815.44 819.84 1200.13 1.61 1.53 40.56 10.44 956.22
British American Tobacco PLC 3266 -15.50 Persimmon PLC 1262 -4.50
FTSE All-Share Technology (21) 1889.99 0.36 1456.69 1883.22 1892.04 2230.48 2.00 0.81 61.65 36.08 2732.59
British Land Company PLC 341.80 1.10 Phoenix Group Holdings PLC 535.20 -8.00
FTSE All-Share Telecommunications (6) 1620.09 -0.89 1248.67 1634.66 1672.72 1765.99 6.47 1.06 14.61 57.66 2411.07 FTSE GLOBAL EQUITY INDEX SERIES Bt Group PLC 124.65 -1.70 Prudential PLC 939.00 12.20
FTSE All-Share Health Care (14) 13030.32 -0.59 10043.01 13107.46 13129.36 12639.10 3.05 1.14 28.71 341.37 12039.99
Oct 6 No of US $ Day Mth YTD Total
YTD Gr Div Oct 6 No of US $ Day Mth YTD Total YTD Gr Div Bunzl PLC 2752 -51.00 Reckitt Benckiser Group PLC 5940 -4.00
FTSE All-Share Financials (256) 4253.17 -0.21 3278.09 4262.09 4319.04 4757.62 3.95 2.30 11.00 154.59 4721.19
Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Burberry Group PLC 1912.5 3.50 Relx PLC 2263 -14.00
FTSE All-Share Real Estate (55) 775.26 0.92 625.08 768.23 795.12 1110.69 4.48 4.51 4.95 27.50 811.61
FTSE Global All Cap 9538 651.86 -0.3 -4.0 -23.0
-21.6 1042.16
2.4 Oil Equipment & Services 24 254.75 0.6 -4.1 8.9 469.25 12.5 4.5 Centrica PLC 68.44 -3.18 Rentokil Initial PLC 489.80 -2.30
FTSE All-Share Consumer Discretionary (86) 4159.92 -0.13 3206.23 4165.34 4220.51 5385.87 2.49 1.05 38.31 91.94 4396.42
FTSE Global All Cap 9538 651.86 -0.3 -4.0 -23.0
-21.6 1042.16
2.4 Basic Materials 392 542.52 -0.8 -1.8 -19.3 997.73 -16.0 5.2 Coca-Cola Hbc AG 1892 -21.00 Rightmove PLC 480.80 -4.70
FTSE All-Share Consumer Staples (24)18832.48 -0.49 14514.97 18925.49 19002.38 18278.53 4.03 1.16 21.40 597.86 17183.77
FTSE Global Large Cap 1908 583.74 -0.1 -4.0 -23.1
-21.7 961.93
2.4 Chemicals 195 734.67 -1.0 -3.9 -24.2 1297.96 -22.1 3.2 Compass Group PLC 1818 -18.00 Rio Tinto PLC 5060 -24.00
FTSE All-Share Industrials (84) 5832.08 -0.05 4495.02 5834.98 5878.37 6860.46 2.45 1.36 30.13 117.47 6731.09
FTSE Global Mid Cap 2265 835.80 -0.8 -4.3 -22.1
-20.7 1257.13
2.3 Forestry & Paper 20 239.80 -1.7 -5.2 -21.4 482.67 -19.1 4.0 Convatec Group PLC 211.00 2.80 Rolls-Royce Holdings PLC 71.29 -2.63
FTSE All-Share Basic Materials (22) 8217.06 -1.13 6333.23 8310.60 8358.20 7556.51 6.62 2.01 7.51 537.59 11200.44
FTSE Global Small Cap 5365 870.80 -0.7 -3.8 -23.9
-22.7 1252.64
2.2 Industrial Metals & Mining 98 429.32 -0.3 -1.2 -22.4 819.77 -18.5 8.6 Crh PLC 2982.5 -45.50 Rs Group PLC 1016 10.00
FTSE All-Share Energy (13) 8332.97 -1.79 6422.56 8485.19 8357.79 6100.08 3.33 2.96 10.13 220.07 10041.90
FTSE All-World 4173 382.91 -0.2 -4.0 -22.9
-21.5 648.28
2.4 Mining 79 854.80 -0.6 1.9 -8.2 1665.88 -2.6 6.5 Croda International PLC 6748 70.00 Sage Group PLC 720.00 4.60
FTSE All-Share Utilities (10) 7497.29 -1.98 5778.47 7648.52 7747.11 7692.74 5.08 0.66 29.63 292.26 11325.35
FTSE World 2667 692.73 -0.4 -3.9 -22.9
-21.4 1573.77
2.4 Industrials 802 446.29 -0.5 -4.5 -25.7 710.75 -24.4 2.2 Dcc PLC 4766 -29.00 Sainsbury (J) PLC 169.95 -2.25
FTSE All-Share Software and Computer Services (18) 2044.19 0.36 1575.54 2036.86 2047.45 2389.88 2.00 0.81 61.95 39.06 3126.95
FTSE Global All Cap ex UNITED KINGDOM In 9246 690.09 -0.2 -3.9 -23.0
-21.7 1082.17
2.3 Construction & Materials 154 515.74 -0.9 -4.8 -30.2 867.13 -28.8 2.4 Dechra Pharmaceuticals PLC 2584 38.00 Schroders PLC 382.50 -12.80
FTSE All-Share Technology Hardware and Equipment (3) 4503.40 0.34 3470.96 4488.30 4447.16 6882.79 1.97 0.93 54.51 78.21 5820.28
FTSE Global All Cap ex USA 7721 446.30 -0.3 -5.0 -25.6
-23.5 791.86
3.4 Aerospace & Defense 35 762.51 -0.9 -3.7 -5.1 1187.26 -3.9 1.7 Diageo PLC 3728.5 -53.00 Scottish Mortgage Investment Trust PLC 789.00 4.00
FTSE All-Share Telecommunications Equipment (1) 596.40 1.06 459.67 590.14 597.74 637.17 2.06 2.31 21.01 11.51 852.50
FTSE Global All Cap ex JAPAN 8133 680.90 -0.3 -4.0 -23.0
-21.6 1098.09
2.4 General Industrials 76 207.60 -0.5 -3.9 -25.2 366.00 -23.5 2.8 Endeavour Mining PLC 1598 20.00 Segro PLC 743.20 19.00
FTSE All-Share Telecommunications Service Providers (5) 2495.37 -0.97 1923.28 2519.87 2579.64 2719.82 6.65 1.04 14.42 90.35 3380.40
FTSE Global All Cap ex Eurozone 8872 695.69 -0.1 -4.0 -22.3
-20.9 1087.96
2.3 Electronic & Electrical Equipment 157 557.56 0.8 -3.4 -30.7 800.82 -29.6 1.6 Entain PLC 1145.5 17.00 Severn Trent PLC 2334 -35.00
FTSE All-Share Health Care Providers (3)10739.58 0.06 8277.44 10733.10 10753.25 7985.29 0.54 4.48 41.14 58.27 9968.07
FTSE Developed 2183 636.08 -0.4 -3.8 -22.9
-21.6 1023.72
2.2 Industrial Engineering 158 855.83 -0.6 -2.6 -26.0 1357.85 -24.7 2.2 Experian PLC 2753 2.00 Shell PLC 2312 -66.50
FTSE All-Share Medical Equipment and Services (2) 5174.94 0.47 3988.54 5150.64 5223.88 5875.02 2.76 0.97 37.55 142.76 4998.79
FTSE Developed All Cap 5844 663.27 -0.5 -3.8 -23.0
-21.7 1051.74
2.2 Industrial Transportation 132 833.93 -1.2 -10.3 -24.9 1353.55 -22.7 3.6 F&C Investment Trust PLC 909.00 - Smith & Nephew PLC 1037 1.50
FTSE All-Share Pharmaceuticals and Biotechnology (9)18576.07 -0.66 14317.34 18698.59 18716.72 17898.26 3.10 1.14 28.23 489.47 15453.11
FTSE Developed Large Cap 834 596.89 -0.3 -3.7 -23.0
-21.7 977.75
2.2 Support Services 90 508.41 -0.1 -3.0 -28.4 755.36 -27.6 1.5 Flutter Entertainment PLC 10480 155.00 Smith (Ds) PLC 249.40 -9.10
FTSE All-Share Banks (12) 2947.52 -0.58 2271.77 2964.76 3013.71 2864.36 4.41 4.27 5.31 127.39 2607.41
FTSE Developed Europe Large Cap 220 329.77 -1.8 -3.6 -26.6
-24.5 3.4 Consumer Goods
652.24 569 524.18 -0.9 -5.9 -23.9 879.80 -22.5 2.4 Frasers Group PLC 665.00 -6.50 Smiths Group PLC 1567 13.50
FTSE All-Share Finance and Credit Services (8)10401.12 -1.18 8016.57 10525.57 10456.88 10494.16 2.01 2.05 24.30 208.41 13974.82
FTSE Developed Europe Mid Cap 356 482.45 -2.8 -6.8 -37.4
-35.9 827.58
3.3 Automobiles & Parts 132 529.07 -1.9 -8.8 -31.6 855.20 -30.5 1.8 Fresnillo PLC 810.00 5.40 Smurfit Kappa Group PLC 2543 -32.00
FTSE All-Share Investment Banking and Brokerage Services (31) 7613.58 -0.50 5868.10 7651.79 7810.93 10055.93 5.80 1.86 9.29 379.93 10682.08
FTSE Dev Europe Small Cap 752 679.20 -2.9 -7.6 -38.5
-36.9 1119.56
3.5 Beverages 72 718.04 -0.8 -2.9 -10.9 1217.29 -9.4 2.3 Glaxosmithkline PLC 1322.6 -6.40 Spirax-Sarco Engineering PLC 10860 125.00
FTSE All-Share Closed End Investments (192)11442.64 0.54 8819.31 11381.20 11492.42 13472.14 2.70 -0.26 -141.37 240.00 7132.50
FTSE North America Large Cap 234 815.31 -0.2 -3.5 -21.8
-20.9 1221.71
1.8 Food Producers 134 671.95 -0.6 -4.9 -14.4 1156.11 -12.7 2.6 Glencore PLC 494.10 -6.20 Sse PLC 1503.5 -35.00
FTSE All-Share Life Insurance (6) 6212.40 0.15 4788.16 6202.90 6346.68 8217.62 4.93 1.08 18.76 294.59 7602.41
FTSE North America Mid Cap 425 1064.24 -0.6 -3.5 -18.6
-17.5 1475.05
1.9 Household Goods & Home Construction 65 472.16 -0.8 -5.8 -27.8 792.18 -26.3 3.0 Haleon PLC 284.15 5.70 St. James's Place PLC 995.60 -33.40
FTSE All-Share Nonlife Insurance (7) 3354.69 -0.87 2585.60 3384.09 3368.27 3596.72 4.31 1.24 18.77 130.27 7144.28
FTSE North America Small Cap 1338 1056.99 -0.6 -2.5 -19.9
-19.0 1404.84
1.7 Leisure Goods 53 223.97 0.0 -6.8 -29.7 316.59 -28.8 1.4 Halma PLC 2160 19.00 Standard Chartered PLC 573.60 -9.00
FTSE All-Share Real Estate Investment and Services (10) 1939.98 -0.15 1495.22 1942.80 1985.75 2816.60 2.60 3.76 10.24 41.03 5784.67
FTSE North America 659 533.73 -0.3 -3.5 -21.2
-20.2 817.70
1.8 Personal Goods 98 810.35 -0.5 -4.6 -29.8 1245.06 -28.8 2.0 Harbour Energy PLC 453.40 2.40 Taylor Wimpey PLC 93.02 0.26
FTSE All-Share Real Estate Investment Trusts (45) 1930.24 1.11 1487.71 1909.09 1980.40 2750.86 4.82 4.59 4.53 74.21 2910.24
FTSE Developed ex North America 1524 231.07 -0.9 -4.6 -26.7
-24.7 441.65
3.3 Tobacco 15 891.47 0.0 -6.1 -7.3 2520.06 -3.1 6.4 Hargreaves Lansdown PLC 885.60 -21.80 Tesco PLC 199.60 -1.70
FTSE All-Share Automobiles and Parts (2) 1173.32 1.04 904.33 1161.29 1210.87 3983.17 0.83 -19.25 -6.26 14.02 1220.65
FTSE Japan Large Cap 169 342.47 0.2 -4.3 -24.9
-23.0 503.28
2.6 Health Care 343 671.28 0.0 0.1 -15.0 1068.07 -13.7 1.8 Homeserve PLC 1183 -4.00 Unilever PLC 3932 -15.50
FTSE All-Share Consumer Services (2) 2994.01 -0.97 2307.61 3023.44 3025.90 2486.70 1.28 1.71 45.57 38.43 3797.89
FTSE Japan Mid Cap 340 492.57 -0.2 -2.6 -19.8
-17.7 687.37
2.6 Health Care Equipment & Services 133 1322.05 0.3 -0.4 -20.5 1620.55 -19.9 1.0 HSBC Holdings PLC 471.30 -1.10 Unite Group PLC 825.50 -13.50
FTSE All-Share Household Goods and Home Construction (13) 7710.48 -0.21 5942.79 7726.54 7931.99 13367.81 9.12 1.71 6.40 600.72 6838.92
FTSE Global wi JAPAN Small Cap 896 543.57 -0.2 -2.3 -21.9
-19.8 787.35
2.8 Pharmaceuticals & Biotechnology 210 444.11 -0.2 0.5 -10.6 759.29 -8.9 2.4 Imperial Brands PLC 1944 47.00 United Utilities Group PLC 864.40 -16.20
FTSE All-Share Leisure Goods (2) 16436.15 1.46 12668.02 16200.17 16360.51 24661.42 4.12 1.59 15.26 673.41 18193.03
FTSE Japan 509 141.60 0.1 -4.0 -23.9
-22.0 232.99
2.6 Consumer Services 428 518.68 0.1 -3.7 -26.4 739.59 -25.7 1.2 Informa PLC 542.40 10.40 Vodafone Group PLC 101.60 -0.98
FTSE All-Share Personal Goods (5) 25501.70 -0.06 19655.22 25518.17 25579.93 28447.52 2.00 2.58 19.33 402.68 19946.29
FTSE Asia Pacific Large Cap ex Japan 1089 625.77 2.4 -6.6 -24.9
-22.9 1138.57
3.3 Food & Drug Retailers 69 296.00 -0.9 -5.8 -14.0 469.14 -12.4 2.5 Intercontinental Hotels Group PLC 4448 -19.00 Whitbread PLC 2489 -1.00
FTSE All-Share Media (11) 8940.68 0.04 6890.95 8937.46 8968.78 9426.55 2.35 1.53 27.82 192.87 6270.19
FTSE Asia Pacific Mid Cap ex Japan 866 875.24 1.0 -7.9 -22.8
-20.6 1535.39
3.7 General Retailers 141 951.04 0.5 -3.2 -25.6 1297.93 -25.1 1.0 Intermediate Capital Group PLC 1081.5 9.50 Wpp PLC 778.40 7.40
FTSE All-Share Retailers (22) 1591.43 -1.52 1226.58 1615.98 1671.11 2605.37 3.15 3.71 8.55 42.01 2062.87
FTSE All-Share Travel and Leisure (29) 5563.85 0.79 4288.29 5520.07 5623.79 8531.34 0.70 -11.25 -12.73 35.41 5749.63 FTSE Asia Pacific Small Cap ex Japan 2120 502.59 0.7 -8.1 -31.0
-29.1 856.81
3.3 Media 76 279.55 -1.0 -7.1 -40.4 401.63 -39.8 1.4
FTSE All-Share Beverages (5) 28375.58 -1.36 21870.23 28767.79 28846.26 27382.20 2.11 1.99 23.78 584.47 22740.68 FTSE Asia Pacific Ex Japan 1955 497.53 2.3 -6.7 -24.7
-22.7 962.08
3.3 Travel & Leisure 142 411.58 0.1 -1.4 -19.8 600.13 -19.0 1.2
FTSE All-Share Food Producers (10) 5082.59 -0.45 3917.36 5105.58 5186.19 6518.51 2.91 2.14 16.00 83.25 4892.99 FTSE Emerging All Cap 3694 675.43 1.6 -5.7 -23.3
-20.9 1175.28
3.8 Telecommunication 89 123.31 -1.4 -5.8 -16.8 288.68 -14.2 4.4 UK STOCK MARKET TRADING DATA
FTSE All-Share Tobacco (2) 35053.11 0.11 27016.88 35015.83 34766.04 27065.89 6.76 0.92 16.03 1728.22 32762.22 FTSE Emerging Large Cap 1074 625.47 1.9 -5.7 -24.0
-21.6 1094.50
3.8 Fixed Line Telecommuniations 31 94.01 -1.6 -7.9 -16.6 252.73 -13.3 5.5 Oct 06 Oct 05 Oct 04 Oct 03 Sep 30 Yr Ago
FTSE All-Share Construction and Materials (15) 6710.73 -1.06 5172.24 6782.61 6856.93 8083.23 3.40 0.63 46.26 217.85 8173.31 FTSE Emerging Mid Cap 916 955.71 0.1 -5.3 -16.9
-14.1 1672.98
4.2 Mobile Telecommunications 58 147.62 -1.3 -4.6 -17.0 297.82 -14.7 3.8 Order Book Turnover (m) 133.88 400.94 336.97 110.17 110.17 110.17
FTSE All-Share Aerospace and Defense (7) 4966.72 -0.78 3828.06 5005.63 4982.03 4707.36 2.33 0.05 857.04 59.71 6003.69 FTSE Emerging Small Cap 1704 726.84 0.4 -6.2 -25.0
-22.7 1210.81
3.5 Utilities 200 299.72 -1.9 -8.9 -12.7 698.59 -10.4 3.5 Order Book Bargains 756670.00 866324.00 929271.00 1012298.00 1012298.00 1012298.00
FTSE All-Share Electronic and Electrical Equipment (10) 9891.95 0.95 7624.14 9799.34 9844.56 13072.86 1.73 2.01 28.64 142.02 9764.94 FTSE Emerging Europe 111 94.07 -0.8 -1.7 -77.3
-76.4 196.52
3.4 Electricity 142 344.55 -1.9 -8.6 -10.6 790.81 -8.4 3.3 Order Book Shares Traded (m) 1751.00 1910.00 2035.00 2271.00 2271.00 2271.00
FTSE All-Share General Industrials (8) 4390.31 -0.89 3383.80 4429.52 4531.65 5338.10 3.23 1.17 26.43 122.02 5774.37 FTSE Latin America All Cap 262 727.66 -1.1 0.1 2.6
10.0 1421.82
11.0 Gas Water & Multiutilities 58 284.46 -1.8 -9.7 -17.5 686.32 -15.1 3.8 Total Equity Turnover (£m) 8624.07 12399.38 10433.64 5177.55 5177.55 5177.55
FTSE All-Share Industrial Engineering (5)14924.29 1.00 11502.77 14775.88 14905.43 18777.20 1.73 2.03 28.42 226.52 19997.95 FTSE Middle East and Africa All Cap 331 739.74 -0.7 -4.9 -7.1
-4.6 3.2 Financials
1352.16 855 239.32 -0.6 -4.3 -20.2 458.67 -18.2 3.4 Total Mkt Bargains 923327.00 1068241.00 1123351.00 1204000.00 1204000.00 1204000.00
FTSE All-Share Industrial Support Services (31) 9333.70 0.11 7193.87 9323.80 9363.34 11008.97 2.06 1.72 28.31 181.51 10733.89 FTSE Global wi UNITED KINGDOM All Cap In 292 276.85 -2.0 -5.7 -23.1
-20.7 3.8 Banks
563.97 270 183.29 -0.8 -3.2 -19.0 391.30 -16.2 4.3 Total Shares Traded (m) 4942.00 5232.00 6849.00 6168.00 6168.00 6168.00
FTSE All-Share Industrial Transportation (8) 4837.15 1.87 3728.19 4748.43 4792.10 6349.76 2.41 3.42 12.14 98.14 5068.06 FTSE Global wi USA All Cap 1817 917.27 -0.2 -3.3 -21.3
-20.4 1.7 Nonlife Insurance
1325.16 72 321.38 -0.7 -0.8 -8.3 535.95 -5.8 3.0 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE All-Share Industrial Materials (1)13002.43 7.44 380.72 12102.26 12327.30 18503.45 2.53 1.81 21.86 329.06 16424.01 FTSE Europe All Cap 1468 370.78 -2.1 -4.4 -30.7
-28.8 3.4 Life Insurance
703.93 51 196.42 0.9 -4.7 -18.7 377.62 -15.8 4.3 (c) Market closed.
FTSE All-Share Industrial Metals and Mining (9) 7368.33 -1.36 5679.08 7470.06 7501.32 6253.58 7.09 2.01 7.01 517.27 11310.19 FTSE Eurozone All Cap 666 351.71 -2.2 -3.3 -32.2
-30.2 3.4 Financial Services
662.98 211 393.65 -0.3 -4.0 -21.1 596.39 -20.0 1.9
FTSE All-Share Precious Metals and Mining (5) 9410.22 0.87 7252.85 9329.41 9517.23 18377.24 3.80 1.86 14.15 358.99 6634.53 FTSE EDHEC-Risk Efficient All-World 4173 434.10 -0.6 -4.3 -20.5
-18.9 2.8 Technology
681.87 363 454.18 0.5 -5.0 -33.1 591.96 -32.5 1.1
FTSE All-Share Chemicals (7) 12479.95 0.54 9618.81 12413.43 12616.82 17221.82 2.94 2.04 16.66 335.92 12519.91 FTSE EDHEC-Risk Efficient Developed Europe 576 268.45 -2.6 -6.7 -35.0
-33.2 3.5 Software & Computer Services
471.17 187 703.11 0.2 -4.5 -34.3 849.52 -34.0 0.7 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
FTSE All-Share Oil. Gas and Coal (12) 8089.53 -1.79 6234.94 8237.31 8113.62 5920.06 3.33 2.96 10.13 213.64 10110.08 Oil & Gas 132 381.98 0.9 -1.7 16.5
21.3 4.9 Technology Hardware & Equipment
778.33 176 391.79 0.8 -5.5 -31.6 549.44 -30.8 1.6 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Oil & Gas Producers 88 382.66 1.3 -0.7 20.5
25.8 800.69
5.1 Alternative Energy 20 164.86 -5.2 -13.2 -20.9 236.57 -20.6 0.5 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
FTSE Sector Indices Real Estate Investment & Services 143 240.03 0.0 -5.6 -27.1 466.24 -25.2 3.3
Non Financials (335) 4680.19 -0.68 4152.16 4712.40 4733.12 4789.27 3.72 1.68 16.02 145.34 8429.57 liable for any loss arising from the reliance on or use of the listed information.
Real Estate Investment Trusts 108 421.06 -1.8 -11.2 -29.4 981.21 -27.6 4.0
For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE Global Large Cap 1908 583.74 -0.1 -4.0 -23.1 961.93 -21.7 2.4
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day 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 100 7061.39 7060.88 7041.04 7018.86 7004.28 6996.24 6989.90 6982.53 6997.54 7079.30 6961.66 mid cap) - please see https://research.ftserussell.com/Products/indices/Home/indexfiltergeis?indexName=GEISAC&currency=USD&rtn=CAP&segment=global-developed–emerging. The trade names Fundamental Index® Data provided by Morningstar | www.morningstar.co.uk
FTSE 250 17655.71 17575.74 17610.50 17599.44 17566.17 17575.24 17620.54 17585.30 17582.40 17685.24 17529.36 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.
FTSE SmallCap 5935.64 5947.26 5947.16 5943.41 5939.10 5940.06 5948.33 5958.15 5949.15 5971.27 5935.64 Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark
FTSE All-Share 3855.66 3853.17 3845.21 3834.72 3826.99 3823.63 3822.28 3818.01 3824.59 3864.23 3808.14 of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE,
Time of FTSE 100 Day's high:07:15:30 Day's Low14:11:45 FTSE 100 2010/11 High: 7672.40(10/02/2022) Low: 6881.59(29/09/2022) please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:07:17:00 Day's Low14:12:00 FTSE 100 2010/11 High: 4296.96(10/02/2022) Low: 3745.11(29/09/2022)
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 Ashoka India Equity Investment Trust Pre 7.747 47.824 9.470 54.720 0.00000 0.00000 - 0.000 0.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Brown (N) Group Int 331.500 347.400 7.200 28.400 1.220 5.100 0.00000 0.00000 - 0.000 0.000 10/04 1.00 MII Milton Capital PLC 1.10 -0.07 1.20 1.00 110.0
There are currently no rights offers by any companies listed on the LSE. Haydale Graphene Industries Pre 2.901 2.903 5.242L 3.771L 0.974L 0.974L 0.00000 0.00000 - 0.000 0.000 09/02 11.00 ZAMZ Zamaz PLC 10.00 0.60 12.00 10.50 7080.6
Strategic Equity Capital Pre 20.289L 70.613 33.100L 111.560 2.00000 1.60000 Nov 16 2.000 1.600
Volution Group Pre 307.701 272.588 47.214 30.034 18.100 10.500 0.00000 4.40000 - 2.300 6.300

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.
16 ★ FINANCIAL TIMES Friday 7 October 2022

