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The Daily Telegraph Business - April 12, 2018

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Business
**
Thursday 12 April 2018
telegraph.co.uk
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Market report page 7. Questor page 6
Gold
Special
offer
Tesco’s
encouraging
first set of
accounts
since
Booker
takeover
Ben Marlow
Poison
chalice
New EU
rules over
toxins may
give Russia
a virtual
monopoly
in fertiliser
market
Page 2
Page 3
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Page 7
Page 7
Markets look to safety as tensions rise
Oil price hits its highest
price for three years as
investors snap up gold, yen
and government bonds
By Jillian Ambrose and Tom Rees
GLOBAL markets scrambled for safety
as the West stood on the brink of conflict with Russia in the Middle East last
night sending oil prices to their highest
level in three years.
President Trump’s promise that US
missiles “will be coming” to Syria
caused the benchmark crude price to
climb sharply above three year highs to
almost $73 a barrel amid a volley of
threats between the US and Russia and
a separate air strike targeting oil titan
Saudi Arabia.
The global oil price rocketed by almost $2 in the space of an hour after the
oil rich kingdom confirmed that it intercepted two Yemen rebel missiles
above the capital Riyadh which suggest
that the country’s major oil facilities
could be a target.
The Houthi attacks on the world’s
largest oil producer spurred global oil
markets up almost 9pc this week alone
$73
The figure the benchmark crude price
almost reached as it hit a three year high
in the wake of the growing tensions
to the highest prices seen since December 2014.
The threat of a US-led strike against
Syria and its Russian allies also kindled
the largest gold market gains in the
past year. The gold price surged to 20
month highs of $1,365 an ounce as rat-
tled investors fled for cover in familiar
safe haven territory including government bonds and the Japanese yen.
The sharp escalation of geopolitical
tensions quickly eclipsed market jitters
earlier this week over a looming trade
war between the US and China.
“Trade wars now seem quite petty
compared to the prospect of conflict,”
IG’s Chris Beauchamp said.
US President Donald Trump warned
Russia to “get ready” for missiles targeting Syrian President Bashar Assad’s
regime in a blow to US stocks already
reeling from the tense diplomatic rhetoric between US and Chinese policy-
makers over escalating trade tariffs. On
Wall Street, the blue-chip Dow Jones
index slipped 0.9pc to 24,189.45, while
the dollar lost traction against a basket
of other currencies, adding fuel to oil
buyers eager to pile into the dollar denominated market.
“Military intervention in Syria that
puts the US in direct confrontation
with Russia can only be a bad thing for
market sentiment,” Jasper Lawler, at
LCG, warned.
This proved even more true of Russia’s currency markets as the rouble
continued to lose ground against the
dollar under the weight of US financial
sanctions to hit its lowest rate since late
2016. The rouble lost 10pc relative to
the dollar. The gap between the rouble
and the price of oil is the largest since
2009, according to Bloomberg data.
Market analysts at Rabobank added
that the fragile market sentiment hangs
on whether the US and allied forces
plan a one-off preventive attack or
“something far larger and aimed at toppling Syria’s Bashar Assad entirely”.
In Europe the reaction on equity
markets was more muted. The FTSE
100 nudged down 0.1pc off a six-week
high while the DAX in Frankfurt
slipped 0.8pc.
Raids ‘relevant’
to Fox’s Sky bid
By Christopher Williams
CHRIS FLOYD
History repeating
TV legend Sir David
Attenborough at
BBC Television
Centre before
today’s official
reopening. The
image is a restaging
of a famous portrait
from 1967, above,
taken to celebrate
the first colour
broadcast from
the site. Sir David
is seen in the exact
same location it was
originally shot – on
a balcony outside
what was his office
in the iconic BBC
“doughnut”.
Hammerson rejects sweetened FirstGroup rebuffs buyout offer
bid from French rival Klépierre by private equity firm Apollo
By Rhiannon Curry
HAMMERSON has rejected
a sweetened offer from
French rival Klépierre which
valued the shopping centre
owner at more than £5bn on
the basis that it still undervalues the company.
Hammerson said yesterday that it had received a revised bid of 635p per share,
consisting of 50pc cash and
50pc in new Klépierre
shares.
But the Birmingham Bullring owner Hammerson said
comment
Ambrose
EvansPritchard
Russia’s bark
is bigger than
its bite
Page 2
the offer price did not justify
further talks with the suitor
and unanimously rejected it,
although it added that it was
open to discuss a further
proposal from Klépierre
which “properly reflects the
value of the company”.
Hammerson
chairman
David Tyler said: “The board
has considered the revised
proposal from Klépierre
carefully. At 635p, it is only a
3pc increase on the previous
proposal and continues very
significantly to undervalue
the company.” Klépierre’s
approach has threatened to
derail Hammerson’s plan to
buy UK peer Intu – a deal
which would give it control
of most of the country’s
prime shopping centres.
Hammerson said last
week that it would not finalise its planned £3.4bn tie-up
with Intu as it awaits clarity
on a takeover approach from
its European rival. Hammerson’s shares closed 0.69pc
lower, at 521.4p.
Comment: Page 2;
Analysis: Page 4
By Christopher Williams
THE bus and train operator
FirstGroup has rejected
what it said was a “preliminary and highly conditional”
buyout proposal from the US
private equity giant Apollo
Management.
FirstGroup, operator of
the Great Western rail franchise and owner of the US
bus network Greyhound,
was forced to reveal the approach following the closure
of markets, after rumours
sent its shares up 7.4pc to
value the company at £1.2bn.
It told investors its board
had unanimously rejected a
proposal that “fundamentally undervalues the company and is opportunistic in
nature”. FirstGroup did not
reveal the price Apollo had
proposed to pay or what its
conditions were.
Under the takeover Code,
Apollo, which did not approve the announcement,
now has until May 9 to “put
up or shut up” with a firm
offer or walk away. FirstGroup cautioned investors
there was no certainty that a
firm offer will arrive.
It has not paid a dividend
since a cash call in 2013 and
still has around £1.2bn of
debt. Its shares have
slumped this year by as
much as 29pc as the tough
winter hit its operations on
both sides of the Atlantic,
although have recently
made a partial recovery.
Apollo declined to comment last night. The firm,
founded in 1990, has around
$250bn (£177bn) under management.
AN EU investigation of a
suspected cartel in sports
rights involving 21st Century
Fox has sparked renewed
opposition to the Murdochcontrolled company’s planned takeover of Sky.
After The Daily Telegraph
yesterday revealed a dawn
raid on Fox’s London offices,
deputy Labour leader Tom
Watson called for Britain’s
competition watchdog to
take the probe into account
as it prepares advice on the
Sky deal for the Culture Secretary Matt Hancock.
He is due this summer to
make a decision on whether
to let the takeover go ahead
with protections for the
independence of Sky News.
Mr Watson said: “If Fox
has done something to violate EU laws then that should
have a bearing on whether
the deal receives approval”.
It also emerged that the
European Commission had
raided VodafoneZiggo, a
Dutch cable TV provider
owned by Vodafone and Liberty Global.
Both Fox and Liberty
Global said they are co-operating with the investigation.
The European Commission
said the raids were a “preliminary step” and not an
indication of guilt.
Analysis: Page 5
2
***
Thursday 12 April 2018 The Daily Telegraph
Business comment
The grocer’s reversal of fortunes
under the reins of Dave Lewis is
at last being reflected in its share
price as it beats all the forecasts
O
ne of the mysteries of Tesco’s
undoubted turnaround under Dave
Lewis is that the grocer’s share
price has largely failed to respond
to its strong recovery.
Tesco has come a long way since
the dark days of September 2014 when Lewis,
just weeks after being installed as new chief
executive, stunned the City with the news that
profits had been overstated.
Its shares plunged to an 11-year low of 203p as
investors digested one of the great corporate
scandals of our times. More than three and a half
years later and despite huge progress, investors
have remained stubbornly unimpressed.
Tesco’s annual results may be the long-awaited
catalyst with Britain’s biggest supermarket chain
seemingly firing on all cylinders again.
Revenue increased for a ninth consecutive
quarter, and annual profits of £1.3 billion
comfortably beat forecasts of £1.1 billion. The
numbers are all the more impressive given the
unforgiving trading environment.
Meanwhile, further savings are promised once
the synergies from the takeover of Booker kick
in. Lewis has made a series of dramatic cost cuts
offloading overseas businesses, cutting
thousands of middle-management posts and
overhauling pricing.
The most significant change however is that
progress no longer looks a slog. Whereas
momentum was missing at the half-year stage as
like-for-like UK sales went backwards, growth
ticked up 2.3pc in the final three months versus
2.2pc over the year.
Tesco’s financial foundations also continue to
improve. The pension deficit has been cut again,
though sceptics will question whether that has
been achieved with overly-optimistic
assumptions about mortality and investment
yields, and debt levels have been slashed by
nearly £6bn in three years.
Lewis will also be relieved to see operating
margins reached 3pc in the second half of the
year, a 0.57 percentage point jump on the
previous year, and closer to Lewis’ target of 3.5pc
to 4pc by 2020, paving the
way for its first final
dividend in nearly
four years.
Long-term there are some
undoubted challenges such
as integrating the Booker
deal. An even bigger one
will be seeing off the
relentless threat from Aldi
and Lidl, which remarkably
continue to gobble market
share, and responding to
rapidly-changing shopping habits.
Still, the latest numbers were greeted by a 6pc
spike in the share price. Maybe Lewis is about to
get the recognition he deserves for turning
round the Tesco super-tanker.
‘Despite huge
progress,
investors
have
remained
stubbornly
unimpressed’
Gallic gall
Jean-Marc Jestin needs to work on his Gallic
charm. Having already had one approach for
shopping centre giant Hammerson rejected, the
boss of France’s Klépierre needed to come back
with a knockout offer to stand any chance of
succeeding with such an opportunistic move.
Takeover talks between Hammerson, owner
of the Brent Cross and Birmingham’s Bull Ring
malls, and UK rival Intu, the landlord behind
Lakeside shopping centre, are well-advanced, so
to derail this friendly, all-British affair, was
always going to require a blockbuster bid.
Instead, Jestin has returned with a half cash,
half shares offer worth 635p per share. At a
measly 3pc more than Klépierre’s original
approach, no wonder Hammerson’s board has
sent him packing back to Paris with a resounding
“Non, merci”.
The tactics are puzzling because a serious
offensive would probably gain traction.
Hammerson and Intu insist that their tie-up will
create a mega-retail landlord with the might to
weather a tough retail environment and compete
with online shopping, which has left many malls
battling dwindling footfall.
However, there is some scepticism in the City
at a deal that will see Hammerson increase its
exposure to a deteriorating UK market from 57pc
to 75pc, by swallowing Intu.
Between unveiling takeover talks at the start
of December, and Klépierre turning up with a
rival offer, Hammerson’s shares had fallen 13pc,
sending it crashing out of the FTSE-100 at the
end of February.
Meanwhile, first-quarter sales have been hit
by bad weather and weaker consumer
confidence. Shareholders would surely be
receptive to a serious interloper but a slight
revision to its original bid gives the impression of
someone who has got cold feet.
Most analysts think that Klépierre needs to put
between 650p to 700p per share on the table.
Based on demand for space in its buildings,
Hammerson claims its assets are worth around
790p per share. That feels rather unrealistic
given the unforgiving retail climate but Jestin
still has some work to do to woo his counterpart.
Restoring backbone
The appointment of Andrew Tyrie as the next
chairman of the Competition and Markets
Authority is to be welcomed. As the head of the
Treasury select committee, he forged a fearsome
reputation for interrogating senior figures, while
the CMA has repeatedly failed to stand-up for
small businesses, competition and the consumer.
Tyrie will restore some desperately needed
backbone.
AMBROSE
EVANS-PRITCHARD
TCHARD
R
ussia’s GDP was smaller
than that of Texas even
before the latest and most
lethal sanctions imposed
by Washington.
It has diminished
further to Benelux proportions after
the rouble’s 10pc crash this week, the
steepest fall since the late Nineties.
Upon this slender economic base,
Vladimir Putin’s Russia is posing as a
world-class superpower, the new
master of the Middle East, insisting on
its “droit de regard” over the old
Tsarist realms as if by natural right.
What is extraordinary is than anybody
should believe in such posturing.
The harsher truth is that Mr Putin
squandered the windfall wealth of the
commodity supercycle and hollowed
out what remained of the Soviet
industrial base, leaving Russia’s
Potemkin economy in a cul de sac.
He has succeeded (so far) in
propping up his ally in Syria but this
tells us little about the global balance
of power. The Kremlin likes to dismiss
Western sanctions as a flea bite. Not
any longer. “The measures are turning
into a tool of real economic war,” said
Russian premier Dmitry Medvedev.
The US Treasury document
announcing sanctions to punish
“worldwide malign activity” is a comic
read, but it is also mortal threat to the
Putin oligarchy. It alleges that Oleg
Deripaska, aluminium king and head
of Rusal, “ordered the murder of a
businessman”.
It cites allegations that Suleiman
Kerimov from Polyus Gold laundered
hundreds of millions of euro buying
villas in France, “transporting as much
as €20m at a time in suitcases.”
Deripaska has described the
sanctions as “groundless, ridiculous
and absurd”.
What is new about these sanctions
is that they target the pre-existing
securities, and not just new issuance.
This turns the named companies into
Business
Insight
Gulf Keystone
G
ulf Keystone has
reported its first
profit since wading
into the embattled
Kurdistan oil region,
writes Jillian Ambrose.
The oil producer
swung from a loss of
$17.4m (£12.3m) in 2016
to a profit of $14.1m in
2017, while growing its
cash pile to $160m at the
end of last year from
$93m the year before.
Since then, Gulf
Keystone’s cash reserves
have swollen to $200m,
dwarfing its net debt
of $100m.
The brighter balance
sheet has emerged after
gloomy years in which
the producer struggled
to secure payment for its
crude from the Kurdistan
AFP/GETTY IMAGES
Recovery at
Tesco finally
bags City
approval
Russia roars but its economy can
barely sustain its superpower status
international pariahs, as Rusal is
discovering. It has been blackballed
from the London Metal Exchange. Its
listed share price on the Hong Kong
exchange has fallen 58pc this week.
It is a foretaste of what lies in store
for Russia’s corporate elite as the
Mueller investigation uncovers the
whole ghastly truth about Kremlin
cyber-aggression against the US
political system. Whatever the White
House may or may not want to do, the
policy is being pushed by a wrathful
Congress intent on avenging what
some call a Russian Pearl Harbour.
No Americans can deal with
sanctioned entities, and no Europeans
can do so lightly without provoking
the US Treasury under “secondary
sanctions” clauses, if they have any
commercial dealings with the US.
Belgium-based Euroclear said
immediately that it would comply.
Investors must now contend with
the prospect that almost any oligarch
could be targeted and that any Russian
asset – including sovereign bonds –
could be tainted and plunge in value
overnight. This risks a collective rush
for the exits since nobody wants to be
trapped in a fire sale. Sberbank shares
are down 17pc over the last two days
even though it is not on the list.
Russian vice-premier Arkady
Dvorkovich has promised to rescue
sanctioned companies, implying that
the state will cover the debts of private
firms and state-owned companies if
need be. Yet the Reserve Fund is
exhausted and was shut down in
December. Much of the residual $67bn
(£47.2bn) Welfare Fund is committed.
The Kremlin will have to tap the
central bank’s $453bn portfolio of
foreign reserves. “If the sanctions go
on long enough and the circle
expands, the cushion may not be
enough” warned Vedomosti.
To be clear, the country is not facing
an imminent financial crisis. The
floating rouble acted as a shock
absorber through the oil and
commodity crash. Russia survived the
trauma. What it faces instead is
“neo-stagnation”, to borrow from
former British ambassador Sir Andrew
Wood. It is caught in a self-feeding
cycle of decline as infrastructure
crumbles and young brains leave.
The deep recession of 2015 and 2016
may be over but per capita income is
stuck at $8,800 and industrial wages
are now lower than in eastern China
– let alone Poland. The post-Soviet
convergence with the West has stalled.
There is no new growth model for the
21st century. The drastic plan of
autarky and import substitution
launched three years ago by President
Putin to break dependence on
regional government and
its battle with Isil fighters.
