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Financial Times Europe – 27 December 2017

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WORLD BUSINESS NEWSPAPER
WEDNESDAY 27 DECEMBER 2017
EUROPE
Thwarting tantrums
Unhappy ending
Come the resolution
It was the year investors swallowed
central bank tightening ? PAGE 18
China is beating a quiet retreat from
Hollywood ? BIG READ, PAGE 7
Liberalism and populism prepare
for battle ? MARTIN SANDBU, PAGE 9
Philippines
fears typhoon
toll set to rise
Briefing
i Saudis freed after striking cash deals
Several Saudi businessmen and former government
employees rounded up in a corruption crackdown
have secured their freedom after reaching financial
deals with the authorities. ? PAGE 4
Relatives of the victims of typhoon
Tembin begin to bury the dead yesterday in the southern Philippine town of
Tubold. The government revised the
death toll to 164 after the storm ripped
through the Philippines just ahead of
Christmas. But officials warned at least
171 remained missing, suggesting the
number killed could rise as authorities
reach remote areas hit by landslides and
flash flooding.
Vietnam breathed a sigh of relief as
the storm passed just south of the country yesterday and was downgraded to a
tropical depression in the Gulf of Thailand. Hundreds of thousands had been
evacuated from Vietnam?s Mekong
Delta, amid warnings its southern tip
was in the storm?s path.
i RCom seals agreement on $7bn debt
Indian telecoms group Reliance Communications
said it had reached an agreement with lenders on a
?full resolution? of its nearly $7bn in debt, sending
its shares up 30 per cent. ? PAGE 11
i Taiwan wary as Beijing tightens HK grip
?One Country, Two Systems?
was meant to tempt Taipei to
reunify with the mainland, but
legal battles over free speech
and national symbols highlight
the gap between Taiwan and
Hong Kong. ? PAGE 2
i Japan unemployment at 24-year low
Jes Aznar/Getty Images
US bricks-and-mortar retailers
build on buoyant holiday sales
3 Kohl?s and Macy?s lead share price charge 3 Apple falls back amid iPhone X concerns
ROBIN WIGGLESWORTH ? NEW YORK
SAM FLEMING ? WASHINGTON
Shares in US retailers enjoyed a bounce
on the first day of trading after Christmas on rising hopes of a strong holiday
shopping season. However, fading
expectations over sales of Apple?s new
iPhone weighed on the broader stock
market.
A host of traditional retailers and
department store chains topped the
table of the biggest climbers yesterday,
helping the S&P 500 retailing industry
index to a 0.5 per cent gain and a record
high in afternoon New York trading.
US retail sales, excluding cars,
climbed 4.9 per cent from November 1
through Christmas Eve, the strongest
pace of growth since 2011, according to
MasterCard SpendingPulse, a unit of the
credit card company that tracks both
internet and physical sales.
While online shopping continues to
accelerate ? ecommerce sales rose
18.1 per cent over the period, according
to MasterCard, and Amazon accounts
for the bulk of the retailing index?s rise
this year ? indications it was a buoyant
period overall helped boost shares of
many brick-and-mortar retailers battered by internet competition.
Kohl?s and Macy?s, two leading US
department store chains, were the biggest climbers yesterday, rising 5.6 per
cent and 5.1 per cent respectively to
extend December gains to 18.4 per cent
and 13.4 per cent. Footlocker, Signet
Jewelers and Nordstrom were also
among the biggest market winners.
Amazon shares rose after it reported
its ?biggest holiday season?, though it
did not disclose sales figures.
However, Apple was down 2.5 per
cent as analysts trimmed forecasts for
the flagship iPhone X. The technology
group is the single biggest company in
the S&P 500 index and its decline
dragged the market down 0.1 per cent.
Although the holiday sales figures
remain preliminary, many analysts are
betting that the trend will continue.
Confidence among US households is at
its highest since 2000, according to the
Conference Board, pushed up by the
lowest rates of unemployment since the
George W Bush years and rocketing
stock and house prices.
?It?s been a solid holiday shopping
season,? said Michael Arone, chief
investment strategist at State Street Glo-
?It?s been a
solid
holiday
shopping
season.
Consumer
confidence
is high?
Michael Arone,
State Street
Global Advisors
bal Advisors. ?Consumer confidence is
high, unemployment low and although
wage growth is slow, it is growing.?
These trends are helping underpin
expectations that consumers will carry
on spending at a rapid pace, sustaining
gross domestic product growth of close
to 3 per cent. The question is how sustainable the spending will prove, given
the household savings rate has dropped
to the lowest in a decade.
?It is the strongest consumer [performance] we have seen for some time
because of the employment gains,? said
Diane Swonk of DS Economics. However, she said sluggish wage growth ?
recorded at a year-on-year pace of
2.5 per cent for November ? could hold
spending back if it failed to pick up in
the new year.
Kremlin warns Navalny not to protest
over his exclusion from 2018 election
KATHRIN HILLE ? HAMBURG
?Sharing economy? forces
revamp in property sector
Analysis i PAGE 14
Austria
Bahrain
Belgium
Bulgaria
Croatia
Cyprus
Czech Rep
Denmark
Egypt
Finland
France
Germany
Gibraltar
Greece
Hungary
India
Italy
Latvia
Lebanon
Lithuania
Luxembourg
?3.70
Din1.8
?3.70
Lev7.50
Kn29
?3.50
Kc105
DKr35
E�
?4.20
?3.70
?3.70
�70
?3.50
Ft1090
Rup195
?3.50
?6.99
LBP7500
?4.30
?3.70
Macedonia
Malta
Morocco
Netherlands
Norway
Oman
Pakistan
Poland
Portugal
Qatar
Romania
Russia
Serbia
Slovak Rep
Slovenia
Spain
Sweden
Switzerland
Tunisia
Turkey
UAE
Den220
?3.50
Dh45
?3.70
NKr35
OR1.60
Rupee 280
Zl 20
?3.50
QR15
Ron17
?5.00
NewD420
?3.60
?3.50
?3.50
SKr39
SFr6.00
Din7.50
TL11
Dh16.00
The Kremlin has warned Alexei Navalny not to wage a protest campaign
over his exclusion from March?s presidential elections, raising the prospect
of a wider crackdown against those
seeking to challenge Vladimir Putin.
The leading Russian opposition politician was formally barred from standing
by the Central Election Commission,
which said on Monday that he was not
ineligible due to a criminal conviction.
Shortly after the commission?s decision, the anti-corruption blogger called
for a boycott of the election and threatened countrywide street protests.
?Appeals for a boycott, of course, are
subject to very scrupulous examination
of whether they comply with or contradict the law,? Dmitry Peskov, Mr Putin?s
spokesman, said yesterday.
He rejected charges by critics that
Mr Navalny?s exclusion would undermine the legitimacy of the election.
According to Mr Peskov, Mr Putin was
due to personally hand in his documents to register as a candidate with the
CEC yesterday. Approval of his candidacy is a formality since the commission, like most of the country?s political
institutions, is loyal to the Kremlin.
The government has argued that
Mr Navalny?s participation is impossible because of a verdict from February
in which he was found guilty of fraud.
That conviction had been resurrected
by a provincial court this year, after the
European Court of Human Rights ruled
he had been denied a fair trial.
Russia?s supreme court subsequently
ordered a retrial but the proceedings
almost exactly mirrored those in the
first round. The verdict was almost
World Markets
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� THE FINANCIAL TIMES LTD 2017
No: 39,664 ?
Printed in London, Liverpool, Glasgow, Dublin,
Frankfurt, Milan, Madrid, New York, Chicago, San
Francisco, Washington DC, Orlando, Tokyo, Hong
Kong, Singapore, Seoul, Dubai, Doha
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iApps 1627
word-for-word a copy of the earlier
one, leading legal critics to accuse the
Kremlin of pursuing the case for
political gain.
Mr Putin, who has been in power for
almost 18 years, is expected to comfortably win re-election because many
Russians are resigned to the fact that the
elections will not lead to political
change. Mr Putin?s approval remains
above 80 per cent.
Mr Navalny would not win more than
2 per cent if elections were held now,
according to independent polls. Nevertheless, some analysts see him as the
only real challenger to Mr Putin.
Mr Navalny has been campaigning for
more than a year. He has toured the
country for rallies, despite harassment
from regional governments and police,
and built an audience of millions for his
internet video channel.
1.323
price
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chg
Fed Funds Eff
1.16
1.07
0.09
%chg US 3m Bills
2.14 Euro Libor 3m
1.33
1.35
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-0.38
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Data provided by Morningstar
The Japanese jobless figure has fallen to its lowest
level in 24 years amid a deepening shortage of
labour, highlighting the durability of the economic
expansion under way. ? PAGE 2
i Fujimori pardon sparks anger
Alberto Fujimori, Peru?s former president,
apologised for crimes committed during his decadelong rule after thousands took to the streets to
protest about a decision to pardon him. ? PAGE 4
i Hanoi?s cyber force fights ?wrong views?
Vietnam has revealed its recruitment of more than
10,000 people to a cyber warfare unit as it seeks to
battle ?wrong views? online. ? PAGE 2
i Germany faces battle over coal?s future
One of the most intractable problems facing
German politics is how to wean the country off a
fuel that is cheap and locally available but is among
the biggest sources of greenhouse gases. ? PAGE 3
Datawatch
Households with no car
2012-14 (%)
London
North East
Scotland
North West
Yorks. & Humber
Great Britain
West Midlands
East Midlands
Wales
East of England
South East
South West
Source: ONS
0
10 20 30 40
Some 40 per cent
of families in
London do not
have a car, more
than double the
figure for those in
the East, the
South East and
the South West.
About one in four
British households
have no car; a
similar proportion
own two or more
?
2
FINANCIAL TIMES
Wednesday 27 December 2017
INTERNATIONAL
Recovery
Online crackdown
Japanese unemployment hits 24-year low
Decline shows the
durability of expansion
as labour shortages bite
ROBIN HARDING ? TOKYO
Unemployment in Japan has fallen to its
lowest level in 24 years as robust economic growth leads to a deepening
shortage of labour.
The unemployment rate dropped 0.1
percentage points in November to 2.7
per cent, the lowest figure since December 1994 when Japan was descending
into what had become known as its ?lost
decade?.
The continued drop in the unemployment rate, five years after the prime
minister Shinzo Abe began an economic
stimulus, highlights the durability of the
economic expansion under way in
Japan.
?The current economic recovery
is . . . characterised by its long duration,? said Haruhiko Kuroda, governor
of the Bank of Japan, in a year-end
speech. ?The duration of the current
recovery phase, which started in
December 2012, likely reached 60 consecutive months in November 2017.?
The ratio of open jobs to applicants,
regarded as a more sensitive indicator of
the labour market than unemployment,
rose from 1.55 to 1.56. That is the highest
since January 1974, during Japan?s era of
rapid economic growth.
Prompted by monetary stimulus
from Mr Kuroda and fiscal stimulus
from Mr Abe, demand has grown steadily in Japan. On the other hand, the
working age population is in decline.
The result is widening shortages of
workers. However, labour shortages
have been slow to generate inflation.
?It cannot be denied that, relative to
the strength of the economy and degree
of labour market tightening, the pace of
increase in wages is more sluggish than
in past recovery phases,? Mr Kuroda
said.
The consumer price index was up 0.6
per cent in November compared with a
year ago. Excluding volatile fresh food
and energy prices, the increase was just
?The economy is likely to
continue expanding firmly
with labour market
conditions tightening?
0.3 per cent, compared with the BoJ target of 2 per cent.
Mr Kuroda said the experience of
deflation had made businesses reluctant to increase prices and workers hesitant to demand higher wages. But he
argued that this would change as the
economy becomes stronger.
?Going forward, supported by highly
accommodative financial conditions,
the economy is likely to continue
expanding firmly with labour market
conditions tightening further,? he said.
?It is expected that this will reinforce
the mechanism by which prices and
labour productivity rise along with
wages, encouraging households and
companies to increase expenditures.?
Minutes of the BoJ?s October meeting,
published yesterday, suggested the central bank would maintain its stimulus to
support a shift towards higher inflation.
?Most members shared the recognition that it was appropriate for the bank
to persistently pursue powerful monetary easing under the current guidelines
for market operations,? according to the
minutes.
One member of the board, Goushi
Kataoka, argued that the BoJ should
extend its cap on 10-year bond yields to
cover 15-year yields as well.
However, another member argued
that such a cap could ?negatively affect
public sentiment, mainly through the
fall in the rates of return on investments
by insurance companies and pension
funds?.
The board agreed that ?additional
easing measures should not be implemented at this point?.
Short View page 11
Freedoms. Beijing pressure
Taiwan wary as
China tightens
Hong Kong grip
Legal battles highlight how
territories have been driven
along diverging paths
BEN BLAND ? HONG KONG
EDWARD WHITE ? TAIPEI
The ?One Country, Two Systems?
arrangement under which China promised Hong Kong autonomy and civic
freedoms was meant to tempt self-ruling
TaiwantoreunifywithChinaoneday.
But diverging legal battles over free
speech and the protection of national
symbols in Hong Kong and Taiwan highlight the growing gap between the two
territories, with Beijing exporting its
draconian laws to Hong Kong while Taiwan rolls back the vestiges of its authoritarian legacy.
Hong Kong?s Beijing-appointed government is drawing up local legislation
to implement a new Chinese law that
criminalises disrespect for the national
anthem, designed in part to counter
persistent jeering of ?March of the Volunteers? during Hong Kong?s international football matches.
At the same time, Taiwan?s constitutional court is considering a request
from a lower court to throw out a law
penalising vandalism of the national
flag, on the grounds that it impinges on
the right to free expression. The case
comes as Taiwan?s democratically
elected government has passed a transitional justice law designed to tackle
injustices from the era of authoritarian
rule under former leader Chiang Kaishek and his son, Chiang Ching-kuo.
Huang Kuo-chang, a legislator from
Taiwan?s opposition New Power party,
says the Chinese anthem law is part of a
wider erosion of autonomy and the rule
of law in Hong Kong that sends a ?very
clear warning? to Taiwan?s 23m people.
?That is exactly why there are so few
people in Taiwan willing to accept the socalled One China, Two Systems proposed
bytheBeijinggovernment,?hesays.
China claims that Taiwan is its terri-
tory and has intensified diplomatic and
economic pressure on the island since its
people voted in the pro-independence
DemocraticProgressivepartylastyear.
Taiwan?s Mainland Affairs Council,
which handles relations with China,
monitors Hong Kong and has recorded
218 violations of the autonomy and
democratic freedoms promised to the
territory when it was handed back by
Britain in 1997.
Jean-Pierre Cabestan, a professor of
Chinese politics at Hong Kong Baptist
University, says the national anthem
law is meant to rein in growing antiChina feeling in Hong Kong, which has
been on the rise since the Occupy movement of 2014 failed to pressure Beijing
to allow democratic elections in the city.
?It?s a battle about identity but also
about the extent to which Two Systems
can continue to exist, including tolerance for those who are disobedient,? he
says.
In mainland China, those disrespecting the national anthem will face up to
three years in jail. Hong Kong?s government is yet to decide on the level of penalties. But some organisations have
already tightened up their policies on
the anthem, with one Hong Kong college
removing two students from their graduation ceremony after they failed to
stand for ?March of the Volunteers?.
Sampson Wong, a protest artist in
Hong Kong, calls the new law a ?ridiculous? measure that ?goes against my
bottom line?, adding: ?It?s in the
DNA of Hong Kongers to
mock national symbols.?
Taiwanese activists
are also pushing the
limits but they are getting a more sympathetic hearing from
their government and
the courts.
Wu Hsin-en, 21, one of the defendants
in the case before the constitutional
court, says she wanted to destroy the
national flag to challenge the law and
oppose Taiwan?s official status as the
Republic of China. ?I knew [cutting the
WORLD BUSINESS NEWSPAPER
Dear Don...
May?s first stab at the break-up
letter ? ROBERT SHRIMSLEY, PAGE 12
HMRC warns
customs risks
being swamped
by Brexit surge
Lloyd?s of Brussels Insurance market
to tap new talent pool with EU base
UK �80; Channel Islands �80; Republic of Ireland ?3.80
A computer system acquired to collect
duties and clear imports into the UK
may not be able to handle the huge
surge in workload expected once Britain
leaves the EU, customs authorities have
admitted to MPs.
HM Revenue & Customs told a parliamentary inquiry that the new system
needed urgent action to be ready by
March 2019, when Brexit is due to be
completed, and the chair of the probe
said confidence it would be operational
in time ?has collapsed?.
Setting up a digital customs system
has been at the heart of Whitehall?s
Brexit planning because of the fivefold
increase in declarations expected at
British ports when the UK leaves the EU.
About 53 per cent of British imports
come from the EU, and do not require
checks because they arrive through the
single market and customs union. But
Theresa May announced in January that
Brexit would include departure from
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
customs union, the number is expected
to hit 300m.
The revelations about the system,
called Customs Declaration Service, are
likely to throw a sharper spotlight on
whether Whitehall can implement a
host of regulatory regimes ? in areas
ranging from customs and immigration
to agriculture and fisheries ? by the
time Britain leaves the EU.
Problems with CDS and other projects
essential to Brexit could force London to
adjust its negotiation position with the
EU, a Whitehall official said. ?If running
our own customs system is proving
much harder than we anticipated, that
ought to have an impact on how we
press for certain options in Brussels.?
In a letter to Andrew Tyrie, chairman
of the Commons treasury select committee, HMRC said the timetable for
delivering CDS was ?challenging but
achievable?. But, it added, CDS was ?a
complex programme? that needed to be
linked to dozens of other computer systems to work properly. In November,
HMRC assigned a ?green traffic light? to
CDS, indicating it would be delivered on
time. But last month, it wrote to the
committee saying the programme had
been relegated to ?amber/red,? which
means there are ?major risks or issues
apparent in a number ofkey areas?.
HMRC said last night: ?[CDS] is on
track to be delivered by January 2019,
and it will be able to support frictionless
international trade once the UK leaves
the EU . . . Internal ratings are designed
to make sure that each project gets the
focus and resource it requires for successful delivery.?
HMRC?s letters to the select committee, which will be published today, provide no explanation for the rating
change, but some MPs believe it was
caused by Mrs May?s unexpected decision to leave the EU customs union.
THE END
OF THE
ROAD
Timetable & Great Repeal Bill page 2
Scheme to import EU laws page 3
Editorial Comment & Notebook page 12
Philip Stephens & Chris Giles page 13
JPMorgan eye options page 18
A report on how the health service can survive
more austerity has said patients will wait longer for
non-urgent operations and for A&E treatment while
some surgical procedures will be scrapped.? PAGE 4
i Emerging nations in record debt sales
Credit Suisse
engulfed in
fresh tax probe
i London tower plans break records
A survey has revealed that a
record 455 tall buildings are
planned or under construction
in London. Work began on
almost one tower a week
during 2016.? PAGE 4
Shutdown risk as border
wall bid goes over the top
Congressional Republicans seeking to
avert a US government shutdown after
April 28 have resisted Donald Trump?s
attempt to tack funds to pay for a wall
on the US-Mexico border on to
stopgap spending plans. They fear
that his planned $33bn increase in
defence and border spending could
force a federal shutdown for the first
time since 2013, as Democrats refuse
to accept the proposals.
US budget Q&A and
Trump attack over health bill i PAGE 8
The fine by the Financial Conduct
Authority highlights the increasing
problem new media pose for companies
that need to monitor and archive their
staff?s communication.
Several large investment banks have
banned employees from sending client
information over messaging services
including WhatsApp, which uses an
encryption system that cannot be
accessed without permission from the
user. Deutsche Bank last year banned
WhatsApp from work-issued Black-
For the latest news go to
www.ft.com
� THE FINANCIAL TIMES LTD 2017
No: 39,435 ?
Printed in London, Liverpool, Glasgow, Dublin,
Frankfurt, Brussels, Milan, Madrid, New York,
Chicago, San Francisco, Washington DC, Orlando,
Tokyo, Hong Kong, Singapore, Seoul, Dubai
3 UK, France and Netherlands swoop
3 Blow for bid to clean up Swiss image
i HSBC woos transgender customers
Dow Jones Ind
FTSEurofirst 300
Euro Stoxx 50
FTSE 100
FTSE All-Share
CAC 40
AFP
Lloyd?s of London chose Brussels over ?five or six? other
cities in its decision to set up an
EU base to help deal with the
expected loss of passporting
rights after Brexit.
John Nelson, chairman of the
centuries-old insurance market, said he expected other
insurers to follow. Most of the
business written in Brussels
will be reinsured back to the
syndicates at its City of London
headquarters, pictured above.
The Belgian capital had not
been seen as the first choice for
London?s specialist insurance
groups after the UK leaves the
Berrys after discussions with regulators.
Christopher Niehaus, a former Jefferies banker, passed confidential client
information to a ?personal acquaintance and a friend? using WhatsApp,
according to the FCA. The regulator said
Mr Niehaus had turned over his device
to his employer voluntarily.
The FCA said Mr Niehaus had shared
confidential information on the messaging system ?on a number of occasions?
last year to ?impress? people.
Several banks have banned the use of
new media from work-issued devices,
but the situation has become trickier as
banks move towards a ?bring your own
device? policy. Goldman Sachs has
clamped down on its staff?s phone bills
as iPhone-loving staff spurn their workissued BlackBerrys.
Bankers at two institutions said staff
are typically trained in how to use new
EU, with Dublin and Luxembourg thought to be more likely
homes for the industry. But
Mr Nelson said the city won on
its transport links, talent pool
and ?extremely good regulatory reputation?.
Lex page 14
Insurers set to follow page 18
media at work, but banks are unable to
ban people from installing apps on their
private phones.
Andrew Bodnar, a barrister at Matrix
Chambers, said the case set ?a precedent
in that it shows the FCA sees these messaging apps as the same as everything
else?.
Information shared by Mr Niehaus
included the identity and details of a
client and information about a rival of
Jefferies. In one instance the banker
boasted how he might be able to pay off
his mortgage if a deal was successful.
Mr Niehaus was suspended from Jefferies and resigned before the completion of a disciplinary process.
Jefferies declined to comment while
Facebook did not respond to a request
for comment.
Additional reporting by Chloe Cornish
Lombard page 20
INTEREST RATES
prev %chg
2361.13 0.20 $ per ?
Mar 30
1.074
1.075 ? per $
5902.74 5897.55 0.09 $ per �
20703.38 20659.32 0.21 � per ?
1500.72 1493.75 0.47 � per $
1.249
1.241 � per $
0.859
0.866 ? per �
2365.93
3481.67
7369.52
4011.01
5089.64
prev
Mar 30
0.932
0.801
1.164
prev
0.930 US Gov 10 yr
0.806 UK Gov 10 yr
1.155 Ger Gov 10 yr
111.295 111.035 � per ? 119.476 119.363 Jpn Gov 10 yr
3475.27 0.18 � per � 139.035 137.822 � index 76.705 76.951 US Gov 30 yr
7373.72 -0.06 ? index 89.046 89.372 $ index 104.636 103.930 Ger Gov 2 yr
4011.80 -0.02 SFr per ? 1.069 1.072 SFr per � 1.244 1.238
5069.04 0.41 COMMODITIES
Fed Funds Eff
Xetra Dax
12256.43 12203.00 0.44
Mar 30
Nikkei
19063.22 19217.48 -0.80 Oil WTI $
24301.09 24392.05 -0.37 Oil Brent $
297.99
297.73 0.09 Gold $
52.98
52.54
1248.80
1251.10
Hang Seng
FTSE All World $
it followed ?a strategy offull client tax
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to Mr, Mrs, Misscompliance?
or
Ms, in a move to embrace diversity and cater togather
the information about the probes.
Credit
Suisse hascustomers.
been targeted
by
HM Revenue & Customs said it had
needs
of transgender
? PAGE 20
sweeping tax investigations in the UK, launched a criminal investigation into
France and the Netherlands, setting suspected tax evasion and money launback Switzerland?s attempts to clean up dering by ?a global financial institution
Datawatch
and certain ofits employees?. The UK
its image as a tax haven.
The Swiss bank said yesterday it was tax authority added: ?The international
Terror
attacks inwith
western
Europe after
reach
co-operating
authorities
itsattacks
Recent
? of this investigation sends a clear
that there is no hiding place for
offices in London, Paris and Amsterdam
notably the message
2011
massacre bythose seeking to evade tax.?
were contacted
local officials
Highlighted
attack byOthers
in
prosecutors, who initiated the
?concerning client tax matters?. Anders BreivikDutch
Norway,
the
Dutch authorities said their counter- action, said they seized jewellery, paintattacks in Paris
ings and gold ingots as part of their
parts in Germany wereBrussels
also involved,
and Nice, and
the while French officials said their
probe;
while Australia?s revenue department
Norway
Brussels suicide
investigation had revealed ?several
said it was investigating
a Swiss
Paris
Nice bank.
bombings ? have
thousand? bank accounts opened in
The inquiries threaten to undermine
bucked the trend
efforts by the country?s banking sector
Switzerland and not declared to French
of generally low
tax authorities.
to overhaul business models and ensure
fatalities from
The Swiss attorney-general?s office
customers meet international tax
Sources: Jane?s Terrorism and Insurgency Centre terror incidents in
said it was ?astonished at the way this
requirements following a US-led clampwestern Europe
down on evaders, which resulted in operation has been organised with the
deliberate exclusion of Switzerland?. It
billions of dollars in fines.
The probes risk sparking an interna- demanded a written explanation from
tional dispute after the Swiss attorney- Dutch authorities.
In 2014, Credit Suisse pleaded guilty
general?s office expressed ?astonishment? that it had been left out of the in the US to an ?extensive and wideactions co-ordinated by Eurojust, the ranging conspiracy? to help clients
evade tax. It agreed to fines of $2.6bn.
EU?s judicial liaison body.
Additional reporting by Laura Noonan in
Credit Suisse, whose shares fell 1.2 per
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
Houlder in London, and Michael Stothard
subject ofinvestigations in the Netherlands, France and the UK. The bank said in Paris
RALPH ATKINS ? ZURICH
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Art of persuasion Mystery deepens
over disputed painting of Jane Austen
i Tillerson fails to ease Turkey tensions
The US secretary of state has failed to reconcile
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen.? PAGE 9
City watchdog sends a clear message as
A boastful WhatsApp message has cost
a London investment banker his job
and a �,000 fine in the first case of
regulators cracking down on communications over Facebook?s popular
chat app.
Censors and sensitivity
Warning: this article may be
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Developing countries have sold record levels of
government debt in the first quarter of this year,
taking advantage of a surge in optimism toward
emerging markets as trade booms.? PAGE 15
banker loses job over WhatsApp boast
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Living wage rise to pile
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About 2.3m people will benefit from
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The EU yesterday took a tough opening
stance in Brexit negotiations, rejecting
Britain?s plea for early trade talks and
explicitly giving Spain a veto over any
arrangements that apply to Gibraltar.
European Council president Donald
Tusk?s first draft of the guidelines,
which are an important milestone on
the road to Brexit, sought to damp Britain?s expectations by setting out a
?phased approach? to the divorce process that prioritises progress on withdrawal terms.
The decision to add the clause giving
Spain the right to veto any EU-UK trade
deals covering Gibraltar could make the
300-year territorial dispute between
Madrid and London an obstacle to
ambitious trade and airline access deals.
Gibraltar yesterday hit back at the
clause, saying the territory had ?shamefully been singled out for unfavourable
treatment by the council at the behest of
Spain?. Madrid defended the draft
clause, pointing out that it only reflected
?the traditional Spanish position?.
Senior EU diplomats noted that
Mr Tusk?s text left room for negotiators
to work with in coming months. Prime
minister Theresa May?s allies insisted
that the EU negotiating stance was
largely ?constructive?, with one saying it
was ?within the parameters of what we
were expecting, perhaps more on the
upside?.
British officials admitted that the EU?s
insistence on a continuing role for the
European Court of Justice in any transition deal could be problematic.
Brussels sees little room for compro-
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Nothing illustrates Egypt?s dependence
on the Nile as much as an aerial view of
the country. Amid vast deserts, the
river and its cultivated banks appear a
narrow green ribbon snaking to the
north where it widens into a delta
before reaching the sea. This is where
most of Egypt?s 94m people live. The
rest of the country is uninhabitable.
19/01/2017 13:57
mise. If Britain wants to prolong its
status within the single market after
Brexit, the guidelines state it would
require ?existing regulatory, budgetary,
supervisory and enforcement instruments and structures to apply?.
Mr Tusk wants talks on future trade
to begin only once ?sufficient progress?
has been made on Britain?s exit bill and
citizen rights, which Whitehall officials
believe means simultaneous talks are
possible if certain conditions are met.
Boris Johnson, the foreign secretary,
reassured European colleagues at a
Nato summit in Brussels that Mrs May
had not intended to ?threaten? the EU
when she linked security co-operation
after Brexit with a trade deal.
World Markets
Subscribe In print and online
www.ft.com/subscribenow
Tel: 0800 298 4708
Kin Cheung/Reuters
Anthony Wallace/AFP
riage violated freedoms guaranteed in
the constitution. ?As more and more
young judges enter our judiciary, they
have good constitutional training in law
school and they are much more progressive than older judges,? he says.
Prof Cabestan says China?s tough policy on Hong Kong suggests it has ?given
up trying to convince Taiwan that Hong
Kong will be a suitable model?.
But, while their political systems
diverge, young activists in Hong Kong
and Taiwan are being drawn together by
shared opposition to Beijing?s tightening
grip. ?More and more Hong Kong people
like Taiwan and feel more and more
affinity with Taiwanese society,? says
Prof Cabestan. ?Young people from Taiwan also come here and interact with
local people including activists.?
FT Big Read page 7
James Kynge page 9
Vietnam has revealed its recruitment
of more than 10,000 people to a cyber
warfare unit as it seeks to battle ?wrong
views? being spread online.
Nguyen Trong Nghia, a senior lieutenant-general in the Vietnam People?s
Army, divulged the existence of ?Force
47? in a Christmas Day speech in Ho
Chi Minh City, state-controlled media
in the Communist-ruled country said
yesterday.
Nearly 63 per cent of Vietnam?s 96m
population go online, he was quoted as
saying ? a development that, he said,
?has two sides; on the negative side, the
enemy takes advantage of the internet
to create chaos?.
Lt Gen Nguyen, deputy head of the
Vietnamese military?s political department, made the remarks at a conference
on ?propaganda activities? attended by
Communist party officials.
?The Central Military Commission is
very interested in building up a standing
force to counter the wrong viewpoints,?
he said, referring to the party?s branch
in the military. He added that the military would work with internal security
and other forces in Vietnam to build a
specialised cyber warfare force.
?I see other countries declaring that
there is a real cyber war,? he said.
?Therefore in every hour, minute and
second we must be ready to fight proactively against the wrong views.?
The announcement of Vietnam?s
force of cyber warriors brought comparisons to China?s 50 Cent Army or 50 Cent
Party, the internet commenters hired to
shape public opinion in the ruling Communist party?s favour.
FireEye, the cyber security company,
said Vietnam had built up ?considerable
cyber espionage capabilities? in a region
with weak defences. ?Many nations are
actively building up their cyber capabilities as part of their military, intelligence, and surveillance programmes,?
said Bryce Boland, the company?s chief
technology officer for Asia Pacific.
FireEye added this would have implications for governments, journalists,
activists and multinational companies.
The California-based company this
year identified what it said was a ?significant intrusion campaign? into several
companies with interests in Vietnam,
which it said was ?aligned with Vietnamese government interests?. Targets
included members of the Vietnamese
diaspora in Australia and government
employees in the Philippines.
However, Vietnam said at the time
that it did not allow cyber attacks
against organisations or individuals.
Freedom House, the democracy
watchdog, recently gave Vietnam a rank
of 76 out of a possible 100 points in its
?Freedom on the Net? ranking of online
restrictions, awarding the country poor
marks for limits on content and violations of users? rights.
Vietnam is cracking down on activists, including bloggers, in an apparent
sign of growing intolerance to public
criticism aired on social media.
Last month a court sentenced Nguyen
Van Hoa, a 22-year-old blogger, to seven
years in prison after finding him guilty
of ?spreading anti-state propaganda? for
reporting on a devastating waste spill by
a Taiwanese-owned factory.
Egypt and Ethiopia clash over plans for huge dam on Blue Nile
Subscribe to the FT today at FT.com/subscription
Trump vs the Valley
Above, the flag
of Taiwan is at
the heart of a
legal battle over
freedom of
expression.
Left, Hong
Kong?s so-called
umbrella
protesters failed
in their 2014 call
for democratic
elections
JOHN REED ? BANGKOK
Water supply
MAKE A SMART INVESTMENT
Tech titans need to minimise
political risk ? GILLIAN TETT, PAGE 13
flag] was illegal, but we thought it
shouldn?t be a crime,? she says.
Last month, Taiwan?s high court suspended a hearing involving Ms Wu and
two other independence activists who
faced prosecution after publicly cutting
flags in 2015, and sought a ruling from
the constitutional court on the legality of penalising people for vandalising the flag.
A group of five were initially convicted and fined under Taiwan?s criminal code but three successfully appealed
against that decision. The case was sent
to the high court after prosecutors
decided to appeal.
The constitutional court is yet to
decide whether to hear the case but Mr
Huang expects judges to ?declare the
law unconstitutional?, noting the
court?s landmark decision in May
that laws prohibiting same-sex mar-
Vietnam
builds cyber
warfare force
to counter
?wrong views?
〤opyright The Financial Times 2017.
Reproduction of the contents of this newspaper in any
manner is not permitted without the publisher?s prior
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marks of The Financial Times Limited.
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Now Cairo fears that an Ethiopian plan
to build a huge hydropower dam on the
Blue Nile, the source of most of the
water reaching Egypt, will reduce its
access to water. In recent weeks, tensions have risen between Cairo and
Addis Ababa.
As the rhetoric escalated, Abdel Fattah al-Sisi, the Egyptian president, said
the Nile was ?a matter of life and death?
for his country and that ?no one can
touch Egypt?s share of the water?. Addis
Ababa retorted that the dam was a matter of life and death for it too. Khartoum
suggested that Cairo was angry because
the dam would enable Sudan to utilise
more water from its agreed allocation.
In November, talks between the three
countries on how best to manage the
impact of the Grand Ethiopian Renaissance Dam ? a $4.8bn hydropower
project that will be the largest in Africa
and a linchpin of Ethiopia?s plans for
economic development ? broke down.
Ethiopian officials have declined to
comment. But Egyptian officials say the
three countries failed to agree on the
terms of reference of a study commissioned by French consultants on the
effect on downstream countries.
Yesterday, Sameh Shoukry, the Egyptian foreign minister, flew to Addis
Ababa for talks. He underlined Egypt?s
concerns about its water security and
said the issue was too sensitive for his
country to rely solely ?on promises and
assertions of good intentions?. He proposed the inclusion of the World Bank as
a ?neutral party? in the negotiations.
At the heart of the dispute lies Egypt?s
fear that once the dam is built, it will get
less than the annual 55.5bn cubic metres
of water that it says is the minimum it
needs, especially during the initial
phase when the reservoir is being filled.
?The 55.5 bcm we currently use are
not enough,? said Khaled Abu Zeid,
secretary-general of the Egyptian Water
Partnership, a non-governmental
group. ?Egypt already recycles water
several times and uses treated and
untreated drainage water and it also
desalinates seawater.?
Most of Egypt?s current usage comes
from the Blue Nile.
Ethiopia is adamant that the dam will
not adversely affect downstream countries once the 74 bcm reservoir has been
filled. But it has refused to recognise
what Cairo considers its right to 55.5bn
cubic metres of water every year. This
volume is specified under a 1959 agree-
Cairo fears that Ethiopia?s $4.8bn
dam will reduce its access to water
ment between Egypt and Sudan to
which Ethiopia was not a signatory.
Addis Ababa has long argued that its
two northern neighbours divided up the
flow of the river taking no account of its
needs. Long an Egyptian ally, Sudan has
now sided with Ethiopia against a background of strained relations with Egypt
over a disputed strip of border territory.
But experts also point out that the
new dam will end the seasonal fluctuations of the river and allow Sudan to
expand its agriculture. ?Sudan stands to
benefit a great deal,? said Salman Salman, editor of the International Water
Law Journal. ?There have been lots of
floods this year, but those will stop after
the water flow has been regulated.
Instead of having one crop rotation,
there will be two or three.?
The dam is already 62 per cent built,
says the Ethiopians, who are due to start
testing the first two turbines next year,
with construction in theory due to be
completed by the end of 2018.
But the three countries have yet to
overcome their mistrust and agree
mechanisms to contain the impact
downstream during the filling period
and once the dam comes into operation.
?
Wednesday 27 December 2017
3
FINANCIAL TIMES
INTERNATIONAL
Germany faces
political battle
over the future
of coal power
Village fate exposes Berlin dilemma
on carbon cut goals and energy needs
TOBIAS BUCK ? POEDELWITZ
It takes a few minutes to realise that
there is something not quite right about
P鰀elwitz.
There are no people on the streets and
no cars in the drives. Gardens are growing wild. Except for the howling December wind, there is not a sound to be
heard. Press your nose against a window
and all you see inside are empty rooms.
Of the 40-odd farms and houses in
this eastern German village, only seven
are occupied. The rest were abandoned
five years ago, when residents decided
to take the relocation money offered by
the operator of the vast lignite mine at
its edge. The population has fallen from
140 then to 28 today.
P鰀elwitz lies about 30km south of
Leipzig, in the heart of a region that has
dug and burnt lignite ? or brown coal ?
since the 19th century. For as long as
anyone here can remember, the mines
have expanded, swallowing up fields,
forests and entire villages along the way.
P鰀elwitz could be next.
Mibrag, the mine operator, says the
lignite beneath the village is needed to
keep the local power station running
beyond 2040. It hopes to expand its
Protester
Jens Hausner:
?Why should we
go? We live in a
different energy
age now?
mine at some point in the next decade.
Jens Hausner, one of the remaining villagers, says he is determined to resist.
Lignite, he points out, is the dirtiest fuel
around. Countries such as France, the
UK and Canada last month announced
plans to phase out coal power no later
than 2025. Mr Hausner is one of many
who believes Germany should follow
suit and save his village.
?Why should we go? We live in a different energy age now,? he says, pointing
to the global shift away from coal.
?There is no reason to tear down villages. There is no reason for us to leave
our homes.?
Tiny as it may be, P鰀elwitz highlights one of the most intractable problems facing German politics: how to
wean the country off a fuel that is cheap
and locally available but is among the
biggest sources of greenhouse gases.
The issue is urgent, because Berlin has
promised to cut the country?s carbon
emissions by 40 per cent, compared
with 1990 levels, by 2020. On current
trends, that goal will be missed by at
least 8 percentage points.
The only quick fix available, experts
say, is to shut some of the 148 power
plants that run on coal and lignite. On
paper, the potential for cuts is huge:
despite Germany?s much-vaunted shift
towards renewables, coal and lignite
account for about 40 per cent of its electricity production. ?One-third of all CO2
emissions in Germany come from coal,?
says Karsten Smid, an energy expert at
Greenpeace. ?And the curious thing is
that Germany has an electricity surplus.
We can easily shutter capacity because
we are currently exporting our overcapacity. We are sending our dirty energy
to the rest of Europe.?
But that argument faces fierce resistance from a coalition of industry and
mining interests, trade unions and politicians. Germany, they argue, already
agreed to shut its nuclear plants by 2022
and cannot afford to lose another cheap
and dependable source of power.
Jobs are also at stake: more than
20,000 workers are employed directly
by the lignite industry and most live in
economically weak regions in the far
west of Germany and the former Communist east. Lignite is also the only fuel
Europe?s largest economy can produce
domestically, keeping electricity flowing independently of Middle Eastern or
Russian politics.
?You have to look at sustainability,
and that includes the issue of security of
supply,? says Thorsten Diercks, general
manager of Germany?s lignite business
federation. ?We currently have 100GW
of renewable capacity, but what happens on days when there is no sun and
no wind? For the [coming] decades we
will still need conventional power generation that is a mix of gas, coal and lignite. Of those, lignite is the only fuel that
doesn?t carry geopolitical risk.?
The possible disappearance of P鰀elwitz in the next decade underlines the
depth of Germany?s commitment to lignite. Armin Eichholz, chief executive of
Mibrag, points out that most villagers
wanted to move and it was they who
approached the mininggrouplookingfor
relocationincentives.
Lignite will drop out of Germany?s
energy mix, probably before 2050, Mr
Eichholz says. But he sees no reason to
hasten its demise. ?Does it make sense
to force through an early phase-out that
would cost huge amounts of money and
leave many people jobless and that
undermines the security of supply and
raises the cost of electricity?? he asks.
But the political debate appears to be
shifting against coal. The Green party
made cuts a key condition in last month?s
ill-fated coalition talks with Angela Merkel,thechancellor.
Negotiations broke down before a deal
could be done but there was broad agreement that curbs on coal power were unavoidable. The same conclusion could
emerge when Ms Merkel holds coalition
talks with the Social Democrats in the
weeksahead.
Back in P鰀elwitz, Mr Hausner
sounds confident that politics will come
to the village?s rescue. For the moment,
the bus still stops on the deserted village
square, rubbish is collected and the post
box is emptied once a day.
?We had a summer feast, we had a
Christmas party,? Mr Hausner says.
?Life in the village goes on.?
Brexit negotiations
Berlin seeks model for future EU deals
OLAF STORBECK ? FRANKFURT
Germany?s foreign minister Sigmar
Gabriel has said a ?smart? Brexit deal
between Britain and the EU could
become a template for how the bloc
manages its relationship with other
countries, including Turkey and
Ukraine.
?If we manage a smart agreement with
the UK regulating the relationship with
Europe after Brexit, this could be a blueprint for other countries: Ukraine and
Turkey?, Mr Gabriel, a former leader of
Germany?s Social Democrats, told the
Funke media group, which publishes
regional newspapers in Germany.
The comments by the senior German
politician appear to suggest a readiness
in Berlin for a flexible approach to
Brexit talks. They also indicate a willingness to be creative about finding ways
to improve ties with Ankara, whose
relationship with the EU has grown
tense amid stalled membership talks
and concerns that President Recep
Tayyip Erdogan is becoming increasingly autocratic.
According to Mr Gabriel, who did not
flesh out what a ?smart? Brexit deal may
look like, one option would be to agree
on a ?new, closer kind of customs union?
with Ankara.
Turkey is one of three countries,
alongside San Marino and Andorra,
with which the EU has a customs union
? an arrangement that does not cover
trade in services.
Mr Gabriel said he could not envisage
Turkey or Ukraine becoming a full EU
member over the coming years. ?This is
why we have to contemplate alternative
ways of closer co-operation,? he said in
the interview published yesterday.
Germany?s foreign minister stressed
that political change in Turkey was a
precondition for a deeper co-operation
between the country and the EU and
said there was the political will in Turkey to improve relations with the EU.
The details of the future trade relationship between the EU and UK will be
at the centre of Brexit negotiations during 2018, after the two sides last month
thrashed out terms for Britain?s exit
from the bloc, including a financial settlement and the rights of their citizens.
Martin Sandbu/Sarah O?Connor page 9
40%
The proportion
of Germany
electricity
produced by coal
and lignite
20,000
The number of
German workers
employed in the
lignite industry
148
The number of
German power
plants run on coal
and lignite
2050
The year lignite is
forecast to drop
out of Germany?s
energy mix
Heated
debate:
lignite fuels
Lippendorf
power station
near the east
German
village of
P鰀elwitz
Stephan Floss
?
4
FINANCIAL TIMES
Wednesday 27 December 2017
INTERNATIONAL
Corruption crackdown
Interview
Saudis freed after striking financial deals
Senior Russian
banker warns
against push
to broaden
US sanctions
One prince told to pay up
to $7bn to authorities in
return for his release
SIMEON KERR ? DUBAI
AHMED AL OMRAN ? RIYADH
Several high-profile Saudi businessmen
and former government employees
rounded up in a corruption crackdown
have secured their freedom after reaching financial deals with the authorities.
Those freed include Ibrahim al-Assaf,
who was finance minister for two decades before being sacked last year, and
Saud al-Duwaish, a former chief executive of Saudi Telecom Company, according to two people briefed on the matter.
Pictures and videos circulated online
recently appeared to show them out of
detention.
There were no details about the settlements, but the government has previously said those detained could be
released if they handed over some of the
cash and assets, believed to be up to 70
per cent of suspects? wealth in some
cases. Others said to have been released
include a son of Saleh Kamel, a billionaire who runs one of the Middle East?s
biggest conglomerates.
But dozens of businessmen and royals, including billionaire Prince
Alwaleed bin Talal, remain detained at
the Ritz-Carlton hotel in Riyadh. He has
been asked to pay between $6bn and
$7bn before he is released, people
briefed on the matter say.
Prince Alwaleed offered to transfer
shares in Kingdom Holding Company,
which is listed on the Saudi stock
exchange, to the government, two of the
people said. Kingdom Holding, which
says it is carrying on business as normal,
has a market capitalisation of about
$9bn and has holdings in companies
including Citigroup, Twitter and Four
Seasons Hotels and Resorts.
The government, however, has asked
Authorities last week
ordered Saudi banks to
freeze more than a dozen
additional accounts
for the settlement either to be made in
the form of a cash payment or a cash
plus equity deal, the people added.
Prince Alwaleed owns 95 per cent of
Kingdom Holding and his net worth is
estimated to be $16.9bn, according to
Forbes magazine.
More than 150 princes, ministers and
businessmen have been detained since
Crown Prince Mohammed bin Salman
launched the anti-graft purge almost
two months ago. The attorney-general
has said the government hopes to raise
about $100bn by securing payments in
lieu of the detainees facing trial.
Saudi officials this month suggested
that talks over settlements would be
concluded in a few weeks. But the
authorities last week ordered Saudi
banks to freeze more than a dozen additional accounts linked to the investigations, bankers say.
Western consultants are advising the
government over how to structure a
fund to manage assets taken as part of
financial settlements.
Prince Mohammed?s anti-corruption
campaign has been lauded among many
Saudis. But bankers and diplomats have
become concerned that the investiga-
tions could overshadow the heir apparent?s broader reforms to modernise the
kingdom and reduce its dependency on
oil.
The process of taking cash and assets
from suspects has also unsettled international companies as some of their
shareholders, such as Prince Alwaleed,
have been caught up in the crackdown.
Khalid al-Falih, the energy minister,
last week said the crackdown was not
reducing foreign interest in the kingdom. But it is happening at a time when
the economy is in recession and Prince
Mohammed is banking on foreign
investment to support his highly ambitious development plans.
The kingdom?s military intervention
in Yemen has also added to investor
concerns, particularly after Houthi
rebels fired two ballistic missiles at Riyadh in the past two months.
Latin America. Security breakdown
Mexican crime crisis stunts business
Attacks on rail and road
deliveries create logistical
nightmare for large companies
JUDE WEBBER ? MEXICO CITY
Erik Seiersen manages a new crisis
every day. ?I?ve been working in Mexico
since 1990 and I?ve never seen this level
of volatility and insecurity,? says the
head of British drinks group Diageo?s
Mexican arm and president of the country?s wine and liquor association.
On just about every front, 2017 has
been a catastrophic year for crime in
Mexico. Homicide levels are higher than
during the worst years of former President Felipe Calder髇?s war on drug cartels. October was the most murderous
month in 20 years, with 2,371 killings,
according to official data. Offences in
virtually all categories ? from murder
to robbery to extortion to kidnapping ?
are rising. Only bank heists and cattle
rustling are down.
Some crimes have been particularly
shocking, such as the murder of the 12th
journalist to be killed this year, who was
gunned down at his son?s school Christmas play in front of terrified teachers
and children.
The security crisis has spread beyond
typical cartel heartlands to all but a
handful of Mexican states. Legislators
have enshrined the army?s decade-long
role in policing and fighting crime in a
controversial law. Critics, including Zeid
Ra?ad al Hussein, the UN human rights
chief, called the law ambiguous and
open to abuse.
For Mr Seiersen and other business
leaders who use the roads and rail network to transport millions of dollars?
worth of merchandise every day, the
security crisis is a logistical nightmare
and a costly slap in the face after all their
investment in Latin America?s numbertwo economy.
It has become too risky to move goods
by rail because thieves were stripping
cargoes of alcohol, televisions, iPhones
and other expensive consumer goods
and throwing up roadblocks to keep
police at bay. Many companies switched
midyear to road haulage to try to get
their goods to market intact. But this
came at a price.
?When you shift to trucks, there?s a
Soldiers guard
the scene of a
triple killing on
the outskirts of
Monterrey this
month
Daniel Becerril/Reuters
high increase in costs,? Mr Seiersen says
? not least because insurers demanded
eye-popping premiums. Companies?
total cost base could ?skyrocket, 100,
200, 300 per cent,? he adds.
?It?s not just the theft of cargoes. They
are selling these goods on illegal markets at below the price of production,
and competing against our own products,? says Leonardo G髆ez, head of the
National Association of Private Transport, representing major road haulage
users. The government is also missing
out on collecting millions of dollars in
sales and other taxes.
As the roads became impassable, with
attacks every day, companies switched
back to rail haulage in November. But
the problem has not been resolved.
The consequences are painful for the
Mexican economy, which is floundering. With a presidential election in July
and amid tough negotiations to update
the North American Free Trade Agreement, analysts are not hopeful of meaningful measures to combat the crisis.
?This hasn?t peaked yet,? cautions
Gustavo Mohar, a former interior ministry undersecretary. ?If you don?t take
consistent, drastic, permanent action, it
will keep on growing.? Part of the problem is the police. They are underpaid,
which makes them open to bribery, and
overwhelmed by what Mr Mohar calls a
?public security emergency?.
Since the role of corrupt municipal
police in the disappearance of 43 students in 2014 placed Mexico?s inadequate police forces under a harsh spotlight, the government of Enrique Pe馻
Nieto has been promising an overhaul.
But his initiative has become frozen in
Congress.
The Fuerza Civil, a rare police success
story located in Mexico?s northern business hub of Nuevo Le髇, has ?seen a lot
of desertion, a progressive weakening,
and violence levels have started rising
again?, says Enrique Guerrero, a security analyst. ?It?s tragic.?
The new internal security law was
passed in a bid to provide a framework
?It?s not just
the theft of
cargoes.
They are
selling
these goods
on illegal
markets at
below the
price of
production?
for the military?s role in police duties,
rather than focusing efforts on a rethink
of policing itself. ?In 28 out of 32 states,
there is some form of military presence.
This is abnormal in any democracy,?
says Eunice Rend髇, a former government official and co-ordinator of advocacy group Red Viral.
Mexico?s crime wave and near total
impunity for the powerful are major
election issues as former finance minister Jos� Antonio Meade seeks to defeat
leftist Andr閟 Manuel L髉ez Obrador.
The violence is not only the fault of
drug lords. The government?s ?kingpin?
strategy to knock out cartel chiefs has
helped spawn 241 mafioso groups or
gangs now running extortion rings and
protection rackets in the country, Mr
Guerrero estimates.
?We want to invest in Mexico. We
want to bring foreign direct investment,? Mr Seiersen says. ?But this level
of insecurity is unheard of . . . People
are going to lose interest in [investing
in] Mexico.?
MAX SEDDON ? MOSCOW
A leading Russian banker says potentially far-ranging new US sanctions
would ?make the cold war look like
child?s play? if implemented next year.
Herman Gref, chief executive of Sberbank, told the Financial Times in an
interview that possible sanctions
against oligarchs and state-owned corporations would be ?irrational? if they
went as far as excluding state banks
from the Swift payment system.
The idea has been floated by western
politicians since the US and EU passed
the first sanctions against Russia over
the Ukraine crisis in 2014, but remained
on the shelf as a ?nuclear option?.
Worsening relations between the US
and Russia has added to fears that exclusion from Swift may now be on the
cards. A sweeping new law adopted by
the US Congress makes it close to impossible for Donald Trump?s administration to lift existing sanctions against
Russia and pushes it to broaden them.
The US Treasury is due to deliver a
report to Congress by early February on
oligarchs and ?parastatal entities? close
to President Vladimir Putin that is likely
to be used as a basis for further action.
Under existing sanctions, Russian state
banks cannot raise debt on western
markets with a maturity of more than
14 days. Bankers fear these sanctions
could be further tightened.