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 (€) Denso 7154 34.00 9575 6549 2.04 19.31 38906.43 Novartis 75.54 -0.81 88.42 73.01 3.59 8.69 183550.27 Boeing 130.91 -1.20 233.94 113.02 - -22.15 77735.82 Lilly (E) 333.03 1.25 341.70 226.05 0.84 65.84 316436.72
ANZ Bank 24.39 -0.11 28.75 20.78 5.78 10.94 46893.9 Nokia 4.60 -0.01 5.71 4.12 - 16.61 25790.16 EastJpRwy 7521 73.00 7777 6373 1.38 -7.43 19618.52 Richemont 99.74 -0.20 146.10 90.28 1.76 25.19 52630.05 Booking Holdings 1699.96 -26.75 2715.66 1626.22 - 73.01 67499.03 Linde 279.63 -4.16 346.50 262.47 1.25 46.22 139357.97
BHP Group 40.76 0.26 53.72 35.56 9.42 10.24 132687.03 SampoA 44.55 -0.68 48.74 35.85 3.67 9.92 23371.37 Fanuc 20995 10.00 25300 18740 2.24 24.60 29258.29 Roche 325.55 -2.45 404.20 298.60 2.42 23.10 231204.74 Bristol-Myers 70.29 -0.63 80.59 53.22 2.36 27.26 150076.41 Lockheed 398.69 -3.82 479.99 324.23 2.30 20.71 105713.86
CmwBkAu 96.88 -0.41 110.19 86.98 3.38 19.49 105878.1 France (€) FastRetail 79740 1160 88230 54310 0.68 36.87 58379.5 Swiss Re 72.50 -1.84 102.20 69.02 7.32 18.55 23268.69 Broadcom 482.98 -1.83 677.76 443.64 2.57 33.00 195605.58 Lowes 201.13 2.10 263.31 170.12 1.24 20.02 124841.51
CSL 290.20 -0.30 319.78 240.10 0.97 44.44 89987.81 Airbus Grpe 93.14 -0.21 120.36 86.52 - 17.87 72243.16 Fuji Hvy Ind 2297 -6.00 2684 1664.5 2.54 25.99 12194.48 Swisscom 454.50 -8.00 587.40 454.00 4.34 14.32 23799.83 Cadence Design 169.70 - 194.97 132.32 - 82.13 46475.74 Lyondell 80.29 -0.60 117.22 71.46 4.57 5.79 26191.08
NatAusBk 30.27 -0.24 33.75 25.43 2.77 17.25 61389.32 AirLiquide 120.10 -1.70 153.40 114.70 2.19 23.20 61855.4 Hitachi 6609 102.00 7460 4750 1.81 9.54 44181.88 UBS 14.70 -0.38 19.90 13.10 2.12 8.01 52357.37 CapOne 96.89 -2.05 174.65 90.27 1.71 4.35 37188.1 Marathon Ptl 106.65 -0.93 114.35 59.55 1.80 63.88 53178.26
Telstra 3.87 0.02 4.20 3.62 2.41 33.67 28754.35 AXA 23.16 -0.30 29.09 20.34 5.90 8.16 53256.54 HondaMtr 3321 28.00 3755 3043 4.04 6.92 41520.89 Zurich Fin 400.00 -8.10 461.70 374.60 4.50 14.11 60838.08 CardinalHlth 69.27 -0.12 72.28 45.85 2.34 43.42 18149.67 Marsh&M 157.87 -0.77 183.14 142.80 1.40 29.38 79237.12
Wesfarmers 45.04 -0.39 61.34 40.03 3.69 24.77 32839.36 BNP Parib 43.64 -0.48 68.07 40.67 5.86 6.58 53006.14 JapanTob 2409 -1.50 2441 2000 5.90 12.08 33253.96 Taiwan (NT$) Carnival 7.12 -0.32 25.29 6.58 - -1.02 7916.91 MasterCard 301.73 -1.98 399.92 281.69 0.62 41.67 289261.28
Westpac Bank 21.94 -0.21 26.44 18.80 3.78 17.07 49395.7 ChristianDior 622.50 0.50 733.50 513.00 1.07 23.79 110584.41 KDDI 4285 -37.00 4636 3237 2.91 14.14 68103.13 Chunghwa Telecom 110.50 -1.00 132.50 110.00 3.64 25.57 27199.7 Caterpillar 179.04 0.66 237.90 160.60 1.98 18.31 94516.85 McDonald's 237.54 -1.55 269.72 217.68 1.83 28.62 174762.28
Woolworths 33.47 -0.26 41.13 32.62 3.02 40.83 26126.68 Cred Agr 8.52 -0.07 14.27 8.09 8.97 4.87 25499.64 Keyence 52180 560.00 75090 44880 0.40 42.95 87590.69 Formosa PetChem 80.60 -0.30 106.00 78.30 0.69 16.51 24362.74 Centene Corp 80.70 -0.11 98.53 60.81 - 42.82 46126.57 McKesson 351.23 -3.14 375.23 193.89 0.42 48.12 50482.45
Belgium (€) Danone 47.92 -0.43 58.41 46.48 3.87 17.07 31872.69 MitsbCp 4280 37.00 4845 3355 3.35 9.41 43547.24 HonHaiPrc 107.50 0.50 116.00 99.50 3.50 11.52 47287.63 CharlesSch 76.52 0.59 96.24 59.35 0.78 32.71 139097.61 Medtronic 84.36 -0.69 128.85 80.39 2.44 27.85 112127.37
AnBshInBv 46.84 -0.24 58.72 45.56 1.09 24.46 80079.93 EDF 11.95 0.03 12.67 6.64 3.90 9.62 45708.29 MitsubEst 949.92 7.55 972.04 876.51 - - - MediaTek 587.00 -12.00 1200 533.00 5.93 8.88 29788.83 Charter Comms 322.95 -6.33 753.69 302.94 - 15.97 51883.45 Merck 87.65 -0.74 95.72 71.50 2.49 21.82 222041.98
KBC Grp 48.31 -1.45 86.50 45.53 6.80 8.22 19820.34 Engie SA 11.95 -0.28 14.61 9.79 4.24 8.81 28640.27 MitsubishiEle 1360 17.00 1629 1225.5 3.06 11.97 20155.27 TaiwanSem 451.00 6.00 650.00 422.00 2.23 19.08 371080.59 Chevron Corp 160.53 2.00 182.40 103.58 2.73 23.86 315411.5 Meta 196.64 0.99 384.33 169.00 - 15.41 450997.53
EssilorLuxottica 152.25 -2.05 195.00 132.70 0.68 48.60 67040.13 MitsuiFud 859.48 21.65 949.18 684.38 - - - Chipotle Mexic. 1512.42 -7.36 1895.99 1196.28 - 79.91 41991.81 Metlife 64.58 -0.68 73.18 57.05 2.43 10.69 52516.84
Brazil (R$) Thailand (THB)
Hermes Intl 1297 0.50 1678 957.60 0.34 58.28 134752.66 MitUFJFin 667.70 2.30 828.30 601.40 4.05 6.67 61209.81 Chubb 189.35 -1.28 218.99 171.96 1.39 11.89 79080.4 Microsoft 248.45 -0.75 349.67 232.73 0.77 32.011852913.24
Ambev 16.21 0.09 18.12 12.81 3.23 26.36 49229.82 PTT Explor 34.50 - 41.25 32.75 5.41 9.85 26395.92
LOreal 334.25 -1.35 433.65 300.45 1.14 42.63 176557.29 Mizuho Fin 1596.5 -2.50 1683.5 1397 5.09 7.52 27980.2 Cigna 292.95 -1.09 296.29 191.74 1.13 22.53 89382.27 Mnstr Bvrg 92.03 -0.16 99.81 71.78 - 43.32 48486.64
Bradesco 17.64 0.08 17.72 13.53 4.37 8.79 16566.79 United Arab Emirates (Dhs)
LVMH 635.10 -2.20 741.60 535.00 1.05 27.83 314551.31 Murata Mfg 7183 101.00 9410 6604 1.74 14.20 33503.85 Cintas Corp 412.19 0.25 461.44 343.86 0.73 43.72 42061.61 MondelezInt 56.37 -0.88 69.47 54.72 1.95 22.43 77251.96
Cielo 5.45 0.03 6.22 2.01 2.48 19.86 2855.07 Emirtestele 24.06 -0.18 38.98 11.60 2.76 27.09 56967.3
Orange 9.12 -0.20 11.94 8.93 6.283168.57 23872.47 Nippon T&T 3987 9.00 4055 3054 2.74 12.36 99671.92 Cisco 41.56 -0.43 64.29 39.96 2.97 17.85 170763.56 Monsanto 9.91 0.02 9.95 9.66 - 54.96 247.75
ItauHldFin 24.84 -0.05 25.16 18.86 2.89 10.58 23748.87
PernodRic 184.85 -2.40 214.50 166.60 1.61 29.21 46925.6 NipponTT 3987 9.00 4055 3054 2.74 12.36 99671.92 United Kingdom (p) Citigroup 43.16 -0.68 73.73 41.06 3.91 5.15 83588.39 MorganStly 81.88 -1.24 109.73 72.05 2.12 12.34 140565.15
Petrobras 37.25 0.70 40.51 26.54 11.96 5.72 53456.62
Renault 29.25 0.29 38.07 20.47 - -22.86 8511.28 Nissan Mt 478.40 -0.30 654.30 436.50 - 14.96 13936.51 Anglo American 2780.5 -89.50 4996.8 2487.5 6.41 5.51 43722.24 CME Grp 179.05 -1.82 256.94 175.08 1.66 29.72 64356.53 Netflix 237.24 0.51 700.99 162.71 - 25.54 105500.71
Vale 75.35 -1.61 107.11 61.85 16.00 3.62 69433.53
Safran 99.45 -0.38 123.12 87.85 0.411041.28 41815.61 Nomura 492.50 1.80 578.70 460.30 4.86 -32.62 10991.69 AscBrFd 1257.5 -17.00 2066 1223 0.49 20.79 11144.91 Coca-Cola 55.38 -0.86 67.20 52.28 2.51 29.78 239497.96 NextEraE 80.07 -1.71 92.91 67.22 1.68 127.25 157310.05
Canada (C$) Nppn Stl 2125 11.00 2318.5 1690.5 3.92 3.23 13938.17 AstraZen 9838 -106.00 11540 8090.32 2.101665.76 139481.49 Cognizant 59.80 -0.83 93.47 57.42 1.33 17.86 30963.54 Nike 90.41 -0.69 179.10 82.22 1.07 28.59 114242.54
Sanofi 79.33 -1.04 106.08 76.45 3.85 16.79 98955.01
Bausch Hlth 10.06 -0.28 36.26 5.10 - -3.36 2646.52 Panasonic 1075 11.50 1541 1006.5 2.42 10.47 18208.31 Aviva 401.70 -3.80 606.58 341.92 5.31 52.86 18047.58 ColgtPlm 70.23 -0.88 85.18 70.09 2.11 33.32 58580.26 NorfolkS 220.46 -0.56 296.87 209.59 1.56 22.03 51780.25
Sant Gbn 38.73 -0.14 64.82 35.20 3.35 9.70 19822.66
BCE 59.22 -0.65 74.09 57.51 5.31 22.06 39356.31 Seven & I 5685 -81.00 6083 4552 1.88 20.83 34782.23 Barclays 144.80 -2.82 209.45 140.06 2.07 3.51 27660.87 Comcast 30.15 -0.59 57.96 29.28 2.74 12.00 132774.39 Northrop 482.79 -1.66 515.49 345.90 1.05 13.42 74693.07
Schneider 122.60 -0.66 173.78 110.02 2.03 22.64 68905.92
BkMontrl 121.96 -2.77 154.47 118.79 3.33 10.44 60194.49 ShnEtsuCh 15620 75.00 20870 14185 1.93 14.41 44920.27 BP 460.35 0.15 469.60 310.53 3.42 16.70 102714.43 ConocPhil 116.63 0.70 124.08 66.06 1.38 23.25 150855.02 NXP 160.14 -1.10 239.91 140.33 1.16 28.53 42052.52
SocGen 21.12 -0.03 37.68 18.34 2.50 3.74 17660.78
BkNvaS 65.45 -1.11 95.00 64.91 5.09 9.11 56822.89 Softbank 5494 139.00 7217 4210 0.83 4.55 65333.94 BrAmTob 3266 -15.50 3645 2507.5 6.60 11.05 68169.34 Constellation 230.54 -5.41 261.53 207.59 1.10-1255.91 37168.6 Occid Pet 68.89 1.15 77.13 26.05 0.05 40.46 64563.09
Total 51.27 -0.60 57.41 40.09 5.03 10.31 132153.87
Brookfield 58.37 -0.71 79.04 55.27 1.01 21.53 69826.9 Sony 9925 162.00 14745 9213 0.63 12.20 86387.39 BT 124.65 -1.70 201.40 120.05 - 12.10 13845.52 Corning 31.48 0.16 43.47 28.98 2.52 29.76 26610.62 Oracle 66.15 -0.49 106.34 60.78 1.61 30.26 178346.01
UnibailR 42.36 0.68 73.09 39.68 - -6.32 5784.67
CanadPcR 96.31 -0.28 106.93 83.46 0.71 25.66 65279.65 SumitomoF 4192 31.00 4461 3672 4.96 7.86 39774.34 Compass 1818 -18.00 1970.5 1435 0.77 44.23 33471.38 Corteva 61.49 -0.03 64.30 41.37 0.72 31.38 44500.31 Pepsico 163.81 -2.19 181.07 149.96 2.14 36.10 226042.47
Vinci 81.56 -2.14 103.74 80.74 3.15 18.93 47998.59
CanImp 59.99 -1.44 167.50 59.03 8.99 4.62 39559.86 Takeda Ph 3833 -13.00 4063 2993 4.88 13.25 41859.8 Diageo 3728.5 -53.00 4364.1 3282.5 1.95 28.68 105079.1 Corteva 61.49 -0.03 64.30 41.37 0.72 31.38 44500.31 Perrigo 38.25 -0.58 49.39 31.32 2.07 -47.22 5149.14
Vivendi 8.12 -0.07 12.16 7.76 7.06 -15.17 8854.44
CanNatRs 74.24 1.01 88.18 47.56 2.42 12.80 60293.59 TokioMarine 2642 -3.50 2787.33 1886 8.66 4.14 37199.71 GlaxoSmh 1322.6 -6.40 2753.96 1280.92 6.05 15.27 72815.94 Costco 488.58 8.26 612.27 406.51 0.54 47.19 216422.84 Pfizer 43.37 -0.76 61.71 40.94 2.97 13.35 243379.64
CanNatRy 155.40 0.60 171.48 137.26 1.42 25.12 77245.27 Germany (€)
Toyota 2000 -1.00 2375.5 1805 2.65 8.69 225212.9 Glencore 494.10 -6.20 548.30 346.40 1.79 18.09 79789.3 CrownCstl 140.18 -5.59 208.69 140.20 3.22 63.52 60702.75 Phillips66 92.07 -0.55 111.28 67.08 3.25 37.50 44287.97
Enbridge 51.67 -1.36 59.69 46.88 5.80 20.05 76236.42 Allianz 164.94 -1.18 232.50 156.22 5.56 10.91 66302.9
Mexico (Mex$) HSBC 471.30 -1.10 567.20 344.46 3.43 10.30 105788.11 CSX 27.64 -0.19 38.63 26.61 1.17 18.47 59173.2 PhilMorris 85.24 -1.73 112.48 82.85 4.75 17.69 132135.92
GtWesLif 30.84 -0.37 41.50 29.42 5.62 9.64 20942.49 BASF 41.27 -0.65 69.15 37.90 7.64 7.15 37304.64
AmerMvl 16.63 0.03 21.44 15.66 1.90 13.84 35249.41 Imperial Brands 1944 47.00 1987 1434.23 7.11 6.50 20756.16 CVS 99.18 -1.27 111.25 81.78 1.67 20.17 130206.36 PNCFin 156.84 -2.39 217.60 146.39 2.53 14.94 64323.85
ImpOil 65.94 1.07 72.96 40.55 1.40 21.10 29866.92 Bayer 47.71 -0.95 67.99 43.91 4.00 48.97 46123.49
FEMSA UBD 130.07 2.13 178.31 120.63 1.51 109.46 13996.44 Jardine Mathes. 62.50 - 60.50 50.06 2.27 12.58 18089.69 Danaher 280.58 -1.72 331.69 233.71 0.27 38.73 204102.98 PPG Inds 119.26 -0.97 172.78 107.06 1.65 31.66 28025.79
Manulife 22.25 -0.15 28.09 21.23 4.72 7.00 30782.23 BMW 71.97 0.50 97.60 67.58 2.52 4.01 42638.69
WalMrtMex 73.41 0.79 82.93 64.81 0.67 37.65 63824.05 LlydsBkg 42.53 -0.33 4824.5 38.10 6.04 5.91 34314.06 Deere 356.38 0.61 446.76 283.81 0.91 23.68 107562.48 ProctGmbl 127.41 -1.79 165.35 126.21 2.32 26.20 303936.49
Nutrien 117.06 2.54 147.93 82.48 1.78 18.70 45474.83 Continental 47.00 0.69 111.96 44.33 - 7.58 9251.24
LSE Group 7682 -108.00 8612 6230 1.00 78.55 29755.86 Delta 30.52 - 46.27 27.20 - 44.32 19569.36 Prudntl 93.10 -0.65 124.22 85.46 4.08 5.77 34633.2
RylBkC 125.51 -2.64 149.60 118.24 3.18 12.40 127362.96 Deut Bank 7.87 -0.07 14.64 7.25 - 8.10 16001.52 Netherlands (€)
Natl Grid 909.60 -15.20 1271.45 880.60 5.40 21.20 34179.7 Devon Energy 71.01 0.13 79.40 35.55 2.29 20.50 46494.07 PublStor 291.00 -2.92 421.76 284.01 2.27 35.67 51078.92
SHOP 41.55 -0.41 222.87 36.25 - 1.60 30195.99 Deut Tlkm 17.65 -0.31 19.61 14.47 3.25 21.24 86595.99 ASML Hld 476.50 10.00 777.50 403.45 0.68 38.52 190614.29
Natwest Group 229.60 0.70 284.42 196.92 4.57 9.04 30756.9 Digital Realty 94.04 -4.96 176.53 93.93 4.08 19.15 27027.83 Qualcomm 125.99 1.10 192.68 112.92 1.76 17.46 141486.77
Suncor En 45.13 0.90 53.62 26.78 2.09 18.15 44692.1 DeutsPost 32.04 0.04 58.31 29.68 4.12 8.49 39063.95 Heineken 89.50 -1.86 100.95 77.50 1.05 16.24 50734.89
Prudential 939.00 12.20 1519 850.20 1.25 15.25 27197.68 DiscFinServ 95.89 -0.79 133.40 88.02 1.62 6.51 26194.4 Raytheon 84.35 -0.86 106.02 79.00 1.96 39.56 124142.95
ThmReut 145.09 -0.36 156.62 119.23 1.27 11.12 50973.85 E.ON 7.83 -0.23 12.54 7.60 5.73 4.55 20348.43 ING 9.10 -0.12 14.00 7.90 6.30 7.75 33742.49
ReckittB 5940 -4.00 6824 4905.16 2.94 -25.70 46828.22 Disney 100.68 -0.12 179.63 90.23 - 70.82 183545.46 Regen Pharm 730.51 -15.17 754.67 538.01 - 12.28 78303.5
TntoDom 84.27 -3.21 109.08 77.27 3.48 11.74 111427.76 Fresenius Med 27.92 -0.45 63.66 27.78 4.58 8.83 8050.98 Unilever 44.76 -0.33 48.81 39.36 3.20 22.98 127355.76
RELX 2263 -14.00 2634.82 2056 2.11 29.85 48586.1 Dollar General 242.46 -0.24 262.21 183.25 0.58 28.57 54692.12 S&P Global 317.29 -4.36 484.21 305.08 0.80 30.69 105816.22
TrnCan 56.31 -1.52 74.44 55.60 5.55 33.72 41526.43 Fresenius SE 21.66 -0.08 42.50 20.98 3.97 7.17 11905.36 Norway (Kr) RioTinto 5060 -24.00 6343 4354 9.93 5.29 75975.18 DominRes 66.23 -2.78 88.78 66.21 3.14 25.12 55136.66 Salesforce 155.62 -0.61 311.75 143.75 - 126.01 155620
HenkelKgaA 58.40 -0.55 75.05 56.55 2.99 16.26 14931.53 DNB 174.05 -2.95 220.50 168.05 9.99 11.13 25448.08
China (HK$) RollsRoyce 71.29 -2.63 161.91 64.44 - 48.50 1484.32 DukeEner 91.38 -2.64 116.33 91.16 3.53 22.43 70353.51 Schlmbrg 41.98 0.41 49.83 27.65 0.98 38.47 59368.95
Linde 285.10 -0.70 315.35 244.00 1.25 46.38 139831.35 Equinor 375.05 3.95 410.95 210.20 1.31 16.18 111669.44
AgricBkCh 2.41 -0.01 3.15 2.30 8.16 3.42 9437.13 Shell PLC 2312 -66.50 2459.23 1534.2 2.62 12.18 118986.39 DuPont 53.70 -0.76 84.08 49.52 1.85 20.11 26898.43 Sempra Energy 150.40 -3.14 176.47 119.56 2.42 45.38 47270.7
Mercedes-Benz 53.84 0.83 77.90 50.19 2.39 5.64 56686.82 Telenor 94.98 -5.92 148.80 94.54 9.47 16.05 12463.18
Bk China 2.63 -0.01 3.20 2.52 7.80 3.52 28016.81 StandCh 573.60 -9.00 641.00 406.20 1.54 12.86 21170.02 Eaton 142.61 -1.90 175.72 122.50 1.76 32.31 56799.57 Shrwin-Will 219.30 1.93 354.15 204.57 0.83 38.01 56838.84
MuenchRkv 251.30 -6.70 282.25 205.15 3.72 12.57 34648.67
BkofComm 4.21 -0.06 5.74 4.04 7.66 3.76 18777.56 Qatar (QR) Tesco 199.60 -1.70 304.10 199.19 4.58 10.16 18295.54 eBay 39.06 -0.06 81.19 36.18 1.52 124.36 21458.31 SimonProp 94.97 -0.80 171.12 86.02 6.22 16.80 31088.59
SAP 88.10 0.86 129.74 81.35 2.01 20.68 106515.26
BOE Tech 0.65 -0.08 0.98 0.57 - 11.33 16.47 QatarNtBk 20.42 0.07 27.00 18.40 2.30 17.71 51790.41 Unilever 3932 -15.50 4178 3267.5 3.68 20.19 54220.59 Ecolab 150.10 -1.22 238.93 143.34 1.07 46.45 42776.88 SouthCpr 47.94 -0.70 79.32 42.42 5.52 13.21 37058.19
Siemens 105.14 0.90 156.98 93.67 3.18 16.55 87952.09
Ch Coms Cons 3.28 0.02 5.17 3.16 5.72 2.94 1846.22 Saudi Arabia (SR) Vodafone 101.60 -0.98 141.60 99.59 7.61-227.29 30339.05 Edwards Lifesc. 87.08 -0.36 131.73 81.87 - 44.27 53984.64 Starbucks 90.27 0.15 117.47 68.39 1.68 29.52 103575.8
Volkswgn 175.00 3.95 301.40 162.40 2.62 6.19 50821.98
Ch Evrbrght 2.19 -0.01 3.11 2.12 10.09 3.20 3537.24 AlRajhiBnk 84.80 1.80 117.40 77.13 2.35 17.29 90200.76 WPP 778.40 7.40 1231.5 719.60 3.40 14.83 11033.08 Eli Lilly 333.03 1.25 341.70 226.05 0.84 65.84 316436.72 StateSt 64.46 -0.98 103.76 58.80 2.80 10.85 23694.91
Ch Rail Cons 4.02 -0.02 5.95 3.85 6.01 2.31 1063.29 Hong Kong (HK$) Emerson 80.31 0.54 100.47 72.41 2.09 21.22 47487.3 Stryker 212.11 -4.02 279.28 188.84 1.01 49.26 80208.37
Natnlcombnk 65.30 1.80 82.00 59.60 1.85 26.35 77759.17 United States of America ($)
Ch Rail Gp 3.95 -0.02 5.88 3.61 4.80 3.43 2117.12 AIA 70.05 -0.15 92.50 64.10 1.58 19.32 106503.18 EOG Res 126.63 0.55 147.99 80.67 1.05 19.17 74210.82 Sychrony Fin 31.52 -0.24 52.49 27.22 2.37 5.02 15182.64
SaudiBasic 92.40 2.30 141.40 86.10 2.92 14.45 73713.6 21stC Fox A 31.34 -0.21 44.95 30.31 1.24 15.35 9568.67
ChConstBk 4.65 -0.03 6.23 4.37 7.36 3.65 142416.01 BOC Hold 26.70 - 32.75 23.20 3.87 14.77 35961.62 Equinix 558.50 -19.91 849.51 558.31 1.70 122.19 50865.49 T-MobileUS 140.05 -1.18 148.04 101.51 - 70.31 175628.48
SaudiTelec 39.35 0.05 49.12 37.10 8.45 8.36 52320.15 3M 112.99 -2.18 186.30 110.39 4.33 13.51 64359.55
China Vanke 15.20 -0.34 22.75 13.06 8.64 7.40 3691.66 Ch OSLnd&Inv 21.55 -0.15 27.35 16.10 4.64 5.77 30046.77 EquityResTP 64.74 -1.80 94.32 64.75 3.08 22.86 24348.02 Target 156.91 0.50 268.98 137.16 1.68 13.34 72217.51
Singapore (S$) AbbottLb 102.46 -0.92 142.60 96.67 1.45 31.46 179429.97
ChinaCitic 3.13 -0.04 4.08 3.06 8.27 3.14 5933.96 ChngKng 48.70 0.15 57.00 44.15 3.03 12.01 22604.58 Exelon 38.03 -0.67 50.71 29.10 3.33 26.44 37287.37 TE Connect 117.92 -0.30 166.44 107.12 1.39 19.38 37715.41
DBS 33.59 0.17 37.49 29.45 3.20 14.86 60564.68 Abbvie 140.86 -2.47 175.91 106.86 3.05 26.42 249054.07
ChinaLife 10.12 -0.06 15.04 9.78 6.22 4.78 9593.16 Citic Ltd 7.58 0.01 9.26 6.96 5.91 3.78 28090.14 ExxonMb 100.65 1.53 105.57 57.96 2.87 22.59 419472.59 Tesla Mtrs 237.87 -2.94 414.50 206.86 - 58.73 739307.04
JardnMt US$ 52.70 -0.23 62.10 49.50 2.70 10.61 15253.23 Accenture 272.08 -2.27 417.37 254.27 1.12 33.42 180709.03
ChinaMBank 37.70 -0.25 70.80 35.50 3.50 7.51 22048.44 Citic Secs 13.32 -0.16 21.32 13.04 2.99 7.39 4445.88 Fedex 156.62 -0.25 260.50 141.92 1.51 10.19 40755.62 TexasInstr 167.28 -0.52 202.26 144.46 2.08 24.50 152844.97
OCBC 11.94 -0.05 13.54 10.98 3.07 12.85 37630.41 Activision Bli. 73.99 -0.12 82.34 56.40 0.53 26.02 57882.86
ChinaMob 50.60 0.10 58.65 45.90 5.87 8.44 131885.13 CK Hutchison 45.25 -0.30 60.45 42.80 4.19 6.18 22103.66 Fidelity NIS 78.23 -1.37 126.20 74.70 1.65 141.27 47562.16 TheTrvelers 159.78 -0.77 187.98 145.40 1.87 11.92 37916.7
SingTel 2.52 -0.03 2.88 2.31 2.60 45.90 29144.63 Adobe 300.89 3.51 699.54 274.73 - 35.81 139881.44
ChinaPcIns 14.80 -0.16 26.20 13.94 8.19 5.21 5232.52 CNOOC 9.89 0.12 12.54 7.55 3.81 9.30 56194.85 Fiserv 99.57 -0.98 111.84 87.03 - 60.54 63683.41 ThrmoFshr 544.37 -1.90 668.94 497.83 0.16 33.84 213278.16
UOB 26.66 0.16 33.33 25.47 3.25 12.80 31279.39 Advanced Micro 68.53 0.59 164.46 62.83 - 32.26 110629.41
ChMinsheng 2.32 -0.02 3.29 2.19 9.78 3.24 2459.06 HangSeng 122.10 -0.10 169.50 117.30 4.16 21.17 29737.65 FordMtr 12.36 -0.15 25.87 10.61 0.67 3.36 48814.4 TJX Cos 65.42 -0.38 76.94 53.69 1.33 29.04 75956.08
AEP 84.68 -3.02 105.60 80.22 2.93 20.65 43500.84
ChMrchSecs 12.34 -0.02 18.68 12.06 3.36 11.62 12915.7 HK Exc&Clr 284.40 -0.40 495.00 266.00 2.68 34.55 45933.72 South Africa (R) Franklin 23.07 -0.25 38.27 21.46 4.05 7.38 11497.1 Truist Financial Corp 45.03 -0.83 66.10 42.56 3.41 12.19 59727.5
Aflac 59.29 -0.38 67.20 52.07 1.84 11.23 37466.33
Chna Utd Coms 3.35 0.01 4.25 3.30 3.17 17.74 14627.26 MTR 36.50 0.05 43.70 35.30 2.80 28.48 28825.02 Firstrand 60.89 -0.07 79.34 53.25 4.00 11.72 19081.68 GenDyn 223.85 -1.57 254.99 188.64 1.72 23.45 61390.02 Twitter 50.73 -0.57 68.41 31.30 - -219.20 38820.94
AirProd 240.32 -2.48 316.39 216.24 2.06 30.54 53302.73
ChShenEgy 23.95 0.15 27.65 15.74 7.89 7.85 10304.73 SandsCh 21.25 0.20 24.90 13.52 - -25.29 21908.75 MTN Grp 119.39 -2.04 211.49 119.12 - 17.31 12567.76 GenElectric 66.28 -1.16 116.17 59.93 0.40 -24.67 72679.54 UnionPac 200.34 -0.28 278.94 194.73 1.91 22.40 125108.04
Allstate 131.68 -1.32 144.46 106.11 2.03 9.38 35592.52
ChShpbldng 3.41 -0.02 4.56 3.36 - -267.57 10619.66 SHK Props 90.90 0.60 104.70 85.70 4.53 11.19 33555.83 Naspers N 2396 89.00 2853.25 1392.5 0.23 13.70 58295.22 GenMills 75.63 -1.52 81.24 61.08 2.25 24.17 44889.1 UPS 167.17 -0.76 233.72 159.42 2.02 13.78 121953.15
Alphabet 101.96 0.53 151.55 95.56 - 1.10 611352.16
ChStConEng 5.15 0.14 6.40 4.52 3.95 4.21 29656.69 Tencent 277.80 -1.20 515.00 263.60 0.48 11.78 339592.84 South Korea (KRW) GenMotors 34.57 -0.27 67.21 30.33 - 6.24 50408.4 USBancorp 41.54 -0.67 63.01 40.27 3.50 9.85 61712.04
Altria 42.60 -0.30 57.05 40.35 6.83 38.46 76715.08
ChUncHK 3.58 - 4.43 3.49 4.05 8.52 13954.58 India (Rs) HyundMobis 201000-1500.00 275000 189500 1.94 8.04 13555.24 Amazon 120.25 -0.70 188.11 101.26 - 2.241225053.47 GileadSci 65.10 -0.35 74.12 57.17 3.61 15.98 81594.22 UtdHlthcre 523.39 -3.69 553.29 385.84 0.88 35.02 489565.28
CNNC Intl 5.85 -0.03 8.92 5.78 2.02 16.14 15551.02 Bhartiartl 788.60 -20.10 816.75 628.75 - 185.15 57352.48 KoreaElePwr 19550 - 25100 18900 6.12 -11.71 8949.54 AmerAir 12.61 -0.27 22.35 11.65 - -4.07 8191.31 GoldmSchs 305.60 -3.40 426.16 277.84 1.76 6.22 104318.41 ValeroEngy 116.92 -1.17 146.81 65.13 2.77 62.32 46063.01
CSR 2.61 -0.01 3.80 2.55 7.31 7.75 1453.34 HDFC Bk 1437 -16.00 1725 1271.6 - 26.79 97742.75 SK Hynix 89900 100.00 134000 80400 1.67 6.59 46669.81 AmerExpr 143.34 -1.03 199.55 134.12 1.07 16.84 107468.85 Halliburton 29.63 0.39 43.99 20.77 0.73 20.14 26872.76 Verizon 38.45 -0.30 55.51 37.95 5.45 8.74 161479.03
Daqin 6.77 0.09 7.25 5.95 6.72 10.82 14193.46 Hind Unilevr 2614 -53.95 2734 1927 1.11 77.01 75002.15 SmsungEl 56300 300.00 80800 51800 2.50 9.99 239668.26 AmerIntGrp 50.89 -0.41 65.73 47.05 2.08 5.69 38697.58 HCA Hold 203.60 1.06 279.02 164.47 0.78 11.64 58438.25 VertexPharm 298.41 -3.62 305.95 176.36 - 40.07 76528.79
GuosenSec 8.60 0.03 12.30 8.55 2.53 10.43 10705.27 HsngDevFin 2316.1 -33.35 3021.1 2026 0.90 21.68 51400.47 Spain (€) AmerTower 206.60 -7.55 291.99 205.56 2.08 44.16 96187.93 Hew-Pack 26.76 -0.02 41.47 24.74 2.59 5.84 26918.92 VF Cp 30.37 -1.53 78.91 29.32 5.36 12.05 11798.58
HaitongSecs 4.02 -0.03 7.34 3.94 6.60 4.72 1746.07 ICICI Bk 885.45 17.80 936.65 642.15 0.21 30.89 75339.25 BBVA 4.80 -0.02 6.29 3.97 7.39 6.84 30166.85 Amgen 231.35 -2.47 258.45 198.64 2.52 27.23 123756.25 Hilton Worldwi. 123.96 -1.96 167.99 108.41 - 102.72 34000.66 Visa Inc 186.62 -1.05 236.96 174.83 0.59 37.38 305126.43
Hngzh HikVDT 30.42 0.01 58.45 28.10 2.49 17.64 39361.98 Infosys 1455.15 25.75 1923.3 1360 1.90 31.62 74772.42 BcoSantdr 2.55 -0.03 3.48 2.32 2.86 5.35 42146.73 Amphenol Corp 72.73 0.85 88.45 61.67 0.89 35.06 43261.85 HiltonWwde 123.96 -1.96 167.99 108.41 - 102.72 34000.66 Walgreen 32.54 -0.62 53.46 31.23 4.87 5.70 28122.91
Hunng Pwr 3.48 0.02 5.74 3.08 5.24 -4.22 2083.77 ITC 336.65 3.80 348.75 207.00 2.91 30.76 50973.89 CaixaBnk 3.38 -0.04 3.64 2.22 0.76 23.25 26789.24 Analog Devices 152.00 0.11 191.95 138.50 1.52 61.75 78179.91 HomeDep 291.42 1.57 420.61 264.51 1.89 22.49 298334.36 WalMartSto 132.90 -0.02 160.77 117.27 1.38 32.71 360722.22
IM Baotou Stl 1.84 - 3.27 1.75 - 33.06 8219.6 L&T 1912.95 41.40 2035 1456.35 0.86 34.89 32823.44 Iberdrola 9.68 -0.10 11.49 8.47 4.16 17.39 60621.21 Anthem 482.58 12.71 - - - - - Honywell 175.08 -2.73 228.26 166.63 1.78 26.78 117950.05 Walt Disney 100.68 -0.12 179.63 90.23 - 70.82 183545.46
In&CmBkCh 3.78 -0.03 4.94 3.59 7.42 3.74 41794.8 OilNatGas 132.65 -1.25 189.80 119.85 6.25 4.13 20378.54 Inditex 21.74 -0.13 32.41 18.55 0.97 24.01 66681.77 Aon Cp 281.74 -1.04 341.98 246.21 0.58 61.42 59426.17 HumanaInc 501.27 -3.44 514.98 363.73 0.46 26.75 63437.57 Waste Manage. 161.11 -5.52 175.98 138.58 1.18 45.44 66592.52
IndstrlBk 16.65 0.11 23.22 16.49 4.42 4.82 48777.51 RelianceIn 2422.1 8.90 2856.15 2222 0.26 30.48 200124.1 Repsol 12.58 -0.16 16.23 9.60 4.56 8.03 17974.32 Apple 145.89 -0.51 182.13 129.04 0.49 29.272344562.01 IBM 122.80 -2.94 144.94 114.56 4.41 28.52 110910.55 WellsFargo 42.55 -0.76 60.30 36.54 1.50 10.40 161394.26
Kweichow 1872.5 -7.85 2216.96 1593 0.98 44.52 331711.24 SBI NewA 537.30 4.60 578.50 430.70 0.68 16.48 58557.41 Telefonica 3.36 -0.03 5.06 3.33 9.82 2.57 19119.91 Applied Materi. 88.89 -0.33 167.06 81.53 0.88 14.84 76472.9 IDEXX Laborato. 347.54 -2.58 672.93 318.50 - 48.89 28933.99 Williams Cos 30.02 -0.44 37.97 24.86 4.52 29.29 36580.27
Midea 0.44 - 0.61 0.41 - -5.16 16.87 SunPhrmInds 953.90 9.35 967.85 733.70 0.72 39.09 27949.21 Sweden (SKr) Aptiv 87.10 - 180.81 77.96 - 54.32 23598.08 IllinoisTool 192.53 -0.28 248.11 173.52 2.03 27.37 59611.47 Workday 161.17 1.72 307.81 134.10 - 1609.63 32394.91
New Ch Life Ins 14.86 -0.10 25.15 14.04 9.51 3.05 1957.6 Tata Cons 3101.95 10.80 3989.9 2950.1 1.07 32.58 138605.05 AtlasCpcoB 100.80 0.96 133.60 22.08 7.33 6.71 14200.54 ArcherDan 86.47 0.20 98.88 60.89 1.41 21.84 48471.76 Illumina 211.45 -7.07 425.00 173.45 - 50.76 33218.8 Yum!Brnds 111.47 -0.87 139.85 106.16 1.48 25.88 31716.53
PetroChina 3.38 0.01 4.49 3.18 6.52 7.37 9084.76 Israel (ILS) Ericsson 69.46 0.85 117.32 64.16 3.27 10.21 19261.4 AT&T 15.47 -0.19 21.53 15.34 11.12 6.78 110203.59 Intcntl Exch 93.51 0.10 139.79 90.05 1.17 15.76 52218.64 Zoetis 152.98 -1.62 249.27 147.77 0.54 43.34 71613.5
PingAnIns 40.90 -0.20 69.40 37.75 5.65 7.02 38804.04 TevaPha 29.46 0.76 37.23 23.83 - 26.22 9216.02 H&M 105.46 -1.54 191.86 98.25 6.04 14.49 13903.25 Autodesk 206.41 1.88 335.48 163.20 - 110.43 44554.39 Intel 27.24 -0.41 56.07 25.74 4.22 6.78 111826.91 Zoom 77.54 0.02 291.31 71.69 - 20.65 19459.36
PngAnBnk 11.84 -0.02 20.59 11.81 1.39 7.46 32401.05 Investor 169.48 0.46 228.75 158.22 2.09 7.27 27869.4 AutomData 237.29 -1.77 261.59 192.26 1.33 44.44 98542.48 Intuit 410.05 -3.53 716.86 339.36 0.52 62.13 115580.74 Venezuela (VEF)
Italy (€)
Pwr Cons Corp 6.97 0.08 9.81 5.99 1.21 15.29 10803.56 Nordea Bk 96.01 -0.29 113.78 85.25 15.39 11.17 32370.27 AutoZone 2230.5 -14.95 2362.24 1647.29 - 24.38 43467.09 John&John 162.89 -2.22 186.69 155.72 2.13 25.23 428267.11 Bco de Vnzla 1.16 -0.03 2.14 0.32 129.92 - 516.03
Enel 4.17 -0.15 7.37 4.15 8.39 20.31 41722.94
SaicMtr 14.30 0.03 23.45 14.25 3.94 7.55 23560.63 SEB 107.80 -0.75 141.85 91.64 9.47 8.98 20963.08 Avago Tech 482.98 -1.83 677.76 443.64 2.57 33.00 195605.58 JohnsonCn 52.67 -0.67 81.69 45.52 1.80 29.10 36279.64 Bco Provncl 2.60 -0.09 798000 1.70 - 0.00 118.92
ENI 11.73 0.01 14.85 10.43 5.49 5.17 41623.1
ShenwanHong 0.11 0.00 0.18 0.05 - 3.52 123.41 SvnskaHn 91.72 -1.48 108.15 80.88 5.51 8.97 16099.41 BakerHu 23.57 -0.14 39.78 20.42 2.60 66.00 23847.05 JPMrgnCh 108.53 -1.86 172.96 104.40 2.89 8.55 318272.08
Generali 13.88 -0.33 21.55 13.68 10.11 8.16 21597.31
ShgPdgBk 7.04 0.05 9.25 6.95 6.19 4.75 29140.25 Swedbank 144.75 -2.20 196.70 124.50 10.17 7.71 14789.15 Bank of NY 40.87 -0.49 64.63 38.30 2.63 11.94 33027.18 Kimb-Clark 112.99 -1.59 144.53 111.90 3.45 25.65 38146.69 Closing prices and highs & lows are in traded currency (with variations for that
IntSPaolo 1.71 -0.03 2.92 1.58 2.04 55.56 32741.3
Sinopec Corp 3.47 -0.02 4.28 3.25 3.71 4.52 11278.22 Telia Co 32.10 -0.02 41.70 31.88 6.30 11.29 11848.56 BankAm 31.68 -0.25 50.11 29.67 2.04 10.73 254516.2 KinderM 17.42 -0.29 20.20 15.01 5.27 45.52 39236.01 country indicated by stock), market capitalisation is in USD. Highs & lows are
Unicred 10.67 -0.14 15.93 7.75 1.07 16.58 23484.31
Sinopec Oil 1.84 0.01 2.67 1.70 - 645.67 3520.98 Volvo 165.60 0.68 218.65 148.24 3.97 10.76 23741.8 Baxter 56.75 -0.96 89.70 53.78 1.58 27.14 28579.91 KLA Corp 330.30 1.25 442.44 282.83 0.98 20.57 46838.41 based on intraday trading over a rolling 52 week period.
Japan (¥) Kraft Heinz 33.42 -0.47 44.87 32.73 3.96 49.31 40954.2
Denmark (kr) Switzerland (SFr) BectonDick 231.92 -4.91 277.29 222.61 1.20 48.55 66142.45 ♦ ex-dividend
AstellasPh 1972 -19.00 2205 1739 2.43 29.24 24987.39 Kroger 44.19 -0.41 62.78 38.22 1.47 24.41 31631.48
DanskeBk 92.62 1.12 133.25 91.50 2.06 6.64 10563.6 BerkshHat 418796.66-1870.84544389.26395202.25 - 8.52 251246.17 ■ ex-capital redistribution
Bridgestne 4919 34.00 5509 4042 3.51 11.02 24230.81 ABB 25.51 -0.04 34.07 23.98 2.93 12.96 50665.29 LasVegasSd 42.90 0.28 48.27 28.88 - -34.37 32778.48
MollerMrsk 14380 80.00 24070 13185 2.26 2.45 15926.95 Biogen 260.89 -0.80 290.76 187.16 - 30.35 37858.54 # price at time of suspension
Canon 3342 36.00 3516 2467 3.04 15.93 30765.35 CredSuisse 4.22 0.11 10.18 3.52 2.13 -7.01 11299.69 LibertyGbl 16.29 -0.18 30.42 15.58 - 0.84 2823.21
NovoB 799.60 6.70 863.60 604.40 1.12 40.36 184318.3 BlackRock 574.61 -8.54 973.16 543.23 2.38 18.19 86633.23
CntJpRwy 16590 -50.00 17770 14660 0.81 -30.64 23587.95 Nestle 106.34 -0.72 128.90 104.60 2.32 19.55 295612.85

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
Halliburton 29.63 29.24 0.39 1.33 4.99 20.3 1.38 TokioMarine 2642.00 2645.50 -3.50 -0.13 -5048.00 -65.6 -65.65 Oct 06 date Coupon S* M* F* price yield yield yield US Oct 06 date Coupon S* M* F* price yield yield yield US
Twitter 50.73 51.30 -0.57 -1.11 7.99 18.7 15.87 Carnival 7.12 7.43 -0.32 -4.24 -2.05 -22.3 -27.15 High Yield US$ US$
Schlmbrg 41.98 41.57 0.41 0.97 6.01 16.7 13.52 Tesla Mtrs 237.87 240.81 -2.94 -1.22 -30.34 -11.3 -19.31 HCA Inc. 04/24 8.36 BB- Ba2 BB 113.75 4.24 0.00 0.12 - FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa1 A- 129.00 2.54 -0.01 -0.05 -
Devon Energy 71.01 70.88 0.13 0.18 10.04 16.5 4.39 BOE Tech 0.65 0.73 -0.08 -10.96 -0.08 -11.0 -19.48 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
CanNatRs 73.38 73.23 0.15 0.20 9.88 15.6 0.97 Volkswgn 174.75 171.05 3.70 2.16 -17.55 -9.1 -5.65 Aldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98 NationsBank Corp. 03/28 6.80 BBB+ Baa1 A- 127.69 2.72 -0.01 0.06 -
Suncor En 44.48 44.23 0.25 0.57 5.70 14.7 4.15 AmerMvl 16.64 16.60 0.04 0.24 -1.23 -6.9 -13.95 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
Phillips66 92.07 92.61 -0.55 -0.59 11.44 14.2 4.53 DominRes 66.23 69.01 -2.78 -4.03 -4.83 -6.8 -22.26 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
ExxonMb 100.65 99.12 1.53 1.54 11.97 13.5 7.21 HaitongSecs 4.02 4.05 -0.03 -0.74 -0.28 -6.5 -24.15 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Barclays Bank plc 01/29 4.50 A A1 A+ 96.46 5.02 0.00 0.02 -
Petrobras 36.89 36.55 0.34 0.93 4.25 13.0 4.08 Telenor 94.98 100.90 -5.92 -5.87 -6.52 -6.4 -17.34 Colombia 01/26 4.50 - Baa2 BBB- 109.50 2.33 0.16 0.52 1.28
Brazil 04/26 6.00 - Ba2 BB- 115.15 2.78 -0.01 0.65 1.73 Euro
ConocPhil 116.63 115.93 0.70 0.60 12.97 12.5 11.48 Nike 90.41 91.10 -0.69 -0.76 -4.92 -5.2 -19.61 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
Vale 76.71 76.96 -0.25 -0.32 8.37 12.2 14.53 Chunghwa Telecom 110.50 111.50 -1.00 -0.90 -6.00 -5.2 -9.05 Poland 04/26 3.25 - A2 A- 111.22 0.98 0.03 0.16 -0.07
Mexico 05/26 11.50 - Baa1 BBB- 149.00 1.61 0.00 -0.12 0.56 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
EOG Res 126.63 126.08 0.55 0.44 13.66 12.1 7.23 AEP 84.68 87.70 -3.02 -3.45 -4.39 -4.9 -18.76 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
BakerHu 23.57 23.71 -0.14 -0.59 2.45 11.6 -6.00 DukeEner 91.38 94.02 -2.64 -2.81 -3.72 -3.9 -19.06 Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07
Turkey 03/27 6.00 - B2 BB- 102.88 5.43 0.14 0.83 4.38 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
LasVegasSd 42.90 42.62 0.28 0.65 4.37 11.3 14.68 Hunng Pwr 3.48 3.46 0.02 0.58 -0.14 -3.9 -18.46
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
Softbank 5494.00 5355.00 139.00 2.60 556.00 11.3 -4.63 SingTel 2.52 2.55 -0.03 -1.18 -0.10 -3.8 -5.26
Russia 06/28 12.75 - Baa3 BBB 168.12 2.48 0.07 0.05 - Mexico 06/26 1.09 - Baa1 BBB- 98.73 1.34 -0.02 -0.14 0.27
Occid Pet 68.89 67.74 1.15 1.70 6.78 10.9 -3.03 Fresenius Med 27.84 28.37 -0.53 -1.87 -1.07 -3.7 -16.38
Chevron Corp 160.53 158.53 2.00 1.26 15.76 10.9 2.32 Unilever 3932.00 3947.50 -15.50 -0.39 -148.50 -3.6 -1.80 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
SK Hynix 89900.00 89800.00 100.00 0.11 8700.00 10.7 -6.74 AmerTower 206.60 214.14 -7.55 -3.52 -7.13 -3.3 -24.61 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
ASML Hld 476.30 466.50 9.80 2.10 44.40 10.3 -12.92 ReckittB 5940.00 5944.00 -4.00 -0.07 -184.00 -3.0 -11.00 Brazil 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
CredSuisse 4.22 4.11 0.11 2.60 0.39 10.2 -16.43 Natl Grid 909.60 924.80 -15.20 -1.64 -27.80 -3.0 -22.21 Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 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 - Baa1 BBB- 106.48 -0.26 - - -0.36 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Oct 06 Rate Current Since Last Day's Month's Year Return Return Oct 06 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 3.00-3.25 21-09-2022 2.25-2.5 Index change change change 1 month 1 year VIX 29.76 1.21 28.55 38.93 14.73 Oct 06 Price £ Yield Day Week Month Year High Low £m
US Prime 6.25 22-09-2022 5.50 Markit IBoxx VXD 26.64 0.78 25.86 45.37 3.27 - - - - - - - - -
US Discount 2.50 27-07-2022 1.50 ABF Pan-Asia unhedged 190.36 0.43 0.95 -13.39 -3.54 -12.74 VXN 35.17 0.84 34.33 44.05 15.70 Tr 0.75pc '23 97.71 3.72 3.05 -5.82 31.45 962.86 100.82 97.34 34.36
Euro Repo 0.374 20-09-2022 0.141 Corporates( £) 302.57 -0.95 0.35 -23.56 -7.31 -22.89 VDAX 29.49 -0.48 29.97 93.30 - Tr 0.125pc '24 94.93 4.12 3.00 -5.07 27.95 776.60 99.44 94.34 34.76
UK Repo 2.25 22-09-2022 1.75 Corporates(€) 206.47 -0.64 0.77 -14.52 -2.54 -15.07 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 2pc '25 93.96 4.22 3.18 -2.76 42.09 667.27 105.99 93.15 39.04
Japan O'night Call 0.00-0.10 01-02-2016 0.00 Eurozone Sov(€) 213.34 -1.24 0.69 -16.15 -2.99 -16.54 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 0.125pc '26 87.21 4.31 3.11 -2.27 44.63 595.16 98.77 86.33 34.53
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 Gilts( £) 259.06 -1.97 -1.78 -27.93 -9.41 -25.54 Tr 1.25pc '27 86.69 4.36 3.81 -0.23 47.30 514.08 104.30 85.80 40.07
Overall( £) 266.65 -1.67 -1.21 -26.34 -8.68 -24.39 BONDS: BENCHMARK GOVERNMENT Tr 0.875pc '29 79.79 4.22 3.69 -0.47 43.54 363.74 102.36 78.30 42.65
INTEREST RATES: MARKET Overall(€) 208.03 -1.04 0.70 -15.67 -2.82 -16.09 Red Bid Bid Day chg Wk chg Month Year Tr 4.25pc '32 100.65 4.17 4.25 2.21 37.17 279.09 135.62 98.95 39.43
Over Change One Three Six One FTSE Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '36 98.76 4.37 4.05 3.55 30.45 246.83 145.94 96.26 30.97
Oct 06 (Libor: Oct 05) night Day Week Month month month month year Sterling Corporate (£) - - - - - - Australia 11/22 2.25 99.95 2.67 -0.04 -0.24 -0.19 2.64 Tr 4.5pc '42 100.42 4.47 4.20 8.76 30.32 219.29 169.96 95.62 27.72
US$ Libor 3.05643 -0.012 -0.008 0.012 3.19814 3.78400 4.28371 4.82500 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 05/32 1.25 80.82 3.63 -0.10 -0.47 -0.26 - Tr 3.75pc '52 90.68 4.31 3.11 11.08 29.04 203.52 180.27 82.60 24.55
Euro Libor -0.64957 -0.064 0.000 0.001 -0.61943 -0.58057 -0.55600 -0.48571 Euro Emerging Mkts (€) 558.14 12.96 - - -21.67 -26.72 02/50 1.00 96.01 1.58 -0.16 -0.63 -0.39 1.26 Tr 4pc '60 97.07 4.15 3.75 13.70 28.88 207.41 213.01 87.32 24.57
£ Libor 0.18063 -0.005 0.000 0.104 2.37810 3.29880 4.28510 0.81363 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 Austria 02/29 0.50 88.62 2.45 0.13 -0.21 -0.17 2.61 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Swiss Fr Libor -0.002 -0.77540 -0.75300 -0.70280 -0.55320 02/47 1.50 77.12 2.81 0.11 0.02 -0.12 2.22
CREDIT INDICES Day's Week's Month's Series Series
Yen Libor
Euro Euribor
0.000
0.042
-0.04632
0.70600
-0.03603
1.20000
0.03680
1.73100
0.04867
2.36300
Index change change change high low
Belgium 06/27 0.80 94.14 2.12 0.13 -0.20 -0.12 2.50 GILTS: UK FTSE ACTUARIES INDICES
06/47 1.60 75.73 3.01 0.13 0.01 -0.08 2.15
Sterling CDs 0.000 0.50000 0.63000 0.78500 Markit iTraxx Price Indices Day's Total Return Return
Canada 03/25 1.25 94.20 3.80 0.12 0.12 0.07 2.96
US$ CDs 0.130 3.33000 3.86000 4.28000 Crossover 5Y 608.67 2.38 -53.90 - 688.92 584.73 Fixed Coupon Oct 06 chg % Return 1 month 1 year Yield
06/30 1.25 86.33 3.29 0.16 0.19 0.08 1.86
Euro CDs 0.070 0.82000 1.13000 1.67000 Europe 5Y 126.53 -0.29 -11.71 - 142.08 121.70 1 Up to 5 Years 79.54 -0.29 2286.31 -2.58 -6.98 4.27
12/48 2.75 91.15 3.26 0.10 0.29 0.13 1.28
Japan 5Y 104.63 -2.18 -10.61 - 119.29 100.33 2 5 - 10 Years 141.18 -0.97 2972.61 -7.79 -18.56 4.24
Short 7 Days One Three Six One Denmark 11/29 0.50 87.78 2.39 0.14 -0.15 -0.10 2.49
Senior Financials 5Y 141.12 -1.60 -12.00 - 155.06 133.08 3 10 - 15 Years 147.58 -1.74 3390.75 -9.95 -25.97 4.34
Oct 06 term notice month month month year 11/52 0.25 53.48 2.45 0.10 -0.07 -0.10 1.94
Markit CDX Finland 09/24 0.00 96.52 1.84 0.09 -0.20 -0.09 2.48 4 5 - 15 Years 141.77 -1.18 3073.02 -8.39 -20.78 4.28
Euro 0.58 0.88 0.51 0.81 0.67 0.97 0.98 1.28 1.52 1.82 2.01 2.31 5 Over 15 Years 200.09 -2.61 3417.95 -15.45 -40.87 4.29
Emerging Markets 5Y 305.36 6.54 -14.09 - 333.56 288.27 09/29 0.50 87.51 2.48 0.14 -0.10 -0.08 2.62
Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 7 All stocks 129.12 -1.36 2868.06 -9.05 -25.47 4.29
Nth Amer High Yld 5Y 556.25 -1.60 -39.98 - 625.47 556.25 France 05/28 0.75 92.23 2.23 0.13 -0.17 -0.12 2.46
US Dollar 2.89 3.09 2.92 3.12 3.23 3.43 3.76 3.96 4.18 4.38 4.51 4.71
Nth Amer Inv Grade 5Y 97.12 -0.88 -9.02 - 110.98 97.12 05/48 2.00 83.35 2.93 0.13 -0.02 -0.07 2.10
Japanese Yen -0.15 0.05 -0.20 0.00 -0.20 0.00 -0.15 0.05 -0.10 0.20 -0.05 0.25 Day's Month Year's Total Return Return
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Germany 08/29 0.00 87.94 1.89 0.13 -0.14 -0.10 2.24
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Index Linked Oct 06 chg % chg % chg % Return 1 month 1 year
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 08/50 0.00 57.21 2.03 0.12 -0.02 -0.07 1.73
1 Up to 5 Years 315.70 0.04 -1.83 0.77 2662.50 -1.80 1.91
Greece 01/23 3.50 100.68 1.30 0.10 0.00 0.01 1.64 2 Over 5 years 517.68 1.87 -16.43 -38.84 3940.74 -16.38 -38.59
01/28 3.75 98.73 4.02 0.07 -0.30 -0.25 3.70 3 5-15 years 424.37 -0.15 -11.72 -19.17 3426.75 -11.68 -18.57
Ireland 10/22 0.00 99.93 2.35 0.42 0.83 0.51 2.98 4 Over 15 years 590.99 3.18 -19.06 -47.01 4368.27 -19.01 -46.87
05/26 1.00 96.84 1.92 0.08 -0.28 -0.18 2.36 5 All stocks 491.91 1.57 -14.36 -34.64 3819.25 -14.31 -34.32
02/45 2.00 85.01 2.92 0.10 -0.05 -0.10 2.20
Italy 02/25 0.35 94.22 2.95 0.19 -0.30 -0.13 3.10 Yield Indices Oct 06 Oct 05 Yr ago Oct 06 Oct 05 Yr ago
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 05/30 0.40 88.57 2.03 0.15 -0.13 -0.24 2.97 5 Yrs 4.22 4.09 0.65 20 Yrs 4.43 4.28 1.44
03/48 3.45 86.11 4.36 0.22 -0.03 -0.03 2.61 10 Yrs 4.30 4.13 1.08 45 Yrs 4.04 3.87 1.29
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
Japan 04/25 0.05 100.04 0.03 0.00 -0.03 -0.02 -0.04 15 Yrs 4.41 4.24 1.33
Crude Oil† Nov 87.57 -0.19 Corn♦ Dec 680.75 -3.25 Oct 05 Oct 05 Prev return stock Market stocks
12/29 0.10 99.47 0.17 0.01 -0.06 -0.04 0.19
Brent Crude Oil‡ 93.76 0.39 Wheat♦ Dec 890.00 -12.00 Can 4.25%' 26 110.66 1.583 1.445 -0.37 5.25 69762.21 8
12/49 0.40 79.95 1.27 0.01 -0.10 -0.05 0.63 inflation 0% inflation 5%
RBOB Gasoline† Dec 2.65 -0.02 Soybeans♦ Nov 1358.50 -11.25 Fr 0.25%' 24 103.52 -1.661 -1.659 0.48 17.92 243760.63 17
Netherlands 07/27 0.75 94.31 2.01 0.13 -0.16 -0.10 2.44 Real yield Oct 06 Dur yrs Previous Yr ago Oct 06 Dur yrs Previous Yr ago
Natural Gas† Nov 7.12 0.19 Soybeans Meal♦ Oct 402.50 0.00 Swe 1.00%' 25 123.70 -0.630 -0.635 0.20 35.38 212017.83 6
01/47 2.75 107.05 2.36 0.11 -0.04 -0.08 2.09 Up to 5 yrs 0.34 1.54 0.37 -3.53 -0.27 1.54 -0.25 -3.90
Base Metals (♠ LME 3 Months) Cocoa (ICE Liffe)X Dec 1976.00 13.00 UK 0.125%' 24 101.46 -0.868 -1.207 -0.66 15.24 526306.95 31
Aluminium 2364.00 7.00 Cocoa (ICE US)♥ Dec 2400.00 8.00 New Zealand 05/31 1.50 81.86 4.01 -0.13 -0.30 -0.26 2.01 Over 5 yrs 0.52 18.96 0.62 -2.24 0.50 19.01 0.59 -2.26
UK 2.50%' 24 362.58 0.134 -0.223 -0.95 6.82 526306.95 31
Aluminium Alloy 1675.00 -905.00 Coffee(Robusta)X Nov 2142.00 -31.00 09/40 2.50 117.91 2.38 -0.07 -0.27 -0.20 1.50 5-15 yrs 0.58 8.56 0.56 -2.78 0.48 8.57 0.46 -2.88
UK 2.00%' 35 230.41 0.507 0.203 -4.32 9.08 526306.95 31
Copper 7673.00 -29.00 Coffee (Arabica)♥ Dec 223.45 -1.20 Norway 08/30 1.38 86.46 3.36 0.08 -0.02 0.08 1.72 Over 15 yrs 0.51 25.53 0.63 -2.18 0.50 25.54 0.62 -2.20
US 0.625%' 24 98.15 2.103 2.063 0.51 40.98 1563060.47 46
Lead 2055.00 23.00 White SugarX 547.60 13.00 Poland 01/23 2.50 98.61 7.26 -0.20 0.06 -0.15 6.67 All stocks 0.52 16.14 0.62 -2.26 0.48 16.22 0.58 -2.28
US 3.625%' 28 109.70 1.774 1.648 0.97 16.78 1563060.47 46
Nickel 22700.00 110.00 Sugar 11♥ 18.07 0.12 07/27 2.50 81.07 7.32 0.15 0.07 -0.08 5.61 See FTSE website for more details www.ftse.com/products/indices/gilts
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Tin 20200.00 -155.00 Cotton♥ Dec 83.10 -0.13 04/47 4.00 67.73 6.72 0.00 0.05 0.05 4.23 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Zinc 3126.50 49.50 Orange Juice♥ Nov 190.50 -0.45 Portugal 04/27 4.13 107.69 2.31 0.11 -0.23 -0.13 2.63 Gilt Closing Prices information contained herein is proprietary to
amount.
Precious Metals (PM London Fix) Live Cattle♣ Oct 144.63 0.43 Spain 10/22 0.45 99.95 1.25 -0.01 0.11 0.24 1.85 Tradeweb; may not be copied or re-distributed; is not warranted to be
Gold 1700.50 -14.35 Feeder Cattle♣ May 134.88 - BONDS: TEN YEAR GOVT SPREADS 10/29 0.60 85.95 2.82 0.16 -0.16 -0.11 2.65 accurate, complete or timely; and does not constitute investment advice.
Silver (US cents) 2043.50 -49.00 Lean Hogs♣ Oct 90.93 3.93 10/46 2.90 89.45 3.56 0.18 0.02 -0.01 2.36 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Platinum 920.00 -5.00 Spread Spread Spread Spread Sweden 06/30 0.13 112.64 -0.10 0.06 0.16 0.04 1.66
Palladium 2278.00 -37.00 % Chg % Chg Bid vs vs Bid vs vs 03/39 3.50 120.72 2.01 0.08 -0.11 -0.08 1.32 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Bulk Commodities Oct 05 Month Year Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 04/28 4.00 116.45 0.92 0.18 -0.20 -0.08 1.27 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Iron Ore 95.26 0.05 S&P GSCI Spt 651.51 -2.47 21.28 06/29 0.00 93.76 0.97 0.17 -0.21 -0.09 1.23 Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Australia 3.63 1.74 -0.18 Netherlands 2.01 0.12 -1.80
Baltic Dry Index 1992.00 -4.00 DJ UBS Spot 116.55 -4.53 19.71 Austria 2.45 0.56 -1.36 New Zealand 4.01 2.12 0.20 United Kingdom 07/23 0.75 97.74 3.66 0.12 -0.22 -0.17 3.33 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Richards Bay ICE Futures 284.95 -4.05 TR/CC CRB TR 302.86 -3.09 28.29 Canada 3.29 1.40 -0.52 Norway 3.36 1.47 -0.45 07/27 1.25 87.24 4.22 0.14 -0.06 -0.18 3.50 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
LEBA EUA Carbon 58.91 -1.98 129.94 Denmark 2.39 0.50 -1.42 Portugal 2.31 0.42 -1.50 07/47 1.50 57.97 4.26 0.20 0.32 0.41 2.79
LEBA UK Power 1048.00 -37.43 -39.60 Finland 2.48 0.59 -1.33 Spain 2.82 0.93 -0.99 United States - - - - - - - Data provided by Morningstar | www.morningstar.co.uk
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Germany 1.89 0.00 -1.92 Sweden -0.10 -1.99 -3.91 03/25 0.50 91.43 4.17 0.06 0.05 -0.07 3.51
unless otherwise stated. Italy 2.03 0.14 -1.78 Switzerland 0.97 -0.93 -2.84 02/30 1.50 85.28 3.81 0.14 0.05 -0.07 2.39
Japan 0.17 -1.72 -3.64 United States 3.81 1.92 0.00 02/50 0.25 66.08 1.83 0.09 0.19 -0.05 -
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
Friday 7 October 2022 ★ FINANCIAL TIMES 17