Under the leadership of
a new chairman, Jaap
Huijskes, the company is
hoping to turn a new
chapter. The group
received 11 payments
totalling $132m last year
and signed a sales
agreement in January to
secure payment for the
crude oil from its Shaikan
‘Investors
must now
contend with
the prospect
that almost
any oligarch
could be
targeted and
any Russian
asset could
be tainted’
Today
136p
Jaap Huijskes
Chairman
oil project. However, the
group will need to strike
another deal before it can
restart investment in the
field, which is sorely
needed to offset the
decline in production.
The one-time retail
investor darling remains
well below its share price
highs of over £411 in
early 2012.
Russian President
Vladimir Putin
delivers a speech in
Red Square. The
country’s leader has
squandered the
country’s wealth
leaving the
economy in a cul de
sac
commodities – 80pc of exports during
the boom – has come to little. Reliance
on foreign farm machinery was to be
cut 56pc by 2020, and engineering
equipment by 34pc. None of this is
happening.
Russia is still hostage to oil and gas.
Energy provides a tolerable living for
now but US shale has entirely changed
of global oil industry, capping each
rise in prices with a surge of new
drilling. It has become a structural
headwind. Russia’s own production
costs are rising as the old fields decline
by 5pc a year in Western Siberia. The
energy ministry warns that output
could halve by 2035 unless there is a
wave of investment.
The coming surge of US liquefied
natural gas (LNG) has deprived Mr
Putin of his pricing power in Europe.
He was able to charge $12 (MMBtu) in
the glory days of 2012. Today his gas
fetches around $5.
By the mid-2020s, other powerful
forces will be at work. Electric vehicles
will probably have reached take-off;
battery costs will have come down far
enough to give wind and solar an edge
over gas. By then the fossil industry
will be looking tired.
Mr Putin wasted Russia’s oil
bonanza from 2005 to 2014 on
hubristic rearmament. The Stockholm
International Peace Research Institute
said the military budget rose 8.1pc in
real terms in 2014 and another 15pc in
2015 when the economy was already
contracting. Finance minister Alexei
Kudrin resigned with a warning that it
would ruin the country, and that is
exactly what it did.
The Russian military added a fleet of
new Su-34 long-range combat aircraft,
and batteries S-400 surface-to-air
missile systems, even as pauperisation
spread. It coincided with the negligent
disarmament of the West, made worse
by Europe’s austerity overkill.
This misalignment created a
window that Mr Putin has exploited.
The window is about to close again.
Russia can no longer afford the rent,
and the West is rearming fast.
A nuclear-armed Sparta under a
despotic leader with totalitarian
propaganda tools can of course be very
dangerous. But please don’t call
Putinism a success.
Share price
CORBIS VIA GETTY IMAGES
Ben Marlow
rlow
Oil producer Gulf Keystone has $200m in cash reserves
140
p
130
120
High Apr 2018
110
136p
100
Low Oct 2017
90
88p
80
2017
2018
Strengths
Threats
 World-class oil reserves
in the Kurdistan region
 A tight rein on costs to
$2.80 a barrel from $3.50
 Stronger profits and
cash flow to help with
fresh investment
 Declining oil
production could erode
earnings without new
investment
 Lower output expected
in the year ahead
Weaknesses
Opportunities
 Share price remains
haunted by past failings
 Final supply agreement
with government still not
finalised
 Geopolitics a perennial
concern for investors
 Oil production could
reach highs of 100
barrels a day in the
long-term
 Fresh investment in
Shaikan to unlock value
in its reserves
Thinking small misses the bigger productivity picture
ROBERT D.
ATKINSON
E
uropean economic performance
in recent years has been a
disappointment. Since the end of
the Great Recession, labour
productivity – the single most
important measure of economic
vitality – has grown just 0.7pc annually
for the 28 members of the EU. This is
discouraging given the longer-term
trend: in 1995, productivity in the
15 countries that made up the EU was
89pc of the US level. By 2013,
productivity in the same EU-15 had
sunk to 79pc of the US level. A recipe
for stagnation and political unrest.
While many puzzle over the reasons
for this poor economic performance,
one surprising cause is consistently
overlooked: Europe has too many
small firms. On average, EU firms are
much smaller than US firms – and
smaller firms are generally much less
productive than larger firms. Indeed,
firms with 250 or more employees are
80pc more productive than firms with
10 or fewer employees, according to
EU data covering 18 European nations.
Large technology firms are also
more innovative. One study of
European hi-tech firms concluded:
“Their capacity for increasing the level
of technological knowledge over time
is dependent on their size: the larger
the R&D investor, the higher its rate of
technical progress.” Another study
found that after controlling for firms’
age, large EU firms were about 14pc
more likely to be involved in product
or process innovation than small firms.
Defenders of small business will
argue that they provide better jobs
than corporate giants. But, in fact,
small firms provide worse jobs. In
looking at small firms in Germany, for
example, economist Joachim Wagner
found: “wages are lower, non-wage
incomes (fringes) are lower, job
security is lower, work organisation is
less rigid, institutionalised possibilities
for workers’ participation in decision
making are weaker, and opportunities
for skill enhancement are worse.”
But surely, with the increasing EU
integration, firms must be getting
bigger as they take advantage of larger
markets and scale economies, right? In
fact, average firm size declined from
7 workers per firm in 2005 to 6.2 in
2013. In contrast, average firm size in
the US grew from 19.4 workers to 20.5.
You might think that given the clear
economic and social advantages
European officials would encourage
firms to grow. In fact, the European
Commission’s official policy is to
favour small firms over larger ones. It
states: “Being SME-friendly should
become mainstream policy. To achieve
this, the ‘Think Small First’ principle
should be irreversibly anchored in
policy making from regulation to
public service.” As a practical matter,
the Commission appears to be wary of
large firms and determined to protect
small and mid-sized firms from
competition, as we see, for example, in
the recent high-profile antitrust cases
against tech companies like Google.
The Commission also allows
governments to give direct aid to
fishers, farmers, coal-mining
companies, shipbuilders, steel
companies, and synthetic fibre firms,
but only if they are small.
It’s not just officials in Brussels who
are perpetuating the myth that small
business is best; most EU nations do,
too. France, for example, offers more
than 250 grants and subsidies for small
business. And if you are lucky enough
to have fewer than 50 employees, you
are exempt from myriad regulations
such as creating a works council and
establishing a health and safety
committee. Not surprisingly, many
French firms stay under the 50-worker
threshold. This distortion lowers
French GDP by as much as 5pc, with
workers bearing most of the cost in the
form of lower wages.
France is not alone. In Portugal, the
expansion of regulations that
exempted small firms, combined with
expanded subsidies, meant that the
average firm size declined by almost
50pc from 1986 to 2009 – and growth
stagnated. Overall, if European firms
had the same size distribution in terms
of employment as their US
counterparts, Europe would see a 12pc
increase in productivity. A
productivity bonus such as this would
be an achievable goal if European
policymakers were to embrace
size-neutral economic policies. To
‘We should
help new
firms, but
that is
different to
giving firms
special
favours in
perpetuity
because they
are small’
start, this would entail redesigning tax
codes to treat firms of different sizes
alike. It would require repealing
government procurement practices
that favour small firms. Most small
business subsidies should be
eliminated. Most regulatory
exemptions for small firms should be
closed off. And most small business
financing programs should cease.
There are two common criticisms of
size-agnostic policies. The first is they
would lead to fewer small businesses.
But that is precisely the goal, because
larger firms are more productive and
innovative, and provide better jobs.
The second is that size-neutral
policy would hurt new firms, even
those that might have a chance to
grow big. But size neutrality is not the
same as age neutrality. To the extent
there is a rationale for policy
differentiation, it should be based on
firms’ ages. Getting new firms off the
ground can be difficult, as reflected by
the fact that so many of them fail in
their first five years. For this reason,
European policy should accommodate
new firms, but that is different to
giving firms special favours in
perpetuity just because they are small.
Europe’s economic challenge is
multifaceted, but one simple step all
European governments can take
would be to stop “thinking small”.
Robert D Atkinson is president of the
Information Technology and
Innovation Foundation and co-author
of “Big Is Beautiful: Debunking the
Myth of Small Business”
***
The Daily Telegraph Thursday 12 April 2018
3
Business
By Ayesha Javed
TESCO expects to grow its revenues by
an additional £2.5bn by integrating its
recent acquisition Booker, as the supermarket beat City forecasts with its
first set of accounts since the deal.
The UK’s biggest retailer posted
pre-tax profit of £1.3bn in the year to
Feb 24, up 795.2pc on the previous
year’s £145m and above analyst expectations of £1.2bn. Group sales were up
2.3pc at £51bn last year compared with
the previous year.
Despite the massive jump the figures
still come in below Tesco’s 2013-2014
peak, when it reported £3bn in underlying pre-tax profits. It will pay a final
dividend of 2p a share, which combined with the half-year payout
amounts to 3pc a share for the year, its
first end-of-year dividend in five years.
Tesco shares climbed 7.2pc to end at
225.4p, their highest level in three
years.
The results cement the turnaround
steered by Tesco chief executive Dave
Lewis, who has led a massive overhaul
of the business, selling off overseas
divisions, cutting thousands of management jobs and slashing prices in a
bid to lure back customers.
The retailer completed its £3.7bn
acquisition of Booker last month and
said that its integration with the wholesaler was “well under way”. The company also identified a £2.5bn revenue
growth “opportunity” from the tie-up
and expects synergies of £60m within
the first year.
Sales at Booker outlets open for
more than a year were up 9.9pc. Tesco
said it expected Booker’s operating
profit before exceptional items for the
year to March 30 to come in at about
£195m. Mr Lewis said: “The perfor-
mance of the Booker business has been
fantastic over the long period [and during] the merger process.”
After years of falling prices grocers
have been performing better of late, in
stark contrast to non-food retailers. In
the UK, sales at shops open more than a
year rose 2.2pc, marking its ninth consecutive quarter of growth. UK sales
rose for the second year in a row,
to £38.7bn.
Tesco credited the popularity of its
own-brand food, which chalked up
like-for-like sales growth of 4.2pc during the year. It has also invested in its
“farm brands”, growing sales to £550m
in three years – despite controversy at
the outset, when it was revealed its
packaging alluded to fictional farms.
‘Tesco looks well placed to
maintain its position as the
formidable force in retail
and weather future troubles’
The supermarket has also cut 5,900
management roles in the past three
years, adding 18,443 more customerfacing staff and, after freezing wages
three years ago, it is resuming paying
bonuses and pay rises, Mr Lewis said.
“We’re more competitive now than
we were three years ago,” he said.
The company has also halved its
pension deficit to £2.7bn from £5.5bn.
Profits were dented by a £129m fine
from the Serious Fraud Office, as part
of a deferred prosecution agreement
over an accounting scandal in 2014.
Retail analyst Thomas Brereton, of
GlobalData, said: “Tesco looks well
placed to maintain its position as the
formidable force in UK retail and
weather future troubles.”
MARCEL VAN COILE
Tesco cements
its turnaround
as profits soar by
795pc to £1.3bn
Hot bunnies Barry Callebaut, the world’s largest supplier of cocoa products, has developed new recipes with a melting
point up to 4 degrees Celsius higher than normal. Callebaut expects growth to slow after strong demand in Europe and Asia
helped the Swiss group’s net profit to exceed expectations in the six months to February, rising 33pc to Sfr173m (£127m).
Rio Tinto on the defensive over its senior bosses’ salaries
By Jon Yeomans
FTSE 100 miner Rio Tinto has been
forced to defend itself over its remuneration, corporate governance and
climate change policies at a testy annual general meeting in London.
Proxy adviser Glass Lewis advised
shareholders to vote against Rio’s pay
report for 2017, in protest at the miner
awarding bonuses to senior bosses in a
year when it suffered two fatalities. Rio
boss Jean Sebastien Jacques told share-
holders “safety and health is the
number one” priority for the company,
while
newly-appointed
chairman
Simon Thompson defended the miner’s
new pay policy, which goes to a binding
vote this year, saying disagreement
among shareholders prevented it from
implementing a more “innovative” pay
scheme.
Rio also faced down charges it was
favouring one set of shareholders over
another, after refusing to allow British
investors a vote on a resolution
demanding that it reveal payments to
lobbying groups that back fossil fuels.
Shareholders in Rio’s Australian
company will get a vote on two extra
resolutions at its AGM in Melbourne on
May 2. Adam Matthews of the Church
of England Pensions Board, which has
£2bn funds under management, said it
would vote against Rio’s report and
accounts in frustration at its continued
funding of bodies such as the Minerals
Council of Australia, which is avowedly
pro-coal.
“These associations are taking positions at odds with Rio’s interests and its
policy on climate change, and with our
interests as investors,” Mr Matthews
told The Daily Telegraph.
“It is still funding these trade
associations and using company funds
to do so.”
Rio’s rival BHP Billiton, also
dual-listed in London and Sydney, had
allowed shareholders in both countries
to vote on resolutions regarding
membership of the MCA.
EU ‘risks giving Russia a monopoly on Europe’s fertiliser market’
By Iain Withers
CONCERNS are mounting that new EU
rules to limit the amount of toxin in
fertilisers will give Russia an “effective
monopoly” over the market and power
over European food supply.
Final talks have begun at the European Commission in Brussels on proposals to cap the amount of the heavy
metal cadmium in fertilisers.
Supporters say the limits – which
will ultimately outlaw products with
more than 20mg of cadmium per kilo-
gram – will help protect people’s
health, with research linking the
toxin to organ failure, arthritis and fertility problems.
But opponents, including Britain’s
National Farmers’ Union (NFU), say
evidence does not support the strict EU
limits, which they argue go beyond
what is necessary to protect human
health and will enable Russian suppliers to dominate the market.
Rival producers in North Africa and
China have higher levels of the naturally occurring toxin in the phosphate
they mine for fertilisers than Russian
suppliers and may lose access to the
European market if they are unable to
invest in costly technology to reduce
these levels.
Tensions have heightened in the
West over Russian relations since an
apparent nerve agent attack on a former Russian spy in Salisbury. Russia
has shown a willingness in the past to
exercise economic power over European markets, for instance in energy
through giant Gazprom.
A fertiliser industry source told The
Daily Telegraph: “There’s a very real
risk if these limits go ahead, it will give
Russia an effective monopoly over the
European fertiliser market and greater
power over our food supply.”
The NFU has previously warned that
Europe could become “solely dependent on Russia to supply phosphate” and
called on the EU to “come to a sensible,
evidence-based position that ensures
that farmers are not left at a disadvantage in the global market”.
However, environmental campaigners said the reforms were necessary.
Shop Direct’s warehouse
move puts jobs under threat
By Jon Yeomans
UP TO 2,000 jobs could be lost at
online retail company Shop Direct as it
announced it would shift its distribution operations to a new, more automated centre in the East Midlands.
The retailer, which owns the Very.
co.uk and Littlewoods.com brands, will
start building a new hub near East
Midlands Airport in May, which will
replace three warehouses in Greater
Manchester from 2020.
The company warned that 1,177 permanent roles and 815 agency jobs could
be lost as a result of the move.
Shop Direct, which is owned by Sir
David and Sir Frederick Barclay, the
owners of Telegraph Media Group, has
begun consultations with the Usdaw
union to provide support to affected
employees over the next two years, including offering advice and retraining.
Derek Harding, interim group CEO
of Shop Direct, acknowledged it was a
“tough day” for the company but said
the proposed move was “necessary for
our future and to enable us to continue
to grow and meet rising customer
expectations”. “We take very seriously
but were watered down by the European Parliament.
This week the European Commission began so-called “trilogue” talks
between itself, the Parliament and
member states to reach a final decision, with the aim of passing legislation by the end of June. Several
member states are thought to oppose
the strict limits.
A Commission spokesman said: “Our
positions remain unchanged and we
look forward to an ambitious deal on
phosphate fertilisers.”
‘Game changer’ tech on the
way as Asos lifts spending
our responsibilities to our colleagues,
many of whom have been with us for a
long time and who work tirelessly to
deliver for our customers,” he said.