An associate of Mr Putin?s since their
days in the St Petersburg mayor?s office
in the 1990s, Mr Gref, 53, has been one of
the most outspoken liberal members of
the Russian elite since he left government to head up Sberbank in 2007. Last
year, he said Russia was doomed to be
an economic ?downshifter? because of
its stagnant growth and over-reliance on
oil and gas exports.
But during that same period, Sberbank has become a roaring success. The
once-decrepit state structure has posted
record profits for four of the past five
quarters, plans to double dividend payouts by 2020 and now espouses Silicon
Valley-style tech futurism.
Mr Gref ? who ditched his suit for a
Steve Jobs-style polo shirt and jeans to
present the bank?s new strategy ? said
Sberbank could be twice as profitable if
broader economic reforms were implemented. ?If structural reforms happen
and economic growth is higher, then we
could achieve even more significant
results,? he said. ?Imagine if economic
growth was 4 per cent instead of 2. Our
retail would go up 22 per cent and our
corporate bloc would grow 12-13 per
cent. We?d be talking about different
numbers.?
Mr Gref said he was more hopeful that
Mr Putin would implement a broader
reform programme after his expected
re-election next spring. Mr Putin will
consider proposals by former finance
minister Alexei Kudrin to downsize the
state?s role in the economy. Mr Kudrin?s
plan was ?the most qualified and the
best developed?, Mr Gref said.
But he added that Russia had already
caught up with its peers significantly
because of a new plan by Mr Putin to
digitalise the economy. ?If I used to
think that we really seriously needed a
shift like that and we had fallen by the
wayside of the progress we were seeing,
now a lot of Russian companies are
beginning to move in that direction.?
Trade talks
Peru protests
Argentina takes steps to boost its stature on the world stage
Fujimori pardon sparks anger
BENEDICT MANDER AND SHAWN DONNAN
BUENOS AIRES
Argentina is stepping up efforts to reengage with the world after more than
a decade of isolation, leading the push
for a trade pact between the EU and
South America as well as hosting multilateral organisations from the World
Trade Organization to the G20.
?We are going to push all the way,? says
Marcos Pe馻, the cabinet chief of Argentina?s centre-right government, of the
agreement between the EU and the Mercosur bloc of Latin American countries,
which officials say is weeks away from
completion.
?The idea that we can develop our
society by closing ourselves to the world
is a lie. It is something that has brought
us a lot of problems,? adds Mr Pe馻, who
is widely considered to be the second
most powerful man in Argentina after
President Mauricio Macri.
He insists that a deal between the
EU and Mercosur ? the trade bloc
that includes Brazil, Uruguay and Paraguay ? is ?clearly in everyone?s best
interests?.
After a recent history of populist leaders, financial crises and international
pariah status, Argentina is trying to
open itself to the world under Mr Macri,
who pledged to end the country?s protectionism when he took power two
years ago.
?We have a PhD in populism, and it
Marcos Pe馻: ?The
idea that we can
develop our
society by closing
ourselves to the
world is a lie?
usually ends in trauma,? says Mr Pe馻.
?Our other PhD is in volatility.?
Argentina assumed the G20 presidency this month and is preparing to
welcome the leaders of the world?s most
important economies next year. This
week, it hosted the 164 members of the
WTO, where Mr Macri defended globalisation and open trade.
The Argentine president has also
increased co-operation with the OECD
with a view to membership of the Parisbased club of mostly rich nations.
At a time when many governments
are questioning the benefits of multilateralism, Mr Pe馻 argues that it is the
only way to ensure equality and
progress.
?We are a country and a region that
needs multilateralism, because the
alternative is worse. If there are no rules,
it is worse for the weaker parts of
world,? he says.
Mr Pe馻 treads lightly when discussing the swing towards protectionism
under President Donald Trump in the
US. ?It?s very difficult to [translate]
what is happening in Latin America to
the US or Europe . . . We are many steps
behind,? he says, insisting Argentina
maintains ?excellent relations [with the
US], independently of who governs?.
Nevertheless, he concedes that ?there
is common ground in terms of a political
crisis of representation due to changes
in society, but at least in our region this
has less to do with economic changes
like the fourth industrial revolution
than a lack of good politicians?.
He is more outspoken on populism in
Argentina, saying society has been damaged by a series of ?very perverse lead-
ers that pulled society down . . . [making people] resentful against the world?.
Mr Macri?s desire to boost his country?s stature on the world stage is challenged by the obstacles his government
faces in trying to revive an economy that
was on the verge of a balance of payments crisis when he took power.
Mr Pe馻 argues that ?our main contribution to the world will be to consolidate democratic change. It is the best
testimony that we can give to the rest of
the world.?
He highlights the importance of consolidating regional integration between
Mercosur and its counterpart, the
Pacific Alliance, which includes Chile,
Peru, Colombia and Mexico. ?We have
to have a regional perspective,? he adds.
Mr Pe馻 says Argentina will not discriminate in its efforts to strengthen ties
with other countries.
?We can?t afford that luxury,? he says,
describing the Macri administration?s
agenda as ?pragmatic, not ideological?,
as ready to engage with China as with
Europe, despite stronger cultural ties
with the latter.
Martin Sandbu page 9
GIDEON LONG ? BOGOTA
Peru?s former president Alberto Fujimori has for the first time publicly
apologised for crimes committed during his decade-long rule, after thousands took to the streets to protest
about a decision to pardon him.
In a video published on his official Facebook page yesterday, Mr Fujimori,
dressed in a white hospital gown and
connected to a series of tubes, addressed
the nation from his bed in a Lima clinic.
?I?m aware the results of my government were well received in some quarters but I acknowledge I also disappointed other compatriots,? he said. ?To
them, I ask for forgiveness with all my
heart.?
Peru?s President Pedro Pablo Kuczynski stunned the nation on Christmas Eve
by saying Mr Fujimori, one of the most
controversial figures in recent Latin
American history, could leave jail 12
years into a 25-year prison sentence.
Protesters clashed with police in the
city centre on Christmas Day and vowed
to continue their demonstrations until
the pardon is withdrawn.
Elected in 1990, Mr Fujimori waged a
fierce campaign against Maoist insurgents of the Shining Path.
Many Peruvians applauded his tough
stance but state-sponsored death
squads committed human rights abuses
under his watch and in 2000 he ended
his second term as president by fleeing
to Japan, the country of his ancestors,
amid a series of scandals.
Mr Kuczynski justified the decision
on medical grounds saying Mr Fujimori,
79, was suffering from ?a progressive,
degenerative and incurable illness?.
Mr Kuczynski?s decision to pardon his
predecessor is controversial not least
because five days ago Mr Fujimori?s son,
Kenji Fujimori, a congressman,
abstained in a crucial impeachment
vote against the president, thus helping
him cling to power.
Some of Mr Kuczynski?s critics said
the decision to release Alberto Fujimori
was little more than a cynical quid pro
quo, worked out between the president
and Kenji Fujimori in recent days. But
even without the background of the
impeachment vote, Mr Fujimori?s
release would have been divisive.
Wednesday 27 December 2017
?
FINANCIAL TIMES
5
?
6
FINANCIAL TIMES
Wednesday 27 December 2017
ARTS
Journey from
dread to dreadful
Clockwise, from main:
Munch?s ?Starry Night?
(1893); ?The Dance of Life?
(1925); ?Self Portrait
between the Clock and the
Bed? (1940-43)
in and the pictures became airier and
more transparent. A row of bottles
glows brightly on a shelf, each encircled
by a filament of white, in a 1938 selfportrait. Though he secluded himself on
the outskirts of Oslo, he took imaginary
journeys to southern France to commune with more convivial colleagues.
He furnished his painted interiors with
colourful vases, brightly patterned rugs
and tilted tables, aspiring to Matisse?s
light touch. He put Norwegian models to
work as languorous odalisques.
But while Matisse appraised voluptuous bodies from a discreet distance,
Munch inserted himself into the psychodrama of the studio. ?The Artist and His
Model? (1919-21) contains all the set
decorations from a Matissian mise-ensc鑞e ? carpets, pottery, tilted planes ?
but the psychological intonation has
gone off key. An after-scent of sexual
sleaze lingers. Munch, pushing 60, stalks
the much younger Annie Fjeldbu, standing behind her in a suit and tie while she
stares pleadingly out at the viewer in her
nightgown and robe. He has made her
Youthful genius rubs shoulders with mature mediocrity in an
Edvard Munch show in New York, writes Ariella Budick
E
dvard Munch: Between the
Clock and the Bed is a spectacularly two-faced exhibition,
exalting its subject with the
greatness of his early paintings and damning him with the paltry
best of his late ones. Munch spent the
first part of his life producing works of
glistering genius and pacing above a
crevasse of mental anguish. Later, he
plunged in, and the show at Met Breuer
follows him all the way down.
The curators wisely decided not to
organise this retrospective chronologically. If they had, it would have opened
with an exhilarating overture of seductive despair and trailed off into anticlimax. Instead, similar scenes, painted
decades apart, hang across from each
other. This allows viewers to see at a
glance how the vision and mood of
Munch?s youth aligned with the obsessions of fin-de-si鑓le Europe ? and how
precipitously his capacities diminished
after 1908, when he suffered a nervous
breakdown compounded by alcoholism.
The effect of these juxtapositions is at
once stunning and depressing, a showcase of genius and delusion. The curators claim to share Munch?s own belief
that his greatest achievements came late
in life, but they have produced definitive
evidence to prove themselves wrong.
One of the show?s highlights, or rather
high-darks, is the 1893 version of ?Starry
Night?, a blue-black symphony in melancholy. A few stars pulse weakly in the
indigo sky, throwing down streaked
reflections in the sea. A pale fence angles
through the murky flatlands, setting off
a mountainous stand of trees. The
minor-key harmony of dark blotches
and white lines, the lopsided composition, the brooding palette ? all proclaim
their author as a virtuoso of dread.
Nearby is another work with the same
title, cranked out 30 years later. Now the
stars are gaudy pinwheels. Houses twinkle perfunctorily in the distance.
Instead of rising to the level of tragedy, it
falls back on rote picturesqueness.
Munch came by his misery honestly.
?Without anxiety and illness,? he once
wrote, ?I would have been like a ship
without a rudder.? Trauma nourished
decades of inspiration. Born in 1863 on a
farm outside Kristiania (now Oslo), he
lost his mother and elder sister Sophie to
Ominous fissures in
the painting?s surface
make clear that Munch?s
tightly bound psyche is
truly coming apart
tuberculosis by the time he was 14.
Traumatic as these blows were, they
concentrated his creativity. He relived
Sophie?s last moments obsessively.
?Death in the Sickroom? (1893) drops us
into a claustrophobic parlour where
mourners assume attitudes of pensive
grief. We can?t see the body, just the
emotional devastation it has left behind,
a pain so fierce it seems to warp space
into bands of green and orange.
Just three years later he painted ?The
Sick Child?, a bedridden girl with a beatific glow. She turns with a smile to her
bedside companion, a dark-haired
woman who dips her head towards the
pillow, stifling all optimism. Pathos
crackles between them.
Munch returned to the same composition in 1907 (the third of six versions
made between 1885 and 1927), this time
loosening his grip on the brush for more
attenuated, bristly strokes. In ?Death in
the Sickroom?, the painter deploys a
buckling perspective as a metaphor for
extreme distress. In the 1907 ?Sick
Child? his control has weakened, and
ominous fissures in the surface make
clear that his tightly bound psyche is
truly coming apart.
The Met has picked judiciously from
Munch?s decline. There?s much worse
stuff out there like ?The Haymaker?,
?The Lumberjack? and ?Meeting?, all
awful variations upon the same 19thcentury peasants immortalised by Millet and Van Gogh. Excluding those
kitschy pastorals was an act of mercy.
As his hold on dark, distilled drama
loosened, pallid sunshine began to creep
fragile and ?exotic?, darkening her face
to a deep, un-Nordic brown.
Later, he stepped out from behind the
model and presented himself to the
viewer in a series of unsparing selfportraits from the 1940s. This show gets
its title from the last and best of these,
completed a year before his death in
1944. He plants himself straight and
stern, a dark blue shadow framed by a
burst of Matisse yellow. To his right
stands a grandfather clock, erect as the
artist and patient as a coffin. To his left a
brightly quilted bed waits to receive its
occupant. The minutes toll by; Munch is
in his element, in the border zone
between a life of upright suffering and
the luminous promise of horizontal rest.
To February 4, metmuseum.org
Those obscure subjects of desire
PODCASTS
Fiona
Sturges
Oneofthejoysofthepodcastasa
mediumisthat,inoperatingoutsideof
majornetworksandcommissioning
editorscateringtovastaudiences,the
contentismorelikelytobesurprising,
nicheorplainobscure.
Inthepast12monthswehaveseen
podcastsgivingvoicetothoserarely
heardonmainstreamchannels,making
forpoignantandrevealinglistening.
ANewNormalfeaturedwonderfully
intimateaudiodiariesmadebySyrian
refugeesastheyadjustedtotheirnew
livesinLondon,Germany,Turkeyand
Sweden.Isolationwasacommontheme,
althoughthiswasoftenaccompanied
bytheconvictionthatlifewould
improveasourdiaristsfoundnewways
toliveandwork.
EarHustle,madewithinthewallsof
SanQuentinStatePrison,revealedthe
realityofprisonlife.HostedbyAntwan
WilliamsandEarlonneWoods,both
servingtimeonrobberycharges,the
showexploredthemesofsolitary
confinement,ageingandmarriagewith
insightandwit.Similarlyeye-opening
wasJonRonson?sTheButterflyEffect,
T H E AT R E
Der Hauptmann von K鰌enick
Deutsches Theater, Berlin
aaeee
Ian Shuttleworth
The Captain of K鰌enick is now a ubiquitous icon in the district of southeastern Berlin which gave him his name.
Every street has a shop or bar named
after him, his moustachioed face twinkles out from dozens of locations. I?ve
even seen him pressed into service to
protest against residents? parking
charges imposed by the borough . . .
which is rather appropriate, since he
made his name in 1906 by impersonating a military officer and ?confiscating?
the local treasury.
Carl Zuckmayer?s 1931 play eschews
confected roguishness and Robin Hoodery to explain what led Wilhelm Voigt to
this pass, namely decades of falling prey
whichshonealightonpornmoviesinthe
SanFernandoValley.Notableforthe
candourofitsintervieweesandthe
smartstorytellingofitshost,thiswasa
movingandartfullyconstructedlookat
anindustrystrugglingtosurvive.
Intellingthestoriesofindividuallives,
severalpodcaststestedtheboundaries
ofwhatshouldandshouldnotbekept
private,leadingtosomeoftheyear?s
mostuneasyyetgrippingaudio.Missing
RichardSimmonssawthedocumentarymakerDanTaberskiinvestigatingthe
strangedisappearanceofthe
eponymousfitnessguruandTV
personality.ThefactthatSimmons
hadn?tcometoanyharm,buthad
Podcasts give voice to those rarely
heard on mainstream channels
to a legislative Catch-22 whereby he
could not get a job without a residency
permit, and vice versa. The German fetish of the time for obeying authority is
satirised, but principally it is an indictment of bureaucracy and the society
that allows it flourish.
The balance struck by Zuckmayer,
however, is overturned in Jan Bosse and
David Heiligers? adaptation at the Deutsches Theater. This is a very talky production. Bosse?s principal alternatives
to characters standing and talking are to
have them either sitting and talking or
standing and shouting. Quite often the
eight actors seem to move less than
St閜hane Laim�s set of flats and blocks
which mostly carry photographs of
modern architecture.
Superimposed on these are projections of the live performance when the
revolving stage means we can?t always
see it in the flesh, and advertising
images for the likes of Yves Saint Laurent and Dior. Couture is important:
much implicit play is made of the
decidedtoretreatfromview,madefor
someuncomfortablelistening.Perhaps
hedidn?twantapodcastmadeabout
him.Evenso,thiswasadetailedand
highlycompellingtaleofalifegone
awry.S-Town,anatmospheric
explorationofsmall-townlifemadeby
thecreatorsofSerial,wasthisyear?sbig
hit,anddeservedlyso.Whilequestions
remainastotheethicsofsomeofits
disclosures,itwasamasterclassin
narrativestorytelling.
Posthumoussecretsweredivulgedin
Mogul:TheLifeandDeathofChrisLighty,
amini-serieshostedbyReggieOss�.
Thiswasbotharichlydetailednarrative
ofoneofhip-hop?sgreatest
entrepreneursandanall-encompassing
historyofUShip-hop.Devastating
secretsweresharedinWhereShouldWe
Begin?,withEstherPerel,which
gaveunfetteredaccesstocouples?
counsellingsessions.Allmannerof
furyandtraumalayintheseexchanges,
eachofthemunderpinnedbyPerel?s
wiseobservations.
Comedywaswellservedthisyear?
amongmyfavouriteswereAdrift,Geoff
LloydandAnnabelPort?sshowaboutthe
anxietiesandpettyhumiliationsofbeing
human,andthethirduproariousseason
ofMyDadWroteaPorno.Politics
naturallyloomedlargetoo,with
resolutelypartisanprogrammessuchas
PodSaveAmericaandtheUK?sRemainiacs
showingthat,inpodworld,youcan
makeyourownrules.
?clothes make the man? trope, with
characters wearing shirts that reproduce backdrop images or glittery
quilted jackets. The captain?s uniform
itself, whose tailoring and progress
towards Voigt we also follow, has not one
square millimetre that is sequin-free.
But it never seems to amount to anything, and some two hours elapse before
Voigt puts it on; barely 15 minutes are
then given to the escapade itself.
Milan Peschel?s Voigt (he is the only
actor who does not take multiple roles)
is consistently down-at-heel, from the
opening moments when a door upstage
refuses to open for him until the end
when he is likewise cut off by the safety
curtain. But this version of the play
never allows him to engage us: it?s one of
those instances where the righteous
tone of the telling-off takes ill-advised
precedence over both its content and
the character who is supposed to make
us care.
To January 25, deutschestheater.de
?
Wednesday 27 December 2017
7
FINANCIAL TIMES
FT BIG READ. CHINA SOFT POWER
FT series China has ploughed money into the US film industry in an attempt to influence perceptions
about the country. But amid a crackdown on capital flight, it is rethinking its Tinseltown connection.
By Matthew Garrahan and Charles Clover
A
year is a long time in Tinseltown. At the end of 2016
Wang Jianlin, the chairman
of Dalian Wanda, the Chinese property, retail and
entertainment group, appeared on the
front of the film industry bible The Hollywood Reporter, to reveal a startling
interest: he wanted to invest in each of
the big six movie studios with the aim of
eventually acquiring one.
One of China?s richest men, Mr Wang,
known to employees and colleagues as
?the chairman?, had already earned a
reputation in Hollywood for big talk ?
and for having the firepower to back it
up. Wanda had paid $2.6bn on the AMC
cinema chain and $3.5bn on Legendary
Entertainment, the company behind
movies such as Godzilla and Pacific Rim.
Those deals were part of a string of
investments by Chinese entities in US
entertainment, part of a co-ordinated
push under President Xi Jinping to
change the country?s image. Wanda was
one of its prime exponents: in an April
interview with the Financial Times Mr
Wang said the company contributed
?significantly? to the rise of Chinese
?soft power and cultural influence?.
But fast forward 12 months and Mr
Wang and his fellow countrymen are in
retreat from Hollywood, part of a Chinese crackdown on capital flight. Para-
?For the China market
you self-censor because
of its size. Hollywood
makes China look good
in its films?
mount Pictures? $1bn three-year film
financing deal with Huahua Media, a
Chinese entertainment group, has been
scrapped, which the Viacom-owned
studio said was due to ?recent changes
to Chinese foreign investment policies?.
Wanda?s planned $1bn purchase of Dick
Clark Productions, the company that
produces the Golden Globes awards
show, was also pulled. Mr Wang, meanwhile, has not been seen in Hollywood
for several months: in the summer
Wanda denied rumours that he had
been forbidden from leaving China.
Once considered the perfect backdrop to project soft power, China
appears to have soured on expanding its
presence in US film. Jeffrey Katzenberg,
the former DreamWorks Animation
chief executive ? and who was instrumental in forming Oriental DreamWorks with Chinese partners ? says
there has been a noticeable change.
?There was this shift in policy to a
more nationalistic approach,? he told
the FT. As well as the crackdown on capital outflows, he says China?s soft power
ambitions have been superseded by its
One Belt, One Road initiative, which
seeks to build infrastructure that will
join China to Central Asia, Europe and
Africa by land and sea.
The change in approach has been
keenly felt in Hollywood, where Chinese
entities ?were basically giving away free
money?, according to one senior film
executive. That tap has now been
turned off ? at least, for now.
The question that remains is after
striking a flurry of deals and tie-ups
with the US movie industry, did China
get much of a bang for its buck?
A Hollywood romance turns sour
President Xi Jinping encouraged
investment in US entertainment in
line with the growth of its own movie
market, but the march into
Hollywood has slowed. Below: Matt
Damon in The Martian, a sci-fi film
that portrays American and Chinese
characters working together ? FT
illustration
China series
Explore Xi Jinping?s dream of
boosting his country?s appeal
ft.com/china-soft-superpower
Chinese and North American
box office revenues
US and Canada
Size of the market matters
Despite the recent change in policy,
China?s influence in Hollywood has
risen sharply over the past decade.
?While there has been a shift in capital
flows you would be hard pressed to find
a producer in Hollywood willing to
make a film that portrays China negatively,? says Aynne Kokas, a fellow at the
Woodrow Wilson Center and the author
of Hollywood Made in China. This development reflects the size of China?s cinema market, which has grown rapidly in
line with the urbanisation of the country, according to Imax chief executive
Richard Gelfond. The big screen operator has 482 screens in China.
He points to the size of the market 15
years ago when China was ?a very small
part of the global box office?: now it
rivals the US, the world?s largest theatrical market. China?s box office takings
grew an average of 35 per cent a year in
the past decade, according to data from
EntGroup, the consultancy, although
growth slowed to 3.5 per cent in 2016,
generating revenues of Rmb45.3bn ? or
almost $7bn ? and is set to fall again this
year. The North American box office, by
contrast, was worth about $11.4bn in
2016.
Hollywood producers do not want to
risk falling foul of the country?s censors
and have their films denied access to
such a big market. ?China is incredibly
important in terms of whether Hollywood movies succeed,? says Dede Nickerson, the founder of Infinity Pictures in
Beijing. ?It is not uncommon for US
Cinema admissions in
China grow
$bn
China
films to have better box office results in
China than in the US.?
The biggest studios, such as Walt Disney, Warner Brothers, Universal and
Sony Pictures, make films that portray
China and Chinese characters in a positive light. Many big budget US movies
now feature Chinese stars, often in supporting roles: Jiang Wen and Hong
Kong?s Donnie Yen both starred in Rogue
One, the recent Star Wars prequel, while
Chinese actress Jing Tian appeared in
this year?s Kong: Skull Island from
Wanda?s Legendary ? albeit in a role
with barely any lines.
The greater visibility of Chinese characters in Hollywood storylines ?is much
more driven by economic concerns than
by soft power?, says Mr Gelfond. Marketing to the Chinese audience is not
just about selling tickets, he argues. ?It?s
the merchandise and other ancillary
revenue available there.?
Hollywood-made science fiction films
increasingly portray China and the US
as having harmonious, co-operative
relations, despite the growing geopolitical tensions between the two countries.
12
Billion
China
US and Canada
1.5
10
1.0
8
6
0.5
4
2
2012 13
14
15
16
Source: Nash Information Services
17*
0
* Forecast
Production assistance
Delivering on the desire
for Chinese action heroes
In China, the use of US creative
expertise to further the development
of its own domestic industry seems to
have taken precedence over its soft
power ambitions in the sector.
?The big budget [movie] market [in
China] needs domestic blockbuster
films to fight against Hollywood,? says
Joe Fang, head of production for Base
Media, a Beijing based production
company working with Hollywoodmade movies as well as Chinese films.
?Local theatres need spectacle-driven
films more than ever,? he adds. ?The
government will never allow
Hollywood films to take over.?
The recent hit Wolf Warrior 2 broke
records on its release in China. An
action movie with nationalistic themes
2012
13
14
15
16
0
it features an American actor, Frank
Grillo as the villain, while Joe and
Anthony Russo, the co-directors of
Marvel?s hit Captain America series,
consulted on the film, lending special
effects expertise. The film generated
more than $850m at the Chinese box
office.
?We?re going to see more input like
this,? says Professor Stanley Rosen at
the University of Southern California.
?China is really getting into action
films but the heroes [on screen] will be
Chinese and not American.?
Tong Gang, vice minister of China?s
State Administration of Radio, Film
and Television, said in a recent
interview with the People?s Daily:
?Using the help of high-quality foreign
resources to tell Chinese stories is our
focus.? China was attracting
?outstanding film talent from around
the world to participate in Chinese film
creations,? he added.
Professor Kokas points to recent movies
such as Arrival and The Martian, two
sci-fi films that portray American and
Chinese characters working together.
?Ultimately they are very positive
depictions of US-China collaborations
which does not reflect what happens in
the real world,? she says.
China has a history of taking offence
at films that tackle politically sensitive
topics or which portray the country in a
contentious light. Kundun and Seven
Years in Tibet, both released 20 years
ago, outraged censors and were banned
in the country. Walt Disney produced
the Martin Scorsese-directed Kundun, a
story of the Dalai Lama that infuriated
the Chinese government. Given that the
group planned to develop theme parks
and release more movies in China, it
then hired Henry Kissinger to lobby
officials in Beijing to repair relations.
Actors that have starred in offending
movies found that their other work
would not be screened in China. Brad
Pitt was reportedly banned from China
after his 1997 film Seven Years in Tibet,
although the ban appeared to have been
lifted by 2014, when he visited the country with his wife, Angelina Jolie.
Richard Gere?s criticism of China had
a similarly detrimental effect. A supporter of Tibetan independence and an
ally of the Dalai Lama, Gere said in an
interview with The Hollywood Reporter
this year that his political views had limited his work. ?There are definitely
movies that I can?t be in because the Chinese will say, ?Not with him?. I recently
had an episode where someone said
they could not finance a film with me
because it would upset the Chinese.?
Risking access to such a vast market
means the biggest studios are much
more reluctant to make films that even
hint at criticism of China. ?For the China
market you self censor because of its
size,? says Stanley Rosen, a China specialist at the University of Southern California. ?But there has been a backlash in [the US] Congress and elsewhere. When I do interviews
about China and Hollywood the
first question I usually get asked
is: ?is Hollywood pandering to
China?? Hollywood makes China
look good in its films.?
He mentions the 2012
remake of the 1980s hit Red
Dawn. In the original film a
group of Midwestern teenagers fight a rearguard action
against a Soviet army that
has invaded the US. In the
remake, the invading army
was originally written as Chinese but after shooting had
started the film?s producers
swapped Chinese flags and other
insignia for North Korean ones.
Chinese companies have tried to
use their US investments to shift
perceptions, although the results
have been more mixed. On
paper, Wanda?s ownership of AMC,
America?s largest cinema chain, should
have smoothed the way for even more
positive big-screen portrayals of China.
?When you know that the largest theatre chain in the US has a Chinese owner
is there an inclination to make more
favourable product that plays to their
audience?? says Mr Gelfond at Imax. ?I
would say there would be.?
But Wanda?s strategy of marrying
content production, via its ownership of
Legendary, with the distribution of AMC
does not appear to have paid off. It spent
an estimated $150m producing The
Great Wall, a fantastical epic starring
Matt Damon about hordes of monsters
descending on ancient China. But while
the movie performed quite well in
China, it flopped in the US. AMC?s affiliation with Legendary ?may have discouraged? rival US cinema chains from
?pushing? the movie ?as hard as they
might have?, says Mr Gelfond.
The film also underscored the limitations of Hollywood-China tie-ups. ?It
was ultimately an attempt to tell a universal story,? says Prof Kokas. She mentions criticism of the casting of Matt
Damon in the title role: US cinemagoers
have become increasingly vocal about
so-called ?whitewashing?, or the use of
white stars in roles that should have
been taken by ethnic minority actors.
There have been similar criticisms levelled at Doctor Strange. Tilda Swinton
was cast as the elderly Tibetan monk in
the adaptation of the Marvel comic.
?The Great Wall tried to fit Matt
Damon?s character into a
Chinese
film and
that created
a backlash
in the US,?
says Prof
Kokas.
Go west Chinese companies have
invested heavily in US entertainment
assets in recent years
Beijing backlash Amid a crackdown on
capital outflows this year, several new
deals have been suspended
Size matters To gain access to the
Chinese market, US studios have
portrayed the country in a positive light
?It shows the provincial nature of Hollywood studios, which also tends to be a
barrier to collaboration with Chinese
companies and developing Chinese
source material.?
There are some signs of attitudes
changing. Disney recently announced it
was producing a live-action version of
its 1998 animated hit Mulan and has cast
Chinese actress Liu Yifei in the lead role.
?You can?t ignore China?
China?s soft power push into Hollywood
led to the forging of new alliances with
US partners. But not all of these deals
have gone smoothly. Universal Pictures,
the movie studio owned by Comcast?s
NBCUniversal, is on course to offload its
stake in Oriental DreamWorks, the animation group, following disagreements
over strategy with one of the company?s
other main backers, Li Ruigang, the
media entrepreneur behind the China
Media Capital fund.
Universal inherited its 45 per cent
stake in Oriental DreamWorks, widely
regarded as the flagship joint venture
between Hollywood and China, when
it acquired Mr Katzenberg?s DreamWorks Animation ? the studio
behind the Shrek and Kung Fu Panda
films ? in 2016 for $3.8bn. But it
quickly became clear that Universal had
a different vision to Mr Li. ?I am focused
more on China and less globally while
they want to make films in China for the
world,? he told the FT in September.
China?s retrenchment in Hollywood
might still have some way to go, with
rumours swirling that Wanda has been
told to reduce its exposure to film and
sell AMC. The company declined to
comment but AMC recently confirmed
that it had been approached by several
potential acquirers.
Despite this, Mr Katzenberg believes
that Hollywood will continue to strive
to be part of China?s growing domestic
market. ?It will surely become the
largest movie market in the
world,? he says. ?Hollywood can?t
ignore it . . . you go where the
customers are. You ignore it at
your peril.?
Additional reporting by
Emily Feng
?
8
FINANCIAL TIMES
Letters
Wednesday 27 December 2017
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
If you are not satisfied with the FT?s response to your complaint, you can appeal
to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com
More to Smith than The Wealth of Nations
WEDNESDAY 27 DECEMBER 2017
Hard times for humble
savers in the years ahead
Loose monetary policy has made life difficult for young investors
Young investors are in a difficult spot.
The basic challenge is the same as ever:
to prepare for retirement by generating
a return on savings that will outpace
inflation, without taking stomachchurning risk. Anyone who has held a
balanced portfolio of equities, especially US equities, and government
bonds over the past decade or so has
done very nicely. They have central
bankers to thank for much of this prosperity. Those who are just starting to
build savings are less fortunate. They
face harder choices in the year ahead,
and over the next decade.
As central banks unwind 10 years of
asset-inflating monetary stimulus, the
reversal will be acutely felt in retirement portfolios. Investors have come
to accept that equities are expensive by
historic standards. Bond yields and
interest rates on cash savings lag inflation in many countries. With world
markets riding record highs in 2017,
the temptation has been to ?cash out?
of equities and wait for a correction.
Yet that assumes this is a normal economic cycle. It is not. Hoarding cash is
as risky a bet as any other.
Central banks will now attempt to
take the air out of the asset balloon very
slowly. That, paired with high current
valuations, raises the probability that
average returns over the next 10 years
could be below average. The upshot for
young investors is that they will have to
save harder, for longer ? yet could still
end up with a smaller pension pot than
previous generations.
Other factors contribute to the
uncertainty. As longevity rises, the
responsibility for saving for retirement
has stealthily been passed on to the
individual. The days of a ?job for life?
with a gold-plated pension are gone.
Today, investment risk is borne by the
individual worker, who must make the
most of the contributions and decide
how that money is invested. The rise of
the ?gig economy? and the big expansion of self-employment in the past
decade increases the burden on the
individual.
Those who still enjoy old-style corporate pensions face another danger. Legacy companies of the ?old economy?
have built up huge pension obligations,
in some cases big enough to topple
them into bankruptcy. Even if pensioners are rescued by a regulatory ?lifeboat?, the benefits they have built up
are often cut. We will undoubtedly see
more corporate collapses in the coming
years, and more state support. But
every scheme that fails sends a signal to
all investors that saving money into a
pension may not be safe. Investment
companies exposed for charging unjustified fees do not make savings any
more appealing.
Many young people are placing their
faith in property, the asset class that
served their parents so well. It is also
one of the few places individual investors can deploy significant leverage.
But given the high property prices in
the big cities, where the best jobs are,
and the prospect of rising mortgage
rates constraining financing, the
returns of previous generations are
unlikely to be repeated.
The obvious if dreary solution is to
start saving younger. Yet the millennial
generation feels it is being asked to save
money before it has had a chance to
make any. The popularity of untested
?investments? such as cryptocurrency
is therefore unsurprising.
Policymakers, employers and pension providers need to work together to
ensure today?s workers trust the system with their savings. Investing is
likely to be hard work for some time.
But if generations of workers lose faith
and save nothing, the retirement savings responsibility will pass back from
individuals to the state, which may not
be able to bear the strain.
The feverish mix of
money and art in 2017
A wild market holds a convex mirror to conventional investment
In a very buoyant art market, the sale
in 2017 of Leonardo da Vinci?s heavily
restored Salvator Mundi portrait of
Christ for $450m was the event that
took everyone?s breath away. It looked
the ultimate case of irrational exuberance, putting hedge fund manager Steven Cohen?s $155m purchase in 2013 of
Pablo Picasso?s ?Le R陃e? among the
also-rans.
It also neatly demonstrated how fundamentally the art market differs from
conventional investment markets. Art
is a purely speculative investment,
yielding no income stream. It falls into
the category of what the economist
Fred Hirsch called positional goods.
These are innately scarce, and their
acquisition benefits one buyer at the
expense of others. They are thus a way
of demonstrating high status and superiority over others. Since the buyer of
the Leonardo was the Abu Dhabi government on behalf of the Louvre Abu
Dhabi, this was positional in the sense
of putting the new museum squarely
on the global curatorial map.
The Leonardo aside, the real impetus
in this market over the past 12 months
has been in the postwar and contemporary sector. Yet the composition of
growth within that sector demonstrates another fundamental characteristic of the art market. At auction
dead postwar artists such as Andy
Warhol, Jean-Michel Basquiat and
Francis Bacon have fetched higher
prices than living artists. That is
because there is a limit to supply. And
because of the scarcity of high quality
works in circulation by dead artists, a
surge in supply can even put prices up,
in contrast to other markets where
excess supply drives prices down.
Also noteworthy: how a narrow
group of living artists is capturing more
of the art market rewards. Such inequality is not new. As far back as the
Renaissance the art labour market
operated on a star principle whereby a
small number of artists hogged a high
proportion of total income. The star
system is exacerbated because of a
structural excess of labour arising, over
centuries, from the fact that more people want to make a living from art than
there is demand for their work.
This inequality mirrors wider inequalities of income and wealth. It is no
coincidence that the global art market
is dominated by the US, UK and China.
Of the larger economies these are
among the most unequal. And a tiny
elite that captures a disproportionate
share of real income in these economies has benefited enormously from
the asset-purchasing programmes of
central banks since the financial crisis.
Because art market prices are strongly
correlated with equities, their wealth
has been further increased by the rise
in art prices since 2009.
Many of these rich folk buy works of
art for the same reason that America?s
robber barons did in the late 19th and
early 20th century. The latter group
had been persuaded by the dealer
Joseph Duveen that art conferred social
status. The status seekers pay heavily
for the privilege because transaction
costs are high, the market lacks transparency and auctions are susceptible to
manipulation. Dealers? inventories can
be artfully managed to massage prices.
Indeed, the art critic Robert Hughes
declared that the art world was ?the
biggest unregulated market outside
illicit drugs?.
The global elite that has driven up art
prices recently does not need regulatory protection. Caveat emptor should
be the guiding principle here. More
problematic than heady prices is the
lack of transparency, which makes the
art market the money launderer?s
friend. Stopping crimes that hurt people beyond the circle of the striving rich
should be the focus of regulation.
Sir, Of course David Wilson and
William Dixon (Letters, December 21)
are correct in reminding us that
economics is an offshoot of moral
philosophy. Adam Smith held the chair
of Moral Philosophy in Glasgow
University as he wrote The Wealth of
Nations.
But that tome is only part of his
work, the part descriptive of economic
society. His thinking cannot be
completely understood without
reading his prescriptive work ? The
Theory of Moral Sentiments ? in which
he analyses our economic interests as
being naturally and morally influenced
by the ?sympathy? that each of us has
for our fellow humans, individually
and at large. Building a social
imperative on the first book alone
Public service algorithms
sound too much like Uber
anonymous money transactions that a
lot of players are interested in. Imagine
how rich the criminal players in the
dark web became who have been
offering ?services? for bitcoins and still
have their coins or have already cashed
out. We should be worried about these
nouveaux riches.
Further, governments and regulators
should also be concerned that the
situation does not become too big to
fail. If mainstream ?investors? are
putting their cash in to let more
dubious figures cash out, we are in a
danger zone.
Finally, blockchain is a wonderful
technology, and it would be very sad if
there were to be an implosion for
whatever reason, leading to the
technology becoming toxic and
avoided for all the wrong reasons. It
would also be very sad if this
technology made people who belong in
jail tremendously rich.
That?s why we need, besides smart
contracts on a blockchain, also smart
leadership.
Wim Schoutens
Professor of Financial Engineering,
University of Leuven, Belgium
Sir, Diane Coyle, in ?Algorithms can
deliver public services, too? (December
19), suggests that ?smart? platforms
might assist in the delivery of social
care for an ageing population. In effect,
such a system is already in place.
Domiciliary care workers work via
smartphones to receive work schedules
and also amendments to these. In
addition, a substantial proportion of
them are employed on zero-hours
contracts.
This sounds more like ?Uberisation?
and less like the rather more
consumer- and provider-friendly use of
new technology that my understanding
of the work of Professor Richard Thaler
implies.
Bernard H Casey
Social Economic Research,
London, UK, and Frankfurt, Germany
Not everyone can afford,
or wants, a smartphone
Sir, Diane Coyle (December 19) extols
the opportunities for what I shall
continue to call the Uberisation of UK
public transport. However, the Uber
business model relies on the use of
smartphones to access services. While
many people have such devices, many
do not, either by choice, in my case, or
of necessity, because they can?t afford
them. A simplistic adoption of the Uber
business model therefore risks putting
at a greater disadvantage those who
most need good and reliable public
transport.
If we are to move in this direction
then we should ensure there is a
multichannel system for accessing
services, building on the successful
community transport systems in many
rural areas. Not so exciting and
probably unattractive to the Ubers of
this world, but better attuned to what
many people want and need.
Martin Staniforth
Leeds, UK
Fintech solution for the
21st century criminal
Sir, Bitcoin, alt-coins and blockchain
are something very new. Not at all
comparable with tulips hundreds of
years ago. We live in a digitalised global
world. And what do we know about
very new disruptive things? Honestly,
not much. So maybe people should say,
?We don?t know but just take care?
more often. ?Don?t bet your house on it
and also do not ignore it.?
But here is a thing to think about.
How much criminal black money is
around? Regulators and governments
are putting all kinds of measures in
place to limit cash money in their fight
against these criminal transactions.
Cryptocurrencies are just the 21st
century answer to these efforts; they
are the fintech solutions for
In India the
personal is
always political
New Delhi
Notebook
by Amy Kazmin
The elite conspire
in their own demise
Sir, I would like to commend Martin
Wolf for his prescient column
?Inequality is a threat to our
democracy? (December 20). It is
indeed the appropriate time to
understand and arrive at prescriptions
to avert further economic inequality in
our western societies. One may fault
Donald Trump for many things, but his
arrival on the scene portends the
unfettered discussion, long overdue, in
the American polity on the role of
corporate money and the nefarious
influence it exerts on the political
system of the US as the flag bearer of
the west.
President Trump may have
inadvertently stirred the pot by
uncovering the role of the
establishment media and the
contemporary popular culture of
celebrity-worship in desensitising the
citizenry of the American republic.
The average white American
continues to blame the foreigners, the
brown- and black-skinned and
Muslims for his or her travails. But if
they were guided better, they would
understand that the reason for their
declining economic fortunes would
perhaps be found in the ever-rising,
disproportionate corporate and highnet-worth families? incomes and the
concomitant cash hoards, kept in the
US or overseas. The new US tax bill will
further decouple the average American
from the corporate entities that fund
and manage the politicians and the
media of that once great Republic.
The academic Walter Scheidel,
whom Mr Wolf refers to in his article,
regards war, revolution and pestilence
Times Now, one of India?s mostwatched English-language television
news channels, recently had a
stunning scoop about Rahul Gandhi,
the 47-year-old scion of the country?s
influential political dynasty.
In a ?special exclusive?, Times Now
revealed that Mr Gandhi, president of
the opposition Congress party, was in
a cinema watching Star Wars: The Last
Jedi just hours after Congress lost a
tough election battle in Gujarat, home
state of Narendra Modi, prime
minister.
In other words, Mr Gandhi was,
well, human. Yet that was not how the
channel chose to report the story,
complete with shaky footage of the
cinema floor and undercover
reporters asking theatre staff about
their sighting of the politician. In a
sequence seemingly lifted out of a
spoof news show, Times Now anchor
Rahul Shivshankar thundered that Mr
Gandhi, along with four friends, was
spotted ?queueing up for popcorn?
and sitting in ?the posh sofa
seats . . . in the J row? after the narrow
defeat. Such conduct, he proclaimed,
raised questions about ?the efficacy of
Rahul Gandhi?s personality? and his
?suitability to politics?, particularly as
a rival to Mr Modi, a notorious
workaholic.
Maybe it does; and Mr Gandhi is still
struggling to shake his reputation as a
political dilettante. Yet the fact that a
post-election film outing was deemed
worthy of primetime debate raises
questions about what Indian voters
want in their politicians, particularly
without the counterbalance of the
other is, in a more modern author?s
conceit, like cutting the daemon from
the child.
We see the consequences of that
selective reading of economics texts.
Please read Smith in the round; there?s
little time to lose.
Dr Clark McGinn
Harrow-on-the-Hill, Middx, UK
?I?m just updating my Facebook
profile?
as the antidotes to economic inequality.
Which prompts the following question:
why is the US about to pass a landmark
tax law that further reduces the tax
burden on companies and its rich
citizenry, while at the same time it
continues to beat the drums of war
against real or imaginary enemies?
As the elite reward themselves with
more and more of the pie, do they not
realise that by beating the drums of
war they could be accelerating their
own demise, as Professor Scheidel
argues? If not, then they are surely
ignorant; if yes, then they are indeed
the puppet masters of the hapless Joe
Sixpack!
Nicholas Gilani
Dubai, UAE
Illiberal democrats have an
interest in supporting May
Sir, I read with disquiet the apparent
difference of views between Lord Kerr
and the EU over whether or not the UK
could withdraw its application to leave
under Article 50.
If the EU?s legal advice is correct then
any attempt by the UK to resile from
its Article 50 application before the end
date requires the approval of all EU27
member states. In that case, when one
views the attitude of the Hungarian
government, wedded as it is to the
concept of ?illiberal democracy?, then a
reasonable deduction is that Hungary,
and several other similarly inclined
governments, would wish to weaken
the position of the liberal democratic
countries and so would vote against
allowing the UK to continue to remain.
Theresa May continues to court
these very same governments in her
efforts to ensure their support for an
exit ?deal? that would relieve the
pressure on her from the Eurosceptics.
It is in their long-term interests of
shaping the EU in their own mould that
she receives that support from
Hungary et al. These are indeed
dangerous times.
John McInally
Brussels, Belgium
when it comes to ?work-life balance?.
In some democracies, voters seek
out politicians with whom they can
identify. In US presidential races, it is
widely believed (though never
proved) that undecided voters will
finally opt for the candidate with
whom they would most like to have a
beer. Spouses, children and family
pets are considered important assets
to boost as candidates? ?likeability?.
In the UK, Andrea Leadsom, a
mother of three, claimed she was
more suitable to be leader of the
ruling Conservative party than
childless Theresa May, as her children
gave her ?a very real stake? in Britain?s
future. She was later forced to
apologise for the comments ? and lost
the race. Russian President Vladimir
Putin makes political capital out of his
holidays, boosting his macho image by
engaging in ?manly? outdoor
activities.
India has given rise to a different
political ideal ? that of the renunciate,
who has no personal ties and
dedicates every minute to the public
good. It?s a political idiom pioneered
by Mahatma Gandhi, who took a vow
of celibacy, distanced himself from his
family, and fashioned himself as a
Hindu ascetic, as he led the
independence movement.
?There is the strand in Indian
politics, and culture generally, which
says, if you are in public life, you must
not have attachments and be
committed totally to public work,?
says historian Ramachandra Guha.
?It?s a valorisation of joylessness.?
How Finland solved an
EU border conundrum
Sir, The current agonising over how to
avoid the creation of a ?hard border?
between Northern Ireland and the Irish
Republic has some important features
in common with problems that
confronted Finland following its
accession to the EU in 1995.
The 舕and Islands although
belonging to Finland have since 1920
had autonomous status. 舕and?s
parliament has lawmaking powers that
included the right of 舕and to make its
own independent choice concerning
EU entry. A referendum was held,
which resulted in a majority Yes vote.
But it would not have done so if the
continuation of duty-free sales on
board the ferries on the north Baltic
routes, all of which call at one of
舕and?s ports, had not been assured.
To meet that condition a settlement
(the so-called 舕ands exception) was
incorporated into Finland?s treaty of
accession, whereby the islands
remained outside the EU?s tax border
notwithstanding that the mother
country was included within it (both
alike being encompassed within the
EU?s outer tariff frontier).
This meant that upon entry the EU?s
tax border cut across Finland?s
territory, which technically would have
demanded the simultaneous erection
of customs posts at all the transit
points along it, imposing their
attendant delays and bureaucracy on
all of 舕and?s external trade ? but most
importantly by far on its intra-Finland
component ? representing a threat to
the islands? economy.
To avert that was imperative. But
how? In a nutshell, it was done by
reconfiguring the administration of,
and accounting for, value added tax
and excise duties for traders as for all
practical purposes to cause the EU tax
border to become invisible, while
complying with the letter of the EU?s
regulations ? which demonstrates that
it is possible for such a conjuring trick
to be successfully performed. That
?fix? might well repay study by those
now wrestling with problems in some
degree analogous relating to Ireland.
One crucial factor that made the
Finnish authorities? task easier will be
absent in the case of the two parts of
Ireland post-Brexit, namely that in the
case of Finland and 舕and both zones
continued after the interposition of a
tax border between them to remain
within Finland?s domestic jurisdiction,
continuity of uniform control over
customs and excise duties thereby
being undisturbed (and incidentally
uniformity of rates of VAT and excise
duties on either side of the tax border
having been preserved ever since).
Even given non-uniform rates in the
two parts of Ireland, it ought scarcely
to be beyond the wit of man to devise
and agree to a jointly controlled,
supranational entity along such lines as
an ?All-Ireland Customs and Excise
Authority?, with powers, documentary
procedures and an accounting regime
analogous to those used in the Finnish
example to avoid in the Irish case also
? in respect of movement of goods at
least ? the introduction of a ?hard
border?.
Robert Horwood
Ecker�, 舕and Islands
COMMENT ON FT.COM
Power and Big Tech 2017
A selection of analysis on the battle between
policymakers and Silicon Valley
www.ft.com/opinion
Many top politicians are unmarried.
?It?s a plus in your CV if you don?t
have a family,? says Mr Guha.
No one fulfils the ideal of political
renunciate as does Mr Modi, who
abandoned both his wife and mother
as he set out on the long journey to the
prime minister?s residence. Mr Modi
has told reporters he sleeps less than
four hours a night and works 20 hours
a day.
Mr Gandhi reflects a competing
tradition ? that of large, close-knit
families, finding joy in each other?s
company and simple pleasures. His
grandmother, the late prime minister
Indira Gandhi, was said to see Rahul
and sister Priyanka off to school each
morning before starting work.
His parents ? the late Rajiv Gandhi,
another former premier, and mother,
Sonia, former president of the
Congress party ? also revelled in
outdoor holidays with their extended
family, although these were the
subject of criticism by political
adversaries.
Mr Gandhi remains a bachelor. But
he has obviously close relations with
both his mother and sister. These
strong family ties ? and seeming
sense of family duty ? will resonate
with many Indians.
India?s ideal of a political ascetic still
dominates public life. But it is not farfetched to imagine that one day India?s
increasingly materialistic youth will
look for politicians who seem more
like themselves.
amy.kazmin@ft.com
?
Wednesday 27 December 2017
9
FINANCIAL TIMES
Comment
China?s ancient strategies create a challenge to the west
CHINA
James
Kynge
T
he US decision to label
China a ?strategic competitor? confirms what could no
longer be concealed: the
world?s two most powerful
countries are locked in a fervent rivalry.
The question now is how damaging the
tussle may become both for the two
adversaries and the rest of the world.
Some see the contest inevitably bearing out the deadly prophesies of the
?trap? first identified by ancient Greek
historian Thucydides, who described
how the rise of Athens instilled a fear
into Sparta that made war unavoidable.
The past five centuries have seen 16
cases in which a rising power threatened
to displace a ruling one and in 12 of these
cases the result was war, says Harvard
professor Graham Allison.
But a deeper view of China?s power
accretion reveals strategies that are
often more oblique than confrontational. Some of them appear faithful to
the guileful lineage of the Chinese ?36
stratagems?, a list of political, diplomatic and military tactics that date
from around the same time that Thucydides was chronicling the Peloponnesian war in the fifth century BC.
Several of the stratagems emphasise
the value in avoiding direct challenges
to a stronger competitor while seeking
to undermine it through ?proximate
strategies?, the best known of which is
?replacing their beams with rotten timbers?. This describes disrupting an
adversary?s structure by changing the
rules they are used to following. The aim
was to achieve victory while avoiding
the seemingly inevitable war.
Today too, China often appears keen
to move alongside the US rather than
take it on and build power structures
that stand as alternatives to those that
uphold the western-led global order.
?Right now I would describe the
modus vivendi that the world has found
as being parallel play,? said Lawrence
Summers, the former US Treasury secretary, in a speech in November. ?The
west does its thing; China does its thing.
Beijing?s authoritarian
system is so far proving
itself capable of nurturing
world-class industries
Countries get a bunch of money from
China and they do it China?s way. Countries get a bunch of money from us and
they do it our way.?
His concern was not war, but how long
the beams that have held up the structure of global governance under Pax
Americana may endure. While ?every-
body is very polite to everybody else?
and all parties can still move forward
together, he says the challenge remains:
what is the system of global governance
in which the US and the west and China
are all going to participate in?
Meanwhile, evidence of China?s parallel play is growing. The Belt and Road
initiative (BRI), through which China
intends to boost commerce with about
70 countries between Asia and Europe,
puts Beijing in the driving seat of a new
type of multilateralism. Run by a Communist party ?leading group?, the BRI
diverges from the US playbook in that it
does not seek to negotiate a free trade
treaty with member countries but
promises a series of infrastructure
projects financed and built by Beijing.
The BRI stands as a partial parallel
structure to the World Trade Organization, within which China ? in spite of its
strongest objections ? is not regarded as
a ?market economy?, putting Beijing at
a disadvantage when it fights trade
dumping cases levelled against it.
The ill will felt by Beijing over its status within the WTO may deepen following a decision this month by the US, EU
and Japan to form an alliance to take on
China over allegations that it unfairly
subsidises its industries, forces foreign
companies to transfer technology and
engages in other unfair practices.
?If the narrative since 1978 was of
China?s slow integration to the international order and adoption of norms, it is
turning now towards a systemic clash,?
note Fran鏾is Godement and Abiga雔
Vasselier of the European Council on
Foreign Relations think-tank.
In Europe, a China-led group called
16+1 brings together 11 members of the
EU and five non-EU central and eastern
European countries into a political and
commercial grouping. All 16 members
are also BRI countries, and several have
signed up to significant Chinese-financed infrastructure deals, boosting
Beijing?s influence inside the EU.
Indeed, the country that Donald
Trump identified along with Russia as
The battles of ideology for our age
ECONOMY
james.kynge@ft.com
2017
A year in a
word / n.
Woke
(adjective) aware or healthily paranoid
of issues around race and social justice.