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 abrdn 135.95 -1.20 265.30 131.40 10.74 2.96 4861.3 GamesWk 6065 95.00 10650 1640 4.20 16.70 55.1 LEISURE Real Estate Ferguson 10070 136.00 13360 8602 1.79 14.87 522.0
Avon Protection 1037 -45.00 2098 732.00 2.83 -17.50 39.0 Bridgepoint Grp Plc 204.80 1.20 571.00 176.20 - 12.80 347.9 Gleeson 418.00 8.00 862.22 394.00 3.59 6.54 51.4 PhotoMe International Plc 107.00 5.00 109.00 55.70 - 18.67 655.5 Hays 105.10 -1.90 172.25 98.75 1.16 15.17 3690.5
REITs
BAE Sys 818.60 -2.80 856.81 517.40 2.96 14.97 6852.9 CtyLonInv 392.50 12.50 552.00 374.56 8.41 9.21 3.0 Headlam 253.00 2.00 510.00 230.00 3.08 10.91 10.5 Homesve 1183 -4.00 1192 578.33 2.20 106.58 1620.6
Media Assura 51.35 0.30 74.60 47.90 5.65 10.27 12205.8
Chemring 320.50 16.50 383.50 246.88 1.31 22.26 1895.9 CloseBrs 960.50 - 1550 878.50 6.25 7.18 153.9 McBride 23.75 1.15 74.60 15.25 - -4.24 21.7 HowdenJny 524.00 7.40 973.80 472.20 2.56 9.89 1216.7
4imprint 3655 95.00 4090 2175 0.30 61.68 89.9 BigYellw 1042 13.00 1730.36 938.50 3.23 6.86 457.6
CoinShares Int Ltd SKr 38.20 1.20 105.00 22.00 - -0.07 8.9 Persimn 1262 -4.50 2906.18 1161.5 18.62 5.14 1142.9 Intertek 3808 12.00 5824 3583 2.78 21.41 287.9
Automobiles & Parts Auto Trader Group PLC 537.20 -7.20 751.40 490.20 0.93 26.50 2411.5 BritLand 341.80 1.10 553.60 317.80 4.40 46.82 2180.6
Hargr Lans 885.60 -21.80 1603 759.00 4.35 15.79 956.4 Philips € 16.16 0.03 42.01 15.20 5.02 25.25 2674.2 Kin and Carta 183.80 8.80 359.00 164.00 - -153.17 409.0
FordMtr $X 12.36 -0.15 25.87 10.61 0.67 3.36 34018.8 DlyMailA 270.00 -2.50 1178 264.50 8.96 10.31 111.0 Cap&Reg 48.75 -0.75 67.00 48.10 - -0.43 9.3
Indvardn SKr 230.60 2.10 294.20 205.40 2.74 -8.59 319.3 PZCusns 195.00 0.40 227.00 177.80 3.12 22.49 603.9 MearsGp 197.00 -1.00 245.00 175.00 1.27 17.13 80.4
Hyve Group 56.00 1.90 123.40 43.86 - -10.00 137.6 Civitas SH 62.60 1.10 98.25 60.00 8.69 10.68 1117.4
ICG 1081.5 9.50 2493 944.60 5.18 6.20 1071.8 Redrow 415.60 5.00 713.00 379.20 5.90 5.16 1198.1 Mitie 64.60 -0.30 81.00 44.70 - 32.30 1774.7
Banks Informa 542.40 10.40 628.00 459.80 - -24.00 10562.7 DrwntLdn 1969 21.00 3534 1783 3.83 8.77 364.5
Investec 389.20 4.60 541.40 299.40 3.34 9.78 1761.1 Superdry Plc 102.40 0.40 330.00 96.00 - -4.61 137.8 Rentokil 489.80 -2.30 662.00 441.20 1.53 34.74 74993.5
ANZ A$X 24.39 -0.11 28.75 20.78 5.78 10.94 5552.4 ITV 58.88 0.28 127.19 53.97 - 6.33 6947.3 Great Portland 735.50 -15.00 810.50 636.00 1.71 -9.22 515.5
Jupiter 92.80 -1.55 270.00 87.85 18.43 3.45 837.0 Vistry Group 579.00 -24.00 1236 557.00 6.91 5.07 901.1 Ricardo 442.50 8.50 510.00 325.00 1.55 39.51 48.0
BcoSant 222.15 -2.55 293.00 193.42 2.89 5.30 210.5 Pearson 906.20 1.00 932.60 571.00 2.18 43.36 4010.5 LandSecs 511.60 1.80 812.80 459.30 6.65 -13.36 2058.1
Liontrust 853.00 15.00 2393.4 692.00 5.51 10.67 317.5 RbrtWlts 480.00 24.00 850.00 418.08 3.42 10.98 1.3
BnkGeorgia 1960 -40.00 2215 960.00 - 6.07 74.0
LSE GpX 7682 -108.00 8612 6230 1.00 78.55 540.7
Industrial Engineering LondonMtrc 173.90 0.30 285.20 157.76 5.03 3.71 2746.7
RS Grp 1016 10.00 1276 12.05 2.50 25.79 1040.9
BankIre Grp € 7.26 0.18 7.55 4.59 - 8.34 201.6 Bodycote 503.50 -4.50 884.50 452.40 3.89 16.14 127.1 MEDIA Palace Cap 231.00 6.00 297.00 224.00 4.76 11.05 13.4
M&G Plc 168.45 -1.35 228.80 159.30 10.88 52.64 9747.6 SIG 30.50 0.10 54.25 28.60 - -12.71 147.7
BkNvaS C$X 65.45 -1.11 95.00 64.91 5.09 9.11 1178.6 Castings 279.00 -6.00 380.00 272.00 5.47 13.48 6.6 Reach PLC 79.25 2.20 355.50 64.40 8.85 88.06 271.1 PrimyHth 106.00 -0.30 156.20 105.20 5.85 10.82 6771.7
Providnt 172.50 -2.00 383.80 3.24 - 3.23 154.0 Vp 738.00 -7.00 1020 718.00 3.39 18.18 0.4
BarclaysX 144.80 -2.82 209.45 140.06 2.07 3.51 31949.6 Goodwin 2825 65.00 3800 2350 3.62 15.61 1.7 SEGRO 743.20 19.00 1508 669.20 3.04 2.20 7513.5
RathbnGrp 1692 16.00 2230 1426.08 4.37 13.09 59.7 Media
CanImp C$X 59.99 -1.44 167.50 59.03 8.99 4.62 923.6
Record 69.80 2.80 87.20 60.00 3.30 19.18 88.6 Hill&Sm 1028 14.00 1890 859.00 2.87 24.19 97.8 Shaftbry 363.60 7.80 664.00 334.80 0.66 -6.99 425.0 Tech - Hardware
HSBCX 471.30 -1.10 567.20 344.46 3.43 10.30 39583.7 RELX PLCX 2263 -14.00 2634.82 2056 2.11 29.85 2667.1 TritaxBBOX 134.00 3.20 251.40 120.08 4.86 2.42 5639.9
S&U 2120 -40.00 2950 1920 4.25 10.01 1.8 IMI 1208 19.00 1878 1069 1.90 16.50 708.3 SpirentCM 266.80 2.80 300.00 209.80 1.71 24.85 1888.3
LlydsBkgX 42.53 -0.33 4824.5 38.10 6.04 5.91 140235.9 Rightmove PLC 480.80 -4.70 803.16 458.20 0.94 27.21 2150.1 Wkspace 385.40 0.60 887.00 375.40 4.61 -5.73 285.1
Schroder 382.50 -12.80 21403 381.90 30.33 1.76 2394.9 MelroseInd 102.85 -0.20 173.25 96.60 1.54 -10.71 9991.9
NWGX 229.60 0.70 284.42 196.92 4.57 9.04 10723.0 Renold 22.80 -0.25 34.94 19.19 - 8.14 403.5
STV Grp 252.00 -14.00 385.00 246.00 3.85 6.15 70.2
Real Estate Inv & Services Tech - Software & Services
..N/V 2165 -45.00 2695 1690 5.36 9.97 321.5 WPPX 778.40 7.40 1231.5 719.60 3.40 14.83 1943.6 Computcnt 2006 16.00 3050 1833 2.76 12.47 265.9
PermTSB € 1.58 -0.06 1.85 1.18 - -18.38 20.4 RHIM 1663 -26.00 3634 1639.76 7.57 3.92 38.8 Cap&Count 104.90 2.30 178.30 97.35 0.48 30.85 2577.4
Shires Income 238.50 -1.00 291.00 216.81 5.62 3.33 36.6 MicroFoc 520.00 -0.20 524.62 256.00 3.43 -5.51 827.5
RylBkC C$X 125.51 -2.64 149.60 118.24 3.18 12.40 980.5 Rotork 252.40 3.00 375.60 225.20 3.43 27.43 906.7 Mining CLS 144.20 2.00 235.50 131.00 5.24 4.92 225.2
TP ICAP 198.90 -5.50 210.20 100.85 3.02 284.14 8817.9 NCC Grp 219.00 -1.50 262.00 162.80 2.12 73.00 282.7
StandChX 573.60 -9.00 641.00 406.20 1.54 12.86 9995.0 Severfd 52.00 3.00 76.11 46.65 5.58 9.29 108.1 AngloAmerX 2780.5 -89.50 4996.8 2487.5 6.41 5.51 2076.1 Grainger 225.00 0.80 324.00 216.80 2.43 13.98 1042.7
..7.375%Pf 98.10 -17.25 134.00 112.00 7.52 - 1.0 Food & Beverages Trifast 74.30 1.10 165.00 70.00 2.15 12.28 2.6 Sage 720.00 4.60 862.20 587.20 2.41 27.61 1739.9
AngloPacif 157.00 -0.60 192.67 125.00 5.76 11.81 467.3 Harworth Grp 117.00 1.00 193.30 107.51 1.57 4.05 100.9
..8.25%Pf 111.50 -37.25 150.00 144.50 7.40 - 2.7 AngloEst 776.00 -12.00 972.00 630.00 0.09 7.11 2.1 Weir 1515.5 8.50 1936.5 1321 0.76 25.60 387.8 TriadGp 122.50 2.50 180.00 100.00 1.63 13.45 7.5
AnGoldA R 262.22 3.20 434.78 219.10 3.00 11.98 956.5 Helical 319.50 4.00 497.00 284.33 3.16 7.72 55.5
TntoDom C$X 84.27 -3.21 109.08 77.27 3.48 11.74 1428.0 AscBrFdX 1257.5 -17.00 2066 1223 0.49 20.79 649.8 Antofagasta 1126 -10.50 1799.5 971.20 4.72 11.65 1353.7 Lon&Assc 17.45 0.15 27.85 10.00 - -2.37 12.5 Telecommunications
Westpc A$X 21.94 -0.21 26.44 18.80 3.78 17.07 6406.3 Barr(AG) 467.00 5.00 595.82 443.00 - 16.58 57.8
Industrial General
BHP Group 2313 -6.50 3040 1819.6 - 10.12 927.5 MacauPrp 58.00 -1.00 60.82 35.95 - -7.52 18.2 Airtel Africa 131.40 -2.00 173.10 1.58 2.48 11.71 1901.5
Britvic 726.00 -7.50 945.00 697.50 3.33 16.46 649.5 Coats Group 53.90 0.30 82.40 50.30 2.62 12.03 1748.3
Basic Resource (Ex Mining) Fresnillo 810.00 5.40 997.60 610.60 3.01 19.18 457.2 Mntview 11600 -250.00 15200 11463.8 3.66 14.46 0.1 BTX 124.65 -1.70 201.40 120.05 - 12.10 13282.1
CarrsGroup 98.00 4.80 161.50 89.50 5.10 12.10 130.2 Macfrlne 87.20 -1.20 143.00 86.40 3.12 10.12 186.2
GlencoreX 494.10 -6.20 548.30 346.40 1.79 18.09 39288.5 Safestre 859.00 9.50 1425 744.50 2.35 4.87 384.1 TelePlus 2255 25.00 2290 1058 2.53 57.82 130.9
Ferrexpo 126.70 -5.20 329.28 105.50 11.31 0.98 1025.6 Smith DS 249.40 -9.10 399.70 243.66 4.85 14.17 4809.8
Coca-Cola HBC 1892 -21.00 2633 1403.5 2.84 15.12 473.5 Harmony R 51.40 1.73 89.13 34.71 2.47 18.12 5039.7 Savills 826.50 1.50 1472 750.00 2.78 8.28 166.9 Vodafone GpX 101.60 -0.98 141.60 99.59 7.61 -227.29 220936.7
Cranswk 2766 46.00 3888 2566 2.53 14.61 65.1 Smiths 1567 13.50 1618 1323 2.41 24.91 1372.7
Chemicals Petropvlsk# 1.20 -0.19 26.00 0.78 - 1.66 26359.1 SiriusRE 70.80 1.90 145.20 64.20 4.61 5.52 2546.9
Devro 168.20 -1.80 240.00 163.00 5.41 9.14 121.7 SmurfKap 2543 -32.00 4150 2456 3.85 11.60 202.2 Tobacco
Elemntis 96.25 0.20 148.40 85.10 - 326.27 389.2 PolymtIntl 203.00 3.00 1520.5 92.02 48.05 - 123.5 Smart(J) 160.50 - 165.00 125.00 2.01 4.39 9.4
DiageoX 3728.5 -53.00 4364.1 3282.5 1.95 28.68 2218.5 Vesuvius 329.20 2.00 498.60 282.37 6.23 8.78 128.6 BrAmTobX 3266 -15.50 3645 2507.5 6.60 11.05 3190.5
Johnsn Mtthey 1891.5 9.00 2805 1650 3.70 23.85 250.6 Rio TintoX 5060 -24.00 6343 4354 9.93 5.29 1939.9 U+I 148.50 -0.50 151.50 58.51 - -2.12 98.8
Victrex 1721 13.00 2540 1585 3.46 20.49 137.3 Grncore 72.90 -1.55 141.00 70.50 - 14.58 1293.3 Industrial Transportation Troy Res A$ 0.04 0.00 0.20 0.03 - -0.94 3131.9 Imperial BrX 1944 47.00 1987 1434.23 7.11 6.50 1974.4
HiltonFd 621.00 24.00 1257.05 508.57 3.61 12.96 493.6 Retailers
Braemar 295.00 7.00 347.00 198.00 1.69 9.79 48.6 Travel & Leisure
Construction & Materials Kerry € 91.53 0.53 119.20 86.84 0.93 22.29 16.4 Oil & Gas Caffyns 550.00 - 650.00 465.00 - 7.99 0.3
Fisher J 283.50 6.50 848.00 257.00 - -5.14 62.1 Carnival 557.00 -5.60 1713 508.40 - -0.90 1341.8
Boot(H) 244.00 -6.00 349.00 242.00 2.25 13.05 4.5 PremFds 97.30 1.40 128.20 90.70 1.03 10.14 544.6 BPX 460.35 0.15 469.60 310.53 3.42 16.70 65790.8 Dunelm 766.50 1.50 1450 659.50 4.57 10.33 544.1
OceanWil 860.00 5.00 1075 795.00 9.31 4.38 57.0 Dalata Hotel 257.50 0.50 385.18 244.94 - -109.53 1.3
CRH 2982.5 -45.50 3949 2736.5 2.87 12.39 767.9 StckSpirit 377.00 1.00 487.00 230.50 2.18 42.71 14358.2 Capricorn Energy 244.40 2.40 261.00 177.40 - 1.94 2632.4 Halfords 168.80 8.10 374.40 124.00 2.96 5.63 940.5
RoyalMail 207.00 10.60 524.80 177.15 4.83 2.37 5033.5 easyJet 295.40 6.40 729.20 276.87 - -1.86 3500.5
GalfrdT 151.00 1.20 213.00 142.80 3.11 33.56 119.4 Tate&Lyl 677.20 -6.20 912.57 647.80 4.55 14.50 866.0 ExxonMb $X 100.65 1.53 105.57 57.96 2.87 22.59 13529.6 Inchcape 713.00 -0.50 920.00 615.00 1.87 24.09 365.8
MorgSdl 1530 -18.00 2600 1422 4.58 7.49 43.3 UnileverX 3932 -15.50 4178 3267.5 3.68 20.19 2205.7 Insurance Gazprom PJSC ADR $# 0.58 - 10.97 0.02 54.95 0.28 3213.3 JDSportsF 104.10 -0.40 235.70 96.96 0.28 12.58 5679.4 FirstGrp 108.50 0.10 145.66 83.75 - 25.83 852.1
Tyman 203.00 3.60 425.00 185.84 3.94 8.02 274.1 ..NV - - - - - - - Admiral 1973.5 -37.50 3254 1691.5 7.68 10.06 434.3 GeoPark $ 13.84 0.27 18.52 10.13 0.74 16.91 45.7 Kingfisher 214.40 -11.10 352.70 211.40 5.62 5.39 8488.9 Flutter Entertainment 10480 155.00 14685 7340 - -44.31 580.4
AvivaX 401.70 -3.80 606.58 341.92 5.31 52.86 4160.3 HellenPet € 6.56 0.08 7.70 5.78 1.46 6.24 13.9 Marks&Sp 96.18 -0.70 249.99 93.90 - 73.98 5726.1 Fuller A 455.00 -3.00 866.00 410.31 - -9.50 41.0
Electronic & Electrical Equip Health Care Equip & Services ImpOil C$X 65.94 1.07 72.96 40.55 1.40 21.10 367.7 Ocado 458.60 2.50 1964.5 439.32 - -15.20 2015.4 IntCon Htels Gp 4448 -19.00 5386 4174 - 41.66 730.8
Chesnar 275.00 3.50 334.40 253.63 8.06 15.28 41.3
Dialight 240.00 2.50 385.03 225.00 - 786.89 3.9 GNStre kr 123.00 -1.55 437.10 121.00 1.13 9.54 1365.4 Shell PLCX 2312 -66.50 2459.23 1534.2 2.62 12.18 15068.5 Saga 85.55 -3.75 369.80 81.00 - -9.14 623.5 Intl Cons Air 99.66 -0.05 185.19 90.47 - -2.21 9372.7
Direct Line 196.15 -0.05 312.70 171.70 11.37 8.14 3171.2
Discoverie PLC 681.00 11.00 1142 586.00 1.49 55.82 77.8 Mediclinic 494.00 0.20 503.50 286.40 - 30.88 1548.7 TrnCan C$X 56.31 -1.52 74.44 55.60 5.55 33.72 1921.7 Sainsbury (J) 169.95 -2.25 307.80 169.75 6.24 14.28 5594.6 Natl Exp 174.00 2.00 288.00 156.50 - -10.36 1137.1
Eccles prf 124.00 -1.50 166.00 122.30 6.96 - 30.2
Halma 2160 19.00 3232 1855.3 0.82 31.27 428.4 Smith & Nephew 1037 1.50 1379.6 985.00 2.63 23.53 2191.3 Wood Group (John) PLC 131.75 -2.05 255.00 115.25 - -5.42 1042.9 TescoX 199.60 -1.70 304.10 199.19 4.58 10.16 21496.9 PPHE Htl 1360 10.00 1617.25 1269.6 - -11.06 3.5
Hansard 34.00 -1.60 53.90 33.00 13.09 11.72 90.5
Morgan Ad 248.50 5.50 384.45 211.00 2.70 10.49 308.0 TUI 111.95 1.90 312.00 101.45 - -1.17 3421.3
House, Leisure & Pers Goods Hiscox 895.60 -10.00 1002 769.40 0.94 22.18 487.8 Support Services
OxfordIn 1906 30.00 2830 1600 0.89 26.04 40.3 Pharmaceuticals & Biotech Whitbrd 2489 -1.00 3649.99 2245.51 - -20.20 808.7
BarrttDev 352.00 -0.90 752.40 317.55 8.35 5.50 4415.1 Lancashire 508.50 -1.50 577.50 342.40 2.26 -26.49 593.0
Renishaw 3682 10.00 5360 3370 1.79 21.00 43.0 AstraZenecaX 9838 -106.00 11540 8090.32 2.10 1665.76 1519.8 AshtdGp 4400 77.00 7448.22 3269 1.03 21.42 1050.2
Bellway 1772.5 4.00 3513 1572 6.63 5.33 207.9 Leg&Gen 224.20 -1.50 299.60 208.90 7.95 6.88 17075.8 Utilities
Spectris 2829 14.00 3952 2371 2.46 9.31 198.6 Dechra 2584 38.00 5405 2514 1.57 38.58 316.2 Bunzl 2752 -51.00 3249 2363 1.98 20.88 997.6
Berkeley 3390 -5.00 4919 3120 0.27 8.82 600.6 Old Mut 47.75 -0.50 83.25 47.50 5.77 6.93 152.5 Drax 542.50 -16.00 845.89 467.60 3.28 40.19 1005.9
TT Elect 154.00 -4.00 272.50 135.20 4.22 21.39 60.3 GlaxoSmhX 1322.6 -6.40 2753.96 1280.92 6.05 15.27 8388.6 Capita 27.18 -0.58 50.46 19.89 - 2.07 1616.2
Burberry Gp 1912.5 3.50 2074 1473.5 2.22 16.46 963.3 PhoenixGrp 535.20 -8.00 692.80 508.40 9.01 -6.19 3922.5 Natl GridX 909.60 -15.20 1271.45 880.60 5.40 21.20 4833.2
XP Power 1648 -22.00 5740 1618 5.58 8.80 10.7 HikmaPhm 1293 -8.50 2496 1179 2.96 9.69 533.8 DCC 4766 -29.00 6508 4525 3.35 15.75 117.8
Cairn Homes 75.90 1.10 109.80 69.40 2.94 15.59 421.2 PrudntlX 939.00 12.20 1519 850.20 1.25 15.25 3533.9 Pennon 778.50 -20.00 1250 735.00 4.19 56.41 343.7
Oxfd Bio 342.50 12.00 1608 325.60 - 15.40 114.6 DeLaRue 87.10 -1.20 177.80 71.10 - 11.46 79.0
Financial General CtrySide 205.80 0.40 495.00 193.20 - 15.02 1425.6 StJmsPl 995.60 -33.40 1710 988.20 6.15 18.96 1256.6 Severn Trent 2334 -35.00 3228 2272 4.35 -86.77 471.9
RichterG $ 17.80 0.30 29.20 16.40 3.18 9.29 0.0 Diploma 2510 38.00 3504 2090 1.69 44.90 187.1
3i 1130 3.50 1477 1042 3.41 3.91 2497.1 Crest Nicholson 196.20 1.40 384.20 171.70 2.09 7.13 866.1 DWF Group PLC 83.00 - 124.00 80.42 5.42 -16.27 709.1 SSE 1503.5 -35.00 2166.93 1490 5.39 5.87 2853.2
Essentra PLC 225.50 0.50 348.50 168.60 2.35 25.34 701.3 UtdUtils 864.40 -16.20 1186.88 850.00 5.00 79.30 1234.0
Experian 2753 2.00 3689 2242 1.27 35.32 2975.5

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 ThorpeFW 352.50 -1.00 500.00 335.38 1.65 24.53 0.3 Health Care Equip & Services Learning Technologies Group 112.40 -1.70 215.91 97.70 1.11 47.35 3278.8 Pharmaceuticals & Biotech LonSec 2450 - 3940 2310 3.27 13.51 0.1
Cohort 465.00 5.00 630.00 426.73 2.39 41.33 21.2 Zytronic 117.50 - 205.00 110.00 - 39.17 2.4 AVO 22.75 -0.25 40.00 20.00 - -2.70 97.8 Abcam 1419 10.00 1757 1013.57 - 215.00 149.5 NWF 254.00 2.00 263.44 185.00 2.83 127.00 113.8
Media Petards 9.00 - 13.80 8.50 - 16.36 0.0
Velocity Composites PLC 15.75 - 32.00 14.25 - -5.25 2.5 Financial General CareTech 750.00 2.00 773.00 530.00 1.70 27.29 424.3 Reneuron 26.00 - 135.00 25.00 - -1.64 82.1
Mission Group 44.50 - 71.84 41.00 5.24 7.54 71.3 Renew 601.00 9.00 874.00 571.00 2.19 14.85 69.4
Tristel 345.00 - 610.00 270.00 1.90 71.13 38.7 Sareum 217.50 10.00 377.50 92.50 - -72.50 144.8
Banks Appreciate Grp 29.80 0.30 33.40 21.10 3.36 12.96 110.1 Smart Metering Systems 827.00 -3.00 968.00 670.00 3.17 259.25 211.0
Arbuthnot 792.50 -7.50 1050 625.00 2.02 17.53 0.1
Mining
Caribbean Inv 26.50 - 45.40 24.03 - 3.05 138.6 House, Leisure & Pers Goods Real Estate
BP Marsh 291.00 4.00 363.00 272.25 0.84 8.02 0.9 AMC 1.58 -0.05 4.01 0.61 - -36.81 3434.9 Tech - Hardware
Airea 25.50 - 33.00 23.33 - 9.44 0.3 Lok'nStor 730.00 5.00 1090 706.02 2.05 22.13 16.1
Basic Resource (Ex Mining) Burford Capital Ltd 710.00 -8.00 943.38 590.00 1.95 -2909.84 201.1 BotswanaD 0.93 0.03 1.70 0.85 - -15.42 346.4 IQE 35.80 -0.35 51.60 27.67 - -397.78 1191.9
Churchll 1300 - 1845 1020 - 154.76 3.1
CropperJ 1000.00 - 1650 825.00 - 30.49 1.4 Gresham House Plc 770.00 -5.00 1020 712.00 0.78 30.91 25.6 CentAsiaM 220.50 -3.00 284.50 187.47 7.33 6.46 114.7 Retailers
Frontier Developments PLC 1310 16.00 2702.02 1066 - 37.75 19.7 Tech - Software & Services
MattioliWds 630.00 - 908.00 620.00 3.33 -225.00 3.6 Gemfields 17.00 -0.75 19.90 12.00 - -23.48 264.3 ASOS 551.50 -8.00 2953 545.00 - 18.32 410.4
Chemicals Portmern 330.00 - 713.00 310.00 3.94 14.05 1.9
Numis 235.50 3.00 361.00 225.00 5.10 4.80 1.3 Boohoo Group PLC 37.58 0.74 211.71 30.00 - 8.10 8197.1 BoBlue Prism Group PLC 1274 - 1392 747.50 - -23.65 1869.0
Directa Plus PLC 80.00 2.00 178.00 75.30 - -18.64 16.7 Sanderson Design Grp 102.50 5.00 212.44 86.00 - 8.78 35.0 Oil & Gas Eckoh 43.00 1.00 63.88 37.00 1.42 42.16 378.9
Premier Miton Group 102.50 - 200.00 98.44 8.00 11.44 37.6 CVS Group PLC 1756 8.00 2570 1220 0.37 49.19 83.3
Versarien PLC 13.93 0.18 37.95 13.00 - -3.99 95.3 BorSthnPet 3.20 -0.07 8.50 0.47 - -31.37 235.2 Ingenta 109.50 - 109.80 62.00 1.37 64.04 5.3
STM Group 26.00 - 36.00 22.05 5.38 10.01 2.5 Industrial Engineering
ClontarfEn 0.06 0.00 0.80 0.05 - -1.16 16604.1 Support Services Oxford Metrics 83.50 1.50 132.00 73.44 2.16 36.30 98.6
Construction & Materials 600 Grp 12.50 - 16.97 11.05 - 73.10 1.6
Food & Beverages Egdon Res 5.65 - 10.00 1.20 - -7.24 243.3 Begbies 136.50 0.10 156.00 97.00 2.20 682.50 30.6
AccsysTch 66.40 -1.70 183.83 63.40 - -39.01 18.9 MS Intl 323.00 - 350.00 206.00 1.08 46.14 2.7 Travel & Leisure
Camellia 5475 - 7000 4800 2.63 100.83 0.1 Hurricane Energy 7.50 0.22 12.37 3.23 - -0.75 5970.9 Christie 111.50 - 135.00 85.55 - 47.45 0.1
Pres Tech 27.75 -1.25 103.00 23.20 - -2.31 65.4
Fevertree Drinks 866.50 -6.00 2779 804.50 1.82 22.69 322.9 Phoenix Global 6.50 0.25 7.95 3.07 - -1.63 53.0 Gattaca 66.00 - 222.40 53.00 2.27 -50.77 3.7 gamingrealms 25.10 -0.83 40.00 20.39 - -627.50 195.3
Electronic & Electrical Equip
FinsbryFd 85.00 1.00 103.00 65.00 2.82 10.12 1183.6 IT UnJackOil 33.00 -0.50 53.72 10.50 - -17.10 365.0 Impellam 550.00 10.00 560.00 406.00 - 30.05 3.0 Jet2 712.80 0.80 1434.19 661.80 - -3.83 532.0
Checkit 19.50 - 54.49 18.88 - -2.38 1.3
Nichols 1100 - 1565 957.00 1.69 -18.32 4.3 Keywords Studios 2416 50.00 3908 1950 0.03 66.95 179.3 JhnsnSrv 87.30 -0.80 167.00 69.00 - 54.56 590.3 MinoanGp 1.05 - 1.49 0.85 - -7.45 357.0
LPA 72.50 -0.50 84.00 56.00 - -268.52 1.6

Investment Companies
Conventional (Ex Private Equity)
Price +/-Chg
52 Week
High Low Yld NAV
Dis(-)
or Pm
CTMgdT
CT Cp&I
119.50
302.00
- 149.00
7.00 341.00
117.00
269.56
5.31
3.84
118.0
284.4
1.3
6.2
JPM Amer
JPM Asia
720.00
348.50
2.00
6.50
800.00 650.00 0.94 758.9
467.17 324.76 5.42 385.3
-5.1
-9.6
SchdrAsiaP
SchdrEurReE
503.00
85.80
7.50 616.00
-0.20 119.50
474.00
84.09
1.59
6.39
566.6
119.4
-11.2
-28.1
abrdnPropInc
AEW UK REIT
59.10
92.50
-0.60
0.70
90.00
135.00
54.10
83.77
5.78
8.65
111.0
126.7
-46.8
-27.0
Guide to FT Share Service
abrdnuksm 424.00 2.00 767.00 390.00 1.82 481.4 -11.9 CT UK HIT A 76.50 -0.50 98.00 73.00 6.93 83.3 -8.2 JPM China 318.50 2.50 589.00 293.00 7.16 352.5 -9.6 Schdr Inc 276.50 1.50 319.50 262.78 4.56 280.0 -1.2 Bal ComPrp 76.30 1.10 124.20 73.16 5.60 148.7 -48.7
3i Infra 317.00 3.00 368.50 248.75 3.09 298.1 6.3 CT UK HIT B 81.00 - 102.00 79.07 6.54 83.3 -2.8 JPMElct MC 102.00 - 105.00 99.00 0.39 102.9 -0.9 SchdrJap 203.00 1.00 226.20 185.95 2.41 237.7 -14.6 CTRealE 76.40 - 101.00 67.45 4.84 132.9 -42.5 For queries about the FT Share Service pages e-mail
AbnAsianIn 208.00 -2.00 236.00 203.63 4.47 241.6 -13.9 CT UK HIT UNIT 308.00 - 394.56 296.00 - 338.5 -9.0 ..MG 930.00 10.00 1115.3 886.25 1.72 961.1 -3.2 SchdrOrient 250.00 3.00 277.00 234.00 4.12 266.9 -6.3 Longbow 53.00 - 92.20 53.00 11.32 66.3 -20.1 ft.reader.enquiries@morningstar.com.
Abrdn Div I&G 89.00 - 104.50 88.09 6.18 117.0 -23.9 Dun Inc 270.00 4.00 340.67 256.00 4.74 273.5 -1.3 ..MI 92.00 - 111.00 89.00 5.16 94.9 -3.1 SchdrRealEst 44.10 0.50 61.00 40.00 5.74 79.7 -44.7 TR Prop 292.00 4.00 526.00 278.50 4.86 319.8 -8.7 All data is as of close of the previous business day. Company classifications
AbnLatAmIn 55.00 - 62.00 44.20 6.36 67.3 -18.3 EcofinGlobal 216.00 - 252.00 165.00 3.06 214.4 0.7 JPM Emrg 105.80 1.80 138.00 98.40 1.28 120.0 -11.8 SchdrUKMd 502.00 3.00 718.00 454.00 2.65 569.8 -11.9 Tritax EuroBEUR € 0.72 0.03 1.41 0.67 6.55 1.4 -48.6 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AbnNewIndia 582.00 2.00 648.42 476.25 - 739.2 -21.3 Edin Inv 574.00 -6.00 653.60 537.00 4.18 634.2 -9.5 JPM EurGth & Inc 79.30 -0.30 95.00 70.30 7.19 91.0 -12.9 SchdrUKPubPriv 17.14 0.04 36.00 16.00 - 31.4 -45.4 Tritax EuroBGBP 63.50 2.90 118.60 58.20 - - - 100 constituent stocks are shown in bold.
AbnSmlInCo 226.00 -1.00 376.00 222.00 3.92 269.2 -16.0 Edin WWd 174.60 1.40 339.50 159.82 - 210.3 -17.0 JPM EuDisc 373.00 - 588.00 342.00 1.80 436.3 -14.5 ScotAmer 471.00 -1.50 546.00 434.00 2.61 517.9 -9.1 UKComPrp 56.70 -0.20 95.80 54.45 5.16 113.0 -49.8
Closing prices are shown in pence unless otherwise indicated. Highs & lows
Abf Sml 1114 -4.00 1542 1068 3.04 1329.6 -16.2 EuroAsset 82.50 -0.50 147.00 77.20 9.70 89.2 -7.5 JPM Clavr 659.00 -1.00 778.00 610.32 4.70 662.3 -0.5 ScottMort 789.00 4.00 1568.5 670.60 0.43 903.9 -12.7
VCTs 52 Week Dis(-) are based on intra-day trading over a rolling 52 week period. Price/earnings
Abf Spl Inc 57.70 1.30 84.80 55.60 5.29 67.3 -14.3 Euro Opps 666.00 - 891.00 621.00 0.30 789.5 -15.6 JPMGblCoreRa 101.75 -0.25 113.00 80.80 3.69 110.6 -8.0 ScottOrtll 1160 35.00 1258.64 998.82 0.99 1349.1 -14.0
Price +/-Chg High Low Yld NAV or Pm ratios (PER) are based on latest annual reports and accounts and are updated
abrdn Asia Focus 261.50 4.50 303.00 54.40 1.15 294.3 -11.1 F&C Inv Trust 909.00 - 945.56 767.21 1.36 957.0 -5.0 JPM GEI 119.75 0.75 150.17 113.50 4.26 138.0 -13.2 Smithson 1230 13.00 2040 1131 - 1392.2 -11.7
Baronsmead 2nd VT 65.00 - 85.00 62.00 10.00 68.5 -5.1 with interim figures. PER is calculated using the company’s diluted earnings
Abrdn Eqt Inc 308.50 5.50 385.14 293.00 6.68 341.3 -9.6 FidAsian 463.50 6.50 499.00 406.22 1.90 518.8 -10.7 JPM Gl Gr&Inc 424.00 8.50 475.00 386.00 3.55 442.0 -4.1 StrategicEq 267.00 -1.00 324.28 257.00 0.60 287.5 -7.1
BSC VCT 78.50 - 85.00 76.50 8.92 84.8 -7.4 from continuing operations. Yields are based on closing price and on dividends
abrdnJapInv 570.00 12.50 795.00 509.40 2.63 690.1 -17.4 FidChiSpS 226.00 1.50 345.00 211.50 2.07 250.8 -9.9 JPM Ind 824.00 6.00 898.00 691.30 - 1050.8 -21.6 Temp Bar 206.50 -1.50 255.86 195.20 3.63 220.3 -6.3
..VCT2 55.50 - 62.50 54.00 14.41 61.0 -9.0 paid in the last financial year and updated with interim figures. Yields are
AbnNewDn 281.00 4.00 330.02 262.00 1.53 318.7 -11.8 FidelityEmrgMkt 599.00 6.60 875.00 570.70 2.21 718.0 -16.6 JPM JpCapSm G&I 332.00 6.00 532.00 301.00 6.75 373.6 -11.1 Tetragon $ 9.35 - 10.56 8.28 3.54 28.8 -67.5
Inc&GthVCT 77.50 - 99.50 74.50 6.45 85.3 -9.1 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
Alliance 957.00 6.00 1084.9 867.84 1.76 1030.5 -7.1 Fid Euro 281.00 -2.00 384.25 256.50 2.33 311.7 -9.8 JPM Jap 458.00 10.00 710.00 408.50 1.11 507.5 -9.8 EurSmlCom 134.00 -0.50 178.00 122.93 2.33 154.7 -13.4
Nthn 2 VCT 58.00 - 68.00 55.50 6.03 61.0 -4.9 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
AllianzTech 236.00 5.50 373.50 199.40 - 274.1 -13.9 Fid Jap 166.25 2.25 261.00 143.00 - 188.4 -11.8 JPM Mid 827.00 4.00 1375 741.34 3.57 936.9 -11.7 GblSmlrTrst 131.20 0.20 175.20 122.00 1.33 162.4 -19.2
Nthn 3 VCT 88.50 - 102.50 87.00 5.08 93.3 -5.1 capital changes where appropriate.
Art Alpha 273.50 3.50 437.00 262.00 1.94 308.1 -11.2 Fid Spec 248.00 -2.50 311.00 232.00 2.37 274.1 -9.5 JPMRussian 84.10 1.10 894.00 55.20 41.62 47.0 78.9 TRIG 128.20 2.20 148.57 120.60 5.27 134.4 -4.6
FinsG&I 818.00 1.00 925.00 731.80 3.14 858.4 -4.7 JPM Smlr 247.00 2.00 408.00 235.14 2.31 293.9 -16.0 TroyInc&G 67.90 0.30 83.00 65.88 3.91 68.7 -1.2 NthnVent 61.00 - 71.10 58.50 7.38 64.7 -5.7 Trading volumes are end of day aggregated totals, rounded to the nearest
Asia Dragon 427.00 7.00 536.00 402.50 1.52 482.2 -11.4
FstPacfic HK HK$ 2.60 0.04 3.63 2.35 4.57 - - JPM US Sml 371.50 12.50 473.00 337.25 0.67 429.1 -13.4 Utilico Emerging Market 217.00 1.00 227.52 196.50 3.62 250.2 -13.3 ProVenGI 58.50 - 65.00 56.00 5.13 61.0 -4.1 1,000 shares.
Aurora Inv 187.00 3.50 254.00 179.50 0.29 192.4 -2.8
GRIT 11.15 - 112.00 9.68 - 9.6 16.1 Law Deb 689.00 -14.00 829.00 649.00 4.15 715.4 -3.7 UIL Inv 186.00 -1.50 270.00 165.00 4.30 259.9 -28.4 ProVenVCT 66.50 - 75.50 64.50 5.26 72.3 -8.0 Net asset value per share (NAV) and split analytics are provided only as a
AVI JapOpp 113.75 1.75 126.00 103.00 1.19 118.7 -4.2
HAN 182.00 - 226.00 175.75 1.76 303.0 -39.9 LinTrain £ 994.00 20.00 1601.17 960.00 4.74 1064.5 -6.6 VEIL 624.00 -13.00 783.00 595.00 - 752.0 -17.0 UnicornAIM 126.50 - 219.80 122.00 5.14 139.0 -9.0 guide. Discounts and premiums are calculated using the latest cum fair net
Axiom 85.50 - 100.67 75.00 7.02 91.3 -6.4
BG Euro 84.30 1.10 165.80 77.00 0.42 96.8 -12.9 HANA 176.00 -5.00 226.00 173.89 1.82 303.0 -41.9 Lowland 106.50 - 143.34 101.00 5.63 120.2 -11.4 Witan 216.00 1.00 257.50 200.00 2.55 240.0 -10.0 Zero Dividend Preference Shares 52 Week HR asset value estimate and closing price. Discounts, premiums, gross redemption
BG Japan 752.00 10.00 1062 657.00 0.80 831.5 -9.6 Hen Div Inc Tr 64.60 0.80 87.20 56.26 6.81 68.8 -6.1 Majedie 167.50 3.00 250.00 157.11 6.81 229.4 -27.0 WwideHlth 3360 20.00 3871.43 2820 0.65 3691.0 -9.0 Price +/-Chg High Low SP WO TAV 0% yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BG Shin 156.00 1.20 252.00 131.32 - 175.2 -11.0 HenEuroF 129.75 1.25 168.76 120.78 2.41 153.0 -15.2 Marwyn Val 101.00 - 127.00 97.00 4.49 168.7 -40.1 Abf Spl Inc 116.50 - 119.00 113.50 -47.7 -89.7 - are displayed as a percentage, NAV and terminal asset value per share (TAV)
Conventional - Private Equity 52 Week Dis(-) in pence.
Baillie Gifford UK 152.20 4.00 246.00 141.00 1.59 175.5 -13.3 HenEuro 114.50 0.50 157.00 106.02 2.18 135.1 -15.2 MercantIT 176.00 -0.60 280.00 158.33 3.81 209.1 -15.8 UIL Finance 2024 ZDP 122.00 - 125.33 118.00 -52.5 -63.5 -
Price +/-Chg High Low Yld NAV or Pm
Bankers 98.90 1.00 150.60 92.80 2.19 108.0 -8.4 HenFarEs 272.00 5.00 306.50 262.00 8.57 267.2 1.8 MrchTst 512.00 -11.00 591.00 485.00 5.32 508.0 0.8 UIL Finance 2028 ZDP 90.00 - 101.20 91.39 -24.7 -29.1 -
HenHigh 146.75 2.25 185.50 137.25 6.78 154.8 -5.2 Mid Wynd 685.00 6.00 870.00 649.50 0.93 698.8 -2.0 abrdnPvEq 408.00 -4.00 575.00 382.00 3.31 731.9 -44.3 X FT Global 500 company
BB Healthcare Trust 172.80 -1.20 209.50 132.40 3.19 180.5 -4.3 UIL Finance 2026 ZDP 110.00 - 119.00 108.14 -33.4 -40.1 -
HenInt Inc 163.00 1.50 184.00 150.00 3.68 179.2 -9.0 Monks 1009 20.00 1458 875.00 0.20 1122.3 -10.1 BGUSGROWTH 180.00 4.00 377.25 143.80 - 208.4 -13.6 ♦ trading ex-dividend
BiotechGth 994.00 17.00 1270.68 722.37 - 1087.5 -8.6 UIL Finance 2022 ZDP 144.50 - 146.20 139.00-100.0 -100.0 -
Hen Opp 1012.5 22.50 1450.05 948.00 2.67 1187.7 -14.8 MontanSm 110.80 1.20 226.99 104.20 0.83 130.3 -15.0 CT PvtEq 424.00 2.00 520.00 375.51 4.38 650.6 -34.8 ■ trading ex-capital distribution
BlckRoEne 127.50 2.50 151.00 92.80 3.14 135.1 -5.6
HVPE 2150 - 2860 1986.11 - 4112.0 -47.7
BlckRFrnt 130.75 -0.25 140.00 114.00 3.93 146.5 -10.8 HenSmlr 742.00 3.00 1254 686.00 3.20 851.7 -12.9 Mur Inc 750.00 -5.00 929.00 715.00 4.03 841.0 -10.8
HgCapital 339.00 -1.00 457.50 310.00 1.47 442.6 -23.4
Investment Companies - AIM # price at time of suspension from trading
BlckRGtEur 431.00 5.50 732.00 403.39 1.43 466.9 -7.7 Herald 1728 28.00 2600 1540 - 2083.5 -17.1 Mur Int 1218 -2.00 1326 1056.54 4.47 1296.6 -6.1
ICG Ent Tr 1084 50.00 1300 928.00 2.31 1763.9 -38.5 52 Week Dis(-) The prices listed are indicative and believed accurate at the time of publication.
BlckR I&G 175.00 - 206.00 164.00 4.11 191.2 -8.5 HICL Infra 160.60 -1.80 184.98 145.80 5.14 163.3 -1.7 CQSNewCityHY 50.60 0.20 58.20 50.00 8.83 48.8 3.7
PantheonInternationalPlc ORDs 251.00 1.00 342.50 238.00 - 478.3 -47.5 Price +/-Chg High Low Yld NAV or Pm No offer is made by Morningstar or the FT. The FT does not warrant nor
BlckRckLat 404.00 9.00 457.00 310.00 5.28 479.4 -15.7 Highbridge Tactical 226.00 -9.00 286.00 222.00 - 271.6 -16.8 New Star IT 122.00 0.50 149.00 119.55 1.15 181.0 -32.6
PrincssPE € 10.60 0.05 14.85 10.30 6.04 14.1 -24.8 BB Biotech AG SFr 56.00 0.90 79.55 49.35 5.8 - - guarantee that the information is reliable or complete. The FT does not accept
BlckRSmlr 1248 -14.00 2140 1162 2.67 1469.5 -15.1 Impax Env. 420.00 2.00 584.50 370.88 0.90 427.9 -1.8 NorthAmer 303.00 1.00 322.00 256.30 3.56 327.1 -7.4
Unbound Group plc 9.75 - 591.17 9.00 - - - CrysAmber 101.50 -4.50 123.50 100.00 2.5 137.5 -26.2 responsibility and will not be liable for any loss arising from the reliance on
BlckRckSusAm 201.50 6.50 214.00 183.26 3.97 211.9 -4.9 Ind IT 444.00 4.00 584.00 385.00 1.80 466.7 -4.9 NthAtSml 3385 -15.00 5120 3287 0.89 5049.5 -33.0
Infra India 0.35 0.03 1.00 0.26 - 10.6 -96.7 or use of the information.
BlckRThrmt 539.00 -1.00 998.85 477.96 1.89 567.2 -5.0 IntBiotech 660.00 10.00 773.25 563.00 4.30 720.2 -8.4 PacAsset 345.50 1.50 370.27 286.32 0.69 390.5 -11.5 Discretionary Unit Fund Mngrs 52 Week Dis(-)
BlckRWld 596.00 - 804.98 508.00 3.99 634.6 -6.1 Intl PP 152.60 -0.80 174.81 137.80 4.89 155.6 -1.9 PacHorzn 620.00 21.00 954.00 580.00 - 668.2 -7.2 (1000)F The FT Share Service is a paid-for-print listing service and may not be fully
Brunner 959.00 15.00 1135 899.66 2.10 1125.2 -14.8 Inv AsiaTr 338.50 18.50 378.00 298.00 4.76 372.6 -9.2 PerAsset 476.00 -1.00 511.66 466.50117.65 - - Price +/-Chg High Low Yld NAV or Pm representative of all LSE-listed companies. This service is available to all listed
Caledonia Inv 3295 -15.00 4075 3015 1.91 5039.1 -34.6 Invesco Bond Inc 150.00 3.50 197.00 141.04 7.00 158.9 -5.6 PolarHealth 319.50 1.50 329.00 262.00 0.63 349.6 -8.6 Right &ISS 1917.5 5.00 2727.9 1910 1.68 2217.9 -13.5 companies, subject to the Editor’s discretion. For new sales enquiries please
CanGen C$ 30.60 0.05 45.60 28.21 2.58 47.5 -35.6 IPST BalR 143.50 -4.00 176.00 147.00 - 151.3 -5.2 PolarFins 139.80 3.00 184.00 132.00 2.87 159.1 -12.1
Conventional - Property ICs 52 Week Dis(-) email daniel.fish@ft.com or call +44 (0)20 7873 4571.
City Lon 383.50 -1.50 427.00 363.28 4.99 378.2 1.4 IPST Gbl Eq 212.00 - 250.00 202.00 3.35 240.4 -11.8 PolarTech 1986 42.00 2760.93 1764 - 2272.8 -12.6
IPST Mngd 98.50 -0.50 104.25 93.00 1.02 106.2 -7.3 RIT Cap 2115 -35.00 2787 1950 1.67 2504.5 -15.6 Price +/-Chg High Low Yld NAV or Pm
CQSNatRs 186.00 7.00 232.08 139.61 3.01 237.5 -21.7
CTMgdT 216.00 - 300.00 214.16 - 226.4 -4.6 IPST UK Eq 150.25 6.25 199.98 144.00 4.43 170.6 -11.9 Ruffer Inv Pr 303.50 - 329.00 203.86 0.59 301.0 0.8 Direct Property Data provided by Morningstar
IP UKSmall 402.00 6.00 624.00 380.00 4.81 477.6 -15.8 Schroder ToRt 409.00 10.00 528.00 384.00 1.74 430.4 -5.0

www.morningstar.co.uk
18 ★ FINANCIAL TIMES Friday 7 October 2022

MANAGED FUNDS SERVICE

SUMMARY FT.COM/FUNDS

Winners - India Fund Large-Cap Losers - India Fund Large-Cap Morningstar Star Ratings Global Broad Category Group - Miscellaneous