“We are working alongside Usdaw,
our recognised trade union, and will
listen carefully to what they have to
say. We’ll also work closely with local
authorities and community leaders to
make sure this process is carried out as
By Ayesha Javed
1,177
The number of permanent jobs that could
be lost as a result if the relocation. Up to
815 agency roles are also at risk
fairly and sensitively as possible.”
Under the plans Shop Direct will wind
down its fulfilment centres at Shaw and
Little Hulton as well as its returns centre at Raven.
The new site, adjacent to the M1, will
put the company’s logistics in one place
with space to grow, the company said.
Shop Direct will create 500 permanent
roles and 200 to 300 agency jobs there.
Emily Macintosh, of the European
Environmental Bureau, said: “Cadmium is a carcinogen that is also linked
to osteoporosis, kidney failure, heart
disease, and fertility problems.
“As a bare minimum, EU governments must limit cadmium levels in
many of the fertilisers sold in Europe to
20mg/kg.”
The EU proposals would see cadmium levels limited to 60mg/kg initially, then 40mg/kg after six years
and 20mg/kg after 10 years. The
timescales were initially stricter,
First-half profits for online fashion retailer Asos are up 10pc on last year, to £29.9m
ASOS is ramping up its spending on
technology and warehousing infrastructure as it looks to grow the business globally, after enjoying a jump in
sales in the first half of its financial year.
The online fashion retailer posted a
pre-tax profit of £29.9m in the six
months to Feb 28, up 10pc from the
same period the previous year. Sales
rose 27pc to £1.1bn, putting it on track
to smash the £2bn barrier for the first
time in the full year.
Despite the robust figures, shares in
the Aim-listed retailer sagged 2.4pc to
£68.60 as the company said it would
spend £230m to £250m this year and
again next year.
The firm is investing in technology,
including personalised “visual search”
software, which chief executive Nick
Beighton said would be a “game
changer for us in many important
areas, not only improving customer
experience but also lowering the cost
of how we operate our business model”.
Asos is also putting money into a
new planning system for buying, selling and accounting for stock in multi-
ple locations and currencies, and into
new warehouse openings, automation
and logistics.
International sales now account for
63pc of retail revenue at Asos. The
retailer opened a hub in Berlin last year
and will open a warehouse in Atlanta
three months ahead of schedule in July,
Mr Beighton said. Richard Lim, of Retail Economics, said that the company’s
£230m
Minimum amount Asos said it will invest in
visual search technology and warehouse
systems this year and again next year
“intense” spending was “essential in
retaining the loyalty of digitally savvy
20-somethings whose expectations
grow ever-more demanding”.
Separately, Mr Beighton said Asos
was looking into alternative materials
to plastic for packaging.
He said that the company could offer
a “bag for life” for premium customers
in the future.
4
***
Thursday 12 April 2018 The Daily Telegraph
Business
Hammerson rebuffs rival’s latest bid – for now
The sweetened offer
from Klépierre has
been rejected but
analysts say there
may still be surprises
in store, reports
Rhiannon Curry
Battle of the malls
The crucial numbers
£5bn 5pm
I
f Klépierre’s first offer to buy UK
shopping centre owner
Hammerson came as a surprise,
perhaps its second was more
predictable. Just four weeks
after its first approach it was
back with an improved proposal. But
even this was not enough to lure
Hammerson’s board to make a deal.
Hammerson said yesterday that it
had received a revised bid of 635p per
share, consisting of 50pc cash and
50pc in new Klépierre shares.
But in the same breath it confirmed
that the offer was not enough to enter
a dialogue with the French group, and
unanimously rejected it. Hammerson
did add that it was open to discuss a
further proposal from Klépierre,
which “properly reflects the value of
the company” – although did not
suggest what that could be.
The latest approach was understood
to have been first suggested to
£4.88bn
chairman David Tyler late on Friday
evening via a telephone call. He then
met Klépierre’s boss Jean-Marc Jestin
in central London on Monday to
discuss the deal, before convening
Hammerson’s board on Tuesday.
According to sources close to the deal,
Mr Jestin was informed of
Hammerson’s decision to reject the bid
just half an hour before the official
announcement was made on the stock
market yesterday.
At the new higher approach,
analysts began to question whether
Hammerson’s insistence that
Klépierre’s price did not reflect the
true value of the FTSE 250 company
still stood. Hammerson shares were
trading at a 17pc discount to the latest
proposal yesterday morning as news of
the second approach emerged, causing
some to suggest that the company’s
board was overplaying its line.
Hammerson’s executives have
ALAMY
The initial offer French company Klépierre
made for UK shopping mall owner
Hammerson. It has now offered £5.04bn
Hammerson, the owner of many UK shopping centres, including Birmingham’s Bullring, above, has put its Intu deal on hold to concentrate on Klépierre’s bid for its operations
maintained that Klépierre’s offer is still
well below the group’s net asset value
(NAV), which is the value of a firm’s
portfolio if it were to be sold at a
given point in time. Earlier this
month Hammerson put out a
first-quarter trading update, its
first in four years, in which the
NAV was raised by 1.8pc to
790p.
Matthew Saperia, at Peel
Hunt, said: “Despite the 20pc
discount to the NAV, we do not
believe [Klépierre’s offer]
undervalues
Hammerson to the
David Atkins CEO
Hammerson, right
extent that the board suggests and
believe that NAV is not a low water
mark.”
He pointed out that
Hammerson’s shares last
traded at 635p in October
2015, and over the past
10 years the shares have
only traded above 635p on
216 days. Recent gloom in
the retail sector has also
knocked confidence in the
sale value of properties such
as the malls that
Hammerson owns.
Shoppers have
been impacted
by pressure
on household
incomes as wages remain stagnant and
the cost of living rises. Meanwhile, the
inexorable rise of internet shopping
has put more traditional retail centres
at risk. As a result, the UK has seen a
high number of retail casualties
already, and a shopping centre is only
valuable if its shops are occupied.
Because there was often a lag in
valuations it “is pretty widely felt that
valuations [across the sector] are
incorrect,” Mr Saperia said. Investors
were watching the sale of a stake in the
Bluewater shopping centre, which is
currently owned by Singaporean
investor GIC and Lendlease, which is
expected to trade at 12.5pc less than its
last valuation, he added.
David Brockton, analyst at Liberum,
said the share price and NAV reflect
different attitudes that investors have
towards a property company’s value.
“In the share price, the market is
trying to value the amount of cash that
it can generate over the long term. The
question [about NAV] is do people
think the value of retail assets might
change?” he said. In a weakened retail
environment, this seems likely.
So what could happen next? Vishal
Lakhani, of Exane BNP, suggested that
Hammerson is unlikely to recommend
that its shareholders accept an offer
below 700p, calling yesterday’s
revised approach “underwhelming”.
However, Peel Hunt’s analysts said
that 650p would be enough to
persuade many shareholders to back
 Value that
the French
shopping centre
owner Klépierre
has put on
Hammerson
 The Monday,
April 16 deadline
Klépierre faces
if it wants to
make a higher
formal offer
17pc
650p
 The discount
Hammerson
shares were
trading at
yesterday
 The offer that
analysts at Peel
Hunt think will
be enough to
swing a deal
the French firm. Klépierre is known to
have been speaking to Hammerson’s
shareholders over recent days, and
could choose to pursue a hostile bid
for the company if it felt it had
enough support. Investors are said to
be split, with some favouring the
French offer given it is far above the
value of their holdings, while others
want an offer closer to the NAV.
For Klépierre, a deal for such a large
UK player would give it a valuable
route in. Hammerson’s portfolio
includes investments in ar-ound
20 prime shopping centres in the
United Kingdom, France and Ireland,
more than 20 convenient retail parks
in the United Kingdom and around
20 premium outlets across Europe.
Although Paris-based Klépierre
owns more than 100 shopping centres
across 16 countries, it does not have
any sites in the UK and Ireland.
“If you are a Hammerson
shareholder this is a profitable trade
for you,” Peel Hunt’s Mr Saperia
pointed out. “The shares are unlikely
to trade any higher any time soon.”
Sources close to Klépierre said they
would not rule out a third higher offer
ahead of the official deadline on
Monday. Without a further approach,
the bid deadline is unlikely to be
pushed back. Observers suggested
that the tone of Hammerson’s rejection
had softened from its initial reaction,
perhaps suggesting that it is more
open to a conversation with Klépierre
than it had been last month.
That said, chief executive David
Atkins still strongly favours a tie-up
with Intu because it would give
Hammerson more market share in the
UK. But even if Klépierre fails, there is
no guarantee that shareholders would
back a takeover of Intu either. Intu’s
lower share price could drag
Hammerson’s stock even lower – a risk
shareholders may not be willing
to take. Klépierre has not yet formally
responded to Hammerson’s rebuttal.
McCarthy & Stone profits fall
50pc amid ground rent caution
By Rhiannon Curry
GOVERNMENT proposals to scrap
controversial ground rents have dented
McCarthy & Stone’s ability to buy land,
while its profits for the first half of the
year dropped by more than 50pc.
Ministers set out plans in December to abolish leaseholds amid concerns that home owners were being
hit by excessive charges, including
ground rents.
But retirement housebuilder McCarthy & Stone has called for an exemption from the plans on the basis that it
needs ground rents to fund the building of its developments including communal areas for elderly residents.
In the last six months it has become
more cautious about buying new sites,
securing 22 land exchanges and 21
planning consents, down from 30 land
exchanges and 34 planning consents in
the six month period a year earlier.
The group has taken extra time to
negotiate deals with councils over
additional contributions linked to new
developments, such as affordable
homes, while the ground rent issue is
worked out, it said.
McCarthy & Stone reported disappointing results for the six months to
the end of February on the back of a
particularly subdued market for secondary sales. The company has been
hit by higher building costs and has
£10.5m
Pre-tax profits at McCarthy & Stone in the
six months to the end of February. It said
full-year profit should still hit expectations
been forced to offer buyers greater
incentives, such as part-exchange
deals, to counteract the market, it said.
As a result pre-tax profits for the six
months to the end of February were
£10.5m, down from £21.8m a year
previously. Revenues increased by 1pc
to £239.6m. In the half-year period,
Growth slowdown casts
doubt over May rate hike
By Tim Wallace
ECONOMIC growth slowed again in
February as the construction and manufacturing industries both stalled, a
pair of oil refineries closed for maintenance and the export boost from the
weak pound began to fade.
The Bank of England had already cut
its first-quarter growth forecasts from
0.4pc to 0.3pc as the “Beast from the
East” made families stay in instead of
hitting the shops. But now economists
fear even this estimate is too high.
The new figures “look consistent
with GDP growth slowing to 0.2pc in
the first quarter, from 0.4pc in the
fourth quarter, casting doubt over
whether a May rate hike is as likely as
markets currently expect,” said Samuel
Tombs at Pantheon Macroeconomics.
Manufacturing output fell by 0.2pc
in February, the Office for National Statistics said, and January’s 0.1pc expansion was also revised down to zero.
Falling output of electrical goods,
machinery, textiles and plastics hit the
figures. Growth in industrial production overall – which includes manufacturing as well as industries such as
mining and quarrying, and utilities –
slowed to 0.1pc for the month.
A major cause was that two of the
UK’s six refineries were closed for
refurbishment. However, growth was
supported by February’s unusually
cold weather, which boosted domestic
energy consumption. At the same time
construction output tumbled by 1.6pc
in the month, defying expectations of a
0.9pc increase.
The trade deficit increased in the
three months to February, rising by
£0.4bn to £6.4bn, as a dip in imports
was more than offset by a larger fall in
exports – which the ONS said coincided
with a strengthening of the pound.
However, the overall slowdown may
only be a temporary wobble, economists added, rather than a longer-term
slowdown, with more data due before
the Bank’s decision. That optimism is
shown in companies’ confidence. The
proportion of manufacturers that expect to grow in the next year outweighs
those who are set to shrink by a margin
of 48pc, a British Chambers’ of Commerce survey found. As a result, a net
balance of 30pc of firms expect to hire
more workers in the next three months.
McCarthy & Stone built 760 units at an
average selling price of £298,000 –
more than 100 units less than the
same period last year but at slightly
higher prices.
It blamed a pause in building after
the EU referendum in 2016 for having
fewer new homes to offer people.
Chief executive Clive Fenton said
that despite the disappointing performance, the business was expected to
perform better in the second half of the
year and would still meet market
expectations. Analysts predict that
profits for the full year will be between
£91m and £108m.
“The growing need for retirement
housing caused by our rapidly ageing
population also means the long-term
prospects for our business continue to
be positive,” Mr Fenton said.
However, shares in the company
closed down 3.7pc at 132p.
Anthony Codling, an analyst at Jefferies, said: “We see significant upside
for the price of McCarthy’s shares once
it leaves ‘Ground Rent Day’ behind.”
London’s house
prices stand alone
in doldrums – Rics
By Tim Wallace
SCOTLAND, Wales and the north-west
of England are set to lead the UK’s
housing market in the coming year,
with London the only area that will fail
to join in any resurgence in house
prices, surveyors believe.
Demand for properties has fallen
steadily over the past year, with the
supply of new homes to the market
following suit, the Royal Institution of
Chartered Surveyors (Rics) said. Sales
levels increased only in Scotland and
the East Midlands.
A net balance of 47pc of those in London reported a drop in prices, with
declines also found in the south-east
and north-east of England, and in East
Anglia. Most London surveyors said
there had been a rise in the number of
sellers withdrawing properties from
the market, indicating that buyers have
not matched their expected price for
the homes.
Nationally prices were flat, with
rises in Northern Ireland, Wales and
the East Midlands.
A modest majority of surveyors expect prices to increase in a year’s time.
***
The Daily Telegraph Thursday 12 April 2018
5
Business
The opponents of
Murdoch were quick
to weigh in after
competition officials
visited Fox’s London
offices, reports
Christopher Williams
R
upert Murdoch’s enemies
were quick to seize their
opportunity after The
Daily Telegraph revealed
that the London office of
21st Century Fox had been
raided by competition officials from
the European Commission.
Tom Watson, deputy leader of
Labour and a veteran of the phone
hacking scandal, knew where to strike
yesterday.
“Given the Competition and
Markets Authority (CMA) is currently
preparing its final advice for the
Secretary of State on the proposed Sky
deal it is important they establish the
facts of what has happened here and
take it in to consideration in their
judgment,” he said. “If Fox has done
something to violate EU laws then that
should have a bearing on whether the
deal receives approval.”
The raid on Tuesday morning could
hardly have come at a worse time for
Fox and Murdoch, who has few friends
in Brussels. At a press conference the
Justice Commissioner Vera Jourova
said the action was “not revenge” for
decades of anti-EU headlines and
support for Brexit from The Sun, but
officials will be well aware they have
attacked Murdoch at a time when the
future of his media empire is in
the balance.
The suspected sports rights cartel
under investigation is understood not
to relate to Sky directly, although
Britain’s dominant pay-TV operator
does buy some rights from its biggest
shareholder, such as the cricket World
Cup. Nevertheless, any suspicion of
new wrongdoing in the Murdoch
empire as its long pursuit of full
control of Sky enters the final stretch
provides its critics with yet another
peg on which to hang their objections.
They have already made hay from
phone hacking and sexual harassment
at Fox News.
The addition of potential antitrust
violations could make for a toxic mix
as British regulators prepare their
recommendations for the Culture
Secretary Matt Hancock
As news of the raid reverberated
through Europe’s broadcasting sector
yesterday, a picture began to emerge
of what is an investigation in its
early stages.
The dozen or so investigators that
swooped on Fox’s offices in west
London did so at an opportune
moment, if they intended to pore over
the company’s files without the
supervision of senior executives. The
senior ranks of European broadcasting
are gathered in Cannes this week for
the annual MIPTV jamboree, a trade
event at which rights deals are sealed
over fine wine and Mediterranean
sunsets.
It is understood that Jan Koeppen,
head of Fox Networks group in Europe
and Africa, was not present for the
raid. A former Sky Deutschland
executive, he was promoted two years
ago to oversee a business that
comprises dozens of channels and
online services across two continents.
Among his biggest businesses is the
European arm of Fox Sports.
Sports rights, already a Fox
mainstay, are due to become a central
focus for the Murdoch family when
their plan to sell most of their other
entertainment assets to Disney comes
to fruition. Regardless of any potential
indirect impact on the Sky deal,
Brussels scrutiny of their dealings in
the sporting arena will be unwelcome.