May also refer to a sudden enlightenment resulting from reading Ta-Nehisi
Coates. See also: Stay Woke.
Martin
Sandbu
I
f 2016 was the year that opponents
of the liberal, rules-based world
order built up over 70 years won
stunning national victories ? in
Britain and the US ? then 2017 was
the year in which the supporters of liberal openness scrambled to mobilise.
2018 is set to be the year they confront
one another. As governments harness
state power for their respective sides,
tension simmering within each country
morph into a conflict between nations.
Profound structural economic change
in almost all rich countries had increasingly separated those who reaped the
benefits from those of their fellow citizens the transformation had left behind.
In Brexit and Donald Trump?s election victory, self-declared champions of
the left behind took control of the
national agenda with a promise to break
with the internationalist liberal order.
In reaction, centrist leaders elsewhere ?
most explicitly, Emmanuel Macron in
France ? have had to define themselves
as that order?s defenders.
EU institutions and many European
governments, together with Canada and
Japan, now make up an avowedly liberal
internationalist camp working to
defend a multilateral system of collaborative rules-based governance for economic openness to mutual advantage.
The anti-liberal front?s undisputed
leader, meanwhile, is the US under President Trump. The best guide to his goals
is a plain reading of his statements from
the inaugural speech to the recent
update of the national security strategy.
It is a zero-sum world in which there
cannot be economic winners without
losers, and it is each country for itself.
Both camps want to make, or remake,
the world in their image.
It is not the first time that whole
nations have had to choose which ideology to rally behind. The same happened
in the 1930s, and again during the cold
war. Then, too, countries aligned along
?antithetical to US values and interests?
bears the traits of a highly potent challenger.
Contrary to longstanding arguments
that China would collapse under the
weight of its internal contradictions or
become bogged down by huge domestic
debts, Beijing?s authoritarian system is
so far proving itself capable of nurturing
world-class industries in e-commerce,
big data, aspects of automation and
some others.
If it sustains its rate of growth, China
will eclipse the US as the world?s largest
economy within the foreseeable future.
A single-party state presiding over a
non-market economy that is still
?emerging? may then hold the whip
hand in global commerce.
The key issue then may not so much
be how the world can avoid a ?Thucydides trap? but how the west can repair
the rotten timbers upon which its eviscerated governance structures rest.
ideological divides, partly fuelled by
economic and social conflict that had
previously riven their domestic politics.
As a result the battle shifted to the international stage where it was waged by all
means including war, direct or by proxy.
Within countries the conflict was to
some extent repressed, as governments
tried to ensure the side they had picked
internationally was not undermined at
home. For liberal states, this meant varying degrees of suppression of sympathy with fascism or communism. In dictatorships of the right and left, the elimination of dissenting views was total.
There is no sign the current global realignment will cause war between the
In a global contest of ideas,
liberals must show urgently
that the existing order can
be made to work for all
camps; we may hope that political violence within nations can be avoided. But
in three other arenas, the battle is on.
One is international institutions, in
particular those in charge of global economic governance. The Trump administration seems determined to undermine the World Trade Organization,
whose arbitration function it is sabotaging by frustrating the appointment of
judges to the appellate panel. Conversely, the EU and Japan are trying to
demonstrate the organisation?s value to
US interests by offering a united front in
a WTO context against a perceived abusive trade policy by China.
Another is alliance building. The
shock of isolationist victories accelerated work on deepening the existing global economic order. The EU has completed free trade agreements with Japan
and Canada, and intensified talks with
Mexico, Australia and New Zealand.
Japan and Canada, besides tying up with
the EU, are pushing forward the Trans-
Pacific Partnership with the remaining
11 members after the US abandoned it.
As for Mr Trump, he seems more
eager to build bridges with Vladimir
Putin?s Russia and befriend autocrats
from the Philippines to Saudi Arabia
than to shore up relationships with
allies or maintain the political unity of
Nato. In Europe, Hungary and Poland ?
the jury is out on Austria ? are tilting
towards his camp.
Paradoxically, the most important
arena for governments engaged in a global ideological battle remains their own
public at home. This third dimension is
decisive if the cold war is anything to go
by. Communism was boosted by the
great depression, but later could not
indefinitely survive the evidence that it
simply did not perform as well for its
people as liberal-democratic capitalism.
Conversely today, populist nationalism
derives much of its strength from a mishandled financial crisis and mismanaged (often non-existent) policy
responses to rapid structural change.
In the long term, liberals have cause
for hope: withdrawing from the liberal
order will surely bring lasting harm to
countries where isolationists are now in
charge. But that hope is vulnerable to
two threats. First, if the liberal order
unravels, early withdrawers may hold
the advantage. Second, the anti-liberals
may show short-term economic results
for longer than liberals can stay in
power ? in part because they are free
from the pieties of conventional policy.
While conflicts remained domestic,
caution was harmful but sustainable.
That luxury is gone. In a global battle of
ideas, liberals must show urgently that
the existing order can be made to work
for everyone. The 1930s and the cold
war both saw economic liberalism survive by becoming radically more progressive than before. It is time for such a
bold, centrist radicalism again.
?I can?t believe it,? was the murmur
that became a chorus the morning
after the 2016 US presidential election. Soon denial turned to anger and
hundreds of thousands took to the
streets to demonstrate against the
January inauguration of Donald
Trump.
For years, many laboured under
the illusion that progress takes the
shape of a growth curve, reaching
infinitely upward. But 2017 showed
that progress looks a lot more like
the lines on a heart rate monitor.
Sloping peaks (first black president,
health insurance for all, legalising
gay marriage, economic recovery)
and plunging troughs (President
Trump). What came next might be
described as a mass awakening.
?Woke? was originally the watchword of black activists protesting
against police brutality. The phrase
?stay woke? referred to ?being aware
of the apparatus of white supremacy
in America?. The election of Mr
Trump brought activism into the
mainstream. ?Pussy? hats were knitted, T-shirts were printed, covering
all the woke bases: ?black lives matter?, ?water is life?, ?love is love?, ?climate change is real?, ?immigrants
make America great?.
Woke has become a conspicuous
performance of awareness, a badge
of honour to be worn across a wide
spectrum of liberalism and radicalism of different strengths.
But still, New Yorkers are much
less likely to send their children to
racially integrated schools than parents in districts that swung heavily
for Mr Trump. While the world
awakens to an uncomfortable recognition that all is not right, for too
many equality and justice remain
the stuff of dreams.
Madison Darbyshire
www.ft.com/word
martin.sandbu@ft.com
Symbolic victories over Brussels will not help Britain?s workers
EMPLOYMENT
MENT
Sarah
nor
O?Connor
T
he idea that Britain should
?take back control? from
the EU resonated with
many voters in the 2016 referendum on bloc membership. But Theresa May?s government has
been so consumed with the ?how? of
taking back control that it has paid
rather less attention to the ?what for??
This month brought an exception: a
solid idea about how Britain could use
its new-found freedom after Brexit.
Some Conservatives want to ditch the
EU Working Time Directive, which the
UK implemented almost 20 years ago.
They paint a picture of a British workforce finally unshackled from bureaucratic limits on working hours. ?This is
what taking back control is all about,?
one supporter told the Sun newspaper.
But the closer you look at this idea, the
stranger it seems. The economy does
not need it, workers would not like it
and employers do not even want it.
The working time rules, implemented
in the UK in 1998, give workers the right
to paid holidays and rest breaks and
limit the length of the working week to
48 hours. If the British labour market
really was straining against these rules,
you would expect to find a big bulge of
employees working right up to the limit
of 48 hours per week. In fact, the average working week for full-timers was
38.2 hours in 1998; it is 37.3 hours today.
That does not mean the limit has had
no impact. The proportion of people
who work more than 50 hours a week
dropped from about 16 per cent of full-
timers in 1995 to about 11 per cent two
decades later. Yet the reason it has not
dropped to zero is that the majority of
UK workers can opt out of the 48-hour
limit. So workers already have the freedom to work longer hours if they wish.
But they also have the right to refuse (at
least on paper, if not always in practice).
Longer working hours are
no solution. Fatigue and
burnout are what make
people less productive
It is hard to imagine, then, why workers would be happy to see these regulations go. It is easier to make the case that
employers would benefit. Giving every
worker paid holidays, in particular, is
costly for businesses. There are some
complicated wrinkles around how one
should calculate holiday pay that have
caused issues. But while some businesses might relish the removal of these
rules, I have never met an employer who
complained they were a big problem.
Businesses do not like change, as a
general rule. The mainstream business
community has accepted and grown
used to these regulations. Business
lobby groups such as the CBI pushed
hard over the years in Brussels to maintain the 48-hour opt-out, but they are
not calling for the rules to be scrapped.
And with record employment rates and
unemployment the lowest since 1975, it
is hard to argue they have stifled UK job
creation.
The policies that businesses complain
most about ? which they say really do
add to their costs ? are the National Living Wage and the apprenticeship levy.
Both of these policies were dreamt up by
Conservative ministers; neither have
anything to do with Brussels.
So if scrapping the working time regulations would not benefit workers or
employers, why do it? For a certain
group of Eurosceptic Tories, the directive is politically totemic. That is understandable since its birth was deeply contentious. It was introduced in spite of
Conservative objections under the
remit of health and safety.
But if pro-Brexit politicians really
want to ?make a success of Brexit? they
will need to look to the future rather
than the past. Britain is in urgent need of
bold and imaginative policies to tackle
the economy?s persistently poor productivity, a problem that hurts both
workers and employers.
Many of these policies can be
implemented whether or not the UK is
in the EU: better investment in infrastructure, skills, technology and workplace training.
The government might find that
employers, worried about losing their
access to EU workers after Brexit, are
more willing to co-operate on these
issues than before. There is probably
some truth to the Brexiters? argument
that employers have had less incentive
to invest in training when they have had
so many well-trained Europeans to
choose from.
But one thing is clear: longer working
hours are no solution to Britain?s problems. Fatigue and burnout make people
less productive, not more.
With limited time and political capital, the government should be planning
post-Brexit policies that engage with the
real challenges of the modern economy.
Whittling away at uncontentious
employment rights feels a bit like
changing the UK?s passports from red to
blue: it might be symbolically satisfying
for some but it doesn?t really make anything better for anyone at all.
sarah.oconnor@ft.com
?
10
FINANCIAL TIMES
Wednesday 27 December 2017
Vestas/Oersted: no breeze
Shedding its oil and gas assets has proved a winning strategy for Danish renewables company Oersted,
which is well on its way to becoming a pure play for the sector. Vestas, on the other hand, has suffered from
price competition in an attempt to enter new markets
Danish renewables
Twitter: @FTLex Email: lex@ft.com
Share of Oersted energy production
from renewables
Share prices (rebased)
160
Per cent
100
80
Insights from 2017
60
Unseen upsides:
pessimist fog
Lex contemplates its good and bad
investment calls at the end of each
year. Useful insights into the latter
come from Robert Wilson. Mostly
using his own money, he turned
$70,000 in 1960 into more than $200m
by 1986. A stock market man who
operated like a hedge fund, he would
short sell stocks for safety but never let
his short positions outweigh the long.
Wilson said: ?There?s something
intellectually much more intriguing
about failure, which is knowable,
rather than success, which is sort of
unknowable. The way people fail is
understandable and predictable and
almost inevitable, whereas the way
people succeed may never have
happened, and so an intellectual is
drawn towards failure.?
Journalists tend to be sceptics. The
approach is useful when assessing
hopes of delivering expensive meal-kits
to millions, as HelloFresh intends. Or,
perhaps, the plans of Sirius Minerals to
dig a deep mine under a national park
to extract an unproven fertiliser.
Tesla may be the most extreme
example. Investors who have given the
group $10bn to invest in factories eat
up the possibilities unveiled by founder
Elon Musk. While he keeps the eyes of
his audience on the distant horizon,
journalists focus on missed production
targets and the threat of competition.
A pessimistic mindset, however, can
miss big picture changes. When Lex
considered the launch of the iPhone, in
June 2007, we worried about the need
to take a two-year service contract with
AT&T. Success on the scale of the iPod
was not a given, we warned.
At the turn of the decade Lex
imagined what the next would look
like, and some of the assessment looks
prescient: a decade of sub-par growth
and returns with Japanese stock
markets to double. Yet we also thought
the S&P 500 would greet 2020 at a
similar level to where it left 2009.
There are still two years remaining for
the US stock market to crash, and the
Chinese economy to implode, but it is
clear mistakes were made. Low
returns, and interest rates, have fuelled
a boom in asset prices and made stock
The Facebook earnings call typically
commences with Mark Zuckerberg
taking credit for bringing the world
closer together. That poignant moment
segues into a description of how ad
revenue has exploded and will
continue to do so. A shareholder in the
social network could then feel content
that their profitable investment was
perhaps even a force for good. This
column not long ago stated that
Facebook was the best-run company.
Measured on simple profits, that
remains accurate. Facebook?s most
recent quarterly earnings per share are
five times greater than two years ago,
and its market worth has soared to
more than $500bn.
However, Facebook embodies much
of everything wrong with big tech: a
drive for endless growth mixed with
hamfistedness towards the
consequences. These include political
manipulation, fake news, and cyberbullying. In this sense, Facebook is a
test. Social and political pressure
continues to build. But for now its
share of the advertising market is only
expected to keep soaring unabated.
Fresh off his national listening tour
in October, Mr Zuckerberg said the
company was committed to cleaning
up its act. It would triple its security
and compliance staff from 10,000 to
30,000. Still, the US Congress is looking
at how to beef up oversight of social
media groups that take political
advertising. The kind of regulation that
would stifle profits is not obvious yet.
Tech executives, like most bosses,
are ill-equipped to solve social
problems for which they are partly
responsible. But a company that has an
explicitly social mission, which it
embraces when the going is easy,
cannot duck its responsibilities when
implicated in enabling attacks on
democracy and personal safety. If
Mr Zuckerberg cannot regain public
JOTTER PAD
20
Vestas
120
Facebook:
the anti-social network
40
2007
2017
0
2023 forecast
Average selling price of Vestas order intake
?m per MW
CROSSWORD
No. 15,741 Set by FALCON
140
investing fashionable again. As
boosters of bitcoin and Tesla will
delight in noting, cynics can have an
optimism blind spot.
0.95
100
0.90
Oersted
0.85
80
Jun
2016
Dec
2017
FT graphic Sources: Thomson Reuters Datastream; company
Q3
2016
Q4
Q1
2017
Q2
Q3
0.80
Retailers are often wrongfooted by
the weather. Similarly, Lex failed to
work out which way the wind was
blowing in relation to Danish
renewable energy companies.
Disbelief in the potential of Oersted
? a rebrand of wind energy generator
Dong Energy ? together with
mistimed confidence on turbine
builder Vestas meant we failed to nail
which would prosper and which
would disappoint. This has to do with
the business model of each group.
A wind farm can take years to
build, especially if it is Oersted?s
offshore speciality. When the
company floated in the middle of last
year, it had an odd nature: generating
renewable energy while still pumping
out fossil fuels. Oersted promised to
dispense with its hydrocarbon past,
and duly did. At that point, though, its
cash flow still depended on what little
oil and gas it continued to produce.
Oersted, however, has always built its
wind farms with the idea that it would
sell part of the equity in these projects.
It spends on a development without
recouping any cash flows, later selling
off a portion of any project that is
earning. Oersted counts on earning a
premium on the book valuation of the
project, a formula that has worked out
well this year. The stock rose by
roughly half during 2017. Moreover,
renewable energy stocks generally did
well, a trend we missed.
Until this summer, Vestas had that
fair wind behind it, too. But while
Oersted could find willing project
investors, Vestas?s own were having
second thoughts. Intensifying price
sensitivity from its customers did not
help, nor did its attempt to enter the
Chinese market, where turbines cost
less. More recently, Vestas has been
hit hard by the risk that a US tax
wheeze for building wind farms,
known as a production tax credit,
might end earlier than expected.
If Oersted was undervalued at the
start of the year, Vestas looks a
bargain as it ends, on an enterprise
value less than 5 times its operating
earnings (adjusted for depreciation
and amortisation). While betting
against Oersted?s farm-out model
seems akin to spitting in the wind,
blowing cold on Vestas in 2018 also
looks inadvisable.
trust unaided, heavy-handed state
intervention will follow. And then, that
will be a business problem.
some 104 per cent. For all that we are
in a bull market, the FTSE 100 is only
ahead by 27 per cent.
When equities rally, investment
management stocks race ahead. This
reflects surging income from fees
charged as a percentage of assets under
management. Hedge funds have the
added kicker of fat performance fees.
Overheads increase more modestly.
This does not mean Lex has turned
bullish on Man Group. Warren Buffett,
the Yoda of global investment, opined
you should ?never invest in a business
you cannot understand?. Having
scratched our heads over Man Group
for several years, it still has us beat.
Poor visibility of earnings is a general
problem with active managers. They
are prone to talking up their ?disciplined investment process?. Such guff is no
guide to whether they can consistently
outpace the indices. Most cannot. The
drag created by fees is one reason.
At least long-only managers like
Schroders are almost guaranteed to
prosper when markets are rising.
Hedge funds, which in theory target
?uncorrelated returns?, may not even
do that. Chief executives of Man have
sometimes appeared as perplexed as
anyone by the quirks of AHL, the suite
of computer trading programs for
which the company is best known. It
has occasionally struggled even in the
volatile markets it is deemed to prefer.
Lex prefers big, simple businesses
with a secular growth story, or ones
whose intellectual property has
advantages that can be described in
words of one syllable. Man marches to
the beat of a different drum.
Man Group:
another man?s treasure
The only claim to fame of talent spotter
Dick Rowe was that he wrote off The
Beatles with the words ?guitar bands
are on the way out?. That puts in
context Lex?s dismissal of UK hedge
fund group Man as a bad investment.
Even so, a 40 per cent jump in the
shares since March shows this was not
one of our more inspired calls.
Over five years, the stock has risen
about 145 per cent. Schroders, a
conventional UK asset manager, is up
ACROSS
1 Repeated phrase always
employed by human traffickers
(6)
5 Plain flat? Small play on words
(8)
9A politician in public house
allowed to give handout (8)
10 Become aware of warning (6)
11 Garbo, wickedly, beginning to
tease famous actor (6)
12 Mountain range, extremely
pretty and uncommonly serene
(8)
14 Changed frock later on for one
like Svengali? (7,5)
18 Opera singer had
unfortunately aged (3,9)
22Heartless article about party
animals makes one cross (8)
25Area to decorate round
university?s central hall (6)
26Leave name on pot in specialist
language (6)
27Learned line to say again (8)
28Member of the clergy never
terribly overdrawn? (8)
29Rumour about harbour (6)
DOWN
2 Model heading off for Spanish
region (6)
3 Astaire, say, departs having
broken cane in silly part (3-6)
4Everyone agreed about carbon,
suddenly (3,2,4)
5 Fiery type in Proust novel
going after husband (7)
6Landed estate?s custom,
reportedly (5)
7 Fool is up for a form of protest
(3-2)
8Relatives, American, in the US
government (5,3)
13 Supernatural being appearing
in Angel Falls (3)
15 Guard to see later (4,5)
16 A system set up by the police
may show two artists parking
without charge (5,4)
17 Surrey air? (8)
19 Gardening tool in meadow
initially overlooked (3)
20Irritated ? wanted to catch
learner driver (7)
21 Speak, after end of
championship, in golf club (6)
23Ill-defined fever following first
of vaccinations (5)
24Citrus fruit, not round variety
(5)
Solution 15,729
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China Literature:
booking a profit
One day before the flotation of China
Literature, the ebook business of
Tencent, Lex said that ?optimism is
required to imagine a happy ending?. It
was clearly in ample supply. To our
chagrin, the shares more than doubled
within a week. Although the stock is
now ?only? 49 per cent above the offer
price, it still looks expensive given the
company?s profit prospects. Few will
care. The bullishness reflects
enthusiasm for Hong Kong-listed
equities among mainland investors.
Lex argued against a high valuation
for China Literature for two reasons:
first, operations and content are pricey
to acquire and have cost structures
more akin to old-economy newspapers
than social media websites. Second,
content is mostly distributed through
the apps of controlling shareholder
Tencent. Minority shareholders will
struggle to defend the business against
its parent?s ability to extract a rent for
this service.
As is usual practice in China, only a
small part of the subsidiary was sold.
This has left pre-float shareholders
toasting large paper profits; with the
shares at HK$81 apiece, managers
owning 14 per cent of the company are
sitting on stock worth $1.3bn.
Individual investors oversubscribed
the issue 625 times. Mainland investors
are used to this game. Regulators there
allow a maximum initial valuation of
23 times earnings, much less than the
average ratio achieved by shares in
secondary trading. This almost
guarantees gains for those who manage
to get an initial allocation; China
Literature?s price/earnings ratio at the
point of the initial public offering
exceeded 200.
Those investors are now able to
participate in Hong Kong?s stock
market via the Connect links to and
from the exchanges in Shanghai and
Shenzhen. Volumes from those
markets to Hong Kong have increased
sixfold since the start of the year,
exacerbating volatility in a market that
has always contained a substantial
speculative element.
Lex on the web
For notes on today?s breaking
stories go to www.ft.com/lex
?
Wednesday 27 December 2017
11
Unravelling of LeEco Creditors left
scrambling for cash ? ANALYSIS, PAGE 12
Zombies stalk the system Time to return to an
anchored monetary environment ? MARKETS INSIGHT, PAGE 18
RCom bows out of telecoms dogfight
3 Ambani group quits India retail mobile sector 3 Deal on $7bn debt sees share surge 30%
AMY KAZMIN ? NEW DELHI
Indian telecoms group Reliance Communications said yesterday it had
reached an agreement with lenders on a
?full resolution? of its nearly $7bn in
debt, sending its shares up 30 per cent.
The deal will see RCom, which has
been hit by price competition in India?s
mobile telecoms industry, exit the retail
business and recast itself as a smaller
business-to-business enterprise.
The restructuring will see the company sell most of its telecoms assets,
including towers, fibre optic cable and
spectrum, and a valuable 125-acre land
parcel near Mumbai.
Anil Ambani, the tycoon who controls
RCom, said the company expected the
asset sales to raise about $3.8bn, all
which would be used to pay down bank
loans. He said the deal did not call for
RCom?s lenders to write off any debt or
exchange any debt for equity.
The restructuring deal comes a
month after RCom was hit by an insolvency petition from China Development Bank, its largest single creditor.
The insolvency law, which came into
force last year, was designed to end the
pattern of failing companies surviving
for years with their founders in charge
and their creditors forced to take steep
losses on loans.
By reaching a deal with his creditors,
Mr Ambani will be able to remain in
control of RCom, though it will be a far
smaller company.
In October, Mr Ambani had proposed
a restructuring that would have seen
creditors take a majority stake in the
business through a debt to equity swap.
But creditors rejected the plan after
India?s central bank warned lenders
about their exposure to the stressed telecoms sector.
Mr Ambani said RCom?s exit from the
consumer mobile business was a result
of competition in a sector rocked by last
year?s arrival of Reliance Jio, controlled
by his elder brother Mukesh Ambani.
He suggested further consolidation of
the sector was inevitable, given the huge
continuing capital investments
?You need a
pipeline
into the
Reserve
Bank if you
want to be
in the
wireless
business?
Anil Ambani
required to keep pace with the growing
demand for telecoms services.
?This is a crisis of the wireless telecom
sector and it has engulfed many people
and many companies,? Mr Ambani said.
?You really need a pipeline into the
Reserve Bank of India?s printing press if
you want to be in the wireless business.
?This is something which is not for 10
players to enjoy. This is for two or three
or four players ? those who have unlimited money or who have the ability to
raise unlimited money.?
Mr Ambani said RCom?s restructuring
would reduce Indian banks? exposure to
the sector. ?I hope all of them will be
happy bankers and happy lenders to the
rest of the Reliance group,? he said.
Can-do attitude
Carlsberg taps AI to
help develop beers
Carlsberg is investing millions of euros
in research to try to detect aromas and
flavours in beer far more rapidly than is
currently possible in what it dubs the
?beer fingerprinting project?, writes
Richard Milne.
The Danish brewer has teamed up
with Microsoft and two universities for
the initiative, which aims to use sensors
and artificial intelligence to help develop
new beers and improve quality control.
Jochen F鰎ster, director of yeast and
fermentation at Carlsberg?s research
laboratory, said: ?It?s going to be
extremely beneficial for us. It?s about
reducing time and cost to develop new
beers, especially for innovative beers
with new flavours.?
The world?s fourth-largest brewer by
sales sees potential applications well
beyond beverages and is debating
creating a rare spin-off to determine
whether the same technique could work
for industries such as food and
pharmaceuticals. Mr F鰎ster said that
the sensors could give quick answers
about the presence of pollutants in soil,
air or water.
Carlsberg is investing DKr28m
($4.5m) in the project while Innovation
Fund Denmark, a government-backed
vehicle, is putting in another DKr18m.
Short
View
Leo
Lewis
If you had known on the first trading day of January that
2017 would be such a barnstormer for Japanese stocks,
a punt on the country?s biggest brokerage, Nomura
Holdings, would have felt like a no-brainer.
But here we are with the benchmark Topix up more than
20 per cent and around a 26-year high, the index that
tracks the Tokyo Stock Exchange?s second section (TSE2)
up 37 per cent, the feisty Jasdaq up 41 per cent ? and
Nomura?s shares down more than 4 per cent year to date.
Nomura?s anaemic showing in these red-blooded times,
which has helped shepherd the brokerages sub-sector into
Japan?s three worst performers of 2017, defies the happy
coincidence of several important cards falling in the company?s favour. It has been a huge year for Japanese IPOs
(which Nomura dominates), a very respectable year for
Japan-led M&A and, in May, Nomura finally saw its international business back in profit after a prolonged stint in
the red. Why such investor indifference?
One explanation is that their attention has been grabbed
by other, shinier stories in the brokerage industry, making
gambles that Nomura and other venerable rivals, such as
Daiwa and Okasan, would struggle to justify. Of these, SBI
Holdings has been the standout. Its 48 per cent year-todate rise is an example of what can happen when a stock
becomes a proxy for the liveliest narrative of the moment.
In SBI?s case, that story has been blockchain and cryptocurrencies, a range of businesses in which it has been one
of the biggest investors.
Another reading is that Nomura?s underperformance is
a deliberate, slow-burning expression of caution by the
market ? not a punishment for anything specific, more
that Japan?s biggest brokerage has become a proxy for the
nagging uncertainties surrounding Mifid II regulation and
its effects on the industry. As global funds home in on the
new terms of their relationships with global brokers,
Nomura may ultimately find its niche as the most indispensable of the Japan specialists. The worry some see
reflected in the company?s shares, though, is that for all
Nomura?s attempts to globalise, the new regulation will
turn out to be a more vicious definer of success in those
efforts than previously assumed.
Nomura underperforms
Share price and index rebased
Topix
110
100
Nomura Holdings
Jan
2017
Apr Jun Aug Oct Dec
Source: Thomson Reuters
leo.lewis@ft.com
Andrey Rudakov/Bloomberg
Bitcoin recovers to $16,000 despite
Israel?s digital currency crackdown
MADISON MARRIAGE ? LONDON
Activists look to the ethics
route for higher returns
Among hedge funds, activists such as
Nelson Peltz, pictured, of Trian Fund
Management, are paying heed to the
kind of environmental, social and
governance factors that were once the
domain of Scandinavian pension funds
and university endowments.
Analysis iPAGE 13
Bitcoin rose as much as 13 per cent yesterday, at one point hitting $16,000, as
it recovered from a sharp sell-off last
week that saw its value fall nearly a
third amid concerns among regulators
about a potential bubble.
The recovery came despite Israeli regulators announcing a crackdown on the
cryptocurrency a day earlier.
The Israeli Securities Authority said
that it would bar companies trading in
bitcoin from operating on the Tel Aviv
stock exchange and investigate how to
regulate the digital currency amid concerns about volatile prices.
?It looks like a bubble, smells like a
bubble, acts like a bubble and feels like a
bubble,? Shmuel Hauser, director of the
Israeli watchdog, said.
The cryptocurrency remains below
its mid-December peak of nearly
$19,666, but its ascent since the start of
the year, when it was worth just $1,000,
has alarmed regulators and financiers,
who fear that the market shows signs of
overheating.
Last week, Citigroup analysts warned
that bitcoin security was ?weak?, adding
that its ?poor design? meant the cryptocurrency was ?likely to be a bubble?.
They said: ?Timing of [the] bubble
peak is unclear ? government action
could become a trigger.?
Concerns about the spiralling price of
bitcoin and volatility in the value of the
currency have prompted regulators to
take action amid fears that a collapse in
its price might leave investors nursing
heavy losses.
The Financial Industry Regulatory
Authority, Wall Street?s self-regulator,
last week warned investors to be
?cautious when considering the purchase of shares of companies that
tout the potential of high returns associated with cryptocurrency-related
activities?.
Chinese authorities went further,
deciding to close bitcoin exchanges
and ban initial coin offerings in
September. Investors have pumped
more than $1bn into initial coin offerings since the start of the year, evoking
echoes of the dotcom boom and bust of
the late-1990s.
Companies / Sectors / People
Companies
Dong Energy..............................................10
Mt. Gox...........................................................11
Stox.com........................................................11
Financial Services........................10,12,13
People
AT&T..............................................................10
DuPont...........................................................13
Netflix.............................................................12
Temasek........................................................12
Financials................................10,11,12,13,14
Ambani, Mukesh.......................................11
Accor...............................................................14
Facebook.................................................10,11
Nomura Holdings.....................................11
Tencent...................................................10,14
Food & Beverage...............................10,11
Ambani, Anil................................................11
Admiral..........................................................14
Faraday Future.........................................12
Oersted..........................................................10
Tesla ........................................................10,12
Industrials......................................................4
Bazin, S閎astien.......................................14
Airbnb............................................................14
Four Seasons Hotels and Resorts..4
Ofo...................................................................14
Thorsten Diercks.......................................3
Insurance......................................................14
Buffett, Warren.........................................10
Okasan............................................................11
Trian Partners...........................................13
Media..............................................................12
Pillow Homes.............................................14
Twitter ...........................................................4
Mining.........................................................3,10
RCom...............................................................11
ValueAct........................................................13
Property........................................................14
Red Mountain Capital.....................13,13
Veritas Investments..............................14
Retail...............................................................10
SBI Holdings................................................11
Vestas............................................................10
Support Services.....................................10
Saudi Telecom Company.....................4
WeWork.........................................................14
Technology...........................10,11,12,14,18
Mibrag..............................................................3
Sberbank........................................................4
WebMD..........................................................13
Telecoms.............................................4,10,11
Cheyne Capital..........................................13
Microsoft........................................................11
Schroders.....................................................10
Sectors
Transport......................................................12
Citigroup.........................................................4
Mitsubishi UFJ Financial Group.....12
Sirius Minerals..........................................10
Automobiles..........................................10,12
Travel & Leisure................................10,14
Slater, Chad.................................................13
Daiwa .............................................................11
Mobike...........................................................14
SoftBank.......................................................14
Banks..........................................................4,12
Utilities.............................................................3
Wilson, Robert..........................................10
Dalian Wanda...............................................7
Morphic Asset Management............13
Sonnen...........................................................14
Energy..................................................3,10,14
Alibaba...........................................................14
Allianz............................................................14
Apple...............................................................18
Bank Danamon.........................................12
Blue Harbour..............................................13
British Land................................................14
Carlsberg.......................................................11
HSBC...............................................................12
HelloFresh...................................................10
Kingdom Holding Company...............4
LeEco..............................................................12
Lord & Taylor............................................14
LydianCoin...................................................11
Man Group..................................................10
� The Financial Times Limited 2017
120
al-Duwaish, Saud.......................................4
Eichholz, Armin...........................................3
Gref, Herman...............................................4
Kamel, Saleh.................................................4
Mesdag, Will...............................................13
Musk, Elon...................................................10
Pang Au, Yat.............................................14
Peltz, Nelson..............................................13
Robbins, Cliff..............................................13
Yueting, Jia.................................................12
Week 52
90
80
Nomura is down
more than 4 per
cent year to date,
helping shepherd
the brokerages
sub-sector
into Japan?s
three worst 2017
performers
?
12
FINANCIAL TIMES
Wednesday 27 December 2017
COMPANIES
INSIDE BUSINESS
Financials
MUFG buys stake in Indonesian bank
Investment marks
?milestone? for Japanese
group?s strategy in Asia
LEO LEWIS ? TOKYO
Mitsubishi UFJ Financial Group is to
intensify its expansion into Southeast
Asia by purchasing a majority stake in
Indonesia?s fifth-largest bank by market
capitalisation.
The deal, which will be executed in
three distinct phases and may still
encounter regulatory friction, would see
the Japanese bank acquiring a 73.8 per
cent stake in Bank Danamon from its
largest existing shareholder, Singaporebased Temasek.
MUFG expects that, after a cash offer
to remaining shareholders during the
third phase, it will ultimately obtain a
larger overall holding, bringing the total
cost of the deal to about $6bn.
The Japanese bank said that the
investment represented a ?crucial milestone? for its strategic plans in Asia.
MUFG intends to use its stake in Danamon to capture the business of Japanese and other foreign clients investing
in Indonesia.
Through various subsidiaries and
funds, the Singaporean sovereign
wealth fund Temasek has held the stake
in Danamon since 2003.
In a statement, it described MUFG as
well positioned to lead Danamon ?forward into its next phase of growth?.
Yesterday?s announcement ends several months of speculation over MUFG?s
plans in Indonesia as the Japanese bank
steps up its efforts to secure future
growth streams outside its shrinking
domestic market.
Over recent years, the bank has been
on a run of stakebuilding exercises in
financial groups in Thailand, Vietnam
and the Philippines.
One hurdle to any aggressive deals in
Indonesia has been a cap of 40 per cent
on foreign ownership of the nation?s
banks ? a limit that has now been
stretched on four occasions as HSBC and
others have become majority shareholders by making commitments to
helping the local economy.
People familiar with MUFG?s negotia-
MUFG says
it is well
positioned
to lead
Danamon
forward
into its next
phase of
growth
tions in Indonesia said that yesterday?s
announcement was an indication that
the Japanese bank had received positive
signals from the Indonesian regulator.
In the first phase of the stakebuilding,
which is expected to be completed over
the next few days, MUFG will pay
$1.17bn for a 19.9 per cent stake tranche
of Danamon.
In the second step, which requires
regulatory approval and is expected to
take place during the middle to later
part of the 2018 financial year, the Japanese bank will boost its stake to 40 per
cent.
After another round of negotiations
with the regulator, MUFG hopes to then
acquire the third slab of shares from
Temasek.
Technology. Debt management
Creditors scramble for cash as LeEco unravels
Fall of Chinese tech champion
shows dysfunctional nature of
country?s bankruptcy regime
EMILY FENG ? BEIJING
Felix Tao still remembers how thrilled
he was to receive one of his biggest
orders: a Rmb1.6m ($244,000) deal to
supply phone parts to Le Mobile, the
mobile phone subsidiary of tech conglomerate LeEco.
Almost two years later, however, the
young supplier from the coastal province of Shandong says he is still waiting
to be paid.
?LeEco keeps telling us to give them
some time. We have heard that line so
many times that we have it memorised,?
he says.
The unravelling of LeEco, the tech
group that once aimed to be the Tesla
and Netflix of China, has devolved into a
chaotic scramble for cash, providing a
case study case into the shakiness of the
country?s nascent corporate bankruptcy regime.
This has sweeping implications for
the country?s ability to allocate and
manage debt.
A dysfunctional bankruptcy system
?Creditors feel they must
move swiftly and
aggressively to safeguard
their interests in China?
has allowed China?s insolvent businesses to continue with little pressure to
restructure.
It has also discouraged investors and
banks from properly pricing credit risk
into their lending, which spells trouble
for a country with $18tn in corporate
debt, equal to 169 per cent of gross
domestic product, according to the
Bank for International Settlements.
On paper, China?s corporate bankruptcy law, implemented in 2007, is
nearly identical to regimes in the US and
Europe. In practice, businesses typically
shun bankruptcy in favour of the informal resolution channels they have used
for decades.
?Near as I can tell, [the bankruptcy
process] doesn?t really exist. It?s there
on paper, and I vaguely recall hearing of
a few cases, but for the most part it is
ignored,? says Dan Harris, a lawyer who
specialises in Chinese business law.
Creditors can force a group into bankruptcy if they can demonstrate it is
overdue on payments. But that can be
difficult in China, as creditors often do
not have full access to the parent company?s financials.
LeEco projected an image of business-
Eye opener:
Beijing officials
have ordered
Jia Yueting,
LeEco founder,
to return to face
questions about
a debt in the
group?s listed
business Leshi
Jeff Chiu/AP
as-usual despite reporting a Rmb637m
loss in its listed business, Leshi, in the
first half of 2017, amid signs the group
was running out of cash.
During this period, LeEco founder Jia
Yueting travelled to Hong Kong to raise
money for its electric car venture with
US start-up Faraday Future.
This month, China?s Supreme Court
put Mr Jia on a blacklist for unpaid
debts, and Beijing ordered him to return
to China to answer questions about a
Leshi debt. Alarmed by LeEco?s wellpublicised financial woes, the company?s creditors took action earlier this
year to seize LeEco?s remaining assets.
?Creditors feel they must move
swiftly and aggressively to safeguard
their interests in China,? says Shaun Wu,
a Hong Kong lawyer who specialises in
advising parties in China foreign joint
venture disputes. ?There is less of a willingness to stand in line and wait for everything to be sorted.?
The upshot is that instead of a smooth
restructuring, Chinese insolvency typically dissolves into a disorderly fight for
the cash and assets of the indebted
group. When LeEco?s cash problems
became public about 10 lenders occu-
pied the group?s office, looking for
assurances from management that they
would be repaid. LeEco did not respond
to multiple requests for comment.
The likelihood of creditors getting
their money back is further complicated
by a quirk of Chinese financing: CEO
share pledging. Using personal shares to
secure loans is common in China, where
10 per cent of the mainland stock market (by value) is pledged against loans,
according to Bank of America.
The founder will often use the cash to
lend to the company, and its finances
will quickly overlap with that of the
founder.
However, because China does not let
individuals declare bankruptcy, the
backers of insolvent groups are highly
motivated to steer their companies
away from such proceedings.
?A private company may be
approaching bankruptcy because the
$18
tn
Level of China?s
corporate debt,
which is equal to
169% of GDP
10
Lenders that
occupied LeEco?s
offices after woes
became public
individual debt of the chairman is so
high, but that personal debt cannot be
forgiven,? says Han Chuanhua, a Beijing-based bankruptcy lawyer. ?In that
case, an individual would want to avoid
bankruptcy at all costs.?
Creditors are then forced to use other
means to collect, such as targeting the
founder?s assets.
In the case of LeEco, Mr Jia and his sister had pledged almost all their shares in
its listed arm against loans, while his
brother also borrowed against shares in
a connected company.
In July, a Shanghai court froze more
than $180m of LeEco assets belonging to
Mr Jia, his brother and Mr Jia?s wife in
lieu of missed loan payments. Weeks
later, a Beijing court ordered another
$33.78m of assets frozen.
On Monday, the China Securities Regulatory Commission ordered Mr Jia to
return to the country to answer questions why he was not following through
on a promise to provide an interest-free
loan to Leshi, another indicator of how
the founder?s finances were entangled
with the group?s.
Mr Jia could not be reached for comment.
FINANCE
Jonathan
Ford
UK cannot exclude
possibility of a Brexit
with no banking deal
T
he EU has frequently criticised Britain for not
specifying what sort of trade arrangement it
wants with the bloc after Brexit. Yet one could
lay much the same charge at Brussels? door.
After all, it has been largely silent on what sort
of final relationship it sees itself having with the UK.
The commission gave some pointers last week, especially on the thorny question of financial services. First,
the EU?s principal negotiator Michel Barnier said that any
free trade deal would not preserve British-based banks?
single market ?passport? rights after the UK?s departure ?
the legal permit that automatically gives them the ability
to trade across the bloc from a single location.
Then, as if to follow that up, the EU unveiled some draft
legislation. This aims to tighten the established mechanism through which the bloc grants so-called ?equivalence? status to third countries, such as the UK after
Brexit. The law indicates, for instance, that Britain might
have to continue to apply EU rules even on such arcane
matters as bonus caps, for its own regulations to be
deemed equivalent to EU standards.
The immediate reaction was that Mr Barnier?s bald
statement was the bigger blow. But actually, it is the draft
law that is more concerning, especially as equivalence or
some variant has always been the most likely mechanism
through which City of London firms would retain any EUmandated access to the single market.
Take the issue of bonus caps ? a politically smart choice
for Brussels to use to illustrate its intentions with the
planned law. Who sees it as a priority for the UK government to fight for City-based bankers to receive even higher
pay? Yet the Bank of England has already said it would consider dismantling the bonus cap after Brexit ? precisely
because it has its own alternative in the form of longer
vesting periods that would achieve the same objective.
And that is the fundamental point with equivalence:
rules should not need to be identical, but only to have the
same higher objective ? one that critically preserves customer protection. This was certainly Michel Barnier?s view
when he negotiated the EU?s largest equivalence deal to
date ? with the US over central counterparties after the
Americans forced derivatives to be centrally cleared
Few could say UK
following the financial crisis.
Then, he stressed the prin- and EU rules are
ciple that when two counnot equivalent ?
tries? rules were ?comparable and consistent? with right now they
each other?s objectives, it
are identical
was ?reasonable to expect
[each] to rely on those rules
and recognise the activities regulated under them as compliant?. Few could argue that UK rules are not equivalent
to European ones ? they are presently identical.
So why the more prescriptive approach? Brussels says
that it is necessary to deal with the systemic risks caused
by Europe?s continued dependence on London postBrexit. But turning the UK into a financial rule-taker
would not obviously reduce these perils. Indeed by separating rulemaking from regulation, it could conceivably
magnify them. For instance, concerns about the stability
of the Eurozone could encourage EU officials to impose
restrictions on the functioning of markets ? such as short
selling bans and curbs on the ability of institutions such as
credit rating agencies to issue ?unhelpful? judgments.
Much ultimately depends on how the EU chooses to
define its more granular definition. Too tight an approach,
and that must likely push the UK in the direction of retaining regulatory sovereignty even at the price of losing
officially sanctioned access privileges. Even before the
Brexit referendum, when the UK envisaged remaining a
full EU member with voting rights, the Cameron government was already worried about the increasingly intrusive
and mercantilist direction of EU financial regulation.
Theresa May has ruled out a Norway-type end state as an
unacceptable version of exit, partly because of the need to
take other?s rules.
Leaving without a deal on financial services is not Britain?s objective. But it cannot be excluded if an acceptable
way forward cannot be conjured. The City?s powerful position in EU finance was largely built before the passport was
invented, and it should not tangle itself in European red
tape simply to preserve a portion of the 20 per cent of its
business that is EU-facing. The UK should in those circumstances accept Mr Barnier?s view that finance will not be
part of any special treaty, maximise the legal and linguistic
advantages that allow it to be competitive, and continue to
expand its global trade.
jonathan.ford@ft.com
Transport
Haulage rates soar as US trucking groups grapple with shortage of drivers
GREGORY MEYER ? NEW YORK
Robots may one day steer trucks across
the US. But in winter 2017, US trucking
companies are confronting a shortage
of human drivers.
Rates to hire long-distance trucks have
soared as rising freight volumes and
robust retail sales during the festive season drive up demand, just as a strong US
jobs market makes drivers harder to
come by.
Capacity may shrink further after a
law took effect this month requiring
electronic logging devices in cabs and
tightening enforcement of rules on
mandatory rest for drivers.
The ratio of loads in need of movement to trucks available is this month
expected to be the highest on record,
according to DAT, an online trucking
bulletin board. There is ?very little, if
any, excess capacity in the system?, said
Avery Vise of FTR, a consultancy.
The situation could push up the cost
of consumer goods. The wholesale price
index for truck freight transport in
November was up 3.1 per cent year on
year.
Supply in the US truck market contracted in the autumn after hurricanes
dealt a blow to Houston and other cities
on the Gulf coast, keeping drivers from
the region at home and requiring fleets
of trucks to bring materials south for the
rebuilding effort.
The newly mandated electronic logs,
meanwhile, will track and record a
truck?s movements, making it difficult
to cheat federal rules that limit driving
Many truck companies are struggling
to keep cabs staffed and on the road
to 11 hours on the road. ?The productivity of the whole industry will go down
a little bit,? said Noel Perry, an FTR
economist.
FTR said the rate of active truck utilisation ? trucks needed to meet demand
versus the number of vehicles available
? has reached 100 per cent, up from a
10-year average of 93 per cent.
Respondents conveyed a similar sentiment in a Morgan Stanley survey of the
industry. ?Each week is a record setting
week,? said one carrier. ?Drivers are
scarce.?
DAT, where shippers, truckers and
brokers find deals, said that the spot
rate to hire a 53ft trailer van had risen 24
per cent from a year ago to more than $2
per mile.
?The price shocks this year have been
extraordinary,? said Mark Montague, an
analyst at DAT.
Derek Leathers, chief executive of
Omaha-based trucking company
Werner Enterprises, told an investor
conference last month that his company
raised employee wages 15 per cent over
two years, helping retain drivers, but he
said competitors were struggling to
keep cabs staffed and on the road.
The shortage of drivers comes as the
industry looks to a future with self-driv-
The driver shortage comes
as the industry looks to a
future with self-driving,
autonomous trucks
ing, autonomous trucks. There are currently more than 3m truck drivers on
the road in the US, with the job offering
one of the highest levels of pay for noncollege graduates.
The median salary for drivers with
three years? experience last year tipped
$57,000, according to the National
Transportation Institute.
However, Mr Leathers warned that
the buzz around the technology could
discourage people from working as
drivers.
?The last thing I can afford, and we
can afford, is for our rhetoric on driverassist or autonomous to get out in front
of reality and [for us to] start seeing
enrolments and interest in the field
drop before the technology is ready to
really engage,? he said.
?
Wednesday 27 December 2017
13
FINANCIAL TIMES
COMPANIES
Corporate governance. Investing
Activists look to the ethics route for higher returns
Corporate responsibility can
drive earnings and limit risk
for shareholders, say funds
LINDSAY FORTADO ? NEW YORK
Think of shareholder activists and the
word ?ethical? might not be the first that
springs to mind.
Yet among hedge funds, it is the activists who are paying most heed to environmental, social and governance concerns that were once the domain of
Scandinavian pension funds and university endowments.
Funds including Trian Partners, Blue
Harbour, Red Mountain Capital and
ValueAct are all focusing on ESG as they
seek to boost performance and as their
own investors clamour for managers to
show their commitment to ESG issues.
?It is hugely important for us, and we
put it on the same scale as other things
we look at ? a company?s cash flow, its
market share, its management,? said
Cliff Robbins, the founder of Blue Harbour, an activist that focuses on smallto mid-cap companies. ?Anything we
can do to reduce risk is smart.?
While Mr Robbins said that Blue Harbour was unlikely to invest in a company whose ESG profile was particularly
poor ? such as predatory lending or coal
mining, for example ? activists are not
typically making a value judgment on
which companies are ethical or unethical. Instead, they are turning to ESG
issues to mitigate risk and improve
company performance.
Activist funds frequently hold positions for longer than typical equities
hedge funds and have concentrated
portfolios to allow them to take significant stakes in the companies where they
are pushing for performance-enhancing
changes.
They say that improvements in board
diversity, employee retention, environmental policies, supply chain ethics and
data security and privacy ? all common
ESG concerns ? can drive earnings and
limit the risks of costly litigation or runins with regulators.
?We?re at
a tipping
point
where
there?s
a lot more
interest
and
concern?
Brian Schorr, chief legal counsel at
Trian, Nelson Peltz?s activist fund, said
the company did thorough due diligence checks on DuPont?s environmental policies before taking a stake in the
chemical giant.
?It was important to understand
potential environmental risks and
opportunities before we made the
investment,? Mr Schorr said. ?We have a
very concentrated portfolio and we
wanted to be sure that if we invested, we
had assessed what their existing litigation and environmental exposure was.?
Will Mesdag, chief investment officer
and founder of Red Mountain Capital, a
Los Angeles-based activist fund that
invests in small-cap companies, said he
found that addressing ESG issues ?rarely
drivesreturns,butclearlyreducesrisk?.
?Good governance is essential,? he
said. ?We always evaluate corporate
governance and seek to improve it. The
critical path is to enhance shareholder
rights, tie executive compensation to
performance, and refresh boards . . . At
a minimum, a company must have an
effective corporate social responsibility
policy. This will translate into rigorous
oversight of its supply chain and labour
force as well as responsible behaviour
from an ethical and legal perspective.?
The issues for every company were
different, said Mr Robbins.
?I think the most important thing for
us is in the ?s? of the ESG, in the social
end of it, and what I mean by that is, how
the companies feel about gender pay
equality, what is the culture like, is there
advancement for women and minorities? Does the management care about
the health and wellness of their employees?? said Mr Robbins.
In one of Blue Harbour?s more recent
investments, in the health information
website WebMD, the priorities were
ensuring that the company?s data privacy and security were airtight and
advancing more women in the company. The majority of the website?s users
were female, he said, but women were
still in the minority as employees.
Some research backs up a link
between ESG concerns and higher
returns. The Boston Consulting Group
found that companies with more ethical
operations made bigger profits and were
valued more highly than competitors.
Activist fund managers said they were
not necessarily looking for companies
that already had good ESG policies in
place because those that did often
already had a strong share price and
were unlikely to be the undervalued
bargains sought by activists.
Hedge funds with non-activist
Trian did
thorough due
diligence checks
on DuPont?s
environmental
policies before
taking a stake in
the chemical
group. From
top, Cliff
Robbins of Blue
Harbour, Will
Mesdag of Red
Mountain and
Nelson Peltz of
Trian
Castaldostudio/Dreamstime
strategies are also taking a greater look
at ESG policies at companies in order to
determine whether, and how, to invest.
Morphic Asset Management, an equities fund in Sydney, Australia, has begun
doing ?governance pairs trades? that
include shorting the shares of companies it deems unethical.
Without divulging the names of the
companies involved, Chad Slater, Morphic?s joint chief investment officer,
highlighted a recent trade involving Japanese builders. The fund invested in a
condominium developer that Mr Slater
said had a ?progressive board?, one with
two members under age 40 and which
had instigated a share buyback. Morphic also shorted a homebuilder he said
had ?terrible governance?, a complicated ownership structure and a reluctance to pay out cash to shareholders.
In another example, the investmentgrade credit group at Cheyne Capital, a
UK-based hedge fund, analyses the role
of governance and management in
determining credit outcomes and
has incorporated ESG scoring into its
analysis.
Cheyne, which has an ESG fund ? its
Social Property Impact Fund, which
funds housing for the disadvantaged
that is leased at affordable rates ? is also
seeing increased interest from investors, especially those in Scandinavia.
Meanwhile, 60 per cent of investors
say they plan to increase their allocations to responsible investments over
the next three years, according to a
survey by the consultancy CreateResearch.
To activist hedge funds, that smells
like an opportunity to attract more
money to manage.
?I?d say we?re at a tipping point where
there?s a lot more interest and concern,?
said Mr Robbins.
?The endowments and universities
[that invest with Blue Harbour] are
interested because it?s something their
students feel strongly about; wealthy
families who will be handing over
their fortunes to millennials are interested; labour unions are interested; and
state pension plans have really been
pushing.?
?
14
FINANCIAL TIMES
Wednesday 27 December 2017
END OF OWNERSHIP
?Sharing economy? gains ground across sectors
The second part of
this FT series looks
at how property, bike
rides, energy and
insurance face a shift
in product use
but the industry is having to catch up
with the fact that customers increasingly no longer need the sort of longterm cover in an economy where goods
are rented rather than owned.
Three years ago, executives from the
industry were called into 10 Downing
Street to see the UK prime minister, who
was concerned that a lack of insurance
cover was holding back new business
models.
?An insurance policy is not designed
for somebody else,? said Graeme
Trudgill, chief executive of the British
Insurance Brokers Association, which
chaired the meeting.
?At that point there were not any specialist products at all.?
Some of the industry?s bigger companies are taking an interest in the move
towards rental. Allianz organises insurance for Drivy, which allows people to
hire their own cars out to others.
Meanwhile, the UK insurer Admiral
has launched Veygo, which allows people who do not own a car to insure themselves for cars owned by other people.