1yr Return 3yr Return 5yr Return 3yr 3yr 1yr Return 3yr Return 5yr Return 3yr 3yr Morningstar Morningstar Morningstar Total Ret 1Yr Total Ret 3Yr Total Ret 5Yr
Fund Name Fund Name Fund Name Base Currency Morningstar Category Base Currency
GBP GBP GBP Sharpe Ratio Std Dev GBP GBP GBP Sharpe Ratio Std Dev Rating 3 Yr Rating 5 Yr Rating 10 Yr GBP GBP GBP

Canara Robeco Bluechip Equity Fund -0.04 0.19 0.15 0.68 19.21 Indiabulls Blue Chip Fund -0.02 0.12 0.09 0.37 21.54 Multi Asset Open Growth Fund W-ACC-GBP Pound Sterling QQQQ QQQQ QQQ Guaranteed Funds Equities Mexican Peso -4.87 6.66 -
Nippon India Large Cap Fund 0.06 0.19 0.13 0.57 24.56 DSP Top 100 Equity Fund -0.05 0.13 0.09 0.38 23.11 Open World Fund W-ACC-GBP Pound Sterling QQQ QQQ - Capital Protected Funds Mexican Peso 2.52 4.37 4.54
IDBI India Top 100 Equity Fund -0.02 0.19 0.11 0.65 20.28 PGIM India Large Cap Fund -0.08 0.14 0.10 0.44 20.41 Brown Advisory US Small Cap Blend Fund USD B US Dollar QQ QQQ - Other Mexican Peso -12.58 1.37 1.42
ICICI Prudential Bluechip Fund 0.02 0.18 0.13 0.61 21.00 Axis Bluechip Fund -0.08 0.14 0.14 0.46 18.91 UK Income B Acc {HEAR} F Pound Sterling QQ QQ - Capital Protected Baht -2.04 -0.69 -0.07
Kotak Bluechip Fund -0.03 0.18 0.13 0.61 21.06 LIC MF Large Cap Fund -0.05 0.14 0.11 0.48 19.90 UK Income A Acc {HEAR} F Pound Sterling QQ QQ - ELF/DLF US Dollar -0.60 -4.38 -

Advertising Feature Performance Weightings - As of 31/03/2022 Top 10 Holdings - As of 31/03/2022

Sector Weighting Cat Avg. Holding Sector Weighting
Basic Materials 2.89% 6.73%
Oct 2019 - Oct 2022 CK Hutchison Holdings Ltd Industrials 6.82%
Prusik Asian Equity Income B Dist Communication Services 23.84% 8.88%
Consumer Cyclical 2.39% 8.31%
CNOOC Ltd Energy 6.24%
Consumer Defensive 15.23% 4.70%
Energy 10.02% 3.89%
CK Asset Holdings Ltd Real Estate 5.53%
Financial Services 6.20% 23.00%
Healthcare - 2.01%
Zhejiang Expressway Co Ltd Class H Industrials 4.44%
Industrials 26.54% 7.34%
Real Estate 7.02% 8.75%
Singapore Telecommunications Ltd Communication Services 4.42%
Technology 4.16% 19.25%
Utilities 0.83% 3.60%
SK Telecom Co Ltd Communication Services 4.35%
Please remember that past performance is not necessarily a guide to future performance Cash & Equivalents 0.87% 3.74%
Firm Name Corporate - -0.24%
China Mobile Ltd Communication Services 4.32%
Prusik Investment Management LLP Derivative - 0.00%
Fund Name Government - 0.05%
Swire Pacific Ltd Class B Industrials 3.89%
Prusik Asian Equity Income B Dist Municipal - 0.00%
Morningstar Category Securitized - 0.00%
Oversea-Chinese Banking Corp Ltd Financial Services 3.79%
Asia-Pacific ex-Japan Equity Income
Max Annual Charge
PT Telkom Indonesia (Persero) Tbk Class B Communication Services 3.64%
- Risk Measures - As of 30/09/2022
3Yr Rating 1Yr 1Yr Cat Ave 3Yr 3Yr Cat Ave 5Yr 5Yr Cat Ave
QQ Alpha 3.26 -5.19 1.16 0.08 0.53 0.07
Morningstar Sustainability Rating Beta 0.60 0.93 1.00 0.99 0.94 0.98
Fund Category Information Ratio 1.06 -0.67 0.10 -0.04 0.06 -0.01
Bid Price - KIID Ongoing Charge 1.12 R Squared 64.09% 84.63% 83.00% 84.84% 82.09% 85.62%
Offer Price - Day-End One Year Return -6.34 Day 1.67% Month -5.18% Year -4.52% Sharpe Ratio -0.63 -1.13 0.04 0.03 0.00 0.01
+/- 2.73 Total Ret 3Yr -0.52 Std Dev 10.95 16.12 19.23 19.25 16.30 17.45
Information reproduced courtesy of Morningstar. While the Financial Times takes every care to ensure that the information is faithfully reproduced, the information is not verified by the Financial Times and therefore it accepts no liability for any loss which may arise relating to the Morningstar information.
© 2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr

abrdn Capital (CI) Limited (JER) Consistent Unit Tst Mgt Co Ltd (1200)F (UK) Fidelity Investments International Kleinwort Hambros Bank Limited (UK)
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 Stuart House, St John's Street, Peterborough, PE1 5DD Other International Funds 5TH Floor, 8 St James's Square, London, SW1Y 4JU
FCA Recognised Dealing & Client Services 0345 850 8818 Emerging Mkts NAV £ 7.21 - -0.16 2.01 -23.41 -4.79 Dealing and enquiries: 033 0024 0785
abrdn Capital Offshore Strategy Fund Limited Authorised Inv Funds Authorised Inv Funds
Bridge Fund £ 2.1367 - -0.0048 1.95 -6.85 4.28 Consistent UT Inc 58.45 58.45 0.42 0.63 -21.61 9.32 Unit Trust Manager/ACD - Host Capital
Global Equity Fund £ 3.2296 - 0.0064 1.21 -5.25 7.67 Consistent UT Acc 157.70 157.70 1.20 0.63 -21.62 9.32 HC Kleinwort Hambros Growth A Acc 231.34 - 1.18 1.36 -7.05 2.45

Global Fixed Interest Fund £ 0.7119 - -0.0039 6.43 -20.58 -5.65 Practical Investment Inc 218.50 218.50 -0.60 4.05 -9.00 3.70 HC Kleinwort Hambros Growth A Inc 209.89 - 1.07 1.38 -7.05 2.45

Income Fund £ 0.6123 - -0.0015 3.36 -4.98 3.94 Practical Investment Acc 1368.00 1368.00 -4.00 4.05 -9.04 3.00 HC Kleinwort Hambros Equity Income A Inc 90.96 - -0.14 3.06 -5.77 0.08

Sterling Fixed Interest Fund £ 0.6295 - -0.0076 3.89 -25.02 -8.30 HC Kleinwort Hambros Equity Income A Acc 178.26 - -0.26 4.50 -5.77 0.08

UK Equity Fund £ 1.8069 - -0.0080 4.17 -10.41 -0.89 HC Kleinwort Hambros Multi Asset Balanced A Acc 164.78 - 0.38 0.81 -8.87 -0.20
HC Kleinwort Hambros Multi Asset Balanced A Inc 155.76 - 0.36 0.81 -8.87 -0.20
HC Kleinwort Hambros Fixed Income A Acc 116.61 - -0.59 3.44 -15.10 -4.31
Ashmore Group Fundsmith LLP (1200)F (UK) HC Kleinwort Hambros Fixed Income A Inc 88.83 - -0.44 3.44 -15.11 -4.31
61 Aldwych, London WC2B 4AE. Dealing team: +352 27 62 22 233 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Authorised Inv Funds www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Emerging Markets Equity Fund $ 108.86 - 1.25 0.00 -30.71 2.60 Authorised Inv Funds
Emerging Markets Equity ESG Fund $ 123.06 - 0.88 0.00 -32.54 - Fundsmith Equity T Acc 570.97 - 4.73 0.05 -7.31 7.44

Emerging Markets Active Equity Fund $ 112.66 - 0.99 0.00 -26.88 -3.76 Fundsmith Equity T Inc 521.02 - 4.31 0.05 -7.31 7.44

Emerging Markets Frontier Equity Fund $ 179.96 - 0.86 0.40 -10.33 3.66
Emerging Markets Blended Debt Fund $ 49.00 - -0.42 6.73 -31.20 -12.67
Emerging Markets Blended Debt ESG Fund $ 77.94 - -0.74 0.00 -25.42 -9.53 Lothbury Property Trust (UK)
Emerging Markets Debt Fund $ 53.00 - -0.53 8.32 -34.27 -13.92 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
FIL Investment Services (UK) Limited (1200)F (UK) Property & Other UK Unit Trusts
Emerging Markets Corporate Debt Fund $ 57.81 - -0.01 9.75 -28.57 -8.39 Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP
Callfree: Private Clients 0800 414161 Lothbury Property Trust GBP £ 2081.74 2242.69 -43.29 2.60 7.62 2.35
Emerging Markets Local Currency Bond Fund $ 56.75 - -0.47 4.46 -18.07 -6.69
Broker Dealings: 0800 414 181 GAM
OEIC Funds funds@gam.com, www.funds.gam.com
Allocator World Fund W-ACC-GBP £ 2.61 - 0.02 1.01 0.35 8.00 Regulated
Dodge & Cox Worldwide Funds (IRL) American Fund W-ACC-GBP £ 53.78 - 0.53 0.00 -11.68 5.15 LAPIS GBL TOP 50 DIV.YLD-Na-D £ 124.74 - 1.21 2.66 16.13 6.56
48-49 Pall Mall, London SW1Y 5JG.
www.dodgeandcox.worldwide.com 020 3713 7664 American Special Sits W-ACC-GBP £ 23.03 - 0.13 0.49 20.83 12.67 LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 97.55 - 0.35 1.05 -9.21 -
Algebris Investments (IRL) FCA Recognised Asia Fund W-ACC-GBP £ 15.26 - 0.13 0.28 -10.81 2.45
Regulated Dodge & Cox Worldwide Funds plc - Global Bond Fund
Algebris Financial Credit I EUR € 160.03 - -0.74 0.00 -16.99 -0.55 EUR Accumulating Class € 16.10 - 0.09 0.00 2.03 3.17 Asia Pacific Ops W-Acc £ 2.76 - 0.02 0.51 -5.03 8.52
M & G Securities (1200)F (UK)
Algebris Financial Credit R EUR € 137.84 - -0.65 0.00 -17.53 -1.13 Atlantas Sicav (LUX) EUR Accumulating Class (H) € 9.96 - -0.05 0.00 -14.58 -1.99 Asian Dividend Fund W-ACC-GBP £ 2.29 - 0.02 2.95 3.62 3.95 PO Box 9038, Chelmsford, CM99 2XF
Regulated www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472
Algebris Financial Credit Rd EUR € 85.74 - -0.39 5.66 -17.51 -1.08 EUR Distributing Class € 11.80 - 0.06 0.95 -0.86 2.18 Cash Fund W-ACC-GBP £ 1.02 - 0.00 0.00 0.59 0.30
American Dynamic $ 5849.70 5849.70 -417.55 0.00 -22.07 5.02 Authorised Inv Funds
Algebris Financial Income I EUR € 163.63 - -1.06 0.00 -10.05 6.19 EUR Distributing Class (H) € 7.24 - -0.04 1.06 -17.18 -3.04 China Consumer Fund W-ACC-GBP £ 2.75 - 0.02 0.00 -14.08 -2.83
American One $ 6092.11 6092.11 -415.10 0.00 -18.85 7.42 Charifund Inc 1396.49 - -3.83 5.68 -2.32 2.04
Algebris Financial Income R EUR € 149.12 - -0.97 0.00 -10.86 5.24 GBP Distributing Class £ 12.62 - 0.10 0.84 1.69 1.54 Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 1.57 - 0.01 4.95 -48.79 -11.24
Bond Global € 1581.48 1581.48 10.04 0.00 2.90 0.69 Charifund Acc 26985.61 - -74.10 4.77 -2.33 2.04
Algebris Financial Income Rd EUR € 92.52 - -0.60 4.24 -10.86 5.23 GBP Distributing Class (H) £ 7.73 - -0.03 1.16 -16.50 -2.38 Emerging Asia Fund W-ACC-GBP £ 1.87 - 0.02 0.30 -7.76 5.41
Eurocroissance € 1209.88 - 7.50 0.00 -20.49 3.14 M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.03 - -0.01 2.12 -13.53 -
Algebris Financial Equity B EUR € 146.47 - -1.66 0.00 0.16 11.84 USD Accumulating Class $ 11.48 - -0.06 0.00 -13.03 -0.37 Enhanced Income Fund W-INC-GBP £ 0.81 - 0.00 6.37 4.87 3.37
Far East $ 877.94 - -8.32 0.00 -33.39 -0.28 M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 36.61 - -0.31 1.70 -13.52 -
Algebris IG Financial Credit I EUR € 90.16 - -0.37 0.00 -19.23 - Dodge & Cox Worldwide Funds plc-Global Stock Fund European Fund W-ACC-GBP £ 21.58 - -0.02 1.15 -1.05 7.07
M&G Charity Multi Asset Fund Inc £ 0.85 - 0.00 3.92 -0.19 -
Algebris IG Financial Credit R EUR € 88.84 - -0.36 0.00 -19.63 - USD Accumulating Share Class $ 26.43 - -0.13 0.00 -10.65 8.31 Extra Income Fund W-ACC-GBP £ 1.19 - -0.01 4.13 -18.21 -4.42
M&G Charity Multi Asset Fund Acc £ 100.47 - 0.02 3.78 -0.18 -
Algebris Global Credit Opportunities I EUR € 118.45 - -0.41 0.00 -8.58 1.73 GBP Accumulating Share Class £ 38.39 - 0.31 0.00 7.47 11.44 Global Dividend Fund W-ACC-GBP £ 2.83 - 0.01 2.70 4.39 5.24
Algebris Global Credit Opportunities R EUR € 115.74 - -0.40 0.00 -9.09 1.38 GBP Distributing Share class £ 25.91 - 0.21 0.57 6.69 11.16 Global Enhanced Income W-ACC-GBP £ 2.21 - 0.01 4.37 4.99 4.30
Algebris Global Credit Opportunities Rd EUR € 102.31 - -0.36 0.45 -9.08 1.50 EUR Accumulating Share Class € 40.17 - 0.23 0.00 4.88 12.19 Global High Yield Fund W-ACC-GBP £ 13.21 - -0.02 5.88 -17.49 -3.83
Algebris Core Italy I EUR € 129.76 - -1.45 0.00 -20.07 8.59 GBP Distributing Class (H) £ 12.35 - -0.06 0.61 -12.63 6.16 Global Property Fund W-ACC-GBP £ 1.96 - -0.02 1.62 -5.46 -2.84
Algebris Core Italy R EUR € 123.34 - -1.37 0.00 -20.21 9.04 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Global Special Sits W-ACC-GBP £ 53.25 - 0.37 0.31 -1.59 9.19
USD Accumulating Share Class $ 35.41 - -0.01 0.00 -10.13 11.10 Index Emerging Markets P-ACC-GBP £ 1.68 - 0.02 2.39 -7.44 2.35
Algebris Financial Equity R EUR € 123.39 - -1.39 0.00 -0.83 10.77
GBP Accumulating Share Class £ 48.63 - 0.61 0.00 8.11 14.32 Index Europe ex UK P-ACC-GBP £ 1.69 - 0.00 2.17 -7.54 3.85
Guinness Global Investors MMIP Investment Management Limited (GSY)
GBP Distributing Share Class £ 29.19 - 0.36 0.18 7.50 14.11 Index Japan P-ACC-GBP £ 1.82 - 0.00 2.01 -6.04 1.73 Guinness Global Equity Income Y GBP Dist £ 18.31 - 0.21 2.42 10.71 10.85 Regulated
EUR Accumulating Share Class € 46.46 - 0.48 0.00 5.47 15.07 Index Pacific ex Japan P-Acc-GBP £ 1.87 - 0.01 3.75 3.67 3.60 Guinness Global Innovators Y GBP Acc £ 25.46 - 0.51 0.00 -8.60 11.89 Multi-Manager Investment Programmes PCC Limited
GBP Distributing Class (H) £ 14.15 - 0.00 0.22 -11.99 8.95 Index Sterling Corporate Bond Fund P-ACC-GBP £ 0.76 - -0.01 2.13 -23.59 - Guinness Sustainable Global Equity Y GBP Acc £ 11.01 - 0.07 0.00 -2.91 - UK Equity Fd Cl A Series 01 £ 2973.15 3006.06 -142.29 0.00 -6.69 4.31
Index UK Gilt Fund P-ACC-GBP £ 0.70 - -0.01 0.62 -24.89 - Diversified Absolute Rtn Fd USD Cl AF2 $ 1635.28 - 2.47 0.00 -6.03 0.81
Index UK P-ACC-GBP £ 1.45 - 0.00 3.41 -0.17 2.66 Diversified Absolute Return Stlg Cell AF2 £ 1520.35 - 0.98 0.00 -6.67 -0.30
Index US P-ACC-GBP £ 3.46 - 0.02 1.10 6.88 13.91 Global Equity Fund A Lead Series £ 1757.52 1763.53 -0.92 - -5.16 3.25
The Antares European Fund Limited
Other International Index World P-ACC-GBP £ 2.64 - 0.01 1.46 2.62 10.42
AEF Ltd Usd $ 550.17 - -1.29 0.00 -1.97 -4.21 Japan Fund W-ACC-GBP £ 5.47 - 0.03 1.29 -0.38 9.77
AEF Ltd Eur € 509.26 - -1.27 0.00 -3.02 -4.93 Blue Whale Investment Funds ICAV (IRE) Japan Smaller Companies Fund W-ACC-GBP £ 3.47 - 0.03 0.63 -15.81 0.51
www.bluewhale.co.uk, info@bluewhale.co.uk
MoneyBuilder Balanced Fund W-ACC-GBP £ 0.56 - 0.00 3.13 -6.65 -1.07 HPB Assurance Ltd
FCA Recognised - Ireland UCITS
Blue Whale Growth USD T $ 8.18 - 0.00 0.00 -32.82 - MoneyBuilder Dividend Fund W-INC-GBP £ 1.21 - 0.00 4.00 5.26 4.02 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Multi Asset Allocator Adventurous Fund W-ACC-GBP £ 2.08 - 0.01 0.92 -2.71 5.60 International Insurances
Holiday Property Bond Ser 1 £ 0.48 - 0.00 0.00 1.26 -2.57
Multi Asset Allocator Defensive Fund W-ACC-GBP £ 1.28 - 0.00 0.96 -11.67 -1.93 Marlborough Investment Management Limited (UK)
Holiday Property Bond Ser 2 £ 0.63 - 0.00 0.00 0.32 -0.63 Marlborough, PO BOX 1852 Lichfield, Staffordshire, England, WS13 8XU. 0808 145 2500.
Multi Asset Allocator Growth Fund W-ACC-GBP £ 1.80 - 0.00 0.89 -5.85 3.02
www.marlboroughfunds.com
Multi Asset Allocator Strategic Fund W-ACC-GBP £ 1.55 - 0.00 0.84 -8.95 0.48 Authorised Inv Funds
Multi Asset Balanced Income Fund W-INC-GBP £ 0.94 - 0.00 4.16 -11.42 -2.00 Balanced 216.62 216.62 1.01 0.18 -8.05 2.04
Multi Asset Income & Growth Fund W-INC-GBP £ 1.00 - 0.00 4.41 -9.58 -0.63 Bond Income 38.29 38.29 -0.39 4.12 -22.43 -7.58
Multi Asset Income Fund W-INC-GBP £ 0.87 - 0.00 5.09 -14.75 -3.41 Cautious Inc 82.42 82.42 0.30 1.62 -7.62 -0.89
Brooks Macdonald International Fund Managers Limited(JER)
5 Anley Street, St Helier, Jersey, JE2 3QE Multi Asset Open Advent W-ACC-GBP £ 1.70 - 0.01 0.91 -2.92 4.83 Emerging Markets 331.00 331.00 1.45 1.00 -8.04 2.87
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) Multi Asset Open Defen W-ACC-GBP £ 1.30 - 0.00 1.16 -8.85 0.05 Conservative P Acc 90.93 - 0.14 1.10 -9.08 -
Brooks Macdonald International Investment Funds Limited Dragon Capital
www.dragoncapital.com Multi Asset Open Growth Fund W-ACC-GBP £ 1.60 - 0.00 1.11 -4.08 4.26 Hermes Property Unit Trust (UK) European Multi-Cap 632.06 632.06 1.74 1.07 -16.51 12.72
Euro High Income € 1.2096 - -0.0033 2.50 -16.94 -6.21 Fund information:info@dragoncapital.com Property & Other UK Unit Trusts
Multi Asset Open Strategic Fund W-ACC-GBP £ 1.46 - 0.00 1.26 -6.66 1.85 Extra Income 82.67 82.67 -0.18 4.47 -4.60 2.63
High Income £ 0.6159 - -0.0022 3.77 -21.85 -7.47 Other International Funds Property £ 7.87 8.48 0.04 - 18.73 5.43
Open World Fund W-ACC-GBP £ 2.24 - 0.01 0.59 0.76 8.13 Far East Growth A Inc 226.00 226.00 2.17 1.23 -13.81 0.57
Sterling Bond £ 1.1673 - -0.0034 2.06 -22.56 -7.70 Vietnam Equity (UCITS) Fund A USD $ 26.52 - -0.96 0.00 -27.74 4.47
Select 50 Balanced Fund PI-ACC-GBP £ 1.10 - 0.00 1.05 -8.56 0.61 Global 285.38 285.38 2.43 0.00 -8.72 4.25
Brooks Macdonald International Multi Strategy Fund Limited
Cautious Balanced Strategy £ 1.2047 - 0.0061 0.00 -12.51 -2.32 Short Dated Corporate Bond Fund W-ACC-GBP £ 10.06 - -0.04 4.21 -10.00 -2.12 Global Bond Inc 135.55 135.55 0.07 2.88 -10.05 -3.99
Cautious Balanced Strategy A £ 0.8607 - 0.0044 1.16 -12.09 - Special Situations Fund W-ACC-GBP £ 39.17 - 0.03 2.20 -4.60 3.00 High Yield Fixed Interest 59.18 59.18 -0.18 4.77 -14.32 -2.13
Artemis Fund Managers Ltd (1200)F (UK)
57 St. James's Street, London SW1A 1LD 0800 092 2051 Balanced Strategy £ 0.8805 - 0.0063 0.09 -11.87 - Strategic Bond Fund W-ACC-GBP £ 1.12 - -0.01 2.28 -18.92 -4.29 Marlborough Technology Fund A 790.23 790.23 4.86 0.00 -27.80 11.80
Authorised Inv Funds Balanced Strategy A £ 0.8806 - 0.0063 0.60 -8.29 - Sustainable European Equity Fund W-ACC-GBP £ 4.84 - 0.00 0.74 -11.79 1.53 Multi Cap Income A Inc 112.98 112.98 -0.13 5.66 -19.62 -3.67
Artemis SmartGARP UK Eq I Acc 2174.17 - 7.26 4.07 2.35 10.35 Nano-Cap Growth A Acc 192.89 192.89 0.89 0.00 -30.44 5.24
Growth Strategy £ 1.8567 - 0.0165 0.00 -10.78 -0.15 Sustainable Global Equity Fund W-ACC-GBP £ 33.07 - 0.15 0.00 -2.56 8.82
Artemis Corporate Bond I Acc 91.19 - -0.68 3.14 -19.80 - Janus Henderson Investors (UK)
Growth Strategy A £ 0.8865 - 0.0078 0.53 -10.35 - Sustainable MoneyBuilder Income Fund W-ACC-GBP £ 11.31 - -0.12 3.80 -22.27 -6.78 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 Special Situations A Acc 1694.68 1694.68 47.33 0.00 -29.75 2.63
Artemis SmartGARP Eur Eq I Acc 375.18 - 0.20 3.25 -7.73 2.41 EdenTree Investment Management Ltd (UK)
High Growth Strategy £ 2.5987 - 0.0263 0.00 -11.03 1.31 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Sustainable Multi Asset Balanced Fund W-ACC-GBP £ 0.91 - 0.00 0.15 -9.38 - www.janushenderson.com UK Multi-Cap Growth A Inc 325.71 325.71 0.14 0.09 -25.63 -0.74
Artemis European Opps I Acc 115.20 - 0.20 0.47 -11.43 1.40 Authorised Inv Funds Authorised Inv Funds
High Growth Strategy A £ 0.8854 - 0.0090 0.13 -10.59 - Sustainable Multi Asset Conservative Fund W-ACC-GBP £ 0.87 - 0.00 0.16 -13.07 - UK Micro Cap Growth A 744.33 744.33 5.38 0.00 -36.35 2.54
Artemis SmartGARP GloEmr Eq I Acc 158.41 - 1.33 - -7.11 4.07 Amity Balanced For Charities A Inc 90.24 - -0.31 6.03 -12.71 -0.81 Janus Henderson Asia Pacific Capital Growth Fund A Acc 1151.00 - 8.00 0.00 -10.57 -0.20
US$ Growth Strategy $ 1.5379 - 0.0104 0.00 -26.75 -2.06 Sustainable Multi Asset Growth Fund W-ACC-GBP £ 0.94 - 0.00 0.08 -6.87 - US Multi-Cap Income 747.06 747.06 2.72 1.17 8.47 10.72
Artemis SmartGARP Glo Eq I Acc 375.69 - 0.82 2.59 1.08 8.79 Amity Global Equity Inc for Charities A Inc 149.00 - 0.20 2.96 -3.52 6.54 Janus Henderson Asian Dividend Income Unit Trust Inc 81.06 - 0.76 6.43 -0.26 -1.67
Dealing Daily. Initial Charge Nil for A classes and up to 2% for other classes Sustainable Water & Waste W-ACC-GBP £ 1.11 - 0.01 0.15 -10.82 - MFM - Third Party Funds
Artemis Global Income I Inc 108.15 - 0.14 4.44 5.86 8.55 EdenTree European Equity Cls A Inc 273.70 - -1.10 2.00 -7.92 3.87 Janus Henderson Cautious Managed Fund A Acc 258.20 - -1.40 3.25 -10.81 -1.21 Junior Gold C Acc 29.90 29.90 0.40 0.00 -40.57 1.14
Sustainable Water & Waste W-INC-GBP £ 1.10 - 0.01 0.15 -10.86 -
Artemis Global Select I Acc 159.59 - 0.45 0.57 -3.80 7.91 EdenTree European Equity Cls B Inc 276.90 - -1.10 2.44 -7.39 4.55 Janus Henderson Cautious Managed Fund A Inc 129.20 - -0.60 3.31 -10.78 -0.97 MFM Bowland 303.90 303.90 -6.84 1.00 -18.84 4.78
UK Opportunities Fund W-ACC-GBP 230.30 - -0.60 1.26 -23.16 2.02
Artemis High Income I Q Inc 65.28 - -0.21 5.96 -14.27 -1.89 EdenTree Global Equity Cls A Inc 310.90 - 0.80 0.08 -13.24 4.19 Janus Henderson China Opportunities Fund A Acc 1233.00 - 8.00 0.00 -17.14 -4.49 MFM Hathaway Inc 137.84 137.84 0.74 0.98 -19.09 -0.56
UK Select Fund W-ACC-GBP £ 3.44 - -0.01 2.18 -3.50 3.03
Artemis Income I Inc 232.11 - 0.25 4.51 -5.51 1.72 EdenTree Global Equity Cls B Inc 313.50 - 0.90 0.70 -12.75 4.84 Janus Henderson Emerging Markets Opportunities Fund A Acc 199.90 - 0.90 0.00 -13.87 1.49 MFM UK Primary Opportunities A Inc 405.44 405.44 -0.96 1.06 -16.58 0.85
UK Smaller Companies W-ACC-GBP £ 3.19 - 0.01 1.26 -14.12 8.10
Artemis Monthly Dist I Inc 68.63 - 0.10 4.78 -3.31 2.52 EdenTree Responsible and Sust S Dtd Bd B 90.62 - -0.23 0.78 -7.96 -2.27 Janus Henderson European Growth Fund A Acc 260.80 - -0.30 1.37 -7.91 4.05

Artemis Positive Future Fund 67.19 - 1.41 0.00 -31.79 - EdenTree Sterling Bond Cls A Inc 81.30 - -0.50 4.00 -18.28 -4.72 Janus Henderson European Selected Opportunities Fund A Acc 1964.00 - -3.00 1.40 -8.40 4.46

Artemis Strategic Assets I Acc 89.02 - 1.10 0.00 4.29 3.92 EdenTree Sterling Bond Cls B Inc 91.66 - -0.55 3.99 -17.75 -4.10 Janus Henderson Fixed Interest Monthly Income Fund Inc 17.04 - -0.16 5.29 -21.54 -4.91
CG Asset Management Limited (IRL)
Artemis Strategic Bond I Q Acc 95.91 - -0.44 3.29 -14.53 -3.00 25 Moorgate, London, EC2R 6AY EdenTree UK Equity Cls A Inc 201.70 - -0.30 1.07 -21.34 -3.34 Janus Henderson Global Equity Fund Acc 4256.00 - 28.00 0.00 -8.51 8.14
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 Janus Henderson Global Equity Income Fund A Inc 62.89 - 0.18 3.54 4.45 4.52
Artemis Target Return Bond I Acc 101.45 - -0.17 2.88 -7.60 - EdenTree UK Equity Cls B Inc 201.10 - -0.30 1.80 -20.92 -2.72
FCA Recognised
Artemis UK Select Fund Class I Acc 637.96 - -3.67 2.32 -18.13 5.48 EdenTree UK Equity Opps Cls A Inc 249.60 - -0.70 0.97 -27.98 -2.57 Janus Henderson Global Sustainable Equity Fund A Inc 468.40 - 2.90 0.00 -5.37 12.01
CG Portfolio Fund Plc
Artemis UK Smaller Cos I Acc 1897.64 - 6.69 1.79 -12.69 2.53 EdenTree UK Equity Opps Cls B Inc 254.80 - -0.70 1.73 -27.58 -1.95 Janus Henderson Global Technology Fund A Acc 2786.00 - 41.00 0.00 -14.93 10.69
Absolute Return Cls M Inc £ 136.47 136.47 -0.55 1.36 -1.10 3.94
Findlay Park Funds Plc (IRL) Marwyn Asset Management Limited (CYM)
Artemis UK Special Sits I Acc 663.67 - -0.24 2.16 -15.76 2.47 Edentree Global Impact Bond B 83.23 - -0.56 - - - Janus Henderson Instl UK Idx Opps A Acc £ 1.04 - 0.00 3.21 -1.69 - Regulated
Capital Gearing Portfolio GBP P £ 37705.70 37705.70 -162.31 1.05 -2.16 4.07 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
Edentree Green Future B Net Inc 97.27 - 0.35 - - - FCA Recognised Janus Henderson Multi-Asset Absolute Return Fund A Acc 157.90 - -0.30 0.68 2.60 3.58 Marwyn Value Investors £ 329.72 - -6.14 0.00 - -7.17
Artemis US Abs Return I Hdg Acc 111.39 - -0.04 0.00 -1.63 -1.25 Capital Gearing Portfolio GBP V £ 183.38 183.38 -0.79 1.05 -2.16 4.07
Artemis US Extended Alpha I Acc 331.24 - 3.59 0.00 4.05 12.17 EdenTree Managed Income Cls A Inc 112.90 - -0.40 5.29 -9.03 -0.05 American EUR Unhedged Class € 159.98 - 1.67 0.00 1.37 - Janus Henderson Multi-Manager Active Fund A Acc 247.90 - 1.50 0.00 -6.28 2.49
Dollar Fund Cls D Inc £ 176.10 176.10 0.81 1.39 3.02 2.13
Artemis US Select I Acc 302.98 - 2.80 0.00 -0.57 9.75 EdenTree Managed Income Cls B Inc 120.40 - -0.40 5.28 -8.54 0.48 American Fund USD Class $ 157.66 - 0.04 0.00 -13.83 7.26 Janus Henderson Multi-Manager Distribution Fund A Inc 122.10 - -0.10 2.58 -8.68 -0.51
Dollar Hedged GBP Inc £ 92.02 92.02 -0.81 1.74 -15.69 -1.62
Artemis US Smlr Cos I Acc 321.54 - 2.62 0.00 -10.58 9.69 American Fund GBP Hedged £ 78.01 - 0.07 0.00 -15.11 5.77 Janus Henderson Multi-Manager Diversified Fund A Acc 83.27 - -0.25 2.51 -11.69 -2.09
Real Return Cls A Inc £ 210.13 210.13 0.95 1.43 1.59 1.34
American Fund GBP Unhedged £ 140.20 - 1.99 0.00 4.41 10.50 Janus Henderson Multi-Manager Global Select Fund Acc 303.10 - 2.50 0.00 -3.13 6.59
Janus Henderson Multi-Manager Income & Growth Fund A Acc 179.90 - -0.20 2.43 -9.14 -0.29
Janus Henderson Multi-Manager Income & Growth Fund A Inc 141.90 - -0.10 2.46 -9.13 -0.29
Janus Henderson Multi-Manager Managed Fund A Acc 301.10 - 1.30 0.00 -6.90 1.74 McInroy & Wood Portfolios Limited (UK)
Janus Henderson Multi-Manager Managed Fund A Inc 291.40 - 1.20 0.00 -6.93 1.75 Easter Alderston, Haddington, EH41 3SF 01620 825867
Authorised Inv Funds
Janus Henderson Sterling Bond Unit Trust Acc 190.40 - -2.00 1.46 -22.19 -7.40
Euronova Asset Management UK LLP (CYM) Balanced Fund Personal Class Units 5976.20xd - 32.80 1.38 1.85 6.47
Regulated Janus Henderson Sterling Bond Unit Trust Inc 52.50 - -0.54 1.47 -22.17 -7.40
Chartered Asset Management Pte Ltd Income Fund Personal Class Units 2839.50xd - 7.30 2.39 3.95 4.32
Other International Funds Smaller Cos Cls One Shares € 49.69 - -0.03 0.00 -21.01 2.96 Foord Asset Management Janus Henderson Strategic Bond Fund A Inc 102.10 - -1.10 3.59 -19.15 -4.41
Emerging Markets Fund Personal Class Units 2350.10xd - 14.90 1.43 0.67 2.32
CAM-GTF VCC $ 276530.19 276530.19 -10829.19 - -6.36 3.78 Smaller Cos Cls Two Shares € 31.75 - -0.01 0.00 -21.39 1.35 Website: www.foord.com - Email: info@foord.com Janus Henderson Absolute Return Fund A Acc 160.60 - -0.30 0.00 -3.66 0.93
FCA Recognised - Luxembourg UCITS Smaller Companies Fund Personal Class Units 5787.80xd - 6.90 1.28 -21.83 1.93
CAM GTi VCC $ 780.49 - -32.39 - 12.31 4.69 Smaller Cos Cls Three Shares € 15.84 - -0.01 0.00 -22.05 1.03 Janus Henderson UK Alpha Fund A Acc 126.10 - -0.70 1.29 -25.38 -3.33
Foord International Fund | R $ 46.79 - 0.11 0.00 -0.90 5.28
RAIC VCC $ 1.64 1.64 0.03 2.06 5.74 -1.66 Smaller Cos Cls Four Shares € 20.88 - -0.01 0.00 -20.24 1.92 Janus Henderson UK Equity Income & Growth Fund A Inc 471.70 - -0.10 5.00 -3.05 0.73
Foord Global Equity Fund (Lux) | R $ 14.96 - 0.08 0.00 -16.25 -
Janus Henderson UK Property PAIF A Acc £ 2.65 2.78 0.00 - 13.53 4.26
Regulated
Foord Global Equity Fund (Sing) | B $ 17.81 - 0.11 0.00 -16.34 4.96 Janus Henderson UK Property PAIF A Inc £ 1.06 1.11 0.00 - 13.53 4.32
Foord International Trust (Gsy) $ 45.60 - 0.11 0.00 -0.87 5.25 Janus Henderson US Growth Fund A Acc 1681.00 - 28.00 0.00 -12.90 8.39
Friday 7 October 2022 ★ FINANCIAL TIMES 19

MANAGED FUNDS SERVICE

Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr

Milltrust International Managed Investments ICAV (IRL)

mimi@milltrust.com, +44(0)20 8123 8316 www.milltrust.com Slater Toscafund Asset Management LLP
www.toscafund.com

Investments
Regulated Tosca A USD $ 399.04 - -22.49 0.00 -0.08 8.50
British Innovation Fund £ 121.92 - 2.89 0.00 - - Tosca Mid Cap GBP £ 192.17 - 5.49 0.00 -28.13 -15.44
MAI - Buy & Lease (Australia)A$ 103.45 - 0.50 0.00 -16.53 1.41 Tosca Opportunity B USD $ 273.98 - -18.82 0.00 -30.98 -16.10
MAI - Buy & Lease (New Zealand)NZ$ 91.20 - -6.06 0.00 -7.20 -2.67 Pegasus Fund Ltd A-1 GBP £ 42.81 - -2.95 0.00 -30.51 -17.01
Milltrust Global Emerging Markets Fund - Class A $ 85.55 - 0.48 0.00 -28.94 -0.11