Eyebrows have already been raised
in sports broadcasting over Fox’s
unheralded deal with Fifa in 2015 for
rights to the 2026 football World Cup.
Unusually, it appeared that the
football’s governing body awarded the
rights without any competitive
bidding. The European Commission’s
UEFA VIA GETTY IMAGES
Dawn raid at
Fox further
complicates
any Sky deal
Ajax players celebrate a goal in Amsterdam. It is believed competition officials are focusing their early attentions on sports rights in the Netherlands, where Fox’s links are extensive
competition watchdog confirmed it is
investigating Fox and other media
companies over sports rights in a
late-night statement rushed out after
news of its raid was made public. It
gave a hint as to the nature of the
investigation by citing Article 101 of
the EU’s central treaty, which
outlaws cartels.
It leaves open several possibilities,
however. The legislation prohibits a
host of cartel behaviour and restrictive
business practices, including price
fixing and collusion with purported
competitors to divide up markets.
There are rules to outlaw imposing
conditions on some buyers but not
others in similar deals. Forcing buyers
into unrelated deals as a condition of
purchase is also banned.
In the complex market for buying
and selling sports rights across
borders, for a business as large as Fox
Networks any of these potential
violations is possible. Fox said it its
co-operating fully with the
investigation.
It owns rights to a host of top sports
across the continent, according to
monitoring by the media analysts
Ampere. Fox owns the pan-European
rights to US sports including NFL
football, NHL ice hockey and major
league baseball. It is also embedded in
homegrown sport with rights to top
Boost for troubled advertising
giant WPP as Sky renews deal
By Hannah Boland
EMBATTLED advertising giant WPP
has been granted some welcome
relief after it managed to hold on to a
key account, the broadcaster Sky,
which is thought to be worth around
£425m.
Sky put its media buying account up
for review last October, the first time it
had done so in 13 years, saying the
“landscape and the media buying market” had changed since it had entered
into a deal with WPP’s MediaCom.
Following the review, which saw
companies such as Zenith and Carat
also shortlisted, Sky decided to renew
its contract with WPP’s MediaCom
agency.
The Sky account is thought to be
worth around £425m, with Sky
spending around £300m on media in
the UK, where it is one of the biggest
advertisers, and the remainder going
toward advertising in Germany,
Austria, Ireland and Spain.
The new contract is expected to
begin from July 1.
The pair said the partnership will
“set industry-leading standards for
£425m
The amount the Sky account is said to be
worth; £300m of this is spent in the UK
transparency and accountability across
the media supply chain”.
News that WPP has held on to the
account, first reported by trade
publication Campaign, will quell fears
that cash is increasingly shifting away
from agency middlemen such as WPP
Former MP Tyrie named as
competition watchdog boss
By Lucy Burton
ANDREW TYRIE is to steer the competition watchdog through a period of
major change after being nominated as
its chairman.
The former Conservative MP is
facing a long to-do list after yesterday being named the next chairman
of the Competition and Markets Authority (CMA) by Business Secretary
Greg Clark.
Known for being tough on City
executives after the financial crisis, Mr
Tyrie was chairman of the powerful
Treasury select committee from 2010
until he stepped down as MP for Chichester before the elections last year,
when he ended two decades in Parliament and seven years questioning
banking bosses.
He played a key role in reforming
banking in the aftermath of the financial crisis, criticising the CMA himself
back in 2016 over its investigation into
the banking market, saying at the time
that he was “not optimistic” its plans
would do enough to boost competition.
He is expected to bring a tougher
stance to the CMA at a time when it is
about to go through some major
changes. David Currie, who has been in
the chairman role since 2012, said last
September that Brexit would likely
“generate a big increase in the CMA’s
workload and its role in the world and I
owe it to my successor to allow them
enough time to be involved in shaping
its plans to respond to that challenge.”
Mr Clark also unveiled a series of
reforms aimed at modernising the regulator after he announced Mr Tyrie’s
appointment, including proposals to
£123,333
Salary of outgoing CMA chairman David
Currie for two days a week. Andrew Tyrie’s
remuneration has yet to be agreed
make sure technology and data are being used to benefit consumers rather
than work against them.
The CMA is also set to scrutinise
certain corners of the financial services market, with the regulator looking at a potential probe into the “big
four” accounting firms after Carillion’s
collapse, and at new rules for the UK’s
£1.6 trillion pension adviser industry.
The chairman’s appointment still has
to be confirmed by the business, energy and industrial strategy select
committee, with the salary undecided.
Mr Currie currently earns £123,333 per
annum, working two days a week since
his exit was announced last September.
and towards tech giants, although WPP
is still undergoing an overhaul of its
structure to help it better prepare for
brands planning to cut marketing
budgets.
The renewal will provide a muchneeded boost for WPP as it prepares to
publish the findings of an investigation
into allegations of financial and personal misconduct of its chief executive
Sir Martin Sorrell.
News of the investigation, being
undertaken by law firm WilmerHale,
shook the company last week, seen as a
sign of Sir Martin’s loosening grip on
the business which he has been instrumental in forming.
Sir Martin has rejected the
allegations but said he recognised that
the company “has to investigate it”.
The outcome of the inquiry could
come as early as next week according
to some reports.
Mobeus buys 30pc
stake in High Speed
2 supplier Geotech
By Ayesha Javed
MOBEUS Equity Partners, the private
equity backer of Virgin Wines, has
made its biggest ever investment, taking a stake in a supplier to the High
Speed 2 (HS2) rail project.
Geotech, which makes soil stabiliser
for roads and building foundations,
sold a 30pc stake in the business to
Mobeus for £14m.
The company, which has been trading for four years, made £5m of revenue last year and is targeting £12m this
year. Its patent-protected product,
Geobind, strengthens the ground for
temporary and permanent construction work in a fraction of the time of
traditional methods, such as using
stone. For temporary works, the soil
can be returned to fertility after it has
been used, making the product environmentally sound.
The firm could help contractors
stick to their timetable for the HS2 programme, said Geotech boss Bill Hinge.
“We can construct a kilometre of
haul road in a day with two machines,
which would take, if you were using
traditional methods, probably two to
three weeks,” he said.
Geotech’s other customers include
Amazon, McDonald’s and Network Rail
contractors including Balfour Beatty
and Skanska.
flight German football in Italy and the
Netherlands.
Fox’s links to Dutch sport are
particularly tight. It owns the domestic
rights to top-flight football via a 51/49
joint venture with Eredivisie, the
equivalent of the Premier League. Fox
is also responsible for selling the rights
‘If Fox has done something
to violate EU laws then that
should have a bearing on
whether a deal is approved’
in other territories including Italy.
The Netherlands appears to be an
early focus for Brussels’ competition
watchdogs. Yesterday it emerged that
VodafoneZiggo, a cable and mobile
telecoms joint venture between
Vodafone and Liberty Global, the
owner of Virgin Media in the UK, was
raided at the same time as Fox.
Ziggo carries Fox Sports Eredivisie
on both its cable TV service and its
online streaming service. It also has its
own premium sports channel,
however, Ziggo Sport, which
competes with Fox and owns the
Dutch rights to English Premier
League and Championship matches, as
well as the UEFA Champions League.
A spokesman for Ziggo said: “We
have been informed that the European
Commission is inspecting several
media companies in Europe, including
Ziggo Sport.
“Ziggo Sport is fully co-operating
with the European Commission’s
inspection and are unable to comment
further at this stage.”
Although the European Commission
described the raids as a “preliminary
step” in its investigation, its decision to
turn up unannounced in London was
widely viewed as a sign of the
seriousness of its suspicions.
Alex Haffner, head of competition
law at Fladgate, said: “The fact that the
EU Commission chose to exercise their
‘dawn raid’ powers is notable here.
The Commission will typically only
use such powers in cases where it
believes it is necessary to take
immediate action and has strong
suspicions that unlawful activity has
taken place, often as a consequence of
a ‘tip off ’ from an aggrieved third
party.
“The rights of defence mean that the
Commission have a higher bar in
terms of their grounds for suspicion
before they can open their
investigation.”
Mr Haffner, who advised the
Premier League when it faced a
European competition investigation a
decade ago over its exclusive deal with
Sky, suggested the European
Commission could be looking at rights
contract terms that restrict
consumption of broadcasts and
streams to one EU country.
“The Commission has been looking
carefully at issues concerning the way
rights are exploited across borders
within the EU and the extent to which
consumers have freedom to access
services wherever they are within the
single market. Some might inevitably
question whether these investigations
are in some way linked to those
ongoing investigations,” he said.
Regardless, as well as providing a
new weapon to Murdoch’s political
opponents, the raids have handed an
advantage to Comcast as it seeks to
disrupt the Fox takeover of Sky with
its rival £22bn bid. As it courts the
independent holders of the 61pc of Sky
not controlled by Fox, the US cable
giant has sought to emphasise the low
regulatory risks of its approach.
Whether the CMA or the Culture
Secretary Matt Hancock take the
European action into consideration as
they deliberate on whether to approve
the Fox deal remains to be seen.
British competition watchdogs are
at least fully aware of the suspicions.
They accompanied colleagues from
Brussels as they searched Fox’s offices.
***
6
Thursday 12 April 2018 The Daily Telegraph
Business
Japanese stocks made ‘Isa
millionaires’ of some savers.
This is the trust to buy now
Fidelity Japanese Values PLC
 Market value:
£198.3m
 Year of listing:
1994
 Discount:
13.5pc
 Ave discount
over past year:
11.5pc
 Yield: nil
 Most recent
year’s dividend:
nil
 Gearing: 15pc
 Annual charge
(2016): 1.46pc
140
120
100
Questor
Trust Bargains
Richard Evans
Baillie Gifford
Shin Nippon made
£986,000 for
determined Isa
investors. But now a
better option exists
THIS column has not so far featured
would have produced just £347,652,
an investment trust focused on Japan.
according to the Association of
But there are plenty of reasons for
Investment Companies.
readers to consider putting some of
This comparison speaks volumes
their money into that country,
about the power of stock-picking
despite its entrenched
in the Japanese market. But
Fidelity
economic problems and
the case may be even
Japanese Values
the fact that the Tokyo
stronger now. The very
stock market as a whole
fact that its market has
Buy
has yet to regain the levels
been in the doldrums
of 30 years ago.
for so long offers an
Manager’s long-term
performance is
Strikingly, a Japanese
opportunity: many
excellent; discount
portfolio has been the
investors, private and
is in double digits
second best performer
professional, have given
of all investment trusts
up on the country, leaving
since the introduction of Isas
the market under-researched.
in April 1999. That trust is Baillie
This is especially the case for the
Gifford Shin Nippon, which would
smaller companies listed on the
almost have made you a millionaire
Tokyo market.
(£986,344 to Feb 28, to be precise)
Such conditions tend to lead to
if you had invested all your Isa
mispriced stocks, which diligent fund
money in it (not something we
managers can discover and invest in
would have recommended, of
profitably. In addition, the Japanese
course) since the tax-efficient
government has recently introduced
vehicles were introduced.
reforms designed to make companies
The same amounts
put their shareholders first.
invested in the broader
But we are not going to select the
Japanese market
Baillie Gifford Shin Nippon trust,
before widening again. The Fidelity
trust’s proposed change of name will
reflect the new manager’s strategy of
looking for “growth at a reasonable
price”, Stifel said this month.
The trust will become less of a
smaller companies specialist and
invest more across the board. “The
manager has tended to find attractive
opportunities in the small and microcap areas of the market as well as in
large caps, and less so in mid-cap
stocks,” Stifel said.
The fee structure will also change,
with a reduction in the base charge to
0.7pc a year but with the scope to vary
between 0.5pc and 0.9pc according to
performance.
We recommend the Fidelity trust
for new money and advise existing
holders of Baillie Gifford Japan, which
is about to see the retirement of its
highly experienced manager, to sell
at a premium and switch to Fidelity’s
discounted alternative.
Questor says: buy
Ticker: FJV
Share price at close: 146.25p
Key
numbers
Close: 146.25p
160
p
80
60
2013
2014
2015
2016
or its stablemate, Baillie Gifford
Japan, which has more of a focus
on larger companies, for Questor’s
exposure to Japan. Although both are
excellent portfolios, they currently
trade at premiums of 12.6pc and
5.7pc respectively.
Instead we will choose Fidelity
Japanese Values (whose name is due to
change, as we reported here last week,
to Fidelity Japan Trust).
The Fidelity trust has been an
excellent performer since the
appointment of a new manager,
Nicholas Price, in 2015. Longer-term
analysis of his performance as a
manager of Japanese funds by Stifel,
2017
2018
the broker, suggests that he is at
least the equal of his counterparts at
Baillie Gifford.
However, Fidelity Japanese Values
currently trades at a discount of 13.5pc
– a very far cry from the premiums
you would have to pay for either of the
Baillie Gifford trusts.
Stifel wrote in October last year:
“Fidelity Japanese Values trades at
a double-digit discount, and this
discount does not appear to have
reacted to the improvement in
performance since Nicholas Price
was appointed as the manager in
September 2015.” The discount briefly
narrowed to about 6pc in December
Investment trust news
There are to be a number of changes
at Artemis Alpha Trust. Adrian
Paterson, co-manager since 2009, is
to retire at the end of the year. John
Dodd, the existing co-manager, will
be joined by Kartik Kumar. There
will be more exposure to overseas
stocks but less to unlisted ones.
The base fee will be tiered and the
performance fee scrapped.
Martin Currie Global Portfolio has
cut its fee from 0.5pc a year to 0.4pc.
The terms of the performance fee have
been amended.
Share prices www.telegraph.co.uk/shares
© 2018 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.
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1100
577¾ Polymetal ●
643¾ +10⅝ 4.8 11.2
Retailers +2.30%
320 +2½ 1.7
334
86½
64⅝ Nthn Venture
66
— 16.7
70
8255
5540 Randgold Res
5876* +150 2.4 28.2
+4 3.4
201
6¼ Petropavlovsk
7
—
—
3387
2386 Ass Brit Fds
2576 -20 1.6 17.0
346
288 BlckRck Grt Euro
The share prices, price-earnings ratios and dividend yields
below are supplied by Interactive Data (Europe) Ltd. The
yields are calculated using historic dividend payments divided
by the closing share price multiplied by 100.