Humphrey Bowles, an entrepreneur
who used to work for the accommoda-
Transforming traditional industries
FT REPORTERS
The cutting of the ties of ownership is
now too broad to ascribe simply to millennials, with a tech-led ?sharing economy? option being created across sectors. Companies are having to reposition
themselves to a fundamental shift in
how people use their products. Ancillary products are also being created that
fit this model of non-ownership ? new
types of insurance, for example.
Companies are slowly reconfiguring
their businesses for the sharing economy. Executives talk about service-led
provision of goods, with companies now
investing more in intangible assets such
as R&D and software to support their
growth. In the second of a two-part
series, the FT looks at how the shift in
ownership is transforming traditional
industries.
?We offer on-demand
cover to take the
uncertainty out of people
[renting out] their homes?
Property
At first glance, San Francisco?s Victorian-era apartment buildings do not seem
to have been much affected by tech
innovation. But the city?s biggest landlord knows differently. Veritas Investments, which has $3bn of real estate
under management, says new customer
demands for flexibility and convenience
are upending the lettings industry.
Companies such as Airbnb have made
the practice of staying in a stranger?s
home seem normal and real estate companies and landlords are now grappling
with how to deal with this change.
It is a particular challenge for apartment buildings: if much of the space in a
building is let through Airbnb, it can
become a de facto hotel, even though
management has not been set up with
this in mind.
Yat Pang Au, founder and chief execu-
The sharing economy?
Airbnb bites into US hotel industry
% of US adults who have used shared services in the past
% of sector
Purchased used/
second handgoods online
Used programs with
same-day delivery
Contributed to online
fundraising project
Used ride hailing apps
50
41
5
Supply
Demand
Revenue
Estimated number of listings, Dec 2017 (m)
0
1
2
3
4
Airbnb
4
22
15
Used online home- 11
sharingservices
Worked in shared
4
office space
Hired someone 4
4
online for task
Rented product
2
short-term
Shared accommodation sites disrupt
vacation rental market
HomeAway
3
2
Tujia
Holidaylettings
Wimdu
1
2014
2015
2016
Tui Villas
Sources: UBS; Pew Research Center; CBRE; FT Research
Trading Directory
Trading Directory
FT TRADING DIRECTORY
.....................................................................................................................................................................................................................................................................................................................................................................................................................
Financial Advertising
UK: +44 20 7873 4017 | aman.dogra@ft.com
tive of Veritas, says that the rapid pace
of change prompted him to launch a
tech incubator, Veritas Innovations,
which worked with real estate and
accommodation start-ups.
?We are really trying to activate those
homes with amenities and services that
customers want, and that includes
home sharing,? said Mr Au, citing features such as ?smart? locks, which
homeowners can use to let someone in
remotely when they are out.
?Unlike the new apartment developers, where they can build out a roof-top
bar, our buildings are too small for that,
too old for that, but we are able to
embrace that world of shared economy
services.?
It is not always easy for apartment
building owners to deal with high volumes of Airbnb guests, who are often
unfamiliar with building rules and can
also pose a security risk if they forget to
lock a door or leave a key lying about.
One of the first start-ups backed by
Veritas Innovations, Pillow Homes, is
trying to help solve this problem.
San Francisco-based Pillow sells software to apartment building owners to
help them manage the Airbnb guests
staying there ? for example, allowing
building staff to see a list of current
guests, or helping hosts to book cleaning
services.
Hoteliers and travel groups have also
been attempting to diversify in response
to the rise of Airbnb.
In 2015, Wyndham Hotels took an
undisclosed stake in the London-based
start up LoveHomeSwap, a subscription
servicethatallowspeopletoswaphomes.
Over the past two years, Accor, the
French hotel group, has acquired Onefinestay, the UK-based luxury home
rental site, Squarebreak, a French home
rental start-up, and Travel Keys, a US
group that acts as a broker to hire luxury
villas. ?Accor should be going into the
travel space, which means not just being
a hotels provider,? said S閎astien Bazin,
the chief executive.
The desire for flexibility among commercial property occupiers is also causing changes, particularly in response to
the rise in popularity of
WeWork, the office space
company backed by Japan?s
SoftBank.
Industry executives
say some companies no
longer want long-term
leases, or even
their own front door,
but are looking for
flexible space that
they can increase
or decrease as
required.
The traditional
model of 15-year
leases on large areas
of space is thus being
challenged and prop-
erty owners such as British Land are
also trying to offer more flexible office
space options in response.
WeWork has even bought the flagship
New York store of the 191-year old
department store chain Lord & Taylor,
which will be renting floors from
WeWork from the new year.
Bike sharing
The bike sharing industry has gone from
a start-up pitch to mainstream take-up
to its first failure in little under a year,
led by Chinese companies that have
sought to dominate the market quickly
with a deluge of cheap bicycles.
In 2017, Chinese companies such as
Ofo and Mobike expanded rapidly in
Europe and the US, backed, respectively, by the deep pockets of tech giants
Alibaba and Tencent. But there are
already questions about whether this is
a long-term shift in ownership model or
a fad that is sustainable only in the busiest of city centres.
?It is difficult to see how the companies will become very profitable,? says
Mark Tluszcz, chief executive of Mangrove Capital Partners, the venture capital group. ?The idea that bike ownership
models will change is a very long-term
hypothesis.?
Ofo and Mobike, founded in 2014 and
2015, are at the vanguard of the shared
bike market. According to estimates
from Roland Berger, the consultancy,
there are now 10m shared bikes globally
? of which around 7m are in China. This
compares with global figures of just
1.5m in 2015 and 4m last year.
But at least 11 start-ups have been
raising funds aggressively since the middle of last year, raising concerns about
unsustainable growth fuelled by venture capital that relies on an untested
consumer trend.
?The bike sharing market is definitely
attractive and drawing the attention of
several new entrants but at the end of
the day not all of them are going to be
successful,? says Alexander Dyskin,
transport consultant at Roland Berger.
?It?s not enough to just flood cities with
bikes you have to look for the right
infrastructure, have the
support of local governments and grow
the market.?
Insurance
Insurance companies
are not known for
being fleet of foot
Apartment building
owners, hoteliers
and travel groups have
been attempting to
diversify in response to
the rise of Airbnb
tion website onefinestay, says: ?Insurance was my bugbear. Seeing hosts try
to get access to insurance was ridiculous.?
For Mr Bowles, the problem was residential home insurance policies ? all
designed for long-term residents or
landlords. None of them were designed
for properties that were sometimes
lived in, and sometimes rented out.
Mr Bowles now runs Guardhog, one of
a number of companies trying to fill that
gap. Guardhog?s home insurance is an
add-on to traditional policies, covering
the homeowner during periods when
the property is let out.
?The idea is that we offer on-demand
cover to take the uncertainty out of people [renting out] their homes. Insurance
has been a big barrier that puts people
off,? he says.
Property and car hire are not the only
areas insurers are targeting. Others
have developed policies for people who
want to rent out their possessions or
even their pets, or for people who want
to earn some extra income with freelance jobs.
Energy
Energy companies are facing an uncomfortable truth ? that one day not all
households will require their services.
Self-generated power has been held
back by high costs and inefficient technology but the concept is finally taking
off, thanks to increasingly powerful batteries that can store wind and solar
energy for use when the sun is not shining or wind blowing.
In Germany, about 20,000 households are already part of an initiative,
launched by the energy storage company Sonnen, which connects homes
that independently produce energy.
Sonnen?s virtual network allows them to
buy and sell excess energy to each other
at a reduced cost.
Sonnen is Europe?s largest maker of
rechargeable energy storage packs.
When the company launched in 2010,
its battery packs sold for ?25,000.
Today they cost ?5,000.
?It?s a very good investment,? said
Jens Heuson, a resident outside Munich
who has solar panels on his shed and a
Sonnen pack in his basement.
Mr Heuson no longer dreads the
monthly letter from his power company, because it now contains a cheque
rather than a bill.
In Brooklyn, a start-up called LO3
Energy is testing a similar system that
allows neighbours to buy and sell energy
on a microgrid.
Reporting by Leslie Hook, Aime Williams,
Anna Nicolaou, Patrick McGee, Aliya Ram
and Oliver Ralph
Contracts & Tenders
15
FINANCIAL TIMES
Wednesday 27 December 2017
MARKET DATA
WORLD MARKETS AT A GLANCE
FT.COM/MARKETSDATA
Change during previous day?s trading (%)
S&P 500
Nasdaq Composite
-0.09%
Dow Jones Ind
-0.39%
FTSE 100
-0.06%
FTSE Eurofirst 300
-0.15%
Nikkei
-0.15%
Hang Seng
-0.20%
FTSE All World $
$ per ?
-0.01%
0.72%
$ per �
0.338%
Index
All World
New York
Index
Nov 27 - Dec 26
S&P/TSX COMP
All World
Toronto
2,680.83
16,165.27
16,108.09
2,602.42
Day -0.09%
Month 3.01%
Year 18.42%
Day -0.11%
New York
IPC
Nasdaq Composite
6,932.52
6,889.16
Day -0.39%
Month 0.63%
Year 26.91%
Dow Jones Industrial
Month 0.57%
Year 5.41%
New York
Month 1.68%
Year 8.35%
Bovespa
Month 5.03%
Index
Argentina
Australia
Merval
All Ordinaries
S&P/ASX 200
S&P/ASX 200 Res
ATX
BEL 20
BEL Mid
Bovespa
S&P/TSX 60
S&P/TSX Comp
S&P/TSX Div Met & Min
IGPA Gen
FTSE A200
FTSE B35
Shanghai A
Shanghai B
Shanghai Comp
Shenzhen A
Shenzhen B
COLCAP
CROBEX
Year 24.12%
Latest
Previous
29347.95
6167.30
6069.70
4019.50
3440.06
3995.05
6705.79
75588.04
958.79
16165.27
798.07
27770.49
10643.35
9000.71
3462.50
337.75
3306.12
1978.79
1153.88
1493.93
1834.39
28931.54
6156.30
6060.40
3998.80
3440.02
3995.99
6695.54
75186.53
960.53
16182.63
769.54
27851.01
10615.76
8988.96
3435.60
335.96
3280.46
1970.28
1149.65
1488.32
1839.23
7,417.24
Month 2.27%
Year 7.42%
FTSE Eurofirst 300
Day -0.15%
Month 0.89%
Year 7.87%
CAC 40
Close
price
Day's
change
Day's
chng%
56.65
26.97
58.70
17.07
48.86
2.99
1.30
2.10
0.61
1.60
5.57
5.06
3.71
3.70
3.39
42.26
65.31
56.30
94.47
170.34
-1.87
-2.38
-1.72
-2.61
-4.67
-4.23
-3.52
-2.96
-2.68
-2.67
BIGGEST MOVERS
Ups
Kohl's
Macy's
Signet Jewelers
Range Resources
Foot Locker
Downs
Micron Technology
Qorvo
Liberty Interactive
Skyworks Solutions
Apple
Based on the constituents of the S&P500 and the Nasdaq 100 index
Month -0.23%
All World
5,379.54
Day 0.53%
Country
Month 1.94%
Index
Year 28.96%
Latest
Previous
5,364.72
Day -0.39%
Country
Gold $
No change
0.31%
Month 1.89%
Year 8.65%
FTSE MIB
Month 1.52%
Day -0.54%
Hong Kong
29,707.94
Month -0.81%
Day -0.22%
Shanghai
Month -0.03%
Index
Year 10.98%
Cyprus
Czech Republic
Denmark
Egypt
Estonia
Finland
France
3,479.43
22,397.78
Day -0.14%
Country
Philippines
Poland
Portugal
Romania
Russia
Saudi-Arabia
Singapore
Slovakia
Slovenia
South Africa
South Korea
Spain
Sri Lanka
Sweden
Switzerland
Month -0.48%
Index
Year 16.15%
Latest
Manila Comp
Wig
PSI 20
PSI General
BET Index
Micex Index
RTX
TADAWUL All Share Index
FTSE Straits Times
SAX
SBI TOP
FTSE/JSE All Share
FTSE/JSE Res 20
FTSE/JSE Top 40
Kospi
Kospi 200
IBEX 35
CSE All Share
OMX Stockholm 30
OMX Stockholm AS
SMI Index
Previous
8432.31
63237.38
5383.33
2971.08
7796.52
2097.03
1144.97
7146.37
3378.16
325.09
795.56
58800.23
36031.99
52063.77
2427.34
318.89
10182.00
6350.30
1606.25
575.65
9394.49
Day 0.78%
Country
8378.28
63477.25
5396.53
2969.32
7794.33
2105.06
1143.94
7181.46
3385.71
325.09
789.44
58771.79
35793.77
52082.44
2440.54
321.21
10304.60
6323.74
1616.27
578.61
9424.67
Taiwan
Thailand
Turkey
UAE
UK
USA
Venezuela
Vietnam
Month -1.42%
Index
Weighted Pr
Bangkok SET
BIST 100
Abu Dhabi General Index
FT 30
FTSE 100
FTSE 4Good UK
FTSE All Share
FTSE techMARK 100
DJ Composite
DJ Industrial
DJ Transport
DJ Utilities
Nasdaq 100
Nasdaq Cmp
NYSE Comp
S&P 500
Wilshire 5000
IBC
VNI
Mumbai
34,010.61
Day 0.21%
Previous
10421.91
1752.48
111765.00
4319.81
3265.90
7592.66
6776.02
4170.21
4649.89
8329.81
24740.22
10690.41
722.36
6428.26
6932.52
12814.88
2680.82
27854.36
1258.20
965.93
3,378.16
Year 17.66%
Month -1.86%
33,679.24
Year 6.30%
Latest
Singapore
BSE Sensex
3,462.50
22,209.05
Year 19.23%
3,442.15
Year 35.62%
Shanghai Composite
Month -4.60%
FTSE Straits Times
29,578.01
Day 0.72%
Milan
Seoul
2,507.81
Year 17.84%
Hang Seng
10,182.00
10,053.50
Day -1.19%
All World
2,427.34
Day -0.20%
Madrid
Index
Nov 27 - Dec 26
Kospi
Tokyo
22,495.99
Year NaN%
Ibex 35
Country
Cross-Border
10522.49
1750.22
111099.47
4338.42
3264.80
7603.98
6780.43
4173.01
4632.12
8326.86
24754.06
10674.97
721.05
6465.17
6959.96
12797.44
2683.34
27864.84
1280.33
958.31
Month 0.98%
Index
DJ Global Titans ($)
Euro Stoxx 50 (Eur)
Euronext 100 ID
FTSE 4Good Global ($)
FTSE All World ($)
FTSE E300
FTSE Eurotop 100
FTSE Global 100 ($)
FTSE Gold Min ($)
FTSE Latibex Top (Eur)
FTSE Multinationals ($)
FTSE World ($)
FTSEurofirst 100 (Eur)
FTSEurofirst 80 (Eur)
MSCI ACWI Fr ($)
MSCI All World ($)
MSCI Europe (Eur)
MSCI Pacific ($)
S&P Euro (Eur)
S&P Europe 350 (Eur)
S&P Global 1200 ($)
Stoxx 50 (Eur)
Year 30.61%
Latest
Previous
300.22
0.00
1041.04
6661.48
338.09
1535.29
2990.55
1659.98
1489.25
4044.90
1938.80
597.30
4335.80
4963.25
511.36
2099.94
1620.76
2847.59
1652.59
1578.65
2344.88
0.00
301.14
3570.78
1043.82
6676.66
338.13
1537.58
2997.58
1664.25
1489.25
4053.70
1938.38
597.39
4345.62
4984.78
511.29
2099.59
1620.76
2844.26
1658.61
1580.69
2346.43
3195.61
UK MARKET WINNERS AND LOSERS
STOCK MARKET: BIGGEST MOVERS
Apple
Amazon.com
Micron Technology
Nvidia
Tesla
Facebook
Bank Of America
General Electric
Alphabet
Citigroup
13,072.79
Day -0.28%
Paris
24579.57
42716.67
22240.25
7185.43
22939.18
1478.12
1831.93
2129.33
3695.41
6344.77
993.04
648.80
1670.28
1760.24
48387.93
12174.96
549.39
820.33
8396.43
38350.64
900.09
39470.89
Day's
change
-4.67
4.82
-1.87
0.90
-5.88
-0.95
-0.21
0.16
-4.80
-0.93
Index
Nov 27 - Dec 26
Nikkei 225
75,588.04
CSE M&P Gen
68.96
68.17
Italy
FTSE Italia All-Share
24532.59
PX
1081.20
1077.70
FTSE Italia Mid Cap
42506.00
OMXC Copenahgen 20
1025.68
1022.29
FTSE MIB
22209.05
EGX 30
14922.85
14843.33
Japan
2nd Section
7182.96
Austria
OMX Tallinn
1218.52
1220.61
Nikkei 225
22892.69
Belgium
OMX Helsinki General
9511.46
9508.67
S&P Topix 150
1473.39
CAC 40
5364.72
5385.97
Topix
1827.01
Brazil
SBF 120
4284.79
4299.05
Jordan
Amman SE
2125.80
Canada
Germany
M-DAX
26144.24
26193.74
Kenya
NSE 20
3719.38
TecDAX
2536.25
2537.68
Kuwait
KSX Market Index
6369.43
XETRA Dax
13072.79
13109.74
Latvia
OMX Riga
995.18
Chile
Greece
Athens Gen
804.05
793.12
Lithuania
OMX Vilnius
650.73
China
FTSE/ASE 20
2087.09
2054.47
Luxembourg
LuxX
1650.74
Hong Kong
Hang Seng
29578.01
29367.06
Malaysia
FTSE Bursa KLCI
1759.99
HS China Enterprise
11653.08
11596.94
Mexico
IPC
48764.44
HSCC Red Chip
4371.46
4302.88
Morocco
MASI
12266.91
Hungary
Bux
39027.55
39140.22
Netherlands
AEX
548.48
India
BSE Sensex
34010.61
33940.30
AEX All Share
819.36
Nifty 500
9470.35
9431.50
New Zealand
NZX 50
8396.43
Colombia
Indonesia
Jakarta Comp
6221.01
6183.39
Nigeria
SE All Share
38522.14
Croatia
Ireland
ISEQ Overall
7016.24
7011.22
Norway
Oslo All Share
899.53
Israel
Tel Aviv 125
1358.77
1363.68
Pakistan
KSE 100
39525.75
(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.
close
price
170.34
1173.18
42.26
196.17
319.32
176.25
29.67
17.54
1064.06
74.56
Frankfurt
1,535.29
Previous
stock
traded m's
32.9
11.5
11.3
8.6
7.7
6.8
5.5
3.8
3.6
3.3
All World
22,892.69
Europe
Latest
AMERICA
ACTIVE STOCKS
Index
Nov 27 - Dec 22
Xetra Dax
13,008.55
S鉶 Paulo
74,157.37
Country
London
1,521.77
24,740.22
23,557.99
Day -0.06%
All World
48,764.44
Day 0.78%
0.339%
7,592.66
Day -0.15%
Oil Brent $ Sep
ASIA
Index
Nov 27 - Dec 22
FTSE 100
Mexico City
48,136.24
� per ?
-0.132%
No change
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS
EUROPE
Nov 27 - S&P 500
� per $
LONDON
ACTIVE STOCKS
EURO MARKETS
ACTIVE STOCKS
stock
traded m's
-
close
price
-
Day's
change
-
Close
price
Day's
change
Day's
chng%
-
-
-
Ups
Coloplast B A/s
Rwe Ag St O.n.
Ses
Ucb
Edf
-
-
-
Downs
Caixabank
B. Sabadell
Santander
Dnb
Unibail-rodamco
BIGGEST MOVERS
Ups
Downs
Nestle N
Novartis N
Santander
Unicredit
Roche Gs
Intesa Sanpaolo
Royal Dutch Shella
Total
Siemens Ag Na
Sap Se O.n.
stock
traded m's
246.7
204.0
192.1
183.4
182.5
181.7
170.5
154.8
151.9
149.9
close
price
71.37
70.18
5.59
15.92
210.27
2.84
27.81
46.47
117.45
94.58
Day's
change
0.09
-0.64
-0.12
-0.26
-0.43
0.01
0.05
-0.15
-0.20
-0.78
Close
price
Day's
change
Day's
chng%
67.50
17.04
13.65
65.98
10.55
1.34
0.33
0.25
1.00
0.15
2.03
1.97
1.87
1.54
1.49
3.94
1.69
5.59
15.35
210.65
-0.15
-0.06
-0.12
-0.29
-3.95
-3.60
-3.43
-2.15
-1.88
-1.84
BIGGEST MOVERS
Based on the constituents of the FTSE 350 index
Based on the constituents of the FTSEurofirst 300 Eurozone index
TOKYO
ACTIVE STOCKS
stock
close
traded m's
price
Mitsubishi Ufj Fin,.
310.3
836.00
Canon .
290.3 4398.00
Sumitomo Mitsui Fin,.
228.2 4884.00
Softbank .
203.9 8933.00
Japan Tobacco .
197.2 3720.00
Mizuho Fin,.
186.0
205.30
Sumco
170.6 2896.00
Toyota Motor
166.2 7253.00
Sony
161.2 5146.00
Tokyo Electron
144.6 20550.00
Day's
change
-3.80
-21.00
-33.00
-23.00
2.00
-0.80
-87.00
-29.00
-45.00
-250.00
BIGGEST MOVERS
Ups
Takashimaya ,
Marui Co.,
Eisai Co.,
Isetan Mitsukoshi Holdings
Recruit Hldgs Co Ltd
Close
price
Day's
change
Day's
chng%
1188.00
2055.00
6301.00
1348.00
2866.50
43.00
55.00
153.00
29.00
44.00
3.76
2.75
2.49
2.20
1.56
Downs
Toho Z Co.,
Sumco
Furukawa Electric Co.,
Showa Denko K.k.
Unitika
5960.00
2896.00
5550.00
4870.00
819.00
-210.00
-87.00
-120.00
-100.00
-15.00
-3.40
-2.92
-2.12
-2.01
-1.80
FTSE 100
Winners
Dec 22
price(p)
%Chg
week
%Chg
ytd
-
-
-
-
-
-
Losers
Based on the constituents of the Nikkei 225 index
FTSE 250
Winners
Losers
Dec 22
price(p)
%Chg
week
%Chg
ytd
-
-
-
-
-
-
FTSE SmallCap
Winners
Dec 22
price(p)
%Chg
week
%Chg
ytd
-
-
-
Industry Sectors
Winners
Industrial Metals
Oil Equipment & Services
Automobiles & Parts
Construction & Materials
Real Estate & Investment Servic
Mining
General Retailers
Forestry & Paper
Industrial Engineering
General Industrials
Mobile Telecommunications
Aerospace & Defense
-
-
-
Losers
Dec 22
price(p)
%Chg
week
%Chg
ytd
3789.92
12706.00
7323.69
6496.05
2876.30
17938.53
2534.37
20185.53
12436.16
6326.93
5187.82
4899.66
5.8
5.2
4.7
4.5
4.1
3.6
3.5
3.4
3.2
2.6
2.6
2.3
68.8
-5.9
-4.8
16.7
21.1
-2.1
12.8
21.2
14.6
14.6
5.5
Losers
Fixed Line Telecommunication 3160.42
Electricity
7653.73
Personal Goods
36213.85
Media
7546.42
Food Producers
8235.96
Gas Water & Multiutilities
5136.41
Health Care Equip.& Services 7530.03
Food & Drug Retailers
3201.79
Tobacco
53948.86
Real Estate Investment Trusts 3097.05
Software & Computer Services 2377.77
Chemicals
14043.77
-1.2
-1.0
-0.8
-0.6
0.0
0.1
0.2
0.2
0.4
0.5
0.7
0.9
23.5
-3.9
2.6
2.5
3.8
2.2
6.3
25.3
14.0
Based on last week's performance. ?Price at suspension.
CURRENCIES
Dec 26
Argentina
Australia
Bahrain
Bolivia
Brazil
Canada
Chile
China
Colombia
Costa Rica
Czech Republic
Denmark
Egypt
Hong Kong
Hungary
India
Currency
Argentine Peso
Australian Dollar
Bahrainin Dinar
Bolivian Boliviano
Brazilian Real
Canadian Dollar
Chilean Peso
Chinese Yuan
Colombian Peso
Costa Rican Colon
Czech Koruna
Danish Krone
Egyptian Pound
Hong Kong Dollar
Hungarian Forint
Indian Rupee
DOLLAR
Closing
Mid
18.3075
1.2955
0.3770
6.9100
3.3195
1.2706
618.0900
6.5440
2961.8050
567.3750
21.7400
6.2745
17.8298
7.8107
262.7940
64.1100
Day's
Change
0.2475
-0.0002
-0.0071
-0.0051
-3.7350
-0.0254
-3.1200
-0.5400
-0.0308
-0.0158
0.0153
-0.0026
-0.2194
0.0375
EURO
Closing
Mid
21.7217
1.5371
0.4473
8.1987
3.9386
1.5076
733.3595
7.7644
3514.1615
673.1865
25.7944
7.4447
21.1549
9.2673
311.8032
76.0661
POUND
Day's
Closing
Day's
Change
Mid
Change
0.3494
24.4691
0.3302
0.0038
1.7315
-0.0003
0.0012
0.5039
0.0000
0.0213
9.2356
-0.0002
0.0019
4.4367
-0.0095
-0.0021
1.6982
-0.0068
-2.5108 826.1137
-5.0143
-0.0098
8.7464
-0.0342
5.4573 3958.6276
-4.2765
1.1136 758.3301
-0.7420
0.0308
29.0568
-0.0419
0.0007
8.3862
-0.0213
0.0732
23.8306
0.0198
0.0211
10.4395
-0.0038
0.5521 351.2396
-0.3026
0.2424
85.6868
0.0478
Dec 26
Indonesia
Israel
Japan
..One Month
..Three Month
..One Year
Kenya
Kuwait
Malaysia
Mexico
New Zealand
Nigeria
Norway
Pakistan
Peru
Philippines
Currency
Indonesian Rupiah
Israeli Shekel
Japanese Yen
Kenyan Shilling
Kuwaiti Dinar
Malaysian Ringgit
Mexican Peson
New Zealand Dollar
Nigerian Naira
Norwegian Krone
Pakistani Rupee
Peruvian Nuevo Sol
Philippine Peso
DOLLAR
Closing
Mid
13561.0000
3.4918
113.2350
113.2346
113.2343
113.2323
103.1000
0.3020
4.0845
19.7378
1.4239
360.5000
8.3249
110.4500
3.2385
50.1425
Day's
Change
0.0086
-0.1500
-0.1507
-0.1514
-0.1553
0.1000
-0.0001
0.0060
0.1755
-0.0021
-0.0047
0.1500
-0.0002
-
EURO
Closing
Mid
16090.0528
4.1429
134.3525
134.3526
134.3526
134.3528
122.3274
0.3583
4.8462
23.4187
1.6894
427.7307
9.8774
131.0481
3.8425
59.4937
POUND
Day's
Closing
Day's
Change
Mid
Change
41.9084 18125.1031
-0.4599
0.0209
4.6669
0.0113
0.1723 151.3452
-0.2045
0.1723 151.3451
-0.2049
0.1725 151.3443
-0.2058
0.1729 151.3451
-0.2061
0.4368 137.7992
0.1300
0.0009
0.4036
-0.0001
0.0197
5.4592
0.0079
0.2687
26.3807
0.2339
0.0019
1.9031
-0.0029
1.1136 481.8295
-0.0129
0.0202
11.1267
-0.0066
0.5187 147.6229
0.1965
0.0098
4.3284
-0.0003
0.1549
67.0184
-0.0018
Dec 26
Currency
Poland
Polish Zloty
Romania
Romanian Leu
Russia
Russian Ruble
Saudi Arabia
Saudi Riyal
Singapore
Singapore Dollar
South Africa
South African Rand
South Korea
South Korean Won
Sweden
Swedish Krona
Switzerland
Swiss Franc
Taiwan
New Taiwan Dollar
Thailand
Thai Baht
Tunisia
Tunisian Dinar
Turkey
Turkish Lira
United Arab Emirates
UAE Dirham
United Kingdom
Pound Sterling
..One Month
DOLLAR
Closing
Mid
3.5396
3.9096
57.6963
3.7502
1.3435
12.5413
1076.0500
8.3502
0.9896
29.9500
32.7900
2.4640
3.8168
3.6725
0.7482
0.7485
EURO
Closing
Mid
4.1997
4.6387
68.4562
4.4496
1.5940
14.8801
1276.7259
9.9074
1.1742
35.5355
38.9051
2.9235
4.5285
4.3574
0.8877
0.8876
Day's
Change
-0.0020
-0.0101
-0.6538
-0.0008
-0.0494
-3.5500
-0.0055
-0.0002
-0.0035
0.0300
-0.0523
0.0066
-0.0004
0.0000
0.0000
POUND
Day's
Closing
Day's
Change
Mid
Change
0.0086
4.7309
-0.0028
0.0002
5.2254
-0.0136
-0.5954
77.1144
-0.8759
0.0116
5.0124
-0.0001
0.0032
1.7956
-0.0011
-0.0197
16.7621
-0.0665
-0.8771 1438.2043
-4.7834
0.0193
11.1605
-0.0076
0.0028
1.3227
-0.0003
0.0884
40.0299
-0.0057
0.1368
43.8258
0.0389
-0.0542
3.2932
-0.0699
0.0196
5.1013
0.0087
0.0109
4.9085
-0.0007
0.0023
0.0023
-
Dec 26
..Three Month
..One Year
United States
..One Month
..Three Month
..One Year
Venezuela
Vietnam
European Union
..One Month
..Three Month
..One Year
Currency
United States Dollar
Venezuelan Bolivar Fuerte
Vietnamese Dong
Euro
DOLLAR
Closing
Mid
0.7487
0.7502
10.0397
22709.5000
0.8428
0.8424
0.8420
0.8397
Day's
Change
0.0000
0.0001
0.0697
-2.0000
-0.0022
-0.0022
-0.0022
-0.0022
EURO
Closing
Mid
0.8875
0.8867
1.1865
1.1861
1.1857
1.1833
11.9120
26944.6637
-
POUND
Day's
Closing
Day's
Change
Mid
Change
0.0023
0.0024
0.0031
1.3366
0.0000
-0.1501
1.3369
0.0000
-0.1501
1.3371
0.0000
-0.1501
1.3385
0.0000
0.1134
13.4186
0.0927
67.7840 30352.6062
-3.5013
1.1265
-0.0030
1.1264
-0.0030
1.1262
-0.0030
1.1255
-0.0030
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES
www.ft.com/equities
Produced in conjunction with the Institute and Faculty of Actuaries
� Strlg Day's
Euro
� Strlg
� Strlg
Year
Div
Dec 26 chge%
Index
Dec 21
Dec 20
ago yield% Cover
FTSE 100 (100)
7592.66 -0.15 6677.71 7603.98 7525.22 7068.17 3.80 1.18
FTSE 250 (250)
20481.07
0.29 18013.01 20422.73 20350.29 17909.59 2.67 2.05
FTSE 250 ex Inv Co (203)
21979.51
0.32 19330.88 21910.00 21834.33 19190.26 2.75 1.78
FTSE 350 (350)
4224.51 -0.08 3715.44 4227.69 4188.77 3891.39 3.61 1.29
FTSE 350 ex Investment Trusts (302) 4187.72 -0.08 3683.08 4191.11 4151.98 3863.21 3.66 1.24
FTSE 350 Higher Yield (111)
3887.07 -0.26 3418.66 3897.06 3851.81 3715.34 5.00 1.03
FTSE 350 Lower Yield (239)
4164.39
0.12 3662.56 4159.30 4131.94 3670.69 2.10 1.97
FTSE SmallCap (287)
5848.24
0.15 5143.50 5839.74 5807.19 5105.86 3.05 2.45
FTSE SmallCap ex Inv Co (155)
5088.56
0.21 4475.37 5077.68 5035.81 4549.04 3.19 1.16
FTSE All-Share (637)
4170.21 -0.07 3667.68 4173.01 4135.16 3833.90 3.59 1.33
FTSE All-Share ex Inv Co (457)
4109.64 -0.08 3614.41 4112.73 4074.42 3788.88 3.65 1.23
FTSE All-Share ex Multinationals (571) 1265.86
0.13
922.73 1264.16 1257.04 1150.59 3.17 1.74
FTSE Fledgling (96)
10875.74
0.11 9565.17 10863.94 10862.96 8852.49 2.68 2.38
FTSE Fledgling ex Inv Co (47)
15487.70
0.00 13621.36 15488.47 15516.97 11760.07 3.33 0.59
FTSE All-Small (383)
4076.76
0.14 3585.49 4070.91 4049.33 3546.93 3.03 2.45
FTSE All-Small ex Inv Co (202)
3824.92
0.21 3364.00 3817.06 3787.02 3398.35 3.20 1.14
FTSE AIM All-Share (826)
1034.11
0.62
909.49 1027.71 1022.49
831.73 1.34 1.23
FTSE Sector Indices
Oil & Gas (14)
9290.89
Oil & Gas Producers (9)
8950.42
Oil Equipment Services & Distribution (5)13413.18
Basic Materials (30)
6080.77
Chemicals (9)
14960.07
Forestry & Paper (1)
22026.12
Industrial Metals & Mining (2)
4082.35
Mining (18)
17158.09
Industrials (110)
5460.33
Construction & Materials (15)
6825.27
Aerospace & Defense (9)
5092.34
General Industrials (7)
5133.99
Electronic & Electrical Equipment (11) 8034.68
Industrial Engineering (13)
13679.15
Industrial Transportation (6)
5257.98
Support Services (49)
7797.61
Consumer Goods (43)
22148.34
Automobiles & Parts (2)
7361.22
Beverages (5)
21524.49
Food Producers (11)
8308.12
Household Goods & Home Construction (16)15450.11
Leisure Goods (2)
9713.37
Personal Goods (5)
31569.89
Tobacco (2)
53948.96
Health Care (22)
9331.83
Health Care Equipment & Services (10) 7688.66
Pharmaceuticals & Biotechnology (12)12488.79
Consumer Services (95)
5137.10
Food & Drug Retailers (7)
3346.54
General Retailers (28)
2474.60
Media (22)
7654.88
Travel & Leisure (38)
9860.56
Telecommunications (6)
3397.28
Fixed Line Telecommunications (4) 3226.02
Mobile Telecommunications (2)
5179.96
Utilities (7)
7276.05
Electricity (2)
7636.35
Gas Water & Multiutilities (5)
6788.29
Financials (294)
5352.92
Banks (12)
4522.68
Nonlife Insurance (9)
3586.79
Life Insurance/Assurance (9)
8967.05
Real Estate Investment & Services (19) 2835.08
Real Estate Investment Trusts (34) 2801.53
General Financial (31)
9347.42
Equity Investment Instruments (180) 10045.39
Non Financials (343)
4872.20
Technology (16)
2285.04
Software & Computer Services (13) 2637.32
Technology Hardware & Equipment (3) 1847.74
-0.14
-0.16
0.78
-0.35
0.10
-0.58
-0.63
-0.38
0.14
0.47
0.50
0.08
-0.34
-0.01
-0.47
0.06
-0.04
0.70
0.23
0.16
1.08
0.18
-0.19
-0.80
-0.37
0.56
-0.49
0.27
-0.06
0.97
0.23
0.12
0.12
0.07
0.14
0.27
0.23
0.28
-0.20
-0.53
0.29
0.14
0.09
-0.10
-0.14
0.10
-0.02
0.63
0.64
0.50
8171.29
7871.85
11796.83
5348.01
13157.32
19371.87
3590.41
15090.46
4802.34
6002.80
4478.69
4515.32
7066.47
12030.75
4624.37
6857.97
19479.36
6474.16
18930.69
7306.95
13588.30
8542.87
27765.57
47447.86
8207.30
6762.14
10983.84
4518.06
2943.26
2176.40
6732.43
8672.32
2987.89
2837.27
4555.75
6399.25
6716.14
5970.27
4707.86
3977.67
3154.56
7886.48
2493.44
2463.94
8221.01
8834.87
4285.07
2009.68
2319.51
1625.08
9304.08
8964.87
13309.96
6101.98
14945.52
22155.40
4108.22
17224.06
5452.49
6793.30
5067.05
5129.89
8061.85
13681.02
5282.93
7792.76
22156.92
7309.75
21474.87
8294.85
15285.06
9696.23
31629.88
54386.75
9366.15
7646.04
12549.88
5123.23
3348.59
2450.71
7637.17
9848.72
3393.16
3223.89
5172.60
7256.45
7618.62
6769.30
5363.47
4546.97
3576.34
8954.53
2832.55
2804.24
9360.56
10035.23
4873.17
2270.72
2620.63
1838.58
9135.76
8799.41
13299.00
6012.82
14848.99
22026.12
4071.55
16948.17
5427.60
6702.44
5063.83
5100.72
7964.32
13563.77
5267.56
7778.08
21941.60
7138.51
21265.19
8322.03
15185.47
9652.00
31543.96
53544.29
9275.01
7569.09
12428.30
5105.14
3331.03
2434.44
7642.60
9800.52
3343.35
3182.21
5093.21
7275.32
7582.49
6800.95
5323.55
4507.43
3546.46
8887.32
2820.57
2791.55
9265.92
9996.34
4826.08
2266.89
2617.43
1817.73
8811.93
8431.04
16567.86
4890.01
12944.99
18864.42
2449.46
13705.41
4888.47
6714.81
4859.20
4456.39
6162.08
11125.59
4642.25
6882.53
19517.57
7766.90
16643.01
7962.90
13346.92
5595.59
25333.40
52281.26
9746.44
7367.75
13183.11
4861.18
3190.96
2508.30
7858.54
8478.49
3397.22
4283.60
4528.27
8586.58
9196.46
7971.08
4743.35
4073.64
3114.03
7910.60
2480.15
2639.68
7863.39
8661.72
4538.50
1848.46
2078.76
1977.61
P/E
ratio
22.21
18.25
20.36
21.42
22.14
19.40
24.15
13.35
26.96
20.95
22.22
18.07
15.69
51.10
13.45
27.45
60.68
X/D
adj
285.61
520.96
567.64
149.97
150.25
188.65
86.43
152.33
137.53
146.59
146.73
38.18
277.60
435.47
106.07
103.56
12.75
Total
Return
6434.52
15055.42
16487.03
7186.89
3670.64
6967.57
4604.19
8485.35
7762.14
7172.32
3660.63
2298.18
20654.88
28754.61
7593.19
7392.48
1145.24
5.51 0.74 24.38 509.21 8852.95
5.53 0.76 23.83 495.31 8832.99
4.46 -0.07 -323.09 417.21 10567.26
3.12 1.76 18.21 189.08 6319.52
1.97 1.84 27.61 313.75 13527.90
2.65 3.15 11.99 582.72 24230.90
5.16 2.22
8.73 211.81 3799.67
3.24 1.69 18.23 549.05 9339.29
2.34 1.32 32.42 119.96 5694.08
2.25 0.53 83.21 162.07 7315.81
2.40 0.91 45.88 106.48 5511.87
2.77 1.44 25.17 136.09 5926.29
1.64 2.08 29.31 117.30 7386.20
1.89 1.66 31.91 273.15 16837.94
4.00 1.31 19.06 208.90 4817.94
2.27 1.57 28.04 161.66 8188.61
3.20 1.38 22.59 703.80 16612.81
2.67 3.52 10.66 211.50 7164.61
2.30 1.64 26.51 494.83 15405.07
2.08 2.37 20.25 173.21 7250.94
3.37 2.04 14.59 520.42 11123.54
4.90 0.87 23.34 387.34 9090.22
2.82 0.29 122.42 886.55 21627.78
3.88 1.17 21.98 2096.90 35427.48
3.75 0.82 32.39 348.91 7312.36
1.38 2.16 33.63 111.73 6709.75
4.06 0.76 32.23 502.66 8736.07
2.75 1.96 18.52 131.27 4886.93
1.52 2.59 25.38
51.17 3947.97
3.20 1.91 16.32
77.87 2881.56
3.15 1.88 16.86 208.83 4784.28
2.63 1.96 19.42 245.45 9465.17
5.61 0.16 112.62 174.86 3933.74
5.58 0.97 18.45 125.92 3012.44
5.63 -0.15 -118.37 291.47 5420.84
5.73 1.32 13.20 413.75 8532.09
6.62 1.55
9.74 505.19 11382.93
5.48 1.24 14.67 368.86 7958.04
3.41 1.88 15.60 180.61 5048.70
3.89 1.31 19.64 174.29 3413.51
2.94 1.74 19.51 104.16 6409.59
3.54 1.68 16.76 323.17 8923.98
2.40 2.18 19.13
63.39 7664.92
3.45 2.15 13.49 102.24 3566.32
3.26 1.75 17.53 277.70 10890.41
2.39 4.42
9.46 230.80 5562.65
3.66 1.14 23.92 173.73 7339.27
2.10 0.97 49.43
43.92 2965.79
2.07 0.89 54.32
51.99 3617.25
2.71 2.15 17.18
25.98 2181.84
8.00
9.00
10.00
11.00
12.00
13.00 14.00 15.00 16.00 High/day Low/day
Hourly movements
FTSE 100
7590.98
7607.82
7609.51
7603.33
7605.49
7592.66
0.00
0.00
0.00
7614.31
7586.38
FTSE 250
20414.01 20456.32 20463.41 20467.30 20496.21 20481.07
0.00
0.00
0.00 20502.35 20414.01
FTSE SmallCap
5839.64
5838.89
5844.12
5846.36
5850.62
5848.24
0.00
0.00
0.00
5856.32
5834.74
FTSE All-Share
4166.99
4175.80
4176.91
4174.39
4176.40
4170.21
0.00
0.00
0.00
4179.71
4166.99
Time of FTSE 100 Day's high:11:22:30 Day's Low12:29:30 FTSE 100 2010/11 High: 7603.98(21/12/2017) Low: 7099.15(31/01/2017)
Time of FTSE All-Share Day's high:11:24:00 Day's Low08:03:00 FTSE 100 2010/11 High: 4173.01(21/12/2017) Low: 3858.26(31/01/2017)
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
Amount
Latest
Issue
paid
renun.
price
up
date
High
Low
Stock
There are currently no rights offers by any companies listed on the LSE.
FTSE SECTORS: LEADERS & LAGGARDS
FT 30 INDEX
Dec 22 Dec 21 Dec 20 Dec 19 Dec 18 Yr Ago
High
Low Year to date percentage changes
FT 30
3265.90 3264.80 3242.50 3250.90 3247.30
0.00 3391.10 3060.90 Leisure Goods
74.38
FT 30 Div Yield
1.82
1.82
1.84
1.83
1.83
0.00
3.93
2.74 Industrial Metals &
68.61
P/E Ratio net
24.50
24.47
24.19
24.35
24.36
0.00
19.44
14.26 Electronic & Elec Eq
29.85
FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35
Beverages
28.37
FT 30 hourly changes
Software & Comp Serv
25.88
8
9
10
11
12
13
14
15
16
High
Low Personal Goods
23.45
3264.8 3273.8 3272.2 3270.8 3273.4 3265.9 3265.9 3265.9 3265.9 3276.2 3257.4 Technology
22.60
FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30
Industrial Eng
22.16
Mining
20.87
Basic Materials
20.37
Financial Services
17.55
Travel
&
Leisure
15.55
Dec 21 Dec 20 Mnth Ago
Dec 22 Dec 21 Mnth Ago
Household Goods & Ho
15.20
Australia
94.71
94.29
93.18 Sweden
76.65
76.92
76.58 Equity Invest Instr
14.90
Canada
91.71
90.80
91.24 Switzerland
151.22 151.60 151.99 Mobile Telecomms
14.78
Denmark
110.62 110.58 110.29 UK
77.95
78.17
77.95 Chemicals
14.26
Japan
132.80 132.91 134.60 USA
100.16 100.25 100.40 Nonlife Insurance
13.88
New Zealand
115.31 114.50 112.34 Euro
95.40
95.37
94.66
Norway
84.35
84.10
85.91
Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100.
Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk
FX: EFFECTIVE INDICES
FTSE SmallCap Index
Real Est Invest & Se
FTSE 250 Index
Consumer Goods
Forestry & Paper
Support Services
Financials
Life Insurance
Industrial Transport
Industrials
Banks
FTSE All{HY-}Share Index
FTSE 100 Index
NON FINANCIALS Index
Aerospace & Defense
Real Est Invest & Tr
Consumer Services
Oil & Gas Producers
+or-
Food & Drug Retailer
Oil & Gas
Health Care Eq & Srv
Food Producers
Tobacco
Telecommunications
Construct & Material
General Retailers
Media
Health Care
Automobiles & Parts
Pharmace & Biotech
Tech Hardware & Eq
Gas Water & Multi
Utilities
Electricity
Oil Equipment & Serv
Fixed Line Telecomms
4.08
4.02
3.15
2.85
2.15
0.52
-1.17
-2.47
-3.53
-5.52
-5.57
-6.54
-7.69
-15.11
-15.51
-17.13
-19.49
-24.06
FTSE GLOBAL EQUITY INDEX SERIES
Dec 25
Regions & countries
FTSE Global All Cap
FTSE Global Large Cap
FTSE Global Mid Cap
FTSE Global Small Cap
FTSE All-World
FTSE World
FTSE Global All Cap ex UNITED KINGDOM In
FTSE Global All Cap ex USA
FTSE Global All Cap ex JAPAN
FTSE Global All Cap ex Eurozone
FTSE Developed
FTSE Developed All Cap
FTSE Developed Large Cap
FTSE Developed Europe Large Cap
FTSE Developed Europe Mid Cap
FTSE Dev Europe Small Cap
FTSE North America Large Cap
FTSE North America Mid Cap
FTSE North America Small Cap
FTSE North America
FTSE Developed ex North America
FTSE Japan Large Cap
FTSE Japan Mid Cap
FTSE Global wi JAPAN Small Cap
FTSE Japan
FTSE Asia Pacific Large Cap ex Japan
FTSE Asia Pacific Mid Cap ex Japan
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
FTSE Emerging Large Cap
FTSE Emerging Mid Cap
FTSE Emerging Small Cap
FTSE Emerging Europe
FTSE Latin America All Cap
FTSE Middle East and Africa All Cap
FTSE Global wi UNITED KINGDOM All Cap In
FTSE Global wi USA All Cap
FTSE Europe All Cap
FTSE Eurozone All Cap
FTSE RAFI All World 3000
FTSE RAFI US 1000
FTSE EDHEC-Risk Efficient All-World
FTSE EDHEC-Risk Efficient Developed Europe
Oil & Gas
No of
US $
stocks indices
7793 579.59
1447 510.09
1712 779.73
4634 820.87
3159 338.13
2584 597.39
7470 602.14
5917 521.05
6484 591.27
7133 598.31
2128 542.73
5669 570.80
910 500.63
231 381.88
323 627.87
713 887.30
283 575.41
394 838.01
1410 859.73
677 383.60
1451 273.59
186 396.67
317 661.57
806 737.76
503 168.83
545 734.95
454 957.93
1458 604.19
999 579.68
2124 794.06
537 755.03
494 969.75
1093 821.52
122 381.68
240 911.78
239 761.11
323 360.83
1876 660.71
1461 450.37
660 446.41
3005 7040.59
987 11574.25
3159 403.32
554 333.36
145 387.61
Day
%
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.2
0.2
0.1
0.2
0.0
0.1
0.0
0.0
0.0
0.0
0.1
0.0
0.2
0.0
0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Mth
%
1.6
1.6
2.1
1.2
1.7
1.8
1.6
0.3
1.7
1.9
1.9
1.8
1.9
0.1
1.0
0.9
3.0
2.5
1.4
2.9
0.4
0.9
2.0
1.6
1.1
-0.8
1.4
-0.1
-0.6
0.0
-0.4
2.6
0.4
0.3
-1.5
7.2
2.6
2.9
0.3
-0.6
2.2
4.3
2.0
0.8
4.1
YTD
Total
%
retn
21.0 832.45
21.2 751.88
21.0 1061.35
19.5 1081.09
21.2 513.11
20.7 1216.97
21.3 851.33
22.7 802.05
20.7 857.27
20.5 843.06
20.7 785.81
20.5 816.30
20.6 736.14
19.6 645.98
27.5 949.39
27.9 1298.63
20.3 790.92
16.7 1070.74
15.2 1066.00
19.7 539.54
22.3 452.65
21.7 517.90
28.1 827.32
32.2 954.87
23.1 247.24
29.7 1167.82
25.9 1458.78
24.3 904.90
29.2 978.34
26.8 1199.74
27.6 1149.02
21.9 1453.96
26.8 1191.43
13.5 609.24
18.7 1418.54
15.7 1201.78
15.9 614.72
19.6 880.81
21.5 735.39
26.1 733.42
17.9 9408.19
14.1 15340.90
20.5 566.37
24.6 512.72
3.3 635.67
YTD Gr Div Dec 25
No of
US $
Day
Mth
YTD
Total
YTD Gr Div
% Yield Sectors
stocks indices
%
%
%
retn
% Yield
23.8
2.2 Oil & Gas Producers
109 372.63
0.0
0.0
6.0 624.75
10.0
3.5
24.2
2.4 Oil Equipment & Services
27 312.42
0.0
0.0 -10.7 458.68
-8.8
3.1
23.4
2.0 Basic Materials
257 537.09
0.1
0.1
27.2 828.28
30.5
2.4
21.6
1.8 Chemicals
121 802.47
0.1
0.1
27.3 1242.19
30.4
2.2
24.1
2.3 Forestry & Paper
16 306.81
0.0
0.0
28.8 526.30
32.8
3.1
23.6
2.3 Industrial Metals & Mining
68 477.11
-0.1
-0.1
31.8 732.90
34.8
2.4
24.0
2.1 Mining
52 631.64
0.0
0.0
23.1 973.65
26.9
2.8
26.1
2.7 Industrials
560 413.22
0.1
0.1
24.7 599.80
27.2
1.9
23.6
2.3 Construction & Materials
115 549.77
0.1
0.1
19.4 832.98
21.7
1.9
23.2
2.2 Aerospace & Defense
27 766.57
0.0
0.0
35.7 1102.74
38.4
1.8
23.5
2.3 General Industrials
58 238.94
0.0
0.0
1.5 374.84
3.9
2.6
23.2
2.2 Electronic & Electrical Equipment
73 461.67
0.1
0.1
34.3 613.82
36.6
1.5
23.5
2.3 Industrial Engineering
103 862.58
0.1
0.1
36.9 1234.02
39.7
1.8
23.7
3.3 Industrial Transportation
103 712.45
0.0
0.0
26.5 1035.36
29.3
2.1
30.8
2.5 Support Services
81 381.12
0.0
0.0
29.1 529.12
31.5
1.7
30.9
2.3 Consumer Goods
437 506.82
0.0
0.0
21.2 756.85
24.0
2.3
22.8
2.0 Automobiles & Parts
108 450.02
0.0
0.0
22.3 649.75
25.5
2.4
18.6
1.6 Beverages
45 666.81
0.0
0.0
20.8 1012.07
23.9
2.4
16.8
1.5 Food Producers
110 629.12
0.0
0.0
10.5 962.71
13.0
2.3
22.1
1.9 Household Goods & Home Construction
49 469.18
0.1
0.1
16.1 695.80
18.9
2.4
25.8
2.8 Leisure Goods
33 236.64
-0.1
-0.1
47.9 312.32
49.6
1.3
24.2
1.9 Personal Goods
81 751.98
0.1
0.1
30.0 1061.73
32.6
1.9
30.1
1.4 Tobacco
11 1398.84
0.0
0.0
10.4 2935.17
14.2
3.8
34.4
1.6 Health Care
190 501.48
0.0
0.0
18.6 727.65
21.0
1.9
25.4
1.8 Health Care Equipment & Services
73 879.23
0.0
0.0
27.8 1028.93
29.1
1.0
33.3
2.7 Pharmaceuticals & Biotechnology
117 351.49
0.1
0.1
14.9 534.04
17.7
2.4
29.2
2.8 Consumer Services
403 472.55
0.0
0.0
19.8 635.60
21.8
1.6
27.3
2.4 Food & Drug Retailers
60 290.32
0.0
0.0
2.7 408.46
4.9
2.2
32.9
2.7 General Retailers
132 689.22
0.0
0.0
26.6 901.56
28.5
1.3
30.4
2.6 Media
81 344.82
0.0
0.0
13.4 464.92
15.1
1.6
31.2
2.5 Travel & Leisure
130 477.62
0.1
0.1
25.5 650.17
27.8
1.7
25.4
3.0 Telecommunication
92 165.47
0.1
0.1
2.7 315.46
7.0
4.2
30.1
2.5 Fixed Line Telecommuniations
40 135.09
0.0
0.0
-3.9 283.77
0.5
4.7
18.5
4.3 Mobile Telecommunications
52 180.29
0.1
0.1
12.8 308.22
16.7
3.5
21.7
2.5 Utilities
168 274.17
0.0
0.0
11.2 540.57
15.1
3.6
19.1
3.0 Electricity
110 300.77
0.0
0.0
10.6 585.86
14.3
3.5
20.3
3.7 Gas Water & Multiutilities
58 288.28
0.0
0.0
12.3 584.29
16.4
3.8
21.8
1.8 Financials
712 256.91
0.0
0.0
20.4 424.42
23.9
2.8
25.3
3.1 Banks
247 231.06
0.0
0.0
20.0 410.76
23.9
3.2
29.7
2.8 Nonlife Insurance
73 270.86
0.0
0.0
16.8 395.67
19.5
2.2
21.3
2.8 Life Insurance
53 249.90
-0.1
-0.1
24.8 404.12
28.5
2.7
16.7
2.2 Financial Services
154 306.55
0.0
0.0
27.2 425.33
29.6
1.8
23.0
2.2 Technology
195 270.67
0.0
0.0
39.4 333.77
41.5
1.4
27.7
2.6 Software & Computer Services
96 464.46
0.0
0.0
39.6 544.10
40.9
0.8
6.8
3.4 Technology Hardware & Equipment
99 205.00
0.1
0.1
39.3 263.86
42.3
1.9
Alternative Energy
9
95.54
0.0
0.0
4.0 129.54
5.0
1.9
Real Estate Investment & Services
108 361.04
0.1
0.1
30.8 608.09
34.3
2.4
The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index� and RAFI� are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
(US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). ?EDHEC?? is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. � FTSE International Limited. 2013. All Rights reserved. ?FTSE� is a trade mark of the London Stock Exchange
Group companies and is used by FTSE International Limited under licence.