Platinum Capital Management Ltd Ram Active Investments SA Slater Investments Ltd (UK)
Other International Funds www.ram-ai.com www.slaterinvestments.com; Tel: 0207 220 9460
Platinum All Star Fund - A $ 143.77 - - - - 2.91 Other International Funds FCA Recognised
Milltrust International Managed Investments SPC RAM Systematic Emerg Markets Eq $ 192.08 192.08 0.37 - -19.95 4.30 Slater Growth A Acc 625.87 625.87 0.95 0.00 -24.79 4.92
em@milltrust.com, +44(0)20 8123 8316, www.milltrust.com Platinum Global Growth UCITS Fund $ 8.21 - 0.02 0.00 -39.69 -7.83
Regulated RAM Systematic European Eq € 476.11 476.11 -6.28 - -15.99 3.03 Slater Income A Inc 136.64 136.64 0.04 5.22 -3.32 3.09
Platinum Essential Resources UCITS Fund SICAV USD Class E $ 11.30 - 0.06 0.00 18.32 8.17
Milltrust Alaska Brazil SP A $ 83.10 - 0.26 0.00 17.97 - RAM Systematic Funds Global Sustainable Income Eq $ 136.41 136.41 -1.23 0.00 -12.07 3.36 Slater Recovery A Acc 327.54 327.54 0.18 0.00 -17.04 8.91
Platinum Global Dividend UCITS Fund $ 45.24 - -0.08 0.00 -19.35 -6.97
Milltrust Laurium Africa SP A $ 91.30 - -1.63 0.00 -9.75 - RAM Systematic Global Eq Sustainable Alpha $ 114.09 114.09 -0.41 - 4.00 -0.31 Slater Artorius 287.30 287.30 8.82 0.33 -25.15 9.18
Milltrust Marcellus India Fund $ 131.53 - 3.15 0.00 -11.55 - RAM Systematic Long/Short European Eq € 155.88 155.88 0.68 - 6.85 2.59
Milltrust Singular ASEAN SP Founders $ 123.81 - 0.29 0.00 -22.17 - RAM Systematic US Sustainable Eq $ 326.13 326.13 -1.75 - -19.87 2.91
Milltrust SPARX Korea Equity SP A $ 88.11 - 0.26 0.00 -41.69 - RAM Tactical Global Bond Total Return € 136.31 136.31 -0.43 - -11.69 -2.89
Milltrust Xingtai China SP A $ 87.98 - 2.11 0.00 -38.41 - RAM Tactical II Asia Bond Total Return $ 141.78 141.78 -0.23 - -9.34 -1.97
The Climate Impact Asia Fund SP (Class A) $ 70.14 - -1.08 0.00 -33.16 -
The Climate Impact Asia Fund (Class B) $ 69.65 - -1.07 0.00 -33.49 -
Polar Capital Funds Plc (IRL) Troy Asset Mgt (1200) (UK)
Regulated 65 Gresham Street, London, EC2V 7NQ
Automation & Artificial Intelligence CL I USD Acc $ 13.35 13.35 0.06 0.00 -29.74 6.15 Order Desk and Enquiries: 0345 608 0950
Authorised Inv Funds
Asian Starts I USD Acc $ $ 12.87 - 0.34 0.00 -30.02 5.06 Authorised Corporate Director - Link Fund Solutions
Biotechnology I USD $ 36.50 36.50 -0.17 0.00 -12.13 19.04 Trojan Investment Funds
China Stars I USD Acc $ $ 10.34 10.34 0.28 0.00 -26.61 0.95 Royal London (UK) Trojan Ethical O Acc 125.25 - 0.24 0.00 -1.28 5.35
Emerging Market Stars I USD Acc $ 10.49 - 0.22 0.00 -30.02 3.11 55 Gracechurch Street, London, EC3V rlam.co.uk Trojan Ethical Global Inc O Acc 100.82 - 0.32 - - -
Authorised Inv Funds
Ministry of Justice Common Investment Funds (UK) European Ex UK Inc EUR Acc € 12.98 12.98 -0.11 0.00 -0.23 2.68 Trojan Ethical Global Inc O Inc 98.98 - 0.31 - - -
Royal London Sustainable Diversified A Inc £ 2.19 - 0.00 0.67 -14.47 1.42
Property & Other UK Unit Trusts Financial Opps I USD $ 12.79 - -0.09 2.91 -20.04 2.14 Trojan Ethical O Inc 125.01 - 0.25 0.00 -1.29 5.35
Royal London Sustainable World A Inc 328.40 - 2.10 0.00 -12.17 5.75
The Equity Idx Tracker Fd Inc 1817.00 - 1.00 2.64 -2.58 4.11 Global Convertible I USD $ 12.92 12.92 -0.05 0.00 -20.49 -0.38 Trojan Ethical Income O Acc 128.88 - -0.11 2.71 -6.90 -1.81
Distribution Units Royal London Corporate Bond Mth Income 71.19 - 0.37 4.50 -20.23 -5.78
Global Insurance I GBP £ 9.63 - 0.04 0.00 24.29 7.32 Trojan Ethical Income O Inc 108.00 - -0.09 2.77 -6.91 -1.81
Royal London European Growth Trust 179.40 - -2.40 0.83 -12.65 2.54
Global Technology I USD $ 63.48 - 0.25 0.00 -29.97 8.77 Trojan Fund O Acc 381.22 - 0.43 0.00 0.08 5.38
Royal London Sustainable Leaders A Inc 711.30 - -0.40 1.12 -8.48 3.89 Stonehage Fleming Investment Management Ltd (IRL)
Healthcare Blue Chip Fund I USD Acc $ 17.14 17.14 -0.03 0.00 -6.59 9.94 www.stonehagefleming.com/gbi Trojan Fund O Inc 308.57 - 0.35 0.00 0.08 5.38
Royal London UK Growth Trust 553.80 - -1.50 2.25 -15.08 -0.46
Healthcare Dis I Acc USD $ $ 12.70 - -0.08 0.00 -18.49 - enquiries@stonehagefleming.com Trojan Global Equity O Acc 465.66 - 3.32 0.00 -7.16 7.11
Royal London UK Income With Growth Trust 193.00 - 0.40 5.48 -6.47 0.26 Regulated
Healthcare Opps I USD $ 61.82 - -0.23 0.00 -11.18 9.83 Trojan Global Equity O Inc 384.21 - 2.74 0.00 -7.17 7.11
Royal London US Growth Trust 358.20 - -12.20 0.00 0.00 12.16 SF Global Best Ideas Eq B USD ACC $ 209.29 - 0.20 0.00 -23.75 4.58
Income Opportunities B2 I GBP Acc £ 2.79 2.79 0.01 0.00 0.54 6.44 Additional Funds Available Trojan Global Income O Acc 155.30 - 0.75 2.82 10.06 6.35
SF Global Best Ideas Eq D GBP INC £ 282.39 - 4.20 0.00 -7.62 7.74
Japan Value I JPY ¥ 139.79 139.79 0.96 - 6.82 7.38 Please see www.royallondon.com for details Trojan Global Income O Inc 130.79 - 0.63 2.87 10.06 6.35
Mirabaud Asset Management (LUX)
www.mirabaud.com, marketing@mirabaud-am.com North American I USD $ 30.99 30.99 -0.04 0.00 -14.65 7.58 Trojan Income O Acc 322.99 - -0.10 2.88 -6.27 -2.31
Conviction based investment vehicles details available here www.mirabaud-am.com Smart Energy I USD Acc $ $ 8.31 8.31 -0.13 0.00 -14.94 - Trojan Income O Inc 159.90 - -0.05 2.95 -6.27 -2.31
Regulated
Smart Mobility I USD Acc $ $ 7.79 7.79 -0.08 0.00 -20.67 -
Mir. - Glb Strat. Bd I USD $ 110.75 - -0.14 0.00 -11.10 -1.17
UK Val Opp I GBP Acc £ 10.98 10.98 -0.03 0.00 -21.57 -0.78
Mir. - DiscEur D Cap GBP £ 154.10 - -1.27 0.00 -27.38 3.86
Mirabaud - UK Equity High Alpha £ 126.62 - -1.78 0.00 -24.50 2.01

Ruffer LLP (1000)F (UK)

65 Gresham Street, London, EC2V 7NQ
Order Desk and Enquiries: 0345 601 9610
Authorised Inv Funds Unicorn Asset Management Ltd (UK)
Authorised Corporate Director - Link Fund Solutions PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
LF Ruffer Diversified Rtrn C Acc 100.69 - -0.67 0.89 -0.19 - Authorised Inv Funds
Private Fund Mgrs (Guernsey) Ltd (GSY) LF Ruffer Diversified Rtrn C Inc 99.86 - -0.66 0.99 -0.13 - UK Growth A Inc 572.15 - 1.50 0.10 -26.85 0.35
Regulated
LF Ruffer European C Acc 709.01 - 17.54 0.88 -23.49 5.51 Mastertrust A Inc X F 552.23 - 1.23 0.50 -14.67 3.18
Monument Growth 04/10/2022 £ 524.61 529.73 -7.14 1.08 -3.67 1.62
LF Ruffer European C Inc 127.19 - 3.15 0.94 -23.48 5.52 UK Growth B Inc 574.77 - 1.51 1.03 -26.95 0.78
LF Ruffer European O Acc 687.70 - 16.99 0.58 -23.72 5.20 Mastertrust B Inc X F 494.38 - 1.12 1.34 -14.77 3.64
LF Ruffer Equity & General C Acc 538.63 - 6.69 0.81 -5.49 6.57 Outstanding British Cos A Acc X F 265.78 - 0.26 0.51 -16.92 -3.87
LF Ruffer Equity & General C Inc 486.63 - 6.04 0.81 -5.48 6.57 Outstanding British Cos B Acc X F 291.98 - 0.29 1.37 -16.27 -3.13
Superfund Asset Management GmbH
LF Ruffer Equity & General O Acc 522.48 - 6.46 0.49 -5.77 6.25 www.superfund.com, +43 (1) 247 00 UK Smaller Cos A Inc X F 547.12 - 1.30 0.77 -25.70 1.48
Other International Funds UK Smaller Cos B Inc X F 532.95 - 1.28 1.67 -25.80 1.92
LF Ruffer Equity & General O Inc 480.76 - 5.95 0.49 -5.77 6.25
Other International Funds
LF Ruffer Gold C Acc 218.15 - 8.01 0.00 -7.06 2.78 UK Income A Acc X F 282.74 - -0.32 5.58 -16.37 -2.24
Prusik Investment Management LLP (IRL) Superfund Green Gold $ 1221.67 - 12.87 0.00 -18.25 4.04
Enquiries - 0207 493 1331 LF Ruffer Gold C Inc 132.03 - 4.84 0.00 -7.06 2.78 UK Income A Inc X F 189.16 - -0.21 5.76 -17.84 -2.97
Superfund Green Silver $ 1027.72 - -11.16 0.00 -23.99 4.34
Regulated LF Ruffer Gold O Acc 211.53 - 7.75 0.00 -7.34 2.47 UK Income B Acc X F 316.12 - -0.35 5.56 -15.74 -1.50
Regulated
Prusik Asian Equity Income B Dist $ 165.94 - -0.17 4.96 -4.38 0.65 UK Income B Inc X F 211.62 - -0.24 5.73 -17.22 -2.22
LF Ruffer Japanese C Inc 154.01 - 5.43 0.26 -18.02 7.08 Superfund Green US$ $ 1004.55 - 16.26 0.00 -14.07 2.55
Oasis Crescent Global Investment Funds (UK) ICVC (UK) Prusik Asia Emerging Opportunities Fund A Acc $ 183.09 - -1.81 0.00 -20.00 6.23
Regulated LF Ruffer Japanese C Acc 331.80 - 11.69 0.25 -18.03 7.08
Prusik Asia Fund U Dist. £ 223.81 - 1.10 0.00 -11.83 6.52
Oasis Crescent Global Equity Fund USD A (Dist) $ 31.70 - -0.17 0.26 -16.06 2.23 LF Ruffer Japanese O Acc X 321.40 - 11.32 0.00 -18.27 6.76
Prusik Asia Sustainable Growth Fund A Acc $ 84.67 - -0.17 - - -
Oasis Crescent Global Income Fund USD A (Dist) $ 9.90 - -0.03 2.68 -8.26 -0.46 LF Ruffer Total Return C Acc 542.44 - -9.76 2.54 -0.21 6.55
Oasis Crescent Global Low Equity Fund USD D (Dist) $ 11.60 - -0.08 0.61 -12.57 -0.27 LF Ruffer Total Return C Inc 338.30 - -6.08 2.59 -0.21 6.55
Oasis Crescent Global Medium Equity Fund USD A (Dist) $ 12.79 - -0.08 0.16 -12.55 0.72 LF Ruffer Total Return O Acc 526.11 - -9.49 2.54 -0.51 6.23
Oasis Crescent Global Property Equity Fund USD A (Dist) $ 7.16 - -0.16 0.73 -24.30 -6.39 LF Ruffer Total Return O Inc 327.93 - -5.91 2.59 -0.51 6.23
Oasis Crescent Global Short Term Income Fund USD A (Dist) $ 0.93 - 0.00 1.84 -3.95 -0.15 Thesis Unit Trust Management Limited (UK) Zadig Gestion (Memnon Fund) (LUX)
Oasis Crescent Variable Fund GBP A (Dist) £ 9.37 - -0.05 0.18 -6.91 -0.40 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP FCA Recognised
Authorised Funds Memnon European Fund - Class U2 GBP £ 213.42 - -2.52 0.00 -1.40 6.19
TM New Court Fund A 2011 Inc £ 17.48 - 0.03 0.00 -12.60 3.70
Purisima Investment Fds (UK) (1200)F (UK)
65 Gresham Street, London, EC2V 7NQ TM New Court Fund - A 2014 Acc £ 17.64 - 0.04 0.00 -12.59 3.74
Order Desk and Enquiries: 0345 922 0044 TM New Court Equity Growth Fund - Inc £ 18.83 - 0.02 0.00 -15.18 4.36
Authorised Inv Funds
Authorised Corporate Director - Link Fund Solutions
Global Total Fd PCG A 365.66 - 2.89 0.00 -7.86 11.00 Rubrics Global UCITS Funds Plc (IRL)
www.rubricsam.com
Global Total Fd PCG B 360.56 - 2.85 0.00 -8.09 10.72 Regulated
Omnia Fund Ltd Global Total Fd PCG INT 354.06 - 2.80 0.00 -8.31 10.45 Rubrics Emerging Markets Fixed Income UCITS Fund $ 130.30 - -0.69 0.00 -6.68 -1.79
Other International Funds
Rubrics Global Credit UCITS Fund $ 16.38 - -0.03 0.00 -9.82 -1.16
Estimated NAV $ 955.58 - 173.14 0.00 43.52 9.86
Rubrics Global Fixed Income UCITS Fund $ 167.54 - -0.63 0.00 -7.01 -1.42

Purisima Investment Fds (CI) Ltd (JER)

Regulated
Orbis Investments (U.K.) Limited (GBR) PCG B X 259.22 - 1.33 0.00 -21.51 6.43
28 Dorset Square, London, NW1 6QG Scottish Friendly Asset Managers Ltd (UK)
www.orbis.com 0800 358 2030 PCG C X 252.28 - 1.30 0.00 -21.67 6.20 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Regulated Authorised Inv Funds
Orbis OEIC Global Cautious Standard £ 11.59 - -0.02 0.00 6.69 4.21 Managed Growth ♦ 327.80 - -0.20 0.00 -4.26 7.67
Orbis OEIC Global Balanced Standard £ 18.50 - 0.07 2.14 9.69 9.50 UK Growth ♦ 375.40 - -1.10 0.00 -10.58 8.15
Orbis OEIC Global Equity Standard £ 21.26 - 0.19 2.08 0.60 9.48 Toscafund Asset Management LLP (UK)
Orbis OEIC UK Equity Standard £ 10.26 - -0.05 3.65 -2.95 9.63 www.toscafund.com
Authorised Funds
Aptus Global Financials B Acc £ 4.43 - -0.03 4.50 -10.12 8.53
Aptus Global Financials B Inc £ 2.86 - -0.02 4.65 -10.11 10.60

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20 ★ FINANCIAL TIMES Friday 7 October 2022

ARTS

Crowd-pleasing epic blazes a new trail

This week’s film releases The Woman King
Gina Prince-Bythewood
reviewed by Danny Leigh AAAAE
and Leslie Felperin Amsterdam

T
David O Russell
he sure-fire mark of a AAAEE
crowd-pleaser: a prologue
receding up the screen, the The Lost King
story set up with a slow Stephen Frears
scroll of text. Borrowed AAAEE
from Star Wars, the device opens
The Woman King, the sinewy epic from Nothing Compares
director Gina Prince-Bythewood. But Kathryn Ferguson
rather than galaxies far, far away, an AAAEE
introduction is made to the Dahomey
kingdom in what is now Benin, a real
historical state at a turning point in
1823. Ties with the brutal Oyo empire telling, pushed Langley to the margins
are being severed. Defending Dahomey of her own triumph. They have angrily
from the counter-assault will be another protested: a fresh discontent in the
force from the record: the Agojie, an ongoing drafting of history. DL
elite brigade of female warriors led by In UK cinemas now
the fictional General Nanisca, played
with scarred gravity by Viola Davis. It’s been 263,000 hours and 10,960 days
That Hollywood has released an — give or take — since Sinéad O’Connor
action spectacular centred on black tore up a picture of Pope John Paul II on
women in 19th-century Africa is clearly Saturday Night Live. (A protest against
a landmark. You might call it a twist, the cover-up of child sexual abuse in the
given how trad the movie feels, a hom- Catholic church.) That simple rending
age to Braveheart and Gladiator. The of a photograph, one that used to hang
hyper-competitive jostle of new recruits in her mother’s bedroom, was nearly
even has a touch of Top Gun. If Nanisca enough to destroy the Irish singer-song-
scowls at wilful rookie Nawi, we know writer’s career as a pop star.
before she does that it is because she is Above: Viola Davis in ‘The Woman King’. Below, from left: Christian Bale, Margot Robbie and John David Washington in ‘Amsterdam’ — Ilze Kitshoff As we learn in Kathryn Ferguson’s
reminded of herself. (The younger rousing documentary Nothing Com-
woman is nimbly played by Thuso from involvement in the slave trade, the friend I saw the movie with briefly pares, the elfin-featured performer was
Mbedu, star of Barry Jenkins’ serial The questions of complicity still linger more fell asleep. a rebel from the start. As the film pieces
Underground Railroad.) than most popcorn movies would allow. Real, sobering history crashes back together her story through archive mon-
The story’s beats might feel vintage or In the middle of it all are the weary, into the third act. Despite the title, tages, backed by the sound of a mature
simply second-hand, depending on freighted eyes of Davis. Could any other Amsterdam proves to be about one place O’Connor, now 55, looking back in anger,
taste. The rest of the film will be a thrill actress really play Nanisca? Like the only: America. It makes for yet another sadness and amusement, we see that she
for all comers. Prince-Bythewood gives film, the performance is built for uni- mixed message in a movie filled with always refused to be bossed around.
the action a potent realism and detail. versal appeal, but it will land most pow- them, wilfully silly then grandly porten- It started with shaving off her hair to
Gymnastic fight scenes come complete erfully if you have watched the star tous. In the end, you can only para- defy her record company’s wish that she
with a visceral crunch. Her film is so carve out her own, hard-won place in phrase the beginning. Whatever just look more feminine. Likewise, she said
attuned to what makes an audience tick, Hollywood. On screen as in life, she happened, the film is a lot. DL no when the label suggested she have an
you could see it in an empty cinema and strides on, implacable. DL In cinemas from October 8
still hear the cheering.
Broad pleasures are mined from the
In US and UK cinemas now
Edinburgh is the setting for much of
Gymnastic fight scenes
tangle of real history, with sparing use of “A lot of this really happened.” So begins Stephen Frears’s The Lost King. Eng- in ‘The Woman King’
airbrushing. If gender roles are flipped Amsterdam, the zany new comedy or land always looms anyway. Some of that
in battle, Dahomey is still a kingdom thereabouts from director David O Rus- is down to the protagonist, amateur his- come complete with a
(the monarch an airy John Boyega). And
while the story sees the state draw back
sell (American Hustle, Silver Linings
Playbook). The movie is a fiction with a
torian Philippa Langley (Sally Hawkins)
transplanted from south of the border.
visceral crunch
The English Midlands are also key to a
nugget of fact attached, a dark news true story filled with the quotidian stuff abortion at 20, and continued ever
story from 1933 wrapped inside a screw- of town planning and Greggs pasties. onwards with outspoken dissent against
ball lark. Or maybe vice versa. Either But most pivotal of all is Richard III, and racist acts by the UK police, protests
way, talk of history abounds: being on the shadow of the hunchback child- against US foreign policy and campaign-
the right side of it, getting stuck repeat- killer cast by Shakespeare, a hit job of ing for abortion rights in Ireland.
ing it, everyone having their own. much-debated accuracy yet one with Ferguson is very effective in helping
The last part is certainly true of the pride of place in the national psyche. us to understand O’Connor’s complex
three-sided friendship at the centre of Still another Englishness is the emo- character, shaped partly by the horrific
the story. Pals one and two are a lumi- tional nub: Langley as plucky outsider, emotional and physical abuse she expe-
nous free spirit (Margot Robbie) and a defending a figure she sees as victim of a rienced from her mother as a child. Put
self-possessed lawyer (John David centuries-old libel. Here, that quest into care by her parents, she ended up in
Washington). The third is Burt Berend- leads to the episode the movie lightly a children’s home that was attached to a
sen (outsize creation of Christian Bale), dramatises: the 2012 discovery of the care facility for survivors of the
a doctor with a ripe Noo Yoik accent and monarch’s remains beneath a Leicester Magdalene Laundries, where “fallen”
specialism in cosmetic surgery. Pause car park. (The script is by Steve Coogan Irish women were forcibly interned
your preconceptions. His work verges and Jeff Pope, with whom Frears also until the 1990s. That placement led to
on the saintly, fixing the faces of penni- made Philomena.) But Langley’s zeal is O’Connor developing her musical talent
less first world war veterans. He only the real focus — product of an outraged thanks to a sympathetic teacher.
survived the conflict himself with a glass sense of fair play, and perhaps a certain The movie doesn’t quite do that talent
eye and a fondness for the taste of his deep square-peggery. Even among the justice by leaning heavily on vague,
own medicine. Another thing about his- mixed bag of her local Richard III Soci- superlative-heavy praise instead of a
tory: it’s hard to escape. ety, another member asks why she is more nuanced examination of her tech-
All this is conveyed in the breathless here. “You look quite normal,” they say. nique and skill. And it doesn’t help that
manner of a child running in from an Hawkins and the deadpan register are the estate that controls Prince’s music
eventful playground. The plot is thick the movie’s aces. But it can’t always refused to let the film-makers include
from the get-go, a woozy whodunnit. In locate the dramatic pulse of events, or her powerful 1990 cover of his ballad
1930s Manhattan, old soldiers Bale and crack the problem of a story visually “Nothing Compares 2 U”. Still, it’s fasci-
Washington are drawn into a murder rooted in a rectangle of tarmac. (In nating to learn that the iconic moment
mystery. The finger of suspicion points response, Langley is awkwardly kept in the song’s video when tears roll down
straight at them. An early casting coup company by visions of a fey but talka- her face was prompted by thinking not
involves Taylor Swift. tive Richard.) Still, the film makes great of a lover but about her recently
Believe me, I’m summarising. Within villains of technocrats from the deceased mother. LF
10 minutes, Bale’s artificial eye has University of Leicester who, by this In UK cinemas and on Showtime in the US
popped out a thousand times, or at least
it feels like it, a slapstick touch the Left: Sinéad
movie never tires of. It takes a war for O’Connor is the
the mood to settle down. In an extended subject of new
flashback to 1918, we meet the male documentary
leads again as wounded American ‘Nothing
troops under the care of Robbie’s char- Compares’.
acter, a French nurse who turns out not Below: Sally
to be French at all, and more often a Hawkins and
Dadaist artist. A triangular bond devel- Harry Lloyd in
ops — one side romantic, the other two ‘The Lost King’
platonic — a union the movie never Andrew Catlin; Graeme
quite makes plausible. Still, after the Hunter

armistice, all three find a gently deca-

dent home in Amsterdam. If the Dutch
capital is under-seen, put it down to
being mostly symbolic: the site of pre-
cious, fleeting good times.
Chaos reigns again when the movie
fast-forwards back to New York. The
cast balloons. Make room for Rami
Malek and Anya Taylor-Joy as a society
power couple; Chris Rock’s sardonic
veteran; Andrea Riseborough playing
Burt’s estranged wife; Robert De Niro in
the guise of military hero. Good lord, is
that really Mike Myers? “OK! Every-
thing all at once!” Bale exclaims. Indeed.
Between the massed ensemble, a the-
matic blizzard too: bittersweet asides on
war, class, race, religion, fragile human
goodness. But the cast drown many of
them out, a collective shagpile of over-
excitement. The film has its own back-
story, Russell and the headliners honing
the characters through years of develop-
ment. Finally let loose, the actors have
such a blast you feel like you’re looking
in at a party from outside in a drizzly
garden. As a professional voyeur, I often
had fun regardless. But I’ll be honest: at
a particularly high-pitched moment,
Friday 7 October 2022 ★ FINANCIAL TIMES 21

FT BIG READ. TECHNOLOGY

Companies like Amazon and Microsoft routinely destroy millions of used hard drives in the name
of data security — but industry insiders say they are ignoring a better, greener and cheaper option.
By Alexandra Heal and Anna Gross

‘We shred everything’

M
ick Payne remembers the
moment the madness of
the way we dispose of our
data was brought home to
him.
The chief operating officer of Tech-
buyer, an IT asset disposal company in
Harrogate, was standing in a large win-
dowless room of a data centre in London
surrounded by thousands of used hard
drives owned by a credit card company.
Knowing he could wipe the drives and
sell them on, he offered a six-figure sum
for all the devices.
The answer was no. Instead, a lorry
would be driven up to the site and the
data-storing devices would be dropped
inside by authorised security personnel.
Then industrial machines would shred
them into tiny fragments.
“I walked out and thought, ‘This is
absolutely crazy’,” says Payne. “They
couldn’t allow the disks to leave the
building — despite the fact we could
wipe them on-site then sell to a new cus-
tomer who could make use of them for
years to come . . . It was a complete
waste.”
Payne had experienced first-hand the
ubiquitous industry practice of shred-
ding data-storing devices.
Every day when you fire off emails,
update a Google document or take a
photo, the data generated is not stored
in a “cloud” as the metaphor suggests.
Instead it is stowed across several of the
world’s estimated 70mn servers, each

‘We could wipe them

on-site, then sell to a new
customer who could use
them for years to come.
It’s a complete waste’
one a steel box the size of a kitchen sink,
made up of all sorts of precious metals,
critical minerals and plastics. 15-fold knowledge of Microsoft’s data disposal
operations says the company shreds
consultancy Gartner, the question of
what companies do with millions of
tainability and circularity at London
South Bank University.
Mick Payne,
main left, is the
puting providers have been taking steps
towards reuse. Google says 27 per cent of
The servers contain several data-stor- Howmuchglobal everything at its 200-plus Azure data tonnes of electrical equipment has While various projects are being chief operating the components it used in server
internettrafficgrew
ing devices, each roughly the size of a in2010-20;resulting centres. Microsoft says: “We currently become more important than ever. piloted to try to recover some of the officer of upgrades in 2021 were refurbished
VCR tape. They sit inside the world’s ina25-foldincreasein shred all [data-bearing devices] to materials lost in shredding, tearing up a Techbuyer, an IT inventory and that it overwrites data on
23,000 data centres, some of which span data-centrestorage ensure customer data privacy is main- Critical materials drive after a few years of use still vio- asset disposal its hard drives for reuse where possible.
floorspace equivalent to dozens of capacity tained fully.” It is difficult to say exactly how many lates the first rule of sustainable con- company. He Microsoft now operates several “circu-
Olympic-sized swimming pools. When The UK’s Department for Education, hard drives are decommissioned glo- sumption: reuse is always better than describes the lar centres” for refurbishing old servers
companies decide they want to upgrade
their equipment, which usually hap-
70mn Department for Work and Pensions,
Police Scotland and Police Service
bally each year, but one study by the US
National Renewable Energy Laboratory
recycling.
“Even if you recover all the materials
inclination to
destroy data-
and says more than 80 per cent of its
decommissioned assets will be repur-
pens every three to five years, data stor- Serversinusearound Northern Ireland told the FT that they estimates it is at least 20mn in America when you recycle a product, all the storing devices posed by 2024. But for hard drives, spe-
theworld.Combined,
ing devices are routinely destroyed in a theseweighasmuch shred all decommissioned data-storing alone. Although most data centre com- energy and money you have put into as ‘absolutely cifically, shredding is still the norm.
process like the one Payne described. as192EiffelTowers devices. Northern Ireland’s force says it panies discard their storage devices using those materials to manufacture crazy’; a Several decommissioning experts say
Companies such as Amazon and has shredded 30,000 pieces of equip- after a few years, they could last for the product’s components . . . is lost,” shredder at that, while some customers have
Microsoft, as well as banks, police serv-
ices and government departments, 20mn ment including servers and hard drives
over the past two years.
years — or even decades — longer,
according to several industry experts.
says Walzberg. In a study this year, he
found reusing a hard drive avoids four
work, below and
below left
already converted to erasing and resel-
ling their data storing devices, others
shred millions of data-storing devices Lowendofestimated Some government departments say The research suggests more than 90 times as many carbon dioxide emissions Lorne Campbell/Guzelian simply need to be educated about the
numberofhard
each year, the Financial Times has drivesthatare they follow National Cyber Security per cent are destroyed when equipment as slicing it up and feeding the pieces efficacy and reliability of wiping soft-
learnt through interviews with more decommissioned Centre guidelines, which recommend is routinely decommissioned, even ware to help them move past the
than 30 people who work in and around eachyearinthe hard drives should be physically though most are still functioning. The ingrained belief that physical destruc-
the decommissioning industry and via USalone destroyed. However, HM Revenue & European Commission estimates that tion is necessary.
dozens of freedom of information Customs and the Department for Busi- about half face the same fate in the EU. Gartner’s Simon Mingay says many
requests.
This is despite a growing chorus of
30,000 ness, Energy and Industrial Strategy say
they do not mandate shredding and
“Clients are so worried about disposal
of data that they’re insisting on the hard
data centre operators would love to
increase the quantity of goods that are
Piecesofequipment
industry insiders who say there is includingserversand London’s Metropolitan Police says it drives being destroyed,” says Michael awarded a second life but “they’re hob-
another, better option to safely dispose harddrivesthat wipes where possible. Winterson of global data centre pro- bled by the requirements being placed
of data: using computer software to NorthernIreland’s Data centre operators have faced vider Equinix. “It’s a big issue that as an on them by their customers”.
securely wipe the devices before selling policeforcesaysit scrutiny in recent years for their huge industry we need to figure out.” For now, most customers still see the
hasshreddedover
them on the secondary market. thepasttwoyears energy use. In July, they were partially “We shred everything with data on it, risk as outweighing the potential bene-
“From a data security perspective, blamed when it was found that the west there are no exceptions,” says Greg Rab- fits. Rabinowitz, one of the few voices in
you do not need to shred,” says Felice
Alfieri, a European Commission official 700 London electricity grid had run out of
capacity to support new homes, threat-
inowitz, president of Urban E Recycling,
an electronics disposal company in
the decommissioning industry still in
favour of shredding, puts the problem
who co-authored a report about how to Newdatacentresset ening housebuilding targets in the capi- Florida. Decommissioning profession- simply: “Why risk it if there was any
make data centres more sustainable and tobebuiltaroundthe tal. The focus on their energy guzzling als like Rabinowitz mince the drives at chance something was going to get left
worldoverthenext
is promoting “data deletion” over device threeyears
puts pressure on companies to replace their clients’ behest — two others say on it?”
destruction. their systems whenever more power-ef- they have even had requests to inciner- If the big tech data storers, known in
ficient equipment comes to market, cre- ate the remains. the industry as “hyperscalers”, were to
The trust problem ating a trade-off between energy effi- While the shreds are widely sent for through even the best imaginable recy- change their practices on drive reuse,
Underpinning the reluctance to move ciency and environmental waste. recycling, today’s processes only cling processes, when both scenarios are others would follow — or so many
away from shredding is the fear that Energy use is “being reduced by just recover about 70 per cent of the materi- compared with current recycling. decommissioning experts believe. But,
data could leak, triggering fury from throwing more material at the prob- als, according to Julien Walzberg, a The same problem applies to entire as things stand, they are opting to pro-
customers and fines from regulators. lem”, says Johann Boedecker, founder of researcher at the National Renewable servers which, when deemed no longer long the life of the equipment the first
Last month, the US Securities and the circular economy consultancy Pen- Energy Laboratory. useful, are often sent for recycling time around. Last year Google said it
Exchange Commission fined Morgan tatonic. “The open question is: how Recycling plants usually separate the rather than reused. IT company Dell would extend the life of its cloud servers
Stanley $35mn for an “astonishing” fail- much energy reduction is worth how 6mm-wide morsels into aluminium, found that manufacturing accounts for from three to four years and Amazon
ure to protect customer data, after the much waste?” steel and circuit board for onward sale. half of the carbon footprint of one of its Web Services prolonged its own from
bank’s decommissioned servers and But with another 700 data centres set But the hard drives contain important servers, accounting for energy-related four to five years in February. Last
hard drives were sold on without being to be built around the world over the materials, such as neodymium and dys- emissions from four years of use. month, Microsoft announced it would
properly wiped by an inexperienced next three years, according to the tech prosium in the magnets and nickel and Steve Mellings, who founded and runs extend the life of its server and network
company it had contracted. This was on palladium in circuit boards, which are the UK decommissioning industry certi- equipment from four to six years.
top of a $60mn fine in 2020 and a often not recovered. Several of these are fication programme Adisa, says energy Nonetheless, many experts are ada-
$60mn class action settlement reached on US or EU lists of “critical” materials — savings from new technology are not as mant that conventional drives can be
earlier this year. Some of the hardware so designated because of natural con- significant as they used to be. “If they’re securely wiped and reused, a practice
containing bank data ended up being straints on their supply or for geopoliti- using a 15-year-old antique server, it’s that first emerged in the early 1990s but
auctioned online. cal reasons. China, for example, pro- going to be heavy on consumption, but that has only gained significant traction
While the incident stemmed from a duces 60 per cent of all mined rare most servers [developed] over the past over the past decade. “Saying we have to
failure to wipe the devices before selling earths. decade are pretty good,” he says. And shred because it’s the only thing that’s
them on, the bank now mandates that The small amounts of critical raw even if advances do warrant a replace- secure is a miscalculation,” says Fredrik
every one of its data-storing devices is material lost in shredding add up, con- ment, “that doesn’t mean you need to Forslund, vice-president of Blancco, a
destroyed — the vast majority on site. tributing to the 54mn tonnes of elec- destroy the old”. company that makes wiping software.
This approach is widespread. tronic waste produced globally every The case for refurbishing and reuse is Forslund describes shredding as “an
One employee at Amazon Web Serv- year. Every speck lost requires more to not just a financial one. There is plenty absolute disaster”.
ices, who spoke on condition of ano- be mined, often from areas of the world of evidence to show that the perform- The FT asked several industry insid-
nymity, explained that the company embroiled in conflict. Demand for such ance gap between newer and older serv- ers and experts if they were aware of any
shreds every single data-storing device materials is projected to grow as the ers is narrowing, with the newer exam- case where data had leaked after veri-
once it is deemed obsolete, usually after world electrifies itself away from ples “not maintaining the same effi- fied wiping software, such as Blancco’s,
three to five years of use: “If we let one fossil fuels. ciency improvements” that were seen in had been used, and none were. “We’ve
[piece of data] slip through, we lose the “Shredding causes a massive problem the past, according to a recent paper led verified that sanitisation works and still
trust of our customers.” Amazon for sustainability,” says Deborah by academics at the University of East they shred,” says Adisa’s Mellings. “The
declined to comment. A person with Andrews, professor of design for sus- London. Some of the major cloud com- level of fear is palpable.”
22 ★ FINANCIAL TIMES Friday 7 October 2022

The FT View
The battle for control of the global oil market
with a likely recession in Europe and Releases have sometimes run at about The lesson for hinted it may now release even more oil
Ill-judged Opec+ output elsewhere that will depress demand, 1mn b/d, roughly equivalent to what the US and from America’s stockpile. US lawmak-
they say they are attempting to put a Opec’s cutbacks will amount to once the ers are calling to revive so-called Nopec
cuts could backfire on the floor under prices, protect revenues and underproduction of some members
western allies is
legislation, which aims to crack down on
Saudi-led cartel increase capacity. After falling by a compared to their quotas is factored in. that their oil cartels.
quarter since June, global crude prices The cartel is trying to regain control of partners in the The lesson for the US and western
Joe Biden’s fist-bumping visit to Saudi are, in equivalent terms, also well below the market and demonstrate that it still Gulf are not allies is that their partners in the Gulf
crown prince Mohammed bin Salman the sky-high levels natural gas and coal has the power to set the price. Saudi reliable when it are not reliable when it comes to energy,
was always a questionable exercise. have reached thanks to Russia’s war. Arabia is surely engaged in political sig- comes to energy and Opec is determined to maximise
Three months later, the US president’s Yet the move to reduce production nalling, too, to a US president who called revenues from an asset for which
reward has not been the hoped-for now is part of a broader struggle for con- it a “pariah” after the brutal murder of demand must eventually be slashed by
increase in oil output, but a headline cut trol of the global oil market. Saudi Ara- the journalist Jamal Khashoggi, and an western-led efforts to combat climate
of 2mn barrels a day by the Opec+ group bia has been irked by US-led attempts to administration it feels is giving insuffi- change. It sees no obligation in the
that has allied the oil cartel with Russia influence prices. The Biden administra- cient support to Riyadh’s security. It meantime to provide energy security
since 2016. Five weeks before US mid- tion has pushed for price caps on Rus- aims to show it has other friends, in Bei- cheaply to its customers.
term elections in which gasoline prices sian oil — to squeeze Moscow’s revenues jing, New Delhi and Moscow. Western consumer nations have few
could play a decisive role, this looks like — from the G7 big democracies and the The Saudi crown prince risks over- short-term, supply-side, answers other
a snub. It also suggests Saudi Arabia is EU. Opec sees this as an attempt to shift playing his hand, as he has often done in than investing in further fossil fuel pro-
sticking fast to its relationship with the balance of power towards consum- the past. China, India and Russia are duction that would run counter to their
Moscow, even as Vladimir Putin esca- ing nations, and fears such a mechanism unlikely to extend anything like the climate aims. The long-term answer to
lates his war in Ukraine. The kingdom could one day be deployed against it. same security protection to Saudi Ara- all the multiple energy and climate
may feel it is acting in its own and the The US has also engaged in the largest bia that the US has done over several problems they now face is the same: to
cartel’s best interests, but its actions ever release from its Strategic Petro- decades. Pushing up oil prices now may make real efforts, which have so far
may prove a strategic error. leum Reserve to try to tamp down crude only deepen any impending recession barely begun, to reduce oil demand —
Saudi and Opec officials insist the cuts prices, and gas prices at US pumps — an and the resulting destruction of and to speed up the dash to sustainable,
ft.com/opinion were not politically motivated. Faced intervention as hefty as Opec’s new cuts. demand. An irate White House has green sources.