150
118 Carr’s Grp
138
+3 2.9 17.9
214
185 BlckRck Inc&Grth Inv 194
2711
2047 Coca-Cola HBC
2510 -116 1.9 24.7
501½
400½ BlackRock Latin
468½ +3 2.0
546
253¾
36 Carpetright
Aerospace & defence -0.71%
3497¾ 2524 Cranswick ●
2800 +8 1.6 20.9
171
144 BlckRck NrthAmerInc151½* +1¼ 5.3
160
708½
571⅞ Dairy Farm
524
361
1355 -2½ 1.7 1506
55⅝
163¾ Brown N
7230 +125 2.8 28.0
139¼
109⅛ United Tech $
123
… 2.3
2.1
186
+¾ 7.7 11.9
1020
670 Playtech ●
761⅜ +19⅜ 4.1 11.9
110
72⅞ Wal Mart Strs $
86⅜
… 2.4
1.6
42
+¼
250
169⅝ Rank Group ●
175¾ -1⅝ 4.2 10.9
116⅛
96¼ Walt Disney $
101⅜
… 1.7
4.2
381¾
229¼ Restaurant Gp
266⅝ -8⅜ 6.5 16.2
37⅜
27⅛ Xerox $
28¼
… 3.5
0.7
1387⅜ -38½ —
Europeans -0.16%
—
42.0
585⅝* +3⅝ 2.5 27.9
20 Debenhams
7.4
21½
+⅛ 16.0
5.4
1798⅝ 1253¾ Ryanair
15.1
900
666½ Hilton Food
860 +22 2.2 23.0
516
373½ BlkRk Throg Tst
514
+4 1.8
557
2777
734⅞ Dignity
912½ +9½ 2.7
7.9
217⅝
124⅜ Stagecoach ●
142⅜ +3⅜ 8.4 25.9
682½
533½ BAE Systems
596⅝ -5¾ 3.7 22.3
385
290 REA Hldgs
296
-8.7
425
307⅛ BlackRock Wld M
370* +1½ 4.2
419
349⅝
145¾ Dixons Carph ●
192
7.5
132¼
85¼ Thomas Cook ●
120⅛ -3¼ 0.5
214½
162 Chemring
212½* +1½ 1.4 88.5
796½
522⅝ Tate & Lyle ●
565⅜ +1⅜ 5.0 10.2
226
202½ Highbridge MultiStrt 223
—
222
760
503 Dunelm ●
524* -5½ 5.1 12.2
150¼
111⅛ Cobham ●
119⅜ -1¾ —
4557½ 3678½ Unilever
150 Findel
322⅞
190¼ Qinetiq ●
217⅞ -1¼ 2.8 10.1
994½
793 Rolls-Royce
885⅝ -1¼ 1.3
310⅜
205¾ Senior ●
293⅜ -5¼ 2.4 20.4
220⅛
119¾ Centrica
138⅞ -3⅝ 8.6 23.1
1351* -43 3.7 20.4
947¼
577⅜ Pennon Gp ●
643¼ +1¼ 5.6 16.2
2575
1664 Severn Trent
1850
1078
648⅝ Utd Utilities
2218⅝ 1138 Ultra ●
3
GKN
434½* +8½ 2.1 14.8
1687⅞ 934⅜ TUI AG
755
659⅜ British Empire Trust ● 695
-5 1.7
771
240
237
+5
678⅜ Brunner
+2 2.2
815
1400¼ 1028 Greggs ●
1236
-6 2.6 21.8
3020
2488 Caledonia ●
2690
— 2.1 3273
380½
305⅜ Halfords ●
340¾ +⅝ 5.2 11.9
144
111⅞ Candover
116½
-½
—
155
596¾
282 Howden Joinery ●
465
201
176¾ City Merchants HY
190 +1½ 5.3
191
369¾
285¼ Kingfisher
297⅜ +¼ 3.6 13.5
1600
1225 Arbuthnot
-5 4.5 12.7
130⅝
106 City Nat Res H Yld
112¼ +½ 5.0
142
131½
78½ Lookers
89⅜
+⅛ 4.4
2580
710⅜ +⅜ 5.5 11.2
444⅝
392 City of Lon ●
415½ -1½ 4.3
407
397¾
262 Marks & Spen
265
+½ 7.1 36.8
498
330¼ Dunedin Ent
364
-10 5.2
439
254⅜
203¼ Morrison (WM)
228¾ +3⅜ 2.7 17.2
786
608 Edinburgh Inv Tr ●
661
-5 4.0
723
137⅛
820
541 Edin Worldwide
754
—
—
744
5355
3565 Next
4876 +15 5.1 11.7
+1
— 1114
603¼
235¾ Ocado ●
524
General financial -0.33%
Banks +0.06%
-⅛ 3.0 -20.8
— 5.9
796
-3.9
Automobiles & parts +2.00%
463¼
3943½ -2 3.2 20.9
750
447¼
318⅞ Ashmore ●
380⅝ -4⅝ 4.4 15.2
399⅜
312¾ Brewin D ●
347¾
-4 4.3 21.1
2793½ 821¾ ElectraPrivEq
826
4.8
151⅜
2326
Gas & Water -1.03%
4.4
+¼ 1.2
— -13.2
1320
34.1
-⅜ 1.6
17¼
—
-2.77
-½
115⅝
33½
-2.36
—
97¾ Manpower $
10½ Marathon Oil $
198⅞ +5¼ 1.2 35.3
–
—
136⅞
19½
Hummingbird
⅜
-0.41
1099⅞ BlackRock Small
21
+¾
NAV
498
1390
134½
+4 4.3
Price (p) +/- Yld
—
+1 4.3 19.1
13
207⅝
1279½ 1043 St James Place
0.43
479¾ Dairy Crest ●
12¾ Gen Electric $
— 4.1 20.6
44
0.02
654
30½
567
527*
42⅜ Raven Russia
Japan
P/E
346 +5¾ 5.1
367¾ Royal Mail
471 Mucklow A J
52⅝
Germany
Price (p) +/- Yld
300 Northgate
575
538
-2 1.9
2.8
543½
7.2
3.7
949 -14½ 2.5 25.6
+3
-5 1.5 26.6
—
—
84
639 UBM ●
701
5695
—
1.6
65¼ Trinity Mirror
665 Alliance Trust ●
2972 -16 2.6 19.2
—
-⅛ 3.0
963½
408 Aberdeen New India 436
4991⅝ Spirax ●
+⅛
46½
121¾
774
1712¾ Smurfit Kappa
23⅛
28⅜ Foot Locker $
526
547
6155
9⅝ Fiat Chrysler $
77⅞
100
-¾ 3.2 22.0
3254
25
1580* +8 1.8 19.7
—
1500* -21½ 2.9 10.6
-2.06
3000 -20 2.4 28.7
1340 Fisher J ●
-7 4.6
270 Majedie
+0.30
2454 Clarkson ●
1775
-1
1430 Lowland Inv
0.73
3475
—
455
311
5¼ Smith (DS)