UK COMPANY RESULTS
closing
Price p
13.71
13.61
13.30
12.52
12.49
12.29
12.01
11.66
11.29
10.78
10.70
7.67
6.30
6.16
5.75
5.69
4.78
4.71
FTSE 100 SUMMARY
Company
Blue Planet Investment Trust
Fletcher King
Goodwin
Kodal Minerals
Trafalgar New Homes
FTSE 100
Closing Day's
Price Change FTSE 100
Closing Day's
Price Change
UK STOCK MARKET TRADING DATA
Dec 22
Dec 21
Dec 20
Dec 19
Dec 18
Yr Ago
SEAQ Bargains
9.00
9.00
9.00
9.00
9.00
9.00
Order Book Turnover (m)
83.41
83.19
83.19
83.19
208.27
673.83
Order Book Bargains
430907.00 430907.00 430907.00 430907.00 850290.00 891935.00
Order Book Shares Traded (m)
591.00
591.00
591.00
591.00
1197.00
1332.00
Total Equity Turnover ()
2032.05
2028.46
2028.46
2028.46
4182.86
5747.56
Total Mkt Bargains
501506.00 501506.00 501506.00 501506.00 1003004.00 1058408.00
Total Shares Traded (m)
2509.00
2509.00
2509.00
2509.00
3830.00
3991.00
? Excluding intra-market and overseas turnover. *UK only total at 6pm. ? UK plus intra-market turnover. (u) Unavaliable.
(c) Market closed.
All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
liable for any loss arising from the reliance on or use of the listed information.
For all queries e-mail ft.reader.enquiries@morningstar.com
Data provided by Morningstar | www.morningstar.co.uk
UK RECENT EQUITY ISSUES
Int
Int
Int
Int
Int
Turnover
Pre-tax
0.928727 6.188729 0.371961 5.662012
1.68
0.163
1.489
0.148
69.889
6.047
61.893
6.108
- 0.529341L 0.206402L
0.03
0.132L
0.174L
Figures in . Earnings shown basic. Figures in light text are for corresponding period year earlier.
For more information on dividend payments visit www.ft.com/marketsdata
EPS(p)
11.36
0.71
1.37
1.26
54.53
58.38
0.0068L
0.0086L
0.05L
0.07L
Div(p)
1
Pay day
1 Feb 16
-
Total
1
1
Issue
date
12/21
12/21
12/21
12/21
12/20
12/19
12/19
12/18
12/06
11/27
11/27
11/23
11/22
11/20
Issue
price(p)
25.00
20.00
25.00
100.00
1.20
62.00
62.50
82.00
230.00
50.00
160.00
170.00
134.00
59.00
Sector
AIM
AIM
AIM
AIM
AIM
AIM
AIM
AIM
AIM
AIM
AIM
Stock
code
ERIS
PAT
PPP
SUMO
ALGW
MIRI
PTRO
FAB
SBRE
BKS
KEYS
CPC
TENG
BOKU
Stock
Erris Resources PLC
Panthera Resources PLC
PennPetro Energy PLC
Sumo Group PLC
Alpha Growth PLC
Mirriad Advertising PLC
Pelatro PLC
Fusion Antibodies PLC
Sabre Insurance Group PLC
Beeks Financial Cloud Group PLC
Keystone Law Group PLC
City Pub Group (The) PLC
Ten Lifestyle Group PLC
Boku Inc
lacing price. *Intoduction. ?When issued. Annual report/prospectus available at www.ft.com/ir
For a full explanation of all the other symbols please refer to London Share Service notes.
Close
price(p)
24.25
23.50
50.50
113.50
1.50
62.50
65.50
165.00
270.00
43.50
190.50
167.50
147.50
73.00
+/0.00
0.00
-0.50
0.00
-0.50
0.00
-4.00
0.00
-1.50
0.00
1.00
0.50
0.00
High
28.00
25.00
100.00
119.00
1.73
67.00
68.00
189.50
278.00
47.75
193.00
182.00
152.00
83.00
Low
24.10
24.00
28.00
114.00
1.00
62.00
62.00
85.00
238.00
41.00
188.00
165.00
136.00
70.70
Mkt
Cap ()
753.4
1454.4
3580.5
16457.5
159.5
6368.6
1592.5
3645.0
67500.0
2131.5
5957.7
9458.3
11895.9
15591.5
16
FINANCIAL TIMES
Wednesday 27 December 2017
MARKET DATA
FT500: THE WORLD'S LARGEST COMPANIES
Stock
Australia (A$)
ANZ
BHPBilltn
CmwBkAu
CSL
NatAusBk
Telstra
Wesfarmers
Westpc
Woolworths
Belgium (?)
AnBshInBv
KBC Grp
Brazil (R$)
Ambev
Bradesco?
Cielo
ItauHldFin
Petrobras
Vale?
Canada (C$)
BCE?
BkMontrl
BkNvaS
Brookfield?
CanadPcR
CanImp
CanNatRs?
CanNatRy
Enbridge
GtWesLif?
ImpOil?
Manulife
Potash
RylBkC
Suncor En
ThmReut
TntoDom
TrnCan
ValeantPh
China (HK$)
AgricBkCh
Bk China
BkofComm
BOE Tech
Ch Coms Cons
Ch Evrbrght
Ch Rail Cons
Ch Rail Gp
ChConstBk
China Vanke
ChinaCitic
ChinaLife
ChinaMBank
ChinaMob
ChinaPcIns
ChMinsheng
ChMrchSecs RMB
Chna Utd Coms RMB
ChShenEgy
ChShpbldng RMB
ChStConEng RMB
ChUncHK
CNNC Intl RMB
CSR
Daqin RMB
Gree Elec Apl
GuosenSec RMB
HaitongSecs
Hngzh HikVDT RMB
Hunng Pwr
IM Baotou Stl RMB
In&CmBkCh
IndstrlBk RMB
Kweichow RMB
Midea
New Ch Life Ins
PetroChina
PingAnIns
PngAnBnk RMB
Pwr Cons Corp RMB
SaicMtr RMB
ShenwanHong
ShgPdgBk RMB
Sinopec Corp
Sinopec Oil RMB
Denmark (kr)
DanskeBk
MollerMrsk
NovoB
52 Week
High
Low
Price Day Chg
Yld
P/E MCap m
28.87
29.10
80.39
141.20
29.57
3.66
44.22
31.28
27.35
-0.02
0.26
0.58
0.14
0.12
0.01
-0.43
0.10
-0.09
32.95
29.36
87.74
149.30
34.09
5.29
45.60
35.39
27.75
27.19 8.36 13.92 65451.22
22.06 3.57 19.77 72132.72
73.20 7.65 14.06 108748.23
97.36 1.25 36.24 49287.7
29.00 9.76 11.96 61289.8
3.34 12.37 11.01 33596.07
39.52 6.54 17.01 38696.9
29.40 8.70 13.47 81946.57
23.77 3.58 24.21 27541.67
93.99
71.21
-0.22
-0.25
110.10
72.97
93.02
56.22
3.59 55.72 188336.18
3.91 10.64 35232.28
21.14
30.98
23.49
37.45
16.68
39.91
0.11
-0.62
0.37
0.45
0.09
0.12
22.70
35.83
26.29
40.18
18.85
39.93
16.02
24.87
20.15
28.27
12.47
25.00
3.02
2.04
3.20
5.10
2.76
36.11 100096.53
10.99 28506.65
15.16 19225.19
9.63 37813.77
28.02 37397.22
9.21 34025.02
60.39
100.78
82.29
54.59
231.75
123.11
44.22
103.97
49.14
35.03
38.44
26.71
25.64
102.45
44.70
55.23
72.99
61.68
27.44
0.12
-0.40
-0.12
-0.07
-0.52
-0.37
-0.19
0.03
-0.11
-0.19
0.18
-0.20
0.12
-0.40
0.16
-0.07
0.14
-0.20
-0.13
63.00
104.15
85.50
57.04
233.88
123.87
47.00
108.64
58.28
37.79
47.70
27.54
26.62
103.34
46.66
62.83
75.09
65.24
29.28
57.20
88.63
73.31
43.47
188.36
103.84
35.90
89.29
43.91
33.01
35.15
22.39
20.68
90.13
36.09
55.05
61.50
59.23
11.20
4.77
3.52
3.69
1.28
0.93
4.11
2.47
1.58
4.82
4.20
1.64
3.04
1.98
3.38
2.76
3.16
3.21
4.02
-
18.40 42637.79
12.78 51179.34
12.73 77360.39
93.38 42329.45
18.53 26340.72
11.00 42611.16
19.60 42226.42
20.06 60764.22
24.93 64989.95
14.03 27163.79
15.50 25132.28
14.44 41492.81
38.07 16888.12
13.61 116696.49
26.80 57953.76
29.36 30807.38
13.32 105422.22
31.13 42431.23
5.52 7491.29
3.64
3.80
5.78
1.39
8.75
3.64
8.98
5.74
7.05
29.95
4.88
24.65
30.90
78.00
37.95
7.81
17.14
6.61
19.90
5.88
9.31
10.50
7.29
7.90
8.98
0.06
10.70
11.34
39.76
4.95
2.42
6.28
17.16
680.81
1.56
52.35
5.49
82.90
13.66
7.30
31.71
0.21
12.64
5.76
2.67
-0.01
0.01
0.04
0.02
0.01
-0.03
0.04
0.01
1.30
0.02
0.25
0.60
0.05
0.06
0.15
0.09
-0.04
-0.04
0.04
0.04
0.02
0.09
0.00
0.19
0.04
-0.28
-0.01
0.01
0.03
0.14
-7.31
-0.01
0.30
0.05
0.40
0.41
-0.03
-0.18
0.00
0.05
0.05
-0.01
3.80
4.18
6.44
1.89
11.74
4.06
11.98
7.71
7.12
31.00
5.50
28.20
34.25
91.30
42.30
9.48
22.35
9.29
21.10
8.14
10.96
13.24
8.11
8.03
9.49
0.23
15.94
15.14
43.66
6.25
3.17
6.48
18.52
719.96
1.87
57.85
6.38
87.10
15.24
9.00
34.23
0.35
14.02
6.57
4.35
3.10
3.32
5.40
1.22
8.45
3.38
8.90
5.60
5.42
17.40
4.69
19.84
17.52
75.80
26.35
7.16
15.57
6.15
14.10
5.87
8.33
8.67
6.91
6.81
6.76
0.04
10.43
11.08
23.15
4.81
1.98
4.45
14.99
323.00
1.50
34.35
4.72
38.00
8.54
6.78
22.86
0.20
11.16
5.40
2.63
5.45 5.45 14320.3
5.16 5.69 40669.69
5.50 5.54 25900.38
1.48 15.51
35.39
2.56 7.47 4958.31
3.15 5.09 3199.94
2.07 7.03 2386.33
1.77 8.46 3090.92
4.62 6.40 216930.95
3.07 11.85
5040.5
5.15 5.08
9295.1
1.12 18.62 23476.01
2.80 9.66 18156.1
3.62 12.16 204406.34
2.18 23.36 13479.91
4.28 4.97 6930.67
1.08 22.11 12843.72
- 146.18 21410.47
2.70 8.23 8655.99
- 124.73 16498.51
2.27 9.68 42297.53
67.39 41119.59
1.48 24.12 4711.83
3.11 18.22 4419.58
2.73 10.28 20400.96
-1.88
101.19
1.83 22.25 3589.12
2.26 14.23 4948.55
0.99 42.65 44095.96
6.95 24.56 2977.88
89.54 8149.96
4.34 6.87 69761.58
3.49 6.29 49959.99
0.98 35.94 130689.51
6.99 20.16
42.93
26.66 6928.63
1.04 39.06 14825.14
1.47 17.51 79019.61
1.14 10.79 35314.78
1.15 15.74 10709.09
5.11 11.02 53426.15
-2.52
236.00
1.19 6.93 54283.54
5.45 10.71 18808.51
-3.64 1149.91
245.00
10530
335.80
0.40
20.00
0.90
259.50
14260
339.80
212.70
10060
225.60
3.66 11.00 36488.37
1.28 -17.69 16841.31
2.25 21.78 104769.08
Stock
Price Day Chg
Finland (?)
Nokia
4.03
0.01
5.96
3.81
SampoA
45.74 -0.07 47.46 41.53
France (?)
Airbus Grpe
84.55 -0.37 89.27 61.73
AirLiquide
106.55 -0.45 111.60 90.27
AXA
25.18 -0.12 26.35 21.81
BNP Parib
62.95 -0.34 69.17 53.96
ChristianDior 305.80 -3.45 312.30 190.95
Cred Agr
14.00 -0.10 15.68 11.06
Danone
70.60 -0.01 72.13 57.99
EDF
10.56
0.16 12.48
7.33
Engie SA
14.57
0.04 15.16 10.77
Esslr Intl
115.25
0.80 122.15 100.60
Hermes Intl
448.40
0.45 468.30 386.30
LOreal
186.80 -1.30 197.15 167.75
LVMH
249.50 -2.95 260.55 175.80
Orange
14.64 -0.12 15.80 13.50
PernodRic
130.80
0.05 132.65 102.00
Renault
84.18 -0.29 91.30 73.71
Safran
88.05 -0.45 92.25 61.51
Sanofi
72.55 -0.33 92.97 72.36
Sant Gbn
46.45 -0.23 52.40 43.40
Schneider
72.32
0.08 75.94 63.36
SFR Group
34.50 34.56 21.87
SocGen
43.46 -0.35 52.26 40.66
Total
46.47 -0.15 49.50 42.23
UnibailR
210.65 -3.95 238.15 202.15
Vinci
85.93 -0.31 88.77 64.00
Vivendi
22.77 -0.19 23.50 15.96
Germany (?)
Allianz
195.25 -1.00 204.50 154.25
BASF
93.51 -0.18 97.90 78.97
Bayer
105.45 -0.40 123.90 98.04
BMW
87.52 -0.32 91.76 77.07
Continental
226.30 -0.65 228.85 180.70
Daimler
71.31 -0.12 73.64 59.01
Deut Bank
16.32 -0.21 17.69 13.11
Deut Tlkm
15.01 -0.04 18.15 14.62
DeutsPost
40.50 -0.21 41.36 30.52
E.ON
9.21
0.05 10.81
6.53
Fresenius Med
88.23
0.82 89.22 73.87
Fresenius SE
65.36 -0.23 80.07 60.15
HenkelKgaA
99.79 -0.41 114.60 95.23
Linde
180.25 -0.25 193.20 145.60
MuenchRkv
183.50 -0.65 199.00 166.60
SAP
94.58 -0.78 100.70 81.48
Siemens
117.45 -0.20 133.50 108.00
Volkswgn
170.00 -0.95 175.40 128.05
Hong Kong (HK$)
AIA
63.95
0.85 69.15 43.00
BOC Hold
39.00 40.50 27.10
Ch OSLnd&Inv
24.40
0.25 29.45 20.15
ChngKng
68.65
1.10 70.50 46.50
Citic Ltd
11.08
0.12 12.70 10.66
Citic Secs
16.08 18.74 15.36
CK Hutchison
96.60
0.10 108.90 87.00
CNOOC
11.08
0.14 11.28
8.45
HangSeng
191.80
1.00 195.30 142.10
HK Exc&Clr
236.00
0.20 257.60 177.60
MTR
45.60
0.30 50.00 37.20
SandsCh
39.70 -0.55 41.85 31.25
SHK Props
127.00
0.40 136.90 96.50
Tencent
405.80
6.00 439.60 179.60
India (Rs)
Bhartiartl
542.95 14.40 564.80 288.70
HDFC Bk
1868.35 -8.30 1903.1 1169.3
Hind Unilevr 1348.1 -8.40 1367.95 781.95
HsngDevFin
1713.2
3.85
1804 1197.25
ICICI Bk
318.15
1.55 332.35 224.27
Infosys
1035.6 -3.75 1044.8 860.00
ITC
264.15
1.05 354.80 222.00
L&T
1269.7
3.55
1275 868.33
OilNatGas
193.70
0.30 211.80 155.20
RelianceIn
929.80
9.40 959.50 506.40
SBI NewA
317.15 -2.70 351.30 241.10
SunPhrmInds 541.30 10.35 729.05 432.70
Tata Cons
2649.45
2.70 2777.4
2153
Indonesia (Rp)
21500 400.00 21675 14125
Bk Cent Asia
Israel (ILS)
65.70 -0.25 147.40 38.20
TevaPha
Italy (?)
5.29 -0.01
5.59
3.82
Enel
ENI
14.02 15.92 12.94
Generali
15.28
0.04 16.08 13.21
IntSPaolo
2.84
0.01
3.01
2.06
Luxottica
51.70
0.40 56.90 45.32
Unicred
15.92 -0.26 18.38 11.93
Day
change change %
-0.49
-0.76
1.40
2.65
0.80
1.92
-0.04
-0.11
2.25
2.10
0.41
3.09
0.40
0.48
0.79
1.41
0.46
0.14
0.30
0.16
0.54
1.12
0.09
0.54
-0.28
-0.70
3.55
0.28
0.12
0.30
0.40
0.59
10.00
0.15
1.01
0.81
0.05
0.88
0.04
0.46
Close
Prev
price
price
Firstrand
63.65
64.14
Anadarko
54.33
52.93
Devon Energy
42.37
41.57
LibertyGbl
35.48
35.52
EOG Res
109.36
107.11
PngAnBnk
13.66
13.25
PingAnIns
82.90
82.50
ConocPhil
56.29
55.50
Charter Comms
338.66
338.20
OilNatGas
193.70
193.40
Halliburton
48.55
48.01
Petrobras
16.68
16.59
Hngzh HikVDT
39.76
40.04
L&T
1269.70
1266.15
Vale
39.91
39.79
Schlmbrg
67.84
67.44
Denso
6817.00
6807.00
Chevron Corp
125.99
124.98
Sinopec Corp
5.76
5.71
Altice
8.57
8.53
Based on the FT Global 500 companies in local currency
Week
change change %
7.64
13.6
4.94
10.0
3.67
9.5
2.95
9.1
7.93
7.8
0.91
7.1
5.50
7.1
3.61
6.8
21.69
6.8
10.70
5.8
2.68
5.8
0.92
5.8
2.13
5.7
66.15
5.5
2.06
5.4
3.45
5.4
338.00
5.2
6.15
5.1
0.28
5.1
0.41
5.1
Month
change %
15.96
12.99
11.54
15.37
7.59
-6.18
-3.83
11.53
3.02
7.02
16.77
0.85
6.03
4.20
11.51
9.56
7.28
8.13
4.92
13.31
Current
1.00-1.25
4.50
0.75
0.00
0.50
0.00-0.00
0.00-0.25
Since
15-06-2017
15-06-2017
15-06-2017
16-03-2016
04-08-2016
01-02-2016
15-01-2015
Last
1.00
3.75
0.75
0.05
0.25
0.00
0.00-0.75
Mnth Ago
1.00-1.25
4.25
1.75
0.00
0.25
0.00--0.10
-1.25--0.25
Year Ago
0.25-0.50
3.50
1.00
0.00
0.25
0.00--0.10
-1.25--0.25
INTEREST RATES: MARKET
Dec 22 (Libor: Dec 21)
US$ Libor
Euro Libor
� Libor
Swiss Fr Libor
Yen Libor
Euro Euribor
Sterling CDs
US$ CDs
Euro CDs
Over
night
1.43438
-0.43429
0.47214
P/E MCap m
Stock
Japan (�)
AstellasPh
1429.5 -10.50
1688 1331.5
Bridgestne
5382 -15.00
5605
3973
Canon
4398 -21.00
4472
3218
CntJpRwy
20345 65.00 21520 17525
Denso
6817 10.00
6870
4551
EastJpRwy
11140 10.00 11570
9511
Fanuc
27430 -310.00 29205 19630
FastRetail
44600 -50.00 45900 30000
Fuji Hvy Ind
3550 20.00
5016
3400
Hitachi
888.20 -1.60 908.70 566.30
HondaMtr
3910 -19.00
3936
3000
JapanTob
3720
2.00
4243
3607
KDDI
2834 -3.50
3260
2804
Keyence
64800 -450.00 69910 39265
MitsbCp
3051 -12.00
3080 2208.5
MitsubEst
1967 -9.50 2418.5
1825
MitsubishiEle
1897 -20.50
1979
1462
MitsuiFud
2538.5 -12.00 2851.5 2274.5
MitUFJFin
836.00 -3.80 847.30 570.20
Mizuho Fin
205.30 -0.80 217.70 185.40
Murata Mfg
15110 -140.00 17910 14000
NipponTT
5355 -22.00
5905
4672
Nissan Mt
1127.5 -0.50 1207.5 996.20
Nomura
660.10 -7.70 774.40 567.70
Nppn Stl
2860.5
2.50
2912 2323.5
NTTDCMo
2683 -2.00 2907.5 2501.5
Panasonic
1662 -12.50
1800
1137
Seven & I
4719 22.00
4891
4234
ShnEtsuCh
11510 -100.00 12915
8983
Softbank
8933 -23.00 10550
7494
Sony
5146 -45.00
5485
3262
SumitomoF
4884 -33.00
5009
3760
Takeda Ph
6440 -7.00
6471
4664
TokioMarine
5164 -40.00
5258
4192
Toyota
7253 -29.00
7312
5670
Mexico (Mex$)
AmerMvl
16.93
0.15 18.44 12.21
FEMSA UBD 182.00
2.52 186.87 150.11
WalMrtMex
46.09
0.08 47.29 34.70
Netherlands (?)
Altice
8.57
0.04 23.43
6.44
ASML Hld
147.00 -0.75 159.95 103.95
Heineken
87.70
0.18 89.71 69.04
ING
15.55 -0.09 16.13 12.81
Unilever
47.48 -0.08 52.31 37.23
Norway (Kr)
DNB
151.30 -2.90 164.30 127.50
Statoil
175.00
0.50 176.30 135.80
Telenor
178.50
1.30 187.70 125.80
Qatar (QR)
QatarNtBk
128.21
0.16 173.00 115.01
Russia (RUB)
Gzprm neft
131.20 -0.76 158.70 111.46
Lukoil
3288 -32.00
3582
2601
MmcNrlskNckl
10629 -26.00 11938
7677
Novatek
671.50 -0.30 799.80 590.20
Rosneft
296.55 -1.45 425.70 286.00
Sberbank
223.57
0.27 233.95 136.20
Surgutneftegas
27.51 -0.25 32.87 24.09
Saudi Arabia (SR)
AlRajhiBnk
64.00 -0.20 71.70 61.00
Natnlcombnk
52.20
0.40 58.00 37.00
SaudiBasic
101.40 -0.20 105.40 90.75
SaudiTelec
68.80
0.10 78.90 64.50
Singapore (S$)
DBS
24.65 -0.07 25.36 17.15
JardnMt US$
60.88 -0.31 68.11 54.46
JardnStr US$
38.90 -0.47 46.48 32.24
OCBC
12.29 12.59
8.85
SingTel??
3.60
0.01
4.02
3.57
UOB
25.79
0.06 26.85 20.05
South Africa (R)
Firstrand
63.65 -0.49 67.09 43.44
MTN Grp
130.65 -1.79 135.99 109.05
Naspers N
3451.42
0.75 4142.99 1936.82
South Korea (KRW)
HyundMobis 261000 1000.00 289500 212000
KoreaElePwr
39100 350.00 49000 37000
SK Hynix
74000-2700.00 90300 44600
SmsungEl
2410000-75000.00 2876000 1770000
Spain (?)
7.26 -0.11
7.93
5.92
BBVA
BcoSantdr
5.59 -0.12
6.25
4.79
CaixaBnk
3.94 -0.15
4.51
3.12
Iberdrola
6.52 -0.07
7.30
5.76
Inditex
29.62 -0.32 36.90 29.00
Repsol?
15.04 -0.01 16.30 13.28
Telefonica
8.26 -0.11 10.63
8.21
0.43 -57.91 27876.33
5.00 10.97 30247.23
1.59 63.40 77499.6
2.42 22.47 54001.94
4.57 10.37 72885.22
4.27 10.63 93026.43
1.01 37.49 65322.95
4.27 11.49 47153.29
2.39 24.30 56036.73
8.46 11.44 36566.14
6.81 -63.86 41975.25
1.29 32.64 29834.48
0.83 41.03 56019.18
1.75 28.93 123845.17
1.59 28.92 149694.51
4.06 147.61 46085.56
1.46 25.12 41084.41
3.71 5.41 29459.54
1.71 14.16 43453.95
4.05 19.73 108474.1
2.57 20.50 30422.75
2.80 20.89 51080.46
- -23.02 17905.81
5.04 13.69 41547.02
4.93 17.41 139066.53
4.80 8.60 24889.29
2.42 18.55 60113.77
1.75 69.73 34908.74
3.86 11.94 101723.92
3.19 16.54 101638.94
2.55 22.26 103194.78
3.98 7.63 62349.55
1.87 15.12 53562.46
4.54 8.10 90282.02
1.16 -33.81 39903.68
3.98-1507.97 84549.13
2.58 18.66 58159.99
2.27 92.57 23997.92
1.08 21.21 32077.56
0.94 20.46 42891.91
1.60 20.05 30679.78
2.04 29.64 39618.48
4.66 86.16 33665.03
1.32 30.86 137501.98
3.05 16.32 118142.17
1.17 12.35 59365.78
1.39
3.09
3.40
2.27
3.07
2.55
2.86
3.25
3.24
1.94
2.42
5.18
3.16
0.16
18.82
14.78
6.15
12.47
7.74
16.15
10.65
17.30
21.20
42.90
20.79
29.50
8.55
60.43
98827.22
52773.93
34214.9
32487.34
41252.61
4688.87
47694.53
63314.11
46931.71
37448.32
35057.79
41022.34
47084.74
493349.8
0.18 139.54
0.58 32.19
1.29 61.62
1.03 24.94
1.51 19.03
2.43 17.17
1.73 29.62
2.16 27.75
4.04 11.49
0.58 17.18
0.80 68.87
0.63 41.63
1.75 20.53
33854.14
75423.64
45514.48
42677.89
31866.52
37104.46
50218.59
27745.34
38773.95
91855.53
42702.51
20258.09
79111.05
0.93 23.69
38697.9
5.84 -3.18 19148.88
3.39
5.68
5.19
6.24
1.76
-
22.13
29.97
11.50
8.16
26.73
-1.55
52 Week
High
Low
Price Day Chg
63585.36
60295.93
28241.26
53302.68
29673.42
41931.59
Yld
2.45
2.61
3.42
0.69
1.84
1.21
1.73
0.84
4.07
1.58
2.46
3.66
3.18
0.10
3.19
1.17
1.69
1.42
2.34
3.66
1.59
2.53
4.49
3.04
2.63
3.36
1.51
2.04
1.09
0.49
0.44
3.18
2.80
2.96
2.90
P/E MCap m
15.96 26117.22
14.87 38646.32
20.57 51802.81
10.02 37012.14
16.99 47804.71
14.75 37940.59
34.62 49431.17
35.78 41779.35
13.34 24114.23
14.99 37913.01
10.88 62548.55
16.41 65704.06
12.58 64751.75
69589.16
9.40 42842.98
31.35 24161.4
16.04 35971.57
23.29 22225.74
52.43 103564.79
16.26 46032.44
19.75 30060.06
12.64 99140.65
6.73 42026.38
9.91 21240.04
11.52 24006.66
15.96 92396.6
28.70 36004.55
25.64 36941.93
24.58 43922.36
13.10 86830.04
25.58 57499.53
12.49 61007.12
30.92 44986.55
19.80 34113.11
11.18 209003.57
1.85 29.79 38470.03
1.51 13.77 19928.03
1.41 23.81 40774.47
0.81
1.52
4.21
2.75
-4.39
31.90
27.64
12.25
23.58
13729.4
75057.76
59780.16
71482.22
96347.15
3.93 12.27 29585.73
4.19 -84.35 69817.8
4.56 55.06 32175.64
2.47
9.54
32524.1
6.12
9.57
6.43
1.04
2.01
0.96
2.18
3.52
6.79
10.58
11.83
17.88
7.48
10.12
53833.09
48471.99
29152.52
35338.17
54473.04
83648.34
17031.3
4.67
1.23
3.93
5.79
11.99
10.41
15.68
14.95
27731.86
27838.52
81115.68
36691.38
2.52
2.54
0.78
2.94
4.79
2.79
15.66
6.18
5.68
13.74
10.42
13.44
46928.16
44214.24
43090.17
38316.65
43756.76
32132.05
3.68 14.69 28357.87
5.30 30.03 19552.6
0.16 34.66 120246.87
1.26 10.92 23611.12
4.74 9.06 23326.79
0.76 6.17 50064.75
1.88 9.86 289138.4
4.12
3.78
2.53
4.75
1.67
5.04
6.51
12.37 57318.82
13.07 106820.69
14.99 27889.11
14.88 48729.71
28.43 109227.78
12.06 27185.21
18.03 50721.93
Day
0.000
-0.001
-0.002
Change
Week
0.001
0.000
-0.002
Month
0.012
-0.001
-0.004
-0.004
-0.017
0.000
0.000
0.000
0.000
One
month
1.56375
-0.41686
0.49438
-0.83245
-0.05241
-0.36700
0.45000
1.21000
-0.44500
Three
month
1.68577
-0.38471
0.51531
-0.75580
-0.02267
-0.32900
0.49000
1.34000
-0.40500
Six
month
1.83363
-0.32071
0.57706
-0.65100
0.01233
-0.27100
0.57500
1.51000
-0.33500
One
year
2.10216
-0.24457
0.76750
-0.53060
0.12433
-0.18600
Short
term
-0.50 -0.35
7 Days
One
Three
Six
One
Dec 22
notice
month
month
month
year
Euro
-0.50 -0.35 -0.62 -0.37 -0.48 -0.33 -0.41 -0.26 -0.41 -0.16
Sterling
0.42 0.52 0.40 0.50 0.44 0.54 0.50 0.65 0.66 0.81
Swiss Franc
Canadian Dollar
US Dollar
1.42 1.52 1.39 1.49 1.53 1.63 1.62 1.72 1.81 1.91 2.12 2.22
Japanese Yen
-0.20 0.10 -0.20 0.00 -1.30 -0.80 -0.40 -0.10 -0.40 -0.10 -0.30 0.20
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs:
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA.
COMMODITIES
Energy
Price*
Crude Oil?
Jan
58.53
Brent Crude Oil?
66.67
RBOB Gasoline?
Dec
1.76
Heating Oil?
Jan
1.60
Natural Gas?
Jan
2.74
Ethanol?
Uranium?
Jan
18.10
Carbon Emissions?
Diesel?
Unleaded (95R)
Base Metals (? LME 3 Months)
Aluminium
2183.00
Aluminium Alloy
1810.00
Copper
7136.00
Lead
2482.50
Nickel
12080.00
Tin
19485.00
Zinc
3275.00
Precious Metals (PM London Fix)
Gold
1264.55
Silver (US cents)
1617.50
Platinum
917.00
Palladium
1033.00
Bulk Commodities
Iron Ore (Platts)
73.45
Iron Ore (The Steel Index)
74.10
GlobalCOAL RB Index
94.00
Baltic Dry Index
1366.00
www.ft.com/commodities
Change
0.18
1.63
0.00
0.00
0.06
0.00
33.00
5.00
50.50
-22.00
0.00
95.00
32.00
Agricultural & Cattle Futures
Corn?
Wheat?
Soybeans?
Soybeans Meal?
Cocoa (ICE Liffe)X
Cocoa (ICE US)?
Coffee(Robusta)X
Coffee (Arabica)?
White SugarX
Sugar 11?
Cotton?
Orange Juice?
Palm Oil?
Live Cattle?
Feeder Cattle?
Lean Hogs?
S&P GSCI Spt
DJ UBS Spot
R/J CRB TR
M Lynch MLCX Ex. Rtn
UBS Bberg CMCI TR
-1.15 LEBA EUA Carbon
-0.30 LEBA CER Carbon
0.00 LEBA UK Power
-64.00
0.00
3.00
-3.00
2.00
Feb
Jan
Feb
Price*
352.25
425.00
950.25
312.90
1379.00
1825.00
1708.00
121.15
386.30
14.70
77.93
135.25
118.73
141.80
70.03
Change
0.00
0.00
0.00
0.00
0.00
13.00
0.00
0.60
0.00
0.08
-0.03
0.75
0.00
-1.03
0.00
Dec 21
436.70
86.63
193.25
231.14
15.13
7.21
0.17
1736.00
% Chg
Month
1.28
-0.45
-0.90
-9.84
0.27
-5.63
-5.56
-45.67
% Chg
Year
11.44
0.37
0.80
-33.05
44.49
-39.29
-31.92
Mar
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Mar
Jan
Sources: ? NYMEX, ? ECX/ICE, ? CBOT, X ICE Liffe, ? ICE Futures, ? CME, ? LME/London Metal Exchange.* Latest prices, $
unless otherwise stated.
Stock
Price Day Chg
52 Week
High
Low
Sweden (SKr)
AtlasCpcoB
322.10 -2.20 339.00 243.40
Ericsson
55.40 -0.65 64.95 43.75
H&M
170.70
0.50 256.90 164.90
Investor
379.20 -4.20 425.60 334.60
Nordea Bk
101.60 -1.00 115.70 95.90
SEB
98.10 -1.00 109.00 94.05
SvnskaHn
115.10 -0.70 136.30 108.80
Swedbank
202.10 -1.00 234.00 193.20
Telia Co
37.10 -0.27 40.33 34.49
Volvo
160.00 -0.40 171.30 105.60
Switzerland (SFr)
ABB
26.27 -0.04 26.54 21.43
CredSuisse
17.82 -0.02 17.84 12.91
Nestle
83.60
0.10 86.40 71.45
Novartis
82.20 -0.75 85.40 69.50
Richemont
89.00 -0.15 92.50 65.60
Roche
246.30 -0.50 273.00 226.10
Swiss Re
91.80 -0.40 98.50 81.65
Swisscom
519.50 -1.00 527.00 429.80
Syngent
463.00 -6.70 471.20 360.50
UBS
18.11 -0.11 18.24 15.11
Zurich Fin
298.00 -1.90 306.90 262.10
Taiwan (NT$)
Chunghwa Telecom 105.50 -0.50 111.00 99.50
Formosa PetChem 112.50 -0.50 119.00 101.00
HonHaiPrc
91.20 -0.90 122.50 83.00
MediaTek
280.00 -7.00 350.50 203.00
TaiwanSem
226.00 -2.50 245.00 179.00
Thailand (THB)
PTT Explor
440.00 -8.00 452.00 364.00
United Arab Emirates (Dhs)
Emirtestele
16.85 -0.15 18.95 15.75
United Kingdom (p)
AscBrFd?
2819 23.00
3387
2335
AstraZen
4942 19.50
5520 4136.5
Aviva
500.00 -0.50 570.50 467.31
Barclays
202.15 -2.40 244.40 177.30
BP
517.20 -2.30 529.00
4.80
BrAmTob
4970 -43.00 17365.43 2879.89
BSkyB
1015 -2.00
1028 893.42
BT
274.10
0.10 400.70 242.70
Compass
1569 -5.00 1765.92 1424.8
Diageo
2689.5
5.00
2700
2075
GlaxoSmh?
1302 -18.00 1724.5
1270
Glencore
375.40 -0.70 388.25 269.85
HSBC
761.60 -4.20 772.00 518.17
Imperial Brands
3129 -19.00 3956.5
3013
LlydsBkg
67.21 -0.10 73.58 61.81
Natl Grid?
866.60 -0.50 1174.36 859.30
Prudential
1887
7.00 1933.5
1524
RBS
275.80 -0.70 290.50 213.40
ReckittB
6833 113.00 8110.43
6299
RELX
1732
2.00
1784
1397
RioTinto
3746.5 -26.50 4226.56 2882.5
RollsRoyce?
859.50
6.50 994.50 635.00
RylDShlA
2452.5 -2.50 2516.32 1982.5
Shire
3880.5 -35.50
5067 3435.5
StandCh
768.40 -4.70 860.00 649.80
Tesco
206.75 -0.75 215.16 165.35
Vodafone?
235.90
0.45 237.40 186.50
WPP
1345
3.00 1928.07 1238.45
United States of America ($)
21stC Fox A
34.94 -0.31 35.86 24.81
3M
235.70
0.97 244.23 173.55
AbbottLb
57.05
0.12 57.32 38.08
Abbvie
97.50 -0.71 99.10 59.27
Accenture
152.82 -1.07 158.44 112.31
Adobe
173.88 -1.12 186.27 102.47
AEP
73.56 -0.09 78.07 61.82
Aetna
180.57
0.61 192.37 116.04
Aflac
87.47
0.26 89.81 66.50
AirProd
162.97 -0.45 164.65 133.63
Alexion
119.17
0.39 149.34 96.18
Allegran
165.08
0.18 256.80 160.07
Allstate?
104.33
0.22 105.17 73.04
Alphabet
1064.06 -4.80 1086.49 789.62
Altria?
72.10 -0.04 77.79 60.01
Amazon
1173.18
4.82 1213.41 747.70
AmerAir
53.03
0.44 54.48 39.21
AmerExpr
98.31 -0.43 100.53 73.50
AmerIntGrp
59.28 -0.03 67.47 57.85
AmerTower
141.30
0.64 155.28 102.51
Amgen
175.79 -0.63 191.10 145.62
Anadarko?
54.33
1.40 72.32 39.96
Anthem
225.76
0.16 236.39 140.50
Aon Cp
133.28 -0.07 152.78 109.82
Apple
170.34 -4.67 177.20 114.76
ArcherDan
40.28
0.09 47.44 38.59
Yld
P/E MCap m
2.07
1.84
3.13
2.64
6.30
5.72
4.43
6.66
6.87
2.07
23.02
-9.91
14.33
3.93
11.87
12.12
13.69
11.82
13.78
15.23
15042.55
20370.84
29840.67
20671.12
49245.43
25477.39
26295.77
27380.24
19226.18
31509.75
2.87
3.86
2.93
3.38
2.06
3.54
5.55
4.32
6.33
25.62 57544.22
-22.90 46017.51
26.29 262857.73
29.46 217321.32
26.26 46936.75
20.57 174824.4
8.73 32410.3
15.76 27188.43
41.32 42748.26
16.92 70480.39
13.03 45562.54
4.61
5.25
4.85
2.81
3.05
21.71 27325.92
13.67 35781.98
11.90 52767.39
23.27 14785.08
17.45 195668.32
4.01 11.01 38327.91
4.88 16.47
39902.1
1.34 18.59 29829.17
4.16 23.76 83608.3
4.29 33.11 27033.03
1.48 16.99 46027.99
5.74 35.31 136785.16
3.14 19.94 123853.11
2.06 25.38 23320.94
5.27 17.02 36491.62
2.14 22.01 34488.97
2.24 24.97 90496.4
6.14 27.53 85582.79
0.72 32.51 72226.76
4.97 36.49 204100.32
5.11 21.26 39887.23
4.02 15.63 64464.13
5.27 17.45 39720.77
2.31 17.67 65218.5
- -10.29 43779.07
2.24 22.91 64199.54
1.88 31.04 47909.43
3.48 14.18 68990.8
0.54 -23.04 21139.59
5.90 32.51 146745.99
0.59 28.14 47081.39
- 1663.20 33799.91
36.92 22626.02
5.58 -85.81 84103.3
4.21 9.91 22911.34
1.03 21.65 36821.8
1.96 26.41 140381.85
1.84 47.72 99301.27
2.54 23.76 155651.9
1.64 27.39 98195.84
52.71 85710.57
3.20 19.28 36183.09
0.83 34.14 58883.88
2.00 12.86 34388.8
2.27 31.70 35660.64
53.40 26623.73
1.27 -7.34 54902.82
1.37 14.59 37436.31
35.73 317386.85
3.44 9.07 137580.48
- 299.65 565320.53
0.75 13.44 25374.81
1.33 19.02 85336.53
2.15 -28.07 53290.31
1.76 53.93 60597.41
2.52 15.94 127608.69
0.37 -15.54 29727.07
1.23 20.49 57966.26
1.03 37.90 33306.37
1.40 18.57 874578.71
3.12 18.98 22523.81
Stock
Price Day Chg
AT&T
AutomData?
Avago Tech?
BakerHu
BankAm?
Baxter?
BB & T
BectonDick?
BerkshHat
Biogen
BkNYMeln
BlackRock
Boeing
BrisMySq
CapOne
CardinalHlth
Carnival
Caterpillar
CBS?
Celgene
CharlesSch
Charter Comms
Chevron Corp
Chubb
Cigna
Cisco
Citigroup
CME Grp?
Coca-Cola
Cognizant
ColgtPlm
Comcast
ConocPhil
Corning
Costco
CrownCstl?
CSX
CVS
Danaher
Deere
Delphi
Delta
Devon Energy
DiscFinServ
Disney?
DominRes
DowChem
DukeEner
Eaton
eBay
Ecolab?
Emerson
EOG Res
EquityResTP
Exelon
ExpScripts
ExxonMb
Facebook
Fedex?
FordMtr
Franklin?
GenDyn
GenElectric?
GenMills
GenMotors
GileadSci
GoldmSchs?
Halliburton?
HCA Hold
Hew-Pack?
HiltonWwde?
HomeDep
Honywell
HumanaInc
IBM
IllinoisTool
Illumina
Intcntl Exch?
Intel
Intuit
John&John
JohnsonCn?
JPMrgnCh
Kimb-Clark?
KinderM
Kraft Heinz
Kroger
L Brands
LasVegasSd?
LibertyGbl
Lilly (E)
Month
change %
-13.09
-5.84
-14.40
-6.35
-2.81
-13.04
-2.44
0.87
1.20
-6.25
-1.33
-8.70
5.29
5.91
-3.15
-9.95
3.70
-2.85
1.76
3.07
Red
date Coupon
Ratings
M*
Bid
yield
Mth's Spread
chge
vs
yield
US
Dec 22
High Yield US$
Embarq Corporation
F*
10/19
9.00
BBB-
Ba2
BB
108.13
4.29
0.00
0.69
2.39
High Yield Euro
Astaldi S.p.A
12/20
7.13
B-
-
B
16.45
16.45
0.00
-7.48
14.54
Emerging US$
Peru
Brazil
Mexico
Poland
Colombia
Turkey
Turkey
Peru
Russia
Brazil
03/19
01/22
03/22
03/23
03/23
03/23
03/27
08/27
06/28
02/47
7.13
12.50
3.63
3.00
2.63
3.25
6.00
4.13
12.75
5.63
BBB+
BB
BBB+
BBB+
BBB
BBB+
BB+
BB
A3
Ba2
A3
A2
Baa2
Ba1
Ba1
A3
Ba1
Ba2
BBB+
BB
BBB+
ABBB
BB+
BB+
BBB+
BBBBB
106.50
113.21
103.41
101.49
97.44
93.05
105.99
108.79
173.69
101.78
1.86
8.55
2.76
2.69
3.19
4.76
5.24
3.09
4.10
5.58
-0.21
-0.04
0.00
0.00
0.03
0.00
0.00
-0.02
0.01
0.00
0.22
0.04
0.20
0.05
0.08
0.02
-0.21
0.11
-0.02
0.10
-0.04
6.31
0.53
0.46
0.95
2.53
2.78
0.63
1.63
-
Emerging Euro
Mexico
02/20
5.50
BBB+
A3
BBB+ 111.20
0.25
0.10
0.04
-1.66
Brazil
04/21
2.88
BB
Ba2
BB 106.65
0.80
0.00
-0.02
-1.44
Mexico
04/23
2.75
BBB+
A3
BBB+ 110.15
0.79
0.02
-0.12
-1.44
Bulgaria
03/28
3.00
BB+
Baa2
BBB 115.10
1.40
0.02
-0.11
-1.06
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor?s, M - Moody?s, F - Fitch.
Month's
change
Year
change
Return
1 month
Return
1 year
Index
Markit IBoxx
ABF Pan-Asia unhedged
Corporates( �)
Corporates($)
Corporates(?)
Eurozone Sov(?)
Gilts( �)
Global Inflation-Lkd
Markit iBoxx � Non-Gilts
Overall ($)
Overall( �)
Overall(?)
Treasuries ($)
189.11
344.90
277.91
226.64
233.88
321.15
265.58
338.85
238.64
323.33
229.98
223.55
0.10
0.16
0.22
-0.01
0.02
0.20
0.13
0.15
0.17
0.18
0.00
0.17
0.44
1.01
0.23
-0.24
-0.43
0.74
0.01
0.86
-0.01
0.78
-0.35
-0.14
9.18
4.48
5.57
2.42
0.51
1.28
7.45
3.82
3.34
2.02
0.86
2.02
0.88
0.75
0.23
-0.23
-0.48
0.22
0.28
0.57
-0.01
0.33
-0.39
-0.14
9.53
5.65
5.57
2.71
0.80
2.65
9.21
4.92
3.34
3.31
1.14
2.02
FTSE
Sterling Corporate (�)
Euro Corporate (?)
Euro Emerging Mkts (?)
Eurozone Govt Bond
116.04
107.16
696.85
112.07
0.36
0.01
1.82
0.10
-
-
0.22
-0.40
11.77
-0.66
-0.06
-0.60
-15.24
-1.45
Index
Day's
change
Week's
change
Month's
change
Series
high
Series
low
369.26
85.00
70.05
111.86
-12.07
-1.98
-2.51
-3.89
35.21
7.21
2.21
10.86
40.34
7.01
-0.87
12.50
390.04
90.43
93.03
121.66
288.69
67.59
64.22
80.36
Dec 26
Day Chng
Prev
52 wk high
52 wk low
VIX
10.26
0.36
9.90
17.28
8.56
VXD
11.23
0.72
10.51
27.74
3.93
VXN
13.90
1.36
12.54
21.03
9.75
VDAX
? CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility.
? Deutsche Borse. VDAX: DAX Index Options Volatility.
BONDS: BENCHMARK GOVERNMENT
Australia
Austria
Belgium
CREDIT INDICES
Markit iTraxx
Crossover 5Y
Europe 5Y
Japan 5Y
Senior Financials 5Y
Markit CDX
Emerging Markets 5Y
120.80
0.00
-1.11
126.19
120.57
Nth Amer High Yld 5Y
309.27
0.00
1.36
-12.56
337.70
306.49
Nth Amer Inv Grade 5Y
49.31
0.00
-0.21
-4.19
60.00
48.62
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Denmark
Finland
France
Germany
Greece
Ireland
Italy
BONDS: INDEX-LINKED
Price
Month
Value
No of
Yield
Dec 21
Dec 21
Prev
return
stock
Market
stocks
Can 4.25%' 21
115.76
0.228
0.251
-0.27
5.18
73769.48
7
Fr 2.25%' 20
110.62
-1.724
-1.736
-0.21
20.31 232616.85
15
Swe 0.25%' 22
114.92
-2.007
-2.009
-0.20
28.53 241446.37
8
UK 2.5%' 20
364.96
-2.335
-2.317
-0.16
6.58 647554.98
28
UK 2.5%' 24
364.30
-1.921
-1.902
0.26
6.82 647554.98
28
UK 2%' 35
268.80
-1.637
-1.620
0.64
9.08 647554.98
28
US 0.625%' 21
101.63
0.167
0.191
-0.12
35.84 1277723.41
38
US 3.625%' 28
130.01
0.617
0.191
0.22
16.78 1277723.41
38
Representative stocks from each major market Source: Merill Lynch Global Bond Indices ? Local currencies. ? Total market
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
amount.
BONDS: TEN YEAR GOVT SPREADS
Spread Spread
Bid
vs
vs
Yield Bund T-Bonds
Australia
2.77
Austria
0.57
Belgium
0.60
Canada
2.08
Denmark
0.48
Finland
0.58
France
0.74
Germany
0.42
Greece
4.13
Ireland
0.62
Data provided by SIX Financial Information
Canada
2.35
0.15
0.18
1.66
0.06
0.16
0.32
0.00
3.71
0.20
0.31
-1.90
-1.86
-0.39
-1.98
-1.88
-1.73
-2.04
1.67
-1.84
Netherlands
New Zealand
Norway
Portugal
Spain
Spread Spread
Bid
vs
vs
Yield Bund T-Bonds
Italy
Japan
Netherlands
Norway
Portugal
Spain
Switzerland
United Kingdom
United States
Japan
1.90
0.04
0.52
1.56
1.86
1.47
-0.13
1.27
2.46
1.48
-0.38
0.10
1.14
1.44
1.05
-0.55
0.85
2.04
-0.56
-2.42
-1.95
-0.91
-0.61
-0.99
-2.60
-1.19
0.00
Sweden
Switzerland
United Kingdom
United States
Data provided by SIX Financial Information
P/E MCap m
Stock
52 Week
High
Low
Price Day Chg
Yld
Lockheed?
318.72
0.69 323.94 247.01
Lowes
91.80
0.61 92.08 70.49
Lyondell
109.78 -0.20 111.47 78.01
Marathon Ptl
67.01
0.65 67.07 46.88
Marsh&M
80.72
0.03 86.54 66.75
MasterCard
150.51 -0.34 154.65 102.98
McDonald's
171.44
0.02 175.78 118.18
McKesson?
159.68
1.24 169.29 133.82
Medtronic
81.73
0.19 89.72 69.35
Merck?
56.40
0.04 66.80 53.63
Metlife
50.82
0.06 55.91 44.17
Microsoft
85.29 -0.22 87.50 61.95
Mnstr Bvrg
63.99
0.22 64.79 41.02
MondelezInt
43.37
0.01 47.23 39.19
Monsanto
116.42
0.14 122.80 104.77
MorganStly
52.23 -0.49 54.25 40.06
MylanNV
42.21
0.16 45.87 29.39
Netflix
187.30 -2.64 204.38 123.60
NextEraE
155.18
0.64 159.40 117.33
Nike?
63.65
0.36 65.19 50.35
NorfolkS
145.00
0.48 145.54 105.89
Northrop
304.58
0.80 311.15 223.88
NXP
116.60 -0.10 118.20 96.00
Occid Pet?
73.69
0.70 73.86 57.20
Oracle
47.40
0.04 53.14 38.30
Pepsico?
118.89
0.29 119.74 101.06
Perrigo
88.33
1.32 91.73 63.68
Pfizer
36.11 -0.03 37.35 30.90
Phillips66
101.65
0.76 101.81 75.14
PhilMorris?