Opinion Data Points

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Half a million missing

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workers show Don’t dismiss Indonesia’s new capital as a vanity project

the UK’s failings Your article “Indonesia on the hunt for
investors to back its new capital”
Particularly in a time of global
geopolitical division, and increased
model for the smart, green cities of the
future. These types of initiatives are
play a crucial role in. At this year’s B20,
the official dialogue forum with the
(Report, FT.com, October 2) argued levels of intergovernmental not vanity projects — they are integral global business community hosted
that “there are concerns over China’s antagonism, global business must to our planet’s future. The world’s alongside the G20 in Bali, we will be
John Burn-Murdoch involvement, which could deter
western investors”. I disagree. Now,
unlock the potential of globalisation,
and be a force for co-operation and
urban population is set to more than
double with nearly seven out of 10
bringing together business leaders
from across the globe to address these
more than ever, we must reject collaboration. people living in cities by 2050, challenges.
narratives which seek to divide, rather The Nusantara project, featured in according to the World Bank. We must build bridges, not walls,
Chronic pain, mental health and possible long Covid account for than bring together the global business your article, is an appropriate example We have no hope of reaching our across the business world, and work
half a million more Britons missing from the workforce community. of this. Our capital, Jakarta, is the global environmental targets if urban together in pursuit of a common
Cumulative change in number of people aged 16-64 outside the labour force vs
The private sector has no choice but fastest sinking city in the world. There development continues on this trend — future.
pre-pandemic trend, by long-term health condition or other reason for inactivity to work together over the coming is no question that we need a new a green urban revolution is required. Shinta Widjaja Kamdani
decades if we are to build a better capital. Nusantara can be the world’s This is but one of the countless global Chairwoman, Indonesian B20
+750k world for future generations. flagship modern city, and serve as a problems that the private sector must Jakarta, Indonesia
Pandemic Total
hits
Other (non-health)
+500k
Retired What gas traders do is fine If Truss taxes land, she Here’s the charge sheet for
Student
+250k Other health issues (incl long Covid) in peacetime, not in war won’t need spending cuts liability-driven investing
Left the Mental health* Reflecting on Pierre Andurand’s Martin Wolf (“Truss’s growth plan is It’s a bit rich to claim, as Dawid
labour force
Chronic pain, heart/blood issues Markets Insight column “Europe can nothing but a magic potion”, Opinion, Konotey-Ahulu does (Interview,
0 Progressive illnesses learn to live without Russian gas” October 3) understandably dismisses October 4), that liability-driven
Entered the Looking after family (September 28), this may be a good the government’s “growth plan” as “a investing “has helped stabilise pension
labour force opportunity to consider more plan for inequality and insecurity”. funding over the last two decades”.
−250k
European, and less market-reliant, But it could be converted into a fairer, After all, over 20 years UK
2016 2018 2020 2022
solutions for how to get out of the rut fully funded tax-cutting strategy if it 10-year gilt yields largely fell from a
*Includes depression, anxiety, learning disabilities, other mental illnesses created by the missing billions of cubic would only distinguish between earned high of something over 5 per cent to
Source: FT analysis of quarterly Labour Force Survey
metres of gas. This is important and unearned incomes. lows, a couple of years ago, of about

T
because the shortages are set to wreck There is wide acceptance of high 0.1 per cent.
he past two and a half second biggest contributor to the rise gas-intensive industries like tiles, earnings for those at the top of their Annualised total returns over this
years have been tough on in worklessness has been people drop- petrochemicals, off-season vegetable professions in industry, commerce, period — of close to 6 per cent — are
most countries, but few ping out due to mental illness. The production, bakeries and more besides. technology and the arts. Taxes more in keeping with the long-term
have suffered as much as pandemic triggered a steep accelera- These are not small sectors in demotivate all these activities, expected return for equities, as
the United Kingdom. The tion in these conditions with almost Europe and windfall taxes at the possibly just as much as with lower opposed to sovereign bonds.
pandemic has been the ultimate stress 40 per cent of the rise in economic national level may not raise enough paid workers. It’s not clear to me how much LDI at
test for a nation’s basic functioning. inactivity explained by people with a money to help them. With increase of population and its inception envisaged deploying
Does the healthcare system have suffi- mental health issue that limits their But how about scrutinising the price social amenities, demand for land leverage. But it has been very clear, to
cient capacity and resources to bounce ability to work. mechanism itself? Facing Russia with a presses inexorably on the fixed supply. anyone who cared to look, that
back? Is the state capable of support- As anyone in healthcare will tell price cap on natural gas might be Land values and rents increase apace. leverage became an increasingly
ing people as they seek to put their you, physical and mental conditions reconsidered if Europe is hit by social ExxonMobil products” (“The Tories These are unearned. There is a important part of the proposition as
lives back on track? Time and again, often go hand in hand. Indeed, what unrest when the winter freeze bites. have led on climate until now”, compelling economic and moral case yields fell.
Britain has come up short. really seems to have done for Britain’s Meanwhile, it is striking that little Opinion, October 5). for taxing them more heavily than As Patrick Jenkins (“Failure to learn
Perhaps the most damning statistic missing half million is the confluence work has been done on the effects of One of their products is ethylene earned incomes. Taxes do not lessons of 2008 caused LDI pensions
is what has happened to the UK of multiple conditions. constraining the arbitrage from ExxonMobil’s Fife facility in demotivate land, but they do blow-up”, Inside Business, October 4)
workforce. Between January 2015 and The number of working-age people opportunities of energy traders. Some Scotland. This product is the basis for demotivate work, enterprise and trade. observes “what started as a hedge in
January 2020, economic inactivity in Britain reporting multiple serious have been in the news for receiving the PVC used for doors and window The annual rental value of the UK’s some cases became a leveraged bet —
gradually descended in a virtually health conditions had been declining liquidity from states to deal with frames and a critical component in the hugely valuable stock of urban and an irresistible way to ‘juice’ otherwise
straight line as more and more people before Covid-19, but it has since rock- massive margin calls. But others have quest for energy efficiency — and hence rural land and natural resources could low returns”.
found work. Had this continued, there eted by 735,000 in just two years. been making a killing from selling decarbonisation — via double glazing. easily fund present government In 2008, demand for low-quality
would be about 8.3mn economically Perhaps most damning of all is the energy back to the same country where Or would the critics of companies such expenditure, and rents rise as other mortgages drove irresponsible lending
inactive working-age Britons today. lack of a government response. While they bought from. Today, the as ExxonMobil prefer to use hardwood taxes are cut. Spending cuts would not and fuelled the speculative boom in
Instead, we have seen a steep climb to the number who are economically consequence is the shocking prices instead? be needed. Most of our most valuable US housing. Is it not plausible that
9mn, the only country in the devel- inactive due to illness has continued to industry is having to pay, with Professor Peter Edward land is owned by the wealthy. If they LDI — far from stabilising pension
oped world where people have contin- climb, hundreds of thousands say they governments calling on Brussels for Professor Peter Dobson also have high earned incomes, their funding — was a contributing factor in
ued dropping out in ever greater num- would like to work if they could. Most financial support. University of Oxford net income need not fall. With all driving yields to levels that were
bers beyond the acute phase of the striking, this willingness is higher While leaving traders to ply their Gari Owen earned incomes less hobbled by penal irrationally low?
pandemic. among those who are out of work and trade may be defensible in peacetime Annwvyn Solutions, Bromley, Kent, UK taxation, there can be fairness and net Stephen Swift
But if the surface-level statistic is sick, than those who are out of work in the name of having a European gain for all. Client Partner, Artorius Wealth
damning, then what lies beneath is and healthy. energy market, in wartime it becomes Sri Lanka’s Tamils still Roger Sandilands Management, London WC2, UK
worse. By analysing detailed data from These figures should be a wake-up a form of war profiteering, with the EU Emeritus Professor of Economics
the UK’s Labour Force Survey, I have call. In 2021 the UK government and member states turned into ATMs live under militarisation University of Strathclyde, Glasgow, UK Business card column is
been able to explore what has caused launched its “Restart” scheme, which for these intermediaries. It’s great to see the FT reporting on Sri
this sharp reversal. It reads like a cata- was tailored for tackling an unemploy- So why do we have to wait for Lanka’s sustained militarisation, which Some reasons why silent on Asian etiquette
logue of modern Britain’s greatest hits. ment crisis. Now unemployment is panic nationalisations or political in the online edition ran with the Your column “The business card is
First, a crumbling healthcare near an all-time low, while those out- upheavals in countries facing the headline “The idyllic beach resort run growth may prove elusive making a comeback, sort of” (Work &
system. After a years-long descent, the side the labour force have never collapse of industrial sectors before by Sri Lanka’s bloated military” How will the government grow the Careers, October 3) was interesting as
number of working-age Britons needed more support. At the last considering an EU-wide windfall tax to (Report, October 3). British economy (Report, September it shed light on another business
unable to work due to chronic pain has count, the scheme has underspent by iron out arbitrage opportunities? And The Sinhalese-dominated military’s 24)? Not by increasing the employment practice impacted by the Covid-19
climbed by almost 200,000 in the more than £1bn. Perhaps it could be why, indeed, not go further and make presence in the north and east, where rate, given the shortage of labour and pandemic — the physical exchanging of
past two years relative to its former diverted to those who need it most. the energy sector more resilient by most of the country’s civil war was near full employment rate. business cards. However it was
trajectory. turning it indefinitely into a public fought, precludes any sense of Not by paying us more for the jobs strangely silent on business card
Next, a mental health crisis. The john.burn-murdoch@ft.com utility, without such arbitrage normalcy for Tamil civilians residing in we already do, given the challenge of exchange protocols and practices in
infrastructures? these locations. And aside from taking matching the rises in inflation, energy countries where they are far from
Rates of chronic illness in the UK shot up during the pandemic, Some may dislike the curbs on jobs that would otherwise go to costs and mortgage rates. trivial and remain so very important to
and continue to climb market freedoms and state civilians, militarisation has resulted in Can most of the workforce change business success and leaving a positive
intervention but the European energy a de facto military occupation. to higher grade jobs? Contraction of impression of cultural awareness.
Share of all people aged 16-64 with selected long-term health conditions (%) system is fragile and prone to take Furthermore, the military’s the public service sector is not a path Unlike in countries such as the UK
Any chronic illness Mental health* Heart, blood pressure, down with it entire sectors and heightened presence in the former to wealth. and US, there is a formal etiquette of
16 5 breathing established political systems during theatres of war means that military Innovation does not seem the card exchange in terms of sequencing,
Pandemic 3
hits hard times. But, perhaps, reasonable human rights violations against the answer, given the UK’s patent rate of giving, receiving, examining and
15 4
Pre-pan. 2 prices for energy are too serious an civilian population remain widespread. less than 10,000 a year compared to placing in Korea or Japan, with its
14
trend 3 issue to be left to market forces. These abuses have been well- China at over 500,000 and the US at meishi ritual based on respect for
1 Cornel Ban documented by credible organisations more than 350,000 patents a year. hierarchical order and rank.
2016 18 20 22 2016 18 20 22 2016 18 20 22 Associate Professor, Copenhagen Business — national and international. Sri Not by selling more national assets to Professor Chris Rowley
Other (includes 2+ conditions 3+ conditions School, Copenhagen, Denmark Lanka’s civil war ended in 2009, but overseas investors, as there is little left Kellogg College, University of Oxford, UK
long Covid) 7 the country has never come close to to sell.
3 10 Remember Big Oil makes achieving a durable and lasting peace. Promises of growth need a viable
2 9
6
energy saving products too Demilitarisation and military plan to explain how we can return to Correction
5 downsizing are urgent and essential being a nation that no longer needs
1 8 In Pilita Clark’s column, Lord Deben, aspects of any credible plan to get food banks, and no longer needs to rely c The Datawatch chart on the front page
2016 18 20 22 2016 18 20 22 2016 18 20 22 chair of the UK’s independent there. on increases in national debt. on October 5 showed the annual
*Includes depression, anxiety, learning disabilities, other mental illnesses Climate Change Committee, is quoted Taylor Dibbert Dr John Warren percentage change in UK retailers’ sales,
Source: FT analysis of quarterly Labour Force Survey saying “I hope nobody ever buys any Pacific Forum, Washington, DC, US Ipswich, Suffolk, UK not market share as wrongly stated.
Friday 7 October 2022 ★ FINANCIAL TIMES 23

Opinion
The US is history’s most successful failing state As Truss
flounders, new
AMERICA
richest “failed state” in the world. Yet
US politics looks more like Belgium’s
“legislating from the bench”. Either way,
American law is no longer above poli-
an existential mindset that has made an
albatross of its constitution. It would be
years, it will be an ageing country beset
with internal challenges. Relative to
Tory tribes are
Edward
every day.
Unlike the US, Belgium is divided into
tics. The court is now rated as low in
opinion polls as other institutions.
easier to convert America into a French-
speaking country than amend its consti-
China, the US looks good. That is not
saying much except in terms of power, emerging
Luce language blocs, French and Flemish.
Such is their mutual mistrust that most
We will see another display of govern-
ing paralysis for the next two years if
tution.
America’s recriminatory camps are
which is relative.
The second reason is Vladimir Putin.
decisions are taken locally. Life goes on Democrats lose control of Congress in far more like Belgium’s language groups Rarely has a hegemon been as blessed
for months, even years, without a gov- November’s midterm elections. Again, than, say, Britain’s Conservative and with as blundering an enemy as Amer-

A
ernment. What saves Canada from a this would be a sign of impotence not Labour voters. No matter how badly a ica is with Putin. The Russian autocrat’s POLITICS
key sign of a fading power similar fate is that French-speaking strength. A superpower facing national, US president does, there is a high floor invasion of Ukraine will go down as one
is its currency losing value. Quebec is too small a part of it. and a low ceiling on his vote share. of the most fateful errors in military his- Sebastian
Britain, like ancient Rome, With one undisputed tongue, Amer- Trump got 47 per cent in 2020. In the tory — comparable to Napoleon or Hit-
Payne
could tell you a thing or two
about that. By this yard-
ica should be free of such paralysis. Yet
the cultural divide between blue and red
Belgium shows that a past couple of weeks alone, Labour’s
lead over Britain’s ruling Conservatives
ler’s invasion of Russia in winter. At a
stroke Putin’s aggression has restored
stick America is close to an imperial state America is as uncomprehending as nation can be both has gone from low teens to more than 30 the west’s sense of itself and the US’s role

A
peak. The euro is too fragmented, and
China’s yuan too restricted, to threaten
any language barrier.
The US separation of powers has gone
rich and ungovernable per cent. Such fluidity is inconceivable
in today’s US. Yet America’s global
as leader. The fact that Putin’s Russia
will increasingly be China’s problem is n annual party conference
King Dollar’s primacy. Bitcoin is a pyra- from being a strength to a weakness. for long periods power has actually been growing in the an added bonus. is always a talent show for
mid scheme. Yet political science tells us One branch, the US Supreme Court, is last year or two. For the time being, America’s relative self-promoters, rebels and
that America is more divided than at now a second legislature, making laws indeed global, challenges, should not There are two reasons for this. The power is ascendant. The risk is that it those just desperate to
any point since the eve of its civil war in that would be the preserve of elected fool itself that Albany or Austin, let first is that the US’s rival is doing worse. will succumb to one of its bouts of global appear on television. This
the 1850s. Could it be defying the laws of assemblies elsewhere. Supreme Court alone Little Rock or Springfield, are the What is true of the dollar is also true of triumphalism. That would be mis- week’s disastrous Tory gathering in Bir-
historical gravity — a failing state that justices have life-long tenure and invoke appropriate places to take tackle them. geopolitics. Xi Jinping’s China is no placed. Its divisions are increasingly mingham showcased all three.
outshines its rivals? long dead founding fathers to justify Most of Joe Biden’s unexpected suc- longer the high-growth star of the world susceptible to foreign exploitation via This should have been a moment for
The answer is yes, for the time being. their lawmaking. The court is under red cess since July — including his vast green economy. Xi is also moving as far as he willing local partners. America still Liz Truss, the new British prime minis-
A nation can be both rich and ungovern- America’s control for decades to come. energy bill — would be reversed by the can from the consent of the governed bestrides the globe, but its jugular is ter, to herald her plans for radical
able for long periods. The last country Its conservative majority may be taking next Republican president, whether or that is the basis of any durable political badly exposed. reform to the country. Instead, the best
anyone would compare to America is revenge for the liberal Supreme Court of not his name is Donald Trump. Hostility consensus. Though China’s economy she could do in her keynote address was
Belgium, which has been dubbed the the 1960s and 1970s, which pioneered between the two Americas has created will still overtake America in the coming edward.luce@ft.com damage limitation after her party had
descended into acrimony.
The most prominent performer at the
conference was Michael Gove, ex- level-
Efi Chalikopoulou
ling up secretary and inveterate plotter,

Four flashpoints
who cast himself as the leader of the
internal opposition to Truss.
Gove spoke at no less than nine
events, trumpeting his efforts to force
Truss into an embarrassing U-turn on

putting financial
cutting the 45p top rate of tax. Few
doubt that he will foment further rebel-
lions, with one senior MP suggesting
that linking benefits to inflation and
reversing the impending corporation
tax cuts are “next in his sights”.

stability at risk
Prominent Tories conclude that Gove
is on party leadership manoeuvres —
although his allies insist he has “zero”
desire for the top job. Instead he is posi-
tioning himself as the tribune of a new
Conservative tribe that is likely to cause
Truss a great deal of trouble as long as
she in office: the irreconcilable Tory
And while Fisher did not identify centrists.
MARKETS where “other things are likely to pop The membership of this tendency
up”, I suggest there are at least four includes supporters of former chancel-
Gillian places that investors (and regulators)
Tett should now watch closely (aside from
other pension funds).
One is the state of open-ended invest-
One prominent party
ment funds, or vehicles that let inves- donor says he thinks it is

D
allas is almost 5,000 miles
tors redeem assets at will. As the IMF
notes in its forthcoming financial stabil-
‘50:50’ that the PM will be
from London. But when the ity review, this sector has swelled to out by May’s local elections
UK gilt markets imploded contain $41tn of assets.
last week — forcing the Many funds are run conservatively. “volatility vortex” in US markets could house prices rebounded surprisingly true value of assets held by private lor Rishi Sunak such as ex-transport
Bank of England to make a But some have moved into illiquid assets emerge again. And, while central banks swiftly after the pandemic recession. funds. Maybe they are marking these secretary Grant Shapps, who was told he
£65bn intervention to support pension to juice returns — and the IMF is now are trying to fix this, it is not easy to do. More notable still, prices kept rising down correctly. But I doubt it, particu- wouldn’t be offered a job in the new gov-
funds — the drama left Richard Fisher, warning that this liquidity mismatch As Paul Tucker, former deputy gover- earlier this year, even after monetary larly given that they are increasingly ernment simply because he had been on
former chair of the Dallas Federal “contributes to volatility in asset mar- nor of the BoE, noted this summer, tightening started. This may reflect selling assets to each other. Expect a the other team. Throw in the former
Reserve, wincing. kets and potentially threatens financial arguably the only truly effective “fix” structural shifts, like working from future reckoning. ministers stewing on the backbenches,
Fisher has warned for years that a stability”, if investors start to panic. would be for central banks to promise to home, but it was also a consequence of This list of potential flash points is not left-leaning big state Tories and social
decade of ultra loose monetary policy Some observers might respond “well, always offer liquidity for supposedly the past ultra loose monetary policy. comprehensive (emerging market assets liberals, and it makes for a large and
would create pockets of future financial duh”. After all, liquidity and duration “safe” assets, such as government bonds, However, in recent weeks there has are another story.) Moreover, they may potent force.
instability. So he sees the British gilts mismatches are usually the source of in a crisis. The BoE did this as an emer- been a stunning surge in the 30-year not “pop up” immediately, given how But none of them is likely to seize the
drama (which occurred because the financial dramas, and this one is not gency measure last week. But no central fixed US mortgage rate in America to much money is still swirling around as a leadership if Truss falls. Instead it is
pension funds mishandled highly lever- new. But it needs to be watched, particu- bank wants to make a permanent 6.75 per cent, its highest rate since 2006. result of past loosening. One telling detail more likely to be one of the darlings of
aged bets) not as an isolated event — but larly since nobody seems to know just pledge, since they are supposed to be That will almost certainly cause house about the OFR’s market stress index is the Tory right, who were also audition-
as the sign of a trend. how big the potentially illiquid expo- reducing, not raising, market meddling. prices to fall in the coming weeks. Brace that it increased primarily because of ing in Birmingham. The most promi-
“This [foolish strategy] always hap- sures are. A third issue is housing. As the Bank yourself for volatility — and stress — in higher market volatility — not deterio- nent by far was Suella Braverman, the
pens when rates are near the zero bound A second issue is government bonds. for International Settlements recently mortgage bonds. rating funding conditions. The latter home secretary, who spoke with a gleam
and things have gone to an extreme,” he Last week’s gilts crisis partly arose due noted in a report, the global property A fourth issue is private capital. Argu- still look quite stable, in the index. in her eye of her “dream” of seeing
told CNBC, noting that the crisis is “an to the idiosyncratic nature of the British market has recently looked odd by his- ably the biggest difference between the But “still” is the keyword here: if cen- flights of asylum seekers being sent to
indication of other things that are likely pension fund system. But not entirely: torical standards. Correlations between current tightening cycle and previous tral banks keep hiking rates, funding Rwanda. The 42-year-old, who made a
to pop up” because investors and institu- all western government bond markets different geographies have surged and ones (aside from the eye-popping scale will inevitably shift too. Investors shortlived bid for the leadership this
tions are dangerously overleveraged and are grappling with the fact that liquidity of previous monetary loosening) is that should brace themselves for more sur- summer, is heir to a crown previously
“thinking rates will stay low forever”. increasingly tends to evaporate at much of the free money frenzy occurred prises, in places other than the UK. held by her predecessor as home secre-
Quite so. Markets are already becom-
ing jittery and volatile, and not only in
moments of stress. One reason is that
big banks no longer act as market mak-
Investors should brace in the private equity and venture capital
funds, not (just) public markets.
Unless, of course, next week’s IMF
meeting in Washington reveals that cen-
tary Priti Patel, former prisons minister
Ann Widdecombe and ardent Thatch-
the UK. An index of market stress com- ers, due to tighter regulatory controls. themelves for more This makes it harder than before to tral banks are about to perform (yet erite Norman Tebbit. Such social con-
piled by Washington’s Office for Finan-
cial Reporting, for example, has now
This liquidity issue created a near-dis-
aster in Treasuries in March 2020 and
surprises, in places other track pain, as the monetary cycle turns.
We can see that junk bond prices have
another) U-turn. servatives always have a special place in
the affections of Tory activists.
jumped to a two-year high. some observers fear that a so-called than the UK recently tumbled; we cannot track the gillian.tett@ft.com Yet she may have already flown too
close to the sun. Braverman prompted
the biggest row of the conference when
she called for the cut to the 45p rate to
be reinstated and claimed Gove and co

Britain needs a growth strategy for the second machine age had “staged a coup”. Downing Street was
furious at her outburst.
If Truss does fall — one prominent
donor says he thinks it is “50:50” that
she will be out by next May’s local elec-
cosseting rent-seeking vested interests technological cluster in the world, That chimes with the second need: in venture capital should be enacted. tions — the fifth Tory prime minister in
TECH NOLOGY and bonused-up bankers, fixated on according to the GII. In UK Research and the UK must remain open to the world. Fourth, is smart regulation. That does six years is more likely to be someone
corporate welfare and tax cuts. That Innovation, Britain has a research fund- While ministers may have shouted not equate to no regulation, as ideologi- equally right-leaning but more ecumen-
John makes the government sound like a ing body that is pursuing a more agile about Global Britain, too many echoes cal throwbacks believe. While US regu- ical. Foreign secretary James Cleverly
Thornhill tone-deaf Thatcherite tribute band that
no longer resonates with our times. It is
approach to backing edgier research,
rhetorically at least. ARIA, the fledgling
of Little England have been heard off-
shore. To be fair, the government’s
lators have often been in the pockets of
producers, their EU counterparts have
and trade secretary Kemi Badenoch also
filled fringe meetings (and criticised
too heavy on Big Bang 2.0 and too light moonshot research agency, is also a skilled workers’ visa scheme has been overweighted consumers. There is an colleagues for indiscipline). Both have
on second machine age. novel experiment that deserves sus- helping to shelter the UK’s vibrant opportunity for Britain to strike a prag- tilted at the leadership before and will

H
As the GII’s authors rightly highlight, tained funding and support. start-up scene. Tech Nation found that matic third way in areas such as autono- almost certainly do so again.
ere’s some good news two big changes are transforming the However, one big cloud darkening the non-UK nationals helped launch 18 per mous driving and data governance. It may seem deranged for the Tory
about Britain: the country global economy: the digitisation of eve- sunlit uplands is the likelihood that the cent of all British tech companies. For Worryingly, such initiatives appear in party to be contemplating yet another
is nifty at innovation. rything and the deep science revolution the moment, the UK remains the danger of stalling and need to be rigor- leadership contest, but MPs are realis-
According to the latest Glo- in areas such as artificial intelligence, world’s third hottest start-up market, ously pursued. ing how much damage Truss has
bal Innovation Index, the
UK ranks fourth in the world behind
quantum and biotech. “Over the next 10
to 20 years we will see massive opportu-
The country is well placed behind the US and China. But Britain
needs the multinational spinouts now
One former Tory minister told me it
was “ridiculous” for Liz Truss to rail
already done during her first month in
Number 10 — to the Tories’ reputation
Switzerland, the US and Sweden. The nities in these two areas and those to capitalise on the deep emerging from DeepMind to stay in the against an “anti-growth coalition”. After on the economy and basic administra-
country is particularly strong in creativ-
ity, research, financial services and
nations that are better prepared for
them will benefit most,” says Soumitra
science revolution but UK rather than spinning off to the US,
Canada, France or Singapore.
all, the prime minister was part of a gov-
ernment that erected trade barriers
tive competence or the wider principle
of lower taxes. They fear the worst is still
infrastructure. Gold stars to Google Dutta, dean of Oxford’s Saïd Business must sharpen up Third, Britain should further incen- with Britain’s biggest export market and to come. The mood is unlikely to
DeepMind, Cambridge university and School and co-author of the GII report. tivise adoption of innovation to boost discouraged enterprising EU workers improve when parliament returns next
the newly opened Elizabeth rail line. Given its strengths in research and UK will lose access to the €95bn Horizon productivity. Independent business from moving to the UK. week. One veteran Conservative
And here’s a not-so-radical idea for innovation, Britain is well placed to cap- Europe science programme. Uncer- agency Be The Business, rightly stresses Britain performs poorly in the GII’s warned of “anarchy on Tory benches”,
whenever Britain next has a serious gov- italise on both these transformations. tainty over the future relationship has that the biggest gains would come from rankings on political and business sta- noting “nobody will do or vote for any-
ernment: build on these strengths to But to do so, it needs to sharpen up in at already capsized several cross-border encouraging the 60 per cent of middling bility. Rather than shifting the blame, thing that they don’t want to do”. Plot-
maximise their benefits. Ministers least four areas. research projects. Replacement money companies to up their game. But the Downing Street needs to take responsi- ting is part of political life, of course, but
should be doing far more to support First, it needs to double down on is not enough: the government should UK must also become savvier at backing bility for developing a holistic, 21st-cen- the Tories have become addicted to it —
risk-taking researchers and entrepre- foundational research. Some of the UK’s do everything possible to ensure Britain its most dynamic, and productive, new turygrowthstrategyworthyofthename. perhaps fatally so.
neurs, building businesses and creating universities are world class: Cambridge remains connected to this collaborative companies. Long-promised reforms
jobs. Instead, they appear keener on remains the most intensive science and European network. to free up institutional funds to invest john.thornhill@ft.com sebastian.payne@ft.com
24 ★ FINANCIAL TIMES Friday 7 October 2022

Vietnam stocks: country of now, finally

A young population, an open economy and good economic growth potential should pique investors’ interest
in Vietnam. Its GDP per capita is nearly half that of Thailand. The country’s stock market has
underperformed sharply this year and now trades at its cheapest earnings valuation for a decade

Vietnam stock exchange Vietnam population

Twitter: @FTLex MSCI Vietnam index Price/earnings ratio By age group, 2021 (mn)
1,200 40 0-4 25
1,100 35 5-9
1,000 10-14
30 15-19
Gilts/BoE: don’t mention variety of price support most of them
would prefer comes from transparent,
900
25 20-24
HSBC/Canada:
the pensions intelligible policies in vigorous
800
700 20 25-29 Vancouver manoeuvre
economies. For that, investors whose 30-34
600 15 35-39
A new government with a misguided liabilities have not left them joined at HSBC sold its US retail banking
spending plan took the UK to the brink the hip to gilts must look overseas. 500 10 40-44 business last year. The group that once
of economic chaos last week. The Bank 400 5 45-49 billed itself “the world’s local bank” has
2012 13 14 15 16 17 18 19 20 21 22 50-54
of England says it staved off a £50bn 55-59 now launched a strategic review of its
gilts fire sale amid tumbling sterling
and spiking bond yields.
Elon Musk: Further room for growth 60-64
65-69
Canadian business, with a sale as one
option. But saying goodbye to Canada
GDP per capita 2022 ($’000 PPP rates)
It promised to buy long-dated gilts. X-files 25 70-74 would be more challenging than
That pledge expires next Friday. 20 75-79 withdrawing from the US.
Catastrophists refer to this as a “cliff Western social media companies have 80-84 That statement may seem
15 85-89
edge”. Should investors be worried? long dreamt of creating an 10 90-94 counterintuitive. Unlike the US unit,
A replay of the chaos is unlikely. The “everything” app on the same scale as 50 95-99 which was consistently lossmaking, the
rush for the door by gilt holders was WeChat. In China, online activities are 0 100+ Canadian business is profitable. HSBC
the result of a feedback loop in the grouped in one place — shopping, Philippines Vietnam Indonesia Thailand China 0 2 4 6 8 Bank Canada is the seventh-largest
pensions industry now out in the open. payments, subscriptions, messaging FT graphic Source: Refinitiv Source: IMF Source: UN lender in the country with C$125bn
The trigger was UK Chancellor Kwasi and entertainment. Parent company ($91bn) of assets and C$74bn of loans.
Kwarteng’s promise of apparently Tencent takes a cut of financial Some of the cheapest equities are in More than 70 per cent of Vietnamese 13.7 per cent in the third quarter, Focused on western Canada, it made
unfunded tax cuts. As bond yields rose, transactions. WeChat is less reliant on Vietnam. The country’s benchmark are below the age of 35. Gross domestic after growth of 7.8 per cent in the $768mn in pre-tax profit last year.
pension funds were forced to stump up advertising revenue than US platforms. index is trading at its lowest product per capita is $3,694, less than a previous one. As travel normalises, But the Canadian banking market is
extra collateral for hedges against Elon Musk sees potential. When he valuation in a decade. That gives third of China’s figure. This leaves tourism, which accounts for about a a peculiar beast. It is dominated by a
falling interest rates. The BoE put a agreed to buy Twitter he told investors a reason to get serious ample room for growth. tenth of the economy, should give handful of domestic operators that
ceiling on that cost via its willingness to employees there was an opportunity to about this long-overlooked market. Vietnam has been one of the biggest those numbers a further boost. includes Royal Bank of Canada,
contain long-dated yields. These are build a WeChat equivalent outside A soaring dollar has left the beneficiaries of the US-China trade Vietnam’s quasi-socialist market Toronto-Dominion Bank and Bank of
currently at about 4.3 per cent. China. His first tweet since agreeing to Vietnam Stock Index down nearly war. US groups have moved suppliers economy has helped it rapidly slash Nova Scotia (Scotiabank). A Big Six
The BoE has only used some £4bn of honour the deal stated it would 30 per cent this year, trading at less to Vietnam to dodge US tariffs and its poverty rate from 17 per cent to controls more than 80 per cent of total
£65bn in firepower mustered against accelerate “X, the everything app”. than 10 times forward earnings. It is blacklists for operating in China. below 5 per cent in the span of just assets.
spiking yields. Its willingness to deploy If Musk could turn Twitter into a one of the worst-performing bourses Apple sources a proportion of its 10 years. That explains why Canadian banking
this was enough to forestall panic. super app he would radically transform among regional peers. popular AirPods earphones from However, it has downsides. is so profitable. But this oligopoly
Its day job of controlling inflation its business. WeChat revenues, Its blue-chips include real estate Vietnam. It is testing watch and laptop Moving capital out of Vietnam is would also make it hard for HSBC to
would also be easier without the included in Tencent’s “fintech and and technology conglomerate production there. Exports to the US complicated. Exchange controls limit find a buyer for its business.
unconventional economics of the business services”, were Rmb42.2bn Vingroup, which has fallen 37 per grew more than a quarter in the year to foreign currency outflows. Canada’s antitrust regulators would
Truss government. The chancellor has ($5.9bn) in the last quarter — five cent this year. September, reflecting the shift. This has partly been why Vietnam probably reject any attempt by one of
created a cliff edge of his own by times the size of Twitter’s. There is plenty of potential. The Pandemic lockdowns in China have has been the country of the future for the Big Six to buy the business to avoid
promising to publish a funding plan in To get there, however, Musk would economy is expected to grow at the reduced its manufacturing dominance. much longer than investors have further industry consolidation. Foreign
the next few weeks. need more sign-ups. WeChat has more fastest pace in Asia this year. The Vietnamese growth has been hoped. But, at today’s valuations, the banks will be wary of entering such a
If this is unrealistic, more market than 1.3bn monthly users. Twitter has population is growing and young. impressive. The economy expanded risks are attenuating. concentrated market.
disorder would follow. 238mn monetisable daily active users Tellingly, Canadian banks are looking
The “mini” Budget debacle, (a metric it made up). One option overseas for growth. Notably, they have
meanwhile, forced the BoE to postpone might be to push Twitter’s private been expanding in the US, with Bank of
the start of quantitative tightening. messaging service. Alternatively, Musk regulatory scrutiny, Twitter’s odds of the likes of Carnival, Royal Caribbean based on higher prices compensating Montreal buying the US unit of BNP
Selling some of the £800bn of gilts its could launch a new app. Tencent had becoming a one-stop-shop app are not and Norwegian all managed to raise for lower bookings, flew out of the Paribas for $16.3bn last year.
holds would have made it harder to messaging service QQ before creating promising. tens of billions of new debt in the porthole. Some think HSBC Canada could
maintain a yield ceiling at the long end WeChat as a mobile messaging app that Fed-driven euphoria of 2020 and 2021. At the same time, Federal Reserve fetch between $8bn and $9bn. But that
of maturities. The bank hopes to begin cannibalised existing users. The cash, meant to offer a bridge to hawkishness has spooked the junk is optimistic. Rival Canadian banks
QT at the end of this month.
BoE boss Andrew Bailey is now
Yet the circumstances that allowed
WeChat to grow are impossible to
Pandemic debts: normality, seemed to work for a time.
Carnival shares, which bottomed under
debt market. Junk bond yields for
cruise liners have soared into the
trade on a 1.2 to 1.9 times price to book
multiple and a forward earnings
governed by expectations rather than replicate in the US. WeChat was cruising for a bruising $10 per share in 2020, had tripled by mid-teens, according to CreditSights multiple of between 7.9 and 11.5 times.
governor of them. The threat of launched in 2011 and expanded with the summer of 2021. Its stock has since data. Teetering companies such as Both metrics would value HSBC’s
financial blow-ups among pension smartphone adoption. In China, using The chief executive of Carnival tumbled back to its nadir. Once again, Carnival, as well as AMC Theatres and Canadian business closer to $4bn-
funds may force him to extend price one app to access other services via Corporation has helpfully noted that the cruise industry’s leveraged most US airlines, easily raised liquidity $6bn.
support. And the cost of that would mini-apps makes sense. In the US, next year each of us will have aged by corporate balance sheets have markets for their operating businesses during HSBC should try for a sale even so.
grow if government fiscal policy Apple and Google have a duopoly over four years since 2019. Some of us will worried, especially with the threat of the dark days of the pandemic. The Canadian business does not mesh
remains at odds with markets. With QT app access. To make the service useful, weigh more, too. Consider Carnival, the slowing consumption growth. Given their towering debt stacks, perfectly into HSBC’s global network.
weakened as a strategy, interest rate Twitter would need to build global cruise line. Before the pandemic, In late September, Carnival tried to only a fast recovery could truly return Citi reckons a disposal could free up to
decisions matter more. The next move partnerships with companies such as its debt balance was just over $10bn. put a happy spin on its latest quarterly their equity values back to 2019 levels $6.7bn of capital.
is now more likely to be a steep 125bp Uber but these already have standalone Today, it sits lower in the water: its results. Even so, it could only promise and restore investor faith. It would also give HSBC some
rise, taking rates to 3.5 per cent. apps and will not welcome Twitter debt has swelled to more than $35bn. breaking even at the ebitda level in its Though the Covid virus threat has breathing room in its tussle with its
Pain for the bank means less of it for acting as gatekeeper. Snap’s attempt to That build-up followed the months- next quarter. Hopes that the cruise line receded, a new threat to financial largest shareholder Ping An. The
investors in long-duration gilts. But add mini-apps has been put on hold. long grounding of its passenger ships. would forecast 2023 operating profits health has taken its place for the Chinese insurer wants the bank to split
this comfort is a dish endured cold. The In a crowded market under intense With little income and huge fixed costs, surpassing the pre-pandemic year, indebted. its Asian and western operations.

CROSSWORD
No 17,219 Set by BRADMAN
        ACROSS
1 Criminals in equipment-carrying
gangs (8)
6 Instruments exist in sports grounds
 
(6)
9 Stories in our paper constituting a bit
of a bloomer (6)
10 Monastery being dissolved could
create alarm, yes? (8)
  
11 Something reconditioned maybe in
old city (4)
12 Criticises awful noises in informal
discussion (3,7)
   14 Professional person putting on an act
as one making suggestion (8)
 16 Money found in den that’s been
turned over (4)
  18 A fish jelly (4)
19 Pals getting drunk in grass fell back
 (8)
21 Infant left on island by an ancient city
   dweller (10)
22 Party men generally lacking any heart
(4)
24 Famous Frenchman rues a sou being
   wasted (8)
26 What about nasty jail for one
opposing idolatry? (6)
27 Run off, departure being across
 
English river (6)
28 Rough calculation of what’s left in will
– about one million (8)
DOWN
2King and friend meeting (5)
3Social occasion with fancy pageantry,
JOTTER PAD road being blocked in (6,5)
4 Sanction an increase in salary? Not
given priority! (8)
5 Prof’s literature embellished with a
form of art (4-11)
6 Stranger sort of glass (6)
7 Vehicle second-rate, unserviceable (3)
8 My quiet talk befitting firm’s
Solution 17,218 entertainment at event? (9)
13 Court rips ‘im apart – the clerk records
6 $ 1 ' : , & + ( 0 % $ / 0 things here? (11)
/ $ $ , & , 0 ( 15 Complicated series of actions getting
< 8 & $ 7
( + (
$ 1
(
+
,
$ 1 ' % $ *
( 5 $
a girl more agitated (9)
6 3 2 2 5 0 $ / $ ' 5 2 , 7 17 Mournful chap undermines scheme
7 6 ) $ / 6 2 (8)
& 2 1 7 5 , % 8 7 , 2 1 20 Dance around water in a children’s
( % : 2 & 1 $ 6
* 5 ( < / $ * * 2 2 6 (
game (2-4)
< / 5 1 ( + 6 23 Good series of measures produced
3 7 2 / ( 0 $ , & 7 5 2 8 7 with hard work (5)
7 : /
, 0 3 ( $
3
& +
$
5
7 2 5
( / $ 3 6 (
25 Country home being demolished in
$ $ 1 < 1 ( / $ spring (3)
1 ( 5 8 ' $ ) ( ( ' % $ & .
Friday 7 October 2022 ★ † 1

Asia
FINANCIAL TIMES
FT SPECIAL REPORT

Watches Jewellery
Queen of Siam The surreal deal Meeting of minds
Thai designer wants to How Dalí and Miró are Anna Hu on working
dip everything into gold inspiring new jewellery with Alisa Moussaieff
CUSTOMISATION Page 6 DESIGN Page 15 COLLABORATION Page 15

Friday October 7 2022 www.ft.com/watches-jewellery

Secondary market leads

sector’s strong recovery
Historical records the sector, at SFr22.3bn ($22.5bn) —
some 2.7 per cent higher than in 2019,
simply exceeds market supply,” accord-
ing to Mike Manjos, chief trading officer
have been broken breaking the 2014 record by 0.2 per
cent. Then, this past July, the FH
at pre-owned watch website WatchBox.
“We’re seeing the strongest perform-
reported that the first six months of ance in the market within the ultra-rare
at recent auctions, 2022 saw nearly 12 per cent growth in and collectible space, and consumer
the value of exports compared with the interest, as measured by demand, has
says Brynn Wallner same period in 2021, taking total export rapidly grown in the independent seg-
value to SFr11.9bn. ment,” Manjos reports. “Success by pio-

W
And these export figures, represent- neering independent brands has institu-
hen the onset of the ing the wholesale activity between Swiss tionalised this type of manufacturer.
pandemic hit Swiss watchmakers and their network of Names such as De Bethune, FP Journe,
watch exports in 2020, international retail partners, continue Greubel Forsey, Grönefeld, H Moser &
manufacturers and to slope upwards. The US, which had Cie, MB&F, and Voutilainen date to the
retailers were reluctant emerged as a strong driver for growth in 2000s or even the 1990s.”
to express firm optimism about the 2021, holds 16 per cent of the value of all These companies have also hit cus-
future of the industry. But, since then, a Swiss watch exports so far this year. But tomers with wait-lists, therefore pushing
combination of growth and hype has Asia, despite negative growth in China consumers again towards the secondary
generated a horological frenzy, resulting and Hong Kong due to lockdowns, Asia is still market, which has seen its own growth Gotham/WireImage/Getty Images
in a new wave of watch wearing and pur- remains the market leader, absorbing as a result. Last year’s report by McKin-
chasing habits. 49 per cent of the value of all Swiss the watch sey and The Business of Fashion put
In January of this year, the Federation
of the Swiss Watch Industry (FH)
exports this year to date.
Mid-year reports coming in from lux-
market annual growth in the pre-owned watch
market at 8 to 10 per cent from 2019 to
K-pop goes upmarket
reported an unexpectedly swift recov- ury groups such as Richemont and leader, 2025, with sales reaching between $29bn
ery from the 2020 dip in watch exports, LVMH relay revenue growth across the holding 49% and $32bn. Several members of the K-pop band Blackpink advertising campaigns for Tiffany. Similarly, the
which had been down by 13.1 per cent board. Independent brands such as Paul Boutros, head of watches for the have been enlisted by luxury brands for their popularity of Jisoo (second from left) and Lisa (far
year on year. Driven by strong growth in Rolex and Audemars Piguet do not of the value Americas at auctioneer Phillips, says high-jewellery launches. As K-pop keeps left) had streams of young fans flocking to hotels in
the US alongside a steady upward trend share financial numbers, but “the of all Swiss that the past two years have seen histor- growing in popularity in the West, singers such Madrid and Paris where Cartier and Bulgari were
in China, the last quarter of 2021 pro- demand for high-end watches by the ical records broken at watch auctions. In as Rosé (far right) have fronted global holding high jewellery events. Page 10
duced the best-ever annual results for most recognised and established brands exports Continued on page 3
2 ★ FINANCIAL TIMES Friday 7 October 2022

Watches & Jewellery

Kering buyout boss vows:

‘We will never be mainstream’
Interview Patrick have been in freefall for years. Reve-
nues at Ulysse Nardin have halved since
The sale had been rumoured for
years and was widely seen as an
it into a more profitable business being
independent,” he says. “And, when you
Pruniaux tells Robin 2018, according to the financial services
company’s estimates, while Girard-Per-
acknowledgment by Kering that it
could not compete in the high-end
look at the brands growing fastest, such
as Breitling and Audemars Piguet, it’s
Swithinbank about the regaux is now so small that it is no watch category. the independents that have been most
longer ranked among Switzerland’s top Kering, owner of fashion brands such successful over the past few years.”
break away and his 50 dial names. as Gucci, Saint Laurent and Balenciaga, Pruniaux says he is running waiting
Nevertheless, Pruniaux, who left said in May that it would give priority to lists of at least a year on some models,
plans for regrowth Apple in 2017 to join Ulysse Nardin, is the houses with the potential to become such as the Girard-Perregaux Laureato,
bullish. “We are growing at more than “sizeable assets within the group, a 1970s stainless steel luxury
40 per cent,” he says of his group’s and to which it can provide deci- sports watch that has seen a

F
performance this year. “We are sive support over time”. recent surge in popularity.
our months on from going to be back to 2018 num- Analysts were not surprised Interest in Ulysse Nardin’s
completing the man- bers,” he adds — without, the group let the venerable Freak watches is high,
agement buyout however, disclosing any spe- watchmakers go. too, he says.
that may come to cific figures. “The two brands were A good sign, perhaps,
define his career, If Morgan Stanley’s too small to move the but Pruniaux is not
Patrick Pruniaux can just calculations are cor- needle,” says Erwan happy. “It’s nothing
about admit it to himself. rect, though, that Rambourg, head of to brag about,” he
“I was talking to a friend would put Ulysse consumer retail and says. “We’re work-
of mine that I met as a Nardin’s revenues in research at HSBC. ing to lower that
student almost 30 years the region of “They were a rounding wait, but it’s hard. We
ago, and he said I’d always SFr110mn and Girard- error. Kering came to the are a manufacture, with
wanted to be an entrepre- Perregaux’s at around conclusion they shouldn’t a very high level of crafts-
neur,” he says. “I was happy SFr60mn. spend as much time on manship. We can’t just press
in my corporate life, but deep “Over the last couple of those assets.” a button and produce more.”
inside, yes, I think I always had years, we’ve done very Pruniaux believes the He says he has added 50 staff
that ambition.” significant market brands’ newfound this year, including a number of
On May 31, the 50-year-old cleaning, closing independence can cat- watchmakers recruited from
Frenchman and a group of private down distribution alyse growth. “We see “very reputable brands”.
investors completed a management and buying back a clear appetite for Retailers are talking positively.
buyout of the Sowind Group, the product,” says independent “Laureato has been a tremendous
holding company for the high-end Pruniaux. “When you buy brands,” he says. success and we can’t get enough of
Swiss watch companies Ulysse Nardin back product, you with- “Watch lovers, diehard it,” says Brian Duffy, chief executive of
and Girard-Perregaux — until then, draw that amount from collectors and new cus- the Watches of Switzerland group.
owned by the French luxury conglom- your revenue.” tomers are getting “There’s room for both brands to be
erate Kering. Some experts believe interested in much bigger than they are today.” Clockwise from above: Patrick yet to feel the effects of the global eco-
The sums behind the deal, which Pruniaux and his inves- watches that are less Further growth may come from Asia. Pruniaux, chief executive of Ulysse nomic turmoil, some believe troubled
included the currently dormant brand tors have a battle on mainstream. We are By the year end, Pruniaux says he will Nardin and Girard-Perregaux; the stock markets and rising inflation could
Jean Richard, were not disclosed, but their hands. “Girard-Per- not and will never be have opened 20 monobrand boutiques Freak X and Freak S models; the pose a danger to lower profile brands.
Pruniaux, who had been Ulysse Nardin regaux is no longer in the mainstream. We will in China, split evenly between the two Laureato Eternity — Johann Sauty “There is this theme that big is beautiful
and Girard-Perregaux’s chief executive, big league,” says Oliver not go over 25,000 units makers, having previously had none. in times of crisis, which are a lot
says he is now the main shareholder. Müller, founder of the Swiss for Girard-Perregaux, and His Asian customers give him hope. rougher on smaller assets,” notes
Kering declared €29mn of capital gains luxury consultancy LuxeCon- not over 15,000 for Ulysse “Today, the average age for Ulysse HSBC’s Rambourg.
from asset disposals related to the sale sult and one of the authors of Nardin.” Nardin in Asia is below 35,” he says. Confidence may not be the most reli-
in its half-year report at the end of July. Morgan Stanley’s annual industry Rob Corder, co-founder of “South-east Asia is very dynamic, and able currency in Swiss watchmaking,
Ulysse Nardin and Girard-Perregaux reports. “It now has to find a virtu- the specialist publication we’re expanding very nicely in Asia. but Pruniaux the entrepreneur still has
have more than 400 years history ous dynamic that will allow it to WatchPro, agrees with the We’re investing in China, but with very plenty of it. “We have proven the nay-
between them. However, judging by fig- grow again after a decade of continu- approach. “It was deemed by exclusive distribution.” sayers wrong,” he says. “Otherwise we
ures produced by Morgan Stanley, they ous decline.” management that they could turn While the Swiss watch industry has would have failed already.”