—
268 +1½ 3.4
316¾
95½
1590
1354 Smiths Gp
178¾* -¼ 4.3
290 BBA Aviation ●
88 JPM Mlti-Ass
210
565
370⅜
438½ JPM Russian
123
1697
-3 3.0 38.8
42
561¾
201½ 3i Infrastructure ● 210¾ -1½ 4.7
T-Bonds
—
—
103½
113½ Aberdeen Diversified 121½ +2 4.6
Spread vs
Transport -0.30%
652⅜* -2 3.0 24.8
272⅜
Bunds
+⅛
3.0
1815½* +5½ 2.6 19.5
125
Spread vs
+¼ 2.8
568½ RSA
672½
+1½ 3.3 14.6
Yield%
6.6
93 Caterpillar $
209⅞ +5¾ 6.7
-½ 3.7
308
-5 3.5
173¼
Tobaccos -1.04%
521⅜* -3⅝ 4.9
154¾
289 JPM Gbl Gth & Inc
-5 2.0 17.5
52 week
High Low (p) Stock
-1 1.6 16.4
146⅝ JPM Eur Inc
422
France
206¼ +¾ 6.4 -10.5
-2 1.9 29.8
890
487*
190⅛ Vodafone
192
401 Castings
10-year Government Bonds
239⅝
330
728½ Bodycote ●
75
—
+2 2.3
1043
59 Severfield
689* -1¾ 17.5
300
490
0.4
660 Gt Portland Est ●
281¼ JPM Eur Gwth
144.72 +0.30 4.15 1.45
-⅜ 2.1
857⅛
339
125.03 +0.07 4.00 1.21
2.0
147¾
P/E
502* +2¼ 5.5 14.3
153.80 142.35 Treas 6% 28
332⅝ -2¼ 2.1
33
482¼ Aviva
132.85 124.02 Treas 5% 25
3.4
175½ Boeing $
1224 +4 4.0 10.3
397⅜
Engineering / Industrial -0.12%
-¼ 1.6
1035 Telecom Plus ●
550
122.02 +0.02 6.56 0.90
30⅛
1342
438
132.43 123.14 Treas 8% 21
2.1
22⅛ BankAmerica $
—
-2 1.2
— 4.7
-⅞ 1.5
3137 -16 4.3
401
95
P/E
92⅛
2574 Derwent Ldn ●
334 JPM Eur Sm Cos
—
Price (p) +/- Yld
3178
178
1291 +9½ 7.1
52 week
High Low (p) Stock
75½ Amer Express $
580½
827½ +2½ 5.4
P/E
Media -0.82%
353⅜* +⅝ 10.0 11.1
733 Nat Grid
Price (p) +/- Yld
102⅜
448
1554
52 week
High Low (p) Stock
120⅞ +⅞ 3.3 19.8
426¼ Beazley ●
-7.8
P/E
88⅝ TalkTalk ●
337⅝ DirectLineIns
-8¼ 4.3
1684 Mondi
Price (p) +/- Yld
220
1896 -2½ 6.0 16.2
1174⅜
2145
52 week
High Low (p) Stock
267½ +⅜ 0.6-2675.0
1766 Admiral
Flat Rdm
Price (£) +/- Yield Yield
88
P/E
251⅞ Capital&Count ●
2184
52 week
High Low (£) Stock
267.32 +1.08 1.17 0.00
Price (p) +/- Yld
326⅛
52 week
High Low (p) Stock
Government securities
280.64 263.31 Treas 2% IL 35
52 week
High Low (p) Stock
592
289
59 Coats Group ●
NAV
98 JPM ElecManCsh
411¼
218 Drax Group ●
1176½ SSE
Price (p) +/- Yld
103
13 Mothercare
17
—
-3.5
1346⅛
4333
949 Wetherspoon ●
3499⅞ Whitbread
—
83⅛
71⅝ Akzo Nobel €
77⅞
-1⅛ 3.2
1.3
1585 -14 3.6 16.5
97½
77⅛ BMW €
89⅞
-⅛ 4.5
2.6
1119 +4 1.1 21.7
23⅝
16¼ Carrefour €
16½
… 2.8
1.4
3744 +42 2.6 16.2
257⅜
186½ Continental AG €
225¼
-3 2.0
3.3
76½
59 Daimler €
65¼
-½ 5.6
2.7
72⅛
61⅞ Danone €
64¾
-¼ 2.9
1.8
1525 +45 2.2 34.7
41⅜
30½ Deutsche Post €
36
-½ 3.2
1.9
1790 BrooksMacdonald 1847½* +2½ 2.3 43.0
18⅛
12¾ Deutsche Tele €
13⅞
+¼ 4.7
0.9
91⅜
79⅝ Heineken €
90
-⅛ 1.6
2.3
+1 5.1 19.7
277¼
203¼ LVMH €
278¼ +3⅛ 1.8
2.0
2.7
AIM +0.12%
-3 2.4 15.6
+⅜
3.5
1⅝
⅞
Cambria Africa
345½
2⅝ Central Asia Met
1
326
—
—
0
16
8⅛ Ceres Power
12¼
-⅛
60
50⅜ LafargeHolcim SFr
52¼
-⅜ 3.8
1270
780 Churchill China
900
+5 2.7 15.4
31¼
15 Lufthansa €
26¼
-¾ 3.1
4.8
464⅞
3¼ Cohort
342½
— 2.2 37.7
6
3¾ Nokia OYJ €
4½
… 4.2
1.7
860
-4½ 0.6 16.6
130⅞
110⅛ Michelin €
120
-1⅝ 3.0
2.6
1⅜
—
141⅛
111⅝ Pernod Ricard €
139⅜
-¼ 1.4
2.3
— -12.2
225½
177¼ Barclays
214⅝
1715
1315 Close Bros ●
1458* -5 4.2 11.4
433
308 Charles Stanley
339
-1 2.1 27.4
331
286 EP Global Opp
300½ +1 1.8
39¼
20 Pendragon
26
-⅝ 6.0
7.0
873½
798⅝
618 HSBC
675⅝ +2⅛ 5.3 20.0
68
68 El Oro
67
— 3.6
1360
1175 European Assets
1230
-5 6.4 1216
213⅞
108 Saga ●
117
+¾ 7.5
8.3
4¼
974
825 The Europ InvTr
906
+9 2.5
998
339⅞
222⅜ Sainsbury J
250⅜ +1¾ 3.9 14.3
56½
40 Elecosoft
54¼*
— 1.1 21.7
21
16½ Peugeot €
20⅛
-¼ 2.6
4.1
408¼
352 Fidelity Asian V
392
+3 1.3
402
2347
1635 Smith WH ●
1979 -14 2.4 18.9
121⅝
98¾ Finsbury Food
119*
— 2.6 16.8
36⅛
29¼ Philips (Kon) €
31¾
-½ 2.5
1.9
133½
99¾ Siemens €
103⅞ -1⅜ 3.6
1.8
-3.0
52¼
41⅞ Societe Gen €
43⅞
-¼ 5.0
1.3
7.8
… 5.5
1.1
84
324
-3
—
7.4
—
—
484¾ Dart Group
1
Deltex Medical
—
-1.5
1935
1258 Hargreaves L
1690 +20 1.8 37.8
41.8
868½
502½ IG Group ●
820½
-2 3.4 13.4
1204
716½ Intermediate C ●
1035 +8 2.8 13.9
263
187⅞ Fidlty Chna Sp Sits ● 240
-½ 1.0
277
424⅜
280¼ Sports Direct ●
368¼ +1⅛ —
9.3
62½
21⅝ Futura Medical
35½ +1¼ — -11.0
1485¼ Secure Trust Bk
1887½ +15 4.2 17.5
649⅜
451¼ Investec ●
557¼
-2 4.2 11.0
235
193⅞ Fidelity Euro V ●
209*
-1 2.1
234
225¾
165⅜ Tesco
225⅜ +15⅛ 1.3 15.3
15½
5½ Gaming Realms
7⅝
864¼
678¾ Standard Ch
729¾* +4¾ 1.1 44.1
158⅜
99¾ IP Group ●
127
+⅝
18.0
160
105 Fidelity Japan V
146¼ +¼
—
166
Support services -0.16%
336½
250¼ Virgin Money ●
260½* -2¾ 2.3
620
419¼ Liontrust
590 +20 2.7 38.9
274
227⅞ Fidelity Sp V
254
-1½ 1.8
259
-½ 2.6 12.1
778
688⅜ Finsbury Gwth ●
759*
-2 1.9
752
73⅝
61¾ Lloyds Bk Gp
304¼
221¾ Ryl Bk Scot
263¼ +¼
541¾
387⅛ Santander
462¾
2500
67
… 4.6 15.2
—
6.9
47
Beverages -1.15%
41 Lon. Fin. & Inv.
-4 4.0 17.8
42½
—
4371
3164 Lon Stock Ex
4246 -59 1.2 29.0
678
553¾ Foreign & Col ●
627*
-3 1.7
644
-6 3.8 16.4
219¼
143⅞ Man Group ●
175½ -1⅛ 4.5 16.1
338
299 F&C Cap & Inc
323
+3 3.3
316
High Low (p) Stock
2735½ 2186½ Diageo
2505½ -29½ 2.5 23.6
1018
2.8
152¼
133⅞ F&C ComProp ●
142¾ +⅜ 4.2
140
268
320
263½
556
400¼ Paragon ●
482¾ +1⅜ 3.3 11.2
211⅜
175⅞ F&C Mgd G
197½
—
—
194
1929
92
75½ Park Group
— 3.7 14.9
146
127 F&C Mgd I
133
— 4.2
131
411⅝
329½ Perpetual Inc & Gr ● 350
2402⅞ 312⅛ Provident Fin ●
662¾ +2¾ — -10.0
366
307 F&C Priv Eq Ord
363* +3½ 3.9
347
41680
38700 Personal Ass ●
2390 -28 2.6 25.8
1420
1241 F&C Glob SmCo ●
1310
-5 1.0 1332
88½
81¼ Picton Prop Inc
839
652½ Britvic ●
155½ Stock Spirits
696
— 2.7 50.4
Chemicals -1.04%
5⅝ NEX Group ●
-5 3.1
996
80
52 week
NAV
High
234 Pacific Assets
252 +2½ 1.0
262
4226½ 2882½ Rio Tinto
1720 Pantheon ●
1890 -10 — 2180
4684
3497 Croda
4599 -74 1.8 25.4
2842
3511
2681 Johnson Mat
3229 -38 2.4 16.0
2450
1870 S & U
2450 +55 4.3 12.0
108
94½ F&C UKHighIncTst
96*
— 5.1
105
173¾
109 PremierGlblInfra
2772
1826 Victrex ●
2650 +20 2.0 22.8
3784
3043 Schroders
3199* +4 3.5 14.9
109
99 F&C UKRealEstInv
104½ +1½ 4.8
104
2010
1812 RIT Cap Ptnrs ●
560⅝
428½ TP ICAP ●
450½* -4½ 3.7 28.5
305
265 Hend Alt Strat
271½ +2 1.7
326
242
218⅜ Ruffer Inv Pref
97⅝
86⅜ Hend Div Inc Tst
+¾ 4.8
88
383⅛
275⅛ Schroder Asian TR
201½
165 Hend High Inc
175* +1¼ 5.4
179
383
Construction -0.46%
2301 Rathbone Bros ●
Healthcare -1.26%
+1 5.3
-1 3.9
391
981¾
Low Stock
558½ Vedanta Res ●
Price (p) +/- Yld
P/E
+⅛ 4.0
88
118
+½ 8.5
172 Gattaca
181¾ +¼ 12.7
17
10⅝ Suez Environ €
11⅞
191¾
130⅜ Highland Gold
142⅜ +4⅛ 7.3 14.0
101¾
83¼ Thales €
101⅝ +⅛ 1.7
2.7
24½
—
-1.9
49⅜
42¼ Total €
48⅞
… 5.2
1.2
8.0
19¾
15⅛ UBS AG SFr
16⅝
-⅛ 3.9
1.3
57.8
191¾
128 Volkswagen €
171¼ +1⅝ 2.3
2.6
Price (p) +/- Yld
P/E
994½
638⅝ Aggreko ●
748¼ +1 3.6 18.0
37
2185
1476 Ashtead Gp
2012 -11 1.4 20.0
70⅜
51 Inland Homes
62½
-¾ 3.0
1030
604 Babcock Intl ●
708¼ +20⅝ 4.0 11.5
181½
51¼ IQE
120¾
-¼
388 James Halstead
394
-1 3.3 22.4
Recent issues
—
19 Hornby
230
145¼ BCA Marketplace ● 173⅜ +10 4.1 33.3
545
2472
1918½ Bunzl
2116 -14 2.2 22.5
⅞
721
127⅝ Capita ●
140
-5
—
25.2
183
126 LPA Gp
148
-½ 1.8 10.3
52 week
High Low (p) Stock
228¼
12½ Carillion #
14¼
—
—
0.5
430
290 M&C Saatchi
380
-2 2.5
17
299
219⅝ Charles Taylor
262½ -7½ 4.2 20.0
46¼
34¾ Miton Group
41¾*
— 3.4 12.8
Oil & Gas +0.49%
536¼
437 BP
505⅞ +¾ 5.6
—
½
225 +7⅜ —
7.0
73
46¼ Communisis
64¼
-2¼ 4.1 11.4
215
75 Mpac Group
201 +1½ —
22½ EnQuest
30¼ +1¼ —
-8.0
711½
461 De La Rue
506
+4 4.9 12.9
220
153 MS Intl
185
228
+½ 0.8
224
735½
376½ Hunting ●
707 +26½ — -61.2
7762½ 6445 DCC
6575 -25 1.8 27.0
384½
230½ Numis
377½ +1½ 3.2 13.8
351*
+1 1.4
338
902
4¼ Petrofac ●
558⅝ +16¾ 4.8 -93.4
588½
414 Essentra ●
416¾* -3 5.0
174
151 Oakley Capital
169¾
336 Scot American
359* +2½ 3.1
343
104½
42¾ Premier Oil
78¾ +4⅝ —
-2.3
1708
1428 Experian
1552½ -16 2.0 23.9
45
103½
74⅞ Prime People
9.5
— 2.7
243
—
-1.3
77½
— 6.5
5.9
370¼ Restore
571
+1 0.9 82.8
28
17¾ Rockhopper Exp
23¼
+¼
29
22⅛ Share
26
— 1.5
35
17⅞ Sinclair Ph
18½
-¼
—
-4.7
21.5
202¼* -2⅛ 2.1 35.9
904
716¾ Hend Smaller Co
868
+4 2.2
965
973½
771 Scot Invest ●
803
+1 2.5
875
2579½ 1982½ Royal D Shell A
2394 +13½ 5.5 21.5
5722
4427 Ferguson
5282* -38 —
-1¾ 7.8
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3558
1837 NMC Health
3372 -60 0.4 52.6
1110
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981
+2 2.0 1193
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361⅛ Scot Mortgage
448¼ +5¼ 0.7
443
2617
2037 Royal D Shell B
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342⅝
233¾ G4S
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602
1230
925⅛ Herald Inv ●
1170
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87⅛ Soco Intl
104¼ -3¾ 5.0
206¼
155 Hays ●
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625 Homeserve ●
730
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249¾
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8.6
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354
233⅛ Boot H
299 +1½ 2.7
9.3
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90½
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494½
419½ Costain
648½
429¾ Crest Nicholson ●
2955
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—
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5070
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2826
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2794 -10 0.8 99.5
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139
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13⅛
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274 +1½ 4.0
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619 Menzies J
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1256 +8 3.6 10.6
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379⅞
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315
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2901
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2675
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609½* +4 3.3
211⅞
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8.7
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159¼
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158
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1437¼* -8¼ 5.6 45.8
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Net Asset Values © 2018 Morningstar Estimated at previous
67¼
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The Alternative Investment Market is for young and growing
companies. Shares may carry higher risks than those with a full
quotation, and may be difficult to sell.
Bold FTSE100 Stocks
* Ex-dividend
§ Ex-rights
●
FTSE250 Stocks
† Ex-scrip
# Suspended
‡ Ex-all
Cover relates to the previous year’s dividend.
Yields are net of basic rate tax.
Data is provided for information purposes only and is
not intended for trading purposes. Speak with a
financial advisor before using any data to make
transactions.
Americans -0.16%
2970½
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1170 +10 6.4 22.4
346¾
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216⅜ BT Group
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High
Low Stock
Price +/- GrsYd Cvr
423
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825¼
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—
—
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480 Dialight
day’s close see www.Morningstar.co.uk.
—
— 1.8 -45.0
1099
—
—
—
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—
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19.7
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—
8
181⅜ ConvaTec Grp ●
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—
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349⅛
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6.0
237
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2714 Bellway ●
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311¾
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39600* +100 1.4 38993
88½
—
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195
705½
7.5
92
52 week
Price (p) +/- Yld
-⅜
52 week
—
2.2
—
**
The Daily Telegraph Thursday 12 April 2018
7
Business
Glencore dips on Russian sanctions
TOM REES
PORT
MARKET REPORT
Results roundup
Company
Pre-tax (£)
EPS (p)
DIV (p)
Pay day
XD
Arena Events Group
Fin 109.6m (93.2m)
-2.9m (-3.6m)
-2.80 (-3.60)
0.900 (n/a)
Jul 2018
Jun 06
ASOS
Int 1.2bn (911.5m)
29.9m (27.3m)
29.40 (26.40)
n/a (n/a)
–
–
Epwin Group
ALUMINIUM prices extended a
six-day winning streak to surge to a
three-month high after major metal
exchanges warned that they will stop
accepting deliveries from Russian
sanction-hit producer Rusal.
CME Group joined the London
Metal Exchange yesterday in
suspending deliveries of aluminium
from the world’s second largest
producer in crisis over US sanctions
targeting Putin’s inner circle.
Rusal and the Russian oligarch who
controls it, Oleg Deripaska, were hit by
the sanctions last week in response to
Russia’s “destabilising activities”.
“This is much more than just a US
issue,” warned ING commodities
strategist Oliver Nugent.
“Consumers are worried globally
about taking Rusal material, especially
multinationals with US exposure.”
Aluminium prices have surged as
much as 13pc since the sanctions
were announced amid supply squeeze
fears, hitting a peak of $2,277.50 a
tonne yesterday before pulling back
amid heightened tensions in the
Middle East.
London-listed mining giant
Glencore, the biggest buyer of Rusal
metal, declared force majeure relating
Winners and losers (pc)
Turnover (£)
Baillie Gifford Shin Nippon
Ergomed
Fin – (–)
123k (392k)
-0.53 (0.26)
0.000 (0.000)
–
–
Fin 298.3m (293.2m)
12.0m (23.0m)
7.08 (13.85)
4.460 (4.400)
Jun 04
May 10
Fin 47.6m (39.2m)
-4.4m (-223k)
-11.00 (-0.20)
n/a (n/a)
–
–
Gulf Keystone Pet $
Fin 172.4m (194.4m)
14.1m (-17.3m)
6.16 (-30.82)
0.000 (0.000)
–
–
McCarthy & Stone
Int 239.6m (238.2m)
10.5m (21.8m)
1.50 (3.30)
1.900 (1.800)
Jun 08
May 03
Int – (–)
2.4m (2.1m)
1.68 (1.48)
0.000 (0.000)
–
–
Fin 25.4m (2.3m)
-10.9m (-25.7m)
-11.00 (-35.00)
n/a (n/a)
–
–
Fin 57.5bn (55.9bn)
1.3bn (145.0m)
14.77 (-0.49)
2.000 (0.000)
Jun 22
May 17
Schroder Japan Gwth Fd
Summit Therapeutics
Tesco
BUSINESS BULLETIN
Ç Retailers
2.3
Ç Automobiles & parts
2
Ç Information technology
0.71
Ç Oil & Gas
0.49
Ç Telecommunications
bagging new contracts and its
webuyanycar.com was helping profits
beat expectations, boosting its shares
10p to 173.4p.
BHP Billiton edged ahead of its
heavyweight mining rivals after
Deutsche Bank upgraded it to “buy”,
arguing that a jump in commodity
prices and a pick-up in production will
boost the FTSE 100 company’s coffers.
Indian miner Vedanta advanced 38.2p
to 745.8p after revealing plans to
double smelter capacity by the third
quarter of 2020.
Investment supermarket
Hargreaves Lansdown gained 20p to
£16.90 after Jefferies lifted it to “hold”.
Geopolitical concerns spiking amid
rising tensions in Syria cut short the
market’s recovery after trade tensions
eased on Tuesday. The FTSE 100
nudged down from a six-week high,
dipping 9.61 points to 7,257.14.
Page says profit at record
levels despite UK slip
British Airways is rolling out cheaper
fares on some long haul routes in a
defensive move as low-cost rivals seek
to vacuum up customers looking for a
good deal. British Airways said its “basic
fare” is for a one-way ticket without a
check-in bag and where users cannot
pick seats. Competition in the market
has become tougher with the rise of
airlines such as Norwegian.
Gross profits at recruiter Page Group
reached record levels of £187.7m in the
first quarter, despite UK trading taking
a hit due to the early Easter break. Profit
in Britain was down 7.1pc as wider
market uncertainty weighed on hiring
decisions. Steve Ingham, Page boss, said
he was “not overly concerned” by the
news, as other markets, such as
Germany, enjoyed double-digit growth.
DeepMind hires first
chief operating officer
Inquiry into Trinity
Mirror bid for Express
Alphabet’s artificial intelligence arm
DeepMind has hired Lila Ibrahim as its
first chief operating officer, to join from
online education group Coursera. The
group said Ms Ibrahim’s “organisation
and technical experience” made her a
good fit for the role. Alphabet, parent
company of Google, is currently looking
for ways to monetise its AI capabilities.
The competition watchdog is launching
an investigation into Trinity Mirror’s
£126.7m deal to buy a string of titles
from Richard Desmond’s media empire.
The Competition and Markets Authority
said it would weigh up whether
Trinity’s purchase, including the Daily
Express, will substantially lessen
competition in the media industry.
Rusal gets Russian state
funding as rating pulled
Supply squeeze to lift
zinc prices, says Vedanta
Moody’s has decided to pull its ratings
of Russian aluminium producer Rusal
for “business reasons”, in the wake of
Friday’s news that US sanctions had
been imposed on both the group and its
owner Oleg Deripaska. The news came
as the Russian state said it would be
providing short-term liquidity to Rusal
to save the jobs of 170,000 workers.
Vedanta Resources expects zinc prices
to remain high as there are few
producers and it is “very difficult to find
zinc deposits”, its chairman Anil
Agarwal said yesterday. Mr Agarwal,
speaking to Reuters, said zinc was
increasingly being used in construction,
as well as in other industries such as
pharmaceuticals.
0.4
Ç Electricity
0.35
Ç Mining
0.16
Ç AIM
0.12
www.theice.com/data
to around 50,000 tonnes of contracts
after markets in Europe had closed.
The legal clause gives traders the
opportunity to not fulfil contracts in
the event of exceptional
circumstances.
As the fallout from the sanctions
continued, Glencore, which has
started to cut ties with the Russian
miner, slipped 4.1p to 342.4p.
Meanwhile, Roman Abramovichowned Evraz, which was knocked
earlier in the week despite not being
targeted by the White House,
recovered 4.9p to 394.6p and Russiafocused Polymetal regained 10.6p to
643.8p.
Elsewhere, shares in second-hand
car dealer BCA Marketplace revved
up after trading accelerated at the
webuyanycar.com owner. BCA said
that its “remarketing” business, which
focuses on fleet and lease vehicles, was
British Airways rolls out
cheaper long-haul fares
Ç Investment trusts
0.1
È Aerospace & defence
-0.71
È Household goods
-0.71
È Media
-0.82
È Travel & Leisure
-0.92
È Gas & Water
-1.03
È Chemicals
-1.04
È Tobaccos
-1.04
È Beverages
-1.15
È Healthcare
-1.26
Market data
Unit trusts & open-ended investment companies prices www.telegraph.co.uk/funds
World market indices
Name
Index
Init chge
Mid
Sell
Change
Buy on day
Change
Mid
Change
Buy on day
Discretionary Unit Fund
Multi-Mgr Inc&Gwth A Acc
5.00
*173.6000
+0.40
JPM Global Uncons Eq A Inc 3.00
Multi-Mgr Inc&Gwth A Inc
5.25
*151.9000
+0.30
JPM Japan A Acc
Multi-Mgr Mangd A Acc†
5.00
*272.7000
+0.70
JPM Japan A Inc
Multi-Mgr Mangd A Inc†
5.00
*265.7000
Sterling Bond Acc†
Name
Init chge
Sell
Mid
Change
Buy on day
All Ordinaries
5925.80
-26.00
-0.44pc
No 1, Poultry, London EC2R 8JR. 020 7415 4130
Ç Brazil
Bovespa
85245.58
+735.22
+0.87pc
Maitland Discretionary Inc
Ç China
Shanghai Composite
3208.08
+17.76
+0.56pc
CAC General
5277.94
-29.62
-0.56pc
DAX
12293.97
-103.35
-0.83pc
Hang Seng
30897.71
+168.97
+0.55pc
È Australia
È France
È Germany
Ç Hong Kong
3.00 2370.37 2517.56 +17.11
AXA Investment Managers UK
Limited
7 Newgate Street, London, EC1A 7NX
www.axaframlington.com Cust Svs: 0845 777 5511
Ç India
S&P CNX500
9230.85
+11.70
+0.13pc
È Japan
Nikkei
21687.10
-107.22
-0.49pc
È Russia
RTS
1083.53
-7.26
-0.67pc
Straits Times
3479.76
+13.38
+0.39pc
Amer Gwth Acc
5.25
*569.5
+8.60
Biotech Acc
5.50
*165.5
+6.10
Emerg Mkts Acc
5.25
269.9
+1.20
130 Tonbridge Road, Tonbridge, Kent TN11 9DZ
Call free: Private Clients 0800 414161
Broker Dealings 0800 414181
European Acc
5.25
866.8
-2.40
Unit Trust
Ç Singapore
È Spain
Madrid SE
988.51
-2.57
-0.26pc
È Switzerland
SMI Index
8708.44
-47.13
-0.54pc
È USA
Dow Jones
24189.45
-218.55
-0.90pc
È USA
Nasdaq
7069.03
-25.27
-0.36pc
Commodities summary
Price
Ç Gold
per troy oz
Ç Silver
Change
$1352.46
+12.28
+0.92pc
Financial Acc
5.25
657.7
+5.90
Global Opp Acc
5.25
1391.0
+10.00
Global Opp Inc
5.25
1227.0
+8.00
Global Tech
5.25
105.0
+1.90
Health Acc
5.50
1718.0
+17.00
5.25
*588.7
-7.00
£11.72
+0.03
+0.30pc
Ç Krugerrand
£955.48
+11.35
+1.20pc
Ç New Sovereign
£219.63
+0.92
+0.42pc
Japan Acc
£949.85
+6.78
+0.72pc
Managed Balanced Acc
5.25
380.2
+0.90
£647.07
+0.96
+0.15pc
Managed Income Inc
5.25
*141.0
+0.20
per oz
Ç Maples
Ç Platinum
per oz
Ç Palladium
per oz
È Copper
Ç Tin
+10.02
£677.30
+0.3
UK Smllr Cos Acc
5.25
301.1
+2.00
Jun settlement
$72.06
+1.02
+1.44pc
*Copyright Baltic Exchange Information Services Ltd.