104.11 -0.54 123.55 89.97
PNCFin
145.23 -0.89 147.28 113.66
PPG Inds
116.31
0.12 119.85 93.80
Praxair
152.76 -1.08 156.40 115.00
Priceline
1759.49 -15.77 2067.99 1459.49
ProctGmbl
92.58
0.45 94.67 83.24
Prudntl
115.87 -0.29 118.17 97.88
PublStor?
208.68
2.71 232.21 192.15
Qualcomm
64.47 -0.26 69.28 48.92
Raytheon
187.73
0.42 192.41 141.28
Regen Pharm 386.00
5.00 543.55 340.09
ReynoldsAm
65.40 -1.49
S&P Global
167.11 -0.72 174.07 107.21
Salesforce
101.95 -0.68 109.19 68.23
Schlmbrg?
67.84
0.40 87.84 61.02
Sempra Energy 108.39
0.08 122.98 99.71
Shrwin-Will
413.31
0.22 415.75 268.05
SimonProp
169.65
2.58 188.10 150.15
SouthCpr
46.30
0.09 46.78 31.84
Starbucks
57.20 -0.11 64.87 52.58
StateSt
97.40 -0.53 100.90 74.45
Stryker
154.89
0.75 160.62 116.50
Sychrony Fin
38.65 -0.12 38.97 26.01
Target
66.19
0.80 74.48 48.56
TE Connect
95.36
0.41 97.17 66.20
Tesla Mtrs
319.32 -5.88 389.61 207.71
TexasInstr
104.00 -0.13 105.33 72.47
TheTrvelers? 134.45
0.06 137.95 113.76
ThrmoFshr?
190.26 -0.16 201.20 139.88
TimeWrnr
91.78 -0.60 103.89 85.88
TJX Cos
77.20
0.95 80.92 66.44
T-MobileUS
63.96
0.34 68.88 54.60
UnionPac?
135.07
0.60 135.76 101.06
UPS B
118.53 -0.11 125.16 102.12
USBancorp
54.02 -0.44 56.61 49.54
UtdHlthcre
219.92 -0.08 231.77 156.09
UtdTech
127.49
0.26 127.94 106.85
ValeroEngy
91.88
0.75 92.00 60.69
Verizon
53.43
0.24 54.83 42.80
VertexPharm 150.45
0.48 167.86 71.96
VF Cp
74.62
0.75 75.25 48.05
Viacom?
31.68 -0.55 46.72 22.13
Visa Inc
112.89
0.20 114.75 77.90
Walgreen
73.25
0.54 88.00 63.82
WalMartSto?
99.18
0.97 100.13 65.28
WellsFargo
60.95 -0.60 62.24 49.27
Williams Cos
30.48
0.17 32.69 26.82
Yum!Brnds
82.32 -0.08 84.29 62.36
Venezuela (VEF)
Bco de Vnzla
1897 -3.00
1950 185.00
Bco Provncl
98000-17000.00 144000
3250
Mrcntl Srvcs 700000 760000 11250
5.29 17.97 240492.26
1.94 29.87 51994.74
1.60 63.45 105361.71
0.85 -8.48 24541.87
1.16 17.02 309526.37
0.89 34.93 35457.66
2.45 18.65 39438.16
1.34 47.38 49806.73
21.75 223662.18
19.59 67325.8
1.50 15.85 55148.72
1.91 24.06 82042.53
1.80 27.40 176201.91
2.53 24.18 100550.65
1.60 13.95 48217.41
2.89 18.41 19794.86
2.36 17.24 35311.98
1.97 108.40 93154.7
1.19 16.19 21874.46
25.16 84077.58
0.60 33.06 69307.8
- 184.76 84194.41
3.42 36.87 239302.12
1.92 17.40 67367.85
0.02 22.40 50283.81
2.96 19.90 190082.27
1.07 14.42 197136.79
1.73 33.87 50635.35
3.17 44.22 195181.17
0.42 22.22 42153.77
2.08 29.31 66411.1
1.49 19.68 192296.58
1.85 -28.11 67289.61
1.85 14.06 27949.08
1.03 30.06 81967.89
3.48 91.10 44243.36
1.38 28.42 49092.21
2.60 15.29 74698.06
0.58 27.94 64967.4
1.53 23.54 51047.4
13985.83
1.47 10.89 40411.32
0.56 14.13 22266.07
1.61 13.31 28049.75
1.44 19.06 163159.03
3.66 23.97 51945.72
81542.6
4.09 21.73 58941.45
3.05 12.24 34123.37
5.73 39688.48
1.10 30.27 38593.2
2.75 27.48 44625.73
0.615487.73 63234.05
3.13 31.41 23574.15
3.31 17.61 37588.55
12.57 42704.52
3.81 32.80 356525.36
34.29 420320.65
0.71 23.30 66942.94
4.75 11.48 49053.86
1.83 14.52 24117.16
1.65 18.43 60396.57
5.45 20.48 152149.13
3.18 22.31 34227.98
3.62 8.89 59486.67
2.79 8.29 94786.27
1.09 13.44 96772.74
1.48 195.27 42361.86
12.80 31638.13
2.51 14.27 34977.56
0.83 66.99 25407.34
1.78 26.11 221253.33
1.72 23.41 116464.04
0.71 19.51 35476.45
3.77 12.86 141849.75
1.63 25.73 57251.72
40.89 31222.1
1.10 25.52 40905.03
2.29 16.30 216637.2
0.90 41.75 40502.61
2.33 24.44 376157.4
2.62 21.78 35138.77
1.91 15.44 369872.75
3.21 19.66 42622.43
2.75 32.47 40456.47
3.10 24.48 95083.14
1.75 16.47 24541.52
3.84 19.07 17765.77
4.40 28.58 55539.13
40.94
7844.3
2.42 40.72 93802.26
P/E MCap m
2.28 25.95 91386.48
1.67 21.93 76172.02
3.18 11.72 43303.85
2.14 21.29 32728.5
1.76 22.20
41196
0.58 35.22 157072.67
2.18 24.90 138865.82
0.74 7.81 33289.2
2.19 22.31 110614.62
3.32 54.44 153669.14
3.14 -62.89 53477.85
1.82 30.25 657977.4
46.89 36088.01
1.81 30.23 64811.63
1.92 22.18 51318.03
1.62 14.48 94426.57
25.84 22636.41
- 221.99 81050.54
2.45 17.52 72996.3
1.17 26.11 82889.66
1.66 22.96 41491.57
1.25 22.61 53020.89
20.32 40343.93
4.12 104.18 56390.93
1.50 20.60 196204.72
2.61 24.66 169078.62
0.70 -9.68 12440.74
3.48 22.37 215241.14
2.61 25.70 51510.17
4.11 22.39 161703.92
1.65 17.82 69100.59
1.41 22.67 29598.07
2.03 27.29
43736
24.77 85809.53
3.00 24.38 234871.58
2.54 11.65 49128.88
3.82 30.62 36318.05
3.40 39.22 95039.39
1.68 25.23 54270.3
35.13 40733.34
0.95 24.67 42613.05
73638.49
2.94 170.25 93976.98
2.96 24.07 27234.7
0.82 35.13 38650.24
4.08 30.03 52736.11
0.84 30.38 35791.22
1.74 29.14 81377.05
1.60 16.92 36119.49
1.09 33.22 57965.67
1.39 14.75 30247.16
3.68 13.85 35979.35
1.61 20.50 33530.37
- -37.53 53667.26
1.92 24.39 102498.4
2.09 13.05 37099.98
0.31 32.43 76293.38
2.18 17.42 71459.26
1.49 20.73 48813.75
25.18 53212.42
1.78 24.00 106322.89
2.75 29.16 81436.92
2.10 16.14 89645.71
1.25 25.09 213117.31
2.09 19.78 101809.68
2.93 19.96 40204.98
4.33 13.75 217968.6
- 196.13 38049.23
2.24 29.84 29486.02
2.52 6.81 11177.56
0.58 40.47 204427.19
2.16 18.68 72543.56
2.06 26.21 298978.02
2.50 15.81 300133.74
3.60 53.68 25199.23
1.71 25.27 27741.32
2070.92
86.11 3163.03
0.001138.86 12756.35
Closing prices and highs & lows are in traded currency (with variations for that
country indicated by stock), market capitalisation is in USD. Highs & lows are
based on intraday trading over a rolling 52 week period.
? ex-dividend
? ex-capital redistribution
# price at time of suspension
Dec 22
US$
SunTrust Banks Inc.
FleetBoston Financial Corp.
Nicor Gas Company
GTE LLC
Dover Corporation
United Utilities PLC
Euro
HSBC Holdings plc
AT&T Inc.
AT&T Inc.
HBOS plc
Yen
Poland
� Sterling
Electricite de France (EDF)
HSBC Holdings plc
Red
date Coupon
Ratings
M*
Bid
yield
Day's
chge
yield
Mth's Spread
chge
vs
yield
US
F*
Bid
price
01/28
01/28
02/28
04/28
06/28
08/28
6.00
6.88
6.58
6.94
6.65
6.88
BBB+
BBB
A
BBB+
ABBB+
Baa1
Baa2
Aa3
Baa2
A3
Baa1
AAAAAAA-
114.90
120.65
116.67
123.15
120.21
122.71
4.21
4.37
4.56
4.20
4.28
4.25
0.02
0.00
-0.03
0.00
0.00
0.02
0.01
0.08
0.08
0.13
0.07
0.03
1.75
1.90
2.10
1.73
1.81
1.78
06/28
12/29
12/29
03/30
3.13
2.60
2.60
4.50
BBB+
BBB+
BBB+
BBB-
A3
Baa1
Baa1
Baa1
A+
AAA-
111.19
104.26
104.48
117.54
1.93
2.19
2.17
2.32
0.01
0.00
0.00
-0.01
0.12
0.10
0.08
0.01
-0.53
-
11/27
2.50
-
A2
A-
109.81
1.43
0.01
-0.03
-1.05
05/28
08/28
6.25
2.63
AA
A3
A2
AAA-
132.12
101.14
2.67
2.50
-0.02
-0.02
-0.06
-0.07
0.21
0.04
S*
Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor?s, M Moody?s, F - Fitch.
GILTS: UK CASH MARKET
VOLATILITY INDICES
Day's
change
Yld
BONDS: GLOBAL INVESTMENT GRADE
Day's
chge
yield
Bid
price
S*
52 Week
High
Low
39.17
0.23 43.03 32.55
117.24
0.36 121.77 94.11
257.38 -4.97 285.68 173.31
57.68
3.17 68.59 43.09
29.67 -0.21 30.03 21.77
65.08
0.36 66.18 43.95
49.99 -0.46 51.11 41.17
217.11 -0.12 229.69 161.50
296820 419.70 301000237983.82
318.36 -1.14 348.84 244.28
53.86 -0.15 55.40 43.85
511.70 -0.42 520.74 365.83
295.85
0.75 299.33 154.96
61.44
0.48 66.10 46.01
99.47 -1.03 101.43 76.05
62.92
0.43 84.88 54.66
65.80 -0.55 69.89 51.70
156.58
0.83 156.98 90.34
60.33
0.16 70.10 52.75
106.79
0.46 147.17 94.55
51.70 -0.38 52.52 37.16
338.66
0.46 408.83 282.54
125.99
1.01 126.02 102.55
145.12 -0.08 156.00 127.15
203.95
0.56 212.46 133.11
38.45 -0.10 39.00 29.80
74.56 -0.93 77.92 55.23
148.80 -0.18 155.29 113.27
45.81
0.22 47.48 40.22
71.49 -0.21 76.51 51.52
75.63
0.48 77.27 63.43
40.88
0.10 42.18 34.12
56.29
0.79 56.37 42.27
32.36 -0.03 32.82 24.12
186.67
0.04 195.35 150.00
108.90
0.35 114.97 83.96
54.93 -0.07 58.35 35.59
73.74
0.33 84.72 66.45
93.52
0.06 95.16 77.66
158.24
0.71 158.68 102.75
52.61 -0.34 57.25 31.83
56.68
0.65 56.84 43.81
42.37
0.80 49.45 28.79
77.19
0.06 77.52 57.50
108.03 -0.64 116.10 96.20
80.72
0.28 85.30 70.87
66.65
1.75
84.21
0.04 91.80 76.14
77.45 -0.06 82.34 66.60
38.00
0.24 39.28 29.42
133.58 -0.39 137.96 116.92
69.53 -0.13 69.84 55.40
109.36
2.25 109.53 81.99
64.15
0.35 70.46 59.49
39.12
0.11 42.67 33.30
75.40
0.87 75.64 55.80
84.14
0.17 91.34 76.05
176.25 -0.95 184.25 114.77
249.89 -0.13 255.11 182.89
12.58 -0.01 13.27 10.47
43.54 -0.37 47.65 39.23
202.28 -0.36 214.81 171.65
17.54
0.16 32.05 17.36
60.15
0.02 63.73 49.65
41.88 -0.14 46.76 31.92
72.56 -0.15 86.27 63.76
256.55 -2.42 262.14 209.62
48.55
0.54 58.78 38.18
89.36
0.27 91.03 71.18
21.26 22.68 14.40
79.41
0.06 82.86 55.00
189.47
1.34 189.66 133.05
153.89
0.40 156.70 115.42
248.33
3.33 264.56 186.25
153.22
0.72 182.79 139.13
167.11 -0.02 169.69 120.06
213.85 -1.87 230.72 126.71
69.92 -0.33 72.99 55.80
46.29 -0.41 47.64 33.23
158.43 -0.07 161.44 111.90
140.02 -0.10 144.35 110.76
37.97 -0.14 44.70 34.51
106.60 -0.85 108.46 81.64
121.17
0.51 136.21 109.67
18.12
0.07 23.01 16.68
78.04 -0.21 97.77 75.21
27.85 -0.41 35.42 19.69
62.94
1.58 68.44 35.00
70.26
0.52 72.20 51.35
35.48 -0.04 37.69 28.17
85.19
0.12 89.09 72.97
BONDS: HIGH YIELD & EMERGING MARKET
Close
Prev
Day
Week
price
price
change change %
change change %
SmsungEl
2410000.00 2485000.00 -75000.00
-3.02 -150000.00
-5.9
IM Baotou Stl
2.42
2.41
0.01
0.41
-0.12
-4.7
GuosenSec
10.70
10.51
0.19
1.81
-0.52
-4.6
Surgutneftegas
27.51
27.76
-0.25
-0.90
-1.31
-4.5
Fuji Hvy Ind
3550.00
3530.00
20.00
0.57
-162.00
-4.4
SK Hynix
74000.00 76700.00
-2700.00
-3.52
-3200.00
-4.1
SingTel
3.60
3.59
0.01
0.28
-0.15
-4.0
PhilMorris
104.11
104.65
-0.54
-0.52
-4.01
-3.7
Tesla Mtrs
319.32
325.20
-5.88
-1.81
-11.78
-3.6
JardnMt US$
60.88
61.19
-0.31
-0.51
-2.16
-3.4
Carnival
65.80
66.35
-0.55
-0.83
-2.33
-3.4
Sempra Energy
108.39
108.31
0.08
0.07
-3.81
-3.4
Disney
108.03
108.67
-0.64
-0.59
-3.78
-3.4
WPP
1345.00
1342.00
3.00
0.22
-44.00
-3.2
Lukoil
3288.00
3320.00
-32.00
-0.96
-107.50
-3.2
JardnStr US$
38.90
39.37
-0.47
-1.19
-1.27
-3.2
Brookfield
54.59
54.66
-0.07
-0.13
-1.74
-3.1
SAP
94.58
95.36
-0.78
-0.82
-2.77
-2.8
S&P Global
167.11
167.83
-0.72
-0.43
-4.89
-2.8
Biogen
318.36
319.50
-1.14
-0.36
-8.66
-2.6
Based on the FT Global 500 companies in local currency
BOND INDICES
INTEREST RATES: OFFICIAL
Rate
Fed Funds
Prime
Discount
Repo
Repo
O'night Call
Libor Target
Yld
FT 500: BOTTOM 20
FT 500: TOP 20
Dec 22
US
US
US
Euro
UK
Japan
Switzerland
52 Week
High
Low
Red
Date Coupon
11/20
1.75
11/28
2.75
10/19
0.25
04/27
0.50
09/19
3.00
06/27
0.80
02/20
1.25
06/28
2.00
11/20
0.25
11/27
0.50
09/19
1.75
09/27
0.50
11/20
0.25
05/23
1.75
05/28
0.75
10/20
0.25
08/23
2.00
08/27
0.50
08/48
1.25
04/19
4.75
01/28
3.75
10/19
5.90
05/26
1.00
06/20
0.35
08/22
0.90
08/27
2.05
03/48
3.45
12/19
0.10
12/22
0.10
12/27
0.10
12/47
0.80
01/20
0.25
07/27
0.75
04/20
3.00
04/27
4.50
05/19
4.50
02/27
1.75
06/20
4.80
04/27
4.13
01/19
0.25
10/27
1.45
07/19
1.50
11/26
1.00
07/20
2.25
06/27
3.25
07/20
2.00
07/23
0.75
07/27
1.25
07/47
1.50
11/19
1.75
10/22
2.00
11/27
2.25
11/47
2.75
Bid
Price
98.84
99.79
101.42
99.38
106.22
101.84
99.08
99.37
102.05
100.20
99.50
99.22
101.87
109.69
100.11
102.29
111.87
100.76
100.44
103.62
96.93
111.62
103.07
100.98
101.33
101.29
105.76
100.49
101.01
100.56
99.60
101.78
102.16
102.42
114.09
105.72
101.64
111.79
119.20
100.67
99.80
99.21
104.19
107.70
132.34
103.82
98.87
99.80
92.70
99.71
98.92
98.13
98.77
Bid Day chg Wk chg Month
Year
Yield
yield
yield chg yld chg yld
2.16
0.04
0.07
0.28
0.00
2.77
0.05
0.14
0.22
0.00
-0.53
0.00
0.00
0.00
0.00
0.57
-0.01
0.10
0.09
0.00
-0.53
0.00
0.00
0.00
0.00
0.60
-0.01
0.11
0.05
0.00
1.71
-0.02
0.07
0.26
0.00
2.08
0.00
0.10
0.17
0.00
-0.45
0.00
0.00
0.00
0.00
0.48
-0.01
0.07
0.08
0.00
2.06
0.01
0.03
0.10
0.30
0.58
-0.01
0.11
0.08
0.00
-0.39
0.00
0.00
0.00
0.00
-0.04
0.00
0.00
0.00
0.00
0.74
-0.01
0.11
0.07
0.00
-0.56
0.00
0.00
0.00
0.00
-0.10
0.00
0.00
0.00
0.00
0.42
0.00
0.11
0.09
0.00
1.23
-0.02
0.10
0.06
0.00
1.90
-0.01
-0.04
-1.01
0.00
4.13
0.02
0.14
0.00
0.00
-0.49
0.00
0.00
0.00
0.00
0.62
0.00
0.11
0.05
0.00
-0.05
0.00
0.00
0.00
0.00
0.61
0.00
0.03
0.07
0.00
1.90
0.00
0.04
0.12
0.00
3.15
0.00
0.04
0.13
0.00
-0.15
0.00
0.00
0.00
0.00
-0.10
0.00
0.00
0.00
0.00
0.04
0.00
0.00
0.00
0.00
0.81
-0.01
0.01
0.00
0.00
-0.61
0.00
0.00
0.00
0.00
0.52
-0.02
0.11
0.07
0.00
1.92
0.01
-0.01
-0.04
0.00
2.77
0.00
0.04
-0.02
0.00
0.39
0.00
-0.01
-0.11
0.00
1.56
0.01
0.08
0.07
0.00
0.01
0.00
0.00
0.00
0.00
1.86
0.06
0.07
-0.04
0.00
-0.36
0.00
0.00
0.00
0.00
1.47
-0.01
0.04
0.01
0.00
2.03
0.01
0.03
0.14
0.00
0.52
-0.03
0.00
0.05
0.00
-0.76
0.00
0.00
0.00
0.00
-0.13
0.00
0.00
0.00
0.00
0.50
-0.03
0.01
-0.01
0.00
0.96
-0.02
0.01
-0.02
0.00
1.27
-0.04
0.08
-0.02
0.00
1.82
-0.03
0.10
0.02
0.00
1.90
0.01
0.05
0.15
0.00
2.24
0.19
0.02
0.18
0.00
2.46
-0.02
0.00
0.14
0.00
2.81
-0.02
-0.01
0.05
0.00
Red
52 Week
Change in Yield
Price �
Yield
Day
Week
Month
Year
High
Low
Tr 5pc '18
100.92
0.22
-8.33
-18.52
-8.33 214.29 105.87 100.92
Tr 4.5pc '19
104.88
0.40
-4.76
-2.44
-4.76 700.00 109.80 104.88
Tr 4.75pc '20
109.41
0.43
-4.44
-2.27
2.38
72.00 114.50 109.41
Tr 1.5pc '21
102.88
0.55
-3.51
-1.79
0.00
10.00 104.73 102.71
Tr 4pc '22
113.90
0.64
-3.03
1.59
3.23
0.00 118.04 113.84
Tr 5pc '25
127.87
0.98
-2.00
3.16
0.00
-12.50 132.93 127.35
Tr 1.25pc '27
99.83
1.27
-1.55
2.42
-1.55
-13.01 131.42
98.24
Tr 4.25pc '32
134.69
1.56
-1.27
1.96
0.00
-10.86 139.13 132.06
Tr 4.25pc '36
139.57
1.71
-1.16
1.79
0.00
-9.52 144.09 135.73
Tr 4.5pc '42
153.43
1.82
-1.62
1.68
0.55
-7.14 159.30 148.51
Tr 3.75pc '52
152.11
1.74
-1.14
2.35
1.75
-6.95 159.09 144.96
Tr 4pc '60
170.75
1.66
-1.19
2.47
1.84
-7.26 179.15 161.03
Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per �0 nominal of stock.
Dec 22
Amnt

35.24
36.35
33.31
32.46
37.95
35.08
20.87
35.44
29.76
26.64
23.59
23.61
GILTS: UK FTSE ACTUARIES INDICES
Price Indices
Fixed Coupon
1 Up to 5 Years
2 5 - 10 Years
3 10 - 15 Years
4 5 - 15 Years
5 Over 15 Years
7 All stocks
Index Linked
1 Up to 5 Years
2 Over 5 years
3 5-15 years
4 Over 15 years
5 All stocks
Yield Indices
5 Yrs
10 Yrs
15 Yrs
Day's
chg %
0.06
0.18
0.24
0.20
0.43
0.25
Dec 22
94.52
182.53
212.33
189.25
335.14
179.61
Dec 22
310.77
712.51
478.88
914.76
643.83
Dec 22
0.71
1.31
1.68
Day's
chg %
0.08
0.60
0.25
0.73
0.56
Dec 21
0.73
1.33
1.70
Yr ago
0.60
1.41
1.84
Total
Return
2418.44
3476.88
4233.84
3662.78
5135.18
3566.93
Month
chg %
-0.47
0.12
0.10
0.12
0.06
20 Yrs
45 Yrs
Year's
chg %
-0.85
4.23
1.38
5.19
3.79
Return
1 month
0.07
0.31
0.44
0.36
0.43
0.29
Total
Return
2458.77
5318.33
3718.84
6677.21
4878.96
Dec 22
1.83
1.64
Return
1 year
-0.16
1.76
3.47
2.29
4.61
2.56
Yield
0.57
1.08
1.47
1.25
1.74
1.57
Return
1 month
-0.47
0.12
0.10
0.12
0.06
Return
1 year
0.62
4.78
2.44
5.56
4.41
Dec 21
1.85
1.66
inflation 0%
inflation 5%
Dec 22
Dur yrs Previous
Yr ago
Dec 22
Dur yrs Previous
Real yield
Up to 5 yrs
-2.01
3.25
-1.98
-2.29
-2.42
3.27
-2.41
Over 5 yrs
-1.62
24.85
-1.59
-1.52
-1.65
24.93
-1.62
5-15 yrs
-1.75
9.48
-1.72
-1.76
-1.86
9.50
-1.84
Over 15 yrs
-1.60
30.01
-1.58
-1.50
-1.62
30.06
-1.60
All stocks
-1.62
22.92
-1.60
-1.53
-1.66
23.04
-1.63
See FTSE website for more details www.ftse.com/products/indices/gilts
�17 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
Gilt Closing Prices information contained herein is proprietary to
Tradeweb; may not be copied or re-distributed; is not warranted to be
accurate, complete or timely; and does not constitute investment advice.
Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Yr ago
1.99
1.80
Yr ago
-2.95
-1.56
-1.89
-1.52
-1.57
All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
loss arising from the reliance on or use of the listed information. For all queries e-mail
ft.reader.enquiries@morningstar.com
Data provided by Morningstar | www.morningstar.co.uk
17
FINANCIAL TIMES
Wednesday 27 December 2017
MANAGED FUNDS SERVICE
Fund
Bid
Offer D+/- Yield
Fund
Bid
Offer D+/- Yield
Fund
Bid
Offer D+/- Yield
Haussmann
Other International Funds
Haussmann Cls A
Haussmann Cls C
Haussmann Cls D
Algebris Investments
Regulated
Algebris Financial Credit Fund - Class I EUR
Algebris Financial Income Fund - Class I EUR
Algebris Financial Equity Fund - Class B EUR
Algebris Asset Allocation Fund - Class B EUR
Algebris Macro Credit B EUR Acc
Algebris Core Italy Fund - Class R EUR
(IRL)
? 156.65
? 147.37
? 134.24
? 98.18
? 111.75
? 98.17
-
0.04
0.90
2.21
-0.05
0.24
0.20
0.00
0.00
0.00
0.00
0.00
-
The Antares European Fund Limited
Other International
AEF Ltd Usd (Est)
AEF Ltd Eur (Est)
$ 750.80
? 742.44
-
-0.44 -0.67 0.00
Arisaig Partners
Other International Funds
Arisaig Africa Consumer Fund Limited
Arisaig Asia Consumer Fund Limited
Arisaig Global Emerging Markets Consumer Fund
Arisaig Global Emerging Markets Consumer UCITS
Arisaig Global Emerging Markets Consumer UCITS STG
Arisaig Latin America Consumer Fund
$
$
$
?
�
$
13.30
94.11
11.78
12.83
14.47
26.71
-
-0.06
0.33
0.00
0.01
0.05
-0.13
0.00
0.00
0.00
0.00
0.00
0.00
Artisan Partners Global Funds PLC
(IRL)
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
Tel: 44 (0) 207 766 7130
FCA Recognised
Artisan Partners Global Funds plc
Artisan Global Equity Fund Class I USD Acc $ 18.66
Artisan Global Opportunities I USD Acc $ 16.87
Artisan Global Value Fund Class I USD Acc $ 20.92
Artisan US Value Equity Fund Class I USD Acc $ 15.36
Artisan Global Opportunities Class I EUR Acc ? 21.35
-
0.06
0.05
0.02
0.11
0.07
Ashmore Sicav
Dodge & Cox Worldwide Funds
-
-0.15
0.51
-0.14
0.11
-0.06
-0.19
0.04
-
3.70
1.88
1.04
0.90
-0.01
-0.06
-0.06
Atlantas Sicav
Regulated
American Dynamic
American One
Bond Global
Eurocroissance
Far East
(LUX)
$ 4630.14
$ 4259.09
? 1411.16
? 1017.76
$ 968.24
-
60.64
60.93
-1.75
14.53
8.41
Bank of America Cap Mgmt (Ireland) Ltd
Regulated
Global Liquidity USD
0.00
0.00
0.00
0.00
0.00
0.00
0.00
$
1.00
-
0.00
0.00
0.00
0.00
0.00
(IRL)
0.00 0.61
Barclays Investment Funds (CI) Ltd
(JER)
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FCA Recognised
Bond Funds
Sterling Bond F
�
0.48
-
0.00 2.75
BlackRock
Regulated
BlackRock UK Property
BLK Intl Gold & General
(JER)
� 43.27
$ 5.85
0.17 2.63
6.16 0.08 0.00
BLI - Banque de Luxembourg Investments S.A.
FCA Recognised
BL-Equities Europe B
BL-Equities America B
BL-Equities Japan B
BL-Emerging Markets B
BL-Global Equities B
BL-Global 30 B
BL-Global 50 B
BL-Global 75 B
BL-Global Flexible EUR B
? 7116.99
$ 7119.68
� 20761.00
? 169.57
? 834.47
? 1386.28
? 1723.63
? 2427.40
? 163.67
-
40.20
-2.69
50.00
0.51
1.98
0.12
1.83
4.60
0.48
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
www.invil.mu
Other International Funds
NAV
Dragon Capital Group
1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Fund information, dealing and administration: funds@dragoncapital.com
Other International Funds
Vietnam Property Fund (VPF) NAV $
0.80
-
0.03 0.00
DSM Capital Partners Funds
(LUX)
? 184.44
? 122.20
$ 123.95
$ 146.25
? 123.47
-
0.97 0.00
0.19 0.00
1.96 0.19 0.40 (IRL)
27-31 Melville Street, Edinburgh EH3 7JF
Tel: +353 1 434 5143 Dealing - Fax +353 1 434 5230
FCA Recognised
Edinburgh Partners Opportunities Fund PLC
Emerging Opportunities I USD $ $ 1.43 European Opportunities I EUR
? 2.81 European Opportunities I GBP
� 2.48 European Opportunities A EUR
? 2.74 Global Opportunities I USD
$ 2.03 Global Opportunities I GBP
� 1.52 Pan European Opportunities I EUR ? 1.89 -
0.00
0.02
0.02
0.02
0.01
0.01
0.01
Ennismore Smaller Cos Plc
1.26
1.68
1.65
1.36
2.12
2.12
(IRL)
5 Kensington Church St, London W8 4LD 020 7368 4220
FCA Recognised
Ennismore European Smlr Cos NAV � 127.67 0.55 0.00
Ennismore European Smlr Cos NAV ? 143.75 0.33 0.00
Ennismore European Smlr Cos Hedge Fd
Other International Funds
NAV
? 525.42
-
-1.49 0.00
Equinox Fund Mgmt (Guernsey) Limited
Regulated
Equinox Russian Opportunities Fund Limited $ 183.14
-
Euronova Asset Management UK LLP
Regulated
Smaller Cos Cls One Shares
Smaller Cos Cls Two Shares
Smaller Cos Cls Three Shares
Smaller Cos Cls Four Shares
?
?
?
?
43.03
29.14
14.74
18.92
-
(GSY)
-1.92 0.00
(CYM)
0.06
0.04
0.02
0.02
0.00
0.00
0.00
0.00
Eurobank Fund Management Company (Luxembourg) S.A.
(UK)
Senator House 85 Queen Victoria Street London EC4V 4ET
Authorised Inv Funds
Diversified Income 1 Units GBP Inc � 1.56 1.56 0.00 Diversified Income 2 Units GBP Inc � 1.50 1.50 0.00 Diversified Income 3 Units GBP Inc � -
Regulated
(LF) Absolute Return
(LF) Eq Emerging Europe
(LF) Eq Mena Fund
(LF) Greek Government Bond
(LF) Greek Corporate Bond
(LF) FOF Dynamic Fixed Inc
(LF) FOF Real Estate
CG Asset Management Limited
FIL Investment Services (UK) Limited (1200)F (UK)
CCLA Investment Management Ltd
(IRL)
25 Moorgate, London, EC2R 6AY
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859
FCA Recognised
Capital Gearing Portfolio Inc
� 31745.63 32224.22 111.69
CG Portfolio Fund Plc
Absolute Return Cls M Inc
� 116.58 116.58 0.15
Capital Value Cls V Inc
� 153.14 155.46 0.84
Dollar Fund Cls D Inc
� 148.99 148.99 0.84
Dollar Hedged GBP Inc
� 97.31 97.31 0.19
Real Return Cls A Inc
� 191.91 191.91 1.00
1.28
0.45
1.69
1.73
2.23
Canada Life Investments
(UK)
1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180
Authorised Inv Funds
Asia Pacific C Acc
1189.49 8.34
Balance C Acc
184.43 0.67
Corporate Bond C Acc
263.11 0.62
European C Acc
142.37 0.10
Global Bond C Inc
110.17 - -0.10
Global Equity C Acc
858.29 4.18
Global Equity Income C Inc
158.72 0.12
Global High Yield Bond C Inc
98.41 0.20
Japan C Acc
152.70 1.06
Managed 0%-35% C Acc
105.11 0.26
North American C Acc
1304.00 8.34
Portfolio III C Acc
125.06 0.36
Portfolio IV C Acc
129.90 0.45
Portfolio V C Acc
134.18 0.55
Portfolio VI C Acc
137.70 0.63
Portfolio VII C Acc
137.41 0.72
Short duration Corporate Bond C Acc 101.81 0.05
Strategic Return C Acc
120.19 0.18
Total Return C Acc
115.84 0.00
UK Equity & Bond C Inc
259.25 1.18
UK Equity C Inc
113.58 0.79
UK Equity Income C Inc
457.54 2.47
UK Government Bond C Inc
112.76 0.33
1.10
1.59
3.67
1.35
2.49
1.14
3.62
5.61
0.82
0.41
2.10
2.03
1.78
1.80
1.67
2.03
0.00
2.07
4.09
2.19
3.78
1.62
Cedar Rock Capital Limited
(IRL)
Regulated
Cedar Rock Capital Fd Plc
Cedar Rock Capital Fd Plc
Cedar Rock Capital Fd Plc
$ 453.44
� 530.18
? 400.70
-
5.98 1.28
11.38 1.41
10.22 1.45
Charles Schwab Worldwide Funds Plc
Regulated
Schwab USD Liquid Assets Fd
$
1.00
-
?
?
?
?
?
?
?
1.36
0.90
12.78
28.89
14.70
12.14
16.04
-
0.00
0.00
0.15
0.04
0.00
-0.01
-0.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
130, Tonbridge Rd, Tonbridge TN11 9DZ
Callfree: Private Clients 0800 414161
Broker Dealings: 0800 414 181
0.52
(IRL)
0.00 0.16
Chartered Asset Management Pte Ltd
Other International Funds
CAM-GTF Limited
$ 315284.31 315284.32 -2266.70 0.00
CAM GTi Limited
$ 674.53 - -3.29 0.00
Raffles-Asia Investment Company $ 1.67 1.67 0.04 1.18
OEIC Funds
Cash Fund Y-Acc-GBP
Cash Fund Y-Inc-GBP
Fidelity Short Dated Corporate Bond Fund Y - Gross Inc
Fidelity Short Dated Corporate Bond Fund Y - Gross Acc
Target 2020 A-ACC-GBP
Target 2025 A-ACC-GBP
Target 2030 A-ACC-GBP
Institutional OEIC Funds
Europe (ex-UK) Fund ACC-GBP
UK Gilt Fund Inc
UK Long Corporate Bond - Gross Inc
� 1.00
� 1.00
� 9.89
� 10.31
� 0.66
� 1.64
� 1.86
-
0.00
0.00
0.01
0.00
0.00
0.00
0.01
� 5.33
� 1.37
� 12.55
-
0.00 1.10
0.00 1.76
0.03 3.19
Findlay Park Funds Plc
0.08
0.17
3.31
1.17
0.45
0.52
0.57
(IRL)
30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
FCA Recognised
American Fund USD Class
$ 107.82 0.21
American Fund GBP Hedged
� 57.69 0.13
American Fund GBP Unhedged
� 80.73 0.47
Latin American Fund USD Class $ 16.85 - -0.01
Latin American Fund GBP Unhedged � 12.85 0.04
0.00
0.00
0.00
0.76
0.42
The First Investor QSCC
5th Floor, Barwa Bank Building, Grand Hamad Street
, P.O. Box 16034, Doha, State of Qatar
+ 974 4459 6111
http://www.tfi.com.qa/
Other International Funds
TFI GCC Equity Opportunities Fund (Q)QAR 1280.10 0.04 0.00
FCA Recognised - Luxembourg UCITS
Foord International Fund | R
$ 40.77
Foord Global Equity Fund (Lux) | R $ 13.43
Regulated
Foord Global Equity Fund (Sing) | B $ 16.13
Foord International Trust (Gsy)
$ 40.45
-
0.11
0.08
-
-0.04 0.00
0.11 0.00
Franklin Templeton International Services Sarl (IRL)
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Other International Funds
Franklin Emerging Market Debt Opportunities Fund Plc
Franklin Emg Mkts Debt Opp CHFSFr 17.54 - -0.01 8.16
Franklin Emg Mkts Debt Opp GBP � 10.84 - -0.02 6.08
Franklin Emg Mkts Debt Opp SGD S$ 23.27 0.04 4.71
Franklin Emg Mkts Debt Opp USD $ 18.05 0.09 6.12
-
1.09 1.84
GYS Investment Management Ltd
-
(IRL)
1.60 0.00
0.00 0.00
-5.61 0.00
Cheyne Capital Management (UK) LLP
Other International Funds
Cheyne European Event Driven Fund (M) ? 147.08 1.33
price updated (D) daily, (W) weekly, (M) monthly
DAVIS Funds SICAV
Regulated
Davis Value A
Davis Global A
(LUX)
$ 53.00
$ 40.82
-
0.45 0.00
0.45 0.00
9.58
-
-0.03 0.00
Intrinsic Value Investors (IVI) LLP
(IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised
IVI European Fund EUR
? 22.46 0.05 0.00
IVI European Fund GBP
� 26.69 0.16 0.58
Invesco Fund Managers Ltd
(UK)
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH
Dealing: 0800 085 8571
Investor Services: 0800 085 8677
www.invescoperpetual.co.uk
Authorised Inv Funds
Invesco Perpetual Funds (No Trail)
Global Targeted Income Fund Acc (No Trail) 101.79
Global Targeted Income Fund Inc (No Trail) 105.20
Invesco Global Emerging Mkts Bond Acc (No Trail)
98.73
Invesco Global Emerging Mkts Bond Inc (No Trail)
95.50
-
-0.19 3.00
-0.20 2.96
-0.20 -0.19 -
Invesco
(LUX)
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FCA Recognised
Invesco Management SA
Invesco Active Multi-Sector Credit Fund A
Invesco Asia Balanced A dist
Invesco Asia Consumer Demand Fund A income
Invesco Asia Infrastructure (A)
Invesco Asia Opportunities Equity A
Invesco Balanced Risk Allocation Fund A
Invesco Emerging Europe Equity Fund A
Invesco Emerging Local Currencies Debt A Inc
Invesco Emerging Market Structured Equity Fund A
Invesco Energy A
Invesco Euro Corporate Bond Fund (A)
Invesco Euro Reserve A
Invesco Euro Bond A
Invesco European Growth Equity A
Invesco Global Absolute Return Fund A Class
Invesco Global Bond A Inc
Invesco Global Conservative Fund 90 (EUR) A
Invesco Global Equity Income Fund A
Invesco Global Inc Real Estate Sec A dist
Invesco Global Inv Grd Corp Bond A Dist
Invesco Global Leisure A
Invesco Global Smaller Comp Eq Fd A
Invesco Global Structured Equity A
Invesco Global Total Ret.(EUR) Bond Fund A
Invesco Gold & Precious Metals A
Invesco Greater China Equity A
Invesco India Equity A
Invesco Japanese Equity Adv Fd A
Invesco Japanese Value Eq Fd A
Invesco Latin American Equity A
Invesco Nippon Small/Mid Cap Equity A
Invesco Pan European Equity A EUR Cap NAV
Invesco Pan European High Income Fd A
Invesco Pan European Small Cap Equity A
Invesco Pan European Structured Equity A
Invesco Real Return (EUR) Bond Fund A
Invesco UK Eqty Income A
Invesco UK Investment Grade Bond A
Invesco US Structured Equity A
Invesco US Value Eq Fd A
Invesco USD Reserve A
? 3.17
$ 14.90
$ 18.21
$ 15.28
$ 142.60
? 17.00
$ 11.59
$ 7.01
$ 12.84
$ 17.62
? 18.03
? 320.41
? 7.53
? 27.76
? 11.23
$ 5.76
? 11.77
$ 72.55
$ 9.59
$ 12.51
$ 53.80
$ 78.13
$ 52.18
? 13.84
$ 5.35
$ 64.49
$ 75.27
� 4970.00
� 1740.00
$ 7.51
� 1663.00
? 20.88
? 14.64
? 25.03
? 19.32
? 15.98
� 33.97
� 1.07
$ 27.00
$ 42.07
$ 87.85
-
0.00
0.03
0.18
0.06
0.61
0.04
0.08
-0.02
0.02
0.41
0.00
0.00
0.00
0.15
-0.02
0.00
0.01
0.27
-0.02
0.01
0.28
0.24
-0.07
0.01
0.04
0.33
0.57
25.00
12.00
0.03
11.00
0.11
0.01
0.15
0.09
0.00
0.23
0.01
-0.02
0.31
0.01
0.00
3.32
0.06
0.77
0.00
0.00
0.00
5.84
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.81
0.00
0.00
1.88
2.78
0.00
0.00
0.74
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.09
0.00
0.00
0.00
1.90
0.00
0.00
0.00
Invesco Global Asset Management Ltd
(IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FCA Recognised
Invesco Stlg Bd A QD F
� 2.70 0.00
Invesco Asian Equity A
$ 9.31 0.08
Invesco ASEAN Equity A
$ 105.44 0.50
Invesco Bond A
$ 27.80 0.02
Invesco Continental Eurp Small Cap Eqty A $ 291.49 0.39
Invesco Emerging Markets Equity A $ 50.24 0.40
Invesco Emerging Markets Bond A $ 22.41 0.00
Invesco Continental European Equity A ? 9.55 0.02
Invesco Gilt A
� 16.08 0.06
Invesco Global Small Cap Equity A NAV $ 162.39 0.82
Invesco Global High Income A NAV $ 12.30 0.00
Invesco Gbl R/Est Secs A GBP F F � 9.37 - -0.03
Invesco Global Health Care A
$ 127.63 0.15
Invesco Global Select Equity A
$ 16.00 0.11
Invesco Jap Eqty Core A
$ 23.08 0.27
Invesco Japanese Equity A
$ 27.04 0.23
Invesco Korean Equity A
$ 29.17 0.31
Invesco PRC Equity A
$ 80.42 0.78
Invesco Pacific Equity A
$ 68.84 0.61
Invesco Global Technology A
$ 21.38 0.03
Invesco UK Eqty A
� 9.54 0.06
3.36
0.22
0.11
2.03
0.00
0.00
4.80
0.96
0.94
0.00
6.24
0.89
0.00
0.44
0.11
0.00
0.00
0.03
0.19
0.00
1.67
367.33
465.88
384.93
Offer D+/- Yield
-
Regulated
Taurus Emerging Fund Ltd
(GSY)
$ 205.03 209.21 6.86 0.00
Generali Worldwide
PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
International Insurances
Global Multi-Strategy Managed
UK Multi-Strategy Managed
EU Multi-Strategy Managed
Global Bond USD
$
�
?