Oris Thais Japanophilia in the UK

British watch brand Schofield’s HQ in
pattern from the Heian period and strap
linings in kakiiro — a scarlet brown
colour. Both elements featured in

up with the West Sussex village of Upper

Beeding might be 6,000 miles from
Tokyo, but that did not prevent
typical outfits worn by kabuki masters.
The watches follow a collaboration
announced in August between Seiko and

marine Japanophile founder Giles Ellis from

taking inspiration from a manhole
cover spotted in the city’s Fuchu
Kosuke Kawamura in which the collage
artist produced dial patterns for a series
of 3,000, £380 Seiko 5 sports watches.

charity district. And now the cover’s decorative

pattern — depicting a blossoming
plum tree — appears on the Living the dream
sterling silver and glass Singapore will play host to the
Oris has created a limited edition case back of Schofield’s second Zenith DreamHers
version of its Aquis dive watch to raise latest model, the event on Wednesday, during
awareness of the plight of the dugong, Japanese Beater B5 which the watch brand will
an endangered species of marine (right). The tree’s soft introduce its three new
mammal that is known to inhabit pink tones were also female ambassadors.
waters around the island of Koh Libong applied to the dial and Japanese actress Chiaki
off Thailand. Conservationists and strap of the watch, Horan, French violinist and
islanders believe there are 170 dugongs which sells for £3,580 social media star Esther
in the area and are aiming to protect the and is supplied with a Abrami and British rally
colony from illegal hunters who kill the matching lapel pin. driver Catie Munnings, who
creatures for their meat and oil. The competes in the Zenith-
Oris Aquis Date Calibre 400 watch
(below) features a green dial inspired by Going for the triple sponsored Extreme E electric
race series. The DreamHers concept was
the sea surrounding Koh Libong and a High-end Japanese brand Grand Seiko established in 2020 to promote the
grey bezel based on the colour of the has announced that its watches have brand’s Defy Midnight collection, its
mammal’s skin. An engraving of a been nominated for awards in three first purely female watch line. Existing
dugong mother and calf adorns the back categories at this year’s Grand Prix Asian ambassadors include Singapore
of the watch, which costs £2,800 and is d’Horlogerie de Genève — the Oscars of media personality Sheila Sim, Japan’s
limited to 250 examples. watchmaking. Grand Seiko’s Kodo Olympic rhythmic gymnast Airi
model is tipped to win the tourbillon Hatakeyama and veteran Chinese
Phillips heads east category, while its Ushio Tide and
Mistflake watches powered by the
actress Song Jia.

Auction house Phillips is previewing

highlights from its November Hong
hybrid Spring Drive movement will
compete in the dive watch and Petite What goes around
Kong watch sale at four locations Aiguille prizes respectively. Winners AsianbuyersheadingtoGenevaforthe
throughout Asia during the coming will be announced at the GPHG annualNovemberwatchauctionshave
weeks. The watches, which include a ceremony in Geneva on November 10. beensnappingupticketsforthe
1953 Patek Philippe Reference 2499 first inauguraleditionofRE-Luxury,which
series valued at HK$7.8mn-15.6mn
($1mn-2mn), were on show in Bangkok Fruitful market claimstobethefirstshowopentothe
tradeandpublicthatfocusesonthe“re-
until yesterday before moving to Golden Concept, a Swedish commerce”ofluxurygoods.The
Singapore (October 13-15); Taichung manufacturer of ultra-luxury tech brainchildofFabienneLupo,former
(November 9) and Taipei accessories, says Asia is proving presidentandchiefexecutiveofthe
(November 12-13). All 260 lots, to be the most popular market FondationdelaHauteHorlogerie,RE-
including an ultra-rare for what it claims is the world’s Luxurywillhost30exhibitorsranging
Philippe Dufour Simplicity most expensive Apple Watch fromartisanrestorerstopre-owned
which has been in the case. The Diamond Edition case watchsellersincludingRichardMille,
hands of its original is hewn from a solid block of eBayandWatchBox.Thefour-dayevent,
Japanese owner since titanium set with 443 runningfromNovember4-7,willalso
2007, will be at the diamonds and costs featureconferencesandtalksaboutthe
auction taking place $15,000. Just seven will newcirculareconomyintheluxury
on November 28-29. be made and, of the three world.Lupohopestostageasimilarshow
delivered since the inHongKongifthisoneproves
Going up product’s August launch,
two have gone to Asian buyers.
successful.TicketsfortheGenevaevent
costSFr30perdayorSFr90forfourdays.
Young Swiss dial name
Norqain — founded in 2018
by Ben Kuffer and advised by Oriental arts Sky’s the limit
industry veteran and former Seiko has released a pair of Teenage Japanese-British skate-
LVMH watch division boss limited edition Presage watches boarding sensation Sky Brown is the
Jean-Claude Biver — has opened inspired by kabuki theatre, the latest ambassador to be recruited by
its first outlet outside Switzerland classical dance and drama shows watchmaker Tag Heuer. The 14-year-
in Singapore’s prestigious Orchard Road which became famous during the 17th old, who shot to fame last year when she
shopping area. Norqain’s watches can be century for their glamorous costumes, won bronze in the postponed 2021
found in the Melcher’s luxury goods stylised performances and elaborate Olympic Games held in Tokyo — despite
complex, where its retail space is make-up. The three-hand (£900) and suffering multiple skull fractures in a
fittedwith a ski lift chair imported from chronograph (£1,030) models will each training accident — still lives in the town
Zermatt, site of the brand’s original be available in 2000 examples and have of Miyazaki where she was born.
store. brown dials decorated with a traditional Simon de Burton
Friday 7 October 2022 ★ FINANCIAL TIMES 3

Watches & Jewellery

Collectors warm up to presentation watches

their sales targets in 1977 — beginning years, dealers would very often Domino’s Rolexes were selling dial. Earlier this year, Wind sold an Air- don’s Metropolitan Police, for
Branded pieces given with the Bulova from his own wrist. polish out the engraving on the for under $2,000 five years ago, King given by Calvert Distillers Com- SFr63,000 ($63,880) — seven times the
as gifts to employees Over the next few years, the US busi-
nessman gave “several Seikos”, and then
case back or try to take off the
dial and put on a standard dial
recalls US dealer Eric Wind,
owner of Wind Vintage. Prices
pany of Maryland in 1977 and a Rolex
Date made for the 1985 Honda Bowl,
high estimate (below).
Wind says the customised Black Bay
now command a “hundreds” of Rolexes (centre). Duk-
cevich’s 1986 Rolex, which has the origi-
because the presence of a
Domino’s Pizza logo would
started to rise in 2020, he says,
but “everyone took notice”
which he thinks was awarded to the
winner of a motocross event.
models that singer Ed Sheeran gave to
the crew on his Divide tour sell for
premium after years of nal owner’s initials engraved on the case be a distraction from the when one sold at Christie’s Other watchmakers also produced around $50,000 on the secondary mar-
back, came with a note from Monaghan financial value of the for $20,000 — four times special pieces for companies. A late ket. “The modern Tudors with logos on
neglect, says Kate Youde that said the watch was “a symbol of watch,” he explains. the low estimate — in 1960s gold Patek Philippe Calatrava the dial have gone really crazy in terms

W
prestige” earned for reaching However, thanks to October that year. that was gifted by financier Bernie Corn- of value as well, so I think that has
atch collector $20,000 weekly sales. increased focus Such is the turnround feld of Investors Overseas Services to an helped inspire interest,” he says. He
Davide Duk- These watches — specially among collectors on in popularity that employee who achieved $1mn worth of thinks the fact prices
cevich loves customised by Rolex — rarity, he says the buyers need to be sales was sold in February by Loupe have “skyrocketed”
that his proved so difficult to sell on watches have sold for careful. “I’ve seen This for $6,600. Similarly, Sotheby’s for Rolexes with the
vintage the secondary market that a “significant pre- people, because they sold a Heuer, c1970, featuring the signature of a retailer
Rolex is a mix of “high some dealers took drastic mium” in the past have the [previously logo of US spark plug brand such as Tiffany & Co
culture” and “low”. The action to disguise couple of years and can undesirable] dial that Champion for $HK23,940 on the dial has also
Air-King 5500 model in their origins. Now, attract four or five times they threw in the drawer, ($3,050) last year. raised awareness
question has the red- however, they are that of an equivalent try to put it in another Yet Rolex remains best of this form of
and-blue logo of Dom- proving popular, driv- unbranded Air-King at watch and often it’s incor- known for the practice, hav- personalisation.
ino’s Pizza on the dial. ing up prices and auction if they have the rect for the serial number,” ing commissioned watches Soon after
“It’s whimsical, it’s pop- prompting interest in correct dial, engraving and says Wind. for brands including Coca- acquiring his
arty, and it’s fun,” says Duk- other watches presented papers. He says the Domino’s Rolex Cola (far left) and oil com- D o m i n o’s
cevich, an investor in cellular by employers in recogni- Sam Hines, the Hong Kong- has kicked off a “tonne more pany Pool Intairdril. Rolex, Dukcevich
agriculture from Providence, tion of service. based managing director of interest” in presentation Rolex’s sibling company bought an Air-King
Rhode Island. “The whole back- Jonathon Burford, a online auction house Loupe watches generally, particularly Tudor has since taken up the given by US super-
story to it is really appealing to me, watches specialist for This, says the model is “becom- those with a corporate logo on baton of making special series market chain Winn-
as well.” Sotheby’s, says the Dom- ing quite fashionable”. “Typically, in the dial, as Rolex no longer offers that that are not commercially avail- Dixie as a 10-year Safe
Domino’s Pizza founder Tom ino’s Rolex used to be Asia, you will have one collector who personalisation service. Domino’s still able. In May, Sotheby’s sold a Driver award in 2001. “I
Monaghan tells in his 1986 autobiog- “unloved”. “They were sell- will buy one and then he is spending gives a Rolex Air-King to store manag- Tudor Black Bay, one of 75 made have been on the hunt for
raphy Pizza Tiger how he first started ing at a significant discount time with other collectors and they ers who exceed sales targets but the logo in 2018 for the Royalty and Spe- other stuff, but they’re hard
giving watches to franchisees who met to the extent that, over the want to get one to be part of the club.” is on the steel bracelet rather than the cialist Protection branch of Lon- to come by,” he says.

Pre-owned has been a concentrated marketing and

product response to women’s rising
demand for higher-end complications

watch market and, as a result, expects 30 per cent of

AP’s clients will be female by 2030.

leads sector’s
“Today, we see a much bigger interest
from our ladies clientele for compli-
cated timepieces,” says Christian Sel-

strong
moni, the style and heritage director at
Vacheron Constantin. Its Traditionnelle
perpetual calendar ultra-thin model is

recovery the brand’s first-ever perpetual calen-

dar watch created intentionally for
women.
Marketing, too, has become thought-
fully female-focused, with watchmak-
ers hiring strong female brand ambassa-
Continued from page 1 dors to entice this burgeoning consumer
2021, Phillips achieved the highest group. Last year, Panerai signed on Chi-
annual sale total for any auction house nese actress Dilraba Dilmurat, under-
in history at $209mn — a 57 per cent standing the potential of influencers to
increase from 2020. But the record boost brands, as particularly evident in
could be broken yet again this year, as Asia. Since 2016, the company’s female
Phillips had already reported $127.5mn market in China has grown 60 per cent,
in sales before the autumnal auctions with the fastest rise occurring since Dil-
started. raba’s appointment.
“What we’re seeing here is that the This shift has been seen across the
market is very large — much larger than industry with the continuation of
what it used to be for a collector’s auc- Omega’s HerTime exhibition and
tion,” says Boutros, crediting this greatly Zenith’s DreamHers campaign
increased attention on the watch world, launched in 2020, to name but two.
in part, to social media. Last year, Phil- Most recently, in September 2022, Tag
lips sold a special collaborative Nautilus Heuer signed with 14-year old profes-
watch by Patek Philippe and jeweller sional skateboarder Sky Brown to
Tiffany & Co for $6.5mn during a nail- appeal to a younger female crowd,
biter auction. which is warming up to the watch indus-
Even regular Patek Philippe Nautilus try via the pre-owned market.
watches command a premium in sec- According to last year’s Deloitte Swiss
ondary markets. Frequently referred to Watch Industry study, the shift toward
as one of the three “hype watches” the pre-owned market is particularly
(alongside the AP Royal Oak 15202ST strong among young consumers, with
and the Rolex Daytona 116500LN Black 42 per cent of millennials and 34 per
Dial), the Nautilus peaked at $237,700 cent of Gen-Zs saying that they would
for a model that would normally retail buy a pre-owned luxury watch.
at $35,000, but with a waiting list of “Whether it’s the sharing economy or
close to 10 years. being more socially conscious, younger
This inflated number drew new inves- consumers today are far less reluctant
tors looking to make a quick profit by to buy items that were previously
reselling watches. However, this sum- owned,” says Karine Szegedi, consumer
mer’s crypto market meltdown trig- industry leader at Deloitte Switzerland.
gered a sell-off of popular timepieces, as “This generational shift will continue to
their owners suddenly found them- benefit the pre-owned watch industry
selves in dire financial straits. Mean- in the years ahead and is certainly part
while, in Asia, more than a dozen popu- of a wider trend towards more sustaina-
lar watch brands have lost between 20 ble shopping behaviour among young
per cent and 50 per cent of their value people.”
on the secondary market since Shang- With more diverse and younger con-
hai, China’s commercial capital, sumers, come fresher perspectives. A
imposed a strict lockdown in March. new wave of watch wearer is best exem-
Still, despite relative price dips, the plified by the American rapper and
overall hype, market conditions, and record producer, Tyler, the Creator.
rise of the pre-owned market has man- Over the past few years, Tyler has
aged to attract a slew of enthusiasts who amassed an impressive collection of vin-
are shifting the market with differing tage Cartier timepieces — mostly found
buying habits. Over the past two years, under the “ladies” category — fuelling a
women have become a rising consumer trend toward genderless watches.
segment within the male-dominated Cartier, a brand long defined by
watch industry. Frustrated by lacklus- androgynous appeal, has since sur-
tre product offerings and sexist market- passed Omega as the second-largest
ing campaigns, women have become Swiss watch brand behind Rolex,
increasingly vocal about what they want according to Morgan Stanley’s 2021
in a watch. annual report on the Swiss watch indus-
Ginny Wright, chief executive of try. The Richemont-owned brand has
Audemars Piguet Americas, talks of the become increasingly favoured by the
brand’s shift toward its female clients: younger set, drawn in by its relatively
“When I started at AP [in 2019], 16 per lower prices and a nostalgic yearning for
cent of our clients, at least in North the genderless timepieces worn by the
America, were self-purchasing females. likes of Diana, Princess of Wales and art-
Now, it’s 23 per cent.” Wright says there ist Andy Warhol.

Contributors
Simon de Burton, Nicholas Foulkes Steven Bird
Contributing editors, HTSI Designer

Melanie Abrams, Maria Doulton, Alan Knox

Francesca Fearon, Milena Lazazzera, Picture editor
Ming Liu, Caroline Palmer,
Robin Swithinbank, Rachael Taylor, For advertising details, contact:
Brynn Wallner, Kate Youde YoonSun Oh, +33 (0) 6 66 83 31 54,
Freelance journalists yoonsun.oh@ft.com, or
your usual FT representative.

George Kyriakos All editorial content in this report is

Commissioning editor produced by the FT. Our advertisers
have no influence over or prior sight of
the articles.
4 ★ FINANCIAL TIMES Friday 7 October 2022

Watches & Jewellery

My Favourite Pieces Trained engineer Ahmed Rahman has an eye for aesthetics as well as for what lies under the bonnet, writes Nicholas Foulkes

How to be a
disciplined
collector 4.

B
Ahmed Rahman at Mark’s Club in
angladeshi textile and things. In those days, you really had the thrill of London — Craig Gibson
pharmaceutical manufacturer the chase.”
Ahmed Rahman is a respected voice With time and experience, he has become a
in watch collecting. A trained disciplined collector and, to enter his collection
engineer, he speaks about timepieces today, a watch has to satisfy at least one of three
with an insight and a knowledge that puts many criteria: “Either the watch tells a story, or it is
modern watch executives to shame. mechanically very interesting. The third test is
Yet his journey into the world of horology that it just looks very nice.”
began not with his interest in mechanical
engineering, but at the cinema. “I’ve always 1. Cartier Tank Cintree
been a huge James Bond fan and, when I was a Cartier’s Tank Cintree is one of the brand’s
teenager at boarding school in England, Pierce classics that has come to the fore again in recent
Brosnan had taken on the mantle of James years. Its slender, straight-sided, curved case
Bond, wearing an Omega Seamaster,” he says. blends elegance with ergonomics and this
“I was completely enamoured with the example with a blue sunburst dial was a special
Seamaster and dropped a hint to my parents order from Cartier. “It’s one of the most elegant
that, when I graduated from boarding school, I watches in the history of Cartier, especially from
5.
wouldn’t mind receiving that as a graduation a masculine point of view, the curved, elongated
present. They very kindly obliged. But it turned shape of the case hugs the wrist.” There is also
out that they bought me the quartz one, so I link to cinema. “In The Thomas Crown Affair, Steve
ended up taking it back to the retailer and McQueen wears a watch which is very similar 2. 3. 6.
exchanging it for the mechanical one. That was and that was the inspiration for my watch.”
my first proper watch.”
His second ‘proper’ watch purchase was a 2. Patek Philippe Reference 3733
vintage Heuer Monaco. “I don’t consider myself Another favourite dress watch is the Patek Ref
to be a vintage watch collector”, he says, 3733 with the lapis lazuli dial. For Rahman, this
explaining that this was another cinematically is an unusual choice. Dating from about 40
motivated purchase. “I was influenced by Steve years ago, it crosses the line into vintage.
McQueen, in Le Mans.” Nevertheless, he appreciates the timeless
It was while studying engineering at modernity and dressy discretion of a recondite
university that his interest in watch movements and underrated Patek Philippe. “Along with the
began. He recalls with great fondness an Elysian Cintree, the 3733 is my dinner jacket watch, a
period before the instant information age of the go-to timepiece on formal occasions.” Like
internet. “It was a lot more fun to try to look for almost all the watches in his collection, the
watch is white metal, in this case white gold.

1. 3. Audemars Piguet Royal Oak Perpetual 4. Patek Philippe Reference 5970 5. Rolex Daytona 6. FP Journe Chronomètre à Résonance
Calendar Ultra-Thin The Ref 5970 is regarded by many, including No collection of watches can call itself complete “What attracts me to FP Journe, and this watch
This ultra-thin perpetual calendar speaks to Rahman, as the perfect 21st century Patek without least one Daytona and Rahman’s is no in particular, is the idea behind it,” says
Rahman’s inner engineer. Its innovative grand complication. “When I went into exception. “Rolex, in general, is all about Rahman. “I read about the phenomenon of
movement architecture and the multifunctional collecting, chronographs were something I practicality and wearability. They are rugged resonance and how resonance works in physics,
nature of components means that all parts can focused on.” He feels that a chronograph gives and dependable.” What makes his Daytona and to be able to transpose that idea to high end
be on one plane, rather than superposed, what he calls “mechanical substance” to a watch slightly different is that it is on a Jubilee bracelet watchmaking was miraculous within the
making it exceptionally slender. If Rahman has while adding visual interest. “A chronograph launched in 1945 to accompany the newly confines of a wristwatch.
one criticism it is of the choice of polished always makes a watch look very interesting. The launched Datejust model. “I got that watch on “It remained quite affordable on the
platinum for the bezel — “a scratch magnet”. 5970 marries that with a perpetual calendar in a the Oyster bracelet, but switched it to a Jubilee secondary market for a long time. Luckily, I
But those scratches testify to the time it spends 40mm case size which, for me, is the sweet spot on the recommendation of a friend. It’s supple, bought mine at auction some years ago as,
on his wrist and the affection he has for the when it comes to case sizes. The aesthetics and and has the right amount of lustre. It’s not today, I would not be prepared to spend the
most famous creation of legendary watch proportions of the 5970 have always spoken to overpowering. It’s just a very, very comfortable money these pieces now command, as prices
designer Gérald Genta. me in a way that other watches don’t.” bracelet to wear all the time.” are now driven by speculators.”

Hajime Asaoka: Japanese watchmaker takes on the resellers

Horological fame: Hajime assembled by him and his team of four, who occupy two tiny available only for a limited time and by not revealing
Short online selling windows aim to Asaoka in his Tokyo studio workshops in the Bunkyo area, Kurono Tokyo watches the number of each edition — although we
exclude buyers who are after a workshop with his
creations — Christopher Jue; Carl
use ubiquitous Miyota movements and other bought-in parts.
But such is Asaoka’s cult following that thousands have been
really have no choice but to make small
numbers, simply because we have such
quick profit, says Simon de Burton Court/Getty Images
sold since he began shipping the watches worldwide in 2019.
In fact, the demand for new Kurono Tokyo models is so
limited production capacity.”
In May of this year, a Kurono

L
great that Asaoka now announces them for sale on the Tokyo Reiwa watch — a model that
ittle more than a decade ago, the name of Hajime company’s website with a 10-minute buying window — and no sold-out within six minutes of its
Asaoka was unknown in the watch world. But, indication of how many of each will actually be produced. 2019 launch — appeared at a
now, the 57-year-old’s timepieces are in such “Many people who succeed in buying one of our watches Phillips auction in Geneva where it
demand that he has had to impose special immediately offer them at far higher prices to others who exceeded its SFr4,000 (£3,630)
measures to deter speculators haven’t managed to order before the allocation sells out,” he presale estimate by more than six
from buying them simply to resell. explains. “We have tried to control that by making them times, fetching SFr25,200.
It started back in 2009 when For those who are quick off the
Tokyo-based Asaoka was mark, though, a new Kurono Tokyo
passing his days working as a remains good value. One of the latest
designer of prototype models, a calendar watch called the
telephones and steam irons Calendrier Type 1 that could have been bought for
while spending his evenings around £1,500, went on sale on August 11 and sold out within
labouring over his first, 24 hours.
home-made watch. Sam Kessler, editor of watch lifestyle magazine Oracle Time,
Sitting late into the night has followed the progress of Kurono Tokyo since the watches
at a cramped workbench, he became widely available in 2019. “Like other micro brands,
used makeshift tools bought they operate on the basis of providing phenomenal design and
from eBay and took guidance attention to detail at incredibly affordable prices,” he says.
from YouTube tutorials and “They don’t spend money on marketing, they are completely
second-hand reference books, such as transparent about the components that go into their watches
Watchmaking by the late English and, due to the small size of the company, production is
horologist George Daniels. necessarily limited. The result is a well-deserved streetwear
Despite being a beginner, Asaoka went in at the deep end level of hype and instant collectability.”
and chose to build a tourbillon regulator, known for being one Asaoka, meanwhile, continues painstakingly to produce his
of the most complex of all mechanisms to perfect. high-end, own name watches in minuscule numbers using
Against all odds, Asaoka succeeded, and news of his components that he makes entirely himself — and, in true
remarkable achievement spread like wildfire, after a short Asaoka style, they are never simple. “Before I made my first
film he had posted online showing the uncased movement in watch, I had designed inexpensive watches for sale in
action was spotted by French watch journalist Gregory Pons. department stores but never tried to make any part of one,” he
“He wrote an article about it but, unfortunately, didn’t says. “Because of that, people often ask me why I chose to
include any contact information,” says Asaoka. “Somehow, a make a tourbillon as my first watch — and there are two
retailer in Ginza got in touch with me and asked if I wanted to reasons. The first is that my motivation to do something goes
make a watch to sell.” down very quickly if it is too easy; the second is that tourbillon
Having left his day job, Asaoka took up the offer and built watches are generally very
another tourbillon — which quickly sold for ¥6mn (£37,100). expensive, and there was
Five further watches followed during the next five years, no way I could have
and he has since made around 30 different pieces under the afforded to buy
Hajime Asaoka dial name — including tourbillons, one.”
chronographs, and three-hand models all to his own, But, now that
distinctive design and priced between £15,000 and £80,000. Asaoka
Most of the watches have been bought by the world’s leading probably can
collectors, and such is the quality of Asaoka’s work that two afford to buy
pieces were nominated for the 2020 Grand Prix d’Horlogerie one, he does
de Genève — the Oscars of the watch world — with another not actually
being shortlisted in this year’s Challenge category. need it —
This time, however, the name on the dial is not Hajime because he wisely
Asaoka but Kurono Tokyo, the sub-brand founded by the held on to that
maker in 2018, initially to sell more affordable watches to his first, ambitious
Japanese fans who admired his work but could not afford, or project that set him on
find, one of his rare haute-horlogerie pieces. the road to unexpected
Although they are entirely designed by Asaoka and horological fame.
Friday 7 October 2022 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Friday 7 October 2022

Watches & Jewellery

Brands seek out local retailers to fill in the gaps

stores dedicated to Omega, Tag Heuer,
Relationships between Tudor and Breitling — a total of five
stores. Whether consumers pick up on
independent shops the link depends “how far down the
and watchmakers has journey they go”, says Duffy.
Even watch brands that want to own
flourished, says and operate their own boutiques some-
times seek out the assistance of estab-
Rachael Taylor lished local retailers to do so, as Oris did
when it opened its first British boutique

J
in London as a pop up in 2019 through a
eremy Pragnell was only 20 partnership with retailer Fraser Hart.
years old when he purchased “We took it over independently nine
his first Patek Philippe watch in months later,” says Isra Shah, Oris’s UK
1969. The British son of a jewel- director of sales and marketing. “We
ler had discovered the brand saw the commercial value in taking this
while working at watch retailer Meister over [at that point], but it was the sup-
in Zurich — and he fell hard. port of our retail partner that provided
A lack of proficiency in Swiss-German the leverage and insights to explore this
meant Jeremy Pragnell’s social life in as a first for the UK.”
Switzerland was limited, but this Japanese watchmaker Seiko takes a
allowed him to save much of his wages. blended approach. Some of its mono-
Combining the cash with a 1ct diamond brand stores are run by retail partners —
an apprenticeship in London’s Hatton such as the Grand Seiko store in New
Garden had allowed him to purchase, he York City’s Soho operated by Watches of
sought his employer’s help to buy one of Switzerland — and others direct by the
the coveted watches. “The owner of the brand, including its store in London’s
business was quite taken aback,” says Knightsbridge and another set to open
Charlie Pragnell, Jeremy’s son and cur- on the city’s Bond Street this autumn.
rent managing director of British watch “Our relationships with our retail part-
and jewellery retailer Pragnell, as Patek ners work as a joint approach; acknowl-
Philippe watches were “extraordinarily edging the fact that they are experts in
expensive” even back then. retailing and we are watchmaking
Meister did not carry the model Jer- experts — which works in a well-bal-
emy desired, so the owner contacted the anced way,” says David Edwards, man-
brand’s owner Henri Stern to request it, aging director of Seiko UK.
mentioning that the intended customer Indeed, the tone of conversations
was one of his young apprentices. between watch brands and stores is
Impressed by this, Henri Stern charged changing from one that was historically
his son, Philippe Stern — today Patek transactional, and often underpinned
Philippe’s honorary president — to hand by power plays, to something more col-
deliver it. “And that’s how the relation- laborative. Federico Ziviani, general
ship began,” says Charlie. manager at watch brand Gerald
On returning to the UK, Jeremy peti- Charles, says he has weekly meetings
tioned his father George Pragnell, owner with his London stockist Arije to share
of Stratford-upon-Avon jeweller Prag- local market updates, as well as discuss
nell, to stock his favourite watches and client feedback and requests. “We culti-
by the mid 1970s the store became the vate a very transparent and reciprocal
first UK retailer to offer a full collection relationship of continuous collabora-
of Patek Philippe timepieces. Sales of tion and trust,” says Ziviani. “Listening
these expensive and relatively Charlie Pragnell (top) runs retailer Pragnell which introduced Patek Philippe (left) to the UK. Watches of Switzerland run Tudor shops (right) — David Harrison/Eyevine to each other is a fundamental compo-
unknown watches were slow, until nent.”
Patek Philippe’s popularity soared in Jeremy Pragnell collaborated on a spe- Mayfair, and an important element of strong period of growth. Full-year branded as if they are run by the watch- While working through retailers can
the late 1980s. Pragnell’s early commit- cial minute repeater in the store’s black the refurbishment was a dedicated results for the 2021/22 fiscal year show makers themselves, it is Watches of offer brands all manner of logistical
ment has paid dividends as the brand is and gold colours with numerals to Patek Philippe area, as well as one for its total revenue was up 40 per cent to Switzerland powering the retail opera- boons, at the heart of this continued
now an important part of its business. match the style of the numbers above Rolex — the only two watch brands it £1.2bn with pre-tax profits increasing tion. Duffy sees these dedicated bou- reliance on a traditional supply chain
While Charlie will not share numbers as the shop door. Pragnell is the only sells at its London outpost. 98 per cent to £64mn. This is fuelling tiques — which he believes work well model is a more emotional motivation:
to the commercial importance of any retailer Patek Philippe has collaborated So why, when watchmakers could use fresh expansion plans, much of which alongside Watches of Switzerland’s mul- an understanding that the relation-
one particular product or brand, he says with in this way, and when one of the established brand power, easily ampli- are focused on monobrand watch bou- ti-brand stores — as simply an extension ships specialist retailers cultivate with
turnover at Pragnell’s three Stratford, five limited-edition watches came up fied by digital outreach, to sell direct to tiques, of which the group operates 50 in of consumer choice, as “a natural evolu- their clients will always be stronger
London and Leicester stores is split for auction at Christies in 2012 it sold for consumers for full margin, do many still the UK alone — a figure that has tripled tion as the brands continue to invest and than a single brand can, and that these
evenly between watches and jewellery. $575,340 to an Asian collector. The orig- choose to operate via retail partners? in the past five years. This summer it expand and elevate”. human touch points remain vital to
In 2021, the retailer reported a 21 per inal was sold in 2004 for £162,000. “With full margin [achieved by direct opened a Breitling store in Stockholm, a He gives the new Battersea Power Sta- watch sales. “Patek and Rolex under-
cent turnover uplift to £63mn, with While Patek Philippe might have retail] comes rent, people, systems, Tudor boutique in Glasgow, and an tion retail development, due to open stand that family jewellers around the
profits of £7.8mn, up from £4.1mn the needed to rely on Pragnell in the 1970s security,” says Brian Duffy, chief execu- Omega store in Copenhagen. It also with 100 stores on October 14 in Lon- world are their allies and advocates,”
year before. for an introduction to the British shop- tive of Watches of Switzerland Group. operates Tudor, Rolex, Breitling, Bul- don, as an example of this harmony. At says Charlie Pragnell, pointing out that
The partnership has been so success- per, this is certainly no longer the case, “So the return on capital investment gari and Grand Seiko boutiques in the the site, Watches of Switzerland Group neither of these market-dominating
ful that when Pragnell celebrated the however the relationship remains and on retail is less than the brands US, where revenue jumped 48 per cent will operate a Watches of Switzerland watchmakers rely on direct sales.
50th anniversary of its Stratford-upon- intact. In September, Pragnell doubled make wholesaling overall.” to £428mn in 2021/22. store selling multiple brands, including “They can’t possibly know all their cus-
Avon store in 2004, Phillipe Stern and the size of its store on Mount Street, Watches of Switzerland is enjoying a Although these stores might be Rolex and Cartier, and also standalone tomers personally. We do.”

Patcharavipa augments vintage pieces with Thai gold

Celebrity-favourite jeweller wants
to make a name out of ‘Siam gold’,
discovers Ming Liu

When it comes to jewellery, Thailand may be best known as a ‘Siam gold sterling silver’. It was so sweet — and a name we
go-to, business-friendly destination for manufacturing. But, shouldn’t forget. Thailand used to be called Siam. There’s a
recently, another type of export is shining a light on the sweet reminiscence to it.”
country: the Thai designer Patcharavipa Bodiratnangkura. Siam gold exudes a hue that is typical of Thai gold
Since setting up her brand in 2016, jewellery, which Bodiratnangkura describes as “a little bit
Patcharavipa has seen her textured gold more shiny, more yellow than Italian gold”. The 18ct gold
jewellery on A-listers such as Gigi Hadid, Janet is specially plated in the Bangkok atelier that is attached
Jackson, and the award-winning actor Kodi to Patcharavipa’s boutique in the Thai capital. The
Smit-McPhee. Rihanna, too, has worn an workshop employs seven craftspeople who specialise
engraved, 1970s Rolex King Midas watch in all areas of jewellery making, from goldsmithing
customised by Patcharavipa — one of three and plating, to polishing, engraving and stone setting.
Patcharavipa watches that the singer “We’re very lucky to have our own atelier and
purchased, says the Bangkok-born, London- make our own decisions,” says Kenzi Harleman,
based jeweller. Bodiratnangkura’s partner. “The team works only
From scalloped Escargot hoop earrings to for us — otherwise we wouldn’t be able to do all
tactile, diamond-set chain necklaces and a Tiny these things. The workshop can spend days just
collection of 1cm-sized Zodiac pendants, working out a certain technique.”
Bodiratnangkura’s designs are stamped with a According to Thomas Chauvet, head of luxury
soft, sculpted gold finish that looks almost goods equity research at Citi, “Thailand has been
hammered — but is not quite. The technique is a leading jewellery design and manufacturing
something of a secret. “It’s not hammered — but I hub for over two decades”.
don’t say how I make it,” says Bodiratnangkura. “A lot “It all started with the opening of the
of people are using organic shapes or textures right Gemopolis tax-free zone in the early 1990s, which
now, but with me, the finish is still very original.” attracted a number of global and regional
Clients are drawn to the bespoke-like, rugged finish, jewellery players,” he says. Among the most
which reflects Patcharavipa’s various design influences: the prominent is the Danish jeweller Pandora, which
architecture of London and Paris, where she has her manufactures exclusively in Thailand and, in 2021, reported
headquarters and a showroom respectively, 1950s French its highest revenues to date of DKr23.4bn (£2.8bn). The
artists such as Jean Dubuffet and Fernand Léger, not to company cited its Thailand production as one of the
mention Thailand itself. She cites the country’s factors that helped mitigate the impact of the
seaside cliffs and caves where she spent pandemic — and no wonder the country is Clockwise from above: Patcharavipa Bodiratnangkura (right) and Kenzi Harleman; 18ct Siam gold Escargot earrings;
holidays as a child, the coconut shells that just as popular with small makers, too. Diamond Row 10 necklace; customised 1970s Rolex King Midas worn by Rihanna — Charlie Bibby/FT
inspired her debut collection, as well as her “Thailand seems like a relatively
Thai jewellery family heirlooms and the easy choice as it offers a most expensive piece of which is £250,000. It is influenced by handy. For a customised 1957 Rolex Oyster Date, for example,
delicate gold jewellery that is worn at business-friendly Bodiratnangkura’s studies at the Gemological Institute of each white gold-plated silver link in the bracelet was
Thai weddings and funerals, such as gold environment and America and the Asian Institute of Gemological Sciences. handmade before being assembled into a jewel-like piece.
necklaces, hair pins and pearl pieces. competitive costs, highly Neither Bodiratnangkura nor Harleman wear The watches, Harleman says, introduced an entirely new
“My designs are traditional but with an skilled workforce for the watches themselves, but they like the idea of customer base to the brand. Bodiratnangkura and Harleman
old soul,” says Bodiratnangkura. craft of jewellery, political customising “forgotten treasures” — namely, 1970s say they are just having fun — making pieces more intricate
Gold, by far, is her signature, which she stability and a number of financial gold watches from top marques like Rolex, and interesting. “It’s watches now, but could be something
calls Siam gold. “I came up with the name incentives,” notes Chauvet. Patek Philippe and Vacheron Constantin — very different in the next few years,” suggests Harleman, who
after seeing it on a silver pill box that my The bulk of Patcharavipa’s designs are and transforming them into the kinds of hinted at “retouching” the likes of old Cartier lipstick holders,
grandparents were given for their wedding,” priced between £3,000 and £6,000. There watches they would wear. Once again, this is or creating drinking glasses and salt and pepper shakers. “It
recalls Bodiratnangkura. “On the bottom it said is also a couture line featuring larger stones, the where having a wholly-owned atelier comes in could be a lot of different things,” he says.
Friday 7 October 2022 ★ FINANCIAL TIMES 7
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Friday 7 October 2022 ★ FINANCIAL TIMES 9
10 ★ FINANCIAL TIMES Friday 7 October 2022

Watches & Jewellery

K-pop stars boost heritage jewellery brand sales

Brands enlist Korean London was worth $2mn of the firm’s
proprietary “media impact value”.
pop singers to engage Bulgari chief executive Jean-Christo-
phe Babin reports a similar K-pop
with a younger effect — and increased sales of entry-
price pieces at about €3,000. “Since we
audience, reports began working with Lisa, there has
been an increased buzz online, espe-
Milena Lazazzera cially on Twitter, all across Asia and

K
beyond,” he says.
orea’s rise to the status of a According to Équité research, 15 to 20
cultural superpower, influ- per cent of luxury purchases worldwide
encing creative industries are already made by the Gen Z demo-
globally, is being celebrated graphic — under 25 years of age now —
in an exhibition called Hal- an estimate that reaches 30 per cent of
lyu! The Korean Wave at the Victoria consumers in China. “Being associated
and Albert Museum in London, running with a vibrant, young pop culture helps
until June 25 2023. legacy brands to transition into the
But Hallyu — a Chinese term referring Gen-Z preference cluster,” says Daniel
to the soaring popularity of South Langer, the firm’s chief executive and
Korean pop culture across the world — is professor of luxury strategy at Pepper-
increasingly shaping the business of lux- dine University in Malibu, California.
ury houses, too. Babin agrees. “The Asian market dif-
Several high-jewellery launches in fers slightly from those elsewhere as the
June this year happened with the bless- luxury industry there tends to lean
ing of a K-pop singer as guardian angel. more to a younger crowd. So, it is essen-
Jisoo was the guest of Cartier’s Beautés tial for Bulgari to be inspirational and
du Monde gala in Madrid; Lisa was with make them fall in love with the brand
Bulgari in Paris; while Rosé, a Tiffany through storytelling, which is in line
ambassador, made an appearance at the with their values.”
grand opening of its exhibition, Vision & He also stresses Asian women’s influ-
Virtuosity, held at the Saatchi Gallery in encing power in every field. “Asia is
London. undoubtedly the engine of global
These three performers, together growth. Cities such as Seoul, Tokyo or
with Jennie, one of Chanel’s global Shanghai are today as influential as tra-
ambassadors, sing and dance in the ditional fashion and luxury capitals
K-pop band Blackpink. And, through such as Milan, Paris or New York.”
their brightly coloured and rhythmi- However, more than popularity and
cally choreographed video clips, con- youth, Arnaud Carrez, senior vice-presi-
ceived as mini-movies, they hold sway dent and chief marketing officer at
over millions of young fans across Cartier, is concerned with the long-term
China, Asia and beyond. relevance of the brand. “For sure, we
Think of the Spice Girls — then add have noticed an uptick in searches for
the power of more than a quarter of a certain products and more engagement
billion followers on social media. Asso- on social media since signing Jisoo, but
ciating with these K-pop stars is a way we are not obsessed with ambassadors,
for the jewellers to be culturally rele- or ambassadors with very high reach —
vant, reach a new younger audience, we want to engage with talent,” he says.
and boost sales in an uncertain macr- “Jisoo has worked extremely hard to
oeconomic environment. reach her position, and she comple-
“With the success of K-pop and mentstheotherpeoplewepartnerwith.”
K-drama, Korean talent has been able to Carrez adds that Cartier’s ambassa-
have a strong cultural presence and dors come from varied professional
influence globally,” says Alexandre paths, such as boxer and author Ramla
Arnault, executive vice-president for Ali and actor Paul Mescal, who does not
product and communications at Tiff- have a social media presence. “We do
any, of its choice of Rosé as a brand not have a communications strategy to
ambassador. attract a young audience, as we do not
K-pop ambassadors position the create products with a young audience
brand “as culture-shaping, and attract in mind,” he says, pointing to products
younger customers and key opinion Clockwise from top: a Hallyu- suggests it has grown from being 50 per new flagship store this month. Last Cha Eun Woo and actress Song Hye Kyo. such as the Santos watch, created more
leaders”, says Federica Levato, senior themed exhibition at Britain’s centofhesizeofJapan’smarket(2016)to month, Chaumet added a fourth store in The try-on-tiara filter Chaumet than a century ago, which is still popular
partner in the fashion and luxury busi- V&A museum; members of 75 per cent (2021). Nestled between Seoul. “It is important to the Maison to launched with Nayeon last Christmas among young consumers.
ness at consultancy Bain & Company. K-pop band Blackpink, Rosé, China and Japan, not only is Korea a engage with local audiences,” says chief “has been downloaded by many follow- Indeed, with LVMH’s and Richem-
But, in business, culture must sing in Lisa and Jisoo, have collaborated vibrant tourist shopping destination, it executive Jean-Marc Mansvelt. ers, old and new ones, who have all ont’s half-year results showing a healthy
sync with commerce. In June, Bain pub- with brands on their high has also steadily developed a strong base Instead of costly ambassador con- played with it and generated stories and 22 per cent and 49 per cent growth in
lished a luxury report that identified jewellery launches oflocalconsumerswhohavepushedjew- tracts, often in the seven-figure region, posts”, says Mansvelt. sales of watches and jewellery, respec-
Korea as the new Japan, with a market Victoria and Albert Museum; Han Myung-Gu/Marc
Piasecki/Mike Marsland/Wireimage/Getty Images
ellerstospruceuptheirretailpresence. the 242-year-old brand has built Media analytics company Launch- tively, their over-100-year-old brands
totalling about €15bn — or 5.2 per cent of Cartier, which already counts 19 “friendships” for tactical activities with metrics reckons Rosé’s single Instagram look poised to stay “Forever Young” — in
the global €288bn luxury market. That points of sale in the country, is opening a K-pop singers Nayeon, Krystal Jung and post promoting Tiffany’s exhibition in the words of the Blackpink song.