AXA IM Funds www.axa-im.co.uk
+0.1700
Jupiter Euro Inc Inc
–
54.32
-0.01
M&G Global Dividend A Inc
4.00
*198.51
4.25 219.7500 229.2300
+0.79
…
JPM Multi-Asset Income A Inc 3.00
*65.1800
+0.1100
Jupiter Euro Special Sits
–
406.82
-0.90
M&G Global Dividend A Acc
4.00
*272.68
Sterling Bond Inc†
4.25 64.9400 67.7400
+1.08
…
JPM Multi-Asset Inc A Mth Inc 3.00
64.71
+0.12
Jupiter Fin Opp
–
598.97
+5.95
M&G Glbl Emrgng Mkts A Inc 4.00
259.73
Strategic Bond A Inc
4.00
*122.9000
+0.10
JPM Multi-Man Gwth A Acc
+1.51
3.00
*967.1000
+0.3000
Jupiter Fund Of Inv Trusts
–
249.38
+0.71
M&G Glbl Emrgng Mkts A Acc 4.00
281.16
UK Absolute Return A Acc
5.00
156.8000
+0.10
+1.64
JPM Multi-Man Gwth A Inc
3.00
*884.8000
+0.3000
Jupiter Global Emg Acc
–
70.31
-0.22
M&G Glbl High Yld Bd A Inc
3.00
*50.2
UK Alpha A Acc†
5.25
147.3000
+0.09
+0.60
JPM Natural Res A Acc
3.00
*590.9000
+10.0000
Jupiter Global Eq Inc Acc
–
*69.45
+0.29
M&G Glbl High Yld Bd A Acc
3.00
*131.34
UK & Irish Small Co A Acc
5.00
+0.24
640.8000
+2.10
JPM Natural Res A Inc
3.00
*41.4200
+0.7000
Jupiter Global Eq Inc Inc
–
*60.76
+0.26
M&G Global Macro Bd A Inc
3.00
81.22
UK Equity Income A Inc
-0.16
5.00
*621.3000
+3.70
JPM Portfolio A Acc
3.00
260.4000
+1.1000
Jupiter Global Managed Acc
–
*226.74
+0.96
M&G Global Macro Bd A Acc
3.00
122.59
UK Index A Acc
-0.25
–
609.8000
+1.30
JPM Sterling Corp Bd A Grs Acc 3.00
*92.6100
+0.1100
Jupiter Global Managed Inc
–
*217.87
+0.92
M&G Global Themes A Inc
4.00
852.93
+6.76
JPM Sterling Corp Bd A Grs Inc 3.00
UK Tracker A Acc
–
273.9000
+0.40
US Growth A Acc
5.00
965.6000
+12.90
*55.5400
+0.0700
Jupiter Growth & Inc
–
100.29
+0.39
M&G Global Themes A Acc
4.00
1325.94
+10.53
JPM UK Dynamic A Acc
3.00
*199.5000
+0.5000
Jupiter Income
–
548.67
+2.81
M&G Managed Growth A Inc 4.00
108.49
+0.13
JPM UK Dynamic A Inc
3.00
*157.3000
+0.3000
Jupiter India Fd
–
123.82
-2.56
M&G Optimal Income A Inc
3.00
*149.6
+0.81
JPM UK Equity Core E Acc
–
*353.1000
+0.7000
Jupiter Int Financials
–
93.14
+1.09
M&G Optimal Income A Acc
3.00
*211.4
+1.14
*60.4300
+0.1200
Jupiter Japan Inc Fd Acc
–
115.11
-1.12
M&G Property Portfolio A Inc
*139.5000
+0.4000
Jupiter Japan Inc Fd Inc
–
90.13
-0.88
M&G Recovery A Inc
4.00
137.35
4.00
321.29
+2.5
*75.57
+0.15
+0.03
+16.00
*94.4300
M&G Strategic Corp Bd A Inc 3.00
36.48
*3422.0
+0.31
JPM Multi-Asset Income A Acc 3.00
M&G Recovery A Acc
–
5.25
+0.60
+0.67
Moneybuilder Inc
UK Select Opps R Acc
*169.55
+0.47
…
+0.51pc
4.00
179.32
48.49
+0.10pc
M&G Episode Income A Acc
125.27
–
+5.00
-0.03
–
Moneybuilder Bal
+0.15
79.17
–
+2.20
979.00
–
Jupiter Merlin Bal Prtfo Acc
*614.5
£145.90
Jupiter Euro Inc Acc
Jupiter Merlin Bal Prtfo Inc
5.25
per tonne
-1.2000
+0.3000
Monthly Inc Acc
Ç Baltic Dry Index*
+0.24
*109.7000
+5.0000
-0.1
+9.00
3.00
*125.1000
+0.01
*1866.0
*129.64
*1057.0000
105.3
5.25
4.00
3.00
27.57
UK Select Opps R Inc
M&G Episode Income A Inc
3.00
3.50
+0.47pc
-4.52
JPM UK Higher Inc A Acc
3.50
+45.05
2130.88
JPM UK Equity Gwth A Inc
Extra Income Fd
£9731.80
–
Income Funds
Enhanced Inc Fd
Ç Nickel
Jupiter European
3.00
+0.90
+0.90
+0.25
-4.9000
JPM UK Equity Gwth A Acc
+1.00
294.7
*455.6000
Growth & Income Funds
J.P. Morgan Asset Management
60 Victoria Embankment, London, EC4Y 0JP
Clients:0800 204020.Brokerline 0800 727770
£ > € Rate 1.1471 Change -0.05¢ £ > $ Rate 1.4206 Change +0.32¢
Tourist £1= Sterling £1=
1 Euro =
Pan Euro HY Bond Inc
5.25
*32.18
+0.02
Pan Euro HY Bond Acc
5.25
*104.4
+0.10
1 Dollar =
–
117.12
117.12
…
+1.07
JPM UK Higher Inc A Inc
3.00
*550.1000
+2.6000
Jupiter Merlin Conserv Prtfo Acc–
*57.41
-0.08
M&G Strategic Corp Bd A Acc 3.00
*116.88
+0.23
JPM UK Sm Cos A Acc
3.00
479.6000
+3.2000
Jupiter Merlin Conserv Prtfo Inc–
*49.65
-0.07
M&G UK Inc Distribution A Inc 4.00
*767.03
+1.76
JPM UK Sm Cos A Inc
3.00
91.5600
+0.5900
Jupiter Merlin Grth Prtfo Acc –
*396.99
+2.43
M&G UK Inc Distribution A Acc 4.00
*6978.6
+16.0
JPM America Eq A Acc
3.00
85.6300
+1.1400
JPM UK Strat Eq Inc A Acc
3.00
*184.6000
+0.7000
Jupiter Merlin Grth Prtfo Inc –
*385.82
+2.36
M&G UK Infl Lkd Corp A Inc
3.00
*114.91
+0.03
JPM America Eq A Inc
3.00
85.6200
+1.1400
JPM UK Strat Eq Inc A Inc
3.00
*110.2000
+0.4000
Jupiter Merlin Inc Prtfo Acc
–
292.12
+0.67
M&G UK Infl Lkd Corp A Acc 3.00
*118.54
+0.04
JPM Asia Growth A Acc
3.00
*207.1000
+1.3000
JPM Uncons Bond A Acc
3.00
*72.1100
+0.0700
Jupiter Merlin Inc Prtfo Inc
–
132.10
+0.30
N.A.A.C.I.F. Inc
–
84.52
+0.26
284.91
+1.86
N.A.A.C.I.F. Acc
–
8327.28
+26.47
Moneybldr Div
3.50
247.4
-0.2
JPM Asia Growth A Inc
3.00
*114.2000
+0.7000
JPM Uncons Bond A Inc
3.00
*57.1300
+0.0600
Jupiter Merlin WW Prtfo Acc –
Moneybldr Gwth
–
76.60
+0.23
JPM Emg Euro Eq A Acc
3.00
*188.4000
+1.6000
JPM US A Acc
3.00
*996.6000
+15.4000
Jupiter Merlin WW Prtfo Inc –
284.89
+1.85
Jupiter Monthly Inc Acc
–
*114.68
+0.11
Growth Funds
Exchange rates
Sell
…
*987.6
5.25
3.00
Init chge
100.33
*253.3
UK Growth Acc
60.29
Name
–
5.25
-1.04pc
4.00
Sell
Cash Fd Y Accum.Units
5.25
+1.47pc
M&G Episode Growth A Inc
Init chge
–
Monthly Inc Inc
-23.82
Change
Buy on day
+1.64
Name
JPM UK Equity Core E Inc
Managed Income Acc
+22.88
Mid
197.29
Sell
…
-1.04pc
£2268.76
Change
Buy on day
–
Init chge
100.01
+0.18pc
£1582.78
Mid
Jupiter Emerg Euro Opps
Name
–
-51.20
-0.10pc
+0.7300
Sell
Cash Fd Y
+26.60
-1.68
Change
Buy on day
Init chge
†Available as an ISA
Investment Funds (OEIC)
£4865.20
high grade
Ç Brent Crude
132.5
£14782.49
special high grade
Ç Wheat
3.50
grade A
£1683.09
Ç Aluminium
Wealthbuilder
high grade
È Lead
È Zinc
+1.50pc
Fidelity International
Mid
*94.9700
Name
Jupiter Monthly Inc Inc
–
*30.52
+0.04
American
3.50
3576
-21
Jupiter N.American Inc Acc
–
143.38
+1.81
†CAR - Net Income reinvested.
Natwest Investment Funds
(RBS Collective Investment Funds Ltd)
PO Box 249, York YO90 1ZY
0117 940 3848
Australia
Amer Sp Sits
3.50
1439
-8
Jupiter N.American Inc Inc
–
119.46
+1.50
Aus $
1.7370
1.8282
1.5938
1.2869
Canada
Can $
1.7050
1.7859
1.5569
1.2571
European
3.50
2182
-4
Jupiter Responsible Inc Fd Acc –
*112.07
+0.41
Balanced Inc
5.00
*328.90
Denmark
Krone
8.1310
8.5410
7.4459
6.0122
European Opps
3.50
496.3
-0.3
Jupiter Responsible Inc Fd Inc –
*71.10
+0.26
Balanced Acc
5.00
*422.00
…
Global Special Sits
3.50
3725
-6
Jupiter Strategic Bond Acc
–
97.73
…
Equity Income
5.00
*349.80
…
Japan
3.50
357.0
-1.3
Jupiter Strategic Bond Inc
–
64.76
…
Extra Income
5.00
*108.60
…
Japan Smaller Cos
3.50
313.3
-1.5
Jupiter Strategic Res Acc
–
53.44
+0.04
Growth
5.00
*392.70
…
Global Focus
3.50
1882
-7
Jupiter Strategic Res Inc
–
52.02
+0.04
High Yield
5.00
*126.60
…
104.7700
+0.2100
Intntl Growth
5.00
*499.60
…
3888
+15
Euro
€
1.0954
1.1471
…
0.8075
HK $
10.5800
11.1512
9.7215
7.8497
India
Rupee
81.5500
92.6472
80.7680
65.2170
Israel
Shekels
4.4829
4.9869
4.3475
3.5104
Hong Kong
Japan
Kuwait
New Zealand
Yen
144.7400
151.5993
132.1612
106.7150
Dinar
…
0.4262
0.3715
0.3000
NZ $
1.7972
1.9256
1.6787
1.3555
Norway
Krone
10.5600
11.0286
9.6145
7.7633
Pakistan
Rupee
154.5500
164.1788
143.1276
115.5700
Saudi Arabia
Riyal
4.9791
5.3276
4.6445
3.7502
$
1.7329
1.8591
1.6207
1.3087
South Africa
Rand
16.0900
17.0685
14.8799
12.0150
Sweden
Krona
11.2700
11.8258
10.3095
8.3246
Singapore
Switzerland
1352
3.50
282.3
Boston Co US Opp Fund
0%
116.46
+2.07
Insight Corporate Bd
0%
*92.85
+0.14
1.1853
0.9571
38.6024
31.1700
Insight Eq Inc Fund
0%
*171.14
+0.35
Target 2020
4.5488
3.6730
Insight Eq Inc Booster
0%
*126.04
+0.10
†CAR - Net income reinvested
Insight Glob Abs Ret Inc
0%
*110.35
+0.05
Insight Glob Multi-Strat Fd
0%
*121.73
…
Insight Inflat-Link Corp Bd
0%
*107.35
+0.06
Long-Term Global Equity
0%
244.69
+2.42
Fundsmith LLP
Newton Asian Income
0%
*190.67
-0.62
0%
259.46
-0.38
PO Box 10846, Chelmsford, Essex, CM99 2BW.