$
5.72
5.80
3.32
3.75
6.16
6.24
3.58
4.05
0.04
0.05
0.03
-0.01
0.00
0.00
0.00
0.00
Genesis Asset Managers LLP
Other International Funds
Emerging Mkts NAV
�
8.10
-
0.06 1.35
HPB Assurance Ltd
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
International Insurances
Holiday Property Bond Ser 1
Holiday Property Bond Ser 2
�
�
0.54
0.66
-
0.00 0.00
0.01 0.00
Kames Capital VCIC
1.12
0.00
2.99
3.50
1.77
0.00
0.00
3.19
0.00
0.00
0.00
0.00
0.00
0.63
1.15
Link Asset Services
(UK)
65 Gresham Street, London, EC2V 7NQ
Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds
LF Heartwood Balanced MA B Acc
146.63 0.32 0.54
LF Heartwood Cautious MA B Acc
142.16 0.23 0.45
LF Heartwood Defensive MA B Acc 116.44 0.14 0.07
LF Heartwood Growth MA B Acc
177.35 0.45 0.51
LF Heartwood Income MA B Inc
113.70 0.07 3.29
LF Heartwood Income Plus MA B Inc
119.90 0.15 3.76
LF Seneca Diversified Growth A Acc 274.59 0.46 2.04
LF Seneca Diversified Growth B Acc 164.64 0.28 2.62
LF Seneca Diversified Growth N Acc 162.20 0.27 2.40
LF Seneca Diversified Income A Inc
96.10 0.20 4.73
LF Seneca Diversified Income B Inc 115.25 0.24 4.72
LF Seneca Diversified Income N Inc 113.67 0.24 4.72
Investment Adviser - Morant Wright Management Limited
LF Morant Wright Japan A Acc
422.90 1.92 0.00
LF Morant Wright Japan A Inc
414.03 1.88 0.40
LF Morant Wright Japan B Acc
454.65 2.07 0.86
LF Morant Wright Japan B Inc
421.29 1.91 0.87
LF Morant Wright Nippon Yield A Acc
444.69 1.94 2.04
Bid
Offer D+/- Yield
Lloyds Investment Fund Managers Limited (1000)F (JER)
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Other International Funds
Lloydstrust Gilt
� 12.6000 - 0.0300 1.94
Lloyds Investment Funds Limited
Euro High Income
? 1.6170 - 0.0010 3.04
European
� 10.2400 - 0.0400 0.33
High Income
� 0.8842 - 0.0014 4.29
International
� 5.6510 - 0.0310 0.29
North American
� 22.5700 - 0.0400 0.00
Sterling Bond
� 1.5590 - 0.0030 2.65
UK
� 7.8140 - 0.0620 0.65
Lloyds Gilt Fund Limited
Lloyds Gilt Fund Quarterly Share � 1.3220 - 0.0030 1.51
Monthly Share
� 1.2680 - 0.0030 1.51
Lloyds Money Fund Limited
Sterling Class
� 52.5290 - 0.0000 -0.20
Lloyds Multi Strategy Fund Limited
Conservative Strategy
� 1.2520 - 0.0020 0.86
Growth Strategy
� 1.8260 - 0.0080 0.67
Aggressive Strategy
� 2.4590 - 0.0130 0.00
Global USD Growth Strategy
$ 1.6520 - 0.0010 0.00
Dealing Daily
MMIP Investment Management Limited
Oasis Crescent Management Company Ltd
Other International Funds
Oasis Crescent Equity Fund
R 10.29
-
0.00 0.00
Oasis Global Mgmt Co (Ireland) Ltd
(IRL)
Regulated
Oasis Global Investment (Ireland) Plc
Oasis Crescent Global Short Term Income Fund $ 0.99 0.01 1.57
Oasis Global Equity
$ 30.35 - -0.05 0.52
Oasis Crescent Global Investment Fund (Ireland) plc
Oasis Crescent Global Equity Fund $ 31.26 - -0.05 0.43
Oasis Crescent Variable Balanced Fund � 10.62 0.06 0.00
OasisCresGl Income Class A
$ 10.73 0.00 2.64
OasisCresGl LowBal D ($) Dist
$ 12.34 0.01 0.00
OasisCresGl Med Eq Bal A ($) Dist $ 13.02 0.01 0.29
Oasis Crescent Gbl Property Eqty $ 9.79 0.04 1.77
Multi-Manager Investment Programmes PCC Limited
UK Equity Fd Cl A Series 01
� 2837.51 2864.03 22.63 0.00
Diversified Absolute Rtn Fd USD Cl AF2 $ 1659.83 9.72 0.00
Diversified Absolute Return Stlg Cell AF2 � 1648.61 2.06 0.00
Global Equity Fund A Lead Series � 1427.85 1433.58 41.06 0.00
Marwyn Asset Management Limited
Regulated
Marwyn Value Investors
(CYM)
-
1.29 0.00
-
0.43
-0.83
Meridian Fund Managers Ltd
Other International Funds
Global Gold & Resources Fund
$ 317.06
Global Energy & Resources Fund $ 38.21
-
Odey Asset Management LLP
Regulated
OEI Mac Inc GBP A
OEI Mac Inc GBP B
OEI MAC Inc USD
Odey European Inc EUR
Odey European Inc GBP A
Odey European Inc GBP B
Odey European Inc USD
Giano Capital EUR Inc
(CYM)
� 149.79
� 87.73
$ 793.73
? 346.83
� 138.53
� 78.53
$ 164.94
? 4515.88
-
Milltrust International Managed Investments ICAV (IRL)
Odey Wealth Management (CI) Ltd
(LUX)
www.mirabaud.com, marketing@mirabaud-am.com
Conviction based investment vehicles details available here www.mirabaud-am.com
Regulated
Mir. - Conv. Bds Eur A EUR
? 137.94 0.14 0.00
Mir. - Conv. Bds Glb A USD
$ 122.52 0.02 0.00
Mir. - Eq Asia ex Jap A
$ 246.14 1.75 0.00
Mir.- EqEurope ExUK Sm&Mid
� 160.04 0.53 0.00
Mir. - Eq Glb Emrg Mkt A USD
$ 130.70 0.64 0.00
Mir. - Eq Spain A
? 28.46 0.17 0.00
Mir. - Eq Swiss Sm/Mid A
SFr 482.46 2.78 0.00
Mir. - Glb High Yield Bds A
$ 123.57 0.03 Mir. - Glb Eq High Income A USD $ 118.01 0.37 0.00
Mir. - US Shrt Term Credit Fd
$ 104.18 0.05 0.00
Mir. - Glb Strat. Bd I USD
$ 110.37 0.04 0.00
Mir. - EqPanEuropeSm&Mid
� 154.52 0.25 0.00
Mir. - Eq UK High Income I GBP � 129.22 0.46 0.00
Morgan Stanley Investment Funds
(LUX)
6b Route de Tr鑦es L-2633 Senningerberg Luxembourg (352) 34 64 61
www.morganstanleyinvestmentfunds.com
FCA Recognised
US Advantage A F
$ 78.32 - -0.19 0.00
Asian Equity A F
$ 54.96 0.42 0.00
Asian Property A F
$ 20.36 0.10 0.00
Emerg Europ, Mid-East & Africa Eq A F ? 81.41 0.27 0.00
Emerging Markets Debt A F
$ 89.16 0.01 0.00
Emerging Markets Domestic Debt AX F � 12.50 12.50 -0.03 5.19
Emerging Markets Equity A F
$ 45.31 45.31 0.25 0.00
Euro Bond A F
? 16.34 16.34 0.01 0.00
Euro Corporate Bond AX F
� 28.06 28.06 -0.07 1.36
Euro Strategic Bond A F
? 46.69 46.69 0.03 0.00
European Currencies High Yield Bd A F ? 24.78 24.78 0.01 0.00
European Equity Alpha A F
? 46.02 0.13 0.00
European Property A F
? 35.95 35.95 -0.04 0.00
Eurozone Equity Alpha A F
? 13.14 13.14 0.02 0.00
Global Bond A F
$ 42.13 42.13 0.02 0.00
Global Brands A F
$ 127.54 - -0.15 0.00
Global Convertible Bond A F
$ 45.10 0.04 0.00
Global Property A F
$ 30.42 0.03 0.00
Indian Equity A F
$ 49.30 - -0.01 0.00
Latin American Equity A F
$ 54.16 0.18 0.00
Short Maturity Euro Bond A F
? 20.43 20.43 0.00 0.00
US Dollar Liquidity A F
$ 13.13 0.00 0.00
US Growth A F
$ 95.93 - -0.26 0.00
US Growth AH F
? 64.45 64.45 -0.16 0.00
US Growth AX F
� 71.75 71.75 -0.30 0.00
US Property A F
$ 71.97 0.04 0.00
Morgens Waterfall Vintiadis.co Inc
Other International Funds
Phaeton Intl (BVI) Ltd (Est)
$ 458.66
-
0.26 0.00
Natixis International Funds (LUX) I SICAV (LUX)
FCA Recognised
ASG Managed Futures Fund I/A (USD)
Harris Global Equity Fund R/A (USD)
Loomis Sayles Global Growth Equity Fund I/A (USD)
Loomis Sayles U.S. Growth Equity Fund I/A (USD)
$ 102.61
$ 332.07
$ 132.18
$ 134.32
102.61
332.07
132.18
134.32
0.31
1.75
0.67
0.12
Natixis International Funds
Authorised Funds
DNCA European Select Equity Fund
Harris Global Concentrated Equity Fund
H2O MultiReturns Fund N/A (GBP)
Loomis Sayles U.S. Equity Leaders N/A (GBP)
�
�
�
�
0.00
0.00
0.00
0.00
(UK)
1.06
1.73
1.54
2.37
-
0.00 0.01 0.00
0.00 0.00
0.00 0.00
New Capital UCITS Funds PLC
(IRL)
Leconfield House, Curzon Street, London, W1J 5JB
www.newcapitalfunds.com
FCA Recognised
New Capital Asia Pacific Bond Fund - USD Ord Inc. $ 96.36 0.04
New Capital Asia Pacific Equity Income Fund - USD Ord Inc. $ 108.72 - -0.10
New Capital Dynamic European Equity Fund - EUR Ord Inc. ? 189.18 0.74
New Capital China Equity Fund - USD Ord Acc. $ 172.72 2.58
New Capital Global Value Credit Fund - USD Ord Acc. $ 185.44 0.09
New Capital Global Equity Conviction Fund - USD Ord Acc. $ 120.14 0.38
New Capital Strategic Portfolio UCITS Fund - USD Inst Acc. $ 119.77 0.42
New Capital Wealthy Nations Bond Fund - USD Inst Inc. $ 120.34 - -0.05
New Capital Swiss Select Equity Fund - CHF Ord Acc.SFr 161.65 0.91
New Capital US Growth Fund - USD Ord Acc. $ 265.56 0.53
New Capital All Weather UCITS Fund - EUR Inst Acc. ? 101.39 - -0.14
New Capital Dynamic UK Equity Fund - GBP Inst Acc. � 112.96 0.83
New Capital US Small Cap Growth Fund - USD Inst Acc $ 126.31 0.47
New Capital Global Alpha Fund - USD Ord Inc $ 106.34 0.10
3.15
3.47
2.19
0.00
0.00
0.00
0.00
3.80
0.00
0.00
0.00
0.00
-
www.odey.com/prices
FCA Recognised
Odey Opportunity EUR I
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(IRL)
FCA Recognised
Odey Pan European EUR R
Odey Allegra International EUR O
Odey Allegra Developed Markets USD I
Odey European Focus Fund
Odey Giano European Fund EUR R
Odey Odyssey USD I
Odey Swan Fund EUR I
Odey Absolute Return Focus Fund
Mirabaud Asset Management
-5.52
-2.55
-28.39
-13.68
-5.40
-3.06
-6.25
23.63
Odey Asset Management LLP
Emerging Markets Managed Accounts PLC (IRL)
emma@milltrust.com, +44(0)20 8123 8369, www.milltrust.com
Regulated
Milltrust ASEAN A
$ 114.72 - -0.10 0.00
Milltrust India A
$ 180.07 0.16 0.00
Milltrust Latin America A
$ 103.14 0.83 0.00
Milltrust Keywise China Fund
$ 151.19 0.16 0.00
Milltrust SEDCO MENA Fund (Class A) * $ 99.80 0.30 0.00
mimi@milltrust.com, +44(0)20 8123 8369 www.milltrust.com
Regulated
MAI - Buy & Lease (Australia) A$ 99.42 - -0.58 MAI - Buy & Lease (New Zealand)NZ$ 99.44 - -0.56 0.00
British Innovation Fund
� 98.71 - -1.03 EICM South Asia Hospitality 1
$ 101.98 4.50 -
Bid
GEM Growth I USD
GEM Income I USD
Global Alpha I USD
Global Convertible I USD
Global Insurance I GBP
Global Technology I USD
Healthcare Blue Chip Fund I USD Acc
Healthcare Opps I USD
Income Opportunities B2 I GBP Acc
Japan Alpha I JPY
Japan I JPY
North American I USD
UK Absolute Equity I GBP
UK Val Opp I GBP Acc
Offer D+/- Yield
$ 11.04
$ 12.22
$ 16.10
$ 12.58
� 6.03
$ 39.10
$ 11.99
$ 41.90
� 2.27
� 266.21
� 2702.09
$ 24.17
� 20.63
� 12.03
- -0.02
- -0.02
16.10 -0.01
12.58 0.02
0.01
- -0.05
11.99 -0.02
0.05
2.27 0.01
266.21 1.30
- 25.82
24.17 0.06
20.63 -0.08
12.03 0.05
Polar Capital LLP
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(CYM)
Regulated
European Forager A EUR
? 185.18
-
-1.09 0.00
Private Fund Mgrs (Guernsey) Ltd
Regulated
Monument Growth 19/12/2017
(GSY)
� 530.96 536.86 11.50 1.55
Prusik Investment Management LLP
Enquiries - 0207 493 1331
Regulated
Prusik Asian Equity Income B Dist $ 211.23
Prusik Asia A
$ 272.12
Prusik Asian Smaller Cos A
$ 173.87
Regulated
PCG B
PCG C
Asset Management
� 463.23
Fund
? 317.44
? 169.62
$ 155.47
? 19.45
? 113.62
$ 87.82
? 41.75
$ 91.30
-
? 239.10
1.61
1.17
0.93
0.01
-0.03
-0.17
-0.20
-2.74
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(IRL)
-
215.00
211.26
-
0.35 3.19
2.38 0.00
0.08 0.00
-
0.03 0.00
0.02 0.00
(JER)
Putnam Investments (Ireland) Ltd
Regulated
Putnam New Flag Euro High Yield Plc - E ? 1033.50
(IRL)
-
0.24 3.35
Ram Active Investments SA
www.ram-ai.com
Other International Funds
RAM Systematic Emerg Markets Core Eq
RAM Systematic Emerg Markets Eq
RAM Systematic European Eq
RAM Systematic Global Shareholder Yield Eq
RAM Systematic Long/Short Emerg Markets Eq
RAM Systematic Long/Short European Eq
RAM Systematic North American Eq
RAM Tactical Convertibles Europe
RAM Tactical Global Bond Total Return
RAM Tactical II Asia Bond Total Return
$ 106.02
$ 187.03
? 453.69
$ 131.07
$ 119.48
? 153.66
$ 307.75
? 150.96
? 145.47
$ 142.33
$ 985.73
-
-
0.13 0.30 0.99 0.25 0.00
0.08 -0.51 0.21 0.19 -0.06 0.02 -
-19.92 0.00
$ 1552.04
$ 15.47
$ 121.73
$ 96.37
$ 82.93
$ 19.84
$ 109.41
? 20.41
$ 70.91
$ 16.63
$ 17.44
$ 106.11
$ 139.90
-
29.45
0.60
0.55
-0.07
-0.50
-1.46
0.16
0.03
-0.14
-0.02
-0.03
0.11
-0.36
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Oryx International Growth Fund Ltd
Other International Funds
NAV (Fully Diluted)
�
8.99
-
0.26 0.00
Pictet Asset Management (Europe) SA
15, Avenue J.F. Kennedy L-1855 Luxembourg
Tel: 0041 58 323 3000
FCA Recognised
Pictet-Absl Rtn Fix Inc-HI EUR
? 108.04
Pictet-Asian Equities Ex Japan-I USD F $ 322.30
Pictet-Asian Local Currency Debt-I USD F $ 169.79
Pictet-Biotech-I USD F
$ 807.78
Pictet-CHF Bonds I CHF
SFr 508.26
Pictet-China Index I USD
$ 159.87
Pictet-Clean Energy-I USD F
$ 100.97
Pictet-Digital-I USD F
$ 392.48
Pictet-Em Lcl Ccy Dbt-I USD F
$ 181.33
Pictet-Emerging Europe-I EUR F ? 387.93
Pictet-Emerging Markets-I USD F $ 691.87
Pictet-Emerging Markets Index-I USD F $ 305.99
Pictet-Emerging Corporate Bonds I USD $ 126.20
Pictet-Emerging Markets High Dividend I USD $ 126.10
Pictet-Emerging Markets Sust Eq I USD $ 109.66
Pictet-EUR Bonds-I F
? 585.85
Pictet-EUR Corporate Bonds Ex Fin i EUR ? 151.60
Pictet-EUR Corporate Bonds-I F ? 212.57
Pictet-EUR Government Bonds I EUR ? 163.42
Pictet-EUR High Yield-I F
? 273.67
Pictet-EUR Short Mid-Term Bonds-I F ? 137.66
Pictet-EUR Short Term HY I EUR ? 127.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR I ? 101.75
Pictet-Euroland Index IS EUR
? 157.26
Pictet-Europe Index-I EUR F
? 192.61
Pictet-European Equity Selection-I EUR F ? 762.24
Pictet-European Sust Eq-I EUR F ? 271.63
Pictet-Global Bds Fundamental I USD $ 125.94
Pictet-Global Bonds-I EUR
? 165.34
Pictet-Global Defensive Equities I USD $ 176.29
Pictet-Global Emerging Currencies-I USD F $ 108.36
Pictet-Global Emerging Debt-I USD F $ 413.74
Pictet-Global Env.Opport-I EUR
? 202.77
Pictet-Global Megatrend Selection-I USD F $ 291.14
Pictet-Greater China-I USD F
$ 666.90
Pictet-Health-I USD
$ 280.20
Pictet-High Dividend Sel I EUR F ? 172.05
Pictet-India Index I USD
$ 128.81
Pictet-Indian Equities-I USD F
$ 628.15
Pictet-Japan Index-I JPY F
� 19448.33
Pictet-Japanese Equities Opp-I JPY F � 12600.14
Pictet-Japanese Equity Selection-I JPY F � 17982.35
Pictet-LATAM Lc Ccy Dbt-I USD F $ 137.58
Pictet-Multi Asset Global Opportunities-I EUR ? 122.05
Pictet-Nutrition-I EUR
? 218.45
Pictet-Pacific Ex Japan Index-I USD F $ 437.41
Pictet-Premium Brands-I EUR F
? 173.17
Pictet-Russia Index I USD
$ 71.68
Pictet-Russian Equities-I USD F $ 70.97
Pictet-Security-I USD F
$ 250.91
Pictet-Select-Callisto I EUR
? 103.81
Pictet-Small Cap Europe-I EUR F ? 1377.63
Pictet-ST.MoneyMkt-I
? 139.52
Pictet-ST.MoneyMkt JPY I USD � 101133.58
Pictet-ST.MoneyMkt-ICHF
SFr 122.20
Pictet-ST.MoneyMkt-IUSD
$ 138.24
Pictet-Timber-I USD F
$ 199.54
Pictet TR-Agora I EUR
? 120.18
Pictet TR-Corto Europe I EUR
? 145.21
Pictet TR-Divers Alpha I EUR
? 111.08
Pictet TR-Kosmos I EUR
? 110.13
Pictet TR-Mandarin I USD
$ 157.39
Pictet-US Equity Selection-I USD $ 235.78
Pictet-US High Yield-I USD F
$ 165.26
Pictet-USA Index-I USD F
$ 243.07
Pictet-USD Government Bonds-I F $ 650.67
Pictet-USD Short Mid-Term Bonds-I F $ 131.68
Pictet-USD Sov.ST.Mon.Mkt-I
$ 104.35
Pictet-Water-I EUR F
? 343.53
(LUX)
-
0.04
1.37
0.69
3.02
-0.09
1.66
-0.12
2.53
-0.51
0.88
1.28
0.46
0.05
0.14
-0.59
-0.24
-0.07
-0.08
0.15
-1.02
-0.03
0.02
-0.01
0.69
1.19
3.34
1.17
-0.11
0.16
0.84
-0.03
0.14
0.80
0.23
6.10
-0.24
0.86
-0.01
3.27
67.76
51.79
58.19
-0.91
0.18
1.00
0.30
0.66
0.24
0.17
-0.35
-0.20
4.90
0.00
-13.20
-0.01
-0.03
-0.13
0.23
0.24
0.05
0.06
1.03
0.59
0.11
0.48
0.87
-0.02
-0.03
1.22
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-
-
-
Platinum Capital Management Ltd
Other International Funds
Platinum All Star Fund - A (Est) $ 130.25
Platinum Global Dividend Fund - A $ 48.91
Platinum Global Growth UCITS Fund $ 10.00
Ruffer LLP (1000)F
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Other International Funds
Northwest China Opps $ Class
$ 3033.74 - -105.66 0.00
Northwest $ Class
$ 2316.78 - -88.59 0.00
Polar Capital Funds Plc
Regulated
Automation & Artificial Intelligence CL I USD Acc
Asian Financials I USD
Biotechnology I USD
European Income Acc EUR
European Ex UK Inc EUR Acc
Financial Opps I USD
(IRL)
$ 10.35
$ 392.43
$ 21.49
? 12.70
? 11.55
$ 14.74
10.35
392.43
21.49
12.70
11.55
-
0.00
2.07
0.10
0.08
0.06
0.12
0.69
0.00
0.00
0.00
1.78
Tel +44-20-7269-0207 www.yukifunds.com
Regulated
$ 113.91
$ 179.23
$ 222.63
$ 201.51
$ 118.39
$ 417.76
$ 120.37
$ 447.71
$ 164.21
-
0.29
1.55
-0.21
0.30
-0.29
-3.07
-0.88
-1.69
-0.69
CF Ruffer European C Acc
CF Ruffer European C Inc
CF Ruffer European O Acc
CF Ruffer Equity & General C Acc
CF Ruffer Equity & General C Inc
CF Ruffer Equity & General O Acc
CF Ruffer Equity & General O Inc
CF Ruffer Gold C Acc
CF Ruffer Gold C Inc
CF Ruffer Gold O Acc
CF Ruffer Japanese C Inc
CF Ruffer Japanese C Acc
CF Ruffer Pacific C Acc
CF Ruffer Pacific C Inc
CF Ruffer Pacific O Acc
CF Ruffer Total Return C Acc
CF Ruffer Total Return C Inc
CF Ruffer Total Return O Acc
CF Ruffer Total Return O Inc
580.56
107.09
571.27
446.52
411.67
439.41
407.69
142.01
85.95
139.69
116.39
247.67
369.76
103.97
363.53
445.15
299.58
438.01
294.63
Regulated
Nippon Growth Fund Limited
Strat Evarich Japan Fd Ltd JPY
Strat Evarich Japan Fd Ltd USD
� 115006.00
� 93907.00
$ 924.67
-
-2.54
-0.47
-2.53
-4.11
-3.78
-4.06
-3.78
5.80
3.51
5.70
0.97
2.07
-0.13
-0.04
-0.15
0.29
0.20
0.26
0.18
E.I. Sturdza Funds PLC
Regulated
Nippon Growth (UCITS) Fd - B
Strategic China Panda Fd - USD
Strategic Euro Bond Fd - Acc
Strategic Europe Value Fd - EUR
Strategic European Smaller Companies Fd - EUR
Strategic Global Bond Fd - USD
Strategic Global Quality Fd - USD Inst
Strategic Quality Emerging Bond Fd - USD
Strategic US Momentum and Value Fd - USD Class
Strategic Japan Opportunities Fund
Strategic Beta Flex Fund
(IRL)
� 99541.00
$ 3511.68
? 1128.43
? 220.83
? 1372.64
$ 1056.61
$ 139.53
$ 1073.01
$ 850.30
� 63280.00
? 1017.41
-
338.00
47.98
-0.53
1.15
1.52
1.41
0.28
1.13
2.35
336.00
-1.74
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-
(IRL)
? 17659.61
� 15529.41
? 15302.78
? 11787.30
-
66.13
-72.43
-70.54
48.70
0.00
0.00
0.00
0.00
? 979.69
? 875.37
? 775.87
-
-0.40 0.00
2.47 0.00
1.55 0.00
$ 1026.49
$ 446.14
-
-0.78 0.00
-0.23 0.00
www.toscafund.com
Authorised Funds
Aptus Global Financials B Acc
Aptus Global Financials B Inc
�
�
4.38
3.49
(UK)
-
0.04 4.73
0.03 4.95
Other International Funds
Tosca A USD
Tosca Mid Cap GBP
Tosca Opportunity B USD
Pegasus Fund Ltd A-1 GBP
$ 354.93
� 278.19
$ 401.01
� 64.99
-
-8.80 -9.04 -16.59 -1.09 0.00
Tel. +41 44 653 10 10 http://www.robecosam.com/
Regulated
RobecoSAM Sm.Energy/A
� 17.53 RobecoSAM Sm.Energy/N
? 15.60 RobecoSAM Sm.Materials/A
� 212.12 RobecoSAM Sm.Materials/N
? 214.42 RobecoSAM Sm.Materials/Na
? 144.18 RobecoSAM Gl.Small Cap Eq/A � 115.13 RobecoSAM Gl.Small Cap Eq/N ? 200.63 RobecoSAM Sustainable Gl.Eq/B ? 217.19 RobecoSAM Sustainable Gl.Eq/N ? 190.11 RobecoSAM S.HealthyLiv/B
? 189.75 RobecoSAM S.HealthyLiv/N
? 179.52 RobecoSAM S.HealthyLiv/Na
� 135.71 RobecoSAM S.Water/A
� 244.18 RobecoSAM S.Water/N
? 206.82 -
0.11
0.06
1.52
1.11
0.75
0.51
0.50
0.46
0.41
0.02
0.02
0.29
1.27
0.67
Rubrics Global UCITS Funds Plc
www.rubricsam.com
Regulated
Rubrics Emerging Markets Fixed Income UCITS Fund
Rubrics Global Credit UCITS Fund
Rubrics Global Fixed Income UCITS Fund
Q Rubrics India Fixed Income UCITS Fund
Rubrics India Fixed Income UCITS Fund
$ 136.13
$ 15.85
$ 162.38
$ 11.63
$ 99.39
-
-0.07
0.00
0.02
0.00
-0.02
1.20
0.00
1.26
0.00
1.26
1.09
0.00
0.00
0.00
0.00
0.00
1.37
1.41
0.00
(LUX)
Regulated
TreeTop Convertible Sicav
International A
International B
International C
International D
TreeTop Global Sicav
Global Opp.A
Global Opp.B
Global Opp.C
Sequoia Equity A
Sequoia Equity B
Sequoia Equity C
? 314.16
$ 418.82
� 131.81
? 275.32
-
1.18
1.59
0.51
1.05
0.00
0.00
2.69
2.57
? 178.59
$ 187.28
� 255.80
? 161.69
$ 178.29
� 212.29
-
-0.05
0.24
1.23
0.83
0.88
1.87
0.00
0.00
0.00
0.00
0.00
2.91
(UK)
40 Dukes Place, London EC3A 7NH
Order Desk and Enquiries: 0345 608 0950
Authorised Inv Funds
ACD Capita Financial Mgrs
Trojan Investment Funds
Trojan Global Income O Acc
Trojan Global Income O Inc
109.41
106.37
Other International Funds
Indirect Real Estate SIRE
-
0.07 2.65
0.07 2.73
-
Slater Investments Ltd
www.slaterinvestments.com; Tel: 0207 220 9460
FCA Recognised
Slater Growth
511.31 542.50
Slater Income A Inc
162.52 162.52
Slater Recovery
232.06 246.22
Slater Artorius
200.19 200.19
(UK)
1.22
0.18
0.81
3.51
Standard Life Wealth
0.00
0.00
0.00
0.33
(JER)
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FCA Recognised
0.0078
0.0076
0.0007
0.0021
0.0024
0.0145
0.00
0.00
0.01
0.01
0.00
-0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
1.27
0.75
-
-34.80 23.06
-45.04 10.43
(IRL)
www.valuepartners-group.com, fis@vp.com.hk
Regulated
Value Partners Asia Dividend Stocks Fund A USD $ 7.86 Value Partners Classic Equity Fund USD Z Unhedged $ 15.03 Value Partners Classic Equity Fund CHF HedgedSFr 15.02 Value Partners Classic Equity Fund EUR Hedged ? 15.28 Value Partners Classic Equity Fund GBP Hedged � 15.86 Value Partners Classic Equity Fund GBP Unhedged � 18.60 Value Partners Classic Equity USD Unhedged $ 18.69 Value Partners Global Emerging Market Bond Fund $ 10.48 Value Partners Global Emerging Market Equity Fund $ 10.45 Value Partners Greater China Equity Fund $ 11.50 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 11.62 Value Partners Health Care Fund USD Class A Unhedged $ 11.73 -
0.05
0.11
0.12
0.12
0.13
0.13
0.15
-0.01
0.07
0.09
0.07
0.09
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Waverton Investment Funds Plc (1600)F
(IRL)
waverton.investments@citi.com
FCA Recognised
Waverton Asia Pacific A USD
Waverton Global Equity Fund A GBP
Waverton Global Strategic Bond Fund A USD
Waverton UK Fund A GBP
Waverton Equity Fund A GBP
Waverton Sterling Bond Fund A GBP
0.64
0.24
4.97
1.87
0.00
4.59
$
�
$
�
�
�
23.74
19.75
8.67
13.96
19.08
9.63
-
0.06
0.00
-0.01
0.11
0.01
0.01
? 122.22
-
0.01 3.86
WA Fixed Income Fund Plc
1.74
0.48
4.14
3.36
3.41
2.87
1.28
0.89
2.67
0.36
1.49
1.25
2.86
3.94
3.57
4.16
1.63
6.40
0.00
4.07
2.41
2.20
(LUX)
Value Partners Hong Kong Limited
0.20 0.20 0.00
-
Unicapital Investments
0.00
0.00
0.00
0.00
0.00
� 138.69 145.05 0.30 2.77
SFr 227.70
SFr 192.00
� 0.82
� 1.01
� 0.89
� 1.22
� 0.82
� 13.78
� 0.60
� 0.49
� 0.72
� 0.53
� 0.80
� 0.47
� 1.25
� 0.53
� 148.38
� 152.70
Regulated
Investments IV - European Private Eq. ? 130.10
Investments IV - Global Private Eq. ? 187.03
SIA (SIA Funds AG) (CH)
Other International Fds
LTIF Stability Growth
LTIF Stability Inc Plus
OEIC
UBS Global Emerging Markets Equity C Acc
UBS Global Optimal C Acc
UBS UK Opportunities C Acc
UBS US Equity C Acc
UBS S&P 500 Index C Acc
UBS Targeted Return C Acc
UBS Sterling Corporate Bond Indexed C Acc
UBS Multi Asset Income C Inc Net
UBS UK Equity Income C Inc Net
UBS Corporate Bond UK Plus C Inc Net
UBS Global Allocation (UK) C Acc
UBS Global Enhanced Equity Income C Inc
UBS US Growth C Acc
UBS Emerging Markets Equity Income C Inc
UBS FTSE RAFI Dev 1000 Index J Acc
UBS MSCI World Min Vol Index J Acc
(IRL)
Schroder Property Managers (Jersey) Ltd
-
212.00 0.00
8.14 0.00
-
0.90 0.00
Zadig Gestion (Memnon Fund)
� 168.94
(LUX)
www.morningstar.co.uk
Asset Management
Managemen
Data as shown is for information purposes only. No
offer is made by Morningstar or this publication.
Guide to Data
The sale of interests in the funds listed on these pages
may, in certain jurisdictions, be restricted by law and
the funds will not necessarily be available to persons
in all jurisdictions in which the publication circulates.
Persons in any doubt should take appropriate
professional advice. Data collated by Morningstar. For
other queries contact reader.enquiries@ft.com +44
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The fund prices published in this edition along with
additional information are also available on the
Financial Times website, www.ft.com/funds. The
funds published on these pages are grouped together
by fund management company.
Prices are in pence unless otherwise indicated. The
change, if shown, is the change on the previously
quoted figure (not all funds update prices daily). Those
designated $ with no prefix refer to US dollars. Yield
percentage figures (in Tuesday to Saturday papers)
allow for buying expenses. Prices of certain older
insurance linked plans might be subject to capital
gains tax on sales.
Guide to pricing of Authorised Investment Funds:
(compiled with the assistance of the IMA. The
Investment Management Association, 65 Kingsway,
London WC2B 6TD.
Tel: +44 (0)20 7831 0898.)
OEIC: Open-Ended Investment Company. Similar to a
unit trust but using a company rather than a trust
structure.
Selling price: Also called bid price. The price at which
units in a unit trust are sold by investors.
TreeTop Asset Management S.A.
(UK)
5 Broadgate, London, EC2M 2QS
Client Services 0800 358 3012, Client Dealing 0800 358 3012
www.ubs.com/retailfunds
Authorised Inv Funds
(LUX)
� 39326.00
$ 1533.84
Different share classes are issued to reflect a different
currency, charging structure or type of holder.
UBS Asset Management
RobecoSAM
25.00 0.00
-73.00 0.00
35.00 0.00
Asset Manageme
www.superfund.com, +43 (1) 247 00
Troy Asset Mgt (1200)
S W Mitchell Capital LLP
-
The fund prices quoted on these pages are supplied by
the operator of the relevant fund. Details of funds
published on these pages, including prices, are for the
purpose of information only and should only be used
as a guide. The Financial Times Limited makes no
representation as to their accuracy or completeness
and they should not be relied upon when making an
investment decision.
Superfund Asset Management GmbH
Toscafund Asset Management LLP
0.30
0.00
0.04
0.04
0.00
0.00
0.62
0.37
0.23
0.94
0.64
1.52
1.53
1.52
1.54
� 10248.00
� 50279.00
� 21858.00
1497.00 0.00
-671.00 0.00
-6.69 0.00
www.toscafund.com
-
(IRL)
E.I. Sturdza Strategic Management Limited (GSY)
(UK)
CF Ruffer Investment Funds
Yuki Mizuho Umbrella Fund
Yuki Mizuho Japan Dynamic Growth
Yuki Japan Low Price
Yuki Japan Value Select
Yuki Asia Umbrella Fund
Yuki Japan Rebounding Growth Fund JPY Class
Yuki Japan Rebounding Growth Fund USD Hedged Class
Offer D+/- Yield
Data Provided by
Toscafund Asset Management LLP
Authorised Corporate Director - Capita Financial Managers
Regulated
SWMC European Fund B EUR
SWMC UK Fund B
SWMC Small Cap European Fund B EUR
SWMC Emerging European Fund B EUR
0.00
0.00
0.00
0.00
0.00
FCA Recognised
Memnon European Fund I GBP
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
40 Dukes Place, London EC3A 7NH
Order Desk and Enquiries: 0345 601 9610
Authorised Inv Funds
Standard Life Offshore Strategy Fund Limited
Bridge Fund
� 1.9124 Global Equity Fund
� 2.4150 Global Fixed Interest Fund
� 1.0219 Income Fund
� 0.5753 Sterling Fixed Interest Fund
� 0.8884 UK Equity Fund
� 2.2419 -
Northwest Investment Management (HK) Ltd
-0.89
0.88
1.03
0.44
-0.54
-0.66
0.85
0.04
0.56
Bid
Yuki International Limited
Other International Funds
Stenham Credit Opportunities A Class USD
Stenham Equity UCITS USD
Stenham Growth USD
Stenham Healthcare USD
Stenham Managed Fund USD
Stenham Quadrant USD A
Stenham Trading Inc USD
Stenham Universal USD
Stenham Universal II USD
(LUX)
Weena 850, 3014 DA Rotterdam, The Netherlands
www.robeco.com/contact
FCA Recognised
Asia-Pacific Equities (EUR)
? 164.73 BP US Premium Equities (EUR)
? 231.61 BP US Premium Equities (USD)
$ 266.86 Chinese Equities (EUR)
? 100.88 Em Stars Equities (EUR)
? 225.31 Emerging Markets Equities (EUR) ? 195.52 Glob.Consumer Trends Equities (EUR) ? 191.58 High Yield Bonds (EUR)
? 146.01 New World Financials (EUR)
? 67.45 -
Fund
www.stenhamassetmanagement.com
Regulated
Superfund Green EUR SICAV
Superfund Red EUR SICAV
Superfund Blue EUR
Other International Funds
Superfund Green Gold SICAV
Superfund Red Silver SICAV
Robeco Asset Management
Other International Funds
Cuttyhunk Fund II Limited
JENOP Global Healthcare Fund Ltd
OPTIKA Fund Limited - Cl A
Optima Fd NAV
Optima Discretionary Macro Fund Limited
The Dorset Energy Fd Ltd NAV
Platinum Fd Ltd
Platinum Fd Ltd EUR
Platinum Japan Fd Ltd
Optima Partners Global Fd
Optima Partners Focus Fund A
Optima STAR Fund (hedged)
Optima STAR Long Fund
Offer D+/- Yield
Asset Management
0.60 0.00
Optima Fund Management
Bid
Stenham Asset Management Inc
Asset Management
Omnia Fund Ltd
Other International Funds
Estimated NAV
Fund
(IRL)
Purisima Investment Fds (CI) Ltd
(GSY)
Regulated
(IRL)
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
FCA Recognised
Absolute Return Bond B GBP Acc 1106.93 2.68
Eq Market Neutral B Acc
954.59 1.26
High Yield Global Bond A GBP Inc 527.17 - -0.44
High Yield Global Bond B GBP Inc 1106.08 - -0.91
Investment Grade Global Bd A GBP Inc 583.76 - -0.22
Kames Emerging Market Bond Fund - B Acc USD $ 11.26 - -0.03
Kames Global Equity Income B GBP Acc 1673.57 5.57
Kames Global Equity Income B GBP Inc 1455.44 - -8.32
Kames Global Diversified Growth Fund - B Acc EUR ? 11.42 0.01
Kames Global Equity Market Neutral Fund - B Acc GBP � 10.33 0.00
Global Sustainable Equity B Acc GBP � 14.19 - -0.03
Global Sustainable Equity C Acc GBP � 14.23 - -0.03
Kames Absolute Return Bond Global Fund - B Acc GBP � 10.29 0.01
Short Dated High Yld Bd B Acc GBP � 10.09 0.00
Short Dated High Yld Bd C Acc GBP (Hdg) � 10.10 - -0.01
Strategic Global Bond A GBP Inc
1133.11 - -0.89
Strategic Global Bond B GBP Inc
643.00 - -0.50
Fund
1.60 2.07
2.04 2.03
1.69 2.08
Website: www.foord.com - Email: info@foord.com
funds@gam.com, www.funds.gam.com
Regulated
LAPIS TOP 25 DIV.YLD-D
� 110.91
Regulated
Cheyne Convertibles Absolute Return Fund (D) ? 1467.10
Cheyne Global Credit Fund (D)
? 126.07
Cheyne European Mid Cap Fund (W) ? 1076.47
�
Bid
LF Morant Wright Nippon Yield A Inc
LF Morant Wright Nippon Yield B Acc
LF Morant Wright Nippon Yield B Inc
Foord Asset Management
GAM
Cheyne Capital Management (UK) LLP
(IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
FCA Recognised
Hermes Abs Return Credit Fund Class F Acc � 1.20 1.20 0.00 0.00
Hermes Abs Return Credit Fund Class R Acc ? 1.92 1.92 -0.01 0.00
Hermes Asia Ex-Japan Equity Fund Class F Acc � 2.70 2.70 0.00 0.00
Hermes Asia Ex-Japan Equity Fund Class R Acc ? 4.77 4.77 0.02 0.00
Hermes Europe Ex-UK Equity Fund Class F Acc � 2.06 2.06 0.00 0.00
Hermes Europe Ex-UK Equity Fund Class R Acc ? 3.93 3.93 0.00 0.00
Hermes European Alpha Equity Fund Class F Acc � 1.73 1.73 0.00 0.00
Hermes European Alpha Equity Fund Class F Dis � 1.63 1.63 0.00 1.31
Hermes European Alpha Equity Fund Class R Acc ? 3.41 3.41 0.01 0.00
Hermes Global Emerging Markets Fund Class F Acc � 2.03 2.03 0.01 0.00
Hermes Global Emerging Markets Fund Class R Acc ? 4.20 4.20 0.03 0.00
Hermes Global Equity Fund Class F Acc � 2.25 2.25 0.00 0.00
Hermes Global Equity Fund Class R Acc ? 4.82 4.82 0.02 0.00
Hermes Global ESG Equity Fund Class F Acc � 1.71 1.71 0.00 0.00
Hermes Global High Yield Credit Fund Class F Acc � 1.51 1.51 0.01 0.00
Hermes Global High Yield Credit Fund Class R Acc ? 3.19 3.19 0.00 0.00
Hermes Global Small Cap Fund Class F Acc � 1.51 1.51 0.00 0.00
Hermes Global Small Cap Fund Class R Acc ? 2.17 2.17 -0.01 0.00
Hermes Multi Asset Inflation Fund Class F GBP Acc � 1.07 1.07 0.01 0.00
Hermes Multi Strategy Credit Fund Class F Acc Hed � 1.15 1.15 0.00 0.00
Hermes US All Cap Equity Class F Stg � Acc � 1.45 1.45 0.00 0.00
Hermes US All Cap Equity Class R ? Acc ? 2.18 2.18 0.00 0.00
Hermes US SMID Equity Fund Class F Acc � 2.39 2.39 0.01 0.00
Hermes US SMID Equity Fund Class R Acc ? 4.15 4.15 0.02 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL)
Edinburgh Partners Limited
Other International Funds
Aspect Diversified USD
$ 415.57
Aspect Diversified EUR
? 242.08
Aspect Diversified GBP
� 126.77
Aspect Diversified CHF
SFr 114.05
Aspect Diversified Trends USD $ 123.42
Aspect Diversified Trends EUR
? 119.96
Aspect Diversified Trends GBP
� 127.22
Hermes Investment Funds Plc
Asset Management
www.dsmsicav.com
Regulated
DSM Global Growth I2 Acc
DSM Global Growth I1 Acc
DSM US Large Cap Growth I3
DSM US Large Cap Growth A
DSM US Large Cap Growth I2
Aspect Capital Ltd (UK)
-10.23 0.00
-13.31 0.00
-7.47 0.00
(IRL)
Dodge & Cox Worldwide Funds plc - Global Bond Fund
EUR Accumulating Class
? 12.55 - -0.01 0.00
EUR Accumulating Class (H)
? 10.32 0.00 0.00
EUR Distributing Class
? 11.03 0.00 4.06
EUR Distributing Class (H)
? 9.06 0.00 3.81
GBP Distributing Class
� 11.91 - -0.01 3.97
GBP Distributing Class (H)
� 9.32 - -0.01 3.76
USD Accumulating Class
$ 10.75 - -0.01 0.00
Dodge & Cox Worldwide Funds plc-Global Stock Fund
USD Accumulating Share Class $ 22.00 0.21 0.00
GBP Accumulating Share Class � 27.04 0.25 0.00
GBP Distributing Share class
� 19.37 0.18 0.68
EUR Accumulating Share Class ? 27.82 0.26 0.00
GBP Distributing Class (H)
� 11.95 0.12 Dodge & Cox Worldwide Funds plc-International Stock Fund
USD Accumulating Share Class $ 17.72 0.16 0.00
EUR Accumulating Share Class ? 17.57 0.17 0.00
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
USD Accumulating Share Class $ 25.68 0.24 0.00
GBP Accumulating Share Class � 29.84 0.27 0.00
GBP Distributing Share Class
� 18.67 0.17 0.69
EUR Accumulating Share Class ? 28.04 0.26 0.00
GBP Distributing Class (H)
� 11.67 0.11 -
0.00
0.00
0.00
0.00
0.00
6.54
0.90
5.77
0.00
7.09
4.52
0.00
-
6 Duke Street,St.James,London SW1Y 6BN
www.dodgeandcox.worldwide.com 020 3713 7664
FCA Recognised
(LUX)
2 rue Albert Borschette L-1246 Luxembourg
FCA Recognised
Ashmore SICAV Emerging Market Debt Fund $ 102.04
Ashmore SICAV Emerging Market Frontier Equity Fund $ 191.36
Ashmore SICAV Emerging Market Total Return Fund $ 90.85
Ashmore SICAV Global Small Cap Equity Fund $ 164.24
EM Mkts Corp.Debt USD F
$ 99.62
EM Mkts Loc.Ccy Bd USD F
$ 87.73
EM Short Duration Fund Acc USD $ 137.10
$ 2769.32
? 2360.71
SFr 1238.45
Fund
Regulated
European Multi-Sector
(IRL)
Yapi Kredi Asset Management
www.yapikrediportfoy.com.tr Tel: + 90 (212) 385 48 48
Other International Funds
Eurobond Fund
TRY 0.107574 - -0.000056
Koc Affiliate and Equity Fund
TRY 0.981071 - 0.873441
DPM Bonds and Bills Fund (FX)
$ 1.056278 - 0.948648
(TUR)
-
Buying price: Also called offer price. The price at
which units in a unit trust are bought by investors.
Includes manager?s initial charge.
Single price: Based on a mid-market valuation of the
underlying investments. The buying and selling price
for shares of an OEIC and units of a single priced unit
trust are the same.
Treatment of manager?s periodic capital charge:
The letter C denotes that the trust deducts all or part
of the manager?s/operator?s periodic charge from
capital, contact the manager/operator for full details
of the effect of this course of action.
Exit Charges: The letter E denotes that an exit charge
may be made when you sell units, contact the
manager/operator for full details.
Time: Some funds give information about the timing of
price quotes. The time shown alongside the fund
manager?s/operator?s name is the valuation point for
their unit trusts/OEICs, unless another time is
indicated by the symbol alongside the individual unit
trust/OEIC name.
The symbols are as follows: ? 0001 to 1100 hours; ?
1101 to 1400 hours; ?1401 to 1700 hours; # 1701 to
midnight. Daily dealing prices are set on the basis of
the valuation point, a short period of time may elapse
before prices become available. Historic pricing: The
letter H denotes that the managers/operators will
normally deal on the price set at the most recent
valuation. The prices shown are the latest available
before publication and may not be the current dealing
levels because of an intervening portfolio revaluation
or a switch to a forward pricing basis. The
managers/operators must deal at a forward price on
request, and may move to forward pricing at any time.
Forward pricing: The letter F denotes that that
managers/operators deal at the price to be set at the
next valuation.
Investors can be given no definite price in advance of
the purchase or sale being carried out. The prices
appearing in the newspaper are the most recent
provided by the managers/operators. Scheme
particulars, prospectus, key features and reports: The
most recent particulars and documents may be
obtained free of charge from fund
managers/operators. * Indicates funds which do not
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number of lines published and the classification of the
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call +44 (0)20 7873 3132 for further information.
?
18
Wednesday 27 December 2017
INSIGHT
Analysis. Capital markets
Chris
Watling
Moments when central banks set pulses racing
Zombie companies
stalk a broken
monetary system
T
ypically over the past 200 years, the international monetary systems that have governed
the global economy have lasted between 25
and 35 years. The current system, which has
operated since the end of Bretton Woods in
1971-73, is 44 years old. Reflecting its longevity and its construct, it has outlived its usefulness. Replacing it with an
international system, which restricts the role of money
creation, would go towards solving many of the main political and economic challenges. The modus operandi of this
system is the key reason we have such divisive politics. In
particular, this system explains the gap between the
?haves? and ?have nots?, and it is the reason we have had a
?debt supercycle?, subsequent financial crisis and 10 years
of fiscal austerity.
This international monetary system is the first, other
than during and immediately after periods of global war,
that has operated in an unanchored liquidity environment. This, with the 1980s financial deregulation and subsequent rounds of Basel rules, has enabled the biggest
recorded global debt build-up. That debt is the main reason for high house prices. The absence of housing supply,
while true in parts of the west, is a false narrative.
An analysis of the UK economy makes the point. Over
the past 40 years, mortgage debt has increased eightfold in
real terms while excess housing supply as a share of total
housing stocks has been increasing over the past 20 years.
Similar growth in household indebtedness has been experienced in Australia, Canada,
Denmark and New Zealand,
A return to
to name a few. With that, the
prima facie role of the com- an anchored
mercial banking sector has
system should
changed dramatically. In 1980
in the UK and much of the bring about real
west, the mortgage loan book
income growth
of the commercial banks was
effectively zero. Today, mortgage debt accounts for 40-75 per cent of the loan books of
most western banking systems. The continual reduction in
risk weightings for mortgages by successive rounds of
Basel rules has, along with this current monetary system,
facilitated that rapid growth in mortgage debt.
In the UK, for example, risk weightings on mortgage
debt are running at about 13 per cent across the main commercial banks. That figure is similar in the Australian,
Canadian and other banking systems. In contrast, risk
weightings for corporate loans remain at 100 per cent. In
effect, banks need to charge about eight times as much
interest on a corporate loan to make the same return on
capital. That skewed incentive to encourage mortgage
lending (into unproductive assets) rather than lending
into the corporate sector (into potentially productive
assets) is one of the reasons for the poor productivity outcomes. More importantly, the policy response to the
indebtedness crisis has undermined the productive potential of the UK as ultra-loose money forestalls the Schumpeterian forces of creative destruction.
The Bank of International Settlement?s analysis of western zombie companies illustrates the point ? zombies are
defined as businesses that are unable to cover their interest expense with their earnings before interest and tax. It
shows a trend of a rising share of zombies in the corporate
base in the west since the early 2000s. Breaking that down
into a country analysis shows the trend is widespread
across western and large emerging market economies.
Indeed, Japan is the only exception ? arguably illustrating
time is one healer of the debt deflationary forces. A corporate base with a high share of zombies is a weakened corporate base with productivity growth undermined. That
feeds into poor real wage growth and divisive politics.
As such, a return to an anchored system, while painful,
should bring about real income growth and wealth. It
should re-orient house prices back towards more normal
long-term valuation levels, improving affordability and,
by anchoring liquidity provision, it should bring about less
asset price-intensive and more productivity-rich growth.
With that, politics can again become inclusive. Achieving
this should be the G20?s goal or at least that of the three
major currency areas: the US, eurozone and China. While a
bubble, cryptocurrencies, if embraced in this model,
would have the potential to realise their purpose.
Chris Watling is chief executive and chief market strategist at
Longview Economics
More comment and data on ft.com
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Y Lex Video Analysis
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affecting companies and
markets. ft.com/lexvideo
Morsels from Zhou, Yellen,
Draghi, Carney and Kuroda
rattled investors this year
to suggest markets had over interpreted
the speech, the die had been cast.
Bank of England
Following hot on Mr Draghi?s heels was
Mark Carney, the governor of the Bank
of England. In June, the BoE?s Monetary
Policy Committee had been split on
whether to raise rates, coming down on
the side of leaving them unchanged by
five votes to three.
Mr Carney was on the side of the
doves. This was ?not yet the time? to
raise rates, he explained, pointing to
worries over consumer spending and
the level of business investment.
But, days later, he was making the
opposite case. ?Some removal of monetary stimulus is likely to become necessary if the trade-off facing the MPC continues to lessen and the policy decision
accordingly becomes more conventional,? he said. The pound raced higher
in the start of a rally culminating in the
November rate rise, the first in a decade.
ROGER BLITZ AND MICHAEL MACKENZIE
The carefully chosen words of central
bankers have long influenced financial
markets, and even more so since huge
stimulus programmes have increased
their clout. At moments during 2017,
the words of leading central bankers
have triggered significant reactions and
underlined the complicated relationship between the guardians of monetary
policy and global markets.
FT market reporters have picked the
most notable quotes of the year and
reprised how investors digested them.
People?s Bank of China
Hyman Minsky is an American economist who won fame for his theory about
how excessive growth in debt or credit
risks a sudden collapse in asset prices.
In October, Zhou Xiaochuan, the governor of the People?s Bank of China,
stunned many by voicing concern that
corporate and household debt is rising
too quickly. Speaking on the sidelines of
the Communist party congress in Beijing, Zhou, who is soon to stand down as
PBoC governor, said: ?If we are too optimistic when things go smoothly, tensions build up, which could lead to a
sharp correction, what we call a ?Minsky
moment?. That?s what we should particularly defend against.?
The PBoC has sought to harness the
country?s runaway shadow banking sector that has helped power the economy.
US Federal Reserve
A lack of inflationary pressure at a time
of low unemployment has puzzled and
troubled central bankers this year.
The Fed?s 2 per cent inflation target
has not been achieved for half a decade
and the central bank?s preferred measure of inflation is running at 1.6 per cent.
Wage growth has also lagged behind and
Bank of Japan
Reactions to the
words of leading
central bankers
have underlined
a complex
relationship
with global
markets
FT montage; Bloomberg;
Getty Images; Reuters
?If we are too
optimistic
when
things go
smoothly,
tensions
build up?
Global overview
US stocks dip in first
post-holiday session
ROBIN WIGGLESWORTH
NEW YORK
JASPER MOISEIWITSCH
HONG KONG
The US stock market dipped
slightly on the first day of
trading after the holiday
break, with the S&P 500
index of blue-chip companies edging 0.1 per cent
lower. The technologyfocused Nasdaq index fell 0.4
per cent, dragged down by
Apple, while the Dow Jones
Industrial Average nudged
0.1 per cent higher.
Japanese equities also
declined, with the Nikkei 225
index ending the day down
0.3 per cent and the Topix
benchmark falling 0.4 per
cent, but the Chinese stock
market enjoyed healthy
advances, after turbulence
caused by the authorities
clamping down on the vast
?shadow banking? sector.
The CSI 300 index of big
Chinese companies listed in
Shanghai and Shenzhen rose
0.3 per cent yesterday, clawing back some of its recent
losses to take its gains this
year to 22.5 per cent. The
Hong Kong market was
closed, but the Hang Seng
index climbed 0.8 per cent
on December 22 to take its
year-to-date gains to 34.4 per
cent ? on track for its best
yearly performance since
2009.
The FTSE All-World index
of stocks was trading flat by
midday in New York. Bonds
were also steady, with the 10year US Treasury yield dipping 1 basis point to 2.47 per
cent. The iShares Core US
Aggregate Bond ETF, the
world?s biggest exchangetraded fund that tracks the
fixed income market,
nudged 0.1 per cent higher.
In currency markets, the
South African rand rose 0.7
per cent against the dollar to
hit its strongest level since
March, as investors continued to cheer Cyril Ramaphosa?s elevation to head of
the ruling African National
Congress, while the Norwegian krone weakened 0.3 per
cent versus the greenback.
The euro regained its
strength and was trading flat
against the US currency at
$1.1869 after suffering a sudden Christmas Day slide, in a
drop attributed by analysts
to computer-driven selling
amid thin trading volumes.
The single currency
dropped 3 per cent against
the US dollar in minutes,
according to Bloomberg,
although Bloomberg data
yesterday showed a fall of
about 2 per cent. Qi Gao, a
Hong Kong-based foreign
currency strategist for Scotiabank, pointed to market
talk that the sell-off had been
driven by ?algo trading?.
?[The trading drop]
should not be driven by fundamentals,? he said, adding
that the intraday movement
showed a sharp drop and a
quick rebound ? a tell-tale
sign of a ?flash crash?,? the
analyst said.
Sentiment for the euro has
been weak in recent days. A
narrow victory by pro-independence parties in last
week?s regional elections in
the Spanish region of Catalonia weakened the currency
and triggered a Friday selloff in Spanish stocks.
However, the single currency is on track to end the
year as the best-performing
G10 currency, up more than
12 per cent against the dollar.
The price of a barrel of
Brent oil rose 0.5 per cent to
$65.56, and the price of a troy
ounce of gold climbed 0.5 per
cent to $1,280.45.
is running at an annual rate of 2.5 per
cent. After the central bank?s September policy meeting, Federal Reserve
chair Janet Yellen said there had been
legitimate reasons why inflation had
fallen below target before. This included
spare capacity in the jobs market and
dollar appreciation. ?This year the
shortfall of inflation from 2 per cent,
when none of those factors is operative,
is more of a mystery,? she said. ?I will
not say that the committee clearly understands what the causes of that are.?
Speaking in November, she said: ?For
each year inflation was lower than we
wanted it to be but it wasn?t surprising.
This year it?s surprising.?
For some bond traders and investors,
the absence of inflation means the Fed
may risk tightening policy too much.
One of the best performing bond trades
has been to play a flattening yield curve,
whereby prices for longer-dated bonds
do better than shorter-dated.
European Central Bank
How long would the European Central
Bank stick to its multitrillion-euro asset
purchase programme? It was one of the
biggest issues of the first half of the year
for investors, as strong eurozone growth
and an easing of political risk spurred
speculation the central bank would
shrink the programme.
In June, central bankers gathered at
Sintra in Portugal and suggested, each in
their own way, the era of quantitative
easing may be drawing to a close. It was
dubbed the ?Sintra pact? by investors.
The contribution from Mario Draghi,
the ECB president, proved one of the
most significant. ?All the signs now
point to a strengthening and broadening
recovery in the euro area,? he said.
?Deflationary forces have been replaced
by reflationary ones.?
While he added caveats, the tone had
been set. The euro shot up, bond yields
rose, and though ECB officials later tried
While other central banks were shifting
the policy dial away from emergency
measures, the Bank of Japan spent 2017
looking the other way. In practice, that
meant nurturing a policy of controlling
the yield curve. But, investors thought
they had detected a change in tone in
November when governor Haruhiko
Kuroda referred to the ?reversal rate?,
an academic theory that suggests low
rates could end up hurting an economy
by making banks unprofitable.
The governor mentioned it not once
but twice ? first in a speech in Zurich,
then to the Japanese parliament, when
he said: ?It?s a theory that helps us
understand the appropriate shape of the
yield curve.? The market reaction,
which pushed the yen to the upper end
of its range for 2017, prompted clarification from the governor and the BoJ ? the
policy had not changed. Investors are
taking their word for it for now. But how
long will Japan?s monetary policy sit
comfortably with the market when
other central banks are normalising?
6
inflation 0%
inflation 5%
Dec 22
Dur yrs Previous
Yr ago
Dec 22
Dur yrs Previous
Real yield
Up to 5 yrs
-2.01
3.25
-1.98
-2.29
-2.42
3.27
-2.41
Over 5 yrs
-1.62
24.85
-1.59
-1.52
-1.65
24.93
-1.62
5-15 yrs
-1.75
9.48
-1.72
-1.76
-1.86
9.50
-1.84
Over 15 yrs
-1.60
30.01
-1.58
-1.50
-1.62
30.06
-1.60
All stocks
-1.62
22.92
-1.60
-1.53
-1.66
23.04
-1.63
See FTSE website for more details www.ftse.com/products/indices/gilts
�17 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
Gilt Closing Prices information contained herein is proprietary to
Tradeweb; may not be copied or re-distributed; is not warranted to be
accurate, complete or timely; and does not constitute investment advice.
Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Yr ago
1.99
1.80
Yr ago
-2.95
-1.56
-1.89
-1.52
-1.57
All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
loss arising from the reliance on or use of the listed information. For all queries e-mail
ft.reader.enquiries@morningstar.com
Data provided by Morningstar | www.morningstar.co.uk
17
FINANCIAL TIMES
Wednesday 27 December 2017
MANAGED FUNDS SERVICE
Fund
Bid
Offer D+/- Yield
Fund
Bid
Offer D+/- Yield
Fund
Bid
Offer D+/- Yield
Haussmann
Other International Funds
Haussmann Cls A
Haussmann Cls C
Haussmann Cls D
Algebris Investments
Regulated
Algebris Financial Credit Fund - Class I EUR
Algebris Financial Income Fund - Class I EUR
Algebris Financial Equity Fund - Class B EUR
Algebris Asset Allocation Fund - Class B EUR
Algebris Macro Credit B EUR Acc
Algebris Core Italy Fund - Class R EUR
(IRL)
? 156.65
? 147.37
? 134.24
? 98.18
? 111.75
? 98.17
-
0.04
0.90
2.21
-0.05
0.24
0.20
0.00
0.00
0.00
0.00
0.00
-
The Antares European Fund Limited
Other International
AEF Ltd Usd (Est)
AEF Ltd Eur (Est)
$ 750.80
? 742.44
-
-0.44 -0.67 0.00
Arisaig Partners
Other International Funds
Arisaig Africa Consumer Fund Limited
Arisaig Asia Consumer Fund Limited
Arisaig Global Emerging Markets Consumer Fund
Arisaig Global Emerging Markets Consumer UCITS
Arisaig Global Emerging Markets Consumer UCITS STG
Arisaig Latin America Consumer Fund
$
$
$
?
�
$
13.30
94.11
11.78
12.83
14.47
26.71
-
-0.06
0.33
0.00
0.01
0.05
-0.13
0.00
0.00
0.00
0.00
0.00
0.00
Artisan Partners Global Funds PLC
(IRL)
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
Tel: 44 (0) 207 766 7130
FCA Recognised
Artisan Partners Global Funds plc
Artisan Global Equity Fund Class I USD Acc $ 18.66
Artisan Global Opportunities I USD Acc $ 16.87
Artisan Global Value Fund Class I USD Acc $ 20.92
Artisan US Value Equity Fund Class I USD Acc $ 15.36
Artisan Global Opportunities Class I EUR Acc ? 21.35
-
0.06
0.05
0.02
0.11
0.07
Ashmore Sicav
Dodge & Cox Worldwide Funds
-
-0.15
0.51
-0.14
0.11
-0.06
-0.19
0.04
-
3.70
1.88
1.04
0.90
-0.01
-0.06
-0.06
Atlantas Sicav
Regulated
American Dynamic
American One
Bond Global
Eurocroissance
Far East
(LUX)
$ 4630.14
$ 4259.09
? 1411.16
? 1017.76
$ 968.24
-
60.64
60.93
-1.75
14.53
8.41
Bank of America Cap Mgmt (Ireland) Ltd
Regulated
Global Liquidity USD
0.00
0.00
0.00
0.00
0.00
0.00
0.00
$
1.00
-
0.00
0.00
0.00
0.00
0.00
(IRL)
0.00 0.61
Barclays Investment Funds (CI) Ltd
(JER)
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FCA Recognised
Bond Funds
Sterling Bond F
�
0.48
-
0.00 2.75
BlackRock
Regulated
BlackRock UK Property
BLK Intl Gold & General
(JER)
� 43.27
$ 5.85
0.17 2.63
6.16 0.08 0.00
BLI - Banque de Luxembourg Investments S.A.