In with the old Antique pieces are finding a fresh market as Bulgari, Cartier and Van Cleef & Arpels spur buyer interest, writes Francesca Fearon

Asian collectors cultivate taste

for high-end vintage jewellery
High-quality diamonds find a ready motional and cultural programmes many of them are collectors of Chinese
market at Asia’s auctions, but antique hosted by auction and jewellery houses, works of art like ceramics and paint-
jewellery is attracting attention, too. together with social media, have spread ings.” Kang launched her business in
At Christie’s spring sales in the knowledge, enhancing the 2013 having spent 15 years working for
Hong Kong, the Magnificent allure of antique jewellery Christie’s in Shanghai and Beijing and so
Jewels auction raked in among Asian collectors. her first customers were drawn from
$54.3mn, aided by some However, beyond those clients.
impressive figures for Asia’s auction “The first year was a challenge,”
Bulgari including a houses there is recalls Kang, as there was no culture of
1970s diamond and Cartier Tradition buying vintage in Singapore and only a
ruby necklace sell- (sellingpre-1970s small group of collectors. “So I had to
ing for $355,384. heritage jewel- think bigger and took trunk shows to
Some choice lery) and Cartier Hong Kong, China and Taiwan. It took
antique jewels from Vintage (post time but many early adopters of buying
Van Cleef & Arpels, 1970s) and only a vintage have seen their purchases
Tiffany & Co, and handful of spe- increase in value and,” she adds, “since
Mauboussin also sold cialist antique deal- Covid, the Singapore market has
well. ers like the Palais Royal become very strong for me.”
There are established Paris gallery in People care more for Cartier,
collectors, like Albion Art Hong Kong Van Cleef & Arpels
in Japan, but, elsewhere in Asia, and Revival in and Bulgari,
antique jewellery is finding a new Singapore, catering to says Zal-
market — especially pieces by Cartier thisnewfoundinterest. ulyan. He
and Van Cleef & Arpels. When the Chi- Illustrating this passion attributes ble gold jewellery,” she says noting vin- That relationship is so
nese first started buying high jewellery, to learn, Gilles Zalulyan, the success tage animal jewellery being all the rage, important says veteran
they were only interested in contempo- co-founder of Pal- of those while “Bulgari from the 1980s and 90s London dealer Sandra
rary creations, say jewellery houses. ais Royal Paris brands to the and retro Hermès are very hot right Cronin, who has
“We saw a hesitation to ven- which whole- marketing now.” attracted a network of
ture into pieces from the past sales and retails activities of At, Hancocks in London, 1960s and Chinese clients over 15
mostly due to superstition,” antique jewellery, recalls their respective 70s Bulgari pieces are selling well, years: “It all comes
says Natacha Vassiltchikov, taking one Chinese client heritage departments, which he driven by Chinese interest says director down to trust, ethics
the international deputy around the Musée des Arts also supplies. “However, we do carry a Guy Burton. “More recently we have and being in it for the
heritage director of Van Décoratifs in Paris. “After lot of Suzanne Belperron, Boivin, seen a huge interest from the UK-based long term.”
Cleef & Arpels, who that [visit] she realised LaCloche, Boucheron and some Mau- Chinese market in Victorian jewellery,” Some of them are private
develops the maison’s vintage was so much boussin,” he says. His favourite era he adds. “Antique jewels may present clients, and some are dealers
vintage (1920s-90s) more interesting than though is Art Nouveau for its profound better value (as there is no VAT here), acting on behalf of customers in
jewellery collection. modernjewellery,because creativity, “and I’m totally crazy about but shipping to China is problematic China — they share images of the
“Today the situation they are handmade one- René Lalique.” with import duties there based on mate- Clockwise from main: Sales at jewellery via video link direct to cli-
is quite different: our of-a-kind pieces,” he says, Kang’s inventory is not too dissimilar: rial value for the gold and gemstones.” Christie’s Magnificent Jewels ents from her showroom. One keen cli-
heritage collection “so she started buying antique Boivin, Belperron, LaCloche, Pierre The advantages for clients of buying auction in Hong Kong hit ent has been collecting in preparation of
always attracts a lot of jewellery.” Sterlé, and more recently the contem- from specialists, say dealers, is the $54.3mn; Boucheron peacock opening a museum in China in the
interest at high jewellery events It is, however, still a niche porary designer JAR ( Joel Arthur opportunity to try on the jewellery, to feather necklace; Cartier gem-set future.
[in China],” she says. Like other market in mainland China Rosenthal). feel it for weight and comfort rather bird brooch; Van Cleef & Arpels “They just want the best,” says
collectors “they appreciate cre- says Brenda Kang, founder “For a while Art Deco platinum or than rely on photographs; the direct Mystery set sapphire and Cronin, “regardless of whether it has a
ations which are rare and have a of Revival in Singapore. Tutti-frutti, and Edwardian diamonds relationship with an expert and avoid- diamond Ludo hexagon bracelet; signature, which is a big credit to them
distinctive style and look”. “Clients are those who have were popular, but since Covid I’ve seen ing the frustrations and disappoint- Bulgari ruby necklace as is shows they are knowledgeable and
Sales,influentialexhibitions,andpro- an affinity for vintage because an increase in popularity of more weara- ments of a bidding process. Christie’s; Joyce Zhou/REUTERS
not led by a name.”
Friday 7 October 2022 ★ FINANCIAL TIMES 11
12 ★ FINANCIAL TIMES Friday 7 October 2022

Watches & Jewellery

PAD London The UK capital showcases bold contemporary styles aimed for an international clientele, reports Kate Youde

Designers reimagine Indian jewellery heritage

W
hen Valery Demure visited a jewellery fair old cut diamonds, appeals to clients. “It adds more charm
in Mumbai before the pandemic, there was and one can feel the story behind it,” he says.
one local brand that stood out. She liked He credits jeweller Viren Bhagat, of Mumbai-
everything she saw from Moksh, whose based Bhagat, with giving “more visibility to
pieces showcased techniques including contemporary Indian jewellers in a broader
micro pearl weaving. “You could tell there market”. Bhagat’s pieces have been displayed in
was a desire to expand outside India and also museums worldwide and were part of Christie’s
to convey a more contemporary India,” $109.3mn sale of Indian jewels and jewelled
says the jewellery curator and consultant. objects from the Al Thani collection in 2019.
So, next week, Demure will show They attract high prices: Christie’s sold a
Moksh’s designs in Europe for the first five-strand natural pearl and diamond
time, when the PAD London design fair necklace for $1,695,000 in the 2019 sale. A pair of
returns to Berkeley Square. diamond and sapphire earrings fetched $126,000,
The brand is among a “new wave” of against an estimate of $30,000-$50,000, in June this year.
contemporary designers from India that “Viren has his very distinctive, Deco-inspired
are reimagining the country’s centuries- Indian jewellery style,” says Rahul Kadakia,
old jewellery heritage, which has long international head of jewellery at Christie’s.
influenced Western design, to create bold “There’s always an inspiration which
new styles for an international clientele. leads back to India, but his jewellery is
“You have a new guard of Indian not just Indian, in that you can wear it
designers,” says Demure, known for anywhere. That is the magic.”
spotting new talent. “It’s only starting, but it’s India has been an important global
quite exciting.” influence in jewellery because it is
Net-a-Porter, which already stocked pieces “culturally ingrained in the country”, says
by Bina Goenka, Amrapali and Ananya, Kadakia. As the recent exhibition, Cartier
launched Indian jewellery brand and Islamic Art: In Search of Modernity, at the Dallas
Kamyen on its platform last month. Museum of Art showed, stones and techniques from India
International auction houses are also inspired the jeweller in the early 20th century.
promoting the work of contemporary “In a lot of instances, it was with Indian clients in mind
Indian designers. that [French houses] produced jewels that had a particular
Christie’s is showing six pieces by Indian element to it and yet were very Deco,” says Kadakia.
Neha Dani, who has her own stand at This is something that New Delhi-based jeweller Hanut
PAD London for the first time this year, in Singh knows only too well: his grandparents, Maharaja
its private sales salon in London. The New Kumar Karamjit Singh and Maharani Sita Devi of
Delhi-based designer draws on India’s tradition Kapurthala, took their stones to French houses in the
for detailed handicraft and coloured gemstones — Jaipur is 1920s and 1930s. As an untrained designer, Singh says the
the world’s lapidary capital — but is keen to bring her own resulting jewellery by the likes of Cartier was
perspective to jewellery. This includes using titanium, his “study field”.
which she says gives her “freedom to explore” larger Singh, who counts Madonna and
designs, as she is not restricted by the weight of the Beyoncé among his clients, is represented
metal, and to create “another palette of colour” by by Parisian dealer Karry Berreby, who
anodising it. Clockwise from above: Krishna Choudhary of Santi; ruby diamond ring also shows work by Mumbai jeweller
Phillips held a selling exhibition of about 40 Santi and pearl earrings from Moksh, emerald petal and diamond wave rings by Estaa in her eponymous gallery. She has
pieces in London last month, the first time the brand’s Santi; diamond and sapphire earrings and pearl necklace from Bhagat; noticed “more and more” interest in
jewellery had been shown publicly. The pieces by blue moonstone diamond cuff and pink diamond earrings by Neha Dani contemporary Indian jewellery from
Krishna Choudhary, who launched his first designs in Ashish Sahi; Christie’s Images Ltd.
customers in Europe and the US
London in 2019, were displayed alongside the historical because of its versatility.
Mughal jewels and objects from his family’s collection “The Indian jewellery pieces you can
that inspired them. His gem-set titanium jewellery draws wear with a long black dress or with jeans,” says
on traditional Indian architectural and decorative motifs Berreby, who exhibited jewellery by Singh and Estaa at
including paisley. PAD Paris in April.
“He honours his family legacy and tells his beloved story Most of Neha Dani’s clients are based in the US, Europe
of Indian jewelled arts through the filter of his individual or the Middle East. She says that, as the younger
vision of modernity,” said jewellery historian Vivienne generation steps into the Indian jewellery industry, there
Becker, exhibition co-curator, in publicity ahead of the are more designers emerging.
sale. “He has become a leading exponent of a new wave of “Everybody’s experimenting, deviating away from the
excitingly innovative Indian jewellery.” traditional motifs and traditional Indian jewellery,” she
Benoît Repellin, worldwide head of jewellery at Phillips, says. “They’re bringing in their individual flavours. I think
says Choudhary’s use of old stones, which are “very hot on there’s going to be a lot more designers in the coming years
the market” at the moment, such as carved emeralds and coming out of India.”

Two Geneva-based events want to fill the gap left

by the defunct trade show, says Maria Doulton

Fresh fairs
emerge from
Baselworld’s
demise
When Baselworld’s 102-year reign as the Behind GemGenève are two Swiss ers. The show focuses on what Totah Above: Michael Haute Jewels Genève coincides with
defining world watch and jewellery fair men: Thomas Faerber and Ronny describes as “human-size, mainly fam- Hakimian at the Watches and Wonders and benefits
ended abruptly in 2020, it left a vac- Totah. Faerber started as a diamond ily run, businesses, that behave well. We ribbon cutting from the fact that the buyers from big
uum. The Geneva-based Watches and dealer in 1973 in Basel and moved into select those who are good in their sector opening of global retailers are in town. The date is
Wonders show — an extended version of antique jewellery and coloured gem with a breadth of price points.” Haute Jewels also crucial, says Hakimian, as orders
the original Salon International de la stones. Totah specialises in coloured GemGenève reported 3,302 visitors to Geneva placed in April can be fulfilled in time
Haute Horlogerie, which had started as gemstones and antique jewels. its latest show, mainly made up of buy- Right: Visitors for the Christmas season.
luxury group Richemont’s riposte to “We were in at the deep end,” says ers looking to source loose stones and and gem traders But there is room for both shows. In
Basel — swiftly stepped in to cover the Faerber of the creation of GemGenève, antique jewels. Though primarily a at GemGenève fact, Hakimian’s operation, Yoko Lon-
big watch brands. But many jewellers now in its fourth edition. “We never trade event, it is open to the public and Yoko London; David Fraga
don, will be exhibiting at GemGenève in
who used to exhibit under the auspices expected to be exhibition organisers but Totah reports that 25 per cent of the visi- November to gain access to its audience,
of Baselworld had to find other solutions we felt that we weren’t welcome in Basel tors are private buyers. There will also in order to sell loose pearls and manu-
on their own. anymore. There was a need for a show be a special November 2022 edition of facturing services.
So, two new events emerged from the where organisers and exhibitors spoke GemGenève “to respond to the needs of “We are not competing with Gem-
jewellery industry itself to fill the need same language and in an environment the market” which could not travel for Genève at all,” says Hakimian. “I liaise
for jewellery fairs in Europe. that is right for us.” many months due to global lockdowns. closely with them and we share our
The first was GemGenève, which held The 201 exhibitors at GemGenève in Haute Jewels Genève is an even strategies.”
its inaugural show in 2018, followed by May 2022 were a mix of diamond and younger event that had its first show in Hakimian feels there is still a need for
Haute Jewels Genève in 2019, just a year gem stone dealers, antique dealers, and 2019 with just four exhibitors. It was put Asian and American shows and that
before the first lockdowns. While Gem- some contemporary jewellery design- together by Michael Hakimian, chief smaller and more focused exhibitions
Genève is held in May in a wing of the executive of Yoko London, the pearl for specific sectors will spring up in Asia,
vast Palexpo exhibition halls, Haute jewellery brand that also wholesales the Middle East and America.
Jewels Genève now takes place in late pearls and manufactures jewels. “The day someone creates a show that
March at the Hotel Kempinski — coin- “There is no doubt we filled the gap can bring all the high end jewellers
ciding with the Watches and Wonders ‘When Baselworld closed left by Basel,” says Hakimian. “When together, I will book a booth,” says Hak-
trade show. down we were left high and the show closed down, we were left high imian. “I didn’t start out as an exhibition
The shows have different profiles. and dry. While Basel had over 1,000 organiser and never thought I would be
GemGenève mainly caters to gemstone dry. While Basel had over exhibitors, we have selected just 18 designing showcases, lighting systems
and antique jewellery dealers, and 1,000 exhibitors, we have brands. Each has its own niche and look and overseeing security and we don’t do
Haute Jewels Genève is aimed at high with a strong heritage, innovative prod- this as a profitmaking venture but
jewellery brands and manufacturers selected just 18 brands’ ucts, good reputation, and an interna- because our industry needs it. Our third
looking to meet wholesale buyers and Michael Hakimian, Yoko London tional reach. The spirit of the show is to edition is already sold out as everyone
find new outlets for their jewels. try and help each other.” rebooked. I am a very busy man.”
Friday 7 October 2022 ★ FINANCIAL TIMES 13

Watches & Jewellery

Assay Mandatory standards aim to boost jewellery
exports and give consumers more confidence in the
purity of gold they buy, reports Caroline Palmer

Hallmarking
set to bring
order to India’s
gold trading
N
o one is sure how many jew- new regime and has become more cheated them,” says Somasundaram was mainly directed at the hallmarking All that glitters: the complex nature the HUID imprinted on jewellery and in
ellers there are in India. The pressing as societal changes affect how, PR, “it is also possible the bar itself did unique ID (HUID). Described by the of Indian jewellery makes the purity the digital records of assay centres, but
All India Gem and Jewellery and where, consumers buy their gold not have the right standards. But then WGC as potentially “transformative for of its gold hard to determine not integrated with the records of jewel-
Domestic Council (GJC), jewellery. “While people trust the jewel- who do you blame when the entire chain the jewellery sector”, it is a laser mark Hindustan Times via Getty Images
lers or manufacturers. It is a concession
which represents jewellery lers, there have also been many, many was like this?” that assigns an alphanumerical code to that will please those jewellers that had
retailers in the country, puts the figure cases where people always expect — He is referring in particular to the each piece of jewellery, to show the iden- raised concerns about privacy.
at between 300,000 and 350,000. What even if it is their own jeweller — that period before 1991, when gold imports tity of the seller and the assay centre. Ashish Pethe, chair of GJC, which
is certain is the importance of the sector [when] he is telling me [a piece of jewel- to India were banned. At the time, buy- Its introduction slowed the hallmark- helped persuade the government to
to the country’s economy and its cul- lery] is 22ct, it is really not 22ct,” ers would tolerate impurity by sellers, ing process down considerably, though, phase in hallmarking so that infrastruc-
ture. The gem and jewellery market is explains Somasundaram PR, the given the problems of sourcing gold. with jewellers unable to sell their pieces ture, including new assay centres, could
the second largest in the world, contrib- regional chief executive of WGC’s Indian Pure, 24ct gold is too soft to withstand without the hallmark. As a result, its be put in place first, says that despite the
uting roughly 7.5 per cent to gross operations. “The point is I get a benefit wear, so, for jewellery making, it is gen- scope has been pared back for now, with protests, a “large part of the industry
domestic product, 15 per cent to mer- that when I go back to him [to sell the erally alloyed with other metals. As the has welcomed it [mandatory hallmark-
chandise exports, and directly employ- piece] he cannot say it is not 22ct.” Bureau of Indian Standards (BIS), ing] and embraced it with open arms”.
ing 10mn people. “There is not absolute trust in purity which is overseeing the introduction of New Indian gold hallmarking standard He points to the 120mn pieces that are
So, when, in June 2021, the govern- and price,” he says, but also notes that the hallmarking regime, points out in a expected to be hallmarked this year, up
ment introduced mandatory hallmark- gold transactions in rural areas were as recent briefing paper on mandatory Four marks will have to be on every piece from 50mn before the pandemic.
ing for all gold jewellery into a sector close to a banking service as the locals hallmarking: “The need for alloying of of gold sold to avoid mis-selling But the GJC still has concerns, such as
that embraces both the village jeweller could get. “There was never a bank in gold . . . makes the public extremely problems trading jewellery between dis-
in a tiny workshop and the big glossy those places, so gold was actually a vulnerable to excessive adulteration.” tricts in the scheme and those yet to be
stores of Mumbai or Delhi — plus every- financial inclusion tool.” The BIS also acknowledges the com- included. There are also worries about
thing in between — the challenges were Research by the WGC has shown that plex nature of Indian jewellery, which is penalties for falling foul of the rules.
always going to be complex. when consumers go to sell their pieces mainly made of high caratage gold but “In some places, the law states if one
The rule change was the culmination to a jeweller from whom they have not with numerous soldered joints of much of your pieces fails with more than 4 per
of more than a decade of dialogue bought, “80 per cent of them found it lower caratage. This makes determining cent difference in purity declared, your
between the government and the indus- was under caratage. It need not neces- its purity even harder. registration can be cancelled. An
try. Hallmarking has been voluntary sarily mean the jeweller actually In addition, 24ct plating of low carat- Jewellers’ extreme step and the person can go out
since 2000 but only 30 per cent of jewel- age jewellery is common. “The con- unique of business,” says Pethe.
lery was sold with marks that certify the sumer, though well aware of such mal- identification However, he praises the government
item as being particular caratage — practices, still has no option but to sub- Assaying & response to the industry’s concerns
whether 18ct or 22ct, for instance. ‘There was never a bank mit himself to repeated cheating by 3-digit hallmarking mark
throughout the process and is optimistic
centre’s mark
One of the prime movers behind man- in those places, so gold unscrupulous traders,” it states. Bureau number to show these issues will be resolved.
datory hallmarking has been the World The hallmarking scheme has been gold purity According to WGC, there will be con-
Gold Council, which believes modernis- was actually a financial fraught with problems, however. Two
of Indian
sequences, though. These include
Standards logo
ing the sector could boost jewellery inclusion tool’ months after its launch, most of India’s increased costs for small retailers in par-
exports and give consumers more confi- jewellery stores staged a one-day strike. ticular — which could lead to consolida-
dence in the purity of gold they buy.
Somasundaram PR, Jewellers objected to the way the system tion and “a more organised and formal
This issue of trust is at the heart of the
World Gold Council was being implemented, but their anger Source: BCCL *Purity standards have only been rolled out for 14ct, 18ct and 22ct gold
jewellery industry”.

Indian jewellers steer clear of Russian rough diamonds

Cutters and polishers size of the diamonds when cutters and
polishers buy directly from such places.
strengthen traceability Dimexon, an Indian cutter and pol-
isher specialising in melee diamonds, is
to retain business, one of the companies that buys direct
writes Milena Lazazzera from miners. In addition to a database
system that tracks all its diamonds,
Dimexon issues written confirmations
Speaking at the St Petersburg Interna- of the non-Russian origin of its stones.
tional Economic Forum in June, Sergei “Ironically, we had a low single-digit
Ivanov, president and chief executive of percentage input from Russia and as
Russian diamond miner Alrosa, such were never overly dependent on
announced that the company was main- Russian supplies,” says Vishal Mehta,
taining its originally forecast output of Dimexon’s director. But he expects
34-35mn carats in 2022 — above its 2021 sanctions will put pressure on prices.
production of 32.4mn carats. “We face increased competition, within
This comes despite Western jewellery our suppliers, from those manufactur-
brands vowing after Russia’s invasion of ers who had a high Russian dependence
Ukraine to stop sourcing from Alrosa — and are looking for alternate sources.”
which, up to 2021, supplied one-third of Cutters and polishers concur that, if
the global annual total of 116mn rough prices have not dramatically increased
diamonds. It also highlights the chal- so far, it is thanks to subdued demand
lenges for suppliers and traders under from China, mired in its zero-Covid pol-
pressure to keep Russian stones at bay. icy and yet to reopen. But diamond ana-
Caught in the middle are the 1mn cut- lyst Paul Zimnisky believes that there
ters and polishers of the 4,000 firms will be some supply shortages of non-
based in India, a country that handles Russian diamonds over the next 12
more than 70 per cent of all diamonds months, with consequent pressure on
and whose political elite has long prices, as the West and Japan account
courted close ties with Russia. for about three-quarters of global dia-
“There is a massive loophole, as once mond demand.
a rough diamond [the sole object of Meanwhile, some jewellers, such as
sanction] has been polished in places London-based Moussaieff, have had to
like India, according to the sanctions it adapt to the limited supply. “There are
has been transformed enough to less goods available for higher prices,”
become of Indian origin,” notes Tobias says owner Alisa Moussaieff. “Some col-
Kormind, managing director of ours which are mostly mined in Russia
77diamonds.com. He refers to the prin- are extremely scarce.” As a result, she
ciple of “substantial transforma- was forced to look elsewhere for new
tion” which allows changing the tracked throughout its diamond This requires miners to export rough Big business: 1mn cutters and then registered on the Tracr platform. suppliers who have different sources.
place of origin of goods to where journey from the time we receive stones in numbered and sealed, tamper- polishers are employed in 4,000 As the diamond is cut, polished and fur- Zimnisky says: “What ultimately hap-
they were processed. them as rough stones proof containers — alongside docu- companies in India — Dimexion ther appraised, more images and infor- pens is the . . . supply chain will
Nevertheless, some Indian through to the final ments of origin issued by governments. mation are added to its digital identity. become bifurcated between non-Rus-
polishers and cutters serving polished diamond.” Moreover, prominent jewellers have Last year, De Beers presented a collec- sian diamonds and Russian diamonds.
Western jewellers have been Piyush Patel of taken responsibility for addressing con- tion of eight fully traceable rings weigh- Once the industry adapts, non-Russian
keen to support brands’ Dharmanandan sumers’ concerns by participating in ing more than 5 carats. goods will be sent to the Western con-
pledges that no Russian Diamonds, another various industry-backed certification While it is easier to imagine how large sumer markets and Russian
stones would tarnish their cli- Indian facility specialising in schemes and trying technological solu- stones can be segregated, the task seems goods . . . to the rest of the world.”
ents’ jewels. large diamonds, praises the industry’s tions, such as blockchain. India handles more than daunting for the tiny melee diamonds Eddie LeVian, chief executive of US
“We adhere to the global sanctions IT prowess in tracing the stones’ prove- For example, De Beers has begun 70 per cent of all diamonds used in pave settings, which are usually jewellery brand Le Vian, agrees — add-
and make our procurement decisions nance. tracking diamonds weighing 1 carat or traded in bulk rather than individually. ing that “the Chinese are able to absorb
accordingly,” says Devansh Shah, part- The groundwork for such a system more from mine to market using Tracr, and its political elite has Yet, in trading hubs such as Antwerp, that (Russian) supply even in their cur-
ner at Venus Jewel, a company specialis- was laid during the early 2000s, when a system based on blockchain and artifi- long courted close ties rough diamonds arrive in sealed rent choppy environment”.
ing in cutting and polishing diamonds concern over conflict “blood” diamonds cial intelligence. batches sorted by size and bearing The challenge will therefore move on
from 1 to 30 carats and above. “Each of led to the implementation of the Kim- Once mined, a rough diamond is with Russia details of the mine of origin. So granular to tracing Russian diamonds from the
our diamonds is individually tagged and berley Process certification scheme. scanned, photographed, appraised, and traceability does not decrease with the secondary market.
14 ★ FINANCIAL TIMES Friday 7 October 2022

Watches & Jewellery

Exhibition The family retailer-turned-designer wants to showcase Liverpool’s creative industry and the company’s early years, says Kate Youde

Boodles’
jewellery
history on
display
B
oodles chair Anthony Wain- Liverpool in 1889. Anthony’s grandfa-
wright liked to keep his fam- ther, Henry Wainwright, moved from
ily jewellery business a step Leicestershire to work in this shop and
ahead of the competition in bought the businessin1898.
Liverpool. So in March 1962 Liverpool was “a great commercial
he jetted to 10 cities around the world in city by that time”, says Alyson Pollard,
16 days, stopping to source beautiful head of the gallery. A transatlantic trad-
stones from dealers in India, Thailand ing port, its population grew from 77,653
and Hong Kong, and pearls in Japan. in 1801 to 517,980 in 1891. “Jewellery and
To mark the 60th anniver- other businesses were moving to Liver-
sary of the tour, his son pool because there was quite a large
Nicholas Wainwright, middle class with more money to
current Boodles chair, spend because of this growth in
is making his own mercantile trade,” says Pol-
journey this month: lard.
around Europe in 10 Henry changed the shop’s
days. Just as the jew- name to H Wainwright &
eller paid homage to Sons to include his children, Clockwise from above: photo album from Anthony Wainwright’s 1962
Anthony’s adventure Harold and Herbert, and the stone-sourcing journey around the world; James Amos; a special
with a collection last year, family bought another Liver- bracelet made for the exhibition; the Greenfire necklace — Boodles
so this trip will inspire pool jeweller, Boodle &
new designs launching in Dunthorne, in the early 1910s.
spring nextyear. Henry and Herbert amalgamated other jewellers’ windows were and tak- the exhibition, which runs keth Lever to house workers from his exhibition brochure it is distributing to
Three rings from the upcom- the businesses under the Boodle & ing photos of what they were doing,” from October 22 until March 5. soap factory (later Unilever). It is not 12,000 UK customers will not go to
ing collection will go on display at Lady Dunthorne name after the first world says Anthony’s grandson James Amos, a It features diamond-encrusted knownwhetherheboughtfromBoodles, waste.
Lever Art Gallery in Port Sunlight, Wir- war — which claimed Harold’s life — in Boodles director. “He wanted to be motifs inspired by the Grade II- but he did inspire Anthony. The late Amos says the show helps “further to
ral, north-west England, this month in the Lord Street building that remains inspired by the best in the world.” listed gallery’s glass ceiling domes, chair wrote in a paper on jewellery establish our history as an important
Boodles’firstexhibition.Stagedaspartof the headquarters. The company short- Amos credits the trip with kick-start- while the gems — aquamarines, marketing, “it was the first Lord part of what we do [and] as a building
the gallery’s centenary, Pure Brilliance: ened its name to Boodles in 2004. ing growth. Three years later, morganites, kunzites, green beryl Leverhulme who once stated he block for . . . the future”. Boodles will
The Boodles Story will tell how the Bond Anthony returned from second world Anthony opened a second branch, in and yellow beryl — reflect colours knew at least half of Unilever’s replicate panels from the exhibition in
Street jeweller grew from a shop in Liver- war service in Burma after the deaths of Chester. Today, Boodles has five in Pre-Raphaelite paintings in the massive and very successful the basements of its Liverpool and Bond
pool, across the River Mersey from the his father Herbert and grandfather shops in London, four in northern collection. Also being displayed is the advertising budget was com- Streetshops,anddisplay keypieces.
gallery, into a national brand creating Henry in 1945 to find the business strug- EnglandandoneinDublin. emerald and diamond Greenfire pletely wasted. When Amos says Boodles has realised that
designsseenonaglobalstage. gling. He persevered, against the advice Boodles was a retailer until it necklace worn by Helen challenged by share- “it’s increasingly useful to be able to
The story begins on the opposite, of his bank managerandaccountant. took on a full-time jewellery Mirren in the high-octane holders . . . he replied look backwards” for brand reputation.
north-east coast, in Hull, where clock- His 1962 tour included a visit to Tiff- designer, Rebecca Hawkins, in filmFast&Furious9. with a smile that he “We don’t have Indian Maharajas and
maker Thomas Kirk set up a business in any & Co in New York. “He’d always 1990. Now all jewellery is The gallery is in the did not know which kings and queens of Russia having
1798 that expanded into jewellery and have a tape measure in his pocket . . . designed in-house in Liverpool. Hawkins model village built by its half it was!” Boodles bought our jewellery, but we do have our
silverware. Kirk & Co opened a branch in he’d be busy measuring up how long has designed a one-off gold bracelet for founder William Hes- will hope a 75-page own family history,” he says.

Milan’s Alba Big on jadeite

Boghossian has created a sautoir that it
Carrousel du Louvre between
November 9-13 includes the Garden of
Impressionism tiara, inspired by her

Cappellieri believes to be the largest jadeite bead

necklace ever conceived. The piece is
inspired by the 108-bead Court necklace
love of impressionist art. Pastel-hued
stones including pink, purple and white
sapphires, pink spinels and

hosts global worn by men during the Qing dynasty in

China, in which beads were assembled
in four groups separated by four larger
aquamarines, are set alongside
diamond beads and white diamonds to
create a palette reminiscent of a Claude

exhibitions beads. Boghossian’s design features

seven natural jadeite beads each
measuring approximately 26mm, with
Monet painting. Fine Arts Paris & La
Biennale is a new annual event created
from the merger of two of France’s
the top two connected to two leading art fairs.
gourd-shaped jadeite fotouta.
Pomellato will celebrate the role of
Milan in its design process in a free
The sautoir, which will be
shown first at the brand’s Hotel gallery
exhibition at the Jing building in Tokyo’s Hong Kong boutique Cindy Chao (left) is
Harajuku fashion hub from October 21- from mid-October, also opening a permanent
30. Curated by author Alba Cappellieri, features trapeze and gallery in the Regent
head of jewellery and accessory design baguette-cut Taipei hotel in Taiwan
at the Polytechnic University of Milan, diamonds and small in mid-October. The
the exhibition is split into three themes: brilliant emeralds. Taiwanese jeweller
creative design, heritage of has collaborated with
craftsmanship and “whispered
elegance”. The Italian jeweller will use Red alert design teams from
the Netherlands,
the show, named Pomellato — From De Beers Jewellers is France, Belgium and
Milan to Tokyo: A Journey Through using red enamel for Singapore to present
Craftsmanship, Creativity and Design, the first time, in her high jewellery
to unveil five new pieces in its La Gioia pieces launching in creations in a “mobile
high jewellery collection. Online China in January. The museum” set-up, the
registration is required to attend. diamond specialist is first Cindy Chao The Art
Cappellieri is also the curator behind adding two new styles to Jewel gallery. The pieces on
another upcoming exhibition, this time its signature Enchanted display, which include jewels
for Van Cleef & Arpels. More than 250 Lotus collection for Chinese from the Black Label
pieces of jewellery, watches and new year. A pendant and a bracelet, Masterpieces and White Label
precious objects created by the French both in rose gold, will feature the range’s collections, are not for sale. Potential
house since its launch in 1906 will be on lotus flower motif in micropavé buyers must make a reservation for a
show in Riyadh between January 19 and diamonds atop vivid red enamel. private viewing in one of the brand’s
April 15 2023. Split into three Separately, De Beers is taking showrooms in Taipei, Hong Kong and
sections, the Time, Nature, Love inspiration from Enchanted Shanghai.
exhibition at the National Lotus for a pop-up store
Museum of Saudi Arabia
will also feature archival
launching at Grand
Gateway 66 in Shanghai Sparking auctions
documents, sketches in mid-October. Bonhams is offering 10 pieces by Tiffany
and gouache designs. & Co in its Hong Kong Jewels and Jadeite
The jeweller, which
has two boutiques in Tickled Pink auction on 27 November. Part of a
private collection started in the late
Riyadh, has Sotheby’sofferedone 1970s, lots include a ring, estimated at
supported the 21,39 ofthepurest,pinkest HK$3.2mn-HK$6.3mn, which features
Jeddah Arts event in diamondseverto a 10.56ct round brilliant-cut diamond
Saudi Arabia for the appearinHongKong surrounded by fancy pink and round
past seven years. thisweek.The11.15ct brilliant-cut diamonds. Other highlights
WilliamsonPinkStar are an 18ct yellow gold, platinum and
Yes she Chan (left)isoneofonlytwo
internallyflawlessfancy
diamond Schlumberger for Tiffany & Co
Tulip necklace (estimate HK$800,000-
Morethan150piecesby vividpinkdiamondsof HK$1.5mn) and a pair of matching gold
WallaceChanaregoingon morethan10caratstocome earrings with a pavé diamond butterfly
displayinthesecond-largest toauction.Itisoutsizedbythe motif and gold bows (estimate HK
exhibitionoftheChineseartist’s 59.60ctCTFPinkStar,whichsoldfor $80,000-HK$120,000) made for the
jewelleryinmainlandChina.The $71.2mnin2017.Sotheby’stouredthe collector.
WallaceChan:Earthly-Unearthlysolo WilliamsonPinkStar,unveiledin
exhibitionisbeingheldaspartofthefifth
ChinaInternationalImportExpo,taking
LondoninAugust,toDubai,Singapore
andTaipeiaheadofthesale.Ithad Peridot’s history
placeattheNationalExhibitionand estimatedthediamondwouldachieve The free Peridot, The Past, Present &
ConventionCenterinShanghaibetween over HK$170mn($21mn). Future exhibition, being held in
5-10November.Itfeaturesloansfrom collaboration with the Fuli Gemstones
Chan’scollectorsandhislatestunseen
worksincludingPupa,aringinspiredby Fine art on display mining company at Shenzhen Jewelry
Museum in China, draws to a close on
thelifecycleofabutterfly.Thejewellery Chinese jewellery designer Feng J will Sunday. The display shows how the
displayisChan’slargestinmainland unveil 12 new pieces at the Fine Arts green stone was treasured by the
Chinasincehisfirstsoloexhibitionat Paris & La Biennale fair in Paris next Ancient Egyptians but is also used in
TheCapitalMuseum,Beijing,in2010. month. The jewellery on display at futuristic jewellery designs. Kate Youde
Friday 7 October 2022 ★ FINANCIAL TIMES 15

Watches & Jewellery

Collaboration crosses cultures and generations

Alliance Recent pieces jewellers. Although Hu points to a
“duet chemistry” with Moussaieff —
from Alisa Moussaieff fuelled by a mutual appreciation of
their individual, family-run businesses
and Anna Hu draw on — the latter’s prized gem inventory is
their two traditions, key to this union.
“This partnership reflects the
writes Ming Liu coming together of two high-end
players with a focus on large, highly

T
prized gemstones, targeting wealthy
he 2017 Paris Biennale art buyers,” says Tobias Kormind,
fair was the first time the managing director of the online
eponymous jeweller Alisa jeweller 77 Diamonds. Important
Moussaieff saw the work of stones, he adds, are increasingly seen
Anna Hu, a fellow as a store of wealth in tumultuous
exhibitor almost five decades her times, as “the stock markets have
junior. It was an event that Moussaieff gyrated massively: through the
will never forget. financial crisis in 2008, during Covid,
“Not only did Anna have a nice show, and now with the war in Ukraine and
she managed to attract the press,” all the macroeconomic issues this has
Moussaieff recalls. “There was a caused”. High quality gemstones
Chinese delegation that we tried to get traditionally perform well in an
— she got them, and we didn’t. I very inflationary environment, he notes,
much remember that.” with prices for some of the highest
The following year, Moussaieff, who quality diamonds rising by more than a
is based in London, invited Hu to her third in the past year, and almost 60
Bond Street boutique for a meeting. Hu per cent in five years.
recalls feeling intimidated, despite The eight co-created pieces are
being the Taiwan-born daughter of a priced upwards of seven figures each
gem dealer and growing up surrounded and only some have sold. More are
by exquisite stones, then cutting her being added, says Moussaieff, who
teeth at Christie’s, Van Cleef & Arpels, does not seem overly concerned about
and Harry Winston before starting her sales at the moment — and hints at
own brand in New York, aged 30. Taking flight: Anna Hu (left) joined with working with other designers in the
Moussaieff’s reputation preceded Alisa Moussaieff (bottom) to create a series future.
her, however. The house is of eight high-end pieces combining the With Hong Kong scrapping its
synonymous in the industry with an former’s unique design style and the quarantine rules last month, and more
inventory of exceptionally large, jaw- latter’s tradition of exceptional stones. The wealthy clients starting to travel again,
dropping stones, and is rooted in an titanium Metamorphosis butterfly motif she is optimistic about
illustrious gem-trading history that bracelet, features a mix of coloured unconventional, design-led jewels —
dates back to the 12th century diamonds, garnets, tourmalines and like the Sky Tower — finding a buyer.
Mongolian ruler Genghis Khan — who sapphires, topped with a 35.4ct brown Plus, she adds: “If it doesn’t sell after
reputedly was a client. marquise diamond — Francois Goize; Alan Knox one year, I take out the diamond and
But the admiration was mutual. put it in one of our traditional
Moussaieff immediately asked what mountings. But I [would] like to have
they could do together. “This was this sold because I believe in [Anna’s]
literally before I sat down,” recalls Hu, mounting.”
who recently moved to Monaco and Perhaps Moussaieff sees something
divides her time between there and of her younger self in Hu — her passion
the US. “She got right to the point and initiative as both a creative and
about a co-operation concept.” business owner. “She’s quick, she’s
The results, in 2021, were eight co- vivacious, and a pleasure to work
created jewels, which highlight the with,” says Moussaieff, who admires
symbiosis — both creative and Hu’s recent travels to the US to meet
commercial — between these two Chinese clients, who increasingly reside
independent jewellers. abroad. “She does things before we
Headlining the pieces is what even think about them. That is really a
Moussaieff calls the “star piece — great advantage.”
Anna’s star idea”: a magnificent Meanwhile, the 90-something
titanium Metamorphosis bracelet set Moussaieff is more like a mentor to Hu,
with a harmonious smorgasbord of who says the two speak nearly every
coloured stones — brown, yellow- day. Topics range from stone colour
brown, and yellow-orange diamonds; tendencies, to the gem market — such
mandarin, orange, and demantoid Moussaieff if they could be broken up which Hu took inspiration from Tower semi-precious centre stone, while as this week’s momentous Sotheby’s
garnets, Paraiba tourmalines and and remounted into her design. Verre, a 320m-tall skyscraper adjacent Moussaieff’s jewel would have been sale of the 11.15ct Williamson Pink
sapphires, among them. The piece Moussaieff didn’t hesitate. “Nobody to New York City’s Museum of Modern notably heavier. Star, one of the world’s pinkest and
takes inspiration from Mozart’s 12 else can do that because everybody else Art. Crafted through geometric slices of “Traditionally, a 100-carat stone purest diamonds to come to market —
Variations on “Ah, vous dirai-je, Maman” has a board of directors above them,” titanium and featuring an intricate, would demand an important and to chatting about their children.
(music is a recurring theme for Hu, a she says, adding that she found the idea classic Chinese motif on the underside, number of stones around it — and “For me, it’s really to learn from
cellist). The butterfly motif bracelet is “financially quite clever”, too. “The the design speaks to Anna’s signature would get it,” says Moussaieff. “But, someone who is so clever, so brilliant,
topped with Moussaieff’s exceptional ring would have sold for ‘X’ amount merging of east and west touchpoints. here, Anna used small so sharp and cut-throat,” says Hu. “I
35.4ct marquise brown diamond, and now, in this combination, the Meanwhile, a whopping 102.18ct diamonds and titanium.” take that as the most priceless lesson. I
alongside a pair of old-cut, trapezoid whole piece will be sold for more. So it’s brown-yellow diamond centre stone is Design collaborations are really cherish every single second that
diamonds, each more than five carats, not a sacrifice.” Moussaieff’s hallmark. Had they been commonplace between she spends time with me because I
set on the butterfly’s wing. Hu first saw Another standout piece is the designing independently, says talents in fashion and even know it’s historical. This won’t be
the two stones set in a ring and asked architectural Sky Tower necklace for Moussaieff, Hu would have used a watches, but rare between repeated.”

A century of surrealism on show

Jewellers seek runny lines of Dali’s melting watches
from his painting, The Persistence of
the truth of
the idea is.”
thing —
it’s a very
inspiration from Memory, on a crucifix — adding a fluid
edge of silver-grey diamonds and aqua-
Alexander
Pertot, co -
different
way of creat-
surrealist designers, marines to the traditional cross lines for founder of the ing jewellery,”
her Beethoven Moonlight pendant. Swiss art jewellery says Bäumer, who has
writes Melanie Abrams Yet, alongside the creative inspira- house Gems and designed jewellery for
tion, surrealist designs have a Ladders, said that its repro- Chanel.
Surrealism — the early 1900s business ductions of artist Meret He offers several examples: his
movement that embraced unu- value for Oppenheim’s sketches and rose brooch with a diamond dewdrop,
sual combinations and the contempo- designs in 2014, such as her fur which references American avant-garde
unconscious, and among rary jewel- bracelet — included in the Lon- photographer Man Ray’s iconic shot of Clockwise from above: Dali’s retailer Net-a-Porter in 2018, led to him
whose pioneers was Salva- lers, too. don Design Museum show — kick- glass tears; his Kiss of the Bee ring, Metamorphosis of Narcissus 1937; creating his first high jewellery collec-
dor Dalí — is having a “Surreal- started the business. “She’s a well- which used automatic drawing; his free Dali’s lobster telephone; Meret tion in May, “because the demand was
moment at art fairs, in ism is one of known artist, especially in central association where he “put together ran- Oppenheim x Gems and Ladders fur there”. The crystal-quartz version sold
museums and on cat- those things that people can under- Europe, Germany and Switzerland, and domly all these elements”. Also, the bracelet; Jean Cocteau’s Schiaparelli out to the luxury etailer’s private VIP
walks. And, now, jewel- stand, whether someone is an art aficio- this helped to create attention around mouth, Dali’s brooch with pearl teeth, Eye brooch; Sonia Boyajian’s Rene customers before they even hit the web-
lery is sharing in this nado or not,” says Los Angeles-based jew- what we do,” he says. While Pertot features a bee. “The fact the bee stings, brooch pin — Salvador Dalí/Gala-Salvador Dali site, according to the jewellery designer.
surrealist spotlight, in a eller Sonia Boyajian. Her surrealist collec- declined to disclose its revenues, the the fact that it’s such an interesting ani- Foundation/DACS London/Tate; Hans Jorg Walter; Franks Strous
for Design Museum den Bosch; Salvador Dalí/Fundacio Gala/DACS
Yet there are challenges with surreal-
travelling show from the tion, with pieces named after various art- Oppenheim pieces now make up mal symbolically, and why would it land London ist-inspired designs as they can be less
Vitra Design Museum in Germany, ists, includes a ceramic Rene butterfly between 25 and 30 per cent of the busi- on somebody’s mouth which is some- easy to sell, according to Paris-based
which opens at the London Design broochpin—thewingsglazedwitha ness, with the sugar-cube ring thing that would make people [feel] jeweller Lydia Courteille. She has yet to
Museum on October 14 and runs until skymotif;andskiesthat its bestselling piece, very uncomfortable but at the same sell her Dali- and Schiaparelli-inspired,
next February. feature in the paint- racking up 70 sales time beautiful,” he says. 18ct yellow-gold, orange sapphire and
Called Objects of Desire: Surrealism ings of Belgian art- since 2014. Jewellers agree that black diamond lobster earrings, with
and Design 1924-Today, the exhibition istRenéMagritte,a Paris-based jew- their surrealist-in- hanging fire opal, and a few other pieces
explores the influence of the movement leading figure in eller Lorenz spired designs attract from her Homage to Surrealism collec-
on design through around 350 objects. the Surrealist Bäumer, founder of a new type of art-collec- tion from 2012. They are large — 7.5cm
Among those on show are Dali’s lobster movement known Maison Bäumer tor client. As Matthew Har- long by 2.5cm wide — and “people are
telephone and a blue-glass beaded eye for his reality-dis- Vendôme, has been ris, founder of Mateo New York, looking for things to wear every day”,
and faux-pearl teardrop brooch, origi- tortingpaintings. using surrealist puts it: She “definitely has deeper she says. “There are not enough collec-
nally designed in 1937 by Jean Cocteau “There’s reality works and tech- pockets and she’s not scared of wearing tors to sell these things to.”
for Elsa Schiaparelli and remade by him and then there’s niques since the 2003 something interesting. She doesn’t have As to the future, jewellers are still
in 1952. social media, and that sale of writer André Bre- a million Cartier bracelets on.” seeking inspiration from surreal-
Indeed, contemporary jewellers have whole thing is surreal, if ton’s art collection in Paris. Last month, Harris reintro- ist designers, such as Joan
long been inspired by surrealism, a you ask me, because we are no longer He says it makes his work distinctive. “It duced an eye pendant with a Miró for Gems and Lad-
movement that is “all about disrupting connected to what is real and what is puts you in a spot where you don’t use 0.21-carat diamond tear- ders, and Yves Tanguy
expectation and breaking the rules”, not,” says Boyajian, who created her the same techniques, as perhaps you’d drop at $5,250, based on Dali’s 1945 for Bäumer. And, with
says Kathryn Johnson, curator of the Surrealist Collection in 2017 after read- sketch around a stone, or you’d make a painting, The Eye, but feminising the centenary of Breton’s
Design Museum’s exhibition. ing Dali’s autobiography, The Secret Life specific design for a necklace. There, it’s the eye shape adding diamonds and first Surrealist Manifesto in 2024, the
New York-based Taiwanese jewellery of Salvador Dalí. “Everything is like this about finding elements and letting your a teardrop. Indeed, his earlier limited- value of these surrealist-inspired
designer Anna Hu has adapted the idea, and we don’t know any more what brain wander and coming up with some- edition pendants, made for online designs could pay dividends.
16 ★ FINANCIAL TIMES Friday 7 October 2022