0330 123 1815
www.fundsmith.co.uk enquiries@fundsmith.co.uk
0.8718
0.7039
1.2385
…
Tourist rates for indication use only. www.travelex.co.uk
Rates
Inflation
RPI (1987=100)
+1.35
+2
Jupiter UK Special Sits Inc
–
*185.35
+1.01
…
Jupiter US Sm&Md Inst I Acc –
69.22
+0.89
Jupiter US Sm&Md Cap Ret Acc –
63.89
+0.82
3.50
65.08
+0.14
Newton Cont European
Newton Global Dyn Bd
0%
*101.79
+0.04
Newton Glb High Yld Bd
0%
*60.05
+0.23
Fundsmith Equity T Acc
–
350.18
+3.37
Newton Glb Inc Stg Inc
0%
*187.79
+0.68
Fundsmith Equity T Inc
–
325.12
+3.12
Newton Glb Opps
0%
270.82
+1.32
Feb 278.60
+2.10
+3.6pc
+0.40
+2.7pc
Halifax house price index
Mar 737.50
1.5pc
+2.7pc
Money
Bank Rate
0.50pc
Nationwide Base Mortgage Rate
Overnight
0.47pc
US Fed Funds
7 day
0.49pc
US Long Bonds Yld
2.99pc
1 month
0.51pc
European repo rate
1.25pc
3 months
0.77pc
European base rate
0.00pc
6 months
0.88pc
2.50pc
1.50-1.75pc
Major price changes FTSE 100
Volume
Close
Change
126.78m
225⅜
7.18pc
È Coca-Cola HBC
1.66m
2510
-4.42pc
Ç Fresnillo
1.34m
1285½
3.63pc
È Centrica
44.75m
138⅞
-2.56pc
Ç Randgold Res
0.56m
5876
2.62pc
È Carnival
1.51m
4501
-2.15pc
14.86m
434½
2.00pc
È Intl Cons Air
6.74m
615⅝
-1.85pc
Ç Intertek
1.05m
4805
1.80pc
È Easyjet
2.92m
1609½
-1.80pc
Ç PaddyPwrBet
0.21m
7230
1.76pc
È NMC Health
0.42m
3372
-1.75pc
Ç Morrison (Wm) 14.80m
228¾
1.51pc
È Shire
2.77m
3589½
-1.74pc
Ç Evraz
5.94m
394⅝
1.26pc
È IntContl Hotels
0.94m
4251
-1.67pc
Ç Hargrve Lans
0.89m
1690
1.20pc
È Croda Intl
0.50m
4599
-1.58pc
Ç Scot Mort Inv Tst 3.75m
448¼
1.17pc
È Informa
4.72m
720
-1.53pc
Ç Whitbread
0.76m
3744
1.13pc
È Mondi
1.23m
1888
-1.44pc
Ç BHP Billiton
8.57m
1448⅜
0.99pc
È Imp Brands
2.60m
2488½
-1.43pc
Ç Micro Focus Intl 2.72m
1170
0.86pc
È Smiths Gp
2.38m
1500
-1.41pc
6.34m
1291
0.74pc
È Lon Stock Ex
1.13m
4246
-1.37pc
12.15m
250⅜
0.72pc
È Sky
3.09m
1310
-1.24pc
7.21m
729¾
0.65pc
È Smith&Neph
2.05m
1323
-1.23pc
Ç Royal D Shell B
3.77m
2433½
0.60pc
È British Land
Ç 3i
2.24m
893¼
0.50pc
È Glencore
3.56m
645¾
-1.19pc
50.99m
342⅜
-1.18pc
Glob Income
5.00
152.1
160.36
+0.57
Growth Fd
5.00
409.56
433.78
+0.83
Kings Meadow, Chester, CH99 9UT
0870 333 1835
+3.6pc
Feb 104.90
PO BOX 23850, Edinburgh EH7 5FY
Dealing and Admin 0330 123 3822
Marks & Spencer Unit Trust
Management Ltd
+0.80
CPI (2015=100 target 2pc)
Fallers 60
-0.44
361.11
Year
RPIX (Target 2.5pc)
Change
321.27
–
Change on month
Feb 278.10
Close
–
Liontrust Investment Funds
5.2178
…
Jupiter UK Growth
Jupiter UK Smaller Cos
Target Funds
1.3597
1.4206
Ç Standard Chart
3.50
UK Select Acc
44.2801
…
Ç Sainsbury
South East Asia
1.2940
1.3561
Ç SSE
Sterling Income Shares
4.8937
$
Ç GKN
3.50
39.5900
£
Ç Tesco
–
Special Sits
Baht
USA
Volume
Index UK A Acc
BNY Mellon Investment Funds (ICVC)
Franc
UK
Risers 38
Investors: 0800 614330 Brokers: 08085 660000
www.bnymellonim.co.uk,
clientservices@bnymellon.com
Dirham
Thailand
UAE
BNY Mellon Fund Managers
Mid
Change
Buy on day
Mid
Change
Buy on day
High Income Inc
–
113.9
113.9
…
3.00
*41.6100
+0.3600
JPM US A Inc
3.00
*137.9000
+2.1000
High Income Acc
–
259.3
259.3
…
JPM Emg Markets A Acc
3.00
*220.6000
+1.2000
JPM US Eq Inc £ Hdg A Inc
3.00
*117.7000
+1.8000
UK Select Port Inc
–
340.9
340.9
+3.8
JPM Emg Markets A Inc
3.00
*93.9900
+0.5300
JPM US Eq Inc A Acc
3.00
*165.6000
+2.0000
UK Selection Port
–
617.8
617.8
+6.8
Name
Init chge
JPM Emg Euro Eq A Inc
Sell
Name
Init chge
Sell
Newton Intnl Bond
0%
228.87
-0.02
JPM Emg Mkts Inc A Acc
3.00
*71.7500
+0.0800
JPM US Eq Inc A Inc
3.00
*133.9000
+1.6000
UK 100 Co’s Fund Inc
–
*214.2
214.2
+2.1
Newton Multi-Asset Bal
0%
188.81
+0.43
JPM Emg Mkts Inc A Inc
3.00
*57.3300
+0.0600
JPM US Select A Acc
3.00
*154.7000
+2.2000
UK 100 Co’s Fund Acc
–
*369.5
369.5
+3.6
Newton Mult-Asset Div Ret
0%
153.99
+0.15
JPM Eur Dyn (ex-UK) £ Hg A Acc3.00
*213.2000
-0.2000
JPM US Select A Inc
3.00
*152.7000
+2.1000
W’wide Man Inc
–
491.4
+1.3
Newton Mult-Asset Gwth
0%
808.35
+4.00
JPM Euro Dyn (ex-UK) A Acc 3.00
*217.0000
…
JPM US Sm Cos A Acc
3.00
617.6000
+11.3000
W’wide Man Acc
–
788.5
+2.3
Newton Oriental
0%
660.51
+1.21
JPM US Sm Cos A Inc
3.00
161.8000
+3.0000
Newton Real Return A
0%
112.00
+0.38
Newton UK Equity Fund
0%
*844.07
+0.40
Newton UK Inc
0%
*65.35
-0.15
Newton UK Opps
0%
321.01
+0.31
Carvetian Capital
Management Limited
Admin: Stuart House, St John’s St,
Peterborough PE1 5DD
Dealing & Enquiries: 0845 850 0255
Janus Henderson Investors
PO Box 9023 Chelmsford, CM99 2WB
Enquiries: 0800 832 832
Website: www.janushenderson.com
Asia Pac Cap Gwth A Acc
5.00
1080.0000
JPM Euro Dyn (ex-UK) A Inc
3.00
*97.3900
+0.0100
-2.0000
JPM Europe A Acc
3.00
*1432.0000
JPM Europe A Inc
3.00
*79.6000
-0.1000
+4.00
JPM Euro Smaller Co A Acc
3.00
760.9000
+1.3000
…
JPM Euro Smaller Co A Inc
3.00
Asian Dividend Income Inc
5.00 105.7200 111.0600
98.5600
+0.1800
Cautious Managed A Acc
5.00
262.3000
+0.70
JPM Global Bd Opps A Grs Acc –
*54.3000
+0.0300
Cautious Managed A Inc
5.00
151.1000
+0.30
JPM Global Bd Opps A Grs Inc –
*49.0400
+0.0200
China Opps A Acc
5.00
1450.0000
+11.00
JPM Global Bond A Gross Acc 3.00
*263.1000
…
The Zig Zag Building, 70 Victoria Street, London,
SW1E 6SQ
020 3817 1000
M & G Securities Ltd
Jupiter Unit Trust Managers Ltd
Emerg Mkts Opps A Acc
5.00
205.4000
+0.40
JPM Global Bond A Gross Inc 3.00
*204.1000
…
European Growth A Acc†
5.25
228.0000
-0.70
JPM Global Eq Inc £ Hdg A Acc 3.00
*82.0900
+0.5800
1606.0000
-3.00
JPM Global Eq Inc £ Hdg A Inc 3.00
*55.2100
+0.3900
Jupiter Abslt Rtn
–
53.65
…
JPM Global Eq Inc Fd A Acc
3.00
*94.3200
+0.5700
Jupiter Asian Fd
–
PO Box 9039, Chelmsford, CM99 2XG
Enq: 0800 390 390. UT Deal: 0800 328 3196
Charibond Inc
–
123.28
+0.09
Charibond Acc
–
3959.58
+2.91
-0.16
Charifund Inc
–
1561.13
+5.47
907.59
-3.09
Charifund Acc
–
23899.1
+83.75
FENIX Balanced Fd
5.00
154.4
…
European Sel Opps A Acc
5.00
Generation Fd
5.00
773.0
…
Fixed Int Mthly Inc A Inc
4.25 *21.8000 22.7400
Consistent Unit Trust
Management Co Ltd
Global Care Growth A Inc
4.50
*281.7000
+2.90
JPM Global Eq Inc Fd A Inc
3.00
*76.8300
+0.4700
Jupiter Asian Inc Fd Acc
–
*127.69
+0.20
M&G Corp Bond A Inc
3.00
*40.36
+0.08
Global Equity Inc A Inc†
5.25
*58.6100
+0.20
JPM Global HiYld Bd A Grs Acc 3.00
*110.4000
+0.4000
Jupiter Asian Inc Fd Inc
–
*118.03
+0.18
M&G Corp Bond A Acc
3.00
*69.66
+0.14
Admin: Stuart House, St John’s St,
Peterborough PE1 5DD
Dealing & Client Services 0345 850 8818
Global Growth Acc
4.25 2935.3401 3061.7800
…
JPM Global HiYld Bd A Grs Inc 3.00
*36.9100
+0.1400
Jupiter China Acc
–
*138.29
+0.56
M&G Dividend A Inc
4.00
59.29
-0.01
Global Strategic Cap Acc†
5.00
232.5000
+0.50
JPM Global HiYldBdAGrsMthInc3.00
36.57
+0.14
Jupiter China Inc
–
*132.87
+0.53
M&G Dividend A Acc
4.00
660.18
-0.18
Global Technology A Acc
5.00
1625.0000
+30.00
JPM Global Macro Bal A Acc
3.00
*72.7000
+0.2800
Jupiter Corp Bond Inc
–
*56.70
+0.06
Unit Tst Inc
5.00
50.9
51.77
+0.53
Multi-Mgr Abs Ret A Acc
5.00
*139.8000
…
JPM Global Macro Bal A Inc
3.00
*63.7200
+0.2400
Jupiter Dstrbtn Acc
–
*101.16
+0.15
Initial charge:
Ç Aviva
17.75m
502
0.44pc
È Anglo Amer
4.75m
1672¼
-1.17pc
Ç G4S
3.94m
253¼
0.44pc
È Diageo
3.93m
2505½
-1.16pc
Unit Tst Acc
5.00
131.3
133.6
+1.4
Multi-Mgr Active A Acc†
5.00
*219.1000
+0.50
JPM Global Macro Opps A Acc 3.00
74.2
+0.63
Jupiter Dstrbtn Inc
–
*58.62
+0.09
Ç Vodafone
40.64m
206¼
0.34pc
È Johnson Matt
0.78m
3229
-1.16pc
Practical Invest Inc
5.00
*229.1
245.5
+0.9
Multi-Mgr Distbn A Inc
5.25
*133.4000
+0.40
JPM Global Macro Opps A Inc 3.00
73.51
+0.62
Jupiter Dstrbtn & Grth Inc
–
*119.74
+0.34
This charge in percentage terms is included in the purchase
price of the units. It is levied by the unit trust manager to cover
administrative costs and commissions.
Ç HSBC
27.96m
675⅝
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È Compass
2.80m
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-1.10pc
Practical Invest Acc
5.00
*1212
1300
+4
Multi-Mgr Divrsfd A Acc
–
*84.8100
+0.15
JPM Global Uncons Eq A Acc 3.00
*1279.0000
+10.0000
Jupiter Eco Inc
–
*370.88
+1.10
* Denotes Ex-dividend
…
8
***
Thursday 12 April 2018 The Daily Telegraph
Technology Intelligence
Apple loses $500m patent case over secure messaging technology
By Matthew Field
APPLE has lost the latest round of a
patent dispute over secure messaging
features in its apps that could see
the company forced to pay $502m
(£354m) in another twist in the eightyear legal battle.
A court in the US ruled the Cupertino giant had infringed four patents
for secure messaging in its iMessage,
FaceTime and VPN on Demand apps
belonging to technology firm VirnetX.
Last year Apple was ordered to pay
$440m in damages to VirnetX, but
Apple has repeatedly appealed against
the rulings. VirnetX, founded by former engineers who developed security
technology for the US government,
owns 80 patents relating to secure
messaging. Since 2010 it has been
involved in legal battles with Apple
over its claims to secure messaging
technology. Sometimes known as a patent-troll, VirnetX buys up and enforces
old intellectual property rights in the
hope of winning damages from friendly The year VirnetX launched its first legal
US courts. In 2014, it settled a patent challenge against Apple regarding the
dispute with Microsoft over tech used company’s use of secure messaging tech
in video calling service Skype for $24m.
The half a billion dollar payout is
based on 400 million Apple devices have been involved in multiple dissold worldwide and the companies putes ahead of the latest verdict. The
2010
series of appeals and new trials has
seen several verdicts overturned.
“The evidence was clear,” said VirnetX chief executive Kendall Larsen,
according to Bloomberg. “Tell the
truth and you don’t have to worry
about anything.”
Apple was contacted for comment.
The original intellectual property
claims from VirnetX have already been
declared invalid by another US court,
Rolls and Boeing
back engine firm
to power a new
supersonic age
THE return of airliners flying at supersonic speeds has moved a step closer
with aerospace heavyweights RollsRoyce and Boeing backing a British
company developing engines capable
of powering aircraft at 2,500mph.
Reaction Engines has agreed a
£26.5m fundraising round with the industry giants, as well as financial backers Baillie Gifford and Woodford
Investment.
The Oxfordshire-based business is
building “Sabre” – short for Synergetic
Air Breathing Rocket Engine – a new
design which combines a conventional
jet with a rocket.
This means it can work like a normal
jet, then as it hits high speed can switch
to operating as a rocket which does not
need air as it reaches altitude where the
atmosphere thins.
As well as supersonic passenger
flight, the technology could hasten the
arrival of low-cost satellite launches.
Being able to operate as a rocket fuelled
by liquefied oxygen means Sabre could
be used to power spaceplanes which
take off and land like aircraft, rather
than current rockets which are expensive as they burn up on re-entry.
Mark Thomas, chief executive of Reaction Engines, described the investment as a “Whittle moment” for the
company, referring to Sir Frank Whittle, the inventor of the jet engine.
“We’re creating a new class of engine and getting such blue riband
names on board is a great endorsement,” he said.
This the second major round of investment by the industry for Reaction
Engines. Three years ago BAE Systems
took a 20pc stake in the firm for £20m,
and the defence group increased its
holding in the latest fundraising.
“It’s the dream team for us,” Mr
Thomas added, saying there is the potential for Rolls-Royce and Boeing
technology to be incorporated into its
work, as happened with BAE, with
arms company’s engineers working on
the designs. “Rolls-Royce is looking in new directions and this is Boeing’s HorizonX
Ventures arm’s first UK investment,”
the chief executive said.
Reaction Engines has 160 staff and
will use the new funding to expand and
achieve its target of the first test of the
Sabre engine in 2020, which will take
place in the UK.
Mr Thomas said he expects Sabre engines to be powering spaceplanes
within a decade, with supersonic air
travel coming later, though the recent
trend for faster-than-sound private jets
is “encouraging”.
Before the company starts testing
the complete engine, it hopes to be
generating revenue from spin-offs of
technology developed as part of the
programme. The main hope for this is
the lightweight, compact and super-efficient heat exchangers which cool air
entering the engine to a point where it
is almost liquid.
These devices are designed to
achieve cooling rates of 1,000 degrees
Celsius in 20 milliseconds, and have
many other applications, such as in
conventional aircraft engines and managing heat in electric cars.
The latest investments value Reaction Engines at about £150m, but if it
successfully develops Sabre the value
is likely to soar.
Laying out
the idea A
model of
Zodiac
Aerospace’s
cargo-hold
sleeping
berths at
the Aircraft
Interiors
Expo in
Hamburg,
Germany.
European
aircraft
giant
Airbus
yesterday
announced
it could
have the
sleeper
compartments in
its A330
aeroplanes
by 2020.
KRISZTIAN BOCSI/BLOOMBERG
By Alan Tovey
so the latest ruling could yet be overturned. Several companies have engaged in so-called “patent wars” in
recent years, attempting to secure intellectual property and royalties, with
the latest battleground being instant
messaging. BlackBerry, the Canadian
smartphone company, is currently engaged in legal disputes with Facebook
and Snapchat over their use of secure
messaging technology.
Snapchat owner eyes brighter future for video-sunglasses
By Matthew Field
SNAP could relaunch its line of videosunglasses after the original product
release two years ago led to a $40m
(£28m) writedown.
A US Federal Communications Commission (FCC) filing shows Snap, the
developer of the video and photo messaging app Snapchat, is working on a
“wearable video camera” described as
the second generation model.
The hardware is expected to be a
second version of the tech company’s
Snapchat Spectacles, a pair of sun-
glasses with a built-in camera first
launched in 2016.
Snap’s Spectacles are colourful sunglasses that can be used to film 10-second videos, which are then uploaded to
Snapchat. They were launched in the
US two years ago and appeared in the
UK last year, costing £130.
Users tap a button on the side of the
video glasses, which lets them film a
short clip to upload to their smartphone on the Snapchat app.
The original product launch was a
flop, and the California company was
forced to writedown the unsold prod-
ucts. The glasses were the first hardware to be launched by Snap, which
sold 150,000 of the product in its
first year.
Despite media buzz, the Spectacles
came with a high price and a relative
lack of availability in mainstream
stores. They were only promoted in the
UK through pop-up shops and on a
dedicated website.
Snap chief executive Evan Spiegel
has previously said hardware will be a
major part of the company’s future.
Snap, which floated last year for a valuation of $24bn, has spent the first
months of 2018 laying off more than
100 staff. Its stock price has dropped by
around quarter since February when
it posted revenues of $285.7m for the
final three months of 2017.
Snapchat could include more augmented reality capabilities in its new
version of the glasses, which would see
virtual images imposed over the real
world, according to a report on US
news site Cheddar. Augmented reality
has been embraced by companies like
Apple and Samsung, and is seen as a
major growth area for tech companies
and app developers.
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