FCA Recognised
BL-Equities Europe B
BL-Equities America B
BL-Equities Japan B
BL-Emerging Markets B
BL-Global Equities B
BL-Global 30 B
BL-Global 50 B
BL-Global 75 B
BL-Global Flexible EUR B
? 7116.99
$ 7119.68
� 20761.00
? 169.57
? 834.47
? 1386.28
? 1723.63
? 2427.40
? 163.67
-
40.20
-2.69
50.00
0.51
1.98
0.12
1.83
4.60
0.48
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
www.invil.mu
Other International Funds
NAV
Dragon Capital Group
1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Fund information, dealing and administration: funds@dragoncapital.com
Other International Funds
Vietnam Property Fund (VPF) NAV $
0.80
-
0.03 0.00
DSM Capital Partners Funds
(LUX)
? 184.44
? 122.20
$ 123.95
$ 146.25
? 123.47
-
0.97 0.00
0.19 0.00
1.96 0.19 0.40 (IRL)
27-31 Melville Street, Edinburgh EH3 7JF
Tel: +353 1 434 5143 Dealing - Fax +353 1 434 5230
FCA Recognised
Edinburgh Partners Opportunities Fund PLC
Emerging Opportunities I USD $ $ 1.43 European Opportunities I EUR
? 2.81 European Opportunities I GBP
� 2.48 European Opportunities A EUR
? 2.74 Global Opportunities I USD
$ 2.03 Global Opportunities I GBP
� 1.52 Pan European Opportunities I EUR ? 1.89 -
0.00
0.02
0.02
0.02
0.01
0.01
0.01
Ennismore Smaller Cos Plc
1.26
1.68
1.65
1.36
2.12
2.12
(IRL)
5 Kensington Church St, London W8 4LD 020 7368 4220
FCA Recognised
Ennismore European Smlr Cos NAV � 127.67 0.55 0.00
Ennismore European Smlr Cos NAV ? 143.75 0.33 0.00
Ennismore European Smlr Cos Hedge Fd
Other International Funds
NAV
? 525.42
-
-1.49 0.00
Equinox Fund Mgmt (Guernsey) Limited
Regulated
Equinox Russian Opportunities Fund Limited $ 183.14
-
Euronova Asset Management UK LLP
Regulated
Smaller Cos Cls One Shares
Smaller Cos Cls Two Shares
Smaller Cos Cls Three Shares
Smaller Cos Cls Four Shares
?
?
?
?
43.03
29.14
14.74
18.92
-
(GSY)
-1.92 0.00
(CYM)
0.06
0.04
0.02
0.02
0.00
0.00
0.00
0.00
Eurobank Fund Management Company (Luxembourg) S.A.
(UK)
Senator House 85 Queen Victoria Street London EC4V 4ET
Authorised Inv Funds
Diversified Income 1 Units GBP Inc � 1.56 1.56 0.00 Diversified Income 2 Units GBP Inc � 1.50 1.50 0.00 Diversified Income 3 Units GBP Inc � -
Regulated
(LF) Absolute Return
(LF) Eq Emerging Europe
(LF) Eq Mena Fund
(LF) Greek Government Bond
(LF) Greek Corporate Bond
(LF) FOF Dynamic Fixed Inc
(LF) FOF Real Estate
CG Asset Management Limited
FIL Investment Services (UK) Limited (1200)F (UK)
CCLA Investment Management Ltd
(IRL)
25 Moorgate, London, EC2R 6AY
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859
FCA Recognised
Capital Gearing Portfolio Inc
� 31745.63 32224.22 111.69
CG Portfolio Fund Plc
Absolute Return Cls M Inc
� 116.58 116.58 0.15
Capital Value Cls V Inc
� 153.14 155.46 0.84
Dollar Fund Cls D Inc
� 148.99 148.99 0.84
Dollar Hedged GBP Inc
� 97.31 97.31 0.19
Real Return Cls A Inc
� 191.91 191.91 1.00
1.28
0.45
1.69
1.73
2.23
Canada Life Investments
(UK)
1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180
Authorised Inv Funds
Asia Pacific C Acc
1189.49 8.34
Balance C Acc
184.43 0.67
Corporate Bond C Acc
263.11 0.62
European C Acc
142.37 0.10
Global Bond C Inc
110.17 - -0.10
Global Equity C Acc
858.29 4.18
Global Equity Income C Inc
158.72 0.12
Global High Yield Bond C Inc
98.41 0.20
Japan C Acc
152.70 1.06
Managed 0%-35% C Acc
105.11 0.26
North American C Acc
1304.00 8.34
Portfolio III C Acc
125.06 0.36
Portfolio IV C Acc
129.90 0.45
Portfolio V C Acc
134.18 0.55
Portfolio VI C Acc
137.70 0.63
Portfolio VII C Acc
137.41 0.72
Short duration Corporate Bond C Acc 101.81 0.05
Strategic Return C Acc
120.19 0.18
Total Return C Acc
115.84 0.00
UK Equity & Bond C Inc
259.25 1.18
UK Equity C Inc
113.58 0.79
UK Equity Income C Inc
457.54 2.47
UK Government Bond C Inc
112.76 0.33
1.10
1.59
3.67
1.35
2.49
1.14
3.62
5.61
0.82
0.41
2.10
2.03
1.78
1.80
1.67
2.03
0.00
2.07
4.09
2.19
3.78
1.62
Cedar Rock Capital Limited
(IRL)
Regulated
Cedar Rock Capital Fd Plc
Cedar Rock Capital Fd Plc
Cedar Rock Capital Fd Plc
$ 453.44
� 530.18
? 400.70
-
5.98 1.28
11.38 1.41
10.22 1.45
Charles Schwab Worldwide Funds Plc
Regulated
Schwab USD Liquid Assets Fd
$
1.00
-
?
?
?
?
?
?
?
1.36
0.90
12.78
28.89
14.70
12.14
16.04
-
0.00
0.00
0.15
0.04
0.00
-0.01
-0.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
130, Tonbridge Rd, Tonbridge TN11 9DZ
Callfree: Private Clients 0800 414161
Broker Dealings: 0800 414 181
0.52
(IRL)
0.00 0.16
Chartered Asset Management Pte Ltd
Other International Funds
CAM-GTF Limited
$ 315284.31 315284.32 -2266.70 0.00
CAM GTi Limited
$ 674.53 - -3.29 0.00
Raffles-Asia Investment Company $ 1.67 1.67 0.04 1.18
OEIC Funds
Cash Fund Y-Acc-GBP
Cash Fund Y-Inc-GBP
Fidelity Short Dated Corporate Bond Fund Y - Gross Inc
Fidelity Short Dated Corporate Bond Fund Y - Gross Acc
Target 2020 A-ACC-GBP
Target 2025 A-ACC-GBP
Target 2030 A-ACC-GBP
Institutional OEIC Funds
Europe (ex-UK) Fund ACC-GBP
UK Gilt Fund Inc
UK Long Corporate Bond - Gross Inc
� 1.00
� 1.00
� 9.89
� 10.31
� 0.66
� 1.64
� 1.86
-
0.00
0.00
0.01
0.00
0.00
0.00
0.01
� 5.33
� 1.37
� 12.55
-
0.00 1.10
0.00 1.76
0.03 3.19
Findlay Park Funds Plc
0.08
0.17
3.31
1.17
0.45
0.52
0.57
(IRL)
30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
FCA Recognised
American Fund USD Class
$ 107.82 0.21
American Fund GBP Hedged
� 57.69 0.13
American Fund GBP Unhedged
� 80.73 0.47
Latin American Fund USD Class $ 16.85 - -0.01
Latin American Fund GBP Unhedged � 12.85 0.04
0.00
0.00
0.00
0.76
0.42
The First Investor QSCC
5th Floor, Barwa Bank Building, Grand Hamad Street
, P.O. Box 16034, Doha, State of Qatar
+ 974 4459 6111
http://www.tfi.com.qa/
Other International Funds
TFI GCC Equity Opportunities Fund (Q)QAR 1280.10 0.04 0.00
FCA Recognised - Luxembourg UCITS
Foord International Fund | R
$ 40.77
Foord Global Equity Fund (Lux) | R $ 13.43
Regulated
Foord Global Equity Fund (Sing) | B $ 16.13
Foord International Trust (Gsy)
$ 40.45
-
0.11
0.08
-
-0.04 0.00
0.11 0.00
Franklin Templeton International Services Sarl (IRL)
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Other International Funds
Franklin Emerging Market Debt Opportunities Fund Plc
Franklin Emg Mkts Debt Opp CHFSFr 17.54 - -0.01 8.16
Franklin Emg Mkts Debt Opp GBP � 10.84 - -0.02 6.08
Franklin Emg Mkts Debt Opp SGD S$ 23.27 0.04 4.71
Franklin Emg Mkts Debt Opp USD $ 18.05 0.09 6.12
-
1.09 1.84
GYS Investment Management Ltd
-
(IRL)
1.60 0.00
0.00 0.00
-5.61 0.00
Cheyne Capital Management (UK) LLP
Other International Funds
Cheyne European Event Driven Fund (M) ? 147.08 1.33
price updated (D) daily, (W) weekly, (M) monthly
DAVIS Funds SICAV
Regulated
Davis Value A
Davis Global A
(LUX)
$ 53.00
$ 40.82
-
0.45 0.00
0.45 0.00
9.58
-
-0.03 0.00
Intrinsic Value Investors (IVI) LLP
(IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised
IVI European Fund EUR
? 22.46 0.05 0.00
IVI European Fund GBP
� 26.69 0.16 0.58
Invesco Fund Managers Ltd
(UK)
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH
Dealing: 0800 085 8571
Investor Services: 0800 085 8677
www.invescoperpetual.co.uk
Authorised Inv Funds
Invesco Perpetual Funds (No Trail)
Global Targeted Income Fund Acc (No Trail) 101.79
Global Targeted Income Fund Inc (No Trail) 105.20
Invesco Global Emerging Mkts Bond Acc (No Trail)
98.73
Invesco Global Emerging Mkts Bond Inc (No Trail)
95.50
-
-0.19 3.00
-0.20 2.96
-0.20 -0.19 -
Invesco
(LUX)
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FCA Recognised
Invesco Management SA
Invesco Active Multi-Sector Credit Fund A
Invesco Asia Balanced A dist
Invesco Asia Consumer Demand Fund A income
Invesco Asia Infrastructure (A)
Invesco Asia Opportunities Equity A
Invesco Balanced Risk Allocation Fund A
Invesco Emerging Europe Equity Fund A
Invesco Emerging Local Currencies Debt A Inc
Invesco Emerging Market Structured Equity Fund A
Invesco Energy A
Invesco Euro Corporate Bond Fund (A)
Invesco Euro Reserve A
Invesco Euro Bond A
Invesco European Growth Equity A
Invesco Global Absolute Return Fund A Class
Invesco Global Bond A Inc
Invesco Global Conservative Fund 90 (EUR) A
Invesco Global Equity Income Fund A
Invesco Global Inc Real Estate Sec A dist
Invesco Global Inv Grd Corp Bond A Dist
Invesco Global Leisure A
Invesco Global Smaller Comp Eq Fd A
Invesco Global Structured Equity A
Invesco Global Total Ret.(EUR) Bond Fund A
Invesco Gold & Precious Metals A
Invesco Greater China Equity A
Invesco India Equity A
Invesco Japanese Equity Adv Fd A
Invesco Japanese Value Eq Fd A
Invesco Latin American Equity A
Invesco Nippon Small/Mid Cap Equity A
Invesco Pan European Equity A EUR Cap NAV
Invesco Pan European High Income Fd A
Invesco Pan European Small Cap Equity A
Invesco Pan European Structured Equity A
Invesco Real Return (EUR) Bond Fund A
Invesco UK Eqty Income A
Invesco UK Investment Grade Bond A
Invesco US Structured Equity A
Invesco US Value Eq Fd A
Invesco USD Reserve A
? 3.17
$ 14.90
$ 18.21
$ 15.28
$ 142.60
? 17.00
$ 11.59
$ 7.01
$ 12.84
$ 17.62
? 18.03
? 320.41
? 7.53
? 27.76
? 11.23
$ 5.76
? 11.77
$ 72.55
$ 9.59
$ 12.51
$ 53.80
$ 78.13
$ 52.18
? 13.84
$ 5.35
$ 64.49
$ 75.27
� 4970.00
� 1740.00
$ 7.51
� 1663.00
? 20.88
? 14.64
? 25.03
? 19.32
? 15.98
� 33.97
� 1.07
$ 27.00
$ 42.07
$ 87.85
-
0.00
0.03
0.18
0.06
0.61
0.04
0.08
-0.02
0.02
0.41
0.00
0.00
0.00
0.15
-0.02
0.00
0.01
0.27
-0.02
0.01
0.28
0.24
-0.07
0.01
0.04
0.33
0.57
25.00
12.00
0.03
11.00
0.11
0.01
0.15
0.09
0.00
0.23
0.01
-0.02
0.31
0.01
0.00
3.32
0.06
0.77
0.00
0.00
0.00
5.84
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.81
0.00
0.00
1.88
2.78
0.00
0.00
0.74
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.09
0.00
0.00
0.00
1.90
0.00
0.00
0.00
Invesco Global Asset Management Ltd
(IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FCA Recognised
Invesco Stlg Bd A QD F
� 2.70 0.00
Invesco Asian Equity A
$ 9.31 0.08
Invesco ASEAN Equity A
$ 105.44 0.50
Invesco Bond A
$ 27.80 0.02
Invesco Continental Eurp Small Cap Eqty A $ 291.49 0.39
Invesco Emerging Markets Equity A $ 50.24 0.40
Invesco Emerging Markets Bond A $ 22.41 0.00
Invesco Continental European Equity A ? 9.55 0.02
Invesco Gilt A
� 16.08 0.06
Invesco Global Small Cap Equity A NAV $ 162.39 0.82
Invesco Global High Income A NAV $ 12.30 0.00
Invesco Gbl R/Est Secs A GBP F F � 9.37 - -0.03
Invesco Global Health Care A
$ 127.63 0.15
Invesco Global Select Equity A
$ 16.00 0.11
Invesco Jap Eqty Core A
$ 23.08 0.27
Invesco Japanese Equity A
$ 27.04 0.23
Invesco Korean Equity A
$ 29.17 0.31
Invesco PRC Equity A
$ 80.42 0.78
Invesco Pacific Equity A
$ 68.84 0.61
Invesco Global Technology A
$ 21.38 0.03
Invesco UK Eqty A
� 9.54 0.06
3.36
0.22
0.11
2.03
0.00
0.00
4.80
0.96
0.94
0.00
6.24
0.89
0.00
0.44
0.11
0.00
0.00
0.03
0.19
0.00
1.67
367.33
465.88
384.93
Offer D+/- Yield
-
Regulated
Taurus Emerging Fund Ltd
(GSY)
$ 205.03 209.21 6.86 0.00
Generali Worldwide
PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
International Insurances
Global Multi-Strategy Managed
UK Multi-Strategy Managed
EU Multi-Strategy Managed
Global Bond USD
$
�
?
$
5.72
5.80
3.32
3.75
6.16
6.24
3.58
4.05
0.04
0.05
0.03
-0.01
0.00
0.00
0.00
0.00
Genesis Asset Managers LLP
Other International Funds
Emerging Mkts NAV
�
8.10
-
0.06 1.35
HPB Assurance Ltd
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
International Insurances
Holiday Property Bond Ser 1
Holiday Property Bond Ser 2
�
�
0.54
0.66
-
0.00 0.00
0.01 0.00
Kames Capital VCIC
1.12
0.00
2.99
3.50
1.77
0.00
0.00
3.19
0.00
0.00
0.00
0.00
0.00
0.63
1.15
Link Asset Services
(UK)
65 Gresham Street, London, EC2V 7NQ
Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds
LF Heartwood Balanced MA B Acc
146.63 0.32 0.54
LF Heartwood Cautious MA B Acc
142.16 0.23 0.45
LF Heartwood Defensive MA B Acc 116.44 0.14 0.07
LF Heartwood Growth MA B Acc
177.35 0.45 0.51
LF Heartwood Income MA B Inc
113.70 0.07 3.29
LF Heartwood Income Plus MA B Inc
119.90 0.15 3.76
LF Seneca Diversified Growth A Acc 274.59 0.46 2.04
LF Seneca Diversified Growth B Acc 164.64 0.28 2.62
LF Seneca Diversified Growth N Acc 162.20 0.27 2.40
LF Seneca Diversified Income A Inc
96.10 0.20 4.73
LF Seneca Diversified Income B Inc 115.25 0.24 4.72
LF Seneca Diversified Income N Inc 113.67 0.24 4.72
Investment Adviser - Morant Wright Management Limited
LF Morant Wright Japan A Acc
422.90 1.92 0.00
LF Morant Wright Japan A Inc
414.03 1.88 0.40
LF Morant Wright Japan B Acc
454.65 2.07 0.86
LF Morant Wright Japan B Inc
421.29 1.91 0.87
LF Morant Wright Nippon Yield A Acc
444.69 1.94 2.04
Bid
Offer D+/- Yield
Lloyds Investment Fund Managers Limited (1000)F (JER)
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Other International Funds
Lloydstrust Gilt
� 12.6000 - 0.0300 1.94
Lloyds Investment Funds Limited
Euro High Income
? 1.6170 - 0.0010 3.04
European
� 10.2400 - 0.0400 0.33
High Income
� 0.8842 - 0.0014 4.29
International
� 5.6510 - 0.0310 0.29
North American
� 22.5700 - 0.0400 0.00
Sterling Bond
� 1.5590 - 0.0030 2.65
UK
� 7.8140 - 0.0620 0.65
Lloyds Gilt Fund Limited
Lloyds Gilt Fund Quarterly Share � 1.3220 - 0.0030 1.51
Monthly Share
� 1.2680 - 0.0030 1.51
Lloyds Money Fund Limited
Sterling Class
� 52.5290 - 0.0000 -0.20
Lloyds Multi Strategy Fund Limited
Conservative Strategy
� 1.2520 - 0.0020 0.86
Growth Strategy
� 1.8260 - 0.0080 0.67
Aggressive Strategy
� 2.4590 - 0.0130 0.00
Global USD Growth Strategy
$ 1.6520 - 0.0010 0.00
Dealing Daily
MMIP Investment Management Limited
Oasis Crescent Management Company Ltd
Other International Funds
Oasis Crescent Equity Fund
R 10.29
-
0.00 0.00
Oasis Global Mgmt Co (Ireland) Ltd
(IRL)
Regulated
Oasis Global Investment (Ireland) Plc
Oasis Crescent Global Short Term Income Fund $ 0.99 0.01 1.57
Oasis Global Equity
$ 30.35 - -0.05 0.52
Oasis Crescent Global Investment Fund (Ireland) plc
Oasis Crescent Global Equity Fund $ 31.26 - -0.05 0.43
Oasis Crescent Variable Balanced Fund � 10.62 0.06 0.00
OasisCresGl Income Class A
$ 10.73 0.00 2.64
OasisCresGl LowBal D ($) Dist
$ 12.34 0.01 0.00
OasisCresGl Med Eq Bal A ($) Dist $ 13.02 0.01 0.29
Oasis Crescent Gbl Property Eqty $ 9.79 0.04 1.77
Multi-Manager Investment Programmes PCC Limited
UK Equity Fd Cl A Series 01
� 2837.51 2864.03 22.63 0.00
Diversified Absolute Rtn Fd USD Cl AF2 $ 1659.83 9.72 0.00
Diversified Absolute Return Stlg Cell AF2 � 1648.61 2.06 0.00
Global Equity Fund A Lead Series � 1427.85 1433.58 41.06 0.00
Marwyn Asset Management Limited
Regulated
Marwyn Value Investors
(CYM)
-
1.29 0.00
-
0.43
-0.83
Meridian Fund Managers Ltd
Other International Funds
Global Gold & Resources Fund
$ 317.06
Global Energy & Resources Fund $ 38.21
-
Odey Asset Management LLP
Regulated
OEI Mac Inc GBP A
OEI Mac Inc GBP B
OEI MAC Inc USD
Odey European Inc EUR
Odey European Inc GBP A
Odey European Inc GBP B
Odey European Inc USD
Giano Capital EUR Inc
(CYM)
� 149.79
� 87.73
$ 793.73
? 346.83
� 138.53
� 78.53
$ 164.94
? 4515.88
-
Milltrust International Managed Investments ICAV (IRL)
Odey Wealth Management (CI) Ltd
(LUX)
www.mirabaud.com, marketing@mirabaud-am.com
Conviction based investment vehicles details available here www.mirabaud-am.com
Regulated
Mir. - Conv. Bds Eur A EUR
? 137.94 0.14 0.00
Mir. - Conv. Bds Glb A USD
$ 122.52 0.02 0.00
Mir. - Eq Asia ex Jap A
$ 246.14 1.75 0.00
Mir.- EqEurope ExUK Sm&Mid
� 160.04 0.53 0.00
Mir. - Eq Glb Emrg Mkt A USD
$ 130.70 0.64 0.00
Mir. - Eq Spain A
? 28.46 0.17 0.00
Mir. - Eq Swiss Sm/Mid A
SFr 482.46 2.78 0.00
Mir. - Glb High Yield Bds A
$ 123.57 0.03 Mir. - Glb Eq High Income A USD $ 118.01 0.37 0.00
Mir. - US Shrt Term Credit Fd
$ 104.18 0.05 0.00
Mir. - Glb Strat. Bd I USD
$ 110.37 0.04 0.00
Mir. - EqPanEuropeSm&Mid
� 154.52 0.25 0.00
Mir. - Eq UK High Income I GBP � 129.22 0.46 0.00
Morgan Stanley Investment Funds
(LUX)
6b Route de Tr鑦es L-2633 Senningerberg Luxembourg (352) 34 64 61
www.morganstanleyinvestmentfunds.com
FCA Recognised
US Advantage A F
$ 78.32 - -0.19 0.00
Asian Equity A F
$ 54.96 0.42 0.00
Asian Property A F
$ 20.36 0.10 0.00
Emerg Europ, Mid-East & Africa Eq A F ? 81.41 0.27 0.00
Emerging Markets Debt A F
$ 89.16 0.01 0.00
Emerging Markets Domestic Debt AX F � 12.50 12.50 -0.03 5.19
Emerging Markets Equity A F
$ 45.31 45.31 0.25 0.00
Euro Bond A F
? 16.34 16.34 0.01 0.00
Euro Corporate Bond AX F
� 28.06 28.06 -0.07 1.36
Euro Strategic Bond A F
? 46.69 46.69 0.03 0.00
European Currencies High Yield Bd A F ? 24.78 24.78 0.01 0.00
European Equity Alpha A F
? 46.02 0.13 0.00
European Property A F
? 35.95 35.95 -0.04 0.00
Eurozone Equity Alpha A F
? 13.14 13.14 0.02 0.00
Global Bond A F
$ 42.13 42.13 0.02 0.00
Global Brands A F
$ 127.54 - -0.15 0.00
Global Convertible Bond A F
$ 45.10 0.04 0.00
Global Property A F
$ 30.42 0.03 0.00
Indian Equity A F
$ 49.30 - -0.01 0.00
Latin American Equity A F
$ 54.16 0.18 0.00
Short Maturity Euro Bond A F
? 20.43 20.43 0.00 0.00
US Dollar Liquidity A F
$ 13.13 0.00 0.00
US Growth A F
$ 95.93 - -0.26 0.00
US Growth AH F
? 64.45 64.45 -0.16 0.00
US Growth AX F
� 71.75 71.75 -0.30 0.00
US Property A F
$ 71.97 0.04 0.00
Morgens Waterfall Vintiadis.co Inc
Other International Funds
Phaeton Intl (BVI) Ltd (Est)
$ 458.66
-
0.26 0.00
Natixis International Funds (LUX) I SICAV (LUX)
FCA Recognised
ASG Managed Futures Fund I/A (USD)
Harris Global Equity Fund R/A (USD)
Loomis Sayles Global Growth Equity Fund I/A (USD)
Loomis Sayles U.S. Growth Equity Fund I/A (USD)
$ 102.61
$ 332.07
$ 132.18
$ 134.32
102.61
332.07
132.18
134.32
0.31
1.75
0.67
0.12
Natixis International Funds
Authorised Funds
DNCA European Select Equity Fund
Harris Global Concentrated Equity Fund
H2O MultiReturns Fund N/A (GBP)
Loomis Sayles U.S. Equity Leaders N/A (GBP)
�
�
�
�
0.00
0.00
0.00
0.00
(UK)
1.06
1.73
1.54
2.37
-
0.00 0.01 0.00
0.00 0.00
0.00 0.00
New Capital UCITS Funds PLC
(IRL)
Leconfield House, Curzon Street, London, W1J 5JB
www.newcapitalfunds.com
FCA Recognised
New Capital Asia Pacific Bond Fund - USD Ord Inc. $ 96.36 0.04
New Capital Asia Pacific Equity Income Fund - USD Ord Inc. $ 108.72 - -0.10
New Capital Dynamic European Equity Fund - EUR Ord Inc. ? 189.18 0.74
New Capital China Equity Fund - USD Ord Acc. $ 172.72 2.58
New Capital Global Value Credit Fund - USD Ord Acc. $ 185.44 0.09
New Capital Global Equity Conviction Fund - USD Ord Acc. $ 120.14 0.38
New Capital Strategic Portfolio UCITS Fund - USD Inst Acc. $ 119.77 0.42
New Capital Wealthy Nations Bond Fund - USD Inst Inc. $ 120.34 - -0.05
New Capital Swiss Select Equity Fund - CHF Ord Acc.SFr 161.65 0.91
New Capital US Growth Fund - USD Ord Acc. $ 265.56 0.53
New Capital All Weather UCITS Fund - EUR Inst Acc. ? 101.39 - -0.14
New Capital Dynamic UK Equity Fund - GBP Inst Acc. � 112.96 0.83
New Capital US Small Cap Growth Fund - USD Inst Acc $ 126.31 0.47
New Capital Global Alpha Fund - USD Ord Inc $ 106.34 0.10
3.15
3.47
2.19
0.00
0.00
0.00
0.00
3.80
0.00
0.00
0.00
0.00
-
www.odey.com/prices
FCA Recognised
Odey Opportunity EUR I
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(IRL)
FCA Recognised
Odey Pan European EUR R
Odey Allegra International EUR O
Odey Allegra Developed Markets USD I
Odey European Focus Fund
Odey Giano European Fund EUR R
Odey Odyssey USD I
Odey Swan Fund EUR I
Odey Absolute Return Focus Fund
Mirabaud Asset Management
-5.52
-2.55
-28.39
-13.68
-5.40
-3.06
-6.25
23.63
Odey Asset Management LLP
Emerging Markets Managed Accounts PLC (IRL)
emma@milltrust.com, +44(0)20 8123 8369, www.milltrust.com
Regulated
Milltrust ASEAN A
$ 114.72 - -0.10 0.00
Milltrust India A
$ 180.07 0.16 0.00
Milltrust Latin America A
$ 103.14 0.83 0.00
Milltrust Keywise China Fund
$ 151.19 0.16 0.00
Milltrust SEDCO MENA Fund (Class A) * $ 99.80 0.30 0.00
mimi@milltrust.com, +44(0)20 8123 8369 www.milltrust.com
Regulated
MAI - Buy & Lease (Australia) A$ 99.42 - -0.58 MAI - Buy & Lease (New Zealand)NZ$ 99.44 - -0.56 0.00
British Innovation Fund
� 98.71 - -1.03 EICM South Asia Hospitality 1
$ 101.98 4.50 -
Bid
GEM Growth I USD
GEM Income I USD
Global Alpha I USD
Global Convertible I USD
Global Insurance I GBP
Global Technology I USD
Healthcare Blue Chip Fund I USD Acc
Healthcare Opps I USD
Income Opportunities B2 I GBP Acc
Japan Alpha I JPY
Japan I JPY
North American I USD
UK Absolute Equity I GBP
UK Val Opp I GBP Acc
Offer D+/- Yield
$ 11.04
$ 12.22
$ 16.10
$ 12.58
� 6.03
$ 39.10
$ 11.99
$ 41.90
� 2.27
� 266.21
� 2702.09
$ 24.17
� 20.63
� 12.03
- -0.02
- -0.02
16.10 -0.01
12.58 0.02
0.01
- -0.05
11.99 -0.02
0.05
2.27 0.01
266.21 1.30
- 25.82
24.17 0.06
20.63 -0.08
12.03 0.05
Polar Capital LLP
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(CYM)
Regulated
European Forager A EUR
? 185.18
-
-1.09 0.00
Private Fund Mgrs (Guernsey) Ltd
Regulated
Monument Growth 19/12/2017
(GSY)
� 530.96 536.86 11.50 1.55
Prusik Investment Management LLP
Enquiries - 0207 493 1331
Regulated
Prusik Asian Equity Income B Dist $ 211.23
Prusik Asia A
$ 272.12
Prusik Asian Smaller Cos A
$ 173.87
Regulated
PCG B
PCG C
Asset Management
� 463.23
Fund
? 317.44
? 169.62
$ 155.47
? 19.45
? 113.62
$ 87.82
? 41.75
$ 91.30
-
? 239.10
1.61
1.17
0.93
0.01
-0.03
-0.17
-0.20
-2.74
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(IRL)
-
215.00
211.26
-
0.35 3.19
2.38 0.00
0.08 0.00
-
0.03 0.00
0.02 0.00
(JER)
Putnam Investments (Ireland) Ltd
Regulated
Putnam New Flag Euro High Yield Plc - E ? 1033.50
(IRL)
-
0.24 3.35
Ram Active Investments SA
www.ram-ai.com
Other International Funds
RAM Systematic Emerg Markets Core Eq
RAM Systematic Emerg Markets Eq
RAM Systematic European Eq
RAM Systematic Global Shareholder Yield Eq
RAM Systematic Long/Short Emerg Markets Eq
RAM Systematic Long/Short European Eq
RAM Systematic North American Eq
RAM Tactical Convertibles Europe
RAM Tactical Global Bond Total Return
RAM Tactical II Asia Bond Total Return
$ 106.02
$ 187.03
? 453.69
$ 131.07
$ 119.48
? 153.66
$ 307.75
? 150.96
? 145.47
$ 142.33
$ 985.73
-
-
0.13 0.30 0.99 0.25 0.00
0.08 -0.51 0.21 0.19 -0.06 0.02 -
-19.92 0.00
$ 1552.04
$ 15.47
$ 121.73
$ 96.37
$ 82.93
$ 19.84
$ 109.41
? 20.41
$ 70.91
$ 16.63
$ 17.44
$ 106.11
$ 139.90
-
29.45
0.60
0.55
-0.07
-0.50
-1.46
0.16
0.03
-0.14
-0.02
-0.03
0.11
-0.36
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Oryx International Growth Fund Ltd
Other International Funds
NAV (Fully Diluted)
�
8.99
-
0.26 0.00
Pictet Asset Management (Europe) SA
15, Avenue J.F. Kennedy L-1855 Luxembourg
Tel: 0041 58 323 3000
FCA Recognised
Pictet-Absl Rtn Fix Inc-HI EUR
? 108.04
Pictet-Asian Equities Ex Japan-I USD F $ 322.30
Pictet-Asian Local Currency Debt-I USD F $ 169.79
Pictet-Biotech-I USD F
$ 807.78
Pictet-CHF Bonds I CHF
SFr 508.26
Pictet-China Index I USD
$ 159.87
Pictet-Clean Energy-I USD F
$ 100.97
Pictet-Digital-I USD F
$ 392.48
Pictet-Em Lcl Ccy Dbt-I USD F
$ 181.33
Pictet-Emerging Europe-I EUR F ? 387.93
Pictet-Emerging Markets-I USD F $ 691.87
Pictet-Emerging Markets Index-I USD F $ 305.99
Pictet-Emerging Corporate Bonds I USD $ 126.20
Pictet-Emerging Markets High Dividend I USD $ 126.10
Pictet-Emerging Markets Sust Eq I USD $ 109.66
Pictet-EUR Bonds-I F
? 585.85
Pictet-EUR Corporate Bonds Ex Fin i EUR ? 151.60
Pictet-EUR Corporate Bonds-I F ? 212.57
Pictet-EUR Government Bonds I EUR ? 163.42
Pictet-EUR High Yield-I F
? 273.67
Pictet-EUR Short Mid-Term Bonds-I F ? 137.66
Pictet-EUR Short Term HY I EUR ? 127.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR I ? 101.75
Pictet-Euroland Index IS EUR
? 157.26
Pictet-Europe Index-I EUR F
? 192.61
Pictet-European Equity Selection-I EUR F ? 762.24
Pictet-European Sust Eq-I EUR F ? 271.63
Pictet-Global Bds Fundamental I USD $ 125.94
Pictet-Global Bonds-I EUR
? 165.34
Pictet-Global Defensive Equities I USD $ 176.29
Pictet-Global Emerging Currencies-I USD F $ 108.36
Pictet-Global Emerging Debt-I USD F $ 413.74
Pictet-Global Env.Opport-I EUR
? 202.77
Pictet-Global Megatrend Selection-I USD F $ 291.14
Pictet-Greater China-I USD F
$ 666.90
Pictet-Health-I USD
$ 280.20
Pictet-High Dividend Sel I EUR F ? 172.05
Pictet-India Index I USD
$ 128.81
Pictet-Indian Equities-I USD F
$ 628.15
Pictet-Japan Index-I JPY F
� 19448.33
Pictet-Japanese Equities Opp-I JPY F � 12600.14
Pictet-Japanese Equity Selection-I JPY F � 17982.35
Pictet-LATAM Lc Ccy Dbt-I USD F $ 137.58
Pictet-Multi Asset Global Opportunities-I EUR ? 122.05
Pictet-Nutrition-I EUR
? 218.45
Pictet-Pacific Ex Japan Index-I USD F $ 437.41
Pictet-Premium Brands-I EUR F
? 173.17
Pictet-Russia Index I USD
$ 71.68
Pictet-Russian Equities-I USD F $ 70.97
Pictet-Security-I USD F
$ 250.91
Pictet-Select-Callisto I EUR
? 103.81
Pictet-Small Cap Europe-I EUR F ? 1377.63
Pictet-ST.MoneyMkt-I
? 139.52
Pictet-ST.MoneyMkt JPY I USD � 101133.58
Pictet-ST.MoneyMkt-ICHF
SFr 122.20
Pictet-ST.MoneyMkt-IUSD
$ 138.24
Pictet-Timber-I USD F
$ 199.54
Pictet TR-Agora I EUR
? 120.18
Pictet TR-Corto Europe I EUR
? 145.21
Pictet TR-Divers Alpha I EUR
? 111.08
Pictet TR-Kosmos I EUR
? 110.13
Pictet TR-Mandarin I USD
$ 157.39
Pictet-US Equity Selection-I USD $ 235.78
Pictet-US High Yield-I USD F
$ 165.26
Pictet-USA Index-I USD F
$ 243.07
Pictet-USD Government Bonds-I F $ 650.67
Pictet-USD Short Mid-Term Bonds-I F $ 131.68
Pictet-USD Sov.ST.Mon.Mkt-I
$ 104.35
Pictet-Water-I EUR F
? 343.53
(LUX)
-
0.04
1.37
0.69
3.02
-0.09
1.66
-0.12
2.53
-0.51
0.88
1.28
0.46
0.05
0.14
-0.59
-0.24
-0.07
-0.08
0.15
-1.02
-0.03
0.02
-0.01
0.69
1.19
3.34
1.17
-0.11
0.16
0.84
-0.03
0.14
0.80
0.23
6.10
-0.24
0.86
-0.01
3.27
67.76
51.79
58.19
-0.91
0.18
1.00
0.30
0.66
0.24
0.17
-0.35
-0.20
4.90
0.00
-13.20
-0.01
-0.03
-0.13
0.23
0.24
0.05
0.06
1.03
0.59
0.11
0.48
0.87
-0.02
-0.03
1.22
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-
-
-
Platinum Capital Management Ltd
Other International Funds
Platinum All Star Fund - A (Est) $ 130.25
Platinum Global Dividend Fund - A $ 48.91
Platinum Global Growth UCITS Fund $ 10.00
Ruffer LLP (1000)F
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Other International Funds
Northwest China Opps $ Class
$ 3033.74 - -105.66 0.00
Northwest $ Class
$ 2316.78 - -88.59 0.00
Polar Capital Funds Plc
Regulated
Automation & Artificial Intelligence CL I USD Acc
Asian Financials I USD
Biotechnology I USD
European Income Acc EUR
European Ex UK Inc EUR Acc
Financial Opps I USD
(IRL)
$ 10.35
$ 392.43
$ 21.49
? 12.70
? 11.55
$ 14.74
10.35
392.43
21.49
12.70
11.55
-
0.00
2.07
0.10
0.08
0.06
0.12
0.69
0.00
0.00
0.00
1.78
Tel +44-20-7269-0207 www.yukifunds.com
Regulated
$ 113.91
$ 179.23
$ 222.63
$ 201.51
$ 118.39
$ 417.76
$ 120.37
$ 447.71
$ 164.21
-
0.29
1.55
-0.21
0.30
-0.29
-3.07
-0.88
-1.69
-0.69
CF Ruffer European C Acc
CF Ruffer European C Inc
CF Ruffer European O Acc
CF Ruffer Equity & General C Acc
CF Ruffer Equity & General C Inc
CF Ruffer Equity & General O Acc
CF Ruffer Equity & General O Inc
CF Ruffer Gold C Acc
CF Ruffer Gold C Inc
CF Ruffer Gold O Acc
CF Ruffer Japanese C Inc
CF Ruffer Japanese C Acc
CF Ruffer Pacific C Acc
CF Ruffer Pacific C Inc
CF Ruffer Pacific O Acc
CF Ruffer Total Return C Acc
CF Ruffer Total Return C Inc
CF Ruffer Total Return O Acc
CF Ruffer Total Return O Inc
580.56
107.09
571.27
446.52
411.67
439.41
407.69
142.01
85.95
139.69
116.39
247.67
369.76
103.97
363.53
445.15
299.58
438.01
294.63
Regulated
Nippon Growth Fund Limited
Strat Evarich Japan Fd Ltd JPY
Strat Evarich Japan Fd Ltd USD
� 115006.00
� 93907.00
$ 924.67
-
-2.54
-0.47
-2.53
-4.11
-3.78
-4.06
-3.78
5.80
3.51
5.70
0.97
2.07
-0.13
-0.04
-0.15
0.29
0.20
0.26
0.18
E.I. Sturdza Funds PLC
Regulated
Nippon Growth (UCITS) Fd - B
Strategic China Panda Fd - USD
Strategic Euro Bond Fd - Acc
Strategic Europe Value Fd - EUR
Strategic European Smaller Companies Fd - EUR
Strategic Global Bond Fd - USD
Strategic Global Quality Fd - USD Inst
Strategic Quality Emerging Bond Fd - USD
Strategic US Momentum and Value Fd - USD Class
Strategic Japan Opportunities Fund
Strategic Beta Flex Fund
(IRL)
� 99541.00
$ 3511.68
? 1128.43
? 220.83
? 1372.64
$ 1056.61
$ 139.53
$ 1073.01
$ 850.30
� 63280.00
? 1017.41
-
338.00
47.98
-0.53
1.15
1.52
1.41
0.28
1.13
2.35
336.00
-1.74
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-
(IRL)
? 17659.61
� 15529.41
? 15302.78
? 11787.30
-
66.13
-72.43
-70.54
48.70
0.00
0.00
0.00
0.00
? 979.69
? 875.37
? 775.87
-
-0.40 0.00
2.47 0.00
1.55 0.00
$ 1026.49
$ 446.14
-
-0.78 0.00
-0.23 0.00
www.toscafund.com
Authorised Funds
Aptus Global Financials B Acc
Aptus Global Financials B Inc
�
�
4.38
3.49
(UK)
-
0.04 4.73
0.03 4.95
Other International Funds
Tosca A USD
Tosca Mid Cap GBP
Tosca Opportunity B USD
Pegasus Fund Ltd A-1 GBP
$ 354.93
� 278.19
$ 401.01
� 64.99
-
-8.80 -9.04 -16.59 -1.09 0.00
Tel. +41 44 653 10 10 http://www.robecosam.com/
Regulated
RobecoSAM Sm.Energy/A
� 17.53 RobecoSAM Sm.Energy/N
? 15.60 RobecoSAM Sm.Materials/A
� 212.12 RobecoSAM Sm.Materials/N
? 214.42 RobecoSAM Sm.Materials/Na
? 144.18 RobecoSAM Gl.Small Cap Eq/A � 115.13 RobecoSAM Gl.Small Cap Eq/N ? 200.63 RobecoSAM Sustainable Gl.Eq/B ? 217.19 RobecoSAM Sustainable Gl.Eq/N ? 190.11 RobecoSAM S.HealthyLiv/B
? 189.75 RobecoSAM S.HealthyLiv/N
? 179.52 RobecoSAM S.HealthyLiv/Na
� 135.71 RobecoSAM S.Water/A
� 244.18 RobecoSAM S.Water/N
? 206.82 -
0.11
0.06
1.52
1.11
0.75
0.51
0.50
0.46
0.41
0.02
0.02
0.29
1.27
0.67
Rubrics Global UCITS Funds Plc
www.rubricsam.com
Regulated
Rubrics Emerging Markets Fixed Income UCITS Fund
Rubrics Global Credit UCITS Fund
Rubrics Global Fixed Income UCITS Fund
Q Rubrics India Fixed Income UCITS Fund
Rubrics India Fixed Income UCITS Fund
$ 136.13
$ 15.85
$ 162.38
$ 11.63
$ 99.39
-
-0.07
0.00
0.02
0.00
-0.02
1.20
0.00
1.26
0.00
1.26
1.09
0.00
0.00
0.00
0.00
0.00
1.37
1.41
0.00
(LUX)
Regulated
TreeTop Convertible Sicav
International A
International B
International C
International D
TreeTop Global Sicav
Global Opp.A
Global Opp.B
Global Opp.C
Sequoia Equity A
Sequoia Equity B
Sequoia Equity C
? 314.16
$ 418.82
� 131.81
? 275.32
-
1.18
1.59
0.51
1.05
0.00
0.00
2.69
2.57
? 178.59
$ 187.28
� 255.80
? 161.69
$ 178.29
� 212.29
-
-0.05
0.24
1.23
0.83
0.88
1.87
0.00
0.00
0.00
0.00
0.00
2.91
(UK)
40 Dukes Place, London EC3A 7NH
Order Desk and Enquiries: 0345 608 0950
Authorised Inv Funds
ACD Capita Financial Mgrs
Trojan Investment Funds
Trojan Global Income O Acc
Trojan Global Income O Inc
109.41
106.37
Other International Funds
Indirect Real Estate SIRE
-
0.07 2.65
0.07 2.73
-
Slater Investments Ltd
www.slaterinvestments.com; Tel: 0207 220 9460
FCA Recognised
Slater Growth
511.31 542.50
Slater Income A Inc
162.52 162.52
Slater Recovery
232.06 246.22
Slater Artorius
200.19 200.19
(UK)
1.22
0.18
0.81
3.51
Standard Life Wealth
0.00
0.00
0.00
0.33
(JER)
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FCA Recognised
0.0078
0.0076
0.0007
0.0021
0.0024
0.0145
0.00
0.00
0.01
0.01
0.00
-0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
1.27
0.75
-
-34.80 23.06
-45.04 10.43
(IRL)
www.valuepartners-group.com, fis@vp.com.hk
Regulated
Value Partners Asia Dividend Stocks Fund A USD $ 7.86 Value Partners Classic Equity Fund USD Z Unhedged $ 15.03 Value Partners Classic Equity Fund CHF HedgedSFr 15.02 Value Partners Classic Equity Fund EUR Hedged ? 15.28 Value Partners Classic Equity Fund GBP Hedged � 15.86 Value Partners Classic Equity Fund GBP Unhedged � 18.60 Value Partners Classic Equity USD Unhedged $ 18.69 Value Partners Global Emerging Market Bond Fund $ 10.48 Value Partners Global Emerging Market Equity Fund $ 10.45 Value Partners Greater China Equity Fund $ 11.50 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 11.62 Value Partners Health Care Fund USD Class A Unhedged $ 11.73 -
0.05
0.11
0.12
0.12
0.13
0.13
0.15
-0.01
0.07
0.09
0.07
0.09
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Waverton Investment Funds Plc (1600)F
(IRL)
waverton.investments@citi.com
FCA Recognised
Waverton Asia Pacific A USD
Waverton Global Equity Fund A GBP
Waverton Global Strategic Bond Fund A USD
Waverton UK Fund A GBP
Waverton Equity Fund A GBP
Waverton Sterling Bond Fund A GBP
0.64
0.24
4.97
1.87
0.00
4.59
$
�
$
�
�
�
23.74
19.75
8.67
13.96
19.08
9.63
-
0.06
0.00
-0.01
0.11
0.01
0.01
? 122.22
-
0.01 3.86
WA Fixed Income Fund Plc
1.74
0.48
4.14
3.36
3.41
2.87
1.28
0.89
2.67
0.36
1.49
1.25
2.86
3.94
3.57
4.16
1.63
6.40
0.00
4.07
2.41
2.20
(LUX)
Value Partners Hong Kong Limited
0.20 0.20 0.00
-
Unicapital Investments
0.00
0.00
0.00
0.00
0.00
� 138.69 145.05 0.30 2.77
SFr 227.70
SFr 192.00
� 0.82
� 1.01
� 0.89
� 1.22
� 0.82
� 13.78
� 0.60
� 0.49
� 0.72
� 0.53
� 0.80
� 0.47
� 1.25
� 0.53
� 148.38
� 152.70
Regulated
Investments IV - European Private Eq. ? 130.10
Investments IV - Global Private Eq. ? 187.03
SIA (SIA Funds AG) (CH)
Other International Fds
LTIF Stability Growth
LTIF Stability Inc Plus
OEIC
UBS Global Emerging Markets Equity C Acc
UBS Global Optimal C Acc
UBS UK Opportunities C Acc
UBS US Equity C Acc
UBS S&P 500 Index C Acc
UBS Targeted Return C Acc
UBS Sterling Corporate Bond Indexed C Acc
UBS Multi Asset Income C Inc Net
UBS UK Equity Income C Inc Net
UBS Corporate Bond UK Plus C Inc Net
UBS Global Allocation (UK) C Acc
UBS Global Enhanced Equity Income C Inc
UBS US Growth C Acc
UBS Emerging Markets Equity Income C Inc
UBS FTSE RAFI Dev 1000 Index J Acc
UBS MSCI World Min Vol Index J Acc
(IRL)
Schroder Property Managers (Jersey) Ltd
-
212.00 0.00
8.14 0.00
-
0.90 0.00
Zadig Gestion (Memnon Fund)
� 168.94
(LUX)
www.morningstar.co.uk
Asset Management
Managemen
Data as shown is for information purposes only. No
offer is made by Morningstar or this publication.
Guide to Data
The sale of interests in the funds listed on these pages
may, in certain jurisdictions, be restricted by law and
the funds will not necessarily be available to persons
in all jurisdictions in which the publication circulates.
Persons in any doubt should take appropriate
professional advice. Data collated by Morningstar. For
other queries contact reader.enquiries@ft.com +44
(0)207 873 4211.
The fund prices published in this edition along with
additional information are also available on the
Financial Times website, www.ft.com/funds. The
funds published on these pages are grouped together
by fund management company.
Prices are in pence unless otherwise indicated. The
change, if shown, is the change on the previously
quoted figure (not all funds update prices daily). Those
designated $ with no prefix refer to US dollars. Yield
percentage figures (in Tuesday to Saturday papers)
allow for buying expenses. Prices of certain older
insurance linked plans might be subject to capital
gains tax on sales.
Guide to pricing of Authorised Investment Funds:
(compiled with the assistance of the IMA. The
Investment Management Association, 65 Kingsway,
London WC2B 6TD.
Tel: +44 (0)20 7831 0898.)
OEIC: Open-Ended Investment Company. Similar to a
unit trust but using a company rather than a trust
structure.
Selling price: Also called bid price. The price at which
units in a unit trust are sold by investors.
TreeTop Asset Management S.A.
(UK)
5 Broadgate, London, EC2M 2QS
Client Services 0800 358 3012, Client Dealing 0800 358 3012
www.ubs.com/retailfunds
Authorised Inv Funds
(LUX)
� 39326.00
$ 1533.84
Different share classes are issued to reflect a different
currency, charging structure or type of holder.
UBS Asset Management
RobecoSAM
25.00 0.00
-73.00 0.00
35.00 0.00
Asset Manageme
www.superfund.com, +43 (1) 247 00
Troy Asset Mgt (1200)
S W Mitchell Capital LLP
-
The fund prices quoted on these pages are supplied by
the operator of the relevant fund. Details of funds
published on these pages, including prices, are for the
purpose of information only and should only be used
as a guide. The Financial Times Limited makes no
representation as to their accuracy or completeness
and they should not be relied upon when making an
investment decision.
Superfund Asset Management GmbH
Toscafund Asset Management LLP
0.30
0.00
0.04
0.04
0.00
0.00
0.62
0.37
0.23
0.94
0.64
1.52
1.53
1.52
1.54
� 10248.00
� 50279.00
� 21858.00
1497.00 0.00
-671.00 0.00
-6.69 0.00
www.toscafund.com
-
(IRL)
E.I. Sturdza Strategic Management Limited (GSY)
(UK)
CF Ruffer Investment Funds
Yuki Mizuho Umbrella Fund
Yuki Mizuho Japan Dynamic Growth
Yuki Japan Low Price
Yuki Japan Value Select
Yuki Asia Umbrella Fund
Yuki Japan Rebounding Growth Fund JPY Class
Yuki Japan Rebounding Growth Fund USD Hedged Class
Offer D+/- Yield
Data Provided by
Toscafund Asset Management LLP
Authorised Corporate Director - Capita Financial Managers
Regulated
SWMC European Fund B EUR
SWMC UK Fund B
SWMC Small Cap European Fund B EUR
SWMC Emerging European Fund B EUR
0.00
0.00
0.00
0.00
0.00
FCA Recognised
Memnon European Fund I GBP
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
40 Dukes Place, London EC3A 7NH
Order Desk and Enquiries: 0345 601 9610
Authorised Inv Funds
Standard Life Offshore Strategy Fund Limited
Bridge Fund
� 1.9124 Global Equity Fund
� 2.4150 Global Fixed Interest Fund
� 1.0219 Income Fund
� 0.5753 Sterling Fixed Interest Fund
� 0.8884 UK Equity Fund
� 2.2419 -
Northwest Investment Management (HK) Ltd
-0.89
0.88
1.03
0.44
-0.54
-0.66
0.85
0.04
0.56
Bid
Yuki International Limited
Other International Funds
Stenham Credit Opportunities A Class USD
Stenham Equity UCITS USD
Stenham Growth USD
Stenham Healthcare USD
Stenham Managed Fund USD
Stenham Quadrant USD A
Stenham Trading Inc USD
Stenham Universal USD
Stenham Universal II USD
(LUX)
Weena 850, 3014 DA Rotterdam, The Netherlands
www.robeco.com/contact
FCA Recognised
Asia-Pacific Equities (EUR)
? 164.73 BP US Premium Equities (EUR)
? 231.61 BP US Premium Equities (USD)
$ 266.86 Chinese Equities (EUR)
? 100.88 Em Stars Equities (EUR)
? 225.31 Emerging Markets Equities (EUR) ? 195.52 Glob.Consumer Trends Equities (EUR) ? 191.58 High Yield Bonds (EUR)
? 146.01 New World Financials (EUR)
? 67.45 -
Fund
w
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